Word: nationality
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Dates: during 1950-1959
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Detroit's automakers, who consume 15% to 20% of the nation's steel, are worst off, face heavy layoffs in the next few weeks. General Motors has already laid off 60,000 of its 330,000 production workers, will lay off another 60,000 this week. Chevrolet's Framingham, Mass, plant is closed; all but three of Chevy's other twelve assembly plants go down this week. Some of Chrysler's plants are on a four-day basis, and the companies may have to close some parts and components plants altogether this month because...
...nation's harried railroads, who hoped for a boost in booming 1959, the strike dealt a smashing blow. In 13 weeks the roads lost an estimated $459 million in gross revenues. Railroad employment on Sept. 30 fell to 797,195, the lowest since 1900. Third-quarter rail earnings, when they come out in the next several weeks, will not make pleasant reading...
Highballing along with a fine head of steam, the U.S. economy rolled into fall at near top speed. Latest statistics from Government and industry showed that production, employment and the earnings of the nation's corporations were all at high levels. Overhanging this bright picture of performance so far this year was a cloud cast by the effects of the steel strike, which will be felt for weeks to come (see below...
...first trickles of third-quarter earnings reports from industry's accountants were uniformly good. Thanks to big defense orders and strong consumer sales, General Electric Chairman Ralph Cordiner was able to announce record nine-month earnings of $189,512,000, up 17% to $2.16 per share for the nation's biggest electrical-equipment firm. Giant International Business Machines had a nine-month profit of $102 million, up 10%. Drugs, retailing and food companies all were up, with cheery reports from R. H. Macy & Co., Upjohn Co., Kroger Co. Ford Motor was doing so well that it declared...
While Government and industry spokesmen worried on about how to solve the crucial problems of the nation's railroads, the Interstate Commerce Commission last week took some levelheaded action. By unanimous vote, ICC approved the merger of two major Eastern seaboard soft-coal carriers, Norfolk & Western and the Virginian, allowed them to form a single system with assets of $970 million and 2,746 miles of track serving six states (see map). It was the biggest consolidation of two independent lines since ICC was formed in 1887, and one that President Stuart T. Saunders, who remains as boss...