Word: offs
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Dates: during 1950-1959
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The cumulative effect of the longest nationwide steel strike in history (see NATIONAL AFFAIRS) cut deep into U.S. industry. With stockpiles reduced sharply, dozens of industries are slowing down and beginning to lay off. Auto, appliance, farm-equipment, machinery makers are all tightening their belts, and they face still more...
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'...
Missiles & Rails. The booming construction industry and the railroads are little better off. Builders estimate that it will take 60 to 90 days of renewed steel production before normal deliveries are resumed. Says Robert V. Tishman, executive vice president of Tishman Realty & Construction Co.: "With very few exceptions, all construction...
ANTITRUST ACTION against General Motors is mounting. Justice Department filed suit in Manhattan Federal Court to force G.M. to give up its Euclid Division, which it acquired in 1953 for $18 million. Trustbusters charge that G.M.'s control of Euclid (80% of off-highway trucks, 5% of overall market...
Few airlines argue with the basic premise that fares must be reduced to make the big jets pay off. As the British Comets and U.S. Boeing 707s complete their first full year of operation, the planes are proving far more efficient than most airlines expected. The lines first thought that...