Word: steeling
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Dates: during 1960-1969
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Some lake! Industrial wastes from Detroit's auto companies, Toledo's steel mills and the paper plants of Erie, Pa., have helped turn Lake Erie into a gigantic cesspool. Of 62 beaches along its U.S. shores, only three are rated completely safe for swimming. Even wading is unpleasant; as many as 30,000 sludge worms carpet each square yard of lake bottom...
...move is in the making at Stanford, where student radicals are developing plans for a week-long series of demonstrations to be held during the International Industrial Conference at San Francisco in September. The conference will bring together 500 heads of major industrial, technological and financial firms like U.S. Steel, IBM, Royal/Dutch Petroleum and the Chase Manhattan Bank in a top level gathering that the students say "is designed to consolidate the dominion of the multinational corporations in the third world...
...spend some $73 billion on new facilities, or 14% more than last year. But tight money and prospects of less exuberant demand have begun to change boardroom thinking. The Business Council expects that spending will increase only 11% this year and probably much less in 1970. Robert Tyson, U.S. Steel's Finance Committee chairman, concedes that the scarcity of credit may force cutbacks in 1970. "If you don't have the money, you can't spend it," says he. "It is as simple as that...
...Yields. In general, only companies with earnings problems are actually cutting their 1969 spending. Chrysler Corp., whose earnings plunged 51% last quarter, has deeply slashed its $300 million capital-spending plans for 1969. At New Stanton, Pa., construction of a $200 million assembly plant was halted even as the steel was going up. B. F. Goodrich, which is trying to fatten earnings and fend off a takeover attempt by Northwest Industries, plans to trim its 1969 spending. So does International Harvester, which has scrapped plans to expand its network of offices around the country...
...capital gains and a reduction in the oil-depletion allowance (see THE NATION). Corporate profits are another disheartening factor. Earnings remained at record levels all through the 1966 market slide. This year most companies reported rises for the second quarter, but there have been some major exceptions, notably in steel, autos and airlines (see following story). Compared with the second quarter of last year, earnings fell 17% at Kaiser Industries, 17% at General Motors and 33% at Inland Steel. The general expectation is for little improvement over the rest of the year and quite possibly a profit decline later...