Word: steels
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Dates: during 1950-1959
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...stubborn, stolid disregard by the steel industry and the Steelworkers for the general welfare, as they fought their private prestige battles, had already brought the U.S. to what the President called "a pretty pass." A blight of unemployment spread across the land as industrial plants slowed down or shut down for lack of steel. General Motors reported layoffs in St. Louis, Baltimore, Los Angeles, Atlanta, Framingham, Mass., Janesville, Wis., Norwood, Ohio and Tarrytown, N.Y. International Harvester announced that it would have to lay off workers in Springfield, Ohio and Fort Wayne, Ind. in early November. In some areas auto showrooms...
...board reported bleakly to the President on its ten-day effort to mediate a settlement: "The board cannot point to any single issue of any consequence whatsoever upon which the parties are in agreement." Next morning Assistant Attorney General George Cochran Doub boarded an Air Force plane for Pittsburgh, steel capital, to argue the U.S.'s case for a Taft-Hartley injunction before District Judge Herbert P. Sorg...
Lawyer Doub ticked off the Government's view of the steel strike's ugly impact. With 87% of the nation's steelmaking capacity shut down since mid-July, the strike had hindered urgent missile, space and nuclear-submarine programs. If the strike dragged on, secondary layoffs resulting from the steel famine would soar to 1,275,000 by the end of November, and 2,500,000 by the end of December-not counting the 500,000 striking Steelworkers...
...steel strike's effects continued to mount last week, one thing was certain: except in the steel industry itself, the strike had little effect on third-quarter earnings. Automakers, tobacco, chemical, oil and electronics producers all reported new highs. For most, third-quarter earnings were running about 20% ahead of the same period last year...
Even some of the struck steel giants, despite big quarterly losses, reported nine-month earnings well ahead of last year. Third-ranking Republic reported a net loss of $24,861,406, biggest quarterly loss in its 60-year history. But because of a record second period, Republic's nine months' net was $2.69 per share v. $2.50 last year. Youngstown Sheet & Tube Co., No. 6 among the nation's steelmakers, had a third-quarter loss of $7,149,660. In the first nine months of 1959, Youngs-town's net was $6.20 per share...