Word: steels
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Dates: during 1950-1959
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First to be warmed was the railroad industry. Freight-car loadings jumped 14% for the week to 638,408 cars, the largest traffic since the 697,633 cars loaded in the last week of June. Even the steel industry's biggest and hardest-hit customer, the auto industry, began to thaw. General Motors, which had shut down its plants, began to call workers back to resume making parts. Ford put its operation on five days, and scheduled overtime on the Falcon, Thunderbird and Lincoln. (But Chrysler laid off more workers, stopped production of its Valiant.) With American Motors...
...good many effects of the strike still remained. In steel towns across the nation, merchants reported steelworkers were paying off debts and replenishing savings before resuming buying. The biggest strike effect was on the national budget. At Augusta, Budget Director Maurice H. Stans informed President Eisenhower that lowered corporate tax collections traceable to the strike would turn the expected 1959-60 budget balance into a deficit...
Keeping the heat on management, Steelworkers General Counsel Arthur J. Goldberg last week sent a letter to Commerce Secretary Frederick H. Mueller, urging that the Government stockpile steel now coming from the mills as a hedge against resumption of the strike. "While I have not abandoned hope that a settlement will be reached before the 80-day injunction expires, nevertheless I must advise you in all candor that at the present writing no settlement is in prospect...
...Ford Motor Co. finally had to make it official. The company dropped its medium-priced Edsel, introduced only two years ago. Said Ford, in a pained announcement: "Retail sales have been particularly disappointing, and continued production of the Edsel is not justified, especially in view of the shortage of steel...
...Industrial production has tripled to $10 billion, with a 162% increase in steel (to 3.2 million tons), 133⅓% jump in electricity, a 100% jump in cement. In washing machines alone, Australia's appliance makers have gone from 6,500 units in 1948 to 181,400 last year...