Grave Threats To U.S. Economy
(N.Z.P.A
l. — Reuter.
Copprignt)
Received Wednesday 7 p.m. NEW YORK, Oct. 18. The steel and coal strikes are .producing grave threats to United States eeonomy. A slowly expanding mantle of idleness spread by the strikes, is more and more touching consumers and stores. Saies in the ■ strike-buf-ieted mine and mill towns have dropped more than 50 per cent in the last lortnight. The motor industry faces the prospects of shutdowns and reduced operaticns within ten days because of a rapidly developing steel shortage. Three thousand workers at General Motors' lorry and bus piant at Pontiac, Michigan, have already gone on a four-day week. Hopes of settling the steel strike are steeped in gloom and many Government observers are convinced Pre ■i lent Trnman will have to intervene ri 6oth disputes and might have to seize the mines and steel mills.
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Chronicle (Levin), 20 October 1949, Page 5
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145Grave Threats To U.S. Economy Chronicle (Levin), 20 October 1949, Page 5
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