SERIOUS EFFECT OF STRIKES
U.S. COAL AND STEEL INDUSTRIES LOWEST PRODUCTION FOR 34 YEARS (Rec. 8.50 a.m.) London, Oct. 28. In Washington the Federal Reserves Board predicted today that the coal and steel strike will cut down American industrial production this month to the lowest level for three and a half years. The strikes, which are mainly over pension disputes, have been going on' now for over a month. A Washington correspondent gives some examples of how more effects are becoming felt. Because of the sharp reduction in pay rolls, the amount of money in circulation this week has been the lowest this year. In the steel centre of Pittsburgh, department store sales have dropped by more than a quarter. One of the bigest motor-car corporations has said it will have to cut down production drastically if the strikes go on. On the other hand, the correspondent recalls, President Truman has said that the United States is a long way from a national emergency. On the New York Stock Exchange stocks rose to a high level this week.
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Bay of Plenty Times, Volume LXXVIII, Issue 15118, 29 October 1949, Page 3
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178SERIOUS EFFECT OF STRIKES Bay of Plenty Times, Volume LXXVIII, Issue 15118, 29 October 1949, Page 3
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