Among the world's plane builders, Douglas Aircraft was long the blue chip; its series of DC planes were the workhorses that hauled the biggest percentage of the world's air travelers. But last week Douglas, which has been in the red for a year, was in deeper trouble, buffeted by the airframe industry's agonizing changeover to the age of the missile and the jet.
Pay cuts ranging from 5% to 25% were ordered for all Douglas salaried employees making more than $12,000 a year—the first widespread salary cut since the drastic postwar cutbacks in...
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