A spreading slump swells the long gray line of the unemployed
Allis-Chalmers to lay off 1,300 in Missouri . . . Smith-Corona to suspend output at three plants employing 3,450 . . . Pennzoil to shut down all its copper and molybdenum operations.
The business-page headlines last week were a relentless reminder of the gathering force of the current U.S. recession. With each passing day, the industrial landscape is increasingly marred by padlocked factory gates and smokeless smokestacks. Spreading from cotton mills in Georgia to lumber camps in Oregon, the slump has swiftly swelled the...
To continue reading:
or
Log-In
