Word: auto
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Dates: during 1950-1959
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Despite President Shanks's clear optimism, it was still hard for most businessmen to see signs of an early upturn. Steelmen themselves, whose plants operated at less than 60% of capacity throughout much of January, expect no improvement in February. Detroit's worried auto men reported that January production of 489,357 units was down 8.5% from December and 23.7% lower than January 1957. As business cut back buying, the Federal Reserve announced that commercial and industrial loans in 94 major cities tumbled another $218 million for the week, making a total $1.8 billion reduction since...
Eager as a beaver, American Motors President George Romney appeared last week before the Senate Antitrust and Monopoly Subcommittee investigating auto prices. The committee, which is concentrating on the Big Three, had not originally invited Romney; he himself had asked to appear. But the committee was soon delighted that...
...trouble with the auto industry, said Romney, is too much concentration of power by Big Business and Big Labor, too little competition. To increase competition, said Romney, both General Motors and Ford should be forced to split up into smaller companies. Going beyond the auto industry, Romney said that any company should be forced to split up if it has more than 35% of its industry's sales or only 25% if engaged in more than one industry. Since both Ford and G.M. are in several industries, they would each be eligible for only 25% of the auto industry...
...example of what the economy needs, Reuther pointed to a fat package of contract demands that he intends to put before the auto companies in April (TIME, Feb. 3). His plan to cut auto workers in on automakers' profits* (they would also be guaranteed an annual 3.9% raise), said Reuther, would channel "high-velocity dollars" to consumers-who would spend them fast-instead of to stockholders, who would salt them away. As Reuther sees it, in short, what's good for General Motors auto workers is good for the country...
...Senate Office Building, where the Senate's Antitrust and Monopoly Subcommittee was investigating auto prices (see NATIONAL AFFAIRS) , G.M.'s President Harlow Curtice was drawn into the argument as he explained why the 1958 Chevy is better than the model of ten years ago. It weighs 324 lbs. more, is almost a foot longer and five inches wider. Wyoming's Democratic Senator Joseph O'Mahoney interrupted: "You say it is a better car because it is longer, wider and heavier. Have you received any complaints from people who believe these things are disadvantages? Do you think...