Word: businessmen
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Dates: during 1950-1959
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Problems in Manufacturing. Few businessmen would want the kind of headaches that Hodges inherited as Governor. Though rich in scenery and resources, North Carolina is basically a maze of stamp-sized, undermechanized, undercapitalized farms. Its top crop is tobacco (more than half the U.S. output), which exhausts the soil, brings small profits to the farmer. North Carolina's manufacturing is largely in textiles, a low-wage, boom-or-bust industry. Among the states, North Carolina stood No. i in the number of farm residents (1.4 million), No. 48 in the average weekly earnings of manufacturing workers...
...important was the job of encouraging major industries to expand and recruiting new ones from outstate. They had long been scared off by an outdated and complicated patchwork of tax laws. Hodges called for a major tax reform to help business. Though opponents howled that he wanted to hand businessmen a $7,000,000-a-year tax windfall, Hodges got his bill passed in 1957. While it trimmed state revenues by $2,000,000 the first year, it also brought in new companies. The day the tax bill passed, Allied-Kennecott Titanium Corp. announced a new $40 million...
...areas hard hit by unemployment, repossessions (especially of autos) and delinquencies on installment payments naturally rose. But even they were not alarming. In Detroit, businessmen reported a "definite upsurge" in repossessions and mortgage foreclosures. In Worcester, Mass., where non-farm unemployment reached 10%, loan companies reported repossessions up from a normal .5% to nearly 2%. In Gary, Ind., dependent on steel, auto repossessions rose from five...
...most parts of the U.S., businessmen reported that repossessions during the recession were "insignificant." In the Midwest, says Vice President Keith Cone of Chicago's La Salle National Bank, "the rise in delinquencies and repossessions was just not alarming at all." By prodding the creditor to be more cautious in his lending and thus weeding out many a weak credit risk, the recession actually im proved collections in some places. Sanger Bros. Department Store in Dallas and one of San Francisco's biggest department stores reported that collections were better during the recession than before it. Said Emil...
...Atmosphere. Another factor is a deepening U.S. appreciation of fine art-and a desire to own it. Says Spencer Samuels, president of French: "People are striving for individuality. There is enough uniformity in the utilitarian items in a home. Some businessmen furnish their offices with fine antiques. They figure they spend a third of their lives in the office, and they want a pleasant atmosphere...