Word: cautionings
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Lawyer Russell handed out a word of caution to all: "We've got a good case on the merits. Let's keep the argument germane. Let's see if we can keep our speeches restrained, and not inflammatory...
...torpor that will last beyond the dog days of summer? Said New York's Guaranty Trust Co.: "The widespread expectation of an upturn in business this autumn is in some measure the product of hope rather than of tangible signs of rising activity." Guaranty's reasons: "Consumer caution" and a lack of "buoyancy in business operations." The Federal Reserve Bank of Chicago also reported "less than vigorous" showings in the economy, and Boston's First National Bank noted "a number of soft spots...
Whatever the meaning of the signs, they have failed to discourage business optimism about the rest of 1957. There was no doubt that consumers were showing caution in certain areas, e.g., appliances, but overall national spending has hit record summer levels. Retail sales last week were still high (4% above last year), and steel production was edging up in anticipation of fall buying. Reported Boston's First National: "Confidence in the fall outlook remains firm, despite the low visibility and the lack of any clearly discernible trend in production." Many forecasters were taking an optimistic view of the second...
Despite the difficulties, the President said in answer to another question, "There is nothing that I wouldn't try experimentally ... to bring about better relationships as long as we observe this one very necessary caution . . . You must not have meetings that, by their very holding, by their very occurrence, give rise to great hopes which, if unrealized, create a great wave of pessimism...
Cockiness for Caution. Congress' who-cares sentiment toward Ike-the-domestic-leader blossomed during the "hair-curling" Humphrey flap and the budget fight last February, as the White House delayed overlong in taking a firm stand for Administration policies (TIME, April 22). The House, including many a Republican outside the party's Old Guard, happily zeroed in on one of Eisenhower's favorite projects, the U.S. Information Agency, sliced its budget by half. The Senate crippled the Administration farm program (but rallied remarkably when Ike stood and fought for foreign...