Word: cutbacks
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...commodity index up 10 points to 185. Part of the reason has been the big volume of construction contract awards, now running 13% ahead of last year (which in turn promises better business for appliances and other industries later in 1954). Furthermore, business is well along in its inventory cutback and is ordering again. The chemical industry, for one, reported better sales last week. And the trade magazine Purchasing, which polled more than 500 purchasing agents all over the U.S., found that 65% of them thought the inventory adjustment was about over. Said the President's Economic Adviser Arthur...
...Senator: Samuel W. (for William) Yorty, 45, two-term Congressman from Los Angeles who made a brief splash in Washington last year by beating his party's leadership to the punch in denouncing Defense Secretary Wilson's Air Force cutback (TIME, June 1). When, at 27, Sam Yorty was elected to the state assembly, his reputation as a radical resulted in a charge before the Dies Committee that he was a Communist. In 1940 he veered so far to the right that he founded the assembly's Communist-hunting committee which rawhided Democratic Governor Culbert L. Olson...
Vague hints dropped by Defense Secretary Wilson during a press conference last week set off such headlines as U.S. WEIGHS CUTBACK IN TROOPS FOR NATO. Next day Secretary of State Dulles said in a press conference: "I am quite sure there is no plan to withdraw NATO forces...
...dealers complained that they could not sell all the cars Detroit turned out. Texas dealers passed a resolution condemning "the production of automobiles in quantities far in excess of the number which can be orderly and efficiently sold." Kansas dealers, at their convention, called for a production cutback. Even one of the manufacturers joined the chorus. Said Studebaker's Chairman Paul G. Hoffman: "The automobile factories must limit their production to that volume of cars which . . . can be sold at a profit, by retail dealers . . . Profitless prosperity on the part of the dealers will, over the long pull, result...
...third straight monthly cutback, dropping the flow to 2,803,000 barrels a day v. 3,146,920 in August. Since there is an oil surplus, it was a safe bet that the 21 other states in the Interstate Oil Compact Commission would follow suit. Texas, producing 45% of U.S. oil, has dominated the Interstate Oil Commission since it was created by the Governors' Conference in 1935. And Thompson has dominated -the Texas commission, as well as U.S. oil conservation practices, for longer than that...