Word: housers
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...materialistic philosophy. On the other hand, argue thoughtful businessmen, the most hopeful achievement of the U.S. economy has been to free men and women from soul-destroying drudgery and want, raise educational levels, expand leisure time for the enrichment of self and society. Says Sears, Roebuck Chairman Theodore V. Houser: "As we have prospered and grown in an economic sense, we have also grown in the direction of achieving the goals the great religious and moral leaders have long envisaged for the great masses of people...
...economy growing too fast? The question is one that thoughtful U.S. businessmen are pondering with increasing concern. Instead of slowing down, as most businessmen had expected last spring, business has boomed higher and higher, picking up momentum every month. Warns Sears, Roebuck Chairman Theodore V. Houser: "With industry operating at capacity, inflationary pressures are created which spill over into labor, new materials, prices and demands for all forms of goods and services." Adds David Rockefeller, executive vice president of the Chase Manhattan Bank: "We have reached a point where we stand on the verge of trying to grow too fast...
...apparently not enough. Despite the tightening of money by the Federal Reserve Banks and the highest bank discount rate (3%) in 23 years, consumer credit is still rising, has climbed some $4 billion since August 1955 to an annual rate of $37.5 billion. What worries Sears's Houser and others even more than rising credit is the apparent lack of concern over mounting inflation. They fear that the U.S. is lulling itself into a state of mind which accepts inflation as the normal, natural way of life. "Inflation?" says one San Francisco banker. "Sure, we've got inflation...
...Sears, Roebuck Chairman Theodore V. Houser, who should know what he is talking about because two-fifths of Sears's immense sales are "on time," saw no cause for alarm. Opposing any direct federal controls, at present, Houser said: "The vast majority of people conduct their affairs with prudence. When the ratio of credit extended exceeds the rate of repayment by from 2% to 2.5% of disposable income, a correction occurs on the part of the consumer. Indications are good that a turn downward in the growth of consumer debt is under way right...
Even such an ardent evangelist as Sears, Roebuck's Chairman Theodore Houser, whose company is noted for its huge profit-sharing payoffs, admits that the plan will work no wonders "in a business where a major part of the cost of the product is represented by the cost of raw materials." Furthermore, says Houser, profit-sharing "is not the first step in building a program of sound employee relations, but the last step [after a company] can find nothing else...