Word: inlander
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...about what is going on in U.S. business. The course of the economy has been so puzzling this year-and so many have already guessed wrong on where the economy is going-that investors and businessmen alike have become uncertain. Few are at all sure about what is ahead. Inland Steel Chairman Joseph Block spoke for many businessmen when he said: "I've never seen a year when our forecasts and actual production were so out of line...
...whole rationale of the expense-account society-aside from the benefits reaped by free-spenders of the company's money-is that the uninhibited use of high-priced food, liquor and gifts helps mightily in making a sale. Not so, says Clarence B. Randall, retired board chairman of Inland Steel, in a caustic attack on "The Myth of the Magic Expense Account" in the current Dun's Review. After 30 years in the executive suites of the nation's eighth largest steelmaker, Randall, 69, believes that "this orgiastic abuse of the expense account is a spectacular...
...Second Half. Looking ahead for the next six months, optimists outnumber the pessimists. Inland Steel Chairman Joseph Block expects steel production to pick up by late summer, average out to more than 70% of capacity for the year. Says he: "1960 will be one of the industry's best production years, with a bare possibility of topping the 1955 record ingot output of 117 million tons." Retail sales are still above last year (see chart), and Sears Roebuck Chairman Charles Kellstadt expects his company's 1960 sales to increase 5% over 1959 sales of about $4 billion...
...Inland Steel Chairman Joseph Block, industry's pruning of its steel inventories is a "natural reaction" to tight money, high interest rates, and the knowledge that steel is easy to reorder. Big Steel Chairman Roger Blough does not completely agree. He thinks that many corporations have changed their inventory policy, confident of a quick and sure supply at a time when one-third of steel's capacity is idle. Stockpiles of steel among users now total about 16 million tons. Blough and other industry leaders are convinced that users cannot reduce their inventories much below 15 million tons...
...Scare. With all the talk and market activity, neither the market nor U.S. businessmen were basically affected in their stance by the collapse of the summit. "The American business community has been scared so often," says Inland Steel Chairman Joseph Block, "that a scare doesn't have any real effect any more. We go on an even tenor." Actually, businessmen agreed that the summit explosion came just when the market was due for a rise, and just when the mood of U.S. businessmen was changing. Says Chevrolet Boss Edward N. Cole: "The pessimism about our economic health which prevailed...