Word: lagging
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Somebody in Detroit likes American Motors. Troubled by low sales, high costs and an "image lag" that keeps customers from its showrooms, the auto industry's fourth-ranking company has been retrenching heavily (TIME, Jan. 28). Last week, however, a Detroit millionaire from outside the industry thought he saw signs of hope: Robert B. Evans, 59, announced that he had bought over 200,000 shares of A.M.C. for almost $2,000,000 because he believes the company has "good prospects...
...Image Lag." A.M.C.'s difficulties are widely blamed on a lack of vision in the past. Five years ago, when recession-affected Americans turned to compact cars, the company's Rambler was first and foremost in the domestic compact market, almost became king of the road. Just to meet the demand and get the car into customers' hands, A.M.C. President George Romney-now Governor of Michigan-permitted archaic and costly work practices to continue. A.M.C. executives now complain, with hindsight, that Romney paid lavish dividends to stockholders and perhaps too conscientiously used earnings to take the company...
...wage for T.W.U. members working for the Transit Authority is $3.57 an hour, for work that includes everything from driving the underground trains (a job that requires 280 hours of schooling) to repairing buses. Even though New York's T.W.U. men lead their union in nationwide pay, they lag behind many municipal workers in New York. City laborers, for example, get $4.28 an hour, garbage men $3.59, city truck drivers...
Less Quibbling. While the stores cleaned up, the auto industry, another key to the consumption economy, closed out a record year in which production rose to 9,320,000 units, 20% above the previous year. Because they expect that production in 1966 may lag slightly in unit numbers, all three major companies are considering slight first-quarter cutbacks. Even if they do occur, however, the unit losses will be recouped by bigger sales. More buyers are not only choosing higher-ticket '66 models, but are also adding expensive accessories. Auto air-conditioner sales alone now top $600 million annually...
...committee, "represent the loss of many thousands of millions of crowns." (There are 7.2 Czech crowns to the dollar.) "Consumers have not had a large enough influence on assortment, quality and range of production," the preamble continued, and production is so low that "living standards in this country greatly lag behind those of mature capitalist countries." Frankly admitting that it will take years to shake the economy out of its planning straitjacket, the committee justifies the switch in ringing words: "The development of the socialist way of life has nothing in common with the antiquated ideas of ascetic socialism that...