Word: overbought
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...provide quarters, paper clips and wastebaskets for the army of war expediters, reorganizers and mobilizers it expected to descend on the nation's capital. Last week, having just about tripled its annual spending on such things (to about $2,000,000), GSA sheepishly admitted that it had overbought a bit: its warehouses are full of brand-new furniture. It has 2,000 walnut desks stacked high in an old mill and several acres of filing cabinets gathering dust in three cow barns, an abandoned slaughterhouse and a mental hospital that happens to have some extra space. Also on hand...
...Lines managed to make an operating profit. Though September traffic was the greatest in the industry's history, the overall prospect for 1947 was still a loss. The airlines were in no shape to boost the sagging airframe industry; they ruefully informed the commission that they had already overbought on new equipment. All had been caught in the squeeze of higher wage, supply and other costs. And postwar traffic was below their high hopes...
...angrily blamed that on pessimists in the aviation industry. Said he: "This whole job [of raising capital] has been made more difficult by some people in our business. . . . Airplane manufacturers, including companies from whom we are buying airplanes, have expressed the opinion that the airline industry . . . has 'overbought'. ... It is unfortunate that some people in this business ... do not really believe...
Many types of goods are showing signs of being overbought. Steel orders (though still ahead of output) are running 35% to 40% below August, will probably slip further. Furniture manufacturers last month accepted 29% less business than in July, largely because they could not have filled the orders anyway. But such declines are not typical. Most basic industries have record backlogs, could operate for months without booking a single new order...
Wall Street last week gave an exhibition of mysteries second only to the oil scandal in Washington, and in fact caused by it. The stock market had advanced steadily if irregularity for many weeks, and had become overbought and top-heavy. At such times, any incident is enough to cause an upset...