Word: upturns
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...exchange's quarterly report, Haack noted the upturn in stock trading volume and said that those brokerage firms that have pared personnel and operations selectively "will enjoy a distinct advantage over their competitors when it comes to handling a resurgence of business." His message: companies that have zealously hacked off not only fat but also bone and muscle will feel the pain as business gets better...
PRESIDENT Nixon's economists have long promised that the reward for the business slowdown that they engineered in 1969 and early 1970 would be a combination of slower price rises and renewed economic upturn in the second half of this year. They qualified that prediction by adding that any recovery would be modest. The recovery is taking place, and it is indeed modest...
Moreover, the strike is likely to trim down any third-quarter economic upturn (see box, page 72). One consequence is that the industrial-production index, which declined in August for the first time in five months, will fall further. If the strike lasts more than six weeks, it will depress many businesses indirectly connected with the auto industry. In that case, lower corporate profits and more unemployment will sink the federal budget deeper in the red, increasing the prospects for a tax increase. The Nixon Administration expects that the strike will be over in six to eight weeks...
Even more than usual, the outcome of the auto negotiations promises to have a large psychological, political and economic impact on the nation. A prolonged strike this fall could easily check a promising upturn in business, spread new gloom among investors and consumers, and raise unemployment to levels higher than it would otherwise reach. A severely inflationary settlement, however, would establish a pattern for 1971, when major union contracts covering about 4,000,000 workers must be negotiated...
Despite the recent upturn in the stock market, Wall Street these days is hardly the avenue of joy. Most firms are still reducing payrolls, closing branches and trying to sublet excess space. One notable exception is Salomon Bros., the nation's biggest bond-trading house and fourth largest underwriter of securities. Salomon Bros.' broad-ranging business has been better than ever, and the firm has outgrown its quarters. Last week it moved into new, highly computerized walnut-and-glass offices that are more than double the size of those it occupied for almost half a century...