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About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (May 25, 1958)
TTTT 30Sea III) Statesman, Salem, Ore., Sun., May 25, 58 Si ". ? "I 1 1 ." Business Outlook Economic Patterns Mixed Up By WALTER BREEDS JR. NEW YORK The nation's economy was, a criss-cross pattern of vps and downs this week. : Things looked a littla better for producers ol food, electrical machinery, building materials, steel and textiles but not so good far manufacturers of machine tools, rolling stock, appliances and cars. Retail sales were off a bit. Unemployment trended higher, Labor Secretary Mitchell advised Americans not to get panicky if the jobless total passes the sbc- muuon mark next montn. He said unemployment always shoots up when vacationing students enter the labor market Memo to Junior: employment agencies say vacation jobs this summer will be scarce. Living costs soared to a new high, but government economists said the Inflationary upsurge in consumer prices seems to have shot its bolt Food prices parti cularly on fresh vegetables and meats may head lower soon. Prices Inch Up ' Prices of copper, cement and plywood inched up this week. Exe cutives of two steel firms said they hoped to boost steel prices in July, when wage rates go up, but they were by no means cer tain they could make the in creases stick. There was sharp disagreement among economists as to whether inflation or deflation is the greater danger now. Of more immediate urgency was the question: What's wrong with the auto market? - The problem came to the fore as the world's two biggest auto makers held their annual meet ings. Stockholders of General Motors got a first hand report from their president, Harlow H. Curtice, at a jam-packed meeting in a Buick Pontiac OldsmobOo assembly plant near Wilmington, Del. The real reason for sagging sales, said Curtice, is not the De troit big car concept but me gen eral business slowdown. He said most American families like the 195V Detroit product they'd rath er own a big, powerful, easy-riding American car than a pint sized foreign model. Lack of Coaftdeace Why aren't they buying? They can well afford to, said Curitce, but they're worried about unem ployment and they lack confidence in-the future. The GM president also stressed this point: Factory sales of GM cars and trucks are running about 20 per cent below last year. But the company's competitive posi tion 'has never been better. In Detroit's Masonic Auditor ium stockholders of Ford Motor Co. were told to expect a "modest recovery" in general business late in 1958. But, said President Henry Ford H, it will be a poor year for the auto business. "Our profits," he said, "will directly reflect the impact of sharply reduced vol ume." Ford also disclosed that fa&ng profits will cut heavily into the bonuses paid the company's top brass, said he: "Our top execu tives will have their total compen sation for 1958 cut in half." Executive pay cuts were in the making, too, at Chrysler Corp. Some 2,000 Chrysler officers and executives will be docked any where from one to three weeks' salary this summer in a move to cut costs. Seme Price Cutting Cost and price cutting held the spotlight at an anti-recession con ference in Mew York this week attended by some of the biggest names in U. S. government and business. Harry A. Bullis, chairman of General Mills Inc., told the Amer ican Management Assn. -sponsored meeting: "The consumer is price conscious. Prices must be within the realm of what consumers are willing and able to pay." Loudest applause was reserved for President Eisenhower, who said businessmen should whet consumer appetites with attrac tively priced products of top value. "Not all our economic troubles are over by any means but there is a change in the making," Ei senhower said. "The future is bursting with vitality and prom ise." - Basinets Scene Briefly over the business scene: Walter E. Hoadley Jr., noted con struction economist and treasurer of -Armstrong Cork Co., says the current recession is more than a rolling readjustment and will last through 1960. J. Allen Walker, president of the National Assn. of Credit Men, states: "The worst is about over.". . .Steel production inched up this week to an esti mated 54.9 per cent of capacity, highest since January. . .President Ralph J. Cordiner of General Electric Co. reports a significant rise in new business booked in March and April. (HEMORRHOIDS) STOMACH mi eetoM TTDm-rTmmw9a HI m". W':W- pi pi" M M. SRJP5 irjDiMI m iu U l pfe M . . mi Ml w$i g&4 tim iH$ m STORE HOURS THIS WEEK ONLY U kfeff .Ife, 1 tl PM tifclJ MMf tfS?4 l&N 3$ u..j.jv-i.j.-..m u o.u I ImMMf SWS-M I M IttaVi tOim mim- SH I t 9:30 A.M. TO 5:30 P.M. v - , ' i i . ; : " I 11 V ABOUT 'CM 'THAT Z : V' ( L'; ! AREN'T "GROWM UPf ;T,F- . f ' f t your fresh hibiscus Wardrobe grows with ever -so -many se Darates $198 $ and 398 Love the new Paris-grown colors? 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Sizes 8 to 9. 'DOWNSTAIRS STORE 3 98 Women's Cool Nylon Mesh Wedgees $298 saSSe Enjoy unlimited walking plea sure in these smartly nylon mesh wedgies, upper trimmed with matching Swiss braid. Sizes S to 9, AA and B widths. White or beige. , DOWNSTAIRS STO RJ? Special Feature! Women's SUMMER WEDGES Specially priced and what a ""V aTaO bargain. Comes la white, white D bark or red. Sizes S to 0. Si DOWNSTAIRS STORlS mmmm ::-WfWewee s A . Fashion Opens Up in Straw Cloth Wedgees $Q49 Light n bright and comfy soft to wear . . . wedge heel casuals in bolds and blends of straw. Ankle strapped to stay on in action! Airy, Sanitized! 4 ' DOWNSTAIRS STORE " n.ii Mar SSe xwW?3 FOR WORK OR PLAY THICK SOLE CASUALS Fine quality at big Penney Mvingsl Easy on the feet cushion insoles resist excess-: Ive perspiration: Heavy duck uppers, molded rubber ouN soles. Sanitized. Washablel ; DOWNSTAIRS STORE 3 98 Women's Sizes ' 4 to 9 Penney's Will Be Open Monday And Wedne&Gay Til 9 ?. IV1. 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