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About Capital journal. (Salem, Or.) 1919-1980 | View Entire Issue (March 18, 1957)
As 'if Si it i ' -iM m H3X mm Page 6 Section 2 THE GAPITAL JOURNAL Salem, Oregon, Monday, March 18, 1957 Lessening of Boom Seen in Four Fields By WALTER BKEEDE Jr. Associated Pre Wrllcr NEW YORK Wl The boom lost a little more of its zip this Week. You could sec the signs most clearly in four key fields steel, aulos, retail trade and housing- Except possibly for housing, the symptoms were pretty mild. A few siecl furnaces were shut down, but nobody was laid off. A Detroit trade journal said auto dealers, after a good month in February, had returned to the practice of granting discounts. Sales Decline Department store sales for the eek ending March 9 trailed year- ago business by 10 per cent. Home builders for some time now have been complaining bit terly about the government's "tight money" policy. This week, at congressional hearings in Wash ington, they really let down their hair. George S. Goodyear, appearing for the National Assn. of Home Huilders, said the shortage of funds for mortgage lending has throttled home building to a point where it threatens to hurt the whole economy. Said Goodyear: "We nre now In immediate dan ger of being controlled to death," William J. Levitt, the nulion's largest home builder, told con gressional investigators: "f am no longer predicting a depression in home building. I'm saying that we re in a depression right now. Fewer Homes Started Underscoring these comments, the government reported that builders started work on 17 per cent fewer homes in February than in the same month last year. Building usually picks up in February but this year it de clined. But the cloud was not without its silver lining builders were told that the credit pinch may case this year. Albert Cole, the government's housing administrator, said there should be a "moderate improve ment in the availability of mort gage funds" over the next 16 months. Credit Is tight now because business expanded at a whirlwind pace hist year and had to borrow billions of dollars to pay for the new factories, machinery and equipment. The growth in this type of spending was fantastic 614 billion dollars more than in 1055, or a gain of 22 per cent. This year, according to a gov ernment study, the rise will con tinue but at a much slower rate. It's estimated that businessmen will spend about 37 billions on various types of improvements in 1957 an increase of 2 billions or 6'4 per cent. About half the 1957 increase will be due to high er costs. SALEM ORATOR SECOND McMlNNVILLE (Special)- Frcd Minifie, 2248 Mill St., Salem, tied for second in senior men's ex temporaneous speaking, and was a member of the Oxford-stylo de bate team that placed first in the senior men s division at the 27th annual Linfield college Forensics Tournament of Champions at Mc- .Minnvillo, Ore., recently. Sewage System Demand Is Filed HILLSBOHO m The Washing ton County Court has been asked here to order construction of sew ers and a sewage disposal system in the West Slope district between Beaverton and Portland. Dr. Charles L. Newberry, the county health, officer, filed with the court a certificate that a health and sanitation emergency exists in the area. He acted after voters of the district had rejected, 669-611, a proposed $750,000 bond issue for the sewage project. West Slope is a fast-developing residential area. Snyder said he doubted whether any more home loans will be granted, however. until the sewage problem is solved. Heavily-salted water is an econ omical method of de-icing wind Rennet's Mondays and Fridays 9:30 A.M. to 9:00 P. M. OTHER DAYS 9:30 A.M. to 5:30 P. M. 480 ONLY Plush Bunnies Or Ducks . . . Only 88c ca. Plush 'n' cotton, flannel. All colors. MAIN FLOOR 120 PAIR Boy's and Girl's Better Shoes Only 2.88 pair Boys in brown, girls in red. 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