Word: cars
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Dates: during 1950-1950
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Hardly was the ink dry on Harry Truman's national emergency proclamation (see NATIONAL AFFAIRS) when Economic Stabilizer Alan Valentine cracked down on the auto industry. He ordered new car prices rolled back to the Dec. 1 level-and kept there for at least three months. After the Government had studied the situation carefully, the price structure would be reviewed to see if the auto companies were entitled to the increases they had tried to put into effect...
...Somerset Maugham's Trio at the Sutton (57th and Third. The Red Shoes is still around; it plays at the Victoria through Christmas day. Perhaps the best of this group is Night Train, now ten years old, a superb thriller involving Rex Harrison, Margaret Lockwood, the Gestapo, a cable car, and as many furtive aples as Carol Reed could round up. It is scheduled to close tomorrow at the Beverly (50th and Third...
Reuther wanted much more than that. Regulation W, said he, was a "rich man's racket" which made it impossible for the workingman to buy a car. With no real documentation to back him up, Reuther said that the "meat-ax approach" of Regulation W, plus cutbacks in critical materials, would throw no less than 321,000 auto workers out of work. Reuther had a meat-ax approach of his own: slap immediate controls on everything except wages...
...rising to new alltime highs. And even though builders had hollered at Regulation X (TIME, Oct. 23), housing starts in 1951 might well be higher than FRB intended. Furthermore, the auto dealers were using old figures when they talked of slumping sales. With a threatened cut in auto output, car sales have recently spurted upward again. Nevertheless, FRB thought that tougher credit controls might check inflation-if given a chance to work...
When Kaiser-Frazer last week got a new $25 million RFC loan to help keep it solvent until it can sell its big backlog of cars, the terms were stiff. (K-F already owes RFC $43 million.) RFC ordered K-F to: 1) cut production from 800 to 600 cars a day; 2) raise no prices without RFC consent; 3) pay off the loan with 90% of the wholesale selling price of each car as it is taken out of storage...