GM appoints Thomas Murphy optimistic despite sales drop
Thomas A. Murphy becomes GM chairman as Richard Gerstenberg retires. Murphy, longtime GM executive labeled a financial wizard, inherits 800000+ global workers, 1973 sales of 35.7 billion and 2.4 billion profits, while car sales fall 27 percent year to date. He urges cautious price actions and favors government nonintervention, arguing the economy remains fundamentally sound amid industry turmoil.
MENTIONED IN THIS ARTICLE
Jon Wolman
Associated Press Writers
Detroit
General Motors
Thomas A. Murphy
Sunday
Richard Gerstenberg
Productivity to rise as layoffs cut excess workforces
AP analysis notes mass layoffs may lift productivity, which has slumped since World War I. It explains productivity as output per hour and cites corporate hiring, high schedules, and demand drops as key factors. Some economists worry recovery may be slow or never reach prior levels.
MENTIONED IN THIS ARTICLE
John Cunniff
New York
United States
Cyanamid exits Ervin Industries holdings amid write offs
American Cyanamid Co. says it will write off its equity and debt in Ervin Industries and limit further funding. Acquired in 1970, Ervin operates as an unconsolidated subsidiary with no Cyanamid debt guarantees. Chairman Clifford D. Siverd cites housing market decline and weak outlook, forecasting a 250 million after tax write-off and a 1974 reserve to cover related costs, while 1974 earnings per share are not expected to fall below 3.00 to 3.25. Ervin plans to reduce operations under Cyanamid action.
MENTIONED IN THIS ARTICLE
Siverd
Cyanamid
Ervin Industries
Ervin
Market Ends Week With Small Dow Gain On Cautious Trading
The Dow closed at 618.66 up 3.36 from last week while the Associated Press average stood at 214.4, rising 2.8. Light trading kept gains modest as brokers cited recession worries for a cautious market mood.
MENTIONED IN THIS ARTICLE
Dow Jones
Associated Press
Business Notes and Lowe's Earnings Report Highlights
Mrs Evelyn M Smith joins Rogers Insurance Agency bringing decades of work in the field including a 1962 Woman of the Year honor and later senior roles. Lowe s Companies reports first quarter 1975 sales of 88 6 million down 3 from prior year with earnings per share 35 cents and a 3 5 cent dividend set for February 3. Jesse Tucker Jr named sales manager of Bamby Bakers covering multiple cities. Sky City Stores reports nine month sales rise to 41 3 million but third quarter earnings slip to 256 340 as inflation and weak consumer confidence bite profits.
MENTIONED IN THIS ARTICLE
Lowe
M.C. Peterson
Sky City Stores, Inc
Asheville
United States
Wage gains prompt antitrust talk amid inflation fears
Knowledgeable observers say rising wages push for antitrust action against unions. Ford's WIN program seen failing as higher costs fuel inflation. Fed members warn inflation may persist regardless of monetary policy. Analysts cite coal contracts and fringe benefits as fueling price hikes, urging limits on labor market monopolies and cautious wage increases.
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Ford
Federal Reserve Board
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