1967 article with quote from gpa tobin
Syracusans Optimistic Banner Forecast in V By DOROTHY NEWER "A banner year" wilh some weaknesses sums up forecasts made yesterday by leading Syracuse area businessmen, bankers and industrialists. Gains were predicted in sales, production, community development -- and in the price of money and goods. T h e s e predictions were made to more than 200 representatives of Syracuse area businesses who attended the "Forecast 4 G7" luncheon of the Greater Syracuse Chamber of Commerce at Hotel Syracuse. The meeting featured forecasts for 1967 from the viewpoints of banking, manufacturing, retailing, warehousing and community development. Dean Robert G. Cox, College of Business . Administration. Syracuse University, acted as panel moderator and summed up the remarks of the five panelists. Â· James .D. Hefreman, presi- . dent, Lincoln National Bank Trust Company of Central New^Yqrk, predicted high interest rates and tight credit would prevail through the first half of 1967 with "temporary easing now and then." He predicted the final tally for Gross , National Product in 1966 would show a rise of 7 per cent -- 4 per cent in real growth and 3 per cent through price increases. By the early 70's t Heffernan said, a gross national product of "one trillion dollars would probably be attained." FoIIet Hodgkins Jr., vice 'president and general manager, Rollway Bearing Corp., declared he felt 1967 "is going to be a good year for manu- County j\Iort Tax facturing." Among his reasons for this prediction, Hodgkins said, was an all-time high order backlog in the friction- bearing industry. Because of their use in the manufacture of many products, bearings,' he said, were "historically a good indicator of the economy." He added that Rollway Bearing "is pretty nearly, sold out through next June." Hodgkins, nevertheless, said he felt the 1967 economy would contain "a little bit more than usual of the ingredients of uncertainty." The "uncertainties" he listed were availability of money, possible loss of overseas cus-. tomers to foreign competition because of slow U.S. deliver- Â· ies, possibility of a lax increase, reduced investment in capital goods by manufacturers, dislocation of the domestic economy by either acceleration or decleration of the war in Vietnam and finally, record employment and the tightness of the labor market which may limit expansion of production. Hodgkins pointed up as a local uncertaintv the num- ber of labor contracts coming up for negotiation in '67. These include: Western Electric, Vega Industries, Industrial Chemicals Division, Allied : Chemical Co., Frazer Jones, Ternsted Division, General Motors Corp.., New Process Gear Division, Chrysler Motors and Rockwell Manufacturing ,(Porter-CabIe). James Tobin, executive vice president and general. manager, E.. W. Edward Son, predicted retailing, results in '1967 would rim 3 to 5 per cent ahead of 1966. He predicted increased consumer demand for color television. The retailing outlook, he said, is brightened by new household formations by the bumper post-war baby crop. A "revolution" in distributing, according to William Terry, vice president-sales, D. H. Overmyer Co.. was being caused by changed procedures and stepped-up use of automated equipment. Compani.es, he said, needed fewer warehouses because of changed and improved methods. "The real plus for communi- ty development in the Greater Syracuse Area is its people," declared Royal L. O'Day in his forecast of community development in 1967. He predicted the cpming year -will see "many community developments j e l l a n d become realities . . . Syracuse will continue to move forward." Among 1967 developments," O'Day, listed the start of a city hall and the near completion of. the Everson Museum. "The first unit in Presidential : Plaza -will be completed and the Mulberry Square Development covering large acreage in the Urba'n Renewal Area will be under construction, O'Day said. Dean Cox said, in summing up, he could see some weaknesses in the economy but that 1967 "looks like another banner year.','- Inflation, he said, continues 'to be a major problem and continuation of rapid price increases could be expected in the coming year. Congressional pressure, he predicted, is likely to result in measures to alleviate the building slump.