On the Other Foot

In Manhattan, some 650 of the nation's top shoe manufacturers got together for the biggest National Shoe Fair ever held. They had come to show their wares and take orders for autumn delivery. But orders were so scarce that many an exhibitor packed his samples and disgustedly went home a day before the fair was officially ended.

As high prices have cut shoe sales way down, retailers had simply refused to buy at present prices. But few manufacturers talked reductions. So only 15% to 25% of the shoes that stores will...

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