Some U.S. businessmen do not believe that the economy will turn upward in 1958. Last week Walter E. Hoadley Jr., treasurer of Armstrong Cork Co. and a top building-industry economist, gave his reasons for this view to the New York Society of Security Analysts. Said Hoadley: "I do not see evidence of a quick upturn." The recession will last "through 1960. It is more than a rolling readjustment."
Hoadley called the recession "an interim" between the great boom that ended last summer and another great boom that he expects will begin in the early 1960s. "It is likely to be difficult," he...
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