Time Clock, Jul. 14, 1958

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MIAMI HOTEL SLUMP is becoming acute, with summer reservations off 20%-30% because of recession and fact that winter's bad weather gave black eye to resort. Some 20 major hotels are in serious financial trouble.

MAIL ORDER PRICE CUTS are coming. In fall-winter catalogues, Montgomery Ward trimmed 2½% off year-ago prices. Sears, Roebuck cuts average 1.5% from spring-summer catalogues.

RUSSIA'S AEROFLOT JETS will start weekly flights to India (Moscow to Delhi in about 6½ hours) about Aug. 15, in Soviet airline's most important penetration into free Asia.

3% INTEREST RATES for savings accounts are expected to hold for some time in most parts of U.S., say banking authorities. Reason: competing savings and loan associations pay up to 4%.

NEW STEEL PROCESS, using rare earths in furnaces to remove impurities and increase steel yields, is widely reported on Wall Street. Reports helped boost stock of Molybdenum Corp. of America from $16 to $31. But Republic Steel Corp., experimenting with rare earths in steelmaking, says it "has found no advantages."

WORKERS' DISSATISFACTION with unions is growing as result of recession. Number of workers complaining to NLRB of unfair union practices, such as barring certain workers from key jobs, almost doubled in fiscal 1958 to some 5,500.

GANTNER OF CALIFORNIA, 82-year-old maker of swimsuits and apparel, is being liquidated. Gantner has been losing money for more than a decade, and its owner, shirtmaking C. F. Hathaway Co., had net loss of $1.2 million in year ended Feb. 1.

PAN AM PILOTS DEMAND top pay of $45,000 to fly passenger jets that are due in November v. current $24,860 top for DC-7Cs and management's offer of $28,589 top for jets. Pilots are making steep pay demand as leverage for what they really want: to put one extra pilot on each new jet.