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Show ' REDUCES PRICES TO HALT INFLATION ; - ' . : w s An , , CHICAGO In the first downward down-ward movement of prices since 1939, Hotpoint, Inc., one of the nation's largest electric appliance manufacturers, has announced it is joining in the fight initiated by General Electric company, to curb inflation by reducing prices on its electric ranges, refrigerators, water heaters and Disposalls. James J. Nance, president, above, said that the reduced prices amounted to as much as 10 on new 1948 models recently introduced, and that reductions re-ductions of as much as $20 were made on some popularly priced models despite the greatest demand de-mand for Hotpoint appliances in the company's history. "As a leader in the electric appliance ap-pliance industry we wholeheartedly subscribe to this crusade for lower prices. We expect to maintain these prices provided there are no further increases in our cost of labor and materials, and that there is no distortion of materials through rationing or new allocation," alloca-tion," Nance said. . He added that inflation is the greatest threat to America's progress and prosperity "The country's gains of recent years could be wiped out if the upward up-ward trend of prices and wages were not reversed." Hotpoint is now completing a $20 million expansion program at five midwest plants that will triple former production capacities on its electric ranges, water heaters and dishwashers. The company's facilities facili-ties for the production of refrigerators refrigera-tors and home laundry equipment have already been enlarged to double dou-ble prewar capacity.' |