Word: cars
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Dates: during 1950-1959
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...would prove it. Nonplused, the racing committee finally passed the buck to the American Power Boat Association, which may take up to 60 days to decide on a winner. By that time, the Gold Cup could be tarnished for fair. Roly-poly Horace Dodge, playboy heir to the Dodge car fortune, claims that he was illegally kept from qualifying for the cup in Dora My Sweetie. He has a court order requiring the race committee to show cause why the Gold Cup should not be called no contest...
...Federal Reserve noted at week's end that retail sales (excluding autos) for first-half 1956 averaged 6% above the same period in 1955, more than offsetting the slump in car sales. Wholesale prices and the cost of living seem certain to edge even higher when 1,250,000 union workers collect automatic raises as a result of June-July advances in the consumer index. After raising price tags a record $8.50 a ton in June, steelmen are already talking up another boost. The -auto industry, setting its sights on a near-record 7,000,000-car year...
...bigger reason is the nation's apparently unshakable faith in a future of total employment, total production and total consumption. In Seattle, Gordon L. MacDonald, 30, a $6,000-a-year draftsman, has bought a car and all his appliances and furniture on credit, in addition to paying $59 a month on a three-bedroom home, says that he has no idea how much interest he is paying or when he will be out of debt. Shrugs MacDonald: "I'm not too worried about it. I expect my income to increase steadily through the years...
...loans. Furthermore, credit statistics are misleading, since they conceal the fact that many new consumer debts are new obligations in name only. The vast postwar increase in home ownership, for example, means that millions of families pay the banker instead of the landlord; when a family buys a car or a TV set, its cash outlay for public transportation or entertainment decreases. Moreover, while the U.S. citizen in 1956 owes more, he also owns more. Per-capita savings have risen to $1,300 from $330 in 1939. Consumers' assets (including $200 billion worth of stocks, equities in life insurance...
...Always Darkest. In Catlettsburg, Ky., Police Chief Ray Castle came to work, found a note from the lobster shift: "Ray, the radio in the police car won't work. The lights in the men's restroom are out. Sewer on 34th St. stopped up. The town clock is 7 minutes slow, and payday is past due 10 days...