Word: climbed
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...boys' clothing, fresh fruits, pork, eggs, poultry (lowest level since December 1942), restaurant meals (first decline since June 1956). The long-range outlook as most experts saw it: renewed upcreep in prices under the push of wage raises and heavy Government expenditures. But before the climb started, harried consumers found it nice to rest on a plateau...
Auto sales gave a concrete demonstration of the changing consumer attitude. Sales for the middle ten days of November took their steepest climb of the year to an average of 16,200 a day, about equal to November 1957. Since dealers so far have been handicapped by shortages, automen regard this as the first real test of the auto market, the biggest question mark in the 1959 economy. The Chase Manhattan Bank predicted sales of 5,500,000 to 6,500,000 cars. "Six million or more," it said, "would support a vigorous expansion of the entire economy...
...decline extended into the next day, but its pace slowed considerably. The sell-off did not alarm most market experts, who chalked it up to a long-awaited technical correction after the long climb. They were confident that the market would turn about quickly-and they were right...
...strongest customer is still the U.S. In September foreign cars reached a record 10.3% of the total market, almost triple last year's 3.5%. Estimates are that exports to the U.S. will hit 350,000 cars this year, climb to 500,000 in 1959. Britain's Vauxhall already sells as many cars in the U.S. as it does in Britain, and Italy's automakers, who shipped a mere 61 cars to the U.S. ten years ago, expect this year to sell 25,000 worth some $30 million...
Coleman and Siegel also got heavy debts at high interest rates. To climb out, Coleman negotiated a swap with the See-burgs of $1,200,000 in cash for the $2,000,000 owed in notes, borrowed another $700,000 from them. Siegel raised more from Philadelphia's Donner Foundation and the New York Water Corp. In addition, they sold off their Fort Pitt clothing and beer business for $3,000,000 plus a hefty beer royalty from the new brewery owners. With Seeburg's cash position in shape, they were able to pay off their bank debts...