Word: lum
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...Chrysler Corp. and the slump in General Motors. Jubilant Chrysler announced that Plymouth was now back in third place, which it lost to Buick in 1954. For the first two months of 1957, Plymouth turned out 128,228 cars as against 100,274 Buicks. For Chrysler President Lester Lum ("Tex") Colbert, that was only part of the good news. Every car in the Chrysler line showed substantial production gains. Overall Chrysler car output in February was up 63% over 1956. So far, Chrysler has produced better than its goal of 20%, v. 15% last year...
...Enough Cars. Chrysler's Lester Lum ("Tex") Colbert, embarrassed by his own shortage of cars (TIME, Dec. 10), said that "by all present indications, the retail market for cars in 1957 should be bigger by a substantial margin." For one reason, buyers would be in a stronger position than in 1956, when many of them were paying off the autos they bought in the record year of 1955. Said Colbert: "A substantial percentage of those who purchased new cars in 1955 on the installment plan have already paid off these obligations, or will have them paid off some time...
...Chrysler Corp. comeback that swept the company from a 1954 low of 13% of the car market to 17.1% last year was the most dramatic industrial success story of 1955. The next step, exulted President Lester Lum Colbert, was to recapture Chrysler's traditional 20% of the market, "and then do even better." But Chrysler, far from doing better, was again slipping fast. At the end of the first six months of this year it had assembled only 14.85% of total industry output, 3.78 less than in the same period last year v. a 5.16 rise...
...automakers, the recent cutbacks did not prevent them from turning out their 1,000,000th new motor vehicle of 1956 this week, only three days behind the 1955 pace. At Chrysler President Lester Lum ("Tex") Colbert announced that in Chrysler's 1955 comeback net sales totaled $3.5 billion, 67% better than 1954, with earnings of $100 million, more than 400% better than 1954. Said Colbert: "1956 will be highly competitive, but we believe it will be a good market...
...Kaufman Thuma ("K.T.") Keller, 70, will retire April 17 as board chairman of Chrysler Corp. after 30 years of service, half of it as president. In 1950 Keller turned over the operating job to President Lester Lum ("Tex") Colbert, since then has devoted much of his time to activities such as getting the U.S. guided-missile program off the ground (TIME, Jan. 30). Another change at Chrysler: F. W. Misch, 50, vice president, will move up to corporation finance officer, succeeding Financial Wizard George W. Troost, 53, Chrysler's No. 2 man, who died last week after a brain...