Word: near-record
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...exports flowed into the fast-growing Latin American market at a near-record rate in 1956, Manhattan's Journal of Commerce reported last week. As the Journal figured it, the final 1956 total for U.S. sales to the 20 Latin American republics will run to about $3.7 billion-a hefty 12% above the 1955 mark, and only $20 million or so below the alltime peak reached during the Korean war year of 1951. The U.S.'s five biggest Latin American customers in 1956: Mexico, Venezuela, Cuba, Colombia and Brazil, in that order...
...current credit pinch, the loudest howls are from the U.S. homebuilding industry. Construction of new houses dropped from a near-record 1,300,000 new homes in 1955 to an estimated 1,100,000 this year. The chief reason is that the lending market for low-interest Veterans Administration and FHA-insured mortgages has dried up. Housing starts with VA and FHA mortgages have plummeted 30% to 467,400 units v. only a 1% drop for homes without Government-guaranteed mortgages. Last week the big argument was over the U.S. Government's newest move to help builders by hiking...
...UPSWING is reviving agriculture equipment makers after year long slump. International Harvester will add about 1,000 employees and increase tractor output from present 150 to 290 daily at Rock Island and Louisville plants, which were closed this fall for six weeks. Company's August-October sales hit near-record $337 million, as farm prices edged up (see NATIONAL AFFAIRS...
...sales race began, automen were confident that 1957 would be a near-record year. Chewy General Manager Edward N. Cole expects sales to jump 600,000 units next year for a 7,500,000-unit total-the second best in history...
...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 in 1957, may drive consumer credit to new peaks. An increase in defense production, which generates spending power with no corresponding increase in consumer goods, promises to put new steam under prices. But Bill Martin is confident that the boom can be controlled, that...