Business: The Millionth Compact

The U.S. auto industry turned out its millionth compact in 1960 two weeks ahead of schedule. To mark the occasion, American Motors President George Romney, the small-car apostle who forced Detroit into the compact market, finally laid to rest rumors that had buzzed around Wall Street for three years: that American Motors would merge with Chrysler Corp. Romney feared that the persistent reports were damaging American Motors' future as well as the price of its stock, which is now about 30% below its 1959 high. Said he: "They are not only completely untrue...

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