STATE OF BUSINESS: Sales Surge

Retailers, who gloomily saw sales slump a month ago, last week had plenty to cheer about. A last-minute burst of holiday shopping wiped out losses of early December. Last week's sales, said the Federal Reserve Board, were so "extraordinarily good" that they boosted December's retail total to 1% or 2% above the 1956 record.

Even better, cash registers kept on jingling merrily after Christmas. "Our post-Christmas season started off with a bang," said Rich's department store in Atlanta, which broke all holiday sales records. Reported Dallas A. Harris & Co.: "Crowds on Dec. 26 were just fantastic."

Businessmen found less cheery news...

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