Word: barrelheads
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Dates: during 1940-1949
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...tiny Kemmerer, just about everybody bought on credit, hence paid high prices. Jim Penney had a better idea: cash on the barrelhead. More important, at a time when most small-town retailers firmly believed it was good business to make a big profit on small volume, Penney subscribed to a still revolutionary idea; he wanted to make a small profit on each item, thus build big volume and a big profit...
This week the Commerce Department reported that in 1946 the U.S. exported $2,166 million worth of food-more than in any previous year except hunger-ridden 1919. Most of this ($1,354 million) was paid for, cash on the barrelhead. But $628 million was the U.S. contribution to UNRRA stocks, and $184 million went through Lend-Lease...
Cash on the Barrelhead. As yet, most farm experts viewed the boom with only mild alarm. Most of the farm-buying was for cash (in World War I, farmers sometimes had three and four mortgages on their land), and instead of sinking all their World War II profits in new land, farmers were using it to pay off mortgages on the old. Now, almost half of U.S. farmers own their land outright and mortgages on the rest are down to $5.5 billion, half the peak...
Cash for the Little Man. For the small fry, that kind of cash on the barrelhead is a huge inducement: if they hang on and sell their liquor themselves, they are liable to excess-profits taxes running up to 90%. But if they sell out, they will merely pay the 25% tax on long-term capital gains. But for the big companies with low inventories, who must maintain their competitive positions, the reverse is true: almost any way of acquiring more well-aged whiskey stocks makes sense. Example: Seagram is the No. 1 North American liquor company in sales...
...tough old Harry Sinclair suspected that the old days were gone forever. After an appropriate wait, while the State Department harrumphed and other U.S. oil companies stood on their legal, unenforceable rights, he made his own direct deal with Mexican realists. For $8,500,000 on the barrelhead, plus enough crude to net Sinclair a tidy profit, Mexico could have the whole Sinclair properties with no legalistic strings attached. Last week's check from good Don Francisco was the final payment...