Word: barrelheads
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Just about every U.S. company extends credit-as liberal as possible-to its U.S. customers. But overseas, the same companies often demand cash on the barrelhead. Nor does the U.S. businessman research his foreign market as he does at home; he is nowhere near as anxious to serve each customer's special needs, is reluctant to modify his product to fit export needs...
...these desperately needed loans -Turkey's foreign indebtedness now runs over $1 billion, and many foreign concerns will no longer ship goods to Istanbul without cash on the barrelhead-Adnan Menderes promised to institute long overdue financial reforms, cut back on his grandiose economic-development program...
...were led by their old hero, Ismet Inonu, 73, World War II President and chosen successor of the late great Kemal Ataturk himself. They charged that Menderes' reckless extravagance had only created economic chaos, that foreigners now refuse to ship Turkey even vital medicines without cash on the barrelhead, that the only thing Turkey has plenty of is yok (nothing). They complained that Menderes had suppressed freedom of the press, packed the courts to rubber-stamp his decisions, and altered the election code to keep opposition parties from forming coalition slates. Yet the windup rallies in Istanbul were festive...
CREDIT SELLING will be tried next year for first time by J. C. Penney Co., biggest U.S. chain of junior department stores (1956 sales: $1.3 billion) and last major holdout for cash-on-the-barrelhead. It will try installment plan in several stores, use Penney credit in all 1,690 stores if test lures more customers and brings in more money than it costs...
When anti-Dio elements of the U.A.W.-A.F.L. International's executive board tried to get rid of Dio, Tony Doria fought the action, finally arranged for the union to buy Dio's resignation. The price, cash on the barrelhead: $16,000. Dio took the money-and like a feudal prince, took his locals too. He moved over to the Teamsters and began trying to grab the New York Teamster leadership for ambitious Jimmy Hoffa...