Word: co
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Dates: during 1950-1959
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After ten years of planning and $250 million for tooling, Ford Motor Co. put its long-awaited Edsel on display this week. The first new "Big Three" car since Ford brought out the Mercury in 1938 is a recognizable Ford product without radical jetlike fins or bomb-shaped bumpers. Like Ford and Mercury, it presents a squarish appearance with a flat rear deck, horizontal taillights that flare up and out, an oval, uncluttered grille reminiscent of the elegant Cord of the '30s. Under its hood is a burly engine turning up 303 h.p. in the less expensive models...
...about half, of the city's big discount houses went out of business in the past year. The shakeout is almost as severe in Los Angeles, Boston and Dallas, where dozens of small discounters have fallen by the wayside. A St. Louis discount house, H. E. Krisman & Co., pushed its gross to $3,500,000 annually-and lost $200,000 doing it. Says George Wasserman, owner of Washington's George's Warehouse: "The big ones are holding their own, but the little ones are going out of business as fast as they came...
...Bros, cites manufacturers' reports that factory sales of automatic washers are down 28%, conventional washers 32%, electric dryers 44%, refrigerators 20%, dishwashers 32%, stoves 32%. Another worry is increasing competition from conventional retailers who, instead of sitting back, cut prices right and left. St. Louis' Famous-Barr Co. has been matching discount prices since 1954, when it offered to equal any price reported by a customer, and has the capital to buy carloads of appliances at lower prices than most small discounters can command. Many other big stores from coast to coast hold "warehouse sales" to take advantage...
...Answering this demand, the big, successful discounters are turning into cut-rate department stores. San Francisco's Government Employees Together, a clublike discounter aimed at Government workers, claims a wider diversity of goods than any of the city's regular department stores. Los Angeles' William Phillips Co. carries gifts, clothing, luggage and records, even added a liquor department this year. Manhattan's E. J. Korvette (estimated 1957 sales: more than $70 million), which calls itself a "promotional department store" and is even listed on the New York Stock Exchange, has quickly fanned its discount selling into...
Much can be said for the inside board, to which many big and forward-looking firms still cling steadfastly. They argue that only the president and his executives-men intimately familiar with the corporation's daily operations-can make swift, sure policy decisions. International Shoe Co., the largest U.S. shoe manufacturer, has a 100% inside board to run its highly technical business; the U.S. petroleum industry also leans to inside boards, whose members know all the tricks and pitfalls of their risky business. Says Harmon Whittington, president of Anderson, Clayton & Co., world's largest private cotton broker...