Word: discountable
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Dates: during 1950-1959
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Competition & Customer. In downtown Washington, D.C., eight, or 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...
Part of the discounters' troubles comes from a general slump in the appliance market. With overall sales down some 10% this year, many a discounter, depending on high volume to make his cut-rate prices pay off, is in dire straits. Chicago's Grossi 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...
...meet the problem is to ease up on the demand for labor by postponing the building of some new plant, and this essentially is what the Federal Reserve Board was attempting to do last week by raising the discount rate from 3% to 31%. highest in 24 years (see BUSINESS). Another way is to cut Government spending, which would mean a cut in Government-financed demand for labor. But perhaps the most important way is for organized labor and big-business management to find a temporary new definition of progress beyond Samuel Gompers' historic American Federation of Labor...
...expansion of all kinds is still so great-and money so tight-that Manhattan's Bankers Trust Co. boosted its prime rate for loans from 4% to 4½%. Banks around the country soon followed. Two days later the Federal Reserve Board approved a boost in the discount rate by four of its twelve district banks from 3% to 3½%. The new Fed rates, highest since 1933, were designed to bring the Fed's scale more in line with commercial loan rates and to discourage bankers from borrowing from the Fed to increase their loans to clamoring...
...creep-e.g., the U.S. tight-money policies (see BUSINESS). In France and Japan, there were real outcries against import controls, in India against present wage ceilings in nationalized factories. When the chairman of Sweden's Riksbank (roughly equivalent to the U.S.'s Federal Reserve) increased the discount rate to 5% last month, Sweden's Socialist-Agrarian government, sensitive to popular pressures, kicked the banker...