Word: discounts
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Dates: during 1950-1959
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...matter what amount of insurance a man bought, he paid the same price per thousand as any other customer with the same age and health rating. But recently a wave of price-cutting has swept through the life-insurance business, a procedure as shocking to many insurance men as discount houses have been to most retailers. What has happened is that most big insurance companies have started giving quantity discounts on what they call "specials." New York Life Insurance Co. and Equitable Life Assurance Society, for example, cut rates some 15% on policies of $10,000 and up. Travelers Insurance...
Most big companies have now found that the quantity discount and other special policies such as in group insurance bring in the business. Since New York Life began advertising special policies in March, total sales have climbed an astonishing 40%, will reach $1.4 billion in face value of policies written in 1954. Equitable reports that its total sales have increased "very substantially" because of lower prices and better talking points for salesmen...
...reasons was the spread of price-cutting. To meet the growing threat from discount houses, some department stores cut prices on the thousands of products on the Fair Trade list (e.g., cameras, toys, cosmetics, small appliances, sporting goods, jewelry, drugs). Since General Electric Co. pulled out the props from under major-appliance prices (TIME, Dec. 6), the fixed-price line has been rapidly crumbling despite a decision of the U.S. Supreme Court, which last week again refused to question the validity of Fair Trade laws, thus in effect gave them its blessing...
...major price breakthrough showed up in Manhattan where R. H. Macy & Co. and Gimbel Bros, teamed up against Lionel Corp.'s suit to stop the department stores from cutting prices on electric trains. Macy accused Lionel of discriminating against the department stores in favor of discount houses, of using department stores as "showcases and [to] provide ... an umbrella for price-cutting ..." Said Macy Attorney Donald Smiley: "Discount houses have been making a mockery of Fair Trade prices." As a result, Macy, Gimbels and other New York department stores kept right on discounting scores of Fair Trade products, and were...
...growing wave of price cutting by department stores and G.E.'s retreat from a one-price policy point up the astonishing growth of discount houses. They now have 85%-90% of major appliance sales in the U.S., according to the National Retail Dry Goods Association. Since 1939, said NRDGA, department-store sales of electrical appliances have fallen from...