Word: feld
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Dates: during 1940-1949
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...York City is the greatest single liquor market in the U. S. It is also paradise for liquor retailers, whose 40% markup is the country's highest. Ever since New York State legislators passed the Feld-Crawford Act (1935) New York City has also been No. 1 test tube for price-fixing laws. Under the Act (similar to price-fixing laws in 42 other States), prices of all trademarked articles can be price-fixed "vertically" by agreement between manufacturer and retailer...
...five years of Feld-Crawford, hundreds of retail liquor price wars have been nipped in the bud. Under threat of injunction, "chiselers" were forced to get back in line. But last week New York drinkers enjoyed the best price war yet. For the third successive week prices were 30 to 40% below fixed levels. Many New Yorkers, who had often spent $1 tunnel fare to buy their liquor in New Jersey, bought around the corner, rubbed elbows with Jerseyites buying in Manhattan. Fearing the price war might end any minute, they sent sales sky high...
Soon after Repeal, licensed New York retailers formed the Council, whose 900 members are 80% of the city's stores, half all those in the State. Already semi-monopolies because of State licensing laws, councilmen saw a chance to make real money when the Feld-Crawford Act was passed. Negotiating with the distillers, they obtained a uniform 40% retail markup, a 4 to 20% discount for large purchases besides. Under this scheme Council members could buy $1 liquor from the distiller for as little as 80?, resell it for $1.40, while their operating costs averaged less than...