Word: kellstadt
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Dates: during 1960-1969
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Some businessmen who support the principle of true interest disclosure dispute the methods proposed by Douglas. Among them is Sears, Roebuck & Co. Chairman Charles Kellstadt, who argues that there is a big difference between an installment-plan sale and a flat loan, and that interest charges are only a "small portion" of the total cost of extending credit (which also includes such expenses as investigations and salaries for credit office staffs). He further contends that computing interest charges on an annual basis for the popular revolving charge accounts would enormously complicate bookkeeping. This, retailers say, would increase the cost...
...many, the current business slowdown is really an adjustment to the consumer's growing predilection for the myriad new services his money can buy. "This causes dislocations within the economy," explains Sears, Roebuck Chairman Charles H. Kellstadt, "but given the level of gross national product and disposable income, it is no cause for alarm. It simply reflects the fact that our rising standard of living has made us a predominantly consumer-oriented economy. It is not a case of not growing, but of growing in a new direction." In the past five years the real output of services...
...capacity for the year. Says he: "1960 will be one of the industry's best production years, with a bare possibility of topping the 1955 record ingot output of 117 million tons." Retail sales are still above last year (see chart), and Sears Roebuck Chairman Charles Kellstadt expects his company's 1960 sales to increase 5% over 1959 sales of about $4 billion. The auto industry has a million-car inventory on its hands, only 16% in the fast-selling compacts. Dealers may be worried about selling them, but Detroit is not. Some automakers plan to shut down...
...Charles H. Kellstadt, 63, president of Sears, Roebuck & Co. since 1958, became board chairman and chief executive officer, replacing Fowler B. McConnell, 65, who retired after 44 years with the company. The new president will be Crowdus Baker, 54, former vice president and comptroller. Kellstadt joined Sears in 1932. He was brought into the Chicago headquarters in 1946 as general retail merchandising manager, moved steadily up the ladder to a directorship in 1948 and vice-presidency the next year. In 1950 Kellstadt was appointed supervisor of Sears's southern region. At Sears business was never better. For the company...
...forced many department stores to postpone sales. Sighed one auto dealer: "A man has to be pretty desperate to shovel his way into a dealer's showroom." Another factor: Easter will fall three weeks later this year than in 1959, postponing much retail buying. Sears, Roebuck President Charles Kellstadt said Sears is having an unimpressive first quarter, but he still expects sales in 1960 to be as good as last year. Said he: "We'll have to wait a while to see whether there's been an underlying change in the economy or whether...