Word: merchantable
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Dates: during 1930-1939
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...hours & wages was no issue; that had been settled by the President's blanket code. Labor was no problem. The nation's salespeople are wholly unorganized. The essence of the proposed magic was to end forever the blight of cutthroat competition which always reacts balefully upon merchant, manufacturer, laborer and ultimately consumer. In Article VIII Section I of the Retail Code resided its prime significance...
This was the way it would work: if a merchant bought a. lamp from a manufacturer for $1 he might not retail it for less than $1.10. If any other store in that merchant's trade area was able to get that lamp for 90? from a manufacturer, however, the merchant was permitted to use 90? as his base price and retail the lamp for 99?. even though that meant selling 1? below his own wholesale cost...
...merchant bought the lamp from a wholesale house (which would presumably take a profit of at least 3% for itself) for $1. he must mark it up to $1.07. The price would nevertheless be stabilized within narrow limits. So that a store's stocks might not become frozen through the operation of this provision, bona fide clearance sales, disposal of perishable goods and discontinued lines, genuine liquidation, were permitted at any prices a merchant chose...
...ships had brought news of the surrender of Lord Cornwallis. From Nice Lord Cholmondeley hastened to pay his respects to Dr. Benjamin Franklin, and Fox's ill-fated ministry swiftly dispatched ambassadors to treat with the philosopher. Jay arrived, and John Adams, and from London came Richard Oswald, a merchant whom Shelbourne considered sufficiently canny to deal successfully with the Yankees. The stage was set for great deeds. For reasons personal or traditional the gulf between Dr. Franklin, Mr. Adams, and Mr. Jay was equal to that between Jay the Huguenot and le Comte de Vergennes, French foreign minister...
When after the War the Federal Government set out to put a U. S. merchant fleet back on the seven seas by means of mail subsidies and cheap construction loans, no one thought the job could be done for nothing. How very much the 14-year effort cost the Treasury -and how and why-a special Senate investigating committee headed by Alabama's lean, earnest Hugo Black began last week to discover...