Word: net
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Dates: during 1940-1949
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...frustrated by his inability to bet on himself....The average American can count on nothing but his pay envelope, and in bad times, sometimes not on that....He feels that he bears no direct relation to the ultimate result of the profit system when he collects none of the net profits. . . .Obviously, all people cannot own businesses of their own, but . . .they can be in the business of their employers, and take chances on the profits with them...
...eliminating all frills, Founder S. Klein (who died in 1942) cut his cost of doing business to about 7% of net sales (most large retail stores figure costs around 36%). Thus he could make money with a quick turnover and an average markup of 10% over wholesale prices. He bought as he sold-cheap. Dress manufacturers in need of money found Klein ready to buy excess stocks at cut prices. Many a $14 dress thus found its way to Klein's $7.95 racks. If it stayed there more than two weeks, it was marked down...
Down Rails. The railroads were a prime example. Rail profits have been slipping steadily since 1942, unable to outrace rising operating costs. But in 1945, under the weight of fast amortization, the drop was breathtakingly sharp. The Association of American Railroads reported that net profits of Class-I roads dropped to $453,000,000, more than $200,000,000 under...
Typical was the biggest U.S. road, the Pennsylvania. Its net profit dropped to $49,000,000, some $15,000,000 less than in 1944 (and half of 1942's). One reason: Pennsy paid off $41,000,000 on war building improvements. But few roads went as far as little Lehigh Valley. It paid off so much that it chugged far into the red, lost $7,562,000 v. a 1944 profit...
...business which U.S. Steel lost, it got its tax bill cut in half; it also paid off $114,000,000 on war plants. Result: net profits were down only to $57,000,000 v. $61,000,000 in 1944. Bethlehem Steel did even better. C.I.O.-hating Ernest Tener Weir's National Steel came up smiling with a boost in profits...