Word: plans
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Dates: during 1930-1939
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...price of Steam common from $17 to $33 per share in a fortnight. Anxious to merge Steam with its gas & electric properties, Consolidated applied to the Public Service Commission for permission to offer its own preferred stock in exchange for Steam preferred. There seemed no reason why the plan would not be approved. But the Public Service Commission, in a report dated last month but not released until last week, held that Consolidated's offer was far too generous. Among other criticisms the Commission pointed out that until last year Steam allowed only 1% annually for depreciation, an amount...
Even Manhattan's vast R. H. (for cash) Macy & Co. has had to make concessions to the Installment Plan. No one is in debt to Macy's but some of Macy's customers are in debt to a Morris Plan Bank with a representative right in the store. A competitive measure, the Morris Plan tie-up is not advertised by Macy's, but if a customer hesitates for lack of ready cash, he is likely to be steered to the Morris Plan "fellow on the ninth floor...
Both in terms of the contract and the type of goods sold, however, installment selling in the 1930's differs from that of the 1920's. Reared to respectability by the automobile, the installment plan before Depression had spread to refrigerators, pianos, radios, oil burners and similar relatively durable goods. It had always been possible to buy a diamond solitaire, or a suite of overstuffed furniture or an encyclopedia on a deferred payment plan, but installment selling as a major factor in U. S. economics developed after the War. Even in those exciting days a substantial down payment...
Under the press of Depression, the Installment Plan was asked to move a type of merchandise which could not be repossessed or was worn out before it was paid for. Among credit men this merchandise has the name "soft goods." Department store installments may cover anything from tires to toilet articles. Oddest use of installment selling is for services, ranging from steamship passage to permanent waves...
Whatever the psychological effect of the New Deal's borrowing and spending may have been, the New Deal's easy money policy has certainly given the Installment Plan a big push. With a plethora of bank credit available, the big finance companies have been able to cut carrying charges to more attractive levels. Many commercial banks are now interested in installment paper not only indirectly through loans to merchants and finance companies but also directly in their own installment departments...