Word: retailers
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Dates: during 1970-1979
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...textbook recovery, it is usually the valiant consumer, checkbook and shopping bags in hand, who spends the way back to economic health, with industry dutifully tagging along behind. So it has been with the present post-recession recovery, at least until recently. In July, according to the Commerce Department, retail sales fell 1.2%, continuing a softening that began to appear in April. Industrial production rose by a scant .2% last month, the smallest increase in nine months. At the same time, the Consumer Price Index, the nation's principal barometer of inflation, rose .5% in July, which translates into...
Direct Assault. Initially, Chemical plans to retail stock at only half a dozen of the bank's 259 branches in the New York area. In the end, whatever business the bank generates will go to regular brokerage houses anyway. By law, banks cannot buy or sell stocks for their own accounts; all they can do is act on behalf of customers. The bank will channel orders to a Wall Street broker-presumably a deep discounter willing to work for Chemical's rock-bottom prices, with the bank sharing some of the bookkeeping costs...
Nonetheless, brokers do worry about Chemical's move. They see it as a direct assault on the Street's retail commission price structure, which was set up for the average investor. Big institutional investors-banks, life insurance companies, pension funds-have long received the benefits of negotiated commissions, and the SEC more than a year ago abolished what few vestiges there were of the old fixed-commission system. But the typical small investor, lacking the muscle of large institutions, received no such break on commissions and in many cases pays even more to buy or sell stock today...
...more complex than that. When he first took over as president in the early '60s, Rockefeller greatly enhanced the bank's image and developed into one of the world's most respected financial statesmen. He was a vigorous force in expanding the bank's retail and commercial business. But now his name seems to magnify the Chase's problems. A Rockefeller somehow should not be beset with the financial problems that affect ordinary bankers. Yet David Rockefeller is at least partly to blame for the bank's problems. Since the bank has historically been...
Three months ago, the U.S. Department of Agriculture's economists predicted that retail prices of food would rise only slightly this year. Last week they backed up that welcome forecast. According to the department's spring "crop production" report for 1976, the nation's corn crop will reach a record 6.55 billion bu. this year. Since corn is a key livestock feed, its abundance should help to hold down the price of meat. An equally important crop will do almost as well: the wheat harvest should come in at a near record 2.04 billion bu. This torrent...