Word: unsold
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...against an excessive buildup of inventories. Some 200,000 autoworkers have been laid off. Last year 672 car dealers went out of business, and the number may rise in 1980. One reason is that dealers are being crushed by the high cost of borrowing to maintain the inventories of unsold cars that they do have. Ford Motor Co. Economist John Deaver figures that dealers have to pay more than $100 a month in interest charges for every car in their lots...
...jury indicted Sam Goody Inc., President George Levy and Vice President Samuel Stolon for illegally improving on the founder's good thing. Goody and its officers were charged with counterfeiting eight-track tapes and cassettes and then selling them in their stores. They are also accused of returning unsold counterfeits to the record companies for credit as original merchandise...
...Consultant Michael Evans calculates that inflation and the rising tax bite have reduced the spendable income of a family of four earning $20,000 annually by $1,000 so far this year. If consumers suddenly begin closing up their wallets and pocketbooks, as they are expected to, inventories of unsold goods will rise and business will fall off sharply. Even Treasury Secretary G. William Miller, who had previously been happy-talking the economy by predicting that the recession was already half over, last week admitted that the coming downturn might be deeper than he had thought and warned that "strains...
...return to investors and have values that fluctuate in accordance with overall interest rates in the economy. When interest rates rise, bond prices go down, and last week they fell through the floor. IBM had an offering of some $1 billion worth of notes and debentures, but many remained unsold when bond prices collapsed last week, leaving the underwriters with a loss of as much as $25 million...
...carried a yield of 9.41%, whereas even the new Treasury notes and government bonds returned fractionally higher interest. Also, over the Columbus Day weekend, rumors began to circulate that IBM's third-quarter earnings were down. In fact, as announced late in the week, they fell 18%. The unsold paper, possibly $300 million worth, was dumped on the open market, where it fared badly. IBM's timing ignored a hoary Wall Street axiom: "Never commit yourself to a major issue before a long weekend. Who knows, we may be at war by Tuesday." There...