Word: middlemen
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Dates: during 1960-1969
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...recent surprises of the computer business has been the swift rise of middlemen who buy the machines from manufacturers and lease them to users. The middlemen operate with vast sums of other people's money, depend on federal antitrust pressure against dominant IBM for survival and on favorable income tax breaks for much of their profit. Yet a dozen companies, none more than 15 years old, have thrived so splendidly that computer-leasing stocks were among Wall Street's hottest glamor issues this spring...
When the annual step-by-step reductions begin next Jan. 1, U.S. consumers stand to pay lower prices for many imports-if inflation and middlemen do not soak up the tariff savings. The wholesale price of a $300 Japanese motorcycle will decline to $297 in 1968, finally level out at $286 in 1972. Other reductions will be substantial. Tariffs will fall from 1210 to 60 a gallon for beer, from $1.02 to 510 a gallon for Irish and Scotch whisky. Duties will come down 50% or more on such items as silk scarves (to 16%), diamonds over 1 carat...
leronymos also called for an end to the hierarchy's Byzantine bickering over power and prestige. Announcing that he would soon fill 15 sees long left vacant because of bishops' jealousies, the archbishop warned that "any clergyman who attempts to canvass his election, directly or through middlemen, will be disqualified...
...those reductions phase in, probably starting the first of next year, U.S. consumers may enjoy slightly lower prices on imports. If history repeats, however, inflation will erase, or middlemen will pocket, much of the savings. In any case, even on a $5,000 Italian sports car, which now carries a $325 duty in the U.S., the anticipated 1968 reduction to importers would amount to only $32.50. The full tariff cut of $162.50 will become effective only after five years...
Arnold Arnstein, 68, is one of music's obscure middlemen-or more accurately, muddlemen: he is a copyist whose job it is to decipher the scribblings of composers. He works in a dingy cubbyhole on Manhattan's upper West Side, surrounded by towering stacks of music and a massive duplicating machine named Ozalid. Together they make a unique team: Arnie singing an aria from La Bohème while bent over a new score, Ozalid humming contentedly and smelling of ammonia. Yet despite the humble trappings, for the past 25 years Arnstein's office has been...