Word: litchfield
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Dates: during 1930-1939
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Goodyear Tire and Rubber Co.'s Paul W. Litchfield this week fixed a figurative bayonet and counterattacked the wartime forces that tend to inflate prices and costs. In full page national ads, full-jowled No. 1 U. S. Rubberman Litchfield announced tire price cuts of as much as 12½%, in spite of a wartime increase of nearly 25% in the price of crude rubber (August 29, 16¼? a lb.: Oct. 27, 20½?). After "streamlining" plants and methods, costs were slashed to absorb September's rubber inflation as well as the rubber business' big complaints...
Goodyear's credo: "We stand for prices as low as manufacturing efficiency, economical distribution and raw material costs permit-prices productive of wider sales and wider employment." Litchfield's challenge: "That is the way to economic stability, which should be the goal of every responsible business leader at this time...
LUND F. HOOD Litchfield, Calif...
Goodyear reported first half sales up 23%, profits up 116% to $3,610,595 from the year before. Boss of Goodyear is opinionated, poker-playing Paul W. Litchfield, who has tough Steelmaster Tom Girdler on his board. Litchfield is a great dirigible booster, a chum of Germany's Zeppeliner Dr. Hugo Eckener. In 1936 he wanted to nominate Colonel Charles A. Lindbergh for Vice President on the Republican ticket. Last spring he urged the U. S. to barter (as it soon did) surplus cotton for a stockpile of rubber which a war would shut...
...years President Litchfield has personally done Goodyear's rubber shopping, still gives it 20 minutes to an hour a day. He carries the industry's biggest market basket, for Goodyear buys about 14 2/7% (the United States from 30% to 50%) of the world's crude rubber. With only about 10% of Goodyear's requirements produced by Goodyear's own plantations, he must gamble more heavily than his competitors on war or peace as well as recovery or depression when he goes to market. In the spring of 1937, when commodity prices threatened...