Word: roebuck
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Dates: during 1930-1939
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...running Washington. Chairman of the Board was Edward R. Stettinius Jr.-also chairman of U. S. Steel. Serving with him were no Laborites, no Little Businessmen, no Janizaries. Instead, there were such Big Businessmen as A. T. & T.'s Walter Gifford, General Motors' John Lee Pratt, Sears, Roebuck's General Robert E. Wood, Manhattan Banker John Milton Hancock. Here, to the shaken Janizariat, was sinister evidence that Franklin Roosevelt, in advance of war, had turned elsewhere for counsel. When Louis Johnson announced that Mr. Stettinius as chairman of W. R. B. would wield vast administrative powers...
...this kind of calculation: the very lowest estimate of September's gift to U. S. warehouses runs at something like $1,000,000,000 of unconsumed production. Meanwhile, standard domestic consumption indices (like department store sales) are doing no booming at all. Even Montgomery Ward and Sears, Roebuck have suddenly lost their 1938-39 oomph. Only a real export boom seemed likely to save the U. S. from some pretty drastic inventory trouble...
...instead of an increase in U. S. buying (which had gone up steadily since 1934), there was a heavy decrease. Japanese sales to Sears, Roebuck fell off 70%, sales to five-and-ten chains dropped, sales of silk and Japanese textiles tumbled. With a good start, Japan's sales to the U. S. at the end of 1937 hit $204,201,000, and from the U. S. it bought $288,558.-ooo. But by the end of 1938 sales to the U. S. dropped to $126.820,000, purchases in the U. S. dropped to $239,620,000 and Japanese...
Consumer Goods Stocks: Sears, Roebuck climbed 3%, steady-yield A. T. & T. 4%. Woolworth, with its big British and German subsidiaries likely to be war-slugged dropped 8%. Eastman Kodak dropped 7% apparently because investors connected Kodaks with beach parties, forgot Eastman's chemical and plastics business, forgot that armies use cameras...
...Charles Edison (Navy) suddenly announced the creation of a civilian advisory committee to work with the joint Army & Navy Munitions Board. Its personnel: Able Edward R. Stettinius Jr., young (38) whitehaired chairman of U. S. Steel Corp.; American Telephone & Telegraph's President Walter S. Gifford; Sears Roebuck's Brigadier General Robert E. Wood, who, as Acting Quartermaster General, directed U. S. Army purchases in 1918; able though little known John Lee Pratt, a retired vice president of General Motors; M. I. T.'s Physicist Karl T. Compton; Brookings Institution's Economist Harold G. Moulton...