Word: supermarketing
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Nixon Administration officials always expected a "bulge" in some prices after the expiration of last year's freeze, but what has been happening at the supermarket meat counter looks more like an upheaval. Retail beef and lamb prices have reached 20-year highs; pork prices, which slipped 16.6% early last year, are again climbing toward record levels. Just since the start of 1972, a Manhattan housewife has had to pay 12.6% more for a pound of pork chops...
...slate gray. Snow, which had fallen a few nights before, had turned to slush. About 50 people, some with small children, waited patiently for more than an hour in front of a former supermarket at 23rd and Madison in Seattle's shabby central area. When the doors opened at 10 a.m., the people entered quickly and filled shopping carts with free surplus food-dry beans, scrambled-egg mix and a score of other items. Hundreds of other Seattle residents followed, collecting an allotment of 40 Ibs. per person. In less than a week, workers at the store distributed...
...period that included nearly all of the wage-price freeze and two weeks of Phase II controls-A&P reported a loss of $1.1 million, v. a profit of $12.9 million in the like quarter a year earlier. The deficit was the first reported by the supermarket giant for any quarter since it went public 13 years ago. It occurred, said A&P officials, because the chain could not raise enough prices* to offset "sharp increases" in labor and other costs incurred before the freeze...
...problems; the chain, noted for its conservative management, had been suffering a decline in profits well before the freeze. Price Commission officials in Washington know of no other companies that claim to be losing money because of controls. Still, A&P's troubles are not altogether untypical; big supermarket chains generally reported flat or declining earnings for the third quarter, a fact that Wall Street analysts blame partly on the freeze...
...worlds to conquer. Says he: "We are studying ways that Merrill Lynch might employ life insurance. And obviously estate planning is another possibility. Then there is real estate development." Whatever new directions the company may take, it is now clear that Merrill Lynch, long regarded as the supermarket of the investment business, is close to becoming Wall Street's first one-stop shopping center...