RETAIL TRADE: Storm Over Palm Beach

Though the summer's first heat wave helped the sales of Goodall Co.'s famed lightweight Palm Beach suits, it left Goodall's President Elmer L. Ward cold as a haddock. To clear the decks for a new, improved suit this fall, he decided to slash his "fair-trade" (i.e., fixed) prices by 29%, from $27.50 to $19.75.

Goodall's dealers would get a new wholesale price of $12, but they had paid $17 each for the suits they had on hand. President Ward gave them ten days to clear out their old stocks at the old prices. But one retailer made the mistake of...

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