Word: galbraith
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Dates: during 1940-1949
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...money, and this-as well as their willingness to cooperate-was cited by OPACS men as a reason for not bearing down on them. "If a company is in a position to absorb cost increases, we're asking them to do it," said OPACS Price Director John Kenneth Galbraith; "the majors can do it, the minors cannot. " He formulated OPACS's rule of thumb: "Any company making reasonable profits, in the light of the past, should not increase prices...
...housewives' pocket: the Bureau of Labor's index of retail food prices is up more than 4% since Christmas. Thus OPACS had a political as well as economic reason to take action. Last week it did, but consumers did not feel it. John Kenneth Galbraith, Princeton economics teacher who is Leon Henderson's price chief in OPACS, came down like a ton of brick on the high cost of-pepper...
Last week Dr. Galbraith, viewing this "bad situation," invited Chairman William Hine of the New York Produce Exchange's pepper committee to Washington. When Hine and other peppermen arrived, Galbraith announced, "We are not going to let the shipping shortage bail out the speculators." Then he bluntly told the brokers they had two ways out: 1) a margin requirement of $1,000 per unit (33,600 lb.) instead of $350, and an end to pure speculation, or 2) an OPACS-imposed price ceiling "considerably below the current price." Cowed, the brokers gulped assent to the margin boost. Next...
OPACS, pleased with the success of Dr. Galbraith's fight talk, planned to try the same technique on other commodities-eventually, on some important ones. If they respond as well as pepper, OPACS thinks overall price legislation (for which plans are now before the President) will not be necessary for some time...
...CHINA NOW-Winifred Galbraith-Morrow...