Word: graysons
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Price Commission Chief C. Jackson Grayson vowed that his group will get much tougher with firms that ask for -or have already been granted-price raises. Some 250 investigators are examining the first-quarter profit statements of 2,000 big companies, most of which have increased prices. The sleuths are scanning newspapers for stories of any large profit increases...
Under the commission's rules, big firms are not allowed to increase their profit margins-their earnings as a percentage of sales-over those of a pre-freeze base period. But of 129 reports so far examined, Grayson reported, no fewer than 51 exceeded the allowable limit on margins. When asked by a member of Proxmire's committee whether he would order violators to roll back prices and make refunds to customers, Grayson replied: "That's exactly what we hope to do." Price violators are liable under law for treble refunds. Just how literally the Price Commission...
...subsidies, together with the higher prices that farmers are getting for their goods, especially meat, will lift farm income this year by 10% to 15%. Farmers argue that these increases are justified by their rising expenses for labor, machinery, fertilizer and taxes. Yet, as Price Commission Chairman C. Jackson Grayson observes, inflation also burdens other segments of society; if inflation is to be checked, farmers, too, must sacrifice...
Treasury Secretary John Connally hastily summoned top executives of a dozen food-market chains last week; they agreed to provide him with special weekly reports on meat prices, which have soared 14% in the past year. C. Jackson Grayson, chairman of the Price Commission, scheduled hearings on all food prices for next week. A growing number of economists, including at least two members of TIME'S Board of Economists-Otto Eckstein and Robert Nathan-favor placing farm prices under direct federal control. They warn that if food prices during March show anything like the February increase...
...short, Nixon's search for profiteering middlemen may well prove difficult and discouraging. Price Commissioner Grayson noted that when the public gets mad about food prices, the Government traditionally blames the "middleman." After meeting with the supermarket executives, Connally added disingenuously: "I didn't use the word middleman. I don't know where it came from...