Word: hendersons
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Lawrence J. Henderson '98, Abbot and James Lawrence Professor of Chemistry, and chairman of the Society of Fellows of Harvard University, died early yesterday morning at Phillips House after a short illness...
...Henderson will use his new powers in the same selective way he used his jaw. So far he has fixed only three formal retail ceilings (flashlights, tires and retreads, new cars), and he will probably continue to specialize in key wholesale and factory prices...
...Leon Henderson was to stop inflation, he had to move fast. Already the cost of 40 commodities to U.S. citizens was 3% above Canada, only 6% below England.* Congress had done nothing to control wages, and tried to keep farm prices out of his hands. OPA feared rising food costs would carry other prices up with them 30-40% this year-unless the farm bloc, momentarily outfoxed by the President, stays outfoxed...
...Henderson's ability to lick inflation by this piecemeal method has nothing to do with his partial power over prices. For Henderson is also the administrator of civilian supply, with complete power over rationing. Without a Gestapo no price ceiling is effective on scarce materials whose supply is uncontrolled; and when the supply is controlled-i.e., rationed-the price ceiling enforces itself. Thereafter, as both Britain and Canada know, control of inflation is a Treasury matter: more taxes, more savings...
...Stand? In its eighth year, under its sixth chairman, Ganson Purcell (TIME, Jan. 26), SEC is not the thrill-a-minute New Deal star wagon it once was. For one thing, defense and war have drawn heavily upon its brilliant staff. OPA took not only ex-Commissioner Leon Henderson, but Utilities Expert Joe Weiner, Legal Eagle Dave Ginsburg; many a lesser technician has gone to defense work. Betting is that only 750 of its 1,250 employes will follow SEC to Rittenhouse Square...