Word: hendersons
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...Arkansas and Louisiana crude a day via Tulsa and southern Illinois to its New Jersey refinery, 1,700 miles in all. The cost of this overland routing is 60? a barrel, against 21? or less by tanker. The rail rate would be about $1.80. Such cost increases make Leon Henderson's price-holding job more ticklish than ever...
This arrangement, worked out by Jackson and Henderson, was a rebuke to rambunctious Thurman Arnold. For some time Jackson has thought Arnold was getting too nervous a trigger finger, scattering his shot, using the laws to advance his own theories about the danger of monopoly rather than as a weapon to aid defense...
...will be acute. Already Standard Oil Co. (N.J.) has begun to convert part of its great Bayway (N.J.) refinery to burn coal instead of oil. This week Socony announced it would follow suit, and that it had already converted the heating system of its downtown Manhattan office building. Leon Henderson's civilian rationers in Washington assume that sales of new oil burners will have to be cut or stopped, that fuel for installed burners will have to be rationed this winter. The East has enough surplus of stored furnace fuel to last 67 days, enough gasoline for 31 days...
This pincer plan was outlined in a memorandum prepared for the War Department last summer by Rolf Nugent of the Russell Sage Foundation, who since has been doing further work on the problem for OPACS Chief Leon Henderson. Nugent suggested a 25% excise tax on automobiles, coupled with larger down payments and fewer months to pay the balance. His estimate : time purchases of automobiles (which now account for about two-thirds of all new car sales) could be cut in half by requiring a 50% down payment and the balance in ten months...
Last week the tax half of the pincer was laid before the House Ways and Means Committee by Leon Henderson. He urged a 20-25% excise tax on all sales of automobiles, old and new. The installment-sales half was still being studied by OPACS and Federal Reserve economists. Since so many finance companies, dealers and banks compete for the business, best guess was that some form of Federal regulation of installment sales was likely. Possible first move: limitation of installment contracts to 18 months. Consumption of other durable goods besides autos-refrigerators, stoves, furnaces, etc.-could be controlled...