Word: leon
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Dates: during 1940-1949
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...believed the Government could halt the inflationary spiral with its present controls (inventory pools, priorities, taxation of consumer incomes, OPACS price ceilings, etc.). Only trouble was that some of the measures (like ceilings on wages and farm prices) were political dynamite. Problem: would the Government have the guts? Burly Leon Henderson told the delegates the Government would. He said that OPACS was ready to crack down on any situation, including wages, that got out of line. (Last week he voiced some opposition to railroad labor's demand for a 30% raise.) Getting down to fundamentals, he even threatened...
...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...
...Texas, 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...
...stringency 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...
Price Hawk Leon Henderson last week nailed his seventh price ceiling on a U.S. industry: cotton yarns. Unlike the ceiling set for steel, machine tools, etc., this time he cut drastically below the prevailing market price (around 52? a pound for combed cotton yarn), imposed a much lower maximum (40? a pound). This, he explained, was "to discourage any notion that an industry can run up prices . . . with the idea that the ceiling will be established at the speculative levels...