Word: peppermen
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Dates: during 1940-1949
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...pepper controversy posed a neat wartime question: Should the pepper dealers be penalized for their foresight by being forced to sell at inelastic OPA prices? Peppermen thought not, especially since U.S. housewives annually spend only about 35? on pepper. But still, the law is the law, in small things as in large. The War Food Administration pressed on to seize the 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...
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