Word: peppermen
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Dates: during 1941-1941
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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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