Word: rollback
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...Economic Stabilization Agency last week issued a broad and hazy price proclamation aimed at almost every businessman. ESA asked for a general freeze on prices except farm products (about which ESA can do little), and a rollback of price increases since Dec. 1. The freeze was voluntary, said ESA, but woe to the businessman who didn't obey. ESA warned that anyone who did not cooperate would be punished when "feasible," apparently meaning when ESA makes the order mandatory and gets some price cops...
...seemed to mean that those who had taken advantage of scare-buying and jacked their prices this summer would get off scot free; and those who had postponed price increases as long as they could would be punished by a rollback. By the same token, the steel companies which raised their prices on Dec. 1 would be left alone, but manufacturers who raised prices on Dec. 2 to compensate for the steel boost would have to roll them back. Said one Chicagoan: "[Rolling] back prices in the face of higher costs must have been the system Mr. Truman used...
Despite the rollback on auto prices and hints that prices in other industries may also be controlled soon, food prices continued to skedaddle gaily upwards (see NATIONAL AFFAIRS). But though food comprises a big 40% of the Government's cost-of-living index (v. 4.8 for autos), there was little talk in Washington about slapping on mandatory controls. Reason: there was nothing that Price Stabilizer Michael DiSalle could legally do to stop the rise in most foods...
This week G.M. sent wires to Pontiac, Chevrolet and Cadillac dealers stopping sales, until further notice, of new cars shipped after the rollback order. G.M. did not say how long the freeze would last. But it looked as if it was done in hopes of getting the rollback rescinded or persuading Washington to roll back raw materials and wages as well. A price freeze, said G.M., would require an "equally arbitrary wage freeze" under the Defense Production...
...Very interesting," Valentine said, looking menacing and mysterious. "Very interesting suggestion." Obviously, Valentine hoped to scare price raisers by threatening a price rollback. But it didn't quite come off-it only made clear that, at the moment, Valentine wanted to achieve by threat what he was not ready to achieve by deed...