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...Washington next day, Harry Truman faced White House correspondents. As though nothing at all had happened, he reiterated his old arguments for Government price controls. He displayed a chart of rising prices. The food line ran clear off the top of the chart-up to 203% from an average 100% in 1935-39. If we don't find some way to stop this awful spiral, the President said briskly, a crash will be the inevitable result...
Against normal performance, the market had been sinking ever since earnings had started to rise sharply (see chart). Earnings on the Dow-Jones industrial stocks in 1947 had matched the 1929 level. Yet the average price was only slightly more than half as high. Investors had good reason to shy away from war babies and those that had never made money except in boom times. But, by prices alone, no one could tell last week which were war-and boom-babies, and which were likely to be consistent performers...
...Fever Chart. The Government, which berated industry for raising prices, did the same thing itself. In the commodity markets, it was Government buying, more than anything else, that boosted grain prices. They helped pull up the wholesale commodity price index (1926 average: 100) from 141.5 to 162 in a year. No one disputed that the Government had to buy grain for relief abroad. But did it have to buy it the way it did? In five months, it gobbled up some 400 million bushels of grain, despite the short corn crop which put pressure under all grain prices...
There was no denying the fever. Last week the chart of the nation's inflated economy spurted higher & higher. Wholesale prices reached a new postwar top (59.2% above the base year of 1926), after three weeks of record-breaking climb. For the second month in a row, average factory wages passed the $50-a-week mark, to a new record...
...cross section of their runners-up. Between them the 1,000 control over half of the nation's manufacturing wealth. From 1939 to 1945 their assets had grown by 50% but the rate of growth of the runners-up had far outstripped the growth of the giants (see chart...