Word: johnstons
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When Congress passed the Defense Production Act last month, Chief Stabilizer Eric Johnston solemnly prophesied that the cost of living would soar anywhere from 5% to 8% in the next year. Last week Johnston himself took a step toward making his gloomy warning come true: he approved a Wage Stabilization Board's decision that all wages may now be tied to the cost-of-living index...
Months ago, Johnston and his highly movable stabilizers let wages break through the original ceilings of last January. Congress, in turn, when it wrote its control bill, permitted manufacturers and farmers to boost prices to make up for increased labor costs. In last week's decision, Johnston gave the upward spiral another shove. On the basis of the present consumer's price index, all workers may demand an immediate 2% boost...
Last week Shoemaker Jarman broke in his fanciest pair yet. He bought out New Jersey's Johnston & Murphy Shoe Co., 101-year-old maker of top quality men's shoes, whose customers have included such men as Theodore Roosevelt, "Diamond Jim" Brady and Henry Ford. For J. & M., the deal meant a transfusion of some" much-needed capital. For General Shoe, whose top Jarman brand sells in the $10.95 to $18.95 range, it was the first move into the high-priced ($27.50439.50) field. For well-shod Maxey Jarman, it was the latest in a series of fast strides...
...manufacturing plants. By 1941, his integrated company had 43 retail stores of its own, 10,000 other outlets, and sales of $24 million. Last year, with outlets in 18 nations, sales hit a new peak of $84 million, and General netted $4,000,000. Just before buying Johnston & Murphy, Maxey Jarman expanded by buying Massachusetts' W. L. Douglas (men's) Shoe Co. and the Nisley Shoe Co., a chain of 45 retail stores in the Midwest. He now has 23 manufacturing plants, more than 200 retail stores and 10,000 employees...
...Eric A. Johnston, Director of the Office of Economic Stabilization, was expected to speak Tuesday night, but had to cancel his appearance...