Word: opa
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...points in February to 189, five points below a year ago. The Bureau of Labor Statistics' cost of living index slipped 1.1% between Jan. 15 and Feb. 15 to 169-the greatest monthly drop in nine years (but the index was still 27% above June 1946, when OPA was killed...
Meat. The Tax Court of the U.S. ruled that merchants who paid black market prices for merchandise during OPA days can deduct such illegal payments as a cost of doing business. For Houston's black-marketeering Select Meat Co., in the test case, the ruling meant a $60,000 tax saving...
...Chicago grain pits at midweek. In one day, all grain futures tumbled their legal limits. In the cash markets, corn hit its lowest price since April 1945 (at Chicago, No. 2 yellow corn dropped from $1.27 a bushel to $1.17). Oats and rye also broke through the levels of OPA days...
...their stock. Kansas City's stockyard bulged with the biggest shipment of grain-fed cattle in its history-and beef prices tumbled. Choice grades of beef which had brought a top price of $41.60 a hundredweight last summer were offered for as low as $25, only $6.25 above OPA levels. Hogs slumped $1 to $20.50, lowest since October 1946. But at the start of this week, both livestock and grains firmed...
...Meat. All this meant a still bigger drop in the cost of living, which was precisely what the U.S. consumer had been hollering for. Hogs slumped to within 50? of the OPA level. Cattle worth $28.50 a hundredweight a week ago dropped to $24.50. Retail meat prices came down another 2? to 4?, chain stores trimmed egg prices 6?, wholesale soap came down 6%. Whether meat would continue the fast drop was questionable. Thousands of sheep & cattle had already died in the blizzards on the rangelands, though ranchers were desperately bulldozing paths through the snow to get their animals...