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Nobody could say whether the rumor was true or not. Reason: OPM's ignorance (complicated by constant upward revisions of the Army's and Lend-Lease's estimates of their requirements) of how bad materials shortages really are. Despite its 2,124 paid employes, its 500 $1-a-year-men, its access to the books of all U.S. corporations, OPM still relies mostly on trade papers to tell it where materials are, how much is available, how much needed...
...Today we stand, as we did in the closing months of 1915, at the beginning of an upward sweep of the whole price structure. ... By April 1917, the wholesale price index had jumped 63%; by June 1917, 74%, and by June 1920, it was nearly 140% over the October 1915 mark...
...first time in a month, the cotton gray-goods market in Manhattan's Worth Street did business this week. Reason: Leon Henderson decided under pressure that the gray-goods price ceiling he set last month was too low, issued his first order revising an entire industry ceiling upward...
...ceilings on gray goods, were billing at the old higher prices. Some furniture makers were still defiant of "jawbone" price control, as Chrysler had been (TIME, July 7). The price of cotton rose 3/4? to 15.21? a pound, a new eleven-year peak. Commodity price indexes paused on their upward flight, but briefly. Montgomery Ward's big fall & winter catalogue came out with 70% of the items showing higher prices than last spring, and a hedge clause on all prices to boot. Sears' new catalogue showed an average price rise of around 6%. Henderson, who has no political...
...feeding plants with radioactive elements, California botanists have found to their surprise that plants can assimilate food downward as well as upward. More surprising was their discovery that "if barley plants are exposed to radio-nitrogen, a small quantity of labeled nitrogen compounds are formed in the tissues of the plants." This may well show, says Hamilton, that leguminous plants (clover, peas, etc.) are not unique in their power to fix atmospheric nitrogen...