In the wake of meat decontrol, steak suddenly appeared on butchers' counters — at $1-&-up a pound. Lard and other meat by-products edged up toward 70¢ a pound. Dazed by the sight of so many rare items, the people went on a two-day buying spree—a mood reflected by a six-point jump in the Dow-Jones industrial index.* Then they hesitated.

Controls kept coming off—margarine, mayonnaise, shortening and coffee. OPA Administrator Paul Porter said that he was preparing a big cut in his staff of 35,000, and that the whole decontrol program had been moved up two months, to Nov. 1. After the...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!