Business & Finance: Down on the Farm

Mike Di Salle made his first move last week to control prices at the farm level. He put a ceiling on cotton (previously frozen at the gin level) at 45.76¢ a Ib. The ceiling, which was the highest price that cotton sold at between Dec. 17 and Jan. 25, was 125% of parity and 40% above pre-Korean market prices. Said Di Salle: "Most people will agree that this is a perfectly fair figure."

Cotton Congressmen disagreed. South Carolina's Senator Burnet R. Maybank cried that the order would "never work" and was the real start towards controlling other farm products, such as livestock,...

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