Business: Another Ceiling

Price Hawk Leon Henderson last week nailed his seventh price ceiling on a U.S. industry: cotton yarns. Unlike the ceiling set for steel, machine tools, etc., this time he cut drastically below the prevailing market price (around 52¢ a pound for combed cotton yarn), imposed a much lower maximum (40¢ a pound). This, he explained, was “to discourage any notion that an industry can run up prices . . . with the idea that the ceiling will be established at the speculative levels.”