Because Leon Henderson removed its price ceiling, the long slumbering cotton grey goods market woke up with a bang last week. In only two days an estimated 25,000,000-30,000,000 yards of print cloths more than a week's capacity production were sold in Manhattan's Worth Street, biggest volume since July. By week's end the huge cotton textile industry had hung the "Sold Out" sign on 90% of its fourth-quarter output; many mills (especially those making tough work-clothing denims) were booked through Lincoln's birthday.
Officially, Henderson had not abandoned his ceiling on cotton grey...