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One Commodity at a Time: Wartime Attempts to Restrain Prices and Profiteering

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Inflation Decade, 1910—1920

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Abstract

During 1917 and 1918 the money supply expanded rapidly, while economic production grew little. Given worldwide inflation and fear of crimping the American economy or taxing ordinary consumers heavily, the Wilson administration tacitly accepted a measure of price inflation. Yet that did not mean it regarded rising prices with indifference. Wilson believed they resulted from malign collusion and willful overcharging. His 1917 State of the Union address sermonized: “The law of supply and demand, I am sorry to say, has been replaced by the law of unrestrained selfishness. While we have eliminated profiteering in several branches of industry it still runs impudently rampant in others.”

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Notes

  1. 1.

    “Annual Message,” Dec. 4, 1917, WWPLink, 45: 201.

  2. 2.

    Stuart D. Brandes, Warhogs: A History of War Profits in America (Lexington: University Press of Kentucky, 1997), 140; “Unfair Practices as a Cause of High Prices,” LD 55 (Dec. 1, 1917): 28 (2nd quotation).

  3. 3.

    Historical New York Times (Proquest), accessed Sept. 29, 2016.

  4. 4.

    “Who Are the War-Profiteers?” LD 55 (Sept. 29, 1917): 9.

  5. 5.

    David Friday, Profits, Wages, and Prices (New York: Harcourt, Brace, 1921), 31; Basil M. Manly, “Have Profits Kept Pace with the Cost of Living?” Annals 89 (May 1920): 162.

  6. 6.

    David M. Kennedy, Over Here: The First World War and American Society (New York: Oxford University Press, 2004), 138; Robert D. Cuff, The War Industries Board: Business-Government Relations during World War I (Baltimore: Johns Hopkins University Press, 1973), 67, 87, 269; Charles O. Hardy, Wartime Control of Prices (Washington: Brookings Institution, 1940), 81.

  7. 7.

    Paul A.C. Koistinen, Mobilizing for Modern Warfare, 1865–1919 (Lawrence: University Press of Kansas, 1997), 182–87.

  8. 8.

    Brandes, Warhogs, 149–164; G.R. Simonson, “The Demand for Aircraft and the Aircraft Industry, 1907–1958,” Journal of Economic History 20 (Sept. 1960): 364n.12.

  9. 9.

    John Maurice Clark, The Costs of the World War to the American People (New Haven: Yale University Press, 1931), 292; Darrell Hevenor Smith and Paul V. Betters, The United States Shipping Board: Its History, Activities and Organization (Washington: Brookings Institution, 1931), 27–29, 54.

  10. 10.

    Kennedy, Over Here, 133; Attorney General of the United States, Annual Report for the Year 1917 (GPO, 1917), 16–25; 1918 (GPO, 1918), 60–76.

  11. 11.

    CR, May 31, 1918, 7231–32; June 29, 1918, 8458–8462; Louis F. Swift to Woodrow Wilson, July 3, 1918, ser. 4, file 481, reel 275, WWPLC; W.B. Colver et al. to Wilson, July 3, 1918, WWPLink, 48: 507–510; “Another Roast for the Meat Trust,” LD 58 (August 24, 1918): 11 (first quotation); “Packers’ Costs and Profits,” Brattleboro Daily Reformer, Aug. 14, 1918, 4 (quotation), and others in chroniclingamerica.loc.gov, accessed Sept. 9, 2016; C.H. Gustafson to Woodrow Wilson, Aug. 30, 31, 1918, ser. 4, file 481, reel 275, WWPLC; William B. Colver to Wilson, Sept. 21, 1918, WWPLink, 51: 90.

  12. 12.

    Brandes, Warhogs, 169; Hugh Rockoff, America’s Economic Way of War: War and the US Economy from the Spanish-American War to the Persian Gulf War (Cambridge: Cambridge University Press, 2012), 329.

  13. 13.

    K. Austin Kerr, American Railroad Politics, 1914–1920: Rates, Wages, and Efficiency (Pittsburgh: University of Pittsburgh Press, 1968), 43–74; William Gibbs McAdoo to Woodrow Wilson, Dec. 6, 1917, WWPLink, 45: 226–27; diary entry Dec. 29, 1917, vol. 4, reel 1, Charles Sumner Hamlin Papers, Library of Congress.

  14. 14.

    Alexander M. Bing, War-Time Strikes and Their Adjustment (New York: E.P. Dutton, 1921), 84–86; William G. McAdoo, Crowded Years: The Reminiscences of William G. McAdoo (1931; Port Washington, N.Y.: Kennikat Press, 1971), 471; United States Railroad Administration, Report of the Railroad Wage Commission to the Director General of Railroads (Washington: The Commission, 1918), 15 (quotation), 19.

  15. 15.

    Walker D. Hines, War History of American Railroads (New Haven: Yale University Press, 1928), 193–94; Kerr, American Railroad Politics, 114–19.

  16. 16.

    G. Lloyd Wilson et al., Public Utility Industries (New York: McGraw Hill, 1936), 197; “Car Service Is Not Improving,” El Paso Herald, Jan. 7, 1918, 2; Eleanor Florence Baldwin to Woodrow Wilson, July 1, 1918, ser. 4, file 4561, reel 369, WWPLC; Daniel T. Rodgers, Atlantic Crossings: Social Politics in a Progressive Age (Cambridge: Harvard University Press, 1998), 152.

  17. 17.

    Valerie Jean Conner, The National War Labor Board: Stability, Social Justice, and the Voluntary State in World War I (Chapel Hill: University of North Carolina Press, 1983), 68–72; W.G. McAdoo to Woodrow Wilson, Feb. 15, 1918; reverse, Feb. 19, 1918, box 524, McAdoo Papers; William H. Taft and Frank P. Walsh to Wilson, July 1, 1918, ser. 4, file 4561, reel 369, WWPLC (first quotation); Wilson to Taft and Walsh, July 9, 1918; Wilson to John Skelton Williams, July 24, 1918 (2nd quotation), WWPLink, 48: 567–68; 49: 72.

  18. 18.

    “Rate Increases Allowed on Many City Railways,” LD 58 (Aug. 31, 1918): 101; “Street Car Rates,” Ogden [Utah] Standard, Dec. 18, 1918, 8; Conner, National War Labor Board, 79; untitled article, Yorkville Enquirer, July 26, 1918, 1; Baldwin to Wilson, July 9, 1918 (quotation); Frederic Almy, “The Buffalo Street Car Strike and Mayor Buck,” Nation 107 (Dec. 21, 1918): 772–73; “Gives P.S.C. Power to Increase Fares,” NYT, July 16, 1919, 17; E.A. Lewis, “Indianapolis Retains the Five-Cent Fare,” National Municipal Review 10, supp. (Feb. 1921): 116–19.

  19. 19.

    Wesley C. Mitchell, History of Prices during the War: Summary (GPO, 1919), 41.

  20. 20.

    Jordan A. Schwartz, The Speculator: Bernard Baruch in Washington, 1917–1965 (Chapel Hill: University of North Carolina Press, 1981), 24–30, 51; Cuff, War Industries Board, 58–70.

  21. 21.

    Cuff, War Industries Board, 127, 136; Melvin I. Urofsky, Big Steel and the Wilson Administration: A Study in Business-Government Relations (Columbus: Ohio State University Press, 1969), 206–244.

  22. 22.

    Seward W. Livermore, Politics Is Adjourned: Woodrow Wilson and the War Congress, 1916–1918 (Middletown, Conn.: Wesleyan University Press, 1966), 170–71.

  23. 23.

    Cuff, War Industries Board, 142–46, 164–190, 221–27.

  24. 24.

    F.W. Taussig, “Price-Fixing as Seen by a Price-Fixer,” QJE 33 (Feb. 1919): 216 (first quotation), 219 (2nd quotation), 222; Lewis H. Haney, “Price Fixing in the United States during the War, III,” Political Science Quarterly 34 (Sept. 1919): 444 (quotation), 444–48; Cuff, War Industries Board, 221–28.

  25. 25.

    Taussig, “Price-Fixing,” 240.

  26. 26.

    Willard Garrett, Government Control over Prices (GPO, 1920), 297–303, 410; Cuff, War Industries Board, 233–240.

  27. 27.

    BLS, Retail Prices, 1913 to December, 1920, Bulletin 300 (GPO, 1922), 4, 52.

  28. 28.

    George H. Nash, The Life of Herbert Hoover, vol. 3, Master of Emergencies (New York: Norton, 1996), 4–25, 120; “President Asks Power,” NYT, May 4, 1917, 1; “Food Control,” New Republic 10 (March 10, 1917): 156; “Says Speculators Took $250,000,000,” NYT, June 20, 1917, 1–2.

  29. 29.

    CR, May 22, 1917, 2777; June 11, 1917, 3484; June 18, 1917, 3808; June 23, 1917, 4190; Tom Gibson Hall, “Cheap Bread from Dear Wheat: Herbert Hoover, the Wilson Administration, and the Management of Wheat Prices, 1916–1920” (PhD diss., Univ. of California, Davis, 1970), 58–59; Nash, Master of Emergencies, 32–39, 46; “Gompers Backs Lever Bill,” NYT, June 15, 1917, 7.

  30. 30.

    “Control over Cotton,” NYT, July 4, 1917, 3; “Attacks Hoover as Arch Gambler,” NYT, July 17, 1917, 3; “Food Bill Passed by Senate,” NYT, July 22, 1917, 1; “A Coal Crisis that May Cripple Industry,” LD 45 (July 7, 1917): 17–18; James P. Johnson, The Politics of Soft Coal: The Bituminous Industry from World War I through the New Deal (Urbana: University of Illinois Press, 1979), 46.

  31. 31.

    “Pomerene Asserts Operators Hold Back Supplies,” NYT, July 6, 1917, 2; Johnson, Politics of Soft Coal, 44–57, 82; “President Sets Soft Coal Price,” NYT, Aug. 22, 1917, 1; “President Fixes Anthracite Prices,” NYT, Aug. 24, 1917, 1, 5; Hardy, Wartime Control of Prices, 190.

  32. 32.

    Robert M. Fogelson, The Great Rent Wars: New York, 1917–1929 (New Haven: Yale University Press, 2013), 1, 3; Johnson, Politics of Soft Coal, 65–70.

  33. 33.

    Johnson, Politics of Soft Coal, 70–71, 85–86; Hardy, Wartime Control of Prices, 191–92; Garrett, Government Control over Prices, 170, 176; BLS, Retail Prices, 1913 to December, 1920, 52.

  34. 34.

    Nick Cullather, “The Foreign Policy of the Calorie,” American Historical Review 112 (April 2007): 348; Avner Offer, The First World War: An Agrarian Interpretation (Oxford: Clarendon Press, 1989), 137, 370; HSBC, 511, 898.

  35. 35.

    Herbert Hoover, Preface to a Report of the United States Food Administration (GPO, 1920), 6 (first quotation); Untitled address in Conference of Representatives of the Grain Trade of the United States Held under the Auspices of the United States Food Administration Grain Corporation . . . April 30th, 1918 (n.p., n.d.), 13 (2nd quotation).

  36. 36.

    Meg Jacobs, Pocketbook Politics: Economic Citizenship in Twentieth-Century America (Princeton: Princeton University Press, 2005), 57–58; “U.S. Food Administration: Win the War by Giving Your Own Daily Service,” The Official Bulletin [Committee on Public Information] 1 (July 7, 1917): 3 (quotation); “Home Card,” Public Ledger (Maysville, Ky.), Oct. 26, 1917, 3.

  37. 37.

    Carolyn M. Goldstein, Creating Consumers: Home Economists in Twentieth-Century America (Chapel Hill: University of North Carolina Press, 2012), 49–52; William J. Breen, Uncle Sam at Home: Civilian Mobilization, Wartime Federalism, and the Council of National Defense, 1917–1919 (Westport, Conn.: Greenwood, 1984), 123.

  38. 38.

    Goldstein, Creating Consumers, 49–50; Rae Katherine Eighmey, Food Will Win the War: Minnesota Crops, Cooks, and Conservation during World War I (St. Paul: Minnesota Historical Society, 2010), 153.

  39. 39.

    Helen Zoe Veit, Modern Food, Moral Food: Self-Control, Science, and the Rise of Modern Eating in the Early Twentieth Century (Chapel Hill: University of North Carolina Press, 2013), 53–54; Alonzo Taylor, “War Bread,” Science 48 (Aug. 16, 1918): 155; “White Bread the Best War-Bread,” LD 55 (Aug. 25, 1917): 22; Elizabeth Cafer du Plessis, “Meatless Days and Sleepless Nights: Food, Agriculture, and Environment in World War I America” (PhD diss., Indiana University, 2009), 150.

  40. 40.

    Emma A. Winslow, “My Money Won’t Reach,” Survey 40 (May 4, 1918): 124 (quotation); Cafer du Plessis, “Meatless Days,” 94.

  41. 41.

    “Food Administration Issues Summary of Conservation Rules,” Official Bulletin 2 (Jan. 28, 1918): 5; Hall, “Cheap Bread,” 309–310; Offer, First World War, 370; Nash, Master of Emergencies, 376.

  42. 42.

    Hall, “Cheap Bread,” 81–91, 122–23; Nash, Master of Emergencies, 164, 443–44; Wilfred Eldred, “The Wheat and Flour Trade under Food Administration Control: 1917–18,” QJE 37 (Nov. 1918): 20–30, 45–51; Diane M.T. North, California at War: The State and the People during World War I (Lawrence: University Press of Kansas, 2018), 153 (quotation); BLS, Retail Prices, 1913 to December, 1920, 84–87.

  43. 43.

    Herbert Hoover to Woodrow Wilson, Aug. 23, 1917, WWPLink, 43: 208; Hoover to Joseph Tumulty, Sept. 12, 1917, WWPLink, 44: 191; Nash, Master of Emergencies, 84; Hall, “Cheap Bread,” 67–76, 131; H.W. Garfield to Wilson, Aug. 30, 1917, ser. 4, file 2067, reel 329, WWPLC.

  44. 44.

    “Means $13 for Flour Here,” NYT, Aug. 31, 1917, 3; Hall, “Cheap Bread,” 70–74; Jonathan Raban, Bad Land: An American Romance (New York: Vintage, 1997), 154–58, 221–22; Woodrow Wilson to John Burke, Aug. 31, 1917, WWPLink, 44: 88 (quotation); Nash, Master of Emergencies, 95–102.

  45. 45.

    CR, March 21, 1918, 3831; Hall, “Cheap Bread,” 140, 153; “Is Wheat Too Cheap?” LD 56 (March 16, 1918): 18; Nash, Master of Emergencies, 302, 310; Scott Ferris to Woodrow Wilson, July 9, 1918, WWPLink, ed. Link, 48: 576 (quotation); Veto Message, July 12, 1918, WWPLink, 48: 596–97.

  46. 46.

    Woodrow Wilson to Herbert Hoover, Aug. 27, 1918; Wilson to George Creel, Sept. 4, 1918, WWPLink, 49: 356, 433; J.W. Hogan and George P. Hampton to Wilson, Oct. 21, 1918, ser. 4, file 2067, reel 329, WWPLC; Charles Moreau Harger, “The Farmer and Three-Dollar Wheat,” Scribner’s 64 (July 1918): 83.

  47. 47.

    Livermore, Politics Is Adjourned, 189.

  48. 48.

    “Unsweetening Our Sugar,” LD 55 (Nov. 3, 1917): 14; Kathleen Mapes, Sweet Tyranny: Migrant Labor, Industrial Agriculture, and Imperial Politics (Urbana: University of Illinois Press, 2009), 98–106 (quotation 101); William Clinton Mullendore, History of the United States Food Administration, 1917–1919 (Stanford, Calif.: Stanford University Press, 1941), 167–183; BLS, Retail Prices, 1913 to December, 1920, 85, 87; April Merleaux, Sugar and Civilization: American Empire and the Cultural Politics of Sweetness (Chapel Hill: University of North Carolina Press, 2015), 81.

  49. 49.

    Merleaux, Sugar and Civilization, 100; Mapes, Sweet Tyranny, 75–93; U.S. Children’s Bureau, Child Labor and the Work of Mothers in the Beet Fields of Colorado and Michigan (GPO, 1923), 1–31, 92.

  50. 50.

    Herbert Hoover, The Memoirs of Herbert Hoover: Years of Adventure, 1874–1920 (New York: Macmillan, 1951), 268–270.

  51. 51.

    Nash, Master of Emergencies, 193–95, 335, 341; J. Donald Edwards, Wartime Controls of Beef and Pork, 1916–1918, BLS, Historical Study No. 8 (typescript, 1941), 6.

  52. 52.

    Donald L. Winters, “The Hoover-Wallace Controversy during World War I,” Annals of Iowa 39 (1969): 592–93; Nash, Master of Emergencies, 387–403; BLS, Retail Prices, 1913 to December, 1920, 80–83.

  53. 53.

    “Tuesday First ‘Meatless’ Day,” Mitchell (S.D.) Capital, Nov. 22, 1917, 2; “Food Crisis Calls for More Economy,” Evening Missourian (Columbia), Dec. 16, 1917, 2; Lynn Dumenil, The Second Line of Defense: American Women and World War I (Chapel Hill: University of North Carolina Press, 2017), 103.

  54. 54.

    “Meat Permitted with Each Meal,” NYT, March 4, 1918, 1; Nash, Master of Emergencies, 237–39, 292–94.

  55. 55.

    Nash, Master of Emergencies, 155–56; Petra DeWitt, Degrees of Allegiance: Harassment and Loyalty in Missouri’s German-American Community during World War I (Athens: Ohio University Press, 2012), 144; “The Food Conservation Pledges,” Survey 39 (Nov. 10, 1917): 145.

  56. 56.

    Stephen Chase, Production of Meat in the United States and Its Distribution during the War, United States Food Administration (GPO, 1919), 83.

  57. 57.

    James L. Guth, “Herbert Hoover, the U.S. Food Administration, and the Dairy Industry, 1917–1918,” Business History Review 55 (Summer 1981): 172–185; BLS, Retail Prices, 1913 to December, 1920, 84, 86; Simon Litman, Prices and Price Control in Great Britain and the United States during the World War (New York: Oxford University Press, 1920), 256–58; C.S. Duncan, “The Chicago Milk Inquiry,” JPE 26 (April 1918): 325, 342–44.

  58. 58.

    Anne Meis Knupfer, Food Coöps in America: Communities, Consumption, and Economic Democracy (Ithaca, NY: Cornell University Press, 2013), 23; Wayne E. Fuller, RFD: The Changing Face of Rural America (Bloomington: Indiana University Press, 1964), 240–46; “Promise New Market Soon,” Tacoma Times, June 8, 1917, 8; Tracey Deutsch, Building a Housewife’s Paradise: Gender, Politics, and American Grocery Stores in the Twentieth Century (Chapel Hill: University of North Carolina Press, 2010), 26; “Marketing Guide for Washington Consumers,” Evening Star, Aug. 29, 1918, 12.

  59. 59.

    Rose Hayden-Smith, Sowing the Seeds of Victory: American Gardening Programs of World War I (Jefferson, N.C.: McFarland, 2014), 36–114; Katherine Leonard Turner, How the Other Half Ate: A History of Working-Class Meals at the Turn of the Century (Berkeley: University of California Press, 2014), 87–105.

  60. 60.

    James McDevitt, Cotton Goods: Market Conditions and Wartime Controls of the Industry, 1914–1918 (typescript; Washington: BLS, 1941), 2–5, 14–15; Garrett, Government Control over Prices, 294, 303–4, 314–15; BLS, Wholesale Prices, 1890–1919, Bulletin 269 (GPO, 1920), 31, 95, 97; “The Coming Campaign for Individual Economy,” LD 57 (June 1, 1918): 76 (quotation); NICB, The Cost of Living in the United States (New York: NICB, 1925), 138–39.

  61. 61.

    Woodrow Wilson to Herbert Hoover, Nov. 27, 1917, WWPLink, 45: 128; Enoch Needham, Enforcement of the Food Control Act, 1918, BLS, Historical Studies of Wartime Problems, No. 41 (mimeographed; Washington: BLS, 1942), 5–9, 22–24; Mullendore, United States Food Administration, 339.

  62. 62.

    Mullendore, United States Food Administration, 333–34; Hoover, Preface to a Report, 19–20.

  63. 63.

    George Nox McCain, War Rations for Pennsylvania: The Story of the Operations of the Federal Food Administration in Pennsylvania (Philadelphia: Winston Co., 1920), 13 (quotation), 61–62, 76–84, 178.

  64. 64.

    McCain, War Rations, passim; U.S. Statutes at Large 40 (1917–1919), 278 (first quotations); Needham, Enforcement, 16 (2nd quotation), 42–53.

  65. 65.

    “Food Bill Wins in Legislature,” NYT, Aug. 25, 1917, 3; Herbert Hoover to Woodrow Wilson, Nov. 23, 27, 1917, ser. 4, file 4040, reel 360, WWPLC; “Find City Grocers Paring Food Prices,” NYT, March 11, 1918, 18 (quotation).

  66. 66.

    Calman R. Winegarden, Stabilization of Food Prices at the Retail Level, 1917–1918, BLS, Historical Studies of Wartime Problems, No. 48 (mimeographed; Washington: BLS, 1942), 4–16, 35–38; “Fair Price List for Washington, D.C.,” Washington Star, Oct. 4, 1918, 20. E.g., “Fair Price List of Staple Groceries,” Brattleboro Daily Reformer, July 5, 1918, 20.

  67. 67.

    McCain, War Rations, 100–101 (first quotation); Winegarden, Stabilization of Food Prices, 19 (quotations), 19–21, 51.

  68. 68.

    BLS, Retail Prices, 4.

  69. 69.

    A.B. Ross, “Readjustments in the Retail Grocery Business,” Annals 82 (Mar. 1919): 11; “How Delivery Service Has Been Reduced,” LD 56 (May 11, 1918): 90; ad in Daily Review (Bisbee, Ariz.), Oct. 1, 1918, 3.

  70. 70.

    John M. Barry, The Great Influenza: The Story of the Deadliest Pandemic in History (New York: Penguin, 2005), 332, 349, 362; Richard Hatchett et al., “Public Health Interventions and Epidemic Intensity during the 1918 Influenza Epidemic,” Proceedings of the National Academy of Sciences 104 (2007): 7583; François R. Velde, “What Happened to the US Economy during the 1918 Influenza Epidemic? A View through High-Frequency Data,” Journal of Economic History 82 (March 2022): 287–88, 292, 298–99.

  71. 71.

    Hugh Rockoff, Drastic Measures: A History of Wage and Price Controls in the United States (Cambridge: Cambridge University Press, 1984), 56, 83 (quotation); BLS, Wholesale Prices, 19.

  72. 72.

    (1913 = 100). For 1916: Oct. 113.6. For 1917: June 131.0; Sept. 133.1. For 1918: Feb. 147.0; May 148.7; Oct. 164.2. NICB, Cost of Living in the United States, 91.

  73. 73.

    Ibid., 62, 68.

  74. 74.

    Percent increase—Clothing: BLS 114, Dec. 1918; Mass., 109.4, Nov. 1918; NICB, 93 Nov. 1918. Food: BLS 87; Mass. 80; NICB 83. Fuel and light: BLS 48; Mass. 34; NICB 40. Shelter: BLS 9; Mass. 16; NICB 20. Ibid., 62, 68, 111.

  75. 75.

    Livermore, Politics Is Adjourned, 150–52, 227; “Has President Wilson Been Repudiated in Recent Elections?” Current Opinion 65 (Dec. 1918): 351; David Burner, The Politics of Provincialism: The Democratic Party in Transition, 1918–1932 (New York: Knopf, 1968), 34; Kennedy, Over Here, 243–45; Nash, Master of Emergencies, 387–401.

  76. 76.

    Paul Kleppner, Continuity and Change in Electoral Politics, 1893–1928 (New York: Greenwood, 1987), 145–152; Livermore, Politics Is Adjourned, 180–81, 225, 241.

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    David I. Macleod

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Macleod, D.I. (2024). One Commodity at a Time: Wartime Attempts to Restrain Prices and Profiteering. In: Inflation Decade, 1910—1920. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-55393-6_10

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