Good News, But --

This is important news comparable in its own field to the naval victory at Midway, rhapsodized the New York Herald Tribune: The ceiling on retail prices and rents, which became operative May 18, has demonstrated its initial effectiveness.

Basis for this cheer was Leon Henderson's report that, from May 15 to June 2, living costs in 21 sample cities had actually declined one-tenth of 1%. It was the first time since November 1940 that the rise had been checked even momentarily. How long the ceiling can hold, with purchasing power soaring, with labor and farm prices uncontrolled, is another question.

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