Business: At the Robert Treat

From the Robert Treat Hotel in Newark, N. J., where Bethlehem Steel Corp. stages stockholders' meetings, last week came echoes of the two wars, one foreign and one civil, which Bethlehem fought last year. The foreign war, the effort to merge Bethlehem with Youngstown Sheet & Tube, was rumored about to begin again. The civil war, over Bethlehem's bonus-plus-salary system, was arbitrated and ended, with victory for the enemies of Bonus.

Cyrus Stephen Eaton of Cleveland, the man who blocked the Youngstown merger, was the man who caused the bonus war. What justification was...

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