Business: No Pledge

A favorite thesis of Franklin Roosevelt (a thesis also of his severe critic General Hugh Johnson), is that steel prices have been too high and would have to come down to assist recovery. Neither this oft-reiterated suggestion nor the fact that steel production last December fell as low as 19% of capacity appeared to dent the steelmasters' contention that prices could not be cut without a slash in wages. But Franklin Roosevelt was also explicitly on the record against wage cutting. In the face of reduced sales and mounting losses ($1,292,151 lost in...

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