Freeze in Steel

Five days after Leon Henderson took office as price tsar, the only price action he had taken was to crack down dramatically on steel with an order freezing all the industry's prices, at least temporarily.

The decree threw the steel industry into an uproar of protest. But the uproar was nothing compared with the indignation aroused when Steel Tycoon Ernest Tener Weir lined himself up on Henderson's side this week. Figuring the wage increase his National Steel precipitated earlier this month would cost the industry not more than $135,000,000, he termed the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!