The safety valve on the prices of two important commodities was opened a notch last week. The long-awaited ceiling on live cattle prices was finally set. It turned out to be a fat $18 a hundred pounds, will drop to $17.50 in July. At the same time, steelmakers got temporary boosts of $2 to $5 a ton on five basic steel products—the first industrywide price increase since 1939.
In both cases the producers were unsatisfied. To the average citizen the cattle ceiling seemed like a sensible move. It was set high enough to give the cattlemen room to turn a profit,...
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