President Truman last month asked the steel industry to "wait and see" before raising prices. The industry waited nine days, then one by one the major companies boosted prices an average of $5 to $7 a ton (TIME, Aug. 4 et seq.). This week, the Federal Trade Commission, headed by Chairman Garland S. Ferguson, cracked back on the industry. FTC charged steel with conspiracy to fix prices.

FTC's formal complaint was aimed at the 26 major steel companies and the American Iron & Steel Institute, gave them until Sept. 19 to answer. In...

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