Business: HOW A ROLL-UP BECAME A ROLLBACK

Speaking in Austin for the President, then ensconced on the Texas ranch, White House Press Secretary George Christian declared the end of the Great Steel War of 1968. The President, said Christian, welcomed the relatively modest 2.5% price increase on many items just announced by U.S. Steel. After all, it was a "substantial improvement from the general inflationary threat" originally posed by Bethlehem Steel's across-the-board increases of nearly 5%.

Going well beyond that analysis, Presidential Adviser Joe Califano pronounced Big Steel's action a "major victory." Just seven days after Bethlehem, the No....

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