Business & Finance: The Big Experiment

It was a little like the old Blue Eagle days—without the fanfare. In Washington last week, the oil and steel industries quietly set up plans for voluntary allocation which they hoped would ease the nation's two greatest shortages. The first under the new anti-inflation law, the industry-wide agreements were exempt from the antitrust laws.

The 23 members of the Steel Advisory Committee needed only three hours with Secretary of Commerce W. Averell Harriman to work out their plan. The steelmen agreed to set aside up to 10% of the industry's production and see that...

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