Business: Impact & Comment

Businessmen, still sharing the general euphoria over the "industrial statesmanship" of the steel contract, were startled by U.S. Steel's unexpected price increase. Their initial instinct was to applaud Roger Blough's dramatic affirmation of the right of a businessman in a democratic, free-enterprise society to set his own prices. But as the week went on, and Blough himself made clear that he had no such defiant design in mind, and had simply underestimated the probable Administration and public reaction, another current of opinion set in. Stupidly handled, even if economically justified, was now the...

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