PRICES: Jawboning Autos

Richard Nixon has often insisted that jawboning particular industries to hold down prices is not an effective way to fight inflation—but last week he resorted to it anyway. The President opened a campaign to persuade automakers to cancel a proposed price boost on 1973-model cars, even though the increase seems justifiable under the guidelines of the Government's own Price Commission. By week's end he had won a partial victory. General Motors, whose price moves are usually followed by the other automakers, offered to trim its increases by more than a third, to...