U.S. business last week got a chance to take a hardheaded look at what the war is doing to its No. 1 heavy industrysteel. What it saw would have startled stanch private capitalists of the brand of the elder Morgan or Judge Gary.
Between 1940 and 1942 expenditures on plant and equipment in the steel industry have skyrocketed (see chart above) from $180 million a year to nearly $700 million. But the Government's contribution to these expenditures has steadily risen until in 1942 it stood at $420 million, or better than 60% of the total. Moreover at the end of 1942...
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