In 10,000 words (some of them ambiguous), Economic Stabilizer Chester Bowles this week told industry what the new wage-price policy really means. The clarification still left vast areas of fog. The policy does not mean, said Bowles, that the 18½¢-an-hour steel increase is to be the pattern for U.S. industry. Nor does it mean that a wage boost, alone, is enough to get a corresponding boost in price ceilings. But the policy did mean, he said, that companies can now get prompt price relief if 1) they have been squeezed into the red...
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