STEEL: Who Said Competition?

U. S. Steel Corp.'s Benjamin Fairless is dark, chunky, genial and tough. Cocking his head to one side and narrowing his eyes, the president of the firm which usually makes 35% of the nation's steel ingots is given to saying that the corporation ought to get a price high enough to cover costs. Last week, to explain prices to the TNEC, Ben Fairless produced an expert, University of Chicago Statistics Professor Theodore Ott Yntema. Substance of sharp-eyed, youthful Expert Yntema's very technical mathematical-metaphysical testimony: the corporation is burdened with large inflexible costs;...

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