GOVERNMENT: Plugged Nickel

Like a hot-blooded Don Juan, the Government makes some extravagant promises when it sorely wants something from industry. But once it gets what it wants, the Government often cools rapidly.

To build up its nickel supply during World War II, the U.S. signed at least 28 long-term purchase contracts for nickel, now is trying to wiggle out of every one of them, because there is a nickel glut. The U.S. estimates that it has lost $31 million by paying premium prices for nickel, stands to lose $124 million if it honors all its...

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