Word: steele
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Dates: during 1950-1950
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...Froze automobile prices as of Dec. 1, canceling price boosts just announced by Ford, General Motors, Chrysler and Nash (see BUSINESS). The President's Economic Stabilization Agency therewith took the first big step toward selective wage and price controls. Others expected: steel, aluminum and copper. ESA begged the rest of industry and labor to adopt voluntary controls. Such pleading had never worked before, and would not this time, but ESA was simply not prepared to police a nationwide control order...
...yards from St. Louis to Washington, thousands of freight cars stood on the sidings, many of them loaded with high-priority defense materials. An avalanche of Christmas packages clogged the post offices and a partial embargo was slapped on mail. The Railway Express Agency suspended service in 15 states; steel and auto companies began banking their furnaces, shutting down production lines...
Betterment projects-roads, schools, housing developments, steel mills-are begun and never completed. At Zenica, slated to be the Pittsburgh of Yugoslavia, you see it spelled out. Peasants undertaking to become skilled workers wander back to the land. Youth brigades are digging foundations for a rolling mill-a job best done by trained laborers with bulldozers and steamshovels. But bulldozers and cement mixers stand idle because no one apparently has been able to train the men to use them. The labor force is unstable because it is at the mercy of any bureaucrat's interpretation of the Plan. "Just...
Actually, the furor over auto and steel prices was way out of proportion to their small effect on the cost of living. Retail food prices, which are far more important to consumers, had risen almost as much (4.3%) since Korea. But in the face of the politically potent farm bloc, no one in Washington was talking about removing farm price supports, which had helped food prices to rise...
Almost alone among big businessmen, General Motors Corp.'s President Charles E. Wilson has needled the steel industry for not expanding faster (TIME, Nov. 6). Last week Charlie Wilson did more than needle. In an unusual agreement, G.M. offered to lend Jones & Laughlin Steel Corp. $28 million at only 3% interest. With the loan (still to be approved by J. & L. stockholders), plus another $200 million from bank loans and new bonds, the steel company will do just what Wilson has been asking. It will increase its capacity by 1,500,000 tons, or 32%, by 1953. In return...