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Steel's Surrender Raises Kennedy's Stock

Apr. 14, 1962 - Steel’s surrender to President Kennedy appeared today to have bolstered the Administration’s stock in and out of Congress. Ranking Democrats on Capitol Hill predicted that Mr. Kennedy’s victory might soften bipartisan objections to his tax-revision bill in the Senate. Even the chairman of the Republican National Committee, Representative William E. Miller of New York, conceded that “President Kennedy has gained politically over the short run.” This morning, Wheeling Steel rescinded the price increase it announced three days ago. Wheeling was the last of eight major steel makers to retreat from the pattern set by U.S. Steel, the leading producer, in a surprise move Tuesday night. President Kennedy, after denouncing the steel price increases as inflationary, opened a concerted Administration counterattack to force the companies to back down. With U.S. Steel’s cancellation last night, the President’s victory was assured.

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