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the “agreement.” I remember saying, “Is there anybody who knows enough to do that?”

He would say, “Baruch knows enough.”

I would counter, “Well, you know, when you come to regulating and determining the details of an industry, it's much more complicated than just what any one man can know. Good policy that sounds good in a New York office may be utterly unworkable in Atlanta, Georgia for a great variety of reasons. What is a good and easily followed agreement in some of the big operating plants of the steel industry may be just ruinous to a small sub-standard plant which hasn't got the new equipment.”

I remember his turning to me and saying, “You aren't trying to save the U.S. Steel, are you?”

I said, “U. S. Steel is the great company, isn't it?”

He said, “But don't you know that they are practically ruined because they did not put in new machinery. The Bethlehem Steel has gotten them beaten, because several years ago during the boom period Bathlehem Steel ordered and has the new rolling mills, the new blast furnaces. The U. S. Steel is still trying to operate with the old mills, the old furnaces, the old smelting arrangements, and is therefore way below in efficiency. They can't keep going.” He knew