The Wilson Plan

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 for its loan, G.M. will be able to buy another 50,000 tons of J. & L. steel a year.