Word: automen
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...remarkable strengths of General Motors Corp. is its ability to hang on to key men through a system based on tradition, hefty salaries, and stratospheric but delayed bonuses subject to costly forfeit if a man quits. Automen were understandably astonished two weeks ago when Semon Emil ("Bunkie") Knudsen, G.M.'s fourth-ranking officer, abruptly resigned as executive vice president and a company director. Even more stunning was last week's announcement that Knudsen had become the new president of Ford Motor Co., G.M.'s archrival in one of the toughest competitions private enterprise has yet produced...
Still, the lasting damage is not likely to settle in production-automen are sticking by their bright and early predictions of a 9,000,000-car year-but in a surge of inflationary wage increases. With its staggering 7% annual increase in wages and benefits, the Ford settlement dwarfs the 4.9% won last year by the airline machinists, who effectively buried the Administration's once cherished 3.2% wage-price "guide-posts." Though the Administration has been strangely silent of late, it is now clear that another mark has been passed. Last August CEA's Ackley expressed the hope...
Haddon outlined 23 safety features that he proposes to see added to all '68 model cars. Automen have until Jan. 3, 1967 to make protests. The list, with or without amendments, will go into effect on Jan. 31. It seems unlikely that many objections will be made, since most of the innovations are already incorporated into '67 models, and Haddon dropped two original proposals-standard-height bumpers and rear-window defoggers-which caused earlier concern on the part of auto companies...
Steelmen faced much the same paradox as automen: pinched profits amid strong sales. Among the six major steelmakers reporting for the third quarter last week, higher earnings were registered by two-Bethlehem and Jones & Laughlin-and lower earnings by four -National, Armco, Inland and, most significantly, U.S. Steel. That giant's profits were off 14%, to $62 million, but its directors raised the quarterly dividend from 500 to 600, and they would not have done so unless they felt that the company could comfortably stick with the higher dividend. Industry analysts expect that steel production this year will reach...
...automen insisted that the increases did not make up for higher labor and other costs but mostly covered new safety features. The two-door Ford Fairlane, for instance, was priced at $2,239.81 for 1966. To this, $23.50 is added for "product improvement," meaning dual brakes, collapsible steering shaft, safety door latches, improved suspension, breakaway rearview mirror. Safety features that were optional on the '66 Fairlane now become standard at a cost of $70.46. They include a nonglare mirror ($16.86), retractable seat belts ($14.53), uniform-pressure tires ($7.90), padded pillars ($18.22) and two-speed windshield washers and wipers...