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...bill got no support from unions or industry. Steelworkers Union Chief David McDonald opposed the bill because he felt it would have "a stifling effect on free collective bargaining." Freezing prices to halt inflation, said U.S. Steel Chairman Roger M. Blough, is "like trying to check the rising pressure in a steam boiler by plugging up the safety valve." The real cause of rising industrial prices since the war, charged Blough, is rising employment costs, which now "represent more than 75% of all costs." Furthermore, said Blough, the O'Mahoney bill would "diminish still further the profit incentive," could...
Blaming Wages. From Raymond Saulnier, chairman of the President's Council of Economic Advisers, came the sharpest opposition to the bill-he called it "untimely and unnecessary"-as well as backing for Blough's view. In the strongest terms yet used by an Administration economist, Saulnier laid the blame for inflation not on corporations but on "increases in money wages that outstrip improvements in productivity. I believe we have tended of late to depart from the historical relation between wage increases and productivity improvements. And if these cost increases cannot be passed on to the consumer in higher...
...scheduled 2,212,000 net tons (from 2,056,000 the week before and 1,459,000 a year ago), and orders were piling in so fast that many companies had to start allocating steel and reopen marginal facilities. U.S. Steel's Chairman Roger Blough reported that orders were being received at a faster rate than at any time in 1958, as Big Steel fired up seven of 14 open-hearth furnaces idled at its Pennsylvania Homestead Works last March. Equally cheering, Blough told stockholders that the company earned $90,728,989 or $1.57 a share in the fourth...
...hike prices. U.S. Steel said only that it was "studying" Alan Wood's move: so were Bethlehem Steel, Youngstown Sheet & Tube, Armco Steel and Jones & Laughlin, which added that it would not raise prices until U.S. Steel took the lead. Said Big Steel's Chairman Roger M. Blough: "Our immediate conclusion is not to attempt to change our prices until the situation is clarified." When that might be, added Blough: "We cannot forecast." But for years, steel prices have climbed, along with boosts in minimum wages (see chart), cost-of-living allowances and other costs...
University of the South Roger Blough, board chairman...