Word: chairman
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Dates: during 1950-1959
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Management's tough stand was no idle pose. Big Steel, led by U.S. Steel Corp.'s Board Chairman Roger M. Blough, was bent on halting steel's relentles's postwar trend: ever higher wages, ever higher prices-both up about 150% since 1945. With U.S.-made steel all but priced out of foreign markets and losing domestic markets to low-cost foreign steel (TIME. July 20), the steel industry finally decided to hold out against a wage boost unless the union conceded management more freedom to trim costs by cutting down on "featherbedding and loafing...
...their bill, sent out a plain comment: "It's a damn lie." Mr. Sam called in the hardest-pressed of the committee members, particularly freshmen, to assure them that the Speaker himself would campaign for any man put in serious trouble by Zagri's efforts. Labor Committee Chairman Graham Harden of North Carolina growled threats about investigating "brazen outside influences...
...once more to make itself more efficient, aggressively seeking out new markets from India to South America. In Great Britain, heavily bombed in the war, the steel industry is now among the world's most modern. Britain's biggest steel company is United Steel Companies Ltd., whose chairman, Sir Walter Benton Jones, 78, is the elder statesman of British steel. Says Sir Walter: "I think of nothing during the week but United Steel, and on weekends I think of my garden and my home...
...from the Manhattan law firm of White & Case, he became experienced in labor negotiations. But he was a different sort of man from Fairless, and his attitude toward the union gradually stiffened in the face of its growing demands. He was hardly more than a year in the chairman's chair when the union in 1956 won its biggest wage victory. Blough has never forgotten that defeat. Says he blandly: "We would like to do better than we did in the 1956 negotiations...
...approved a bill to permit the President to ignore the ceiling when necessary to sell bonds. The committee tacked on an amendment expressing the "sense of Congress" that the Federal Reserve Board should expand the nation's credit supply by pegging the price of Government bonds. Cried Fed Chairman William McChesney Martin Jr.: "This is an attack on the independence of the Federal Reserve Board. This is a directive for printing-press money...