Word: co
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Dates: during 1950-1959
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Last week, before the Joint Congressional Committee on Atomic Energy, General Electric Co. Vice President Fran cis K. McCune said: "The gravest problem now facing the atomic energy business is that of liability for the consequences of an atomic incident. It is the business of private enterprise to take risks. It is, however, quite another thing to say that you will embark on a course which might affect the stability of your company or its very existence...
...bigger and better machines to keep costs down and production up. Moreover, automation is most profitable in a time of full production: so much money is invested in the automated tool that a plant manager must keep it at work. In Jenkintown. Pa., for example, the Standard Pressed Steel Co. installed a $140,000 automated furnace in its bolt factory. The furnace could be operated by one man instead of five; it boosted bolt production 133% to 2,100 Ibs. hourly. But unless it kept running continuously, it was not profitable...
...industry's average wage jumped from $1.87 hourly in 1949 to $2.47 hourly last year, automation boosted production so fast that the labor cost per barrel of finished products dropped from 28.3? to 23.7?. Refinery workers also benefited. For example, as production at Texas' McMurrey Refining Co. increased from $7,500,000 of high-quality motor fuels a year to $22 million, weekly paychecks rose from an average of $82 to $114, and the total payroll increased. Said President Marvin H. McMurrey: "We have never had any trouble with our union people over automation, and I think...
Died. Arthur F. Douglas. 53, onetime (1945-54) president of Hotels Statler Co., Inc. (until it was sold to Hilton Hotels Corp.), younger brother of U.S. Supreme Court Justice William O. Douglas; of a heart attack; in Cuttingsville...
Died. John Campbell Boot, 67, second Baron Trent of Nottingham, longtime (1926-54) head of Boots Pure Drug Co., Ltd., the vast (more than 1.300 shops in Great Britain) British drugstore chain founded by his father; in St. Lawrence, island of Jersey...