Word: contracting
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Dates: during 1940-1949
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...terms included a 13? boost to $1.88 an hour (it was $1.25 in 1945), and 19½? to $2.82 an hour overtime. The boosts were retroactive to Aug. 21, 1948. The new one-year contract will run to Sept. 30, 1949. Other terms gave longshoremen a better break in their working hours and vacation plan, and guaranteed a welfare fund to be worked out by a joint management-labor committee. The welfare and vacation provisions were what worried shipping men, who said they had taken "an old-fashioned shellacking...
...contract they negotiated was for an unprecedented three years. It gave longshoremen a 15? boost to $1.82 an hour straight time, $2.73 an hour overtime. It provided better grievance machinery and continued the hiring halls until the courts decided whether they were legal under the Taft-Hartley law. After Congress rewrites the law, the hiring halls will probably be legal anyhow...
Already assured of a 3?-an-hour increase from his cost-of-living contract with General Motors, Walter Reuther made it plain that he would not be satisfied with any such driblets. Said he: "We're talking already about a fourth round. If you haven't heard about it already, you will hear about it next week. There's no question that the workers are due for another increase...
...Oregon too was unbeaten in Pacific Coast Conference games. That left the Rose Bowl choice to the vote of all ten Pacific Coast Conference schools. This week they picked California. Its opponent: Northwestern, which is second best in the Big Nine. Under the strange terms of the Rose Bowl contract, Big Nine Champion Michigan, which played in the last Rose Bowl (and beat Southern California, 49-0), is ineligible to return for two more years...
Cheap Money. Wall Streeters had expected that the Treasury Department, worried about inflation, would contract credit by again boosting the rate on its short-term securities, thus paving the way for a rise in interest rates all around. But the Treasury seemed to think that inflationary pressure was dropping; last week it announced that it would continue the present rate on short-term borrowings, and all issues of long-term U.S. Treasury bonds moved above their Federal Reserve support levels...