Word: seaton
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Dates: during 1950-1959
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Interior Secretary Fred Seaton, who got only tepid support from miners for his Domestic Mineral Stabilization Plan (TIME, May 19), last week won more enthusiasm with a new proposal for copper. The new one-year plan calls for Government stockpile purchases of up to 150,000 tons at prices up to 27½? per lb. (v. the present producers' price of 25? per lb.) in addition to the 10,000 tons a month the Government already buys for the stockpile. Western mining-state Congressmen like the stockpiling plan better than the out-and-out subsidy previously suggested, thus...
...Seaton plan touched off a burst of speculation in the metal. Copper futures rose briefly; custom smelters boosted their prices 1? to 26? per Ib., and the free market price of copper on the London Metal Exchange rose to 25? per Ib., highest since September 1957, before it fell back. Though domestic stocks of refined copper are 253,463 tons, highest since World War II, traders figured that the stockpiling could cut down the surplus, pave the way for a rise from the 25?-per-lb. price still maintained by primary producers. But copper miners pointed out that any real...
...Teacher's Pet (Perlberg-Seaton; Paramount...
...eyed from exhaustion. General Motors' chunky Vice President Louis G. Seaton stomped out of a 14½-hour bargaining session with United Auto Workers President Walter Reuther shortly after one midnight last week and issued a grave statement. For the first time, said Seaton, the nation's biggest manufacturer and its second biggest union would have to work together without a contract because it was "impossible" to agree...
Talks broke down in a bitter mood. "The U.A.W. has made no real effort to reach a fair and sound settlement," said Seaton. "Nothing can be accomplished on the 'give-and-take' basis suggested by Mr. Reuther, which he apparently defines as 'all-give' for us and 'all-take...