Word: settlements
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Dates: during 1950-1959
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Instead, United Steelworkers' President Dave McDonald asked that Ike abandon his objection to direct Government intervention, proposed that the President instruct his Taft-Hartley Board of Inquiry to recommend a strike settlement. If the Government would take that unprecedented step (not provided for under Taft-Hartley), McDonald pledged vaguely, the steelworkers would bargain "within the framework of the board's recommendations." U.S. Steel Corp.'s R. Conrad Cooper, chief negotiator for eleven major steel companies, promptly blasted McDonald's suggestion as "just one more attempt" by union leaders "to avoid their own great responsibilities by seeking...
After a year of the tightest money since the 1920s, the U.S. last week experienced a slight easing in the general demand for funds. It was partly due to the depressing effects of the steel strike and industry's uncertainty about investing heavily in inventory before a settlement is reached. But the Federal Reserve Board also eased money to take care of the usual extra demands around Christmas by permitting member banks to count a percentage of their vault cash as reserves, thus in effect adding some $1.4 billion in lending power...
...week bills at 4.5%, the highest point in history for its shortest-term borrowing, partly because only the week before it had drawn heavily on short-term funds with a $2 billion offer of 320-day bills at 4.86%. Bankers expect even greater pressure when a steel settlement is made and a rush for supplies and postponed expansion exerts new pressure on the money market...
...important, the Treasury is planning a sharp reduction in its issues in the first half of 1960, may thus help to ease credit or at least prevent it from becoming tighter. The Federal Reserve would like to keep its present discount rate of 4% in effect even after a settlement, looks for interest rates to stay steady. Bankers do not expect a hike in the prime rate of 5% for some time, think that if it comes at all, it will be small...
...disagreeing. Just before both sides met with federal mediators for the first time since a Taft-Hartley injunction sent the workers back to the plants, the steel industry announced that its earlier offer of 30?-an-hour package spread over three years was its "last offer for a strike settlement." This so incensed Steelworkers President David McDonald that he walked into the meeting heatedly waving a copy of the statement. He repeated union arguments that the contract actually provides only a 24?-an-hour package, puts off for a year a decision on the controversial work rules. Naturally, the meeting...