Word: sheratons
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...three months, in Detroit's Sheraton Hotel, Walter Reuther's auto workers and the Chrysler Corp. had tried to outguess each other with their separate versions of the newest and most complicated gimmick in labor contracts-pensions for workers. Last week Reuther gave a sleight-of-hand demonstration of how to baffle the adversary and how not to get 89,000 workers back on their jobs...
Chrysler had lost production of 347,000 automobiles and trucks during the nine weeks. And still the negotiators bargained in the Federal Conciliator's salmon-pink Sheraton Hotel room. The union's demands: an increase of 10? an hour to provide "adequate" monthly pensions and insurance benefits. Two weeks ago management offered a $30 million pension fund to pay $100 a month (including social security) on retirement at 65 or over. It insisted its plan promised more than United Auto Workers' President Walter Reuther had asked for. Reuther spurned the company's offer as "fancy bookkeeping...
...Boston's dingy old Ames Building a month ago, Ernest F. Henderson, rumpled, fast-moving president of the Sheraton Hotel chain, got an urgent telephone call from Montreal. His Canadian manager, John C. Udd, excitedly told him that Canada's biggest private hotel chain, the Cardy Corp., was for sale. If Henderson wanted to buy it, he would have to give his answer by 5 p.m. that day. Henderson did some quick figuring and called back, "Yes." Then he hopped a train for Montreal...
...room King Edward. The others: Hamilton's Royal Connaught, Windsor's Prince Edward, Niagara Falls' General Brock, and the Alpine Inn at Ste. Marguerite, Quebec, which Henderson plans to sell as soon as he can find a buyer. Henderson figured that the deal would boost his Sheraton Corp.'s total hotel assets to $64 million, though still well behind Conrad Hilton, the biggest U.S. hotel operator...
...finance the latest deal, Henderson had already sold the Lord Elgin (for $2,450,000 in cash), and the Sheraton Hotel in Philadelphia and was negotiating to sell the Sheraton in Newark, N.J. He expects to sell Toronto's Ford soon. If such quick changes were bewildering to Sheraton stockholders, they had also proved profitable: in the chain's last fiscal year ending in April 1949, Henderson had boosted the net from $1.6 million to $3.3 million after taxes. At the latest count, he figured his Sheraton Corp. had 31 hotels in 26 cities. His pride: Manhattan...