Word: spiralled
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...third-round wage increases. To the 35,000 miners in the steelmakers' "captive" coal pits went the same $1-a-day boost John L. Lewis had wangled from other coal operators. Then U.S. Steel Corp., which had held out for more than two months against the wage-price spiral (TIME, May 3), gave Phil Murray what he wanted for his steelmakers: an average 13?-an-hour increase. Other steel companies followed U.S. Steel's lead, were expected to follow it also with price lifts (see BUSINESS...
...pacesetter in the new whirl of the inflationary spiral was a 9% wage hike by U.S. Steel Corp. (see NATIONAL AFFAIRS). Big Steel's Ben Fairless promptly announced that steel prices would have to go up also. Bethlehem Steel Corp.'s Eugene Grace and most of the industry followed Big Steel's lead on wages, and began figuring price increases, too. In addition to the wage increase, the new prices would also have to cover higher coal prices (which added up to $1.25 a ton to the cost of finished steel) and a freight rate increase which...
Astronomer Nicholas U. Mayall of Lick Observatory, Calif., was taking routine pictures of N.G.C. 6964, a spiral nebula four million light-years away. On one of the plates last week his practiced eye discovered a monstrous star that should not have been there. It was a supernova, an obscure star that had exploded suddenly. When Dr. Mayall photographed it first, its "absolute brilliance" was equal to two million suns. It had probably faded from a peak a few weeks ago of four million suns. If any planets had been revolving around that unstable star, they were certainly vaporized...
...wage boost and price rise in steel in February 1946 took the last brakes off the postwar spiral of inflation. Last week, out of a clear sky with an apparently unlimited ceiling, U.S. Steel flatly rejected another round of wage demands-the third since 1946-and proclaimed instead a price cut (see BUSINESS...
Phil Murray's steelworkers had no other choice but to put on their hats and go home. Organized labor, preparing wage demands on a dozen other fronts, wondered with mixed emotions if the spiral was being reversed...