Word: steels
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Dates: during 1950-1959
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...Government, can feel quite the opposite when it comes to its own creature comforts. Last week Illinois' Paul Douglas gently belabored his colleagues with some unanswerable facts about their own housekeeping extravagance. Piled in the corridors of the old Senate Office Building, Douglas reported, are 375 desks, 215 steel filing cabinets, 400 chairs, many other odd pieces of old but usable furniture, all destined for the junk heap. Yet the Senators were ordering $113,000 worth of new equipment. And that $150,000 for new carpeting, requested for no better reason than the fact that Government girls might slip...
...throb of skin drums mingled with" the high-pitched, cacophonous music of steel-stringed gourds. Fires flickered in every direction under great cauldrons simmering with a beef stew made from 14 cows and oxen. The village of Mahusekwa in Southern Rhodesia's Chiota reserve, only an hour's drive from bustling, modern Salisbury, made ready to crown a King...
Laying in a heavy stock of his favorite pipe tobacco for what looked likely to be a lengthy siege, white-maned United Steelworkers' President David John McDonald last week set down his price for peace in steel: "More!" Among other things, McDonald's 171-man wage and policy committee asked for "substantial wage increases, modernized cost-of-living adjustments, a shorter work week, additional holidays, greater vacation benefits and improved supplemental unemployment benefits, insurance benefits, pensions...
...Dave McDonald, who this week opens negotiations with steelmakers for contracts to replace those expiring June 30, predicted that his 1,250,000-member U.S.A. will take home "an even greater agreement" than it won in 1956 after a five-week strike. That pact, says the industry, boosted steel wages and benefits by some 75? an hour to the current average...
...industry angrily disagreed. Chairman Avery C. Adams of Jones & Laughlin said that from 1940 to 1958 the industry's labor costs per man-hour increased 298%, while its shipments of steel products per man-hour increased only 30%. Thus, every recent wage hike kicked off a steel price boost (see chart). Adams and fellow executives contended that profits are still "inadequate" to support a wage hike. Even at last year's relatively high levels, steel's profits-to-assets ratio ranked 27th among the nation's 41 key industries. The "obvious" solution to wage-push inflation...