Word: steels
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Dates: during 1950-1959
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Giggle at First Sight. Young Christian, born to Albert and Adele Herter in Paris, grew to be a strikingly tall, alarmingly thin lad who had to wear hip-high steel leg braces for six years to correct a curvature of the spine-forerunner of the osteoarthritis that was to afflict him in later years. ("I had no trouble with it for 40 years. Then it came back. Retribution, I guess.") He became a passable golfer, tennis and baseball player during his Harvard years (he is still an avid Boston Red Sox fan), but despite these normalities, many of his Harvard...
...Steel furnaces continued operating at a record level. Last week steel production was scheduled at 93.2% of capacity...
...earnings for 1959 will reach a new high, barring a steel strike or a similar calamity." So said National Steel's Chairman George M. Humphrey, former Secretary of the Treasury, as he announced last week that National's first-quarter earnings were "three or four times larger than the first quarter of last year," when they were 51? a share. Many a U.S. businessman echoed George Humphrey. The first wave of anxiously awaited first-quarter earnings proved higher than almost anyone had expected. The week's most general prediction for the nation's business: "The best...
Instead of waiting as usual for the United Steelworkers to strike the first blow in contract negotiations, management made the first move. To the Steelworkers' President David J. McDonald last week went a letter from twelve big steel companies asking for a one-year extension from this June 30 of the present wage agreement, without any increase in benefits. Although the recovery is making "moderate progress," said the letter, there is a disturbing "bulge of synthetic demand" created by fear of a steel strike, and it could lead to "decline and dislocation" later. To keep the economy...
Management offered no concessions, not even a pledge that if the union held the line on wages the companies would hold the line on steel prices. The letter set forth that the Steelworkers have no ground for higher wages, no need to "catch up," because their wages have risen more than those of nearly all other industrial groups in recent years. Steel wages are now 38% above the average for all manufacturing, compared to 20% above in 1953; they average $3.03 an hour v. $2.19 for manufacturing workers generally. Well aware that steel profits will be fat, the steelmakers tried...