Word: steels
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Dates: during 1950-1959
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Weariness of price upcreep made many a union member skeptical about the value of wage boosts won by unions. Admitted a United Auto Workers official in Detroit, on the eve of the threatened steel strike (see BUSINESS) : "My guess is that the steel strike will get as little actual support, from the public and from labor in general, as any strike ever got. The average working stiff is becoming much more realistic about these things...
...Steel Strike: He planned no new move to avert a strike "other than to continue to urge both sides to continue negotiations." Both sides should "keep before their eyes what the United States needs...
...objective is to conclude a contract that will involve no increase in the overall employment costs of the company," said Republic Steel's tough, plain-talking President Thomas Patton on TV's Meet the Press. Not only does the current contract provide high wages and benefits, contended Patton, but it also leaves plenty of room for further wage boosts through job promotions and incentive pay. Patton's proof: since contract negotiations opened just two months ago, average hourly wages have jumped from...
...FORTUNE'S" NEW LIST of the 500 biggest U.S. industrial corporations in 1958 showed some changes in the top ten. Chrysler, which was sixth in 1957, dropped to eleventh; Bethlehem Steel, which was ninth, dropped to twelfth. Newcomers: Texaco and Western Electric. The top ten: G.M. ($9.5 billion in sales), Jersey Standard ($7.5 billion), Ford ($4.1 billion), G.E. ($4.1 billion, and up a notch from '57), U.S. Steel ($3.5 billion, down a notch), Socony Mobil Oil ($2.9 billion), Gulf Oil ($2.8 billion), Swift ($2.6 billion), Texaco ($2.3 billion), Western Electric ($2.2 billion...
With timely reference to the steel industry, the BLS report pointed out that the good life takes less effort all the time. In 1913 a BLS survey of the steelworkers' working conditions showed that 40% regularly worked 72 hours a week or longer. Their median income was less than $12.50 a week. By contrast, the most recent figures on 1959 steelworkers' pay show average weekly income (for 40.7 hours) of $125.36, with the union (see above) threatening to strike for more...