Word: terme
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Dates: during 1950-1959
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...upward trend of wages was due not only to the scarcity of labor but also to the spread throughout industry of the G.M. idea of automatic increases. This ran counter to traditional business practice because it placed emphasis on a long-term rise in productivity and kept wages rising even when productivity temporarily stopped rising (as it did last year) or business temporarily slackened (as in steel and autos this year...
...their part, many businessmen became wedded to the idea of a continually expanding economy. Under such circumstances-and with money tight-they decided on a long-term policy of financing more of this continuous expansion out of profits instead of through stock and bond issues. Disregarding temporary conditions of supply and demand, they began to set what Senator Kefauver and economists such as Edwin Nourse, ex-chairman of the President's Council of Economic Advisers, call "administered prices"-prices that are set to achieve a predetermined profit level that will defray not only wage increases but also most...
...Frederick W. Ford, 47, was nominated to a seven-year term on the Federal Communications Commission, replacing retiring Chairman George C. McConnaughey, 61, as a member of the commission, but not in the top job. The senior post goes to John C. Doerfer, 52, a tough, middle-roading lawyer who has been an FCCommissioner since 1953. A West Virginian born and educated (West Virginia University, '31), Lawyer Ford first went to work for FCC in 1947 after a stint at the Office of Price Administration, within six years worked up from hearing commissioner to chief of the hearing division...
...Edward N. Gadsby, 57, was nominated to fill out the remaining term (until June 5, 1958) of Securities & Exchange Commission Chairman J. Sinclair Armstrong, who has resigned to become Assistant Secretary of the Navy for finance. A conservative New Englander (Amherst, '23), SECommissioner Gadsby worked for New England Telephone & Telegraph Co. before turning to the law (New York University, '28) and a ten-year berth in the Manhattan law firm of Rushmore, Bisbee & Stern. Moving back to New England, he practiced privately in North Adams, Mass. until 1947, when he became a Massachusetts commissioner of public utilities. Though...
...Road. In Maywood, Calif., police allowed an hour-long lunch to Louis H. Martinez, about to start a ten-day jail term for drunkenness, but the court upped his sentence to six months after he slipped into a bar, managed to get well boiled before police found and rejailed...