Word: wage
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Dates: during 1930-1939
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...President's first concern was to dam the rising tide of wage cuts. For a few hours last week it looked almost as if his administration's policy, laid down in 1929, to maintain existing pay schedules had been reversed. Representative Condon of Rhode Island, scene of recent textile strikes, wrote Secretary of Commerce Lamont complaining of wage reductions, asking for Federal support to stop them. Mr. Lamont replied: "As the period of depression lengthens, many corporations find themselves in extremely difficult positions. Many of them have already cut dividends and salaries. Some of them are faced with...
...Secretary of Commerce, apparently, sanctioned wage cuts to keep hard-pressed factories open. Alarmed at this interpretation, President Hoover spent a whole Cabinet meeting discussing wages. Then to the Press was sent out this cryptic statement which the President refused to elaborate...
...Administration is against wage cuts," he declared emphatically...
...Wages. When U. S. Steel cut its great 40% stock melon in 1927, Judge Gary drew up the Board in two long lines and jubilantly invited reporters in to see his potent directors "in the flesh." But at last week's meeting the directors, confronted with the poorest quarterly statement since the pre-War era, cut the common dividend from a yearly rate of $7 to $4 (TIME, Aug. 3). They left the meeting hastily, silently, Morgan-Partner Lamont forgetting his hat in his hurry. But President Farrell had something to tell reporters. Four words: "Wages were not touched...
...would be folly to continue $7 dividends equal to $60,000,000 a year; cut it as an unpleasant surprise to the rate of $4 per share, less than in any year since 1915, when no dividend was paid. Directors hinted their attitude toward the moot question of wage reduction by recommending a cut in salaries...