Word: wage
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Dates: during 1940-1949
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Murray, who has a no-strike contract with the steelmakers, had no sooner opened his wage drive in Pittsburgh last week when U.S. Steel Corp.'s President Ben Fairless denied that prices had been jacked up in anticipation of Murray's demands. The price change, he said, was merely an "adjustment of a particular situation of limited scope"; some of the products, he added, were "being sold at a loss." Republic Steel's tall, greying President Charles M. White said it was "compensation for past wage increases...
...speech this week at New Haven, U.S. Steel's Board Chairman Irving S. Olds dismissed price-wage increases as a major cause of inflation. The real root of the disease, he said, was expansion of bank credit, and the cure was in deflating it. His point had merit, but his attitude, like almost every businessman's, was that the other fellow ought to have more self-control...
...until March 15, at the very latest, to lower prices 10%." Beyond that date, no labor union could promise to hold down the workers' dissatisfaction. In fact, the Communist-led C.G.T. (biggest federation of French unions) was unwilling to wait that long. The Communists last week demanded immediate wage boosts which they knew the government could not grant...
...Labor government had not yet dared to tell Britons what they faced. Sir Stafford Cripps, by proposing a wage freeze (TIME, Feb 16), had led Labor up to one big hurdle. But could the keen-minded jockey make the massive, stubborn trades union movement take even this first unpleasant jump? Was the beast bred or built...
Disagreeable Program. Last week Cripps's chances of persuasion looked better, on paper. The General Council of the Trades Union Congress agreed in principle to the wage freeze. To make it less chilling, Cripps announced that he was giving British business one month to prepare "some plan for price and profit decreases," to match the wage-pegging...