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Labor unions, says Allen, "introduced undesirable rigidities into our cost structure" with the automatic cost-of-living hike that makes about 4,000,000 workers eligible for wage increases in 1958. Employers in turn "accepted such rigidities so long as selling prices could be increased without reduction of markets." Now the situation has changed. "We have had several months of declining industrial production. And the decline in business volume is conspicuous in those industries which set the fashion of long-term wage contracts with assured annual increases." What is needed are sharp price cuts. But instead, some industries have actually...
...prices 2? per Ib. to 24?, thus undercutting all free-world competition. No one was more surprised than the three dominant U.S. producers-Alcoa, Kaiser and Reynolds-who expected to maintain the price of primary aluminum at 26? per Ib., perhaps even raise it because of an impending wage hike. Yet within 24 hours, the top brass of each company hastily gathered, and one by one cut their price to 24? per Ib., announcing that "we will meet the competition...
Ballots went out to the 1,346 members of the New York Stock Exchange last week to vote on whether the brokers should boost commissions an average 13%, the second hike in four years. The plan ran into immediate opposition from Merrill Lynch, Pierce, Fenner & Smith, biggest brokerage house. The proposed increase, said Merrill Lynch's Managing Partner Michael McCarthy, discriminates against the small investor, who will pay 30% more on a $500 transaction. He argued that most brokers are getting an adequate return despite higher operating costs, since commission earnings of Wall Street houses after partners' compensation...
...this the anticipated turn in copper prices? Copper analysts think not-at least not yet. The last ½? hike at custom smelters, in December, lasted only three weeks when the price dropped back, subsequently fell 2? more. Demand is still sluggish at the 25?-a-lb. level asked by major domestic producers, and Western Congressmen are still talking about a sick industry and pressing for a 4?-a-lb. tariff, placing the "peril point" where the tariff would go into effect at 30? (TIME, Feb. 10). While producers feel that the users' inventory liquidation is about over, higher copper...
Dave Dubinsky's powerful (455,000 members, $225 million in shrewdly invested assets) I.L.G.W.U. wanted 315% boost in dressmakers' wages (Manhattan average: $2.10 an hour). It would be the first hike since 1953. Manufacturers, crying recession, offered...