Word: settlements
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Dates: during 1960-1960
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...Room for the festivities. The President stayed and chatted for about 20 minutes-part of it in earnest conversation with Vice President Nixon and Secretary of Labor James Mitchell (subject: steel)-greeted Mrs. David McDonald, wife of the steelworkers' union boss. (Cooed Rosemary McDonald to Pat Nixon: "The settlement was our loveliest anniversary present...
Just about everybody else, from newspaper pundits to steel industry magnates, agreed with Dave McDonald that the steel strike settlement worked out by Vice President Richard M. Nixon and Labor Secretary James P. Mitchell (TIME, Jan. 11) was a victory for the union. Said a top steel executive: "We took a hell of a licking...
Ammunition Shortage. At the outset of their struggle with the union the steelmakers had plenty of backing in their campaign for a noninflationary settlement. In mid-1959 the public was fed up with price upcreep, and so was the Administration. Steelworkers themselves were far from eager to strike for wage increases that would probably be nibbled away by price increases. And with U.S. steel companies losing markets to foreign competition, the industry had a strong new argument for holding down labor costs...
Butler, a member of the Senate-House Economic Committee, said in a statement: "Dizzy with visions of labor votes, the administration interfered with due processes of arbitration and forced a settlement without serious consideration of its ultimate cost and its cumulative assault on our nation's market place...
...last straw was Kirby's capitulation to the demands of a minority stockholder, Randolph Phillips, who had charged Young, Kirby and the oil-rich Texas Murchisons with mismanagement of Alleghany assets. Not only did the Kirby-engineered settlement force Mrs. Young to pay $1,050,000 to the Alleghany treasury (TIME, Jan. 4), but-far worse in her eyes-it gave victory and prestige to Randolph Phillips, whom she considers a mortal enemy...