Widely quoted as a bearish argument have been recent wagecuts by such large companies as Chrysler Corp. and National Cash Register Co. (10% each last month). Last week Roy Dickinson, alert associate editor of Printers' Ink (22,645 circulation, advertising trade weekly) telegraphed a list of tycoons to learn what future wage reductions may be in store. Some of the replies which he received:
James A. Farrell, president of the United States Steel Corp. (224,980 employes in 1929): "I heard a steel man say the other day, in fact more than one recently, that wages...
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