At first it looked like another Jack & Heintz case of fabulous bonuses paid to evade taxes. A $4,100-a-year foreman got $25,000 extra; an $8,000 superintendent got $50,000; a $6,600 vice president got $50,000 too. All told, $2,071,315 was passed out in bonuses last year—nearly 10% of gross sales, and about 80% of net profits.

But when the House Naval. Affairs Committee finally got the whole story of the Lincoln Electric Co.'s bonus system last week, it looked like something else again. It was, in fact, the story of an eight-year-old wage...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!