LABOR: $350 Million Strike

Leathery, cigar-chewing Billy McMahon, 47, a dock walloper who loathed the gangster-ridden leadership of his International Longshoremen's Association, switched his membership last fall to the American Federation of Labor's new dock union. One of Billy's cousins who did the same was later found drowned in the Hudson River. Billy McMahon lost only his job as steward of New York's Pier 32. By last week, after six months of waterfront warfare between the A.F.L and the old I.L.A., Billy McMahon had his job back, and the A.F.L. looked like a winner all around.

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