LABOR: Magic Formula

Phil Murray knew a good thing when he saw it. His steelworkers' new contract with the Bethlehem Steel Co. was a juicier plum (by 2½¢ or 5¢ an hour) than the union had previously hoped to win from the struck steel industry. From now on, the complicated "Bethlehem Formula," would be the basis for the steelworkers' terms.

When Colorado Fuel & Iron Corp. served notice that it was ready to talk business, Murray delegated Joe Molony, a district director, to negotiate with them.

"I'm going to New York," explained Molony, with a grin, "and...

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