LABOR: Era of Good Feeling

In a smoke-filled room in Pittsburgh's Carlton House one night last week, two greying executives shook hands on a bargain. David J. McDonald, president of the United Steel Workers, and U.S. Steel's Vice President John Stephens agreed on a 9¢-an-hour increase in wages and fringe benefits for 400,000 steelworkers, thus adding at least $100 million a year to the industry's $3.5 billion wage bill.

Never in the union's 17-year history had it and Big Steel dickered in such an atmosphere of reasonableness. The company, which had originally taken a "no raise" stand, had the rug pulled out from under it by...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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