Business: Sealing a No-Strike Settlement

The price was high, but peace was preserved in autodom

"Excellent!" beamed Douglas Fraser, the United Auto Workers chief. "A credit to to both parties," said a General Motors negotiator. Both were praising a rare peaceful settlement, arrived at in a final flurry of horse trading at GM's imposing stone headquarters in Detroit just 4½ hours before a strike deadline. For the first time in 15 years, the autoworkers had reached a tentative contract agreement without going on a national strike. The three-year pact was concluded with GM but sets the pattern for the industry and covers 780,000 workers.

Some details, including...

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!