| Show TilE DAILY Y NEW YORK F Fi Financial na Whirligig r Written n for o The Th By y JAMES McMULLIN NEW YORK The wage rise in the steel industry industry in- in caused plenty of inside headaches U. U S. S Steel was a special victim The ace corporation was bothered on two counts Its It's accustomed to acting as bell bell- weather for the industry The smaller units bell I almost invariably wait for its lead in matters of broad policy This time it showed no signs of taking action so some of the lesser companies corn com panics stepped out on their own Such a move was tantamount to treason worse and still still- big steel was virtually compelled to follow suit That's the second spot soot on the tablecloth I U. U S. S Steel executives agreed with other steel men on the strategy of raising wages to counteract coun- coun I incipient strike threats on behalf of compulsory corn com unionization But they had a particular Ear lar reason for stalling until they could reach an understanding with their automobile customers cus- cus I cus-I on prices Recently the steel and motor motor mo- mo tor makers were as brothers against A. A F. F of L. L I encroachments Now that both have adopted the same remedy against the unions they're about to renew private hostilities Buyers Buyers' and amI Sellers Sellers' War WarThe WarThe The steel companies haven't the climbing profits of tile the auto i industry to ease the pain of added costs Their wa wage e bill mounts around a year for U. U S. S Steel alone and under present conditions the figure represents further deficits to practically the full amount They insist that higher prices are now an n urgent necessity The motor people hay ing swallowed new wage bills themselves are in no mood to pay par more for materials without a lusty protest or Of course the whole industry is is affected by this forthcoming squabble But U. U S. S Steel is already the special target of disgruntled buyers buyers buy buy- ers and will have to bear tile the brunt of the battle bat bat- the tle to an even greater extent from now on Therefore its directors weren't exactly pleased to have their hand forced Utilities and Copper After the motor and steel industries the utilities utilities util- util and copper companies are the most strongly strong strong- ly opposed to the advance of organized labor There are signs that the who utilities certainly dont don't crave a labor dispute on top of their other woes will follow the wage raising tactiCs of the motor and steel folk Public Serice Ser Ser- ice of New Jersey a Morgan outfit has taken the first step and many others can be expected to follow in the next few weeks Theres There's a fond hope in some utility circles that the gesture will help to offset some of the unfavorable publicity that's been coming their way There will be a suitable fanfare of trumpets about cooperating the presidents president's presidents president's dents dent's program to increase purchasing power The copper people dont don't feel that way at all They would almost welcome a strike because because be- be cause it would check the c curse of production they cant can't shut off othet otherwise se The next big I labor ruckus may occur in this Lehman in strong Position I The Thayer handed Governor I Lehman a blackjack Insiders see evidence of I team work between Albany and Washington ton They doubt that the federal trade commissions commission's timing of the incident was pure coin coin- iden e. e Political Politic 11 sharps say that the governor can now get his utility measures through the legislature legislature legis- legis lature without the subtraction of a comma if he really wants them that way Doubts are still expressed as to that The most probable outcome out out- outI I come is a set of slightly amended mak bills ing it a little harder for municipalities to go into the power business than the original meas mea mea- s which res-which the governor will accept as sat sat- The purpose of the amendments will willbe willbe be to relieve the mind of the state banking board in line with our recent comment Utility men get one crumb of comfort from the outlook They learn that P W V A has turned lown several applications to build municipal power plants and hopefully deduce that the government may not be as ashot hot after their scalps as it seems a a a Floyd Carlisle of Consolidated Gas and Niagara ara Hudson Power was probably the maddest man in New York about the Thayer business Just the night before he had put over a radio al s act about the virtuousness of the utilities Et t pained him no end to have such Q a contretemps contretemps contre- contre temps happen tile the next day And to make it worse the company involved Associated Gas isn't exactly ly on fraternal terms with Carlisles Carlisle's Car Car- lisles lisle's own own group a a a aA A stock exchange firm was much intrigued by a letter recently received from a congress congress- man The letter was in response to a plea broadcast to many congressmen to oppose the fletcher Rayburn bill This congressman said he agreed that the utilities had hod been treated pretty rough lately latel- and would be happy to vote further utilities regulation The boys arent aren't sure whether he was taking them for a aride aride ride or was just plain dumb They dont don't want to show him up publicly for fear thc they might lose a friend McClure Srn U aL |
