Executives Face Court in Price Fixing Case
Court sentences GE figures for conspiring to fix prices and rig bids on $1.4 billion in heavy electrical equipment. R. W. Smith and six other executives charged as top firm officials, with Ginn fined and jailed briefly, while other defendants face additional indictments as the case unfolds. Names include W. S. Ginn and C. I. Maunder among senior GE and Westinghouse leaders.
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Postwar Average Work Week Falls to 38.8 Hours
Goldberg announced the average work week dropped to 38.8 hours, the lowest since World War II, signaling widespread cutbacks in metals, machinery, and auto industries. He noted few factory layoffs accompanied the shorter hours across sectors, marking an abnormal decline below 40 hours.
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