Word: boost
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...officials of the U.S. Steel Corp. waited one day last week for a final figure to guide them in fixing the twelfth consecutive steel price rise since World War II. As soon as word came of another jump in the cost-of-living index, which meant an automatic wage boost for steelworkers, statisticians swiftly added the change to a mosaic of other figures on increased costs, including the industry-wide wage hike called for in the contract signed last year. Soon after, U.S. Steel President Clifford F. Hood announced a steel price boost averaging $6 a ton. Before the week...
Protests & Denials. Reaction was swift and conflicting. Many steelmen had plugged for a boost ranging from last year's $8.50 a ton to $10 or more, were disappointed at the rate set by the industry leader. Said Avery C. Adams, president of Jones & Laughlin Steel Corp.: "The announced price increase is grossly inadequate in so far as covering our total anticipated cost increases is concerned." But the loudest protests came from those who thought the increase was too great-even though many had feared it would be even greater. House Democratic Whip Carl Albert of Oklahoma called...
Estes Kefauver said that the Senate Antitrust and Monopoly Subcommittee will do so. Senator Harry Byrd's Senate Finance Committee got ready to grill Treasury Secretary Humphrey on the boost this week, may also call steel-industry executives to testify. And incoming Secretary of the Treasury Robert B. Anderson wistfully told Congressmen: "I wish the steel increase had not taken place...
...Steel President Hood, blaming the boost on rising labor costs, said that this week's wage increase will amount to 21? an hour, boost the corporation's annual labor costs by $87 million to $1,543,000,-ooo, which is a record high. But labor refused to have the price hike laid at its door. Said United Steelworkers' President David J. McDonald: "Even without raising prices and without obtaining greatest output per man-hour, the corporation is in a position to increase its net profit from $348.1 million in 1956 to $437 million in 1957." The steel...
...soon bring in the first major imports of Mexican gas from across the border. By such hustle, Texas Eastern (gross 1956 sales: $175.2 million) upped earnings per share last year to $2.05, believes that its 1,700-mile products line, added to gas lines totaling 5,800 miles, will boost share earnings...