Word: boost
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...booming rubber industry, Goodyear Tire & Rubber Chairman P. W. Litchfield announced the biggest expansion program in his company's history: $114 million to increase production both at home and abroad. In the U.S. new plants and machines will boost production of tires, foam rubber, aircraft products, flooring and chemicals, while overseas new Goodyear tire plants will spring up in Scotland, Colombia, Venezuela and the Philippines. Said Litchfield, noting Goodyear's record 1955 sales of $1.3 billion and $59 million profit: "Our plants, both in this country and abroad, have all been operating at full capacity during the past...
...president since last fall, Banker Waugh has worked hard to boost overseas loans. Back in the early days of the Administration Treasury Secretary Humphrey, who had to lend the bank its funds, was skeptical, wanted to cut down. But after studying the bank's consistent profits ($59 million in fiscal 1955), he became an ardent booster, hand-picked Waugh and backed his policy of increasing the flow of loans. Now President Waugh is funneling out new loans at a greater rate than last year. Among them: $19.6 million to the Santos-Jundiai Railway in Brazil...
...seven-state utility network whose twelve major plants turn 10 million tons of coal a year into power for nearly 5,000,000 people from Lake Michigan to the Tennessee Valley. Last week AGE announced a program to grow still bigger; it will spend $700 million to boost its 4,000,000 kw. capacity (enough to light 7,000,000 homes for a year) by 65% in the next five years, the most ambitious five-year expansion ever tackled by a private U.S. utility. The program will give AGE more generating capacity than all the hydro capacity built...
...IMPORT POLICY will do an about-face. After ordering a 7% cutback in imports last year to bolster domestic industry, the Office of Defense Mobilization plans to boost imports 10% for residual fuel oil, mostly from Venezuela. Reason: an unexpected drain on oil stocks because of the cold winter and increased use of oil by industry...
FREIGHT RATE BOOST will give U.S. railroads another $400 million in revenue annually. After looking at spiraling costs in the railroad industry, the Interstate Commerce Commission has granted U.S. roads a series of "just and reasonable" increases, ranging up to 6% on a wide range of products from coal to lumber; however, most farm products will be held to a 5% increase...