Word: boost
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CHRYSLER CORP., scrambling to recover the 25% of the auto market it once had, will gradually break up the dual lines, e.g., DeSoto-Plymouth, Dodge-Plymouth, among its 10,000 dealers. To boost sales of each of its lines, Chrysler plans eventually to limit all dealers to one kind...
MINE WORKERS have won the same basic $20 daily wage as workers in the booming steel and auto industries. The miners' John L. Lewis has negotiated a contract with the Bituminous Coal Operators Association, under which 120,000 northern miners (current wages: $18.25) will get their first pay boost in three years: $2 a day, with $1.20 of it going into effect this fall, the rest next April...
COPPER PRICES have jumped to 40? a lb.. the highest level in the U.S. since 1872. With the exception of Kennecott Copper, which boosted the price of Chilean metal only, the big companies (Anaconda, Phelps Dodge, and American Smelting & Refining) hiked prices of copper for the third time this year, for an overall 10?-a-lb. increase since January. Reasons: 1) a 15½? wage boost given 35,000 U.S. copper workers after a 43-day strike, 2) a general increase in world copper demand...
MEAT PRICES will probably go up this fall despite mountainous supplies of beef, lamb and pork. Reason: rising labor costs resulting from the 14? hourly wage boost given packinghouse workers by four big packers (Wilson, Swift, Armour, Cudahy). If (as seems likely) the 14?-an-hour increase becomes the pattern for this year's labor contracts, the cost to the nation's packing industry will be $50 million annually, more than the whole industry's profits...
Under the new contract, G.E. will give workers a 3% wage increase every year for five years, tack on an additional 1? per hour during the last two years, to boost the hourly average to $2.27 by 1960. Beyond that, the company agreed to a cost-of-living formula Bunder which workers will get more pay if living costs go up, but take no cut if prices go down. It agreed to a new life-insurance plan equal to twice the amount of each worker's annual pay, and to three days' leave with pay in case...