Word: boosted
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...competitors shake their heads over such an outlay and predict a crippling overhead. But Bert and son are satisfied. Last year they netted $21,000; they hope that the new shop, charging regular prices, plus a branch to be opened at the new Los Angeles Municipal Airport, will boost 1947's profit...
...item in Big Steel's earnings statement was an extraordinary additional charge of $6,700,000 (a boost of 30% over normal) for plant depreciation. New York's jumpy PM promptly jumped on it, cried that the $6,700,000 was profit that Big Steel had hidden to excuse its boost in prices. Olds conceded that the item was not "presently" deductible for tax purposes.* Thus in the eyes of the U.S. Treasury, it might be considered profit. But Olds claimed that the depreciation was warranted by recent increases of far more than 30% in the cost...
Fleabite. In defense of the price boost, Bethlehem Steel's Chairman Eugene G. Grace struck a querulous note. He berated "the pastime or indoor sport" of blaming all economic ills on the steel industry. "Until we stop raising costs," he said, "we can't stop raising prices." Anyway, he added, the cost of steel was only "a fleabite" in the cost of living...
However, Iron Age estimated that last week's price advances would add $350 million to the nation's steel bill, boost third-quarter steel earnings close to the first quarter's alltime high. So last week's steel rise would give the rest of the nation's heavy industries an occasion to boost prices even though many of them had not yet had any decline in their profits...
Epidemic. The first to mark the occasion was General Motors Corp. Olds had minimized the steel boost by declaring that it would add no more than $9 or $10 to the cost of the average automobile. But G.M. boosted car prices last week from $60 to $168, despite a record peacetime profit of $81,804,815 in the second quarter v. $65,818,019 in the first quarter. G.M.'s explanation: since November 1946, steel and almost all other materials have gone up in price along with wages. Its huge profit, said G.M., was due to low-cost materials...