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Since McGinnis left the New Haven, the line has increased its commutation fares three times, for an overall hike of 40.91%, and President Alpert recently announced that he is after another, averaging 6.26%, effective July 1. At the same time, the New Haven last year cut its equipment-maintenance costs by nearly $4,000,000, its ways-and-structures maintenance by nearly $2,000,000 (the New Haven says partly because of improved methods). The results of using aging, ill-kept equipment are clear for all to see and suffer: the latest monthly figures show that no fewer than...
...showdown began when cops tear-gassed and whipped 800 high school students protesting a trolley-fare hike. The brutality brought out the university students next day. Alarmed, the government canceled the fare hike, but 1,000 students grabbed stones, tree limbs or bicycle pumps, marched into the grounds of Asunción's largest high school chanting: "We will be victorious or die." The cops slammed 30 tear-gas shells into the school grounds and flogged the youths through an Indian gantlet of two rows of police, who beat the students as they fled...
...Army announced that Dreamboat Groaner Elvis Presley, now driving a Jeep for a platoon in an armored outfit in West Germany, was recently promoted from private first class to specialist fourth class. His $26.93 pay hike upped Millionaire Presley's total service salary (including overseas pay) to a cool $135.30 a month. But no sooner did Elvis put on his fancy new golden-eagle arm patch than an untoward infirmity, long predicted by his detractors, laid him low: his tonsils gave out. At week's end Soldier Presley was recovering from his throat infection, and doctors planned...
...with an hourly boost of about 30?. But just before they signed,Joseph Frederick, local president for 25 years, had an unusual idea. Among them, his 1,300 men have 2,436 children; 94 are of college age. but only 21 are in college. Why not forgo the wage hike, start a college fund for members' children? The men voted in favor unanimously: the employers enthusiastically agreed to kick in a 3% payroll tax. Result: $15,000 annually for four scholarships at Adelphi College, with more likely next year - apparently the first and only such union fund...
Worried that the new boom would sweep in more inflation, the Federal Reserve Board last week took an expected step. It approved a hike in the discount rate on loans to commercial banks from 3% to 3½% for five member banks: New York, Chicago, St. Louis, Minneapolis and Dallas. The new discount rate is the highest since the fall of 1957, is bound to restrict even further the tightening money market. The Federal National Mortgage Association braced itself for tighter money by reducing the price it will pay for Government underwritten mortgages from 99% to 97% of face value...