Word: hike
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...Pennsylvania Railroad, after paying its first dividend this year, canceled a 10% pay cut for its 633 officials earning above $10,000 yearly. The line also gave a 10% pay hike to nonunion workers making less than $10,000, plus an 8? hourly boost to all union workers...
...Federal Reserve Board last week approved a discount-rate hike from 2% to 2½% for five of its district banks, but for reasons that had little to do with the threat of inflation. The hike was not designed to tighten credit, explained the Fed, but to bring the central bank rate in line with other short-term rates. Reason: the average yield on Treasury bills has been running three-quarters of 1% above the Fed's 2% discount rate, making it possible for commercial banks to borrow from the Fed at 2% and invest in Treasury bills that...
...Louis area, enjoys favorable barge and rail rates to the booming South and Southwest. Furthermore, it has no single customer who takes as much as 10% of its output. Granite City owes its prosperity even more to a forward-looking $33 million expansion program that has already hiked its capacity 47% and slashed the per-ton cost of annual ingot capacity. Now producing at an annual rate of 1,320,000 tons, Granite City will have upped its output by 217% from 1947 when it reaches peak efficiency next year (v. a 61% hike for the rest of the industry...
...production last week reached 69,599 units v. 45,387 the week before, and prospects are for a production of 75,000 this week. Production was still held back by wildcat strikes at General Motors, but other carmakers hiked schedules. Chrysler hopes to increase production 15% this week. Ford's Mercury-Edsel-Lincoln division plans a 40% hike, and Studebaker-Packard scheduled a 50% rise; with Ramblers running off the line at an alltime peak, American Motors raised schedules...
...left more than 200 in need of major repairs. There were 65 buses with carburetors missing, 50 with batteries gone, 40 with missing seats, 112 with the upholstery ripped to shreds. If the government, which is now arbitrating a bus drivers' demand for a wage increase, grants the hike without also boosting fares, the owners say that they will pull all buses out of service...