Word: hike
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...repeating their mistake during the Suez crisis, when they amassed stores of oil so large that production had to be chopped back hard this year. Last week the Texas Railroad Commission boosted the number of producing days in August from nine to eleven, but made it clear that the hike was due to a slight rise in petroleum demand and a reduction of oil inventories rather than to the Iraq crisis...
TROUBLED RAILROADS in East will get $60 million windfall in back mail pay, plus $32 million per year hike in rates. ICC approved 30% boost retroactive to last November, other increases retroactive...
...regal acknowledgment of British inflation, Queen Elizabeth II ordered a 6.4% pay hike for her staff of 200, the second cost-of-living increase in Buckingham Palace wages in five years...
...nation's biggest steelmakers seemed in no rush to hike prices. U.S. Steel said only that it was "studying" Alan Wood's move: so were Bethlehem Steel, Youngstown Sheet & Tube, Armco Steel and Jones & Laughlin, which added that it would not raise prices until U.S. Steel took the lead. Said Big Steel's Chairman Roger M. Blough: "Our immediate conclusion is not to attempt to change our prices until the situation is clarified." When that might be, added Blough: "We cannot forecast." But for years, steel prices have climbed, along with boosts in minimum wages (see chart...
Steel specialists, such as Editor Tom Campbell of Iron Age, took President Hood's statement to mean simply that Big Steel, traditionally the industry leader in raising prices, does not intend to hike its prices July 1 but will do so eventually. Steelmen are awaiting an announcement this week of the Consumer Price Index to tell them how great a cost-of-living increase they will have to add to their contract wage boosts...