Word: hike
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...speed to a scheduled operating rate of 63.8%, a little price cutting cropped up in the Detroit area, where Great Lakes Steel Corp. chopped prices $2 a ton. But it was strictly a cut to meet local competition and not likely to spread. The industry soon expects to hike prices to cover the automatic wage increase going into effect on July 1. Consensus: probably...
True or not, there is plenty of pressure from all sides. London's Economist calls for a 300% hike in the price of gold to bring it in line with other increases, and every miner hopes for a price boost to pay rising costs and improve profits. A more important argument for a higher gold price is that it will help foreign trade. Financial men argue that the world simply does not have enough gold. South Africa's W. J. Busschau, manager of the New Consolidated Gold Fields, Ltd. and one of the world's leading gold...
...automakers countered by putting on more pressure for an immediate two-year extension of the current contracts. They warned that some 600,000 U.A.W. members covered by the Big Three contracts will not get their annual 2½% wage boost (averaging 7?an hour) and cost-of-living hike (averaging 2?), due on June 1, unless and until the union signs a contract. In the past, whenever the U.A.W. won a raise, the companies also raised nonunion and salaried employees the same amount. This week the Big Three automakers gave 2½% wage boosts and cost-of-living hikes...
...indicate how much of a raise hike was likely, and added that such increases are not announced officially until the fall. Dean Bundy explained that the exact amount of the raise would depend upon "the price of food and the price of help." Board costs rose $15 in the fall of 1956, and $24 in the fall...
...walkout led to a rash of bloopers perpetrated by their amateur replacements (TIME, April 21), voted at week's end to go back to work at cameras, mike booms, control panels. Some 1,300 members of the A.F.L.-C.I.O. International Brotherhood of Electrical Workers won an 8.8% pay hike in two step-ups (to a base wage of $190 a week next year), plus an assurance from CBS that video tape-the instant TV recording medium feared by the union as a major job threat-will be handled for the network only by I.B.E.W. men. After twelve days...