Word: hike
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...covering our total anticipated cost increases is concerned." But the loudest protests came from those who thought the increase was too great-even though many had feared it would be even greater. House Democratic Whip Carl Albert of Oklahoma called for an immediate congressional investigation of the "irresponsible" hike, and Democratic Senator...
...blaming the boost on rising labor costs, said that this week's wage increase will amount to 21? an hour, boost the corporation's annual labor costs by $87 million to $1,543,000,-ooo, which is a record high. But labor refused to have the price hike laid at its door. Said United Steelworkers' President David J. McDonald: "Even without raising prices and without obtaining greatest output per man-hour, the corporation is in a position to increase its net profit from $348.1 million in 1956 to $437 million in 1957." The steel industry, charged Dave...
Inauspicious Circumstances. Though U.S. Steel may have trimmed its boost somewhat in anticipation of unfavorable public reaction, other restraining influences served to keep the hike below last year's. Last week the industry was operating at 86% of capacity, and demand for steel was fairly soft and competition strong. Consumer resistance has been heightened since last August's rise by periodic boosts in extra charges for special processing or handling required by many customers. Surprisingly little anticipatory buying in steel took place before last week's price hike...
...view of all this, why had the industry felt it wise to announce a price boost at all? The steel industry's picture for the rest of 1957 is changing for the better, giving the industry confidence that its price hike will stick as more and more customers who have cut inventories too low begin to place new orders. The industry is also suffering from the nation's tight-money market, and it has to depend largely on profits to finance its ambitious expansion plans...
...Rush to Boost. In the past, steel price increases have been immediately felt throughout the economy as users rushed to pass on the hike to the consumer. But there was considerable doubt that last week's boost would set off a round of consumer price rises. Competition is intense, and many industries may prefer to absorb the increases-which amount to only $11.58 on a $3,000 car, 66? on a $300 refrigerator-rather than raise prices; others may delay price increases for many months. A spokesman for one of the big three automakers said, for example, that...