Word: boosted
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Dates: during 1950-1959
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...week's end the rates went up. Major New York banks hiked their prime interest from 4% to 41%, equal to the prerecession level. The boost reflected heavier demands for bank loans by both business and consumers, also brought loan rates into line with yields on bonds. Most bankers now expect that the Federal Reserve will raise the discount rate from its current 3%. As interest rates climb, they will drive down farther a market already at a historic...
...covered by legislation will be pushed by Labor Secretary Mitchell. He wants $1 an hour minimum to cover enterprises with 100 or more employees, which use $1,000,000 annually in goods involved in interstate commerce. The Administration proposal will go up against the Kennedy-Morse bill, which would boost the minimum wage to $1.25 an hour, add coverage to include 7,800,000 employees of businesses with gross annual sales of $500,000 or more...
...that, even the board had misgivings, got special permission from the state legislature to raise $200,000 by selling short-term warrants to its Houston bank. As citizens cheered, the board voted to reopen the schools and even to boost the tax rate next fiscal year to $1.75. But trouble was far from over: the bank flatly refused to buy Aldine's warrants, and the schools stayed closed...
...Warning on Costs. Last week there was no indication that any official action was being considered to stem the gold outflow. Treasury officials professed to be pleased at the growing signs that the U.S. policy of helping Europe to boost exports was running according to plan. Said Per Jacobsson, director of the International Monetary Fund: "I do not think the U.S. gold outflow represents any real threat to the dollar. With the U.S. possessing more than half of the world's gold it would be absurd to say that...
Makers predict that production of room units will rise from last year's 1,350,000 to about 1,700,000, and shipments of central air conditioners will go from last year's 224,000 to 280,000. They expect a boost from the record number of new houses going up this year (see Construction); 10% of them will be built with central air conditioning v. only 1.4% in 1952. Says the Federal Housing Administration: "Within a few years, any house that is not air-conditioned will probably be obsolescent...