Monday, Oct. 27, 1947
Facts and Figures
Green Light. After an 18-day strike, 173 pilots of American Overseas Airlines went back to work and a contract was signed. The company made an ominous announcement: midwinter operations, which would reduce by one-third the number of transatlantic nights, would begin two months ahead of schedule. For this reason "not all" of the 1,325 employees laid off during the pilots' strike would be recalled.
Around the Meter. In Wallingford, Conn., the Borough Electric Works set a flat charge of $2.50 a month on owners of television sets for the additional use of power. In Norwich, Conn., the city-owned utility set up a television charge of $1.26 a month. Complained Radio Manufacturers' Association: television uses no more power than many domestic appliances.
Ringing the Bell. Third-quarter earnings of the American Telephone & Telegraph Co. were $37,055,000, off $10,205,089 from the comparable period last year. The loss, said President Walter S. Gifford, would be offset in part by rate increases already granted in 26 states and asked in 15 others. Despite the lower operating profit and the heavy losses incurred during the strike last spring, A. T. & T. hoped to pay its $9 dividend again this year, and to be earning at that rate by year's end.
Ad-ition. Manhattan's Wall Street Journal bought what was said to be the largest magazine ad ever. In a 48-page spread in next week's Advertising Age, the Journal reproduced ads from all business advertisers in its 26 September issues. The cost: $16,800, plus printing and layout cost.
Cut-Rate. At a conference of the International Air Transport Association, in Rio de Janeiro, representatives of the international airlines of 40 countries agreed to ask their governments' permission to 1) raise fares on the North Atlantic route by $25 to $350 ( 1/2-c- a mile) next year; 2) sell special round-trip excursion tickets at 25% above the one-way price; 3) allow 10% discounts on round trips, 90% discounts for infants who are under two years.
Up Rates. Earnings of stockbrokers have dropped so low that the Board of Governors of the New York Stock Exchange voted, subject to ratification by the members, to raise commissions. The new plan would levy commissions on the dollar value of customers' transactions rather than on the number of shares. The Exchange hoped the new rates would increase brokers' earnings 20%.
Speakaluminum. In the National Hardware Show in Manhattan's Grand Central Palace, buying pressure was so heavy that one hapless manufacturer of duralumin folding rulers rigged up a booth to resemble a speakeasy, barred the door to all but established customers. Despite this, his orders by the end of the second day amounted to 180,000, enough to keep his plant busy for 45 days.
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