Facts & Figures

Raise Granted. The Civil Aeronautics Board granted a 35% mail-rate boost to five major domestic airlines--American, Eastern, Northwest, T.W.A., and United. For all but American the boost was retroactive to Jan. 1. American had not asked for a boost, let alone a retroactive one, but CAB decided it should have the increase anyway. The new rate schedule would give the lines another $5,271,000 in revenue this year.

Smoke, No Fire. Those who expected a proxy fight at American Tobacco Co.'s annual meeting were disappointed. George Washington Hill Jr., who resigned in a huff a month ago (TIME, March 29), did not show up. President Vincent Riggio announced a first-quarter sales increase over the same period last year in both unit sales (up 8.10%) and dollar sales (up 8.06%). Stockholders in turn expressed confidence in the management by re-electing 16 directors and voting down a ceiling on executive compensation (Riggio's pay last year: $484,000).

RFC Clipped. The Senate passed a bill to extend the life of RFC for twelve years beyond its June 30 deadline. But the bill, which has yet to pass the House, would cut the agency's maximum lending power from $2 billion to $1 billion.

Spring Thaw. The Bureau of the Census reported that March employment, helped by spring weather, showed an increase all around. Nonagricultural jobs reached 50,482,000--up 114,000 over February and 1,662,000 over the same period last year. Farm jobs totaled 6,847,000--up 76,000 over February. But U.S. employment was still down 2,750,000 from last year's July peak.

Million-Dollar Blossom. Manhattan's Macy's, pushing a 90th anniversary sale, had a $1,000,000 day for the first time in any spring season (its daily sales have topped a million 37 other times, during the Christmas rush). But retail trade generally, reported Dun & Bradstreet, suffered a post-Easter drop of 3% to 7% from the same period last year.

Wilted Flour. General Mills' plant in Buffalo, world's largest flour milling plant, shut down because of a slump in demand, was scheduled to resume this week at only 50% of capacity. The slump, which has slowed many other mills, was blamed on 1) Government red tape, which has slowed up export licenses, and 2) high prices.

Down but Not Out. President Truman signed the Reed-Mahaffie bill, thereby ushering in a new era for financially sick railroads. The law permits roads on their uppers to reorganize under ICC supervision without going into slowpoke bankruptcy courts. ICC cannot order any reorganization into effect unless holders of 75% of the securities approve. At least three railroads--the Missouri-Kansas-Texas, Lehigh Valley, and Boston & Maine--are expected to take advantage of the new law soon.

Leak Stopper. Lee Rubber & Tire Corp., noting the slow leak in the market for tires, cut the price of its biggest-selling line of tires by about 15%. Lee thus hoped to meet the competition of U.S. Rubber, Goodyear, B. F. Goodrich and Firestone. In the last month they had announced new lines of second-grade quality tires at lower prices.

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