United States Steel slashes dividend and trims salaries
United States Steel directors in New York cut the quarterly common stock dividend from 1.75 to 1.00, lowering per share to about 4 dollars for J A Farrell in effect. Salaries for officers and employees are to be reduced about 10 percent, with management to decide the exact amounts. The move signals willingness to curb wage scales amid broader economic pressure, while earnings for over 200000 shareholders are affected.
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Interstate Commission Cuts Montana Petroleum Rates
The Interstate Commerce Commission orders a substantial reduction in petroleum transport rates from Wyoming to Montana, ending a two year dispute. Montana rail and refinery interests opposed the new schedule which lowers gasoline transport charges by about 29 percent from prior state rates. the federal change ranges 7.5 to 2.4 cents per hundred pounds for Montana gasoline shipments, while crude oil rates remain unchanged.
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