Page
SCIENCE AND
THE CHINA MAIL, MONDAY, AUGUST 31, 1959.
Weekly Survey Of American Economy
Page D
ENGINEERING STEEL STRIKE CONTINUES
New Medical Aid: Continuous Blood Pressure Reading
It also permits the regulatiri
of the supply of drugi to the
jaalien to maintain a per- THERMOMETER inned blood pressure level.
The blood pressure follower
FOR DIESELS
No
Incentive For Early Settlement
The drike
Way
dla as ever.
fur
work not heroine critical mill after mid-Septein- her. There was no strung in-
To
cent
בוזיו-5
other
Effects
Now York, Aug. 30.
the
Laiks:
Whalever
New York Cotton Market
New York, Aug. 30.
Stocks Suffer A
Slight Recession
On Wall Street
New York, Aug. 30.
Wall Street and the stock market suffered from the heat during the past week. As the thermometer soared into the 90's day after day, trading fell off to the lightest level since the week ending April 11, 1958,
This
il
bank
further
From all signs it appeared last wook that the U.S. economy
will have to absorb its lon gest post-war stool strike. A flurry of commission -house buying of distant in now lis appliance and farm equipment immediately affected satelliten--
months Brmed cotton seventh week and prospects of manufacturers tre changing railroads, trucking and coal-
futures late on Friday officially de models and material of new the economy continued to show
after four lifeless ses- SURGEONS and medical staff will now be able to settlement were
The gauges and specifications will urprising strength.
sions earlier in the week. obtain a continuous reading of the blood pres-ength of the difenly the be needed. This may not be in other wavering there was-mich
stock At week's end the list wird been caused sure of a patient throughout an operation or in the 1962 steel walkout was geradequate supply since it re- as the slump on the
apparently had mething to doquired far-sighted planning market – has ward. This is unde possible by a new British elec-with the fact that its damage so ahead.
primarily by fears of drastk cuts unchanged to 15 points or 13 in military orders as a result of cents a bale higher than a week
earlier. tronic instrument which is now in commercial pro-rob To pronounced and
Khrushchev - Eisenhower
and the Commission houses A speculation that is far duction.
trade gave the marke most of from being substantiated. Among the most recently re-
The index of the nation's its support during the week, renitve to hurry and make up. ported effects of the steel strike productivity was almost certain countering scattered quidation
Foreign observer *
of rcaments
the
August- Velutne for all of
a new high since the to drop to 131 or even 150 at 153 plus southern and focal sales, seven-week paralysis of 85 per economy were two which con-
Activity was centred in the with one at the end of July arxit 152 ni
ression logo-wil! | holiday in 1933. of any
nation's steel- cern the railroade, worst hit by
indicated The high was 155 spot month which took on a numb the lightest for that month making capacity wou
letoffs and loss of car-lordings mdd-August.
in June.
appearance as the verticated since 1957 ant for any month | Orming of money inchiding a Inconceivable without strong caured by the walkout,
slock of cotton dwindled on since March, JD58. an it ; callovi, in the invitation
government measures, such as The Arst development was
August 25 to 3,573 bales from In addition to the heat, he of Dr J. H, Greon of the De-
ratloning, and prolonged damage that new freight car orders in
4,018 bites four days earlier. An
market's performance pattern of Physiology, Mislelte
NEW high temperaturo to the ecatomy. Yet, the July declined sharply almost by
torn in southem spet volume reflected
uncertainties been half. sex Botal Medical School,
has economy dial thermometer de- American
July anders were for
prices was al considered a
Dyer the Khrushchev Elsen- Jandro Alrondy it ma berea
taking ruchin strike in stride. 4,139 cars ugatust 8.054 in June
helpful factor. diesel engine the
visits, for eth signed
exchange hower in for
ራስ። government
Umited
and 376f the depression of a
Employment in July was
NO MOVEMENT and month in the operating Theatre exhaust
prolongation of the steel rizike, super-li to weak peychologie: 1
The second effect more than a million lögher than year
Cantinued favourably weather, curtailed demand for stocks of another Lenulim bergatik. 10- | heated steam temperature pressure on both side in the
was that two major castern at the start of the recession two | dixouragement over the lack of from Institutions and funds, strar of tire l
Fairs New York Central years before, anu eulf together indication is being produced dispule and the public is any-
This depile the results from the meeting of Tulk of defence culbacks, ami of its p
nd Pennsylvania-again dipped u25,000' out of work because of cotton exchange and Agriculture sight money. with a stethoscope to listen to by a British firm of scientific thing but strike-eduxinas.
Into the red in July after new
the steel strike and is im- |Department officials and waning! pod-recession proģis eliermediate cffects.
hopes for Larm legislation
future
the kept inmediate
from moving middle positions
head.
Trade sources expect the next Government erop estimate, due September 8, whit show no sat- back, They see little chance for unless "B" and "A" choice eet- any increase in future dealings ton should come into competi tion in coming weeks.
that
gas
the new
d, the atory below the instrument manufacturers. cuff or see itriaznu og cit
describe The firm trwal
of recording
in inrument as representing a arterial trubution, the HW strunt only requires that considerable advaner in its field. mall digital cult combining alt is the puteome, they say, of Than 25 years of crystal microphone be fitted over | more
atsearch. turtallurgical the patient's finger.
The
DISCOMFORT
The main disadvantage of the mother 1: Tinst it care diret-mfort is the patient
Stockpile
AL mid-week the govern- ment announced commercial warehouses had enough steel on hand to 1 industrial demands
for at least four months at the
business,
go.
Strength
But there were the points of upward strength, unaffected so far:
New car sales maintained the spring's high rate of nearly 0,500,000 a year and department store sales kept their eight to nine per cent gain over 1958,
the
Central reported a this year. loss of intre than half million, and Pennsylvania for almost a million dollars us the steel strike eut deeply into their freight
Meanwhile, for the second This despite the fact that steel week, 75 per cent of the nation's workers alone were losing about a walkout of mine, miti and Consumers spending was run- per output was paralysed by $70 million weekly in payrolls. smelter workers. A spokesmanning at an annual rate of $311.2 for this union predicted the billion-up 7.3 billion from 1953.
Late, Friday the governraen! strike would last n least two
Electric
set the mid-August parity price energy output months.
trouble coared to an all-time high ofat 37.03 cents, Unixed call sales Almost the only
kilowatt hours as of August 21 increased 400 free meinl
producing industry 14,003,000,000 in the U.S. this summer was last week-12.1 per cent above bales to 143,000 against 113,900
week last year and bales last year. 260.6 per cent of the 1047-49
503,840 baler for CCC sold 179,104 ton as aluminium. July output of this the same
In the previous unrestricted use an bids opened against 167,323 tons in June and output average.
week, U.S. output of electric August 24, bringing the tolai 118,541 July 1958.
was 13,048,000,000 under the programme to 2,031,- Now record
kilowatt hous. This despite the | $90 bales. fact that the steel mills sloed still.
•
♫
new
power
current rate of withdrawals. elemwat has been designed to These warehouses have about operate well within its 11:53.125,000 tons of steel in stock 1,200 degrees Fahrenheit.und the weekly rate at which is free from oxidation' up to they were being used up was
fahrenheit and only some 150,000 to degrees 1,400
over- Of course, this alow rate of can withstand temporary if left on for ony length
use is only possible because tine, while the stethoscope ends, the manufacturers say.
The
Is 200 rangr
manufacturers to 1,200
have enough of be used only in quiet sur- degrees Fahrenheit with dials of their own steel-they started the roundings and provider only
strike with 20 million tons July put readings. Another method, 2% 4 and 7 inches diameter In which a hollow tube is in giving a scale length of 5, 74 14-and because of tauruntly
$4 bebes, Vertical or co-high foreign import currently metal reached serted into
artery,
al 400,000 Jon tarristal mounting is available and estimated umases disconfort and
can be assembled at any mouth. with it the danger of clot formas ducts
The head is pressure Most of the major steel users) tion in the artery twlf.
Shete new metiend is so painires that die-cast alurium alloy for have tonnage that should carry A new them through September, from it can be used while the patient strength and lightness,
The July Bgure was Magazine reported. But Age coupling is astorp
when the necessary flexible spring
I noted that spot steel shortages monthly record for the industry.
Housebuilding continued In the first reven months of this retayed liminste gearing in information will l
output at a robust pace with 1,350,000 US. aluminium The general specifica- that were on the horizon two
houring starts only automatically to a remote pot medels.
weeks ago, are chopping up with year, Tuch a nurse!
Ary tion is the same as for standard
more frequency, especially amang totalled 1,121,593 tons es against private parts supplies who were unable 881,102 fons for the same period, olightly off recent peaks, abnormal change in pressure heavy-duty Industrial models,
types of construction contracts of 1958. alar (The British irmeflately alerts the
to to lay in big shocks.
July Most trouble of this sort Apart from the strike-plagued in
arn its few $3,056,537,000, a record for the stemu from the fact that cars,metal industry
month and one per cent above July 1958. Or that total con- tracts residential buildinga
an M- tolalled 1,080,633,000, crease of nine per cent over a year Ego. Single family houses showed the biggest gain-19 per 1058. Non- over July cent residential building was valued at $1,100,041,000 in July, up 14 per cent from a year ago.
roun
gem of the equipment and Ltd, Mertos Bets or lights will give worning England)
at the control point.
Manufacturer
1.♫
}{w!
vertical
Rolothurn Co. Abbey, Tundon,
"Winston-Green Biol Phae RUTHLESS TEST
Follower" is Winston Electronics.
Tad, Goyett Avenue, Shepper-
ton, Mulelesex, England,
ANTI-CORROSIVE
PRIMER
1
FOR CARPETS
HEAVILY laden
bogio
A constantly running over
it is used to test the wear
resistance of ¤ now carpet.
One *JI Scotland's largest and best-known carpet mo01- recturing firms, will be showing Industries it the Scottish
Exhibition, Kelvin Hall, Bow (September 3-10).
Glas-
on
Exciting Week
On London
Stock Market
London, Aug. 30.
From
amounted
Construction
All
This was mostly inspired by a spurt in manufacturing, coin- mercial and religion hudding. NEW calcium plumbate
Months of this year were! Non-
building residential and primer for iron
$6,895,048,000, up dve per cent steelwork has recently been
year ago; residenital introduced by a London firm. I 15; woven specially
It is sald So have excellets nusitional feons cond undy It has been an exciting week on the stock exchange building $10,508,533,000, up 31 per cent; heavy engineering anti-courerive properties and is backed with a gushion of latex
last week with the boom in industrial equities ch as highways, airports) etaimed to flow better than al tuum. It can be either plain or lent primeT Qh! Merefore red and gives an appearance breaking suddenly on Tuesday and resuming $5,045,872,000, down 12 per cent.
moother film.
of luxury at a reasonable cost.
its upward surge, as suddenly, on Thursday total construction in January close the week with the industrial average at
brudheer dríes rendy
the
for the next cont 120 is extremely hardwearing and of paint within 18 in 24 houraverat.te, is not prone to creep and, because of its creamy for wrinkte, and also has buff colour. 15 worr
lyly
background to absorb obliterated by subsequent goats pelsen, of paint.
The firm huve tready found The primer can also be apja large demand for their new pabled Virvelly
elean Bean -COYVRİTE! tu
quantitie Hatvanised tron surfaca and it have berm Fun! to France, 15 Bio applicabio 10 hard- Sweden and South America. WOTK (Jenson
Nicholson, (A. & Lad, Stratford, London).
ick!
F. Sinddard & Cad Etoumalie, Scotland).
THE MAGIC BOX'
Inventor Francis Thomas Bacon recently demonstrated his new "magle box” power cell, which produces electric power directly from the molecular fusion of hydrogen and oxygen into water. Pleture shows the "magic box.”—Express Photo.
a new all-time high of 258.0, 45.4 points above its low point six months ago.
It has also been an historic light and sire, except on Tues- uf day and Wednesday, demand werk with the boney man
was strong, prices the closed "p" completely for stocks
The armounte- Jaid. On Thursday the yield ancrally rose, out the 30 constituents of the ment that machine tool orders Phancial Timea industrial or had started to tum upward fell below helped those firms connected dinary share Index
Through
July 1051-- $22,511,353,000-up 11 per cent.
Estimated
outlays
for new
construction is now running at
an annual rate of $41 billion.
Private investment is running $17.5 annual rate of billion. The £2cond quarter April to June again alone in this feld was $7.7 billion. Construc-
at
During the week the Senate Agriculture Committer cypruved and amended the disposal bill which would add $1,500,000,000 to present authorisations and extend the disposal programme for three years.
MIXED PRICES
Wadl made what Prices Sure ealts a technical res covery, they upped on Monday
and were
mixed on
Friday.
{{CITYSLIGHTS}{
"Don't talk to me about a boom year I'
London Express Service.
tise in the discount rate which didn't come this week, but it bad an indationary Impact thai was reflected in stock prices. Floating of short form securl. ties lends to swell rodit and thus is on Inflation potential.
Ilustrial The Bow-Jones average closed the week 083.06 00
7.05 palats; rails 18.49 was 0.20; utility 91.20 off 0.01; an 65 stocks 220.40 up
1.00.
INDUSTRIALS
So for la August the Indus- trials are
down 11.82 point raits down 4.31 points; k utilities up 1.20 points.
During August the Industrial set ʼn record high at 078,10 en August 3 and a low of $40.53 on August 19, a range of 31.57
August 10 points. On
this 14.70
points, group plunged widest decline sipee the Eisen- hower
of
Japan settled HE widespread textile strike with wage earners letting a sizable increase pro- portional to the former saltres. In turn, the country's textile They rose in the three interven. Industry declared that selling
in sessions with Thursday prices of Japanese yang and
dealings the Hvellest anci airongest. colton geods will have to be boosted to meet the rise in labour
Thai
only costs.-UPI.
brought uut
Thursday 2,500,000 shares on Zurich, Aug. 29. with the industrial average Business on the gold bar mare riring 5.77 points. It had risen kel in the week to Angual 27! 1.61 points on Wednesday and was quiet with the Bank of Eng-¡ 2,74 in Tuesday after a dip at land again almost the sole sup- 2.17 og Monday. piler.
There was in Increase in de- musel from the Near or Far Fast nor from South America.
Prices were well, maistalardį and there was a slight increase buyers' favour.-China Mail Special.
What
Ott
buying beer bail of Inflationary henet the forces of Congress' unwilling
ceiling raise the ness lo
rates
which forced latere & the Treasury to pay incre than 3.8 per cent for 13-week notes,
RISE IN U.S. INVESTMENTS IN FAR EAST
Washington, Aug. 30.
on is a sizeable chunk in his United States direct private investments in the Far
that of Old Consula, yielding with their manusfacture. Bulld$2:1
at an annual rate of $20 billler
East have trebled during the present decade. (second quarter gain alone
billion). and inventory
There were marked increases recently in 01 per cent less than old Con-ing shares were firm on the in- buying of an assal rate
Australia and the Philippines Republic. quarter the $10.4 billion (recond Friday the dustry's record level in
galu alone was $4.3 billion).— difference Increased to 0.05. This second quarter of the year.
UPI.
sots and
גום
narrowing of the gap has
traditionally been regarded as
When
for the
MOTORS BRIGHT
the warning signal "bulis" to leave the industrial Chemicals showed an all- equities market but instead the round improvement
under the market demonstrated
influence of Albright and Wi- fundumental strength and con-
excellent con and Monsanto's
was the 'tinued upward course.
reports. B. M. C. news came that the bright spot in motors with their Treasury bill rate in the United new cheap car. After recent States had risen above the Lon-roßt - taking, hire - purchase don Inte, gül-edged reacted anance shares
were in strong sharply. At the same ilme the demand and went ahead well. boot in the equity market broke, Insurance shares were dull. and while government securities steels and engineerings did well, recovered somewhat the fall in the latter selectively on com jadustrial ordinary shares con-
pany reports. tinued.
EQUITIES FIRM
Oil lost ground early in the
By Thurday the equity mar-week under the Influence of tho ket had shrugged off the fears oasier tendancy on Wall Street that London interest rates would but a steadier tendency had crt follow the American upward in by Thursday, course. The unchanged " bank
rata
RISE IN BULLION MARKET
SII
was
Di
The Commerce. Department's, ather office of business economies | from estimated today that the Ameri-
can private investmenis (non-
Hombay, Aug. 20. The bullion market waa (ON-
tured by artother Impressive rino in nitror ended August 28, in to higher upcountry and the continued
of supplies.
Far Eastern countries, $70,000,000 to $104,000,000.
ANALYSIS
governmental) in the Far East The total of $1,631,000,000 in
35
at the end of 1958 hnd a total the Far East was analysed by
of $1,081,000,000 the demmerce Department book value compared with $550,000,000. in comprising direct private in- 1940.
vestiments in the following cate- gories: CAPITAL FLOW
Mining! And smelting. $53,000,000, petroleum (includ- This is considered to be the ing refineries but not tanker type of capitol flow most helpful feets), $840,000,000; manufac- lo eccnomic development in rus turing $540,000,000; public utili- ceiving countries.
The Far Eastern total docs not include the rich oil-produc ing countries in the Middle East,
where United States private week investments Is the
an 1050 were with respo$1,081,000,000 compared
advices | $740,000,000 in 1930. tightness
heart-attack break
on
September 20, 1955, and August 10, they fel! 7.04. poluts, Sales for the week totalled 10,505,03-1 shares, a daily
2,101,000 shares. average of This compared with 11,702,210 and 2,352,442 respectively the week before-UPI.
COTTON
GOODS QUIET
New York, Aug. 30. Colton goods market this
week WOR scasonably quiet but prices were firm.
Some second hand offeringa appeared but were quickly sold. Combed goods were active and prices edged up. Finished goods continued to move in heavy
markets volume. Yam
were quiet but strong. Most mills have sold their output to the end of the year.
Weul goods were in active de- mand but piens were strong. Synthetic fabrics were sought by buyers who found most mills sold up uni!! the end of Uho
year.
Hard fbre.
markels here have developed a stronger tone. Since carly August, hemp quotations have risen five to 15 per cent while alsal priers havo inoved up about five to six per
vent.
The strength in hemp reflects the improvement in the Manila
markel UPI.
Bank Of England Statement
London, Aug” 20. The Bank of England state- ment for the week ended August 20, reads as follows:
Notes in eleuation Public deposlis Private deposite Government securities. Other securtiles
Hatio
sterling 2.3272502H
12.073,747 202.001370 250,039,850
42.131 23,030,300
Bank Of France Statement
Lies, $80,000,000; trade enter
and oliter Receipta prises, $100,000,000 industries, $181,000,000. the In Australia,
largest of American private category Investments as of 1958 was in manufacturing-$354,000,000.
In India, the investments In- cluded $39,000,000 LES manu- The Commerce Department facturing. estimated that the book value Investiments in Japan included! gave courage to investors, The kame market this week A heavy bout
After an initial dip, values of American private investments $43,000,000 ky moutcturing and tho
London weathered woll unchanged Treasury bill rate on Friday of selling from Johanneburg, advanced sharply on a renewed in principal Far Eastern coun- and $12,000,000 in trade onter-!
tries increased from 1950 to prises. brought them rushing back into Copper shares and other metal bull-grip and chart-covering
As of 1038, American private shares have been sensitive to Stocks totalled 350 bars and 1958 as follows! the equities market.
In Australia, from $201,000,000 investments in the Philippines- atriko situation inofftake was estimated at 15 to 20 Gilf-edged did not fully re- the labour
lo $673,000,000; India from included $40,000,000 in manu Total that currencies cover from the temporary shork the U, B, and have factuated bars. and War Loan was down one with the varying nows reports. In gold, corrective profit-$38,009,000 to $110,000,000; In-facturing, $82,000,000 from $50,000,000 to atililien, $70,000,000 Tins pound sterling on the week.
were beginning to turn taking retarded further progress doncala
Japan, from enterprises, and $37,000,000 Friday after Irredeemables led the decline better on
their with moderate rally in sympathy $149,000,000;
Industries. $10,000,000 to $182,000,000; New miscellaneous with silver got fully held,
to vestments In petroleum shared Stocks totailed. 40,000 solas, Zealand from $25,000,000
from mining were nat estimate: all Arrivots and offlake balanced at $54,000,000; Philippines,
3,000 tolas-China Mall Special. $149,000,000 to $343,000,000 and UPI.
in British funds and tite, shorts | shake-out corfler,
Rubber were not far behind.
pluritation been mostly
In contrast velling in the in-have dustry maricela wna always week.-UPI.
Paris, Aug. 30. The Bank of France state. nient for the week ended Aug. 20, reads as follows
frane fold) Total gold holdings.. 21,002,312,500
10,605,471,89 in public Sight balance in EU 209,663,000,000
trade Advancetta Staliza-
Total bill diece 110,075,001
In- nud
Banknotes in circula-
tion 3.224,204,010210 Current accounts and
poll
30.083416.339 .--UPI,