THE CHINA · MAIL, MONDAY, AUGUST “20, 1900ETAN
Weekly survey of American economy
EASIER MONEY POLICY
Sharp rise in NY stock market noted
New York, Aug. 28.
A solid rise in the Stock Market, the Federal Reserve first fruit of the
The
HONGKONG Bank rate cut INCREASE IN New method for
U.S. STEEL electro-polishing
STOCK
EXCHANGE
Our Own Correspond, nt
Business done at the Hong- kung Stock Exchange this morn-
ing amounted to approximate $1,505,000. Noon quotations and the morning's transactions;
Board's easier money policy, marked the business week in States.
E. Asia.... the United
Shares Buyers Sellers Galer UK Bank.. 115 1170 65 1170
Lindun
01 1490 What Co. Wheelock.. 7% 7.00 2000 of 7.55 500 7.58
Board acted two weeks But there were soft spots in ogo, first making rulo changes the economy too. More than which expanded banks power 30,000 steel workers were sent UK Dock. Bü
In the furlough on to make loans by $3,000 million kome
discount Pittsburgh area because a strike and then quiting its note to three per cent. Heluctant of 1.200 railroad men has
200
214
104
cut
Provident 10 30
100 de 104
200 201 400 + 10%
000 100 20 3000 20
2000
20
BOD
also had to close dive HK Hote.. pren of its coal mines due to the rail- xx Land.. was broad strike. Caterpillar Troe-
40% 40%
51 .58
ly, major banks this week an-supplies to the mills,
cut What they have nounced
The United States Steel Car- their primo interest into by one-hail a percentage poi, poration making the rate now 41⁄2 ceni. This barik Action followed promptly by a full-for Company announced a lay-
Stock off of 3,000 employees. blooded rally Market..
the on
102 104 Fra 3312
Yaumati ...
K TOM Ch. Light 21,70 21.30
Steel has shown a moderate Volume of exchange rost Improvement in the past week,
reaching the highest with charply,
orders up from the HK Elec. marks in a month, and the Dow previous week, but it appears Jones industrial Everige on
130W that September, will be Tuesday rose 7.58 points, the
only 5 per cent better than HK Tel.
makers overall. Car biggest advance in three weeks. August
It was generally felt by brokers have delayed their new orders, that the prime rate reduction as have the appliance and farm!
all removed the last vestige of equipment industries. It
light money conditions, adds up to near-certainty that Textile brightened the outlook for there will be no rise in steel iate this year, even business and reversed the fear prices
the of a "bear" market,
steelworkers, by. contract, get a wage Increase in early December.
Loss of gold
At the some time, the expeci-
! though
Steel
Steel boost
100
19.0
***29** **A
75 3.21
125320
100 G 13.60
1000 or 13
4.35 51 1000- 5.40 10000 6.45 5000 5.45
28 28.50
7500 2000 Gr
30 33
Cement Daly
500
2010 20.30
Alieci Inv. 5.00 5.30
0.20 Тоже ня 3,20
Nanyang
.. 13.30
Amal
Rubber
3600
8.40 1000 67 825
T
Rubber
7.35 1.00 Taikoo Dock 50 50
... 1.775 1.095 Realty
14.40 14.00
914 1000 or 0.20
1500920
1.10 1.95 1500 m 1,95
1000125
14.10
CA
L
ed toss of gold by the United States was noted. For the week, A boost in steel prices may August 27, the gold come early next year, after the fruid
was $89 million lower Presidential elections, and it stock
In the preceding week may be spread over a period of than and since the end of June time.
production this week i holdings of States Volted
was set at a rate of 54.5 per In Lov. 0.10 monetary
declined gold have by $290 million and now skind cent of capneity, down 2 of one
Last GenaN point from of $19.032 million. It had been percentage
The HK & FE exported that this docilne week's actual production.
in the railroad in the would accelerate after the strike
Humpikeya 22.40
104 Reserve reduced its Pitsburgh aren had cut pro
duction there to 46 per cent of Star Ferry
Line, Craw. 3714 334 rafe, since foreign
accounted for a capacity and convert ane-polat eut would then
in the national holdings into gold and gures. Normal national, pro- re-invest in some other | duction would be about 75 per country with a higher discount cent of capacity. rate. The $59 million loss in
Federal discount
investors
VS. then
gold
was 'abaudi
the
tumount The best illustration of con- which had been expected and tradictory statistles could be
1000 m 0015 200 6 586 8000 1.775 : 3000 1.90 10000 €1,825 5000 1,25
170 14 300 1419
200 or 11
Agreed merchant
rates
A
improves Wall Street
New York, Aug, 28.
cut in the prime rate by the nation's banks gave the stock market its third consecutive weekly
rise.
The 1st
registered its best gain on Tusday after most major banks reduced from 5 per cent to 4 per cent the interest they charge on lone to customers with the best credit rating,
The advance carried over into Wednesday but was reversed in the lost two sessions of the week when some prom-taking care into the market, Brokers noted that the decline in volume the last two sessions from the mid-
Greece to have big aluminium
industry
ás
week pace was characteristic of consolidation periods.
A
OUTPUT
EXPECTED
Cleveland, Aug. 28.
vigorous upturn in steel
production is expected in October, but only small gains are on tap for the next three or four weeks, Steel Magazine sald today; They ala that certainly some
The national wockly said sort of reating phase was called
atce men pro depending on 15 consecutive days onsonal factors, who have cut for after
during which advances outrum-
much as bered declines. They added how-thels inventories as ever, that constructive
they dare, to bring about the forecs continue to hold the reins and upsange. there should be sufficient support to cushion any selling. They ex- pect a renewal of the uptrend shortly.
CONSOLIDATION
One technician said that the consolidation of relatively light volume would importantly im prove the internal condition of the list and help the market'e chances of responding to any poa!-Labour-Day pick-up in business.
men
clted such other Steal also
as demand for hopeful treats oil country goods which slowly reviving, and approval
פרא
of a gas transmission line for the west coast. The latter' may generate substantiad demand for plates used in the fabrica- tion of line pipe.
In-
stainless steel
A BRITISH company which has in recent years
an-
developed a revolutionary new technique for the electro-polishing of stainless steel, has nounced that it has won the electro-polishing con- tract for what is understood to be the largest stain- less steel building in Europe, a 35-floor 387 foot high office block, claimed to be the biggest in Millbank,
The Arm has already begum the cantruct under work on
which 13,000 separate items with Closed-circuit
a total area of 100,000 square feet and weighing 100 totis will
be poilshod electro-chemically TV at Harwell
The scientist
who developed
LOSED-CIRCUIT
tale-
the procesa Mr. P. Allan Clier- lesworth, a director
the firm, said that he had sought a way vision has been brought of polishing stainless steel by into service as an additional Because estimates August
the reverse of electro plating. got production reach 6.8 million "The Irregularities in the metal safety measure for the high- tons, compared with 5.3 million
mechanical abrasion, to leave a power materials testing re- in July, the rate will average smooth surface which by alter- actors PLUTO and DIDO at 54.3 per cent of capacity, ing the
processing conditions topping the July ie by four can be varied as required from the Atomic Energy Research. points but falling short of the ; a bright and highly lustrous, Establishment, Harwell.. predicted 57 per cent.
one
So-
It
research
As for the business world,
down to a matt silver finish. there were no signs of the
The equipment will enable the "This is electro polishing. economy coming out of its sum-
doldrums
atcel And
- RAIL STRIKE
had already been done in the inside of the reactor buildings written
for to be viewed from an external oMelals have virtually
metallurgical laboratories
if it is over Steel output slipped 0.2 of a decades for the polishing of very control position off September as the month for the long-awaited upturn, They point to 54.5 per cent last week small samples of metals and al- necessary to evacuate the build-
as the as a now pinpoint October
expenings as a result of an accidentai railroad strike crippled date for a major lum-around in production at the Pittsburghys. But this was an
sive process and the problem release of radio-active materiais. plants the depressed steel market.
U.S. Steel Corpora- was to develop it in an economic Pluto and Dido are the most Athens, Aug. 28.
A drop in July machine tool tion. Output was about 1,552,-
way. I decided that the greatest powerful reactors at Harwell of future 000 Ingot tons.
scope for development lay with and are used to study and make Greece is to have a £20,700,- orders, a barometer
plam, also injected The magazine sild exports stainless steels and other stain-seoclcrated texts on the effects 000 aluminium industry production
the providing pessimism into the business gut-are
current less alloys because the mechani-of irradiation on materials and govern- part of the
look. The weekly bustriess market support, although
cal polishing then necessary to fuels used in the construction or ment's five-year economic statistics did not help clear up mill, near Philadelphia, bought produce the final polishes sur reactors They are also used
the picture either. Steel, crude development plan.
scrap for the Arst time since face was both petly in labour for producing radioisotopes and and coal pTO- Last October.
for basic research, and unpleasant to perform. A contract was signed here all electricity
"After considerable Steel Magazine said the yesterday by Mr Aristides Production all ran behind the pre-
vlous
As did treight week
the techniqtie WIS developed The reactors incorporate safety topapadikis and Mr Nikólaos Martie, Ministers of Economics
from the purchases Sales this week rose to
Stotes under export Hcenses world. The stainless steel ar shut them down in any event of and Industry respectively, and 15,208,260 shares, or a daily
with 22 metal working products ticle is immersed in a chemical malfunctioning. Each le cona- an airtight steel representatives of the French
having been licensed for export baths and an electric current is tructed inside compone Pechiney and Com.verage of 3,058,852 shares, from
would contain for the to the Soviet bloc
passed through it, but the pro-building which Greek Industrial 13,702,603 shares, or an average padec, the
of 2,740,529 shares per day
Bach cess reverses that of the well-sny radioactive material acciden- second quarter of 1900. Development Corporation and a
license involves more than $48.- known electro plating bath, and tally released from the reactor group headed by Mr Stavros week earlier.
of metal, usually seit, or from the fuel elements 000 and among the licenses for a thickness Niarchos, the shipowner.
experimental one two-thousandths or
equipment export to Rumia of automatic less than
for
| when being unloaded from it. muckines
making auto of an inch, is removed.
"Economically the process is cylinder blocks, valued at $5.3
of In the event of mich an, neci- milli compressors, $2.4 mli- the cheapest known method
steel; IL is dent the reactor, building would tionnd icemaking machinery,
highly resistant to atmospheric be evacuated, and although the $94,2/-UPT.
corrosion (a test section has reactor cannot then be run, cer been weathering in London fortain essential-operations can be two years); there is no limit to carried out remotely the size of the arlicle to be heavily shielded emergency con- electro polished. The process is trot room some distance away. TV circuit makes it possible now being used by the British
It provides for the setting up,
car loadings and bank clearings,vlet bloc is stepping "imited end patented throughout, the devices which will automatically
a
polishing stainless Canadion $ Maximum Selling, there will be larger weekly--found-in-the-figures-on-awel 18-23/32, Minimum Buying Josses for the
several mill operation and on national 17-5/32 T/T; 17-7/32 0/D, пех
industrial production. weeks in all probability,
observer
a
ins
Lust January, weekly steel Overal, the US, business pic-
was st 100 per cent of :output lufe
rumained as it has boers
By June it the 1047 average. for several weeks-full of con had fallen to 105 per cent of -tradictions and what one the 47-40 average.
enlled a "rolling re- "slow roll adjustment" with a
Yet in that same period backward-sikching, forward- dustrial production (based on creeping, straddle-legged per-an index not adjusted for sea-
because species that de-sonal variation centipids of
steel Agures are unadjusted) nes leftullon,"
There
were good reports and fell only two points. It was bad, optimisan and pessimism, 188 per cent in January, the highly-reliable figures which same relative level as the sleet reported one thing and equally pruduction, and 166 per cent in Steel went down 04 reliable statisties which reported June.
paints, industrial production Just the opposite.
only two.
Cheerful news
the
the
Experis were just as puzzled as the non-experts in assessing Most cheerful news was the situation. A reading Detroit report that car sales, one of the banker said that a "cyclical bulwarks of American business, recession in business is start- had markedly improved in the ing." But Albert E. Sloan,' a past 10 days. Chief reason for Chicago
direct-mail executive
this appeared to be that sales who bases his conclusions on of used cars had unexpectedly container production and freight.. improved, erbling new-car car loadings, says: "The econo- dealers slash their used ひむ
my is just now emerging from Inventories, which had risen to a six-month-long recession." dangerous figures. With used car supply in Ene, the dealers In New York, the Econotnetric, again give satisfactory Institute sold that the economy trade-in allowances to simulate is now at its low point for the sale of new Cars. It is now next 18 months and will stari estimated that 500,000 new cars immediately on a grādual climb will be sold in August, com- which will burst into a boom pared to 425,000 in July.
In 1961-UPI,
can
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см
}
Exchange rates
2.30
Near boom on
Cotton goods market
still weak
New York, Aug. 28.
New business in industrial
LPS.
bo
from B
car industry, for food and dairy for operetors to view the interior of the reactor building from the equipment, for photographic equipment, chemical engineering emergency control room and
and plan
control and atomic energy Boks and in thus almost every other industry,"mergency operations inside the building. If it is necessary for workers to enter the active area they
instructed, and may be shown what to do before they enter, and will then be able to carry out the maximum work in the limited period during which It would be safe for them to be. exposed to radiation,
and apparel-type cotton Reduction of grey goods continued at
an exceedingly slow pace stray radiation
this week.
AN 1981.
MOST ACTIVE
Telautograph, which on- of an alumina (aluminium
available for oxide) production unit with announced it has annual capacity of 100,000 tons leasing "electronic handwrking" machines that can transmit or rising to 200,000 tons, und an
to Teive messages over locul or aluminium production unit
long-distance telephone wires, produce 54,500 tons annually,
the was by far the most active Issue The plan is based on existence of huge deposits of with sales of 403,000 shares. Its bauxite and linked with plans price more than doubled in the Weck, rising 9% points to 19. for power dams on the river
Studebaker-Packard, Amer!TM Acheloos in west central Greece.
Motors, Lockheed and The aluminum factory is to be on Business was done in the local unofficial exchange market thie
completed within the first half General Motors rounded out the morning at the following rates;
of 1984.
The contract provides ve most active issues. 1.06 that Greek personnel shall be The Dow-Jones averages at 30 US. dollar (per 1) ......
showed Sterling notes (per 1)
15.03 trained
close to replace foreign Friday's Australian notes (per £1). 12.03
up 0.00 techniciens who will be ém- Industrials at 080.13 indonesian rupiah) (per 100)..
30.40 ployed during the initial years. points from the previous week Siam teals (per 100)
Tai-Reuter.
and 20 rails at 139,92 up 0.19. Singapore (Straits)
The utility average, after reach- ing a new high since June 6, 1030, on Wednesday, sipped back a bit and finished ot 08.02 up 0.49. The average for 65 flocks inished up 1.00 to 210.55.
Use, can also be made of the Most drugs issues were helped
London.
television system under every- by the announcement that oral polio vaccine will be produced
Nossential and obvious day conditions by the inclusion-
of a screen in the normal con- commercially by mid
of requirement
any trol room
reactor Inside the Allled Laboratories jumped 7%, American Homes Products rose
X-ray apparatus, whether for building. This enables the con- 34. Vick 3, and Pilzer 1%, but
diagnostic therapeutic rol staff to view and co-ordin
ate any special work in progress American Cyanamid' fell 4%.
purposes, is for stray, or on the reactor top which is not The motor group, where out put is slated to start rising next However, the Inquiries were "eff-beam", radiation to be visible from the control room. week so the 1981 assemblies ac-not translated into any orders of kept to the lowest possible There are two cameras for each celerate showed Chrysler up worthwhile proportions, so that level. In the interests of reactor, but if required for a particular purpose all four could 24, Studebaker-Packard up 1%, the buyer-seller stalemate- and General Motors up 12, bat existing, since late April-both patients and operating be used with one system. The
staff.
picture from any camera con be Ford off 4.
unbroken at the weekend.
Carolina mi points said the TWO COPPERS ACTIVE
In two diagnostic X-ray tubes selected at will,
Field-of-view selection, focus- adverse effect of the prolonged recently developed by, a British Lack of trying In vergoods hes rm the level of stray radiation and lens changing are ali Youngstown and Lakens rose catadd sorte multe in that area to
controllable by has been reduced below that of operater remotely
Bedm two each and U.S. Steel 1% curtall to a five-day from a six- previous tubes; It is, in fact, so emergency or the normal control
either despile De continued depressed day, thrpe-shift basis..
Toom. Visual examination est situation in the industry. Cop- Elsewhere, mills at present low as to be quite Insignificant, pers stepped back from last operating on a five-chy schedule the firm claims, in the asscs-be made of the reactor itself, the week'n sharp declines with said they would out back to four ment of the total X-ray: dosage storage block into which radio- active fuel elements are placed Anaconda and Phelps Dodge days rather than produce goods received by patients or staff.
These tubes which have been after unloading, and the encli- cock up more than
named “Guardian”, are rated at inry, and experimental - equip- 150 kv and -125 ký remectively.ment, any of which may need The reduction of stray radia- attention or operational survey.
Note: The equipment has been tion is due to a newly-designed abisiding in which the dispost-provided by Pye Ltd, of Cam-
X-ray absorbing bridge,-LPS. tion of the materials has been carefully calculated to givě málinum protection, 'and has been
London market during week
London, Aug. 28: Boomlike conditions pushed the stock market sharply higher over the first three sessions of the week.
The index was within reach of the year's high, but
the thrust lost steam of Thursday.
News that several ble print cloth producers intended to cur- tall weaving operations, rather than cut prices or accumulate inventories, attracted some in- quiries inte in the week from buyers inadequately covered for the fourth quarter.
Board of Trade details of Britain's poor export
two, and for the warehouse. The polity showing and an unchanged bank rate injected
Kemecott up 31⁄2,
of danno mille 'whis, not to allow realism into markets and the flurry subsided. Oils, still plagued by an over- more than a week's stock to a
supply, altuation, failed to movecumulate on any single tean. Persistent public buying Dealers belleve the burst of much either way with the excep-When that happens, the looms Joined
covered, by
autorically Continental and buying and the light volume of ton of Rishield which shot up American orders had
brolears underbood.----LIPI. accented sales on the setback again 10% on a good earnings report. the stock shortage in top-rank | démonstruled the massive Minneapolis Honeywekk stood issues Prices surged upside weight of money still awaiting out in the electronia with a riso only to produce an inote investment.
of.04. IBM gained 6%, but buyera, encouraged, by good
instrumenta Texos
Tell wix. compony profits, take-over Gilt-odied enjoyed # firm Corning Glass, jumped 8 in its hopes and the ballef a trade week and most liries ended on | group. but Ovena inois settlement between the two | the uptrack, Grogici fluctuated dropped 2%. Du Pont jumped Karopean bibes can still be across the wette a debt, talks 44 in the chemicals; General hammered out,
hopes trut eeled lower on Foods tacked on 5% and Ameri- Minua signs replaced the busnow together with Japanese can Telephono added 3%, Ralls broad array of plus marke on | han-awonlod.
Mocks were generally steady with the Thursday, but folls stayed responded to Wal Street's exception of an 11-point rise in small. Ön Fridný losses wgain | early as week performance domlanied the 1st Bub "the glowed higher un balance over buyers were coming back again | the week..
ta
give the market a fr údertone.
....... INDEX UP
The Financial Times index at
Molinaw
and Texor Postile.
Of the 1.400 jinues traded this advanced, 471-86- week. 780 clined and 179 held unchanged, New 1960 biche were rebclied by 208" bauen and 'new lows by 23 #lockUPI.
Golde suma coppers lagged un- der the Influcon of African politics.
bri recadd on Friday after
Vivole
But klo neroas the
332.9 moved up 0.2 points on carly, the week kainint the... Year's high of 342.0.
The dip in the red's ended inst two long hau hiipped po
5.5 points from the week's con
HK UNIT FUND
U.S. railroad rates up
New York, Aug. 28,
or
achieved with no significant In Generating plant
érase in weight over previous tubes.
The larger tube, the Guardian for West Indies 150, will cater for the increasing 1 use of radiographie techniques Bu | at voltages up to 150 kv..
the
A contract for generating!
contract plant for a power station at Kingston, Jamaica has been placed with "Aimo- clated Electrical ⠀ Indús». tries. Lid., of Manches- ter, England.
US. railroads plan to increase signed for the shorter, heavy Els large, heavy-larget la dơ- freight rated by one percent
exposures demanded by moderit on hearty sit clasifications.
radiological practice, and its very A group of trame executives large thermal capacity about from 20 major roady has drawn 15 per cent greater than in other
procommendation for An large tubes in common eroase that would increare makes it particularly suitabio cibe- freight revenues by about $100 for angiography and
The plant is tos, an ékimusloz radiography wheto:· long series to the Hunt's. Any Sation. Co, { maililors: merikually);"
The proposal, which must be of heavy exposures are called and includes a 20 MW. turbine
together with con generator approved by the Interstate for Comiterco Comition,
The Guardias 123 le designed dansing and food, hebling equips väliled at almod at offimiling, wegs in for general purpose radiography ment. The order.)
more, than a comet 62 EMLA creaves, granted récenthig bna : ut voltages up to 125 V
Edes pounds (sterling)