THE CHINA MAIL, MONDAY, MAY 22, 1961.
Weekly survey of American economy
SCIENCE AND
THE RECOVERY CONTINUES ENGINEERING
Steel, housing,
cars all surge ahead
New York, May 21,
The U.S. business recovery continuod last week in all fields but one and there were indications that the usual summer slack-off period this year will be less noticeable,
*** lone exceptionn
Hetteral Meant
adettige was
82224-
uvre the next few menila -- and Interest employment
ira 3-
-
rates.
slih
i
view of International implications: want cutbacks | production tuned by ane reftas mills uncere the fact that
1xtiles the upwhy. in proceding at a slower than tially forerunt,
Several plants cal back from. fiveras to fame-day work week. ael betr.
34262295121
recovery
De
and
who
Presidential economic advisers and labour movement leaders fee that the business revival
he strong enough t will not pull unemployment much below ine six per eral level. Gearge Meany, president of the AFI
10, is actually garded as up- nastic when he predicts that a hve per cent unemployment cate Jand expected
may be reached at the end of tenties to start in the summer the year. The rate has been
substantial quarter now Ivel
betwing 6.5 und .8 per cent improvement may
several p several months, ruths away
inventories 15h littled hight foreta unport were binned for the situation.
On the other hand, steel, car, Inawing all gurged alrod, coas Tinting th April advance which brought US. Inkistria; prude- tion in that month to is highest point sirare last October. The Federal Reserve Board Index of output in foceries, mines and at 105 utilities in April obat
mr cent of the 1957 average base
an Impressive jump of almost, three percentage March.
paints
from
As for interest rates, which have been kept low to simulate the recovery, Huanelal market experts predict they will mot uu- dergo my stich plura as that which developed following 1950 recession,
the
The weakening of bond prices in late March and April reflect- among in- ed un assumption Vestors that a reversal of the
uses trend would conso abrupt drup in bond prices and
im!
tile in interest rates, low- ever, all indications are to the contrary. Stimulation of busk Analysis non expect the pros he's growth has replaced stabil- ruction index to register about, ity as the key monetary policy the same in the summer. inch up objective. Credit policy will res to 100 in the third quarter and main relatively easy even in a wind up the year with 119 the fourth.
IMPRESSIVE
Stel was the most impressive performer. Its role
well was
long. 21
periost of business recovery and Restrictive higher rates will be! applied only it boom conditions develop.-UP'.
deserved. "It's been Common Market
long wall-but we are back la stoel executive
business" ne
put it.
for t Steel outpal incall
rist weekly tenth cecutive following last week's production of 1,913.000 tora.. It was hoped the 2,000,000-ton werkly output burdle would Er enhed again.
suggests cut in customs duties
Tall tower for Swiss Fair
a tower, 919 feet high, will dominate the buildings of the 1964 Swiss Trade Fair, at the Palais de Beaulieu, Lausanne. As seen in this model, the tower will have a restaurani and gallery at the top, with places for 800 to 1,000 prople. who will be able to enjoy a panorama reaching from Mont Blane in the Alps to the extreme end of the Jura Mountaine The tower's design is the work of Professor Sarrasin, in conjunction with architect' Jelin. Tschumi.-Express Photo.
WALL STREET TEXTILES
STOCKS SHOW! WEEKLY
BIG GAINS
New York, May 21.
Stocks bulled ahead in four out of five sessions on
moderately heavy turnover this past week, to finish in uncharted, record-high territory.
Indications that the business recovery is speeding up shifted buying emphasis to blue chip and
eyelleat issues, quality, away from The more specula- groups, which were hurt and by news at the Security Exchange Commission's probe LET The American Stock Exchange.
live
REVIEW
Cotton Aircraft industry's weekly first hydraulic
review
May York, May 21. Cotton futuros ended
one
of the quietest wacks of the year
with narrowly
mixed and inconclusive price changes.
At Friday's clore the list_rded 10 lower to nine points higher, or off 50 cent to up 45 2. nt: a bale compared with the pizzed- krt week.
Sum ordem were suflleint to ease the idly erralle pric change at Umes. Comunission hot and the trade were m
sides
the market, engaging in routine evening-up. of acnunta in the old and new 21301
The
positioners
Burbank, Californio, May 21. aircraft industry's first hydraulic positioners-capable of locating 2,000- pound jig components with hairline accuracy—are reducing fixture-setting time by 80 per cont, Lockhood's California Division has announced.
movements
of Inercments moured to two-thousandths of ac- an inch result in extreme being | curagy.
Pro
Under development for three years by the earpony's Monk- The end of the cfl crap sea-, fetaria: reach Pagineers. The
devices are Fon math of July is to the portable ing and "free" Putten lies parketed by the Special
considered
Bid durts Sales Uult at the Cali- large. arv
fornia Division, prives for new crap enten mre low and spot merchants are re- tuetant to consider sales at bid prices,
by
the
The
new method of too! building is designed to eliminate the Unie-consuming practice of Lockheed wed the new tools, bolting welding or doweling help buik virtually alt smaller components to a jig's or is required to produce main frame.
#
the P3V-1 Orian anti-sulanarine | wortare altplane now
manufactures Navy,
for the
Lockheed alrently Jarin
has pra- US duced four hydraulic Jig post-
tioners.
In the "free" supply picture, stocks owned or controllert by the Commodity Credit Car ipuration as of May 15 showed a drop to 2,427,000 bales from the 5.114,no bales helt
"These hydraulic positioners agency on Jan. 23.
Crup and weather news varied provide a methed of his build- generally. Early planted areas a second to nene in accuracy, reportedly have made excellent case of applicative and produc- progress, but elsewhere much for speed." M. C. Haddon, vice replanung will be necessary, president and California Divi- Wet soil also has delayed plantskan general manager, said. Jog in the later producing
Helatively inexpensive to sections.
build and maintain, the remote- ly controlled positioners rely chiefly opon six hydraulic
J cylinders to glide ponents weighing up to
2,000 pounds into exact position.
NEW HIGH
The certificated stock con- 'tinued to elimb, reaching a new high for the season at 105,620 bales plus 3,115 bales awalung Inspection.
New York, May 21.
The open position in July at Cotton The
groy goods the weekend totalled 80,300 market here last week bales. Spot technicians thought become more of o two- a good part of the stock may be which is not sided affair, although high micronatre,
readily sulable at this these. quiet in the overall out-
The Census Bureau reported linc.
dumestle consumption of all raw polton at 617,216 running bales off from the 700,200 bales used in April last year.
Raw
i
Other highlights included i American Optical up 031. Her- shey down 9. International 10 n Silver up
in advant
While heavyweight industrial ageous debenture offering to goods showed a strengthening stockholders, Polaroid down 16 frend. The opposite was true after a record run-up, Singer apprel fabries, where mills con- up 915 and Funbord down 974. Unued to send off a sustained A total of 1,453 issues were, buyer probe for lower prices. Iraded. Of these 797 advanced. 302 to new highs aut 558 de- Brassols, May 21, i
theclined, 19 jo now lows.-UPI Investors reasoned that
the Commission investigation, regarded as
Market nest intensive since depression of the Common 1 Better in the
addi- days, might spread to the big. Normal believes that an climate.
board where many Speculative Intories contribute:l tional 10 per cent reduc- stocks have also been pushed to that there was advance
tion of customs duties at: unprecedented heights, biging by car-makers is a hedge against pnsrible inbour troubl
The improvement in steed way
the best - fin of the g The Executive
change for
We
seopomal and
The usund simmer slump may hit steel again but not as hard
Car-makers Are
the end of this year would
Meanwhile the market blue- bloods, which had been running in all member states well behind the rest of the list,
the support
paced o umrked upswing in favourable development prices which culminated in new
Dow record
highs for the of economic trends.
Jones Industrials at both Wed-
serve to
!
LONDON STOCKS DROP
as other years. It may do more than level off the uptrend temporarily. expected to rarry out an curly This is the conclusion reached nesday's and Friday's close.
from the fast phase-out of entrent in an analysis of the reonomle Encouraging news ned
A quietin model production this sumer situation and the outlook for Lautian peace talks, and start 1962 model assembly economic development in 1981 of conditions in the Congo, and lines rolling sooner than ta
Stock steered prepared by the commission of the Kennedy-Khrushchev talks int previous years. The reason
the European Economie Com- June-confirmed in the final sou-
The industry's contracts with the maits for the Council of sion also contributed to buying
Unileri Automobile Workers ex- Ministers.
pire on August 31, there may be
a strike and the manufacturers |
The Courell of Ministers of
want to stel some of the new cars EEC must decide before June to dealers hands to whet the 30 if in the light of the econo- public's appetites.
mic ber
trend cent
Bentlmical.
ATTENTION
a
London, May 21.
contrary course to Wall Street last weck after their
long climb since the start of the year, Industriuls slid; down when buying cased and
volume business contracted,
Whitsun
i holidays, a flow of disappointing
Demand for lightweight goods, prints, broadcloths, lawns and inest over standard construction,
cotton exports for the season through May 16 totaljerl
com"
Vertical, lateral and lineat displacement, and vertical, horizontal and axial rotations are the six areas of movement covered by the new tool.
Here is how ixture builders Use the device:
A component is clamped to e temporary poultion on the hy
i
ita approximates
Anal,
precise location.
A single workman guides
Next step, say California Divi- sion manufacturing research engineers, is conversion of the present tool to a fully automatic device that electronically post- tions a component onto its fig.
Water
pressure
A now
sets
and
supply
range of
sets
pressure for marino wator
supply systems has been. developed by the U.K. firm, Mogator Pumps Compressors Ltd. Apart from being fully automatic they aro aim- ed at reducing the and weight tanks necessary
given conditions.
sizo prossuro
for any
with I The complete equipment, in-
8,166,399 bales versus 5,751,487 Lockheed's unique tocl,
• bales to the sume the last its self-contained power supply. | cluding the pressure tank, Is
to the inain xture. season--UPI.
was rolled to spot and nearby BANK OF ENGLAND
delivery.
Interest in third
production
quarter
limited.
and fourth remained
Conversely, weavers of heavy- weight industrial fabrics, anti- cipating additional release from
STATEMENT
Nutes in chreulation
£2,200,650,014
10.166,522 330.131,055
400.525.131
$5,000,401
33.757,003
London, May 21. The Bank of England stale- ment for the weet ended May the automobile trade for 1902 17, reads as follows: models, are aware of low inven- | Public deposits tories in consumed hands, mola- | Private déporite lained a bold front on prices, Government securities although late in the week new misgivings arose with news of low-priced offerings here of fat duck fabrics from Spain at al good-sized discount under do-; nestle prices.
Spanish duck cloll Imporis available here around four cents pound, landed, below Ameri- can prices, Invalved construc-
on used by
the pick-sack trade as well as for tarpaulin
use,
Elveliondes and other specula- additional 10 five issues, isoking cheap after in the week. will reduction
be derlines carlier
once again received considerahk Car sales in the first third of possible on December 31.
Investor attention while volume May continued their incrense, i
There was no heavy selling with 165,63% US-bubit cars To support its views, the con- tapered oft before the weekend.
resulted from ! and many falls day mission recalls that the cam- sold the first ten
The Dow-Jones IN Koing through a
industrial marking-down tactles by dealers. of this month, the daily sales munity
Experts had been forecasting rate of 18.104 units was 14 per period of remarkable expansion average closed out the week et.
a pause for a breath after the ernt akend of month-earler and states that the favourable an all-time high of 705.96 for n
but judged the trend in the first, et increase over the week of ustainen rise, economie levels.
Just werk It was stilt 12 per cent under months of the year and those 18.05. The rall component was, tade-cut of buying
by the the same period of 1960-but which can now be more plainly up 2.79 at 147.08 and utilities was helped the gap was narrowing all the discerned for the whole of 1981, finished at 133.09, up 0.07.
Ta lightweight goods, The comprehensive Standard company news and the warning i will prove correct in all memberi tine.
was also well states, It is likely that the rate & Poor's 500 stock index, which on trimmed are margins from The rewvery
the more Imperial Chemical Industries. of growth of the gross domestic Includes many reflected in April #gures for new orders and sales of durable product for the whole of the speculative isates and electronics,
The conviction remains there five-day week in a move community will reach at least showed a smaller week-to-week ; goods manufacturers which rosive per cent and that of indus gain of 0.02, indicating that are still ample units suit wit four per cent each over Marck, trial output at least dlx or seven tilghtly over $5,000 million wes 'log investment and awaiting Then there was personat lacome per cent.
added to the paper value of all suitable opportunities, Usted stocks during the period. The Financial Times industrial annual rate of $410,300 mlllton,¦ The views of the commission
Stock sales for the week
index slumped right points up $500 mon from March and have been forwarded to Mr. Jotalled 24,274,430 shares against i
across the week to end al 357.3 the highest
The Spank, President of the Council 26,0283185 record. 4211
a week warlier anel previous high was last October of EBC China Mail Special.
19,725.380 shares In the with $409,700 million.
|parable peried last veur.
In April, which Tose
STOCKS RISE
The Kank business news
resulted in some spretocular d
vances on the Stock Exchange!
at mid-week. The Dow-Junts!
STRIKE CALLED
+
ther to Chicago, May 21.
Getty Oll up 3% and General tion, Motors up 2.
Industrial average cilmbed over A strike which A
i
more.
WORST DAY
i
DUCK TRADE Brokers also said India and Hongkong Imports have hurt the duck trade here, notably on chameling goods. The bulk of this business, they claimed, has been lost to cheaper imports.
iwo announced they will eut production back- to-four-days from a present
holster the market. Another mill in Male, and an important producer of rateen, decided to suspend operations attogether.
leading print mills
10
Brokers felt the move should have beneficial effects on the market for prints, lawn and combod saleen eventually.
Cotton males yarn activity con- tinued mostly on the quiet sido while traders awaited a revival of Belivity in the weaving end of the trade. In earded yarns, one
purchases
Glen Allen, which showed » ; Arst quarter earnings improve- On the worst day, Thursday, ment was the most active stock the index declined 4.7 points rising on profit-taking, Avnet ¦ but the decline braked Q11 off 4 the stock reacted fur- Friday when mall buying took
a ban on stop orders, some leadem off the bottom in underwear knitter, reportedly
moderate Inte deals when bargain hunnade ters move in.
through the fourth quarter. But other mill shied away from groups were strongly recom-j On the week most blue chips fourth quarter delivery, believ- mended Richfleld up 1% in the eased. British American To ing the situation still too un- pils, Jolina-Manville up 35 in barco lost nearly one shiling to certain to justify the risk.
shil- bullding materials where Cer- 72/9, Courtauldů last two tuin-Teed fel! 344, and Home Hings to 42/0, Dunlop were more at 27/9 Products up 0 in the drugs then one shilling off where Sterling fell 7
while Imperial Chemical fost Chemicals were strong with
two shillings to close at 70 shil- Du Pont, trading ex-dividen up 1244, Union Carbide up 0. Dow.up 44 and Allied up 2%.
700 for the first ime on Wednes- tender sald could disrupt Bet- Other features in the major dny, contulny a bull-market vice on every major U.S. rall surge that has pusheit up total | way has been scheduled for market valuations by almost 15 tomorrow. per Len over the past six months.
Mr Milton Schoch, President While obviously reflecting of the Railroad Yardmasters of business vondence, the advance America, said the walkout was brought its usual warning from called following the breakdown the Stock Exchange president, of wugd talks with the rail- Keith Funston, against overdo- ways. ing the speculation bķi. The
wärd of caution was based on Yardmarlors are responsible fears lest the stock buyers let for hunting arrangements at thele imagination run awny marshalling yards. Mr Schoch from the renilties of the bald that in his opinion the economy.
walkout would tie up or disrupt There SVETA two factors service throughout the country. which were not expected to He did not say how many ualon vary much under the influence members
involved, were of The advancing coonomy China Mail Special.
In the electronics, Litton rose 4 on higher earnings but Amp felt 7, Beckman 4, IBM 13, and Texas Investment 10%. Zenith was a bright spot up 6. Aircraft features were Re publie down 4% and Northrop off 44. Ford led the motors with a gain of 4%.
Hard are trading found scl- backs, where oversens business was reported aluck and eroj news generally favourable.
Hemp prices showed mixed Bent grades tended changes.
viewed the Most Industriai scetion Joined her as traders
military takeover SEL Korea. the downturn
Sisal prices also were mixed. Brazilians were nominally un-
with Jaition drift changed,
misol prices inclined to ease.
Grey goods continued quiet as convertere
prooccupied with digesting previous pur- chases.
In
Gold shares cared egala depressed conditions, the helped by South African moves and to curb capital outflows early-week newn of the ban on for forward currency stock deals-UPI,
cover
were
Other securities Hearts Ilatio
delivered as a single prefabricat
By using the dual-controlled, ed unit, which allows the whole 1,500-puund hydraulic
mer white
observing
the assembly. including posi-! of
controls, and pipe com-wiring and
connections between pumps and ponent placement through con-
carried out uder tels unks, to be ventional optical tooling
worttshop conditions. locale two operators scopes, connection points precisely.
Held Armly in place by the six positioner's
hydmulic cylinders, components are at
The pressure sets have met the requirements of Lloyd's Register and the U.K. Ministry of Transport for sanitary and tached permanently to the fresh water services, and are
A
to
with a steel-strong mixture of made in a range of standard Kerrstone and water.
alzes, with pump capacities up After allowing
15 to 36 tons per hour. The pumps minutes for the mixture to
operate with a standard cut- harden-binding a component out pressure of 80 lb. per so.
post-Inch, a
to its jig-the hydraulic
pressure regulator or tioner is ready for its next job. reducing valve keeping the pres-
To avoid insitur costs whon doveloping a now atamfo safety instrument-kere reen in uso a British company decided to have the housing made from polyester resin When Anal modifications had reinforced with glass fibre.
with- the been made, the engineers were so sailfind material that they decided to use it for production models as well,
The Instrument is the new BMI Single Hand Monlior. which measures radioactivity and is designed to provide
contamination of quick, emelent means of checking the the hands of laboratory staff working with radioactive materials auch an isotopes. It la Intended for uno in amati laboratories in hospitals and uplyegulileg and gives audible and vlaible alarms if the contamination exceeds the Beltisli Standard safety lavol.
sure in the system at the requir- ed level. The initial setting of this regulator at the no of Installation, or later alteration during service, is the only ad- Justment required.
1
A simple combination of a pressure switch and twi way float switch provides auto- matic control of the pressure and of the air volume in the tank. If the air pressure is below the standard maximum
when tho water has risen to the cut-out level the tank is automatically connected to the compressed afr supply by means of a solenoid volve. if a suitable air supply is not available. the control can be merged to start up a small compressor.
two
Bach set itted with humpa, one of which is a stand- by, and either of them can be brought to use, on automalle or hand control, by operation of a rotary selector switch. Suction and delivery Isolating non-return valves, witch have been recent- ly developed for this service, make the water connectiona automatically when changing from one pump to another.
If an obnormally high peale demand is experienced, beyond the capacity of a single pump, it la perolble to arrange for both pumps to be used simultaneous- ly. In general practice, tho socond puins la purely on stand- by, the running pump having a capacity large enough in deat with the maxintum expacie tlemand.
If dielated by the space avail- able, the pressure set can be supplied with the tank separate. In this care the pumpa, isplating valves and other accessories are supplied an one unit, mounted on a cominen base, with the control and instrument panet ng n separato unlt for bulkhead mounting.
These new pressure nola wore shown at the recent Engineer- ing, Marine, Welding arud Nuclear Energy Exhibition in London.