1959-08-31 — Page 9

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,