The Progress-Index from Petersburg, Virginia • Page 15

30 Tttt Progrest-lndex, Sunday, August 10, 1969 Prices Go Up; Car Sales Down; More People Work By JACK LKFLER AP Business Writer NEW YORK AP) Is the economy moVing at a gallop, trol or walk?" In long-gone days, a cavalry officer made the decisions on his troopers' pace based on current circumstances and what might be lurking over the next range' of hills. Present day government fiscal officials and private economists are in an analogous position. During last year they have tried to "evaluate the current, of an inflation- spurred economy and whether the reins applied through monetary restrictions are slowing the creature. -At--this months alter, the halter was pulled- there is a wide divergence opinion about how fast we are going. The Federal Reserve Bank New major arm the Federal Reserve Board vhich initiated a tight policy last thi past week: "There is little evi munity that the pace of business activity will, indeedj moderate in the months ahead." But, it said, except for housing starts and retail sales, most areas of the economy continue show substantial strength.

On the other hand, the First 'ational City Bank of New York aid: "Certain signs of impact of monetary restraints) are al- eady visible, including tontin- ed softening in consumer buy- ng, intensified pressure on prof- Is, some cutbacks in scheduled apital outlays, a sharp decline stock prices and easing of credit'-demands." Citibank observed that real economic, growth declined from an annual rate of more than 6 per cent in the first half of 19G3 .0 a 2.6 per cent rate in the first quarter and to 2.3 per cen in the 19G9 second quarter. Unfortunately, it continued, the rale of price advance speeded up to nearly 5 per cent in the first half of this year. "To some people," the bank said, "this means that inflation is out of control and that fiscal dence that financial restrain has as yet sufficiently dampec the excessive pace of economi activity." This statement was interpre ed in some financial circles a appears to be on the brink of a 'midirecession." "The odds for something and monetary restraints have been overwhelmed by inflationary expectations of businessmen and unions. This pessimistic nore serious than a minireceS' sion have been increasing in recent weeks," Argus said. It suggested that the result of a midi- recession be a tightening profits squeeze through the firs! half of 1970.

The fact that inflation is ex erting pressure in many areas of the world was reflected Fri day when France decided to devalue the franc by 11.1 per cent. This move had long bt'en expected but was resisted by France against the wishes of her monetary allies. Devaluation of the franc was not expected to have much immediate effect on the U.S. dollar but a shrinking of its alue was expected to bring the agile British pound and the roust West German mark under ressure. In pushing the extension trough Congress, the adminis- ation argued that the 13- month-old surcharge was just to take hold in cutting on spendable 'ucome and be continued so that a more substatial result could be Du Pont Assisted Apollo conclusion runs counter both to logic and an abundance of his- meaning that the New York Fed Itorical evidence." was advocating a continuation of tight credit policies.

The bank added that the recent slump in the stock market "possible reflects a expectation in the business com- A major investment advisory organization, Argus Research takes a dimmer view. It expressed the opinion that economic "overkill" may be unavoidable and that the economy Engineers Crowding Virginia Peninsula NEWPORT NEWS (AP)-Continuing expansion of research and development in the Virginia Peninsula's industry has created a comparatively denser population of scientists and engineers here than in any other part ol the etate. The high concentration of RD personnel on the pensinsula was revealed in a study by. the Peninsula Industrial Committee as a supplement to a survey issued by the governor's Office of Industrial Development earlier this year. King Meehan, PIC executive executive director, said: "We have made our study on.

the basis of comparative population of the various areas of the state and the number of people engaged in RD "While the number of RD degree holding engineers am scientists in the Fairfax-Aiiini ton-Alexandria area is nearl three times that on the pei insula, the ratio of scientists an engineers population wise give, the preponderant ratio to th! 'Products which the Du Pont Co. originally engineered Jor consumer and industrial use and began producing as early as 1931 played highly critical roles in the historic Apollo It lunar landing mission. Some of these products of Du Pont research have come into wide use in consumer items ranging from clothing to finishes for cookware. Others are newer and have exotic properties' such as resistance to extreme temperatures. Though not spe- fically designed for space use, they were elected because their high performance characteristics met the tough requirements for space materials.

"Teflon" fluorocarbon resin was was used to coat fiber glass yarn in the "moon suit" the astronauts wore on the lunar surface. Patches of "Tenon" fiber provided abrasion protection the shiny insulation blanket seen on the legs of (he Lunar Module, uses include insulation on trac- uses include insulation on trac- "Kapton," whose earfhbound tion motors in the Penn Central Metroliner, was also used to insulate 14 miles of wiring in the LM. The fil mwas developed through Du Pont research that began in 1955. Aluminized "Mylar" polyester film was also part of the shiny thermal insulation on the LM, and it provided thermal protection in the moon suit. Du Pont began producing "Mylar" in 1954 and it now is used in application including base for magnet- recording tape and boil-in- he pouch frozen food packages.

Neoprene, the first commerc- ally successful synthetic rub 5er, was first produced by Du Market Down Slightly For The stock market dipped slightly (Jus week. The AP average of 60 stocks went from 294 to 290 points and the Dow Jones average of 30 industrials slipped from Monday's opening of 826.59 to close the week at 824 points. (AP Wii-ephoto Chart) attained. In the face of efforts to curb nflation, prices of major metals vent -up. The nearly 5 per cent The Nixon administration this past week won an extension of one against 10 per cent income tax the end of this year, boost in the price of flat-rolled product used in the manufacture of automobiles, appliances and many other consumer last week by U.S.

Steel Corp. spread through the industry. Copper producers raised their basic price by two cents a pound. Some major aluminum producers hiked their price for primary ingot by one cent a pound. The Labor Department said continued moderate strength in the economy was reflected by a rise in employment, steady- hours of work and record high paychecks in July.

The PIC director disagreed! The total number of people U. S. Steel Operates Big Arc-Weld Mill with numbers used in the survey from the governor's office. He said those statistics count only scientists and engineers engaged in known and exclusively research and development firms. The PIC director noted that even without the additional RD personnel added by his survey, the .61 per cent ratio compares favorably with the state's figure makers, for the Fairfax area.

working climbed by 650.000 to 79.6 million. But the unemployment rate edged up to 3.6 per cent of the labor force from 3.4 per cent in June because of an increase in the number of persons seeking jobs. New car sales in July fell to 622,598 from 736,574 a year earlier. Among the Big Four auto- ORANGE, Texas The nation's most modern large diameter submerged arc weld steel pipe mill has gone on stream at the Orange plant of U.S. Steel's American Bridge Division, it was announced by John C.

Magness, plant manager. The modernized mill, now ea- lable of producing the largest diameter submerged arc weld steel pipe made in this country, las completed break in operations and can produce" pipe in all grades provided in American Petroleum Institute specifications. "This mill can grow for and with the customer," Magttess said, "and while we are presently tooled for most sizes in current domestic demand, the mill can be modified to produce pipe up to 48 inches in diameter Present tooling of the mill per mils size ranges from 24 inches to 44 inches in 40-foot Magness continued. "During break in operations the pipe produced' on the mil was exceptional for the qualit requirements of customers, anc we are confident we can lea the industry in the critical speci only Ford posted a Year-Round Sunshine In Your Bedroom! WHY WAIT? NOW At BUTTERWORTH'S cations as to roundness, and end condition- ig. These quality 'requir'ements an be met in producing steel ipe of varying grades and licknesses including all of the ligh strength steel grades for he oil and gas industry," Magness added.

"When we say, the mill wil row for and with the customer means wall thicknesses, di ameters and steel grades tha he customer may not be spec! 'ying today," Magness conclud ed. Plate for the Orange pipe mil is being produced at other cor poration plate mills at Pitts burgh, Chicago and Birmingham areas, out with completion of th new Texas Works' 160-inch plat mill at Cedar Point schedulec early next year, most of th plate requirement will be sup plied by Texas Works. on nearly half of the exterior of the suit. In-flight coveralls worn by the astronauts were made of "Teflon" fiber. In the Com mand Module, 15 miles of wiring were insulated with "Teflon" resin.

DuPont produced the first laboratory quantities of "Teflon" at the company's Jackson Laboratory, Deepwater, N. J. in 1938. It is now widely used in applications including non-stick finishes for cookware. Aluminized polyi mide film, a high temperatur material, was the outer layer 7 ont in 1931.

Industrial hose: and all type of transmission represent two of its mort suit, neoprene was part of tht important uses. In the moon suit, neoprene was part of oxygen pressure bladder, Nylon, the first true synthetic Fiber, was announced by Du Pont in 1938. It provided strength layers in the moon suit. "Dacron" polyester fiber, first produced in 1953 and now a standard material for wash and wear fabrics, was a spacer materil in the suit. "Nomex" high lemperture resistant nylon was introduced by Du Pont for protective clothing in 1063.

It provided a protective layer in the suit. Parts of "Pyralin" polyimide high temperature resistant materials stemming from basic research that began in 1955 were used throughout the Command Module. State Economy Shows Growth RICHMOND (AP) Vir-1 ginia's economy continued to VIRGINIA: how signs of growth during THE CLERK'S OFFICE OF June, according to the latest is- THE HUSTINGS COURT OF THE! ue of economic indicators, the CITY OF PETERSBURG, AUG-j monthly research publication of UST 4. 1969. Legal Notices he Virginia Employment Com- IN THE MATTER OF THE PRO-j mission POSED ADOPTION OF FRANK-! Of the 18 indicators used to IREDELL HARRELL, II.

an measure Virginia's economy, 13 vere up, four wore down one was unchanged. Only a minor downtrend in nonagricultu- ORDER OF PUBLICATION The object of this is to effectuate the adoption ofl above named infant by Sharral employment could be cons- ffll Elaine Murdock Harrell. An! as an indication of a dip in the economy, the publication said. That trend has been evident all year, according to the report, but on the other hand placement of nonagricultural workers in jobs during June was up sharply, 26 per cent. Giant sturgeons found in rivers flowing to the Black and Caspian Seas provide roe for Russian caviar.

A female produced more than 320 pounds of eggs one time. Narrow Escape President John Tyler narrowly escaped death when a big gun exploded while he was aboard the USS Princeton during an inspection of the ship. The secretary of state, the secretary of the Navy and three other officials were killed. affidavit having been made and filed that due diligence has been used by and on behalf of the petitioner herein to ascertain in what county or city the natural mother, Shirley Benson Crostic Harrell, is, without effect, it is ORDERED that she appear here within ten days after due publication of this order and indicate her attitude toward the proposed adoption or otherwise do what is necessary 1 to protect her interest. An Extract Teste: Ruth U.

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