The Courier News from Blytheville, Arkansas on June 7, 1950 · Page 9
Get access to this page with a Free Trial

The Courier News from Blytheville, Arkansas · Page 9

Blytheville, Arkansas
Issue Date:
Wednesday, June 7, 1950
Page 9
Start Free Trial

WEDNESDAY, JUNE T, 1950 BLYTHEVILLE (AUK.) COURIEK NEWS PACB NINE • Rising Metal Prices Hit Nervous Market By SAM DAWSON NEW YORK, June 7. (fl'j—Metal prices on the march ngatu tied in yesterday with rising employment, ctaring Installment buying, record output In a few lines, lagging sales In others—and a nervous stock market, jjjh'akcn together they appear to >Rck up the contention o! those wlio think the long-range business prospect is evenly divided right now between Inflation and deflation, with caution still the best policy. Together they also show why opinion is divided as to whether the traditional summer slump will be as deep this year as usual. Auto and steel men sny "no"; many others say "yes"; more $ay "maybe." Metals are the prize exhibit for those who contend that inflation Is making a come-back. Here is what has happened recently Steel scrap hit a record In'f-h in Pittsburgh yesterday, selling at $4G a ton, more than double the price j'jst a year ago. Steel men have been shovelling record amounts of scrap Into their furnaces to turn out the greatest, tonnage of steel In history. Scrap dealers have advanced their prices $15 a in three months. Basic steel prices have not advanced since December, but premium prices are paid for many finished steel products. Copper scrap has been hard to find lately, too. A leading custom smelter, which buys this scrap to *r smslters busy. They also help to brighten the employment picture. Looking back- wird. as government statisticians always do, the census bureaus reports that last mouth the Jobless totalled 3.01C.OOO. This was 273,000 fewei out of work than in May of last year. At the same time, a growing labor force and a booming durable goods market combined to send the tolal of the employed to 59.731,000, or 1,037,000 more than were working in May,, 1940. As farm jobs open up this summer, the total of employment Is expected to equal the record set In 1948. Credit Buying Up Against this background of rising prices and rising employment, three things are silhouetted: The contrary opinion of some stock traders; the warning of same business leaders that the boom isn't firmly bas ed; and an all-time high In buying on the cuff. Yesterday the stock market had its sharpest drop since March. And the sharps which suffered first and most were steels and motors. Many observers regard the break as technical-traders taking profits after the long price climb. The Federal Reserve Board reported yesterday that money due on Installment sales has hit a record of more than SI 1.3 billion—a figure - make refined copper. Is offering £ent and a half more a pound for jfc— and charging two cents a pound >nore for the resulting refined copper. That puts this custom, or secondary, copper at 22',-> cents a pound, within one cent of the post-war high, and six and a half cents above the postwar low, Jtist a year ago. Mcsl producers of primary copper, fresh from the ore, are waiting to see what to do about another price hike. -/opo/ong Grasstdy Jalts Movie Filming mYLLWILD, Calif., June 1. (AP) —Filming called oil on account ol rit.sshoppcrs. That WJKS universal international tudio's plight yesterday after a ionic of ihe IttfccUs took over vrt'Mcvu locution s)Hil here. Conny officials wore unnUle to send out plane U> spray the area because 10 crops were Involved. There was no confirmation that he movie might be titled "Hopa- ong Grassidy." ITALY BUILDS NEW LINE R—The new 25,000-ton liner Giullo Cesare, to carry UQO passengers lies on (he ways just before il was Launched at the Monialcunc yards. Their order books are filled right \ , £1 now, anyway. , n _ them than Zinc Zoom§ Kne prices have Jumped 10 times since the middle of March, a totnl Increase of four and a half cents. It- now cost<s 14 ",i cents. And zinc concentrates have advanced $7.50 a ton to $91. Nickel went up tight cent* a pound last week. Aluminum went up * half a cent a pound last month. Magnesium advanced one cent pound yesterday to 21 ^ It was its first price change since 1943. What has sent all these metals elimbing back up the price ladder? Principally nil the new cars and all th« new homes. Metals are used In construction, and more mctfll «oe» into all the gadgets that furnish tha new homes. The auto industry, one of the biggest buyers of metal, (B running at record high speed now. These three inclustricb —construction, autos and appliances |j£keep the steel mills and the cop- that makes merchants of soft goods shiver. And a utility president says today we are in "the mast dangerous and unsound boom In history." W. C. Mullcndore. head of the Southern California Edison Co., tells the Edison Electric Institute's annual meeting in Atlantic City that what we see today is a "phoney prosperity" that becomes more dangerous as It continues. The metal men, the auto makers. the home builders don't see it that ;rhaps more side with with Multendore. But ;here you have It: both views. Truman to Receive Phi Beta Kappa Key COLOMBIA, Mo,, June 7! (/P>— President Truman is to become an honorary member of phi Beta Kappa, national honor scholastic society, when he comes to the University of Missouri campus here Marshall Is Renamed Red Cross President WASHINGTON, June 7. 0p) President Truman yesterday reappointed Gen. George C. Marshal for a new three-year term as president of the American Red Cross, The President also reappointeti the board of directors for three year terms, with one exception: Secretary of Interior Chapman will replace Secretary of Commerce Sawyer on the board, . rills was on the recommendation of Gen. Marshall, who suggestec that the Interior Department's con cern with floods and Indian affairs brought its secretary Into closer touch with disasters and other Red Cross problems. . Friday to deliver the commence-1 meiU address. ' Appropriately enough, the ceremony in which he obtains the Phi Beta Kappa key, will take place at the monument which was designed bv and originally marked tlie grave of Thomas Jefferson, As he leaves the commencement scene to be a luncheon guest of Jr. Frederick A. Middk-ljush, prcsl .out of the university, Mr. Tru nan ulll pause at the momtmen o accept the key. For Safe, Profitable Grain Storage SUTLER- Galvanized STEEL GRAIN BINS Fire-safe, weather-tight, rodent-proof. Permanent, long-life construction. 3 convenient sizes: 1-4'xS'— 1000 bn.; la'xll'—2200 Order Butler Galvanized Grain Bins NOW from hTe white oak Is Maryland's ot 'itial stale tree. Jus Has Television LOS ANGELKS, June 7. HP) — Icy, driver, keep your eye on the road! Television sets have been Installer i buses on a I.os Angeles - Sin Fi'anctsco line and the customers ke It, says the company. The sets are mounted nt the fron of the buses. Kveryolle ciui see til screen but the driver. THE SHORTENING THAT HELPS CAKES V ACHIEVE EAT APPEAL / Chemical Unit to Train At Pine Bluff Site LITTT.E ROCK, June 1. HP)—Or- anlzed Reserve Corps chemical unlls of the Fourth Army area will take llielr 1850 summer training at Pine Bluff, Ark., arsenal. Col. Hush Cort, chief of the Arkansas military district said today (lie first units to begin training, (lie 390th Chemical Laboratory Co., Texas City, Tex., and the 401sl Chemical, Laboratory Detachment, Shreveport, La., arrived it Pln« Bluff Sunday. fCoot-/tict S ALL VEGETABLE CHEVROLET OWNERS! CHECK THESE CLEARANCE SPECIALS! Complete new Chevrolet 15Iock Assemblies $AA50 for 1935 and 1936 models. . .now only . . Chronic Truck Grill Guards. Formerly in-iced at $21.50. . .save §7... now 150 1019 and '50 model 30-hour Clocks and Deluxe Model Steering Wheels nl H real bargain. SULLIVAN-NELSON CHEVROLET COMPANY The same tires as supplied on many new cars 31 2 South 2nd Phone 6863 Why every car in the Indianapolis Race has a recessed floor! Buy a pair or se } and SAVE CHECK YOUR SIZE HERE i-? ply Blacl) 6.00-16 6.30-15 6.50-16 6.70-15 6.70-16 7.10-15 YOU SAVEl ON 2 TIRES ON 4 TIRES ] 3.65 4.15 4.45 4.25 4.35 4.45 9.25 ( 10.25 \ 1O.55 / 1O.45 \ 1O.55 11.2O BOY 4 SAVE Above Savings Based on List Price and Include Trade-in Value of Your Old Tires SALE ENDS JULY 3 r\ h up T0 MONTHS TO PAY ITs fite only way to jet lowest possible center of gravity — ma*™ road - hugging stability — safety advantages equally vital to motorists who drive at conventional speeds on the nation's highways. For llio lowest possible center of gravity, for stability on turns, for greatest safety, race curs have recessed floors. For the snfest, steadiest way of going over all kinds of roads — lludsons linve n recessed floor ("step-down" design) nnd the lowest center of gravity in any American passenger car. Race cars are built for speed on the tracks. Hvidspns are built for outstanding comfort and Yoadability on the highways. And brilliant engine performance, a traditional Hudson characteristic, is another indication of the sound engineering that goes into these great passenger cars. Won't you sec your nearest Hudson dealer soon? HUDSON HUDSON OTHER CARS Hudson') exclusive "itep-down" dciign, with Ms recessed floor, uses space Ihat all other carj wos»e. The resull is America's loweil center of gravity (and full road clearance), -while providing more head and seating room than any other car. YOlAi SAVE V ^ ^—^»^^B^[ Mounted " CHARGE I W \. The new, lower-priced Pacemaker bringt you at) of Hi^hoo'i er.Jui'rve ad von log en for Just o Few Dollars More Than The lowesl-Priced Carsl Hudsorvt, wilh recessed floors, tTiclr great array of high-quaUty, long-life features, and advancod design, are leaders in resale value, at shown by Official Uied Cor Guide Books! PRICED TO SELL! 6.OO-1S BFGoodikii Defiance REDUQIONS ON ALL SIZES NOW... 3 GREAT SERIES ... LOWER-PRICED PACEMAKER . FAMOUS SUPER . CUSTOM COMMODORE- BURNETT HUDSON SALES 515 East Main Phone 6991 FREE! 68-PAGE TRAVELOG prepared by RAND McNALLY & CO. Slop In-Get Yours Today-Nothing To Buy-No Obligation F. Goodrich Store 417 W. Main Phone 6331 TIRE HEADQUARTERS

What members have found on this page

Get access to

  • The largest online newspaper archive
  • 11,100+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free