European Stars and Stripes (Newspaper) - June 03, 1963, Darmstadt, Hesse Monday june 3, 1963 Economy Strong of sugar prices tumbled the staks and stripes Page m 1 j Hopes brighten for labor peace in steel Industry by mox lbs Lubnew York a Hopes or labor peace in the steel Industry sprouted higher last week and at the tame time the sugar Price bub ble apparently collapsed. It Alia we the anniversary of the Black monday Stock club of 1962. But wan Street ignore the occasion. Optimism about the possibility of a steel uber settlement Aron against a background of quiet talks Between representatives Oft i United steelworkers and producing authoritative Industry publications expressed the opinion that the next few Days will Tell the Magazine said negotiators Are on the verge of a settlement that would give the Union an extended vacation plan in a one Yea Extension of the contract Iron age mags Stone reported a Strong possibility of a Settle ment. An agreement would avoid re opening the contract for wage negotiations. If there is a reopening the Union would be free to strike 90 Days , leading sugar refiners began reducing prices for the first time since the upward spiral started in october 1881. Their action came after an official of the department of agriculture predicted a bursting of a speculative Bubble in sugar prices. The increases had caused boost sin the Price of some foods using sugar and in retail sugar How soon the Rollback might reach the fatal level still was question to be answered. The Stock Market took the anniversary of the 1982 crash worst since 1929-ln stride. It continue to loll in a consolidation phase after having More than made up its savings & loan dividend cuts spreading fast Chicago Cupi a move to lower dividend rates to savers is gaining momentum among saving Sand loan associations across the nation. Between 30 and so association shave announced plans to Cut their rates according to Norman Strunk executive vice president of the . Savings and loan league. Most of the associations said the reductions will became effective july. Then will be quite a few Morein the next seven months Strunk said but it is impossible for anyone to say at this moment How reason for the Rollback in rates is something of a of the High dividends they have been uttering savers Many associations have found themselves swamped with Money Strunk said. The mortgage Market main outlet for most Sal fallen to keep Pace putting a squeeze on the earnings of Man associations. Began la move began in late March when several Sal firms in Miami each and St. Petersburg Flo. Said they would Cut their dividend rates from 4k to 4 per cent reductions have been announce since then by several associations in Washington. D.c., California a Faona Alabama Chicago Cleveland and Newark. One of the firms is headed by Wank b. Yell Long jr., current pres ident of the is. Savings and loan league in Birmingham an interview Strunk said the a tuber of associations which Cut rates could of Ute possibly reach Moo or 40 per cent of the some 8x100 Sal orms in the nation have been paying More than 4 per cent on savings this year he said. About96 per cent pay 4k per cent or More and rate Are As High As 4�per cent at firms in some Western the first four months of 1163, net savings at Sal. Associations grew at a Pace 47 per cent Over that in the corresponding period of last year while lending volume Rose Only 19 per cent you cant be paying dividends on twice As much Money As you invest for very Long without eel ing if Strunk said associations have blamed Many things for their plight a Slack demand for Home mortgages lower interest rates on Home Loans and passage by con Gress last year of a new Federal income tax Law on association which hat taken x bigger bite from the fact is that we be been overpriced. He sold. We have Bee buying Money St tight Money prices in in Essy Money Market unlike commercial Banks which Are limited by Federal Reserve regulations on How much interest they May pay there Are no Lega ceilings on dividends by savings and loan p. Mcmurray chairman of the Federal Home loan backboard a Federal Agency supervising savings and loan associations has suggested that some Sal we repaying unrealistic dividends and should take Stock of their financial situation. The excess Money problem has worried some commercial Banks. Savings deposits at Many Bonk soared last year after the Federal Reserve permitted them to boost interest rates from 3 to 4 per cent. Many Banks As a result have been working hard to increase their share of the mortgage and Small loan Market Strunk declined to speculate whether Tome Banks might not Roll Back their interest rates too. But he sold Competition Between ban Sand savings and Loans and among the Sal s themselves. Is not Likely to Lessen. You la Sill see Many uttering clocks or electric blankets to at tract new he also said he doubted ii cuts of Small fractions in dividend would tend to curtail savings people save or spend for More important reasons than lust the in Terest he said. Much depends on their desire for new clothes a new Lumc or car and on whether the can expect a raise at work or be Laid Oft Over counter stocks gained during week new York up Stock traded Over the counter lost week closed National quotation Bureau s Index of 35 representative Indus trial stocks finished at 138.56. Up z23 on the the Industrial list american express and Dun a Bradstreet advanced i to 3014 and s3. Respectively. Talco products vaulted7 to 68 and bldg tool added j4 at 31among the losers were Sanders associates Down it at 37 Johnson service and Matheson co. Off 3 apiece at 58 and 21 and radiation dynamics Down 3 at 3914. In trading in insurance Issue Franklin life wat clipped for 6 at 60tt and life insurance co. Of 3 at 125. But securities insurance co. Of new Haven tacked on 4 to Tow. Bank of new York spurted 5 to384 Chase Rose 3 to Sou and Morgan guaranty added in to 119. Admiral unveils $400 color to Chicago up Admiral a new color television receiver to sell for s39o95.vice-president Ross a Draguta or. Said he believed it was the lowest priced color receiver on the mar Ket by about 995.he said the set would give As Fine a coloured picture As Man retailing for up to Sirmo he forecast the sole of 100.000admiral color receivers this year and Industry sales of 700,000 Orvn re sets. Trading heavy results mixed on amex Board new York up securities on the american Stock Exchange closed last week on an irregular note in Active dealings. Webb a Knapp closed unchanged on trading of 158,300 shares. The company announced a plan to Tenoff properties at auction in the near future to help strengthen its financial position. Lefcourt realty Al so was unchanged. Overall 5,138,000 shares change hands in the Holiday shortened week compared with 7054810shares the preceding week. As on the neighbouring big Board sugar issues were off slightly on the week and were among the Lead ers in trading. Of Oldfield consolidated mines eked out a a Point gain in Active Deal Kew York up the 10most Active stocks traded on the american Stock Exchange Las week "5 Misi i Youngstown to build $80 million Plant Chicago up Youngstown Sheet a tube co. Has announced plans to construct an Iso million cold reduced Sheet Mill at its in Diana Harbor works in East Chi Cago ind. A. S. Glossbrenner president old the new facility will be the first step in a planned so Mil lion expansion program for the firm s steel operation in the Chi Cago area. While specific plans for the remainder of the program await further evaluation Glossbrenner told newsmen they will include a hot strip Mill and possibly the of Basic oxygen steel making Youngstown announcement came on the heels of several other expansion plans announced recently by steel firms in the area. Lat last year. Bruj Fehrm steel co. Said it planned to build a $250 million Plant in the Burns ditch ind., area. A steel corp. And Inland steel co. Also have announced expansion said the new cold reduced Sheet Mill is expected Tobe in operation by late 1065. Construction on the Mill to be located on filled in land in Lake Michigan will Start late this year he said and work has already be gun on a sex moot new 80-Inch flu will double Youngstown s cold rolled Sheet capacity in the area he said. Initial plans Call for several Hundred workers to be added to the in Diana Harbor works payroll upon completion of the unit the Mill will be supplied at firs with not rolled Colls Over 54 inches wide from the Youngstown. Ohio Plant Auto firms to end steady production of 63 cars in july Detroit up Ward s Auto motive reports sold the Auto Industry will bring to a virtual and1963 Model year production during july. The statistics Agency said Only about 90,000 of the s3s will be produced in August writing Finison the most lucrative Model year production in plans also Are to produce about81.coo of the 64 models in August for what looms As a Rush of Model Public introductions during september Ward s said. Ward s said there have been nuclear indications As yet that the new models will make their pub Lic debuts Early in september. However there could be one or two except Lona and rumours that several can will debut shortly after mid september persist the statistical Agency said. Schedule increases by general motors last week for june and jury above previous plan Rai Edthe Industry s second Quarter production to to Mojo units and the entire Model to 7.367.000 unlit. Ward s said. Ward s Sah pm will run lit1 63 Model production total to More than 34 million cars. For motor co. To nearly a million Chrysler corp. To nearly 950x100,american motors to about 450x100 and Studebaker to Over 70x100. The totals Are tentative but do indicate general Levels of activity As there is not much time or materials left to Mise drastic in creases in run out volume Ward said. Hilton hotel Chain grows Beverly a. Calif. Up new hotels opened by the Hilton hotels corp. Throughout the world this year will total 12, Conrad n. Hilton the firm s chairman an president announced. Losses in the last Economy continued to show signs of improvement broadening of the Advance was seen by the Chase Manhattan Bank of new York. It said the surge led by Auto Mobile and steel production was gaining momentum from other sources mentioning new orders for durable goods employment and in comes tall Trade and govern ment . Chase Manhattan added that in the important area of business investment in new Plant and equipment there is an urgent need for action to Spur invest ment by cutting taxes controlling costs and bolstering Confidence. A key economic barometer new orders for machine tools attained a six year High in april on it eighth monthly rite. This indicator is closely watched because it fore Tell what manufacturers Are do ing to increase and improve production facilities. In the building Field contract for future construction climbed to $3.9m.eo8, m april from Tasso,-460.00c a year earlier a gain of 3 per Cen Public works do with continued Strong demand for most building types and an overdue pickup in Public works the months just ahead should show some sizable gains said f. A Dodge corp., construction news specialist the april Cost of living remained at the record level of March. A decline in the Price of meat poultry and fish was offset by an Advance in the Cost of fruits and vegetables. The labor depart ment said indications an that the consumer Price Index a Fol remain at the current level for several a result of the Advance a the Index from Jan. Is to april is about 1 million workers in the automobile Industry win get a one cent hourly wage increase next Auto record automobile production Tor april wat expected to exceed 700x100.this would to the first the in history that sales topped 700x100in two consecutive months. Steel output Rose for the third week in a Row porting an out per cent gain Over the previous turned out z62moo tons. This came despite an easing of or Ders from the heavy Pace of april. Briefly around the business scene companies hated in the new York Stock Exchange paid 3.777x103,750 in Cash div lends in the first three months of this year up u per cent from the im2 first Quarter. Ufa insurance told la 1963 totalled record �7m to " la a Kress co Bough the t0tara v. A Brno variety store Chain in the sooth. Salapat Sears Roebuck a co. Totalled a record su1 Ballon in the 1m first Quarter. . Exchange s most Active last new York up the 20 mos Active stocks traded the new York Stock Exchange last week Stem Sis huh ant o m. Mimi turn so am or u Njeri com i m my Wii Nuss i in so a Mesa tuts san Kunh Urt 77.hs a tic left Sih it
