Nation's (Economy Expected To Ferlk Up SDSghily
If Taifft-IHlartfley Law DnvoCced in Steel Strike
Pittsburgh - (LTD - The na
tion's economy is expected to
perk up slightly in the event
that, the Taft-Hartley law is
Sivoked in the 97-day steel
strike which already has cost
the nation billions of dollars.
With President Eisenhower
"expected to invoke Taft-Hart-ley's
80-day cooling off pro
vision,, some facets of the
economy wer expected to
feel an immediate nudge up
ward. However, in most in
dustries it would be weeks,
perhaps longer, before any
improvement could be noted.
The auto Industry, one of
the hardest hit by steel short
ages, was scheduled to lay off
more workers this week and
further curtail production of
1960 model cars.
More than 60,000 workers
in the auto industry have
been idled by the strike. Gen
eral Motors, one of the hard
est hit, estimated its nation
wide layoffs last week at
60,000.
Others Laid Off
With more than 85 per cent
of steel production choked
off, nearly 250,000 workers
in coal mines, railroads and
related industries have been
laid off because of the strike.
These workers and the strik
ers have lost an estimated
$775 million in wages.
Steel Magazine said last
week that direct losses for
X -4 , I - Lm$
, Off: jA'-fTf . ' Xt
Tfe t : .Xt
TAKES SRIDE-Actor Charles Coburn, 83, and his wife, the
former Mrs. Winnifred Gean Clements Natzka, 41, pose at
Los Angeles International airport on their return from Las
Vegas, Nev., where they were married without advance notice
to friends or associates. She is a widow and mother of two
sons. Cobura was widowed in 1937. -(UPI Telephoto)
steel mills and workers plus
indirect losses for dependent
industries would total an esti
mated $6,500,000,000 by to
day. In the construction indus
try, builders said critical
shortages in such materials as
water heaters, nails, and espe
cially structural steel, would
develop within 15 to 30 days
even if the strike ended soon.
Pipe shortages have shut
down many jobs already, ac
cording to the National Asso
ciation of Plumbing Contract
ors. The Federal Reserve Board
noted during the week end
that the nation's industrial
production dropped slightly
last month because of the
steel ; walkout. It said the
pinch of steel shortages was
felt in the auto, railroad
equipment and ship building
industries. '
Tim Running Out
Time, was running out, for
shipments of iron ore on the
Great Lakes . during the ice-,
free shipping season. If ' the
strike does not end before the
freeze many ore boats would
not be able to move out of
ice-locked ports.
The government last Friday
ordered available steel sup-,
plies be channeled to the na
tion's missile and atomic de
fense programs. The action,
in effect, diverted all avail-,
able steel coming from mills
not on strike from civilian
use. .
The railroads have been hit
hard by the steel strike. The
Association of American Rail
roads estimated that railroad
losses of freight car loadings
paused - bv the steel strike
totaled two million cars at
the close of the week of Oct.
10. .- ""iVv.
Of the 72 ' to 75 - million
Americans who take a vaca
tion, 85 per cent travel by
car, driving an. average ot
1,400 miles. r
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MedfordTribune
Regional Edition Page2
Market Loses on
Steel Uncertainties
New . York-flJPfl-The stock
market lost ground today on
the uncertainties of the steel
situation. . -
Metals other than steel
sagged. Electronics issues fell
at first and then : came back
smartly. Aircrafts were irreg
ular. Oils held fairly well
with several up a point or
two. Autos rallied from a de
cline and ruled irregular.
. Losses in the steels ranged
to 5 points in Youngstown
Sheet & Tube. Most of them
were down fractions to 4
points late in the day.
DOW-JONES AVERAGES
New York - (CPD - Dow
Jones final stock averages:
30 industrials. 639.66, off
3.56; 20 railroads, 158.11,
off 1.88; 15 utilities 88.13,
. off 0.02,, and- 65 stocks
212.79. off 1.27.
. Sales today were about
2.470,000 shares compared
with 2,760.000 shares Friday.
Today's prices on selected stocks:
Allied Chemical : 120 V
Alum.. Co. Am. lOli
American Can ... 44 '2
American Motors : 65
AT&T 79
Anaconda Copper 594
Armco Steel - 74 'x
Bendix Aviation
Bethlehem Steel
Boeine Air
Caterpillar. Corp.
Chrysler Corp.
Continental Can
Crown Zelierbach
Curtis Wright
Dow Chemical
Du Pont
Eastman Kodak .
Firestone
General Electric
General Foods ..
General Motors
Georgia Pacific .....
Greyhound
Gulf Oil
Homeslake Mining
Idaho Power
I.B.M. .
66
56!'a
31 V
30 ,
635,i
48
56 i
30i
84i
.259
9in
124 Vg
77
99 "i
Int Paper ...
Johns Manville
Kaiser Ind
Kennecott Copper
Lockheed Aircraft
53 :
49
22
111
u 43
44 '4
412V2
129 V2
50 Vt
15 Vt
92
281j
Supreme Court To .
Decide on Appeals
Ti. Washington - (UPD - The Su
preme court was expected
to act on a long list of appeals
today before starting the sec
ond week of arguments in its
current term. '
The appeals were filed dur
ing the court's summer recess.
The justices will decide which
cases will be accepted for re
view.
Katy
Montana Power Co.
Montgomery Ward
ruat'i Biscuit
New York Central ,
Pag Gas & Elec
Penney. J c
Penn HR
Radio Corporation
Richfield OU
Safeway .
Sears
SheU Oil
Socony Mobil Oil
Southern Co.
Southern Pacific
Standard California
Standard Indiana
Standard NJ.
Sun Mines
Texas Co.
Texas Gulf Sulfur
Tex Pac Land Trust
Transamerica L
Trans World Air
Tri-Continental
Union Carbide
Union Pacific "
United Aircraft
United Air Lines
U.S. Rubber
U.S. Steel
Youngstown S&T
23 ?4
493i
52
31 V,
62 i
-107
- 16
- 59
73
- 37
- 49
- 71
383,i
72
. 47
41
47,
64
72
IB
- 22
31
- 22
38
..138
- 32
- 39
- 41
- 59i
-100
..132
Liz Taylor Signs
$1 Million Pad
' Hollywood - (DPD - Actress
Elizabeth Taylor has become
the first feminine screen star
to sign a $1 million contract
for a single movie, 20th Cen
tury Fox Studios announced
today. . ..
Miss Taylor completed ne
gotiations Sunday to play the
title role in "Cleopatra," a
film that caused a squabble
between the actress and her
home studio, MGM.
MGM suspended the beauti
ful star briefly when she in
sisted on appearing in "Cleo
patra" before fulfilling their
contract "by playing in "But
terfield 8."
The actress said she dislik
ed her lady of easy virtue
role in the film and also ob
jected to the script, which
she called "almost porno
graphic." AH was settled
when MGM agreed to tame
down the part and she guar
anteed to return after the
shooting of "Cleopatra."
Miss Taylor said she would
set up a trust fund with the
million dollars for her chil
dren, Michael, 6, Christopher
4, and Liza, 2. : - .
She left -for New York af
ter the signing to join her
husband, Eddie Fisher. The
couple will go to England
where the movie will be filmed.
High Tribute Paid
To Gen. Marshall
By German Leader
M
Washington - (UPD - West
German Chancellor Konrad
Adenauer paid high tribute to
Gen. George C. Marshall to
day as the boiy of the soldier
statesman lay in state at
Washington National Cathe
dral. - "
Adenauer, who has never
forgotten how the Marshall
Plan helped his country after
World War II, sent a deeply
moving message of condol
ence. "With Gen. Marshall, not
only the American nation, but
many peoples, above all the
Germans, lose a great man
and valued friend," Adenauer
said. .
He said Marshall's "Accom
plishments in rebuilding after
the destruction of the war are
engraved in gold letters in
the history of mankind."
Marshall, Army Chief of
Staff in World War TJ and
later Secretary of State and
Secretary of Defense, died
here Friday.- His 'body will
lie in state at the cathedral
until funeral services Tuesday
at 2:30 p.m. (e.d.t.).
- Thousands of ' persons, in
cluding high government of
ficials, the military, members
of the diplomatic corps and
ordinary citizens, were ex
pected to. pay their last re
spects by filing past Mar
shall's casket' in the cathe
dral's Bethlehem Chapel.
Private Services Held .
s However, according to Mar
shall's wishes, his funeral ser
vices will be a private cere
mony in the chapel at Ft.
Myer, Va. There will be no
funeral march to: the ceme
tery and no massing of troops
behind a horse-drawn caisson
at the grave. Only simple
military honors .will be ren
dered. An old Army comrade from
Marshall's service in China
during the 1920s, Canon Luth
er D. Miller of the cathedral,
will, conduct the Episcopal
service at the chapel.
Marshall will be buried at
the lower edge of the mall
leading to the tomb of the un
knowns. His grave will be
beside that of his first wife.
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