Word: nickell
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Died. The 5? Hershey Bar; of acute inflation; in Hershey, Pa. Born in 1903, the nickel chocolate bar became a U.S. institution and generated the growth of Hershey Foods Corp. (assets: $208 million). It survived wars, depressions and rising taxes, but suffered from weight loss in recent years, shrinking from 1 oz. to ¾ oz. Last week, a victim of the rising cost of cocoa beans, it went the way of the penny licorice stick and, increasingly, the nickel pack of chewing gum. Henceforth, the least expensive Hershey Bar will cost a dime...
Appeal to Moscow. A vital element in advanced technology, nickel provides the strength and heat resistance needed for alloys used in jet engines and nuclear reactors. The noncorroding quality that it gives to stainless steel also makes nickel indispensable in spacecraft and SST airliners. The non-Communist world uses 830 million pounds of nickel yearly, and the total has been growing by 10% a year...
...Nickel, the lowly metal commonly associated with the U.S. 50 piece, has become a philosopher's stone for speculators. On the London Metal Exchange, the main international market, a pound of nickel last week brought $7.70 -about five times more than a year ago. The price was bid to incredible levels by the worst global shortage since World...
...immediate cause of the scarcity was a four-month strike at International Nickel Co., which mines well over half of the West's nickel, mostly from the ore fields at Sudbury, Ont. Last week union negotiators and Inco reached a tentative but shaky agreement that would increase the average hourly pay of workers from $3.10 to $3.98 over three years. If finally accepted, the Inco deal would also be the basis for ending a parallel work stoppage at Falcon-bridge Nickel Mines, a smaller Ontario firm. Even after work is resumed, however, the delivery pipeline will not be refilled...
Britain, which depends almost wholly on Canadian nickel, has been hurt worst. The country faces what the London Times calls "one of the gravest raw materials crises since wartime controls." Stainless-steel prices have climbed 35% since August. Rolls-Royce is reclaiming the metal from scrapped engines, and some auto manufacturers will probably cut down on nickel-bearing chromium trim. Lord Melchett, head of the British Steel Corp., has appealed to the Soviets, who also produce nickel, to sell more...