Word: steels
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Dates: during 1950-1959
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...down through the atmosphere to land. To offset the ferocious heat generated by the air's friction, the X-15's skin is made of Inconel X, a heat-resisting alloy that keeps its shape at a brightly glowing 1,350° F., when aluminum and ordinary steel have long since softened. Liquid nitrogen, which will not support combustion, is used as a coolant for both pilot and equipment, and is also vaporized to maintain pressure in the plane's interior. The pilot, who cannot breathe pure nitrogen, will have a private oxygen atmosphere inside his space...
...homebuilders' best September since 1955. Counting 10,000 public housing starts, it was the residential construction industry's best all-round September since 1950. Freight carloadings continued their five-week climb, rising 9,122 in the week to a new 1958 high of 686,138. Estimated steel production last week pushed to 73.6% of capacity, up from 71.6% during the week before...
...Highs. Steel earnings were also beginning to come back. Jones & Laughlin's President Avery Adams predicted third-quarter earnings will be 81? a share v. 47? in the second quarter. Nicholas P. Veeder, president and chairman of Granite City Steel Co., which is operating at nearly 100% of capacity, estimated third-quarter earnings at just over $1 a share for the best quarter in the last five. Said Veeder: "By the end of 1959, we expect to be up to the rated capacity of 1,584,000 tons yearly predicted for the end of our current expansion program...
Such news sent steel stocks soaring on the New York Exchange, helped lead the whole market by week's end to a new alltime high of 543.36 on the Dow-Jones industrial average. U.S. Steel rose 4⅛ during the week to 84½. Bethlehem 2¼ to 51, Youngstown 6f to 117. Also helping push the market up was a big play in the nonferrous metals market. Copper shares rose up to 9^ points for the week, partly on the strength of copper strikes in Canada, Northern Rhodesia and New Mexico. Zinc and aluminum stocks also rose...
...installment payments naturally rose. But even they were not alarming. In Detroit, businessmen reported a "definite upsurge" in repossessions and mortgage foreclosures. In Worcester, Mass., where non-farm unemployment reached 10%, loan companies reported repossessions up from a normal .5% to nearly 2%. In Gary, Ind., dependent on steel, auto repossessions rose from five...