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This newspaper page contains 13 articles. Subscribers can read the full text of each article.
Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Dec 19, 1956
Page
19
Wall Street rose slightly as rails led gains on mixed signals from the ICC. Traders noted firmer railroad stocks after rate hike news but overall market breadth remained spotty with motors and airlines faltering. The AP average gained 30 cents to 180.40. rails up 20 cents. volume 2.37 million shares.
McDonnell Aircraft Corp reports a new 150 million dollar Air Force contract for F-101 B fighters. President J S McDonnell notes unfilled orders rise above 800 million. Meanwhile cement firms announce price increases across multiple regions and midwest plants. Firestone predicts U S synthetic rubber output surpassing one million tons this year with industry gross sales nearing 5.4 billion.
Trading on the American Exchange shows 1,205 issues, 509 declines versus 427 advances. Detroit Steel slid 11-8, Pennsylvania Railroad rose 3-8, New York Central up 1-8, Phillips Petroleum gained 3-8, and U.S. Steel traded heavily. Several still rose, while United Airlines and Ford fell, with Hazeltine and British Petroleum among losers.
Two producers of Salk polio vaccine announced cutbacks in production while federal officials and the National Foundation of Infantile Paralysis reported nearly 20 million palm shots in storage nationwide. Parke-Davis said no plans to cut back. Christmas sales in 14 cities described as below 1955 pace with some sectors ahead. International Harvester rolled out a new line of 10 farm and industrial wheel tractors with a 6 percent price rise.
Santa Monica Calif Dec 118 Douglas Aircraft Co reported it may have to refund to the government 2 240 000 of its 1953 profits if a regional renegotiation board findings are substantiated by the board in Washington The notice cites possible government recapture of profits under renegotiation rules.
Connecticut industrial price issuances supplied by G HL Walker Co present market figures. The record lists price data and related commentary for industrial goods as observed in the period.
A compilation of declared quarterly and special dividends from multiple firms including Berkshire Gas Co Haverhill Gas Co Royal McRee Corp Parker Rust Proof Co and American Book Co among others Pay dates and records are listed with per share amounts and stock divs Also reported are company profits and sales for various corporations including Caterpillar and Joy Manufacturing with notes on dividends and capital adjustments
El Paso Natural Gas Co registered with the SEC a bloc of 5,235,952 shares of $3 common B stock to offer for exchange to Pacific Northwest Pipeline Corp. The plan seeks at least 2,435,000 Pacific shares with a 14 El Paso common for 8 Pacific common rate. Pacific Northwest board owns 348,000 shares and agrees to participate.
The Convair Division of General Dynamics in San Diego has secured a Navy contract worth 25 million dollars for producing guidance and control units for Terrier missiles. The Navy announced the award on December 18.
Detroit dispatch reports Chrysler Corp rejected over 400000 Cara orders from dealers in the first 40 days after 1957 models arrived on Oct 36. L L Colbert, president, says production may top 275000 units by year end and showroom traffic remains strong, signaling a retail market well above 1956.
Pittsburgh Dec 18 announcement of management changes following the Pocahontas Fuel acquisition. George H. Love named chairman. A R Matthews elected president and director. Matthews previously led Pocahontas Fuel since 1951. Love was first Pitt Consol president in 1945. New directors include J H Bown W Va Charles Hill Pitt Consol Ernest G Otey and Arthur B Lawrence.
The Federal Housing Administration announced a one quarter of one percent increase in the interest rate on its debentures. The new rate is 3.75 percent and takes effect January 1. Debentures are issued to leading institutions to pay claims when mortgages are acquired, and are guaranteed by the US government.
Armco Steel Corp will offer more than a million additional shares to stockholders. Shares will be issued on a one for ten basis to holders of record January 9, with underwriting led by Smith, Barney & Co. The sale runs through January 24 and raises between 1,087,783 and 1,092,925 shares. Proceeds fund expansion and working capital.
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