Wall Street Prices Dip Amid Yearend Caution
Stocks drifted lower as volume fell below two million shares for the first time since Nov. 23. The AP average slipped 60 cents to 179.80 as 1,212 issues traded and losses outpaced gains 584 to 144. Major movers included Detroit Steel down 1½, Royal Dutch up 4, and U S & Foreign Securities off 74.
MENTIONED IN THIS ARTICLE
New York
Associated Press
Detroit Steel
Royal Dutch (New
U.S. & Foreign Securities
General Motors
Colorado Fuel & Tron
Lukens Steel
Pivotal
Republic
Youngstown
U. S. Steel
Douglas Aircraft
Boeing
United Aircraft
Financing acts for Daystrom and others in early next year
Daystrom Inc plans to market about 8 million dollars in convertible subordinated debentures. Western Light & Telephone Co will offer 65 000 shares of new 25 dollar convertible preferred stock. Pacific Petroleums Ltd filed a 13 million dollar convertible debenture issue with the SEC. U S Gypsum rose while many stocks fell on the Amex.
MENTIONED IN THIS ARTICLE
Elizabeth
N. J
Daystrom Inc
Thomas Roy Jones
Aesman, Sachs & Co
R. Pressprich & Co
Western Light & Tel
Kansas City
Western Light & Telephone Co
A. L. Mullergren
Mullergren
Montreal
Pacific Petroleums Ltd
SEC
U. S
Eastman Dillon
Union Securities & Co
Fort St. John
British Columbia
AT&T Plans $250 Million Bond Issue
American Telephone and Telegraph Co directors authorize a new $250 million bond issue to be offered at competitive bidding. The nonconvertible bonds are slated for sale March 25, 1957, with First National City Bank of New York as trustee. Funds will back Bell System additions and improvements to telephone service nationwide.
MENTIONED IN THIS ARTICLE
New York
American Telephone & Telegraph Co
Oday
First National City Bank of
Bell System
Market movers and corporate shifts across industries
U S Steel and peers raise sheet charges amid a near three percent hike. Sohio cuts regular and premium gasoline prices in Ohio due to oversupply, with heating oil and diesel rising. Marquardt Aircraft named prime contractor in Air Force nuclear propulsion work. Maritime Board to release 40 more reserve fleet vessels for charter, bringing total released to 116. Pontiac Division of General Motors trims 1,000 jobs amid a plant strike, with half of Pontiac’s 12,000 workforce furloughed. Freight car deliveries peak in November with 6,695 units. orders and unfilled orders rise and fall from prior months. SEC opposes stock transfer tax changes. Kerr-McGee calls debt, redemption and conversion on large debentures. Robertshaw-Fulton to acquire Acro Manufacturing in Columbus, Ohio, pending shareholder approval.
New York Stock Prices See Utilities Led Gains
American Gas shows $2.02 per share on 12 month net of $39.6 million ending Nov. 36. Ohio Edison reports $3.77 per share on $24.5 million net. Other firms include National Standard $3.61, Central Illinois Light $4.10, Western Light $2.92, Royal Bank of Canada $2.48, South Porto Rico Sugar $2.93, Kansas City Southern Railway $32.41 million monthly net.
MENTIONED IN THIS ARTICLE
American Gas End Electric Co
Ohio Edison Co
National Standard Co
Central Illinois Light Co
Western Light and Telephone Co
Royal Bank of Canada
South Porto Rico Sugar Co
Kansas City Southern Railway
Louisiana and Arkansas Railway
Alan Wood Steel Co. put in 10 year voting trust
Conshohocken Pennsylvania December 19 control of Alan Wood Steel Co. has been placed in a ten year voting trust to end rumors the concern was for sale Harleston R Wood president and chairman said about 45 percent of the common stock including a substantial block owned by Wood family members has been deposited in the trust. It is expected transfers will push the figure above 50 percent by later moves. At Sept 30 1956 the firm had 675739 outstanding common shares and will pay a 3 percent stock dividend December 27. The company also has 60173 shares of 100 par 5 percent cumulative preferred stock outstanding with voting rights only on limited matters.
MENTIONED IN THIS ARTICLE
Conshohocken
Alan Wood Steel Co
Harleston R. Wood
Wood
Alan Wood Steel
Connecticut Issues CIiCUr Industrials Prices Rem
Connecticut documents list price details for G. R Walker and On among industrials. Officials release figures and market notes highlighting price ranges and adjustments for the period.
MENTIONED IN THIS ARTICLE
Ciicur Industrials
G. R Walker & On
Stock exchanges to close for Christmas holidays
U S markets will be closed Monday December 24 and Christmas Day December 25. Banks and forex markets stay open. Some commodities exchanges run a half day with others closed. European and Canadian markets follow varying Christmas schedules.
Cash dividends rise over nine billion in 1956 first 11 months
The Commerce Department reported corporations paid cash dividends totaling more than nine billion dollars in the first 11 months of 1956, up one billion from the same period last year. Major industries show gains led by nonferrous metals and auto companies with about 30 percent increases.
MENTIONED IN THIS ARTICLE
Washington
INS
Commerce Department
Burroughs Debenture Issue Nears Full Subscription
Burroughs Corp announces its offer to stockholders of 30.15 million dollars in 414 per cent convertible subordinated debentures due December 1 1981 is 97 percent subscribed as rights exercise proceeds. Unsubscribed 763100 of debentures have already been sold, Lehman Brothers says.
MENTIONED IN THIS ARTICLE
New York
Burroughs Corp
Lehman Brothers
Libby, McNeill Reports In Offering Response
Libby, McNeill & Libby stockholders subscribed for 5,003,100 5 percent convertible sinking fund debentures and 539,853 shares of common. The offer expired December 1 7 and gave rights to 10 cents of debentures for every 35 common shares and one common share at 12 dollars for every six held. Unsubscribed debentures totaled 4,465,400 and 70,811 common shares were not taken up. Glore Forgan & Co and Also ciales, the underwriters, sold the unsubscribed common and are continuing to offer the debentures.
MENTIONED IN THIS ARTICLE
Chicago
Libby, McNeill & Libby
Glore, Forgan & Co
Alsociales
Dividend notices and stock splits across major firms
A compilation of quarterly and special dividends from firms including Northern States Power Co Froedtert Corp Commodore Hotel American Marietta Parke Davis Hormel Park Sheraton Central Illinois Securities Oklahoma Gas & Electric Co Great Lakes Paper Co Corn Products Refining Co and others with pay dates from January to March and record dates in December through January plus stock splits and extra dividends noted.
MENTIONED IN THIS ARTICLE
Surmer Rene Ee KE Wee Rou
George A
Falstaff Brewing .Corp
Strawbrige & Clothier
Dodge Mig. Corp
Great Lakes Paper Co. Lta
Reg
Gypsum Lime & Alabastine Canada Ltd
Exchanges Close For Christmas Holidays
The United States will close Monday December 24 and Christmas Day December 25. Banks and foreign exchange markets stay open Monday. cottonseed oil and soybean markets open a half day. Other New York commodity markets close. European markets stay open December 24 except wool, then close December 25 and reopen December 26.
MENTIONED IN THIS ARTICLE
New York
United States
Chicago Board of Trade
New York Produce Exchange
Winnipeg
Toronto
Montreal
Record U.S. Power Output Hits New Peak
Electric power output in the United States last week set a record with a predicted 12 220 000 000 kilowatt hours. The previous peak of 12 075 000 000 kilowatt hours was posted for the week ending December 1. Last week’s output rose 5.3 percent over the same period in 1955.
MENTIONED IN THIS ARTICLE
New York
U. S
Age of Power in 1941 55 Model Cars Fits Power Features
Sixty five percent of the 1941 1955 model automobiles in use have automatic transmissions, twenty eight percent have power brakes, and twenty two percent have power steering.
Northwestern Public Service registers stock for 1957 plan
Northwestern Public Service registers 54 120 shares of $3 par common stock with the SEC. The utility offers existing stockholders the right to subscribe for new shares at one for ten held. A C Allyn Co Inc named principal underwriter. Proceeds to finance part of the 1957 construction program. More than 80 percent of US vehicle miles are by passenger cars.
MENTIONED IN THIS ARTICLE
Washington
Northwestern Public Service
SEC
A.C. Allyn Co., Inc
Northwestern
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Wall Street
United Air Lines
du Pontfest
Minois Central
Southern Railway
Chrysler
Johns-Mangville
Sinclair
American Telephone
Anaconda
Union Carbide
Daystrom, Inc
Pacific Petroleums
Seadrich
Consolidated Edison
Loew’s
American Smelting
American Stock Exchange
Woodley Petroleum
Pepperell
Molybdenum
Humble Oil
A&p
At&t
Marlin
Rockwell
Cameo Parking Lot
John ST
Chas. W. Scranton & CO
New York Stock Exchange
Bridgeport
Westport
Norwalk
Enterprise
Manspera
Norman J. Gaynor
Arthur O. Jennings
New Haven
Merry Christmas
Hincks Bros. & Co., Inc
Main Street
U.S
Sohio Reduction Standard of! Co
Ohio
SOHIO
Marquardt Aircraft Co
Air Force
Roy E. Marquardt
Marquardt
The
Maritime Board
Pontiac
General Motors Corp
Mich
Fisher Bady
Pontiac Nowas
American Railway Car Institute and Association of American Railroads
House
Ways and Means
Rep
Forand
D-R.l
Full
Kerr-Mcgee Oil
Kerr-McGee Oil Industries Inc
Chase Manhattan Bank
First National Bank of Chicago
Robertshaw-Fulton
Robertshaw-Fulton Controls Co
Acro Manufacturing Co
Columbus
Acro
Fromm Smith, Namsay & Co
Bankers ‘Trust
Bank of NY
Chase Manhay
City
Hanover Bk NY
Irving Trust
Dow Jones
Crese
Royal Dutch
U. 5
Steel
Loew's Attee
Armour & Cee
American Gas
Norman F. Bicey
Ome Bates
Bish Abbott
Mont Dutt
Meary
Nat Dalry
Nat Dutt
Alcoa
Amerada
Arm Airiin
NY Central
KH & Hart
Am &F Pe
North West Sa
Ab Ga
M & Fay Db
Cas Nor Pac
U Motors O .Ao Suir
Nor Ste Pn
Tel & Tel
Oliver Cp
Armco Bt
Armour & Co
Atchison Sa
Pitzer
Phelps
jPria
Philco
Philip Mor
Ates
Lima
Phill Pet
Syy
Bat G & FE
Boeing Air
WM Fudd Co
Bullard
Burroughs
Tom IR
Fern Bet
Camobd Boup
Cdn Pac
Rehr
Koeb Ta
Sp&pac
Shell
Einclair
Chrysler Aa
Socény
Fe Southern Co
Tole Palm
Eperry
Colo F & Ir
Swill & Co
le Cosden Petrb
Crane Co
Curtie Pub
Texas Co
Tex
Curtise
Ati
Decca
Deere Ie
L&w
Textron
Dome
Tidenat Oil
BON
Doug
United Cp Zoe
Fairch
Sit Firestone
M & Af
Food Fair
Gen Motors
Goodrich
Grace & Co
Wilson & Co
Weelwerns
Greyhound
Worhington
Mob & O
Oh & T
OM Ab
Johny Man
APN
Raton & Kwrd Bince
Puae
Jonts & L
Mass. Investors Trust
Kennecott Tie Oy
Kern C Ld
Lehigh Can
Pioneer Fund
LOF Glass
Wellington Fund
Ary &i
Arted Lass & My
Apt Garsselle
ZaYs OY Lockn Aire
Ieee
Oie Tate
Cena St Pr
Lane
Gareth
Pew Camm OM
Lernlard
Bridgeport. Brass
Bullard Company
Aby
Mué Meeki
Sfir
Crane Company
Ua Martin
Harvey Studbeil
Gay Merck
Locke Sigelle
Xow Haven
Vawy
Middie
McKesron & Ro
Routh
Raybestes Inc
Remington Arms
Mensan
Chile
United Tuam
United
Veereee
West Mem Oe
Mr. Kidder & Co., Inc
Sesiih, Rampay & Co
Mr. Mid ‘Denedna Insurance
Tia Life
Amerald
Gen Life
Hastford
Ee Bistad
Poertess
American Exchange
A. M. Sidder & Co., Inc
Afsik
Harvey Hubpell
Kaiser Motore
Emmk, Remy & On
I Voting Trust
Connecticut
Bly
Aasenia
Bumdy Weeseeewee
Eng
Wey Om
Cune Eng
Dictaphane Corp
Emhart Aeveee
Northeastern Steel V
Neastern Stoiis
North Juddee
Peter Paulo
Prime Atwood Oet
Banley Works
Torrington
Veeder
Iburroughs
Libby
McNeill
Northern States Power Co
Froedtert Corp
D. Kalman & Co
Tac
B. T. Babbitt Ise
Commodore Hotel Inc
American Marietta Co
Amerlican-Marietta
Robert E. Pflaumer
Parke Davis & Co
Common
Highke Mfg. Co
Corp
Dayton Rubber Co
McGregor-Deniger Inc
City Investing Co
Corn Products Refining Co
C. G. Coan
Fuller Mfg. Co. Ste
a/ i
Sngiea
P.O. Box
Haw Mavers F Higbee Co
Bridgeport Artificial Flower CO
Wood Ave
Northwest Public Service
Westbrook & Smith
Bridgeport, Cena
Edisen
Gentemen
Hage
State Street
Coiid
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