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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Jan 10, 1957
Page
22
A sluggish trading session saw mixed stock moves with minor gains and losses. News of Prime Minister Eden’s resignation influenced sentiment but no major shifts occurred amid technical trading and anticipation of January earnings. Industrials and steel shares led activity as sugar stocks climbed and volume remained thin across 1,172 issues.
The London stock market ended fractionally irregular and quiet as industrials declined while textiles, autos, and aircrafts faced profit taking. Trade unions seek about $750 million in wage increases for over 5 million workers amid wage negotiations. Government bonds strengthened on renewed talk of cutting the bank rate. the war loan 31-2s were highlighted.
Stockholders of Trans Mountain Oil Pipe Line Co approve proposals for a stock split to be effected by a special act of Parliament. 25,000,000 no par shares authorized, with shares outstanding pending final figures. Piasecki Aircraft adopts employee stock purchase plan with 10 percent payroll deduction and company match of 50 percent. Air Force awards Standard Coil $36.0 million contract for automatic astic compass via Kollsman Instrument. Petrofina to purchase outstanding American Liberty stock in an agreement including crude oil reserves and undeveloped leases across several western states.
A summary of various company dividend declarations with payment and record dates for Best & Co. F.W. Weebworth Co. Burlington & Quincy Railroad Co. Green Bay & Western RR and others. Also GE announces 3 to 5 percent price increases on 1957 model tumble dryers with factory pricing, noting higher manufacturing costs and planned retailer passthrough.
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