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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Jan 16, 1957
Page
14
The stock market fell again led by steel, motors, and metal shares with losses from fractions to about two points. The Associated Press index dropped to 178.70 as industrials and rails declined. $1.4 billion in NYSE value vanished, totaling roughly $3.3 billion over two days.
General Motors led the market drop with an 11 eighth decline to 40 5-8 as 87,200 shares traded. U S Steel shed 1 1-4 to 66 5-8 on 37,80 shares, while Baldwin-Lima Hamilton rose 5-8 to 32,300. Chrysler fell 1 3-4 to 66 3-4 and J J Case second preferred gained 1-8 to 53-8 amid broad declines in a 790,000 share NYSE session.
Stockholders vote February 5 on plans to liquidate Kirby Oil and Venezuela Syndicate and form Kirby Vensyn Petroleum. Kirby Vensyn would acquire assets from Montex Exploration and Murchison Trusts and about 450 million pounds per Dr Thompson, with 80 percent of world output from Canadian producers. Convair lands a 74 million contract for F-102A jets. GE trims about 500 jobs at Appliance Park. home building contracts dip 4 percent in 1956 but total construction contracts rise to 24.4 billion. E J Korvette applies to list on the NYSE with a January 24 board decision.
A wide array of quarterly dividends and stock disbursements are announced or referenced. Payments include usual quarterly dividends from companies such as Dividends Servomechanism Inc and Southwestern Public Service Co with varying pay and record dates, plus special or prior proposed stock dividends by Empire Trust Co and Great Western Financial Corp. Names include Missouri Portland Cement Co, Dayton Power & Light Co, Warner & Swasey Co, Kelsey-Hayes Co, and many others with pay and record dates spanning February to April.
American Chain & Cable Co raises the quarterly dividend to 62 1-2 cents from 50 cents. The firm also paid a year end extra of 50 cents in December and issued a 4 percent stock dividend.
Connecticut plans to sell five general obligation bond issues totaling 29,153,000 on January 30, per State Treasurer John Ottaviano Jr. The bonds mature one to 10 years and one to 20 years and proceeds will fund state colleges and institutions among other purposes.
Handy Harman forecasts a stable silver market in 1957, citing unchanged U.S. silver laws and Treasury policy as the main reason for narrow price movement. The firm notes 1956 silver use held at 100 million ounces in the US, with gains in electronics and brazing alloys offset by declines in sterling and plated ware consumption. Treasury stocks rose to 84.4 million ounces, aided by lend-lease returns, with more to come ahead of the April repayment date. world consumption estimated at 260.4 million ounces, up 17 percent from 1955.
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