Wall Street Dips to 1957 Low on Steel Doubts and Russian Satellite
Wall Street fell to a 1957 low as steel shares slid on weak demand and a softer fourth quarter outlook. Aircraft and missile stocks rose early on expectations of increased defense spending after Russia’s satellite launch, then pared gains. The Dow and S and P fell, with Lukens Steel dropping on steel price cuts.
MENTIONED IN THIS ARTICLE
ED Morse
New York
Russia
New York Stock Exchange
Wall Street
United States
Lukens Steel
Office of Defense Mobilization
Associated Press
Standard & Poor
Martin Co
General Dynamics
North American Aviation
Bethlehem Steel
FTC charges P&G buy of Clorox violated antitrust law
The Federal Trade Commission accuses Procter and Gamble of violating the Sherman Act by acquiring Clorox of Oakland. The complaint argues the deal reduces competition by giving P&G a full line of cleansers and laundry products, eroding rival bleach makers' ability to compete. P&G must answer within 30 days. a hearing is set for December 16 in Cincinnati before an FTC examiner.
MENTIONED IN THIS ARTICLE
Washington
Federal Trade Commission
Clorox Chemical Co
Oakland
Calif
Procter & Gamble Co
Cincinnati
Ohio
Commission
Clorox Company
Clorox
Proctor & Gamble
FTC
Wall Street Journal Ad Promotes Personal Finance Gains
A promotional notice explains how reading The Wall Street Journal helped a reader grow income from $9,000 to $14,000. It touts timely business reporting, practical money saving tips, and warns Journal readers gain profits by staying informed. Subscriptions offered at $6 for a three month trial.
MENTIONED IN THIS ARTICLE
Wall Street Journal
the Journal
The
Broad Street
New York
N.Y
May declare extra in November
Baltimore & Ohio Railroad plans an annual stockholders meeting for November 18 in Baltimore with proxy statements sent to shareholders. The reports show varying earnings for the nine months of 1957, and a possible 50 cent per share extra dividend is anticipated at the meeting. Foreign Power Co. files for a public offering of common stock with Lazard Freres and First Boston as underwriters.
MENTIONED IN THIS ARTICLE
Baltimore
Baltimore & Ohio Railroad
R Plough Inc
Forthcom
General Portland Cement Co
Southern Materials Co. Inc
Miller-Wohl Co. Inc
Kern County Land Co
Arnold Constable Corp
Ogden Corp. and Subsidiaries
New York
American & Foreign Power Co. Inc
SEC
Lazard Freres & Co
First Boston Corp
Electric Bond & Share Co
Dow Jones
Connecticut
Bpeeeraaes
Washington
Martin Co
Agriculture
Genl Dynamics
Department
Lukens
Nor
Amer Avia
Beth
Royal Dutch
Boeing Airp
JG Aeparatien
Sau
Kyumdev
Raytheon
Saeseead
Paria Operations Inc
U. S
Gulf of Paria
Texas Co
Continental Oil Co
Ohio Oil Co
Cities Service Co
Richfield Oil Corp
Scott & Williams
Scott & Williams Inc
Auto deliveries peak as market barometer hits high
Detroit reports Auto Motive News shows more than half a million cars monthly. Registration totals for January through August reach 4,105,978 this year, up from 4,191,804 last year, with foreign-built cars totaling 116,013 versus 56,730 in 1956.
MENTIONED IN THIS ARTICLE
Detroit
INS
Automotive News
Northern Pacific orders 30 diesel locomotives
The Northern Pacific Railway ordered 30 new diesel locomotives costing about 4.73 million dollars for delivery in the first half of next year. Electromotive Division of General Motors will deliver 28 units, ALCO Products will supply 2. The railroad may place a second order later this year for about the same number, with delivery in the second half of next year.
MENTIONED IN THIS ARTICLE
Chicago
Northern Pacific Railway
General Motors, Corp
Alco Products, Inc
Northern Pacific
Lukens cuts eight dollars off steel price
Lukens Steel Co announces an eight dollar per ton cut in carbon plate steel to 102 a ton citing lower raw material costs. Plant operates at full capacity with strong demand into early 1958. Other companies show no price changes in plates.
MENTIONED IN THIS ARTICLE
Coatesville
Lukens Steel Co
Lukens
Cleveland
Republic Steel Corp
Chicago
Inland Steel Co
General Electric expert predicts higher 1957 net for New Haven
New Haven railroad president George Alpert says freight levels keep the railroad profitable in 1957 despite passenger losses. He notes 1958 fare increase filings could add at least 4 million in net income and may enable dividend payments. The three point plan aims to cut deficits, including tax abatements, to avoid cutting commuter service.
MENTIONED IN THIS ARTICLE
Boston
New York, New Haven ,& Hartford Railroad
George Allpert
New Haven
Alpert
New York
Toklan Oil enters asset sale with Kirby Vensyn group
Toklan Oil Corp signs an agreement to sell all assets to Kirby Production Co a Kirby Vensyn subsidiary subject to shareholder approval Toklan would receive 863 950 common shares from Kirby Vensyn Kirby will assume Toklan liabilities and Toklan may be liquidated with Kirby Vensyn shares distributed to Toklan holders at 84 100 of a Kirby share per Toklan share
MENTIONED IN THIS ARTICLE
Toklan Oil Corp
Kirby Vensyn Petroleum Co
Kirby Production Co
Kirby Vensyn
Toklanji
Kirby
Toklan
Market Decline Shown In NYSE Graph
The NYSE graph shows in the third quarter 42 dollars of 1 085 listed common stocks lost ground. Losses extended past 20 percent for 173 issues and between 16 and 20 percent for 118 stocks. Only 123 issues advanced, seven of them rising more than 20 percent.
MENTIONED IN THIS ARTICLE
New York
New York Stock Exchange
Borg-Warner Norge to Make 1958 Washers for Montgomery Ward
The Norge division of Borg-Warner Corp announces production of 1958 model wringer washers for Montgomery Ward & Co. The deal emphasizes Norge's role in supplying home appliances to the retailer.
MENTIONED IN THIS ARTICLE
Norge Division
Borg- Warner Corp
Montgomery Ward & Co
Norge
Firm's assets acquired in California deal
Standard Pressed Steel of Jenkintown acquired all assets of the Nutt Shel Co of Glendale California. Shareholders received 28 574 shares of Standard Pressed Steel stock for their holdings.
MENTIONED IN THIS ARTICLE
Jenkintown
Standard Pressed Steel
Nutt-Shel Co
Glendale
Calif
California
Also Mentioned on This Page
U.S. Steel
Standard Oil
New Jersey
General Tire
Aerojet General
Youngstown Sheet
Chrysler
du Pont
Gulf Oi
Baltimore & Ohio
Caterpillar
Kennecott
International Nickel
United Aircraft
American Stock Exchange
Humble Oil
Woodley Petroleum
Creole Petroleum
British Petroleum
P & Gis
Plough Inc
Bond & Share
Mith, Ramsay & Co
Aetna Insurance
Aetna Life
Amer
Prompt Mortgage Service
James Staples & Co
Dames Staplesé
Rivate Banke
State Street
City Hala Bridgeport
Atlees
Smith, Ramsay
Abbott
Allez
Allied Ch Dbae
Tay
NY Central
Amerada
North West
Am & FP
Nor Pac
Am Gas & el
Sta Pw
Maine
New Hamp- Aur M&fdy
Ohio Edis
Shire
Vermont
Massachu
Ysetts
Rhode Island
Connecti- Am Motors BO
Ohio Oil
Olin
Oliver Cp
Pac G & Bl
Pan A W
Armco
Atchison
Philip Mor
Atlas Line
Phill Pet
Avco
Bald Lima
Balt G & BE
Bendix
Benguet
Beth Steel
Boeing Air Tb
Repub
Borden
Borg Warn
Reyn
Budd Co
Bullard
Vane
Richard
Bethlehem
Cdn Pac
St Reg Pap
Case
Schenley
Steel Corp
Sears Rock
Seabe
Coca Cola 2A
Swift & Co
SIM
Crane Co
Tex
Textron
Tidewat Oil
Doug Alre
Dow Chem
Alr Lin
Alre
OY United Co
el & Mus
Erie
Food Faireh
V& Caro Ch
Penn Eli . A
Woolworth
Gen Motors
Worthington
Sh & T
Zenith Rad
WY Ny Goodrich
Goodyear
Grace & Co
Gt Na Ry
Greyhound
Gram Aire
Gulf Mob &O
Gulf Oil
G. H. Walker& Co
Heyden Not
Bil Aske
Conshohocken
Harmestic
Houst G & P
Arrow-Hart Hegeman
Alan Svm
Wood Steel Co
Howe Snd
Associated Spring
Alan Wood Steel
Emhart
Paver
Tel
Farrel Birmingham
Als Aotsti Handy Harman
Phoenixville
Jones & L
Aby
Kerhte
Sieee Bee
City Trust
Kaiser
Atwood
First
City Bk
McN&l
Stk
Stanley Works
Hanover
Lied
Torrington Co
Teving Trust
Mirs Trust
Loew's
NY ‘Trust
Lowe
Tong
Os Lorillard
Marine Mid
Norman PF. Races & Associates
Erlves Merck
Morr Ch&s
Middle St Ut
Atomic
Mo Kan Tex
Commonwealth Investment
Mok 'T Pt
Ividead
Mo Pac A Se
Raton & Herd
Monsan Ch Th
Fundamental Investors
Mont 1 UK
Incorporated Invers
Monter OU
Mass
Investors ‘Trust
Mont Ward Fa
West UN Tel
Goa
Pioneer Mand
Wellington Wandesseres
Wilton
Wisconsin Steel Co
International Harvest Co
Wisconsin
Middletown
Armco Steel Corp
Houston
Phoenix
Waesinhnee
Smith, Ramsay & Co
Mir
Atomic ‘Energy ‘Commissud Klee
Sion
General Electric Co
Eat Cne
Oy Rao Go” Agi Ithe
Congress
I ‘Enn
AEC
Ba Weat Mass Co
General Electric
Spert
Bondstock Corp
Buell Die & Machine Co
Reguar
Doernbecher Mig. O
Lincoln
Rochester: Trust Co
United Funds Inc
United Continental Fund
William McWilliams Industries Inc
Manhattan Shirt Co
Laurentide Acceptance Corp. Ltd
Adams-Millis Corp
Anderson Clayton & Co. Reguar
National Telefilm
WATV
Waat-Am
Waat-Fm
Newark, N. J
National Telefilm Associates
American Telephone and Telegraph Co
Venezuela
Dow Jones News Service
Toklan Oil
Borg - Warner
Brooklawn Ave
Edward J, Lesiak
Mili Ar
miLave
North Ave
United Illuminating
Hincks Bros. & Co., Inc
Main ST
Bridgeport
Conn
Telephone
Bridgeport Edison
Midwest Stock Exchange
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