Summer Slump on Wall Street

  • Published on

  • View

  • Download


<ul><li><p>F I N A N C E </p><p>Stock Market Record This Summer </p><p>Allied Chemical American Cyanamid Commercial Solvents Diamond Alkali Dow Du Pont Hercules Powder Minnesota Mining Monsanto" Nopco Olin Mathieson Pennsalt Stauffer Union Carbide Victor Chemical </p><p>June 30 </p><p>119*/4 59*/ , 22V4 4 4 7 / s 57 3 / 4 </p><p>229/4 120V4 i l 2 V 4 </p><p>4 8 3 5 l A 5 7 51V 4 4 6 7 / s </p><p>102 3 4 </p><p>Price High </p><p>for 1955 1223 /4 </p><p>6 3 26/4 45 3 / 4 58V 8 </p><p>249 3 / 4 129Vo 1 1 5 </p><p>52*/ 8 383/4 64V 8 </p><p>W W </p><p>6G3/4 102 8 / 4 </p><p>37V 8 </p><p>iecenf Level </p><p>106 5 6 1 / , . 1 / </p><p>40 511 / . , </p><p>2 1 8 125 101 </p><p>42 32V 2 5 7 1 / . 48 581 /* 98 1 / . </p><p>7c ( from </p><p>June 30 - 1 1 5 9 - 1 1 11 - 5 4- 4 - 1 0 - 1 2 - 8 -h 1 6 + 2 5 - 4 7 </p><p>change from </p><p>1955 High - 1 4 - 1 0 - 2 3 - 1 3 - 1 3 - 1 3 - 3 - 1 2 - 2 0 - 1 6 - 1 1 - 9 - 4 - 4 - 1 7 </p><p>" Adjusted for 3-for-1 stock split </p><p>Stock Market Record This Summer </p><p>Allied Chemical American Cyanamid Commercial Solvents Diamond Alkali Dow Du Pont Hercules Powder Minnesota Mining Monsanto" Nopco Olin Mathieson Pennsalt Stauffer Union Carbide Victor Chemical </p><p>June 30 119*/4 59*/ , 22V4 4 4 7 / s 57 3 / 4 </p><p>229 s / 4 120V4 i l 2 V 4 </p><p>4 8 35V 5 7 51V 4 4 6 7 / s </p><p>102 3 4 </p><p>Price High </p><p>for 1955 1223 /4 </p><p>6 3 26/4 45 3 / 4 58V 8 </p><p>249 3 / 4 129Vo 1 1 5 </p><p>52*/ 8 383/4 64V 8 </p><p>W W </p><p>6G3/4 102 8 / 4 </p><p>37V 8 </p><p>Recent Level </p><p>106 5 6 1 / , . 1 / </p><p>40 511 / . , </p><p>2 1 8 125 101 </p><p>42 32V 2 5 7 V . 48 5S1Jo 98 SI1/ </p><p>from June 30 </p><p>- 1 1 5 9 - 1 1 11 - 5 -h 4 - 1 0 - 1 2 - 8 -h 1 6 + 2 5 - 4 7 </p><p>change from </p><p>1955 High - 1 4 - 1 0 - 2 3 - 1 3 - 1 3 - 1 3 - 3 - 1 2 - 2 0 - 1 6 - 1 1 - 9 - 4 - 4 - 1 7 </p><p>" Adjusted for 3-f or-1 stock split </p><p>Summer Slump on Well Street Chemical shares, hit by August doldrums in stock </p><p>market, have shown a general decline from year's high </p><p>S UMMER USUALLY is a bullish time for the stock market. More often than not in past years the summer months have been marked by a market rally. </p><p>This year, however, the strong push in prices during late May and June topped out early, and the dog days of August have shown the market usually on the downside. Daily trading, too, has shrunk in volume to the lowest levels of the year. A tightened money situation seems to have outweighed fine earnings reports and other good news in investors' decisions. </p><p>Chemical shares have been no exception. Despite a rash of companies reporting record first-half income and a goodly number of dividend boosts, either declared or seemingly in the offing before the end of the year, chemicals have slipped off in recent weeksoften when good news did not live up to investors* greater expectations. </p><p>Considerable interest centered on D u Pont's board meeting Aug. 15. With Du Pont stock selling at record levels well above 200 and first-half earnings totaling $3.98 per share, a stock split seemed a good prospect. N o split was forthcoming, however, and although the directors raised the interim dividend on Du Pont common to $1.50, up 25 cents from the previous payment, the stock slid off 5 points in the next two days. </p><p>Minnesota Mining and Mfg. is another stock that rumors have suggested as a candidate for splitting in recent months. With no action materializing, however, higher earnings have not kept it from edging downward since its high of 115 early last month. </p><p>For Monsanto, even positive action hasn't provided more than a temporary lift. A three-for-one split authorized early in July stimulated a quick spurt upward for the stock. But now that split is a reality, the upturn has since been reversed. </p><p>A rundown of 15 representative stocks shows how chemical shares have fared since the end of Tune. The majority were down in July; only one in five could boast a higher price at mid-August. Some two thirds of the stocks -were off more than 10% from their highs for the year. </p><p>The current reaction may be only a brief interlude in the great bull market of the past two years. Opinion is divided. But lately, at least, a wait-and-see attitude seems to be uppermost while the market makes up its mind which way to bounce next. </p><p>t Molybdenum Corp. plans to split common stock two-for-one. Stockholders will be asked to increase authorized shares from 750,000 to 2,500,-00O at a meeting Sept. 15. Company </p><p>also plans to sell 50,000 shares of common stock to Kennecott Copper. Ken-necott and Molybdenum recently announced plans to jointly develop a large columbium-tantalirm deposit near Montreal, Que., with Kennecott having an option to acquire 51% interest in Molybdenum's rights in the property. </p><p> Harshaw Chemical will ask stock holders to approve a proposed two-for-one common stock split at its next annual meeting, to be held next January. Shareholders will be asked to increase authorized capital stock to 1,500,000 shares from 600,000 shares at present. Company also plans to apply for listing of its stock, now traded in the over-the-counter market, on New York Stock Exchange. </p><p> Fansteel Metallurgical^ net profit for the first half of 1955 climbed to $1.2 million, up sharply from the $374,000 earned in the like period of last year. Net sales also were higher, totaled $13.5 million for the first six months of this year against $11.0 million for 1954 through June. </p><p> Chemical stocks are popular investments with New York mutual savings banks. At the end of June, the second most valuable block of common stock held by the fund through which 6 9 New York State savings banks invest jointly in common stocks consisted of $505,450 worth of Du Pont shares. Holdings in Eastman Kodak were close behind Du Pont in market value. United Carbon, Union Carbide, and Hercules Powder were also high on the list. </p><p> American Research &amp; Development Corp., which specializes in providing venture capital for new enterprises working on the commercial application of technical developments, reports a sharp rise in its net asset value during the first half of the year. According to the company, its 300,000 shares had a value of $44.76 each on June 30, compared with $36.66 at the end of last year. Biggest gains were made by investments in Ionics, Inc., High Voltage Engineering, Airborne Instruments Laboratory, and Tracerlab. </p><p> Procter &amp; Gamble, in reporting record sales of $966 million and earnings of over $57 million for its fiscal year ending June 30, cites role of research and success of new products in boosting sales in face of keen competitive conditions. The company says it is now getting benefits of its research and development program of the past few years, and that volume of overseas business is growing. </p><p>3 6 2 8 C H E M I C A L A N D E N G I N E E R I N G N E W S </p></li><li><p>E T H Y L E N E I M I N E (koWng range 5 to 57 C) </p><p>and Tr ie thy iene Melamine now available </p><p>in semi-commercial quantities QueiuiiDiin CORPORATION </p><p>Laurel, Maryland </p><p>N 1 N H Y D R I N F O R M A M I D I N E </p><p>SOUTHEAST RESEARCH LABS. P. O. Box 4699 Miami 41. Florida </p><p>mmmmi b0 tt R dS10 F0 F C M I4S </p><p>offer complete resistance to both ocids ond alkalies in steel mills, chemical plants ond </p><p> processing industries. Send blue-prints or 1 sketches, so we may recommend proper f cement to use. Write for latest catolog </p><p>TRIAL ORDER FOR ACID AND ALKALI USERS </p><p>Handy quar t cans fo r making com- $ " 2 ^ S O parat ive tests 8 differeni cements. Jf </p><p>^SuerJeisn Cements Company* Pi|tsburgh;-i Sr fa^ </p><p>POTASSIUM FLUOSTANNATE one of the many special </p><p>chemicals we manufacture </p><p>Write for complete listings </p><p>C!TY CHEMICAL CORP. 1 32 W . 2 2 n d St. N e w York 1 1 , . . </p><p>mpcma </p><p> A m m o n i u m M o l y b d a t e , R e a g e n t , A . C . S . </p><p> M o l y b d e n u m T r i o x i d e ( a c i d m o l y b d i c a n h y d r i d e ) A . C . S . , p o w d e r </p><p> M o l y b d i c A c i d , 8 5 % , A . C . S . , p o w d e r </p><p> S o d i u m M o l y b d a t e , r e a g e n t , c rysta l l ine </p><p> P o t a s s i u m M o l y b d a t e , C .P. , a n h y d r o u s </p><p> S o d i u m P h o s p h o m o l y b d a t e , C.P. </p><p>SOLIDS-lfDS-UQUIDS-CA$ES-S0HDS-LIQUiDS'OASE$-SOUD| </p><p>** S f .1 I I I I I F I I I I 11 : I I . I I 1 . #: \ -. V -^ \ - \ "*/ </p><p>S"$S3Svo-scinDn-sflnos-s3SvosQinons4no "The Versatile Desiccant" </p><p>For Drying SOLIDSLIQUIDS- -GASES </p><p>EfficientDries all organic liquids instantly in liquid or vapor phase. Gases retain only O.OOS mg. H2O per liter. </p><p>VersatileAn all-purpose desiccant. -WettixigDoes not become wet on </p><p>saturation, nor: crystallize to walls of tubes, towers or- desiccators. </p><p>NeutralDries without reacting with either acid or alkaline materials. </p><p>InertExcept lo-ward water. Does not decompose, polymerize, or catalyze organic substances by contact. Insoluble in organic liquide, </p><p>Regenerative-Repeatedly after any normal use, by deHydxation at 235 to 250 C. </p><p>EconomicalLowest priced high grade desiccant. Available in quantity for Industrial Processes. </p><p>G r a n u l e Sizes: 2 , 4, 6, 8, 10-20 and minus 20 mesh. </p><p>Write for littrature and quotations </p><p>W. A. Hammond Drierite Company 120 Dayton Avenue, Xenia, Ohio </p><p>(See Used Equipment For Sale or Wanted, Page 3639) </p><p>New welded construction equals seamless or spun entirely stainless (no solder) smooth surfaces sturdy 24 gauge type 304 analysis improved shape for easier carrying, better balance. Backed by Metalsmith's 30-year reputation. </p><p>10 12 14 16 20 24 </p><p>Lowest Prices biggest selection 1 </p><p>on the market </p><p>QUART-QUART QUART-QUART QUART-QUART </p><p>Discounts in </p><p>-$ 9.25 - 10.25 - 11.25 - 12.25 - 13.50 - 17.50 Quantity </p><p>ea . e a . e a . e a . e a . e a . </p><p>r </p><p>SEND YOUR ORDER TODAY! 567 White Street Of ong, N, J. </p><p>YOUR ANNOUNCEMENT of New Equipment for Sale a n d / or Wanted can carry YOUR MESSAGE to the readers of the leading publication in the chemical process industries. Rates on request. </p><p>CHEMICAL &amp; ENGINEERING NEWS </p><p>Adver t i s ing O f f i c e 4 3 0 Park A v e n u e </p><p>N e w York 2 2 , N . V. </p><p>s p e e d u p r e p a i r s , p r e v e n t c o s t l y e r r o r s </p><p>PYPE IDENTIFICATION SYSTEM Permanent vlnyllte labels snap around pipes for positive Identification. Cus-tom made to fit jour needs: any color, wording, size. Eliminates costly scrapincr, cleaning &amp; protective coatings. Hi-corrosive resistance. Write fo labo- saving details. </p><p>WILMINGTON PLASTICS CO. 810ES. Hea ld St . , Box 365, Wi lming ton 99, Del. </p><p> . . .perfecf ^ ** M price at far less than reproduction cost/ </p><p>Ideal for chmic*ls, gss, pneumatic use, hydraulia end liquids. </p><p>HIGH PRESSURE TANKS, 50 PSI (X' pipe threads each end) G.1WJ 12"x24* stainlesi stel, has welded standup base for r i n c n ' " easy Riling and dnlnins Wt. 20 lb JI3.3U G*l Same as above, lus base. Wt. 19 lb 516.50 fl-2 6'x24' magnetic type:. Stainless steel, Wt. 6 lbs J 8 ^ 5 </p><p>A.J 5K"x8* Stainless ited, K 'p ip * opening one COOK * end. Wt. lMlbi } 3.93 </p><p>EXTRA HIGH PRESSURE, 3OOO PSI U.I 2'x9^' Heavy Carbon Steel, 3^' port. Equipped with 11 ' stainless steel shut-oH valve and 0-3000 PSI pressure r c cn </p><p>gauge. Wt. 8 Ibi &gt; 3.HJ </p><p>H.9 3 J^'x"!0'Heavy carbon steel. M'pip* thread port, ( l i e L Wt.Blbs J 4.13 Same ai H-2 but 4'x24* heavy c wbon steel, 14' t C 7C </p><p>'L pipe thread opening. Wt. 10 lbs j .* Send Purchase Ordtr. Terms: 2 % 1 0 days, 30 days net. A . C . T A N K C O . , D o p * . 1 0 2 , P . O . B o x 3 8 9 </p><p>BURLIMGTOM, W I S P h o n e 1 2 8 9 </p><p>TUK'METR FOR MEASURING TANK </p><p>CONTENTS ANY DISTANCE AWAD </p><p>INSTRUMENT CO. * 4 8 3 GETTY AVENUE PATERSON, N.J. </p><p>SEND fO* BULUT1N </p><p>945 </p><p>V O L U M E 3 3. N O . 3 5 A U G U S T 2 9, 1 9 5 5 3 0 2 9 </p><p>chemicals exchange</p><p>equipment mart</p><p>driertie</p></li><li><p>CLARK MICROANALYTICAL LABORATORY </p><p>Routine analyses in one week C H , N , S, Halogen, Fluorine, Oxygen, Alkoxyl, Alkifiiide, Acetyj, Terminal Methyl, etc., by specialists in organic microchemical analysis. </p><p>Howard S. Clark, Director P. O . Box 17 Urbane, Illinois </p><p>LIQUID CHEMICAL BARGES FOR CHARTER </p><p>W e will have barges constructed for </p><p>your special requirements which you may </p><p>charter a t reasonable rates. </p><p>NATIONAL BARGE COMPANY 3 1 6 Fourth A v e . , Pittsburgh 2 2 , Penna. </p><p>Member: American Waterways Operator a Assn. </p><p>LaWali &amp; Harrisson Ot* H. 1921 Walnut St. Philadelphia 3. Pa </p><p>EQUIPMENT </p><p>{Continued from page 3618) </p><p>pany says a 9 5 % response is obtained in less than one minute. Sensitivity is 1 /'2% of full scale; accuracy is /{ of full scale. 5 </p><p> P o t e n t i o m e t e r , b y Perkin-Elmer, is a n e w 4 0 0 cycle small version of its a,c. potentiometer for use in servo systems and analog computers. T h e 4 0 0 cycle model has a low output impedance, less than 130 ohms, w h i c h eliminates the need for isolation amplifiers in many applications, according to company. Unit also has an extremely low phase shift. ' i &gt; </p><p> Laboratory b a l a n c e , by Torsion Balance, is said to simplify and speed up weigh ing operations. Features of the n e w balance include torsion bands m a d e of Elgiloy, a stronger corrosion resistant alloy which results in longer, trouble-free life for the balance . A single b e a m wi th vernier permits weighings from 0.01 gm. to 1 0 gin. without the use of loose-weights . Capacity of t h e balance i s 2 0 0 g m . , and the sensitivity reciprocal is 0.2 gm. </p><p> Humidi ty c a b i n e t for corrosion prevention tests has been des igned b y Precision Scientific. Cabinet may also b e </p><p>SCHWARZKOPF M I C R O A N A L y T I C A L L A B O R A T O R Y </p><p>Routine AnalysisWithin One Week C H , F, O , N , S, P, Si, Halogens, </p><p>Group A n a l y s e s Molecular Weight a n d Others </p><p>56-19 37 Ave. , Woodside 77, N. V. TELEPHONE HAvemeyer g l U I I </p><p>used for other tests requiring extreme humidity at 75 to 150 F. A revolving s tage spec imen rack, motor-driven at Va r.p.m., ho lds 3 3 test panels . A dual hydraulic thermostat regulates heat to within 2 F . T h e cabinet is provided with a n air dispersion system and an air flow meter. 8 </p><p> Hotp late , by Fisher Scientific, c o m bines an agitator with a heater so that both operations are s imultaneous. T h e unit rotates 2 1 6 times a minute in a circle with a 1 / i c - i n . radius. T o p of the hotplate is m a d e of a luminum, the 2000-wat t h e a t i n g e lement b e i n g cast right into it. T h e top plate is regulated within a . nperature range from 2 0 0 t o 7 0 0 F. E 9 Microscope a c c e s s o r y , by Bausch &amp; L o m b , measures strain in glass and plastics. K n o w n as the accessory slot compensator, unit measures retardations from 0 t o 2 7 0 0 m^t. Company says unit performs wi th greatest effic iency w h e n u s e d w i t h l ight having a w a v e length of 5 8 9 0 A. T o ach ieve this l ight value, an interference filter is available for u s e with tungsten i l luminators. 1 0 R e d e s i g n e d s i e v e s h a k e r , b y Central Scientific, is for mechanical analysis of industrial materials , or for s iev ing heavy mineral powders , l ight organic samples or fine pharmaceutical p o w ders. The n e w shaker holds standard </p><p>' S S T f LABORATORY SERVICES1 S55S! s project research and consultation in I </p><p>i FOUNDATIONj B i o c / , e m i r f r &gt; v Chemistry, Bacteriology ] and Insecticide Testing and Screening </p><p>Mineral determinations including sodt-urn and fluorirfe Proximat...</p></li></ul>