F I N A N C E

Stock Market Record This Summer

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

June 30

119*/4 59*/ , 22V4 4 4 7 / s 57 3 / 4

229»/4 120V4 i l 2 V 4

4 8 3 5 l A 5 7 51V 4 4 6 7 / s

102 3 4

Price High

for 1955 1223 /4

6 3 26»/4 45 3 / 4 58V 8

249 3 / 4 129Vo 1 1 5

52*/ 8 383/4

64V 8 W W

6G3/4 102 8 / 4

37V 8

iîecenf Level

106 5 6 1 / , Λ Λ . 1 /

40 511 / . ,

2 1 8 125 101

42 32V 2 5 7 1 / . 48 581 /* 98 βΐ 1 / .

7c ( from

June 30 - 1 1 — 5 — 9 - 1 1 — 11 - 5 4- 4 - 1 0 - 1 2 - 8 -h 1 — 6 + 2 5 - 4 — 7

change from

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

" Adjusted for 3-for-1 stock split

Stock Market Record This Summer

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

June 30 119*/4 59*/ , 22V4 4 4 7 / s 57 3 / 4

229 s / 4 120V4 i l 2 V 4

4 8 35V» 5 7 51V 4 4 6 7 / s

102 3 4

Price High

for 1955 1223 /4

6 3 26»/4 45 3 / 4 58V 8

249 3 / 4 129Vo 1 1 5

52*/ 8 383/4 64V 8

W W

6G3/4 102 8 / 4

37V 8

Recent Level

106 5 6 1 / , Λ Λ . 1 /

40 511 / . ,

2 1 8 125 101

42 32V 2 5 7 V . 48 5S1Jo 98 SI1/ο

from June 30

- 1 1 — 5 — 9 - 1 1 — 11 - 5 -h 4 - 1 0 - 1 2 - 8 -h 1 — 6 + 2 5 - 4 — 7

change from

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

" Adjusted for 3-f or-1 stock split

Summer Slump on Well Street Chemical shares, hit by August doldrums in stock

market, have shown a general decline from year's high

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.

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.

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 weeks—often when good news did not live up to investors* greater expecta­tions.

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.

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.

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.

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.

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.

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

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.

• 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.

• 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.

• 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.

• American Research & 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.

• Procter & 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.

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EQUIPMENT

{Continued from page 3618)

pany says a 9 5 % response is obtained in less than one minute. Sensitivity is 1 /'2% of full scale; accuracy is Ύ/{ίο of full scale. Ε 5

• 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 €>

• 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.

• 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

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• 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 & 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. Ε 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

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BOOKS

(Continued from page 3613)

The Metallurgy of Zirconium. National Nuclear Energy Series. Division VIL Vol. 4. Benjamin Lustman and Frank H. Kerze, Jr., editors. xviii -f- 776 pages. McGraw-Hill Book Co., 330 West 42nd St., New York, Ν. Υ. 1955. $10.

Fifty contributors present a n account of the occurrence, reduction, properties» and uses of zirconium and zirconium alloys.

Paperbound Proceedings, American Petroleum Insti­

tute. 1954. Section III . Refining. 424 pages. American Petroleum Insti­tute, 50 West 50th Street, New York 20, Ν. Υ. 1955. $1.00.

Includes corrosion, training, refinery maintenance, oil storage-tank failures, waste disposal, motor fuels, petrochemicals, processes, and fractionation. World Development of Atomic Energy.

Edited and compiled by Oliver Town-send with assistance of J. Robert Bar­low, iv -f- 150 pages. Atomic Indus­trial Forum, 260 Madison Ave., N e w York 16, Ν. Υ. 1955. $5.00.

Report is based on a survey which covers 32 nations known to have substantial atomic energy activity. Includes special supplements on U. S. bilateral agreements-and the U N Geneva Conference. Problems on the Design of Machine Ele­

ments. 3rd edition. Virgil M. Faires and Roy M. Wingren. vi -f- 148 pages. The Macmillan Company, 6 0 Fifth. Ave., New York 11, Ν. Υ. 1955. $2.25.

Methods for Determining L e a d in Air and in Biological Materials. Second edition. 69 pages. American Public Health Association, 1790 Broadway, N e w York 19, Ν. Υ. $1.25.

Includes collection of samples, preparation, of samples for analysis, recommen ded pro­cedures, dithizone methods, physical: methods, and selected bibliography.

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