Summer Slump on Wall Street

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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 iecenf Level 106 5 6 1 / , . 1 / 40 511 / . , 2 1 8 125 101 42 32V 2 5 7 1 / . 48 581 /* 98 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 / , . 1 / 40 511 / . , 2 1 8 125 101 42 32V 2 5 7 V . 48 5S1Jo 98 SI1/ 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 weeksoften 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. 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Fifty contributors present a n account of the occurrence, reduction, properties and uses of zirconium and zirconium alloys. Paperbound Proceedings, American Petroleum Institute. 1954. Section III . Refining. 424 pages. American Petroleum Institute, 50 West 50th Street, New York 20, . . 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, . . 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 Elements. 3rd edition. Virgil M. Faires and Roy M. Wingren. vi -f- 148 pages. The Macmillan Company, 6 0 Fifth. 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