FINANCE
charted above, the drop from their September peaks to the mid-October lows averaged about 10%. This equaled the decline shown over the Stock prices show signs of firming, bolstered b y same period by the Securities and Exthird q u a r t e r reports of higher earnings change Commission's index of stock prices for all manufacturing concerns. The fall in C&EN's chemical stock inA F T E R HAVING DECLINED SHARPLY for to point the way to r e c o r d sales a n d dexes, before it was halted, just about three successive weeks, prices of chemi- earnings for many firms this year. wiped out all the gains the indexes had cal and pharmaceutical stocks paused Such leading companies a s Du Pont, For to catch their breath by mid-October, Union Carbide, Allied Chexnicai, Mon- racked up during last summer. which have then showed signs of firming on lower santo, and Olin Mathiesora report in- the pharmaceuticals, levels. There was no certainty that the come through the past n i n e months up moved mostly sideways since hitting reaction that struck down stock prices substantially from last year. For many their high point in April, the recent on the Monday after President Eisen- stockholders, higher earnings portend reaction pushed the index down to a hower's heart attack had run its course, larger dividends and possible extra di- level lower than any since last January. • Recovery. Some stocks, however, or that additional bad news would not vidend payments by the end of the knock prices down still lower. But a year, thereby putting a stronger footing have been able to recover pretty well from the effects of recent selling waves. reason for a more steady performance under recent stock price levels. was not hard to find; corporate news • Damage Done. T h e pause in the High priced D u Pont, for one, has been continues to be favorable and the gross market reaction has alLowed Wall active and fluctuating widely, in part national product had climbed to a recStreet to assess the d a m a g e done by at least because of speculation on still unfulfilled but continuing hopes for a ord annual rate of $392 billion during the market break in late September. the year's third quarter. For the seven largest chemical com- stock split. After its good third-quarpanies, the 21 smaller listed diemicals, ter earnings report, D u Pont stood a t Earnings reports covering 1955's and the seven drug rmanufacturers recent levels only about 5 % below its third quarter have been cheering news which make up the thtree indexes closing price for the week before t h e for chemically inclined investors, seem
After the Fall Is Over...
4686
C&EN
OCT.
31,
1955
sell-off began, and about 10% above its following low. Among the smaller chemicals, Air
ΚΛ V-F R I E$..,
Piir!::r>fT.'
covered all of its loss since Sept. 23 on the strength of improved earnings, while Columbian Carbon (which re cently raised its dividend r a t e ) , Her cules Powder, and Spencer were back close t o their levels of just prior to the break. Schering, which has outperformed other leading pharmaceutical stocks all year, four weeks after the break had re gained all of its intervening loss; Ster ling D r u g over the same period showed a net loss of only about 29^.
• Crown Zellerbach will receive $37.8 million in cash for sale of its in terest i n Fibreboard Products, Inc., to Pabco Products, the company has told stockholders. Crown owns 5 0 % of vot ing stock of Fibreboard, as well as pre ferred a n d Class A shares. Sale will give Crown a profit after taxes of about a\r\ Λ r? φζ/±.ο million on its original investment in Fibreboard. • U. S. Foil, which at the end of last year controlled about 50% of the out standing stock of Reynolds Metals and also holds substantial interests in Robertshaw-Fulton Controls and Es kimo P i e Corp., will split both its Class A voting stock and Class Β nonvoting stock six-for-one after recent approval of the move by company stockholders. Class Β stock is traded on the American Stock Exchange; Class A issue is largely held by the Reynolds family. ^Sinclair Oii has boosted quarterly dividend, payable holders of record Nov. 15, to Previous quarterly payments cents.
Cyanoacetic Acid is an intermediate for amino acids, bar biturates, dyes, the purine group, vitamins and other drugs. Chemically, its "*cyano-activated" methylene group and easily hydrolized cyario group are particularly interesting.
KA pur«tywttli1w;ater accounting for* substanf lallyiallr^ " | g ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ p f | | ^ ' « i ^ î n '50CC;' [disfcf H i O ) : %
ESTÏKIFfCA«e) fc ifcc>"^
its latest to share 7 5 cents. were 65
^CNCHiCOORH-HbO
• EH Lilly & Co. will split its voting com mon a n d its nonvoting common Β stock three-for-one if stockholders approve at a special meeting to be held Dec. 15. At the same time, Lilly declared a quar terly dividend of 90 cents, payable to shareholders of record Nov. 17, for both types of stock; dividend for previous quarter was 75 cents. • Liquid Carbonic has increased its quarterly common dividend to 50 cents, payable t o stockholders of record Nov. 15. In previous quarter, dividend pay ment amounted to 35 cents. • Columbian Carbon has raised its regular quarterly common dividend to 60 cents from 50 cents per share, and has declared an extra dividend of 20 cents, payable to stockholders of rec ord Nov, 15.
[ va η ο acetic acid
mmmw
A M I D A T I O N iù/iu^f^ CNCHaCpOHf MtyRfe'1
-^CNCteCONRR 1 + H 2 O
C H L Ô R Î N A t roll; ' CWCHÏCOOnÎPÇh -f-Ch.
^ C N C f h C O C I + POCI3 + HCl·
HYDROLYSIS CNCH2COOH+H2O
-^CH2(COOH)2 + NH 3
REDUCTION CNGH2COOH+2H2
-^NH2CH 2 CH2COOH
CONDENSATION CNCHaiGiOH+ltCOR 1
- ^ R R , C = CCCN)COOH + H 2 0
TECHNICAL
BCLLËTIX
AVAILABLE
W r i t e or Phone
KAY.·
FRIE
American-British Chemical Supplies, Inc. Selling Agents For
CHEMICALS. INC.
I A M U R S CHEMICALS, INC. 180 Madison Avenue, N e w York 16, Ν . Υ.
·
OCT. 3 1, 1955
MUrroy Hill 6 - 0 6 6 1
C&EN
4687
