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Show 24 Salt Lake Tribune Jany 19th 1956 Investors Snap Up Surging Ford Stock NEW YORK, Jan. 18 (UP) - More than 300,000 investors snapped up the record 10,200,-000-share offering of Ford Motor Co. stock in a matter of minutes Wednesday and then saw the value of their investment rise by $63,750,000 in less than 90 minutes. Ford made its spectacular entry into Wall Street’s future at 7 a.m. MST. On a wave of demands for the stock that far exceeded the supply. Savings Association Re-elects Two M.L. Dye and John W. Low were re-elected directors of First Federal Savings and Loan Assn., at the association’s annual meeting. Holdover directors include Dr. William T. Wad, Paul V. Kelly, and J.H. Firmage. Mr. Dye, First Federal president, said that election of officers would be held at a later date. Reporting on First Federal gains in 1955, Mr. Dye said that the association had added approximately 1,000 new savers and had made “more loads for home ownership and home improvement than during any other year in our history.” The First Federal leader said that the “outlook for 1956 indicates another good year in home construction.” IN TRADING throughout the United States and Canada and in markets in London and Amsterdam, sales of the Ford stock were sharply rationed to form one share for individual investors to 30,000 for a large institution. As a result, the early bird buyers who obtained the stock for the opening price of $64,50 a share were confronted in New York with offers up to $70.75, $6.25 over the opening price, by 8:30 a.m. MST. Some sold for quick profits. But brokers reported most investors were hanging on to their purchases. In the lively London market, the price opened at an American equivalent of $71.87 a share, but later dropped to $70.75. Brokers in Chicago, San Francisco, Pittsburgh, Atlanta, Cleveland, Dallas, St. Louis and other cities reported they had never seen anything like the clamor for stock in the $2,400,-000,000 Ford company, which old Henry Ford launched in 1903 with $28,000 and at two-cylinder tin lizzie. |