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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Apr 02, 1958
Page
16
Commerce Department reports February inventories and sales fell more than seasonal, with durable goods bearing the brunt. Experts see little sign of a near-term rebound, though a slower drop in new orders offers a faint glimmer, as March figures loom.
List of company dividend declarations with amounts, payment dates, and record dates. Northwest Airlines 20 cents, Aeronca 5 1/2 cents and 13 cents on preferred, Central Electric 25 cents, Commonwealth Fund 6 cents, Fall River Gas 37 1/2 cents, Gas Industries Fund 29 cents, Trico Oil & Gas and Warner Materials, Chicago Pneumatic, Chesapeake Virginia, Pan American World Airways 20 cents.
Prices from G H Walker and 104 1957 managers appear in a fragmentary listing of Connecticut industries. The readable items mention firms such as Farndy Pw and Triaphone Corp, with scattered figures like 2.05 and 20 Valny bHemting, plus references to Amicage Ay and Marlin Doe. The text is incomplete and numerous names and numbers are garbled.
New York stocks slid into the second quarter as heavy industrials and rails fell while utilities and defensive issues strengthened. The Associated Press index slipped 40 cents to 3161.50 as volume neared 2.07 million shares. Major movers included Olin Mathieson, Chrysler, U S Steel, Lorillard, Sperry Rand, Trans-America, American Telephone, Pacific Gas & Electric, Am erican Tobacco, du Pont, Boeing, and General Electric with varied shifts and dividend news influencing prices.
The New York Stock Exchange announces two changes for listing on the Big Board. Companies must have 400000 outstanding common shares, up from 300000, with a total market value of $8 million, up from $7 million. Directors also revise the review basis for continued listing of a security.
Directors of New York Central Railroad voted to emit the second quarter dividend for the second consecutive time. The payout, previously made on December 28 as 42 cents a share in Reading Corp. preferred stock, followed cautious notes on weak business and pending national and regional economic trends awaiting legislative relief.
New York stock prices show 1957 net results for several firms. American Baka Corp. posted 1,266,744 dollars or 93 cents a share vs 2,338,088 dollars or 1.72 a share. Lear Inc reported 858,921 dollars or 36 cents a share vs 1,506,018 dollars or 65 cents a share. Pfaudler Permutit 1,519,145 dollars or 2.91 a share, vs 1,247,306 dollars or 2.39 a share. Canadian Breweries 31 Jan quarter 991,473 dollars or 60 cents a common share vs 1,886,347 dollars or 57 cents a share. Hazel Bishop loss for year ending Oct 31: 996,048 dollars vs 616,259. American Photography Equipment quarter to Feb 28: 825,000 dollars or 64 cents a share vs 730,000 dollars or 53 cents a share. Railway Equipment & Realty 1957 net 716,520 vs 109,416. Kennedy's Inc year ending Jan 31: 206,971 dollars or 1.22 a common share on 118,425 shares vs 276,166 dollars or 1.42 on 150,000 shares. Investors Diversified Services 1957 net 11,112,758 or 7.64 a share vs 11, 525,699 or 37.93 a share.
Republic Pictures Corp announced at its annual meeting that it has definitely stopped making motion pictures for theaters and aims to exit the business by July 31. The company has closed most foreign distribution and plans to rent studio facilities to independent producers while continuing profitable film processing, plastics, and television operations. Optimistic about 1958 earnings, the year ending October 26.
Pittston Company expects first quarter earnings around 1.50 a share, down about 25 percent from a year earlier. President A F Denari cited metallurgical coal sales and tonnage losses as key factors, with production and topnage sales near prior year levels.
Kaiser Aluminum & Chemical Corp. will close its Tacoma Washington aluminum reduction plant effective May 1 and halt production at the Spokane plant. Officials cited the General Services Administration's refusal to purchase aluminum under a government contract as the main reason for the cutbacks and closure.
Boeing president William M. Allen projects slightly higher margins in 1958 despite ongoing charges from program write offs and amortization. No long term financing plans are in place as management reviews capital needs. 1957 net income reached 38,599,707 dollars, 5.49 per share, up from 32,134,989 dollars in 1956.
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