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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Apr 23, 1958
Page
18
The stock market eased from a recent upturn as profit taking spread across groups. Airlines posted small gains while rails, buoyed by outgoing strength, fell back amid a mixed close and lighter volume.
Zenith Radio Corp reports net income of 7,036,759 dollars or 2.07 a share for the March quarter up from 1,650,590 dollars previously. Dividend declared 50 cents payable June 30 to stockholders of record June 2, aligning with the split stock plan. factory shipments hit a record first quarter, led by television sets, while stock market activity shows mixed results across major issues.
Trading was light with about 680000 shares changing hands, down from 790000 the prior day. Losers included Creole Petroleum Florida Canada Diners' Club Todd Shipyards Napco Woodley Petroleum as corporate bonds rose in the heaviest session in six months while U S government bonds were mixed with a slight downside tilt in thin over the counter activity.
Dividend notices list Southern Bay Co Norfolk & Western Railway Co Canada Cement Co Consolidated Cement Corp Consolidated Electrodynamics Corp and R G Le Tourneau Inc with regular quarterly payouts. Payments occur in June with varied record dates from May to June and some garbled entries.
Gulf Oil Corp reports quarterly earnings of 60.7 million dollars or 95 cents a share, down from 94.9 million dollars last year. executives cite weak domestic prices but note rising worldwide crude production and a capital program above 500 million dollars for 1958. Continental Can and Lykes Bros deals also appear in the same market wrap.
Tulsa April 22 Directors of Sunray Mid Continent Oil Co and Suntide Refining Co announce a memorandum of understanding to merge Suntide into Sunray, with Sunray to exchange one Sunray share for four Suntide shares subject to stockholder approval. The merger is expected to close around September 1. Sunray holds about 50 percent of Suntide’s 3,125,000 outstanding shares.
Amalgamated Leather Co Inc explores a sale or merger. President John F Bishop disclosed no agreement yet and declined to identify negotiating parties. He said if an offer seems acceptable the information will be shared with the press and stockholders for approval.
Prices from G Ko Walker and Co show list values for many firms. Items include Acme Wire 2.00, Arrow Hart 3.50, Burndy 10, Cuno Eng 2.59, Dictaphone 5, Emhart 4.30, Fafnir Bearing 2.80, Landers Frary 1.75, Marlin Rockwell 1.60, North Sud 2.50, Peter Paul 0.44, Safety Ind 2.70, Stanley Works 1.69, Veeder Root 4.5.
New York banks led by Chase Manhattan reduce the prime rate to 3.5 percent from 4.0 percent. Guaranty Trust Co. and J P Morgan & Co. followed yesterday, with First National Bank Irving Trust and others matching the 0.5 point cut on brokers and dealers loans. The move mirrors actions by Chicago and Cleveland banks and is expected to spread nationwide.
Getty Oil Co expects first quarter earnings to compare favorably with 1957's $1,594 per share as stated by Charles Krug vice president and secretary at the Wilmington annual meeting. No quarter figures yet. prospects for the year look excellent but no dividend soon due to expansion with the last payment a 5 percent stock issue in November 1957.
Consolidated Edison Co New York declared a 70 cent common stock dividend payable June 16 to holders of record May 9. The utility paid 60 cents in previous quarters.
U S Steel executive Marcus J. Aurelius predicted a summer upturn in industrial activity. He cited reduced inventories, high personal income and savings, government stimulus and rising consumer spending as signs of an improving outlook for the rest of the year.
Crane Co reports weak first quarter earnings likely near 3 cents a share on a consolidated basis versus 48 cents in 1957. President Neele E Stearns says domestic operations will show a loss while Canada may break even and England could offset U S losses with sufficient earnings.
Morgan Stanley and Co. reports the sale of 25 million Commonwealth of Australia US year 4-3/4 per cent bonds oversubscribed. the issue drew strong demand and the books are closed. the notice is dated april 22 from new york.
CIT Financial Corp reports net earnings for the quarter ending March 3, 1958 of 9,359,854 dollars or 1.02 a share, up from 9,102,284 dollars or 0.99 a share a year earlier. Installment notes and other receivables acquired declined about 25 percent from 1957. President Arthur Dietz predicts full year earnings at least as good as 1957.
American Smelting & Refining Co. posts a first quarter net of about 4.0 million dollars or 47 cents a share, down from 8.25 million dollars or 1.35 a share a year ago. Chairman K C Brownell disclosed the figures at the annual meeting in Jersey City.
Foremost Dairies Inc says results near a year ago with sales and net earnings after taxes roughly at prior levels excluding non recurring items. First quarter 195? net income 3,185,028 or 43 cents per share on 94,417,980 in net sales, aided by 1,299,864 in non-suring income from securities sales.
Wilmington Del April 22 First quarter earnings for Eastern Air Lines declined about 32 percent from the prior year as revenues stayed roughly flat T F Armstrong president sold the annual meeting today The airline earned 328498 or 113 a common share in q1 1957 despite higher mileage The executive noted a roughly 7 percent increase in miles flown to match last year’s revenue and reported mid March revenue pickup with April results about 8 percent ahead of 1957
Wall Street sees a potential boost from tax reductions for retailers with Allied Stores Associated Dry Goods W T Grant Kresge May Penney Walgreen Woolworth highlighted. Gut Oil Sinclair Tidewater tied to Pure Oil concession in Para Norte. Hotel room occupancy at 68 percent first quarter, lowest since 1940, while movie attendance improves. Mallinckrodt stock valued at $35 by Troster Singer. Latouche of Shearson Hammill suggests selective buys in grocery chains electric utilities food processing and certain firms with new management or tech gains.
Merck & Co Inc reports first quarter earnings of 6.574 million dollars or 63 cents a share, up from 5.757 million dollars or 55 cents. Sales rose to 50.199 million dollars from 45.911 million in the prior year, according to president John T. Conner at the annual meeting in Rahway New Jersey.
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