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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Apr 30, 1958
Page
14
At the annual IBM meeting Thomas J. Watson Jr. reported a downturn in orders since September that eased in March. Data processing revenue beat March quotas for the first time since August. IBM declared a quarterly dividend of 63 cents payable in June to holders of record May 12.
Cooper-Bessemer Corp declares its regular quarterly dividend of 40 cents on common stock payable June 6 to holders of record May 23. Yearly meeting approves increasing authorized common shares to 3,000,000 from 2,000,000 with intent for future acquisitions expansion or corporate needs. No current plans or negotiations to issue the new shares.
United States Steel Corp reports first quarter net income of 62.4 million or 1.04 a share after taxes and charges, down from 125.5 million or 2.03 a share a year earlier. Sales totaled 800.07 million vs 1.166 billion last year. dividend 75 cents payable June 10.
Phillips Petroleum Co. reports March quarter net income of 20.5 million dollars 60 cents a share down from 98.4 million 83 cents. Gross income drops to 26.7 million from 296.1 million. Dividend of 42 1/2 cents per common share declared payable June 2 to record May 9. Chairman Adams says 1958 will be good but not as strong as last year. Company plans about 150 million in capital expenditures this year, 65 million less than 1957.
Twelve shoe chain companies posted 1957 net profits of 15,279,127 after taxes, up 2.8 percent from 1956, with net sales totaling 491,370,369, up 5.9 percent. Members listed include Melville Shoe, Edison Bros, National Shoes, Hanover Shoe, Cannon Shoe Co, and others with varied profit changes.
Connecticut sectors show pricing signals from G. H. Walker & Co with industry data and market indicators. The report highlights price movements across multiple industries and implications for local business sentiment.
The market fell for the second day amid reports of sharply lower earnings. Industrials led declines with losses from fractions to a point, while volume eased to about 2.19 million shares as traders noted bigger-than-expected drops in several reports.
Public utility stocks listed by Smith, Ramsay & Co include Jana Gas, Arkansas Fuel Oil, Bailey Selburn, Creole Petrol, Diner's Club, Imperial Oil, Louisiana Land, U S Foil B, and Thioko. Higher were Sherwin Williams and General Plywood in late trading.
A company reports a first company earnings lift for the twelve month period ending with higher revenue and profit. Management cites sustained demand and cost controls contributing to the improved results.
Local Industries column reports on Kidder & Co Lac and Kaiser Aluminum related figures. It compares 12 month net and per share values for National Biscuit Co and Kaiser Aluminum, highlighting March quarter results and earnings per share for common stock.
A long list compares 12 month and quarterly nets per share for Hugoton Production Globe Wernicke General American Parker Hannifin Bausch Lomb Great Northern Paper Koppers Oxford Sutherland United Greenfield Universal Marion Servomechanisms Tandnee Ma u Tala etc. with per share figures and prior year equivalents. Dividends are posted for Burlington Pacific Mills Black Hills Campbell National Biscuit Outboard Peter Paul Sutherland Warren Nesbner Ohio Lane Bryant Granite City General Refractories Mojud Johnson Johnson Tidewater Travelers American Pipe Guardian Kentucky Utilities Stonega Virginia Coal Philadelphia Columbian Potash Thompson American Tobacco Hudson Bay Associated Dry ABC Deere Argo Oil and others with regular quarterly amounts and payment dates.
The Belgian copper producer Union Miniere du Haut Katanga raised its copper price to 25 I4 Belgian francs per kilo about 22 90-100 cents per pound in New York and Antwerp. The increase is about 0.45-0.100 of a cent from last week’s level.
Olin Mathieson Chemical Corp reports the March quarter earnings at 4,473,000 dollars or 33 cents a share on 13,276,815 shares, down from 10,010,000 dollars or 75 cents on 13,004,031 shares a year earlier. Sales and operating revenues totaled 127,625,000 dollars versus 336,342,000 in the prior period.
Bristol April 29 Superior Electric Co reports 1957 sales at a record high, up 9 percent from 1956, with net earnings of 449,225.47 or 2.40 a share. American Can Co shows first quarter income of 7,056,773 or 41 cents a share, down from 7,498,907 or 43 cents, as sales and rentals reach 220,137,507. Stolk forecasts 1958 profits near 1957 levels while planning about 80 million in capital spending. A separate farm equipment firm posted a first quarter sales drop of 7 percent and earnings down 10 percent from the prior year.
Texas Co. sells 150 million dollars of new debentures at 35 8 percent coupon to yield 3.65 percent to maturity on May 1 1983. Underwriting agreements signed at Dillon Read & Co. final steps include SEC clearance before distribution. Proceeds aid corporate needs including repaying 50 million dollars of bank loans.
Revere Capper & Brass Inc declares 25 cent dividend on common stock payable May 29 to record May 9. National Acme Co declares 50 cent quarterly dividend with an extra 50 cents in May 1957. March earnings fell to 278,286 dollars or 56 cents per share from 774,380 dollars or 1.55. American Photocopy Equipment Co declares 25 cent quarterly dividend payable July 1 with a 30 cent quarterly dividend on Oct 1. higher earnings justify the increase. George Weston Ltd raises its class A and B dividends by 20 percent to 60 cents, effective with the next quarterly payment around July 1. Wyandotte Worsted Co takes no action. last payment was 100 cents in August 1957.
Virginia Electric & Power Co reports 12 month net income of 25 million 140 thousand or 1 57 a share on 14 2 million shares up from 21 million 796 thousand or 1 44 a share on 13 2 million shares Pacific Lighting and Canadian Pacific Railway follow with earnings changes Federal Pacific Electric New England Electric System and others post nine month or quarterly results detailing per share figures and share counts
Seaboard Air Line Railroad reported a three month net operar of 3,732,223 dollars, 78 cents per share, versus 5,244,152 dollars, 1.09 dollars per share in the prior year period.
The George Putnam Fund of Boston reports net assets at March 31 of 142.345 million dollars or 11.42 a share on 12.464 million shares, up from 135.978 million dollars or 12.23 a share on 41.198 million shares at March 31.
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