AT&T Sees 1956 Profit Just Above $13 a Share
New York December 28 AT&T reports 1956 earnings slightly over $13 per share based on president Frederick R Kappel. The Bell System added 3.2 million telephones and long distance traffic rose nearly 10 percent from 1955. Direct dialing grew from 500000 to 2500000 phones, with plans to reach about 5000000 in 1957 in cities including Minneapolis St Paul Roanoke and Santa Rosa California. Higher construction and wage costs noted and rate-increase applications totaling 132 million annually filed.
MENTIONED IN THIS ARTICLE
New York
American Telephone & Telephone Co
Frederick R. Kappel
Bell System
Kappel
AT & T
Minneapolis
St. Paul
Roanoke
Santa Rosa
Calif
Kappal
Andy the Bell Companies
United Milk Products to Omit January Dividend
New York Dec 28 Directors of United Milk Products Co. decided to omit the dividend customarily paid in January. The company paid quarters totaling 30 cents this year and cited lack of earnings and need to conserve cash for working capital as the reason for no dividend at this time.
MENTIONED IN THIS ARTICLE
New York
United Milk Products Co
Pacific Tel and Tel boosts year net earnings
Pacific Telephone and Telegraph Co reported a 12 month net income of 89,094,615 or 9.55 a common share on 8,813,859 average shares, compared to 78,796,194 or 9.93 a share on 7,438,250 shares for the previous year. Western Union Telegraph Co reported an 11 month net of 11,518,289 or 1.85 a share versus 11,212,976 or 1.80 a share. November net totaled 1,186,193 vs 912,167 for November 1955. Texas Electric Service Co 12 month net 13,220,808 vs 10,835,213. Texas Power & Light Co 2 month net 11,640,133 vs 10,508,516. Dallas Power & Light Co 12 month net 8,070,184 vs 7,156,560.
MENTIONED IN THIS ARTICLE
Pacific Telephone & Telegraph Co
Western Union Telegraph Co
Texas Electric Service Co
Texas Power & Light Co
Dallas Power & Light Co
Ian Last Abbott
Air Teduc
Mont Ward Coe
Motorola
Alleg Co Tensed
Alleg I. SU
Nat Bisc
Allied Ch
Nat Dairy
Allied Biers Jos
Nat Distilvee AG
Alcoa
Villa M Pw
Apy Cran
North West
Am & F Pw
Gnas & E Ab
Pac Ae
Motors Arabs
Ohio
AI Al's
Oliver Cp
Am Tel & Tei
Pat G & el
Anacondale
Armco Su
Pwr & Lt
Ashi Armour & Co
Atchison SawaAld
Phelps
Jasae
Palta
al Ad Retin
Philco
Philip Mor
Kerr McGee Oil
Aveo
Phil Pet
Gulf Oil
Lima
Prat & G
A Balt & Oh
Bend
E&g
Suez Canal
Standard Oil
New Henguet Voz
Pullman Sa Ae
Tersey
Texas Co
Ather
Steel
Borden
RCA Ia
fRaytheon Wye
Horg Warn
Repub
Relaes Mf
Budd Co
Ballard
Rex
Burroughs
Lukens Steel
Rohr Alce
Coin Pac We
Safeway
du Pont
Ca Fer
Trac
Su. San F Ye Ag
International Business c
Fenese
St Reg
Bear Roth
Chicare Co
Shelt Ait
Genera Ch Mbp&pact'e
Sinclair
Climax
Mo Fe
Coca Cola
Car Raim
Sperry Ra
Boeing
Douglas
Colo F & K
Stiegel
United
Goodrich
Ind
Ltd
Allied AB
Az Chemical
General Electric
Schenley
Kennecott
International Nickel
Sunray
Southern Pacific
Swit & Co
Ah ' Texas Co
American Stock Exchange Crane Co
Curtis Pub
Curtiss Wr
Decca
Decre
Fairchild Camera
Textron
Sh Petroleum
Standard Oil of
Sis
Seag
Tidewat
Kentucky
New Jersey
Dome
Transamer
U. S
du Pontie
East Air Lot
United Cp
Sar
Ford Met
US Steel
Vanad Cote
Penn
West UN
Goodyear
Wilson & Co
Grace & Co
Woolworth
Worthington
Greyhound
Ah Ly Nest
Sh & T
Grim
Alec
Quill Mob & Oh
Reyden Ch
Mutual Funds Homestic
Norman F. Dacey & Associates
Sitte
Atonic
Tnt
Medhab
Commonwealth Invest
Hartford
Eaton & Ow. Hal
State Labor Department
Fundemental Invest
Incorporated
I Masa
Investors ‘Trust
memsJosus Man
Jones & L Tie
Loew's
Ace New Haven
City Trust
Bankers Trust Qi
Bank of NY
Mack
Marine Mid
Martin
Aly Empire
Merck
Am. Fld
Haven Area
Merrch & @ id
Martford
Middle Bui
Hanover Bk
WMG pTeving Trust
Pt Ik
Manufact. Trust
Nhaay Peerlese
Myo Pac AL
New York Trust
yMonsan Ch
So Jom Ju. &. Trust
Dividend declarations from electrical and manufacturing firms
Dividends announced by Henglechain Electric Power Reg quar, Hudson Gas & Electric, Detroit Gasket & Manufacturing, Halle Bros, Clary Corp, Loomis Sayles Mutual Fund, United Indy, Permutit, and Delaware Power & Light. Payments include cash and stock options, with payment and record dates in January 1957 and prior payments noted. Some firms shift to stock dividends to conserve cash for expansion.
MENTIONED IN THIS ARTICLE
Henglechian Electric Power Reg
Hudson Gas & Electric Corp
Halle Bros. Co
Clary Corp
Loomis-Sayles Mutual Fund, Inc
United Indy, Corp
Permutit Co
Reguar
Oncom
GE to Curtail Dryer Output at Appliance Park
General Electric will cut production of clothes dryers and washer dryer combos on January 14 affecting about 300 employees. Long service workers get first dibs on remaining jobs as 3,200 of GE’s 15,000 Appliance Park staff are in the Home Laundry unit. Earlier cuts included a four day halt on dishwashers and a 12 day disposal line closure due to weak sales.
MENTIONED IN THIS ARTICLE
Louisville
General Electric Co
J. B. Miller
G-E
Austin
Texas
Texas Railroad Commission
Europe
U. S. Bureau of Mines
IGE To Lay Off 1200 TV Workers In January
Syracuse NY December 28 General Electric Co says more than 1200 television production workers in two departments will be laid off for an indefinite period starting next month. About 75 workers in the tube department will be paid off January 11 and 1200 to 1240 in the receiver department will be laid off January 18. The cutbacks follow weaker than expected November December TV sales and record industry inventories. GE projects 1957 industry sales around 7.1 million sets, a bit above 1956.
MENTIONED IN THIS ARTICLE
Syracuse
N.Y
General Electric Co
Herbert Riepelman
Riegelman
Stratford Woman Sues Housing Board Over Explosion Damages
Mrs. Marjorie V. Allaire of Stratford sues the Stratford Housing Authority in Superior Court for 100000 dollars. She alleges an employee gave a chemical drain cleaner and hot water caused an explosion at 64 Butler Court Stratford on December 23 1955. She says the blast caused a nervous shock and facial burns.
MENTIONED IN THIS ARTICLE
Marjorie V. Allaire
Stratford
Stratford Housing Authority
Butler Court
Exchanges Open Dec 31 In North American Markets
Exchanges across the United States Canada and Europe will be open Monday December 31. All domestic and Canadian markets will be closed Tuesday January 1.
MENTIONED IN THIS ARTICLE
New York
United States
Canada
Europe
Wall Street Irregular With Tax Moves Near Year End
Turnover was heaviest in seven weeks as trading stayed irregular with a slight upside tilt. The Associated Press average of 60 stocks rose to 180.70, profits and losses were within narrow bands, and Atlas Corp led volume with 34,724 shares amid 1,209 issues traded.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Associated Press
Atlas Corp
Ion
Royal Dutch
Studebeker-Packard
Ford Motor
Radio Corp
New York Banks See Big Earnings Rise This Year
Bank earnings across the country are reported to be well above prior year results with net operating gains in major banks, especially in New York City where increases are estimated around 38 to 20 percent. Cadillac car sales for Dec 1–10 totaled 3,403 units, below last year’s period, while Cadillac introduced the 1987 model in November and the 1956 model previously in October. A notable rotation of stock and significant gyrations were observed.
MENTIONED IN THIS ARTICLE
New York City
Cadillac
General Motors Corp
New York
Federal Reserve Bank of New York
Senate Banking Committee
City Named Defendant in 50000 Dollar Suit
A 50000 negligence suit was filed in Superior court yesterday against the City of Bridgeport over the death of John F Yamrick three who drowned at about 3 pm Sept 26 after falling into Yellow Mill pond near his home. The plaintiff, administrator of Yamrick's estate, says the city failed to post safeguards to prevent children from falling into the pond.
MENTIONED IN THIS ARTICLE
Bridgeport
John F. Yamrick
Panik Village
Yellow Mill Pond
John Yamrick
Blumenthal Converts Debt To Shares In New Issuance
Sidney Blumenthal & Co announces that 900000 of its indebtedness has been converted into 225000 newly issued common shares. This raises total Blumenthal common shares outstanding to 584111. Shares issued under a loan agreement executed last February and approved by stockholders in March.
MENTIONED IN THIS ARTICLE
Sidney Blumenthal
Sidney Blumenthal & Co
Blumenthal
Brunswick-Balke Callender to issue new debentures for growth
Directors authorize issuing about 5.8 million dollars in convertible subordinated debentures for Brunswick-Balke Callender Co to fund growth and expansion. Stockholders of record Jan 30 will receive rights to subscribe at one debenture per nine shares, price not yet set.
MENTIONED IN THIS ARTICLE
Brunswick-Balke- Callender Co
Lone Star to Acquire Superior Portland Cement Assets
In a move announced by Lone Star Cement Corp and Superior Portland Cement Inc the boards approved Lone Star acquiring Superior via exchange of 14-4 shares per Superior share. Superior stockholders will vote at a special meeting soon. The deal expands Lone Star into Puget Sound Western Washington and Alaska markets.
MENTIONED IN THIS ARTICLE
New York
Lone Star Cement Corp
Superior Portland Cement Inc
Lone Star Cement
Superior Portland
Superior
Superior Cement
Lone Star
Puget Sound
Washington
Alaska
Pacific
Power company approves record 1957 budget plan
Consumers Power Co. in Jackson Michigan announced a record 95 million dollar budget for 1957 covering electric and gas expansion. Electric work includes an 18 percent capacity increase to 2,033,000 kilowatts and a Muskegon generating unit starting in March with another near Bay City planned for early 1988. Gas service expansion aims to add 29,000 customers to 440,000 current. Additional funds will upgrade offices and facilities across six Michigan counties and improve local lines.
MENTIONED IN THIS ARTICLE
Jackson, Mich
Consumers Power Co
Dan E. Karn
Electric Department
Muskegon
Bay City
Mt City
Focal Electric
Michigan
Karn
Railroads Report 11 Month Net Incomes Across Systems
Atchison Topeka and Santa Fe posts 11 month net of 56.5 million or 2.098 a share down from 64.4 million or 2.42. Denver and Rio Grande Western 11 month net 10.89 million up from 10.34. St Louis San Francisco 11 month net 7.26 million down from 9.56. Nashville Chattanooga and St Louis 3.07 million up from 2.28. Jersey Central 1.08 million down from 1.19. Missouri Kansas Texas 11 month net 1.87 million down from 2.95.
MENTIONED IN THIS ARTICLE
Atchison,Topeka & Surfta Fe Railway System
Denver & Rio Grande Western Railroad
St. Louis-San Francisco
Nashville, Chattanooga & St. Louis Railway
Jersey Central Lines
Missouri-Kansas-Texas Lines
New Portland insurance HQ Aims for Spring Completion
Portland plans a $1.5 million insurance building as part of a downtown financial center project. Union Mutual Life Insurance Co will occupy about 70,000 square feet in a new city hub, with construction progressing toward spring finish. Additional regional growth includes a Burlington Montreal tube maker expanding, boosting area jobs and payroll.
MENTIONED IN THIS ARTICLE
Portland
Maine
Union Mutual Life Insurance Co
The
New England Council
Armco Plans $120.6 Million Expansion Next Year
Armco Steel Corp will spend 120.6 million dollars on expansion in 1957, raising capacity to 6,222,000 tons by mid 1957 as part of the 1955 1960 program. R L Gray president predicts a record steel year with industry output surpassing 1955. He warns profits must improve to sustain capital and facilities growth.
MENTIONED IN THIS ARTICLE
Middletown
Armco. Steel Corp
R. L. Gray
Gray
Armco
Bethlehem to Spend 25 Million on Seattle Plant
Bethlehem Pacific Coast Steel Corp. announced a 25 million expansion for its Seattle plant raising capacity to 420 000 ingot tons annually from 246 000. The project will take 2.5 to 3 years, adding two 100 ton electric furnaces and expanding rolling mill facilities. Government fast amortization was rejected but not deemed to affect the expansion.
MENTIONED IN THIS ARTICLE
Bethlehem
Seattle
Bethlehem Pacific Coast Steel Corp
H. H H. Fuller
Bethlehem Steel
Fuller
Seagram shows quarterly gain and peers report
Seagram and Sons Inc posts a quarterly net profit of 7.98 million ending Oct 31, up from 6.95 million last year. Other firms report varied year and quarter results including Dana Corp Kelsey-Hayes Beatrice Murray and Detroit & Canada Tunnel with earnings ranging from profits to per share measures.
MENTIONED IN THIS ARTICLE
Joseph E. Seagram & Sons Inc
Dayton Rubber Co
I. P. Stevens & C O, Inc
Dana Corp
Kelsey-Hayes Co
Beatrice Foods Co
Murray Corp. of America
Detroit & Canada Tunnel Corp
Electric Output Up in Week Ended December 22 1956
The electric light and power industry distributed 2.227 billion KWH in the week ending December 22 1956 compared with 11.614 billion KWH in the corresponding 1955 week an increase of 5.10 percent per the Edison Electric Institute.
MENTIONED IN THIS ARTICLE
New York
Electric Light and Power Industry
Edison Electric Institute
Also Mentioned on This Page
At&t
Pacific Tel & Tel
Detroit Gasket & Manufacturing Co
Dela, Fower and Light Co
Connecticut
G. H Walker
Mid
Acme
Ansonia
Arrow-Hart Herzen
Associated Spring
Birmingham
Stk
Handy Harman
Kerite
Lanters Frary Cle
Mann
Sax
Moore
Martin Rockel
Britain
Mach
Northeastern Steel
North Judd
Peter Paul
Plume Atwood
Stanley Works
Torrington. Co Oe
Veeder Root
Emith, Ramsay & Co
Ny Nous
Asa Kew Hay Gay
New Hay Water
South Nue
Tean Gas Trans
Ari
Tex East Tran
Weil Mass Co
Nie
IGE
Housing Board
Dow Jones
Senate
Hups Co
Bante Ee
Wertlagh FI
Smith, Ramsay & Co
Brunswick-Balke
United States Steel Corp
Bethlehem Steel Corp
Northeast Airlines
Northeast Airlines, Inc
Florida
Miami
Boston
Phillips-Jones Corp
N. E. Business Roundup
Burfington
Vermont
Montreal
Metal Tube and Closure Co
Colchester
Burlington
Greater Burlington Industrial Corp
Massachusetts
Webster Record Co
Donald H. Gabor
Webster
Mass
Joclin Manufacturing Co
North Haven
Wallingford
Quantum Inc
Providence
New England
Warren
Blount Marine Corp
Providence Streamboat Co
Ficer
Haverhill
Brooklyn
Minna Novelty Co. Inc
Haverhill Chamber of Commerce
Armco Slates
Seagram
NEW York Stock Exchange
American Stock Exchange
G. H. Walker & CO
York Stock Exchange
Bank Street
Conn
Edison
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