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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Feb 15, 1958
Page
24
1957 financial results show widespread gains in net income and sales for firms including Halliburton, General Tire, Revlon, McCrory Stores, and Allied companies. Notable figures: Abitibi, General Precision, Grumman, and Ford of Canada report higher or steady earnings with varying per share amounts. January and year totals reflect strong performance despite mixed quarterly results.
A long list of quarterly and regular dividends is announced by multiple firms. Payments include Reg quarter shares on common stock with payment dates from March to May and record dates ranging from February to March, spanning companies such as National Supply Co Maine Railroad Co Illinois Central Railroad Carter Products Consolidated Freightways Edison Bros. Stores and more. A few entries note extra or usual quarterly amounts and include both U.S. and Canadian firms with differing series and class distinctions.
Wall Street rose for the first time in eight sessions led by the Associated press average as about 1.9 billion dollars were added to NYSE quoted values. Volume was sub-average at about 2.07 million shares but higher than yesterday.
The Federal Maritime Board and American Export Lines signed contracts with two ship builders to construct four merchant ships for over 46 million dollars. The government will cover 45.3 percent of the cost. National Steel & Shipbuilding Corp. to build two vessels at a fixed price of 11,754,000 dollars.
General stock prices recovered with gains in oils, rubbers, chemicals, motors, rails, base metals and aircrafts. Colgate Palmolive led consumer issues with a 37.8 point rise as shipbuilding shares advanced on contract news and Du Pont, Gulf Oil and U S Gypsum posted gains. Royal Dutch and Shell Trade were active, while American Stock Exchange listings and corporate bonds also moved higher on solid turnover.
G H Walker and Co announces that Midwest Piping Co Inc common has been oversubscribed and the secondary offering books are closed in New York.
Moore McCormack Lines and the Maritime board awarded ship construction work to Todd Shipyards Los Angeles division and Sun Shipbuilding and Drydock Co totaling more than 43 million dollars. Todd to build two ships for about 11.01 million each Sun Shipbuilding to build the other two vessels for about 10.62 million. Government subsidy share estimated at 45.2 percent based on a representative West Germany cost.
Remington Arms Company, Inc. reports 1957 consolidated sales of 74,610,000, up from 72,741,000 in 1956. Net income for 1957 was 8,047,000, or 1.05 per share, compared with 8,003,000 or 1.08 per share in 1956.
The Treasury, short on funds, drew 100 million from its gold emergency reserve, adding to its account with the Federal Reserve to back currency. The move preserves cash but reduces the reserve by that amount and may necessitate further taps if debt ceiling and tax inflows delay.
Continental Motors Corp. raises its common stock dividend to 15 cents payable April 18 to holders of record March 28. Treasurer H. W. Vanderen says the increase aligns with earnings after a strong year and optimistic outlook. Fiscal year net income was $3,583,301 or $1.09 per share, up from $1,604,924 or 49 cents.
Hollinger Consolidated Gold Mines Ltd declared a regular quarterly dividend of six cents and an extra of six cents payable March 31 to shareholders of record March 3. The firm paid a 20 cent extra in March last year.
New York February 14 Public Service Electric and Gas Co filed an amended registration with the SEC proposing the sale of 250000 shares of cumulative preferred stock with a $100 par value. Underwriters led by Merrill Lynch will offer the securities around March 4. Proceeds will be used for general corporate purposes.
Magnavox Co announced a 5 percent stock dividend on common stock to be paid April 15 with record March 21. A regular quarterly cash dividend of 37 1 2 cents will be paid March 15 to record February 25. The firm applied for listing of its 4 3 4 percent cumulative convertible preferred stock on the New York Stock Exchange. 115,169 shares of preferred were outstanding at December 31, 1957.
George Alpert, chairman and president of the New York New Haven & Hartford Railroad, says there are prospects to avoid a proxy fight at the April 9 annual meeting in New Haven. He notes efforts to settle with investors led by A. C. Allen & Co. and discusses the railroad’s finances and capital spending.
General Public Utilities Corp and affiliates show 1957 net income of 33.264 million dollars or 3.25 a share, up from 29.637 million dollars or 3.05 in 1956. Eastern Gas & Fuel Associates posts 13.407 million dollars or 4.41 a share, vs 10.750 million or 3.61. Cincinnati Gas & Electric reports 15.557 million dollars or 2.00 a share, compared with 15.254 million or 1.99. Other listed utilities include San Diego Gas & Electric, Kansas Gas & Electric, Iowa Power & Light, and United Carbon with listed per share amounts and pay dates.
Ford Motor Co and Chrysler Corp said both would close a plant next week idling about 6,000 workers. Ford’s Dearborn assembly plant will be down to rebalance dealer inventories until Feb 24 affecting about 4,000. Chrysler’s Kokomo transmission plant will idle about 2,000 workers with operations set to resume Feb 24.
Connecticut Industries details a pricing arrangement linked to G H Walker Co. The notice outlines terms, parties involved, and potential implications for shareholders and markets. Further documentation clarifies pricing models and associated regulatory considerations.
Reports indicate Raytheon's 1958 earnings may beat 1957's 1.70 per share. Anaconda and Kennecott dividends loom for Feb 27. Briggs Manufacturing shows a turn in 1957 with better business ahead and possible loss for last year. Universal-Cyclops Steel seeks 15 million debt for 1959 expansion. Higher dividends anticipated from American Chicle General Foods Standard Brands United Biscuit. Pillsbury earnings rise to 2.57 from 2.25. Convertible debentures eyed as alternative investments. Dow support seen at 435 then 425 with a possible further sell-off.
U S savings bond sales for January totaled 510 million dollars, 10 percent above January 1957, Treasury reported. Cash-ins again exceeded sales, with January redemptions at 518 million dollars, 29 million less than the year earlier figure.
U S department store sales last week lagged eight percent versus 1957. All twelve Federal Reserve districts reported lower sales with Cleveland district down nineteen percent and Dallas district down eight percent.
An item titled American Exchange from A M Kidder Co Inc appears with product references and financial notes. The notice lists brokerage style language and trading context tied to the supplier.
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