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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Jan 22, 1959
Page
22
Chicago January 21 The United Insurance Co of America directors propose a 50 percent stock dividend on common shares and declare a cash dividend of 17 cents Begamie March 2 to record Feb sharehold seeks approval from shareholders.
At the annual meeting on February 17 the board announced a stock split of one new share for every two held as of February 23. A cash dividend projected at 68 cents per share annually, equaling 1.02 dollars per outstanding share, represents a 27.5 percent increase over 1958’s 0.80 per share.
Halsey Stuart & Co Inc submitted the winning bid for twenty million dollars of Indiana and Michigan Electric Company first mortgage bonds. The bid was 101.67 for a 4 3 4 per cent coupon. The bonds will be resold at 102.41 to yield about 4.60 percent.
The New York Stock Market gained strength today as prices rose across heavyweights in steels oils aircrafts tobaccos chemicals drugs and rail shares. Trading volume reached 3,940,000 shares with gains of fractions to several points, and Superior Oil of California hit a new high at 105.
Dividend notices show R. & Mahon Co American Airlines Lehigh Portland Cement Burroughs Singer Warmer & Swasey Sinclair Oil Goodrich Champion Paper Du Pont Richfield Oil declare quarterly pay dates and records in March and February. Wall Street markets rise with Dow at a record 97.66 and 60-stock average up 60 cents. airlines and oils drive gains amid mixed advances.
American Smelting and Refining Co sells Cerro De Pasco common stock from its account through Merrill Lynch. The oversubscribed offering covered 225 973 shares at 47 dollars net per share, representing all remaining Cerro De Pasco stock owned by the company.
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