Mills cut finished cotton twill prices in bid to stay competitive
New York June 10. Several leading mills including J. P. Stevens & Co. Cone Mills Corp. and West Point Manufacturing Co reduced finished cotton twill prices by a half cent to 1 12 cents a yard. Prices for various weights now range from about 43 1 2 to 58 cents a yard. Reductions reflect competition from independent converters finishing unfinished cloth and undercutting integrated mills. Some buyers expect the decline to be temporary due to higher raw cotton costs and shifts in the market toward sateens in sportswear.
MENTIONED IN THIS ARTICLE
New York
J. P. Stevens & Co
Cone Mills Corp
West Point Manufacturing Co
Stevens
Outboard Marine Lays Off 2 189 Employes in 3 Divisions
Outboard Marine Corp of Waukegan Illinois laid off 2189 workers across its three divisions in the past weeks due to weaker than expected sales and 1959 model retooling. Johnson Motors division cuts reach 1300. Evinrude Motors four day week and 350 layoffs. Gale Products division reduced by 639. Total employment falls to 5170 from 7353. Firm expects sales ahead of last year and plans to rehire as production speeds up for 1959 models by August.
MENTIONED IN THIS ARTICLE
Chicago
Outboard Marine Corp
Waukegan
Outboard
Johnson Motors
Outboard Marine
Evinrude Motors
Evinrude
Gale Products
Copper price raised by custom smelter in New York
A leading custom smelter boosted copper price by 14 cents per pound to 25 cents. This matches the producer price, though custom smelter copper usually sells below producer price.
MENTIONED IN THIS ARTICLE
New York
Mutual funds and bank stocks price list snippet
A financial column lists losing prices for mutual funds and bank stocks. Entries show firms such as Smith Ramsay & Co and various banks including Bankers Trust Bank of New York Chase Manhattan Empire Guaranty and Irving Trust with modest percentage changes and trade figures.
MENTIONED IN THIS ARTICLE
Smith, Ramsay & Co
Trust Gg OM
Bankers Trust QJ
Bank of NY
Chase-Manhata QF
ChemicalCorn QI
Empire
First X City Bk GE
Guaranty Trust
Hanover Be SY QI
Irving Trust
Mite Trust
RY Trust
US Trust
Swift & Co earnings and sales rise in net income mix
Swift & Co reported a 26 week net income of 2,516,133 or 0.43 a share on April 25, with sales at 1,257,560,000, up from 1,253,310,000. Porter M. Jarvis said no major outlook changes before year end. Daystrom, Inc posted 2,333,493 or 2.57 a share on March 3 with sales at 81,713,986. United Artists boosted March quarter income to 636,000 or 0.59. Stock moves included Olin Mathieson and others as market shows uneven tone.
MENTIONED IN THIS ARTICLE
Swift & Co
Porter M. Jarvis
Daystrom, Inc
United Artists Corp
Robert S. Benjamin
Arthur B. Krim
Local Industries Highlights From A M Kidder Co
El Paso Electric Co reports 12 month net ending April 30 of 3 078 272 dollars or 1 44 a common share versus 2 772 000 dollars 89 cents per share United Stockyards Corp posts six months net to April 30 of 200 579 dollars or 29 cents a share versus 238 935 dollars 36 cents a share Associated Oil and Gas Co shows March quarter net of 19 981 dollars or one cent a share versus 251 552 dollars nine cents a share
MENTIONED IN THIS ARTICLE
el Paso Electric Co
United Stockyards Corp
Associated Oil and Gas Co
Dividends and records from multiple corporations listed
Dividend notices include Textron Usual 25¢ on Sermon with July 1 pay and June 1 record. Canadian Pacific Railway Co Reg semiannual 75¢ on common. Bank of New York Reg quarter 50¢. Empire Trust Co Reg 75¢ with July 8 payment. Central Public Utility Corp Reg 20¢ with Aug 1. Hartfield Stores Inc 17 1/2¢ with July 10. B S F 11-2% stock dividend payable June 30. Cutter Laboratories 5¢ on limited voting common with July 25. Leag Corp 37 1/2¢ with July 1. Iskemd Creek Coal Co Usual 5¢. Western Union 3¢ July 15. Northern Illinois Gas Co Reg quarterly 22¢ with Aug 1. National Investors Corp ecjon common with June. Whitehall Function ve 10¢ with June 30. Tri-Continental Corp 36¢ on.
MENTIONED IN THIS ARTICLE
Canadian Pacific Bwy. Co
Corp. Ltd
Bank of New York
Empire Trust Co
N. Y
Central Public Utility Corp
Hartfield
Stores Inc
B.S. F. Ces
Cutter Laboratories
Leag Corp
Iskemd Creek Coal Co
Western Union Telegraph Co
Northern Illeois Gas Co
Reg Lquar
National Investors Corp
Whitehall
Tri-Continental Corp
World sag caused slump British economist says
London June 10 AP top British economist Roy Harrod says a worldwide recession may have caused the U S slump. He notes world trade slowed in 1957 as Europe kept imports flat and urges Europe to expand trade rather than wait for U S leadership.
MENTIONED IN THIS ARTICLE
London
United States
Roy Harrod
Europe
Harrod
International Monetary Fund
Spending surge seen for nations electric utilities
Boston's First National Bank president Lloyd Brace told Edison Electric Institute that privately owned U S electric utilities will need about 40 billion dollars for new construction by 1965. He said annual spending will double 1948-57 levels as capacity rises from 135 to about 160 million kilowatts.
MENTIONED IN THIS ARTICLE
Boston
Lloyd D. Brace
First National Bank of Boston
Edison Electric Institute
Brace
Treasury follows up with financing tally on exchanges
Washington June 10 The Treasury announced that holders of nearly all but 520 million of 9.5 billion in securities maturing June 15 exchanged into a new 14 percent 11 month note or a 2 38 percent six year eight month bond. about 1.785 billion went to the certificate and 7.25 billion to the ad. Books closed last Friday midnight and a 3 14 percent 27 year bond offering earlier aimed to raise 1 billion. Treasury officials praised the exchange results.
MENTIONED IN THIS ARTICLE
Washington
The
Treasury
Department
Wheat crop up from last year
The Agriculture Department forecast a 1.2706 billion bushel wheat harvest for the year, topping last year’s 947.1 million and the 10-year average. Winter wheat was projected at 1.0686 billion bushels, spring at 201.9 million, with yields expected to rise to 25.4 bushels per acre for winter and rye at 89 percent of normal overall.
MENTIONED IN THIS ARTICLE
Washington
Agriculture Dept
Grand Union Reports Higher May Sales
Grand Union Co. reports five weeks ending May 4? sales of $43,225,723, up 7.5 percent from $40,201,020 a year earlier. Thirteen weeks ending May 31 sales totaled $112,089,710, about 9.7 percent higher than $102,939,512 last year.
MENTIONED IN THIS ARTICLE
New York
Grand Union Co
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Chase Fund OF Boston
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