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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Nov 12, 1957
Page
33
Caterpillar Tractor Co says its twelve month earnings ended September 30 amounted to 51,774,268 dollars or 5.66 dollars per common share on 8,989,808 shares compared with 51,252,305 dollars or 5.63 dollars per share on 8,928,391 shares for the prior period.
The article lists nine month net results for many companies including Minnesota & Manufacturing Co, Halliburton, Mission Corp, Westmoreland Coal, Mead Johnson, Cerro De Paseo, El Paso Natural Gas, Panhandle Eastern Pipe Line, Indianapolis Power & Light, Pioneer Natural Gas, New York Water Service, Southwestern Electric and others. It also notes several corporate dividend payments with payment and record dates.
Gulf Mobile & Ohio railroad Co. asks ICC for authority to retire 263,438 shares of preferred stock by issuing 28,343,800 in percent income debentures. It plans to offer 100 in debentures maturing Dec 1 2056 for each preferred share, aiming for tax savings.
Ed Morse reports a modest rise on Wall Street with the market edging higher amid cautious trading. Investors weigh corporate results and economic data as the day closes with gentle gains.
The market saw a range of fractional to solid advances led by the aircraft group after United Aircraft declared a 20 percent stock dividend and Boeing and Convair rises on defense contracts. Jersey Standard rights traded briskly but finished at opening price amid a large block. The Dow AP average climbed 30 cents to 155.50 as bonds held steady due to Veterans Day closures.
Detroit Nov 11 Ford Mercury division boosts factory list prices for 1958 models by 44 to 121 dollars over 1957. New range from 2422 for two door Monterey sedan to 3788 for the Park Lane convert. Park Lane and Montclair models see varied increases driven largely by standard dual headlamps and option changes.
McDonnell Aircraft Corp declares a quarterly cash dividend of 25 cents and a 4 percent stock dividend payable January 1 to record holders December 6. James S. McDonnell Jr. president said 1957 fiscal year net income rose to $9.67 million on $335.29 million sales, with backlogged orders around $600,000 and monthly sales near $30 million.
New York reports Chesapeake IndustriesInc. voted to omit dividends on the $4 and $6 cumulative preferred stocks due to cash conservation needs. Previous payments were $1 on the $4 preferred and $1.50 on the $6 preferred in January. Homestake Mining Votes 40-Cent Yearend Extra SAN FRANCISCO, Nov. 11- (DJ) Homestake Mining Co. to day declared a yearend extra of 40 cents and a regular quarterly dividend of 40 cents on common, pay Dec. 16 to holders of record Dec. 5.
Detroit November. Studebaker-Packard Corp reports nine month net loss of 12.37 million versus 49.84 million a year earlier. Sales decline to 147.43 million from 226.92 million. For six months ended June 30 net loss 6.81 million versus 35.47 million last year.
United Aircraft Corp. declares a 26 percent stock dividend on common stock payable Dec. 12 to holders of record Nov. 21 and a 75 cent quarterly cash dividend, increased by the stock issue, payable Dec. 2 to holders of record Nov. 21. No stock dividend was issued last year.
Remington Arms asks the Securities and Exchange Commission for an order permitting the transfer of its 50 percent stake in Rem-Cru Titanium to Crucible Steel in exchange for 150000 shares of Crucible common stock. Rem-Cru, formed in 1950 in Midland Pennsylvania, melts and alloys titanium with Crucible processing ingots into sheet bar and rod products.
A lunchroom overheard exchange leads to a reader praising The Wall Street Journal. The ad claims subscriptions boost income and cutting expenses, touting the paper as essential for earners and small business owners. It urges readers to mail a check for an eight dollar trial and lists the New York address.
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