Word: dividend
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Dates: during 1930-1939
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Last week the directors of Hudson Bay Mining & Smelting Co. declared their initial dividend, a 50? payment that marked the first return on a classic promotion. Just 20 years ago a Canadian prospector stumbled on a rusty streak of sulphide ore in the ancient rocks of northern Manitoba. Having grub-staked the prospector and his five partners, John E. ("Jack") Hammell made them a proposition: $100,000 for each prospector, $1,000,000 for himself if he could get it. Laughing uproariously, the prospectors agreed...
Last week the directors of Fairbanks Morse & Co. declared a $3.50 dividend of their preferred stock-first in three-and-a-half years. The venerable Chicago industrial concern is largely a producer of durable goods. From 1929 to 1932 annual sales dropped from $31,500,000 to $8,500,000, and total Depression losses footed...
...Depression low of $2.63. Not long after that low was reached, Mr. Mackay was living in the superintendent's cottage on his Long Island estate, having closed his big house and stopped the salaries of his hundreds of gardeners, grooms and domestics. To-day with non-dividend-paying I. T. & T. selling at $9 Mr. Mackay is certainly solvent but he no longer plays godfather to anything from the New York Philharmonic to Nevada University's Mackay School of Mines...
...when it was suggested that A. T. & T. split its stock (last week's price: $110) so that the present $9 dividend would not draw political fire, President Gifford put down his foot. A split would merely reduce the rate, not the amount actually received by stockholders. "The company," said Mr. Gifford suavely, "should not try to hoodwink the public...
...first-quarter profits failed to cover first-quarter dividends by nearly $12,000,000-15th consecutive quarterly period in which A. T. & T. has had to draw on surplus to maintain its traditional $9 rate. And the succession of deficits since 1932 has eaten into the surplus of A. T. & T. and its subsidiaries to the extent of about $110,000,000. Every three months, just before the directors meet for dividend action, Wall Street nervously debates the possibility of a dividend cut. But with $250,000,000 in cash & Government bonds and surplus still above...