Word: dividend
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...there is one thing an electric utility is supposed never to do, it is omit a quarterly dividend; investors buy utility stocks primarily to get those dividends. Last week the unthinkable happened: New York's Consolidated Edison Co., the biggest U.S. power generator, skipped its dividend for the first time in its 89-year history. The news gave Wall Street a high-voltage shock. Con Ed stock promptly lost a third of its value, dropping from 18 to 12 (it closed the week at 12⅜), and the dive dragged down prices of many other utility stocks...
Meanwhile the utility announced Tuesday--while cancelling its first dividend to its stockholders since it began paying them in 1885--that it has asked New York State to buy two of the large new generating plants Con Ed currently has under construction. It also said it was suspending, at least temporarily, a costly modernization program designed to replace old plants with new facilities in anticipation of future savings...
...Profits in the last quarter of 1973 fell 22% at General Motors, 76% at Ford and 12% at Chrysler, from year-earlier figures. American Motors' profits rose 22%, and the company recently declared its first dividend (of 10? a share semiannually) in nine years...
...which put its sales and production emphasis behind small cars earlier than its giant rivals, is benefiting financially from the trend so far. AMC's car sales for the year to date are running 21% ahead of a year earlier, and last week the company declared a "semiannual" dividend of 100 a share, its first payout to stockholders in nine years...
...softened the hostility on Capitol Hill and the Senate hearing produced many sharp clashes. Jackson, who is campaigning hard for the Democratic presidential nomination, took advantage of the inept performance of Exxon Vice President Roy A. Baze. When Baze could not recall the size of Exxon's 1972 dividends, Jackson snapped: "I guess we're going to have to start slapping subpoenas on some of you." Then, in a grandstand play, Jackson phoned a stockbroker and announced that the dividend was $3.80 a share...