Word: dividend
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...Dividend restraints would have little economic effect and would raise no great howl from corporate managers since they would not affect profits. Commerce Secretary Maurice Stans already has won pledges from 1,211 big U.S. corporations that they will not raise dividends during the f'reeze. As of last week, the Nixon Administration planned to put some limits on dividend increases during Phase II, depending on voluntary compliance and continued Government pressure on violators. Administration officials have opposed guidelines for interest rates because they fear that bankers would use any such standard as an excuse for not cutting rates...
Meanwhile, at the Mansion. Of the 1,159,562 shares that Playboy Enterprises plans to sell, 300,000 come from Hefner's personal portfolio. He will still retain some 6,700,000 shares, or 71.9% of the total. The tiny 11¾? annual dividend on each share provides Hefner with about $800,000 a year to go with his salary of $303,847. As chairman, president, editor and publisher, he has another $372,924 tucked away in his profit-sharing account. In addition, his mansions in Chicago and suburban Los Angeles are owned by the corporation and used...
Perhaps not, but last week the Administration persuaded three other small firms that had posted higher dividends to pare back their next regular payouts. Executives of the firms-Wisconsin's Briggs & Stratton Corp., Illinois' Martin Yale Industries, and Pennsylvania's Selas Corp.-were brought before the COLC at the same time as Wettstein. Paul McCracken, the council's vice chairman, ordered the gathering after the COLC staff saw reports of dividend increases in the press. Arnold Weber, executive director of the council, seated the businessmen around a table at the COLC's Washington headquarters...
Powerful Persuaders. Nixon's call for dividend restraint has doubtful economic value. Because dividends are paid out of profits already earned, they do not raise production costs as wage increases do, and thus are not translated into higher prices. Some businessmen suspect that the President's concern with dividends is intended to stem criticism that his recent economic moves are weighted in favor of business. Dividend jawboning will probably be aimed at relatively small firms. Five have been selected for gentle pressure in the next few weeks. Large companies are too visible to get away with a dividend...
...scrutiny to the tax returns of companies that refuse to go along with the President's economic policies. Wettstein may be getting the message. At week's end Florida Telephone officers announced a special meeting of company directors in "the near future" to discuss the next quarterly dividend...