Word: dividend
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...November Hurley called a New York press conference to introduce a radical new type of internal combustion engine. The news made C.W. stock jump 8| points to the year's high. Later that same week Hurley had another announcement: a 40% cut in the company's quarterly dividend. SEC and New York Stock Exchange called Hurley on the carpet to account for the suspicious timing of the two announcements, and directors grumbled about the damage to the company's reputation. After a sharp drop in profits, Hurley was buffeted by angry stockholders' questions for three hours...
...Skipped Dividend. As a result of these trials, United Fruit last summer skipped its quarterly dividend for the first time in the 20th century. The appalled board of directors called in Outsider Sunderland, vice president and general counsel of Standard Oil Co. (Indiana), to be top banana...
...fine 1959 and first-quarter 1960 earnings report (TIME, April 18). ⅛But when President Kappel explained what was on his mind, the cheers turned to groans. Contrary to all hopeful' rumors, said Kappel, A.T. & T. was not considering an immediate boost in the $3.30-per-share annual dividend. "The time since the dividend was last increased was very short-one year-and this is not a long enough period to tell us what we need to know about the future, which is very long indeed." A.T. & T. stock, which had hopped to a new high...
...Billion Expansion. What started the rumors of a bigger dividend? Nothing more than a hope among Wall Streeters. They reasoned that since A.T. & T. was in the best cash shape in years, it should be able to pass on a boost to stockholders. No such luck. President Kappel said that A.T. & T. needs the cash for expansion. In 1960, said he, A.T. & T. plans to spend $2.6 billion on capital improvements, the largest sum ever...
...FOREIGN AID : a perfect Democratic record of support, with an extra dividend for helping restore the cuts made in the House of Representatives...