Word: dividend
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...profit margins dwindled this year, investors awaited dividend meetings with forebodings of bad news. Last week they got a pleasant surprise from some of the industries hardest hit-by the recession-steel, autos and other consumer durables. Two of the U.S.'s biggest steel companies voted to maintain their dividends, even though first-quarter earnings were below the dividend rates. Bethlehem Steel reported first-quarter earnings of 52? a share, but voted to continue paying the 60? dividend, drawing on reserves, said
...Steel Hour. "You see, I got four daughters. Each one takes turns having me for a visit. Every three months, like clockwork, I get sent out-like a quarterly dividend." This was the TV story of Walter Slezak, playing a retired furrier from Manhattan, whose bumbling social presence made his daughters uncomfortable and embarrassed their husbands. Visiting son-in-law No. 4, an ambitious Hollywood agent, Slezak lumberingly wrecked a cocktail party by commenting amiably on a guest's mink ("Say, that's a nice mutation you got there; it's not what you'd call...
Americans were buying more food than ever. Kroger Co. earnings hit a record $1.27, up from $1.14 on fewer shares a year ago. National Biscuit Co. expected slightly better earnings than last year, as did General Baking Co. Grand Union increased its dividend from 18? to 20? a quarter on the basis of record sales. And General Foods, buoyed up by the best first quarter in its history, broke into the elite $1 billion sales club for the first time in the fiscal year ending March...
...annually, the first since 1934 except for a brief cut during the 1956 steel strike. Included in the slash, which will still save only about $200,000, is President James Symes, who made $129,808 last year. With carloadings down 24.3% so far in 1958, Symes foresees no Pennsy dividend this year, the first such omission in 100 years...
Things were even worse for the New York Central, which passed its second-quarter dividend after a January-February loss of $13.8 million. To economize, the Central will drop its fiveyear, $500 million modernization program, complete only about $20 million worth of projects under construction. The Baltimore & Ohio in February suffered its first monthly deficit since 1951, lost $990,000. Though still in the black, the Chesapeake & Ohio reported a decline in first-quarter earnings on common stock from $1.75 last year...