Word: dividend
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...afraid of 'dirty words' [like] 'profit and stockholder' . . . What the hell? Profits and stockholders exist don't they? The readers know they exist and all of 'em like both profits and dividend-paying stocks...
...parlay their stakes. North American Co., the famed holding company pyramid built by Harrison Williams (TIME, Jan. 21), was under court order to sell its 45.6% controlling interest in Capital Transit, which runs all the streetcars and buses in Washington, D.C. The stock, which had paid only a 50? dividend in 1948, was selling for less than $20 a share. Broadwater & friends bought all 109,458 shares owned by North American at $20 apiece, with Wolfson putting up almost half of the $2,189,160 required. Broadwater and seven others raised the rest...
...managers paid out $3, a 50% rise. Last year, when it earned $5.96, they paid out $4 a share. The stock went soaring, and it was split four shares for one. In January, Broadwater used $2,400,000 of the surplus to pay out a special $2.50 dividend on the new stock, equivalent to $10 a share on the old. And recently he boosted the 25? quarterly rate on the new stock to 35?, equivalent to a pre-split rate of $5.60 a year. So far, Broadwater had declared a total of $19.40 in dividends on the stock that...
...With $4,000,000 (including $3,000,000 held against bonded debt) of the old surplus still intact in the kitty, Broadwater is already talking of paying out another special dividend, and raising the dividend rate on the new stock to $1.50 a year. Moneymaking Capital Transit could do this handily if the regulating commission would allow it to get a 7½% return on investment instead of the present 6¾%. Last week Broadwater challenged the commission to grant such a rise or let the city buy the company. Says he: "If they won't let us make...
...stock market, which has felt weak in the knees for some time, took a slight header last week. It was pushed down by American Telephone & Telegraph Co., which announced a $500 million issue of convertible bonds, and American Woolen Co., world's biggest woolen firm, which passed its dividend. Since A.T. & T.'s new issue would dilute the present stock, traders rushed to sell. A.T. & T., normally steady, dropped two points. American Woolen dropped three points to 30; for minutes, trading had to be stopped before a bid could be found. The unloading of stocks spread...