Word: dividend
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...American Telephone & Telegraph Co., which reported a net of $64,400,000 (up 20% from the same period of 1949). When A.T. & T. held its annual stockholders' meeting in Manhattan a few days later, one stockholder said he was worried lest the good earnings and the $9 dividend rate become a target for government regulatory bodies. Why didn't A.T. & T. split its stock three for one, he asked, and thus change the dividend to $3 a share...
...Machines Corp. was up 10% over last year with a net of $8,606,336; General Electric Co.'s Charles E. Wilson reported first-quarter profits of $36.8 million, 38% ahead of 1949-5 period and highest in the company's history. (G.E. also boosted its quarterly dividend from 50? to 60?.) For Westinghouse Electric Corp., March was the biggest month in history for its appliance division, and its quarterly profit, which was up 9.4% from a year ago, was $11.8 million...
...former Massachusetts Governor Joseph Buell Ely, who represented Dumaine at the meeting (the old man's physician had told him to stay at home), this was "an embarrassing situation." But to dividend-hungry Stockholder Eugene Havas, the situation was far worse. "Nothing like this has happened since the days of Fisk and Gould!" he yelled. "This is shameful!" Havas wanted to know why the New Haven was paying $3,250,000 for the Boston & Providence bonds when the New Haven hadn't distributed a preferred dividend in two years. Ely explained that the New Haven needed the debentures...
...Rickenbacker got the bid by offering to fly the mail for nothing. He adopted a policy of waiting for other lines to use new aircraft-and risk crashes-before adopting them himself. He insisted on personally checking every expense item over $100, swore that he would never pay a dividend on Eastern's stock (he has 100,000 shares, is the largest stockholder) as long as the line owed the banks a dollar. He adopted a policy of gathering the line's executives together at semiannual meetings and hazing them unmercifully as they reported. Sample: "Now that...
Business was also good in Wilmington, Del. E. I. du Pont de Nemours & Co. reported 1949 earnings of $4.52 a share ($1.24 more than in 1948), an alltime record. The boost was due largely to bigger dividends from General Motors Corp., of which Du Pont owns 22.6%. Du Pont directors declared a 75? quarterly dividend, up 20% from 1949's first quarter...