Word: dividend
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...were getting rich on the present market, they had another think coming. Armour & Co. last week said that livestock prices had gone "far beyond levels warranted by the selling price of meats." Armour had tied up so much of its cash in inventory that it could not pay a dividend. Its stock promptly dropped 2⅜ points to 10¼, the low for the year, and touched off selling in other meat-packing stocks...
...orders for military aircraft (TIME, May 31) made Curtiss-Wright directors decide that the company's outlook was much improved. Last week they declared a $2 dividend on the common. It took traders no time at all to calculate that that was a return of close to 20%. And there was still more to come. Curtiss-Wright's President Guy W. Vaughan announced that at least $1 a share - and additional dividends as the "directors deem prudent"-would be paid...
Right Number. American Telephone & Telegraph Co. wound up the second quarter with net earnings of $52,190,000. Thus, for the first time since 1947, it earned a full installment-and then some ($2.32) -on its regular $9 dividend...
...York Stock Exchange last week a 10,000-share block of Dome Mines Ltd. (gold) was sold at 16¼ a share. The seller: Wall Street's Clifford Michel, Dome Mines president. Next day, when Dome cut its quarterly dividend (from 25? Canadian to 17½?), the value of the 10,000 shares dropped $11,250. Then, before anybody could cry "inside unloading," Clifford Michel stepped up, canceled the sale, and gave his reasons...
...shares belonged to the late Jules S. Bache, longtime Dome Mines president. Michel, trustee of the estate, had sold the stock to pay estate taxes. He had not foreseen the dividend slash (it was forced by a rise in Canada's cost-of-living index, to which the company's wage scale is tied). Obviously, said Michel, after what had happened the decent thing was to take back the stock. That was just what he had done...