Word: dividend
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...Icicles sprouted in Hell," the Erie Railroad cheerfully announced last week, and the Erie declared a dividend of 50? a share on its common stock. It was the first common stock dividend the Erie had paid since 1866, back before Daniel Drew and Jay Gould wrecked the road; and it was only the second in all the 110-year history of the Erie and its predecessor (and reorganized) companies...
Cuba is wallowing in cash. That startling fact was underscored last week when big Cuban American Sugar Co. declared a $53.50 cash dividend on its 7% preferred stock, thus erased all the dividend arrears piled up since 1929. Coming amid a wave of dividend cuts by U.S. corporations (TIME, May 25), this fat payment touched off a mild Wall Street boom in Cuban stocks & bonds...
...number of dividend reductions and omissions this year will hit a new peak since 1930-31. Last week 29 corporations reduced or omitted their common dividends...
This compares with only 23 bearish dividend actions in all April, only eight in May 1941. The wave of bad news for stockholders is swelling. The news comes impartially from big & little corporations, munitions-makers and peace-goods producers alike. Reasons given are almost always the same: 1) lower profits because of higher taxes, 2) the need to save cash for emergencies. Examples...
...Philco Corp. will pay 10?: instead of 25?, explained that extra working capital is needed to handle war orders now on the books. The ten biggest companies cutting dividends last week whacked $13,061,100 from their expected annual payments-44% of everything they paid last year. As the wave spreads over all industry, it may wash out 20-25% of total U.S. dividend payments, or about $1 billion. Some of that $1 billion would have been spent on goods & services, contributing to inflation. But some of it would have gone straight into personal income taxes, contributing...