Word: dividend
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...Bank of America got a telegram from the U. S. Comptroller of the Currency, one of whose jobs is to watch the capital-deposit ratios of national banks. The telegram threatened to cite the directors to the Federal Reserve Board if they declared the bank's regular dividend. A. P. and his directors defiantly declared it, have continued to ever since. Blaming Walker for telling secrets to SEC, blaming Morgenthau for the Comptroller's "hostile attitude toward our institution," old A. P. Giannini regards the whole thing as a Wall Street-New Deal Jewish conspiracy...
...last March Bank of America's feud with the Comptroller had cooled sufficiently for a compromise. Its terms: 1) the bank's dividend policy to remain unchanged; 2) establishment of a $6,900,000 reserve for possible writedowns; 3) reappraisal of its property holdings; 4) changes in its bond and bookkeeping practices; 5) a $30,000,000 increase in its capital by next June. To finance the capital increase, RFC offered a helping hand, for A. P. has no feud with Jesse Jones...
...pioneer in the small loans field, A. P.'s bank earned $12,000,000 last year, has averaged earnings ten times its new preferred dividend requirements over the past five years. It has 600,000 borrowers, 2,300,000 depositors (one Californian in every three). This week old A. P. Giannini forgot his troubles long enough to make the second speech of his career. Occasion: a banquet in honor of his "70th birthday, given by his 9,000 employes...
...most of its 40 years in the lighting business, Hygrade Sylvania Corp. has lived off scraps from other people's patent tables. It has not been a bad living. Hygrade has missed no dividend since 1921, earned $856,807 on an $11,022,424 gross last year. But last week Hygrade directors began to move out from under the table. Gathered in their Salem, Mass, office, they voted $250,000 (or more if needed) for a new factory. Its product-to-be: fluorescent lighting, in which Hygrade owns basic patents...
Since British business will need large reserves to weather the storms of war and post-war economics, Sir John announced a measure antipodal to the U. S. undistributed profits tax. The Chancellor said that for the duration of the war British firms will be restrained from paying dividends of more than 4% (or the maximum figure they have paid during the past three years). This "will tend to reduce the spending power in the hands of share holders but it will tend to increase the reserves of companies from undistributed profits." Taking advantage of the period of grace before...