Word: dividend
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Less Than Two Hours. For almost six months, Liquidator Odlum and underwriters (Lehman Bros., Goldman, Sachs and First Boston Corp.) played financial poker with one another over the price at which Indianapolis common could be sold. Indianapolis' 1939 earnings were $2.05 a common share, its dividend $1.60. Upshot of the haggling: the bankers bought 714,835 shares of Indianapolis for $22 a share, agreed to sell it to the public at a $2 markup, for $17,156,040 in all. To Atlas, the sale of U. P. & L.'s Indianapolis stock meant cashing in on around...
...week, while a languid Stock Exchange waited for the closing gong of another disappointing day, Big Steel's directors wound up another monthly meeting, went back to their offices. Fourteen minutes after the Stock Exchange had closed, the news came over the ticker: Steel had declared a $1 dividend on its common, its first since the fat days of 1937. It was also its first to be declared at a monthly meeting, and without forewarning rumors, in 23 years...
...after Steel's surprise dividend, brokers went hopefully to Wall Street. They were rewarded by two million-share days. Although "X" hopped to a little over 57, up 3⅛, before the rally faded, closed the week at 59, businessmen made their estimate of what Steel's dividend meant for business improvement: virtually nothing. For the week the Dow-Jones industrials average rose only 1.18, to close at 147.95. At this week's beginning the market was back in the doldrums...
Last week, after announcing Steel's common-stock dividend, Chairman Stettinius released Big Steel's annual report. It revealed simply and graphically more facts and figures than ever before. One striking figure: the Corporation's total sales of "goods and services" ($857,100,000) amounted to $3,829 per employe. Another: 1939's 43% rise in gross revenues, at an average of 60.7% of capacity, left Big Steel, after $25,219,677 in preferred dividends, a net of $15,900,257-less than half the deficit piled up in 1938 (with operations...
...Curtiss has 1940 earnings of $15,000,000 they will protect the dividend six to eight times whereas Atlas' usual earnings barely covered...