Word: dividend
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Bethlehem. One hard-headed tycoon who talks (four times a year) is Eugene Grace, whom Charles Schwab brought up to be the thin-lipped king of Bethlehem. Last week Grace declared for the benefit of his stockholders their first dividend (50? a share, $1,591,992) since Christmas 1937. This good news was considerably bolstered by his announcement that second-quarter earnings ($3,822,927) were up a whopping 2.443% from the second quarter of 1938. Bethlehem's common stock greeted this by dropping half a point and the stock market as a whole by backing away from...
...Steel. Big Steel's stockholders heard from Chairman Edward Stettinius much the same story, minus the sugar-coating common dividend. White-haired, springy, no geranium in the profane steel business, young (aged 38) Ed Stettinius is the kind of man who looks his Corporation's troubles in the eye. He announced: 1) that Big Steel would pay its regular quarterly preferred dividend (again better than 75% unearned); 2) that second-quarter earnings ($1,309,761) were about $650,000 more than the first quarter's-but only because the Corporation decided to cut depreciation charges...
...more than 23,000 employes, the Louisville & Nashville Railroad is "Old Reliable." Conservatively operated, and not overloaded with the fixed charges that have broken the backs of many Class I roads,* efficient "Old Reliable" has never been in receivership, has passed only one dividend on its common stock (1933) in the past 40 years. "Old Reliable's" president is peak-nosed, Cumberland Mountain-born James Brents Hill. Like his predecessors, he likes to keep his employes on the job in L. & N.'s constant drive for courteous, economical operation, sends out frequent "President's messages" to every...
DEATH PAYS A DIVIDEND-John Rhode -Dodd, Mead ($2). Dr. Priestley solves the murder of an impeccable secretary of a London stock broker. Merit: a puzzle you can get your fingers into. Fault: a bit too much police theorizing...
...rate of earnings, after fixed charges, there was $2.22 available to pay the $3 a share preferred dividend, leaving the common in the red to the tune of 78? per preferred share. In addition Trustee Wardall must decide how to fit 605,964 shares of no par preferred (valued on the books at $30,298,200) and 1,282,938 shares of $5 par common stock into the drug firm's $27,296,031 net worth. So someone must take a licking. SEC will be interested in this reorganization-its first big test of the Chandler...