Word: dividend
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Frederic Ely Williamson was elected president of New York Central Rail-road Co. succeeding Patrick Edward Crowley. At the same time the office of chairman of the executive committee, until recently held by the late Albert Hall Harris, was abolished. Also abolished was Central's $1 quarterly dividend. Directors said any future payments would be semiannual, that their next consideration of the question would...
William P. Kenney was elected president of Great Northern Railway Co., succeeding Ralph Budd, who became president of Chicago, Burlington & Quincy Railroad Co. after Frederic Ely William-son left to head New York Central. Great Northern, only U. S. railroad with no common stock outstanding, declared a semi-annual dividend of $1 on its preferred against $1.50 paid last half-year...
...Morgan & Co., asked to "see the man who handled Southern Railway Co.'s affairs.'' Shown into the office of Thomas Cochran. Banker Milbank found John Pierpont Morgan also there. The three tycoons chatted, Mr. Milbank finally said he would like to see Southern pay some dividend on its common stock. The Morgan men explained that Southern's intrenchment policy put dividends out of the question...
Last week P. (for Pierre) Lorillard Co. moved into a class by itself as the only major industrial concern in the U.S. to resume dividends in 1931. Lorillard shares had not paid since 1926. From 1925 through 1929 when most companies increased earnings, Lorillard showed a steady decline to a low of 29? per share, but last year they jumped to $1.48. The dividend resumption was partly made possible by the calling, last fortnight, of $13,758,000 Lorillard 5½% bonds (TIME...
Chicago, Rock Island & Pacific, another major carrier, changed its policy last week, omitted dividends due on both classes of preferred stock. It was the first interruption of these dividends since the stocks were issued in 1917. Said Banker Charles Hayden, chairman: "It is the belief of the board that the best dividend that could be paid to preferred stockholders at this time is to keep the company in strong financial position...