Word: dividend
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When the directors of Bethlehem Steel some time ago decided to pass the common dividend, considerable pessimistic comment was occasioned about future prosperity for the "independent" steel companies. This attitude was, for the time being at least, borne out by the company's statement for its third quarter this year, ending Sept. 30. During these three months, total income was $6,495,731; after interest, etc., of $3,466,107 and depreciation and depletion of $2,927,457, the net income amounted to only $102,167, or nowhere near enough to cover preferred dividends...
...sensation of last week in the stock market arose from the passing of the 7% dividend upon American Woolen common. Dividends on the stock at a rate of 5% were inaugurated April 15, 1916; on Oct. 15, 1919, the rate was raised to 7%, which has been paid ever since. The Company's statement attributed the dividend action to "the severe depression in the textile industry"; American Woolen itself is probably experiencing the most trying period since its formation over 25 years ago. The day before the dividend was passed, the stock "acted queer" in the market, declining noticeably...
...money rates and trade activities, has had a rather striking effect upon most if not all of the Federal Reserve Banks. Not only have the latter received less interest per dollar loaned, but their loans have contracted very greatly. Few Reserve Banks are at present earning the 6% dividend payable on their stock. The question is thus rapidly coming to the fore-should the Reserve Banks pay dividends out of surplus...
...these companies were very much undercapitalized. Atlantic Refining was a conspicuous example. Surplus was out of all proportion to capital on the balance sheet. Also, political liberals in Washington, about that time, began to demand a tax on corporate surpluses. To avoid such an unpleasant occurrence, generous stock dividends became the order of the day. Atlantic Refining, for example, declared a 900% stock dividend. No longer was under-capitalization so common among Standard Oil companies...
...this tendency yet been checked. For the week ending Aug. 9, production of crude increased over the preceding week 5,850 barrels daily. Stocks of both crude and gasoline have become unusually great. Not until these stocks can be reduced and higher prices secured will any lavish dividend policies in the oil business be generally witnessed...