Word: dividend
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...drop in profit last year, to $2.4 billion, but only because the weakness of the dollar increased the number of greenbacks that will be needed to pay off its foreign debts. In the first half of this year, however, its net increased 13%, to $1.4 billion, and the quarterly dividend was raised 10? a share, to 85?. Exxon is a prize example of strength begetting strength. It has bid top dollar on the choicest drilling leases around the world and has participated in all the major new finds; it has a 25% interest in Alaska's Prudhoe Bay fields...
Apartment dwellers in three large complexes near San Francisco may reap a dividend from the tax cut: their landlords have promised to reduce rents. To pass along his tax savings, one apartment-house owner pledged to lower rents $30 a month for 1,000 tenants. San Jose Businessman Larry Whitaker, president of Halcyon Communications, Inc., said he would prorate his own $18,921 property tax cut among his 150 California employees. The Bank of San Pedro knocked ¼% off its consumer loan rate in a similar move to distribute its tax benefits...
...Western-style democracy, arguing that free elections would not bring the country's most qualified people ? the young Saudis who have been educated abroad ? to positions of leadership. "We have invested heavily in educating these young men," Fahd says, "and now we want to collect a dividend on our investment. But if we were to have elections, these young men would not be elected. The winners would be rich businessmen who could buy the votes. Our real talent would not be used...
...because the company's share of the total U.S. market has slipped (to 11.3% in March) and foreign operations are producing mounting losses. Standard & Poors has downgraded the company's bond rating, and a group of antimanagement stockholders anticipates that the 900-per-share dividend will be eliminated. Besides conserving cash and issuing 20 million shares of a new preferred stock this year, Chrysler may sell off some of its money-losing operations. Reason: it must spend $7.5 billion over the next five years to modernize North American plants and develop new models...
Berner's strategy is similar to his attack on Curtiss-Wright in 1948. Management had been piling up cash; Berner, then a Wall Street lawyer, badgered it to distribute the hoard in a special dividend to shareholders. Curtiss-Wright refused, so Berner launched a proxy fight, forced the company to dispense dividends liberally and eventually had himself elected a director and chief executive...