Dividends

Many a directorate met last week and the main talk of most was what to do about their quarterly dividend. Out of few meetings came any joyous tidings. Three big railroads passed their common dividends: Chicago, Rock Island & Pacific ; Maine Central; Lehigh Valley. Two other great systems. New York Central and New York, New Haven & Hartford, cut their quarterly payment from $1.50 to $1 (lowest New York Central rate since 1889). Southern Railroad directors, following earlier decision, discussed no common dividends, ordered none.

Besides railroads few great companies acted on dividends last week. Usual dividends were declared by New England Public Service and Coca-Cola International. A few companies ordered larger dividends than customary: United Shoe Machinery Co., Household Finance Corp. Singer Manufacturing Co. reduced its habitual extra dividend from $2.50 to $1.

Uncertainty of earnings has led to a new dividend practice. Many stocks on a dividend basis are being added to the list of those for which no annual rate can be quoted (Canadian Pacific, American Car & Foundry, Socony-Vacuum, Great Northern, Transamerica, Stone & Webster). Ac- tual rates of such stocks are expected to continue as high as ever.

Passed. Corporations which last week passed their quarterly dividends included: Airway Electric Appliance Corp.. Backstay Welt Co., Continental-Diamond Fibre Co., Diamond Electrical Manufacturing Co., Kaybee Stores, Inc., Rio Tinto Co., Ltd.. Schumacher Wall Board Co.. Service Stations, Ltd.

Decreases in quarterly dividends included:

Last This Company Quarter Quarter Acme Steel $ .625 $.50 Addressograph- Multigraph .35 Art Metal Construction .25 Congress Cigar 1.00 Eastern Steamship Lines .50 Electric Storage Battery 1.25

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