"Greatest Service"

The directors of Colgate-Palmolive-Peet Co. met last week to discuss their company's dividend.* After they decided to lower it from $2.50 annually to $1 they told Charles Schuveldt Dewey to make the announcement. Onetime unofficial financial adviser to Poland, Mr. Dewey has served C-P-P as vice president in charge of finance for six months. To explain the dividend reduction he said: "The Company has over a long period and by the expenditure of large sums of money, placed its brands in the forefront. . . . The company contemplates continuing its advertising campaign on a basis that will keep the position of the company in the industry and the reputation of its advertised brands in the minds of the public. . . . The Company intends to conserve its resources . . . believing that the carrying out of its program--even to the extent of reduced profits and dividends on the common stock--is the greatest ultimate service it can render to its stockholders." Unofficial estimates are that C-P-P's 1932 advertising appropriation was $14,000,000.

* Colgate-PalmoIive-Peet is one of the few major companies with a woman among; its directors. C-P-P's lady is Mrs. Margaret Johnson Irish of New Rochelle, N. Y.. daughter of the late Caleb Johnson, onetime (1900--24) president of the Palmolive Co.

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