Dividends

Last week John Speculator was not much encouraged: neither stocks nor commodities moved up. But John Investor had reason to feel better. The Federal Reserve reported net profits of 295 corporations at $162,000,000 for the third quarter compared to a net loss of nearly $25,000,000 a year earlier. How this change was translated into dollars for stockholders, was shown by the New York Times tabulation of dividend changes in November as compared to such changes in November 1932:

Dividends: ...............................................November 1932 .............................................November 1933

Extras .......................................................28.............. ..........................................................34

Increases ...................................................6................... .....................................................17

Initial ............................................................7.......... ...............................................................10

Back ............................................................5.......... .................................................................14

Stock ............................................................5.......... ....................................................................7

Resumed ....................................................7.................. .........................................................30

Reduced .....................................................39 ....................................................................... ..10

Omitted .........................................................55............ .............................................................13

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