Word: payment
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Dates: during 1940-1940
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...keep up with the procession of rising sales, retailers rushed to build up inventories, made the sudden boom more hectic. Even dormant Wall Street stirred as heavy-goods producers began paying preferred arrearages. Prime movers: Republic Steel (A), up from 75 to 86 on payment of all its $12 arrearage. Up on dividend expectations were Otis Steel (pfd), from 25 to 32 (arrearage $11 June 15), Pittsburgh Steel's three preferreds, from 33% to 67% (arrearages: $12.50 to $59.50). In everything except confidence 1940 business was making 1929 look small...
...died naturally. But if prospective draftees suddenly swamp insurance offices (or the U. S. goes to war), insurance companies will insert war clauses, jump rates. A few insurance companies are already doing so. Should war clauses become commonplace, they may read like the clause of Equitable Life: no payment for 1) death from any cause while in service outside the U. S. (unless in U. S. armed forces); 2) death as a result of war (whether in service or not) while outside the U. S. In the event of such death, premiums received, plus dividends, are paid. Far from worried...
...Tommy shares. But last week both boiled. Brokers, their bookkeepers in a quandary, demanded an explanation. At last, straight-lipped, youthful Frederic A. Willis, Tommy gun's vice president and cousin of England's scrappy Prime Minister Winston Churchill, gave his reason for the clandestine payment: "to avoid speculation" in the stock...
...stock jumped to $14.75, a new 1940 high. Rumors started by Thompson's action included one that its 1940 earnings would reach $10 to $16 a share; this helped the post-dividend rally. Unaccustomed to quick profits these days, speculators figured that any insider who bought before the payment, sold three or four days later, could have cleared...
...five or a hundred times before the ownership is transferred on the company's books. On a normal dividend day, stocks are traded "ex-dividend." But having had no notice of the Tommy dividend, buyers who had neglected to transfer their purchase with Thompson felt entitled to the payment. Last week cashiers were still scurrying about, making sure that all who received checks (those on the company's books) actually owned the stock, trying to persuade others to play square and pass their checks along. The extra (and unpaid) work also ruffled the National Association of Securities Dealers...