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...share. Gulf Oil Corp. proposed to split its stock two for one, added a 50? payment to the regular 25? quarterly. Eastman Kodak ordered an extra of 75? per share, Columbian Carbon $1.25, Jewel Tea $2. In some cases the tax law has prompted resumption of dividends, Western Maryland Ry. last week voting the first payment ($7) on its first preferred since it was reorganized in 1917 and Libby, McNeill & Libby the first common dividend ($1) since...
This nugget of railroad wisdom appeared last week in a letter to the contented stockholders of Chesapeake & Ohio Ry. For their approval President William Johnson Harahan submitted a plan to make C. & O.'s finances even sounder, more adequate, than they are now. The plan hinges on the creation of a new preferred stock which may be used 1) instead of bonds, to raise fresh capital and 2) instead of cash, to pay dividends on the common. The preferred as a whole would carry the right to elect one-fifth of the board of directors, and the first series...
...called "money bonds," meaning that the price and yield are determined by the state of the money market, not by the state of the borrower's credit. Government bonds are the best example of money bonds. Typical corporate money bonds are Atchison, Topeka & Santa Fe Ry. general mortgage 4s of 1995, now selling at 114; Chesapeake & Ohio general mortgage 4½'s of 1992, selling at 125; Consolidated Gas of Baltimore general mortgage 4½s of 1954, selling at 123; Bell Telephone of Pennsylvania first & refunding mortgage 5's of 1948 selling at 120. All these...
...April 1931, Herbert Hoover was just back from his first and last visit as President to the Virgin Islands ("a poorhouse" to him). Same month, eight young Negroes were sentenced to death at Scottsboro. Ala. for raping two white female hoboes in a Southern Ry. freight gondola (TIME, June...
...found that Marshall Field & Co.'s wholesale department needed new quarters. He decided to put up a building which would house not only Marshall Field but many another manufacturer and wholesaler, would be another State Street in its concentration of buyers & sellers. Getting from the Chicago & North Western Ry. a tract of land along the Chicago River, he built the Merchandise Mart. It is two blocks long and a block deep, cost Marshall Field & Co. some $30,000,000. Completed in Depression, it looked at first like a great Depression error. New York was the buyer's Mecca...