The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-12-16
MANY CHANGES IN
DIVIDEND POLICY
Seven Industrial Corporations
Pass or Cut Disburse-
ments Due Now.

Thirteen Industrial corporations yes
terday made announcements respectin.
dividend policy changes and two other
dividend plans OF which were rathe
hazy 50 Tar as Wall Street was con
cerned. made plain their attitude. 0
the thirteen companiea- announcing
changes. seven passed or cut their divi
dends and six paid increased regula
dividends or extras.
The WHY'S Overland Company omitted
its preferred dividend due now because
OF the ACCESSIBILITY of consc-Ying cash
The dividend was earned for the full
year by wide margin, said a state
ment given out by the company. but the
| directors consider it to the untimat'
advantage of the company to conserve
cash resources until normal condition.
again prevail" The company will 'pur
sue conservative manufacturing pro
gramme," the statement continued
looking toward the reduction of inyen
tories and the establishment Of the ut
most manufacturing and merchandising
efficiency"
The directors of the Vanadlun Cor
poration of America declared a dividend
of 81 n share. reduction Of so cent!
from It's recent quarterly payne nts
Following their meeting. J. Leonard
Replogle declared that although earnings
were in excess of previous dividend re-
quirements and the cash position strong
it was deemed advisable to conserve CAST
to permit continued heavy shipments o.
ore from Peru.
The keystone Tire and Rubber Com
pany's directors omitted its 3 per cent
quarterly dividend, due now, to conserve
cash resources and make possible FOL
the company to take advantage OF pres
ent low prices of crude rubber and cottoT
abric The quarterly dividends Of 81
each on classes A and j stock of tht
Temtor Corn and Fruit Products Com
nany have been deferred. The company
issued a statement saying that while
earnings would justify the usual divi'
dends, the board believed 1t would be &c
the best interests of stockholders to con
serve resources in view of the unsettled
conditions"
The Amalgamated Leather Company
has passed the quarterly dividend of ! 2.
per cent on It's preferred stock. due Dr
January /. At the regular dividend meet
ing of the United Light and Railway Com
pany of Chicago no action was taken re-
garding It's common stock dividend and
no statement was made by its directors
The directors Of the Ctah-ld1ho sugar
Company failed to declare It's regular
! quarterly dividend OF z per cent, due
now.~
The Creamery Package Company de
clared quarterly dividend of 2 per cent
on It's common stock. placing 1t on 9
regular s per cent. basis against previ
kous rate OF Z per cent. Manning. Max
well & Moore declared an extra dividend
of l u per cent. IN addition to It's regu al
dividend of like amount. The Natura
Gas Company of West Virginia has de
clared a stock dividend OF so per cent
The National F'ireproohng Company de
clared a dividend of 30 cents on it's pre-
ferred stock, the frs g. disbursement or
that stock in nearly six wears.
The directors of the Union Bag anl
Paper Company have authorized tn,
creation Of fund OF $4,000 900 for pay
ing dividends in 1921 at the rate OF IS &
share on the $4,000. 900 OF its capita
stock outstanding.