New-York tribune., 1921-06-17
Cut i'm Dividend
Rate to A Per Cent
By Crucibie Steel
Volume of New Business Has
Gradually Decreased in
Six Months and Action
1s Wise, Says Wilkinson

Directors of the Crucible Steel
Company yesterday declared d quar-
terly dividend of I per cent on the
common stock, placing that issue on
per cent annual basis, compared
with per cent the present rate
Horace s. Wilkinson, chairman Of the
stockholders said that the cut in the
dividend rate was deemed wise in view
OF general conditions and the depres-
sion in the steel business.
The volume of business, Mr.. Wilkin-
son SAID, has gradually decreased dur
ing the last six months and this has
made necessary a readjustment of
wages and salaries at this time. He
expressed the opinion that the bottom
Of the business depression has been
reached and asserted that the coun-
try s consumption is now considerably
In excess of current production.
However" Mr.. Wilkinson added,
"on account of the slow reduction of
the surplus stocks that were accumu-
lated during the war, the new business
now being placed is not in such volume
as Will yield sufficient profit to war
rant the continuance at this time of
dividends at the rate heretofore paid.
dividends have been paid up to the
present time without depicting the
surplus of the company. Their con-
rlnuanee at the rate of 2 per cent
quarterly on the present volume of
business would simply mean reduc-
tlon of surplus, or payment of diyi-
dends not warranted by current earn
lngs This. in the judgment of the
othcers and directors, is unwise and
not in the best interests Of the stock
holders.
The financial condition of your
company is excellent. Our large build
ing program has been completed and
paid for. Within nine months a net
reduction has been made of more than
$8,Oo0,0O0 lin the company's outstand-
ing, obligations as of August 81, 1920.
and at the present time the company
has more than enough cash and receiv-
ables to meet all current liabilities"
further announcements were made
of dividend omissions by indus
trial and railroad corporations, but
one company, the Puget Sound Power
& Light Company, increased the divi-
dend on the cumulative preferred
stock from per cent to the full
per cent rate, quarterly dividend of
Y per cent having been declared,
payable July Is.
:, Directors of the American Bosch
~ ~ as L4SSV NOlipdHy anu Cne united
Verde Extension Mining Company
passed the quarterly dividends due at
this time. This was the first time that
the latter concern has failed to de-
clare dividend since August, 1916,
when it began payments Three
months ago 25 cents q share was paid.
The quarterly disbursement omitted
by the American Bosch Magnetic Cor
poration was $1.25 a share. Three
months ago the rate was reduced from
$40 annual dividend basis, which rate
was paid since February, 1920. I'm
filled orders on the company's books
were stated to be $4,000 900.
Following a meeting of the Hooking
Valley Railway directors, the an
nouncement was made that no congid-
Grafton had been given to the question
of a dividend declaration, action on
which was also deferred at the Nav
meeting. G. B. Wall was elected
director to succeed the late F. II.
Davis.
Directors of Wilson & Co. declared
the usual dividend on the preferred
stock, but it was announced that ac-
tion on the common did not come UP
for consideration.