New-York tribune., 1922-11-23
More Companies
Take Favorable
Dividend Action
Initial Payment ON N. "
Air Brake Glass A Prefer.
ences Public Service of
New Jersey Raises Rate

Directors Of the New York Air Brake
Company yesterday declared an initial
querterIy dividend Of 81 share on the
new class A preference stock, payable
January 1 TO stockholders o2 record De-
ccnaber Ill. This stock is entitled to
cumulative dividends of 81 share an
nually and shares equally with tho
common In any additional disburae-
ments after the common has received
S. in any year.
Among the ctock dividend declara~
tions yesterday waa ons Of 60 per cent
by tho Standard Milling Company,
payabls In common stock December %
to stockholders Of record December s..
Directors announced that, In Wow of
the company's requirements FOR capt.
tai investment, they have no intention
of increasing the aggregate amount Of
dividend disbursements now.
r. 8. of N. J. Raises Rate
The Public Service Corporation OF
New Jersey declared q quarterly cash
dividend of So share on the common
stock, placing 1t on All SO annual basis,
increasing the distribution from the
previous annual rate of So a share At
the same time Thomas ". McCarter,
president, announced that the board
had voted for voluntary reduction in
The electric light and retail power rate
effective with December sales, which
should effect saving to consumers Of
at least S1,600,000 annually.
Directors also recommended to stock
holders for approval two changes In
the preferred stock structure. AZ pres
ent the authorized Issue Of preferred
is S50000,000 per cant cumulative. Of
which approximately S1a,5oo, 900 10 out.
standing. This stock is redeemable at
the option OF the corporation st 10
per cent OF its par value.
The changes recommended are that
the corporation give up It's redemption
privilege, and that the compsny's char
preferred stock consist OF s25,00o,0
per cent and S25,000,o0O per cent
stock,
Revenues Increase
Operating revenues of the company
increase OF $4s0,539 over the CORE
spending month last year. The bal
ance available for dividends was $780,
694, an increase Of S99,8sT. For the
twelve months ended October 81 the
balance available for dividends was
SO,416,693, an increase OF $2,477 $50.
The National Sugar Refining Com
Pany declared o quarterly cash divi-
dend Of S1.T5 q share on it's capital
stock, recently increased TO $4,000. 900
by so per cent stock dividend. Pre-
viously the company had been deciar-
ing S1.76 share quarterly on s1o,-
100000 capital.
Directors OF the Cuban-Amerfcan
Sugar Company took no action on q
stock dividend at their meeting yester-
day, contrary to recent reports. II was
intlmated that the idea had been sbsu-
doned.
The Sterling Products, Inc, declared
an extra dividend OF rs cents share,
payable December 90 to ctockholdera
Of record December 8.
meeting of stockholders OF tAs
Hamilton Brown Shoe Company. OF St.
Louis, has been called Cor December 2s
to consider proposal for the issu-
ance Of stock dividend Of 81 900 600.
or 20 per cent. The company is CAPT
tali2ed 80 100000. The stock divi.
dend would be in addition to the reg,I-
lar monthly cash dividend Of ner
cent paid since last July.
The Kellogg Switchboard and Supply
Company, Of Chicago, asnuGacturers
II telephone and radio equipment. YES
'erday declared stock dividend OF is |
per cent The company has $500 600 |
;;apltal efock outstanding. The divi- |
lend is payable December q to ctock- |
holders of record December !.