The New York herald., 1922-12-19
GREAT NORTHERN
CUTS DIVIDEND RATE
Road Reduces Disbursement
From z to 5 Per Cent.
Annual Basis.
OTHERS DIVIDE STOCK
All America Cables and Big
Coal Company Lead Days
Melon List.

Directors or the Great NOrtnern Rail-
way at their meeting in st. Paul yes
terday declared semi-annual dividend
Of $3.50. payable February TO stock
OF record December 90. The company
has paid at the rate of per cent. regu1
larly since 1899. In March of this year
the directors deferred the quarterly
payment and adopted the semi-annual
period. In June they declared semi
annual dividend Of 3h per cent. making
total of 5la per cent for 1922.
In announcing the reduction from a
q to per cent. basis until net earn
ings improve" the directors pointed out
in a formal statement that Officers and
directors are hopeful that the unusually
adverse conditions of 1922 will not pre-
vail during 1928 and that net earnings
will show sufficient improvement In the
near future to Justify the resumption
of the 31a per cent semi-annual divi-
dend." The statement further said that
there Is q likelihood Of heavy freight
traffic. particularly in iron ore and
lumber. The cause for the action was
concern over high operating costs in
further reductions in rates on agricul-
tural products.
Declares 20 p. G. Dividend.
All American Cables. Inc, has declared
a stock dividend of 20 per cent. on its
s22.130,5o0 outstanding capital stock.
payable December 80 to stockholders of
record December. %. The board also
authorized a cash dividend of $1.50 a
share. payable December 80, and an
nounced that this places the increased
stock for the time being on a 6 per
cent. basis compared with a previous
yearly rate of Z per cent. In the last
quarter the company's consolidated in
come account showed net income of
$620,950 after expenses and Federal
| taxes
Stockholders Of the Delaware, Lacka-
wanna and Western Coal Company
have authorized the directors plan for
declaring 40 per cent. stock dividend.
stockholders of the Public Service
Corporation OF New Jersey approved a
change in the charter to divide the
authorized s5G0O0.00O preferred stock
Into two classes, retaining $4,000. 900
OF the present s per. cent. preferred and
authorizing s25.00o.0O0 per cent pre-
ferred. Shareholders also approved a
recommendation that the corporation re-
quish It's right to retire at its option the
preferred stock at 10.
Stockholders of Kilburn MiM ap-
proved an increase in its stock from
$1.50o.o0o to s2,250.0O0 for the purpose
of paying SO per cent. stock dividend.
The II. w. Gossard Company of
Chicago has resumed the payment OF
common dividends by declaring 81 divi-
dends on that issue payable December
2S to stock of record December 26.
To Get Ie p. c. Extra.
Directors of the Travellers Insurance
Company to-day declared regular
quarterly dividend of per cent. and an
extra dividend of 16 per cent.
The capital stock Of G. p. Putnam
Sons has been increased from 100000
! to 100000 in preparation for a $50 per
cent. stock dividend.
The Manila Electric Company has de-
clared a 40 per cent. stock dividend. pay
able December 2S to stock of record.
December %.
Stockholders of Electric Bond and
Share Company. will meet on December
30. to vote an increase In its stock from
s25.ooo.000 to 10000. .00o
Directors of De Beers Consolidated
Mines. according to London advlces.
have declared dividend Of 80 per cent
on its preference shares on account of
the SO per cent back dividends due on
that ISSUE
The Anglo-American Corporation OF
South Africa Ltd. has received the fol-
lowing cable from its head Office In Jo-
hannesburg: Owing to non-completion
OF formaliues connected with absorp-
tion of the Consolidated Mines Selection
a f-,., 81
directors are unable to declare. until
early ir. the new year. dividend for the
year ending December 81. 1922. 1t Is.
however. their intention to recommend
a dividend OF Is. Sd. share as soon as
the accounts are completed" This dlvi-
dend would be equivalent to IN shill-
ings on each American share" each
of which, represents five South African
shares of FL each.