Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-16
Many Dividends
And Bonuses Due
In N. Y. at Christmas

New York, Dec. 15-(By the Asso-
ciated Press)-Santa Claus already
has started the rounds of Wall street.
which is beginning the celebration Of
the most prosperous Christmas in it's
history.
So-called Christmas dividends" to
stockholders of large companies
which represent extra. increased or
resumed cash disbursements payable
around the holiday season. already
exceed $75,000,000, with indications
that the distributions or smaller COM
panies and those of the larger corpor-
ations still to be heard from, will
bring the total well above 100000
900. This does not include the treg-
ular extras" of the United States
Steel and other corporations and
banks.
No accurate estimate Of Christmas
bonuses to employees in the financial
district was possible today because
many institutions regard them as
confidential, but it is generally con-
coded that they will run well above
those of last year. which were con-
servatively estimated at from $40,-
100000 to $50,000,000. Employees Of
stock exchange and curb market
firms and investment banking houses
undoubtedly will reap the largest
awards because of the record break
ing volume of stock transactions and
the Unprecedented amount Of new
financing which has involved many
long hours of extra toll, particularly
in the last few months.
The General Motors Corporation
distributed the largest christmas
dividend" of any single corporation
by declaring an extra cash payment
of SIS share on 5.161.000 shares of
stock outstanding, making a total ex-
ira disbursement of s25.S0S, 900. The
Brooklyn Union Gas Company declar-
ed an extra cash dividend of 81 a
share on 49S.170 shares of stock, or a
total of $3,487, 100. Other corporations
cutting an extra melon of a million or
more dollars include the Vacuum Oil
Co., Magnolia Petroleum Co.. Cerro
De Pasco Copper Co. Michigan Cen
trail Railroad. Studebaker Corpora
ton and the American Tobacco Co.
The Southern Railway Co., by
raising It's annual dividend rate from
IS to 81, will add about 100000 to
the total amount of its next quarter
ly dividend checks. Scores of other
corporations will increase their regu-
lar payments from $9.532 in the case
of the Corona Typewriter Co.. to
1897, 1906 in that of the Electric Stor-
age Battery Company.
Wall streets unusual prosperity
has been reflected in the steadily
rising costs of memberships on the
two principal securities markets.
Seats on the New Cork stock ex-
change which sold as low as $780,
600 earlier in the year, recently COM
manded the record breaking price
of $150,OOO. although subsequent
sales were slightly below that figure.
Curb memberships have advanced
from $500 to $37, 800. also q record
price.
Christmas bonuses range all the
way from 2 to 80 per cent of the
years salaries, depending, in many
cases, upon the length of service.
Everyone is included, from the scrub
women, who mop up in the late
hours of the night and the messeng-
er boys, who collect and deliver Sc
curities. to Office manager and gen.
eral partners. In addition to cash
bonuses, several banks and corpora
lions distribute shares of stockH or
rights" to purchase the same on a
partial payment plan at prices SUBJ
stantially below open market value.
A few firms also holding to the GUS
tom OF presenting turkeys to the
married employees and SIS to $40
gold pieces to unmarried persons, as
well as cigars. cigarettes and candy.
A few stock exchange firms de-
clare special bonuses of a weeks
salary on Thanksgiving and Easter
in addition to the regular Christmas
bonuses and full pay for summer
vacations ranging from one week to
a month. Thanksgiving bonuses
this year were reported to be the
largest in history.
Announcements of Christmas bon
uses usually are held up until around
the beginning of the holiday week. |
Among the few made public thus
rar are an average bonus of % perl
cent of The years salaries to the en-
ployees and officers of the Ameri-
can Trust Company and the New
York Title and Mortgage Company.
and one of 10 per cent to those of |
Company