The Washington times., 1930-07-03
DIVIDEND
Bellies HARD
Times ERA
BY LESLIE GOULD

corporations-leaders in their
~ ield-do not believe 1t.
They are Eastman Kodak Com.
pany and American Tobacco Com
pany.
While some corporations are
pairing dividends, these two are in
creasing their payments.
Eastman is distributing $685.
647 to its 17,601 employees as a
wage dividend" This is $174,O10
more than paid last year when
things were really booming. More
employees shared in this years
distribution, too.
American Tobacco split It's
i stock, paid an extra dividend and
increased the regular dividend
rate,
$25O,OOO, 900 in Dividends
Eastman is noted for its liberal
dividend policies. Since 1902 more
than $3.50, 600, 900 has been paid
out to common shareholders.
Regular dividends of $40 a year
were paid from 1908 to 1921, with
extras each year from 1905. The
extras ranged from 81 in 1905 to
$50 in 1915 and averaged over $40
a share. The stock was split
two-for-one in 1922. Since then
the present IS annual dividend
rate has been maintained. Extras
during this time have averaged So
a share.
Melons in the form Of stock.
purchase rights have been passed
along to shareholders. Last Sep
ten1ber rights worth between S.
} and $3.50 a share were received.
Once Called Stingy
This policy is directly contrary
to the early reputation OF the
company'S founder, George East
man. His friends, in speaking of
the early days, say he was
''frightfully tight" and "hard
boiled" That certainly does not
fit the present George Eastman,
who has been giving away mil
lions of dollars to colleges and
hospitals. His philanthropies have
: cost him $75,0OO,0O0. AS the
mysterious Mr.. Smith" he gave
$11,000,000 to M. I. T. (MaSsa-
chuSettS Institute of Technology. {.
On July IL Eastman will be 76
years old. He does not look his
age. Like Andrew Mellon, he
seems to keep young through
work. Eastman lives in a big
mansion on RocheSter's smart.
tree-lined East Avenue. One of
his eccentricities is to eat break
fast to soft organ music. Two
years ago he hunted big game in
, Africa.
Mr.. Eastman is bachelor, but
he does not Shun the company of
women. He gives an occasional
surprise party for Rochester,S sub
debS and there are always orchids
from the Eastman greenhouses
for every woman guest. Orchids
are his favorite flower.
Rides Hobby to Success
Eastman is one of the few men
who have developed a hobby into
a profitable business. Some so
odd years ago he was 81 a week
bank clerk. He had started out
as So a week office boy in an
insurance office, advanced to
; bookkeeper at SIS a week. Then
he switched to the more lucrative
field of banking. In his first year
as office boy he saved $37 so.
While working in the bank
Eastman became interested in
photography. He packed camera
on his back during his vacations
and week-ends.
Part of the photographers
equipment in the early days was
clark tent" resembling an
Indian tepee. Into this the
photographer crawled to prepare
his plate. Reading in an English
magazine of a prepared plate,
Eastman began experimenting and
developed dry plate of his own.
The business expanded. only to
face ruination on the deteriora-
ton Of Eastman plates kept
short time on dealers shelves.
Eastman replaced all the plates,
although 1t practically broke him.
The dry plate field by that time
had become overcrowded and un-
profitable, so Eastman turned his
attention to films. He developed
one, and from then on his bust
ness grew larger rapidly.
Assets $16S,46 ,5O8
From this small start the com.
pany has grown to one with total
assets Of $163, ,467, ,508.
At the close of last year the
company had in cash, call loans
and marketable securities $49,-
$4,000.
No mortgage or bond is out
standing. Capitalization consists
Of 2,261, ,320 no par comman
shares outstanding and 61,657 6
per cent cumulative preferred
shares.
Book value of the common
stock at the end of last year
was $62.87 a share. Earnings
last year equalled $9.57 a share.
The management reports current
business is satisfactory and COM
pareS favorably with 1929.
Traded in today around $198.
the stock has a yield of better
than 4 per cent. This years high
is $255.25 and the low $175.75.
Last year the range was $264, rs
to $3.50. There is q strong posi-.
bilitV of a Sn1it.IIn