The Waterbury Democrat., 1941-01-03
FOUR BILLIONS
 IN DIVIDENDS \ PAID IN 1S4O.
3al Is Second Largest tcdnce ght=BiIIiOn Rec
 ord in 1929

New York, Jan 3-(UP)-Cash dividends distributed in 1940 by cor p0ratiOns publicly announcing dec- lara HonS exceeded $4,0O0, 900 ,O0O, with the exception of 1887 the big gest total since the all-time record Was>set in 1929.
 The 194O estimate compared with k3,5OO 100000 in 1887. These figures involve slightly more than 5000 companies and do not include divi- : dends by closed corporations. 1929 all types o1 enterprise numbering some 500,O00 companies declared dividends exceeding 5000. .000, 900, &C., cording to U. s. Treasury figures.
 The increased 194O payments re- flected rising earnings, particularly by corporations actively engaged in national defense work. Despite in- creased federal taxes, boosted sharp ly in many instances by the excess profits levy, many companies de- clared bigger dividends than in any year on record, some made their first payments in more than a de- cade and several declared their first disbursements in history.
 Payments in 1897 were swelled by the undistributed profits tax which acted to penalize those companies which failed to pay out argest part of their earnings. This talk died in 1888 when congress increased cor porate evies in general
 Chrysler Corporation doubled it's federal tax provisions but declared a $50 dividend, bringing 1940 dis buSements to $24, ,662 900 against $21,- 775,660 in 1889 when $5 was paid In 1886 the company disbursed a record $52,190,692, while 1929 pay ments were only $13,335, ,764. Gener- al Motors with $375 dividend, paid out 9163, ,124,0O0 for 1940, against $l5O,319, ,682 in 1889, record of $192,903 ,299 in 1886 and $l56, ,6O0,O0 in 1929.
 U. S. Steel paid s on the com- mon, a total distributionof $26, 6,109,- 900, the first disbursement since 1887 when $1 a common share, or $8,703, ,252, was paid. The 1897 pay ment was the first since a 50-cent disbursement in 1892. In 1929 div ident of $8 as share, representing total of $63, ,849, ,040, was paid on the common.
 Bethlehem Steel had a good year. It completely retired its outstanding 5 per cent preferred stock at $20 share and declared a dividend of $5 a share on the common, totaling 15,STO 900. That compared with a common payment of only $4,775, ,076 in 1889 and with $15 500 000 in 1929. Republic Steel acted to wipe out and declared dividend of 50 cents a share on the common, the first common disbursement since shortly after the present company was formed in 1880.
 Douglas Aircraft paid $5 or $s,- 100000 on its stock, the biggest pay ment on record and compared with 8 a share or $1,800,00O last year. Curtiss- Wright made an initial pay ment of 50 cents or $S,716,000 to common shareholders and United Aircraft disbursed $9,292,500 on $35O dividend, also a record, com pared with $5,298,816 on g share in 1039
 Standard Oil (New Jersey) dis bursed $47, 7,750,50O in cash payment of $l.75 a share, against $33, ,461 ,089 in cash and stock extra last year.
 Greenfield Tap & Die declared its first common payment since 1921 and Loft disbursed 50 cents on its stock, the first cash payment since 1922.
 Anaconda paid out 8 share or $l7,348,676, against SIPS or $10,- 842,923 last year and compared with $675 or $53,567, ,278 in 1929. Ship building, machine tool, armament manufacturing and amusement com panies made substantially increased payments over last year..
 The late months of the year were featured by large payments on pre- ferred shares, particularly those with big cumulative arrearages. General Outdoor Advertising paid $16.50 on its class A stock in cutting down its arrearages and Associated Dry Goods took similar action by paying $23 on its second preferred.