The number of dividend reductions and omissions this year will hit a new peak since 1930-31. Last week 29 corporations reduced or omitted their common dividends.
This compares with only 23 bearish dividend actions in all April, only eight in May 1941. The wave of bad news for stockholders is swelling. The news comes impartially from big & little corporations, munitions-makers and peace-goods producers alike. Reasons given are almost always the same: 1) lower profits because of higher taxes, 2) the need to save cash for emergencies. Examples:
> Republic Steel, No....
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