Lower Dividends

Thousands of U.S. investors pulled their belts a little tighter last week when no fewer than seven big-time corporations slashed common-stock dividends. Samples:

¶ Giant Westinghouse Electric & Manufacturing cut quarterly payments from $1 to 75¢ a share, explained to 48,000 shareholders: "High Federal taxes."

¶ Sterling Products (Bayer Aspirin, Fletcher's Castoria, etc.) cut its payment from 95^ to 75^, partly to "conserve cash resources."

¶ Booming Wheeling Steel declared only 25¢ a share v. 50¢ in April.

¶ Other dividend cutters were Sperry Corp., farm-machinery maker Deere & Co., American Rolling Mill, undie-maker...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!