Extra Dividends

An unusual number of extra dividends have been declared recently by prominent American corporations. Following the now historic increase of the Steel Corporation common dividend to 6%, the Vacuum Oil Co., Ingersoll-Rand Co., Eastman Kodak Co., U. S. Gypsum Co., Bucyrus Co. and others have also made extra disbursements to stockholders.

Ingersoll-Rand was perhaps the most lavish, declaring an extra cash dividend of $20 and an extra stock dividend of 10%. Vacuum Oil's "extra" amounted to 50 cents a share. United States Gypsum disbursed an extra stock dividend of 20% on its common stock, while Eastman Kodak's extra payment was $1.25 per share. Bucyrus paid 7% extra on its preferred stock.

Regular dividends were also declared by the above companies, and likewise by American Sugar on its preferred, Atlas Powder on its common, and U. S. Cast Iron Pipe on common and preferred.

These heavy dividends reflect directly the large corporate earnings generally experienced during 1923, but have been construed to reflect the confident attitude of business men generally toward conditions during the coming year. Stock dividends can of course be largely attributed to the desire of companies to capitalize their surplus before new corporate taxes are devised.