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The dividend of each year ought, as we are convinced, to be made with reference solely to the difference between its gains on the one hand, and its expenditures and losses on the other. "The earlier losses of the establishment must be regarded as the price of much valuable experience, and as inevitable in starting such an institution.
Portlaw said with that simple self-centred dignity which characterised him in really solemn moments: "Thank God, I'm in an old-line institution and own nothing that can ever pass a dividend!" "Even your hens pay their daily dole," nodded Malcourt, eyeing him. "Certainly.
In fact, the self-interest, however enlightened, which brings a dividend to stockholders, is opposed to the high impartiality and absence of individualism which should characterize a true Government.
And, as it were, by these means a dividend of the spoil was made, so that it was not restored, nor the person rightly discharged; and yet most part of the spoil came to the hands of him and his ministers. What is this but a new learning; a new canker to rust and corrupt the old truth?
Three millions were allotted to the founders and bankers that brought it out. Everything was done with a view to sending up the shares two hundred francs during the first six months by the payment of a sham dividend. Twenty per cent, on ten millions! Du Tillet's interest in the concern amounted to five hundred thousand francs.
"And whatever it may be, they are evidently not afraid of it." "We'll never see a dollar's dividend out o' the stock, Cap'n Hanchett. I might as well give 'em the foundry free and clear." "That's the chance you take, of course. But on the other hand, they can force you to the wall in a month and make you lose everything you have.
And yet their very familiarity with hardship may have been responsible for that sentiment which traditionally ruins business, for a vote of the cooperators that the basket buyers be given one basket free out of every six, that the presentation of five purchase tickets should entitle the holders to a profit in coal instead of stock "because it would be a shame to keep them waiting for the dividend," was always pointed to by the conservative quarter-of-a-ton buyers as the beginning of the end.
So we are confronted daily by the premedicine fakirs, who injure the health and drain the pocketbooks of the guileless. So we are exposed to the plausible suggestions of the swindlers, feasted with glowing prospectuses of mines that will never yield a dividend, or eulogistic descriptions of house lots to be sacrificed at a price that is really double their worth.
Laborers everywhere throughout Christendom need and beg for a Sabbath of rest, but neither physical needs nor conscientious scruples are regarded when a greater dividend can be gained in seven days than in six. On the part of the workman, resistance is useless.
Consequently when the period of depression arrived with the panic of 1893, the Vanderbilt properties were, as a whole, in a strong position to meet the changed situation and, like the great Pennsylvania property, they all passed through to the advent of the new industrial era without the defaulting of a bond or the passing of a dividend.
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