DIVIDE PACKARD PROFITS.
The New York Times
January 2, 1916
Directors Declare Dividends in Stock and in Cash.
DETROIT, Jan. 1.—The Directors of the Packard Motor Car Company today announced a 10 per cent. stock dividend and a 1¾ per cent. cash dividend on the common stock of the company. Announcement of the action was made by Alvan Macauley, Vice President and General Manager.
The stock dividend will be the second that the Packard Motor Car Company has distributed among owners of the company's common stock. A 40 per cent. stock dividend was paid on Oct. 16, 1913, representing an issue of new stock of the par value of about $2,000,000.
For several weeks the Packard Motor Car Company's common stock has been an active feature in trading on the Detroit Stock Exchange on rumors that it was about to be placed on a dividend basis. From 130 bid and 134 asked about Nov. 1, the price of the stock has advanced until the quotations on Friday were 185 bid with the stock held at 192.
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