Surprised Stockholders

Critics of U. S. Capitalism often cite the history of Radio Corp. of America's common stock as a glaring example. In 1922 it sold at $2.50. In 1932 it sold at $2.50. But at one point in 1929 it sold at $549. In 1929 each share was split up into five. This year R.C.A. common stock has sold as high as $12.75, as low as $4.75, was last week around $8. Net profit for the September quarter, chiefly from selling radio sets and radio time over N.B.C., was $1,951,726, up $868,122 over 1936. So last week R.C.A. declared a dividend. It was only 20-c- per share but it was the first return the common stockholders have received in R.C.A.'s 19-year history.

One result of R.C.A.'s generous gesture may be the discovery of its present owners. An enormous number of people on R.C.A. books have probably sold their shares years ago and the new owners, not expecting a dividend, have never bothered to transfer their stock.

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