Company directors suspended the regular quarterly dividend and the stock price plummeted.
Despite the charges, Merrill announced that it would pay its regular quarterly dividend of 25 cents a share.
From 1887 - 1924 the corporation paid a regular dividend on its common stock.
Growth funds focus on stocks that may not pay a regular dividend but have the potential for large capital gains.
Income funds invest in stocks that pay regular dividends.
The company is profitable and the founders could receive millions of dollars a year if it simply paid a regular dividend.
The regular quarterly dividend of $1.025 on preferred stock will be maintained.
Its regular dividend has been 18.75 cents a share of common stock.
Unocal also said its board had decided not to cut the regular quarterly dividend of 17 1/2 cents a share.
But the company's regular quarterly dividend will be suspended.