The company also raised its annual dividend rate by 20 percent, to $1.20 a share from $1 before the stock split.

The company now pays $2.96 on an annual basis - up from the former dividend rate of $2.68.

The preferred stock issue has a dividend rate that is set by auction every seven weeks.

At today's closing price, the yield would equal 12.7 percent with the lower dividend rate.

The company would be expected to do so unless the dividend rate had not been significantly increased.

The dividend rate will be adjusted through an auction about every 49 days.

Also being offered are 500 shares at $100,000 each with a dividend rate of 9.875 percent until March 5, 1991.

The dividend rate for both series through June 30 will be 9.85 percent annually based on a purchase price of $100 a share.

That bond will pay interest at the stock's current dividend rate.

The dividend rates will be adjusted every 49 days according to the results of an auction.