The company has also eliminated its dividend and is asking employees to pay more of their health insurance costs.

He quit as chairman in May of that year, when the company announced that it expected losses and would have to eliminate its dividend.

Equitable did not eliminate its dividend until 1934, when rental income had fallen to $3.66 a square foot.

He was infuriated when the company reduced and then eliminated its dividend.

If a company eliminates its dividend, shares are sold immediately, he said.

This week, Corning did more than eliminate its dividend.

BankAmerica eliminated its dividend early in 1986 after suffering huge losses.

It also announced that it was eliminating its dividend and planned to sell non-core businesses.

In February, Polaroid eliminated its dividend, freeing about $27 million annually.

The raising of the additional €8.3 billion was effected partly by eliminating the year's dividend, saving €1.5 billion.