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77 PERCENT OF DOW JONES COMPOSITE AVERAGE AND 65 PERCENT OF S&P 500 INDEX COMPANIES OFFER DIVIDEND REINVESTMENT PLANS

77 PERCENT OF DOW JONES COMPOSITE AVERAGE AND 65 PERCENT OF S&P 500
 INDEX COMPANIES OFFER DIVIDEND REINVESTMENT PLANS
 LAUREL, Md., Jan. 13 /PRNewswire/ -- The majority of companies comprising the Dow Jones Average and the S&P 500 Index offers dividend reinvestment plans (DRPs), reported Evergreen Enterprises, publisher of directories on dividend reinvestment plans.
 76.9 percent of Dow Jones composite average companies (50 of 65) and 64.8 percent of S&P 500 companies (324) offer DRPs.
 Dividend reinvestment plans are offered by companies as a goodwill measure enabling shareholders to buy more shares of the company with their dividends and with additional cash payments. Two shareholder cost-saving features of DRPs are discounts and no-cost plans. Discounts are offered by 221 plans (21.6 percent). Over 71 percent of the companies pick up the costs of administration and brokerage fees.
 Seventh Annual Original Issue/Market Study
 The 1991 fourth quarter update to the Guide to Dividend Reinvestment Plans contains the seventh annual study on sources of DRP shares. The majority of plans (51.6 percent) uses market purchased shares to fund the DRP accounts. Another 34.6 percent, depending on economic conditions and corporate need, allow DRP plan administrators the flexibility of purchasing shares for DRP participants from various sources. This allows the administrator to use original issue, treasury and/or open market purchased shares. In original issue and treasury share plans, the company receives additional revenues for general corporate use.
 The number of plans that used a combination of sources rose to 34.6 percent in 1991 from 33.1 percent in 1990. The number of plans that used only original issue shares decreased to 11.7 percent from 13.0 percent. DRPs using only shares purchased on the open market, rather than from the company, decreased to 51.6 percent from 54.1 percent. Flexible original issue/market purchase plans increased to 24.6 percent from 21.5 percent in 1990.
 The study was based on 1,025 plans tracked by Evergreen Enterprises, a decrease from the 1,045 surveyed in 1990.
 158 Public Utility DRPs
 Of the 1,025 plans tracked by the Guide, 158 are public utilities, an increase from 156 in 1990. Currently, 30 (18.9 percent) utilities offer a discount. Over 88 percent of the utility plans offer no-cost plans.
 33 Canadian Companies with DRPs
 The Guide lists 33 Canadian companies that offer dividend reinvestment plans to their shareholders. DRPs of Canadian stocks that are traded on the New York or American stock exchanges are open to all U.S. residents. These plans include: Alcan Aluminum; BCE; Bow Valley Industries; Canadian Pacific; Imperial Oil; Inco; Moore Corp.; NOVA Corp. of Alberta; Northern Telecom; Total Petroleum; TransCanada Pipelines; and Westcoast Energy.
 American Depositary Receipts (ADRs) with DRPs
 Three UK companies -- British Airways plc, British Petroleum Co. plc and SmithKline Beecham plc -- have dividend reinvestment plans for their ADR (American depositary receipt) holders. ADRs are traded on U.S. exchanges and offer a simple way of investing abroad without actually executing trades on an overseas market. ADRs represent foreign shares that are held in trust by a financial institution.
 The statistics were compiled from the data collected for the Guide to Dividend Reinvestment Plans. The Guide is a loose-leaf service that is updated quarterly and is $130 for a year's subscription.
 Evergreen Enterprises also publishes the Directory of Companies Offering Dividend Reinvestment Plans. The eighth edition has been reprinted with updated information when the first printing was sold out.
 Investors wishing more information about dividend reinvestment plans may send for free information from Evergreen Enterprises, P.O. Box 763, Laurel, MD 20725-0763, 301-953-1861.
 -0- 1/13/92
 /CONTACT: Sumie Kinoshita of Evergreen Enterprises, 301-953-1861/ CO: Evergreen Enterprises ST: Maryland IN: FIN SU:


MH -- DCFNS2 -- 8895 01/13/92 07:31 EST
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Date:Jan 13, 1992
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