AMERICAN CITY &lt;AMBJ> SETS INITIAL PREFERRED DIV

  American City Business
  Journals Inc said it declared an initial dividend of 15.4 cts a
  share on its recent issue of 1.6 mln shares of convertible
  exchangeable preferred stock.
      The dividend is payable March 31 to shareholders of record
  March 20, American City said, adding that future dividends will
  be paid on a quarterly basis.
      The preferred stock was issued on February 23.
  

