AMERICAN CITY <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.