The Williams Companies, Inc., parent organization of Salt Lake-based Northwest Pipeline Corp., has declared a first quarter dividend of 35 cents per share on its common stock payable March 26 to shareholders of record March 3.

Directors also voted to adopt a new accounting standard, changing the method of accounting for income taxes. Adoption of the new standard, issued by the Financial Accounting Standards Board (FASB), will reduce stockholders' equity by a one-time, non-cash adjustment of up to $200 million.The adjustment will not be in 1988 results as reported in the company's 1988 annual report. First quarter 1989 financial statements will include the adjustment and the company's 1986 through 1988 results will be restated at that time.

Although 1988 net income is expected to increase as a result of the restatement, the exact amount of the increase cannot yet be determined.