Die Theerfarben-Fabriken der Herren Meister, Lucius & Brüning zu Höchst a. Main, in sanitärer und socialer Beziehung

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Monograph

Identifikator:: 861748913

URN:: urn:nbn:de:zbw-retromon-91908

Document type:: Monograph

Author:: Huber, Franz http://d-nb.info/gnd/117535699

Title:: Der gesetzgeberische Ausbau des Deutschen Reiches und seine Wirtschaftlichkeitspolitik

Place of publication:: Stuttgart

Publisher:: Krais

Year of publication:: 1906

Scope:: 1 Online-Ressource (79 Seiten)

Collection:: Economics Books

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JAS. H. OLIPHANT & CO. $236,004,000 valuation provided $14,780,000 or 6.26% yield. Total income covered $17,794,000 interest at 4.839% average rate on $412,- 771,000 funded debt and $3,982,000 dividends of 4% on $99,544 - 000 preferred stock with $37,003,000 surplus amounting to 16.6% on $222,292,000 common stock equity. Partly thanks to the huge holdings of bonds and stocks, which for twenty years have never yielded less than $11,000,000 annually or about 5% upon its stock, this company has earned more than 10% each year since 1902, and has paid 10% dividends since 1906 ex- cepting eighteen months at 8% following a 1914 asset distribution. Sum total of investment income in a quarter century is $318,560,- 000 and balance of earnings saved after dividends $284,766,000 or 90% thereof. Earnings on the common stock and the amounts con- tributed by investments have been as follows: Total 1926... . eee 16.6% PODS cee snares srreat nd 0.5 1924.... .14.3 han... “h.2 1922. 0 1927 99 From Investments 6.7% 67 6.6 7.0 6.3 5.5 Variance from year to year of investment income is notably small. Security holdings at the close of 1926 consisted of $44,114,000 (par $58,131,000) bonds and stocks of affiliated companies, $69,998,000 (par $79,222,000) bonds and $89,892,000 (par $71,514,000 and market over $90,000,000) stocks of standard railroads, and $32,- 000,000 United States Government bonds. Full ownership of Union Pacific Coal Co. returned $1,750,000 in each of the past two years and $1,250,000 dividends in each of the two preceding, and half ownership of Pacific Fruit Express $2,400,000 in each of the past three years and $4,200,000 in the fourth, together the principal subsidiaries. Among stocks of other railroads, $22,700,000 in New York Central, $44,697,000 in Illinois Central including $12,972,000 held indirectly, and $4,420,600 or a 3% interest in Chicago & North Western are owned. At maturities of Union Pacific bonds J uly 1, 1928 and December 1, 1929, $30,000,000 bonds and $34,564,000 stocks held as collateral will be released and the entire $236,004, 000 of investments becomes free in the treasury. Original reasons for these holdings are no longer good and conjectures as to disposal of them are likely to arise. With $55,587,000 cash and Liberty bonds owned in 1923, Union Pacific sold $20,000,000 bonds of its own issue for capital expenditures, and with $70,972,000 in the treasury in 1927 sold $26,835,000 414s to refund 4s, so perhaps some plans are taking shape. = 761

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