523 
Dividends declared in 1924, $382,880,000 (data for 1925 not avail- 
able), were not as great as in 1923 but exceeded the payments of 1922. 
The per cent of stock paying dividends, however, was greater than in 
any year since 1913. The average rate on dividend yielding stock, 
therefore, was lower than in 1923, as was the ratio of dividends 
declared to all stock (Table 14). 
Table 14,—Dividends of Railways 
Note. —Nonoperating as well as operating roads are included. Switching and terminal roads are 
sxcluded beginning with 1908. 
Per 
rent of 
stock 
ying 
divi- 
{ends 
¥ ear ended— 
lune 30: J 
1891-18053. 0. _.. 
806-1900 ...! 
Means 
9oLlie 
BRR 
Yn mm 
. | 
[ET 
iy Tee 
nn 
.40 
"OF 
37.47 
2.84 
‘6. 54 
v.27 
69 
01 
6.71 
“ An 
Divi. 
dends 
de- 
slared 
(1,000 
1ollars) 
4, 093 
4, 295 
6,736 
*3,392 
728 
o1, 941 
37,964 
72,796 
98, 087 
90, 665 
321, 072 
105, 71 1 
60. 107 
Aver- 
age 
ate on 
divi- 
Jend- 
vield- 
ing 
tock 
Ratio 
of divi- 
dends 
de- 
zlared 
to all 
stork 
5. 42 
3.27 semper 
5. 26 2.70 
3 55 2,08 
70 "20 
09 En 
.78 . 
03 
» ag 
> 07 
© 53 
50 
X 03 
01 
19 
30 
18 
+. 00 
5 42 
Y oar ended — 
‘une 30: 
1912 meen 
1912 meen 
2 LR 
NRIIITT 
«ZIT 
Vemcemnee 
Wm 
C2 mmr 
P23 wwimian 
924 
Per | 
sent of 
stock 
aying | 
divi- 
dends 
84, 73 
66. 14 
34.30 
26) 45 
52. 02 
2.32 
38. 09 
9, 64 
“7.30 
3.92 
79.38 | 
22.09 
rd Q7 
Divi- 
dends 
de- 
clared 
(1,000 
Jollars) 
100,315 
369, 078 
451, 653 
20% ATR 
366, 561 
381, 852 
339, 186 
335, 242 
331,103 
456, 482 
338, 806 
411, 882 
aro Q’(G 
Aver- 
age 
ate on 
divi- 
dend- 
yield- 
ing 
etock 
7.17 
6. 37 
7.97 
g 00 
8.75 
%, 81 
*. 60 
+33 | 
3. 52 
°. 02 
8.37 
7.30 
6.34 
Ratio 
of divi- 
dends 
de- 
clared 
to all 
stock 
4.64 
4.22 
5.13 
2 80 
4.19 
1.24 
3.83 
3.77 
3.74 
5.13 
3.78 
4.53 
1.12 
1 Annual average. 
Jource: Interstate Commerce Commission. 
New Financing. 
The volume of railway securities issued in 1925 was about as great 
as in 1923, totaling over $514,700,000, but was $425,600,000 less than 
in 1924. New securities constituted 74 per cent of the total issue. 
Long-term bonds and notes were $473,591,000, or 92 per cent of 
the total for all classes of securities issued during the year. 
Table 15.—Railroad Securities Issued: 1920-1926 
In thousands of dollars] 
tem 
rman! 
All classes of securities. 
NOW op om wrmn 
Refunding ___.__ 
Long-term bonds and DOES ooo 
OFNAING - «vo wremeeee cme 
Short-term bonds and NOteS..ovemmeooeennn 
NOW eee ee a 
Refunding. ..uowreomeeecaennen 
Stocks (all new 
1020 
377, 880 
322, 380 
RA. 500 
356, 380 
02, 380 
“4, C00 
1,500 
2%, 000 
Nn 
[O21 
355, 288 
352, 666 
NT £92 
538,793 
336, 671 
302,122 
16, 495 
15,995 
500 
1099 
351, 531 
523, 808 
or 204 
589, 211 
164, 488 
124, 724 
35, 352 
32352 
3,000 
26, OBR 
i 
1922 
518, 249 
464, 516 
B3. 733 
171, 340 
427, 956 
43, 883 
19, 088 
9,238 
9,850 
LR] 
TE ny 
1094 1925 
940, 297 
779, 617 
180). BRNO 
514, 709 
380, 281 
124 498 
809,084 473,591 
567,404 | 339, 563 
141,680 | 134,028 
75,250 24, 900 
56, 250 24, 500 
19, 600 400 
£E O83 16, 218 
Source: Commercial and Financial Chronicle.