523
Dividends declared in 1924, $382,880,000 (data for 1925 not available),
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
deslared
(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
Average
ate on
divi-Jend-
tock
Ratio
of dividends
dezlared
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 |
dividends
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
Dividends
declared
(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
Average
ate on
dividend-
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 dividends
declared
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.
