Zur wirtschaftlichen Förderung des Handwerks

The sources of public utility capital

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Monograph

Identifikator:: 1011249006

URN:: urn:nbn:de:zbw-retromon-31942

Document type:: Monograph

Author:: Wilden, Josef http://d-nb.info/gnd/117380016

Title:: Zur wirtschaftlichen Förderung des Handwerks

Place of publication:: Crefeld

Publisher:: Wilhelm Greven Buchdruckerei

Year of publication:: 1914

Scope:: 1 Online-Ressource (67 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Offenbarungseidverfahren

Collection:: Economics Books

MN BurLLeTiN No. 20 modal ratio after reaching the “peak” of 495 in 1921 declined to .480 by 1924. SUMMARY OF THE LONG TERM DEBT RATIO The typical ratio of Long Term Debt to Total Equities for the 200 public utility companies studied is .481 when taken for all the companies in the entire United States. Forty-four per cent of the cases were located in three class intervals out of thirteen, The ratio varies widely according to the groups in which the data were analyzed. When these same data were broken down into different groups, the variations in financing with funded obligations were brought out. Those companies in the East and South obtained $ 48 of each dollar of their capital from bonded debt. In the Middle West the typical figure was $.47, and in the West it was $ 40. Clearly, the companies in the West do not rely on bonds to the same extent as companies in other sections of the country. Further, the ratios of the East and West were less typical of their distributions than those of the Middle West and South. The analysis by size of company showed that larger companies finance with larger proportions of long term debt. The companies with 5-9 millions of equities had a modal ratio of 41, those with 10-49 millions had a ratio of 48, and those companies with more than 50 millions of equities had a modal ratio of .53. Gas and Electric companies obtain approximately 51 per cent of their capital requirements from bonds, whereas Traction Companies use bonds to the extent of 42 per cent only. Midway between these are the Holding Companies with a ratio of .47. From 1917 to 1921 this ratio increased from .44 to .50, and then declined to .48 in 1924. These figures appear quite in accordance with the well known difficulty which utilities had in financing themselves from 1917 to 1921. Conditions for a time forced them to use bonds, and then, after the readjustment of industry and credit conditions, they were able to use stocks more freely instead of bonds.

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