Studies in securities

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Monograph

Identifikator:: 1757542078

URN:: urn:nbn:de:zbw-retromon-134903

Document type:: Monograph

Title:: Studies in securities

Edition:: Revised

Place of publication:: New York

Publisher:: Jas. J. Oliphant & Co.

Year of publication:: 1927

Scope:: 81 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: American Steel Foundries

Collection:: Economics Books

STUDIES IN SECURITIES although by stock dividends 74 shares have been added to every 100 held in that year. American Steel Foundries has shown its ability to cover dividend requirements in recent years of poor railroad equipment business. In view of rich treasury position, the realization of long promised railroad buying should provide earnings that could be translated into favorable dividend action. American Sugar Refining Co. As the sugar situation of the world gradually is subsiding from its cataclysmic variations of the deflation period, so is the Ameri- can Sugar Refining Co. (the dominating factor in the trade) steadily returning to its old time position of established earning power. A fluctuation of 197 cents in 1920 in the price of raw sugar compared with a normal year’s range of about a cent and stag- cering losses on customers’ contracts interrupted this company’s splendid record of thirty years’ dividend payments on its common stock, averaging 8.839% annually—never less than 79% except in 1900 when 614% was paid. There followed a four year period 1922-5 with no payment on the common shares, until restoration at the current 5% rate in January, 1926. The preferred divi- dend was maintained throughout, though the market price of 6714 in 1921 evidenced the doubt of even its maintenance, and in that year only 2% of its 7% was earned. The trade condition even in more recent years has been erratic, though progressively improving. The range of fluctuation be- tween high and low price of raw sugar, refining profits and earn- ings per common share in the past four years appear as follows: Range in Raw Refining (Cents) Profits 1.1875 "7.092,000 1.125 277,000 2.8125 “228 000 . 3.375 993.000 *1.088. In 1926 there were 85 changes in the price of raw sugar against 115 in each of preceding three years, and accepted estimates of sugar production of the world for 1926-7 crop show the first decrease in seven years, auguring, it is hoped, an approach to former stabilized conditions. The chaotic post war period naturally was not survived without Some fundamental changes in American Sugar Co.’s old-time rich [191

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