Studies in securities

Bibliographic data

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:: Atlantic Coast Line R.R.

Collection:: Economics Books

STUDIES IN SECURITIES and common dividends $28,121,000, leaving $44,509,000 surplus. During the nineteen and one-half years previous, $115,511,000 was earned, $69,298,000 distributed, and $46,213,000 retained, or little more. To the regular 7% dividends paid since 1917, following at least 5% each year from 1903, extras of 1% in 1924, 29% in 1925, and 3% in 1926 were added, but with five year payments totaling $41 per share and earnings $106 the treatment of stockholders con- tinues conservative. A privilege, however, to subscribe for 20% additional stock at par was given late in 1926, and subsequently the declaration of 114% semi-annual extra dividend indicates a total 109% rate to be maintained, resulting in a further gain. Management of Atlantic Coast Line avowedly is paying the extra dividends from income other than from operations. Mostly such revenue comes as dividends from Louisville & Nashville stock of which 569,700 shares or 51% are owned. Dividends at the present 1% rate pay interest on $35,000,000 bonds secured by these hold- ings and leave the equivalent of 3.37% on 823,427 Atlantic Coast Line shares. The table below gives actual earnings on 685,862 shares of Atlantic Coast Line stock, earnings as they would have been, without allow- ance for employment of $13,756,500 subscription receipts, on 823,427 shares outstanding since early 1927, and as applied to these present shares the due proportions of undistributed earnings of Louisville & Nashville : 1926. 1925. 1924 1923. 1922 On Actua’ On Present $20.10 22.40 17.20 5.60 10 I. & N. Equity "6.96 7.23 AAD Had not Atlantic Coast Line increased maintenance $3,173,000 in 1926 the showing would have surpassed 1925 for $3,089,000 addi- tional gross business was handled with but $2,206,000 greater transportation cost. Unlike most others this road makes two-thirds of the year’s earnings in five months December-April. Indica- tion is for somewhat lower 1927 earnings but after a halt the six states served appear ready to march on again. By 1925, the main line, Richmond to Jacksonville, had been vir- tually double-tracked, in 1926, 63 miles of new first track in Florida were put in operation and 110 miles of line were equipped with automatic signals, showing how extension and improvement still proceed. At $157,679,000, however, Atlantic Coast Line funded debt is only $14,485,000 more than in 1917, and is far less than $82,342,700 common stock plus $4,829,000 premium realized plus 1271

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