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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Columbia Gas & Electric Corporation

Collection:: Economics Books

JAS. H. OLIPHANT & CO. the rate structure is not fully adequate and economies from the Ohio Fuel consolidation are not yet reflected. Seasoning of the old Columbia Gas & Electric common stock was thorough as to earnings and dividends as well as marketwise and with the late expansion made on sound basis the new shares paying $5 dividend at 95 price level offer participation in a growing enterprise upon fair terms. Consolidated Gas Co. of New York A substantial change in capital structure for Consolidated Gas Co. of New York and a final ruling of vital gas rate litigation both have now been accomplished. The Supreme Court decision in November last was a complete victory for the company and Consolidated Gas Co. and public utilities generally have now the protection of legal principles established by Supreme Court decision which gives oreater assurance to capital invested therein than ever before, Capitalization after recent financing consists of $200,395,000 funded debt, $969,000 minority stocks of affiliated companies (now under one-half of 1% of their total), $120,000,000 5% preferred stock, and 4,320,000 shares of no par common stock. The 1926 financing brought $146,000,000 new money net (after retirement of old preferred) which wiped out $59,500,000 bank loans and left $86,500,000 to replenish treasury and provide 1927 capital expenditures. In five years, $280,508,000 has been expended on plant account (41% of present total) providing for the expansion and modern- ization of the gas and electric facilities making up the world’s largest electric property (the wholly owned New York Edison Co.) as well as the largest gas utility. Much of this of course has not yet reached its fully productive stage (1926 figure was $88.559,000 and 1925 $57,365,000). Earnings record on the company’s stock as at the time outstanding has been as follows (including amounts impounded pending set- tlement of gas rate litigation) : 1926.....%.8.30.70 1804. nie vn 88.80 1925... 8.12 1923.......... 99% 1g39 Wk. SQ on ei Current $5 dividend rate has been in effect since 1922 when it was increased from 79% on the old $100 par stock or $3.50 equivalent. I'he final settlement of rate litigation and recent financing are steps toward a $6 dividend. [34]

Access restriction

Copyright

fullscreen: Studies in securities

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation