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:: General Electric Co.

Collection:: Economics Books

STUDIES IN SECURITIES chinery to the farms for cost reduction, and with the electrifica- tion of railroads, supplemented by radio, electrical refrigeration, and talking movies, in which General Electric is already inter- ested. Extensive projects of railroad electrification are under consideration, with only 29% of Class 1 mileage of American roads yet electrified. Power generation, we are told, will more than double in the next decade. Only 214% of farms enjoy elec- tric power. Past record, present condition, and future prospect combine to place General Electric stock in a secure position among indus- trial stock issues of real investment character. General Motors Corporation The present General Motors Corp. may be said to date from 1922 when after the losses of the deflation period the management was changed and new clearly defined policies inaugurated. Fullest advantage was taken of the following five years of general pros- perity and the accomplishments provided the commercial sensation of the country, viz: 1926 1921 Net sales...........$1,058,153,000 $304,487,000 Net earnings ....... 186,231,000 def. 38,681,000 Working capital.... 192,006,000 96,542,000 Cars sold . 1,235,000 215,000 Always a leader in this 26-year-old industry, General Motors is the largest automobile manufacturer in the world (now making one car in every three produced in the United States and Canada) and, even more, paid out in dividends on its common stock in 1926 the largest total in the history of industrial enterprise. Of the surplus available for the common stock the following per- centages were paid out in common dividends: in 1926, 62%, in 1925, 63%, in 1924, 66%, in 1923, 45%, and in 1922, 23%, notwith- standing which there was reinvested $179.744.000 in the property in these years from surplus. We find at the end of 1926 the plant account carried net (after depreciation) at $310,482,000 or $99,416,000 more than at the end of 1921, whereas the plants in 1926 turned out almost six times as many cars as in 1921. The great Fisher Body plants have been acquired, the Pontiac and La Salle cars added to the line, and Frigidaire (the electrical refrigerator) has been developed (1926 increase in investment therein amounting to $19,000,000), to men- tion only the outstanding developments. The conservatism of the plant account is obvious. This point must be considered in con- nection with the $55 tangible asset value of the common stock. [411 he

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