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:: International Harvester Co.

Collection:: Economics Books

STUDIES IN SECURITIES om i The company’s net in 1926 equaled 9% on invested capital com- pared with 8% in 1925 which was the same as averaged in the company’s first ten years 1902-12. Biggest gain domestically in late years has been in the truck, coach, and tractor lines. Sales in foreign fields last year were record, with Canadian, French, German and Swedish plants operating at capacity. In this coun- try there are now 136 company-owned branches and motor truck service stations, an important factor in the future growth of the company’s motor vehicle business. Success of the company led to attack under anti-trust laws. Fifteen years later in 1927 a final decision of the Supreme Court left In- ternational Harvester with clean escutcheon. Assuming the annual 4% stock dividend turned into cash and added to the $6 payment from the company, the total income re- turn at a price as high as 180 would exceed 7%, and if 50 points less should be realized for dividend stock it would still be over 6%, an attractive rate considering the fundamental points of strength in this investment. International Telephone & Telegraph Corporation Rate at which International Telephone & Telegraph Corp. has been going ahead is exhibited by the increase in stock from $17,500,000 beginning 1925 to $130,000,000 following 1927 changes. Latter figure includes $36,040,000 offered for the entire stock of All America Cables, Inc, $20,000,000 issuable in converting $25,000,000 bonds, and $14,500,000 subscribed this year at 100 by stockholders. Also it includes approximately $9,000,000 subscribed at 83 in 1925 and $30,000,000 at 100 in 1925 and 1926 and used with proceeds from $25,000,000 514% bonds for telephone development abroad and for purchase of the foreign business of Western Electric Co. in 1925 for $28,000,000 outright. With a foothold in South America secured through control of the cables, and an advantage everywhere but the United States and Canada held through manufacture of equipment under exclusive Bell patents, International Telephone has made itself the opportuni- ties to follow up. Payment for All America Cables is four shares for every three, but on the total stock exchangeable the earnings averaged 10% or $3,624,000 over the past seven years, and this property, with 32,000 miles of cable serving in triplicate the principal Latin American nations, paid at least 6% dividends for forty years, 1471

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