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:: Southern Ry.

Collection:: Economics Books

STUDIES IN SECURITIES point Southern Ry. earnings at the present rate became possible. For the past four years net for the common stock follows: 1926..........11.20, 1924..........12.3¢ 1825. . sina 183 1023 eae BO) Meantime operating expense ratio was cut from 75.6% to 69.4% wholly by saving in direct transportation costs. Besides its own 6,795 miles of line, Southern Ry. controls 2,425 additional, with equities 99.5% in New Orleans & Northeastern R. R., 94.29% in Mobile & Ohio R. R., 94.1% in Georgia Southern & Florida Ry., and 29.2% in Cincinnati, New Orleans & Texas Pacific Ry. Including due proportions of the results of these the real earnings behind Southern Ry. common were: 1926.. .......20.6% 1024... ... 10.00, 1925. 21.3 1928... conre12.9 The disposition has been to withdraw larger dividends from sub- sidiaries and of course full taking of earnings by lease or merger is possible some day. As simply put by the company, ‘‘the Southern Serves the South,”’ and the twelve states covered by the system have forty millions population busy with a rapid industrial development. Lines be- tween chief traffic centers are mostly shorter than competitors’. Ahead of many roads Southern has all main lines equipped with automatic light signals and ahead of all it has the longest stretch of 578 miles of automatic train control. Rise of Southern Ry. common to an investment status, at the price current giving 5.409% income, had a momentum not easy to stop, so the 15% rate of 1927 earnings, plus around 29% of subsidiary equities, will likely begin to increase soon again. Standard Oil Co. of Indiana The period since 1922 when Standard Oil of Indiana declared a 100% stock dividend has been marked for this company by two developments of interest to shareholders: surplus accounts which December 31, 1922 (after the stock dividend) stood at $69,032,000 increased to $174,420,000 as of December 31, 1926; and future sources of crude oil have been assured by acquisition of interest in widespread acreage and valuable plant and facilities in Colum- bia, Venezuela and Mexico. The 1926 year topped all others with earnings of $6.02 a share on the 9,136,618 shares of stock (plus 91 cents a share additional [69]

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