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:: Standard Oil Co. of New Jersey

Collection:: Economics Books

JAS. H. OLIPHANT & CO. Earnings immediately following 1919 fluctuated sharply as the in- dustry went through inflation and deflation, but of later years have enjoyed steady growth. The record of earnings on basis of split-up stock is as follows: Per Share “R01 2 20 20 A The 1920 earning power was probably as abnormally high as the 1921 was low. The 1927 results likely will not reach those of 1926 as first half year conditions at least have been adverse in the industry. The dividend rate of $20 a share from before the war on the old stock was carried on in the equivalent of $1 a share on the split- up shares until last December when an additional 1214 cents quar- terly extra was started. The 1926 balance sheet as reported includes the proceeds of the $120,000,000 59% debenture issue of December but the retirement of the preferred stock and the issue of $86,232,925 new common at par of $25 did not occur until this spring. Deducting there- fore $120,000,000 from current assets as of December 31 (which appeared in $198,824 000 marketable securities) the adjusted figure was $737,612,000 compared with current liabilities of $259,218,000. Assuming a dividend of $1.50 on the new common stock, the finane- ing of last winter worked out a saving of about $2,800,000 or 11 cents a share on the common. The oil industry is going through a period of severe depression, one which Standard Oil of New Jersey officials state will be more protracted than usual. It is, however, a business which changes character rather quickly at times and after all represents a per- manent industrial activity. Standard Oil of New Jersey offers in its common stock the equity in the greatest single factor in the world’s oil business, in a position to do as well as any under adverse conditions and prepared to enjoy full participation when the oil situation again turns upward. Swift & Co. Out of $950,000,000 gross receipts in 1926 Swift & Co. kept $15,- 645,000 for stockholders. This was only 1.64% profit margin and so much as 49% does not appear in a 31-year record. A fair turn- over in relation to invested capital explains how Swift has paid at [721

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