Studies in securities

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Western Union Telegraph Co.

Collection:: Economics Books

JAS. H. OLIPHANT & CO. 3 Capitalization comprises $72,651,000 bonds, $1,771,000 sub- sidiaries’ stock, and $99,786,530 Western Union stock. Earnings for the stock have risen along with the equity : against 8% average 1911-17 the net was 13.2% in 1922, 13.6% in 1923, 13.4% in 1924, 15.29% in 1925, and the same in 1926. No set dividend rate has long been kept by the company (although, formed in 1851, it has paid something each year since 1874) and the 7% standing since April, 1918, has just been supplanted by an 89, rate. The web which is Western Union involves approximately 213,400 miles of pole lines, 3,300 miles of land cables, over 28,800 miles of ocean cables, and 25,000 separate offices. It does 85% of all land mes- sage business and this gives 92% of the company’s net income, a fact dispelling radio fears. Over 66% of messages are handled automatically now (eight messages can go over one wire) and so the labor hazard constantly lessens. The business has been brought to a point where employes are receiving ‘‘income participation’’ (a total $9,200,000 charged expenses therefor in six years; last year supplanted by offering of stock on favorable terms, 30,000 shares subscribed for by 8,700 employes) and stockholders perhaps may look for something addi- tional (possibly subseription ‘‘rights’’) above the strongly protected 89, dividend. F. W. Woolworth Co. Reinvestment of profits has provided the entire financing of the expansion of F. W. Woolworth Co. from a pioneer enterprise with $52,616,000 sales and $14,925,000 net tangible assets in 1911 to its present rank as a leading merchandising company with sales $253,- 645,000 and net tangible assets $114.804.000 last year. Since formation in 1912 by merger of six non-competitive ‘‘five and ten cent’’ chains, the development has been one of America’s industrial romances. viz: Stores 1926..... .1480 1023.... 1260 1920... 1 a17 a + 1912. 7 631 Sales $253,645,000 193,447,000 140,919,000 98,103,000 69,620,000 60.558.000 Net Earnings on Sales on Stock 129, *$10.85 10.70 31.84 7 13.87 16.72 10.87 R73 7 *On $25 par changed from $100 par in 1924 by issue of four shares or one. [80]

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