The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Plowed-back earnings

Collection:: Economics Books

Plowed-Back Earnings No rules have thus far been devised to prevent this concealment of net returns in salaries. Gov- ernments cannot fix salaries. In one prosperous con- cern it was found that the President, holding control, regularly voted himself two-thirds of the net earnings as salary. Stockholders protested, but did not carry their protest to the courts, and finally acquiesced. The inference from income reports, therefore, that an average of 40 per cent of concerns make no profit ignores this factor of officers’ salaries, and is hardly borne out by the average of failures of only one per cent a year to the total of business concerns. At any rate, in a large proportion of 40 per cent reporting no profits for tax purposes, there seems little danger of bankruptcy. Mr. Snyder concludes that a truer picture might be drawn of net incomes for all corporations by figures that include interest, cash dividends, and officers’ salaries. Moreover, he deducts the reported deficits by add- ing the reserved part of the real earnings, thus arriving at a figure double the reported net earnings. The compensation of officers for 1924, the year last reported, was $2,600,000,000. Itis to be hoped that the custom of reporting this item separately will be resumed in future revenue reports. 77 Net Corporate Incomes, as Revised Mr. Snyder's method of picturing net income finds the $9,673,402,089 net income reported for tax pur- Poses for 1926 expanded to a true or revised net

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