Zur Geschichte und Theorie des Bergregals und der Bergbaufreiheit

Bibliographic data

Monograph

Identifikator:: 1821348664

URN:: urn:nbn:de:zbw-retromon-217403

Document type:: Monograph

Title:: Die deutsche Kaliindustrie

Place of publication:: Berlin

Publisher:: E. S. Mittler & Sohn

Year of publication:: 1929

Scope:: XII, 175 Seiten; Tab

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Entwicklung der Produktionsbedingungen

Collection:: Economics Books

JAS. H. OLIPHANT & CO. On present gross revenues 5% difference in operating ratio means over 4% on the stock. Earnings for Norfolk & Western common were : 1928... on.80 1925... “R7 1924. . : 1923. 1999. cna. 0, 1921, 78 1917. 15.0 1916. . img yor fs ® = od Dividends were paid beginning 1901 every year, and 7% from 1916 to 1925 with 1% extra in each year excepting the abnormal years 1918 to 1921 inclusive, with result the rate was considered 8% in effect. An extra 3% was paid from 1926 earnings and in 1927 the regular rate was advanced to 8%. Judging by past prac tice extras will be continued, Procedure in financing by Norfolk & Western shows the property to be built on solid rock. At present the capitalization is $120,068, - 000 funded debt, $22,992,000 4% preferred stock, and $139,570,000 common stock. Of the common stock $73,700,000 or more than half has been issued during twenty years in conversion of bonds for which over $74,000,000 cash was paid; about $1,150,000 bonds re- main to be converted. Taking the ten years since 1916, the com- pany has added exceeding $156,000,000 to the property, and aec- cumulated $26,930,000 or $20 a share in short term investment se- curities to employ surplus cash, represented by 92 millions increase in surplus and 27 millions increase in depreciation reserve, both being from earnings, and by 52 millions addition to outstanding stock and bonds. Between June 30, 1916 and December 31, 1926, this meant raising the proportion of 100-pound and heavier rail from 19% to 54% of all tracks, adding 129% to track mileage, and enlarging locomotive power 289% and freight car capacity 16%. For evidence of a strong equipment position, the annual net re- ceipts from rental averaged $2,420,000 1921-1926 or 1.7% on Nor- folk & Western common stock. Effect of the stock interest in Norfolk & Western held through a quarter century by Pennsylvania R. R. has been growth of the two together with seeming destiny of Norfolk a system membership under lease. Terms were discussed in 1924 but agreement not reached ; meantime stockholdings were increased from 36% to over 43% by Pennsylvania. Admittedly the disturbances to customary coal trade in America and Britain have favored Norfolk & Western Ry. but allowing liberally therefor the earning power should support more than the present regular dividend. Negotiations again for lease would pre- sumably recognize the 10% paid last year. On its own, Norfolk & Western common stock has investment rating, while speculation is afforded in the lease possibility. [581

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