Allgemeine Gesellschaftslehre

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Multivolume work

Identifikator:: 1896405266

Document type:: Multivolume work

Title:: J. v. Staudingers Kommentar zum Bürgerlichen Gesetzbuch und dem Einführungsgesetze

Place of publication:: München [u.a.]

Publisher:: Schweitzer

Year of publication:: 1910-1911

Collection:: Economics Books

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Volume

Identifikator:: 1896406157

URN:: urn:nbn:de:zbw-retromon-242028

Document type:: Volume

Title:: Recht der Schuldverhältnisse

Volume count:: Bd. 2

Place of publication:: München [u.a.]

Publisher:: Schweitzer

Year of publication:: 1910

Scope:: S. 926 - 1811

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Fünfundzwanzigster Titel. Unerlaubte Handlungen / Erläutert von Dr. Th. Engelmann

Collection:: Economics Books

70 NATURE OF CAPITAL AND INCOME [CHAR. V of to the present capital. Recapitalization may be ef- fected, however, by recalling the stock certificates or issu- ing new ones. In these ways the nominal or book value may be either decreased or increased. It is sometimes scaled down because of shrinking assets, and often increased because of new subscriptions or expanding assets. If, for instance, the original capital was $100,000, and the present capital (that is, including surplus and undivided profits) is $200,000, it would be possible, in order that the total certificates outstanding might become $200,000, and the surplus and undivided profits be enrolled as capital, to issue free to each stockholder stock certificates of a face value equal to those already held. In practice, how- ever, such a proceeding is very rare. Ordinarily the stock certificates remain as originally, and merely increase in value. Thus, if the present capital is as in the above example, $200,000, whereas the original capital and the outstanding certificates amount to only $100,000, the market value of the shares will be double the face value; for the stockholders own a total of $200,000, represented by certificates of the face value of $100,000. §3 If, however, we attempt to verify such a relation by reference to the company’s books, we shall find some dis crepancies in the results. For instance, the Second National Bank of New York had, at a recent statement, a total capital, surplus, and undivided profits of $1,295,952.59, of which the original capital was only $300,000. We should expect, therefore, that the stock certificates, amounting to $300,000, would be worth $1,295952.59, or, in other words, that each $100 of stock certificates would be worth $432. The actual selling price, however, is found to be $700. Again, the Fourth National Bank of New York City had a total capital, surplus, and undivided profits of $5,700,000, of which $3,000,000 was capital. From this

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