Festschrift zur Feier des 250jährigen Bestehens der Freien Baugewerks-Innung Bauhütte zu Stade

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Monograph

Identifikator:: 897040368

URN:: urn:nbn:de:zbw-retromon-15215

Document type:: Monograph

Title:: Festschrift zur Feier des 250jährigen Bestehens der Freien Baugewerks-Innung Bauhütte zu Stade

Place of publication:: Stade

Publisher:: Selbstverlag der Freien Baugewerks-Innung

Year of publication:: 1913

Scope:: 1 Online-Ressource (110 Seiten, 24Blatt)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Die Entwicklung des Zimmerer- und Maurerberufes

Collection:: Economics Books

JAS. H. OLIPHANT & CO. In part the gain in net income reflects the policy of financing by stock in substitution for bonds whereby dividend requirements are relatively as well as actually larger. Of traffic cost some 85% is for wages and the declining tendency indicates both more reason- able employment schedules and installation of automatic switch- ing equipment which last December 31 was serving 15% of all owned telephones. Abatement of demand for telephone service is not yet in sight. The investment in plant was 2,783 million dollars ending 1926, 1,363 in 1920, and 667 in 1911, having doubled in the last six years and in the nine preceding. Mainly the continual need for funds is met by sale of stock at par. Six offerings were made from 1901 to 1916 and subsequently one each year in 1921, 1922, 1924, and 1926, usually in one to five or six ratio. Earnings shown for American Telephone stock have been over 11% but below 12% each year beginning 1920, just exceeded 10% in 1919, and were over 9% but less than 10% in seven prior years. Dividends have been 99% since 1921, were 8% in fifteen years there- tofore, and at least 714% has been paid during a forty-five year period. Value of rights in the last three subscriptions has ranged from over $2 to over $6 each providing if sold an ‘‘extra divi- dend.”” American Telephone stock deserves that investment con- fidence of the world’s greatest army of exceeding 400,000 stock- holders which price stability irrespective of general market con- ditions indicates American Tobacco Co. The great change in the tobacco business since the so-called trust was broken up fifteen years ago has been the phenomenal gain in cigarette sales. Current 90 billions output contrasts with little over 10 billions in 1911 and 25 in 1916. Annual increases were 20.3% in 1923, 10.2% in 1924, 12.6% in 1925, 11.9% in 1926. A value exceeding $500,000,000 attaches to a year’s production and the few companies dividing it rank as important industrial enter- prises. The ‘‘Lucky Strike’’ brand developed by American To- bacco Co., although at present led by the ‘“Camel’’ and perhaps the ‘‘ Chesterfield’’ brands marketed by two one-time subsidiaries, is increasingly favored, and the company has a score of other products steadying its sales. Universality of the cigarette is ex- hibited by advertising of ‘‘Lucky Strikes’’ with prima donna testimonials. Under the competitive conditions during the fifteen years past, the American Tobacco Co. earned $256,392,000 total net after roo

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