JAS. H. OLIPHANT & CO.
Co. stock has the confidence of 47,000 stockholders and affords
liberal investment return.
Union Carbide & Carbon Corporation
Acquaintance with Union Carbide & Carbon Corp. scarcely began
until four years after organization when in 1921 a financial
statement was first made public. In 1926 the New York Stock
Exchange listing (in March) advanced the enterprise well upon
the way to general familiarity.
As to its importance, the market valuation exceeds $300,000,000
and 10-millions square footage of plant space compares with 25-
millions in General Electric Co. plants.
Start of the company was with solid background since 1917
formation was the merger (no stock fees for promotion or services)
of the leading makers of carbon products and of calcium carbide,
established 1876 and 1898 respectively; the former business, how-
ever, has grown and changed in novel ways.
Development prior to 1921 was evidenced by sale at 40 of 762,338
shares providing $30,493,520 cash and issuance of 80,844 more for
properties, from organization 42% addition to original share
capital; since 1921—in the five years for which full record is
available—there were further added $42,000,000 (approximate
owing to changed accounting) to gross plant values and $10,-
306,000 to net liquid assets, a 32% aggregate increase, while this
time capitalization was enlarged only by $5,435,000 bonds, mort-
gages and preferred stocks of constituent companies.
Ending 1926, the net value of plants (on 1921 appraisal basis,
$158,054,000, less $27,654,000 depreciation) and other fixed assets,
deducting $13,635,650 subsidiaries’ bonds and mortgages and
$6,350,000 subsidiaries’ preferred stock, was equivalent to $46 per
share for 2,659,733 mno-par shares of Union Carbide stock, and
liquid assets net were $19 additional, making $65 share equity.
Intangibles have disappeared from the balance sheet, $36,056,000
valuation for patents, trade-marks, power leaseholds, undeveloped
water power, etc., shown at the 1924 year-end, being stricken from
assets in 1925. Charging surplus $29,424,000 to accomplish this
indicated that about $6,600,000 already had been accumulated
from earnings as reserve for amortization.
Following is the record of earnings per share, together with the
equivalents of deductions believed mostly to represent amortiza-
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