Corporation Finance: A Study of the Principles and Methods of the Management of the Finances of Corporations in the United States; with Special Reference to the Valuation of Corporation SercuritiesG.P. Putnam's Sons, 1897 - 181 pages |
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accounts receivable allowed amount annual assets average balance-sheet banks bond interest bondholders bonds and shares bonds or shares branch lines carried cash claims collateral commercial commercial paper company's conservatism cost creditors custom debts demand dividends earnings Eastern Railway enterprise equipment facts firm five per cent fixed charges foreclosure freight cars G. P. PUTNAM'S SONS guaranteed holders hypothecated income account income bonds increase insolvency investment investors issue liabilities lien loan machinery main line matter ment mileage municipal bonds obligations operating expenses Pacific paid pany par value passenger payment percentage perhaps possible practical preferred shares preferred stock principal proper proportion purchase question rail Railroad railway companies railway mortgages rate of interest reason receivership reorganization revenues Rich Valley road securities shareholders sinking fund sold statement stock-watering stockholders success sums terminal tion trading traffic trustee usually
Popular passages
Page 135 - For example, the charter of the Boston and Worcester Railroad (now a part of the Boston and Albany), granted by Massachusetts in 1831, has this section : " Toll is granted as may be agreed upon by the directors provided that if, at the 'expiration of ten years, the net income from tolls and other profits shall have amounted to more than ten per cent. per annum upon the cost of the road, the legislature may take measures to reduce the tolls in such a manner as to take off the surplus.
Page 173 - Railway mortgages are not sacred because of the strong legal terms in which they are drawn, but are dependent upon success in the business of transportation, differing in this respect from real-estate mortgages which rely more upon the prosperity of the whole community.
Page 34 - The whole property of a railroad company, considered simply as real estate and old material, is worth but a small fraction of the amount for which it is mortgaged. The creditors of the company depend for their money not upon the property considered as such, but upon the business for which the company was organized ; that is, upon the transportation of passengers and goods. If the earning capacity of that company becomes for any reason impaired, the strong legal language of the mortgage will not save...
Page 28 - Study and experience found ways of keeping rolling stock and motors in repair at a cost formerly believed impossible ; and meanwhile the traffic receipts continued to increase steadily and regularly as the public came to realize the improvements in street conveyance and to take increasing advantage of them. In the cases of companies freshly established and operating in large cities, it may be assumed, for the purposes of a rough calculation, that the roadbed will require a complete renewal in ten...
Page 8 - ... foreclosure and loss to the common stock, because time is allowed in which to make up such losses. In the cases of corporations formed to take over trading or manufacturing concerns in whose business violent fluctuations are possible, the issue of preference stocks instead of bonds is to be commended ; but with companies whose business may reasonably be called stable, bonds are in better favor.