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The Railroad Situation in the United States (Classic Reprint)

The Railroad Situation in the United States (Classic Reprint)

33285807
1062.5 руб.
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Описание
Excerpt from The Railroad Situation in the United States

Today the railroad companies are continuing to issue new securities for the purpose of providing not only new equipment but new trackage and terminal facilities, which have proven inadequate, but new stock issues, with the accompanying rights, are not looked upon with the same favor as formerly. In fact, in almost every case, where such new issues have been brought out, the value of the stocks in question have declined.

The purpose of this article is to show why such new security issues are necessary, and whether or not they are to the disadvantage of the shareholder.

The reports published by the various railroad companies contain the expression "Miles of road operated" and then proceed to show the gross earnings and net earnings per mile. This expression is very misleading, as it refers usually to the length of the road and makes no allowance for the miles of second, third or fourth track, sidings or terminal facilities which are just as necessary for the operation of the road as the original track. At the same time, the construction of such additional tracks is made necessary to handle the equipment required for the business moving over the line, and securities, either stock or bonds, must, from time to time, be issued to provide funds for the construction of the same.

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