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Ch. 3] COMPUTATION OF THE SURPLUS 491
It is interesting to note that owing to the Massachusetts tax
laws and the confidence of Massachusetts investors in their
utilities the market prices of these shares have been, almost
consistently, above the sum of the paid-in par value and the
paid-in premium. Saunders * made an elaborate comparison of
the market prices of 10 of the 33 utilities which have consistently
sold stock at a premium. His investigation covered
the whole period from 1901 down to 1924. The market price
of the shares of 5 of these companies exceeded the par value
and premium value continuously throughout the entire period.
Of the other 5 the market price was below the par and premium
only during the years immediately following the Great War,
when all utilities, especially gas companies, were experiencing
great difficulties.
Sale of Stock at Premium by Insurance Companies.—In
addition to the Massachusetts utilities the continuous sale of
stock at a premium is commonest among the insurance companies.
Saunders ^ investigated over a period of twenty-five
years the increases of share capital of 62 of our largest insurance
companies. He found, in general, a steady increase in ratio
between paid-in premium and the actual par value of the shares.
Comparisons were difficult owing to the frequency with which
insurance companies declared stock dividends. In 22 cases, in
the period from 1885, it was obvious that some of the paid-in
premium had been returned to the stockholders in the form of a
specific stock dividend. The comparison is further complicated
190S 11,488,000 S.307,000
Ï907 11,488,000 5,307,000
1908 12,644,000 6,5or,000
1909 12,644,000 6,501,000
1910 13,603,000 7,605,000
1911 15,543.000 9,840,000
1912 15,603,000 9,951,000
1913 15,603,000 9.951,000
1914 18,200,000 12,936,000
1915 20,472,000 15,553,000
1916 20,480,000 15,562,000
1917 22,518,000 17,906,000
1919 22,528,000 17,919,000
1922 27,034,000 19,293,000
1923 32,440,000 22,000,000
1924 38,928,000 24,615,000
* Ibid.
s Op. cit.
Beschrijving voorwerp
| Titel | The financial policy of corporations |
| Auteur | Dewing, Arthur Stone |
| Jaartal | 1926 |
| Collectienaam | NIVRA Historisch Archief, UBVU gedigitaliseerd |
| PPN | 344552586 |
| Toegangsgegevens (URL) | http://imagebase.ubvu.vu.nl/getobj.php?ppn=344552586 |
| Signatuur origineel | NIVRAHA149 |
| Evaluatie |
Beschrijving
| Titel | NIVRAHA149_00515 |
| Transcript | Ch. 3] COMPUTATION OF THE SURPLUS 491 It is interesting to note that owing to the Massachusetts tax laws and the confidence of Massachusetts investors in their utilities the market prices of these shares have been, almost consistently, above the sum of the paid-in par value and the paid-in premium. Saunders * made an elaborate comparison of the market prices of 10 of the 33 utilities which have consistently sold stock at a premium. His investigation covered the whole period from 1901 down to 1924. The market price of the shares of 5 of these companies exceeded the par value and premium value continuously throughout the entire period. Of the other 5 the market price was below the par and premium only during the years immediately following the Great War, when all utilities, especially gas companies, were experiencing great difficulties. Sale of Stock at Premium by Insurance Companies.—In addition to the Massachusetts utilities the continuous sale of stock at a premium is commonest among the insurance companies. Saunders ^ investigated over a period of twenty-five years the increases of share capital of 62 of our largest insurance companies. He found, in general, a steady increase in ratio between paid-in premium and the actual par value of the shares. Comparisons were difficult owing to the frequency with which insurance companies declared stock dividends. In 22 cases, in the period from 1885, it was obvious that some of the paid-in premium had been returned to the stockholders in the form of a specific stock dividend. The comparison is further complicated 190S 11,488,000 S.307,000 Ï907 11,488,000 5,307,000 1908 12,644,000 6,5or,000 1909 12,644,000 6,501,000 1910 13,603,000 7,605,000 1911 15,543.000 9,840,000 1912 15,603,000 9,951,000 1913 15,603,000 9.951,000 1914 18,200,000 12,936,000 1915 20,472,000 15,553,000 1916 20,480,000 15,562,000 1917 22,518,000 17,906,000 1919 22,528,000 17,919,000 1922 27,034,000 19,293,000 1923 32,440,000 22,000,000 1924 38,928,000 24,615,000 * Ibid. s Op. cit. |
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