Word: commonnesses
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Dates: during 1930-1939
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...quarter of a century ago $3,000,000,000 was three times the U. S. national debt. The effect of such huge purchases was stupendous. Of the whole period, 1916 was the bonanza high point; common stocks of sixty-eight major U. S. industrials paid a total of $724,900,000 to investors during that year. Du Pont, Hercules Powder Co., Remington Arms, Savage, and Winchester Arms all got big Allied orders for munitions. U. S. Steel converted a deficit of $1,700,000 before common dividends in 1914 to a net for common...
...Trustee Herbert Hoover of Stanford University testified before a California court that some of the university's $24,000,000 in seasoned bonds and first mortgages should be invested in common stocks. Burden of his testimony was what already worried many another custodian of trust funds: devaluation of the dollar and inflation of bank credit had cut the purchasing power of income from fixed-income investments; currency inflation (if it came) might reduce the real value of such trust funds to a trifle...
Because the late great Leland Stanford had wisely willed his trustees great latitude in investment, Herbert Hoover and friends got permission to revise their portfolio. Meanwhile, many another trustee, bound by strict fiduciary laws and without latitude to switch to common stocks, faced an immediate menace: New Deal fiscal policy has reduced interest rates so low that with every refinancing the dollar yield of securities gets closer to the vanishing point...
...help worried trustees, the State of New Jersey two years ago enacted a law broadening the field of investment for trusts. Last week, Newark's Chancery Court upheld the legality of the law, then went further: it issued a list of common stocks in which New Jersey trustees can legally invest...
...capitalization: 65% bonds, no preferred, 35% common stock. Its ratio of fixed charges to operating revenues in 1938: 12%; average ratio for all Class I roads...