Word: stockings
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Dates: during 1920-1929
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...Taylor was given last week credit for finishing what the late great John Pierpont Morgan began. Mr. "Taylor, brilliant chairman of the finance committee of U. S. Steel, announced that, at their annual meeting on April 15, stockholders would be asked to approve an increase in authorized common stock from some 7,500,000 to 12,500,000, thereby potentially capitalizing the company at $1,250,000,000. From new stock to be issued at terms to be fixed, cash will be received to redeem all the bonds of the parent company. Thus Steel common becomes "as good...
Bonds $303 Preferred stock 445 Common...
Most of the bonds went to Andrew Carnegie, who intended to make Mr. Morgan pay well for his dream. The stock was full of water and sold as low as $3 per share in 1904. But back, back, back into the company went the earnings. In fact, Steel's accountants even provided for sinking funds before figuring their earnings. Thus inevitably was the Morgan faith in the U. S. justified and long since has U. S. common sold steadily above par and above its preferred. The only question now is "when will...
...Total stock to be issued will probably not greatly exceed $1,000,000,000 in par value. But the offering price of the new stock may well be $150 per share, the same U. S. common which once was water and which the late great Judge Elbert H. Gary had already expanded by a 40% stock dividend shortly before he died in 1927. The new capitalization also removes the last traces of Carnegie; for although he had provided that some of the bonds should never be retired, most of the holders of the special Carnegie bonds have agreed to cash...
...share day is to Manhattan's Stock Exchange, so is a 600-lot day to Manhattan's Cocoa Exchange-drab, brick, Water St. trading centre that fixes the price of the world's cocoa. No small amount is 600 lots, however, as one lot equals 30,000 pounds and 600 lots have a value of close to two million dollars. Last week, Cocoa Exchange transactions reached a day's high of 627 lots, breaking a record of three years' standing. A seat on the Cocoa Exchange was sold for $6,000, a rapid advance over...