Word: surpluses
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Dates: during 1920-1929
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Reviewing conditions between the middle of June and the middle of July, the Commissioner expressed disappointment that there was not a surplus in the budget. Said...
...only have the latter received less interest per dollar loaned, but their loans have contracted very greatly. Few Reserve Banks are at present earning the 6% dividend payable on their stock. The question is thus rapidly coming to the fore-should the Reserve Banks pay dividends out of surplus...
...payment of unearned dividends out of surplus is very generally frowned upon in corporation practice. Yet, in part at least, this is what surplus is for. Moreover the structure of the Reserve Banks might well suffer, should their dividends be long cut or suspended. Their stock is held by the member banks, state or national. The latter must belong to the system under the law. But membership in the state banks is entirely optional, and many state banks have never seen fit to join the system, thereby decreasing the control and leadership of the system over the country...
...many months ago, some of these companies were very much undercapitalized. Atlantic Refining was a conspicuous example. Surplus was out of all proportion to capital on the balance sheet. Also, political liberals in Washington, about that time, began to demand a tax on corporate surpluses. To avoid such an unpleasant occurrence, generous stock dividends became the order of the day. Atlantic Refining, for example, declared a 900% stock dividend. No longer was under-capitalization so common among Standard Oil companies...
...Lately surplus stocks of copper have been considerably reduced, demand has improved, and the producer is beginning to be favored by economic forces in the industry. On the theory that every dog has his day, the copper producers apparently intend to secure highest possible prices for their output, and to meet mystery concerning the demand with an equally dense mystery about the supply...