Word: virginians
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Dates: during 1930-1939
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...first time that the public had ever been offered an interest in Virginian, though bonds have been sold since the death of Oilman Rogers. For more than 15 years all the preferred stock, which has voting rights, together with most of the common, has been held by a voting trust. The trust was terminated last month, and the bankers bought their block of preferred from private owners, the Rogers family presumably, since the founder's heirs virtually owned the Virginian outright. No new money for the rich carrier was involved...
...Virginian is a good road, not a big one. Operating revenues last year were only $14,400,000 but, after all charges, $3,574,000 was retained as clear profit. Its capitalization is conservative: 51% bonds, 49% stock...
...investor who ever rode a Virginian passenger train would probably refuse the road's preferred stock as a gift. One antiquated train is scheduled each way daily. If regulatory bodies would consent, even that train would not run. Less than 1% of Virginian's revenues are derived from passenger, mail and express service...
...handling coal, which is 90% of the Virginian's freight tonnage, the road has the most efficient equipment developed. Its steam locomotives are among the world's biggest, its electric locomotives on the 134 miles of electrified line over the hump of the Alleghenies are the world's most powerful. At its docks on Hampton Roads it can load ships at the rate of 10.800 tons per hour. Between the coal fields and deep water its route is the shortest, its grades the easiest And its operating ratio, prime index of railroad efficiency, is the lowest...
...have been the brightest stars in the dark railroad sky. Norfolk & Western is the highest-priced active rail on the New York stock exchange, pays $8 in dividends exclusive of extras, sells at $215 per share. Chesapeake & Ohio not only maintained its boomtime rate throughout Depression, but boosted it. Virginian skipped common payment for a while (though it is now on a $4 basis), quickly made up its one lapse on the preferred. And it never failed to cover interest charges by at least a 50% margin...