The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-07-01

1 n sNrA H..
IN ,h.,. .e'e,Neu e,, tne r'sht az any um
,h. um Wi u''cretloh Whouy 10 aoannoi
ov.. ~. , ne rlsk Oh ,ne syno'ca''
sidera,ior ,ho,os ."o so.""'"" casn coh
ure,, 4, 4. 49,. .a,'o. ov 'v,e',e, ',,e' e'
NJ IN. .,.s, 'n"' VIC ,'oI,'iis' ,nI m ''a'',''
was o.ror.ii,, o".
, only a.. o.,o 1c, ~" ~ ,',o ,'''o ,,o
from svndico,o ,,a,,, WI "ou,u -, .
fuii sn,n,,,. ,,,n ,'v,,'oe,s. anu ,his wa9 .no
svndic.,a na. an,;. "o'eU , w.
A., ooo oro s. oou , w p'oN'uo oii,y
. s,nsn.ss, 80 ,h. So usue iIo'" ee,'a'n a.
fact that tho no,,,nai ,;s ,,;,,.,. w a.. "u
cate wn. s,oo noo 600 '',,,.', W W"
this casb ohlioo,;on 70 ~. ,..,s..in. s,,.
wa. simnlv nm .rron,am.,, ,,..a.o ~.
syndicate mano,.r. and ~. .,.,a,,.e =
members
n sbo,id bo ro;rt.s ,,.
managers were nron,insn,,,, idar,,eod ,r,, !,
the manooenent -, sayor.i -, a.. oou,
panjes ac,,irod b.. 49,. CO., p....n
and also with tho monooomor, ~ o., 90
poration itself Tbroa narinors ~ ,,,,
frm of ! y Norosn a ,n th, s,n,,,o.,o y
managers were ~, ,ho d,r.,,nr.,. -, ,h.,
corpora,iop md ON, 80 ,ha,,, =, !. :, 80, ,h.i.
man of tho finance commi,,oa Worooyor
the underwriting .y,di,,,a ;ro,,do,, ,ha
heads of several cons,;tn.r, con,non;as
These facts are on,i,iad ,o ,r.,, r.a;oh, ,r
connectiop with nj. anorn,s,,. 60, ,,,i.s,o,,
aIlowed 10 Tho svr,,,o.,. ~ o,hnr ,rs,rds
az manager. NJ tha CT, r...,,.,, ,b.aa
various intere.ts yir,,.li,. da,arn,;,,ad ,h.;.
compensation .s ,n,,or,,,i,.u,
This extravsoor, ,or,nawas,;. q, a..
rndervri,,na s,.ns;.. so,I w WI.
a. further evidence of a general disposition
toward excessive issue of securities.
his huge commission. II should he noted.
followed very liberal commissions allowed
at earlier dates TO the promoters Of several
Of the various constituent companies. As
COO Goo par vain. % eaoh " 81 rro,.rred ronry SOL nd
common stock allowed tho stee, corn,r.,;nn
underwritins sxnd;ca,o &c ooo oo,p oon 80 .oh ,o
closs r.. o'U"'o' vi cach
s,oh go. on . ie,e ol COMPENSATION III
,,a.", vas ,or 'he cash CONSIDERATION
ho,eo, there would he left as commission
*'one s".Vo'oW par value OF each class. or
,,;s o. y, s,',"T par 'a'ue' Aadins 10
,,'is., ".io"." ior siii''ar COM
- ios ., ~. W. ea'e o' Cohsu.uent com
na,,i,,,,N a. ""s u"S ol 'neir respective or
~, ..es,. "'u s"s INTO accounV 'hat
W.. 800 so ,ssued py constituent COM
TO-, ~ GO ,"., e"n'. "'''s ., eAchahee
-, ~ "as 80, .orporauon ~ o,ner stock
A.
.,. ~, So.po'a,'oh ~" s'ovk Ia ''"I AZ
oo" 90 s''"'"u "S ,. .ulls ,neIuuins over 500
.,,,., VI "'s pieie,reu' was ISSUED etner
" 'o' s"." Pronlo'ioh
". LINK 'erN'ces' 'his oeh9 over
anu a"oNe ,he enormous amounts OF COM
,i a" "oiido ior Proper'v
' '''
MAKING GOOD ITS CAPITAL.
Since its formation the corporation
90 the report shows, has made GOOD from
surplus earnings much of the original
excess OF its capitalization over tangible
property. In 1910 the excess was only
ABOUT S2SO.OD.OO, or ~ per cent, as
oSos, sy.Uo,oV III iSOl: Inc total
.nnerJ;. e ~ IN "a is.o "a s.IoI.uO,oo.
in ioto Sow.rnr ,no, SsNinatei
yal,ies are omit,eJ q. vsiI =. "a a, erser
citation N actual resourra.
actual cost thereof 10 the cornorat;o, '
Discussing this feature the renort sav.
Ths s,.., C,-n,r.,,.n ,.....,.',,.
,,n,.,s .h.. u'iuouo,eoiy wouio
zoe, ooo ~ 49,. ,.S nv a disparity OF
,ho ac,u., r.,n. -, 49,. . anu
-, ,o,o ,,d..S 49, az ,he close
balance shoot -, nn,..,L ~ "on III n's
,o,oI o.s,n. I.s,.. ,,ai.,s., ''o siai'ueo
b;,i,ie., ~ .nnroxi,,...I =, 80 -. ~. ~ ~"
-an..I,- 40, - - s''os'''"'op' or
a,,.,.ni,,n .o,,oy,.,' hu ~oo'e the
~ mi. o,c... s,s. ooo 90 "o,e e'a'eo
,h. h.i.nc. s,,ni~ ipus ana
chez, yai,,a,ior i, Id, ' oa'ahce
ssoo ooo ooo in a,c... -, a. 10 aoou'
co,,u,ad h., ~ So" '"e "e'i''eht As
Th, CT Cn.'
ION booL valuation ,ndo,,L.., i'S
In tho n, in n,,on ,na o,,o',. mou'o 1eiy
that there bas hssn ar annr..;s' nrs''
n natural roso,,-cos .,,a,i,. ena'!oh IN Hs
snoand ~, -. ore ana
y.l,,a" o,,ochina - merger
~ ,h.;- con,h;n at;ou a ,i iues because
= s,n ,,. onn,ro, A' ''oo'uiN"''on uhoer
60 ,s- a. ~ =;
h.,n nn - -is neu 'here mas
S,oai co,na.n,;a "'p,ecIauoh as the
.;d.,.sa ., ~, . s '"oieo'er. con-
,;on has oco,,r,., i, a.'ua' apprecia-
;s ~ ~ 49, -, ,"ues unuouo.ediy
ra'ioh OF ore
e., ;,,,s',. oi 'oihparauVely
-, ,hn CT r., CIV vSpe',ahy IN 'he hands
VI VIZ, r,1 So - .U'rora..oh Nsen'
,-ahah,,. - MERGER 'aiue II is
~, ,h S, VIC arious properties
In, ,he .n oee, CORPORATION. taken
~ .no o'k"hi~a',oh OF this com
nans ns Sung CONCERN 90 nave value
III eNos oi .ne sum Oh their values az
=. ne coordination and
.1 'n"uo possioie ny the combina-
''on vi sum P'opeI'es uiider single control
y. uiuouu'eu's N 'ehu 10 reduce costs either
., ,I'us" etono'''es OF 'hrolSh removing
wv y. P"SihS proHts 10 others.
vi ,hei III ~ iaF ~ we concentration of