The Cotton Manufacturing Industry of the United States
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129.
l66 THE COTTON MANUFACTURING INDUSTRY cotton manufacturing industry of the United States. Perhaps the greatest significance of its history is the object lesson to would-be promoters of combinations in this line of industry.
The New England Cotton Yarn Company was incorporated in 1899 imder the laws of New Jersey.^ It was a consolidation of nine plants, four in New Bedford, three in Fall River and two in Taunton, operating at that time 588,400 spindles. The com- pany was authorized to issue... $6,500,000 five per cent bonds and $11,500,000 stock, ^ — $6,500,000 seven per cent cumulative pre- ferred and $5,000,000 common. The estimated cost of replace- ment of the plants was $10,700,000, and additional assets amounted to $2,300,000, making a total of $13,000,000. Thus the par value of the bonds and preferred stock combined was just equal to the estimated value of the plants and other assets.
The common stock represented water. Of the amounts author- ized, $5,577,000 bonds, $5,000,000 preferred stock, and all the common stock were issued.
What to read after The Cotton Manufacturing Industry of the United States?
You can find similar books in the "Read Also" column, or choose other free books by Copeland, Melvin Thomas to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
129.
l66 THE COTTON MANUFACTURING INDUSTRY cotton manufacturing industry of the United States. Perhaps the greatest significance of its history is the object lesson to would-be promoters of combinations in this line of industry.
The New England Cotton Yarn Company was incorporated in 1899 imder the laws of New Jersey.^ It was a consolidation of nine plants, four in New Bedford, three in Fall River and two in Taunton, operating at that time 588,400 spindles. The com- pany was authorized to issue... $6,500,000 five per cent bonds and $11,500,000 stock, ^ — $6,500,000 seven per cent cumulative pre- ferred and $5,000,000 common. The estimated cost of replace- ment of the plants was $10,700,000, and additional assets amounted to $2,300,000, making a total of $13,000,000. Thus the par value of the bonds and preferred stock combined was just equal to the estimated value of the plants and other assets.
The common stock represented water. Of the amounts author- ized, $5,577,000 bonds, $5,000,000 preferred stock, and all the common stock were issued.
What to read after The Cotton Manufacturing Industry of the United States?
You can find similar books in the "Read Also" column, or choose other free books by Copeland, Melvin Thomas to read onlineMoreLess
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