Before the Interstate Commerce Commission: In the Matter of Increases in Revenues of Railroads in Western Classification Territory (Classic Reprint) - Softcover

Inhaltsangabe

Excerpt from Before the Interstate Commerce Commission: In the Matter of Increases in Revenues of Railroads in Western Classification Territory

The cost of new capital is more than 7 per cent per annum, even to those railroad companies whose credit is of the best. The Government Victory Loan Notes are currently selling on a basis of return in excess of 6 per cent. New industrial issues with which railroad financing must compete are offer ing returns of over 8 per cent, and in addition must pay lib eral commissions for their sale and distribution. Underlying railroad bonds may be bought on a basis yielding 7 per cent and in some instances more than 8 per cent. Furthermore European markets which have heretofore been available for American railroad issues are now closed to them and those markets are in fact absorbing surplus funds of this country. As illustrative of the world wide revolution in credit condi tions the Bank of England has recently advanced its dis count rate to 7 per cent - a step which has been taken only twice since the panic of 1873.

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