Renskorf, Lyon & Co,
33 NEW STREET
NEW YORK
Telephone 2505 Broad
Cable Addresa ** RenslFon
MEMBERS OF
HEW YORK STOCK EXCHANGE
NEW YORK COTTON EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
CHICAGO BOARD OF TRADE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS OF
LIVERPOOL COTTON ASSOCIATION
ARGENTINE RAILS
STATISTICAL DETAILS
METHOD OF TRADING
Copyright, 1916
In response to a very general demand we have prepared the following data in
regard to certain Argentine Railway companies, endeavoring to cover in this way the
sum of the various requests for details demanded by investors, banks, and brokers.
CAPITALIZATION, MILEAGE, PRICE RANGE, DIVIDENDS.
Buenos Aires West. Ry, ord. stock... £13,747,660
Do. 4% exteh. shares; 1915 3,600,000
Do. 5% pf. non-cum 300,000
Do. 4j4% pf. non-cum 2,522,340
Do. 4% deb. stock 7,872,203
Do. 5% tm. deb. stk. scrip, full paid 1,000,000
Miles Operated, 1,867.
Buenos Aires Gt. Souths Ry. ord. stk. £29,090,000
Do. 5% pf. stock, non-cum 8,000,000
Do. 4% deb. stock 15,405,797
Miles Operated, 3,792.
Buenos Aires & Pac. Ry., ord. stock..
Do. 5% 1st pf. stock, cum.
Do. 5% 2d pf. non-cum
Do. 4% 1st deb. stock, perp
Do. 4j/^% 2d deb. stock, red
Do. 4^% cons. deb. stock
Do. 5% (1912) deb. stock
Miles Operated, 3,535.
Central Argentine Ry. ord. stock. .. .
Do. deferred stock
Do. 4j4% pf. stock, non-cum
Do. 4% deb. stock
Do. 3^% central deb. stock
Miles Operated, 3,307.
£ 10,000,000
1,200,000
1,000,000
2,925,000
2,075,000
7,942,673
4,000,000
£28,186,950
811,800
9,695,718
13,436,764
113,564
1910
High
Low
Great Southern 125% 116%
Central 109% 96%
Western 131% 121
Pacific 95% 85%
PRICE RANGE.
1911 1912
High Low High Low
125% 117 129% 120%
110% 104% 111% 103
134% 122 135 119%
101 90% 100% 84%
1913 Outbreak Recent
High Low of War Quotations
129% 109% 102 90%
112% 100% 92 89%
128% 109% 103% 94
92 7-16 64% 51% 51
DIVIDENDS.
1911
1912
1913
1914
1915
1911
1912
1913
1914
1915
Pacific Ord. .. .3%%
2%
3%
0%
0%
Western
.7%
7
7
5
5
Pac. 2nd Pfd.. .5
5
5
5
£2/16/6
Central Ord...
.6
6
6
5
5
Southern 7
7
7
5
4
Central Def. .
.6
6
6
5
5
EARNINGS.
The past two years in the Argentine have been exceedingly trying, but since
the close of the year ending June 30, 1915, all of these roads have shown rapid increases
in earnings. The operating ratio on all of them is low, ranging from 58 to 61%.
Earnings show increases of $1,930,000 for the Great Southern, $1,520,000 for the B. A.
& Pacific, $1,237,500 for the Central Argentine and $805,000 for the B. A. & Western,
these figures covering the period since July 1,1915, and the ratio of increase being from
20% to 30% over the similar period for the year preceding. Weekly reports of earnings
are available.
The various debenture stock issues noted in above tables are equivalent to bonds
and interest on same are paid at the various rates given, but stock issues are not secured
by mortgages.
PAR VALUES.
The ordinary shares of these companies have a par value of one hundred pounds,
but are transferable in multiples of one pound. It is, therefore necessary, to meet the
demand of American investors, to make some price in dollars and cents against the
London quotations, which are without meaning on this side, as they are quoted on a
percentage basis against 100 pounds of par value. The prevailing rate of exchange must
be considered and about a half a dozen different items of expense covered, so that it has
been found much simpler to make a flat price in dollars and cents against London
Stock Exchange prices, giving the buyer the benefit of the prevailing rate of exchange
and doing away with computing commissions, stamps, etc., on each particular trade.
INCOME TAX.
Dividend declarations have been made as shown by the table above, all subject
to British income tax, except in the case of Buenos Ayres & Pacific; when the last
dividend was paid in October, 1913, by this road it was "free of income tax."
TRANSFERS.
Transfers are made by transfer deed. Deeds signed by sellers are forwarded for
the signature of the buyer, which must be affixed and properly authenticated. Such
transfer deed is then lodged with the secretary of the company and held until the
monthly meeting of the board of directors, at which time all transfer deeds are passed
upon by the directors, and if everything is in order the secretary is then directed to
issue the new shares accordingly.
RESALE OF SECURITIES.
Under the present restrictions prevailing upon the London Stock Exchange no
securities can be sold on the exchange that have not been in the United Kingdom since
six months prior to the 30th day of Jtily, 1914. This means that American buyers of
these stocks having same transferred to their own names and having same forwarded
here cannot resell them in London until the present restrictions are lifted, which is
equivalent to saying after the war is over. This contingency can be avoided by having
the shares held in the name of a nominee and deposited with some bank or stock
exchange house in London. In this way they will still be subject to the order of the
owner and dividends will be collected in Great Britain and forwarded to the owner just
as in the case of stocks that are carried here by any bank or stock exchange house.
Further details gladly given upon application. Prices are made in dollars and
cents against daily London cables.
RENSKORF, LYON & CO.
While the information contained in this letter is not guaranteed, it is carefully compiled and believed to be correct.
January, 1916.
3 5556 042 356790