By Benjamin Graham
The ebook is easily written. i purchased it as a creditors merchandise to counterpoint the entire different books i've got written through Graham. A needs to for any critical collector of good works.
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Extra info for Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing
For this reason companies stating their tax reserves as an exact figure admit of more accurate treatment than those publishing a round or approximate amount. In view of the references in the above paragraphs it is perhaps natural that we devote some space to the asset value of U. S. Rubber common. According to our computation the $130,000,000 plant account on December 31st, 1916, contained practically $70,000,000 of water—an amount equal not only to the entire common issue, but to half the preferred stock as well.
To 82,040,000 lbs. 28 per cent. 12 lbs. 81 lbs. per ton. Judged from the assay of remaining ore reserves, the decline in the grade of ore mined should prove a temporary factor. 58 per cent. The falling off in recoveries is explained by the crowded conditions at the mill due to the treatment of foreign ore from Consolidated Coppermines. 94 per cent, which is better than the average for 1916. Table II gives the latest income account of the company. 15 per share, was paid in dividends and $528,706 was charged off for plant alterations, leaving a final addition to surplus of $661,082, or 33¢.
Evidently the company had understated its assets in the balance sheet by about $10,000,000—a truly exceptional case. But in order to take full advantage of the Invested Capital provisions of the War Revenue Act, the company has found it desirable to bring these hidden assets to light, and for this purpose created the Special Reserve of $12,000,000, which has given rise to so much comment among the followers of the stock. If these results are viewed as a whole, the striking fact is not so much the large quantities of good will concealed in the plant account, but the extent to which most companies have succeeded in replacing this original water by real assets, and in creating a foundation of solid value for their junior issues.