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186 
[[underlined]] which would give me control of company in case the 4-6 director rule in the Bye-laws [[strikethrough]] if [[/strikethrough]] is ever changed [[/underlined]]
Told Schleussner that according to my calculations the [[underlined]] stock is not worth more than 
277$ [[/underlined]] if we have [[underlined]] 1/2 million net earnings [[/underlined]] and [[underlined]] 477$ if we have 1 million [[/underlined]] earnings above interest received from invested capital. My reasoning is as follows: 
Book value as of May 1, 27     = 277
Made up as follows:
     cash and securities       = 177
Other physical assets mainly 
equipment + land & buildings     100
                               ------
                       Total     277
Told him our cash and securities were only [[underlined]] temporary assets [[/underlined]] and shall have to be used for [[underlined]] increased industrial [[/underlined]] equipment here and abroad [[underlined]] also for banking [[/underlined]] our customers. 
So its present earnings of [[underlined]] about 4% [[/underlined]] should not be counted in our considerations of good will or industrial operations. 
If we make an average net profit of [[underlined]] $500000 yearly, [[/underlined]] capitalized at 10% this would mean about:
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187
   150 per share
   177 for cash and securities
  -----
   327$ per share
  -----
If we make average of one million annually it becomes: 
   300 + 177 = 477$
Calculating separately 4% from securities = 178$ value
If I pay 400$ per share
       - 178$ cash and securities 
       ------
         222$ net cost per share

      $240000 interest 4%
       500000 from industrial operations
      --------
      $760000 annual net total about 
      -------- = 20% on stock.
        35680 shares
  costing 400$ = 5% on investment
But if [[strikethrough]] 4 [[/strikethrough]]
       240000 interest is omitted 
  then 500000
      -------- 
        35680 = 14% and if payed $400 per share it means only about 6% on money paid outside cash value of securities
If we make about one million net per year, it will mean about 30% [[strikethrough]] dividens [[/strikethrough]] earnings but if stock is sold at 400 it will only mean about 7%, which is not much for a risky industrial enterprise.