The Oneida Community was established in 1848 at Oneida, N. Y., and has developed into a large industrial enterprise. When first started, the Community began the manufacture of animal traps, to which was later added silver plated table ware. These two products have been the chief output, and last year a business of about $11,000,000 was done in these lines. Silverware was first made in 1877, but it has been under the trade name of Community plate, which was first used in 1901, that this product became nationally known. We understand that the plants at Oneida and Sherrill, N.Y.; Lititz, Pa., and Niagara Falls, Ont., which comprise a floor space of 250,000 square feet, are kept operating at capacity to fill orders.
The Community has proved to be a sound business enterprise, and one which has amply justified the increased capital which is now going into the business, through an offering of $2,000,000 of 7 per cent preferred stock. Its business has grown steadily over a period of years. Net sales advanced from $2,809,701 in 1910 to $6,329,069 in 1917, and to $10,707,256 in 1919. The statement of condition as of January 31 shows total assets of $7,311,550, of which $4,683,650 are quick assets, in the form of materials, receivables and cash. The company had current liabilities of $2,424,020, leaving net tangible assets of $4,887,530 to apply against $300,000 of preferred stock and $2,238,550 of common then outstanding. In other words, there was more than double the par of the common stock in assets after providing for the preferred. Adding the receipts from the sale of new preferred stock, and applying the assets against the increased capital there are approximately $82 of net tangible assets for each share of preferred (par $25) outstanding. Incidentally, the participating feature of the new preferred entitles the shares to an additional 1 per cent this year, making the rate 8 per cent. The 1919 earnings of the Community were $851,673, or more than 6 times the preferred dividend requirement.
Source: United States Investor - 10th April 1920