Union Street Railway

Union Street Railway Business

Union Street Railway operated bus service in New Bedford, Fairhaven, Dartmouth, Fall Hiver and adjacent area, serving a population of about 120,000 people with 113 buses in 1953.

Union Street Railway Revenue

Year	Revenues
1946	$27 million
1947	$26 million
1948	$24 million
1949	$23 million
1950	$19 million
1951	$18 million
1952	$15 million
1953	$13 million

Union Street Railway EPS

Year	EPS
1947	$3.21
1948	$3.00
1949	$3.85
1950	$0.52
1951	$2.22
1952	$2.5
1953	$4.27

Union Street Railway Dividend Track Record

Year	Dividend
1925	$8
1926-27	$6
1928	$3
1929	$1
1930	$1
1931-40	Nil
1941	$1
1942	$3
1943-49	$5
1950	$4
1951-52	$1
1953	$5
1954	$2

Union Street Railway Outstanding Shares

Year	No of Shares
1947-51	21,900
1952	20,695
1953	18,363

Union Street Railway Historical Price

Year	High Price	Low Price
1949	$50	$45
1950	$50	$38
1951	$41	$25
1952	$33	$25
1953	$38 & Half	$32

Union Street Railway as Cash Bargain

Net Current Assets	$9,95,987
Special Deposits	$3,86,376
Accid. Ins. Trust	$6,00,000
Total Cash & Equi	$19,82,363
No. of Shares	18,363
Net Cash Per Share	$108

Why did Warren Buffett buy Union Street Railway

• A debt free company.
• Share buy-back.
• Consistent dividend paying.
• Lot of cash.

When was this investment made?

During Buffett Partnership days.

Reference
Moody’s Manual