s the board ofdirectors and then the stock holders. The interesting aspect about A.G.Edwards Inc. is since A.G. Edwards Inc. is composed of numerous smallcorporations each subsidiary has its own board of directors. Integration in a business sense has been described to me as in thevertical and hori-zontal senses; vertical integration being defined ascontaining a general sense of one or more industries or being a fullservice corporation. So basically a corporation that sup-plies numerousservices under one roof would be considered vertically integrated. Withthis in mind A.G. Edwards Inc. is definitely a vertically integratedcompany. A.G. Ed-wards Inc. is certainly a generalized company since iscontains so many subsidiaries.Since A.G. Edwards Inc. oversees many other smaller companies, it alsocompetes in numerous other markets. These markets are the markets for:stock, futures and com-modity brokerage, life insurance and annuities,mutual funds, corporate and municipal trusts, and investment banking.This is the section of the paper where the financial aspects of thecompany are dis-cussed. A chart will mostly be used in order to expressthe companies standing and then the chart will be explained as to whatthe figures for the company signify. The following chat gives a goodgeneral outlook as to what is numerically happening financially to thecompany.Operating Results19961995199419931992Revenues$1,454,467$1,178,342$1,278,641$1,074,388$938,659Net Earnings$170,582$124,119$154,871$119,425$105,532Net Earnings as a Percent of Revenues11.7%10.5%12.1%11.1%11.2%Earnings Per Share$2.65$2.00$2.57$2.07$1.88Stockholders Equity $1,088,684$919,281$790,367$615,240$492,010Return on Average Equity 17.0%14.5%22.0%21.6%24.0%Total Assets$3,102,085$2,224,282$2,236,590$2,111,192$1,577,143From this chart many conclusions can be drawn. Before what the actualnumbers signify, the terms in the chart will be explained. Revenue isthe total gross amount of money th...
