Studies in securities

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Monograph

Identifikator:: 1757542078

URN:: urn:nbn:de:zbw-retromon-134903

Document type:: Monograph

Title:: Studies in securities

Edition:: Revised

Place of publication:: New York

Publisher:: Jas. J. Oliphant & Co.

Year of publication:: 1927

Scope:: 81 S.

Digitisation:: 2021

Collection:: Economics Books

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Foreword FG deference to requests for a more permanent form of the ‘Studies in Securities,”” which are issued monthly by this firm, we have brought up to date, for the most part keeping the original text, a selected group of fifty of the individual ‘‘Studies’’ which have appeared in the past five years and present them herewith. In the monthly issues, the companies to be treated are chosen with a view to both investment character and speculative promise, and from the many thus discussed the fifty herein reprinted are again selected as those which perhaps best present a cross-section of the commercial activity of this country. With few exceptions, they are corporations which combine all of the following qualifications: proven management, long record of substantial earning power and dividend payment, large size and dominance in their respective fields, and sound financial structure. Obviously no attempt has been made to have the list all-inclusive even so far as these qualifications apply. Securities even as humans have character to those who know them. In such brief reviews of large companies naturally only the out- standing points in their past histories and current positions can be touched on, and thus we have chosen to present only what appear to us as the accomplishments in the past and evidences in the present which enable one to judge the character of their securities. The companies covered in these pages afford all forms of corporate investment and speculative securities: long-term and short-term issues, underlying closed mortgage obligations, open and junior mortgages, convertible bonds, guaranteed and preferred stocks, and common stock equities. Our aim herein is merely to present such facts as provide basis for judgment upon the corporate character. Sources are readily available as to details of indi- vidual securities. Although we form at times what appear to us as reasoned con- vietions based on economic conditions regarding price trends (for example, as to the inevitable recovery of old-line securities from war influences, expressed in numerous circulars during the past seven years), we have no particular pride of opinion as to general stock market price fluetuations. Corporate character and trend of earning power are two essentials in forecasting market prices, knowledge of which it is humanly possible to acquire; accordingly, our emphasis thereon. Other factors of a general character (fre- quently conflicting and usually involved) are important and inter-

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