The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VI. Changed Ratio of Prices to Earnings

Collection:: Economics Books

Changed Ratio of Prices to Earnings 95 In no period during 1929 did stocks generally go down together or rise together indiscriminately, ex- cept at the height of the panic; but during the entire year, and not excepting the worst of the panic period, the new plateau of the market stood firm on its foundation of unexampled national prosperity. As illustrative of this truth, the Boston News Bu- reau has published a table showing 1929 low prices, established in most cases during November, and what these prices represent in terms of the former capitalization, after taking into account split-ups and extra stock dividends. The high prices in 1923 are also indicated for comparison. No consideration is given to “rights” or regular stock dividends. In this table it is shown, for example, that Radio Cor- poration with a 550 per cent appreciation leads the group in percentage rise, while General Electric takes the honors from the standpoint of appreciation in dollars per share. The Bureau states that had con- sideration been given to the distribution of Electric Bond and Share stock to General Electric share- holders, together with subsequent split-ups and “rights” on that issue, General Electric would unquestionably be the star performer from both angles. The records of such issues as Anaconda, Ameri- can Telephone, Liggett & Myers “B”, Montgomery- Ward, Reynolds Tobacco “B”, and the railroad shares, would show up better if “rights” were taken into consideration. For instance, the Bureau says, in the case of Montgomery-Ward the “rights” issued in November, 1928, fluctuated between $19¢ and

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