Investment, an exact science

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Monograph

Identifikator:: 865521182

URN:: urn:nbn:de:zbw-retromon-48767

Document type:: Monograph

Author:: Lowenfeld, Henry

Title:: Investment, an exact science

Place of publication:: London

Publisher:: The Financial Review of Reviews

Year of publication:: 1906

Scope:: 1 Online-Ressource (X, 160 Seiten)

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II - What influences the realisable value of stocks

Collection:: Economics Books

19 two, particularly in the case of gilt-edged and other low-yield stocks, in the control which it exercises over the realisable value of securities. That a third influence of some sort does exist is easily capable of demonstration. Let us take an irredeemable Trustee Debenture of an English Railway paying a fixed rate of interest. Here we have an investment which is so fully secured as to capital and income that its value would be incapable of fluctuation if there were no third influence to consider. For example, the perpetual 4|- per cent. Debenture of the London, Brighton & South Coast Railway. This Debenture stock can never be paid off without the consent of the Debenture holders ; no new capital charge can ever be created to rank in front of this Debenture. The Debenture is fully secured by mortgage upon a railway the total value of which is seven times larger than the total of this Debenture issue. The Debenture interest is at the fixed rate of 4J- per cent., and the nett earnings of the line are sufficient to pay this annual interest nearly seven times over. It is obvious, then, that both capital safety and income productiveness admit of no ques tion in the case of this Debenture, which can

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