Investment, an exact science

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

20 neither be materially influenced nor its value altered by the variations which occur in the annual earnings of the Brighton Railway Company. Were these two points then the only influences upon the price of the Deben ture, its quotation must remain permanently unaltered year after year ; whilst, as a matter of fact, £100 nominal of the Loudon, Brighton & South Coast Railway 4^ per cent. Perpetual Debenture possessed a realisable value of £180 in the year 1896, and yet in the year 1904 the same quantity of the same stock was worth no more than £134. Here, there fore, we have a practical example of an investment of a seemingly unalterable quality depreciating 46 points, or one quarter of its total value within the period of a few years. Neither is this example in any way an isolated one, for we publish a chart in The Investment of Trust Funds showing how a number of precisely similar securities depre ciated to a like extent during the same period. Not only does this chart show that the depre ciation in these stocks was identical during a period of years, but it also exhibits with startling clearness that the movement of each stock in the group, during each year, was reflected by the movements of all the other stocks, and finally, of course, of the whole group.

Access restriction

Copyright

fullscreen: Investment, an exact science

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation