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

21 There is abundant and conclusive evidence, therefore, that there was some third force at work altering the values of these apparently unalterable securities, and that this force is universal and equable in the influence which it exercises. We have already called this third force the “ Market Influence ” ; that is to say, the influence which is prevalent on the Stock Exchange where the securities are either solely, or mainly, dealt in. In fact, the force of any market influence on any stock may be said to be in direct proportion to the extent in which the particular Stock Exchange controls the stock. Thus, on Consols, British Trustee Stocks generally, and on the majority of British Industrial Securities, the influence for the time being prevalent on the London Stock Exchange has full force ; whereas on Argentine and other South American issues it plays a much smaller part, the influences prevailing on the Stock Exchanges of the issuing countries themselves, as well as those on the Paris, Berlin and New York Exchanges, bearing their proportionate share in this third force of the Market Influence. We will now trace shortly the chief factors that cause variation in the nature of this all-powerful influence which a large number of investors have hitherto not sufficiently appreciated.

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