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

41 management and dividend-earning power, will mainly determine the course which it will take. So soon, however, as* an investment has settled down in its proper sphere, external influences will prove to be its main controlling force. In the same manner as a new stock has thus to pass through a period of financial infancy, so have the stocks in a country which suddenly adopts the unfamiliar workings of the system of Joint Stock enterprise. When Joint Stock Companies were intro duced into England, the newly created stocks and shares developed the most extraordinary and erratic price-movements, which resulted in a final crash, historically known as the bursting of the South Sea Bubble ; although the South Sea Company was only one of the hundreds of concerns which simultaneously collapsed at that time. A similarly baseless wave of inflation, though on a much more modest scale, was recently observable in Japan when the Joint Stock principle was introduced into that country in 1890. Indeed, it was only in the year 1899, after nine years’ experience of Stock Exchange fluctuation, that a normal course of price-movement began to display itself in Japanese stocks. A representative specimen of the indis criminate fluctuations which were at first

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