Word: market
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Dates: during 1920-1929
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...farmer, supposedly, is the motive power behind the current legislative enterprise to revise the tariff. Had he not made loud complaints and evoked campaign promises of a domestic market wholly protected for his produce, it is doubtful if the House Ways & Means Committee would now be. hearing pleas for duty changes...
Last month appeared the 1928 financial statements of many a U. S. corporation, offering stock market students an opportunity to discuss the much-debated ratio between the earnings of a stock and its market quotations. In bygone days, when bulls were not so fat and bears were not so lean, conservatives estimated that a stock which earned $10 a share should be selling at $100, or ten times its earnings-per-share. In recent years this ratio has been considered extremely backward. Thus, in March, 1928, John Jacob Raskob announced that General Motors should rise to 15 times its earnings...
According to the 15X formula, Montgomery Ward, selling at 439⅞ on Nov. 30, 1928 should have reported about $29 per share earnings for 1928. The actual report showed earnings of $14.26 per share (figured without the new issue)-a gratifying increase but not proportional to the stock market price. Inasmuch as 15 times $14.26 is $213.90, Montgomery Ward earnings, justified no higher 1928 quotation than 214; or, from another standpoint, at 439⅞, Montgomery Ward was selling not at 15 times earnings but at 31 times earnings. Thus can a strong bull favorite make even "15X" look very conservative...
...should not be concluded, however, that even the 1928 bull market drove all stocks up to a 30X figure. Railroads, for example, were conservatively priced; so was many an industrial not blessed with pool backing. The following table shows 1928 earnings per share, 1928 high, and ratio of earnings to quotations for the following representative stocks...
...They don't buy locomotives or coaches, but they use them and thereby enable us to build* them. . . . "To whom are you going to sell agricultural products and the fruits of noble in dustry? Only to Italians? Never to foreigners? Do you want to make Italy a closed market...