Word: shared
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Dates: during 1920-1929
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Archaeology comes in for its share of attention at 4.30 o'clock when Professor Conant speaks on "Recent Excavations and Research at the Monastery of Cluny" in the large lecture room of Fogg Museum. Finally, at 8 o'clock tonight, Professor Albert Brachet will discuss "La Situation Actuelle de l'Europe et le Progress Scientifique". This will take place in Phillips Brooks House...
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...
...equally strong, if less sensational, bull stock was Sears Roebuck, mail-order house larger even than Montgomery Ward. In 1927 Sears Roebuck earned $5.95 per share. It sold on Jan. 16, 1928 at 82⅛, or approximately 14 times earnings. The 1928 earnings were $6.28 per share, but on Nov. 14 Sears Roebuck sold at 197½ (1928 high) ; again almost exactly 31 times 1928 earnings...
...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...
...Ward quotations of 141¼ are, of course, for the new issue. †Atlas Powder Co. paid an actual dividend of $20.27, the difference accruing from the sale of holdings in Canadian Industries, Ltd. The $6.30 figure denotes profit from operations alone. **Ward Class "B" Common paid $.71 a share with a high for the year of 241⅝ making a ratio...