Word: stockings
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Dates: during 1920-1929
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American-Standard. Negotiations for a merger of American Radiator Co. with Standard Sanitary Manufacturing Co. of Pittsburgh were last week completed. A holding company will be formed to take over stock in the combined organization on a basis of approximately three and two-thirds shares of Standard for one share of American...
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...
...July 7 it was at 159⅞; Aug. 11, 199⅜; Sept. 15, 264; Oct. 13, 282. Then came rumors, followed by announcements, of chain store expansion, of a stock-split. Montgomery Ward skyrocketed. In the week ending Oct. 20, the stock climbed to 352, on Nov. 30 it reached its high for the year of 439⅞* Thus, during the year Montgomery Ward rose from 117 to 439⅞, an increase of 322⅞ points or about...
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...