General Information


Value has come to be associated exclusively with earning power, the stockholder no longer pays any attention to which his company owns–not even its money in the bank. It is undoubtedly true that the old-time investor laid too much stress upon book values and too little upon what the property could earn. It was a salutary step to ignore the figures at which the plants were carried on the books, unless they showed a commensurate earning power.

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