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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt:... anything more illogical than speculation based on the reports of a corporation for the year ending June 30, 1907, but that is exactly what goes on from year to year and what is going on now. It is useless to contend that the past performances indicate what may be expected in the future, for if this were true there would be no such thing as speculation. All that would be necessary would be to take up a stock which had shown a good increase for a number of years and buy it. Neither do dividend increases warrant the assumption that stocks will advance. In nine cases out of ten, such increases are anticipated and considered in the selling price of shares, not after they are made or even when they are made, but long before any actual increase occurs. In 1893. for example, dividends reached their maximum, and we had a panic. Also a great many people appear to think that if increased dividends are to be maintained prices cannot fall. This is another mistake. In 1903, dividends were much higher than in 1901 and in 1905 and 1906 dividend rates were not only maintained but increased, yet the market in 1903 declined 35 points. The following figures establish these two points: The declines in 1893 and 1903 were caused by a recession in general business and it will be a very good idea for the speculator to give his attention to our future business prospects in basing operations, rather than to depend on dividends or earnings for 1906-07 which, so far as speculation is concerned, are dead, and lie wholly in the past, with their full influence already contemplated in current prices. The General Situation There is no improvement in the general situation. There has been during the last two weeks some picking up in surplus reserves, but the improvement is of a negative char...