One would need to work through the testimony of witnesses in proceedings before the Securities and Exchange Commission, in its reports to courts in reorganization proceedings, or in proceedings before the Interstate Commerce Commission in order to understand why 12 to 15 per cent is actually a very modest difference of opinion. Valuation proceedings growing out of tax litigation involving stock of closed corporations tell the same story. And the competitive bidding of investment banking firms for the stock of companies like Schering Corporation, whose stock was wholly owned by the Alien Property Custodian, underlines the wide spread in opinions about stock valuation when no market has heretofore existed. For this reason, I contend that no one can prove that an actively traded industrial stock is “worth” 50, say, but not 56 or 58. Finally, there are an infinite number of glaring examples of differences in valuation placed on stocks by the market which can be explained only in terms of super confidence, or lack of confidence. For example, could the reader who covers the last column of the following tabulation and concentrates on the earning and dividend list, conclude that the price record would be anything like that set down in the final column?

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[tags]Commodity Market Trading[/tags]