steel trades. The aggregate investment in the six companies, however, has appreciated by over 50 per cent. and our investor has received a dividend rising from 5.9 to 11.4 and averaging over 9 per cent.
The investigation is on too small a scale to prove much. But, as far as it goes, it is interesting and encouraging, especially when we consider that the period covers two cataclysms—the beginning of the war and the after-war collapse—and a spell, still continuing at the end of the test in June, 1925, of severe industrial depression.
