The Italian bourses

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The Economist

Data di pubblicazione: 13/02/1909

The Italian bourses

«The Economist», 13 febbraio 1909, p. 322

 

 

 

The last year, writes our Italian correspondent, was a very bad one for all the Bourses of Italy, and the present has not opened better. I give in the following table the resume of the quotations of 243 amongst the foremost shares quoted in the Italian Bourses. The table follows those which were published in No. 3,391 of the Economist (August 22, 1908):

 

 

 

Name of Groups

Number of Joint-Stock Companies under Consideration

 

Nominal Price of the Shares at Dicember 31, 1907

Number Index, or

Relation between the

Actual and Nominal Price

at the End of

Actual Price of the Shares at the End of

 

December

1907

 

December

1908

 

January 1909

December

1907

December

1908

January 1909

Banks

14

645,500

823,920

801,040

789,000

121M

123,89

122,04

Railways, tramways,navigation

23

739,650

832,720

829,000

813,000

112,58

112,08

109,91

Mines, foundries, iron and steel engineering works, &c

39

291,956

437,224

362,000

352,000

149,75

123,99

120,55

Electric and other lighting (gas, &c.)

21

134,150

243,084

231,000

230,000

181,20

172,19

171,45

Sugar industry

21

116,450

181,200

171,000

165,000

156,03

146,84

142,55

Water supply

6

60,900

92,938

88,628

88,056

152,59

145,53

144,59

Chemical products

11

25,250

125,235

98,000

93,000

165,32

129,37

122,75

Weaving and spinning (cotton, wool, waste silk, &c.)

36

201,900

299,813

280,000

277,000

148,49

138,68

137,19

Grinding of cereals, manufacture of macaroni, &c

9

37,200

41,824

35,142

33,692

112,43

94,47

90,57

Manufacture of motor cars

16

44,900

38,312

23,500

23,000

85,32

52,34

51,22

Land and buildingcompanies

10

152,250

153,792

164,005

163,750

101,01

107,72

107,55

Various industries

29

176,673

295,193

270,000

267,000

167,08

152,82

151,12

Total…

213

2,679,279

3,570,765

3,353,275

3,295,498

133,27

125,15

122,99

 

 

As will easily be seen, there has been a continuous fall in 1908 and in the first month of 1909, so that there has been reached a lower water-mark than in October, 1907 (American crisis). The causes of the stagnation of the Italian Bourses are many. The terrible earthquake exercised a certain influence in the first days of 1909, but by the end of January its influence had already spent itself. The chief cause of the depression of today has been the exaggerations of the past. The severest fall from the high water-mark of March, 1906, to the lowest point of January 31, 1909, has been experienced in the motor-car department; the fall has been 627 per cent, where the craze was the wildest; then come the grinding of cereals industry with a fall of 103 per cent, of the nominal value; the mines, foundries, iron and steel, engineering works with 96 per cent.; the sugar industry with 91 per cent.; the chemical products industry with 77 per cent. All these industries had been greatly over-capitalised, or are basing their fortunes on Protection and Governmental favours. The electric and other lighting shares, which for a time were over-priced, have lost 52 per cent, on the face value, in part also as a consequence of municipalisations. The loss upon bank shares has been less severe, 41 per cent. The water supply companies follow with 34 per cent., the land and building shares with 24 per cent., the railways, tramways, navigation shares with 20 per cent., the cotton, wool, and silk companies with 14 per cent. One may say that the fall and the depression are almost in exact proportion to the excitement of the past. But the stagnation is today almost complete, from the distrust of the capitalist, who buys nothing but Italian Rente 3 3/4 per cent, and other gilt-edged stocks. These are the only securities for which there is a market in Italy at present. I may add that the Italian capitalists have begun to buy foreign Government securities, and have subscribed, from distrust of industrial and bank shares and dislike of the meagre interest on Italian Rente, a not indifferent sum to the Russian 4 1/2 per cent. loan.

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