Business & Finance: Annual Statements

Now that the shower of annual company reports covering the entire calendar year of 1923 has abated, considerable criticism has arisen concerning the real significance of the facts which they set forth, and their power in their present form to deceive instead of enlighten the investing public.

The average company in 1923 made money rapidly in the Spring and not so easily in the Fall. Some companies ran last Autumn upon their Spring profits. Yet nothing as, to the month-by-month trend of their business is shown in an ordinary annual statement. According to...

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