Bruce Leslie Richmond The established trend of increasing raw land values, combined with a forecast of this pattern to continue, is both reinforcing and perpet.uating general opinions with respect to the causes of the unit price increase of raw land. Specifically, the stigma attached to the term "land speculation" is rapidly increasing. The existence of these circumstances makes it imperative to identify the motives initiating 'speculative activity' involving undeveloped land in order to either substantiate the basis for the growing criticism of so-called "speculators" or disprove, with empirical evidence, the concepts on which the misconceptions of speculation and the resulting criticism are founded. Consequently, following a general discussion of existing attitudes toward land in North America and the presumed effects of land speculation, this study attempts to establish empirically to what extent speculation in

Land use, price changes and speculation on the urban fringe : an intertemporal case study in the Kamloops area, B.C.

SINCE 1949, common stock prices have experienced a sustained and continuous rise punctuated only by relatively brief interruptions. The most serious of these was the market break of 1962. But the stock price peaks reached in December 1961 were again exceeded in September 1963, only twenty-one months later. The continued rise in the level of common stock prices during the last fifteen years raises three fundamental questions. One. Are current levels of the stock market too high? Two. If present levels are too high, are they only cyclically high? Would a deterioration in general economic conditions cause a decline in stock prices that would be of relatively moderate and brief duration? Three. Or are market levels so high that a long period of time, perhaps eight or ten years, may be required for prices to recover to their peak levels of 1964 if once they begin to decline? The articles by Borden Helmer, and by Frank Salz, in three previous issues of the Financial Analysts Journal have been directly relevant to these basic questions.' The present paper will review these articles, and their implications for the basic issues raised above will be explored. Finally, the authors will set out their own framework for evaluating the basic questions raised.

https://www.jstor.org/stable/pdfplus/4469757.pdf

Economic Trends and Security Values—A Bleak or Bountiful Future for Investors?

Land as a Growth Investment

In an article written on the stock market which appeared in early 1956, I made the following statement: "It would appear that stock prices at the present time are rising in a manner which partakes of both cyclical and secular influences. The cyclical component of current stock market prices is subject to reversal. The secular component, however, promises further growth -a possibility to be recognized by newspaper writers and others dramatizing the stock market whenever it reaches higher levels."'

WestonJ. Fred

Papers

Land as a Growth Investment

A Not-So-New-Era in the Stock Market