Common Stocks As Long Term Investments

TABLE OF CONTENTS -- INTRODUCTION -- ACKNOWLEDGEMENTS -- CHAPTER I-BONDS AND THE DOLLAR -- THE DOLLAR -- OTHER MEASURES ARE FIXED -- IMPORTANT TO INVESTORS -- BANKS AND INSURANCE COMPANIES -- CHAPTER II-BONDS AND COMMON STOCKS -- NATURE OF SECURITY -- SAFE BONDS IMPLY SAFE STOCKS -- WHERE DOES THIS REASONING LEAD US? -- CHAPTER III-COMPARISON BETWEEN COMMON STOCKS AND BONDS, 1901-1922 -- METHOD OF SELECTION -- RESEARCH -- IMPORTANCE OF TESTS -- TEST NO. 1―1901-1922 -- TEST NO. 2―1901-1922 -- TEST NO. 3―1901-1922 -- THE FLUCTUATING DOLLAR APPLIED TO TEST NO. 3―1901-1922 -- CHAPTER IV-COMPARISON BETWEEN COMMON STOCKS AND BONDS, 1866-1899 -- APPRECIATING DOLLARS -- TEST No. 4―1880-1899 -- THE FLUCTUATING DOLLAR APPLIED TO TEST NO. 4―1880-1899 -- TEST No. 5―1866-1885 -- 1866 SIMILAR TO 1923 -- CHAPTER V-FINANCIAL CONDITIONS, 1866-1885 -- STOCK PRICES -- THE DOLLAR -- COMMERCIAL PAPER -- PANIC OF 1873 -- NEAR PANIC OF 1884 -- CHAPTER VI-ADDITIONAL COMPARISONS BETWEEN COMMON STOCKS AND BONDS -- TEST NO. 6, BOSTON―1866-1885 -- TEST NO. 7-1892-1911 -- TEST NO. 8―1906-1922 -- THE LARGEST COMPANIES -- CHAPTER VII-RAILROAD STOCKS, 1901-1922 -- TEST NO. 9―1901-1922 -- TEST NO. 10―1901-1922 -- TEST NO. 11―1901-1922 -- CHAPTER VIII-A NEW STOCK MARKET CHART, 1837-1923 -- MANY CHARTS ARE MISLEADING -- COMMON STOCKS, 1837-1923 -- CONSTRUCTION OF CHART No. 6 -- CHAPTER IX-LAW OF INCREASING COMMON STOCK VALUES AND INCOME RETURN -- THE FACTOR FAVORING COMMON STOCKS -- LAW OF INCREASING STOCK VALUES AND INCOME RETURN -- CHAPTER X-TIME HAZARD IN THE PURCHASE OF COMMON STOCKS -- CHAPTER XI-A FEW GENERALITIES -- THE HUMAN FACTOR -- DIFFICULT TO HOLD HIGH YIELD BONDS -- GERMANY -- STRONG FORCES AGAINST DEFLATION -- COMMON STOCKS TO-DAY -- INCREASE IN NUMBER OF STOCKHOLDERS -- INCREASING RESPONSIBILITY -- ECONOMICS, A GUIDE TO INVESTMENT