PREFACE THIS book has been put together from talks given to the writer's salesmen. The aim has been to discuss clearly and simply the leading classes of investment bonds. In trying to carry out this aim, the writer has confined himself mostly to a discussion of the factors entering into the intrinsic value of such securities. The material available is vast, complicated, and always changing. At the same time the broad principles which govern the safety of investment bonds are simple and, like the laws of nature, forever the same. From the point of view of the intrinsic value of American securities, the Great War in Europe has brought into high relief the resources and development of the United States. With the opening of the Panama Canal, the creation of an adequate merchant marine, and the establishment of a new banking system, this country should be placed in a position with relation to the business and finance of the world which it never has held before. Furthermore, the United States may become the market for a considerable amount of foreign government securities. It is to-day, of course, the principal market for the bonds of its own States, municipalities, and corporations. It is hoped that this book may suggest some points of view of interest even to seasoned investors. The writer wishes to thank Mr. Francis G. Goodale, who has done a large part of the legal work-especially in Chapters III, IV, V, and VI. The writer wishes also to thank friends who have read the manuscript. October 23, 1915. W. L. R. 300386 |