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The Annals of the American Academy of Political & Social Science THOMAS GIBSON'S LIBRARY OF Speculation and Investment 9 Volumes, $5.00 These nine books retail singly at the following prices: The Pitfalls of Speculation . $1.00 The Cycles of Speculation . 1.50 The Increasing Gold Supply . 1.00 Six Volumes of Thomas Gibson's Letters at $1 each 6.00 Total, $9.50 The three first named books are classics of their kind dealing with vital fundamental principles under- lying the prices of securities and errors, and danger- ous methods are clearly indicated and suggestions regarding proper methods are offered. The Six Volumes of Letters on current financial and economic matters cover a period of three years and are Valuable to the Student as they demonstrate the importance of applying fundamental principles in the correct gauging of the course of the security prices. The Gibson Publishing Company \5 William St., NEW YORK 185 Jackson Boulevard, CHICAGO 5 Laurence Pountney Hill, LONDON E. C. The Academy is under special obligations to Dr. S. S. Hueb- ner, Professor of Insurance and Commerce in the University of Pennsylvania, for bis co-operation in editing this volume. Its publication was undertaken at bis suggestion; he outlined the volume, secured the papers, and edited the manuscripts. This volume is published as a complement to the work on "BONDS AS INVESTMENT SECURITIES which was brought out by the Academy in 1907. That book contained twenty carefully written papers by authorities of high standing and the demand for the volume has been such as to require the Academy to re- print the work. It is believed that the book now offered upon STOCKS AND THE STOCK MARKET will be found to be an equally valuable contribution to the science of business affairs. THE EDITOR. STOCKS AND THE STOCK MARKET THE ANNALS AMERICAN ACADEMY POLITICAL AND SOCIAL SCIENCE ISSUED BI-MONTHLY VOL. XXXV No. 3 MAY, 1910 EDITOR: EMORY R. JOHNSON ASSISTANT EDITOR: CHESTER LLOYD JONES EDITOR BOOK DEPARTMENT. FRANK D. WATSON ASSOCIATE EDITORS: G. G. HUEBNER, S. S. HUEBNER, CARL KELSEY. J. P LICHTENBERGER. L. S. ROWE. WALTER S. TOWER PHILADELPHIA AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE 36iH AND WOODLAND AVENUE ** 1910 THE PHILADELPHIA TRUST Safe Deposit and Insurance COMPANY 413, 415, 417 CHESTNUT STREET Capital, $1,000,000 Surplus, $3,500,000 <I Acts As Executor, Administrator, Trustee, Assignee or Receiver, Guardian, Agent, Etc. 9 Trustee for Corporation Mortgages, Registrar or Transfer Agent, Financial Agent for Charitable or other Corporations. .*. .'. All Trust Investments are kept separate and apart from the Company's Assets Safes of all sizes for Rent in Burglar- Proof Vaults. Securities and Valuables Received on Deposit. /. .*. /. .*. /. Deposits of Wills received upon the Company's Certificate without charge INTEREST ALLOWED ON INDIVIDUAL AND RESERVE ACCOUNTS WILLIAM L. DU BOIS, THOMAS B. PROSSER, President Real Estate Officer ROLAND L. TAYLOR, HARRY STEWART, Vice-President Assistant Real Estate Officer EDMUND D. SCHOLEY, NELSON C. DENNEY, and Treasurer Secretary Assistant Secretary SAMUEL E. CARTER, T- ELLWOOD FRAME, Assistant Treasurer Assistant Secretary DIRECTORS WILLIAM S. GRANT SAMUEL Y. HEEBNER EDWARD T. STOTESBURY WILLIAM L. DuBoiS WILLIAM H. LAMBERT JAMES C. BROOKS JOHN STORY JENKS N. PARKER SHORTRIDGE ROLAND L. TAYLOR LINCOLN GODFREY WILLIAM W. FRAZIER LBVI L. RUE JOHN H. CONVERSE GSMgmt LIBRARY CONTENTS PAGE THE SCOPE AND FUNCTIONS OF THE STOCK MARKET 1 S. S. Huebner, Ph.D., Professor of Insurance and Commerce, University of Pennsylvania, Philadelphia. THE PURCHASE OR SALE OF SECURITIES THROUGH A STOCK BROKER 24 Eliot Norton, of the New York Bar. STOCKS AND THEIR FEATURES DIVISION AND CLASSIFICA- TION 43 John Adams, Jr., Philadelphia. PREFERRED STOCKS AS INVESTMENTS .63 John Moody, Editor, "Moody's Magazine;" Author of "Moody's Analyses of Railroad Investments," New York. THE DECLARATION AND YIELD OF STOCKHOLDERS' RIGHTS 72 B. B. Burgunder, Baltimore, Md. CONVERTIBLE BONDS AND STOCKS 97 Montgomery Rollins, Author of "Money and Investments," "Convertible Securities," "Laws Regulating the Investment of Bank Funds," Boston, Mass. BAROMETRIC INDICES OF THE CONDITION OF TRADE Ill Roger W. Babson. Editor, "Babson's Reports on Fundamental Conditions," Wellesley Hills, Mass. THE SOURCES OF MARKET NEWS 135 Roger W. Babson, Wellesley Hills, Mass. INFLUENCES AFFECTING SECURITY PRICES AND VALUES... 145 Thomas Gibson, Author of "Cycles of Speculation," "Pitfalls of Speculation," New York. ECONOMIC CRISES AND STOCK SECURITY VALUES 154 Arthur Selwyn-Brown, M.A., Ph.D., New York. RAILROAD STOCKS AS INVESTMENTS 164 Carl Snyder, Author of "American Railways as Investments," New York. Contents ; PAGE ELECTRIC RAILWAY STOCKS 175 Wallace McCook Cunningham, Instructor in Commerce, Uni- versity of Pennsylvania, Philadelphia. INDUSTRIAL STOCKS AS INVESTMENTS 192 Edgar J. Meyer, of Eugene Meyer, Jr., & Co., New York. STOCKS OF FINANCIAL INSTITUTIONS 197 L. A. Norton, New York. THE WRONGS AND OPPORTUNITIES IN MINING INVEST- MENTS 207 Francis C. Nicholas, Ph.D., Economic Geologist-Mining Engi- neer, New York. BIBLIOGRAPHY ON SECURITIES AND STOCK EXCHANGES 217 S. S. Huebner, Ph.D., Professor of Insurance and Commerce, University of Pennsylvania, Philadelphia. BOOK DEPARTMENT 233 BOOK DEPARTMENT CONDUCTED BY FRANK D. WATSON Notes, pp. 233-52. REVIEWS. ALEXANDER A Political History of the State* of New York, Vol. Ill, 1861-1882. (p. 253) H. V. Ames BARK-ER Great and Greater Britain (p. 254) W. S. Tower The Cambridge Modern History. Vol. XI. The Growth of Nationalities, (p. 255) W. E. Lingelbach The Catholic Encyclopedia. Vols. I-VII. (p. 256) A. C. Howland CHURCHILL Liberalism and the Social Problem (p. 258) C. L. Jones FOSTER Diplomatic Memoirs. 2 vols. (p. 258) C. L. Jones HEDIN Trans-Himalaya. 2 vols. (p. 259) W. S. Tower JEVONS Investigations in Currency and Finance (p. 260) . .E. W. Kemmerer KORKUNOV General Theory of Law. Translated by W. G. Hastings, (p. 261) T. R. Powell TOLMAN Social Engineering (p. 262) ) J. P. Lichtenberger TREVELYAN England in the Age of Wycliffe (p. 263) A. C. Howland WOODRUFF Proceedings of the Cincinnati Conference for Good City Government and the Fifteenth Annual Meeting of National Municipal League (p. 263) L. S. Rowe LIST OF CONTINENTAL AGENTS FRANCE : L. Larose, Rue Soufflet 22, Paris. GERMANY: Mayer & Miiller, 2 Prinz Louis Ferdinandstrasse, Berlin, N. W. ITALY: Direcione del Giornale Degli Economisti, via Monte Savello Palazzo Orsini, Rome. SPAIN: Libreria Nacional y Extranjera de E. Dossat, antes, E. Capdeville, 9 Plaza de Santa Ana, Madrid. Copyright, 1910, by the American Academy of Political and Social Science All rights reserved. SCOPE AND FUNCTIONS OF THE STOCK MARKET BY S. S. HUEBNER, PH.D., Professor of Insurance and Commerce, University of Pennsylvania. With the development of large-scale machine production it was only natural that there should be a transition from the system of private partnership to that of Corporate organization, depending for its financial existence and support on the sale of bonds and stocks. Through the corporate form of organization it became possible to combine the small savings of the thousands into huge sums, which could then be given a directing force by the great captains of finance and industry. The rate at which stocks and bonds have come to represent the wealth of the world during the past two decades has been so prodigious that our stock exchange markets may be said to 'represent the pulse of our economic life. As Mr. Charles Duguid so admirably says, in his work on "The Stock Exchange" : "The institution may be defined as the nerve center of the politics and finances of nations, because in this market all that makes history is focused and finds instantaneous expression. It is worthy of being defined as the barometer of their prosperity and adversity, for a glance at the tone of this market, whose wares are more mercurial than those of any other mart, suffices to indicate their condition." Numerous authors and statisticians have attempted to explain the relative importance of stocks and bonds in the world's wealth. Of these attempts that of Mr. Charles A. Conant deserves special mention. In an article on "The World's Wealth in Negotiable Securities," published in the "Atlantic Monthly" for January, 1908, Mr. Conant made a detailed examination of the subject, and while admitting that it is impossible to secure sufficient data to arrive at a conclusion with absolute precision, he found that the total visible outstanding securities issued by American corporations aggregated, on June 30, 1905, the enormous total of $34,514,351,382. Of this amount $21,023,392,955 represents the par value of stocks, and $13,490,958,427 the par value of bonds. These conclusions are within conservative limits, because, as Mr. Conant explains, his inves- (483) 2 The Annals of the American Academy tigation did not permit the searching out of all small local corpora- tions. Since 1905 the aggregate has been very materially increased, since as regards New York Stock Exchange securities alone there has been added from six hundred million to over one billion dollars worth of new securities annually. This enormous mass of securities is distributed over the various leading types of corporations as shown in the table on the next page. Comparing this enormous total of American stocks and bonds with the total value of the country's physical property, placed by the Bureau of Census in 1904 at $107,104,192,410, it seems that securities one-third of the nation's It is represent nearly wealth;. apparent, however, that a considerable proportion of these securities is owned by holding companies, which are themselves represented by securities. There is, thus, a duplication of the same capital, which must be eliminated in order to ascertain the proportion which security values bear to the total value of the country's wealth. Mr. Conant's figures show that such inter-corporate holdings of securities aggregated, in 1905, approximately $10,120,418,699, thus leaving the net par value of American stocks and bonds at $24,393,932,683, or approximately 23 per cent of the nation's wealth.
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