An informative overview of the nature of bonds and the functions of the bond house.
Almost all American bonds that are marketed pass through American bond houses.
This early primer on bonds and the services of bond houses is edifying. The
subjects covered: the functions of the bond houses; the purchasing function;
buying municipals; buying railroad bonds; buying corporation bonds; the advisory
function; the protective and banking functions; selling bonds - the Banker's
viewpoint; and selling bonds - the investor's viewpoint.
| Chapter I. |
The Functions of the Bond Houses |
9 |
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The Importance of the Bond Business |
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Ignorance of the Bond Business |
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Prevalence of Bond Buying in New England |
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Bankers vs. Brokers |
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The Functions of the Bond Houses |
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The Purchasing Function |
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The Advisory Function |
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The Banking Function |
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The Bond Houses as Fiscal Agents |
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The Selling Function |
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The Protective Function |
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| Chapter II. |
The Purchasing Function |
28 |
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Bond Investment as a Science |
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Laboratory Methods |
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Special Counsel |
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One Man Buying |
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Financial Report Agencies |
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Railroads as Scientific Financiers |
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Buying to Satisfy Clients |
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The Professional Standard |
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The Effect of Interest Rates on Bond Buying |
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Stock Bonuses |
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| Chapter III. |
Buying Municipals |
41 |
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The Ten Investment Elements |
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The Principal Function of the Bond Houses |
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Municipal Buying |
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The Buying of "Legals" |
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The Bond Attorney |
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The Selling Cost and Price of Legals |
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Carrying Charges |
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Unintelligent Proposals for Municipals |
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Municipal Bond Bureaus |
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General Market Municipals |
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Municipal Defaults |
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| Chapter IV. |
Buying Railroad Bonds |
56 |
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Common Characteristics of Railroad and Municipal Bonds |
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Railroad Bond Underwriting |
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Underwriting by Retail Houses |
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The Profits of Underwriting |
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A Pennsylvania Railroad Flotation |
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Railroad Blanket Refunding Issues |
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Equipment Bonds |
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Railroad Bond Investment |
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Proprietorship and Management |
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Community of Interest |
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Management |
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Physical Characteristics |
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Earning Power and Capitalization |
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| Chapter V. |
Buying Corporation Bonds |
74 |
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What Corporation Bonds Are |
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Classification of Bonds |
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Corporation Bond Investment Principles |
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Knowing the Business of the Corporation |
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Water Companies |
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Gas Companies |
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Street Railways |
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The Income of Public Service Corporations |
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Bond Houses as Specialists |
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The Newness of Corporation Bonds |
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Industrial Issues |
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The Competition for Public Utility Bonds |
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The Preference for Public Utilities |
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The Profit in Corporation Bonds |
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Costly Distribution |
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Construction Propositions |
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The Bond Houses as Reorganizers |
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| Chapter VI. |
The Advisory Function |
91 |
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Advising a Woman |
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The Ethics of Salesmanship |
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Financial Jackals |
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English Selling Methods |
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Financial Advisory Systems |
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Bond Advertising |
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General Publicity |
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Advertising Investment Principles |
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Special Circulars |
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Investment by Correspondence |
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| Chapter VII. |
The Protective and Banking Functions |
104 |
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The Mercantile vs. the Protective Policy |
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The Spirit of Trusteeship |
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Bond Guaranty |
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The Cost of the Guaranty |
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The Protective Function Applied to Marketability |
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The Cost to Clients of Artificial Marketability |
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Bonds as Collateral |
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The Banking Functions of the Bond Houses |
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The Cost to Bond Houses of Artificial Marketability |
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The Bond Houses as Banks of Deposit |
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The Protective Function Applied to all Bond Qualities |
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Protecting Security |
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Assuming Losses |
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Protection in Reorganization |
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| Chapter VIII. |
Selling Bonds--The Banker's Viewpoint |
119 |
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The Development of Bond Selling |
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The Trouble with Bond Selling |
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The Cost of Selling |
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The Profit in Specialty Selling |
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Failures from Competition and Miscarriage of Issues |
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Selling Economies: Consolidation of Houses |
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Local Representation |
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Bank Representation |
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The Economy of Selling Collateral Trusts |
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Consolidation of Issues not Houses |
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The Selling Department of an Ideal Bond House |
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The Sales Manager |
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Territorial Managers |
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The Road Men |
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College Men as Salesmen |
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The Training of Green Men |
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| Chapter IX. |
Selling Bonds--The Investor's Viewpoint |
137 |
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The Strength of the Investment Demand |
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Savings Banks as Bond Buyers |
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The Volume of Municipal Bond Sales |
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Annual Listings on the Exchange |
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The Obscure Issues |
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The Investor Should Know His Own Requirements |
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Complex Nature of Security |
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Complex Nature of Marketability |
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Second Consideration: Form of the Investment |
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Third Consideration: Proper Type of Bond |
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Fourth Consideration: The Proper Bond |
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Choosing a Bond House |
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Index |
150 |
Other Beard Books by
Lawrence Chamberlain
