| Stock Buying (25) Banking (65) Wealth (34) Rent (1) Economic Theory (30) |
Money investing and stock buying tips |
Stock Buying
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What Is Speculation?
To speculate is to theorize about something that is uncertain. We can
speculate about anything that is uncertain, but we use the wor...
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Stock Some Terms Explained
There are certain terms used in connection with stock speculation that
are very familiar to those who come in contact with stock bro...
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A Correct Basis For Speculating
We maintain that there is only one basis upon which successful
speculation can be carried on continually; that is, never to buy a
s...
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What Stocks To Buy
In deciding what stocks to buy, it is well to consider first the classes
of stocks, and then what particular stocks you should buy i...
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What Stocks Not To Buy
A great deal more can be said about stocks you should not buy than about
stocks you should buy, because the list is very much larger...
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When To Buy Stocks
Stocks should be bought when they are cheap. By being cheap, we mean
that the market price is much less than the intrinsic value. In...
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When Not To Buy Stocks
There are times when stocks should not be bought, and that is when
nearly all stocks have advanced beyond their real values. It is d...
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When To Sell Stocks
You should sell stocks when the market price is too high. That is a
general rule, but it is necessary for you to study all the influ...
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Movements In Stock Prices
It is due to the fact that stock prices constantly move up or down that
speculation is possible. Sometimes certain stocks remain alm...
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Major Movements In Prices
Stock prices move up and down in cycles. These are the major movements
in prices, but there may be many minor movements up and down ...
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The Money Market And Stock Prices
Perhaps no other one thing influences the movement of stock prices so
much, in a large way, as money conditions. It is impossible to...
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Minor Movements In Prices
Within the major movements of stock prices, there always are several
minor movements, which are caused by various influences. One of...
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Technical Conditions
Technical conditions refer to the conditions that usually affect the
supply and demand, such as short interests, floating supply, an...
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Manipulations
Stock prices are influenced largely by manipulation. Years ago when the
volume of trading on the New York Stock Exchange was small c...
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Marginal Trading
Most people who trade in stocks buy on margin. The ordinary minimum
margin is about 20% of the purchase price, because banks usually...
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Short Selling
By short selling, we mean selling a stock that you do not possess, with
the intention of buying it later. Short selling in general b...
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Bucket Shops
There has been so much publicity given to bucket shops, nearly everybody
is familiar with the term. A broker runs a bucket shop when...
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Choosing A Broker
It is very important that you choose a good broker. No matter how
careful you are, it is possible to make a mistake. However, if you...
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Puts And Calls
A "put" is a negotiable contract giving the holder the privilege to sell
a specified number of shares of a certain stock to the make...
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Stop Loss Orders
A "stop-loss" is an order to your broker to sell you out if the market
sells down a certain number of points. Many speculators place...
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The Desire To Speculate
It is said that the desire to speculate is very strong in the American
people. That is why our country has made greater progress tha...
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Two Kinds Of Traders
There are two kinds of stock traders. One kind nearly always makes a
profit, and the other wins sometimes and loses other times, but...
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Possibilities Of Profit
What are the possibilities of profit in stock speculation? That question
is frequently asked but it is difficult to answer. James R....
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Market Information
Where do you get your market information? Perhaps most people get it
from the daily papers. When you look over the financial news of...
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Successful Speculation
Success in stock speculation depends upon a few things that are very
simple.
If you know what to buy, when to buy, and when to se...
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Banking
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The Nature Functions And Classification Of Banking Institutions
The terms, "bank" and "banking," are applied to institutions and to
businesses which differ considerably in character, functions, an...
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Services Performed By Banking Institutions
From the point of view of their customers these services may be
grouped under the following heads: The safekeeping of money and other
...
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The Economic Functions Of Banks
Viewed from the standpoint of the nation rather than from that of
individuals, the functions of banks may be described as those of
in...
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Classification Of Banking Institutions
Banks differ from one another chiefly in the nature and degree of
their specialization, in legal status, and in the place they occupy ...
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Commercial Paper
By commercial paper is meant the credit instruments or documents which
the credit system now in general use throughout the commercial ...
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The Operation Of Discount
Every person in this chain of credit is confronted with the problem of
paying his debts as they mature by the use of the amounts due h...
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The Conduct Of Checking Accounts
A checking account is an ordinary book account on which are credited
the cash deposited by a customer and the proceeds of collections,...
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The Issue Of Notes
As an alternative for or a supplement to the conduct of checking
accounts a commercial bank may issue its promissory notes payable to
...
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Collections
One of the most important functions of commercial banks is the
collection for their customers of checks and drafts drawn on other
ins...
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Domestic Exchange
The accounts of a bank with its correspondents are a record of the
transactions of its customers with the outside world, the checks th...
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Foreign Exchange
The business relations between banks located in different countries do
not differ in any essential respect from those between banks lo...
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The Supply Of Cash
The credit balances on checking accounts and the notes of commercial
banks are payable on demand in the legal-tender money of the nati...
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The Selection Of Loans And Discounts
The problem of the reserves is vitally connected with that of the
selection of loans and discounts. As was shown in the preceding
cha...
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Rates
Besides rates of exchange considered in the preceding chapter,
commercial banks are concerned with loan and discount rates.
Rates o...
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Protection Against Unsound Practices
Commercial banks are an essential part of the machinery by which the
agriculture, industry, and commerce of a country are carried on, ...
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Adequacy And Economy Of Service
From the point of view of adequacy and economy of service, two types
of banking systems require attention; namely, that characterized ...
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State Banks
From the very beginning of our national history institutions enjoying,
among others, the privilege of commercial banking have been cha...
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National Banks
Our national banking system owes its existence to financial exigencies
of the federal government experienced during the Civil War. For...
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The Independent Treasury System
While not a banking institution, the Treasury of the United States
handles its funds in such a manner and performs such functions with...
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The Interrelations Of These Institutions
Under the operation of the national banking act, New York, Chicago,
and St. Louis have been designated as central reserve, and
forty-...
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Operation Of The System
The most noteworthy features of the working of this machinery may be
discussed under the heads: conflict of functions and laws; loan
...
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Plans For Reform
On account of the defects in our system of banking, there has been
long-continued agitation for reform, increasing in scope and intens...
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Common Features
The central banks differ considerably in organization and business
methods, but perform essentially the same functions; that is, they ...
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The English System
In the English system, the central bank is the Bank of England, with
the possible exception of a few private banks, the oldest financi...
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The French System
In France, the Bank of France is the central institution. It is the
oldest of the important French banks of the present day, having be...
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The German System
The Imperial Bank, with head offices in Berlin, and about one hundred
branches and more than four hundred sub-branches scattered throu...
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The Canadian System
In important respects the Canadian banking system differs from those
of the European countries which have been described and from that...
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Saving And Savings Institutions
Saving is an individual matter for which the essential conditions are
the development of the instinct to make provision against
uncer...
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Trust Companies
Within a comparatively short period of time the trust company has
developed into an institution of prime importance in the United
Sta...
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Bond Houses And Investment Companies
A large part of the business of investment banking in the United
States is conducted by corporations and firms organized for the
purp...
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Land Banks
In Europe an important group of institutions has developed for the
supplying of agriculture and the building industries with the capit...
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Stock Exchanges
An essential part of the machinery of investment banking is the stock
exchange. This is a place where the buyers and sellers of securi...
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Some Defects In Our Investment Banking Machinery
A comparison of our investment banking machinery with that of European
countries, especially Germany, reveals important differences. A...
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The Origin And Functions Of Money
[1]In order to understand the manifold functions of a Circulating
Medium, there is no better way than to consider what are the princip...
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The Early History Of Money
[3]Living in civilized communities, and accustomed to the use of coined
metallic money, we learn to identify money with gold and silve...
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Qualities Of The Material Of Money
[4]Many recent writers, such as Huskisson, MacCulloch, James Mill,
Garnier, Chevalier, and Walras, have satisfactorily described the
...
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Legal Tender
The essential idea of "legal tender" is that quality given to money by
law which obliges the creditor to receive it in full satisfac...
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The Greenbacks
THE GREENBACK ISSUES
[8]The greenbacks were an outgrowth of the Civil War. Soon after the
opening of the struggle the Secretary o...
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International Bimetallism
[15]... There are natural and commercial causes which may operate to
produce either an incessant fluctuation in the relative value of ...
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The Silver Question In The United States
[16]Such was the singular combination of events after the peace of 1865
that almost at the moment when a million citizens were turned ...
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Index Numbers
[30]Index numbers are used to indicate changes in the value of money.
The objects for which this measurement is undertaken are thus ...
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Banking Operations And Accounts
[31]The intermediate employed in actual transactions is, in increasing
degree, that form of currency called credit, the lowest order...
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The Use Of Credit Instruments In Payments In The United States
[39]Discussions concerning the issue of notes by banking institutions,
which largely occupied the attention of students of finance and...
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A Symposium On The Relation Between Money And General Prices
The form of this chapter was suggested by the proceedings of
a session of the 1910 Meeting of the American Economic
As...
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The Gold Exchange Standard
It is an essential feature of the gold exchange standard as
it exists in the Philippines, for example, that premiums
c...
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A Plan For A Compensated Dollar
[87]In the Purchasing Power of Money (1911) I sketched a plan for
controlling the price level, i. e., standardizing the purchasing pow...
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Monetary Systems Of Foreign Countries
ENGLAND[89]
[90]The monetary unit is the pound, or sovereign, equal to $4.8665,
divided into 20 shillings of 12 pence each, each ...
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The Nature And Functions Of Trust Companies
[91]The trust company supplements the bank. Through a long process of
evolution the bank has developed as a means of facilitating the ...
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Savings Banks
[93]The savings bank works with those unacquainted with the ways of
business and who could not single handed take good care of their m...
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Domestic Exchange
[96]The banker has become the bookkeeper and settling agent of the
business world. The products of a locality, let us say the State of...
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Foreign Exchange
THE NATURE OF FOREIGN EXCHANGE
[103]The bill, or order to pay money in a foreign centre, is the
commodity that is actually bought...
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Clearing Houses
The following discussion of clearing houses is confined
mainly to the United States and England. References to the
cle...
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State Banks And Trust Companies Since The Passage Of The National Bank Act
[140]The banking institutions of the United States other than national
banks are ordinarily classified into (a) state banks, (b) tru...
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The Canadian Banking System
[147]Financially, Canada is part of the United States. Fully half the
gold reserve upon which its credit system is based is lodged i...
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The English Banking System
FOUNDATION AND GROWTH OF THE BANK OF ENGLAND
[150]About the year 1691 the Government of William and Mary experienced
considerable...
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The Scotch Banks
[158]The functions performed by the eight Scotch banks and their 1,245
branches[159] are essentially similar to those already descri...
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The French Banking System
THE BANK OF FRANCE
[165]The Bank of France was established in the year 1800, and was at
first an entirely private concern, with a...
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The German Banking System
BANKING ARRANGEMENTS IN GERMANY
[184]Various systems can be adopted in the banking profession for the
transaction of business. Th...
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Banking In South America
[196]The special interest in South American banking which exists at this
time is the product of at least four distinct factors:
F...
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Agricultural Credit In The United States
While agricultural credit has been a subject of intermittent
discussion in the United States for almost a generation, the
...
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The Concentration Of Control Of Money And Credit
HAVE WE A MONEY TRUST?
[227]If by a "money trust" is meant--
An established and well-defined identity and community of
...
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Crises
THE NATURE OF AN ECONOMIC CRISIS
[231]A definition of an economic "crisis" is, like most other
definitions, very difficult to con...
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The Weaknesses Of Our Banking System Prior To The Establishment Of The Federal Reserve System
CONFLICTING OPINIONS
[249]For fifty years the United States has lived rather happily under
the National Bank Act, born in the str...
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The Federal Reserve System
THE FEDERAL RESERVE ACT[287]
THE SPIRIT AND OBJECTS OF THE ACT
The primary purpose of the Federal Reserve Act of December 23,...
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The Early Events Of The European War In Relation To Money Banking And Finance
AMERICAN FINANCE AND THE EUROPEAN WAR
[313]During the half-century that has elapsed since the Civil War, there
has probably been ...
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Wealth
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Of The Division Of Labour
The greatest improvements in the productive powers of labour, and the
greater part of the skill, dexterity, and judgment, with which i...
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Of The Principle Which Gives Occasion To The Division Of Labour
This division of labour, from which so many advantages are derived,
is not originally the effect of any human wisdom, which foresees a...
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That The Division Of Labour Is Limited By The Extent Of The Market
As it is the power of exchanging that gives occasion to the division
of labour, so the extent of this division must always be limited ...
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Of The Origin And Use Of Money
When the division of labour has been once thoroughly established, it
is but a very small part of a man's wants which the produce of hi...
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Of The Real And Nominal Price Of Commodities Or Of Their Price In Labour And Their Price In Money
Every man is rich or poor according to the degree in which he can afford
to enjoy the necessaries, conveniencies, and amusements of hu...
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Of The Component Part Of The Price Of Commodities
In that early and rude state of society which precedes both the
accumulation of stock and the appropriation of land, the proportion
b...
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Of The Natural And Market Price Of Commodities
There is in every society or neighbourhood an ordinary or average rate,
both of wages and profit, in every different employment of lab...
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Of The Wages Of Labour
The produce of labour constitutes the natural recompence or wages of
labour.
In that original state of things which precedes both t...
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Of The Profits Of Stock
The rise and fall in the profits of stock depend upon the same causes
with the rise and fall in the wages of labour, the increasing or...
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Of Wages And Profit In The Different Employments Of Labour And Stock
The whole of the advantages and disadvantages of the different
employments of labour and stock, must, in the same neighbourhood, be
e...
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Of The Rent Of Land
Rent, considered as the price paid for the use of land, is naturally the
highest which the tenant can afford to pay in the actual circ...
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Introduction To Stock Theory
In that rude state of society, in which there is no division of labour,
in which exchanges are seldom made, and in which every man pro...
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Of The Division Of Stock
When the stock which a man possesses is no more than sufficient to
maintain him for a few days or a few weeks, he seldom thinks of
de...
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Of Money Considered As A Particular Branch Of The General Stock Of The Society
It has been shown in the First Book, that the price of the greater part
of commodities resolves itself into three parts, of which one ...
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Of The Accumulation Of Capital Or Of Productive And Unproductive Labour
There is one sort of labour which adds to the value of the subject upon
which it is bestowed; there is another which has no such effec...
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Of Stock Lent At Interest
The stock which is lent at interest is always considered as a capital by
the lender. He expects that in due time it is to be restored ...
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Of The Different Employments Of Capitals
Though all capitals are destined for the maintenance of productive
labour only, yet the quantity of that labour which equal capitals
...
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Of The Natural Progress Of Opulence
The great commerce of every civilized society is that carried on between
the inhabitants of the town and those of the country. It cons...
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Of The Discouragement Of Agriculture In The Ancient State Of Europe After The Fall Of The Roman Empire
When the German and Scythian nations overran the western provinces of
the Roman empire, the confusions which followed so great a revol...
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Of The Rise And Progress Of Cities And Towns After The Fall Of The Roman Empire
The inhabitants of cities and towns were, after the fall of the Roman
empire, not more favoured than those of the country. They consis...
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How The Commerce Of Towns Contributed To The Improvement Of The Country
The increase and riches of commercial and manufacturing towns
contributed to the improvement and cultivation of the countries to which...
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Of The Principle Of The Commercial Or Mercantile System
That wealth consists in money, or in gold and silver, is a popular
notion which naturally arises from the double function of money, as...
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Of Restraints Upon Importation From Foreign Countries Of Such Goods As Can Be Produced At Home
By restraining, either by high duties, or by absolute prohibitions, the
importation of such goods from foreign countries as can be pro...
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Of The Extraordinary Restraints Upon The Importation Of Goods Of Almost All Kinds
Part I--Of the Unreasonableness of those Restraints, even upon the
Principles of the Commercial System.
To lay extraordinary restra...
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Of Drawbacks
Merchants and manufacturers are not contented with the monopoly of the
home market, but desire likewise the most extensive foreign sal...
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Of Bounties
Bounties upon exportation are, in Great Britain, frequently petitioned
for, and sometimes granted, to the produce of particular branch...
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Of Treaties Of Commerce
When a nation binds itself by treaty, either to permit the entry of
certain goods from one foreign country which it prohibits from all...
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Of Colonies
PART I. Of the Motives for Establishing New Colonies.
The interest which occasioned the first settlement of the different
European ...
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Conclusion Of The Mercantile System
Though the encouragement of exportation, and the discouragement of
importation, are the two great engines by which the mercantile syst...
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Of The Agricultural Systems Or Of Those Systems Of Political Economy Which Represent The Produce Of Land
The agricultural systems of political economy will not require so long
an explanation as that which I have thought it necessary to bes...
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Of The Expenses Of The Sovereign Or Commonwealth
PART I. Of the Expense of Defence.
The first duty of the sovereign, that of protecting the society from the
violence and invasion...
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Of The Sources Of The General Or Public Revenue Of The Society
The revenue which must defray, not only the expense of defending the
society and of supporting the dignity of the chief magistrate, bu...
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Of Taxes
The private revenue of individuals, it has been shown in the first book
of this Inquiry, arises, ultimately from three different sourc...
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Of Public Debts
In that rude state of society which precedes the extension of commerce
and the improvement of manufactures; when those expensive luxur...
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Rent
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Rent
The rent of land is a portion of the national revenue, which has always
been considered as of very high importance.
According to ...
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Economic Theory
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Wealth And Its Origin
The creation and the use of wealth are everywhere governed by natural
laws, and these, as discovered and stated, constitute the scie...
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Varieties Of Economic Goods
Passive Capital Goods
Labor spends itself on materials, and these,
in their rawest state, are furnished by nature herself. They "...
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The Measure Of Consumers' Wealth
In all stages of social development the economic motives that actuate
men remain essentially the same. All men seek to get as much n...
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The Socialization Of Industry
We have now before us a few principles of so general a kind that they
apply to the economy of the most primitive state as well as to...
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Production A Synthesis Distribution An Analysis
The essential fact about production, as it is carried on by all
society, is that it is a synthetic operation, by which a grand total...
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Value And Its Relation To Different Incomes
Functional distribution controls personal incomes since each man who
gets, in a normal way, any income at all performs one or more
...
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Normal Value
Natural Supply
We have attained a law of market value, which
determines the price at which a given amount of any commodity will
...
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Wages
The Equilibrium of Industrial Groups
The different industrial
groups are in equilibrium when they attract labor and capital equal...
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The Law Of Interest
The product of the final unit of labor--an amount which in practice is
measured without any tracing of the previous growth of the wo...
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Rent
The Term "Rent" as Historically Used
The word rent has a
striking history. The science of political economy first took shape in
...
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Land And Artificial Instruments
One may hire many things besides land and pay what is commonly called
rent for them. No one would think of calling by any other term...
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Economic Dynamics
The Efficiency of Static Forces in Dynamic Societies
The static
state which has thus far been kept in view is a hypothetical one,...
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The Limits Of An Economic Society
When we try to establish a standard to which wages generally tend to
conform, the question arises how much of the earth we have in v...
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Effects Of Dynamic Influences Within The Limited Economic Society
How the General Unification of Methods of Production Calls at First
for an Increased Exportation of Capital from the Central Area an...
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Perpetual Change Of The Social Structure
Perpetual Change of the Social Structure
We confine ourselves to
that economic society par excellence which we have called the
i...
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Effect Of Improvements In Methods Of Production
Displacement of Labor and Capital by Inventions
Inventions are
labor-saving. Employers are engaged in a race with each other in
...
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Further Influences Which Reduce The Hardships Entailed By Dynamic Changes
In the absence of an unusually great increase in the consumption of an
article the improvement which reduces the cost of it tends to...
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Capital As Affected By Changes Of Method
Labor Saving and Capital Concentrating
There is a common
impression that whatever saves labor usually requires an increase of
ca...
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The Law Of Population
Since the optimistic conclusion reached in the preceding chapter is
contingent on an increase of wealth which is not neutralized by ...
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The Law Of Accumulation Of Capital
Adam Smith and many others have noticed that the growth of capital
varies with the intelligence and the foresight of a population. I...
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Conditions Insuring Progress In Method And Organization
The Possibility of a Law of Technical Progress
It might seem that
inventions were not subject to any influence that can be descri...
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Influences Which Pervert The Forces Of Progress
Thus far we have been dealing with what we have called natural forces.
The phenomena which we have studied have not been caused by a...
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General Economic Laws Affecting Transportation
Of all the various clubs used by trusts for attacking rivals and
driving them from the field, the first in order is the one which
d...
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The Foregoing Principles Applied To The Railroad Problem
Simple Cases of Charging "What the Traffic will Bear."--The value of
a study of primitive carriers and their policy lies in the fact...
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Organization Of Labor
What an economist wishes first to know concerning the organization of
labor is whether it is a natural phenomenon which should be we...
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The Basis Of Wages As Fixed By Arbitration
The state needs an authoritative mode of determining what rate of pay
is "reasonable." This duty is often imposed on boards of arbit...
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Boycotts And The Limiting Of Products
When free from the taint of monopoly, trade unions, as has been shown,
help rather than hinder the natural forces of distribution. C...
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Protection And Monopoly
The more serious perversions of the economic system which we have
encountered have all been traceable to some working of the princip...
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Leading Facts Concerning Money
Dynamic Qualities of Money
The question concerning money which,
for the purposes of the present treatise, it is most important to...
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Summary Of Conclusions
Perpetual change is the conspicuous fact of modern life. So
revolutionary are the alterations which a few decades make in the
indus...
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