CHAPTER XI
Creditorship or Ownership—Company Debts—Right of Foreclosure—The First Floating Charge—Trustees for Debenture Holders—Railroad Mortgages—Investigation of Labels on Securities—The Preference Compromise—Its Weaknesses and Comforts—Participating Preferences—"Guaranteed"—Ordinary, Deferred and Founders' Shares.
CHAPTER XII
Falling Prices and Ordinary Shareholders' Profits—Mr. E. L. Smith's Investigation—Common Stocks v. High Grade Bonds—The Victory of Common Stocks—The Reason. Why—Some Exceptional Factors in their Favour—Caution in Drawing Conclusions—A Test of the Reserve Fund Policy.
CHAPTER XIII
Ownership with Reduced Industrial Risk—Banks, Discount Companies and Insurance Companies—Their Widespread Service—The Inevitable Demand for it—The Liability on the Shares.
CHAPTER XIV
