Flight From Bonds to Stocks 199

have yielded a steady income. Sometimes, when
prices were falling, that is, when the dollar was rising,
 they have yielded an increasing income measured
 in purchasing power. Sometimes, when the
dollar was falling in purchasing power, they have
vielded a shrinking income and a shrunken principal

1400 |

NEW SECURITIES ISSUED gonds 10 erocr

300 )

200

10D

000

900]

800

L
~ - -
- NEW CAPITAL

. 700

8500

300

400

i
100 |

200

oc

ogi

{9

1920

1221

1922

1923

1924

1925

926

27

1epr 1929

CHART 22.—Large new security issues since 1924, have been
marked by a decided preference by the investing public for common
shares as against bonds.

in purchasing power. Yet this picking of the bondholder’s
 pocket was so subtle that he submitted to it
without a murmur; or, rather, he murmured only
against the high cost of living and not against the
insecurity of his investments or of the dollar. As a