Flight From Bonds to Stocks 199 
have yielded a steady income. Sometimes, when 
prices were falling, that is, when the dollar was ris- 
ing, they have yielded an increasing income meas- 
ured 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 bond- 
holder’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