The Work of the Bond House The Work of the Bond House
By Lawrence Chamberlain
2000/09 - Beard Books - Business Classic
189312276X -  Paperback - Reprint -  157 pp.

An informative overview of the nature of bonds and the functions of the bond house.

Publisher Comments

Category: Banking & Finance

Of Interest:

The Principles of Bond Investment

Railroads: Finance & Organizations

Foreign Bondholders and American State Debts

Foreign Bonds: An Autopsy

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.

No book review available

W. Lawrence Chamberlain, banker and author, 1878-1961. He received an A.B. in 1902 and an A.M. in 1903 from Yale. He entered the bond business in 1906 and was employed by a number of securities firms. He was a director at various fund groups.

Other Beard Books by Lawrence Chamberlain

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

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