CONTENTS

I. FORMS AND EXTENT OF BUSINESS RISK
Universality of Risk. Sources. Risk in Production and in Marketing

II. WAYS OF DEALING WITH RISK: ELIMINATION OF THE RISK
Methods of Dealing with Risk. Prevention. Research. Market Analysis.
Time and Motion Study. Co-operation. Specialization. Combination of
Risks. Reserves. Mathematics of Probability

III. WAYS OF DEALING WITH RISK: TRANSFER TO OTHERS; ASSUMPTION OF RISK
Specialization in Risk-Bearing. The Owner-Manager. Profit. Risk and
Control. The Choice of Administrators. Business Judgment

IV. WAYS OF DEALING WITH RISK: TRANSFER TO SPECIALISTS-
Continued
Insurance. Hedging. Contracting Out

V. UNCERTAINTY AND THE BUSINESS CYCLE
Phases of the Cycle. Causes. Uncertainty in Producers' Calculations.
Uncertainty in Buyers' Calculations. The Cycle in Production of Basic
Capital. In Agricultural Production

VI. BUSINESS FORECASTING
Methods. Interpretation of Prices. Index Numbers. Corporation Reports.
Steel and Iron, Agricultural Production. Banking Conditions and Interest
Rates. Composite Barometers

VII. RISK AND THE MANAGEMENT OF CAPITAL
Ways of Investing. Investment in One's Own Business. In Repayment of
Debts. Deposits with Financial Institutions. Security Investments.
Personal Loans. Speculation. Gambling

VIII. THE SECURITY MARKETS
The Market for Old Securities. The New York Stock Exchange.
Functions. Trading Methods. Relations of Brokers with Customers.
Deliveries. Information. Control of the Exchange. Classes of Members.
Short Selling. wire Houses. Other Stock Exchanges. Trading Outside
the Exchanges. The Market for New Securities. Investment Banks.
Marketing Low Grade Securities

IX. STOCK SPECULATION AS BUSINESS ENTERPRISE
Traders' Technique. Market Maxims. The Technical Position. Trading on
the News. Manipulation. Probabilities of Success. Speculation for the
Long Swing

X. THE ANALYSIS OF SECURITIES
The Factors in Security Analysis. Tax Exemptions. Marketability.
Legality. United States Government Obligations. Foreign Government
Bonds. Industrial Securities. Analysis of the Industry. Financial
Statements. The Balance Sheet. The Income Statement. Policy and
Personnel. Railway and Public Utility Securities. Diversification

XI. SPECULATION IN COMMODITIES
Organized and Unorganized Markets. Futures Contracts. Futures
Markets. Delivery. Direct Settlement. Ringing Out. Transfer.
Speculators' Methods. Land Speculation

XII. HEDGING
Advantages of Hedging. Degree of Protection Afforded. A
Suppositious Case. A Modification of the Assumptions. Relation of
Spot Prices to Futures Prices. The Normal Spread. Conclusions

XIII. LIFE INSURANCE
Insurance as a Hedge. The Risk Insured. Policy Contracts. Company
Organization. Selection of Risks. Calculation of Premiums. The Net
Premium. Loading. disbursement of Funds. Expenses. Mehtods of
Settlement. Surrender Values. Policy Loans. Group Insurance. Fraternal
Insurance. Life Annuities. Disability Clauses. War Risk Insurance

XIV. FIRE INSURANCE
The Risk Insured. Policy Contracts. The New York Standard Policy.
Mortgage Clause. Coinsurance. Three-quarter Value and Three-quarter
Loss Clauses. Use and Occupancy Insurance. Company Organization.
Stock. Mutual. Lloyd's. Reciprocal. Rate Making. Public Control

XV. MISCELLANEOUS PROPERTY INSURANCE
Marine Insurance. Tornado. Automobile. Crop. Credit. Miscellaneous
Lines.

XVI. GUARANTY AND SURETYSHIP
Suretyship Compared with Insurance. Corporate Suretyship. Advantages.
Types of Protection. Insurance of Real Estate Titles. Bonded Abstracters.
Title Guaranty. Torrens System

XVII. RISKS OF LABOR
Types of Risk Carried by Labor. Unemployment. Sources. Cost. Ways
of Dealing with Unemployment. Risk of Accident and Occupational
Disease. Employers' Liability. Workmen's Compensation. Benefits.
Compensation Insurance

XVIII. SOCIAL ASPECTS OF RISK-BEARING
Profit Taking. Social Interference with Monopoly Profits. Dangers in
Limiting Profits. A Fair Return. Profiteering. Risk and Control. Ethics
of Gambling. Ethics of Insurance. Ethics of Speculation. Risk-Bearing
and the Social Order. Risks of Modern Industry Compared with
Medieval. Risk under Socialism