Who it is for
Readers studying financial history, investment education, and the chapter’s specific subject—Dow Theory, watered stock, book value—will get the most from this section. It is not suitable as a modern trading or investment checklist.
English reader · Internet Archive item stockmarketbarom00hami
IX. "Water" in the Barometer
The Stock Market Barometer. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
This chapter examines IX. “Water“ in the Barometer, using the author’s early-twentieth-century investment framework to explain how investors were expected to judge security quality, income, risk, and market conditions. It opens from the chapter’s own discussion: EVERY effort has been made to simplify these discussions. They have been offered with the most stringent exclusion of extraneous matter.
Modern reader note
Read this chapter as historical investment education. The market rules, disclosure practices, securities, commissions, interest-rate conditions, and investor protections around Dow Theory, watered stock, book value may differ sharply from modern markets.
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