The Analysts Journal

In January 1945, the New York Society of Security Analysts published the first Analysts Journal “to advance the interests of our profession.” Benjamin Graham and Irving Kahn were among the distinguished analysts serving on the editorial board. The scope of the Journal included:

Improvement of the statistical techniques used in the analysis of various classes of securities.
Examination of data and statistics available for the analysis of industries.
Studies of business indices, financial ratios and market averages used in security analysis.
Investigation of the adequacy of information contained in annual reports to stockholders.
Study and refinement of the definitions and terminology used in security analysis.
Consideration of ethics and standards in the profession of security analysis.
Study of regulatory policies of government agencies which affect securities.

NYSSA thanks Walter J. Schloss, CFA, for his donation of early Journals, and is pleased to present the following articles:

Volume 1, Number 1, January 1945
Editorial: "Volume 1, Number 1"	The Editors
A Brief History of the Society	Charles Tatham, Jr.
A Method of Valuing Growth Stocks	George Mackintosh
The Allocation of a Single New Class of Stock Among Various Classes of Public Utility Holding Company Securities	E. Ralph Sterling
Background and Basic Principles for Post-War Taxation	Dr. Rufus S. Tucker
Techniques for Appraising the Petroleum Industry's Operating and Investment Outlook	Joseph Gordon
Should Security Analysts Have a Professional Rating?	Benjamin Graham and Lucien O. Hooper
A Study of Factors Influencing Price-Earnings Ratios of Utility Common Stocks	Harold H. Young
Retrogression in Annual Reports to Stockholders?	Oscar M. Miller
Appraising the Risk Factor in Investment Company Leverage Shares	Lucile Tomlinson
Is Fixed Charge Coverage an Adequate Gauge of Rail Credit?	Pierre R. Bretey
Volume 1, Number 2, April 1945
Postwar Business Prospects	Ragnar D. Naess
A Message to the Society	Emil Schram
Low Priced Versus High Priced Stocks	Harry D. Comer
The Hobbs Bill—Pro and Con	Hubert F. Atwater and Elisha M. Friedman
Two Useful Ratios in Public Utility Bond Analysis	Charles Tatham, Jr.
Modern Underwriting Technique	George L. Perin
A Sound Structure for the Corporate Profits Tax	Robert F. Bryan, PhD
The Bugaboo of Labor Costs	Schroeder Boulton
Relative Velocity Statistics: Their Application in Portfolio Analysis	H. M. Gartley
Gauging Railroad Credit	Herbert H. Wyeth
Volume 2, Number 1, First Quarter 1946
Judgment Versus Mechanical Investment Plans: The Dow Theory in Retrospect	William F. Edwards
Bond Quality Ratings	as prepared by Standard & Poor's Corporation
On Being Right in Security Analysis	Cogitator
Estimating Future Earnings Power of United States Steel Corporation	Eustace L. Taylor
A Case of Security Analysis	Milan D. Popovic
Plant and Management in the Appraisal of Railroad Securities	David A. Hill
Some Comments on Public Utility Price-Earnings Ratios	Hendrik A. Diamant
Volume 2, Number 3, Third Quarter 1946
Significant Air Line Trends	Selig Altschul
Methods for Determining Stock Market Trends	Ralph Rotnem
Retailing Frozen Foods	W. B. McMillan
The S.E.C. Method of Security Analysis	Cogitator
Book Value—Market Value Patterns	Walter K. Gutman
Report of the Committee on Standards	Benjamin Graham
Volume 2, Number 4, Fourth Quarter 1946
The Varying Impact of State Regulation on Public Utility Earning Power	Ralph Sterling
Security Operations of the International Bank	Henry C. Wallich
Adjusting Railroad Operating Costs to the Revenue Trend	Mason Bogen
Special Situations	Benjamin Graham
Brokerage House Opinion at Turning Points in the Stock Market	Edward F. Underwood and Myron C. Nelkin
Locomotives—Today and Tomorrow	Charles Kerr, Jr.
Volume 3, Number 4, Fourth Quarter 1947
Fundamentals Plus Statistics in Appraising the Business Outlook	William F. Edwards
Survey of the Electrical Utility Industry, 1926-1946-1961	Walter J. Herrman
The Railroad Security Outlook	Walter F. Hahn
Shortcomings of Financial Statements from the Security Analyst's Viewpoint	J. M. Galanis
The National Federation of Financial Analysts' Societies	Kenneth Woodworth and Lucien O. Hooper
A Questionnaire on Stockholder-Management Relationship	Benjamin Graham
A Suggested Method for Determining Combined Fixed Charge and Preferred Dividend Coverage	Alden S. Bennett
Factors in Analyzing the Liquor Stocks	Charles Blatt
Volume 7, Number 1, First Quarter 1951
The Impact of the International Situation on Security Prices	Marcus Nadler
Some Thoughts on Market Controls	Rufus S. Tucker
Impact of Government Activities on Security Values	W. W. Cumberland
Alternatives	J. Frederic Dewhurst and Simon N. Whitney
Security Prices and the Wage Earner	Theodore H. Brown
The Federal Debt and Its Implications	O. Glenn Saxon
The Impact of Taxes on Class I Railroads	Pierre R. Bretey
The War Economy and Stock Values	Benjamin Graham
Impact on Business Indicators	Harold B. Dorsey
An Industrial Economist Considers Controls	Zetetic
The Theory of Emergency Controls	Lucien O. Hooper
The Threat and Folly of Direct Controls	Emerson P. Schmidt
The Impact of Federal Taxes and Controls on Corporate Profit Margins	Roger F. Murray
The Outlook for Electrical Utility Earnings	Charles Tatham, Jr.
An Excess Profits Tax? If So, What Kind?	Alan L. Gornick, Jr.
Practical Objections to Excess Profit Taxation	Harold Dudley Greeley
Edicts of Kings	Helen Slade
Volume 9, Number 1, February 1953
The Dow Jones Industrial Average Amended	Walter J. Schloss

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