FIRST EDITION OF VAN STRUM’S INVESTING IN PURCHASING POWER, 1925

VAN STRUM, Kenneth S. Investing in Purchasing Power. Boston, New York, and Philadelphia: Barron’s, 1925. Octavo, original navy cloth, original dust jacket. $750.

First edition of this pre-Crash investment guide emphasizing the advantages of buying stocks over buying bonds.

In this work, Kenneth Van Strum asserts that ownership of common stocks could serve as a valuable means of preserving purchasing power. Van Strum believed that stocks were superior to bonds as they were more resistant to the effects of inflation. However, though many economists warned about the risks of foolish over-investment in stocks and lack of diversification, some of these theories have nevertheless been blamed for the 1929 crash. Nonetheless, this was still one of the earliest works to recognize some of the unique qualities inherent to stocks.

Book fine, dust jacket near-fine with a few shallow chips to top edge. A handsome copy.