For the length of one cigar the financier sits in his chair slowly revolving the chair until he has covered the information given on all of the wall charts, perhaps, if necessary, asking a few brief questions of his secretary. Though very little of the financier's time is taken, he is able by concentrated thought on the facts shown by his wall charts to keep in full touch with world finance and to map out his own plans for future operation.

Chapter XV CORPOEATION FINANCIAL REPORTS

THE annual report of a corporation is usually mailed to each stockholder. The report, as commonly gotten up, contains practically nothing except a brief statement by the president in regard to the last year's business, together with the balance sheet and operating statement furnished by the accounting officers of the company, and perhaps an audit by some firm of certified public accountants. The report sent to a stockholder is essentially in that form necessary for the auditor to check the financial figures and to certify to their being in balance and correct.

Though the balance sheet and operating statement, with the letter of approval by the certified public accountant, are necessary and desirable, they do not contain, in themselves, the information most desirable and most intelligible to the average stockholder. What the stockholder needs most is a report from which he can make comparison with preceding years. The bankers and large investors who can preserve in their files annual reports of a corporation over a long period of years probably number less than one per cent of the total number of stockholders to whom the annual reports are sent. It is only in very large, well managed offices that a file of corporation reports is made so that a complete set of reports for a long period of years is available for comparison with any new report which may be received.