With this first issue of The Analysts Journal, the New York Society of Security Analysts is broadening its activities to include a new quarterly periodical, the purpose of which is to advance the interests of our profession. Although it is designed primarily for members, we hope it will prove useful to the financial communities of the country. The scope of the Journal includes

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

The Journal will encourage thoughtful discussion and debate on topics of current interest to the profession. Our aim is to present both sides of controversial topics, and discussion is invited in letters from members and others. (A department “Letters to the Editor” may be included in the next issue.)

Articles for the most part will be the work of our members, although contributions from outside authorities may be used. To avoid duplication of work, it is requested that writers furnish the Editors with a preliminary outline or summary of any proposed contribution.

The Journal is copyrighted, and permission should be obtained to republish any material.

The Editors invite criticism and comment from members to guide them in formulating future policies and in developing methods for carrying out the aims described above.

We wish to take this opportunity to thank all those who responded to President Tatham's request for articles.

The Editors