A bond runs for a specified time. It bears a specified interest, and is
an absolute promise to pay the face of it at maturity. It matures at a
definite time, and at that time the holder is paid its _face value_ and
no more, by the organization that issued it, unless such organization is
insolvent, or has repudiated its debts.
_Stocks._--A certificate of stock is no promise to pay. It simply shows
that the holder owns as much stock in the corporation as is shown by the
face of the certificate. It bears no interest and has no date of
maturity.
The interest returns of the bondholder are certain and definite. The
returns of the stockholder, dividends, are uncertain and depend on the
profits of the business.
Consequently, no table can be arranged to show at what rate stocks can
be bought to yield a definite return; but with bonds, tables may be made
which show at a glance what the return will be from a purchase made at
any rate.