On common stock only part of the return is apt to be in dividends, the other part taking the form of growth in value per share. As long as all dividends are reinvested, the thing that matters is the combined effect of dividends and growth in share value, and that is what the 6 per cent is intended to represent. In fifty years at 6 per cent, the fund will be nineteen times the original amount, and over four times the amount accumulated at 3 per cent. The 9 per cent column of the tables is offered as a rough indication of results with the same sort of common stocks as in the 6 per cent column, but during fifty years in which business prosperity has increased as it has done in the twentieth century up to 1959. The 9 per cent includes the combined effect of reinvesting dividends semi-annually, and growth in value per share of stock. After fifty years of 9 per cent increase, the fund will be eighteen times as large as at 3 per cent.

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