Judge — December 16, 1922 — page 31: what you’re looking at

Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.

CONCRETE illustration will make the wide difference between the gambler and the speculator or investor perfectly clear. Recently the Bureau heard of a man who had lost $1,200, his entire savings, on a deal in a certain stock, h, when in the 40s, was regarded as an attractive purchase. Investigation has shown that the man himself was to blame for his mishap. In the first place he was merely a novice in the game. In- stead of buying in the 40s or the 50s as shrewder ones did, he waited until the stock had climbed to about 87 and then bought it on a meager margin, gathering in every share he could command, and holding no money in reserve. When lately an adverse turn in the business occurred the stock sank again into the 40s and the man lost his all. He had gambled most unwisely. Now if he had purchased fewer shares and had provided for additional margin calls, or had bought outright, his plight, whi in spite of the slump, would not have been hopeless. “The stock declined on pre- mature reports that the dividend rate might not be maintained. ‘This question will not be decided until several we from now, and the dividend may, after all, be continued. Moreover, it seems probable that some day the business will revive and that those who have a strong grip on their stock will find it making good. The price paid by the mistaken speculator may eventually appear not over high. This little incident m: warning to some of the re Bureau. The lesson it teaches is: Buy good dividend paying stocks; buy out- right, if possible, if on margin have ample reserve; be an investor rather than a speculator, and a prudent speculator rather than a gambler. convey a aders of the Answers to Inquiries C, Carstser Hi French bonds weakened somewhat lately on t France. Recent advices, bo J requirements on the bon the be not be Present preferred and there stlook for common nded as ev ‘The company is paying no divide. has been a squabble for control. Th is dark just now, Skelly Ol is a no nd payer and I see as little reason for buying its stock as that of Pierce Oil. This better to pay about 811 for Middle States Oil, making a returo of $1.20 per year, than to pay #9 lor * Skelly S., Love Buasxcu, N.J.: You certainly have had bard luck’ with your Cities Service common stock, especially since the dividend has been paid in scrip. The company reports a more favorable k of late, and it does not appear quite wise to sell your shares just at present. When cash dividends shall again be paid, the market price should advance. Your loss if you sold at present would be very serious. Better wait awhile longer. . Osuxosn, Wr: Your list of securities includes good, bad and indifferent issues. Among the bad spots are Bethlehem Motors, C. M. & St. P. common, Island Oil & Transportation, Callahan Lead-Zine, Penn Sea- board, Nevada Con, International Nickel common and Engineers Pe ‘These are all non-dividend payers if you cai fat of them without loss it would be better to do so and purchase bonds that make returns. C. & A. RR. is in the and in default of interest on bonds. r poor purchase. Beechnut pays you could take your profit on it and switch to Timken Roller Bearing, s paying #3 and selling lower than Beechaut. I would also sell Cnited Fruit, paying 8 per cent, ana buy Union Pacific RR, paying’ 10 per cent., and selling for less. The other issues might be left un- disturbed for a while, but the very cheap mining shares might better be disposed of and sounder securities bought. ‘The Oil Lease Development bonds are an excellent soeculation, | They have teen paying, liberal returas varying according to the price of oil Ro; rl Duteb is a very good business man's investment. Hercules, ‘Acme Coal and Carib Syndicate are all in the extremely speculative class and are not to be recommended. HL, Loctsvitte, Ky.: The earnings of the Erie RR. system for the frst eight months of this year did pot show up so well as anticipated, and that, of course, has affected the market standing of the stock." Rumors of a possible merger with some other railroad have not been realized The first preferred stock is not a divideod payer and I have always advised my readers not to buy it. It is possible that with eve a mild boom in tbe market the stock will rise nearer to the figure which you paid for it. If such a bulge comes it will be well to dispose of your shares. 1 do not recommend the purchase of Sears Roebuck Company stock, which has not been able to resume dividends, or American Hide and Leather pre- ferred, which has had a big advance from its lowest point and is making no returns. Sinclair Ol common pays 8 a year and has possibilities. It is @ good speculation. Western PaciSe common, paying no dividend, is not attractive, The preferred, paying 6 per cent., is a good business man's investment. G,, Acuaxy, N.Y The fifteen-year 7 per cent sinking fund gold notes of the Renfrew Manufacturing Company appear like a safe business man's investment. ‘The company is one of the most successful cotton manu- facturing concerns in the United States, its plant being located “at Adams, Mass. Profits indicate adequate ability to pay interest on this issue of notes. The notes were offered at par H., Baroorrost, Coxn.: Refining Company first mortgage thirt gold bonds series A are in the meritonous class. They are not redeemable before October 1, 1930. The bonds ny’s only funded debt. Earnings the interest requirements. These dat a price to yield 5,43 per cent if The Sioux City Gas & Elec pany Grst mortgage 6 per cent. gold bonds serie seem like a sound enough proposition. twice as much as bond interest lable for tea years except for sinkin were offered to the public at @ price to yu ‘The American Smelting & year 5 per cent. Tun: A The company ‘The bonds fund. about + CLEVELAND, Ono: The Commonwealth Edison ‘ompany’s first mortgage 5 per cent. gold bonds, due in 1943, offer excellent investment opportunity. pays the normal Federal income tax up It serves electricity, light and power for tire City of Chicago and has customers numbering more than 583,000, The security for the issue is ample and net earnings are nearly three times bond interest. The company and its predecessor have paid dividends since 1889. The bonds were offered at a price to yield about 3.07 per cent. New Youx, Dec. 9, 1922, Free Booklets for Investors The G. L. Miller Bond & Mortgage Company, the oldest institution of its kind in the State, #71 Miller Building, Miami, Fla., will se to any interested inquirer Why Aliami Javestenents a booklet of timely ‘value, ay Eight Per Cent.” The booklet tells all about the securities handled by the company, widely known Miller Bonds, paying eight per cent., issued in de- nominations of #100, 8500 and $1,000 and obtainable, if necessary, on partial payments. Persons desiring to buy stocks and bonds of the Lest class on the partial payment plan should send to James M. Leopold . the long established Stock Exchange house at 7 Wall street, New York, for booklet L-18 which presents the firm's wethod and Cerms in transactions of this kind. J. S. Bache & Co., members of the New York Stock Fichange, 4¢ Broadway, New York, are sending to many business men for three months without charge copies of the widely appreciated Backe Review, @ publication of high standing and which clearly interprets the financial situation, Bulletin L-23 and the booklet “Getting the Most from Your Money” will furnish to any investor remarkably good reading. In these publications is set forth the pos- salty of saving and investing in such manner that by the age of Bfty one may have an income of as high as £50,000." For the details of this remarkable proposition send for the bulletin and Looklet to the Babson Statistical Organization, Wellesley Hills, 82, Mass, Fer a clear explanation of the system of o the stock market by means of puts and calls Booklet L to Williasa H. Herbst, 20 Broad street, New York € ‘A copy of a valuable booklet, “How to Select Safe Bonds,” will be mailed to any address by George M. Fi mao & Co. Department 411, 103 W. Monroe street, Chicago. ‘This firm bas been’ in business thirty-seven years without loss to any customer, and it deals in first mortgage bonds making an attractive yield, ranging as high as seven per cent. TI. M. Byllesby & Co., 208 S. LaSalle street, Chicago, 111 Broadway, New York, and 40 State street have issued a new edition of their booklet, Service,” of high interest to every ope interested, in utility securities. To obtain it write to Byllesby & Co, for booklet BO103. 20 ‘PARTIAL PAYMENTS The Best Way to Buy Good Securities on Convenient Terms | ot for free Booklet L-I8, which explains our plan and terms. | Save M. Leopold & Co. Es! ane 1884 Members New York Stock Exchange 7 Wall Street New York | IF INTERESTED IN BUSINESS AND FINANCE, keep informed by reading the Bache Review, » ten minute weekly summary of the business and financial situation. It focuses and interprets currents of to-day and indicates their trend. Sent to bu men for three months, without Jj. S. BACHE & CO. 42 Broadway New York City ELTINGE “iiiuces'wed ata 4a 352° FLORENCE REED in“EAST OF SUEZ” By W. SOMERSET MAUGHAM. PODROME*:i:: 1000 SEATS DAILY MATS 25¢ NEHTS SOF JAM THEATRE at 810! }. WED.2- SAT. A NATIONAL INSTITUTION Dancing Drama (Continued from page 15) nd by all odds the most dancey dancing-girl on our stage at the moment. There are prettier girls; there are more experienced girls; there are girls more spectacular, But there isn’t one in the whole shooting match to compare with her when the band starts going and she uncorks her slippers. She is like a dozen Florestan cocktails filtered through white silk. She is, in a word, pretty good. The agreeable young person has a brother, Mons. Fred, who serves as her partner, and who is himself a fellow of no mean foot. He is, in point of fact, similarly an excellent dancer. But men dancers do not especially interest me. A dance without skirts is to me not a dance. The Astaires, incidentally, are the leading feature of the new Globe Theater show, “The Bunch and Judy.” They—or rather she—make it worth the true professors’ while. ning Ill PLAY called “Virtu opened the other night in the Nora Bayes Theater. I was in bed at 9.80 p.at