Judge — October 27, 1923 — page 28: what you’re looking at

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

NVESTMENT BUREAU Subscribers to Jcpae are entitled to an- aeera to inquiries on financial questions, and in emergencies to anawer by telegraph. No charge is made for this service. All Communications are ‘trealed confidentially. A tueo-cent postage stamp should alwaya inclosed. Address all inquirica to the nancial Editor, Joae, 627 West 43d St., New York, giving full name and ezact street address. Anonymous communications will in no case be anawered. Filling Their Strong Boxes by Theodore Williams T Is ADMITTED by many, if not most, I of the leading brokerage houses in New York that the volume of stocks carried on margin has lately been un- usually small. Yet considerable busines has been transacted on the e This state of affa ignificant. It in- dicates a marked slowing down of specu- lation, but it also implies much outright purchase of securities to be held as in- vestments. It is said, for instance, that the number of United States Steel Cor- poration shareholders has been in- creasing. The same may be true as to other corporations. Neither dull sessions, fluctuations in prices, nor determined efforts to create distrust of sound issues have availed to terrify the level-headed investor. He is, to the limit of his ability, seizing upon the bargains. HESE continue numerous. Recent price changes have not greatly affected the average of the quotations, but every recession offers at least a slight advantage tothe buyer. The business situation does IF INTERESTED IN BUSINESS AND FINANCE, keep informed by reading the Bache Review, a ten minute weekly summary of the business and financial situation. It focuses and interprets currents of to-day and indicates their trend. Sent to business men for three months, without charge. L J. S. BACHE & CO. 42 Broadway New York City YOUR MONEY Keep it wisely invested, later it will keep you. Thousands of bond holders of a large Industrial Banking Institution have for the past 9 years received 10% yearly on their investments. Write for circular SB. WILLIAM H. HERBST 20 BroadjSt., N. Y. Estab. 1898 PARTIAL PAYMENTS The Best Way to Buy Good Securities | on Convenient Terms | Send for free Booklet L-25, which explains | our plan and terms. James M. Leopold & Co. Established 1884 | _ Members New York Stock Exchange 7 Wall Street New York | dividends since January, S.A Heghas \ Mister Monk—Horrors! Our lunch is full of ants! Miss Ant-eater—How perfectly delicious! not back up pessimistic views, even if it does not foster intense optimism. The s no galloping progress, only a quiet jog trot, which, however, is more to be relied on for the long run. Wild activities in business or in the stock market are liable to be followed by reaction and setbacks. The steady pace is the safer, as it is the more natural, and it is to be hoped that nothing will happen to unduly churn up the situation. If all goes on’ reasonably well confidence in the outlook must in- crease, with sure, if gradual, appreciation of security values. There are some clouds in the distance, but they are as yet only of the size of a man’s hand, and may never develop into breeders of storms. Wise statesmanship and shrewd business sense can avert trouble, and the country expects them to do so. If they succeed in this task, the present cheapness of the best classes of securities will before long become a thing of the past. Answers to Inquiries P., New York: Collateral Bankers Inc., 7 per cent. debentures are the issue of a successful loaning company and they appear to be an excellent business man’s in- vestment. The Tulsa Street Railway Company is not financially strong, and though its mortgage bonds may be secure, the bonds of a more prosperous concern would be preferable. I have no data concerning the progress made by the Missouri Joint Stock Land Bank of Kansas City. Such banks are in general doing fairly well. But the shares of some good New York financial institution cem more to be desired. The Consolidated Utilities Company is paying dividends, but is not a very sturdy concern, The pfd. may be fairly saf Cixctyxatt, 0: The Stevens-Duryea Company n the hands of receivers and to them you should apply information regarding the condition of its a -arborn Truck Company has not been very pro: id it scems to lack the strength to make head- inst_severe competition. The stocks of both ¢ organizations were distributed by a firm that not my confidence, and which has been known as a moter of more or less speculative issues. I do not see ho possible for you to dispose of your shares without considerable loss. F., Coenors, Pa.: 1 suffered deficits in 1920, ” any n Its outlook is regarded s improving but the stock is still a speculation. The company has some financial solidity. M., Brivcrrort, Coxx.: This department is em- ically not working against the savings banks, It reader to have a savings bank account in reasonable amount. Such an account often proves convenient and is worth while even at the prevailing interest paid. But every man and woman has a right to get the most for his or her savings, and hence first- class investment securities are recommended for pur- chase after a sufficient savings bank fund has been established. J., Prrtsacron, Pa.: I would not advise the average investor to put his money into Mexican bonds at this time. The recognition of Mexico by the United States has given a better standing to M s, but it still remains to be seen how successfully th cans will take care of their indebtedness. The bonds may some day become highly rated, but their future at present is not wholly certain. 26, Cincinnati Street Railway » Traction Company, which +6 per cent. on the capital stock. The C. > king a profit on its operations. The stock, he Ideal Tire & Rubber Company is no in liquidation, It was too weak to stand the competition of stronger companies. Whether it would do better if reorganized as proposed, is uncertai T would not advise you to send good money after bad. The L. R Steel enterpr ntly been put into the hands of receivers of them is poor. B., Pawr I do not consider the pfd. stock of the C ith Hotel Construction ¢ “a good im Although the corporati prospects have improved somewhat of late, its stock must be still highly speculative, as the hotel has not yet been built. F., Pi peLPHta, Pa.: The C icago Great Western ths of this year price of the bonds will depend on the amount of profi able business the company can secure, which is, of course not foreseeable. M., Saw Fraxctsco, Cat: Ido not advise purchase of the new Liberty National Bank’s stock. This con cern is one of the Durant promotions, of which there seem to be too many for safety. You can buy the stork of a sound, long-established and dividend paying New York city bank for about what it costs to buy Liberty Bank stock. The statement that the stock of the Libe Bank, whose future is still uncertain, will be worth $400 a share in the course of a year, is utterly unreliable. W., Danuixotos, Wis: ‘The Chicago & Alton 315 per cent. bonds are junior to the 3s, payment of intere on which by the receiver was lately ordered. Defaul’ on the next interest due on s has been foretold although the road’s earnings have been increasing. There has been talk of a reorganization, but the plan has not yet been determined o} B,, Panirsavra, N. “A most remarkable interpretation of the subject, professor, but how do you manage to keep it aloft without appearing to have a base for it to stand on?” “Very simple, my boy. on an assumption.” It is based comicbooks.com