Judge — November 10, 1923 — page 28: what you’re looking at

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

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 IF INTERESTED IN BUSINESS AND FINANCE, ig the Bache Review, a nd interprets lay and indicates their trend. ‘0 business men for three months, without 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 Broad St., N. Y. Estab. 1898 Investment Opportunities In its still depressed state, the market offers chances to far- that may not soon come again. The issues of many leading corporations—long established, seasoned dividend payers—are selling much below their intrinsic worth. No matter what r ave happened during the past few months in the stock market, the investment quality of these issues has not been impaired. ‘They can be prudently bought and at present low figures they rende arket price. Thi also bid able as speculations, for they prom seck higher, levels not many months hence. he Investment Bureau will gladly specify to inc uirers stocks and bonds that rable at this time. The Bureau takes the long view of the securities outlook and does not attempt to forecast day-by-day developments, or to advise as to quick turns. Its attitude is at all times conserv: Te aims to guide the investor tosound commitments and toeafeguard t undesirable promotions and danger of tresses the point that fluctuations able in any stock market, but that of less concern to the well- than the merit and the safety of the interested in. Its opinions in e: biased as the editor's judgme: are based strictly on the lable are commended that do not seem pi no issues are condemned unless the unworthy. It is a source of satisfaction to the Bureau that so many readers have expressed their appreciation of the information and advice which it has given Scores of subscribers have g cknowledge that they have been saved from serious losses by its warnings, while a host of others have been guided into making worth-while in these columns have often led inquire the path of disaster to that of safety subscription price of this paper is a sma matter compured with a possible loss or a pos gain of hundreds or thousands of dollars In this connection, attention is called to “ Free Booklets for Investors,” one of the features of this department, appearing in another column. There may be found the names and addresses of reputable houses which are ready to send to all applicants letters and circulars containing information which may be of much value to persons desiring to invest money to good advantage. securities ighted investors ir to be profi orthy, appear to be {THERE'S NO o 4 DouBT ABOUT! ITS BEING GENWINE LINE} WINTER FASHION NOTES Angora cat furs will predominate this season. INVESTMENT BUREAU Subscriber 78 to Jepar are entitled to an- wera to inquiries on financial questions, and in eme rgencica to ansvcr by iclegraph No charge is made for this service. communications are treated csyfietly. A tieo-cent inclosed. nancial E New York, atreet addr Addrei postage stamp should alays all inquiries to the tor, Jupar, 627 Weat 48d St., giving full name and ezact Anonymous communications will in no case be answered. Profits by $ A FACTOR with an important bear- ing on va securities, probable profits of business future enterprises are in financial circle ized that the commer many expect 1 quarters is considerabl and Stock Prices Theodore Williams the values of securities, the e now being much considered It is generally real- ivity in industrial and and But others ac it to increase forecast a decrease in the volume of trans- actions, or a unsatisfactory that the cost of materials and labor is over-inflated, meager and These argue t least only net returns. and that by rights products should sell higher, if there is to be proper compensation for the risks of capital and the burdens of management. and dealers, h Producers however, it is said, dare not put prices up for fear of starting a buyers’ boycott, and them down. they cannot afford to mark HILE there may be some truth in the gloomier view, it may turn out to have been ov erdrawn. The results may prove to be more mixed than is admitted by either side. through force of competition, may Certain corporations, have to cheapen their goods to so unprofitable a point that they must curtail di but others wi of profit by ales. Quanti idends, ll surmount low percentage pushing out for expanded ity production and rela- tively low profit have often gone hand in hand with larger actual total profits. The great pac king houses on a very slight margin per pound over the cost of their commodities have made huge sums be- cause of the enormous amounts they have handled. without readj expenses, to There are signs that there will be enough more bu ness before long, even ustment of wages and other insure maintenance of 26 dividends by most of the prominent cor- porations. While wages remain high buying by the great mass of the people will continue liberal, and the natural growth of business should do the rest. The outlook for prosperity seems at least bright enough to warrant purchase out- right of the better class of securities. Answers to Inquiries E., Sax Frawcisco, Cat: Purchase of Si y be considered “safe and wise ent, but takes a specula ched the dividend earni of the condi concern is at hand. ‘The stock was launched at 815 yx share, but a broker in New York now quotes it at 85.25 bid, 29.50 asked, Whether or not the quotation will again reach the initial price depends on how well the company will prosper. M., Aubaxy, N. ¥.: The Wickwire-Spencer Stecl Corporation reports having earned interest, pid. dividend and 810 on common in the first six months ot this year. Whether that pace will hold to the end of 1923 is not certain. While the outlook has improved, there is no likelihood of resumption soon of pfd. dividend, now 1s perc ars. The company needs to strengthen its working capital, and the question of recapitalization is being conside Great Northern R. R. pfd. stock position. The company has ha ning the dividend. Falling off in earnings, ars of a new issue of bonds, cau ‘a serious decline in the price of the shares. If the div dend were a sure thing the stock would a sound pur- ase, but if, as President Coolidge suggests, the freigh ¢ on grain is cut, the road will be financially injured Better defer buying the stock for the present. ‘The road's surplus figures at more than 126,000,000 or about 35 per share. Its working capital is something over $14,01 000. The N. Y. Airbrake Co. has no surplus. working capital exceeds 85,580,000. This per share on class A st Net earnings for seven months are reported at 87.48 per share for both classes of ck. Class A dividend seems secure, and that stock is a fair business man’s purchase. , Moroan City, La.: Your list of securities—Can. Pac. deb. 4s, Erie prior lien bonds, Lackawana Stee! 5s 65, I. C. R. stock and Del. & Hudson stock forms a pretty good investment scheme and I would not turb it at present. . Mass.: Among the safest invest- & Tel., Union Pac Amer. Waterworks Westinghouse Electric, nd first mortgage real ding Loan Asso. is a new legi d by a man stated to be CAMBRIDG ments at this ti Southern Pac., Electric Ist pfd 7 per cent. pfd. The U.S. Na enterpi distributed by G. L- Miller & Co of New York and by F. H. Smith & Co, of Washington have an excellent rating and are certainly “reasonably investments, NCER, Oil lease. selling companies have not a good standing in the industrial world. Their propositions are gambles, The promoters make so big profit by sales of leases that they do not worry if the wells they drill prove to be dry. They will not permit drilling operations greatly to deplete their receipts from credulous customers. . Capbo, TEX,: in pfd. has been ‘on common. The Atlantic Lobos Co. had a heavy wiping out its surplus. No dividend on id since 1921, and nothing was ever paid the company controls valuable properties a complete ind. and I group. But the depression in the oil it that the company’s large pos- sessions and high connections have not saved it from loss. comicbooks.com