Judge — May 3, 1924 — page 28: what you’re looking at

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

FINANCE AND INVESTMENTS “It seems to me you have developed the ideal investment for business men” 667 CANNOT afford to be worried by fluctuating investments— in fact, I haven’t time to watch the market. My entire attention is given to my business. Therefore, I wished to invest my surplus where I knew it would be safe, where I would get the largest possible return and in securities which did not fluctuate. The bonds I purchased from you have fulfilled these re- quirements in every way. It seems to me you have developed the ideal business man’s investment . . .” We have many letters like the one above (from the General Man- ager of a large corporation) indicat- ing a desire among business men to be freed from the trouble and worry of watching their investments to guard against loss. Seven per cent Adair Protected Bonds, each issue secured by a first mortgage upon a high grade income producing property (such as hotels, apartment houses and office buildings) in Southern cities, require no watching. They are non fluctuating and yield a high return. A record of 58 years in making first mortgage investments, without loss to a single investor, testifies to the safety of these \g ir Protected First_ Mortgage Real Estate Bonds fe booklet Send today for this free booklet, which will enable you to select your — investments with absolute safety. aos ADAIR REALTY & TRUST COMPANY Dept. 1-3, Healey Bldg., Atlanta, Ga. Gentlemen:— Please send me without charge or obligation your booklet, "How to Judge Southern Mort- Fel Est. 1865 YOU CAN BUY Good Securities in Small or Large Lots Partial Payments Ask for Booklet L-7 which explains our plan and terms James M. Leopold & Co. Members New York Stock Exchange 7 Wall Street Established 1884 New York A Time or Uncertainty by Theodore Williams HE securities market has of late one through a series of ups and | downs, with the net result of lower levels for most issues. Professionals—mainly depressors of values—have had the upper hand in the transactions and the public has been holding off except when a sudden drop has made certain shares highly inviting. The descent in quotations has in a number of instances been abrupt and considerable, but this was due to special influences. In the majority of cases the various issues were heavy rather than subject to drastic declin The cumula- tive effect of the recessions, however, showed large in some units. Business tidings, while not at all con- ducive to a boom, have not in themselves been a serious depressing factor. But | the hope expressed a few months ago by the optimistic that the paralysis of the Presidential year would be to a large extent escaped in 1924 has not been realized. Perhaps the industrial, com- mercial and financial outlook would have been brighter had not the scandals at Washington and the shilly-shallying over tax-reduction injected so much uncer- tainty into the political situation. The playing of politics has been so intense that it has had a bad psychological effect }on investors. Unless something happens to make it undoubted that we shall not have a decided change in the Federal administration there is likely to be hesi | taney in securities dealings. Nevertheless | the opinion stands that first-class whose values defy surface setbacks, on distinct falls in prices, prudently be bought, to be held for a better day. Answers to Inquiries XYZ, New York: Your investments in industrial preferred stocks, foreign bonds, industrial and utility estate bonds, Liberty Bond S. are re nd well diver: look for F Belgian bonds somewhat and it is unbelievable that the ever be repudiated. You menace of drastic anti-railn i lines as Union F al. American 3 Refining pid. bay of Stel Found ing dividends on Segar is oot. ‘The su struggle than Steel is a good business ‘oundries pid. vod rating, with th © Steel Fe an's purchase, The between A stock and B t A has voting power and B bas not. Each bas th dividend rate. B is usually g few points lower, but to most investors it is is good a purchase, Swift & Co, common is an 8 Jithere is no preferred. Among reason ably safe bonds with an i te of 6 per cent. or more are first mortgage real estate bonds, paying 6 per cent. to 7 per cent., handled by leading mortgage houses vertised in’ Junce; Bethlehem Steel Cities Service € Pub. Service Co. of N. 7s, 1941; Great Northern R. R. 7s, 1936. Your savings bank reserve seems relatively too large. Whether the best issues of stocks or bonds will yet sell higher or hases at this time and sure you require, dealt in on the exe as 6! rates s, Public ‘0. 7s, N.Y. C. & St. ntral deb 6: Northern 7s, N.Y, Tel, rel. 6s, Publie Service 7s and Pennsylvania R. R. 7s. You might well consider first-class first mortgage real estate bonds yielding 614 to 7 per cent. M., Brooxtrs, N. Y.: No statement is at hand of the operations of the but the concern is apparently not highly prosperous as yet. 26 The Duplex Motion Picture Industries se done litt ic beyond distribution of stock. ‘The appear b peculative B., Detrorr, Micu.: Prices of Willys Overland stock veer up and down with the general course of the warket The common stock is not at present attractive. Arrear: 23 per cent. on the preferred divid a return is tm: t be paid befor the common shares. It bas ber predicted that dividends will be resumed on the preferred this year, but that is not a certainty. The common stock inst now looks like a long pull. R., Masty, Lar Among railroad bonds which ¢ inations of S10 Erie gen. morty: series D, 1955, N.Y. Central conv. deb. 6: Norfolk & Western cons, mortgage 4s, 1996 Northern Pacific R. R. prior lien gold 4s, 1997; St. Loui & San Fran. prior lien series A 4s and B 5s, 1950; Seaboard Airline Ist and cons. 6s, series A 1946; Southern Pacific San Fran. Ter. Ist 4s, 1950; Virginian Railway Ist 5s Series A, 1952; Chesapeake & Ohio 5s, 1980. Industrial bonds which come in $100 pieces include Bethlehem Stee! Ist lien and ref. 5s, 1942; American Steel Foundries Ist sf 6s, 1935; U.S. Rubber Ist and ref 5s, 1997; N.Y Nirbrake Ist conv. 6s, 1928. Westinghouse Air and American Locomotive bave no funded debts. Baldwin Locomotive, Armour and Swift have no bonds in the de- ination of $100. ‘The bonds of the Armour Co. of ; nteed by the Armour Co. of Mlinoi pro found prediction that the price of stock would double within a year should be taken wit avy grains of salt. Until U. 52 Potash can show ability to earn dividends you had better shun its shares. H., Wangs, Mass: Possibly Invincible Oil may: some time’ sell bigher, but it is a non-dividend payer without bright pre ‘cts. Shell Union is more substantial but it i: quoted high enough for its dividend of $1 yearly. A switch frow both of these to General Motors common, under $15 and paying over 8 per cent. on market price looks prudent. G., Asuviute, N.Y: Barrington Oil is not of com- manding merit. Its March monthly dividend was cut from 1 per cent to 14 per cent. The stock, par $5, has got down to #2 bid, 83.50 asked, It is not an inviting Purchase, F., Farrreco, N.Y Corp. is still in Ith Financ: le advices ‘The Commonw but no very fav e lately: be concerning it preferred stock, par 8100, was recently quoted 817 bid, 820 asked. The common stock (no par value) $3.50 bid, 85 asked. ive. ‘The Ludlum Steel © 1921, but apparently is ‘The bond: wuld be preferable ted in Havang. It sin which Joba McC. Bowms ng spirit. These are all successful. Sevilla seem to be reasonably: sal Fs NEw York: D. W. Griffith, Ine., stock has reached a very speculative low level and there is no present indication that it bas much of a future, New Yous, April 26, 1924. Free Booklets for Investors Vor fifty-eight years ¢ vestment Adair R Building, Atlanta, has on income producin cities. Adair Prot uth’s oldest mortgage in Ity & Trust Comp: been distributing securities. b: pertics in growing Southern ve been purchased by vestorsall over the nd have been approved anks, insurance comp nl tru These yield as bigh as 7 per cent. An interesting book- I by the « How to J Southern Bonds,” en es. A letter Dept. F2 the writer to full de di ty Ad: Building, the booklet arding circulat men for three months with n tod. S. Buche & Co., members York Stock Exchange, $2 Broadway, New York. The advantages of using the partial payment. plan in buying good securities in small or large lots is fully ex plained! in booklet 1-7, issued by James M. Leopold & Co,, members of the New York Stock Exchange, 7 Wall street, New York, and est 1 188. The fact that the Ameri ie is induced to bu about 500,000,000. of que stocks every year makes it necessiry for the to have the best possible advice before purchases. ncial houses long established and of Mish s be consulted when there is doubt of _ ge inv How to Selec fe Bonds n & Co., Dey 16 W. Mu company has been in the bond ine years and embodies in, th ts long experience. 1 willl tor will find helpful usiness work the cot nd the booklet Bond & Mortgage first mortgage bond house, 205 Miller Buildi presents the attractions of Miller first. mortg: e bonds. These securities are non-fluctuating in price and in that respect worry free, are secured by in- Income producing properties and being influenced by the Plorida legal rate « : igh per cent Any person who will write to Miller Bond & Mortgage Co. can 1 this booklet together with a cireular describing aw good 7/2 per cent. first wortgage bond issue. comicbooks.com