Judge — September 19, 1925 — page 24: what you’re looking at

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

BONDS $100 to $1000 denom- inations. Secured by income-paying busi- ness property in Mi- ami, “The Concrete City.” Write for “8% anv Sarety” booklet—explains how conservative, independent apprais- als show security worth approximately twice the amount of loans, how bonds are un- derwritten and safeguard- ed, and all other impor- tant details. Investigate now this: sound first mortgaj bond in- vestment field while 8% remains the prevailing, le- gal interest rate. Use the coupon or write for book- let. References: All Miami Banks. THE Piner-CLeveLanp Co $300more income oneach$1,000 That is the difference between 6% and 8% on $1,000 invested in a 15-year bond. The amount of money safely invested each year in first mort; teal estate bonds amounts to hun of millions of dollars. The total invested by insur- ance companies, banks, trustees and tivate in viduals extends well into the illions. Some get 5%%, some get 6%, some get 7% and some-send their money t0 Florida and get 8%. varying ‘Write for’ - icivend men cee bos TRUST COMPANY OF FLORIDA Paid-in Capital and Surplus $500,000 |_216 Trust Co. of Fla. la. Bldg., Miami, Fla. | Trust Company of Florida, Miami, Florida | | Name. 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 New York Established 1884 ! i} [want to know Florida's 's five reasons for 8% and | Investmen t Subscribers to Supa are entitled to answers to inquiries on financial questions, and in emer- gencies to answer by telegraph.: No charge is made for this service. All communications are treated confidentially. A two-cent postage stamp should always be inclosed. Address all inquiries to the Financial Editor, JupGe, 627 West 43d St., New York, giving full name and exact street address. Anonymous communications will in no case be answered. A Variable Situation by Theodore Williams HE action of the securities mar- ] ket has not ceased to be vari- able. It still puzzles even ex- perienced financiers. There is plenty of movement, but men can only guess as to what the ultimate result will be. Bullish forecasts, based on apparent underlying strength and the real improvement in business as compared with a year ago, are met with the assertion that prices on the exchanges have discounted the coming prosperity, and that the tendency hereafter must be toward reaction. But the darker view found no con- firmation in a recent notable feature of the market. This was marked activity and advance in certain high- priced issues. The generality of investors had thought that these had already gained their peaks and were booked for a material fall rather than for a further rise. The statement that it was merely a rich man’s gamble is far from explaining the occurrence. It did, indeed, require more money to purchase and to speculate in stocks which were on a lofty value level, but the upward move was not built merely on empty air or unwarranted manipulation. In no instance was the issue con- cerned lacking in some intrinsic merit. Each had a great earning capacity, a present or prospective liberal return, and an outlook which indicated not only investment quality but also speculative possibilities. The buyers were too experienced and shrewd, or at least had too expert advisers, to risk their abundant funds on corporation certificates of a weak or doubtful character. Will that procedure be imitated in the case of the better class of lower priced issues? It is not certain that it will be in respect to all of these, but it doubtless will be in some instances if the development of earning power meets or exceeds expectations. Ob- servers are now not looking so much for the general trend up or down as for what stocks have to say for them- selves individually. There may bea partial bull market or a partial bear market at any time henceforth. The new issues are going to keep the pot boiling whatever happens to the old ones. A knowledge of the facts concern- ing any security and discrimination in buying are more needful than ever as time goes on, and as the list ex- pands and the number of traders in- creases. The small investor is not out of the running if he exercises care and makes sound selections. The low-priced dividend payers which promise to maintain disbursements and possibly increase them, and a few non-dividend payers are attractive and reasonably safe speculations, but it cannot be denied that there is a mass of issues which have risen beyond their real value and do not bid fair to get further upward. It will not do to buy haphazard and on unverified tips. Answers to Inquiries C., Lowet1, Mass.: Whenever a company into "difficulties, the best thing the stockhol _ can do is to get together. Individual stockholders are helpless in such cases. Your wiser course would be to join the Middle States Oil tion Sodkbolder* protective committee, your interests} as far as possible. The corporation's future is problematical and a reor- ganization appears to » PirtspuraH, Pa.: Standard Plate Glass comet, with no par value, has been selling around sa - It is po dividend cod paying a0 corporation is not financially trong, 5 The es are small and would ‘disappear if the $1,000,000 estimate of good will were removed from the balance sheet. Good will would bring but little in case of forced liquidation. The common stock is selling so low because of the company’s uncertain itlook.. ings are said to have lately been improving, but there is nothing as yet to give the stock either investment or speculation value. ‘There are a number of issues quoted at low figures and listed on the stock exchange. They: include American La France, Continental Motors, Miami Copper, Butte Copper & Zinc and Motherlode, all of which are paying dividends; er Motor, Ajax Rubber, Amer. Hide & Leather common and International Mercantile Marine common, which Pay no dividends. These stock’s prices vary slightly from time to to time, but there appear to be no pronounced lative poset for them at Present. lividend pa; the above list are ee cealb to the non-dividend payers, but stocks of stronger companies would be better still. W., New Zoek Gare The Strauss Anyesting Corp. i ie in aading aod its first mortgage estate ibe regarded as a safe and prudent Os 8 Cos, Conn.: The stocks of new mines are so highly speculative that they are poor pur- comicbooks.com