Judge — August 7, 1926 — page 22: what you’re looking at

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

Subscribers to JupGe re 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 stam ped and addressed entelope should always be inclosed. Address all inquiries to the Financial Editor, JuvGE, 627 West 43d S New York, giving full name and exact street address. Anonymous communications will in no case be answered. A Steadier Pace by Theodore Williams HE comeback of the securities | market from its low for the year has been so orderly as to con- ceal much of the manipulation that no doubt has been going on. ‘There has been an appearance of natural- ness and normal The furor of reckless speculation has been absent, and the recoveries and further ad- vances have been most notable in issues of sterling character. In other words, stocks which are really worth something like the prices they bring have fared the best in the return upward. Traders seem to have been paying heed mainly to those intrinsic values which alone entitle corporation issues to good standing on the exchanges. For a time, at least, the relation between earnings, surpluses, dividends and outlooks, SHORT TERM 8% BONDS Maturities—2 to 8 years; Security—First mortgages on new,in- come-producing buildings; first lien on income; monthly advance pay- ments on interest and principal col- lected from the borrower by trustee; Trustee: Trust Company of Florida, operating under state banking super- vision; Record: No loss to any investor since this business was founded in 1909. Free Booklet: Mailed on request. First Mortgage Bonds at 8% $100 Bonds, $500 Bonds, $1000 Bonds Partial Payments Arranged Write to, ‘Trust CoMPANy or FLORIDA Paid-in Capital and Surplus *500.000 MIAMI, FLORIDA Name. Stree: City- and the current quotations has been closer than it often On_ that hangs the conclusion that wide- spread accurate knowledge of the underlying conditions would prove a wonderfully stabilizing influence in the market. Stocks would not rush up or down wildly on the strength of sensational rumors and mere guesses, but would pursue a fairly even course. Speculation would be no longer blind and irrational, but based on familiarity with the facts. Thus there would be a real_ stoc! market free from the pernicious gambling features that too frequently disturb and discredit it. As prices remount their high horses, cautious riding again becomes necessary. If former peak figures are seen in many cases to have been justified from an investment point of w, this does not furnish a reason for further and excessive ad- vances. Beyond present quotations. there should be no rises unwarranted by the fundamental statistics in each case. The state of business should be carefully and_ intelligently fol- lowed and no issue should be pur- chased by the average individual which is not sustained by profitable industrial or commercial activity. The leading old-timers in the stock market are more likely hereafter to sell on a moderate interest basis, and speculative chances may lie with the promising newcomers or the re- juvenated issues that are still low priced. Business in general is so flourishing that it assures an ex- cellent future for the investment The conservative investor will watch for recessions before he buys the higher priced stocks, and for favorable developments before he risks money on the less valuable ones. issu Answers to Inquiries W., New Yor Crrv: Missou ‘Texas preferred stock is paying 86 seems like an excellent There are arrears in divi be paid and in that nsas and ly and it 's purchase, may in time stock would be a There has been much road with others, If this Joccur the whole situation might be changed. Sy San Faanersco, Cau: Conti Can and’ Owens Bottle Com making f ey without any ly bright speculative prospects. Much fer and safer purchase than these stocks would be Standard Gas and Electric 8 per cent. pfd. paying $$ yearly on par (350) and selling at about Dau, N. Y. Eaton Axle & Spring Company's earnings so + have shown ase over those for the same ‘The company is ning its divi. gin and its outlook is y according to official as paid on A ny reports an improved business earnings, which excite expectations that it will in course of time be able to declare divi- dends. are, however, numerous stocks eturns which ble pur- Glidden’ Company's com- ubt sell higher than around idend se shrank use of th of uns on the ness. company’s president speaks opti mistic outlook for the next six months, but the latter part of the year is usually less profit: able to the oil and paint business than the months. As the compan: quarterly dividends since it resumed on common, this stock is not in the investment class, but is a semi-speculative business m: |, Povirxer, Vr: ‘The International Paper npany is the greatest producer of paper in the world, and is also about to become one of the lead- ing public utility corporations of this continent On the rivers flowing through its immense forest fee in Canada it is to elop a colossal hydro-electric enterprise which should. eventuall prove immensely profitable tricity to C. ments. 1 now tha man’s low a figure that y apart from the company's With two big strings to its bow, 's issues should some day materially increase Prout, Tu firming up of Missouri cific R. R.'preferred stock to. which you refer ion of divide de ilroad, ‘The latter is Missouri Pacific, which would profit from Texas Pacific disbursements. In that event dividends might be possible on’ Missouri Pacific preferred and nent of the arrears on th e pre- mulative and duce current payment Price te point whe would { ‘the. good speculations Mise: A prom ig that U.S. Ste common and a race for the $200 level prophet, but at this date you have a h: Motors si ‘nt banker nc e can't prove it. If wisome profit. on your General res it would, according to a rule in Wall stree nly be'safer to sell than to hold them. I nt positively advise you on that point. You will have to decide for yourself. L, Lovrsv K The late land bo in Florida occasioned the organization of numerous companies aiming to sell first mortgage real estate bonds based on property in that State. Authori- e statements have been m. ig to float should not be investigation. I know 1 mention, but it is s only a specu 1 and sea bought nothing about the ¢ plainly a new venture s Better invest in a per cent. first Southern prudently be invested lectric light and 's without compe! ‘The bonds are well secured and earnings are than twice the company's interest charges. The bonds were offered at a price to yield about Iut.: The forecast, that will have two “tops” this year was naturally based on the recent recovery of prices to the extent of about 75 per cent. What the exact second peak may be is a le ortant matter than whether it can be maintained. The question arises, will there be a second disastrous slump also this year? If so, the latest comers into the market will be the worst hurt. When prices become plainly infla will be time to get out of it pric Ma Owing to the high rn Products Refining Com- Nour Apaw of corn the comicbooks.com