Judge — January 8, 1927 — page 28: what you’re looking at

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

Free Investment | Advice The JuDcE Investment Bureau is now answering questions for investors from half a dozen countries. Our friendly advice is given free to thousands. A stamped and addressed envelope brings you an answer which includes our best judgment on investment problems. Investment Bureau, Judge, 627 West 43d St., N. Y. Gentlemen—Kindly advise | me about the following : 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 toy ‘Taust CoMPANy or FLORIDA Paid-in Capital and Surplus $500,000 MIAMI, FLORIDA Name... Investment Bureau Subscribers to Juve 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 stamped and addressed entelope should always be inclosed. Address all inquiries to the Financial Editor, JuvcE, 627 West 43d St., New York, giving full name and exact street address. Anonymous communications will in no case be answered. Irregular Progress by Theodore Williams N the closing weeks of 1926 the securities market pursued a course of generally mild irregu- larity—withafew spectacular fluctua- tions. The “buying wave” and the “selling wave” predicted by opposing observers, proved to be only good- sized ripples. The underlying con- ditions were too strong to permit of serious depression by professional selling, and the movements of busi- ness too staid to warrant a sensa- tional general advance. As a net result, values, as shown by the aver- ages, worked their way upward and the bull market, on the whole, held its own, and in certain instances as- serted itself strikingly. The flood of increased and extra dividends, actually justified by the liberal earn- ings and large surpluses of various corporations, was in itself too power- ful a factor to be overcome by down- ward manipulations, and the out- look of business was too promising to foster pessimistic forecasts. Prices of worth-while stocks recovered much, if not all, their lost ground and several shot above their former peaks. The announcement of a 40 per cent. stock dividend on U. S. Steel com- mon indicated not only the strength and stability of the corporation, but also showed the managers’ entire confidence in the continuance of prosperity. While all this was encouraging to the constructive side, it was not a basis for wild expectations. The considerable recovery that took place did not seem likely to develop into a riot of speculation on the exchanges. The chances appeared to be against such a climax, in the near future at least. If business should slow down in 1927, as some conservative experts anticipate, there will be no sound pretext for a much further rise save in exceptional cases; and the same would be true if the existing situa- tion should just be maintained or should improve but slightly. Only strongly adverse or favorable hap- penings can now stimulate a big fall or a big rise. U. S. Steel’s melon- cutting, an important event, would have had a more potent effect on prices had it not been so largely dis- counted. Other melon-cuttings to come can scarcely be more effective. In such a state of affairs purchase of the best issues of stocks and bonds seems a reasonably safe pro- ceeding. Discrimination is always in order, for it is to an extent an insur- ance against possible loss. The higher class of securities presumably rose to their present level on their merit, and are therefore safer than the lower priced issues. It should not be overlooked, however, that some of the moderate priced ones may be progressing toward greater worth and may in time reach the front rank. Wide-awake investors will be on the lookout for these and buy them when the buying is still far from urgent. To discover and select these is not always easy, but study and patience along that line will be eventually well repaid. Answers to Inquiries R., Prrrspcrox, Pa.: Congoleum Nairn stock, which reached its low alter the dividend was passed, rose later on rumors that a strong company was acquiring its shares. But so far nothing seems to have developed from that direction to Con- goleum's benefit. The company’s officials state that earnings are unlikely to permit resumption of dividends within another year. If you hold any of the stock, a switch to a dividend payer would be desirable. Jordan Motor Co. earned only 81.84 per share in the 9 months ended September 30, 1926, compared with $4.05 in the same period of 1925. Its business is reported to be good, but it must be much better before dividends can be re- sumed. G., Gneenspono, N. C.: Kennecott Coppers stock yield on recent market price is over 8 per cent. it is one of the best coppers, though it has the speculative quality inherent iy all mining issues. ludson-Manhattan common yields a net of about 6 per cent. on current quotation, and the company is in a position to pile up larger profits as time goes on. American Steel Foundries has an excellent dividend record and purchase of its common stock is prudent. , Curcaco, Ixt..: For one with 825,000 to invest, the following stocks offer a sound and diversified list, each yielding 6 per cent. or more on market Price, and each being readily marketable: Union Pa- cific common, Crucible Steel pfd., American Steel Foundries pfd., American Sugar’ pfd., Duquesne Light pfd., International Paper pid.," West Penn comicbooks.com