Judge — January 22, 1927 — page 30: what you’re looking at

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

eey ST Mortgage Real Estate Bonds offered by The Milton Strauss Corporation are secured by first mortgage on in- | come producing property. The conservative value of the security behind | these bonds has been set | by a board of indepen- dent appraisers. Each current offering is independently Trusteed by a well-known Bank or Trust Company. They provide an ideal investment medium for the investor who de- mands the maximum of safety consistent with the highest yield. THE MILTON STRAUSS CORPORATION Under the Su; Department of the Banking the Seace of Michigan. First Mortgage Real Estate Bonds Penobscot Building Detroit, Mich. cvvenes * COUPON: Please send me descriptive cir culars of your current oflerings, ie Neme i Address City. $$$HSHS$HS$HSS$$SS$H are mighty good friends If the Judge Investment Bureau can give you any help in safely investing them, the pleasure is all ours. Address Investment Bureau Judge 627 West 43d Street, New York Investment Bureau Subseribers to June 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 envelope 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. Where We Stand by Theodore Williams N a single day of late December, 1926, a little over 600 stock issues were traded in on the New York Stock Exchange. Of these, 8, in that session, had ex- ceeded their previous 1926 peak, 13 had got back to it, and 150 were selling at only about 3 points or less below their highest. Many others were at moderate to rather large distances under their record height, but very few were quoted near their low for the year. The average of 50 selected stocks was 2 points or so short of peak. Such were the net price results of months of much activity and marked irregularity. In the incessant battle between bulls and bears the latter had scored no lasting triumph, and the former had prevented radical reversal of the character of the mar- ket. It had remained essentially a bull market, though with occasional stiff recessions that threatened com- plete reaction. “Although the public had not come in in large numbers and transactions were mainly profession- al, it seemed easy to secure con- structive support whenever the situa- tion tended toward a crisis. It was, on the whole, an excellent showing considering occasional dear money, profit-taking and extensive sales to establish income losses. So at the beginning of the New Year there was presented the spec- tacle of a protracted bull market re- taining not a little latent upward driving power, but practically in a balanced state, trending neither up nor down decid The forces at- tacking the equilibrium were unable, for the time being, to destroy it. Most indications pointed to a pros- perous year, in 1927, and assurance that business generally would at least hold its own, if it did not do better, gave the breakers of values pause. Industrial, commercial and financial Anonymous communications will in no case be answered. stability should, under normal con- ditions, furnish effective obstacles to widespread drastic declines in se- curities. It is apparently only by pushing up current prices to absurd levels through manipulation, that the bear- ish contingent can hope to reap a t this year from short selling. public has had plen- teous warnings to be on guard against maneuvers of the sort, and if it has been properly heedful these will fail. If the intelligence of the people shall keep them out of the traps of pool promoters, who may use good or poor stocks as a bait, we shall have no wild and ill-founded speculation. And if the course of business continues unimpaired we should have no serious breaks in the values of sound issues. Economic law is too strong to be thwarted. If profits of enterprises mount sig- nally their issues will deserve higher rating, otherwise not. And if earn- ings materially recede quotations should follow suit. A steadfast, orderly, natural and well-based se- curities market would be a boon to the country, and everybody con- cerned should strive to bring this about. Answers to Inquiries Bettame, O.: The International Combustion neering Corp. pays less on its stock than the market price warrants, but it is expanding, and if its plans work out well its shares may some day receive a higher return. ». Boone, La.: In view of their dividend records, American Locomotive common, Famous Players common, St. Louis & San Francisco common, Stude- baker common and Continental Motors stocks are entitled to be regarded as fairly conservative busi- all. make good Rubber common is not in their class, as their is no likelihood of a dividend on it for some time to come. C., Otyrnant, Pa.: Delaware & Hudson C 9 dividend yields a somewhat lower net on ma of stock than does the 89 divide: American Tel. & Tel. stock. Both thes high grade. Philadelphia & i ‘oul pays nothing to stockholders and is not in the investment independent Oil & Gas, with its 81 iaivs dend, makes a yield of only a little above 3 market price. Would you be satied Prrrssuran, Pa.: The preferred stocks of Metropolitan 5 to 50 cents Chain Stores ai Dayton Rubber Manufacturing Co. pay but the common shares do not. The pfd. fair purchases. The Di Giorgio Fi issues seem only 5] tiv .. New York Crrv: Erie Railroad prior lien ‘with that? comicbooks.com