1. finance
2. investing
3. stocks

INVEST
TO
HOW
WISELY
MONEY
BY
MOODY
JOHN
"how
AUTHOR,
TO
REPORTS,"
RAILROAD
ANALYZE
4"
f "
WALL
STREET
RAILROAD
INVESTING,
INVESTMENTS."
OF
MOODY'S
ETC.
PUBLISHED
Nassau
ART
EDITION
FIRST
35
ANALYSES
EDITOR,
MAGAZINE,
OFFICE
MOODY'S
"THE
OF
BY
MOODY
JOHN
Street,
-
1912
New
York
City
OF
o
ov\
s
Q.
7
'X
S
:i^
"
Mar
J
1917
i3
"
*"
?:.;""
^
:r
.
-tot
'T-"
f
i.
'
"e...ui"
n
HARVARD
lUNr^FRSITY
I
APR
1J^3^^
Copyright,
JOHN
All
Right*
1912,
MOODY
Reserved
by
PREFACE
In
the
investing
following
in
money
discussed.
An
the
enable
in
a
they
for
The
and
These
for
been
years
will
scope
be
by
individual
thousand
It
adopted
of
of
covered
a
small
only
in
based
with
recognized
of
of
outline.
5
has
his
in
financial
home
that
that
But
past
profit.
is
the
the
few
several
and
within
it
work
abroad.
and
kind,
for
investing
the
satisfaction
the
tions
institu-
and
within
this
on
writer
institutions
numerous
volume
is
practical
intelligently
have
plans
be
the
at
and
investors
course
is
study
both
wisely
diversified
under
book
bankers,
investors
individual
great
subjects
which
for
The
adopt.
careful
a
adviser
and
principles
money
can
making
thus
something
getting
presenting
little
Investing
been
analyst
an
this
of
plan
to
portant
im-
and
principles.
without
investor
Diversified
years
many
as
whole
of
ideas
the
is
and
this
treat
way,
investment
on
much,
too
he
of
books
most
to
concrete
that
for
outlined
are
made
and
statement
generalize
suggestions
been
feel
to
mere
with
weakness
has
methods
proper
securities
practical
a
investor
than
more
standard
attempt
subject
the
chapters
ited
lim-
subject
hoped
that
:liose
*hc
^he
who
this
read
subject further
method
these,
of
will
care
with
the
details
and
desire
of
idea
For
themselves.
statistical
further
operated,
with
elucidated,
investment
large
our
book
all
Note.
Street,
"
applying
such
as
analytical organization
regarding
which
will
is
nished
fur-
be
Moody,
John
Nassau
have
request.
upon
35
to
In
the
description
New
York.
back
pages
of
our
of
Investment
this
book
Service.
will
be
found
a
tailed
de-
Part
One:
I.
TABLE
OF
Diversifying
Investments:
Selection
of
Mistaken
Investment
III.
Unsound
Theories
IV.
Proper
II.
V.
VI.
the
Further
pages
Investments
11
Methods
17
21
Principles
Applying
CONTENTS
for
Diversifying
Investments...
Principles
Application
25
33
Sound
of
Principles
43
.
VII.
The
Part
Two:
VIII.
Factor
X.
Advantage
Profit
and
for
Investment
XII.
Plans
for
Investing
Classes
XIV.
Selected
Public
XV.
Railroad
Stocks
Typical
XVII.
Industrial
XVIII.
XIX.
XX.
XXI.
Public
Short
of
Investing
as
109
Investments
129
Stocks
Preferred
as
as
Stocks
Preferred
Investments
Investments
Stocks
as
139
145
155
Investments...
157
163
Investments
Alphabetical
99
Bonds
Utility
Industrial
in
81
87
Bonds
Stocks
Term
Sums
Sums
Preferred
Utility
75
Moderate
Larger
Railroad
Unlisted
Combined
Industrial
Some
59
Investments:
of
XIII.
Guaranteed
Possibilities
67
Plans
XVI.
49
Cycles
Distribution
Three:
Potential
of
XI.
Part
Bonds
Profit:
for
Investment
in
Maturity
Investing
Taking
IX.
of
Convertible
Bonds
167
174
Index
7
PART
DIVERSIFYING
ONE
INVESTMENTS
of
Selection
sound
THE
principle
investment
whose
thousand
dollars,
large
As
a
whose
general
thing
thoroughly
the
of
different
such
investors
principal
fund
per
cent
cases
their
$500,000
in
the
be
can
has
short
investors
such
impairing
Many
this
capital
pointed
been
period
out
(11)
ten
they
In
often
fact,
urally
nat-
the
in
adding
to
investment
an
ten
and
in
resulted
than
from
of
losses
when
where
years
tions
sec-
distribution,
at
rather
reduced
of
wide
at
number
principal.
has
and
eifort
facing
prosperity
on
selves
them-
an
over
effort
themselves
of
profits
by
employed
of
find
cipal
prin-
railroads
considerable
this
of
spite
periods
expect
a
millions.
confine
made
investments
the
their
of
have
among
the
to
issues
their
in
But
in
even
permanently
it.
cases
usually
would
method
some
and
country
endeavored
few
a
with
have
to
person
to
case
into
up
desire
bond
in
limited
the
for
the
of
true
fully
runs
investors
to
and
as
grade
spreading
issues.
just
have
higher
by
small
who
those
and
the
is
is
only
not
capital
safe
municipalities,
distribution
it
but
investor
to
is
capital
puzzle
a
ment
invest-
distributing
properly
been
This
years.
many
for
has
capital
Investments
this
twenty
to
has
hap-
How
12
when
pened
undue
no
where
course,
by investing
his
dangers
of
directed
has
the
to
bonds
the
of
doubtful
a
surface
indulged
add
to
of
stocks
eifort
entire
his
principal
in
that
Of
conditions
such
has
he
and
stocks
any
it
speculative nature,
quite surprising
in.
income
his
investment
or
no
his
to
certain
when
and
speculative
in
under
conservation
avoided
consistently
been
principal
But
enough.
apparent
been
has
loss
taken
been
attempts
of
part
a
the
bonds,
seem
have
risks
investor
an
Wisely
Money
speculation whatever
ordinary
or
Invest
to
or
seems
on
should
losses
be
incurred.
when
But
is limited
only
in
loss
principal
two
five
to
possible
the
of
this
risk
kind
capital
return
been
and
pay
until
the
which
for
the
is the
no
has
which
with
who
following:
to
value
have
in
the
greatest
and
avoiding
found
himself
loss
a
from
of
ering
recov-
risks.
does
"Think
the
back
of
of
the
them
or
wish
your
has
ments
invest-
your
a
to
interest
investment
other
the
as
first of
Confine
of
not
amount
railroads
back
from
generally regarded
investor
of
known
possibilityof
no
demonstrated.
first mortgages
undertakings
is
attention
intrinsic
thoroughly
to
safely
fined
con-
danger
capital of
a
by taking unreasonable
advice
principal
with
the
exerting
years
and
cent
per
that
I have
with
money
three
or
conservative
his
his
placing
except
of
investor
capital
usually
are
greater.
dollars, after
two
loss
far
an
whose
find
we
speculative proposition,
forty
to
The
a
of
end
twenty
most
in
care
investor
securities
issues,
even
where
thousand
kind
every
three
is
small
whose
and
or
instances
many
at
two
the
to
in amount,
to
of
turn
we
successful
heavy
earning
and
on
series
of
power
long
select
Selection
of
which
interest
least
at
years
American
prosperous
whatever
has
three
which
bonds
municipal
doubt
the
cities
an
investor
which
credit
of
is
there
maintenance
permanent
a
Or,
over.
the
by
about
for
earned
times
backed
and
a
been
four
or
are
of
13
Investments
of
no
high
cre4it."
Now
suppose
on
the
foregoing
advice
of
his
principal
into
acted
half
Southern
Railroad
York
City 4%
have
found
that
which
stood
had
back
with
them
of
the
earnings
the
bonds
of
such
at
of
sense
to
have
he
nothing
was
They
of
years
interest
The
became
property
series
the
over.
bonds
extent.
in railroad
long
into
would
These
fullest
Eastern
states,
as
on
issue
was
bank
savings
a
practically
was
half
1902
3^s.
put
Michigan
other
cover
other
its
of
the
where
this
City
United
in the
in
and
secure
this
would
ten
nothing
municipal
and
unsurpassed
was
seemed
States
advice
he
bonds,
selected
obligations
would
bonds,
City 4%
been
York
of
followed
railroad
York
of New
those
But
he
New
could
strength
it
and
word
to
"
there
a
times
that
York
the
for
and
as
a
bond.
for
credit
and
dozen
a
year
the
to
sufficient
standing
in New
government
type
half
the
equity
power,
least
the
Shore
enormous
been
Shore
and
$20,000
1902
year
bonds
Lake
security
had
high
investment
As
an
earning
great
every
of
test
In
railroad
than
higher
the
answered
Lake
bonds.
among
capital of
a
in the
bonds
3^4%
New
with
quite equal
find
higher
field. The
the
general
in
security
Government.
investor
years
of
find
ago?
that
his
himself
In
the
today
case
principal
of
had
had
the
de-
14
How
than
preciated
more
the
Shore
Lake
the
In
latter
this
during
to
the
entire
In
bonds
sold
the
this
case
the
Shore
"
of
110
112.
and
86
at
and
been
had
they
years
1902
year
high figures at the
quite
beginning
past
has
credit
of
New
in
$20,000
his
on
a
time
of
these
capital
bond
like
this
are
of
has
Lake
greatly
safety
standing
maintained
enormously
creased
in-
3}^%
the
on
The
is
property
of the
power
been
also
of
back
maintained
fully
year.
has
into
loss.
facts
being
the
in
the
Lake
cash
1902
and
and
greater
able
Shore
that
the
s
himself
will
accepting
back
of
able
a
the
finally be
mature,
be
with
loss
part
a
bonds
he
put
$17,500
this
get
354
life would
without
find
would
to
had
who
less than
to
hence, when
man's
investor
it is true
While
years
during the
of
margin
contracted
of
lifetime.
part
been
Railroad
securities
hope
investment
today
strength
or
earning
every
City
these
his
this
These
forever.
1902, but
over
before.
eighty
recovered
the
and
York
apparent
within
has
Southern
spite of
today with
in
The
almost
ever
into
110
equity
issues
valuation
than
But
the
years.
1902
grown
assessed
today
ten
gone
that
par.
cases
these
find
would
had
above
is somewhat
bonds
City
investor
below
Michigan
bonds
no
the
quoted
were
York
the
well
these
since
at
ten
principal
steadily
both
during
loss
of
New
his
of
principal of
no
they
the
from
considerably
quoted
the
1912
period
In
cent.
steadily between
sold
of
cent
per
the
per
of
part
record
similar.
In
twenty
Wisely
decade.
The
ten
Money
3^s
steadily declining
of
Invest
very
to
yet
turn
large
iOH
Selection
It
safe
will
thus
investment
work
safe
different
out
in
be
that
seen
of
capital,
In
practice.
investment
lines
of
of
from
funds
that
15
Investments
the
as
fact,
principle
mentioned
be
which
is
for
does
above,
sound
any
must
outlined
planned
ordinarily
method
for
on
stated.
the
not
the
entirely
J^-^p^^w^
n
Mistaken
IT
has
than
money
large
and
hundred
who
in
saying
this I do
to
the
who
institution
may
of
principal,combined
to
6%
the
on
not
confront
go
far
actively at
work
to
the
with
gently
intelli-
of return,
show
seriously
speculator, nor
"a
little more
the
to
a
you
man,
than
even
the
or
woman
genuine safety
interest yield of
from
4%
capital.
adherence
enough
in
cial
spe-
principal. And
satisfied with
an
and
losing or
interest and
which, while
tiie average
I will
of
this
intelligently
rates
seeks
be well
and
yield normal
danger
of
without
safely
exclusively
loss is the
truth
it
keep
in the first chapter,
investingmoney,
does
to
who
invested
I intimated
investment
and
refer
not
return," but
safely
make
to
investors,
of
the
to
principal,and
"semi-investor"
average
Thousands
can
part of both
least
in
his
easier
investor, who,
in constant
are
a
basis
a
on
it is far
attest
an
$100,000,
or
riskingat
As
it.
me
jeopardize
not
save
experience,
expert
invested,
and
that
small, will
show
$50,000
invest
to
and
For
axiom.
said
been
often
Methods
Investment
to
person
to
of the
The
causes
of
crude
principle
enough
in itself,
pitfallswhich
many
wishes
good securities.
(17)
some
sound
offset the
who
one
to
set
most
his money
conspicu-
18
How
of
ous
those
that
investment
"crude"
as
far
so
show
To
itself
by
the
investment
bonds
low
value
in the
$100,000.
is
1902,
ten
terms
as
is
the
end
concerned,
nothing
much
this, the
attempt
investor.
start
very
a
the
at
at
diversification.
Not
only
heavy
lower),
loss
in
the
cases),
ordinary
applied
on
to
a
this
date
of
the
cost
of
cost,
the
the
value
the
1909, and
has
has
but
in present
is confined
of
most
could
be
better;
of
the
And
been
And
the
yet,
holder
capital
there
as
been
the
value.
than
to
the
the
from
make
actually
the
an
example
would
At
at
case
further
low
which
has
are
every
unsatisfactory
yield
cipal
prin-
lots, showing
small
most
the
strongest
issues, and
in
were
beginning.
savings
security of
as
assets
entirely
them
in the
one
(disregarding amortization,
much
of
show
yield
far
in very
is distributed
outcome
As
every
sum
the
shows,
if taken
as
I
presented
these
decade,
than
greater
of
back
the
of
theory
of
all recommended
and
issues.
assets
curity,
se-
included
assumed
ago.
issues,
"seasoned"
enormous
The
value
here
railroad
investments,
equal
1912.
scheme
banks
bare
time, the
high
May,
investment
for
be
should
example
years
that
1907, the
of
of
stocks
theory
legal
bonds,
investment,
about
in
the
on
in thousands
concrete
a
at
this
taken
so
of
"high grade"
to
of
it is
19
selected
nate
desig-
would
scheme.
(and
month
The
high grade
"conservative"
sum
the
few
unsoundness
page
on
of
capital
first mortgage
principal is concerned,
as
alone
I present
method
a
I
is based
or
investment
sound
a
Wisely
which
one
only "high grade
and
Money
principles which
is that
savings banks,"
in
Invest
to
low
it
suffered
prices
How
20
1907
of
(the
of
best
$11,350,
or
The
his
his
a
basket
that
have
would
In
sane
all
to
of
tied
the
the
of
his
to
has
or
of
loss
a
high
one
which
should
lots,
his
But
basket
one
and
ing
spread-
was
basket.
is
and
spreading
small
one
still
and
so
into
capital
seasoned
the
shall
all
put
in
he
in
were
string,
grade
essentially
I
in
of
but
times,
that
out
eggs
invested
man
modem
country,
eggs
have
well
program.
for
supposed
his
all
fact,
been
principles
investment
(the
$5,450
of
this
companies,
parts
keeping
as
which
on
He
chapters
future
real
and
just
issue
bond
theory
many
was
might
He
he
prices
1909
of
loss
a
tion
deprecia-
a
prices
had
still
inadequate
among
of
matter
the
unsound.
it
risk
high
present
only
not
and
diversifying
as
that
is
principal
his
showed
11H%.
is
unscientific
the
he
at
Wisely
principal
at
;
panic)
while
truth
money
his
18%
the
since,
Money
year)
or
5y2%;
over
the
panic
$16,600
seen
Invest
to
one
result
the
class;
tied.
same.
to
attempt
be
point
adopted
out
in
some
a
safe
of
and
K^np^i^^^^iPW^^
m
Theories
Unsound
pointed
AS
out
the
on
investment
in
for
With
unsound.
business
quarter
enterprise
broadened
careful
only half
dozen
a
there
are
basis
be
has
only
not
railroad
issues
for
and
safe
The
high
such.
of
with
issues
issues
and
not
only
of
fields
his
steam
real
and
estate
Towns,
the
undertakings
but
every
(21)
on
have
mortgages),
and
still
But
more
days,
nowa-
municipal and
fields
new
ence.
into exist-
come
enterprise into
type
day
to-
tory
satisfac-
a
entirely
consolidation
of
with
earlier days,
railroads.
manufacturing
which
States, carefully
the field for government,
of
in
funds,
In those
of the United
of
cated.
compli-
security issues,
safety,
vastly broadened,
change
has
few
class
profitable investment
forms,
industrial
but
of States, Cities and
selected
past
immeasurably
were
yield (outside
of
bonds
carefully
of
invested
the
safely place
dozens
in Government
selected
could
types
many
could
money
only
investor
changes
during
investment
become
in 1885, there
Where,
the
has
vastly, but
tific
unscien-
unusual
industry
for
is not
times, but
and
of
theory
shown
example
rapid
and
the
pages,
modern
the
field
the
century
in the
followed
only inadequate
and
previous
into
has
porate
cor-
units
of
enlarged
the
vast
22
How
investment
field within
billions
ten
The
of
and
of
the
danger
in
natural
water
opened
which
within
of
the
past
existence
a
throughout
to
in the
years,
and
come
these
lelection
times.
the
enlarged size and
and
to
be
and
banks,
classed
ble
remarkainto
safety
of
and
wealth
constantly
tributed
con-
institutions
insurance,
and
gaged
en-
many
ccnnpanies, safe
trust
within
and
strong
among
And
brought
of
stabilityfor
banking
State
has
has
ital
cap-
consolidation
organizations have,
insurance
of
ago.
increase
continent
of
investment
issues
steady
all
"
toward
security
American
business
cities;
our
lines, including the
of
have
recent
desirable
issues.
investment
It is
the
National
of
deposit
class
new
in commercial
in
business,
of
possibilities of
generation
a
pansion
ex-
up
population which
trend
order
Furthermore,
promise.
stocks
mail
mously
enor-
and
opening
growth
safe
of
in many
the
the
the
without
growth
the
utilities
the
years,
retail businesses
of
for
dreamed
ten
the
in
of
values
not
were
;
work
to
the
in
increases
avenues
new
growth
of
the
set
telephone;
field
the
The
yield.
supply
light, with
broadened
increases
water
oil ; the
and
gas
the
the
and
steadily raised
have
of
use
alone.
takings
public utilityunder-
safely be
or
ably
prob-
direction
and
great
also
principal
resources;
of
use
the
power
has
of
extent
one
power
the
of
capital can
either
to
this
electrical
country,
in which
in
the
to
years
dollars
expansion
Wisely
Money
recent
of
development
growth
Invest
to
probably largely
investment
one
of
the
very
multiplicity
possibilitiesthat the problem
of investments
No
because
but
has
he
who
become
has
so
made
of
safe
difficult in modem
a
careful
study.
Theories
Unsound
of
merely
not
conditions,
the
issues
pitfalls
the
are
be
be
can
with
and
stalks
in
facts
at
pick
the
hand
his
He
his
industrial
but
he
type
good
ease
which
H
he
fare
may
well
of
the
adhere
to
existence
the
theory
to
stick
as
municipals, governments,
exclusively
railroads,
undeniable
his
conserve
least
rich
not
investment
mature
the
and
a
man,
fair
he
to
of
the
to
fields.
fact
full
return
cannot
that
But
the
principal
on
his
aflFord
that
and
stocks.
he
He
can
lose
can
buy
all in this
trust
of
same
company
than
weak
it is still the
line
the
where
anybad
or
vestors
in-
wisest
plan
such
investments,
underlying
into
go
the
bonds
of
less
and
new
against this theory stands
investor
at
capital.
to
lose
pitfalls,many
many
old
and
attempt
also
ones.
so
few
for
or
worse
plenty
are,
handsomely;
or
do
may
good
as
his
bank
find
also
can
as
he
or
can
to
safely
which
him
lose
to
the
not
can
field.
pay
in for
goes
well
he
bonds
will
opportunity
full
one
issues, and
same
can
experience
bonds
trolley
all
danger
has
he
gold,"
as
in this
has
Because
lines
great
else; and
municipal
trolley
railroad
security.
stocks, he
while
worthless
investments
also
of
"as
Thus,
the
For
that
the
select
to
among
who
possess
on
general
money
remains
person
"seasoned"
with
money
the
not
secured
purposes,
select
can
for
while,
above,
to
fact
the chaff.
by buying
money
the
of
safety.
and
referred
does
from
issues
practical
all
who
or
wheat
bond
select
direction
every
of
dangerous;
discriniinatinglyplaced,
also
qualified
as
assurance
enterprise
of
regarded
entire
many
classes
but
particular investments,
business
best
23
allow
must
the
time
same
Unless
all his
to
attempt
he
be
get
a
capital
at
very
to
be
24
How
in
concentrated
cent,
him
return
of
high
but
to
up
secure
railroad
there
But
is
afford
cannot
of
issues
still
a
to
of
over
this
large
a
order
he
3%
4%
to
will
tion
proporhis
bring
to
plane,
hope
cannot
in
cent
per
indeed.
who
As
New
himself
in
today.
If
rentes,
the
or
municipality
have
back
matter
sold
how
years
this
If
the
they
he
had
would
value
have
of
have
74
at
his
ings
hold-
be
he
would
road
rail-
underlying
earning
vast
better.
no
him
cost
issues
facing
capital.
strong
or
quoted
are
French
consols,
; Illinois
selected
today
his
with
done
would
now
and
he
ago,
continent,
selected
selling
are
96;
he
would
consols
carefully
in
he
ments
invest-
years
government
equities
enormous
at
English
had
he
held
chapter,
six
or
ernments,
gov-
when
first
the
position
other
any
be
they
prove,
five
strong
any
or
them,
ago,
bonds
bought
same.
bonds
same
1899,
of
English
ago,
the
bonds
of
in
unenviable
had
ty
securi-
unsatisfactory
out
City
very
with
often
very
pointed
he
the
bonds,
years
a
on
fared
I
York
bought
finds
time,
of
whether
bonds,
he
why
in
capital entirely
railroads,
or
this
than
reason
his
Such
type.
periods
long
over
stronger
concentrate
municipals
few
in
per
event.
any
in
selects
higher
yield
average
he
bonds
moderately
a
an
If
3
to
which
bonds,
municipal
more.
2
yielding
issues,
grade
little
Wisely
Money
government
underlying
income
to
in
nor
Invest
to
a
Ten
98;
Central
at
of
pacities
ca-
75.
this
serious
type
day
to-
3s,
No
a
preciation
de-
IV
Proper
IN
ideas
in
sorrow
and
which
There
is
find
we
A
than
stock
a
a
and
fixed
or
no
prior
him
by
that
in
railroad
claim
on
line
far
and
issue
from
mere
holder
as
in
of
who
holds
common
which
is
not
a
This
(25)
line
will
not
better
mortgage
is
simply
better
any
the
value
bond
itself
of
in
than
a
is
entitled
legally
and
stock.
a
and
security
stock
tion.
obliga-
as
that
is
such
bond
a
de-
of
division
strength
fact
the
across
secure
thereof
mortgage,
income.
placing
necessarily
superior
position
a
running
superficial
always
the
the
when
This
sometimes
the
on
one
it
are
return
put
occupied
is
nor
issues,
bond
many
mortgage,
to
;
ciples
prin-
issues.
stock
a
some
investment
recognize
any
is not
se,
issues
stock
Many
to
per
submit
investments.
follow
not
their
to
fundamental
some
divisional
distinguishes
bond
down
stock
corporate
does
followed
scientific
should
and
bond
distinct
of
markation
as
in
a
field
entire
investors
all
capital
lay
taken
mis-
tion,
distribu-
now
regarding
to
try
have
shall
I
the
out
investment
proper
times.
suggestions
distribution
pointing
investors
many
modern
constructive
been
regarding
so
Investments
Diversifying
have
I
chapters
recent
which
their
for
Principles
sarily
neces-
that
tion
corpora-
which
another
has
way
a
26
How
of
V
that, after
saying
the
capacity of
which
sense
is
industrial
P
is
which
income
or
stock
on
earning
and
the
ing
producon
road
rail-
a
is not
money
1.
Securities,
different
of
in
classes
two
the
in
any
railroad
a
paying
or
good
a
securities
them
dividing
in
into
briefly defined
are
investment
values
relation
two
follows
as
which
of
great
are
:
be-
influences of fluctuating earning power;
the
above
no
common
results
power,
fhese
or
or
of
stock.
classes,
yond
a
position
relative
earning
to
as
back
first mortgage
A
little
earning
that
on
The
earning power
corporation
dividend
element
real
property.
desirable
so
all, the
is the
security
average
Wisely
Money
Invest
to
and
2.
the
Securities,
values
in
affected by changes
the
Among
of
railroad
the
of
systems
interest
which
that
former
has
issues
bond
Central, the
also
does
are
grade
stocks.
New
of
secured
on
"
to
in many
cases
bonds
seasoned
Guaranteed
Lackawanna
which
regarding
Such
hold
and
issues
"
in
as
this
and
back
such
the
cally
practi-
higher
like
Morris
of
Illinois
roads
rail-
some
class, although
Guaranteed
the
size
many
the
of
general
Western
years
Burlington, the
the
true.
same
bonds
of
are
issues
stock
the
of
Pennsylvania,
regarded
in
over,
are
issue.
the
Preferred
be
times
arise
the
long period
Northwestern,
generally
not
York,
could
security
etc.
also
are
this
doubt
sively
exclu-
underlying
as
a
many
equities
vast
Chicago
Shore,
Lake
over
earned
are
possible
no
complete
the
been
there
issues
which,
on
cUmost
are
earning power.
such
are
which
of
class
grade
"
stocks
high
preferred
Essex
stock,
as
and
stock.
Pitts-
28
How
before, when
years
and
The
paying
happened
this
the
to
reach
them.
The
very
drastic
have
been
class
mentioned
specific
Erie
in
one
in
1909
to
the
its
or
the
the
per
a
then
cent
1908
that
the
those
value,
a
not
first
not
on
tion
condi-
financial
rate
money
of
on
the
is
railroad
income,
that
$5,000
issue?
bond
in net
per
no
mile
is
$4,000
receipts
ment
instru-
legal
no
bond
if
value
is
property
not
an
average
of
the
property
has
immediate
sense
but
a
the
on
is the
the
on
earning
the
If
is in
of
grade"
"grade"
course;
issue
bond
that
the
decline
results
a
"high
give
can
bankrupt.
went
phraseology
of
declined
never
other
any
several
this ^company
between
phrases
net, and
have
Lake
"
for
of
company
meaning,
income
hands
and
of
The
and
given
on
much
interest
per
in
the
Wheeling
bonds
demarkation
of
the
mile
first claim
be, how
fact
sounding
high
If
$5,000
in
than
place
position in
secure.
division
indicated.
its
has
lore
line
have
we
in
general
receivers'
in
Erie
called, and
so
never
could
are
or
The
case.
been
Lake
true
issues,
20
has
response
The
extreme
the
higher
sold
could
their
the
on
these
reorganized
they
earnings
but
of
mortgages
for
depend
Railroad,
more
a
but
and
have
exclusively.
Railroad
years,
been
Consequently,
affecting the
Erie
take
To
have
plus
sur-
stock.
may
back
troubles
yet these
and
what
equity
that
might
above,
almost
factor
Erie
disturbed.
the
of
the
large
a
preferred
matter
no
heavy
so
fashion,
factors
its first
on
system,
was
reporting
was
that,
was
Erie
particular issues
road
dividend
a
for
reason
the
Wisely
Money
Invest
to
question will
required
per
mile
meet
to
is
so
quired,
re-
"high grade ;" for
would
wipe
out
a
all the
Proper
margin
mile, then
influence
of
fall
in
any
great
affect
value
sufficient
field than
broader
called.
so
for
been
has
which
responsive
securities
without
investments
It is not
get the benefit
equities
which
of
the
limited
he
and
no
has
yet
only
paid the
whatever
chance
values
not
interest
of
the
secure,
must
include
issues
power.
The
in
merely
rates-
rectly
di-
more
are
as
latter
speculative bonds
other
and
to
;
if the
bond
prevailing
of
he
future
if
is
the
in
ordinary
an
is
benefit
the
merely
bond
the
pire
trans-
of
he
it, then
has
speculating.
a
seasoned
there
expansion
low
curities
se-
expansion
bond
from
is
stocks
ing
grow-
types
thoroughly
for
rate
or
it is necessary
But
in
extent
buys
and
power
potential interest
he
speculation.
properties, which
time.
some
of
dividend-paying
earning
of
selection
buy
improving
of
type
to
doubtful
sues,"
is-
grade
current
sound
a
cover
not
the
to
sound
any
man
a
property;
then
to
field
a
If
property.
results
"high
such
also
lengths of
have
go
the
invest
to
to
into
in railroads
should
he
that
merely
included
and
reasonable
over
that
of
have
going
for
necessary
non-dividend-paying
to
the
of
earning
easily be
can
cent
position
funds
brief, it should
to
the
per
bad
of
investment
of
credit, but
and
money
its
indicate
to
primarily responsive
are
50
a
would
period
said
that
In
$4,000
are
issue.
distribution
rational
road
fact, the
this
even
jeopardize
not
interest
entirely beyond
and
unheard-of
of
earnings
net
earnings,
In
almost
the
is removed
would
extent.
the
issues
bond
changing
an
But
and
the
29
Investments
required for
amount
and
less
or
receipts
net
through
a
mile
per
Diversifying
if the
But
safety.
of
is $400
per
for
Principles*
grade
is
in
and
If, how-
30
How
he
ever,
make
can
in
participate
^
some
on
value
it will
also
grow.
the
or
of
industry
himself
that
for
investor
an
Toledo,
or
in
or
the
them
and
as
decade,
in
there
fluctuate
the
logical
The
same
which
should
inccxne
equities
enormous
the
earning
equities
and
improves
power
and
growing
of
income
such
1908,
at
"
such
that
ern
West-
stocks
as
rise
too
and
they
stock
looked
and
extent
speculation,
manency
per-
in
mistake
no
While
stocks.
of
periods
and
Pacific
payers
been
wise
been
preferred
considerable
to
have
be
can
Nashville, Norfolk
"
Pacific
this
have
reasonable
as
Missouri
in
confines
principal
of
self
him-
conditions
stocks
not
dividend
would
Southern
just
for
put
if he
grade
Western
were
Louisville
during
high
bought
"
Louis
is
It would
have
to
buying
latter
high
of
to
changing
It
alone.
tral
Cen-
records
able
than
the
at
Illinois
long
be
may
market,
bonds.
they
but
"cheap,"
time
St.
because
merely
have
the
and
purchases,
the
rectly
di-
profits of
and
like
seeking security
income
of
which
investment
he
meet
to
selections
high grade
as
he
money
issues
intelligent
made
of
the
bond
to
If
which
position
in
and
his
of
dividends,
stronger
a
securities
business
railroads
Pennsylvania,
steady payment
in
the
as
of
of
increasing earnings, either
the
periods, stocks
proper
in
way
Wisely
selections
grow,
company
income
Money
careful
indirectly, then
or
the
Invest
to
back
have
earning
power,
decade
from
to
improve
stocks
ratio.
principle applies
are
during
into
convertible
Norfolk
the
"
next
to
Western
ten
years
the
selection
stocks.
Railway
in
even
of
sues
is-
example,
For
increase
half
bond
as
its net
great
a
ratio
as
it has
stock
of
the
Louisville
the
the
the
bond
per
cent
Of
would
maintain
in
course,
the
throwing
that
issues
in
to
be
the
it is that
vertible
con-
borhood
neigh-
same
retired
If,
on
stock
the
other
earning
as
or
the
power,
fixed
a
4
of
the
the
funds.
Thus,
in
location
systems
are
industry
"
Norfolk
Michigan
for
dependent
for
their
be
the
upon
and
purposes,
stability
and
investor
places
his
regard
"
are
in
roads
the
a
road
rail-
like
the
Kanawha
"
preponderant
soft
profits;
graphical
geo-
special types
Ohio,
to
the
to
Many
upon
Thus,
sues
is-
railroad
to
roads.
Qiesapeake
conditions
of
due
different
Valley
is that
himself
give
success.
Hocking
is not
in mind
borne
primarily dependent
Western,
and
to
the
their
comes
bond
investment
should
of
sively.
exclu-
selection
of
convertible
confining
investor
alone, the
question
in which
company
market
money
field
the
outside
go
vestment
in-
are.
matters
even
we
the
to
for
stocks
vital
as
the
into
enter
have
I
suggestions,
factors
Every
way.
common
of
extent
where
the
case
into
convert
these
the
desirable
as
location
of
were
value
soon
as
respond
strongest
few
One
they
original
other
just
here
classed
very
the
its
out
many
which
And
in
its
higher
investment.
problem
of
in
a
increase
fail to
should
sell
income.
common
selling
such
time
increased
of
be
31
much
a
In
before
any
the
years,
might
would
at
system
forgotten
not
could
Investments
paying
does.
now
bonds
benefit
get the
be
and
pays
stock, and
holder
the
hand,
now
cent
per
as
and
it
ten
past
probably
Nashville
"
4
will
road
Diversifying
the
during
than
dividend
called
for
Principles
Proper
coal
others,
try
indussuch
How
32
St.
as
depend
in
the
to
"
business;
while
industrial
upon
earnings
This
Philadelphia,
upon
operating
in
the
conditions
in
that
however,
discussion,
distribution
field.
and
largely
York
New
passenger
Southern
states
for
section
their
dividends.
and
full
roads
rely
ton
Burlingconditions
Haven,
New
Island,
Long
and
agricultural
like
Washington
Baltimore
Pacific
upon
others,
Lackawanna,
depend
Northern
extent
still
West;
Central,
A
large
Wisely
Money
Island,
Rock
Paul,
Invest
to
is
takes
touched
us
upon
of
entirely
in
the
the
of
question
outside
following
of
the
pages.
ment
investrailroad
in
BEARING
the
referred
discuss
a
other,
earning
be
other
words,
affected
earning
the
influences
as
of
analysis
"
while
Without
subject,
corporate
and
its
will
into
begin
marketable
classified
as
follows
the
those
credit
public
as
utility
revealed
undertakings
of
analysis.
of
In
be
may
of
power
be
affecting
must
are
of
may
back
governments,
extended
too
by
other
and
both
either
they
earning
utilities
ments.
investto
industrials
than
to
affected
railroads
other
issues,
always
require
own.
going
we
public
from
municipals
certain
things
of
distinct
industrials;
such
an
income
method
of
different
far
by
types
same
power
position
whether
influences
different
factors
of
issues,
specific
the
a
respond
credit,
railroad
by
in
now
stocks
or
the
yet
price
classification
and
more
measured
railroads;
and
bonds
money
to
power,
cannot
by
of
or
are
we
specific
municipals,
or
primary
two
to,
all
price
governments,
by
the
more
while
general
issues
mind
already
For
Principles
the
Applying
in
the
the
enumerating
security
investments
United
:
(33)
discussion
a
States.
several
which
They
of
types
are
the
of
erally
gencan
be
How
34
1.
2.
3.
4.
5.
6.
Government
a.
United
b.
State
c
City
d.
County
Issues
States
bonds
;
obligations;
and
obligations;
town
bonds;
bonds;
b.
Railroad
guaranteed
c.
Preferred
d.
Common
stocks
stocks;
;
stocks;
Utility Securities:
a.
Gas
b.
Traction
electric
and
bonds
c.
Water
d.
Telegraph
works
ligbt bonds
and
stocks;
and
water
a.
Industrial
bonds;
b.
Industrial
preferred
c
Industrial
common
bank
a.
National
b.
State
c.
Trust
d.
Title, guaranty,
Estate
bonds
and
stocks
;
Institutions;
stocks;
stocks;
company
insurance
b.
Urban
c
Agricultural
etc;
concerns;
real
Irrigation
the
issues;
estate
loans,
and
mortgages,
of
security
the
etc.;
companies.
classification
above
each
farm
developing
corporation
In
stocks,
Investments:
Land
and
Building
in
stocks;
stocks;
bank
a.
name.
bonds;
stocks;
Financial
and
Banking
American
power
telephone
and
stocks;
and
Securities:
Industrial
Real
:
foreign government
and
Railroad
Public
the
Municipal
Wisely
Securities:
Included
of
Money
a.
d.
the
and
Railroad
Invest
to
classes
are
practically
investments
there
are
all
worthy
many
is-
How
36
States
bonds,
one.
United
because
States
be
would
factor, just
brief
the
way,
is the
of
their
the
operation,
the
be
the
the
of
their
railroads, just
the
of
management
in
their
erty
prop-
of
this
alysis
an-
record,
past
the
roads, their
efficiency
have
their
first
of
fluence
in-
have,
conditions
is the
a
dinary
or-
complete
a
of
the
study
a
crop
business
do.
of
tonnage,
as
bonds
prices of
political factors
course,
law
money-rate
power
into
a
thing
to
considered.
industrial
*In
affect
which
that
types,
be
;
different
type
advantages
here
Character
of
over
types
concerns
general
no
applied
railroads.
there
securities
Industrial
degrees.
can
Of
etc.
with
but
character
them
discussed,
the
location
bonds
the
rentes
and
course,
these
or
already
here,
this
simply
States
rate,
earning
the
of
should
United
themselves,
properties
management,
present
alliances,
of
us,
points
gives
lost
influence
The
that
French
have
influence
leads
be
or
which
bonds.
primary
power
earning
field, we
and
stocks
credit
law
interest
consols
factors
the
prime
Britain, but
themselves,
general
British
twenty
requires
once
the
course
sell
This
at
by
the
railroad
the
In
Act
would
to
as
Great
of
Bank
Left
respond
not
circulation.
which
repealed.
is of
because
that
than
bank
high value,
do
consols
National
for
used
bonds
British
our
Wisely
Money
legislative factor
is better
country
be
the
than
higher
Invest
to
business
of
rule
completely
as
of
is
in
undertakings
are
fixed
questions,
various
are
of
for
as
management
so
different
many
ascertaining
in
is
the
such
case
first
of
equally important.
possible competitors,
different
Past
as
the
values
of
the
tance
imporrecords,
posses-
the
Applying
sion
by
of
tariffs and
of
means
things
political factor
the
Public
when
main
thing
The
the
Knowing
of
the
also
a
of
out
thing
after
during
When
passing
the
consider
interests,
Real
and
more
loans
estate
investments,
unusual
can
also
first
not
by
turn
years
of
location
the
the
geographical
growth,
But
etc.
political side; for
time
in
not
be
the
squeeze
can
in
United
the
simply
type,
of
value
The
investment.
business
this
such
in modem
institutions
are
a
decrees.
so
field for
of
franchise.
the
examine
financial
character
financial
class
a
marvelous.
of
we
course
past
management,
with
strength, alliances
other
etc.
care,
be
land
and
estate
even
is
us
future
on
securities
location,
general
record,
past twenty
in
do
growth,
line
consideration.
sense,
then
we
wide
a
cases,
public utility enterprise.
a
Taxation
and
this
in
upon
a
public sentiment
opened
the
States
all.
if
growth
of
due
exclusive, may
banking
have
times
records
of
for
carefully the
very
franchise
a
bear
may
when
in
the
are
all other
As
interests
that,
monopoly,
field,we
population
even
Securities
are
the
consider
valuable
railroad
of
nature
in
are,
which
which
franchise,
here
examining
property,
advantages
we
the
Unlike
earnings
of
forms
in
comes
utility securities
themselves.
to
other
protection
markets,
over
consideration.
into
take
to
control
materials,
raw
37
Principles
in
investments
field
this
the
are
said
farm
among
in other
lines.
of
are
mortgages,
the
class
the
carefully selected
while
a
pitfalls for
than
numerous
in
are
most
irrigation
and
among
the
unless
by
real
selves,
them-
investor
Urban
real
best
very
selected
dangerous.
development
The
of
with
latter
projects.
38
How
It will
be
realized
is considered,
It
in
study
selection, the
field, he
periods of
panic
equal
uses
has
of
all his
if
a
portion
utility bonds,
much
his
of
did
on
the
same.
best
American
results
best
and
lighting
As
dropped
all the
of
increased.
the
had
gas
the
operations.
Having
briefly
outlined
the
tions
quota-
them.
in
But
public
good
been
have
show,
"
Telephone
of
and
earnings
while
that
its
in
the
1908;
the
no
centers
adverse
main
a
period,
Telegraph
history during
in
steam
public utilityenterprises
panic had
their
records
1908.
and
the
with
would
cipal
prin-
maintained.
frightfully during
companies
The
he
other
all his
saw
been
if he
the
of
one
income
issues
carefully selected,
earnings
earnings
his
have
But
after
dropped
principal
position.
in
perpendicularly,
bonds
and
his
values
down.
that
railroad
only
stocks
stronger
railroad
the
held
as
within
stocks
or
average
issues
and
vestor
in-
an
distributes
panic period of 1907
the
properties drop
his
on
take
this
who
man
intact
kept
If
class, such
one
cut
find
to
and
all, especially during
his
selects
surprised
been
illustrate
The
be
also
ciples
prin-
distribution
bonds
been
has
and
care
proper
carefully
of
ment
invest-
cation.
diversifi-
trouble.
to
after
that
income
and
care,
will
fields, he
To
his
the
he
depression,
or
when
of
worth
types
find
possible
But
matters
though
different
may
declined, and
the
of
for
scope
greatest
capital entirely
even
selects
wide
selection.
field
broad
very
the
is well
his
issues,
and
this
it offers
in
reward
confines
this
of
matter
followed
are
risks
when
that
Wisely
Money
requires
also
the
railroad
Invest
to
ally
actuported
re-
many
of
population
effect
whatever
principles
of
proper
the
Applying
investment
how
a
such
fund
$100,000.
the
way,
be
while
to
Even
risk
in
to
position
in
Issues
a
to
large
receive
of
Price.
$5,000
Atchison
Trans-Short
5,000
Illinois
5,000
Lake
5,000
Reading-Jer.
Cent,
Line
refunding
Shore
4s
4s
Pennsylvania
5,000
Norfolk
5,000
Kansas
5,000
5,000
Real
du
Powder
Est.
Chem.
Vir-Car.
stock
preferred
Industrial
II.
Armour
Pont
stock
R.
Southern
City
Group
$5,000
R.
Western
"
5,000
Amer.
Inter.
Sugar
Harvester
$6,000
Tel.
Amer.
5,000
N.
5,000
Minn.
Gas,
Y.
Utilities
Lgt.
Laclede
5,000
Amer.
Gas
Light
$5,000
York
5,000
Denver
5,000
Chicago
(Prices
are
"
of
94
$4,700
96
4,800
at
93
4,650
at
98
4,900
at
122
6,100
at
107
5,350
60
3,000
at
92
$4,600
at
85
Bonds.
May,
4,250
100
5,000
at
120
6,000
at
120
6,000
Bonds.
at
Power
at
4s
110
88
$5,500
4,400
100
5,000
at
105
5,250
at
105
5,250
at
103
$5,150
at
102
5,100
at
100
4,000
at
5s
Stocks.
Traction
City 4Ks
City 5s of
City 4s
those
a.
stock
"
Group
New
"
4s
conv.
Electric
Cost.
Stocks.
Public
Tel.
"
equities :
at
at
b.
5,000
a.
"
preferred
preferred
El.
Gen.
Issues
5s
III.
Group
the
at
at
iy^s
4^s
b.
5,000
gree,
de-
Stocks,
b.
5,000
4s
4s
Cent.
plete
incom-
Bonds.
a.
"
to
way,
this
very
in value
growth
Radlroad
L
Group
the
in the
extent
some
limited
a
of
example
an
applied
when
himself
putting
in
applied
limits
investor
below
append
principles might
of
benefit
I
distribution,
39
Principles
pf d
IV.
of
Municipals.
1917
1919
1912.)
or
1960
40
How
The
above
strength
of
be
scheme
that
noted
is broad
utilities
is
regard
the
distinct
own
distributed.
conditions
upon
standard
a
Central);
another
coal
road
a
property
in
on
coal
the
the
be
;
City
the
to
far
to
nois
(Illi-
soft
a
on
and
other
an-
Gulf.
the
borders
the
of
railroad
as
cured
se-
lines;
system,
Kansas
as
States
another
Pennsylvania
from
is
Vanderbilt
industry
pendent
de-
being
West,
great
made,
have
broadly
are
Central
of
type
included
and
far
group
section; another
the
on
extending
States, could
United
the
distribution, confined
broader
No
in
that
anthracite
another
road;
strength,
in
third
a
the
on
on
is located
One
on
of
elements
lic
pub-
sions
subdivi-
the
to
as
and
to
railroad
issues
seven
stocks
The
the
well
as
the
Thus,
In
out.
groups
25%
municipals.
to
location
to
itself.
security
their
given
railroad
to
issues, about
worked
carefully
also
are
15%
about
It will
different
the
over
industrial
to
ments
ele-
many
weaknesses.
being confined
35%
and
embraces
few
relatively
distribution
25%
about
bonds,
due
the
; about
investment
of
and
Wisely
Money
Invest
to
issues
concerned.
are
In
the
Industrial
Group
based
parts
to
are
The
advantages
are
not
value
The
suggested,
distributed
confined
of
to
the
facts
same
the
the
East
investment
an
the
While
responsive
while
between
of
industries, located
and
country,
conditions.
distinct
alone.
average
the
Utilities
Public
kind
of
distinct
on
the
fund
is independen
security suggested
every
question
is
so
in
in
ticular
par-
large
gree
de-
apply
municipal
to
tions
sugges-
the
West.
arrangement
of
and
of
this
cipal
security of prin-
distributed
principal should
the
be
that
preserved
the
in
Applying
good
tend
may
stock
into
issues
the
account
would
represent
5%.
about
of
probably
been
no
not
with
in
net
greater
the
Chapter
list
II.,
been
of
in
of
secured,
road
rail-
the
tegrity
in-
the
Compare
railroad
"high-grade"
a
be
and
4j4%.
showing
of
would
exclusively
over
average
time
yield
assurance
have
list
above
present
average
placed
could
principal
presented
yield
of
less
4%.
Another
that
fund
issues,
arrangement
bonds
than
the
would
yield
the
municipal
or
the
takes
The
the
at
the
cause
distribution
also.
money
cost
which
on
Had
the
on
will
the
issue
bond
class
higher
versa,
market
a
$100,000
nearly
this
yield
41
earnings
vice
and
rise,
to
the
increasing
decline,
to
Principles
where
and
times,
bad
and
the
the
feature
advantageous
issues
are
all
listed
and
in
have
the
above
a
ready
exhibit
market.
is
44
How
Of
all
course,
Those
issues
1902
and
of
have
below,
because
Baltimore
at
an
93.
market
issues
been
price,
and
of
3^4
their
than
better
In
long
time
when
at
railroad
during
35^s.
the
present
C.
like
these
bonds
will
fact
arrives,
day
be
must
have
little
will
for
nor
begin
York
surely
come
investment
that
a
a
respond
to
been
3J^
a
New
overlooked
will
tinue
con-
probably
decade,
desirable
be
to
for
Thus,
day
for
thirteen
next
Q. 3j4s,
the
and
most
us
"
their
Baltimore
likely
is
are
tendency
the
etc., will
not
of
most
B.
3^s,
Shore
Lake
Ohio
they
steading
are
1925.
sold
bonds
;
decline, these
in
Take
approaching
wide
They
cline,
de-
not
they
ago
in
value
par
same
the
issue, there
and
not
the
years
world
to
par
special influence,
But
that
mature
same
the
the
decade
advanced.
after, issues
3j4s,
ten
the
of
spite
Baltimore
time, but
Central
to
they
1902
quite steadily during
"prime"
cent
per
in
advance
until
years,
In
increasing factor
an
have
s
far
now
in
off.
is not
;
the
during
longer maturity
much
Ohio
and
But
now.
91^
about
their
of
3^s.
high-grade
were
has
maturity
of
price
They
high-grade
day
lien
which
they should
redemption
prior
declined.
not
maturity,
neighborhood
And
Ohio
and
short
declined.
not
their
average
sell at
the
have
bonds
comparatively
in
Wisely
Money
high-grade
selling
were
Invest
to
chases.
pur-
before
long time
dead.
rates
those
man
years,
bonds
high-grade
While
of
interest,
buys
and
a
usually
are
higher
bearing
6
pays
per
of
rates
cent
115
for
do
bond,
it.
short
most
not
maturity, bearing
attractive
look
maturing
At
this
so
in
price
low
investments,
attractive.
ten
the
or
A
twelve
yield,
as-
the
that
suming
4j4
about
will
this
the
is,
a
4^
4
a
bond
at
one
on
his
of
portion
find
it much
which
he
interest
must
member
re-
duct
de-
must
to
year.
situation, and
desirable
aside
set
to
yielding
and
par,
must
for
has
he
year
more
below
price
a
be
he
from
unsatisfactory
will
than
cent,
per
year
cent
per
that
and
45
would
which
cent
per
him,
par,
investor
receives
he
most
a
investor
average
have
best,
at
15
to
interest
the
at
The
of
back
come
never
paid oif
annum.
per
Principles
Sound
be
premium
the
it from
But
will
bond
cent
per
that
paid,
of
Application
Further
each
his
of
depreciation
principal.
And
then,
for
necessity
At
the
a
their
interest
they
are
time
long
to
each
has
price
have
realizing
brought
to
attention
my
inherited
all
and
being
years
had
interest
and
all the
issues
every
them)
short
a
time
no
of
attention
the
as
maturity,
by
the
on
mature
the
list
(and
prior
to
fact
that
see
that
they
and
of
their
principal
of
this
fact
A
certain
was
dividual
in-
$40,000,
about
to
had
been
had
paid their
bonds
to
made
had
the
lived
fact
that
steadily nearing maturity.
bond
bonds
railroads, governments
issues
the
way.
simply spend
ago.
amounting
all the
owner
paid
were
will
part
investments
and
The
a
on
high-grade
The
ago,
regularly.
of
in
invested
forever,
this
nears
turn
illustration
estate
an
municipals.
twenty
An
bond
round
a
living
it.
the
as
slumped
really been
without
they therefore
until,
with
up
necessity,
no
and
run,
in
investments
seems
year,
brought
market
they
there
the
overlook
to
prone
are
their
amortizing
beginning,
have
the
investors
many
there
1928
were
and
As
over
some
about
est
interhis
on
nearly
it
pened,
hap-
twenty
mature
46
How
prior
1916.
to
some
The
that
high
as
the
time
present
about
been
had
at
mium,
pre-
a
maturity, it
the
his
original
interest, but
(12j4
the
in
only
not
period
his
of
cent)
per
further
had
owner
the
between
shrink
would
found
he
that
and
of
within
$40,000,
$35,000,
heir
the
when
appraised,
over
about
to
$5,000
consumed
bought
was
securities
from
Thus,
all
spending
the
and
$33,000.
issue
attractive, but
shrunk
period,
year
Wisely
122.
as
have
had
Money
every
very
to
came
its value
twenty
to
Also,
list looked
this estate
Invest
to
named
principal
also.
if this
Now,
fund
security, bearing
attempt
at
in this
that
confined
present
my
of
railroad
Thus,
a
47
fifteen
the
made,
of
living
on
equal
real
some
owner
would
his
principal
contention
regarding
long term,
high-grade
issues
few
representative
clining
de-
has
ten
not
I
years,
1902
from
long
steadily
bonds
during the past
price comparison
a
the
date,
to
high-grade
term
issues.
yield per
no
less
in interest
annum
$1,985,
than
The
named.
the
ten
years
on
his
principal
$1,985
from
$3,765
for
of
original investment
an
the
period
to
page
on
embracing
annum.
mistake
of
interest, and
been
had
in bonds
fashion.
tendency
been
of
rates
the
made
show
To
lower
invested
been
diversification
have
never
had
was
the
the
or
12
total
amount
$5,750,
but
the
interest
decade,
$575, had
was
over
investor
$16,235.00,
per
of
in
would
depreciated
within
cent,
interest
order
not
less
than
in
encroach
to
have
2%
the
received
to
received, leaving income
or
which
on
per
deduct
of
cent
but
per
Further
Application
of
Sound
Principles
47
Prices
Sept.
Title
bond
of
Allegheny
Valley
Atch.
4s
gen.
Balto.
"
Cent,
of
C
B.
"
C.
M.
Chic.
Ohio
N.
"
"
St.
Paul
Nor.
W.
1st
N.
100
1995
103
97
4s
1948
102
5s
1987
136J^
aj^s
1949
101
4s
1989
113
97
1987
104
84
1951
114J4
gen.
35/^s
4s
3s
Pacific
Nor.
Union
1st
Shore
West
The
of
result
net
an
$1,000 bonds)
table
the
4s
4s
in
by
1987
4s
Pacific
84
101^
72^^
107
88
1940
117f^
1997
1997
106^
104J4
1947
104^
99
2361
114
98^
investment
if made
96
118
87^
1951
3J^s
Valley 45^8
Cent
3^s
Y.
1912
108
Shore
Lehigh
1902
1942
St. L."Div.
Cent.
Lake
4s
Q. 111. Div.
111. Cent
111.
J.
Due
:
list of
ten
years
this
ago,
104^
85^
98
kind
pressed
(ex-
is shown
below.
Selling
Due
Valley
Allegheny
Atch.
gen.
Balto.
"
Cent
C.
B.
C
M.
"
111.
W.
Cent
4s
111. Cent
St
Lehigh
N.
Y.
Nor.
Union
West
60.00
1948
1,020.00
960.00
60.00
1987
1,365.00
1,180.00
1949
1,010.00
840.00
170.00
4s
1889
1,130.00
970.00
160.00
3]^s
1987
1,040.00
840.00
200.00
1951
1,145.00
1951
875.00
4s
5s
Cent
3
Pacific
4^s
J^s
4s
Pacific
Shore
ToUls
3s
35^s
Valley
4s
4s
Principal
970.00
L.
Shore
Lake
in
1,030.00
Paul
St
N.
Loss
$1,060.00
Q. 3^s
"
"
Chic
J.
1912
1995
gen.
N.
of
Value
1902
1942
4s
4s
Ohio
Cost
$1,000.00
$80.00
185.00
1,017.50
127.50
725.00
140.00
1987
1,070.00
880.00
1940
1,175.00
1,045.00
190.00
130.00
1997
1,065.00
855.00
210.00
1997
1,045.00
980.00
65.00
1947
1,045.00
990.00
55.00
2361
1,140.00
987.50
152.50
$16,235.00
$14,250.00
$1,985.00
How
48
It
3%
either
6
and
security,
I
the
all
shall
factor
intelligent
or
4
etc.,
next
of
way.
If
bonds
the
of
maturity
is
the
taken
an
this
such
up
of
type
same
into
not
in
made
examples
some
is
we
would
depreciation
present
this
included
issues
cent.
per
cent
per
the
Wisely
that
remembered
Nearly
case.
5
be
should
Money
Invest
to
be
much
of
extreme
list
a
carry
list
of
maturity,
greater.
results
ccmsideration
where
in
an
VII
The
Factor
gained
by
ten
way,
To
it
years
1902
ranging
world's
no
half
high
grade
for
seemed
far
bonds
there
had
a
period
of
the
period
a
was
relatively
But,
force.
time
without
low
time
and
to
paying
the
select
for
the
more
really
maturities
long
average
premiums
the
and
all
bonds
vance
ad-
steady
years,
when
the
then
were
figures
of
to
in
bonds
a
four
bonds
cent
par,
been
at
the
was
per
above
held
of
it
man
for
of
nent
perma-
from
five
points.
it
of
been
limited
a
issues
bond
All
pi;actically impossible
Thus,
that
4
list
as
This
and
3j4
fifteen
some
have
in
even
investment
had
money
investment
to
for
decade.
a
selling
were
prices,
quotations
than
ready
al-
present
could
principles,
matter.
easy
high
rates
have
we
to
which
advantages
intelligent
was
in
wise
be
principles
general
ago.
an
at
Bonds
which
may
these
applying
select
year
the
showing
the
investments
distributing
discussed,
examples
in
Maturity
consideration
into
TAKING
for
of
one
ten
as
might
years
short
shown
have
when
the
maturities
by
the
selected
following,
have
(49)
importance
applied
examples
good
of
with
below,
bonds
continuously
selecting
lar
particueven
which,
ranged
at
ing
durat
50
How
firm
prices
when
the
and
Wisely
Money
today
are
purchases
is illustrated
Invest
to
quoted
The
made.
were
by Example
No.
Example
possibilityof
Jan.,
Balto.
C.
B.
Col.
"
"
"
S. R,
Ohio,
"
4s, due
above
position,
ten
have
decline
material
prices
average
with
common
slump
We
during
might
has
every
the
type
but
the
ago
years
present
the
point.
to
95
98
93
97
93
95
the
due
they
in
The
there
bond,
proaching
ap-
that
they
were
issues
issues
was
of
all cases,
in which
in
was
the
investment
been
year
in these
the
at
true
practically
only
1903,
to
be
may
of
prices
from
any
the
1907, when,
a
in
temporary
panic days.
an
illustration
public utility issues.
ten
91
than
shown
of
89
stronger
today,
and
1902
of
96^
actual
had
1912
94
in
improved
would
been
It
Jan.,
1903
recorded
chiefly
issues.
figures.
lower
those
is
nevertheless,
but
ago,
selling at
fact
the
of
long maturity, they
be
this
Price
that
noted
than
intrinsicallyare
and
years
1921
higher
bonds
1925
it will be
And
these
of
due
4s,
were
maturity
some
due
1928
1921
cases
1902.
of
4s, due
1929
Cent
1912,
div.
div. S^s,
coll
Texas
January,
close
Okla.
first 4s, due
So.
all the
In
S. W.
Quincy
Houston
East
this
Issues.
Price
Atch., T. "
than
below.
1,
Railroad
1.
figures
better
at
select
following
good
It
was
of
the
much
kind
same
more
public utilities than
five bonds
will
serve
to
garding
re-
difficult
it is today,
illustrate
How
52
be
it may
that
for
reached
that
made
is ultra
risks
a
certain
issues
The
of
issues
within
a
brief
all
system
per
system,
and
very
heavy
4s
are
Railroad,
$9,000
company.
an
per
for
are
are
the
underlying
of
to
the
add
can
assumed
and
facts
are
single
a
of
some
tiie
They
them
of
security
will
of
show
Eastern
a
ten
years
lien
by
have
of
are
ing
matur-
4s
The
the
the
road
the
at
main
been
protected
Brunswick
"
Atlantic
mortgage
been
assumed
the
they
of
of
obligation of
have
issues,
strong
miles
first
of
these
how
480
on
Springs, Ocala
bond
of
Oklahoma
direct
safety.
underlying
Silver
not
values.
most
gent
intelli-
for
and
par
terms,
first lien
full
secured
premium,
a
their
the
a
mile, and
The
his
of
tive
representa-
noted,
at
of the
margin
an
is-
benefit,
come,
will be
standing
mile; they
$20,000
safe
years.
example,
For
Atchison
a
actual
examination
are.
to
no
power
scope
below
twenty-five
the
for
earning
considerable
relatively short
of
the
get
years
As
quoted
selling well
are
all bonds
As
aflFords
list is
in this
bond
in
the
selection.
investment
to
take
safety
thirty-five standard
list of
bonds
railroad
the
the
speculative characteristics.
more
following
wishes
during
absolutely
making
enhancement
covered,
properties
other
of
extent,
who,
to
so
some
list below
wishes
select
be
in
and
the
and
prices
clearly
can
From
can
thought,
higher
maintained,
conservative,
investor
first
his
principal
be
can
whatever,
the
while
sues,
much
very
see
increased.
be
can
speculative
not
principal
full
Wisely
Money
time, yet selections
some
who
investor
will
we
income
cases,
Invest
to
"
Coast
at
by
Gulf
Atlantic
less
the
4s
by
ern
West-
Line
than
parent
are
Coast
also
Line
The
Factor
of
in
Maturity
Railroad
53
Bonds
Bonds.
Price
Sept,
Atchison
Okla.
(East
Brunswick
gtd. first
Western
"
Ocala
Springs,
Silver
first
div.)
Gulf
"
"
Ohio
prior
lien
Baltimore
"
Ohio
Pitts.
Jc.
"
Pittsburg
C.
Chic,
Rock
Chic,
Rock
C,
St.
M.,
Pacific
refd.
Isd.
"
Pacific
col.
"
Omaha
Paul
Louis
Lack.
"
Hudson
Denver
Rio
Grande
Paul,
St
Paul,
Minn.
Carbondale
"
Island
Missouri
Missouri
Pacific
trust
Pacific
first
Branch
Central
Lake
Shore
Lake
Shore
"
82
98
first 4s,
due
4s, due
due
9754
1937
1923
95
95
1931
9954
1917
due
5s,
first
1920
97
due
4s,
guar.
92
1919
92
"
Mich.
So.
deben.
4s, due
1931
92
deben.
R.
R.
due
3^s,
first 4s,
Southern
Pacific
Pacific
4s,
conv.
Lewistown
Company
Oregon
1939
1933
1928
Line
South
86
4s, due
Air
"
1936
deben.
Seaboard
Houston
98
1916
So.
Pennsylvania
Central
98
1923
due
Mich.
Pennsylvania
Sunbury
Railway
96
"
Central
Michigan
4s, due
due
coll.
1936
4s,
Ext
due
1936
due
guar.
Texas
3^s,
Central
Pacific
Coast
first
Shore
Line
gtd.
due
1931
1929
97
88
1933
.
.
94
1929
4s,
gen.
97
first 4s, due
4s, due
conv.
9754
1915
Atl.-Birmingham
Co.
8854
1929
due
4s,
guar.
J4
91
94
4s, due
4s, due
cons.
5s,
95
1918
1930
4s, due
first 4s,
first
R.
87
due
due
4s, due
cons.
Shawneetown
.
1938
Imp.
Montana
Man.
"
R.
"
cons.
.
1929
deben.
first trust
Man.
"
87^4
1925.
98
354s,
first
conv.
due
97
"P,"
4s, due
first
Western
354s,
due
4s,
Term.
Grande
Minn.
St
Long
W.
10-year
Rio
"
"
91
1917
Tr.
Chic,
"
97
1918
1927
cons.
first
Southern
York,
New
due
95
1925
D.
4s, due
"
Cinn., Ind., St.
Del.
Ext.
Isd.
"
Colorado
M.
"
96
1938
4s, due
354s, due
first 4s,
Western
Nebraska
Q.
"
B.
1928
due
4s,
gtd
Baltimore
due
4s,
1912
91
due
1921
95
gtd.
4s, due
1937
96
ref.
4s,
due
1929
91f4
How
54
Railroad
and
The
mile.
lien
are
"
Pittsburg
"
per
mile, and
are
of
mortgages
first 4s
Ohio
system,
for
Baltimore
"
the
Louis
"
of the
bond
and
system,
and
Division
first 4s
are
The
of
the
Pacific
"
of
Central
Texas
Pacific
4s
refunding
of
Pacific.
Union
enjoys
a
high
eitfier "Aaa"
In
latter's
are
issues
secure.
lying
under-
an
Short
by
position,
"Moody's
system.
of
anteed
guar-
collateral
these
they
and
bond
Line
valuable
one
the
of
divisional
a
St.
Railway
are
Oregon
fact, every
in
"Aa"
the
secured
are
investment
or
4s
general
and
the
Pennsylvania
the
nois
Illi-
the
of
Branch
4s
St
Carbondale
absolutely
are
first
of
issue
Southern
the
and
an
"
lien
underlying
Lewistown
divisional
Houston
smaller
are
Chicago
The
Central
funding
re-
cinnati,
Cin-
first 4s
in
for
the
The
Ohio.
divisional
a
"xily
to
of
one
Cincinnati,
The
system
"
Sunbury
in
per
underlying
an
Chicago
provided
are
mortgage.
one
Missouri
are
$8,000
limited
high grade.
very
first 4s
Central,
Louis
Qeveland,
are
Shawneetown
"
are
are
provided
Indianapolis, St. Louis
assumed
less than
at
Western
Baltimore
Wisely
Money
first mortgage
a
the
on
$3,000
Invest
to
all rated
are
Analyses
issues
Railroad
of
Investments."
Of
short
maturity,
in
included
have
there
course
the
a
railroad
which
addition
field
mature
a
merit
of them
to
such
multitude
railroad
good
equal strength, which
investment
list for
back
other
many
with
and
additional
sellingrecords
In
are
selection.
But
which
bonds
of
serially in from
add
as
to their
these,
equipment
one
to
we
might
be
above
with
and
ness.
attractivefind
issues,
fifteen
of
the
being marketable,
of
bonds
in the
most
years.
of
In
The
Factor
important
any
be
can
But
the
is
the
wide
to
be
list
field of
have
railroad
covers
short
bonds
sues
is-
term
below
append
bonds
characteristic
same
Public
of
yet
list of
limited
a
There
only.
public utility corporation
I
to.
the
such
list,many
55
Bonds
included.*
wisely
above
in
Maturity
investment
referred
which
of
such,
maturity.
near-by
Utility,Bonds.
Prices
1913
Chicago
Railways
Co.
Cleveland
Railway
Cleveland,
Painesville
Danville
St. Ry.
Grand
Mil.
"
County
Illinois
Lake
first 5s, due
Central
Shore
Omaha
St.
Traction
Ry.
"
(Ore.) Ry.
Traction
Wheeling
Gas
Altoona
Detroit
Co.
Co.
Houghton
County
Oklahoma
Gas
Electric
Tel.
"
Tel.
Pacific
Tel.
"
Tel.
and
chapter
later
equipment
^
issues.
due
of
due
discusses
1920
97
94
1933
1923
95
due
4^s,
1931.
'
.
first 5s, due
.
1928.
98
1930
99
1931
96
97
1923
100
first 5s,
Light
due
first 5s, due
Co.
first 5s, due
4s, due
the
the
94J4
.
1932
1927
96
1929
97
98f4
1926
1929
91
1937
list is shorter
course
99
99
ref. 5s, due
coll. 5s, due
foregoing
railroads
*A
coll.
Bge.
99
1916
Ext.
first 5s,
Electric
Amer.
The
Ry. "
5s, due
Elec.
"
(Me.)
ref. and
first 5s,
City Gas
Portland
5s, due
1916
1925
5s, due
first and
Co.
due
due
5s,
first
Bluffs
5s, due
first 5s, due
cons.
Light
Council
Portland
Ry.
100
Rrst
first 5s,
first
100
1927
1931
Eastern
Light
Electric
Elec
"
"
Railway
Rapids
Houghton
first 5s, due
100
than
that
security of
characteristics
shown
some
of
short
of
term
for
the
the
issues
notes
and
56
is
How
not
so
public
But
high.
utility
5
ones
at
a
per
of
course
premium.
those
issues
other
things
of
their
cent
being
less
sell
strength
the
and
m
maturity
equal,
the
public
case
is
most
not
of
too
desirable
sell
the
of
far
terially
ma-
est
strongvalue
par
all
of
bonds
utility
their
to
line
large
which
majority
close
the
a
and
Most
either
as
select
to
easy
value.
interest,
Wisely
Money
great
par
But,
whose
is
it
issues
below
cany
Invest
to
other
or
bonds,
away,
investments.
are,
PART
INVESTING
TWO
FOR
PROFIT
How
60
either
moderate
above
margin
and
steady
is
there
of
its full dividend
investment
both
or
"profit"
no
of
or
in
made
the
grade
issues
range
well
be
attractive
both
stocks
normal
investment
values.
be
must
But
highest
generally
ordinarily,
confined
mainly
be
can
the
then
an
pression
de-
extreme
even
bonds
and
such
purchases
field, as
stock
certain
a
on
of
a
on
limitation
beyond
secured
a
which
type
the
in times
of
standing
words,
that
many
preferred
and
a
Under
hope
this
of
fixed, and
can
course,
panic,
below
of
schemes
of
of
is
much
rate
other
value
and
It is true,
issue.
In
plane.
dividend
little
point
be
issue
an
only
requirement.
cannot
in
earning
is
or
dividend
advance
large
already paying
high
dividend,
the
ordinary conditions,
Wisely
Money
its full
paying
not
Invest
to
to
such
mon
com-
stocks.
When
discuss
we
stocks,
we
the
which
in
But
type.
that
will realize
in
there
with
market
years,
which
and
money
rather
in
price.
to
a
one's
large
A
entire
in
the
in
rational
offset
capital
to
the
one
for
simply
of
dangers
or
a
two
them
And
of
number
for
payers
the
unusual
involved
issues.
many
by people
distribution
investment
stocks
railroads, the majority
of
hope
subject
of
back
selected
large part held
buy
the
investments.
dividend
steady
and
than
extent
have
I
lation,
specu-
railroad
records
sound
as
stocks
are
"speculate,"
never
common
extremely
an
with
standard
dividend
classed
been
have
familiar
many
exhibit
following
which
in
speculation of
one
any
are
representative common
of
be
long
fairlybe
can
the
it may
though
conservative
funds
of
naturally bordering pretty closelyon
are
even
investment
the
return
on
who
the
appreciation
plan would
in
confining
Potential
It will
given
be
this
from
seen
in
sum
equal
done
exceedingly well,
have
materially increased
his
principal
the
only
1902,
cases,
By
issues
also
includes
making
without
spread widely
faired
have
not
If
each
of
the
in the
about
year
The
then
prevailing would
over
3 per
in
years),
ten
different
stocks
At
amount.
would
average
amount
would
this year
the
investor
would
face
who
have
he
or
of
had
done
had
list includes
been
attractive
at
in
time.
that
even
investment
an
fund
field,would
stock
common
in
some
that
show
we
not
selected
which,
basis,
would
have
total
return
at
have
the
been
diverse
falling and
to
nearly
5
witnessed
or
a
cent
on
his
the
^his capital
dividend
the
original
1, 1912, his
$332,600,
to
of
"
and
per
little
(after nearly
rising
some
rates
and
ment
investhis
turn
re-
$15,700.
exhibit
followed
very
1911
$351,100,
in principal
this
year,
a
in all,
dividend
fluctuations
prices of April
be
invested
the
$9,750
high prices of
the
shares
highest prices prevailing
1902, he
net
100
purchased
the
at
amounted
$15,800,
return,
something
stocks
investor
stocks
some
"
very
only
not
added
have
active
this
an
spite of
have
would
On
At
cent.
could
have
badly.
following
$321,900.
this
railroad
that
boom
course,
discrimination,
so
assume
we
Of
on
the
over
but
looked
exceptional
would
income,
those
list
a
up
time
a
listed, at
would
ago,
his
which
have
not
may
stocks
years
that
placing
anyone
twenty
ten
in
and
well.
as
best
but
in the
prevailed
61
that
table
amounts
the high prices which
to
Possibilities
it would
this
well
some
ten
course
indeed.
extreme
that
seem
In
years
that
declines
time,
any
ago
though
al-
during
How
62
Twenty
Money
Invest
to
Representative
Railroad
Common
Div.
1902
High
Atchison
Coast
At
B.
"
0
B.
R.
"
P
Can.
Pacific
C. R.
R. of
Ches.
"
0
C. M.
"
St.
N.
"
Chic
L.
D.,
J.
.
.
"
P
W
W
Nor
Great
111. Cent
N
L.
"
N.
Y.
Central
Pacific
Nor.
R.
Penn.
R.
Pacific
So.
Union
of
yet
*
For
1904.
Value
rate
%
6
13,925
6
13,900
7
4
10,975
6
10,600
6
12,800
4
12,600
5
10,500
5
14,525
5
24,700
10
23,350
10
19,800
8
32,000
12
36,000
12
5,750
1
8,675
5
19.875
7
13,350
7
11,000
5
27,100
7
15,050
7
12,200
7
18,450
7
17,500
9
17,125
9
27,700
7
57,000
20,300
7
14,000
7
13,350
7
17,350
6
14,700
7
13,175
7
16,700
10
18,350
3^
11,575
$11,675
the
from
20
18,700
15,950
16,000
7
15,625
7
16,900
5
11,550
5
11,350
5
21,650*
7
13,800
7
12,300
7
l/,000
6
13,000
6
12,450
6
12,650
6
11,200
6
19,250
10
17,100
result
in
56,000
5
and
1907
20
5
7,825
10
..
4
11,325
April of $10,700
income
1912
$10,850
4
8,125
Pacific
panic
%
Apr.,
6
$9,675
$351,100
$321,900
the
value
Hig^
7,700
Valley
Leh.
%
rate
1911
Div.
.
H
"
Del.
N.
Div.
rate
cost
Stocks
Record)'.
Year
(Ten
Wisely
other
during
shows
a
net
$332,600
general
increase
principal,
and
$9,750
$15,700.
to
10
an
market
up
enlargement
actions,
re-
to
of
last
nual
an-
Potential
is not
this
But
matter
of
would
have
facts
show.
by
investor
fact, any
fared
far
than
the
means
any
who
Benefits
half
the
63
whole
had
than
better
SPEaAL
More
Possibilities
followed
this,
railroads
their
of
dividends, subscription rights,
"melons,"
and
attractiveness
In
1905, the
of
25
in
cent
1906, the
Pacific
the
stock
to subscribe
their
of
cent
at
m
accorded
Great
"
Chicago
;
1910
and
the
in
1906
Northern
rights at
Ore
par
stock; Illinois Central
its stockholders
;
for
to
in
new
to
Chicago,
privilege
same
Northern
in the Great
stock
new
to
paid
a
to
extra
dividend
"scrip"
the
1907
stock
ment
Invest-
in
1908, the
right
holdings
the
of
extent
Northwestern
right
9
stock
"
Milwaukee
at
dividend
per
gave
at
100
also
per
per
its
1907;
gave
cent
par
Paul
St.
in
of 40
to
gave
new
of
scribe
sub-
to
its stockholders
extent
in
25
a
the
and
and
declared
191 1 gave
Certificates
:
paid off;
their
take
the
to
Mahoning
of
or
example
the
in
and
subscription rights
1907
both
added
properties ;
cent
per
share,
to
holdings
stockholders
the
of
nature
bonuses
in
was
1902,
For
Pittsburg
its coal
20
per
$150
"
stock
of
$120
at
cent
an
its stockholders
gave
extent
paid
per
since
certificates,since
divorcing
following
stock
naturally
Line
20
the
in
course
in the
investments.
Buffalo, Rochester
Canadian
new
Coast
redeemable
Co., thus
to
have
as
which
of
dividend
cent
per
stocks
Atlantic
cent,
per
5 per
the
of
special benefits
benefits
these
the
as
have,
accorded
extra
this
a
Received.
above
stockholders
As
story.
in
cent
scription
subnew
subscription rights
115;
Delaware,
Lacka-
to
How
64
"
wanna
dividend,
the
to
par
Co., which
Coal
1911
Valley in
to
the
at
par,
in the
has
stock
sold
;
the
the
right
Pennsylvania
in both
1909
7 per
115
of
converting
in
1909, the
gave
its stockholders
25
in
cash
$20
the
actual
by these
6
a
per
been
foregoing
This
equal
that
holders
the
average,
to
secure,
their
table
money,
which
has
and
bonds,
in
extent
bonds
chapter
1907
at
work
to
ten
past
today
increased
such
of
far
the
are
much
90.
years
ments,
paystocks
than
more
of
owners
than
more
the
indicates.
result, it will
amounts
on
privilege
ordinary dividend
easily realized
its
payment
the
to
its
to
par
cent
per
the
during
from
sum
by
in this
space
in
par
gave
the
convertible
to
at
for
subscribe
to
its
gave
Pacific
aside
on
principal
the
received
values
able
cent
right
4j^
Union
share;
holdings
taking
stockholders,
it is
have
the
their
without
Thus,
out
of
cent
per
each
on
cent
already
at
being given
into
10 per
1907
in
called
was
or
common,
stock
new
its stockholders
to
subscribe
to
stockholders
into
with
right
to
stock
new
Pacific
stock, which
preferred
cent
at
of
the
stockholders
common
subscribe
Central
rights
Southern
1910;
and
Lehigh
;
Co., which
to
at
Western
to
of
York
; New
similar
gave
right
holdings
Sales
subscribe
to
"
dividend
Coal
share
per
their
extra
an
Lehigh
$240
above
the
per
subscribe
to
dividends
cent
per
of
cent
declared
of
stockholders
1910
50 per
also
and
10
15
a
Lackawanna
Delaware,
its stockholders
gave
of
extent
them
permitted
pays
now
Wisely
its stockholders
gave
and
the
of
stock
Money
1909
in
Western
stock
cent
Invest
to
be
who
anyone
in
all
of
seen,
would
have
followed
the
these
standard
plan of
common
been
plished
accom-
investing
in
stocks.
without
scientific
principles
selection
and
the
strongest
net
outcome
in
be
and
and
the
at
ten
present
few
are
the
and
of
plan
a
had
made
public
not
promising
most
have
far
between,
"investing
utility
in
the
yet
for
the
fields.
railroad
the
profit"
but
selection
also
were
field,
stock
common
can
the
time,
which
possibilities
intelligent
of
ten
favorable.
more
railroad
or
that
at
issues
of
matter
eight
to
even
time,
in
ago
only
been
present
years
in
confined
If
selection.
or
followed
been
investment
would
While
discrimination
particular
any
65
Possibilities
Potential
still
in
of
issues
undoubtedly
the
industrial
68
How
that
serted
It
the
railroads
that
is true
has
but
so
are
relatively
the
it is
issues
simply
have
their
paid
of
prosperity
and
useful
study
who
have
cycles
given
business
trend,
it is
clearly foolish
and
bonds,
this
is
latter
of
but
it
the
year
for
persons
panic,
if
foolish
was
time
a
there
he
year
1907,
to
investing.
the
and
to
And
for
1902,
was
at
not
was
stock
the
a
October
but
or
time
was
very
foolish
man
stocks
the
when
the
of
to
was
a
when
investments.
buy
ness
busi-
stocks,
Conversely,
no
period
splendid period
eight months
'TDargain counter"
a
riods
pe-
"
crest
panic,
it
the
realizing
some
liquidating.
some
six
do
of
true
mental
funda-
average
times
other
not
the
times
are
buy
to
are
does
liquidate in,
investment
he
do
the
after
there
For
things
main
wisely purchased
most
investor
an
being particularly
The
be
damental
fun-
or
ascertain
to
fared
security prices
carefully study
sold.
speculative boom,
and
for
for
course
illustrate.
To
be
have
the
of
and
recurring
general
affect
endeavor
gard
re-
interesting
those
One
should
they should
when
investor
and
of
more
those
to
directly
is to
do
to
far
a
bought
conditions,
values
on
road
rail-
without
and
how
long periods.
and
or
so
investments
when
effect
attention
which
investor
every
the
in
they have
merits
ascertain
to
investors
when
today
1902.
in
were
how
see
depression,
or
proper
reasonably
for
they
charges
investment
or
to
is
factors
over
than
individual
attention
no
fixed
and
fared
business
general
to
have
steadily enough,
grown
grown,
interestingto
on
exceptionally benefited.
has
higher
stocks
common
been
country
much
Wisely
Money
have
capitalization
while
But
Invest
to
was
who,
after
daily
having
the
played,
disthe
that
at
the
for
went,
middle
of
of
short
show
case
of
to
the
what
man
as
below
each
the
who,
in
(after
on
worth
the
the
an
original
in
value
to
still further
past
secured
$326,400
while
dividends
This
I
aggressively.
of
100
on
or
the
of
shares
about
uary
Jandence
confi-
and
of
values
1, 1910,
January
intrinsic
following
subsided
also
and
of
period
cost
had
panic
or
the
two
years
has
fared
values.
how
four
well
years
investor
the
has
taken
as
well
trend
of
by
$239,100
the
to
up
to
$338,650,
something
investment.
April
In
and
more
other
be
1908,
value
the
holder
than
6%
words,
that
seen
within
(or
the
specific
the
as
January,
1909
of
end
last
in
tion
considera-
into
It will
themselves.
properties
original
the
stocks
cycles.
investments
us
date, in the
to
study
the
let
railroad
investment
to
business
increased
in
the
investment
years' time),
his
chase
pur-
chapter,
been
the
to
showing
shows
general
of
receiving
the
to
the
well
last
have
addition
about
recent
exhibit
during
would
restored),
or
the
the
stocks, if purchased
being
; and
the
1907,
representative
making
table
a
stocks
who,
position
my
and
stocks,
clearly recognized
twenty
was
This
as
October,
in
attention
for
1, 1908
on
result
one
present
later
the
have
panic
same
paying
twenty
proper
gave
of
from
illustration
our
list of
same
would
man
far
as
curities
se-
bonds.
a
values,
well-tested
good,
steadily recommending
was
dividend
good
this
period
I
buy
to
Certainly,
whole
Returning
and
time.
1909,
term
take
hesitated
capital,
necessary
69
Cycles
Investment
his
rose
two
had
been
is
per
now
cent
principal
70
How
has
appreciated
his
dividend
Invest
to
40%
over
has
return
Money
within
been
Atchison
At
Bait
B.
"
R.
11,850
10,700
6
P
7,500
10,600
10,500
5
15,400
17,700
24,500
10
16.500
22,900
38,000
12
3,000
5,775
8,000
5
10,425
15,100
11,200
5
13,550
18,400
14,400
7
14,750
18,125
17,500
9
42,000
56,000
55,000
11,600
14,750
13,400
7
12,300
14,900
12,900
7
10,600
10,900
16,500
N.
of
C
"
St
D.
"
J...
Paul..
W
N.
Hud
"
L.
Great
W
Northern
..
Central
Illinois
...
Lehigh
N.
Valley
....
N
"
L.
Y.
Nor.
Union
12,650
15,800
7
9,025
12,700
11,300
5
Pacific
11,750
14,325
12,400
7
R
10,900
13,225
12,500
6
12,100
11,500
6
18,400
17,400
7,125
Pacific
11,700
Totals
addition
in
1909,
of
North
the
Western
Delaware,
received
this, other
1908
received
twice
have
"
to
opening
the
Chicago
$326,400
$239,100
in
But
Since
10
9,125
Pacific
So.
20
Central
R.
Penn.
6%
$11,000
8,100
Ohio
"
$12,400
Rate
Div.
1912
Ohio
"
Del.
April,
1910
Present
7
Ches.
Chic.
Value
14,160
R.
M.
enlarged.
13,600
Pacific
R.
C.
Jan.,
1908
and
years,
6.850
"
Can.
four
Value
$6,900
Coast
ahout
proportionately
Value
Jan.,
Wisely
a
15%
the
$338,650
benefits
have
Canadian
valuable
Lackawanna
dividend
accrued.
Pacific
"rights f
stockholders
stock
10
'
in
received
"
1910, the
"rights ;"
Western
with
holders
stock-
holders
stock-
privilege
to
subscribe
is
last
and
year,
So
the
since
rights
that,
have
fared
than
the
But
as
rewarded
investor
the
wisest
very
Was
the
liquidation
The
the
after
had
to
panic
gone
take
should
switch
about
pay
The
issues
and
the
for
the
to
stock
his
proper
which
period
it did
this
the
holdings
thing
were
keep those
for
quoted
which
time
to
come.
had
1909
a
in many
who
sell what
the
done
surest
lines
shrewdness
much
period
their
sales
"bulls"
how
But
it
does
was
pure
when"
wise
makes
he
their
the
For
market.
the
above
evitable
in-
pronounced
so
side
clearly
such
were
seemed
and
have
erable
consid-
undertaken?
purchases,
to
this
until
rule, reached
a
never
him
require
man
been
when
speculation
of
it have
aH
been
clearly
have
business
as
; the
and
had
of
had,
"bear"
investor
of
was
of
place
end
general
not
values
speculator, therefore,
should
in
them
wisely
the
at
considerable
a
been
in values
the
security
for
highest
and
far, that
so
that
see
have
1908
of
period
a
which
stocks
would
kept
1909
of
end
recovery
stocks
purchase
of
date
beginning
have
to
could
these
of
all these
handsomely,
reaction
severe
very
the
of
the
Conditions
Undoubtedly.
a
in
judgment
not
subscription
etc.
since
holding
so
New
and
indicate.
bought
were
same
Co., which
Sales
fact, holders
better
the
though
even
time?
deal
the
of
stockholders
1908;
of
matter
Coal
the
Co.;
Pennsylvania
their
of
Sales
"rights"
a
both
quotations
mere
of
stock
opening
a
Coal
new
received
given
great
a
assume
that
the
$240;
have
Central
York
the
of
also
above
selling
now
we
stock
Valley stockholders
Lehigh
kind
the
to
71
Cycles
Investment
to
a
not
rule
to
?
own
sell those
asset
values,
potential value
for
72
How
the
future.
have
Acting
Atchison
St.
Chic
New
Central,
Northern
good
all that
in dividends
bonds
able
be
freight
of
following
provision
was
bull
market
ranging
the
On
to
the
selling
at
about
149;
then
was
other
have
list, even
selling
selling
then
the
at
be
was
high
Northern
justifiedby
the
disposed of
a
much
of
7%
the
too
high
the
lower
from
the
tenance
main-
dend*
diviern
West-
even
Pacific
a
the
original
7%
stock,
and
for
were
New
dividend.
have
remaining
stock
for
North
outlook,
would
investor
many
a
good
price
the
the
Northern
and
clearly paying
though
for
"
not
a
its
and
Chicago
;
vertible
con-
during
double
extension,
jeopardy
full
though
spending
of
for
doubtful
very
out
would
road
rate
as
the
paying
suffering
was
the
at
issuing
pretty
it looked
Sound
hand,
the
the
and
stocks
was
a
Ohio
1909
of
dividend
was
143.
these
that
124
and
not
end
common
its
127;
about
at
of
all
about
at
"
;
then
Paul
Great
184
14754;
indicated
in
about
at
justified,and
Puget
prices
at
Central
York
;
selling
about
would
then
even
selling
at
selling abnormally
was
a
; St.
its
151;
"
6%
even
on
about
selling
was
situation,
year
118;
at
Atchison
Baltimore
rate
about
then
Therefore,
stock.
the
selling
at
expand
further
to
124;
then
selling
clearly
years.
many
for
list:
above
about
reasons
prevailing.
then
prices
1910
of
opening
would
at
then
Pacific,
were
the
from
investor
selling
Central,
York
the
then
Western,
Northern,
Illinois
theory,
then
common,
N.
"
Great
Ohio,
"
Paul
Wisely
following
common,
Baltimore
Money
this
on
the
liquidated
There
Invest
to
market
ish
fool-
been
stocks
on
seemed
,
Investment
in
be
to
far
was
above
Pittsburg
Central
future;
of
Lehigh
recent
prosperity;
adding
to
both
Southern
their
strong
crops
business
those
all
wise
which
of
in
the
I have
which
stocks
in
1909
or
anywhere
from
20
Paul
been
down
has
both
and
has
been
been
at
Northern
Pacific
to
the
1910
recently.
of
I have
the
at
50
buy
at
been
at
back
as
the
been
have
"
Ohio
There
have
been
far
lower
than
St.
Central
York
these
sold
prices.
sold
all of
day
to-
having
1909
New
and
would
1910
of
Baltimore
or
1909
1909
has
any
of
Since
Northern
110.
prices
par;
I have
liquidated,
condition.
below
and
Great
end
pected.
ex-
general
what
above, he
opening
nearly
been
with
the
suggested
points
to
par;
opportunities
spring
healthy
Atchison
par;
below
to
have
to
in
set-backs
approximately
enumerated
remarkably
a
sales
ought
maintain
to
touch
at
steadily
have
might
liquidated
period of
charges, while
its
temporary
which
done
had
and
which
of
sell it at
was
promised
investor, in close
an
above,
stocks
be
Pacific
near
another
to
its
Nashville
that
the
be
to
had
at
for
upon
increasing
Union
conditions, had
suggested
kept
without
tering
en-
was
even
foolish
been
positions, in spite
where
Now,
200
above
"
Pacific
assured
"
general business,
or
those
have
Louisville
and
and
corner
just entering
was
its assets
Rochester
Jersey promised
New
Valley
far
Line
Coast
Canadian
seemed
it would
and
Lackawanna,
230;
of
value
asset
larger dividends
and
the
turned
satisfactory period;
more
Atlantic
of
price; Buffalo,
have
to
demonstrated
time,
value
asset
its market
seemed
a
a
The
sight.
73
Cycles
below
118
plenty
issues
those
have
of
since
ranging
How
74
Of
and
does
find
we
he
a
adds
greatly
trade
general
this
If
he
pays
has
(but
has
his
price
got
dividends
again.
little
to
too
;
is
in
to
time
and
there
of
thing,
and
while
in
the
long
of
viz.,
these
of
study
a
and
cycles,
he
run
gent
intelli-
an
values.
it
hold
it
take
for
much
in
it
will
a
great
of
stock
a
the
as
wishes
who
man
a
should
bought
do
here
cognizance
taking
commercial
investment,
a
theory
investments,
why
reason
no
of
plan
merit
he
is
by
intrinsic
of
analysis
There
and
sort
is
all
mistake,
a
selecting
in
this
But
this
principal
factors
great
the
make
his
to
that
say
practice.
just
does
who
man
in
out
occasionally
may
two
work
not
will
people
most
course,
Wisely
Money
Invest
to
an
sell
deal
real
period)
proper
to
or
above
of
risk.
intrinsic
all
and
investment
up
follow
to
that
receive
his
cost
76
How
substantial
degree,
of
securities.
In
of
could
with
degree
in
view
a
rises
now
given
investment
into
The
consideration
have
of
period
a
stocks
selected
also
but
in
the
Of
purchases
but
panic
has
the
the
actual
visible
following
1, 1908,.
were
made.
fully
restored
prices, while
which
along
the
Assuming
much
do
and
the
panic
to
invest
in
in
the
the
as
this
By
there
;
was
there
pointed
to
time
were
a
little in
plenty
in
make
panic,
average
man
he
has
things
which
general
revival
to
therefore,
on
1907
ment
invest-
the
that
I
have
confidence
to
of
factors
trade
and
are
ments
invest-
the
sight
fluences,
in-
field,
though
knows
date
of
time
even
and
years.
other
the
example,
a
carefully
after
when
a
is my
railroad
best
very
and
to
specific
after
buying,
and
how
of
four
seasons
the
July
lower
not
available
selected
It
immediately
or
money
In
been
in
are
to
courage
the
course,
was
periods
cheap.
values.
past
only
not
bonds
other
industrial, public utility and
markets.
such
bonds,
various
right period,
the
time
telligent
in-
fication
classi-
the
general
more
good
a
the
during
or
year
this
of
example
at
all the
fared
and
individual
invested
which
among
offset
one
cation
classifi-
a
different
concrete
a
fund,
unquestionably
was
in
risk
select
to
having
present
would
the
spread
falls
idea
for
plan
a
presented
The
values
general
issues, from
made.
also
of
and
to
purpose
taking
but
industry,
of
in
I outlined
and
types
to
fall
chapter
be
only
not
Wisely
and
diversification
selections
stocks
rise
earlier
an
distinct
of
types
Money
the
several
was
all
of
investment
proper
Invest
to
had
warrant
clearly
recovery
line.
that
the
investor
had
a
fund
of
approxi-
Distribution
$200,000
mately
his
10
10
utility
stocks
the
20
; 10
10
stocks;
in
cent
per
railroad
per
in industrial
cent
per
issues; 20
in
cent
per
tributed
dis-
have
might
Municipal
or
77
following proportions
public utilitybonds
; 10
industrial
in
in about
bonds;
in
cent
per
securities, he
Government
railroad
in
cent
in
into
put
purchases
cent
per
to
Combined
Profit
and
; 10
bonds
bank
public
per
trust
or
per
stocks;
in
cent
:
cent
pany
com-
stocks.
this
Following
the
been
for
principles
outlining,
taking into
plan, and
selection
investment
result
a
follows
as
consideration
which
might
we
have
been
all
have
tained
ob-
:
Yield
Cost
Government
July
Issues:
i,
Annum
1908
$5,000
5,000
Chicago
5,000
Seattle
5,000
Berlin
$5,000
5,000
Ster.
Japanese
Fr.
Wor.,
City
op.
1925
R.
I. "
5,000
5,000
Col.
5,000
Oreg.
5,000
Reading-
5,000
Long
Island
5,000
Lake
Shore
"
So.
4s,
Sh.
Line
200
4,600
175
4,650
175
4,800
200
4,800
200
4,150
175
4,400
175
4,250
200
4,500
200
4,500
200
4,850
200
4,450
200
4,725
200
4,900
200
Atchison
5,000
Norf.
5,000
Reading
"
M.
5,000
Union
5,000
Atchison
6,000
Baltimore
6,000
Canadian
6,000
Union
D.
4s,
due
1929
ref.
4s, due
due
8is,
1934
1929
due
1951..
4,700
200
gen.
4s, due
1938..
4,500
200
4,700
200
deb.
4s, due
1928..
4,550
200
4,700
200
(5%)
4,550
250
5,175
260
(4%)
4,000
200
4,600
200
4,100
200
4,550
200
4,150
200
4,600
200
4,050
275
5,450
800
4,300
300
5,837
800
8,000
850
11,950
600
7,100
500
4s,
Stocks:
preferred
"
1928..
fef.
J. Cent.
Railroad
200
4,900
4s, due
Pcf.
$225
5,000
1909
Jc.
P.
due
$4,600
200
after
Okla.
B.
$225
6,000
200
Bonds:
O.
$4,450
per
Annum
4,850
Atch.
"
1921.
1912
1925
Railroad
East
1925...
4s, due
i,
due
4s,
8^5,
C
$5,000
4is, due
Yield
Value
July
per
West.
first
pfd.
pfd.
pfd.
Pac.
(4%)
(4%)
common
"
Ohio
Pacific
Pacific
common
common
8,600
600
78
How
Invest
to
Money
Wisely
Cott
Public
Utility Bonds:
July
i,
1908
Detroit
$5,000
City
6,000
Am.
5,000
Houghton
Tel.
Gas
due
5s,
Tel.
"
1923..
4,900
coll.
4s,
due
Ry.
5s,
due
1920
4,300
Co.
St.
1920
4,500
Portland
5,000
(O.)
Public
Am.
$5,000
and
1st
Light
"
Traction
5,000
Gas
5,000
General
EUec.
5,000
Minneapolis
Gen.
Industrial
Bonds:
du
Pont
5,000
U.
S.
5,000
U.
5,000
Fairmont
5s..
4,650
Utility Stocks:
Laclede
$5,000
ref.
pfd
4,700
pfd
3,750
6,500
common
Elec.
Powder
due
4^8,
Realty
pfd....
Imp.
"
5,000
1936.
Steel
S.
Corp.
Coal
due
5s,
Stocks:
U.
pfd
S.
Steel
5,000
Virginia
5,000
Am.
"
Bank
4,850
4,550
1931....
5,050
pfd
Trust
$2,000
(par)
Astor
2,000
(par)
Equitable
2,000
(par)
First
2,000
(par)
Shawmut
4,850
Stocks:
Company
(N.
Trust
(N.
Tr.
Bk.
Nat.
4,950
pfd
Foundry
and
1963.
pfd
Chem.
Bk.
Y.)
5,800
Y.)
.
.
(Boston)
7,600
.
find
meets
;
yielded
5,800
.
$10,195
$197,050
we
which
7,300
.
(Chicago).
Totals
Here
every
etc.
the
investment
an
measures
at
225
5,100
Harvester
Car
due
5s,
Industrial
Inter.
5,000
4,550
4,000
1924
$5,000
225
3,850
due
5s,
test
up
start
The
a
to
very
as
far
scheme
wide
as
exacting
is
return
a
about
wide
as
on
one,
$10,770
$200,000
distribution
conditions
substantial
diversification
for
$228,732
to
is
security
the
as
cerned
con-
ment,
investit is di-
;
Distribution
vided
between
these
classes
bonds
in
and
five
are
stocks
all
nearly
and
sub-divided
into
the
been
individual
those
confined
in
widely
distributed
;
of
are
this is also
largely
light, street
industrial
etc.
issues
while
;
the
bank
this
to
favorable
while
he
at
been
principal appreciated
which
of
time
equal
to
cent
per
four
year
purchase,
nearly 5j4
on
be
the
much
of
stocks
;
gas,
; the
$197,050
or
increased
cent
present
on
value.
have
to
the
been
been
the
were
attained
aggregate
$228,732,
but
the
cent
at
the
5
per
$10,770,
which
original cost,
twice
been
or
within
addition
In
of
activity.
results
has
in
benefit
human
the
duced
re-
put
securities
to
over
has
get the
only
mercial
com-
Boston.
has
field of
that
great
loss
investor
Not
$10,195,
per
risk
noted
from
has
and
all well-tested
period "rights"
Pacific
How
was
Qiicago
wide
a
satisfactory.
most
from
extent,
some
in
it will
cheap,
widely
are
companies
selected
the
when
season
a
reasonably
income,
to
can,
developments
Selected
have
selection, the
wide
where
are
York,
New
minimum,
a
position
stocks
like
bonds
between
properly
telephone
and
rated
sepa-
railroad
the
of
tries,
coun-
are
and
the
widely diversified undertakings,
represent
centers
With
railway
In
railroad
systems,
divided
are
States
; the
true
ent
independ-
different
United
sense
have
strength.
into
spread
separate
their
of
of
the
to
public utility issues
electric
is
geographical
a
case,
every
risk
themselves
issues
because
of
proportions
proper
characteristics
issues;
investment
of
different
selected
issues, the
and
the
classes
; and
cases
government
in
distinct
79
Combined
Profit
and
given
to
is
4%
this
adian
Can-
stockholders.
more
satisfactory is
an
investment
plan
of
80
How
this
than
kind,
entirely
"savings
to
**high-grade
term
in
one
where
investors
heavy
While
suggestions
issues
in
the
chapters
along
is
that
fully
be
shall
this
as
worked
attempt
line.
so-called
have
during
have
efforts
is
true
in
the
to
for
present
tribution,
dis-
at
decade,
past
experienced.
of
nature
that
today
out
the
out
results
been
thus
been
long
pointed
already
intelligent
exhibit
can
I
have
no
principal
foregoing
it
other
or
unsatisfactory
made
himself
confines
investor
We
shown
losses
plans
later
bank"
how
have
performance,"
in
the
have
and
very
where
bonds."
chapters
previous
Wisely
Money
Invest
to
a
"past
scientific
the
future;
some
concrete
tribution
dis-
and
XI
Plans
for
the
IN
last
I
chapter
discussion
of
the
investment
of
investments
principal
of
in
investment
added
and
four
will
viz.,
for
; to
principal
future
as
by
dividend
Of
are
moderate
insure
to
offset
possible
principal
of
; and
of
appreciation
if
have
principal
yield
terially.
ma-
investment
the
ends
same
as
a
first
in
sideration
con-
depreciation
possible
consideration
second
a
of
effects
meanwhile
proper
with
of
which,
total
sums,
security
the
for
plans
dend
divi-
in
dividend
and
reason,
presented
investor's
interest
several
within
$200,000,
the
the
of
safety
was
about
the
to
his
present
now
diversification,
view,
cent
per
increased
example
in
types
increases
and
would
ing
diversify-
so
certain
entire
values,
ago,
for
advantage,
covering
years
15
about
also
I
scheme
out
the
elaborate
extended
somewhat
selecting
so
take
to
market
An
returns.
carried
also
and
sum,
and
insure
to
a
methods
proper
Sums
Moderate
into
went
lists,
as
appreciation
an
of
Investment
to
principal
benefit
and
of
in
the
enlarged
yield.
the
course,
when
seasons
of
any
fact
must
it is
usually
type,
just
as
overlooked
be
not
unwise
there
(81)
to
are
do
other
that
much
periods
there
vesting
in-
new
when
82
How
Invest
to
The
ideal
in either
than
that
in
the
the
next
two
as
the
In
fair
are
As
the
that
any
three
or
made.
are
1909.
of
it is much
far
likely
are
of
today, although
probably
is
within
have
to
vestments
in-
bond
intelligentselections
ties
opportuni-
field, the
investment
stock
better
pure
period
provided
years,
as
present
we
absolutely
be
to
nevertheless
but
concerned,
good
as
end
said
be
cannot
respect,
are
about
time
present
ble.
advisa-
lists is most
investment
general overhauling of
a
Wisely
Money
of
not
course,
the
very
best.
plan for
Suggested
1.
this
investment
of
railroad
bonds,
bonds,
of $i
investment
the
of principal being
An
the
consideration.
exclusive
kind
might
public utility bonds
tween
be-
divided
be
wisely
follows:
as
tegrity
in-
0,000,
and
Price
industrial
of
Cost
Sept., 1912
Oregon
$2,000
2,000
2,000
Lake
2,000
Amer.
2,000
du
ref.
4s,
due
1929...
at
92
Line
first
4s,
due
1950...
at
86
1,720
at
92^
1,850
at
90
1,800
at
88
1,760
have
may
be
within
be
due
up
called
the
next
made
at
1920...
1936
would
yield
$8,970.
comparatively
nearby
in
to
at
par.
par
at
five years.
the
their
The
Seaboard
any
All
general
hold
$1,840
income
an
of
investment
easily enough
called
Having
454s,
fluctuations
of
work
4s
be
net
a
should
time
Tel.
"
Powder,
one
in
1928
4s, due
col. 4s, due
arrangement
on
regardless
rate,
deben.
Tel.
Pont
year
except
can
Line
Air
Shore
above
The
per
Short
Seaboard
of
bonds
the
and,
maturities,
interest
market
present
time, and
$410
of
Air
most
value,
and
Line
first
likely will
du
Pont
Powder
bonds
selections
the
investor
would
The
110.
the
above
84
How
definite
to
period.
their
in
to
Invest
The
bond
values, while
par
his
Baltimore
put
Ohio.
"
would
would
have
he
into
or
either
bond
a
invested
the
in
holdings
The
in
est
inter-
moderate
a
future
of
of
of
some
Pacific
Northern
with
possibilitiesof
shares
of
of
good
a
his
and
could
$730
balance
some
work
ultimately
remaining
few
a
Wisely
issues
possible appreciation
principal through
be
Money
ciation,
appre-
railroad
or
public utilitystock.
Probably
of
this
of
sum
investor
3.
satisfactory
more
no
Suggested
could
money
who
is
of $50,000,
prime
5,000
Baltimore
St. Louis
Price
Bonds:
Ohio
"
"
San
due
V/2S,
Fran.
5,000
Pacific
Northern
Kansas
City
So.
gen.
$5,000
5,000
Co.
Houghton
Kansas
City
St.
Ry.
5,000
Westinghouse
Republic Iron
5s,
Gas
5,000
Bush
Mfg.
"
Terminal
5s,
of
3,000
Amer.
Railway
Beet
Sugar
Steel
1920
due
5s,
1925..
of
1931
1940
due
preferred
Spring,
of
1912
Cost
92
$4,600
at
85
4,250
128
$6,400
3,000
at
60
at
96
$4,800
at
97
4,850
at
95
$4,750
at
91
4,550
at
97
4,850
98
$4,900
Bonds:
Industrial
$5,000
but
Bonds:
5s, due
5s,
Steel
1927.
)
Industrial
$5,000
strength
at
at
Utility
(Mo.)
dinary
or-
Stocks:
(7%)
pfd. (4%
Public
1925
5s, due
Railroad
$5,000
the
consideration,
Sept.,
$5,000
for
ment
invest-
being quite fully considered.
also
Railroad
the
income.
on
a
for
devised
investment
being
course
possible appreciation
be
dependent
plan for
of principal of
scheme
pfd.
Stocks:
(6%)...
(7%)
at
at
100
3,000
of
Investment
The
list
above
which
about
be
$2,735
the
have
large
is
a
are
nearly
potential
the
at
speculative
slight
are
all
as
on
of
market
this
well
as
quotations,
would
5%.
over
element
to
and
asset
Of
of
some
distributed;
well
maturities
actual
ties,
securi-
of
investment
exceedingly
short
85
value
par
considerably
or
they
in
present
yield
total
annum,
but
issues,
bonds
cost
The
per
there
course,
these
would
$49,950.
$53,000
embraces
Sums
Moderate
values.
the
stocks
XII
Plans
for
down
these
in
selection
in
others
do
The
desire
of
capital
risk
It
far
principal,
a
has
little
in
even
too
great
sum
of
of
or
an
this
extent.
degree,
unusual
to
going
On
invest
a
appreciation,
he
more,
of
possibilities
into
page
amount:
(87)
the
88
field
I
able
consideradditional
funds.
any
part
view
of
but
profit
suggest
his
of
seeking
where
a
justly
of
is
capital
sometimes
can
partially
a
whose
with
fits
bene-
limited
investor
to
least
this
with
one
$30,000
attention
without
an
moderate
$100,000
more
can
for
or
benefits
the
chiefly
than
the
has
take
to
risk
principal.
where
who
of
more
their
at
plied
ap-
sums
little
a
be
man
afford
mistake
$25,000
under
much
man
a
will
The
course
easily
more
usually
is
of
can
take
position
a
values
strong.
very
small
diversify
to
in
in
growth
to
be
course
and
large
prefer
oneself
of
laying
investment
intelligent
can
both
for
attempt
place
possible
is
the
in
to
received,
and
investors
Many
money.
for
been
have
we
distribution,
ways
many
which
chapters
and
Sums
Larger
principles
general
THE
than*
Investing
on
give
his
speculation
a
plan
vestment
into
for
a
88
How
Suggested
Invest
to
plan for
of $100,000,
Wisely
Money
the
investment
of
principal
a
object,
diversification being the primary
possibilitiesof appreciation
considered
being
Government
Japanese
$5,000
New
5,000
2.
Issues:
Railroad
City
York
4^s,
due
(new)
1925
at
4J4s
at
Rio
Grande
Western
Kanawha
10,000
"
first 4s, due
Michigan
second
1939
Railroad
(100
83
at
97
$8,300
5s, due
Utility
$5,000
5,000
9,700
$5,000
Virginia
Northern
Portland
116
11,600
(7%)
at
126
12,600
5s, due
1934...
at
96
4,800
first
Ry.
at
98
4,950
at
96
4,800
at
90
4,500
at
95
4,750
at
91
4,550
at
100
10,000
at
98
9,800
and
ref.
1930
Bonds:
Corn
Products
5,000
Westinghouse
5,000
Republic
10,000
at
Pacific
Power
(Oreg.)
5,000
$10,000
"
Ry.
United
Industrial
Western
Bonds:
5s, due
Industrial
"
common
(100 shares)
10,000
6.
Norfolk
shares)
(6%)
5.
5,060
101
Stocks:
$10,000
Public
$4,600
92
at
1927
4.
5s, due
States
Realty
5s,
Iron
"
1934
due
5s,
due
1924
1931
Steel
5s,
due
1940
Stocks:
(100 shares)
pfd. (7%)
(100
(6%)
ihares)
Steel
Railway
Amer.
Beet
Spring
Sugar
pfd.
Total
While
found
are
$100,000
there
in parts
to
be
Cost
1912
Bonds:
$10,000
3.
of
Sept,
Imperial
but
also.
Prices
1.
sum
is
of
regarded
a
moderate
the
above
as
speculative
list,yet
as
a
fairly high grade,
element
whole
and
to
the
the
be
issues
chances
for
Plans
of
in values
growth
will
1.
been
war,
and
every
these
but
of
should
next
ten
thirteen
Railroad
Bonds:
1939,
of
the
to
Ogden,
are
Denver
"
5s
the
3.
"
I
next
rapidly becoming
dividend
a
will
few
few
basis.
Rio
a
The
first
main
the
lines
Col.,
and
as
gon
Ore-
bonds
are
Michigan
the
and
safety
of
with
the
"
run,
bonds
tion
connec-
Railroad
The
margin
ings
earn-
70
of
"high-grade"
considerably
future
favorable.
prime
years
As
sue,
is-
City
in
value
years.
most
a
now
strategical value,
Kanawha
rise
they
Crevasse,
Pacific
these
to
the
on
forming
to
value
par
Western
Grande
The
in
plane.
system.
issue
tend
York
from
and
years
of
Stocks:
is
Western
liens.
both
New
great
Pacific
the
that
Grande
Southern
fifteen
give
they
the
of
"
Union
regard
Railroad
course
Denver
only
road
believe
during
City,
tirely
en-
protected
investment
has
are
Russo-Japanese
noted
The
system
Lake
junior
two
have
cent.
and
the
of
by
of
ments
com-
goivernment
their
first lien
line
Pacific, the
Lines
second
Salt
be
Rio
Grande
This
the
towards
high
a
issues
thoroughly
run.
absolute
original
Western
to
The
Rio
Utah.
the
followed
following
these
since
It will
on
an
passing through
of
89
Japanese
work
years.
years
of
are
gradually
stands
4s, due
the
as
the
of
which
bonds,
course,
2.
per
credit
steadily improving
the
have
Both
Issues:
The
way,
within
good,
very
Sums
Larger
indicate.
secure.
the
are
Government
has
Investing
The
investment
should
for
outlook
be
Northern
of
Norfolk
stock
common
issue, and
raised
to
a
still
Pacific, I think
in
is
the
higher
it is
90
How
probably
is
as
higher.
"
Public
grade,
the
Virginia
which
5.
this
it.
is
the
They
have
5s
of
the
features
of
strength
relatively
short
classification
has
large
all of
and
yield,
to
bond.
in
included
issues
commend
to
maturities,
liberal
by
protected
are
is
Portland
strong
Each
Bonds:
are
years
favor.
very
highest
them
twenty-two
a
points
1934,
of
back
their
really
are
Industrial
are
but
the
of
Ss, due
Power
in
fifteen
as
its class.
not
equity
argument
an
refunding
They
"
and
secured,
of
While
dividend
cent,
sells
investment
Railway
steadily growing.
Railway
which
Utility Bonds:
excellently
run,
its 7 per
Western,
attractive
an
Wisely
Money
maintaining
North
It is
4.
of
sure
Qiicago
Invest
to
return
a
of
margins
safety.
6.
Industrial
stocks
of
included
this
the
of
Steel
is
This
would
money
It will
of
above
few
a
years,
the
of
amount
be
selecting
and
to.
separate
Of
the
that
issues
the
at
and
$100,000,
$5,337.50
be
noted
per
scheme,
to
would
6
prime
investment
of
nearly
government
market
per
cent,
have
issues,
on
trials.
indus-
in the
the
on
the
geographical
cost.
matter
tions
loca-
strictly
been
one
ferred
pre-
prices,
straight yield
the
diiFerent
managements,
Sugar
preferred
precautions
proper
widely
cent,
United
as
Beet
recent
5^
or
high
as
is
in
should,
preferred
American
while
investments
attractive
Spring
sell
preferred
industrial
two
most
Steel
preferred,
one
The
seem
Railway
type.
course
States
Stocks:
hered
ad-
dependent
92
How
cial
good
be
to
reasons,
Invest
to
cheap
the
at
increases
possibilities of
Wisely
Money
time, and
present
in
in the
value
have
to
next
"bull"
movement.
Suggested
with
scheme,
for
plan
a
capital
a
''semi-speculative"
investment
of $100,000,
sum
Prices*of
1.
Railroad
Bonds:
$10,000
St
Louis
5s,
due
St.
10,000
Sept.,
Railroad
Francisco
lien
gen.
1927
Louis,
Unif.
2.
San
"
Mountain
Iron
Ref.
and
4s,
due
Cost
1912^
at
85
$8,500
at
78
7,800
at
112
11,200
So.,
"
1929
Stocks:
$10,000
(100
10,000
(100
(4%)
Southern
shares)
Pacific
Kansas
shares)
City
(6%)
So.
pfd.
at
60
6,000
at
91
9,100
..^
3.
Public
Utility
(100
$10,000
Public
Utility
$10,000
5.
10,000
Brooklyn
sit
Tran-
Gas
(6%)
4^s,
due
1956
at
82
8,200
Colorado
Industrial
5s,
due
1924
at
82
8,200
Distillers
Securities
at
75
7,500
5s, due
1927
Stocks:
International
(100
(4%)
Har.
shares)
Malting
120
12,000
pfd.
at
65
6,500
$99,500
in the
to
com.
at
Amer.
Total
given
14,500
145
Bonds:
$10,000(100
shares)
(5%)
As
at
Bonds:
Industrial
10,000
Rapid
Consolidated
Inter-Metropolitan
Industrie^
$10,000
6.
shares)
(5%)
(100 shares)
10,000
4.
Stocks:
the
case
matter
of
the
first
of
sound
exhibit, full consideration
investment
is
diversification,
Plans
and
no
any
one
issue
issues
issue, but
the
was
case
90.
progress
bonds
and
its outlook
the
on
the
St.
that
to
the
best
plans have
financing
been
makes
price
2.
in
setbacks
road,
the
while
dividend
not
of
the
These
have
they
of
these
of
on
and
now
all future
for
bonds
should
1929, the
in
mature
4s
secured
are
providing
position
only
refunding
and
the
safety,
general system,
for
during
the
present
Pacific, in spite of
past
If
this
year,
in its
outlook
crop
have
we
stock
position
highest, gives
disbursements.
of
Southern
Southern
winter,
investment
eighteen
past
attractive.
favorable.
coming
The
the
the
they
As
earnings
unusually
the
Stocks:
possibilities,and
is
in
arranged
them
Railroad
"
unusual
favorable.
and
unifying
ling
sel-
were
making
the
one,
Mountain
they
margin
good
a
The
gradually improve.
low
is most
mileage
this
on
to-day
handsome
a
run.
Iron
Louis,
of
some
is
cost
fifteen years
during
than
position
in
been
has
ment"
"semi-invest-
a
when
ago,
side
by
all
Francisco
San
"
stronger
years
physical
That
ness
attractive-
of
admittedly
system
protected
are
yield
its
on
months,
The
features
in
placed
security.
Louis
St.
much
of
is
sum
comments.
are
are
couple
a
above
1927,
they
of
special
The
due
total
type
following
Bonds:
Ss,
lien
their
the
by
the
93
Sums
Larger
of
one
any
have
Railroad
general
in
or
is shown
1.
Investing
large portion
very
these
of
for
of
should
Kansas
"bull"
rise
City
of
great
this
territory
any
assurance
still has
its
year
ment
move-
tially.
substanSouthern
permanent
94
How
3.
Public
Transit
has
settled,
Gas,
in
should
years,
York
City,
many
years
to
Public
and
the
as
work
5.
at
so
be
overlooked
few
that
tend
the
The
6.
boom
bonds
the
and
we
in
the
are
the
type,
it will
(as
should
steadily
the
likely
price.
to
and
American
next
in
spite
further
Malting
is of
trade
the
has
growing
few
not
steel
at
tillers
Dis-
price.
always
equity
benefit
in
this
years.
classification
company
must
price.
will
are
selling
issue
issue
the
and
this
a
in
attractive
the
if the
see
further
Company
In
fact
iron
added
Harvester,
that
the
in the
on
be
not
the
interest
Stocks:
fact
would
of
as
5s
Industrial
back
up
Alcohol
International
of
this
of
bonds
they
or
regard
I
years
Industrial
because
Interborough-
bond
nevertheless
materially during
company
the
Colorado
property
real
Industrial
S.
U.
the
5s
easily earned,
been
the
poorest
for
the
improves
these
years)
these
force
to
two
past
profits steadily
cheap
company
But
any
Securities
In
the
Bonds:
value, and
great
the
of
regard
very
a
of
figure.
a
conclusion.
growth
by
its
I
"semi-speculative"
low
of
subway
90.
Industrial
course
Bonds:
as
s
coming
of
will
454
towards
up
the
come.
credit
the
during
rise
benefited
increase
and
that
now
foregone
its
Rapid
Brooklyn
a
of
be
to
Utility
Metropolitan
seems
spite
continue
New
4.
higher,
been
Consolidated
That
work
gradually
Wisely
Money
Stocks:
Utility
will
situation
Invest
to
of
its
I have
high price,
is forced
material
lected
se-
to
solve,
dis-
tion
apprecia-
preferred
I
con-
for
Plans
sider
still
about
20
sooner
is
well
this
in
greater
$5,350,
speculative
so
a
worked
minimum.
the
or
list
risk
out
is
Syi
in
greater.
that
the
At
ordinary
the
in
independently
of
but
other,
stock
would
yield
chances
the
the
annual
cent.,
per
course,
than
the
the
prices,
recent
at
must
dividends.
these
of
purchases,
and
of
value
asset
regardless
over
Of
this
the
and
are
which
dividends
$99,500,
be
appreciation.
any
to
of
There
investment.
accumulated
share,
per
95
Sums
Larger
speculative
paid,
cost
would
to
in
$75
total
list
a
be
later
above
amount
as
cent,
per
or
The
is
cheap
Investing
same
dangers
of
profit
the
naturally
time,
are
are
the
reduced
list
THREE
PART
CLASSES
OF
INVESTMENTS
100
How
the
character
of
markets,
On
of
following
New
the
yield
4
at
4^%
to
market.
It
of
the
the
holder
to
not
necessarily follow,
secure
There
4^%.
heavy
of
margins
are
back
assets
Some
Adams
Express
March
dated
in
which
are
recent
years
four
charges.
surely
84
money.
the
times
event
of
yield,
their
if
the
Adams
six
to
receive
they
the
to
At
maturity,
does
issue
ity
util-
yields
with
very
very
high
the
this
vestment
in-
class.
but
bonds
its
in
have
been
total
fixed
bonds
recent
nearly
of
earnings
Company
the
roads
rail-
values
net
these
are
of
market
of
4s;
Outstanding
mortgage
The
amount
It
debenture
and
par
liquidation
value.
in
are
a
Express
face
held
not
enable
on
1, 1948.
issue.
the
by
more
income-producing
of
excess
or
collateral
are
companies,
of
In
of
issues
below
March
due
bonds
deposit
other
and
listed
Company
These
by
secured
those
1, 1898;
$12,000,000.
from
of
4^
which
bond
yield 5^%
from
public
protected
and
from
industrial
some
industrial
them,
which
safety,
than
the
return
6%.
to
an
railroad
many
of
that
bond
some
or
5
a
sues
is-
while
industrials
of
as
some
utilities
from
however,
and
Thus,
public
of
weaker
a
yields S%,
which
but
is
5%
known
that
usually
classes
return
a
well
noted
of-
issues
general
same
be
of
records
are
6%.
investor, and
the
returning 5y2%
will
over
railroad
534 %"
to
which
excess
prices
steam
to
is in
yield
brief
present
bonds
current
grade
I
pages
industrial
York
general thing
better
policy, stability
business
etc.
the
the
Wisely
Money
management,
twenty-six typical
in
Invest
to
5%
would
price
on
of
the
Some
American
Agricultural
1, 1928.
into
option
will
interest
the
of
due
at
and
secured
series
The
over.
American
These
Sinking
of
this
fund
issue
it
as
$100,000
investment
class, the
the
price
This
present
high yield
"
Armour
1, 1909;
This
is
a
real
the
over.
At
bonds
is due
real
very
high grade
estate
the
and
1911,
present
a
heavy
the
of
dated
not
in
the
strong
cheap
reasonably
earning
was
91^/2
at
annum.
per
maturity.
4j^s,
dated
June
$30,000,000.
being protected by
interest
price
5s,
strengthen
Outstanding,
bond,
about
to
mortgage
1, 1939.
June
is
tends
approaching
estate
times
$13,904,000.
yield being 6.80%
the
to
first
While
appear
90, the
due
year,
poor
of
Co.
annum
maturity.
nears
94
of
Outstanding,
per
earnings
several
earned
Company
1919.
speculative
average
price
present
Paper
July 1,
the
but
May
$5,000,000.
somewhat
are
charges
the
at
Writing
due
at
5s, dated
Outstanding,
bonds
show
years
July 1, 1899;
the
investment
20-year
Company
1, 1931.
yield
net
times
seven
attractive
by mortgage,
of
Sinking
Recent
maturity.
averaged
er's
hold-
at
time.
any
gage
mort-
October
due
Convertible
at
by
very
first
yielding 4.92%.
Oil
105.
stock,
issue
A
May
Callable
not
1, 1908;
have
101,
Cotton
1, 1911;
a
of
company
price
American
for
bulk
requirement.
present
October
preferred
retire
profits of
Company
$10,579,000.
Outstanding,
101
Bonds
Chemical
5s; dated
convertible
fund
Industrial
Typical
power.
earned
the
yield
Even
five
is
able
valuin
times
5.05%.
102
How
Bethlehem
dated
Steel
$8,000,000.
the
in
were
this
yield
several
the
and
April
1, 1905;
150.
The
will
all
about
the
Central
bond
the
yield
Colorado
Fuel
of
of
"
current
Corn
on
97
of
price
the
these
of
of
the
At
ings
earn-
radically,
justify
to
seem
a
price
present
105.
at
the
small
two
property
in
been
regarded
quotation
is
Products
Refining
100,
giving
as
a
Company
entire
prior
entirely
of
first
direct
a
liens
is
years
four
yield
standing,
Out-
property
covered
normal
earned
is
This
the
covering
to
1, 1943.
February
due
5s,
general mortgage
Company
has
be
to
The
fluctuate
them.
after
retired, it
are
property.
bonds
issue, and
bonds
are
the
gage
mort-
and
company,
debentures
Callable
the
collateral
or
the
on
company,
of
excess
$36,764,-
5.55%.
Iron
value
5s, dated
Outstanding,
Company
subject only
The
They
over.
tion
por-
a
company
20-year
direct
by
1, 1893;
the
by mortgage,
on
on
requirement
lien
1925.
these
is about
February
in
well
are
the
of
present
first
regarding
$5,558,000.
times
the
At
Leather
opinion
portion.
interest
issue
back
assets
obligation
the
$3,400,000
of
dated
times
properties
the
only
95
of
prior mortgage
profits
is secured
the
favorable
bonds
These
net
April 1,
due
be
the
but
a
Company
issue
when
1913,
to
ing,
Outstand-
5.30%.
Leather
on
105.
The
issue.
prior
is about
Central
subject
at
5s,
mortgage
1, 1926.
January
due
property.
1911
Wisely
first extension
Callable
although
of
Money
Company
2, 1906;
January
secured,
Invest
to
or
on
a
many
the
five
secure.
terest
in-
times
The
5%.
mortgage
5s,
Some
dated
issue
total
liens
prior
by
in
recent
the
times
the
94
and
110.
a
yield,
Not
at
the
best
The
the
present
from
due
Sinking
to
seven
attractive
is
covered
and
the
ten
June
have
in
times
the
at
of
price
ture
deben-
1, 1936.
able
Call-
liens
ahead,
of
safety.
They
market.
1, 1932.
ing,
Outstand-
$150,000
in
recent
fund
sinking
30-year
annually.
the
of
excess
have
years
interest
Price
investment.
five
to
S]/^%.
times
in
earnings
ings
earn-
four
no
the
retires
many
The
margin
April
fund
backed
are
Company
enormous
issues
selves
them-
attractive.
due
but
two
to
are
present
Powder
Company
$8,162,154.
mortgage
the
price of 90, about
1, 1902;
but
from
look
and
an
April
subject
and
been
2%
retires
value.
At
mortgage,
Nickel
property
face
industrial
International
5s, dated
their
1, 1906;
by
protected
of
company
Nemours
De
June
are
One
Pont
fund
property,
usually
yield 5.45%
Outstanding,
are
the
of
have
41/^s, dated
at
the
requirement.
interest
du
bonds
of
excess
years
bonds
L
E.
These
obligation
in
far
assets
Sinking
of
portions
on
1934.
1,
May
103
Bonds
105.
at
annually.
direct
a
due
Callable
$5,749,000.
of
1909;
1,
May
Industrial
Typical
been
An
requirements.
present
about
100, yielding
5%.
International
dated
January
Paper
3, 1905;
fund
option
retires
due
on
interest
any
2%
of
issue
convertible
January
Convertible
$5,343,000.
holder's
Company
into
date
1, 1935.
ing,
Outstandstock
preferred
prior
annually.
5s,
mortgage
to
While
1917.
at
ing
Sink-
subject
to
104
How
underlying
an
property
and
one-half
times
to
are
about
be
than
International
sinking
5s,
1, 1929.
These
bonds
all the
on
entirely
three
will
quotation
92
of
Steel
Lackawanna
5s, dated
April 1,
the
holder's
The
option,
bonds
the
are
equity.
Earnings
seven
times
the
1911
were
three
investment
about
at
in
recent
interest
the
be
years
have
present
mortgage
regarded
the
At
Outstanding,
to
have
94^,
on
by
a
averaged
in the
and
at
par,
mortgage
An
requirement.
of
at
April 2, 1915.
protected
are
price
present
convertible
1923.
prior
years
the
as
from
been
stock
requirement,
times
103.
at
maturity.
to
collateral
collateral
or
and
property
prior
common
time
first
ber
Septem-
Callable
first mortgage
into
20-year
due
should
April 1,
any
direct
a
company's
at
of
5.75%.
is about
; due
lien
first
requirements.
Convertible
$15,000,000.
and
Company
1903
or
in recent
yield
bonds
price
present
1, 1909;
direct
by
more
5.70%.
$6,000,000
interest
the
the
Company
property
times
at
and
two
the
named,
the
in
Although
$10,000,000.
Earnings
four
equalled
September
retire
company's
secure.
to
Pump
secured
are
have
others
is
yield
dated
large equity
attractive
Outstanding,
fund
Sinking
the
Steam
fund
of
as
upon
a
has
requirement.
number
which
at
issue
interest
a
Wisely
Money
earnings recently
the
looked
91,
this
bond,
the
speculative
Invest
to
poor
all
heavy
about
year
excellent
the
yield being
5.70%.
Morris
"
July 1, 1909;
Co,
due
first mortgage
July
1, 1939.
sinking
fund
4i/^s, dated
Outstanding,
$12,100,-
Some
000.
Callable
issue prior
this issue
103.
at
The
is well
in
recent
At
requirement.
the
have
years
105
will
91, the
back
of
times
several
ings
earn-
the
the
price,
present
of
the
and
mortgage
been
bulk
retire
physical property
of
excess
Bonds
fund
Sinking
maturity.
to
during
Industrial
Typical
terest
in-
bonds
yield 5.70%.
National
real
mortgage
1929.
entire
issue
subject
back
assets
from
five
to
Tube
1, 1912;
due
Callable
retires
bonds
stand
the
this
interest
generally
tire
re-
ness
busi-
have
bonds
earnings
large
average
At
requirement.
principal
on
and
annually
a
93
valuable
after
1, 1910;
into
Convertible
April 1,
April 1, 1913.
convertible
April
due
1913.
This
is
direct
Steel
yield
is
poration.
Corover
5s,
Outstanding,
stock
at
they
debenture
1, 1920.
common
Callable
a
the
as
guaranteed
are
States
price,
These
basis,
and
United
present
Sinking
1, 1916.
May
investment
the
Company
Elevator
$3,500,000.
the
99%,
after
property
by
1, 1916.
November
May
$10,000,000.
Outstanding,
strong
very
interest
At
April
after
and
Ss, dated
first mortgage
1, 1952.
on
1%
on
secured
and
the
Company
May
105
at
fund
dated
times
six
the
and
will
Although
competition,
keen
them,
maturity.
to
fund
Sinking
1,
June
yield 5.65%.
National
Otis
prior
to
of
the bonds
are
$3,278,000.
due
1, 1909;
June
first
refunding
Co,
Stamping
5s, dated
estate
Outstanding,
is
"
E^nameling
1021/2
obligation
at
on
of
on
par
and
the
after
com-
106
How
and
pany
there
have
Invest
to
are
recently
At
Steel
Railway
Plant
fund
retires
the
of
the
very
wide
six
company's
equity.
times
issue
and
in
Earnings
at
per
recent
The
year.
valuable
by
have
years
A
a
been
ive
attract-
very
98, yielding
price of
present
at
protected
are
requirements.
the
Callable
extremely
an
property
all interest
investment
on
due
1, 1906;
January
$135,000
about
La-
mortgage
$3,672,000.
first lien
by
first
5s, dated
Outstanding,
secured
are
part
over
terest
in-
the
quotation,
present
Company
fund
sinking
Sinking
bonds
Springs
1, 1921.
Januar"'
105.
times
ings
earn-
5%.
is
trobe
the
100,
The
it.
of
eight
about
averaged
requirement.
yield
ahead
mortgages
no
Wisely
Money
5.27%.
Steel
Railway
Plant
Ocean
Sinking
$125,000
bonds
Republic
Iron
first mortgage
Outstanding,
the
of
at
or
company's
these
bonds
by
"
Steel
at
about
these
liberal
and
present
there
year
April 1, 1910;
The
is far
are
in
no
due
gin
mar-
quotation,
fund
sinking
April 1, 1940.
will
retire
all
replacement
value
of
fund
Sinking
maturity.
property
10-30
Co.
$11,305,000.
and
is the
due
5.25%.
5s, dated
before
retire
mortgage,
equity
;
Callable
will
other
heavy
a
1, 1911
October
1914
the
96i/^, which
is about
return
bonds
At
in
Inter
mortgage
$3,500,000.
beginning
Like
protected
safety.
5s, dated
Outstanding,
fund
first
Company
fund
annum.
per
are
of
the
sinking
1, 1931.
October
105.
Springs
of
excess
prior
or
the
face
underlying
value
liens.
108
How
Victor
dated
Fuel
July
Invest
to
1903;
$1,871,000.
Sinking
mined.
bonds
The
21,000
of
acres
collateral.
interest
latter
bonds.
Carolina
This
yield
valuable
by
four
over
issue
and
is
company
the
at
the
105.
at
The
the
on
of
part
a
price
present
have
earnings
At
safety.
in
2, 1908;
Sinking
of
always
due
85
of
this
the
by
covers
of
the
issue
heavy
very
98
of
1,
$300,000
issue
a
quotation
December
amount
shown
mortgage
retires
fund
which
excess
present
first
Company
property
is far
first mortgage
of
Chemical
November
Callable
annum.
the
gin
mar-
bonds
yield
5.20%.
about
The
above
and
be
would
fund
is
a
in
in
show
the
very
a
an
a
limited
less
the
market.
distributed.
in
of
view
above
ment
invest-
an
nearly
of
dustries
in-
trials
indus-
the
Such
yield
of
to
among
satisfactory
issues.
There
Nevertheless
confined
amounts
dustrial
in-
of
diversification
great
average
number
random.
at
investment
equal
well
very
certainly
of
or
ones
composite
would
strength
more
represent
divided
and
issues
good
above
listed
only
course
selected
other
many
those
of
are
issues,
which
this
on
over
on
been
coal
all
on
and
have
years
requirements
5s, dated
1923.
are
Colorado
recent
The
ton
per
first mortgage
by
in
Outstanding,
6%.
15-year
and
in
Fuel
Virginia
per
lands
concern.
is about
cents
5s,
fund
sinking
1953.
1,
two
secured
coal
Wisely
mortgage
July
fund,
are
Victor-American
the
due
Earnings
the
times
first
Company
1,
Money
the
5%%,
eral
gen-
XIV
Selected
IN
these
times
high
basis
it
pitfalls
of
is
But
as
in
a
the
is
a
it
has
railroad
the
concern
has
steadily
accruing
potential
value
public
utility
the
railroad
broad
a
the
is
much
the
for
attractive
because
in
agreed
for
one
of
industrial
its
the
safety
fields.
of
advantages
benefits
of
and
is
or
the
one,
of
of
matter
the
lack
statistical
difficult
more
than
selections
be
must
elements
or
which
more
in
is
in
the
to
more
fields.
inviting
most
whole
it
intelligent
Nevertheless,
field
data,
established
much
field
dangerous,
income
opportunities
secured
the
the
into
go
investment
is
a
on
be
other
and
thoroughly
funds
to
his
of
find
uniformity
and
and
safe
years
while
and
many
information
recent
can
of
fields.
are
fields
one
investor
increase
to
great
nowadays
can
completeness
make
that
investment
than
municipal
in
greatly
Here
intelligent
the
the
general
and
prices
to
order
in
of
One
broadened
field.
temptation
fields
strong.
has
the
Bonds
UtUity
commodity
high
of
costs,
untried
very
Public
of
securities
(109)
that
the
modern
which
be
cannot
Where
a
location,
often
utility
investor,
increasing
is
public
public
and
and
found
utility
gets
population,
of
great
moment.
the
the
How
110
For
example,
years
ago,
have
reached
issues
doubtful.
less
the
ten
past
mounted
the
entitled
to
Of
course,
in
important
most
field.
Not
all
population
in
companies
have
industrials, very
I furnish
Below
of
various
prices
of
very
out
in
with
as
risk
the
to
a
some
issues
are
in
is
and
trolley
the
in
this
in
steadily
grown
all
as
are
lighting
is desirable;
railroads
of
case
one
all
them,
summary
minimum.
bonds
are
as
In
view
are
to
he
will
a
issues
investment
were
public utility bonds
them,
of
There
list of
; but
these
of
of
list.
between
a
on
are
selections
strength that
these
of
some
if
all, and
ily
stead-
have
discrimination
have
not
strength.
composite
this
cities
are,
All
maturity
good
equally
the
which
of
traffic
of
junior
above,
diversified
investment
at
more
heavily over-capitalized.
high grade, although
genuine
investment
franchise
a
types.
bond
rating.
making
number
further
were
today
the
ulation
pop-
the
of
system
bonds
even
years;
and
large
that
system
this
easily
can
for
growth
out
recent
a
very
and
and
and
certain
pointed
towns
the
ago
vast
of
investment
I
as
outlook
divisional
plane,
good
a
the
earnings
all the
and
investment
strong
with
the
Transit
Rapid
But
years
and
dozen
a
plane provided
decade
a
Brooklyn
half
quite speculative,
steadily
Only
which,
bond,
investment
increased
the
on
been
high
a
is strong.
growth
or
have
Wisely
Money
railway
street
a
may
has
Invest
to
it
whole,
they
of
attractive
the
fifty issues
to
show;
an
come
and
have
ness
short-
me
that
be
worked
to
seems
could
would
the
sell, and
scheme
divide
necessarily
not
be
described
fund
investment
out
very
he
would
a
well
deed,
in-
reduce
Public
Selected
American
4s, due
Trust
of
cent,
these
Ks., and
bonds
is 5.40
yield
the
23
issue, running
Atlantic
City
and
secured
per
cent.
from
Co.
Interest
March
1913.
subsidiary
Electric
and
strong
are
which
Co.
is
ent
pres-
4.85
Nov.
per
the
ing
refunderal
Fed-
at
elec-*
entire
of
Atchison,
first
absolute
by
excellent
"
"
lien.
investment
of
Girard
after
bonds.
At
93
due
Trust
March
American
the
heavy.
at
or
on
the
5s,
refunding
Sept.
110
at
guarantees
equity
"
business
first
Electric
a
the
at
first "
owns
An
heavy
a
date.
Callable
is
Co.
May
gas
Co., Philadelphia.
This
by
bond.
Power
are
years
1, 1938.
safe
very
trust
Bankers
at
maturity),
to
Company
railway
street
July
protected
Interest
Co., Boston.
light,
is
held
"
1, 1935.
"
collateral, and
A
Light
collateral
Co.
Jan.
issue
yields (if
Nov.
Trust
March
valuable
Railway,
5s, due
95
and
investment.
Atchison
trie
The
90^
the
on
Interest
111
Bonds
Telegraph
York.
safety
of
price
At
1, 1929.
Co., New
margin
"
Telephone
July
Utility
1,
"
Gas
Franchises
the
is 5.50
yield
cent.
per
Burlington
March
1, 1932.
Trust
Co.,
should
be
first lien
The
Interest
March
York.
Callable
as
replacement
at
95
Power
Feb.
"
is about
"
value
5.40
Light
Aug.
"
strong
a
1,
Co.
at
Sept.
per
The
issue
it is secured
as
in
5s, due
Equitable
at
105.
at
one,
far
first
Co.
Light
Interest
regarded
yield
Carolina
New
on
"
(la.) Railway
the
of
excess
by
issue.
cent.
first
5s, due
Standard
Aug.
Trust
1, 1938.
Co.,
New
112
How
York.
Callable
the
operates
of
Electric
"
Bond
are
5.65
is about
1933.
mortgage
are,
in
the
July 1,
public
margin
Co.,
New
yield
5.90
Gas
"
Jan.
"
in
the
safety.
At
Power
Co,
Interest
York,
or
at
controlled
by
July
the
a
are
They
vestment
in-
good
a
as
highest grade.
bocker
Columbia-Knicker-
S.
"
July
Franchises
C.
by
"
after
January
the
Commonwealth
5.45
Harris,
heavy
a
per
cent.
5s, due
refunding
at
the
all
owns
is about
lien
due
5s,
first
protected
yield
Trust
guaranteed
protected.
Co,
at
are
"
all the
bonds
Company
first
Jan.
Harris
105
Electric
Columbia,
the
is leased
cent.
per
bonds
94
of
not
York.
New
well
regarded
although
properties
and
be
to
These
1,
Co.
Trust
also
are
Co.
be
to
is about
Co.,
Callable
is
type,
Trust
1936.
of
July
due
guarantees
issue
Electric
price,
Interest
Consumers
the
Company
which
the
5s,
Cincinnati
at
Co.
appear
1936.
of
Jan. 1,
"
Railway,
perpetual
are
92
At
first
1, 1913.
of
cent,
the
this
service
interests).
large margin
a
price.
Co.
1,
July
July
Gas
yield
Columbia
the
of
Electric
is
the
at
Electric
per
of
of
89
"
and
view
"
after
Gas
first
there
service
light
company
(General
Transportation
Cincinnati
the
constituent
a
Company
electric
and
gas
bond
Jan.
Sixty
1, 1913.
Aug.
cent.
110
at
bonds.
At
and
Gas
Columbia
by
strong,
Interest
Callable
to
Co.
per
Cincinnati
is
Share
attractive
An
safety.
after
and
Wisely
Money
railway,
C,
N.
Franchises
105
at
street
Raleigh,
Invest
to
"
Forbes
Savings
Bank,
1, 1916.
This
Power,
cago.
Chipany
com-
Rail-
Selected
"
way
Light Co.,
directlyor
The
to
of
safety
is
of
the
the
run,
Trust
1, 1923.
railways
Champaign,
A
Urbana
well
5.30
"
cities
connecting
branches,
Danville
issue.
the
96
the
operates
are
Light
Gas
anteed
guar-
Co.
Electric
"
5.50
is about
yield
"
Urbana
bonds
"
Railway
5s,
Northern
at
Danville,
Railway,
At
Sept.
Company
of
and
Street
Champaign
secured
"
105.
at
years
first
Co,
Railway
March
Callable
24
cent.
per
Interest
investment
96, with
At
one.
property.
the
and
one,
either
secured
valuable
on
Champaign
111.,with
the
by
the
"
Co., Chicago.
electric
strong
a
Urbana
March
heavy
a
well
are
collateral
is about
yield
Danville,
due
issue
bonds
113
Bonds
Utility
these
and
by deposit
margin
position of
Public
and
Co.
per
cent.
East
St.
April
1, 1932.
which
have
by
large
the
at
of
price.
At
is
the
96
the
A
Louis
holding
a
These
bonds
safety.
St.
electric
of
vicinity.
and
margin
This
5s, due
trust
in
Oct.
system
111., and
franchises
wide
a
a
Louis,
valuable
105.
at
collateral
"
April
Callable
controls
St.
East
Co.
Suburban
Interest
Philadelphia.
in
"
Louis
or
pany
com-
railways
companies
strongly
are
attractive
very
yield
is about
Co.
first "
5.35
tected
pro-
vestment
inper
cent.
Eastern
5s,
Oregon
October
due
Fidelity
Trust
franchises
of
of
the
97, the
company
yield
Light
1, 1929.
"
Power
Interest
Co., Philadelphia.
this
company
justify
is about
are
a
5.28
good
per
Callable
strong,
rating
cent.
"
April
October
105.
at
and
for
refunding
the
the
at
The
earnings
bonds.
At
114
How
Fort
Smith
1, 1936.
in the
and
The
in
Sept.
CcHnpany
Fort
Fort
by
At
secure.
91, the
the
street
all the
and
Van
margin
yield
Qii-
or
all
Ark., and
wide
a
York
New
Smith
March
5s, due
owns
Smith,
in
protected
are
first
Co.
tric
elec-
Buren.
of
safety
is
about
and
5.70
cent.
per
Fort
Worth
1931.
105.
at
electric
power
and
5.35
about
Helena
per
cent.
Light
"
Montana,
will
wide
margin
have
a
rating.
good
Indiana,
refunding
5s, due
to
have
in
At
92
only
14
earnings,
Eastern
the
years
in
are
yield
the
and
is
is
to
is
a
about
run.
6
6
bonds
a
cent.
per
general
"
Nov.
"
anteed
guar-
are
although
good
per
is
should
bonds
May
and
very
Helena.
Sinking
Co.
These
owns
There
over
Interest
Railway
Electric
of
1926.
Traction
105.
at
yield
Company
to
yield
1, 1926.
Callable
the
105.
maturity.
by
"
May
Ohio
at
issue
90
prior liens,
two
position.
bonds
the
the
Sept. 1, 1925.
5s, due
extend
At
Columbus
Philadelphia.
by
of
safety
of
96
Coltunbia-Knickerbocker
at
which
bulk
retire
fund
Worth,
Fort
public utility business
entire
entire
the
on
of
At
first
Callable
franchises
on
1,
Sept.
York.
the
operates
business
1,
Aug.
Cleveland.
or
first lien
a
Co.
5s, due
York
protected.
Railway
"
New
are
lighting
strongly
are
in
Aug.
first
Co.
Light
bonds
and
Co., New
Trust
"
The
March
Interest
and
Feb.
Interest
Texas,
"
Pazver
Callable
in
of
city
entirely
appear
"
properties
gas
bonds
Traction
105.
at
Wisely
Money
March
Callable
railways
"
Light
Interest
cago.
Invest
to
ject
sub-
investment
cent.,
as
the
116
How
are
attractive
very
5 per
is about
Kansas
98
Madison
the
Co.
price
after
prior
liens
be
94^^
strong
about
New
secured
company,
Gas
price
present
Light
and
York.
is
practically
which
is
one
first
Co.
November
This
by
bonds
cent.
of
5s,
bia-Knickerbock
Colum-
at
Callable
ily
stead-
and
entitled
94,
at
several
have
strong
are
issue,
refunding
"
bonds
a
trolled
con-
the
to
a
yield
is
cent.
per
May
The
in
are
is
per
York.
these
they
them,
the
At
rating.
5.45
While
5.45
Trust
strong
November
New
Co.,
1, 1935.
guarantees
very
first
"
May
position.
Milwaukee
Interest
of
a
to
years
"
which
very
a
Company
about
Co.
Railways
Interest
as
ten
Mortgage
Co.
Power
in
Feb.
due
105.
at
yields
1, 1916.
improving
States
regarded
of
ahead
5s,
is to
United
May
first
"
Trust
110
cent.
of
one
ment
Improve-
are
but
per
United
at
Callable
1, 1936.
May
5.25
Gas
have
They
Electric
This
Michigan
due
Aug.
Butte
the
at
yield
1, 1922.
is
This
bonds
the
and
Power
York.
bonds.
and
"
New
by
the
April
5s, due
United
the
of
about
yield
Feb.
Co., of
which
at
York.
New
position.
River
Interest
in
Philadelphia,
'of
at
89,
first
Co.
companies
investment
and
nm
Gas
October
"
constituent
strong
of
price
cent.
April
Co.
Wisely
Money
the
at
City (Mo.)
Interest
the
Invest
to
at
J.
4s, due
"
W.
first
of
lien
the
on
Seligman
bond
well-seasoned
a
the
constituent
1, 1927.
May
"
which
Co.,
is
of
the
companies
of
property
Selected
Public
the American
Light
91
price)
(the
recent
New
Orleans
July 1,
Trust
of
liens.
the
Co.
and
105.
at
"
At
July
due
87
the
can
Ameri-
by
by
various
to
York
New
at
protected
of
price
At
cent.
per
is controlled
subject
Richmond
Callable
lien, and
attractive
the
at
Gas
110.
at
as
wide
a
underlying
is about
yield
Interest
it has
price
nine
but
96, the
of
issue
The
to
years
1,
May
November
and
May
York.
New
5s, due
first
Co,
at
is secured
is very
run,
5.60
about
yield being
cent.
Norfolk
1, 1936.
North
"
Portsmouth
Interest
June
protected
the
Northern
5s, due
York
price
of
in
and
Co., and
equity
Electric
1929.
Callable
of
is about
5.90
are
per
the
103.
United
look
5.90
and
ive
attractcent.
October
in
is
of
This
Gas
They
ing
refund-
one
ment
Improve-
strongly protected.
cent.
way
Rail-
per
first and
April
at
This
bonds.
and
about
Co,
Interest
companies
bonds
earnings,
of
Co.
Virginia
the
yield being
"
Chicago.
the
and
June
110.
at
with
due
Trust
at
Callable
assumed
has
Gas
April 1,
1,
consolidated
88, the
Indiana
constituent
yield
1911
5s,
first
Co,
December
and
Co., which
Power
well
at
in
was
"
Traction
Philadelphia.
America,
company
the
and
1 10.
at
general 4j4s,
Co,
well
are
safety, although
York
first
the
Light
bonds
by
New
"
Company
Bank,
are
4.85
York.
Liberty National
per
is about
yield
117
cent.
New
1921.
Callable
January
Callable
5.50 per
Co.
Interest
Co., New
margin
Bonds
Traction
Railway
1935.
Cities
"
Utility
At
90,
118
How
Northern
1933.
Texas
Interest
Callable
bonds
Co.
collateral
the
entire
to
the
in
and
bonds
and.
are
in
be
York.
for
a
A
the
issue
by
a
small
Fort
1973.
to
runs
safety,
of
investment
of
101
the
Greensboro
before
liberal
at
lien
at
is
yield
maturity,
of
margin
the
price of
provide
and
as
the
about
utility
under
of
maturity
for
of
protected
are
seem
90, the
the
large part
a
bonds
safety, they
property,
C,
N.
Point,
the
the
notice.
entire
the
on
beyond
will
of
in
1
weeks'
portion
a
High
extend
fund
on
refunding
October
and
three
on
mortgage
and
all
April
105
at
first and
Co.
Interest
first
a
sinking
investment
between
margin
price
Service
prior
which
bonds.
miles
attractive
an
The
CliflF,Texas,
Oak
wide
very
on
company.
franchise
present
Public
are
of
franchises
the
Callable
bonds
system
a
as
1, 1934.
April
Except
by
first mortgage
the
33
chief
regarded
Carolina
due
and
Electric
cent.
per
North
Worth
about
The
At
of
These
Texas
by
system
of
protected
are
5
nearly
Fort
line
prices.
these
railway
land.
Cleve-
or
1, 1913.
Northern
1,
January
York
January
5s, being secured
trusts
Dallas.
to
current
New
lien
interurban
The
5.80
after
located
an
Worth
5s,
or
electric
are
with
105
5s, due
in New
July
and
on
first
Co,
January
at
Wisely
Money
Traction
prior
are
lines
Invest
to
desirable
a
yield being
about
cent.
per
"
Illinois
Northern
July 1,
Trust
1923.
Interest
Co., Boston.
of
the
Light
company,
"
Traction
and
January
Secured
which
by
July
first lien
operates
first
Co.
a
1
on
at
5s,
American
entire
street
due
erty
prop-
railway,
Selected
lighting
which
and
subsidiary
of
company
As
the
attractive
at
the
beyond
have
bonds
the
Western
but
of
price
11
franchises
111.,under
This
date.
redemption
the
119
Bonds
Utility
plant in Ottawa,
power
extend
Co.
Public
"
Railway
to
years
95, the
is
Lighting
look
they
run,
5.65
about
yield being
a
cent.
per
*
Northern
4s
5s,
and
in
July
liens
As
the
bonds
the
at
"
interest,
1929.
beyond
the
is 5.25
Ottumwa
due
Bank,
does
protected
divisional
carries
6.20
yields
4
per
cent.
per
look
they
City
of
life
ive
attract-
per
Trust
1, 1924.
Co.
of
The
At
bonds.
17 years
Light
Interest
Co,
price
is
pany,
com-
business
show
extend
of
a
well
97
the
run.
first and
January
Illinois, Chicago.
the
earnings
the
to
issue
of
franchises
the
and
1021^^
at
electric
The
Harris
at
property
and
gas
vicinity.
cent., with
"
Callable
all the
and
October
and
5s, due
20-year
1, 1914.
entire
and
the
April
on
safety
of
first
Co,
October
the
Railway
January
Central
issue
run,
Chicago.
after
and
on
margin
heavy
to
Electric
Interest
Savings
Oklahoma
yield
"
Gas
which
of
74
is
the
of
one
the
of
years
by first mortgage
secured
as
of
price
21
is secured
bond
price.
1,
Trust
but
This
and
January
prior liens, but
bulk
the
at
Interest
well
stands
The
have
Oklahoma
October
and
system.
interest, and
cent
of
$3,000,000
first consolidated
Co,
Cleveland.
or
equity,
Light
1, 1933.
January
York
the
of
"
Traction
about
to
good
a
due
New
subject
by
Ohio
5s,
refunding
and
July
Callable
at
1
at
103
How
120
four
on
the
Invest
to
weeks'
The
notice.
the
of
property
of
lien
the
of
present
12
Gas
Standard
the
to
years
"
about
of
quotation
these
run,
this
on
prior
controlled
by
at
the
only
present
6.20
about
at
are
With
issue.
yield being
part
a
on
earnings
attractive
look
the
is
entire
small
issue
the
Co., and
bonds
90,
the
itself
interest
the
A
all
on
the
embraces
Iowa.
company
Electric
double
over
which
1921, underlies
The
property.
secured
well
are
Ottumwa,
of
due
$310,000
bonds
company,
public utility business
Wisely
Money
per
cent.
Pacific
"
Power
August
1, 1930.
States
Mlortgage
until
December
during
This
Washington,
being
safety
1925;
101
from
and
Power
"
the
Electric
Idaho.
Bond
which
is
price.
there
further
will
93^/^
good
A
the
is
the
the
trolled
con-
latter
The
chises
fran-
margin
increase
as
of
new
first-class
bond
is about
5.55
yield
of
by
turn
Co.,
a
erties
prop-
States
interests.
is
completed.
At
in
Share
Electric
and
the
is controlled
which
"
30, 1930.
June
in
105
102
at
public utility
It
Co.,
at
1928;
1 to
of
United
at
Callable
during
communities
Light
strong,
August
January
General
by
work
attractive
104
at
consolidation
a
earnings,
construction
an
York.
Oregon
all
in
Co., New
50
controlled
are
"
about
serving
by
and
at
is
company
American
February
Trust
5s, due
refunding
Interest
31,
1929, and
first and
Co.
Light
at
per
cent.
Pensacola
Interest
Boston.
Electric
February
Callable
and
at
Co,
first
August
105
on
5s, due
at
two
Old
1, 1931.
August
Colony
weeks'
Trust
notice.
Co.,
Com-
Public
Selected
controls
pany
the
business
franchises
This
of
the
which
issue
the
is
entire
justify a good
90
the
Peoria
York.
New
111.,and
Gas
and
"
equity,
yield
the
(Me,)
Portland
Trust
interest
on
Electric
Interest
weeks'
operates
under
shown
is 5.15
Interest
wide
per
Sound
June
margin
14
years.
Union
way,
Rail-
all
strong,
are
issue, secured
by
100
wide
a
the
by
bonds
5s,
fund
sinking
August
Me.
Callable
at
fund
retires
Sinking
bonds.
and
of
At
The
the
safety.
the
1
110
at
and
1
per
company
earnings
An
price
due
have
attractive
of
98%,
the
cent.
Power
and
the
and
franchises
strong
a
in
Peoria
February
outstanding
running
investment,
Puget
notice.
of
annually
cent,
first
Co.
Co., Portland,
5
pany
Com-
the
by
At
justified.
Co.,
notice.
protected
are
1,
January
cent.
1, 1926.
August
yield
5 per
full
is
of
price
light plants
franchises
and
rating
by
underlying
an
are
mortgage
strong
a
Portland
long
bonds
first
absolute
The
Co.
on
ample
Trust
is controlled
is controlled
turn
Electric
these
as
in
days'
electric
and
gas
due
Bankers
at
60
on
vicinity, and
Co., which
Light
the
At
5s,
first
July
105
operates
lien
cent.
and
at
bonds.
is
safety
bonds.
Co.
January
of
strong
first
collateral
or
ing
light-
these
life of
margin
per
Electric
and
the
the
for
5.88
Callable
owns
Peoria,
rating
"
Interest
the
and
is about
Gas
first
electric
and
Fla., under
Pensacola,
beyond
by
property,
yield
of
city
secured
railway
street
extend
to
1923.
entire
121
Bonds
Utility
December
Co.
first
1 at
5s,
Old
due
June
Colony
1, 1933.
Trust
Co.,
122
How
Boston.
fund
Callable
retires
c(Mitrolled
by
the
Invest
to
1
Seattle
the
Puget
"
Webster"
the
by
investment
Wisely
60
days' notice.
on
of
cent,
per
by
"Stone
110
at
Money
EUectric
Sound
Co., the
"
Light
Seattle
Electric
position.
the
Co.,
bonds
The
Co., and
99
At
being
latter
Traction
properties.
trolled
con-
in
of
one
anteed
guar-
are
are
strong
a
5.08
is about
yield
is
Company
annually.
issue
Sinking
per
cent.
Southern
Power
March
York.
Callable
supplies
power
to
Carolina,
and
also
does
the
Charlotte,
Electric
S.
C,
Railway,
first mortgage
and
is about
5.08
yield
5s, due
fund
1 at
102
and
subsidiary
on
the
well
yield
is about
Superior
4s, due
beyond
May
Water,
the
the
5.65
Interest
a
the
Federal
by
maturity
per
Light
"
is
"
Light
first lien
of
Mo.
on
The
the
vember
No-
Callable
This
date.
ing
sink-
and
May
York.
Springfield,
of
first lien
Co,
Co., New
secured
are
1, 1931.
by
99
At
safety.
Light
interest
of
public utilitybusiness
extend
"
Trust
any
bonds
chises
fran-
protected
are
of
1926.
1,
May
companies
the
Co., and
bonds
Railway
Guaranty
interest
The
cent.
per
Springfield (Mo,)
Charlotte
the
Company.
Power
high margin
a
South
in
mills
of
ownership
these
and
strong,
are
"
148
date.
public utilitybusiness
entire
through
Light
than
more
Trust
interest
any
on
"
Loan
Fanners
105
at
Company
of
1 at
terest
In-
1, 1930.
March
5s, due
September
and
Co., New
first
Co.
of
one
at
the
Traction
the
entire
franchises
bonds.
At
94,
cent.
Power
Interest
Co.
May
first
and
sinking
November
fund
at
124
1
How
Knickerbocker
at
Vt., and
in
towns
Heat
"
electric
this
vicinity.
Power
margin
yield
about
Union
5.30
5s, due
after
and
light
Light
and
Trust
The
is
per
4"4s,
Electric
bonds
York.
the
justified.
St.
of
city
the
large
electric
Louis
under
and
equity
110
at
North
the
by
97
At
a
tension
ex-
ber
Novem-
Callable
does
wide
a
and
and
May
Company
enjoy
Light
can
Amerivestment
in-
good
a
is about
yield
5.25
the
At
position.
Utah
Light
1, 1930,
"
price
Ogden,
Co.
of
public
Utah,
and
Franchise
at
the
is
in
strong
yield
is about
July
and
100
utilities
any
on
in
the
to
5 per
January
1955
Co.,
pany
Com-
date.
interest
cities
cent.
Trust
Empire
by the
is controlled
extends
at
of
Union
and
of
investment
4s, due
consolidated
liens
Co.
Power
a
at
the
of
one
"
Light
are
94
Co.
January
Callable
controls
bonds
Power
interest
York.
Railroad
these
and
Electric
November
and
May
This
consolidated
first
Co,
Power
Interest
Gas,
Consolidated
the
"
Co., Baltimore.
Trust
Baltimore,
and
the
refunding
Interest
in
1, 1929.
May
due
Maryland
New
A
cent.
United
of
bonds.
92
at
Co,
is controlled
and
bonds
rating
and
Co., New
business
power
Co.
Power
1, 1918.
May
franchises,
strong
"
1, 1933.
May
Bankers
1 at
the
Light,
cent.
per
Electric
other
National
by
guarantees
shown,
various
in
power
is
safety
Brattleboro,
H., and
controlled
Is
which
Co.,
of
and
Company
York.
N.
Dover,
light
Wisely
New
Co.,
in
also
good
Money
Trust
public utilities
operates
on
Invest
to
Lake
Salt
Pacific
bonds
are
Selected
well
protected,
At
property.
Public
although
80
the
due
1934.
July 1,
Trust
the
of
property
utilities
in
of
Ohio
is
which
Co.,
subject
by
a
May
the
of
margin
good
first
small
a
the
by
guarantees
to
the
96
trols
con-
way
rail-
street
is
the
good
a
bonds
yield
1
in
Western
bonds.
On
93
At
the
Railroad
is well
protected
6.00
is about
yield
is
issue
part, the
a
1,
York.
New
Ohio
but
mortgage,
safety.
November
5s, due
November
and
controlled
first
Co,
Railway
Interest
Company
at
also
There
Va.
and
earnings,
all the
electric
the
Va., and
including
terest
in-
any
cent.
per
Western
1921.
in
at
able
Equit-
practically
on
operates
Portsmouth,
1 at
105
at
Petersburg,
companies,
and
safety
5.30
about
first lien
which
and
other
Norfolk
margin
a
5s,
refunding
July
Callable
all the
cent.
per
and
January
company,
Richmond
various
of
are
125
on
first and
Co,
York.
Bonds
5.80
is about
Interest
Boncis
first mortgage
a
Power
Co., New
date.
not
yield
"
Virginia Railway
Utility
cent.
per
York
June
110
on
the
and
any
property
of
street
a
5.20
per
This
bonds.
first
Railways
December
interest
of
margin
of
Philadelphia.
Bonds
are
perpetual
safety.
At
first
a
consisting
company,
with
1, 1937.
December
1 at
date.
the
railway,
good
5s, due
of
Callable
lien
the
on
82
over
franchises.
97
terest
In-
Issue
yield
at
all
miles
joys
en-
is about
cent.
completes
Not
all
the
of
list of
these
fifty selected
issues
are
of
public utility
equal
strength.
How
126
but
all
for
or
good
pass
selections
many
Invest
to
investment
be
can
utilityissues, probably
all
string;
there
that
noted
be
is
for
such
For
shown
on
In
this
total
cost
be
that
over
list there
5^2
per
some
And
one
country;
should
his
put
but
public utility bonds,
investment
the
scheme
250
bonds,
of
amounts
of
each
order.
high
a
would
25
about
fund,
list, in equal
would
work
have
be
a
held
until
out
as
the
The
issue.
would
would
maturity,
per
be
ing
assum-
money,
income
total
during
each
the
on
$12,175,
be
par
5 of
prices shown
yield
The
cent.
to
the
at
average
would
appreciation
Of
the
bonds
the
his
to
lien, diversity of
intelligence
bonds
and
investment
on
are
250
the
would
It
127.
the
holder
like
investment
page
of
this
investor,
an
$231,237.50,
be
in
invested
issue, would
line
tied
entire
investor
no
course,
substantial
a
of
public
selected.
are
the
over
tribute
dis-
to
among
be
issues
diversity
type,
one
has
who
cent,
per
into
capital
one
broadly
Of
etc.
management,
entire
of
wishes
list could
these
of
who
broadly
very
better
two
no
diversity
capital
no
spread
are
investor
an
his
of
list
investment
individual
for
the
from
and
distribution.
For
portion
a
Wisely
tests,
made
general investment
Recapitulation:
will
Money
annum
on
that, disregarding
so
life of
straight yield of
the
5^/4
over
the
bonds,
per
cent,
investment.
course,
of
the
even
a
his
a
smaller
issues
very
holding
or
investor
else
buy
large investor,
more,
could
could
only
one
if he
select
a
eliminate
either
or
wished
of
two
to
each.
trate
concen-
portion of the issues
Selected
Am.
Tel.
6,000
Atchison
6,000
Atlantic
Maturity
"
col.
Teleg.
6,000
Ry. L. "
City El.
Burlington
Ry. "
Carol.
Pr.
"
Lgt.
6,000
Cin.
6,000
Colum.
6,000
Consumers
6,000
Danv.
6,000
E.
6,000
East
6,000
Ft.
Smith
6,000
Ft.
Worth
6,000
Gas
Lgt.
E.
Champ.
Louis
5s....
Sub.
"
L.
L.
"
"
P.
P.
5.56
5.40
1931
89
4,450.00
6.00
1922
98
4,900.00
6.25
1935
94^
4,726.00
6.45
1936
94
4,700.00
5.45
1927
91
4,650.00
4.86
1935
87
4,350.00
6.50
1921
96
4,800.00
5.60
1936
88
4,400.00
5.90
4,500.00
6.90
5,050.00
6.00
N.
Norf.
Pr.
6,000
Pac.
6,000
Pensacola
6,000
Peoria
5s
5s
4s
5s...
5s
5s
"
Ry.
L.
4^8..
Gas
Tr.
5s..
5s
"
El.
Tr.
1929
5s...
1933
5s
90
101
Ser.
6s
1934
90
4,500.00
5.80
Tr.
5s
1923
95
4,750.00
5.66
"
"
Tr.
Lt.
Eh
6s
Ry.
"
Lt.
"
Lt.
5s
El.
6s
"
El.
Gas
L.
4s
Gas
Pwr.
"
Rys.
Texas
Ottumwa
5s
Gas
(Mo.)
Richmond
6,000
5.28
4,750.00
R.
"
6.35
4,850.00
95
6,000
Gas
4,800.00
97
1931
6,000
O^io
96
1929
5.65
New
Nor.
1932
6s
4,800.00
6,000
Okla.
5.50
96
Gas
6,000
4,800.00
1922
Milw.
6,000
6.30
96
6.00
Bess.
L.
4,800.00
1923
4,600.00
6,000
111.
96
92
United
Nor.
1936
1936
Mich.
6,000
4,700.00
6.46
6.00
"
Pub.
94
4,600.00
6,000
Car.
5.90
1936
92
6,000
N.
4,450.00
1926
Madison
6,000
89
6.35
Kansas
6,000
5.66
1933
6s
6s
Tr.
Ind.
5.40
4,100.00
4,500.00
6,000
North
4,250.00
92
90
6,000
Northern
96
1938
1925
L. " T.
5s
Jackson
Tr.
Jacksonv.
(Fla.)
Pass.
Ry.
Johnstown
6,000
1932
5.70
Ry.
Ports.
5.50
4,800.00
6,000
"
5.40
4,150.00
96
Ironwood
"
4,750.00
93
1931
6,000
Y.
95
1938
6s
East.
Orleans
1935
L.
"
Lt.
Yield
4.85%
4,650.00
Ind.
Riv.
Cost
91
6,000
C.
Net
$4,512.60
1936
6,000
6,000
90i
6s
"
"
Price
Tr.
Helena
Col.
5s
6s
"
Orego.
5s..
5s
"
Pr.
Lt.
5s
5s
G.
Ur.
1929
5s
Trans.
Ry.
St.
P.
4s...
127
Bonds
Utility
Title
Amount
$6,000
Public
4s..
5s
1933
74
3,700.00
6.20
1929
97
4,850.00
5.25
1924
90
4,500.00
6.20
1930
93i
4,675.00
6.55
1931
90
4,500.00
5.88
5,000.00
5.00
6.15
1923
6s
100
1926
98}
4,926.00
1933
99
4,950.00
5.08
1930
99
4,950.00
6.08
1926
94
4,700.00
5.65
1931
82
4,100.00
6.65
6,000
Springfield (Mo.)
Ry. " "1. 5s
P.
Wat.
L. "
4s...
Superior
"
L.
5s
Ry.
Tri-City
1930
90
4,600.00
5.45
6,000
Trumbull
1920
98
4,900.00
6.15
5,000
Twin
4}s...
1926
92
4,600.00
6.80
6,000
Union
5s
1933
97
4,850.00
5.26
6,000
United
1929
94
4,700.00
5.00
6,000
Utah
Lt.
1930
80
4,000.00
5.80
5,000
Virg.
Ry.
1934
96
4,800.00
5.80
6,000
Western
6,000
Portland
6,000
Puget
6,000
Southern
6,000
6,000
6,000
$350,000
York
El.
(Me.)
Sound
Pr.
Pr.
5s
Pub.
States
Ser.
Lgt. "
Lgt. "
El.
"
Pr.
"
Ohio
Railways
68
"
Gas
El.
6s
5s
El.
Pr.
Pr.
4s
Pr.
Ry.
5s
5s
5s
4is.
.
1921
93
4,660.00
6.00
1937
97
4,850.00
5.20
1231,287.50
128
How
in
it
$10,000
wide
be
should
to
of
be
suggested
list
is
It
than
list
fairly
there
event,
any
is
for
iroom
a
bonds
buying
will
life
of
be
of
each
1938,
beyond
20
noted
years.
of
and
that
bond,
while
this
for
not
due
and
the
but
markets,
good
investment,
permanent
runs
less
have
in
purpose
length
this
within
issues
appreciation.
the
In
amounts.
diversification.
these
of
the
course
that
Wisely
Money
larger
even
or
found
range
Most
of
lots
would
Invest
to
average
character
purposes
is
regard
no
of
given
bond
life
here
of
the
XV
Railroad
Stocks
Preferred
HERETOFORE
chiefly
be
to
of
sound
of
course
does
the
a
railroad,
into
$1,000
creditor
stocks,
result
claim
of
that
profits;
in
limited
other
the
to
more
claim
it
covers
'
(
129
)
also
money.
have
which
less
of
a
prior
Thus
as
to
we
tion
posi-
preference
the
the
a
various
are
of
This
on
puts
concern,
of
"preferred"
are
prior
instances
or
other
simply
the
there
Fe,
he
is
stockholders.
enterprise.
a
if
amount
provisions
other
issues
while,
issues,
owner
certain
interest
in
the
Santa
the
he
of
stock
with
loaning
this
bond
different
the
stock
is
conditions,
of
the
"
railroad,
same
and
case
many
sometimes
the
company,
giving
against
as
or
the
into
Topeka
stock,
stances.
in-
stockholder
the
partnership
capital
of
agreed
in
as
of
kinds
find
the
certain
But,
road's
bond
a
of
under
the
this
of
while
Atchison,
this
technically
always
$1,000
puts
into
going
is
funds,
one
the
as
legally,
owners
if
For,
such
of
class
individual
jnany
however,
loaner
or
in
the
in
although
stocks,
true
bondholder,
partner.
is,
he
hold
not
"investor,"
is
than
primarily,
are,
exclusively
more
as
investments
The
the
regarded
descriptions
our
Bonds
issues.
bond
to
confined
have
we
Investments
as
income
tangible
is
or
as-
130
How
of
sets
in
the
stockholders
the
to
other
are
from
exclusion
of
instances
where
preferred
shareholders
and
preference
classes
before
of
the
time
the
every
holds
Of
bad
as
to
be
per
the
ferred
pre-
of
with
is
on
in
only
allowing
owners
an
owner,
the
income
he
a
the
being
is
corded
ac-
fixed
other
holds
of
the
at
the
the
as
to
eration
consid-
therefore
He
the
of
one
still
assets,
and
of
business
enterprise,
on
balance.
shareholder
claim
while
content
issues
plain
a
the
or
year,
the
while
and
as
of
owners
income
up
prior
a
erty,
propsame
loaner
or
does.
there
course
good,
other
any
tendency
a
shareholder,
on
profits
divide
bondholder
just
claim
position,
as
on
stock
have
position
the
agreeing
to
partners
dual
of
one
of
of
have
characteristics
preferred
corporations
preferred
prior
amount
in
terms
shareholder's
as
up
a
a
other
The
partner.
bound
varying
and
qualify
claim
bond.
fact, the
railroads
the
of
one
on
they
income
of
the
claim
further
a
paid
are
held
with-
is
of
or
which
for
limitation
of
of
forego
amount
this
There
privilege
division
dividends
partakes
ordinary
In
In
lege
voting privi-
a
consideration
in
also
fixed
any
stock.
stock
the
the
power,
stockholders.
voting
prior
ordinarily they
profits beyond
on
the
a
voting
having
other
and
liquidation;
the
also
the
for
of
event
sometimes
preference, granted
income;
the
it embraces
cases
Wisely
Money
in
corporation
still other
preferred
Invest
to
and
many
"high grade"
are
all
Some
indifferent.
common
and
secure,
stocks
as
of
kinds
in
the
stocks,
highly speculative,
are
are,
preferred
and
cases
some
of
are
many
very
bonds.
132
How
of
the
like
many
above
increased
of
$170,000,000,
excess
in
preferred
holders
mortgage
indebtedness,
from
is
stock
the
$103,000,000,
the
outstanding
50%
The
preferred
since
1900.
past
decade
The
has
been
of
the
106^
edness
indebt-
has
But
today,
the
of
pany.
com-
regularly
sold
the
1909;
than
less
dividends
stock
in
further
preferred
to
policy
paid
the
organization
whole.
the
has
this
highest
of
amounted
control
stock
time
all
such
the
in
today
create
of
been
of
vote
to
limit
the
at
stockholders
common
solid
prevent
The
and
under
or
not
has
is
and
proposition
created.
stock
the
would
$131,486,000,
common
a
questions
stock
years,
that
so
of
event
common
recent
against
being
the
in
The
arising.
times
Wisely
Money
stockholders
common
the
Invest
to
within
the
78
lowest,
in
1907.
Baltimore
"
Ohio
Railroad
per
4
nof^cumulative
cent
preferred.
This
value, and
be
each
stock,
that
the
policy
been
paid
stock
has
1907.
having
issue
in
is
the
sold
1900.
as
high
voting
equal
does
as
100
at
the
in
both
gages
mort-
classes
it
the
past
1905, and
will
the
be
seen
financial
full
rate
ten
years
as
of
the
As
power.
control
not
During
New
of
vote
its par
to
up
dividends.
Dividends
company.
since
assets
large majority,
a
issue
preferred
of
to
as
by majority
created
stock
common
preference
non-cumulative
4%
to
may
in
has
stock
low
have
the
as
75
Railroad
Preferred
"
Chicago
North
Stocks
Western
133
Investments
as
non-cumulative
Railway
preferred.
The
7%
preferred
issue
annum,
after
per
7%
to
the
when
;
each
of
class
for
8%
per
since
than
more
high
as
Chicago,
The
270
as
St.
Paul,
of
but
7%.
1906,
stock
has
after
both
in
issues
any
have
further
equal voting
full
7%
and
the
of
and
the
has
within
lowest,
137"4
7%
in
in
never
preferred
185
as
Omaha
the
received
has
the
7
has
in
1907.
per
cent
both
paid
for
ten
years
1907.
to
; when
7%
stocks
share
alike
Both
issues
have
stock
common
past
dends,
divi-
non-cumulative
earnings.
been
the
is
has
is entitled
7%,
division
power
to
common
received
dividend
highest price
the
much
preferred.
preference
which
"
of
amount
common
low
in
alike
share
common
as
Minneapolis
able.
avail-
stock
1901
and
earnings
company
the
Since
non-cumulative
This
the
preferred
1902,
in
the
after
and
authorized
and
then
\0%
is to
stock
the
As
policy
latter.
annum
received
sold
financial
the
of
of
$22,298,955,
only
the
heavier,
hands
distribution.
is
preferred
class
titled
en-
received
year
further
any
is
7%,
more;
one
any
are
each
3%
to
to
up
stock
received
has
in
has
dividends
to
common
common
if there
dividends,
further
any
the
preference
stock
then
dividends,
preference
which
the
has
preferred
has
many
was
controls.
The
years.
The
210
in
1902,
How
134
Invest
to
"
Milwaukee
Chicago,
St,
Paul
non-cumulative
The
stock
has
after
which
dividend
the
the
and
power
stock
reached
when
it sold
and
common
but
it
is
placed
with
the
All
provided
that
the
on
stock
common
without
the
each
bond
these
and
will
of
stocks
the
are
may
the
a
par
bond
two
ultimately
the
control
with
stocks,
first
in
be
represented
no
value
of
issues
sense
and
are
aggregate
much
policy
stock.
"investments"
of
lien
at
ten
of
the
the
bonds;
votes.
$70,000,000,
they
more,
(The
be
thermore,
Fur-
with
shared
over
the
of
meeting.
a
having
aggregate
can
such
general
$1,000
power,
one-half
least
of
at
rights
lien
preferred
at
to
preferred
of
one-half
and
prior
financial
mortgage
of
ferred
pre-
going
voting
equal
amounts
vote
general voting
of
bondholders
As
nor
as
the
the
property,
preferred
two
have
assets
second
earnings
additional
no
to
as
the
additional
stocks
1907.
in
preference
dividends;
all
1906
in
preferred.
second
first
has
The
same.
decade
130
tween
be-
voting
equal
the
the
of
lowest,
first and
stock.
increased,
stock
the
non-cumulative
following,
the
and
preferred
4%
to
price
highest
Railroad
first
is
ther
all fur-
equally
have
outstanding
218,
at
divided
stocks
dends,
divi-
7%,
receive
be
to
Both
amount
the
Erie
The
is to
common
classes.
cent
per
7
non-cumulative
7%
to
disbursements
two
Railway
preferred.
preference
the
Wisely
Money
jointly
company
Erie
the
cally
practi-
preferred
present
time.
Railroad
but
they
Stocks
in
included
are
in
position
Preferred
relation
Pittsburgh,
this
list
other
to
"
135
their
show
to
securities
Chicago
Cincinnati,
Investments
as
the
on
St,
peculiar
system.)
Louis
Railway
preferred.
The
is
stock
of
out
annum
right,
the
I"ay
after
paid
and
power,
the
4%
has
which
the
of
the
1909;
the
First
cumulative
receives
of
stock
mortgage
the
first
of
also
has
preferred
a
the
preferred,
into
common,
be
can
majority
right, at
one-half
or
may
be
stock
all
of
its
retire
majority,
to
as
first
1905
was
4%
non-
the
to
but
All
The
both
can
nor
the
without
sent
con-
company
the
convert
tional
addi-
no
property,
preferred
or
and
earnings.
classes.
either
rate
follows,
power,
increased
three
the
stocks.
divisible
on
trols
con-
1906,
to
year
preferred
discretion,
into
equal voting
since
preference
placed
in
1907.
in
equal voting
have
has
rata
1902
quotation
with
to
pro
which
; since
further
all
the
per
5%
After
From
second
dividends;
common
classes
first
has
common,
have
preferred
Company
preferred
is in
lowest, 69"^
Reading
the
share
they
company.
highest
board,
all.
classes
preferred
The
5%.
in
116"4
classes, then
the
on
in
5%
Both
policy
been
making
on
4%
to
the
by
paid
distribution.
paid
was
declared
been
common,
entitled
and
as
has
3%
both
on
further
any
earnings
additional,
1%
been
non-cumulative
and
classes
second
one-half
of
pre-
136
How
ferred
at
first
the
on
at
par
1909
to
117^
1903.
and
in
1909,
and
Rock
This
stock
value
also
and
1910
stock
but
of
the
the
as
could
combined
with
advantage,
board
of
as
the
they
issues
by
of
of
the
classed
dividends
No
the
majority
a
as
an
have
voting
the
have
Island
(Rock
company.
stock,
common
In
preferred.
elect
be
the
of
vote
entitled
to
of
two-
larger issue,
stockholders
to
from
of
classes
the
per
preferred
consent
both
full
4%
yearly
The
the
its par
to
of
preferred
course,
time.
present
of
the
106
preferred
up
5%
1909;
of
increased
are
directors
is not,
assets
with
is much
the
ferred
preto
up
second
thereafter.
majority
a
however,
power,
at
be
sold
dividends
stock
common
preferred
to
as
increased
outstanding
second
preferred.
including
yearly
be
only
can
thirds
6%
paid
been
1907.
in
Company
and
the
on
The
non-cumulative
until
1916;
to
1907.
in
67
and
have
preferred
preference
to
yearly
annum
7i
Island
has
1900
first
The
to
dividends
Full
since
down
Wisely
Money
time.
any
preferred
since
in
Invest
to
the
of
ferred
pre-
"investment"
been
paid
since
1905.)
Seaboard
Has
then
Air
preference
the
common
to
receive
to
all further
2%
as
is to
Line
to
Railway
4%
receive
additional, after
dividends.
Both
preferred
dividends;
non-cumulative
4%
the
; then
which
classes
common
have
preferred
is
is entitled
equal voting
Railroad
Preferred
No
power.
dividends
and
The
it
Many
people
knowing
that
what
issue
one
is
issues
qualified
to
a
than
St.
preferred,
is
entitled
has
direct
potential
and
stock
received
of
course
relatively
the
on
while
share
enter
a
in
7%.
This
interest
is
high.
in
a
the
factor
future
in
a
as
is
the
the
mon
com-
preferred
of
growth
7%,
to
after
Paul
be
like
stock
preference
keeping
where
really
Thus
St.
that
said
that
may
dividends
gives
the
as
preference
or
first
additional
But
sume
as-
preference
another's
having
really
and
and
certain
surface.
to
issues.
be
almost
degree,
made
in.
alike,
to
less
or
appears
to
can
advantage,
more
stronger
Paul
entitled
other
or
"preferred"
might
preferred
without
are
exactly
are
definitely
dividends
it
indicate,
of
been
stocks
factors
ferred,
pre-
different
of
they
degree
preferred
two
list
have
preferred
qualifying
no
limited
very
selections
purchase
the
on
class.
characteristics
descriptions
no
a
137
paid
been
investment
these
but
Investments
as
yet
the
course
distinct
to
above
in
of
stocks,
the
have
not
is
show
to
is
above
railroad
Stocks
the
price
a
erty
prop-
of
the
140
How
"
Albany
Co.
Hud.
interest
being
7%
until
annum
per
thereafter,
but
benefit
of
is
each
paid
1, 1881,
dividends
$1,500,000,
one
1881
1891
be
and
year.
1889,
to
March,
to
5%
inclusive,
on
6%
exceed
$2,500,000
exceed
per
stock;
earnings
paid
in
follows:
as
1890,
annum;
per
bonds,
5%
of
by
April
dated
on
been
inclusive,
Operated
interest
should
have
Dividends
extra
5"^%;
7%
annum;
per
since.
annum
Beech
Creek
Hudson
C.
"
at
rental
of
R.R.
interest
for
999
on
quarterly, January
York.
$50.
; par,
from
years,
bonds
1,
Stock,
Guaranteed
4%
R,R.
Capital stock, $6,000,000
New
of
they
to
Stock,
Guaranteed
contract,
6%
should
7%
3.45%
and
minimum
to
annum
per
is entitled
$100.
par,
of
rate
all
Ry,
payment
and
1901,
1906,
99-year
for
Del.
to
at
9%
stock
in
Line
increased
to
that
in
stock
on
and
12.45%
under
expenses
to
bonds
Air
calls
organization
any
Co.
which
held
$1,700,000;
stock,
Ry.
1902,
of
Charlotte
Southern
July,
making
year,
Capitar
dividends
have
courts
refunding
"
Atlanta
and
bonds,
Leased
$100.
par,
Stock,
24, 1870, in perpetuity, rental
February
on
Guaranteed
R.R.
$3,500,000;
from
Wisely
Money
Susquehanna
Capital stock,
"
Invest
to
and
at
4%
Grand
Leased
to
October
on
stock.
Central
N.
Y.
1, 1890,
dends
Divi-
Station,
Guaranteed
"
Cleveland
$9,853,050
4%
The
dividends
Leased
14, 1873;
April
sinking
Concord
"
7%
$10,000
Montreal
classes
class
$459,600
with
its
"
Boston
lease
follows:
as
to
proprietary,
Maine
go
91
for
"
liabilities,and
91
by
and
into
elapsed.
in
lines
nates
termi-
assumed
7%
pays
stocks
on
to
1, 1895;
same
Lessee
2;
together
April
case
four
class
leased
from
R.R.
agreement
Stock.
Leased
4.
years,
Lowell
have
years
class
controlled,
R.R.
Boston
to
before
the
$6,057,600
3;
Co.,
expenses.
1; $540,400
class
to
bonds,
on
; divided
$100
; par,
as
Penna.
Guaranteed
7%
R.R.
provement
im-
December
to
organization
for
$800,000
stock
from
years,
; par,
for
stock, interest
on
Capital stock, $7,857,600
issuable
transferred
; lease
rental
fund, and
999
stock
original
the
to
for
R.R.
Penna.
betterment
is
and
stock
guaranteed
stock
is subordinate
only.
to
7%
betterment
special
Stocks.
Guaranteed
special
guaranteed
and
1, 1871,
R,R,
Pittsburg
141
Investments
as
stock, $11,247,593
Capital
$50.
Stocks
all
as
rental.
Connecticut
Capital
stock
$3,113,000;
for
99
per
annum
River
par,
organization
authorized,
$100.
from
years,
on
R.R.
Leased
January
stock, interest
expenses.
10%
Guaranteed
$3,670,300
to
Boston
1, 1893,
on
bonds
at
Stock.
;
"
outstanding,
Maine
rental
and
R.R.
of
$2,000
10%
for
142
How
Erie
"
Pittsburg
Capital
stock
7%
Leased
for
R.R.,
999
stock,
$2,500
and
for
amounting
State
Capital
at
rental
a
the
July, 1899,
security
As
lease
So.
"
this
the
No.
R.R.
Line
and
Augusta,
that
Ga.
date,
Little
This
like
of
15,
ranged
rate
Miami
Capital stock, $4,943,100
betterment
stock;
at
par,
9%
common
$50.
lease
acquired
of
the
to
in
terest.
inof
terms
5%
bonds
of
the
of
first 4s
of
the
11%
per
Railroad
since
paid
and
half
a
Dividends,
1889
Bank,
;
prior
10j4%.
Guaranteed
8%
April, 1899,
the
Georgia
been
from
R.R.
C.
Wadley,
M.
in
amount
S.
W.
but
$500,000
has
rate
railroad
performance
a
R.R.
The
to
Line
holds
quarterly, January
annum,
to
the
for
Penna.
Stock.
years,
Coast
company
Ala.
Coast
Atlantic
Atlantic
for
Guaranteed
rights under
all
ance,
allow-
An
$100.
annum,
per
capital
on
share,
11%
99
Co.
returns.
par,
for
acquired
net
Co.
$4,200,000;
$600,000
Louisville
the
in the
Penna.
to
annum
per
Penna.
to
purposes.
cents
$50.
par,
1, 1870,
per
7%
$2,500,OCX))
stock;
assigned
7%
51
about
7, 1881,
of
(auth.
March
Banking
May
original
organization
made
"
stock,
leased
was
be
R.R.
Georgia
to
must
tax,
from
bonds,
on
$2,000,000
betterment
subsequently
interest
Stocks.
$1,469,450
years,
lease
Guaranteed
7%
guaranteed
and
Rental,
R,R.
and
Wisely
Money
outstanding,
stock,
guaranteed
special
Invest
to
and
Leased
Stock.
$3,700,500
for
99
cial
spe-
years.
Guaranteed
from
December
rental
St.
interest
of
annum
per
1, 1869,
"
C.
C,
P.,
The
March
1899,
and
}i%
East
extra
per
the
on
R.R.
Morris
"
Del., Lack.
been
bonds
and
in
Y.
N.
this
by
7%
Harbor
Old
Capital
; par,
R.R.
per
for
annum
stock,
99
years,
on
The
the
fund,
(July
making
paid
are
Stock,
to
valuable
"
in
Leased
perpetuity,
D., L.
the
lessee
system
January
and
suming
as-
interest
pay
on
facilities
terminal
W.
1868
owned
are
July,
26
at
York.
7%
R.R,
Guaranteed
authorized
from
and
to
January,
Station, Boston.
N.
March
stock, lessee
quarterly,
Term.
in
agreeing
and
Leased
$100.
ber,
Decem-
annum
per
$50.
par,
Dividends
Colony
quarterly,
Guaranteed
/%
R.R.,
Place, New
4%
of
R.R,
stock.
of
lease, and
From
surplus
ganization.
or-
stock.
West.
company.
Exchange
125
on
of
the
to
at
lines, 8%
paid semi-annually
invested
liabilities
all
(now
renewal,
Dividends
has
Essex
"
Ry.
leased
party
St., Cincinnati.
Capital stock, $15,000,000;
to
a
4th
special betterment
L.
maintenance
for
is
Dividends
annum.
St.
of
execution.
from
December)
8%%
$5,000
and
"
permanent
rentals
bonds,
on
faithful
41
at
with
Ry.)"
143
Investments
as
Pitts., Cin.
to
Penna.
its
10,
L.
stock,
on
guarantees
Stocks
Y,
outstanding,
$21,165,-
N.
Hartford
Haven
1, 1893,
assuming
at
Stock,
at
"
rental
all liabilities.
company's
of
7%
dends
Divi-
office. South
How
144
Pittsburg,
Invest
to
Fort
"
Wayne
Wisely
Money
Chicago
Guaranteed
7%
Ry.
Stock.
Capital
stock,
$19,714,286
subject
R.R.
fund
stock.
all
general
stock,
to
the
of
debt,
Lease
Pittsburg,
R.R.
7%
and
of
the
per
"
$3,959,650
"
Lake
being
The
shall
R.R.
annum
bonds,
Shore
"
endorsed
stock
accept
for
by
both
stock
interest
on
both
Co.,
999
3,
and
classes
lessee
ing
assum-
6%
R.R,
of
Lake
the
Cos.,
bonds
stock
and
proviso
July
1,
rental
of
principal
"
Southern
on
at
Pittsburg
to
years
Pittsburg
the
outstanding,
1881,
guaranty
contains
guaranty
par
and
Michigan
on
annum
for
August
jointly
from
of
$4,000,000;
Leased
from
stock,
on
on
$50.
Penna.
Stock.
authorized,
par,
Erie
Lake
per
;
the
is
perpetuity,
Youghiogheny
Guaranteed
stock
former
to
rental
Penna.
and
lessor.
McKeesport
Capital
in
at
to
The
issued
Leased,
assigned
obligations
is
and
Penna.
improvement
$100.
par,
improvements.
1, 1869,
sinking
of
the
to
special
stock;
general
for
July
$44,694,600
1934.
that
6%
terest
in-
and
Erie
and
guaranty
certificates.
the
holder
XVII
Industrial
IN
earlier
an
chapter
in
issues.
secure
I will
issues,
preferred
characteristics
few
American
best
stocks
after
Even
and
passed,
large
three
times
careful
of
investors,
consolidation
there
dividends
over,
were
the
and
very
of
(145)
were
ten
of
the
can
Ameri-
successful
in
yet
years,
even
field
were
speculative
1898
to
dividends
recommended
mon
com-
them.
over
industrial
these
ence,
existas
old
preference
period
few
to
many
given
earning
the
"industrial"
and
dozens
were
in
such
notably
five
but
were
concerns,
and
been
in
there
a
are
"trusts'*
or
large
from
issues
stocks
1899
Company
for
railroads
the
of
had
profits
protected
by
avoided
number
Company
large
to
corporations
Refining
Sugar
Tobacco
the
a
as
have
railroads,
of
preferred
Prior
product.
while
and
showing
industrial
industrial
large
fully
cases
many
stocks
industrial
of
subject
ferent
dif-
of
terms
own.
broadly,
modern
in
while
preferred
their
varying
the
and
investments,
as
the
into
reference
extended
railroads
go
which,
of
Speaking
purely
now
seasoned
as
of
Investments
as
some
described
detail
some
made
I
stocks
preferred
to
Stocks
Preferred
1902
stocks
had
ing
pay-
two
in
or
any
146
How
sense
investments,
as
in in the
stocks
all
ten
the
twelve
or
industrial
the
simply
the
and
many
and
the
in
was
of
all
real
stock
these
of
show
stage.
the
that
the
of
because
net
granted.
that
the
wide
of
increase
the
but
promptly
of
issue
70s
on
and
A
consolidation,
yet
the
of
estimates
the
mark,
earnings
great
and
in
the
not
anything
of
increased
or
more
'80s, nearly
"seasoned."
and
all
like
fact
Like
securities
to
be
clearly
most
cases
impossible
promised,
capital through
railroads
of
had
to
obliged
were
the
be
to
could
very
ratios
"trusts"
putting
increased
issues
it
the
purely
had
in
was
this,
estimates
were
corporations
their
a
in
showed
only
amount
in
were
the
of
start
than
enormously
working
stock.
the
further
promoters
that
majority
secure
bonds
security
the
at
of
this
in
high,
very
furnished
years' experience
few
"probation,"
become
be
voting
doubt
no
promoters,
would
before
demonstrated
merely
cent
start
usually
profits
absorbed,
were
And
the
While
representing
properties
per
the
at
combinations,
the
75
flated
in-
heavily
on
And
the
outstanding.
combinations
experimental
through
of
place, nearly
plants
valuations
than
less
the
**water."
worth
preferred
usually
of
appraised
cases
many
first
representing
and
intrinsic
preferred
stocks
stocks
these
cases
the
capitalized
values
will"
industrial
In
were
preferred
common
traded
tardiness
apparent
in
ago.
years
appraised
"good
power,
values
trusts
the
bases;
actively
were
this
for
reasons
investment
recognizing
they
market.
stock
good
were
Wisely
Money
although
speculative
There
in
Invest
to
this
in
no
the
in
t3rpe
to
the
were
sense
How
148
remaining
voting
earnings
1899.
the
117^
and
view
of
why
the
to
years
stock,
Since
year.
have
low
as
to
1906
the
the
demonstrated
full
dividends
April
30,
with
in
1911,
sold
seems
every
April,
the
vious
pre-
high
as
in
reason,
earning
continue
not
full
equaled
as
no
permanent
should
in
14.09%
has
There
has
paid
company
stock
81^.
as
been
compared
as
Also
the
of
year
Wisely
common.
dividends
for
this
on
the
to
organization
Earnings
13.33%
Money
going
Full
power.
since
year
Invest
to
power,
for
many
come.
American
Chemical
Agricultural
cumulative
6%
preferred.
$19,288,000;
Outstanding,
full
voting
in
stock
Full
power.
since
preferred
cumulative
6%
and
assets
to
as
1899.
recent
been
10.1%;
1907,
12%;
1910,
13.9%.
Since
1905
and
The
stock
low
as
equity
looks
assets
full
sold
;
12.1%;
high
as
as
(in 1907).
of
this
attractive
Beet
Outstanding,
has
1905, 9.3%
issue
is very
around
its
heavy,
par
the
and
value
as
a
investment.
American
to
75
back
very
j"ermanent
as
as
has
on
preferred
1909,
11.2%;
stock
paid
to
:
has
also
been
follows
as
1908,
the
has
6%
applicable
Earnings
1906,
103
of
preference
and
dividends,
rate
have
years
Has
$100.
par
Sugar
6%
$5,000,000;
and
voting
6%
power.
preferred.
non-cumulative
par
$100.
non-cumulative
Full
Has
preference
dividends;
dividends
have
also
been
Industrial
since
paid
1899.
Preferred
the
in
have
17.64%;
1910-11,
38.75%.
it
recent
been
1907-8,
yet
of
the
showing
made
by
American
Year
its
face
Car
view
in
of
the
average
decade.
the
non-cumulative
7%
Foundry
25.86%;
excellent
during
company
"
the
31,
non-cumulative,
value,
of
March
1909-10,
is
March,
preferred
to
ended
stock
issue, and
the
applicable
this
worth
in
company
25.86%;
While
smallness
the
follows:
as
149
Investments
as
years,
1908-9,
fully
seems
of
organization
Earnings
dividends
Stocks
preferred.
$30,000,000;
Outstanding,
to
as
has
also
paid
full
since
Earnings
on
13.63%;
other
this
issue
of
business
to
the
have
been
company
in
1899.
recent
have
years
9.65%;
1908-9,
While
wider
dividends;
dividends
the
of
29.87%;
tend
lines, yet
Full
during
14.11%.
1910-11,
non-cumulative
power.
organization
1907-8,
follows:
type
voting
the
7%
and
assets
the
been
than
is
stock
as
1909-10,
in
earnings
fluctuations
preferred
erence
pref-
Has
$100.
par
in
this
some
well
clearly
protected.
American
Sugar
Outstanding,
7%
as
to
to
assets.
this
ago.
issue
While
Refining 7%
$45,000,000;
cumulative
since
the
there
at
the
full
organization
is
no
preferred.
Has
$100.
par
dividends;
Dividends
cumulative
but
is
of
preference
the
as
preferred
not
have
rate
preference
been
company
to
assets,
paid
21
as
on
years
yet
the
150
How
earning
of
the
that
the
tariff, while
affect
earned
the
14.18%;
1911,31.29%.
E.
Pont
/. du
de
In
14.45%;
1909,
Potvder
and
be
the
of
position
ciently
suffi-
the
years,
been
garded
re-
tion
aboli-
earnings
recent
have
Nemours
the
reduce
not
preferred
1908,
19.44%;
Even
injure
preferred.
on
should
payer.
it would
times
good
issue
preferred
would
the
Wisely
through
dividend
stock,
to
Money
concern,
permanent
a
common
1907,
this
heavy
so
as
the
of
power
is
bad,
Invest
to
centages
per-
follows:
as
24.05%;
1910,
5%
cumulative
Has
preference
Co.
preferred.
$16,068,801
Outstanding,
as
to
of
and
has
been
In
recent
5%
1903.
this
dividend
36.14%
;
earning
to
and
to
has
decade.
Earnings
1911,
been
1908,
18.88%.
net
since
1908,
1911,
36.75%.
company
makes
;
it
full
rate
in
created
was
applicable
earnings
follows:
(5%
Co.
$12,500,000;
dividend
follows:
the
as
this
Chemical
assets
issue
The
26.11%
;
to
1909,
The
remarkable
this
stock
most
investment.
an
Outstanding,
as
been
dividends.
the
years
of
as
on
34.42%
power
General
paid
have
1910,
attractive
cumulative
5%
assets
$100.
par
;
paid
on
in
the
11.16%;
Since
1906
every
issue
1909,
the
Has
$100.
par
preference
dividends.
cumulative
6%
preferred.
cumulative
during
year
since
1907
17.12%;
stock
has
have
full
the
past
been
as
18.73%;
1910,
sold
The
as
high
as
Preferred
Industrial
108
and
this
by
low
as
should
for
regarded
International
to
dividend
of
has
the
been
stock
issue
13.47%;
from
1904
since
1906
1908,
to
Biscuit
the
this
on
date, the
in
paid
this
on
ferred
pre-
1907,
follows:
as
26.81%;
1910,
Steel
Outstanding,
and
assets
of
7%
organization
of
rate
the
Car
/%
recent
to
has
the
7%
has
have
years
16.53%;
pany
com-
been
paid
that
since
year
been
date.
as
lows:
fol-
15.71%;
1909,
1912, 18.84%.
non-cumulative
$12,500,000;
preference
This
full rate
every
18.62%;
Has
$100.
dividends.
Jan. 1, 1908,
1911,
16.04%;
par
in
in
stock
preferred.
cumulative
1898, and
stock
ended
Pressed
full
24.82%;
cumulative
in
preferred
Year
to
1909,
creation
was
Earnings
been
7%
7%
formed
Earnings
as
3%
have
$24,804,500;
and
assets
was
1910,
the
full
25.87%.
Outstanding,
on
The
that
to
which
on
preference
Has
Prior
1906.
to
14.81%;
National
as
class,
preferred.
since
ever
1907.
in
one
was
4%
and
1911,
issue
investment.
dividends.
cumulative
stock
preferred
$100.
par
regularly paid
preferred
entire
1903
7%
the
cumulative
/%
$60,000,000;
and
assets
stability shown
desirable
most
a
as
the
of
years,
many
151
Investments
as
view
In
Harvester
Outstanding,
as
85.
as
concern
be
Stocks
par
$100.
non-cumulative
been
paid
company
in
on
1899.
preferred.
Has
preference
dividends.
this
issue
The
since
Earnings
on
the
the
152
How
stock
during
1.24%;
recent
1909,
Steel
has
rate
the
been
paid
have
high
as
United
109
Steel
States
been
has
in
been
have
has
Virginia
sold
high
as
of
the
to
8%
assets
and
per
annum
formation
Earnings
Year
on
8%
of
par
cumulative
has
been
the
company
the
issue
ended
May
in
as
The
stock
in
recent
31, 1908,
full
Since
low
Has
over
years
this
stock
sixteen
14.35%
;
;
1909,
1906
the
preference
The
have
years
preferred.
cumulative
on
the
79^.
as
$100.
rate
of
recent
1908, 12.69%
dividends.
paid
preference
organization
;
8%
$20,000,000;
;
has
stock
Has
14.78%.
131, and
Chemical
Carolina
the
this
on
12.32%
preferred.
dividends.
1911,
as
the
this
on
1909,
1907
$100.
1907, 20.02%
24.26%;
Outstanding,
as
:
;
cumulative
par
since
year
Earnings
follows
1910,
21.9170;
issue
1901.
as
7%
cumulative
in every
paid
company
7%
and
assets
to
of
72.
as
Corporation
full
The
earnings
years,
low
as
preference
organization
the
Since
$360,281,100;
Outstanding,
as
and
Has
1908, 5.67%
:
7.22%.
1911,
as
recent
follows
as
13,00%;
1910,
sold
been
In
preferred.
dividends.
since
1908,
7.14%.
1911,
$100.
par
issue
the
on
follows:
as
cumulative
7%
cumulative
1902.
in
company
stock
7%
and
assets
been
12.55%;
1910,
$13,500,000;
Outstanding,
to
have
Spring
Wisely
Money
years
14.68%;
Railway
as
Invest
to
full
since
ever
years
been
1909,
rate
ago.
as
lows:
fol-
19.06%
;
Preferred
Industrial
1910,
24.20%;
since
sold,
While
1906,
five
1907,
of
figures
highest
It
years.
in
certainly
be
could
of
list, would,
past
vestments
in-
but
it
wished
preferred
about
as
good
past
ord,
rec-
marketability,
the
prices, yield
limits
the
is
etc.
of
this
following
result:
net
Smelting
American
American
Beet
Amer.
Car
"
I. du
De
Pont
International
Co.
Steel
Pressed
Railway
Steel
Virginia
a
amounts,
6.10%.
Car.
Steel
the
net
"
5.85%
at
98^,
"
6.10%
"
6.10%
"
5.80%
"
5.13%
"
5.55%
"
5.80%
"
5.47%
"
6.80%
"
6.73%
"
6.257^
"
6.90%
7%
at
5%
6%
preferred
at
preferred
Co.
7%
7%
at
preferred.
..at
preferred
at
preferred
7%
preferred
8%
preferred
on
the
total
108,
120,
128,
104.
at
yield
98,
103,
at
above
120,
at
preferred
the
115,
at
7%
in
yields 6.48%
1025^,
at
invested
were
sum
preferred
108,
at
preferred
7%
Chem.
.at
preferred
Spring
States
United
Co.
Car
preferred,
7%
Harvester
Biscuit
National
6%
7%
preferred
6%
Nemours
Chemical
General
If
Sugar
Foundry
Refining
Sugar
Amer.
Ref.
and
Chemical
Agri.
Amer.
E.
be
within
market
the
who
man
consideration
power,
distributed
recent
at
a
list would
earning
the
making
industrial
into
below
character,
For
among
taking
for
their
near
within
time
best
time.
above
selected,
reached
general
sum
the
investment,
an
this
given
demonstrated
Such
have
far
are
75.
as
selling
all
has
stock
low
as
today
are
the
be
not
poorest
a
and
practically
they
may
however,
stocks,
as
which
the
not
stocks
yet
stocks
distribute
to
these
the
price,
129^
as
153
Investments
as
In
12.83%.
high
as
of
none
figures
low
1911,
Stocks
112,
116,
stocks
would
in
be
equal
about
How
156
financial
power,
character
of
investment
the
following
of
management,
etc.
in
issues, which,
look
Wisely
character
done,
tests, and
are
Money
soundness,
business
the
Among
Invest
to
opinion,
my
attractive
the
pass
ments,
invest-
permanent
as
best
:
Selling
around
American
Bank
American
Chicle
American
Radiator
American
Type
Claflin
B.
Childs
May
Kodak
Co.
Candy
National
Carbon
Niles, Bement,
Otis
Pierce,
Sears,
R.
109
118
98
101
7%
103
return
these
7%
all the
of
while
them,
per
cent,
these
not
have
they
particular type.
appear
have
a
the
not
little too
they
large
class
elements
all
issues
attractive
in view
high
stocks
issues
of
equal standing,
all backed
are
common
preferred
in the
107
issues
But
money.
companies
While
bases.
5
the
on
110
110
selling
are
some
123
preferred,
above
equities, and
same
back
110
Co.
course
heavy
6%
7%
probably
and
100
Co.
7%
preferred,
Typewriter
preferred,
Watch
preferred, 6%
Worthington
Of
this
128
110
Roebuck
Waltham
to
93
Co.
Whitney
preferred, 6%
Powder
preferred,
Baking
Underwood
the
90
110
"
Royal
H.
110
7%
6%
preferred
Co.
preferred,
6%
Pierce
Co.
"
Mfg.
preferred,
Butler
130
100
preferred,
7%
Co. first preferred,
7%
preferred, 7%
Pond
Elevator
Pratt
5%
$100)
5%
preferred,
preferred
preferred
Co.
6%
Stores,
Department
(par
52
106
preferred
(par $100)
Co.
7%
preferred
6%
preferred
first preferred,
Co.
National
7%
Milk
Co.
(par $50)
preferred
6%
Founders
Powder
Eastman
preferred
Co.
(Restaurant)
Pont
du
6%
Co.
Condensed
Borden's
H.
Note
of
stand
by
of
many
very
of
speculation
sound
on
yielding
as
of
but
investments
4J/2
of
XIX
Public
Preferred
Utility
the
AMONG
issue
takes
public
this
is
field, and
become
yet
higher
a
stocks
give
in
I
list
bonds
to
get,
when
than
it
this
vestment
inhave
with
classed
the
is
of
up
to
utility
in
stocks
his
principal
worth
while
field.
this
at
railroad
grade
to
Therefore
class
investment
good
for
necessary
high
certainly
the
so
of
part
public
number
measure
it is
a
on
return
to
which
tests,
and
below.
issues
Outstanding,
interest.
a
to
me
these
be
to
the
issues
of
number
ferred
pre-
in
product
as
days,
accord,
study
American
and
these
better
selected
to
seem
little
careful
I have
limited
a
"seasoned"
far
investor
and
modern
a
industrial
the
investments.
grade
average
least,
only
so
Nevertheless,
the
entirely
tential
po-
preferred
company
Like
and
considerable
addition,
place.
yield
return,
average
utility holding
prominent
a
which
stocks
the
in
have
cases
the
stock,
as
than
Investments
as
investment
more
many
value,
of
types
something
in
Stocks
Cities
6%
Co.
$20,513,700;
The
company
(157)
cumulative
par
is
$100.
a
preferred.
Callable
holding
at
110
corporation,
158
How
the
owning
stocks
Little
American
American
Railway
Gas
"
and
gas
the
the
United
States.
This
American
Light
"
controls
about
different
parts
been
Butte
1901.
times
This
is
issues
Electric
Outstanding,
operating
and
Co.
the
one
of
in the
"
since
to
has
The
company
best
dividends
of
organization
for
of
many
years
to
this
meet
the
in
located
Preferred
the
very
preferred.
companies
required
amount
the
have
dend.
divi-
public utility
market.
5%
Co.
Power
$1,000,000;
holding
1907
dividends
$100.
par
earnings
the
in
paid regularly
cumulative
6%
States.
paid
The
about
formed
these
operating
United
regularly
several
preferred
the
of
preferred.
steadily increasing.
Traction
dozen
a
in
company
is
and
been
above
safety
over.
Controls
was
have
dend
divi-
out
operating through-
company
$14,236,200;
Outstanding,
have
of
heavy,
been
always
$50.
light companies
the
The
cumulative
par
dividends
1911.
margin
electric
margin
in
Co.
6%
$3,500,000;
preferred
The
date.
Co.
ham,
Birming-
succeeded
and
;
good
a
Electric
Outstanding,
twenty
with
earned
etc.
companies
Orleans,
New
as
Light
"
operating
of
Memphis,
Rock,
being
number
a
Wisely
Money
cities, such
Cities
is
been
of
in Southern
located
and
Invest
to
par
company,
preferred.
cumulative
$100.
with
This
a
long
is
both
record
an
of
Public
The
success.
been
has
is
preferred
earned
Georgia
Preferred
Utility
times
several
"
Railway
small
a
Stocks
for
years.
many
5%
Co,
dividend
the
issue, and
over
Electric
159
non-cumulative
preferred.
Outstanding,
operating
all the
holding
and
utilities
public
dividend
preferred
in
and
$2,400,000;
recent
Illinois
has
Illinois.
earned
times
Gas
Laclede
Outstanding,
controls
and
the
of
city
St.
regularly paid
times
the
amount
for
many
vicinity.
The
1903,
been
earned
times
over.
6%
several
preferred.
cumulative
This
par
$100.
an
extensive
is
dividend
in
is
a
very
tric
elec-
system
of
the
State
regularly paid
the
cumulative
5%
Co.
$2,500,000;
Louis.
practically
of
and
is
over.
Light
operates
an
since
Co,
preferred
several
and
lighting companies
and
The
controls
both
regularly paid
large corporation, controlling
railways
is
been
$6,000,000;
Outstanding,
and
Atlanta,. Ga.,
of
Traction
This
$100.
company,
has
years
par
entire
The
gas
preferred
years,
required.
$100.
par
and
the
preferred.
This
lighting
company
of
business
dividend
earnings
has
are
been
many
160
How
Milwaukee
Electric
Invest
to
Wisely
Money
"
Railway
non-cumulative
Light 6%
preferred.
$4,500,000;
Outstanding,
practically
controls
in and
properties
been
have
itself
is
the
controlled
which
has
been
for
is
Co.
lighting
operations
The
years.
Milwaukee
the
of
one
The
Wis.
many
the
by
American
North
stock
successful
company
and
railway
street
Milwaukee,
about
very
Co.,
Power
the
all
This
$100.
par
company
Heat
Light,
"
subsidiary corporations
The
dividend
and
regularly paid,
the
on
is earned
of
preferred
times
several
over.
Electric
General
Minneapolis
Co.
cumulative
6%
preferred.
$1,000,000;
Outstanding,
"Stone
strong
entire
The
lighting
"
Webster"
and
power
dividend
earned
times
several
Pacific
"
Gets
Outstanding,
large holding
and
earnings
power
are
requirement.
this
on
properties,
business
of
has
stock
is
and
of
one
controls
many
the
Minn.
Minneapolis,
for
the
been
years
over.
Electric
Co.
$10,000,000
cumulative
6%
;
par
$100.
controlling
company,
companies
heavily
This
$100.
par
in
excess
in
street
central
of
the
preferred.
This
is
a
very
ing
railways, lightCalifornia.
preferred
The
dividend
Public
Electric
Seattle
paid,
foregoing
follows
American
American
Gas
American
Butte
Electric
Electric
Georgia
Illinois
Laclede
Traction
Milwaukee
The
"
and
their
influences.
in
even
re.
are
all
success
The
amounts
in this
located
preferred,
at
parts
net
average
the
to
above
107,
92,
103,
as
the
of
large degree
yield
on
out
the
issues,
7.50%
6.00%
5.45%
"
6.25%
"
5.75%
"
6.45%
"
6.00%
"
6.00%
"
5.61%
"
6.52%
"
5.83%
distributed
widely
different
dependent
100,
at
a
the
"
100,
at
field,
is
in
93,
.at
preferred
particular
in
87,
at
quite
been
"
80,
at
preferred
make
110,
at
preferred
6%
would
scheme
6%
6%
80, yields
at
6%
work
par,
at
preferred
Light
Elec.
Co.
above
preferred
preferred
and
Electric
Electric
at
preferred
Ry.
tle
Seat-
:
preferred
6%
6%
General
Gas
selected
Elec.
6%
Elec.
would
preferred
6%
5%
Co.
Co.
Minneapolis
Seattle
"
Railway
Gas
Pacific
Power
"
among
at
6%
Traction
"
Light
1912)
May,
has
amounts
preferred
6%
"
of
as
in
the
over.
issues,
utility preferred
(prices
Cities
equal
of
one
operating
times
several
in
is
dividend
preferred
distributed
public
This
properties,
is earned
investment,
An
161
preferred.
$100.
; par
The
and
Stocks
non-cumulative
Webster"
vicinity.
regularly
as
"
"Stone
and
6%
Co,
$7,500,000
Outstanding,
strong
Preferred
Utility
vestment
in-
companies
the
on
country,
different
total, if spread
would
be
about
164
How
Invest
to
Money
Wisely
"
The
fact
most
Even
years.
of
chance
might
in
be
in
met
depreciate
since
is little
1902.
more
Aside
attractive
than
regular
there
investments.
short
term
note,
The
security
itself, and
and
usually
of
when
Thus,
the
to
bonds
equipment
to
extent
an
secured
spread
on
it
are
is
short
straight
the
and
collateral
An
ment
equip-
the
actual
that
is, a
every
ten
has
equipment
certain
year,
out
worn
portion
pro-
the
fifteen
or
regarded
of
desirable
attractive.
covered
paid
to
bond.
due
all
there
trust
over
be
them
equipment
on
falls
bond
happen
very
by
serially ;
matures
being
usually
most
secured
principal
the
the
is often
always
of
secured
cipal
prin-
terms.
which
these
of
if its
made
shorter
of
little
seen
be
can
bonds
One
other
have
we
classes
two
the
not,
is
issues
scxnetimes
sometimes
as
is
fifty year
a
selection
mortgage
are
term
bond
while
years,
hundred
there
money
few
points, just
short
latter
tight
running
one
or
depreciating
proper
early,
fifty
buy
to
bond
materially
the
from
mature
a
ten
If
of
Even
better
cent
per
running
one
bond
4
in
are
issues.
term
it is much
good
a
period
a
good
a
is to
than
less
or
long
to
bonds,
slightly under,
or
years
do
preferred
maturities
short
nowadays
straight railroad
par,
ten
be
to
ways
among
at
is, that
ments
payyears.
or
preciated
de-
inefficient, the
as
off, both
principal
and
interest.
I
list below
a
issues, which
and
quite
institutions
desirable
or
number
it
as
seems
short
individuals.
to
me
term
term
are
notes
all
and
perfectly
investments
for
ment
equipsecure,
either
Some
of
of
them,
and
in
the
Good
Short
Term
notes
listed
below
the
but
all
in
Term
the
It will
all
in
principal,
Name
few
protected by the
very
American
Locomotive
Baltimore
"
Bethlehem
maturity.
Co
5
4^4
"
Ry
Ham.
6
Transit
Rys
Day.
Denver
Gas
Empire
District
6
4
Elec
"
6
Co
Elec.
6
Erie
R.R
6
Erie
R.R
5
General
Motors
Co
Rubber
Gen.
4^
Companies
Illinois
Central
Kan.
N.
C.
Y.
St. L.
Southern
"
Tex
"
prices
5
Co
R.R.
F.
Ry.
4]^
R.R
4^
Co
5
Co
Westinghouse
(The
6
Railroad
S.
6
Co
Hudson
Miss.,
5
Elec.
are
Cent
5
Corp
Elevated
those
"
Mfg
of
Oct.
6
15,
without
short
R.R
Ohio
"
issue
where
4^4
Rapid
Chicago
Cin.,
notes
of
cases
Ohio
Steel
Brooklyn
Ches.
type
1912.)
safety
beyond
substantial.
very
earners
by good
extend
Per
"
substantial
protected
none
back
collateral
no
all
his
market
in
even
have
in this
the
and
is
this, he
is
investing
usually
can
that
yield
Notes.
are
are
noted
the
cases
advantages
holder
notes
be
165
Investments
properties
the
cases
margins.
and
Short
he
1918,
One
is that
loss
cannot
of
a
of
do
166
How
Invest
to
Good
The
issues
equipment
which
the
during
Name
Line
Ohio
"
Central
of
Central
R.
"
short
for
noted,
mature
R.
:
Ry
"
Eastern
Delaware
N.
1912-1917
J
Ohio
P.
Illinois
Dayton
Hudson
"
4
1912-1917
4
Valley
454-5
1912-1917
4J4-5
1912-1919
4J4-5
Ft.
City,
Kan.
Missouri
Pacific
"
Mobile
"
Lines
Western
"
Mem
4-4J4-5
4-4^
1912-1919
5
1912-1915
4^
1912-1915
4^
1912-1916
4-4^
1912-1916
Pennsylvania
Louis
4J/$
5
1912-1917
Ohio
Central
Norfolk
"
Railroad
Valley
Lehigh
Y.
Scott
Southern
City
Kansas
1912-1918
Manhattan
"
4-4^-5
1912-1917
1912-1917
Hudson
4^-5
-1922
Erie
Hocking
4-4^
1912-1917
1912-1917
Ry
"
Cent
1919-1927
Chicago
Ham.
Per
Pittsburg
Alton
I. "
serially
4%
"
R.
vestment
in-
term
1913-1922
of
"
standard
trust
Chicago
St.
years
be
the
4
Georgia
Chesapeake
N.
desirable
of
few
1912-1917
car
Roch.
Cin.,
six
a
Maturity
Coast
Buff.,
Chi.,
or
"
Atlantic
Bait.
five
next
are
only
all, it will
Nearly
Issues.
Equipment
list includes
following
Wisely
Money
San
Fran
4-6
1912-1922
5
1912-1916
4
1912-1917
3J4-4
1912-1917
4-4J4-5
1912-1917
4^-5
Railway
1912-1921
254-4-4J^
Railway
1912-1917
Seaboard
Air
Southern
Virginian
Line
5
XXI
in
Investing
the
WITHIN
has
of
largely
combination
this
of
of
the
safety,
his
to
junior
back
of
them
created
And
the
railroad
it
ever
finds
buy
is
a
bonds,
have
stocks
of
secure
as
have
It
is
or
greater
which
into
stocks
the
margin
debentures
they
cases
bond
ing
earn-
principal.
either
are
these
with
quite*
his
of
strong
good
a
feeling
the
and
of
a
they
themselves
are
of
protection
a
stantial
sub-
power.
that
but
few
convertible
whose
corporations
is
this
or
other
it is
because
better
all
payers,
by
dividends.
security
in
convertible,
find
we
in
issues
than
dividend
enjoys
payment
but
earning
For
itself
convertible
When
corporation
a
edly
undoubt-
ingenious
an
speculation.
justified
the
and
most
usually
why
is
investor
usually
been
issue
mortgages,
equity
are
the
by
is
is
it
tors
inves-
among
popularity
that
fact
bond
"convertible*'
popular
Its
and
is issued
interest
that
true
the
investment
and
power
classes.
to
character
the
increasingly
all
due
decade
past
become
Bonds
Convertible
market
but
stocks
issues
corporation
apt
to
find
because
confine
(167)
their
not
are
The
natural.
quite
issues
bond
a
a
better
people
only
who
investments
have
paying
reason
convertible
market,
and
seldom
chiefly
if
to
168
How
stocks, will
buy the convertible
the
per
cent
4 per
cent
under
bond
dividend
the
buy.
bond
there
Nowadays
number
of
of
the
convertible
course,
prices
compared
as
for
these
to
order
of
pay
to
in
earnings
bought
have
fared
4 per
paid
the
holds
"
on
and
and
stock
his
get
bond,
stock, and
clause
a
6
he
will
it sells
full
had
has
cent
a
continue
holds.
return
market
to
do
so
as
at
per
course,
if he
even
it which
long
as
92,
paying
was
exchange
but
for
years
4s
6
in
growth
few
a
Of
to
;
of
bond
future
now
117.
at
be
able
quite desir-
stock
but
opportunity
per
has
the
a
as
many
convertible
time
at
it would
who,
selling at 88,
and
stock
the
that
sell
convertible
Those
high
very
into
in the
interest
Western
At
well.
Of
when
a
large
a
security.
it is often
for
to
out
at
money
time,
same
company.
dividends
cent
much
thing
carried
would
times
are
potential
the
very
bond
premium
Norfolk
bondholder
the
the
the
put
moderate
secure
ago,
to
the
At
a
sell
there
and
people
issues.
frequently
what
to
straight mortgage,
foolish
of
the
sive
comprehen-
be
can
single type
issues
stocks,
such
pretty
distribution
this
ideal
existence
a
a
cent
bonds,
to
the
issues, that
of
purchase
to
exclusively
in
sell
can
6 per
or
a
trouble.
any
care
it
a
sell
not
90,
cent
sometimes
investment
limits
not
are
convertible
scheme
within
is
5 per
a
himself
issue
than
without
par
does
confine
to
convertible
at
who
investor
wishes
but
stock,
into
could
of
where
Thus,
conditions
more
benefit
get the
to
future.
the
for
bond
convertible
paying
For
is
bond
ordinary
mortgage
Wisely
Money
potential possibilities of
corporation
4
Invest
to
cent
the
into
still
follows
the
vertible
con-
Convertible
only
companies.
important
most
in
terms,
"
time
any
"
prior
Hudson
Co.
for
par
into
that
into
the
issue.
the
mortgage
of
vertible
con-
at
par
at
Delaware
of
stock
is, 5 shares
that
of
Convertible
1, 1916,
($500)
stock
cumulative
shares
of
1928.
1,
6
Convertible
($1,000
stock
mortgage
at
stock
preferred
cent
per
first
Co.
Chemical
October
due
is, 10
American
4s ; due
1, 1915,
notice,
at
at
at
each
for
par)
interest
105
and
interest.
the
have
would
one
at
due
par
Redeemable
Convertible
133.7374,
is,
$747.70
sell at
in
March
12
weeks'
on
March
until
with
a
on
bond
value
par
133.734
interest
accrued
$1,000
give
to
1,
would
of
stock
an
exact
bond).
Topeka
5s;
to
convertible
thereafter,
date
that
of
equivalent
Atchison,
stock
at
adjusted;
equivalent of
debenture
stock
into
Co,
Telegraph
1, 1936.
any
par
stock
March
on
or
dividends
receive
"
Telephone
debenture
(the
200;
the
bond.
$1,000
and
at
5s;
time,
1918,
April
Agricultural
convertible
par;
to
first
1, 1946.
list of
explanation
Railroad
April
a
$1,000 bond.
each
American
any
due
below
brief
not
years,
public utility
many
convertibilityof
Susquehanna
3j4s;
by
a
the
for
case,
in recent
append
I
issues, with
each
Albany
also
169
Bonds
issued
been
but
railroads,
industrial
and
have
bonds
the
by
Convertible
in
Investing
"
June
at
any
Santa
1, 1917.
time
Railway
Fe
prior
Convertible
to
June
convertible
into
1, 1910.
mon
com-
170
How
Atchison,
4s
stock
at
Redeemable
Money
Wisely
Fe
Railway
Santa
(old issue)
common
1918.
"
Topeka
debenture
into
Invest
to
; due
at
par
five
at
June
1, 1955.
time
any
convertible
m"Miths'
Convertible
prior
notice
110
at
1,
June
to
and
interest.
Atchison,
4s; dated
debenture
into
but
Atchison,
into
stock
value
par
4s;
due
the
bond
is
due
102^.
1911, and
convertible
Convertible
1, 1913,
into
1,
June
to
that
receive
$100
at
Convertible
February
in
by
Ohio
the
the
per
to
and
interest.
July 1, 1914,
words,
stock.
convertible
refunding
110
of
in
unless
"Convertibility
of
holder."
Railway
1, 1930.
into
value
par
at
prior
par
with
endorsed
February
first
$135
is, it requires $135
Redeemable
stock
"
Co.
at
;
1, 1916,
May
stock
common
4s
debenture
after
1, 1920;
Transit
is waived
convertible
Redeemable
1, 2002.
into
Chesapeake
1910;
to
Rapid
July
bond
this
bonds
of
Convertible
1,
June
to
1, 1960.
June
Railroad
January
Brooklyn
prior
Railway
June
from
par
convertible
to
up
Fe
due
1, 1939.
105, and
share
at
Line
Coast
November
at
Convertible
thereafter.
not
Atlantic
time
any
Santa
1910;
4s; dated
1923, but
1, 1955.
June
at
par
"
Topeka
common
due
at
due
convertible
Railway
Fe
thereafter.
not
debenture
Santa
1909;
stock
common
1918,
"
Topeka
stock
1, 1920.
convertible
Redeemable
at
par
4j4s;
after
between
dated
1915
May
at
1,
172
How
terest
stock
at
at
par
"
Norfolk
1912;
of
at
Redeemable
$50)
value
New
Convertible
at
stock
common
of
bonds
of
$100.
Union
in
the
of
In
issues
and
with
of
a
bonds
convertibles,
fair
to
includes
we
1919,
in
the
one
time
that
into
par
value
par
value
4s;
July
any
175;
secure
of
only
have
represented.
amount
at
at
interest.
debenture
after
pany
com-
due
1, 1912,
prior
to
is, it takes
share
of
stock
$100.
list, which
industrials
stock
common
of
value
par
and
on
of
stock
Convertible
of
value
par
this
into
of
1,
$130
4s;
the
and
June
to
convertible
Railroad
interest.
July 1, 1917,
$175
share
one
of
105
at
is, it takes
Redeemable
and
on
debenture
option
at
prior
that
130;
at
Pacific
102j^
at
(par
quoted
as
convertible
1, 1914,
time
any
1, 1927.
July
March
receive
to
$75
at
150
1,
; due
3y2S
stock
to
into
date.
debenture
equivalent
4s
September
to
latter
into
Redeemable
after
and
debenture
Exchange.
1, 1929.
on
the
convertible
share;
common
Convertible
prior
after
Pacific Company
June
1932.
Convertible
Stock
Southern
convertible
time
105
into
1, 1917.
June
to
1,
any
Railroad
per
York
at
at
1, 1915.
October
prior
Railway
par
Wisely
Convertible
September
Pennsylz/ania
due
time
Western
due
Money
company.
any
stock
common
1922.
of
option
at
Invest
to
the
important
most
railroads, public utilities
An
investor
capital, could
in
spread
this
his
field,
risk
the
throughout
do
with
the
in
the
future
If,
for
its
share
value
bonds
reflected
growth
such
bond.
still
general
ten
years,
the
value
the
credit
good
of
and
and
the
interest
represented.
the
Southern
its
of
the
sell
company.
might
an
increase
largely
other
setback
be
have
like
through
On
severe
a
would
the
consequently
his
experience
next
he
as
properties
system
the
173
just
would
the
all
railroad
a
in
and
of
during
of
States,
themselves,
and
Bonds
United
growth
dividend,
road
the
stocks
should,
would
the
entire
example,
Pacific
Convertible
in
Investing
stock,
in
appreciation
hand,
should
its
cut
at
a
the
dividend,
price
he
which
ALPHABETICAL
INDEX
PAGES
Adams
Express
"
Susquehanna
Co.
Albany
Atlanta
"
coll. 4s, due
1948
100
guaranteed
Charlotte
Air
Line
stock
140
stock
141
American
Agricultural
American
American
Agricultural
Beet
Sugar
American
Car
American
Cities
American
Cotton
American
Gas
American
Light
American
" Telegraph
coll. 4s
Telephone
"
Smelting
Refining preferred
stock
Sugar
Refining preferred
American
American
American
"
Chem.
Chem.
Co.
of
5s
Electric
Writing
101
148
stock
149
stock
157
1931
101
stock
of
5s
158
stock
preferred
Paper
148
stock
preferred
Traction
stock
1928
preferred
preferred
Oil
"
of
5s
preferred
Foundry
"
preferred
of
158
1929
ill
stock
147
149
1919
101
of
Sound
Application
Investment
Applying
Principles
Principles
Armour
"
Co.
Estate
Real
45^s of 1939
Atchison
first 5s
Railway
Light " Power
" Santa
Fe
Atchison,
Topeka
preferred stock
Co.
Atlantic
of
1938
City Electric
5s
Baltimore
Steel
Burlington
Railway
Electric
Carolina
Central
Co.
"
Connecticut
Consumers
Convertible
first
of
5s
5s
of
1932
Ill
stock
158
1938
Ill
1925
102
Paul
St.
Transportation
5s
of
"
Iron
Railway
"
R.
River
Power
Bonds
"
R.
Electric
R.
Railroad
Co.
as
133
stock...
133
112
1933
R.
guaranteed
general 5s of
Co.
Gas
Montreal
134
34
Pittsburg
"
Fuel
Columbia
Concord
102
Co.
Investments
Cleveland
Colorado
140
stock
preferred
stock
Western
preferred
" Omaha
Minneapolis
preferred
Paul,
Gas
Classifying
Ill
132
preferred
of
5s
"
North
St.
Co.
Light
Co.
Milwaukee
Cincinnati
131
1926
Light
"
"
Leather
"
of
5s
Power
Power
Chicago,
Chicago
Chicago,
101
Ill
stock
preferred
stock
guaranteed
Bethlehem
Butte
33
Ohio
"
Creek
Beech
43
5s
of
5s
guaranteed
guaranteed
1934
Investments
(174)
of
stock
141
1940
102
1936
112
stock
141
stock
141
103
167
Index
Alphabetical
175
PAGES
Urbana
Danville,
Distribution
Louis
St
E.
L
du
Pont
E.
L
du
Pont
Eric
"
Erie
Railroad
75
Power
"
Nemours
de
5s
of
1929
113
coll. 5s
of
1932
113
Co.
4%s
Powder
Nemours
de
Powder
Co.
of
150
second
142
preferred
stocks
134
Investments
as
Maturity
Fort
Smith
Light
Fort
Worth
Power
Railway
General
Chemical
in
166
"
of
Light
of
5s
1936
114
1931
114
Co.
Banking
as
stock
142
159
150
Investments
88,
Investments
Guaranteed
34,
Stocks
Railroad
Helena
Light
Illinois
Traction
Railway
"
Indianapolis,
Industrial
Bonds
Preferred
Industrial
Stocks
Stocks
as
stock
159
Traction
5s
of
International
Nickel
88,
Co.
Paper
Co.
International
Steam
Pump
of
5s
6s
of
for
Ironwood
"
stock
1932
of
1935
Co.
5s
103
of
104
1929
Sums
Moderate
81
57
Railway
Bessemer
Co.
92
103
Profit
Steel
90,
67
(jas
City (Mo.)
Gas
99
151
"
Light
5s
of
of 1932
5s
Jackson
(Miss.) Light " Traction
5s of 1931
Jacksonville (Fla.) Traction
Street
4s of
1931
Johnstown
Passenger
Railway
Lackawanna
92,
145
Cycles
Investing
90,
114
Investments
preferred
International
Investment
1926
88,
Harvester
39
114
Investments
as
89
139
1925
Eastern
"
International
Investment
of
preferred
Co.
Industrial
Investments
as
5s
Columbus
127
49
of
5s
guaranteed
" Electric
preferred stock
Co.
preferred stock
Issues
Government
Bonds
Traction
"
"
Railroad
Georgia
Georgia
Laclede
103
stock
50, 51, 53, 70, 77, 82, 83, 84,
of
Kansas
1936
preferred
stock
guaranteed
first and
Trusts
Equipment
Examples
Groups
113
1923
9
Suburban
"
Pittsburg
Factor
of
Combined
Oregon Light
Eastern
5s
Investments
Diversifying
East
Profit
and
Railroad
Qiamplain
"
"
Co.
Iron
preferred
5s
of
conv.
stodc
5s
1922
of
1936
115
115
115
115
116
1923
104
159
176
Alphabetical
Index
PAGES
Lake
Shore
"
Miami
Little
Mistaken
Madison
Sums,
Moderate
116
stock
160
1935
116
Investment
of
81,
82, 83,
1939
Tube
143
Biscuit
Co.
first
5s
1952
4%s
Orleans
New
York
" Light
Railway
of
City 4s, Action
New
York
"
Norfolk
Public
Carolina
Northern
Illinois
Northern
Indiana
Northern
Ohio
Northern
Texas
Oklahoma
Gas
Gas
Traction
Traction
Railroad
Colony
Elevator
Pacific
"
Power
Gas
Peoria
"
Pittsburg,
Cin., Chic.
Pittsburg,
Pittsburg,
Fort
Plans
for
Plans
for
Portland
Co.
Wayne
McKeesport
Investment
Electric
Co.
1929
117
5s
of
1933
119
118
1929
119
stock
143
1924
of
119
1930
120
1931
120
of
1923
Louis
121
preferred
stock
guaranteed
stock
144
"
Yough.
guaranteed
stock
144
Larger
of
Moderate
5s
of
Sums
87
Sums
81,
1926
Possibilities, Taking Advantage
Affecting Prices
Primary
Combined
and
Distribution
Profit,
Diversifying
82,
83,
84
121
of
Factor
for
135
Chicajro
Potential
Principles
118
of
"
of
Investment
118
1923
105
5s
St.
"
of
5s
of
of
5s
of
5s
Electric
117
1933
5s
5s
ref.
Co.
117
1936
1920
Light
Light
Electric
Pensacola
Co.
of
5s
"
117
1934
5s
guaranteed
conv.
Railway
Ottumwa
of
5s
Electric
"
of
of
5s
Light
"
1935
1921
5s
Electric
"
105
105
Traction
"
1929
13
Service
Light
of
5s
of
of
5s
Traction
Portsmouth
"
North
Gas
Richmond
151
ref.
of
New
84
104
stock
guaranteed
National
Proper
160
17
of
stock
preferred
"
Stamping
Enameling
Otis
stock
1927
preferred
National
National
Old
116
preferred
of
4s
of
92
142
1936
Light
for
Plans
Essex
13
.87, 88,
49
of
5s
first 5s
first 4%s
Co.
of
Methods
Power
River
Action
Bonds
Electric
Investment
"
stock
of, in
General
Minneapolis
Morris
guaranteed
Railways
Electric
Ry. "
Gas
Light Co.
Milwaukee
"
of
United
Milwaukee
Morris
3^s,
for
Railroad
Factor
Maturity,
Michigan
Southern
Investment
Michigan
Plans
Sums,
Larger
Investments
59
27
75
25
Alphabetical
Index
177
PAGES
Public
Utility Bonds
Utility Securities
Utility Stocks
as
Public
Public
Railroad
Bonds
Railroad
Preferred
55, 90,
as
a
37
Investments
157
53, 88,
Stocks
Investments
as
88, 89,
Steel
stock
Railway
Spring preferred
Steel Spring
bonds
Railway
Railroad
Representative
stocks
common
Iron
" Steel
Republic
5s of 1940
Rights
first and
second
Reading
preferred
Rock
Island
preferred
Seaboard
Air
Seattle
Electric
of
Selecting
Public
Bonds
106
63
135
136
.
.
136
,
161
#
.
Co.
of
109
Notes
163,
5s
1930
Taking
Advantage
Trf-City Railway
Light
Light
Gas
"
Corp.
Electric
4%s
1931
Possibilities
of
5s
of
5s
of
5s
Service
Public
Twin-States
163
Potential
of
"
1930
of
6s
1926
122
122
69
123
of
1920
1926
Bonds
Industrial
165
122
Received
Special Benefits
"
Springfield (Mo.)
Railways
Power
"
Water,
Superior
Light
Typical
62
11
Utility
Power
Trumbull
.
129
106
Investments
Term
Southern
preferred stock
stock
Co. preferred
89
152
Line
Selection
Short
109
Class
123
123
99
Paper Co. first 5s of 1930
5s of
1933
Light " Power
Power
"
of
4%s
Electric
United
1929
Light
"
of
States
United
1924
Realty
Imp. 5s
stock
Steel preferred
United
States
of 1963
Steel sinking fund
5s
United
States
Industrial
stocks
Unlisted
preferred
Union
Bag
"
107
Union
Electric
124
Unsound
Utah
Theories
Light
"
Victor
Western
York
Fuel
Co.
Ohio
Railways
107
152
107
155
21
Power
Virginia-Carolina
Virginia-Carolina
Virginia Railway
124
of
4s
124
of
Chemical
first 5s
Chemical
preferred
"
Power
first 5s
5s
1934
1953
Co.
of
of
5s
of
Railways
Co.
1930
1937
5s
1923
108
stock
152
125
108
of
1921
125
125
INVESTMENT
PROTECTION
The
Investor,
~PP?^
and
Trustee
^J^^P"rt
importance
^^^^
values
in
far
a
who
simply
class
generally get
investor
experience;"
finds
it his
if
"
who
for
is
is
trusted
fields of
bulk
of
vestors
real
investment
fail
to
basic
the
"
Buffalo
among
the
Eastern
States;
and
Marquette,
and
aggressively
Denver
investments.
and
of
sold
were
investors
stock
strong
the
few
the
widely
first
houses;
bond
in-
offered
Western,
Grande
the
in all parts
were
prominent
Great
as
A
Allis-Qialmers
the
Rio
of
stock
preferred
Chicago
advertised
And
because
their
by
"
ordinary
themselves
preferred
investments
the
is incurred
Railroad
institutions
5s
in
money
inform
and
Susquehanna
high-grade
Pacific
of
banking
mortgage
Pere
bonds
those
to
more
"speculation."
loss
back
that
than
as
properly
factors
ago
years
of
"investment"
this
informed
protection
fact
is known
what
than
judgment.
well-demonstrated
a
through
lost
his
to
real
Trustee
or
properly
a
he
latter
the
but
Officer
as
reason,
rity
secu-
tangible
more
himself
keep
to
other
no
have
It
duty
the
The
pains,
Bank
the
of
than
degree
stocks."
something
the
affect
which
their
little for
day
study
expert
in
"flyer
a
deserves
"bitter
of
Officer
every
important
more
takes
realizes
factors
primary
Bank
Banker,
as
the
Western
issues
securities;
were
the
what
to
known
are
In
first 3^s
1901
in
still in this
are
4s
sold
"
Chicago
fifteen
in
of
lower
the
Trustee
surface
in
general
factors
raise
lower
the
in
are
business
attempt
questions
are
bonds
is
in
issues
are
to
of
period
to
the
in
the
to
year
fields
for
general
of
rate
industrial
which
when
investor's
and
of
we
the
panics
prices,
or
the
mentals
funda-
inflation
decline
of
year.
general
commodity
but
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studying
interest
or
questions
determine,
answered
the
the
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changes
periods
financial
a
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indispensable
prevailing
level
as
most
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show
to
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broad
of
study
cited
said
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about
the
; cause
in
just
bring
world
we
investments
the
civilized
Whether
selections
be
been
about
absolutely
; affect
could
well
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bring
of
are
which
or
ago.
bought
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values
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First,
depression
to
ten
decade
Officer, of going
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106"4
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or
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grade
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indefinitely, but
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at
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1902;
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are
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security
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some
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them;
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may,
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purpose
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file
lists
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of
with
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list of
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regular
suggestions
cross-indexed
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Investment
Complete
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publication
the
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annuals
alone
instance.
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bond
about
$200,000
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securities, and
grade"
had
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Office
JOHN
book.
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temporary
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value
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steadily declining.
superintendence
relieved
35
his
in
To-day
per
to
holdings
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is
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issues, while
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out
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investors,
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ments/'
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book
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annual
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credit
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rate
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work
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all
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Analyses
in
annually
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issued
for
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constant
over
while
office
our
worry
of
MOODY
New
York
and
''
ANALYSES
MOODY'S
"
Book
Indispensable
Absolutely
One
The
OF
INVESTMENTS
I
Part
I.
Part
II.
STEAM
RAILROADS
PUBLIC
UTILITIES
ISSUED
ANNUALLY
ANALYSE
They
of
Scope
by
country
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user
the
TRUE
VALUE
issues.
Bankers
at
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year,
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corporations
all
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corporations
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analyze
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ranging
to
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book
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all the
of
ports
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the
INDUSTRIALS
AND
in
and
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unbiased
manner.
*'The
not
heretofore
book
is
covered
Commercial
original
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by
financial
9
Financial
unique
and
supplies
a
wart
publications."
Chronicle,
New
York.
This
book
the
in
class
simply
but
book
indispensable
It
the
Stock
is
the
text
tions
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absolutely
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; the
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Salesman;
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Investors,
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many
all.
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features
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Broker's
merely
not
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embraces
Railroad
to
value
practical
investment
Bond
a
book,
is of
road
Rail-
Officials.
^^
Phvsical
*^^
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location
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Train-mile
These
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and
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of
BANKERS,
use
generally.
for
Equipment,
in
each
interpretation
BROKERS
and
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thus
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Load,
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years,
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averaged
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systems
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proper
table
the
description
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complete
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the
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Density,
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Rates.
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are
embrace
Territory,
table, containing
RECORD
year
and
the
Edition
characteristics
ical
of
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the
with
in
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like
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writer
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figures
and
ORS
INVEST-
on
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for
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physical
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of
^
table
Expenditures,
Net
Margin
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for
amounts
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in
the
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income
of
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exhibit
entire
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case.
forms
changes
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its strong
in
items
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accounts
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BONDHOLDER
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dividend-paying
information
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the
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out
in
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systems.
brought
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Income,
paid
writer,
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charges,
amounts
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on
Traffic
over
in
basis.
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Net
periods
similar
ten-year
in
Total
compared
is commented
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and
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mileage
Revenue,
Safety
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presented
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points
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ACCOUNT
Transportation
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the
record
INCOME
the
covers
railroad
every
sense.
road
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in
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plete
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property
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power.
gives
STOCKHOLDER
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usually
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^
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record
Ten-year
is
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pre-
^
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r
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actors
mileage
^^
basis.
of
the
BALANCE
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railroad
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Stocks
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rived
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at;
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per
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case
savings
of
railroad
rated
the
in
issue
and
rating
is
in
legal for
is
1,500
over
applied
bond
to
issues
book.
^
x^aungs
each
of
of
record
complete
nished,
stocks.
stock
every
is
system
priority
equity,
bond
A
etc.
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also
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position of
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bond
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low.
very
given
of
terms
in
or
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year
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basis
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the
results
rated
cases.
information
stock,
or
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highest
issue
each
record
bonds
icange
record,
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or
most
while
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showing
of
its
position
equity.
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Year
bond
D
to
in
high,
rating,
awaiting
course
lease, if any,
the
earnings
*
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connection
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of
are
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preferred
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good
rated
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to
all
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interest
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record
strong
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^
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Stock
of
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lien
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of
nature
every
year
the
volume
prices of
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and
stocks
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presented,
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quotations
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of
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value
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volume
^^^
Industrial
been
before
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its
Investors
"r
TT
this
of
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plete
Bankers,
to
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emphasized
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Utility
the
of
is
A
^
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broad
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scope
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as
T
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While
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existence
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to
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of
and
results, classifies
security
Steam
on
a
part
is
sold
combination
orders
subscription
to
Part
delivery.
in
as
from
take
underissues.
security
with
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analyzes
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companies
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ing
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and
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the
two
parts
I, covering
of
Utilities
each
and
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at
for
accepted
are
February
Public
each
aside
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cor-
gives
volume
Railroads.
Each
issued
none
which
addition
the
Rating,
describe
various
these
of
are
possible ccnnpleteness,
greatest
each
the
reference
to
Investments"
in
records
statistical
Railroads.
some
undertake
rate
however,
book,
are
fields, there
Analyses
analyse
there
which
these
in
Steam
covering
Steam
year,
full
Part
and
Industrials,
ANALYSES
35
by
in
II,
August
the
PUBLISHING
Nauau
Tblbphonb,
Street, New
1299
CO.,
York
Cortlandt.
on
is
Railroads,
year.
Published
or
year's
$25, payable
for
the
the
each,
City.
ering
cov-
of
TO
HOW
ANALYZE
REPORTS
RAILROAD
By
This
attractive
issued,
intended
is
for
want
the
technical
of
explains
the
in
in
character
way
the
knowledge
the
It
holds
long
felt
interested
in
a
of
report
the
he
annual
has
whereby
be
can
table
book,
every
time
analyze
This
his
little
or
the
book
and
statement
clearly understood,
and
judged.
of
and
the
clearly
to
report
invested
have
figures presented.
principles
following
his
which
significance properly
The
any
stockholders
few
very
meaning
the
in
who
supplies
receives
railroad
but
money,
figure
is
stockholder
Every
the
who
everyone
finance.
and
Investor
and
bonds,
or
the
way,
securities.
railroad
from
the
for
been
recently
popular
operation
primarily
stocks
railroad
railroad
has
and
complete
a
of
subject
entire
which
book,
in
covers
Moody
John
contents
the
scope
indicates
of
the
the
subject.
Table
Contents
of
PART
Introduction
ONE
:
I.
II.
Statement.
Preliminary
The
Railroad:
III.
First
IV.
The
Location
V.
The
Management
VI.
The
Results
VII.
Steps
Relative
the
in
of
IX.
Values"
Factors
Average
Miles
Equipment.
XI.
Proportion
of
Average
XIV.
Train-mile
Factors:
XVI.
Earnings
and
and
XVII.
The
General
XVIII.
The
Operating
The
Maintenance
XIX.
XX.
XXI.
XXII.
"Railroad-Mile."
Transportation
Outside
Net
Railroad.
the
Operated.
Freight
to
Freight
all
Traffic.
Density.
Load.
Train
Earninsrs.
Passenger
Income
in
Freight
PART
The
Decade.
The
and
Passenger
XIII.
XV.
Railroad.
the
TWO
Physical
X.
XII.
Railroad.
Factors:
Physical
VIII.
the
the
of
State.
Analysis.
of
PART
The
Normal
Its
Freight
THREE
Distribution.
Their
Account
Income
Revenues.
Accounts.
and
Operations.
Operating
Rates.
Revenues.
Other
Operating
penses.
Ex-
n
XXIII.
"Other
XXIV.
Fixed
XXV.
Income"
Charges and
Disposal of
Capitalization
XXVI.
Liabilities of
and
XXVIII.
The
Capital Assets.
XXIX.
The
Capital Liabilities.
Capitalization of Rentals.
XXXI.
Stocks
and
Net
Capitalization.
XXXIII.
Net
Income
as
Commerce
Commission.
bound
handsomely
pages,
is of
and
in the
convenient
a
Interstate
The
book
leather, contains
size which
CO.
New
Telephone
oo.
P
",^
flexible
PUBLISHING
Street
13
10c.
Steam
pocket.
ANALYSES
Nassau
Carriage
in blue
of
the
prescribed by
Railroads,
Price, $2.00 per copy.
Accounting
Uniform
Operations
for
Requirements
carried
of
Outline
Appendix:
228
Capital.
Net
on
Mile.
Per
Bonds
XXXII.
iNoma
the Railroad.
Sheet
Balance
35
Safety.
FOUR
The
be
of
Margin
XXVII.
can
Income.
Factors:
Assets
XXX.
is
the
Net
Surplus.
PART
The
Total
and
1299
Cortlandt
G330
York
City