RG, ee zs Se ae SEES i es £8 eee ee eS eS es ReSE Ra ih Virginia Library 4521;.P4;1910+h ‘ay nd ke pieterer ae Tete eS ma) i pA : 3 i i $e Le Age: ee teen: ee Peete. pa ns hain ky PEA go”Site Lat > > ge ree eee ee . . a a. Seti ‘ 4 ] Ld os * ee | Aa ‘ ri heel 58 ved esti. ——— ° f ‘ | i \ 4 J : fo : f A fey te Serrnwtee ey aang heat ee ate cones ee as eet es peeks ts re a Soeeeety aed Fae ata iter nee ea eee beset“If you ever make money you must make it on your own judgment and foresight. When you see a good opportunity to invest, do it quickly. The fellow who waits, either toses the chance altogether, or pays a pre= mium to one who thinks and acts quickly.’’ Russell Sage“ Know your broker as you do your bank”? “Norman W. Peters & Company, members of the Consolidated Stock Exchange of New York, have adopt- ed as their motto, ‘know your broker as you do your bank,’ and to enable their customers to fulfill this injunc- tion make a practice of having their books periodically audited by recog- nized chartered accountants and the results of the audit made public in a certified statement of their financial condition. ‘This is a practice which has been recommended frequently * * * * and one which if generally adopted would materially raise the tone of Wall Street.’’ —Moody’'s Magazine, June 1910. ‘Knowledge ts power”’77 ‘Know vour broker as you do your bank é @ ap Ak @ ® d dh Iutroductory : =. DS 5 SIS = SSS Gn & FET ET ET ET E have made no effort herein to write down | to the understanding of the absolute novice, ¢ on the contrary our sole aim has been to fix the @ attention of the man of experience upon those @ laws of finance which are as immutable as those § ” of nature and as inexorable to the transgressor, e @ whether his sins be of omission or commission. 3 We have essayed nothing new, we have rather i GREG Ses My ° confined ourselves to treating the many fallacies ? ¢ which investors gradually fall into as a result of # @) the many and conflicting influences which prevail in the Street. We have treated the subject from |? ) the standpoint of our experience as commission 9 @ brokers, a position which permits of most intelli- 6 “ gent observation. @ Weare brokers, members of the Consolidated ® @ Stock Exchange of New York, which latter takes ¢ care of large and small alike, no investment being { ® too small, none too large. ® For the benefit of clients far removed from New ¢ _ York City, we have made our business an open Gi book so far as financial responsibility is concerned. ¢ é This is done by a system of periodical audits bv ¢ @, absolutely unbiased chartered public accountants, ¢ @ who at least every three months audit our books @ : : : ; @ ¢ and issue a certified statement of their findings, a § ? ° Q besceecesececesececsesosssssssssessh ‘ Knowledge 1s power’ae “Know your broker as you do your bank” 3 GESSSSSESSSSSSSEESSSSOSCSSESCOSSES ) i) x ® { ” copy of which is forthwith placed in the hands of ® each customer allowing him to know his broker as ; ‘ he does his bank, a most important et ? inasmuch as it assures the customer absolute safety 6 @ and protection. Q Our facilities are maintained at the highest 6 ® notch of efficiency for the caring of our customer’s S @ interests with us regardless of the distance which 0 ¢) Way separate him fromourselves. Our experience 6 ¢, in this business has been very broad, in view of ‘ which, coupled with our publicity methods men- ¢ ; tioned above, we have not the slightest hesitation e) y ff: f & ff . - } é in asking your confidence. ° © We invite you to avail yourself of our informa- ) Whe o. : ®@ tion department at any time you may require such @ 4, services assuring you that your requirements will : 9 be given prompt and intelligent attention. @ ®@ ~- Weare commission brokers and for that reason @ | have no interests aside from those of our custo- ® ® mers. When requested for opinions we will gladly © furnish them to the best of our ability, but only @ as our opinions and for what they may be worth rs to you. © SSE SES > Cz S Se Ses St VSP » NORMAN W. PETERS & CO. $ ‘ 74 Broadway, New York. ‘ P je G ep ¢ ee SSSSSSSSSCSSSSSSSSSSSSSSSSSER 6 ‘Knowledge and discretion assure success”?4 “Know your broker as vou do your bank” ——___ Cardinal Principles for the Speculator Wall Street is no Fool’s Paradise PINION varies more as to the merits or de- merits of Wall Street than of any other institu- tion on earth. One man will tell you freely that the opportunity for making money is better there than anywhere else. Another will tell you just as positively that Wall Street is a curse. Now, inasmuch as the same market exists for both, there not being one iota of difference, why are the results obtained so dissimiliar, thus causing such a diversity of views? If one man succeeds where another fails, is it not reasonable to believe that the fault lies with the methods of the unsuccessful in- vestor rather than with Wall Street? Investigation will reveal that the successful man has acted only after careful forethought and consider- ation. He has bestowed upon his commitments in Wall Street the same brain effort that he has devoted habitually to his own line of business. As a result his course of action in securities has been along the Same conservative, intelligent lines that have ruled his every-day affairs. He has succeeded because there was no reason why he should not. On the other hand, the very large percentage of speculators treat Wall Street as_a-sort-of “hit or miss’’ proposition—a subjéct which calls for no thought whatsoever—a get-rich-quick game requiring no skill—-a pure game of chance. Nothing is further See “Where light prevails disease ts absent”Se “ Knowledge and discretion assure success” D from the truth, although there are many instances where men of lax methods have made haphazard ventures and won. That is apt to happen in every line of business. But such cases are exceptional, By no means are they a common experience. In Wall Street there is positively no exception to the rule that the gains go to the men of brain, of acumen, of keen judgment, to men who think first and act afterward. Brains, Judgment, Solid Worth, Win in all Business Ventures Two men engage in the same line of business— mercantile, manufacturing, retail or what not. One makes a conspicuous success, the other meets dismal failure. Their capital at the start was equal and they had equal opportunities but the element of brain and judgment caused them to fall upon oppo- site sides of the fence which divides success from failure. It is soin Wall Street. The man who fails rails against it. He refuses to admit that his methods were faulty. Sometimes he is honest in his belief, often his vanity will not allow him to accept the blame. Cardinal Principles In speculation there are many CARDINAL PRINCIPLES which must be followed closely to assure success. Departure from any one of them almost invariably means failure. Yet the vast ma- jority of speculators ignore them completely! Time spent in the study of such principles will not belost. It will be an assurance against future disaster. See pages thirty-three and thirty-four ni . Pe eee aL PUA TES Ie eee Red ity SEIT tore yp eta Th ts EAE? os had Dab ESEE ebay ot Sakae? Teh ba ‘‘* Knowledge ts power” Be Conservative—Don’t Over-TradeY The most prolific cause of loss in Wall Street is over-trading. Nine times out of ten the man who is the personification of conservatism in his own line of business will buy five or ten times as much stock as he can pay for comfortably or take care of in the event of a temporary setback in price. This results in a serious disturbance of his judgment. It causes him to sell out his holdings just at the time when he should be enlarging them. Losses of this nature surely should be charged to error of judgment rather than to Wall Street. Sense vs. Tips The professional man and the man of business ad- minister their affairs in accordance with their own judgment: — They believe it to “be better than the opinions of outsiders. Why, then, is it that these same men are ready generally to buy any number of shares in a property of which they know little or nothing simply because someone has given them a “‘tip’’ or ‘inside information’’ that the quoted price of those shares will rise? Beware of Glittering Inside Information “Inside information’’ is a will o’ the wisp. It exists only in the minds of gullible persons who want to get something for nothing. It is worse than worthless because, as a rule, it causes the recipient to suffer severe losses, Wall Street possesses no more philanthropists than are found in other lines of business. Experience teaches that whatever is ac- “Know your broker as vou do vour bank”“ Let action follow knowledge” fi quired for nothing is worth the price pa and no more. When the Street is flooded with ae in for- mation’’ that such-and-such securities are . “going away higher’’, you had better sell rather than pur- chase. That kind of mis-information never gets prominent and promiscuous until the insiders are ready to unload. Never Try to Get the i ae From the , / Stock Market Never hold out for the last eighth of a point profit— or even for the last point. Fortunes have been lost by such short-sighted trading. If, after careful study, you are convinced that a stock which you have pur- chased, say, at $40 a share and which is selling at $46, should sell as high as $50, don’t wait for the last penny—let it go around $47 or $48. This course assures you a good profit. Always bear in mind that the man who buys the stock from you at the higher figures is taking infinitely more risk than you took when you bought it. You are taking a like risk by retaining it, so Jet him have some chance for profit. Always sell when there are plenty of buyers. Sell whetr everyone is saying “Stocks look..good”’. At that time, you have little competition. It assures a good price for your holdings and it turns a book profit into hard cash. You have no real profit until you do that. Act With Quick Decision, Whether Buying or Selling, The same rule reversed applies to purchases. If you are convinced that astock which is selling at ““ Knowledge is power” a . . agen, ———————‘* Know vour broker as you do your bank” $40 should be purchased, don’t place your order to Dityaat 2972. *Youl Widy Weyer gett sat the lower figure. If the stock should be bought at 39%, it is just as good at 40 because you are not buying for a half point profit. Hundreds of thousands of dollars have been lost to intending purchasers who let opportunities pass in this manner. Buy ‘‘at the market’’,-whieh-meéans at the offered price. This applies, of course, only to active securities, It is rarely good business to deal in the so-called special- ties, but, if you do so, always put a price upon your order. Be Wary of Specialties! Stick to Standard Securities Avoid specialties as-‘much as possible. In a bull market, standard active securities have their full proportional share of advance. They are such stocks as Union Pacific, Southern Pacific, U. S. Steel com- mon, and those in which the volume of trading is largest. Regardless of market conditions, they can be sold at any time. This is a great advantage. Such a broad, ready market is not found usually in the specialties. Dull markets leave the specialties neglected, as a rule, and it is impossible often to get a bid of any sort upon some of them in weak markets. A stock well bought is already half sold’’, so be sure to buy something that will command a ready bid regardless of prevailing market conditions. This is Important. Know Your Broker as You do Your Bank Satisfy yourself that your broker is deserving of Knowledge ts power”?ne UE ' The majority ts always wrong’ 9 trust, then don’t hold him down to small margins. Know him thoroughly, not only from the standpoint of financial responsibility but also from that of methods, judgment and business acumen. A good broker possesses a rare combination of good qualities, He must have mature judgment, a well balanced mind and ripe experience. A very young, inex- perienced man may do when financial skies are clear. When squalls and tempests come, there must be an able man at the helm. He must know how to con- serve his client’s interests. Many amusing stories are told about young brokers under stressof excitement. Their antics, we presume, have not been so highly amusing to their principals. Small Margins are Dangerous to Both Broker and Trader A large proportion of the public outside of New York has been educated to small margins by illegi- timate brokers, or the so-called ‘‘bucket shops’’. Such houses make no pretense of buying or selling anything but simply ‘‘bucket’’ the customer’s com- mitments. When the market goes in favor of their customers the ‘‘houses’’ fail. Should the customers be wrong the ‘‘houses’’ pocket the money and parade their prosperity. Millions upon millions of dollars have been lost in this manner. The losers believe the money to have been lost in Wall Street. As a matter of fact, very little of it ever came to New York City, to say noth- ing of Wall Street. ** Truths are discovered one ata tinte”’“4 rotten case abides no handling” Distribute Your Commitments It is bad policy to limit security holdings to one stock. Rather than purchase one hundred shares of any one security, it is far better to buy fifty shares each of two securities. Many persons buy shares in some standard—property and when the price starts upward. they add to their commitments because they feel sure of their-position. When the price reaches the top, they are overloaded and a small reaction is enough to wipe out the entire paper profit accumu- lated on the upward move. Always remember that when you own a horse he seems to be a much finer animal than he was when-your neighbor owned him Never Allow a Profit to Run Into a Loss When you see a good profit never allow it to slip away from you. You can hold it in large part by placing a ‘‘stop order’’ behind it. Then, if the market ‘should advance further, the ‘‘stop order’’ price could be raised so as to preserve the additional profit. If the market should fall, the ‘‘stop order’? at once would convert the paper profit intocash. By this method, a long straight move could be followed for much larger profits than the ordinary trader would dare to seek. Limit Your Losses - Do not hesitate to take a small loss if you have reason to believe that you are wrong. A small loss is better than a large one. It will pay you to re- purchase at lower prices rather than to hold your commitment all the way down. Again, it is better to “An ounce of prevention is worth a pound of cure”"Progress consists in acquiring knowledge of how 11 ignorant we are” replace the stock at even a higher price when it acts right than to take the risk of carrying it down. Never allow stubborness to get the better of your judgment—it leads to disaster. Confine Your Trading to Securities with a Good Market Make your commitments in securities which you can sell at a moment’s notice. This condition rarely prevails in securities which are not listed upon the exchanges. Many a man has piled up good book profits in outside securities or projects and then has not been able to turn them into cash. As a result, what was a book profit has developed into a heart- breaking loss. Listed securities can be sold always. It is a most important advantage. The fact that a stock is listed upon the exchanges is a safe guard because a com- pany cannot list its securities until their underlying merit and worth have been demonstrated satisfactor- ily. This does not guarantee the purchaser against fluctuations but it protects him to a very large extent against securities behind which the only real asset consists of a glittering prospectus. Don’t allow anyone to tell you that success depends upon temperament, Positively, it does not! You will find that the majority of successful speculators, are generally of a peppery disposition and most irascible-~ Wall Street’s-greatest living manipulator isa striking illustration. ‘Know your broker as-you do your bank”’12 “Jt ts easy to get a guarantee from an turves ponstible person”? Margin Trading is Best When You Operate Intelligently Notwithstanding the popular cry to the contrary, margin trading is one of the best ways to success. If you want to buy a house and do not have the en- tire capital necessary, you do not hesitate to place a mortgage upon that property in order to make up the difference. Use the same foresight and judgment in your stock commitments and success almost invariably will be assured. Never Trade on Figures Alone— Always Study Values Don’t make the mistake of trading simply in the figures upon a broker’s board; alwaystrade in values and properties. Many speculators have no well de- fined ideas as to the merits of the various securities. They watch figures day after day, week after week, but never go back of that. It is not reasonable to expect success from such operations. Study the properties represented by the figures. Know when those properties are quoted too low and when too high. This knowledge, in conjunction with solid sense, will pave the way to prosperity. * Know your broker as you do vour bank”ee . ° And how his audit stands who knows save Heaven” 13 Cardinal Principles For the Investor Investment has become a deep science during the past ten or fifteen years owing to the varying de- mands of investors whose requirements differ widely. Even the word ‘‘Investment’’ has changed in meaning. Not long ago, it covered nothing beyond the purchase of government, municipal, and high- grade, first mortgage railroad bonds. Now it is used for everything in the shape of security purchases, from government bonds to common stock in an air castle. Investment Foundations Change Increased cost of living has done much to change conditions in the legitimate investment field during the past decade. The once popular first mortgage, gilt-edged 3% to 4 per cent. bond is no longer in favor, save with women, estates, and institutions re- stricted by law as to their holdings. There seems to be no valid reason why any business man should be satisfied with such an investment. He keeps abreast of the times necessarily in the con- duct of his business and such a man should get a much greater income return upon his capital by watching it carefully during the varied business con- ditions which obtain from year to year. Five, five- and-a-half, and even six per cent. may be had with perfect safety nowadays. In making investments, many phases must be in- vestigated and figured at their true value. Do not ‘Know your broker as you do your bank”’}¢ Anta 33 14 “Make assurance doubly sure and take a bond of fate look at the property or equity behind the bond to the utter exclusion of other qualifications such as earning power and possibilities. Many a good company has defaulted on it’s bonds because it had not the neces- sary earning power. Such default hurts the property behind the bonds and causes a shrinkage in the value thereof. There are many kinds or forms of bonds and care- ful study is needed for making selections. Many stocks are as safe as some of these bonds—indeed, some stocks are safer and give in addition a vastly larger income yield to say nothing of the profits to be derived from appreciation in value during times of great business prosperity. To illustrate:. In 1900, .or ten years ago, ‘fA’? paid $10,000 for 200 shares of Union Pacific, common, at $50 a share—it sold at 4434 in that year. He has received in divi- dends $13,400 and, if he should sell his stock at 172, which is a fair average for this year he would receive $34,400. Including divi- dends and profit from enhancement, he has made a total of $37,800 upon an investment of $10,000 in ten: years, or a profit of 378 per cent. At the same time, ‘‘B’’ paid $10,500 for ten Union Pacific 4’s at 105, they having sold at 10134 and 108 in 1900. During the ten years he has received $4,200 in interest. If he should: sell bis bonds to-day at the prevailing “iknow your broker as you do your bank”’“ Money is a good soldier and will on” 1 Nn price, 1003, he would receive ¢10,075 so that his investment of $10,500 has netted him $4,200 in interest, less $425 depreciation, or $3,775 which is equivalent to 3.59 per cent. a year, or 35.95 for the entire period. Thus the stock yielded 378 per cent. against 35.95 per cent. for the bonds, Our Country is Iways Growing Greater and Richer This is an exaggarated case, but only as to degree. There are multitudes of such instances. The bond purchaser limits his income. In good times, he can- not share in the general prosperity while the stock bolder participates in it through extra or increased dividends as well as enhanced values for his stock holdings. In a young progressive country like, the United States, opportunities exist Ot? evert side for expahd- ing profits as the ‘'resoutces of © the country are de- veloped. There ig 10 ‘sound peason, Why» any ‘man who is following.the trend of Business chosely: should be contented with his money in the gilt-edged se- curities. The foregoing illustration as to Union Pacific seems to be convincing evidence as to the fallacy of con- sidering safety alone to the exclusion of all other features which make an investment good, bad or in- different. To illustrate a business man’s investment, take the securities of the Missouri, Kansas and Texas Railroad. Lesson From the “Katy Flyer” Ten years ago the stocks of that company had little ** Knowledge is power”16 * Strong veasons mniake strong actions or no standing in Wall Street and the road was re- garded with very little favor. Since then, however, the territory served by the road has been developing steadily and the road has been growing physically in keeping with the territory. To-day one sees con- spicuous advertisements of the ‘‘Katy Flyer’? which shows in itself that something big must have been accomplished to permit of such a ‘‘Flyer.’’ Financial betterment keeps pace generally with physical betterment. In 1906, the preferred stock of this company was placed upon a four per cent. divi- dend basis which has been maintained. Securities of new roads in sections rich with agri- cultural products are safe investments, as a rule, be- cause the roads invariably pull industries into the new territory after them. On, the other hand, se- curitiés éf hew rodds, which thatp tnet a rich agricul- tural- territory, os of thosé entering cdmpetitive fields, ofterr, suffer a-scaling :downs through, re-organization beforé thérpdd can Séore'a’ pronbpncéd success. The’ Unitéd Statés ‘ig cértain to ‘develop it’s re- sources for years to come. Opportunities abound on all sides for conservative investments of good income yield and of rich promise as to enhancement. ‘This situation is attracting European capital into our se- curities because the great opportunities that are pre- sented during periods of such development exist there no longer. Evenin the more thickly settled parts of this country, the chances for large profits as a result of price appreciation in securities of well established See pages thirty-three and thirty-four** Knowledge is power” 17 roads are not numerous but in the west and south their number is legion. It requires clear prospective, and keen discernment, however—real financial acu- men—to tell the wheat from the chaff. Illustration of a Business Man’s Investment Our idea of a business man’s investment would be the purchase of, say 100 shares United States Steel preferred at, say 115, and 100 shares Kansas City Southern common around 27, the total cost being $14,500. This gives an interest in the preferred shares of one of the foremost industrial corporations of the country and also an interest in the common shares of a railroad situated in one of the most promising sections of the United States, so far as de- velopment is concerned. As the country surrounding is developed the shares of this road should appreciate in price, and at the same time the total investment will bring an income yield of 4:83 per cent. It 15 such investments as this which help to make men rich rather than first. mortgage bonds which rarely, if ever, show profits. as.the result of appreciation in price. . General Opinion not an Infallible Guide General opinion is by no means an infallible guide. Only a few years ago, Philadelphia and Reading, At- chison, Southern Pacific and other railroad securities were not regarded with favor. The man who ven- tured to predict that the common shares of the American Sugar Co. would become closely held by investors would have been laughed down because the stock was looked upon simply as a speculative foot- ““ Knowledge and discretion assure success 7?18 “Know your broker as you do your bank”’ ball, Similar ideas were held as to Peoples Gas of Chicago, American Tobacco and many other securities which are not now considered as speculative issues. Many securities which are not regarded as particu- larly promising at present will show proportional appreciation, without doubt, afew years hence. In the meantime, they will have paid liberal board in the shape of dividends during the progress of the evolution. For this reason, it is wise to keep a close watch upon securities of moderate price both as regards their present earnings and their promise for the future. In making your investments, it is always well to consult some authority, preferably a broker who has nothing to sell as his judgment will be un- biased, although there are many firms that obtain through underwriting syndicates large blocks of bonds which they sell to clientsas a result of the firm’s prestige, and their representations are wholly reliable. Get the Best Expert Advice Before You Risk Your Money Confine your investments to securities which are listed upon some exchange, so that, if you should want to use the money in other channels, you could dispose of your holdings at once. During times of depression, it is almost impossible to sell unlisted se- curities however meritorious they might be, except at very substantial reductions, and sometimes not even then. Before deciding definitely, give the subject careful thought. If necessary, seek capable unbiased advice. See pages thirty-three and thirty-four. Aa Tue th Poet tt tikes fay Pats ik ee AAT A LLY aE ee A 5 Aa VR SE of A ad oy Range of Prices for the Past Five Years. - ] | | | STOCK | 49 | High Present | 1906 | 1907 | 1908 | 1909) Wea eee ao. | | Allis Chalmers. .| 272-16 | 16Z- 4 | 168-5 5 | At: 123, 104 none “ Pfd.| 67 - 40 | 423-14 | 528- 14 | 574. 38 | 5d 3 none Amal. Copper... .|1184- 92/1217 413] $88- 454] OL. 65 | 903- 12% Amn. Beet Sugar| 35 - 204) 224- 73/ 247- 94) 494- 204] 474- none Amn. Car & Fdy.| 473- 322] 454- 244) 503- 254/ 764- 444/ 724- log £¢ ** Pfd.|105 - 9841103 - 78 1109 - 8 44|1243-1074/119%- 1% Amn. Cotton Oil.| 444- 2s } BGa> 2104 dd OD 242) 794. 424, 693- 5% 4 * Pfd| 95 - 90 | 90 - 70 | 97 - 80 /1074- 964 106 - 6% Amn. Express...|272 -215 1247 -175 |224 -170 |300 -205 |320 - 12% Amn. Hide & Lea 10 - 54 64- 2h “She 98) 16) = 64) &$- none ° ' Pid| 43 - 24 | 304- 10 | 373- 124 51g- 34 | 48 - none Amn, Ice Secur..| 96 - 454! 88 - &h| 31$- 124] 424- 187) 294- none Amn. Lin. Oil. 294- 163) 194- 63 174- 54 20 - 12 | 18&4- none Pfd| 5en- 35 | 36 - 163} 364- 17 | 473- 29 | aoe none Amn. Locomo,..| 784- 522) 759- 324] 598- 312| 694- 49 | 624- inone 66 Pf )1204-1084 1114-83 |113 - 854/122-1004] is = ie mann, Malt...... - id- 2s G8 St ATs. BAS none ee oe vide - | 4() = Al 1 O1d- 21 | 69) = 38 48 = none Amn. Smelters. ./174 -13 83/15 0 - 5&4 107 - B54 1054- 774/104 - |4% Fe Pig 1. 50 112 | (L17#- 817/1108- $72/1163-101 |1123- | 1% Amn. Snuff......|2 220 -200 |205 a 50 |200 -180 |285 -225 |285 - — |19% : , Rtd. 107 -100 /102 - 70 | 974- 80 |1044- 95 1100 - - |6% Amn. Steel Foun! - 41 - 28 | 668- 34% |O% Amn. Sugar.. {157 -127411374- 923 fea 9&7 1363- Ate ae |7% “ Pfd../140 -12¢4|131 -106 |131 -105 |1324-118 124 - = |7% Amn. Tel. & Tel. |144%-130 |153 - 88 |1328-101 |1454-125 1453 - \8% Amn. Tobac. Pfd 109° - 96 | 9:3- 60 974- 72$|104 - 904) 9932 3. 16% Amn. Woolen ...| 48 - 28 | 364- 11 | 328- 154! 405- 26 | 301. /oone - “ Pfd/110% g-101 1022-68 |G = 784/1073- 922/104 - 1% PmAACONdA.,.:... Td - dag 138- 20%| Ded- 274) 548- 3873) 54 - 2 Atchison aes 11104- 85%/1084- 662/1014- 66 |1252- 97%/1244- |6% Pfd. 106 - 98 |1012- 78 |104 - 822) 1063-100 |1044- jo Atlan.Coast Line 1675-1: 31$/13e4- 58 |1114- 594/1424-1074|1374- [6% Balto. & Ohio. . ./1254-1053/122 - 753/1114- 764/1224-1024|1193- [6% Be thie -hem Steel 24- 174| 204- § | 274- 12 | B64- 18%] 34 - none Pfd| 884- 62 | 65 = 23'| 57 - dd | 694-47 | 6b = Hone Bklyn Rapid Tr.| 944- 71 | 8£%- 262) 693- 374) 82%- 67 | 828- ies Canada South’n.| 70 - 654) 65$- 52 | 68 - 54 | 704- 604) 67 - eh ‘Canadian Pac. .|2014$-155%/ 1954-138 1804-140 |i 8.165 |1084- If C entral Leathe r.| 40Z- 353! 40 - 11f| 35 - 154) 513- 253) 4¢4- none ‘* Pfd|1073- 98$/102 - 68 |102 - 733 111 - 993/1094- Uy Chesa. & Ohio...| 653- oly) 06 - 284) 5°8- 254) 914- 552) 92 - O% Chicago & Alton doe- 20 | 274- 8&4) 6&E- 10 | 743- O7g) 67 - none Chi. Gt. West’n. | | 36%- none v6 Pfd | | 644- none Chi. & No’west'n|240 -192 |205 -126 |1854-1354|1984-1724|1984- fo Chic. Mil. & St.P}1992-1464/1574- 9341; 524-1064|1654-141 11583- if (20.C, & St.L... ,|1094- 49 i 924. 48 | T04- 473| 824- 68 | 924- [Az Col. Fuel & Tron| Ree dTg- 14 | 42 - 158] 58 - 29 | 50 - none | “know your broker as you do your bank”’20 STOCK 1906 1907 Col.& Hock.C.&I| 304- 17 | 288- 14 Colorado South.| 40%- 294) 3884- 17 1st Pfd| 734- 664] 693- 41 paca. tall 43 Consolid’d Gas, .1814-1308| 1404. 74 Corn Products. .| 28 - 184] 242- 8&8 Dela. & Hudson. |2343-189 2274- 1283/1 Dae 560 -4373 ete -369415 Denver & R. G ..| 51$- 363) 422- 16 fd| 914- 8 | 83%- 53 Distillers Sec. 148- 5 | id= 25 © Ot 7 47 2p ne lAo 61 - 398| 663- 443} 814-66 | 72$- [4% | rene ras you do Your bank”Range of Prices for the Past Five Years. = High /|Present STOCK. 1906 1907 1908 1909 1910. \Dividend Union Pacific. . ./1958-13883}183 -100 {1844-1104}: a -1724}204 #- 1°% fd} 994- 914] 96 - 75 | 98 - 794]1 84- 94 11023- 4% United Dry G’ds 195$-115 1122 - 8% ita 114 - 09 |113%- 1% United C.I. Pipe} 53 - 484] 494- 164) 30- 1&8] 254- 2431 324- none Pfd| 964- 834| 89 - 49 | 784- 568| 274- Gea] 848- ‘(5A WS: Realty. O44 75 | 904- 36 | 64 - 386 | 8&7 - 60 } 844- 0% U.S. Rubber....| 594- 88 | 524- 184} 874- 174] 57#- 27 | 524- none i obsteekd 115 -1043 | 109£- 614/108 - 76 |1984. 98 |1164- &% «2d Pfd) 874- 75 | 18$- 39 | 76 - 42 | 895. 653) 84 - 6% USS Steel 232: 5O4- 328} 508- 21%] 583- 253! 94%- 414] 91 - 5% et Pfd... |B 983|1078- 794/1148- 874|131 -107 |1258- —-|7% Utah Copper.. out 254 oe 13 | 524- 20 | 674- 89 | 604- $3 Va. Chemical . - 31 g- 128| 452- 16 | 564- 407 10% fd 1174- 104. 108 L- 75 {115 - &7 [128 112° 1294- 8% Wabash... ... 2: 28}- 18 | 184- 8 208- 62) 272- 15 | 273- none * Pas 556-1363) Sea 14a) 52s: 1S cGteo 4 lot = none Westinghouse. ..|176 -148 |154 - 32 | 94 - 38 | 90 - 74 | 824- none Western Union..| 944- 832) 844- 54 | 71#- 41 | 854- 64 | 7&4- 3% Western Maryl’d 043- none WwW heeling & L.E.| 213- 16 | 162- 61] 18- 44) 12%- 5] 10 - none ‘* Ist Pfdj 484- 86 | 373- 13 | 264- 123 - 154]. 23 - “2d Pfd} 294- 214) 219- 8 | 153- 6 | 154- 64] 134- Wisconsin Cent.} 33 - 11 | 384- 184] 638%- 854] 56 - none 23 | 251. ““ know your broker as you do yonr bank”EPSTST APART EEA ET A” = x ** Knowledge is power” 23 Telegraph Code FOR BUYING STOCKS REPORTING STOCKS SOLD Abate Buy 10shares Bought 10shares Afar ( ‘ os ‘6 Abbot 7 20 20 A fix Abduce 7 SOs ae ae SOr-e- Afford Abet CC a. “ 40 ee Abide o S0e a . 50: Agent Able bs GOs “ 60n Agile Abode - WO zi 100 Aid ADript =| SOE ae ee S0 7° (wie Ace a G08 8 i 90 “Ally Acid me NO Oras < 1008 Amaze Ache ee ZOO i ae - ZOO; = * Amble Accond «3. S00 = * . 500). = Amust mcense, = A00r, 3 a 400 ‘ Apex Acme ee OOP Ss . a008 *! Apply Act fen) “ 600 Aine Acute ra COW) rss a 7007 Arbor peaquite $02. S00k 3 \ io 800m ** Arc Adage ae GOR S : 9007 Ark Add re OE) oS e LOGO: Arm Addle ee OO Tt a 2000 Ash Admit Pe OO0U ee + 3000 © Aspect DOmIne 20 A000! 7 . 4000) =" «Assent Adopt gre OU00Ts © S000 =: Ate FOR SELLING STOCKS REPORTING STOCKS SOLD Babe Sell 10shares Sold 10shares' Beach Babel a ea - 20 Beard Baby vs 30 = 4e 30 a Bead Bad = AQT - 40a Beak Bade as SOL s a 50s Beam Badge «6 60 6<« 66 60 66 Bell Bag ae ie es “f LOR & Bellow Baggage 66 80 ‘6 <: 80 66 Belt Bait ~ SOR ek: os OO. ime Bench Bake ~ ‘ 100n “2 a 100; Bid “ Know your broker as you do your bank”24 “Know your broker as you do your bank ”’ Bald Sell 200 shi are s Sold 200 shares Bide Bale a 300 Se eee UO. Big Balk AG - Pree ae silly Bane a 500 S iP KOO. va Bin Bang a 600 = ts BOO! uc. Bind Bard en Oe. = eae UO ee Bit Barge S00 mt * S00 23 Bite Bat Ong. Pe AO: aa Bitter Batch oF BOOU a “pe OBO: Biack Bath :: “2000 7 ts 20004 Blade Bauble 2 OOD ef F -BG00 ; Bland Bawl «* 4000 AGOGO. = Blank Ba fe SHO. “te 5000 : Blaze Code Words for Stocks Ate aliners Cee. Fo oor So. ee. a ee ee Cab . PU Spek ee ci kad Gite @ we Gees Cabin A IAIROODDET Cilia cele cree e «ce eatid oo ophiee Cable Amaemeams Aol, inemircal ccs en Lae es ares Cackle Aimertend Beek Oucdl, sis. h a ea et ee Caddy Atieredn Can, ON 2 Goes J cc. 1g We he so ae ee Cage is TP PAs © ig in wate 2 ta eS oe Cake American Car & Foundry sale ee SRR. cdr pce Calf e¢ uh Be Pid ete Ye ees Call Aveqioan Coton Willa. fee es es ee ee Camp by. a Pie etc en een obo Cee Can Am eiiOair x preps. 2 os as eo. Chea Candle Hiienert Pode ce Weathers. e oe oe Lae Can me ar ee “ Pid. pul ¢.. 2 \CAmness Avniericatr lee Seeuriess. . 62. yen. ce ek ives cae Cap Panetredit SPISCCU OU ee te yee bay oes . Caper “ . te PERG aia pie dwaice Capter Pele reat. /OCOMIO YG, ii6 oe oe ek aoe Card . . ORG ee es kik tae Carpet PUPMet GA VUGlh. is tin ee ere ee cel etc a oe Cart a USCIS pegs were ee oie ee a ok és eee Case Aimertean Smelters...:...0.. ee ee Cieaee ure (REVS ee . Pfd. .. Cell See pages thtrty- ioe By thirty-fourEy “ Knowledge is power” 25 ATILETICAH SUL. ola) oor obo ees ee Cent ef ne CAPE. os Je eee oceans 2 Sauer Chant Aumerican Steel Houndry sce 8 eee Charm AIT CRICAMESIOAL : t,o si< ssc cele pace eo ee China a a Pid icc) Ae ae Chink Aumenican: Fel. Se-Tely vou. . eee ee oe ee Chop AIMenican Tobacco. Pids ae eee cee e Chubby AMericat Woolen: 324445 oes Gee Chuck hs a PEG ee on. eee Cider AMACOUGE. oo. oneness a oc ce ee Cinder AN ECLUIS@ NS (162 eae he es oe ns csc oe, rapes tee City a Rady: soe nies ene so CR ne eee Clack Ablantic Coast Wines os. ec kb et eee Claim Baktimonresc. OMO- soso cc a eee nee Clamp Bethlehem Steck oC. oe ow oe SE ee ee Clan x EORTC bis! ow ace. ee le eee ee Clatter Brooklyn Wapid. Pransit...... ose b.. ote noe Clasp Canade SOUtHeri: : a5... ss le eee Clove Canadian, Pacihes . iics <<< sss. See Coach eninal I jeathere 1.2%... oi. die a ee Coax os 2 Pide 050. 6. oo eee Coddle Ginecurer WOMIO.. i. fs bien ee ee eee Coke Chicago Go AltOn oo vcs oi. 52 sb er Comet @hieaso Great Westeru |. ... 28... es -» « CONSTI Hy = i Pid... 4. shee Convoy Giieaco & Northwestern..:: 4... 2.4 9. ee ee Core Chicago, St. Pal & Milwaukee. :.. 2.2 eee Cot Gis, C.. Se St. Louis). on. ae ee Covey Colorado Buel. & Iron. . .. 6. seins ae eee Crumb @olerado Hocking C. & I... sce. oe ee Cub Colorado Southern... oc. sk envi sh eee Cuff cS Z Ist Pfidy oosG5.0 ee ee Cull : rs 2nd Pid...) .cscccs awe eee Curt Consolidated: Gas: ik . cic es edge eee eee Cutlet Corn Products: 2. 9.2... 1244. bee eee Dab Delaware & Wudson......... secre. eee Dabble Dicks 8c Wi ee Sk. ck ose ee eee Dabster Destver & R. Geis... a cee es eee at ee eee Daft 2 Pid, ois coc «oe lic ae creer eee Daily “ Know your broker as you do your bank”26 “ Know your broker as you do your bank”’ Distiller SsSeC es. ee sheer ce ee Dainty WD ME So RS ee we ope Se eee, ee aes Dam - _ CS ee lee meres aie Damp Rote. Gi eee es Re Ne ae fee Damsel DOPE ORC te eos ene ee ee «ss fea eases boo Zirh Gr in es ice ae = ieee ob ees Dandy General PM lCOuge ere. oii «sea ees ce fon Danger Great eNortieml Ore ise Soc ee eee , Dapple atayeS Ue eet ce ke elctn a 6 ve cies wrdveen te oa oe 8 Dapper ee earl ees? U ohn hoe ec ae ere eee Dare Brocka Wauley <2 Lies. t ste es eee nee Darling "S eae Pre PRL a chee Se ners ... Wanine Mhin@is Genlthale ss. 2.052545. ue ee sees tae sie Dean Rite DOnor hel... See iene «weer ee Deduce zt eset eo en se ene Deem MiitecmartonalwPaper. ae ae bee eee Deep es Poe eR idee antes. o. . 6 eae Demean Intemational Pump....-.. eee es a ee .. Wepress . Peis ec tho. shane Depth Row am@etierali se Rote. GAS ele nt eb ot Detest a 1 PG re Veen. vs tad ste eee Device ets crm cilia. Pio el eine on me ne ee EF ae Devour IReaticnGe@liy DOUteTN : 4 6.5% yt es cane lee Dice we a i PROS Beas ood ees end un Dido We icembmie oc NWWeStChi. 65 Plo. cnc ce sc ba ne eee Diet rh mee Pi Gaeiacec. slG hs i a2 5 eels ome lerandy: sacha... 3. gists cwh os 4. "2 eee Dim Woureviilerse INA SIMI G okt eek eee wale Die Vir MeMeU UTI ae tke hates tn". % oeEs ie nie os oa? Og Nackayer es eS: Pah fa ite Coe. so Sees eee Disk i len eke tt aida weet Fees eee Dispel IMEMiINe EC RM eh e Seite ke eS bee ee ve vien Distaff eet er eb ee eee ae Oh sve aS wtinis See Dock IME OONSTOS St: SLOMIS 025 oo anei tcl e Coe Doctor - a : Rl se 6 eee ‘ni. . ode Mie ee ER AG Ss ao oe een Jc Roceeys ce ele ee Cine Sees pee SP ids ee. eee tN Sus ee Dolly WGCOUTIhACKIC! Crore eg mele il Ue Ae es Doom NG WiOimal BISCHIU:< 2 setae eo Pte 2 book See pages thirty-three and thirty-four* Knowledge is power” 27 National Jcad 233 ah we, Se hae eed ee Dome Newmaga Consolidated: : ....,.0. cf cee. oe Donor INGA «AGG (Bak Ga (aewic 6 pyaar cee ea ee Dove INE Wi sCentnahes fF: 15642 seers ees ae. Ci yee Drab New York, Chicago Set Wouieh 40s. ae Drabble vf Est Pid’. . 2... -Dratt a . . BS 2nd. Pid... 2... Ora New York; Ontarro &-Westert:.i:::.6..5.6. Draggle NOmMolk Se “Westen, 7.2. oes ce ee Dragon _ ‘ a eke ye tt ee ee i ee ae Drain Nontier Paces i) 6. sees e ace ocs oe Drape Pacific COAST ee are en te ey ee eels a ccs eae Dray Ree PGE MEG 2888 et Ge eee iE Bae Dread es ee ATO ts 6s, 2 2 a ne ee ee Dream aeine Men ey ee ae as eee ey Droop Pansy le vial ba R550 kk eee oe cee Dross Reo Pies GAS iol aes be SS Drought Pittsburg Cols 27k ink Se ee oe Drub Re PTGS ee eos eee ee ee Drunk P C © & St. Louis Pts. eo PO ee ee eer Drum BPihis : bt Ge ee oe Dry Pressed Steel CAs ok 1 oe ee ee Ducat “sf So PPLE si pipe ey eee eae ee eo Dude Pumilemati. <6 4.62508 hs he ee ee ee ee Duel allway Sbeel Sprit. ¢ t5 25 fee cee ee Duke es Pidi 235A ee ee Dulcet RR AGAIN ote oI a to's aes 6's s She econ tie os eee Dun a NSP fle, oe sat eee ee Dunce _ DAG NO Soe ath te ae ee Dunder Republic Steel Spiess aa se bee ol ako ote eters eens Oe eon Dwelt Bidet. bee aoe eee Dwindle Rock NGAI ee hoo ia le ee oe Dynasty PET eRe 8 4 .. . so esals ole ee eee Fager Sloss Shetiela . <2: : 6.65% 6 ee oe eee Eagle St, Louis & San Francisco, lst Pid... 2 see Ear 2nd. Pid. 23239. Early Cte Te eS Wis ore ath) wn snl care ee eee Earnest fs Ole ES STC... «7 crates eek eee eee Ease Souther Bacties sac 4 cc 5 ole «= olor ote ete Hast ‘ Know your broker as you do your bank”’ SE PETE UER TEST ETT EG LEHR ANS SE 4"* Know your broker as you do your bank”? Southern Railway.. Pree he Cee er ie ieee Pe ey tei (Miia ey DOM dennessee Copper... .....«: Sac ak wiey eabi een Sree ae Eddy TPES NCP LEG VOUS, a5 62 eM RG OR cr Ary Eden PPMNEG ANC. c.. . Seunuse sau ce as diese Toledo, St. Louis & Western. Gael « bee Edict ee Edify Dewdie@ity. 0 et spies hd eek Hipke tee oe wale a Union Bag & Paper. ac ie oa aE eR wth 3 eae ee etd ae... gysge ot ~oaat te eo Babette Union Pacific BR oe ivy oak mee ee Effigy ORO Oo ce ia o's bk oe ae bos Effort United Dry (GOOOS sa ches hs fii 3 ewe Effuse Mees PTs fae. e, Ac ita Soe eee Elate We > Cast MOM ENG = eee eas sa cs epee Elbow a BRO ee oie ss Mica dds iS eyes Elapse ae GAIL 6c settee gs ee Aca tc sate Elastic MIP SPIO ONCOLON, 44: kticet sis es cet so os vines 2 wee Elf PS RID OE coh ee cis oie divs ee eres GbE PSs oe ae Elude es . Ste Pisa ot car's fae ds oe Embargo * : Zt Pade 5; oe bes Ele al ie Embark Un SeSteel ... 3. rs Ket peut Emblem oF Be LC Ge he ew se oe see ee ee Emboss Witalt @ODPer. a5 .i6% 0. ON eer er ae . ete Virginia Chemical. bis, TAS rere e Bee ie Sei ralagiet slo! wy, Rants Enchain a idea han. BANS OR on cn Paes Endear WWADASH 3. ssc: Oe ree er cee te asics bon Endeavor i. TCU Ain sioMe Noe MSc jege ts suns ea ee Endorse WEST MOUSE succes ss es a nil tae ts . Endow Weiser WOM ca eak eee ele 6 Se epe crew re tn Epic Wheeling & Lake FOPLe sc ee i Cee Era _ Ist Pfd.. mintées seis eS aeeeeoe oe He oe Bia. ch. .... scape Wiseaucin Central co coees es fie Caw £é+:tiuep eRe See pages thirty-three and thirty-four** knowledge is power” 29 Margins and Account Please remit additional margin by mail advising by wire how much sent and Fable in what form. Cannot hold account without additional Fabricate margin. Unless we receive additional margin by wire at once must close out all or part Face of holdings. Cannot act without money first in hand. Facile What is amount of my margin. Faculty Remitting ee to you to-day. Fair Code for Numerals Applying to Shares, Bushels, Bales and Dollars Fractions Thirteen-...:. Hato Ve ee aos eis | Hebrew Fourteen’... ’.-.; Hallow Narr aes ki a's Hector Fifteen ee) s 22 Hamlet eo gee cui. duals Heckle Sixteetl (cae e Hammer ED ea Heed Seventeen....Hammock SOs Sees Height Kighteen ...Hamper BeAr aki cis apale ot Helm INitieteei Hand VE OM ie cata Herald Pwelty: «<9: Handbill Thirty......7:5.clandbook FQuty,..c2.0 cee Handcuff OMe eis): Habit Bitty. ....gisee Handicap AWOL biderlngc-cced Habitation: “Sixty. g25 45-2 Handiwork p Bob(ece ee Hack Seventy...... Handle MOU tree dens Hackney Highity 23s Handsome HIVGG si eee . Hackle Ninety /42..- Handy Sines. aes a Hades Hundred... .. Hang Seven Hag 200 vena ee Hapless UTC E ce senteass Haggard 300. £254 fea Happen INGE oes ue Hail AOO: sti. HG eae Happy Pete Lie 2 ae Hair SOO ces whe Harass Fleven: . 25. Hale 600) 2c eae Harbinger’ DWELVE eo. ate Halt. . 700... ... Harbor “ Know your broker as you do your bank”BO OO. OF Oe em ENR oo Po 5 aR A NUNS ot alo aehia de ovale 22 OOO AC (O01 OO eA A ASAE. ric Aina AS LON ONIN et aural pare eink) @talne oo ec eomee ee siete 6 cas Harmony Gels age ne Psa Harness SU000... 2. oc blazer AUOU eo . ee Harp 60000 . Head SOOO 57.5 yaa Harpoon TOQUE 2 eae ae Heap GOUOR A eis 5: Harrow SO000.- 72 _Heal ZOOO seme. 28 Harsh 90000: . 2.248 Heart SUG0 Se. Harvest LOOQQO0 cas 2 . Heathen SOOO s. . Haste TOOOO: eee. Hatch TOO yk os Hate W000 eo a f. . Hatred VOOCOL es 5: Hatch TOO OE bes Haughty TOO Ss ieee Haul TOOO eee sec , Haunch IAGO) ye aie Haunt Te{O0 0). ea Haven Referring to Orders, Letters Telegrams, Etc. Buy at market Sf wellaiab latahe efsteialt 7 SPR eS. Mother Seapine s We ee el Madam PV PUBOO CUES, REPEL ee Ses Machine DOM PAMOM MINS. i. WieeG. a ea! Mad Buy shortly before close of market......... Magazine Sell shortly before close of market............ Magic Close at points profit... . Magistrate SS Ot eRe oe ise Magnet SSEIMMINOLOenS Sete ge ge Majesty See wonders tOnbitys Wed. ies, ik Major OaeeIOUIERS 10.861 ee sae hls . Malice Order too late for market—will keep good ROMER A ceca ise ata eR Mammon Order too late for market—will await fur- dueriadwices before actinge.....4)8)... 7 Mandate See pages thirty-three and thirty-four“* Knowledge is power”’ Market Conditions and Querries IbiGny GOES tiankel OOK... f295- sae; 25 5408 Manger How does TOO Me cies: cic or late Manifest PIease wire opitiion and price of... .../...... Mansion WWVittat dio vouladvise. 733... <)) se ances sae ce oe Marine Do: you advise Days 44). 52ers seg eee Mart Do: you advise: sete 2 a... es okie wee Mason Think sate. to buy. 2 ae. sae ess Masquerade ‘Whisk: Safe; tO .SCuUly 2... gen. 5 toe ace se Material baie wise tO-HOlU i aiee. - sci e eee es eo Matinee Miasket strong (320% 2 Soviets eed os. S ONOM Miarneet Wed Kors cere cece tg ic ret babes orelehs a ele /e - Mature Market stead cocn gsc sd. 3). caer es eee May Would bitywomva Gecession. .:. ..:co9e arto sse Meager Would selleouta ray... 52... ~ et eae te Medicine PixepeCt a, TAU yea tc cooks es ee Melody Pxpect a Seta ek ei. fa: +s «siecle tyes oe ee Memory Repotts of good baying of ......54 24 wees Menial Reports of good selling Of. 2.0: 1c ewe Mentol Consider lous side. the better ’....... 79 eese Merry Consider shore stde the better .:... -32.5:.. Message SUM ech TAKIO PLOUtS. 255.5 sig. 2 wee ee ee Midget SIgeest SLOPpine 10SS...... ues se ee eee ee Monarch Suceest tuckeasine Woldings.....5.. 2.290 Motto puorest tequcing holdings.......0.0-) 2258 Mutiny Wheat Options Wray Wea 2G oe oi ec ec bo ates e une ee Ideal HEU CAM ie 2 oii pia so eis eiec die 2 es eee Identity DUG MOSHI: i A ERE A be Idol \epleHibet NV MGAL. 25. koe een bee as ee Ignoble Jecemiber WWiheat a4 x. e Sai as os see ee Ignorance Corn Options (aye COniie 6 ye ie 6 asia. Oo ees Illegal 1t1@ (COnty ce es hd aie cs ssn 4d Illogical Bog le) lei ook Mon eri Ce oo So Illiterate eptember COminat. a5 > - ss sine pee ee Illustrate pcemiber Contes: gic ss i: co ee ee Illustrous ‘““ Know your broker as you do your bank”’‘“ know your broker as you do your Oat Options WIAD ALS | oo re yas rates AN ial sO ve Image NUT OVS ote ete eh oa onal cece Imbitter HV ROAUG cs oe oe rector ot Spe eepo thee SES LT ts eta Immerge Seprenmer Oats 4550. daucs ca wav vous Ge Imigrant December Odie aes ce ececeis si celem cline eee Impartial Cotton Options Namie COCO eo. ae «5 dees + ceo 5s ee ee Jack ebrilany Otol. . 6: i ager tere o> ult een Jade MipnG la) COLLOI oc oes cs ie sbiehpin dhs. 2 Odie ens Oe Jag NGM COLCON 54 oie... tee win ep en ooo 4 oe ae Jasper MWiayaCotton =. ...:...,. song ala Miya, sunday evs Gieeaee te ene Jelly Jnne-Cotton:......... sep jagegeaoe, oft Gren ane: a crepe vio. sgest jally; Cotton. |. 4. .:.,..- ee ca. jig PIOUS MO OULONM 2... wos as slain oye cees yosee dbAeh Laer Jingo Sepreumger COLON... .... «cs ceciice Wee eee eee Jockey Weroner COLON»; ..4. 64% - eae ee ae ee Journey December Cotton...» 24.1.0 seme a ee Jubilant See pages thirty-three and thirty-foursree es “Know your broker as you do your bank” eet teren torent ss NORMAN W. PETERS & CO. Comments on the Examination as at the close of business Oct. 31,1910 If the business had been liquidated October 31, 1910 (based upon the closing prices of that day), and all assets turned into cash, the receipts would have been sufficient to discharge all liabilities and leave a balance of $100,000, as follows. You would have realized the following: Securities in box: Listed Securities, . . . $135,252.50 Unlisted Seeurities 1.9: 990.00 $136,242.50 Securities im Winamien 5 os . . 540.00 Equity in Securities Lodged as Collateral with Bank Loans: Market Value of Collateral . $158,647.50 Less Amount of Loans. . 130,000.00 28,647.50 Casi ee 8s Ee 18,964.23 Wiss Gun Se CCLVADIC: Vee 362.50 Accounts Receivable . «eas ® te eS 587.72 Equity in Stocks Borrowed from and Loaned to Brokers, ... . 2,180.00 Margins in Hands of Grain Brokers . . 463.75 Purnitureand Hestunres .. ... kit hee 914.09 Making a total of items convertible into eash of . . $188,902.29 From which should be deducted : Amount Due Customers and others . . 88,514.79 Dividends BPayavle 00. 2 8. ts 387.50 88,902.29 Leaving a Cash Balanceof . . . - «= + + = ; . $100,000.00 “ Knowledge is power”’“ Know your broker as you do your bank” NORMAN W. PETERS & COMPANY Assets and Liabilities at Close of Business October 31, 1910 On the Basis of Liquidation of all Securities at Market Prices ASSETS Value of Securities in box: Listed Sécurities <9. . « $135,252.50 Unlisted Securities . . . 990.00 $136,242.50 Value of Securities in. Transfer... °,. .. 540.00 Value of Securities in Bank Loans os 158,647.50 Contract Price of Securities Borrowed from Brokers . $310,530.00 Less Value of Securities Bor- rowed from Brokers. . 309,817.50 712.50 Value of Securities Loaned to Brokers. .... Soe $34,132.50 Less Contract Price of. Secur- ities Loaned to Brokers . 32,665.00 1,467.50 Cash) =.= ae 18,964.23 Margins in Hands of Grain. Br okers sae 463.75 Dividends Receivable ee 362.50 Accounts Receivable 2 =" 24... 587.72 Furniture and Fixtures oe ee 914.09 Motal-<. 2. 4 a, eee 002.298 LIABILITIES Loans Payable to Banks . .-. 3 2 3 = $130 000/00 Due Customers and others 293. 88,514.79 Dividends Payable . ....) 33 6 387.50 NOGA 4 ee ee Se B18: 902.208 Excess of Assets over all Liabilities Vie eae. ~ $100, 000. 00 f We have examined the books and accounts of Norman W. Peters! & Company, No. 74 Broadway. New York, and, subject to the correct; ness of the accounts of customers, confirmations of which are being|i received from them, _ WE HEREBY CERTIFY that the above Statement of Assets anc} Liabilities on a liquidation basis, as at the close of business October 31) 1910, is correct. (Signed) HASKINS & SELLS. New York, November 17, 1910. Certified Public Accounta “ Knowledge is power”EPIL ALLO gee eS 3 an Pe ae Fi Bes iin Crue eed Sd Poe 50% Fp OF Ee TET ie PAT Tie mPa PONT ere ee Pst ae > aes ae Pete, pes pias coe Ve ats oder tise erie rss eter Ear ets bes Po eiked thet oa kik Sak abad Rae as os Spike! ACTUAL RATE OF INCOME On Dividend Paying Stocks at Various Prices | S ice BS S| 2% | a% | 47 | 59% | 0% | 7% | 89%|| 496% [076] 7%] 8% | 97% 10% é | ates 90|10 015 .0|20.0|25.0|30.0|35.0/40.0)| 76/5.3/6.6/7.9/9.2 10.5|11.8|13.2 91\ 9.5\14.3/19.1123.8|28.6|33.3/38.1|| 77|5.2/6.5|7.8}9.1)10.4)11.7)13.0 99| 9.1/13.6|18.2/22.7|27.3/31.8/36.4|| 7/5. 1|6.4/7.7|9.0/10.3)11.5)12.8 93| 8.7|13.0|17.4|21.7|26.1/30.4/34.8|| 79|5.116.3|7.6]8.9|10.1)11.4)12.7 o4| 8.3/12.5/16.7|20 .8|25.0/29.2/33.3)| go|5.0/6.3|7.5|8,8/10.0/11.3/12.5 95| 8.0\12.0|16.0|20.0/24.0|28.0|32.0)| 1)4.9/6.2/7.4|8.6| 9.9)11.1/12.3 26| 7.7\11.5 15 4/19 .2123. 1/26 .9|30.8|| 92/4:9/6.1|7.3|8.5) 9.8|11.0]12.3 21 7.4|11.1|14-8]18.5]22.2}25.9)29.6|) 93)4.8)6.0)7.2)8.4 9.6|10.8|12.1 9g| 7.1\10.7/14.3|/17-9|21.4|25 .0|28.6|| g4|4.8/6.0/7.1/8.3) 9.5)10.7)11.9 99| 6.9|10.3/13.8|17-2|20.7|24.1|27.6)| 85/4.7/5.9|7.1|8.2) 9.4)10.6)11.8 30| 6.7|10.0|13.3|16.7|20.0|23 .3|26.7|| 86|/4.7|5.8 7.0)8.1| 9.3|10.5)11.6 31| 6.5| 9.7)12.9|16.1)19.4|22.6/25.8|| g7|4.6/5.8)6.9)8.1) 9.2)10.3)11.8 29| 6.31 9.4/12.5|15.6|18.8)21.9/25.0)| 93|4.6/5.7/6:8/8.0| 9.1/10.2\11.4 33| 6.1| 9.1|12.1|15.2|18.2/21 .2/24.2|| -89 ‘5}5.6 6.7|7.9| 9.0|10.1111.2 34| 5.9| 8.8|11.8/14.7|17.7/20.6|23.5|| 90|4.4|5.6/6.7/7.8 8.9]10.0|11.1 35| 5.7| 8.6)11.4|14.3)17.1|20.0)22.9 91/4.4|5.5|6.6|7.7| 8.8] 9.9/1.0 36| 5.6] 8.3|11.1/13.9|16:7|19.422.2|| 92)4.4)5.4/6.5/7.6) 8.7/ 9.8/10.8 37| 5.4| 8.1|10.8/13.5/16.2/18.9/21:6)| 93/4.3 5.46.5 7.5\ 8.6| 9.7|10.8 38| 5 .3| 7.9110 .5|13.2|15.9/18.4|21.1]| 94/4.3|5.3)6.4)7.5) 8.5) 9.6)10.6 39| 5.1| 7.7/10.3/12.8|15.4/18.0/20.5|| 95/4.2|5.3/6.3)7.4) 8.4) 9.5)10.0 40| 5.0| 7.5)10.0|12.5|15.0|17.5|20.0)) 96/4.2)5.2/6.3/7.3) 8.3) 9.4)10.8 41| 4.9| 7.3| 9.8|12.2/14.6|17.1/19.5|| 97/4.1]5.2/6.2)7.2| 8.3) 9.3}10.3 49| 4.8] 7.1| 9.5/11.9)14.3]16.7|19.1|| 98)4.1)5.1/6.1|7.1) 8.2) 9.2/10.2 43| 4.7| 7.0| 9.3|11.6)14.0/16.3|18.6)| 99]4.0)5.1/6.1/7.1) 8.1) 9.1/10.1 44| 4.6| 6.8] 9.1[11.4|13.6|15.9]18.2||100)4.0|5.0|6.0/7.0| 8.0) 9.0/10.0 45| 4.4| 6.7] 8.9 1.1}13.3|15.6]17.8||101|4.0 5 0|5.9|6.9| 7.9] 8.9] 9.9 46| 4.4| 6.5| 8.7|10.9)13.0)15.2)17.4||102|3.9/4.9|5.916.9) 7.8) 8.8 9.8 47| 4.3| 6-4| 8.5|10.6|12.8|14.9|17.0||103]3.9|4.9|5.8|6.8| 7.8) 8.7) 9.7 48| 4.2| 6.3| 8.3|10.4/12.5/14.6/16.7||104)3.9 489.810. US| 9,6 49| 4.1| 6.1| 8.2/10.2|12.2|14.3|16.3]|105|3.8|4.8|5.7|6.7| 7.6) 8.6) 9.5. 60|.4.0| 6.0| 8.0|10.0/12.0|14-0|16.0||106)3.8)4.7|5.7|6.6) 7.6) 8.5) 9.4 511 3.9] 5.9| 7.8] 9.8111.8|13.7|15.7||107/3.7|/4.7|5.6|6.5} 7.5) 8.4) 9.3 591 3.9| 5.8) 7.7| 9.6|11.5|13.5)15.4||108]3.7/4.6)5.6|6.5| 7.4) 8.3) 9.3 53| 3.8| 5.7) 7.6| 9.4|11.3)13.2) 15.1)|109/3.7)4.6/5.5/6.4 7.3) 8.3] 9.2 54| 3.7| 5.6) 7.4] 9.3(11.1|13.0|14.8]|110|3.6|4.6)5.5|6.4) 7.3) 8.2) 0.1 55| 3.6| 5.5| 7.3| 9.1|10.9|12.7 14.6||111|3.6|4.5)5.4/6.3| 7-2) 8.1 9.0 86| 3.6 5.41 7.1| 8.9|10.7|12.5|14.3||112|3.6)4.5)5:4/6.3) 7.1) 8.0) 8.9 57| 3.5| 5.3] 7.0| 8.8/10.5|12.3|14.0|/113)3.5/4.4/5.3/6.2) 7.1) 8.0 8.9 58| 3.5| 5.2| 6.9| 8.6/10.3)12.1|13.8||114)3.5/4.4/5.3/6.1) 7.0 7.9| 8.8 £9| 3.41 5.1| 6.8| 8.5/10.2\11.9/13.6|/115|3.5/4.4/5.2/6.1 7.0| 7.8) 8.7 60! 3.3! 5.0] 6.7| 8.3|10.0/11.7)13.3}|116|3.5 4.3)9.2 6.0) 6.9) 7.8 8.6 611 3°3| 4.9 6.6] 8.2| 9.8/11.5|13.1||117 3-4\4 3)5.1/6.0 6.8| 7.7| 8.6 62] 3.2| 4.81 6.5| 8.1| 9.7|11.3|12.9||118)3.4|4.2|5.1/5.9| 6.8) 7.6) §.5 63| 3.2| 4.8| 6.4| 7.9| 9.5/11.1]12.7||119]3.4|4.2/5.0/5.9| 6.7| 7.6) 8.4 64| 3.11 4.7| 6.3] 7.8] 9.4/10.9|12.5||120|3.3)4.2)5.0/5.8) 6.7) 7.5) §.3 65|'3.1| 4.61°6,2| 07 9.2/10.8}12.3 12513.2/4.0/4.8|5.6| 6.4} 7.21 8.0 661 3:0 4.6] 6.1] 7.6| 9.1/10.6|12.1]|130|3.1)3.9)4.6)5.4) 6.2) 6.9) 2.7 87| 3:0 4.51 6.0] 7.5] 9.0110.5|11.9]|135|3.0|3.7/4.4/5.2) 5.9) 6.7) 7.4 681 2.9] 4.4| 5.9] 7.4] 8.8110.3|1F.8||140|2.9/3.6)4.3/5.0) 5.7) 6.4) 7.0 69| 2:91 4.4| 5.8] 73| 8.7|10.1/11.6||145]2.813.5/4. 114.8) 5:5) 6.2 6.9 70| 2.9| 4.3| 5.7| 7.1| 8.6(10.0|11.4)|150|2.7/3.3)4.0/4.7) 5.3 6.0| 6.7 ri 2'8| 4.2/ 5.6 7.0] 8 5| 9.9|11.3||155]2.6)3.2/3.9/4.5) 5.2) 9.8 6.5 79] 2'8| 4.2| 5.6| 6.9| 8.3] 9.7/11.1)|160|2.5/3.1/3.8/4.4} 5.0) 9.6 6.3 73| 2:7| 4.1| 5.5] 6.9] 8.2]. 9.6|11.0)|165|2-4|3.0/3.6/4.2) 4.8) 5.2 6.1 74| 2.7| 4.1| 5.4] 6.8) 8.1] 9.5|10.8|/170}2.4/2.9/3.5/4.1 4.7| 5.3| 5.9 75| 2.7| 4.0| 5.3| 6.7] 8.0] 9.3/10.7/|175 2'312.9|3.414.0| 4.6] 5.1) 5.7 180|2 :2/2.813.313.9| 4.4] 5.0} 5.6 190|2.1|2.6|3.2/3.7| 4.2| 4.7) 5.3 900|2.012.513.0|3.5| 4.0) 4.5] 5.6ALDERMAN LIBRARY The return of this book is due on the date indicated below DUE Usually books are lent out for two weeks, but ¥ there are exceptions and the borrower should note carefully the date stamped above. 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