The Clinton chronicle. (Clinton, S.C.) 1901-current, September 08, 1927, Image 8
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THE CLINTON CHRONICLE, CLINTON, S. C.
THURSDAY, SEPTEMBER 8, 192T
J. B. FRONTIS
JEWELER
CLINTON. 8. C.
FOR SALE
1 pair umi 1000-lb. platlorm
scales
J used Cole Cotton Planter
T used farm forge ....
....$12.50
~ 7.50
6.50
used tireene Bone Cutter with
balance wheel on stand 10.00
u*e<L Xo^a-Qliver Typewriter
with case, in good condition .... 25.00
1 used Roll Top Oak Desk and
Swivel Chair — - :
1 slightly used Cole 3-row grain
dril, price
1 used 3-horsepower Johnson
motor _
1 New Perfection Oil Stove,
slightly used, four burners ....
1 used General Electric 9-inqh
Investment Trusts
By ROGER W. BABSON
^iBabson Park, Mass., Sept. 9.—Ro- fered for sal* Hence purchasers of
ger W. Babson today, in his weekly in-1 investment stocks during the past few
terview, comments on investment j years have had the satisfaction of see-
trusts which have become so popular ing their purchases constantly marked
in the past few years. In this inter- up in price. As a result these purchas-
view he shows just what they are and ers have lauded investment trusts to
comments on their advantages and
disadvantages. His complete state
ment is as follows:
their friends and the whole industry
has benefited by this endless chain or
snow ball growth.
What Is An In.estmant TrnstT '' Wh » t reaction will be on in-
•Many American investors had not!'" 10 ” 1 ” investment treats when the
heard of investment Trusts until a few pneral market turns and declines for
rears a*o as they have only recently »» °r three years only the future can
25-00 i*,, n introduced on this side of the At- tol >- ( If hls tory repeats itself this
. . T . , country must sometime experience a
ilantic. Investment trusts, however, / • v i * j u
r i„„ . 0 _j long declining bear market and when
lo.uu h ave ht^n in vogue in England and on * a ,
, , wscwa. this time comes will not the stocks of
the continent for one or more gener- . * * , j ^
ocai, ‘ t _ investment trusts go down with all the
jo.uu a tions. When I first began to go to . „ XT a.w i i * * *
rest ? Nevertheless let me repeat that
I believe in investment trusts and
think that they have a brilliant fu
ture.
Insurance Stocks
“Investors shonhi ndt think it is nec-
No more anxiety. No more danger.
No more doubt. Use Fly-Tox, then
you may be sure your garments will
retain their original beauty and per
fection—free from ravages of moths.
Fly-Tox kills moths, eggs, larvae.
Spray thoroughly blankets, carpets,
rugs, clothing, fur* and woolens. In- less, fragrant, sure. Every bottle guar-
sist dn Fly-Tox. Fly-Tox is the scien
tific insecticide developed at Mellon
Institute of Indusrtial Research by
Rex Fellowship. Simple instructions
on each bottle for killing ALL house
hold inpects. Fly-Tox is safe, stain-
an teed.
WHAT DO
r. 8. JEANS
DOT
1
25.00
i England, 25 years ago, I found a very
large investment trust in
known as the Investment
existence
Registry,
oscillating fan .... "... 8.75; Ltd., which held securities in every
4 used Counters, from 12 to 22 (couitry in the world. These securities
feet long $1.00 per footjwt e apportioned in accordance with
1 No. 2 used pea huller, hand
power ... .... .... 25.00
8 pieces Dry Poplar Boards,
1x12, 12 ft. long, suitable for
wagon body .... 3.85r
1 1-8 h. p. Electric Motor, suit
able for sewing machine, etc
3 Iron Pulleys, 8 in. face, 18 in.
diameter, 2 1-2 in. bore, each 8.50
J. A. BAILEY
Clinton, S. C.
SWEET DREAMS
for _
MOSQUITOES
50c per bottle
They run from it
SADLER-OWENS
PHARMACY
AT UNION STATION
Phones 377 & 400 Phones 377 & 400
NOTICE!
their depressions at different times i ,ostmCTt ,n ‘ st! exclus,v<!l >' m order
ineir aepre».ou» ! to t the ^vantage of diversified
The officials of this company, there- ® ® .
fore, diversified as to nationalities ho dl "* s - The "sets of many eorpo-
*1. ., , • j TKaaa. rations consist largely of diversified
rather than as to industries. They in-. ^ morteaires etc
vested on the theory’ that although '’ sts . of stocks bonds, mortgages, etc.
t. ° J . , For instance, the assets of insurance
different nations have their ups and , . . ..
, ., , , . companies are made up almost entire-
downs, the world as a whole s conrin- |y ^ such ho|dinKS \ purchas „ of
ua y , '"J " c . y ... . .l" insurance stock secures all the advan-
they believed that the .-ecunUes of the investment trusts. Really the
investment trust would slowly but ^ f . |e insur!lnce compan J are
sure y increase in va ue es the oldest investment trusts; while the
what took place in any one coumr>. ljfe companies are
is company a a 'en ra P ^ l ) le largest investment trusts. These
and it was followed by many similar compa ^ s not on|y ^ the advan .
a ” I * tage of having purchased their secur-
an ot er coun nes. i jtj es w hen they were very low, but to-
“In the United States and Canada ( ] a y t jj e y have records, connections,
the investment trust has been de\el- an( j experience very valuable for in-
oped along other lines partly because ves tment purposes. For this reason
the World war caused the English the- man y conservative bankers are recom-
ory to be in disrepute and partly be- men jj n g insurance stocks to their cli-
cause American investors do no't care entg w j 10 d es j re t 0 buy into a safe and
so much for foreign securities. The seasone< j investment trust.
American investment trusts began by j “insurance company stocks not only
specializing in certain industries. For have the advantage of experience and
instance, an investment trust was diversification but also have the ad-
made up of all the leading chain store vantage of an operating profit making
stocks; another investment trust pur- business. Such a business is quite im-
chased public utility stocks exclusive- p or t an t to pay overhead expenses, take
ly; while another confined its purchas- c^e 0 f inevitable losses and provide
Books open for subscrip* ' es t0 ra Uroad stock. Many believe that a reserve to insure dividends to stock- j
.. . j ■ o| • tV A- m ® r ' can theory is superior to holders during lean years. Further-
tion 10 StOCK in series L the English theory. Without doubt it more> statistics show clearly that in
is safer to own the stock of a chain surance j s becoming more and more
store investment trust, honestly 0 P er- ~--poj)ularwwhile the risks of the business
ated, than it is to buy the stock of any gradually decreasing. Hence in
individual chain store company, rur- dependency of the diversification val-
thermore, an investor can get almost ue Q f i nsur ance stocks they should be
ideal diversification by buying stocks a g 00 d investment based merely on the
in half a dozen investment trust* each j nsura nce business. Insurance corn-
representing one of the great basic in- p a nies are also under state supervis-
dustries. Recently certain general in- j on an( j provides another safe-
vestment trusts have been organized j, uar d for investors. The market for
in the United States designed to in- i nsurance stocks is also fairly active,
elude all. industries with a deed of t hus enabling one to quickly liquidate
trust designating, as an illustration, w hen he desires to sell. Frankly, I
that 40 per cent shall be invested in am ver y partial to insurance stocks,
rails, 30 per cent in industrials, 20 per although these should be selected with
cent in public utilities and 10 per cent g reat discretion,
in mining and miscellaneous securities. ( What About Bank Stocks
Sometimes these deeds of trust specif} 1 “The same general principles noted
that only dividend paying stocks shall a bove in connection with insurance
be purchased. In other words, today apply likewise to good bank j
there are almost as many different stocks. Banks have the advantage of
kinds of investment trusts as there are diversified assets and an income pro
securities and these include both good ducing business with governmental
and bad. Hence investors should take supervisions. The records of the banks
great care in making their selections. Q f u n jted States and Canada has
Diversification vs Market Price 'been very good especially, those lo-
I belie\e that investment trusts ( . a ted in larce cities. Banks are not
beginning
September 10,1927
Liberty B. & L.
Association
H. D. HENRY,
Pres.
F. M. BOLAND,
Secy.-Treas.
}
Feel Tired and
Languid?
Waste Impurities in the Blood Make
— One Dull and Listless.
D O you wonder why you
feel so drowsy and out of
sorts? Too many feel always
tired, dull and achy. Too often
the cause *s sluggish kidneys
that permit waste impurities to
remain in the blood and cause
one’to feel dull and listless—
to have a nagging backache
and annoying headaches and
dizzy spells. That the kidneys
are not working right is often
shown by scanty or burning
excretions. Assist the kidneys
with Doan'sPHIs. Users every
where recommend Doan’s.
Ask your neighbor!
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—
.!>S
aV'
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liUXsjui,
“A COMPLETE STATIONERY STORE’*
PRESBYTERIAN COLLEGE FACULTY
AND STUDENT BODY-
CITY, ORPHANAGE AND TRAINING
SCHOOLTEACHERS-
May we bid you a most cordial welcome on
your return to Clinton. We want each of you to
feel during your stay here that we are at your
SERVICE.
T J
We would deem it a pleasure to look after
your requirements in Stationery, Class Room
SuppUes and QuaUty Printing.
Chronicle Publishing Co.
Stationery and Gift Department
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“You Will Always do Better at a Stationery Store”
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DOAN’S
PILLS
60c
Stimulant Diuretic to the Kidneys
Foater-M ilbura Co.. M(g. Ckem., Buffalo, N. Y.
have come to stay. It will not be long
before the stocks of the leading in
vestment trusts will be listed in the
New ^ ork stock exchange as are other ^ p er (j 0 i] ar 0 f deposits when interest
securities. The diversification idea is ra tes are high; but when interest rates
cated in large cities,
affected as much by changing money
rates as one would naturally suppose.
Banks naturally make more money
sound.
Although possible profits are ^ are high deposits are low. High in-
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Dreaded Aches,
PAINS
Disappeared
"My health had been poor
for ten years, before I took
Cardui,” saya Mrs. Anna
Cronin, of Rockport, Ind. ”1
was lifeless and ’no account'.
I dragged around day after
day, every move an effort,
and never feeling the joy of
being well
"At times, I had a dreadful
ache across my back, and my
sides hurt me. I worried
along, sometimes hardly able
to leave my bed, but the do-
mandfl of a growing family
had to be attended to; so 1
would get up, do what was
absolutely necessary, and *8
then lie down again. ^
"One day, someone suggest- Sl
ed Cardui to me. I took it ^
for several n. .nths, and all
the time I was growing SJ ;
stronger, and less nervous. 2^
My aches and pains finally «£;
disappeared. Sf
"That was two years ago. S'
My improverrent has been
permanent. The good health, ^
which followed the taking of
Cardui, is still with me, so I
do not hesitate to recommend S
it to my frienda.” S
reduced, if not limited, by diversifies- rates and small deposits go to
tion yet safety is proportionately in- g e th er while low interest rates and*
creased. Investment trusts honestly i ar jr e deposits go together. One situ-
operated are a real safeguard to small a tion‘therefore tends to balance the
investors. In stating this I have :n 0 ther. Moreover, as banks receive less
_ mind both those secured by stocks and on ^eir loans, they reduce the amount
; those secured by bonds. Those secured . paid on deposits. Hence bank stocks
exclusively by bonds, should be about ma y we y ^ c i ass ed as a good form of
the safest for an investment procur- investment trust stnrks
able, considering the interest paid. In-1 « Even i nsurance gttK;ks and ba nk
vestment trusts are a very satisfac- gto^g a re affected by general busi-
tory means of securing with little. ness conditions as indicated by the
trouble that safety which comes from Babsonchart. As general business de-.
diversification. I believe strongly in c ]i nes> eV en these corporations suffer;
the general principle but urge great j logggg which are reflected first in their
care in the selection of an investment ea mings and later in the market price
t rust - ! of their stock. In fact, in a bear mar-
“Although the investment trust is a ket, all securities decline in price,
£ success in providing diversification it good and bad—although the decline
has by no means solved the problem | in the better grade investment stocks
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of ‘developing a stable price.’ Amer
ican bankers have no more discovered
ST: an investment whjch will continually
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is very much less than the lower grade
speculative stocks' Speaking of busi
ness conditions, it is encouraging to
■ go up in price than did their English; note that business has picked up from
brethren a generation ago. If during its just normal condition the past two
the next panic chain store stocks , weeks to about 2 percent above nor-
should decline 40 per cent, then thejmal, although the volume of business
[stock of an investment trust made up (conducted is still running a little be-
of chain store stocks will likewise de-; low last year. It is very important
cline 40 per cent. This is a very im- j that bankers, business men and inves- j
portart point to remember because! ors carefully watch the trend of bus-
thus far during the development of iness.during the next few months. Let i |j
American investment trusts, their pro- us all so direct our lives and pur daily ! “
moters have been aided by a constant- work that prosperity may continue, for i j]
ly rising market. As the stock market honest industry snd the right desires 1 t
has gone up, the investment trusts of the people have more to do with 1 If
have been compelled to pay more for good business than have bank and -i
securities and hence have been obliged trade balances.” H
to mark up constantly the price atj Copyright, 1927, Publishers Finan-j
which new stock in the trust was of- cial Bureau. •
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READY TO GIN
••
(Been Ready a Month)
CLINTON COTTON OIL CO.
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Fall Coats and Dresses
Introducing Newest of the New Modes in Silk
Dresses, Jersey Sport Dresses, Distinctive Coats
Our buyer is just back from Northern markets and
we are now showing a collection of lovely ladies’ Ready-
to-Wear. We offer for your inspection a comprehensive
selection of the new Fall fashions, with Quality as the
watchword always in materials and design. Selections
are large and varied—replete with newness, and all the
exciting interest of a new season.
. , • -4
We extend you an invitation to come and see our Fall
exhibit, whether you are ready to buy or not.
Farmers Mercantile Company
Correct Apparel for Women and Misses
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