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points the broker will sell the shares and the customer's stake is gone.
It is of course true that a rise of one point in the stock means $100 profit for the purchaser, and another $100 profit for every succeeding rise of a point. And by buying on margin one's capital goes further. Two thousand dollars will buy less than ten shares of Steel if the stock is purchased outright, whereas it will purchase one hundred shares on a twenty-point margin. On a ten-point margin it will buy two hundred shares. Thus it is seen that by buying on margin the profits are very much larger if the stock goes up than they are when an outright purchase is made and the shares are paid for in full. It is well to bear in mind, however, that stock prices have been known to go down as well as up, and when they decline the loss to the man who buys on margin is as large in proportion as his possible gains. And suppose it is not possible for him to furnish additional margin. His money is gone forever.
A man invests $2,000 in one hundred shares of stock selling at par. He buys on a twenty-point margin. If the stock goes up twenty points-and he sellshis profit is $2,000. If it declines twenty points, he may have to sell, and his loss is $2,000. Another man invests $2,000 in the same stock, but buys it outright. He gets twenty shares, and a twenty-point rise means a profit to him of $400. On the other hand, a twenty-point drop means only a "paper" loss to him; he is not obliged to sell, but can hold on in the expectation that the stock will go up again. In other words, this is the essential difference between a speculator and an investor: stock fluctuations mean everything to the speculator and little to the investor. And the moral is, don't speculate unless you can afford to lose.
There is, however, a safe method of buying stocks on margin, an excellent method, and one which would be to the advantage of the small investor to study. So far as we know, it was devised by five young business men, and is known as the club plan. It has proved itself a great incentive to saving for numbers of people and works out beautifully in almost every instance.
The way it operated in the case of the five young men was as follows: They agreed to buy five shares of stock, one share for each member of the group. The stock they selected was listed on the New York Stock Exchange, thus assuring them of a ready market on practically a moment's notice if at any time or for any reason they desired to sell. The stock they chose cost $120 a share, so that the total cost of the five shares was $600, and they agreed to pay for it in regular monthly installments of $20 each. Their broker bought the stock, and each member of the group put up $20.50, or a total of $102.50 in cash. Previous arrangements had been made with the local bank, and one of them signed a note for $500; the note was indorsed by each of the other four, and they thereupon received $497.50 from the
Boston offers your shipment the advantages of a shorter sea trip, favorable rates, and excellent port facilities for handling. Three important railroads have terminals at the docks. Upon arrival of goods here, The National Shawmut Bank supervises handling, insurance and forwarding.
In the numerous details of establishing new foreign contacts, transmitting documents, collecting and re
mitting promptly, there is ample opportunity to demonstrate that a bank widely experienced in export and import commerce is a decidedly helpful ally.
Capital and Surplus $20,000,000
THE NATIONAL SHAWMUT BAN
bank, the face value of the note less one month's interest. The $600 cash was then turned over to the brokers in payment for the stock, the stock certificate being left at the bank as security for the note.
When the end of the month came, each one of the five paid in $20.40, or a total of $102. The bank was paid $100 plus $2 interest on a new note for $400. At the end of each succeeding four months another hundred dollars was paid to the bank and a new note for $100 less given. When the loan was paid in full, the stock certificate was turned over to them by the bank, and was forwarded to the transfer office of the issuing company and five certificates for one share each obtained in exchange, each certificate registered in the name of one of the group of five.
The person who does not regard saving as worth while might object that this club plan is too much trouble. The answer is that nothing worth while can be too much trouble, and the whole transaction here described was designed, not for speculation, but to assist five young men to save some money, and it proved so well worth their while that they have continued to buy stocks in this way ever since. Their agreement provided further that in case any one of them wanted to sell out his interest before the stock was all paid for it would be offered at auction to the highest bidder among the remaining four.
In the case of the five shares of stock mentioned above the dividend rate was 8 per cent, and of course the group received the dividends while the stock was pledged with the bank. And the dividends in this instance exceeded the interest on the note by a slight margin, and also provided enough for the brokerage commissions.
The bank has given these men the fullest co-operation. Sometimes they have paid as little as ten dollars a month each. But the bank has signified its willingness to loan them up to ninety per cent of the market value of good stocks listed on the New York Stock Exchange, provided the stock certificate is pledged as security, and provided further that interest is paid monthly and the note reduced by at least ten per cent each month. No doubt similar arrangements can be made with banks in every city in the country. The plan encourages regular systematic saving, and makes it possible for many people to purchase securities who might be unable to do so if they had to pay for them in full at the time of purchase.
It is buying on margin, but it is a safe method of buying on margin. The money is borrowed from the bank, not from the broker; the stock certificate is delivered, and there is no chance of the purchaser being sold out, as frequently happens in the case of regular speculative margin accounts. Purchasers under the club plan need pay little attention to the daily fluctuations of the stock market, and so long as they stick to
Every investor knows that banks make investments, and that every security in which banks invest is first subjected to thorough investigation.
Unless banks were satisfied that these investments would be safe and yield a steady income they would not be made. By using the Atlantic Trust Investment Plan you can buy bonds of the same issues in which the funds of this Statesupervised bank are invested.
You enjoy the advantages of Bank Service in selecting your investments and Bank Safety while you are completing their purchase. Meanwhile your money earns bond interest.
Ask for booklet No. 128
Atlantic Trust Co. Capital & Surplus, $2,000,000 BALTIMORE, MD.
high-grade listed securities they have little to worry about. It is a method of purchasing stocks on margin by means of a variation of the partial payment plan, and it is an excellent method.
QUESTIONS AND ANSWERS
Q. I have five thousand dollars which I wish to invest in five different bonds. I should be grateful for your suggestions, and would like to net as near six per cent as possible.
A. We should consider that the subjoined list would answer your purpose: Anaconda Copper 6s, due 1929; Brooklyn Union Gas 6s, due 1947; Missouri, Kansas, and Texas prior lien 6s, due 1932; Philadelphia Electric Company 6s, due 1941; Wilson & Co. 6s, due 1941.
Q. Will you name five preferred stocks which you think are suitable for an investment of approximately $1,000 each?
A. American Tobacco; Atchison, Topeka, and Santa Fe; Bethlehem Steel 8 per cent; National Lead; and Union Pacific.
Organizing a Company?
Save expenses and taxes by organizing on the popular, COMMON LAW plan under a pure DECLARATION OF TRUST. Anyone, anywhere, can fill in DEMAREE STANDARD FORMS, issue shares and begin doing business at once. Insist upon DEMAREE FORMS, the original, nationally-accepted forms, approved and used by well known attorneys. Send for large, free pamphlet (D-19) containing much information that you will need. C. S. DEMAREE, Legal Blank Printer, 708 Walnut, Kansas City, Mo.
HALSEY STUART & CO ENICACO
This Handy Investment Record
saves unnecessary trips to your safe deposit box and quickly furnishes complete information-amounts, interest dates, maturities, prices, taxable status, etc., of your investment holdings.
It is made in loose-leaf form so that pages
Included is a bond interest table, also
Tax Data Is
when you use the convenient forms provided in this loose-leaf booklet for recording purchases ́and sales of securities, income derived, tax provisions, etc.
MAIL COUPON BELOW and copy of our
CHICAGO 209 S. La Salle St. PHILADELPHIA Land Title Building MILWAUKEE
14 Wall Street 10 Post Office Sq. DETROIT ST. LOUIS Ford Bldg. Security Bldg. MINNEAPOLIS First Wis. Nat'l Bank Bldg. Metropolitan Bank Bldg. ...........................Mail to Nearest Office.....................❗ HALSEY, STUART & CO.
Please send me a copy of your booklet, "Loose Leaf Security Record" OM-21.
Hotels and Resorts
Rock Ridge Hall, Wellesley Hills,
Mass. Fine location. Running water in bedrooms. Pleasant forest walks and country drives. Our table a specialty. $15-$25 a week.
Hall, est. 1841 Private Hospital
For Mental and Nervous Diseases Comfortable, homelike surroundings; modern methods of treatment; competent nurses. 15 acres of lawn, park, flower and vegetable gardens. Food the best. Write for booklet. Sanford Hall Flushing New York
Beautiful, quiet, restful and homelike. Over 26 years of successful work. Thorough, reliable, dependable and ethical. Every comfort and convenience. Accommodations of superior quality. Disorder of the nervous system a specialty. Fred. W. Seward, Sr., M.D., Fred. W. Seward, Jr., M.D., Goshen, N. Y.
Morristown, N.J. Restful home life, attractive room, suitable for couple, in beautiful residential park,near station,easy commuting;excellent cuisine. Moderate rates. 8,263, Outlook.
SUBLEASE APARTMENT OF
3 ROOMS, with bath and kitchenette and large closets, overlooking the S. E. corner of Central Park. Furnished in old mahogany, antique rugs; attractive library; new building, elevator, maid service and dining-room. Can be seen by appointment only with the best of references Sublet for not less than a year at $3,500. 8,267, Outlook.
Furnished Apartment To Rent. High class elevator apartment overlooking Columbia University grounds. Delightful location. 3 well heated, light, airy rooms and bath. For 6 months from about Nov.15, $800.8,283, Outlook.
DOG OWNERS, amateur or professional. Here is your opportunity. New book, "Care of Dogs," free, contains helpful, instructive information on feeding, training, diseases. Every dog owner needs it. Book mailed free with a 3 months' trial subscription to "Sportsman's Digest," America's popular illustrated Dog and Hunting Magazine. Send 25c to-day (coin or stamps). Sportsman's Digest Pub lishing Co., 527 Butler Bldg., Cincinnati, O. BUSINESS OPPORTUNITIES ( SAFE 8% FIRST MORTGAGE INCOME CERTIFICATES additionally secured, tax exempted, quarterly payments. Permanent or reconvertible. Ask circulars. Home Building & Loan Co., Jacksonville, Fla.
ESTABLISHED and paying tea room in university town. House of 15 rooms, on the campus, also on State road. Rental of extra rooms pays all overhead, including rent, light, heat, etc. Cheap maid service and student help for board. An excellent opportunity for one with sons to educate. Address 2,879, Outlook.
WANTED-Competent teachers for public and private schocis. Calls coming every day. Send for circulars. Albany Tenchera' Agency, Albany, N. Y.
DIETITIANS, cafeteria managers, governesses, matrons, housekeepers, superintend ents. Miss Richarda, Providence, R. I. Box 5 East Side. Boston Office, Trinity Court, Fridays, 11 to 1. Address Providence.
WANTED-Teachers all subjects. Good vacancies in schools and colleges. International Musical and Educational Agency, Carnegie Hall, N. Y.
PLAYS, musical comedies and revues. minstrel music, blackface skits, vaudeville acts, monologs, dialogs, recitations, entertainments, musical readings, stage handbooks, make-up goods. Big catalog free. T. S. Denison & Co., 623 So. Wabash, Dept. 74, Chicago.
UNUSUALLY desirable stationery for any type of correspondence. 200 sheets high grade note paper and 100 envelopes printed with your name and address postpaid $1.50 Samples on request. You can buy cheaper stationery, but do you want to? Lewis, 284 Second Ave., Troy, N. Y.
150 letter sheets and 100 envelopes, $1. Postpaid. Burnett Print Shop, Box 145, Ashland, O. OLD Hampshire bond; 100 sheets (617) and 75 envelopes, printed, $2 delivered. Franklin Printery, Warner, N. H.
All-Year-Round Home Franklin Printery.
For sale, in the foothills of the Berkshires,
a country place of about 8 acres, situated in
Professional Situations DIETITIAN-nurse for boys' boarding school, Westchester Co. Write, stating quali fications and salary wanted, Doctor, 66 West 55th St., New York.
COUNCILOR, Protestant, with following, boys' summer camp, Maine. 2,905, Outlook.
HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and women. Past experience unnecessary. We train you by mail and put you in touch with big opportunities. Big pay, fine living, interesting work, quick advance ment, permanent. Write for free book, YOUR BIG OPPORTUNITY." Lewis
Wonderful Colonial House Hotel Training Schools, Room 5842, Wash
Ask description. Beautiful setting. Charming village. SAGE. Woodbury, Conn.
Sorrento, Fla. all modern conveniences,
Attractive country home,
two bathrooms, sleeping porch. Ideal location. Fine spring water. For quick sale, $10,000. Address owner, Box 94, City Point, Fla.
FOR SALE Unusual opportunity-long and well-established fully equipped tea-room. Splendid opportunity for two friends. Address 7,947, Outlook. NORTH CAROLINA For Rent, season of '22-23, Furnished Cottage. 6 rooms, screened and open porches. Central, in tourist town of the Carolina sandhills, 7 miles from Pinehurst. Terms attractive. 8.285, Outlook.
ington, D. C.
FIRST-class man for cutter and to take charge of small factory making men's cotton coats. Box 39, Burlington, Vt.
Companions and Domestic Helpers WORKING housekeeper-Family of four and governess. Cooking; waiting; no wasi ing. References. Telephone Scarsdale 283; or P. O. Box 54, Scarsdale, N. Y.
WANTED-Working housekeeper and as sistant to do all the work (except laundry in household of three women in Cleveland, Ohio. One of them is a professional woman away I all day. Quiet honsehold, with many privi leges. Address 2,214, Outlook.
WANTED-Working housekeeper who understands vegetarian cooking, adult family, New York City; no laundry work. No ser vants need apply. Address 2,880, Outlook. WANTED-Working housekeeper by middle-aged widow living alone in small house miles from Penn. Station, New York City. All conveniences. Good home, wages, refer ence. 2,886, Outlook.
HELP WANTED Companions and Domestic Helpers COMPETENT woman as housekeeper in family of two. References. Box 192, Clinton, Conn.
Teachers and Governesses WANTED Private teacher, experienced, to teach young girl English and school subjects. One who also speaks French preferred. Must be willing to live two hours from New York. 2,874. Outlook.
Professional Situations NURSE-Efficient for invalid. Cheerful, companionable. Can superintend home with help; or willing to travel. Physician's testimonial. 2.252, Outlook.
TRAINED nurse. Refined, Christian woman, capable of taking entire charge motherless children or invalid's home. Previous experience. References. Moderate salary. 2,915, Outlook.
YOUNG married man, with accountant's experience, desires position offering advancement toward responsibility and executive work. Address 2,882, Outlook.
FARM SUPERINTENDENT with 15 years' experience in farm management, and a student of horticulture in England and U. S. State agricultural colleges, wishes positiontomanage an estate with up-todate dairy and poultry plant. 2,890, Outlook. Companions and Domestic Helpers MATRON of girls' school wishes change of aitnation at Christmas. Would travel or consider any position of trust. American and Canadian references. 2,245, Outlook.
CAPABLE woman desires position as housekeeper. Sixteen years' experience. Understands buying, catering, making of menus, and management of servants. Excels in taking charge of special occasions. 2,869, Outlook.
SITUATIONS WANTED Companions and Domestic Helpers WANTED-Position as companion-helper in suburban home by an educated, refined woman of ability and wide experience. 2,877, Outlook.
YOUNG woman, Protestant, social and business experience America and Europe, speaking French, desires position as chaperon, courier, secretary. 2,876, Outlook.
CONGENIAL, cultured woman as useful companion or supervisor where help is kept. Widow's or widower's home preferred. 2,875, Outlook.
POSITION wanted by cheerful, sensible, experienced young woman as companion-gov erness or chaperon. American, Protestant. References. 2,881, Outlook.
EXPERIENCED, college educated woman desires position as secretary or governesscompanion. 2,883, Outlook.
INDUSTRIAL position desired by graduate, registered nurse of long experience. 2,887, Outlook.
TRAVELING companion-Registered nurse going to Florida about November 15 would exchange services for fare. 2,889, Outlook.
WANTED-Position as supervising housekeeper by experienced woman of ability, education, refinement. Pleasing personality. Last position held eight years. 2,892, Outlook.
YOUNG woman. Managing housekeeper institution, school, hotel. Excellent references. 2,895, Outlook.
YOUNG woman (unmarried) desires position as companion to either adult or child, in Christian family, outside New York. References. Moderate salary. 2,901, Outlook.
CULTURED, refined Southern lady desires position as traveling companion or chaperon. Highest references. 2,900, Outlook.
LADY, refined, of social position, desires situation in high-class home for winter. Experienced in management of domestic affairs and care small children; sews well having traveled, would make good companion 2,904, Outlook.
Companions and Domestic Helpers GENTLEWOMAN (middle aged) of execu tive experience desires position as managing housekeeper in home of elderly couple or widower. Highest references. 2,893, Outlook. EXPERIENCED, congenial, cultured woman as useful companion or supervisor where help is kept. Widow's or widower's home preferred. Would travel. 2,907, Outlook.
YOUNG woman, experienced, refined, sensible, wants position as companion, companionsecretary, or companion-housekeeper. Philadelphia suburbs preferred.Highest references. 2,908, Outlook.
WOMAN of refinement as useful companion or supervisor where help is kept. Widow's or widower's home preferred. 2,912, Outlook.
WANTED Position as housekeeper in widower's home. New York or suburban pre
ferred. References if needed. 2,914, Outlook.
Teachers and Governesses EXPERIENCED teacher wishes positiongoverness, mother's helper, companion. Best references. 2,260, Outlook.
TUTOR, experienced, young, athletic, wants position with family traveling South for winter. 2,888, Outlook.
EXPERIENCED teacher of English with excellent credentials desires position as private tutor. 2.891, Outlook.
SCHOOL. Gentleman and wife, both with long experience in school work, seek good position Christmas, or would start small school. 2,894, Outlook.
RESIDENT tutor, 26, experienced languages. Any location. References. 2,897, Outlook.
WOMAN, practical, adaptable, institutional training, desires position as governess or companion to young unusual child. Country preferred. References. 2,898, Outlook.
EDUCATED, experienced woman desires position as governess or mother's helper. 2,906, Outlook.
Teachers and Governesses POSITION wanted-Competent governess. Penn. Primary, kindergarten. Successful with delicate children. Diet. Physical care. 2,913, Outlook.
TO young women desiring training in the care of obstetrical patients a very thorough nurses' aid course of six months is offered by the Lying-In Hospital, 307 Second Ave., New York. Monthly allowance and full maintenance is furnished. For further information address Directress of Nurses.
MISS Guthman, New York shopper, will shop for you, services free. No samples. References. 309 West 99th St.
BOYS wanted. 500 boys wanted to sell The Outlook each week. No investment necessary. Write for selling plan, Carrier Department, The Outlook Company, 381 Fourth Ave.. New York City.
FRENCH lady, home in Paris suburb, will take three girls for winter. Social and encational advantages. For references and information apply 2,871, Outlook.
WANTED-Young woman, refined, with own car to drive it for use of private family a few hours daily, in Southern winter resort. in return for room and board. Reply 2,875, Outlook.
WANTED-Invalid or elderly person will receive expert care. Ideal country home: all conveniences. Best physician's references. Address Nurse, 2,885, Outlook.
M. W. Wightman & Co. Shopping Agency, established 1895. No charge; prompt delivery. 25 West 24th St., New York.
RED GLASS-Collection of old Bohemian and old English red glass at private sale. A collector's collection covering years. Outlook.
TYPING of manuscripts or ot!. we qualified woman. 2,911, O