New-York tribune., 1907-07-28

as a movement. There is an altogether
feeling prevalent regarding stock excban,o.
the manipulation of securities. and N.
rates of interest paid by banks How mu.s '
have had to dp with this would not at,.r
TO say, but the fact remains. Several 90 ~
Massachusetts banks have raised their me ~s
rates to depositors within the last wear '.s -
others are bound TO follow aS1
Tell me more about your methods y s,,,
My work is done in this manner
sentative of a corporation applies 10 ma - t's
its securities. As financial agent ~. ~ s4
know all about the people-about the CON-. Cow
what il has. Possibly | find flaws in ~
ganzatiOn and insist on having the cb~. "
amended. They may have preferred .''' 4-
which is not cumulative; or possibly mi. & -"
ferred stock does not permit the holder - fS
at annual meetings. I insist that the chart,.as us
amended so that this holder Of preferred s..1E
may vote. IL it Is nOn-cumUlative mus, - -
il changed"
'NOn-cumulative' means that II d,r,.
be passed one year because of poor returns -
the following year-a good year-the con,~-
earns 1870 or 14ce, they do not have N ~
good the passed dividend, but can distrib1.a :
to the common stockholders 'CumrIos"" "
means that all passed dividends must ba r.S.
good. as soon as the earnings permit"
SCORES REFUSED TO ONE ACCRprv,
Another thing: I insist upon being -
sented upon the boards OF all corporation, !.
which 1 become financial agent I must bpo,
what is going on The books must be ono,
me- l must be consulted about the noI,,-
the company. In that way. as financial ,v.-.
l make IL my business 10 see that the iDr.r..
is protected. My motto and slogan is and :.
ways has been a Square Deal for All Ina,
ors.'"
From what you say. 1 should fanr -
turned down a deal Of business durir, 4.
year"
Il turn down one hundredfold what sv..
1 must feel absolutely sure OF both the u~-
erty and the company. Ny word and nv r--.
tation are bound up In every share OF ~,
that 1 sell, and 1 take no risks"
In discussing stock speculation c. z E.,
could not too much emphasize the certaiurv !.
loss. Here is an example he gave Said bs.
Thomas Gibson, financial expert maIa a,
illumining analysis OF 900 speculative aceoun,
In Steel common. carried between the datas a
July, 1901. and March. 1903. He chose tbss
dates because the price OF the stock was ia
same at the beginning and at the end Of u.
period-37. The accounts are actual ones una,
the books OF Stock Exchange brokers. Here a,
some OF the results: Three hundred and form
three accounts showed a net loss at their ~
mination. Eighty eight accounts resulted IN
net profit Fifty-twO accounts were about sra,
when closed. Seventeen accounts were taxa
T-.or. h. ALL
These when taken up showed IN all cases
considerable paper loss. Total deficit on all u
Ing accounts. 81. .245,OOO Total gain On pr:
liable accounts. S2ssO0O. Net deficit, S957M
Total number OF shares long $4,000 Toal
number OF shares short $4,000 Total ba.
kerage charges. s276,0OO. From those fgurs'
concluded Mr.. King. "ir would appear thar s,oa
speculations are good things TO keep out Of"
The invitation SO TO do being rendered toui
q look through @. f. Kings Boston Offices
He has OyerhOwed the fourth floor OF the jour
nal Building and occupies In addition hall e
the ninth There were a dozen or more ruOmS
each. as it were. a department By itself. asl
yet one fitting into another IN what went fot
ward Ike the springs and cogs OF a Swiss watch
Also, 1t was plain that time was money IN Ias
King economy. there being every last dsvics c1L
culated 10 save the moments as they few.
What most impressed me was the InYes.ss
tlOn Department, meant 70 separate gOOd frUl
bad, the Incorporated sheep from the gost
among the companies. I had seen IN bOl
Kings Financial Bulletin" and "Ths Bostu(
Daily Tribune" the work OF this department u
clared In type. 1t IS under the control OF faf
mer POstOffice inspector. who IN his II ysa5
OF work for the government obtained knOTf
edge OF corporations In their solvenclss and u
solvencies not to be duplicated.
EXPERT INVESTIGATION FOR ALL
This department OF investigation Mr. Kins
puts at the beck and call OF any and all VIA
write him letter. It answers every gus'I
aud. what IS more to the purpose. it answers
them correctly. Letters come fUJtering in daF
by the hundreds. They ask every question can'
ceivable concerning this or that corporation ~
It's securities They are all replied TO and nsTs
a penny charged
There come letters OF gratitude and 00lsf
ton. too. from folk saved on the brink OF i'S'
investments that would have Kicked % ~
little fortunes as though by fire l saw AZ"
OF these missiveS. II the correspondents y
and con of the q. f. King Investigation Ds!As
ment might only be printed and bound ID ~,
or rather a library Of books. since u W.
make some thousands-it would. for me mU.-
taught. be as good as a sermon, whils posse'SIns
what vividity OF thrill belongs with s'A'"T
Weyman novel.
Great and good is the c. E. King lnvesOs4Is
Department. 1t saves millions or doi'Al'
tween January and January TO wouIa-os -
ors. ignorant OF the worth or unworln ui
panies and their alluring secUriues-nlii'So
dollars. In truth, IF Ons may trust tneSe :,
OF thanks that are cataracted in on lns 80 Hse.,
the crash OF this or that allurins "I -,
from which the would-be investor siOel. Ns 80.
kept his money. has never once taken LIS
mated ewes.