Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-02
Lot Buyers Pick
Great Bargains Now
In Stock Exchanges
Big Corporations Notice Increase OF
Shareholders - Not All Small
Investors Shrewd.
By BOERSANIER.

CHICAGO, NOV. In the last TWO
months leading corporations notably
the Pennsylvania, New York Central
| and the steel companies have had
acCessions to their share rosters.
These lists now are longer than at
any time in the life Of the compa-
MES The buying does not connote
precisely a defiant negation of eau
ton, neither Goes 1t signal a general
ly ROBUST optimism.
What ii means is that the odd -lOt
buyer is unconsciOusly pitting his un-
crring instinct against the erring rea-
son of big lot spectators for the de-
cline. There is, and always has been.
a street delusion that the public"
buys only on a falling market. The
higher and more sensational the rise
the heavier the lay participation. This
, Is valid as to the speculative public,
not the investment.
Ii is absolutely invalid as applied
to the bargain hunter. large and
small This element is infallibly busy
in a quiet way-whenever a de-
preston is on markedly at what
might be the final months of pro-
longed depression.
Poor at Selecting Stocks.
AS a rule bargain hunters, taken in
the mass have the differentiation
OF the crowd. They are unerring
enough in the matter of time to come
into the street; but in the finer dis
elimination OF selecting stocks they
are. collectively, faulty. There are
OF course, noteworthy exceptions, es-
pecially among the longer pursed.
To pick up genuine bargains, par
ticularly in pessimistic period, re
quires the assistance Of collateral
qualities and advantages winch are
not granted to the casual small in
weston; for tho man who is bold
enough to indulge I'm an absolutely
independent investment and to be at
tracted to securities chiefly by the
fact that no one has Il good word to
say for them. must be gifted by suf-
tlCient patience to carry him through
long periods during which his pur-
Chases may Still remain unappreciat-
ed by the crowd, whose verdict, after
all, decides the ultimate value OF all
stocks.
Part OF the essense OF his choice
lies In the fact that the purchases
which he selects are, for the time be-
ing condemned. and this quality in
his securities will cost him dear I'M
less ne is In position to stand up 10
the sings and arrows OF outrag eous
fortune" without being obliged TO
carry the contents of his tin box TO
market
Low Priced Not Cheap.
Above all, and here ls the most diff
fcult condition to the success of the
bargain hunters, he must know n
| good stock when he sees it, and re-
| fuse to be deceived by the error
I which leads so MANY collectors OF all
! kinds astray, OF thinking that any
| thing that is low priced is cheap, and
| that, because an issue has been
| thrown on to the rubbish heap. il
must be worth carrying home
An inexperienced treasure hunter
| who is turned loose on a rubbish
| heap will be almost certain to fill his
| pockets with rubbish. 1t is the
! trained eve that finds the political
| gems, Given the trained eye
and the faculty for tracing
! the history OF a stock, testing the
| financial methods OF a property, who
| are responsible for its fortunes and
estimating the causes which are like
| " to affect the industry from which
! VI derives its earning power, the stock
! exchange bargain hunter may inter
! est himself with pleasure and profit
| by searching in the byways OF mar
! kets for securities which are under =
| cloud for reasons which have no con
nection with their intrinsic value.
/ And II his scent is guided by SOUND
, instincts and checked by half ths
| pains that men commonly bestow or
| the search for artistic briC-a bra c
! he may now and then win a prize for
his pains such as is beyond the
1 dreams OF the ordinary seeker after
Investments which everyone else Is
! buying.
SUCH prizes may not be as large
as they We're in the railroad recon
stTuCtion period that ensued upon the
panic OF 1898 but they are almost
as numerous
Union Pacific. Northern Pacific
Z Atchlsou and other once insolvent is
sues can not be bought under 90 Cane
assessment PAID Jersey Central car
not be picked up at :, or Steel com.
mon at 8. Finds of that knd-they
sound legendary to-day-are impos.
sihle.
But content with taking stocks OF
q higher price level the careful ex-
plorer is likely to be rewarded II hi,
patience is as quautitatiye and qua
itafive MS his courage and confidence
America with all it's troublesome
politicians Juj their "isms" its get
the millions quick tinanciers, it>
middle class discomfort. is a progress
~Iyo country rNery decade makes
for economic holtoruent for iuCrea scd
/ Noa,ta As the nation grows It's Sc
! euriies. collectively become more