davidaulloa/AmericanStories huggingface dataset:
Evening star., 1949-02-08

for immediate execution at the best
price that prevails when the order
reaches the floor of the Exchange, re-
gardless of how the price may have
changed - up or down fraction of
point, sometimes more - in the interval
between the time the order is placed
and the time it can be filled.
Smith agrees. His order is immedi-
ately phoned over to one of our booths
on the floor of the Exchange. There one
of our floor brokers goes to the trading
post at which Typical is bought or sold.
There are IS such posts on the floor of
the Exchange. and at each of them a
certain number of stocks are regularly
traded.
At the trading post, our broker asks
what the market is. Other brokers with
orders to buy or sell Typical Manufac-
turing make their bids or offers in an
audible voice. Secret transactions are
not permitted on the Exchange floor.
Our broker Immediately fills Smiths
order at the lowest price at which the
stock is offered, and Ross is advised by
phone that the order has been filled.
The whole operation may have taken
only two or three minutes. Smith may
still be in the office. If he is, Ross will
tell him that the purchase has been
completed. If he is gone, Ross will tele.
phone him.
As a matter of fact, most of our Gus.
toners are apt to place their orders and
handle all their business On the phone.
Others do it wholly by mail. 1t isn't
necessary 10, ea5tome, to come into
= The ofnsrat all to place an order.
il A customer can, if he wants, set the
price that he is willing to pay. This is
called limit order. Smith might tell US,
for instance, to buy Typical only if it
could be bought at 241z. Further, he
might say that any such order is good
for a day, a week, a month, or in
definitely. Then if Typical is offered at
2412 within the time that Smith has
set, his order to buy is executed, unless
there are other similar orders on file
that have precedence. Of course, the
price of Typical might move right on
up to 26 or II. In such case, Smith
would have lost his chance to buy at
IS or thereabouts. That's why any deci.
sion to buy that turns exclusively on
the probable gain of fraction of
point is apt not to be good decision
for most investors.
Limit orders can also be used in
reverse - in selling stock. Thus, if
Smith ouned Typical, he might tell us
to sell his stock for him, if we could,
at 26.
Evening star., 1949-02-08

which includes aareturn to the dealer in
place of commission. In the end, the
dealer may gaint or lose on such trans
actions.
Merrill Lynch. handles -the-coun.
ter transactions teither as a principal OF
an agent as tbesearomer chooses. If a
transaction is handled on commission
basis, it is the, policy of this firm to
charge commits sion rates that are even
lower than those that now prevail on
New York Stc'ck Exchange transac-
tions. If we HANDLE such transactions on
net basis, wei believe our price will be
as low (if you'pe buying) or as high (if
you're selling4as any you are likely to
find. Further, we will trade only those
stocks on netstuee basis whose quality
has been approved by our Research Di-
vision.
Evening star., 1949-02-08
Some plain talk about a simple business
that often sounds complicated.
WHY WE ARE PUBLISHING THIS
INFORMATION

Or look at it from the social
point of view. People who don't
understand investments are easy
prey for wide variety of get
rich-quick" artists.
Or look at it from the purely
personal point of view. A lot Of
people might like to invest their
surplus savings where they could
earn a fair return on them. But
if they are unfamiliar with securi-
ties, they aren't likely to invest
their money in them.
For all these reasons, it is i'm.
portant that people should know
as much as they can about this
stock and bond business.
But where do you start?
Well, it would seem that a good
place to start would be with the
lingo" that our friend the editor
complained about. And we might
as well 60 back to the most COM
mon words in the business. You
may find a lot of this explanation
pretty elementary. But the next
fellow may not be wholly clear
about the exact difference between
q stock and a bond. So we'll start
right there, in the belief that you'll
be obliging enough to skip what
you already know.
MERRILL IHNCH,
PIERCE, FENNER & BEANIE
Evening star., 1949-02-08

This isn't the complete story of
how to buy stocks and bonds, of
course. That would take volumes.
All we have tried to do here is
set down answers to some of the
most common questions that are
asked us. And we have excluded
a lot of things many people are
curious about but that bear little
relation to a program of prudent
investment for most people.
For instance, there's short SELL
ing, which simply means revers-
ing the normal procedure = selling
stock first in the belief that it
is overpriced, then buying it back
at what you hope is lower price.
Evening star., 1949-02-08
"WHAT'S THIS? WHAT'S THAT?"

Or maybe you'd like to know
about buying "on margin. which
means buying partly on credit.
In the main, these procedures are
not important to the investor. But
we'll be glad to tell you anything
more you want to know.
Other market terms such as
rights, "ex-dividend' stock
splits, "debentures'' "noncumula-
tive PREFERRED, stop orders. and
dozens of others we've had to
omit simply for lack of space, but
an understanding of them isn't
likely to be important to most in
vestors, except in occasional cases.
Again, for lack of space, we
Evening star., 1949-02-08

have not defined q whole host of
financial terms that you are likely
to encounter when you begin in
vestigating various companies.
These terms are defined in a
booklet, How to Invest, which
we have just published. A basic
guidebook for all security owners,
this new publication develops in
greater detail the story of how this
stock and bond business works. 1t
reviews the basic principles of
sound investing, such as the analy-
sis of market trends, the diver
sifcation Of holdings, and the
management of a portfolio. We
will be glad to send you a copy.
Evening star., 1949-02-08
Ho,p Big Does an Order
Hare to Be?

One hundred shares "a round lot"
is the usual unit of trading on the
New York Stock Exchange. But that
doesn't mean that a customer can only
buy or sell hundred shares at a time.
Many people want to buy only 5 or 10
Evening star., 1949-02-08
Who May Buy Stocks and
Bonds?

Anybody: or perhaps we should say
any honest and responsible citizen. For
their own protection, brokers have to
be sure abouh the responsibility of ...,eir
Evening star., 1949-02-08

IS Largely determined by one factor -
earnings. That includes what the com.
pany has earned (its past record), what
it is earning (its present state Of
healthy, and what it might earn (its
prospects for the future).
So you see it's not just matter Of
figures. It's matter of facts . knowl.
edge. &. judgment. How aggressive is
the company? How good is its manage
ment? How popular are its products?
What part of earnings will have to be
paid out as preferred stock dividends
or bond interest? After all, these must
be paid first, and what is available for
common stockholders depends on how
much is left.
Then you have to look outside the
company and consider the whole indus
try in which it operates. Is its future
bright? (The buggy industry once Of
fered many good investments.) And
what about competitors? Are they in
better shape than your company? Might
they take the market away from Typi.
cal Manufacturing?
Finally, you have to consider general
business factors. For instance, will ris-
ing costs of labor and raw materials
pinch your company?
These are just some of the questions
to- which the intelligent investor wants
answers so that he can form a reliable
opinion of what his stock is likely to
be worth - tomorrow.
Investment values constantly change.
That's why this firm has always urged
stockholders to Investigate - then In.
vest. and to keep on investigating af.
terwards.
Why Do Stock Prices Change?
At any given time, you may not
agree with the price at which par
tieular stock is selling. You may think
it is too high or too low.
There is q simple reason for that:
What a stock is worth is a matter
of personal opinion. But what it actu-
ally sells at is the sum total of lot of
individual judgments about it. The
price of security is nothing more than
the collective expression of all the
opinions of all the people who are buy.
ing OF selling it.
If number of people conclude at
about the same time that a particular
stock is overprieed. they may decide to
sell it, and the price will probably fall.
Or they may think it is selling at bar
gain prices and decide to buy it. Their
combined orders may cause the price
to rise.
That's why stock prices sometimes
fuctuate sharply. Instead of changing
by an eighth OF quarter of point -
which means an eighth OF a quarter of
a dollar - the price may change by
several dollars, either up or down, in a
short time. lo t9em :
Whenever there is sharp price
movement in either direction. it may
pick up momentum and continue for a
little while. That's, because such price
movement is Iksly to attract other
buyers or sellers, t,-r.,.
For instance. If the price of Typical
Manufacturing were suddenly to ad.
vance from SIS to $27 a share, others
might notice the advance and quickly
conclude that it was good buy. So
they might decide to buy it too, and
that would lift the price still higher,
perhaps to $2s OF $29. AT that point.
some of those who originally bought
Typical stock at, say, $25 might decide
to take their profit of So or 81 share
and sell out. Then the price might start
down again.
Evening star., 1949-02-08
Why Should anybody Buy
' Stocks?

For the same reason that he might
40 into any other business for himself.
To make money.
IF you own 10 Of the Typical Com
pany. you own 10 of whatever it
earns. Normally, some of those earn
lings OF profits will be paid out to you
and the other stockholders as dividends
so much on each share. The rest of
the earnings will be put back into the
business to do more work, make more
earnings, more dividends.
Evening star., 1949-02-08

learns. Normally, some OF tnoSe earn.
lings OF profits will be paid out to you
and the other stockholders as dividends
so much on each share. The rest of
The earnings will be put back into the
business to do more work, make more
earnings, more dividends.
Hosc Big Are Dividends?
That depends on the company and
how much it earns. Some companies
pay out a substantial portion of their
earnings as dividends. Other oompa-
nies, particularly those that are expand.
ling. may plow a greater proportion of
sarnings back into the business. Some
eompanies pay no dividends. Of all the
|rompanies whose stocks are bought and
sold on the New York Stock Exchange.
about 9o% are paying dividends. (That
was the record last year.) The average
dividend paid by these companies is
little better than $50 of what the stocks
are selling at. Thus, if you bought one
share of stock in each you could figure
on making $50 on your money in
year. Some pay more. Some pay less.
Most companies try to pay dividends
regularly. (The Pennsylvania Railroad
has paid a dividend every year for
more than a century,
! A sompany's board Of directors de.
teides what dividends will be paid and
when. These directors are your repre-.
sentatives. You and the other stock
|holders elect them, each for a definite
term. Ordinarily, you get one vote for
every share of stock you own. The di-
|rectors are the real heads of company.
The president and other officers are
responsible to the directors for their
management of the company.
What Do Stocks Cost?
The price of a stock, like the price
Of food OF clothing, depends on how
much other buyers are willing to pay
for it, how eheaply those who own it
are willing to sell. When company
first offers or floats" its stock so that
it can raise the money it needs to begin
business, a specific price is set on that
stock. But once the stock is traded in
the market, its price is not fixed or
pegged by anybody or any agency. 1t
Is determined by free and open bidding
by supply and demand.
4 That's why stock prices rise and fall
fsonstantly - sometimes rapidly. Some
lpeople who buy Typical Company stock
do 50 not because they want to get the
tdividends that are paid on it but be.
Ieause they think the price of Typical
lstock will rise and that they will be
liable to sell it later at a profit. This is
risky business for anyone who cannot
iafford to lose money, because the price
lof Typical stock may drop. Nobody
lever knows for sure what's going to
happen to the price Of any stock.
What Are Preferred Stocks?
| In addition to its common stock,
some companies also have preferred
'stoek. usually offered at 500 q share.
Evening star., 1949-02-08
What Are Preferred Stocks?

In addition to its common stock,
some companies also have preferred
'stoek, usually offered at 500 share.
Evening star., 1949-02-08

sion Corp, and the Weyerhaeuser Tim
Der Co. BY and large, however, unlisted
securities are those of small companies
that are apt to be better known locally
than nationally.
They are bought and sold not only
by many brokers who are members of
the New York Stock Exchange but also
by thousands of local security dealers.
Suppose a man in New York owns
some stock in an Ohio machinery COM
pany and he wants to sell it. He doesn't
know what it's worth because there
is no regular market for that stock,
and its price may not be published in
the newspaper. as New York Stock
Exchange prices are in many papers.
He goes to his broker, and the broker
may ask for a price quotation by phone
OF wire from other brokers or security
dealers who trade entirely in unlisted
securities. He may find that the best
bid for the stock is $23, while the low
est that anybody else is willing to sell
it for is $25. If the stock is traded very
frequently, the difference between bid
and offer prices may be less. If it is
almost unknown, the broker may have
a hard time finding a market at any
price. In this transaction. the broker
acts as an agent and is paid commits
sion. However, in many r-the-coun-
ter transactions, the broker or dealer
will buy the security himself, OF he will
sell such a security out of the supply of
such stocks that he owns. In such trades,
the dealer acts as principal instead Of
as an agent, and the customer and the
dealer agree on what is fair net price,
Milford chronicle., 1949-01-21
TRINITY

The w. S. C. S. of Trinity Meth.
odist Church will meet at the Dnb.
lin Hill Community Hall on Fri.
day evening, January 21.
Trinity Methodist SUNDAY School
held an election of officers and
church trustees at the service on
Sunday morning. Superintendent.
John Hastings; assistant superin-
tendent, Roland Russell; secretary
an dtreasurer. Clarence Nelson.
pianist, Mrs. Ralph Wheatley: as
sistant pianist, Miss Betty Ann Car
ey; choir leader, Roland Russell.
teachers, Mrs. Lee Carey. Mrs
John Nelson, Mrs. Will Hastings
John Hastings and ]. E. Cannon
Trustees for a three-year term. 7
E. Cannon, Elmer Nelson and CIar-
eTce Nelson; two years, John Has
tings, EnOs Nichols and Carl Walls
ton; one year, Roland Russell
Frank Friedel and Samuel War
ringtOn.
Mr.. and Mrs. Earl White attended
the Farm Show at Harrisburg. Pa
on Wednesday last.
Mrs. Josephine Shupe of Potts
town, Pa, and mother, Mrs. Sallie
Carey of Stanford. Conn, called
on Mrs. Harry WalstOn on Thurs
day last.
Mrs. James Dill spent Saturday
with her daughter, Mrs. Philip
and Mr.. Morris and chill
dren at Bridgeville.
Mr.. and Mrs. A. T. White, Misses
Charlotte White and Martha Brown
visited relatives at Tyaskin, Md.
on Sunday.
Mr.. and Mrs. Clinton Hastings
spent Thursday evening with Mr.
and Mrs. w. E. Meredith near
fredericksburg.
p Mr.. and Mrs. Roland Russell and
children spent Sunday afternoon
with Mr.. and Mrs. Philip Morris at
Miss Jean Ann Hastings was a
guest of Miss Virginia Collins at
The movies and supper in Bridge
Vile on Saturday.
Mr.. and Mrs. Walter Belts of
Clarence Nichols of
fredericksburg, Miss Helen Com
stock and Elmer HOrsey of Dover
visited Mr.. and Mrs. Hugh Martin
IN Sunday.
Milford chronicle., 1949-01-21
CEDAR NECK
Cedar Neck Methodist Church
Sunday, January %

0duudIy 20
sunday school at 1900 a m +
ernest watson, superintendent
The Handy Hands All Clnb v;l,
meet this Friday night. January 81
aI the home of Miss Esther Mil
bourne. All members are roonost
ed to be present. COT
Mr.. and Mrs. Granviu Sbool,Io,,
ana children spent Monday even,
ing with Mr.. and Mrs. Ravmond
DAVIS and son Charles. Mr. and
MRS. Davis were celebrating their
hIteenth wedding anniversary
we are sorry that little BiIIv
Mills, son of Mr.. and Mrs w I
Mllls had the misfortune to fall
and break his arm.
Mr.. and Mrs. Eugene Mills aro
70 be congratulated upon the birth
OF new daughter, who arrived ON
January IA, and has been named
Margaret Fay.
Mr.. and Mrs. L. Robbins Webb
and Mr.. and Mrs. Andrew Donovan
attended the State Fair at Harris
Durg' Pa, on Wednesday and
thursday of last week.
Mr.. and Mrs. Thomas Clark on
tertained with a dinner on Satur-
day evening in honor of Mr.. and
MIS-. Gordon Clark's fifth wedding
Milford chronicle., 1949-01-21

anniversary. Other guests were
Mrs. Winnie Clark, Miss Lima CLARK
OF Greenwood, Tommy, Billy and
Jackie Clark.
Mr.. and Mrs. Harvey Carey. Mr..
ana MRS. James D. Mills were call
erS OF Mr. and Mrs. Ernest Fitz-
gerald on Sunday evening.
MI. and Mrs. Thomas Collett and
daughter June spent Saturday eve
nlng with Mr.. and Mrs. Granville
ShOckley and family.
Mr.. and Mrs. Thomas Mills. Sr..
Mrs. Melinda Mills, Mr.. and Mrs.
Lloyd Mills and family were the
guests of Mr.. and Mrs. w. J. Mills
and son Billy on Sunday. They
were served delicious ice cream
and cake in honor of w. J. Mills
Milford chronicle., 1949-01-21

WoRTHLESs-that's the sad
story It you let your tires
wear down like this. No
tFade-in value no non.
skld s. safety when you need
Milford chronicle., 1949-01-21
FRANKFORD

The annual installation of Off.
GERS Of Frankford Chapter No 10
9. =. s., was held on Wednesday
evening, January II, in the chapter
Lpom at the Millville Fire HOuse
Sffanq Onicers who conducted the
Installation ceremonies are WOr-
tAy MatrOn, Mrs. Marie L. Roberts
o. Harrington; worthy grand pa
tran, Harlan Cloud of Wilmington
worthy Grand Marshal Mrs. Louise
Emory and Worthy Grand Chan
lain assisted in the ceremonies.
Ohieers installed were: Worthy
Matron, Mrs. Irene Watson; wor-
thy patron, Robert S. Derrickson:
associate matrOn, Mrs. Edna john
son; assicate patron, ]. Frank
Johnson; secretary, Florence Bur
bage; treasurer, Myrtle Mitchell:
cOnductress, Blanche Williams: as
sociate conductress, Dorothy Quill
len; chaplain, Adella Holt: mar
shal, Grace Mitchell; organist.
Nerna A. Carey; Adah, Margaret
Banks; Ruth. Kitty S. Tingle: Fs-
ther. Hilda Wood; Martha. Jane
Phillips; Electa, Lille Evans; war
der, Gladys Warrington: sentinel
Albert ]. DerrfcksOn.
The floral decorations were red
and green in keeping with the
striking cOrsages worn by all Of
the officers. Mrs. Watson received
several fine gifts. The hospitality
committee served delicious home
made cakes, coffee and ice cream.
Under Mrs. Wats0n's leadership we
predict a glorious year for Frank
ford Chapter.
keturah Rebekah Lodge No. 8
VIII serve a covered dish supper in
their lodge room at the /. D. o. +.
Hall on Reed street on Wednesday
evening, January 26. Bring your
silver and soc.
Mrs. Elisha Dukes. Sr.. enter
tained 21 guests to dinner at her
nome on Saturday evening, Janu- /
ary Is.
sunday evening guests of Mr.. and /
mrs. Raymond Hickman we're Mrs.
Martha I. Pugh and daughter. Miss i
Mildred Pugh and son, Master John
David Pugh and friend, Paul Quill
OF Newport. Mrs. Pugh, a former
teacher here, is now a member of
the faculty Of Krebs School at New
port. Z
Mr.. and Mrs. Lafayette Timmons
are the proud parents of an in
rant daughter born to them on
tuesday, January II, in the Pen
lnsula General Hospital at Sails
bury. Little Miss Jane DeMorell /
Milford chronicle., 1949-01-21

Mrs. Jeanette Edwards, poet laur-
cate of Delaware. There were a
goOd number present. both mem
hers and guests. The hostesses
served delicious refresments.
Church news for Sunday. Jan.
90. Sunday School at 10 O'Clock
am, Howard R. Moore, supt. Ed
win Prettyman, assistant. Preach
ing at II O'Clock by the minister
Rev. w. Stanley Grant. Evening
o'clock, followed by a song SER
vice and divine worship at 7:2O
Midweek prayer meeting on We'd
nesday night, starting at 1880 D. m
Afternoon services will be held
at MjllwOOd, church school at lao
p. M, followed by preaching At
2:SO by the pastor, Rev. w. S
Grant.
The Sunday morning services
were largely attended, there being
1O8 present in the Sunday School
compared with 81 present a wear
agO. This shows quite an increase.
but there are still others who
could be present if they would
There were also a large number
for the hour of worship. The min
lister read 10 verses of the first
Chapter of PHILIPPIANS for the les
son of the morning. and he chose
his text from the 10th psalm and
the 7th verse. "He shall drink
Of the brook in the way, therefore
shall be lift the head"
The singing was fine, as usual
The selection by the choir, and tine
solo by Mrs. Emory Webb. who
sang the beautiful old song, "Mv
Heavenly Father Watches Over
Me-"
Milford chronicle., 1949-01-21
HOUSTON

We are glad to report that Mr..
vi 'III' ant WIFE OF our pastor, is some
~hat improved at this time. and
we trust that she will be abIe
20 be out and around.
Mr.. 0. F. Sapp is spending sew
eraI days of this week in SaIa-
manca, N. Y, as the guest of s a
bentz and Mr.. Guy Keller.
Mr: and Mrs. Emory Webb ana
daughter Eileen, visited tbo TscI-
hennedys in Wilmington ON SIM
afternoon. " Jun
MI. and Mrs. John R. Britting-
nam entertained Mrs. Brittin9-
ham's son and family, and MIR and
MIS-. Jones ana new daughter on
Sunday. '''0' oii
Mr.. and Mrs. Frank Sapp and
daughter Frances, and MIR. and
Hummel Sapp, of Wilminpt0r
spent the weekend with their mar.
onts' Mr.. and Mrs. o. F. Sapp.
Mr.. and Mrs. George B. Thistle
WOOD and daughters, Nancy and
anna Lee, of Harrington. snant
@ oIg weekend with his parents. Mr.
ana Mrs. Merrill Thistlewood
The w. S. G. S. will hold q halo
on Saturday morning, January %
at Webb's store; everybody come
C conle and buy your Sunday dinner
ana heIp a good cause.
Inc Houston New Century Clnb
met on Tuesday night with Nirs
MilkOy n,ly and Mrs. Dougherty in
Charge of the program. Nnsic and
me arts was the subject Tbav
nad a very fine entertainments wifi
Ine aid of Mrs. Giltenboth and nm M
sic pupils, who gave a recital Ni,s
= Lulu PEARSON was also very good
III readlng some of the poems Of