The evening world. Newspaper, January 3, 1922, Page 9

THE EVENING WORLD, TUESDAY, JANUARY 3, 1922. One Year Ago Today We Published the following in the principal cities from Boston to San Francisco. Uniteo States GoveRNMENT Bonps NOTHING IS SAFER. In the case of persons with income subject te heavy surtax, nothing is more attractive, considering safety and yield, than the tax exempt issues. They MAY temporarily sell lower, but are NOW VERY CHEAP. They will eventually sell at much higher prices. They yield from 4 per cent to 7 per cent. We n.ake a specialty of these Bonds. We keep a supply on hand for immediate delivery. We shall be glad to explain the merits of the different issues upon application. From 1914 through 1918 the world, trom a financial point of view, SPENT its savings and ‘“‘WASTED” its labor. During and after the war there was great INFLATION and undue extrava- gance. The relations between the na- tions were broken and have not yet been readjusted. In this country there was an orgy of waste and extravagance. The inevitable results have followed. Price bubbles have burst. Such com- modities as sugar, coffee, rubber, cop- per, cotton and wool have shrunk more than one-half. Borrowers have been forced to sell. ‘‘Rich’”’ people to protect their business have had to sell their securities. Prices of securities have shrunk from 25% to 50%. BUT most of the inflation is ‘‘out.”’ The nations of the world will undoubt- edly, before many months, readjust their relations. Necessity is compelling economy instead of extravagance. Ex- pansion has ceased. The time to buy is when other people must sell, for then the buyer best serves himself and the community. Owing to ‘Forced Liquidation” Gov- ernment bonds, municipal bonds and other sound securities are selling at below normal values; and we believe that, For SMALL or LARGE INVESTORS WHO HAVE SAVED CASH, “THE BARGAIN COUNTER” FOR SECURITIES IS NOW OPEN 4 | There are three KINDS of CORPORATIONS whose Bonds and Stocks are especially attractive: 3 The Corporation whose long history shows that its The Railroad Company which, through its NA- EARNINGS are not only SUFFICI NT, but CON- TURAL ADVANTAGES and its GOOD MANAGE- STANT, through periods of depression or activity. A ENT, has maintained g earnings and freedom conspicuous example is from floating debt. An instance is tho - AMERICAN © TELEPHONE & TELEGRAPH CO. Having 138,000 stockholders The Corporation which has not unduly expanded ae these last years and which has NO FLOATING A prominent one is the UNITED STATES STEEL CORPORATION Hoving 91,000 Common stockholders UNION PACIFIC RAILROAD CO. Having 34,000 Common stockholders lhere are many other properties which belong in some one of these three classes; we shall be glad to give information concerning them Kidder, Peabody & Co. Founded in 1865 January 3, 1921 x vy Those expectations of ours have been, during the past year, justified in full. ; Complete prosperity for the whole country will come only when Railroad and Taxation Matters have been rightly settled— ut ( We look forward to the coming year with hope and confidence that, on the whole, better things are in store. We base our hope |and confidence upon two clear facts: ; FIRST: The World has shown its unwillingness to be coerced by any nation. Our people will not permit coercing by any group. SECOND: Our people are more and more inclined toward meeting disagreements of all kinds by efforts for mutual understanding. The rerult of th 1 be only beneficial. Th te a FRAME There should follow | elli EF HAND. which wculd gradually bagel confidence, p Gord Will” aaset soos courden bp nvasiarl, mers Gtynrs Goer tell ene oe for the general situation. HERE and then the world over. ‘While extreme low prices have passed, the opportunity still exists for the careful investment of money in sound securities—in the Kinds of Securities which we recommended one year ago today— We shall be glad to advise such securities, upon your application, and to buy them for you Kidder, Peabod idder, Peabody & Co. Founded in 1865 115 Devonshire Street, BOSTON 18 Broad Street, NEW YORK BRANCH OFFICES 216 Berkeley St. BOSTON 45 East 42nd St., NEW YORK “i Correspondents for Forty Years of Baring Brothers & Co., Ltd., London