est us, but are at most times difficult of accurate measurement and
exact interpretation. Hence, other than to temper enthusiasm with
caution as prices rise and conversely doubt with faith as prices decline
 (obviously only a guide), we know of no principle or ‘‘system’’
 to ensure one in selecting the prices at which old-line, seasoned
 securities should be bought or sold.

Our pride of opinion is in knowing in a measure the character of
securities and an attempt is herewith made to give facts upon
which to base judgment in respect of the companies treated.

JAS. H. OLIPHANT & CO.

August, 1927.