Show Saving and Investing Talks Talk for the Thrifty By Jon M. M I Speculation Is ft of r nil all Some Som of or It ItIn It ItIn In lii matters matter financial Is J Justified and mind m n Is If not In the tho ordinary v sense pence Pp speculation specula UIA tion rn menus means or selling storks change ch In n price quickly and to pom some eon On J extent and anul putting the transactions r without money montY enough a actu tu tu r rall all ally to buy U or sell the stock It I is hi margin marIln mar gum gin tr trading And it Il t h Is R a game which t t th the hp U 1 man ou ought ht not nol to pia pha play By 1 contrast nt consider a speculation which Ih the I most t C conservative Inventor In 3 would b bp be Justified In undertaking ul thue th purchase of oC convertible con bonds bond Her If r 1 i ithe the nit t Ion The A t railroad n needs need d Sr OOOO for of making making- permanent in nl betterments H n. doe do not nol Want ant to pay 30 A I. hl high h rat rate of Interest for the mone money nor cnn can It U Its api till tat stock slid and sell OH 11 th the lie ne' ne v pt stock Ck lo to 4 td antl vantage e H It offers Coffers Instead In an n b Issue u of or h bonds bond n p I per c cen n with th the the- privilege to the tue l buyers of oC I ex changIng eon between certain dates date th the lbs l bonds bondu for stock k Then hen the tho company compan au au an- f s the ISsue of 2 of stock hut but It Is tanned only In amounts It to care for those who actually convert their bonds hond Into stock bonds a Buyers s of oC these pay o aboe the normal on th the chance that n mome time within the lie p period wb when U n the the 1 bonds may ma be exchanged d for stock tock the the j much In that stock Mock will nil Increase so 20 price the conversion erlon can an he be made at al 4 a good profit l' l Pro Pr th time the I H is a growing 1 ip orous one and one not too heavily II this J is apt pt to turn turnout turnout turn turnout out well wil n for the Investor r. r The bo borA should b be quite a ute safe In an any ca case e and be paid In full Cull when due due- dueOn On time the side aide oi oP or this the railroad there Is Inc Incentive the to age Je con conversion For Kor bond Int re ret t mu mutt must t be bo paid whether tho the road pro prosperS p nt or not and the management wants to see te ce th lie lie- to tOt tal tol of or such d definite char Jell kept down down- Dividends nd on stocks stock on op the contrary ur are rf paid h by a road only when earnings 3 JUl jUI tIr time payment To 10 b be able to k keV- keV dividend payments up I to so high be a u to encourage en n courage count c the conversion cOn of bonds late stock tock Is It the problem before a 3 number of ot I Ithe the big railroads toda today |