‘Yom 108) Number 6120... Phe Comimereal end Financia! Chronicte Are We Too Confident About CONTENTS - Invulnerability of Stocks? Articles and News Poe lon Oren Root terms of reference, for hie Indeed tcl fo conser oer rate to spcpate plane Howl the fect of ee Pate cone nents Seer Regular Features Tmprses the 90 Ax We See It CEitora. Markel .- and You (The)—Watace have wecatcer is PREFERRED STOCKS Tasca ‘nonce ..2k BROAD SF. NEW TORK (om 3 BS. Lowenstein HOME OF SHATTERED HOPES Osnne Seri Doe Electronic Int' Cap. Ltd. Savin Business Machines SINGER, BEAN a EMRCRTE INC. ge Paes RY ope mt Lief hele KELLY. GIRL SERVICE KAY WINDSOR ‘MEASUREMENT SPECTRUM BROWNING ARMS CO. " BAIRD-ATOMIC ’ JLF.Reilly&Co. Inc. 39 Broadway, New York 5 Southern Gulf Utilities WV, FRANKEL & CO. 2 anonoway, new YOREi Commarea a relat Chron marie a sues Ave We Too Confident About . : = sr ““Invulnerability Of Stocks? =" CEERTE Cothuad rom sa $ave ak yh a al at tag l mu tee ad ‘line 18) Dimi 1 Suite sof prorra we're eee om Ee eres Te ihe tore ces Sen a Sa eect uate: ts"tm Larsen, Prin Banta, , A-curvory study of out Table ohe ofa séecersion of bull and Eri dtaende Maw aie't aber eee aE Seat tinte ttn BiG aie Soir Branch eats enaiaes cheeks cor Rhea cee ‘ride basi me Aperican bat ‘pprcciaton® both taken "againet 001 and trom 1657 to 1080) Most CWith these we qulte diverse Sitiancly te Ears: thei SE Rec e Seatincah Geos DPcasre Rtg cee erate dem iii ee rarsacion ih eee Inarket price war closely pecaly 40% to S0%: In the enller years feopeeaie’atetincets ite oh a Stleguciiee seu GN del ota rast sure omens ee a ae eee oe eee cel =e Seen fears oer creer rt Rare Bare eae Laces mene Eee ‘our functlon’honesiy and fail.‘The Commercial end Pinna Chrtnile,.. Thuteday, Pebrotey 1, 1062 2 ‘Are We Too Confident Abo Invulnerability of Stocks? Conte Yor poe 31 errs ie Ponta Cine les wot aienihe Sed one en cetlog Saori ate 000 at ii aie ts Gah aed one SS sy ores neat et tine itera ea eine alia tea Sepe Satie eric ily Sin pre east Ii ee cia fet een ee Same the armitt sna the lone around ths value Bit Serb contnoun af ouerver MEM, conetates seme ol ‘ihn Sains Sn fhe Cay oe Sis os ne es eta pa nen Sppierschigbreenmees fee wie raat Seer eeaetes ioe iets mee See end treo “Canis Tet arse Bie aa vee ne, ire) Samus i en appears tobe the Sor i cata an suet the fap. tea, Note spams: Ea ey ia we Ben cuca tet eer ree Pa oe Fwy Gta tow of spec Bema towed, ut futnrticy tare for public eats afar vestment ality moors a 2g Seasons ote ars or arlon, ets yee by security analysts. of “gg he ets ot he Ro i seat ee SEreh Symany’t am grein ie Fons ge defile fave Tapia ok he cone rush uml ane Soe Gemractcattuccatiars vez ech oy Otic GS She Tere ry angie fund to terns ne sui ot enol Seta aaa erence son na Renee I re ee et of he rs ae Soeeinioy ge nvetinably fac Sanabria eas Sek out the same ta thé average Ses Loe "serach Tower anneal, rate geese ewan "ine government este dn “Bat if, as ,deen teed ed ar eateries rele That haan late ay "Tile sparanreph was, writen eat ee Eee eae Rieetasiucc ames ean oe Soe gee ree aed ma eet Coe ame enna Sishrencr ay or wand petee of the a Phu elton navn esate presenta Ie ata, Tete dn somewhat the Se acae ce Return tb the old measures Of Sete Gade? oar ie perkage See ute eventual cate Ha Feast ce ae eat ae Seite Oa i SE eee ae a, eaieabrscierate Seam enk ocean Este elie rates ene ae ee ae eaged eee Eo ke SSS ie Seuss Com fore ve me one elon of Segarty tut Sle Haken bond. 18 ARLE TL east we Sc investment mht an aon lr ele cage Main Rae Joins Irving Lundbots oe Fa ee a Eiroriel a aPencepee $0 sane Of termes of Sabb ttagh vet have ntetng ii Reon aie Cit Sy hiepootas & C8, MeDonnell Adds eat Sahat ees” ntact AEANEN Ota ne ssl Seer ent phole Goneet ies ae 1S a on ‘read a bit of economic history, ie ee'eer mie ae Afattoeieen chant” :