Keprinted trom The COMMERCIAL and FINANCIAL CHRONICLE Thursday, December 6, 1951 The Security I Like Best WARREN E, BUFFETT Buffett-Falk & Co, Omaha, Neb Full employment, voomtime ‘The company has no agents °F 3.0% and GEICO’s dropped to profits and! record dividend pay branch offices: As a result, Loom Sg GB'GOs oped Se Irene Policyholders receive standard cawuaiiy hice, ‘eeneee” Hea Suto” inmurance ‘policies ‘at pre~ Injury and property dammiee Sork ‘nium discounts Funning as high important ibnes 10% GHICO ane ae 30% off manual rates. “Claims yoPOttnt lines for GEICO, were | ate Randled “promptly” through GEICO also does & large amount Approximately B00 2€ collision writing, wien wes'@ | throughout ‘the county. profitable line in 1890. ‘The term “growth company” "During the frst half of 1951, has ‘been appifed with abandon practically ‘all insurers. Sperated luting the bast few years to com fr'the red on cesualty tinge with panies whose sales increases rep- bodily injusy snd property: Game Fesonted littie more than inflation exe mony. the moc eerste Of [prices and general easing of Whereas GEICO prone mange business competition. “GEICO was cut to slighdy above So, Gualifes Sea legitimate growth Mints tate SENN, abevs, 9 company Bavea ‘upon the follow” nce “showed? 210% Sista Rene ing record: ‘Amsterdam’ Casualty-ant 8% loon, woz: Binder accident” ihoarance INS og toes, ote pa 3,754 Because of the api out ee "reas GEICO, ‘eash divigende ‘have = b3et363.00 {SPrembin low, ‘Stock dividens = steous79 And a'35-for-1 split incteased the Ot course the investor of today outstanding’ shares from 800 ‘O& coo Sees ae tnveston of totay Se Tn aSia to BOGEN) Se Se Pe engraay 10, 09%. Valuable rignte to sub en are cee eee co enete stock of liated com- Fearon to believe the major por= setibe to stock of affiliated fo 1000"the company’ was only Benjamin “Graham ‘has been eet nara bent eae ‘Chairman of the Board since his Heented in sof 50 juredictiong Chaizman of the Board Since his including D. C. and Hawaii. At distributed & ‘ates toa ne ‘ee. ware ae thas Shot solitehotners. sock in 1943, Tes Goodwin’ wie wore ess tha 3,000 pol ines guided OBICS's growth since In"Now' York “State.” ‘Yet 2590 be OBICO's growth ‘since faved on an insurance bill o¢ 5125, eeption, tt the able President, in'New Yorke should look ‘biguer At the nd ot 1950, the 10 mem- Beved OF ee FeO ie ‘ie eazy comned appronimalety one asd sparsely settled regions. «oe ‘AS cost competition increases in smiporiance during times of neces: sion, GEICO’ Fate attraction Shot become even ‘move etfecs dive in “diverting Business ‘from the’ prothercin-law. “With, insure Atte fates moving higher due to Tian, e259 rena 9 tee becomes wider in terms TS increases during the past summer ad ents, should evidense themselves "in There is no pressure trom I9ed Sarsings, lavensent come agents fo accent questionable &- Guncrupied” between. 1947 and nts or ‘renew poor iat speaned betareen 2600 Biates where the rate structure 1s 1290, reflecting th sae Inadequate, new promotion may “A? the present price of about be haited.” ight times the earnings of 1080, Probably the biggest attraction poor year for’ the Indusuy, SE GEICO js the profit, marEiN Appears that no price Is being pald Bibtened otters and the ist oe maerwriting pot fe prem, fr the tremendous grown poten- ne Pe, fine ct pimccomie, a Maarazate Peat PES aor the company. Forces: °C) veterans Ue tmed for GEICO as compared to 87% lie when on aetive'dity? (4) 10", che 138 alo casualty and = © Best's. As experience turned for the wworge in 1080, Best's sggte= ate’ procit: margin’ dropped to {than 1960, ‘but the wave of rate aso str ee a© QR 1 on, ‘he Corner an Financial Crone... Tra. Apc 199 WE POSITION ana The Security I Like Best we ‘A centinaoas forum in which, each week, » diferent of exp Ai Pda We ieeten snd avery Bd Fs of se eet cui Medan | Fete an pith oes he na a ea a Muteeied stele ttle "AES. ooe tae Feo kit Se ie oe Sots] ateaaye me Sen ee ee ents ee om ed ai ‘ BBE Se pa ance Sees G85 (Cooma ie Wen os New York Hanseatic |) 2 B Htse0 moro tae 1 sear ae of ue ration Seem a et ed eee star eee, Soman in| ls sort is be Rights & Sorip | ::" oe Since 1917, “The null acne ndey ‘parma Same a Siete aftr inde ne Rave — Meftned — seit Tren tere Korine Fenton | Seenale estes oon 2 Buse Fae Iden | Serna "Sane So Sears ts grits vr | Commonwealth, seas edie mba arts STRADER TAYLOR CO, ne, Zs of Spa sue corti = "i || Oil Company iulecoueey Ask us for quotes on ‘writing bas proven generally un \*! es Tends Bank (0.1) FSS ee See an _ | Seen ate ree octal ; | Gordon Graves & Co. J. R. Wituston, ae sean nme wc BRUCE & Co. Beaune ie Cea STS iter 7 eat The Continued on page 83‘Volume 177 Xamber 0. Consul end Pineal! Chrnice SSeS eS ‘asal year, wae $7187 por shure’ STEAL, or Sd per share rece tay See Soa ‘Ssereeponing pend tthe eee * Continued from page 2 The Security I A an alert CAs for ae ‘hy 1590, or 8 eat por tac, so on ne, 15, wae tv at iar eve a fs stom Feccten deri, ae ee Walter D. Dunbar With ‘Two With Davies sears 6 OS: a Tr ca Be wih Raney os Cano Bits ER enter {Gi Cones, ore 4 ES Like Best aS oor ome aS ees apy have ar ing SEU DAS fie te et Pees ets Seaton as SRS oe ‘Schlafly Nolan Stock_ To Be Offered at $4 Subject to EC appro £3. eth & Ca: Ho York. plow te tty fer a le of 8 (ears ot son sac (te Ea 'Srex ‘Te monique ar Sis eee iden, Folly, ter aimee vee ‘ys chote toy # word eae Se Say ols ‘8a, ae, 153 pope er he {he devepment of peeping ot se perena Bl,Year-End Tax-Switch Problems? |Try “HANSEATIC” ie rte i New York Hanseatic Corporation Speciatiste in RIGHTS & SCRIP Since 1917 Opportunities Unlimited | * IN JAPAN ‘iterate see Diclure ot LAMBORN & €0., Ine. ‘som Yon BE sucaR Raw — Rellaed — Ligutt Eaperte—dnperte Peters ‘The Commercial en Financia Chromite The Security I Like Best This Wee ‘A cotnwns frum in which ach wal,» ieret grap of ext ise lreimeat ad diver ald sl scent fees Paige andre te eat for freag'sparcar wean (hg side ena to sore sry telephone Sie ltt, cet, “Bae aang Pe Sly ep et hs Soul secrly of» ator ite congue devel ane helghorhot sk $10.00 ot An Sesier aware ive proper Zoatng mich holdings ae capertine She, inh peels ‘alla an ample uppy 8 re Heme Brtetive bas very Hef re coubioed 10 wake mn noe rag! se Re Rape mtke he euenaes at what ‘particularly thowe RESGNS rset eter comme yon. saree See sir, ou ke oe vn ‘Sie Dlettter Sateen suring any te a le fod fa vote ne romnaey ep ae nite feeder aca un eat ee sa fete heel ce tude “te comvony tensa aco. aes An creat ce, vce iesod pescado ale: Wat Save eet cane sop aprang en ea my fe (se Sak sr cf on recta te nti “th cen i: ri al ‘hangs tn interest cates representa ery requirements ncooe tray Contin ‘Thurday Deemer 8,187 JAPANESE STOCKS Fae coat idormstion Smet BEST WISHES (CHRISTMAS NEW YEAR MORELAND & CO, “aint ihe rush Inprverent SAYor Bal, Brae. Das ey \Cover the Entire Nation| ‘Try “HANSEATIC”) Ati ems Me chs Belo ete otek tener! oo een alata kt art ene ee Griosipsang tusite ce teed ite SistemethMerraes tates SSL Re eee gree arate feat, eon ele Sc er re : Si scabies teed ye i hf canon wee fe Bans Hr vey ne Fe, suo aco ‘Specialists in RIGHTS & SCRIP Since 1917 ‘MeDONNELL & (0, aa gi coerce aes TiS Ale ne Trading Markets ot our 20 "barrels ‘Pmte Ailonre Super ‘Sn dan Macne ‘rans even Gorn. tat Wels mancon Breene. Sa sy Te aor aR in te, Set ple pran 25 “mtn ed ae Eat le fat thatthe Se users ‘could ineeie is sotian i ye Sie St ote 3 prs Mexican Gull Sulphur CAPPER & CO. | etn Pde Bi stewne 0a ‘Elaceer Generel Private fn Se oe ae ae see ast shoul ntti inti Behn tar fie ane ot ey tre {iat tothe aremtage tears art rere ‘Bowl. wit menses Eee ener eet verdana JAPANESE STOCKS ‘Seley tear eel “antag Securities Co., Ltd. Firm Tradhug Markets ‘Maintained in All the Securities of — WESTCOAST TRANSMISSION ‘Company, Limited ee sa 3 wetter, Barns Bros. & Destn, lac. 2 Wall Se Boe TSR, Underwriters —Ditiaos Dealers Tovestment Secures Conedian and Donec N. Q. B. ‘OVER-THE-COUNTER INDUSTRIAL STOCK UNDE: 18.Yeer Performance of ‘36 Industrial Stock National Quotation Barat Sent sent net |