This psychic reading given by Edgar Cayce at his office, 115 West 35th Street, Virginia Beach, Va., this 13th day of July, 1929, in accordance with request made by self - Mr. [900].
P R E S E N T
Edgar Cayce; Mrs. Cayce, Conductor; Gladys Davis, Steno. Mr. [195], Mr. [900], L. B. Cayce.
R E A D I N G
Time of Reading 4:10 P. M. Eastern Standard Time.
1. GC: You will have before you the East Coast Investors Corporation, and the Board of Governors and Directors of same; namely - [137], [900], whose office is ..., N.Y. City, and [4592]. This investment trust corporation is selling stock to the public and will use funds of many peoples to buy and sell stocks and bonds which transaction will redown [redound?] to the profit or loss of the insiders and to many people, according to the successful or unsuccessful purchases made of stocks and bonds traded in on the N.Y. Stock Exchange. You will now advise us as to the handling of these funds, as to the proper investment in securities, giving a limited number of securities that may be purchased for substantial advance during the course of the balance of the year of 1929. You will advise us as to the proper time, or at what level to purchase these securities, giving the name of same, and other advice regarding the responsibility of caring for the moneys that are and will be in the hands of the corporation, and give us a resume as to the future of same. You will answer the questions I will ask you.
2. EC: Yes - much may be given as to the assumed responsibility of the officers in such an undertaking. This, however, would be merely that of a representation of individual responsibility in such undertakings, and unless each assumes same in the manner as is set forth in that as each has assumed as respecting same, little aid may be gained through these sources - yet, as has been promised, and as is meted out day by day, these may keep themselves in such contacts, such attunements, that these will be as but minor details in making the success of such an undertaking. Two conditions, especially, must be taken note of. This is that there should be that constantly represented which is of monetary value as rated with many, as WELL as that of the speculative value of stocks or bonds dealt in. That is, as any well ordered institution is able to keep such securities as are able to maintain a balance without EVEN that of the mere fluctuation in valuations. In doing such, these, then,
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present a well balanced organization. In giving such as would be well to be considered through the rest of the present fiscal year, these are rather those as have been presented, yet may change in an overnight session, yet utilities, as is seen, will be the greater factor in the change of activity. The rail will continue for at least the next quarter to be the criterion of what may be expected in the change in quotations. While there will be individual conditions or circumstances where changes will of necessity not represent a general condition, such as may be seen in individual railroad or rail holdings, or individual industrials, yet these RATHER than steel, or any of the more stable conditions, will be the representation of the market. Now, the question may arise as to just why that condition SHOULD exist at such a period. THESE, then, enter into such conditions, herewith. We, the world, are gradually changing in its mode of operations, whether we speak of that as financial, material, mental, or what not, and we find the rail presenting a factor about which most of the mode of this change takes place. Get the spirit of the idea? Get the understanding of the changes? Now, in the communications, also these, in the form of utilities, will present, then, factors that are to be considered. Such as we will find in radio, or its formative companies, or those of telegraph, or those of telephone, all present factors in this change. These, then, the speculative ends of that about which a vast force or power is evolving, and with this change these may be made into conditions wherein these may be taken advantage of in the bonds or stocks that represent such conditions. As to individual developments, or individual undertakings, the stock of this company itself presents just such an undertaking as has been seen active, and is, of itself, that that may be made something that will become powerful, but with its power let it not lose sight of how its power, influence, and all is to be directed. With this in mind, with these the guiding forces from day to day, little of censure will come, and few and fewer be the losses. Ready for questions.
3. (Q) [900]'s dream of Western Union this morning? Future of this stock? (A) Long ago was it given that once in a lifetime Western Union was a buy, or the privilege was given to buy same. This, as we find at present, will continue for an advance for the time being, yet the very factors that are pushing this upward in its demands may be the very things that will make it a good sell.
4. (Q) What effect will Canadian decision have on earnings
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of the Radio Corp? (A) This, as has been seen, causes some disturbance among a few, yet higher and higher will this particular stock go.
5. (Q) Is loss of patent suit in Canada the reason for the R.C.A. stock going down at present? (A) This the cause, as has just been intimated or given - but the continuation of this through other channels and other ways in which this is to come into the combine, and the use of other conditions, will still continue to make this a buy. When it continues to break, buy.
6. (Q) Should we hold our present stock or sell it and reinvest the funds? (A) WE would SELL at present and re-invest when lower.
7. (Q) What is the immediate future in R.C.A. stock? (A) Well, that's just answered in this!
8. (Q) Should we buy Radio Keith-Orpheum at present prices? (A) Good buy. This should be one of those, and WILL be one of those, wherein there is a great future. Radio Keith-Orpheum, yes - a great future in these. Western Union, yes, for the time being, but not too heavy, or for too long - or don't wait for too much profit.
9. (Q) Should we buy Westinghouse, which is an associate company? (A) Westinghouse very, very good. These are of the speculative, to be sure, yet these are those - here are the conditions under which consideration should be taken. Now let's consider first, [900], [Albert H. Gary speaking?] you are considering conditions from the investments of a vast group, rather than of individual self, in this as is being GIVEN you. Then, weight well the actual earning power of industrial or of commodities when such purchases are made for long holdings, and those that are on a basis that their earning power is equal to the same figures as represented in the ADVANCES, you may be very sure these will ride well in any storm!
10. (Q) Would Macy and Sears-Roebuck be better than any of those? (A) Not BETTER, but these offer different conditions. As has been given, the rise or the combines through which Macy has passed, and is passing, this to be made, as it were, one - or the LEADING one of such stores. As Roebuck's, this will EVER be a buy, for its OWN development, and its own EARNINGS, no matter WHAT the price would be, would be well - but to 79 and 80; that is, 179 and 180, these are very good.
11. (Q) Westinghouse a buy at this price? or wait for a lower level? (A) Wait for a lower level on Westinghouse.
12. (Q) Any particular bonds that can be recommended for long hold, yet that will rise?
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(A) These we would consider rather as conditions develop, rather than at this present time. Bonds, as is seen, present this time a peculiar position in the conditions of market, and of general conditions in the country. Then, WE would give, consider these for the time being and rather take them on around September or September 15th - this would be different, see?
13. (Q) Regarding Chesapeake & Ohio, is this a buy now? (A) Chesapeake & Ohio or any of those wherein these combinations are being made in. Norfolk & Western, Chesapeake & Ohio - these are all good. Wabash - in this very good too - get this in these changes here.
14. (Q) What is outlook for buying stocks for the corporation? those stocks as named? (A) These are all very good - these have been as outlined, in the manner as has been outlined - would be best to consider, even as buys are made, whether for quick or for long time, but keep the long time and the quick well balanced and well guarded.
15. (Q) Which are the better for the long time? (A) Such as those as has been given, of the industrials, that are in the position to show earnings on - or in radio [ratio] commensurate with the prices as are seen. These always offer, then, a background for what is being done. While these may not, as to their activity, present such wonderful gains as would be in more speculative, yet the conservative and the ABILITY to take advantage OF speculative conditions make this undertaking peculiarly satisfactory to all interested. We are through for the present. Copy to Self " " [137] " " [195] " " [257]