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Inwvestor's by Charles Colling I have been asked many times how to evaluate a stock before purchasing. I will answer this question in two parts, this week - Industrial and Investment Securities - next week - Mining and Resource stocks. Tt must be remem- bered that under the trust act any stock that has'not paid a dividend regularly for a minimum of five years does not qualify as a Trust- Security. All industrial stocks are broken down __ into classifications : Fina- ncial Services - Banks, Lae : trust companies etc. i Transportation ait Hae Railways, bus lines, Co Ing transports etcetera. After the decisien as to which classification you wish to invest in, compare the past performance of each stock in_ this classification for the past few years; High and Low for the year, Dividend changes - up or down, stock splits over the past few years and Profit and Loss or Earnings per share over a period of time. When looking at profit and loss remember that many stocks are cyclical, that is, their profits drop in any one quarter of the year when their sales are historically lower. In these cases yearly figures are of more value than quarterly. In addition to these hints there are certain simple formulae that the investor can use to evaluate a stock on his or her own. I will outline a few of the most important in this column; Pre Tax Yield; Dividend times one hundred divided by the price per share. Price Earnings Ratio; Price of Stock divided by earnings per share. Working Capital Ratio; current divided by current liabilities Working Capital; Current assets minus current liabilities. You will no'ice that I gave formula for Pre Tax yield, all dividends on Canadian stocks are entitled to a Depletion allowance or discount for income tax purposes, thus the After Tax Yield on a stock is higher than the Pre Tax Yield. Another factor that is becoming in- creasingly important in evaluating a stock is the source of income. A prime example of this is some of the leading distillers which appear to be making as much, or more money from resource related subsidiaries and in- vestments as they do from selling their regular products for medicinal purposes only. In sending in questions to be answered in these columns, please remember that Securities Commission Regulations will not permit giving opinions or recommendations on any specific securities. All other signed inquiries will be answered as soon as possible. In all answers only the inquirer's initials will be used. Address all questions to "Investor's Inquiry" c-o The Midland Times, Box 609, Midland, Ontario. assets Salaries, benefits majority of schools' bills In the period ending April 30, 1981, $14,911,304 was spent by the Simcoe County Board of Education on the board's elementary schools. Of that amount, salaries and benefits for instruction in day schools were $10,868,579. In the same period, $13,878,076 was spent by the board on _ its secondary schools. Obituary Edith Melinda Turner of Elmvale passed away on Friday, May 1, 1981 at the Beechwood Private Hospital in Penetanguishene _fol- lowing a lengthy illness. She was 91. Mrs. Turner was born March 22, 1890 to Cavey Beacock and Maria Pinch, fourth ina family of ten. Her parents farmed on Tiny Con- Obituary 'Sylvia E. Streahorn The death occurred on May 17, 1981 in Huronia District Hospital of Sylvia Elizabeth Streahorn, 77, of 313 Midland Ave., Midland. Mrs. Streahorn, the former Sylvia French, had been ill for two weeks. Funeral services were held in the Nicholls Funeral Home, Midland, on May 19, 1981, with Rev. Jim Obituary irs. W. Porter A graveside service was held May 28, 1981 at Penetanguishene Presbyterian Cemetery, for the late Mrs. Walter Porter of Port Colborne. A family friend, Rev. Charles Carter, of Victoria Harbour Presbyterian Church, conducted the service. Mrs. Porter . passed away May 26. She was the former Grace Isabel Leatherdale and was beonr ni in Penetanguishene, where she spent the early part of her life. She was the daughter of the late 'Dr. and Mrs. James Leatherdale. Her father was a Penetanguishene den- list. Mrs. Porter was predeceased _ five months ago by her husband, a retired bank manager, whom she met when both were employed in the Stan- dard Bank in Penetanguishene. Surviving are a daughter Joy (Mrs. David Benner) of Port Colborne; two grand- children, Peter Benner, of North West Territories, and Janet (Mrs. Brian Castle) of Innisfail, Alberta, and a sister, Mrs. Bette (Bertha) MeNichol, of Toronto. cession 3 in the com- munity of Gibson. She married Mervyn Dunean Turner in March of 1916 and moved with him to their farm on Concession 11 of Flos. The couple resided there until October 1955 when their son Lloyd took over the property. They then moved to Peter Street in Elmvale Manuel officiating. Interment in the Presbyterian Cemetery, Craighurst. Pallbearers were Richard Porter of Cargill, Edward Thompson of Keswick, Robert Streahorn of Scarborough, and Fred Atkin of Scarborough. The late Mrs. Streahorn was born in her parent's home west of Waverley, which is now known as French's Hill. She was the daughter of William George French and Emaline Catherine Miller. On Aug. 1, 1917 at Hillsdale she married Robert Streahorn. -- Mrs. Streahorn lived Helps Your Car for retirement. Mrs. Turner's_ in- terests included cooking, baking, quilting and making hooked mats. In her early years these items were a necessity but later became a hobby. After the move to Elmvale, Mrs. Turner kept boarders in her home and they were for 20 years near Craighurst and for 40 years al Sunnidale. She was a farm wife. Surviving her are her husband, Robert M. Streahorn of the Villa Nursing Home, Midland; sons William of Scarborough and Jack and Douglas of Pickering; and daughters Mary (Mrs. John Horning) of Midland, Dorothy (Mrs. A. McQuay) borough, Betty (Mrs. J. Duquette) of Vars, June (Mrs. R. Sutton) of Westbank, B.C., and Jean (Mrs. E. Thomp- son) of Keswick. She had 23 grand- children and 15 great grandchildren. recipients of her talents. She was a member of St. John's United Church in Elmvale and a former member of Allenwood W.I. Left to mourn her passing are her sons Nelson of Oshawa, Lloyd of RR3 Elmvale and a daughter Leda (Mrs. G. Archer) of RR1 Elmvale. Also left are 16 grandchildren and eight great-grandchildren as well as a sister Mrs. Jane Locke of Penetanguishene, and the late Hetti, Myrtle, Lambert, Eber, George, Hazel and Mervyn. She was pre-deceased Edith Melinda Turner by her husband Mervyn in 1965 and a son Lorne in 1972. Funeral services were held at James H. Lynn Funeral Home in Elmvale May 4, con- ducted by Rev. John Locke of Wyevale. Interment was at Allenwood United Cemetery. Pallbearers were four grandsons, Wayne Turner, Paul Turner, John Turner and David Archer and nephews Wisley Marshall and Victor Turner. Relatives and friends attended from Oshawa, Thornbury, Barrie and the surrounding area. of Scar--- Dr. David W. Carr Announces the opening of his office for the practice of Optometry Monday, June 8 at 372 King St. Midland, L4R 3M8 Office hours by appointment Telephone 526-6050 Finally at Adco A Muffler Shop that Run Better Any muffler shop can sell youa muffler. But only Adco Tire keeps a licensed mechanic on staff so we Can Offer you first class tune-ups, oil changes, lube jobs and brake jobs. So the next time you're due for a new muffler, drive into Adco Tire. You'll drive out with a great muffler and a better running Car. HOMELITE Homelite string trimmers... give your lawn the finishing touch Light-weight and easy to handle, Homelite string trimmers feature our exclusive "Idle-Line" system that advances the string only when needed, and only when the engine is at idle. 6, ~_ AHomelite string trimmer is a must for doing lawn Gee chores around your home, farm or cottage. : See your nearest Homelite dealer, he has a model to satisfy your needs, gas driven or electric. Drive in today to the "complete" auto service centre! Textron Canada Limited Registered User, CO MM lS Hill GRANT DUNN 9335-5559 Page 14, Wednesday, June 3, 1981