davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-12-28
concern Is now oper-
Difference in British Bonds

Question-Wi yon kindly give your
Judgment CONCERNING the relative merits of
the British per cert National Loan and
the British I per cent Victory Loan
note that the latter is redeemable at par
through a cumulative sinking fund by mea MS
of annual drawings beginning September l.
1920 If this means that the date of ma
turity is in doubt for any particular bond.
would not such bond be a somewhat un-
desirable nvestmcnt'-T. W. II.
Answer The British government A
per cent Victory Loan. we understand.
represents an issue OF about iov 900
O0O Beginning September !. 1920, an
nual drawings of about 2a per cent of
the issue will be made at par through
a cumulative sinking fund. The specu-
lative feature lies in the uncertainty
as to just when ones bonds Will be
drawn Also there is the speculative
feature regarding sterling exchange. so
far a s American holders are concerned.
The per cent national war loans, one
OF which is repayab!e at 102 per cent
on October !. 1922, and the other at
105 per cent on October /, 1927. do not
have the speculative feature of the A
per cent loan Except the exchange
featured. We do not say the form er
issue is unde sira BILE; it simply has the
lottery feature The per cent loans
are more in the nature Of pure invest
ments.
New-York tribune., 1919-12-28
In the Same Class

Qucston-Wil YOU kindly ad.ise which of
the two stocks offers the safer investment
New York Central Railroad or Pennsylvania
names OF four or five good preferred stocks
names tour or FIVE good preferred stocks
which will yield not less than per cent on
the investment. as we'll as the names of
some bonds, and state whichin your .opin-
lon. offer the safer investment. preferred
stocks or ds9-H. p. 5.
Answer-Neither New York Central
nor Pennsy ylvania offers safe invest
ment at present Neither is actually
earning It's dividend But both have
long dividend records. and in normal
times have been rather substantial Sc
curities. SO much depends upon the
legislation to be enacted BY Congress
that it would be unwise to attempt to
forecast the future Of these two com
analysis. however. the railroads will
obtain q square deal and that these
two stocks offer good speculative in
vestment. There appears to be little
to choose between them. although
Pennsylvania stock is more widely
held. The following stocks yield over
per cent? United States Steel pre-
ierred, Central Leather preferred
Standard Oil of New Jersey preferred
National Lead preferred and Ameri-
can Car and Foundry PREFERRED The
following bonds yield over per cent
Wilson & Co. first per cent, Inter
national Mercantile Marine collateral
trust 6 per cent, New York Dock first
! per cent, ard Chesapeake & Ohio gen
erai 4'4 per cent. All Of these securi-
ties show . substantial margin over
dividends or interest al present. and.
while it would require rather detailed
analysis IN each case in order to clas-
SHY them, investments selected from
the list may, in our opinion, be con
sidered good. Some preferred stocks
aye safer than many first mortgage
bonds. Extreme care should therefore
be exercised in selecting ones invest
meNts
New-York tribune., 1919-12-28
Associated Pharmacists Inc

Question-As a reader Of your paper I
would like to know about Associated Phar-
macists. Inc. stock. am allowed to buy
only zoo shares. and the salesman Gays ii
Is cooperative stock and has possibilities
to make money lie offers il al SIS a
share, 10 be paid out in four monthly in
stallments- Your advice and early reply
would De appreciated very much. Is it true
that 5000 invested in Rexal Drug Stores
stock fifteen years ago is worth sSl GOO
now ?-S.P.
Answer-Don't buy stock in any con-
Germ on the assumption that because
other companies engaged in the same
line Of business have made big sue
cess the one YOU go into will be equally
fortunate. The Associated Pharmacists.
Inc. is working on the theory that the
people in any community to whom il
has sold stock viii be Instrumental IN
increasing sales of It's products by call
ing for them at the drug store with
which they trade. An inquiry from
your druggist as to how much his sales
Of these products have increased as the
result of purchases made By customers
who own the stock might help you to
Judge better Of its merits
New-York tribune., 1919-12-28
New Curb Market Members

T. R. Mccormick, chairman of the
New York Curb Market Association. an
nounced yesterday that at meeting
Of the board OF representatives the fol
lowing had been elected members OF
the associations:
S. 3. Chaplin. OF S. B. Chaplin ( Co.:
George r. Provost, of Provost Bros. &
Co.; +. T. Richardson of Van Emburgh
& Atterbury: William l.. IIallahan, Of
TAYLOR. Bates & Co; Benjam ".
Loeb. OF Sutro Bros ( Co; Walter II.
sykes ir. Of Post & Flags Adwin A.
Strong. Of Harris, Mlnthrop & CO.
Thomas T. Barr ir.. Of Barr Schmelt-
zer: Philip J. Levi. OF Miller & Co..;
Wallace NJ Waddell, of Q: j. Brand &
Co: Claud W Peters, Of Hayden, stone
e. Co.: Rector X. Fox. at Barbour &
Co.: Burnett r. Ruggles. Of Fahne-
stock & Co., Morton WollmaH; Of W. .; d /:
Wrenn Bros. & Co., and Herbert /. Eos
ter & Co.
New-York tribune., 1919-12-28
City Of Paris Bonds

Question~Will you kindly give me your
opinion OF Boston and Montana. which has
JUST arrived at the production stage? own
300 shares. which have held for a long
time Would you kindly give ME your opin-
ion as to the future OF the company? Also
please advise as to the City of Paris ) per
cent bonds. with bonus feature. They have
been very highly recommended to me but
would preIer your view on them. Please ex-
plain how, If you were fortunate to hold one
drawn with bonus. YOU would be aware OF
the TACT. Are they negotiable r r. w.
Answer--lt would appear that Bos-
ton and Montana should profit By the
more active copper market. This com
pany has started shipment of ore to
The international Smelter at Salt Lake
and returns are expected some time in
January. Development work is being
rushed. Shipments are of high grade
ore The bonds you refer to are the
CITY OF Paris 8 per cents. issue Of 1919
authorized 1.500,OO0O00 francs 500
francs each secured or the general rev
enue of the city and redeemable by
six drawings per annum over a period
of sixty years. The 5 per cent coupon
Will be subject to payment of taxation
IN France, the net revenue being there
fore francs so centimes per 100
francs. There is, In addition, an op-
portunity for enhancement through the
bonus and exchange features. Up to
1921 no bonds are redeemable under
200 per cent OF their face value. After
1921 part of the bonds will be paid off
at par and the balance at par plus.
premiums ranging up to 1000 900
francs. At the October drawing each
year the first number falling out Of
the cylinder containing ell the num-
bers will be redeemed by the city, with
bonus Of 100000 francs. At the re
naming five drawings each year the
first bond drawn viii be redeemed with
bonus OF 100000 francs. Besides
these large bonuses 5000 other bonds
Will be redeemed each year at pre-
miums varying from 1000 francs up
TO 100000 francs. including several
bonuses of 10000 francs. 10000 francs
and 1000 francs The issue was a
great success. All bonds are coupon
and the drawings are published, and
arrangements have been made for their
publication here.
New-York tribune., 1919-12-28
Ajax Oil-MidvaIe Steel
Holding for Back Dividends

Question-Will you kindly inform me if
the government mas signed contract with
the Missouri Pacific Railroad Company COW
erng its yearly rentals. If not, when is ii
expected to be signed? viii this contract.
7vhcn signed allow for dividend on the
preferred stock? I understand that the pre-
ferred stock carried with it dividends cun,u-
lative from July |. 1918. and | am there
fore holding my preferred stock, expecting
to obtain back dividends Would you ad-
wise holding stock for this dividend u G. L.
AnsWer-The Missouri Pacific Rail-
road has not signed a contract with the
government. No indication has been
given when a contract will be signed
But the road does receive 80 per cent
of the standard return based on the
three years to June 80, 1917. This
amount just about covers the per cent
on the preferred stock, but the actual
earnings are far below the standard
return, and it would appear doubtful
If the directors will declare dividends
on the preferred stock under present
conditions. This stock is cumulative
from June 80. 1918, as You state Be
fore the roads were taken over BIZ the
governme ent the preferred stock showed
12.49 per cent earned. SO much de-
pends upon future legislation that the
whole matter is great speculation.
We believe that the roads. in the last
analysis, will get square deal. and
as Missouri Pacific is great system
tie preferred stock would seem to have
possibilities
New-York tribune., 1919-12-28
Pcttjohn Pure Products COMPANY

Question: am interested in the Offering
., -, treasury stock Of the Pettjohn Pure
products Company. Can you give me anv
information regarding this company? Do
r. G. 'N
Answer Lest you might be under
some apprehension, we want to
make the fact clear that this company
mas nothing whatever to do with the
manufacture and sale Of the breakfast
TODD which for many years has been sold
IN package having picture Of a big
grizzly bear on it. 1t does control the
formulas and processes for manufac-
turing. several other cereal products
winch have been developed by the same
man who put the original brand Petit
Ionn brea kfast food on the market
These products. according to Frank S.
Lyon. vice-pre of the company,
are being turned out at the rate of
about 5000 cases day, and the claim
ls made that the company, which
started operations two years ago last
month, now has about $500 active ac
counts Oh its books. The plant at Min
neapolls admittedly is of a temporary
construction and does not represent
much in the way Of assets. The latter
apparently consist principally of for
mulas, good will and prospective earn
ngs IN view Of the fact that the COM
pany is offering its stock at - share.
or double its par value, it would seem
that the stock is in the highly specu-
lativc class
New-York tribune., 1919-12-28
Curb Oil Shares
Give Way Under
Selling Pressure
Si,nms Petroleum and Inter-
national Lose Part of Adj
vance Scored OH FRIDAY

OIL stocks were under pressure on
the Curb yesterday and losses of sew
eiai points We're sustained by some OF
the more active issues, wiping out q
portion of the ground gained on the
swift ascent of Friday.
slmms Petroleum and International
reIfoleum botn sold oil sharply after
early firmness. Island Oil and Transport
was weak on the announcement that
the big we'll which is reported to have
been shut down by order Of the Car
rama government in Mexico is owned
by this company. Houston Oil declined
to 1856.
The industrial list was relatively in
active. General Motors wnen issued
stock was strong. advancing from
"a 2 to SO and closing at 35la. Amer
can Safety Razor held firm around 1712.
Transactions yesterday were as fol
lows:
New-York tribune., 1919-12-28

IN this department The Tribune rciW
throW the light Of such information
az ~ at its command on tho invest-
mont problems of its readers. The
utmost care is used in the compila
ton and presentation Of such in
formation and 1cc beiisvo it TO be de-
pendobte. Bat ,Vc wish especially to
emphdsise to our roodcrs the fact
That ncw Developments of such i'm
portdnce az to greatly change tho
status Of security are constantly
taking place. Therefore, as a mottor
Of self protection, the inrestor should
make IL point to keep in close touch
NTH the affairs of the companies
~hose securities he has purchased
and 'cith general Developments bear
ang upon the ralne of such securities.
Constant 1odtchfulness is the best
odtegudrd the inuestoy can possibly
have.
Questions Of general interest to
'nvestors cW be answersd IL this
col!mn, an achick case onlu initials
1cW be used. Others wW be uu-
scered By mail. Address all in
qn'r1es, inclosing stamped, od
drcsscd enueiope to Finoneiai Editor.
!he Tribune, I54 Nassou Street, Neao
York City.
New-York tribune., 1919-12-28
Not Up to Old Form

Qucstion-Pleasc give me your oninion %
american Telephone and Telegraph and
Pullman Company stocks at present prices
for an I'M Nesiment. From back record thev
have been good dividend paying stocks and
prices seem very low. compared with pss-
quotations and in comparison 20 other
stocks Is there any reason Why they are
not as high as others? Or any reason whv
they should no. continue to be good div
dend payers and eventually rise TO their old
quotations e. c
Answer - American Telephone and
Telegraph stock showed 9.97 per cent
earned for 1918 For the first eight
months Of 1919 operating income. after
taxes. showed an increase over 1918 for
the like period OF about $500 600.
The company has done considerable
financing of late, but officers have
stated that the company viii probabl,
be able to maintain present dividends.
ne margin IS not very substantial.
however Pullman Company for 1919
earned So per cent on its stock. The
contract signed with the government
IS equal TO 9.6 per cent or the Sl2O.-
100000 stock. Its manufacturing busi-
ness is said 70 be duh at present. You
must remember thac there Is a con-
siderable change in the condition Of
the money market. Money Is high and
stocks must return more than they did
Formerly
New-York tribune., 1919-12-28
Odd-Lot Dealers

Question An uaintance gave orde-
10 il commission broke Sell - S P
ll2i." 1t opened Il 800 a. li2i.-1oo
at lI2..." Is The customer Quilted by Ia So
Stock Exchange rules customs prece-
dellts or ethics to 1elna ;id i5pori AT ll9i. %
Or is il true that odd lot specialists have
become powerful that they are law
unto themselves and can either report or
not report any trade. they please basing
their decision upon the short o. long '.pSi-
ton Of their sheets at the moment There
are possibly several millions Of bona ide
odd-lot investors in the country who would
welcome An outside. impartial verdict such
as tn" independent Tribune can render.
H. Y.
Answer-Much depends upon the ma
ture of the opening Of a stock. If the
opening is wild the odd lot brokers fro
quently will not put stock in or take
stock on the basis of 100 shares sold
III an excited market The Stock Ex-
change has no rules regarding odd lot
brokers. They are in reality rot brok-
ers az all; they are dealers. They
charge no commission. but buy from
and sell to brokers' Each odd iot
house makes It's own terms upon WHICH
it will trade. The Stock Exchange has
nothing to do with it. The brokerage
house which accepted the order to sell
% shares of Southern Pacific should
take the matter up with the house to
which they gave the order and ascer-
tam what the circumstances were.
New-York tribune., 1919-12-28
Investment Information

interest Of these issuss7 Which Issue would
you prefer are both equal in Investment
value? DO you consider that either has any
investmen value7 If SO, would you con-
slider the risk greater than the average Of
speculative oil stocks B M. +.
Answor-The Russian 5ls and Ga
per cent bonds were issued by the I'm
pcrial government. This government
no longer exists, and the present gov
ernment has repudated these issues.
If stable form Of government is es-
tablished in Russia, one friendly to the
Allied powers, an attempt might be
made to pay these loans, secured in a
friendly country. The principal of the
two issues amounts to s75,0O0,oOO. TIE
only hope. therefore is that the pres
ent government will be overthrown and
substantial, though possibly less
"modern.' form Of government cstab-
lished There is little choice between
the two issues. We should say that
the riskss no greater than in purchas-
ing many oil stocks.
New-York tribune., 1919-12-28
Much Interested in Stocks

Questioa.I notice that in all comments
on the railroad stuato. 1t IS conceded that
II Congress enacts favorable legis a ton the
railroads viii benefit. Is it not 50 that
great many OF tue railroads are not earning
their dividends. but through governmental
control their dividend, are guaranteed? If
this L. 50 Will it not be that when they as
sume their own management they will BE
handicapped until their earning power is in
creased presume this means the spending
OF large amount' OF money, with corre-
spending decrease in the price of the stock
al least for the time being. Would you
kindly advise what two railroads would be
good buys from conservative standpoint >
Do you presume the coppcrs have discounted
the situation that is existing at the present
time Would it be a good thing to buy
copper stocks now for long pull? II So
would you mention al least two? Is Wabash
common too speculative for any comment :?
Is City Service preferred good investment
Is Coca-Cola a good speculation W L. r
Answer.-Most Of the railroads OF
the country are failing at the present
time to earn their dividends The gov
ernment does not guarantee dividends
in any case. It took a three-year aver
age of net earnings and was willing to
sign contracts with the various roads
on that basis. The payment of divi-
dends rests entirely with the various
boards OF directors. Undoubtedly large
sums o. money will have TO be spent BY
the carriers, and the only way in
which funds can be secured is tc dem
onstrate. by legislation and the grant
ing of increased freight rates, that the
policy of the government is to give the
roads square deal. Then the securi-
ties OF railroad companies will in all
probability become more attractive
than at present Union Pacific, Chesa-
peake & Ohio Southern Pacific and
Atchison are a. present earning more
than. or nearly as much as. the govern
men% guarantee. Pcro Marquette is
earning more and. having been recently
reorsanized may prove to be a system
kaf H. lt01.lc, Ia. -:
New-York tribune., 1919-12-28
Pierce-Arrow Common

Question have several shares of Pierce
Arrow common, which ] purchased around
500. While know that same is more or less
speculative. would like any information re-
gardinS present earnings and future pros
rccts. or, In fact. any information you have
at your disposal.-W. j.
Answer Current carV nss of Pierce
Arrow are running at tse rate Of about
$50 on the common stsck. The COM
nany's prospects appear promising. al
though there has been so much specu-
lation in the stock that it probably has
been selling above its real value Sew
eral stories were current regarding
buying for control which may have ac-
counted for the bidding up Of the stock
although nothing eventuated in that re-
sDect
New-York tribune., 1919-12-28
Great Northern Ore Certificates

Question-Wid Won kindly give vour
opinion or some information regarding
Great Northern Ore certificates r. w \
Answer-The Great Northern iron
ore properties are in effect A trust. re
sulting from the consolidation Of vari-
Gus iron ore properties and other lands
by virtue of resolutions adopted By the
directors Of the Great Northern Rail
way and approved by It's stockholders
Certain properties we're turned over TO
trustee These properties. the stocks y
which are held by the trustees. control
by ownership or lease 65.091 acres Of
land IN the Ncsaha IRON and orc dis
trlct IN Minnesota. estimated at the
creation OF the trust 10 contain about
ooo.o .000 tons OF ore There were
issued on December +. 1905. 800. 900
shares. OF no par value to holders %
stock of the Great Nohtrern Rail
way, on the basis of one certificate
for each share of Great Northern stock.
In August, 1907. lease was made with
the Great Western Mining Company,
guaranteed by the United States Steel
Corporation. covering 80 ,295 acres. On
January |. 1915. however. this lea So was
terminated. The amount Of income
available for the certificates in l9iS
was S4.522, ,503 the largest amount IN
many years. However. on account o.
the large surplus available 81 ooo .oop
was actually distributed. the total sur
plus al the end Of that year being
S602 27s. There is 10 stated dividend
policy. Earnings from ore land leases.
practically the only source Of income,
are estimated 70 be safficent to pay 81.
snare annually on the certificates.
Large sums have been spent in devcl-
opment work, aud the propcrty IN con-
sequence is SAID TO be in good shane
The ore reserves are carYiea at S74.i70.-
sos said TO be conservative The Ger
tihcates apparently offer good specu-
iation al this time
New-York tribune., 1919-12-28
Picks Oat Speculative Issues

'9nestion-l wul b. seea'ly obliged il you
MI give me yoe4 opinion of The value and
prospects Of the following stocks: ~ In
,pIration Copper. - American Locomotive.
90 American Car and Foundry. % Mid
Naie steel Would iitiie money divided
among these stocks ze Il good and reason
ably safe investmen, a X f
Answer-W We do not think the stocks
YOU have chosen represent the kind os
investment you are seeking. The div
aends are subject to change in accord
ance with the earning power of the
companies or with the ideas and views
OF their directors. All are speculative
N varying degrees. American Car and
Foundry has always been a we'll man
aged, conservative corporation. bus
even IN that case the common stock
should not be classed as d sound in-
Ncs'ment' though tho preferred an
pears 20 Dc IN shat class. The othc-
renpan.o arc morc no~tlative All
hll' far ~et1fe - p~.ran, l. -
''FN "a as'la';'e .hs' no ire~,..e -, !,
lacking
New-York tribune., 1919-12-28
Republic Rubber CORPORATION

Question own 000 shares Of Rcpublic
Rubber stock d; ss4. l have of late not
been able to get any information about this
company. and would inquire whether YOU can
give me your opinion TO the ssibities
Of this concern.-E T.. X.
Answer-It seems best to wait until
the Republic Rubber Corporation issues
an income statement covering opera
tions for the year now drawing TO d
close before trying to form any opinion
regarding the common stock The com
pany is said to have done better this
year. but whether dividend pros poets
for common stockholders have bright
ened any cannot be determined al this
time
New-York tribune., 1919-12-28
Financial Items

Coal and Iron National Bank mas beer
s,,ooIntad transfer agent and registrar OF
ne stock q, the Columbian Emerald syn
d.ca,e. Ltd.
T q Hofter formerly associated with
he Humble Oil and Refining COMPANY
has been elected president OF the fehs
land oil Company,
IL II. Galineer K Co. have opened an
unlisted securities department 70 deal IN
stocks bonds and notes. J. II Dickinson
VIII b. associated with the hrin
William Constable and Kenneth l..
Fleming have formed the firm OF Con
sta ble & Fleming, with offices at ~ Broa q
way 10 conduct general brokerage ous1-
ness in investment securities
New-York tribune., 1919-12-28
National Railroad of Mexico

Que ston-k indy give your opinion on
The advl'ahity 81 investing at the present
time In National Railroad Of Mexico second
preferred. y X
Answer SO much uncertainty exists
regarding Mexico that to comment upon
the prospects of the second preferred
stock of the National Railroad would
be unNise. Many people purchase Sc
curlties when the price appears to re-
feet the worst condition Of Il company
on the theory that the worst is known
and has been discounted For that rea-
son only does there appear to be any
basis for the purchase OF National
Railroad stock
New-York tribune., 1919-12-28
Trinity Oil Corporatlon

Question-The writer would like your opin-
ION of the Trinity Oil Corporation. of For
Worth lex. whose stock Is now being traded
on the New York Curb at 81 AS am re
quested to buy same.-J. 4. II.
Answer-The Trinity OIL Corporation
- recent organizat and it is there
fore difficult to give you much of an
idea of its prospects In purchasing
the average OIL stock you are in for a
speculation and we cannot advise you.
New-York tribune., 1919-12-28
nswer- Much depends upon the na-
Allied Oil

Ques tionI have a lot OF Allied Oil stock
ton New York Curb. bought at slo5 a
share. The stock is now selling around 80
cents share What is your opinion of this
stock u. A. W.
Answer-It is very difficult to give an
opinion on the average oil company.
The Allied Oil Company stock was floai-
cd at time when speculation in oils
WAS rife. and many who purchased il at
high figures now desire to know what
its prospects arr. Amos AL coinranise
engaged exclusively in thc product ior
Of oil are very speculative. This COM
pany ss no exception. It's prospects are