New-York tribune., 1919-10-07

would be in event of city taking
over property, we are unable to de-
termine. 1t would seem, however. that
the situation has been rather we'll dis
counted. Same may be said regarding
most railroad bonds. But there would
appear to be no particular reason to
sell them at this level, unless you
found you could increase your income
by buying, say, highgradc preferred in
dustrial stocks. Tobacco Products Ex-
port stock naturally fluctuates with
general market. Company anticipates
considerable expansion, and outlook
would appear favorable, but we cannot
advise you regarding your holdings.
Question: Am considering invest
ment IN stock of OklahomaTex Oil
Company. Would be obliged for any
of stock and holdings Of this company.
They claim their Oklahoma lease is
producing OLA. J. F.
Answer: Oklahoma-Texas Producing
and Refining Company was incor.
porated in 1917. Property consists of
acreage in Oklahoma, Kansas and
Texas, said to amount to 10,343 acres.
Company recently acquired Tulsa
Union Oil Company, which added SIS
acres. Production as of May, 1919,
was estimated at about 5000 barrels a
month in addition to an output of gas.
Prairie Oil and Gas Company takes its
production. Authorized stock is
S5,oGO,O00, par $100. outstanding
$500, 137: Company is reported to be
paying per cent month. initial pay
ment being made January 2, 1919. We
have no financial statement. Oil stocks
ments.
Question: Give me your opinion
about stock of Continental Insurance
Company. Is it good investment. or a
speculation. PF.
Answer: Continental Insurance Com
pany has $1o,000,00O stock outstanding,
par value $25. Company pays 20 per
cent, and stock sells at about SIS per
share or 800 percent. In way fire
insurance company stock is spccula-
tlon; OF course, but this company is
large one, and as a rule the shares are
held by well-to-do people.
Question: Kindly advise, if in your
opinion, Consolidated Gas Company of
New York per cent convertible bon..s
are an absolutely safe investment.
+. N. r.
Answer: Consolidated Gas convcrti-
bic per cent debentures, due February
l, 1871, are not secured by mortgage of
any sort. They should not be consid-
cred an absolutely safe investment
Question:: Do you consider the fol-
Lowing good investments for a retired
professional man: Eight Cleveland
,p 1u @
per cent first mortgage gold bonds,
due April /, 1889; three Union Electric
Light and Power Company $1,000 per
cent rcfunding and extension gold
bonds, due 1888; twelve Laclede Gas
Light Company 1000 per cent re-
funding and extension mortgage bonds,
due April 1. 1884; eight Virginia and
Southwestern Railroad $1,000 5 per
cent fifty-year gold bonds, first consol-
dated mortgage, due April /, 1858? Or
would You recommend an exchange of
either Of these securities {? D. A. 7.
Answer: Bonds mentioned have all
declined in vlue during last few years.
But all bonds have done this, SO your
in this respect. Cleveland Electric
Illuminating bonds are best of the lot,
being first mortgage of company whose
earnings are good. Others are Junior
liens, but there is no reason at present
to doubt their integrity. Public inter
est in corporation bonds is at low
ebb, and it appears that prices have
pretty we'll discounted general situa-
tion. However, we'll secured preferred
industrial stocks in some instances
offer attractive yields at present prices,
these is United States Steel preferred,
United States Rubber first preferred,
Railway Steel Springs preferred and
Virginia Carolina Chemical preferred.
Questions: AS investments at pre-
sent prices, what do you think Of the
following: American Agriculture Chem
lcal preferred, American Can preferred,
American Woolen preferred, Bethlehem
Steel per cent preferred, Chicago
Rock Island & Pacific per cent pre-
ferred, General Motors per cent deb
cnture, Railway Steel Springs, pre-
ferrcd, Republic Iron & Steel pre-
fcrred, Virginia Chemical preferred,
these in order Of your preference on
the principle of safety first WIN.
Answer: All preferred stocks men,
toned in your letter. with exception Of
Rock Island = per cent preferred may
be considered good investments, and
with exception Of American Can, pay
dividends on common shares. We
would list them as follows: Railway
Steel Spring preferred, American Agri-
cultural preferred, Virginia Carolina
preferred, American Wooden preferred,
Republic lrcn preferred, American Can
preferred, General Motors preferred,
Betiehem Steel pev cent preferred.
WHY'S Overland preferred, Chicago
Rock Island per cent preferred. Rock
Island has not declared its dividend on
the preferred stock as they have not
accepted Government contract, and Dir
ector General of Railroads would not
permit it, although the amount of stan
dard return, $l6,000,0O0 is sufficient to
pay all fixed charges, dividends on both
preferred issues ard 2 per cent on COM
mon stock.
Question: Tavc been advised to buv
stock at par S100 of Lawrence petro-
leum Company, of Tulsa, Oklahoma.
Transfer agents are the Registrar 4
Transfer Company, Of 1870 broadway.
Please tell me if this is a reliable CON
Germ, and would you consider it II safe
investment ;also what of Marland Re-
fning Company? p.
Answer: We have no record Of 81
Lawrence Petroleum Company. Mary
land Refining Company owns n modern
refinery with daily capacity of $500
barrels, two casing head gas plants with
VsAott.,