davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-11-21
Will Take Profit In Bonds

Ouestion--Last spring. through informa-
ton obtained from your column. l bought
tho following bonds. $1,000 each: Atchison.
Northwestern general 49, Chicago. Milwau-
kee &. St. Paul general 4s Series A. Illinois
Central general 4s 1852 and Louisville &
Nashville unified As. Tho above five bonds
cost $3.445 and are worth now about
$4,000. In about two or three weeks I
expect to have $4,000 moro to Invest. and
as have moved to Connecticut, whero
bonds arc taxable / thought 1t would DO
advisable 20 sell tho bonds and invest in
preferred stocks yielding a fair return. I
would liko a list Of such stooks that arc
reasonably safe-H. r. A.
Answer-There arc many sound is
sues of preferred stocks whose divi-
dend records have been long and un-
broken. We believe they are safe for
your purposes. Among them are
United States Steel per cent pre-
ferred, Standard OIL Of New jersey 7
per cent preferred, National Biscuit 7
per cent preferred, American Tobacco
s per cent preferred, American Car &
Foundry 7 per cent preferred, Atchison,
Topeka & Santa Fe per cent pre-
ferred, Union Pacific 4 per cent pre-
ferred, and Norfolk & Western 4 per
cent preferred.
New-York tribune., 1920-11-21
Denver K Rio Grande's Status

Question-Please inform mo concerning
the Denver g. Rio Grande Railroad az to
!ndebtcdncss. stock issues. operating con-
dltons chances for Improvement otc. Aro
common stock holders liable for any tud z.
menta or indebtedness OF tho company
r. L. NJ
Answer-The Denver & Rio Crande
Railroad owns 2,484 miles of lines and
with leases, joint lines, etc., it operates
altogether 1904 miles. 1t has out
standing total bonds Of SPLITS 800
S49779,800 preferred and $4,000 900
common stocks. On January 25, 1918,
receivers were appointed. but they had
no Jurisdiction over operations during
Federal control. On March I the man
agement of the property reverted to
the receiver For 1919 there was
deficit Of $2,G90,577. During 1920 there
mas been Improvement In earnings, and
the new rates should do much to place
the rond on good basis. The road
has been ordered sold to satisfy a
Judgment Of some 100000 on ac-
count OF guaranty Of Western Pacific
bonds. A stockholdcrs' protective com
mittcc is fighting to block the sale
Stockholders are not liable for any
judgment, but the judgment is a prior
claim to whatever equity the stock
holders may have. II the rond il rcor.
ganizcd the stockholders may be as-
scssed, or II the road Is sold to the
Western Pacific Railway thnt company
may consoldnte the lines. At tho
present time ve see very little. if anv-
thing, for tho stockholders.
New-York tribune., 1920-11-21
Favors Long Term Foreign Issues

Kindly give mo your opinion
or tho Danish government loan OF 1A26
per cent Also tell me what you think of
tne following railroad stocks: Seaboard Air
Lane common. w abaSh common Baltimore
& Ohio preferred. What would you suggest
as the best investment in foreign honds
Tor iong-term Investment? IF X L.
Answer-You probably refer to the
Denmark 8 per cent bonds duo 1s45,
recently foated here. Denmark has
always enjoyed good credit and her
people are noted for their thrift. We
know of no reason at present why the
ronds are not safe investment. The
three railroad common stocks you men
zion are highly speculative. Dividends
are far away, we think. Much depends
upon the operation Of the roads. Bal
timore & Ohio preferred stock, while
still paying per cent, Is not a good
investment issue in our opinion. 1t
remains to be seen how the road will
manage under the new act. During
government control It operated badly,
and lost considerable money for the
government. Just what caused this
condition we cannot say, but there
.nust be great improvement before the
preferred stock can be taken out Of
the speculative class. We regard the
5h per cent external loans Of the
United Kingdom, due 1929 and 1887, as
the best foreign bonds for investment.
New-York tribune., 1920-11-21
Indian Earnings Statement Lacking

Question: hold seventy-flve shares Of
indian Packing Company. This stock Is
falling off considerably. I hear rumors
that It Is not a paying proposition. Could
companys neutrality-suspicious. 1t Is in busl-
ness and whether II Ia worth while to hold
on to my stock? Can such stock be
wiped out II tho company remains in
business IS. 9.
Answer 49, We are informed by the
firm which first offered stock in the
Indian Packing Company that thers
has been no statement Of earnings
published by the company Of late, that
during the past summer, earnings fell
off somewhat, but that some recovery
has set in since that time. The Arm
also states that the company secured
some foreign contracts, among them
ono in China, which appeared to be n
valuable one. But when the exchange
situation became 30 depressed, this
business was not consummated. The
company, we are informed, Is doing
business, and while IL Is not exactly
flush" there appears to be no reason
to believe that it is not in fair shape.
The directors deferred the usual quar-
terly dividend of rs cents share in
October, believing it best to conserve
cash. We cannot attempt to advise you
what should be done with your stock.
1t may be that present prices have
somewhat discounted the situation. So
long as the company remains In busi-
ness under the present organization
your stock represents part ownership
in the business.
New-York tribune., 1920-11-21
Curb Tone Steady
AS Pressure Lifts
In Quiet Session
Business Smaller Than Usual,
Except in a Few Issues,
and Professional Element
Shows q Desire to Cover

A steadier tone prevailed on the curb
market yesterday as professionals be-
gan to cover short commitments and
pressure on several active issues lifted.
Except for a few stocks which were
sold rather freely, the list held up
we'll and business was smaller than
usual.
Industrials gathered strength as
shorts covered. and General Asphalt
moved up slightly aftez an early re-
action. Others in the list were steady.
Ryan Consolidated was stronger and
advanced to liz on covering by shorts
Other oils were fairly Arm, but price
changes were small.
Bonds were fairly active and vtrtu-
ally unchanged, with the exception OF
Sears-Roebuck one-year notes, which
sold off to SO, later rallying to 9b. Ihe
two-year and three-year notes also
were weaker and closed at ga, up. a
point from the lowest, but Oft a point
for the day.
New-York tribune., 1920-11-21
Security Of B. & 0. 81 Of 1898

Question-Pleaso give me your opinion
on on baltimore l,h & Ohio rstundinx and gen
follows these bonds and why are they SELL
Ing so low7 Are they wel securedY Do
you consider them safe for an Investment 7
C. X.
Answe Baltimore & Ohio refund
ing and general per cent and per
cent bonds are an issue authorized in
1916 to care for future financing of the
company. At present there are out
standing $60,000.000 5 per cent bonds;
pledged to secure per cent notes, $15,-
100000 6 per cent bonds; rese we'd for
prior liens, 100000; reserved to
retire convertible Az per cent bonds,
$63,260.0O0( and reserved for exten-
sions. s21o.652,4 400. The Issue Is
convcrticles of 1888 on practically tho
entire property, comprising 4,508 miles
of first track, equipment, terminals and
securities, as follows: First lien on
36.12 miles, first collateral linen on
110.20 miles, second lien on 422.35
miles, second collate al linen on
1,54994 miles, third lien on 1866
miles, third collateral lien on 545.61
miles, fourth lien on 309.03 miles. fifth
lien on 1924 miles, fifth collateral
lien on SAT miles and by pledge of GER
tain securities. The prior liens amount
to $280.327 1905. There are no junior
liens. The Baltimore & Ohio has op-
Grated badly for two years past For
that reason the securities Of tho COM
pany have declined considerably. us
do not regard the bond as Of rood
grade. Much depends upon tho roads
operation in the future. In other
words, the bond is 80 placed that It Is
sensitive to earnings.
New-York tribune., 1920-11-21
Has Paper Loss in Chinese Bonds

Quertion--I hold one 1900 Chinese Gov.
ernment Railway bond. ratio por cont:
bought this bond years ago NJ s9X
These bonds arc being sold around AN
and 49, They are quite active. VIII you
kindly advise mo. in order that may oven
up on tho bond I bought for ssH. whether
1t would DO a good plan to buy $1,000
exchange ratos ever como back to normal.
would like to know what rate Of inter-
est they return At tho present rate OF OK
change?-R. +. p.
Answer-The Chinese per cont
bonds are, of course, Influenced by the
course Of sterling exchange. The
Chinese people enjoy a very remark
able reputation for honesty and in
tegrity. We know of no reason why
the bonds are not safe At recent
prices, about 43, the yield, based upon
sterling at 1896, would be- shout 7.s
per cent. We regard the bond as .
very good speculative investment
New-York tribune., 1920-11-21
His List Is Pretty Speculative

Qucstion--Kindly advise me on the fol-
lowing stocks for speculation: Indian Pack
Ing Company. WHY'S Overland common.
Freeport Texas. United States Retail
Candy. American Safety Razor. United
States steamship.-J. a. s.
Answer-The Tribune makes no at
tempt to advise regarding speculation.
The stocks you mention are about as
speculative MS one could find. With tho
exception Of the WHY'S Overland Com
pany all were organized during the
war, when speculation was at its
height. All have fallen many points
since. We do not imply that there
may not be considerable value to these
issues. But whether they are pur-
chases at present levels Is a matter
for each one to decide for himself.
New-York tribune., 1920-11-21
Loew's Prosperous, but Stock Ia snrcn
latiya

0uestion-wlll you please five mo vour
Gpo Gplnion as to tho desirability Of Lows,
~. common stock. which l Understand i,
pr cent? Also. do you consi'cr the dr,t
ana inx fv1d frs11nang ans mnorssage ~ per cent sink
icy Railway. Light and Power Comn.nv :.
n'sh grade investment7-T. A. Men.
Answer-Loew's stock is being Of
fered at $22 share, but it also can be
purchased in the market for less than
that. The company has done we'll since
organization, but we regard tho stock
as speculative because it is so sensitive
TO earnings and other developments
The amount available for interest
charges is not sufficient to entitle the
nlKanses nd1uan as valley Railway, Light and
1t is our opinion, however, that such
companies futures arc brighter than
their recent pasts.
New-York tribune., 1920-11-21
Better Hold Steel Preferred

Question-W Would you advise changing from
united States Steel preferred at los. pay.
ing Per cent. to Columbia Graphophon1o Sons
~ ss bonds 1925 at se; 3. F. Goodrich con-
aatsd q; 20 ns ls2s, at 81; Or solvay S. 1927.
safe as regards the principal?-H ". II.
Answer United States Stee! pre-
t.erred stock is good investment
issue. Tho corporation has been a
large earner and a great amount of
money has been placed back into the
property, thus strengthening the posi-
ton Of the preferred stock This issue
has a long unbroken dividend record.
We regard 1t as better investmen mt
than any of the bonds you name, for
while tho latter are well enough Sc
cured at present, they are securities
Of companies whose businesses are not
80 diversified as the Steel Corpora
tion's. Nor do these bonds command
as good market as United States
Steel preferred. We believe you would
do we'll to hold your stock.
New-York tribune., 1920-11-21
Preferred stoekholder Needn't Worry

Question: own ten shares OF Gulf
States Steel nrst preferred and also ten
shares Of Worthington Pump and Machin-
cry Company Preferred A. bought during
January. 1920. You know that tho mark OF
price to-day Is much lower. Wil you
kindly notify mo II you consider tho above
good Investment. also whether you ad :
wise to sell those shares at tho present
market prioe and retnvest In better socuri-
tios I'll. 8. =.
Answer-While tho price Of Gulf
States Steel first preferred and Worth
ington Pump and Machinery preferred
A have declined during the last few
months we do not regard tho decline
as alarming. for practically all pre-
ferred stocks of manufacturing com
panes have gone down in price. The
Gulf States Steel Company has or'v
$2,ooo,0o0 Of first preferred stock and
earnings are ample to care for divi-
dcnda on this issue at present The
samo Is true Of Worthington. We see
no reason for selling thcse Issues at
present prices.
New-York tribune., 1920-11-21
Worried Over N. Y. Renltv Ovr.rs

ouest'on--i should esteem the favor of q
report on the New York p,altv Owr.-.,
company. now in tho hands OF a receiver
! nnm nHye n some income bonds in said company
a." ,,n' 'AVc oecn unable to Kot any lnformn-
cerninE the disposal OF tho property. a
iarE" na, trAct nd Joining tho Empire rscetrack
you can tell Inc OF tho status of the nro.
credingn and whether you think there is n
chhnca to save anything out OF tho wreck
=. II. w. '"''i '"u
Answer-We have had several IN.
quiries regarding the securitio. ~ n.
New York Realty Owncrs Comnanv
we cnn obtain no information. If Won
Will write to Job +. Hedges. lGb Broad.
way ho may be abls to help you.
New-York tribune., 1920-11-21
Union Bag and Paper Earnings Good

Union Bag and Paper Earnings Good
Question-Please express an opinion of
Union Bag and Paper. What is the lowest
present dividend likoy to be maintained :?
w. u. w.
Answer-The Union Bag and Papcr
Corporation was formed In August,
1916, as q result Of a reorganizati Of
the Union Bag and Paper Company.
This reorganization was very drastic,
the exchange of stock being as follows:
Eight-elevenths of one share Of new
stock for each share Of old preferred
and one-eighth Of one share of new
stock for each share Of old common
stock The present capitalization is
S15,0O0,00O, par $100. The corporation
has shown very good earnings since re-
organization ranging from 24.04 per
cent in 1917 to 1906 per cent in 1919.
1t was estimated in August that earn
ings for 1920 were running at the rate
of about 20 per cent. The stock pays
8 per cent. We regard it AS somewhat
speculative because it is sensitive to
earnings. We cannot attempt to fore
cast the dividend policy. Many indus
trial companies which showed very sub
stantial earnings during the summer
have been affected by price defiston to
very large extent The lowest price
for the stock was 59as, in 1917 That
year the company paid 10 per cent.
New-York tribune., 1920-11-21
1920 French Loan Is Perpetual

Question: bought two 1.ooo-frarc per
cent go bonds. I notice the par value is
not stated. Attached are five coupons.
'Trcnte francs" What does 1t mean? e?
Are they temporary certificates to be held
until bonds are ready? Can hold coupons
until the exchange ratio rises? AFRO they
subject to French taxes7 DO you think
these 1000 francs Will DO worth moro than
5000 marks?-W. II. I.
Answer-The par value Of French
government bonds Is never stated. This
value is computed by the amount Of the
rente (intcrest). What the bond says,
translated, is: "The holder of this GER
tificate, entirely free, has the right to
an income of so francs, exempt from
taxes, arising out of his subscription
in the issue made in virtue of the law
of August 2, 1920" The bonds are
temporary pending the issue of defn-
tive bonds. The loan is perpetual, but
is redeemablc ut the governments op-
ton, wholly or by series, on and after
January l, 1881. The French govern
ment may outlaw coupons after five
years. The bonds are free Of all pres
ent or future French taxes. We can
not attempt to forecast tho price of
exchange.
New-York tribune., 1920-11-21
Railway Steel Spring Preferred

Question-Among the Preferred stock1
which you recommend for Investment YOU
do not mention Railway Steel Spring pro-
ferred. May l ask II you do not consder
this a nrst olass stock a.
Answer-We regard Railway Steel
Spring preferred as q good investment.
The company has no funded debt and
earnings have been ample for con-
siderable time past to care for pro-
ferrod dividends and lsavs a substan-
tial surplus.
New-York tribune., 1920-11-21
Registered and Unregistered Bond.

Question-I have purchased tho follow
1890; $1,000 Bethlehem Steel Is. 1855:
81 900 Kingdom of Norway per cent, 1870.
$1,000 Bell Telephone of Pennsylvania. I
way OF Canada. per cent. 1910; ten shares
Standard OIL of New Jersey preferred 7
per cent. Arc tho above bonds and
stocks a good. sound. safe investment for
a man Of ATTY four years for Si'u future uPe
income that he doesn't have to worry over
l have about $4,000 more In cash. all of
to invest at better than per cent in the
savings bank. Would you advise s. w.
Straus bonds7 In your judgment Is 1t
better to have bond registered, for a
1t easier in OF death to have them
transferred or assigned If registered or
not registered7 The ten Standard Oh
shares were refused registration.-O. g.
Answer-Your investments are good
ones, in your opinion. We know Of no
for anxiety. The Straus Company ad-
vertises that it has not lost dollar
Of its investors money in over thirty
eight years. This is a good record
You might also consider the per cent
bonds issued by the Realty Associates
Investment Company, Of New York
These bonds are secured on New York
City improved property and are guar
anteed by the company. If bonds are
registered they are in safer form, but
they are not so easily negotiable. If
to be transferred after the death of
the holder they would have to be ac-
companicd by certified copy of the
will, together with surrogate's GER
tihcate of the executors appointment
We do not understand why the Stand
ard Oil stock should have been refused
registration in your name. All stocks
should be registered in the owners
name, particularly if the stock pays
dividends.
New-York tribune., 1920-11-21
Has $3.50 to Trade With

ousst'on--I have $3.50 10 invest in some
Vood rsHable stock AFRO Oenerai Motor
common ana I-cew's stock good
bpyr AIso nams a good reliable broker
who're can trsde.--A. i. H.
Answer-We do not advise tho pur-
chase oY General Motors common stock
nor OF Locw's stock for investment
both are sensitive TO earnings, and
therofore spcculatiye. II is far better,
II you desire 20 have your funds placed
in sound securities, To purchase only
good bond. and sea.oncd preferred
stocks. We mention them nearly every
DAY In This column. Connult any broh
srage frm Advertising in Tho Tribune.
New-York tribune., 1920-11-21
Would Scatter His Holdings

Question: have about 50, 900 In Liberty
bonds. and would like TO invest In securi-
ties that would pay higher rate OF In
terest. l note that you recommend Cana
dian National Railway Equipment 7 per
cent 1895. This interests me, but dislike tc
put all OF my egSs In ono basket. Are
there other securities equally good =
NJ p. r.
Answer-There are many good issues
of bonds and stocks ut present yield
ing between and per cent Besides
the Canadian National Railways equip
ment there are Bell Telephone of Penn
sylvania, per cent. 1915; General Elec-
trio dcbenture 6 per cent, 1910; New
York Telephone Az per cent, 1889. and
Illinois Steel AZ per cent, 1910, guar
antecd by the United States Steel Cor
poration.
New-York tribune., 1920-11-21

tember totaled 595,5ss square feet,
compared with 5,553,871 pounds IN sep.
tember of 1919 Exports for the hrss
nine months amounted to l4,l5oSo4
square feet, against 39,9l1 ,o2S square
feet for the same period Of the precsa'
ing year.
For September goat and kid lssths'
exports showed 3,6l2,143 square leeH
against 1851 ,O92 square feet for th'
same month in 1919. Exports Tor .ns :ns
nine months aggregated l52ososss
square feet, compared with 7S,oou,o.o
square feet for the Corresponding
period of the previous year.
New-York tribune., 1920-11-21
Montreal
Exports of Leather
Show BIG DroD

Exports Of leather have shown con-
siderable decrease, according to tho
United States Department Of Com
merce. Sole leather exported in Sep
tembcr totaled 1.54t, 500 pounds, com
pared with 10,211.5l pounds for the
same month OF 1919. For the frst nine
months of this year the exports
amounted to 19,654,730 pounds, against
!o' ,223,612 pounds for the correspond
ing period of the previous year.
CALI and kip leather exports in Ssp-
New-York tribune., 1920-11-21
Investment Information

Qxestsens Of 0ene,'ui interest to in-
vestors aItI Do answered in th1s csk
wnn, IN Ehich case only initials scill
30 used. Others will be ansDered BY
moi!. Address all inquiries, incles.
ino q stamped, addressed envelope, 10
Financial Editor, Tho Tribune, isI
Nassau Street, New York City.
New-York tribune., 1920-11-21
Wonders Why Stocks Don't Go Up

ouestion--since purchased WHY'S
Overland and Sweets Company stock in
May. at about SEQ and 81. respectively,
DO you think l should sell. or buy more to
even up1-F. j. B.
Answer-You probably purchased
your stocks when speculation was rife.
Since that time co4ditions have changed.
Instead of q period of imitation with
accompanying large profits we are now
passing through a period of dcAation
with decreasing profits. Candy COM
panes we're very popular and new con-
Germs found ready market for their
securities. Many of them found them
selves tied up with sugar and other
commodities at high prices. Profits in
many instances lave fallen off. There
may, of course, be a point at which
such stocks will be a good speculative
purchase again. When, we cannot say.
Unless you believe in your companies.
however, we do not believe in averae-
ing just for the sake of averaging.
New-York tribune., 1920-11-21
Has Profit in Southern Pacific Bonds

Question control $4,000 Southern Pa
cine convertible 6 per cent bonds bought
over two years ago at about %. Noticing
.he recent substantial rise in this security.
please advise me II 1t would be advisa bi .
to Immediately convert these bonds into
stock, or does my continuing holding them
20 any way jeopardize my rights or any
benefits that may accrue or be secured by
40 doing9 In other words. would it be the
best policy to convert them or hold them
or would you advise my selling them and
takdng the profit I have In them Of about
Sboo7 I bought them strictly for invest
.nent, but either plan would be aocepta Bile
to mc.-E B. W.
Answer-Southern Pacific convertible
5 per cent bonds are now about as
speculative as the capital stock. The
uncertainty OF the value Of the com
nany's assets to be distributed among
stockholders causes these two issues to
tuctuate over a very wide range. You
have the privilege Of conversion up to
June l., 1924. Tho whole affair is SO
uncertain that We cannot attempt to
advise you.