davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-10-31
Evening Up Sales
Feature Trading
On Outside Market
Bonds Continue Heavy
Turnover and Standard
Oil of Indiana Again At
tracts Some Attention

On the curb market yesterday the
business represented mainly the even
ing-up operations of the professional
traders dominating the market
Some of the erstwhile favorites were
more or less neglected. Generally
speaking, the outside market display
a fair degree OF frmness. with no spe-
cial features. There was active sell
ing of Marland Refining, which fell to
8 at the close.
The bond market continued 80 show
a heavy turnover The greatest inter
est appeared to be in the foreign gov
ernment issues The Kingdom Of Nor
way So closed at 101.
Trading occurred in Standard OIL Of
Indiana stock at prices ranging from
7Ss to 1893, the latter being the closing
price.
New-York tribune., 1920-10-31
How Prices Affect Bond Yield.

Question-Kindly advise If my under
standing Of the following Is correct. Union
- take il 10 mean the selling price Is
$S3 share, interest IL per share and re-
deemable in 1927. What does convertible
signify? What 10 the redeem bio price
vestment for who wishes a safe in
vestment? Would you give similar ex-
PLANTATION on United States Rubber 7ias
1880 At SO. interest TSP. c.
Answer-Union Pacific convertible 4
per cent 1927 are no longer convertible.
Up to 1917 they were convertible into
common stock at Sl7o a share 1t is
now debenture (unsecured) bond
But the Union Pacific is q great road
peying dividends on both preferred and
common stocks. All its bonds are en-
tl.led to good ratings. The price of SS
represents S3 per cent Of par, 500
Bonds are in $1,000 and $500 denomina-
t''ns only. SO that $1,000 bond would
cost about $3.50, and a $500 bond $415.
II you purchase $1,000 bond you re-
ceive but $40 a year less than pey
cent on your morey. But at maturity
July ], 1927, you would receive $1,000
and interest, making your investment
yield IL per cent per annum for the
term you held the bond United States
Rubber .732 per cent notes are secured
by bonds OF the company. At 90, or
$3.50 per $1,000 bond, or S490 for a $500
bond, you would receive slightly more
than 7aa per cent per annum. In 1880
you would receive $1,000 or $500, thus
making your investment yield for the
full term 7.S per cent. This note Is
good investment also. in our opinion.
New-York tribune., 1920-10-31
Increased Prices in New Zealand

Consul General Winslow reports that
practically everything in New Zealand
increased more in price during the first
sx months of 1920 than any year dur-
ing the war, and, unless there is a
marked change in the adverse exchange
rate, prices Of imported articles are not
expected to decrease before the end os
1921. Food products have increased on
an average of 62 per cent, rents 45 per
cent and clothing $50 per cent or more.
New-York tribune., 1920-10-31
Woman Will Invest s6.oaA

Cuestion--I wish TO invest abou. 5000
and beg to submit for your approval the
following securities; Last Issue Ottawa
DIS. $4,000. French bonds Nast) $1,000;
American Telephone and Telegraph Com
psny preferred, 5000; United States Steel
prcrerTed. 81 600; Bethlehem steel pre-
ferred, slooo.-Mrs C. G. F.
Answer-Your list Of securities is a
good one, in our opinion. The Ottawa
bonds are entitled to a good rating
The new French bonds, too, are good
IN Inyestment. American Telephone and
Telegraph has no preferred stock, The
capital stock is not as we'll secured "a
Unlted States Steel preferred and
bethlehem Steel preferred, but the
company is earning a. present about 12
per cent, fair margin over the diyi-
dend. Instead Of having two stes,
stocks you might substitute Virrina-
'Itfollna Chemical preferred for Beth
lchem preferred.
New-York tribune., 1920-10-31
Thinks Marks an Investment

Cuestion-To satisfy myself and several
GtneTs f,ans please answer ,hs following cues
regarding Investing In German marks at
present! II such investment is made. should
thSy trHi1 Il De - purchased outright, or only con
German marks a present? Have they risen
any IN price during the last few months :?
10 YOU consider Goodyear preferred 7
eslncnt? have 50. 600 preferred and
- 900 common What price will these
2r.Ag on the market at present? Had I
better sell these and invest in Canadian
National Pailway equipment per cents
maturing 1885. at $3.50? Are there any
other bonds which you would suggest IN
Answer-The purchase of German
marks ls not an investment 1t is de-
cidedly speculation. We see a long
time ahead before Germany will be
able to compete successfully with
other nations. If you do purchase
them it is perhaps better to do so out
right. for IL you purchase an option
the price will probably be far enough
above current quotations to rob YOU of
some profit, at least. The mark has
fallen during the last few months from
over cents to about / u cents. the
low for the year having been 1.O1
Goodyear common is highly specula-
tive. The preferred is a fair invest
nent. based upon recent earnings The
company has been in need of additional
capital. Just how far this company
has gone toward laying up supply Of
tires we cannot tell There appears to
be tendency toward lower prices,
particularly in automobile accessories.
We believe you would be in g better
investment position if you changed to
the Canadian Railway equipments,
which have good rating These and
any Of the other railroad equipments
are sound. Recent prices Of Goodyear
stocks we're 57-s3 for the common and
74-76 for the preferred
New-York tribune., 1920-10-31
Quote Low Prices to Kill Sales

killing the market for the other
fellow" by quoting ridiculously low
prices, when it is apparent that the
buyer will not place al order. is the
men. One shoe salesman yesterday as
serted that he was doing it, and under
stood that II was . common practice
among salesmen In q great many lines.
New-York tribune., 1920-10-31
Mills Low on Raw Silk

Real stabilization Of the raw silk
market will lead to a renewed activity
IN buying by mills, according to q
number Of silk mill owners, who assert
tnat their stock Of raw silks is run
ninf extremely low. Some mills, 1t is
sasd, have barely sufficient raw silk
from which to makeup spring samples
which are nov in process
New-York tribune., 1920-10-31
What to Do With German Check.

Cg.stion-ln July. 1919, purchased
=, 600 German marks in the form OF
check or draft on the Deutsches Bank OF
Berlin. Can you tell me how long this
check is good. do have to redeem it
within certain period? The check was
purchased from knauth, Nachod g. kuhne.
i. Il. X.
Answcr--A check on q German insti-
tuition is no different from a check
on any other institution. If you do
not cash your check, or, in this case,
deposit it somewhere in Germany, you
cannot, after a reasonable length Of
time, hold the house which drew the
check if the institution fails. You
should make arrangements to open an
account in Germany if you desire to
hold the marks. These are savings in
stitutions there. Communicate with
them and ask if they will open such
an account for you. Any banker deal
ing with Germany will give you the
informal regarding which institu-
tions will take such an account
New-York tribune., 1920-10-31
Maracaibo Coffee Shipment.

During the month OF August the ship-
ment Of coffee from the Maracaibo dis
trict reached its lowest point for many
years. The gradual decline in prices in
the United States seems TO have made
the exporters in Venezuela determined
70 hold as much as possible with the
hope of higher prices, and, as a result,
stocks in Maracaibo are exceptionally
heavy
New-York tribune., 1920-10-31
Davis-Daly Copper Stock

Ques,ion--Wnl you kindly tell me where
the Davis-Daly Copper Mine is located?
What dividend is 1t paying? Do you think
vised to purchase some OF the stock.
Answer The Davis-Daly Copper
Company has q mine in Butte Mont.
The stock paid so cents a share divi-
dends in 1919 and 25 cents last March.
The stock is assessab!e. We do not
recommend it for investment purposes.
New-York tribune., 1920-10-31
Investment Information

xnesttona Of general interest to in.
vsseoFs "tu % dnswered in this col
nmn. ~ trh1ch case only initials .oiu
90 used. Others ,ciii be onswered br
.so's. Add-ess ok INQUIRIES, incloe.
ine stamped. addressed envelope. to
rs'adncfa! Editor, The Tribune. 1sI
"ossdu Street. Neic York City.
New-York tribune., 1920-10-31
Convinced italy Will Coma Rack

Cuesticn-Will you kindly advise me as
20 tho 1oiiowtng Investment in foreign ex-
chanEe2 Tho Italian lira IL quoted at
ts.7s. Would It he a good investment to
nuy this money at this price and place
"a. Same on deposit In branch bank Of
money to come back to normal? MY
father-in law. an Italian by birth, contem-
plates doing this and has asked my ad-
vice He believes that the thriftiness Of
tne Italian people will bring this money
BACK to full value.-M r. Med.
Acknowledging Italian money for
rise is not an investment but specula-
ton. No one knows what course the
lira will take in the future; but if your
ifather-in-law is convinced it is a good
buy. he might try the scheme you
outline II he realizes 1t is q specula-
ton. He might also consider buyine
Italian internal bonds, which would
probably yield him more interest than
q bank. eNH''
New-York tribune., 1920-10-31
Planning to Speculato in Francs

Cuestion-The writer is interested In
frcncn currency as an investment Do
you think 1t Wise to buy French francs to
the extent Of $1,000 In American currency
and hold safne-say for sx months to one
year-and then exchange same?
Answer-So many factors enter into
the foreign exchange problem that we
regard it as pure speculation. and
cannot attempt to tell you whether
francs will be higher or lower in six
IN months. But # you decide for yourself
that French currency is a good buy at
present levels you would be better off,
we think, to deposit your money in a
French bank at interest, or to buy
French bonds, whose price here depends
on the exchange rate and whose cou.
pons give you a return on your money
while you are waiting for the franc to
60 up Among them is the Republic Of
france 6 per cent internal loan of 1920.
or the a per cent Of 1917 and 1918.
or the per cent of lo15-l9f6'
The first named, at about $40 per
l;,ooo-franc bond, yields slightly higher
than the others. The COUPONS are Sood
Tor five years. Or you might consider
the Central Pacific 4 per cent European
loan due 1946, payable principal and
interest in Paris or London.
New-York tribune., 1920-10-31
Doubtful About Elgin Motors

Ouos'ion--1 should like to ask your ad
vice about some stocks. few months
ago bought some llen Motor shares at
$40 each and have paid sl2.S0 per share
and have still TO pay $40 per share.
Should I stand my loss and drop out. or
are they worth s7.2o?-T II. NJ.
Answer-We cannot give you much
information about Elgin Motors Cor
poration. The company has shown in
creased production, the output in
crcasing from 726 cars in 1916 to 4,S33
in 1919. Gross sales for 1919 were
$6,479,100. On January 81. 1920, the
company had surplus Of s104 ,272. No
statement Of earnings is published.
however. The par value of the stock
is $40 and the company paid a cash
dividend OF per cent in June, 1920.
If you paid 200 per cent for your stock
you should have a good income. Write
the company and ask for an earnings
statement.
New-York tribune., 1920-10-31
Belgian Imports and Exports

The total Belgian imports for the first
seven months of the present wear. in
ciuding bullion and coin, amounted 70
5,72s '06l 900 francs and exports Ia
s.s2s.l2S.oop francs.
New-York tribune., 1920-10-31
Bosch, studebaker and Pierce Arrow

Of the following stocks: Amsriesn Bosch
row preferred They are selling low and
sseemingly paying n high interest rate
N. j. A.
Answer - American Bosch Magnetic
has enjoyed considerable prosperity.
Earnings as last reported were large,
at the rate Of over $21 per share per
annum. Studebaker earned at the rate
of over SIT per share per annunl, ac-
cording to the last quarterly report.
Pierce Aroow showed the equivalent or
s26.04 earned on the preferred stock
for the year ended June 80, 1920 The
latter is entitled to q very fair rating.
The others. being common stocks are
highly sensitive to earnings Therefore,
they are speculative. We do not rec
ommend them for investment purposes.
Likes Bank and Insurance Stocks
Question: read regularly the questions
am impressed with the intelligence and
conservatism OF the answers. Here ~ 8
broad question. your answer to which
would interest many Of your readers. High
class bank and fire insurance stocks. not
withstanding q considerable decline in
their market price. are still. in many cases.
selling at price whose current yield !s
low In comparison with that of some In
dustriai preferred stocks. for instance. AS
class. the high grade Il may say
highest grade) bank stocks and FIRE in
surance stocks. especially such as have a
hirh book value. likely to prove. In your
opinion, the better investment Gas COM
pared with industrial preferred stocks Of
high graGe) ultimately? In the former
class. Of course, are the melon cutting and
Increased dividend contingencies, which
are absent from the latter. class.-C a. M
Answer-There are many features to
bank, trust company and insurance
company stocks that are attractive. AS
you say, the undivided profits, in the
.orm .. possible stock dividends, al
ways offer inducements to certain
people. On the other hand, yoa should
remember that, with one or two cX-
ceptions, all bank and trust company
stocks have double liability attached
to the stockholders; and fire insurance
stocks are, by the very nature OF the
business, more or less speculative also
We do not recommend such issues as q
general rule on these accounts In
dustrial preferred stocks give no thrills
Except when they go down too much).
We class the former group as the rich
mans investment.
New-York tribune., 1920-10-31
Disappointed in His Oil Stock

Question have 200 shares OF lnspira
ton Oh and Refining Companys stock,
whose par value Is 81. On September /
this year purchased this stock at Sc per
share with the understanding the COM
pany would issue 10 per cent dividends.
Now have been Informed the dividend
will be issued In stock instead OF cash.
There Is consolidation with fourteen
other OIL companies to take place soon,
with promises then to place the stock on
the Curb The whole proposition now
looks to me to be very unsteady. and l am
seeking 20 lquidate my holdings at the
price ! bought them at. This | canno, do
from what l have been informed. because
the stock VIII not bring that price. l
would certainly appreciate advice
and information as TO what should do
". J. \.
Answer-The latest quotation on In
spiration Oil and Refining which we
have seen is 25 cents bid, so asked.
When you buy stock which does not
have a ready market you must be pre-
pared to suffer for it in case you have
10 sell.
New-York tribune., 1920-10-31
Common Stock in Good List

v,sr Sues5ionuWiIl s,i;,',- you please let me know
curities, which were bought with the in
tention OF obtaining as much return as is
consistent with absolute safety OF prlnci~
pal? japanese As, 1891. at 57a. Swiss
o'2 $; al so's Anaconda Copper ss 1920,
at ssss Oregon Washington Railroad and
Navigation 4s, at II; rhillips-Jones pre-
iierred, at ee1s Phillips-Jones common, at
p. Do you gnink a c.ange advlsaole9 ,
hat do you think OF Empire Gas and
tuel bonds OF 1924 a. their present price
Answer-Your list Of securities, with
the exception of Phillips-J ones common
stock, IS good one, in our opinion.
Ihe Phillips-Jones Corporation has
SHOWN good earning power, and the
preferred stock dividends are amply
earned. But the common stock is very
sensitive to earnings, and is not there
fore entitled to good investment
rating. Empire Gas & Fuel bonds are
secured on an oil property. Earnings
are COED at present sand we know>of no
reason why the bonds are not safe.
New-York tribune., 1920-10-31
4 Fair List With Hirh Yield

Question: have $500 for investment
ana have thought Of purchasing as fol-
~ 50"S at present market Philadelphia
CoHpaAy' shares; Gulf. Mobile &. North >
ern pr erred. suarea @ -rHs s rvirc
preferred. shares or WHY'S Overland
Preferred: shares Your advice as TO the
QoSNty Of my selection Will be appreciated
j. 3. y.
Answer-Your choice of investments
IS not Of the best but all the stocks
you mention have merit of varying de-
grees. You are no doubt looking for q
high yield. In doing so you probably
realize that you cannot obtain high
grade issues. Of the three groups,
Cues Service preferred is probably the
best Garner.
New-York tribune., 1920-10-31
Why Westchestef 4As Are Speculative

Que tlon-F~in ily answer the following
ihgHisE or New York, Wcstchester & Bos-
understanding that there are Slq' 200 600
hor DIS outstanding against hfty-four miles
Of o. rack, this would be at The rate Of
$1ov.VVV per milo. Have you any inforlna-
tion as to the present value cf the real
estate and plant SO covered by thesc
bonds? Providing the New York Kew
HaVen & Hartford Railroad ComDany
who uAconditionally guarantee these bon T.
ooih as to principal and integes- remain
y tact as corporation until these bon =
are due, VIII the bonds be redeemed
at tic lace value or. in your oplniou.
woaic some other method be chosen, such
az an OTTER OF Il new bond issue in eN-
'AaHge or some similar method Why
are these bonds c!assed as Speculative?
Is II, IN your opinion, on account of the
roads Anar cial condition or the nigh RAJ.
pc. ....e o.. hnnL i-.la -. :.
New-York tribune., 1920-10-31
Eric As Far From Rails

Question: would be interested to know
what your opinion is regarding tho vaiue
the Erie Railroad Companys convertible
per cent bonds. l believe that they have
been issued in series OF 4, Is. and d.
"a and Is are being quoted al approximately
IS aud d at 52-J. t. {.
Answer--Erie convertible issues are
the last liens on the property. There
are s182,244,90 of prior liens. The
reason for the higher price for the D
issue is because these bonds are con-
vertible up to October /, 1927. into
common stock at $50 share. The con-
version privilege on the other issues
has expired. The bonds are some dis
tance from the rails, as you may know
Yet they are o lien on the property,
and in the event of q default fore
closure proceedings could be brought,
with what success We do not pretend
20 know. We regard the bonds as
rnther speculative, due to the uncer-
tainty of the railroad situation.
Thinks Butterick viii Rise
Question: bought seventeen shares
Butterick common stock at II - am hold
Ing II for rise 10 about 20. What Is your
opinion OF that stock? IL It a good la
vestrnent?-G. 3.
Answer-Butterick Company common
stock is not good investment because,
like all common stocks, it is sensitive
to earnings and to market conditions.
We have no way of predicting the
future course of its price. You are not
investing, but speculating, when you
buy fer o rise.
New-York tribune., 1920-10-31
United States Steamship Speculation

Question--What DO you think OF United
States Steamship Company selling on the
consider 1T purchase at this prlce7-
G. w. d.
Answer-We regard United States
Steamship stock as pure speculation.
New-York tribune., 1920-10-31

Answer-There are outstanding at
present s2l ,S90,0 600 New York, West
chester & Boston 4 II per cent bonds.
We have no information regarding the
value of the property. What form the
reinancing VIII take when the bonds
.aA due IS matter Of speculation. 1t
IS rather too early to discuss it. Very
few railroad mortgages are paid off at
maturity. They are either extended
or refunded. The New York. West
chester & Boston bonds are specula-
tive because the interest on them has
never been earned. Each year the
New Haven has had to pay interest on
them, and when the New Haven fell
into its recent troubles there was al
ways some doubt about its ability to
make good the guaranty. No doubt the
large bonded debt of the road has CON
siderable to do with its inability to
make money.
New-York tribune., 1920-10-31

SUGAR CORPORATION il likely to continue pay
ing its rrefcrred dividend? Why is 1t
50 low being quoted at 71?-R & II.
Answer-Cuba Cane Sugar is cor
poration which has enjoyed prosperity
only. 1t remains now TO be seen how
the company vii operate under m 3re
normal conditions. The latest earnings
were sufficient TO pay dividends on the
preferred and leave q good ba ance.
The stock is not seasoned issue. This
uncertainty probably accounts for the
low rrice nf The stock.
New-York tribune., 1920-10-31
Demands Too High Yield

invest
safe. high grade security, wnicn believe
oueh, to yield me about per cent. talk
ing into consideration the money naarhet
acxlcan Petroleum preferred stock now
so.ing at %, paying So share dividend
and yielding about s l. PER cent The co.
fcrrcd atocN, Why Was mat? In spite
pi tho general drop In securities these last
few. months the low for the year on the
preferred stock. believe, was 94. ! want
an investment, not speculation. Do you
believe the present rate OF dividend Will
be maintainod and wnat is your opinion
Of the grade Of the investment? DO YOU
advise it, or what else would you suggest?
II. A
Answer-If you insist upon q return
of 8 per cent on your investment you
should not expect to obtain high grade
issues Mexican Petroleum has been
successful corporation, but it is en-
gagged in oil production. q, rather un
certain business. However, dividends
on the preferred stock have been
amply earned for some time The
common stock is one Of the speculative
favoriles. Its fluctuations have no effect
upon the preferred stock because of
the limited dividend. We should pre-
fer to accept 7 per cent or even less
on our money, and feel more sure of
our principal. Such stocks as Corn
Products Refining T per cent preferred,
Baldwin Locomotive per cent pre-
serred, Bethlehem Steel per cent pre-
fo1red and Virginia. Carolina hemical
s per cent preferred yield T per cent
and more. All are Of good grade and
the industries represented are more
osirab'c for investment purposes.
Ine difference in the income from Sc
curtes like these and the 8 per cent
which you say you desire on $500
would be about S27.50 year.
Why Cuba Cane Pfd. Is Low
New-York tribune., 1920-10-31
Mining

sss sss Anss A'sst Sia.s sG5 Met ct "a - " ;"
1850 Ar Globe Cop. =. q = q.
800 sArizona SLY. i Il i !.
1000 rtBelch D "a p> 4 /"
1900 'tBelch "a - 4a
5000 tBost & Mont. 45 ~ a 45
800 .tCaiedonia ls 70 II IL
80 Cons Viz s,iv. s ~ s..
1900 .Cortez silver. 81 81 81 sf
sSS sSS spsnwr, c5ssson Cen s,Tvs 9 IL u J., -
1890 Div Ext "a p) % 2e 2s 28
1890 III Salv silver. z 8 &. 81
1853 ssss :H"s :aar cr SslssE, X c. = q = .s
s5sss ssss aSEfNz :F9id HSly bi1 %" 5f' " ~
!SSS iSSS :tGoIds :tGoIdt Son Sons 81 90 81 g..
$500 "rHarlnill d NJ ls - ls %
s76 Hecla Mining. "A AZ AZ ~
500 sIron Blossom 4 = y u
s7oo 'fJiIn Butler. IS IS II IS
1900 tJumbo Exten. So 6n i
1000 s1Kewanas $50. 2i7 pa "a 2ix
1000 sfKnox Divide
1900 sLone ST Q N. {
1000 'MacNam Mig. 4 a l. =.
$500 'tMarsh Mng. loia II 10ia y
500 sMother L c.. SIS 5s 57s 81.
1l0o On Arcad Cop "a ~ IA
400 Nipissng NJ c. ~ s7s So 81,
400 Ophir sil N c. Z Z Il 5.
800 Prince Con :. = !. Il
3cO Ray Cop co lIs = y. II
1900 Rex Consol 49,. o
800 Roper-Gr II c = = Il Il
700 ST Croix Silver l
1900 %tSilv kg Div. 2:z
$500 'fSllver Pick. 6ts s
900 Stand Silv Id "a 4 r =
400 'tSuccess Ming 3 81
1900 'Sutherld Div, 2i3
500 "Tailapoosa s. "a q u -
$50 sTono Belmt. ~ ~ III -,
$500 sTono Divide. ! +, la ~ IL
$50 Tono Exfen ', lit II,
200 'fono Mining. is. II, 1s
1900 United Eastern 2-s 2lt as aIs
2bo0 sfu S Cont NJ. :
1900 stvic. d "a p IL,
$50 NV End Cons lH =
1900 tWh Caps Mig. 8 ~
1900 7WhC "a p) ~ iA II. ia
1900 Wi!bert HnH.. az az
New-York tribune., 1920-10-31
German Internal Bonds
0uof af In dollars mar = mo ~, q, -,

'Unlistsd. tseiis cents peg shAsA