davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Cotton Irregular
As Drop Follows
Rally ON Weather
CropAdvices Fail to Stir But
lish Sentiment; Demand
Fro mShcrts Less Urgent;
Near Months TurnW eaker

The cotton market yesterday showed
symptoms of increasing nervousness
over continued wet weather in the
South. The precipitation was particu-
larry heavy in the Southwest, where it
may delay the early movement or even
hurt the grade of early cotton, while
weather conditions generally over the
belt were considered well calculated to
increase the possibility of insect dam
age.
lhese features appeared to be at
tracing more attention than at any
time previously this week and pro
noted further covering, but evidently
TAILED to revive bullish confidence.
owing to unsettled conditions in other
directions. 1t seemed, also. that the
advances earlier in the week had Left
Vhe market IN slightly easier techni-
cal position with TIE demand from
shorts spondingly less urgent,
and, after showing net advances Of
ABOUT 50 to 40 points, prices turned
easier under realizing.
December contracts, which had ad-
vanced from 30.65 to 31.0O during 1.-THE
carrier trading, closed at 1915, with
the general market closing barely
steady at a net decline of 3 TO 80
points on near months, but 5 to 10
points higher on November and later
deliveries.
After opening 10 to 25 points high
er the market showed some Irregular
n.y.. but flrmed up following the publj-
catlon of the weather map showing
more rain IMAM was considered desira-
Die. For time the covering was fair
ly active, with the advance ex+nnd f,l
TO $40 for October and 29.85 for
January, while there may have been
some trade buying of near months to
uhdo hedges against the increased spot
business in the Southwest. The nm
turn was checked by the REALIZING Of
recent buyers for a reaction, however
and the market was unsettled in the
late trading '''e
weekend reviews Of the goods situ-
atlon showed no Improvement. but ON
!he contrary, pointed to continued or
increased curtailment. 1t is said tina,
manufacturers are determined not to
acc ulate goods at the existing high
cost OF Production and voluntary shc,t
elnie Is oelng resorted to as old con-
tracts run out
Cable dispatches from Manchester
confirmed earlier week reports ~ .
somewhat better tone there and q I,iv-
erpool cable said there was more
cneerfui feeling over the European
situation 81 Bombay advices estimate
'>I;,,: carTy-oVer Of Indian cotton at a
million bales, but say that it inclndos
an precedentedly large proportion ~
low grades. The low grades in the
old crop carry-over in this conntr,,
seemed to be pressing little more
heavily on the markets, Yesterdays
late report from Norfolk showing IN
creased discounts on the low grades
The local market for spot cotton was
qulet and unchanged at $3.50 for mid
dilng upland; no sales were reDorted
The range OF prices follows: 'Su'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Security Of New Haven Issue

Question: see. no Inquiries concerning
the n. bono, bonds Of the New York New Haven &
think of the convertible 6s. 194S, and how
arc they secured? What are the earnings
OF the New York, New Haven & Hartford !?
Also state how Chicago. milwaukee, & st.
Paul 5s, 20l4, are secured, and II you con-
slider the above issues n conservative In
vestment for one wholly dependent upon a
small income. What do you think of Ca
nadian National Railways per cent M
tecn-year bonds? How are American Tel
ephone aud Telegraph bs. 1896 secured
II. Il. T.
Answer-New Haven convertible de-
benture 6 per cent, due January Is,
194s, of which there are $3s, 541 200
outstanding, are convertible into stock
of the company at par from June 49,,
1928, to January Is. 1913. They are
not secured by. a mortgage. 1t is pro-
vided that they shall share equally
with all bonds secured by any mort
gage which may be placed upon the
main line from Woodlawn, New York,
to Springfield, Mass, or from New Ha-
ven to Providence. The holders shall
also enjoy y the right of subscription
for any issue of capital stock of the
company to the same extent as if the
bonds had been converted into stock.
New Haven earnings are very poor now.
For the first five months of 1920 the net
al teI lcuIHiS SUOWeu uGNClC Ol
$A172,S63 compared with deficit of
S5S0,G57 for the same period in 1919.
With the increase of rates the road
will do better, of course. We regard
the bonds as Offering fair speculative
investment opportunity. Chicago, Mil
waukee and st. Paul 5 per cents. 2014,
of which there are, together with the
Az per cents. 2o14, equally secured
over $72,00o000 outstanding. are Sc
cured, together with $13l ,545,6 $50 con-
vertible Az per cents, 1882; A per
cents 1884, and 4 per cents, 1925, by
first lien on IT'S miles, second lien on
6522 miles and by pledge of $154, 4S9,-
800 of the 1881, 644, 500 Chicago, Mil
waukee & Puget Sound first per cents,
1910. We do not consider that either
the New Haven bonds or the St. Paul
bonds are suitable for one wholly de-
pendent upon a small income. 1t is
best that you adhere to the we'll Sc
cured issues. Canadian National Rail
way equipments are we'll secured and
are entitled to a good rating. as are
the American Telephone 5 per cents,
1916, which are secured by stocks and
bonds of subsidiary and controlled
companies, including the Chicago Tele
phone Company and the New York
Telephone Company
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
The Equipment Issues

BECAUSE of the advance
in freight rates and the
necessity of the railroads for
replenishing rolling stock and
general operating facilities,
no class of securities is at
tracing more attention from
conservative investors than
that recognized as embracing
the Equipment Issues"
TT HAS been estimated by
expert railroad statisticians
that the railway systems will
have to spend many millions
before the end Of 1922, and
the equipment stocks, which
have as class shown in
creases in working capital
and asset value in the past
FIVE years, are in an excellent
position financially to take
advantage of conditions ne
cessitating railroad recon-
struction.
THE current number of our
Market Review contains
an interesting article on this
subject, reviewing briefly the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Improved Corr, Prospects
Cause Break i5s Prices

A breaking Of the drouth in leading
corn states sent corn prices off 4 to
l2c bushel, with September later
regaining most of the decline. but
December remaining rather weak on
he improved crop outlook, with final
prices Il to &c net lower
Early pressure was heavy on the
idea that there was practically nothing
now in the way Of LARGE crop unless
1t be early frost and it was expected
that the government report on Monday
would forecast d large yield. the pri-
Nate estimates indicating around 3,000,-
OOO bushels. The rains were general
over Indiana, Illinois and Iowa and
was also reported in Missouri.
Owing to the continued light move
ment, the cash situation was firm, but
traders believe that the rains would
mean heavier movement Attending
the late rally were number of pri-
Vate reports noting damage from the
recent dry weather. Cash corn was
quiet in the local market, with No. .
yellow quoted $l.72 c. i. f. n. Y
Yesterdays Previous Year
No ss% y sSsS siSss sf SSsS s! az
Deesmber ........ i.is7s TX i5 30 =
oats-With a lack of outside demand
the European news better and cash oats.
TO &c lower in Chicago, the oats market
showed weakness, declining &c 4 bushel in
the first hour, followed by partial recov-
cries. with the close lc net lower Cash
oats were quiet and unchanged with Nos.
/, ?. and white QUOTED at SmSl.09.
fancy clipped white. $109 and ordinary
clipped white, slW$1.Q2
Yesterdays Previous Year
No: : white si-osSlOs sl @Si' s SsS3
Septeinh Der ,T2% T35s 7sa
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Erie SeVcns To Be Extended

Queston-Please give. far as space
will permit. an analysis OF Erie first con
solidated is. | understand that they come
Que next September. but have heard the
rumor that they are to be extended, pre-
sumably on the same old security. and as
they now quoted at about ~, if the
security is sound it does not seem possible
to lose much on them. would prefer as
long term investments as possible at the
present time.-H. L. r.
Answer. P. Morgan & Co. have
sent out notices on account Of the Erie
Railroad to holders Of the per cent
consolidated mortgage due September
next. They offer to extend the bond
for ten years at the same rate of in
terest and allow $40 a bond for each
bondholder agreeing to the extension
The issue is $16,S91 600 1t is secured
by second lien on 61.16 miles, third
lien on 1913 miles, sixth lien on 44G.79
miles (the prior liens are smalD. We
regard the bond as a very fair invest
nlcnt
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Seeks Higher Average Yield

Question: am thinking of placing a
part OF my money in some good common
stock to average a higher yield on entire
amount. Please advise mo as to the value
Of Lorillard and American Tobacco, Amor
lean sum atra. National Lead and Wilson,
all common. Are small dots of stock less
marketable on account of their smallness :?
w. NJ. II.
Answer-If you place your funds in
such stocks as you mention you will be
entering the speculative class. All
these companies have been successful,
particularly of late, owing to wartime
prosperity. What the next few years
will bring forth only time can tell.
Stocks of this character are the first
to feel changes in earnings. Dividends
change in accordance with earnings, so
that the stocks are subject to violent
fluctuations. 1t Is largely on these ac-
counts that such stocks offer such high
income returns. You may purchase or
sell one share of stock on the exchange
at practically the same price as 100
share lots.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Change Would Be Sneculativa

Sweets Company of America which / pur-
chased at 2 Y and also at "a have
been thinking Of selling these and buying
some Hayden Chemical Companys stock
DO you think this change would be ad
Visable &C. c.
Answer-Both Sweets of America and
Hayden Chemical stocks are highly
speculative. The earnings of neither
one would indicate that it is approach
ing the investment class. Your sugges
ton to change is entirely a matter of
speculation. We do not attempt to adj
wise upon speculation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Electrification in Germany

Coal as a coal producer viii be Re
placed, so far as possible, by the US
of peat and the electriication o. ISL
roads in the vicinity of the large Ger
man cities. Great hopss are belal
placed on the new Theissen le,0e
horsepower vertical gas turbine, ~
OF which have been ordered for use q
the German railways. 1t is hoped tas
they will be able to replace the cos
burning locomotives.
In regard TO the electrification OF ID
German railways near large cities il
planned TO install lafye central pows
houses, which will be equipped Wit
peat burning furnaces. The peat beE
IN the vicinity of Osnabruck will fur
nlsh this fuel. Machinery for the wors
ing OF the peat has been installed, on
IT IS hoped that the first deliveries vil
take place by September l, 1920. h
periments are being made by the Gel
man government with machinery 10
pressing the peat. so that it may ,
transported economically.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08

Butter--Receipts were io,S02 cases
Creamery higher than extras per Id. ~
q ooc; extras. % score. sac. hrsts. "
~ score. 52ia q SO &c; IS 70 50 score ovs
9yzc' seconds, - 70 81 score. 4 3 g ~ ~
lower grades, "a 43c. Danish casks o.
IS i2c; unsaited higher than extras, 9.,s
7sc' extras. So y q SIC; frsts. 81 y o0'7
seconds. 45Gt 52c, State. dairy tubs mes
% a So &c: good to prime. 50Q 52c' com
mon 10 fair. 10 q s3c. ladies' current mas mas
nrsts, - y q &c. seconds - 2 @ At
lower grades, AZ U43c: packing stock, col
grades, 3sG42c
Cheese Receipts. l. $50 boxes. State who,
milk, fresh fats. coiored or whites. 2sss
sc, average run, co!ored or whites. 2sst
zotc, lower grades, 20Q 25c. twins, fIes'
specials. IS !. g q &c. average run. VIE
or colored. IS q Zoe. lower grades. ivy
Z5c; Wisconsin. fresh twins rs q 2ens
single daisies. fresh. 26 y n = nc. dc'0'
daisies fresh. IS = q &c. 1oUas Aaner,sr::
fresh. rs y a29isc; fresh specials. 1871
nc, prime 10 choice. Is loc; far
good. j. II 14i2c. lower grades. % ioc-
fggs-keceipts were H. 25 cases Fres'
gathered extras. a dozen. a q 55c exi,
nrsts. - q 53c. arsts. 81 q soc. seconds,
~ &c; dirueS, No. !. regular packngs'
% 45c; fair TO choice dry, Us o Sc. sta.'
Pennsylvania and aearby Western. hennea
whites. extras. IS g zoe extra hrsts 81
o'c; flrsts, o0n SIC: nssts TO extra hrs.
gathered whites. 60VG7c under grace
Dug osc. Pacific Coast, whites extras. ~
zoe, extra iirsts. 65l65c Arsts ooGs-s
under grades. 54Q 5sc Peialuma. gina
SOC. Other Western and Southern ssS
cred whites. so q 62c. state, Fennsflf~n-
and nearby Western. hennery browns. e
gathered graded extras. 54g 55c. irsts
extra nrSts, 4S n 53r
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Sears. Roebuck & Co. Common

Question-Please tell me about Sears
Roebuck 6. Co stock. Is it good. safe
investment and good buy at the present
price around 13S?-H. G.
Answer-sears, Rocbuck G. Co. is a
we'll managed corporation, doing mail
order business. The common stock,
par 500, pays 8 per cent, and the
amount earned on it, after paying Of
preferred dividends, has ranged from
1886 per cent to 1855 per cent during
the last ten years. During 1919 the
equivalent of 26.03 per cent was earned.
While the common stock is perhaps
somewhat sensitive to earning power
of the company, we regard it as a very
fair business mans investment.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Submits SpcuIatiYe List

Question: would like your opinion of
the following as a business mans invest
mcnt: Canadian Pacific, so shares at 125 :;
American La France, 80 at IA; Manhattan
Elevated. 20 at SO; Goodyear Tire and
Rubber. common and preferred and Sultan
Oil, 100 at 50.-W. L.
Answer--In purchasing such securi-
ties as you mention you should realize
that they are the first issues to feel any
changes which may occur in their re-
spective companies. That is the way
with common stocks. If you purchase
them you will in our opinion be enter
ing the speculative field. Goodyear pre-
ferred is perhaps an exception.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Seeks High Yield Bonds

Question-What do you think of st.
Louis & San Francisco adjustment Gs?
Would you recommend them as an invest :
ment in view of their deprecated price
Are they dependent for their return on
current income. as the Income bonds Of
that rond? Are these adjustment bonds
as safe MS Baltimore & Ohio "a convertl-
bic bonds or would you recommend the
latter? If not either OF tho above. what
would you recommend for a or 8 per
cent safe nvestment?-R. M.
Answer-St. Louis e. San Francisco
adjustment 6 per cents are secured by
a mortgage on all the property of the
company, subject to about 1892, 900, 900
of prior liens. Interest is payable from
available and net income April / and
October / and is cumulative. We re-
gard them as fair inves tment only, as
they are. not well secured, although at
present the road is doing we'll and
promises to do better. The Baltimore
e. Ohio Az per cent bonds are better
secured, in our opinion. Two issues
which yield between 7 and 8 per cent
and are better secured than either of
these bonds are Denver e. Rio Grande
first per cents, 1886, and Rio Grande
Western first per cents, 1899.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08

Cucstlon,m-Please inform me regarding
American Woolen preferred, Pierce Arrow
pr'ferr~l and American Hide and Leather
preferred; as to their Investment rank, are
tnoy equally good? Wili tho new issue of
American Woolen stock both common
and preferred, affect the value Of the pre-
tvircd as an Investment? Il. H.
Answer-We regard American " oolen
preferred as a good investment stock.
Pierce Arrow preferred is entitled to q
far rating. The margin Of safety is
rot 50 good as in the case of American
Wooden. American Hide and Leather
preferred is not good investment
issue. The reason for the high price
is because the stock is over 100 per
cent IN arrears as to dividends. No
PAN for the paying of OF their dvi-
dends has been forthcoming EARNINGS
are not such as to give the stock a
good rating. The American Wooden
Company has increased its authorized
preferred from $4,000, 5000 to S60,OOO,-
Ooo. but there is no immediate inten-
ton of issuing this stock. The new
common stock recently issued should
not have had effect upon the preferred
stock.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
British ConsoIs

Question-In what class would you place
British Consols 2las? Are they a good
investment at the present price of about
SITS per fl00?-W. ID.
Answer-We regard British govern
mcnt securities as good investments.
The consols do not mature. They have
ready market in London, but a poor
one here. For an American it would
appear that the external loans of Great
Britain are better investments. The
WELD is higher
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Tel. and Tel. Notes Safe

Question - have been contemplating
buying some American Telephone &; Tele-
graph Gs, 1922, and desire your opinion as
to their safeness an nvestment.--H. b.
Answer-We know of no reason at
present why the American Telephone
& Telegraph per cent bonds will not
be paid off when due in 1929. The COM
pany has done considerable financing
during the last two years, but since the
operation Of the company has been
taken out of government hands earn
inGs have increased considerably. We
regard the notes as safe
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Virginian Railway First IS

Question-Kindly advise whether Vir-
ginian Railway Company first mortgage s
per cent bonds and New York Telephone
w per cent bonds considered first
class for Investment, and is there any
preference.-II T..
Answer - Both Virginian Railway
bonds and New York Telephone bonds
are good investments. The latter bonds
are backed by better earnings, hence
they are entitled to the better rating.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Investment Information

Questions Of general Interest to
Investors spili be answered in this
cotunn, an uhich case only initials
'osH be used. Others will be an
ssoerod By mail. Address all in
qHiries, Enclosing stamped ad-
dressed enrelope, to Financial Editor,
3ae Tribune, 49, Nassau Street, New
York City.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08

Q, Vpestlon--loo YOU con-ider NIidvale steel
SUCK Il reasonably safe investment for a
person or small means who desires 10 he
careful OF course, / understand that in
DuNlhg any industrial common stoclC tho
investor must accept the ordinary hazards
Oh nusluess The Midvale stock. under
stand has no preferred ahead Of it. ana
ann under the impression that the com
pany record is good. Can you suggest
something better as to security and visa ,
p. {. w $40 ''''
Answer We by no means recon-
mend Mldvale Steel and Ordnance stock
Tor investment. The company was
formed late in 1915, and has shown y
great variation in earnings during its
Tour years existence. In 1916 it earned
the equivalent of 31.46 per cent on its
capital stock; in 1917, 1858 per cent:
l9la' 29'35 per cent; 1919, 1859 per
cent 1t made its greatest strides for
ward during the war period. We do
not think it advisable to purchase such
securities for investmen purposes. You
should consider only those issues which
are not so sensitive to a companv's
earning power You will find them
among the we'll secured bonds and sea-
soned preferred stocks.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Slight Reason for Change

Question: own $4,000 Delaware & Hud-
SON rcfunding As ] notice these are selling
at around u, thus giving an income Of
5 5-9ths per cent. I also notice that the
PENNSYLVANIA general ALAS are selling
abound 70, yielding an income of 6 per
cent. DO You think it would be good bust
ness for me to sell the Delaware & Hudson
iofunding As and buy Pennsylvania gem
eral 4 i2s Nj. {. II.
Delaware & Hudson re-
funding 4 per cents are secured by first
lien on 266 miles, second lien on IA
miles and on 440 miles Of leasehoid.
There are only $l,500,000 Of direct
prior liens and SD 100000 of prior
liens on leased mileage. The issue is
1872 ,204 600. Pennsylvania Railroad gen
eral mortgage bonds, Of which there
are $174375,O 900 outstanding, are a first
lien on 40S miles, a second on 1890
miles, third on 315 miles, fourth on
1872 miles, fifth on 81 miles. In our
opinion the Delaware & Hudson bond
IS slightly better secured than the
Pennsylvania issue. We sec no reason
to make the change other than that
you may increase your income slightly
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
J.k.Rice, Jr. & Co. Will Sci

% an. Alliance fns
% Am. (hicle com. & pf
100 Am. Cyananid com. 6 pf
zoo Am. Hawaiian :. :.
100 American Meter
100 Air Reduction
100 Armstrong Cork com.
100 Las Powder pr.
100 Atlantic Lobos
. Bank OF America
20 Batter. Park Nat Bank
100 Caro-. tlincIi. n >. com & pf
% thilds Co. com. l. pf.
30 City Investing com.
100 (iiDch.ieid Coal com.
% Columbia Trust
100 =. ". Bis. Rights"
200 Eisemann Magnetic pf.
100 Howe Scale pf.
30 Int. Cigar Machine
25 Irving Nat. Bank
- Lehlsh valley Coal sales
100 Lone Star Gas
10 Lord 4 Taylor common
30 Midland Securities
25 Mohawk Valley Co.
% Nat. Fuel Gas
20 Nat. surety
100 \. \. state Rvs. com. 4 IF.
30 Old Dominion \ =.
IU0 Penn Coal IL Coke
SOC Pyrene Mfg
leo *. j. Rey nolds com. "B" & of.
90 simmons Co. common
i 100 Ward Baking common
Tx .RSCp .Egs RCO
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Safety Is Better Policy

Question: have been asked to invest
$4,000 for aged couple who cannot
afford to take chance. The following
have been recommended to mo. / under
stand the par value of all is $500 per
share, although most OF them are selling
much lower at this time: Allis Chalmers
preferred I per cent American Hide and
Leather preferred per cent Bethlehem
steel per cent preferred Columbia
Ora phaphOnc preferred. Famous Players
per cent, Great Northern per cent
WHY'S Overland Z per cent, American Tele-
phone and Telegraph Company per cent.
W. Fl.
Answer-We do not think the sug-
gestions made to you are wise ones
under the circumstances. These issues
are not high enough grade, in our
opinion. 1t would be best to place the
$4,000 in securities about which there
should be no question whatsoever. The
lower income would more than be made
up by a satisfied state of mind. The
following issues yield from ga per
cent to about per cent All are we'll
secured: New York Telephone first Az
per cent, 1889; American Telephone
and Telegraph per cent, 1916; Illinois
Steel Az per cent, 1910; New York
Dock first per cent, 1851; United
States Steel 7 per cent preferred;
American Tobacco per cent preferred,
General Chemical per cent preferred
and Standard Oil Of New jersey pre-
ferred
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-08
Suspicious of Sellers of Libertvs

Ouestion---I have often had chance to
buy Liberty bonds. There is doubt in
nay mind as to why they arc offered to
me TO buy. by getting the number OF
ihcse bonds could I find out as to whether
they really belong TO the holder? il so.
"hcrc could find out ABOUT them? What
do you think about investing in the
Maihohm Motors Company of sandusky,
Ohio?-M. e. w.
Answer-Thore is no way of ascertain
ing by the numbers who the owners of
coupon Liberty bonds are The only
bonds which are easily traced are the
registered bonds. There are compare
lively few of these. You should exer-
else care in purchasing bonds from
strangers. Maibohm Motors may offer
speculative possibilities. We do not
recommend it for investment.