davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Valuation and Capitalization

Question: notice that in the proposed
railroad legislation the basis of the earning
power OF the roads is placed at SD per cent
on the capitalization. Will that reduce the
dividend on roads like Great Northern pre-
ferred. paying per cent. and Union Pacific
paying 10 per cent? H. r. L.
Answer-You are mistaken about the
wording Of the railroad bill. 1t states
that rates shall be so paid by the In
terstate Commerce Commission that
the returns to the roads in each group
shall be 5h per cent on the property
valuation, not the capitalization. Many
a roads capital may be well under the
property valuation. Besides this the
above refers only to transportation.
The Union Pacific, for instance, derives
a large part of its income from invest
ments. The Reading, the Lehigh VAL
ley, and the Delaware, Lackawanna &
Western derive large part from coal
and so forth. Any net earnings, based
upon the above, up to per cent, may
be used for maintenance fund under
the supervision of the commission. Six
per cent the road and the governme mt
share alike. This does not mean that
dividends will be reduced necessarily.
1t will be interesting to note the prop
erty valuations placed by the commits
sion.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Answer-Thank you.
Demands S Per Cent Bonds

Question-Please let me have your opin-
ion of Union Pacinc Railroad bonds also
Atchison, Topeka 4 Santa Fee Railroad
bonds. National Biscuit Company bonds.
I would like to gain enough interest on
$1,000 TO net about $50 per year for ff-
teen years il this is possible. Please tell
me Of a few other reliable bonds for that
length OF time. also let me have your
opinion Of National Biscuit stock, COM
mon and preferred.-F B.
Answer-All the bonds Of the Union
Pacific and the Atchison are safe in
vestments, in our opinion. But these
bonds do not return 8 per cent. Some
of the short maturities of Union Pa
cific may yield between 6 per cent and
per cent, such as Oregon Short Line
4 per cent, 1929, and Union Pacific
convertible 4 per cent, 1927. National
Biscuit preferred is high grade invest
ment stock. The company has no
funded debt. The common is more
speculative, as it is somewhat sensitive
to earnings. If you attempt to obtain
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24

a situation where the commodity is fast
coming down in price, and while the
company may have contracts outstand-
ing we do not anticipate any such pros
perity as during the last two years
The Z per cent bonds of this company
are not, in our opinion, the highest grade
Of investment. The Toledo, ST. Louis q
Western Railroad in 1907 acquired con-
troll of the Chicago & Alton Railroad
through purchase Of S6,4so, 900 pre-
ferred and $1A,A2o,00o common stock,
the former company issuing in ex-
change for this stock its collateral
trust 4 per cent bonds. These bonds
are in default. The first gold per
cent 1850, of which there are So 500, 900,
are q lien on ASP miles of road. sub
ject to ss,575,0oo prior lien 3h per
cent 1925. We do not consider the
bond high grade issue. The road is
small and of course does not enjoy
good credit. Under the new rates It
may show considerable improvement.
The bonds are perhaps r. good specula-
tive investment,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Lackawanna Discusses
Merger With b., II. & p {.
Working Alliance Considered
Whereby Each Road Will
Lap Lines of the Other
Special Dispatch to The Tribune


ROCHESTER, Sept. ga working
& Pittsburgh Railway and the Della
ware, Lackawanna e. Western Railroad
whereby each road would lap the
others territory. is being considered
by the officials of both roads. Presi-
dent William T. Noonan of the Buff
falo, Rochester & Pittsburgh Railway
said to-day that it was too early to talk
authortatively on the extent to which
the plan for closer working arrange
ment will be carried, but admitted
that merger was possible. Comment
ing on the situation Mr.. Noonan said:
Last week President W. H. Trues-
dale of the Delaware, Lackawanna e.
Western. Harold Vanderbilt, of the
board Of directors, and other officials
of the company, with myself, spent sew
terminals and properties Of the Buffalo,
Rochester & Pittsburgh lines. In turn,
in company with Delaware, Lackawanna
E. Western officials, l have been in
specting some Of the properties Of that
system this week.
"All this is in line with closer
working relationship which may give
that line trackage facilities into
Rochester, to the great benefit Of this
city. In turn, through the Buffalo.
Rochester & Pittsburgh, the city would
have another line by way Of the D., l..
& W. to New York City, and all the ter
ritory Tapped by that line would be di-
rectly accessible to traffic originating
here and elsewhere on lines! Of the
Buffalo, Rochester & Pittsburgh.
"Such working relationship is, be-
!ie&e, in line with the present day con-
ception Of railroading. Operation, OF
railroads under close relationship dur,
ing the war pointed the tendency, Al
are at in their plans for closer opera
ton"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Financial Items

William J. Dunn and Harold sonking
have formed copartnership under tho
name OF Dunn & Co. to conduct a general
brokerage business in listed and unlisted
securities and foreign exchange, with
offices at 80 Broadway.
Lindsey Hopkins. OF Atlantis. has been
elected chairman OF the board OF directors
OF the Santa Cecilia Sugar Corporation.
R. e. Saunders. New York agent of the
National Bank of South Africa, has re-
ceived cable advice from the banks head
office that a branch has been opened at
Molteno. Cape Province.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
St. Paul 4Nss Are Legal"

Question--will you please state what
& ST Paul refunding <hs 2oI$. Series 4
bonds? Ara they a safe investment at
the present time? The yield is high, ana
understand they are legal investme nts
for savings banks in New York and Massa-
chUsetts.-W. e. n.
Answer-St. Paul refunding an per
cents, 201A, are q very fair invest
ment. While the bonds outstanding.
including those equally secured with
this issue, are many, yet the property
covered is valuable, and it is our opin-
ion that the road will show consider
able improvement under the new rates.
The bonds are legal for New York and
Massachusetts,.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Sugar Boom Can't Last Forever

Question: should like to know II there
have been any definite unfavorable devel-
opments that would account for the recent
10 point drop in Cuba Cane Sugar convert
ible rs and II you still consider them a
know the standing of Toledo st. Louis &
Western 4s 1850. their relation to the Chi
cago & Alton affair and the possibility OF
their being disturbed by further reorga nj
cation. In short, how would you rank
them as an investment?-P. J. b.
Answer-We have consistently stated
in this column for some time past that,
in our opinion, most of the sugar COM
panies would not report such large
profits in the future. The Cuba Cane
Sugar Company, which has operated
during the most prosperous times sugar
companies have ever known, now faces
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Man to NAN


There is no mystery in
successful financial adver-
Using. Unfortunately, too
many advertisers are indif-
ferent about their results
they are too easily salts
fed and are not securing all
they should or can.
If you will analyze carefully
lust what you have 20 offer or
sell-if you will decide on what
class of customers you desire,
the best appeal to make and
the methods of making this
appeal-if you will do this be-
fore you order a single line of
advertising you will have a
basis for successful campaign,
without waste. Persistently and
consistently executed-results
must come in generous pro-
portions.
Well laid plans-hard work
on the part of the advertiser
and intensive service and CO.
operation in research and in
vestigation as we'll as in prepa-
ration of copy on our part
form a combination that has
made many an advertising cam
paign pay. Let us consult with
you. No obligation.
For Better Advertising
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24

The Trust Agreement and Charter will further pro-
vide that if at any time after completion and delivery
OF the ships to be constructed the deprecated value
calculated upon the then current reproduction cost
new Of similar tonnage less depreciation at the rate
OF go per annum from the respective dates OF con-
strucon of the ships held falls below 5000 of the
amount of then outstanding Certificates in excess of
deposited cash, Bethlehem Steel Company will agree
ships by pledge of United States Government obi.
cations, Bethlehem Steel Corporations Console
dated Mortgage Bonds or certain underlying bonds,
or other securities which shall be legal investment
for trustees in the State of New York. all such secur-
ties to be taken at their market value.
Pending completion and delivery of the ships about
to be constructed, Bethlehem Steel Company will
agree to maintain the above mentioned margin of
5Oo in tonnage under construction or in operation,
or IN the securities above mentioned, in respect of
all Certificates not covered by their face amount in
cash or United States Government obligations of
equivalent market value held by the Trustee.
All of these ships will be under American reeistrv
and will bear the highest classification under the
American Bureau of Shipping. They will carry GUS
tomary insurance against fire and mariae risk, such
insurance in of total loss to aggregate at least
1850 of the principal amount of Certificates OUT
standing, proper deduction being made for cash and
securities held by the Trustee.
The entire capital stock excepting directors shares
OF both Bethlehem Steel Company and Bethlehem
Shpbuilding Corporation, Ltd, is owned by Bethle-
hem Steel Corporation and the combined earnings
of these two subsidiaries comprise practically the
entire earnings of Bethlehem Steel Corporatioa
which have been as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Guaranty Trust Company of New York, Trustee



These Certificates are to be issued pursuant to an
Equipment Trust Agreement under which the Trus-
tee its nominee will hold tide to five steamships of
10000 lightweight tons each to be constructed and
to five steamships already constructed totaling
62,417 lightweight tons (all Of which are less than
three years old and of which has Just been de-
hvered) This feet of ten ships, aggregatng approx
mately 1b2,417 deadweight tons, will be employed
for the transportation OF ore from the Bethlehem
iron mines in Chile and Cuba for use in Bethlehem
Steel Company's plants. All ships are so con-
structed to provide for efficiently carrying other
commodities" thus substantially increasing their
earning power through return cargoes.
The purchase price of the five ships to be con-
structed and the current reproduction value less
depreciation of the five ships in service aggre-
gate over s3o,000,000, or 500 than the maxi
mum amount Of Certificates to be issued, and this
margin OF 6OTc in excess Of outstanding Certificates
must, as below set forth, constantly be main
tanned.
Title to these ships is to be vested in the Trustee or
its nominee, and they to be chartered to Bethle-
hem Steel Company, which will pay charter hire in
semi-annual installments that will cover dividend
warrants and retire the entire issue by maturity.
Bethlehem Shipbuilding Corporation Ltd, thus pac-
ing behind these Certificates the strength and credit
of substantially the entire Bethlehem system
Title to any ship will be renquished Crowded that
the number Of ships held shall not thus be reduced
below fve) upon deposit of amount of cash stuff
Gent to retire ratable face amount of Certificates
in which the charter hire thereafter pavable
shall be ratably reduced
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
This One Is on Us

Question: am taking the liberty OF
calling your attention to inaccuracy.
an this mornings Tribune, in your reply
20 &c. E. T.'s'' question concerning com
mi:>%'ns charged on bonds. Article "a of
the rules OF the New York Stock Ex.
change (as amended August le, ls2oy
provides that railroad. public utility
and industrial bonds having than
be charged per $4,000 par value Cor 81 so
per $1,000 par valued. On the securities
OF the United States Porto Rico and the
Philippine Islands. and of states. terri
tories and municipalities therein, not less
than $625 per $40, 600 par value.--E. S. l.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24

s per cent ON your investment Tor ILL.,
teen yeara you cannot expect to havo
the best class Of securities. There are
some bonds which will yield this fg-
ure. Those wa give below are en-
titled TO fair ratings: Rio Grande
Western collateral per cent, 1919;
Chicago. Mifwxukee & st. Paul deben-
turs 4 per cent, 1884, and Rock Island.
Arkansas d Louisiana first ~ per
cent, 1884.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
IN Ues TIM emf
zzsform0 tion

Questions of general interest to sn-
vcstors .otU be answered in this COL
Mnn, in schich case only iaitiala 4csU
Dc used. Others trill BE- ansWered BY
Tnati. Address oil inquiries, snelos-
ing stamped, addressed envelope, to
Financial Editor. The Tribune, I54
Nassau Street, New York City.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24

The proportion Of the banks reserve
20 liability this week is 1912 per cent;
sase week it was l1.89 per cent. Rate
Of discount per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24

There were no fresh advances to the
francs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Foreign Govt. and Municipal Bonds
Interest To Be Added)

BID. Asked
Anglo-French Extern S. 1920. 100 1904
Argentine Intern IS. l946...... SO 69M
Kingdom OF Belgium Is, 1921. 9sH 99h
do IS, 1928. ............ e2M 90
do 7hs 194B 97% 97%
Canada. Dominion Of. IS, 1891. 97& esh
do notes. 1921 .............. 1874 e9m
do 1925 Observation-Disclosures. 8s% 90
DO 1929 Observation-Disclosures. 9o1s 90N
do 1881 Observation-Disclosures. SO 89A
Chinese Govt HUI Kug Ry IS, 81 43 43H
Cuba Extern 81. 1914. 84M S5A
do So. Series A. 1949......... 81
do AIS ls4s ............. $50 10
Dominican Rep IS. 1855 80 83h
City Of Lyons 1S-yr IS. 1884,. 81 IS
do Marseilles 16-yr S. 1884,. 81 IS
do Bordeaux 1b-yr IS, 1884. 81 IS
do Copenhagen 26-yr 5hs.' IA IT TN
French Govt IS. LIST issue .....101M 1914
French. Paris City 6s. 1a21.... s4N 95
Govt of Switzerland 8s. 1910. ..1o2& 103
Jap Govt Az 8, string loan, 1926. 74h rs
do ANS. I'd ser. 1925 ........ TAX 74H
do As, string loan, 1891. 58la 90
do Toxic City S. 1862. 523t 53h
On X Ct B & 1r 5-yr as 1921. 9S SO 1s
do 3-yr 5hs 1922. SAN 95
do 1O-yr 5Ms 1929. S7A4 87M
do 20-yr 5hs. 1897. s2h SIX
Mex Extern strl Is Of '9s, I945. 42A 42ta
do gold 4s OF %. 1954..... san 36
King Of Italy 6-yr 6hS gold b.. S9N
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Answer-All the preferred stocks you

mention are entitled to good invest
ment ratings. United Alloy Steel is
speculative. Earnings fuctuate con-
siderably and this stock is sensitive
to such fluctuations. Pennsylvania
should show greatly improved earnings,
and while the stock is not to be con-
sidered the investment it once was, we
regard it as fair business mans in
vestment. American Telephone and
Telegraph stock is a good business
mans investment, as are the Distillers
bonds. The latter yield well for seven
years. The company's earnings are
good and the bonds are rather attrac-
tive.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Bank of England Statement

LONDON, Sept. 23.-The weekly
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
$20,000000
Bethlehem Steel Company
Fifteen Year 7 Marine Equipment Trust Certificates

FHteen Tear 10 Marine Equipment Trust Certificates
pLAN
To be dated October to natur
to pa
TC New
~ edndn
cali t1ntb tinha
y;M
redeemed mavan Cercesao
If New Trustee
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Distillers Bonds Attractive

Question--wil you kindly express an
Wooden preferred. United Alloy Steel.
American Telephone and Telegraph, Penn
sylvanta Railroad, Virginia Carolina Chem
ical Company preferred. American Smelt-
ing preferred. Republican Iron and Steel
preferred, United States Rubber, Dis
tillers Securities Corporation first mort
gage bonds. due ls27f-J. J. O'C.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24
Bank of France Statement

PARIS, Sept. 23--The weekly state
ment OF the Bank Of France shows the
following changes, in francs:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-24

Four full columns Of in.
restnaent questions and arr
s'oers are published i'm The
Tribune erery Sunday.
Bisbee daily review., 1920-03-28

bazaar some time will be taken ur in arranging for final details of this event.
 All the plans for the bazaar from April ! to 10 have worked out to per lection. It will undoubtedly De the greatest thing of the sort that has ever been put on in Bisbee. Many of the amusement features are unique and totally different from anything that has been attempted here before. The Elks' club, during the five days of the bazaar, will be a whirl of eX- citement and variety without end. One of the big features is being kept something Of secret 10 give the full effects of a surprise but it is rumored that it will recall the old time days when Bisbee was noted for many things.
Bisbee daily review., 1920-03-28
Bisbee BOWlers
 Win First Game
 Against Prescott

The telegraphic bowling match be- tween the Yavapai Club of Prescott and the Y M. C. A. five man team was bowled last night. The Prescott team was able to send only the score Of the first game before the Western Union closed. but the local men fin ished their three games in time to wire the results to the Prescott team.
 If Prescott's first game is an ex- ample of the other two. Bisbee will have won the state bowling champion ship. Bisbee won the first game by a score of SS5 against Prescott's 720 The other two games of the local team were 7S0 and S57.
 The local teams individual scores are:
Bisbee daily review., 1920-03-28
WATKINS WINS ELECTION FOR
 SCHOOL BOARD
Polls Heaviest Vote Recorded In Contests for Office
 Of Trustee

Bassett Watkins won over Mrs. Maggie Marks in the school election yesterday for member of the board of trustees by about four to one. polling 129S votes to Mrs. Marks 335. A to- tai of 1883 votes was cast. by far the greatest number ever boiled in a school election in this district.
 The school board meets next Sat urday to canvass the returns and not ify Mir Watkins of the result. The oath of office will be administered at that time.
 The retiring member of the board. who will be reDlaced by BasSett Wat kins. is C. A. Mcdonald. pr. c. H Hunt and E. E. Whitley are the hold over members.
 The school election this yeGr aroused more interest then any in the past. The Central school was thrOnged all day long with hundreds who came to vote. The Review of flee was basieged with teIenhOne calls until late at night from hundreds of residents who wanted to know the results After the first few hundred votes were counted it was evident that it was a landslide for Watkins.
Bisbee daily review., 1920-03-28
CHICAGO BOWLER LEADS

PEORIA, III, March 27. - New leaders appeared at the American Bowling congress here this afternoon, when Chicago stars figured in some of the most sensational shooting of the tournament. Changes among each ten leaders came thick and fast.
 Mir. Erickson and E. Krems. Chi cago scored 1901 in the two main events, and went into first place. D. Davieto, and F. Luby of Chicago roll ing on the same shift. moved into second place with count of 1273.
 J. Lellinger of Chicago fell seven pins short of taking the lead in the individuals. He shot for total of 692 pins, and replaced R. Meyer of St. Louis for second place.
 The leaders tonight are: Five men; Brucks No. l Chicago. 3096 Two men; M. Erickson, E. Krems, Chicago 1901.
 Individuals: NJ Mcgowan, Evans vile, 697.
 All events: J. Hradek, Chicago. 1886.
Bisbee daily review., 1920-03-28
SPEEDY SPARKS
 TO BOX RODNEY
Canadian Fighter to Show His Wares with Local
 Middleweight

O. s. French. manager of the Bis bee Athletic club has had so many requests from local fight fans for a match for Jack Rooney. that he will probably be matched for the con- ing part of this week with Speedy Sparks, of Wichita Falls.
 Manager French stated last night that the fight will be held on an off night so as not to interfere with the Legion bazaar The fight will be staged next Friday. which will come several days before pay day
 This is being done for the benefit of the fight fans alone" said French "as they have been clamoring to see Rooney in action. I am not going to make cent out of this but will give the entire net receipts to Rooney and Sparks on 75-25 basis"
Bisbee daily review., 1920-03-28
Soldier Fighter After Bout with
 Walter Caldwell

Speedy Sparks. middleweight fighter, has arrived in the district and is trying to arrange a match with some likely opponent. He is after either Kid Palmer or Walter Cald- well.
 Sparks is a veteran of the world war. He is only 23 years old but saw army service in France for five years. He joined a company of Canadisn light horse and was later transferred to the infantry. He has been wound ed several times and has three decor ations from the Canadian and English governments. He has only been out of the army about five months and has been fighting steadily since.
 He fought a great deal in the army and gained the title of middleweight champion of the Canadian EXpedi- tionary Forces. He has fought some of the best men around Texas, Okla homa, and New Mexico. He has two decisions over yOune Rob Fit7sim0ns. son of the "only'' Bob FitZsimons. Sparks first decision over Young Bob was in 15 rounds, and in his second fight he knocked out FitZsimons in the fourth round.
 Sparks is working out every day and is getting in shape for "a bout here sometime' in the future He is well off financially and fights be cause he likes it. He has countless clippings from Texas papers which show that he has a wicked wallop in either hand.
Bisbee daily review., 1920-03-28
Y Winter Camp
 Boys Defy Cold

About 25 boys returned yesterday accompanied by Farl V. Thomson f"om the quarterly Y. M. c. A. camp in Dixie canyon.
 They repotr having had 8 good time in spite of the cold weather which prevailed during the entire week. The day before the boys returned, there was ice an inch and one-half thick in the drinking water can and an inch of snow on the ground. None of the boys suffered from the cold as they were allowed to use the old Warren property to sleep in, through the courtesy of William Stevenson.
 The boys enjoyed riding and a few braved the cold water and tried swim ming. The most popular sport of the week was burro riding, and the boys reported that the food couldn't have been better camp chow" On one day of the camp, two boys walked into town and took back with them a load of home made cakes which the different mothers had prepared for the boys.
 The camp was situated about nine miles down in the heart Of Dixie can yon and about two miles from the mouth of the canyon. The spot is an ideal place for camp and it will make a fine camping spot during the warm weather
Bisbee daily review., 1920-03-28
BAZAAR
 TO RECALL OLD
 BISBEE TIMES
Whirl of Amusement with Stunning Surprises for
 Coming Event

L. A. Engle Jr Post of the Ameri- can Legion holds It's regular meet ing Thursday night at the Eagles hall instead of at the Maze hall, where former meetings have been held. A fine program of entertainment has been arranged. Cleon T. Knapp will give a talk and Inere will be mu- sical program, boxing bouts and oth- CT entertainment. There will be some special business of importance for consideration at this meeting and as 1t is the last meeting before the