davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-09-12
Bonds for a Business Man

Oucstion--AA II daily reader oil your
cstrcurd paper. would YOU bc kind enough
to tell me whether YOU consider the follow
Ing bonds good and we'll secured when
they fall duo and what is their present
market lricc: Chcsaroako e. Ohio con-
vcrt!hle 4As. St. Louis e. Sam Francisco
prior lien IS. Hudson u Manhattan refund
ing SIS. Hhiio Copper collateral trust fs.
Rock Island refunlins As. Southern l'acIic
convertible As. United states Realty and
Improvement 5s"--E. b.
Answer-W While none of the bonds
you mention is Of the best grade, all
have merit and arc fairly we'll Sc
cured. For the business man perhaps
such issues offer attractive opportuni-
ties, provided he keeps in touch with
affairs. Recent prices of your bonds
follow: Chesapeake G. Ohio convertible
4hs, 1880, 1917; st. Louis e. San Fran
cisco 4 per cent. 1850, 59h; Hudson &
Manhattan S per cent, 1857. 56A;
Chile Copper 6 per cont, 1882, "a n;
Chicago, Rock Island e. Pacific refund
ing 4s. 1884, 6S; Southern PACIFIC con-
vertiblc per cent. 1929, 76; United
States Realty and Improvement per
cent, 1924, 8Oia.
New-York tribune., 1920-09-12
Bolsheyism and Foreign Bonds

ernment Switzerland ss. 1910, ana King.
uom or Belgium 71as and placing proceeds
~ koou American railway bonds? Do You
thlnk ik that the present Bolshevik successes
wili affect the two bonds mentioned 1
oored in Switzerland before taking the
management OF Russia. and realize that
w arsaw Is but short distance from the
norurr. and possibly they all will cat ch
me disease Am / too pesslmistic on this
subject: Do YOU consider the following
ponds O.. X: Duquesne Light per cent.
i9a9: Utica Gas and Electric 7H per cent.
1925; Armour Z per cent ten-year con-
vertible? Is the White Motors well
managed company. and do you consider it
good business mans investment? Kindly
give me list OF three best railroad bonds
paying per cent or better Atchison in
cludcd.-F. B. d.
Answer-We cannot, of course, at
tempt to forecast what the result Of
Bolshevism will be in Europe. We have
frequently stated that investors should
consider political possibilities before
investing in certain foreign securities
For those who are in no position to
lose dollar we believe it best to con-
fne the investment to home industries.
The three bonds you mention are we'll
secured. White Motors is a we'll man
aged concern, but the stock is specu-
iative. being very sensitive to earn
lngs. Three good railroad bonds yield
ing per cent are Atchison adj@st-
ment per cent, 1895; Chicago, Mil
waukee & st. Paul general per cent.
1889, and Wabash first per cent, 1889.
New-York tribune., 1920-09-12
Cotton Oil Preferred Not in Danger

Question-May ask your opinion OF the
present condition of the American Cotton
on Company; | have the preferred stock
which bought at o. which | considered
an attractive price for AN Investment
stock. did not worry about it. even in
dull times. They have just passed the
common dividend owing to the colnpany'S $
unfarorable earnings. due to the sharp de-
cline in the price of cotton oil products
, and the fact that the company's export
business has been exceptionally poor. The
preferred Is non cumulative and is now
about u. WHICH is lower than it has ever
been The dividsnI il payable December
bad shape that it will pass the preferred
dividend also: Is it always disadvan-
tage to hold a non cumulative preferred
stock? Are the Cuba Cane Sugar convert
!ble IS we'll secured"-MlSS +. J.
Answer-We have never considered
the dividend on American Cotton Oil
common stock to be warranted For
the last ten years the margin over divi-
dend requirements have been small.
While the preferred dividend is not in
jeopardy perhaps, still we do not con-
slider it q good investment, although
with the passing of the common dvi-
dend the preferred is perhaps, after
all, in better position. We do not
look for reduction in the rate at
present. Cumulative stocks are in a
better position than non cumulative is
tion or passing of the dividend in n
period of depression, there is always
the chance Of arrears being made up in
good times. Cuba Cane Sugar convert
ible per cents are fairly we'll secured.
This company, however, has always en-
joyed prosperity. 1t remains to be seen
what it will do in the event of busi-
ness depression. In other words, the
issues are not seasoned.
New-York tribune., 1920-09-12
Selling Pressure
.Depresses Prices
I'm Curb Trading g
Declines of Point OR More
i'm Prominent Issues Are
Recorded, With Oils Show
ing Downward Tendency

Selling pressure against some of the
more prominent issues featured trading
on the curb market yesterday and
caused declines of point or more. Of
fcring of stocks in large quantities by
professionals tended to cause Withdrawals
of inside supporting orders and recess
sions were increased.
Short covering at the lower figures
tended to check the decline toward the
end of the short session and recoveries
we're made by some Of the issues which
had suffered most. General Asphalt
broke more than point on heavy offer
ings Allied Chemical and Dye, the new
chemical merger, was one of the points
subjected to attack and lost 2 points
before recovery set in.
Oil shares were not overlooked and
declines took place in this group. White
Oil. which had enjoyed good demand for
several days, was weaker for a time,
but rallied on short covering Merritt
was an eXcetion to the general trend,
and ruled fairly steady on inside sup
port. Guffey Gillespie, another which
had shown strength recently, was ac-
tive within narrow limits.
French as again featured the bond
list with an advance to new high of
1O1Hs.
Mining shares were relatively active.
although only the cheaper issues changed
hands in large volume md the price
fluctuations were narrow
New-York tribune., 1920-09-12
Answer-The two bonds you mentis 81
are entitled TO very fair. ratings.
A. and p. Tea Preferred

Question: would appreciate Your opin-
son on the per cent preferred stock of
the Great -t,antic and pacinc Tea Com
lany as conservative investment. Would
YOU also let me know what their last
statement showed and whether they have
passed any 'lividcnd?-E T. W.
Answer-The Great Atlantic and Pa
cifc Tea Company has outstanding
s4.180,000 6 per cent convertible notes
due June /, 1921. The original issue
was s50,o00,000, but s6,S20,oOO were re-
deemed or converted into preferred
stock on August 20, 1920. The notes
arc not longer convertible. There are
also s9,o5o.5oo per cent cumulative
preferred stock and 25O,0O0 shares com
mon stock of no par value. Regular
dividends are paid on the preferred,
but none has yet been paid on the
common. For the year ended February
%. 1920, the preferred dividend was
earned over seven times. The surplus
on this date was sl2486,027. We re-
gard the preferred stock as a good in
vestment.
New-York tribune., 1920-09-12
Effect of Guaranty of Rail Bonds

Qucstion--Win you please give me your
opinion of the San Antonio & Aransas
Pass first bond as to its investment merits?
understand that this is guaranteed by
the southern Pacific. II 80, what position
do these bonds take as regards the other
obligations of the Southern Pacific? Per-
haps YOU can suggest a bond that is we'll
secured. can be bought in $500 pieces and
yields (currcnO at least 6l2 per. cent
II. W. ".
Answer-The San Antonio & Aran-
sas Pass first per cents are guaranteed
by the Southern Pacific. The road is
not successfully operated, nor has it
been for several years. The guaranty
causes the bond to sell as high as it
does. In the event Of a failure to main
tain the guaranty the bondholders
would be in position to sue the South
ern Pacific Company, but their ella i'm
would not supersede the liens on the
Southern Pacifc's own property We
regard the bond as fair one, as are
St. Louis e. San Francisco prior lien 4
per cent 1850, Denver & Rio Grandc
first per cent 1896 and American Tel
ephone 5 per cent 1916.
New-York tribune., 1920-09-12
Has $1,000 TO Invest

0uestion-D" you consider th- st. Louis
& San Francisco Hallway G per cant AL
'us,mrnt bonds. dua 1855. fairly con-
t"rvatire investment What ia your nrin-
ION ON tho lclEian government bonds
which believe nr0 now selling around
?C' lln you consider this Euud buy"
have about $4,000 to invest and would ap-
preciatc suggestions from yon as To pur-
chase Of good Industrial bonds. railroad
bonds and some foreign government issue
long tcrmS.--Ci. l..
Answer-St. Louis-San Francisco adj
justment bonds are not high grade. al
though with the road operating we'll
the issue appears to be safe. We woul.!
not term it conservative investment
Belgium appears to be coming back in
good shape Under present conditions
her bonds are safe enough. The fol-
lowing issues may appeal to you: Ill-
nois Steel Az per cent, 1870; Denver &;
Ri. Grnndc first per cent, 1886;
American Telephone s per cent, l94G,
and United Kingdom of Great Britain
and Ireland 51a per cent, 1887.
New-York tribune., 1920-09-12
u. G.. lis Dividend Record Long

Question - lady OK quito moderate
means has asked me to obtain for her in
formation respecting thn United Gas I'm
proycmcnt Company OF Philadelphia, tn"
va MO having been recommended AZ an "N-
cellent paying investment. ! know nothing
but am doubtful OF its being the right Sc
curi,y for her, what docs tho preferred
and common stock pay. and is there any
bonded inde ebtedness "a. c. T.
Answer-While the United Gas I'M
provement Company has long divi-
dend record, having paid per cent
since 1880, we do not regard tho stock
as a suitable one for one of moderate
means. Wk9lc the company has built
up a substantial surplus, it was forced
to call upon it to pay the full dividend
during 1919. There is no preferred
stock. There are S7,500,000 6 per cent
gold coupon notes due February /, 1921.
New-York tribune., 1920-09-12
Long Terms Better Than Short

Question--pcasc toll NO If you think tho
enclosed bond Is high grad". DO you con-
sldrr your money is safe as in New
york Dock As, United States Rubber 5s
Western Union 4l4s, Denver & Rio Grandc
4s or Rio Grnnde Western 4s?-II. f. S.
Answer-The Utica Gas and Electric
bond is short term investment. In
terest Is earned about twice over on
the company's debt-not too wide a
margin. in our opinion. We believe you
would do better to purchase any of the
bonds YOU mention rather than this
issue. We think long term investments
preforablc for the individual, as it may
be difficult to obtain them at such at
tractive figures when the short term
issues fall due. All the bonds you
mention are first liens on good proper
ties and all are listed on the New York
Stock Exchange-a decided advantage
for tho investor
New-York tribune., 1920-09-12
1span Sends TOYS 90 Germany

s,s ,Is'noush the Nippon Yusen Kaisha
sses 'he osaka Shosen Kaisha have
sss", v maintained a monthly regular
s;ss. ;s.ee q between Japan and Germany
ASysr,;esoin,er uesoner OF last year, "Thc Japan
xx9tiseF 49, reports that for the out
msas mssa voyage from aJpan there ix not
..ssa eafgo aa yet, but there are fairly
hn,f'e tnipments for the rturn voyage,
c.n.: c.ss from Germany and from other
sly sl."snen'ai poitns. OF the cargo Of
tat.ss.t ~ tssse vessels on return voyage.
shiarY ni'i1a tons, 1916 tons were
zsgpsa IN Germany and the balance,
~; 80. AZ other Continental points. The
80 ssnsIosI goods loaded in Germany
sts., ,"c. sait, chiorate Of potash, paint,
fys,s ana guano. The cargo carried
csns,. c@ aSpan 70 German and other
ash sna points consists chiefly OF
hS..Ma h ana OILS, sugar. beans, lumber, tea
49, ssSxss. timed food, braid. graphite.
'~ss AND general merchandise.
New-York tribune., 1920-09-12
Kansas City Southern Fives

Quoslion---I would appreciate it II you
would give IN" your opinion concerning
Kansas CITY Southern s per cent bonds and
Win you kindly CIV" me your idea OF the
Chatham Phoenix Nat tonni Bank stock
aud also the stock OF the American Inter
national Corporation ?--t. NJ. r.
AnswerS-Kansas City Southern 5 per
cent bonds are second lien on the
property Of the road subject TO $780,
100000 first 3 per cent bonds. They
arc entitled to fair rating. The
FRISCO prior liens are secured by first
lien on 1900 miles and by deposit Of
securities. We regard il as very fair
investment. The Chatham Phoenix
Bank is "a we'll managed institution.
The stock is "a good investment. in our
opinion. American international stock
" speculative. The, directors arc en-
powered TO purchase stocks nd libitum.
New-York tribune., 1920-09-12
Widow Demands Safety

Question-kindly inform me II tho on
closed list Of bonds arc n suitable invest
or them MS safe az my money Was in
- ;, SAVINGS bank" VIII you kindly indicate
the safest: Cleveland. Cincinnati Chicago
4 st. Louis general 5s; San Antonio G.
Aransas Pass 4s. Denver & Rio t;ranLc
cnhsnlidated As, Chicago. Milwau<rc. M,l
~iuNer y 81; Paul general is, serles \:
chcsapcakc & OH" general Is ana Rio
''ahde Western first AZ. (A1RS.) A. W
Answer Your bonds are not. with
the possible exception of the st, Paul
general 4 per cent, of the oest grade.
All are safe, however, in our opInlon.
at the present time. Money in a saw
ings bank is safer for the reason that
1ailures IN New York State are few.
as the supervision is most rigid ana
the banks are forced to invest their
funds in the best securities.
New-York tribune., 1920-09-12
The Best of Erie Junior Liens

Qucstion--Do YOU consider Southern Pa.
cihc convertible AZ at about &c. maturing
In 1899 good Investment Hero il
seems 70 mo Is an opportunity to make
s2t on SIG In eight years. Which OF tho
Erie bonds, if any, do you consider Il
speculative Investment: Docs tho com
pany pay interest ON all the bond issues
and Is 1t likely to cpntinue:-1. NJ.
Answer-Wc regard Southern Pacific
convertible per cent as a good in
vestmont. The bonds are not secured.
yet the road enjoys good credit and
should show considerable improvement
under the new railroad legislation.
The best OF tho Erie junior liens is the
prior lien per cent 1896. At present
prices it appears to offer very fair
speculative investment opportunities.
The Eric pays the interest on all its
debt at present, and while the road
has been poor Garner Of late 1t
should show improvement.
New-York tribune., 1920-09-12
Looks for High Yield

Qucstion---kindly give m" mn cxprrssii.n
of your opini"n regarding the following
railroad bonds safe investment for
one with IL small capital: st. Louis Sau
rHmc'SI" cu,mu,atiHo aujus'mcht Us ma. ma
ana y consolidated cs' maturing l''5"-
Answcr~-If the amount to be in
vested represents a good part of your
principal we do not advise such bonds
as you mention. Neither is high grade.
If YOU would eliminate the speculative
features you would do we'll to consider
only those issues which are we'll Sc
cured. Thcrcfore do not look for too
high q yield.
New-York tribune., 1920-09-12
Shattuck Arizona Deficit
showing in Three Months Better
1han June. 1910. Quarter

= operations OF the Shattuck Arizona
upper Company for the three months
Asea June 80, after expenses and al
s.oSsanees for depreciation, showed q
Deficit Of $685. '"'"eu :"
=. !nis compares with net income o-
sSs,7@o in the preceding three mon,hs
and deficit Of $o3,0l1 tn the CORE
rpohu!ng n..g quarter Of last year. In com
panson with the June. 1918. nuartnr
ssss income showed an increase Of
.,sso,'oi' totaling s37o.5lo, while cy-
ssmses and depreciation charges in.
az s:aseo s2s3.2li. amounting 10 $685.
New-York tribune., 1920-09-12
French Loan Good Investment

Question--Do you think the French Tao.
ONE neu, w,,, 80 como ,e out good investment for
80 WIN Kew thousand dollars? Also
Paease let me know something about the
Japanese bonds. would like something
sa1ety the first considerations and anvthin~
Sou can suggest would be greatly appre-
Answcr-We regard the new French
loan as good investment at present
france appears we'll able to manage
ner aHalrs. and although she has had
TO pay high for her funds, that is be-
cause the money and credit markets
are most unusual. The Japanese bonds
are due in 1925 and 1881. The former
are mems on the government tobacco
monopoly The latter are unsecured.
we regard them as a very fair invest
ment. One should keep in touch with
affairs at all times, particularly as
they affect foreign governments. If
you desire good issues maturing within
two years you might consider Proctor
Tobacco per cent notes, both of which
are high grade. They sell gcr about 100.
Great Northern and Northern Pacific
ours;ion-Do you consider Great North
ern preferred stock and Northern Pacifc
vestment "A. J. McQ
Answer--Neither Northern Pacific
nor Great Northern stocks are good in
vestments, in our opinion. 1t remains
TO be seen how these roads will fare
under the new rates. Naturally, they
are the first issues to feel q change in
the companies earnings. 1t depends
largely unon the state of ones finances.
If ones capital is fairly large some of
these issues are perhaps warranted.
Will Have $4,000 to Reinvest
Question: am sixty. retired married,
IS per cent from stocks, Southern Pacific'
Union Pacific preferred, Atchlson common.
Southern Railway preferred; rs per cent
isS Iss a0a fodeSn bonds United nKpgdem
is2o: per cent in Liberty bonds and
Victory bonds. s per cent in Equipment
Trust Southern Pacific. Chicago & North
French mature October IL. this year Two
mortgages October 81, this year These
and cash from other sources will give me
would you buy? Bonds. industriais, rail-
bank stocks. industrial stocks or railway
st0eks Snnds short notes or long term
loans? I, Is too early TO decide perhaps.
am willing to waite. X. W.
Answer-Your investments are we'll
diversified. All are we'll secured. For
reinvestments it would be we'll per-
haps to consider the longer term issues,
or. if money rates are lower, such
issues would advance. Good railroad
and industrial preferred stocks, good
bonds, or both, and perhaps few more
Liberty bonds, would be suitable for
your purposes, we believe.
New-York tribune., 1920-09-12
..-~-~aAaasa asrsa-apaaA@
High Yield for New Haven Debenturcs

Quest ion-Your opinion OF the enclosed
ads taken from yesterdays Tribune VIII
be greatly appreciated What security is
behind the drhunturea and what Is the
cut look for meeting them at maturity"
-S. w. lI.
Answer New York, New Haven e.
Hartford debcnturc per cent, 1922
are not secured. The company cannot,
however, mortgage its main line from
New York to Springfield, nor from Ne"
Haven to Providence, without equally
securing these bonds, as we'll as other
dcbenturcs, outstanding. This issue is
the first maturing obligation having
this clause At present prices the
bonds yield over 90 per cent to matur-
ity. What steps the company will take
to refund the issues We cannot at
tempt to forecast. In our opinion.
however, the bond offers a most at
tractivc speculative investment oppor.
tunity for one who cun afford to under
take such a venture.
New-York tribune., 1920-09-12
Seaboard Stocks Should Be Low

Question: have owned number OF
shares OF tn" Scaboard Air Line for some
time which were purchased by n relative
and given TO mo. b"hg purchased whom
the stock was Ceiling Gf am correctly
informed) at considerably higher figure
than 1t now is From observation know
hat there is ready and comparatively
steady market for these shares. but cam
not understand why they arc quoted so
low. Please rnightrn mc.-p n.
board Air Line Railway are not such
as to warrant the stocks of the COM
pany selling at very much higher fig
ures. The road has large funded
debt which takes up most of the net
earnings Of the company. 1t may be
that the future will see change for
the better, however. The stocks at
present are pure speculations.
New-York tribune., 1920-09-12
Japan's Cereal l'.rnns

gsss ssseSsding 70 the Japan Chronicle for
ssbs esiss ~ 1920. the Department OF Agri.
sors ssssar end Commerce gives the esti,
49, 80 OF the wheat. barley and rye
49, ss follows: Wheat, 2S.05S, 40
xsgsaasIss IA san e. barley. Ss.gs9, ,0s2 bushels; rye,
iass ~ bushels. Az compared with
~ year tsese figures show decrease
se.s ~ cent in wheat and Of 4M per
ss ssss IN barley. and sn increase OF o per
New-York tribune., 1920-09-12
Would Invest $3.50 Savings a Month

dnsneiaI nsneIisiIonmbased n,Ia on the reading Of your
plan a' Of saxie. paFe have dstermined s, on
Of buying low and selling when high
,,s r,iai s,iioiught Of buying securities on the
+" force myself 10 % save e and the 1 other TO to
hosp hnep my money working all tho time. /
honds haV9 never owned any stock and no listed
per cent unlisted bonds from reliable in =
Vestment houses. While Y cannot sell any
o. ot my. my present holdings within 10 points
pougnt to hold until maturity. mcn-
,i"h ,hn ms so you Will understand my case
s,,rn,ms smr peter: now have several thousand
snonth' as I have a permanent position
Sna ynars an nId un]married. ] I am thirty three
and and when. do not expect to be able TO
nuy at the bottom. but to get close 70
may u, 1 as possible. and I do not know what
mis- gard Would W YOU care to a give me m
!, = 'i1s III IN my predicament: l do not find
netter than the stad. old way I have been
gong. 60, but | find it hard 10 know the rou,e.
i,'a,,s po you believe the better service OF such
%lhc OF Wall Street would help me any
or are they too general: Do you think
would appreciate. any advice or any
sistance you could render me in my search
Tor the best method Of selecting the sccur.
II is perfectly safe to buy on the partial
payment plan through any of the brokers
advertised in The Tribune,-C. w. Il r.
Answer-If you would place yourself
IN position to. learn of investments
a thorough reading of Poor's or
1Mloody's would undoubtedly be of value.
The Financial and Commercial Chroni
Gle, published weekly, also is a good
1t gives current earnings
and 50 forth. Most people purchase in
vestments when they have the avail
able funds. OF course, the best time
to purchase is when everything is de-
pressed. Usually at that time we are
not IN position to do so. One should
not be too greatly concerned when his
investments fall in price. The best
30 the way of the worst in varying de-
gree dependent largely on the condi-
tons. The purchase Of sound securi-
tles' those backed by good earnings
over a period of years is always advis-
able. They may fluctuate, but if thew
are sound you should not worry. Anv
OF the New York Stock Exchange houses
that take partial payment accounts we
consider reliable, as we'll as any nom
members advertising in The Tribune.
New-York tribune., 1920-09-12
Morris & Essex in Strong Position

Question-Please advise me as to the
present Pre- status Of the. preferred stock Of
particularly as to the relation between the
preferred stock and the preferred certf-
fatcs OF deposit. Can the preferred stock
now be exchanged for certificates of de-
iuriSabi": What are the prospects for
1hls yfns, ro"do , Would also appreciate very
as to its present intrinsic value and pros
poets for the future.-G. r. w
Answer-More than 80 per cent of
the stock of the Toledo. St. Louis &
Western has been deposited with the
protective committee. All deposits
made since January 8, 1917, have been
penalized 50 share. Whatever bene-
Its may arise from the committees
efforts may possibly accrue to the un-
deposited stock, but in all probality
the latter stockholders would be will
ing to pay tbe same fee as the de-
posted stock. The road should do we'll
under the new rate increase. We be-
lieve the stock worth hoding-pro-
vided your are in position to do So
Morris & Essex, leased in perpetuity to
the Delaware, Lackawanna g. Western
Railroad, which pays TX per cent on
the former stock, has only $15,OOO,O 900
stock outstanding. The road should do
we'll under the new rates, as the prop
crty valuation is largely in excess Of
its capital stock. The stock will prob
ably not pay much more than its pres
ent rate, as the Delaware, Lackawanna
q Western guarantees only per cent
and an extra 10 per cent in the event
that 30 per cent Of the gross earnings
prove sufficient to pay all fixed charges
and 10 per cent on the stock. We re-
gard 1T as a good investment.