davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04

per cent, 1896 We do not see that Cana
dian Pacific stock is lacking in specula-
tive features In 1912 it sold for $24b
a share, paying the same dividends as
now. 1t is certainly rs speculative as
Union Pacific. The railroad situation.
in Canada appears to be quite as com
plex as it is here. While the road
earned it's 10 per cent by small mar
gin in 1919, it did not do nearly so we'll
as Union Pacific or Atchison. Ameri-
can holders of Canadian Pacific stock
are paid in American dollars. If you
will communicate with the Attorney
General of thu State Of New York, at
Albany, he will tell you when it is
intended to publish list of bonds legal
in New York state. The following rail
roads are in rcceivership: Texas Pa
cific, Missouri, Kansas &, Texas. The
following have recently gone through
reorganization: Missouri Pacific, St.
Louis-San Francisco, Chicago, Rock
Island and Pacific, Western Pacific,
Pere Marquette, Wabash and Seaboard.
French and Italian exports to this
country have increased since the low
exchanges on those countries were
quoted. We do not believe there
exist any artificial causes at present
While we do not attempt to forecast
prices, it is our opinion that exchange
on these two countries has been about
as low as it will go for 1920. None Of
the issues of Erie, Seaboard or Mis-
souri, Pacific is in default. TIE Florida
East Coast Railway is good Garner in
normal times and has enjoyed good
credit. The economic situation in the
three countries you mention is much
improved, particularly in Belgium.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
c., B. & q. Joint As. 1921

6, Quest kindly let me know what day
Sears Roebuck preferred stock began to
sell eX dividend. DO YOU consider the fol
lowing securities exceptionally gilt edge
pnd desirable for safe investment: Union
Pacihc first and land grant As of l947
chicago, burlington e. Quincy Joint As Of
l92l Armour real estate 4 l2s of 1899 p
a. II. X
Answer - Sears Roebuck preferred
stock sold ex dividend 1s4 per cent on
June Is, payable July l. Both Union
Pacific A per cent, l947, and Armour
AZ per cent, 1880, are high grade
bonds. The Chicago, Burlington e.
Quincy joint a per cents, now selling
on a basis to yield over II per cent,
are due one year hence. How the two
companies which guarantee the issue
Will manage to finance it we do not
pretend to know. If money and credit
conditions are not cons iderablv i'm
proved by that time they may have to
pay high for an extension. 1t is our
opinion, however, that the bonds are
safe and that holders should have no
great cause for worry.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Devises a Wise Exchange

Question: own Union Pacific common.
for which l paid $126. 1t seems to me
that, owing TO tho general condition OF
all railroads. Union Pacific will be obliged
to reduce its dividend, it Is a stock
holder in other roads that have cut their
dividends or will be obliged to do so. My
idea Is to switch into Westinghouse Eec-
trio Company. Would like your opinion
K. A. @.
Answer-There is, Of course, con-
siderable amount of speculation in
Union Pacific stock. not only on ac-
count of the uncertainty of it's own
operations, although they have been
good, but because of the uncertainty Of
the dividends on the stocks owned by
the company. The Westinghouse Elec-
trio and Manufacturing Company is a
very prosperous concern. It's business
is increasing year by year and, while
the common stock is more or less SEN
sitve to earning power, 1t is such a
substantial concern that we believe
your position would be sounder If you
made the suggested change.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
FOREIGN Crop Estimates

A dispatch received by the Bureau
of Crop Estimates, United States De-
partment Of Agriculture, from the In
ternational Destitute CT Agriculture,
Rome, Italy, gives the 1920 production
of wheat in British India as 1854, 800. 600
bushels, or 1901 per cent of the 1918
production, and 1884 per cent of a five
year average, 19l4-19l8. The 1920 pro
duction Of corn in Argentina is given
as 1852, 900 bushels, or 1854 per cent
of the 1919 production, and 1921 per
cent of fiveyear average, 1914-19l8.
The condition of cereals on May l was
average in Great Britain, Ireland
France, Hungary, Portugal, Egypt,
Morocco. There was drought in south
Italy and Algeria.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04

that most Of the common shares are
speculative in varying degrees. If you
feel that you cannot afford to spec
ulate upon this matter it is better for
you to convert your holdings into good
bonds or seasoned preferred stocks.
The income return would be reduced,
of course, because you would be pur-
chasing securities of better grade.
American Telephone stock is fair in
vcstment, but here too we find stock
which is more or less sensitive to
earning power. Our opinion is that
the railroads will do better. But that
is only. our opinion. You evidently
know the proper class Of bonds in
which to invest. The following pre-
ferred stocks are worthy of considera-
ton: General Chemical 6 per cent
preferred, United States Steel 7 per
cent preferred, American Tobacco G
per cent preferred, National Biscuit
per cent preferred and American Car
& Foundry per cent preferred.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Guarding the Overseas Dollar

1t is serious matter for an investor
to consider that if he places his capital
IN foreign country, in the event Of
a war between his country and the
country where his investment is To-
Gated his property viii be taken over
by the foreign government and prob
ably be sold out under the hammer.
abruptly ending his business opera
tons, says George f. Roberts in The
Nations Business"
We have seen this done by our own
government to hundreds of millions of
dollars wortl. of German property,
whose owners had been cordially in
vited to establish these industries and
who individually had committed no Of
Tense against this country. That poll
icy may be justified by the law of ma
tons, but 1t creates a very evident
hazard In international investments.
1t Is said that the German properties
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
FOREIGN SpeculatiOnS

Question-Please let know your
opinion on the purchase of German marks
and Belgian francs currency also Russian
bonds external loan. Are these bonds
payable in dollars or rubes? In what
denominations are they, and what Is the
price ?-V. w. Men.
Answer-We make no attempt to ad-
wise regarding speculation, particu-
larly in currency of foreign govern
ments. The Russian external loans, OF
which there were two placed in this
country, aggregating S75,000,000 were
issued in American dollars. We have
maintained that these issues will
eventually be paid, because we believe
that the friendship Of this country is
essential to Russia. 1t may take a
long time, however. The issues are in
denominations as low as $1,000 only
The price quoted at present is 20 pei
cent of 81 900, or $3.50.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Lack of Transportation
Ties Up Kansas Wheat
Farmers, Il is Estimated, MAY
Have to Hold 90 Per Cent
New Crop in Bins

HUTCHINSON. Kan. July 2.-Kansas
wheat growers have been warned by
conferees at meeting of railroad men,
farmers and bankers that they may
have to hold GO per cent of the new
crop of grain in stake or bins on their
farms, because of lack Of transporta-
tion 10 the mills. There is vast
amount of grain from last years crop
still waiting to be moved.
Since the conference, in response to
the appeal directed to the Interstate
has wired J. C. Mohler, secretary of
the State Board of Agriculture, that
]4,5O0 cars will be sent to the mid
West. 1t has been estimated that it
would take 10 600 cars to move the
wheat from last years crop still re-
naming in the country elevators and
on Kansas farms. The states i'm
mediate need is $4,000 cars to ade-
quately handle the situation, Secretary
Mohler said. He has received word
that Kansas is to get 1000 cars.
When the present wheat harvest is
over Kansas bankers will have approx
mately $lO0,000,000 tiled up" in 1919
and 1920 crops. OF this amount the
bankers have advanced S65. 5000 ' uo
to the present time, on crops that
have not been harvested. These were
figures given by J. r. Anspaugh, sec
rotary of the Kansas State Bankers
Association at the conference THE
security is good but the money is hard
to get. 1t will strain every resource
to get through safely" said Mr.. Ans
paugh.
Even the possibility of getting the
grain threshed was anything but hope
full, because of coal shortage in the
wheat country
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Houston Oil Shares Erratic

Questlon-May I ask you to supply me
with information as to the financial con-
diton of Houston OIL. on the curb. and
also American Shelters. and in bull
market which should show the most gain ?
"A. G.
Answer-The Houston Oil Company
of Texas. capitalized at $8,947 800 6
per cent cumulative preferred and $685.
100000 common stock, besides $780,
$40 per cent accrued dividend GER
titcates, showed, for the year ended
September 80, 1919, earnings applica-
Bile to the common stock of $500 q
share. The company is, we understand,
in a good cash position. Its interests
are large, and certain litigation, which
has been pending, is now settled Amer
lean Smelling and Refining Company,
like most metal companies, did not
operate very successfully during 1919.
The per cent dividend on the comm on
stock was not earned, yet the directors
apparently looked for better times
ahead when they made the regular
payment. The company is in good
financial position. 1t is not possible
to forecast the price movements of
these two issues. Houston Oil stock
is far more erratic in its movements,
is unlisted, and an oil stock, all of
which tend to detract from its sta
bility.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04

We can give some intelligent thougn'
to a problem of the greatest moment.
that of distribution from the farmer
to consumer, which shall eliminate
some measurable portion of the IN
necessary waste seemingly inseparaole
from present methods, says Arcnef
Wall Douglas in The Nations Bush
ness" We have enough vital problems
IN the absolutely essential matter o.
agriculture 20 keep US engaged iof
wears to come. Meanwhile the farmer
IN desperation, seeks to solve them
sor himself. and makes steady heaa'
way THROUGH cooperative assocIattons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
New York Dock Company

ing New York Dock Company. their hold
ings and earnings. DO you consider their
first per cent bonds, 1851, suitable for a
conservative investor "A. NJ S.
Answer-The New York Dock Com
pany's properties are on the Brooklyn
water front They extend two and one
half miles from Brooklyn Bridge to
the Erie Basin. The area is 1876 acres.
1t owns 1859 bonded and free ware
houses, having 116 acres of floor space;
thirty-four piers, the largest 1923
feet. The wharfage distance is 1856
miles. Steamships of more than twenty
lines berth regularly at the piers. 1t
has twenty manufacturing buildings,
total rental area of 1,134,060 square
feet The New York Dock Railway
operates three freight terminals. Ex-
tensive improvements in all depart
ments were made during 1919. There
is outstanding $12,5OO,0OO first gold A
per cent due August l, 1851, secured by
first lien on all the property now
owned or hereafter acquired; S10,000,-
600 per cent non-cumulative pre-
ferred stock and $7,000000 common
stock, upon which latter 21s per
cent per annum has been paid recently.
For the twelve months ended April
80, 1919, the equivalent of 5.19 per
cent was earned on the two classes Of
stocks against cit per cent for the
previous year. We regard the bonds as
being unusually we'll secured and as
offering very attractive investment.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Hudson & Manhattan Bonds

Question-Do you regard St Louis &
San francisco 4 per cent prior lien bonds
as safe? Arc Hudson & Manhattan s per
cent refunding in the same class "A. j. G.
Answer-The St. Louis San Francisco
prior lien bonds are fairly we'll Sc
cured, being first lien on 1880 miles.
We regard the bond as very fair
investment. Hudson & Manhattan re-
funding per cents are first lien on
part of the tunnels and a second lien
on another part, besides being a second
lien on the Hudson Terminal Building
in New York. With the recent increase
in rates on this road the bonds are
entitled to a very fair rating, in our
opinion.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Widow Is Nervous About Securities

Question: read The Tribune every day
and wish very much your valuable advice
bought in 1906 for speculation. The in
come from them now Is my living. and he
is gone. I am pretty nervous over them
when l read the quotations and your ad
vice to others would like more interest
and safe investment. 1t seems a good
time to buy. but a bad time to sell Will
you please take them in rotation and tell
me what changes to make. so that l can
understand about 1t and each one? have
about $4,000 in an Albany savings bank
payable on July l. How shall invest 1t I?
on-one Wilson & Co. ten-year convertible
sinking fund. one Bolivian Republic gold
loan, one American Telephone and Tele-
graph tveyear per cent note. cost $94o;
one Kingdom of Sweden twenty year gold
bond. Are the above all right? What do
you think of Oneida Knitting Mills per
cent cumulative preferred stock price 800
per share? Would you suggest wait
until stocks go higher to change? l also
s9S.75; United States steel common. ten
shares 40; Utica Knitting Company com
mon. ten shares, 10o Southern Pacific
common. ten shares 1903; Southern Rail
way common. sixty-fve shares, 25 South
ern Railway preferred. twenty-five shares
"a New York Central common. thirty-two
shares; American Wooden Company COM
mon sixty-five shares, A. bought in 1906
Is it q good thing to buy any more Ameri-
can Wooden common stock for investment
Mrs. II. A ;.
Answer-While some of your stocks
particularly the railroad issues, have
shown declines lately, the hist, gen
orally speaking, is very fair one
However, practically all are more OF
less speculative. For permanent in
come purposes it seems to US you woulc
do better to place your funds so that
the element of speculation is elimi.
mated as far as possible. United States
Steel common, at present prices. yields
slightly more than per cent. whereas
the preferred stock yields between 6E
and 7 per cent. We believe that most
railroad securities will do better even
tually 1t largely depends upon your
willingness and ability to hold such Sc
curities. If you are not dependent en-
tirely upon this income, perhaps the
railroad shares will advance enough fol
you to take advantage of fair prices
The American Wooden stock is highl!
speculative. The company has enjoyed
great prosperity as result of the war
1t is our opinion, however. that some
good preferred issue is better for you,
purposes. The Knitting Mills preferred
stock is very fair investment, al
though we prefer stocks having wider
market. Your bonIs are fair invest
ments The Sweden bond is probably
safe one. We know very little about
Bolivia.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Holidays This Week

Monday - In Czecho- Slovakia Tin
MoraVla and Sllesia). Guatemala
tprobably), Nicaragua (probablv),
Panama (probably), Uruguay (prob-
ably) ard Venezuela. In the United
States: In every state of the Union
and the District of Columbia, also in
Alaska, Hawaii, Philippine Islands,
Porto Rico and Virgin Islands.
Tlesday-In Czecho- Slovakia.
" ednesday-In dominican Republic.
T9ursday-ln Brazil Estate of Sac
Paulo).
ErMaY--In Arpcntina
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Britain Pays SlO,OO0,OOO
God ON Vruguav Credits

MONTEVIDEO, Uruguay. July 3
The Anglo-South American bank de-
livered a check yesterday to the Bank
Of the Republic for $40 100000 gold, as
payment by the British government of
the first installment for credits given
Great Britain by Uruguay for the pur-
chase OF products of the country
The check, which was cashed into
gold sovereigns Immediately, was the
largest ever drawn IN this country
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
/. &. e. Denies REQUEST

WASHINGTON, July 3..Application
of the Kansas City, Mexico & Orient
Railroad Company and of the Kansas
City, Mexico & Orient Railroad Com
pany Of Texas FOR loan Of 100000
under the transportation act was de-
MED to-day by the Interstate Com
MERGE Com n, Is sinn
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04

QHssfiens Of general intsress g
sneesfers will 30 a~ssosred in tAIs
ce!M~sw. in .0hich cass only imitials
sesH % used. Others oiIl Do sm-
scored by sndil. Address oil ~
Q~srses, t~closin0 stamped, ai.
9vesscc envelope. to Financial Editsr.
Tie Tribune. 1sI Nassau Street. Ns,s
York City.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Little Left for This Stock

tauestion--During May 1917, was in
duced by reput Bile broker to purchase
stock at s3l so per share. This stock paid
me dividends of SIS August l and No
vember ]. 1917, and February 1. 1918, and
then ceased to pay A month ago l wrote
the broker for Information and received
no reply Can you give me any encourage
ment or tell me IL this company Is still in
existence. and II so, what are the pros
poets? In August. 1915. l purchased fifty
and received dividends up to March l.,
1919, but none since. Would you adj wise
buying fifty more shares Baltimore G. Ohio
in anticipation Of a renewal of dividends :?
W. l..
Answer-Therc appears to- be little
chance of your getting anything out of
your first commitment. Proceeds from
the stock that was sold in New York
were duly sent to Savannah for the
development of the company, which
was in control of it's Southern share
holders. Part of the money was used
to pay off note. Affairs were addi-
tionally affected by the fact that the
resin market went to pot, one of the
important officers enlisted, another
was incompetent to handle company
affairs and discord developed in the
management. This information was
given to The Tribune by A. D. Olena,
40 Broadway, counsel for the New
York interests, who are trying to sal
wage something. They entered the en-
tcrprise in all good faith, apparently.
We hesitate to advise you about your
Baltimore & Ohio holdings. Conditions
have made this issue speculative. 1t
appears to US that the worst may have
been reflected in present price levels.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
New American Bank in Peru

The Lima branch Of the National
City Bank Of New York was opened
for business on April g. This. wee
Consul Roth reports. is the third iafse
foreign banking institution which nas
entered the Peruvian field within the
prosperous economic period which com,
menced for Peru during the secono
year Of the European Wax.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
p. r. r. and Cities Service r. 8

Question-By an exchange Of my Penn
sylVania Railroad stock Into Cities Service
bankers shares would l further weaken
my position IL. H.
Answer-The Pennsylvania Railroad
has until recently been a good Garner.
Times have changed. What the future
will be we cannot say With increased
freight rates and fair property vaua-
ton we look for better results. Therein
lies the speculation. Cities Service
Company, large producer of oil,
shows substantial earnings. The prop
erty appears to be we'll managed, but
the common stock is naturally very
sensitive to earning power. You would
obtain a higher rate of interest if you
make the change, but for how long we
are not prepared to say
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Studcbaker Is PROSPEROUS

Question: have several shares Of
studebater common which T purchased
at sc. DO you think the company is in a
strong financial condition? That 1t will
continue per cent dividend? Are there
prospects of the stock advancing? also
Leather purchased at 20. Would 1t be
worth while holding these shares until
there might be Il market advance along
the leather line? l am also interested In
American Sumatra Tobacco common, and
American Cotton Oil common. Do you
consider these stocks good buy at pres
cnt figures? Are the companies in good
Answer-The Studebaker Corporation
earned the full years dividend in the
first quarter of 1920 and issued an ad-
ditional 33 1-3 per cent stock dividend
recently. What the future of the auto
mobile industry will be we would not
attempt to state. The stock is highly
speculative and at present is depressed,
owing to the money and credit situa-
ton. We do not consider American
Hide & Leather common stock as hav-
ing other than a mere speculative
feature. Unless there is a general ad-
vance in speculative issues it is not
to be expected that this stock will en-
joy any sustained rise. Both American
Sumatra Tobacco and American Cot
ton Oil are said to be in good financial
positions. This is particularly true of
the former. We do not attempt to ad-
wise upon speculation, or predict price
movements
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04

in this country were appraised and in
but that even that method in ousting a
proprietor from his business which he
has been years in building up, and a
field which he has been years in de-
se pop1u5oI oq AIplrq ueo '5u!doIeA
COMPENSATORY OF satisfactory
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Paper Mills 10 Close i'm .Iapan

In announcing the decision by the
owners to close forty paper mills in
Japan Advertiser" quotes the owners
as saying that the slump had wiped out
very nearly all Of the 100000, 900
profit made In the last five years.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Calumet & Hecla
ThePremierDiuidend-
Paying Copper

The diversified holdings of
Calumet & Hecla have placed
this mine in the position of
the leading dividend-payer
among the copper mines of
the world. It's record in this
respect for a 48-year period is
equivalent to a yearly aver
age of $31.77 per share, or
1878 per share per annum on
the par value.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
THE MARKET REVIEW
Oil Developments of
General Asphalt

Importance of the oil produc-
ton of this enterprise is ap.
parent in the company's re-
tirement from the asphalt
paving business and its con-
centration on oil production.
An outline of its prospects
under Royal Dutch manage
mcnt, together with other fea-
lures of current market in
terest, contained in this
weeks issue of the Market
Review.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Specializing on a Trip Abroad

Question: intend taking trip to
France next spring and | was thinking Of
buying some French currency now to hold
until then. because exchange rates are SO
favorable. Do you think it would be
wise Miss E. N
Answer-We would not attempt to
say at what price francs will be quoted
next spring. France appears to be get
ting back, slowly perhaps, to normal
conditions. 1t will take some time, in
our opinion, before she will be upon
the pre-war basis. When you attempt
to trade in currency YOU are entering
the speculative field with vengeance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04

4 full column Of Unrest
n,ent questions and ans,oers
Is published in The Tribune
every .ceekday.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-04
Intrinsic Factors
Affecting Nevada
Consolidated

Among the low-priced cop
pers Nevada Consolidated in
dicates an ore-reserve posi-
ton that, based on averages
of production and cost of
operation, appears to place
the company on substantial
footing with reference to the
immediate future.