New-York tribune., 1920-12-19

"; in NaF asl: You to piease aa-
Ie'e9.y"- ara Feieersph IS Armour Conn
p pA.0 reluna.rz s. Ne,r Yori. Certrai A.
.,ou,Le.n I'eri.i. ;s south.r,l p4ci,ic c5n
Nse.. -fr.G.ug -. f|.,',' s,,;,.s.ja ~
80 -iN- 'l.H 9ls ~
'-.. "a "-'.i ..sa - s,-4.s ~,-
- "Ai- a.r' ..s-'- ~t-. e.1.--- J..
A.swer-Io:lowins IS bv;o- 10.
scl'ption Of me securities ~oa neation.
American Telepnone and Teles.apb col.
lateral : per cent, due December
1946, interest June and reccmber or
which there are s77,434.9oo opts.a nd.
ing, are secured b. deposit OF stocks
o. affiliated and subsidiary. con,panjas
having q n'arke. vs.ue at a.! times G.,
.32 l-s 9er cert c. the ra4 value C.. -aa
poHos outstanding. Tf;s co..a,ovs.. 1s,.
s.Sis @. s9a'es G. :Ae .lew Yo.4 Tee.
pho.4 Co'np-::t Southern b.. Yeie-
pho'' '-cMia~y, Southwestern re.e.
phoNe company ard pac..ic relepnors
Company. W. regard vn.s oouo 49,
good Investment. Armour 4 Cn raoa
estate nrst AZ per cent, due June
1889, interest payable June and Dccem.
Der l. II which there are $50 ,0uo. 900.
are secured By direct first mortgage On
loo acres Of improved real estate i,
Shicago. Kansas City, South Omahu.
East st. Louis. Sioux City and Fort
Worth. as vel! hs 700 acres sf uniu
proved la2ds at NIiEaeapolls and ware
houses ~ ano aroa"d New York CIV.
,, ; ne oohos @"e 2ctit!ed ~ 4 l4eA .4..lg.
','.'.'Iaofe S va.o f:}. Ser t,r,. ,4G.
''"N ''ls @-1.e-t ".,-tt.e JIa4arv
ana Jp:l D. v'so. ;4cre ere AK
standing $s.,996.ooo a4r sa1.,reu 3>
ilrst licn @" ,5o miles, arst coliate.a,
1icn on 4V4 m;!es, second lies, on 70.,
miied, second collateral lien on 375
miles smd by pedge Of $S,50O,OO Zen.
TIRE lssuc) Baltimore - Ohio Railroad
Iterminal Az per cent bonds. 1924
There are $79 S95, 400 Of prior liens and
the issue underlies the convertihles
and the refunding and general mort
gage issues. This bond is entitled TO
taIr eating. The Baltimore & Ohio
refundlng and general bonds, due De.
ccnber' 1879, interest payable June and
December |, Of which there arc $50.
ooo'ooO per cent outstanding, &l5,O0O.-
900 per cent pledged 70 secure s per
cent notes, S293 ,0CO 900 reserved for
prior liens, $6".250 900 reserved to rc-
tire convertible ~ per cent aud S2lO.-
652,foo reserved for extensions. are
secured by first lien on SO miles. lrst
collateral lien on 10 miles, second lien
on 422 miles. second collateral lien on
300 miles, third lien on l,31G miles,
tnAd collateral lien ON 545 miles
tour.h l.en or 500 miles. fifth lien on
!@r miles, ..ttA collateral lien en- loS
mica and By pledge Of various secu.i-
'cs- They are subject 20 $3.50 1927 .3o5
! nftof liens q regard The bond as
la.f only. !.4s)e are three issues Of
New Ncrk Central per cent bonds. the
ochentures due May /. 1884, interest
payable May and November ]. the DE-
bentures due January ! 1912. interest
payable January snd July i, and the
consolidated Ycrs cent due February
|. 1890, interest payable February and
August l.. of tae tfst there are s48,-
100000, OF the second S0.1SS 800 and o.
the last S65573, 900. All arc conal,v
secured, as follows: Second lien On ~
miles. 'hrd Oh s6G miles. fourth o.. 65S
miles and ;i1:A on 2il miles The nricr
iens are Sl6G,l9l 900 ana .Ley u.oerlv
New ork Central retunGi,lg ava IN
rroVement az per cent 2tl3 and .he
dehen'ure . per cent 1885. A.. are cn-
tltieo to good ratings. Southern Pacific
Railroad first refunding per cent, due
January |, 1855, interest january and
July l. OF whlck there arc Sli3 ,S3l 500
outstanding, are guaranteed by the
Southern Pacific Company. Thcv are
secured by first lien on 1872 miles. sec
ond hen on 2,l17 miles and third lien
on 239 miles. There arc but Sl3,4Sa. 500
OF prior liens. The bonds is high grade
Southern Pacific Company convertible
pen cent Ono longer convertibe), due
June |, 1929, interest March and Sep
tcmoer |. of which there are 3,S0l 900
outstanding, are not secured by mort
gage. The company enjoys good credit,
, howeveS, and the bonds are entitled to
good rating. Southern Pacific Conl-
pany convertible 5 per cent, due June
|, 1881, interest June and December |,
OF which on January I, 1920. there were
$4o,o33,0oO outstanding, are not secured
by. mortgage. They are convertible
prior to June |, 1924, into common
stock at par. We regard the bond as
sound, but it has a speculative feature
on account Of the present situation in
southern RACINE occasioned by the new
issue of oil land stock. Southern
Pacific Company Central Pacific stock
collateral trust per cent, due August
!, 1949 interest June and December |.
OF which there are $34,10O,5Oo out
standing. are secured by first lien on
$l',4OO00o preferred and $67 ,274 300
common, being practically tho entire
issues of Central Pacific Railway Com
pnny stock. This latter company owns
2,l50 miles OF road They arc mort
gagged for about $3.50 a mile. The
SUIT by tho government to compel the
Southern Pacific Company to sell it's
holdings in Central Pacific was decided
against the government in March, 1917.
IN the lower court. An appea! is pend
lng. We regard the bond as q good
Investment. Pennsylvania Railroad
Company has outstanding s499. It's, 400
capital stock, par $50. Dividends aggrc-
eating over 400 per cent have been paid
SINCE organization. A. no time has
,hcre been a break in the dividend
record. The company operates 1890
miles, Of which 3.032 are owned in fee
and 1896 are operated unde, leases and
the remainder under trackage rights !
II also operates directly 81 miles Of |
canals and forries. The stock, as may
be seen. has wonderful record. At |
present it pays 6 per cent, or S., 9 |
share. The Bethlehem Steel Corpora
ton has outstanding S15,OOO.O0O COM !
mon, $4,000. 900 common class 3, $l5,-
0oonoO T per cent preferred and $780,
oO00o per cent preferred. The COM ,
pany has placed back into the property
large sums of money. Westinghouse
Electric and Manufacturing has S70,-
S13,950 common and $3,99S, 700 per
cent preferred, par $50 each.