davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Security Oil CORPORATION

Question: have been asked to buy some
per cent notes Of the Security Oil Corpora-
tion and these secured by Empire Gas
and Fuel notes. am to receive a bonus of
common stock with the notes. Will you
kindly give me your opinion Of tho security
OF these notes ?-B. L. N.
Answer-The Security Oil Corpora
ton is offering per cent collateral
trust bonds (not notes), due June Is,
1924, on the basis Of one bond and ten
shares Of stock for $1,000. The COL
lateral behind these bonds is to consist
Of 100000 par value of per cent
notes Of the Empire Fuel and Gas Com
pany "a subsidiary of the Cities Ser
vice Company, which the Security Oil
Corporation has arranged to buy at 80
per cent. These notes fall due in June,
1924. Under this plan the promoters
OF the Security Oil Corporation expect
to raise about 100000 to be used in
the development of oil leases which
they say will be turned over to them
to work by the Empire Gas and Fuel
Corporation. 1t would seem that under
this plan Of financing you would be
paying about $40 a share for stock
which gives you the privilege of par
ticipating in the prospective profits Of
this venture. That part Of your in
vestment represented by holdings Of
stock would. we believe. be highly
speculative.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Bonds Reflect Traction Troubles

Question-A friend Of mine purchased
from leading bond house on December IL,
1918, $4,000 Of City Suburban Railway
OF Washington IS. 1913. at 90 and interest,
stating the bonds were from q trust estate,
were underlying and considered AL in every
respect. l have since found out that one
81, 900 bond Of this issue was sold in Wash
ington on December 3. 1918, at SO, prob
ably as feeler. and, Il remember cor
rcctly. think the bond market went of
rather than up during December, 1918. For
tunately these bonds are held by one who
can stand the loss. but they could easily
have been put OFF on some widow OF orphan.
What action would you take under the CIR
cumstances, and would you consider them a
good sale at COW. C. NJ
Answer-The City g. Suburban Rail-
way first mortgage per cent bonds.
l948, sold as high as los in 1912. At
the time you specify the bonds appear
to have been selling in the naighbor-
hood Of SO. Since that time the com
pany has had considerable difficulty in
the operation of its property success
fully, as it has been refused an in
crease in fares. We do not believe
that the house which sold YOU the
bonds realized any more than any one
else what the situation would be. 1t
seems probable that the situation in
Washington has been fairly we'll dis
counted. The bonds are a first lien and
at current prices appear to be selling
below actual value.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Could Improve Position

!, Question-During last December I pur-
e1 thirty shares Of Lehigh Coal and
Navigation Company's stock at 62h At
the same time also purchased $1,000 worth
OF Chesapeake & Ohio Az per cent con-
vertible bonds. Both the stock and the
bonds were purchased as an investment.
with the intention of holding the bonds until
matu a,, OF late have been thinking that
would have made a better investment BY
PutHng all of my money into the Chesapeake
q Ohio bonds Would you advise selling the
Le91gh Coal and Navigation Company stock
ana investing the proceeds in the particular
bonds mentioned w. G. u.
Answer-Lehigh Coal and Navipation
stock is speculative, more 30 thar the
Chesapeake & Ohio convertible Az DER
cent bonds. For pure investment our-
poses you would do we'll to eliminate
issues which carry the speculative
feature So far as we know Leniph
Coal and Navigation stock has declined
only for the same reasons that other
railroad securities have, yet your posi-
ton would probably be more secure il
your holdings consisted entirely Of
good bonds or preferred stock. The
Chesapeake & Ohio bonds are not Of
the higher grade. but the roads earn
ings are ample, apparently, to care for
the interest on the issues. The date
Of maturity 1929 gives the bonds a
good yield at current prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
A Justifiable Reluctance

Question: have 5000 hard-earned dol
lars In the savings bank, which I am very
reluctant to part with, as l know absolutely
nothing about stocks and bonds I am
strongly urged to purchase German bonds
My friend says I will make $50 900 in q
short time II / buy now, the exchange rate
being SO low. Kindly give me your opinion
on the proposition.-J. OS.
Answer-Every day we receive In
quiriles about securities which friends
of the writers have advised them to
invest in. When it comes to advice Of
this kind, which the generous friend
peddles around so cheaply, we often feel
that otis like the breath of the un-
feed lawyer-you gave nothing for it,"
as the jester who was in the employ Of
King Lear phrased it. Until you have
had an opportunity to give more study
to the question of investments it would
be better, we believe. to leave your
money in the savings bank. Then If
the time comes when you feel it might
be wise to buy securities, but are still
not quite certain of your judgment
consult a reputable broker or banker,
even as you would seek the advice of
lawyer on legal question, or a ply
stefan in regard to a matter Of health.
For one who wants to take big chance
German bonds may offer medium for
getting rich, but we believe that re-
luctance on your part to risk hard
earned dollars in this kind Of a specula-
ton is fully justified.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Best. to Err on Safe Side

Question-I have read with considerable
;; n''sSs LOT many months your replies on
your suggestions on the following state Of
1acts: expect within a few weeks. and
poss noS days. to have for investment about
s snnuoo on behalf Of a lady approximately
es.::nty years OF age. who Is largely but not
entirely dependent upon the income thereof
ohe desires to place this money in my hands
as trust fund. with power to invest and
n retnves. IN such securities I see fit. but
9e Riad OF your suggestions in this direction
a nave some investments myself, and am
therefore more or less in touch with stock
mars, ,narket conditions. and you may assume In
pie business intelligence. had considered
investing the money in three or more of the
.o,io~ing securities: and should be glad Of
your aavlce respecting, them and the advan-
tages OF any others. whether bonds or stocks.
whlcn occur to you as desirable under the
circumstances. The stocks which l have In
mind are Bethelehem Steel 8 per cent pre-
e Strt' virginia Carolina preferred. United
preferred. stamped: American Steel Foundry
preferred. believe that all of these are
paying somewhat better than per cent on
present prices. which would yield a net in
come OF somewhere around $1,2OO.-B b.
Answer-High yields on inve stments
afford satisfaction, but it seems to us
that for the sake Of few more dollars
per annum securities are sometimes
chosen which are not high enough in
grade, this perhaps somewhat jeopardiz-
ing the principal. Although you are
not required to invest the sum men
ton in securities legal for trust funds,
it might be we'll to err on the safe side
and purchase only issues entitled to
high, ratings. For your own purposes
we believe the preferred stocks you
mention are amply secured at this time,
but there might be room for criticism
If the entire amount Of trust fund
were placed in one class Of security.
If the handling OF the account were
placed in our hands we should be in
clined to start with Liberty bonds and
then purchase some good mortgage
bonds, with perhaps small percentage
of preferred stocks. At z per cent the
yield on the $4,000 would be s1,1s0.
At per cent it would be only $17O less
per annum, and this difference, we be-
lieve., would not be large price to pay
for the greater safety the lower rate
would imply.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
The Philadelphia COMPANY

Question-What IL the par value Of Phils-
delphia Company stock7 How long has 1t
been paying dividends and at what per cent
Just what is the company--its business DO
you consider 1t in tho speculative or in
the investment class ?---E. B.
Answer-The Philadelphia Company
10 controlled by tho United Railways
Investment Company, which owns a ma
jority of tho stock The company ia
engaged in supplying natural gas for
fuel to tho cities Of Pittsburgh and
Allegheny and adjacent towns. 1t also
operates street railways. electric light
ing and Illuminating gas companies.
II also owns and develops certain oil
production in Pennsylvania and West
Virginia. Tho par value Of the stock Is
$50. Dividends on tho per cent nom
cumulative preferred have been paid
regularly since 1899. The 8 per cent
preferred. issued in 1918, has paid 6
per cent since that date. The common
has pnid dividends AZ follows: 1894
and 1895, 3 per cent; 1898. 4 per cent;
1899. ~ per cent; 1900, s per cent;
1901, 81 per cent; 1902 to 1911, 9 per
cent. During part Of this last period
extra dividends OF III per cent we're de-
clared nj times 1872, en- per cent;
1913. per cent; 1914, Z per cent Gone
payment in strip; 1915 and part OF
1atG. 6 DAr cent; Oh My a, 1916, In
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Past Performance Consistent

Question: have been advised to invest
some money in the Pennsylvania Railroad.
What do you think Of its future posi-
bil'ties? Do you consider the present price
low. and what is the par value Of the stock I?
Miss J. v. Van M
Answer-The par value of Pennsyl
vania stock is $50. 1t pays 6 per cent.
or 50 a share per annum. This road
has been such a consistent performer
in past years that its shares are widely
held for investment purposes, and vet
we feel that purchases Of the stock ut
the present time should be made onlv
with full appreciation Of the element
of speculation involved because of the
general uncertainty as to what earn
ing, power the railroads will develop
under the new transportation act.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Finds Column Helpful

Question-Will you kindly advise me "A to
the rating OF the following bonds, for q safe
investment for business mani win you
mention them in the order of preference ?
American Telephone and Telegraph, collateral
trust 81: Atchison. Topeka & Santa Fe con-
';t;hie IS. 1855; Chesapeake & Ohio con-
yert1nie os: Delaware & Hudson convertible
5s, General Electric debenture IS, New York
Central Hudson River Railroad debenture
o., Pennsylvania Railroad convertible Is,
1863. wish to invest about 5000 or 81. 900
enc enc prefer pr ,es. a. long term bond. think
Jar degree OF safety for an investment.
Your column each day is most helpful and
enjoyable.-W. LeR. R.
Answer-The bonds on your list are
very fair investments, in our opinion.
Some are not secured by mortgage, yet
IN the case of the General Electric
Company there Is no mortgage on tho
property. The American Telephone
bonds are secured by collateral which
Is income producing. The Pennsyl-
vania 5 per cent, 1868, are not the con
solidated Issue, but the general mort
gage, which is junior to the consoli-
dated issue. We regard the railroad
convertible issues as more or less
speculative for the reason that much
depends upon the result Of operations
under the new transportation act We
should rank the bonds in the following
order: General Electric debenture 5
pei. cent Pennsylvania per cent,
Atchison convertible per cent, Ameri-
can Telephone collateral per cent,
Chesapeake & Ohio convertible s per
cent, Delaware & Hudson convertible S
per cent, and New York Central per
cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Stutz Quotations
Barred From Curb:
Trading Stagnant
Associations Ruling Inter-
ests Traders; Undertone
Is Firm; Little Activity,
Except i'm Cheap Issues

While busiess was virtually 1t q
standstill on the Broad Street Curbk
market yesterday, traders were in
terested in the action Of the Curb As
ISOLATION in refusing to permit quota
tions Of transactions in Stutz Motors
stock. 1t is understood that the ban
against quotations will remain in
force until action has been taken upon
application to list the stock with the
association for trading.
There were a few transactions re-
ported yesterday at prices ranging
from TOO to ITO, but these were not
set down in the record for the day.
Application will be made by officers Of
the company for listing the securities.
1t is believed, but action toward
settling the tangle is not looked for
before the middle Of the coming week.
A firm undertone prevailed in the
market, but only the low priced is
sues displayed any great activity. Low
priced mining shares were traded in
extensively, but trading in this group
as whole was irregular. Bonds
were quiet and steady.
British = American Tobacco was
fractionally better, and Orpheum Cir
cult moved up slightly, ruling strong.
General Asphalt advanced to 80. but
1e6CIeO laCer TO 10, with lew tranSac-
tions reported. Submarine boat was
steady. Announcement was made that
subsidiary Of the company, the
Electric Boat Company. had won
decision against the government in
the United States Court of Claims,
when the company's rights to the so
called Dawson patents were upheld.
The government had attacked the
validity sof the claim. The patents
provide for improvements In sp-
paratus for generating motive fluid for
torpedoes. An accounting will be
made to show the number Of torpedoes
taken by tho government in which the
device was used and damages will be
computed, it was announced.
Oil stocks reacted fr&ctionally in
dull market. Texas Company was down
". Island Oil and Merritt Oil were vir-
tually unchanged. Invincible regained
q drop of y and closed at 42N.
Phillips Petroleum touched 40 on the
opening, but declined to 39A on the
close. Rights held steady at IN. Salt
Creek Products closed strong at ASH.
Simms and White Oil were not traded
in extensively and changed only frac-
tionalfy. The Standard Oil group,
while virtually neglected, ruled steady.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Stocks Ex Dividend
Financial Items

John r. Dillon has been elected a
director OF the Alaska Cold Company. sue
ceeding the late X. r. Rabbit.
March production OF the Calumet and
Hecla Company and subsidiaries totalsd
9sS0.377 pounds.
r. A. Penrose Jr. and A. r.. Hona4han
have been elected directors OF the Chino
Copper Company. succeeding NJ. l. Sperry
and X r. Rabbit. Other directors were
reelected
The Mercantile Trust Company has been
appointed registrar OF the cumulative 7 per
cent preferred stock of tho Burnham q
Morrill, Company.
A. E wishon. assistant general manager
Of the San Joaquin Light and Power Com
pany OF California. Will be the speaker at
a special meeting which will be held In
the ladies' dining room OF the Bankers
Club on Monday under tho auspices Of the
Bond Club OF Now York.
Total production OF the oranby Con-
sonnsea M Gas soo nnypds ain.s
2.lS0.000 in February.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Explanation Not Wanting

Qucstion--Two investments have attracted
my attention lately. which, however, have
never been mentioned in your column as
good. These are Baltimore & Ohio s. and
Cleveland. Cincinnati. Chicago & St. Louis
6s. The former Is quoted at IS and the latter
at ST. Will you please give me information
concerning the status of these securities r
B. S.
Answer-The Baltimore & Ohio es.
due 1929, are secured by deposit Of
100000 par value Reading first pre-
ferrcd, $14,000000 Reading second
preferred, 100000 Reading common
and $15,000,000 Baltimore & Ohio re-
funding and general per cent, series
3D." The total Issue is $35 900 900 and
the estimated value Of the collateral at
tho time Of issue was s45,0OO.000 The
indenture provides that the collateral
always shall be maintained at least
equal to 1873 per cent Of the principal
Of tho bonds outstanding. The bonds
have been affected by the poor show
ing Of the Baltimore & Ohio. The
Reading collateral is very good. We
do not know to what extent the value
Of the Baltimore & Ohio refunding 8s
has been affected. We regard the
bonds az a fair investment The "Big
Four" 8 per cent bonds are not high
grade; they arc Junior to other issues.
1t Ia due to tho good showing Of tho
road during government operation that
the bonds sell a. high an they do. We
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Republic Iron and Steel Preferred

Question--As reader of your answers to
questions relating to investments, find same
stock I'm either holding or thinking Of buy
ing: Would you recommend Republic Iron
and Steel 7 per cent preferred for perma-
ment investment, and with what other pre-
9erred stocks would you class itf-R. @. w.
Answer-Republic Iron and Steel pre-
ferred stock Is entitled to . good In
vestment rating, in our opinion. Other
stocks In the same class are Railway
Stee! Springs preferred, American
Wooden preferred, Endicott Johnson
preferred and Central Leather pre-
ferred.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Going to Hang On

ouestion--Kindly state in your column
the financial standing Of New York Dock
own 100 shares at 4eN and am going to hang
on To same, but would like to know II Che
present $3.50 dividend Is in peril.-M. L. r.
Answer-The dividend on New York
Dock common stock was declared paya-
BILE February 16, 1920. No mention was
made as to tho manner Of payment, but
1t Is looked upon a. a yearly payment.
The report for the year ended February
30, 1920, showed earnings equivalent to
I'll per cent on tho total outstanding
Issues Of preferred and common stocks,
against 6.l8 per cent for tho previous
year. It has been unofficially stated
that there IL y largo increase in the
value Of tho company's property and
that q considerable amount has been
placed back In the property. 1t has
been stated also that the revenue from
rentals win shotx. an increase over that
ahown In the l&2t report. The margin
over dividend payments IL not larRs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Delion Tire and Rubber

Question-Kindly advise mo whether +h.
Ueilon Tire and Rubber Company. incorno.
rated under the laws Of Maryland Is a good
investment-that Is. whether 1t is speculative
Invest with safety IL. w. '1
Answer-This company recently was
organized to take over the Delion Tire
and Rubber Company Of New jersey
incorporated in February, 1915. The
net earnings of the latter for three
years are reported as follows: 1917,
$104,170; 1918, $1O3,939; 1919. S115.58o
The tires have been produced at the
plant Of the Bergounan Tire CORPORA
ton at Trenton, N. j.. and distributing
branches have been maintained in New
York, Philadelphia and Washington.
The new concern is issuing $500. 900 of
8 per cent cumulative preferred stock.
$40 par value, and 100000 shares of
common, of no par value. The latter is
offered at SIS share to subscribers for
the preferred stock. The proceeds
from the sale Of this Offering of stock,
it is said, will be used to build and
equip factory at Baltimore. A nine
acre tract Of land on the main line of
the Western MARYLAND has been &C.
quired as site. Officials of the COM
pany expect that the factory will be
ready to go into operation about the
first OF next year and that production
Of about 200 tires a day will be
achieved. The company has a good
ways to go before the stock could be
ciassed as safe investment. In buy
ing 1t one should be prepared to take
the speculative chances inherent in
nearly every enterprise in the develop
ment stage.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Times suare Auto Supply Company

,,S Question would be pleased If you would
give me ant information at your disposal
rregarding the Times Square Auto Supply
company s Gy this stock now being dealt in on
every share of preferred three shares Of
common We're given gratis. I have heard
recently that this company is about to float
brother a.. the 100000 preferred stock. Please
,es me Know what effect. in your mind. this
Oh the first issue.-T. L. c.
Answer-This company has declared
an initial dividend of 50 cents a share
on its common stock, payable April 20.
The dhe present authorized capital is ST.
100000 Of 7 per cent cumulative pre-
1erred, $100 par. and $4,000 shares Of
common of no par value, Of which
there is outstanding respectively 81,
$4,000 and 1900 shares. 1t is not our
understanding that any additional is
sue Of preferred stock is contemplated
at this time. The company has not
issued any statement of earnings for
me last year, but the balance sheet as
Of December 81 last indicated a sur
plus Of over 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Columbia Graphanhone

Question--Please give me your opinion on
Columbia Graphaphone common Is It a safe
investment at 81 u. r. NJ
Answer - Columbia Graphaphone
stock, now selling around 48, is paying
dividends at the rate of 81 a year, not
very high return as investments 90
nowadays. The earnings Of the com
pany for the year 1919, after the de-
ductioh Of preferred dividends, were
equivalent to 1882 share on the com
mon. At the time the report was pub
lished President Written said the out
look for new business was encourage
ing and that the company was acquir-
ing additional lands and buildings at
Bridgeport; also that a modern plant
had been taken over at Toronto to
handle the increased business in Can
ada. The company has not yet fully
demonstrated its earning power, and
the stock, being subject to rather wide
fluctuations, should, in our opision, be
classed as a speculation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Halo & Kilburn CORPORATION

Question-About the close Of the year 1912
I invested $4,000 of my sisters money In
twenty shares OF Hale & Kilburn preferred
stock on the very strong recommendation of
one Of the most conservative firms on the
Stock Exchange. This twenty shares, for
which paid 100 per cent, has dwndled to
thirteen shares, with market value of about
rs per cent. A few years after my invest
ment in this company it vent to pieces and
was reorganized The new stock was to pay
per cent In 1918, per cent in 1919 and
per cent thereafter. No dividends ever have
been paid since reorganization. and SO far
made to stockholders, and my request for
their last annual report has failed to bring
any reply. cannot And ovt even what they
are manufacturing or any other information.
made money during tho war years. and l
would like to know II possible what Is the
trouble with this company.-H w. c.
Answer-The Hale & Kilburn Cor
poration originally was engaged in the
manufacture Of interior woodwork for
buildings and high grade furniture.
Later It engaged in making interior
finish for railway passenger cars and
also steam and electric car seats. Re-
Gently 1t has engaged largely in the
manufacture Of inclosed automobile
bodies. The corporation booked large
orders Tor the latter during 1919, but
we are informed that probably owing
to increased costs earnings for last
year did not show up very we'll. The
corporation, we are further informed,
now has the manufacture of inclosed
automobile bodies we'll systematized,
and that better results are looked for
during the ensuing year. The annual
report for 1919 has not yet been pub
lished, but It is expected that it will be
issued soon.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-18
Granada Oil Corporation

Question: have been advised to buy
Granada OIL. ! would appreciate your ad-
vice on same. What do you think of WHY'S
overland and Coca-Cola as a fair specula-
ton ii. M.
Answer-Granada Oil Corporation is
largely a prospect. The class "A"
stock was offered in November at Sc a
share. The proceeds Of the sale were
to be used to develop and acquire ad-
ditional properties in South America.
The stock Is too speculative, in our
opinion, for investment, and also the
other two you mention. We do not at
tempt to advise regarding speculation.