davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-07-18
United Drug Preferrad

n,eGana9 ouesti9n-.Do you consider United Drug
pastsraea paetS tSaet STOCK as belonging to the in
Testneht class or still speculative? The
United Drug Company is now guarantee9
ing the payment of the dividend Of the
new Llggett, Inc Company per cenr
STOCK. Does 1t not by so doing materi-
any weaken itself? Is not the new posi
tion of the United Drug first preferred
stock second preferred in reality now !?
EaVing sold my rights. may ! still ex
change any of my preferred or common
stock for the new Lggett company stock ?
DO you advise doing SOW. w. r.
Answer - We regard United Drug
preferred stock as good investment.
However, the dividend Of per cent
on Liggett's International preferred is
!. prior cnafge, and for that reason
it is advantageous for holders of United
Drug preferred stock to convert. Onlv
stockh olders of United Drug COMPANY
who subscribe to the new Liggett stock
may exchange their shares for Lir-
gets international preferred.
New-York tribune., 1920-07-18

New York, was not guaranteed delivery
and asked me to send them an additional
s125; They, said they would purchase the
bonds in about week. purchased some
more German City bonds tho same day.
March 12 OF Il Stock Exchange firm They
sent me an interim receipt by return mail
without even much az asking for II
and about two weeks ago I received the
bonds. About n week ago / wrote tho
other broker again and told him I could
not see why should pay sl25 more for
the same bonds but I have not heard
from him since. As purchased the bonds
of both brokers tho same day 1t aeems to
me they ought to arrive in New York
about tho same day. All orders for Ger
delivered In Now York which however,
seems to be merely a question OF time on
This gentleman seems to think that ne
does not have to deliver the bonds if he
does not feel like it and would like to
pocket the profit from the increase in
Can I send the confirmation OF the pur-
chase to another broker and ask him to
ask tho broker purchased same from to
sell same In tho market? 1t generally
takes but to weeks for bonds to ar
rive in this country, while in this case it is
already II weeks.-J. T.
Answer-You should have received
your German City bonds by this time.
1t is best to deal only with firms who
advertise that all bonds sold by them
have already been purchased. This
means that they are not selling the
bonds short in the hope of covering
lower, thus delaying in the delivery to
you. We do not believe your confirma-
tion notice will be good delivery in the
event of sale by you. There certainly
appears to be no good reason why YOU
should max an additional payment to
obtain the bonds. Unfortunately, the
phrase when, as, and it<delivered in
New York, may have d rather broad
Interpretation. We believe you would
do we'll to write a letter or call upon
the firm if possible and politely but
firmly insist upon delivery If you re-
celve no satisfaction write us again.
giving, If you care to, the name Of the
firm.
New-York tribune., 1920-07-18
Doubtful About Sugar Stock

,Question-Please give me what informa-
tlon you can on Central Teresa Sugar Com
pahy or Maryland, head offices in Balti-
more. preferred stock. would like to
KNOW something as 10 whether reia HE
and where their properties are located ~ e
4 was ADVISED TO purchase 100 shares when
!, y, wa. was $40 share. have received two
a,vidends SO far of $50 each. see 1t
last quotation showed $3.50 a share.
also see occasionally the common traded
on New York Curb around So / realize
but II this company was not considered
good would want to sell and buy some
sood pond. will have about IS, 900 to in
vest shortly and would like your advics .. - .
TO the best and safest investments with
New-York tribune., 1920-07-18
American Light 4 Traction Low

'@utstlor-Wha nat Is your counsel concern
ing investment in American Light ana
traction common at it's present low quo
t9ton' half Of its rate year ago .
Answer - The American Light and
Traction Company is more or less spec
ulatlve. having shown a decrease in
earning power OF late. Operating costs
have risen, while rates have not shown
any appreciable advance. 1t is expected
that with the new funds recently raised
by the sale OF notes the company will
be able to show better results. We do
not advise the purchase of such stocks
Tor investment purposes. as they are
lar too sensitive to earnings. From a
speculative standpoint the stock NAV
have possibilities, due to the fact that
the price is much lower than for sew
eral years.
New-York tribune., 1920-07-18
Oil Stocks for Service Men

Queston-Will you kindly give me your
opinion on the purchasing of stock in the
craven OIL & Refining Company; president
j. NJ. Craven vice president, Leonard
Wood jr. They have offered this stock to
men in the service only Can you tell me
men in the service only. Can you tell me the
standing of this company etc. u. X c.
Answer-The Craven Oil G. Refining
Company appears to be largely a pros
pect. The company is selling its stock
tai is $2,5O0OOo They intend building
a refinery and have purchased, we un-
derstand. some land upon which drill
ing operations have begun. The COM
pany's prospects may be good. Unless
you can afford to speculate we do not
advise your purchasing stock in the
company.
New-York tribune., 1920-07-18
Stands Less in Wilson e Co

~ oeuestfon--lhe writer is the owner of
purchased last year at 103. Having seen
Would appreciate any information regard
ing the advisablity of retaining or sell
ing ut this tine.-L S.
Answer~-Wc have consistently adj
vlsed lnqulrers that in choosing invest
ments they should consider only the
securities which are not so sensitive
TO earning power. Many people pup
chase common stocks at time when
the company is enjoying great pros
perity, little realizing that the stock
reflects this prosperity by selling at
high prices. Wilson g. Co. common
stock is in this class. In 1917 the
equivalent of $2896 was earned on the
stock; in 1918 the equivalent of $34.49,
while in 1919 but S1O.19 was shown.
Securities which are so sensitive to
earning power are not, in our opinion,
good Investments. Wilson g. Co. earn
lngs at present are slightly better
than in 1915, when $3.50 a share was
earned. What the future will bring
forth for the company only time will
tell. If you would invest your funds
wisely purchase good bonds and sea-
soned preferred stocks.
New-York tribune., 1920-07-18
Java Exports Sugar to U. 5.

TOXIC, June 22.-Owing to scarcity
OF sugar in America large quantities
OF Formosan and Java crop are being
exported to the United States by tne
Japanese refining concerns.
During March and April about so,oeo
tons of Java sugar was sold to foreign
merchants and a further supply Q,
nearly 10000 tons of Formosan ana
Java sugar has been contracted ,o'
by the American merchants.
The goods are to be delivered -
New York, Seattle, San Francisco ana
other ports.
New-York tribune., 1920-07-18
Doubtful about Switching

Question: own 200 shares OF North
american Pulp and Paper Company and
] have thought of selling them and buy
ing some shares of Sweets Company, al
though l consider both of them highly
speculative. Would you think there is a
better future for the Sweets Company or
would 1t be more advisable to hold the
Paper shares ID, II.
Answer-We make no attempt to
give advice on speculation. The Sweets
Company appears to have had some
difficulty in financing, although the
stock at present prices may offer
rather good speculative possibilities
We believe the North American Pulp
and Paper Company to be the higher
grade, however.
New-York tribune., 1920-07-18
Can't Get Bonds He Roupht

Question: purchased March 10, of New
York brokerage firm for future delivery
10 600 German City bonds at s1S per 900
INKS. l received at the time Il confirmation
- the sale. About a month ago. when the
rate tor marks advanced considerably
asked them to send Inc an interim recent
for the bonds (the same as other brokers
do) wnich would enable me to sell same
In reply they told Inc that an order such
as mine. when. as. and IL delivered in
New-York tribune., 1920-07-18
Steel Preferred Not Retirable

Question-kindly inform me whether tn.
Corporation and Standard OH COMPANY
or New Jersey may be retired at the op-
tion of the issuing companies. or .whethe r
they may be regarded permanent in
vestments. so long the companies re-
main In business?-J. L. w.
Answer-The preferred stock of the
United States Steel Corporation is not
retlrable at the option of the corpora
ton. The preferred stock of the Stand.
ard Oil of New Jersey may be rede d
as whole after three years from date
OF issuance on any quarterly dividend
DAYS notice. '- "
New-York tribune., 1920-07-18
Rolis-Royce and Bosch Mapneto

ouestion-Pleasc inform me where is tn,
auiomobile factory of the Rols-Royc(
1ohlpany and what the shares of common
STOCK are selling at now. also il there j.
preferred and common issue of Bosch Mag.
heto Company and what arc the assets OF
the company u. NJ.
Answer-jn May Rolls Royce COM
mon stock was 70 offered, so bid. Tbs
company has acquired a factory in
SNPrlngheld; Mass American Bosch
only, of no par value. 1t paws $40 an.
mually. Its total assets are $7.655O45
me corporation stated that on January
last the net assets, excluding patents
and tracings, available for the $4,000
shares of stock amounted to S5,444 075
or S90.73 per share. Patents and trac.
lngs amount to S1l.24 a share.
New-York tribune., 1920-07-18
Sugar Shares Speculative

Question--What is your opinion on the
investment standing of Cuban American
Sugar common? Do you consider it
good business mans investment?-R. S.
Answer-We consider practically all
sugar companies common stocks as
highly speculative. While earnings of
most companies and Cuban American
in particular are very unusual, there
is no telling how long such earnings
will continue. Unless you are prepared
to see great fluctuations in the stock
we do not advise its purchase.
New-York tribune., 1920-07-18

Questions of general interest to
Investors pili be amswercd in this
colssan, in aphich case only initials
aoiu be ased. Others ,ciil be an
sseered by mail. Address all IN
quiries, enclosing stamped, ad-
dressed enUelopc, to Financial Editor,
The Tribune, 154 Nassau Street, New
York City.
New-York tribune., 1920-07-18
Swift and National Leather

Quest ion-~Kindly give me your opinion
OF Swift & Co, stock on Chicago
eSchange at loS; also National Leather
Answer~~Both Swift &, Co.~and Ma
tionai Leather Company stocks NAV
be termed business mems very, fair in
vestment. You must realize that such
stocks are sensitive to the companies
earning power far more than preferred
issues and bonds.
New-York tribune., 1920-07-18

and rs points higher at 39.50c; sales, $40
bales. New Orleans quiet and unchanged
at 39.5oc; sales. "a bales. Mobile nominal
and unchanged at 39c; no sales. Savan-
Eah quiet and unchanged at 4lc; sales
Norfolk quiet and unchanged at 40. soc;
sales, 1,1o0 bales Augusta quiet and un-
changed at Ale; sales, so bales, Mem phls
steady and unchanged at 39.50c; sales
375 bales. Houston steady and unchanged
at 3Sc: sales, sos bales. Little Rock quiet
and UNCHANGED at 39.50c sales, 80 bales.
Dallas steady and As points higher at
ao.o5c; saies, 33 bales. Fort Worth steady
and unchanged at 39c sales, so bales.
New-York tribune., 1920-07-18
Investment Information

eign Investment Bonds "Moody's
Manual" and "Poor's Manual" which
you can see at any bank or library,
give all the facts you mention about
bonds except prices. The latter facts
are given in "The Investors Pocket
Manual" published by the Financial
Press, Broad Street, New York.
New-York tribune., 1920-07-18
UNION PACIFIC

The current number of our
Market Review contains a re-
sumo of the commercial and
financial condition of Union
Pacific Railroad, which in
1919 continued to lead the
railroads of the United States
in operating results. The
company showed net income
after all dividend require
ments on the preferred stock
of l3.69% compared with
12.s73o for 1918. The low
average interest rate on its
bonded Indebtedness and its
income from investments free
from government legislation
are factors worthy of con-
sideration from the invest
ment standpoint.
New-York tribune., 1920-07-18
The Old Order Changeth

preferred and Northern rt r, Paeifc, purchased
In 1908 at pretty high figure. Recently
| have been advised to sell this stock. IL
half OF what put in. l bought this stock
as an investment and the present low
price does not disturb me II there Is any
probability OF better market in the
future. even within several years. I do
not expect that the stock will ever again
having held 1t so long hesitate to sell!-
Miss L. II. Il,
Answer-Times have indeed changed
Stocks like Great Northern preferred
and Northern Pacific were considered
good enough for the average investor.
The railroad situation is one of great
uncertainty and such stocks have
fallen into the speculative class. The
hoped for increase in rates based upon
higher property values should place
these stocks upon better basis, in
our opinion. The fact that directors
decided to declare the regular divi-
dends at this time would indicate their
faith in the future. We believe the
railroads will see better times. That,
of course, is but an opinion. You must
remember, too, that all forms of in
vestments return far higher yields
than i'll many generations. If you feel
that you can afford to speculate upon
the future we believe you would do
we'll to hold your stocks. If you wish
to take no chances whatever you should
convert your holdings into good bonds
or seasoned preferred stocks.
New-York tribune., 1920-07-18
inclines Toward Speculation

Question: have $500 to invest. What
&c, 60 Eop think of Ajax Rubber at Gl, also
nect Of isethlehein Motors paying diyi-
dends?-P. II.
Answer--lf you purchase stocks like
AJaN Rubber or Bethlehem Motors YOU
are speculating. not investing. We do
not ATTEMPT TO give speculative advice
New-York tribune., 1920-07-18
Investing s35.ooo Life Savings

Question: have some $4,000 life saw
ings in savings banks paying per
cent I am out of business and unable to
work. What shall do to bring in more
money? l do not feel that per cent is
enough; still ! can't afford to take any
chances in the condition l am in--J H.
Answer-It is possible to obtain
more than per cent without risk at
present, for Liberty bonds yield. almost
5 per cent. High grade mortgage
bonds, we'll secured, yield from 51a
per cent to per cent and seasoned
preferred stocks Of companies which
have no funded debt may be purchased
to yield over 6 per cent. We give
herewith a list Of few Of such issues,
any of which we believe would be suit
able for your purpose: Atchison, To-
peka & Santa Fe general 4 per cent
1895, Union Pacific first per cent
1947, Chicago, Milwaukee g. st. Paul
general 4 per cent 1889, Chicago, Rock
Island e. Pacific general a per cent
1888, Chesapeake e. Ohio consolidated
5 per cent 1889, United States Rubber
5 per cent 1947, United States Steel s
per cent 1868, American Telephone 5
per cent 1916, Western Union Az per
cent 1850, General Chemical per cent
preferred, National Biscuit Z per cent
preferred, American Car & Foundry Z
per cent preferred and Standard Oil
of New Jersey per cent preferred.
New-York tribune., 1920-07-18

in an enviable position
among the copper producers.
Greene-Cananea
The recent resumption Of
dividends in Grcene-Cananea
was made possible by it's
large silver output. Exten.
sive undeveloped area and
cheapness and abundance az
labor, place this company in
a position where production
may be increased as cond;.
tions warrant.
Among other stocks dis.
cussed in this issue are Mer.
ritt Oil, Midwest Re6n;nu
Shell Transport & Tradine
Philip Morris and Skelly OH
THIS number Of the Market Pc
tfeto NfIE be sent on reon.,,
for R-542
New-York tribune., 1920-07-18

Iotal sfol 5.o,fot.So
T. Samuel a. Weldon Cashier of the above
named bank. do solemnty that the
above statement Is true 10 the best Of my
knowledge and belief
S A. WELDON. Cashier
Subscribed and sworn 10 before me this
18th day of July. 1920.
Notary Public n. Y. County, No .lS,
N Y. County Reg. no. 14ss.
Correct-Attest:
FRANCIS L HINE,
JACKSON +. REYNOLDS,
CHARLES D. NORTON.
Directors.
New-York tribune., 1920-07-18
YeSterday'S PreVlOus Yea
New York: close close. ago
40. Western. S2.43 $2.4os4 $40
Flour and Meal-ouotations were:

Yesterdays PreViOus Year
New York: close. close. ago.
Minn. pat. 1850 1850 13.75GD1450 12.12ls
Cornmeal4.OO@ 412 4.O0m AZ 4ST,r.
Rye flour.11. Oo@11.50 II. 1.00@11.5o SOS q 9. IS
Bran ... 5000 5000 44OO
Cottonseed Oil--There was only small
volume of business in the market yester-
day. total sales amounting to ), 900 barrels.
close of the day showed net gains of so TO
so points. Offers were smaller and the
trade took frmer view of the technical
more less buying on the advance in
lard.
At the same time foreign oils were
lower. and some authorities again
bearish on the general supply and demand
situation.
The range OF prices follows
New-York tribune., 1920-07-18
Holds Good Bonds

Two bonds Chicago Il North Western. due
lS29, sinking fund 5 per cent; two Lake
Hhore q Michigan Southern gold 4 per
cenl' quo 1881; two Northern Pacific due
-g4i. per cent general iien). Would You
mn"lsa nay me to Keep these and also what do
you tnlnk or my investing $4,000 in Indian
Packing and Loft Candy stockp / houaht
twenty shares of Pennsylvania at $50 ner
5hare. Would YOU advise selling? I am
Ic. w.
Answer-Your bonds are very good
ones. We advise your keeping them
and purchasing more with your $1,000.
Don't touch Indian Packing or Lofts
ior investment purposes. They are
highly speculative. Pennsylvania Rail
road stock should come out of it's
troubles. we think, although we do not
advise the stock for those dependent
upon the income.
New-York tribune., 1920-07-18
Livestock. Meats, Provisions
Butter. Cheese and Eggs
Yesterday.

Butter--Receipts were 1s,904 packages
Creamery, higher than extras, per ib 81
@57 lac; extras. % score. lAc firsts 80
to 81 score, 54is soc; frsts. IS to SO
score. b2sa e54lac seconds. S3 to 81 score.
1901 l2c: lower grades. 46Go47c; unsalt- :
ed. higher than extras. 60G160lac extras
5s@5 lac: frsts. SAY % lsc seconds SO
5Sfac; state. dairy tubs, finest, SO a. 66c
good to prime. 52@54c; common to fair.
46@blc; renovated extras. 4sG soc: Arsts.
New-York tribune., 1920-07-18

RESOURCES. -'-''
onne Customers ana aime h1ft Loans s75.os2s7oss
ovaessp,ss Acsep,ances .:......... ."' .sse.osse,
Interest earned h,,t ,,o,c, ,,,'',.' 7,ss3.st
y Ss'eR1,madpp1ox,mate Ronds OK ,s., ss2.s5as.
owned unpledged . aosn1I, A,
L. ). Bonds TO secure circula-
y 'iSn t;ona: e. 7.s5s.ooeo.
y deposits Road. - CO... sz22s.ooos.
T. lungs eonds :. ...... ,, l,1oc.oooc'
y savings Hs,,s Gertihcates II. ~ 25.ooo.es
ness TO secure Bills Payable s025e nm A,
Iso' sonas' securities. etc; ....-. 6l,3s3.2S3st
Ionos zones 10 secure Z; 3 Deposits. I2.24S. IS,
!,o,,ns Do,i,.s 10 secure secure Trust funds 25.0ooel
New-York tribune., 1920-07-18
Chooses High Glass Stocks

Question: have about IS. 600 to invest
III stocks and have selected tho following
preferred stocks: Fivc shares American
Locomotive, five shares Bethlehem Steel
per cent, five shares Standard Oil of
New Jersey. shares United states Rub
hel first preferred. five shares United States
steel Win YOU kindly advise me il this
list Is fairly safe? Also, VIII You give ine
Chain Company of Bridgeport, Conn. Is
the stock good purchase "A. d.
Answer-Wc regard all the preferred
stocks you mention as sound invest
mcnts at the present time The Ameyi-
can Chain Company is successful. The
preferred stock is a good investment
The common stock, because it is sensi-
tive to earnings, is rather speculative
New-York tribune., 1920-07-18
Corn Prices Continue
Lo1u, bat Tone Is Better

Underlying sentiment in the corn
market leaned little more to the
bull side owing to evidences that the
movement of corn is falling off and
that cars are being transferred to the
grain belt. Receipts at the primary
points last week fell off about 275.OO0
bushels, and it was thought that this
may be more pronounced in the near
future.
Furthermore the technical position
of the market was looked upon as
stronger as result Of recent weak
ness, and many thought that a good
rally was already overdue. The action
of wheat, however, served to discour-
age aggressive buying, and throughout
the day price changes were compara-
lively narrow and quotations ranged
from 1sc lower for the near months
to a decline Of 12c for December.
In the local cash market No. 2 yell
low corn was quoted at $1.701s cost
and freight New York, ten days ship
ment.
Yesterdays Previous Year
New York: close. close. ago.
Corn; No; yellow~s1.7O4a si.7Oa4 sos
Ss'S Ss15ember :: i4s Its'- l4ss. I4ss. Iss'' Iss
Oats--The market was in much the
same position as corn and Il was believed
that prices would have advanced II the
wheat market had not shown much
Weakness Crop accounts We're Favorable,
however, and the movement showed an in
crease of over 100000 bushels for the
week.
In the local cash market Nos ,. 3 and 4
white were quoted at s1.ls to $40; fancy
clipped white. S1.22; ordinary clipped
white, sl.2O. all elevator.
Yesterdays Previous Year
New York: close. close. ago.
No white, sIIS@1.20 sl1S@1.20 SIS
Chicago:
September ....... .7GSs "A 1888
Rye-Market easy
Yesterdays Previous Year
New York; close close ago.
New-York tribune., 1920-07-18

the highest possible returns for 1t Is quite
| necessary not only to have principal safe
hut to get the best possible returns.--Mrs.
q. l.. d.
Answer--The Central Teresa Sugar
Company was Incorporated in 1919. 1t
liz located in the Province of Oriente
Cuba, comprising about "a 900 acres, of
which about IL 900 are owned in fee
the. remainder being held under long
term lease or under contract for the
purchase of cane. The outstanding
capital is only $3,500000, one-half
per cent cumulative convertible pre-
ferred and onc-half common, both $40
par value. The preferred is convertible
at any time into common stock. An
initial dividend Of per cent recently
was declared on the common stock
Earnings are reported to be good and
increasing. 1t is great question in
our mind rs to how recently formed
sugar companies will fare when the
price of the commodity returns toward
normal. All SUGAR companies are pros
porous now This prosperity may con-
tinue for some time to come. For per-
manent investment we should prefer a
security which is seasoned, security
of company which has gone through
commercial depression as we'll as com
mercial booms. There are many Sc
curities of this character yielding from
6 per cent to Z per cent-the bonds
and preferred stocks such as are men
toned in this column nearly every day.
Argentine Bonds
Question--The writer owns somc of the
Argentine government internal 5s 1916
bonds bought ut about n. These bonds
arc payable at the fixed rate Of exchange
of S4.S7. am advised to exchange some
or all OF this issue for Argentine Republic
per cent external loan bonds which are
payable, principal and interest, al the
current rate of exchange. and mature prior
to 1850 by sinking fund provision. They
ascertain no provision is made for pay
ment of principal or interest in this coun-
try l would very much like your opinion
as to which of these two bonds you CON
investment point of view, and whether
you would recommend the exchange of
the 1945 5s for the sterling As. which 1
understand are offered at $3.50 for f20O in
bonds; also, whether there is a collection
charge by banks cashng the coupons of
sterling 4s.-B. NJ Il.
Answer-The Argentine A per cent
bonds may offer better speculative
possibilities than the 5 per cent issue
you now hold. They are no better Sc
cured. The depreciation of English cx-
change may make them more attractive.
Your per cent bonds are supposed to
be retired by sinking fund purchase or
drawing by maturity, also. The 4 per
cent bonds are not payable in the
United States. You would have to
present your coupons in London
through the agency of some bank here
for collection, all of which would cost
you fee Of some sort
New-York tribune., 1920-07-18

THE
FIRST NATIONAL BANK OF Nr-u ro.
at the close Of business June 30. 1920