davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-10-03
New York Dock Preferred

Question-What Is your opinion OF New
York Dock preferred? would ike ~
Know by what margin tho preferred divi
uehu IS peing earned: also. whether the
present dividend of per cent has been
malntalned for n number OF years Is the
company tied up with leases at low rentals
or are unproftabe leases being renewed a;
Answer-New York Dock preferred
stock is not high grade inve estment
although the stock has very fair
dividend record. Dividends running
from 2 per cent to per cent were
paid from 1908 to date with the ex-
ception of the period of 1926. The
preferred stock is preferred as to divl
dends up to s per cent. After paw
ment Of s per cent in any one wear
on both classes Of stock preferred
and common participate equally in anv
further dividends for such year. Based
on these provisions. the preferred and
common earned the equivalent of 5.13
per cent for the twelve months ended
July 81, 1920. The present rate is 5
per cent on the preferred and "a per
cas~l on the common. The formers
rate has been maintained only since
1918. In the annual report for 1919
it was stated that "an active demand
for piers as we'll as manufacturing
and rented buildings has continued
throughout the year, permitting long
term renewals Of expiring leases at
~ .-y
New-York tribune., 1920-10-03
What Listing Means

Cuestion--D Do shares or stock with
good security management and paying
dividends on preferred and common have
to be listed on the New York Stock Ex-
change? ca Would they be more valua bio
II they were? (S) Is 1T true that some
OF the bcst paying stock are not listed :?
t4) Arc shares of financial institution or
corporation over listed and sold on tho
New York Stock Exchange IL c, II.
Answer (I Listing is not necessary
or compulsory for any stock. 1t is q
privilege granted by the New York
Stock Exchange at the request Of the
company concerned and follows the full
fillment of certain conditions, such as
statement Of earnings and financial con-
tion. (2) Listing adds nothing to the
intrinsic worth Of security. The fact
that it provides ready market, how
ever, makes it more attractive to many
investors. CD 1t is true that some Of
the best paying stocks are not listed
1t is also true that many such securities
are not traded in publicly at all. (4)
There are about twenty-five banks list
ed on the big board. Financial institu-
tons stand on the same footing as
others. so far as listing is concerned,
but there is comparatively little trad
ing IN that class of stock.
New-York tribune., 1920-10-03
The Wickwire Spencer Steel
Has Loss in Keystone Tire

Question-WiIl you kindly advise me ?
some time ago I bought twenty shares sc Of
!Neystone Tire at $50 share on margin
ssh1inking Of buying thirty more shares At
20 share 30 that can even up and dis
p0se a0 OF II around s43. Would you kindly
stone stone company and IL 1t would be advisa bic
Tor mo to invest In it any more Miss
Answer-Owing to the uncertain fu-
ture Of the rubber and automobile in
dustries at the present time we would
hesitate to advise you concerning the
disposition of your holdings of the
keystone Tire. In 1919 the company
earned 1895 a share on the common
stock, and according to present indica-
tlons the present year will be less ia
Vorable from an earning standpoint,
New-York tribune., 1920-10-03
Asks for Conservative issues

Question: have $1,000 to invest and
would appreciate the suggestion of list
OF long term bonds and preferred stocks
which you would consider safe from an
investment standpoint. l would like fair
returns cons stent with safety. I prefer
industrials to rails. Should like your
opinion Of Standard OH of New Jersey
preferred. also American Smelling & Re
timing preferred. Is either Of the above
overcapltalized? Are they considered a
two would you consider best? Can YOU
suggest anything better?-J. ]. w.
Answer-The following securities Of
fer very good investment opportunities,
in our opinion: American Telephone
s per cent 1916, New York Telephone
Az per cent 1889, Western Union Al
per cent 1850, Illinois Steel Az per
cent 1910. and New York Dock 4 per
cent 1851; United States Steel pre-
ferred, Corn Products Refining pre-
ferred, Standard Oil of New Jersey
preferred. Pressed Steel Car preferred,
and National Lead preferred. We pre-
fer Standard Oil preferred to Smet-
ing preferred. Neither, however, ap-
pears to be overcapitalized.
New-York tribune., 1920-10-03
Status OF Marconi Shares

y, :. cuestion--I am interested in several un-
nstod shares ouch as American Marcont
nnt Radio Corporation OF America. In the
later corporation l became q shareholder
ny virtue or a transfer OF business from
the former TO the latter, and still have
ne shaFes In tho American Mnrconi what
IS the status OF said Marconi company
nov; also the preferred OF the latter cor
pofa''on as well as common shares?--C. B.
Anawc THE Radio Corporation Of
Amerlcs has now taken over the prop
e!rty of the Marconi Company Of Amer
ica and the latter company has been
dissolved Your Marconi shares stamped
III exchange for Radio stock represent
your interest IN whatever revenue NAV
be derived from certain claims against
the government. These payments. il
any, Will be made in Radio preferred
stock. The Radio Company IS under
gong considerable expansion, and
while there are no recent earnir o.
statements available, we regard the
preferred stock as a very fair specula-
tive Investment. The common 10, Of
New-York tribune., 1920-10-03
International-Tropical OIL M.rx.r

-. ouestion--As q holder of Tropical OIL
STOCK can you give me any data as to
what transpired at their last meetine7
The rumor was that International Peuol-
eunl was to have taken It over The
The plans were not totally perfected"
iMfyo9wever: 1t was anally held on July 8,
What action was taken. Il any Ia the In
formation desired: know It is specuia-
Two, however. Fortunately can take
care OF speculation. as my Liberty and
my gilt-edge bonds constitute 90 per cent
o. my holdinss SO ono ia Justihed In
V. ". "a"
Answer-We are informed that under
the terms of the merger of the In
ternational Petroleum Company, Ltd.
with the Tropical on Company, stock
holders OF both corporations are to
receive one and one-eighth shares of
the new company for each share held
You can obtain further information bv
writing to the secretary of the Inter
national Petroleum Company at To-
r-Ao -
New-York tribune., 1920-10-03
American Car and Foundry Common

Question: am thinking very seriously
OF buying some American Car and Foundry
Company stock but am undecided az to
which to purchase. the common or pre-
ferred. I have noticed from time to time
that tho common stock OF this company
has been spoken of very highly in financial
papers and in view OF the good outlook
for railway equipment am rather Inclined
70 purchase from 10 to 20 shares Of the
common stock at present prices. but would
like your advice before doing SOW. A. b.
Answer-While the American Car and
Foundry Company Is we'll managed
corporation, having no funded debt, we
regard the common stock as specula-
tive. because it is sensitive to earn
ings. For many years this stock paid
but per cent. At present it pays
II per cent, When business Is good
the dividend Is good, and vice versa.
The stock may offer considerable in
the way of speculation, but for invest
ment purposes we suggest the pre-
ferred stock. paying 7 per cent since
organization.
New-York tribune., 1920-10-03
Chooses Three Good Bonds

Question-I wish to invest in a good
ssi.0oo Industrial bond that Is entitled to a
high rating l have picked out three that
appear to be suited to my purpose What
DO you think of National Tube first per
general per cent and United States steel
sinking fund per cent! Please rate
them In what you think Is their order as
desirable investments.-G. p w
Answer-All the bonds you mention
are good, sound investments. We rank
them as follows: United States Steel
5 per cent, National Tube 5 per cent,
Tennessee Coal s per cent.
New-York tribune., 1920-10-03
Wickwire Spencer Dividend

M nj nave noticed In the renor+ =
safes On the Stock Exchanges that fpr' pui. - ol
erai days past Tho Tribune has st,+ni - ~ .
ick"lrc spencer common STOCK 80 siie' |
ulNdend of per cent [ hold SOW, es's e - q
STOCK put have not received anv diVi,a, " IN >
.ncleoh t or any notification of a dariara
tlon thereof. May l. therefore tronbf Al ~ a. a
-; ~ sise me the details of the dividanS ~ ~
~ & d - or per cent dividend? AIsn +, !,
uualtefly or semi annual, etc. and WAX
~ - Mas ueciared and payable on what do -
70 S'oSk holders OF record as of what data ;
. AnsweEThe Wickwire Spencer steo,
Corporation has outstanding 250 o0o
shares of common stock, 10000 shares
OF common Glass A and $500. .0Oo 3
per cent cumulative first preferred
stock. The nominal value of both
glasses of common is SIS and the nrn-
terred 500 a share The common and
tne common Glass A shares arc identi-
cal except that the Glass A shares are
entitled to q cumulative dividend of Sd
year after preferred dividends Two
quarterly dividends of 81 each have
been paid, May l and August ! last to
the Glass A shareho ders, the latter to
the holders of record July %. Evi.
IDENTIFY you do not hold the Class A
shares, but the common, upon which
no dividend has been declared. The
tribune table quotes dividends in dol
lars, not per cent.
New-York tribune., 1920-10-03
Looking for Something Cheap

Question-will you kindly give me
few facts on Island OIL g. Transport Corpo-
ration. now on the big board? 1 have fol-
lowed this stock for some time, and from
Items read in the papers I should like to
inquire why the stock Is low If the
company is the fourth largest oil pro-
ducer of Mexico. and do you think l would
have an income from same in two or three
years from now? I do not expect to be-
come wealthy on an investment of this
kind, but would like to pick up something
cheap that would amount to something In
years to come. II you could suggest some
thing better would appreciate your advice
j. G.. c.
Answer-The Island Oil & Transport
Corporation has outstanding S22, 800 900
stock, par $40 1t sells for about 60
per cent of parity. For the first six
months of 1920 the surplus after charges
was equivalent to $i.16 share per an
mum. We do not regard these earnings
as remarkable for an oil stock. 1t is
highly speculative. We do not attempt
to advise on speculation.
New-York tribune., 1920-10-03
Wants Profits on Quick rurnoverr

Questlon--Kindly give mo tho following
dopc on each issue listed below: How high
points shall I hold tor on quick .turnovers7
What do you think OF them for long
pull? Anaiy2e in detail zach stock. Here's
my favoritcs: Royal Dutch. She'll Trans
port. Baltimore & Ohio common. Eric first
preferred. Missouri Pacific, Middle States
OIL. Pan-American Petroleum. Mexican
Petroleum and Texas Company. am also
bui!ish on Reading. but am afraid they
VIII get around tho Supreme. Courts de-
qis!on ps!o in c. some way; Haskell Barker,
and New York Air Brake look good to me,
but not for quick profits What Stees
40 You recommend Are you bear on all
u wss no,ng now Middle 1ddsa satss t.s acts
before the break How long would you
hold this stock IS. D. w.
Answer-If there is to be a gen.
cral rise In this list no doubt the
issues selected by you will participate
in it. However, it is The Tribunes
policy not to advise about the purchase
Of speculative securities. 1t IS we'll
to state in this connection, neverthe-
less, that the outlook for railroad
shares is perhaps better than it has
been for years. Oil stocks have re-
Gently enjoyed a substantial recovery
from the years lows, and it may be that
with the improvement in the general
credit situation the advance will 20
further Good dividend paying indus
trial issues have undoubtedly discount
ed in market way many of the ad-
verse factors in the industrial situa-
ton. We cannot tell you how to get
quick profits
New-York tribune., 1920-10-03
Shifting of Funds
In Interior Shown
By Reserve Bank
Ratio of Regional Institution
Rises to 43.7 Per Gent as
Result of Movement; Gold
Holdings Here Increase

Heavy shifting of funds from New
York to the interior last week was re-
fiected in the statement Of the Federal
Reserve Bank of New York yesterday
which disclosed loss in gold to other
Reserve banks through the gold set
tlement fund of approximately $780,
100000. The previous week the tlow
was in the opposite direction and the
local b,<nk had gained strikingly.
AS a result largely OF the drain OF
funds to the interior the reserve po-
aition Of the local institution was not
so favorable as the preceding week
when tho ratio of total reserves to de-
posits and Federal Reserve note liabili-
ties combined rose to 43.7 per cent, the
highest level in several months. Yes
tarday's statement showed lowering
OF tie raGio percentage to ALL.
Gvsd and gold certificates held in ths
vaulrs of the local bank increased
from 1897 900 to Sl1o,S96,s39 dur
ing the week.
The bank made advances to other
Reserve banks, rediscounting the go--
ernmenr war paper of other Reserve
institutions to the extent of S14,502,-
675 and commercial paper amounting
to $4,50O,0O0. Bills secured by govern
ment paper discounted for member
banks in this district dropped from
$492,210,000 to $476,172, ,62l. Advances
to member banks against other paper
INCREASED from SS54,s4s,ooO to $37s,-
96S,082.
The New York Clearing House banks
reported in their weekly statement a
decrease in reserves which completelv
wipe out the surplus over legal re-
serve requirements. The deficit in re-
serves amounted to S11 ,043,S5O Loans
and discounts Of the banks expanded
S2i,7ab.Oo0 to s5,t24, ,776,0 900, while net
demand deposits were practically un-
changed at 81 10 146 900.
New-York tribune., 1920-10-03
Floating Dry Dock Patented

Phenomenal as has been the de-
velcpmont OF the seaplane since Cur
tiss first rose from and landed on
water. in 1911, little attention has bee n
devoted TO the incidental bat important
problem of rooring and handllne- these
craft, says Popular Mechanics Maga-
zine. Recently, however, the proble n
has been attacked by 3 prominent Brit
tsh airpiane manufacturer, with the
result that patents have been issued
for an interesting floating dry dock.
The dock consists basically of four
alright pontoons which form the cor
ners Of fat rectangular steel frame
work
New-York tribune., 1920-10-03
Would Speculate In Bonds

j.. ouestion-By borrowing 900 and put
lng S4oo with It, | can buy - 900 worth
OF keokuk &; Des Moines IS. 1928 Do You
,h!nh tt,ia these bonds will be paid at matur-
ny! II not. do you think l would lose
more than the $A00 cash 1 put up? am
wliling to take chance at losing this
amount. amount but want to feel sure that this
call Frisco adjustment IS. 1855. reason
ably safe" "A. r. s.
Answer-The Keokuk & Des Moines
Railway is 1862 miles long. It's charter
expires in 1923, when the bonds are
due, and the Rock Island guarantees
the interest until that date. What the
status will be in 1929 we cannot tell.
The bond at present prices appears
to be very fair speculative invest
ment. Frisco adjustment 6 per cent
bonds are reasonably safe, VIC should
say.
New-York tribune., 1920-10-03
Frisco Fours Mature 1850

~. Question-For aome time l have noticed
that st. Louis San Francisco As, series
active. Kindly let me know the status Of
the st. Louis & San Francisco Railroad
ana ana OF the above mentioned series bonds
When do they mature Nv. b.
Answer-St. Louis & San Francisco
prior lien per cent, 1850, are first
lien on over 1900 miles Of road and a
Il lien on securities. We regard it as a
very fair investment. 1t is followed bv
two mortgages, both paying per cent,
The st. Louis & San Francisco has
been operating rather well, and with
the increased rates it should show
further Improvement
New-York tribune., 1920-10-03
Investments for His Daughter

Cuestion-My daughter has 81 900 to In
yyoI Won,o iIst iHIatety Is the first consideration.
annun with prospects OF come advance in
prlee OF bonds when market conditions are
railroad and three Industrial bonds we'll
secured. for this investment? I own some
at0cT of Tera IN Home ne on and Refining Company
nan manas or receiver, believe. would
like to know something Of the company
present financial condition. also ita future
Lake Erie & Western preferred stock NV
ing dlvidend.--R. l.. p.
Answer-We cannot attempt to give
you list Of securities which we think
Will advance in price. We can, how
ever mention a few investment issues
which we believe will show a rising
tendency, provided the money situation
grows easier. The following bonds are
we'll secured and have a good market:
1921, yield about 7A per cent; New
York Central ten-year Z per cent, Weld
about per cent; International Mer-
camille Marine per cent, 1941, yield
about 7:70 per cent; Denver & Rio
Grande first a per cent, 1886 (the iudg-
ment cannot affect this bond in our
opinion); New York Dock Company first
per cent, 1851, and Bethlehem Steel
purchase money per cent, 1885, yield
about 7.30 per cent. There is no pub
lished financial condition of the Home
Oil Refining Company The plan of re-
habilitation is as follows: The issu-
ance of $4,000 shares preferred stock
to unsecured creditors and the issu
ance of 100000 shares of common Of
no par value to stockholders of the old
company on a subscription basis of
one and one c-quarter shares of new
stock for each old share, the sub
scrlption price to be $3.50. We doubt
If Lake Erie e. Western preferred will
pay dividend for some time to come.
The road is not good Garner. 1t will
show imprOYement of COURSE
New-York tribune., 1920-10-03
Atlantic Fruit Bonds

coT'n T'ues.lon-l ,,i would appreciate IL Won
aa93noerning a3t.a Atlantic Fruit bonds to rum
arseeh ars D. yfars ca at per cent: Whether they
issro :" aid saie ,'hVestment and was the entire
thn,, gu note small market for
tuenrin we - ta met very few being sold | hold
, + Aanswer-Atlantic Fruit 7 per cent
deoenture dla bonds are a fair investment
lhey are not secured by mortgage. but
10 Ilen may be placed on any property
wlthout securing these bonds eoually
and ratably We understand that thu
Issue Is, was all sold in December. 1910
IN Inc earnings of the company are good
me pond interest having been earned
aoouI three times for the period of fve
months ended May 81, 1920. ''0
New-York tribune., 1920-10-03
Rallying Tendency
Again i'm Control
In nOutside Market
Norwegian Bonds Touch New
High Record on Big Turn
over; Oil Shares Well Sus-
tanned; Fluctuations Small

For u Saturday session there was
fairly active trading on the curb yes
terday, rallying tendencies in evidence
on Friday continuing in control. The
better feeling generated by the firmer
tone Oh the Stock Exchange was an
important influence in the outside mar
ket.
Activs trading in bonds was one Of
the principal features Of the trading
IN Broad Street, The Norwegian gov
ernment per cent bonds, which have
been in good demand ever since they
were admitted to dealings on the curb.
moved forward again and touched q
new high of 1O1ss. Dealings in these
bonds exceeded par value of $500
900.
Oil shares were we'll sustained, al
though ths price changes in this part
OF the market wero not large
New-York tribune., 1920-10-03
Would Recoup Loss In Steel

Question: own forty shares Of United
states Steel common bought at about 500
per snare. Can you suggest switch to
likely to restore original investment p
w. G.
AnswerIt will require a specula-
tive operation for you to recoup your
loss In Steel, and we do not attempt
to advise about such matters. How
ever, you might take into considera-
ton the opinion, which is widely held.
that the oils, equipments and rails
will probably be the first to feel anv
Improvement In market conditions.
New-York tribune., 1920-10-03
St. Paul & X. c. Short Limo

Question: have been advised to pur-
chase st. Paul & Kansas City Short
IL Line ne. bond due in 1914. as, ono Of the
priced bonds They pay Az per cent and
sell at about CT. win you please let me
Know whether this Is first mortgage bond
and II IT is guaranteed by the Rock Island
railroad, Of which 1 am told the st. Paul
& 81 Kansas City is part? 1t is Important
that my principal be absolutely secure
because l cannot AFFORD to lose tho little
capital ! have; What do you figure tho
coupon interest at the price OF CT, and
What is the yield II held to maturity p
@. w. p.
.. Answer-St. Paul & Kansas City
Short Line Ak per cent bonds, due
1s4l, are first lien on 1S3 miles, and
a first lien on terminal property at
Manly Junction, Mason City and East
Des Moines, Iowa. The road covers the
shortest through route between Mime
apolis and Kansas City. The bond is
guaranteed by the Rock Island and
went through the recent reorganlza-
ton undisturbed. We regard it as
very fair investment. The annual yield
at 81 is about $40 per cent. The WELD
to maturity is about ITO per cent.
New-York tribune., 1920-10-03
Couldn't Be Much Worse

Question: tho unfortunate owner OF
$1,000 Inter borough Metropolitan Az per
cent collateral trust bonds What may I
reasonably hope for ultimately than
the present market value &C. 3.
Answer-We cannot attempt to fore
cast the outcome Of tho traction situa-
tion in New York, If you can afford to
hold the bonds we believe it worth the
chance, for it does not seem as though
the situation can grow much worse.
New-York tribune., 1920-10-03
Worried About Buttervortb-1rdson

Of oaestionIn nest 1919 bought sixty shares
o, ,a :. .nutterworth & Judson at -. For the
az, .ast year have not seen or heard anv
thing OF IT: l have written to the CON
pany, at 81 broadway, but never rcceived
any reply. VIII you toll mo how tho Cow
pany stands and II you think that shou,d
ven and take the loss? Also what nrosI
pects there arc of rise in tho stoct7
also VIII you give me the names of ia
presloent and secretary Of the comnanv9
Answer-William A. Bradford is
president and general manager of the
butterworth-Ju -Judson Corporation. and
n; w. Runnion the reasurer.
The general Office is at 81 Broadway
The company made money in the three
years to 1919, but in the latter wear
operated at a deficit of about s254.000.
Ihere Is $2,5O0,000 preferred stock
ahead of your common, the Junior
issue being 100000 shares Of no
par value. No dividends have been
paid on either class of the stock. The
time for the company, which manufac-
lures chemicals and dyes, to make
good for stockholders was during the
war period. In view of the fact that it
did not we see little encouragement for
you.
New-York tribune., 1920-10-03
High Prices Reached By Libertvs

Cuestion-Before investing in moro Lib
eerty bonds I would appreciate the follow
which Issue. What was the highest price
reached reached by the first Liberty bonds and
Liberty bonds.-W. J. D.
Answer-The highest price reached
for 6rst Liberty 81 per cent was 1921
on August 22, 1918. The highest price
for first converted Liberty bonds wss
eSh. on October 10. 1918. The highest
price for the fourth Liberty Az Der
cent was 98.10 on November 10, 1918.
New-York tribune., 1920-10-03
Might Hold N. Y. Railway Ronds

Question--What is your opinion of tho
future value of New York Railway adjust
inent . per cent bonds? If you owned
these bonds would you recommend selling
at present? What Is your opinion Of
French government 4 per cent bonds?-
T.. j. n.
Answer-New York Railway adjust
ment bonds are highly speculative. The
traction situation in New York is far
from being settled, and it is ques-
tion as to how new funds can be raised
to care for the needs of the surface
lines, However, the bonds are 80 low
that it you can afford to hold them it
may prove to be good Judgment, as we
think the situation has been fairly we'll
discounted by the prices of the trac-
ton securities. We regard French in
terna loans as Offering very fair spec
ulAtlYe Investment possibilities.