davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-12-12
Reduction i'm Loans
And Gold Increase
Help Reserve Bank
Ratio Improves During Well
in Preparation for HEAVY
Transfer Of Funds De-
Is; Discounts Decrease

Increased gold holdings and r.d,..s
borrowings by member banks v.,a
mainly responsible last week for :.
improvement in the position Of ~.
Federal Reserve Bank of New yors
which reported ratio Of total r.serv.,
to deposit and Federal Reserv. note
liabilities combined of 5s.l Der c.n.
against S7.S per cent the prscsd,r.
week.
BY way Of partial anticipation o. n.
heavy transfers Of funds which will
take place on December Is. the Reserve
Bank has sold to other Federal Reserve
barks $50.000.000 of certificates o, in
debtedness maturing on that date. of
that sum $4,000 900 was sold il. m.
week ended December 8. and $4,000 .ooo
in the week ended December 10 Inesa
sales followed the precedent last Sen
tember, when as now the volume of
certificates to be redeemed in this dis
trict exceeds the amount of taxes which
it is estimated from payments on pre-
vious instalment dates will be received
here.
Gold and gold certificates held by the
local bank Increased from slo9 955s 900
TO $1l8,419.016 last week The bank also
gained through the gold settlement
fund, presumably in connection with
the sale of certificates of indebtedness
to other Reserve banks, the increase
in this item being approximately
S1c, 100000.
Discounts for member banks against
government war paper dropped from
$441. .623 900 to s424657 500 Reds-
counts against other paper were re.
duced from s529,l75,0O0 To s50l. asa.
Holdings OF certificates Of Indebtedness
increased from s61, ,658,OOo to s72,-
| l20.500. Government deposits dropped
flom $22. 143 900 to $s.98l 900
The New York Clearing House banks
reported a decrease Of Sl0,733.lS0 in
surplus reserves, which stood at sli,-
o. on ~ l." end of he week Loans
and discounts were practically un-
ch.ngeu, wnI.e net demand deposits In
creased $43,668, 900. United States gov
ernment deposits stood at So, 4Os, ,O00.
New-York tribune., 1920-12-12
Chooses Safe List OF Bonds

Question: have got 80 l don't want to In l..
vest In anything without your advice. Am
offered city of Quebec Technical school 1
DER cent. guaranteed by Province OF Que
bee. due 1850. at SO: also Grand Trunk
Western Railroad frst closed mortgage 4
per cent hftyyear gold bonds at &C. duo
in 1850 Are these safe and good invest :
'rent. Denver q Rio Grande per
cent gold bonds due 1886. quoted &c ". and
Illinois Central 4s, due 1852 and 1853,
about 49, or Kansas City Southern first as.
quoted So. and Rock Island refunIing gem
eral. AZ? Which two do you think safest
and best In tho long run7-J. NJ. 3.
Answer-We regard the City Of Que
bee bonds as sound. The obligations of
the Grand Trunk Western, now part
Of the Canadian National Railways, are
in reality indirect obligations Of the
Dominion. We believe them therefore
entitled to good ratings: Perhaps, if
you purchase the City Of Quebec bond
you would do we'll to purchase IN
American bond. Diversihcntion is a
good rule to adhere to. We regard all
the bonds you mention as safe. The
best two are the Illinois Central 4 per
cent, 1852, and the Kansas City South
ern per cent. 1850. You would make
no mistake in purchasing them.
New-York tribune., 1920-12-12
American Internationals History

Question: would appreciate some in
formation on American International Cor
sound? Why was the last dividend passed 2
Do you think the corporation has a future {?
A. r.
Answer-The American international
Corporation was incorporated Novem-
Der %, 1915. in New York The CAPT.
talization is $1.000,000 preferred and
$49 100000 common, par 500 and fully
paid in cash. The corporation has q
perpetual charter, under which it may
purchase or otherwise acquire real and
personal property of every kind and
description and wheresoever situated,
including stocks, bonds and other evil
dences of Indebtedness of any corpora
tlon, domestic or foreign, and may issue
IN payment or exchange therefor its
stock, debentures, notes, bonds or other
objects are the development of export
and import trade, the use of erican
materials and manufactures abroad, the
employment of American capital and
American engineers in the construction
OF foreign enterprises, the enlargement
OF the system of ocean tran: port under
the United States flag, and in general
encouragement of the business men of
this country in Undertaking projects
abroad and in extending other domestic
opportunities to foreign countries The
corporation has already sent many ex-
petitions to South America, Europe and
Asia 1t controls, with W. r. Grace &
Co.. the Pacific Mail Steamshi Com
pany, has an interest in the United
Fruit Company and was joined by the
international Mercantile Marine and
w. R. Grace & Co. in the purchase OF
a controlling interest in the New YORK
Shlpbuilding Company at Camden, N. j
The American international Shipbuild
ing Corporation entered into very ex
pansive program at Hog Island. Man,
ships were delivered to the Emergenc,
Fleet Corporation. Dividends have beer
paid since 1915 until November 18 last
when dividends were passed on bott
issues of stocks. 1t was stated at the
time that the corporation, ain pursu
| ance OF the purposes for which it wa.
! organized, is engaged to a large extent
through its sub, idaries, in foreign
trade and commerce. In consequence o,
the exceptional circumstances and re-
qulrements at this time, the director,
voted to omit the quarterly dividend. ;
The corporation undoubtedly has a fu
tture. Much, of course, depends upor
the future of foreign trade.
New-York tribune., 1920-12-12
Woman Doubtful About Anaconda

Question: own ten shares Of Anaconda
purchased at SO. DO you advise selling at
present level? What is the outlook for
dividends this stock Miss G. r. c.
Answer-Anaconda, like all mining
stocks, is speculative The prom
erty is valuable one, for Anaconda is
one of the largest mines in the world.
If you purchase such issues you must
realize that your position is uncertain.
Dividends are subject to changes in
accordance with the results Of earn
ings. Copper stocks have been heavy
Of late because the price Of the metal
has gone down below production costs,
and there is an oversupp|y. We can
not attempt to forecast dividend action.
The company may earn the 81 share,
but the directors may decide to con-
serve. cash. Therefore, outsiders pre-
dictions are nothing but guesses, The
Tribune does not give advice on specu-
lation. If you wish to place yourself In
good investment position you should
purchase only good bonds and mort
cages and seasoned preferred stocks.
New-York tribune., 1920-12-12
Predicts Buying in Month
Cotton House Looks for Com
DetitiOn TO Start Sales

1--WE feel that we are within thirty
days Of the time when competition will
bring an avalanche Of offerings that
will put prices on basis where the
deferred buying Of the public will clean
up old stocks" says c. 7. Revere, Of
Munds, Rogers & Stackpole, members
of tho New York Cotton Exchange, in
circular predicting a rise in raw
cotton prices.
Raw cotton and print cloths, says
Mr.. Revere, have declined about s5 per
cent from the peak. bat the public
has curtailed its buying of finished
goods and apparel. "The public has
not been frightened by lower prices"
he says.
"As matter Of practical fact, Il docs
not know that they exist. If it could
get goods on a basis in keeping with
the decline in raw material and the
wholesale markets the response would
be instantaneous and overwhelming.
The stocks Of goods are large only be-
cause the retail price is deterrent
to buying. No alluring announcement
Of reductions can camoufiage their
present overvalustion. Pessimists may
contend that retailers will continue to
daily with the inevitable. We do not
believe It,"
New-York tribune., 1920-12-12
Had Tough Time With Her Oil Stocks

ouestion-One year ago l was introduced
to ips o nrokerage house and the day follow
man, head of the firm. and advised TO buy
! Texas Oh, which was then selling at s3s7
much higher and they knew positively that
could make some money | bought ten
snares ,,.,s on margin. The stock went to s341,
It was going higher. Instead Of going
SI, when It dropped to $3.50 he advised me to to
ala. th. putting up additional margin. Since
5nen men the stock has never reached that
from the broker; two Of them / was
Obliged to ask for. as they say they send
s,atemenss n;H,dn to customers twice year only.
having been paid was sent me- Only
through the newspapers was the knowledge
Sn.a,hed, Sar me ! went to the broker and asked
having been told that all dividends usually
were held until the account was closed,
They amounted to sl.2o4.os. No notice of
tne price received was sent to me- and
when asked for same was advised OF the
price paid md that the amount had been
credited TO my account and could not be
Withdrawn. ! wrote them asking that the
0f,obeT DS,ob dividend I,I be forwarded TO me. to
TO withdraw credits. II would be need
ed to balance up interest charges. and no
me that soon the stock would go up and
! they would be able to dispo2e OF It. This
| iuio:indtlOu was given IN September. They
also bought for me twenty y-hve shares Of
Transcontinental OH at $50 per share. and
during very serious illness. when I was
unable TO read tbs newspapers or obtain
any knowledge. they held the stock and
| ter than $4,000 security WIN YOU ad :
wise me what my rights in this matter
and what Is the best thing for me TO do :?
feei that have been imposed upon In
stead Of owning twenty shares OF Texas
on ! now have eighty shares on margin,
which 10 selling around 52 (as the stock
was split up).--Mss A. Nj. X
Answer-So far as the purchase of
your stocks is concerned, we can make
no comment Both issues are highly
speculative. You probably have a dis
position TO speculate, otherwise you
would not have done 50. It is not Gus
tomary for brokerage houses to render
statements each month on inactive ac-
counts. There Is no rule regarding the
matter. Most houses render such state
ments quarterly, others semi-annually
However, you should have been noti-
fed Of all transactions, such as pur-
chases and sales. 1t is the general
practice, too, to notify customers of
the crediting Of dividends, although on
margin accounts dividends are not usu.
ally withdrawn, but are allowed to re.
main in the account to offset interest
charges on your debit balance.
New-York tribune., 1920-12-12
Boston & Maine Authorized
To Issue 81, 100000 Bonds

BOSTON, Dec. 1.-THE state depart
ment Of Public Utilities to-day author.
lied the Boston q Maine Railroad Ia
ISSUE bonds amounting to more thar
81 100000.
Tho order 10 based upon three pssi
tions. one OF tl.2l2,o 900 TO DO used e
meet part Of tho purchase price of new
freight and switching iocom otives; the
second for S5,443,579 for bstterment.
and improvements in tho property ol
the company and its subsidiaries anc
the third for $6os 900, to cancel Con.
nscticut River and Boston 4 Lowell
Railroad bonds assumed by the com
pany and maturing January l next
New-York tribune., 1920-12-12
Woman was Badly Advised

buy ~; :'s :sx
at ss atty Retail stores at iiaN. 100. 900
marks At .oa s-s. 100 United state. Ship
a. =. In place OF selling, as I wished to
man advised me 70 hold I have had to
cover my holdings twice. s1cept for Savage
ing a. high cost sU!o Of in;erest WHAT you'd
you advise ?-Mrs. P. d.
Answer-When you were advised to
purchase these securities and the Ger
man marks you were advised to enter
the speculative game with q vengeance.
Perhaps you could afford to do so. If
you could not, your adviser used bad
Judgment Such stocks should never
have been purchased for investment
because all are and have been 40 sensi-
tive to earnings that dividends we're
exceedingly likely to vary, dependent
upon the operations Of the companies.
1t must have been apparent to the OBJ
server of affairs that the war brought
about condition which enabled most
sums of money. 1t must also have
been apparent that the pendulum
would swing tho other way at some
time, for 1t is not natural for things to
remain abnormal for any great length
Of time. Apparently there is but one
thing for you to do. Look at the mat
ter squarely and ask yourself if you
are able to willing to speculate, for
just so long as you hold these stocks
your are speculating, waiting, hoping
for them to advance in price. To spec
ulate properly requires considerable
time and study. The trouble with most
spectators is that they overbuy--that at
Is, they carry moro stocks than they
can manage. and when 4 slump comes
they already have exhausted their buy
ing power and cannot take advantage
of low prices. Besides this, specula.
tion is contagious. One learns of g
stock advancing several points and he
feels that an opportunity has beer
lost. It advances another Ave points
and then he makes up his mind to gel
into the game. It requires no courage
to purchase stocks when they are high
The surrounding enthusiasm Is suf
hoient to instill courage. Courage Is
needed when stocks are so low thai
one hears nothing but talk Of reduced
dividends, even receiverships. But tina,
Is the time to buy. We arc sorry not
to be able to give you more advice
than this. But to our mind it is the
best.
New-York tribune., 1920-12-12
Railroad General Mortgages Differ

Question--P!ease let me know YOUR rat =
ing ing o, o. tne Following recent Issues of bonds.
Liberty bonds, Pennsylvania Railroad YEN
era. efai mortgage 4'as. or any large railroad
nnla Os[Tass coppss ra1a ~ per cent 00nas
ooutnwestern Bell Telephone converttble
notes per cent, 1925; Pennsylvania Rail
SIne vjiIe seeTasd Sa god per cent, 1890 Louis
1870; Delaware & Hudson secured gold
tr,s, per cen, cent 1890: Union Pacific equipment
Face eaupent rny, nsr cent, seas sss Tnon
cent 1895; New York Central Railroad COL pI.
latera' 1a1a trust trust gold per cent. 1916; Beth
titcate per cent. 1885: Bell Telephone OF
thiladelphia first and refunding mortgages
Sp,nRlns ps tund : per cent. 1915. Consumers
cent. 1885; Grand Trunk Railway etnkina
tund gold debenture per cent. 1870
hST heS1rS G0mpare the rating of the security
or gold bonds. railroad debentures and
general mortgage bonds. Why are the
new Issues OF debenture notes or honds
quoted above par, whereas general mort'
gage IS or 4hs listed at about 757
arc tho general mortgage AZ bonds gen.
orally a first lien on all railroad nronertv
&C. s. S0%''
Answer-None of the bonds you men.
tlon compares favorably with Liberty
ano victory bonds 80 far as security is
concerned, and with the execution az
-AA'N SANiPLuCllL sue none
are comparable with the Pennsylvania
general mortgage bonds or other first
hen railroad bonds. General mortgage
bonds are not always secured in the
same way. For instance, the general
mortgages of the Atchison, the Chi
cago, Rock Island & Pacific and of St
Paul are practically first liens on the
entire property, and where there arc
prior liens these general mortgage
bonds are reserved to retire them at
maturity. The Pennsylvania general
mortgage bonds are first lien or
part Of the property. but are subiec,
to the entire consolidated mortgage
and bonds prior to them. The Missouri
Pacific general mortgage is not frs
lien at all, but is a general mortgag &c
blanket mortgage) on the entire prop.
~. Debenture bonds and notes are
igations of company, but are not
'ccured by any mortgage, except col.
ateral. perhaps. in the case Of SOM
notes. We rate the mortgage bond,
rule The notes sell on high
income basis for the reason above
given.
New-York tribune., 1920-12-12
Broker Thinks Sligo Matter Serious

Question-Upon information received
from a client Of our house I md that your
paper At one time during the month Of
Angus, published an article regarding the
Sligo Iron and Steel Company and its
security. The article you published was
BY no means favorable and in duo Justice
TO my client and tho Sligo Iron and Steel
Company wish TO state that l must ask
your paper to send mo . written state
ment verifying your article Immediately.
IL H. Werlau Co., Syracuse
Answer-The Sligo Iron and Steel
Company Is ninety-seven years old and,
unfortunately Ia beginning to show its
age. The war boom brought riches to
many q steel company, but not this
one. They do say. however, that the
first ninety-seven years are the hard
est, and perhaps this company in It's
next century of existence will justify
the fondest hopes of it's shareholders.
in the mean time the promoters in this
city attempted to put the stock out at
$14 share, when they had paid only
Sc or possibly 81 for it, and to that
The Tribune objected If you are try
ing to sell the stock up in Syracuse
you probably know as much about that
as we do. We will be glad to advise
your client, for, as you say, this is a
serious matter.
New-York tribune., 1920-12-12
Guaranty Trust Companv stock

Question-Kindly give mo your advice
on the following: Guaranty Trust Company
Also what is the par value Of above?-E
J. 8. l..
Answer-The Guaranty Trust Com
pany. the largest in the country, has
made huge strides in the last few
years. The, stock is a good invest
ment for business man, in our opin-
ION. The par value is 800. Anglo
american Oil Company is the large st
distributor of petroleum in the United
hlngdom 1t is former Standard Oil
subsidiary. The stock is. Of course
somewhat speculative because it is SEN
sltive to earnings. The par value is
New-York tribune., 1920-12-12
Faith Shattered BY Fisheries railure

Question: am q stockhoider In the East
Coast Fisheries Products Company, which
company went into receivership last Sat
urday. rs there any danger to lose my in
vested money! hardly can realize the
fact. AZ only heard the best about East
Coast Fisheries and the banking house Of
NJ. Taylor. How much l thought of East
Coast you may appreciate when ! say that
bought nrst preferred. then another ono,
then two more then later on four more.
, altogether eight preferrrod. with forty
common WIN you kindly give me In.
formatton' 1t wa only because I always
road your column that kept my Liberty
bonds.-A. 8.
Ahswerlf your East Coast Fisher
les experience has taught you the Diff
ference between a speculation and an
investment 1t may DO worth the cost.
Your letter sounds as il you would
not be likely to forget your lesson.
We do not know how the stockholders
will come out. l. M. Taylor & Co.,
Inc, wrote The Tribune only few days
before the receivership, saying that
stockholders of the East Coast Fish
cries Products Company had nothing
to worry about and that the company
was free from bank or other obliga-
Vions.
New-York tribune., 1920-12-12
California Petroleum speculot,v.

Qucstion--Wili you kindly give me your
opinion Of the common stock OF the Call
per arttcles indicate that there ia a book
value OF $40 behind this stock.--O C.
Answer-According to tho balance
sheet Of the California Petroleum Com
pany for 1919. the net assets applicable
to the common stock amounted TO the
equivalent Of $l36 4 share. Do not be
too enthusiastic abou' such figures, for
assets are rot always quick assets.
The company, as a matter OF fact.
earned less than per cent on the
common for the year ended June 30.
1919. against about per cent the pro-
vious year. No dividends arc paid on
this issue. We regard the stock "a
highly speculative
New-York tribune., 1920-12-12
improvement in Italy's
Foreign Trade IL Shown

WASHINGTON, Dec. ll.--An I'm,
pxovement In the foreign trade situa
ton In Italy Is shown by a statement
Of the italian Finance Department ~
cstved today by the italian Embassy
Imports for the first nine months oil
this year decreased 576, 900. 900 lire. IA
compared With those Of tho sans
period the year before. while exports
increased l,7ez 900 900 lire.
The total o. imports was if.9ri o0o.-
900 and exports 5.517 .o0o, 900 leaving
az unfayorabls balance against italy
II s,Ass, ,ooo, 900 lire.
New-York tribune., 1920-12-12
Widow Doesn't Care for Bonds

Question: am writing for widow
who has few hundred dollars TO invest
and Is looking for the best possible re-
bonds. as her salary supports her Whic h
do you prefer OF the following stocks:
United States Rubber preferred. California
Petroleum preferred, California Packing
Westinghouse Electric and Manufacturing,
North American. Philadelphia Company :?
j. B.
Answer-Of the stocks you mention
United States Rubber preferred is en-
titled to the best rating, after which
come Westinghouse, California Pc
troleum preferred, North American,
p''l a"'pha Company and California
Packing.
New-York tribune., 1920-12-12
Dyestuf Industry of Japan

Recent advices from TOXIC state that
the Japanese dyestuff industry cannot
successfully compete with American or
German manufactures, even with the
new import duty of 30 per cent be,
cause of the lack of technical skiii
in the commercial production OF dye.
and the lack Of domestic supply OF
New-York tribune., 1920-12-12
of Goods to Rumsnia

Trade Commissioner George Wyths
reports from Constantinople that there
has been some movement Of goods from
Constantinople to Rumana. Much OF
this material Is said to have been
shipped into Soviet Russia through
t5essarabla. This movement of goods
stopped during the first part OF Sep
tember
New-York tribune., 1920-12-12
MEETINGS
The
Chatham & Phenix
National Bank
OF THE CITY OF NEW YORK

OF THE CITY OF NEW YORK
The annual meeting Of the are
holders of the Chatham & PheniS
National Bank of the City OF New
York for the election of directors
and transaction of any other bust
ness which may be brought before
said meeting will be held at the
banking house of said ASSOCIATION
No: l49 Broadway, in the Borough
of Manhattan, in the City Of New
York, on Tuesday, January llth'
1921. at IL o'clock noon.
BERT L. HASKlNS,
Vice-Pres. & Cashier.
New York. Dec. 9th. 1920
New-York tribune., 1920-12-12
London Money Market

LONDON, Dec. 11.-Bar silver, 403ad d
per ounce; bar gold, ll8s l0d. Money,
AZ per cent. Discount rates--Short
and three months bills, 11-16@6A
per cent. Gold premiem at Lisbon,
148.00,
New-York tribune., 1920-12-12

Qsssfssns sJ ss aerus smteyest 70 ~
cestsys tr:H 30 ans4oered IN the sse
xwn, in Uhich case only initials ssiu
10 used. Others Will be answered ~
msil Add~ess all snquiries. smolss.
tns stamped, addressed envelope. 70
Fsnanetoi Editor, The Tribune. lEI
Nassau Street. Neso York City.
New-York tribune., 1920-12-12
HOLIDAYS This Week

Wednesday-In Brazil State OF Sao
Paulo).
Thursday-In Brazil State OF Goyas!'
New Zealand tCanterpury(, South Att
can Union (Swaziland).
New-York tribune., 1920-12-12
DIVIDEND NOT CEs
CHAS. F. NOBLE OIL & GAS CO.
Tulsa, Okla.

uISA, OkId.
Dividend No. 20.
The regular quarterly dividend OF
3@e will be paid on the capital stock
of the CHAS F. NOBLE OIL q
GAS COMPANY on January 3rc,
1921, to stockholders Of record De-
cember 18th, 1920, as shown on ths
books Of the company.
J. r. LANIER, Asst. Secretary
New-York tribune., 1920-12-12
Foreign Govt and Municipal Bonds
Interest To Be Added)

Bid. Asked.
City Of Berne. s5 95h
City OF ChristiRnia ........... 96N
City OF Zurich ............... 95ts 95H
Argentine Internal IS. 1915. 69% 70
klrR.om o; belgium SIS, 1921. 99M 99H
do IS. 1925. 5.................. SO 90
do TVS, 1945. 81 97A
Canada, Domir ion of, 6s 1921 98A SO
do notes. 1924 ............. 9SA 9Sh
do t9 NEUTRALITY-SUSPICIOUS.. 90A 81
DO 1929 .................... 89h S9N
do 1881 NEUTRALITY-SUSPICIOUS.. SO
Chinese Govt Hu Kug Ry bs, 81 ~ 4lA
Cuba Extern IS ly44.......... II TN
do 4ha 1949 .............. 62 62a
Dominican Republic s.. 1862. TAN rs
City Of Lyons l6-yr IS, 1884,. 7s 1913
City OF Marseilles lbyr 6s. '34 79% 81
CITY OF bordeaux i6-yr 6hs, '34 79% 81
City Copenhagen 26-yr 61as. "a 72h 72n
French Govt. 8s, LIST issue. 100 l00N
French Parts City So, 1921. SO 9313
Govt OF Switzerland IS, 1910. .I0lA 1921
Japanese Govt 41as. ster In '26 75sS 75%
40 Ans 2u series. lY26..... 7oA rs
do IS ster In. l93l.......... 5eIA 56H
do Toxic City 5S. t952... AS u as
Tn Ky CT Br & 5-yr SIS, '21 97N 98h
do ayr s. 1as, 1922 ......... 94N 95
do l0-yr 8 tas. 1929 SSes 88A
do 20-yr btzs 1887 ......... s3 -
Mexico Ext ster IS OF 80. '45.. 42H 43
do gold IS of '04. 1954. 81 34N
K,ngdom OF Italy 6-yr 6h pc
gold bonds ................ s3 IS