davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-12-19
: Seeks Bonds Of High Yield

Vu"st.9i-,W 10, VIM you leindiy give me n
',, ,.SI OF mo best foreign bonds. giving me
y"ur hr7' second @nd third Dreferro a
'm n"m"s paving from to PER cent? win
@ y"u .Iso @ give me Il small Nrt of T and S
per cent domestic bOfti. that ,ru co,
s'der absolutely safe C. H.
Answer--The following foreign gov
crnmcnt bonds yield from to about g
per- cent: United Kingdom 5% per cent
l91'' yield ~ per cent; Dominion of
canada b "a per cont, 1929, yield 1868 per
cent; french Republic. per cent, l945,
mestic bonds yield between and pcr
cent. We regard them as sound in
"estments: Anglo-Amurican OIL IN Der
cent, l92o, to yiold 7a per cont; Beth
Iehem Steel marine equipment Z Der
cenf, 1928, to yield 7.55 per ccrt; Dia-
mona Match 7H per cent, 1895. Weld
W per cent; Westinghouse Electric
ana Manufacturing Z per cent. 1871
yield 7.G5 per cent '''''
New-York tribune., 1920-12-19
Changes Are Small
In Quiet Trading
On Outside Market
Standard Oil Issues Again a
Feature. but Move Within
Narrow Range: Fluc-
'uations Are Irregular

i-~ >~.-dAed O.. sssarss .ve-o ...t e
o..Ars-s: .:.oA: .sAa 2ssv:ou' e'ose ii
Qn:c. tcaa:ng CA tne 'C@gD Ma:keS yes-
terday. TAe.e was- moac-ste IL
quiry Tor tae ..ew Standard O., O.
Indiana stock, put during tae s,ea;en
par, cf che session the l,ids were con-
siderably under the. Offering prices.
Midwest Refining. oa small tt-ansac--
tons, dropped about a point.
Slams Petroleum oispiayed a sse&ay
toNc. and Car:b Syndicate, Sicily C..,,
Sa.t Creek Producers a-d many others
we.e aboQt unchanged. Me-. O..
coas;nued 20 SHOW leaV.:ess. Eva.
Coas olidated was in moderate demand
al a fractional advance. Allied Oh
was the active feature Of thc low
priced shares.
New-York tribune., 1920-12-19
Executors Should Be Conservative

Cues,ion--I ana trustee OF estate IN
which there are - investment restS,'-
tons We have at present about s29HV 20
invest. This amount IS Il very small r. =
appreciate your advice on the !0iiowine
$1,000 French ) per ceat bonds, Twelve
shares General, Electric, for which have
rights, ter shares General Motor ier
cent preferred, ten shares Pennsylvania
llai,road, ten shares Virginia Carolina
vse any substitutiona, lnar6etabiiity Is -
,;-inor importancc.-C H. Is.
Answer-lf we were executors OF an
estate, no matter what the restrictions,
we should invest only in high grade
gilt edged securities. Il j. Il very salts
factory thing to fee! that when the
estate is divided the heirs stand d good
chance OF receiving as much as the
estate was worth when first cctah
lished It has been the experience. wc
think, of most executors that they re-
ceived small thanks for any successful
operations they entered and consider
able condemnation if they We're unwise
in their selection OF securities. TO be
suE, an executor might purchase gilt
edged bonds at high prices and the
market may have declined, thus show
ing a loss Of principal, but no executor
can be criticized ;f he adheres to such
Investments We do not approve thc
list YOU submit. We should purchase
oaly Liberty bonds. good municipal
bonds and high grade railroad bonds,
such as are legal for trust funds.
New-York tribune., 1920-12-19
Case Threshinr Preferred Is Safe

Dues'lcn-Is tho J. l. Case Threshng
nErhins pr,frrred a good Investment? Is
L. h"il"r than III" j. |. Case ploa Com
2-aT .pr"l~rrc62 Are thoy ralsblo and
"eiI eeoursd III. Il NJ
Answer -~ J. ]. Case Threshing Ma
chime preferred stock is entitled To A
good rating. Th" company has paid
divid"nds for many years, earning them
always by large margin. The ! T..
ease 'low works Is a comparatively
new concern, incorporated ins1919 The
preferred stock is not yet seasoned,
although the company is said to be
DONG well. The former stock is much
tho better investment
New-York tribune., 1920-12-19
Desires Safety for His S2H.O0O

Question--Kindly give me your opinion
As 10 safety oi principal and dividends on
WhN.h ! contemplate for Investment OF
SIS, 900. giving an actual return OF q little
more than per cent: Fifty United States
Rubber per cent fifty Corn Products {
PER cent, fifty American Woolcn per
cent fifty I5ethlehem Steel D per cont.
$1,000 Armour 4la first 1899, $4,000 ST.
Louis & san Francisco Company prior lien
inortsaee per cent, series G, 1898.
Would You suggest other preferred stocks
and bonds railroad and industrials, of
about the same prices and dividend rates
Of those ncntiou? What is your opinion
or the following preferred stocks: Ansri-
American Can Company I per cent. Alncri-
can Sine!tins and Refining per cent
Centril i-eather~N per cent. American To-
cent and Virsiui;, Carolina Chcmica, : Der
cent Cre tho dlvidcuds of theec com
p"nicS wcli secured during the prcsen,
business depression ~. G..
Answer--We regard all the stocks
and bonds you have suggested for in
vcstment as sound issues Of those
mentioned in your second group the
ocst s American Tobacco preferred. al
though American Agricultural Chem
zeal, Central Leather, Tobacco Prod
ucts and Virginia Carolina Chemical
pAfcrrcd stocks arc entitled to good
ratings. Smcltcrs preferred and Cam Can
preferred are not perhaps entitled 10
such high rating ~. The following are
sound preferred stocks in our opinion:
N'chison~ per cent preferred. Union
aaclNc a per cent ~prcferrcd, Chicago
Northwestern per cent preferred
and Norfolk & Western per cent
preferred, American Bank Note per
cent preferred, par $50, and Standard
Oll per cent preferrcd
New-York tribune., 1920-12-19
L. :. Greece Trade Drops

According to official statistics Of thc
onited States, imports into The United
States from Greece, for the month o;
Sseptember 1919 and 1920, amounted
IN value to S2.496.470 and 81 957. .439
respectively; and for the nine months
ended September, 1919 and 1920, s22
562,1o4 and Sl6,S66274. respectively
During tic same periods exports from
the United States to Greece were val
ued at sa.2o5080 and s1,lS2254 respee-
lively, and $29,029,1l3 and S30293. .75
rpSnort ;vel,-
New-York tribune., 1920-12-19
t.uod issues Nicldiny Oyc

N,ul lsilOu--Wlii YOU i>nd,y 'll Nac e.sE
et ,'n preferred stpcNs OF about The sar.c
grad and Yield Gis to ~ yer os0ti
ar Hethir.!cu Steel : pvr cent preferred,
NirS ina Carolina Chemical per cent pro
frrrcd and United states Rubber per
cent preferred: Also please uame for nc
i've or slx bonds maturing after 194o aud
Wedding beiwecn per cent and 9}s per
cent IL. 4. &.
Answer-The following stocks yield
~ per cent or more: United Drug
first preferred, Steel and Tube OF
America preferred, America Brake
Shoe nre!errcd. American Sumatra To-
hacco preferred, Tobacco Products pre-
tcrreG Allied Chemical preferred
iWhcu .ssutdl. Central Leather pre-
ferred and Endicott Johnson preferred.
Tho following bonds Weld ovcr z pes
cent. The maturity must be taken
into consideration, however: Baltl-
more & Ohio, Pittsburgh, Lake Erie L.
West Virginia per cent, 194l' New
Orleans Terminal per cent, 1858;
Chicago Great Western per cent,
1859; Rio Grande Western first con-
soidated a per cent, l949; Kansas City
Southern refunding S per cent, 1856.
New-York tribune., 1920-12-19
Prices and Maturities OF l.iberti~.

Question | hnve about $500 TO invest
and AIN thinking of buying Liberty bonds
Kindly advise mo what they nre selling NJ
Al tho present date and the dato of
maturity of each tssuo. Misn NJ. A. g.
Answer Liberty first 4A per cent
are due l947. optional with the gov
ernment in 1882. price about So; Liber-
ty second "a per cent are due 1912,
optional 1927, price about s6h; Liberty
third AZ per cent arc due 1928, price
about 8S; Liberty fourth 4A per cent
"rc due 1898, price about $3.50. Prices
are quoted daily In The Tribune.
New-York tribune., 1920-12-19
Australian Money Sirinuencv

Numeroae indications Of tighten.
IL OF she money market in Australia
s.e noted by Trade Commissioner Fer
rin. ihie e'ringency appears 70 be due
- The part.c patton Of the banks in
'he reecnI ieacc loan and Il general
slowing down Of mercantile activity
2tedicted uniess the wool SIZES
should exceed expectations.
New-York tribune., 1920-12-19
Trustee viii Eeinvcst $40, 600

,,Ss-s. H9ss''Sn-An Ss t ss;~'e q whleh sar q
tcSd 'r .'r@ S5yyy rs ID ~ s':' an. an.
VA a - u,W Cue. II ca- b. -v--a IL
.F POSSIBLY +. .;..r -...'. NN. as uou,c
- 30 Te'a''zf i.-r cent. Il ecr.ra.'b's
"',h ~9@en.'-7's s.!elf un, 1D.s s-l-ios g..
.Ht"> =. i', ''.'--s+.ar 1fe }lirc. pal
scos low .~t r,.''.a4 f-nt,s .. <4N.
stocks. ,.ai.. =. .o 4-~.,-.. ,,....-
mnai ~Sc.n:,;e~- r.,.S-- a.. .e-u4r .rt.',t.
these are q: .eia7INe.. sno,- 49,. as-
rr"e. er.4 hence .nas ns. - - sai,ao!e
10 IN es'ate. buS wou:p - glaa u yol
eSula .S,l1 ,i; f.vN n ;he names &C some you
earmarked some o. III preferrsd indus
sr!als you. Recommend, hut would ,.ke 20
know ,hn ,,, OF few 10y ra,o railroad bonds
Answer - Mortgages on New York
City real estate have always enjoyed
nigh rating. They are, legal invest
ments soa savings banks AVID quite
natura!.7 sci. OF. a iowey Yield bass
:ha: most other forms c. securities.
;. yoN race psH;; q .%our funds IN
'ow-prl1eu railroad bends you WI rot
obtain a yearly return c. pey cent
unless you purchase bonds which are
not particularly we'll secured. Such
issues as St. Paul general per cent,
1889; Rock Island general per cent,
1888, both good issues, yield less than
per cent. Therefore, If you purchase
bonds Of inferior grade you ~ill be
increasing your income. but you will
be weakening your investment posi-
zion. Has it occurred 20 you that in
attempting TO increase the income OF
an estate the trustee places himself il
a position where he usually gets little
oY nc Banks # things work ont salts
iactogi.y and aons;1srabe conde'nna-
.tion 4 hey do Mot We believe thaa
:. yol can renew SoNr mortgage at Is
pev csr' you would bc wise ia doing
so Equipment trusts run ii some
cases to 1885. Most OF the recent
issues G. per cent? sell at a premium
or to yield about ESQ per cent to $50
per cent. If you purchase premium
bonds you must amortize them and not
distribute the entire interest. Among
them. are Union Pacific equipment,
Southern Pacific, New York Central,
Pacific Fruit Express. Northern Pacific
Canadian National Railways.
New-York tribune., 1920-12-19
German informal Bonds
Manati Sugar Earns
6S1A % CT

For the ysay ended October 81 the
Manati Sugar Company reports net
profits. aftsr taxes and depreciation,
OF S2,Sas.l8l, equal, sfter preferred
lends, to s24-2a Q share on siO.-
000, 900 common stock. compared with
81 ,233 ,0o7. or S8.e2 Q sAars In the pre-
eeding yesr.
The surplus for tho year showed
81 .A23,l3 against q surplus Of $4&6,327
for 1910
New-York tribune., 1920-12-19
FINANCIAL MEETINGS
The
Chatham & Phenix
National Bank
or TIE CITY OF NEW YORK

The annual meeting of the share
1ojaers of the Chatham & 'Phenix
National Bank ri the City OF N-w
York for the election Of directors
and Transaction of any other busi.
ness which may be brought before
aid meeting viii be held at the
banking house of said association
no. ~ broadway. in the Borough
~ Manhattan, in the City Of New
York, On Tuesday, January iIth.
1921. at II O'Clock noon.
EEkT L. HASKfNS.
Svice- Pres, 4 Cashier.
hsw YStks He~ stA. Ism
New-York tribune., 1920-12-19
, Brazil tn Buy Aero Goods

An amepdnlsut, TO tho budget Of the
Department. Of War OF Rraei, is pro-
posed to ths .sfYsct coat 8, POO. 900 milreis
(abont Sa0O.o00)s bs devoted to the pur-
chasing Of psterialat far che aviation
corps. .'Tbe. a~ticlss TO- Be prruhased
consist Of nulnbsy Of u1aehines. ma
teriala and inssrnm~nts for . repair
shop, and tho sniavctng Of tho rcpaip
shops OF present in use The hAdget
mentioned sbovs will be vuted 6n in
December, and from all appearances
the amendment sill bs approvsd By
Congress.
New-York tribune., 1920-12-19
Paving of Streets i'm Mexico CITY

project thac may Be oi interest e
American contractors and maunfactu,
ers OF road-making machinery is TIL
having Of streets IN Mexico City The
Director General OF Public Works Of
the Federal District announces tha5
200 900 pesos is to be used for this
puTpOSe.
New-York tribune., 1920-12-19
Fisk Rubber's Dividend passod

n @urs'ion~-Wtii yon lundIy rive rr....n
y,,," mn" Information on Fisk Rubber
'.V"P1nS. now quoted at arnupI a., y
~ ~ n''" ~ 'hH next dividend mcetingY liz
t,n t"a co, co.," "pnny IN good financial standing :
-" you cunaidcr II \ fairiy nood lu,.t,,aS. =.
m"u's npeculatiun? Is th.r~ p,,,c,s '."' 80, % %
p"sy' !, w b''''y VI tho dividend being cu, ,?1ts
Answer~The Fisk Rubber Companv
announced on December II that il has
passed the common dividend. which
you'd have been due January /. 1921.
directors decWcd that while the divi-
n'ho h@d been more than earned dur
ing Tue year 1T was advisable to CON
seTVe cash IL was also announced that
financial position is eound. with ow,ct
assets in the ratio Of z to / 10 lishiIi.
ticn The outlook, IL war said, for the
coming year, IL promising.
New-York tribune., 1920-12-19
Cost Of TranafcYvinp Gtock

@Hsnf)on-~Wiii ypn Kindly gtvs mo the
to1t III issuing ~ mn 81 800 Gf sock 1no
"baf@s. osr y4ins 40 s'snpa taxea. eto2 ?
III - -
Apewtr The purchaser Of stock pays
no tax The eeller pays 2 cents Federal
tax and cents state tax for each 800
pr value Of stock sold Or Transferred.
Ihe tar on 500 abares par $40 would
New-York tribune., 1920-12-19
While nnhlic ntilit

While public utility COM
panies have not Jared so we'll for the
last few years. there has been great
improvement in most earnings. Phese
increased earnings arc not, however,
from the street railway department
Where many companies have been
,lantcd increases in gas and electric
rates the street railway fares have re
mained unchanged. Up to this time
the average investor has becr. rather
Indifferent to street railway bonds,
and in consequence these issues have
not, as a general rule, shown advances
Of any Importance, as compared with
the general bond list, The PUBLIC
Service ) per cent bond is general
mortgage on the entire property of
the company, while the Consolidated
Traction bonds is lien on street
railway property alone. We regard
the difference in price as due to the
attitude Of the investor as described
above.
New-York tribune., 1920-12-19
Worried About Alton 3L5's

Question: would thank you 10 E!vs
me your opinion on tho Chicago \ Alton
81 per cent bonds I have had several
OF thom quito while. DO you think tha
interest will De paid "n January /? why
arc they 30 low in price? DO you think
thoy viii rise in value eventually Pa &.
Answer-Chicago & Alton 3,a per
cent bonds are not high grade. The
road has not been good Garner for
several years. We know Of no reason
why interest will not be paid OF Janu-
ary |. Their future price depends
largely upon the ability Of the road to
eArh suf1icient to maintain itself. The
new rates should aid it in this.
New-York tribune., 1920-12-19
I1vestm emit information

Questions Of general tnteres, 20 tr-
cstfors 'ciU DC ans,ccred in ti.ts cei-
nrsn, IN niich case only ,'llt5ols ,o''!
De used. Others ,ciU be answered BY
noi' address, all inquiries ,ncloa-
ING stamped. addressed enuetope. 70
F,nanctct Editor, Tie YribNns. isI
NcSscu Street. Ncl0 York City.
New-York tribune., 1920-12-19
Puzzled by Low Bond Prices

Question--Are the Bethlehem steel -
marine equipment trust issue due october.
1885. What rating would you give these
boncs9 Are Iethlehen Steel refunding
Of lht corporation: The price Of thess
bonds appears TO be so low az fQ :a'sc
q doubt as % the security w. N. W.
AnswcY-The Bethlehem Steel pcv
cent. 1855. ave the marine equipments.
Thcv are Neil secured Oh marine equip
mont. and the Sinking @uNd : ample TO
care Tor the bonds q, maturity. We re-
GARD them as sound THE IeiuHd.ng )
per cent bonds, due l9l2 OF which there
are outstanding Sl2.759, 500. retired by
sinking fund S5.27O. 500, pledged under
consolidated mortgage $21,970,000, re-
served to retire first extension 5 per
cent $S,000,0O0 and reserved for corpo
rate purposes. $2,0000O0. are guaran-
teed, principal and interest, by the
Bethlehem Steel Corporation. The
guaranty is secured with the trustees
by pledge of the entire capital stocks of
the Bethlehem Steel Company, Union
ron Works Company, Harlan & Ho-
lngsworth. Samuel T.. Morse & Sons
and the Bethlehem Iron Mines. The
bonds are secured by 4 mortgage on
owned or hereafter acquired. Also
(s59o,000) of the Juraquc Iron Com
panN on 100000 Of which they are
subject to the. prior lien Of the pur-
chase money per cent, 1898. They are
further secured by deposit Of Sl,l34 goo
first extension 5 per cent, 1926. The
prior liens are $7,500000 purchase
money per cent and first extension
. per cent. We regard the bonds as q
good investments All forms Of invest
ments have been greatly depressed. duo
to money and credit conditions. The
international Mercantile Marine 6 pel
cert, 1914 Of which there are S3S,250..
0Oo outstanding, 81 .250 900 retired by
sinking fund, 5000 in treasury and
$l0.Q00,000 reserved for extensions. arc
secured by first lien on all The COM
puny's property. including the ships OF
the American Line. and by deposit OF
al owned capital stock and securities
OF other companies making up thei line
We regard the bonds as sound.
New-York tribune., 1920-12-19
Wilson prcferred's RATING Cood

f%p"Mtrp-- Would you angYrm purchasing
FHaDn Company preferred AZ the r,arlet
,9' sound. permanent Investment =
Answer.-W Wflson e. Go. preferred
Tf"ck has ahown ample margin over
preferred dividends for many years.
While NOT of the highest grade, the
stock IL entitled to good rating, in
our opinion.
New-York tribune., 1920-12-19
Would Buy Bonds TO Recoup Loss

lluestion--i own 275 shares OF Illinois
Central Railroad. avcraeina SIPS a share.
Would You advise my selling sas i75
shares at present prices and investing the
prycerds in Southern Pacific pei cent
bonds (ro longer conver,ible). due in 1929
OF 1922 My though, is :hat | would re-
ce.Ne practically the same amount OF in
torest srnd in the redemption OF the bonds
Noild receive about enough TO lot ne out
without loss of principal. Would be glad
to receive any advice or Husgestion-
New-York tribune., 1920-12-19
New Jersey Street Railway Bonds

lluesal0n-Cau You tell me why C0nsOli.
dated Traction OF New Jersey 5s should
sell lover than Public Service General is
Whsn tho former Issue is considera bly,
nearer the railsl ! had always SUPPOSED
the Consolidateds We're the bettor secured
bonds, but, 10 Judge from the quota,ions.
many people ,@re not of this opinion.
H. - II.
New-York tribune., 1920-12-19
Answer-Your figuring is al right.

-FHswe7 Uuf HVu1 II7g rs oFT !7E0t'
except that Southern Pacific 4 per cent
bonds. 1929. are selling at s6l2 not 70.
Nevertheless. we regard the bonds as
giving sou AN opportunity during the
teNt eight Years to make up part Of
your loss. You might also consider
Baltimore & Ohio prior lien 3M per
cent bonds, due July, 1925, sclling for
about 80. These bonds are sound, in
our opinion, and should also give you
an opportunity, to make up part Of your
New-York tribune., 1920-12-19
Chooses Well Diversiacu ,.;.t

Quest tion--l havo $4,000 "a .nvcat VIII
you 'eli me what you think 1T the follow
fuB combination from the star1t,oiut ~
DAirty ana GOOD dividend return: Ten
snnIDH .,ID ,N,,i9pal Biscuit preforro,l. ten
on"res nalhwip Locomotive ptrrerred ten
hnhreH standard OH of Now Jrrs,v suI
one - ooo Kingdom Of Norway bond ;
Answer -- Your, s.lec,ton appears 20
ne a good one. 11e srcuritics are we'll
diverS'fed and aft enjoy good markets..
New-York tribune., 1920-12-19
ssachusetts Oil Refining Bonds

Question: have been aplroachcd by a
hona house as>ins M 10 huy Slo4o
Mussa chus..tis NN EeGnps Compauy : pHr
cent rarNciial ins c"NV''iibie t"n-yoar se!d
safe inyesswru' ard what is your opirion
regarding ti pnit7ciptt..s ieatury? Is
there q ready n.'IN"i tot the bonds or
would have diUicu.y in getting my
entered into contract with the Island Oil
and. Transport Corporation. under which
crude oil Tho Island Oil and Transport
Corporation also owns \ majority in the
common stock. What is TO hinder this
company from so manipulating the prico OF
crude oil to the refining company that
there would be no profits for the bonds in
question to partic'patc in beyond ths
feature mostly bait? Tho. bond house
says, This in our opinion. will make the
return to the holder OF the bond some
where between is and 20 per cent On his
investment" Do | understand correctly
that | may a. any rne have the bond
converted into participating preferred
stock at par at my optiour Can you sug
gcst 4 better inves'inent netting ''s to
Answer-The indenture OF the
Massachusetts Oil Refining Company
first mortgage per cent bonds reads
rather attractively. 1t provides for the
payment to bondholders on July |,
1921, and on each July thereafter a
pro rata snare IN proportion 10 luC
amount of bonds then outstanding of
20 per cent or net earnings for the
preceding calendar year. Besides this
feature, the bonds are a first lien on
the entire properties Of the company.
/ We do not, of course. know what the
earnings of the company Will be, nor do
we know how net earnings will be
/ treated We do not see why you arc
SO suspicious, however. Therein lies
the speculation. The bonds are con
'vertible at any time up TO maturity
or date of call for redemption into Z
per cent cumulative preferred partici.
pating stock at par, at the holders op-
ton. We have no statement Of earn
ings. The bonds were offered October
1919, at 90 and interest. We believe it
best to see a statement Of earnings be-
fore purchasing