davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
White OIL CORPORATION

Question-Will you be so kind as to give
me. report on White Oil. listed on the
SuroT Do you think few shares a good
White Oil stock is not pay
ing dividends as yet, so the purchase of
whether it would be wise thing for
you to buy the shares for speculation
we would not attempt to say, not hav-
ing the vision to penetrate the uncer-
.a,,nty which enshrouds the future Of
on companies in general. The opera
tons of the White Oil Company are
well diversified. It's Crown refinery, on
the ship channel near Houston, Tex, is
SAID to be nearing completion and will
nave a capacity Of 5000 barrels day.
This plant is designed especially to re-
me what IS known as coastal crude
Oil, from which lubricants are pro-
duction of about 1000 barrels Of this
heavier crude oil, with about 1000, 900
barrels in storage at the present time.
Another refinery at Clarendon, Pa. has
a capacity of about 1000 barrels day.
and two casing head gasoline plants
near Tulsa, Okla, have a capacity Of
1000 gallons a day. Drilling opera
tons are said to be going forward on
the various properties controlled in
'"o AAoiheT lielu VI LOUISIANA, the north
west extension Of ne Burkburnett dis
trict, in Cushing field, Oklahoma, and
also on leases in Kansas. Total pro-
duction at the present time is esti.
mated by officials Of the company at
5000 barrels daily. A statement of
earnings is not available, but it is ex-
pected that figures will be presented at
the annual meeting of stockholders to
be held next Tuesday which will throw
some light on the company's financial
position. 1t Is intimated that the book
value of the stock, based on the ap-
praisal Of the properties taken over at
the time the White Oil Company was
organized last October. will be shown
to be in excess of $50 a share. At the
present time there are about 685 1000
shares of no par value outstanding.
The total authorized capital is 1,0O0,-
900 shares.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
White Motor. Common

Question-Do you consider White Motors
common stock as overvalued or undervalued
at the present price Of about Sc In view
OF earnings and assets, is there reasonable
your opinion; is there reason to suspect a
suggesting disposal Of holdings at the pres
ent market price7 Has the annual report
been issued for l9197-L. C. P.
Answer-The latest earnings Of
White Motor Company were for the six
months ended June 3d. 1919, when the
balance applicable for dividends was
81 ,256,167. Since that time there has
been issued $9,ooo,ooo Of stock, making
the total amount now outstanding
$25,00o,0 900, par value $50. Earnings
now are said to be larger than for the
period mentioned. Although the re-
turn on the money invested in the
stock at present prices Is only 8 per
cent, the company has given stockhold-
ers valuable rights. This stock is spec
ulative, and is therefore subject to tho
fluctuations Of the general market. We
cannot, of course, attempt to forecast
the price of the stock.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Handed Some Weak Stocks

Question: have been handed by trustees
OF an estate some weak stocks. which must
change. I would value your answer to the
stock it has risen from rs to 49, Do risk
assessment If hold for further rise? Should
sell at once? Second. must change Balt-
trial preferred or high grade rail preferred
the better? For example, which is safer
Atchison. preferred or United States Rubber
first preferred? Third probably ought to
Omaha common. I am told by many that a
strong rail common is safer than less
strong rail preferred For example, is Nor
folk & Western common safer than Omaha
preferred? Fourth. am told by some that a
strong rail common Is sufficiently safe and
more promising than the same preferred. l.
e., is it better to buy Atchson common than
Atchison preferred? Fifth. which is safer. a
bond Of the Union Pacific system-that is.
st. Joseph & Grand Island first mortgage
per cent, at 60. or Union Pacific preferred at
GO. paying per cent?-W. II.
Answer--If you would have your Sc
curities Of high investment character
you should rid yourself Of those hav-
ing the speculative feature. 1t may be,
OF course, that you are in position to
await future development in the hope
that some Of your stocks will rise in
price. We can only advise you regard
ing the investment merit Of securities,
and not, Of course, upon the policy you
should pursue. We have heard of no
contemplated assessment upon Adams
Express stock. At the present time the
earning power of high grade industrial
preferred stocks is greater than that of
most railroad preferred stocks. Never
theless, both Atchison preferred and
Union Pacific preferred still show
ample margins Of safety We believe
the strong roads will be able to main
tain themselves as they have in the
past. Atchson preferred, we believe, is
slightly stronger than United States
Rubber. In normal times Norfolk &
Western is a better earner than Omaha.
For 1919, however, the former did not
do so we'll. This, of course. may have
been caused by diversion Of traffic, etc,
for the government operated the cf1'-
riers in its own way. For a period of
years Norfolk & Western common has
shown a greater margin Of safety than
Omaha preferred. We would not ad-
wise the purchase of railroad common
shares for pure investment purposes
The uncertainty Of the situation is still
such as to place almost all such issues
in the speculative class For invest
ment purposes Atchison preferred must
be better than the junior issue. The
st. Joseph & Grand Island is con-
trolled by the Union Pacific The lat
ter does not guarantee the bonds of the
former, however. The road is not
good Garner and too much Importance
should not be attached to Union Pa
cific control. From an investment
standpoint, Union Pacific preferred is q
better investment than the Grand ISL
and bonds.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Capital Tax Agitated Abroad

Question-1n connection with the bonds
and securities that have been issued within
the last four years by the French and Brit
ish and other foreign governments and Of
fered for sale in this country, will you
kindly advise whether not said bonds and
securities would be subject to any capital
tax that may in the future be levied by any
OF said foreign governments &C. G. s.
Answer-The imposition of capital
tax has been agitated considerably of
late in England and Germany, but not
to any extent In France. 1t depends
largely upon the terms Of issue Of the
various bonds whether or not this tax
could be levied, If passed, but, again, it
probably would be difficult to collect
the tax from foreign holders Of this
bonds. The actual passage of such
tax appeara to be rather remote, even
in England. Nevertheless, all prospec-
tive purchasers of foreign internal
loans should understand thoroughly
what the terms of the issues are before
actual buying.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Seaboard Air Line Bonds

ouestion-Please advise in your valuable
financial column. which, you see, we Demo
Gratis from far down South read l. Has
there ever been default on seaboard Air
Line IS of 1945 bonds? 2. What do you
think of Seaboard Air Line IS. convertible,
believe? Would you recommend the pur-
chase Of either of the above as reasonably
safe, Judging by past performances
A. j. NJ
Answer-There has never been a de-
fault on Seaboard Air Line frst ard
consolidated s per cent bonds, 1916.
The issue is s27,273,500, and is secured
by first lien on 416 miles and by de-
posit of $36,661 900 Seaboard Air Line
refunding per cent bonds of 1869.
We regard the bond as Offering fairly
good speculative inve stment opportu-
mites. The Seaboard adjustment s
per cents, due 1910, are not convertible
While interest is being paid regularly
the bon is some distance from tho
rails, being subject to over $6s,oo0, 900
of other issues. We regard this issue
as speculative, and prefer the first
mentioned for investment purposes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Puzzled Over Express comp.ni..

Questionable American Express Com
we Wells Fargo Of which hold fifty shares.
pays e slight d rss American
during the entire period Of the express com
pany amalRamation. Will YOU kindly ex-
plain to me how one portion Of company
ca can pay dividend and another not share in
the apparent prosperity The condition
seems to me an absurd one l can arrive at
no solution myself Wells-Fareo during the
cent of dividcnd-no reports have been is
sued and except for stock quotations one
would not know that such a company exists.
What does the American Railways Express
Company mean? Are the Adams and Wells
Fargo merely feeders, swelling the American
EXPRESS Companys dividend to their own
detriment? l sincerely desire an explanation.
~. no explanation has been offered to the
inception-E. J. A.
Answe%You have not been we'll in
formed about the American Express
Company and the other companies
which constituted the merger of the
American Railway Express Company.
The latter was formed to include the
American, Adams, Wells-Fargo and
Southern Express companies. The
terms. Of the. merger called for the
transfer to the new company Of all
property used by the four companies
90 Vol JiAl6 VII tHSlI express Trans
portation business in the United
States, including supplies and ma
terials on hand, but not including cash
or treasury assets. This did not affect
the other incomes of the various com
panies or the American Company's for
eign business. The amount Of stock
authorized was $40,0o0.oo0 in amounts
sufficient to pay at par for the prop
critics transferred to the new company
and to provide working capital. The
operations of the American Railway
Express Company have not been very
prosperous: On the other hand, tho
American Express Company has done
a large foreign business and its other
income is larger than that Of any of
the other companies. 1t Is the same
as in the case Of the Delaware, Lack
awanna & Western Railroad. That
company did not earn the amount of
the government guarantee, yet it's other
income was very large. We certainly
do not believe that the American Ex-
press Company has benefited by its in
vestment in the American Railway
Express Company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Not in Receivership

Question: hold some Georgia-Carolina
Power bonds and l noticed in an answer to
an inquiry few days ago you stated tnat
the Augusta Aitken Railway and ELECTRIC
Corporation, which guarantees these bonds,
is in receivership. This is not any under
standing, you give ME more light =
r. c.
AnswerIt was enormously stated
in this column recently, in answer to
an inquiry regarding the Georgia Caro-
lima Power Company per cent bonds,
that the Augusta Aitken Railway and
Electric Corporation, which guarantees
the above bonds, is i,f receivership.
The latter corporation is not in the
hands of receivers. The reports Of
this company for 1919 and 1918 COM
pare as follows: 1919, gross, $l.104 900;
1918. gross, Sl,O29, 1872; 1919, net, $685.
472; 1918, net, s45S2S6; 1919 interest
charges and amortization. 1881 ,6e6;
1918 interest charges and amortization,
$367,1S7; 1919 balance, deficit, $33 PA;
1918 balance, surplus, sol ,O99. During
1919 the Augusta-Aitken Corporation
was required to make extensive repairs
to its property and to grant large in
creases in wages This came at time
when the company was unable to raise
now capital advantageously, and they
therefore called upon the holders Of
the sinking fund 5 per cent bonds to
consent to the funding Of their coupons
maturing during the next three years.
1t was stated at this time that the
holders of the Georgia Carolina bonds
could not be expected to forego any of
their rights. The Georgia Carolina
company has franchise for distribut-
ing electric power in Augusta and VI
entity. In the event of failure Of the
Railway and Electric
Corporation. the Georgia Carolina COM
pany could still of course engage in
the direct sale of electric energy to tho
consumers in this territory.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
spicer Company Preferred Stock

Question-The Spicer Company, Of South
Plainfield, N. j.. has issued s. 900 900 worth
Of preferred stock which It has put on
the market. \ understand the stock can be
purchased for 500 and interest," it pays 8
per cent. IN considering buying ten
shares for investment Do you consider it
fairly good buy for Nnvestment?-F. r. H.
AnswerThe Spicer Manufacturing
manufacturers Of universal Joints and
also large manufacturers Of frames
and axles, shows very good earnings.
The dividend on the preferred stock Is
amply earned, the balance for 1919 be-
ing equivalent to about six and a half
times the preferred dividend require
ments. We regard this stock as a
fairly good investment.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
No Reason To Sell

Question: noticed In your financial col
umn the American Telephone and Telegraph
stock was spoken Of rs being speculative in
character. am teacher and cannot af-
ford to lose any Of my capital have
some shares Of the American Telephone and
Telegraph stock. Do you advise me to sell
1t at loss (it was purchased at about 1867,
do you think I may safely hold 1t for q
while, hoping for a better market Mis-
A. X. D.
Answe-We see no reason at pres
ent for you to dispose Of your Ameri-
can Telephone stock. We have classi-
fed this issue with those having more
or less speculative feature for the rea-
son that earnings are not greatly in
excess of dividend requirements, and
owing to the fact that the company's
new issues Of bonds, notes and stock
have been rather heavy during the last
few years. However, it is true that
company such as this does not show IS
wide fluctuations in earnings as do so
many manufacturing concerns, a fact
which tends to lend greater stability
to the stock.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Lehiph Power Notes

Question Would you kindly give me your
opinion as to the desirability of the Lehigh
Power Securities Corporation ten-yesr per
cent secured gold notes. maturing in 1927.
IS Investments I am holding $4,000 worth
of these notes and cannot afford to lose
them poor Investment s where SAN same can be
sold and at about what price. also hold
ten shares of American Telephone and Teie-
graph. bought. at 500. What is your opinion
of same investment IL. w. c.
Answer-The present price Of Lehigh
Power Securities Corporation 6 per
cent notes Is about IS. which, in our
opinion is below real value. Earn
ings appear to be ample to care for
interest charges. The notes are not
high grade. Tho market for them may
be found through brokers dealing in
public utility securities in New York
We regard American Telephone stock
as fairly good business mans invest
ment,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Seek to Protect Copyrixh.

To protect itself and its customers
against another alleged infringement
on the copyrighted name Heather
bloom" applied to petticoats. the
Waters W eismann Company has filed
suit in the Supreme Court Of New York
against Bellas, Hess e. Co., . meil
order house. The Waters Weismann
Company alleges that the mail order
house for the last two years has ~
vertised "Heatherbloom" potticests "a
it's catalogue without having purchase
a single petticoat made of real heotAou,
bloom fabric.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Financial Items

March production of tho Calumet ana
Arizona Copper Company totaled tt.eia,e1e
pounds.
The New CorneIia Copper Company nra-
duced 35ls 900 pounds OF copper In HnfcA
Halsey. Stuart & Co. ara offsring 11,fSo.-
600 hrst mortgage serial per cent 1ofd
bonds Of the Elder Steel Steamship Com
pany. Inc. The bonds mature 3eiGoNA Il
the first Of each vcar AM - ;r'.u, "a
10 per cent according to maturity.
G. b Smith, ps,s4 -e... 90 .svzrf
nounced yesterday that saies for the ouar
ter ended March 81. 1920. totaisd 3s.s9a.
ooe. which compates with 81 o7l zee IN -
corresponding period of'isis
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11

emit indication Of . reduction In The
dividend rate. We do not advise IL
being held for other than speculative
purposes. We do not mean by this
that the stock is a good speculation;
we simply regard 1t as q speculation.
1t seems to US that with the conversion
privilege attached to the preferred is
sue 1t perhaps has better possibilities
than the common. All Of the preferred
stocks on your list are entitled to fair
ratings at present. None is seasoned,
but present earnings are ample to
care for dividend requirements.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Cresson Consolidated Mining

Question: inherited 800 shares Cresson
Consolidated Gold Mining and Milling Com
pany. the cost OF which was 81 in 1915.
It has paid good dividends, how much do
1919. and again $50 March 10. 1s2t Is this
stock worth while holding to await Develop
ment.7 II Is SO low (around 2. believe)
that It looks to me the mine Is probably ex-
It III e.
AnswerThe Cresson Gold Mining
Company reported profits on shipments
for three months to January. 1920, of
$123,600. This figure is rather small.
1t is probably due to this fact that the
stock is so low. We regard the stock
as purely speculative.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Not Paving Interest Yet

for many years. but they have paid no divi-
dend since 1914. Is there any chance Of
their paying one7 I miss It very much.-P.
r. V.
Answer-There has been some talk
recently Of the resumption Of interest
payments on the Mexican external debt.
While no official plan has been fornlu-
lated, we believe the prospects Of such
resumption are brighter now than for
some ime past.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
German Cities Issue Own Currency

Question-Would you consider the German
mark safe Investment and what is the
present valueY Please explain the difference
between the Berlin. Leipsic and Hamburg
mark and the currency. Do you think 1t
will take a great while for the mark to come
back to its original value Mrs. G. J. H.
Answer-At present the German
mark is quoted here at about two cents.
The various cities of Germany have re-
sorted to the issuance of paper cur
rency on their own account. Stories
are told of travellers purchasing marks
in Hamburg and finding that they were
worth far less in other cities than the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
HOLIDAYS This Weck

Monday-ln Bulgaria. Cyprus, Don
Republic, Greece. Rumania, North lua-
STA, South Russia. Soviet Russia, 81
IBERIA, Ukrainia. In the United States
North Carolina.
Tuesday-ln Bulgaria., Ceylon. Don
Republic, North Russia. South Russia
Soviet Russia, Siberia, Ukrainia- In ths'
United States Alabama
Thursday the Baltic states. In
the United States-U tab.
Saturday-In China.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Montana Power Bonds

Question-Will you kindly give me your
opinion regarding the Montana Power Com
pany FIRST and refunding mortgage per
cent gold bond, sinking fund series A, 1913?
Do you regard them as perfectly safe and
desirable for a permanent investment p
W. B. s.
Answer-We regard the frst mort
gage bonds Of the Montana Power Com
pany as q good investment at present.
The earnings Of the company are good
and the business appears to be grow
ing.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Cosmopolitan Bank Increases

Directors of the Cosmopolitan Bank
have voted to increase the capital
stock Of the institution from 100000
to 100000. A small block of the new
stock will be offered to the public at
the regular subscription price OF Sl2o
share. Total resources OF the bank
are now placed at 1921. 165, Of which
$74S.067 IL in cash and $2,466.7S7 IN
loans and Investments,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Entitled to Fair Rating

Question-Will you pie.as state what you
think Of Baltimore Ohio (Toledo & Gin
cinpati div per cent first and refundins
bonds As an investmentf-A. E. I.
Answcr-These bonds are entitled to
a fair rating only at this time. Much
depends upon the operation of the Bal
timore & Ohio under the new railroad
act The bonds would seem to have
speculative possibilities.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11

prizes paid for them. II It Is your In
tention to buy marks in the expecta-
.ion OF rise In their exchange value
you would not be investing at all, In
highly speculative transaction. It
might be considered an investment to
buy marks in Germany and leave them
in savings bank over there to draw
interest. How safe your principal
would BIO we could not undertake to
say.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
U. 9. Treasury Certificates

lions to the last issue of Treasury GER
tineates Of indebtedness which CLOSED
yAsterday approximated S200,000,000,
Secretary Houston announced to day.
The issue was dated April l and will
mature July !.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11

Questions Of general Interest 70
Investors soill b answered IN this
column, in which case only initials
WsH % used. Others .uill 30 an
sDered by mail. Address all in-
gutrsss, inciosing stamped, ad-
dressed enpsIope. to Financial Editor.
xhe Tribune. I54 Nassau Street. New
York City.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Vulcan Oil

Question-Kindly advise how you consider
Vulcan Oil from speculative and invest
ment standpoint. What dividends has 1t
paid during the last year ?-P.
Answer-We regard Vulcan Oil as
speculative. The company has some
good properties, but no statement of
earnings or operations is available.
The stock pays no dividends
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
St. Louis & Southwestern 4.

Quastion-vIn what investment class do you
consider St. Louis & Southwestern frs& As 7
W r. w.
Answer-St. Louis & Southwestern
first per cent bonds should be classed
rs second grade first mortgage bonds.
In our opinion, they are fairly we'll Sc
cured, and the price is largely depend
ent upon money rates,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
Holds $4,000 Trust Fund

Question--Have read with interest for
some time past your Investment information
the placing of trust fund OF approx
mately $4,000. have the above men
toned amount invested entirely in Fourth
Liberty Loan. but find same does not pro-
tiOns that depend entirely the income of
this fund. I think that If ! could set a
diversified lot Of 900 in bonds that
legal for trust funds in New York State that
would net around per cent it would bring
the income up to a point to meet the neces-
sary expenditures I am planning to keep
as many of the Fourth Liberty Loan bonds
possible. but could sell $4,000 of them
and put proceeds in other bonds without any
loss. the difference between the cost price
of my Liberty bonds and to-days selling
price would be Offset by the low price of
prime bonds to-day, shall be grateful to
you FOR your advice In the rnatter.-C +. H.
Answer-There are very few we'll Sc
New York State which may be pur-
chased to yield per cent Those given
below. however, yield approximately
per cent, provided they are held unit!
maturity: New York Central refunding
Az per cent bonds, to yield 6 per cent
on yearly income basis at present
prices; Chicago, Burlington & Quincy
Nebraska extension 4 per cent, 1927, at
$50; Minneapolis, ST. Paul & Sault
Ste. Marie first consolidated per cent,
1898, at 1918; New York Central re-
funding and improvement Az per cent,
2ol3, at 751a; Pennsylvania Railroad
general per cent, 1893, at s4 We do
not know that the proposed change into
the above bonds will benefit you to any
great extent, so far as principal Is
concerned. 1t appears likely. if there
is any appreeiable rise in the price Of
high grade railroad issues, that Liberty
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
FINANCIAL WRITER

fer correspondence wanted by stock brok-
erAgs firm. Stock Exchange experience
preferred. but not essential. State age
experience and salary expected. Address
Mr. g., p. o. Box 312 city Han Station
New York