davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-03-13
Answer-Wc sec no reason why rail
Investor Might Strengthen List

Question: intend to invest about $40
GEO in the following bonds, but before
dong so | would like TO get your opinion
and advice on same: United States Rubbes'
prior lien AZ due 1850, Chicago. Rock Island
& Pacific rsfundnS 4s due 1894. New York
Telephone debenturc So due 1949. Westins
house Electric IS due 1881, New York Cen
tral Railroad debenture 6s due 1885, Sin
clair Oil ias due 1925, Brooklyn Edison
6s due 1871, Baltimore & Ohio Railroad Is
due 194l, Midvale Steel 5s due 1885 and
Bush Terminal Building. If You have any
changes to suggest, please do SO. ! want
good safety before interest.-(i. Fl. f.
Answer-On your list you have three
weak railroads, and while the bonds
of these roads will be perfectly good
if the railroad situation works out sat
isfactorily, in our opinion you would
gain the greater safety which you de
mand by taking a Southern Pacific
convertible per cent bond, due in
1929, selling at 7S, yielding over per
cent, in place Of your Chicago, Rock
Island & Pacific refunding As, and a
New York Central debenture 6, due in
1889, selling at 90 and yielding over {
Der cent, in place OF YOUR Baltimore &
Ohio 4s- You might consider Standard
OIL Of California IS, due in 1881, sell
ing at 1ol, yielding nearly per cent,
instead Of your Sinclair OIL l.. and
United States Steel sinking fund per
cent bonds, due in 1868, selling at 90,
yielding between ) and per cent. in
stead OF your Midvae Steel 5s. Your
list is we'll diversified
New-York tribune., 1921-03-13
Desires Safe, Marketable Issues

tSGestion-Would you kindly inform m.
WRether the following bonds (a) are first
1l1sS' Investments absolutely safe as re-
5ards principal, for my widowed cousin:
,b) whether there is q ready market for
theu1 in case she needs cash quickly,
. .leNelahd. Cincinnati. Chicago g. st. Louis
OAio convertible 5s. duo 1916: Denvcr &
no Grande consolidated As 1886 (nrst and
otosed mortgage); Rio Granda & Western
nrst 49, 1899: New York Central conver4
lble debenture Ga due 1885: Amertcan
Agricultural Chemical 71ss, 1871: Chicarn
~ Alton refunding 8s. 1919; Wcst Shore IS
~ ~, Iennsyivania Railroad 61as 1895
W men OF these do you consider the i've
strongest as regards safety OF principal?
Can you suggest any five diversified bonds
YOU possibly prefer 10 these as regards ab-
Soiute SAFETY and to yield T per cent A. s.
Answer-We consider all of the
ponds that you name as being good in
Vestments. although the Chicago & AL
ten refundlng 3s due l949, are, in our
oplnon, not exactly suitable for a
WIDOW. All of the above are readily
marketable. We would choose the
strongest tive bonds as follows: New
ork Central debenturs 6s. Pcnnsvl
wanna hallroad Gigs, West Shore first
4s, American Agricultural Chemical
'as. cleveland, Cincinnati, Chicago g.
81. LOUIS Improvement 6s. If You in
c!uaed IN Your list Standard Oil of
Caltornla : per cent bond, selling at
lol, it would yield you, if held to the
date 1T Is due 1881, 6.82 per cent.
american ans Telephone & Telegraph Co.
coilateral trust per cent bonds, due
1929, yielding at recent prices az
and government Of Switzerland 8 ner
cent bond 1910, yielding 7.sO per cent.
would lend strength and diversity to
New-York tribune., 1921-03-13

sues. Suestion-,l have 100 shares Of National
8,ia0'' hish ana har Gable; and bought it very
months. and ii has graduailv rono 80, 49,
,'1o, 10 n DO YOU think If hold on to it. #
may YET come out all right?-s c.
Answer-The future OF the National
Conduit'and Cable Company certainly
does not look promising Indeed. it
VIII be surprising if drastic capital
reorganization is not undertaken. The
latest development has been the nam
ing OF committee. at the request Of
s1ocSholders, following communica-
ZION sent 10 the stockholders in Febru-
airy calling their attention to the fact
that unless the default in certa;n
covenants of the first MORTGAGE how'd
issue Is remedied by March Is. 1921
the banking house which originally
purchased these bonds will ask the
trustees to take immediate action We
are informed that the stockholders
committee has engaged William II
SoVerdaie, consulting engineer, who
has gone over the properties of the
company, to determine their condition
and value. 1t is expected his report
Will be ready IN few days for sub
mission TO sthe committee, which must
act before March Is to save the prop-
ertles from being taken over bv the
holders of the mortgage bonds. If the
committee gets enough deposits Of
stock, it is planned, The Tribune is in
formed. to 20 ahead with reorgsniza-
ton The stockholders committee is
charging the expense Of work to the
depositors OF stock, limiting the
amount to % cents a share. If a plan
OF reorganization and adjustment is
adopted, special provision will likely
be made for taking care Of the ex-
penses. \ statement issued on March
by the committee Of stockholders
said: "It is essential that the commit
tee know az once whether it is to have
the cooperation of the stockholders. !"
March Il is the last day on which de-
poslts of stock can be made We co
not see any reason why stockholders
should not deposit their stock, pro
vided they want to see the thing
through. Harold D. Bently, investment
trust officer Of the Guaranty Trust
Company, is secretary of the commit
tee. The latest report of the company
showed deficit of $1,222,752, com
pared with a deficit of S1,116,34O in
1919. In view of the position of the
company. it is impossible to say how
the stockholders will fare in the fu-
ture. A capital readjustment would
likely mean the issuance of new securi-
ties
New-York tribune., 1921-03-13
Selects Well Secured Issues

p, Questtion-I asked you recently about
Cnino Copper Bond. but you advised about
Chile Copper VIII YOU kindly give mo
gonr So,lh opinion Of Chino conper Bonds also
Steel 5s. New York Central IS 19s5.-E. j
wer-Chino Copper has no bonds
outstanding. Southern Pacific CONVEX
tible IS due 1929, on which the con-
version privilege has expired, are. in
our opinion, a good Investment and at
present prices combine a good yicld
with a high degree of safety. Lacka-
wanna Steel IS, due 1850, are a good
inves stment, although possibly not quite
as high grade as United States Steel
sinking fund IS due 1851. The New
York Central IS due in 1885 are d
well-secured bond OF one OF the few
Eastern railroad companies which
showed earning power sufficient to
about meet the government rental
which was paid during the period of
government operation. 1t is, in our
opinion. q sound Investment
New-York tribune., 1921-03-13
Demands All Possible Safety

Question: wish 70 invest IN three or
four bonds $500 pieces) with every posi-
ble degree of safety. Please give your
opinion OF the following; Laclzawanna
steel 5s. Peoria & Eastern first IS Kansas
city Southern SIS -. Louis & San Francisco
prior 4 4s Mississippi River Power per
cent gold debenture. Standard Gas & Elec-
tric per cent gold notes 1885, and Mis-
souri, Pacific general 4s. l giving big
list in my eagerness 70 obtain competent
opinion on conservative investments.-D j.
Answer-If you really want every
possible degree of safety" we think
you should conhne your investments to
underlying mortgage bonds of strong
railroad companies and Liberty bonds,
or the strongest OF the foreign govern
ment bonds. For instance, the Domin-
ion Of Canada 5 per cent bonds, due
1881, selling al around 90 and yielding
you 6.2O per cent. These come in $500
denominations, and You might also con-
slider New York Central, Michigan
Central collateral 3l4 per cent bonds,
due in 1898 and selling at around GO,
yielding you 5.57 per cent current in
terest The issues YOU name are not
bad, but they do not conform to your
specifications.
New-York tribune., 1921-03-13
Chances for Weak Roads Bonds

Question: am the owner OF flve South
e1h ha!i"sy hrst mortgage bonds selling
selling them and reinvesting in sone lower
price first mortgage bonds How do YOU
regard seaboard Afr Line gold As selling
Gs, selling at 5Si. ? Also Eric Railroad
nrst consolidated As selling at 55,.? Also
sa,si"r. Missorra. Mansaa & Oklahoma first 5s,
Answer-To do as you suggest would
oe TO engage IN semi speculative in
vestrent operation which has its at
tractive features. You should. how
ever, understand the facts in the case.
In the first place the first mortgage s
per cent bonds of the Southern Rail
way, while they do not give a very
high WELD, about $50 per cent at pres
ent prices, are a high grade investment
IN railroad which has a good pros
pect of becoming much stronger tinan-
c1ally in the future than it has been
in the past. The three other railroads
into which you propose to buy are all
weak roads. The bonds you name have
good mortgage security. and even we're
one or more of these roads to 90 into
the hands Of a receiver the holders of
the bends would be in q strong posi-
tion to eventually get first class Sc
curity in the reorganized company.
There might be a certain temporary
loss of interest and some anxiety. This
is looking at the worst that could hap
pen. assuming that the transportation
act works out unsatis factorily and that
there is fairly widespread railroad
bankruptcy. On the other hand, if the
transportation act works out satisfac-
torily and labor troubles are adjusted
the bonds of these weaker companies
may pc expected to appreciate in mar
ket value, and you would be rewarded
for tka risk
New-York tribune., 1921-03-13
Answar-Canadian Pacific 6 nor cer.
Securities Suitable for Trustee

Quesrion-Wll YOU give me a list Of a
1ew securities in which l can invest abour
SSoo0 which ! hold as trustee and on
which would like to have yearly earnings
Of per cent? My investments are limited
70 those which are legal for savings banks
IN New York-M. y. l..
Answer-Thc following is a list OF
bonds which we consider good invest
ments, legal for trustees and savings
banks in New York State. All of them,
however, do not yield per cent cur
rent interest, although the true yield
if held to maturity is in the neighbor-
hood Of 6 per cent: Illinois Central
first mortgage As, due 1851, price II ,
current interest 5.63, yield to maturity
6.12; Louisville & Nashville. Cincin-
natl g. Lexington, As, due 1881, price
50, current interest oil, yield 6.O4 per
cent; Milwaukee & Northern first ex-
tended 41as, due 1884. price so, current
interest 5.63, yield 6.72; Mobile Ohio
first 6s, due 1927, selling at o. current
interest COG, yield 6.19; Northern Pc
citic refunding and improvement Az S,
due 2047, selling at 81, current interest
566; Union Pacific first and refunding
as. due zoos, price 76, current interest
= Ok
New-York tribune., 1921-03-13
Adviser Shows Bad Judgment

Nrestion-I have been advised by q
friend to sell the Liberty bonds and th-
few other small gilt-edgel Investments +
have my savings in and to buy the stoclI
of l.. r. Steel Company with the proceeds.
believe the same interests are behind
several companies. such = the l.. r. Steel
Service Company and the T.. +. Steel Realty
company, which latter is the largest of the
lot. The saleSnlen who are selling tue
stock paint "a very rosy picture os the
profits the company expects 10 realize from
Il chain Of hardware stores Do you think
that this company IS conssrvatively man
aged and financed? What are the possi-
hiiites OF a dividend and IN what light
DO YOU regard the stock. as an investment
or as a speculation? R. r
Answer-The man either is not q
friend of yours or he is overstepping
the bounds, for he will not be able to
replace your gilt-edge securities if the
l.. r. Steel stock, which is speculative,
in our opinion, does not turn out as we'll
as he says he thinks it ought to.
New-York tribune., 1921-03-13
Market for c. p. Il. Is in New York

Question-May l ask you once gain for
advice This time il is for my wif~. who
is OF Canadian birth. and she would Hike
your advice concerning the stock Of the
Canadian Pacific Railroad Company. which
is listed on the New York Stock Exchange.
What she desires 10 know IS: Can this
stock he bought IN Canada If bought in
Canada the stock be sold tho New
York Stock Exchange? II this BE-
the dividends payable IN New York in
United States money without any deduc-
ton for thu present rate OF exchange be-
tween Canada and the United States. and
il sold the New York Stock Exchange
would there be any deduction Tor the
present rate OF exchange u. IL ".
Answer-Canadian Pacific stock can
be bought in Canada, but the price,
you would find, is higher in Canadian
money by the amount of the difference
in exchange. Dividends are payable in
London and at Ga Wall Street in United
States gold. Canadian Pacific stock
bought anywhere can be sold on the
New York Exchange. Ii what you have
in mind is what is called an arbitrage
transaction, that is, buying in one
country and selling in the other to get
the advantage of the difference in rate
OF exchange, you Will find that the
prices in the two countries have al
ready discounted this difference.
New-York tribune., 1921-03-13
Easton Consolidated IS

Queston-Kindly advise ne as to the
rating OF the following bonds: Easton
Consolidated 6s, Pennsylvania Motor Com
pany os.-S. X. II.
Answer - The Easton Consolidated
Electric IS are q collateral trust bond
secured by the deposit of stock OF sub
sidiary companies. OF 81, ,237 600 Eastc.,
Consolidated Electric Us outstanding
there are 100000 reserved to retire
Pennsylvania Motor Company per
cent bonds which fall due in 1941. The
Pennsylvania Motor Company's prop
erty is leased for ninety-nine years to
the Easton company for $4,000 a year,
which just covers the Motor companv's
interest requirements on the per cent
bonds.
New-York tribune., 1921-03-13
swannsd 7 r. T. for Frisco Incomes

ouestion--Recently switched from In
tNrporo Rapid Transit retunding os 10
81 Touis e san Francisco Company In
come ss lseo. at an even exonangs e. nrns Tne
a-d Tho income has remained station
ary was + a prop.r m move H.Hs M0w naf y ,ns res
reived nv bond from broker, so / wonder
il get regular cgup0n h. o9nd sndnr My DTon1 wonid
rn maid October /, when the years IN
come was found. VIII you explain
whether | get interest serni-annuaHy or
yearly *. Y. u
Answer-Your st. Louis & San Fran
cisco income 6s are non cumulative, SO
that if the interest is not earned IN one
wear it is not paid in the following
wear, even if earned. The bonds are
not coupon bonds and the interest IS
paid. if earned, annually, as your
broker told you. Both Interborough
refunding 5s and the Frisco income 6s
are speculative, We cannot advise you
what Yse4 eeaasAs asa-
New-York tribune., 1921-03-13
FINANCIAL. MEETINGS

coi lAfRN PACIFIC COMPANY.
NOTICE OF MEETING
l59 Broad wa. New York. \ Y. Jan. , 1877
The Annual Meeting OF the STOCKHOLDERS.
of the southern Pacific Company viii be
aeit - the Office o. this Company -
An Horase Jefferson County. kcnssicky. on
Wednesday,, April 4. 1921. at twelve o'clock
boon, standard time. Tor The following pur-
poses. Viz.
|. To elect fifteen Directors
= TO consider and acf upon III question:.
3ba mAtfere which may legally cofne before
the meeting relating - Federal control os
ihe Company : properties under tAe acr of
Congress ot March e. lsts. Ut any agree
Hent OF settlement with the Government n
respeet thereto, or relating 10 the tsrulina-
Of the properties or othersgis isa apa
i4tlns 10 conditions resulting from sue
creding such Federal coutr0l. ard generally
a. questlQns and matters growing out OF or
Incident - such control. tern-tu4gion there
Of or following conditions. incl uding the
guaranty OF income urter the frsnspoft&-
ton Act. 1870. and So, tl-rlent thereof.
). To transact all such other business "a
may legally come before the inesttaiI. IN
ciudIng tho approval and ratification OF AL
action Of the Board OF Directors and OF thu
Executive Committee since the last annual
meeting OF the Stockholders q THIS Com
psay.
For the, purposes of ths meeting ths
books Tor the transfer OF stock WY bel
closed at o'clock p. 81 Tuesday. Marehl
-. 1891 and viii bs reopeaed al 0 o'clock
A n. Thursday. April :. 1891
BY order 81 The Board of Directors.
HUGH NELL Secretary.
New-York tribune., 1921-03-13
Workman. Sixty, to Invest $4,000

Question: am a working man about
sixty years old and, on account of trouble
with my eyes. VIII not be able to work
much longer. T have sS. 900 TO invest. VIII
you kindly tell what You think of The Bel
rian loan financed by Morgan q Co?
Woud YOU advise buying SolVay ct Gle =
l.. T. l..
Answer-We think that the Belgian
~ per cent external bonds, due 1945,
are sound investment. Both princi-
pal and interest are payable in United
States gold at J. P. Morgan < Co.'S or
the Guaranty Trust Company. Every
wear beginning this year. $4,000, 900
face value of the bonds will be drawn
by lot and redeemed at rs. That is,
the lucky holder Of $1,000 bond Will
receive $1,.50 for it. II your bond We're
called any time before 1888 you would
make considerably more than the 7.95
per cent yield, which you will get even
if your bonds are not called until l94o.
We believe the Solvay e. Gle. per cent
secured notes, due 1927, TO be sound
investment.
New-York tribune., 1921-03-13

Question--W ould be pleased to receive
information on the bonds OF Hudson /.
Manhattan.--D. A.
Answer-There are two classes of
Hudson & Manhattan bonds in the
market, one the first and refunding
mortgage per cent bonds, due 1857,
and the other adjustment income s per
cent bonds, also due 1857. Interest is
not being paid on the income bonds,
and they are junior in claim on the
assets of the company 30 the first and
refunding as. These first 5s are Sc
cured by mortgage on the property
OF the company, and we consider them
fairly safe. The income bonds are
speculative and the company has never
shown sufficient earning power to war
rant their being classed with the bet
ter grade of preferred stocks OF steam
railroads.
New-York tribune., 1921-03-13
Columbia Craphophone
Reports a Deficit

The Columbia Graphophone Company
reported net income, after all charges
and Federal taxes. for the year ended
December 81, of $3.50 ,264, equivalent to
S5.S7 a share earned on the s9,S83, 731
outstanding preferred stock, compared
to S3,624,20. equal, after preferred
dividends, to 1892 share earned on the
S68,471 shares of common stock at no
par value, in the preceding year.
Net earnings amounted TO $5,l49 ,954.
against S7,530,0s4. Profits and loss sur
plus was sl,0l9,5S compared to S2.s64,
5A4 in the previous year.
New-York tribune., 1921-03-13
Answer-Thoroughly safe is usually
anOiied m first mort rare honds Of
Chilean SIS of 1911

Question--whst IL your opinion O. the
the Republic OF Chile. due February !.
1871. as an Investment y. Y. II
Arswer-We consider the Chilean
loan as a fairly good investment for a
foreign bond. The country, OF course,
does not have the long high credit
ssoadin. OF England or Canada.
New-York tribune., 1921-03-13
Kansas CITY Power and Light

Question-Would you kindly give me
your opinion on Kansas City Power and
Light Company as an !nvestment2 Also
can you give me any information on the
Consumers Tire and Rubber Corporation ?
II. y.
Answer-The Kansas City Power and
Light first and refunding per cent
series A bonds, to be secured by a
mortgage on power plant now being
built and by mortgage on the other
property of the company subject to
only s4,755,5Oo bonds, we regard as a
good public service company mortgage
bond. The Consumers Tire and Rub
Der Corporation is speculative.
New-York tribune., 1921-03-13
Standard Gas and Electric Notes

Question: would like your opinion on
Standard Gas and Electric Company = per
cent gold notes, due 1855. as an invest
nent. They ara now selling at 7S Is H.
Nj Byuesby ( GO. all right brokers TO
deal with ?N. II p
Answer-We consider the Standard
Gas and Electric 6 per cent notes, due
1885, as good investment in the class
or public utility notes with as high
yield as these notes give. Byllesby &
Co. enioy q good reputation
New-York tribune., 1921-03-13
Seeks Per Cent Nom Callable Bonds

Question--TSindly give me a list OF four
or five uon-callable bonds of long ma
turity; say fifteen to twenty years, pay
Ing about 7 per cent. Please give them
in order Of Your pre1erence.-J. r. p.
Answer-F you want non-cailable
twenty-year bonds, paying over per
cent, you must realize that you are
sacrificing something in the way Of
safety to yield. Canadian Northern 7
per cent twenty-year bonds, due in
1910, guaranteed by the Canadian gov
ernment and yielding nearly 7 per cent,
come as near combining safety with
your other requirements as anything
we can suggest. Some of the bonds of
the weaker railroads Will give you the
yield you demand. For instance, Erie
prior lien as, due 1895, yield you 1855
per cent on the investment, and St.
Louis & San Francisco prior lien As.
due 1850, yield you 6.s5 per cent. Den
yer & Rio Grande consolidated as, due
1885, yield $50 per cent current inter-
est. and if held at maturity S.29 per
cent. They are we'll secured as to
princinal, in our oDinion.
New-York tribune., 1921-03-13

Brokers and Security Statesmen who have clientele
in Pennsylvania New Jersey Maryland, Delaware and
New York exclusive handling live issue of
gold notes with Common Stock bonus on attractive
Leads furnished. Best of cooperation Indus
trial dividend paying organization manufacturing and
distributing nationally advertised products through
system of chain stores Direct contract with company
Address P. o. Box 1856 Philadelphia Pa
New-York tribune., 1921-03-13
TIRE LIBERTY NATIONAL BANK OF
NEXI Y0Rk

Notice is hereby given that at a meet
ing or the shareholders Of The Liberty Ma
tlonal Bank Of Nav YorR held N Iarca
4. 1871. the Plan. dated February : 1871.
providing for the merger OF tho safd Banl<
into Tho New York Trust COMPANY, was
approved; that in order 10 carry cut such
Plan, It was voted TO Nquidste saia Ma
tional Bank. ard re-incorporate a. l. State
Bank under tho name The Liberty Bank
Of New York. and that upon the orgarfza-
ton Of said State Bank proceedings be
taken 20 merge zaid State Bank with Th,
New York Trusc Company.
f. W. WALZ, Cashier.
Dated. March 9. 1921.
New-York tribune., 1921-03-13
Woman Should Be Conservative

Question-Are tho following bonds all
thoroughly safe for investment and 10
which of the three would YOU give the
preference for a permanent investment :?
The Montana Power Company first refund
ing per cent 194a, the Utah Power and
Light Company first per cent 194&, New
York, Pennsylvania & Ohio Railroad Com
pany prior lien Aia per cent 1855. What
is your opinion OF Virginia Railway and
Power Company first and refunding per
cent 1924. st. Louis, Springfield & Peoria
Railroad Company first refunding per
cent 1889 Mrs II. NJ
Answer-Thoroughl safe is usually
applied to first mortgage bonds Of
strong railroad companies, Liberty
bonds, the bonds of the strongest OF
the foreign governments and a few
others. In our opinion q woman's in
vestment should contain majority of
this class of security. On the other
hand, you might we'll add to an invest
ment such as this one or two of the
bonds that you mention to bring up
the average yield and to give the in
vestmcnt diversity. We consider the
first and refunding mortgage per cent
bonds of the Montana Power Company,
due 1913, as the strongest on your list
New-York tribune., 1921-03-13
Uncertain About Her $1,000

Ouestion-Win you advise no regarding
the lie Laval Separator COupany's new
issue OF bonds? am ready to invest
$1,000. but feel uncertain what 20 do. This
is an per cent bond What is the mean
inS OF not being listed on the market and
why do some have to nay per cent while
others can borrow at : per cent?-A. r.
Answer-The De Laval Separator
Company's per cent bonds are just out
and have not had time therefore to be
listed on the New York Stock Exchange.
We do not know whether the company
intends to list them eventually. We
consider the bonds Q good investment
Not being listed on the New York Stock
Exchange does not mean that any good
banker will not buy or sell them for
you. A company having very good
credit and security to offer can bor-
row money al around z per cent: an
other company with not as good secur-
ity to offer viii have to pay per cent.