davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-01-02
World Film Paying or No.a.

Question-Some years arc wiz. Nv,
:''eh. 22o th. common r,t stock was selling around
reputable banker which, sad 9oy 3o rsI.t IL ny
was done. The stock has since - stcaSit,. e'Sse,
thes''ned, the IN the mean time also reducing
cent cent, and then to per cent = Th.,p ~ per
peT'aend per an ,payanls this month. bot at What
gardins the earnings Of the cam possple' sant re- re-
IT'S prospects. Kindly give informa,iyor aia az.
g9u T3,l,, may have available concerning Wnr1d
organized several years ago and n.w s,s.
oid hd snrond preferred stock issued for the
yet 'non BEEN naid stoek o No dividsnss have az
IS IS &C cumulative. and wonder whether 'ifn tba
bs" bonds OF wbToS bPTaSS'"g the interest its
amount al 0utstanding. IL tho manarement
IN capable hands?-P. A. s.
Answer-Niles-Be is we'll
managed corporation. 1t made con-.
SIDERABLE 81 money during the war neriod
oince that time it's earnings have d.
creased; The Tribune has repeatedly
e'aeea ehat such stocks reflect the vary.
ing changes in company and that thev
are 81 enere1ore speculative. dividend
VI per cent las been declared, pay
earnings was for 1919, when there yas
a surplus after dividends of Sl,31e.7 IA
compared with a surplus of s3,120.57O
Tor 10 1918. We are informed by the
world Film Corporation that the issue
OF OF $obo,oo0 notes has been reduced so
mat the outstanding amount in tho
nands Of the public will be by January
1921, about s2o5,0O0. A sinking fund
operates to do this. This sinking fund
and an interest have been paid regularly,
Inc notes mature one third each in
1922, 1928 and 1924 We were informed
that no dividends have been paid be-
cause the company desired to pay off
the notes and to conserve cash. The
notes are expected to be all paid long
oe1ore the last maturity. The company
IS producing no rev pictures, but is
easing It's fiims and renting out it.
New-York tribune., 1921-01-02

Issued statement for ten months of this
year to Stock Exchange. Are their .plants
closed? Why should II be selling at 81?
N. 3.
Answer-The Penn. (not Pennsyl-
vanla( Seaboard Steel Corporation
showed a great decrease in earnings
for 1919, IS compared with 1918. In
the latter year the equivalent of Sc a
share was earned on the stock. In
1919 only $1.29 share was earned
The dividend was passed in May, 1919,
after having paid as high as IS in the
year 1918. Recently we have witnessed
considerable let-down in practically
all steel companies, although in Sep
tember last the president of this cor
poratlon stated that the several units
OF the company were never in more ef-
fective working condition and all are
IN active operation. 1t must be re-
membered that this company was, like
many others. formed during boom
times. Business was so large that
stockholders became accustomed to the
most glowing reports. Now that the
pendulum has swung the other way, it
is only natural that results should be
rather unsatisfactory. The company
has issued no statement Of earnings
since December 81, 1919. nor has any
report of operations been published
The stock market recently has under
gone vast amount of liquidation. It
is very proba Bile that many issues have
sold far below their real value How
ever, we should not expect stocks to
maintain themselves under such condi-
tlons as prevail at present as they did
when abnormal profits were being en-
joyed.
New-York tribune., 1921-01-02
r. L. Seamans Balance Sheet

= QG's:ion-I attach balance sheet OF tho
X u. seanlans Company, Inc. OF which I
am stockholder tprsrerred stock). I
luly realized the speculative risk involved
AT the Time | purchased shares at SO
each (now so. and. not having enough
financial or accounting experience TO m
telllgenty analy1e the .nclosed, I would
coHs!ler Il great favor is you would
advise me IT, In your opinion. the attached
represents what might be termed an ron
est STA tenlent OF the standing OF the con-
eern. have been told that certain CON
Germs tnot necessarily the SeAmans com
pany) often resort 10 padding" OF certain
items in the balance sneet showing asset
etc, to prevent disclosing their actual
standing, etc.-H. A. T.
Answer-It is futile to try and de-
duce anything from the balance sheet
OF an ordinary oil company for the
reason that invariably the largest
items on the asset side Gin this case
about $4,000 900 out Of about $40 600.
OO0) are for lease and properties, whose
appraisal is limited only by the mag
nation OF those who assess them. Ii
there is as much oil hidden there ss
the company thinks there is the prop
critics undoubtedly will be worth the
figures given, and more We asked the
R. E. Seamans Company for state
ment OF earnings before the dividend
vas passed, and since it has not been
forthcoming we have not attempted to
ADVISE about the stock, for the simple
reason that there was nothing to go on.
New-York tribune., 1921-01-02
Answer--There are many good bonds

lack of confidence in present wholesale
quotations.
Silks and cottons, in the opinion of
recognized trade leaders, have passed
through the worst of depression and
have reached the lowest prices that
may be expected for some time to come.
In SILKS there already has been a slight
recovery from the low prices reached
IN September, and revisions TO new
low point are expected in cotton goods
during the present week. In MANY
cases these new prices have been dis
counted by jobbers WHO purchase ed
goods on memorandum basis from
the mills, so for all practical purposes
the new prices may be said TO have
been in effect at the close Of the year.
The next move in WOODEN goods will
be the making of new prices on fabrics
for the fall of 1921. 1t is expected
that heavy coatipgs will be repriced
and offered for sale in February, but
that the offerings OF new suitings for
next fall will not take place until later,
probably in March and April
The outlook for d revival of trade
IN textiles is strengthened by the
great curtailmcnt of production that
has been going on in increasing meas
ure since July. Production of woolens
during the closing months Of the year,
gauged from government reports of
active and idle machinery, was barely
half OF the productive capacity OF the
mills Of the country Silk production
is estimated at from 40 to 90 per cent
OF normal and that Of cotton goods at
about co per cent of normal Lower
prices on all these commodities are
De ing put into effect by retailers, and
this is giving some evidence in final
clearance sales of stimulating con-
sumer purchases. Upon continued
consumption and low production are
based the trades hopes of an increase
IN demand at productive sources within
the next few weeks. Optimism, how
ever, Is tempered with conservatism,
and nothing approaching the feverish
buying OF the early months of 1920 is
expected again this year. Much also
depends on foreign trade, which at
present is at very low ebb, owing to
the low points nt which foreign ak
changes are quoted in this market and
also to tho lack Of credit among for
eign buyers.
New-York tribune., 1921-01-02
Textile Trades Confident

Textiles were among the first Of this
country's products to begin the de-
scent which took place in 1920 from
the dizzy heights attained during the
after-war boom. Because of the rap
idity with which the industry devel-
oped and expanded during the war and
subsequently,, it suffered more severely
in the general depression of the last
few months than most other trades.
The first indication Of a slowing I'd
in textiles came IN February, when
sales of silks by manufacturers began
falling off Silks were the last Of the
great triumvirate of American textiles
to start the upward price climb and
we're the first to tumble In March
ard April there was an appreciable
slowing up in the woolcn goods trade,
and in May the reaction spread to cot
ton goods.
In May came the retail reduction
sales, which swept the country and
conditions. The consumer strike re-
ceived large amount Of publicity,
which apparently stitfened the deter
mination Of the public to refrain from
buying until prices were reduced still
further
The slowing down in retail trade
worked back to the textile producers
and WAS reflected in an almost COM
plete stoppage Of the buying Of tex
tiles for fall and winter use. BY the
end Of July prices were dropping al
most daily in the efforts of holders of
made-up merchandise to liquidate their
stocks and turn them into money
The opening Of the spring, 1921,
selling season was delayed far beyond
the normal date. Spring woolens,
which usually are sofd from eight
months to a year ahead Of the season
In which they are to be used, were not
offered until October. Silks for the
spring Of 1921 did not appear until
along in November, and it has only
been within the last few days that any
buying of consequence has developed.
The same Is true Of cotton goods.
Az the trades turn into the new year
they ave still faced with unstable
prices, although recent declines have
been loss precipitato than those of
earlier months. The assertion is made
by many trade leaders that prices are
at rock bottom, but buyers are still
moving very cautiously because Of a
New-York tribune., 1921-01-02
Favors Low Priced Stock.

Questlon--f would DO pl@asrd n h.y.
advice referring to the following stocks
G~ e ssnS o buy laT few w8ald y8s1s, this s gooa
Rubber selling around II. Hum Mo,or % !.
1oA, Erie first preferred at 20, Butte q
superor this n9,ns Copper r at - used to work in
pretty big mine with GOOD ore ana thr..
shafts and a. big milf. Does the stock
a,,,is pay Sny dividend at the present time, or
shares Columbia GRAPHIC phone at II ~ ~
Answer-We make no attempt to ad.
wise on speculation. The stock mar-
ket has been very heavy for som.
time and many stocks are selling at
the lowest points in many months We
cannot predict the course of nrices.
II you can afcrd to speculate YOU NAV
be rewarded by purchasing now. and
again, you may not. "''N
New-York tribune., 1921-01-02
Revere Motor at Fancy Price

sueston-Kindly give me information In
regard to Revere Motor Car Corporation. Of
they claim they have a contract for ali the
cars for the next four or FIVE years I
know Il is speculative but want TO know
Spout ., 1t, as wish TO buy a very few shares
II you please.-k. V. McA.
Answer-"Only" SIS share for Re-
we're Motor Car Company stock? 1t is
oficred in quantity hercabouts between
% and 50. It never was worth SIS.
Why the S5 was tackled on TO the $40
par value FOR the common stock is onIv
to be conjectured. However. you are
not to blame for quoting the stock st
SO. When we called the selling agents
here in New York they tried to sci, us
some of the stuff at that price. We
didn't buy it.
New-York tribune., 1921-01-02
Whelan Issues Treated Him Ronvh

diasno stefan that Know Of and d. i 0ssIss wtsb
sou so,T,oS WoS'd ,vl express your opinion on few
or which have shrunl in value that
an ~, adrald al they may disappear altogether
selling ling st'1!i at l. cAnS9 PAD as for now
issued since this company was formed
aen,as I9pacco Products Export paid s2ss. now
dividend of 50 in cash 'As yea9 9'01es aes one ne
casn @ dividends since. Evidently blind
p19oI; p1Gsi; so far as stockholders go. paid
Ila'a ! no credit to my Judgment ad-
M my, out what is the troubLs with this
company, which issued I5o 900 shares OF
bonus stock, called founder shares as
reward to the originators Of this badlv
asnated s,s' an,, concern? Tobacco Products
paIa hirt go,3. Z no now 90 Thank God only rave
elgn Trade Corporation. sl00 paid on the
preferred gold at auction at l5 The
eomm0n eonnanx seems to have no market This
Company. but the Whelan brokers profess
there any nope af os s p5ssept
w, heIan people be permitted to treat thess
What 90 you think? You are ksen
ANALYST and as fearless. I shall be pleased
10 near your vlews.-D. 3. u.
Answer-When you purchased your
sharcs III the Wheian enterprises you
eVldeht-y had faith in their future,
become
stocAholder in so many Of them. 1t
must be apparent to you when YOU pur-
chased these stocks that you had no
MORN alton on them. You purchased
them because you hoped to sell ou. at
good profit. The prices YOU paid in
no way served as a gauge to their
values. You, like many others. nur-
chased stocks at time when specula-
tlon was rife and all kinds Of talk was
current regarding the great plans Of
hf' Whe.an. In other words, you were
eVioentjy believer in Mr. Whelan's
apllity. Now 1T so happens that these
r!ahs % nave not materislized as yet.
nat the cause is we 90 not attempt
to explain. Without either praisinp
Mr. Whelan or detracting from his
@olllty we might suggest that very
unusual condition has trarspired in the
business world. Many plans have been
abandoned on account Of this change in
ccndltions. We have witnessed In
PERIOD Of few months the declaration
or large stock ana cash dividends BIZ
iarge corporation, then the appli-
cation for receiver. We have seen
factories running at full speed, then
the absolute closing down. All this,
as as we say. within few months
You speak of q lack of information on
some OF these corporations. That Is
true. But there has been, so far as we
know, no misinformation. There NAV
have been optimistic utterances. ii
there is any information being with
held which you believe you should
nave 1t is your privilege to obtain it IS
stocNholder. We are not writing in
defense Of these companies. There Is
an old legal maxim, "caveat emptor r"-
!e5 the buyer beware! If you had been
able to sell these securities at hand
some profits you would not have con-
cerned yourself over the way affairs
eventuated. Unfortunately we cannot
be OF assistance to you. There is no
public Information on many of these
companies-that Is. information which
would give one az idea of their opera
tions: That is the way of speculation
You had faith in the success OF these
concerns. Your faith may yet be re-
warded
New-York tribune., 1921-01-02
Thinks Great Northern Ore Is Low

: Questt ttonaa-I have been watching Great
Northern Ore for about a year, in which
It has declined from around so to es,
quoted to-day From various unprofes-
slnnal sources advised that Great
N9rtAern is very sound company but
an not convinced. Do you think now
sa2d time To buy this stock for money
uaa Ing Investment. or should wait
"Hiie longer That Is Of course. If YOU
E. s.
Answer-The Great Northern Ore
properties are valuable The company
leases its property. 1t does no produc-
ton itself. Earnings vary considerably.
Dividends have not been earned by any
TOO great margin for the past few
years and the latest earnings were not
highly satisfactory. The stock is spec
ulatlve, as you probably know. We do
not regard it as an investment. It NAV
be that, after the considerable fall in
Price, it may have discounted, to a large
extent, the unfavorable features.
New-York tribune., 1921-01-02
Cities Service in Small Pieces

Cuesti0a-I have heard that there is
some Cues Service stock & per cent pre-
lsrree / beie7c). that can be bought for
- Would you consider this good in
vestEnent?--2 W. s.
Answer-Cities Service Company
Preference B stock was quoted recently
81 bid, asked. 1t is the second pre-
-erred stock Of the company and ranks
ahead Cf the common only. 1t comes
a.Jer the preferred and the debentures.
Par is $40 and it pays 6 per cent q
GEAR. 1t is broken up into small pieces
for the accommodation Of small saw
ings. 1t is fair investment, in our
opinion. If you have enough money it
would be better to buy one share Of
the preferred than ten Of the prefer
ence B, we think.
New-York tribune., 1921-01-02
Many Motor Stocks Have Suffered

Question--When employed as secretary
~ one or our largest downtown banks
servative investment for my savingn
ia kSrd Motor preferred per cent Gu
OF said banks officials The price paid
~ me at time Of issue was e9A Last QUO
i%tion received by me was around IS
EaNs received dividends to date ana am
toi4 from otAer sources of this same In
.,."5 s1yion nei - worIy 50 long as re-
T. your unbiased opinion to judgment
~ my purchase ana whether l should
49, sl... n9iG sene2 stock was purchased
Answer-We can only give you the
tast statement Of earnings of the Pack
ara Motor Car Company. Conditions
are subject TO change these days that
1t IS rot possible accurately to forecast
results. a few months ago practically
every motor company was working over
tuna. Al present many are working
part time. On November 20 it was an
nouneed that the Packard company,
Notwithstanding persistent rumors to
-iAe contrary, was receiving sufficient
orders fer its sInglesix car to keep
that department in operation several
rnonths For the year ended August
81, 1920, the company's net income was
front and lcss surplus increased from
Sl5,S92 $50 in 1919 to $20,757672 in
1920. All forms of investments have
declined considerably, and motor shares
particularly have been affected. We
know Of no present reason why pre-
terred dividends on this stock are not
sete. but, as we have stated, business
conditions are so uncertain at this time
that it IS not possible to make accurate
forecasts. You should watch the prog
ress OF the company as far as you can.
New-York tribune., 1921-01-02
Woman Holds Cotton Oil at 50

Question--Would you advise the ex-
Oil common, bought at 80, for Sinclair on
common a present prices? or what other
stocks could you advise, that | may be
able to make up my loss? DO you think
there is any probability OF Cotton OIL
common receiving dividends very soon?-
(Mrs.) l. S. y. Is.
Answer-We are unable to help you
in your problem. We make no atteniu.
to advise on speculation. Neither
American Cotton Oil nor Sinclair Com
solidated is an investment issue. The
margin of earnings over dividends on
the former has not been very good for
several years past. The company has
shown rather unsatisfactory earnings
of late. Unless there is very great i'm.
provement we do not look for a resump-
tion of dividends.
New-York tribune., 1921-01-02
Invest ment Information

Questions Of general intereSf 70 IN.
vestors :c7ll Dc snssvered in this cor
wT7n. IN ~kich case only initials viii
De used. Others scill Do answered bx
'ne'l. Address all inguiries, txciss.
,s9 stsmped, addressed envelops. f.
t'1a~ctal Editor, The Tribune. 1Sl
Nassau Street. Neu York City.
New-York tribune., 1921-01-02
Equipment Bond Quotations

G1estion-Why are equipment bonds
csntage basis? Kindly explain this bas,.
itO lou consider Standard OH OF California
stock safe investment? WIN you please
F.*e ine your opinion Of Chicago Railways
Company first mortgage bonds So 1927?
Answer-It has always been the Gus
tom TO quose equipment bonds on an
income percer tase basis in order to
snow the investor what his yield will
be. The income is figured to maturity
the issae; taat Is, consideration must
be given 70 the fact that the bondhold-
et val receive only par for his bond
a. maturity. II the bond sells above
par the holder should amortize the
IN count above par over the period the
eond n2s To run. Standard Oil of
California stock Is speculative. The
company is well managed and has
aysvr large profits, but the stock is
as1sisive to earnings and other de-
elopmcnts. We understand that the
ssa-rion sitaation in Chicago is i'm
proving. WHAT disposition VIII be made
q. tae Chicago Railways per cent
bonds IN 1927 we cannot attempt TO
say. u IS 800 far ahead. We regard
INC bond as fair Investment only.
Chicago NorthN estern Doing Better
20 n ,~n ,.-.ao you s,ys me Information
rp~t2 psyicends nave been reduced from
Tfr cent ~ per cent. ard were
cDtl'.~a glar1~t!y payments would
fcs IN present. When the half yearly wss
N+e. Ju.y J.. had 70 write concerning II
before Obtaining check about tho 18th.
Hn*e heard noLning further. although the
efDck a"ens 10 DC doing slightly better.
Can Liberty Donos be bought 10 any ex-
ient through uenNs7 II there bonus for
thr tranaacfJOn. ard II 50, who pays, the
buyer or seiser Mrs.. q. W. 8.
Arz~er~ ~talcsgo Northwestern has
shown consluerable improvement in
satnlaxs since the new rates went into
effect. DIfeccOrs evidently thought 1t
vi1o n rcasce the diyidcnds on both
tic Dreferrea and common stocks, as
the situation was such that conscr-
yation III casn was advisable. The next
dividend on the common (2n per
cent? has been declared payable Jan
u1ry Is 10 stockholders OF record De-
eemner IS. The delay in your last
dividend was probably due TO tho dif-
lcDlty in obtain,ng the rental from the
aeycfnment. Banks will probably aid
yoa IN buying or selling Liberty bonds.
tuwryer, you would do better, wc
sn.s.is, ~ consult with some member Of
sbe Sew York Stock Exchange, where
the bonds arc most actively traded
eommission is charged both buyer and
seller. This commission varies The
usual charge. In 80 cents for a $50 bond
4pd 7g cents for 800 bond, 81 for 4
$500 bond and $1.2b for = $1,000 bond.
New-York tribune., 1921-01-02
Stock Bought at Is Is Now az

about Pennsylvania seaboard steeis
bought atty shares at IS a year ago Oc-
tooer, and now IT Ia 81. selling, in my
ing into receivers hands or lust raidine7
At 81 It sold less than the bond issue OF
last February Only 200. coo shares out
standing In this company. They must have
New-York tribune., 1921-01-02
Butte and Superior Mine Shut Down

report on Butte and Superior as TO their
as to date, their cost of production per
pound OF zinc, the probable life of the
mine and whether they produce any metal
other than zinc. 1t seems-to me they also
hac some litigation recently. Is that Get
tle-f If so, who benefited? Also kindly
aav Sc me as to Kansas City Southern
earnings on the common stock, based on
September and October returns,-J. II. S.
Answer-Butte and Superior Mining
Company has no funded debt, and
S2,9O1 ,971 capital stock, par SO. For
1919 the net income was S964,390, equal
to 1928 share. For the nine months
o. 1920 the net income was S37s, OBS
The first quarter showed $627.z56. the
next two Quarters showed deficits of
STAT. COZ and $l02 PIG. The company
produces mostly zinc, but also pro-
fuces some silver, gold, copper and
lead. The d1y tons milled for the first
three quarters Of 1870 we're about
100000 The direct mining costs for
the last quarter, ended September 80.
1920, was s7.s24 d ton, against s6.684
for the same quarter in 1920, while
total costs were Sl1 ,465 per ton, against
Slo,013 for September quarter, 1919
On November II, 1920, the management
ordered shutdown of the property
so far as production Of zinc is con-
ccrned. While the high cost Of opera
ton and low price Of zinc remain, this
shutdown will continue. A campaign
of moderate underground developmenQ
was to be continued We have ne
statistics showing the probable life Of
the mine. The Minerals Separations
fotation suit is still in court. 1t was
held by the Minerals Separation, Ltd,
that the company was using a fraction
Of l per cent of oil on the weight of
the ore, thus infringing on patent.
Based on earnings of Kansas City
Southern for the period of September
1 to December 81, 1920, after allowing
for estimated seasonal variation. net
operating income for the four months
ending December 81, 1920, will amount
to $2,375,000 which, added to the
S2,35I4S5 guaranteed pensation,
viii give a net operating income of
81 ,732,4S5 for the year 1920 Allowing
for other income, fixed charges, etc,
net income for the year will be equiva-
lent to 1884 per cent on the preferred
and $40 per cent on the common stock.