davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-05-08
Conditions Affecting Pennsylvania

>
ouestion--May l have an outline of con-
ditions and factors governing prices of
Pennsylvania Railroad common stock :?
What snt ,a eensidesations are against its favor
Answer-The Pennsylvania Railroad
has reduced it's dividend rate on the
common stock from per cent to 4 per
cent. The Pennsylvania is conserva-
lively capitalized and has fairly good
relation between the amount Of stock
outstanding and the face value of the
bonds. 1t is believed that a fair valu-
alton of the property would show a
large excess of value ever the total par
value of the stock and the face value
of the bonds. In 1917 the road was
being operated to capacity. ANY in
crease in capacity could only be made
at great cost. just now the road is
not handling as much traffic as il could
with She facilities it has. AS traffic
picks up, the Pennsylvania earnings,
both gross and net, will grow. We are
inclined to think that the Eastern
railroads. which are worked nearly to
their capacity in prosperous times, are
not as good an investment as the
Western and Southern roads, which
have a large margin Of capacity, and
on which great sums of money will not
have to be spent to handle traffic 60
or so per cent greater. The Pennsyl-
vania in time of prosperity Is work
ing under the law of decreasing re
turns. This fact will have to be al
lowed for in making rates, and Con-
gress recognized this fact in that
Eastern and Western roads are not put
IN the same group for rate-making
purposes.
New-York tribune., 1921-05-08

oeesoHsre department
do thak e Raways
e@s Has the Intsrse CemrsoR Approved IB
AnsweThe Chicago Illinois reorganization s in
opinion, drastic Interstate Com
Commission approved the plan The Chicago
Illinois Chicago Danve
Louis with line branching off Findy Junction running
Mississippi River With this had
Tee Haute, which with the Chicago
Otter Greek Junction. Danv There
both the c. E. T. H. Two other lines
TO the systenh Chicago Indiana Coal Railway the
Indianapolis Railroad
New-York tribune., 1921-05-08
Invite Swiss Manufacturers

The international Association Of Gar
ment Manufacturers has invited the
slightly or more Swiss textile manufae-
turers who are to visit this country
this month to participate in the assor
eiation's twenty-fourth annual cenven-
tiaa in Cleveland fran May 10 to t3.
SO far, according to 4, F. Allison. sec
retary of the aasoeiaticn,, trade organi-
zatiasas in France, England, Canada,
the Argentine and Mexico have ex-
pressed intention of sending delegates
To the coRyentien.
New-York tribune., 1921-05-08
Pacide Oil spsculatiye

ouestion--Pieasr tell me what you thirk
of Pacific Oil and IL you think 1t witl pay
q dividend soon? Would You ADVISE me
to sell or keep tt?~-e. G. A.
Answer--The fact that the Pacific
Oil Company was Launched under the
auspices of strong railroad does not
eliminate the speculative features of
this security or the business in which
the company is engaged. The future of
the stock is toe uncertain for us TO at
tempt 10 advise you about buying OK
selling it.
New-York tribune., 1921-05-08
Tyro Determined TO Play the Marke,

Tyro Determined to Play the Market
Question: have $500 which would
like to use for speculation, not investment,
and request you to kindly give me your
opinion on what stocks. to buy on margin,
how much margin and what would hava
to pay in interest. I want TO gamble In
stocks that would give ME an even chance.
---R, Q. C.
Answer-Your interest charges vary
with the money market, Just now they
may be as much as per cent. The
margin depends on how speculative the
security is and how conservative your
broker is. Some of them will let you
play on g shoestring. because they know
you are bound TO lose sooner or later,
and thin margins increase commissions
and make the sooner soonest. IL your
letter is a fair measure of your famil-
iarity with the stock market your
chances of winning at this gamble are
far less than even, In our opinion. If
you must try it. be sure you deal
Through trustworthy broker.
New-York tribune., 1921-05-08
Alabama Power Bonds Good

2uestion--can you give rae infarns ton
as 10 arst mort gage thirty-yeaF eF cent
gold ponda due ls4e issued by the Ala
Ala. Dc you eenaider this good invest
rnent security &c. r. B.
Answer-We consider the first mort
gage bonds Of the Alabama Power
Company, due 19A6, as a good invest
ment. They are secured by a first
mortgage on the entire property of the
company, which includes q hydre-elees
tric plant forty-five miles southeast of
Birmingham, etc. Hydre-eiectrie power
companies arc not showing the in
creased expenses that other power com
panies have shown. Birmingham is d
rapidly growing city Of the first i'm
pert2nes,
New-York tribune., 1921-05-08
More Gold rArives

Gold valued at more than S5,0oo.80G
arrived yesterday on the Mauretanis
from England. consigned to New York
bankers.
New-York tribune., 1921-05-08
New Bond Good Enough for Widow

Question---Kindiy rearrange the follow
ns securities according to their soundness
for a permanent investment, indicating
widow. Would be glad to know if you
have any other preference yielding 6M to
n per cent non-eallable, long time: Cana
dian Northern 1910 per cent, Canadian
National Railroad 1895 per cent, North
western Bell i94f per cent. Bell of Penn
Hylvania 19sa Z per cent, New York Central
i935 per cent. United States Steel pre-
ferred per cent, Westinghouse 1s5i r
per csnt.--W. &c. ID,
Answer-Canadian Northern 1910 7
per cent, Northwestern Bell iS41 per
cent, Bell Telephone of Pennsylvania
l945 per cent, Westinghouse 1881 7
per cent, New York Central 1885 6 per
teent, Canadian National Railroad 1885
7 per cent and United States Steel pre-
ferred per cent. We have arranged
the bonds in the order you request,
but there is comparatively little choice
ameng them, we think, The new
! Northern Pacific Great Northern GA
per cent convertible bends, due 1885
which yield approximately 67s per cent
would suit your purpose admirably
These bonds are convertible at par at
| the option of the holder into 6 per
cent long term Northern Pacific bonds
or z per cent long term Great North
ern bonds, While the IVA per cen,
coavartibles are themselves cailable
| one of the bonds into which they are
convertible, che Great Northern il
not callable,
New-York tribune., 1921-05-08
Difference Between Appreciation and
Yield

0uastion---I would greatly appreciate
the selowing Information, / have email
sums from time TO time, derived from sav~
assfS ssSns e u a'sis ssn nss sts
q inherent as Is consistent Win safety.
What is your opsnlop OF railroad eends
Topeka q Santa Pc .adjustment AZ, Balti-
more 4 ohie refumdFns ss. West Shore 4s,
Central Pacific 4a7 Would you consider
and interest secure. and what ia the pfos.
nset of their increasing In value whan
conditions become more normalf kindly
you would consider as safe Investments
ferred stocks, such az Atchiaon. Topeka q
santa Fe and Union Pacific, q hetter buy
than tho above bopds7 I have recently
purchased $500 7 per cent Vacuum OIL
bond, just issued: hve shares of American
Tslsphqne and Telegraph and Ave shares
OF Pullman, ! thought es getting lew
priced bonds to add to these. Why are
the seabeard Air Line bonds selling so
lowr---C. G. A.
Answer-We think you are right in
desiring to buy long-term, low-intsrest
rate bonds to fill out your investment
scheme, We think they would be bet
ter than most preferred stocks. There
is q great difference between the fnan-
cial strength of different railroads.
The Atehison, Topeka s. Santa Fe,
Southern Pacific and the West Shore,
because it is part of the New York
Central, are strong roads. The Sea-
board Air Line is weak road. II
RAILROAD conditions were to remain bad
for some time the Atchison could get
along on the credit that IL has, but g
road like the Seaboard might possibly
get into serious financial difficulties.
Lake Shore g. Michigan Southern first
3hs, due 1897, recently sold at 6s,
yielding STA per cent current interest.
New York Central convertible IS, due
1885, recently sold at s83s, yielding
6.Te per cent current interest. Kansas
City Southern refund.ng and improve
mont 5s, due 1850, recently sold at "a,
yielding ITO per cent to maturity, St.
Louis Southwestern first 4s, dug 1889,
recently sold at 8sM, yielding $50 per
cent current interest. All Of these
bonds we consider good investments.
Do not mistake the approach of q high
grads bond from discount to par at
maturity for appreciation. 1t Is part
Of the yield on youg initial investment.
II, for instance, the Kansas City South
ern 5s we just mentioned sold yester-
day at "a and rose to 30 next week, that
would be true appreciation. Ten years
from now the same bond, to yield the
same 7.l0 per cent that il does now.
will sell, at 1928, and the four point
rise will not be true appreciation but
part Of your yield.
New-York tribune., 1921-05-08
Stock Involves Two Kinds Of Jars

cauestion--as more than a quarter-cen-
tury reader of The Tribune ] would beg
your advice as to the following. ! have
been asked to buy some OF the common
stock at 50, par value $40, of the "U-P Press
1t" Cap, made by the United States Metal
Cap and Seal Company, of 1o3-io7 West
Thirteenth Street, New York City, OF which
James B. Taylor, of Taylor. Bates & Co.,
members OF the New York Stock EY-
change, is president. They have sent me
a jar with cap on as sample and I might
say II looks good. But before investing
wish to ask your advice--A. N.
Answer-~So they sent you jar. did
they? 1t might give you jar, too, il
you knew, as we dos that the stock is
selling in the unlisted market at, from
s1.25 TO 81 q share. the very same stuff
they are trying to get you to pay SO
for. We would like to know the name
of the broker who made you this gen.
erous offer.
New-York tribune., 1921-05-08

A full colanaR of inUese.
nsens questions and ansscevs
is published in The Tribune
epery sreekday.
New-York tribune., 1921-05-08
Features of Hnkuang Bonds

Questien-Wili you kindly inform me in
how far the Chinese government is re-
spousible--or, IN other words, what the
government guaranty is--on Chinese HUI
kuang Railroad bonds. and what they
yield at present exchange rates ?-S. V, q.
Answer-The per cent Hukuang
Railways sinking fund gold loan of
1911 Is a direct obligation of the Chi
nsse government as to principal and
interest 1t is additionally secured
by first charge on the provincial rev.
enues, Principal and interest are pay
able in New York at the rate of ex-
change of the day. The bonds are re-
deemable by annual drawings within
forty years, the first drawing to be
June, 1922. The redemption figure will
be l02ia until 1928, thereafter par.
The current interest on this bond at
47 with sterling exchange about 81 is
1913 per cent, The yield to maturity
cannot be computed, For one who be
lieves, as we do, in the integrity of the
Chinese people. and of their govern
ment, the bond offers attractive spec
ulative possibilities, both because of
it's own present depreciation, the de-
probation Of the British pound and
the drawing feature.
New-York tribune., 1921-05-08
Holds Oil and Leather Notes

Question-Do you cohsider ISaI9Hsl
Leather SIS, due 1926, and Marland OIL Ss
safe investIuents7 I have recently bought
one of each This Is money 1 cannot af-
ford to lose.--p. A. B.
Answer-The National Leather notes
are secured only by the general credit
of the company; they are not direct
mortgage on the property. The only
funded debt, however, is the S10,o0o,-
600 of these notes and the average
earnings available for interest charges
in the years 1918 to 1919 were so'ooV'-
600. We consider these notes as a
reasonably safe investment. The Mar
land Oil per cent notes, due 1881,
are secured only by the general credit
of the company, They are not secured
by mortgage on any specific prop
erty. 1920 earnings were many times
the interest requirements. The bends
have this speculative possibility to
them, that they are to receive $40 a
81 900 bond for each dollar paid out a
share in dividends on the stock up to
| 81 a share. They also carry with them
the right to buy twenty-ive shares OF
Marland Oil stocks at 40 at any time
prior to 1881. You say that this Is
| money cannot afford to lose" If you
are in earnest in placing security be-
! fore every other consideration, it would
be better to buy Government OF
Switzerland 8s, duo 1910, and United
States Steel Sinking Fund 5s, due 1863
Weman Needs Safety and Long Term
Question: am In my early thlrties and
not strong, though may live to ne eighty
like ieng-term bonds, so l would not have
| the trouble of renewing them in my old
age (lt l uve} I would also like an nj gn
a return as possible. as I have, no other
4. D.
| Answer-We recommend that yor
qualify your requirement of "as high
return as possible" by the addition
| of with safety the hrst consideration
and yield the second consideration.
! The following list we consider suitable
/ for your purposes: Virginian Railway
| first SIS, due 1862, recently selling a
! 80, yielding 610 current interest; Gov
ernrnent Of Switzerland Ss, due 1910
recently selling at 10S, yielding III
| current interest; Danish 26-year sink
| ing fund SIS, due 1s46, recently seliini
| ut 9Sla, yielding SO per cent interest;
| New York Central debenture peg CEN
| bonds, due 1895, recently selling a
SsA, yielding $40 current interest
| Montana Power first and refunding 5s
due 194a, recently selling at 81, yield
ing 5.s2 per cent current interest; II
/ linois Steel debentuTe "A per cen
bonds, due 1s4o, recently selling at 81
yielding $50 per cent. We consider al
of these bonds suitable for woman,
New-York tribune., 1921-05-08
Holds Sugar Common in Trust Fund

Holds Sugar Common in Trust Fund
Queation---WlIi you please give me soma
information concerning the common stock
Of the American Sugar Refining Company +?
Would you recommend the sale of this
stock at present when hsid in trust
fund ?--J. NJ. j.
Answer-If we were trustee we
certainly would not carry a common
stock. especially a speculative one like
American Sugar Refining Company, in
a trust fund. In 1920 the collapse of
sugar prices seriously affected this
company. 1t showed operating profits
for the year of Sl,s00,oo compared
with 100000 900 in 1919, deficit after
dividends of $4,000, 900, apd it reduced
it's profit and loss surplIs from s23,-
$4,000 in 1919 to S12( 900 at the
end of 1920. Whether to sell or hold
the common stock depends on whether
it's price has fully discounted all the
unfavorable elements in the situation,
and about that we cannot advise you.
Evening star., 1921-09-30
PORTSMOUTH TAKES LEAD.

PORTSMOUTH, Va. September 90
Portsmouth gained the advantage in
Evening star., 1921-09-30
ARMY POLO TOURNEY
TQSTART TOMORROW

Teams representing the Engineers
of Camp Humphreys and the War De-
partment will battle tomorrow in
Potomac Park in the inaugural en-
gagement of the Army's fall polo
tournament Play viii start at $3.50
o'clock. with Maj. Wainwright acting
as referee.
Camp Humphreys will have in its
lineup Capt. w. V. Hill. Maj. Peter
Bullard. Mai. w. +. Tompkins and
Maj. c. F. Williams. The second four
of the War Department will include
Maj. A. p. Newman. Lieut.. c. c., Jad-
win. Col. j. +. Lindsey and Maj. Z.
w. Burr.
The tournament will be divided into
two series of five games each. No
handicaps will be allotted the teams
in the first series when play will be
held for the Washington Post cup.
In the next five contests for The
Evening Star cups, all fours will be
handicapped.
Evening star., 1921-09-30
j. S.-BR|T|SH FENCING
MEET TO START HERE

Arrangements for the International
fencing meet between the United
States and Great Britain. which will
be contested in Washington, Phila-
delphia, Boston and New York, have
been completed.
The British swordsmen will arrive
about November 10 and the yeight-day
tournament will start here on No
vember Is. with an Individual contest
with all three 5weapons-foils, sabers
ard dueling swords
The team sabers competition will be
decided in Philadelphia November II,
the team dueling sword events in
Boston November 19 and the team
foils in New York November 22
1t is understood that the British
team will consist of ten or eleven men
and the Americans will select a team
to equal that of the British in each
event
The British fencers later may engage
in dual meets with West Point and
Annapolis.
Evening star., 1921-09-30


Three of the matches yesterday were
romps. Barnes defeating Wee Freddie
Mcleod of the Columbia Country Club
by the one-sided margin of IL and y,
while Hagen was trifie more lenient
with Jack Golden of Tuxedo. being con-
tent with Z and Z decision. one
match that between French and George
Mclean of Grassy Sprain. was sort
of pitched battle. which the Youngstown
pro terminated with a trio of brides, the
last at the thrty-third green, leaving
him up and to play.
Walker Beats Sarazen.
The fourth was the struggle tnat
drew the gallery because, for the greater
portion of the distance. the bird OF VIZ
tory fluttered about, undecided as 10 It's
ultimate perching place; F,naily, esn now
ever. Walkers were the shoulders cnosen'
the New Jersey club pro, over Sarazen,
) and 4.
Walkers victory was somewhat OF an
upset, particularly in view OF the so.i
that the former Apawams caduy d naa
especially after his astounding triuTp,
over the 2. G. a. titlehoider. JOCK
Hutchison Sarazen suffered COM
ulctc reverse of form yesterday. anu
although the match was nip-ano- ~,
for the greater part of the Journey the
result was never in doubt after the nrst
fonr holes had been played in the after
noon. He managed to hold Walker to a
two-hole margin in the morning WIN
an so, eleven strokes higher than II mas
been his wont to take in the past, pu.
he crumpled toward the finish: When
the turn was reached in the afternoon.
the youth was down.. He had
chance to lessen the gap between MN
self and Walker, but threw IL away
and hauled the flag down at the 1our-
teenth green.
Mcleod on His Game.
Barnes continued his steady play
IN his one sided victory over Mcleod
but the diminutive Washingtonian
made Jim'S going comparatively slmple
by being far from his usual form he
was off i'm his driving and utterly at
sea ON the greens. failing to win a
single hole Barnes took lead OF
, up at the turn in the morning. going
out in :s5 to 80 for Mcleod. Barnes
captured the third and fourth holes
with birdie As. they halved the next
three and par was good enough
for win for Barnes at the elghth.
Rarnes had two more brides at the
eleventh and twelfth. and he also won
the thirteenth, becoming up. wnlcn
was the way matters stood at the
home green, where they halved the
hole in birdie As. The champion had
Il So his third consecutive morning
round of that fisurebor one less. Nc
Ieod took II.
The first two holes in the afternoon
session were divided. each getting
brides at the start. But Barnes took
the third, fifth and sixth. the first two
in birdie As, and was up at the turn.
The match ended when Long Jim took
the eighth and ninth. going out in "a
to MeLeod's 50.
Evening star., 1921-09-30
RECORD MILE ,TR0TTED
AS GREY WORTHY WINS

COLUMBUS, Ohio, September 20
BY far the best program of races
offered during the grand circuit meet
was completed yesterday.
In the 212 trot, the Buckeye stake
for $4,000 Grey Worthy took the
event from Jeanette Rankin. being
forced to trot the second heat in
2.O2h, the seasons fastest mile in a
race.
The Western Horseman futurity trot
for three-year- was won by Nell
son Dillon, Favorian the favorite.
being off form.
Hal Malone was in great form and
he defeated Sanardo and Juno, the
Murphy entry, in the 2.O3 pace.
Evening star., 1921-09-30
WILLARD WILL SIGN
TOF|CHT DEMPSEY

TOPEKA, Kan, September 30
Jess willard expects to sign at once
upon its arrival the contract sent
him by Tex Rickard for a return
bout with Jack Dempsey, world
heavyweight boxing champion.
Willard said he had been advised
of the terms and was certain they
are acceptable.
The bout probably will be held
some time between June Is and July
), Willard said.
NEW YORK, September 30.-Terms
of the contract sent yesterday TO Jess
willard for a return bout with Jack
Dempsey for the world heavyweight
boxing championship have not been
revealed by Tex Rickard. promoter.
Evening star., 1921-09-30
EIGHT LEFT IN FIGHT
FOR D. c. TENNIS TITLE

With eight contestants scheduled
to take the courts this afternoon. play
in the mems singles of the District
tennis championship was expected to
advance to the semi-final round at
Dumbarton Club. In the four matches
that were to start at 3 80 o'clock, Clar-
ence Charest was to meet l.. w. Bates
and ]. r. Ballenger was to oppose L.
A Cox in the upper bracket, while in
the lower half Dudley Morgan was 10
play Arthur Yencken and AL Gore
had as an opponent r. ]. konkel.
In Yesterdays play Morgan estab-
lished himself as formidable con-
tender Tor the title when he disposed
of Tom Mangan. Dumbarton player,
who recently won the Maryland east
cru shore championship. SIS. 6-4:
ManGan played good tennis. but could
not withstand the terrific attack
launched by the former Harvard rack
eter.
Bates Wins GruelinE Match.
Bates advanced to the round before
the semi finals by vanquishing John
Temple Graves in grueliing match
with scores of IS and 14-12. Gore
and Konkel went into the third set
of their match before halted by dark
ness, and the latter had the lead. two
games to one. They decided TO repay
the entire match today. Summary OF
yesterdays matches:
Mems singles. fourth round-L. A. Cox de-
feated r. :: Frenc F., 2-6. ID, %; u.
Bates defeated J. T. Graves. 7-5. 14.1S;
dudley Morgan defeated Tom Mangan, 6-3'
g..
Mems doubles, first rOund-French and
Taylor defeated Moore and Raynsford, 4-6,
G-1. G-4: W. Ballinger and powier de
Dudley and Yencken defeated Hixon and
Enapp g. G-2: T.. Dowd and HOwen-
stein defeated Field and Burrus, e.. &-1;
HELEN and Mangan defeated Kent and Fris-
bic by default.
Women's singles, preliminary r0uEd-Miss
EeIIv defeated Miss tore, G-1, g.; Miss
Wakeford defeated Miss :. Dooittle, D..
-1. Ct ~
Women-s doubles. first round-Mrs. Ellis
and Miss King defeated Miss NJ. Sewell and
partner, 81. Go
Evening star., 1921-09-30
Nearly 800 More Homers
in Majors Now Than 1920

NEW YORK. September 3D..
With cnly a few more major
league games 10 be played, the
seasOn'x yecOrd of home runs in
the National and American
leagues is elosa to 800 more
circuit clouts than were. made
I'm 1920.
The present years total to
date for b"th leagues Is G24
hOmers. against 831 made dur
ing last years entire season.
Seven more fOur-baxe hits I'm
tie remaining games this year
will make an increase of an
even 300.
American League players 80
far this year have wallOped the
hnll for 40 home runs. against
go last year and in the Ma
tiOnal Leag' 454 have been
bit to dnfe. Is compared with
2Gl In 1920.
Evening star., 1921-09-30
RED SOX ARE SUED.

PHILADELPHIA, September 30
Suit has been entered in common
pleas court here by Henry Mollitor,
owner of the Johnstown. Pa. In
dependents, against the Boston Amer
leans to recover s2,210 damages
alleged to have been lost through the
cancellation by the Red Sox of an
exhibition game September 8. Boston
said the Independents were using
players declared ineligible by Judge
Lands.
Evening star., 1921-09-30
Refuses Mayfower Entry.

GLOUCESTER, Mass. September 90.
Entry of the Boston schooner May
flower for the elimination races to
choose an American defender for the
international fishermen's cup. has
been rejected by the American Fish
ermen's race committee.
Evening star., 1921-09-30
Will Shoot at Night.

PITTSBURGH. September pa
night shoot. under the glare of power
full lights. will be staged by trap
shooters of western Pennsylvania at
the Pitcairn Gun Club.
Evening star., 1921-09-30
French Hagen and Waller Left Play Professional Golf Cho
FRED Mcleod PUT OUT
BY OPEN TITLEHOLDER

EW YORK, September 50-m Barnes, American golf cham
French Youngstown Ohio and
Walter Hagen champion, with Cyril Walker of
Engewood the semhnal rounds today of the professional
Inwood Club The