New-York tribune., 1921-09-29

Seestion-~i ann the owner of tbirt~,,x
grar'h ., american Telephone and Tee-
esn@pn' twenty-seven shares OF American
saSar Refining preferred. aeven shares ~
t,'nvsas@n ty.nnn sugar Refining common. TWEEN
Teiegraph preferred flve sharss ns N.' sno
nenal shawrnut Bank fve shares Of
ssru smer,ca, S.asea steel common. ten shares of
@ @Suiertcan Agricultural Chemical preferred
p.ssa NJ siiares or Anaconda Copper one 81 coo
: ~eisc vas and Electric per cent bond.
ono si.oeo Cuban cano Sugar : ner conf
i.oereuFe pond. seventeen shares of Cos
aen, cen a few Liberty bonaa one 81 900 Good
-. ,mn per cent bond, ten shares of Ken
1901 copper. twenty shares of Pierce Oil
SGni,saon- Sn1ss- Many OF these stocks. such as
Sosoen, kennecott and Pierce on. ware
tIhnriSas as q speculation, and am not
a possible switching into some surer and
safer purchase. What is worryin;. me is
me apearent speculative condition OF my
uaSoihe paying stocks and bonds. none OF
~nech l can sell without taking con
S'aeranle loss. It is my idea to sell my
mon mon and American Agricultural Chemical
pretemed and purchass in their place
Inree OF the following Cuban Cane Sugar
Northern Ore Denver & rio Cirande hrst
refunding 5s, due 1864; Iowa Central re-
randing mortgage As, le4i. and United
should like to know which of the three
you would advise. or whether you could
would cost around $500 and give an in
come OF about $780, I neglected TO say
that intend to buy the stocks in ten
share lots and the bonds in 81. 600 groups.
E. Y O.
Answer-Your own criticism of YOUR
list is quite just. 1t is entirely too
speculative. You will improve it good
deal by selling the three stocks which
you mentlon-American Sugar Refining
com mon, Anaconda and American Agri-
Nnav-
vesting the proceeds in bonds You will
still have a strong speculative flavor.
THE most vulnerable points of YOUR
holdings will then be the Cuba Cane T
per cent, the Pierce Oil and Cosden.
We think both Cosden & Co. and Pierce
Oli are good speculative stocks, but we
advise you to be content with them and
allow them to furnish the spice to more
Cane per cent is m extremely weak
spot, we think If you sold now you
would have to take a big loss, true
enough. We think that there is fair
chance that the company will pull
through its difficulties. But it would
be folly we think, to add another Cuba
Cane obligation to your list. as you
suggest. The Denver & Rio Grande
first and refunding SIS are also ox-
tremely speculative. The latest pro-
posal is that they shall be exchanged
for per cent preferred stock of
Western Pacific. Although Western
Pacific could undoubtedly pay dividends
on such stock from the start, the
price of the stock would probably not
be over 10. Even this exchange is still
quite uncertain. If you buy a Denver
5 per cent 1856. it viii be a specula-
tlon, although q fairly attractive one
But we advise you to act more eau
tiousy. With the $1,000 which you
propose to reinvest, we strongly urge
you to buy at least one foreign govern
ment bond. such as the Kingdom of
Denmark. You could get good yield
also from one Z. I. du Pont de Ne
mours TX per cent, due 1881, selling
recently around 90. to yield about 7.45.
or International Mercantile Marine 6
per cent, recently selling around II, to
yield about $50