New-York tribune., 1921-11-27
An Excellent List

Question: am inciosing you a list of
securities which have bought since 1906
90 the present time, and would ask your
opinion ON the same and what changes you
would make that would strengthen my list.
nave to depend on tho income OF the
ssour''Ts sooo 90 support myself ana fay
nrst . per cent, due 1922: $1,000 Pacific
Coast Company FIRST mortgage per cent,
lssV, $4,000 Spokane & Inland Empire
Railway Company per cent 1926 (pro-
tective committee has bonds now) So, 900
sierra and San Francisco Power Company
Company first lien and refunding per
cent 1886: $1,000 Norfolk Southern Rail-
road road Company flrst and refunding. per
cent cen ,Ssi; $4,000 90. Wisconsin Gas and Elec-
1881 $4,000 New York. Wostchestcr q Boa-
ton first mortgage AZ per cent. 1916; 81, 900
per sns' cent lss ss cneaso HS Roas
Island & Pacific Railway first and refund
ing per cent. 1884; 81. 900 New York. Chi
1881; $4,000 Southern Power Company fsrst
mortgage ss. 1890; $4,000 Canada Southern
Railway consolidated guaranteed 6s. 1902;
1924: $1,000 Consolidated Cas- Electric ana
Power of Baltimore 4Ms. 1895; $4,000 Mid
vale Steel convertible 5s, 1885; $1,000 City
Manitoba bs. 1926; $4,000 Montreal Tram
ways, Series A Is. 1871; $1,000 Alabama
Power Company 5s. 1916; $4,000 St. Louis
lien 6s, 1850; $1,000 Province of Saskatche.
wan 6 per cent. 1927; S., 600 Canadian Gov
ernment Sd War Loan per cent, l9s7;s 900
Idaho Power Company Is. 1947; 81 900 Pub
1929: $1,000 Utah Power and Light S., 1s44:
$1,000 Toronto Harbor Commissions. City Of
Traction and Light Company 6s, 1926:
$4,000 City of Lyns. France IS. 1894; $4,000
Government of United Kingdom of Great
ton power 7 isss ioos SoptS ntS
ern Pacidc-Great Northern 6Ms, 1895;
{l,oo0 Alabama Power Company 6s. 1851;
$4,000 Manitoba IS. 1880: $1,000 Indianapo.
lis Union Railway Company IS. 1923; So, 900
Union Electric Light and Power Company,
St, st. Louis, 6s; 1889; $1,000 Pacific Fruit and
$1,000 Government OF France IS, 1915; s. 900
Missouri Pacific general As, 1875: $4,000
Russian Government 5hs 1921: 81 900 Rus
sylvania. 20 shares $50 share; Northern
Pacihc, 20 shares. 500 share; Baltimore
& Ohio preferred. 20 shares: Atlantic Coast
Fe Railroad. shares; Norfolk & Western
Halfway, shares; New York Central Rail-
road. is shares; Union Pacific Railroad.
ferred, 10 shares.---R. o. o.
Answer-For a list as long as yours
you have q particularly good invest
ment. There are few more public
utilities that we would have included
In list of this length, possibly, and
we would have included among the
public utilities Montana Power IS and
Niagara Falls Power 5s in preference
to Montreal Tramways, for instance, or
Public Utilities of Evansville, but this
Is mere matter Of individual opinion.
On the other hand, we think that you
would be wise to sell the New York,
Westchester & Boston first mortgage
AZ per cent bonds, taking the loss in
volved now, rather than waiting for the
possibility of Improvement in market
price. Under present circumstances
the New Haven's guaranty of these
bonds is of slight value and the road
| itself is so situated that it may be
many years before it will be a profit
able road to operate. We would like
wise suggest selling your Pennsylvania
& North Pacific common stock and your
Baltimore & Ohio preferred stock
Both Pennsylvania and Baltimore &
Ohio are working on what we call the
law of diminishing returns. Terminal
! operation becomes continually more
expensive, without the possibility of 6
saving through a greater volume OF
traffic. 1t often actually works ou,
that a larger volume of traffic more
than proportionately increases terminal
| operating expenses. Northern Pacific
has largely had its joint control of the
Burlington taken away from it through
the operation of the conversion priv
lege on the N. P. G. N. joint bonds
Your other railroad stocks and the
S. o. Of N. j. preferred are good to hole
by man in your position, we think.