New-York tribune., 1921-12-25

Answer - Of your bonds, Great
Northern Is, Colorado Fuel and IRON
os' Colorado Industrial first guar
ahtecd 5s and Brooklyn Edison gen.
eTal e. mortgage 5s are high grade.
Hharon Steel Hoop SIS, Havana Electric
nnaiiway ~ Light and Power. Southern
nailroad development and general
mortgage as, United States Realty and
1nnproVemcnt ~ convertible 5s, Cuban
u naliroad hrst mortgage 5s, Kansas CITY
rover and Light first refundine SIS
lhciana Natural Gas and Oil first SIS
ana CITY OF Pelotas, Mexico. 5s are
good investments, but mot in the class
OF high grade investments. We advise
you TO sell Cuba Cane Sugar debenture
49, Atlantic Fruit debenture rs and
South Porto Rico Sugar rs. We thinI,
tnat the situation as regards sugar ha
not been thoroughly liquidated and
tnat Tor man situated as YOU are.
VINO might leave these securities to his
wife, 1T would be more conservative to
SHIFT Of the stocks that you hold. the
only ones that we would rank as
strlctly investment stocks are the To-
pacco PRODUCTS preferred, the p. Loril
iard preferred and. almost in this class.
the Niagara Falls Power preferred,
Consolidated Gas of Baltimore nre,
fcrred and the Republic Iron and Steel
preferred. Our advice, under the cir
cumstances which you describe wonld
ne TO sell all of the other stocks with
the exception of Utah Copper. Ana
conda Copper and Virginia Carolina
chemical preferred. If you were
strictly logical you would also sell
these, and If you held them you must
recognize the fact that you are specu
lating. On the other hand, these stocks
would be comparatively small part of
your total investment and, in our
OPINION, market conditions are un
favorable at present to the sale of
these stocks. Market conditions NAV
or may not improve, and it is to this
extent speculation to hold on to
THESE stocks. Atchison common ranks
almost as an lnve stmcnt, and YOU
would be justified in holding this also
II. IN your Judgment, the prospects for
the railroads are such as to reasonably
we'll assure dividends on one Of the
strongest of the railroad common
stocks. On paper, if you follow our
ADVICE, you viii! take a considerable
loss, but in the long run we believe
you and your wife will realize a larger
and more assured income than YOU
would if you held speculative securi-
ties. We suggest that you put The pro-
ceeds of the sale of Your securities
into the following bonds and stocks:
Westinghouse Electric and Manufac
turing rs, due 1881, recently selling at
1o5 la; Duquesne Light first and col
lateral trust 6s. due 1949, recently sell
ms at 101 "a Diamond Match 71as, due
1885, recently selling at 1O712; Mon
tana Power first and refunding 5s. due
l943, recently selling at 93A; Pacific
Gas and Electric general and refund
ing 5s, due 1912, recently selling at
so; State of Queensland Is, due 1871,
recently selling at l0SA; United King
dom Of Great Britain 5ias. due 1887.
recently selling at 94%; Galveston.
Houston & Henderson first mortgage
5s, due 1888, recently selling at IS:
Kansas City Southern refunding and
Improvement 5s, recently selling at
S3s4, and the new Missouri. Kansas e.
Texas series A . per cent bonds, run
ming for forty years, recently selling
at 1884