davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-03-20
Argentine SIS and French IS

Question-May / ask your opinion of the
relative merits OF Argentine 5s 1945, in
t20 pieces; French Ss, 1916, In S100 pieces !?
Also the best of the following for an in
vestment OF $500: American LOCOMOTIVES
preferred, Virginia Carolina Chemical pre-
ferred, United States Steel preferred At
chison, Topeka g. Santa Fe preferred,
American Sugar preferred, American Can
preferred, Baldwin Locomotive preferred.
Bethlehem Steel b prferred? kindly sug-
gest a number OF good bonds paving
per cent for u small investor, long term. -
II. s. r.
AnswerArgentine internal IS Of
l945 and French IS of 1916 both enjoy
good investment rating. You have
your choice Of buying high coupon
French bond close to par or a low cou-
pom Argentine bond at substantial
discount When money rates fall, other
things being equal, the tendency Of
both bonds will be to work upward.
while the income yield will tend to 60
down. Of course, in buying either Of
these bonds you are purchasing the Sc
curities Of foreign governments, and
must accept the risk that is inherent
in such issues, OF the preferred
stocks mentioned, American Locomo-
tive, United States Steel. Atchison and
Baldwin locomotive ere the best FOR al,
investment Of $500, in our opinion.
New-York tribune., 1921-03-20
Z Safety for Widows $4,000

Question: am widow with $4,000 TO
invest. all OF which have In savings
banks Mt 4 per cent interest. I will ap-
preciate II II you viii giys me an outline
how to invest In aot,nd bonds with abao-
lnte safety Of principal. J eannot afford
10 take any risk This Is all l POSSESS.
Mrs. u. II. g.
AnswerWe believe that you can get
Investments which will carry high de-
gree of safety Of both principal and in
terest and get A,l income of between
o and per cent, but you should fully
understand the fact that you may ssee
your bonds quoted year or two years
later either higher or lower than the
prices you paid So long, however, as
the company is sound this should not
disturb you. You ought to have at least
one. of the Liberty bond issues, pref
erably. the fourth ms. You could then
have few underlying railroad bonds,
such as the Norfolk g. Western i'm
provement and extension Gs, due 1884;
the Southern Pacific 4s, due 1949, and
the New York Central & Hudson River
dcbenturc 4s, due 1943; one or two good
indHstrials and public service corpo-
raation bonds, such as the United
States Steel sinking fund 5s, due 1861 !;
Bell Telephone Of Pennsylvania rs, due
l94b; one or two good equipment trust
certificates, such as the Illinois Central
equipment trust rs. and some foreign
government bonds, such as the United
Kingdom 5las and the Swiss govern
ment IS.
New-York tribune., 1921-03-20
New York State Railways Improving

Queston-.Would be grateful for an
opinion and information from you as to the
value or status Of the New York State
Railways first consolidated ~ per cent,
1862. bonds. which are now selling around
81, making current yield of about $50
per cent. I have twenty-five or thirty
shares of Baltimore & Ohio preferred.
What do you think Of selling i'll at the
market and reinvesting the proceeds in
the above bonds or Baltimore Ohio
II. & c. division bonds? Would also ap
preciate your Judgment as to the advisa :
billty of selling $4,000 of Liberty bonds
and reinvcsting the proceeds in the above
mentioned bonds or some other good bonds
which you feel are safe and yet possess a
reasonably good speculative value.--S. A. A.
Answer-We believe that the public
utilities have had harder time in the
last few years than they are likely to
in the next few years and that the
New York State Railways have made
negotiations with the municipalities
where they operate which will be likely
to result in fair margin of earnings
above interest requirements. Selling
your Baltimore & Ohio preferred and
investing in the first consolidated ANS
of the New York State Railways would
be a semi-speculative transaction with
rather attractive possibilities. If you
bought your Liberty bonds at par We
would not recommend that you take
the loss involved in selling at present
prices.
New-York tribune., 1921-03-20
Retired Salesman Asks for Criticism

Question: am sixtytwo years old re
tired with a modest income from earn
ings as travelling salesman. have
greatly appreciated the advice you give
to Inexperienced investors. Recently my
wife by Inheritance came into possession
OF five $1,000 bonds Missouri. Kansas g.
Texas first Az, purchased in 1912 at o. and
forty five shares Baltimore 4 Ohio capital
stock. purchased in the same year at s3.
We also have ESQ shares Cluett-P Peabody
common bought in 1918 at %; In addition
utility (no tractjons) Industrial and rail
road bonds, well seasoned. of long matur-
ity and moderate dividend return, Would
Texas, Baltimore q Ohio. Cuett g. Pea
body & Co. now in this depressed market
an and - reinvesting in bonds such American
5las, Mississippi Power rs and New York
Central convertible debenture Gs? Better
yet, will you recommend a list which,
bought at present prices. will give me alb
solute security with fairly high interest
yield?-M. E. S.
Answer-We believe that YOU had
better hold Missouri, Kansas 4 Texas
first mortgage bonds until the plan of
reorganization of the company, which
is now in the hands of receiver, has
been made public. The price of high
not likely to change enough before
this plan is given out to cause you any
great loss. On the other hand, Balti-
more & Ohio common stock is specu-
lative, and if what you want is we'll
seasoned long maturity securities with
a moderate income rate, you might
sell this stock and invest in any one
or more of the following bonds. which
we consider high grade: Nirginian
Railway first 5s,. due 1862, selling at
about 83, yielding 6.18 per cent; South
ern Pacific, Central Pacific per cent
bonds, due 1049, selling around 72 and
yielding little over per cent; At
lantic Coast Line, Louisville & Nash
vile collateral AS due 1862, selling at
II and yielding about 6 per cent. We
consider the United Kingdom s US and
the Swiss per cent bonds as high
grade and attractive at present prices.
New-York tribune., 1921-03-20
Book Value of Railroad Stocks

:, luestion----Do YOU consider stock In the
Commonwealth Hotel Construction Cor
poration good investment? Is there any
way to ascertain the actual book values Of
q St. Paul common. Great Northern pre-
fcrred, baltimore g. Ohio colllmon and
preferred. Southern I'ucificg Also. your
opinion on Prudence bonds of the Realty
Associates Investment Corporation Are
they legal investment for trustees ?-J.
II. w.
Answer The book value Of the COM
mon stock Of the railroad companies
YOU name is the par value Of the stock
pHs the total surplus carried on the
books of the companies, and it means
little or nothing. The actual value of
the four stocks you named depends upon
the earning power of the companies,
and in this respect the Southern Pa
ciiic dividend is we'll protected, in our
opinion, and Northern Pacific is rea-
sonably wen protected. Baltimore &
Ohio has suspended dividends on it's
common stock, but is paying dividends
on its preferred stock, and the Chi
cago, Milwaukee & st. Paul has sus-
pended dividends on both it's common
and preferred stocks. As amended, the
New York State law regarding trust
funds, we are informed, makes Pru-
dence bonds legal investment FOR
trustees, if the particular bonds you
select are secured by mortgage on
property worth so per cent more than
the amount loaned thereon. The Com
monwealth Hotel promotion is a specu-
lation
New-York tribune., 1921-03-20
FINANCIAL MEETINCs
Notice Of Special Stockholders Mestinssa
THE NEW YORK TRUST COMPANY

(D A Special Meeting Of the Stcd
holders Of The New York Trust CompsF
will be held at the Office OF the Corlpsss
26 Broad Street, New York City, Mrtt
70, 1921, at 1880 A. NJ, to vote upL /
Proposition to merge the Liberty Bank q
New York into The New York Trust Cg
pany, to approve All agreement made ~
entered into BY The New York Trust Coz
iany. and the Liberty Bank of New YR
30 effect such merger, and to approve Il
action taken by the Board of Trustees 4
The New York Trust Company iE regr
Of said agreement and the merger thsss
provided for as shown by the minutts u
the Trustees meetings.
~ A Special Meeting Of the Sck
aelders of The New York Trust Comsaas
viii be held Al the. Office of the CcIPany
26 Broad Street, New York City. NuH
2S. 1921, at 80 A. NJ, for the purpos 4
authorizing the increase Of the capital iieel
Of The New York Trust Company h4'
Three million Dollars (ss ,o0c,0oQ), z:
present authorized amount. consisting 4
thirty thousand shares (5o.000,. of The pN
valge Of One hundred Dollars >($l0ol sssA|
70 Ten million Dollars ($i0.ooao0ol. esss
sisting Of one hundred Thousand Q0o,M
shares. OF .hc par valuc OF Oac hurdsea
Dollars t$l0o) each.
The transfer books Of the Company Wy
be closed at the close OF business NAG,
20. 1921, and yeopened at the beginnInf q
business April /. 1921.
Dstcd. New York. March y. 1921.
BY Order OF the Board Of TfusceEJ
MORTIMER n. Bl'CkNER. "
President.
New-York tribune., 1921-03-20
investment for Man on Pension

Question-My father Is railway postal
clerk on pension Of $50 month He
has about $4,000 worth Of property. ten
shares Of Goodrich preferred and $500 in
Liberty. bonds At present he has about
$500 which he would like to invest In a
railroad bond which is safe. | advised
the Erie prior lien 1896 As at SIS "a but he
Is AFRAID OF II because OF the past receiver
ships. What would you advise Do you
think the Goodrich preferred is safe? is
1t not an error in the paper where the
Erie maturity reads 1926?-H. A. d.
Answer-The Erie prior lien bonds
mature in 1896, Under present gem
eral conditions and in view of the fact
that your father is dependent on his
income to help out a small pension, we
would hardly recommend holding the
Goodrich preferred stock. The money
invested in New York Central deben-
ture per cent bonds, due in 1885 and
selling around 80, would give him much
greater security. AS to the $500 he has
to invest, he could get a New York
Central, Michigan Central collateral
trust bond, due 1898, coupon rate 3h
per cent, which amounts to 557 per
cent actual current yield on the in
vestment We would consider these
bonds somewhat safer than the Erie
prior lien is, although the Erie is now
doing we'll and ought to continue to
meet its interest charges.
New-York tribune., 1921-03-20
1914 a Share for
Stutz Motors lin
Outside Market
Stock Sold at 500 a Year
Ago i'm the Famous Cor
ner; Not Much Activity
in the Rest Of the List

The principal development of inter
est in the surb market yesterday was
the sale of twenty-five shares of Stutz
Motors stock between range Of 921a
and "a, the latter being the closing
quotation. This is the stock that sold
for $700 share when the famous
Stutz corner" which drew down the
wrath of the Stock Exchange authori-
ties upon the head of Allan A. Ryan,
was giving Wall Street daily thrills
early last year.
Otherwise the market yesterday was
a dull and narrow affair. Most issues
showed unimportant changes. In the
oil department. Guffey Gillespie at
tracted attention by dropping from
1iss to 1913, closing at IL. -Carib, after
opening at yielded to 6Ss.
Bonds were fairly active with prices
steady.
&&&shrdlucmfwy hrdlu shrdlu rdluuu
New-York tribune., 1921-03-20
Security Of Canadian Northern Is

Question: have Nntler consideration the
following Investment: $4,000 Canadian
Northern Railway gold debenture Is $4,000
Union Pacific ten-year 6s, 40 shares Penn
sylvania Railroad at about Al. Do you
consider same safe and hrst-class. in
vestment? Please tell me how tho above
bonds are secured. Also could you sug-
gest any safer or better stock than the
Pennsylvania Railroad?-A Fl. d.
Answer-We consider your proposal
to buy Canadian Northern per cent
bonds, which are guaranteed by the
Canadian government--the most i'm
portant element in their security-and
Union Pacific ten-year 6s, which are Sc
cured by the deposit of other railroad
companies bonds, as conservative and
sound investments. We do not think
that the purchase of Pennsylvania
stock under the present railroad con-
ditions is good investment. 1t may
he good speculation, and if you al
ready held 1t you might consider it
advisable to continue to hold it. The
dividend record is long one, but pres
ent earnings are unsatisfactory.
New-York tribune., 1921-03-20
Canadian Victory Bonds

Question--Wil you kindly tell me your
opinion OF Dominion of Canada Victory
Loan gold 5s. 1887, costing now 81? What
would that yield me? Are they any safer
than United Kingdom, yielding more? II
one has bought a bond and wishes to sell
1t again, can he do so for the same price
Immediately? Is there any Liberty Ameri-
can bond which yields as much for six
teen years or more? DO you consider New
York Dock bonds as safe az the Canadian
government ones?-Mrs. A. N. e.
Answer-Dominion of Canada bonds
have this advantage, in our opinion: !:
Americans are able to judge somewhat
better of Canadian political conditions
than of British political conditions.
We regard both English and Canadian
bonds, however, as safe. The yield de-
pends on the exchange rate. You might
be able to sell your bond Immediately
after buying it at somewhere near the
same price. You might get better
price for it, or you might not get as
good price. 1t depends on how close
the market is; that is, the difference
between the bid and asked The Fourth
Liberty loan AN per cent bonds run to
1888. We would consider the Canadian
government bonds as having a higher
degree of safety than the New York
Dock bonds, though the Docks are a
first mortgage on valuable Brooklyn
waterfront property.
New-York tribune., 1921-03-20
SOUTHERN PACIFIC CoMrANY. i

4NOIiOE LIZ l->I
165 Broadway. New York, n. T.. Ian. Z, ~ ~.
Tho Annual Meeting of the Stock holef. I.
Of tho Southern Pacific Company VII 4 4
held at the ofiee OF this COMPANY z
Anchorage. Jefferson County. kentucsyl,sss q
Wednesday. April 6. 1921, at twelve oe@. ss'.
noon, standard time, for the foil0witS -
poses viz:
]. TO egect fifteen Directors. 80
2. To consider and act upon al GuesI3ssr.1 u.
and matters which, may legally come pe;~ss 4
the meeting relating 10 Federal contDss55 III
the 'Company's properties under lne s.syl s.sss
Congress of March II, 1913, or any ssisss| 81 4
ment or settlement with the Govsrnn1eass, 1ssss,s y
respect thereto, or relating to The terns.A:< Y. IA
ton OF such Federal control by ms Ie',s]] 81 N
OF the properties or otherwise. and e ~ Wa
lsting to conditions rcs,tIting from Or VII
ceedtnE such Federal control, ana scnesssssS6
all questions and matters growing guy optSsrs] ~
incident 10 such control, termination -. - ~
OF. or following conditions, iuci unins ass,ss ]
guaranty OF incame under the Irsss2g|s5] Ia
tion Act. 1890. aud settlement thelssrs th;ss,s y
3. To transact all such other pussnsH1 pusssns H1
may legally come before the 'hsss.nsf f}# #
ciuding the approval and ratihcatiosn p y Y r.
action of the Board of Directors ana ~ ~ n
Executive Committee since the iast ~. sTs rart]
meeting OF the Stockholders OF tnss
pany. 4.,s~ M
For the purposes OF the rnetunf;, u;,,
books for the transfer OF stock W. Nss.{
closed at O'Clock p. 81. Tuesday a.sf
90. 1921. and Will be reopened AZ ~ ~
a. NJ. Thursday. April z. 1921. a
BY order OF the Board of lHrscllgts~sysr lHrsclgs~
HUGH NELL Secfess%ssre
New-York tribune., 1921-03-20
Need. Not Sell His Libertys

Question: now hold Liberty bonds to
the amount of $4,000, five shares of the
American Telephone and Telegraph Com
pany. have s1,75O III savings banks and
$3.50 cash. desire to invest al least 81 600
In some safe stock or bond and hest
tatiHg between buying more shares OF
American Telephone and Telegraph stock
or a $1,000 bond of the Northwestern Bell
telephone l,s e comnany's mp Is Would you ,a,, ad
above or some other &C. M. b.
Answer-We don't see why you
should sell your Liberty bonds. The
Northwestern Bell Telephone bond will
be a good one for you or you might
take an American Agricultural Chem
ical 71a per cent 1911 (new issue) to
yield TX per cent. 1t is we'll secured.
New-York tribune., 1921-03-20
Frisco Income 6s Speculative

Questicn--I would appreciats your opin-
ION on the st. Louis San Francisco tn
come 6a. 1860, selling ut around ~. Hxvo
these bonds been paying ntcreat and what
hre the prospects,, OF their increasing In
market value LII. ".
Answer--Your Frisco income SIS have
always paid their interest, but it was
barely earned in 1920 Interest is not
cumulative, is payable only IL earned,
and annually. 1t will be easy for you
to see, in view of the general railroad
situation. that this issue is specula-
tive. II has fallen off from about so
near the last interest date, October 1,
probably on account of the outlook.
We cannot tell you whether this de-
cline has fully discounted the unfavor-
able clements affecting the road IL
you are looking for a railroad specu-
lation we think you could find better
issue.
New-York tribune., 1921-03-20
Holds Weak Railroad Issues

Question: have 81 900 in seaboara Air
IN Line consolidated 6s 1915 and $1,000 in
Seapoard Air Line refun1ing As 959 When
A bought these bonds the railroad was
showing improved earnings from month TO
month and the future of the bonds seemed
secure. Now they have greatly deprcciated
IN value. and considering whether
should enc not exchange part or all OF them
e9r 20 s'i, s9'Iine.nng else. What would you think
u sehIhg Two OF the IS and buying Frisco
income bs. that are quoted at about the
same figure? How about selling one oy
= cosn IN Oh the 4a and buying Missouri, Kansas
q TEXAS second As. that are selling a point
OF two under: understand that The Katy
asoirsa,nization s',i ;,a plan is nearly completed
turbed. My only thought in chanrina I.
70 70 soften the blow in case of a receivership
lot ior the seaboard, and, naturally. | do not
think passing the 8 per cont animal nsw ~"
ments on the Seaboard adjustment han1s
would enable the road to avoid receiver
ship ?-F. G. ~
Answer-The reorganization plan of
Ine missouri, Kansas & Texas has not
neen MADE public yet and we do not
know now accurate your information
is in regard to the second 4s. The
orlglnal plan was to reorganize under
the first mortgage and to foreclose on
tnaCs so that the seconds would not
be left undisturbed. The selling price.
or the two issues gives some reason
to believe that this is still the plan.
The first 4s sell at around go, and the
second As recently sold around 80.
would appear to US that in shifting
into Katy. second 4s you would be tax
ing serious risk of reducing your in
ccme,. but that would be true Of any
security that would yield you AS much
as about 1921 per cent, as the Sea-
board Consolidated 6s yield on their
present price. In other words, YOUR
proposal has certain attractiveness
as speculation, but should be recor-
nized as speculative. In our opinion
II the Transportation act works out a $
Congress intended it should, the Sea-
board Air Line should escape serious
financial difficulties.
New-York tribune., 1921-03-20
Woman Is Unlucky Margin Trader

Question Please advise me what dis.
position You would make OF the following
stocls If you owned them and were a
mental Oil Company, at 5s y /: two shares
American Writing Paper praferred at
NJ. c.
Answerr-We do not know how much
you have to spend, but it seems to us
you have beenA Lady Bountiful long
enuogh, now that your Writing Paper
preferred is down around 80 and the
Transcontinenta about g. The fact
that you have tagged along with these
stocks so far, we think indicates that
specializing on margin is not the game
for you.
New-York tribune., 1921-03-20
CT. Northern. So. p. and Atchison

Question--Do you consider American la
france common III any sense an invest
ment stock II not, Is 1t a good risk for
the return IT gives? Do you consider
Great Northern preferred as good a stock
as southern Pacific and Atchison common
DO you think the, II. S. Organization 0et-
ter inclosed) cant Judge the market with
any degree OF accuracy? l am not from
Missouri but have some slight doubts -
Answer would class American
La France common stock, with par
value of $40 and selling between s and
8, paying ST share dividends, as an
attractive speculation, rather than as
an Investment stock. Great Northern,
although called a preferred stock, is
the only stock which the company
has outstanding, and we would prefer
either Southern Pacific or Atchison,
Topeka. 4 Santa re. James j. Hill
made the Great Northern and ruled it
with hand of iron until he died 1t
has not had chance as yet, to show
what it can do without him. Take the
Babson Statistical Service for what. it
Is worth. We do not offer criticism in
that field.
New-York tribune., 1921-03-20
Coming Up for More

observation-disclosures bad advice pur-
chased some time ago 200 shares of Erie
common at IS; 200 shares of Chile Copper
AZ ~, 100 shares of Wilys Overland at
3s% What can exchange these for with
a a, fair chance, of getting my money back
f. LeF. ~
Answer Exchanging the stocks in
which you have loss for others. in the
hope Of regaining your loss, would be a
new speculation, and we do not advise
about such. matters. You showed bad
Judgment before, and if you are not
sure you can pick better stocks next
time we think you had better drop the
speculative game while you have some
money left.
New-York tribune., 1921-03-20
Holds Well Secured List

Qucstion-kindly give me your opinion
as TO the safety of the following bonds
which l own: Also please advise whether,
IN your opinion, You would exchange some
we herewith list for other safer bonds and
what: What want Is as much safety as
can be secured for the highest possible
rates. l. do not want bonds that win WELD
so much. but only those with guaranteed
rate of about Z to S per cent: Idaho Power
company per cent. Conemaugh Power
s,I;a per e. cent; solvay & Gle per cent. vir-
iE.ieischman =. Company 8 per cent, United
states Rubber 7la per cent, Bell Telephone
., o. + fennsylvan1a per cent. Mort thwestern
6eli Telephone z per cent, Detroit Edison
company per cent, Westing Electric
4 per cent. Standard OH OF New York
per cent Standard Oil Of California per
cent, Atlantic Coast Line per cent and
cuba Cane Sugar per cent r. y.
Answer-We think highly of Stand
ard OH of New. York and Standard Oil
OF California bonds, of the Kingdom of
Denmark IS, the Atlantic Coast Line
bonds and of both the Bell Telephone
companies that you mention. We
think your whole list is a good one and
we'll diversified. If you wanted to add
one more foreign government. the
Swiss per cent are attractive at pres
ent prices and the degree of security
high.
New-York tribune., 1921-03-20
Doesn't Desire First Grade Bonds

Question: have selected one each Of
the following bonds to invest in, due to the
high yield New York, Westchester &
Boston 4As COY, Chicago & Alton 81 KS
tS7) and Chicago & Great Western as t5D.
know that they are not real first class
bonds, but do you consider them pretty
good second grade bonds?---C. J. j..
Answer Your Chicago Alton 3las
are good for your purpose, we believe.
But the New York, Wcstchester l. Bos-
ton 43ss depend for payment of inter
est on the Nav Haven. which is in bad
shape Just now. In view of the out.
look, we think you had better substi-
tute for them Denver & Rio Grandc
consolidated 4s, 1886, to yield S.37 per
cent, and for the Chicago Great West
ern issue Kansas City Southern re-
funding and Improvement IS. 1850. to
yield 7,21 per cent.
New-York tribune., 1921-03-20
GREEN BAY : WESTERNS RAiLRoAn co.

The Board OF Directors has nxed and de-
clared Five Per Cent. to. be the amour,
payable on Glass A Debentures. dividend
OF Oh , Eye Per Cent. to be payable on the
capltal stock. and one eighth OF One Per
Denenturss, out Of the net earnings for the
year lp20. payable. at No. 40 Wall Street
The. dividend on the stock VIII be bald II
stockholders OF record at the close of husi-
ness March 10. 1921.
Dated March Q. 1921. : ss@sases'