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Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1921-10-02

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Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1921-10-02
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Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1921-10-02

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New-York tribune., 1921-05-15
Might as Well Face the Music

Question--Last year / bought 10000
German marks for $3.50. To-day they are
worth oaly S15e---less than half OF what
paid for them. I am thinking of deposit
ing them in a German savings bank to
recover part of my losses. Will you
please tell me how to go about this matter
and will you aise name few reliable Ger
man savings banks that pay satisfactory
interest? | do not want to sell my marks.
VIII you please tell me what you think of
this plan and whether 1t will be safe or
not rs. II.
AnswerIf there were any escape
from the losses of those who gambled
in German marks there would he joy
where now there is weeping and walls,
ing. You have not devised any relief
so far as we can see. 1t you deposit
your marks in Germany you will be
depending on the bank for the safety
of your principal and will be taking
chances on the prospect Of receiving
interest in marks which may or may
not turn out to be worth enough to
make the operation worth your while
in transaction which at best repre-
sents only $3.50. Your original COM
mitment was nothing better than bet
that marks were going up. You have
lost the bet. Why try to turn the
thing into an investment a year after :?
New-York tribune., 1921-05-15
Likes Bonds and Telephone Stock

!. Question--Please give me whatever In
formation you can on the advisability of
investing in the following: Northern Pa :
clhc joint "a per cent ffteen-year con-
Nertible gold bonds; American Telephone
ana Telegraph stock, at S107 per share; St
Louis 4 San Francisco prior 4 per cent,
due 1955.--P, J. d.
Answer-~We think that the North
ern Pacific Great Northern 6M per
cent convertible bonds are good in
vestment. The fact that they are con.
vertible into Great Northern rs, which
are not callable until they are due in
1885, gives you an investment with a
high coupon rate which is not callable
in case the price of money goes CON.
siderably lower within the next few
years. American Telephone and Tele-
graph stock, now paying per cent,
is, in our opinion, good investment.
You should keep track of earnings, but
SINCE the company has no preferred
stock we class it almost, if not quite,
with the good preferred stock. We
consider the ST. Louis & San Francisco
prior lien 4s due 1850, as good in
vestment, especially for man who
does not worry. If the railroad situa-
-tion should fail to improve in the near
future, the st, Louis E. San Francisco
securities might sell somewhat lower
than they are now, but we believe the
security back of the prior lien as is
ample
New-York tribune., 1921-05-15
Can't Choose Between Oil Bonds

Question: am contemplating purchas-
ing one of two issues and would appre-
ciate your advising me which is the more
attractive. Barnsdall s per cent bonds, due
1891, or Marlapd S per cent bonds, due
1881. l realize the fact that these are
business mems investments and would like
to have your criticism of the two issues,
first regards security and second re-
garding return.--R. F. M.
Answer-In our opinion there is very
little to choose between the Barnsdall
IS due 1891 and the Marland Oil IS due
1891. Recently the Marland bonds
have sold slightly higher than the
Barnsdall bonds. In both cases the
bonds are secured by the general credit
of the company, but are not secured by
q mortgage on specific property. The
Barnsdall bonds are redeemable at
1071a after January i, 1924, and the
Marland bonds at 105 after April l.,
1925. The Marland bonds provide that
the holder is to receive $40 per $1,000
bond for each dollar per share per an
mum declared in dividends on the Mar
land Oil stock up to q share. The
Barnsdall bonds are convertible into
Class B stock, $25 par value, at $40
per share. The Marland bonds carry a
warrant emitting the holder to sub
scribe on or before April 1, 1881, to
twenty-five shares off stock at $40 per
share. We leave the choice to you.
New-York tribune., 1921-05-15

chases--and we consult freely several
large Stock Exchange houses. But we
throw in the waste basket the bright
tinted appeals and prospectuses with
which we are pestered in every mail.
We sometimes wish we could throw the
telephone In the wastebasket, too. Mis-
leading information and downright
falsehoods sent out over the telephone
are shameful misuse of this modern
business necessity.-B.
Answer--Mr. BIS first letter said
that he and his wife had set $4,000
total savings as their goal at the age
OF forty, ten years from now, and the
foregoing letter explains further how
they are reaching it. 1t is printed here
for the benefit of the many persons
from all over the metropolitan district
who were so eager to discover Mr.. BIS
secret, including two prospective bride
grooms, who may or may not be en-
gagged to girls who will cooperate in
any attempt to pretend to each other
and to the wide world that their in
come is less, not more, than it actually
is. 1t seems to US that there is the
keystone of Mr.. and Mrs. BIS scheme
Of investing $3.50 yearly out of q
$4,000 income. 1t not only requires
strength of character in each indi-
vidual,. but also an interplay of intelli-
gent, determined effort toward q COM
mon ideal which is all too rare in this
world of silk shirts and marcel waves
Mr.. and Mrs. B. are willing to be
called fortunate" but our observation
is that good fortune of this kind is
usually deserved; that is, that time
and attention and little horse sense
devoted to the accumulation of money
will usually be rewarded. 1t is the
man who avidly reaches out for easy
money who encounters more than what
he thinks is his share of the bad luck,
and when he has good luck and wins
he straightway puts his winnings back
into the same pot. We especially direct
our readers attention to Mr.. BIS OBJ
servations about the collateral value of
securities and choosing broker.
New-York tribune., 1921-05-15
BewiIdercd by Brokers, Tactics

ouestion--Ont Of salary savings / Will
have about $4,000 TO invest, and realize
that bonds are about the, most aafo In
yestrnents, but would like something with
a little rosect of appreciation in price
later on, and come preferred stocks seem
the nearest to ~, With not so much specu-
istlon rs common stocks. Would you
think Great Northern Railroad preferred
now selling afound T2 would be a safe
ana nuslnesa-llke Investment, assi it pays
" per share dividendf Would you CON
sider Cities Service 6 per cent preferred
at 81 good investment with sound back
ingY How long has this stock been pay
ing dividendsf Why 10 II not listed on
the regular Stock Exchange7 This stock
mas been widely advertised by the Henry
\. \. Dohtery COMPANY nut do not see 1t
suited several brokers, but they ell seeni
TO nave an AK to grind. They will boost
re" particular stocks and knock all the
the Same opinion.--J. H.,
Answer--We are glad that you are
foxy enough to realize that the in
vestor has to watch out for himself
when he ventures into the financial
maze. We hazard the guess that it has
taken Will power and effort for you to
seye your $4,000, and assume that you
are willing to accept a reasonable
yield, especially while you are not de-
pendent on the income, provided you
get safety. In the first place, Great
Northern preferred ia not really a pre-
ferred stock. 1t has paid dividends for
many years, but the railroad situation
is such just now that it is not certain
that dividends will keep on, so we sug-
gest that you let that stock alone.
Cities Service preferred stock is a good
business mans investment. II is earn
ing its dividend more than four times.
The company itself maintains a good
market for the stock: that is, YOU can
always get fairly close price on it,
and the fact that it is not on the big
board does not, in our opinion, detract
from its intrinsic merit. We suggest
that you buy fifteen shares and have
the company accumulate your divi-
Gends; that is, let them pile up for YOU
instead of drawing them out. For the
rest of your money we advise $4,000
Canadian Northern per cent deben-
lures, 1910, guaranteed principal and
interest by the Dominion government;
$1,000 New York Dock first 4s, 1941:
$1,000 New York Central 6 per cent
oebentures, 1885; $1,000 international
Mercantile Marine first and collateral
6s, ls41, at about 80, to yield nearly 8
Fer cent; $1,000 Puget Sound Power
and Light general and refunding TVS.
1941, to yield about 7A per cent, and
round the investment out with Pull
man and American Telephone and Tele-
graph stock. Any member of the New
York Stock Exchange who advertises
in The Tribune will buy these securi-
ties for you.
New-York tribune., 1921-05-15
Fur Changes Irregular .
Prices Show No Definite Trend
at Canadian Sale
Special Dispatch to Tlss Tnhane

Special U2sDdtch 20 TEE TYfhfa7te
MONTREAL, May l4.--The Canadian
Fur Auction Sales Company, Ltd, is
sued the following list of price changes
in the spring sale this week, compared
with the company's January sale: Bear
declined 90 per cent, beaver advanced
rs per cent, civet cat unchanged, err
mine advanced 15 per cent, fisher ad-
vanced 20 per cent, Australian fox un-
changed.
Cross fox advanced Is per cent, red
fox advanced 20 per cent. gray fox
advanced 35 per cent, other grades of
silver fox advanced 15 per cent, white
fox advanced 25 per cent, kolinsky mn
changed, lynx advanced 30 per cent,
New-York tribune., 1921-05-15

Our total assets at this time were
about two-ffths of what they amount
to to-day, both exclusive of inherited
real estate, the income from which
averages $500 year. Of the total
increase since our marriage (six years
ago) another fifth was received by be-
quest; the balance represents savings
from income. The writer has been
fortunate (if you care to use the word)
III his investments. Some stocks have
been sold at slight loss--for instance,
Great Northern and Northern Pacific
as in our judgment the meeting of the
maturity of the large joint Burlington
loan would tax the resource of even
as strong roads as these.
Our gains from the selling of any
stock showing an increase Of S25 a
share over the buying price working
Rule No. A. have offset all losses in
sales nearly ten times over. We have
never felt any great regret, even
though the stocks mounted higher after
selling. If we were to sell everything
to-day except Libertys and farm mort
cages the total losses in present and
past holdings would be less than half
the gains on present and past sales.
The Liberties were all subscribed to
at par, though we expected to be able
to buy later at q lower price.
In giving our working rules in the
former letter it hardly seemed neces
sary to mention marketability and col
lateral value of loans. Listed securi-
ties on which frequent sales are made
have been bought to secure the first.
Answering the question "Will the -
National Bank loan on this security? ?"
has eliminated such temptations as
Allied Oil, Dictograph Products, United
States Metal Cap and Seal, Coca Cola
and the host of others, of which all of
US are urged to buy "just few
shares"
We are tempted to add another rule
viz, to deal with a broker who is not
continually urging his clients to buy
something he recommends. We fre
quently ask advice on possible pur-
New-York tribune., 1921-05-15
Mr.. B. Tells Savings Secret

QuesonWhen wrir submitted the inquiry pub
shsd information April II he
1T
Nor do Wish financial oracle and e1poud the
neao system nong The object
plan Of apportoag avigs the oaos classes Of
also of the securities included an each.
10 Mr. r. E. RS tquy We do haze sysen-mot for
naaing but It, people,
especially the metropolitan district olng
1t ths We pretend aselues, neghbors
associates that oe lot less than
others to think
$4,000 to do 1t o1 Mrs au tell that plan
the aerier knows Il
Whether zoe inherited principal entirely beside
sa0ngs OF 5Soa
income Of $4,000 hih
oy former might
The cTd'y The
through college aud thereafter obtaining
study MY
R's savings before
New-York tribune., 1921-05-15
Holds Speculative Stocks

QuestionAs constant reader of your
paper the following information is de-
sired. / own ten shares of Southern Rail-
way preferred, ten shares of I4ackawanna
Steel and ten shares OF Missouri pre-
ferred. ] am anxious to know whether
10 hold these stocks, as / have bought
them at about the present market. Kindly
let know your opinion from an invest
inent and speculative point of view.--A. r.
Answer-We consider all of the
stocks you name as speculative We
presume that you mean Lackawanna
Steel common and Missouri Pacific
preferred. We do not undertake to
predict the market price of stocks.
The two railway stocks depend on
whether the railway situation is
worked out as Congress intended that
it should. The Lackawanna Steel COM
mon is sensitive 20 earnings, and we
cannot undertake to predict what steel
earnings in the next year or SO will
show.
New-York tribune., 1921-05-15
Going to England to Live

Ouestion--Being q British subject and
going to live with my dear mother for
maybe five years, would you con-
per cent good investments I Under
stand there is tax of so per cent on all
foreign dividends through the British
banks. Would this apply with the Co
madam Northern per cent? If so, what
can you advise ?W. E. "
Answer-We consider both the Great
Northern z per cent bonds and the
Grand Trunk per cent bonds as a
good investment If, however, you wish
to be free from the English income
tax, you can buy United Kingdom 5is
per cent bonds, due 1929, which are
exempt from all British taxes.
New-York tribune., 1921-05-15
Investor win Add TO Holdings

Question: would value your opinion on
the following securities, purchased to OBJ
tain the best return consistent with safety.
If there are any spots too weak for one
who eventually must depend the income
from his investments, will you name the
same and suggest substitutes? j cannot
afford to speculate assume unreasonable
risks: Seventy shares United states Steel
preferred 40 shares Union Pacific common,
SO shares Standard Oil of New Jersey pre-
ferred 81 900 New York Central per cent
debentures, $1,000 United States Rubber 7
per cent, $4,000 French Government per
cent, $1,000 Kingdom of Denmark per
cent, 1000 United Kingdom 5 Il per cent.
expect to have available $4,000 or IS, ,80e
for further investment. Would IL be pru-
dent to increase my foreign government
bonds by buying Swiss. Danish Or Belgian
per cents? If not, what should / con-
slider for high yield with high degree OF
safety FL. A. NJ.
Answer--We think that your list is
good. Union Pacific common is de-
pendent on earnings, and if you wanted
to place safety before every other con-
sideration we would suggest the pur-
chase of five sound bonds in its place.
We consider Montana Power first in
refunding 5s. due 1s43. recently SELL
ing at Sd, yielding 6.31 per cent, a
sound investment. AS for the addi-
tional four or five thousand dollars,
we think it might well be divided mp
between Swiss and Danish IS.
New-York tribune., 1921-05-15
Doesn't Know the Rules

Question: own the following securl-
tics a a. n
Answer-We pay no attention to an
signed communications and do not an
swer any which are not accompanied
with stamped and self-addressed en-.
veiope, or at least q stamp. We have
too many friends who have enough
confidence in The Tribune not to try &c
conceal their identity for us to devote
our time to those correspondents who
gut off their ietterheads, for instance
Names are never printed and initials
are often disguised. Letters will not be
printed If so requested
New-York tribune., 1921-05-15
puret Sound Power and Light

Question: have 1900 Japanese first Az s.
due 1926. These bonds show me a profit
this profit by selling the Japanese bonds
and reinvesttng the proceeds in s5 per
Lorlliard Co. per cent debentures ap~
pealed to me as being desirable issue.
May I have your opinion? should also
like your opinion OF the Puget Sound
Power and Light IA per cent refundng
and general mortgage bonds recently Of
fered by two large bond houses--pr.
Answer-The P. Lorillard debenturc
5s, due 1861, are Junior in security to
the $10,271,000 debenture rs, due 1914
The debenture rs are a direct obliga-
tion of the company, but are not Sc
cured by a mortgage. On the other
hand, the company has been earning
for years its interest charges many
times over. We consider it good in
vestment. The Puget Sound Power
and Light Company is paying nearly
8 per cent for its money, because it
needs its money now, not in the future.
To protect itself, however, against
possibility of much lower prices for
money, it's general and refunding mort
gage 61a per cent bonds, due 1921, are
fedeeemabie at the option of the COM
pany at l05 up to May /, 1925, and
after that date at lower price. We
think that the hydro-electric compan-
les, when conseryatively capitalized,
are good investment The Puget
Sound Power and Light III per cent
bonds are direct obligation of the
company. You will notice that in the
year ended March 81, 1921, interest
charges were earned more than twice
over. The district served is a pros
porous one and has shown rapid growth
in the recent past. The companies,
which generate mower nv steam have
felt the increased cost of coal severely.
This company. however. generates a
large part of is power through hydro
electric plants, and this is an added
factor of STRENGTH. in cur opinion. We
N. tks hcu1a q good invc ST raent
New-York tribune., 1921-05-15
Seeks Polish Ranlsing Connection

Question: am dcsirous of securing the
name of some financial institution that has
a banking interest in Poland. Some OF the
large banks maintain foreign branches in
some OF the other European countries, but
! am unable to find any that have a
branch in Poland. Can you give me the
name of publication that caters to items
of Polish interest ?-J. l.. S.
Answer-The Public National Bank,
Delancey and Ludlow streets, has an
Office in Warsaw. The Polish American
Chamber of Commerce, Is Park Row,
issues a monthly publication about
Polish affairs. We suggest that you
get in touch with them.
New-York tribune., 1921-05-15
Attracted by Egg preserver Stock

Question-Will you be kind enough to
advise regarding purchasing stock in the
Guaranty Egg Corporate on, $50 Sylvan
Avenue, Newark, n. j.? They have q
chemical bath, which they put the eggs
through, which they claim will keep the
eggs in first class condition for one year,
Stock is selling for $40 q share.--Jc p. NJ.
Answer--Wc do not advise the pur-
chase Of the egg preserver stock you
mention. In the first place, nobody
wants to preserve eggs for year, and
in the second place, any drug store will
sell you stuff which will keep eggs long
enough to carry you from the period
of low prices through the period OF
high prices. Always beware of stock
selling outfits which operate in tenn
porarily rented stores, as this one
does, depending on the casual passer-
by's curiosity to get him to enter and
invest."
New-York tribune., 1921-05-15

rer cent, Russian sable and skunk un-
changed, squirrel advanced 80 per cert.
no demand for shiras, wolf and timber
wolf unchanged. wolverine advanced 10
per cent, no demand for musk OK. and
dog mats and hair seal mostly with
drawn.
New-York tribune., 1921-05-15

Concern manufacturing food product with national busi
and operating record of eight years growing from
nothing million and half business last year paying
per all preferred and common stock at ali
times; desires capital for national expansion Has
four factories operating in New York City. Owns
remarkable trade mark and patented methods not
pay heavy cost of underwriting issue on Wall
Street Unlimited business in sight Two hundred ffty
thousand required and should pay per on in
vestment. Offering of FIVE thousand up accepted Ad-
dress 200 Tribune.
New-York tribune., 1921-05-15

,narmot unchanged, marten advanced
20 per cent, mink advanced 20 per.
cent. mole and muskrat unchanged,
opossum advanced 10 per cent, Aus
tralian opossum advanced 30 per cent,
otter advanced 20 per cent, no demand
for Persian lamb, raccoon declined 10
New-York tribune., 1921-05-15
Why This Bond Yields Over 80 p. c.

Question-The per cent bonds of Keo-
kuk & Des Moines Railroad are selling at
about es which is almost per cent. They
net the present purchaser 3a per cent on
his investment. Please give me enough
data about them to enable me to decide If
they are a fair Investments. E. j.
Answer-The Keokuk & Des Moines
first IS are due October 1, 1923. They
are guaranteed as to interest by the
Chicago, Rock Island & Pacific, but not
as to principal. They are secured by
first mortgage on 1872 miles of road.
The road is leased to the Chicago,
Rock Island & Pacific for rental
which just about covers the interest
charges on these bonds. If the Rock
Island should desire to continue to
lease the road, it could make some
arrangement with the holders of these
bonds for the continuation of the op-
Grafton, but from the price at which
the bonds are selling it would appear
that there is possibility of the Rock
Island refusing to pay as high a rental
after 1928 as it is paying now.