davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-03-06
Has Profit in Air Brake

Question: bought some New York Air
Brake at 70 a. which is selling at ss now.
AS | bought this for Investment purposes
only, would you advise mo to sell and buy
Great Northern preferred about n or
do you consider New York Air Brake a
safe and permanent investment p o. S.
Answer-New York sir Brake is a
well managed company and has done
extremely we'll in recent years. But
the stock is speculative and cannot be
classed as an investment. Good divi-
dends have been paid in late years, es-
pecially during the war, when the COM
pany was eminently successful in its
war business. But look at the mar
ket action of the stock since 1914 will
show you how unstable it is. The
stock huctuates with earnings and the
general market. You have a good
profit at time when stock market
profits are rare. If you are looking for
straight Investment issue it would
pay you to take your profit and buy a
bond or good preferred stock Great
Northern preferred really a common
stock) has a good dividend record, but
the stock is speculative. To switch
from Air Brake to Great Northern pre-
forred would be changing from a spec
ulative industrial stock to q specula-
tive rail. We do not think the present
outlook for the speculative rails is
rosy.
New-York tribune., 1921-03-06
"Absolute" Safety Impossible

Question: recently purchased n $500
Cities Service, Series d. debenture bond at
rs, which gave mo return of about 81
per cent. My investment was made from
the viewpoint OF absolute safety combined
with high H yield as possible. Do you
have put nay money into some other bond
with d lower yield?-F. J.
Answer-Your application Of the
term absolute safety" to Cities Serv-
ice debentures is q misuse of the term,
not because of fault with the security,
but because we know of nothing in
this world which is absolutely safe.
We call the best bonds-Liberties,
state and municipals, first mortgage
railroads issues of lines of good earn
ing power, equipment trust certificates,
few industrial preferred stocks and
bonds and a few others--high grade.
Not absolutely safe" Change or fux
is the only thing you can be "abso-
lutely' sure of, and that applies to
high hgrade securities in some degree
at least. AS far as the Cities Service
debentures are concerned they are
backed by an earning power which Is
taking care of interest with a wide
margin. The company's public utility
earnings are improving, but its oil in
come at present is not. They are, in
our opinion, a good business mans
speculative investment. The conver-
sion feature has sent previous series
Of the same issue we'll above par in
the past.
New-York tribune., 1921-03-06
National Acme Dividend Cut

QuestioH-Klndly advise me as to Ma
lonal Acne as good speculation for a
business man Is it true that they have q
large cash surplus? *. L. S.
Answer National Acme stock is
rather an inactive issue and must be
cassed as speculative. The company
began paying dividends on the stock
in 1917, and directors have just voted
To pass the quarterly dividend of y
FER cent on the stock apparently with
the idea of conserving cash. This
There is $25,000, 600 authorized and
outstanding of $50 par value capital
stock. The last report, covering opera
tions in the September quarter of 1920.
shows that the company earned sur
plus, before tax deductions, of $566, 1856,
equal to $2.01 share on the common
stock. On the basis of operations in
the first nine months Of 1920 the bal
ance before deductions for taxes was
equivalent to better than So a share
on the common stock. This was a
marked Improvement over 1919. The
company is engaged in the manufac-
ture of automatic screw machines,
auxiliary screw machines, automatic
threading dies and taps, and screw ma
chine products. The balance sheet as
of December 81. 1919, showed that the
company carried its patents and good
viii at the figure of $14.864, ,539. The
same balance sheet showed a profit and
loss surplus of s4.550,9A0 and a re-
serve for depreciation of permanent
assets of Sl,460,551. We cannot ad-
wise you as to whether the stock
would be "a good speculation for a
business man
New-York tribune., 1921-03-06

l. Wait until May and buy travellers
checks or drafts on banks in the
countries you intend to visit, or obtain
letter Of credit introducing you to
certain banks in these countries.
Z. Buy an option for certain
amount Of sterling or francs to be
delivered to you in May, paying a
premium of 3A cents on the pound
above present quotations for setrling.
8. Buy draft on London or Paris
now and have it deposited in bank
IN one or the other of those cities to
be drawn upon when you arrive there
A. Buy the actual currency of the
foreign nation in this country, paying
the usual premium above exchange
rates charged for delivery of such cur
rency, necessitated by transportation
and insurance charges in bringing
such currency to this country.
5. Buy American Express or Ameri-
can Bankers checks in dollar, sterling,
lire or franc denominations. Checks
in foreign denominations are charged
for at prevailing exchange rates. A
commission of ~ of l per cent on the
total amount of checks issued is
charged.
The advantages of the various meth
eds are briefly these: In the first case,
exchange rates may be lower in May
and you might get more for your dol
lar In the second place, they may be
higher, but by obtaining an option at
present rates you would be protected
against the advance. The third case
would be advantageous only in case
rates advanced, your foreign currency
enhancing in value before you needed
to use it. If rates dropped, of course,
New-York tribune., 1921-03-06
Might as Well Hold Goodyear

Question-Wiu you be kind enough to
give me your opinion Of the rehnancing g
plan OF the Goodyear Tire and Rubber
t-orpanv inclosed here with ? ] hold q
few snares of the preferred stock, 1t IS
in priority to the preferred stock, and
demonstrates how little the guarantees to
such stockholder Incorporated upon the
certificate are really worth when the man
a,rarnert of q company runs anuck.'
see nothing gain by selling at the mar
jSct whereas the new management, under
control Of the banking interests and Iner-
cha ndise creditors, may bring order out OF
chaos and eventually put the business in a
PSs04 rouf 90 1s have ana @ay4
toved a good market. What would you
do ". w.
Answer-You have answered your
own question well. The Goodyear com
many is suffering from the mistake
Of the nast and the only way to avoid
receivership apparently rests in d
drastic reorganization plan Inc
banks, OF course. have seen to 1t tha'
their interests are protected tnrouEn
the proposed sale Of $2o,ooU,ooV pohus
but the merchandise creditors are to
have the controlling voice IN the
fmtnra management until their 'obli-
cations have been liquidated. GOOD
Sear products have enjoyed wide
market and with the approach OF more
normal conditions in the business
world it seems probable that the com
nanv's financial condition will show
~, nrovement. 1T has been announced
that the principal creditor and s'ock-
holding interests have approved the
nlan and il il understood that Dillon
Read & Co. and Goldman, Sachs
Co. have agreed to underwrlte the pro.
nosed issue of bonds in the event tna'
sufficient stockholders assent
New-York tribune., 1921-03-06
Lamb Decides to Stay in the Fold

Cuest tiQn-That the evolves NAV nat rc,
shenber9pas 1qps over this lamb she seeks the
Akss'oi aid 10 keep her within tho folr
%Ivice is requested on Northwnstey,, pan
49,, piNAe hrst mortgage twenty-ycar 7
Eo,nnan,, oVnes' series A; DuQuesne Light
-. So pr"y nrst mortgage and collateral
trust per cent. Detroit Edison Co,nnanv
soisS e%r e& per cent convertible debenture
gage " Ga late issue), United I.ight apa
,NAas"ays Company ten-year per CO.
esho secured gold notes, b. B. & r. Knir ht
opty three Of these six Are there - W., s
sale per cent securities 10 be- hnd Is
nS~ s~''tnse @'0.s Tor one United States Steel r
per cent bond and one Western Eiccir,o
per cent? What should the oN-nar ,,,rre' nc {,
y,.'s ~. S1.ar~s or Manhattan Elevated ana ons
t,9c, ahn,, 0oFoueh per cent bond be doing
depend upon Il modest incnna 4'u roost,.e, oa. .ss
swq'elIy from stocks and on bonds Fecesycd g@Mrs
=, answer - Northwestern Bell Te1.-
phohe first mortgage bonds we consider
so~hd Investment. The MORTGAGE &C.
euIity is good and the earnings Of the
company consistent. Duouesnc is .
k0Oa pubic utility bond. Detroit Fd;-
son conVertible debenture IS are the
opligaVton OF public utility comnanv
'"'.iNn mas a record Of continuously in
oieasing ,,.g net earnings since 1916, and
"h4cn mas been paying per cent divi-
4 Fl s.
Aleer the payment of these dividends
~. IN IS59 there was surplus of $498,2O4
he brooklyn Edison general MORTGAGE
IS are lssuable subject to the annrova
OF the Public Service Commission IN
TO 90 per cent Of the cost of additions
ana extensions, but only when the net
e5 fnlngs are twice the annual interes t
charge, including that on the bonds to
be issued. In 1919 net income amount
ed to S3,35l0l2 and interest charges
to Sl,605,s96. The company is paving
per cent dividends on its SIS, 1000, 900
stock. United Light and Railways IS
are secured by the deposit of first and
1etunding bonds in the ratio of 1888 g
ponds to 100 notes. The B. B. & r.
Knight per cent bonds we consider a
sound investment. In our opinion, your
Steel as and Western Electric IS are
safer investments than any 7 per cent
Sgcurltles Vhat you could change into.
We would advise waiting until Gov
ernor emo Miller's traction proposals have
Gliding about Manhattan Elevated and
Interborough Rapid Transit.
New-York tribune., 1921-03-06
KATY Plan Not Yet Definite

ouestion--Having been Informed that the
plan of the Missouri Kansas G Texas
Railroad Company is TO give the preferred
who pay the assessment OF $50 on each
share Of stock. l would be glad 10 know
your opinion of the chances "a the new
company paying dividends soon this
new issue Of bonds of the reorgantzed
company to the old preferred stockhold-
ers Is It best to stay on or not do YOU
think7-T. {. c.
Answer-Our advice would be to sit
tight until the reorganization plan has
been made public The plan has not
been given out as yet and most Of the
talk about the size of the assessmen
and the character of the new securi-
ties is rumor. Watch the news col
umns of the paper and this column for
further information.
New-York tribune., 1921-03-06

YOU would lose, for your dollars would
buy more sterling or francs then than
now. The only advantage of buying
actual foreign currency here would be
to save the trouble of exchange abroad
and this is generally regarded as negli-
glble, for you would run the risk Of
losing it enroute.
Several advantages are put forth bv
sellers of travellers checks. the main
cnes being convenience and protection
against loss. The seller guarantees to
refund the face value of the checks If
loss is proved, and the paper is readily
accepted as currency by foreign banks
business houses, hotels, steamship
lines, etc, so that currency may be OBJ
tained outside of banking hours.
On the whole most travellers prefer
to buy dollar travellers checks and
cash them abroad, for they find that
they can obtain more currency per
dollar on the other side than here and
exchange is made at little incon-
venience. Yet others feel that it is
more convenient to buy checks in
sterling or francs, for then they have
their funds in the currency which they
are going to spend and do not have
to bother with rates of exchange.
Still others who knew definitely last
fall that they would go abroad this
summer purchased drafts on banks in
the country when rates were extremely
low and deposited them abroad to draw
interest and appreciate in value. This
course was attended by speculative
features, but so far has proved profit
able
The traveller who prefers con-
servative course, however, would prob
ably buy travellers checks.
New-York tribune., 1921-03-06
buying Exchange for Foreign Travel

ooope TO purchase foreign those
Belgium and Italy opinion
tho same time tho M. S.
Several methods of exchanging dollars
open 10 'ne traveller
common purchasing
Company
Iohs hese checks
and in foreign currencies
Inc prospective traveller purchase drafts
countries and this course has several possibilities Thus
definitely decided upon trip you may
New-York tribune., 1921-03-06
Security Of Foreign Government Bonds

Question--please be SO kind as to give
me your opinion on the following bonds:
ernment per cent, Kingdom of Belgium
z y per cent Kingdom OF Belgium per
cent Norway per cent, Denmark per
cent. Danish Municipal per cent, City OF
Lyons per cent, Seaboard Air Line per
cent. Sinclair ia per cent. Anaconda Cop
PEI per cent. How do you compare the
above foreign government bonds as to se-
curity. and has any Of them advantages or.
disadva ntages over the others? Has the
aside from the interest? What is your
opinion as to the SECURITY of the city OF
on he SEA aboard Air Line per cent, also
on Sinclair 4 per cent and Anaconda
Copper per cent? Would, you advise sell
me III other securities %. y. w.
Answer-Of the foreign government
bonds you name the Swiss IS have this
in their favor; Switzerland went
through the World War without piling
up war debt; it has no considerable
poor Industrial population, and possibly
has fewer pressing social problems than
any other European country. Belgium
is making rapid progress in Industrial
rehabilitation and has few disquieting
political problems. The Us are due in
1916 and are selling at SO. The IS are
due in 1941 and are selling at 1874 Your
current yield on the investment would
be 7.81 per cent on the 7l2s and $40
per cent on the IS. But at maturity
you would get premium over what
you paid for the bonds OF only S1.25 on
the IS and 81 on the 7l2s. The safety
of the bonds is the same. The security
Of the City of Lyons SIS appears to be
good. The French people have such a
long uninterrupted record for prompt
payment, in adversity as well as in
good times, of interest and principal
on their obligations that it seems hard
to conceive of anything less than a
catastrophe that would endanger the
principal and interest on these bonds.
The Seaboard Air Line is weak rail
road and its 6 per cent bonds. in our
opinion, are speculative. Sinclair Oil
712s, in our opinion, are good in
vestments for business man. Ana
conda Copper rs, with the very large
assets of the company and its long
record of earning power up to last
year. we consider a good Investment.
The copper situation has been bad, but
should begin to improve.
New-York tribune., 1921-03-06

bond department OF Paine. Weber & Co.
According 10 cablcgraps received yes-
terday by the Guaranty Trust Company
of New York, reports OF - capital levy tor
France have been officially denied by the
Minister of Finance His statement that
Il apitai ievy would mean the hquiaa-
ton OF all private property" has been gem
erally accepted as indicating dsnrtts
settlement OF the question BY the govern
nlent
The Guaranty Trust Company OF New
York has been appointed transfer agent
of stock OF the g'arbo-oxy gen Corporation.
consisting OF 5000, 600 shares OF preferred
stock and 5oee. cue shares OF common
stock. par value s.. Colonial Trust Corn
pany. Pittsburgh. co-transfey agents Bank
ers Trust Company. registrar. and Bank
OF Pittsburgh, N. A. Pittsburgh. CO.
registrar.
New-York tribune., 1921-03-06
rrxnea tn Buy Truhlpruf Stock

o,.os,,or--esversl DAYS ago ! was urgec
.. 80 stock in the Lambert Tire anc
Rubber COMPANY Before doinsa go woula
ike your valuab Bile advice a. to ,, me s'ahq, 11q
1ssaforj Avenue, Brooklyn II Is incor.
ssrotea under the name OF the Lambert
'rrubfpruf Tire Company OF New fofA'~
c L A..
Answer We do not advise the pur-
chsgc OF Trublpruf Tire. stocks for IN,
,vo~tn,e1,t. We know Of no tires, and
few stocks. which are trouble proof.
New-York tribune., 1921-03-06
Oils Aren't Always What They Seem

Question: am advised by an acqua Mt =
ance to buy stock in Texas oil company.
The stock IS offered at 20 cents a share,
but is expected TO sell much higher in a
very short time. According 10 statements
made by the company. they producing 9
d bout 500 barrels a day. but are eightee n
miles from a rernery.-H. J.
Auswer-We advise you not to invest
in such oil stock as you describe. By
no means take anybody's word for it
that an oil stock is going to sell higher
in short time. You might not be able
to sell it at all
New-York tribune., 1921-03-06
Investment Information

9"esfioms Of general interest to in-
ueseo's tosu be answcred in this col
,ffah' ~ frttch case only initials scil
oe nsed- Others toil be answered by
maie Address all inquirics. inclos-
,sg stamped, addressed cnrclope. TO
ssehdncsul Editor. The Tribune. fsl
"ossd" Street. Ne,o York Citv'
New-York tribune., 1921-03-06
Chooses Two Good Issues

Question-Please give me your opinion
OF the investment qualities OK Steal and
Tube -. 1851. and Virginia Carolina
Chemical l2-year Tia per cent debenture.--
i r.
Answer-We regard both Steel and
Tube Is due 1851 and Virginia Carolina
Chemical 7l2s as good investments.
New-York tribune., 1921-03-06
Nurse Heavy Loser in Fisheries

Question~-Am looking for infor-
ma tion about the two East Coast Fisher
iee Companies. ! understand about it
being in the hands of receivers Would
you please tell me what they doing
now and of what the prospects? am
and have invested almost all my
savings in it, over So, 600 feel badly
worry understood from !. NJ. Taylor
when invested that il anything happened
the stockholders could not lose. Can get
my money out of it. or what would you
advise me to do Miss c. a.
Answer-You cannot get your
money out Of East Coast Fisheries
stocks now without taking a steep loss.
General George W Goethals is re-
ceiver. We have not heard what prog
ress is being made in the matter of
clearing up the company's affairs.
You made the mistake of putting too
much of your money into. security Of
improved earning power. Such invest
ments are not bad in themselves, but
they are only for those who can afford
to take large risk in the hope of
large return. The fact that the Fish
cries stock was unlisted also deprived
you of the chance TO watch it. We
suggest that you make a new start.
Stick to readily marketable bonds and
preferred stocks which are so we'll pro-
tected as to principal and income that
you do not need to worry. There are
many of them selling at attractive
yields and we mention them frequently.
New-York tribune., 1921-03-06
FINANCIAL MEETINGS
saasSAco: aSANco: SAINT PAUL MgS-swApor1s
Il, C. oNAHA RAILWAY TO4fp ~

For rtgh%o~ay, tha New York. E'eb "a 1921.
rshleh VII VII, purposes of the annual meeting.
= Hi6snni Dc DE- held MT the Gerpanyss offscT
"a. lass Wisconsin. On "Wednesday. %nrfl
,transfss a, a. 100 o'eiaeA a. ~, the stnck
AssuA ,oo9Ss wiz be cosed o., rriaay
g shAt a'zl, 81 the cisrse OF business
sssA Is 1921. ''' rec p"i'Sa on thursday
soHN D. CALDWELL. Secretary.
New-York tribune., 1921-03-06
Seeks 25-Year Investment

Sugar SgtS Z per cent bond Of 1881. for which /
buying a safe investment. Since l am led
lo aelieVe owlng to the condition OF the
sugar market, that it is not rated high
class. Could you suggest a switch into a
safer bond, even though the yield may be
less. that would have some opportunity to
a4Vance would also prefer that it
Wcu41 run twenty-five years over.
also nave a $500 per cent New York
telephone at So, but think it a fair in
NesNnent- ] see in The New York Tribune
OF January % you say you prefer Central
Leather preferred to United States Rubber
Rre,tesrred. own five shares United States
huboer per cent preferred. hut l wish to
Mahe my Investments az secure as pos
slole. DO you consider American Tobacco
preferred safer. and would you suggest my
changing my Rubber or holding? own a
teW -hares Of International Nickel, also
some Pierce OIL that cost me about double
dividends, thought OF ceiling ard buying
s9sne Atehison Railroad common. which
crease in price on any signs OF market i'm
provenent.-G. II. l..
Answer-Cuba Cane Sugar per cent
bonds, due 1881, appear to us to be a
good investment. We think that the
sugar market has been fairly well
liquidated. A safer bond would not
have the same chance to advance in
market price. If, however, you rank
safety above this speculative consider
alton, you might consider buying Vir-
glnian Railway first mortgage 5 per
cent bonds, due IN 1862, selling at SO
and yielding over per cent. This
meets your requirement for a long
term bond. We consider it high grade
We agree with you in thinking New
ork Telephone per cent bonds a
good investment. We consider your
United States Rubber s per cent pre-
ferred q good preferred stock, but if
you want to shift into another pre-
ferred that ranks possibly a little
safer and with a long record of divi-
dends behind it, you might consider
the American Tobacco. Often, how
ever, there are cases where reader
asks us which of two securities we
prefer, and we select the one that at
the time appears more attractive
without intending to suggest that if an
investor already held one of these it
would be advisable for him to shift
into the other. After the comment
you quote was made Central Leather
came out with bad report for 1920.
Common stock, even of 8 we'll managed,
prosperous railroad like the Atchison,
Topeka & Santa Pc, is speculative, be-
cause sensitive to earnings. ell have
already discovered that with your In
ternational Nickel and Pierce Oil. If
you really want safety of principal and
interest you might we'll consider one
OF the United Kingdom 512 per cent
bonds, which at present prices ylelG
over per cent or one of the Dominion
OF Canada bonds, which yield little
less than this. Both of these bonds
are high grade, we believe.
New-York tribune., 1921-03-06
Can't Hold Eric 4s to Maturity

Question-Having about $1,000 to invest
for the greatest return consistent with
safety, may / ask your opinion the pur-
chase OF Erie prior lien As 1926. now sell
ing at "a u, to hold to maturity Nv. e r.
Answer-You put the due date OF
the Erie As at 1926. 1t is 1896. 1t
might be too long stretch for you.
In our opinion, United Kingdom 512
per cent bonds. due 1887, selling AT
around Sc, yielding 6.99 per cent if
held to maturity gives about as high a
yield as you can get consistent with
the degree of safety they afford. You
also might consider Canadian National
Railway rs, 1885, and Standard OIL of
California Is, 1881. The first is guar
anteed by the Dominion government
and the second by very large earning
power
New-York tribune., 1921-03-06

Mar 1t-National Lead Co . / u
Mar l0-P Ft w & Ry Co...lAx
Mar 10 do pr ~
Mar Railway Steel Spring Co pf... Ia.
Mar Determination Type Co lat pit. J a
Mar To- do 1st pr Series S....... u
Mar a-St Joseph Lead Co....-.. fi1
Mar fo-south Porto Rico Sug Co... II.
Mar IT, do pf Observation-Disclosures.
Mar ll--Texas Co Observation-Disclosures. s.
Mar 1e-union Pacific r Co..... -.
Mar H. do pf ...........
Mar io-Untd Cigar Stores OF AM. lss
Mar l2--Utah Copper SO ...-....
Mar lo-WooIworth. w Co. pt. ..... 4
New-York tribune., 1921-03-06
Financial Items

Arthur C. Keck. formerly with Pynchon
q Co., has become manager Of the foreign