davidaulloa/AmericanStories huggingface dataset:
Arizona republican., 1922-04-29
ADJUSTMENTS
chiIdren,s Day at strana

The Riddles day today at the
Strand-the afternoon of the regular
2-cent matinee-and between the
New-York tribune., 1922-04-24

cent coupon Accommodations hath ro
speculative operations and business
ana commerce were available at tho
minimum rates observed to date tbis
year a fact which was particnlor1,
significant in that the decline uos NOT
identified with the appearance of o,,.
seasonal surplus of funds such 30
marked the January and March periods
oi easement. A ruling rate of to az
per cent for call money, time loans at
TO AZ per cent, according 10 ma
tnrity' commercial paper passing at
4'' per cent for the b@t names. and
acceptance rates at the lowest levels
IN more than five years were sufficient
evidence OF credit easement 70 oseo+
any possible deduction to the contrary
from the maintenance of the New York
Federal Reserve Bank rate at Az nor
cent. The passage of another weck
without announcement of n reduction
""S accepted as evidence of the inten-
tlon OF the Reserve Bank directors TO
mold that Institutions rate above pre-
vaillnG open market charges. From the
STANDPOINT Of expanding business activ-
IlE the experience of the money mar
kets comprised less satisfactory dem
ohstrauon, as did also the Reserve
s|s'em statement Of condition, reg
IstcrlhS further drop in commercial
redIscount8. The supply of money was
< ,Nl, cH TO
,,9o"n rl''p'e pc 4a as ~ p9'nV to"ard contin,
at well below its normal loyni '''''''N
Except Tor swings OF brief duration
ana extent as spectators sought to
prout by the quickly changing aspect
OF the news from Genoa, the foreign
exchange market last week was COM
paratively dull and generally steady.
News of the Russo-German pact was
received calmly and the critical situa-
tion arising from the agreement caused
hardly ripple. Succeeding events
were similarly unable to produce much
reflection IN the course of quotations.
New-York tribune., 1922-04-24

10 those who seek to extract pcr-
sonal fortunes out of their own fore
casts Of security values the question
whether the rise will 90 too far
presses for an answer. Unless preco-
dent is wholly misleading. this move
ment Of recovery will eventually OK
ceed reasonable bounds, though there
is no indication that it has yet done
so. The temptation to speculate
offered by 8;4 per cent money will
no doubt lead 20 buying Of securities
without too close scrutiny of the
asset position or earning capacity of
corporations. Then the nero spec
tacle OF rising quotations, initiated
by the credit easement and business
Improvement, actual and prospective,
will lure unframed outside spectators
into the market place. When and if
the rising market reaches this latter
stage buying will become an express
sion Of common belief that the
trees of prosperity can keep growing
until they touch the heavens, In the
present market the number of out
siders active is Increasing but is still
small compared with the bootblack
stenographer and office boy speculative
era of 1919. Up TO the preeent the buy
ing, though necessarily in some indi-
.pxssavs4 cases misjudged. has beon dis
eliminating ana coolly calculating. The
first impulses came from speculative
pools, which had at least a definite
program and specific objective.
Since the upturn last August the
mean price of thirty typical industrial
shares has risen from 60.80 to $3.50,
and, since the rails began to rally last
June, the average quotation Of twenty
representative rails has climbed from
54.70 to ID, Industrial prices on the
average are the highest since Soptem-
ber, hut still thirty points below the
eXtravagant peak attained in the post
armistice bull market OF 1919.
Happenings in the money markets
last week furnished confirmation and
involved further development of the
trend toward lower interest charges
revealed by the offering Of a Treas
cartiGoo+o ircnn hao,i,,,. .,1,-
New-York tribune., 1922-04-24
The Trend in Finance
''''S rf'ces' After Sharp Reaction, Resume Rise
spectators, sp"rred On by Easy Money.
Little Concerned With Genoa

4 VIZ urge 20 go higher stock market last ,yool
L \ technical position long rorioe If
''''eV>eo advances, friction betwco 2,ia
many on one hand Allies on tho obor o,1 ' Oe
,o;v 'ono oI would be passed by Senate were with
aftorn 'oe TO cause only setback On Mondav
''ele was an element
. oh tuesday quotations underwent the most no
Sti'e te early January honod
out OF falling prices heralded assumption that th t % % ~
'''' 'ic turning point had
New-York tribune., 1922-04-24

out the impulses making for higher
pfioes reasserted themselves the fol-
loving day, and by the close Saturday
the average prices of railroad and in
dustrial shares were the highest thus
tar attained this year. The shock of
the reaction tended slightly to con-
tract the volume of trading, which
nevertheless remained large. Despite
the subsequent dullncsa there was
clearly more irregularity than on pre-
vlous weeks Of unchallenged price
gains The slump OF Tuesday caused
later selling by those less quick to re
spond TO changes in the position Of
the market. The more sensitive trad
ers again became moro cheerful, vet
there Was an experimental tone.
Spectators look for periods of re
action even during a bull market
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-09
A Wrap

Coats and Capes are both in style this
Spring. Which are you going to have
for Eastern
At Robertsons you will find stun
ming models in Tweed, Veldyne, ARA
bella, Poiret Twill. Tricotine and Twill
Cord, any of which is splendid value.
Silk fringe, braid and embroideries
enhance these garments.
Very likely you will need wrap on
Easter, SO come in this week and inspect
our extensive showing. You will be
pleased, not only with the quality of the
garments but with the reasonable
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-09
Waists
$500 each

We feel that we ought to call these
wonderful values to your attention once
more IF you haven't seen them yet
you owe it to yourself to do So IF yor
have seen them, you have bought one
or two, because they are irresistible.
They are flesh and white Voiles, some
with colored stripes, and colored striped
Dimities with Bingham collars anc
cuffs. Chic
New-York tribune., 1922-10-09
Should Check Up Figures

Question: am a business man and hold
several bonds and stocks selling at prices
to yield about per cent. am contena-
plating the purchase OF Cincinnati In
at a price to yield around Z per cent T
understand earnings applicable TO the pay
ment of interest on these bonds are run
ming at the rate OF over three times the
annual requirements Your opinion In this
matter will be appreciated.--F. j. C.
AnswerThe Cincinnati, indianapolis
g. Western Railroad reports, for the
first seven months of 1922, net oner-
ating income after joint facility rents
and ordinary taxes Of $11,148. Interest
on the funded debt, counting $12,5O0
for the S1,000,000 of additional firrt
mortgage 5 per cent bonds recently AZ
thorized, will total about $1T6, 900 Ac-
cording to this statement of facts the
interest charges are not being earned.
but there is to be considered the mis-.
cellaneous incorporating income. which
In recent years has varied widely. In
1921 the company had $783, ,00o mis-
cellaneous income. In the previous wear
this item amounted to $161,00O. III in-
come from miscellaneous non. operating !
sources should prove to be somewhere
between the totals Of 1921 and Ioo0
there will be an ample margin over
interest charges. But we have NO
means Of knowing what this other IN.
come will be. Certainly the interest II
not being earned on railway onera.
tions. Ask your informant to check up
his figures. s. - q
New-York tribune., 1922-10-09

In the first place, bonds are usually
secured by a mortgage on definite
property, and consequently rank ahead
of shares in the company. Moreover
the number of questionable bonds is
comparatively much smaller than ssgh
ly speculative stocks Of doubtful
value, SO that the chances of select
ing poor bond are fewer than those
choosing stock which proves unsuc-
cessful.
Then, again, bonds usually fuctuate
within narrower range than stocks
in market cycles, and the chances for
loss to the purchaser, who may be
frightened into selling on declines are
consequently smaller
Lastly, the number Of defaults in
bonds Is proportionately smaller than
the number of stocks which become
worthless or of little value.
This may seem to be an argumer
for bonds against stocks, but as a mat
ter OF fact no such argument is needed,
for it is not disputed that from an in
vestment viewpoint bonds are more
suitable than stocks. This discussion
is intended simply to point out thnt
the discriminating purchaser of Sc
curities stands better chance Of be-
ing successful than the person who
goes blindly about the problem of buy
ing and selling, and, moreover, the
New-York tribune., 1922-10-09
One Weak Spot

Question---would you kindly criticize the
rollow'ns list o. bonds, etc. belonginE to
yielding per cent or better. non callable,
II possible. and not due for about fifteen
to The s $500 nsM
Northern Railroad Is, 1885; $4,000 state Of
Teepnons e 94 5000 pubs New s.1yrs YORK
Of New Jersey Is. 1871; So 900 Government
Of the French Republic ss. ls4b; $4,000
p oSo s So
1915; $1,000 United States Rubber 7ks
1890; $4,000 Standard Oil OF California 7s
Railroad shs, 1895: $1,000 Vacuum OIL 7s
1895; $1,000 Kingdom of Norway SIS, 1910;
$1,000 United States Steel IS. 1853; $1,000
ST 900 ponner steel Company income H.
1912; $1,000 Sinclair Consolidated OH 7s
1917; $1,000 seaboard Air Line Railroad es
1881; $1,000 Diamond Match Company
TVS. 1895: $1,000 Canadian Northern Rail
STANDARD ol Of New Jersey preferred, ID
shares American Telephone and Telegraph
10 shares Consolidated Gas. Would appre-
ciate your opinion as to the advisa bility OF
keeping all or exchanging some,-F. c. r.
Answer-The only really weak spot
in your investment Is the $1,000 Of
Seaboard Air Line 6s. There is an
element of uncertainty in this bond
that gives it speculative aspect. We
suggest that you sell it and add the
proceeds to your new investment fund,
for which we recommend the following
securities in any amounts or combina-
tions you may see fit TO purchase: New
York Telephone ga per cent preferred,
Endicott Johnson preferred, American
Ice preferred, Canadian Northern rs,
1910, selling recently 10 yield about 5.s
per cent; Bethlehem Steel 6s, 1948,
yielding about per cent; Interna-
tional Paper 5s, 1947, yielding about
5.S per cent, and Missouri, Kansas &
Texas prior lien Is, 1862, yielding
around G per cent.
New-York tribune., 1922-10-09


chances Of success are enhanced by
the selection Of bonds in preference to
stocks.
There is another element to be con-
sidered--the time at which purchases
are made and the length Of time held.
For instance, most listed securities
bought just previous to the sharp and
sustained market decline Of 1919-'2O
showed loss at the end Of the de-
preston late in 1920 or early in 1921;
but in many instances large part of
these losses have been recovered and
In isolated cases purchases during the
period mentioned now show an actual
profit.
Conversely, purchases during the
period Of depression Just previous to
the beginning Of the present upswing
little more than year ago show
handsome profits. One might have
picked almost any stock or bond listed
on the New York Stock Exchange a
year ago and sold at profit any time
in the last few months.
Your apparent purpose in seeking
figures on the percentage Of success
full investment purchases is to make
comparison with life insurance. As
a matter of fact, life insurance is a
conservative form Of investment and
ranks favorably with gilt-edge bonds.
Profits are not 80 large rs in some
speculative stocks which prove win
ners, but the same may be said Of high
grade bonds.
New-York tribune., 1922-10-09
Would Weaken Investment

Question will yon please advise me II
my present holdings are suitable for one In
my postion7 am single and twenty
three years Of age: 800 Armour In. 1890;
500 Philadelphia Company Gs, 1874; s10o
virgsnia-Carolina Chemical 7,ss, 1897, with
stock warrant; 800 French Republic So,
500 French Republic Ths, 400 Lacka
wanna Steel So, 1859: s1oo Dominion Of
Canada 6s. 1891: 5000 Sinclair Oh Is, 1892.
also have six shares OF Callahan Zinc
and Lead at sA, Would YOU suggest the
switch OF the Canada 6s' to New York. New
.aven Hartford convertible 6s around
Ss ?-~L.I4. B.
AnswerAs it stands your invest
ment is suitable for person in your
circumstances. You cannot exchange
the Dominion of Canada 5s for New
Haven 6s without materially weaken
ing your position. We suggest that in
making further investments you take
additional amounts of bonds already
held, rounding cut these issues into
$500 pieces and starting with the bet
ter issues, such as Philadelphia Com
pany SIS, Armour Is and Lackawanna
Steel Is.
New-York tribune., 1922-10-09
Sheffield Farms Bonds

Question-Kindly advise me through your
investment information system regarding
the new issue of Sheffield Farms Company
first refunding mortgages marketed by
Ladenburg- -Thalmann Company, 20 Broad
Street. New York City; also the Ohio Pub
lie Service Company, marketed through A.
B. Leach g. Co.. Inc. ?-J. p. b.
Answer-shefield Farms Company
61as we're issued to raise funds for ex-
pansion in the form of additional re
tail stores and are we'll secured, we be
ieve. We consider them suitable for
investment purposes. Ohio Public
Service preferred is not high grade
stock in our opinion, although it offers
possibilities for, the business man who
holds higher grade securities.
New-York tribune., 1922-10-09
Wants $1,000 for Home

Question: am young man and in
tend to get married about spring and
VIII want to purchase a little home I
hoid the following securities, for which
I have worked very hard. Naturally, 1
want to do the wsest thing. I was won
dering IL had too much in foreign Sc
curities. and II you advise changing what
would you suggest? Would you advise
selling the Bergen bond now or wait tin
spring as will need couple of thou
sand dollars toward my home T would
rather keep the French, as they are NON
callable. My list is as follows: $4,000
French ms, $1,000 City OF Bergen, $1,000
Ohio Power Company Is, $1,000 American n
AGRICULTURAL Chemical, $1,000 United
states Rubber 5s $500 Liberty loan ave
SHARES New York Telephone preferred
stock. ten shares North American pre-
ferred. l would thank you for any ad
vice you may be willing to give me in
this matter.-J. w.
AnswerIf you want to reduce YOUR
holdings of foreign bonds we suggest
that you dispose of one of the French
bonds, despite the fact that they are
not callable. In exchange you might
take additional shares of New York
Telephone preferred or $1,000 Du-
quesne Light IS, 1949, yielding about
6.e per cent. Next spring will be time
enough to sell the Bergen bond.
New-York tribune., 1922-10-09
Exchange for Lihertys

Question: am thinking Of selling Lib
erty bonds which I bought at about 81 and
mortgage thirtyyear s per cent bonds OF
the Kansas City Power ana Light Com
pany., which are now for sale at es ]
this move. and particularly any informa- :
tion you may have concerning the security
Of the above bonds. ] would also like your
opinion as to the marketable value OF the
bonds and whether or not could turn
them over quickly In case j wanted to
change my investment.-E 8. w.
Answer-Kansas City Light and Power
per cent bonds are well secured and
rank as a good investment. You un-
derstand, of course, that in exchang-
ing the Liberty bonds for this issue
you are weakening your investment
position. We do not recommend the
sale Of Liberty bonds.
New-York tribune., 1922-10-09
Substitute for. Oil Stocks

Question: a very appreciative
reader of your page in the Sunday Tribune
and would be glad of some advice from
you i have $4,000 to invest and am
thinking of Chile Copper per cent bonds
and Bethlehem Steel per cent preferred.
! hold the following securities: $4,000
fourth Az Liberty bonds, $4,000 Virginia
SIS. $4,000 Dominion OF Canada 6hs, $4,000
Baltimore & Ohio SIS, $1,000 Packard
Motor ss, 1000 United Drug SIS. Stocks:
100 shares Swift, SO shares Swift Inter-
national, 100 shares Pennsylvania Rail-
road, thirty shares Norfolk g. Western,
ten shares Standard Oil of Indiana and
fifty shares Mariand Oil. I know that the
last two are not conservative. but I am
willing to take a reasonable risk. I bought
invest in something else? I am in a
position to keep fairly we'll in touch with
market conditions,--Mrs. II. @. c.
Answer-The Marland Oil stock con-
tains substantial element of specu-
lation and scarcely belongs among the
holdings of a widow. Your position
would be strengthened materially by
disposing of these fifty shares and the
way for such an action is made easy
by the profit that has accrued. Every
thing else is suitable, not excepting
the Standard Oil of Indiana. We con-
slider Chile Copper 6s, due 1892, and
Bethlehem Steel per cent preferred
good investments for your $4,000
New York Telephone 6h per cent pre-
ferred would be good substitute for
the Marland Oil.
New-York tribune., 1922-10-09
Bonds for Business Man

Question---Will you kindly pass judg
nent on tho following bonds and thereby
greatly obilge one who Is a regular reader
OF your column? Gold bonds $500 South
Porto Rico sugar u, 1851; $500 g. Paul
Missour! Pacific Railroad COMPANY IS.
cent, ls4i; $500 United states Rubber Com
pany 8 per cent, 1e47; $500 Dutch East
Indies Q per cent, 1853; $500 Northern
States Power Company per cent. 1926.
What would you suggest as safe invest
ment at the beat possible return In lots
OF $500 for a further $4,000, which will
have available the first OF October? What
Information can you give me on Texas
Mexia Drilling Syndicate &c. NJ III.
Answer--Your bonds are suitable for
business man and we would suggest
no change, but we wond caution you
against too great diversiication in small
denominations. Your first is sufficient
ly we'll diversified, and we should be
inclined to purchase another $500 bond
Of the Dutch East Indies 6s and North
ern States Power 5s, 1941, and perhaps
add $1,000 bond of New York Tele-
phone 6s, 1941, or American Telephone
and Telegraph collateral 5s, 1916. Texas
Mexia Drilling Syndicate units, which
are entirely speculative, are offered in
the market for unlisted stocks at from
15 to 80 cents each.
New-York tribune., 1922-10-09
Higher Grade Suggested

ouestion-Kindly give your opinion on
the following as to investment and djv!
dend payers: F. NJ. Lupton, Publisher,
Inc, Glass cumulative and participating
stock; Mack Truck first preferred and
second preferred; also commons Cosden.
Sinclair and Cities Service common.---G K.
Answer-Mack Truck first and second
preferred may be classed as suitable
for business men accustomed to as
sumo business risks. F. M. Lupton,
Publisher, Glass A stock is not suffi-
GENTLY seasoned to warrant our recon-
mendation, We believe. All the other
stocks you mention are speculative in
varying degrees, and although all pay
dividends the business conducted is
subject to varying business conditions.
We are not informed of your financial
position, but we believe it pays to con-
fine investments to first mortgage
bonds, returning now about 5A per
cent, that are we'll secured and sound
industrial and railroad pre- ferred stocks
returning not more than 61s per cent
at this time
New-York tribune., 1922-10-09
( No Reason for Change

Cuestion-Do You consider the foIluwirs
securities highgrade investments7 wouIs
you advise any changes? II So piaas.
suggest suitable ones TO replace then
The list: $1,000 Ontario Power So. lli5
$4,000 Duquesne Light SIS. 1913; IS. 600 Hob
ert Gair Company rs, 1877 81. 600 Ksnss.
City Terminal As. 1860: $1,000 Cohoes Pew
er es. 1920; $1,000 Western Pacific Pail
Company Is. 1s42: $1,000 Remington Arm
Company 6s, 1887: 26 shares American T,s
ephone and Telegraph; 10 shares Pennsyi
vania Railroad, 10 shares United Fruit. IA
shares General Electrlc.-A. C. s.
Answer-There is no apparent resss.
for making any change in your inyss
ments.
New-York tribune., 1922-10-09
Four full columns Of n
restnaent questions ard an.
s,5ers ,oiIl be published d
The Tribune erery Sundgl |
and Monday. On other dgs
one full column srill appeR.
Buyers Arrived
Continued from page sixsets

GoutiNueQ from page 6lxteeu
Louis Rauch; Louis Rauch. lsatasfs
McAlpin Coz. Mrs. H R. Cohen uadsrss
wear. house dresses. wrappers, spfcne
corsets. brassieres: w. T. Knott, y =
Goth st. 's.
CLEVELAND
Hirsch Co.; Miss E. Conan. drssses' y
May Co.; Mr.. Stack pole. houss tufuisn'
sngs; E. M. sostman. 81 W. ssts s1nai,ul.e4 !.
quantities of mems shirts: Afaha.eo -
tail Stores, 1872 Broadway.
+. w. Benisnlfn & Co.. +. W
floor coverings. Latham. ,..~.v,s.
COATESVILLE, Ps.--Loufs scase's scaNse 4,
Louis Schwartz, mems clothing; Ssans ny
COLUMBUS. Ohio--Green-Joyce 70, .,s.s =
]. Hamer, drapery, upholstery. ss noor es'ss IL
:ngs. blankets. comforts oeaoihe
coLuMBUs. ohio--J H. & F. A ssM
Co. p ID. Newell, general rndse.. lnpsis.s. ~.
COLUMBUS, Ohio--Jones Witter z 70 ~
g. Fissel, hosiery ands.wsss IN sssss. c.rs NJ.
l.. Howell. 7e Leonard 81 :. r,.s....
CORPUS CHRISTI, Tex.-M. Licnss.s
stein & Son. S. i Llchtensteia meicnsss asss
disc nansger. general mesenanoise' 80
DALLAS. Te1--Glsck Bros: & uiies, 81
women's furnishings: care ?. Carton. ~
Madison av. ~.
AvENPoRT. Iowa--M Z. Parker ,.sss css
goods: Kirby, Flock & Fischer. sss ass ~ *
DAVENPORT, Iowa Kleins. M.H1 ~
Klein. dresses. coats and suits. sHifss' 49,
Unique .....
Adler. Jobs ladies ready 10 wear 81 ssssss
f. @. Adler. Jobs boys clothans, .s,s's,. sns 4
Wear. curtain goods: care kirby, piosA
Fasli er. 352 4th; ay. =. u Il
DAYTON, Ohio--~Rike kumler W, "; ~
Durant. underwear. furs fur coass' s.
9TH ar. IA
DETROIT
Crown Hat Mfg. Co.: A, ~ Niss~s's
manufacturers hats: Pennsy,rysan,a. rs.,an. wooisu
! and cotton piece goods. silks sasinss.
vets: 225 9Th ays !, stSs
Crowley Miner Co.; Miss ;ssssss sss
kruece. notions, ars so9ass I'D 4
Jewel Chain Store: j; 1wamsns
dresses. coats, suits NJ. Schnaosn ~, 40
ready to- wear, coats suits. NJ uas - - - s,s
DULUTH. Minns--Duiuth Glass nssss s,ssss
Charles 4. Cook. s7s sth AZ. s
EAsToN. Pa.-Rader 4 Bros Z &
Hager. women's ready 70 weal -, 3H
Yaigel representing care 9. , 8
aaANp RAPIps, Mich derpoasns.''gT q
CO.; e. j. Brandt fcor coses.ssr rnsssr 3
Scripsma. representing; care MSts
AnTsns HxnaIsa9,Fe, iisa nwas pa,,o.. Frseagsss;s
Jos. Freedman, mems furnisn'hss' fssss s,:.,
HARTFoRp. conn.Ths Danksss Sii; iss;
Shop. Inc; I. p. Greeneers, sep sssFs IS &.
Hi HnRKIMER. sISus n. y.Barrets 4 Kss:ss,' Kssss,.
Miss Katherine Barrett, Gsesses,
suits: Martintque. $500. I,e1H
HoNEsDALE. Pa. Kat5 hIos. Iro+s;t I
Katx. general merchandise; Bfosvss Bfosss naI4
HORNELIA N Ys~-iA e 81 ~ s,a6lf'
and Dress Coz Inc !; u. I. nsscasnrst' Pss
New-York tribune., 1922-10-09
Percentage of Successful Investors

those tho
investmsnsy In other
oho considering nvesng
IN stocks and bondss-W. II. r.
question be given definite than
What sucssuiV
the whole problem speculation
There per-
centage security purchasers able show
Of years
If had confined question
ndente but include bond said
the percentage of successful bond purchasers comparatively high
several for this