davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-04-09
Higher Yield Wanted

Questton--Do you advise making an ex
change of any of the following business
mans Investments for Others OF higher
Yield. and if what other securities do
you recommend that combine reasonable
safety with good yield? Hortonia Power
Company first mortgage 5s, America n
Public Service first mortgage 6s, American
Telephone and Telegraph bond. New York
Central common. St. Louis. Springfield K
Peoria Railroad bond, Onion Bag and
Paper common. Public Service Corporation
Cereal per cent prctcrred.--lI. o. W.
Answer-We could make some sug-
gestions on these investments, but
with one exception they would not be
for the purpose of giving you a higher
yield. All your securities. with the
exception of the American Telephone
and Telegraph bond, are suitable only
for business mans investments.
which can be improved on only at the
expense of income. We would not ad
wise the exchange of any of them for
securities of inferior rank. The Tee-
phone bonds we would describe as high
grade, even without knowing which
particular issue you have in mind
These bonds could be exchanged for
Pere Marquette prior preference stock
which, to our mind, is better than
Public Service of New Jersey preferred
or Postum Cereal preferred. 1t is some
what better than business mans
investment
New-York tribune., 1922-04-09
American Wooden Speculative

Cuestion-Will you kindly advise if pos
slole whether American Woolen Compnn,
common stock Is considered a good stoci
Tor investment at this time at a DrIc.
around $50 per share Mrs. i. G.
Answer-Unless you are willing tc
accept the risk attendant on the Dur.
chase Of almost any common stock al
this time. We would not advise YOU te
go into American Woolen common. The
company has done remarkably we'll in
this period of business read djustment
as the recent annual report shows, anc
the dividend seems as reasonably safe
as the majority of industrial common
dividends. We would class the stock
however, as better suited for busi
ness man or woman who can watch
trade conditions closely. We sugees,
that you confne yourself to the pre-
ferred stock, which deserves high
rating.
New-York tribune., 1922-04-09

The margin that you have put Up is
fixed amount In this case it is 5000
and it will remain that despite any
rise or fall in the price of your stock.
1t is your equity that is affected by the
| fluctuations of the market. The equity
in an account is the amount that woul Id
show to the customers credit if all the
stock werc sold out. When you first
open the account the margin and the
equity are identical, but as soon as
the price Of your stock changes by an
eighth Of a point the equity varies. AS
the stock goes up your equity increases
and your broker smiles; as the stock
goes down your equity becomes smaller
and your broker may demand more
margin.
In the case cited your margin would
still be only 5000, the amount you paid
in, when the stock sold at 60, but your
equity, originally 5000 also. would have
gone up $40 with every point rise and
would now be $500, less interest and
commissions.
The interest that a broker charges
/ is just slightly above the average Of
the call money" rate established daily
! on the Stock Exchange for all the
trading days in the month. This call
rate is printed in the money market
quotations of The Tribune after each
trading day except Saturday, so you
have the means at your disposal for
knowing whether your broker over-
charges you. An easier way to check
up is to inquire from some friend who
trades through another house what his
interest charge was. If the two rates
vary there is an indication something
is wrong.
The unit of trading on the New York
Stock Exchange is 100 shares. Any
thing less than 100 shares is called an
odd lot" and the customer must pay
New-York tribune., 1922-04-09
Inquiries ShouId Be Signed

Inquiries addressed to this dcpart
ment are regarded as confidential bu
to SHOW the writer's good faith al
should be signed and an address shonl(
be inclosed for reply if one is desired
Letters from the following are beint
held for identification: B. W. "A Trib
une Reader" ]. H., N. S., ]. S. L.
W. S. r., Widow" Anonymous. s. A,
l. l. E., J. B., E. G.. D. G., S. M. c.
F. NJ. O., James Smith, Mrs. j. r. D.
K. NJ. L.. Mabel A. X, r Y. S., II. 4. B.
Shoemaker, P. E., A. f. F., H. F.. ".
L. ", N. E. T., and NJ. W.
New-York tribune., 1922-04-09
Prices Irregular
In Short Session
OF Grub Trading
Cities Service Falls Back
on Profit Taking, but
Changes Are Generally
Small; Industrials Firm

Profit taking and evening Of ac-
counts for over the weekend checked
the advance on the curb market TO a
certain extent yesterday. The close
found prices irregular and changes
small
Cities Service sagged slightly along
with Standard Oil OF Indiana and
some Of the other oils. The low priced
issues were generally steady.
Eastman Kodak common worked up
fractionaily, while Electric Storage
Batter yand Philip Morris scored small!
gains. Radio and Goodyear common
held steady.
New-York tribune., 1922-04-09
Preferred Stocks With Risk

Question Would YOU be Kind enough to
ca 'hree or -four hsh hc Traao on,a stock,
YOU to matte at present prices attractive
aud possibly profitable invcstments7 /
shall shortly have some $4,000 or moro
dependent upon this money or upon tho
earnings from It, Therefore. while 7 do
not seek anything speculative 1t is not
conservatism. and ! would be most at
tracted to sound stocks which appear to
be selling now below their real value. which
would yield high return on the invest
ment. even at some sacr,nce Of the last
margin Of security. ! have often read
your column and always with interest. and
your advice would be much appreciated
III. S. H.
Answer-Therc are several preferred
stocks selling below par which offer
speculative possibilities for persons
in position to assume certain
amount of risk. Allis Chalmers pre-
ferrcd, selling at about 90, is a cumu-
lative per cent stock of company
that is doing an excellent business
and that has surplus Of almost $12,-
100000. Famous Players preferred has
paid its 8 per cent dividend since the
stock was issued in 1919 and the com
pany has been earning comfortable
margin on the common stock during
that period. The preferred is now sell
ing at about SO. There is an element
of speculation in the industry, how
ever. American Smelling preferred,
selling at about 95. has paid it's 7 pcr
cent dividend without interruption for
twenty years, and with a resumption Of
activity in the copper industry indi-
Gated, the company should do better.
There is an element of speculation in
these preferred stocks, of course, but
they are among the better ones of this
group.
New-York tribune., 1922-04-09
Toronto
Stocks Ex Dividend

Date Name Fer CS
April l4-Aiiied Chemical & bye Cor
pora;ion .....- 49,.
April lo--American Coal Co. ot AL
lsgheny Co.. ....,....
April lo-->mercan Ship5uiiding CO.. .,
April 1t--Art Metal Const. 80. tempy +
Aprh Ii do Vot.s IT. 80, .'.,' !
April IA: :.artjc Refining Go. pf "a
April l5-British Empire Steei Corp, =.
Id. rs pf B...,.,,.....
Anrii Exctansra rsa,Si. ~
April l5--consoii5ated Coal &c.,
April l5-i'alacus Pisyer-Lasiiy Cor i.
poratior pf ........--.,
April 1o-i1arbison Walker Refining "a
ca, pf ..-......... .s-.,--.
April i5-nupp Motor Car Corp. ....-. o,s
April lf--ingersoil- Rand Co.
SNP''i i''T~i'''na IA ,.oenaio''Ne IN
April i5--Pere Marquette r.. Co pl.- -:
April 10 Go prior pf .....,-'.-'
New-York tribune., 1922-04-09
Buying Stocks on Margin

ueiohPlease explain hoW bug stock
At
$40 share then 500 share he sell Wtsh know
a{ fhS
must transferred This
looks simple bat don't Ike broker
for informoion.~-P M j.
AnwerThere expressions
end of trouble understanding One 'margn the other "cqu
They can be explained briefly.
Buying margin like buying
pan You buy shares of stock $50 share
broker the full $500 that the
only 5000 him the your
$780, he is perfectly justified charging
able rate of this Be
though the balance him
paid full stock really belong
method the broker has of protecting himself keep
until it is entirely paid for.
New-York tribune., 1922-04-09
Lacks Ready Marketability

Question--Kindly give mo your oninion
on the investment rating OF the two 70
lowing preferred stocks; General Ameri-
can rank Car Corporation I per cent cu,nu-
latiNc preferred Continental Gas and
Electric Corporation 6 per cent cumulative
prcferred.-F. r.
Answer-We class General American
Tank Car preferred and Continental
Gas and Electric preferred as invest
ments sulta Bile for business man. The
latter has the disadvantage of not pos
scsslng ready marketabilitY.
New-York tribune., 1922-04-09
Investment Information

Questions Of general interest to in
testors 4ciIl be answered ia this col
un,n, IN wh,ch case only initials tcill
De Used. Others niU be ansWerod tp
mail. address oil inquiries, s,eclos-
i'tS stamped, addressed oHpeiope, 10.
ffmancioi Ed;tor. The Tribune, 49,
Nossoa Street, Neu YoYh City.
New-York tribune., 1922-04-09

Z. of point in the case of some Of
the higher priced and less active
stocks Il OF pointin addition to
the regular comm ions TO have his
order executed.
In other words. If You put in an or
der to buy ten steel "at the market"
and the next sale is At 81, your stock
would be reported at 971s; if, on tho
other hand, you were selling the stock
"at the market" you would get only
| 961s for it.
Interest charges, commissions. the
cost of Federal and state tax stamps,
sale, and the additional fractional
charge for executing orders Of less than
100 shares handicap the odd lot" trader
who buys stocm on margin. The vari-
Gus charges mount up to such an extent
that 4 stock must move up about half a
point before the "odd lot buyer is even.
Summarizing, the cost of the above
suggested "odd lot" transaction
would be:
BUYING, MARCH I. 1922
Commission tplus 4 point ......... so.75
Value OF n point. ......,.......-,... 1.26
Stdte TAX ~
SELLING. MARCH 81, la22
Interest go, in March) ........,..,. ST. so
Commission (minus Il pont) ....... 7S
Value = point. ................ ......... 1.25
Eeoeral tax. ..,............,...., 20
state TAX. ''''.'''' .'....''.'.'..'.. 30
Total. .,.....,........ ................s So 30
1t is evident, therefore, that to break
even on the transaction the stock. il
bought, must have advanced moro than
ilalf a point in The month; or, If sold
1t must have declined that much, since
the cost amounted TO more than the
value of half point on ten shares.
New-York tribune., 1922-04-09
Foreign Exchange Speculation

Question-For iwo years 7 was in the
foreign department OF one OF the largest
financial institutions in the city and fol
lowed with keen interest the action of cx-
changes. Although not connected l
continue to watch and study the move
ments Of the market and am of tho cpln-
ion that French francs would row no a
good Investment. | have $4,000 worth Of
Fourth Liberty AVS, and am considering
selling $4,000 TO put into francs. which I
should have deposited to my account in
Fars. ! should indeed appreciate an OK
preston of your opinion about this
l.. G. s.
Answer -. A definite expression of
opinion on the advisability Of disposing
OF Liberty bonds to engage in foreign
exchange speculation is entirely out
side the scope of this column. In act
ing as you contemplate you would be
going from one extreme to another.
Many observers believe the French
frame will appreciate further, but we
could not attempt to advise one in u
speculation cf this or any other kind.
New-York tribune., 1922-04-09
Looks for Reliable Broker

QuestionAs desire TO buy some stock
and account of some failures uf brok.
eraEe houses ! did not do SO, kindly inform
me or Il few good reliable Stock Exchange
firms u. A. v
Answer We cannot attempt to
single out individual brokers for spe-
cial recommendation The Tribune ac-
cepts advertising only from those
brokers and investment houses in
whose integrity il has reason to be-
licve. Those firms which are members
OF the New York Stock Exchange al
most invariably cal! attention to the
fact in thei. advertisements.
New-York tribune., 1922-04-09
Pace Getting Too Swift

oucstion--I have becn very much inter
csted in tho investment columns Of The
Tribune and have thought I would like
to lay my case before you. In the first
place. let me say am a man near rlv
sixty. so ! cannot look forward to work
Ing in the shop. where ] am now employed
many years longer. 1 find the pace
getting faster every year. so I wanted to
know In what way I could improve my in
come so as to get the most out ot what
I have. l have forty shares Cities Scrvice
preferred | am getting no income from
II seems to mo the insiders got their
money in the common stock and have
taken all the cream and left the preferred
stockholders nothing. Then I have i've
shares OF Atchison, Topeka & Santa Tre pre-
fcrred. $1,000 in fourth Liberty bonds and
$1,000 New York Telephone per cent and
ABOUT $1,000 in the banks. 7 am thinking
OF buying forty shares OF United States
Smeiters preferred and letting the balance
stay in bank. II you can help mo nv
any word Of advice l will be very thank
ful.-A. w.
Answer-Wc would be inclined to
place the funds you now find available
for investment in bonds such as Great
Northern rs, 1886; Pacific Gas and Elec
trio IS, 1941, or Western Union 6las,
1886, selling to yield about 6 per cent
TO maturity Unless you feel like con-
tinuing the speculation in Cities Service
preferred YOU might change this stock
for Pere Marquette prior preference
shares.
New-York tribune., 1922-04-09
Safe Bonds for Life Savings

Qucstion--Myself and wife have slfoO
70 invest. Well thank you very much
II YOU will be so kind to suggest some
high grade, long term (oo-ycar or moro)
preferably domestic non-callable bond
and, IT safety permits, yield of 5lS per
cent or more. Our present Investment CON
sisls of $4,000 Jersey City imp. 5las 1919;
$1,000 Cleveland, Ohio. school 6s 1917
s?,ooO L. s. Treasury rotes. 5s.s 1924;
$1,000 Liberty honds7 VA rious issues; 81 900
~ per cent, 1925, Title Guarantee mort
gage bonds: $1.5oo per cent 1882. Strauss
bonds AS the United States Treasury notes
arc due In l924 and sell above par, would you
auNlse selling same ana investing in some
Ecod long term (93-ycar or morc) bonds :?
lt SO. please suggest some suitable securi-
iles' am marine engineer, fifty wears
or age. and this represents our iifes soy-
ings so safety Is very important and q
iair Yield dcslrable.--J. A. s.
Answor-Wc think you would not bc
taking any undue risks by disposinc
of the United States Treasury notes
and reinvesting the proceeds, with your
S1.10O of new capital, in Chicago Union
Station Gas, 1868. recently selling to
Civ" current return of $50 per cent.
and American Telephone and Telegraph
collateral 5s, 1915, recently selling tor
a current return of $50 per cent. The
Chicago Union Station bond is non
callable until 1895 and is guaranteed
as to principal and interest by the
Burlington, St. Paul, c., c., C. g. St
Louis and Pennsylvania systems.
New-York tribune., 1922-04-09
Bought on Impulse OF Moment

Guestion--About q year and n half ago
! bought 100 shares of Smith Rubber and
Tire Com pany stock. of Garfield. N. j.. at
s. g. share. Stlce then no dividends have
for one mouth, which In my case
amounted TO $5. 1s this stock the
level? was informed that a tho Garfield
factory they working day and night.
turning out tires 10 supply tho demand
which they cannot meet. and that this
,ears promised dividend was used for
improvements in machinery. Is this
true bought this stock the impulse
of the moment, thing that seldom do.
but If there is anything in this stock
would like to hold 20 X. Also tell mo
what YOU about ''Benford Auto Prod
ucts' stocks. i friend of my wife's in
duced her to buy some OF chat IN July.
1920. | understand it is absolutely worth :
less. Is this sol. d.
Answer Of these pleasant moon
light nights WHY don't you ride over to
Garfield and take a look at this factory
1t is not far from where you live. The
sight Of a rubber and tire factory run
ming full blast night and day to keep
up with the demand for its products
would be a sight we'll worth seeing in
these days when so many large con-
Germs in this line are struggling to get
back to somewhere near a normal basis
of operations. AT the present time we
understand the stock is quoted at about
80 cents Il share. Tho range on Ben
ford Auto Products, Inc, common stock
in 1921, according to "Standard Stock
Market Service" was, high As cents, low
10 cents. What you can get for it to-
day is probl e matical.
New-York tribune., 1922-04-09
Faith in Power Bonds

Question: haTc raith in the future Of
hYdro-electric power and light companies
and would like to add about three s.. 900
bonds Of such companies TO my list of
bonds already Owned. | am not dependent
on any of these bonds bat have o business
income and am therefore willing to take
reasonable risk. can YOU suggest a few
srch bonds with Aicld cf I per cent? I
prefor non -callable bonds. il obtaiuable
mississippi River Power 7s arc suggested
What DO YOU think OF same ?--J. E. p.
Answer-We believe that Mississippi
River Power is would be suitable for
your purpose and We also suggest
Puget Sound Power and Light 7 ias, 19Al
and Shawinigan Water and Power ~
II YOU were only contented with a
smaller return on your money it would
be less difficult to select bonds. We
might suggest in addition to those men
toned above Pacific Gas and Electric
IS, 1912, yielding about per cent;
Niagara Falls Power 6s, 1882, yielding
593 per cent. and Northern States Pow
er IS, 1e41, yielding 6.03 per cent.
New-York tribune., 1922-04-09
Sinclair Oil Speculative

Qucs,lon-~You will greatly obl!ge mo by
extending me the following information:
Would YOU advise investing in Sinclair Oil
stock al the present time "A. Z c.
Answer--We consider Sinclair Oil
stock speculative and would not com
mend the purchase Of it by any one who
is seeking an Investment
New-York tribune., 1922-04-09

Continued On next- page
The New York herald., 1922-04-13
u. S. DRY GOODS TRADE
FOR FOREIGN VALUATION
Association Supports Stand of
Senate.

The conference fnembei OF the Sem
;Ate Finance Committee we're urged to
hold fast to their position and to defeat
the attempt of Chairman Fordney ann
certain of his colleagues TO pass Arleri
can valuation against wat was ciassed
the best interests or the consumers and
the great majority Of his country in
telegram sent to Sen.,t i McCumbcr.
chairman OF the Senate Finance Com
mittee yesterday by the National Retail
Dry Goods Association. To attach
American valuation to the pending tariff
bill would. it was said. prevent main
tenance and development of our export
markets.
Emphasizing the fact that the Ma
tional Iry Goods Association was the
actor in closest touch .th consumers,
the telegram congratulated the men bers
of the Finance Committee who voted to
reject the American valuation section of
the Fordney tariff bill and expressed
confidence that the gr eat bulk of the
American people. both rslSn and women.
as consumers, farmers, workers, mer-
chants and manufacturers would well
come their decision as an evidence Of
their interest III protecting the welfare
OF the great ma jorty of tie citizenehip."
The point was emphasized that prices of
finished products must e. lower and not
higher before prosperl.y could return
on a permanent basis.
The New York herald., 1922-04-13
BUREAU SHAKEUP AGAIN
BEFORE BOTH HOUSES
Disn,issols Referred to as
'Hardingizing' Departments.

WASHINGTON, April l2.-Thc bureau
of engraving dismssals again were dis
cussed to-day on the floor of both Sem
ate and House. Senator Caraway (Ark) !.
Democrat, renewing his attack on the
Presidents course, and Representative
Moore (va). Democrat. asserting that
the dismissal order was an .'omirous incl
dent" which theatens to place the busi-
ness of Government where IL once was
IN the hands of reckless and unscrup,ous
spoilsmen.
Since the Presidents order was is
sucd." Mr.. Moore said. "some foo: friend
Of his from whom he should pray to hc
delivered. predicting THAI similar action
would be taken in many other directions.
said that the purpose is 10 'Haidingize'
the executive departments Of the Gov
Nrnment. just as some else has said there
Is a purpose TO 'Newbe,ryize' the leg
islative departments of the Government
If such a program should ever be fully
consummated this will cease to be Gov
eminent of law and will become Gov
ernment of men, of the most unworthy
men, guided wholly by their selfish and
predatory instincts"
.'Hardingizing" was defined In the
Senate by Senator Caraway as be-
snirking Of the regulations OF faithful
Government servants. He added that 1t
also meant unemployment and lack OF
prosperity.
The New York herald., 1922-04-13

opportunity to develop on equitable and
economically determinable lines
1t was declared to be an honest
method Of appraising the value Of i'm
ported goods. and by providing market
for the surplus products Of American
industry 1t would make possible re-
sumption OF Americas export trade.
Without export trade there can be no
real prosperity, in the opinion of the
Consumers Committee.
The message. which is signad by AIRS.
Henry Moskowitz. secretary - the COM
mittee. aends with the following
rThe American farmer and consumer
has too long suffered from a condition
which cuts down production Of our
raw and manufactured articles We
congratulate you on your farsightcel
action. and earnestly hope that VIXEN
the bill goes to conference your com
mittee will not submit to the threatened
domination OF certain members OF th',
Ways and Means Committee. who are
quoted as stating that the bill viii
carry American valuation or there will
be no bill. In the name of the mem
bers of the committee. / send you this
message"
The New York herald., 1922-04-13
CANADIAN PAPERS RAP
u. S. FOODSTUFF TARIFF
Resent Tax Imposed on Do
n1inion's Wheat.

Special Dispatch to TIE NEW YoRK HEraLD.
OTTAWA. Ont. April 12.-'"rhe pro-
posed Ufdted States tariff on foodstuffs
is the highest cverscrafted II reaches
the height of folly" says the Toronto
Globe to-day.
The Montreal Star says: "Canada's $
reply to the Fordney -McCumber tariff
should be a wide. gauge. energetic and
carefully directed immigration policy
When the Americans put a tax on our
wheat we should reply by manning
more wheat fields and meeting them in
the markets of the world Incidentally
the placing of another million farmers
on the prairics would provide another
three to Ave million customers for the
manufacturers. merchants and mechan-
les of the Dominion. We can never meet
the Americans on even terms in a
friendly tariff contest until we have a
population approaching theirs behind
our fiscal entertainments"
The New York herald., 1922-04-13
Smiled upon
WrabS!

Minerva, herself, the goddess of wisdom,
appears in ancient legends wearing
wrap of three tiers.
To be sure, our modern maid below, at
the right, prefers her three-tiered Spring
cape in that fashionable fabric, black can
ton crepe. And of course she insists that
her cape be adorned with the entirely
new StandAp collar. $3.50
1t is not a cape this season, it is wrap
that compromises as does this coat at the
left below While it begins in back with
a cape this turns into sleeves, and ends
with cuff in highly conventional man
ner! Black gerona :. $3.50
Second Floor
The New York herald., 1922-04-13
CONSUMERS PRAISE
FOREIGN VALUATION
Women's Committee Thanks
Senators for Tariff Action.

kilograms commencing the Senate
Finance Committee for cutting the
american valuation rlan out or the
tariff bin were sent to Washington yes
to-day by the Consumers Committee OF
Women Opposed to American Valuation.
Tie kilograms assert tina; American
valuation, as provided for IN clause No.
shs. would be dangerous TO ,lle welfare
of tho consumer and destructive to the
interests of the laborer. the farmer the
manufacturer and the merchant. The
foreign valuation plan adopted by the
Senate Finance Committee Is regarded
by the Consumers Committee as
providing fair and necessary protection
10 the interests Of the country. making
II possible for prices to be reduced and
giving American trade, which, II was
said depends on foreign commerce. an