New-York tribune., 1922-11-26
Too Much DISQUALIFICATION


atocks total sS0,0ee NV nvsrngs visjS
IRON IRON. 5he bonds is 6,75 current and nay
present level Of prices as Of Noyonber III
dSzs; MOTT ef the stocks were puroha sod
~ ~ ~ 70 ~ points below present prices, NO
$50 s.1et my purchaHtns y!eld from the stocks
as hcoat par cent oR the average I Will
thanK you 10 strike out those bouds or
SSoe"e s5ts Phtch in your opinion, ( should
u.sPoss pi. am praparins to sacrifice
np!HS hhahore OF safety R holding the
"ninnsn etooirs, reaIising that coIninon %
-.peA hoiaefs assume the risks OF the busI
heSs II as ray Intention to ssig a. majority
OF 4ny common stocks and to use proceeds
@ s.otn sale OF name Gor purchase OF high
PtHas or ron -cs1tab Bile r2iIroad bottds N4els
ing grona 4.s6 10 s 50 per cent ,yfIs ha VI
approximately $i.008 to invest every n,0nth
pesnipsncins Jonnery 1873 and ssiil ap~
%Fselate IL y yuH wll give me q list o
bonds mat ylsid between 4 e6 aad So per
cent eurrestls, prefarably non~eallable or
lataosa p6nast or any others that you
eiso own $4,000 Unitaa states Liberty
henaE, various tssues and 81 Gao ynstoG
ass,s,a aS@Iss AfssaSFy msa sas new Issue. end IN
Is sts asld per oeut III you do not ~
sa,,'s mows m "r any Of my hoidlner, lSodly uaTF
selne or cross out the ones thut DO pot
appeal 30 you assuring you Of my Erate
59iaesH ia feyoring Tra with your reply q
bends ts1s s,9eo Canadian Northern 6Ms
ddH4s; $1,000 Canadian EoFtbern IS. 1880
- wv. Vt. Louis San Francisco &. iustTae emf
", pa,,3 3so6 si,9Rs Chicago, Milwsukes & y.
seai Psaae s.. ,sss iSSt 80 Ba}tnore s1sp@ Si5 &
Ohio Cetlnains Ss jsss; So 0eO southern
way 4e, 1850; $1,000 5sreat Northern il,
1928; lge9 Pennsylvatiio Railroad eMs'
i?Sbi Sl,9os missouri Pacific is, 1875 81 900
,lnneis CsRtfal 8 1ge, tF&8, el,0e0 New or
louisville q Nashville 51as 2en3: 81 coo
Sshssapee se q ohio general avs, 1882
u
Atehtson Railway consolidated a. 1855
- 0Go AtiRntto Coast {1ine 4lsu 1867
~ 5;Sop ttudson ~ Manhattan refunding 5s
1901; I 100 New York cenirol rebuilding
bs, 2pl3 $l,e0A New YORK Central deBea-
6,. tSTe ss lss@ H. si,99e Chteoge, Burlington 3
quincy es' d99i $1,000 Northern Pao!ac Gs,
efn ae 1899 Pabiic utilities 000 pexa.
rower and Light 6a, 2o22i s4,O0) Kansas
ph'a n COMPANY retandinG 5s. lS44: sio0o
Empire Oar ana Fuaf 2 5as 1897; Sl0o0
TOLEDO Gdison 3s. l0+1. 1ndustripls 81 coo
IA each OF the foiIQ@iug; phiIIips Petro
lru'n rs. 1891 International Mercantile
MARINE. es lS%1 and Diamond Match ?t5s.
1885; Si,s0e in each of tho following
1885; ]. KNyGer fR 1899; Bethlehem steel
IT,, ", l9sS; Rp Isl Port tbs, ie2li aoody'ear
Series a. f94I; North American Edison. Cs
lsS2; v E@sw @ York Edison e1rs, 1871; New
1882 Goodrich 'rire l6{gs, fs49. Farejst
sSeeo stete OF Queensland Gs. l847; $1,000
1870 Dutch East indJsS fa lsos 0i@sT ip@ssaTnart ft
So, is42 stocks 70 American qobarao
Giass 1l 4, 20 Allis.ChalmerH comnon, 90
suaaT prefsrred 10 American Ice pro
ferred, 30 American telegraph and Tele-
prone, 40 American Can preferred. 10
WoOen preferred, 10 American SnuI com
FQn, 10 American Smeiting preferred, 10
Alneritait Car and Foundry common 10
American LIZ France common, 40 Atohisogt
common, Atlas Powder common 10 Bald
WIN Locomotive prefaTFed, 10 Borden Mills
Company common. 10 Burns Brothers a
common, Bethlehem Steel II common; 0
Cosden 6t Co. preferred, 20 Gosden a. ca
common, 10 Consolidated Gas common 5
C,nesapsa1H s,nt,t a. @ & Ohio preferred, 8 chiIde
company per cent preferred, 10 ChAndler
MOTORS comnQp, 10 Canadian Pacific ecIu-
mon, 10 Du Pont common, 10 Dl Popt 8
per cent dobeRture preferred ~ taas
Kodak common. 10 Electric Storage BAT
terry common, ~ Famous Players carnnop,
~ Famous Players preferred, 10 Great
Motorh . per cal1t preferred, 6 Cialona Sig
nal Oh per cent preferred new, i Gfutf
On OF PennsylYents new when issued com
iAon, 10 Gfest Northern Hollrosd per
cent oodlhronl 10 Hayes wheel common,
~ HUDSON Motors ecmrnon 10 tAterna
tionai Mercantie Marine por cent pre-
fefred, 10 Imperial Oh of Canada con-
noon, 10 Inferno tional Paper per cent
preferred stamped, 10 Iliinois Central 7
PSI cent coinnon, 10 kayaer per cent
prsterred - MRy Department. Stores
common, 30 National Pranslt common. -
North American Company preferred !
New York. Dock preferred, ) National Bis
eult -eomnon, New York Central colr- !
mon. Otis Elevator COMMON 20 POSTUM
farrsd, Pullman Company common n
P&n-A neTican Petroleum common, . Penn
sy!Vania Railroad common S PhNs delphia |
COMPANY per cent preferred ts6Q parl
10 southern Raciie common, I g Studehaker
preferred 10 common, ~ Standard Milliug
prsIsrred, standard OIL Of Kentucky {
standard Oil OF Indiana. Standard Oil uI
New Jersey, B Standerd OIL OF California !
!, staaaeyd N. V,ni on Or st 5sases ataadayd oil
Southern Railway preferred, 10 ss. 10
seph kead common, 70 Tennessee Hleetric
mon. 10 Union Pacific oommen, o Unitsd !
States Rubber per cent pgafersed 10
United states Steel preferred, - Western
40 Webeg s. sIei!broaer common, 10 Wear-
ern Nlcctrie preferred 30 Westinghouse
Electric eommon'~~3, IL q.
,Answer-~There are some uncertain.
ties in your list of industrial bonds.
but they are not unrea sonable securities
for an investor who tx willing and able.
as you say you are, to assume the
business risks that go: with common
stocks. Your railroad. foreign and
utility bonds are all suitable. The
greatly diversified for we believe that
you could spread the risk in II desir-
able manner with e-quarter The mum
ber Of separate issues noT held. Re
member that by dividing your funds in
this way you are Increasing the risk OF
not being able TO give each common
stock the amount of watching it de-
serves. You hsVe about 65e shares oi
stock distributed among eighty issues,
or an average OF az shares per saue
We will say, however, that your judg-
msnt in the selection OF common shares
has been good and for that reason it is
diAcult to diHerentiate between those
that should be held and those that you
might we'll dispose Of. TO correct this,
condition Of over-diyeraifieetion we
suggest the sale OF the following com
mon stocks: Borden, Pan AMERICAN
Petroleum; Postum Cereal. May De
paftinent Stores; Hayes Wheel; Great
Northern Ore; Famous players; Dn
pent; Wright Aero: Weber q Huii
bsoner; Southern Ppci6c; ST. Joseph
Lead; American La France and Allis-
Chalmers, You might also consider
selling some of the preferred stocks
and rninycsting il3 other and mere
choice preferred iasuaa now held As
for your request for suggestions on
bonds returning from 425 Ia 5.5 per
cent, we believe that you might wei
confne yourself TO The railroad and
some Of the better public utility bonds
now held, since YOU ewn no mere than
$4,000 of any one issue. Among The
ufilirina Iuo sssoer1aat Mnu, Vnrls