New-York tribune., 1922-11-27
List Generally AnnroYed

AsSS Semeratty Approved
Question: am submitting to you here
with complete list of Investments now
held by me. May I ask you to examine
this list and advise me if---as an average
IT constitutes sound conservative in
vestment for the funda employed. Matur.-
changes should be made without greatly
decreasing return, or X changes can be
made to enhance return without ha2arding
safety, should appreciate your advice
In the case of bonds like New York, New
Haven & Hartford, Chicago Great Western
and Missouri Pacific have always had
would sosrceiy ely a be- sreaser 0T In 'rsxa'1 case of
receivership and reorganization, so that
element Of safety is about the same as
forgot to say that il changes should be
made TO create greater diversity, should
appreciate your advice along theoc lines
1854; Chicago. RoSk Island G. Pacific IDS IS.
1888: Missouri, Kansas G. Texas prior lien
1898; Pere Marquette 5s 1856; Chicago,
Burlington & Quincy hs. 1871: Kansas
City Southern IS, 194s; Western Pacific
Louisville & Nashville Southern Railway
As, 1852; Central Of Georgia Sc, 1929; BaIti-
more mo d Ohio consolidated 4hs, 1913; Cuba
1896; Chicago Great Western frst As 1869; |;
Wheeling & Lake Erie first consolidated
4e, ls4s; e,,, New Orleans Terminal frst AZ;
~.
consolidated 4hs. ls32; New York. New
Haven & Hartford consolidated As. 1866;
pse sa ss lsns psa
adjustment es, 1855; $4,000 New York
Central 5s, 2013: $4,000 Oregon SC Wash
Grea. Northern general 5hs, 1ssa: 5000
Chesapeake &C. Ohio consolidated Ans
1880; $4,000 st. Louis. San Francisco prior
lien bs, 1850; $4,000 Baltimore &, Ohio
81 Waq
ern first As 1889; $1,000 Southern Railway
general genera Is, 1856 5000 New York, New
Forsinn nastf9ra oon 4s saT
$4,000 Brazil ss ie41; $1,000 Queensland
Is, ls4l 2l.ooo Norway So; 1910; $1,000
le72; $4,000 Dutch Ess. indies IS. Is6a:
$1,000 in each Of the following: New
York Telephone 6s, 1891; Tnterboro Rapid
Transit 7s 1889; Brooklyn United Edison
IS, 1850; Southern Bell Telephone So. 1871
Lacleds Gas and Light, series A, rs, 1929
Havana Electric consolidated SIS, 1852;
Idaho Power first IS, 1s47; Alabama Power
first 6s 1871; Appalachian Power first 5s,
l94i; West Pennsylvania Power first 5s
iS46; Northern States Power first 5s, 1871
Montreal Tramways first 5s, 1881; Utah
Power and Light first 5s, 1914; $4,000
hudson and Manhattan refunding 3d. 1857
$1,000 Mississippi River Power first So,
1861. Industrial bonds--s5, 900 Goodyear
8s 1871; $1,000 United States Rubber 71ss.
aySo; $4,000 United States Rubber 5s, 1917;
$1,000 United Drug. ss. 1871; $4,000 Inter
nationaI "a od Mercantile Marine es, 1941:
$2.b00 Lackawanna Steel 5s 1850; 81 900
Allied Packers So. 1889; $1,000 Chile Cop
per SIS, 1882; $1,000 Anaconda Copper 6s,
Virginia Carolina Chemical first rs, 1947:
$1,000 American Writing Paper first IS,
1s3a; ss3a; $4,000 Union OIL OF California 60,
l943; $1,000 American Smelling first IS,
1917 Preferred stocks--Ten shares In
each OF the following: American Locomo-
tive, American Can. Massachusetts, Gas.
n1f H<>,., fi.s,.
Clgar, Steel and Tube, Standard OIL OF
S, New Jersey Seamless Rubber, United
States n,tea Kusser caltornta Petroleum
hem Steel per cent American Woolen,
United States Smelling: twenty five shares
Great Northern Railway, twenty shares
two shares Baltimore & Ohio Railway.
hfty shares American Telephone and Tele-
grGph.-J. 3. p
Answer-We are favorably impressed
by the general character of your in
vestment, as to the caliber of the in
dividual issues and the element Ct di-
versification. Of course, there are
some securities which man Of small
means should not hold even for a day
There is something in what you say
about New Haven and Chicago Great
Western bonds, but to some extent the
wish was father to the thought. You
express the belief that discounts now
prevailing would scarcely be greater
in case of receivership and reorganiza-
ton" That might be true of Chicago
Great Western, but the opinion is
weakened in the case Of New Haven by
reference to price records which show
that only q year ago the 4s of i947
sold % points under the present price
and the 4s of 1866 19 points lower. 1t
is hardly fair to class Missouri
Pacific bonds with New Haven issues.
They are not in the same category.
The only item on your list of foreign
bonds that deserves comment is the
Brazil 8S. You are business man and
we'll enough in touch with affairs to
know what the Brazilian governments
financial record and present position
are. Your public utilities are all good
and Allied Packers IS are the only
weak spot in your industrial bond list.
We consider these bonds a busine g
mans investment, and inasmuch as
you hold only $1,000 we believe you
could continue to hold on. There is
no need for making any change in your
stock holdings.