davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-08-21
Considers Switch to Market Street

ouestlonn-i have 150 shares of American
Sumatra Tobacco common, for which I
must get W to clear even on tho purchase
price, now valued at about 40 | have been
ADVISED to trade this for Market Street
Eailways 1iaiy prior prferred now at about 63
This move is not only in order to receive
ulV!dend on my investment but as a more
hKely chance Of evening up my loss on a
rise rise. Am advised the City ofSsan Fran
inns road What Is the likelihood Of n IA
vorable W transaction, and if SO what is the
Likelihood of the city retiring the stock or
continuing good dividends? Do you con-
slider this a wise move? what effect
would the San Francisco deal. If it goes
through, nave upon the possible retiring of
Street stock? Would it be wise TO sell
half my Sumatra in exchange for euuiya :.
N1n ,ent AMOUNT Of first or second preferred
Market Street?-J. b. H.
but that your investment position
would be strengthened by switch
from American Sumatra Tobacco com
mon to Market Street Railways prior
preferred, despite the uncertainties
surrounding possible sale of the rail
road properties to the municipalitv of
San francisco. Negotiations loolino
toward such purchase have been re.
sumed after q lapse Of several months.
put What the outcome will be it is too
early to say. Various estimates Of
"hae ssochHoluerS would receive in the
event the company realized the amount
asked Tor Its property, but until a
defnlte price is agreed on such est;-
mates are valueless in arriving at an
approximate valuation of the stock
Nothing definite has been decided. 40
lar as we know, as to what will bio done
with the preferred stocks Of the com
pany Shouldn't be acquired by the citv.
Earnings OF the road have materially
improved this year, it may be added
and the outlook for stockholders un.
der ordinary circumstances has i'm
proved in the last year. Whether or
not 1, TINS has been already discounted in
the the price OF the stock is question
that should be considered bv M
chaser for speculative rise--and an
parently you are considering the switch
from this angle as we'll as from an
investment viewpoint.
New-York tribune., 1922-08-21
Is Not Going to "Rite"

Question-Will you please let the writer
nave your comments on the following: A
salesman, representing the Central Copper
Company, II Broadway. New York city,
Is endeavoring to sell common stock Of
that company to a number of my friends
at the rate of 800 for 125 shares. He
has shown them lantern slides of the
great mines which are, SO he states,
surrounded by number of the largest
copper mines In Arizona. Among other
things he states this stock VIII shortly
pc selling at IS and eventually be worth
S75 to $50 per share. Further, that he can
only sell stock to the amount of s1OO to
any one person. Now 1 am not going to
bite, for the reason that I believe this
salesman's lines" represent lot OF bunk
But. II possible, I want to also save these
friends who are ready to buy some of the
stock.-S M. It.
Answer--We are glad you have the
good judgment to realize that state
ments similar to the ones represented
to have been made by q salesman SELL
ing the stock of the Central Copper
Company, of Arizona, are made solely
for the purpose of appealing to the
imagination and the emotional side of
their prospects. So long as the ones
approached give a semblance of in
terest in unauthorized predictions that
can have no basis of truth statesmen
continue until they have reached the
height of the ridiculous. The purchaser
of stock in the Central Copper buys
an interest in a speculation that in
view of the present copper stock out
look presents no, attractive features
and he does not know how much of the
money he pays for his stock goes for
expenses of the selling organization
that has secured him as stockholder.
The disposition to obtain something
for little or nothing is still prevalent,
but experience has taught many thou
sands that sound security offers the
best method of investment to insure
increasing capital.
New-York tribune., 1922-08-21
Value of Legal Investments

wch Restricted 10 legal
counan
where do not ow
the
although the
something palhess him.
at the present timer
calb ia the
o. advice
their
you
citiaHv--L M. p.
legal
legal issues that highly speculative and which would hf
recommending
legal aspect of reduces the yield the
the readily marketable and markeabty something
that must be paid for
that that
recognize that the
the bond high yield instance something bought
Of security Something is sacrificed
New-York tribune., 1922-08-21
Marland OIL ss

Quest ton---Kindfy give me any informa-
tion you can concerning Marland Oil 49,
rtifcates, with warranta due 1881, or IS
there a bond with rights? DO you think
safe investment or Is II purely speculative
What are the prospects Of Case P|ow pre-
ferred? Any information you Uny be aple
to give on any of the above VIII pe sfedtis
apprec iate ted--G. III. v.
Answer Marland Oil Company IS,
Series A, 1881, carry a detachable war
rant emitting the holder thereof 10
subscribe on or before April /, 1881,
to twenty-five shares Of stock of Mar
land Oil at $40 share. The stock
is now selling below that figure, but
recently sold as high as 46as, and it is
understood that many bond holders
used their warrants to subscribe for
the stock at $40 share and then dis
posed of the stock at profit. This
selling partly accounted for the de-
cline Of the stock. The bonds contain
an element of speculation, but are suit
able for business man in a position
to keep in close touch with market
conditions and with the affairs of the
company. Western Pacific preferred
can hardly be regarded as an invest
ment stock. It has speculative posst-
bilities, but the holder should be in
position to assume the risks involved.
The prospects for j. !. Case Plow pre-
ferred have improved as result Of
the outlook for bountiful harvests. In
creased purchasing power of the farm
er should benefit manufacturers Of ag-
riculturaI machinery.
New-York tribune., 1922-08-21

Question Would YOU please give me a
list of those Ave or six cumulative pre-
ferred stocks which you consider safest
and best from the small investors point
of view. I am particularly interested in
those which are preferred both as to divi-
dends and assets, SO please Indicate which
In your list are. I would also like to
know the caliable feature of each and their
approximate yield at the market price,
A. j. p. jr.
AnswerThe preferred stock Of
each Of the following companies is
cumulative as to dividends and has
asset preference: American Bank
Note. paying 8 per cent. and yielding
SIT at 81; American Can, paying
per cent. and yielding 6.36 at l10; U. S.
Steel, paying per cent. and yielding
$50 at 120; Corn Products, paying z
per cent. and yielding 6.09 at 115; p.
Lorillard, paying per cent, and yield
ing GAS at 1oS. None of these issues
Is cailable
New-York tribune., 1922-08-21
Answer-Promoter and fiscal agents
Dickinson Cord Tire

looked up different concerns and would
advise their. readers if they We're dealing
vested little money and have three
months to pay the balance In, so wonder
If you could give me some information in
reference to their standing. The name of
the company is Dickinson Cord Tire Cor
poration. at 220 West Nineteenth Street
will be very grateful for any nformati ton
you can glye,---H. d.
Answer--The Dickinson Tire Cor
poration is the owner of patents on a
machine that it manufac-
lures and proposes to lease on a roy
atty basis to tire manufacturers. N.
P. Bagley G. Co., the fiscal agents in
the sale of the capital stock, inform us
that all experimental work has been
paid for and practically finished. More
than 100000 had been expended by
interests identified with the company
before this stock Offering was made.
The company is stated to be in good
financial shape, with cash assets Of
close to 100000 and no outstanding
payables. About one-third of a stock
issue Of 100000 shares remains unsold.
The inventor Of the machine, T. S.
Dickinson, received one-third Of the
capital stock for patent rights. It is
stated that rs. per cent of the receipts
from sales Of stock go into the treas
ury Of the company and statesmen are
paid commission, partially in stock,
and this stock is held in escrow until
dividends are declared. You realize
that the purchaser of shares of this
company is speculating on the demand
for tire machines and should be in a
position to assume the risk involved.
New-York tribune., 1922-08-21
Jurgens Bonds Decline

Questton--Sorae time ago I purchased q
bond of the Anton Jurgens convSrtihiss es q
aao,sa isansa s..,ses, q. soh have noticed prices
Is anything wrong Should j buy q any q,
more y average my price. or would von
r. ID. As sute -
Answer We are inclined to reason
that the decline in the market price
Of Jurgcns United Works IS, 1917. Is
because secondary distribution Of these
bonds did not. find sufficient demand
Tor this issue at the original Offering
price Of 0oa. and when the syndicate
agreement Terminated, the market price
Inevitably declined. The purpose Of
this Issue is partially to liquidate cur
rent indebtedness and provide work-
ing capital. The nature Of the bust
ness Of this company. manufacturing
and exporting butter, is of such char.
acter that we class these bonds al not
better than a business mans invest
menf We would not advise your pur-
CHASING moro of these bonds, nor do
we know OF any change in conditions
that would call for selling your pres
New-York tribune., 1922-08-21
Seeks Long Term Bonds

Question: have been constant reader
Of your paper up to year ago. when
left for Europe I should be very grateful
Il you could give me some ndvice as 10
the purchase OF six bonds you con
slider absolutely safe am widow, with
limited meanss and | want to derive an
income from same. should Ike long
term bonds, say twenty years, $4,000
bonds to yield about 6 per cent. IL you
can recommend higher percentage 20
much the better. but consider safety FIRST
M. w.
Anewer--Bondg of the highest grade
cannot be purchased to yield per
cent. Yon can obtain six bonds yield
ing on an average almost this figure,
however. Such bonds include Great
Northern 5hs, 1852; Southern Rail
way 6hs, 1866; United States Rubber
SIS, 1947; Consolidation Coal SIS, $50;
Dutch East Indies 6s, 1947, and Pub
lie Service Corporation Of New Jersey
perpetual 6s.
New-York tribune., 1922-08-21
Switch i'm Bonds

Guestion--some time. ago I purchased
baltimore & Ohio Pittsburgh Junction 3 u
per cent bonds, due in 1925, which were
purchased at S9is. The salesman at that
time stated that these were short term
bonds and would rapidly advance to par in
1923 They are now selling at a3A. He
now proposes to exchange these bonds for
first and refunding'6 per cent bonds of the
consolidation Coal Conn pany of Maryland,
due in 1850. stating that he expects to see
these coal bonds sell at par within a year.
would like Your opinion as to the security
OF the two bonds mentioned. Are they
equally secure? 1 would also like your
opinion oH the probability of the Consoiida-
ton bonds advancing from 91h. which
they are quoted at the present time, to par
within years time.-D. J. w.
Answer-Both bonds you mention are
good investments, but we cannot at
tempt to predict future price move
ments. If money rates continue easy
or decline further, it is reasonable to
suppose that bond prices will appre-
ciate, but predicting such changes
comes within the boundaries of specu-
lation. You must use your own iudg-
iaent in making such changes.
New-York tribune., 1922-08-21
Bank Unwilling to HeJn

fo,,r,h oaesiion-I n have one. $500 bond Of the
same issue. Kindly let me know whers ~ =
ahn ABOVE ssa sntian sn9oS bond N exchange for
seem see to to be willing to help ma In the maj
Answer-We do not understand whv
your bank is unwilling to exchange
your bonds unless it is not member
OF the Federal Reserve system or IN.
less some Of your bonds have been
called for redemption in December ana
some have not. This should not make
any a. appreciable difference, however.
exchange. you can have YOUR bonds az
changed without charge at the Federal
reserve Bank in New York. You shonld
pear pea, in mind that Victory notes Of
series r 4 to T, inclusive, have been
called for redemption in December. and
unless you wish to take bond that
VII mature then you may do better IN, to
#ssn2se of your bonds in the market
New-York tribune., 1922-08-21
Famous PLAYERS Preferred

Question-N1ay / ask your opinion re-
garding thn purchase of Famous Players
Lasky Corporation per cent cumulative
preferred for a business mans Investment
j. r. A.
Answer-Famous Players-Lasky Cor
poration preferred is fair business
mans investment. There is consid-
cradle element of risk in the motion
picture industry, but the company you
mention gives evidence Of efficient
management and the preferred shares
are suitable for an investor in a po-
sition to keep in touch with affairs of
the company.
New-York tribune., 1922-08-21
Would Sell yictories

Question: have $1,000 in Victory bonds
which have been called in by Decemher
10. would you adyise me to sell them now
because they are above par? If You should
auVlse me 10 sell them, please recommend
sntne s conservative. safe bonds. / also have
$4,000 more to fnvest.-ADr. L.
Answer--We believe the sale of YOUR
called Victory notes would be logical
move. The following securities would
be suitable for your $4,000: Twenty
shares of New York Telephone 6h per
cent preferred, selling around l07is !;
$4,000 United States Rubber SIS, 1947,
yielding about 81 per cent; $4,000 New
York Edison 6ks, 1941, selling recently
TO yield about 5.5 per cent; $4,000
Canadian Northern Is, 1910, yielding
about 5.S per cent. and $4,000 Pere
Marquette first 5s, 1856, yielding about
0.1Nper cent.
New-York tribune., 1922-08-21
Libby, McNeill & Iibbv

Qnestiop-Wiii you kindly give ne al
available information concerning Tia fnsJ
ciai condition of Libby. McNeiil & Iib5]
of Chicago. and also your opinion as 4
the conpany's prospects sor SUGGEST Al
information you may give me -e,stive /
the above win be appreeiatsd-G. S,
Answer-The Libby, McNeili & Libhl
Company has hardly completed II
financing through the sale Of preferrsa
stock and it is, therefore, too eariS
to be able to note any change. NJ
are not in a position 70 predict as d
future business conditions affecting
this company, but as the purpose d
present financing IS to reduce current
liabilities about 67 per cent. the hEan1
cial operations of the company should
be less restricted and credit position
strengthened.
New-York tribune., 1922-08-21

mend high coupon bond that is calable
on short notice, and Go so only where
an investor is not particularly emphatic
about permanent investments On the
other hand, we are continually calling
attention to the fact that this or that in
vestor holds bonds that are likely to be
called If the course of interest rates con-
tinues downward. We cannot treat all
bonds alike, from the standpoint of call
ability. If a coupon rate Is high, say s
or ~ per cent, the borrower is working
under positive handicap if he is un-
able to find relief from the heavy in
terest burdens by calling in the obliga-
ton. There are many bonds which we
do not recommend for the reason that
they are not callable. That may sound
contradictory, but we think you will
grasp the idea.
New-York tribune., 1922-08-21
Selling Speculative Stock

Question-Will you be 60 good as to ad-
shares of Swift International, at 26. and
20 shares of AngloAmerican Oil at 40
l. must sell one Of thenf but want to sell
back" At to-day's market the loss would
be about the same on both--S20O. The
former paid me .S57 and the latter sl4
ion. do you think the better to hold? Also
what bond paying between 6 and z per
cent would you suggest me buying, cost
ing around SCOOPS. NJ. C.
Answer-Although neither Swift In
ternational nor Anglo American Oil is
IN the investment class, we consider
the stock Of the latter company as
more speculative, and for that reason
less desirable. Southern Railway 61as,
1866, sell slightly above par and are
desirable, meeting your requirements.
New-York tribune., 1922-08-21
Concerned Over Cities Service

Question: hold about IA shares Cities
,,,ns service Conpany common stock, which
S225 per share, but which has had con-
siderable decline since, owing undoubtedly
to to the three cuts that have taken place
In price of crude oil and the general un
settlement In the oil business I feel a
nttle nttle concerned about this stock. Do you
ttan, tnlnk 1t would be advisable to sell the
STOCK and reinycst the proceeds in Cities
Service Company Series b. convertible de-
tpentures, which would not only provide an
nittnna, iutome on an investment but give me adj
al.,onai security and also provide some
opportunity for making up loss as the
de denentures usually So UP when the com
mon stock goes up. Very likely when tho
oil business improves and becomes MAE
Stabilized both the stock and the dehens
uaa, rarss VIII WI 60 up. as has happened in the
proceeds of this stock ne invested In so,no
ponds and some stocks diversified so as
20 20, glVe a fair return and also have pos
loss? If | sold ct prevailing markct s'i -
wouid represent a loss, which am natu
visab,e nov ahMioe& hao 2 to take unless it is ad-
tine and realize that ii fluctuatas 60
stperan,y aba tn saIi III market price # not advls
when can do so withoutga loss--Y. r.
Answer-Since you wrote vonr lo+
ter concerning Cities Service common
the stock has beea strong, recovering .
substantial part of what was lost. I'VE
would say, however, that if extren,s
fluctuations in market price are ant
to cause You any worry, then this stocL
IS not the kind of security for YOU to
hold. The debenture bonds have a
better claim to an investment rat;no
yet we do not rate them as a hiph,
grade Investment by any means. The
only drawback to holding for recovery
stock in which you have lost con.
idence is that when recovery has be-
come complete you will have regained
commence and Will forget your original
intention of exchanging the stock for
some security not. as susceptible to
violent market fluctuations. For this
reason we hesithte TO make definite.
recommendation and must leave the
question of final decision in your own
hands. Wesdo feel, however. that your
position from an Investment viewpoint
would be greatly strengthened by max
ing an exchange for some more con-
sclvative security
New-York tribune., 1922-08-21

on your second point, namely, the
value of foreign bonds, we must beg to
qualify your general statement. We do
not recommend foreign bonds as gen.
eral class any more than we give a
blanket Recommendation to industrial,
public utility or railroad bonds. We
have maintained through the period of
our service that there are good, bad and
Indifferent foreign bonds. Answering
your direct question, we would say that
we do not recommend the placing of
ones savings in all classes Of foreign
bonds and, furthermore, we do not rec.
ommend placing all of ones savings, if
they are extensive, in any bond, foreign
or domestic, unless the element of risk
is at q minimum.
On your third point, we beg to call at
tention to the fact that we rarely recon-
New-York tribune., 1922-08-21
Losses in Republic Motor

Question: am in bad in Republic
Motors at s11.50 per share Can you give
take your loss? 1 may buy some coppers
What can you recommend for Investment
Nevada or Ray? Any information you
may be able to give me would be appre-
ctated, or do you ever recommend any
thing for investment that Is not too high
and safe, paying dividends?--L WE
Answer-Your experience with shares
of Republic Motors should prove to you
that it is extremely difficult to keep
your capital intact and speculate. For
this reason we suggest you abandon
the idea of buying any of the stocks
you have mentioned and select instead
few shares of Atchison preferred at
around 81 and you will have the salts
faction of experiencing how invest
mentS paw,
New-York tribune., 1922-08-21
Cities Service Preferred

ouestion---Wiil you please let me know
as soon as convenient what your opinion
IS regarding Citieg Service cumulative pre-.
ierred stock. paying per cent cash divi-
Gen aends and yielding over per cent? Do
you recommend 1t az reasonabi safe for
q person with very limited amount. who
9eslres to use 1t and invest in something
snat is fairly safe and yet has speculative
possibilities M j. w
Answer The outlook for, Cities Serv-
Ice preferred has improved as net in
come from utility companies operated
by Cities Service has recovered. Earn
iings from this source in June were the
largest in the company's history. it is
said. Dividends have been restored to
cash basis and the stock from an in
,yestment viewpoint has brighter out
look, although there is still an element
OF speculation in it that makes it un-
suleaole except Tor business man in
a position to keep in touch with market
conditions. :, : :
New-York tribune., 1922-08-21
Conversion Suggestsd

Question: hold 5000 per cent Wss
ern Electric gold notes. which are calls
for redemption October, 1922, at 1e2.
have the privilege OF converting san
into per cent cumulaiivs prefers
stock, the market quotation Of waa
is about los. What would you adyss
A T.
Answer-We see no reason why =.
should not take advantage Of the car
version privilege accorded holders
Western Electric notes called for =
demption in October. exchanging thsi
for the eonpany's cumulative prefers
stock.
New-York tribune., 1922-08-21
Rail Stock Unknown

Question: would greatly appreciate any
information yon can give me regarding
the Puget Sound & Spokane Railroad, of
Seattle, Wash. purchased fifty shares
from G. III. Morrison, who makes his office
at the Grand Hotel. H. A.
Answer-We are inclined to think
you have not given us the correct title
of the security you purchased, as we do
not know of the Puget Sound & Spo-
kane Railroad
New-York tribune., 1922-08-21

Qncstfons Of ge neral interest TO in
vcstors .ritt be unsiocrsd IN this col
ann, in sehich case only initials pill
be ssed, Others soi., be ansaoered BY
mai, Address all inquiries, inclos-
ing stamped, addressed enuelope, TO
Financial Editor, The Tribune, 1s1
Nussdu Street, Nem York City.
New-York tribune., 1922-08-21
Contain Element Of snecpratian

Qnsstionr-K Kindly advise the writer as
so WY Union Bag and Paper and Nest
ern racine preferred should sell in tho
neigheorhood of co; also advise as 10
MnsSher You would class them as n fair
business mans Investment. .-R j. III.
Answer-The present selling price
I0r 10 Union Bag and Paper stock and
be attributed to special causes sreafing
uncertaint In the case of ths former
company depressed conditions IN the
paper business have resulted in a large
decrease IN operating income and ne
cessitated reduction in dividend paw
ments to per cent basis. The Anal
result OF litigation that Involves the
western Pacific and Denver & Rio
Grande Western rail- Dads IS not vet
determined, and this is an unsettling in.
huence. We consider these securities
as suitable only for an investor war
ranfed in taking business risks.
New-York tribune., 1922-08-21
Tel. & Tel. for Workingman

Question: purchased FIVE shares OF
American Telephone and Telegraph at $122
per share Is this sound and safe invest
ment for workingmaI and do you advise
holding same in preference to putting
money in savings bank? Any information
you can send ME will be greatly apprec!-
ated by me.--A. G.
Answer-American Telephone and
Telegraph stock cannot be placed on
the same investment plane as savings
banks deposits, but it is a reasonably
good investment, even for a working
man not in position to watch his
holdings closely. He should be able
to keep in touch with market condi-
tions, however
New-York tribune., 1922-08-21
Inquiries Should Be Signed

Inquiries addressed to this depsr
ment of The Tribune are regarded z
confidential, but to show the writer
good faith all should DC signed snd 3 :
address should be inclosed Tor repsi
Letters from the following are oei1'
held for Identification: Mrs: y. G;' 2 2