davidaulloa/AmericanStories huggingface dataset:
Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-03-20
Sanders Auto Parts Co.
229 West Main St. Phone 1863.
Automobile Owners

You will get 20 to 40 per cent more
miles per gallon by using Superior
Gasoline Naporizers. Price $50. Free
trial Proving is convincing. Postal
brings information and cuts. State
make and model
L. l.. MONTGOMERY,
1916 Banks Ave. Superior, Wis,
Manufacturer and Distributor.
Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-03-20

FOR SALE--Large Z room house, In
good location; newly decorated;
bathroom; electric lights; $3.50.
room house, West Ottawa; toilet,
gas; $3.50.
Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-03-20
ANNOUNCER EMIT.

POLITICAL ANNOUNCEMENTS
Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-03-20

Georgia has peach king. We
thought all Georgia peaches were
queens,
Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-03-20

WANIkD-Dis hWashor. INQUIRE ut
Andan Restaurant 2OJ West Madt.
son St
Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-03-20

The world may be at peace, but
Il is hard to keep any in the family.
New-York tribune., 1922-10-08
I ,otto,a Tone Easy
On Hedging and
1 Realizing Sales
The Final Prices, However
Show Net Gains Of ! 20
10 Points; Advances in
The Early Trad 8

{ rso 6rmer tone which developed IN
4. cotton market during the middle
'ss a. week was evident during yes
.;av,s g @ earlier trading. Further ad-
sssex .s. however, met corisideraeie
sssshern hedging and rsaaill,n,g s,,!: lot
sysr the week end, aad aftsr sein,s ~ o.
8, Sse or % points net. higher' pcssa.-
~ closed at 21.62c. 0tneI lho,,sns
e ls.ued similar reactions, ana the nnai
sao sanesof the market was easy, aishough
,ss. ,sae nr;ces r. showed net gains OF TO ~
points. .f,.frs IL, the Near
ti'set is tat' - he nsershad@wea ps puistsn
Esst seep.su ~, ~ pef xdyicss ana 'he con-
rouI. scum" .v .s,,tty ~ tie goods sssas curing
La, trading but pfeeao s,,
.he .s Sssnosftion 10 take pronssa .rna as,,s.,s
ton for over the wssn wssssnetaiiy s1i attributed to
however wAs iIiv. asf sosfsion OF ne market
the easier fecnllsas fecnn, thpt further advances
and ~, sed Southern oHerings
wouid tuses s,s6 dgures we're commented
9ns ,,aaiesafeIs beal'sA, OUT traosrs
,srn more l,,sprssssd y s asrIv yea e ne .ne
more nTgenss s.ss ~ absorbed and that mar
cotton nag tss on was moro likely to
Retifa 49, 80 nons than on declines. This
he on assssrsd assrd with the increasing activity
idea eonstn of the domestic goods mar
arc ssss w Considered chiefly responsible for
~ early advance u
tns tnsssrsbsrn spot markets as officially re-
go ~ ,vare generally unchanged. The
lysesi market for spot cotton was steady
+. =. - ara noSnts higher at 2f.55c; no sales
we've reported
<u,,nut,anye of prices.
New-York tribune., 1922-10-08
Investments Of Some Risk

Questton---WiI you please give mo your
opinion as to the following securities; /.
American Telegraph and Cable: O. Mobile
a Ohio 4 per cent trust certificates guaran.
teed by the. Southern Railway? As to this
first l wish to know whether they ara
In them by person OF limited income and
n, cans As to the second. the same aues-
ton occurs to me. Also please let nae
know high and low price for the past few
years {Mobile g. Ohio trust certfncategl
and price around present time. Are tiese
securities readily marketable even though
not listed7 Just what does the Southern
Railway guarantee7 Are these certihcates
cailable. snd, if 90, when and Ct What
very much In giving me the information
reouested.--M. III.
Answer-The Mobile & Ohio per-
petual stock trust certificates are an
obligation Of the Southern Railway and
not Of the Mobile & Ohio. They were
issued by the Southern in exchange for
an equal amount OF Mobile & Ohio
stock and are secured par for par by
Mobile stock. The certificates are
listed on the New York Stock Ex-
change, but are inactive. We consider
them q suitable investment for a busi-
ness man. They are not cAllabls.
American Telegraph and Cable stock
has derived it's investment position in
the past from dividend guaranty BY
Sha Western Union Telegraph Come
nany. The Americans properties were
leased to the Western Union N 1882
New-York tribune., 1922-10-08
Oil ON Island of Dagdc1

Trade Commissioner Rogers, Riga,
reports to the Department of Commerce
that Reval has been considerably ex-
cited by the activities in connection
with oil on the Island of Dagden, in
the Baltic. Four different groups have
been formed for the purpose Of boring
in various parts Of the district in
volved. A Belgian company will bore
two wells, two Esthonian companies
and another said to be composed of
Russian and Armenian interests will
each bore one we'll. According to the
research experts the oil is supposed to
be some 800 feet below the surface.
The Department Of Commerce is In
formed on very good authority that ii
is shale oil and not likely to be of
much Importance.
New-York tribune., 1922-10-08
Mail Order Stocks

cluestton---As a safe investment for a
straight purchase but with probabilities OF
Increased value under present conditions.
will you kindly advise what your opinion
gomery Ward cominon7 Also would
appreciate information regarding Interna-
tional Harvester common. VIII you also
kindly tell me what invertment you would
chase (about $500 worthy for a trust
fund 3--I. A. J.
Answer--We cannot attempt to sug-
gest the possibilities of appreciation
in the price Of Sears Roebuck common,
Montgomery Ward, International Har>
vester or any other stock. That is out
side the province Of this column. we
cannot GO much further than to say
that there has been a remarkable inn
provement in the earnings Of the two
mail order houses, especially Mont
gomery Ward, and it is safe to assume
that as general business improves, par
ticuiarly in the agricultural regions,
the earnings Of these two companies
will increase. 1t is our opinion that q
resumption Of dividends on these two
stocks is likely development of the
future. We must refrain, however,
from stating whether these stocks
are logical purchase at the
present time. international Harvester
is, in our opinion, good investment
for business man. II you are strictly
bound by law in the investment Of the
$1,000 trust fund we suggest Baltimore
& Ohio refunding and general IS, 1895,
yielding about " per cent. This issue
comes in $500 pieces
New-York tribune., 1922-10-08
Dependent on Incnme

nns Vsuestion--4H Having $1,000 / wish to tnys.,
tske ~ n'rsng ,.sg any income II may bring,
fellow toer.y TO ask your advice on The
ess,somng' en,,,ng Standard Gas and Electric
st 81 ! ipany per cent cumulative preferras
T., ta ~ pr value $50. This was advert,ssa
Ice iss '9c,aays cays Tribune; the Ohio Public serv.
preterredp pann 49, Per cent cumulative arst
also in tTrihnos iah,oos series A, par value sloo;
Ahswer--W We are unable to determ inc
from your letter to just what extent
YOU are dependent on the income frnr,
your securities. Unless you feel Won
can afford business mans risks Sou Sou
shouid consider higher grade preferred
ssoeks tnan either you mention. If
YOU are only partly dependent on the
,f sgno .h ahd feei you can watch affairs
Oh the companies, either would serve
your purpose, with Standard Gas ana
Electric preferred entitled to the bet
Yer ranking, in our opinion, because Of
ITS ready marketability. =
New-York tribune., 1922-10-08

On the whole, you have shown good
Judgment in tho selection of securi-
ties from which you expect to derive
your entire income after your retire
ment and there are but few sugpes
tions that we feel called upon to make.
The Omaha & Council Bluffs Rail-
way 5s, in the first place, are about
the weakest spot on your bond list.
This is bond which is not calculated
to give you a comfortable feeling, and
we suggest that you dispose of it.
Your real estate mortgage bonds are
by no means the highest type of this
security. but your investment struc-
ture is sufficiently diversified to jus
tify your holding some, provided you
can keep in touch with the larger
changes in real estate values. You
would be better off with fewer non
marketable bonds.
After your earning power has ceased
safety Of principal will become a
greater factor than it now appears to
be. The holder of one of the Central
New-York tribune., 1922-10-08
Comparing Preferred Stocks

auestion---Please state in your column
ya what you think of Tennessee Electric
first preferred stock. as an investment.
Does it compare in strength with, let us
say, the New York Telephone s,s per
about four or five stocks yielding about
IA to 9 per cent, comparable in strength
to the New York Telephone sIa per cent
preferred stock.--J. L.
Answer-The Tennessee Electric
Power Company was incorporated only
three months ago to acquire the prop
critics OF K Chattanooga and Tennes-
see River Power Company, the Nash
willie Railway and Light Company, the
Tennessee Power Company and the
Chattanooga Railway and Light Com
pany' The company has not been in
business long enough to earn an in
vestment rating for the preferred
stock and we consider it speculative.
There is hardly any real basis Of COM
parison between this per cent stock
and the 61a per cent preferred of the
New York Telephone Company. You
might say that the New York Tele-
phone preferred stock has not been in
existence any longer than the Tennes-
see Electric Power preferred and that
it is not seasoned. True, the New
York Telephone preferred is not sea-
soned, but the company is seasoned
revenue producer, having earned in
1921 sufficient to- pay about eight times
over the amount required to pay a
full years dividends on the present
amount of preferred stock outstanding.
New York Telephone preferred belongs
in the same general class as United
States Steel preferred, National Biscuit
preferred, American Car and Foundry
preferred, Union Pacific preferred and
Atchison preferred.
New-York tribune., 1922-10-08
Partial Exchange Favored

Questlon--From November 1920, TO July,
1871, ! had number OF guaranteed mort
CAGES maturing between above dates which
! called and invested tho proceeds In the
following bonds: American Smelling and
REFINING 6s. 1947; Kansas City Southern IS,
ISbx' New York Central debenture 6s, 1898;
Great Northern Railway, Series A, 7s
1885 Northwestern Bell Telephone rs, 1871;
standard Oil OF New York Ms, 1e33; Chi
cage Union Station 6hs, 1851 illinois Gem
tral Railroad e1as. 1895; Western Union
Ielesraph Company SIS. 1888; New York
Edison iaA 1e41: International Mercantile
Marine es. These bonds show me a hand
some profit. Would you sug gest selling these
bonda and renvesting In guaranteed mort
cages which still bring s "a per cent? L
am guided to o great extent by your firlan-
ciai column in The Tribune.-A. Fl.
Answer-It is scarcely necessary for
US to remind you that the investment
Of all your funds in non-marketable
real estate securities is not wise
move. Some part of your funds should
be in q form where easy, quick liquida-
tion in case Of emergency is possible.
We feel, however, that you can afford
to carry some guaranteed mortga ges,
and would suggest that you strike a
middle course and exchange only part
Of your present holdings for 5h per
cent guaranteed mortgages.
New-York tribune., 1922-10-08
Utility Investments Large

Question--Kindiy criticize the following
list Am In position 10 watch invest
ments. and without dependents: $1,000
Canadian Northern Is $1,000 United
states Rubber 5s, $1,000 United Light and
Railways. $1,000 Southern Colorado Power
g., $1,000 Masissppi Valley Power Gs.
I,0oo Mountain States Power 5s $500
western states Gas and Electric 0s. Is
shfs'es American Telephone and Telegraph
70 shares Bethlehem Steel per cant pre-.
ferred, 10 shares United States Steel pre-
ferred, 10 shares American Car and Foun-
dry common. 20 shares Standard Gas and
Electric preferred. Would appreciate suE-
gesticns as to substitutes, II any. Also
would It be advisable to change American n
Car and Foundry common to bonds ?--J
c., ".
Answer The percentage. Of your
money that is invested in. public
utility securities appears to be too
large, in view of the fact that all your
utility bonds are second grade. We
would rather see you keep the Ameri-
can Car and boundary common and
exchange the Standard Gas and Elec-
trio preferred for some good bond,
such as international Paper 5s, due
1e@7, yielding about So per cent. A
switch from Car and Foundry common
to preferred would, of course,
strengthen your position.
New-York tribune., 1922-10-08
Toronto
Manila Cotton Goods Market

Trade Commissioner Logan, Manila,
reports to the Department. of Conn
snerce that the Manila cotton piece
goods market has been quiet, and inn
porters state that American man,ifac,,
priass ON bleachsd and gray goods and
that large quantities OF gray and
colored yarns Of cheaper grades are
coming from Japan, but that importa-
tsons from Manchester and Lancashire
are below normal. The Manila market
10 sonewhat overstoaked on prints and
fAsaiy goods, but on more staple sup-
pfl. stocks srs about average.
New-York tribune., 1922-10-08
Average Yield Higher

states m ne Sf s sssgss stoss
would like to sell that out and take other
stocks. that would bring me In a little
more interest that could be. bought below
par. what would you say about American
Woolen,. Southern Pacific. Standard Mill
ing preferred, Bethlehem Steel per cent
obxea 10 You you could nse
other stocks that you would think pretty
safe ct present and that I could watch.
Answer-The return on United States
Steel common at the present price and
dividend is small, but that is because
the Corporation has record for main
tanning dividends in time Of stress and
paying generous extra dividends when
earnings are exceptional. Over pc
riod Of ten years ended December 81,
1921, the average yearly return on Steel
common was more than 10 per cent. War
time, earnings, of course, were RESPONSE
BILE for bringing the average to such a
high figure, but there are peace-time
factors which always make this stock
sell above other common stocks. The
price now fairly reflects the general
expectation Of extra dividends at some
future time. We believe that over a
period of years representing business
cycle the chances of Steel common re-
tanning It's regular dividend in poor
times are better than those Of South
ern Pacific and American Woolen com
mon, although both these latter have
come through the recent unpleasant
ness without reduction. If you want
immediate higher return we suggest
that you take some good preferred
stocks. Standard Milling and Beth
lehem Steel per cent preferred are
suitable. You also might consider
American Ice and New York Telephone
preferred stocks.
New-York tribune., 1922-10-08

Steel per cent bonds must lie pre-
pared to follow closely everything af-
fecting the earning power of the COM
pany. The fact that these bonds are
not callable before maturity is not
particularly inspiring. 1t means that
this company is tied up to an excess
sive interest charge for nineteen years.
You understand, of course, that in
terest on the New Orleans, Texas &
Mexico income IS is payable only If
earned. This bond has some of the
characteristics Of q non-cumulative
preferred stock, however, and there
would be no objection to your holding
the preferred stock of railroad that
is doing as we'll as the New Orleans,
Texas & Mexico!
Stocks like Pierce Arrow preferred
are likely to prove source Of uneasi-
ness to a person in your circum-
stances. You would be better off with
this issue eliminated and something
like New York Telephone preferred
substituted for it.
New-York tribune., 1922-10-08
Not High Grade Securities

r,roG,,s. iow --How do YOU regard the Beaver
cent ho,ssa Soin pahy hrst mortgage 7,a per
very marketable. but am not necass, ass rtsv no.
took,ns 70 KIM for that feature. simply want
high mdnes rafn away hi,ndeanitey and at as
saoiy safe? Do you regard the T. n svn.
bonds bonds as 0snpang bnS first mortgage per cent
90 you think of Shelton Looms =. "nas ana
ite nshs soraann earning its 81 annual dividend on
sns ~ n3 SoHlinon non STOCK Please send mo so,nn
IS. w " eheir earnings,
AnswerThe reorganization n,.r ~
Beaver Board Companies. declared
operative last June, has resulted in
tne reduction of current liabilities
with the issuing of per cent notea.
ana the present issue Of IN per cent
oohas ,s ior the purpose of funding
capital. The business of this comnanS
is subject to. considerable competition
and, although the cost value of it's
iiNed assets ls large, as compared to
lSs FUNDED. debt, we consider that an
element OF speculation is attached TO
ownership of these bonds that CLASH
nes the issue as suitable only for the
individual who will keep in touch with
company 6 earnings. The history Of the
.. IA. Symington Company indicates
that its management is CONSERVATIVE in
that dividends on the preferred stock
have been suspended whenever it was
considered expedient. We regard the
issue of 7 per cent bonds of this com
psny as reasonably good investment.
Shelton Looms Is and Martel Is are
business mems investments and not LOT
a class suitable for woman uncon-
nected with business activities. Sales
Of Loft, Inc, for the first six months
Of 1922 were s3,026, ,730, as against So
1873. .423 in the same period of 1921.
Estimating disbursements at the 1921
ratio. the company is just about earn
ing at the rate Of 81 a share on its
stock.
New-York tribune., 1922-10-08

date date Ct bih and am not able TO recon
have in relation to the security behind the
informed 1t is, it seems to me that these
bonds would be selling very. close to par.
e make 1s sor1st Sst b.ors ssd adns s
80 will await your reply.--D. r. S.
Answer--Your information on the
Erie general mortgage convertible 4s
is not correct in the major details.
These bonds, S40,G43,000 Of which are
outstanding in the hands Of the pub
lie and s9,357,0 900 of which are pledged
as security for other loans, are Sc
cured by general lien on 2,200 miles
Of road subject to prior liens aggre-
eating S18l, ,163,900 AS far as the
properties Of the Pennsylvania Coal
Company are concerned, the general
mortgage convertible as are junior
lien, preceded by s22.06S,000 Of Penn
sylvania collateral trust 4s. The
on the Pennsylvania Coal collateral
these collateral 4s are selling to yield
less than s per cent, whereas the
general convertible As are selling so
low that they yield in excess Of 8 per
cent. The general convertible 4s are
a direct lien on 800 miles. They have
valuable support through frst lien
on the entire capital stock Of the Pen
horn Greek Railroad, which owns 3.76
miles of four-track road through Ber-
gen Hill, just west of Jersey City, and
which, together with the original tun-
mel. affords the Erie six main tracks
to tidewater. This is valuable lien,
but 1t is not enough to give the bonds
better position than third grade.
New-York tribune., 1922-10-08
investment information

luestsons Of general interest to IN.
vesfors tciil Be ansscered ~ sh,s .ay-s
nnsa, N iohich case only ;mitiais ,n;I
oe used. Others ,ciu BE- ams,persd I h.,
maat. Address all INQUIRIES, ;ne,oa.
VIZ q stamped, addressed eureione r.
ss,andnc'as Editor, The Tribune ,sI
g ussda Street, Ne,o York Citp.
New-York tribune., 1922-10-08
Motor Buses for Melbourne

Owing to the congested condition OF
traffic In the central sections Of the
city Of Melbourne, Australia, says Con-
sui General Sammons, It has been pro
posed that motor busses, similar TO
those used in London, be. put In scry-
ice at the earliest possible moment.
New-York tribune., 1922-10-08
Adopts Wrong Method

Question--Following are some securities
srsys S ha,sHs ssgsa s. st. SsS ssss' Ss
:, ssssi. - ssA'srss' s9sss
common and about 5000 in ranks at .per
cent. have been thinking about REIN
vesting some Of the above by selling United
bank deposits buy some good long term
bonds paying g. per cent or better, some
thing 70 invest in and forget about it,
several years where would be out Of
contact with the market have in mind
5 ssa ressrspa - asss a.ess ss
osgo & Rastern illinois IS, 81 900 Standard
Mo,oa Mo- anG s hsi.Ss sioSo ii audson %
Are they, in your opinion, sound invest
ments9 would you suggest others in place
Answer--For man who Is going
away for several years to some place
where he will be out Of touch with
things, you are adopting unique
method Of putting your investments in
order. What you propose to do is to
strip your present list of the best
it contains and to substitute for them
securities Of lower degree. Missouri,
Kansas & Texas prior lien IS, Chicago
& Eastern Illinois 5s, Standard Gas and
Electric 6s and American Telephone
and Telegraph stock are reasonably
sound Investments. but they do not
measure up to the bonds you propose
to sell. The Hudson & Manhattan ad-
justment IS contain some element Of
risk, owing to the fact that interest
is paid only If earned. In saying this
we are not overlooking the Fact that
at the present time the interest is
being earned by good margin. Gem
eral Motors debenture stock ranks
among second grade preferred stocks.
Your position would be more secure il
you would substitute for the Hudson
& Manhattan bond and the General
Motors stock some New York Tele-
phone 61a per cent preferred stock,
selling recently around 1oS's. The
Standard Gas bonds will come due in
four years and the reinvestment Of any
funds that you might put in this issue
Is something that you would have to
be attended to while you are out Of
touch with things.
New-York tribune., 1922-10-08
Inouiries Should BE Signed

INQUIRIES addressed to this depart
ment Of The Tribune are regarded as
confidential, but to show the writer's
good faith ali should be signsd, and
an address should be incIosed for re-
ply. Lettess from the following are
being held Tor Identification: ". p. H..
aConstant Raader,1 r. n. H., E. T.. g.,
J. r., widow ]. r. M., j. g., Mrs. A.
w. r., J. A. LeH., j.. "A. r., Mrs. M. g.,
y. A, G., Mrs. NJ, 9. w. and ], T.
New-York tribune., 1922-10-08
Strengthening List Before, Retirement

eoaa oe greatly obliged accompanying
w 's'"ents ana the edcnee different
a9e ly wh average coed
q soos !orora 10 retiring @henever
ohae. - ~ S " ~ "9
New-York tribune., 1922-10-08

Britain aud ireland 5las, 1857, $4,000
Hndsoh & Manhattan refunding SIS,
1857; $4,000 City of Rio de Jane3ro 6s
o. 1917; $4,000 City Of Denver 6lss;
1900 City Of StatespilIe, N. c., 6s
~ 900 City Of Tacoma 5s; $1,000 City
OF Christiania Sc; $1,000 CITY Of Ed
momton 5s; $1,000 City Of Vancouver
1Ms; $1,000 City Of Kay West Sc; 5000
CITY of Moose Jaw, Saska tchowun, 5s;
1000 Florida East Coast Railpuy 11as.
1889, $1,000 Cumberland Telephone
Gmd Telegraph 5s, 1887; 81 900 Southern
S.erros PoWer Sc, 1886; $1,000 City
Water Company, Chattanooga, Tenn, 6s,
1881; $1,000 Pacific Gas and Electric Sc,
i94et $1,000 Keystone Telephone (Phitd-
detphio) SIS, 1885; $1,000 Philadelphia
and Suburban Gas and Electric SIS, 1900;
$1,000 Chesapeake G Ohio convertible
4rss, 1880; $1,000 American Ice Com
pdny Sc, 1873; $1,000 MiIwaukce Elec-
trio RdaiUdy and Light 5s, 1851; $1,000
Nei0 Orleans, TeSos G Mseico income
5s; $1,000 City Of Toxic 5s, 1863; so, 900
francs French Internal 4s OF 1918;
$4,000 francs Belgian Internal So (yes-
toratiol and pre1nium). Stocks: TWenty
shares American Tobacco common, A;
10 shares Detroit Edison, 100 shares st.
Lostis, Rocky Mountain G Poetic (coalJ
common; 100 shares American Tele-
phome aud Telegraph, 30 shares Bush
Terminal Buildings preferred, 10 shares
us Chalmers preferred, go shares
Stamford Gas and Electric preferred
10 shares Southern Ruilapav preferred
80 shares Pierce ArroW preferrcd.--
r. H. 6
New-York tribune., 1922-10-08

for period Of fifty years at rental
Of per cent on $l4,00O,000 outstard-
ing stock. That lease expires in 1882
and as the expiration date draws near
there will be increasing uncertainty as
to the future status Of the American
Telegraph. No one knows whether
the Western Union will see At to renew
the lease. Its refusal to do SO would
be taken as conclusive evidence that
the earning power of the properties is
in which case the ability Of the Ameri-
can Telegraph and Cable Company to
maintain the dividend while operating
the properties Independently would be
questionable. 1t is this element of
doubt that has carried the stock down
to the level at which it is now selling.