davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-08-27
HanefuI of st. Paul

observation-disclosures I'M a good Demo-
oTat, there are. such things, have read
and nioyed The Tribune, except its po-
liticai editorials, for many years, | should,
therefore, like toask your opinion of the
made for my mother. She is not depend
ent on the income and have tried to en-
phasise the old precept of the highest
do not believe have over diversified, all
though perhaps, have San JOAQUIN Light
and Power es, 1850; Southern Pacific con1
verttble As, 1929; American Public Service
Ss, ia4S: Chicago, milwaukee, & st Paul
H. 2o14; anaconda Copper Mining Is.
Ansconds's oalsble? Would You 'g susgest est
any changes? What do YOU think would
be suitsbl investment for another 81 900
my mind about the Miiwaukee. but / don't
believe II will get into serious difficulties,
and I think on tho long pull it Is sound
than the price i paid. because j think
feel II has good territory and sound man
sginment gin nj and that its @ earnings have been
over the long pull should make 1T CON
tinuaily stronger.-w G. e. p.
Answer The st. Paul bond, to which
you have called attention, is the only
security on your list that we would
question. After all intimate study of
ST. Paul's position we are inclined to
share some of the optimism, or should
we call it hopefulness, that you express
The ST. Paul has never had an oppor-
tunity to demonstrate it's earning
power as mi-transcontinental sys-
tenn. Earnings are not yet adequate,
but there is reason for hopefulness in
the knowledge that the company has no
great obligations to meet until 1925.
We feel that your mother might hold
this bond. The Anaconda Copper rs
are callable at any time, but we see no
reason for taking action on that aez
count at the present time. New York
Telephone 6k per cent preferred stock.
selling recently around 1b7, would be
suitable investment for your new
capital
New-York tribune., 1922-08-27
Tel. and Tel. Subscriptions

Question: subscribed 10 nfteen shares
OF american Telephone andTelegraph Com
pany stock through tho New York we,e-
pnene Con,pany on The partial payment
AReclng TO pay So NINTH per share until
the purchase iss completed Can YOU tell
me Mhether. under the circumstances | will
pc gwen the ttehs to subscribe to tArea
snales OK NV stock AT par ia accordaure
with the American Telephone an.1 Tele.
r, u. w
Answer: The question you raise is
one that is Of interest to thousands
Of persons who are buying American
Telephone & Telegraph stock on the
instalment plan. Those who sub
scribed on the partial payment plan,
not being stockholders of record, will
not be entitled TO subscribe to the new
offering. The rights which attach to
the stock which has been purchased,
and IS being carried ON their behalf,
will be sold and if they complete their
partial-pa payment contracts, they will re-
ceive credit for the proceeds Of the
sale OH the final bills. II they do not
complete their contracts, however,
they will not receive this credit Of
course 1T is possible for these sub
scribers to take up their stock by pay
ing the balance due, and if they do
this in time to become holders of
record September S, they will then
have all the rights of other holders.
New-York tribune., 1922-08-27
Widow Seeks High Return

question am a daily reader of your
valuable paper and much. apprecite your
Investment nformtion Will You kindly
give me list of high grade bonds and
stocks suitable for widow past sixty
VINO has about $4,000 to invest and would
IKE 10 have with safety of principal and
Harkctability 8 or per cent returns
Which is The more desirable bond~New
York Telephone or American Telephone
and Telegraph? Although you hesitate
tJustiy) to recommend French govern
ment bonds, which, In your opinion is the
better, the 7h or s per cent ?M. C. s.
Answer-Safety Of principal and in
terest is not compatible with per
cent ieturn. We do not feel that either
OF the French bonds is suitable for you.
The two issues are on an equal footing
as lar as security is concerned, but
the 7las are not callable before ma
turity. We suggest for your $4,000 the
following securities: Twenty shares
OF New York Telephone Ga per cent
preferred stock; $4,000 United States
Rubber 7as, 1880, yielding about 81
per cent; $4,000 Kingdom Of Denmark
6s, 1912, yielding about e.1 per cent;
$1,000 St. Louis-San Francisco prior
lien SIS, 1920, yielding about SO per
cent; $4,000 New York Edison 6lss,
194I, yielding about 5.6 per cent; 1000
Philadelphia Company SIS, 1914, yield
ing about 6 per cent; $4,000 Wilson &
Co. IS. 1941, yielding about per cent,
and $1,000 Kansas City Southern IS,
1850, yielding about 5.75 per cent.
New-York tribune., 1922-08-27
Considering CHANCES

question: am writing you again be-
cause very much appreciate your advice
ana hope Il is not too much trouble to
answer. | have New York Central bond
which Is called. also sold my ten shares OF
great Northern preferred, as you so often
llad advised in Your investment column.
nat would you think of Bethlehem Steel
per cent, Bush Terminal preferred
(Which. ! think, pays per cent?, Pere
Marquette preferred preference or one
Public Service bond OF New Jersey 5s?
IN your Judgment, are any or all of these
comparatively safe? ! would. also like
your opinion of selling Pressed steel.
pought at 1Q2. 1T seems TO be at stanr, :
stiil at present around go. Please let me
know when the Bethlehem Steel and Bush
Terminal dividends are paid.~-C. s. a.
Answer Bethlehem Steel Z per cent
preferred and Bush Terminal preferred
are reasonably good, second grade pre-
ferred stocks. The Bethlehem Steel
dividend S paid on the second day of
each quarter and the Bush Terminal
preferred dividend is paid July i and
January of each year. We consider
Pere Marquette prior preference stock
and Public Service Corporation Of New
Jersey 5s suitable for the funds YOU
will derive from th1 redemption Of
New York Central 7s.
New-York tribune., 1922-08-27

hepiying TO your first three ques-
tions it may be said that ordinarily il
o company has two classes of stock
they are designated as preferred and
common. The preferred shares are
given q preference in one or more
ways. For instance. this class always
receives the preference as TO divir
dends; assets, generally; and voting
power at times The preferred shares
may be "callable,' convertible" par
ticipating."
"The two elements in the market
contending over prices are known as
the bulls and the bears" Mr.. Hueb-
ner explains in his book on the lstock
market. "The bulls strive to prbduce
a rising market and the bears seek to
depress. the market. These two terms,
however, simply represent an interest,
ing way Of referring to the old law OF
supply and demand. When the bulls
are in the ascendancy that is, when
the demand exceeds the supply
prices rise, and the market is char
sctcrized as bull market. When the
bears are in the majority-that is,
when the supply of stocks exceeds the
demand prices decline, and the mar
ket is labeled as a bear market
New-York tribune., 1922-08-27
Dislikes Loss of PRINCIPAL

Question--May ask your advice which
nay nay ne'P ne 10 decide famiiy's slight differ
mas $50 shares American Telegrnph and
Gable Company stock, bought many years
ago at average price Of S. is opposed to
Felhng because OF the loss involved at
present quotations Saturday 5sh1 The
interest on this stock at per cent Ia
guaranteed until 1892 by the Western
Union Telegraph Company. but there Is no
guaranty beyond that date nor is the
prlnclpai covered so far as l can ascertsn In,
pS any agreement between the two corn :
panies ia,r, Would you advise selling now,
laiflng tho loss, or--wait tn maturity in
dN9- lie Is dependent on the income
from this Investment and Others for his
support. and SO is my sister II your ad
Vice Is to sell, will you please mention
some sc,,1s Investments in which the proceeds
OF income?- N. NJ
Answcr--You have an acute problem
IN your American telegraph and Cable
stock and if what we feel at liberty to
say is of any value VIC will gladly be
OIL service to you. After checkine Mn
On all the available information on this
subject and making inquiries in re-
Spohslole quarters we must confess a
lack OF knowledge on any points that
you have not covered in your letter.
inc contract and guaranty expire in
t932 ana VIC understand that nothing
mas been done to anticipate that cx-
piraflon. Treating the matter as
purely an investment problem, it is
worth while noting that the rise in
this stock from the low of last wear
to 1c in March Of the current wear
was rather sensational and could
scarcely be attributed wholly to a
change in its investment value. the
guaranty being definitely established
fact and the strength and reliability OF
INC guarantor being just ,as definitely
recognized. The reaction since March.
therefore, is not as alarming as it
appears. You now have security
whlch, at the present market price,
glves return of little more than
. per cent for ten years. If you should
decide ito sell now and replace this
STOCK with conservative stock or
pond you would rot be willing to
accept anything so inferior as to offer
q yield of more than per cent. By
Keeping this stock, therefore, YOU
would realize in ten years a total of
about 30 per cent-without com
pounding than would be oh
tanned by exchanging for a Der
cent investment Of course. Won
would be confronted with the uncer-
talnty of the status of this stock at
the expiration Of the lease in 1882. 1t
would appear that the logical thing to
90 would be to retain the American
Telegraph stock, but a definite recon-
nendatlon from us is out of the ques-
tlon since we do not know YOUR fnan-
clal standing and your capacity for
assuming the attendant risk
New-York tribune., 1922-08-27
Investment for Woman

Question - Ny aunt, a middle aged
maiden lady, dependent to. considerable
extent on her investments for income, has
from time to time bought the securities
noted on the attached sheet I have ad-
vi>ed her to seek some expert counsel on
suCh matters and she has asked me TO get
your suggestions on her present holdings.
Please state which OF these securities you
would advise selling. switching or retain
recommend for any changes suggested !?
The list--Bonds, Utah Powe and Light
first 5s, 1914; Japanese Government As,
1881; Public Service of Illinois IS. 1890;
Godchaux Sugar 7ias 1871; National Oil
r. ls2g; Eldorado Refining. Company rs,
1924; u. S. Steel Corporation IS, 1858;
Middle West Utilities ss 1910; Allied
Packers SIS, 1893; William Whitmer Par
sons Pulp and Lumber Z, 1925; Riorden
Company Ltd, 8, 1890; Kansas City Rail-
way Is, 1921; Empire Gas and Fuel 6s,
1924; French Liberty bond and Hershey
Chocolate Corporation 7Ms. 1880. Stocks,
Northern Pacific Allied Packers prior pre-
ferred, American Public Service Empire
Gas and Fuel. Metropolitan and SO Cent
stores first preferred, Metropolitan and
tan 5 and 80 Cent stores common. Fish
Rubber Company, Eldorado Eefining Com. ON
pany and. National Oii.-A. S. @.
Answer Regardless of the fact that
this lady is not entirely dependent on
the income from her investments, we
do not believe that any of the stocks,
with the single exception of the North
ern Pacific, is suitable for her. In
suggesting that she dispose of them
we are actuated solely by our concep-
tion of the proper security for a woman
to hold and are not overlooking the pos
sibility that several Of these stocks, if
not all of them, may advance with any
further general Improvement in the
stock market. If she should decide to
follow this advice, New York Telephone
6h per cent preferred stock would be
q god investment for the whole fund
realized. We suggest that she dispose
also Of the National Oil Co., Allied
Packers SIS and Empire Fuel g. Gas
bonds and substitute for them such
bonds as Great Northern rs, 1885, sell
ing recently to yield about 5.8 per cent,
United States Rubber SIS, 1947, yielding
about 81 per cent and st. Louis San
Francisco prior lien 5s, 1850 yielding
about SO per cent.
New-York tribune., 1922-08-27
To Reduce Income Tax

Question--Would you please criticize the
following list OF stocks and bonds FOR
middle aged executive, no dependents, who
is on salary basis of at least $50 600 and
make any sagg estions which would enable
which this large salary necessitatas? He
holds the, following Second Liberty 4Ns,
fourth 1 ,as Liberty 4hs; = $, Treasury notes
Bell Telephone OF Canada 5s. 1895; Mis-
sisetppi River Power ss 1851; New Eng
land land Telephone and Telegraph IS, l832,
eonvertibie ass. 1888; New York Central
Railroad 5s, 2sis: Missouri Pacific ss
$4,000 miscellaneous preferred stocks and
bonds, an active account of constantly
ehanging, carefully watched public utii-
.',ss ees; boston J. common. Griffin Wheel
PIsrsrs PTstesred Union Twist conmon Famous
ianeous wildcats OF nominal value, which
slready have been written off at a loss
SoVernment bonds included in the above
list This is because of a very decided
preference for domestic issues since with
few exceptions, most foreign govern
ments are in an uncertain economic CON
dition Would you please make such sur.
Sestlon as would improve this list with
are EXEMPT from normal income tax. or
any, others which may occur to you p
ID, J. NJ
Answer~--ln seeking tax exemption
you will probably fare better by taking
good stocks which offer, in addition TO
S-NNHhPtipi IRON Inc normal rate OF
tax. substantially larger return than
could be obtained on municipal bonds.
For this reason we suggest as substi-
tutes for some of your corporation
bonds the following stocks: New York
telephone So per cent preferred,
American Telephone and Telegraph
stock, Sears, Roehuck Z per cent pre-
ferred, General Electric stock, Amert-
can Ice s per cent preferred, American
Car and Foundry common, General Mo
tors per cent debenture stock, United
States Rubber s per cent preferred,
Liggett g. Myers common and Ameri-
can Smelling preferred. These could
be diversified with municipal bonds,
such as Lincoln, Neb., 51as, due serially
1928 30, yielding about as per cent;
State of California Highway 5s, due
seriaily 1943-'49, yielding about 4,3 per
cent; City of Charleston. S. c., AIS,
1862. yielding about Az per cent, and
State of Oregon 5s, 1941-'46, yielding
about 4.35 per cent.
New-York tribune., 1922-08-27

Mr.. Huebner explains the difference
between stocks and bonds in this
fashion: Where the funds merely
nave been lent to the corporation the
owner is given a certificate. a so-called
pond to indicate that he is a creditor,
When, however, the funds have been
invested permanently IA tie corpora
ton with view to participating as
part owner of the enterprise in it's
success or failure the investor is given
receipt, so-called stock certificate,
10 Indicate the extent OF his owner
snip. Stocks are inherently specula-
tive IN character. Bonds are credit in
struments and, with few exceptions.
give definite promise ss to the nay
ment OF interest and tho return of tho
principal, although in many instances
the promise turns out to be impossible
OF fulfillment. Stock certificates on the
contrary, promise nothing at all. They
merely constitute an evidence of
ownership, certifcation of the hold
er's privilege to share in that is,
to participate in the varying fortunes
OF the business enterprise"
New-York tribune., 1922-08-27
Thinks of Taking sFlier"

Question: own the following securities:
Ten shares American Telegraph and Tee-
phone, ten shares Philadelphia Electric
Company $3.50 Liberty bonds, $1,000 Penn
sylvania Railroad per cent bond, $1,000
Benthoe City, n. j. per cent road i'm
provsment bond. have $4,000 equity in
my $4,000 home and own building lot
for which paid $3.50 three years ago
In November 1928, l will receive $1,000
Tor building assoclation shares. My in
come is about s2,5oo yearly. ] find that
! have difficulty in saving $1,000 amounts
for further investment and would like to
know of good stocks or bonds which I
could buy from time to time in amount g
Of from 5000 to $500. Would you con-
slider me in a position to take an occa-
sional margin fier in the market? have
considered buying some Philadelphia Com
pany per cent cumulative preferred,
am willing to take some risk, but when
l buy outright for investment I want
safety. All of my securities were pur-
chased much below their present market
price.--H. c. S.
Answer--We do not approve Of your
taking any kind of a "fier' in the
stock market There is way to solve
your problem without taking specula-
tive chances and that way you have
pointed out yourself. We approve of
your plan to purchase Philadelphia
Company preferred stock, using your
bonds as collateral and mapping out
definite plan for periodical reductions
in your borrowings. New York Tele-
phone ga per cent preferred would
be an even better stock to buy on this
plan. When this stock is fully paid
for you could repeat the performance,
always selecting stocks or bonds that
are immune from the ordinary specu-
lative fluctuations.
New-York tribune., 1922-08-27
Bonds Of High Grade

Question-wii you kindly let me have
your opinion of the inclosed list of bondsZ
Do You consider them gilt-edged invest
ments? nna. ~ The list list: Atchison. Topeka &
ern es. 1887; Southern Pacific 4s 1895;
Newport News & Hampton Railroad, Gas
and Electric Company 5s 1914 ST. Louis
San Francisco prior lien 5s 1861 New
York and Queens Electric Light and Power
bs, 1s30;5s. 1880; Philadelphia Company SIS,
l94S and Little River Drainage District
ias. 192s--A. S. #.
Answer-Atchison general IS, Chi
cago & Northwestern general As and
Southern Pacific refunding As are gilt
edge bonds. The others you hold, al
though they do not belong in the same
class with the three just mentioned,
are good investments.
New-York tribune., 1922-08-27
Widow Has Varied List

Question have been greatly helped bv
the advice given in your column to others
IN selecting many of the securities on the
enclosed list, representing the holdings of
a WIDOW, not at present dependent upon
the TN. income therefrom. May. I have your
sSfety, of principal and amount of yield :?
IN. The list Belgian 7las, 1s45; French ss
Coast oas Line s 1as, 1929; Bethelem steel Is
1895; Canadian National Railway rs, 1895;
Canadian Northern Railway rs. 1910; Grand
1884; Great Northern rs 1862; Virginia
Railway 5s, 1882. Cleveland Union Ter
g. @es g 6afo4na sYg sas = NeM as Hor pGGh o
& n. 7s, 1871; Bush Terminal Building IS.
States Rnen . Electric aa5 S. 1s%9 United
nalssetric 7As. 1915; Harrisburg L. & P. IS,
Electric si S. 1851 a ofs GAS Gaa end
h,ght I4n;fao ss. : isse; a S. ". / s. i54f:
Power. bs 1871: Public Service Corpora
ton of New Jersey rs, 1941: Tri ri-City r. &
I; . b., e. 1870: United L. s :; es, 1867:
efal Gas Corporation rs, 1942.-H, S.
Answer--There are several bonds on
your list which were never mentioned
in the investment columns of The
Tribune as suitable investments for
widow. We mean Denver Gas and
Electric 7As, Oklahoma Gas and Elec-
trio 7Ms and IS, Pennsylvania Ohio
Power and Light 8s and Southwestern
Power and Light IS. Although we do
not see any need OF rushing into the
market to sell these bonds, we feel
that they are not the kind of securities
for widow to hold, especially when
her other securities give so uniformly
favorable rate as this lady's bonds
CO. We suggest that gradual substi-
tuition of better bonds or preferred
stocks for these issues be carried out.
New-York tribune., 1922-08-27
Learn Fundament ais of Investment

gre Wang people like mostly woaea not
possess en aserag knosge Of Investments Can you
INFORM fhe anshftuted aad ignorant the
T. What "preferred'
= What q "bear"p pagke
j. What etweea a ami boudg
5 is there school loarn
Can oue ,sbo coa e.o; ~,
H terms and feehnScuhtsea Of the tmcato
AnswerThe questions that
from time to time in these columns does no harm a. b h
e investing public occasionally eleentas Of m
1of thls reason 1t may be well space to ea ~
IN general 1t be said that the way TO learn M
OF STOCKS and bonds
known books OF experts such Investnents nv David y
Iunams Investment Handbook by Albert w Auood. "
Market by s. s. Huebner and "The Of the Stock H.
Seeser They may be found the large public rare
Ihese books contain wealth of fn,no;s1
Npa many seemingly intricate pobma who as an e.
investment or who seeks to keep abreast
and financial Developments knowledge the rbdimants =
New-York tribune., 1922-08-27
Shanghai Silk Market Better

With an estimated Shanghai export
crop of 10000 piculs bales of raw silk
Il picul 1913 1-3 lbs.) the fact that
5000 bales have already ben sold is
indicative Of better tons in that silk
market. The demand from foreign
countries has continued steady despite
the higher silver exchange, although
some interests fear that present prices
will not be maintained because Of the
large available supply, says Trade
Commissioner Lansing W. Hoyt, China,
III report to the Department Of Com
nerce.
New-York tribune., 1922-08-27
Admits Greed for Hicb pato

Question - | am in the market for a
$1,000 bond and once again come to you for
1000 piecesl Denmark IS. Belgium is.
Col & Southern 4ias, Niagara Falls 6s,
i9bV: Detroit Edison 6s, United States Rub
also have a. first mortgage for sI,250
Beng somewhat greedy l want to get the
nlghest rate Of interest compatible with
Answer-St Louis-San Francisco
prior lien 5s, 1850, selling recently 70
yield about SO per cent, would make q
good addition to your present holdings.
4 good preferred stock would also tit
IN well, something like New York Tel.
ephone 61a per cent preferred, selling
recently around LOT.
New-York tribune., 1922-08-27
Fairly Satisfactory List

Queston--I havc a little money which
I, would like to invest in good, safe bonds
Will YOU kindly let me kno@ what you
think OF the foiowing--they have been
recommended 80 me AZ beint, first class:
New York state Gas and Electric Corpora
tion Us, Canadian Pacific Railway Com
pany- 4s Bethlehem Steel marine equipment
trust certificates. per cent Public Service
Corporation of New Jersey o. American
Gas aud Electric Go, 6s Public service
Company of North Illinois AS North In
diana Gas and Electric 6s.--E. w. &.
Answer-The Canadian Pacific 4
per cent debentures are the best Sc
curity on your list of prospective in
vestments- Public Service Corporation
of Northern Illinois 5s and Bethlehem
Steel equipment rs are likewise suit
able for a person who desires good
bonds, If these three do not give the
required variety, we suggest the addi-
tion OF United States Rubber 5s, 1947,
yielding about 81 per cent; Canadian
Northern Is, 1910, yielding about So
per cent, and New York Edison 6s.
1871, yielding about 81 per cent.
New-York tribune., 1922-08-27
Well Chosen List

Question--As an old reader OF The
am asking your opinion Of the enclosed
list of securities. | am past seventy years
of age In gbod health and retired from,
business The list: Montana Power pre-
ferred, International Motor Truck pre-
ferred. Bethlehem Steel preferred. Corn
PRODUCTS preferred Virginia Carolina
Chemical preferred. Republic Iron e Steel
preferred American Can preferred, Nj
agara Power preferred bonds. North
western Bell Telephone IL. Bell Telephone
Light ss, General Electric es, IsouiayilIe
q Nashville equipment elas.--F, b.
AnswerYou have we'll chosen list
Of securities, all OF which we consider
suitable for person in your circum-
stances.
New-York tribune., 1922-08-27
High Coupon Bonds

Z, Questionz~WIll you he so kind as to ad-
WISE me what you think OF the following
IN mind purchasing them for my mother,
'Nia9, Wh9 wishes as high return as possible
@itp " degree OF safety: Libby, McNeill
d Libby rs, 1891; Swift G. Co 7s 1881
Vacuum Oil rs, 1885; ~ Y Central rs
l9aC; u s, Rubber 7iRs 1890; NJ Y. state
kallway 4hs 1862 A $1,000 note or
bond Of each of the above will cost. her
spproxmately $500 and win pay 5000
IN interest each year.-R. e. p
Auswer--Y OH must eliminate New
York Central Is from your list of
prospective investments for the reason
that tho bond has been called for re-
Northern is. 1886, would be a good
substitute. We feel that the New York
State Railways Ans are not strong
enough and would suggest instead st.
LouisSan Francisco prior lien 4s, 1860.
selling around "a.