davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-03-12
Building and Loan Investments

tluestion-Being follower OF your
articles in he financial section OF your
paper, am going to ark your opinion of
building and loan investments, rye been
approached recently by Representative
OF the Cooperative League OF America
(bookiet of which l inclose) to purchase
shares OF same. Would you think 1t ad-
vsable to consider and invest in this saw
ings plan p. II.
Answer-We think that the purchase
of shares in New York State building
and loan associations constitutes sc.
cure investment and offers an oppor-
tunity for regular savings. Building
and loan shares are particularly suited
to those intending soon to build y
dwelling place partly OF credit With
out attempting to reflect OIL he organ
ization about which ycu specifically in.
quirc, We see no reason Why you should
go TO Pittsburgh for per cent on yoAI
money when Trustworthy organizations
in this city offer larger return and
have in most instances long record OF
satisfactory dealings with those who
intrust funds with them. Your banker
can probably suggest a building arfd
loan association in your neighborhood
which he considers safe.
New-York tribune., 1922-03-12
Nirninian Land Bank as

.Ouestion-One Of The managers OF our
Baltimore office sent us . copy or your
nnper of February 26. marking under IN
yAstment Infor!na ton" the third column
toward the bottom, under the heading IN
vestipg Lifetime savings. wherein YOU re
mark on the excellent socIrity Of Nir3in,an
Joint Stock Land Bank IS. 1871 tbs 's
an issue. as you may know. that we have
been handling Naturally this impressed
us all very favors bly,, but The particular
strong point was that we have never ad-
vertised in Tho Tribune nor in any way
solicited these favorable comments. That
it was absolu, ,",y unprej ejudiced and not In
spjred by US 1iA de us appre ciate the COM
pliment mos+ ,.ghiy and also added great :
~ 10 the very high opinion we have had
of your paper for its news and Tor its
ragniHcent patriotism during the war. We
were also greatly encouraged to find that
some one had grasp OF this security,
which is not so generally Understood
as it shsuld be and which We have. been
endeavoring to make clear. TO the pubic,
and agreed with us in It's very high value.
We wish TO thank you most sincerely for
your fair and unprej JUDGED valuation. We
would not ask for more.-N : 1t Co
Answer-We appreciate your very
friendly letter. In expressing our
opinion about the security of Virginian
Joint Stock Land Bank SIS, 1851. we
were attempting to set forth a scien-
tific unbiased view, and the question OF
whether the issuing house happened to
advertise in The Tribune never entered
our calculations.
New-York tribune., 1922-03-12
stock in a Caritalixed Cift

ana dSe,,oh-~i $50 hold Ave shares of nre,.rras
Man Nn., snares of common stock of iha
was noIs IsSsse Corporation, an issue whioh
ay"sI can siv greatly appreciate any adv,os Won
II You ,6,n,e me regard'ng this stock, and also
dispose 'm or - =, would be possible for me ia
""''' should applye-T B s'' 10
~ Ahswer~- ms We know Of NO regular omen
msrSet FOR the shares cf the Man Mes'
ESEg sESEe corporation. Perhaps James W
ha"osts ha ' Business Builder. Inc.. will
pe aoie to tell you how 10 disnose of f
sne stock. which we cannot recommends y,
,',r ,Ur Investment We were never greatly
xas,;r ,n,piesseo with the desirability of in,
bes''nE ~ IN company which capitalized
nosses &C., VI inspiring others. allegedly
associates a''o ms
New-York tribune., 1922-03-12
A Queer Transaction

Iues'ion~-f would like to lsnbh whether
q ptoker was doing right In this .ranseo,
ag',vn az a,, J gave an order to sell ton shnre.
~! ssttock AZ s9i. Tho broker sold me out
W ., when there, was no quotation that
uHy wy nelow 81 | have always understood
snv stock should sell. IA below tho stated
ae'',ne sc ,,ne price wanted, therefore 4 lost Il
un .nc sale. If am right. what opinion
woulu you have OF u broker that handled
'ransaetion Of this sort 2-p, G.
Answer-Your broker had no right to
SOIL your stock at 907s if you specified
mat VI was your price, but the fact
that he did execute the order this way
GOES not necessarily mean that he is
uishonest. Contrary to notions prevail
ing at this time, brokers are really hu-
man, and small mistakes are bound to
occur when the market is active. Odd
lots nrH traded in at x or u away from
tnc market, and if your order had been
given at the market, YOU would have
received only 00a for ten shares if the
stock sold at 81 Your stock, however
cannot be sold below limit definitely
stated In this case there would have
to be sale at 81 "a before your ten
shares could be disposed Of
New-York tribune., 1922-03-12
An Unstable Investment

q. question: am Enclosing list OF sec,r,- :
conc ana rhs 0Ia oo state sst the same is ny in
mil1 WsnS adSs Sro,0oo to pay for the If YOU
shares New York Central. 2s shares Ss Great s'esf
NortoS Nawng Mssteag % Shared Is shsrss
Steel so shares Republic Iron and Steel
preferred, rs shares United States steel. SO
Thsrea pnn, ,pennsylysnis Railroad. Is shares
shares bethlehem Steel per cent pre-, sV
ferred, 20 shares Atohison preferred, s5
shares Union Pacific preferred, 35 shares
ley. 20 shares New YORK Telephonse Com M
Corporation preferred. 25 shares Amer.-
can Beet Sugar, 25 shares American
Wooisn we en- pret.rred' IS shares American Car
per cent debenture and 100 shares Gen
efal Actors Z per cant debenturc H. E p.
Answer-If these stocks were bought
solely for investment you no doubt
have discovered long before this chat
there is a large element Of specula-
tion IN your holdings BY reason of the
number of common stocks included.
True, some of the issues of that class
prices than you paid, but that is beside
the point. Common stocks, because
they arc quick to reflect any change
in earning power of the companies, arc,
with few exceptions. too speculative
to be held for investment purpose.
Your Pennsylvania stock is good illus
tration. What you paid for it we do
not know. We do know. however, that
il is selling derably below the
price which hundreds Of Pennsylvania
shareholders, many Of them women,
paid FOR their holdings, and, further
more. their income has been reduced
because OF the cut in the dividend rate.
We believe, therefore, that you would
strengthen your investment position if
you eliminated most Of the common
stocks and substituted we'll secured
bonds that could be purchased to yield
between 51s and S per cent. Even
some of your preferred stocks are on
the border line, notably Republic Iron
and Steel and Allied Chemical and Dye
Corporation. Great Northern preferred.
Of course, should be classcd as q COM
mon stock, since there is only one class.
New-York tribune., 1922-03-12
Rating Foreign Bonds

Ouestion-Would you kindly give me an
expression OF your opinion on the following
securities? Belgian SIS. 1871; Republic OF
Brazil ss 1ss1; Republic OF Chile ss, 1871
or 1876; Rio de Jsneiro ss. 1875; Sac Paulo
some good public utility paying IN to s
rcr cent. around par, and some other good
Used security or bond paying 7's to
,.er cent around par.-+J. d. r..
Answer-We would rate the fore gn
bonds you mention as not better than
business mans investment, since
we feel that you would have to keep
in close touch with the situation in
the countries whose bonds you would
hold in order to be sure that they
would continue a good investment. We
would hesitate to suggest "a good pub
lie utility bond paying 7ha to per
cent and selling around par" and we
know of no other kind of bond we
could put in that class that gives SC
high O yield.
New-York tribune., 1922-03-12
Texas Co. Earns Sill

After writing off slO,s36,723 to read
just inventories to market basis and
deducting charges and Federal taxes
the Texas Company closed the year
ended December 81 with net profits Of
s9,2S6.i2e. equivalent to sl.a1 a share
OF s25 par valve earned on the sl6A.-
100000 capital stock, This compares
with net profits Of s3i,0So.3722, or S5.93
a share earned in the preceding year.
against Sil2 2,s06,33l in 1920. After al
lowing s18,o57 900 FOR dividends there
was deficit Of sS,770,s71, with profit
and loss surplus at the close Of the
year Of Ss3,649,iS1. compared with $780,
New-York tribune., 1922-03-12
Would Switch to Tobacco Products

Ouestion-W.n YOU be good enough to
advise on the following: My mother owns
dftcen shares Presced Steel common; cost.
$50. Ny broker suggests switch to To
ba Geo Products ROW selling at about the
same price, but paying per cent. Which,
in YOUR judgment. viii appreciate more
and which has the better record of divi-
denhs?-J. S. L.
Answer-The question you ask US is
Of a speculative nature. and it would
be diiiicult for us to decide for you, for
the reason that we probably would sug
gest that your mother dispose Of her
Pressed Steel Car common altogether
instead Of switching to another specu-
lative stock-that is. invest for income.
But you must make this decision your
self We believe the Pressed Steel Car
Company has the better dividend rec
ord, for the reason that Tobacco Prod
ucts. on several occasions in the not
distant past. paid its dividends In
sclip
New-York tribune., 1922-03-12

ment is your aim you will be inclined to
reject the second proposition and fall
oack on the third selling Victory notes
and reinvesting the proceeds.
we have no doubt that great MANY
Investors ~, will decide to dispose of thciil
victory notes, and those who do so will
De confronted with problem that can
not be answered by any general recon-
mendation Of ours as to the proper
class of bond to buy. In your case we
would suggest a bond Of the same gen
eral type as the New York Edison 6lss
mentioned above, General Electric
debenture 6s, due 1910 and yielding SO
per cent, or railroad bond yielding
about 5h PEI cent, SUCH, for instance
as Oregon Washington. Railroad and
Navigation is, due 1861.
New-York tribune., 1922-03-12

0u 1T'"3 "1FVw yUuT 1hVtstment to re-
main as it is ard recover your funds
next year, or next December, if the
ireasurr should choose, as i. is en-
Titled to do under the loan agreement.
to call no notes for rcdemptiolY six
months pefore maturity You may ac-
cept the Treasury's offer and extend
the maturity date Of your investment
ny exchanging Victory notes Tor Treas
nry notes. Or the other alternative is
to sell your Victory notes at the pre-
mium now obtainable and invest the
proceeds in some other security.
1t you hold your present notes the
problem of renvesting will confront YOU
next December or in June, 1923, and
everything indicates that you will then
be able to reinvest to less advantage
than at present. If long term invest
New-York tribune., 1922-03-12
New Treasury Notes for V;ctorvs

appreciate od,se ,oe in ,sor,d
0oSt"9 my snanH savfngs. school tsdcb, m M +,
- VICTORY notes aud the oowiug Libcrtys: $500 IN Is
"I' p@oo m 414s GhirS loon $3.50 (fourh 1oon)
~ sooo tor shares to the Homestead Ia budno and
eompoy OF Ot1od ~ ~ These mature 100, oud ;,d
~ ~ pef cent IN cash in sariuos banks nj mo-.
" ns 'coa'd lake to ohe inue in bonds vcld;nn
~ ' "o""' 9'o'o'"g o
York Telephone efundng mortgage per cont }ops
.o''"g |" lSal and selling yield New
n hfst and refundng 61as and Welding ou o5 nov
uo oe suitable Investments for
me outline OF your nro.
thousands of Victory holders We noe th w h
vac as AS announced few Treasury Depart
eh' mas offered exchange for an eoa nav va x ~
year treasury notes bearing the Of Interest,"
Inc government is merely defcrring os
"hlch II not exchanged, will in 1929
You and all other holders must decide which of M
hree Following should be pursued ~
New-York tribune., 1922-03-12
likes Queensland Bond

Question: have been tempted TO buy
$500 bond of the Queensland per cent
is.ue recently placed on the market, but
viii be guided by your advoe &C.. Is II 81, s9it-
fnf saYe.y OF which is - prl1,iary consid
e-a.ion9 If you thnis would do better
h. purchasing another bond VIII you sug
geat a substitli,e?-W. X M
Answer--Ne consider Queensland
per cent bonds good investment foi
foreign security. There are better
bonds, of course, such as United States
government, municipal or Federal
Farm Loan securities, but the income
is not so large as in the case OF the
Queensland bonds. -
New-York tribune., 1922-03-12
Rail Stock a Speculation

Question--Give me your opinion or the
safety of investment in Atlantic coast In Line
stocks. What interest is paid l Am th,nA, :,
ing Of purchasing and would thahA YOU
for inforlnation.-W II. c.
Answer-For many years the Atlan.
tic Coast Line has been the strongest
road in the Southeast, excluding, OF
course, the coal roads. The South mas
beer adversely affected by postwar
conditions and the Atlantic Coast Line
has suffered; in fact, it has suffered
more in the present depression in the
South than it has in previous depres-
sions, apparently. The company con.
trolls the Louisville g. Nashville. but
that company also has had compara-
lively unsatisfactory earnings in the
last year. TIE stock no longer ranks
a. an unquestioned investment, IN our
opinion, and purchase at present
would be somewhat in the nature of q
speculation.
New-York tribune., 1922-03-12
Answer-In substituting any Of the
Wants 6 to ! Per Cent Coupons

.Qrestion--Will you kindly give me ad-
vicn as to the safety and securit. of these
bonds?. ! have a small amount OF money
to invest and | desire first, safety then.
marl,etability. and G. to I per cent on a tho tho
coupon if possible Pacific Gas and Flee
trio general PEI cent 1912; also Pacihc
Gas and Electric first per cent series e.
1871 OF the two. which has the greater
safety? International Mercantile Marine
first mortgage Sc. 1a41 care these well se-
cured IS; New York Central collateral Is,
1880 and Now York Central debenture IS,
1895 OF these two which is the safer?
understand debentuTc bond is not Sc
cured by mortgage. 1t looks TO me as
thouch the collateral Is are the safer.
What of Grand Trunk of Canada 6 Il g
eouipment bond ID. L. G.
Answer-The first two bonds YOU
mention as being considered for in
vestment are of the best grade. There
seems little choice in safety between
the two issues OF Pacific Gas and Elec-
trio. International Mercantile Marine
IS are well secured. Although we CON
slider the two New York Central bonds
you mention good investments, perhaps
the collateral rs are theoretically the
better secured. Grand Trunk Railway
61.s equipment bonds are good m
vestment.
New-York tribune., 1922-03-12
f,o,tons More Active

Slightly moro activity than has been
noticed during the last week WIS re-
ported yesterday III The primary cotton
goods market. Print cloths and sheet
ings were In better demand, according
to brokers, but prices rcmained en-
changed. Tho standard $3.50, 381s-
incl, print cloth sold for ia cents.
Rumors that offers at rs cents yard
had been made were current in the
trade, but unconfirmed.
New-York tribune., 1922-03-12
marlborough Sold
Heavily on Curb;
Trend Is Irregular
Most of Liquidation Re.
rorted From Stock Ex-
change Houses; Net
Loss Is About 5 Points

usavy selling took place yesterday
!, .,e Interborcugh per cent bonds
= ~. Curb Exchange following init
..;ors that the company faced the
,'.sr.tivo Of being relieved from it's
tract with the Manhattan Elevated
,;ns into reccivership. Most of
y rouidation was reported to have
''e from Stock Exchange houses. The
S's' ,oss on the two hours dealings was
"'o o.,s, issues were inclined 60 irreg
a.. and net changes showed little
uaras' from Fridays closing prices.
New-York tribune., 1922-03-12
Does Not Want TO Speculate

Cuestion-Wnl you kindly advise me
my position exchange ten shares Of Sears.
Roebuck Company common (bouSht with
out the slightest desire to speculate
pudiNass dinidena Of per M cent % This has Isl SINGS
been passed and the stock declined in
value 70 about So for ten shares Of Nir
gnta Carolina Chemical preferred, selling
at about the sane price, which have been
told was recommended by you to others
as high grade preferred stock NY iaea
of exchanging is not that OF speculation,
but since both companies are in practically
the same condition the Chemical company
ferred RI dividends, while the Scare, Roebuck
Company Will not l have no immediate
need for the money being ngoo, perfeetls
settled rather than TO sell at loss
j. T. II
Answer-In recommending preferred
stocks for investment in the past we
always had in mind those companies
whose earning power over a period OF
years had been such that there ap-
peared to be little likelihood OF pre-
ferred dividends being affected by any
ordinary business readjustments. The
drastic industrial slump since the sum-
mer Of 1920 ard the enormous inven-
tory losses resulting from sudden
pause in consumer purchases. cancella-
ton of orders and severe decline IN
prices for leading staples affected the
earning power of many erstwhlle pros
nerous concerns in way not antici-
pated by even the most able managers
of business enterprises. Virginia Caro-
lima Chemical was among the Industries 5
hardest hit The directors found II
necessary to pass the dividend on the
preferred stock. That puts 1t i'll the
speculative class, though, as YOU say
the dividends are cumulative ane pre-
sumably will be paid some day' mean
income. and therefore, if you deem it
best to switch, it would be better, we
srs'e some company M any which has come through
the readjustment period with earning IN 9
power less seriously impaired. we
leave it to you to study the annual re- re-
ports now being made public ana TO DO
guided thereby in making selectioh.
New-York tribune., 1922-03-12
Investment Information

questions Of general interes, TO in
.ss.ors vat oe cnsaoered in this col.
aanan, an 'ehsch case oaiv initials w;n
oe nsea. Others wilt De answercd bv
nsa''. Addrsss all enquiries. ineios.
,Hg stamped. addressed .envelone. IN
rrtadnc'ot Editor, The Tribune rs<
Nosso" street, New York Ctr.
New-York tribune., 1922-03-12

342,7q2 In the preceding year. Inven-
tories were reduced from SOS, ,219 1867 at
the close of 1920 to $64,45o,s81 on De-
cember 81. Cash WAS increased from
sl5,Ss2,si3 to S29 9.650,6s3 last year. Ac-
counts and notes payable were cut
down to s7,071,29e or O decrease of
Sf3,SS6,7SS.
New-York tribune., 1922-03-12
Not for an Investment

-, 1aues,lon n~-Havng decided TO ,rvas. .se,
be Wa n,anss hsaoking Company stock. wo"IS
orin,n p,nraseu II you would give me yom.
,,n,''e nn'en Snp advice on this stock
ro wou,a soSner be on the safe side thsn hsys hs
f',Sfh snould the stock go down mmoS
"e' "iter bought the same-A. G. n
Answer~-1h considering Acme Pack
'.s company stock you should bear in
mind that it is highly speculative is.
sue shat cannot be classed as an in
nase,'ens' We do not recommend its
Furchase for investment purposes,
New-York tribune., 1922-03-12
Cxmmcyer's New Shoe Store

Cammcycr. one Of the best known re-
tail shoe concerns in the city, yestefT
day opened fourth store. The latest
branch is located at 800 Fulton Street,
Brooklyn. The concerns main store il
at AZ West Thirty yfourth Street, Man
haitian, with dc luxe on upper Fifth
Avenue and another brench in New
ark, II. j.
New-York tribune., 1922-03-12
yuouiries Should Be Signed

The Tribune has received several un-
signed inquiries. If the writer's will
send their names and addresses, their
inquiries will be answered. Inquiries
from the following are being held:
E.. G. S.. f. p. NJ. A. b.; Shoepleker,
p. " Sherwood. p. b., James Smith,
L. v. A. e. f.. r. r. W., mabel A. X,
Mrs. ]. r. D. and K. NJ. IArs i..s .~s-~
New-York tribune., 1922-03-12
Clinch6cld SIS O. Il

49, Ques:ion-Do you consider the Carolina
Ciinchfeld & Ohio 5s safe and high
grade investment? They have been hishly
recommend ed. +,
Answer - We consider Carolina.
Clinchhcld & Ohio first 5s good in
vestment They are we'll secured both
as to property and earning power. the
latter often as important as the former.
New-York tribune., 1922-03-12
wants to Take Profits

Questioh--I have twenty-five Weste ern
Electric IS which | sell at price Civ
ing me a profit of 81 each. an thinlSin e
OF taking tho profit and purchaaing some
of two OF the following stocks: Pere Mar
ov"tte 5 nor cent preferred; Chicago. Rock
leland & Pacific per cent preferred ;
Southern Pacihch per cent common:
Norfolk & Western I per cent common;
Chandler Motor por cent common; Amer
ican ice per cent preferred Please let
me know through your valuable column
to- which two you would give preference
S. NJ. F.
Answer-In substituting anv Of the
stocks mentioned in your list for West
ern Electric rs, you wilf be sacrificing
safety. American Ice preferred is the
least Objectionable from an investment
standpoint. and Pere Marquette pre-
ferred comes next, in our opinion. We
should not urge the exchange.
New-York tribune., 1922-03-12
Doubtful About Sugar Bonds

Question--kindly give your opinion Of The
following investments: 5000 Texas Com
Macy, stock bought at 80; 500 French ! II e
5000 Southwestern Bell Telephone, $500
Facifc Gas and Electric 6s, 1871 bought
at 9sla $500 American Sugar Rehning
Compny IS, 1881, bought at ssSs $1,000
l946 bought. at los', have $500 more
to invest. am considering American
Telegraph and Telephone stock. selling now
at 1893, or Atchison Topeka g. Santa ITe
common at s7%, or Kansas City southern
preferred. would two bonds to be named
by you be safer? can afford to take a
little risk with ts $500. also have 5000
Liberty bonds. Would you sell these for Il
higher yield? All this money has been
kept in the savings bank. but since | have
become acquainted with your column
drew it out and made these Investments
I know you have recommended most OF
these bonds, but am doubtful about the
American Sugar bonds.-Mrs L. NJ. $.
Answer--Your bonds are we'll Sc
lected,. in our opinion, except perhaps
the American Sugar bond, and as long
as you have purchased this we would
not advise disposing Of it. The Texas
Company stock, however, we regard as
speculative. You might buy American
Telephone and Telegraph stock for an
investment, but we should prefer bonds
to the two railroad stocks for
woman.
New-York tribune., 1922-03-12
Worried Over Central Steel SIS

Quostion--Allow me to make toouirv re-
garding Central Steel Ss, due 1911. |
bought $1,000 bond or thin tssnc in
november last year and at that time YOU
were commenting favorably on the bonds
az sn investment. But OF late I have read
gardinE these bonds. Are your recent
statemsnts duo To any change in the
nnancial status of the company or ia tho
senerai dull business situa ton of the stecl
industry the reason for your canton
rnoonmonoine the bonds. | notice that
tney nave dropped a couple of points on
the curb market since tho first OF the
year ! am twenty -four with no de-
pendents. The above bond. with 81 900 S.
nohts. ten shares OF Southern Pacific Rail
road common stock and about $500 in a
savings bank make up my Investment. As
l. bought the Central Steel for an invest
rment. is .there any danger in holding it :?
.po' you reoomme1d selling or holding for
the long pull?' II you advise selling what
issue do you suggest in it's place ?--E. O. r..
Answer--The Central Steel 8s arc
we'll secured, but the company, like all
the steel companies. has passed through
a, difficult year. With Improvement in
general business conditions the posi-
ton Of these bonds ought to be ma
terally improved but just when such
Improvement may be expected to take
place no one can foresec at present.
We should think, however, that a per
son in a position such as yours could
afford to hold bond Of this character
Your other investments are al high
grade, in our opinion.
New-York tribune., 1922-03-12

Erzentine is 49,. ass. asa aS4s asst
swiss D 1as 100 l00A 1og 1909