New-York tribune., 1922-06-11
Too Much liberalization

Ousstlon-Wiil you kindly check over
the following list of securities owned py
my wife and make specific sugsesuQuh ~
10 any changes which YOU consider deslf@
bic bearing IN mind a. much 49, possible
that a substantial net return should be
had. falling which n he security ,ou ihinH
might be sold but which you DO NOT aa-
Wise should be sold. had better be re-
fgfned7 Two shares American Wooi~n
preferred. ~ shares United states Ai,ohol
preferred Z shares Bethlehem steel = prt
cent preferred. shares Den-i~l .N'lo,,,o'is
preferred Z per cent. shares Ahscnhda
Copper ] share Paige Detroit preferred
10 shares American smelling ana N~"h,ht
pfsferred. shares 'ruclDl' St'ci W.
fefrcd 10 shares Afchison. Topeka SANTA
be preferred 81 0e0 bond American Iele-
phone and Telegraph collateral irpNi ~
due 1879. $1,000 bond NeW or" r.'.,-'
8 per cent convertible gold denrniu iui''
1885 II has been suggested Aitoh"l bs
switched 10 American water NoT.1 @ ~
Electric Company I per cent IIrl' ~
Bethlehem steel per eent pIei,, ,,.,.-s
Famous Players preferred. Genera MolnIt
debenturc Z per cent 90 Mack IrucH his
preferred, Crucible steel prefer! - ~
Worihington pump per erni. N'w." ,E
sugRestg selling Anaconda. possibly i-ln-
chen, steel (posslbly switching iNio Hl,n-
hoi preferredJ. selling 'rucible an, -n'
American TeicphOne ana Iel"s ph pDH"'
switching IN some long-ier hoho or h-
Ssrred sfock like NQyfh American lrr-
ferred Am inclined 10 INNS my W.
prefers good bonds about when ME
question -
Stv,iends hut does not think ii worm
while 10 pay selling ana buying 'oinI.t- -
slons unless good. suhsianual Hl,,.', ~
selling these Cor some or thfml 1900
.,ch q. reduction or suspension OF nlNl-
dends. Another case Is that OF ny fo"'
nineteen. who has the followlns ,ln,,onr, ln on.
cnr,r,on psthlehom Steel Per cent
American Wo,ien. Pressed steel 'aI pc
ferred Great Northern preicrreal; Sou,', S,,,,,si
,rn Pacihc. virginia aIoi,ns ma, r"ade 70
seu American Car and Foundry common
take prohis and invest IN Ametieah ~ ~,
phone and Telegraph. ny aoefsrrea and
cresf Northern Personally, my vic ~hp
do not think tho suggestion Wei io'hys" t,s
20 take on American 49, vref.rred.
wo,,hing,on pump. though WorthinEion
pump and the water Works may ps o.. -, y,
what do you think Also. Mns.a Ma ~ c,.
think OF North American preicfrca q. - 80
chsnre7 Would much appreciate ,ou,,
specinc suggestions. with fearona ~ n y
brleO. as 10 suggested exchanges j. -.
Answer-If you seek the advice ooi
one or two more persons you VIII DC ~
a homeless frame Of mind and entiIe.y
ur6tted 70 handle your wiies invest
ment properly. All this consulting
and close figuring would be oDVialea u
your wife had shares in three or iour
companies instead OF nine. by tahlhs
total OF MY -flENk S"@t t'' N-
in nine different companies you are
carving liberalization TO extremes
without getting anywhere in partieu-
lar. We arc not going TO suggest ina,
YOU exchange your five shares OF
cyvcible preferred for Worthington
Pump stock, or do anything like IT.:
But we are firmly convinced that II
your wife is TO have a permanent IN
vestment that is not 20 be changed con-
tinually she should consolidate her
holdings so that she will be carrying
no more than four different issues OF
stock. and carrying them properly: BY
carrying them properly we mean Keep
ing in touch with developments afeot-
ing the companies in question. Our
choice. confined 20 the stccks already
held. would be Atchison preferred,
American Woolen preferred. United
States Industrial Alcohol preferred and
American Smelling preferred. The
same reasoning may be applied 20 your
sons holdings.