New-York tribune., 1922-02-19
Inconsistent in Some Respects

preferred, recently selling around 100
Inconsistent in Some Respects
Iuestion--Tor months have bc,n Il
,t'ihin reader Of your inanc'af ui,l,s
n.y. i,.' followed 1t as best know hon aaa
s5wa>s .. f1f~r TO i "nen making invos'
housh, from $1,000 20 5000 zach Of The
following bonds. listed hereafter. am
lpt OF people do, sitter they have bought
out 30 tha you may aid me in selecting
s,nnicins,. STrn,sT vIri"tiHn , ion have nuinher of
utilities. am intcrcstcd--and have been
in nigh grade bonds. lcns term or
@ snH pr ce"t bonds OF sinco-thc- war is-
sps Welding Il or per cent, foreign AMI
INDUSTRIAL, that have non liable feature
! mayo number OF bonds that yield from
- TO per cent. wish TO buy some
either frs; mortgage or urderlyinl or
vel secured second mortgage bonds
the whole road. not any portion or
franch that in times of stress might bc
.;o .ound non essential or might be disre-
sarued ana discontinued am not avorsc
20 hay.nE Z, fc| guaranteed stocks such
IS IS, st. Louis Bridge os, first preferred or
"a preferred S. Or Allegheny &. Wc,cr,
es. preferred. would like your opinion
IN regard to these guaranteed stocks
con con '%Y " IN; amy OF them. but have: Orc
uue IN lsbl Virginia Railroad IS Series \
nHc lgo2 Providence Of Ontario 6s duo
! '''"' pOIlS Gas 1852 l'Oll-
sun1eTs Power os. duo 1885, i'aclnc Gas
aud Elcctric 5s, due 1e42; Utah Power
s9@ sri6 IHs"[ u.s. dmc lsA4 philaa>phi Eec-
ave ,e issac ~ o"e I'0s Tdy Of Toronto rs
toronto iiarbor Dutch Cast Indie. due
dS4'; Say Of Montreal Catholic School s.
rs. due in 1916 SyIaeusc l.ightinr. GTs,
mortgage 5s due 1851. s lersev Cas- en,i
TlsctTo fsctTT s s due ae e39 odsral Light ana
hubn"r t.st Ss (not tho ,cbeuturo
! nortsasc>, due io4l Cedar Rapids Manu-
featuring and Power 5S. due 1855: Chiio
Power FIRST IS. duc 1859: InternnIjonai
rsper Nrst 5e' due 1e+7; Utica Electric
hFs' 2s cue 1850; Republic of Il.;,zil
lo-year; Pennsylvaufa Public service erst
nd aI"r'eas st,, % Que leG2. Roche stcr Roadway
soy FIRST mortgage IS. due 1856 Ton ,,'.
T,h,t y DO YOU thinS Of New York Sls.e
obliged II. at your carlles, conyeT,i1.,,'
you would send lnc an ana,ver a., 10 hnr
1,,o 1gs, 20 lnVert an ad1itional S5oooo, woN
r,, -, ~ ''''o ronslleration. You win
''" Dat nave not great amount of
a TalToad "a ,s.;, bonds nor have much
tI1als. the Kind that one has Tea4o, f..
o,is' "'ll be paid at ,naturitv WISH
70 70 bring up this yield d little and am
40. "VeTse 20 investing $1,000 or s. ono
II. the principal countries of I,,rnr'o ,-'gVV
ssi'1. sSpse'alty ~ ,Norway. Denmark. Sweden or
hos
G'a.,'''fs' ;n'!.s e.. have oiten been tempted 10
NY al~eFt IN ne French 1'as non ca,Iable
h,'i nv. ,r,n.d TO thnii hat that is good
Nl'e4npt at reace--as the bows sa,- = ,',
~, ~ d ,re~ re-, would he obliged for a
folIoWin. .raoc ~ Nestinents having the
? wv " 'hs 'eh'uIeS: First security Of ,r,,
:,,na'; second, good marnetabtitv DOCS
t!' 'n" .1 o1oIrnunlty serve enough populatiom
Docs earning power bear smi,,, ', e9''
. ''.erest charges ti1at surplus cxccSJs tho
i,,uSs tim.,sSs oy soo1 ssfe margin The cs
the bonds should hs amplc m" 9r..n 1r.n9
vn,sc held by the co1npan.r Should ho ~
rstnal, At 81 events should eXt"na b.. b,e i'e'
",.r'e n'. r'e or maturity Of the bond -, .i -.
.Test in sinking fund o. s,,.,f..'o'.. .'sn 10
lrin~ ,to i,.', .'ens' hfn the equity under
mortgage? 1fow ,n.,,', S,' ''e - 1t !. closed
f"low thN first bond Nre ,b.~, b, ponds
Soi,ns ,l1c g' T@9aol,dsl ,r,r,d laortsases IN
W'sh 10 invest in? Is the boDd ti po',u
,rcrs' nrors IA mortgage on a section - ,," q"
mat nay be' b. clin,ins IN . T., rai'Tosd, por,on
as re bond of such chsra ~ stress:
stan1Inca s9u'1nrH' n9tes sorously atoct "f' IL.
invest JUS ~ zoe soon 5'vV0p ~ which wlsh 70
o, o., the Tieht kind of inpcs,non, '' ,isGd
90 ci ne essentials or at least ,n
s1od bond should contain rs 10y o,,,il' m'na, =
so",. k2ow ths letter viii rcauira
forward to an carly reniy.-P" S"" 'ooA
NnsV er--I our letter is intaro.,;
m put not wholly consistent and tth,ors thorns
'ofe IN our answer we will 9tto,,,,
pay attention to those things WIKI ~"
css.n'ial and to disregard the ;ntorn.t
't'u' "hen TO attempt to get moro
va" certain amount would be ;ncons
slstent with the other reonire,,,o',|. ''e ~,
YOU lay down. The followinc is - I;st I;st
OF tae highest grade steam raiIroad
bonds, all having the essential char
ac.eIls1'cs That you require except
yle!o: Atchlson, Topeka & Santc Fc.
genera As due 1885, Atlantic Co.S.
l.'r first 4s due 1852; Central paciar
nrst refundjng 4s. due 1919; Chicaro
burlington e. Quincy general A.. d,o
1893; Chicago North Western pon-
eral 31ss, due 1887; the Great North
crn ceir,n1 first and refunding 4'.s, due 1861:
llilnois Central first 4s, due 1881. IaLo
Shore e. Michigan Southern first as
due 1887; Louisville e. Nashville uni,
ned As due 1870; Minneapolis, st. Paul
d Sault Ste. Marie first cons olidatcd
IS, due 1888; Nashville, Cnattanoora
st. Louis consolidated IS, due 1928:
NeW ) ork Central 4 Hudson River
hrst 3'2s. due 1897; Norfolk & Wcstorn
first consolidated Is, due 1896: Oregon
Railroad and Navigation first cou-
soidatcd 4s, due 1916; Oregon Wash
lngton Railroad and Navigation first
aud refunding 4s; Pennsylvania Rail +
road consolidated Is, due 1913; Union
Pacific tirst railroad and land grant Is
Assuming that :ou buy two each Of
these bonds, VIC think that it would be /
wise for you to put the rcInaindcl Of
your money into high grade municipal
bonds. From your account OF your hold
ings you must be subject to consider /
able excess income taxes. We suggest
Sanits ry District Of Chicago 3 per cent
bonds, due 1882; City of Minneapolis (
Public Improvement 4$zs, due 1912; {
First Joint Stock Land Bank Of Chi
cago per cent farm loan bonds, due
1851, and New York City AZ per cent
bonds, due March, 1854. Your two
guaranteed stocks are high grade in
vcetments, and guaranteed stocks,
where the guarantor is a company
such as the Delaware, Lackavon7a {,
Western. are high grade invest'"cnts.
New York State Railway first il3s arc
speculation.