New-York tribune., 1922-10-02
Lack of Definite Planning

DePn
of great interest to me. May I ask you to
| review the following holdings held by my
familyN Kindly point out any changes
land Railroad first 81, 1862: $1,000 Raleigh
q Southport Railroad irst 5s; $1,000
Tempter ;s1 ~ Corn and - Fruit Products IS.
and refundins 5s. 1852: $1,000 san Antonio
Public Service first and refundng 6s,
ana rsfanSpr sGo ss oao Pkeer rs
Power and Light first IS, 1857; 81 ,oooo
kingdo'n Of Denmark es;. $1,000 Kelly
Chocolate Company hrst lien 7isa 1881:
$1,000 Packard Motor S. 1885; $1,000 Ar.
kansas Water first ss, 1886: $1,000 Mobile
Creek q sturgis first ss 1853: 5000 North.
sfn psS,G tsst Ma,s g. 2ei7 5000 Louisville
S. ia5s g. ASoie aSo nnfc one & division first W
is47:, $1,000 State of santo Paulo ss. 1885:
$1,000 Portland Railway Light and Power
Telephone debenture IS. 1919: $500 Illinois
Central first SIS sterling, 1852: $1,000 wis
s s6eG nen5a west s s. ssore s'2 rs snsh
Southern Pacific convertible 4s. 1929: 81 900
Phlladelphia Company first 6s. la42; $500
Repnh,,o no1 ceTtTat es b,,n first as sterling
FACING. European loan is; 5000 Illinois Cen
.Tai Teephone rsa ss 49, sterling 5000 New York
$1,000 American Cotton Oh IS, s 1851 5000 5000
Libby, McNelll & Libby first 7s 1881: $500
r65n r5Tylnoe 1os Of Ruenoa Ayres consodated
Eueber 7iss. secured: $1,000 Bethlehem
steel purchase money IS, $1,000 Bush Ter
nna' city soaths4n nahiainss arst frs! IS $1,000
at lube general 7s, 1871; $1,000 Ohio Power
frst FIR, and refunding Is. 1852 $1,000 Penn Penn
5000 sar ar shl Tford rsi Is sss
do,vVo pesos Republic OF Chile interior
debt 1922. IS: $4,000 Ulster & Della ware
York. susquehanna & Western 1'6ye fyet 4sqw snI
reminding "a. $1,000 Savannah & statesboro
rst ,a1a Is $1,000 ooN oNorthwestern Elevated rst
refunding S. 2o1a; 81 900 Duouesne a. 1inb nfss :
nrs, i,rst refunding es $1,000 Framerican In
austrisl Gus ,.,i, Development Corporation 7lss
We WIZ appreciate any advice Won n,a "
give us,--H. NJ 'OH may
Answer--Although this Investment is
founded on some high class bonds and
the general character of tho bonds ;s
good, there is apparent a lack of def
mite planning in the selection Of the
various issues. Your bonds represent
principal amount of approximately
Sc,ooo-e the foreign cur
rency lssues--and that amount is spit
up into nearly half hundred separate
issues. We will say that the invest
ment es whole is we'll diversified
too well, as matter of fact, for in d.
wang the investment thus you have as
sumed for yourself a substantial re-
sponslbility in the study that should
be given to the affairs of all these com
paq,es.. Comparatively few are the
Kind Of bonds that can be bought and
then entirely forgotten except on in
terost dates. The Northwestern Ele-
yuated 6s,, Framerican Industrial 71as,
nayannah & Statesboro IS and
Kelly Springfield SIS are all bonds
that need watching, and the South
. American issues, being of second grade,
contain an element Of uncertainty
The Savannah & Statesboro bonds are
the obligation of one of the smallest
independent railroads in the country, a
road which for several years has been
/ unable to make ends meet. By selling
these, the New York. Susquehanna &
! Western and the Northwestern Ele-
waited bonds you will he removing lust
SO many weak spots. We suggest that
yoa reinvest the proceeds in Philadel-
phia Company 6s and Duquesne Light
IS. Temtor Products ss. we assume,
have been deposited with the protective
committee which recently bid in the
company's property at foreclosure sale.