davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-09-17
Bonds Too Speculative

ou.stiOn-rhs Continental Asphalt ana
e aetroieuna Company Ia offering it's stoesi-
golas's common per cent bonds. These
PONDS we're originally put out at ss5. but
x etp,,slieve believe have been advanced to 500.
q tnem as an investment? what do you
Se!hk stihk regarding dividends being paid on
M. ss preferred stock? Would also. ap-
psssciate your opinion as to the possibility
y. ~ Tesumpt!ou OF dividends on common
e esSoeA OF American Smelling and Refining
sSompany.--H. a. c.
Answer-The affairs of an oil COM
ssny with particular reference to its
financial condition are in most cases
impossible Of analysis. and the present
sesitlon Of the Continental Asphalt
sad Petroleum Company is not within
osr capabilities to determine. The
snsres of this company have par
ssiue Of SO and as quotations for the
Preferred and common stock are
around la& and SO cents, respectively,
se have no hesitation in CHASING the
per cent bonds offered you as much
soo speculative to have any place
among investments.
New-York tribune., 1922-09-17
Wants 6 Per Cent

Question: an, interested In yous
financial page advice to investors. r have
about $1,000 want TO invest for income
in good bonds, long term. and interest
advise yne the bends you would recon
mend? I am inclosing list OF eecuri-
ties that I hold ana would like your op!n-
lon on tho satne.--W. l., T.
Answer-Your list Of Investments is
we'll balanced and fairly substantial, al
though some of your bonds carrying
high rate coupons will no doubt be
called for redemption before maturity.
II this is ne drawback TO you we see no
reason why you should disturb your
holdings at present. For your addi-
tional $1,000 you might consider United
States Rubber IS. i94T; Great Northern
rs, 1885; Pacific Gas and Electric 6s,
1874; Public Service Corporation OF
New Jersey bs, 1859, and Southern Rail
way Gas, 1865. You might also take an
additional $4,000 os the New York Tele-
phone 6s, 194i, and ten shares of this
eompany's preferred stock, selling
around 110.
New-York tribune., 1922-09-17
Should Hold His List

Question = AS constant yeader Of your
investment information, ] tako tho liberty
OF asking your opinion and advice on the
roliowing aecurtties, which I own: $1,000
Belgian 5s; $1,000 Queensland rs; 1000
Department. Of Seine rs; $1,000 Swiss Gov
eminent IS; $1,000 Baltimore &, Ohio CON
vertibIe AIS; $1,000 Brooklyn Edison rs
p; p; IA $500 Bush Termlna! Building as
Island rsfunding As; $1,000 New York Tel,
ephone SIS; $1,000 Northwestern Bell Tel
sphone 7s; $4,000 Public Service of Now
Jersey 5s; $1,000 Seaboard Air Line equip
ment 6s; $1,000 Union Pacific common 4s
also have $1,000 more to invest. for which
] wish your suggestion, having In mind that
l depend wholly on the income OF these In
vestnents, having no other means Of sup
poTtF. p.
Answer-We see no reason for dis
tuTbing your present list, but in future
Investments we should be inclined to
take additional bonds OF companies in
which you are already interested, such
as the Public Service Corporation of
New Jersey IS and New York Tele-
phone 6s. You might also consider
United States Rubber 5s, 1877
New-York tribune., 1922-09-17
Fire Insurance Stock

Question--Last spring friend con. con
the Fidelity-Phenix Fire Insurance Com
papy of New York had perfected 4 plan
for Increasing its caital stock and that
stockholders were u have the right to
subscribe 10 new stock at 140. The opinion
Hyas prevalent throughout the COMPANY s
price when the news became generally
known, reaching $50 or possibly 700 and
that II was a good speculation. ac-
cordingly requested my bank 10 buy five
shares at the then price OF 1875 holding
them and other securities collateral
FOR the loan. Tho stock has sold at GIG,
while my idea OF satisfactory profit was
6e5, I have received dividend Of 800,
so yet the interest on the loan has cost
the enclosed circular regarding the
rights" and my bank has advised mo to
do nothing with the loan for tho present.
Will you plesse tell mo If you think It
would be advisable for mo TO gell these
rights and ALSO some non dividend stock
that I hold Coil and copper, pay the
balances OF the loan and hold the re
sultlng twenty shares OK $25 par value
stock for an investment. l can sell the
oil and copper stock now ut small profit.
II. ". =.
Answer-We believe that you would
strengthen your investment position
by disposing of the non-dividend pay
ing oil and copper stocks you hold and
using the proceeds either to take up
your rights to new Fidelity -Phenix
stock Or to pay your bank loan and
hold the stock you now have as an
investment.
New-York tribune., 1922-09-17
Possibilities in Oil

Question: am holder of the following
stopKg, ~ M eoushl oh 1F4n Ssr1Hy m =
Company of Nevada. 500 shares owen
wood OIL Corporation, 200 shares
Preston East Dome Mines Limite d ;
So shares West Dome Consolidate ed
Mines. The first mentioned stock
4 have never seen heard any reports
Of l would like some information as to
present conditions and future possibilities
Of tho four stocks mentioned.-J. NJ. NJ.
Answer-A public Offering of Fallon
Oil and Gas at Is cents share was
made in 1919. There is no present mar
ket for the stock, so far as we know,
Owenwood Oil is selling around 15
cents. We are unable to find market
for Preston East Dome Mines or
West Dome Consolidated Mines. We
do not find it possible to obtain re-
liable information concerning COM
panies of this class, and, therefore,
cannot assist you in such speculative
issues.
New-York tribune., 1922-09-17

1t seems likely that the bonds will
not be called for redemption within a
year, and beyond that time no one can
predict The parent COMPANY the
american Telephone and Teiegranh
Company, and the other subsidiaries pc
need all the capital they can raise for
expansion purposes, and are willing
under present circumstances to na9
liberal dividends and interest rates for
money. In view Of this fact. the North :
western no doubt would hesitate to cal1
its bonds for redemption without rais-
ing the necessary funds by new issues.
The most logical method, If this plan
were adopted, would be to issue a
cumulative prefer stock, paying div
idends probably at the rate of I per
cent, such as has been done by The
Southwestern Bell Telephone Company
and the Ohio Bell Telephone Company.
The New York Telephone Company re-
Gently sold an issue of Ga per cent
cumulative preferred stock to its sub
scribers.
A proposal for issuing preferred
stock has been considered by the
Northwestern, it is known, but It has
been abandoned, temporarily at least.
New-York tribune., 1922-09-17
Bond of Better Grade Needed

ouestfon-I wish at this time to pur-
chase a s5oo non-callable bond, long
term az possible, say twenty or
twenty-five years at least; q good,
safe bond, with as high rate OF
interest as possible. already have a
Queensland Z, Canadian Northern Rail
way and Southern Pacifc-San Francisco
Terminal. What do you advise? Enclosed
find letter and circular of the Troy Laun
dry Machine Company s per cent first
mortgage bonds - DO you advise ne to
buy this bond, and II not what do you
advise ?--Miss J. NJ. Is.
Answer--Troy Foundry and Machine
Company Ss, 1916, do not measure up
TO the bonds you now hold and we do
not consider them suitable for your
purpose Great Northern 572s, 1852,
non-callable to maturity, would be
suitable.
New-York tribune., 1922-09-17
Suitable for Business Wosuan

=. ousstien--As tho investment ineoEma-
sioa Which ycu furnish your readers has
oesn OF great benefit to me, may en-
eresch, upon yeur time TO ask that you
eritletae my investmentsf Thsy are !:
Consolidated Gas; Electric Light and
EowsY Company Of Baltimore 7iss, bonds;
ou Eont 7iss; Philadelphia Company es.
cumulative preferred; American Telephone
ehd Telegraph; New York Telephone pre-
terred; Canadian Pacific and American 10
saoco. / am a business woman and want
70 invest my savings to the best advan-
tase VIII you also tell ne, please
Saether the firm OF Chisholm & Chap
sasn' SO Sros dway. IS a high-class firm
and one whose advertisements would be
accepted by The Tribune ?--p. y. II.
3 Answer-AN your investments are
suitable for business woman who is
m position to follow developments
with the care that is required of
common stockholder. The firm about
swafch you inquire is member Of the
.sew York Stock Exchange in good
standing.
New-York tribune., 1922-09-17
Choice Reasonably Good

;, Question--J havo $1,000 to invest and
" W We t,, been advised to buy one Southern
one one North American Edison Gs. duo 1852,
d9slore buying I would like to have your
aautlce on these bonds l seek safety
iit;,, iitiist, III there are others you think safer
ntlh4taiy let me know and l snail feel greatly
Answer-Although the bonds you
mention are reasonably good invest
ments, especially for a person in a
position to keep watch of earnings of
the two companies, we must admit
mat there are others safer. Southern
halfway 1st IS, 1894, and Memphis
diVlsion LIST 6s, 1896, rank higher, while
nfeat Northern 512s, 1852, arc entitled
20 an even higher ranking. Public Serv-
ice Corporation of New JERSEY per
petual 6s or 5s, 1863, rank higher than
the North American Edison IS, we be-
heve
New-York tribune., 1922-09-17
Good Dividend Records

uesticn--Would you advise buvine
Proctor & Gamble Company common for
investment at present prices? What about
the american Power and Light Company
cent in quarterly dividends. Arc they a
sound investment. with good prospect as to
their future. now that we are past the
crisis in America w. r.
Answer - We consider American
Light and Power common and Proctor
q Gamble common emi-speculative,
having dividend records that entitle the
stocks to be included in the invest
ments of business man.
New-York tribune., 1922-09-17
Bonds Not Listed

tluestion--Wil you be kind enough 10
aiu.isc me through your paper IL YOU con-
SUE Chited Light and Railway 5s 1899
Sor1ar Sm a. IN 1HeYestment7 l aln an unmarried
Woman on rs, OF middle age, entirely dependent
IN @pm @! own earnings and advised to
puy these bonds with my savings which
l @ oo at 80 ! do not see them listed in
Any or the papers The brokers from
Wnoh bought thorn advised that they
were A-1-Aiss E. II.
Answer-There is no common stand
ard for measuring bonds, and the brok-
ers are within their rights in classify
ing them as CAL" We should not give
them so high a ranking, although they
are reasonably good Investment Sc
curity, especially for person in posi-
ton to watch earnings of the company
they are currently quoted around 80 to
10, and we see no reason why you
should not continue to hold the bonds.
New-York tribune., 1922-09-17
Holds Preferred Stacks

Question: have only ss.eee TO live on-.~
$1,000 per cent preferred stock Rock
island Railroad, $1,000 per cent Dush
Terminal stock $1,000 New England Tele-
nhone and Telegraph So Would you ad
wise to cell or change for anything that
would be safer7 If so, what would you
advise ?--E. NJ =.
Answer-Although there are any
number OF safer securities than the
two preferred stocks you mention these
are fair investment securities Tor a
person in position to assume the
risks involved. Unless you feel willing
10 accept the risk you should exchange
these stocks for bonds such as the one
voa hold and others in the same grade.
New-York tribune., 1922-09-17
United States Steamship

w. S1aesttoa-I am reader OF The New
~. tribune and would be very glad IL
gssa gSs could give rae some information In
asssa to the United states Ship Corpora
! had 500 shares Of United States
sss.etaship. which changed for 24o
tss OF United States Ship Cor
snon ] have had these shares
syou could let me know anytning about
s'eo " States Ship. I see they have not
sSetN ~ on the curb fer more than two
o. don't know why.--P. T.
answer The Supreme Court Of
TTsihe e on July II, 1922. appointed w,
i Sardiner and Burieigh Martin,
s.susta, receivers for the United
sss.ss y Steamship Company. The stock
&. M sae company was stricken from the
az q the New York Curb Market
- s.esS.eeiatiea on August II. We know
~ market for the stock at present.
New-York tribune., 1922-09-17
Reasonably Good List

Questlon--Wlll you kindly give nae youl
opinion OF the following bonds: Heming-
ton Arms ss, French S. Utah Power and
Light SIS and Shell Union oil Corporation
per cent cumulative preferred. series
"a. Are they safe to hold or should
exchange them? II SO, what would you
recommend "A. J. T..
Answer-We judge from your letter
that you already hold the securities
you mention. IF this assumption be
correct, we see no reason for making
an exchange. The Remington Arms 6s
are good investment; the others
suitable for business man in a po-
sition to watch his investments.
New-York tribune., 1922-09-17

y.ert.s ban foil1wnF boa fI + soo st &
rich Company 61ss, 1s47; 5000 Westine
house Electric and Manufacturing Is
1881: $500 Great Northern 5ias, 1852; 500
New York Central 6s, 2ots; $500 Western
Electric Is. 1926 (Which I am having con
verted into preferred stockl, Would ap-
preciate your suggestions and crticisns al
to whether you consider the above bonds
high grade. Would you advise any
change? Y particularly desiro safety OF
principal and consequently am satish ed
CENT?. J. e.
Answer-We would not suggest any
change in your investments other than
Che conversion you have decided on.
New-York tribune., 1922-09-17
May Hold Northwestern Bell Is

tms whsn YolepLone
o0Ha o1 1884, uvr
c"osea yor TnyseV and Other of somo
greatly appreciate
o these bonds
'"'"a se""9 them aud renping The proceeds at This time
sac" "wa oe o pu suggest as synb,
o"a gov recommend Kingdom
'"as' d"e 97e Humble Oil
oeHtnre bonds Electric po Cop,on,
"'' """ F|ahatng mortgage due 1s37?-R Mel
Wer view of the many corporations are taking
no 'hef privilege to redeem high that
thas holders securities paying per cent are con-
sloeflng renvestment possibilities - ~
Northwestern Bell Telephone U.s. 1s4 present an interesting
situation They redeemabIe as who'll. on ~ 1o7 owl n
on Sixty days notice The
tages OF redemption before maturity no doubt have een f
OF
New-York tribune., 1922-09-17
WESTINGHOUSE e. and NJ. Bonds

Question: ara "a regular SUBSCRIBER to
The Tribune and read your financial
not noticed anything recently in regard
30 Westinghouse Electric and Manufac-
turing Company z per cent bonds. Will
slider this a conservative investment and
when the bond natures IL s. w
Answey-W estinghouse Electric and
Manufacturing Company Is mature in
1891, but are callable at 105 on suitable
notice IN 1926 or thereafter They are
good Investment.
New-York tribune., 1922-09-17
Not af ANY Price

Question--wlil you advise me whether or
not you think the. stock Of the Midwest
the laws OF Delaware-W. P. Weichel / be
l.eve. IS presidents even a fair specula-
ton? I have been offered some OF this
stock at So per share and the par value
la $40. 1t is preferred stock. ANY infor-
nation you can give ME with reference to
this company and Its officers will be greatly
appreciated. Also whether they are pro-
ducins cornpany.-P. &
Answer-There is plentiful supply
of Midwest Calf Oil preferred stock
offered i'm the unlisted market at prices
ranging around $3 share.t We do not
recommend the stock at any price.
New-York tribune., 1922-09-17
Financial Items

David " Austin, for several years con
nected with tina Industrial Bank OF New
York as assistant cashier Is now affiliated
with the Manufacturers Trust Company as
assistant eecretary.
eiwynne Bros, announced yesterday that
Charles NJ. Kearns and Russell +. Williams,
both OF whom had been associated with
them for many years. have taken over the
unlisted and inactive securities department
of their firm, which win hereafter be con-
Quoted under the name of Kearns g. Will
llams. The new tirnaAyill make their head
quarters with Gwypne Erothars.
New-York tribune., 1922-09-17
INQUIRIES Should BE Signed

Inquiries addressed to this depart
ment of The Tribune are regarded as
confidential, but to show the writer's
good faith all should be signed and an
address should be inclosed for reply.
held for identification: widow" ]. P.
M, ]. c., Mrs. A. w. p, j. A. lie b.,
NJ. B., J. a. R., G. L. p, L. NJ. B.,
E. NJ. P. ]. L., C. j., C. T., Hrs. N. g.,
]. A. G.. Mrs. NJ. e. w. and ]. T.
New-York tribune., 1922-09-17
Answer-Unquestionably you ha
Chesaneaka & Ohio

Question--I have five shares of Chesa-
peake & Ohio Would you advise me TO
sell or hold? If ] sell in what would you
invest the money? Can't afford TO lose
- u. r.
Answer-We see no reason why you
should not continue to hold Chesapeake
& Ohio stock.
New-York tribune., 1922-09-17

oasssiexs of geaeTaf interest TO Ss~
s,ssors seili BE- aaswerecs in this coll
ss,5. in ssAich case oitiy $nitinIs eptU
= ussds Others will be onswersd By
~s;i. Address oil Inquiries, i,sotos-
80 a stamped, addressed snpcIope, to
rsxcac;ai Editor, The Tribune, I54
yussax Street, Netc YoYk City.
New-York tribune., 1922-09-17
Purchasing Telephone and Telegraph

eusstlon--r know you will think me a
rsffset nuisance, but ! really need some
issi letter TO purchase the American Tel
sshone and Telegraph and TO dispose OF my
New YORK Central col. Is. Well, purchased
even shares Of the former at Sl2O per
hara Now would Hike to hold twenty
iva shares in all. I Agure II out thus:
hold seven shares which give me one right
that right aad added 20 my nov seven,
Will make eight The fraction l Will sell
and purchase seventeen mora rights at $500
On market price aud buy seventeen shares.
Now I figure that that viii give me my
twenty-five sheres, salesman In the
bond department OF we'll known bank as
for every share, or. in other words
would have 10 purchase ninety rights and
bug eighteen. shares TO get my required
fBenty-hve. PleaGe tell me who is right?
And do you think am making a wise Sc
lsotiou7 Now for the second question
ssyer had time to change my n. z g: and
lse. their check tomorrow for S1.oeo ana
hys designated !, toward this new issue
a the American Telephone and Telegraph.
O. reading their letter over l md VIII
-. have 20 pay anything before November
which have in the bank. and may have
the JANUARY installment, as my war saw
e. 5s 1smps nsRt bout due T thsn W "0T In the
mean time 1 had thought OF purchasing
tight away high coupon bond that wou!d
b safo for the short space OF time and
that could sell readily. You sec, I might
Just ss well put this money in my stock
thought Of Belgium 7Ms, quoted at lo4;
svits & cc. rs, Quoted at 70! to 1o2, Sol,
would not take any ons OF them as an
iaysstrent but cannot see how anythins
can happen 70 them for Ave or sig months
s-dc your However. will he guided en-
sirsiy Sy your advice.-~M. A s.
Answer-Your adviser is right. If
you want to subscribe 60 eighteen
shares OF American Telephone and
Telegraph stock at 500 you must buy
80 rights, Your plan to invest your
idle New York Central money in a
bond until you need it to make the
Snal payment or American Telephone
stock seems logical. We think the
Swift 7s would be the most appro-
pirate for this purpose.
New-York tribune., 1922-09-17
NEW ISSUE
100000
The Autocar Company
3 Per Cent Cumulative Preferred Stock

Pcerd d
~ m Sc dI ph4 nNw
dumInc
mnuatue
IN h oS
ar so ofte
oUnrnnpo
Per catc Cumulative Stock. -. 55oSSoo @5Ooo"
Day
edition 1.-The dauu suecn
nkA asofn 80 o22a o55o
oto$o
Earning
Net Emnnss for after dantng
Less Fedaat @ncGdmg spont T88eSSMn
Yearly ssr.. for seven ,s, .u.s Co.. a,a,
due
S. 900 600 WE.
subscription
Price $1O2
OF bmes spGn 15122wu
fp
Afa
tyc ndumdvH Hltegvnp
The Auocar Company
tsd II Motor rTrucks
New-York tribune., 1922-09-17
Why Unlisted Stocks Drop

rs,.stton-~U Having benefited from your
go g. sears !. 30 old. married, have no no children
~ asvs s5.oga invested IN speculative
essks, freB which get about s49c In
80 yearly. Now. 50 the result OK the sale
= 81 house have $4,000 IN hand. which
,ant TO invest with only security and
t,SetSbility IN mind. VIII you suggest
~ securities OF about $1,000 each ?
.a,sw vou also tell nae why dealers In un-
| sssta securities can sell stocks at less than
ssY fhe prica asked by underwriters who
/ -. agents Of said companies for selling
/ 80 s.ocks? some ume ago I bought
ss.,s,,al Yiaance Corporation units from
/ usssssf & Co At $sT per unit. Since that
ss-.a many dealers in unlisted securities
ssys offered to sell me tho same Colonial
v.ssrce unto at slt.5o per unit. Is it
~ 70 buv from such dealers? How do
sssy ee; thslr certificates? OF course, I
ssnst Intend TO buy any more speculative
.sneks bur just Ike to enlighten myself
en- that point. u
Ansver-As you state you have $5,-
na0 in holdings of speculative securi-
,;es we have in mind the necessity Of
your making the investment OF $4,000
II yood securities, and suggest the fol-
loving for your purpose: Public Serv-
lee Corporation OF New Jersey Us, 1869,
yielding about per cent; Wilson & Co.
IS, leAi, yielding about 6 per cent; St.
Tnujs.San Francisco prior lien as. 1850,
yielding about 6 per cent; Endicott-
Johnson preferred stock, paying 7 per
cent and selling around 115; Perc Mar
oustte prior preference stock, paving 5
per cent and selling around so; Ameri-
can ice preferred, paying per cent
and selling around 95; Missouri, Kan
sss & Texas prior lien 5s, 1868, yield
;rg about per cent; American Loco
motive preferred, paying per cent and
selling around 1870; Baltimore & Ohio
preferred, paying 4 per cent and selling
sround 65; General Motors per cent
dsbenture stock. selling around "a. II
YOU buy one 81 900 bond of the compa-
ries where bonds are mentioned and
t,n shares of stock where stocks are
mentioned you will have diversified
li,t Of sound investments, in our opin-
ion Without reference to q particular
security, there are several reasons that
night account for some securities SELL
INK in the unlisted market at lower
price than that asked by the company
through its stock statesmen, such as the
offerings of discouraged stockholders,
the offerings of those who have ac-
ouired stock through special dispensa-
ton of the promoters, the offerings of
the promoters themselves when the
nublic does not take the stock fast
enough at the subscription price. AL
though there are many promotions hon.
sstly conceived, there are many that
are born Of iniquity, and it is extreme
II difficult for the initiated investor to
distinguish wool from dross.
New-York tribune., 1922-09-17
Too Many Foreign Bonds

Question: am stenographer, aged
real estate er cent. ST. SOC; bonds;
Northwestern Bell Telehone Ia, $1,000;
French Republic Ss $1,000; French Re
public Z las, $1,000; United States of Bra
~ IS. $4,000; state of Queesnsland 7s,
East Indies S.. $1,000. AS viii be de-
pendent upon income, ] wish long term
and reasonably safe investment Would
il be we'll TO substitute for French Re
public and Brazil bonds? And If So, what
IN your opinion would be desirable for
ms Miss X Il. I.
Answer-Unquestionably you have
too large a percentage Of your invest-
mcnt in foreign bonds. Unless you are
in a position to strengthen your list
from time to time you should consider
exchanging at favorable opportunity
the first three foreign government
bonds you list, reinvesting the pro-
ceeds in strong domestic bonds or pre-
ferred stocks, such as are frequently
mentioned in these columns. New York
Telephone 6s, 1941; New York Edison
e1as, 1941, and Ohio Bell Telephone
preferred would serve your purpose.