davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-02-26
Hold Telephone Bond

Question Upon your good advice pur-
chased the following bonds. 600 DI.
wond Match ~. 1856 81 600 Canadian
Northern Is. 1910. $1,000 Great Northern
'S. 1856, $1,000 Rochester Gas and Elcc-
tic Is. 1910. and bought on margin 81 ooo
Toledo Edison Is 1941. at so7o: $1,000
Grand Trunk 6s. 1885. 4; s95i; $1,000 New
\ ork Telephone SIS. 1871. at $500. Now I
wish 10 purchase outright ono of thcse
three and sell the other two, and ask youi.
advice as to which one to keep or should |
sell all three and purchase some other
one Am ffty-two years old. have a family
and do not depend on the income.-M. V. r.
Answer-All three Of the bonds that
YOU have bought on margin are good
investments, but YOU viii strengthen
your investment position by selling two
of them and holding one. 1t would be
hard to decide between Grand Trunk
6s and New York Telephone 6s on the
question of security and markctability
etc. but since you bought the Grand
Trunk at 95'2 and the New York Tcle-
phone at 80 we suggest that you hold
the New York Telephone bond and sell
the Toledo Edison and Grand Trunk Gs.
New-York tribune., 1922-02-26
Longer Term Bond Suggested

Quesiion-I hold the following secu1i,les
cvyentv SHARES international Motor lruch
,r., preferred Que $500 g. per cont New NNany
york Edison bond. one $500 per cent
Robert Gair bond. two shares American
Telephone and relegraph, ten shares leIe
Nar1uetto preferred. one $500 per cent
.,mlr,ro Gas and Fuel, l92+ Wii YOU
al viae ne through your column whether
these are safe Investments or whether you
suggest any change IN. J. N-
Answer Your New York Edison bond
j. GOOD investment. The Robert Gair
bond is not the highest grade, but a
good investment, in about the same
class. we should say. as american Iele,-
phone and Telegraph Company stock
and Perc Marquette preferred stock.
international Motor Truck hrst pre-
ferred is q business mans inVestment'
with an element OF speculatlon En-
pirc Gas and Fuel is short term &C, CO... :.
lateral note, and we think you might
consider selling this and buying in ITS
place longer term higher grade
bond. We suggest the newly offered
Great Northern general mortgage 2 S
Series b. due 1862, offered at 961a
yielding about 5&4 cent.
New-York tribune., 1922-02-26
Has Substantial List

Question Your column has been OF Rroaf
interest to mo for sumc time. As advisor
10 widow I'm her Investments. VIII YOU
'Nndly give mo information about tive
following securities. Sioci,s SO slares
United states steel Nref"rred, 30 ahsr's
Westing hous" Manufacturing common, 10
shares United Stnics rubber preferred. 10
shares 81. Paul preferred. 20 sh"r's un'i"d
states stool common; bonds. 900 N"rth
western bcl Trlcphnne is. $1,000 'nho's
Power and Light Gs : 500 Anaconda 's So
rirs II $1,000 'ridal psnrr ril a.. ST. 600
Western Union To"rraph ftss. Sbpo Nprn
lachian Power Il. $l.ooo fisis ltuhbe' ss.
GOO Hra1il t'ss i2oo RIO de Janciro : e.
In addition there arc Liberty bonds OF
each Issue. T.. q. r.
Answcr-All Of your bonds arc a
good investment except the Fisk Rub
Der SIS. which VIC would class ns a bust
ness mans investment, and the Brazil
Rio dc ,Ianciro bonds, which, being -.
sterling. involve a speculation in thc
course of FOREIGN exchange. The St
Paul preferred and steel common are
speculative.
New-York tribune., 1922-02-26
Can't Afford to Snacula4

Dot t'uezsioF~I "+5sa have $4,000 to invest. can
Hot allord 70 speculate. I want to jnveat
IN strong and safe bonds Wo,,ld ~ ,'n,, ,gn,
H,n1piy Ls,1I y advise me? Can l buy bonds that
VIII VIII give me per cent or more? VII
ySn sSo,, kindly indicate the KIND Of bond d j.
cones Would YOU advise me to sell thc,n
ana buy other bonds now or should u
Answer-You might sell your Vic
tory bonds and take advantage Of the
present i, bond market. 1t may be that
the the pond BOND market will not improve, but
ene ( lfend has been upward and it is
quite possible that you might not he
able able to get as high yield when vonr
Hictorys " become due as you could now %
we we suggest a ,dro Chicago Union Station
il2's Duquesne Light first and coll COLI
lateral IS, due 1949, recently sellinp
around 1902; Northern States Powes Pcs
ndst,, nrst and ,1: 1r:efunding 5s, due 1871, re-
Gently selling around 8sls, as v;eld-
ing nearly 6 per cent and hav;ne
high degree of securitys lug
New-York tribune., 1922-02-26
Northwcstcrn's \ Diyidends

tell He s'0nmbWili mbo,n you be Kind enough to
Northweste'rrgn' g'nSr ca,,,, you consider Chicago &
Northern nrerdrrn, I's POSITION bsttcr man Grsst
see you do not thins secure ?"r ive'i'r' &c
- A,answer-Chicaeo ,a & Northwestern
comm1n soin., stock dividend may quite 60, COM -
pssaG'S passcd. TSc Me efhdn taink, be reduced or
normally in the last fcu, wv sro"n ao-
me me great increase in teyminal o"e coy+s 20
for Ne ~ s|rong feature about Northwcstcrr stem
l9r 10 SO many years was the possjb;Iit 5iyi T., =.
Conditionr CO nydIittfioord'nary nary economical operation
Is no longer true, and a1tbonmL IN ,maL 0nls ms
f',t''ra futura OF the company Is inc t's tbs
1ve"rs wv sa 's to certain extent. doubtfnl Fnc
Great 6 e S@%",d %"rtho Say that Northwester'n.
arc arc all in about the same Sta stato af Eclmc IN.
ttSp,aInty tSpy as to dividend payments tF u'i- an
though possibly Northern pac;,e' pl,ci,;s' a. a.
ncerS would be inclined to differ fer fro,, o.,
New-York tribune., 1922-02-26
Some Definitions

Question Would YOU be good cnoueh
Good %ipn inys SogT me"nnss Of the following
marketable, speculative and hnsinoss
mans? am referring to bonds onlv
~ ia hh'ns YOU in adva nee for this nfor-
terestcd. r w. S ~
Answer-ln attempting to rate in
Vestment securities it Should always
be remembered that the expressions
USED arc moro or less elastic. One
grade of security shades into another
ny almost impcrccptiblc degrees with
TINS understanding, VIC define our use
OF 'ne terms about which you inuuire
as fo!iows good investment" is
one winch we regard as we'll secured
or all practlcal purposes and which we
pt''eVe VIII pay interest and principal
"hen cue under any circumstances that
can De reasonably conceived A "hich
sIaoe 'hVestment' is the term we ap-
ply to the underlying securities Of
seasoned companies which have ':,' a lona ~,
record OF earnings and dividend nav
ments. There arc a few preferred
s1ock;sIYery few-which we think
should DC included in this classifca-
lion' but as general rule it is re-
stric'ed to the bonds of corporations
ana governments which eniov the
highest credit A Speculative invest-
ment' IS the term we apply to the
class OF securities which cannot he
considered as an investment under
present conditions, but which annear
TO nave reasonable prospects of brtter-
ing their standing. A business mans
lhVestment' is a term We apply to =
certain class of bonds and stocLs
which are affected by business con.
dltions and which, in consequence
shouid be carefully watched. Snch
securities arc suitable investments
only tor people in close touch w;th
BUSINESS and trade conditions. who are
aole to interpret the effect of chances
IN conditions upon their Investment
no!dlngs. When we say a securjtv ;s
not very marketable" we mean that
Ior one reason or another the demand
Tor 1t is not broad and hence that
person who held such a security and
was compelled to sell it might have a'to ~
sacrifice an unduly large part Of his
prlncipal to make a sale. This oual;.
hcation, of course has little relation
10 the Investment value of such
security-that is, the prospects of
prompt payment of principal and in
tercst. anu III
New-York tribune., 1922-02-26
Investing Sums REGULARLY

Quostion--Wiu you be good enough to
rate for mo this list Of bonds as invest
ments for q young man who is contcm-
plating his first venture into the invcst
ment field? contemplate investing 500
every second month. and would apprcciat to
any other Suggestoins or advice YOU may
give me. The bonds san Antonio Public
Service Company FIRST mOrtgaCe and re
funding thirty-year 6s 1852 price 9slA
and interest. yielding 6.l0 per cent; Yer
mont hydro Electric Corporation first
mortgage Is, 1929. price 94 and interest.
yielding per cent. Metropolitan Edison
improVcmcnt IS. 1855, price 1o4 and in
terest yielding 80 pcr cont; Southwestern
Power q Light Company SIS. 1928. price
lol 60 and interest. yielding 80 per cent.
say that The income Of $50 a month comes
from sound business ia the way Of in
tercst in an Inheritance. My salary is
ample for nay. own support and for say
ings. so / wish to invest II at good a
return as is safe.-M. p
Answer-Of the bonds that you name
we think that the San Antonio Public
Service first mortgage SIS are the only
ones that are entirely suitable for the
start Of a fund such as you describe.
1t would be a good plan to follow UP
the purchase of one Of these bonds with
the purchase of high grade railroad
bond. such Southern Pacific Central
Pacific collateral As. due 1949. recently
selling ct so, and then with the pur-
chase of an industrial bond eve sug-
gest Consolidation Coal first and re
funding SIS, due 1850 and then with
the purchase of high grade preferred
stock. We suggest +. w. Woolworth
e. Co. preferred. After that write us
again.
New-York tribune., 1922-02-26
How to Choose a Broker

ueson-IYarc Victory 1885, onc-touh ~
Liberty and Wa Sorngs Stamps for small fh'
Would odcic selling and b"Y00 bond t"
hoi coud recommend Please
ciabic ddo house Arc CHS
& Chopmnn Broodoy qit? Also John Muiy 81
BroadcGy?-G c. e..
the sleny brokers'
which members the New York Stock F
odd lot
New-York tribune., 1922-02-26
Westinghouse rs Good


Question: have $4,000 to invcst in
bonds. would Ike abuut per cent.
Would YOU Kindly advise also II Wcsting
house Electric and Motor ~ are good
buy. also what are they callablr at and
when due? have aome Ray Nrrcules
mining. 50 viii YOU kindly tell mo what
10 turn the stock in and buy some OF the
new issue Nv. J. \.
Answer Westinghouse Electric and
Manufacturing Is arc a good invest
ment, in our opinion. They arc call
able as whole only on and after May
/, 1926, at par and half of / per cent
premium for each six months Of un-
lapscd time to maturity We think that
You would be wiser to sell your Ray
hercules for what you can get for it
rather than put any more money into
the speculation
New-York tribune., 1922-02-26
Wrong Stock for Nest Foo

1i..}o }}oes,lon---l am thinking about buvinr .
,ion s'%cM Wa, IN the Guaranty Egg Corpora-
.lo'i at Newark. but thought wouId ,vr,f
70 ,S YOU nrst and see what you thin]i "f q
3, nv was thinking Of taking a chance vi, -
~ ef0v ,h indy let me know what YOU thint1
AnswerIIaking chance is right,
e mo ,,7, nest egg for an investment fund
H. "ou,o "'sI not recommend this security.
nv gualan9y' we hope, applies to the
rot to the investment positian i,"'s ~ uocs t,e
atock. "00'''oh ol the
New-York tribune., 1922-02-26
W oman Has Good LII

Question WiIl vou
Honient advise your opinior soon so. J., as CON
a"s npnds Which represent tie 'is ~, n0.ow.
any qusssionabr on bGr'ytwo ays VINO eanno aifoTd
.nsuon Of Great Britain and ''D0 ,Dnitod !
prtaiD ~; 900 United Kingdom Of gh'l'l Groi
soIidnted no e. Ire.and IS. 1857 $1,000 Con. @
North~,es,aaa!ss N las OF New York Is. 1895: 8 9no
Z oon sstern Bell Telephone - S'aVvo a','
5000 riber, I%w H9rk cen'ra debcnturo g g.
5000 to lnyos, ''o"n *? expect to have
has+ as@se advise what you would corst,"r weeks rs
Investment for ths money 1'''1' Fl '"e
Ahs"er-l our present Investment i
9len grade IN our opinion. We suroost -
cor 'ne two other bonds Montana Powor ,'r
hfse 1,i ,1: ana reiunding SIS, due 1913 recen+
~ y, scliing at 95, and Pacific Gas and
rIectrlc IS, Series B. 1911 Ivy ""u
New-York tribune., 1922-02-26
Urged to Change List

Question As favor 60 e constant
d reader OF The Tribune VIII YOU KINDLY
chased any of the securities listed. but iu-
teud to unless YOU advise otherwise. am
thirty .ears old. Warflod. carry Sl5.O0u
insurance and have a fairly good position.
havo tried to select business mans in
NtStnieHt. that is. ono with good return
and fair amount OF safety For widow
under conditions indicated what do you
think Of ny plan? Needless to say this
investment VIII represent less than half
of my available capital The list follows.
ono city Of Lyons SIS. one Department Of
Seine Is. one Robert Gair Company Is. one
New York. New Haven & Hartford es ig4S
ton Great Mort thcrn Railway preferred. five
American Can preferred. ton Cuha Cane
Sugar preferred CI realize this one is pure
Answer-For a widow your choice
would be financial suicide, and even for
& business man we think that your
In fact the only items which. in our
opinion, have real investment value are
American Can preferred and the
Robert Gair rs. All the others are
speculative in various degrees and
most of them we would rate decidedly
speculative. In this class we would put
Cuba Cane Sugar preferred, New
Haven 6s, the two French bonds and
Great Northern preferred. If you in
sist upon speculative investment We
should prefer the French bonds to the
other items. Great Northern preferred
is. of course. preferred in name
only. the common having been re-
tired long ago, while the New
Haven situation is unsatisfactory
with heavy maturitlcs to meet within
few months, no provision for which has
vet been announced Great Northern S
showing has been so unsatisfactory
that it is almost a certainty that un-
less there is a decided Improvement in
business the dividend rate VIII have to
be reduced Why not buy the securl-
ties of companies which seem to be on
the up grade rather than those winch,
like New Haven and Great Northern.
seem to be going down hill? We sug-
gest Pere Marquette prior preferred as
being in the class of companies which
give every indication of improving
their present petition. 1t Is selling to
WELD only slightly lower return than
Great Northern preferred and only
littlo less than New Haven 6s, l94s.
We think that Chicago & Eastern
Illinois general 5s 1851. selling around
70, to WELD 73O per cent and the prlol
ion bonds Of the reorganized NJ, X.
r. selling to yield around 7 per cent
have a certain investment value with
more attractive possibilities than most
of the list you present.
New-York tribune., 1922-02-26
Changes Suggested

Cuestion-The receipt of an outstanding
d"9i d"S gives nc in the neiEhborhood Of 81,
from looking over tho attached list of
holdings Won viii see that il is almost al
bonds 10 you not thirN that it would bo
we'll for mo TO take some preferred stocks -
My plan is Investment for tho future since
my income from other sources takes care
@i o. al! hv'ns expenses, etc. and am
suggestions as to preferred stocks would
be appreciated, also your suggestion az to
secured before adding more bonds. II you
have any switches to suggest. please do
chat, too. The list: SIX local bank and
trust companies stocks; American
Telephone and Telegraph. Comnon-
wealth Hotel Corporation; Liberty loans
sNeept NTH war savings STAMPS. -
Masin- copper; Denver * EIo Grandc {
per cent bond, Kansas city. Fort Scott
4 Memphis bond 20 American Typefound-
crs conmon; 80 ll"cia Mines; 1000
Indies 6s Southern Halfway 81. ST.,
Gao Kings county Lighting "a, $1,000
United lisht and Railways Company; /
ST 600 Southwestern Power and Light 5.
$1,000 Guerin MINIS, Inc. I, $1,000
state of Queensland 6.-~E Z. Z.
Answer-ln our opinion, Common
wealth Hotel Corporation securities
arc speculative, and it would be more
conservative if you were to shift from
these to American Locomotive pre-
terred stock. The Magma Copper stock,
American Type Founders and Hecla
Mines are business mems investments.
but, of course, do not form large
proportion of your total holdings AS
additional stocks of strictly invest
mcnt nature we suggest American To
bacco preferred, United States Steel
preferred, Corn Products preferred,
National Biscuit preferred and Amcr-
can Car and Foundry preferred You
might bring up the yield little by
adding to this list Pressed Steel Car
preferred. The companys annual re-
port, which was commented on recent
~ in The Tribune, shows that. all
though 1921 was not a prosperous year.
the company has put itself in sound
financial condition and the prospects
OF better earnings within the next year
or two are good.
New-York tribune., 1922-02-26
Investment Information

Questions OF general interest to in
reStors wiU be dnswcred IN this col
,ann, u, ,chict case only initials 1cilI
DC used. Others uciU be onSicerod bp
mo'l. Address oil inquir,ee, iaclos-
ing stamped, addressed cNvclopc, to
F'nonciol Editor. The Tribune, iJg
NoSSau Street, Nc,c York Citp.
New-York tribune., 1922-02-26

grade territory wools for contract this
year AS result, the buying in the
west has decreased considerably. Be-
consignment. ''' VII
The labor situation in the wooden
mills is apparently fairly we'll liuui-
dated, and little trouble is auticjnafed
New-York tribune., 1922-02-26
Foreign Bonds
commonwealth Edison Net Tn

ne COMMONWEALTH Edison Company
reported net income for the wear
~rded December 81, after charges and
taxes, of 1886, ,7S5. equivalent to ss.67
3 share earned on the s55.465.00O CAPT
TAI stock, compared with s4,7OS ,402. or
1923 share earned in the preceding
year, on the s50978,00 stock outstand-
ing. After allowing s4,307,l2s for
DIVIDENDS, there rem aimed surplus Of
k1,e5s,66ss against s752.So2 in 1920.
New-York tribune., 1922-02-26
Curb Prices Firm
In Short Session
OF Curb Market
Oil Shares Again Prominent
in Trading With Indus
trials Under Slight Pres
sure: Mining Stocks Active

Curb prices ruled frm in yesterday =
short session. with oil shares attract
ing most attention. Mining stocks also
were prominent. Anglo-American Cor
poration shares rising fractionally.
Cities Service Common and Standard
OF Indiana scored gains. while some Of
o. the lowcr priced stocks moved up
fractionaily.
Philip Morris and lntercontincntal
Rubber sagged, but Reynolds and To-
bacco Products Export were higher.
New-York tribune., 1922-02-26
Gives tp Specializing

Question | have about $40 600 should
iilto to invest m blocks of appro~im"to'y
preferred stock or other issues where the
return would be between and per cent
and where ~" principal would be as &c
cure as possible. For years have con-
hned my surplus cash lnVortincnts t" spec
ulatiNc common stock where. although
they seldom showed i loss. never did show
prOht commensurate with tho risk in
volv"d and tho length Of tlme have
sometimes had to hold them After read
ing your invcstncnt suggestions have
concluded that Investment is better than
apcculat ton in the long r-un ana q -tcaly
return teNon If lesa) with safety of prin-
cipsl is TO be preferred to apccuIati4o sioci,
and loss OF slocp II nothing ,lsc IL /
could prevail upon your good naturo TO
furnish mc with list Of something along
Wou,n V'rtHlnlN b. appr'ciat'o as this
markct seems to be advancing every day
might add that have never lii>ed 10
pay over par for an iasuc. Gwen if the re-.
turn was greater. In other words have
always preferred per cent issue selling
~ 20 to 7 pcr cent Issue selling AT no
II. Il. Il.
Answer 1t might interest YOU. and
probably would surprise you, if you
we're to put down on paper tho sums
You put into speculative stocks with.
approximately tho dates YOU bought
them, take the entire income and profit
you received and see what percentage
You nave had IN the way Of income,
winch would include in your case any
profit on the investment over n series
of years. A man holds a on-dividcnd
paying stock for FIVE years and takes a
lo-point profit on it. and does not stop
to figure that if he had bought per
cent bond in the first place his income
lor the five years would have been 30.
not 10, points. We think YOU could get
suhlclcnt diversity for your $4,000 in
v vcstmcnt by putting your money into
, ,Ooo face value bonds rather than
SooV bonds You would get a more
readily marketable security. You can
not buy $500 bonds at the market nrice
and IN buying twenty such bonds the
difterencc between what YOU would nav
lor $1,000 pieces and the additional
cost OF 5000 pieces would be enough to
onset the possible advantages a greater
dlvcrsihcation from twelve or four
Teen low coupon rate bonds in ST 600
pieces would give you. We suggest tho
new Missouri, Kansas & Texas nrjor
lien 5s. due 1862, rcccntlv se1lin,, al
Z, '4 Michigan Central dcbent,lre A.
ouo IVY. recently selling at Ssl2: Nj
asara Falls Power first IS, due 1889 re-
cehtiy selling at 96'i4; Montana Power
nrSt and .refunding 5s, due l943. re-
,eh'lJ !, selling at %; Utah Power and
l-'Rht hrst os, due 1914, recently selling
At at Ss Y; Southern Bell Telephone and
eicgraph first 5s. due l94i, rccentlv
seIlihs at 92; United States Rubber
l'tS. ana refunding IS, due 1947. re-
.en'iy Sellins at S7A; New York Cen
urai deoenture 6s, due 1888. rocentlv
selling at 99l4 st. Paul E. Kansas el,.S ~
Short Line rs, due 1871. recently, sn1I rS
ing at I61s; Oregon Short Line CON-
Soildated IS, due 1916, recently selline,
a. 9S; Michigan Central -Michipan AZ a.
line nrst As, due 1910, recentlv sellinq
sroun6 s2A, and New York Dock 4s
quo l9ol, recently selling around 80
New-York tribune., 1922-02-26
Shaw & Cleveland's New Line

The Eisendrath Glove Company 0n'
cago, has appointed Shaw & Clevelano'
BAG Broadway, sole Eastern represen.N
tives for the line, which is no" '''
plaved in their of{ire ----4s!
New-York tribune., 1922-02-26
Investing Lifetime Savings

Question: recently consulted YOU with
reference TO high grade preferred stocks
but have since decided TO aticlS to bonds,
so am taking IN" liberty again Of asking
your advice. VIII YOU therefore kindly
express your opinion Of tho following and
rate thom according to security Of prin-
opal and interest: American Smo1tine and
Hehmng os. ls+1 baldwin Locomotive 5s.
lF+o; International Paper IS. l947. United
states Rubber 5s, 1eA7? wish long
term, non -calsbls bond. not Of railroad,
and would be satisiied with from to 3
per cent current yield. am particularly
Interested in international Paper but is
10" market price makes INC suspicious Of
u. am trying TO put the rather meager
savings of lifetime into such shape that
may have dependable although small.
New-York tribune., 1922-02-26

Answer--We would rate your Bald
WIN Locomotive IS as high grade and
first among those you name. We sug-
gest you consider, however, Virginian
Joint Stock Land Bank 5s, 1861, which
you can get TO yield slightly less than
. per cent. They have a degree of SC
curity comparable almost with Liberty
bonds
New-York tribune., 1922-02-26

Answcr-Thc Savage Arms Corpora
ton stock is not an investment. in our
opinion. but a speculation. There is
SI74s,ooo common stock. s222 POO pre-
fcrrod stock and S1l25,o00 deferred
purchase notes outstanding. The first
payment on the purchase money notes
was made OH January |, 1922, and was
secured by first preferred stock There
was a deficit of $63l, ,622 for 1920, and
a profit and loss surplus as of Deem
Der 81, 1870. of 81 095.s37. We do not
under present conditions.
New-York tribune., 1922-02-26
Savage Arms Speculative

Cucston-As = resGe- Of Your papo-. /
would kindly request that YOU give nc
ao'Ne Information at your convenience.
an thinking of huy!ng ZOO shares Of the
but FOR cash How much n-st p~cferrcd.
second preferred. common stock aud bonds
are outstanding What do they mall. o.
" nat va he last profit and loss surplus .
W hat is the approximate book value Of
tno common stocH 10 YOU. in your ludg
ftcni. consider the common stoch A pur-
chase for a iong puli0 " hat companies do
they control viii appreciate very much
YOUR attention to the above and. e YOU
WIN. please return this letter With any
further comments yoG mat care to mal>e.---