davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-10-15

stockholders. In turn these new prop
critics have been begetting increased
earnings.
Thus the equity of the stockholders
has been steadily increasing, and the
only evidence of this larger equity has
oeen the increase in the market value
OF the stock That equity does not be-
come greater on the distribution Of an
additional 100 shares of stock for, 100
shares now held. The stockholders are
merely given concrete evidence of their
equity. The company has now OUT
sta. ding S100,971.111 stock. Whom the
stock dividend has been distributed the
surplus Will be reduced by an amount
equa! to the amount of stock distriLi
buted, which in this case is the amount
OF stock now outstanding.
In conclusion it may be stated that
the stockholders are no richer or
poorer after the stock dividend. The
Standard Oil Company of New York
has declared 200 per cent stock divi-
dend, the New Jersey Company 400 per
cent, the National Biscuit Company rs
per cent and the American Radiator
Company so per cent--all within the
last few days. These cases are all
similar. The stockholders will have
nothing more than they now have cx-
cept that the number Of certificates
will be increased. AS stated previous
~, the future cash dividend rate will
determine the value of the stock div;-
dend. s'
New-York tribune., 1922-10-15
Bonds for Steel Preferred

Question: have been left, through q
VIII, eighty shares Of Initea States steel
1t at least fifteen years ago The price
was 96, think. To-day | could sell II
and with some cash I have in the bank
could realize s100G0 as capital instead OF
the 5000 par at which | get interest.
Would you do that and renvest the $40 600
in bonds at par?> The dividends on the
teen years, but I want to increase my
capital I'm married and this income
from the atock is not needed to live on.
Mrs. c. S. W.
Answer--If you sell your United
States Steel preferred and reinvest the
proceeds in ten $1,000 bonds of the
kind that deserve to be ranked with
this stock you will have to accept
bonds yielding less than 6 per ceno
on the $4,000. If you expect to get
your present rate of 7 per cent on the
enlarged principal amount you will
have to accept an inferior security.
However, we do not feel that SO large
a principal amount should be tied up
in any one security unless it be gilt
edge bond, and we suggest that you
dispose of at least part of the Steel
preferred. Hold twenty or twenty-five
shares, for you have in this stock a
good, seasoned investment. You might
not be as fortunate in. selecting o sub
stitute as, your grandfather was when
he made the original purchase. We
suggest for part of this fund $4,000
Bethlehem Steel 6s, 194s, selling
around 100; $4,000 International Pa
per 5s, 1947, selling around 80; fifteen
shares of New York Telephone 61s per
cent preferred, selling around 1081a
for return of about per cent, and
81 900 ST. Louis & San Francisco prior
lien 61as, 1892, selling around go.
These securities would almost come
within the price received from the
sale of sixty shares Of Steel preferred.
New-York tribune., 1922-10-15
Exchange of Wireless Stocks

Question: have in my possession a let
ter fG y the New ao4N st Go
bs beesnSsr ps'is s1 isls. 'Ses' as follows @ Yos are
one Of the few stockholders OF tho Wire
less nquidatng cSmpany VINO st mas ssms mot sf,
Liauidating Company stock: As you may
stockholders meeting on November n,
1913, to dissolve the company and make
the exchange on the following basis: q one ne
Marconi Wireless Telegraph Company of
america stock Al persons re-, ,n entlSiea let1Y tn u
ceive fractional scrip. which. viii be eN-
changed for full shares Of Marconi stock
whenever surrendered in multiples of one
share to the Liquidation and Realization
Corporation who have been appointed
trustees for the fractional scrip issue. ,so
requested to make this exchange. ana IL
you fail to send us your Wireless Liquidat-
ing COMPANY stock, together with me, me en-, a
reasonable length of time your proportion
OF the assets of this company viii be De-
snese pSssea W'h of honr such assets Indefinitely
until you do apply for the exchange.
Trusting you will give this mater ySSSp gSa
Wireless Liauidating Company" AS you
will readily understand. this was not at
tended to at the time and a recent letteI e
turned unclaimed, and as the letter Goes
not tell who the trustee Is, or rather what
their address is. would like to know u
you could inform me where to write---also rs >
if you would kindly give the present valve
of Marconi Wireless Telegraph Company or or
America? Your kind attention VIII DC
very much appreciated by =. w H.
..Answer--In November, 1913, the Ra-
dio Corporation of America purchased
the assets of the Marconi Wireless Tel
egraph Company. As holder of Wire
less Liquidating stock you were en-
titled to shares ~of the Marconi Com
pany, The Acceptance Corporation, IN
care of Lvbrand, Ross Bros. &, Mont
gomery, 110 William Street, is acting In
connection with the exchange OF Wire-
less Liquidating stock and if you VIII
forward your certificate to this addEess
properly indersed in blank we are in
formed by the Acceptance Corporation.
YOU will receive your proportion OF
shares in the Radio Corporation pro-
yided your holding is OF 9. sufic'ent
number Of shares to entitle you to
whole shares Of the Radio Corpora
tion
New-York tribune., 1922-10-15
Speculation in Penn seaboard

Question: read with interest the page
advice on Penn Seaboard Steel l have
owned 1873 shares for almost two years.
paid 16A for some. lon for the rest.
have been waiting for II to go up to get my
money, but am getting discouraged. Should
hold 1t or sell at present price 3
Mrs. NJ. b.
Answer--Since we cannot predict the
future price course of stocks, especially
in the case of such speculative one as
Penn Seaboard Steel, we have no means
of knowing whether it would be more
profitable for you to continue TO hold
the stock or dispose Of it now, taking
your loss at the time. You must de-
pend on your judgment in reaching a
decision on this question.
New-York tribune., 1922-10-15
Business Troubles
net1tians in BankrnntcY

The following petitions In bankruptcy
were hled yesterday in the United States
UNITED SILK STORES, INc.--Involun-
tary. Silk jobbers, 81 East Twenty eighth
Street. Liabilities, $4,000: assets, 1900.
SAM TERKER--Voluntary. Furrler, 562
assets.
HOFFMAN & oRENsTE1N Involun-
tary. Fura. West Twenty ninth Street.
tary 246 West 146th Street Liabilities,
$62,25o: assets s1,505
DAVID observation-disclosures Hotel
Monterey. Liabilities, $4,000; assets
1 FRIEDMAN & GER1NGER 1nvolun-
tary Furs. 31s Seventh Avenue.
Receivers In Bankruptcy
The following receivers in bankruptcy
were. appointed yesterday In the United
States District Court:
Works, Inc, s4s Lafayette street. with
Robert G. Rand, for H. Brenner & Co..
Mary q. Potter, for Royal Undergarment
Company, 80 West Houston Street, with
Charles Shongood, for Molko & Hamcwy
womens underwear, n Allen Street, with
bond of $1,000.
Chauncey Belknop for Smith 4 Fose.
field. dresses. a25 Fifth Avenue, with bond
of $4,000.
Bertha Rembaugh, for Gabriel & Brody,
wornens underwear, II East Twenty
second Street. with bond of $4,000.
. David s Poliert for Good Wear Clothes,
3 West Fourth Street, with bond Of 81, 000
Schedules In Bankruptcy
The following schedules in bankruptcy
were fied yesterday in the United States
District Court:
PAUL M. ROSENGARTEN--Clo and
suits, 2s West Twenty fifth Street. LA
bilities, ss2,b77: assets, $4,000
EOUIS MAGIDOF--Clothing manufac-
5turer, 123 West Twenty seventh Street.
$ IRVING SCHOENBERGER--G6 Nassau
Street. Liabilities. 8.o37 assets s9,S79
New-York tribune., 1922-10-15
Wants Better Returns

Question: am an Interested reader OF
your investment information. submit my
list. VIII you suggest any changes tnat
viii nay better returns with, comparatlV@eiy @
equal or better security! Twentgrnss .ss
shares Union Pacific common. 81 snates ta re-
New York Central. 40 shares United a. states g y
Cast Iron Pipe preferred. 10 shares nuissu ,iss
States steel preferred, shares .DeIawule
& Hudson. some time ago you recon. n.
1nended American Bank Note pHeIerreo. ~
vow still do SO? I am ffty-three married
have aon in college. have nome ar. ana
carry $4,000 life insurance; nave peen p1. ~
ting my dividends in the savings oahh LOT
SOME time and shave 5000 besides that
want to invest. x. q
Answer--We can see no means OF
raising the return on your investments
without lowering the element OF secur-
ity except, probably, through the SAFE
Of some of the New York Central stock
and the substitution therefor OF New
York Telephone 61z per cent preferred
selling recently to yield about per
cent. The return on New YORK Gen,
trail at the present price and dividend
rate is just little better than B per
cent. For your 5000 of new capital we
suggest Endicott-Johnson preferred,
selling around 113 and paying per
cent dividend.
New-York tribune., 1922-10-15
Doesn't Like Long Chances

Question: am n'need OF your opin;o..
IN regard to some investments / have jus
made and also am about TO make | ave
put $1,000 in General Motors pre- erred.
also ten shares common; 1000 Bethlehem
Steel, twenty sharcs of United Stat es
smelling and Refining com;non: I also
haVs Sl.o0O In French TVS. 81. 900 French
~ $4,000 IN Adirondack Light and Power
COMPANY $4,000 in Light and Power Com
rany or Canada. Kindly advise me On
consolidated Light and Power Company
Or baltimore Is, also A. O. SEalding &
Brothers D per cent preferred STOCK, or
others YOU may suggest. My rnoaey Is
hard earned and j don't care 10 tafe long
chances. Thank you for any suggest,) MS
You may mako.--b e. T.
Answcr--f you cannot afford to take
chances you should not have, nut your
money In stocks with the speculative
characteristics Of Bethlehem Steel
common, General Motors common and
United States Smelling common. Your
other holdings are reasonably good.
Consolidated Gas and Electric Of Balti-
more rs are good investment. Spald-
ing preferred must be treated as a
second grade preferred stock, but is
much more suitable than the common
stocks mentioned above.
New-York tribune., 1922-10-15
Takes Gold to Germany

Question--My wife left for Europe In
July, 1922, insisting on taking nonsy In
goid coin to Germany. She now finds that
nobody wants to exchange it for paper
money and that she can dispose OF the
god solti only With about 50 per cent LOGS, as
gold value. Nobody wants to exohang
paper money for gold coin. as It is no
Gan the money be h-ought back by
bank or express company, In parcel post
or insured package? do not undcrsta a
the situation. as I believed the. United
states gold currency to be standard the
world over Kindly advise.-E. C. $.
Answer-Because of disturbed con-
ditions in Germany authorities in this
country are unable to say with any
degree Of accuracy what the procedure
would be in the case you cite. The
simplest solution, we believe. would be
for your wife to consult an American
Express Company Office in Berlin, Ham
burg Or Bremen. Officials Of The com
pany. there, familiar with conditions
in Germany, would be glad to help your
wife, we believe.
New-York tribune., 1922-10-15
His Holdings Suitable

Question--Please state whether or not
you consider the enclosed list of securi-
ties. etc, suitable 10Y, business man
whose income is not dependent thereon.
II not, why not? 100 shares American
Car and Foundry. 100 shares American Lo-
comotive. 90 ahares Bethlehem Steel B.
10 shares California Packing, 10 shares
Chandler Motor so shares Du Pont 6 per
cent debenture stock. so shares Eastman
Kodak, so shares General Motors per
cent debenturc stock, 20 shares Hudson
Motors. 10 shares Loft Candy, 20 shares
Mack Truck first preferred. SO shares
Mexican Petroleum s per cent preferred,
10 shares Middle States OIL, 20 shares
Reading. 90 shares Southern Pacific. SO
shares Standard Oil OF New Jersey pre-
ferred. 20 shares Texas CompDny, so
shares f. w. Wooworth preferred, 20
shares Wright Aeroplane.--s H. Ii.
Answer-On the whole, your invest
ment is suited to person in the cir
cumstances described. Some of ysar
stocks are highly speculative, but we
note with qualification that where a
substantial element of speculation ex-
lists your holdings are portionately
small. We see no reason For disturb
ing any Of them.
New-York tribune., 1922-10-15
Three Speculative Stocks

Question: hold fifteen shares American
Agricultural Chemical common at 500 per
shBre, 80 shares Cuba Cane Sugar common
at S34 per share. 25 shares of Sinclair Con-
solidated OIL at SEQ per share. common.
kindly advise me whether / would be im-
.royinG my position in this matter by CELL
ing at market my American horticultural
Chemical and Cuba Cane sugar and In
yesting proceeds In Sinclair Consolidated
Oil at present market tconmtnl. Provid-
ing YOU disnpprpve of this transfer, would
you suggest some favorable common stock
for the trs nsfef? / nm not in need of In
come on the stock. Perhaps I had better
hold the stocks. II. B.
AnswerYou apparently have mis-
construed the purpose of this column
We cannot attempt to predict future
market prices, and we are unable,
therefore, to say what you should do
with the speculative stocks you hold
You must use your own judgment in
such trAnsactions. If you should de-
eide to interest yourself In investments
we shall be pleased to offer sugges-
tions.
New-York tribune., 1922-10-15
Investment Plan Sound

Question: have worked out for myself
an investment plan which 1 will be pleased
10 have YOU criticize. Am a married man
forty-ive years of age, and have two chill
drn, saiary, $4,000: health not especially
increase my life insurance. and have at
the present time but So, 600. Own home
clear Of Indebtedness Have been able to
save moderately from year to year, and
have Investments at the present time as
follows; Ten shares Atchison, Topeka &
santa Fe preferred, twelve shares Corn
States Steel preferred, ten shares United
Fruit, twelve shares American Telephone
ana M Teiegrsph. FIVE shares AMERICAN i, 1 Bank
Kodak common common. Ny plan is and and has has
been to invest in dozen stocks, six pre-
about two preferred to one common.
buying or intending to buy the former
as follows: Preferred--Allied Chemical
and Dye Corporation. Americans Car and
Corn Products Refining, United states
Steel, Westinghouse Electric and Manufac-
turing; common-United Fruit, Ameri-
Bank Note, r. w wooiworth Company,
Eastman Kodak Company. General Elee
trio. Would add that l in position
to. and DO, watch the developments of
the market ciosely.-W. X.
Answer--We assume that when you
say your purpose is to buy preferred
stocks when prices are high and com
mon stocks when prices arc low you
mean commodity prices. Your plan is
sound and logical and should lead to
success if you adhere to the class OF
stocks mentioned in this letter The
scheme is founded on the assumption,
supported by precedent, that when COM
modify prices advance there is a
tendency for all securities with a
limited rate Of return to decline.
New-York tribune., 1922-10-15
Middle States Oil

QIestion-.-f have recently seen a state
meht or Middle States Oil. This state.
fneht SHOWS assets In excess Of the common
aSock issue by more than three times III
$50 $50 SHOWS an narning capacity we'll above
5pe present dividend rate. AZ the preyail-
.ns ~. ihareet prize this stock pays Almost .
sSH cent IN your opinion can fhis stock
We Slasseu as an investment security or
W9uta Wt,a you consider 1t speculative Issue :?
~ " iiat iat y Your opinion of the stability OF
ms company and Of the policy pursued
" those III control ?---B. G. T.
Answer--Despite the fact that Mid
ole States Oil earnings give evidence
of careful management on the part Of
corporation officials, the stock must
receive speculative rating because
Of the hazards of the business. The
risk Involved is compensate for by
ne return of TO 10 per cent. pro-
vided by dividends of sl.20 gear ami
occasional extras.
New-York tribune., 1922-10-15
Joint Land Bank stock

(, Guest on---wouId | have your opinion OF
Kansas CITY Joint stook Land Bank sap-
.has steck rank with The following invest
nents Tor 'eenserxatisn. American Tele-
Telephone preferred Western rgiectrie nrs-
iicrrnd, Adams Express 4s. 1877; Chicago &
,Sor,hwestern 6hs. Du Pont iAa. Missouri
racine bs. New York Central tebenture Gs
North American Edison es, Northwestern,
J5eit Telephone fs Public Seryics Of New
Jersey general ss, $. w. Straus & Co. mort
gage bonds. "a j. II.
Answer Kansas City Joint Stock
Land Bank stock ranks with your stock
holdings, but is on plane lower than
'syour bonds. This stock, however. is a
good investment for any one who does
not require the highest grade of se2
curity.
New-York tribune., 1922-10-15
Netherlands Bond In f,uiIaers

Qusstion---Wh hat wo,,,,t ,,s~,, 5s., {, s
mig victory losn into at this time ; Nas /.
raliS unaiiS , wasn @ as high rate OF Interest ID
s..ssi, WI win z reasonable amount al
ssAss shs lhe per cent, Netherlands
l, heiss payable .in suliders us .lollnrsY IN II
',.s sne ta,.ef , would they be suitable invest
haeht Tor WORKING woman Miss M, r.
Answer Principal and intarast !,
hihgdom OF Netherlands es, 1872, are
payable in guilders in Amsterdam and
IN dollars in the United States at the
rate of-exchange prevailing DIT the time
of payment. if it would he ;ncenve,.
tent FOX you to deposit the coupons for
collection with your bank we suggest
that you select Missouri, Kansas q
Texas 5s, 1861. :
New-York tribune., 1922-10-15
For Inyestmentaof sa.000

Question: have $4,000 to- invest in
bonds or preferred stocks. Will you tell
ne how to invest it safely so as to get a
return OF 6 per cent? now hold the fol-
lowing bonds: $4,000 United states steel
vey ct Gle IS; $1,000 Westinghouse Electric
Is; $4,000 City OF New York 4As Stock
Ten shares. American Telephone and Tel
egraph; shares Anaconda Mining. .--R,A.s.
Answer--The following securities
would provide a good investment for
your $4,000 and fit in we'll with your
present holdings: 10 shares Of New
York Telephone 6h per cent preferred
stock, selling recently around 1O81s;
$1,000 Wilson g. Co. IS, 1941, yielding
abaut SO per cent; and $1,000 Missouri,
Kansas & Texas prior lien 5s, 1862,
yielding about SO per cent
New-York tribune., 1922-10-15

Take your own stock for an example
Inc dividend rate is Iow $4 year
After the new stock has been distrib-
ut2d you will hold twice as much stock,
ana II the directors decide to distribute
no greater aggregate Of cash dividends
on the enlarged capitalization the cash
rate viii be reduced to So year.
Tins as far as income is concerned
you will be no better of than you are
now. But if the directors declare divi-
dends on the new stock at the rate of
So. for instance. your income will be
SO per cent higher than at present.
All Of which leads up to the plain
fact that 8 stock dividend, considered
apart from cash dividends, is rather
meaningless. What the Standard Oil
Company Of California is doing is
simply this: 1t is capitalizing surplus.
At the end Of 1920 this company had q
pIott and loss surplus Of Sl34,679000
Year after year the company had
earned greatly in excess of dividend
disbursements. In the ten years end
ing with 1921 no less than 100000 900
was added to surplus cut of earnings.
OF course this does not mean that the
surplus earnings were placed in vault
as so much money, for that would be
uneeonomic, inasmuch as idle capital
ls g. real waste. The money was dis
triBated to the stockholders in the form
of dividends, and the remainder, repre-
senting this surplus, was plowed back
into properties to the credit Of the
New-York tribune., 1922-10-15
Carolina Power Preferred

Ouestion--Wiil you he kind enough to
sive me your opinion to Carolina Power
and Light Company preferred stock as an
investment?--y. Il. j.
Answer-The Carolina Power and
Light Company's funded debt is $11,-
100000, and an income statement for
1921 shows interest requirements
earned 2A times. Dividends on the
preferred stock have been paid regu-
larly since 1911, at the rate Of 7 per
cent. Earnings for the last few years
show consistent increases, and we
should regard an investment in the
preferred stock of this company as
reasonably good, although it has linn
tied market ability.
New-York tribune., 1922-10-15
Buys Railroad Stocks

ouestion-WilI you kindly advise me in
regard to investments which ! recently
made? / sold Liberty Sd 4As at 100. 80
and purchased rs sharesasef Atchison pre-
,ferred and is shares OF Great Northern
preferred. Have worried about same, as
stocks are fluctuating 80 terribly. Am a
widow, and above Investments represent
about all have. want to be sure Of
my principal and safe, Mrs. p M g.
preferred is in reality a common stock
and, therefore, is to some extent un-
desirable for widows investment
funds unless she feels she can afford
to assume some risks. Atchiscn pre-
ferred is entirely suitable and You have
no cause to worry over this, we
New-York tribune., 1922-10-15

The following judgments were filed ye
terday, the frst name being that Of I
debtor:
American Carpet Cleaning and
Weaving Go. and Walter L.
Williams--C Columbia Bank. .... s3,n40
Abrafi10witz. IsraeI-Greater ".
Y. Lumber Co, Inc, ..sg....s. 2S2
Bouchard g. Farrell Coal and
TRANSPORTATION Co---J. H Magee
ct al, .ttl..8...s... .,4..H.ss. 1098
Bnrras. Benjamin.. Watchtel. 19l
Beekman. Louis tB. & b. Jew elry
Cage Co. III Greeuman 49,. 1,105
Bartook. Charles J.---Globe In
dennity 90: 1900. ,,.., 2ss
Berriman, Nathan ErEarlisie
| .Textile CO.. Inc. 1,251
Canadian PuIpwood Corp. Ltd
r. McAvity & sons, Ltd 2,742
Cheshire, Clarence FL. Lcwen-
stein IL Son, Inc. ~. 81 s.s.s..3,s. 213
Grossn1an. Jacob Gu, Grossnan
OIL. Ward. 80. u. s..s.. 4e4
Great Kills Yacht cIub---J j
Grant. Frank I'D. j. n.chneii.. ass s
surety Go.-People, sse.,...sss i.soo
harschcopf, Charles and Ralph
London Guaranty and Accident
Co, Ltd I. ,. /. i. ]. &. + 4. Il. .7G2
John s, Bussini Corp "a G.
W'sckg MannnAGtui az Co. ~ 81 z
KroIinansxy, Abrahan.. and Jesee
New-York tribune., 1922-10-15
why an Exchange at This Price?

Question please find a letter
received BY me from stock company In
which hold $500 shares Amaigafnated
Oil. have not had word from it In
years. Infthis letter 1 an, told That it has
merged with another company and want
me 90 give up my stock. VIII you kindly
inform me what IS best for me to do?
The letters Will explain themselves. do
mot think this is right, the new COM
parly's stock can be bought In tho market
through broker for from 8 cents to Is
cents the highest. a share. am given
twenty days to answer.--W. h
-Amalgamated Oil shares
have no market. Revere Oil sells
around 12 cents share at the present
time. We see no object, from your
standpoint, in paying 20 cents share
for a stock tina. is selling in the open
market at half that price.
New-York tribune., 1922-10-15
Ihe Meaning Of Stock Dividend


g declare 100 nm fhot
~ pe'g aeh hgher tson
aaAu oeoa iaHb
me gust paat dp.acnds o m
% ae STOCK and ~ get
'aa =" she aeta hM
- e oa issue. prompt appreciated fouoed
e gee" ~ inc eoimns The Tribune and hare pod
9c,y naMch bv ;t-C . - 80 f's
Vur INQUIRY Is most timely of
ha nave been declared recently of the popular
OF the true
es ne par value OF the Standard Company of California stock Is
WI a ueea from sioo TO $50 That action during
~ e directors propose to do when
20 ISSUE one share OF stock every share now held
e "a ioo shares VIII receive additional
ie NOT m position to predict whether
w. pue y plainly evident from the reacted
~ he news came out that this
market Ihe future of the stock on the rat, Of dividend
on the
New-York tribune., 1922-10-15
British SIS. 1929

Great Britain and Ireland 5 1as, due 1929.
Your information page tSunday issue)
gave some advice with regard to convert
Ing the same into national war loan bonds
when eau that be done to advantage? p
Mrs. w. j, II.
AnswerA-The United Kingdom 51s
per cent bonds may be converted into
British national war loan bonds at
any time up to February /, 1929 The
conversion can be made to advantage
now, or possibly to greater advantage
later if sterling exchange moves
nearer to its par value, since for the
purpose of conversion the rate on ster-
ling is'fixed at S4.80 to the pound.