New-York tribune., 1922-02-05
Some Changes Suggested

holding for Investment tho foio~ing sins iIst s''
o. " Sc. sceuTl,les: $1,000 Liberty bonds; $1,000
A. per cent Sasway hus uv c9nPany ssr'ss " oss
,Hie" Service Company convertihic gold
,,,,, "rn, Ser,es - per cent. duo Jan
1,iisnI PEI cent. due July !, 1890; s. 600
Kingdom of Belgium per cent. ,uus F,b
,u9ry l. lg4i; slooo Nor,Awos,Srn Hcll
I"ieph.ns Company 7 por cont duo ROB.
rTuary l. ia4l, 81 600 Government Of In,
rlench Republic s usr cent. QUO Scotnn,h,r
~, ~, l'@s, $1,000 International Mercnntns
Marine Company collateral trust i rar cont
que ~ $1,000 Ohio Public Servoe Com,
p"ny hrst mortgage and roiundlng cold
pon1s, series A: ~ per cent due October
Co1nranyF ory' ipov M'n,nest er Kepeatns Arms
April I, lo4l. $1,000 CITY Of Xu,inh r"r
orH,, r due ctobcr 10. 1895: 900 Kingdom,
Isas D'yn'anS 81 az , per cent oue October Is,
f que Noyclnb Der !. 1916 $1,000 Governncn,
o. li ,he French Hcpubic ~ per cent. duo
ig.f 2g1, rd,nnsn ,ra1; 5000 kansaa CITY power
December !, l94o; $1,000 Kingdon, Of pei.
I-nion pa"fc, p.r cen, Que June I. l9i5. $1,000
od,iipmsni m,p nTc'mr h"lroad Company serial
l'd2 i've shares OF stock Of thn c;nar,r.,
rus, Company of New York on arcnnn,
seouri,ies ri sarag,e a, onI.om N sone Of these
would bo wise to Gisposc of some os ,ho,,,
ana i rnrchnso long term bonds that are mo-,
VI instance Mort II WcStprN D,.i1
,,,,',,l uG,epn9ne Company and the Winchester
t,' peetlnE Arms Company bond arn r,Il
.o'e S..s on any 'ntar"st dnte, and some OF ihe
so,e'gn s','s',, FoVHrnment bonds are callabie in
7'.''' INN. 'ke ten years. | VIII ADprecjats
very lh"ch your advice 90 10 v,hai bonds
10 u'sporn oi and what to purchase to make
" To- I"s'ra m n,s Iis' and ono that wiz not have
N,,i M'.n tho exception OF the lnterna1innni
m"re"n,,is .."re , Marine collateral trust hon,i
q
At hisher figures IN the renrran',~,,e,,, Ser''''s
~ my desire, II possible. TO avnld s,c,,t, -
mo wlth sn 'mcPms nc,,'9s,, "ill you also Furnish
,,'ont 'nS' lHs ID southern hallway levnlnn
hnnIs ''.d" Bengal mortgage 6ia per cent
now 10 1ue ;ni ,9eO, at o4l.e This Issue is
by I,.,.a ': ). Morgan g. co. Also il Missaur,
Naisas % q Texas prior lien SIS. series ;s
" sood investment "A. A. G., - !"
answer - Northwestern Bell Tole-
phone Is are callable only as u whole
ana at l07h, and while it is true tb.t
they are now selling at a price prettv
near that at which they can be called
they would, in our opinion. have to sell
at good deal higher price than that
70 make it wise for the comnanv 70
Iai' 'he bonds and sell an issue Of
co,': to|ci rave coupon bonds in their place.
n''l'ng large issue OF bonds is p
uo'' 'ucIhoie expense. even to a COM
pa"N win strong credit. In our opinion
~ - rathcr unlikely that the Win
0or "epcating Arms Company will
pe 10 financial position to make it
slraole for them to call their bonds.
gu ho'd large number of foreign
PoVerhn'eht bonds and among these ure
a number of European government
pohos; we think these bonds arc good.
ou' 1ne TACT IS apparent that unless
inc ffench nation takes a different
a''titude from that which it now holds
mere may be great difficulty in
Ieconci|'ng English and French views
ou ought, therefore, to make up your
nHino now whether you have enough
faith in these European countries
credit to hold the bonds even If yo,,
should see trouble arise in Europe and
the price of your bonds fail in this
market. II you can face this situa-
tlon without undue fear we think Won
VIII do right to hold your bonds. r.
you cannot, it would be bettcr TO sell
now than later, when you might be
frightened and the bonds be quoted at
a lover price than they are now. We
think that there is an element of sncc-
nlat'on in Cities Service securities.
since the companys earnings arc so
heavily dependent on the income
Of oil producing subsidiaries. We
believe in the future Of the South
and OF the Southern Railway. It's de-
velopmcnt and general mortgage 6lss
are secured by junior mortgage and
we would rank the bonds as good
business mans investment. Missouri.
Kansas & Texas prior lien 5s arc
secured by an absolute first mortgage
ON the greater part Of the system, and
on the short pieces of railroad where
they are not first mortgage the
underlying bonds are not at a heavy
rate. We think that they are we'll
secured good investment.