davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-10-22
Telephone and Telegraph Puzzle

Question: was Interested In your soIu-
graph shares but the profit proat .ha, You You
show as your result is only about quar-
ter Of the true proht due to the fact thst
from now to November 4. Particu,as,y for for
hose who are paying interest on debit bal
ances at their brokers. there has con-
point OF 1ss o@s a n ssns any =. A3as Fan
Telephone and Telegraph stock which they
may own ~ .,ss,a and replacing it by ths pur-
Answer--since you pin us down 60
deal, we feel justified in bringing out
raises. in the first place, we cannot
consider the case of the man who has
margin account with his broker, for
our aim is always to take the point Of
view of the everyday investor, and not
that of the stock trader. Your point
is that after selling the 100 shares Of
American Telephone and Telegraph
stock in anticipation Of repurchase
of similar lot ON November through
the acquisition Of additional rig is
the investor would have $4,000 at his
disposal for about months Take
thirty days as this period, just for the
sake of All example. How would the
ordinary investor put that money to
work9 Placing 1t in the bank as an
ordinary checking deposit, he world
receive maximum OF 2 per cent, but
by depositing it as thirty-day time
deposit he would get, at most. ga per
cent from any bank which is member
Of the New York Clearing House. As
a time deposit the $4,000 would earn
about s23 in thirty days. But OF this
point another question arises, namely,
the time Of purchasing the additional
400 rights. If you should buy them at
3% immediately after selling the 100
shares Of stock, your deposit fund
would be reduced to $500, yielding
about $40 interest In thirty days. II
you postponed the purchase Of the 400
rights until just before November l
you would have no means Of knowing
what price you would have to pay for
them. Just the other day price Of
4ss was paid for rights, and they are
now higher than your Hypothetical price
OF 3%. The best that we can do IL
to add $50 to the profit previously ar
rived at.
New-York tribune., 1922-10-22
Curb Prices Hold
Generally Steady
In Short Session
Profit Taking Checks Rally
ID Some Parts Of List,
but Oils Are Given Sup
port; Changes Are Small

Although prices held generally
Essdy. with some substantial ad-
naces recorded in yesterdays short
session on the curb market. profit tak-
lag checked rallies in some parts of
he list. Oils received good support
md continued the feature Of trading,
In toe industrials, Hayes Wheel was
gain active, but profit taking was
saatinued at the start ss a result of
5Fr!asy's sensational advance 60 q new
kisb for the year. The stock reeov-
sssd and nieved higher later. Buying
d this movement is attributed to ex-
mttations of an increase in the divi-
dsAd rate from So when the directors
meet soon. Business Of the company
esrtinues far ahead Of last years fig
ures,. il is said.
Standard Oils were in demand,
vacuum and Standard of New York
xoring gains. The new stocks Of
Stsnlard Oil OF New York and Stand
I'd Oil Of New Jersey also were firmeg.
lsssSnational and Simms Petroleum
serked slightly higher.
New-York tribune., 1922-10-22
Adding Strength IN Bonds

ouestion--will you kindly criticize the
following investment list, snsgssslng what ha.
and Electric preferred. 10 sharea Loose
Wiles preferred. 40 shares Anaconda COM
men. 80 shares American Car an1 an Founary
ferred, 10 shares American Steel Foun-
dries preferred. 90 shares Goaehanx n: , su;
gars prescrred, 10 shares shansr st.aeara on ana
Tank Car preferrea. 200 cities Service
Bankers. shares, 10 Cities Service pre-
pany. % 20 thares Great Northern preferred.
ae ahares American Telephone and Tele.
graph, 1000 shares Middle states on, 2S
shares Liggett'a international 70 70 shares s
United States steel preferred. 90 shares
United States Rubber preferred, 40 nhares
hons Gas and Electric preferred, 50
shares Atchtson common. 10 shares Cerro
de Pasco, 90 shares Inspiration, 20 shares
common. so shares Union Stock Yards.
wichicta. Kan. preferred; so shares Kansas
City Power and Light preferred; 24 snsres Is
Middle West Utilities, 1sas-'ss: $1,000 New
York Central 6s. 1895; $500 Oklahoma
State bonds. si,eoo Armour s. Co. ten-year
600 Bethlehem Steel Marine rs. 1885.
s2,0c0 Southwestern Bell Telephone. 1925
81; .s2.oee Louisville Gas and Bieetrio first
tstraus1 Is, 1859; $4,000 Blackstone
(straus). 7s 1888; $1,000 New York Tsls-
phone 6S, 1Sal; S1,UVo dud50n " MhD-
haitian 6s 1857; $1,000 Norfolk q Western
Is, 1895; $1,000 United states steel 5s,
1865; $1,000 Southwest Light and Power
6s 202a; S2,0aQ Paris-I Lyons Mediterranean
Is, 1858; SS,Ge0 Oklahoma Ga and Fsiec-
trio Ss 1881; $4,000 United States Rub-
her 5s 1s47; $4,000 United States Lib
erty bonds. fourth loan. Have held copper
stocks four years. Do you Deem it wise
to dispose of them or hold for oarly divi-
dend action ?---L. l.. L.
Answer-We need make no sugges-
tion on your list of bonds. Your hold
ings Of some Of the more speculative
stocks, however, appear too large ana
we suggest that you reduce the
of such stocks as Middle
States Oil, both Cities Service issues.
Oklahoma Gas and Electric preferred
and Union Stock yards. Remember that
in making this suggestion cur point of
view Is that Of an investor and not in
any sense Of one who is giving primary
or even incidental consideration. to the
Of speculative appreciation.
With what you realize OH the sale Of
any of these stocks we suggest that
you invest in additional bonds of the
issues you now hold, such as United
States Rubber 5s, New York Central
6s, New York Telephone 6s. Inasmuch
as you have held your copper stocks
through most trying period--a period
which appears TO have passed--we sec
no reason for disposing OF them at this
stage, especially as your holdings are
relatively small.
New-York tribune., 1922-10-22

These are our suggestions: $4,000
City of Cleveland School District Az
per cent bonds, yielding about IA per
cent; $4,000 City Of buffalo AZ per
cent bonds Of the series due 1912, sell
Ing to yield about 80 per cent; 5000
Pennaylvania Railroad Gas. due 1898,
yielding about 6.5 per cent; $4,000
ing about ST per cent; $4,000 Della
ware g Hudson biAs, due 1897. yield
Ing about 6.3 per cent; $1,000 Louis
VILE s. Nashville 5hs, dpe 2oia, yield
ing about 5ss per cent; $4,000 Ameri-
can Telephone and Telegraph collateral
6s, due l946, yielding about 81 per
cent; $4,000 Niagara Falls Power first
6s, due 1882, yielding per cent; $10,-
600 General Electric 6s. due 1859,
yielding about per cent; $4,000
United States Rubber Is, due ls4T, yield
New-York tribune., 1922-10-22
Kansas Electric Preferrea

ouestion-PieaBe give ms Information Ia
pagy psgaFd nsr to IA. kansas Electric Power Com.
offered at ssis Would you 'eeH eonsiSsr s'9os i,
Good Investment to hold as a permanent
to n,tsa nlso stst.s ssss ms n
present market prtce.---l. Z. p.
Answer - Kansas Electric Power
Company was incorporated In Kansas,
June 10, 1929, as successor to Kansas
Electric Utilities Company. 1t is q
holding company and operates prop-
critics in Kansas, and also furnishes
power through Its subsidiaries to six
teen communities in Indiana, Penn
sylvania and Ohio. Net earnings for
the year ended April so. 1922, were
s467, ,479, which provides for interest
requirements on its funded debt Of
s5,O00,000 first mortgage 6s, and leaves
a comfortable margin after dividends
OF z per cent are paid on s75o,o00 is-
sued preferred stock, We do not class
the preferred stock as an Investment
to be regarded as permanent because
of its dependency upon earnings for
value, but it may be considered as
suitable for business man TO hold.
United States Industrial Alcohol has
accumulated q surplus of over $l0,-
100000 in the last ten years, and while
operations Of 1891 were conducted at
a loss it is said that all plants are
operating at full capacity at the pres
ent time and profts are being helped
materially by the advance in the price
OF denatured alcohol. which Is up
nearly SO per cent from Its low level.
No dividends have been paid ON the
company's common stock since Septem-
Der l5, 1921, and It's position is specu-
lative. The preferred stock may be
regarded as fair investment
New-York tribune., 1922-10-22
New Jersey Zinc

=, Question: o~n l2a shares New Jersey
ZINC STOCK. Some of this cost me rs hlgh
Whisn ,S Includes small stock dividend,
psla some years ago, and chance to auio-
scriee TO per cont OF holdings at par
ssWlnnien ! dldl. After dropping az low as
s.i9 NV lsst .iuiy year ago now SEQ IL
market for It. ! am told that Il win
shortly go back on 8 10 per cant dtvi.
dand basis and may have another siz-
ape at STOCK dividend besides, as so many OF
she standard oils are doing. TO avoid q
government tax on surp.us (said TO be
sop.e00.oOo in New Jersey gincl Il now
pays per cent. Can you giva mo any
oope on thia, and If Il would be wen Il,
sen or hold ont ! don't need tho money
az once.--J. p.
Answer-Your interest in this stock
of the New Jersey Zinc Company is a
specuiation as to earnings of cor
poratlon that has reported income of
con siderable magnitude during the war
period. Following the decline in the
price. OF zinc its income has been re-
duced materially. Net earnings for
1918 Of $34,oas,24o permitted rs per
cent being paid on its stock; as per
cent was paid in 1917: 90 per cent in
1918 and 1919; "A per cent in 1920 and
. per cent in 1921, when net earnings
Of $2,SSa.63S were reported. The rise
In the price of zinc is affecting the
earnings Of the company and likewise
affecting the price of the stock. in all
probability. The company does not
issue balance sheet to the pubic. so
we are not informed Of it's present
surplus. We are not in a position to
advise you on the speculative possi-
blljtles of the stock.
New-York tribune., 1922-10-22
High Cost 81 riaancinw

!. ouestion-K Kindly adviae me II possible
shere y q market Cor the following
ssoSKs. hams having been bought By my
greatly appreciate any information ,u yon
can give me CO to this present marked
,ha uasmss per share, Y there q . maraat tor
your IDEAS as to whether they are worth
nolding The list; Twenty shares Chemical
shars ahhaussssss Corporation prefsrred, thirty
eemnen ttha latest address OF the e. above @
that have is SIS John Street, and whjoh
y from postal card dated April 1, ie2al:
sng company, par value 10 csnts per share
sths only address I hevs af this conpsnv
- srS1n let,srhead dated July S. 1915.
ArsG $40 shsres Of 70. A. Edwards oil
each tths address Of shis sass ss osneern ssis i
aaa 10 home ees aass s caopar app padsns B. s,s
e.osuTs slip oi shss eonesrs nnaar sha nso n
paration. with addresses al 1 cha1nber OF
20 oaommerce Building, Phoenix, Arig., and
sgI Ceopsr Building Denver. Gel. would
raation yeu may have on the above stooks
and assure you the same will De rreatIv
appreeiated,--Mrs K X.
Answer-The Arst annual report OF
the, Chemical Industries Corporation
expiains with an unusually plain state
ment OF faets the financial condition
OF the company and its proposed future
operations. The total Indebtedness Of
the company is about $3.50. 900, only
$4,000 Of which is external. Large ad~
vances made by individuals closely as
sociated with the company are not
pressing. Initial financing was under
taken by James w. Ellictt's Business
Builders, and the sale of minimum
average of $4,000 par value Of stock
per month was contemplated. but as
sales from March is to April is, 1921,
totaled only $s4,80o, the contract with
che Elliott company was cancelled. The
expense incurred by this method of
raising capital was S33,eeo.b9 and the
net amount realised to the company
was $64loo. Chemical Industries is s
holding company and operations of it's
principal subsidiary, the Piedmont Cor
porRtion, have not been on large
enough scale to produce net revenue.
and until capital Is provided for in
creasing it's plant and production a
market for the shares will be diff
cult. TO obtain. Physical assets Of the
Piedmont Corporation represent an In
vestment By the men principally inter-
ested in these corporations Of 81 ,SO0,-
600, and it is estimated that the intrin-
sic value Is in excess Of that figure.
Fer this investment these men hold
securities that are junior to the pre-
ferred stock Of Chemical Industrial. II
would seem that stockholders can only
await further Developments in the af~
fairs Of the company. The history Of
this company, although short. illus
trates the high cost Of securing capital
and also the more or less helpless posi-
tion II is left in when sufficient capital
is not obtained. The stockholder, be-
ing partner In the business, suffers
in loss of income. We do not find any
record Of the other companies you ask
about
New-York tribune., 1922-10-22
Where Tax Exem pi Feature Counts

Qcnhoro sso tins In
re Tribune Ui reoenty fallen te
% dooas 100000. a~ 1ntino fer nforHation.
We hacs rscssved
Aoe-a bonds viu com before M ed 81,
~ ssa su We. Hdv SIND list Of
more ~hch su xeed wag 1nvsstert Tor
one totally amfaniiar Ussh basiasss Of his kinds
Ne Aaen snpssttns In $50
6avss UAsA eiu % reoepys b. e.
sAnwerSince with investment standards ue
wish to advise going above Weld level search
safe Investments You have done placing half your IN
United States the rest sav well under nar
New-York tribune., 1922-10-22
Should Exercise Care

observation-disclosures been regular cub
scriber for your paper for a considerable
time and seeking information. on sone
stocks for investtnent thought Il very
advisable to take ADVANTAGE os your In
yesters' service. as have aiways a,,s,sl been
How would you rate the soiiowing stocks
regarding their safety OF principal and
their present attraction7 wfsh to In
vest &600 In the best OF them TO FOUR
knowledge: Illinois Central prefeTred,
Great Northern preferred, American hank
Note $500 preferred, American Smeters
preferred and Western Electric preferred.
understand Illinois Central la non-callable
for ivs years and probable option OF con-
verting into common stock. So not Great
Northern preferred real bargain at It's
low price of 90 and per cent d1vidends?
Would you consider Market street Raii-
way first consolidated 6a gooo bono at
50 and maturing In 1921 IA Any 1ntsrrna- :,
Answer--IlIinois Central preferred IL
non-callable prior 10 September !, lSSs,
and is convertible into common share
for share. Dividends are not cumuia-
tive. Great Northern stock Ia pre-
ferred Ia name only. There 10 no COM
mon stock. As long ~ you have cnly
$500 to Unrest we suggest that you
exercise extreme care in the selection
OF an Investment, avoiding all ouch
issues az the Market Street Railway 8
per cent bonds. Take either American
Bank Note preferred or Western Eiec-
tric preferred. The latter has more
rsady market than the Bank Note
stock
New-York tribune., 1922-10-22
Man Message Stuck

Question: have purchased Ave shareu
o. The cumulative preferred stock OF the
NAN Message Corporation on the partial
half namely. saso. win You please ease a,s,as nSsas
me what you think of this corporation and
whether you think 1t is a safe Investment ?
--H, G. d.
Answer-We are informed that the
Man Message Corporation is no longer
selling its shares to the public. In
view of this fact the management has
declined to furnish US with balance
sheet or income account, without which
an Intelligent analysis of the financial
operations seems impossible. II is a
safe foot rule in finance to avoid the
securities OF corporations that main
tain secrecy In such matters. At the
lime tne corporation was selling stock
we consistently advised against its
purchase for investment. We have na
DATA which would lead us to chanre
our opinion. We do not know the
nature OF your contract for the pur-
chase OF the shares and would not. in
any event, advise you TO break q cnn-
tract. Man Message Corporation was
originally in the business Of sendino
ovt inspirational talks by James w.
Eiiott, Dr. Frank Crane and st. Elmo
LeW9s primarily. Recently, according
to information furnished US by James
w. Elliott. of James W. Elliott's Bust
ness ne Builders, Inc. which sold the Man
of the Man Message Corporation the
company has 5een engaged also in
commercial printing. At The time the
securities were first offered roseate
promises and alluring predictions were
made by the stock So esmen. Thus Far
we nave seen no evidence to justify the
expectations raised. s"0
New-York tribune., 1922-10-22
Northwestern Bell Ia

Ssuestion--A ainKfe rntddts-aEea woman
with 9 very limited Income has Just been
scy = nur,lher Of years as an investment.
sfae asks me hcw to invest this amount
fsi. .k0os safely 60 as to yield at least 9
per esnt. AZ she = largely dependent on
approcsate your opinion and advice before
giving her an answer. ! have OF ray own
cow selling az. cay lot. would that be
good s-~F.
Answer--Ths Ncrthwestern Bell
Telephone Ts would be auitabie In
yestrnent for this woman'a funds. They
are cailable al price closely approxi-
mating the present msrket quotation,
SO that In the cvene Of redemption
prier to maturity there would be no
Eoss Of prinei2sa.
New-York tribune., 1922-10-22

Ing about 81 per cent; $4,000 United
States Steel 6s, due 1888, yielding
about 90 per cent; $4,000 United King
dom OF Great Britain and Ireland blas,
due 1887, yielding about 5.2 per cent;
nifty shares Of New York Telephone
63s per cent preferred stock, selling
around III; fifty shares Of Atchisois
preferred. paying per cent and sell
ing around e2, and thirty shares Of
Union Pacific preferred. paying per
cent and selling around IS.
AT recent market prices these securi-
ties would cost about $1o0,Oo0. The
two municipal bonds have low yield,
nut are sound, and the fact that they
are fai!y exempt from tncome taxes
makes them attractive for SO large an
aggregate investment.
New-York tribune., 1922-10-22
Al Swift & Co es... ssg ss% ss& sgG..
Tn Ry Hav 7sso.lo5k iesI tosM los
.rerelgn Bonds
Stocks Elk Dividend

Oats. Name. y.
Oct. 2S--Aiiis-chaifners Mfg. Co.....
Sov. 1--American Bank Ncte CO 6.
N9E 1---Arnersean-fse Francs Fire
Ef~E ca, Inc. -...ss
Nov. S--AmeriaRn Radiator Co pf ~
Nov. lam Water Wlss q Efec co,
lac vot tr 81 ts. pf
Oct. SIR Atch. Top a 8 r Ry Co.
Nev. t---4eech-Nat Packing CO.. temp
Nov. burns Brothers. common A..
Nov. i--- do ccrraiou R..-..,..s.....
Oct. a3--Chers Nat BIZ af ~ x..t....
OCT. al---GoluEn Gas q EIse Co, ......,
Oct. si-~Cenn Ey q Lighting CO. .....
Qes. Si--- do pf .sss.s s...s...s.
Oct, s1---cern Exohangs Bank ......s
Nov I----Lssroit Ufiled Railway
Get. SS~-f faaS harm Hosiery Mills re
Oct. 2s--- Havana Hiae Ry, Ut q Pr eso
Nes. i--Irsa Products Cesp &c e
Nov. i-- Kelly Springfield Tire sss n
Nov is-AsAnsi Copper ca
Oct Si4- -Nprfois Il West Ry adj pf
Cct xS--EHrffsc Bank .sss...ss..a 20 3
Now. f--sP PanHsS lvafsin r II Co la
New. t--~PstSs a w " fy Co p1
Oct Sa--%I Iredueers d HSttn Cors pr.
Oct 3l-~R Rul3magl Co. s.sss. .s.....
Qct. ao Sheis Eaion OIL Corp ii. s.
NoN. 1--~Sinciatf ConsoI Oil Gcrp.
OCT. zi---Southern Ky nf.
sAce. El-s-Stsw&rt Warner Speessers gsryn
Eav, l---SAper5or ssfaaf Torn tsf ~
sfsal Ss--TT TTseaece Fred Eesp, clase A..
New-York tribune., 1922-10-22
We Can't Predict Prices

Question: have so shares Chile COP.
per bought at 22%. Do you think theirs
Is prospect eor this to advance much
a59 Would you sdvIse dispossng Of Il
now. or hold for o higher price w
r.. w.
Answer-You apparently have rnis-
construed the purpose of this column.
Your venture in Chile Copper stock,
since It pays no return On the invest-
ment, is purely speculative. We cam
not attempt to predict future price
courses and cannot help you decide
what to do with your stock,
New-York tribune., 1922-10-22
Non-Callable to Yield 8 Per Cent

ouestion--Having $4,000 to invest. Will
gov kindly name seven non-cal1abIe high
grade bonds yielding not less than per
cont. as desire divefsification.---P. H.
Answsr--You will have difaculty in
getting high grade bonds that yield at
least per cent that are non-callable.
The nearest we can come to your re-
ausrements are: United States Rub
ber 7sss 1880, yielding about go per
cent; Denmark 6s. 1912, yielding about
81 per cent; Queensland Is, I94l,
yielding about 60 per cent. Southern
Railway ehs, 1865, yielding about 81
1915, yielding about 81 per cent; Mis-
souri,. Kansas q Texas bs. 1882. yield
ing about 8.3 per cent, and Chile Cop
per SIS, 1882, yielding about Go per cent.
Although some of these are scarcely
high grade, they are reasonably good
investments.
New-York tribune., 1922-10-22
Holds Traction Issues

=, Question-It is perhaps an apportune
Mne @ to bring up question concerning
%nieh ] have meant to learn Your opinion
aoinerent Issues of Brooklyn Rapid Transit
company bonds, among which are the 3.
4: Z; 4s of 2oos, b. r. T. 5s OF Is45 and
Bfeoklyn, Queens County & Suburban
Consolldated 90 OF ls41, both bonds and
certificates of deposit. AS you know, none
OF these bonds are paying interest at the
terest accumulated on them in amounts
varying from II 70 TN pey cent. The
current prices of these bonds are approx
the Il. r, I. Ss as I understand 1t, are a
urst mortgage on certain OF the power
p,ssn,s ptsas na IN sreoklyn n and upon considerable
mortsage bond whose exact status, un-
derstand, has. not yet been definitely deS
teriniN TER ed ed III the court litigation now pend
second mortgage bond Of that company
subject to two smar underlying issues
me reported earnings of the 3. II. r. sys-
outstanding capital stock, l think, after
deduction of all current interest charges
me intereorongh system has just straight
the reeelvership Of the b r. r. system
being lifted. II this latter should be ac-
con'piished In the near future. as 1t seeIns
reascnaeie to suppose In view of the com
pany's position as regards earnings do
not see why the above mentioned bonds
should not be amply provided for. the
HtrfSSL taken care or ana Dos
sibly the back interest paid in part and
funded. Taking into account the back in
teTest due ON these bonds and the char
ecter OF the mortgage of the b. r. r. As
particularly Uhe road hardly can run
without tho use Of the power piantsl, it
seems to me that the bonds are cheap at
current levels and ] ain thinking of pur-
chasing few additional. Before doing
so, however, would appreciate receiving
your opinion on the matter as a business
mans Investment, with the possibility that
II the details OF the REORGANIZATION are
worked out these bonds will enjoy higher
rating In the investment claEs.-~R. M
Answer Brooklyn Rapid Transit sys-
TEN has experienced gratifying in
crease In earnings and the company is
in fit condition for terminating g re-
ceivership. Federal Judge Meyer said
to this effect recently. The
reorganization plan. when it ia COM
pleted. will undoubtedly provide for
the payment Of interest in default on
the bonds. Some class of security
holders must. of course, supply the
fund necessary for this reimbursement
and a'so furnish working Genital, and
It is fair to assume that the steck-
holders will at least bear tho brunt OF
this financing.
New-York tribune., 1922-10-22
Widows $1,000 Investment

cuestion--wouid you advise widow,
with $1,000 to invest In New York Tele-
phone 6N preferred and American Tele-
phone a.ad Telegraph. buying about $500
worth of each ?---H. u p.
Answer--We suggest that you place
6M per cent preferred stock, which Is
suitable for a person in your circum-
stances.
New-York tribune., 1922-10-22
Investment information
Kansas Electrict Power a. ,sa7

=. y W.~-Answsr-The bond about
Wnich sou Inquire apparently Is the
nsv nftsen-year drst ss Of the Kansas
Electric Power Company, non-callable
- maturity In 1897. Tho company,
wnicn was recently organized. succeeds
.as Kansas Electric Utilities Company,
Incorporated six years ago ss con-
soi'datien OF several established com.
panles operating In KaAsas. The bonds
preceds $a,750,0o0 capital stock and are
sssarea by . sirst mortgage on the
gether with the pledge OF most oil the
saptsai stocks os subsidiaries. The
opinion. S1s