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New-York tribune., 1922-03-20
Woman's Speculative Stocks

Queston-As an interested reader OF
yeor investment column l nave come ~ ~
and conservatism, and l beg to ask TOT
your opinion and advice regarding my
own investments, with any any, pSssioiG Sss e,n
woman of middle age, entirely depeno
ent on the income from my investments, noo
which are the following: Bonds-rN St oSe
at f02; $1,000 Chicago & Northwestern, at
los; $1,000 Consolidated Gas Light ana
rett Company Coal and Mining nrst NOS
gage, at IS; $1,000 Lehigh Coal and Nav.
igation, at os1s; $1,000 Iukens steel pan nrst
way equipment series c, at go; $1,000
Canadian Northern euipment trust. at ~.
81 900 Northwest Bell Telephone frat -,
ferred, ten shares American Telephone anc
| Telegraph preferred. f7ve shares Central ,s,l
Leather preferred, four shares Davis. Eisk
Company preferred, two shares Davis FISK
Company common, ten shares General NO
tors debenture 6s, six shares 9eneral mo-
shares Pennsylvania Central Light and
Power preference stock, at 42; twenty
ferred ten shares United States Rubber
first preferred, ten shares United States
Steel preferred, three shares virginia,Car-
Superior Oil. thirteen shares Willys Cor
poration preferred. Let me say OF the
last two, as we'll most of the others
they were bought from. and at tho ADVICE
of one Of the oldest, most reputable and
substantial banking houses In the country.
If you will kindly reply. please have IL
appear in the daily issue, as I have no
access to The Sunday Tribune.-Mrs., II.
w. A.
Answer-All of your bonds are good
investment We do not think, however,
that American Sugar preferred, Cen
tral Leather preferred, General Motors
debentures, Pennsylvania Central Light
and Power preferred, Virginia Carolina
Chemical, Superior Oil and WHY'S Cor
poration preferred arc a suitable in
vestment for woman in your position.
If the last two were bought on the ad-
vice Of "one Of the oldest, most repu-
table and substantial banking houses in
the country" we think the advice must
have been given years ago, when the
securities Of the companies ranked
higher than at present. A shift from
the stocks named into r. w. Woolwortn
& Co. preferred, American Tobacco
preferred, Corn Products preferred,
National Biscuit prererred and Ameri-
can Locomotive preferred, would be q
step in the direction Of conservatism
and sounder investment. we believe.
New-York tribune., 1922-03-20
Farmers, Plight Costly

Question--wil you kindly send me .
statement OF the financial standing OF
American Cotton OH. both common and
Chemical? I should like to know their
surplus. their earnings the last year and
the prospects for tho future.--E. Il. r.
Answcr--The American Cotton Oil
Company has just passed through two
of the worst years Of it's history, it's
net operating deficit for the two years,
in addition to interest on bonds and
dividends on the preferred stock,
which were not discontinued until
after December, 1920, falling just short
Of $6,000,000. The company had sur
plus on January 1, 1922, Of $6,689,579,
compared with S13,235,651 on January
/, 1920. Both the preferred and COM
mon stocks of this company are re-
garded to-day as purely speculative,
though earnings are reported to be i'm
proving. The plight of the farmer in
this. country has dealt the American
Agricultural Chemical Company a
have the farmers been unable to make
fresh commitmentsy but they have been
forced to default on goods already
purchased, with the result that the
company's surplus dropped more than
$1O,O00,0OO in 1921, and stood at $2,-
G69,950 on January /, 1922. However
reserve fund of about $6,000,000, de.
signed to take care Of accounts a.
present uncollectible, but possibly con-
vertible into cash later, is included In
the loss, so the statement is not sc
bad as it appears at first glance. The
company is an excellent one, but Its
stocks, since they pay no dividends
must be classed as purely speculative
New-York tribune., 1922-03-20
Tobacco Holdings Large

Question-will you be kind enough to
let me know through the columns OF your
valuable paper which of my stocks and
which you would advise to sell, and
what to buy in place of those that l sell :?
The following is list of the stocks and
bonds that l own: American Cigar Com
pany common. American Cigar Company
preferred. American Safety Razor, AMER
Tobacco common A, American Tobacco
common Il, Continental Can. Empire Trust,
Irving National Bank Mengel Box Com
pany, Philip Morris Company, New York &s
Queens Electric Light and Power. Royal
Baking Powder preferred Royal Dutch,
New York shares; Standard Oil of New
Jersey preferred, United Cigar stores Com
pany preferred, United Drug common.
Stores, American Tobacco dividend GER
tfcates scrip. Pacific Telephone and Tele-
graph Company per cent bonds.-P. A. w.
Answer-We presume you are identi-
fed with the tobacco industry and
therefore are in position to keep in
close touch with affairs of the par
ticular companies in which you are a
ments affecting the trade. With the
help of such information you un-
doubtedly are in a position to speculate
more intelligently than others not so
we'll informed. Still, if your inquiry is
prompted by desire to avoid specula-
tive risks we believe it would be
necessary to eliminate most of the
common and some of the preferred
stocks from your list. If you kept
American Cigar preferred, American
Telephone and Telegraph, Empire
Trust, Irving National Bank, Royal
Baking Powder preferred, Standard Oil
Of New Jersey preferred stock and the
Pacific Telephone and Telegraph bonds
and eliminated the rest you would be
making some headway toward rea-
sonably secure investment basis. Then
it would be necessary to turn your at
tention to high grade bonds, such as we
mention frequently in this column. A
few of the better class Of preferred
stocks might also be considered for
purpose of diversifcation. We have in
mind American Tobacco preferred, Corn
Products preferred and National Bis
cult preferred. American Telephone
and Telegraph should be regarded as a
business mans investment. Large
earnings and high dividend rate make
it attractive. Your American Tobacco
dividend certificates represent merely
deferred income. When they mature
the proceeds can be invested per-
manently.
New-York tribune., 1922-03-20
Partial Payment Plan

Question: wish to purchase on a par
tial payment basis either $500 or $1,000
bond such as Northwestern Bell Telephone
rs or Bell Telephone of Pennsylvania rs,
l945, or New York Edison 61as. All l un-
derstand are considered safe Investments
Have communicated with John Muir & Co
DO you consider them good. reputable
concern, and Is there any chance OF my
losing in an investment on this basis
My entire savings are Brazilian ss,, S5ot
denomination, and $500 in savings bank
However: now ! can save about $50
like the partial payment basis.--S. P. K
Answer-Buying on the partial pay
ment plan is something in the nature
of a margin transaction and involves
greater risks than outright purchases
However, if you incur obligations
which are we'll within your means ane
deal through a trustworthy house, yor
probably would be making. no mistake
in buying so we'll secured bond al
Northwestern Bell Telephone Is, l94l
The bonds are callable as a whole a.
1O7js, however. John Muir & Co. arr
members of the New York Stock Elk
change in good standing ~
New-York tribune., 1922-03-20
A Good Exchange
Would Swap Issues

Question: have $1,000 Lyons bond
By a slight addition OF capital could sell
this and get five shares of American Bank
Note common at 65 and five shares Of
American Telephone and Telegraph at 120.
am young business man In constant
touch with the financial news and with
YOUR column. You have often recon-
mended these stocks. Judged by their book
value they ought to go much higher as
trend. / am willing to take business
risk and in view of that would you think
a. shift advisa BILE "A. G. II.
Answer-Both American Bank Note
and American Telephone and Telegraph
are strong companies. Being common
stocks, however, they contain an ele-
ment of speculation, particularly Amer
ican Bank Note common. Ordinarily
it would be safer to hold the Lyons bond.
The citys credit is at present about
as good as that of the French Republic.
In this transitional stage of European
reconstruction France is confronted
with very serious problems IN public
finance, and as a result there is per-
ceptible reservation regarding these
securities in the investment world.
Although recognizing the magnitude Of
frances yet unsolved problems, which
are complicated by the uncertainty in
regard t. reparation payments from
Germany, we have faith in the char
acter of the French people and in their
ultimate Willingness and ability to
meet their Obligations.
New-York tribune., 1922-03-20

Elliott organization, hitherto famous
1or financing such enterprises as Nan
Message Corporation, Industrial Ex-
tension Institute, Carlisle Tire, Daniels
Motors and sundry others, II new chain
OF grocery stores in competition with
such established concerns as the Great
Atlantic and Pacific Tea Company,
James Butler, Andrew Davey and
others, will earn money for it's share
holders remains to be demonstrated
Even If it does earnings will not go
exclusively to those who buy the Sc
curities, for James w. Elliott's Bust
ness Builders, Inc, inform us that they
are TO receive onc-hals of the common
stock for services.
The nice literary document designed
to whet the speculative appetite of the
general public in Piggly Wiggly gro
Gerry securities relates fiuently the
profitable character of such concerns
ns the Atlantic and Pacific Tea Com
pany. We suggest that you tell the
stock salesman that If you decide to
share in the profits Of grocery vending
you will do it through Atlantic and
Pacific Tea preferred shares. They at
least have an established record of
crnings behind them and the character
and ability of the management have
been demonstrated. In buying Allan
tic and Pacific Tea shares you can base
your decision on real facts and true
figures. not on the generalitics of d
stock salesman who very likely knows
only what he hears at the inspirational
meetings at headquarters. There are
now five Piggly Wiggly stores in the
city. If there is one in your neigh
borhood you might patronize it Goi
fresh vegetables and coffee, but esche"
the securitioS
New-York tribune., 1922-03-20
Atlantic Fruit REORGANIZATION

Question-In your opinion what are the
prospects for Atlantic Fruit 7s. Atlantic,
Gulf G. West Indies preferred. Crucible
secure &C. S.
Answer-Bankers interested in the
Atlantic Fruit Company are working on
plan of reorganization which, accord
ing to current reports, will provide for
new security in exchange for the
notes. The interest, it is understood,
will be paid only if earned. Prospects
Of a resumption Of dividends on At
1antic, Gulf g. West Indies preferred
are still remote. Crucible Steel pre-
ferred is in much stronger position,
but we believe that under current con-
ditions in the steel industry it is
speculation to an extent, particularly
since the directors found it advisable
to suspend the dividend on the COM
mon shares.
New-York tribune., 1922-03-20
Frairchild Service
AKRON. OHIO

EAncullW 00EvaCO
AKRON. OHIO
NJ. O'Neil & Co.; Miss C. Sigsald, rnilli-
merry; 81 w. 26th st.
B. Cohn: q. Cohn, women's ready to
wear; Martinique.
ASHLAND, PA.
Eva Geliert: Mrs. H.. Geliert, women
furnishings; Pennsylvania.
AUSTIN, TEX.
Charles Rosner; Charles Rosner. ndse:
mgr. worneHs ready to wear. woolen and
cotton piece goods. silks, satins veavets
care Of Livingston & Cohen, az W. SSo ST.
BALTIMORE
Stewart & Co; N. N. stone. ribbons
hosiery, umbrellas, merino underwear; p
4. Richards. perfumery, leather goods; w
III. Reed, rugs and upholstery: 3. 3. Hath
away. art emhroidsry: Mise +. Allen sii'
yerware: 10 w. seth st.
nj D. Becker Corset Co; A. 8. Becker
corsets and brassieres; Imperial. -
Strauss Bros; e. Strauss and i. n
Strauss. wooden and cotton piece gooos
nannels, donsesttcs; claridgs, .,,.n.
Louis Ltepman: Louis Licpmsns cioln-
ing; Pennsylvania.
b. Mansbaoh 4 Co.; Geo. Mansbach. rsp'i
Pennsylvania !.
American wholesale Corp; Ben Levitt
man, dresses. coats, suits, furs; Sb4 4th av
Morris & Co.; n. Morris. ready 70 wear
mons furnishings; 1910 Broadway.
RATTLE CREEK, MICH.
BOLSTER Grant Co.; Mrs. A. M. Beebe
millinery care Nelson Millinery Co., II
w. 28th st.
BIRMINGHAM. ALA.
ParIson Co; Carl Hess, j. A. Kinder
man. Jobs better dresses; s. Solomon. lzo
steeie-sm!th D. q. Co.: A. W. y. John
son. basement general rndse. Pennsyi
yapfa.
New-York tribune., 1922-03-20
PnnI in Crushed Fruit

Queston--Wl you please furnish me
with any jnforma tion you may have con-
corning California Crushed Fruit Company
stock or condition of the concern | pur-
chased 100 shares at 7as, and within one
week after buying it was dropped from
the curb listing, and / cannot learn any
thing as to the reason or present valua~
ton. II you can furnish mo with some
information and advice 1 would be very
grateful.--S. J. Is.
Answer-We have been in communi-
cation with the secretary's office Of the
New York Curb Market Association, 78
Trinity Place, New York, regarding
California Crushed Fruit, and the sec
retary requests that you write there
for particulars as to why the stock was
stricken from the list. Our under
standing is that there was a pool work
ing in the stock whose methods were
made the subject of investigation, with
the result that trading on the Curt
Exchange was stopped.
New-York tribune., 1922-03-20
Wants a High Yield

Question: expect 10 have shortly for
purpose Of investment the sum of $1,000
What security would you suggest my pur-
chasing which will net me from Z to 7Ha
per cent? This money am getting from
the sale Of Western Union stock which
nets about 7ia per cent and I prefer to
reinvest in something which viii not ma
terially reduce my income.--W d. B.
Answer--In making the exchange
contemplated you will have to accept
some security as far removed from
tirst-class investment as your Western
Union stock is, unless you are satisfied
with smaller return. Preferred
stocks of high grade are now selling
for return of less than 61a per cent.
If you are interested in something of
this nature we would suggest American
Car and Foundry preferred, Union Pa
cific preferred, United States Steel pre-
ferred or American Locomotive pre-
ferred. The last-named stock comes
nearest to meeting your yield require
ments At 100 the return is GA per
cent. American Telephone and Tele-
graph stock is the same type of secur-
ity as Western Union and gives prac-
tically the same return. If you are
considering a bond yielding per cent
you are asking per cent more than the
safest of corporation bonds yield. Some
of the foreign government bonds might
suit-Belgian Tx s or IS or Norway Is.
New-York tribune., 1922-03-20


by April, or thereabouts, the Elliott
vendors will be spending virtually all
their time seeking to induce sundry
individuals to exchange hard cash for
hopes and promises and Piggly Wiggly
convertible notes. And to think only
q few months ago Jimmy Elliott was
not interested merely in the material
istic task of selling stocks. He was
concerned with higher things, such as
man building. TO those who have found
salvation through the cleansing proc
ess Of selling highly speculative stocks
to those in quest Of investments Mr.
Elliott promised promotions. The cspe-
cially fit were to receive executive jobs
in the corporations financed.
And now, alas instead of making
captains of industry of the miscellany
of human kind who drift into his or
ganization as stock statesmen, what lure
Will the goal for the cminently sue
cessful be permanent jobs as grocery
clerks in the Manhattan Piggly Wiggly
Corporation?
Another detail: Until only yesterday
it seemed the voice of Elliott was per-
vading the city with the assertion that
he was not handling promotion stocks,
but financed and expanded only going
concerns.
And now this distinction is lost,
too, for the Business Builders are not
expanding a going concern in the Man
haitian Piggly Wiggly Corporation, but
are starting chain of grocery stores
Whether under the sponsorship Of the
New-York tribune., 1922-03-20
Watch Companies Earnings

Question: should appreciate your opin-
ION on the following unlisted stocks which,
If l should sell at present prices would
mean considerable loss l can afford to
do not want to risk capital loss: Merck
preferred, New York Gamers preferred and
Robert Refs preferred.-R l.. s.
Answer-The preferred stocks of
many we'll organized companies have
become decidedly speculative in the
last year or so because of the severe
shrinkage in earnings due to drastic
readiustments in business. AS long
as you remain a stockholder in these
particular companies, make it point
to keep in close touch with their af.
fairs; study their annual statements
of earnings closely. By so doing yor
should be able to decide for yourself
how long it will be best to continue as
stOckh older
New-York tribune., 1922-03-20
Jimmy Elliott's Spiritual Retreat

Q"tonl hare $500 to approached on the
o1tef OF Paggy W'ggy Stores whch being
y and enuoms are olyeadv
s"ea ere and that the Pggv Wggy Corporation going
throughout the South and West At selling phic
arc to ed and bonus
o $50 stock being non
odvise?-I II. s.
Answerln the concentration of the
o1ts Business Builders lnc Pggy Wiggy there seems
pe OF spiritual
uo whatever its merits dmcr posa and smack so
ch OF business that disappointing were led
expect much OF Jimmy Elliott
sas statesmen Such the nkages during of deaaon
New-York tribune., 1922-03-20
Radio Stocks Speculative

Question-wili you be kind enough to
give me your advice regarding the pros
poets of Radio common, and also Radio
preferred? Would you advise investing
Il couple of hundred dollars? If SO, What
brokers would you suggest? Is there any
possibility of the stock being recalled III
case it goes up?-C. V. l..
Answer-Despite the wave of en-
thusasm about wireless telephones and
the consequent prospect of larger earn
ings by sales of equipment, we still
think Radio stock is speculative. Unit
the Radio Corporation has demonstrate
ed it's earning ability over a greater
length Of time, we feel that we canno
give the stocks a higher rating.
New-York tribune., 1922-03-20
Thinks Stocks Attractive

Question have been considering buy
lng u few shares OF the following stocks
ha II speculative and Investment proposi-
non, believe at present prices they are
attractive, but would much appreciate
your opinion; Coca Cola, Gillette Safety
Razor United States Rubber. Chandler
Motors Alis-Chalmers, United Eastern.
United Retail Stores, Radio Corporation. r.---
G.. r. NJ
Answer-Ownership of any of the
stocks you have named would certainly
put you in the position Of Il speculator.
From the speculative viewpoint we
would not undertake to express an
opinion on their merits. They are not,
in our opinion, the kind Of securities
which should be chosen for investment
purpose, and the dividend omission by
United Retail Stores directors would
remove that stock from an "attractivc'
list, we should say.
New-York tribune., 1922-03-20
stocks Speculative Bonds Cood

1uoslioh'--l nave been watching your in
1esenent information with interest. Could
trouble YOU TO advise me on the fniln,v
ms securities ] hold: Seypn shsres en,th
erh Railroad, IA shares Pennsylvania uail
t", loao, snaros Goodrich common. 2 shares
ogIfma aayis ,,. signal on common. Would you
auNise seliing at present priceAp If so
l Wual would you suggest instead? I also
nola niola the following bonds -Four United
r.ra.'s s,"tes es. 1853; Colorado Ind. SIS 1895:
TsrNnd Trunk Railroad U.s. 1941 j United
Kingdom Great Britain and Ireland hiks
l""'; French Republic TiAs 1g41: +
y,ahoard Van, .r Gas and Electric es, 1925. New
aork Ieiegraph and Telephone IS. 1910
are these bonds safe investment for n
l.. r. '''i't' '-Euiss
Answer-None Of the stocks Won
hoid appear to us as suitable for n
WORKING woman. The question as to
whether you should sell them at
present prices is not matter. in which
we can undertake to advise you. You
must determine for yourself whether
! 1t would be better to take the loss in
! volved or hold the stocks for t;m,,
IN the hope that prices will rise and
the loss be lesscned or eliminated. We
should like to call to your attention
the fact that in holding them YOU are
sacrlhclng some income on YOUR caDi-
tai. If you should decide to disnose
OF these speculative securities, North
western Bell Telephone first rs, due
aS4l; New York Edison first and re-
funding 61as, due 1941; Virginia Rail-
way first bs, due 1868; Atchson, To,
= peka S Santa Fe general 4s, due 1895
or CONSOLIDATION Coal first and refund
ing 5s, due 1850, would be sound pur-
SShases for you, in our opinion. The
list of bonds you hold strikes US as
excellent, the Frencn 71as being slight
ly less desirable than the others, but
reasonably safe.
New-York tribune., 1922-03-20
Outside Investment Class

j., |uestion-- WIN YOU kindly advise mo if
- ~, S"ur npinion stock OF the Steel Realty
sn,nIsthent Corporation Iuc. (promotinw a
good Investment for one havins $40" 10 "a a
'sSst The preferred stock CELLS for 500
arana' snare aud the purchaser Is given one
har shh.nre or common stock with each two
sho'es OF preferred .--~G T. {.
Answer~ln our opinion, shares OF
tne Il. K. Steel Realty Investment Cor.
porauon, Inc, are wholly outside the
Investment class
New-York tribune., 1922-03-20
Hotel Stock Speculative

Oucstfon--Will you kindly give me your
advice az to the visibility OF purchasing
n fcw shares of Hotel Commonwealth Club
stock? Do you consider this a safe in
vestlnent or purely speculative? do not
know much about the project, but have
heard that It has merit. Can you also ad-
wise the present selling price of the
shares -. E. E.
Answer-We do not by any means
consider the shares Of the Hotel Com
monwealth Club stock a good invest
ment. Until the hotel is in successful
operation we cannot rate the shares as
anything except purely speculative and
we do not advise you to buy them for
investment.
New-York tribune., 1922-03-20
Wants Bonds at Discount

Ouestion-Please answer through your
financial column. Recommend safe bonds,
long term selling at discount with In
terest payable in March and September
A. J. Is.
Answer--Among the bonds which
meet your requirements are Atlantic
Coast Line first 4s, due 1852, Chicago,
Burlington G. Quincy general 4s,. due
1858; Union Pacific first lien and re-
funding mortgage As, due zoos; Detroit
Edison first and refunding bs, due 194O,
and Virginia Iron, Coal and Coke tlrst
IS. due 1949,
New-York tribune., 1922-03-20
Investment Information

questions Of general interest to in
eestors fcu be cnssucrcd in this col
a"a' an soh'ch case only initials .eill
oe used. Others sU;'l be onspered by
n'of. Address all Enquiries, inelos-
,nn9 stamped, addressed cnuelopo. TO
rrfhonc'ol Editor, Ths Tribune. f5S
'NoSsd" street, Nesp York CITY.
New-York tribune., 1922-03-20
Wants Tax Exempts

I would like tax-exempt bonds other than
Liberties. Would greatly appreciate your
advice on what bonds to buy, paying S
per cent or better--J. McI.
Answer-We suggest that you con-
slider Virginian Joint Stock Land Bank
SIS. 1851.