davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-11-27
CONSOLIDATED GAS COMPANY
OF NEW YORK
notice or Special Meeting of Stockholders
December 3, 1892

NOTICE rs HEREBY GYvs,N .s..
special meeting of the stockholders OF she
consolidated Gas Company OF New York will
be held at the Office OF the f-opna,u NJ
ISo. East 18th Street in the Borouyh az
Aaahhaetah CITY and State of New York. on
december 5. 1928, at twelve o'cIoc,, roor
LOT the purpose Of amending the Certificate
oi Incorporation Of the Company (being the
eonsoiidafion Agreement, flied November 10
4Ss4}' pursuant to Section "a of the stool
corporation Law, az to permit the iss,,
ahce OF 100000 shares of common stool
"''hont par value, 2,590, 900 sharee of ,,,,,,,,,
common Rtock without par value vii, ).
ISSUED IN exchange for the present o,,tst,ra
ing 4'2bo,o0o shares OF common sfncs, -, ,,.
company, OF the par value of 800 eacs -
lhe rate or two shares for one, and m ~
woe that the remaining 100000 sbar re.
common stock without par value sna,, !,
oAeFeo to stockholders for subseriptton ~,
rata, at the price of $50 share aos
CONSIDERING and determining unon s,
y" osiiei proYis'ens necessary or sdvfsahi
&c Nases'eq IN the Certificate OF Ay,e,a
..e1s 70 pc aled pursuant TO the saia &C.
s1oH - OK she Stock Corporation Law So
- aansaclihg such other bus!ness ga rn..
pfoperiy come before the said u,ae,,,.
eohheclion with the foregoing. srros.x.
BOOKS OF the Company VIII be cios.,, -
november 26. 1922 at twelve o,cloc,. ,,,.,s
anu reopened on December 6. 1899. ~ 80.
o'clock A. NJ ~ ssas
New York. November "a .ess
ny order OF the Rcars .s 7, x,...
II. M. sauNDAGE. secretar.
New-York tribune., 1922-11-27
Loew's. Inc. improves

Question: happened 10 pick un copy
Of the issue of your paper of November g.
and taking advantage OF your invitation at
the top OF the Investment Information
column, I would appreciate your advising
me regarding the stock of tbs Loew's, inc.
twenty shares OF which l bought in De-
cember, 1870. / was working at Nashville
Tenn at that time and, like fool, / fell
for the rosy outlook promised by their
salesnan No dividends have been paid for
many months, and / am wondering II
ought to let 1t go hold on for while
Any information or advice that you Gag
give would be Appreciated. NJ. H.
Answer -Loew's, Inc, stock is a
speculative security. The finances of
the comnany seem to have recorded
considerable Improvement this year.
Indicated earnings on the capital stock
for the year ending August 81, 1922,
were $2.14 as against $1.7o for the
previous year The balance sheet of
AUGUST 81, 1921, showed bank loans Of
$2.205,000, which have been paid off
since that time. II you wish to con-
tinue your speculation, the outlook for
the company may be considered as
more encouraging, although there is no
investment feature to this stock as yet.
New-York tribune., 1922-11-27
Change In Bond rInneceasnry

Question--Your letter of advice regard
fng my investment OF $4,000 was duly re-
ceived, Also ] wish to thank you for your
courtesy on botn scores. Following your
directions I oroered ten shares New York
Telephone preferred 6h per cent and ten
shares American ice preferred 6 per cent
Was confused regarding st. Louis San
Francisco prior lien s u per cent, due l942,
as J. had never heard of ii before and
thought it was the per cent bond so
placed the order for that at H.. I can
switch or take that also II was wrong
After ordering l noted ST. Louis-San
francisco 81 per cent, due 1a45. in The
Tribune OF October % and wondered If
that was It, My broker knows even less
than 1 do In regard to securities on the
exchange. anticipate q great deal OF
pleasure this winter following your general
advice and assure you OF my high appre-
citation of your assistance to amateurs like
myself, who know 30 little about financial
affairs.-DE It. j. II.
Answer The St. Louis-san Fran
cisco prior lien 4s were issued under
the same mortgage as the 51ks and
differ from the latter only in their
coupon rate and maturity date. We
suggest that you leave your invest.
ment in the As untouched. The ma
turitv date OF the 51as is 1922
New-York tribune., 1922-11-27
Chicago Nipple

Guest ion--Access to your financial ad~
vice has been of great assistance to me.
I am in a position to risk q little money
and am wondering whether you would
think the purchase of Chicago Nipple A
business mans investment" or too
highly speculative. IN either case would
appreciate AL the details that you can
offer covering the progress and financial
stand!ng of this conpan? Can you also
advise when the dscal year ends anG when
do they expect q meeting of the directors
to decide upon payment OF dividends If
any is made?~-C. r. K.
Answer--The Chicago Nipple Manu-
featuring Company reports an oper-
ating loss for 1921 of s34,876. No divi-
dends have been paid on TIE preferred
"A" shares since April, 1921. AS net
assets of the company, exclusive of
good will, ETC.. were only about $780,
600, as of December 81, 1921, and ST.
100000 preferred "a" and $3.50, 900
preferred "B" stock are outstanding,
we do not consider an interest in this
cornpany's shares can be given better
than speculative rating. The Office of
the company is in Chicago, and its an.
nual meeting is held on the fgst Mon
day in January.
New-York tribune., 1922-11-27
One Change to Make

ouestlon---Havc been a. faithful seader
or your paper and have been Influenced
IN many cases by your advice. However
l nave accumulated qnits diversiiied list
OF securities and now seek your advice
az 20 what changes you would suggest
making: Two Minneapolis ct Paul a
SAINT ste. Marie second lpa9; ono south
efn PaGlhc San Francisco Terminal. 1866.
three Louisville & Nashville, 81. Louis
dl ialon, $780, two American Telephone
ana Telegraph. 1915; one Interborough So
ls32i two New York Telephone, Ia40; ono
SS,w,edlsh Government. 1889; ten sharos
vale 1898; one Grace steamnhlp. l93i,
one Toronto Harbor. 1868; one Grnnd
Trunk 7s. 1910: one Newfoundla nd, 1888;
two Great Northern. 1896; one Oregon
" ashington Navigation, 1861: one New
york Edison, fg4i; four Canadian Pacific
perpetunl; two Southern Hallway, 1856:
one Great Northern bAs, 1862; one Qreens.
and, 1887; two Pacific Gas and Electric.
ls4l one Pacific Telephone and Telegraph.
1902 one Brooklyn Union Gas fa47; two
,itah Light and Traction. 1S4A; one Cleye-
land Terminal, 1879; two Detroit City Gas
le47; two Tennessee Electric Power, 1877;
three Grand Trunk Equipment. 1895; ono
5lnSlsir Pipe Limo. 1912; one Portland
way, 1862; two Hayti, last Issue; one
Kansas City Southern. 1866. NJ. D.
Answer-After you have disposed Of
the Interborough per cent notes, the
investment, as whole, will be entirely
suitable for person in your circum-
stances.
New-York tribune., 1922-11-27

per cent and the average has been
around Z per cent, but there have been
some notable instances Of per cent
bonds being called. Some of the
stronger railroads, such as Atchison
and Norfolk & Western, have called in
their entire issues of 6 per cent
equipment trust certificates maturing
serially up to 1895. The General Elec-
trio Company has called for redemption
an issue of s per cent debentures. The
equipment obligations in question ,were
originally issued by the railroads to
the United States Railroad Admins
tration in payment for equipment allo-
Gated to those roads. The certificates
were later sold by the government to
bank groups, which, in turn, retailed
them to the public.
1t must be remembered that all re-
funding operations did not take place
at the same time. Some bonds were
refunded months ago, or long before
money had reached its low point. 1t
is quite probable, therefore, that some
corporations will decide to substitute
new obligations for old in the early
stage Of the rise in money rates, But
as general proposition callable bonds
are becoming mare desirable as per-
New-York tribune., 1922-11-27
Callable Bonds Returning to Favor

QaeioaAa reader Of paper coIun, song
for information:
friend Of mine has about
that
the NoW Ood
hich he put and forget at
He totally all
interested t Is little
ubsoae saysay interest about betsoeem
gesed the foo0g $1,000 N0 York Telephone
cent $1,000 Public SerUioe Nm Jersey bnd selling
81 Great Noe $1,000 Northeastern Bell
Also o kindly criticize this list requirements
toned aoove suited to the
saiabte2 Also ckat bonds
requirements that sold
Ne~ Jersey sold IN 500 bonds? Wal kindly opinion
che preferred stock the Ne York Copa
u Ithaca N. Y?-J. s.
The fact that
eepnone Is gives opportunity something
OF caabe bonds the light Of
ket months objection
the Northwestern Bell Telephone bonds
pond itself for is sound investment because
able interest date at 107 and interest
six months who bought
and bearing high rate faced the risk Of
turned back for renvestmen time
terms would be difficult
New-York tribune., 1922-11-27
Interest Charges Unearned

Question-would you be so kind as to
give me some information concerning the
Iowa Central Railroad? l am the owner
of some Iowa Central Railroad bonds. first
I'd refunding as. 1851. Why are they so
low on the exchange? What are the div
idend prospects, past and future &c. FL. w.
Answer-The Iowa Central Railway
is a part Of the Minneapolis &, st.
Louis system and the bonds are obliga-
tions of the latter company. The Iowa
Central 4s are selling SO low for the
simple reason that the Minneapolis &
St. Louis has not earned it's fixed
charges since 1917. Judging by the
returns to date, the company will not
earn it's charges in 1922. You speak
of dividend prospects, but probably
mean interest payments The company
has not defaulted yet, but it is morally
certain that payments cannot be made
without interruption unless there is
a change for the better in earning
power. Deficits cannot be piled up
continually from year to year.
New-York tribune., 1922-11-27

The situation has changed materially,
during the last three months. Appar-
emily the point has been reached where
any further substantial lowering of
money rates is questionable. When a
corporation decides to retire high
coupon bond out Of the proceeds OF &
new loan floated at lower rate that
act represents the Judgment of the
company's bankers that the extreme
low point of money rates is close at
hand. The United States Treasury de-
c.ded few weeks ago that the time
had arrived for funding Victory notes
and other short-term obligations into
long-term issue of bonds, and in do
ing this the Treasury expressed the
opinion, tacitly of course, that money
was as cheap as it was likely to be-
come---for some time, least.
If money rates should rise gradu-
ally from this point the probability Of
high h-coupon bonds being called would
become more and more remote, and
therefore the objection to callable
bonds would become less and less rea-
sonable. Bonds aggregating hundreds
of millions Of dollars have been called
for redemption within the past year.
Many of the coupon rates have been 8
New-York tribune., 1922-11-27
L. r. Steel Stock Prices

=, Cuestion--Do you know anything ai,n.
the L. r. Steel Service Corporation :? A
young woman came to my home the other
ferred and common stock OF this company.
The minimum you could subscribe was,
unuerstand. $500 which gave you one
share of preferred and one OF common
on z per cent dividend basis and at
the end Of i've years understand you would
haps more as your share of the profts
Meanwhile, before the five years were up. I
dc not believe you could withdraw your
money. While do not per: onally intend
to subscribe to this. Sill I presume II Is
an entirely legitimate concern; II not GER
any ta great many g9spe lie %oo n. as crib
--Miss X. J.
Answer-We have commented in
these columns from time to time on
L. Il. Steels enterprises, calling atten-
tion to the fact that certain statesmen
in offering the stock give the impression
that the preferred shares are on a cur
rent dividend basis, when as a matter
Of fact accumulations are about year
in arrears, and if the present policy is
continued the new purchaser cannot
side of twelve months. The policy 50 far
followed has been to pay dividends on
stock sold one year from earnings de-
rived the following year. That is, divi-
dends for 1919 were paid from 1920
earnings, dividends for 1920 from 1921
earnings and 1921 dividends from 1922
earnings. But that criticism is not the
chief objection to selling shares to
persons who are not in q position to
Investigate and should not be asked
to assume the risks involved. II sales
men are going to persuade individuals
Co undertake speculation why not
give them a fair rum for their money
by Offering the stock at prices prevail
ing III the open market? Dealers in
unlisted securities offer L. r. Steel and
allied stocks at 2S TO so cents on the
dollar for preferred and 10 to IL cents
on the dollar for common shares. Pre-
ferred stocks Of F. w. Woolworth &
Co. and s. S. Kresge Company, with
which L. r. Steel Company is COM
pared by overzealous statesmen, sell
considerably above par.
New-York tribune., 1922-11-27
Kendall Products

Question--soms time since asked your
advice regarding Kendall Products You
very kindly answered and I was guided
by It. ! now wish to ask you on behalf CT
lishwhat in your opinion should this
person do with Kendall STOCK In their pos
session to tho amount Of $1,000. BY tfeirs,
l mean husband and wife. Should they
hold it or dispose OF 1t for what 1t will
bring? They were induced to buy this
theirs employed as stock salesman by
the Kendall Products He pictured to
them rosy future, how by getting In on
the ground floor they would become rich
portunity offered to only favored few,
They jumped at 1t. Now they fnd the
promised dividends as far away as
when they bought Fearing they may ex-
Derience q total loss IL they hold on they,
through me. ask your advice. }. d.
Answer--Kendall Products units have
deprecated in market value consider
ably since they were offered to the
public by stock statesmen. Although
the persons you mention never should
have purchased speculative stocks of
this kind we do not see how they may
gain much now by disposing of the
st ck at present levels. Assuming that
they have held the stock for some time,
it may be well to continue TO ho4d it in
hope that the company will be able to
eventually pay dividends. Units Of the
81 ,-4 -A--%...4y Il ~teA ~ ~ --,Sl o
specializing in unlisted securities at
$3.50 bid, offered at $3.50.
New-York tribune., 1922-11-27
Republic Motor Representation

Question: own 200 shares Republic
Truck at s4 share AS this concern
went into hands Of receivers I'd like to
know If there Is a chance OF a corne-b clt
Or wo',ld you advise me to sell at present
price. 81 a share?E. G.
Answer--We understand that plans
for reorganization Of the Republic
Motor Truck Company are under wav.
No definite plan has been decided on
and we have no means OF determining
whether or not it would be best to dis
pose of your shares.
New-York tribune., 1922-11-27
RuckeYe Pine Line

Question-Would YOU kindly give me
has paid per cent for some years and
sometimes an extra So. 1t is now about
as and has declared an extra So, and
the price does not move. 1t seems strange
TO me.-W. ".
Answer-The market price for any
stock, such as Buckeye Pipe Line, is
regulated principally by supply and
demand, and in all probability antici-
patton Of an extra payment of 2 per
cent on Buckeye Pipe Line shares
would account for non-appreciation in
price when actual announcement of the
dividend was made. We consider the
shares Of this company suitable for a
business man.
New-York tribune., 1922-11-27
Inquiries Should BE Signed

Inquiries addressed TO this depart
ment of The Tribune are regarded as
confidential, but to show the writer's
good faith all should be signed and
an address should be inclosed for
reply. Letters from the following are
teing held for identification: H. M,
A. g., Miss A. D., G. J. w, r. e. M.
D. E. L., w. G., G. .. K, w. W., s.In-
vestor," j. p, A. A., NJ. K, j. T. c.,
w A. B.. w. W., j., g., }. H., w. y. H.,
NJ. r.. G. F. S., ]. B. and Constant
Reader
New-York tribune., 1922-11-27
No Discrepancy Here

ouestion--In yeur analysis in to-dny.s
Sassr of hehigh Valley Railroad you say.
io per cent In 1911. and was maint aimed
mere Tor some years. but In 1919 was re.
aucea 70 per cent, where Il has since
rt.isslned . The stock quotations give the
9ste as $3.50 share, Will you please ex.
p'a'n this apparent discrepancy &c. E. h.
Answer - The par value of Lehigh
Vaiiey stock is $50. A dividend of $3.50
share is at the rate of Z per cent
There is no discrepancy.
New-York tribune., 1922-11-27
FINANCIAL
TORONTO RAILWAY COMPANY.
NOTICE TO HOLUERS
Of A1a%
Toronto Railway Company BE Y
ilne August X1at. la2I.

due August S1st, 1871.
NOTICE is given to holders Of the above
mentioned bearer bonds, payable IN New
York. that the same will be pal. in full
upon presentation and surrender thereof
to the Conpa nys bankers, The Canadian
Bank OF Commerce, 1s Exchanke Place.
New York, on and after Noven Der 4th,
1922. together with accrued interest at So
per annum from the last date upon which
interest was paid to the date OF payment.
II no, presented sor payment bel re
sSth February. 1923. interest thereon whi
cease.
The Company gratefully Acknowledge
the gorbeRrancs ehown by ite bond dholdeyD.
J. c.. GRACE.
Secretary.
New-York tribune., 1922-11-27
FINANCIAL MEETINGS
NAOLs eoRPoRsTIo,=N,si.

easesI notiee is hereby given that the An,,o,
porati9n a wil be held at AIS F1fth aSo,,ss 1os-
5Ssm iaas' io1s' n. T.. on Monday, reesyn,,s,. ~.
sist,is- os o. -FOUR O'clock p, M. FOR ~
stee.ioh .,esa OF Directors and such a,har .sss
aegs rs as may be brought before the S,eoss. enS
aay peee,,,h eeern .sansfer books will close Mo-
ee reopened Decenser Isth 1aso ason' and viii
'noverntap ,-.t FRANK GIBBS, Eecreta,,y
New-York tribune., 1922-11-27
Investment Information

Questions ot general iaseyoss TO dr.
testors wifi be ansWered III thas coi-
a.nn, II, Whieh case only initials sciN
oe nscd. Others, sciii be caswered by
.nda. Addsees all inquiries, inclos-
.fs a stamped, addressed envelope, TO
fssmaactal Editor, The Tribune, iS4
@dssaa Street, Ne,U York City.
New-York tribune., 1922-11-27
For Executors investment

Question: am executor of an estate
whicN holds bonds to the rough value of
$4,000 and I inclose herewith q list OF
= "a: oulsNil Gas and Electric Com-
pany frat mortgage 7 per cent gold bonds.
due June /, 1929: Edison Electric Com
mortgage 8 per cent gold bonds, due Feb
ruary /, 1913, Jacksonville Gas Company
grst mortRage 8 Per cent gold bonds, due
June J., 1912. Knox lille Railway ana Li@ht
Company refunding and extension mort
gagc,5 per cent gold bonds, due June l.,
year collatera.. trust mortgage 8 per cent
western Gas and Electrie Company 10
ember !. 1922; southwestern Gas and
Electric Company first and retunling
mortgages sinking fund per cent gold
railway Company 5s, due May /, 1862;
Birmingham Light and Power Company s
4.t. ger cent gold bonds; due May l. 1857;
fer Company first mortgage 5s, due 1886.
itenl NC 8, you viii note Is due Decein-
her L.. 1922, whereas item No. / Qou!s-
Vile Gas and Electric Company l undar-
stand has been called for payment Decem-
Ter ], 1922. This means that I shall haN"
advice accordingly, western Electric pre-
ferted has been suggested to me, a.so
United States smelling and Refining. VIII
you kindly criticize these At the same
the bonds enumerated In my list and give
mo your suggestions in reference to any
changes you may think advisable ?--D
l. NJ. .re. ID.
Answer-Preferred stocks are not
legal investments in your state, but if
you are not bound strictly by law in
the administration of this estate West
ern Electric preferred would be a suit
able investment for your purpose.
United States Smelling, however, does
not meet the grade. You might con-
slider, in addition to Western Electric,
New York Telephone preferred, Endi-
colt Johnson preferred or Westing-
house preferred. We find no criticism
TO make OF your Investments except as
to lack Of diversifcation.
New-York tribune., 1922-11-27
Answer-The statement Of earnings

referred to is correct except as it ap-
plies to the rate of income per share
Of stock. Our point is that this com
pany's capital structure is such that
earnings at the rate of 81 share on
the common does not necessarily mean
that a similar amount share will
be available for dividends on that is
sue. For the first eight months of
1922 earnings were at the rate of
about 7 per cent on the estimated
property valuation and at the rate of
about $3.50 a share before any division
of excess earnings with the govern
ment. After payment of one-half the
eX:e"s over 5& per cent of property
valuation to the government and de-
tuction FOR the reserve fund, the earn
ings during the first eight months of
this year were equivalent to about
$185 share on the common stock.
New-York tribune., 1922-11-27
NJ, K. & T. Earnings

Question: would ask if the inclosed
Missouri. Kansas & Texas is a fair sta te.
meat as to it's affairs? The inclosure
aays, in part: Taking into consideration
s asonal fluctuations in earnings this
ahowing indicates that for the. full year
the balance for the common stock would
be in the neighborhood of 81 share, ye;
the stock Ia only selling at 171s, and, II
such remarkably good earnings will be
actually realized, it would be equal to
over 40 per cent on the present selling
price OF the stock."--J. f. II
New-York tribune., 1922-11-27

Four julf columns Of ire
pestment questions and an.
slceTs sciN be published ia
The Tribune erevy Sunday
and Monday. O., other days
one }aLl column soiu appear.
New-York tribune., 1922-11-27
DIVIDEND NOTICES
UNION PACIFIC RAILROAD co
q QuarterIy nips.1an,a :.

Ss.oo per share on the Co,n,n.n S...,-
os THIS Company has this day been Sslpe
sscgs,, sns s5ae on Tuesday. January 2 I99 I9ssfee,
December I, 1929 a., Friday,
EDWARD G. SMITH rres.,,.
New York, NJ Y. November Q 1Ssssers
New-York tribune., 1922-11-27
GssNERaE, ~ rerpY. ..o,

Notice ~ haroi,,s : g.. y ItSit' V.l}NfPAyY
swo dollars per share haa bsss, S,iyidend o.
eT,s s9,sysg1,, o,l ,Sanuary ls 1923. to holders pa
q ny ~ saoS1 Of the General Electric ss
on Thursday, December I, 1882. s'hsss hcuTs
az arso rs tn shs.t dividend Of fifteen ea,,. IS.
IS iaaa aas psen declared pasaFle "a Jss,n5p Per
me me General Electric Company aT sk ssoek q
cember T.. 1929. W thursday. Ds-
the stoek transfer books VII, 10,
tor sae payment OF these d'vi,,ensoo o' De closed
SS oraeT Of ths Boasd Of - -.
"a y WEsTovrcR.
Sscsetarv.
New-York tribune., 1922-11-27
Air Reduction rs

ouestion--on "Wednesday. November s,
you published d iiat OF post war industrial
bonds and offered to give Information
concerning the investment character of
give me information concerning the Air
Reduction rs, 1890? BY what banking
houses were they issued and what is the
mar ial star ding and character OF the
company Mrs. D. o. C.
Answer Air Reduction 7s, 1890,
were originally offered in April, 1920,
by Lee, Higginson & Co. and Potter
Bros. Co., at 81 and interest. The
purpose of the issue was to reim-
burse the company for capital ex-
penditures already. incurred, to pro-
vide funds for additional equipment
and plants, and to provide additional
working capital. These bonds are q
direct obligation of the company, but
are not secured by mortgage. Op-
epartions Of the company for 1921 re-
suited in deficiency of S406, ,629, after
payment of dividends of $612,232 on
the preferred and common stock. We
do not consider these bonds high
grade.