davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-07-30
Undelivered NJ, X. & r. Bonds

aef q t'nss before s snd woaid s0a 'hant Ha1a ysu
through my broker one Missouri. Kansas
q Texas prior lien s. lss2. .rhey say thsv
Nove,nber. have peid for same. and
should they deliver 10 ma temporary
csEtinoate, az "niy hays the notice from
the interest due on the bond up TO date of
aavise che Interest dates. Of the above
this matter with my hroker?R. p.
Answer-The bankers in charge Of
the reorganization of the Missouri,
Kansas & Texas Railway Company in
form us that, owing to the necessity for
complying with legal technicalities the
securities representing the new capital
ization will not be ready for delivery
until some time during the last quar-
ter, probably not until just before the
securities are being dealt in on "a
when-issued basis in accordance with
the regulations of the New ! York Stock
Exchange. What your broker has pur-
chased is contract calling for the de-
livery by the seller, at the time of issu-
ance, of prior lien 5. Then, and not
until then, the seller of the contract re-
ceives from your broker the cash which
you have paid him. There is no uni
iorm pfdCClce IN handhng transactions
of this kind. Some brokers require i'm
mediate payment by their customers;
others defer this phase of the transac-
tion until the securities called for are
ready for delivery. Apparently your
broker adheres to the former method Of
handling the transaction. No tempo
rary certificates for the bonds have
been issued and, if you have reason for
confidence in your broker, there is no
reason why you should require more
than the notice of purchase. However,
you should be able to obtain from him,
or SO we are informed, the contract
which he holds calling for delivery OF
one NJ. X. & T. prior lien S, when is
sued Interest dates on the bond are
January ! and July and when it is de-
livered to you it will bear the July l
coupon, overdue and, therefore, imme-
diateiy collectible, and the January /,
1923, coupon. In connection with the
Missouri, Kansas & Texas reorganiza-
ton it is important to note that the
company, in effect, resumed payment
of interest on it's old capitalization
when the plan was declared operative
The money obtained from the new Sc
curities will not go to the company but
TO the holders of the old securities. The
accumulation OF interest on the new Sc
curities Is tantamount to payment of
interest on the old capitalization
when these securities are issued the
interest will bear upon the new cap
italization.
New-York tribune., 1922-07-30
Central Pacific Dissolution

1r,|,.s Gnssti9n.ny s,s,. recent decision Of the
ordered to nd Southern
specific date. will you please be good
eso eeofixa to nd state date this Hrder
sny tho csntrai pasfio per sea5 oent
bonds (both as to principal and interest)
by the Southern Pacific will hold good
after the companies. have dissolved p
Q. Il. g.
Answer--No specific date was as
signed in the decision of the Supreme
Court for the dissolution of the Cen
tral Pacific and Southern Pacific merg-
er. Our information is that the usual
procedure will be followed in this in
stance, !. e., that the matter will be
referred back to the District Court.
with instructions to work out q specific
plan for making the decision effective
on the general lines indicated by the
higher tribunal. This process is nee
essarily slow because of the many COM
plications involved, and it is impossible
at this time to forecast when the disso-
lution will occur. The Reading case,
decided about two years ago, is still
held by the District Court in status
quo, pending such time as it can evolve
practicable plan for making the de-
cision effective. Another factor bear
ing upon the situation is that the
Southern Pacific was, on June 6, grant
ed sixty days in which to file petition
Tor rehearing in the suit for dissolu-
ton. Continuation or termination If
the Southern Pacifc's guaranty of the
Central Pacific 4s is subject for
legal determination. The Supreme
Court has taken the position that the
dissolution must be accomplished with
due regard for the protection of the
rights of security holders. How this
may best be done is ons of the difficult
problems which will confront the Dis
trict Court in its task of giving effect
to the decision. Strictly from the lay
mans standpoint, it would seem i'm
probable that the guaranty should hold
good after the companies are separated,
but there is no reason to suppose that
a scheme, involving perhaps the issu-
ance of rev securities in exchange for
the Central Pacific As, could not be
worked out to the full advantage of the
creditors, as represented by the bond
holders. However, under existing con-
ditions there is no possibility Of our
formulating or expressing an opinion
that would be of real benefit 20 hold
ers of Central Pacific 4s. We can only
say that we confidently expect that
their interests will be amply protected.
New-York tribune., 1922-07-30

n
custrial bonds, earning power is, after
all, the most influential item. The prop
erty securing an issue Of first mortgage
bonds is worth what it earns when put
to the use for which it was originally
purchased. especially property that is
usefui Tor only one purpose and cannot
oe converted for the use Of some other
industry without forfeiting Bome of its
value Do not confuse the basis for
Judging earning power, either. The rec
ord Of company in q year of depres-
sion, such as 1921, is as unavaiiing as
guide TO true earning power as g year
OF arsiiic,al prosperity, such as the
year 1919.
4 company must be judged by the
average Of its earnings over period Of
years, covering times Of prosperity and
strain. An average for the years 1919
ana 1871 means more than an ohserva-
tlon OF either of these years taken
singly. Moreover, it is quite essential
not only that q company show d good
average OF earnings over ii given period,
but also that the management be prop
erly imbued with spirit Of conserva-
tism in giving stockholders share in
the earnings of prosperous years.
rms raises another point that must
pc gwen due Importance when apprais-
ing bond. This point might be put in
these words: A substantial margin of
earnings over fixed charges is of ma
tenai value to the bondholders Of COM
pany IN ratio to the percentage Of earn
iings. put aside for rainy day The
hondholder does not share in the abnor-
NAL earnings Of prosperous years, but
rather suffers through depreciation in
the purchasing power of his coupon
dollar. II is not fair to the bondholder
New-York tribune., 1922-07-30
Would Avoid Ton pricap

Question: have at present ahout 70 ann
prsse1, rss T1sn fnns TO- invest. Have most Of my
cilned TO make the new lnvestment In
h,"cHs' hu. Speculation does not interest ma
~ sre 4 % not wsnt TO. invest when prices
~ resiias or mako a change OF investraent -
a = imo1ie io pc alrnost certain to have to take
10 '0s asir .b,, sI ~; thersfore, proper question
InsntsI I find that most Of what + cisss
ae M aeslraSie investment stocks are seIiine
at IN savsrsI nshSs pricsE than they have sold
,eoteH Sor investment are as foloWs:
Amertcan Am rc Can preferred, Amerlcan uOcs; Car
terred. Pullman. would appreciate crttI
csem or snbstitution by you. All the aboy,
seen seem to be selling hlgh but at dividend ea
w. s. W. yer cch''--
Answer--Tt is logical enough for an
investor to inquire whether current
prices for investment stocks are as
high as they are likely to get during
the present business cycle, but it is
hardly fair to expect us to answer the
question: Wa can go no further than
to say that the business revival can 90
much further before credit imitation
again calls for general curtaiiment
OF activity. AS matter of fact bust
ness activity has not yet been carried
TO the point where credit imitation be-
gins. 1t is true that many first-class
stocks, especially preferred issues, are
selling higher than at any time in sew
eral years, but, looking over your list
Of four prospective purchases, we find
that only one--American Ice preferred
stands at a record price, and in this
case the high price reflects only the
fact that the company's position is bet
ter than at any time in its history. In
other words, American Ice preferred
has moved further up In the class OF
investment stocks. Pullman has sold
as high as lit since the last big stock
dividend and is quoted around 123 now
American Car and Foundry preferred Is
about four points under Its record high
price and American Can preferred is
about three points under the highest
level reached since the back dividends
were cleared up. All these stocks are
suitable for your purpose, but If you
do not like the price Of American Car
and Foundry preferred, buy some
shares Of New York Telephone 6ia per
cent preferred, American Woolen pre-
ferred or Union Pacific preferred.
New-York tribune., 1922-07-30
Business Builders trnss.sonsd

Suestion--As u constant reader of Won,
infosr ibpsr wooia ee pleased to receive some
James w Eiiiott's Business Builders INC
oain pse cent preferred stock for which /
What stV' ,,o "a, snare about six months ago
sats investsnent7~J,. -. ii, ''""o's
Answer-Replying directly to your
inquiry. we think that James w FL
motifs Business Builders, Inc. shares
are lacking in the qualities which con
sutute q reasonably safe investment
Ahe shares pay no dividend and as
,oflS as you hold them YOU are depriyed
OF the earning power of your capital.
LII compensation for the lack of pres
ehe income the company holds out the
promise of substantial returns at some
future time. Since we are neither
fortune tellers nor mind readers we
canhoe attempt to pass upon the val
t iSlty OF other peoples guesses as to
the fntare investments take their
Saiae largely from past performances
sho ana secure present position. As to
the safety of Business Builders shares
we consider them wholly outside the
range OF securities that deserve to be
characterized rs safe. The shares are
secured primarily by the enthusiasm,
and stock selling ability of James w
Elliott and his corps of statesmen. the
turnover OF which has been conspicu-
ousiy large in tho past, and also by
a number Of non dividend paving
shares Of several Of the companies
from which the Business Builders have
obtained men and money. Another
taceor which takes the Business Build
ers outside the boundary lines of rea-
sonably safe Investments is their lack Of
Ss SSasiaoiIity and free and ope,, market
II you consider selling them, we surI
gest that instead OF accepting a
low bid from brokers downtown YOU
get in touch with James w. Elliott
directly, as he has informed US that
he will buy back securities which he
has sold from Individuals who wish TO
liquidate in good faith.
New-York tribune., 1922-07-30
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 being
held for Identification: P. J. L., M. E.,
P. G., L. NJ. B., F. c. b., E. D. F., L. P,
A. L. B., G. L. P, l.. B. L., e. r. B.,
S. j. C., J. F. H., M. L., l.. P. R., J. T..
l.. and J. OBJ. Some of these have
asked for booklet, whats Behind
Active Stocks" and have neglected to
inclose their addresses.
New-York tribune., 1922-07-30
Irregular Trend
fIn Short Session
/ On Curb Exchange
Profit Taking i'm Philip
Morris Shares; Oils Dis
| play an Improved Tone;
| Changes Generally Small

changes were generally small as q
svsnit of quiet trading in yesterdays
|.Aort session on the curb market.
|pAil;p Morris fell back more than 9
|asints on profit taking, but oil shares
ssld fairly steady.
psdio recovered fractionally and New
|vsrk Telephone held st 1o7. Other in
|Asxsrials moved within a narrow range.
| Ssaudard Oil of Indiana worked frac-
.;anslly higher and Cities Service held
|..sadv. Carih Syndicate ruled easier,
sswever. The mining group was quiet.
Industrials
New-York tribune., 1922-07-30

Questions Of general interest 10 IN
vestors ieIu be anspered in this col
s'a's. IN 'oh'ch case only initials ,oiu
oe used. Others scin be anspered bv
mott Address all Inquiries, inc!os.
,ag stamped, addressed enuefops. to
fsaaaaesot Editor, The Tribune. isl
Nassau Street Netc York C;tu.
New-York tribune., 1922-07-30
Central American Sugar Unsuitable

Question-,Will you give me. some in
formation about Central American Sugar
born Street. Chicago Miss NJ. S.
Answer--Requests for data addressed
to the home Office Of the Central
American Sugar Company have met
with no response. An organization
which overlooks the necessity Of sup
plying to qualified induirers informa-
tion that would help stockholders to
determine the financial status of their
company does not merit the confidence
placed in it by purchasers of stock, in
cur opinion. Such laxity Of business
methods would not seem to indicate
alertness in other directions. We ad-
wise against the purchase of this stock.
If YOU already own it, however, il
would seem advisable to make an ex-
change into investment securities if
you can find purchaser in. a position
to assume the risks involved.
New-York tribune., 1922-07-30
Foreign Bonds
Wall St. in Orphans Drive

samuel Wechsler, Of Miller & Co,
Essasirman Of the Wall Street division
s. me emergency relief drive for the
[slasi Orphan Asylum, which was de-
s9yed by the recent fire at Arverne,
E l.. has turned in to relief head.
IItE4arters, at 1890 Broadway, s3,170,
~ collections for the first fortnight.
a1sh,rioutions may be sent to Mr..
IS 0Fehsler at l2G Broadway,
New-York tribune., 1922-07-30
Silver Market

Silver-London. 35Md; New York,
domestic bar, 99N; foreign, seA;
Mexican dollars, 52?sc.
New-York tribune., 1922-07-30

Four full columns Of in
restment questions and an
smers pill be published in
The Tribune euery Sunday
and Monday. On other days
one full c. lumn ipilI appear.
New-York tribune., 1922-07-30
Railroads Continue
To Show Gain i'm Net
Pennsylvania System Reports
Show an Increase Of
ST .4O8. .293

Net operating incomes Of eight out
of the nine railroads reporting yester-
day continued to show increases. The
Canadian Pacific was the only road to
report decrease in net operating in
come. The Pennsylvania system re-
ported gain of $1,40s,893 in net.
Missouri Pacific
The border vidette., 1922-09-30
MOORE APPOINTED JUDGE.

Phoenix, Sept.-Mr Kirk T. Moore, prominent attorney of Tucson was appointed Saturday by Governor Thomas E. Camp bell as judge of the superio: court of Pima county to fill the vacancy in that court caused by the resignation of Judge Samuel l.. Pattee. Mir. Moore will serve the uueXpired term of Judge Pattee. which ends on Decem Der 31, 1922 Announcement that the resignation of Judge Pattee, had been accepted was made on Saturday, sim multaneously with the announcement of the ap pointmeut of Moore as his sue cessor.
 Mir. Moore is we'll known over the state and has been engaged in the practice of law in Tucson for a number of years. At one time he was county attorney of Pima county and during the ter ritorial days in Arizona, served as superintendent of public in struction. He is @ graduate of the University of Arizona and the law school of the Stanford University.
The border vidette., 1922-09-30
SUMMONS.
In the Superior Court of Santa Cruz O1,11r,I 1, g., .a caf A rizcar,n

In the SuperlOr Court or Santa Cruz County, State of Arizona. F.. x. Carrutbers. plaintiff. ys. Arte- misa Peraza CarruGhers, defendant. Action brought in the Superior Court Of Santa Cruz County, State of Arl- zOna. and the complaint filed in said County of Santa Cruz in the office of the Clerk Of said Superior Court.
 Tn the name of the State of Arizona to Artemisa Peraza Carruthers, defend ant. Greeting:
 You are hereby Summoned and re- quired to appear in an action brought against you by the above e-named plain tiff in the Superior Court of Santa Cruz County. State of Arizona, and answer the complaint therein filed with the clerk of this said court. at Nogales in said c"unty, within twenty days after the service upon you of this summons, if serv ed in this said county or in all other cases within thirty days there after, the times above mentioned being exclusive of the day of service, or judg- meut by default will be taken against you.
 Given under my hand and seal of the Superior Court of Santa Cruz County, State of Arizona, this 30th day of Au- gust, 1922.
 (SeaD ROBT E. LEE.
 Clerk of tbe said Superior Court.
 By F. E. DUFFY, 9-2-5t Deputy Clerk.
The border vidette., 1922-09-30
NOTICE TO CREDITORS.

In the Superior Court of Santa
 Cruz County, State of Arizona.
 Estate of T. D. Mathes, deceased . NOTICE is hereby given by the " undersigned Fannie M. Ma thes adminlstratrix of the estate of T. D. Mathes. deceased, to the ere 6itors of and all persons having claims against the said deceased, to exhibit them. with the necessary vouchers, within ten months after the first publication of this notice to the said Fannie NJ. Mathes, at Elgin, Arizona, the same being the place for the transaction of the business Of said estate, in said county of Santa Cruz.
 FANNIE NJ. MATHE ES,
 Administratrix of the estate of T. D. Mathes, deceased.
 Dated this 14th day of Septem- Der, 1922. 9165t.
The border vidette., 1922-09-30
SUMMONS No. 1907.
In the Superior Court of Santa
 Cruz County, State of Arizona.

In the Superior Court of Santa
 Cruz County, State of Arizona
 Dora Katz Leeker, plaintiff, vs Nathan Leeker, defendant.
 Action brought in the Superior Court of Santa Cruz county, State of Arizona, and the complaint filed in said county of Santa Cruz in the office of the clerk of said Su- perior Court.
 In the name of the State of Ari- zona to Nathan Leeker, defendant, greeting:
 You are hereby summoned and brought against you by the above named plaintiff in the Superior Court of Santa Cruz county, State of Arizona, and answer the com plaint therein filed with the clerk of this said court, at Nogales, in, said county, within twenty days after the service upon you of this summons, if served in this said county or in all other cases within thirty days thereafter, the times above mentioned being exclusive of the day of service, or judgment by default will be taken against you.
 Given under my hand and seal of the Superior Court of Santa Cruz county, State of Arizona, this 31st day of August, 1922.
 (SeaD RoBT. E. LEE,
 Clerk of the said Superior Court.
 By F. R. DUFFY, 9-2-5t. Deputy Clerk.
The border vidette., 1922-09-30
NOTICE Or SALE or REAL PROPERTY

In the Superior Court of Santa Cruz county, State of Arizona. Nogales Building and Loan Association, 8 corporation, plain | tiff, vs. c. B. Wiley, Lucille Wiley, J. l.. Schleimer and Ger trude Schleimer, defendants.
 Under and by virtue of an ex ecution issued out of the Su perior Court of Santa Cruz coun- | ty, State of Arizona, in an action wherein Nogales Building and Loan Association, a corporation, was plaintiff, and c. B. Wiley, Lucille Wiley, J. l.. Schleiner and Gertrude Schleimer, defend ants, upon judgment rendered on the 9th day of Septem Der, 1922, in favor of said plaintiff and against said defendants, for the sum of Four Thousand One Hun dred and 23 /1OO Dollars ($4, ,1OO,- 23), current lawful money of the United States of America. with interest and costs, I have this day levied upon all the right, title, claim and interest of said defendants in and to the follow ing described property, to wit:
 Being lot 24 of block "A" of the Bella Vista Terrace as de- lineated upon the amended map of said block "A", recorded in the office of the county recorder of Santa Cruz county, Arizona, on January 27, 1920. The said Bella Vista Terrace being as de lineated upon the map and plat thereof made by the Nogales Engineering Company approved by the common council of the city of Nogales. Arizona. on No vember IF, 1919. and filed in the office of the said county recorder on November IS. 1919; and being a sub division of part of block 21, 22, 23, 24, 25 and 26 of the city of Nogales, Arizona, as de. lineated upon the official Brad ford map thereof.
 Notice is hereby given that I will, on the 2nd day of October, 1922, at Il o'clock a. ID. of said day, at the court house door in the city of Nogales, Santa Cruz county, State of Arizona, sell at public auction, for current law ful money of the United States of America, all the right. title, claim and interest of said de fendants in and to the above de scribed property. or as much thereof as may be necessary to satisfy said judgment. with in. terest and costs, with accruing costs, to the highest bidder, for cash.
 Dated this 7th day of Septem. Der. A. D., 1922.
 HARRY J. SAXON,
 By Sheriff.
 JOHN BOWMAN,
 9-9-4t. Under Sheriff.
The border vidette., 1922-09-30
NOTICE OF SALE OF REAL PROPERTY

Jn the Superior Court oe the State of Arizona, in and for the County of Santa Cruz.
 The Tucson National Bank, Plaintiff. vs. Henry Ismond, Lu- cia $. Ismond, Nogales Oil and Gas Company, a corporation, and | Elgin Oil Company, corpora
 tion, Defendants.
 Under and by virtue of an exc cution issued out of the Superior Court of Santa Cruz County, <, State of Arizona, in an action wherein The Tucson National Bank was plaintiff, and Henry 1 M. Ismond, Lucia s. Ismond, i Nogales Oil and Gas Company, a corporation, and Elgin Oil Company, corporation, were | defendants, upon jude ement rendered on the 14th day of Sep
 tember. 1922 in favor of said plaintiff and against said defen daut, for the sum of Two Thous and Eight Hundred and 58/IOO | (2SO5 58) Dollars current lawful money of the United States of America. with interest and costs, I have this day levied upon all the right, title, claim and inter est of said defendants in and to the following described prop erty. to wit:
 CD The southwest quarter of the southwest quarter of section 29, the southeast quarter of the south west quarter and the south half of the southeast quarter of section 30, aud the northeast quarter of the northeast quarter of section 31, in township 20 south, of range IF, east, of the Gila and Salt River meridian, Arizona. containing two hundred (2OO) acres.
 @ Lots One CD, Two @ and Three (3) and the northeast quarter of the southwes guar. ter of section 31, in town. ship 20 south, of range r east, of the Gila and Salt River meri dian, Arizona, containing one hundred fifty nine and nineteen hundredths acres.
 (3) Lot Four (4), the south east quarter of the southwest quarter and the west half of the southeast quarter of section 31, in township 20 south, of range IF east, of the Gila and Salt River meridian, Arizona, con taining one hundred fifty nine and ninety five hundredths acres
 Notice is hereby given that I will, on the 18th day of October, 1922, at 2 o'clock D. m. of said day. at the court house of Santa Cruz county, State of Arizona, sell at public auction, for cur rent lawful money of the United States of America, all the right, title, claim and interest of said defendants in and to the above described property, or as much thereof as may be necessary to satisfy said judgment, with in- terest and costs, with accruing costs, to the highest bidder for cash.
 Dated this 18th day of Septem- Der, 1922.
 H. J. SAXON, Sheriff.
 By JOHN BOWMAN, 9 23 At Under Sheriff ]
The border vidette., 1922-09-30
HOW'S THIS?

HALLS CATARRI MEDICINE will do what we claim for it-rid your system of Catarrh Deafness caused by Catarrh.
 HALLS CATARRH MEDICINE con sistS of an Ointment which Quickly Relieves the catarrhal inflammation, and the Internal Medicine, a Tonic, which acts through the Blood the Mucous Surfaces, thus assisting to restore nor nal conditions.
 Sold by druggists for over 70 Years.
 F. J. Cheney & Co.,, TCle6o, Q.
The border vidette., 1922-09-30

Walker - Superior group of claims to undergo extensive de- velopment.
 Quartzsite-The Apache Chief mine to be further developed un- der new owners.