davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-08-10
nATIry WASHINGTON TREATIES

LONDON, Aug. 9.-The Foreign Office
announces that the Governments OF
India. Canada and South Africa have
agreed to ratify the treaties entered
into at the recent Washington confer
ence. Newfoundland Is expected to
agree 10 the treaties at the end OF the
month.
The New York herald., 1922-08-10
GERMAN POTASH PRICE UP.

BERLIN. Aug. Am increase in do
nestle prices for potash averaging 80
per cent. was put into effect to-day by
order Of the Imperial Potash Council.
Tho old prizes will apply to orders re-
celved up to July 10.
The New York herald., 1922-08-10
MINNEAPOLIS BANK ROBBED.

MINNEAPOLIS, Aug. 9.--Three armed
bandits raided the Penn Avenue State
Bank to-day while the cashier was at
lunch, forced girl employees to lie on
the floor. looted cash drawers, a vault
and the safe Of $4,000 in cash and So
curities and escaped in an automobile.
The New York herald., 1922-08-10

dispatch from Lisbon on August 6
stated that German ships in the service
between Portugal and Brazil had been
ordered by their companies to return 20
their home ports and not to touch any
French port. The dispatch added that
seizure by France was feared because
or an alleged threat by the latter to
seek reparations tlhat way.
The New York herald., 1922-08-10
WILSON'S sLArEns MUST HANG,

LONDON. Aug. . (Associatcd Press) -
A reprieve was refused by Home Secre-
tary Shortt to-day 70 Joseph O'SulIivan
and Reginald Dunn, sentenced to be
hanged tomorrow for the assassination
Of Field Marshal Sir Henry Hughes Will
SON
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-06-30
MRS. WINTER AGAIN
HEADS CLUBW0MEN.
Minneapolis Delegate Is Re-
elected President at Fed
GRAFTON Convention
LAW ENFORCEMENT URGED

Chautauqua. n. V, June 30.-An-
nouncement of the re election of Mrs.
Thomas G. Winter. of Minneapolis, as
president Of the General Federation OF
Women's Clubs was made today.
Others elected included: First vice
president, Mrs. W. s. Jennings, Jack.
sonvil,e, Fla. second vice president.
Mrs. Wallace T. Perham, Glendive,
Mont. recording secretary, Mrs. James
r.. Hays, Montezuma, Ga. ; treasurer,
Mrs. Florence Floore. Cleburne. Tex.
The appointment of the correspond
ing secretary will be made by the new
board Of directors.
The federation convention today con-
sidered resolutions on uniform mar
riage and divorce, motion pictures,
truth in fabric legislation, art instruc-
ton in the schools. and the establish
ment of n national immigration COM
mission.
Law Enforcement Urged
GAN laws are blue laws 70 those who
wish TO evade them" wittily declared
Mrs. Edward +. White. chairman Of
the Legislation Division of the fedora.
ton in her report yesterday. Mrs:
White. who is Deputy Attorney General
in Indiana. gave an address so com
plete and ripe in thought and sugges-
tions that the delegates are begging
for duplicates as legislative study guides.
That this nation must endure on the
rock Of law enforcement or go down
on the sands of lawlessness was a quo
tation made by Mrs. Mabel G.. Miller
brandt, Assistant Attorney General Of
the United States. in speaking IN the
legislation conference. The rock of
law enforcement is found in the
conscience Of the people. and because OF
that the speaker impressed the i'm
portance of local buraen- carrying for
local questions. Lobbying in Wash
ington for laws that should be local.
she discouraged. believing that local
initiative was so robbed Of its right
and it's obligation. That prohibition
is here to stay was the expressed be-
lief Of this young attorney. who declared
the law to be one growing out Of the
desire Of the people in communities
throughout the land.
Merit System Upheld
The question of 4 ederal amend
ment TO settle the child labor question
by making a legal minimum age brought
out the most spirited discussion, which
caused the resolution TO be referred
back to committee. Mrs. Franklin p.
lanes, Of Pennsylvania, spoke for the
States responsibility in enacting wise
laws rather than asking the amend
msnt.
New-York tribune., 1922-04-10

Sh,nks 1hn1s of Of wagons and carriages to day
when the name "Studobaker" is heard.
ihe company gradually changed it's
chict activity from wagons to motor
cars and at the present time is manu-
featuring more cars than any of the
companies, with one exception, organ
yea after the automobile came into
vogue: We see the old established
manutacturers OF arms aud ammunition
taking up hardware rs a side line that
may eventually become their main
source OF revenue. The Winchester Re-
peatlng Arms Company is one of them.
~ corporation goes forward or back
"aiu' IT cannot stand still while COM
peI''ors are making progress.
transportation, light and power will
always be essential, but methods viii
change We can conceive Of time
,;aSi Wneh me coal or oil burning electric
.ieht plants operating in communities
throughout the country will give wav
10 water power plants located at stra.
teeIc points and serving broad areas
ana az OF time when a great majority of
.ne transportation systems of the coun-
try will be run by electricity. The nro.
ouctlon OF steel, copper, leather. Shoes
etc., 1s essential, although methods y
mere Will change also. Industries lite
men, men, are efficient to the extent that
they can adapt themselves to chanood
conditions. ~ oAa''seo
New-York tribune., 1922-04-10
Bonds for $4,000 List

ouestion-Aotng upon your advlc. Of
February o. ! have sold my Victory notes:
Each note had three three coupons ATTACHED
and May 20, 1929. The interest on the
coupons amounted to considerable money,
but l only received interest at AZ per
cent from the last coupon date December
Is. 1921. to March IS, 1929. Is this the
correct way to figure the interest? Now,
If you will kindly give mo list of Al
per cent II possible, to cover an invest =
ment of s25.ooo. shall be very thankful
DO you consider it proper time to pur-
chase, would you advise waiting a
while Mrs. J. C.. II.
notes you were entitled only to that
part Of the interest which your bond
had earnod to the date of sale. The
last two coupons and part of the one
due June Is, 1922, belong to the per-
son who bought the notes from you. In
planning future purchases we see no
reason why you should wait. "a No. /
bonds" if by that term you mean gilt
edge, do not yield 6 per cent. How
ever, there are many other bonds that
would give you a yield of approximate
ly 5h pei, cent, and we will enumerate
some of them here. We think the fol-
able for you: Two Swedish Government
6s, 1899, yielding s per cent; three
United Kingdom 51as, 1897, Yielding
5h per ceit; two Canadian Northern
Is, 1910, yielding SOB per cent; two
Hooking Valley AIS, 1899, yielding 5.3S
per cent; three New York Edison 61ss,
l941, yielding SIS per cent; two New
York Telephone 6s, 1941, yielding 5.76
per cent; two United States Rubber 5s,
1s47, yielding per cent; two Chicago
Union Station 612s, 1868, yielding $50
per cent; two Bush Terminal Buildings
SIS, 1860. yielding 5.6S per cent. Those
bonds would cost approximately $4,000.
In addition to these you might invest
part Of your funds in preferred stocks
as follows: 20 shares American Ice
preferred. selling around 81; 20 shares
Pere Marquette prior preference. SELL
ing around II; % shares Union Pa
cifc preferred, selling around 70. At
these prices the 65 shares would cost
approximately $4S45
New-York tribune., 1922-04-10

Question-Wni, you kindly give me your
opinion of the first lien per cent par
ticipatins bonds. 1881. OF the United Oil
Producers Corporation7 These bonds paid
about Is per cent for the first six month MS
In view of the fact that principal and in
terest guaranteed by the Imperial Oil
Company. which has been absorbed by the
Middle states OIL Company, only 1900. coo
outstanding ana tine value of the asscts
behind these bonds is over $4,000 900, 1t
would seem they should be safe with the
apparent safety and high income. however.
the bonds should be selling higher than
92. the current quotations. Why aren't
they &C. g. 81.
Answer-The first lien 8 per cent
participating bonds of the Union Oil
Producers Corporation are not sell
ing higher because they are an inferior
security As we have often stated. we
consider safety" relative term. What
must you think of such a high yield
bond when gilt edged issues, which
may be considered standards Of safety,
return 5 per cent or less in the present
market? The price reflects the uncer-
tainty in the petroleum industry, which
has been undergoing process of de-
fation. The bonds are speculative, In
New-York tribune., 1922-04-10
Non-Callable Bond Better

Question: have about $1,000 would
like to invest. VIII you please give me
a little advice about it7 have been
thinking OF putting 1t into preferred stock
of the Penn. Power Company and also
Northwestern Bell Telephone first Is. l
want these for an investment, not specu!a-
ton. Please give me your opinion II
should buy bonds outside of my own state.
would have to pay tax Oh them and
how much j. II.
Answer-Our only objection to the
Bell Telephone of Pennsylvania Is is
that they may be called for redemption
at any time at a figure closely approx.
mating the present market price. If
this feature is Objectionable from your
point of view, also, we would suggest
that you purchase the New York Edison
61as, 1941, yielding at recent market
price 5,98 per cent. These bonds are
not callable until 1886. We cannot
identify the Pennsylvania power COM
pany from your description, but no
matter which company it is, we can see
no good to be derived from dividing an
investment of $1,000 between stocks
and a bond
New-York tribune., 1922-04-10
Mirht Exchange Callable Bonds

Question: would appreciate your opin-
ion on the following list Of securities. I
approval. but would like TO have you
view the list as a whole. Nearly all were
purchased at prices lover than the pres
6!4s, 1929. $500 S. W. straus g. co. 5las,
92S oSo S5o2 CITY 1t of borasauT 1s sst
ST. 900; Danish Municipal x S. 1916, $1,000:
Swiss .Goyernment So. 1870, $1,000; Penn
sylvania Railroad 5s Is 1889 $1,000: North,
California Edison es, 1914 $1,000; Adiron
dack Power and Light IS, 1850. $1,000; {;
Rpookyn RaiTon IS la4o 81 Soo Ss
York Edison 6Ms, $1,000: 10 shares Stan
dard Oil Of New Jersey. Can you suggest
Of my Investments without lowering the
yield, could any OF my calable bonds
be exchanged for on-calIab bles on the same
condition? Have too many foreign
bonds? And the Pennsylva MIA Railroad !
per cent do you consider 1t high grade !?
also have $4,000 more to invest, 1t is
only high grade investments.--H. L. r.
Answer-We think you have too
great a portion Of your investment in
foreign bonds. although in treating
each separately we would say that in
dividually each is appropriate. 1t
might be WE'LL however, to scale down
your investment in foreign issues
dlsposlng of the Bordeaux 6s or DANISH
Municipal IS. You could substitute for
them United States Rubber 5s, 1947,
selling recently TO yield about per
cent, and Liggett & Myers debenture
IS. 1914, selling recently to yield about
5.8l per cent and non-callable. We
think you should consider the callable
feature of Northwestern Bell Tele-
Phone Is and Brooklyn Edison Is, and
il you should decide to dispose of both
or either on this account we would
suggest Missouri Kansas & Texas prior
lien 5s, 1862, selling recently to yield
about 6.2 per cent, or some of the high
grade preferred stocks you see recon.
mended in this column. We would
suggest for your $1,000 additional in
vestment capital Pere Marquette
first SIS, 1866, selling recently to yield
5.5 per cent, and American Ice pre-
ferred stock, selling around 81 and
paving a 6 per cent dividend.
New-York tribune., 1922-04-10
Safety First Next Time"

Que stion--E hold twelve shares of Amer
lean Agricultural Chemical common stock.
paid S2hs. Having noticed recently ra her
unfaNorable comment on this company $
prospectE, in your department, I am writ
ing 10 ask your opinion whether it would
be better to hold the stock in the hope of
its approa ching more nearly to the price
gave for it (neaning losing interest) or to
sen same a once end reinveat the pro.
trouble. I also have ten shares Central
Asurre Sugar. bought at lot. This stock
has been rising steadily since the big
holding or selling? IF you advise selling.
in what would you reinvest the capital?
Safety first this time but interest Of about
6 per cent, If possibe.-E. l.. A.
Answer-We believe the Agricultural
sugar companies have turned the cor
ner, and if you will note the present
market positions of the two stocks you
hold and compare them with the low
prices of the last few months you will
be convinced that the market has al
ready discounted this change in the
situation. If you hold these two stocks
and you say you are able to do so with
out trouble-what are you going to do
when they have again reached the level
at which you bought? Is it not en-
| tirely probable that they will seem so
attractive to you then that you Will
hesitate to sell them? And Will not
the result be that at the end Of the
next business cycle you will find your
self in practically the same position
that you now occupy? We hesitate to
advise you to take your loss by selling
| these stocks at the current price, but
if you are not in a position to study
the broader developments in business
and take advantage of the peak OF
prosDerity to sell YOUR stocks then vOu
should be bondholdcr rather than a
stockholder. If you are really serious
about wanting to exchange these stocks
for safe bonds we suggest the follow
ing issues: New York Edison 6las, due
194l, yielding 5-S3 per cent; United
States Rubber 5s, 1947, yielding s pei
cent, and Pacific Gas and Electric 5s
1912: yielding approximately per cent
| There are many other bonds in this
class which we consider suitable, hut
these will probably serve your purpose
New-York tribune., 1922-04-10
Value OF Conversion Privilege

,osn. @nssi,o9~,l dai'y read with great in,
appreciate your rating for tho following
seoul ities, intrins'caily and also in ordcr
OF Your preference. and also shoud value
an opinion from YOU If YOU care 20
press one, M to tho probable value Of the
conversion privilege attached to each. as
well es . statement OF Just what the CON
version provision in tach case in The cases
j., = j, .; !, Consolidated Gas. Electric
lIsht ana Fower Vi Baltimore; .. Amer'- :
ran n light and 1raetion Company Is Of
lrgt. ~ Of 192l ., Kings county Eleotric
idSht ana Power Company So OF i92h, 4.
Detroit Edison Company ~ and IS of 1880
- OF laS' 3. Buffalo General Electric
Corporation Is Of 1o25; 6. General Asphalt
ton Company ss.-g II. X
Answer-~lt is a difficult matter to
find good security in convertible
bond. AS r rule securities of this kind
are merely debentures, secured by a
company's earning power. We would
not rate the General Asphalt or Barns
dali Corporation IS as high grade IN
vestmcnts. As n matter Of fact, there
is nothing cn Your list that comes close
to being gilt edge. although the first
tive bends arc reasonably safe. An
opinion or the probable value of the
conversion privilege of any bond is
tantamount to a prediction on the fu-
turo market action Of the stock or bond
into which it is convertible, and we do
not make practice of forccasting mar
ket movements. Consolidated Gas,
Electric Light and Power Of Baltimore
Is are convertible par for par at any
time prior to or including April |, 1881,
into 6}a per cent bonds, due 1851.
The American Light and Traction 6s
carry warrants emitting the holder to
purchase common stock in the ratio OF
two-thirds Of a share for 800 notes at
SLAP share on or before May ]. 1922,
at $147 a share thereafter to May /.
1924, and 1852 share to and including
May /, 1925. The Kings County IS ars
company at any time after March !,
1915. Tho Buffalo General Electric Is
are convertible par for par into stock
a anN time after May l. 1922.
New-York tribune., 1922-04-10

" course, III uoCS not necessarily
follow that when and if The ferries
pass out OF existence there will be nc
earnings with which to pay interest
and insufficient property to secure
principal of the loans. The New York
and Hobokcn Ferry Company is con.
trolied through stock ownership by this
Delaware, Lackawanna & Western
Railroad Company. The company has
valuable assets in its docks and wharf
properties, so that in the event Of the
ferry business becoming improbable lie
years hence the loss might easily be
confined to equipment used in that
business.
The ready diversion of property from
one use to another to keep up with the
times is just as important factor in
old industries as in the newer ones.
There must be some reasonable as
surance that the usefulness of the
property on which a mortgage is placed
VIII outllvc the mortgage itself, but it
docs not necessarily follow that be-
cause certain industry or business Is
likely to become obsolete the earning
power of companies engaged in that
industry or business will cease. The
transition takes place gradually and
quite often without any interference
to earning power.
Years ago the Studebaker company
was essentially a builder OF wagons,
carriages and harness, but one rarely
New-York tribune., 1922-04-10
Estate Shrinks so Per Cent

Question: am one of three trustees Of my
fathers estate. We have recently sold zoo
shares tout of 800 held) Of American Sugar
preferred at 97la, which means something
of loss. win you advise me how to re-
invest? Would it be speculation to buy
some shares of American Agricultural
Chemical preferred which although not
paying dividends at present is ] am as
sured on firm foundat ation with prooabil,-
ity of resuming dividends ia October with
accrued interest? The estate lost heavily
in New Haven eve have 500 shares}. 200
Quincy Mining. not paying now. and one
Industrial, permanent loss. so would like
to recoup where possible with safety.
Estate valued before New Haven loss
at about. 100000; now not much more
for each holding? We have, for example,
Should we diversity ?-H. A. D.
Answer-We say without hesitation
cultural Chemical preferred stock in
expectation of a resumption of div-
dends and the payment Of accrued
dividends in October is a speculation
The best way to "recoup" on al invest
ment that has shrunken about 80 per
cent is to put what available funds you
have into sound securities of known
earning power. In other words, we
would make strong play for income
in contradstinction to appreciation Of
principal. Corn Products preferred
stock Is good investment, we belleVe,
but to retain one-eighth Of an
investment in single stock as you
are doing in this case hardly gives
proper diversification. We do not know
how large percentage Of the estate
consists of stocks, but if you think
you can afford to reinvest the proceeds
from the sale Of American Sugar pre-
ferred in other stocks we would sug-
gest American Ice preferred, Pere Mar,
quette prior preference stock and
American Tank Car preferred. These
are not stocks of the first grade, but
their dividends are covered by en-
ample margin of earnings even in the
present condition of trade. We think
that you can also afford to take some
OF the Missouri Kansas g. Texas series
A S per cent bonds yielding 6.10 per
cent recently or the Public Service
Corporation of New Jersey 5s, 1897
selling recently to yield 6.67 per cent.
Above all, we would advise you not to
speculate with the estates funds.
New-York tribune., 1922-04-10
Pcrmanency of Earning Power

""etoh-hY ofoEr suggested
ootu oooW 80 non h oynde
o' "o'"d you hndy
o'V moro Vthout asking
Hudson Riror ann bad effect on this
bond--F. C..
answer our letter
OF business in the selection Of ,oro
ohd IN the case Immediately under
proposed vehcua between
impair the usefulness and earnings the Iooc ferries
or Tor that matter of the transporting vehicles over the
Hudson River.
OF course there danger competition within the next
c" years. but you must bear that
ooos you would be obligation
compelled to meet until years hence MANY bncs can
pen IN quarter OF century alter the
e'le and OF the
years hence 1t candid
have reached maturity general have ouivcd their
New York Iarbor.
New-York tribune., 1922-04-10
Wabash So

Question: would apprecia te your opin~
ion re Wabash Railroad bondo, first 5 per
cent. Would 1t be advisable to sell at the
market and reinvest in something Welding
per cent or per cent? l have been
reading your Investment Information for
some time, hoping some other investor
might ask tho same question.--R. W. NJ.
Answer-From what little you have
told US we see no reason why you
should sell your Wabash bonds. At
recent price of 81 they yield about
5k per cent to maturity. However, if
you feel that you can afford to carry a
bond giving a higher rate or return we
would suggest a switch to the new Mis-
souri,, Kansas & Texas prior lien SIS,
yielding about $50 per cent, or Great
Northern Is, due 1926, yielding about
6.l0 per cent.
New-York tribune., 1922-04-10
Ionr-Term Lihertys Suitable

OuestionT intend TO invest money in
Liberty bonds in five or six weeks What
issue would you advise me to buy. ana
why I'll. w. T.
Answer-1f you are an investor seek
ing long term security and are not
particularly interested in securing
complete tax exemption for q large
either the first, second or fourth Az
per cent, Liberty bonds. The yield On
all these is practically identical.
New-York tribune., 1922-04-10
Holds Standard Oil Shares

1dv,oe o,1n on ~ question ar eonsiderIns
sey preferred %.ss 70 sousbt o o. Of New Jer
bought at 10Y. In View Of the posshle BOSS le
calling Of this issue soon, would you advise
., an no ss o, soth there %
20 shares of stsndard ' OIL Of calitorns sa1n n1is
am told this stock viii 60 much higher
~ s,1l The M nsar future Have you reason to
Of fnk ndana as is and ss' WY Wh3 Of
soTplus2 sur ,as; y, What Tate does it paS7 ~' So
AT an Interested reader OF your page since
1t was first published and have learned
ins much frSm rem your replies to others prob
10 you with mine. Thanking you for
your courtesy and with appreciation OF
Ing % to handle to wt6 5
and common sense.--Mss M. B.
Answer Standard Oil Of New Jersey
has made no statement as to the
probable action in dealing with the
preferred stock, nor has it made any
statement which would lead us to be-
lleve that there will be an exchange of
stock for the preferred after that issue
becomes callable. Standard Oil of Cali
fornia, has its speculative qualities and
we do not recommend it for invest
ment. except perhaps as business
mans investment. Whether you dis
pose Of this stock or keep it is a mat
ter on which we cannot advise you.
Standard Oil Of Indiana stock is sell
ing on q basis which suggests to us
that the price discounts some change
in the rate Of income in the future We
have no reason to believe that any
such development is likely to take
place. but the market price itself offers
the suggestion. We cannot venture an
opinion, of course, on the future mar
ket course of this stock.
New-York tribune., 1922-04-10
Inquiries Should Be Signed

Inquiries addressed to this depart
ment are regarded as confidential, but
to show the writer's good faith all
should be signed and an address
should be Enclosed for reply if
one Is desired. Letters from the
following are being held for identifica-
tion: "a Tribune Reader" j. H., M. S.,
J. S. c.. ". S. R., "Widow," "Anony-
NOUS" S. A.. l.. l.. f., J. B., Z. G.,
D. G., S. M. c., F. NJ. O., James Smith,
Mrs. J. r. D., K. M. L.. Mabel A. X,
F. V. S., NJ. A. B. Shoemaker, P. B.,
A. f. F., H. r. W., L. v, F. P,
M. F., +. and M. w.
New-York tribune., 1922-04-10
Investment Information

Q"est'ons Of general interest to in
ucs'oTs wttt be answcred in this col
hmh' -, soktch case oaiy init;als riU
oe used Cthers piIl be anspereS by
.''da. Address all inquiries, fncyos-
,n9 stamped. addressed envelon, 4,
rrtndncsat Editor, The Tribunn ,5,
"osso" Street, New York Citv.