New-York tribune., 1922-01-22
Sound and Diversified


Vuestion--lluvlng been for long period
- - reader of Tho Tribune and particularly
a CAREFUL student of your excellent nnan~
.,',, M' QUINN. am taking the liberty TO
ieis,n NY l,st Of securities for your crit
ism and suggestion. AS my wife and /
'r dependent upon the income OF these
r,in'i we "csirc. of course. tho safety OF
.i.'r", i'.''., ana interest with narkctablity
should especially be grateful to you If
ou would suggest any changes in this list
toward the above cnd Utiites: 81 900
''ot'ssn lano' sa noo Tslephone and Telegraph A.
,"HHoo, $',"oo southern California Edison 5a
i.%s; $4,000 Montana Power comnanv Is
ee.f"' $1,000 DuQuesne Light 7%s. 1895.
5000 Laoiede Gas Light Company 7s'
3, s,-n, ooo *l,ooo Great Western Power 6s 1919:
sd."oo Northern States Power ss. 1926
Sa'ooo Northern states Power Company IS
Io1l; $4,000 Northwestern Electric Com
nnns nnn ra;o; Ss; 1sss; $4,000 American Telephone
n'ld Telegraph Company S. 1876: IS 600
New York -EIobokcn Ferry Companv VIZ bs
1855; $1,000 Niagara-Lock port. portion, .on,arin, p',
noMer ni.s Ss; n9Ss; $4,000 New York Ediso"
81 ooo Si,"oo Nia bnamesne Light 7'4s, 1886;
Wv'"lueshe W'l, Light 6s. 19a9: 5000 C;rca,
western Power Ga. 1919: ST 900 New Yor,,
ia,',pr ira'vpnon" ',, Is, 1871. Rails: 5000 Union
'avilic Hallway As. 1927: $4,000 pcnnsyl'
NAnia Railroad 4l5s. 1865: st.ooo I'nhigh
ehIey Railroad ga. 1888. 81 900 st. I.oria
ITnu,n nwestern Railroad bs 1852; 5000
81 ooo ps Hio Grande Railroad 4s, 1896,
Tn."Vo T'a.a"o Eio Grande & Western Railroad 4s
e. eo|v, ~ si,oc0 Southern Pacific As. 1929:
5000 Chicago, Milwaukee s st. PAM a,as
81 ooo sl,ooo Gro I'exinston 6 Eastern IS. 1865
canadian Northern 6ies 1886: 81 ooo F.roo,
Northern 7s. 1885: $1,000 Texas T,ortric
, ,san"ny 5s. 1o47 1ndustri,ls: 5000 Amer
1m'sd INK d"s,tIng s,,ns and Refining ss 1881; $4,000
Armour e. Co 412s. 1880: ST 900 Nationop
m''nsi'nf 'e,',n,, r ana Stamping IS. 1929 So 600
,e"'rai ,o,,i steel Is. 1871: $1,000 OTIS Steel SIS
:. ~ a. 5000 National Acme 7iss. Io3o.
S,,"oo Central Steel ss. 1871 tovcrnm~n,
and municipais: $4,000 CItv Of Toror,n "',''' ~
&C. %I,ooo government United Kingdom,
81 'o ooo Hratain o,d aud Ireland 5'ss. 1897.
5000 United Kingdom Great pritain ~
go H.,ooo Uruguay SIS, 1916; 81. 900 Chill,
Einr|o,,, rS@o; st'"'o FRENCH 7,ss. i94l; $4,000
Ss 1891: $1,000 Uruguay S. 1elG, e. 't,," nu,.
rrnnch rs. 1914: $1,000 Belgian @D'' 7iSs
1., rHa3, $l;ooo SAP Pauo city ss. 1913: 81 900
So "ot"a ooo namEdom nam, Great Britain SIS 1887:
rited States Steel preferred rs: 6o shora''
ca,,n ','"rn' ,f'scuit Company prcfcrrcd Z nor
nni,,r !" snnres american Smelling and Rc-
'nnH omPany preferred Z per cent. A,
G. 9. c. N's COMPANY IS
>a,swer-Your list of public utility
nords IS particularly good one. in our
onlnion. Such bonds as the Southern
California 5s, Montana Power IS. Niay-
ara Fails Power 6s, Duqucsne L,ioht ca
ana New York Telephone 6s are high
graoe. of the steam railway bonds
we we, suggest that you sell the Chicago.
Mll"aukee q st. Paul 412s, since there
IS an element of speculation involved
IN holdlng 1T through the next year or
WE !, durlng which time the St. Paul
Will nave to solve q difI!cult operatino.
problem OF course, if YOU recoenjze
the fact that the bond is speculative
ana on your own Judgment decide that
the st. Paul's situation is such as to
warrant taking the risk involved, that
IS matter that you can decide on for
yourself. Your two Denver e. Rio
0rande bonds are underlying bonds and
good Investments, we think. Do not
get the Rio Grande Western (not Rio
Grande & Westerly confused with the
bonds which may be issued by the new
company, the Denver g. Rio Grande
Western. Of the industrials, Central
Steel, Otis Steel and National Acme
were issued to fund floating debt and
to this extent are not sound bonds in
the same sense as bonds issued to pay
for additions to fixed property and
plant. The United States Steel sinking
fund IS are 0 the highest grade, and
the American Smelling and Refining 5s
are, in our opinion, a good investment.
Your Uruguay and Chile bonds are good
investments, in our opinion, subject to
the possibility of political upsets which
may occur in Latin American countries.
Ion should either make up your mind
now to hold your French ia or else
sell it. 1t is possible that if further un-
foresceable difficulties should develop
in regard to the German indemnity
payments the market price of this bond
might go down, but in our opinion it's
interest payments and the payment OF
principal are safe. The stocks you hold
are, in our opinion, good investments