Evening star., 1922-09-10
WALL STREET UNANIMOUSLY
FAVORS BULL SIDE OF MARKET
Profits Become Attractive Daily--To
Telephone and Telegraph Share
holders--News Budget.

and never take chance on the mar
ket.
Ponzi! 49,.
There is q name to conjure with
ing. The higher the rate Of interest
beyond a certain figure, the greater
"a Any '; one can take Iss or $50 . month
from bunch Of suckers and repay
10 per cent q month interest for a
month or two and then skip.
No matter what 1t is you are asked
to buy in the line of securities. If
you are layman. ask your banker.
To Tel. 4 Tel Stockholders.
Washingtonians hold $4,000 shares
Of American Telephone and Tele-
graph stock. Hence they will be
greatly interested in a letter from
the president. of their corporation.
The three points. which are espe-
cially emphasized in this letter, are
the following:
First. This will be the last stock
issue made for a considerable period
Of time-that is. financing in an
Second. Advise shareholders to
make use of their rights-either to
use them in connection with purchase
Of new stock or to dispose of the
rights before the expiration Of
Third. Shareholders are urged to
make use Of the telephone to buy and
sell rights, II there are no brokers
in their homo towns. this being espe-
cially intended for stockholders resid-
ing in the country.
Here follows the letter:
New York. September ., 1922.
ITO stockholders Of the American
Telephone and Telegraph Company:
You have received the circular
from President Thayer of your COM
pany. dated August "a, 1922, announc-
additional shares Of its capital stock
for cash. Copies may be obtained at
the business office of the local Bell
Telephone Company.
What I have to say in this letter
is intended primarily for thousands
stockholders Of the company. and
who, therefore, may not have had
operations of this sort brought to
your attention, and may not be fully
advised of your privileges. Expe-
rience indicates that even some stock
valuable rights which they have in
respect to new issues of stock. and
by failing to subscribe for their quota
or to sell their rights sacrifice a
very definite property interest.
The warrant Cor warrants). which
this letter accompanies. specifies the
number OF shares for which you are
| entitled to subscribe.
we hope that II you have a full
warrant for one share or more of
this issue you will subscribe for your
quota. and that, IL you have also a
fractional warrant. you will pur-
chase sufficient additional warrants
| to enable you to subscribe for one or
| more additional full shares; and that
those who have only fractional
| warrant will buy sufficient warrants
! to enable them to subscribe for one
| full share or more.
III, for any reason. you do not
wish to take all or any part OF what
you are entitled to subscribe for, or
cannot do so. do not sacrifice the
dence. Sell your warrants for what
they will bring in the market. A
| full warrant evidences your right to
| subscribe for one or. more full shares
| of the new stock. or that you have
! Ave rights or a multiple of five
rights A fractional warrant indi-
! Gates your right to subscribe for one
or more ffths of a share, or that you
have one or more rights. The price
quoted on the stock exchange Is not
for warrants, but for rights Each
| right has value.
DO not neglect thlS uC-
fer 1t too long. You must act so
| that your subscription or that of one
who buys rights from you may be
received by the treasurer OF the
American Telephone and Telegraph
Company at his ONCE in New York
or Boston before the close of business
on November 1, 1922, as stated in the
circular of President Theyer an
nouncing the issue.
THE fact that 1t is improbable that
there will be another issue Of stock
for a considerable period to come.
and that, therefore. you are not
likely to have an early opportunity
after this issue Is taken further to
increase your holdings Of the stock
Of your company by exercising your
rights in respect to new issues, en-
phasizes the Importance Of your
giving prompt and careful considera-
tion to this matter.
Some stockholders have written to
ask why they cannot subscribe for a
larger number Of shares of tho new
issue at par than their present
ownership Of shares entities them to
subscribe for without buying addi-
tional rights The reason 10 to be
found in the law which requires that
the stock be offered to stockholders
Of record. Each stockholder must be