davidaulloa/AmericanStories huggingface dataset:
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-18
ALL OVER OKLAHOMA
and
Neighb.Oring States

settler and school teacher but had
been employed in a clerical position
here for several years before being
elected commissioners year ago last
April.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-18

INDEPENDENCE, Kan, Aug. IT.
Andrew +. Featherngill, aged SO,
city commissioner OF finance and
revenue is dead. He was an early
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-18

age. storage OF storm waters, and
prevention OF overflows by levees.
aaaaz=
WICHITA FALLS, Texas, Aug II.
Work is under way ON the 100000
reclamation projects In this and ad-
Joining counties. A dam and reser-
voir sufficient TO reclaim and irrigate
100000 acres " land are being built
An electric transmission line III
miles long has been built to the
reservoir site to carry electric power
which will he used In an the dredg-
Ing and steam shovel work.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-18

FORT SMITH. Ark, Aug. IL
Mildred j. Rose, former postmistrese
OF Corley, was sentenced by Judge
Frank 4. Youmans In federal court
to serve one years and a day In the
federal penitcntiary at Leavenworth,
Kan, because of an admitted cm-
bezzlemcnt OF 1891.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-18

prospecting. Beside the body was
found a small book in which Grimm
had whitten that no effort should
be made to locate his relatives, as
he had none.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-18

WICHITA FALLS. Texas. Aug, II
The annual meeting of tho North
west Texas Press association was
held here. Greed Harrison OF Sey'
mour was elected president.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-18

DALLAS, Texas, Aug 17.--A CONF
pilation made by the Texas chamber
OF commerce shows that l1O county
and district fairs viii be held In
November.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
Interested in Marks

Question-Please tell me what YOU think
o. o. me German municipal bonds: win they
p at Mof'h anythlng If marks are repudi-
t ated have quite number of them.
which ] bought as a gamble. It wo,,lG
add much to the interest of your vain
able paper IL you would devote a litt1e
uioic 10 matters concerning marks and
these bonds. for many people are iuteresteG
IN them.---W j.. M
Answer--German municipal bonds
and marks have been discussed fron,
time to thine in these columns. We
have consistently pointed out that ali
foreign currcncies were speculative and
marks were nothing but gamble. VIC
have called attention to the enornons
increase IN circulation of paper marks
ana the consequent decrease in the in
trlnslc value of this currency. In this
connection it may be pointed out that
The Tribune publishes every Monday
a special cable dispatch from Berlin on
mr. developments of the week.
Ihese often present information of i'm
poftancee to holders of German securi-
ties and currency. For Instance tha
article OF September % called atten-
tion to the serious plight of German
municipalities. "The needs of the
municipalities are so great that it is
really impossible to determine how
their demands will be satisfied" the
Wrlter says. Appeals are being made
TO citlzens for loans of any kind of
securities to help in the crisis. The
heichsoank is putting into circulation
2o,ooo ,ouo,000 marks monthly, govern
ment printing presses running day and
night In frantic endeayor to provide
funds, When the end will be reached
no one can predict, but the nature of
the crash can be visualized.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01

! -feitHeI IL. ~. Queer company stocks
nor those of subsidiaries are good in
vestments, in our opinion. The fact
j that the organizations business last
year ran into millions is not important
What stockholders want to know is
whether the business resulted in profits
and whether, If there were profits, thew
were sufficient to meet dividend re-
quirements.
| l.. 4. Steel Company, Inc, through
subsidiaries and affiliated companies
operates scores of chain stores and has
an interest in a candy factory, a chain
Of restaurants and farm products
company.
Recently program has been adopt-
80 Tor turning over merchandising OBJ
erations of the parent company to
! state corporations, and stock of these
subsidiaries is now being sold. This
program will eventually place L. r.
steel Company, Inc, in the class of a
lions will bear the name of the state
IN which they are incorporated. such
as Steel Department Stores of New
Jersey, Inc. The preferred stocks are
entitled to cumulative dividends at the
rate OF per cent annually and arc
| sold to the public. The common stocks
are held by the parent company.
The balance sheet Of the L. r. Steel
[ Company, Inc, the parent company.
Tor the year ended December 81, 1921.
audited by Warwick. Mitchell G. Co..
shows that dividends on the cumu-
latlye preferred had been paid to March
81, 1871, being nine months in arrears.
Since that time another quarterly pay
ment has been made and still another
ordered, but payments are still in ar
rears.
Directors of the parent company
Of Ia per cent on the preferred stock
OF record October /, 1921, payable to
November 1t. The same action has
been taken on Realty Development pre-
ferred. This follows the policy orig
lnally adopted. Dividends for 1918
were paid from 1920 earnings, those
for 1920 from 1921 earnings and those
for 1921 from 1922 earnings, we are
informed.
Although we have not seen copv of
the company's Delaware charter, we
are Informed that it provides that pre-
ferred stockholders will not be en-
titled to vote in company affairs un-
vi dividends are ten payments in ar
rears.
The balance sheet also reveals n
surplus placed at S2,163,979, but it is
found that this is arrived at by adding
appreciation of real estate, leases, etc.
estimated at $1,203,572, and apprecia-
ton of investments in subsidiaries. es
timated at $1,171.071, then deducting a
deficit from operations of $11, 948 and
dividends paid amounting to $198,715.
1T appears, therefore, that the point
to be, determined is whether the csti-
mated appreciation of real estate,
leases and investm tents in subsidiaries
is rea.lzable and whether the directors
plus.
In it's expansion program the Steel
organization followed the policy of
purchasing property through the L. r,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01

Steel Company, Inc, selling the stock
of this company to raise capital and
then disposing of the property to sub
! salaries, such as the Steel Realty De-
velopment Corporation, in return for
cash and stock Of the subsidiary. The
Realty Development Corporations
| stock was also marketed to raise funds
for the purchase of property.
In disposing of real estate holdings
to subsidiaries the L. r. Steel Com
pany, Inc, advanced the price. thereby
showing profit. Without an inde-
pendent appraisal, it would be impos-
slbie to determine whether the en-
hancement is conservatively estimated
so far as the estimated appreciation
OF investments in subsidiaries is CON
cerned, it may be said that this figure
can be placed at any convenient sum.
for there is no active market for
L. n. Steel stocks or the stocks of
subsidiaries. There are occasional Of
ferinIgs of disappointed holders in the
market for unlisted securities, and re-
CENT quotations ranged from S1214 to
$io e. q snare tor common stock and S26
TO S2o a share for preferred stock of
L. r. Steel Company, Inc. while Realtv
Development common was quoted ut
S9H to $40 and preferred at $29 to $50
units" are composed of two shares
OF L. r. Steel preferred, one share of
common and one share Of Steel Realty
development common. They are quot
ed at STA to S79h.! L. R. Steel IRE.
1errcd has par value Of 500. while
the common has no par value. Par
value of Realty Development stocks is
not given. l.. R. Steel Service Cor
pofation preferred is of 500 par value,
while the common has no par value
The market in this stock is rather in
active.
In view of the limited marketabilitv
of its subsidiaries stocks, it is inter.
esting to note that in the balance sheet
the parent company lists assets of S12-
929,193, of which S4,575,O35, or about
30 per cent, consists of investments in
subsidiaries,
Two or three other interesting items
are to be CLEANED from the balance
sheet. One finds that Inventories at
the end OF the year were carried at
s597,406, valued at then current mar
ket prices. In the necessary write-off
the company took a loss of S346.737.
Organization and financing expenses
are placed at $2,931,4S6, of which ST.
4lb,55S went for commissions to stock
statesmen, advertising, etc. Inasmuch
as 98,237 shares were outstanding.
valued at $685. 200, the organization
and financing expenses amounted to
almost 30 per cent in raising capital.
Good will, leaseholds, ETC., are valued
at S325,14s.
For your sisters $4,000 legacy only
the best securities should be consid-
cred. Great Northern rs, 1885;
American Smelling and Refining IS,
l947; Pacific Gas and Electric 6s, 1s41;
illinois Central preferred and New
York Telephone preferred would pro-
vide you with good, diversified invest
ments at net return of nearly per
cent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
Prefers Domestic Bonds

QnostionA couple OF weeks ago I 40
some valuable information from you van
am again troubling you to IND vt
whether / should dispose OF q Kingdom
eeiatun i&a, 1916. and IL Kingdom of Den.
mark 6s. ia42. | would prefer to own tw,i
safe American bonds. | notice In the in V
"eEtnient column that you often advise tho
purchase of Public Service Corporation of
New Jersey IS, 1853. Could you explain
the nature OF this bond2 Do you consider
ms conservative Investment wiz you
also suggest couple of good 5s or 6s. sell
ms round por?--Mrs c. II. y.
Answer--Aside from the fact that
the Belgium Tx per cent bonds arc
callable before maturity, we see no
reason why you should hasten to dis
pose of your holdings. We believe the
Denmark 6s are sound enough to de-
serve a place among your Investments,
but 1T you are determined to get out
of foreign bands entirely we suggest
as substitute the Public Service Cor
poration Of New Jersey IS and st.
Louis & San Francisco prior lien IS,
1850, yielding about SIS per cent. The
Public Service Corporation IS are
general mortgage OH all the company's
properties, now owned or hereafter
acquired, subject only to $10,0O0,O00 of
perpetual interest bearing certificates
on portion thereof. The company
does practically ali the electric light,
gas and street railway business in the
larger cities of New Jersey.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
Railroad Preferred Stock

1Iestion--kindly give me your opinion
as TO ACCESSIBILITY of my investing a small
part of my savings in FIVE or ten shares
9. tne Z per cent preferred stock of the
bdhgor d Aroostook Ra.troad, advertised
by Brown Bros. & Co. and Hayden. stone
q %. ] have written these firms for price
on any or all ST ten shares--offer to be
sooa Tor 1--we days. In case the price "a
not TOO high Il see it was taken by thesa
mrins at s5), say over 100 or 1o5, do Won
= 2. ~ reasonably safe investment p.
Answer--Bangor & Aroostook nra-
Ierred stock is selling now around the
original issue price. This is a second
grade railroad preferred stock. covered
under present operating conditions nv
an ample margin of earnings over diyi-
dend requirements. We consider r.
suitable for any one who does not re-
cure the highest grade of preferred
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
Not Inn Bank of England Class

Qaesiong and whs uh
something
safe The Bank Of England proposition her?
My m4e and aaoh sister here the H. Steel Serp
Corporations
Just the opposite VII the
"A. p.
England should not follow
sister Their L. r. Steel Service Corporation entirely
L. r. Steel enterprises.
When Leonard r. Steel launched his
ents tor raising capital made with the NJ
Company nc and NJ Smoo Company Ltd These
passed INTO control of the L. r. Steel Company continuing
the financing OF the Steel organization under the title
Steel Service Corporation of New York
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
Brazilian Bonds

Qntestion-Wil you please give me your
candid e5.naiI = opinion Of the United States of
Are they good, or rather safe, invest
ment? Are they az good as any of the
other brazilian government issues? Is
the credit of the Brazilian government as
good as that of the Argentine Republic {?
Will you please explain to me tho differ
once between a bond and a debenture 20
c. j. S.
Answer-We consider the United
States OF Brazil coffee loan Is as good
as any of the Brazilian bonds, but
rank all of them below the obligations
of the Argentine government. They
are second grade foreign Investment.
A bond is direct obligation, usually
secured by mortgage on tangible
property or lien on securities de-
posted as collateral. This definition
applies to the obligations of corpora
tions and does not exclude from the
bond classification the obligations of
governments, states and Municipalities
which are secured mainly by the
power to tax. A debenture, on the
other hand, is a direct obligation Of
a corporation usually unsecured by
tangible property. There are cases.
however, where securities represent
ing q lien on real property are pledged
to secure an issue Of debentures As
i"iS Such lSsuSS are styles col
lateral debentures." There are also
cases where debentures, originally is
sued without security, have had a
mortgage placed under them after is
suance. You will often note that the
prospectus of debenture issue con-
tains the provision that if anv mort
gage is placed ON the properties of the
company the debentures shall he
given equal security under, the mort
gage. Primarily debentures are Sc
cured only by the earning power of
the issuing company. Many debentures
are high grade Investments.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
international Nicltel ontlnnk

ouestion--As an every aay rn,ao, !.
5 SSgf pap per, ! would he maeh OBLIGED "a
~ IN, y Eea wo9la lot me have tina BENEFIT
about four years ago bought thtrfy
sts'a - oi International Nickel Tor ssh d
soafe. paving 81 that time q good si4tifenS
bat find they have droposd so .iat ~:
gre worm st the present tlnie SIS ami
800 10 pale any dividends fer three
PACK near the price paid and how i
s ~ Hnanctal condition OK tho company 7
~ Ni d6 II ever pay dividends aE8in? HAVING
Ike to know what YOU think sho,,, " FTpal
fsaefican industrial boa6s selling at pres.
Ma s ~ ~ also what sTe the Paris Lyons
foatod In this country? Through whom
ana where IS tho interest to be paid. ana
SO kind az 10 let me have tho names of a
coupe OF good bonds paying around per
t ocme or better also would like to ask
FOR which they are selling shares at So
eAch They claim they have q factory in
Sts mferd, Conn, and they claim the ca
"A DE L.
Answer-The International Nickel
Company has felt the full effect of the
depression in metal industries, and
this has been reflected in insufficient
earnings to meet dividend require
ments. The company's Coppercliff,
Ontario, plant resumed operations Sep
TENDER after eighteen months of
idieness. The company reported loss
for the year ended March 81, 1929, Of
more than $4,000. Although the out
look has improved, we have no means
OF knowing when a resumption of divi-
dcnds may be expected. We cannot
attempt to predict whether the stock
VIII recover to what you paid for it.
Framerican Industrial Development
74ss, l942, are suitable for business
mana who holds securities Of higher
grade and is willing to assume the at
tendant risks. The Paris Lyons Medi-
terranean IS, 1858, are direct obliga-
ton OF the company, but not secured
by a mortgage, although indirectly
guaranteed by the French government.
Kuhn, Loeb e. Co. and the National
City Company offered $30,000,000 in
March this year at SO and $10,000,O00
in April at 831a. Principal and inter
est are payable in United States gold
coin at the Office Of either member Of
the syndicate. Bonds yielding almost
per cent suitable for your purpose
would be Great Northern rs, 1886; St.
Louis-San Francisco prior lien IS,
1866, or Public Service Corporation of
New Jersey perpetual interest bearing
certificates. Victor Page Motor stock
is highly speculative. It is offered by
holders in the market for
unlisted securities at 20 to so cents a
share,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
Holdings Somewhat speculatiye

3e%%s;s 10y s"sf 's s 'as
Steel ssl. Chicago & naste stern Illinois 5s
Dsnver :; Rio drande consoidated 4,tss
Hudson ust daa s
ffn Int Rapid Transit arst and re-
erndn H s. Marke strrst Railway cola
come Isl Sinclair Oil Cooperation I MS
5,noiar Company Isl United States Realty
Company Is; Argentine Republic internal
rs IN addition to the above bonds are
held First, Third and Fourth Liberty and
exception of Market Street Railway Beth
lehcm Steel. the Sinclsirs and Warner,
Were Nn1 pong oomght at comparatively low prices
twenty points OH the prices paid The ex-
ceptlons mentioned have advanced a few
points The question Is. would you advise
replacing these bonds with a higher grade.
and, II 60 what would you recommend?
So, 900. each, with total par value OF about
$50 00o. In addition railroad stocks are
held which include 400 shares Of Wabash
quette prior preference The Wabash
stock cost on an average OF s51 at the time
in expectation of the stock returning 'st to
Its former value, or better Would you
rec holding it or dlsposing of it
SCENTS business mans investments and alb
ssolutely gild edged securities are not essen
tial. but. reasonable safety OF principal
desra ble,--H. p. n. 40
Answer--Your list does not contain
a bond of first grade, and although
your purpose is to secure reasonable
safety of principal with as high an in
terest rate as possible. it would seem
that you have passed line of demarca-
ton with the selection of Hudson &
Manhattan adjustment 5s, PETERBOROUGH
Rapid Transit 5s, Market Street Rail
way Us, New Orleans, Texas & Mexico
income 5s and Sinclair Oil rs. Pre-
chased at the time and under some
what similar conditions as existed at
the time you acquired Wabash pre-
TERED "A" stock, and if sufficient of
your capital was invested in sound Sc
curltles you would be justified in tax
ing n further speculative chance in
waiting for an appreciation in price.
any great Improvement in the market
for stocks and bonds undoubtedly will
affect the ones we have mentioned,
favorably and to a greater extent than
1t VIII affect high grade bonds, and the
object in suggesting bonds to replace
these securities is to give your list
balance in an investment direction and
opinion as to the future price fuctua-
tion of the segregated securities For
re-investment the following issues will
provide you with high grade bonds
Kansas City 5s, 1850; Colorado South
ern 41ss, 1887; Baltimore & Ohio IS,
1888; st. Louis-San Francisco SIS,
1912; Consolidation Coal 5s, 1860. The
earnings of the Wabash Railroad are
improving and it might be advisable
for you to hold this stock longer, al
though it is a speculative security that
has no place among Investments
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
No Need for Change

Question: am inclosing list of my
securities and would appreciate your opin-
ion concerning them as to sale or advisa-
bility of holding can secure good bond
and mortgage paying per cent on prop
erty known to me in this town. Hold
ings: $1,000 City. Of Toronto Is, 1919:
81 900 Province of Nova Scotia Ga. $50
$1,000 Canadian Northern rs; $4,000 Ar
incur 6 Co. !. per. cent aotes; 81 600
Utica Gas and Electric refunding and ex-
tension mortgage 5s. 1857; shares United
States Steel preferred; $1,000 New York
Telephone Gs, 194i $4,000 Province OF ON
tario 6s, 1913; $1,000 State of Queens
land Is; $4,000 Witherbee sherman &
Co first mortgage per cent sink
ing fund gold bonds, 1914, and $500 In
bond and mortgage What do you think
of Witherbee. Sherman e CO. 6s |
thank you very much for your valued adj
Yicc.--ID w IL.
Answer-Your investments are all of
good grade and we see no reason for
disturbing any of them even in favor
of first real estate mortgage on prop
erty with which you are acquainted.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
Watches the Points

tluestion--Would appreciate highly IL you
would look over my list of securities and
pass your worthy .op1nion on them They
are as follows; $4,000 s. w. straus 6s,
1924 $4,000 Government OF Argentine rs,
ls2S; $1,000 in each of the following
Kansas City Power and Light 71ks, 1919;
and Traction 6s, 1925; Swift & Co rs,
1856; Northwestern Bell Is. 1915; i o shares
Consolidated Gas Company SIS and 5 shares
New York Telephone Company 6!4s. The
most that caused Inc to write 10 you is
that l was induced by n salesman (from
Haley -StuarO 20 buy ON partial pay :
mept plan Kingdom OF Denmark 6s at "a,
nd~he sold them for me at 9S u, SIS, 600,
and OF course realized a profit However,
| became reckless and bought above my
means hold on this plan, partial pay
inert as they cali II, or / think now 1t
should be sailed, called point watching
Empire Gas and Fuel TINS, at 9sIb now
", $1,000 New York Central IS, 20l3, at
% "a. now 991h; $a,eoo United States OF
Brazil Central Railroad ms, at soy now
81 $4,000 Kansas City Power end Lieht IS
new Issue, 81 81, AS YOU see have enough
70 ihlnk about---S2l 900 on this plan. 1t
means every morning TO watch the points
in the paper and read your Questions and
answers probably some one elese is ask
ing you for help on this same sickness
and your prescription my be applied 10
my condition, So far did not see such
therefore would be very grateful to you
advice would surely be properly acted
upon,--J. S.
Answer-There is nothing in your
letter to indicate to an, outsider how
far you have gone beyond your depth
in committing yourself to the purchase
Of $4,000 worth of bonds. You will
find some financial relief in the re-
demption of the Swift & Co. rs, which
have been called in for retirement on
October Is at 10lA and interest. The
rest of the problem is one which you
will have to solve for yourself, for
We are not familiar with the relation
between what you have available for
partial payments every month and the
amount that yeu are required to pay.
Empire Gas and Fuel and the Brazil
Railroad bonds are not the kind of Sc
cursties that we would recommend for
a partial payment purchase. In light
ching Your burden--we assume that
you want TO do so-you would either
have to sell the New York Central 5s
or Kansas City Power and Light 5s, and
thereby lower the average security of
your partial payment list, or take
loss on the sale of either the Empire
Gas 7Aas or Brazil rs. In the latter
case you would be raising the average
security of the investment, for these
bonds are inferior to the other two.
There is still another alternative: yo,,
can sell q combination of some part of
the good bends and those not SO highly
rated and in this way come out even
on the sale.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-10-01
Stock for Young Woman

Question: will very much appreciate
your advising me what in your opinion
would be the safest and best way For
me TO invest about $1,000. am a young
business woman and have worked very
hard to save this money, but would like
TO earn little n.ore than the banks nav,
with entire safety.--Mss b. B.
Answer-Ten shares of New York
Telephone 61s per cent preferred stock,
selling recently around 1857, would be
suitable investment for your 81 2oo
They would cost about S1,oS5 and would
return you S65 a year in dividends. or
rate of approximately per cent on
the investment. Earnings in 1921 were
at the rate OF almost so per cent of
the amount of preferred stock now out
standing. Canadian Northern is, due
l940, and selling recently to yield about
BY per cent, also would be good in
vestment for person in your circum-
stances