New-York tribune., 1922-01-11
Why We Cannot Advise

80 on am the holder Of a number
.. Shaies of Amcrican Telephone and rele.
s'"pl. New gland Tclephono Connan,.
M ano Amrrican Wool preferred Would vo;,
,N'''M '''a',o 'hlS money well invcstedc VIII von
i.,"S' cil'.'izr the following shares f.,.
,u,ure ni,, Investment: Buffalo, Rochester G
Li''spurkh, common and prcf.rred. Can.,
Hlam gar, r"cific Railway common. Great
,Ecyaiad, GI.Si,'n HailwaN preferred. Manhattan
IWin City Rapid Transit common A,nnr'.
1'n "a fGI 'afra Tobacco Company prcferre,i
preferred. Swift 6. co. common pn.',,'.. 'i.'''
81, ,.|,e corporation per cent first nortaco
F"li b"nis.-W -. H. '"s
Answer All of the stocks that Won
t'oPoSe TO invest IN, with the exccp-
~ no" Oh 'he Amerlcan Telephone and
telegraph and New England Telephone
Go'"p"h!; are, IN cur opinion. specula-
wye a'tnough American Wool pre-
lefred might be fairly classed as q
BUSINESS mans investment. In nntt;rn
your money into stocks such as rhcen
YOU arc becoming partner in hus;-
ness enterprises which involve more or
iess RISK, and in which there is no
"'om'Se gwen or implied that you win
Se' certain fixed income. ir other.
WoroS, You are speculating. and snocu-
i"!'oh. 10 be ccessful. must have in-
S''hctlve individual Judgment back Of
II mat we cannot supply. and thero.
lore do not advise in regard to anacu-
laton. The Pneumatic Scale Cornora-
t'on per cent bonds are, in our onin-
loI' business mans investment
North American Preferred
'sneS' 'on-iou have helped me in my in
on 9Y'''9t' ,', rroo'g,as and now come to you
ZION in reference to NV own l;s. ~,
s'I.r' h''S an income from Canadia n
san,'nE 9T,vS IN 0anadian money and a prcson
o% ~, 'A''v. invest IN United States securities
Ihc Maritime Telegraph and reIcnHn"o
,1 ,''l ,en' N9f'@asc bond has been recon
Shc aI.a 10 i'' ler' 10 you consider it good =?
: ,"r aug" hoIds the following bonds. Prov
nee OF ontario city of ST John l,rovi,',o
o. N9Vn Scotia, CITY of Ednonton Slso
sI"' s1o p"h,' stock and real estate mortgages
81" IS dependent on income You -
quen'ly recommend North Nmcrican r,e
,LhIrvo; ,h bought some at u lower figure
'nan i." II now sells at. but wonder wiz i,
says SO low. have noticed other nnnnlc
writing about this stock and pnr,,:, ~, e"p,, ,t,',
"a .ri', "ci VIII also interest them A1nerican
AmSrcan q"aGca IgerGrrsa, ps, Atchison 1rcfcrred
so much higher. Personally do nat caro
Wnat % stock soils at il I am sure of IN.
Har,1end, ias, hut do think price indicates
very often.--W. &. II.
Answer-You arc quite right. price ;s
generally an indication Of the ID drrrno ',, -
or conlldcncc Of investors in thc min
>O''N'''" "aiNc tI UlNlUHnUS
StocN. he character Of business ard
OF the iinanca! structure OF the Nortb
Amcrlcan company and the American
TOBACCO. Atchison, Topeka & Santa rc
ana American Bank Note are quite 6;f-
lcrcnt; the equities of the prefcrred
STOCK Of these three companies in carn-
ings are large. and the stability If carn-
lnes above the requirements for "a tbc ~,
preferred has been demonstrated over
a long period of time The North
American Company is a holding com.
nany, and hts business consists of tinan-
eng and controlling street RAILWAYS
and gas and electric properties. If von 20
were to sell your North American 49,
1crrcd and buy the preferred stoct of
any one of the three companies Won
name YOU would receive a lower animal
lnccnc and be in sounder Investment
PoSltion. Your sisters holdings arc
high grade investments. in our on;r-
ION. On the other hand, we wou)d not
aoVlsc her to buy Maritime Tclerran,,
ana Telephone Z per cent bonds. Rcccnt
earnings of the company have not bccn
satisfactory. An Investment in 90
madam internal government bonGs
you'd be good one, we think. fer hcr
funds. 'o' '''i