Newspaper Page Text
Ann lar_;e number of inquiries received
from anxious holders of.securities indicates
the need fur fretjuent inspection of their
holdings in these (lavs of ?shifting values.
We oiler our ?services a.s Investment Brokers
to al' who may require such assistance.
lnqu TV Department
GOODBODY & CO.
I I 5 BROADWAY - NEW YORK
?ben New York Stock Exchange
Telephone Rector 8120
The Texas Company
To The Holdem of The Texas Company Three
Year Seven Per Cent. Sinking Fund Cold Notes:
- T't ? C . - ? ? -e that pursuant to the pro
t dated March 1, 1920, under which It?
nd Odd Notes were issued,
right to call and redeem, on August I,
.dlof seid ?jutatanding notes ; paying therefor at the Trust De?
part: "the City of New York, Trui
?tt nvrreernent, at No. 57 Broadway, New York City,
- - ince amount of the ?aid notes
eo ?called and accrued interest t n, to wit.
Interest on the said notes shall cease on such re
77ic Texat Company gtvet further notice that it will redeem
any or all of seid notri which may be pretented for such
earlier redemption at any time prior to August 1, 1922 f pay?
ing therefor at the taid Truit Department of the taid Truttee
-r cr-nt. of the face amount thereof with accrued interett
to date of payment.
THE TFXAS COMPANY
Dated f June 1", 1922.
Week's Stock Transactions
(Tonttnord from Tag? Tblrteem)
Bat?. In I. Sal??
Jsn 11 2
J.?n 4 ?
lab 8 ?
lab 23 ?
Mar 2 ?
July 14 ?
Jan 7 8
Paorl? a r?.?t?rn .
Far? Marrjoett? ...
do pr pf.
PHladrlphi? (, ...
. - Janas pf.. .
fieree Arrow .
do pf i anaiiu
; ? 'Hi . 6roo
do pf . soo
Plggly Wiggle Rio? 3700
| W Virginia
ty_ 1'ond Creak Coal...
5 Po.sl.m t rrril ....
do pf . . .
do pf .
Producing tt Iirfin.
d? pf ... .
..f M j
Pullman Co .
1'anta Alrgr? flue .
I'urr i)il . 14000
do pf .. 400
600 108 107'-',
600 79 76 '/?
2000 1?2r, 118'?-, 122',?
1200 49 48 48 -
30*? 29*. 29H? Yl
98'? 98 98 ? i.
23"? 4. U
38 ? *<
92 ?4- 1i?
45 ? 6i?
?"e + V*
47 ? y*
- - H
99 ? a
45 -i- 1
Railway Recoritle? . .
Ilaila?av St?rl Spring
do pf . 400 110'
300 69 67". 69 4- 4' _
300 103?? 100' g 103'?? l ,
2? 3.41 Rand Mir??. . 1000 28'a
27 ? I pper.... 3000 16*-?
3 4 Reading . 4800 76'?
2 Reading 1st pf. 700 52
2 do 2d pf. 300 52U
Jan 16 ? Rala A. 'JO 17',
? Heotington Typwr.. 3200 367a
.. 100 72
R.plogl? Met M 32'/g
. Iron A Pleel. 14600 73*4
do pf I 93 ?
Repob Motor Trurk. 400 10! _
R?a nulrla Sprint? . . 300 45
ii 6200 46','g
Mar 27 3
Apr 11 7
is M |il. 900 1 ? . " .
l>b 23 ?
Jan 11 ?
Jan 6 7
Mar 8 ?
Mar 11" ?
lea ? ?
Jan 20 ?
Jan ? ?
May 2 ?
Jan 10 4
Jan 5 S
Mar 10 7
.al Pnlrh . 35100
52 - '_
35 ? yt
:?? ? V.
46 - '_
60 ? 1
46 - 1'/_
7 - ',
11 ? 1
44 ? Vt
?ad . 200
.? a San Fran 7100
; . 300
do !?? . 1400
Rama Carl,a Sugar. 2700
I Air l.lna .
do pf . 14300
Rear?, Raxburk . 6400
Bes . 2800 13' ?
Shalti-cl, Arizona ... 200 10*,
I ' ?
\ 2 KlnrUIr Com 1 . .1C9000 33H
?* -'I a Iron 1
Southern PstlSr ... 1T0O ?0*,
Bo for- .r 100 51
m K.ay .... 11900 25
. do pf ... 3400 67*,
Fp'cer Mfg. 1700 20',
do pf 200 ?1
4 Rund till of I alif . 39500 109
..nd Oil of S J .. 3400 1?5
7 do pf 2600 117'i. 116
7 Steel a Tube Idy pf 103 81 81
ing Products ... 2800
Submarine lloa' Corp 3400
Jan 3 I
? Temto-, I th, A. 400
? Tann (up A (ham . 1?'-3
M?r 17 S Testae i ? 49900
Jan 4 4 Teta? Calf Sulphur. 3000
Jun? 16? Tasa? A Pacific . . 5200
9 1 T?i-r?t C a Oil
Jan 27 ? I -? V 1 ... I Tr PO 395
? Tnird Aaena? Ily . 830 22".
? T.daw.tar Oil _. 100 12?
? 8 To* Prod eg rU... 7200 ?0',
7 do pf . 300 10?
; ? do A. 2CO ?3C*i
Jaly 14 ? do right? .. 400
Jaa 27 ? Toi, II L I f I., 700
Co i f It . 700
? Ttenacntinrntal Oil 62900
lab 1 2 Trans William. Rtl. 300
Msr 23 6 I V.on Hag A Paper 400
B Oil . 12600
Jan 11 10 Iniavn Pacift. 7200 142'4 139*4 14'
Jan 7 4 do pf . 2200 75*4 74'a 7f
Feb 25 7 Inlon Tank . 400 M 9? ?9
Feh 6 7 do pf . 300 107 107 107 -
3 2 fnited Alloy Steel.. 900 38". 37", 38' ?
2? I nited Drog . 2200 78', 72, 7
4 8 fnited Krnlt . 400 142 141 142
6 ? I nited Ry In? 1200
? 1 rutad liatail Storaa 22300 684
July 14 ? do right? . 3500 ?4
Jaa 10 ? VI ( ?at Iron P * F 4000 33*a
Jaa ? 8 4? pf . 300 67
May 26 ! 600 7 4
r.b 8 ? IS food ProdorU. ?300 8
Jaa? 13 ? V S liutaaaa Ma?h. 4^400 23H
49', 46' ?
? 4 . 6
116 116 116
M - ',
4? ? 1'4
48 ? 2
N 1 .
26 H? 1
3^5 - 6
56 4- 1".
106 ? 1
PO ? 1
m 4- m
21 ,- m
12 - v_
47 + '/,
47 ? 1
7 -1 i
Qmsttiem* ?/ cernerai interest t? la
re?f*r? ?mil be anevered in this ret'
umn, in uki??. en*? enly initial? will
I* V?'d. OfA*r? trill 6? an?urr*d If
mail. Ad?rete uli intjmrie?, inclo?
tag ? ?lam-aed, addressed emrtlep*. te
Ainanrt?/ i?difor, The Tnbun*. It*
Satsam Street. New York Cifg
lnve?tment and SpernUtlon
Qu?? - much
i ?ill l*t m* ki...? ?? i ? ?
- m? to do in th? fi.lii.winj |i
'-rrad. for ?*
?tnr? April II, IStl 1 ha) ?r? now
at II. Tnenty ?)?r?* V I ??? A
T???l rtefer- 11.400.
? Ml P*ld dl-.ldfi.1e line* 1.13
In th*- ? h?v? lh? |
a ?hare I ha? I
t*?*i ln*t?llm?nt* and eipact t., pay th?
' hat ar? th*
lytl.lrif M au |1.100
i?nt f- M W A
Answer?Undoubtedly, at th? tlm?
- urehsssd Missouri, Kansas A
Texas preferred, it wa? regarded as a
reaeonablv sound investment, a? It had '
iiviiiend? for a number of yeara
I rate of 4 per cent. Tha tlm?
to have diiposed of your stock was
v. hen it ceased paying dividends, but
?.ivin? held it until now your lnvest
ment na? become ? ?peculation. Ameri?
can Agricultural Chemical preferred
la In the speculative class also, and
n? any expression of opinion would be
in the n?tur? of a forecast wo ar? not
in a position to advise.
Island Oil 8s Specolatlr?
Qii??1!on?I'laaaa ?tv? m? your ?atlrnata
rf th? prea?nt valu* of Island Oil *r. 1
Transport 1 t ?r <*it par?l*-ipatln? ?
Aro th?y to bo rl???*J aa ?n lnv??t:
Answer?Island Oil and Transport
Corporation i? in receivership,
company defaulted In Interest on the 8
per cent participating notes on June
It, 1922. In view of the uncertalntle?
?urrounding future operation? the?e
n,n be considered as having onlv
latir? value. A market of 27 bid,
32 asked, Is quoted.
Stock Market Barometers
Qneatlon?-1 found tha a r 11 r : a on ? ?
I'm liai? lr, !?-.i? ft .tur.? 11 and
r?ir.ark? of June 2*. e?tr?m?ly lnt?t*
1 would Ilk? to know * -
l'enhala eompll?? h "* ? " ?nd will ap
-, on the folliwlr.f 1
?It? to loan?. Hhould th* ?urn
-?n?Di1, tin.? and government
l?po?:t? I? divided by th? total ?I
and dlaenunta* 2 Ratio of to'al !-?
to d*po?lt? and 1'rfler?! K*?*rv* not* II?
? -.nail la It correct to ?J*a th*
r.?ui?? l**u?d by th? F*d*rat R???m?
'??h?t ate th? factor? for ???
ai.1,1 correction' 4 What I? th? ?
i f reducln? deviation? from normal to
?tandard unit* an 1 ...mblolnt In th? final
curv*T What ara tha different Bt
of per cent u?*d tn reduce aach r?
unit? of equal w*l|ht? I What
dlacua? ntoat d*pl?t*iy th? u?*a of funda
?tatlatlc? t? builneia baron.?ter???
n r H
Aniwer?Mr. Penhale has prepared
the subjoined ana'ver to your ir.<.
"Two or three columns of apaco at
)<*n?t would be required to supply the
data which MI. Y. II.' requests in th?
above inquiry. Therefor? I ?m confin?
ing the aniwer, first, to the briefest
possible outline of the statistical meth?
ods employed, and, second, to listing
?orne of tno netter known works on
forecasting. The answers to the ques?
tion?, on the bssls above outlined, are
sequentially as follows: 1. Ratio of de
- to loans of all reporting member
bank? of th? Federal Reserve system.
I?epo?its: Sum of 'net demand d?
t'0?.,t?,' 'time deposits' and 'govern?
ment depoaita.' Loans: Sum of Items
'total loans and discount?' and 'other
bond?, stocks and securities.' From this
total 'bills Tfdi'count
I * derol Rnerve bnnk?.' 2.
Ratio of tritnl reserve? to deposit? and
ral I->?erve note liabilities com?
bined, from the weekly statement !??
sued by the Federal Reserve Board. 3.
The factors for seasonal variation ?re
the mean of the ratios of the monthly
value to the average of th? twelve
months for which the particular month
is the center. 4. The unit of standard
deviation Is the square root of tho
| mean square of the percentage devla
! tlor.s over the base period. Percentage
I deviations ar? then divided by thi?
! unit. The two curves are then com?
bined by averaging their re?; ?
! deviations. fi. Wesley C. Mitchell,
i 'Business Cycles;' 'The Studies ?
: Harvnrd Committee on Eronom.
-. ;' J. 1'. Jordan, 'Business Fore
? g;' Henry L. Moore, 'Economic
???, Their Law and Cause;' Mntro
, duction to Economic I I
I>eprc??ion in the I'n.'ed State?. Great
Hntain und Germanv;' 'A BtRtj
! Monthly Data from 1902 to l*M
, vln HarvoT Hoi ?? rait? of Wi?
?consin; 'Studies In Social Seien??
. f>.' Or.? of our
'? Standard Dally Trade Servie
! sents such studies from time to time.
i Since it Is obviously impossible to give
: details of the methods employed and
I the results of data, and inasmuch a? we
1 ?hall bo glad to oblige any Tribune
j reader aa far ?a we eon?i?tently can,
! I hive asked onr chief statisticians to
1 tro into the matter with any ot.*
may want to send down to see him. It
' will b? necessary, however, to tele?
phone me first to make an appoint
Better Not to l hing?
? ? B ?harea el Oil of N?w
1H. and buy ten ?h?r?? of }l 1
rich 21-yaar ?S P*r rent flrat mort?af*
i It be ber?
? ??ad of tha Standard Oil of New Jorary
-rr?d ?teck* I
Answer The reter.ti-.n of your In?
vestment intereit in Stand ?
? ? i? preferable (o the chsnge
suggested in your letter, in our opin?
?? , -
Jan 30 ?
Fab 1 6
Tern 10 7
Mar 16 4
Jan 6 4
lab 2 ?
Jan '3 ?
May 13 2
Jaa I 4
Jan 30 ?
Mar 11 ?
Tern 17 ?
r.? 17 ?
V B Ind AlroSel
0 H Realty A Imp
Hm*lt A Ref .
1 H To'iarce pf
I tah Hecar t'arp
Van I'aalt? 1?t pf .
Vlrtlnla I C AC
da pf A
Weat Ele<trlc pf
do 2d pf.
W?at PaciSe .
Waat t'nUn Tel
Wrttlpfh Air Brake
Wheel A I.aka Erie.
da pf .
White F.arle (ill .
Wlllyi Overland ....
da pf .
Wilaan C? .
Wlernrutn Central .
Warth Pump A M .
da pf A
do pf B .
Wrlaht Acr? .?
Ma Tfi?h. Law.
11100 58?? 55*,
400 93?4 82
11900 63 61
600 107 108T-,
- 41 41
100 47 47
562? 1CV4 981?
200 17 1? 4
950O 47 't
100 94 84
1900 3V i 30
2100 6". 4
300 48 48
1100 13'? 12!.
12200 32', 31
400 13'. 12',
2500 109 , 109
1000 12 ?
1500 19', 19',
1500 19?, 18>?
400 80', 69
4200 103' , 88
200 92 92
?700 607? (gi -,
500 2C .,
1100 49', 48
5200 9?. 8 4
2300 16?. 15',
17500 9, 8
2000 48'. 43
400 41 42
400 87', 84
500 1*84 4 161
1600 51 48
100 84 93',
100 74', 73
?00 r, s ,
67 - ',
41 - ',
47 ~ -S
30 ? 2
48 ? 1
19' r- 1
88 4- 8
73' ?r? 7,
Who I\.vs the Prodis <>? Speculators?
Qur ' 7 you piense o?frts* jur*Uonsl
If anybody I f/i?** jirn'
??. ? ? .
/ fr?v\ ,Vr"
( hirago; hov many miles of BM '/irr>i/(7h f/inf distrir'
Ati- use tho w
the result of purchasing a security and then reselling* It at a hipher
tion, nr, in ? :" a .?-hurt fair, sollinp shares which you I
btnVITteg thrm from a tl.i:
chaser, and thcii luiylng t) at s lower quotation than the
prie- nt whiih ftfQ me?* Um ?isle, nml ropayir.i; real, a
profit must ; igh nn ai-tunl nail* or pan
profit?, or "paper profit ??," In tin? parlaii.-i? O? Wall Street, car;
regarded as genuine pains, l .'uro market fluctuations may j
A ?Impl? Illustration of how a profit'
I? marl? by th? purchase of ?cruritles
which ar? held for a higher quotation
will hflp to ren.lar tht? discussion mor?
concret?. Supposai you purchased 100
?hare? of l'nited Sta?? ? ion at
?Mng $9,1,00, ?nd Utcr ?old them at
100, or llO.Oilii. Kliminating the cost of
brokers*? ?ml tunea, y :ake a
gro?? profit of |200. You ask who pay?
thl? profit?the corporation or the mar?
ket ? No one necesiarily pays this
profit In the sense of an in!
ing an equal sum. The enhancement
may represent an actual increa?e in the
worth of the properties through a dis?
covery of a new Iron ore t
In the foregoing example you would
havo mado a prol.i by selling out
virtual partnership in the i
: for $200 more
ir intereit co?t.
Market fluctuations f?.r its ?ec .
do not afire'
'.iry way nor do they have any
?mmediale :? ? ',y to j
the a??et val'ic r. ; r? ' ? ' ? phj-?- '
?ral pr -, the other hand, there
is a psychological effect. High ? -
for a corporation's bIuu help
It? credit and to ma?.
Ing easier. Conacrs.'ly. extreme de
pr???lon of It? ?hares may react un?
favorably on It? cra'.it standing.
l'r.'!?r certain conceivable conditions
an ir.creaa? In tho market valu? of
?hare? which yiu hold could bring you
a profit without cauilng a eorrripond
lng loss. M *here
1? a two-sided position in the i
Substitute for Called I*ond
' i?i-ur!tl??- '?'?
?ml K -
? '. Ii? a
?tock Vnlli '
nroT? It? v.
Intara??. If ; ??II
Central bond? h?
ing any change ?
ments aaide from la? j ? rmanent \r\
? ral 7?. We ?ugfi
| ?ubitltut? a Per u
The?e bond? are Hot ral:
maturity. You mi?_ht al?
l.'iylng th? new Issue ? '
tral 6?. du? 2013, ?nd offered to
yield \Vl per rent. The 7 per cent
bonds ?re hein? accepted at 105 in pay?
ment for the 6?.
Westlnghouse Preferred Good
On??- ?Tehee?? i?
, -nt ?t
t'.on in raga
Answer WeatliifhouM F.lectn
ferrcd ttOtM ,.?, SI
rnl? i? $4 i. ' $60
p?r value, or 8 per
not attempt to rr.ak'' I "n ns
?r th?n to say 'v >'?' thl? I? the
kind of ?eeurity that ?hould i?;
?te as ?asaiaca?
th? ordinni . that It
lividendi si high as
those on the common after 7 per cent
has been paid on both classes.
Outlook for ( hlc.?,go A Alton
fnanr-tal rolurrn. ?
:.| t?, ??i?? ?
.. out In It? :
An? the ass:
cago & Alton !.?< n.M..
rhsrge? in only it ten
year?. Th?t i? MM
Oji the other ?id? i? a quit?? rem?rk
ry in er.r- | | U?t
few month?. If I .?> ?ft Alton
penes that has ;
finning of the ??ear,
or the calendar
by an ample m.'irf?.n. If inf. I
principal and certainty of ur
rupted income SIS pr.mary
tion? then you shou:.
hold these bond?.
with bull? hoping to profit from In?
creases in prices and hear? ev
to mn lin?. Gains
for the bulls aro losses for the bears,
?nd vice ver??. ! ust remem
? nt the market i? a continuing
-.-, drawing to
r? and ?eller? at ?very rung on the
ladder. In th? ordinary market
nroflt taking and the establlthment of
* ?aro going on steadily as ?
vacillate, bringing bucccsi to som? and
failure to others. I- npltal
often makes it necessary for speoula
tors on margin to take loases against
their own Judgment.
Another factor which w? ha I
? d is tho cost of specula
bn*k- r receives a rnmmle
sinn fur every ?.
and the ?eller. the national and state
rovernment.? collect taxes on the trans
. and in ease of purchase? on
margin the customer must pay It.*
charges or. fords.
of the market think tho specula
.rhincrv eventually ?uck? up the
.f outside ?peculators, and t
?, ?ho hold.? tills extrem? vie?.
- an annual artlcl? for "Tha Bat?
?ling Post" to prove this
The value of the roa4 * ?nt and
leased railroad prop?
el,, :, according
' litt, i? MIJH*****
road has UN "????*- ot n*a,n tr'ck
\ (.nod Investment
? ? I ?m a r?.
? er -We consider the New York
Telephone Company 1% per rer.*
ferre,I stock a ?aa,\ invc?tment. al?
though we doubt who'" ill be
ichase any ?hares now for
I for them.
They r* cently be
? 101 and '.'
ir-nr-h Bond? Not Wi.rr?. -Proof
I am a man
lat m.iy raua* worry and loaa.
An- sai f* aa far a?
> cause you a loss, but we
ment Hs are, a .tedly
? are bo many ,
|| that we
| class them ns exnr
hey are ea
at any time at a price approximating
? market valu?. The Ameri
? s any lor, -sary.
? 11 of the
I we propose th.v
'? about 5.8 t ?
IS? K? lnve?l ??O.OOO
Answer- In ekoaall 88 to
unds of average good ehar
r cent; I -
of Queensland 7?, 1941, yleldin*.- about
SJ pi r rent, and f 1.000 Kingdom of
12, yielding ab.*.
-nt; twenty-five ?hares of New
?elling around 108
twent ? of Per?*
? 'er.ce stock, selling a
77 and paying a f> per cr- |
! All eombi:
?B more than |!
? think they ar? all suitable for your
Want? Market Information
kQo'*' M 'ha rur
ehaaa a*, thia tlm? of
"m*b0" ,nx ,r''
Answer?Wo eoniider Sterling Prod?
ucts common stock an Investment suit?
able for a business man, but that opin?
ion apparently is not what you are
seeking. You want to know whether
we have any information that would
"ad us to believe that a mi
?1?'1' - *'ce in the stock and
whether this is the most advantageous
time to buy. Advice of thi? kind is en
tirely ouUids l?? provineo of this
I . .:.n.
a .. In
?. ?? l
An? i er? 'naistent on
,: ?tock In a copper company w?
think you would <!" better to Mis?, th?
?hare? ?f a going company rather th?n
"' hM onl?v
,n mend It. Th?
any I? ?el In? It?
|| tas? eon
?'?e de not recommend
|S_| Ili?her Yield
1 ..., . WOT_1 . ?
11?. * ?'
.Daterai 5 par <?nt
! h.v? i.? ? bui
a. I ? Utile higl.ai I
h, ?7',. ?? I cant
? " t
i !Mnk Hi? other |1.410
- I know how ?III
|? ?r? bill
la parte? ?H i"
An?wer raus real eitata
no and Tclegr?ph 6?
an- even 1 ? If fSS feel
?at have a higher rat? of
i nre willing to ?ccept a
grade of ?ecurity we
? cent, and invest the rSBialBater
in t! ' 'erred
which !s now q:.
the ?tart would
u .? I ties would be
r mpir? Ga?
and Y rich 6H?.
Adirondack I'oaaer Mt??< k
. ? - ? ya-ir
? nf th?
. ?? to
Adirondack Power ?nd Light
ration i Isa
lative l?sue that is receiving no dlvt
"it.d i? hardly likely to do eo for
gome time to como un'ees there is a
remarkable Increase in earnings. The
company ?? well managed, and
??'.III militato ?gainst tha dis?
sipation of earnings in the :<>rm of
n tie common ?tock. Earn?
ing?, although they hav? not been a?
'?iring the last year a? in the
oui twelve month?, furni?h a
comfortable margin tor dividend? on
th? 7 per cent preferred stock. Thii
much nearer to mi
"Huiremen; ,1 Inveator
tmerlcin Water Wnrl.?
wa? a : ?hare?
laraatee Ce ?a -
?fier M ?veal in th?
- ran.! I *?? ???a?.
: n 11.71?, making an '
' ! ' ' a i : ? ??
a ' ?II a
gr??l l.r? to ma. I r.ntlre. It !? now ll?te.l
on th? ? hange and ?dvaaela? in
Bid get al
r would you
wait awhll?? I? 1.?high Valley R?
. , - rent ???
Answer -Aft?r the recelvenhlp gale
In till the company a??umed the
of the American Wal - nnd
Flectrie Company. In view of thl
that '. i-.e aeeurit i
a lonfr tita? we ?rould not a
BOW that th? company is showing
.?? gratifying improvement In
Although it la con
make any suggestion that
might he construed a? a prediction on
? ? ? '
i? qi. ' that MBtiauati
th? market price of tho
think that in time you ?hi
of the common stork as being eal
?pecuiative, but whether to do ?o now
kit for a fartht Is a
?>n which you will have to decide
Docs rftaj Meet fhe Grade
Qua? ' Balae i? ur?.- . ?
? aa an Invaatmant or ?a
> not recommend th?
ration preferred ?tock for in
l'or a Woman's $2.'00
n. on th? I:
? itch i . ?n
I ha.? th?
. rlran Pubtle
ar? In W??t
llk? to tak?
1 orU bteain bonU*
if you .. -,
An? ? pre?ent investment?
?re good, nnd all thoae you mention
; irehase? aro reason
r the St. 1
San Kr?nci?co prior lien 4? and the
: ?ht 6s,
?nish bond in place of the II
as you already have two public utility
ol Holding* Are Heat
? Half ami on? |l.v<
It fi ir advice 1 ?fore I buy.
t nuw tan ahare? ?at h A?n?r|.?n
-? ? : i (and al?e bat ?
re m.y ii?rtli-ul?r
Aim prefer the grade .f
?ecur ' compose your pres?
ent holding? to those you ?ugge.u pur?
chasing. There is a ?peculativo fea?
ture to both Kisher Ho.ly of Ohio pre?
ferred an 1 ilf .Sulphur; Ar?
gentine 7? are the best of the South
American i??ues; umpire (?as and Fuel
7>_? we consider second (?rade. We be?
lieve you wuuld U nrc?'pt a
of about i1.? per cent, for which
(?a? and Klcctric 6a, 1342;
i States Rubber os, 1947, and St.
4 San Francisco 4?, 1996, meet
requlrem?<nt? as to soundness. The pre
1 ?tock of either Atchl?on, F.ndl
hnion or American Ice would be
suitable. The decline in Fisher llody
? I was largely because
of the fact that on Jun? 21 th? ?tock
?old "ex-divldend" 8 per cent, the
amount of accumulated dividends de?
clared payarble July i,
are a boom to the thrifty. Sav?
inga, as accumulated, can b?
put into securities yielding;
fair return? and readily mar?
Th.e affords a convenient
method of building up an in
IaI m explain it to \oa.
Wt specialize in Odd Lot
inveitmeni s?ask 1?r
Special booklet No. TE.
(hjsmolm & (HAPMAN
Members Ne9 Ysrk Stock Esthaot*
52 BROADWAY. NEW YORK CITY
Telephone Bowling Oreen 6500
Listed and Unlisted
Bonds and Stock?
IN ALL IMPORTANT
Private. Wires to Principal Cities
A. A. Housman & Co.
20 Broad Street, New York City
I ' ? Tort? Stawh
.New lorS < ?<<<??
>?w Orlean? CatUa
y?*** if,ft? ( ?tr?? _4
.Ne? lorli rrndac?
f IiItmo Heard ?f Te?d?
Aaaraelat? Mamher? ?f
IJ.?rj-*v>l I SMSM \r?f?
? aal* i|'.?
Am? tard a m Hallaad
Power and Light Issues
WE offer Investment Bankers proven PeWW and
We extend the facilities of our organization to those de
liring detailed information or reports on sny of th* com?
panies with which we are identified.
Electric Bond and Share Company
(Paid up Capital anH Surplu? $2*).000.000)
71 Broadway New York
What of French ?onda?
Qu?eii*>n t Bate? H.88. ?**!???> '? I
n?l|i*n '*. IStl I
? li nu*> ' ty
? r It ?dvtMbl? '
ikllfN in thl? I'.** In .irder t
1 ?IrenBthen my Invaalment p-??ltlonT If ?
kind!? ?dvlaa in? what chan?-*? I?
th* leaal lue? of II
Answcr-If these five bonds repre
sent 100 per cent of your investmen
we muit point out first that you hav
failed to diver?ify your risks. Vo,
have 16,000 principal amount invent*'.
anee ?nd $4.?"'*-.*<> m Belgium. A\
though we believo that these eo . ? ?
and the two cities will honor theii
obligations, it is not advisable ,o
any Investor to have all his fund:
up In tn? securities of two coun
ti e?, which ?re surrounded by politic?
? nnd economic unsettlement. IM
? have enough at stake after dt?po?.n,
I of the French 8i and tl\e Lyons an?!
? Bordeaux bond?, s,nd, accordingly, w.
?uggest that you carry out theae ?ales
In addition, reduce your holdings ol
an ??. Thi? latter bond is no<
Ig ?trictly on an investment basis
? fleet? the value, real or | I
t v.*, nf the .?change-selling pr
We ?uggest as suitable su
theae bond-? some such sacuriliri at
N.w York Telephone preferred stock
paying I per cent and ?elling arnuri!
? *i States Rubber 5?, du? 1947
' ng about ?.H per cent; Missouri
! Kansas A Texaa prior lien
yielding about iJ per cent, and Amen
| c?n Telephone and Telegraph ?lock
paying ? per cent and selling recently
N. Y. Telephone Preferred Good
A. I I .?.e ||,8M ... ln\e?t.
what ?' M <if lh? An.erl In Tele.
I'hi.n? arid T?l??riv*,h '. ', i?r *-n' pr?.
?? i-.i'.l ?id a,t.. lh? I 81
?. which ara pay'.n?* t , ['i
Ar.?w<*r- The preferred stock )
* is that of th? New York Tele?
phone Company and not th? American
'?one and Telegraph Company.
We consider this atock a good Invest?
ment and suggest thnt you purchase
tea ??hares of it.
Inquiries Should lie Signed
Inquiries addressed to this depart?
ment of The Tribune ar? regarded a?
confidential, but to show the writer's
good faith all should be signed and an
address should be inclosed for reply.
Lettars from the following are being
held for identification: E. F. F., Q K.
K . J. 0, C., W. .1 F. "X Y Z." M. Lh
M V. B? Y. I'?. H. II. L. M. Miss
L W , A. P, J.. O.A. J . L W K. I).. S.
J. IL, A. W. S., H. 1\ IL, A G.. H W '
M. T , J. S C , W B. R . "Anonymous."
S. A., L. L. E., J M , E. G.. D. d . J. L
Mrs. J. D R., K M L. Mabal A. K.,
f. V. S., M. A. IL S., F. H., A. E. F?
IL R. W , L V, f. F.. M. E F., M. W ,
G. L. P.. T. IL S , A. L. B., B. D. F., P. L.
and I. M. C. If Miss E. D. Fariah will
send us her address w? shall b? glad to
send a reprint in bookUt form of th?
lint thirty of th? scri?s "What's Be?
hind Stocki," as requestd.
hour full column* of in?
vestment quettion* and an
steer* trill be published in
The Tribune every Sunday
and Monday. On other day*
one full column mill appear.
?*-' - ? f |
Oil Facts Colleett?d
In New Hook on
Editor Refers in Sarrasst,
Win to *<>. taMtOOOVdl
Pur on Company's Prjjf?'
ciiy by (?c4)lo_:i?t in 1011
The Fan-Americar. ??a
J. Archer, n mul ,. , '
! Ing the oil induitry I "? ****
, but in other p?rts of tl.? earth. ^^
He' ? ?'? '
itatemesta rosa ' '? 4*
supply of Mexico, and particular ?tt?sv
tlon i? paid to one of th? moit i%*?Jb
?book? deallnx with thia ?ubject If
I J, >. ? m ici 4f
I'et'. ? a author ha? a e .eptir
in which is a-, i ?*? *K
nr.ld. ? "'"'^?
i "(he piov ? '?__
the ind ??' 1930 I? ?' m
!? In fiirj?' ? ' I Jj *
? ?.. ? ? ,''*?_*
Iseeini? t ..? ? ? ,? a ?Ingle B'*?_5
l)?ce. I 118 barrel? efe*
. were taken from the eomp?: : ? we..a
"If is preieat-tu? Pr**?r
tion?." contln'tes the editor. * rr?da
the tight ?f 'it Brooktioai of tea y ?a?
'?? < vident that i n f__"
director of th? 1'ti.ted State? 0?ol
Bvrr? ? ? pi'.ved area of
lito? Sil 'elds it ?'.?out 10,000 Kj
miles, Wiii ro i.
'barrels ?.nd the p .?pjt of
prm I territoi
'a total ??limate of 5,7&0,0?>Of'' I b?r
lor a ?upply adequate for forty
year? at the 19'JO rate of export."
The book peints out that there i?
| tie probahi'ity of the world'? petrol
'aupply bect'tn'ng exhausted daring
of individual ?rolla. It is ?tated th?
acre for acr.?, the Baku field? In RuiSJ
still lead the world in production. I
Rumania is said to fjrm?h ?not)?fl
example of an extremely rich 0H
There an area of about l.*0 acre?. ?
Morer.i, has in ten yosiS ?'?'.en :u'i.0?3?V
000 barrels, or aboU ttt.M* barrell
ar. acre. Cerro Arul. which ha? be?%
one of the most productive erea? ?
Mexico, it is pointed out, would tffl
quire a production of 2.250 000,000 bar?
rrlg to make it aa productive a? BibtV
Eibat, In th? Ruaalan Be ?*.
"Cerro A:ul," say? th? author ?I
"Mexican Petroleum," "ha? an ar?? ??
about 10,000 acre?, and It would re*
quire a production of over 2.250,000,*
000 barrel? to niak? Cerro Asul a? pro*
ductiv? a? Bibl-Kibat. No deductloS
is made from this about the probable
yield of Cerro Asul, but the fact !?
eetabllshed that Cerru Azul'? produc?
tion of 04.000,000 barrels, if condition
were similar to tho?e of Bibl-t'lbat,
wtrbld not imply a drainage of moro
than 350 acre?, or if the ?and? retenta
bled Moroni, a drainage of 420 acre?,
and about 1,400 ucre? If the condltioM
wcio similar to Galicia."