New-York tribune. [volume] (New York [N.Y.]) 1866-1924, January 04, 1920, Image 28

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New-York tribune. [volume], January 04, 1920, Page 6, Image 28
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 04 Jan. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-01-04/ed-1/seq-28/>

Newspaper Page Text

leal o X
Government and Municipal
Bonds
High. Low, Cica- Not
omtttod. 1919. 193 9. in?, chant*.
168460USL 8%?.lO1.00 d8.20 1U0.14-j- .64
19S36 do l?t 4s. 06.00
99S67 do 2d 4?. 95.00
?S697 do let 4'.?a 06.64
86S do 1-2 4Visl02.00
421991 do 2d 4%s 95.36
662746 do 3d 4Vis 915.60
1018490 do 4th 4%s 95.72
170951 Vio 4%?...100.02
236270 do 3%s... 100.48
158? S 4s
105 do 4s r "?.'a
92.50 93.00+ .02
91.00 91.90?1.30
93.10 93.52?3.10
93.46 101.00 -
91 12 92.20?2.70
91.78?1.58
92.04?3.26
98.94 -
99.02'
93.26
91.22
98.80
98.80
85.106% 104 % 105 ? I54
106 ?i 104% 106 + %
98 V,
?2%
98 % 100
92?
9?l%
92%
92
55
97%
96%
92
90%
97%
76%
80%
80%
99%? 1%
92% -
92%? 6%
r?9 ?22
97V?
97 Va? 1%
5%
34 do 2s c '30.100-4
12 do 2s r *30. 99%
43 do Pan 3s 0 91
. 3 do Pan 3s r 91
8 do P 2s r '36 99%
6143 A-F Seo 5s.. 100
141826 Ang-F ?-yr 5s 97%
211 Ant Gov 5s... 93%
337 Chin Gv Ry 5s 72%
1 do Fr stp... 58
4259 C of 3 5s o is.102%
251 do new is. ..92%
4440 C of L 5s o is.102%
151 do new is... 92V?
5178 C of M 5s o is.102%
246 do now i?... 92%
13290 C of Paris 6s.100%
422 C of Tokio 5s. 83
1 Dom Rep 5s... 97%
2786 D of C 5s '21. 99%
1952 do 5s 1926.. 98%
2420 do 5s 1931.. 98%
5 do Fis '31 rea '97%
11281m Jap 1st 4 Vis 92%
10 do Dutch ?stp 82
46 do E & D etp 84
234 do Kn:r stp. 91%
4 do E & F stp 78 e 78 78
5 do Germ stp 82% SO 81?
?27 do 2d 4Vis.. 93 78 78
92 do Eng stp. 91% 78 79i
5 do E&G stp 81% 81% 81 j
1568 do Germ stp 89 75 77
296 do ster In 4s 80% 61 67 ?
66 do Eng stp. 68 59% 66'
9 do E & F stp 61 63 63
23 do Fr stp... 65 56% 64
5 I J s 1 4s,G stp 64 64 64
816 R of Cu 5?. '04.100 90% 91?
133 do 1914.93% 83% 831
206 do 4,%?. 85 75 75
?4260 UKGBI5%s *21 89% 94% 95V
8016 do 1922. 98% 94% 95V
8030 do 1929. 96% 94% 94'
41332 do '?37.101% 86 83V
263 U S Max 5s 79% 43 43
rt do 4s. 62 40 40
?62 NYC4,%'67Mayl02% 98% 100
462 do Nov.102% 98% 99
do 1968.102
do
do
do 1965 reg.103
do 1967.103%
do 4 Vis, 1960 93
do 1960 reg. 97%
do 1964. 98
do 1964 reg. 97%
do 1966. 98 96 97 ? 2%
do 4s. '36 reg 94% 92% 94%+ 6%
do 1942 reg. 97% 97% 97%
do 1955.100% 93% 93% -
do 4s '55 reg 93% 90% 92%+ 2%
do 1956. 93% 90% ?
do 1956 reg. ?3V? 90% 92%+ 1%
do 1957. 93% 90% 91 ? 2
do 1957 reg. 94% 94% 91% -
do 1958. 93% 89% 89% -
do 1959. 93% 89Vi 89%-^ 2%
do 1959 reg. 90%. 90% 90%+ "%
64 do3%s'54May 83%* 81% 82%? 1%
82 do Nov. 81 81% 83 ? 1
! do Nov reg. 83% 83% 83%
do 1954 reg. 83% 83% 83% -
do 1955 May 82% 82% 82% ??
State Bonds
82 N Y St 43 '58. 98% 98%
1 do 4s '58 reg 96 96
1 do 4s '60 reg 96 96
22 do 4s '61.... 9#% 98
9 do 4s '61 reg 97% 97%
16 do 4s '62_97% 96
5 do 4%s '64..108% 108 108
5 N Y Can 4s '60 99 ?>t%, 99
1 do reg . 98 98 98
do 4s '61_90 96% 99 + %
do 4s '62_99% 97% 98V.+ %
do 4V?.-S '64..109% 106% mfi%+ 3%
do reg .109% 106V? 109%
(40
12
?24
10
696
871
12
83?
124
720
5
9
4
5
?2
70
132
1
?ISO
622
1
1
48
98?41
1963rea.l02-5jl00%101%+ *
1965.102% 99% 99%? 1^
l~m
26
13
61
9
1473 Va d 6s Br B c 74% 5,".
59
-19%
Price Variations in Railway, In?
dustrial and Miscellaneous
341 Ad Ex col tr 4s 6S
9 Ala Gt So 5s.. 93
17 Ala Midld 5s.. 98%
122 Alaslca G M cvt
db 6s ser A. 35
2J3 do ser B_ 34
209 Alb & Sus 3%s 79%
2 Aile Val gen 4s 87%
4 Alieg & W 4s. 84%
536 A Az C 1 cv 5sl02Vi
1442 do deb 5s_111%
138 Am Cot Oil 5s. 89%
5 Am Di?t T 5s. 89%
186 Am Dk & I ta. 100
295 Am H & L Cs.101
2930 Am Sm & R 5s 93
10246 A T & T cv 6s. 104%
4196 do col tr 5s. 94
1307 do cvt 4%s.. 91
11 do cvt 4s_ 82%
2019 do rol 4e.... 78 77
3 Am Thread 4a. 97 97
20 Am Tobac 6s. .119% 119
66?9
32%? M
13%?18%
12%?19%
72 ? 4%
87%
70 ?14%
98%? M
98 ? 3%
84 ? 3%
89 % -
98%? 1%
99% 100 + %
84 84%? 7%
97% 9~8%? 3%
9 79%?12%
82 , ? 3%
80+2
13%
12%
70%
80%
70
96%
96%
81
89
90
80%
78%
19 do 4s.
462 Am Wr Pa 7s.
624 do 03 .
212 Ann Arbor 4s.
1594 Ar&C re? 4%?
4n AT&SF cvt 5s.
80
90%
90%
58
88%
86%
85 %
97 ? 2%
119%+ 2%
78+3
2914
1498
1
19
686
860
1?
?305 do gen 4s...
75 do gen 4s rg 82
5 do Tr Co ct. 69%
164 do adj 4s.'... 80%
766 do stamped . 7 8 V?
6 do Btp reg. . 73%
221 do c-.t 4s '55 77
634 do cvt 4s '60.102%
156 do TrSI. 4s. 81
84 do4%sCAAd 85%
19 do 4s E Ok d 92%
81 do 4s R Mt d 70
310 Atl & Bir 4s.. 80
169 A&C AL 5s s B 97%
26 do 4%s. 86%
2? AU A D lyfc 4s 74
1 AU K & ? "a. 95%
?31 A C L 1st? 4s 89%
5 do reg.76
188 do uni 4*5?,. 87
879 do h&H ctr4a 78%
6 AU & V 1st 4s 68
6 Auet & Nwn 5s. 87%
24 Bald Loo 5a. ..101 :
I 1929 BftOter?j?3i. 96%
4131 do rfg ?s... 82','2
7855 do cvt 4%s. 80
do r??g.55%
do gold 4a.. 82%
do pr In 3%s 89%
do reg.87
do.1%sPJ&Md 87%
do4PI,E&WVd 78
do 3%s Sw d 86%
do 4? IVtcC d 68
1 Bch Crk I?t 4? 82
322 Bth S 1st ?;x5s OS
576 do Kg us... 92
1916 do p mJis... 89%
862 Brad Cop 6s.. 97
93 B&7th Av e 5? 85
1 B C*Ry 1st So. 70
17 B Q C & S 5?.-40%
?031 B R T cvt 7?. 84 %
896 do 7? T C ctfa 79
896 do stamp.... 78%
547 do con 6s...
226 do ovt 4?...
?96 B U E! lat 5?.
9'? <Uj stamp....
?2 Bko Vn G 5s.
1 Brun? & W 4? 80
18 B R&P gen 5s. 99
27 d- 4%a. 88%
2B4SI lat 5s '.12 98%
7 do deb 5s '26 91%
19 B CR&N co! 5s 96
176 Bush Term 5s. 85%
?15 do 4?. 81%
. 170 do Bldg 5s.. 84
42.') Cal G & E 5?. 96%
27?; Can So 5s_ 95%
2 Caro C 1st 4a. 76
? C C & O 5?... 82
1 CRIF&N ga 5s 97%
1 C Br tl P 4s.. 68
SOC Da Tel St.. 93
102 Cent Y<Sy ? t fie 87V
1030 C of G Ry 6?. 99
17 On of Ga 1 5?. 100 %"
248 do con 5?.... 93%
10 do reg.106
8 ?o pm 4s Cb d 75%
I ?o G? Mobd. 91%
l?27Cen Oath g U 98%
443 On N Kr.g <?. 62%
4 ?On Ohio 4%s. 89%
226) On Pas gtd 4s 83
3* <Jo reg.81%
%'?'.% du tUi %%,. 85%
41 do fin L 4s.. 80
?4 CnftR?R G? 5? 90
?96 C R? ?4 NJ 5.1.105
? 1 00 rots.102
7 O? Vt 1?v? 4?. 65
481 C A O con U. ??%
1
53
79%
79%
g
AU
4%
?4*2
60
1**4
??63
6
?0
??
M
6t.... 91 %
U.,.. M',
? 4%?. t%\
4%?.. ?.'.%
do ??Vt 6?,
Ho roi
00 gen
do tri 4%s
dor?f. 81%
<io (>*! R 4?? %%%
4m 4e Big fi .1 1?#%
4m im Cr V i ;?</,
??-??*
omitted.
1 do 4s Pts C d 69
40 do 1 4s R& A d 80
2 do 2 .sK&Ad 72
296 C & Alton 3s. 53
2 do 3s reg... 48
1082 do 3V-9 _ 40
1455CB&Q gen 4s 83%
5 do re? .76*%
25 do 4a Den dv 9!? %
848 do 4s 111 dv. 85%
20 do reg.79%
329 do 31.3 111 dv 76%
281 do 4s Neb dv 94 Mi
2 do reg .90%
12086 do joint 4s.. 96*4.
123 do reg.95%
25 O & EI eon 6s.l04
50 do gen 5s... 80
150Cc-ElK..sTrCoct 80
1 do stp--. 60%
836 do rof&im 4s 36
713 do rglsTCoct 37%
87 Chi & E 1st 5s 96%
7 CGL&C 1st 6s 88
2699 Chi Gt Wis., 6314
41 CI&L 1st ref 6sl03%
9 do 6s. 85%
i do 4s. 63
19 Chi I & So 4s. 81
2346 CM&SPcvSs b? 81%
804 do gen 4%s. 84%
5506 do cvt 4%9.. 81
2376 do rfg 4??s. 74%
842 do gen ._. sA 76%
730 do 4s 1925.. 85
819 do deb 4s, '34 73%
12 do g 3 "as, sB 64
13 do 5s C&LSd 98%
174 dolsCM&PSd 74
3 do5sC&MRd 93
411 do5sC&PWd.l00%
37 do 6s Dub d.100
14 do K6sFSDd.l02
29 do 5s W&M d 98%
C do Cs W V d 99%
5C & NW sf 6S.106
High, i-ow, C?o?- H*,*.
1919. 1919. ine. change.
94%+
100 -
71% -?
60?6
60%?11%
21 ?.8%
21%? 7%
81 ?14
81 -
64V.? m
98%? 2%
86% -
63 -
76%- %
65 Vi? 9%
77 ?10%
62%? 9%
EG ?17
70%? 7%
69%?10%
58 ?20'
60 ?'6
97%? %
63 ?12%
93+1
97 - 1%
.. 99%+ ?
99% 102 -
95% 95%? 2%
99 99%+ 1%
101% 106 + 6'
97 ? 3%
97'
90V
60%
21
20%
81
79%
61
98%
85%
60%
75
62
71%
62
54
64%
67
66
57
96%
60
93
95%
99%
81
79% 69
76%--76%
75 64%
66
70%
91
95%
71
101
99
95%
77
91% ?3%+4
62% 63%?17
75%? 4
76%+ 5
67 ? 9%
66 -
B*??%
m?*
101 +
105 ?
87%?
83%
95%+ 1%
67%+ 9%
81%? 5%
104
87%
82%
95%
68
78%
8
2%
7%
91_
*?
956 do gen 5s... 100%
27 do deb 5s '21 98%
21 do sf 5s '29. 98%
8 do 5s sf '29 r 99
39 do 5s '33... 96
60 do cxt 4s... 93
20 do ext 4s reg 92
439 do gen 4s.. 83%
? 105 do gen 4s stp 82
193 do gen 3%s. 73%
5 do g 3 Us reg 70%
I do G T 4%a. 87
184 do 4sMS&Nd 78%
70 do St L P &
NWgtd 6s.. 96?
802 Chi Ry Co 5s.
882 CRI&P gen 4*.
I do gen 4s r.
(681 do rfg 4s...
12 do rfg 4s reg
4 do deb 6?.,.
87 C St L&NO 6s..
1 do 6s reg.
18 do 4s Mem d
6C 8t L&P Es.102
180CSPM&O c 6s.l07
83 do deh 6s... 97
?8 do 3%s_?. 83%
7 Chi Telep 5s.. 96%
13 CTH&S ref 5s. 67%
452 C U St 4%a sA 89
45 C & W Ind 6s.l01% 102% 102%+ "%"
9"2 do 49. 65 66% 68%? 6%
82/8 Chile Cop ev7s.l28 101% 107%? %
8330 Chile Cop ..s.. 94%-75 ? 84%+ %
6COk & G g 5s 89 89 89 ? g
ICin'ti Gas 5s.. 93 93 93+2
13 C I StL & C 63.103%" 98% 98%? %
13 do 4s . 88% 82% 84
1 do reg . 82% 82% 82% -
3C Leb & N 4s. 82% 81% 82% _
6C San & C 5s. 93% 93 93% -
14CCC& I en 6sl07 102% 102%? 8%
82 CCC&StL g 5s. 87 82 82?4
797 do deb 4%s. 84% 72% 75%? 4
307 do gen 4s... 68% 60 63
II do -fa Cairo d 81%
62 do 43 StL d. 76%
II do 4s CW?M 70
1 do 4s S&C d 74%
2 Cl Lor & W 5s 95%
4C1 & Mar 4%s 88%
46 Clev Sh L 4%s 89
6 Coi C & Ter 5s 97
2 Col Fu & Ir 6s 97%
46 do gen 5s.,. 92
359 Col Indus 5s.. 81
362 Col & So 1st 4s 89%
1684 do rfg 4V_8. 81%
6 do reg .72%
143 Col G & E 5s. 90
26 do stp . 90%
13 Col & 9th A 5s 68
2Col&T 1 ex 4s 76%
379Comp-T R 6s.. 91%
13 Conn Ry & Lt
1st & rf 4%s 88
2 Con Ry 4s '56. 50%
33 Con C of Md 4s 90
8907 Con Gas cv 6s.l05%
13 Con G EL H &
r of Bal c 5s 99 98 98%+ 3
54 Corn Pr 5a '31.102 100 100%+ 1
114 do s f 5s '31.100% 99% 100%+ *
2 Cuba R R 5s.. 85% 84. 85% -
212 Cum T & T os 94 85% 86 ? 1\
2Dayt & M 4%s 80 R0 80+1
499 Del & H cvt 5s 95% 81% 82%?14!
5 do reg . 90% .0% 90% -
94 do equip 4%s 97 96 96%+ 2'
459 do rfg 4s.... 85% 78% 79%? 6!
51 D & R G im 5s 79% 70 ? 70 .? 9*
1275 do rfg 5s.... 60% 43% 45 ?12
19 do Tr Co ctf 51 47% 48 ? 6
70%
49
83%? 3%
76%
75%
127 do 4%a
1802 do con 4
1 D M & FtD 4s 45
.4 Det City G 5s. 96%
65De*_dC c 5s '33 96%
121 do rfg 5a '40 94
207 Det RTun..4%s 84%
676 Det U Ry 4 Vis 81%
495 Dist Sec C 5s. 92%
45 Dul & Ir R Sa 95
7 Du! SS & A 5s 81%
23DuPdeN P 4%s 94
83 ET V & G c 53 97
10 do r.or In 5s 95%
8 do divl 5s... 97
69 Ed K? of B c 4s 84
17 Ed El NY c 5a 99
9 El Jol & E 5s 96 '
3 Elk II Cl cv 6s 98%
116 Erie l3t en 76.K'.%
3 do rfg 7b.. . 98%
2 do 2d ext 6s 91%
1 do 4th ext 5s 97%
20 do 3d ex 4%s 92
1191 do pr lien 4s 70%
2427 do gen In 4s 56V?
1039 do cvt 4s ? A 62
2528 do ser B_ 52
3871 do ner D.... 55
90 do GR sf Cs.101
50E&J 1st Rf Cs.101
191 E-P col tr 4s.. S3
2. K&P K 3%sa B 79%
29 E & T H en 6b 98
4 do gen 5s... 70% 68% 68%
7FC&P ex 68-23.100% 99% 99%
4 do con-5? '43 92%
139 Fia E C 4%s. 85 76
4PF.W&DC 1st 6s 99% 97
6 FtW&RG 1st is 60% 56
12FE&MV 1st 08.106 105
6 G H & H 5a.. 78% 76
13 Gen Bak 6s... 88% 88
609 Gen El db 5s. 101 93*j
69 do 3V-S.77 70
6 Ga & A con 5s 93 91*
4Ga O & N 5?. 91% 94
3 Ga Mid 3s_52 52
.GaP 1st 5-8s.lOO%_100
49 Granby Min Cs 98% 96
88 do stamp_98 95
2 G R & Ind 4%s 87 87
80 -
79%
95%
87% 87%? 7%
76 79%? 8%
?? 1
96
89
66
16%
82%
70
87
SI OS ._??*, . - v_
5s... 100% 99%
1st 5? 08% 92
?Is... 94% 91%
do 4s 1953.. 73%
71
75%
70
78 Gt Falla P 5b.
647 Gt Nor 4%?.
32 O B&W deb A
3436 do deb B...
18 G & Sh I 5s.
6 H R & P 4o.
9 Hav Elcc 5b?.
321 HV 1st en 4%s 83
3 H B & T 6s. . 82
19 HE&WT 1st 5s 9Z%
12 d_ gtd 5s..,
1? H & T C U
19 do gen 1b
0 II Co (?as 5_.. 91
8386 IIAtM ref 5s s A 65
3867 do adj ?ne 5a 19%
652 111 Cent 6%s.. 97%
70 do & C Rt L
N OJt5ss A 94%
544- do r<*f 4s... 84%
62 il. 4? 1951., 88
169 do 4s 1952,, 79
265
4
25
19
11
19
17
21
6 U'j .. /.?_ .-si 1.11 .?? ?. 1 --
1 do 4s W L dv 79% .79*!
r.:; m p L 3'/.... 72 71 "
632 III Btl deb 4%? 86% 82%
1 Ind B A W 4s 76% 76%
_. Ind 111 & I 4s. 82 76%
449 Ind Stool 6*.. 9?*% 92%
8TM0 Iat-Wet 4%*... 43% 13
4527 doTrC ctf* 41% 13
12 do reg. 35% 29%
38476 Int R T ref S* 75% 43%
40 do reg. 68% 61
i<5**_Int Ag 6*. 85% 76%
JO I ft G N 1st 6*. 10r% 92%
15521 I M M ?f 6?.. 98 92%
9Int P h? 1935. 98 98
38 do cvt T.? '47 88% 85%
45 Iowa Cn 1st 6* 80 69%
}60 do rfg 4?,. .. 48% gg
3 J? l'r It Cl 4?. 82 80%
?OJeAC CA-Ms. 63 M
1 'do 6.80% 80%
? 6
?10%
? 5%
do reg...
do 4? 19."
do 1st 3%h'51
do ex 3 %?'51 73%
do 4? C _3 dv 79
do 3? Lit .h d 61
do 3%* L dv 73%
do 3 %s StL d 63
84 ?10
76%? 7%
85V?? C %
73%? 6%
71%? 9%
16%- ?"
29% -
57 ?15
?? ?22%
?0%+ 4%
92%?
93%?
98
in
Liste
????? High, Low, Clo?- Net
omitted. 1919. 1919. lng. change.
6 Kan ft M 1 4s 75% 70% 73 + 5%
84 do 2d 5s_92 87% 87%? 2%
166 KCFtS&M 6s..103% 99% 100 ? 3
921 do 4s. 76% 60% 65 ?10
7 Kan C Gas 6s.- 92% 92% 92% -
6KC ft Pac 1 4s 63 52% 62%?. 7%
6 KCRy&MBr 5s 90% 88% 90%
410 Kan C So 1 3s 64% "
904 do 6a.. 88%
831 Kan C Ter 1 4s 81
81 Ky Central 4?. 80%
89Keok ft D M 5s 70% 65
8 Kings Co EL&P
cvt 6s '25... 99
41 do pm 6s'97.105
29 do 5s .94
18 Kings Co El 4s 68
1 do stpd. 62
1 Knox & O 1 6s 97%
- %
411 Lack St 6s '23 98%
1678 do 5s '50... J07
114 L G of StL 1 5s 99%
61 do rfg 6s_97
39 L E ft W 1 5s 90
146 LS&MS g 3%s? 74
22 do reg. 10%
729 do deb 4s '28 90
896 do deb 4s '31 89%
1 do reg. 84%
1722 Leh Val 6s... 103%
111 do con 4%s. 90
11 Leh V Coal 5s. 101
1 do 4a.77%
65 LV of NY 4%s 92
2 'do reg.78
98 98 -
95 96%? %
84% 84%
49 49 ?22%
62 62
97% 100
93% 93?
958
81
88
81
80
82%
70%
80
81%
84%
ro%? 6?
70V_
84 ? 6%
83%? 4%
84"v?~^
99% 100 + %
77% 81%?10%
97% 101 + 1%
77% 77%.
80% 88?2
78 78 -
122 LV of P gn 4s 80%
48 L V Term 5s.. 100%
21 L A&P F 1st 5s 74
64 L & E Ry 5s... 95%
652 Lig & M 7s... 114%
11 do reg.110
495 do 5s.96%
13 Long D con 6s. 109 105
7 L I Ferry 4%b 92
41 L 1 con ?s_98%
122 do db 5s 1937 84
69 70 ?10%
97% 97%? fa%
67% 67% -
84% 88 ? 6%
109 110 ? 3
110 110 -
85 85%? 7%
108%+ %
85
6
96
86
4
do gen 4s.,
do con 4s.,
do ref 4s...
do uni 4s...
do N Sh 5s.
242 Lorill Co 7s. ..113% 107% 109
10 do reg.109% 108% 108%
7%
\+ 6%
85 86%
90 90 -
81% 81%? 9%
70 70 +10
99% 99%? 8?
92
09
83V
81V
96V
86 Vt
63 ? 4%
78 ? 7
100% 100% -
101 Va 101%? *
92 92+5
82% 82%? 6%
94% 94%? 2%
102% 103 ? 1%
79% 79% -
98% 98V4? 3
73% 78%? 6%
81
70%
81%
72
80%
96
87
894 do 6s. 93V
1 do reg. 90
44 L & Ark 5s... 88%
1 L & Jeff B 4s. 70
8L& N gen 6s. 108
27 doc t 5s'31.100
38 do g 6s '37.100%
1254 do uni 4s... 88%
5 ' do rcg. 81%
17 MoS&NAc5'36.100
22 do c 5s 1963 89%
244 do SR M jt 4b 73
91 do 4s AK&Cd 80
1 do 6sEH&Nd.l00%
2 do 8s HB dv.101%
21 do4%sLC&Ld 94%
6 dol 4%sM&Md 87%
8 do 5sNF&Sd 95
12 dol 6sNO&Md.l05%
15 do 4sP&M dv 79%
21 do 6sP&A dv.101%
56 do 6s StL d>.101%
66 do 3s StL dv 57
334 dp 4s tax ex. 74%
4 Man ?la Ry 5s. 77
1 Man So C 5s. . 90
I'M 0 5s '31 reg 80
74 Mch C d 4a '29 85
9 do 4s '40.... 84
15 do 3%s. 74%
137 Mich St T 1 5a 92%
2 Md of NJ ex 6s 72
4005 Midv St cvt 5s 91
7 Mil El R & L 5s 96
47 Mil Gas Lt 4s. 89
7MLS&W 1 6S.101
10 do ext 5a_ 99
6 do 6s Ashl d.104
4 do 6s Mich d.104
2 Mil & N 1 4%s 88%
32 do con 4%s. 89
3Minn&StL 1 7sl01
122 do con 5s... 80
11 do r & ex 5s 46%
634 do I?t rfg 4s 49
9 MStL&P ex 6a 99
2MStP&SSMc6s97%
273 do 1st con 4s 89
16 do & Ct T 4s 88
7 do ft Atl 4s. 94%
1 Miss Centl 6s. 80
3 M K & E 1st 5s 60
5 M K & Ok 5s. 71%
6 do 53 ctfs... 70
43 MK&T of T 1 5s 58
49 MK&T 1 ex 5s 30
5 do ex 5a ctfs 28%
1 do notes_ 30
150 do g 9 f 4%s 34
230 do Tr Go ctf 31%
856 do 1st 49- 69
680 do 2d 4s_37%
167 do Tr Co ctf 36%
475 do rfg 4s_48
83 do Tr Co ctf 46%
9 do 4s StL d. 27
?251 Mo Pac con 63.IOO
154 do rf 5a '23. 94%
390 do rf 6a '20. 92
102 do 5s *65-87%
10619 do gen 43... 63%
1 Mob & Bir 4s. 65
7 Mo & O 1 ex 63 9S%
36 do new 6s...103% 100% 100
2 do gen 4s... 68
26 do 5s Mont d 91
1 do 5s StL iliv. 87
37 do4sStL&Cd 81%
3 Moh & Ma 1 4b 80
922 Mon P C 5s s A 95
10 Mon Tr col 03. 80
1 M L & T cv 63 99% 99%
167Mor&Co 1 4%s 88% 80%
75 Mor & Es 3V?s 73 70
3 Mut Fu & G 5s 75 75
82
73% -
85 ? 8%
72 -
83%? 2%
96 -
87 + 2%
100% 100%? %
96 96?2
100 100 -
101% 101% -
88% 88%? 1%
78 78 ?12%
101 101 -
74 74%? 4
44 45%? 4%
35% 40 ? 6%
97% -
93% -
81 ? 7%
97%
93%
80
61VC&StL c 5s.100
119 Nassau Elec 4? 55
128 Nat E & St 5s 99
10 Nat R Mx 4%s 50
202 Nati Tubs 5s.. 99%
7 NO Ry&L 4%s 61
91 Nw Oil Ter 4s 70
892NOT&M6a a A 97%
1684 do inc 5s... 62%
138 NY AirB cv 63IOI
3NYB & MB 5b 94
9716NYC&HR d 6s.l00%
1 do reg . 92%
664 do rf&i 4 %s. 86
I do rf 4 Vis rg 75
622 do db 4s '34. 86
689 do con 4s... 77
4 do rcg. 68
1056 do rfg 3%s.. 73
136 do reg. 71
267 do co? t 3%s 68
84 do reg. 67
115 do MO c t 3%s 70
806 NYC&StL 1 4s 84
221 do deb 4?... 76%
219 NY C Rys 4%s 86%
69 N Y D Co 4s. 72
470 NYGELH&P r.5 94
498 ?? pur m 4s 74
36NYL&W 1st 6b.100%
II do con 5s...101
15 do T & I 4s. 95
61 NY & M Ry 5a 63
1161 NYNH&Hc6'48 88
4 do reg. 80
6 do n-od 4s'47 56%
10 do reg.54
86 do deb 4s '55 56%
117 do deb 4s '56 59
10 do db3%s'47 51
30 do dliSV?B '64 52
101 do cv-d3%s'56 52
9 N Y & N J 5s 90
4 NY & NJ T 5a 98
5N Y & N Gs.. 98
180 NYOftW 1 rf4s 70
25 do gen 4s... 60%
8N Y & P 4s.. 80
1727 N Y Ry rfg 4s 40
563 do T Co otfa 45
2996 do adj 5s... 16%
1996 do T Co ctf? 16%
9 N Y & R B 6b 92
172 N Y S Ry? 4'/2? 62
22 NYS&W ref 5? 78%
1536 N Y Tel db 6s.l01%
12517 do gen 4%s. 91%
221NYW&Bn 4%? 54 33
22Niag Falls 6s.101% 95
30 NI F Pwr O 6s 96% 93
22 NiL&O Pwr 6? 94 91
SNorf ft So 5s. 89 81
175 do 5s ser A. 69%
82 Nor & W g 68.109 %
1412 do cvt 6s....110%
42 do cvt 4%s..l04%
21 do 10-25y o 4a 84%
932 do con 4s... 86%
2 do rcg. 79
113 do divl 4s... 82
90 do4sPCftOd 86
4 do 6s Now Rdl 08%
2 Nor.of Cal 1 6s 95%
4 Nor Ohio 1 5s. 85%
83 N Pac Ter 8a. 107%
60 Nor Pac 4%?. 90
8703 do pr In 4s.. 86
40 do reg. 82
1974 do gen 3s... 61%
9 do reg. 65
2 do4?SPftDd 76
896 Nor St Pr 1 6s 91
24 Og ft L Ch 4b 64%
7 Ohio ?on Ry 4s 85%
5 Ohio Rlv 1 6s. 90
66 do gen ?o... 91%
92 Onr Lt ftP6? 90%
13 Ont Transit f>t 82%
230 Oreg ft C 1 fis 99%
186 Or R ft N en 4s 85%
276 Or KhL 1st 6s.l0l%
163 do con Cs... 08%
1039 do rfg 4?.... 88,
722 O-W R ft N 4a 79?
99%? %
80%? %
70?1
75 -
96% 96%? 3%
22% 25%?35 ?
95 96%+ 1%
25 25 ?13
92 92?8
Cl d -
62% 63?6
03% 93%? 8%
50 52%? 5%
97% 99%? %
92 92
89% 92 ? 7%
92% 92%? 2
74 78%? 4%
75 75
76% 82 ? 3%
68% 69%? 6%,
08 68 -
66% 68%? 2%
66% 66%? %
59 % 61 ? 7%
59 60?2
60 60%? 8%
78 79%? 2%
64% C9 ? 2%
76% 76%?11%
65 66?1
80% ~\%? 6%
59% ?,2%?14
99% 99%? 2%
94% 94%? 1%
92% 93%+ 1%
65 57 -
65 67%?24%
77% 78% -
50 50 ?10
64 54 -
45 45 ?14%
46% 46%? 9%
49 49?6
50%? 6%
47 ?12%
90 .
98%+U%
96%? 3%
on y? 59%? 6%
60% 60%? 9%
78 78%+ %
'i ?m*
86 86?8
48% 49%?18%
64% 65 ?15
92% 93% -
78% 80%? 9%
83 ?21%
101%
03%- %
1 94 -
49% 49%?17%
101% 105%? 3%
7%
102% 103%
96% 96%
74 74
76% 79 ? 8%
77% 77% -
76 76%? 8%
78% 78%? 6%
106% 106%? %
95% 96% -
85 86 + 4%
106% 106%? %
79 81%? 9%
75% 80 ? 4%
76% 76%? 2%
52% C6%? 4%
55 55 ? 6
70 76+2
82% 82%? 1%
00 60 ? %
83% 8554+ 7%
95% 95% -
88 88 -
84% 87 + X
79 79 -
92% 94%? 1%
76% 79 ? C
99% 99 %? 1%
92 92%? 5%
77% 84 ? 1%
68% 71%? 7%
d Bonds
000'* High. Low, Clos- Net
omitted. 1919- I"9- In?, changa,
58 Pao Co 1st 5s. 88
729 Pac G & El 5s 88
15 P of M 1 ex 4s 82
2 do 2d ex 6s. 89 .
8 Pac P&L 1 rf 5? 88
429 Pac T & T 6s. 95%
404 Pan-A Pet 6s.l6a% 112% 155
4P RR cn os '19 99%
1 do rcg. 99%
12068 do cn 59 *68. 98%
819 do con 4%s. 96%
4416 do gen 4%s. 89%
30 do reg. 80%
359 dogtd4%3'21 98%
63 do 1921 reg. 98
2 do 4s 1906.. 86%
2 do 4s 1943.. 88
235 do 4s 1948 89%
7 do 4s '48 stp. 86
6 do 43 1952.. 87
6 do 3% sB '41 78
2 do s C '42.. 77%
2 Penn R Est 4s. 95%
72 P G&S of C 6sl01
162 do 5s. 77%
172 Peo & E 1st 4s 60%
429 do income 4s 31
40 do Tr Co ctf. 20
1099 Pere Marq 6s.. 90
229 do 4s. 72%
IIP, B&A 1st 4s. 87%
822 PhCo deb 5s '22 94
110 Philippin Ry ft 55 45
1499 Pierce O 6s '20.145 100
\-439 d? -tai -24.. .112% 88% 104%+15%
118 Pitts C C & St
100% +
93
92%
69
63
47
100
100%
95
60
L 4%s ser A.. 94%
17 do ser B-92
5 do ser D.... 77
5 _ do ser I.... 91
4 do ser J.... 91%
15 do 4s, ser D. 90%
25 do ser G.... 92%
1 do 3%s. 90
1 Pitts V & C 48. 82%
42 Poch Collier 5s 90
8 Port Ry'Bs "30 76
9 P?rt Ry L & P
cvt 6s 1942... 75%.
20 Prov S Cp 4s.. 40
SProv Loan 4%s 94%
1846 P S of N J 5s. 80
2651 Reading gen 4s 86%
2 do gen 4s reg 81%
129 Reading-C R R
of NJ col 4s 85
5 do 4s reg... 80
10 Rens & Sar 7e.l02% 102%
546 Rep I & Steel
col 5s 1940... 93%
4 Rlch&D deb 6b. 95%
2 Rich & M 4b.. 71
284 RGW 1st 4b... 73%
99 do col tr 4s. 65
10 Roch&P lBt 68.101
28 do con 63...1-02
3R P & H 5b.. 95
632 R I A&L 4%b 72
23 RW&O con .8.101%
14 Rut 1st 4%s.. 77%
3 Rut-Can 4s_ 70
16 St J&G I 1st 4s 63
304 StLIM&S g 5s 96%
718 do rfg 4s... 82%
425 do 4s R&G d 77V-_
5 St L & M B 5s 92
7 St L R M&P 5s 80%
14S.L&SF gn'6S.106
66 do gn 5s '31 98
do p ln4s s A 64
do 5s ser B. 79%
6172 do adj 6s... 71
S541 do inc 6s... 56
2 St L So 1st 4s 79%
809 St L Swn T 5s 64 %
489 St L Sw 1st 4b 74
7 do 2d 4s-63
606 do con 4s... 65%
2St P & Dlst5s 98%
4 do con 4s... 76V_
342 StP_:_-CSL4V-B 71
29StPM__M o 6a. 103% 1
245 do con 4%s. 95%
14 do con 4s... 88%
18 do Pac ext 4s 81
10 do 4s E M d -74%
2 do 6s M U d 93
24 do 6s M C d.108% 10 f
37 do 5s M C d. 99% 93
23 do 4s Mon ex 8S% 8.''.
do M ext 4s r 80 80
93+2
?2 %? 2%
69 -
64%? 7%
?7%?11%
11582
2501
?41
125StP&NP 6s. 103% 1.0% 100%? 3%
12 do 6s reg...100% 99% 99%
15 StP&SC 1st fis.100
529 SA&AP 1st 4s. 68
?. SnnFeP?-P 5s 95
44 SavFl & W 6s.108
66 SV&NE 1st 4s. 81
53 Sea A L gld 4s 72
128 do gld ls stp. 74
2133 do adj 5s... 53%
1196 do rtg 4s_60
25 Seab & Roa 5s. ?6
5 Sil Sps O&G-ls 99%
368 So Bell T&T 5a 93%
32857 So Pac cvt 5... 115
11 do cvt 5s reg. 108% 102% 11)7
110 do 4%s. 70 64% 64%
177S2 do cvt 4s... 88
3447 do rfg 4s... 83%
8839 do col tr 4s.. 77
139 do SF Ter 4_ 80%
10 So P of Cal 5s 97%
19 So Pac C 4s.. 93
2271 So Ry con 5s. 96%
2 do reg.'. 85 %
4569 do gen 4a.. . 69
3 do 4%-5sM d 91%
119 do 4s M&O d 68%
136 do 4s St L d 74%
2 Spok lnt 6s... 75%
93 St G & El 6s. 96%
49 Stand Mili 5s. ?5
- 4 Syr L & P 5s. 74%
71 T C I&RR g 5s 93
99 Tenn Cop Cs. . 96
23 TRA of SLcn?s 98Va
16 do 1st 4%s.. 90%
196 do ref 4s... 77
1229 Tex Co cvt 6a.101% 101% 102%
20 T & N O 5s.. 85 85 85
8T & Okla 5s.. 50
360 T & P 1st 5s. 92
20 do 2d 5s.... 16%
8 Third Av 1st 5s 93%
1275 do rfg 4b... 59%
6451 do adj 5s... 42%
2 T & O C 1st 5s 92
6 do gen 5a... 73
5 do 5s W div 86
3T P & W lHt 4s 49%
80 TStL&W p!3%s 75%
150 do 50-y 4s '60 56
8TWV&04%sbB 87%
1 T II & Buff 4s 69
95 Tri-C Ry&L 5a 97
1 U El of L 4%? 80
63 do ino 6a... 78
6 Ul & D con 6b 80%
62 U B & P 5s.. 89%
14 UEL&P 1 5s '32 92
6 do 5s 1933.. 82
85 U O of Cal 5s 95% 93% 95%+ 5
2202 Un Pao 6s..
2486 do 1st 4s_ _-?_.
1578 do cvt 4_... 89%
1561 do rfg 4?... 83%
36 Un F Gas .Os.. 98
114 U R of S F 4s 36
6296 do T Co otfa 36%
, 39;! URyl 1 5s P Is 77
' 119 URys of StL 4s 55
5 do T Co et fa 31
2321 U S Rly?lm 5s 78%
105 101% 102
89% 82% 85
82
71%
95
22
70
49%
80%
60
8%
= ?|
? 2%
%
+ 3
.S3
80
971
23
25
75%+ 10%
51%+ 1%
31
77%+12%
___i u n ?ijyo_i__ .s ?_ya bu ? ? "A-(-1 _si
1171 U 8 Rub 7a.. .104% 102% 102%? %
11617 do 5s. 89>? 83 89 + 1?
1096 U S Sin. Ref & ' ?
Mining 6s.107% 97% 106 +6%
.7%? 2%
97 ? 1.%
86% -
93%+ 4%
82 ? 7%
*i% + H
.7 -
8228 U S Steel sf 5s.. 101%
148 do 5s reg... 100%
5 Utah Fuel Sa.. 86%
5 Utah ft-No 5s. 98
292 Utah P&L 5s. 90
11 Utlca & B R4s 96
1 UticaG&E ux 5s 99
13 Vandal 4s s A. 80%
8 VCrux&P 4V_a 35
2 Verdigris V Gs 92
2 Victor Fuel 6s. 70
820 Vlr Caro Chem
cvt deb 6s_104
632 d? 5s. 98%
2 do 5a reg.... 95%
48 Va IC&C ?s. 86
12 Va Mid gen 5s 98
5 do gen 5s a E 96%
43 Va Ry & P 6s. 79
12 Va & S W c 5s 71
775 Va Ry Cs. 94%
3 Wabash rfg 7s. 90
652 do 1st 6s.... 98%
315 do 2d 5s.... 89
6 do eqlt sf 6s. 97%
2 do Die ex 5s 88%
5 do Tol&C 4s.
1 do 1st 3%s
Omaha div.
5 Wab Term 4 s
B Waco _ N 6s. ...
83 Wash Tor 8%a 75%
16 Wash W P 5s. 96
21 West Lt Co 6* 32
627 West Eleo 6*.. 99%
986 West Md 4s... 63
82WNV&Plst 6s.lO0
621 West Pac
5 W P Pw 6s
112 W Un col
831 do ri est 4%a 91
481 West Shore 4s 81%
86 . do reg. 70%
12 WAL E 1st 6*. 100
9 do 4%* s A. 69
96 do con 4i... 66
23 W A E let Be. 66 V
8896 Wilson A Co 6s.l01
10 do 1st 6? reg 98
8517 do cvt 6b...104
18Win-S Rohd 4s 77
219 Wi? C gen 4s. 80
85 do 4a S&D d 77
1 W & 8 F 5*.. OS
97% 106
94% 9
97
86%
93
81%
Pi%
87
78% 80%+ %
ii_ 92 -
70 70 -
88%
84%
67
70%
94
1%
93 % 93 t?? 2%
04% 95% -
81 81 ? 6%
96 98
91 91?2
70 70?7
68 68 ?12%
82% 84%? 8%
90 90 ?_
87% 91 ? g
79 82%_ 6%
97% 97%? %
88% 88%?11-2
84% 84 V?- i&
st ?s.l'io
6s.. 86%
6s '58 99%
tr 5s 95%
Inve
In this department The Tribune will
throw the light of euch in formattun
as is at its command on the invest?
ment problems of its readers. The
utmost care is^used in the compila?
tion and presentation of such in?
formation and.we believe it to be de?
pendable. But we wish especially to
emphasize to our readers the foot
that new developments of such im?
portance as to greatly chano* the
status of a security are constantly
taking place. Therefore, as a matter
of self-protection, the investor should
make it a point to keep in close touch
with the affairs of the companies
whose securities he has purchased
and with general developments bear?
ing upon the value of such securities.
Constant watchfulness is the best
safeguard the investor can possibly
have.
Questions of general interest to
investors will be answered in this
column, in which case only initials
will be used. Others will be an?
swered by mail. . Addrest all in?
quiries, tncloaing a stamped, ad?
dressed envelope to Financial Editor,
The Tribune, 154 Nassau Street, New
York City.
General Motora Debenture Stock
Question?The General Motors Corporation
is offering to preferred stockholders an op?
tion to, buy for $100 cash and one share of
preferred stock two shares of the new de?
benture stock to be issued. Can you tell me
whether this exchange ?a advantageous? The
present preferred stock pays 7 per cent and
the new debentures offer 7 per cent. Are
they as safe an investment or does preferred
have first call on dividends ? Aside from
this, when this new lot of debenture, stock ft
issued, will it affect adversely the value of
tho present preferred ? That is, if one de?
cides against exchanging preferred stock for
debentures, would it be wise to get out of
the preferred altogether at present pric?as??
S. C.
Answer?Tho General Motors Cor?
poration debenture stock ranks equally
with the preferred stock as to assets at
par as well as to cumulative dividends.
The only, difference between the two is
in tho voting power, tho debenture
stock having none, except In the event
of earnings falling below 9 per cent in
any year on the total par value of the
two ?debenture issues. If you are satis
fled with your investment, in this com?
pany we see no reason why it would be
disadvantageous to make the exchange.
The preferred and debenture stocks
should eventually sell on their proper
incume basis.
Stocks Need Closer Watching
Question?I . have saved $2,500, which I
would like to Invest In some good securities
to yield a higher rate of interest than what I
nm receiving from the bank. Have thought
about buying four or fivo shares each of the
following preferred stocks, yielding about 7
per cent : ? American Woolen, Central
Leather, United States Rubber, Virginia
Carolina Chemical, Endicott-Johnson. Would
like very much to know your opinion of the
above list. If you made any cftange, what
Would you suggest? Do you think it would
bo better for me to ieave stocks alone and
buy bonds or guaranteed mortgage, for a
safer investment? Would I obtain the full
dividend from the Btocks mentioned if
bought in January??J. E. H.
Answer?The preferred stocks you
mention are all well secured at this
time, but in purchasing such securities
it is necessary that you keep in touch
not only with general conditions affect?
ing the stock market, but the affairs of
the companies in which you become a
stockholder. Generally speaking, first
mortgage bonds and guaranteed, real
estate mortgages are safer, but they do
not, of course, offer the high yield of
the preferred stocks you name. For
?the business man, however, 'wo believe
the stocks offer good opportunities. If
you purchase the stocks now you would
receive a dividend on American Woolen
preferred April 15, Central Leather
preferred April 1, United States Rubber
preferred January 31, Virginia-Caro?
lina preferred April 15 and Endicott
Johnson preferred April 1, assuming
the usual disbursements are made, as
we suppose will be t?ie case.
Denver & Rio Grande Preferred
Question?I own some shores of Denver &
Rio Grande preferred stock for which I paid
17%. Do you onsider it. wise to hold them
or 'sell them in view of the present situation
of the railroadg ??J. E. B.
Answer?In holding Denver & Rio
Grande preferred stock you are simply
speculating upon what the government
intends doing with the railroad*. Den?
ver & Rio Grande has a judgment of
some $30,000.000 against it which there
seems little chance of it paying. About
the only hope seems to be that a com?
promise may be effected.
Granby Consolidated Mining
Question?Can you give me any informa?
tion about the Granby Mining stock? I
purchased some of the stock, paying $1.25.
It is now below or about 50. cents. Should
I buy more or sell, taking the logs ???
M. L. B.
Answer?Granby Consolidated Min?
ing Company showed a doficit for the
year 1919 fended June 30) of $1,532,
376. The dividend was passed in con?
sequence. All copper properties have
suffered recently, but the outlook ap?
pears more favorable. The situation
seemingly has been well discounted.
Public Service Bonds Low
Question?Will you kindly give ma your
opinion of the value of Public Service Cor?
poration of N. J. 6 per cent bonds as an
investment at the present market price, *?jind
also state what effect the contemplated physi?
cal valuation of the property would have
on the outstanding bonds should the inven?
tory prove less than present capitalization?
?J. A. H.
Answer?Public Service Corporation
5 per cent bonds are selling at a price
which would appear to have greatly
discounted the troubles which tho com?
pany has encountered regarding rates
of fares. The zone system did not work
out well for tho company, and return
to tho seven-cent" fare, with an ad-?
tional charge of one cent for a transfer,
which arrangement Is again in force,
will probably bring better results. Gas
rates have been increased from 97 cents
to $1.15 a thousand feet. However, if
the valuation of the property shows an
overcapitalization there would possi?
bly be a feeling of more or less ap?
prehension on the part of many holders
of the bonds. But you must remem?
ber, too, that the bonds now sell at ap?
proximately 50 per cent of their parity.
Beginner Picks Lame Duck
Question?I am a young man and don't
?novL anytninB about the stock market
Would like to know whether Brooklyn Rapid
1 ransit is a good stock to buy outright as
an investment.?F. M.
Answer?The investment of funds
consists of placing one's money in such
a way that an income may be derived
therefrom. Tho purchase of non-in?
terest bearing securities is not invest?
ment. It may eventually prove to be
such, but until that stage is reached,
the security must remain in the specu?
lative class. There is a mistaken idea
held by many people regarding specu?
lation. If one purchases securities
outright it is not a speculation, they
say, no matter whether or not the se?
curities are interest bearing. We be?
lieve that the purchase ?f any security
for other than income purposes is
speculation. It makes no difference
whether voo pay for your security out?
right or buy it on a two-point margin.
The only difference is that you learn to
become more patient if you buy out?
right, and frequently are spared un?
pleasant thrills. Tho only reason for
buying Brooklyn Rapid Transit stock
is a speculative one. It is so low that
it appears to havo discounted a good
doal of tho company's troublos and
oventunlly may do better. Hut your
money would not be invosted because
you would be getting no return on it.
stmeiit
4-'???
j High Yield Not RecomTnettdatlon
Question?Will you kindly let me have th?
names of two or three railroad bonds yield?
ing about 10 per cent that you would rec?
ommend for purchase? Also, tell mo your
opinion of this Investment?G. M.
Answer?The following bonds yield
10 per cent or more at present prices,
but we do not recommend such issues
for investment. They are not high
grade bonds. If the railroads are given
constructive legislation and Tabor
troubles do not become too much of a
factor, these issues may coffer specu?
lative investment .opportunities: Balti?
more & Ohio convertible 4%s per cent,
1933; Minneapolis & St. Louis 1st 4
per cent. 1949; St, Louis & San Fran?
cisco adjustment 6 per cent, 1955;
Seaboard Air Line adjustment 5 per
cent, 1949.
A Diversified Investment
Question?I wish to invest $15,000 th??
will certainly and safely pay 6 per cent and
better. I am not s stock market reader, not
a speculator. Would you say railroad
bonds??D. F.
Answer?There are many securities
which offer attractive yields at present
prices. For the investment of $15,000
it would be advisable to diversify your
choice. A * good list is as follows:
$2,000 par of New York Central first
3%s, $1,380; $2,000 Chesapeake & Ohio
. first 5s, 1939, $1,980; $2,000 par of New
York Dock first 4s, $1,320; $2,000 par
of Wilson & Co. first 6s, $1,940; $2,000
' par of Atchison adjustment first 4s,
1 $1,390; ten shares United States Steel
; preferred, $1,130; ten shares United
States Rubber preferred, $1,030; ten
shares American Car and Foundry pre
; ferred, $1,140; ten shares American
Woolen preferred, $1,040; twenty shares
; Reading first preferred, $680; ten shares
Union Pacific preferred, $690; total,
. $14,860. The interest would, bp $890
per annum and the yield 6 per cent.
Midvale Steel
Question?Will you kindly give rao some
Information on Midvale Steel, as I am think?
ing of buying some of its shares, and oblige?
?T. J.
Answer?Whil? Midvale Steel has
shown smaller earning, in 1919 than
in 1918, it is Bald that the outlook is
far better than for some time past
Large expenditures are planned for im?
provement and extensions. For the
nine months ended September 80, 1919,
the earnings on the $100,000,000 capital
equaled $3.37 a share, or at the an?
nual rate of $4.49 a share, against
$14.61 a share for the year 1918.
Outlook for Railroad Securities
Question?Do you expect railroad stocks
to advance after the railroad bill is passed
by Congress ? If you expect ?nme to ad?
vance please name a few of the best rail?
roads whose stock is the best to buy for
speculation.?S. D. S.
Answer?We believe that if the best
features of the Cummins and Esch
bills are embodied in a new bill and
this bill passed the railroad stocks
should show some strength. There are
; a few railroads in the country to-day
? which are able to bear up under the
strain of increased wages without a
' substanial increase in rates. Some of
these roads are Union Pacific, Southern
Pacific, P?re Marquette, Cleveland, Cin?
cinnati, Chicago & St. Louis, New
York, Chicago & St. Louis and Chesa?
peake & Ohio. But that does not mean
that the stocks of these are the best
I purchases. The government has oper
j ated the carriers in its own way. Di
I version of traffic has been such a large
? factor that it is difficult to analyze
! the present situation from an invest
: ment viewpoint. It would seem that
i some of the junior .lien bonds offer op
i portunities. They are selling at figures
\ so low that one must look back at panic
j years like 1893 and. 1907 to find their
i equal.
Bethlehem Motor. Corporation
Question?I have for investment some
I Bethlehem Motor stock purchased at 30
j a share. While at present it pays no
i dividend I am informed it3 prospects are
j excellent. Can you enlighten me regard?
ing the future of thjgs security??W. H. H.
Answer?Bethlehem Motors Corpora
? tion is said to require additional facili
| ties for manufacture, so great is the
: demand for its trucks. It was stated in
| November that the company was turn
! ing out trucks at the rate of between
| 3,500 and 4,500 annually and expecta
| tions were entertained for production
; within a year at the rate of 7,500
? trucks. Net earnings after charges are
reported to be at the rate of nearly
I $1,000,000 a year, or equal to almost
! $8 a share on the 130,000 shares now
| outstanding.
"If at First.-"
Question?I have 800 - shares of Maxim
Corporation, for which I paid 325. This
corporation went In bankruptcy month's ago
and I received communications from a W.
G. Jason Waters, of 111 Broadway, New
York, who claims to be the. principal share?
holder of the defunct corporation, advis?
ing shareholders of Maxim Corporation to
exchange 4 shares of Maxim for 1 of the
American Tire Distributing Company, Inc.,
and a cr._h payment of ?1.50 per .hare for
every share of Maxim so exchanged. He
claims this to be at the bankers' price. I
would have to pay an additional $450 to
own 75 shares of the new corporation.' Would
you advise the exchange or would I be
better off by taking a total loss on my
Maxim of $325? M. K.
Answer?The Maxim Corporation,
late the Maxim Munitions Corporation,
' went into bankruptcy. After deciding
| that the company was not adapted to
a reorganization it was decided to try
! something else besides manufacturing
shot and shell. What 'should it be?
Why not automobile tires and other
articles appertaining thereto? The
very thing. So stockholders of the
Maxim Corporation, late the Maxim
Munitions Corporation, are asked to
pay an assessment and try automobile
tires and accessories. If this does not
work out successfully perhaps the
Maxim Corporation will find something
else.
Safety His First Thought
Question?I wish to make a long-term In?
vestment of between $1,000 and $2,000,
! safety of first importance. Would you ad
I vise Pennsylvania 5s of 196S? Please name
I several stocks hud bonds you regard as a ]
I good investment.?M. K. N.
Answer?Pennsylvania Railroad 5 per
? cents pf 1968 are secured by a general
mortgage on the property, and at pr?s- |
ent prices return about 5V_ per cent, j
The bonds are entitled to a good rat- ?
ing. Other good bonds are Chesapeake !
& Ohio consolidated 5 per cents, 1939;
Atchison adjustment 4 per cents, 1995;
New York Dock Company first 4 per
cents, 1951. Cood preferred stocks
yielding between 6V*_ and 7 per cent are
United States Steel preferred, United
States Rubber preferred, Central
Leather preferred, Republic Steel pre?
ferred and American Car and Foundry
preferred.
Sympathetic Decline, or What?
Question?I have 100 shares each of Caddo
Central OU and Jewell Tea certificates,
bought respectively at $30 and $25 a . haro.
Now they are selling aronnd $20 and $15.
Would you please advise me whether it is
wi-0 to take loss or buy some more to even
up the book loss? What is wrong with
these companies, as their stocks go down
this much ? Is this sympathetic decline, or
what??M. I. K.
Answer?MoBt stocks, whother good,
bad or indifferent, usually follow the
general trend of the market. Oil stocks
aro so very speculative that they are
likely to do anything, Jewoll Tea per?
haps has boen somewhat weaker than
many other stocks because the company
passed its preferred dividend. It lost,
considerable money on its coffee busi?
ness, which constituted about 65 per
cent of the totul. You probahly havo
found tho real reason, h sympathetic
declino. j
Inform?
Never In Investment Class
Question?I nt>w hold forty-flva share* of
Missouri Pacific preferred stock, which I
?bought aa an investment. They have not
declared a dividend for some time. What
are the prospects and when was last divi?
dend declared*? I now have $2,000 which I
would like to invest in a safe, secure, good
interest bearing bond or preferred stock or
stocks. Could you give me a list which can
be bought at good prices now??W. C. R.
Answer?Missouri & Pacific preferred
stock was. never an investment. It
never paid dividends and for that rea?
son was only a prospect. Before the
government took over the roads Mis?
souri Pacifia was showing fair earning
power, and the preferred stock, which
became 5 per cent cumulative after
June 30, 1918, appeared to offer good
speculative possibilities. To-day the
road is not earning its fixed charges
and at the moment the prospect of
dividends being inaugurated on the
preferred stock is none too bright. The
following securities offer substantial
yields (all over 6 per cent, and some
j as high as 7 per cent). They are well
secured at present and in most cases
pay dividends on the junior issues:
United States Steel preferred. United
States Rubber preferred, Virginia
Carolina Chemical preferred, Central
Leather preferred, American Car and
Foundry preferred, General Motors de?
benture stock. New York Dock first 4
per cent bonds, Wilson ? Co. first 6
per cent bonds, Chesapeake & Ohio
general 4% per cent bonds and Inter?
national Mercantile Marine 7 per cent
bonds.
General Motors' Growth Rapid
Question?Kindly give me what informa?
tion you have at hand regarding General
Motors. Do you consider it a reliable con?
cern ? Would you advise exchanging the old
debenture stock for the new at the higher
rate of interest? Would you advise buying
any of the new common stock when/ issued ?
?W. B. W.
Answer?General Motors is consid?
ered a reliable corporation. Its growth
has been rapid, to be sure, but that is
because the automobile industry has
grown to such enormous proportions in
a comparatively short time. General
Motors' turns out cars and trucks ^>f
various grades, and numbers among Its
product some of the best known cars
in America. It is a large earner, and
while the common stock of the cor?
poration is speculative, holders of it
have beeen rewarded from time to time
with valuable rights. We cannot ad?
vise whether or not speculative issues
are wise purchases. We see no reason
why the exchange of old for new de?
benture stock should not be made.
Playing Mark to Come Back
Question?A friend of mine has purchased
10,000 German marks at 3',4 aenta each, with
the idea of holding them, as he expects that
in'time they will be selling at their pre-war
value of 24 cents. Wh.it is your opinion and
what .would you advise ??R. H. B.
Answer?In purchasing marks for a
j rise in price one is simply speculating
upon Germany's chances to "come
i back." A few of the reasons why it
I will be very difficult for Germany to
i "come back" quickly are the following:
Enormous indemnities to pay over a
long period; balances of trade over?
whelmingly against her; no foreign
credits, and no means to render serv?
ices, such as shipping, etc. Many peo?
ple think that, even with these odds
against it, .the mark will soon return
to the pre-war price. While tho price
| may improve it seems doubtful that
i the mark will again sell at 24 cents for
! many years to come. Meanwhile there
i is at least a possibility of repudiation.
Would Profit by Exchange
Question?I have $500 to inv?ast. Would
j you advise the purchase of foreign govcrn
| rnent bunds, such as Japanese government
I elerling loan, 4 per cent, priced at t>5, to
I yield 8.75 per cent, or United Kingdom of
' Great Britain and Ireland, 5V? per cent, due
I 1922, OS, to yield 6.25? I have $1,000 in
! vested in Liberty bonds and now wish to
: take advantage of the present low rate of
! foreign exchange.?J. H. B.
i Answer?If you are desirous of tak
; ing advantage of tho foreign exchange ?
! situation you would do better to buy
! some of the internal loans of the vari
i ous nations, such as the British, French
i or Canadian Victory loans. You gain
I nothing from the exchange situation by
i buying the bonds you mention.
A High Priced Stock
Question?Will you please give your opin- j
| ion of American Snuff 7 Also, what do you i
know of the Dwight Manufacturing Com- j
I pany ? It does not seem to be listed on the
j New York exchange.?E. N. R.
Answer?The American Snuff Com?
pany reduced its quarterly dividend on
, December 4 from 3 to 2 per cent, due,
: no doubt, to a decrease in earnings.
; The cosnpany has not made public its
income account for any part of the
year. In 1918 only 11.79 was earned ;
I on the common, while the preferred
, stock received 12 per cent. The margin
i was not enough to warrant the high div
; idend. The stock appears to offer some
: speculative possibilities. The income
; account for 1919 will tell us much.
! The Dwight Manufacturing Company,
I cotton and woolen manufacturer, was
1 incorporated in 1841. The company ha3
I been most successful, paying dividends
! of $30 and an extra of $15 per share on
j July 1, 1919. There is outstanding but
I $1,200,000 stock, par $500 a share. The
l stock is very closely held. A recent
i sale took place at.$1,355 a share. *
Would Invest $11,000 Safely
Question?I shall soon have $11.000 to in
; v?vst. Safety as to principal must be the
, first consideration, and if a return of 5 or
. 6 per cent can be assured it would be very
? satisfactory. What is your opinion of
Standard Oil of New Jersey preferred, Amer?
ican Car & Foundry preferred, U. S. Steel
1 preferred, Victory loan bonds ??J. R. C.
Answer?Generally speaking, the
! higher tho interest rate received on an
investment the greater need of keeping
in touch with operations of the com?
panies issuing the securities you hold.
The best security you can purchase is
Liberty or Victory bonds. They re?
quire the least watching. Then would
come such securities as first mortgage
bonds of well established corporations
whose dividend records had been good
over a period of years. If you are
satisfied, as you say, with 5 to 6 per
cent, why not purchase U. S. govern?
ment bonds, or first mortgage bonds,
liko Central Leather 5 per cent. In?
diana Steel 5 per cent, New York Dock
4 per cent, Atchison general 4 per cent
and Chesapeake & Ohio consolidated 5
per cent bonds. All the preferred
stocks you mention are at present well
secured, and we believe them to offer
good investment opportunities. But
you must make up your mind to keep
yourself well Informed at all times
about, conditions bearing on ?such in?
vestments. If you are willing to do
this perhtrps a few shares of these
stocks would be suitable.
For Safety and Sure Income
Question?Will you kindly give your opin?
ion of Delaware & Hudson as an Invest?
ment? Is the present a favorable time in
which to Invest about $1.000? I want the
income to be permanent. Also American
Telephone and Telegranli. These two seem
to be paying ?rood dividends. Are they
likely to continue, or would you ndvlc? ?
woman'to put a small amount of capital it.
liberty or Victory bonds, and not In better
paying securities, as I have but Httlo to in?
vest? T need to get all the income it is safo
to look for.? J. G. L.
Answer?We would not advise you to
buy either Delaware & Hudson or
American Telephone stock. The divi?
dends arc by no monas permanent.
.Suck to the Liberty or Victory Loan,
bond? and you won't have much chus? i
for worry, the income will be satis?
factory nnd you will receive it regu?
larly as long us you keep possession of
the bonds.
ition
Middle State? Oil
Question?Please state any Tufa., M
you may have about Middle State, 0__??S
Answer?Middle States Oil Co???,
tion is a holding company with a, J_"
thorized capital of $8,000,000 par??i
$10. ^There are included among *_?__
shares some $1 shares which ??_?
changeable ten for one. The tS
amount outstanding now i8 $2 47?2;
The company pays 12 per cent'pe?T;
num. Dividends are paid monthly i
addition, the company pays stock ?hi
dend8. Last year these stock di.id??A
amounted to 40 per cent. Its pr)?*
ties are the Number One Oil CanS,
the Number Seventy-seven Oil G??!
pany and the Ranger-Texas Oil Ca?
pany. Through these companiae/X
corporation owns oil and gas lea**? ??
about 19,600 acres in Oklahoma t3
Texas, of which about 8.900 acre, r?.
resent undeveloped but near Prodoeh?
land. It has twenty-four wells, ?hut
produce about 600 barrels daily ?5
about 15.000,000 feet of gas is obUijS
from three gas wells.
Cities Service Preferred
Question?Will you kindly explain ?b
Cities Service preferred shares are ee_liat?
about 70, while the common ?tool; is ;LT
400? Should the preferred stock b?t__3
ered in the investment class 7-T. H. I)
Answer?Cities/ Service preferred It
limited as to dividends to <3 ?1er cm.
while the common received large m?
menta both in cash and in stock, tro,
time to time. The company hag shown
large earning power for several yeM|
The preferred is entitled in our opin?
ion, to a good rating as an ?nvesti_f_t
Big Deficit for St. Paul
Question?As I understand it the fo?t_.
ment guarantees to the railroads a sum em?
to the average earnings (or a period of t_?,
years previous to taking over the ijn? ?
have In mind the Chicago. Milwaukee a'St
Paul. During the period mentioned tin
railroad paid dividends on lioth the p,,.
ferred and common stork, but since gov??.
ment control no dividends have been d_
bursed. It would appear that if the gtaj.
anty has been paid this i_llroad ?ho?'
bo In pretty fair shape, yet t he common ite_
is now selling at about one-half the d.m_.
price.?J. E. B.
Answer?Th? amount of comprna.
tion allowed the Chicago, Milwanlnsl
St. Paul Railway by the government it
$27,946,771 per annum, Interest chirr*
are about $16,767,186, leaving a batata
equal to 7 per cent on the $115,8.5_i.
preferred stock and about 2.6 per cet!
on the $117.406,000 common stock, h>
the year 1915 St. Paul went into tu
surplus to the extent of S 1,983,428 in
order to pay the dividend on the coa
mon stock. In 1916 it earned $2,088.7M
more than the dividend. In 1917, afttr
paying 4% per cent on the common, it
had a deficit of $8.923,845. The deieit
for 1918 was $17,192,848, and for 191?
to September 1 the net operating it
come was $160.995, against $3.188.f91
for the like period in 1918. Is it any
wonder, then, that the directors hat?
not seen fit to declare dividends, al?
though the government guaranty li
sufficient to pay the full 7 per cent?
the preferred stock? You can readfij
see the difference in the two items, get.
ernment payments and actual earnin,.
Likes Cuba Cane Sogar
Question?I have twenty-five ehtra
Cuba Cane Sugar common stock, now edlin
around 61, and am thinking of buying ?*?
Can you give me any Information _?_>_?
backing of the stock and do you think I'.i
fair investment??C. W. S.
Answer?Cuba Cane ?u<rar connu?
stock, while a speculation issue, if
pears to have good prosper?, on it
count of the prosperity in the svgr
trade. We do not attempt to adva
regarding speculation. The compssyV
earnings are said to be good and**
management efficient.
C.r R. I. & P. 6 Per Cent Preferred
Question?Will you kindly civ m* ?
formation as to the future po*sibll__a **
fi per cent preferred stock of the Chicas
Rock Island & Pneifie Railway'' I note thr
are paying no dividends on their coma*
stock and would like to know aa to the.'
financial condition and earnings. Are i_?
dends on the ? per cent preferred pe'd h*
foro dividends of the 7 per cent pretend
of the same road? Is It an a.eumuliti.
stock, and what is your ge .eral ?piais
of it??R. T. S.
Answer?Much depends upon tl.
legislatiort to be enacted by the Cot
press for the benefit of the railroidi
We believe that if the legislation if
constructive and an increase in .reif.
rates is granted that the outlook v
promising. Rock Island, like so mW
other roads, is doing badly at preseo'-'?
but the dividends on both p referral
issues were recently declared, ps.?ki*J
out of the amount guaranteed by tkt
government. The 7 per cent prefer**
stock has preference over tiie 6 P*'
cent preferred as to dividends to tkt
extent of 1 per cent in any fiscal JWJ
after the payment of which both sto?
lank pari passu as to farther Ig
dends. On both preferred issues dit;
dends are cumulative, up to 5 per ttt
per annum from July 1, 1917 The?-**
ferred stocks both showed fair ***?'
gins over dividends before governtMf
operation, and we believe that if tb?
railroads arc given a Bquare deal t*"
dividends should be maintained.
Invincible Oil
Question?About seven weeks ago I b**!*
100 shares of Invincible Oil Company tm
at 4DV_. At that time, according to *
Boston financial paper, a number of ?*?
were brought in having a daily ,f?*J,.
over 31,000 barrels, all .?tuated in C*'
borne Parish, I.a., birt owing to the <**
of facilities for bringing this oil to the s**'
ket, the wells were capped. Of the JP
miles of pipe line required, Ax teen **
had already been completed. Can yocJS
vise me how near to*-completion the sp
lines are at the present time and bow op
the board of directors compare ?lib *^
tors of well established efficient oil
paniea.?A. 15.
Answer?We are informed thet ^
Invincible Oil Company's pipe '"f
are expected to be competed by .?*?
ary 15. This will, it is said, add gre?
to the company's delivery of oil. -y
directors include the following: M
Backe, S. M. Shatskin. Soi. W exler ??
Craig Colgate. k*
Investors
Frequently *eek tiie _..vi. _ o? t*?
Financial Editor of tilla DSPS? "*"
Kantine the purchase of h!_a I*?4*
preferred stocks.
We have for aal? a limit?*
?mount of the Six Por Cea? Curo?
latlve ".referred BUM fe of vue *
the leading hotels of N',v T?*
City. Internationally known, of ??"
tahllshed earning capacity- ?**
having no bondad debt *'*' **"*
Inga last year over four Urn?-! P**"
forrad dividend requirement?
tjirf*
dividend? paid on Common 9terfc
Price to net 7.25%
F... nipt from No rroiU Tederal M
come Tai of t?". o" laaSSSS? *
$1.000 to S_. .IMMI.
// you are tntfrotti
commumualt ujtt*
_J-.?UMRANV
Hh?estment? $BtmMmt
80 PINE ST. tfrovU Floor) It*
7V/. John 854

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New-York tribune. [volume], January 04, 1920, Page 6, Image 28
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924