New-York tribune. [volume] (New York [N.Y.]) 1866-1924, January 17, 1921, Image 14

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New-York tribune. [volume], January 17, 1921, Page 14, Image 14
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New-York tribune. [volume] (New York [N.Y.]), 17 Jan. 1921. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1921-01-17/ed-1/seq-14/>

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Park'Union
fORHGN BANKING OORPORMKa
i 66 Wall Street, New York
:**.?**
W fepffal <>Hy paid), $4,000,000
Surplus and Undivided Profits, $754,000
BRANCHES AT tf
Slaaffca! Told? Yokokama
Pari? Saa Fraaeisc? Soattlo
/??ffif, ", ~xt .????? *:'-'.'':??'?. A U-a* iiim?ii??MfTl --*^^ . .1 /:'
?i^^^^^
MVVYORKI
Transactions in Exchange y ^
*? i Travelers' Letters of Credit ?#
& , Commercial Credits ^
jj| ; Foreign Collections and Cheques
..?& Acceptances
%?f Transfers of Money :
e i Advances against Collateral for the
Financing of Foreign Business *i
*
OFFICERS WR
X' Charle? A. Holder, President %
T. Fred Aspdcn, Vice-President
E. B. MacKenzie, Secretary & Treasurer
Free from Federal and New York State Income Taxes
Nassau County9NewYork
Coupon 5% Cold Bonds
Dated Nov. 1, 1920. Due Nov. 1, 1932-1936
?
Coupon Bonds in $1,000 denominations, registerable as to
both principal and interest. Interest payable May 1 and
November 1 at the office of the County Treasurer, Mine?la,
New York, in United States Gold coin. ,
Legal Investment for Savings Banks and
Trust Funds in Nerv York ond A/en* Jersey.
FINANCIAL STATEMENT
Total Assessed Valuation.$184,943,405.00
Total Bonded Debt (including this issue)_ 4,542,809.28
Net Debt approximately 2.4% of assessed valuation.
Population, 1920 Census, 125,727.
Price to Yield 4.70%
HORNBLOWER & WEEKS
Established 1888
42 Broadway, New York
BOSTON PNOVtDCNCC PORTLAND. ME. CHICAGO OCTKOIT
Stone & Webster
INCORPORATED
t?Ub.i,h?M? 1A&9
147 Milk St. 120 Broadway 3? So. Dearborn St.
BOSTON NEW YCRK CHICAGO
With thirty years experience in the management and construction
of Public Utility and Industrial Properties, our organization is
prepared to make
INVESTIGATIONS AND REPORTS
rn
VALUATION AND OPERATING EFFICIENCY
Comparative Table
New York City
Bank
and
Trust Companies
Published in New York Herald
Monday, January 17th.
Mailed on Application.
CLINTON GILBERT
2 Wall Street, N. Y. Tel. Rector 4848
;aie and Conservative Bond?
for Investment
Hollister, White & Co.
Incorporated
115 Broadway, New Yorft
_ FINANCIAL MKKilM.S
Ikt Seaboard Hat o-af Bank
XF,V? YORK. JANUARY 1$, I'Jtl
At the Annual Meeting of the Btockbold
?re for the elf-lion of Directora, held on
January 11, 192!. the following gentlemen
were unanimously elected to a?rv. the ensu?
ing year:
Hamue; O, R?yne, Dennett L. Olli,
Howard Hayne, Klw. u. ft. Oreen,
R?b?rt J. Oa Id well. IV??r M?Donnoll,
William K. Cl*vrley, William E. falne,
Bdward J. Cnrntah. Joseph Weep,
IsOVl* S. V? Vausnsy fharle? C Thompson
Henry C Folger, Henry Whlton.
At a meeting of th* Board of nire'-tor*
ti?M this day the following officers wer?
Una ft frn o wily elected"
ft. (j. I.layitp, I'renl'lenf.
w. K. Ciev*?rUy. vi<? President.
B. !.. Olli, VI?? J-renilent.
?,. M. H? V?<isn?y. V'lc<- i'rejtldent.
C. H. >l?-fie!'i. VUS? ''re*ld?-nt ami ?Vashler.
Donald B*?yn>-. Vi??iTrc*i<l-rBt
O, M. Jittmrti?, AiM>l?t?nt ?"ashler.
?. C. Kilter. Aa^lKtant ?"??hier.
J. D. Smith, Assistant i.'usM-r.
H 1. Dadaon, Assistant ?"ashler.
4. te. Orr. Aa?U?.?fi? Cashier.
Vf. A, B. Ditto, Assistant Caahlei*.
J, M. l'oit s. A??i?ter?t ?"??hier
M. V, Wei***, T?'uat OfrWr,
d K. MAmrt?t.D,
FINANCIAL MEETINGS
PUBLIC NATIONAL BANK
OF NEW YORK
New York. January 13th, 1*?21.
At the annual meeting of the ?hurfiholrt
! er? of thin bdiik helil January II. 1921. tl e
! following wir? elected Director? for tho
! ?niiulni; year :
JOSEPH J. BACH
UMKI.KH If. BALDWIN
JOHN C. EIHELE
ii. r. oomisi-ilmidt
MICHAEL IKH.UMIKK
H'AI.TKK E MKVKIt
IIKNKV !.. MOSES
ALPRED S itOSHIN
KOWAlil) H. IIOTIK HII.I)
JACOB SI'EKHEK
WILLIAM Ii. WALKER
At the regular meeting of the Board of
Directors held this day the following
Officers wi're Unanimously elected :
KDWAKO H. KOTIK 11111,1), President
JOSKI'fl ,1. BACH, VI<--l*r??Hl(l ??
The following were appointed officers:
CHARLE? II. BAM-MLs. CuslUer
: Mil.MAM .1. BROWN, Asst. ("ashler
: MX? B. I'I'I.IJIAN, A?*t. Ciwhler
?AMI KL BEROHON, Aast. Cashier
; BAI.TKK <.. I'KBK.VH. Aast, Cashier
fltVINL LEVY. Aaat.?Cashier
: IKA f* ATKINS, Asst. Cashier
K. SOI THAI.I,. Asst. Cashier
? ABRAHAM S. BERNSTEIN. Asst. Cashlei
CEOHOE J. KLEIN, An?t. Cashier
EOWAKO I,. I.ICUTMAN, Asst. Cashier
' HAKRY I. AltllOW. Aast. Cashier
| CHARLES H. BALDWIN. Cashier.
' Office lnty?~the better kind?secured
thr<"?gh The Tribune's Help Wanted col?
aina* Pbeae BMknM lSSS/~Adv?.
Investment
Information
QicecNon? ?/ general interest to to*
Settors will be answered in this col?
umn, in which case only initiale will
I ?V? used. Others will be answered hy
, moil. Add-ese all inquiries, inclos?
ing m stamped, addressed envelope, ts
Financial Editor. The Tribune, Its
I Nassau Street, New York City.
Investing for His Family
Question?In view of the following cir?
cumstances, would you advise me to stick
to undoubted securities 'Ike Liberty bonds
or to try something paying a higher rate
of Interest? I have a wife and three
children (all grown). I am si*<ty-one years
old, have a good, steady position and with
economy and by Invest Insr all surplus to
yield near 6 per cent, I think I can
have enough In ten years to k?>ep my
wife and myself on our Income ^.(stlil
with efonomy). I wish more than that.
as It It very drsirable that I help my
children (some married). What *1o you
advise? A friend has accumulated about
$100,000 in the last fifteen years in the
Cities Service, Company (on New Tork
Curb) which pays from 5 0 to 15 per cent,
and he stronply recommends that. What
do you think of It? Another frieml want.?
; me to take stock In a bank recently or
] ganizod here (Washington), already pay
\ ln?r about 9 per cent on investment and
i prospects of much larger caminen. Re
! ports show large .earnings and few fail?
ures for banks. What do you think??
J. M. C.
Answer?It must be apparent to you
that the higher the return on securi
; ties of loner term the greater the risk,
as a general rule. It is no doubt true
| that fortunes are not built up by pur
; chasing high-grada securities, but it is
also true that fortune,.-*, large or small,
i are not lost by so doincv. Your prob
| lern is one which, in our opinion, re?
quires conservatism. Your family can
never criticize you for adopting that
policy, and in the meanwhile you will
feel certain that you are not speculat?
ing, with the possibility, or. rather, thu
, probability of losing part, perhaps all,
of your principal at your time of life.
It is true that many securities which
ere speculative gradually enter the in?
vestment class. But no one knows be?
forehand that such will be the case.
The investment market is still far
lower than its average for ten or more
years, and we believe purchasers of
good securities at this urn? will be well
rewarded. If you confine yourself to
stocks and bonds yielding from 6 per
cent to G V? per cent we think you will
be adopting the correct policy. Cities
Service is largely engaged in oil pro?
duction. It has been a good dividend
payer since it entered this business, but
you must know that such a business in?
volves hazards. You are correct about
bank failures. Most bank stocks are
sound investments. You should satisfy
yourself, however, that the people be?
hind the bank you mention are reliable
and competent before, investing in the
stock.
A Varied List, bnt Ragged j
Question?Being a reader of your paper
and having received advice to advantage
once h-fore, I again bog your advice on
the following as to their possibilities from
an Investment-speculative point of view,
Inasmuch as they arc selling much below
their true worth. In view of present
conditions what Is the financial standing
of the following companies and which
one or few would jvju think best : Amer?
ican Hide and Leather, Atlanta, Bir?
mingham A Atlantic, Barnett Leather, At?
lantic Fruit Corporation, Booth Fisheries,
J. I. Case Plow Works. Gaston, Williams
& Wigmore, International Marine, Jones
Bros. Tea, H. R. Malllson, National Con?
duit & Cable, Ohio Body. Parrlsh Bing
ham, Times Square Auto Supply, Utah
Securities, Associated Dry Goods. Austin
Nichols, Bithlehem Motors, Auto Sales,
Callahan Xinc, Columbia Graphophone,
Gray-Davis, Jewel Tea, Keystone, Middle
States Oil, New York Dock, Penn Sea?
board Steel, Santa Cecilia Sugar, Vivaudou.
?H. S. F.
Answer?The stocks you name are?
all speculative, some of them highly
so. At the risk of hurting your feel?
ings, we would like you to realize that
you have not shown much discrimina?
tion in their selection. It would bo
better, we think, if you are not trained
in the vicissitudes of speculation, for
you to confine yourself to investment
bonds and preferred stocks.
What a General Lien Is
Question ? Please inform me when the
following Northern Pacific bonds will be?
come due; Northern Pacific 4 Vis, Northern
Pacific prior lien 4s, Northern Pacific gen?
eral 3s. What does general 3s 7nean? Why
ran the Pennsylvania Railroad stock b?
bought for such ?i low price and still pay
S per cent dividends??N. V.
Answer?Northern Pacific 4% per
cent bonds and the general 3 per cent
bonds are due in 2047. The prior lien
4 per cent bonds are due 1997. The gen?
eral 3 per cent bonds are a general lien
on all the property covered by the prior
Miscellaneous Markets
Public Utility Securities
Reciirltv. Bid. Asked.
Adirondack Power & Eight.*... 11 33
do nf. 70 7R
eAmertcan Eight & Traction... 79 ?5
? do pf. 7-1 75
American Gas A Electric. 01 97
? do pf. 35 HT
American Power <S-. Eicht. 43 46
do pf . 64 6?
American Public Utilities. ? 12
do pf. 18 25
American Water Works. 2 4
do 1st pf. 37 42
do participating pf. 4 7
Carolina P R & L. 29 24
Central States Electric.... 0 8
do pf. *'> 47,
?Cities Service.245 2'Cl
? do pf. 65 65V4
? do bankers', shares. 29'-', 3014
do 7 p c deb, series C. 90 92
do 7 p c deb Scries D. 81 86
? do pf B. 6M 6%
Colorado Power . 9 12
do pf . 77? 83
Commonwealth P R & ). 13 If.
do pf . 31 36
Electric Bond & Share pf. 78 81
Empire Dist Elec pf. 60 70
Empire G & F Co 1st coll fis, '28.. 91 95
do 6 p c conv notes. 1924,... 84 86
? do 8 p c pf stock. 84 86
Federal Light & Traction.. ..6 0
do pf . 42 47
Gas & Electric Sec.2<*0 300
do pf . 75 85
Northern States Power. 7,4 3*
do pf. 77 SI
Republic Ry & Eight Co. 5 V6 1
do pf.18 2*>,
Southern California Edison ... 85 s?
do pf. 93 96
Standard Gas & Elec. Ill 14
do pf . 34 37
Tennessee Ry, Et & Power. 1 1
do pf. 3 Vi I
United Eight & Railways. 22 2S
do 1st pf. 55 *?
Western Power . 19 22
do new pf. 60 S3
?Ex dividend.
Miscellaneo"? Stocks #
Bid Asked
?Am [J?h. 10
in pf . :;o 6?
148
87
200
I-A
Am MfK...144
do pf... 83
Am M & F180
A in Td pf 3
Am Typ 1" 88
A D T N J 15
AtlasI'wC. 43
11 B * Kip. 80
do 2d pf. R5
Bor C M.. 94
Hush T pf 60
Celluloid...139
Chi Co .. . 78
do pf . . 88
?City Inva 57!,?
Crk W pf. ?
?Ex dividend
43
97
70
140
81
91
65
90
D E
Draper C.128
Int SU -?{ ?S
Lima E pf 36
Ntl C**kt...ir>?
?N J 'A lc.150
N Co st pf . 95
Phelps D HO
P & W pf. 90
Ry Bkg P105
do pf . . '.8
S C E H. ?0
?SgMtnew 90
SW.RyMJfcP 35
6toll S pf. 9 4
S D W pf. 92
Valvol pf.. 95
W * B. . . 92
Yale & T..255
Bid Asked
W.100 103
955
K?
11?
1-6
18?
95
no
81
6?
95
48
08
Sugar Stock?
Car Sus.., 35
Cent Hug.. 6
do pf... ?
C Agulrre. 70
Fjrdo new 80
Godch'x 8 ?
Grt West..230
?Ex dividend.
Did Asked
35 46
Bid Asked
<*,rt W pf.100 lit)
Mai-Am.. 2t 86
?do pC. 1? 10?
Mehg _ 8 ?
?National..121 126
NINiqueo 270 290
Savtutnah. ? 35
do pf... 45 50
Chemical Stocks
Bid
Asked' Eld
:t0 'Hook Elc. 7.5
52 ' do pf... 56
S9 !Ky Solvay ?
4i> Merrimac. 73
? Moc Co pf 30
'.Mulfil Co 47.
'Sulv Pn? ISO
Am Cyan .?
do pf... ??
By-Prod.. 84
I Cas? in Co. 30
Dow Ch. . ?
Du l'ont. ... :
C'ruHClll ..130
do pf... 9 2 99 !
Steel and Ordnance Stocks
200
9
135
Bid Asked
Am Brs'8..177 1*7 East ?tee!
Atlas Pw 125 132 Em S & 1. 35
Hab .<? W.106 i??'* ' do pf.. . 77.
Curb Steel ? 40 ?Here Pw.180
do 1st pf 8? 90 do pf... 93
d? 2d pf -- 45 Peov Mfg.300
Colt A ... 40 4:1 Thorn lion 30
Du Pom ..17.7 165 Wn Cor ..2:>0
do pf... 76 78 Woo?.!ward 45
?Ex ?lvldend.
insurance C ..nipanies
nid Ask:"'
Bid Aske;
Am AUnce .270
City of N Y.130
Comwlth ...260
Contntl . ... 62
Fid & Phoe.430
Franklin .. . ?0
Glob? <fc IM eon
230 Great Am .
210 ili.ti.jver . . .
326 Home ....
OS > ;.i Liberty. 170
515 Niagara . ..125
91? Sluj venant.. 5*
705
New Tork Bank Stocks
? 'i 5
32
Bid .
America. . .19 0
Atlantic . . .210
Am Exch ? ? 247?
Battery . ... 1 ?17?
Bowery .... 475
Bway Cent. 126
Bryant l'k. .150
Bronx Nut.
Butch & I)
Cen M rent! .195
("has-::."30
Chat & Ph..245
Chclrea Ex.140
Chomlcul . .620
City.304
t.'?ul St Iron.320
Colonial ...360
Columbia . .150
Commerce .215
Cinnwltl, ...215
Corn Exch. .275
Cam pi l n .110
Cuba.126
Etst River...170
First Nat . . 'J 10
Fifth Ave.. HIO
Foriui; il T ? ?
Gartleld . . .220
sited
200
2 20
255
17o
4 50
I CO
235
.730
.34 5
63 0
30S
230
16?
220
-927,
925
Gotham ,.
Greenwich
Hanover .
H arriman
Imp i-, Trd
Industrial .. ISO
Irving Nat. 195
Liberty . ... 365
lAlnhun Co.. 7uo
|Mech &. Met296
Mtrpltn . . ..^40
Mutual . . . 430
Nat Amu. ..160
New Nthrld 160
N Y County. 136
N y N B A. 470
raclftc .270
Park.425
I'ubllc.27,0
.'-?aboard . 676
Second.4 50
f?late.200
2:M Ward . ..200
I'ntd SiHtes.liO
Union Ex... 160
Wshir Ills
rorlivlljy
Bid Asked
.HiO 20t
355
6 26
190
205
385
210
205
260
.326
230
Tobacco Stock?
Bid Asked. |
! O W llmeMB
do pf... 88
J H i- onus 37
do pr.. 85
Mao A AF.105
93
105
9 0
111
Bid.
P It-T T... X8
linlv Loaf.M?
Wemy B..150
do pf... ?3
Titist and Surety Companies
Alliance ... 76
An. Surety.. 65
Bankers . . .335
Bond St MIK200
UlUyn T Co476
Cent Union. 320
! Columbia . .290
i Comrcl .... 140
Eu. uUable . .282
! Emplis T. . . JOO
: FrmrsE St. T330
; Fidelity . . .206
i Fulton .870
I Guaranty . .315
Hamilton. . .?
Hu.lson T
Kl
485
330
160
21E
.230
.250
.. 70
.105
K I Ol?? Co.
EuVr M tu
Lawyers
1?5
1.30
110
116
Lincoln Ti
?Mfrs . , . .
".trcntl . .
MtrOBltn .
MtK Bond
M u T W .
Ntl Surety.. ISO
N V L St Tr.600
T G & ?.,, ,300
N T Title ..no
N y Trust.. .636
J soples .... ^7?
Hi' . ty Asso. 36
3201'ritle (?oar . 305
? i i.'ii States ,310
170 C (i M <? T..376
tHiflll! H T Guar. 75
120Wstchslr ...140
IIS'W * B t. M.150
.Honda
Hid Asked
1j5 161.
2?5
210
210
105
215
816
86
lit
Appalachian 1 ?t &s.
Cincinnati Uaa * Elec. As, ; 9 ; ?
Cal Uaa 4k Kl? o la, ll?i.
BIO Asbed
61 II
12 I?
, 71 11
El Paso Elec fo! os. 7$ 81
Dallas Klee 6s, 1?23. 9?% ?
a? 7s. mi . **? !??
MMw Ftl".M?s 1st 5s. tS *?
Mississippi River Power ist 6s.. 7? 77%
North Ont Lt A Pwr 6s. 8? ??
Northern States Pw fis 192?. 79 12
Standard Oil Companies
Bid. Asked.
An-rlo-Amn Oil Co. Ltd. IP Mi 20
Atlantic Tteflnlng Company... 1 (?2 5 1075
do pf . I"7 in!*
Borne-Scryms?r Co. 399 410
Buckeye Pipe Line . 85 88
Chesebrough Mfg Co con_ 175 190
el?, pf . 102 106
Continental Oil Co. 112 117
Crescent Pipe Line Co . 30 34
Cumberland Pipe I-lne Co. 125 133
Eureka Pipe Line Co. 97 100
Galena-Signal Oil Co pf, new. 94 99
do pf. old . 93 98
do common. 4!) 51
lUinois Pipe Line Co_P. 165 170
Indiana Pipe T-ine Co. 85 89
In'l Petroleum Co.- Ltd. 18% 17*4
National Transit Co. 28 30
New York Transit Co. 180 1S5
Northern Pipe Line Co. 96 109
Ohio Oil Co_. 285 290
Penn Mex Fuel Co. 35 38
Prairie Oil & Gas Co. 470 480
Prairie Pip? Line Co. 197 202
Solar Refining Co. 375 385
Southern Pipe Line Co. 112 115
South Penn Oil Co. 243 255
Southwest Penn- Pipe Lines. . . 70 74
Standard Oil Co, of California. 313 317
do of Indiana, $25 par. 72% 72%
do of Kansas. 575 600
do of Kentuekvf. . . %. 415 439
do of Nebraska. 390 410
do of New Jsrsey, $25 par./ 165 170
do pf. 108 110
do of New York. 347 350
do of Ohio. 390 400
do pf. 107 110
Swan- & F.nch Co. 35 50
Union Tank Car Co. 113 117
do pf. 96 99
Vacuum Oil Co. 295 305
Washington Oil Co. 30 36
Miscellaneous Oil Companies
Atlantic Lobos Oil Co. 24 28
do pf.,. 70 90
I Cosden K- Co. *6 6*4
! Ell? Basin Cons Pet Co. S% 8 Va
Imperial Oll, Ltd. 95 58
Magnolia Petroleum Co. 140 100
MTrlit Oil Corporation. 12 12%
.\!idwest Refining Co. 140 14J
Mountain Producers . 9 V? 0 "^
Northwest Oil Co . 20 25
Producers ,t Refiners Corp... 6 5*4
?Salt Creek Producers, new.. 10% 11%
Sapulpa Refining Co. 5 6 >'
Western States Oil & Land Co.. ?4 Vi
?Ex dividend.
New York City Bonds
Form. Rate, Maturity. Bid. Ask. Tleld
Inter 4'/as, 1967. 93 93% 4.8:
do 4 %s, 1965. 93 93 % 4.8:
do 4%8, 1963. 93 93% 4.81
do 4%s, 1957. 93 03% 4.81
do 4%8, 1966. 87% K8% 4.81
do 4%8, 1964. 87% 88% 4.8'
du 4%S, 1962. ?7% 88% %8:
do 4 Vis, 1960. 87% 88% 4T9i
do 4 Us, I960 op 1930.. 87% *R% 4.9?
do 4s, 1959. 84 85 4.8?
do 4s, 1958. 84 83 4.8
do 4s, 1957. 84 85 4.8
Reg 4s, 1955-1956. 83% 86 4.9
do -Is. 1936. 87% 89% 4.9
lnt,-r ::ijs, 1954. 75 Va 77 4.9
Coup 3%s, 1954. 76 Vi 77 4.9
Reg 3%s, 1950-1954 inc.. 75% 77 4.9
do 3%s, 1910-1950 Inc.. 5.25 5.00
Reg an;! coup (serial)
I 4%s, 1021-1930 inc. 6.SO 5.10 -
; do 4'js, 1921-1932 inc.. 6.80 5.10 -,
do 4%s, 1921-1931 Inc.. 6.SO 5.10 -??
New York State Bonds
Issued In coupon and registered forrr
not Interchangeable. Coupon bonds regls
terable.
Canal Imp 4'<.s, 1964.100 102% 4.3
Highway . up 4 Vis. 1963..100 102% 4.3
Canal Imi 4?ts. 1965. 95% 98 4.3
Highway Imp 4 Vis, 1965.. 95 V*3 98 4.3
Barge Canal Ter 4%s, 1945 95% 98 4.3
Highway Imp 4s, 1967.... 90 92% 4.4
Canal Imp 4s. 1967. 90 92% 4.4
H in h Imp 4s, 1960--62 Inc. 90 92% 4.H
do ,4s, 1958. 90 92% 4.4
! Canal Imp 4s. 1960-'62 Inc 90 92% 4.-I
I Palisades 1 S Park Is. '61. 90 92% 4.-I
I Barge Can Ter 4s. 1942-'46 90 - ?
? Federal and Joint Stock Land Ban
Bonds
Federal Farm Loan 5s,
1938-15:.':: . 96 97 5.!
Federal Farm Loan 4 Vis
1939-1921 . 88% 90 6.:
Federal Farm Loan 4%s
1938-1923 . 88% 90 6.:
Federal Farm Loan 4%s
1937-1922 . 88% SO 5.
Joint Stock Land Bank
6s, 1939-192-1 . 86 88 t.<
! Joint Stock Land Ban*
6s. 1938-1923 . 86 18 ?.
Short Term Securities
Security, Rate, Hue. Bid. Ask. Tlel
Am Cotton "il ',s, 1924. . . R ; 91 10.?
Am Chicle 6s, 1921-1922.. 91 9 ; Vi ?
do 6s, 1923-1925. 80 95 .7.'
do 6s, 1926-1927. ?0 90 7.1
Am Tel A.- Tel 6s, 1922.. 96% 97 7.
do 6s. 1924. 94% 94% 7.
Am Thread 6s, 1928. 93 55 6.:
Am Tobacco 7s. 1921.100 100% 6.
do 7s, 1922.100 lOOUj 6.
do 7s, 1923. 99% 100% 6,
Anaconda Copper 6s. 1929 S6 87 8.
do 7s, 1929. 93% 94% 8.
Anglo-Am Oil 7%s. 1925.100'.,, 100% 7.
Armour & Co con 7s, 1920 97% 98% 7.
Bethlehem Steel 7s, 1922. 97% 98% 8.
do 7s, 1923. 96% 97 8
Canadian Pac 6s, 1924... 94% 95 7.
Cen Argentine Ry 6s. 1927 80 83 9.
C It I .* Pac Ry 6s. 19 22. 95 97 9.:
Con <;?m or N Y fis. 191M. 93% 99% 8.
Cudahy Pack Co 7s. 1923. 95 97 8..
. b".ral Sug Kef 6s. 1.1 ?? 4. 88 92 ?.
' It 5' nnodrlch con 7s 1925 89 90 9.
Gulf Oil 6s. 1921. 98',i 99 8.'
do (is, 1929. 96 B7,% 7.
do 6s. 1923. 9..% 97/ 7.
1 Hocking Val RR ?s. 1924 91% 93 9.
1 Interboro R T con 7s. '21. 67% 69
1 Kan City Tor Ry 6s, 1933 94 96 7.
i Kenneciitt Copper 7s, 1930 93 94% 7.
Lac O I. 1st *? ref 7u. '2D 87 89?, K.
Liggett A M Tob 6s, 1921. 98% 99% 0.
I'hllii Co 6s. 1922. 94% 96 111.
I'enna Co 4'?s. 1921. 98% 99% 6.
Pine *. Cambie 7s. 1921..100 100% 6.
do 7s, 1922. 99% 100 Vi 6.
do 7(i. 1923.100 100% 6.
P S c of N -I con 7s, 1922 84% 8?
R J Reynolds 6s, T922... 98 98% 7.
Bears ?oobuck 7s, I?21... 9R% 98% 8.
do 7h, 1922. 9? 96 V? R.
rlo 7s, 1923. 96 86% 8.
Sin- liiii Con ?HI 7V4n, 1925 89''- 90 10.
Solvuy 8h. 1927.101 102 7.
Southern Ry 6s. 1922.... 96% 96% h.
Southwest Hell Tel 7s, *36. 94% 95% 8.
Stand Oil (Calif) 7?, 1081.101% 101% 6.
do of N Y 7?. 1926-1931.100% 103% ?
St I* l'n Do Kiinr 5 Via, '23 94% 96 7.
Hwlt't 6s, 1921. 98% 99% 7.
do 7s, 1928. 1)5% ?6% 8.
Th" Texas <'o 7s, 1928.. 99% 90% 7.
Cl'ih HreurltloM 6s. 1922.. H4 97 ?
West Blec cottj7s 1936_10? J.U0 % ?.
lien 4 p?r cent bonds and are prior to
the 4s/. per cent issue. Pennsylvania
Railroad stock pays 6 per cent, not 3
per cent. The par value is $50 a share,
so that the dividend is $3 a share per
annum. The stock does not sell at such
a low price compared with Northern !
Pacific and Great Northern. Northern
Pacific, selling for about $S3 a share?,
and paying 7 per cent, yields about 8.43 ?
per cent, Great Northern, selling for !
about $76 a share and paying 7# per
cent, yields over 9 per cent. Pennsyl?
vania selling for about $4t a share, and
paying $3, yields about 7.30 per cent, ?
the same as Atchison.
Loew's Stock Speculative
Question?What do you think of Loew's
Inc. at 17 or 18 a share? Is the Invest?
ment safe??W. A. M.
Answer?The stock of Loew's, Inc.,
like most other common stocks, is too
sensitive to earnings, market influences
and other conditions to be considered
as a safe investment, in our opinion.
______ ^
American Chain Stocks
Question?As I have been a steady reader
of your paper, would be a littl? advice
Have about $2,500 to Invest in high class
bonds or, preferred stocks. Do you con?
sider American Chain first preferred 10
per cent a safe lrrvcftment, also American
Car and Foundry rreferred? I want as
high a yield with safety as I can get.?
i E. W. U.
Answer--American Chain Company
has four classes of stocks: $3,941,200 7
per cent preferred, $2,000.000 Class A,
$1,000,000 Class B and 100,000 shares
common. After 7 per cent, on the pre?
ferred the Class| A and 13 stocks re
j ceive 7 per cent cumulative and 3 per
| cent cumulative if earned. According
I to latest earnings, the Class A and K
i stocks are entitled to good ratings.
The preferred stock is, of course, en
titlecf to a higher rating. American
Car and Foundry preferred is -very
high grade. Others are United States
Steel 7 per. cent preferred, Standard
Oil of New Jersey 7 por cent preferred,
American Tob?ceo '? per cent prc
j ferrod and National Biscuit 7 per cent
preferred. These issues yield from 6Vi
per cent to 6% per cent.
"Guaranteeing" Against Speculator's
Loss
Question?I am advised by a Wall
Street banker to purchase 100 shares of
Invincible Oil common stock, now selling
at approximately 22. Although I have
been verbally (tuaranteed against any losa.
I would like to have your opinion of this
stock before lt Is purchased. Is It a
business man's Investment or Is It. a pure
speculation? Are they earning dividends
and If so ut what rate? What Is the par
value of the stock? What Is the highest
Answer?We doubt if any one can or
will guarantee you, orally or other?
wise, against a loss in a speculative
oil stock like Invincible. To begin with,
it would not be sportsmanlike on your
part to accept the guaranty, and if the
guarantor meant what he said he
would buy the stock himself and take
the chance of gain along with his risk
of loss. Par value of the stock is $50.
It is not paying dividends. It has
fluctuated between 113 and 47"4- The
issue may have merits, but we do not
advise about speculative matters.
Four full columns of in?
vestment question* and an*
steers are published in The
Tribune every Sunday.
Improvement in Lamber
Dealers Drying More Freely,
Says Market Review
ST. LOUIS, Jan. 16.?Improvement In
the lumber trade is recorded by Lum?
ber, which in its issue to-rrforrow will
?ay:
"Dealer3 in the smaller centers in
the Central states, including: many line
yard concerns, are buying more freely
than at any time since last August.
? The conviction is growing that prices
| will not reach materially lower levels,
and a fair retail demand, due to the
j splendid weather during the last two
? weeks, has evidently stimulated buying
, for spring needs and to build up de?
pleted stocks against current demand.
Some improvement, too, is reported
! from Eastern points. Prices are stead?
ier in New York and there is more
j buying.
"Thus far the increased buying is
principally in yellow pine, with a
slightly increased volume of Douglas
fir sales."
37 Chinese Banks Join Loan
PEKING, Jan. 16.?An important
precedent was established yesterday by
the signing of a 6,000,000-yen loan by
a group of thirty-seven Chinese banks
with the Ministry of Communication
for the purchase of cars and locomo?
tives for the four principal railways.
This was the, first time that there
had been such concerted support by
native banker:i of the governmental
constructive efforts. The bankers re?
gard the experiment as foreshadowing
further activities, which it is hoped
may operate materially to reform the
government's financial policy and de?
velop industry.
The movement, it is said, is con?
sidered as putting the government on
probation.
-?
Mexican Cabinet for Return j
Of Railroads to Their Owners
| MEXICO CITY, Jan. -IG.?A step
I toward the contemplated return of the
Mexican Railways from government
I control to private ownership has been
I taken by the Cabinet. At a conference
of the Cabinet with President Obregon
it was ordered that a commission be
appointed to investigate every phase of
the railway problem.
It was said to-d^y that all the mem?
bers of the Cabinet, as well as Presi?
dent Obregon, were agreed that the
railways should be returned. Neverthe?
less it was desired that all details
should be worked out before devolution
is started.
Carpentrr Named Treasurer
I Of Du P?nt de Nemours & Co.
Special Dispatch to The Tribune
WILMINGTON, Jan. 16.?Walter S.
? Carpenter jr. has been named treas?
urer of E. I. du Pont de Nemours & Co.
For two years he has been a vice-presi
I dent and director of the corporation
in charge of its development depart?
ment. He succeeds F. Donaldson
! Brown, who has become connected with
I the General Motors Company.
Mr. Carpenter is thirty-three years
old and has been identified with the
du Pont Company for about twelve
I years. He is a Cornell man.
The Week's Curb Market
Industrials
Net
Sales. High. Low. Last, chge,
i oo ?Aetna Expl.. 9 !
4000 ?Acme t'oal... !
2100 ?Allied Pack.. 10
100vA!um Mfg pf 21 :
290 ?Am Haw S S. 32
200 ?Ain Ref. 1
600 ?Am W Paper. 6
1400 Autom F S. .. 67'
('?00 ?Br-Am Chem 1
1000 *Br-A Tob cou 13
ti-iii ?do reg.
500 ?Bklyn C RR.
2100 ?Car L & P. ..
135 ?Carbon Steel.
3600 ?Chic Nipple. . 7 %
850 Conley Tin I*.. 12%
4200 ?Chalmers rts ! %
200 ?Cotlt Motorn. S
4200 ?Dura nt Mot
1700 13mp T & S. . 18"
900 ?Km I-' .V- C pf 80
Kim ?Farrell Coal.. 20
500 Federal Tel . .. 5<
500 ?Garland S S.. 1
100 ?"Gillette H R 132
85 Goodyear Tire. 2.ri 25 ::."?
24,', do pf. 51 45% 4? ? 5
i;on ?nuil Signal.. 3 2", ::%? %
3400 ?Havana Tob.. 2% 1% 2%-f %
000 ?do pf. S 6% 7% 4- 1 %
300 ?Here Papel*.. 12% 10% 12%-t- 1%
4700 Hevden Chem 3% 2% 3%4- %
?mo ?if of GB&l.. 8 8% 1? 4- %
2800 Ind Packing... 4% 3% 4V14- %
700 Int Cultl pf... 7 O's 7 ??- %
2000*Int Con Rub. i'.i 71-^ 7%? 1
4000 ?Kav Co ''?-is.. | ?'., 1 % I %? %
185 *Leh Val Coal. 60 01 60 -I- 6
J600*Locom (ni.. :; % 3 :i>i,? %
2900 ?Max Chai A- 62 .":> r,:i ? 1
7600 do B. !!> 15 17 -f 1
15500 ?Meteor Mot. 22% 21% 22
1800 ?Mercer Mot .
1500 ?McClure's M.
loo N Y Shlpbldg
i-*.-? on n a r & r..
?.?Ulli I' S C&R S Co
2500 do pfef.
6200 p.erfec T * R
8C0 ?Peerless Mot 28 20 28 -
1500 Philip Morris. I! 5 6 ?
1200 Pigglv W St. 16% 16% 15% ?
800 Pyreno Mfg.. . 3% 9 % 9 >,<, -'
100 Print;-. Ried. . 23 2:: 23 ?
? 22200 ?Radio (.'o. . . . 2 1% 1 %?
6900 ?do prof.... 2% 2% 2% ?
1900 ?Rock R M.. 8 4% 7 -4
100 ?Root A- Van IS 18 IS ?
2300 ?Ri-pub Hub.. 1% 1% 1 % ?
1250 'It do F T II 5% 5 5% +
1700 ?Stand Mot... 9% 8% ?8% ?
10000 ?Sw Co of A. 2% 2% 2%?
BOSwift & Co. ..m?; in.; too
1000 *Tenn Rwy.. . 1% 1% 1% ?
700 *Tob Prod l?x 8% S 8% ?
3700 ?Triangle 1'.. ,*, ,Tt y. ?
700 ?Un Carbide.. 52% 51% 62%-f
8200 111 Profit Sh. 1 % 1% i % ?
100 *U S Olstrib. 34 34 34 ?
5900 *U S R St Can 8 % 8 81' ?
32800 1' S Ship Cor 1% t% 1 %+
45100 r s Steamship 1% 1 i % ??
2011 ?IT s Truck. .17 17 17
300 Wavne Coal.. 2% 2% 2% ?
100 "Win Dsvies.. 33% 33% .",;:?:, ?
Standard Oil Subsidiaries
5600 Anglo-Am Oi!. 21% 19% 19%? %
800 Ohio Oil .283 280 283 ?2
10 Prairie P L...200 200 200 ??
8480 S O of Ind n. 74 71'? 72%-f |i;
178 S O of N V...360 343 348
30 So. Penn Oil. .255 250 260 ? 9
20 vetuum o?i ...'loo ::is 20s 4- ?
Other Oil Stocks
600 ?All'-n Oil ... 1% IV' 1%-f- %
100 ?Ark Nat Gas. 9 0 9 -
| 120000 ?Allied Oil .. 17 16 17 4- 1
' 2000 ?Atlan Gulf O 4 :; *-, a%? %
212Q0 ?Boone Oil ... 2% 1 '?? 2 %-4- >i
I 17000 ?Bosl -Wyo O. % % % ? %
19000 ?Carlb Synd., 9% 8% 8%? !
I 240 Carlb Trading. |0 38 :;<i _ i
I 2800 ?Cif S !', T Sh 30% 29% 29% - '?
16600 ?Col Kmerald. 4 <,', 3 3%? %
? H700 ?Cushing Pet . -'s -r'- %
! 8700 ?Denny Oil ..1 ?% %? %
900 ?Duquesne Oil 3% 2% 3%
! 4100 ?101k Ilnsin P. 8V, 8% 8%
! 8000 Engineers Pet. 1 .'? 1 1 .'.,
12500 Federal Oil .. 2% 2 2%
; 9100 Frnslnnd Oil.. 14% 13 14%4- 1'4
2500 ?Gienrock Oil. 2% 2 2%
300 ?Ornnnda <>il. 6 6 6 4- %
700 ?Guff-Oil OH.. 27 35% 26%
22500 ?Hudson OH.. ft -".i V> ?
14000 ?[nt Pet . 17% 16% 17 ? %
2900 ?Livingston P. 3 ?? 3 3%-J- %
1900 M irn.i. oil ... :'.*? 2% " ? %
1 l I???) v ?racalbo Oil. 16 14 14%4- '??
1200 ?Mar O of Del 31 29 29 '??? -
'.MUD ?Merrill O C.. 13 12 1." ?% -(- %
T~00*Mex Eagle .. 26% 23 21% - %
(5000 Mexico Oil .... ! % 1 ;-j i ">i -- -
1000 Mex Pan Oil.. 5 4 5 ???
20.10 ?Midwest Ref.145 140 Ml ? 4
25300 ?Mldw Tex Oil \ !i %-I- W
3300 ?Mountain Pr. 9% 8% 9%+ !4
4400 Mid Columbia 0 6% 6 -
20700 Noble O & G. 1* U % -
3300 Nor Am Oil ... 3 Vi 2 3 >4 ? '?
8000 Omnr O&G n.. 2% 2% 2%-)- %
2900 ?Pennok Oil... 6% 5% 6"^ '.- 1
6400 ?Prod &. It?f.. 6% 5% '.'??'S,? %
2600 ?Rod R O & Q % % %
500 ?Rlckard Tex. % 'a %
3200 ?Ryan Con wl 14% 12 14 -I- 2
3600 ?Salt I'll C n. 11% 10 11%+ 1%
1400?Sapulpo Ref.. 6% 5 r, ??
3300 ?Settled Prod. 2 % 2 2 % 4~ 14
14600 ?Slmms Pet.. 8% 7% 7%? %
200 ?Spencer Pet,'. !'% 8% 8%4- %
6700 ?Skelly Oil.... 8% 8 8%? %
10700 ?Stnnton Oil... 6 6 5
B0400 Texon (> ?k I-. % U %
3000 ?Tex c Oil rts. % >m '?,-?
3000 ?rn Tex Pet.. v* 'S ,V
6700 ?Victoria OIL. ] % \
200 ?Vulcnn Oil... % % %? U
4200 ?Woodburn Oil 2 1 ?i 1 %-I- %
Mining Slocks
21600 Alnaka-ll C M l/, .?, ?? JL
200 ?Alv M & M. ni? 11 11%
6200 Arl7. Globe C, % Jt, %
17(100 ?t Atlanta _ 2 I % :' a. i,
2000 ?Alias Gold.. IS IS IH
89800 fBsloher Dlv. & :i ? I- is?
1%
12 4- 2
4 Vi
.\>t
.Gales. High. Low. East. ohge.
25650 ?tBcIcher Ext 5 2 6 + I V?
4200 Pit-- Ledge C. r* % '% -
13200 *fEooth . 4 3 3%-f- %
303000 tBoa & Mont 49 38 49 -,-19
2130?* ?tCalcdonia M 10 14 16 + 1
1000 ?Cal S- Jer... ft A -ft? "i
54950 *fCandelaria S 24 16 23 -t- 6
33000 ??Cashboy ... 7 r, 7 -f- 2*4
625 Con Vlr Silv. ? 3% 4 4- %
40100 ?tCortez Silv. 07 6,! 67 -f- 1
!3S00*tDiv Ext_ 31 27 30 -f 2%
10200 El Salvador.. % % TT,? rs
17800 Emma .silver. 4 2% 4 + 1
92000 ?fEureka C M 49 '
15900 'Eureka Holly 1 %
20200 ?tElorence O. 19 :
'jnoo ?Forty-nine M %
158959 ?tGnld Z D. 24 % :
17000 ?fGoldfleld Con 8
17.'IOii ?fGoldfleld Dev 2
7500 ?tGoldfleld Mer 1
2000 *Great Mend. %
25200 ?tHarmlll M. 20
5780 liecia Mln. . . 4%
11900 'Henrietta Sil 3
7'" rion-Am Syn. ij'i
600 How,.' Sound.. 3
2700 "Iron Blossom -?g
19600 ?fJir.i Butler. IS
24300 f.Turnbo Ext.. 6
900 Korr Lake_ ",
19400 ?tKewanas ... 3
l V7.ui ?'Knox Divide 10
16000 ? Cone Star. . . 5'-a
1800 Louisiana Con %
154 000 ?tMiicN Cres. 16
8500 ??-IvIaeNam *>!.. IS '..j
2200 Magma Cop... 21
71700 ?tMarsh Mng. 8%
7oni) tMcKinlcy-D.. 30
3820 ?Motherlode n 5%
7" 00 ?New Arcadia 3 %
4 i on N'ipissing M.. . S 'i
1 177.1. Ophir Silv M.. *?
7 100 ! rince Con . ... ?
300? Ray Verde C. 1
19000 fRex Consol . . ?
1000 St Croix C M. %
12800 fSilver K Div. 2
.'7100 ?tSirrer Pick., il
1 IfiOO ?So A (1 ,v P.. 6a',
2300 Stand Sil-E. .. A
1900 ?tSuccess M... 3
15200 ?tSutherlandD l '-.
2600 ?Talopoosa S.. %
2885 ?Tonopah De). 9,",
IL'747. Tonopah Dlv. . l %
3490 Tonopah Est. 1%
2741 ?Tonopah Min ! %
; 1250 l"n Eastern . .. 2 Vi
17000 ?il' s C.nt M. S
?00 Unity Gold M. 714
23100 fVIetory Dlv. . 5
16000 West End Con 1,*?
29300 tWhite Cap M 9
11700 (-White Cap B. 1
20:. fWilhert Cop.. 3
100 ?Yukon G Al. I %
Bonda
150 ?AIM Packers 6s 58%
20 ?Aluminum 7s. . !'7
7 ?Am I, & T. 90
?o; *,\m T & T 1922 96%
102 ?do 1924 . 95
" ?Anaconda 6s . . 86 %
179 ?do 7s . 94 V' 92 V4 94
207 'Armour 7s vv i. ';A 97% 97%4
i05*Ang-A 7a w ?..100% too inn:.-,..
250 ?P.eth '-M Ta '35. 96% 94% 96*4, -*
25 ?Brazil i. .v T.. K7 87?? 87%.
18 ?Can N R 7s '33.101"-; 101 Vi i?lvi4
37.7, ?c de Pasco Ss,.104% 102 102%4
50 ?t* o? Bergen 8s. 98 ?fl 91 -i
S97, ?l'on Cas 8s.... 99*? 99% 99%-4
25 ?Con Text 7%s. 98 96% 90 ',-> ?
620 ?Denmark Sa ...loo n:> *,. 99%-f.
56 ?Diam Mtch 7s.102% 100% 102% +
1 25 *Duquenne Et Os 90 V4
25 ?Km C,,"-'- >!a '24 85
4 7, ?do (.s 11926. . . 94'i
450 Grd Trunk 6 Vis. 97'i
7 l ?Oalenn s r> 7s. 9'<%
9 1 ?Ooodrich 7s w I 90
49 ?Gov of Swed 6s 84
50 ? II, In:: 7s 1930..
62 * im R Trrin 7s.
39 ?Virginia Chem.
i:i ?Kennecol ! C 7s
40 ?Eacledc C.as 7y.
2 ?Mex 1 4 i-a '43.
13 ?Morris&Co 7 'j.i 98%
100 *x\v Bell Tel -7s 07 '*
77 ?Nat Leather 8s.l00
56 ?N Y N II&H 4s 70
160 ?Norway Ss.100%
25 ?Ohio C G 1921.. 98%
1% +
96"
86% -I
2%
%
97. %
8 8 V-2
?Ht
94
1%
%
5 ?,lo 1925
s ?Pan-Ain Pet 7s 93
190 ?Seaboard Al. 6s 54%
99 ?Senrs-R 7s ! -y.. 99
213 ?do 7s 2-yr. . . Vf'*
100 ?do 7.s 3-yr. . . 96%
~7 do scrip. 95
585 ?Sinclair 7 '-.s. '., 90%
61 ?Solv?y & C 73..102 100% 102 -f 1%
7, So Rwav 0s. 96Vi 96% 96 V,
27 ?S,. W tel 7%S.. 96 94 94% r
?43 ?S ?) Calif 7s...101% 100% 101%-i
,r,U ?do N Y 7s. 25.101% 100% 101 -i
:;7 ?do N Y 1926.100?' I00?4 100*jg-J
51 ?du N Y 1927.101', 100% 101 -
38 ?do N Y 1928.101% 100% 10194-4
:' ?do N Y 1929.101 % 100% ?oi %-U
II ?.lu N Y 1930.102% 100% 102 4
53 *?lo N Y 1931.103% 102% 103',j+ 1%
120 ?Steel Tub?* 7s.. D5% 95 95
59 ?Swift 7%s 1925. 96 96% "
SI 'Swiss il,iv 5'hh. 86% H:'1?
131 ?Texas < 'o 7s n.'. 99% 99
35 ?Cn Tank E 7s..101 Vf, Iftl
38 ?West Mico 7a...100% 99%
ir, ?West Va 3%s.. 81% Si '??
(ierman Internal Bonds
(Quoted in dollars per 1.000 marks)
17.", Dorlin 4m.
10 Dr? sden 4s. 13
10 l'*iitii'h r,s Prem 53
%
% '
%
%
% '
.lo 4fl.
4 0
100 ("Itr Berlin 4s...
. 11 imburg 4 ?^s..
!>0 Mannheim 4h. . .
BO Munich 5 %n.. . .
(11 I Vl.'iiua 4*.
too do IVsjH.
?fnlliited. 'Sells cent?
0r<^m-- \*s -./.?; ??
~_
An. Investment
Message
This is our eighth effort to get a message to
everybody who is so fortunate as to have ready
money to invest at this time. This particular letter
is to correct the impression that the bargains in
investment, securities have all been snapped up.
When we have talked about "Investment Securi?
ties" we have meant strictly underlying securities,
such as bonds and preferred stocks, or their
equivalent. While we do not hold that there are
no common stocks which may be classed as invest?
ment securities, nevertheless in this campaign we
recommend only underlying securities.
"Perhaps never again will there be auch
bargains in investment securities as the
market now offers, and so we say to all,
and this means you, scrape together all
tjie money you can without borrowing and
buy investment securities?and buy them
now.*"
The financial pages of our papers devote most
of their space to speculative securities?and for a
good reason. Investment securities furnish little
news. In normal times fluctuations in market
value are small. A true investment security is not
one on which you have to stand over a stock ticker
and watch quotations ; nor do you have to watch
the daily reports on the financial pages of your
newspaper. A true investment security is one
you can lock up and forget until some day when
it is convenient for you to sit down and discuss
with your investment adviser whether there has
been any change in general or specific conditions
which would make a shifting of your investment
advisable.
Now, on the other hand, the more speculative
a certain security may be the more news it is apt
to furnish. Newspaper headlines have bristled
with news since we started this campaign of the
rapid advance in this or that security?all of
them, of course, speculative in character. This
apparently has given many people a notion that
they have already lost their chance to get invest?
ment bargains. Such is not the case. None of
the true investment securities have advanced in
market value to where they are no longer bar?
gains. Some may have moved up, however, to
where they are no longer the best bargains. Some
of them have hardly moved up at all. There are
still plenty of bargains to be had. Don't let news?
paper reports relating only to speculative securi?
ties shape your investment thought. The spec?
tacular advancing market we are now experienc?
ing in speculative securities is simply a rebound
from a long continued declining market. It is
characterized by an irregularity and unevenness
which might almost be termed disorderly?and
this because in these speculative securities the
battle is largely a struggle between professionals.
It will be strange indeed if the upward ten?
dency of the present speculative market is not
characterized by bear raids, and here and there
by marked reactions in* prices. As many people
have gotten the idea that they have lost the oppor?
tunity to buy investment securities at bargain
prices because of the rise in prices of speculative
securities, we therefore fear that when a reaction
in prices is reported for the speculative securities
it will make them nervous about buying invest?
ment securities.
Our advice is to "buy?and buy now." A
reaction in the market for speculative securities
should have little or no effect on the true invest?
ment securities. However, if the reaction in the
speculative market should be so heavy as to de?
press quotations on investment securities, our
message would be to those who have not bought,
as well as to those who may have bought, "buy
ana buy then." While we expect reactions in the
speculative market, we trunk it would be taking an
unwarrantedly long chance to expect to get your
true investment bargains at less than you can buy
them for to-day. Our advice has been, and s*ill is,
to "buy?and buy now." We are sorry if you did
not act on our messages published heretofore, for
if you did not you have already missed some bar?
gains, but there are many bargains stilt to be had
practically as good as those you may have missed.
While we solicit your confidence and patron?
age, we don't want you to miss a bargain sale
while we are getting you acquainted with us. It
you cannot satisfy yourself upon information at
your command that we can serve you as well as
the best other agency could possibly do, then we
urge you to go elsewhere. We do strongly advise,
however, that you buy only on the advice of one
of the many houses that have both a high moral
and financial standing. As we have told you be?
fore, if you care to rely,upon our judgment we
will treat it as an honor transaction.
Yours cordially,
HENRY L. DOHERTY
& COMPANY
60 WA^LL STREET
NEW YORK
?

New-York tribune. [volume], January 17, 1921, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], January 17, 1921, Page 14, Image 14 About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], January 17, 1921, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924