davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Needs to Invest $4,000 TO $4,000

Question: would like some advice as
TO the investment OF $4,000 to $4,000 I
have the fol blowing bonds In view Della
ware Hudson Pennsylvania 7 per cent
and New York Central at SO. all yielding
per cent; are these coupon bonds and
which Of these do you consider the best st. :?
The following preferred stocks | have Sc
lected: United States Steel. United States
Rubber and Delaware & Hudson. What
DO YOU think OF the last named? | have
also been thinking OF putting it all into
American Tobacco ten shares OF common
your opinion of that?-E H.
Answer-The Delaware & Hudson 7
per cent, Pennsylvania per cent and
the New York Central per cent bonds
are all fairly good investments. We
prefer the Pennsylvania issue to the
Others. All are in coupon form. Both
the United States Steel preferred and
United States Rubber preferred are en-
titled to very fair ratings. Delaware 4
Hudson stock is speculative, as much
depends upon the operation of the road
under the new act as to whether or
not present dividends will be main
tanned. American Tobacco preferred
stock is good investment The com
mon, however, is sensitive to the COM
pany's earnings; therefore you will be
specializing il you purchase it. Con-
slider only securities which are not so
sensitive to earning power, but are in
such a position that fluctuations in
earnings will not materially affect
them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
American Thread Co. Strong

Questfon--Would you consider America n
Thread Company preferred a conservative
permanent Investment? Can you tell me
the per share asset value and the earnings
per share for the last two or three years :?
I understand the stock is not listed on any
exchange. Who're could one buy or sell
TIE. p. S.
Answer-We regard American Thread
Company preferred stock as very
good investment. The operating IN
come for 1919, year ended March 81,
was $9,354,541, against S5,2O5O59 for
thirteen months ended March 81, 1918,
and $2,272,423 for eleven months ended
February %, 1917. Bond and other
interest amounts to about s4oO,OO0 per
annum: The company maintains a
large depreciation fund and, charges off
each year from S500,0 to over $780,
600. Preferred dividends require $244,-
624 per annum. Thus, for 1919 pre-
ferred dividends were earned nearly
ten times. For the year ended March
81, 1919, the company carried balance
forward Of So ,436,707, reserves of
$3,723,507 and depreciation fund of
$6,642,098 There are S6,O0OOOO of
bonds, S4,890475 of $50 preferred stock
and $6,000000 common stock Consult
any reliable broker; he will find you
market for the stock
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
The Week i'm Business

aap tine many endoy statements that
S ua,Em saas ;, active trading going lines
happen the rather
Buyers the
of
of
whon supply
m l f OF placing orders for goods that will be within
to
% scarcity and higher during
was heightened too much during
fall probably
established
the
curren. throughout the
featured
trade between and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26

countries from which food and raw ma
terials are being purchased in large
quantities, such as the United States,
Canada and Argentina, is the balance
heavily against Belgium.
Economic Recovery in Italy
"Despite innumcrable obstacles, italy
is accomplishing surprising feats in
economic recovery. According to the
Minister of State for the liberated
provinces, so far as the reconstruction
Of the devastated regions is concerned
Italy is at the head of all nations
damaged by the war;
Even Germany is rapidly increasing
her foreign trade. The economic well
fare of the world, especially that of
Europe and more particularly of those
countries contiguous to Germany, is
dependent to a considerable degree not
only upon the proper execution of the
peace treaty, but also upon the rapidity
duction. Only thus can she pay her
indemnity and make amends. The Gen.
trail Powers, as we'll as the new nations
of Europe. must have coal, food and
raw materials to work with.
Some of the Serious Factors
"There are many very serious and
VII el' u awe ldNlOIS III lLe european
situation, Of course. And chief among
the liabilities is the financial situa-
ton. Europe must get back on a gold
basis as soon as possible. Until she
does her currencies will remain de-
prcciated. But, fortunately, correc-
tive agencies are at work, principally
increased production and taxation.
There seems to be a healthier ten
dency to solve social and political
problems through evolution, instead of
revolution.
England, like the United States, has
from the first taxed herself on a scale
commensurate with thes heavy burdens
imposed by tho war. France, Italy,
Belgium and the Central Powers, how
ever, have not, and could not, although
they are beginning to do so.
"But we should bear in mind the han
dicap under which France has been
placed by the loss of taxation due to
the fact that ten of her richest indus
trial departments have been rendered
incapable Of contributing their proper
ton to the national revenue"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Demand Deposits
In Reserve Banks
Show Large Gain
Weekly Statement Also Re-
fleets Material Reduc-
lions in Borrowings; Less
Cash Is Held i'm Vaults

From The Trtbune's Washinotou Bureau
WASHINGTON, July 25-Substantial
additions to government and other de-
mand deposits, together with increases
in Treasury certificate holdings, follow
ing the issue on July Is of more than
$500, 100000 of loans and tax certificates.
and material reductions of borrowings
from the Federal Reserve banks, are in
dicated In the Federal Reserve Board S
weekly statement Of the condition on
July 16 of 813 member banks in lead
ing cities.
Holdings of United States bonds and
Victory notes show but slight changes,
while those of Treasury certificates
show an increase of $73,7Oo,oOo, Of
which 53,9OO,000 represents the addi-
ton to the total held by the New York
City member banks. Loans secured by
government war obligations declined
about $12,000,000, the New York banks
reporting slightly larger reduction.
Loans secured by corporate stocks
and bonds show decrease of $33 ,3OO,-
900, onehalf of which represents the
decrease at the New York City banks.
AS against these decreases, other loans
and investments. largely commercial
loans and discounts, show an increase
of about $52 ,oO0,0 900, nearly all in New
IoIk wy Aotai lOaNS and invest
ments show an increase for the week
of 76,4O0, 900 ($71 ZOO 900 in New York
City,.
Apparently in connection with the
taking of new issues of Treasury GER
titicates the government deposit ac-
counts of the reporting banks show an
aggregate increase of 77.5 millions. of
which 57.2 millions represents the com
bined increase at the New York Citv
banks. Other demand deposits fnetl
show an increase of 877 millions.
largely outside of New York City.
Time deposits fell off 81 millions.
Accomm odation Of reporting hawke
at the Federal Reserve banks, as shown
on the books OF the latter, decreased
from 2,O511 to 1898 millions, of
which nearly one-half was paper se-
cured by United States war obligations.
Accommodation Of the New Ys~k City
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
REDEMPTION NOTICE
TO THE HOLDERS OF pREFERRED
STOCK OF GENERAL OPTICAL

y
An issue of new Preferred stock sum
cient to retire the present Preferred Stock
having been authorized and the subscrip-
tons therefor underwritten by Bankers
notice is hereby given that. in accordance
with a resolution passed by the Board Of
Directors of the Company at meeting
duly convened and held on June 16, 1920.
the entire outstanding Preferred Stock OF
General Optical Company. Inc, has been
called for redemption on August J. 1920.
Holders of said Preferred Stock must
present and surrender to the Company GER
tiffcates representing such Preferred Stock
at the Office of the Brooklyn Trust Com
pany. No. 90 Broadway, Borough OF Man
haitian. City of New York, on before
August 9 1920 (August being sunday !:
and upon presentation and surrender OF
such certificates at said Office. such holders
will be entitled on August !, 1920 to re-
ceive payment of the REDEEM ption price.
namely. Sis per share. plus accrued divi
dend then due.
After August |, 1920. no holder of such
stock viii be entitled TO any further divi-
dends upon his holding of such Preferred
Stock nor be entitled to any further rights
such stock holder except the right to
receive the redemption price as above
stated.
GENERAL OPTICAL COMPANY. INC.
CLARENCE e. MEEK Secretary
Mount Vernon. n. Y JuiS
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
SUMMONS

NEW YORK SUPREME COURT, COUNTY
OF NEW YORK-Algot Edward Syjvsn
plaintiff, against Gustaf p. W-ern. Allan L."
Smidt. Wendla G. Wern Harrie;te Prou
Birger Nauckof and Wern Machiners, an
Engineering Co. defendsnfs-New y6rR ..
the County in which the paintiH desires n.
Trial Of this acIion-SHmRlons
To the above named defendant. Bfee-
NauckofS
You are hereby summoned to answer n,
complaint IN this action. and TO serve oon-
Of your answer on the plaintiffs attorns7
within twenty days after the service of tnis
summons. exclusive OF the day Of service
and in case Of your failure to appear o..
answer, judgment will se taken against yoa
by default for the relief demanded in the
complaint
Dated, New York. June g. 1920.
FRANK TRENHOLM
Attorney fer Plaintiff. Office and Post off.e4
address, 14j Broadway. Borough Of
Manhattan, City of New York.
To the defendant. Burger Nauckon:
The foregoing summons IS served upon -o1
by publication pursuant TO an order OF N.
Hon. Thomas F. Donnally, a Justice of m
supreme Court of the State of New Yor,
dated the 23d day Of Tune. 1920, and hiei on
that Gay with the Complaint in the Office ~
the Clerk of the County Of New York. ri the
County Court House in the Borough OF Man.
haitian, City Of New York. State OF New
York
Dated. New York. June "a. 1881.
FRANK TRENHOLM
Attorney for Plaintiff, Oftics and Post O7ce
Address. l4l Broadway. Borough OF Man.
haitian. City of New York
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Leather

A further sagging in hide prices was
noticed last week, with a continued
lack of activity in finished feathers
and the shoe and bag trades. In an
effort to bring new life into the shoe
trade, some manufacturers are bring
ing out decidedly new and different
patterns in wonen's footwear for fall.
These have been exhibited at recent
style shows at which retailers were
present. The leather trade has been en-
couragcd somewhat by the showing of
ten-inch boots for women. If such
high boots become fashionable, the de-
rland for upper leather will be large,
the tanners believe. Retailers are hold
ing their midsummer clearance sales
and are moving their stocks at greatly
reduced prices. The bag trade is dull
and production is further hampered by
strike in some Of the plants.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Furs

Dizziness continued in the fur trade
largely because of the strike which
has been in force in the workshops
Of the manufacturing furriers since
late in May. Retailers are showing
onysslight interest in the fur garment
market, although some of them who
are running their August sales have
bought fair quantities. Where the man
ufacturer was in need of cash with
which to meet maturing obligations
concessions were in order. The auction
companies are not soliciting shipments
of raw furs for the fall sales and the
advances they are willing to pay to
shippers are said to have been reduced
materially.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26

asmuch as manufacturers and mer-
chants are working in an abnormal sit
uation and require credits of = length
which is entirely out Of the ordinary,
they would be perfectly agreeable to
an arrangement by which certain good,
sound banks would give unconditional
ant. irrevocable guarantees of 3he pay
ment of bills at maturity.
This business. known as delcredere,
IS an old institution in Europe and is
not exactly the same as acceptance
credit. European banks are used to
this method and are in the habit Of
tablished credit such guarantees On
the basis of such guarantees it would
be safe for American exporting con-
Germs to extend such credits, and the
First Federal Foreign Banking Associa-
ton will enter into such arrangements
using the guaranty and the indorse-
ment Of the exporter and will finance
these credits, even if they run to much
longer periods than the ordinary ones.
SIN the case Of Germany, Austria,
Poland and other unsettled parts Of
Europe, where government appears to
be not yet upon permanent basis,
an entirely different basis. 1t is evident
that the mercantile communities of
adjacent states that have settled gov
ernments, such as Holland and Scandi-
navia, have been able to do business
with the unsettled countries, and there
Is apparently some sound method which
they have found practicable in con-
Quoting this business"
Mr. Kies thought it might be pos
sible to negotiate some plan by which
groups of banks and of merchant con-
Germs would act as Intermediates in
American trade and take UP the burden
Of credit on some equitable basis. Mr..
Kies emphasized the lack of credit
facilities in Germany and intimated
that his greatest work would be done
there. He said that the power of the
Reparations Commission under the
peace treaty was so great that Ger
man banks were unable to guarantee
to carry out any agreement which in
volved the transfer of property or
assets Of any kind out of the country
The bank official believes that Europe
will be consistent buyer of American
goods for more than ten years in the
period of reha bilitation. He denied
that sending raw materials to the
cheap labor of Europe would be o step
toward importation of the manufac-
tured product here and consequent
underselling of American made goods
He said that other countries would
absorb the products and credit would
be transferred so that America would
obtain credits in countries from which
raw materials were imported.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Seeks Sound Credit Basis
To Aid Exports to Europe
w. S. kes Chairman of the Board of First Fed
eral Foreign Banking Association, Begins Tour
TO Study Financial and Economic Situation

Will It be possible for American
manufacturers to establish substan-
tial credit basis in Europe as the be-
ginning of supplying the nations Of
that continent with raw materials and
machinery necessary for rehabilitation :?
That is the question w. S. Kies, chair
man Of the board Of the First Federal
Foreign Banking Association, hopes to
solve in the three months tour of Eng
land and continental Europe he has
begun with a staff of technical experts
Mr.. Kies has found in the first month
Of the existence of the Edge law bank
that many manufacturers in this country
are turning their eyes toward foreign
trade expansion. Until the slump in
business here few months ago manu-
facturers were content to supply the
insstent American demand which took
all the goods they had to offer and
begged for more until all producers
had to do was to. fill orders as fast as
capacity and traffic conditions would
permit
Then came stringent money condi-
tions and slackening demand here, and
mills in many lines, lacking facilities
for extending credit to European buy
ers, were forced to close. Railroad
congestion which delayed shipment Of
who we're able to cancel orders before
delivery, and tended to slow UP produc-
ton by delaying delivery of raw ma
teral to manufacturers, which pre-
vented shut-downs later in many indus
tries.
This situatio emphasized to far
sighted manufacturers the necessity of
laying lines for supplying nations of
Europe with raw material and machine
supplies where they are greatly needed.
AS long as American banks refused
to finance such operations business in
this direction was at standstil. Then
the First Federal Foreign Banking As
ISOLATION, under regulations of the
Edge law, entered the field with prom
Use of finding means for extending lorg
term credit to European buyers.
Mr.. Kies saw the advantage of bring
ing together the raw material and ma
chinery of America and the cheap labor
of Europe. His problem will be to pick
up tho strands Of broken credit and
banking fabric and weave them together
in such way that it will be possible
to overcome the lack of knowledge of
European credits in this country, which
has been increased by tho supposed
political element in credit risk.
at will be perfectly feasible, I be-
lieve," he said, latter going over the
ground, to make arrangements in coun-
tries such as England, Holland, Bel
GUM, France, the Scandinavian coun-
tries, Spain and Italy, for a cooperative
basis of credit extension--that is. in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Apparel

Although buyers for retail establish
ments are in the market looking at
fall apparel for women, their purchases
are being made on a conservative
basis. A slight indication that business
is not as brisk as might be was con
tanned in bulletin to the members of
the Merchants Ladies' Garment Asso-
citation, composed of cloak, suit and
dress jobbers, which instructed mem
bers to cease cutting up more fall gar
ments. The association in issuing the
bulletin denied that it was prompted
by dull business, but was designed "to
protect the early buyers"
Indications point to greater num-
Der Of buyers inAthe market this week
In the mons clotaing section Of the an
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Wooiens

One or two selling agents for mills
making cloth for the mems wear trade
made their initial offerings for spring
1921 last week without creating much
of stir in the trade. In the case of
one sales agent, who opened cassi-
meres and meltons for spring, prices
were close to 20 per cent below last
springs prices. The palm beach lines,
which also were opened for next sum-
mcr's fabrics, were priced the same as
they were last October, but about 20
per cent higher than in June of last
year.
Otherwise the wooden and worsted
trades were dull A few buyers were
in the market looking at overcoatings,
but were reported to have bought but
little
Jobbers of cloths for the women's
wear trades did some business, but at
reduced prices. Tricotines are said to
be moving at price levels 80 per cent
below mill prices and serges slightly
less.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
COttO11s

The opening Of new samples of wash
goods for spring for the jobbing trade
was the chief activity last week in the
cotton goods section of the textile in
dustry. Jobbers for whose benefit the
openings were made responded to the
new offerings in most conservative
manner, according to the best reports,
and in some cases succeeded in forcing
reductions from the converters. Re-
ports are current that some Of the
smaller convcyters, whose financial re-
sources are weak, were forced to make
as many as three cuts in their prices
to stimulate trading. The guarantee
ing aof spring Bingham prices to De-
cember l by the largest producer is
looked upon as good thing for both
the jobber and the mill making these
fabrics. The theory is that 1t will
enable the producer to deliver his fall
ginghams, now coming off the looms,
without any price reduction and also
will hold the price firm SO that the
jobber can get rid of the goods
on order. Whether the jobbers will
operate as heavily in ginghams for
spring as they did for fall is q ques-
ton not yet determined.
Unfinished cotton goods fell to
newslow level for the year under the
ontinued inactivity of the market.
Print cloths, in the gray, of the popu-
lar G460 construction. 3S1a inches
wide, sold as low as 10 cents for spot
delivery and 161a cents for delivery in
October, November and December.
Converters are still keeping out of the
gray goods market.
The slowing up of the tire and auto
mobile trade was reflected in cotton
goods still more strongly last week by
an increase in the number of requests
from those trades for deferred deliv-
cries or cancellations when possible of
tire fabrics and wide sheetings for
tops and upholstery. Some factors
figure that wide sheetings, with a
smaller demand from the auto trades,
should be in better supply and lower
priced around the close of the year.
Some buyers are said 10 be acting on
this prediction and will delay their
buying until that time
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
.Jewelry

In some quarters retailers reported
slight increase in business, but so
far it has not been reflected in whole
sale circles. Manufacturers of clocks,
watches, silverware, rolled plate chains,
etc, are still far behind on their old
orders and not worried by the present
slump In buying. New prices on sill
verware to be made the first of next
month are expected to show slight re
auctions as a result of the decline in
silver bullion. Prices of diamonds and
other precious and semi precious stones
are firmly held and the major portion
OF the supply is in strong hands. Not
this, however, conces-
sions are being made by some hold
ers for ready cash to meet their bills.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26

dustry new buying is almost absent
and some of the manufacturers are re-
ported to have finished the cutting Of
all fall orders on hand. Unless some
new buying develops it is believed that
the trade will curtail production sharp
~ in another five or six weeks.
Apparel retailers continue their cut
price policies in efforts to rid them
selves of summer stocks. The wave of
price cutting in general appears to be
dying down, but reductions on cloth
ing and shoes are still featured in the
retailers advertising.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Chooses Safe Issues, Good Yield

/ Question: have s3.So0 for a good. safe
investment and am considering United
States Rubber 5s and the recent IA per
cent iNue Bush Terminal 5s Crucible
Steel preferred and Standard Oil OF New
Jersey. Please give your preference or
suggest anything that you deem better.
What is the meaning OF the word "debent-
ure' &c. V. H.
Answer-All the securities you are
considering purchasing are entitled
to good ratings. The new United
States Rubber III per cent issue is
secured by the rounding bonds, so
that in effect it is as good a bond az
the refundng bond itself. Other good
issues returning satisfactory yield
are New York Dock first A per cent
1861, Illinois Stlee AZ per cent 1910
and American Telephone per cent
1916. The term "debenture" is used in
the United States as negotiable evil
dence of debt, not secured by mort
gage; running for n longer term than
note.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26

members at the Federal Reserve Bank
shows a reduction from 1854 to 6S6.1
millions. The ratio of accommodation
at the Federal Reserve banks to total
loans and investments shows a decline
from 121 to III per cent for all re-
porting banks, and from 1875 to u
per cent for the New York City banks.
Reserve balances GALL with the Fed
eral Reserve banks) increased by 1873
millions, while cash in vault, largely
Federal Reserve notes, shows reduc-
ton of 26.4 millions Reserve balances
of the New York City members show
an increase of about Ia millions, while
their cash holdings declined e9 mill
iona