davidaulloa/AmericanStories huggingface dataset:
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

md Industrial leaders the distinct r.
sponsihlli,y of stating and explaining
the facts and prinSiPs<s upon @hseh Ra-
ticnal business progress asss bs Rsikr
through the prinscd and the spoken
word, 50 clearly that he who runs may
read. and shst the oft-qa0t<d IMAM ia
,he street" may understand. Never hsye
oar gr, It Journals and periodic@ls en-
ioycd such enormous circulat iors cy been
! widely read 4 large and Constantly
aerrasing reading pablc seeks eagerly
know. and II is the mission Of NE
,ublsrsss TO inform and adxiS< thep
sl.rpuxh all the EsdagHss y his .saspr.and-
70 fuiau that mIsssoo, We nasss csii =
arms the vision Of the prpna2teEi The
courage OF tho explorer. the krsn7eSs Of
slr trader, and the wisdom n shs ssv-
sser. They must all be ccnrripsed 70
this great service and contribute their
part 10 the conmen cause, snd shsy arc
Ill the proper attributes of The e@slens
advertising man Of today.
That tirr~ has long passed, II -indecd
II evrr existed. rAen advertising. ufrder
proper conditions, could be cpnsitcsed
4 an experiment or sPecui&tipn- II
~ lOnr since become . dennnstrAted
rr,souic factor As . business brOd~r
,nd = es<ariy proven ednesssonsl fosee
TA,t n nav not always Ia sd hsnds-
rr..r.tr xeh 100 per cent elkcienxy .
.,r ,r~,-r prcpf of rs f.ilure than m
,,,xvrrrsxfal operation on the human
- ~ .A,nrS- Doctor would be proof
= - s,;lnre 81 snrrvry. Its csH - for
ss,s.~s r,gr broad sr,<n. ~se hare thor-
80 rr.s4~rrd IN tools With which
49, r,rss-.~c~k. whose s<nse Of public
''.-,s,.,,arx i sur, and true and vtcss
- ~ rssy5nsl ccpsrtunnx h as
s-a.s I ~ wcrsd
T.s.v r..rtsrn,sray invites the sdver-
80 ~ ,sv IN storrs Of rcod virf And
-, e. f,,.nre ros,krfx New i
u. ~. ,,s-.senyar,v for advcrtiaze 10
- ...<s.-,...;-- sr,d eane.ss,usl.s 10 help
s ..rd.-as ~ rfs;nr. 10 sts-
- --.- - ,.t>t NJ rpse g.
s.-s..s- go - ,..,.r&sx.. AZ ~x,' Is n,sre
- -. - s,....a 70
-. e,,~n<d MI, msuav pew
go, .'s~~,;r~ .~ys;re F;u6is-
a-..s:.- .><;nsr< srr H.
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

prueirs<ss u unlaess au<d Eler5t sf whish
the eeneral psshic shrosd kpa~s httle
% notkinx aeraEse ting nsanufsctursrs es
1urh pressar's are c5ussnt 80 Przrt5r-
prineipses os uu-v or IsSs Prirzitfvr har-
Ter, apparensIs' rntoascsoIs q tAe fact
shat b eshaeatf,x the rrr<rsi FshlSS to
an avprsezasi1u oE sh< worth 0f> their
ssarsiruESr pro-tarfs tEsrr wpult nns euEv
.~ust thesnssfves h-s ~e-ad perform a
siissEnztiv ssIuzble cu1ausase servsrr 10
he epaasry- n esi<~ words they lack
the vhsasa uhirA Is las r-rsrial ssz.ias
u Lhis Min
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Est thrre sre ssh<r zad hsz-v- PROD
A<ras for asfverthis< to h<ip snisc
tArsaxh dispesline Irreraner. CenssScr
fo- = marcnt wtzs We RAY expect Il
defz4ls Of p-Sp<r Understanding cf the
sisaE eruznnsc gzessicns pen<ilng before
shzs natsou tsizv. Rerasi how nesr Ne
cam. TO autansrEzis< ~ F.spHAar vote a
sl<s-zs<ns cnrreu-v dHring thr frer SILVER
es1zP.aiz,l= kox koaz We tezsporized wisis
or e-iteal hankia< prUhsera- bow ~
lav< haaQerei szd shssxI@a oar LarSr
snslEstrtll Ealssissztsons N their I<4itiznase
exr.aasssaa AMI txneEeill <sszss<as, fans-
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

The n1w tern es ssaeol 9esinniuS
lanaary II Is verf oppCrynns s4ne
d sassr school rhis & especialls-
sgas ~ the begin1s-s- Al chi.dres
-aas are six GA Jaaa4ry = ar who sill
ae si1 oa az hntcrs Mss ~ nill hr
Aamitset so <kh0g' TAntMry MI ART
wssil J4nasry SKI ssser January -
50 ncN pupils wll * admitted -
school sn osheF scAoal or ia nss
hnal wsli a~ aami.saa to SCHOOL ~
any time tarias Tie year There t.
AZ iraprrsssoa tbs. pu is w.l nos b.
sasnirte1 to SeAool az Arv time nrs
gAat Is wv0ag En grades either sAMa
the tsrst prlnaary gaVils viii te re-
cesvsd at Aay tsaae sor eiasses for
wkfeA shev na4y 9e Ereaavsd. Macy
stnss puptls tScn o:Aer schools ccHn
s9 rhe cry ard talg KS enfoi for psr
aaes tAs las. moa,h And thus lose
ahs.r promotions ard hah rear *
sesul;. The patl.c schools are cve1
aM sAe wear f0r parGs liom S~ptsra
asv .ll Jans. This statement @x-
s4sss ~ course. sA> nex papils wac
have never ATTENDED sc>Sal and wao
woalt aass no slasx for ;hvm IL
seheci
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Ncul + the ssu1s to lar IL sap7lv
o, CAamherlair's CoagA Remedy. i
Is almos. sGre 70 hx needed before
the wtnte~ is over Ycu wtll lock
a e.wd While before yom fand better
rer..dv ta- comzhs evlds. crocp an7
wAocgsug eeege or orc that Is more
pleasant to take Il meets with favor
everys hare. Bug il n0w ard 10
rrenaFe1
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

tecn years VI age Was established In
tS4-
Motion Picture study and scenario
writing arr "a be added to the cHr-
rlealam ot Te~pIe University PAT
Gaelphsx
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Miss Coils coovsz. of Missouri. whi
has beea teaching il The seyea'A
Grade u capltsE Hla seAool has Fs-
six-ed an 4ccoanr * hsr he<h TAii
ursscnEar grade and rccEn has aef
shree Successive teachers IN the las-
year ard ; Aaa MISS Eslis 7as
teacher og this room when The pupils
wsrV lr rAe s-B grade l4a year. sac
quis On ac>oanl q AeE tsanA shs
~as saeressleA d Mss Cahili atfrF
the Holidays and sAe retired sra'a
teachirg J, the end q she ysar to T,
into haak Miss C0oyer win rot
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Have plenty og CHRISTMAS fanas
Esxt Christmas Joln the savings
club e ;As Okl2AonA state Bank.
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29
likely teach any nsore this rear o.
aecoant OF her healsh.

There viii - an e1aeafionaf our
ference at the Central Ncsraal At I'd
uaoad Iansary ana :. 1891 Mrs.
Cora Farrell and MIS-. Nora n Nrx-
Aow 4~e on the vroxvAn Of the eoaAsf ?
superintendent section Mr " A
Green cg tae hlsh school anpe9rs
npon TIRE high srheol section. ard Mr.
Psak Is chairmAA o. 0a@ seVsion az
the eisy sagsrinsendeus's seetior The
Nosmai vii eusertAsn sGe saspss.1-
ssndpnts and asxA sahool seaehers a.
innvheon and 1inner each DAY nr.
Charles MeNuTray. * PsaDodr Col
lege FOR Teachcrs >. N&savi.le Team
Is the speaker Tor shts eonisEence
2ni aapesrs a. sTe-y session q ths
r0ntsre1ee. He = 4n s&9cAEor O
vgowsn-a<e ir sas SaGgh ard na.loa-
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Miss Alden goes a. Noruza sc- tse
A0Aiiag seAsoa
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

The city schools wiii resume wvr<
at the regular hoars en- Moaaav
nornins. January :. 1871
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29
ROAD CONDITIONS
OVER THE STATE

0klAhonsz Cltx. Dee. - The hisn
way service o: tire weather earo4u
foe3y announced the f0l'assng co<di-
,ioas az Oklahoma ros Is
NoRTH-OklaAozz City Gashrse,
glngfSAsr. Pozca CITY. Newktrk. AM
N'ichitA. kan. t4srs Perry ard Nsw
rot. K2n, s2lr: Blackwell. bad
sisceSL
NoRTHEaSTT-sxpas7s. Cse-elani.
and Mlamt. haa.
EAST--SheSotAA. good. bat dusty:
s'0rs Smith. ARA. s-siT. rough In places,
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Ma Perry as sAe Esrs1a sSAAot. y
vtSisEas hls laasAse- near - Mcg'a.
Texas
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

%s.n .hs savings cl1s q the Okis
honA State Bank shss w@ek
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Tn~ next tao weeks IT. ~enci nj.
= Sesoted mAinly 10 Eesi6~ and *.
ansinntiors AID rcporEs for tAe sixss
A2if year th4, encs January IA As@'
rhea VIII occar sAs msc-year pro-
motions TIE aew term. Or the -
ont hAif-ys2x Will be9iz ga shs fei-
i8&izs Moadsv. Janaarv II Ike
shole schedule 0f classes IN tAe Aigs
ssaool sill he Fs-Arrangea ! And 80 sil
sAr grades Ia tas dsfrereE buildings
There will he many u eater the hlsk
SeAu-sl classes then 4s weN as In ths
first primary grades ksnc1sA neg
aupiis wtll enter Cap.soi Hill scAcsl
.cr one extra ge.G her
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Miss Ganncn is al hone AZ Eni&
sc- she holidays
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Lender Classified Ads. Gss Results.
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

captsal Hfl lext< all the sSAoels
OF the city Il rae naonsAIv earusluens,
AL. Tue eurolEsHt for 6Aaner and
Central are me Sarne-4ll. The ea-
rcilneus IN Costeral iauaped 70 III
L4st year 4s this tias i was -.
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

sueSessor has nos oeen -gpoEnsed .
yet.
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Mr. Crseu IS spendtns tAs sins
9ulssiy hers IN GEihrie.
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

IS sSs Cor the monsh encsrs Deesss
Der "a
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Our pscdasts Ut no l'iss rrr sell tF~un-
selves abroad Th~ dr-ard Tor th~n
mast he ssinalzted ~ Elective adver-
tisinr O,TrFwise TIC snprseriensesi adj
vantage -hish ehsnse has bestowed rpon
u visl BE- Ioss
! Ihss 8 a.Sla!eiy ~sseastaA not sniy
to maintain 1sna 10 fas2rr oar forrixn
tssar- bat also 20 preserve our present
prosperity. The cessation Of hosisiIities
found Is with trrrn<nd0usly expanded
.Gndrssria rapaeity We eanaot lessen
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29
TBv FsAxcrs ii. SssoS

Mr. President Guaranty Trust Con-
4 psny Of New Yerx
The war hAs scattered Arsericar prod
nets ali over the world Oar gooas haze
kk<en introduced ia markets whirh they
frever before sought or where th<y n<Se-,
1heforr had entry. And they we're nitro
<dr<vd st ro cost Whatsoever 70 thc
msnufacturrr. They were distributed
Ca a scale whieh would have t~~r IN
possible under normal corditsaas- There
was no crnrp~siticr The world d<s-
persseEy nr~Sitd food. suri. cioshinz- raa-
strsisIs, and nacAinery Ours wss the
caiy n~tSoc vhirh cculd supply the d.
rsand- But we sannos expect Tie d.
rAnd 10 eentinne in<-6niteIv
y Burdered via war dehts~ she Enro-
pes1 beiIlgrrrats arc b<n<isng every ef-
fort to speed ap their iadnssrial snaehia-
cry. TO rnrsas aorts and prouaste ez-
ports We wouEd indeed BE- blind were
we not sbsr 70 sec that ve ulnst uaers
tke krvaest rfvslFy IN ins<rnass0nal
The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1920-12-29

Miss kirkpatrick IS wAh her -e3-
p's a. Saltwater. ans. Mss Re1@41
At TAonaas. 06la-
The log cabin Democrat., 1920-06-07

For Rent-Three-room house. J.
 D. Dunaway-6-5d6t
 For Sale-A few choice milch cows. 1 Erbacher Bros.-4-1dtf. Lost-Cap for Oakland gas tank. 1 Overland Garage.-6-7d2t* See Dunaway o Bradley for real estate and insurance.-3-4dtf
 We can vulcansze your auto tires. Conway Overland Co.-8-2Sdtf Wanted-To buy two pigs. J. II. Berry, Conway, phone 467.-d1t* Talk your real estate wants over with Reeves & Burke.-4-1Odwtf Dining room set for sale. 106 Faulkner street, phone 447.-6-4d3t*
 Five rooms for rent on Johnson Ave. See Mrs. Jessie Milburn.-6-7dtf
 See Cline & Williams for real estate and insurance. Quitman. Ark.-1-29dtf Drive in the Magnolia Filling Sta tion for your gas, oil and grease.-4-12 dtf.
 For Sale-Fresh Jersey COW, at a bargain. J. B. Morris, phone 429.- 5-17dtf Wanted to Rent-A house. Call at Log Cabin Democrat office, phone 21. -6-2dtf $5OO.O0 fountain for $35O00, if taken at once. G. A. Jumper & Son. -6-7d2t For Rent-Three unfurnished rooms POS Main street. Mrs. Fora Galyon. -6-5d2t
 Walter Henry of the w. M. Harrell store is business visitor in Little Rock today.
 Mrs. D, o. Harton, Jr., and Miss Heslope Gibbon are shopping in Little Rock today.
 Mrs. c. A. Markham left this morn ing for visit to relatives at Fort | Gibson, Okla. Judge and Mrs. A. L. Hutchins of Augusta are here to attend Hendrix | Commencement.
 Dr. c. E. Benefeld will leave to- night for Eureka Springs, to attend 1 the sessions of the state medical so- ciety.
 Miss Nettie Kate Rachels of Searcy has accepted the position of private secretary to President Doak s. Campbell of Central College, and will enter upon her duties at once.
The log cabin Democrat., 1920-06-07
CAMPBELL-MERRILL.

Formal announcement cards have been received by Conway friends from
 MT. and Mrs w. A. Campbell of Little Rock, announcing the marriage of their daughter, Miss Hattie May, to Howard Lambuth Merrill, at the brides home on June 3. Miss Camb- bell is graduate of Central College and MT. Merrill, a son of Mrs. Ida B. Merrill of this city, has a position in the government internal revenue office at Little Rock He was com- missioned lieutenant and served in the United States army during the war. The couple have, many friends here who wish them much happiness. They will be at home after June 15 at 1915 Cumberland street, Little Rock.
The log cabin Democrat., 1920-06-07
TEA FOR BRIDE-ELECT.

Mrs. Fife Lincoln, Mrs. G. Frank Miles and Miss Dorothy Pyle enter tained with tea Saturday afternoon from 4 to 6 o'clock, complimenting Miss Nanette Akin, whose marriage to Duval Purkins will occur Thursday For the occasion the interior of the handsome Lincoln home was attrac- lively decorated. Wild-fowers with blending of pastel tints formed a dado in the reception hall; nasturtiums were effectively placed in the parlor, while sweet peas were used in the din ing room. In the receiving line were Mesdames Fife Lincoln, G. F. Miles, K. A. Bolton,, Misses Nanette Akin, Dorothy Pyle and M. L. Portiss. Others assisting in the reception hall were Mesdames J. T. Canada, W. H. Martin, Joe Anderson and Misses Evie Shaw, Doris Owen and Dora Ligon. Little Misses Beatrice Robins and Leah Rose Hicks held the card trays. In the dining room Mrs. D. L. Young and Mrs. c. F.. Durham dis pensed tea and ices while Misses Pau line Newborn. Genevieve Huddleston, Ruth Hartje, Georgia Roberts and AL lie Merle Conger and Mrs. Cortis Pyle and Mrs Wm. Van Valkenburg fur ther assisted. About 125 guests call ed, and, the affair was one of the most brilliant of the many social courtesies extended Miss Nannette Akin, the popular honoree.
The log cabin Democrat., 1920-06-07
SUES FOR COTTON.

Asserting that the defendants wrongfully took possession of and con- verted to their own use a bale of cotton belonging to him, J. c. Hart wick late Saturday, filed suit in cir cult court aainst T. c. Brown and A ID. Malone for recovery of the pro- perty. MT. Hartwick set the value of the cotton at $192.60.
The log cabin Democrat., 1920-06-07
WINS ORATORY PRIZE.

Rev. Maurice Hall, son of Mir. and Mrs. J. H. Hall of Eagle township. was awarded the Johnson oratorical medal during the recent commence ment exercises at Ouachita College. when the master of arts degree was also conferred upon him.
The log cabin Democrat., 1920-06-07

Jitney, phone 410.-6-2dtf
 Auto Livery, phone 381.-5-17dtf Auto Livery, phone 3S1.-5-17dtf Farm for sale. See J. A. Lea.-5-22tf J. s. Carter is in Little Rock to- day. T. J. Murphy is in Little Rock to- day.
 J. NJ. Hexter is a visitor in Little Rock today.
 Mrs Mamie Malone spent Sunday in Plumerville.
 Mrs. Effie Lincoln is spending the day in Little Rock.
The log cabin Democrat., 1920-06-07

Edward J. Heiligers of St. Louis is visiting his parents, Mir. and Mrs. Sam Heiligers here.
The log cabin Democrat., 1920-06-07
Sterling
 Belt Buckles

As graduating present for the young man you could not please him better than to give him handsome belt buckle. A large shipment came in this morning. Come in and sec them. Prices range from
 $3 to $7.O0.
The log cabin Democrat., 1920-06-07
PERSONALS

.s..s-s..s..s..ss-.ss..s.....ss..s..s.s..s-.s~ |.
The log cabin Democrat., 1920-06-07

John Robinette will leave tonight for Chicago. where he will take post graduate work in opthalmology for several weeks.
 Harvey T. Harrison of Little Rock, an alumnus of Hendrix College, ar rived this morning to attend alumni exercises at the college today.
The Birmingham age-herald., 1920-11-29
Sell the World Your Best

From LeSile s.
 J.; s. Knox of Cleveland, lecturer and writer on personal efficiency. in discuss ing salesmanship the other day, declared:
 You have just three things to offer to the world-brains, character and mus cle. Which are you going to offer? If you offer brains you are chin-upper.' 1f-you offer nothing but muscle you are 'chin-downer.' What can you sell for a price-your best, your second best, or your worst? Brains come high, but unless you have something better to offer than mere brains you are headed straight for the penitentiary. Character, in combna- tion with brains, correctly trained. is the postpaid product in the world
 What do you regard as the chief ob- stacle to successY' he was asxe-.
 ''FearT he exclaimed emphatically. "Fear and ignorance. Fear is the great foe of the race. It robs us of the best there is in life. If we submit to fear, it will hold us down in poverty, misery. despair.
 Knowledge is the antidote for fear, ss surely as light is the antidote for oarK- ness. Courage and self-confidence are the result of knowledge. Success is not 50 much matter of brains as it is of getting the right facts and learning how to-u them. There is no such thing in life as an opportunity for any man unies, he is ready for it. You can create oppor- tunities by developing your .nativv pow CTS. by gathering practical information and ideas.
 "America's greatest tragedy and great est loss is due to lack of education. par ticularly commercial and industrial educa- tion If man doubled the use of his brain power the world would be tremen- dersly benefited, as we'll as the man him. self The great American desert is not To- cated west of the Mississippi river. but under the hat of the average man, be- cause he uses only small percentage of his native talent' .-
The Birmingham age-herald., 1920-11-29

responded by passing up a felt hat badly in need of fumigating When he poured the bees into the hat they began to buzz and roar. They were protesting against the dirt. Unflinchingly Root thrust his bare head into the hat holding the bees, stood up with the hat still on his head, and proceeded with his talk After the lecture, he admitted that the bees had stung him severely. He said, however, he had been stung so much during his lifetime that he had become almost immune.
 Root was asked to tell how anybody could handle bees without getting stung.
 Bees must be studied like any other creature" he said, flor they have ways all their own. They operate in colonies, and the first move is to destroy the colony spirit-break up their organiza- tion. While in that demoralized condition they cannot sting. A bee does not act as an individual She always operates in cooperation with others.
The Birmingham age-herald., 1920-11-29
O.. Bee, Where Is Thy Sting?

Albert Sidney Gregg, in Leslie's.
 If you havesever been stung by bee YOU will keenly appreciate the master fu; way in which E. R. Root of Medina. e.. handles bees in public as feature oF his popular lectures He pours the bees into pan, scoops them into a hat, nuts the hat on his head. removes it. combs the bees off, and piles them back in the pan again., While those who are looking on squirm with dread lest he get stung. Root picks bees up by the hand ts'i like SO many Harmless flies
 tWr Root is the oldest son of A. I. sk oot. the pioneer bee man" of America. rR,,d grew up in the business. As soon as 3,s was able to walk he had the bees
 >dins around waiting for orders. He
The Birmingham age-herald., 1920-11-29

is the author of several standard books on bee culture. He has lectured exten- sively on bees before gatherings of bee keepers and febore general audiences, to whom he exhibits the bees.
 One night in Cleveland he had an un- usual experience. He had asked for the loan of a hat, and an old fellow in front
The Birmingham age-herald., 1920-11-29

BARGAIN-In two new 6-cylinder cars, both we'll known make. Don't let this slip. Phone now. Main 277.
The Birmingham age-herald., 1920-11-29
Some Haue Been Hurt But
 Situation Ls Much Better
Price Says Great Reward Awaits Someone Who Will De- wise Means for Exchanging Southern Cotton for
 Foreign Goods Badly Wanted Here

higher-prices for immediate delivery" MT. Wood adds that it cannot be ex- pected that either the cost of commodi- ties or the wages of textile operatives will return to pre-war levels.
 Bank clearings for the week show a decrease of S.3 per cent as compared with last year, but as commodity val ues as indicated by Bradstreet's index number have declined 21.2 per cent in the same period, no reduction in the volume of trade is to be inferred. Busi- ness failures for the week as reported by Bradstreet's number 200, as com pared with. BOT last week and 101 last year. Sugar is slightly lower. and some refiners are selling granulated at Sc.
 In the larger retail stores where prices have been really reduced a de- cided increase in trade in reported and & bargain sale advertised by one of the best known carpet concerns in New York, if not in the world, attracted an enormous attendance.
 FOREIGN SITUATION
 Foreign exchange, especially sterling, is slightly higher but in so far as con- tinental currencies are concerned, the improvement is chiefly reflective of the Christmas demand for the remittances which the foreign born wage earners in this country are in the habit of sending to their less fortunate relatives in Eu- rrope. There was a sharp decline and partial recovery in Italian exchange, due, it is supposed, to a rumor of seri- ous industrial trouble in Milan that was subsequently, contradicted. More or less speculative liquidation and some minor failures are also reported from England, where short time is also being discussed in the Lancashire cotton trade.
 The income tax returns for 1918, which show that only 2o,9s4 persons re- ported incomes of $40,000 or more, as compared with 26, 19o in 1917, have been mistakenly construed as indicating decrease in the number of American millionaires. What they probably show is that those whose income is derived from the return upon their investments have been putting their money into non-taxable securities, from which they get smaller gross but a larger net in come. As has been pointed out. non- taxable return of 5% per cent equals a taxable yield of
 211s per cent for those having
 gross taxable incomes of. $1, 100000 Is per cent for those having
 gross taxable incomes off,. 100000 13 per cent for those having
 gross taxable incomes of.. 100000
 And so on down the line.
 As result the large fortunes of the country are being driven into state, county and municipal securities and constructive private enterprise lan- guishes because it is compelled to pay burdensome rates for the capital 1t re- quires.
The Birmingham age-herald., 1920-11-29
DEPRESS BUSINESS

Attention is called to thes facts as Congress convenes in the hope of in ducing speedy action upon the tax ques- tion by our legislators. The income and excess profits taxes as at present imposed are paralyzing business and destroying initiative, They operate as a deterrent to enterprise and a brake upon progress. As the former commits sioner of internal revenue has pointed out, bankruptcy now threatens some merchants because they may be com- pelled to pay taxes on inventory profits they have never received unless the law is immediately modified.
 Our prosperity depends upon the de- velopment of our resources and oppor- runities. For this capital and brains must have the incentive of which they are deprived by our present tax laws. The condition of the country is sound, but a ge nuine business revival is not to be expected until men of constructive ability have some inducement to under take constructive work.
 The moment this is provided or as- sured activity will succeed apathy and the fear of prolonged depression will disappear.
 Business is meantime disposed to mark time with confidence but without enthusiasm.
 The usual barometric figures follow:
 End of End of
 last wk. prev. wk. Last VT.