davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-02-14
A. ID. S. Profits Fall
Decline Explained by Price
Policy of the Companv

lhe American Druggists Syndicate
and subsidiary companies in the wear
ended December 81, 1919, disclosed
profits of s82,767 and a profit and loss
surplus of $424,211.
Z. IL. Goddard, president, in explain
ing the small surplus said it was
at attrbutable II, to the fact 'hat, in spite
or the continuous and consistent rise
IN the price of all drugs and all chem
lcals throughout 1918, the company
gave Its customers the benefit Of its
buying power and did not raise prices
until 1920. The management felt that
this would aid in the transition from a
war time to a peace basis and con-
sldered the good will of its customers
preferable to Immediately high or
possible excessivt profits. The effec--
tiveness of this plan, he says, is borne
out by the fact that in January. 1920
the volume of business end earnings
are both the largest in the history Of
the company.
The company. he said, recently
acquired complete control of the
Organic Salts and Acid Company. which
is successfully making drugs hereto
fore exclusively imported from Ger
many, especially orsacod. A camphcr
substitute, for which orders are ~
hand exceeding 100000 on which
profits are assured in xcess of tha
customary annual earnings of The
American Druggists Syndicate in past
years.
New-York tribune., 1920-02-14
Four full columns of in
restment questions and an
steers are published in The
Tribune erery Sunday.
Business Items

Arthur II. White Of the firm OF Feear
g, g White. has been appointed president OF
a bert Aarons. resigned. James p. Hell
burn. Harry g; Hits Nathan F.. Sanger
a. J. Baker, r. U. Res and r. p. Gates
directors and James M. Warbasse was ap-
pointed chairman of the committee on
committees.
-, The twenty fourth annual meeting OF
held Saturday evening. February II. in the
ballroom Of tho Bellevue e-Stratford Hotel
II. p. w!ngate, formerly general purchas-
Ing agent Of the American Brake Shoe and
Foundry Company. has been elected presi
dent of tho American Commodities Cor
poration. which was recently organized to
handle iron, coke, pig iron and steel prod
ucts, scrap iron, etc.
Defnitive certificates for Mill Factors
Corporation capital stock ready for de-
livery at the main Office OF the Columbia
Trust Company.
A. G.. Becker g. Co dealers in CONNER
cial paper. have moved to their permanent
quarters In Ill Broadway, New York City.
Equitable Trust Company Of New York
has been appointed transfer agent Of the
common and preferred stocks of the Stan
dard Oil Company of Ohio, also disbuys-
Ing agent for the dividends.
At the annual meeting OF tho Galena
Signal OH Company to be held on Feb
ruary "a stockholders will be asked to
authorize an issue Of slo.oNo,ooo notes at
par. The rate of interest and maturity are
to be left to the discretion OF directors
The purpose of the issue is to fund the float
ing liability Of the company.
I. d. Noll 6 Co. are offering Mays Food
Products, incorporated. 8 per cent cumu-
lative preferred stock with SO per cent
bonus In common stock. l.. c. Mays, pres-
dent of the corporation. states that
earnings have been increased from slS7,-
600 in 1917 to $1,001,0oo in 1919. The
company packs and cans vegetables, sea
food and fruit, and the present financing
provides for improvements and additions
to plant and for additional working cap
ital.
Alfred L: Loonlis has been elected d.
rector OF Bonbright g. Co, Incorporated
succeeding Alfred l. du Pont. The other
retiring directors We're reelected.
George Carey has become associated
with Charles Wesley g. Co. as manager
Of their investment department
New-York tribune., 1920-02-14
Peak of Shoe Prices
At Hand, Says Retailer
Consumer Will Pay More This
Season, but Footwear for Fall
Will Be Cheaper

ST. LOUIS, Feb. 13.--Shoe prices
have reached their peak SO far as
prices of the manufacturers are con-
cerned, according to J. j. Sensenbrun-
ner, who presided at the fourth annual
convention Of the Missouri Shoe Deal
ers' Association in st. Louis yesterday.
The consumer, he said, would have to
pay higher prices this season, but that
was because shoes were ordered by the
retailer so very far in advance. There
has been 33 1-3 per cent increase in
what the retailer has had to pay for
shoes in the last three months, Mr..
Sensenbrenner explained, which con-
sumcrs will feel as the season ad-
VanceS.
Mr.. Sensenbrenner based his idea
that the peak of prices had been
reached upon two reasons. He say,
that Europe will soon adjust itself, and
that, two big tanneries in Germany
having resumed operation, England is
dealing with Germany to the extent of
using her goods and giving wanted
merchandise in lieu of cash.
Goods much in demand in England
heretofore will be left in the United
States to be used here, with a conse-
quent lowering Of prices. Then, too,
there is the matter of low shoes. A
percentage as high as 60-40, he says,
of low shoes will be worn next winter
in centers outside of New York For
New York City still higher percent
age will reign. This leaves an enor-
nous amount OF leather to be used
in making low she CD. for which he pre-
diets an almost universal vogue.
resolution was passed at the con-
vention asking manufacturers Of rub
Der footwear to make their annual
price adjustment on March 1, instead
of January /, so that retail prices will
not have to be raised at the very be-
ginning Of inclement weather, prac-
tice which has had tendency to cause
the public to accuse shoe dealers of
urOfiteerinp
New-York tribune., 1920-02-14
Would Consolidate
War Debts of All
Nations Involved
A. B. A. Representative Tells
Trade Conference at Mex.
leo City Reserve System
Should Be international

ME&ICO CITY, Feb. 13.--Consolida-
llon OF the war debts Of all nations in :
volved in the world conflict, as we'll ps
outstanding trade balances, which
would provide international oblga-
tlons Guaranteed by all powers in
VOWED, was advocated by John j..
Arnold, Of Chicago, speaking before
the United States. Mexican Trade Con-
ference here yesterday. Mr.. Arnold,
who is representative of tho Ameri.
can BANKERS Association, urged that
an international clearing house be es-
tablished as an adjunct to his plan.
lie declared an international bank
crs' conference should be called i'm
mediately and that manufacturers and
commercial men Of ell nations be in
vlted to send representatives. He said
such conference should provide
measures for standardizing currency
and Tor the elimination of exchange
fluctuations, which would result in the
restoration Of confidence.
A spirited discussion followed Mr.
Arnold's .ddress, resulting in the
adoption of motion for the appoint
ment of committee to draft an in
dorsemcnt of the speakers supges-
tons, to be presented before tho CON
ference.
The United States to-day stands in
sad and undesirable position. being
the worlds greatest creditor, with her
customers bankrupt" declared Mr..
Arnold. There is no question that
all nations owing war debts will
eventually be able to pay, with the cx-
ceptlon OF Germany. which cannot pay
IN full and must have her indemnity
obligations reduced. The big question
at present is establishment of con-
hdence and the equalizing of exchange
Huctuations. AS the worlds leading
creditor, the United States must co
the logical thing and call a creditors
meeting, receive and analyze debtors
statements, extend new credit and
give time and even reduce debts. if
necessary. An immediate meeting of
bankers throughout the world should
be held to study the resources and
liabilities of all nations concerned.
u have reason to believe if the
United States should take the first
step, England would follow after
which other nations would fall in line.
Each nation unde this proposed sys-
tenn would assume an individual share
or the debt under taxing system,
which would be supervised by an in
ternational commission.
I'm addition, believe the United
States Federal Reserve system should
be internationalized, under which the
Federal Reserve Bank could serve the
United States, the Bank of England
could operate for Great Britain, the
Bank OF France could work for France
anu "a the Reichsbank for Germany"
Mr.. Arnold closed his address pre-
dieting that unless broad, comprehen-
slve action was taken Immediately to
restore public confidence the world
would be "ruined by anarchy"
New-York tribune., 1920-02-14
Likely To Be Disturbed

Question: have some first mortgage con.
Ssoi1aated b per cent gold bonds Of the
Coiumbus 4 Ninth Avenue Railroad and
some of the broadway & Seventh Ayenue
nallroad. Can you give me any inforrha-
'.:'1 aion about them? What in your opinion
WILL. w,a, be the effect OF the present agitation
over over ,he street railways on the safety of
these bonds ?-.J H. J. u
Answer-Thc local traction situation
mas become SO complicated that II
would be useless to attempt any fore
cast OF the outcome. AS the New York
pathways Company, successor to the
metropolitan Street Railway, could not
carry out the leases it assumed or
other lines some sort OF reorganiza-
ton Will have to be affected. The
than 30 per cent of their face value
and appear to be discounting such a
reorganization, through which it does
not seem they would go undisturhed
New-York tribune., 1920-02-14
Pettibone-Mullike1a Earned
$l.O5 a Share ON Common

Report of the Pettibone- -Mulliken
Company for the year ended December
81, 1919, disclosed surplus after de-
probation and Federal taxes of $780,
$40, equivalent, after preferred divi-
dends, to s1.o5 share, 800 par,
earned on the $7,00o,0Oo common stock.
which compares with s5S1,195, or $1.99
share in 1918.
Net income in 1919 amounted to
s2S3,o7 falling off of s645,315 from
the preceding year. After depreci-
alton, etc, had been deducted, balance
applicable for preferred dividends was
s165,620, a decline of s415,575. First
preferred stockholders shared $65,126
in dividends during the year, while
holders of the second preferred stock
received $26,5S6. Surplus after all
charges was S73,9oS, bringing the profit
and loss balance to $l,215,O55.
New-York tribune., 1920-02-14
$4,000 to Invest

Question: want to invest about s.. 900
and have. picked out the following list Of
stocks Alh .halm.rs preferred. Ameri-
can Linseed Oil preferred American Smelt-
ing and Refining common. Northern Pacific
Famous Players common, United States Cast
Iron Pipe preferred, Westinghouse common
Morthington W. Pump and Machine preferred
b. Would you kindly give me your ad-
vice and opinion on these stocks, and at the
same time suggest any others that you think
would be better investment? I also intend
10 buy some Liberty bonds. Would you ad-
wise the Liberty third As or the Victory
4s4s?-W. c.
Answer-Some of the securities YOU
have chosen are entitled to considera-
tion as investments. Allis- Chalmers
preferred, American Linseed preferred
and Worthington Pump B, even West
lnghouse common, show good margins
over dividend requirements. The others
IN our opinion are speculative. We do
worthy of consideration. Many COM
mon issues have been placed in posi-
ton emitting them to a far better rat
ing than many preferred stocks. North
ern Pacific, while doing better at pres
ent than many o}aer railroads is
nevertheless speculation until it is
demonstrated what the road can earn
under the conditions Congress lays
down for the return of the railroads to
PIiValc oWNeISHlp. american SmeltlnE
and Refining is barely earning it's dyi-
dend. Famous Players is a new con-
Germ, which must show it's ability to
earn over a longer period, while Cast
Iron Pipe preferred does not show a
very, good margin of earnings over
dividend requirements. For pure in
vestment purposes you should choose
securities where the speculative feature
is at mipimum. There are many bonds
at present yielding 6 per cent and more.
A few. are Illinois Steel Az per cent,
Virginia Iron, Coal and Coke first s
per cent, Chesapeake & Ohio consoli-
dated per cent and New York Dock
first a per cent. Preferred stocks
with earning power we'll demonstrated
are these of the United States Rubber
Company, Central Leather Company
and the National Lead Company. They
yield from over per cent to over 7
per cent. There is little choice among
the Liberty bond issues. If you prefer
a short time Investment the Victory
issue is the one to buy.
New-York tribune., 1920-02-14
Commodities
Cotton

The market advanced sharply yesterday.
ola crop months selling about ss per bale
day. The strength Of iiverpooi and New
Orleans over the local holiday and stead
Ter tone Of foreign exchange started tn.
buying movement. which was later stimu-
lated by a firmer turn in the stock mar
ket and easier call rronev rates. Liver
pool was considered the chief early buyer,
presuInaby TO cover the short end of strad-
dies, white the big afternoon buying was
attributed to local and Wall Street shorts.
After At, selling up to a377 for May. or ,l44
active. but reactions We're limited. with
May closing at 1886 and with the general
Iist closing firm at net advance OF 95 to
90 The he MARKET opened Arm at an advance
renewal Of local and Wall Street selling
around the initial figures: but it was alb
The buying by Liverpool was the promt-
nent feature, while there was also some
domestic trade demand, and as soon rs
paratvely few contraci3 for sale. Old
crop months sold 1873 to l44 points net
higher during the middle OF the afternoon.
above Wednesday's closing figures Clos
ing prices We're a few points off from the
best under realizing.
Private cables said the big advance IL.
Liverpool was due to Manchester buying,
suggested that the rally In exchange rates
might bring in a renewed interest from
exporters. southern spot advices empha-
sized the firnnness of holders rather than
the presence of any particular demand
however and while there was a little do
mestic trade buying here. local brokers'
a reduction in the straddle Of speculative
short interest. Unfavorable weather for
farm work was reported in the Eastern
belt and may possibly have contributed to
the advance
The local spot market was steady and
20 points higher at .4b for middlIng. No
sales were reported.
The range OF prices follows:
The range Of prices follows: Wednesdays
New-York tribune., 1920-02-14
Worth Waiting For

y. v;llle.stion--l .;,ls.i am holding the per cent
vann n,l.,sn wa. way loans. maturing 1929 to 1917
% va,ue about $550--left as legacy. Shall h..
"'en To ss obliged for ss'ir advice regarding time
anv bnna s'oun "s exchange go up, or is there
0'0 VI eHcha"ee going up?-E. C. j.
J. Ahswer-lf vow are not in need of
pn;.; Duo money we would say hold your
wa,,is W. ,S,sn !, ponds until sterling exchange
When this will be we do not attemnt
to predict, but in your case II Sew -
mat the enhancement of the princinal
which would result therefrom. womId
DC well worth waiting for even though
you might lose somewhat on income in
the meantime. 40
New-York tribune., 1920-02-14
Low Price Discounts Much

Question: Would you kindly inform me
Rapid Transit stock for which I naid *
recently BOUGHT Atchson. Topeka & Santa
fe Railroad common stock at 92. Would
you advise selling above securities at pres.
ent prices or holding on Il. X.
Answer - Brooklyn Rapid Transit
stock is so low that it has perhaps dis
counted the unfavorabIe aspects of the
situation which brought about the re-
ceivership. 1t might be we'll to await
deve opments rather than sell at tho
present low quotation. The railroad sit
uation is so uncertain that it is not
possible to forecast it. We do not be.
leve that Atchison should have much
trouble in maintaining itself, however
in which case the stock in time may dc
better.
New-York tribune., 1920-02-14
Saskatchewan Bonds

!, Question: give me your opinion of
'tm tne hye-year bonds. Province of Saskatche-
wan Canada that are being advertised hy n
large number of our trust companiesS Tbeso
bonds, as you perhaps have read are issued
on per cent basis and are selling to
ylcld 80 per cent. Would you consider
','La1 u'em as as safe short term investment and
there is one?-P. H. w. '' -
.Answer--The bonds Of the Province
OF easkatchewan appear to offer verv
lalr hve-year Investment The yield is
good 70 per cent? and the principal and
interest are apparently safe enonoh
The idea of investing in the western
province of Canada is rather new for
US IN this country, yet we see nothing
weak about this issue for those who
desire this form Of investment.
New-York tribune., 1920-02-14
J. M. Kurn Heads Frisco

Directors Of the St. Louis-San Fran
cisco Railway Company have elected
]. M. Kurn, who has been general mar
ager under Federal control. presidant
OF the company, succeeding 8. N
Brown. Mr.. Brown remains az chat
man Of the board. G. w. billiard ra-
signed 90 treasurer, but retains ~.
position Of second vice-president. in IN
:hargs of hnancss. ~
New-York tribune., 1920-02-14

., LONDON, Feb. 1s.-Bar gold, 121s
%; money, AZ per cent; discount
rates, short and three months bills,
~ go 1915 per cent; gold premiums
at Lisbon, 140.
New-York tribune., 1920-02-14
Not Advantageous Shift

Ques toni own five bonds, Baltimore &
Ohio refunding 5s You you think it wise
to exchange these bonds for Baltimore &
Ohio Us at the 20-pont market difference =?
think the Is nearer the rails" as you
say sometimes, could you suggest some
other exchange II. M. p.
Answer-We see no great advantage
in changing your position from the
New-York tribune., 1920-02-14
.le. nil. Baltimore nominal. unchanged

sales nil. Baltimore nominal. unchanged
a. = ,t; $50; sale: nil. Augusta quiet. 2s point $
sse at aS0 sss s.s: s...
bales st. LOUIS quiet. unchanged at sec !:
sales s on NIL. Houston steady. rs points higher
tales Fort Worth steady. 10 points
h'sher at <l2oo; sales. 100 bales
Cotton Statistics
Yester Las. Last
day week. year
Exports .sy ss..sssyy sises is 's.ss5 80
New York stocks 5a.68i 6s7;o ss,2s7
Port stocks. 80. 1,He,ssl l.4os1ss l.sas, ,os 7,
Interior I,,t receipts 1850 ls.sse l2.19s
n er T shrSais shlPmsn' 20eso ls51. II. i3ssf s
Liverpool cables-Spot cotton quiet at II ;
points up from Wednesday at 2sS7d for
mIddlins ddd Sales 5000 bales .American
American. Futures opened '' to TIT - po.n, 3 :,
above Thursday. Closed nrm at a net ad :
vance OF SO to l4o points az compared with
May: $3.50; October. 2a.ss; Decsmber.
2i;7b: Manchester: Yarns and cloths un-
Cereals
Wheat-The market showed q nrmer tone
Yesterday and prices in Minneapolis ad :
vanced 10 cents per bushel. This brought
No Northern Spring wheat there 10
VITO TO s2s5. which represented a rail- r
or last week. IT was said that some Of
ne miils were again buying wheat, whiie
offers were small. The demand for four
however. continued poor, and there wef
further evidences that the trade IL ur
usually well supplied. Some autborti. >
appear TO believe that wheat will ocntinu.
very strong throughout the balance OF the
season on the supply and dema nd situafior
although The Modern Miller stated thu I
old crop thrashings are still in progress ia
Southwestern Kansas and in parts of
Nebraska.
COrn--The market was active and very
feverish. Early in the day there was a
good deal of selling on the weasness in
the stock market and the prevailing pc
ller that financial conditions were against
values Receipts proved dsapooirting
however, and when shorts attemptad Il,
cover they found very little corn otering
This caused no little alarm among shorts
and the market advanced Az to 5ir~ from
the low point and closed with a partiai
reaction, but l 70 to 2isc net higher Casn
markets were frm in the West and some
leading authorities seemed satisfied rha,
there will be no material improvement l.,
the movement during February and fhat
under these conditions little pressure can
be anticipated.
Yesterdays Previous Yea
col,: No. yellowsi'ss4 sass ;.ss' .l4s e. e
Chicago:
Msy'h Msy ::: ....::::: ilssssS III 1;;ss'..
Continued ON merit NINA
New-York tribune., 1920-02-14

Baltimore & Ohio refunding per cent
ts bonds It to da. the Per cent notes: The lat.
consequence are not "on the rails" at
al; If you feel apprehensive over the
Baltimore T. Ohio situation, why do you
90 into the same company for your re-
investment Some Of the prior issues
Of the recently reorganized roads may
offer speculative investment opportu-
mites. Such roads az st. Louis & San
francisco. Missouri Pacific and Rock
Island are all doing better than Balti-
more & Ohio. The latter, we think, is
not showing poor results entirely be-
cause OF government operation.
New-York tribune., 1920-02-14
investment
Information

l.. Qnestsons OF general interest =.
s"yestors s. sct1 % ans,osrcd IN this
eot,nmn, ,; IN which case oniv ;miti~;s
wH % used. Others wii{ h. '.Sss c"'
swered oy mail. Addrcse ou IN.
3g, 3ga.raes, mciostno q stamped. 3D.
1nessed ~, envelope to Financial Edltor
tne v Ir,ouno. 15a Nassau Street.. Wsv
New-York tribune., 1920-02-14
General Oil Company

$500 in General Oil Company convertibls
notes, but before doing SO would appreciate
your opinion. am inclosing you sample
note.---C. Il. ].
Answer-The General Oil Company
may possibly be good proposition, but
oil stocks in general are highly specu-
lative, owing to the uncertainties in
volved in the production Of crude Pc
troleum. Unless a man is prepared for
shocks he should keep away from new
oil propositions. Some time ago the
Federal Trade Commission accused the
General Oil Company Of fraudulent ad-
vertising. This the company denied.
New-York tribune., 1920-02-14
Silver Slumus in London

..,L0NDON, Feb. l8.-The slump In
.siaver to-day to 64Xd apparently was
sus result of unloading by nervous
aoaaers. owing to the absenca Of buy-
s sCct Cxfc-t Chinese quarters and the fall
= Chinsse exebangs. s.
New-York tribune., 1920-02-14

Southern Spot Markets-Galveston steady.
100 points higher at 4lc; sales, $50 bales
New Orleans steady, so points higher at
39c; sales, LOCO bales. Mobile nominal %
points higher at 3sc sales nil. Savannah
nominal, unchanged at 39.boc: sales nil
Charleston quiet, unchanged at 39.c5c:
New-York tribune., 1920-02-14
New York

ANDREW 7 MCCORMACK, Auctioneer.
STOCKS AND BONDS
I nv ADRIAN III. MILLER 4 son,
OFFICE. 50 WILLIAM STREET.
WEDNESDAY. FEBY 18TH. 1890,
at 1850 o'clock. at the
EXCHANGE SALrSROOM,
NOS Il AND l6 NESEY STREET
by ORDER or THE EXECUTORS OF
THE WILL OF
MARGAREr OLIVIA SAGE, DEC'D.t
tsS shs National Bank OF Commerce,
SEQ shs Importers & Traders National
$50 shs Fifth Avenue Bank, N. Y.
aqN shs New York Trust Co
80 shs uited states Guarantee Co.
500 shs. y. Y, Lackawanna & Western
Railway 60. Sc Guaranteed.
500 shs. American. Car & Foundry Co.
500 shs Morris & Essex Railroad Co.
- g Guarartccd
500 shs Rensselaer, & Saratoga Rail
roaG Co Consld. Dividends Guar
anteed by Delaware & Hudson
Canal Co
i5s shs Third Avenue Railway Co.
zoe shs. Cleveland & Pittsburgh Rail-
way 60, 79e Guaranteed
ieeoS shs. Minnesota Railway Construc-
ton Co
tH23-l5.o0o Interest in Hastings & Da.
kota Ry Trust Estate. created by
J" ueeds executed on December 9th
S9s, by the Hastings & Dakota Ry.
60 and Russell Sage, as Trustee
tTrustee CertifIcates)
For Account Of Whom 1t May Concern.
$500 y. y. & Baltimore Land & Imnt
Co. ~ Deb CTS. 'p'
100 slls Siegfried Mining Co.
N'VoV Athletic Mining Co. of Joplin, Mo,
lst Mtge So Bd., due Mch.. 1920.
E'0oo Lackawanna Real Estate Co. Sc.
lo,yyear Convt. q Deb Bds., due
70 shs, Reclaiming & Refining CO
Prefd w.
80 shs Rec'aiming & Refining Co
common w.
@ s0O shs crude OIL Producing Co.
!VVV SIS. British Guiana Gold ca
hoeo shs SOUTH American cold 60
-V'O SIS Surinam Hydraulic Co. COM
mon. win
"a "a shs. Trade Racing Association.
s i'ha Nevada Exploitation Co,
New-York tribune., 1920-02-14
Bonds
London Money Market

Unlisted. tSelIs cents per share.
New-York tribune., 1920-02-14

Continued on neat page
The Pulaskian., 1920-05-27

Iy in favor of Miss Maust. This is the third prize won by Miss Maust- The others were the prize given by the American Bank of Commerce for an essay on Prohibition" and a bronze medal given by the Colonial Danes in an essay contest. Miss Maust, who is only IT years old, will graduate in June as an honor pupil from the Little Rock High School. Her teachers speak highly of her rec ord as a student and say they hope she may be able to carry out her ann bititon to have college education.
 Forest Park s. I. A. will meet at 2:9O o'clock Thursday afternoon with Mrs L. B. Mead, 2200 Beech street.