davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-05-29
Bohen1ianisno in Society Circles Causes ~,
Men Attire Makers to Worry Ouer Profits

this is the fact that American men
Lack the spruceness that formerly
characterized them. This Is being re-
fiected in the habits of the younger
generation, With the result that clothes
hre playing less important part In
the daily lives of the young men upon
Whcm the apparel manufacturers de
pend chiefly for their trade Business
undoubtedly has suffered from this
development, if the statements Of the
garment, shoe and hat producers are
correct, and already plans are being
made to remedy the situation.
An unorganlzed campaign is being
conducted in the shoe trade to swing
the popular taste in mems footwear
away from the straight lasts and dark
brown colors that have prevailed for
SeVeral years. With really new last
and ilght tan shades, the shoe men
peleVe that most consumers viii be
compelled to purchase additional foot
wear / ne light tan shoe they say.
viii not be worn with dark clothing
or IN the evening, even where formal
evening attire Is not required
ne dark brown shade, so popular at
present, looks black at night, il is
cohtehded' hence the average man
hnds 1t unnecessary to chang, his foot
wear when going out in the evening.
A suggestion has been made in Ger
tam quarters that a movement be
started to conduct national adver-
tslng and publicity campaign with the
object Of raising the standard Of mems
dress IN this country. AS yet the
suggestion Is little more than perm
but it has received a hearty reception
from manufacturers in many lines
who would welcome some stimulation
Of this nature. 0'
New-York tribune., 1921-05-29

short Jacket, they assert was designed
as club or stag" garment and is
incorrect in mixed gatherings. vet even
among the social elite it is being worn
at balls. and to the theater and opera
The high silk hat is little seen at
social functions, the soft fNlt hat the
older the better, having almost com
pietely replaced it, Yet the dress
charts all call for the regulation silk
hat as the correct Complement of eve
ming garments In the matter OF over
coats, despite the dictates Of fashion
polo coats and automobile ulsters are
frequently seen covering evening gar
ments at social functions.
The crowuing insult against the con
ventlons, however, was seen bv the
shoe manufacturers At a recent gath
erlnE of footwear producers several
members of the trade asserted that
they had seen footwear ranging all the
way from black calfskin to tan brogues
worm by men attired in evening dress
hat appeared to be worse was the
fact that some shoe manufacturers
themselves were guilty Of the prac-
tice
Sales of soft collars in many haber-
dashery stores to-day are in excess of
the sales Of starched collars. and the
soft collar IS correct only for country
or sports wear. One Sunday evening
recently. at popular hotel in the
socially select center Of Westchester
County, more than half the men ap-
peared in golf suits, including knicker-
bockeTs. with golf clubs or other an
purtenances Of the game STRANGELY
lacking. manufacturer of mems
clothing reviewed the gathering and
decided that golf suits, originally in
tended for wear only on the links, had
become fashionable everywhere. He
fears that they soon will be worn to
business. With the long trousers in
stead Of knickers tweed suits are being
worn in the business sections Of our
large cities in increasing numbers.
Hurts business
New-York tribune., 1921-05-29
idespread Interest

Whom | arrived in England it was
beginning TO be noised about that
American interests had purchased the
Boot drug business. and shortly after
ward this was confirmed | have never
ceased TO be surprised at the amount
OF publicity which was given to this
transaction by the press of England.
If large English drapers establish
ment, for instance, had purchased the
controlling interest in some large retail
dry goods business in the United States
1t would have been a matter of passing
comment in the New York press for a
day or two, but l am quite certain that
even this small comment would not
have expressed indignation or regret
that a large American business was
passing to the control of British in
terests, and | do not believe that phase
of the matter would have attracted anv
attention at all. But for weeks some
of the London daiies, as well as papers
throughout the province, and trade pub
hcatl0ns contained spa smo odic articles
deploring the fact that this old estab-
llshed British business institution had
been acquired by foreign capital, re-
ferring TO it as the American Inva-
sion, and expressing regret that Sir
Jesse Boot had not held out for the
supremacy of British business. Sir
Jesse had about that time issued A
statement to his employees and pref
ence shareholders stating why he be-
lieved it TO be to the advantage of all
for him to accept the American offer.
This brought forth many other press
comments, among them dire predictions
that the new interests would attempt
20 change the character of the business
by endeavoring to Americanize it and
that very soon these same chemists
shops would be turned into ice cream
emporiums and tobacconists' establish
ments."
I say that have not been able TO
understand it-this over-zealous inter
est in transaction which could have
been OF only passing interest to the
public at large. But one cannot be in
England any length of time without
being impressed with the profound
sentiment which exists there for
British institutions, whether religious,
governmental, business or social, and
also observing now very intimate and
close IS the contact and relationship
between the public and these same in
stitutions, and what a stupendous part
IS played by the daily press in stinu-
lating and fostering that contact. For
exsmplsS Ghs leading London dailies
New-York tribune., 1921-05-29
Policy OF Secrecy

Secrecy may have and probably did
aid the Standard Oil in establishing q
combination which the Supreme Court
heid amounted to q monopoly under
me Sherman antitrust law 1t was
q hlndrance, not help, in raising
capital and the legitimate oil com
psnles which have gone into the money
market in recent years have made
public fairly frank statement of
their financial condition. 1t is there
fore possible to make an intelligent
comparison OF some of the companies
whose stock and bonds are widely dis
ul6uted among the investing public.
For TINS purpose the Standard Oil
Sf New Jersey. Sinclair Consolidated
M Company. Standard Oil of New
YORK. Texas Company and Tide Water
Oll Company have been selected. The
accompanying table is designed to
snow first the financial position-sta-
oility or lack of it-of the business
and the relation between capitaliza-
tlon that is the amount Of securities
ISSUED 70 assist and 10 earning power.
Total assets include real estate. oil
ieaSes' pipe lines, refneries, distribut-
ing stations, Investments and current
assets. This is of course bookkeep-
ing hgure- It is impossible for the in
g'estor to Judge for himself whether
tne management has been conservative
or otherwise in fixing value on fixed
assets such as real estate or oil leases.
ana even where these fixed assets are
carried al cost, which is the better
accounting practice, the fact that they
may nave been acquired through the
eAenange of stock for securities Of
other companies makes the exact fig
vfe an indefinite one, but the investor
mas reliable check on this figure over
= series OF years. as will be indicated
oy further analysis Of our table.
=, q0ick assets or current assets, as
Ihey are ordinarily called. include cer-
caih definite things. which, without
-aisihcatlon Of accounts cannot be un-
certainly stated. Cash is the most i'm
p"r1ant OF these, accounts and notes
aeceivable possibly come next, and in
sehtorles are of about equal impor-
lance over a series of wears it is
comparatively easy to tell whether a
eompany IS carrying an adequate re-
serve against its accounts and notes
IocelVsoie TO cover bad debts. If it
occasionally has TO make g. debt TO
p'oHs and loss to cover something
e;saihst which there was no reserve
~ ~ open to the suspicion of not being
oeoouoerYatlve In its statement of ac-
eepnts and notes receivable. If, on the
u osner hand, it occasionally credits
tsont and loss or never has to resort
~ ~ profit and loss. it is safe to assume
sasr its statement of this item is con-
=, current liabilities consist principally
Sa,l l.. notes and accounts payable and
onin; a~iS borrowings. The relation between
az ss'cS assets and current liabilities is
en,,nl en inalcatlon Of the amplitude of the
'''"pany's working capital. Stated, as
New-York tribune., 1921-05-29
Explaining Position

For example, in reply to questions
regarding radical changes in the man
hef OF conducting their shops, after
stating that we had no such inten+ion
went on TO say that the Anlericans
whom / represented had invested !
very large amount of money in arorir~
ing control of the business; that $
was my duty and responsibility. with
their help, TO do everything in my
power to preserve and safeguard ANA
make secure that investment; that
couldn't think of anything that would
De more disastrous or suicidal than ia
attempt TO force upon the organizations
or the British public lot of dis
tasteful, repugnant ideas or methods.
that we undoubtedly had in our Amerg-s
can business, as they undoubtedly had
IN their business, many good, practical
ldeas which could be adopted bv bofh
companies to advantage. and that
| proposed to arrange for an exchange
OF visits of representative members ef
each company for the purpose of
studying and visualizing the methods
OF each, SO that the best might ult-
mately be adopted.
assured them that we had no IN
tention OF sending a lot Of American.
there TO operate the husiness.-in tine
ilrst place, 1t wasn't necessary because
IN their Organization they had an
abundance Of trained, seasoned and
New-York tribune., 1921-05-29

liabilities it makes good figure for
comparison as between different com
panles The similarity between the
StanGard on Of New Jersy, Sinclair
and Tide Water is noticeable.
Cash on hand. if stated separately.
lS fact undisgu The Standard
Oh OF New York. however, Jumps it's
cash with accounts receivable.
4bitity in Emergency
Equally as important as the relation
between quick assets and current liza
bitltIes is the relation between the
amount of cash on hand and the VOL
uihe OF the business which company
ooes' 1t shows the ability Of com
pShF 20 meet an emergency without re
course 10 bank loans. 1t is true that
m tne OIL business inventories are
peculiarly liquid, both financially and
phYslcaIly. OIL can be sold even when
immediate delivery is impossible at
almost any time if a sufficient sacri-
nce IN price Is made Cash. however
IS che primary safeguard These com
parsons have been intended 10 show
the business ability Of the five oil
companies selected. A further analv-
SIS IS necessary TO determine what
equity the stock represents In the
Hrst place. creditors must be satisfied
since the stockholders have an equity
only IN the margin above current and
funded debt These debts, therefore
Ia the table are subtracted from assets
10 snow the margin Of security for the
STOCK From this is further subtract
ed the full face value of the preferred
STOCK OF the TWO com panies having pre-
erred stock outstanding. This leaves
NJ assets pack OF the common stocks.
In all of these figures only real ac
counts nave been taken into considera-
tlon and reserves have been disrerard
ed entirely, thus where the Standard
Oll OF New Jersey sets up a reserve
tor taxes this reserve is subtracted
from It's assets, but where the Texas
company sets up reserve for depre-
clatlon 30 account is taken of .his
oookkeeplng item and it is treated ex-
aTVly as II III were part of surplus,
"alch 1t really is. All that the account
on me balance sheet means is that the
management with pencil and paper
mas divided the surplus account into
two items, one OF which shows the
arrangements guess at a change which
mas taken place in the value Of assets
since they were entered on the assets
SIDE of the balance sheet.
1t has been thought better 10 disre-
gard the par value of stock-the stock
OF some of the companies has par
value and some have not. Standard
"a. Of New Jersey has a par value of
SO share, Standard Oil of New York
a par value OF S100 and Sinclair is
without par value. Since market price
is quoted on a per share basis, assets
worth and earning power may also
basis.
The table, therefore. shows the net
assets value a share for each of the
i've companies after creditors and pre-
ferred stockholders have been satisfied
in full.
New-York tribune., 1921-05-29
Produce Exchange Seats Higher

There was bid Of $4,000 yesterday
fol a Produce Exchange membership,
compared with $1,000 only a few days
ago Talk of resuming trade in futures
at New York was chiefly responsible
for the rise. Cotton, coffee, cottonseed
oil, sugar and minor markets all closed
on Saturday.
New-York tribune., 1921-05-29

The Fedora tax laws requirements
guard against the charging of capit,.I
expenditures to expenses only: in
ether words. their object is to prevent
the padding of expense accounts and
thus the reduction Of taxable net in
cone. Anv legitimate company, how
ever. will be prevented from charging
EXPENSES to capital account, because by
SO doing II viii increase the taxes
for which it is liable by increasing
apparent net income.
OF ali the Industrial investments that
have been offered the American public
there has been more secrecy about the
successful companies and more chi
csnery about the accounts of smaller
companies IN the oil business than in
snv other line of business, not except
ing gold and silver mining The result
has been that the easy mark, the
sucker has been attracted to invest
ment in this business and the CON
servative investor has been repelled
from t. Federal income taxes have
helped greatly to change this situation.
and the fact that some of the standard
oil companies have had TO come into
the open market FOR money has further
opened TO the public the accounts OF
the oil companies. In listing securities
on the New York Stock Exchange it is
necessary 10 furnish the listing COM
mittee q fairly detailed and searching
statement Of financial conditions; thus
when the Standard Oil OF New Jersev
listed its preferred stock it had to make
public q detailed and comprehensive
balance sheet.
The other large oil companies have
found it necessary to take the public
into their confidence in order to diff
terantiste their offerings Of securities
from those Of the fraudulent promotr
For instance, the Simms Petroleum
Company and subsidiaries recently
made public its annual report for 1920.
It was a pamphlet OF nineteen pages.
Of which fourteen were occupied by
frank and detailed statement. signed
by the president. OF the conditions in
the trade and the peculiar conditions
surrounding th!s company that made it
necessary to iuuidate. 1t SC happened
hat the company's final and profit and
Joss deficit for the year was S2,03S.073
and so far from trying to conceal this
loss, the reasons for ii are explained
in simple language and in great detail.
In fact, the Simms Petroleum Company
goes further than some industrial COM
panies in having installed during 1920
e system Of accounts which permit Of
an issue, monthly, to the directors of
a comprehensive financial and oper-
aing report. When, therefore, the
president says that while the COM
pany has sustained unusual losses
which are not likely to recur and has
made heavy charges against the book
value of its leaseholds. its production
for the current year is now running at
rate considerably in excess of the
average for the last year. and its cur
rent financial position is unusually
good the stockholder. or the poten-
tal stockholder, is likely TO take full
face value.
New-York tribune., 1921-05-29
By Harry F. Baker

MAT intangible something, known
the business realm problem Some of
that fall under the general heading of appear suffer
others are complaining of lack of style making strenuous
efforts to nfuse their industries will stimulate
consumer demand and lift their
New-York tribune., 1921-05-29
" dste in Si>Ips

The other side Of the question. tina
Of the waste occasioned by frequent
style changes, was presented last week
before the convention OF the American
Society of Mechanical Engineers in
Chicago l.. " Wallace, executive
secretary of the American Engineering
Council of the Federated American
Engineering Societies, and also vice
president of the councils committee
on waste in industry, which will report
to Secretary of Commerce Hoover, de
clared that there is at present a huge
waste in the manufacture of apparel
millinery, shoes, etc, through chang
ing styles and that the public is pay
ing 4 tremendous subsidy for the
shifting in fashions
Twenty-Five per cent reduction in
production possibilities, said Mr.. Wal
lace in ms address, "resulted in eYerv
mon ready made clothing plant in the
New-York tribune., 1921-05-29
Size Of Business

A word is here necessary regarding
the size and character of the Boot
business. There are $50 Boots chem
ists shops in England. Scotland and
Wales, 200 o. which arc locaa led Within
. radius o. twenty miles or the City OF
London. They are perhaps better
known to the local public generally
ttan any chain of stores is known in
America and have gained an enviable
reputation for reliability, quality and
high character Of service There is
hardly Il town of any size in Great
Britain which has not a Boot Chemist
Shop and the company occupies dom
mating locations in the larger cities.
In addition, large factories arc operat-
ed at Nottingham, for the production
of drugs, fine chemicals. proprietary
medicines and toilet articles of all de-
scrjptions. and large warehouses at
convenient distributing points.
New-York tribune., 1921-05-29


StImulant is best seen in the present
condition OF the shoe industry. New
styles in women's shoes have created a
consumer demand that is keeping the
womens shoes factories of the country
running almost at capacity at present.
The manufacturers of mems shoes.
however, are complaining Of lack Of
business, and IN comparing their lot
with their more fortunate brethren
who are turning out women's shoes
are inclined to lay the blame on the
lack of style--that is. really new stvles
in mems shoes
Inc women's apparel trade had q
falrly active spring season. due largely.
m the opinion of manufacturers. to
new styles that were offered the con
sumlng public. On the other hand. the
conservative types Of clothing offered
the men have enabled the latter to
wear their old clothing longer thus re
ducing the volume Of trade in this line.
Among manufacturers and retailers
of mems clothing, hats. shoes. gloves
and other accessories there is deep
rooted conviction that the average
American citizen has taken step back
Ward-or several steps, IN fact-in the
matter Of dress in the last few wears.
he economies that the public was
called upon to practice during war
times resulted in the elimination of gav
attire. Evening clothes were taboo.
silk hats We're regarded as unpatri-
otic. Gloves, except i'm cold weather.
were frowned upon. and walking sticks
became almost obsolete, Many antici
pated a reaction as soon as the stress
Of war was lifted. but so far the reac-
ton has NOS appeared Even in the
boom period Of 1919 and early 1920.
often referred to as the silk shirt"
era. those who might be looked to as
leaders of fashion disregarded many Of
the rules OF dress laid down in pre-war
days, and this failure to observe the
conventions in apparel still persists
Tuxedo No Longer Stag
ClnAhi-n,. .,.a,..-e. Z. -. 49, .---, IL
New-York tribune., 1921-05-29

but to tell my story in an orderly
way. In the spring OF 1920 the pres.-
dent of the United Drug Companv.
Louis X. Liggett, visited England. In
connection with some matters pertain
ing to he distributing branch of thai
company located in Liverpool One Of
the objects OF MS visit was to arrange
for manufacturing facilities in Great
Britain to facilitate the developmenr
OF the business there He found this
very difficult, because Of restricted
pulldlhg operations al that time. and
IN ms dilemma. he sought an interview
with SIR Jesse Boot. owner and founder
Of the Boot Pure Drug Company. and
hVe assoc ated companies in England
Scotland and Wales The result o.
thus, and subsequent interviews. was
that Mr.. Llggett returned 10 America
with an option 70 purchase all Of the
ordinary shares Of the parent company
comprising all of the voting rights
The reports reaching here from Eng
land at that time regarding the gen
eral business, situation were not favor
able and the difficulties in financing
so large transaction were numerous
Some of Mr.. Liggett's associates III
America felt that 1T was an inoppor-
tune time to undertake so large a ven
ture abroad and the projected plan was
gwen critical and mature consice Grafton
before it was finally determined 10 ac-
ccpt the option. Liggett's international
Limited was formed to acquire the
shares of the English business, and also
the English and Canadian business
hitherto owned by the United Drug
Company.
was asked to 90 to England to be
present at the time of the formal
acquisition of the business and to as
sumo responsibility for its organiza-
tion and management, and ! arrived in
London the middle of June.
New-York tribune., 1921-05-29
Public Sets Styles

Difference of opinion arises when
discussion of who originates style is
attempted the lay public. rs rule
FEELS that style originates with a small
clique Of designers. who are supposed
10 work the wires controlling fashion
Influences at will. These so-calIed
style creators, however, invariably as
sert that the public itself sets the
style and that no style OF moment has
ever been forced upon an unwilling
populace,
TO support this contention reference
rs made to the French last shoes that
were introduced in this country about
year ago but failed to catch the
popular fancy and we're finally sold
at great loss by manufacturers job
oers and retailers The large -tougued
pump in womens shoes shown a the
beginning Of the present spring sea
son also received a chilly reception
Despite strenuous efforts to force new
styles, women persiStentIy have stuck
to the strapped pump models for sew
eral months and manufacturers in cast
ing about for new fall styles are talk
ing Of drifting with the fashion and
supplying more strapped models if the
women demand them.
Hundreds of similar experienc can
be cited by manufacturers Of women S
garments. Some of the most expert
syists have guessed wrong not once,
but hundreds of times. 1t is almost
impossible to tell. according 10 the
leading manufacturers, what particular
thing viii strike the public fancy
Pups" as the unstable styles are
known in the trade, are much more
common than the average person be
iiPVpS
New-York tribune., 1921-05-29
Engineer Offers Yordshck
10 SoIoe Unemployment
Asserts Burden of Proof Is on the Management to
Show Every Possible Device Has Been Used TO
Provide Steady Work; Detailed Study Needed
By Morris L. Cooke
Consulting Engineer in Manogemel

HNLI study the the a-they yeararouud
unemployment, cope within the
individual manufacturing plant will able
tomnmze the effects of
necessarily periods of
business depresons
New-York tribune., 1921-05-29

country that adopted single style
cnange IN the cut of the lapel of the
coat One prominent plant did not adopt
the change in style. That plant contin-
ued to operate much nearer normal ca.
cacIty after others had closed down be %
cause it did not have to add the cost
ot 25 per cent reduction Of produc-
tlon to the units Of product that it
ara manufacture and SELF
me engineer contends that there
should be more Standardization in in
duatry. that economy is Effected mainly
by mass production In the apparel
and kindred lines it. is contended that
these Industries could not survive un-
de1 naturalization. A survey Of the
successful firms in these industries,
however. apparently proves that the
largest profits are made by the con
Germs that turn out the more or less
low priced staple commodities in great
quantities
New-York tribune., 1921-05-29
Hurts Business

The point that clothing, shoe and
accessory manufacturers make Of all