davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
How Department Stores
Met New Level of Prices
Associated Dry Goods Annual
Report Suggests New Angles
to Retailers Case

The management of a department
store, such as James A. McCreery or
Lord & Taylor, is in intimately close
touch with the public. A wise manage
ment is able TO feel change in public
mood before the public itself is con-
scous of change having taken place.
This face is suggested by the annual
report of the Associated Dry Goods Cor
poration published last week.
In January, 1920, the sales of dry
goods at retail was at high level, when
measured in dollars, but the stock rec
ord books of the departments told a
different story. Measured in quantity
of goods sold business was distinctly
at low level There was no consumers
strike. Prices had reached so high q
level that great numbers Of people with
reduced income were unable to continue
to buy. Another class of consumers
were tired of high prices; whereas in
1919 they had grumbled at high prices
and bought; in January they were
grumbling at high prices and refusing
to buy This was a tendency only meas
ured in dollars sales continued at war
quantities.
There has been wide discussion OF
VINO was TO blame Tor the continuation
of high prices, the manufacturer or the
retailer. The report of the Associated
Dry Goods Corporation shows that il
was alert to the situation. Beginning
in the later part OF January and early
part Of February, 1920, most of the
larger New York department stores be-
gan to cancel orders and ceased placing
new orders. During 1913 and 1919 de-
partment store buyers had been beg
CARS. They changed that attitude al
most over night
The cancellation of orders by retail
ers was in many cases accompanied by
reductions in the retail price Of GER
tain lines of goods. By April the per-
centage of price reductions on retail
goods WAS triple What il had been
There was nothing altruistic abou,
| these reductions. The retailers hung
on to high prices just as long as goods
would move at these prices. AS soon
however, as prices began to be reduced
the consuming. public FASTENED further
TO withdraw from the market. This
, follows a law probably as old as mer-
chandise selling. The public hasten:
10 buy in a rising market and cease.
to buy in falling market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
b. & o. Bonds Probably Secure

Question: Would you kindly let mo know
what rating you would give. far as
safety is concerned to baltimore & Ohio
s'as July. 1928: baltimore g. Ohio South
western division las. July. 1925: Western
Power preferred stock (listed on San Fran
cisco eNchange) f-Dr. r. r. b
Answer-Both the Baltimore & Ohio
bonds are secured by first mortgages
on parts Of the Baltimore & Ohio
system The Baltimore g. Ohio is at
present having difficulty in earning it's
interest charges and has suspended
dividends on its common stock. If the
railroad situation does not improve
within year or two it is conceived
that the Baltimore & Ohio might have
financial difficulties and the two bonds
YOU name might sell lower. but in the
long run we think they would be safe
The Western Power Company earned
roughly, $l.ooo,Ooo over interest
charges IN 1919. The preferred is a
semi speculative investment in our
opinion.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
SOUTHERN rAc1F,c coMrANY.


ist Broadway. Now York N. T.. Jan. J. 1871.
The Annua, Meeting Of the Stockholders
Of the Southern pacinc Company viii be
held At the ONCE OF this Company ia
Anchorage. Jefferson County. Kentucky, on
Wednesday. April g. 1921 at twelve o'clock
noon. standard time. for the following puF-
poses. VIZ:
]. TO elect fifteen Directors
2. To consider and act upon all questions
and matters which may legally come before
the meeting relating to Federal contro, Of
the CcmpAny's properties under the acs o..
Congress OF March 81. 1913 or any agree
ment or settlement with the Government In
respect thereto. or relating to the terrnina-
tion OF such Federal control by the return
81 the properties otherwise and I or re-
lafinR to conditions resulting from or sue
cesding such Federal control. and generally
All questions and matters growing ou. of or
incident to such control. termination there
OF. or following conditions. including the
guaranty Of income under the Transports
ton Act. 1890. and settlement thereof
3. To transact all such other business a.
may legally coma before the meeting In
Guiding the approval and ratification OF all
action of the Board OF Directors and Of the
Executive Committee since fhs last annual
meeting Of the Stockholders OF this Com =
pAny.
For the purposes OF the meeting the
books for the transfer of stock Will be
closed ct o'clock p 81. Tuesday. March
IL, 1921, and viii be reopened at 10 o'cleck
A. NJ. Thursday. April 7. 1921.
By order az the Board OF Directors
HUGH NELL. Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Bonds Are Now Ready

Question: bought $1,000 United
states Rubber : Il per cent temporary note
bonds are ready for exchange yet. was
told that the permanent bonds would be
ready shortly, but l have heard nothing
further and the interest was due February
}. Can you tell me whether I can collect
tuat interest now or whether ! shall have
TO walt RI V. c.
Answer-The permanent (defnitive)
n notes of the United States Rubber
Company have been ready for delivery
for some time and you can send your
temporary note to either the Boston
or New York Office of Lee, Higginson
& Co. and they will exchange it for
you with interest coupon attached to
the new note
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03

Question: would likc your opinion or
sne ponds hold have tried 20 be con,
ne following 1000 Atlantic Coast Line
iso+, sts2,s Firestone Tire and Rubber
Ippfnm n . per cent preferred a. 100
LOW Japanese government second series
'rs ia.e. at 70 aud "a; 500 Consolidst ed
VA VA OF New York per cent. 1926; LOCO
8irsinla nailwsy at 4 per cent. 1897. a,
90. 1880; 800 Midvalr Steel per cent at
49, ~ "a, 'sso' 900 PENNSYLVANIA and Ohio
rt oo rwa ana s. Light VS. prize esia. 1910:
.sht 1880. price ~, 000 Baltimore g. Ohio
80 per cent, 1913. price s6Aa 100 Gov
srnmcnt French Republic per cent: 100
Solvay & Gle. s per cent l would like TO
take advantage OF every opportunity 10
make Investments that VIII bring me in a
Every one seems to think that now "a thu
NIne TO make Investments as there will
probably not be the same change for a
number OF Years. and for that reason would
like TO take the advantage as far az I
am able and have been investing as fast
as ! could get a few hundred ahead. We
noId some local bank stocks, hu, have no
intention OF disturbing those What would
YOU think OF investing 800 in a six-month
option on German marns at this time? or
course realize that It is purely spccu-
lative. What little have on hand now
to invest would have buy smell pieces
bn, would rather have 1t where it would
DC salc ana bring me more than bank in
terest-R. n. r.
Answer-Wc think that the purchase
OF options on German marks is II
gamble, not an investment. We think
that your list is, in general. good, but
that either Canadian or United King
dom external bonds would be some
%hat more conservative than YOUR
Japanese bonds. The Firestone Tire
d rubber Company preferred is, in
our opinion, somewhat speculative. We
make frequent suggestions which you
can follow in investing your future
savings.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
No Money to Burn

t1uestion--Wil YOU kindly give mo vout
opinion OF stock in Southern California Ed
isoh company or bonds OF the California
GAS ana Electric Company. for woman
VINO mas no money to burnt. z. C.
Answer-We consider stock as a
poor investment for woman who has
no money to burn. A public utility or
an industrial or railroad may be earn
ing sufficient to pay dividends for some
years and their conditions may sud
denly change and through no fault of
the management dividend will have to
be suspended and the market price of
the stock will fall correspondingly. We
freueLtly recommend investments that
we consider safe for q woman.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Chooses List of VARYING Merit

Question: have about 5000 TO invest
a.; ama s you'd appreciste your opinion to
bonds would want to keep TO maturity
End thu preferred stocks az Investments so
preferably indefinitely. Grand Trunk Pa
cine branch. 600 + per cent maturing
lstl; this Is selling at about Sc IA and
with the present rate OF exchange I figure
should cost about s5l5 with value at
maturity OF 1872 Mississippi Power Com
pany hiteen-year per cent sinking fund
kidder, Peabody & Co. at 9las. with in
terest yielding to maturity about s per
cent. baltimore & Ohio, Pittsburgh. Lake
Erie West Virginia. refun,iing As matur-
tng 1871 costing about SOS; this Is given
as bond legal for investment by New
York savings banks. I. Case Threshing
market price about SO, 1--WE shares costing
about S+l5 Virginia Carolina Chemical
preferred per cent. market price about
loS, five shares costing about 1915. South
ern Railroad preferred per cent market
price about 60. shares costing about $500.
Answer-Wc think both the Grand
Trunk Branch Line bonds and the Mis-
sssippi Power bonds are good invest
ments with high yields. The Baltimore
& Ohio, Pittsburgh. Lake Erie g. West
Virginia refunding As are legal" not
withstanding the fact that the Balti-
more 4 Ohio has suspended its com
mon stock dividend. because the State
lew was amended to permit bonds OF
railroads which had been legal invest
ments to continue as legal investments
until two years after the close. Of the
war, even if dividends were passed.
The dividends must be resumed before
the expiration of this period to keep
the bonds in this class. The three pre-
ferred stocks are mi-speculative.
The Virginia. Carolina Chemical, how
ever, is, in our opinion, a good bust
ness mans investment, although the
company at the present time is feeling
the adverse effects of the troubles OF
the farmers The Southern Railway
preferred is an attractive spec ulation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Maracaibo Strong
In Quiet Trading
On Outside Market
Tone Steady in Short Ses-
sion and Changes Are
Small; Little Interest Ex-
cept i nEvening Accounts

Strength of Maracaibo Oil was about
the only feature in quiet trading in
yesterdays short session on the curb
market Except for evening accounts
there appeared to be little interest in
trading and price movements were
narrow.
Maracaibo moved up nearly Ia
points to 3O?, while Mountain Pro
ducers advanced "a to 12A. Others in
the independent oil group we're steady
1ndustrials were neglected and prices
changes were small
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03

Question-Wil kindly advise II the fol-
lowing are good investments: Interna
tional Mercantile Marine 6s Northwestern
Bell Telephone 7s, Public Service OF New
Jersey SIS. Steel and Tube rs. United States
Rubber Z n s, due 1890 Wrestling house Elec-
,ric l. J. appreciate your past advice. and
am trying to do you advised. Also
Will you kindly advise IL these sell in 800
nations e. c. L.
Answer-Wc think that all of the
securities you have selected are good,
with the Northwestern Bell and the
Westinghouse Electric as possibly a
little the best of them. The North
western Bell rs are the only ones that
come In 500 denominations.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Southern Railway and New York Dock

Quest4on--Plcase advise me how South
cri Railway per cent general and de-
velopment A. due April. 1856, is secured.
Would you class this as Il sound invest
n,ent? Would you consider that AZ sa fe
New York Dock per cent 1851. or
United States Rubber per cent. 1877?
What I am after is annual yield or G
per cent or better.-J. l.. II.
Answer-The Southern Railway de-
velopment and general As. due 1856, of
which s61, 1888 900 are outstanding, ere
secured ~ direct lien on 1850 miles
Of railroad and by a collateral lien on
LIS miles and by lien on ceftain
leaseholds They are sound invest
ment, but with the present unsettled
railroad conditions we would prefer
the New York Dock is of 1861 Illinois
Steel debentures AIS, due 1870, selling
at rs, yield SAT, and we consider them
sound investment. New York Tele-
phone first general 411as, due 1899, SELL
ing at "A. yield about per cent. They
are sound, we think
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Spicer Manufacturing Report

SURPLUS Of the Splcer Manufacturlng
Corporation for the year ended Decem-
ber 81. after interest charges, depre-
citation, inventory adjustment and Fed
erai taxes, was s646,022, equal, after
preferred dividends, TO sl.29 a share
earned on the Sl3,75o shares of no par
value outstanding common stock. ac-
cording to a statement issued yester-
DAY. Sales amounted to si7,S62.930.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Tel. & Tel. Compared to Steel


TACT that American Telephone 4 Tcle-
graph stock with book value of over
ss"o share is selling at par and United
States Steel with book value of sssb a
share is selling at so and So can 1t be-
the ass"ts Of tho latter company are IN -
mated by their Inventories over zoo per
| rcadcr OF The Tribune for over nfty YEAR.
&. +. L.
Answer~Therc is no difficulty in bc
inr plausible about the question you
raIsc Telephone s Telegraph sells
above Steel because the people who
hive the money to spend arc willing
to pay more for it. Ill free market.
there are several underlying causes
why the Judgment of the market nj ace
.r our opinion, is correct. One is
that Steel started out with half
billion OF common stock. which was
admittedly water that is, it repre-
sented a future earning power which
us sponsors believed would become n
reaiity. In the twenty years since that
time that faith has been justified, and
We believe that the book value of
Steel common is real and conservative.
A has been established by blowing
oack earnings. Telephone e. Telc-
graph on the other hand started Just
the other way. 1t has had only one
class OF stock, which has always had
ar earning power and has paid at
least 7'a per cent dividends since
1900 improvements and extensions
have been made and paid for out of
earnings, charged out in such a man
ner that they never have appeared in
the balance sheet, nor in the book
value. The company does business
which is natural monopoly in
necessary of life nearly, if not quite.
as vital as steel. 1t is spending lot
OF money on the possibility that some
device Will be invented to supplant the
telephone as it now exists, with the
idea OF either being the first TO find
tfat device, if it ever is found. or
acquiring it for itself early. After
AL book value counts for little in
th~ selling price of stock. Dividends
are among the factors which have
more weight in the long run. and on
this score the comparison is in favor
OF Telephone e. Telegraph Our com
parsons are drawn not with the idea
OF dlsparaging Steel, which is sound
v"iue, in our opinion, of tremendous
actual and potential earning power,
but for the sake of Strengthening out
what appears to us to be a miscon-
coption on Your part.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Investment Information

Qnesf'"ns Of general ,nterest to in
Vesters 'ctV De dnsWered in this coll
umn, ~ which case only initials .eW
ee used. Others wiu Do cns,cered By
ms'I Address all inquiries, inclss-
;ne stomped, addressed swvelope. to
Ftnonciol Editor, TIE Tribune, lS4
Nassas Street, Neto York CITY.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Seeks a Short-Term Investment

question: have about $4,000 or $4,000
10 invest and have thought of buying. 6
per cent southern Railroad gold notes due
March 10. 1922. as expect to use this
money in business some time next spring.
VIII you please analyZe the bove security
and the proba blity OF their being able to
pay those notes promptly. as I wish to be
sure OF getting this money when due? In
case YOU do not approve OF the above men
toned Investment TO suit my needs what
would you suggest w. s. c.
Answer-The Southern Railway did
very we'll N 1920 and its credit posi-
ton is such that unless the whole rail
road situation goes from bad to worse
the company should be able to refund
its s25 100000 three-year notes when
due in 1922. You could get greater
safety with lower interest yield by in
vesting in United Kingdom 5ls per
cent bonds selling at 95, but they are
rot due until November 1922. You
would have ready market for it in the
spring, however
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03

BANKING INSTITUTION of
national scope operating under the
banking laws OF New York state
has openings for experienced sales
inen OF high Qualifications: must.
have exceptional references and be
acceptable for bond. Apply IN
writing only stating experience.
age and education. Accepted APP
p!icants will be admitted to one
weeks sales school starting April
Ii;i. Applications strictly conf
dential ami returned IL desired.
Scx Nc. D SIS. y. Y. Tribune.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
His Investment Good Enough

Question: hold first mortgage on a
Staten Island house for $500 1t pays
per cent and is overdue. 40 that have
right to call for principal on the next
interest date. May 81 The property Is
worth my claim and more, even al forced
sale. Would you consider that would be
lettering my Investment by calling in the
mortgage and buying bonds. say English or
French ) US long telm at the pr-scn Mt out
look of the market?-M. c. B.
Answer-We think the mortgage you
describe is good investment. and see
no reason for you to disturb it.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Will Switch Into Southern Pacific

Question: have ten shares OF Great
Northern preferred, purchased at %. 1t
has been earning very small portion of
the dividends. Do YOU think q switch 20
southern Pacific. which is selling about
the Same price. would place Inc In safer
position? How do you think Lehigh Val
ley Coal sales stock will br affected by the
dissolution orders OF the Supreme Court :?
C. NJ NJ
Answcr-We think that the Southern
Pacific is rather more likely to show
sustained earning power under gen
orally adverse railroad conditions than
L. the Great Northern. The Southern
Pacific is we'll built. we'll maintained
and we'll managed railroad, with facili-
ties ample to take care of increases in
the future. The late James j. Hill was
the genius of the operation as we'll as
the construction of the Great Northern.
Until the segregation plan of the Lee
high Valley is announced one can only
guess as to how Lehigh Valley Coal
Sales Company stock will be affected
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Woman to Exchange Liberty Bonds

Question-Desring TO exchange some
ta .SsrtH y. bonds 1t.L Tor longer term Issues
.ahe me liberty OF asking your opinion an
to which are soundest among the rnllo,y
lhs' taking into consideration the prepert
tbnsn IN the Industries represented by
$50, sec urlties; American Agricultural
'nem!cal Company FIRST and refundug "a
OF .stl. Gun on Corporation Is OF 1851
southwestern Bell first and refundinr 70
OF 1881 Riordan Compsny OF C anada or -
and refunding By of 1870 Belgian govern.
nH 'ts OF lat5, external: PENNSYLVANIA
funding Is OF 1851 would SrcatI~ aD-
prec,ste also your opinion as to whether
Inc ,sa,imore Ohio collateral per cent
as 4 result OF the segregation Of IN" R ,s.sa'
Ws s. SIock' BY which they arc secured -
Answer-The Baltimore & Ohio Ga
due 1929. secured in part by READING
stock, are callable in whole but NOT
IN part at 1929. The indenture Sc
curing them would permit Of the sub
s'tutlon OF whatever security the
Baltimore Ohio received IN exchange
for its Reading stock as collateral for
the bonds, but would not permit them
the substitution of some entirely diff
'erent security. In our opinion it is
unlikely that the Is will be called. The
list which you give is in gen
eral good. If you have already
bought the bonds we would not
advise You to change If YOU
are still considering the purchase
OF these bonds, we think you should
take this into consideration: thew are
all new high coupon rate bonds, and
while we believe them to be good we
MINK That AS a woman you might we'll
such as Illinois Steel AVS, due 1910
and Virginia Railway irst ! per cent
bonds, due 1862, instead of the Riordan
and Pennsylvania Power and Light.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Still Wants to Speculate

;, Question: hold i've Chicago & Great
esterh : per cent bonds at an average
cost OF bs They have been as heavy as
i lead In price for over year Would ii
pc advisable to make a swamp and buy
five Maryland per cent bonds? | would
lose 1870 by selling, but don't you think |
nave better chance to get my loss back
on the Western Maryland per cents? Or
perhaps you could advise some other
bonds.T. r.
Answer-f you are a constant reader
of these columns you will easily see
the difference between speculation and
investment. Are you buying bond for
the income, or are you buying it for a
rise IN market price? If you are specu-
lating in bonds you have lost money,
at least, on paper. Your nvestm ent
as an Investment rs about as good as
1t was when you bought it. 1t is yield
ing you about 7 per cent current in
terest., The Chicago. Great Western
ranged from 63 to 81, and the Western
Maryland from SO to AZ, so they are
about equally speculative.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03
Woman Can Choose Better Bond

Question Kindly advise If Des
Nnincs & Fort Dodge Railway Company
frst mortgage per cent gold bonds. due
1915 are Il safe investment for lady "i
limited means to make b. :. A.
Answer-We do not think that Des
Moines & Fort Dodge are the best kind
of investment for woman of limited
means, notwithstanding the fact that
they are secured by first mortgage.
The Minneapolis 4 st. Louis, of which
the Des Moines & Fort Dodge is part.
is a weak railroad, and this does not
seem to be a favorable time to invest
in weak railroads We often print lists
of bonds that are suitable for woman.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03

sunday, April Japan.
Monday, April lin the United
States: Michigan.
Wednesday, April China.
Thursday, April baltic States,
Brazil States OF Parana and Rio
Grande do Norte), Bulgaria. Cyprus.
Greece. Soviet Russia, Siberia and
Ukrainia
Friday, April Belgian Congo, Bel
GUM. Soviet Russia. Siberia and Tx
rainia. In the United States: Arizona.
Saturday, April 9-Brazil Estate of
Rio de Janeiro).
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-03

THE LIBERTY NATIONAL BANK M
NEW YORK

THE LIBERTY NATIONAL BANK or
NEW YORK.
The Liberty National Bank of New
York. located A. 40 Broadway. New Yorx
City. IN the State OF New York II CLOSING
lis affairs Al notehoiders asd othe-
creditors OF the association are thersfors
hereby notified 10 present the no.es and
ether claims for payment
r. w. WALL Casht>-
THE LIBERTY NATIONAL BANK or
NEW YORK,
Notice 4. hereby given that At q meat,
ing Of the shareholders OF Tho Lib.-ty ys
iional Bank OF New York. held BE Marcs
=. 1891. the Plan. dated February J. 1871
providing for the merger Of the said panE
into The New York Trust Company. WAS
approved; that Ia order to carry on, suc =
Plan. II was voted 10 iiquidste said IA
tionaI Bank. and re-incorporats - . state
Bank under tho name The Liberty Bank
o. New York, and that upon the crranirn-
tion OF said State Bank procsedinru ;.
taken to merge said State Bank With TT :
New York Trus. Company.
Dated. March >. 1874.