davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-02-07
Has Loss in continental Candy

Questtcn-sone time ago I bought sorne
Continental Candy stock and paid ISM
per share. Recently, however. the conn
pany passed its dividend (25 cents quar-
terly) and the stock dropped TO below 81
per share. I would be mach indebted to
you II you could inform me II the present
low price OF the stock IL due TO the corn
pany facing financial difficulties or merely
reflects the now prevailing generally de.
pressed state Of business and securities
%. II. B.
Answer Continental Candy was
hoated on the boom market of 1919.
The public was buying stocks on the
prospect of big speculative profits and
paid little attention to the ultimate sta
hility of the various securities offered.
Like many other new stocks, Conti-
mental Candy was doomed in way that
was not justified That usually hap
pens when there is overspeculation,
Now that liquidation has got under way
prices are getting back nearer to real
values Nothing more is needed to ac-
count for the fall in the price Of the
shares of Continental Candy aside from
the facts that earnings fell off and the
dividend was passed.
This is happening IN the case OF u
great many concerns whose stocks were
in high favor year and haIf ago. It
simply goes TO show how speculative
the general run Of common stocks ara.
New-York tribune., 1921-02-07
N. Y. Telephone Debentures Good

- Question--I own $500 in New York
Telephone debenture S per cent gold bondn
these are considered first class scurities? I
have seen issues of the American Tele-
phone and Telegraph recommended, but no
mention made in your column of the bonds
Williams & Wignore. Inc, purchased when
this concern was paying dividends Have
you any information that you feel at lib
erty to give me IN. B. *
Answer-The New York Telephone
Company is owned and controlled by
the American Telephone and Telegraph.
We consider all of the obligations Of
the American Telephone and Telegraph,
including securities of the subsidiaries,
ns we'll secured. They vary, of course,
in their attractiveness as investments,
In the case of the issue of New York
Telephone debenture. 6 per cent gold
bends, of which there are outstanding
S24,811,t 100, issued in 1919, provision is
made for a cumulative sinking fund
which will take care of the redemption
of the whole or part at 10 and ac-
crued interest. CASTOR, Williams &
Wigmore, as you probably know by
this time, made 8 good start during the
war, but ran into the rough weather
OF a demoralized foreign exchange mar
ket, which resulted in serious loss. The
company has taken steps to retrench
and is curtailing in many directions.
Recently the stock, which had a severe
fall from its high record has shown
signs of revfving strength In Wall
Street there have been reports, so far
nnconfr rmed, that new banking inter
ests were to take hand in the affairs
of the company.
New-York tribune., 1921-02-07
Investment
Information

Questions Of general interest to s,,-
postors aoill be anstoered in this coli
usan, IN Which case only initials aciu
be used. Others tpiH be aAswered by
mol Address all inquiries, inctos-
inDHa stamped, addressed enueIope. to
Financial Editor, The Tribune, 1S1
Nassau Street, NstD York City.
New-York tribune., 1921-02-07
FINANCIAL
a L6 THE HOLDERS OF
!. S.kAs PETKS1IAEUM COMPANY

mssry.T5 TO THE HOLDERS OF
navss TERN PETROLEUM COMPANY
AsS ISSUE FIRST ILEN coII.ATEa
s.S, 81 TEN-YEAR ~ SINEINo
&osn GOLD BONDS DUE
Ra.s.. sSsTEMBER 1877. Iaes
:ssssi :Tssa wfl receive on FsbruaTy ~ ,ssS ss
pesals !. s.scs noon, sealed tertssrs or pro-
sos - .as above bondE 60 be SURRENDERED
s.sss al nos exceeding enc h,sndrss ana ,,Ss ~
pius sTt,..e Ia pbf eentam fIo2A%t Of par.
9iaktnss nl lsa interest, ous Of moneys ia the
yiKht = me ssnonnting TO sss, ,22s.0 Tina
6str 49,. ~ Or AL offers ~
fHlsT COMPANY Trustee
by GEORGE r. WARREN,
assss sshraAry s, ssss. '0'- RESIDENT
New-York tribune., 1921-02-07
Broker steered Him Out of Profit

Qusstion--A broker sold me Eureka Creek
mining stock as the greatest silver possi-
nility in this country. Upon his advice I
switched this stock later Oh into Spencer
Petroleum Corporation stock at $15.20 per
share He could not praise Spencer
enough. When Spencer reached s21 ] ad-
vised the broker 10 sell. but hs advised ms
TO mold on in his opinion the stock
would rise above $40 Instead of going up
II went down and down and now II is very
seldom quoted around $3.50. Perhaps It
is not worth that much, Since then l have
not very. much confidence IN that broker.
would like 20 invest about S505 In a good
stock What do you thing about Anaconda
copper, pennsylvania Railroad, or perhaps
Loews, Inc. IN. k
Answer-Your experience with high
ly speculative stocks, and brokers who
persuade you not to take profit when
you have it ought to be enough, we
think. We suggest that you try the
investment bonds and preferred stocks
for change. We frequently men
ton such issues in this column.
New-York tribune., 1921-02-07
willing to Take Chances on Marks

Question--Wul you kindly advise me as
to the best way to buy German marks or
bonds in order to get the benefit of the
rate of exchange? Is ii better to buy Ger
man bonds or to get a draft on German
bank. which, I understand, Ia one way OF
buying marks? VIII you also advise mo
where to carry On my transactions2 I
realize this Is considered speculation. but I
am prepared TO take the chances on the
amount I would invest.-W, b.
Answer-We believe it would be bet
ter to buy German securities to take
advantage of any appreciation in the
market in German marks. However,
this is a purely speculative operation,
you must understand, for no one knows
what is going to happen to Germany.
There is talk of scaling down of the
gold value of the German mark, Should
such a thing be ne-and it is not at
all improbable--it wouia mean COM
pfete Feadjustment of the German hnsn-
cial structure. If you want to deal in
marks or German bonds we suggest
that you go to some reliable bank.
New-York tribune., 1921-02-07
Prefers Railroad Securities


ouestion--Hsve $500 and wish to buy
for income and hold as permanent in
vestment one of the following. Which one
would you suggest? I like Atchison Ten
shares Atchison, ten shares UEion Pacific,
$1,000 bond Southern Pacific consolidated
Is, 1929; $1,000 Union Pacific consolidated
4s. 1927, or Delaware & Hudson consoli-
dated 5s. ,19a5.--J. f. c.
Answer-On account of the uncer~
tainty of the railroad situation and
because they are so situated that they
are sensitive to earnings and other
developments, Atchison common and
Union Pacific common stocks are spec
ulative. To be sure, dividends have
been amply earned, but if you desire
sound investment securities, we do not
advise the purchase of common stocks.
The preferred issues of these two COM
panies are good investments, and the
Southern Pacific convertible, Union
Pacific convertible and Delaware e.
Hudson convertible bonds are sound
issues.
New-York tribune., 1921-02-07
DIVIDEND NOTICES
DIVIDEND NOTICES
NATIONAL. BISCUIT
COMPANY
g2nd Preferred Dividend

RE Board Of Dire1crs has declared
"a quareeriy dividend Of one and
usssquarsers (la0 per cent on the Pre-
'srrsd Capital stock Of the Company
Nyabls February zsth. 1921, 20 stock
mders OF record at the close Of business,
FEBRUARY i4rh, 1921. Transfer books
vii nor be closed.
GAp. WELLS, Treasures
New-York tribune., 1921-02-07
salea foae onlttea
IN @AAaeonda 81 /.

40 ~ Is ~ I
sag A 7s ~ 4.
S @Au Tob "a go.
. 80 f2eayer SIS.
sS *Beth ST Ia 2g.
p - sdo ~ 1872.
As sBrRziI l. 4 T. !,
3 Sons G 5s rs2
4s sGanNRy Is '33.
3e5 &C de Fa4ea sg,
- &C OF Bergen Ss
1so Soon Gas ss-
2 Soon Text TMs.
so eDeamaFk Be-
SIS Sp1aua Mitch Is.
80 sEmp 6 & r Sc.
~ sds S. 1874.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16
InviolabiEty of Contracts.

l. MfLOfEKS can be no more excusable than
LIZ are employees in breaking a labor contract
indeed they are even less excusable, as contracts
to them are their business life They are train ed
by long experience to realize their invioability and
to them those who in the ordinary course of bust.
ness break contracts are wholly unworthy of con-
hdenee. The Herald can see no possible plea
which will acquit the women's garment manufac-
turers of New York for breaking their contract
with the union workers
Under this contract the wage scale was fixed
on the week-work system 1t runs until next
June. Under mutual agreement also there is
provision for arbitration. Without waiting for
June, or to get a decision by arbitration, the en-
ployers served notice of return to pieces work
holding that they were tota ly unable to make a
proht on the output secured under the week.
work system. This may be true; probably is true
The workers may have "soldered" and not tried
to really earn their pay. Production per worker
it is charged has been materially reduced. But
this was subject to arbitration, and until that failed
the contract should have been observed
But there is another side to this controversy
OF great importance to the general pablo Piece
work IN such industries as garment making is very
different than in shop industries. Garment makers
can. and largely do. take their work home under
the peee-work system. and the quite inevitable
cons '1uenee would be a return to the sweat shop
conditions with all It's misery. degradation and
near-siavery. The American people do not want
and will not have this. In met crafts in machine
shops, mills and factories pieee.work has the other
meaning II comes under the usual working eondi.
tons. u is open to bulk inspection. II must
regard health and safety. :, |, competitive in the
open. not in secret u has lev, II any. OF the
sweat-shop features which make that system in.
tolerable.
Nor will tie public bslie~ =. only choice is
between the iron-elEd week .sosk aud sweat shop
Arbitration might very well have found eompro-
mise. AT lea, q was the obliEa alton Of the cm-
ployers to LN. used every ,noF, this end and
under conditions to have broken their contract
The He.. ID also believes the workers we're
unwi' to strike. We be- We any union is unwsc
to authorize OF pu, into effect a strike at this
time But. too. 'omes the problem OF what is
result IL neither side regards contracts as bind
ing; IL both break them when present cond
tons give one tho other a temporary advan-
tage. and the signed agreement OF neither has any
value in the face OF immediate financial profit or
loss.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16

III SOLAIlON may avoid responsibilities; IT can
i not avoid penalties. No nation live to
itself alone and not pay the price. For three years
the United States has wriggled and twisted, has
proclaimed and detained. 1t has succeeded fairly
we'll so far in shifting responsibility, but the pen
alties have piled up until devices for meeting and
lessening them have been forced into the open.
The Washington conference is but one of
these. The burdens of isolation convinced even
Senator Borah that it is better agree with pos
sible adversaries quickly, if only to escape the
financial cost of avoidable armament. This country
could bankrupt any other in the world, but it has
become evident that would have to pay our
share of the bankruptcy claims. 1t is such PEN
alties and the certainty of them, that is gradually
bringing the dawn. of that wisdom which points
to world coordination and world cooperation. 1t
is compulson which is forcing this country to
try to crowd itself into the little end of the horn
in a big way.
Emphasizing this reality of international inter-
dependence, Mr.. Vanderip proposes Gold Re-
serve Bank of the United States of Europe" with
sIoooooo,ooo of capital in gold and proportional
limit of gold currency issues. This country would
have to supply most of this gold. NThe sole in
ducen1ent for this would be to stabilize European
currency and exchange by offering standard OF
value. This would make normal trading with the
old world again possible; it would make buying
and selling have stable basis. 1t would provide
an exchange value not variable with the ticking
of the clock. 1t might halt that riot of financial
disorder which we have sat side and watched
for the past three years rather than undertake to
share in even the worlds economic responsibilities
This is Americas latest example of watchful
waiting.
Mr.. Vanderlip's proposal is only one. 1t is but
the recognition that communications, the increas
- Il l..--
and the developed ability of one of the
world to profit by the riches in of every
ether part, have made national isolation one OF
the fables Of. former ages. Not only this, but
the penalties of attempted isolation ultimately
for the assumption of responsibilities and these
~ larger measure, in the accumulated bulk proper
sfbned to the period of avoidance.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16
Replies to ''Southerner."

To the Edi-1r, The Washington Herald:
A -Southerner" writing in the
Open Court says democracy is a
lie" and adduces some indisputable
evidence in particular cases. as
proof to substantiate his claim. He
refers also to President Harding's
birmingham speech in which he
stated that the colored people were
deprived of their political rights.
A Southerner's" defense of Debs
and Watson would lead one TO sun
pose he was in favor Of making
democracy" truth instead Of "a
lie. Else what was the purport or
his letter?
He states that the government is
partial in its ministration Of the
law and has respect of persons: the
influential are permitted to go scot
free. while the less known. quoting
the Language Of the former. are un-
justly incarcerated. Democracy. he
says Is a misnomer. and intimates
that IL ought to be otherwise. The
government, least of all, should not
be covert, but open and just
Yet he. states that IS per cent of
the South is American. OF course.
only they are American who are
indigenous to the country and must
Include the colored people. They
were brought here in 1903, and when
the Constitution was formed they
were enumerated as three-fifths a
man of voting capacity. Since
1855 they have been invested with
the right OF being a whole man
with citizenship. Being. then, part
OF the IS per cent American Of the
South they. logically. are entitled
NO all the rights and privileges of
american citizenship. the very thing
President Harding is congratulated
for TN his frank. bold statement
In the enemy's country"
But IL is sdistasteful to a part OF
the 70 per cent Americans. because
the other part 10 black. and the
penalty for not being white 10 a
deprivation of those fundamentals
that go with true democracy. The
act Ii overt
II this be the principle for which
"A Southerner- 10 contending then
his argtment 10 reductio ad alb
surdum. and unbenefcial He has
not helped his cause
r. 's.i -s----- - H =. BARNETT
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16

1.-THE Pennsylvania legislature in its last session
. i placed an export tax on all anthracite coal
,.Inncd in that State. This law has now been
taken into the courts to test its validity. II is
EPennsylvania's second attempt to make the
;of coal outside her borders only pay full value
,nfor the coal, but this extra tax to pay for the
ss.,extravagances of her State government. Her
,i,senormous wealth has had the usual result in
@:government which is backward in wholesome laws
"and Supremacy wasteful in all factors OF admins
atration.
~ 1t is to be hoped the law will be tested through
a:the courts to the Supreme Court OF the United
Estates and that the case is not just for public
.auiesccnce but will be argued with equal abilit.
nagainst as for. In that event it may settle that
.ncther attempt to saddle the users OF a
stional resource the supcreost OF government Of
,ianother State This State is Minnesota with its
,supertax on iron ore. whose object is different
.Ithan that OF the Pennsylvania export coal tax.
~ For some reason the Lord, while He gave
sthis country nearly every known OF natural
,saxeath in generous quantity, distributed them in
asections, kind by kind. Coal. iron, copper, lead,
sainc silver, gold, and the many other metals and
wmetac substances are formed in favored districts.
ITO the others have been given in general greater
,richncss OF soil for food production All Of which
lponts within country to that natural,
'free exchange of commodities provided by the
nCsnstitution.
Z, Surely no part has a right to deny to any
gbther part its proper and rightful share of these
Resources. No part, because it has than its
Town need of any one, has right to put extra
,sharge the surplus increasing the cost of
NECESSITY, while it has to go to other sections for
,other similar necessities. These supertaxes and
aexport taxes if permitted would extend to
every known one of these special gifts of nature
aand run a rivalry in taxation and increase of
ultimate prices of practically everything we use.
:; Only the strictly agricultural States would be
without recourse. Only they could not put such
y tax their food products. But ,how long would
.Xhey stand this discrimination against them, How
Song wosld they be content to pay and pay, that
more fortunate States might spend and spend?
ISuch taxes are not merely State questions, they
are national and there is tonnage tax argument
which can meet this national obligation and inter-
State justice.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16

IT a British admiral who, when asked his
i opinion as to the navy scrapping program,
said: Owing to changed conditions of naval
aerial warfare, the building of batteships is a
policy of the insane. That is the only comment l
have to make" The British have gone farther
along this line Of judgment than either the United
States or Japan. She has not built since the war,
and has recently sent great tonnage of ships to
the scrap-pile.
Right there is the reason that the Hughes plan
scraps far more tons of American capital ships
than of British The British ships are already
strapped II has taken this difference to leave them
with navy but 100000 tons in excess of our own,
and that in vessels hardly the American equal ship
for ship, in fighting strength. 1t is true too that
a ten-year holiday will disrupt and disorganize the
battleship or naval building industry. The expert
craftsmen will be gone into other industries 1t
viii be quite impossible to gather them together
and reorganize, re-equip and readminister the
industry.
AS this is fully understood the demand
for this length of holiday will be imperative in all
countries. 1t is this holiday, too which must apply
to all countries, and scrap" must mean SCRAP
not sale to some other country The people of this
headed straight for peace, while with them are the
linen of the navies and armies. Nothing Is more
Significant than this latter fact. The Hughes plan
is the product of the American navy. 1t is not a
.civlian scheme. The first to accept it as a basis
flor 6pal agreement arc the naval leaders Of other
The men who do the fighting, who have
lied in war; and would lead in future wars, are to-
nday the leaders in peace.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16
PEJIBAYE Is NEGLECTED
TROPICAL FOOD PLANT.

The neglected American fooi
plant. the pejibaye or chontsduro. 20
the rival of the famous Oriental
date palm. and like IL. Is capable
almost unaided. of supporting hu-
man life, Wilson Popenoe. agricul-
tural explorer OF the Department ~
Agriculture. declares. While Ara
tribes utilize the date palm as their
principal food. the aborigines OF
Southern Costa Rica and other
countries of Northern South Amer
lea subsist almost exclusively. DUR
ing part of each year. upon pejibaye.
Sugar is the principal constituent
Of the date, while starch is the most
important nutritive element In the
pejibaye. Mr.. Popenoe urges that
the tree that produces this fruit be
planted In dooryards in tropical
countries and be predicts that this
will be the frat step toward the
profitable eommercializstion Of this
fruit. s.Fe
VI n
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16

reached its climax in the proposal to utterly de-
stroy the newest and most powerful part of our
own navy. the foreign powers knew the American
plan as truly American. and neither bluff nor .
basis for bargaining.
No doubt could be left that so far the United
States is concerned, the great war to
end war Mp room left for bubble that this
people ID both for peace and will have none OF
war In that instant Japan shed her alarms. Right
there she knew that this conference was not in
tended by the American people to coerce her. to
enfeeble her, to hamstring her future, but for a
square deal all around, which would assure peace,
and that It was up to her and her people to come
along with this country and Great Britain.
OF Great Britain there was never any cause for
serious doubt Only folly, twice compounded, can
ever prevent the American navy and the British
navy being one navy. This is because Of common
interests, largely common history common at
titude toward world affairs of the everyday life of
men, and q common viewpoint of lifes objections
with common code of moral values. The time is
not so tar when Canada will be great and power
ful nation So will be Australia in the South Pa
cine: Both will still be of the empire With the
British. French and de-Prussianized German influ-
ence IN Europe, these will form the guiding force
OF the world. With these we believe as beyond
question, will be Japan, who will as readily adapt
herself to this Western model as to that which she
found OF the vintage Of the 1905
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16
Calls Prohibition a Success

To the Editor. The Washington Herald:
Briefly referring 10 J. E. w's
latest contribution In the Open
Court letters Of The Herald under
caption. wants Prohibition Refer
endum," ! desire to state that IL 10
not up to the drys to reaffirm by
referendum vote or another legis-
lative method what has taken
seventy-hve years to accomplish.
II. rs II has been stated. that only
one out Of 100 Of the people had
any say In the adoption Of the
Eighteenth amendment. than the
vets are decidedly In the majority
and the repeal of the law can easily
be effected. Why then ask the
drys to urge for q referendum or
not to interpose any objection
thereto. IL they are in such a large
majority. Such Is not the case,
however.
That the Eighteenth amendment
has been legally adopted II cannot
be refuted and Is therefore a part
Of the organic law of this nation
and good citizens will abide by 1t.
The bootlegger and those who show
q disposition to violate this law
should be given the extreme penalty
as provided for, which In a short
time will greatly diminish the de-
sire on the part of the offender
trying IL again.
The nation has been greatly BEN
efitted since the saloons have been
closed. Proof is abundantly evident
to sustain this fact. Therefore.
the law Is a success and not
failure as the vets are trying to
make 1t appear.
CHARLES, WILLIAMS.
High Chief Ruler. Independent
Order of Rechabites.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16
The Gallery Gods.

. ENATOR BORAH is right that the American
~ navy-scrapping program is in the main re-
sponse to public opinion. For arousing and making
fis opinion effective much of the credit belongs to
tte Senator himself. When he first proposed a
Naval holiday this public opinion was inchoate 1t
Vas in nebuIous form. and it was for him to prove
7ts magnitude and power. co..
~ 1t is very much due to the evidently overwhelm-
ng volume. not alone of assent but insistence which
die delegates of other powers find here, that they
6ave soon and so readily adopted this program.
Il cannot be doubted that the reception of the plan
~ Congress. fully assembled in the conference hall
galleries. had effect not in the days agenda
xhe plan was much surprise to the Congress
&en to the foreign delegates. but when they
srose as If by agreement applauded and eheered,
S0 once, but nth an increasing earnestness which