davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1922-07-16

The progress of Peerless since R. II. Collins and his associates as- sumed control of the Peerless Motor Car company less than year ago continues to be one of the most widely discussed developments in the motor car industry.
 Startling sales records and sem sational production achievements. which have become almost common place In recent months, are not more interesting, 1t Is stateda by those in ositton to know, than the sweeping public approval which has greeted the efforts of the new Peerless admin istration in developing what had long been one of the best established con cerns of its kind in the world.
 An increasing public approval of Peerless products and methods was noticeable. II Is pointed out as far back as last January. Since then, each month registered still greater sales performance until May es- tablished a record for all of the 2l years of Peerless history. June record went still higher and early reports for July indicated that summer busi ness would be equally encouraging.
 Besides sales an dproduct ,n ex- panslor broad systematization of manufacturing policies, typical of Mir. Collins former successes, has been put into effect, along with much plant improvement, which enables Peerless to rank today even higher than It's former enviable position among the more progressive units of the vast industry.
 According to one of Mir. Collins as- sociates. who. after many years of service with him. followed him into the Peerless connection. the rapid Peerless progress this year is almost as amazing to his co-workers as 1t Is gratifying
 When we first took over the Peer less plant" he said, I've were so im- bued with respect for the previous products turned out under Mir. Collins supervision that we all contemplated a real task in bringing Peerless up to that standard It was no time at all, however, before we discovered that Mir. Collins had been right as usual and Peerless had many advantages to offer In actual car merit, from the standpoint of performance. which had hitherto been unknown to us.
 Our first significant realization was perhaps the fact that the old Peerless organization had been excep- of the winds? Such are some of the questions he Is likely to ask.
 A hortieulturist proposes to intro duce foreign plant in this country. Where will he find the most favor able climate for 1t? In order to set- tie this question he first tries to so- cure certain information about the climate of the plants original hab- Itat-the march of temperature through the season of growth. aver age dates of first and last frost, rcrmal fluctuations of rainfall, hu- midity, sunshine. etc. In many cases such an inquiry would be fruitless. Perhaps the alien plant halls from q region that Is climatically unex- plored or the available climatic data may not be of the right sort to fl, this particular problem, or, finally. such data as there are may be im- possible to locate in the enormous ill-digested literature of climato- graphy. If the desired information Is obtained. the next step is to as certain where eff anywhere) similar climatic conditions prevail in the United States. and this is generally an easy task.
The Birmingham age-herald., 1922-07-16

The AgeHerad photographer this thereof will be Cmer Windshield spotlight free if he will call the automotve The AgeHead ownership Last weeks lucky number Dodge being h who in his praise the efficiency and good looks of his light The Clymer windshield spotlight Drennen Motor Car Cymer Windshield Spotlight Denver, Col
New-York tribune., 1922-11-19
Substitute for Liberty Bonds

teuestion-If you can furnish if 50 nae
witnout toe much trouble would greatty
iike, ana sfst1ch appreciate, this following
Information: ] have $4,000 Liberty bonds
called December 15. DO you tItiaN AZ a6 .
yisAhie ts inysst che proceeds II, either
Chicago CITY Railway bones first 5s or
Indiana Standard Oil ssoch7 IF not can
you advise any other good ard safe invest
iTient I'd. A. G.
Answer--The thing you must bear in
mind IN contemplating this move ia
that all securities, with the possible
exception of the better grade state and
municipal issucs, are inferior TO ina
ldberty bonds you now hold, and that
IN seeking 9 substitute you shoufd l,ot
go TO the other extreme Of invegtme nj
veis:e, as yoa would If Chicago Hail
ways Ss were selected. Take the bond
or preferred stock OF fsourishing pub
lie utility corporation and do not put
your money In q company that depends
for its revenue on the operation Of
street railways. Duquesne Light es.
1e4s, yielding about 5,S per cent, or
Niagara Falls Power SIS, 1860, yielding
about So per cent, Would be suitable.
Standard Oil Of Indiana stock gives 3
return OF only about 3A per cent If
purchased at the present price. This
is not the kind of stock FOR you unless
you want to buy future prospects rash.
er than current income.
New-York tribune., 1922-11-19
Ice Service Corraanx

Qnession-Can you give me any inforina-
'lon about the Ice Service Company, me-
Of New York / am a stockholdar in this
company and have received no divittsnda
on the Z per cent cumulative preferred In
the iast twenty two months. ! have writ
ten TO the company and received no reply
what is the present market vaiue IL one
Wishes 10 aall tho preferred tho com.
mon? 1s It n fairly good Investment? I
uaderstsnd Il has added greatly TO It's
holdings In the last Year Of more and In
one oi tho largsst ice concerns In the
greater city. Any Information you can give
mo VIII be thansfullS resolved. wv. q. n.
Answer Tho Zee Service ACQUIRED
control of the National Ice and Coal
Company in January, 1921, and the
National Ice Leasing Corporation In
March. 1929. An official OF the company
says that dividend payments on che
preferred shares were suspended in
1921 in order that cash might be con.
served in antici patton Of purchase Of
additional plants. A balance sheet Of
the company includes current liabili-
ties considerably in excess of current
assets unless an item Of "other in
vestm ents" of Sl,s82,sao is included
In current assets Net Income for 1921
was $2Ss,018, which is sufficient to pay
dividends on the preferred stock for
full year and leave surplus Of se7,-
710. We are unable to quote q market
for shares of the company.
New-York tribune., 1922-11-19
Pubiic Utility Suggested

lausstion--I.,st below bonds d. which i
have. $1,000 tpafj OF each MOST Of them
aGiiy coluiua. Would you ADVISE itssreas-
ins the number by buying more OF bonds
listed. or carry Disqualification, stiIi futher :?
dtiires watchfag 700 many co.4ditions. what
are the weak ores inst ycu would not add
fs.ore Off II you advise gurther di+orsiG.
cation kindly make suggestions am q
business man. The list: Utan Power and
Light 6s, 1914; Adirondack Power and
Light first Ca. 1886 Montana Power 5s.
1915; ,MississSppi River Power So, a9si
Nsw York Tslsphene SIS, is41; Western
Union Telegrayh sAs, 1886; United States
Rubber 6s, is4f: Terminal Railroad OF st.
Lo,,ia a., tS53: Chicago, Rock Island d
pacinc resnndtng Sc. 1894; Louisville &;
Nashville, ST. Louia Division. 3d. tgsa; St.
Lotis & Southwestern 4s, 1886; Union Pa
cs&fe rcSundina ~, 2e0s pere daraustte
first A 5s, 1865: Crest Northern A ~. 1888
Canadian National Can adt&n Northern . lss,
York Central Es. 3of5, United kingdogn OF
Great Britain and Ireland eizss 1857;
Duninion Of Canada 5s, l952.--~I.. A. II.
Answer--Your list displays careful
and we fsii 20 see any
weak spots. Assuming that the bonds
mentioned are ali held in equal amounts,
we believe you could conveniently place
your new capital in public utility is
sues, eithor increasing the amount of
two Of your present bonds or placing
the $1,000 In sone such issue as Du.
quesne Light SIS, 1919, yielding about
5.S per cent.
New-York tribune., 1922-11-19

than 80 per cent above the pre-war
level, and moderate recovery IN buei-
ness hnds prices nearly so per cent
higher than in the year 1918. The
basic reason IS the increase in the
Quantity Of primary money gold.
That increased quantity, as has been
shown, promises TO be more or less
constant factor In the next business
cycle, tending TO fix and hold prices at
= new general level. Fluctuations
from this new general level will be in
parlance, may be termed the influence
of normal supply and demand. And
with return to normalcy the bank
rate will again furnish the Yaest con-
venient index Of the general interest
rate.
In time, however, even normal ad-
vaflces III commodity prices will bring
rise of the interest rate, irrespective
Of the larger quantity of money. It is
true that larger quantity Of idle
money i'll tend to lower the interest
rate. but an increase In the quantity of
money brings al increase in the price
level, and this increase In the price
level brings commensurate increase
in the quantity Of money required in
the exchange Of goeds. It requires
twice as much money to buy one bushei
Of wheat at 50 bushel as It does at 81
a bushel. Thus in the long run the
ratio of any quantity of money to the
demand becomes edualized.
Not 50 with industrial common
stocks, the prices OF which are gov
erned by the number Of dollars earned.
II we assume that the normal level of
commodity prices viii! be so per cent
higher thar in the pfe-war period (this
assumption is purely hypothetical),
then normal Industrial profits, in dol
lars, will increase In the same ratio,
but tho number Of dollars available for
common stoe', dividends may increase
much more thafl so per cent. In the
long run costs and selling price tend
toward uniform ratio. But the re-
sults Of 10 oy 12 per cent margin Of
profit at one level OF costs may be
vastly different from that realized at
another and higher level.
For an illustration les us take che
United 5tases Steel Corporation. In
the years 191s and 1913 I've average
gross sales were roughly sT70,000,o00
and it's average net profits SOL, 100000,
or about II per cent Assume that in
those years It cold 77o,00c,o units OF
it's product at 81 per unit. Let us ses
what the average results FOR those
years would haze been Il costs and
selling price had increased 30 per cent
New-York tribune., 1922-11-19


commissions, conn advertising. etc. Does it
sseia loglcal to you 60 consider as an
asses amounting to nearly one quarter
., sths total expenses, commissions,
sse new much do you suppose stocR-
hoiaers eould realize on such an asset
!. ~ would probably appear to you, as
Y aoes to as, that stockholders would
md difficulty in realizing on these
assets suficient funds to repav The
preferred stockholders, not TO mention
the other creditors, and. therefore, the
value behind the shares apparently has
repreciated
the sale sman probably vii! tell YOU
that dividends on the preferred stock
are ABOUT year in arrears. When you
invest your $500 YOU probably do not
want TO wait q year before receiving
any aivadends., You want returns with.
ID three months at least.
we have already mentioned the fea.
ture of marketability. The shares are
tfaded IN among deslers specializing in
aniisteo stocks. There are occasional
offerings OF disappointed holders in
TINS market, and recent quotations
ranged from Si2,s0 TO sIA.56 d share
for common stock and see to 500 a
share for preferred stock of l., r. Steel
Company, Inc, while Realty Develop
ment common was quoted nt $3.50 to
$lo and preferred at 500 to $50,
units" are composed of two shares
Of l.. Il. Steel preferred, one share OF
common and one share OF Steel Realty
development common. They are quot
ed at SIS to S95,
New-York tribune., 1922-11-19
Added Componaatior for pis,,

Question--r',eass advise me about United
states .,s ,as q Bsssi "a per cent coffee bonds.
.ssmxlc- American Oh 7Ms. due 1888. End
United Kingdom Of Great nsitain eMs duo
1897, 20 purchase She Bsszii bondef II
pet, what Is good. SAFE I or I "a per ceht
Yong torn bond? pisass advae about New
York, New Haven a. Hartford Railroad
Eer cent bonds, 1sss. I paid $40 for one,
ana II has drepped TO 1850. DO you con
siaer tnis safe Investment -. Nee
Answer--Do you realize that bonds
that are accepted IS the standard Of
safety are selfine TO yield ~ per cent
and less If you do, then you mist
appreciate that bonds yielding T TO
I - per cent lack something for whicl,
the. additional compensation in coupon
dollars pays. You want to exchange
United Kingdom bonds for Brazilian Ss
and wish to know whether we recon
mend this step. We say without hest.
tation that We do not. The Brazilian
government defaulted on interest on
some OF it's external obligations as re-
Gently as 1914, ard there are now nu-
merous bond issues on which the sink.
ing fund requirements have been sus-
pended. Your experience with the New
Haven 6 per cent bonds should srg-
gest the Importance Of placing safety
OF principal before income. You can-
noo buy this class Of security without
assuming some risk. MO
New-York tribune., 1922-11-19

reasonably assumed shat the msrgin ox
profit that is, the ratio OF cost ar
production to gross sales has been al
low rs normal, fer normal ratio IL
the average of good times and bad
tinles, relatively high ratio in times
OF depression and relatively low
ratio in periods Of activity or boom
with an increase in business voiurnA
therefore, should come an increase Il,
the percentage of profits.
II may be argued that the price
factor IN these predicted increased In
dustfial profits has existed during the
years 1921 and 1922, while actual prcf-
ITS We're. declining. Very true, btas
this decline, as compared with the
boom Of 1920, vas the result of de-
creasina turnover Of goods, with CON-
seqaent increased ratio OF sost os
production, together with prices heavsiar
debated from wax time levels. Bus;
even II business recovery were not ass
rnpanied by rising coanmodity prices.
which would be contrary so experience.
an increased volume of goods ex
changed at current prices would bring
increased profits.
On the hypothesis assumed, a normal
volume of business for 1923 will bring
industrial profits so per cent above the
pre-war normal, while a volume OF
business reIati9&iy as farge as was
transacted in boom periods before she
war would tend to bring unprecedanteS
profits 20 Industrial concerns as y
whoie, and an unpreceaentcdly hi1h
range of prices for industrial CON,
mon stocks
New-York tribune., 1922-11-19
RnOCDKNa IR n,
Business Troubles
Petitions in eankasntsy
ECONOMIC SERVICE, INC.
~ Is west Sssh street.. saeW 4osa sx.xs,
sss;sss ~. s.:.ssss. s 4a

RE Following petitions Nj bankruptcy
ssrs hiea yesterday In the unitsd state.
Nsii'si ELLISON. N.Lipsos, rNe.--Involartar,
EZRA DIvECK--tnvofunta under
va. g Alien ct. disabilities, 81, ,eae
asRE scoTT-veluntary: widow ant
sshes Walden, N. z. liabilities. SIMS
EMPIRE rooD rRbpucrs COIN,
slshtsry; i'll Duane sst
81 REGIS PROVISION Co.,, NC
sssntsry; restaurant and rane hrsa,n. s2a
" ag, Liabilities s5sss63. no assets.
sENHATTAN WAIST COAT CO.--vol-
ssiy 3l7 Mercer st Ltahslfsies. $s.sst ;
FaRoID L. BRows--votuu.asy; /,
Mnsoa ct: Liabilities. sss,7ss; assese,
Receivers I'm Ranixrupscy
fss following receivers IN bAakrup,cv
es appointed yesterday In the United
ssiss District corrS.
tslY, &c, 6lf E. 16eth St, With bend Of
saa.ses Shongo5d for David Berkofy. FUR
sssrs. 81 lat av., with bond of $500.
Arthur Z, Dalziei for Dreyfus Costume
gsps 10 s., Ssa st., with bond OF $2.oee.
rats - e, 18th st.. with bond OF S1,eoe
schedules i'm Bankruptcy
shs following schedules In baasruptcy
ssrs fled yesterday in the United States
Mas.ct Canrt:
RAbLnR CAR AND LOCOMOTIVES
enRP--f,!abilities, S20.5ss; no assets.
i sgEf1s & C0.--21 Beaver vt. stceks
ssa bonds Liabilities, s1T,8a1; assets
liaa
Il a, KINc-Stocks aad honda. s5
Beaver st Liabilities, sl1l,sI9s assets,
lstssb.
In. SHALL SHOE Co.'S walker at
lsasililiss, sss.1ss; assets. $4,000.
New-York tribune., 1922-11-19
Ford Meteor Dividends

Question-Is yoa will klnaiy furnish the
Following Information II will he greatly
appreciated. A claims that Ford Motor
Company paid dividend OF saa5,oeo on
ten ten shares. at $40 per share for ten years
there was ever such dividend paid I
would thank you to advise me II possible
IL. Y. II
Answer--Detsils OF carly financing
of the Ford Motor Company have never
been mede public, and the dividend
record OF the company, so Far as public
statistics go, is incomplete. The com
pany was incorporated In 1909 in
Michigan with capitalization of
100000, bat no more than s2s, 600 was
ever paid In. The company was re-
organized ia 1909, under the laws of
Delaware with an authorized capital
ization of 100000, ,oeo,. Of which there
was outstanding May /, 1929, s17s2s4.-
500 tSlo0' par valae). All the capital
stock is owned by Henry Ford and
Edsel Ford. A cash dividend OF 100
per cent was paid In; September, 1910;
one Of 900 per cent In June, 1913; one,
Of log per cent In May, 1914; one in
June, 1el5 Crate not made public; and
one each Of 100 per cent on January /
and February /, 1919S Dividends Of
other years were not made public.
New-York tribune., 1922-11-19

new construction will continue upon
the same liberal scale as naretdfore
Il 10 well known that in this way she
corporation has put back into property
huge SUNG that could properly be
charged to capital account. II must
be remembered also that the figures
for units Of production and prices are
purely Hypothetical, used to illustrate
broad tendencies rather than with any
intent to predict exact price leveis or
business volumes. The Steel Corpora-
tion may or may not reach normal
OF larger than normal volume of out
put In 1928, although tho present trend
Is toward such normal volume; IL may
or may not obtain an average price SO
pos cert, or more. in excess of 1913
lpfesent prices are more than 40 per
cent higher than that; il may or may
not adjust it's production costs TO ap-
proximasely 90 per cent OF its gross
sales, but the tendency will be toward
an average ratio of costs TO selling
price. Moreover, not all corporations
have been able 10 do steadily in
creased volume of business without ine
crossing capitalization, hence the theo-
retical aeonetric increase in net prof.
les available for common stocks would
not be as large fer corporations as Il
whole as 1t would be for tho common
stock OF the steel Corporation under
tho hypothetical conditions assumed.
But, ON the average, q 30 per cent In
crease in the general price level will
sa0rrnally mean larger percentage In
grease In The number of dollars avail
able for Industrial common stock diyi-
iends and commensurate increase in
the average price Of these eofnmon
stocks.
Some industries-ssue rs the motor
industry perhaps attained a Nornfal
volume of production lii 1922, but IN
austry dc whole did not II we credit
yario,ig bagoinefers Of business volume
then industry as q Whole throughout
the current year TO November has
been 20 30 so pei, ceut below normal
after making allowance Tor the ele-
snent of normal growtll. Nor can i be
New-York tribune., 1922-11-19

apparently there is some reason syh,
investors OF spectators ara unwiIlinn
TO pay more than $25 or see shere FOR
preferred stock which ia offered bv
s@lesn,et, a. 500 share. It NAV bs
that these upeeulstors do not regard
the sssets behind the stock worth The
higher figure. II the saiea,nan left
with you copy OF the balance eheet
Tor the year ended December 81, 1921.
yon vail be able TO make an excmira.
tion for yourself.
You win find that listed among liza.
bilities are itons Of S38g,2S6 owed GO
various creditors and eS0S,s1s listed ae
"baiance due for purchase Of stocks
OK subsidiary companies.'
The statement also snows pfeferre,, {,
stock cs sold 20 the amount Of $e,s23,707
These three Items should be accounted {;
Yer among the assets. They total sl0,-
Yoa will find ASSETS placed at sls.-
S2StT9S. 1t would be we'll then to sg-
amine the items which so 10 make uu
this sum TO determine the relative
value. The largest item is $4,5f5,93B--
iistie less than half Of the sum at
which the preferred stock ia carried.
This is listed As "invest,nents in sub.
s:diary companies" IL would be pe7t,.
nept, therefore, TO ask the salesman
II ne knowe, whether Che investment is
carried at market value or at face
value, since 1t is apparent that stocks
OF subsidiary companies sell at sub
stant,al discount in the open market.
The next largest iteni among the
assets is s2,93i .as8,. which in listed as
organization and financing expenses, /"
New-York tribune., 1922-11-19

southern pyestuGs COMPANY

Qus1tion--A ssisstn.n is trying to. get
rns 20 buy $500 worth OF Southern bye
stafs Go. stock. siAifnins that n the
vsetneut ( a1d receiving considerable
newspaper clippings and titafat;re from
them and wou1d like TO have yeaS opinion
or advice before putting my hard earned
cash In stociss.-5. e. 4.
Answer-Southern DyegtuTs Com
pany was Incorporated In 1920 witll q
capitalization OF 10000 shares of S25
par preferred stock and 10000 shares
OF no par common stock. The COM
pany's plant 10 sc Nitro, Va, and was
purchased undes advantageous condi-
tioas from the government. II Is said
that secret processes enable the COM
pany to obtain by-prodnets of value.
Common shares have been offered ut
si5 and $40, and the Working Capital
Corporation IL about so undertake mar
keting the shares at $25. No statement
OF earnings has yet been issued and
pending receipt of snch proofs os the
earning capacity Of the company we
regard its shares as speculative. A
purchaser Of stock should be in S posi-
tion 60 assume the rtsk invoked.
New-York tribune., 1922-11-19
Outionk sas n. p II "a

Question: resa With interes. your adj
vice to Investors IN your tatue Bile paper
and would like 20 ask what, In pour onin.
Ton. IL weuld be best for nas "a do. I have
sorne Brooslyn Rapid Transit S per cent
hfty-year sold mortgage bonds, prinaiDsi
70 be paid October /, ls4e can hold
them IL there Ia sny possibility OF thsir
evsr retnTnins 90 par valve. IN case they
sshouid would there be any chance Of ba ok
interest being paid f~--T A.
Answer---We cannot say what the
prospects are for the Brooklyn Rapid
Transit es Of returning to par, but IN
view Of the fact that this security is
senior issue IL Is a reasonable as-
eunption chat any reorganization plan
will provide for payment OF defaultel
anterest. You have held your bond
would seem illogical to dispose Of il
ssow. that the company has recovered
its balance.