davidaulloa/AmericanStories huggingface dataset:
Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-04-10
DEATHS.

GANNON-In this city. on April 10,
1922. Annie e. Cannon
Relatives and friends are invited to at
tend the funeral from her late residence.
1921 Monroe street. on Wednesday morn
ing at $50 O'Clock. High mass ~ the
Cathedral Interment at Cathedral ceme-
terry
Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-04-10

When business Is slow. and in the
fall season. advertising helps 20 make
business better.-Adv.
Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-04-10
Wall Map OF Delaware so Cents.

A limited number OF the Rand Nc
Naily maps of Delaware are on sale At
Every Evening office. so cents; 10I
cents for postage TO any address,-Adv,
Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-04-10

Try an Every Evening want ad.
New-York tribune., 1922-07-23
Business Troubles
Petitions In Bankruntcx

The following petitions In banruptoy
FIENERMtIrE CORP. - Involuntary !;
lighting fixtures t0s West 4oth at
CLARENCE W. EISEER--Voluntary :;
haberdasher, Hartsdale, N. Y. Liabili-
ties, Sl3,es7; assets. 1925.
NELLIE EfsNER - Voluntary; house
wire. Hartsdale, N. r. Liabilities, 5000;
FRED Observation-Disclosures; Lake
Mohegan. n. Y. Liabilities. sI.ieo as
ANNIE y. SHORTER Voluntary ::
Boomingburgh, N Y. Liabilities, s4bsT:
SAMUEL Observation-Disclosures fur
niture, 169 East l7lst S.. tho Bronx.
WH1NSTEIN C. SCHOENrDLD. Inc
Involuntary; furriers. ITO West a1st ct.
Receivers in bankruptcy
The following receiver in Bankruptcy
appointed yesterday in the United
States District Court:
Joseph T. Stears for Weinsfein Il Schoen-
field. furriers 170 West 31st ST., with bond
of $4,000.
schedules in Bankruptcy
were hled yesterday in the United States
D's'SArr uNirED H9aF5: cnorHruas. 41 Cana, st.
Liza blities. $ss,s4a; assets. 5000
BENJAMIN KRASNER 49, Haberda sher,
1871 Chambers st. Liabilities, 81, 400 as
sets, $3.50
Assignments
Sam Levy. retail dealer in groceries
100 Allen St.. to Samson Hollander. 346e
1Ath av., Brooklyn.
New-York tribune., 1922-07-23
Answer-You have held Missouri;
Earnings Not Ercouraging

Question-Can you kindly furnish me
With. Information regarding the prospects
OF the Southern Utilities Company this
;esue of the numerous J. G. White Corpora
tions many of which seem to be paying
weli but the Southern Utilities Company
has ceased paying it's preferred dividends
for about four years. There was sub
sequent depression and difficulties in bus
ness hit this ornpany badly, but other
of similar nature in their ter
ritory have since been making money and
doing good business. where careful man
sary expenses have been practiced. From
appearance 1t would seem that too. much
palatial office overload and toe much New
tical. close supervision Of the various prop
pay dividends. Any information will be
greatly appreciated.-H. r. L.
Answer-We do not find anything in
current reports of earnings Of South
ern Utilities Company of an encourag-
ing nature. Earnings for the year
ended March 81 show decrease Of
about 20 per cent in net income. For
the month Of March, 1921, gross earn
ings were 1927 ,432, and for the same
month this year s260,lo1. Net income
for this period shows a decrease Of
about 75 per cent, as represented by
$S0,1SS and s2o,150 for 1891 and 1922,
respectively.
New-York tribune., 1922-07-23
For a sojourner in France

Question-Will you kindly let me know
what you think about q few stocks /
have: Pennsylvania Railroad, Western
Maryland common stock, Big Ledge Bos-
ton Montana, Mutual OIL. Louisville Con-
solidated? VIII you let me know for
some one who will go to live in france
which French bond will be best for in
vestment a. T.
Answer-Although Pennsylvania was
forced to reduce its dividend because
of decreased operating income, we
think you have security that no one
can find much fault with you for buy
ing. The general railroad situation is
improving rapidly, in our opinion.
Western Maryland common stock has
only speculative value and you would
be wise to dispose of it and at the
same time rid yourself Of your hold
ings of oil and mining stocks. Pur-
chase a few shares of Atchison pre-
7erred with the cash realized and your
financial position will be much i'm
proved. For the individual proposing
to live in France we would suggest the
purchase Of two French loan 4s, 1917
issue, as suitable for the investment
of $1,000. These bonds are selling
ut so.
New-York tribune., 1922-07-23
Holds Dunn Pen Stock

Question--In March Of 1921 bought
sixty shares of preferred stock Of the Dunn
Pen Company Inc, and received as a
bonus fortye!ght shares of common. TO
the present day I have not received any
dividend on my stock. Are these stocks
any good? ] have been reading The
Tribune for years and do not SEQ the
stocks listed in Your paper. Can You let
know whether they are on gale in any
brokers' office and il they are worth what
1 paid for them? Ten dollars share is
what paid for thena.--A. r. z.
Angwer--If you make up your mind
that no mount of urging on the part
of stock salesman would ever induce
you to buy stock Of company that
has nothing but promises and predic-
tions to recommend it the money you
have paid for Dunn Pen stock will have
besu we'll spent. We say spent" be-
cause you have never received a divi-
dend and disappointed stockholders are
Offering the stock IN the outside"
market at one-quarter Of the price you
paid for yours. This is the story and
we want you to profit by it's telling,
and in future invest in the securities
of companies that have established .
record as to earnings and payment Of
dividends.
New-York tribune., 1922-07-23

with companies producing goods in
plants equipped with expensively and
constantly depreciating machinery.
You may have noted in our analysis
or the American Ice Company that net
tangible" assets applicable to the pre-
ierred stock were figured at less than
the par value of that stock. That
seemed to leave the common stock out
IN the cold, with no assets in back Of
1t, yet the American Ice Company
common stockholders own something
intangible which produced a revenue Of
almost So share during the fiscal
year 1921, and which gives the COM
mon STOCK market value at the pres
ent time Of something like Sill q
snare. in this case the business or
ganization, goodwill, etc, augment the
actual physical, producing properties
tne tangible assets-giving them earn
ing power
After all, it is the earning power and
not the auction sale value Of property
mat gives a stock it's real value, and
py earning power is meant the revenue
over period of years, good and bad.
ana not the earnings of any one wear,
uoooWill assets, however. it must be
oorne IN mind, are valuable only while
the enterprise remains a going cou-
Germ. The item OF goodwill in the
haiance sheet of a new corporation
ohae mas not yet fully demonstrated it's
earning power is often intended to de-
ceive.
New-York tribune., 1922-07-23
Federated Engineers Stock

,o9 9usstion.can est, you sive ne any inforn,a-
ton wlth regard to the stock of the Fed.
Grated f1aH Engineers Development Corpora
This seems to be newly orga nised com.
peny, and several prominent men are con
uected with ft-SteinmetE and Duosen-
poys: I9yss- Of D1esenners motors. Ia 1T good
will increase in value?-s. r.
Answer-The Federated Engineers
Development Corporation has been
selling stock for about two years, and
recently request for q statement of
the financial condition of the company
was refused on the ground that the
company had not adopted policy of
issuing financial statements. 1t was
stated that about 100000 of stock had
been sold, and we should think both
original purchasers and prospective
stockholders should be entitled to in
formation Of this kind We under
stand this company is engaged in pur-
chasing patents and either disposing of
them or manufacturing under these
patents. The stock is highly specula-
tive
New-York tribune., 1922-07-23
Woods Full of Radio Stocks

Question--Wil you please inform me
what you know can learn about stock
of the International Radio Corporation, r
b. Visco e. Co. offices at 2s7 Livingston
Street Brooklyn. They claim great things
for the corporation and stock have
been asked TO invest in 100 or zoo shares
the fiscal agents at above address p
e. 3.
Answer-You probably are aware
that fiscal agents are paid generously
for their work if able to induce people
to buy stock Of the company whose Sc
curities they are selling. Are you ac-
quainted with methods that are used
by stock statesmen who, with no better
foundation than the Instructions they
have received, plus their Imagination
appeal to the emotional side of an in
dividua1 to the extent very often that
a sale is made? We know that great
many radio companies are being
formed, and although we do not know
of the international Radio Corporation
other than as to its STICK being offered
in the outside market a considerably
less than 81 a share, we think It
would be advisable to wait until there
has developed commercial use for in
struments that will allow OF rnanufac-
turing on profitable basis.
New-York tribune., 1922-07-23

other companies carry goodwill at
the nominal figure of 81 and still 9th
ers omit it entirely, as in the case of
montgomery. Ward & Company. The
warehouses and other physical prop
erty owned by a prosperous mail order
house could be sold to steel company,
a packing house, an automobile manu-
facturer, or any kind Of producer, in
the event of liquidation, but goodwill
would be without purchaser being
something intangible. Good will has.
on the other hand, real value to 8
going concern--a concern that is en-
gagged in competition with others in
the same field. 1t is something in
tangible yet real and therefore has n
real value--to going concern.
There are other reasons why a
merchandising company's stock NAV
sell far in excess of the value of tan
glble assets. An important reason is
that the physical property and equip
ment necessary to the rapid turnover
OF goods is small in value compared
with the plant and equipment neces-
sary for the production of goods. Thus
the buildings and equipment which
Montgomery Ward carried at $t5,614,-
oeo IN the December 81, 1921, balance
sheet were used for the distribution Of
goods TO the volue of more than $780,
100000 during the first nine years Of
the company's existence. Far greater
than the value of physical property is
the market value of goods carried at
any definite time. Such is not the case
New-York tribune., 1922-07-23
Speculation in Experiment

. r|nies, 3|asstion-wil you kindly give your
2pihon of A, y. c. Trnnsit' Rcfrigeration
company and shs isrue OF stock being Of :
fsnreo NV by Bowman &s Co. 10 Wall Street =,
piirospsctus, pros there Ia per cent cumula :
t.nrs cTe preferred tasue ct per, 500, and a
ccIni9on issue ri $3.50 o share, the com :
mon having no par value.--E r. 3.
Answer'--We have no knowledge Of
the operations of the A B. C. Re-
frigeration Company on which to base
an opinion. other than the information
contained in the circular you inclose.
an examination Of the balance sheet
OF the company does not indicate that
manufacture has proceeded far enough
to have developed business in any
volume. The statement that call the
energies and money Of the COMPANY
have been devoted to pioneer work. in
ciines US to think that the purchaser Of
stock IN this company would be get
ting an interest in most uncertain
speculation.
New-York tribune., 1922-07-23

and suessfenn,is nEsfsn ths income from common
a srsl py,eserrsd ynse stocks exempt from the FED.
exempt from the New yor,. s,st ,e sane sane
4 aow about the income from bonds 'sE
taSs ' psnsIan ensT,pa from r. the New York state
'ne |isS OF New York; c. p. "
Ahs~er--A dividend is subject only
TO surtax if received from a. a do.
messic corporation (other than a cor.
poration entitled to the benefit of Sec
tioh 2e2), or t2) foreign corporation
when it Is proved that more than ho
per cent of its gross income for tho
'nree-year period ending with the close
OF Its taxable year preceding the dec
iaration ,of such dividend was derived
from sources within the United States
interest on bonds, however, Is suhiac+
to both the normal tax and the surtax.
except certain classes of bonds. sucb
as Liberty bonds and municipal bonds
which are exempt from tax. Dividends
on stocks and interest on bonds are
subject to New York State personal in
come tax received by resident oe
New York State, but are not eubiect
to tax in the hands of non-resident
except TO the extent that they consti
tute income from the business of the
taxpayer carried on in the state. Pen
sions of any kind are not taxable in
come under the New York State income
lax law when received by a non-resi
dent, since they are annuities and
therefore exempt from tax under Sec
tion 3o9, subdivision 3. of the tax law
Pensions are taxable when received by
resident or the state, except (2) when
received from the isnited States pov-
ernment, or (b) when received as com
pensation Tor personal injuries or sick
ness, or for accident OF health insur-
ance, or under workmen's compcnsa-
ton acts or through var risk insurance
or under any law for the benefit or
relief of injured or disabled members
OF the military or naval forces Of the
United States. Pensions received from
the New York City Teachers Retire
ment fund are exempt from taxation
and the same is true of those received
from the Carnegie Foundation for the
advancement OF Teaching. If the re-
c1p1ent has contributed to the fund out
OF which the pension is paid, the pen
sion receipts are taxable only when and
to the extent that they exceed the ag~
gregate amount of all payments or CON
tributlons made by him to the fund.
You will note from the above that a
pension to retired employee of the
City OF New York is not exempt from
tax.
New-York tribune., 1922-07-23
Wool Market Is Gaining
Strength and Confidence
Some Believe Independents Will
OTTER Better Prices Than
American at Openings
speotoI pisontcn 70 m, Trih,In,

'Peo'ot DtSPGtch 10 INC If7ohTS
bosFoN, July 22.-The opening of
me lightweight mems wear goods by
sne American Woolen Company last
geek was the principal topic of discus
Aon IN the trade, and, while the new
p.ices caused feeling of depression
q hfst, the trade is now cheerful, with
great confidence and strength behind
sae market. The prices were generally
.swer IMAM were expected, being CON
ssoefaoiy below the figures made last
.ali, but slightly higher than those a
year ago
mere was every reason to believe
.hst prices would be higher because of
me maintenance of high wages by this
.ompany and also because of the in
assse in the value of wool for several
aSoa,hs' 1t is q matter of speculation
saesheF the American Wooden Com
psay has large supply of raw ma
ws;sl ssl on hand, bought at low figures,
.,;i maieh might account for the lower
,ses, sors another suggestion is that the
vh...pahy mas been accommodating stocks
"a, aa,eh they would like to dispose of. 1t
,,;a now be interesting to watch the
-. ..Ses IN the opening of the independ-
~ an miis- Some say that they can offer
sseas at still lower figures than the
mnasfican. mn while others think that they
sr;ss ss get higher prices, considering the
.ss some feel that the trade is on the
s., u good buying movement. Two
-, s vompanles have been quietly buy
Ls sooi Of late, and, although not in
MI Quantities, it is a straw to show
sh snas way the wind is blowing. It is
sri.s siceistood that the purchaser paid the
sb",s. ASKED, which was eight cents
sessS Nhat 1t would be under the pro-
s,:" n.y. permanent tariff and at as high a
nnrt, @ as that which prevailed two
"a tns ago. The buyer was reluctant
ser. pag the price asked, but the sellers
New-York tribune., 1922-07-23
Concerning Rogers Milk

Question---Can you give me any informa :
Rogers MIX Products Com pany. Inc. q
New York Corporation, stock being Of
fered BY E. H Spence & Co: Is West
of share per cent cumulative pre-
ferred and one Share common stock for SIS
per unit, par $40 each? Am given to un-
the Rogers Brothers formerly with the
Borden MIX Company, are heading this
concern and. where manufacturing con-
densed and evaporated milks under iabels
of outside concerns, are now producing and
pushing sales under the Rogers" trade
ment was available the agent claimed the
preferred dividend has been paid since in
and that the plant located upstate New
York is booked to. capacity for some
months come.--E. c.
Answer-The authorized capital Of
the Rogers Milk Company is $3,-
ooo, 900, Of which $1,oo0,ooO is pre-
ferred and S2,000,000 is common stock.
We're combined and now are the oper-
ating plants Of the subject company
was 100000 in common stock; $780,
900 in common stock is possessed by
Spence g. Co. as partial recompense
for services rendered in sale Of the
preferred and common stocks. The
selling price for unit, comprising
one share each of preferred and com
mon, is SIS. The company receives at
least $40 Of this amount; how much
more, if any, we do not know, as
Spence & Co. decline to state what
amount of the balance Of SO they re-
tain as an additional commission of
cash. We were not able to secure in
formation as to the nature or contents
of contracts that exist between the
company and its agents, and without
that knowledge you will realize an
opinion, SO far as it pertains TO finan-
cial analysis, is of little value. We
were told that UP to the present time
advances of ss7b,0O0 had been made
by Spence g. Co. to the subject com
pany. What are the capital require
ments necessary to assure operations
can be maintained on profitable basis
we do not knoys and it appears to US
that the purchaser of shares in units
is taking all the chance. Supposing
sufficient capital is not forthcoming,
who loses?
New-York tribune., 1922-07-23
Earning Power as an Intangible Asset

Qaestson goar Whats Behind Stocks saomtgoery
edse gpe the vaiuc preferred
oc on there applicable
per snare otter aowing tf5
me common stock selling sg,a vo o7ipe at the
S@4S
AnswerThere nothing about stock with net tangible
assets OF only Sa4S share selling difference
total tangible
varying with the the conducted In the case Of
pahs merchandising either mail order
he reputation OF
on that 1T has built for the distribution are assets that often
nave greater value it's warehouses and
Inc nonphysca assets constitute
~an Intangible something which corporations carry at millions
OF dollars on the side of sheet
New-York tribune., 1922-07-23
Wants Six Stocks

Question---Am submitting list OF ten
stocks. my idea being to pick the best six
and purchase five shares of said six. The
with reasonable safety of principal and
dividends. Your advice in the matter viii
be of great help. The !ist: Sinclair Oil
per cent preferred, Public Service Cor
poration of New Jersey per cent pre-
serred. Bethlehem Steel 8 per cent pre-
ferred. American Smelling per cent pre-
steel Foundries per cent prsferred, Gem
eral Motors per cent preferred. Mack
Truck first preferred, Austin Nichols z per
Answer-Our selection from the list
submitted is as follows; Swift 4; Co.,
Illinois Central, Bethlehem Steel,
American Steel Foundries, General
Motors and Austin Nichols.
New-York tribune., 1922-07-23
Bolivian as Not Ninh Grade

ouestion-l5avins been so i1apressed
Nth your sdvioe and opinion heretofore
0oo,ooo Republic of Boiivia external
twenty nve-yeer secured refundng s per
cent sinking fund gold bonds, due ls47. are
a good. safe investment for o man in me
dunn circumstances Price. 1ol sale by
Spencer. Trasls 6, Con. +.
4answer--We do not regard the Re-
public of Bolivia per cent bonds as
high class investment, and certainly
not as good safe investment for per-
son in moderate circumstances. The
interest rate borne by this loan, at q
time when borrowers OF prime credit
standing have to pay only per cent
or fractionally more for funds in the
investment market, is In itself an in
dicatlon of the class of security. The
revenues pledged behind the loan en-
hance the security in degree, but,
after all, ultimate repayment Of prin-
cipal and interest depends not upon
such security but upon the good faith
and ability to pay of the Bolivian gov
ernment. Such pledges add to the
value of bond only because in the
event that 81 reorganization of the
countrys debt should be necessary
they would give to the loan a measure
of priority The investor has no means
of enforcing the collection or the pay
ment to him of these revenues. If the
government does not maintain good
faith, the holder of the bonds has no
recourse. We do not wish to imply
that the bonds will not be paid or that
the Bolivian government is a bad moral
risk. In the above criticism we are
merely interpreting from the financial
standpoint the inherent conditions of
the loan.
New-York tribune., 1922-07-23
NOTICE OF REDEMPTION Z.
NOTICE OF REDEMPTION or RoSna
OF
spERHY FLCrra coMpANY.

SfE Etsr1 FIOt4fS IDMEAN Il.
NOTICE Is HEREBY GIVEN that on the
1st day of August. 1922, ali of tho outstand-
ing First Mortgage Six Per Cent Fifteen
Year sinking Fund Gold Eoads Of Sperry
Flour Company. dated February 1. 1919. and
sec1red by mortgage OF the saus date exc
cu,sd BY said spsrry Flour corapany to
will be redeemed. and there will be then due
and payable on each OF said bonds. az aEs
ONCE of said AnElo-Californts Trust Com.
pany. situate ct the corner OF Market and
Sansome Streets, in San Francisco, Cali
foraia, one hundred and two and re-half
Sie2A, PEI, cent Of she face. value Thereof
with accrued interest thereon 10 said lst TuSy
OK August, 1922. The holders Of sa,d bonds
ars required TO present the came Cor rsdeaip-
ton at said ofice of said Anslo-Csiifornia
Truss COMPANY on said ,st day OF August.
1922, at said redemption price, co Wit, ore
hundred and two and one-hals ger cent Ell
the principal amount thereof with accrued
lnterest thereon, Interest on said bonds will
cease 10 accrue on said 1st day OF August.
Dated: June Al, 1882
ASGLo-cAI,IFoRN1A TRUST cossPANx.
CEAS. r. LEEGE, yice-Prssiasat. !
GR>NT COP DREY. Ass's s~csy g
New-York tribune., 1922-07-23
Aoyai Dutch-Shell i'm S1matra

shau stated that the Royal Dutch
s,s. u interests are launching upon
sl,s.sm ls sen OF intensive development of
IL ~ areas in Sumatra. An expedition
s,a .ow IN the Djambi fields in order to
e.asane lne certain localities and. to or
- a.Se ~ means of transport. A pine line
.naso be laid of length Of eighty
corpD,neters, corDn and it is expected that the
IN sts'aercial exploitation of the fields
sammence within q few months.
New-York tribune., 1922-07-23
Newfoundland Bonds Good

Question--kindly advise me If Govern
ment Of Newfoundland 5H per cent bonds,
maturing 1888, are considered safe in
vestment and IL they could be readily
disposed OF in case desired TO realize
cash.--E w. II.
Answer-We regard the Government
of Newfoundland 5a per cent bonds,
maturing in 1899, as good investment
The record Of Newfoundland, as of the
Canadian provinces, is good and the
bonds deserve high ranking. These
51as are readily marketable.