davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-02-20
AUTOMOBILES FOR SALE, ETC.

FOR SALE-Winter top. Rex sedan, suitable
for BIB Oakland; good condition. barealn
Aaa-ns. d. 10 r. Star office 20s
FIyE-PASS. 6-cyIinder touring; latest model:
never run: worth $500: will take 1000
! small brick house: will also consider good
first or second trust notes. Address Box TIE,
Star Office
Evening star., 1922-02-20

lEHOE SALESMAN to cover Washington.
! d G., for large reputable Milwaukee manu-
5acturer specializing in semi-dress mems
welt shoes-S3.75 and s5w-hish-grade upper
leather; first quality oak outsole ana gram
ausole: perfect fitting. comfortable last. In
stock-immediate shipment, so commission
Live Industrious salesmen can add TO their
ancome materially by handling this as side
line or exclusively. Answer in writing. giving
experience. telephone number and address, so
cur representative can reach you when In
Washington in about ten days. Address Box
iS0-E. Star office.
New-York tribune., 1922-11-19

tual earnings TO date Of latest monthly
report.
{, The large increase in earning power
that the system has shown is due pri-
marily to the careful nursing 1t had
under the guidance of g. II. Hartman.
10 was the Hartman policy never to
pay dividends until the physical and
financial condition of the property in
question had attained high degree of
excellence. The idea was TO build up
the property out of earnings first, and
when that was accomplished and it's
earning power established on solid
basis, to pay dividends.
Dividend Record
The Southern Pacific Company was
Incorporated in 1884 as a holding com
pany, to acquire and hold stocks, bonds
and other securities of railroad, steam
ship and other corporations and TO
lease or operate them.
An initial dividend of 2ts per cent
was paid In 1905. In the final quarter
OF the. following year the stock was
placed on 6 per cent basis, where ii
has remained ever since. During the
sixteen years in which the s per cent
rate has been paid the company has
not once failed to earn the full re-
quirements and more.
Margin of Safety of Earnings
The figures showing the margins of
safety above interest and dividend re-
quirements in the table below are
based on the percentage that income
available for these requirements could
fall and still leave enough to cover
them in full. Thus, in 1912, total in
come could have declined IL per cent
and still left sufficient to cover inter-
est charges and the per cent dividend,
but If 1t had declined 46 per cent, fixed
charges alone would have been covered.
New-York tribune., 1922-11-19

BUENOs AIRES, Oct. 23.--Dr. Mar
cello T, Alvear was duly installed as
President of the Argentine Republic
on October 12, and his Cabinet, which
includes DR.. lie Breton, a former Am
bassador to the United States, has
taken Office with every assurance to
the public that things are going to be
much better than they were before.
The nomination Of the new Cabinet
has certainly given general satisfae-
ton, and even if all the professions
and promises heard are never realized
the optimism and confidence inspired
by the change in administration must
have a strongly beneficial effect on
trade and commerce.
Perhaps 1t is incidental to the sys-
tenn which lets q government know
definitely in advance that it's days are
numbered, but the fact remains that
for some time before the new Presi-
dent was installed official affairs were
largely in state of drift, IL not chaos.
Congress, ministers. heads Of depart-
ments and the rank and file OF official
dom had all grown slack. In the Chief
Executives own office alone the new
President found over 1000 documents
lin this country called "expedientes"
! that had simply been sidetracked.
AS most Of these documents had al
1 ready gone some distance along the
slow and tortuous path toward decision.
and had passed from one department
| to another, from minister to minister,
and the members Of the new Cabinet
do not recognize the signatures Of
those who preceded them, a good many
| people are mad to discover that the
| business they had before the late gov
| ernment has to be started all over
again and 60 the same long route
| through 10 conclusion. However. the
new ministers have jointly and sew
4 orally told the world that they are out
! to work to put things on a real busi-
ness footing, set the situation cleaned
up and generally demonstrates that
\ new brooms do have some advantage
! over old.
DR.. Alvear has stated that he proposes
! to follew cut the general program Of
! Dir. Irigoyen, the late President, and
/, this means that ne has to get the
finances In order and raise big loan
for the costly public works and rail-
road construction policy to which he Ia
l committed. This week there was re-
/ newal OF the gossip about the loan OF
/ s212, ,000, 900 geld, which fell through
recently. A cable from New York says
that this is the losn that failed "a
New-York tribune., 1922-11-19
Argentina Under New Regime
Dr. Alvears Policy Involves Continuation of Negoti-
ations Which Probably Will BE Floated Here;
Oil Fields Under Strong Control

secure ratification by Congress" That's
so, but unless the writ2r has missed
something In the way Of news Con-
gress never even considered the propo-
sition--it just omitted to consider it
and the contract with Blair & Co.
lapsed. The new government will have
to infuse little of its own energy
into Congress and get it keyed up to
dealing definitely with this loas ques-
ton The loan must be raised, and de-
apite the rumors Of private negotia-
Tions with British bankers the fact is
patent that 1t can only be raised in
New York.
One Of the first acts of the new
government hiss been to put the man
agement of the state oil fields under
control Of Colonel Enrique Mosconi, an
army engineer who was responsible zor
the creation Of the very successful
military aviation school. The situation
Of the petroleum industry has been IN
doro Rivadavia the government un-
doubtedly has the one and only really
sound and developed oil field in the
republic. There are others of great
promise, and every concern os any Inn
portance is now boring vigorously, but
the Comodoro field is o well proved
proposition that ought long ago 70 have
become an immensely profitable stats
asset, and under private management
would have yielded millions In divi-
dends. Enormous Sums have been ex-
pended on the-salace ever period of
twelve years, and still the field does
not pay It's way.
Colonel Mosconi has been given sonf-
plete authority TO make Comodorc
Rivadavia a roal business proposition
and take it out of the category OF a
state experiment and political johberys
The colonel says he can do II. and,
to start with, ne is going to change she
entire antiquated system Of officialism-
He says that IN the past nobody want
ing supplies Of petroleum has ever
gone TO the government department:
except as q last resource, and the sys-
tenn of handling the output was SO
hedged about by red tape that before
any one could buy ton of oil he had
| to petition for IL on sheet OF
stamped official paper. We've got TO
| pat this industry on businass foot
| Ing. says Colonel Mosconi; "inereass
the output, reduce expenses and trade
| like our competitors, who bring In
foreign oil and sell it freely ard
cheaper than so far we have been ahls
TO do.'
New-York tribune., 1922-11-19

The chart presents in broad way
the four factors in the equation Of ex-
change" This equation is that the
quantity Of money in circulation, null
tiplied by its velocity" (the number of
times exchanged) equals the quantity OF
goods exchanged multiplied by the
price of such goods.
The figures used are wide approx
nations. 1t Is impossible, for instance,
to estimate the exact amount Of money
and deposit circulation even for each
day, not to mention each moment Of
time which would be necessary for abb
solute accuracy. No reliable data ex-
ist Of the quantity OF goods exchanged
for corresponding periods, and no COM
medity index can be devised that would
reflect the exact composite of COM
modify prices. In the absence Of such
data the amount Of gold money In the
United States Of given date in the
year is assumed to bear fairly even
ratio to the amount of money in cir
culation. Likewise the average ma
tional bank deposits ere used as an
index Of total deposits subject to check.
Bank clearings outside Of New York
City are taken as a rough index Of
the relative quantity Of goods ex-
changed and the ratio of total circula-
tion (money and deposits) to bank
clearings is used as an index of We
locity. Bradstreet's index Of commodity
prices, while perhaps not the best suit
ed for the purpose, is used as a matter
Of convenience. The results shown in
the chart, which are summarized be-
low, are obviously far from exact in
their proportions, but In general way
New-York tribune., 1922-11-19

does find more accurate and immediate
expression than in the bank rate.
The violent advances Of commodity
prices during the war from known
and long accustomed general level to
then unknowable and highly uncer-
tain level brought an abruptly In
creased premium on present income
over highly uncertain future income.
For this ret son the increase in the
yield on bonds (or the decline in bond
prices) prces eded at faster pace than
the advancing bank rate.
So long as uncertainty exists as to
the future normal level of commodity
prices this uncertainty may find ex.
preston in the bond market by a rela-
lively higher rate Of preference for
present income. But, unless all signs
fail, this uncertainty is becoming less
and less After prolonged deAation
commodity prices declined no farther
(csatinuea on pass ssysnl
New-York tribune., 1922-11-19
Along the Highways Of Finance
BY Merryle Stanley Rukeyser=

Piggly Wiggly Corporation, and IL The
New York Tribune was half as success
full and even the door knobs of your
headquarters were as clean and fault
less as the piggly Wiggly plan, you
would have more to write about than
the public could offer you. The Piggly
Wiggly plan will eventually swallow
YOU"
To the indictment of having unclean
door knobs we plead not guilty. Any
way, The Tribune plans to move up to
West Fortieth Street next spring and
will have entirely new equipment.
As for being swallowed up by Piggly
Wiggly, we hurry to explain that
Piggly Wiggly is not ferocious ami
NAL but a program for self-service
chain grocery stores, which originated
in Memphis, Tenn. The Piggly Wiggly
idea has spread rapidly over the South
and West especially, and many of the
stores have proved profitable. Our
critic evidently is not referring to the
| Piggly Wiggly Corporation sof Mem
phis) but to the Manhattan Piggly
Wiggly Corporation, an independent
company, whose securisies were sold by
James w. Eliiotts Business Builders,
Inc A receiver was appointed by tho
United States District Court for Man
haitian PiggIy Wiggly on Friday and
for James w. Elliott's Business Builders
yesterday.
Expressing candid opinions is Some
times costly extravaganza, for cur
correspondent exciaims: "We have
been taking The New York Tribune aa
daily newspaper for many years, but
this ends it with us" We hope the cir
/ culation manager does not see this
paragraph. Unlike "the best equipped
| newspaper man in New York" we are
sorry to lose friend. F. r. A., In
setting. forth the more quixctic view.
Of the best equipped journalist, re.
Gently said:
Letters constantly come to news
4 paper to the effect that this or thai
New-York tribune., 1922-11-19

story or cartoon or paragraph or edi-.
torial is offensive TO your Druid read
ers,' or your Sante Fe readers or
your Sigma Sigma readers I won
DER said the bast-eouipped newspaper
man in New York yesterday, it IL
ever occurs to any Of those birds that
newspaper may have readers that
are offensive to it,
Gossip drifts currently toward pros
poets for "liberalizing" the prohibition
enforcement act.
The economic results Of prohibition
have been different than its proponents
forecast. The ban on the sale OF spir-
itous liquors has, of course, deprived
The state and national governments Of
enormous revenues, and has made the
general tax burden far more one-
GUS. These results were foreseen,
but the prohibitionists argued that the
funds which would have gone into
| liquor would flow into other more pro-
ductive and beneficial channels and
! would not be lost either to the govern
| ment or to society Bootlegging has
! prevented the realization Of this ex-
| pectation. Great blocks of wealth are
being diverted to bootleg liquor, which
pays no revenue tax to the government.
| Moreover, the bootleggers are generally
| believed also to be eyading the income
tex. This economic reality does not
necessarily constitute an argument for
ending prohobition; it might merely
Indicate the desirability Of better en-
| forcement.
| The ups and downs Of speculative
security prices last week recalled to
one market commentator the tested
story regarding john d. Rockefeller.
According to Wall Street legend a
young man casually asked the oil mar
J, what Standard Oil shares would do in
the market. The sage turned pensive
and after profound meditation he ven
tured, II think they are going td
fuctuate.~
New-York tribune., 1922-11-19

ENEHRY FORD, who is an efficient
"a manufacturer of automobiles, fre-
quently essays the role Of philosopher
and economist. Anent the subject Of
thrift, he was quoted the other day as
saying in Boston: Until he is forty a
man should rnin experiences; he should
be learning all he can, particularly how
to spend money. That is why told
you that the best advice I could give TO
young man anxious to succeed is:
Spend your money--on yourself; get
ali the experience you can. Don't try
to save money and be miser."
An interesting doctrine-one likely to
give aid and comfort to the financially
profigate. Let us examine the dogma
of anti-thrift and carry it to its logi-
cal conclusion. So doing would in
voive such reasoning as this: Spend
and spend relentlessly, for, If you do
not keep everlastingly getting rid OF
your money it will accumulate. Espe-
cially avoid savings banks, for such in
stitut;ons not only keep your funds
intact but through the payment Of com
pound interest make your savings mui-
tiply and merely add TO the subse-
quent burden Of dissipating them
Shun securities that yield cash re-
turn, for they, toe, will have the ad-
verse effect Of making your money pile
grow. If you acquire stocks be sure
to select wildcat issues which are spon-
sored by windy promoters with black
records. And. even then, you will be
running some risk, for, like Brewster in
the story "Brewster's Millions" you
may perchance strike upon far
fetched speculation, which will give
you fabulous profits. Spending without
stint or limit on consumption goods
which do not reproduce wealth, is the
only certain way TO prevent monetar.
accommodations. In keeping yoursel.
free Of worldly goods you will no doubi
acquire valuable experience.
But what reason have you for belisv.
New-York tribune., 1922-11-19

ing that, if you follow this formula,
until you become forty, you can dupli-
cate Henry Ford's business success :?
The vast majority unwittingly and
wholly without design carry on this
program of thriftlessness not merely
until they are forty, but, unfortunately,
up to the end of their productive period
in life. If there are any shades be-
tween black and white, surely there
must be some happy medium between
the career of a miser and life Of
utter improvidence.
The anonymous letter writer is per-
haps the most unwelcome of those who
come into the daily life of newspaper
man. He takes no responsibility, and
it is often difficult to decide whether
he means to be taken seriously. From
Stamford, Conn, comes a neatly type
written note, signed by "A Subscriber" !"
who goes through the familiar process
of taking the editor to task for some
thing that appeared in the newspaper.
Hc objects specifically to criticism in
the investment column of the securities
offered by the Manhattan Piggly
Wiggly Corporation.
People, the public" says our corr
respondent, Cannot help but feel and
appreciate that your write-ups on the
Piggly Wiggly Corporation are all
bunk and that this particular C. H.
c. query is an entirely romantic imagi-
native idea of some one on your staff =
A naive suspicion.
Only genuine inquiries are carried
in the investment column, and there is
nc problem in getting enough Of them
to fill up. The main task is one of Sc
lection, for considerably more than
three times as many investment aues-
items are received and answered by
mail as are printed in the columns Of
The Tribune.
ave know nothing Of the Business
Builders" continues our correspondent
but we do know the system of ths
New-York tribune., 1922-11-19

in 1918 Mr.. A or Mr.. B must invest
80 per cent more dollars, but as re-
suit Of the larger money incomes aris-
ing from higher commodity prices the
average Mr.. AS and Mr.. BIS should
have those additional dollars to invest.
Always on the hypothesis that the
new and higher normal level of COM
modify prices be clearly defined, the
soundness of this assumption cannot
be emphasized, because the de-
cline in bond prices from 1914 to 1921
seemed, at times, out of proportion to
the advance in quoted interest rates
Normally the quoted rates Of inter
est for commercial and collateral loans
bear more or less constant ratio to
other rates Of interest involving less
or greater risks. In other words. the
bank. rate normally serves. as an index
of relative conditions. But in great
crises the rate Of preference for pres
ent over future income may and often
New-York tribune., 1922-11-19

.as gradually ascending straight
~ The left represents the average
IS. Snd average trend of commodity
s,.ss from 1860 to 1914. The curved
Il y the middle represents the levels
gases from 1914 TO the end of 1920,
w. F' sne gradually ascending straight
80 y tns right represents the new
sasi sssl level and trend of prices
ssan about by the increased supply
n Sv.s' The curved lines at the left
ss,,a. .ae right represent the normal
d s.s.lons .asns OF prices above and below
~ so Formal average levels. The
avsospss sspysinal level at the right Is purely
Ia SsSsssssesl. It's trend is assumed on
asa Of experience.
iisy sssas sssa ap, according to the guam
ssnsps Vt money, which the con-
shs ls,.W' economic opinion indorses,
gold hgs ~ Increase in our holdings of
tsetly = 4 operated directly and indi-
sssIsa y y nut prices for a considerable
ssrs Few general level. Fluctua-
ssfaisssmi that new level will be de-
spys,asss oy the same factors that have
assnsl sae movement of prices in
A. 4 pfe-war times.
I'D ,s.a .,s country is committed to the
sss ss0sid sss there are only two things
asess 81 ~ reverse this condition. and
b ,os ~ loss of gold through melt
asort. sss as commodity or through
Il wonld normal loss through melt
,spplv I mot not measurably reduce the
asla re.,,,. m,savy exports Of the metal
I'd eat;a. ssuis only from an abnormal
"a tss5a improbable reversal Of
lsertv Ass balance. True. Europe's
lsa -, nr.s .sssapIpiemented by the American
sse ssse.lve sns civ. tariff. will tend to re-
3. can rspsSFss. % Saf. because foreign ma
a.s. paw ~ s,;.s .Snger pay with gold ard
ssa viii WIN goods, and the tariff
ssylnsns. operate TO reduce these gaads il
ssast aaye % 90 minimum. But Enrone
'sssastuffss 0aT ~ ssts cotton and some Of our r
sssss Or is,s an any cost, while we are
,ss l. l'l oar supplies. Moreoyar' ovs F,a- sa
SszlS.s ssssly sssy In our debt, SO that !
AAa asyorable trade balance
New-York tribune., 1922-11-19
he Ebb and FloaO Of Commodity Prices.---
Their Effect on Trade and Investments
|onor,,ist's Forecast of Level 5Oqo
Aboye Pre.War figures Based ON Gold
Supply and Commerce Barriers
BY Luther L. Blake

President Standard Statistics
SoRGET price standards" That message Of the
majority OF economists to the manufacturer wholesaler and
of goods, well to the investor and
- just how long these may be ignored
~ disagreement Some years, others years. but
Ill agree that the major prices will be upward
levels and probably will eventually but
factor in what the economist terms he equation
greatly increased quantity Of gold United States
e. ben reduced normal proportions.
New-York tribune., 1922-11-19

they typify and in large measure seem
to verify the equation of exchange"
Summary
i913-Money increased per cent, We
locity increased per cent
slight increase in commodity
prices.
19i4--Money increased per cent, We
locity decreased per cent, COM
modify prices declined per cent.
191b--Money increased 10 per cent, We
locity decreased 4 per cent, COM
modify prices increased II per
cent.
1916-Money increased 20 per cent, ve-
modify prices increased 90 per
cent.
1e17--Money increased % per cent, ve-
locity increased per cent, COM
modify prices increased SO per
cent.
1e1S-Money increased per cent, We
locity increased per cent, com.
modify prices increased 10 per
cent.
1s19-Money increased per cent, ve-
locity increased per cent, COM
modify prices unchanged.
1920-Money increased per cent, ve-
locity increased per cent, COM
modify prices increased / per
cent.
1e21-Money decreased per cent, We
locity decreased rs per cent,
commodity prices decreased 80
per cent.
1922-M oney increased per cent, ve-
locity increased per cent, COM
modify prices increased per
cent.
New-York tribune., 1922-11-19
Buying Milady's Wardrobe
On Scientific Budget Plan
Retail Store Contrives q Method of Ex.
penditure Allotments Ranging From
$l50 to 5000 Annually

UDGETDisa
1t connres visions
with
to the select few person.
that important
has been applied individuals simply
planning Of future expenditures requirements
possible out the money spend
New-York tribune., 1922-11-19
individual Problems

The clothing information bureau Of
the store, into whose province the
shoppers budget work falls, has been
called upon frequently for assistance
in making out individual budgets for
women customers, according to Miss
Harriet Ainsworth, manager Of the
bureau. This can be taken for evidence
that women are in a receptive mood
for instruction in scientific spending.
1t is reasonable to suppose that the
assistance they receive along this line
from the store is tremendous factor
in building up good will, one of the
most valuable assets a retail store can
have under present conditions, with its
sharp price competition among the
merchandising concerns.
Miss AinswoTth relates some in
stances which serve to show how the
budget works.
We are constantly finding women"
she. says. "who are dissatisfied with
their wardrobes simply because they do
not plan. A while ago we had occasion
to look over the wardrobe Of a woman
who had large amount of money to
spend on her clothes. It was surpris-
m" to see how unsatisfactory she
I'd spent her money and how unhappy
ne really was. Her wardrobe abso-
.utely lacked balance, and she had too
many OF one article and not enough OF
another. This woman is now living on
a budget and is great deal more sat
isfied with her clothes, yet she is rot
spending as much money as heretofore
another interesting incident was
the case of woman who came in to
US the other day with just s10o TO
spend for her clothes this season. We
talked over her present wardrobe witf,
her, advised her how she could best
spend her 500 and get the greatest re-
turn and started her on budget plan,