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because the leading minds in the profession have ceased to think, or because the doctor is, as he is so often called, a poor business man and therefore easily victimized. Every physician and surgeon should obtain a list of the members of the American Surgical Trade Association and compel them to realize the fact that an organization disposed to prevent free competition in a free country is an enemy to the great medical profession. No better card can be used in the future, when the profession are awakened to the truth of the designs of the above-named Association, than for a business house to state that they do not belong to the American Surgical Trade Association."
The principal dealer whose competition has been obnoxious to the instrument trade is the Frank S. Betz Co., of Chicago. Betz has persistently refused to enter the Association and they have refused to sell him anything unless he raises his prices. Every reader of the REPORTER has heard of Betz, and whether or not he has had dealings with him, has formed some sort of an idea of his ways of doing business. If he has ever asked an instrument dealer about Betz's goods, the chances are that he has been told that they are good enough for the money, but that if he wants the best, it cannot be furnished by Betz.
The writer has heard such statements over and over again and I am free to admit that I believed some of them. During the last month, however, I was in Chicago and visited the Betz factory and am now in a position to speak for himself. The conclusion that I have come to is that Betz has done more for the physicians of this country than most of us realize. His everlasting talks, straight from the shoulder, about the advantages of good equipment of physician's offices has evidently produced results, for he is getting the business. I spent all of half a day in the factory and I was simply astonished by the extent of the business. It is a case of the manufacturer selling direct to the consumer and through the medium of the mails. An office force of over fifty is employed and this alone is sufficient to show the extent of the business done. As to the quality of the output, I could not see but that it was just as good and in many respects it was better than what I have bought at increased prices. It is no doubt true that there are yet many articles which Betz has not as yet been able to produce and sell at a lower price than his competitors, but I am convinced that he could do so if the demand was such as would warrant their production in large quantities.
In conclusion, I wish to say that this is not an advertisement in the sense that it is paid for or that the REPORTER expects any remuneration of any kind for it. It is simply suggested by the above article calling attention to the relation of physicians to dealers-H. D. B.
WHEN TO OPERATE IN APPENDICITIS. Now or later? That is the question. While undecided use Antiphlogistine. Spread warm and thick over the abdomen and cover with absorbent cotton and a suitable compress. When used early the inflammation is often resolved, the attack is cut short and operation becomes unnecessary. The dressing should be renewed when it can be easily peeled off, generally in 12 to 24 hours.
INVESTMENTS FOR PHYSICIANS. For very evident reasons the faithful practice of medicine is not conducive to the development of commercial sagacity. The improvidence of physicians, and their incapacity for business investment, is notorious. In a timely editorial on this subject, the Journal of the American Medical Association gives the following sage advice:
First, it is never wise to invest in securities of which one cannot have full knowledge. This is why it is better to invest in the securities of local companies which serve essential local needs, like light, water and transportation; for the physician, if he invests in his own town or city, ought to be better able to make sure whether or not the companies whose bonds he purchases are honestly and economically managed, than if he buys the bonds of companies operating in distant cities. He should study the company's reports, be sure that he understands what every item means, keep in close touch with the officers thereof and know as much as possible of the nature of the business. The advantages of seeking all one's business profits within the range of his own immediate and more or less expert observations can scarcely be over-estimated. The securities of companies, and especially of industrial concerns, which avoid publicity, and of which no adequate account of resources and liabilities, of relation of fixed charges to net earnings, and of relation of dividend, distributions to surplus earnings can be obtained should be shunned as assiduously as the substitution of morphin for quinine.
A second fundamental verity with regard to investments is to be found in the fact that “the return on a security always indicates the measure of the risk.” An examination of the yield or different classes of bonds will show that government bonds return about 2 per cent.; high-class municipal bonds about 3 per cent., and railway bonds of the best class from 3.25 to 4.5 per cent. If on inquiry a bond
or stock be found to be selling at a price which permits of a yield of , over 5 per cent., it is either because there is a limited market for the security or the investing public doubts the stability of the return. Occasionally there is to be picked up a really safe security which yields more than 5 per cent. net return, but this is rare, and there is always some special reason to account for its cheapness.
A third law of investment is this: A large proportion of new business undertakings fail; it is therefore rarely wise to put money into any new enterprise. Such a disposition of money must be looked on as speculation rather than as an investment. It is much safer to limit one's purchases to the bonds, for example, of railways and corporations, which, through a series of years (including a period of hard times), have demonstrated their ability to pay all their fixed charges with 60 per cent. or less of their net earnings. If the stocks of first-class railroads are ever purchased (and they are, of course, always much less safe than the bonds of the same roads) the investor should first make sure of the margin of safety of surplus earnings over dividends; if, after all fixed charges have been paid, more than 60 per cent. of the surplus earnings have been distributed as divi. dends at any time during the preceding five or ten years, the stock should not be bought as a prime investment.
Fourthly, a physician should never intrust money for investment to any person or company who offers to place great skill in reading the markets at the disposal of the investor in exchange for a practical part of the large profits promised. Discretionary pools, trading syndicates and all such "get-rich-quick” concerns are to be avoided as one would the arch enemy. Promises of 10 per cent. return or more monthly are to be regarded as opportunities for falling into a snare, and the snare is very often a tangle which ends in disgrace. If discretionary pools had that clairvoyant knowledge of the immediate movements of the market which would permit them to make the money for their clients that they claim, they would be in the market entirely on their own account, and not be wasting time working on small commissions for other people. Fortunately the postal authorities are ridding the country of the worst of these pests.
A POPULAR PREPARATION. Hagee's Cordial of Cod Liver Oil Compound is one of the most popular cod liver oil preparations on the market. All the nutritive properties of the oil are retained and the disgusting and nauseating elements are eliminated. Combined with hypophosphites of lime and soda it offers to the profession a reconstructive of great value.-St. Louis Medical Review.
Notes and Comments.
The Editor cordially invites the readers of the Reporter to contribute to this Department and make it a valuable medium for communication between them. To this end we earnestly solicit the following: Questions, Comments and Criticisms on all topics of interest to th
cian in his daily work, from both the medical and business standpoint.
Reports of Society Meetings, Personal Items, Hospital Reports and all News of interest to members of our school.
Clinical Reports, giving experience in the use of the products of our advertisers,
CARELESSNESS IN BUSINESS METHODS OF PHYSICIANS.
Beginning with the July issue of this year there has been each month a notice in this position calling attention to the indebtedness to us of some of our subscribers. Statements of this indebtedness have been rendered when the subscription has been due and in many instances repeated requests have been made for payment. It is interesting to note the result of this modest effort on our part to secure what is justly due iis. Just 47 per cent of our subscribers have paid up. The majority of the remaining 53 per cent have undoubtedly thought that they would send in their remittance as soon as it was convenient but the convenient time never comes and at the end of another year it will be more difficult than ever to pay the extra dollar that will be due.
We do not want to lose a single subscriber by our insisting that subscriptions shall be paid promptly, yet we do not desire and cannot afford to send the REPORTER to anyone who is not willing to pay for it.
NEWS OF THE MONTH. *** We congratulate our good friend Strickler, of Denver, Colo., on his recovery from a very severe attack of appendicitis.
*** Our press clippings give us notice of the opening of the “Topeka Homeopathic Night School.” Rather interesting.
*** Our Dr. O. S. Runnels, of Indianapolis, deilvered the opening address before the classes of the St. Louis Homeopathic College.
*** The Wilmington, Del., Homeopathic Hospital gained over $1,000 from a rummage sale held by the Lady Board of Managers recently.
*** Dr. J. H. Farrell announces his removal from Kelley's Island to Elmira, Fulton Co., Ohio. Dr. Ferrell graduated in the class of '85.
*** Dr. E. V. Van Norman, of Los Angeles, Cal., was recently in Cleveland. The Doctor has just returned from an extensive trip abroad.
*** Dr. J. M. Olin has located at Fullerton, Ohio. The Doctor whispered quietly to us that he is the father of the finest boy you ever saw in your life.
*** Dr. Alice Butler, 628 Rose Building, wishes to announce the removal of her office to larger and more desirable quarters at 806-808 of the same building.
*** The Raue Medical Society, of Altoona, Pa., were the guests of Drs. J. R. and J. H. Humes, of that city, at its October meeting. Guests were present from distant points.
*** We know of a man, and a very good one, who would like to secure a location in some Ohio town. Anyone knowing of such will favor us by writing to E. O. S., care this office..
*** The West Virginia Homeopathic Medical Society held its annual meeting October 11th, in Wheeling, upon which occasion the Society was banqueted at Hotel Wells, by Dr. W. T. Morris.
*** We know of a man who wants to go in partnership with a physician of established practice. He is willing to work and work hard. If you want a good assistant address Green, this office.
*** The editorial office missed the enjoyment of a visit from Dr. J. C. McCauley, Rochester, Pa., the editor not being in at the time he called. We were sorry, because we always enjoy the Doctor's calls.
*** The Woman's Federation of Hahnemann Hospital Circle, Chicago, is planning a vaudeville benefit entertainment to be given sometime during the holidays. The wife of Dr. George F. Shears is the president of the association.
*** Dr. A. A. Mackintosh has taken the practice of the late Dr. A. L. Robinson, Wellsville, Ohio, having removed there from his former location at Tappan, O. We wish the Doctor all the success of which he is deserving, and that is a great deal.
*** We have received a note from Dr. O. D. Paine, Youngstown, O., correcting our statement that he wished an assistant. The Doctor has retired from practice entirely. We are glad to make the correction, at the same time expressing our regret if any inconvenience has been occasioned by the notice.
*** G. B. Haggart, Alliance, Ohio, returned October 19th from an extended trip abroad. He spent most of his time in London at work in the hospitals there, pursuing a course in gynecological surgery. He also visited the continent, taking in the work done in Vienna and other medical and surgical centres.
**** Dr. Stephen H. Knight, of Detroit, announces his removal from 18 W. Willis Ave., to 37 Willis Ave., East. The Doctor is one of Detroit's famous surgeons and gynecologists, being editor of the