davidaulloa/AmericanStories huggingface dataset:
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-05-12

|ONSV iOui iiiS N'hi, i"-V
model.
WELSH -M'NULTY |
MOTOR COMPANY |
Fourth and Frankfort
AUJO s,PrLIEs AND arrAIas ~
CARS sIMoNizrp~-Oall phono No. ~ H,Js.
Al work guaraniced SO,
BRupAKER. .puNHAM MOTOR co.
First. ,.class monthly storage. 80, and gen
erai repair. Cedar sbs1.
USED TIRES
We guarantxc to satisfy you both
on REPAIRS and TIRES
TULSA TIRE SHOP
Cedar its2 IL West Brady
Arros rok mRt~-GAnA6Es 10
GARAGE for rent. 6ii ". Fourth. Cai
osase tiss or ossge 1857.
foh RENT Garage, large sise repair
shop. slose In cheap rent $50 per
month. rhonc CssEo ssT,
ron RENr~.rwe.car garage. iGai T.
wANfEp--AUroMoRilEs u
wANfED--A Ford or other light car Tor
cash mns, bo cheap. Royal Tire 20,
sia y. Second
BOARD AND ROOMS
y HOTEia rs
HOTEL aElMA-~ogs4 y Main home ~
the business man and woman; absolute.
~ best family hotel In the city. Weekly
nummcr rates, All outside roomA
RITZ HOTEL.
sol East Thirh street
A respectable HOTEL. for respectable
PEOPLE
ST, LOUIS HOTEL, Fourth and iElein;
large, clean, cool rooms, either by day
JErFERsoN HOTEL
5l6 =. Boulder
All outside rooms, shower and tub baths.
Weekly rates
Phone Usage 1871
WEsTLAND HOTEL, s06is h.. Thlrd
.tooms with no, and cod water. 81 to
$40 rer week connecting and private
bath. sls and SIS, Osase 1873,
jacobs HOTEL.
ss e." too'" se.en'etosu .Vn'gr'e, lIe proof
ana II per v"ek "' -' wv ""'' ~
as nAsi FIRST STREET
IOWA HOTEL
SAND SPRINGS
outsId. rooms running water. speciai
rates 10 eutomobilo parties ana usnsicnts.
ALTON UoTEL--New location S0fs p,
Third, absolutely respectable ta aud up,
,.,,., ....,,s.,,g,s.,.,,N. ,.....,,-
'.,,.", ~ -', ~ ~. "'o"S '"
SlNim w. ngp-pnn large room ana
N'Vnsni l",nm''" '"' Nh"' """so"''P
,sss, :, ~,
"NiN' ~, CIV i''h"' h'"S'"'oP'"N '"o"''
...-.,...,... a. se
iNo Mpl,th', huuso~NVNn,ns ~ n"'"''' F"'''
per week. fhene Ssess ''et
MAIN :. lVol.-housekeepi"s rooms iu'
teht. ossse aeos. eos.--.---
LAwrQN. s., io6-rwo lovely light house
keephs rooms for rent Ncry reasonable
titst floor modcrn walking distance
rooms. adults; south exposure, walking
distance,
FRISCO, s. 5e3 FOR rent light house,
keeping r"oms psage sac
HOUSTON =. 500 Large clean, cont ilghi
housekeeping room. walking distance. on
ear line; adults,
ApMlRAL, 1893 Two modern ughi
houscheepinE rooms Tor rcut,
THIRD. ~. IsUg Aght housekeeping
rooms; clcau. cheap modern, adults
only Call CEDAR gao.
DENVER, N. s68--FurnlshVd rooms for
llght Housekeeping close in
tspt.IaA
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-05-12
BOARD AND ROOMS
RooMs tOn nrNr. ,,RNisUtD

BOsrON y. s2i Large sleeping room
with rlovrt reasonable.
nOSTON, r.. esi Nicely urn,sncd frort
bedroom fpt one gentleman. Call
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-05-12

THIRD. Mp slt--tor rent, two furnished
iron' rooms adjoining bath, for light
Mnu- -lL.ILMN.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-05-12
FINANCIAL
nUsI>Ess OPPORTUNITIEs

WELL LOCATED GROCERY. doing good
cash buslness. LIVING room IN the rear.
rent only $50, cash. 81 500. Meshew
A Co, ground floor wright BIDS. Usage
tQTQ
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-04-12

This navy tricot suit is a mart
little fashion garment fer the girl
ISL figures. 1t has a plain. slightly
gathered skirt with a deep border
Of embroidery with sunset" medal
lions shot with goiG threads. The
same embroidery is repeated On the
jacket which is a short boxy affair
with tie fastening III the frons
and loose sleeves.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
WOULD co FROM
HOUSE TO HOUSE
PendIetcn Woman Would Like
to Tell Everybody How Tan
lac Restored Her Health

Il wish could go from house 70
house and tell everybody what ! know
about Tanlac," said Mrs. Minda David :
son, 5f4 Market street, Pendleton.
About two years ago" she contin-
ned, II had an attack Of the flu' that
left me in badly rundown condition.
/ could eat little more than enough to
keep me alive and became so weak
couldn't even sweep the floor. was
very nervous. Never slept we'll and
was 80 discouraged hardly knew
what to do. Then too. suffered ter
ribly from neuralgia in my face and Il
often swelled awfuIly and turned dark
purple.
Finally one ~ my friends got me to
try Tanlac and ! certainly feel greatful
TO her, for there were many times
while was sick when would gladly
have given a thousand dollars for
something 10 help me Well, Tanlac
has certainly made quick work Of my
troubles. for now I have fine appe-
tlte, sleep well and feel well in every
way. and | never have an attack OF
neuralgia, or whatever that trouble
was had in my face. Tanlac certain
~ deserves every bit of the praise be-
ing given it."
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

Katherine VI. Granholm. Harold Goe-
decke. John II. Henderson, E1helyn
Violet Horseman. Ivan Houser, Mabel
L. Hudson, Mary Carmen Jones, James
Blaine Kennedy. Edith Lalng. Fannie
Tottie Laing. Hilda Margaret Loren
zen, Marjorie Grace McMonies, Al
berta Lou McMonies, Lucius z. Mat
thewsOn. Estella Marie Mills, Daphne
Mabel MolstrOm. Geraldine Clarke
Morrison. Harry d. Myunger. Samuel
b. oliver. Nellie Susan Oliver, Gene
We've r. Phelps, Mildred NJ. Rogers,
David A. Swanson, Lois Adna Swag-
CART. John Saunders. John Henry
Simpson, Gilbert f. Struve. Jens Ter
jeson. Lee F. Temple. IAurance Ken
meth Warner. Helen Williams, Donald
G. Woodwork, Evelyn Mortimer.
Class Motto-Out OF The Harbor
Into the Sea.
Class Colors-Champagne and Blue.
Glass Flower-Ophelia Rose.
Honor Students-Mary Lodema
Clarke. Hilda Margaret I.orenzen.
Thelma Cecile Blanchette, John Beck
with Jr.. EtheIyn Violet Horseman.
Gilbert ]. StruYe, Lauran@e Kenneth
Warner. Alberta Lou MeMon'ea- IL
drod n. Rogers. Mary Douglass CHS
ha,m. Tottie I.aing, Jens Terjeson.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
ANNOUNCE PROGRAM FOR
s. Commencement EVENT


The program that is to be observed
Friday night at commencement exer-
lcises when the senior class of the Pen
dleton high school will be graduated is
as follows:
-hdItn 80. .dOlaenuef
Mrs Nellie Whiting Mcdonald
Invocation -. Rev. Alfred Lockwood
Vocal Solo .... Mrs Charles Bond
Presentation, Of lantern Cup and
Scholarships ...-.Prin. A. Landretn
Commencement Address ..
....,....R Rev. w. T. McElveen
Ave Maria Stella Geieg
B. A. Mcdonald, Violin
Miss Pauline Rice, Cello
Mrs. Mcdonald. Piano
Presentation of Diplomas. j. r. Raley
Benedlctlon ..............R Rev. Secor
Recessional 80. Mrs. b. A. Mcdonald
Graduates
John Beckwith Jr., Helen Elizabeth
Blake, Thelma Cecile Blanchette,
Grace Marguerite Blanchette. Nellie
Marguarete Bruce, Mary Douglas
CnsnoIm, Mary Lodema Clarke, Perry
! Davis. Evalyn, Eugenia Davis, Will
liam ]. Doherty. Nellie Belle Eldridge,
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
AND CREW OF
. STEAMER ESPERANTO
ARRIVE ON ELSIE /.
Fishing Schooner Struck on
Sunken Reef in Dense Fog
and Sinks in 25 Minutes.

HALIFAX, June 1.-(U. P)--Cap-
tain Behlman and his crew Of 25 from
the sunken fishing schooner Esper-
anto. arrived aboard the Elsie ii. The
Esperanto. which won the internati-
onal fishing boat race last fall, struck
a sunken reef in a dense fog off Of
Sable Island and sank in 25 minutes
Behlman said,
The arrivals of the survivors dis
PEELED the fear felt since Monday that
the New England fishermen aboard
the Esperanto had gone down with
their boat. Sable Island wireless had
reported The wreck and said .nat the
Elsie II. was standing by. but the cp-
orator was unable to learn whether
the crew had been taken off.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
Exhib;t Is Interesting.

Two hundred thirty colored hand
Fpainted pictures OF Oregon fungi and
wildflowers are on display at the coun-
ty library under the auspices Of the
University Of oregon extension depart
ment Professor 4. r. sweetser. Of
the University botany department. is
in charge. and the pictures were paint
cd by Mrs. Sweetser. The art work
is in itself beautiful and the pictures.
ali hand colored in the natural tints,
lare extremely accurate. The exhibit
is open to the public and today the
second grade pupils OF Hawthorne
lschool saw the display and named the
flowers they knew Professor Sweet
ser spealss tomorrow night under
state federation convention auspices
on the preservation and restoration Of
Oregon wild flowers.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
SWARM OF BEES ARE
COLLECTED AT CORNER
OF BUSY CITY STREET

SPOKANE. June ia. P.)-Col-
lecting a swarm Of bees at a down
town street corner here today furnish
ed amusement for several hundred
spectators. One exponent of bee cul-
ture. braver than the rest. entered the
ring with a tin can and a small tree.
turning the can upside down he beat
gently upon it with a rock and held
the tree aloft with the other hand, but
the wary insects refused to recognize
the hastily constructed forest. Finally
the utensils We're moved to the top of
nearby building, out of the noise of
street traffic and the patience of the
bee expert was rewarded. No casual
ties We're reported.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
People Here and There

10 the north side Of the county, by
Deputy Sheriff Dickerson Of Athena
The men had about three gallong Of
whiskey in their possession when the
arrest was made, but they managed to
break the glass Jars in which they
we're carrying the whlskey. Myrick IS
held in jail here.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

OTTAWA, Ontario.-To date. 25.-
$50 soldiers have taken up farms un-
der the Soldiers, Reestablishment Act.
and that more than sos, ,000. 600 was
invested in this establishment effort.
was the statement made by Major
John Barnett, chairman of the Soldier
Settlement Board
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

w. II. Bennett, cashier Of the In
land Empire bark, will leave this even-
ing for Seaside where he win attend
the state convention OF bankers. Ly-
man Rice, treasurer Of the organiza-
tion, who is In Portland visiting, will
be at the convention as representa-
tive Of the First National Bank.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
NEWS OF THE COUNTY
OFFICES AND OFFICERS


Ask Time for Hearing.
on behalf OF the Hermi1on Irrlga-
tion District. ]. T. .McNaught, IT, L..
jackson and Frank Waugaman, dIrec-
tors Of the district, have filed petit
tion asking the circuit court TO set the
time for hearing OF judicial exami-
nation OF the validity Of the proceed
ings in connection with the organiza.
tlon OF the district.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

A Warning-to feel tired before ex-
ertion is not laziness-it,s a sign that
the system lacks vitality. and needs
the tonic effect Of Hoods Sarsapariila-
Sufferers should not delay. Get rid OF
that tired feeling BY beginning to take
Hoods sarsaparilla today.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
NEWS NOTES
OF PENDLETON
Florists to Open sI,op.

Florists to Open Shop.
Power Brothers, Of Freewater, an
Inounced today that they will soon
open a florists shop on the corner Of
Court and Cottonwood streets. in the
old Tri-statc Terminal quarters. Pow
ers Brothers have a large greenhouse
at Freewater.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
repair shop and car washing depart
ment to the present occupants.


The Boys United School Band did
a little serenading Of their own yes
terday afternoon. The force or the
East Oregonian was treated TO a
couple OF selections which were very
much enjoyed. Other places in the
city We're visited during the after
noon. The boys are showing lot Of
quality in their work. A number Of
the fellows are playing regularly in
the older band.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

delivery up nine cents The closing
was IA to "a cents busheI
higher than yesterdays closing. a
bulIish crop report and European buy-
ling Is responsible.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

Lease Garage.
The Automobile BatterN Co, distri-
butors for the Prest O-Lite battery,
announced this morning that they
have leased the garage formerly o.
cupied by the Mclean Auto Co. Mr..
Lloyd. the proprletors will suitcase the
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

Charles II. Green and Il. ]. Burke,
both OF Portland. were among those
wool buyers who were in Pendleton
today on their way to attend the wool
auction at pilot Rock.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
Arrest Men With Liquor.

Two Athena men named Stanton
and Myrick were arrested last night
on theIroad just outside Of Athena
when they were returning from trip
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

Or. .. N. Reber is packing his goods
IN preparation for hls move TO New
York where he win go TO make his
home.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01
BRAND RECEIVES VOTE
OF CONFIDENCE FROM
CHAMBER OF DEPUTIES

PARIS. June LA. P.)-The sem
ate yesterday voted confidence in Pre-
mier BRAND in connection with the
reparations settlement. The vote was
277 to s.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

DR.. II. s. Mckenzie returned this
morning from Portland whore he has
Ibeen on professional business.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

w. Bollins, superintendent Of the
second division Of the o-W. X, & N.
arrived last night IN his special car.
lie was picked up this morning by No.
~ and returned home.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

WHEAT INCREASES 0 GENTS
CHICAGO. June la. PD--The
new soaring wheat prices brought July
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-06-01

Mrs. Mile Il. Trumble, secretary
of tho state Child Labor Commission.
with headquarters at Portland, Is
here for the state convention. She
Inns been In the eastern part OF tns
state on a tour.
New-York tribune., 1921-05-29
Holidays This Week

o., Monday, May Panama. In the
United States: Arizona. Arkansas
California, Colorado, Connecticut '''i DaI, =. T.
aware, District of Coiumh;a 1dabn Ded-
llllnois, Indiana, Iowa, Kansas. Ken,
lucky Maine, Maryland, Massachusetts
Michlgan, Minnesota, Missouri Mon
tana, Nebraska, Nevada, New Hamn-
Shire' New Jersey, New Mexico. New
orK' North Dakota, Ohio, Oklahoma,
oregon, Pennsylvania, Rhode island
South Dakota, Utah, Vermont. Vir,
glnia, Washington, West Virpinia WI
G9nsin and Wyoming; also in Alaska.
Hawaii Philippine Islands and porto
Rico. VI ~
Tuesday, May 81 BasutoIand. South
African Union.
= Wednesday, June Brazil Estate of
Goyaz), Western Australia.
Friday, June 3-Bahamas. Barbadoes
6asutoland, Bechuanaland, British
Guiana, British Honduras. Canada,
Cayman Islands, Caylon, Cyrus, Gam
nla' Gibraltar, Gold Coast, Hong Kong
INDIA, Jamaica, Leeward Islands, Malta
Maurltlus, Newfoundland. New Zea-
land, Nyasaland. Rumania, Siam
Bangkok, Sierre Leone. Straits Settle
ments, Swaziland, Tasmania, Togoland
rlnldad and Tobago, Turks and Caicos
Islands, Western Australia, Windward
Islands. In the United States: Ala
pama, Arkansas, Florida, Louisiana
Mlsslsslppl, South Carolina, Tenness see
and Texas
New-York tribune., 1921-05-29
Feels Ear From Wall Street

Question: write to get your able com
ment on an Adams Express collateral trust
4 Of 1948 which has been in our family for
a long time. I merely wish an opinion on
it's safety DO you advise holding 1T or
selling and taking the loss The express
business is a very dfcult thing to get hd-
vice on in this country. All they know out
here Clos Angeles) is land, and wall
Street is 40 900 miles off.-H ). w.
Answer-The Adams Express Com
pany is no longer an operating express
company. The United States Govern
ment took over the express company,s
business and later the American Rail
way Express Company, which is the
operating company for all the railroad
lines, was formed The Adams Com
pany has been doing a banking busi-
ness and liquidating it's assets, but the
Adams Express Company collateral
trust as, due 1928, are secured by the
deposit of $13, 3,241 900 of bonds, mostly
of railroad companies. There are
about $7,824,000 of these collateral
trusts outstanding and the collateral
security, while it is mixed and has
some bonds that to-day we would not
recommend to an investor, has suffi-
cient value amply to cover the face
value of the collateral bonds at ma
turity. The bonds were recently sell
ing at 90, at which price the current
interest is SAB and the interest, if held
until maturity, 7.21. We would ad-
wise holding till maturity.
New-York tribune., 1921-05-29
Seeks Long Term and Safety

question: am inclosing two circulars
81 81 liun1clpai bonds and ask if you think
lhehl perfectly safe investment. [ can
get them to mature in 1943 and 1874, ana
they yield me per cent Would yn1,
prefer them to the United Kingdom Of
Great britain and ireland. 1897, which
WI Yleld triie more? To be more ex-
Phclt am looking for long-ter1 bond
(hot under hfteen years) that is absolutely
sate ana VIII yield not less than per
cent. cent. Would you kindly suggest some
thing? l am also inclosing a copy or a
letter received concerning some Mexican
government bonds 1t seems there has
been no interest paid up TO this date, and
hardly expect a safe Investment where
TO 70 Know your opinion Of same and if you
PAID at maturity.-L. 5. c.
Answer-Of the two municipal bonds
that wou inquire about, we would pre-
fer the City of Pensacola (Fla.) 6 per
cent school bonds, There are verv few
instances where municipal bond has
been defaulted. We think that the
Pensacola 6s are good investment.
Sometimes there is slight delay in
interest payments on Southern and
Western rural bonds. We do not think
they are as good investments as the
United Kingdom of Great Britain and
ireland bonds, due 1887. On the other
hand, the City Of Pensacola bonds are
free from income tax, while the Ameri-
can income tax has to be paid on the
United Kingdom bonds. We think that
your Mexican bonds are purely spec
u!atlon, and the tone of the letter. of
Whlch you send us copy, is suggestive
OF the get-rich-quick promoter. We can
not undertake to advise you in regard
to these bonds.
New-York tribune., 1921-05-29
Ono AnrIe Of the Short Term Question

Question Have two $1,000 bonds, Caro-
Ina Una {edh'n, prmetto frst and j9int Cn.
Corporation da, due 1916 Am thinking of
exchanging these. As the Carolina s a
short term bond, was considering dlspos-
iug of this ana Investing in Western Union
stock, 40 YOU consider the latter stock
in the Same clnss with American Tel
cphonc and Telegruph stock? what is
your opinion OF Consolidated Gas stock
and Central Leather preferred Perhaps
YOU might suggest an exchange for Ne
Vada- California Electric and Carolina
Yadktn that may turn out to better ad
vantage than those mentioned w F. H.
Answer-f our Carolina Yadkin. Pal
metto appears to be a good public
utility bond. You will notice that in
1920 the companies earned interest
charges more than twice over and did
a little better in November. The Nc
vada- California Electric also has
good earning statement We think
that the public utilities will be likely
to show better earnings in the near
future than they have in the recent
past. Your companies are already on
an excellent basis. We think, in n
genera way, you are right in wanting
to shift from a short term bond into
a long term bond, but we strongly
inclined to doubt the wisdom Of TAX
ing the sacrifice which a switch from
the Carolina Yadkin-P Palmetto issue at
this time would entail. You might
not be able to get more than 90 for it.
They were recently offered at 81. We
agree with you that interest rates will
eventually go lower but it is doubtful
If there Will be much change in the
next year or so, and in that time your
bond should work higher toward par
The public utilities were for the most
part unable or unwilling to do much
financing after 1914, and they are going
to be found among the many classes
of bidders for new capital in the next
few years. Then you should also con-
slider the fact that the $3,000,000 of the
Carolina-Y Yadkin- Paine etto bonds will
probably be refunded and that the
terms may quite possibly be favorable
to holders of the present notes. We
think they are a good investment. By
selling now you will be competing with
a great many other holders of short
term securities who are trying to get
into long term issues, and have to take
the corresponding loss. We think that
the Western Union stock ranks in the
same general class as the American
Telephone and Telegraph stock, al
though of the two we would be in
clined to choose the American Tele
phone and Telegraph, We would not
advise investment in Central Leather
preferred, which has just passed its
dividend, but would suggest instead
American Car and Foundry preferred,
and would prefer National Biscuit pre-
ferred to Consolidated Gas stock,
New-York tribune., 1921-05-29
Trusts Certificates Are an oddity

Questou--ls It possible for YOU TO find
out whore the Texas Pacific Land Trust
Company have filed their articles or in
corporation or what form of organization
they work undcr2 They We're formed IN
1SSS to take over the land holdings of the
TEXAS Pacific Railway and have an office
at j Pine Street, New York city. !. Z.
Answer The Texas Pacific Land
Trust is not a corporation or com
pany but trust. 1t WAS formed in
1883 TO take over about 3,460,642 acres
Of land granted to the Texas & Pacific
Railway Company against the surren
der of the outstanding income and
land grant mortgage bonds and inter
est scrip of that company. The trus-
tees. of whom there are three, issued
S1o,37o,oOO (par value1 of certificates
OF proprietary interest to represent the
land, This security is almost unique
in that the trust is GQuidatng propo-
sition, that is, its effort ~ and has
been to sell all its lend. Yet no divi-
dends have ever been paid. Instead
the trustees have applied the receipts
from the sale of assets to the purchase
IN the open market of the certificates,
with the result that whereas at first
the trust had $10,370,000 certificates out
standing against 3,460,64 acres, there
are now outstanding only $2,30l 900
certificates against 2,032 ,653 acres Of
equity of S8 1-3 acres. In other words.
the certificates have been reduced
about rs per cent while the acreage
was being reduced about al per cent.
In the decade between 1900 and 1910
the trust was able to retire large
amounts OF the certificates at prices
between II and so The certificates
were recently quoted around 245, how
ever If the remaining land should be
worth as much as that sold in 1920
(the average price was $6.77 an acre.
the certificates would have an equity
of about $574. Of course, that is a
gamble. Some of the trusts holdings
are socalled proven oil fields, and last
year the trust received more than
$236,000 from oil leases, though no oil
was found Drilling is still being done
by lessees, which, of course, entails
! SO expense on the trust, which is to
J crceive one-eighth royalty on any oil
produced. There is practically no limit
! Co possible values if oil in quantities
was discovered on the trusts lands.
The certificates present an interesting
study to those who like investment
| oddities. The trustees, in the genera
tion and more that they have been
buying up the certificates, probably
had a pretty good notion that they
were or would be worth more than the
market price and in that same space
of time those who held on to them in
the face of the trustees declared policy
OF no dividends must have had in
mind future reward. How it will
turn out in the end is a puzzle. At
any rate it will be interesting to see
how the policy of reducing capital
! liabilities works out in COMPARISON with
| the now prevalent and apparently well
~ aE i
and bonds, especially stock dividends,
on the slightest pretext. The Supreme
! Court has held that stock dividends
are not income. This trust certainly
/ proves the converse, that when out
standing securities not increased but
/ decreased, such action increases the
/ value of each remaining unit