davidaulloa/AmericanStories huggingface dataset:
The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-05-19

Tommy Amerman motored tt
Sweet Grass Tuesday to get a sup.
ply of dynamite to be used in ex-
cavating the cellar of the Black
Magic. :
George Shaw returned Tuesday
from Big Sandy, driving back in his
own car, having been delayed owing
to the bad roads.
H. A. Norman, we'll known bank
er of North Dakota and Montana
and now receiver of the Farmers
Estate Bank of Cut Bank, made his
first visit to Kelvin Tuesday and was
well impressed with the town and
oil field. He was accompanied by
A. W. Furness of st. Paul and Jack
Ryan.
And still they come to the Mecca
of northern Montana's new oil
field. Bob Klein of RoIph, "a, who
owns considerable acreage under the
Rim between here and Cut Bank, was
in town Tuesday. He motored from
Iowa Il short time ago.
Gosoon Campbell retcrned to his
ke- in office Monday evening. He
was accompanied by G. j. Bloom
huff who is associated with the
Campbell Great Fails office as a
financial secretary.
H. Mccullough of Choteau was
here Wednesday interesting Kevin's
business 1ren II pelco lighting
systems,
All aboard for Sunburst Sunday
put a bet on Kevin's ball team, even
if you lose.
Next to Kelvin comes Sunburst--
Let's go there Sunday!
Jack MCGOWAN installed a gas
supply tank in front of his place this
week.
VIM. Olsen of Great Falls has been
here several days negotiating a bust
ness deal which if it goes through
will add a hustling new business
to the city.
Atty. R. K. West of the "power
city, was at Kelvin on legal business
Monday.
Earl Schlosser and J. P. Thompson
motored over from Cut Bank Mon
day.
D. C. Cooper was a business visi-|
tor in town Monday.
e. l.. Poss and D. B. Donahue
motored to Kelvin Monday. MI. Poss
is chairman Of the publicity COM
for the Cut Bank commercial
club who are giving that city much
advertising by all sorts of clever
methods, and are arranging to bring
a band and a crowd when the Black
Magic is spudded in.
G. W. Yeager mo,ored to Cut Bank
Nrondou +okino Mr. and Mrs lanes
Miller to that town.
The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-05-19

Want to buy royalty in fair loca-
ton Kevin-Sunburst field; price
must be right; give legal descrip-
ton, price and description of title;
will buy first good offer. Box 1O2,
care Courier, Kelvin, Montana. (2-3)
The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-05-19
KEVIN-COURIER WANTS.

Will pay cash for close in royal
ties. Elmer Genger & Co., Kelvin,
Mont. (3-4
The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-05-19
in Oil
Royalty

The entry of big oil concerns into
this field is sufficient proof that it is
a real OIL FIELD.
You can share in this wealth by
buying oil royalty now.
For as small amount as $50 we
will have a DEED made out and for
warded to you at the prices quoted
below:
~ of one per cent, 40 acres, 2 to 4
Miles $4,000
/ per cent, 40 acre 2 to a
Miles $4,000
IA Of l per cent, 40 acres, l to 2
Miles $4,000
IA of one per cent, 40 r 2 to 4
Miles $4,000
" Of / per cent, 40 acres, l to 2
Miles $4,000
l per cent, 40 acres, l to 2
Miles $225.O0
Kevin--Sunburst Realty
Company
When buying Royalty be sure that
you get a DEED
The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-05-19

WANTED: Land or leases by Min
neapolis investor who will be here
about June 1, and wants offer sub
mitted now for inspection when /
arrive; give full details first letter.
Box 1O3, care Courier, Kelvin. (2-3)
The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-05-19

FOR SALE: With 95 per cen oil
rights, 240 acres free from incum-
berance in l and II, twp. 33-3w;
submit best cash offer, ARE Courier,
Box 104, Kelvin, Mont. (2-5)
The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-05-19

FOR SALE. California Standard
rig and equipment including casing
and camp complete, all in first class
condition; for particulars address J.
H. Bainton, 311 w. Montana St.,
Lewistown, Mont. (2-4)
The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-05-19

FOR SALE. By owner, royalty
in NE MS 14-35-3W, in same quar-
ter section as Gordon Campbell
well; title OK. Lie Of 1 per cent
SIS; 1-8 Of 1 per cent $3.50; IA of
one per cent $275. Box 101, Courier
Kelvin. (2-3)
New-York tribune., 1922-10-28
Ford Nav Buy Dunlop Plant

sine. g.. 5s d6
New-York tribune., 1922-10-28
100000 Gulf
Oil Bond Offering
Expected Monday
s5-Year S Per Gent Issue
Will Replace Z Per Cent
Debentures; Priced Ten-
tativeIy to Yield $50 PC.

Plans have been practically ccn-
ated for refunding operation
4 hereby the Gulf Oil Corporation will
place It's ss5 100000 per cent de-
3antures, due February /, 1888. by an
sue Of like amount Of ffteen-year
er cent debentures, enabling saw
sstg Of 3 per cent annually in inter
est on It's funded debt.
Offering Of this issue is expected
q, be made Monday morning by q
indicate headed by the Union Trust
sompany of Pittsburgh, and including
80 Mellon National Bank of Pitts
g,rgh, Guaranty Company the
eanker 1t Company and the Ma
onal ,mpany. The price to the
ablic cen fixed, tentatively at
}sast, at nd interest, 60 yield $50
The per cent issue, which was dis
gributed by the same banking syndi-
sate In 1921 at 80, is not callable be-
ere February /, the next interest date,
when it may be retired upon four
weeks notice at i0Sh and interest
A sinking fund of 100000 annually
was applicable to the outstanding is
sue but it's operation was not to COM
,rencs before December /, 1928, SO that
ahe issue has not been reduced In this
manner.
The s36,0oo,ooo s per cent bonds will
Je direct obligation of the company,
But not secured by mortgage. 1t Is
understood that the provision applying
20 the rs whereby the company agrees
siot TO create any mortgage which would
prejudice the interest Of the deben-
ures will also be extended to the new
nancing
New-York tribune., 1922-10-28
Anthracite Exports Lower
september Crude Oil Shipments
Increase

WASHINGTON, Oct. 27.-Exports Of
coal for September included 88,688 tons
OF anthracite valued at $919,037, COM
ared with 285,468 tons valued at
G3,014,619 In September, 1921, and for
The nine months ending in September
'.l38 222 tons were exported valued at
S11,752,1o5, compared with 3,234, ,4s2
,ons for the nine months ending in
September year ago valued at $685.
067,069.
The totals made public to-day by
he Commerce Department showed BIZ
trm;nous coal exports In September
amounting to i,I75,007 tons valued at
S7,S75,2S compared with 1,211, $40 tons
IN. September a year ago valued at
S6,04S,5ts. Exports Of bituminous for
the nine-month period were 6,266,733
tons valued at S36,151,110 compared
with 17,473,625 for the same months a
year ago valued at sl08,7 300.
Crude petroleum was exported In
september to the amount of 48,421 ,970
Gallons valued at s1.s08,332, compared
with 36,984,os2 gallons valued at
@1,319,474 in September year ago.
Refined petroleum exported amounted
- 2t2,59S 392 gallons valued at $685.
39d474, compared with 198,663,l l2e gal
Ions values at $40, ,722,S48 for Septem-
Der, 1921
New-York tribune., 1922-10-28
hercules Powder to Pay
A 1000 Stock Dividend
report for Nine Months Shows
a Big Increase i'm Net
Earninys

Hercules Powder Company directors
esterday declared cut Of the surplus
earnings a stock dividend of 100 per
ent on the common capital stock Of
he company TO stockholders of record
November Is. Such dividend Is to be
n common stock OF the company at
4ar, delivered on November 25.
The report Of the company for the
nine months ended September 80, 1922,
showed net earnings Of $1,522,044 after
interest and taxes, equiv
Il lent after preferred dividends to
3i4.43 a share earned on the $7,15000
ommon stock. This compares, with q
ct of s427, ,687, or 20 cents share, In
ne corresponding period Of 1921.
New-York tribune., 1922-10-28
Days Dealings in Bonds
The Market

The continued decline Of the new
Treasury Az per cent bonds in yester-
days trading absorbed the attention Of
bond men to the exclusion Of virtually
all other developments. At their low
for tho day the bonds sold st 30 and
with $3.50 on Thursday. Weakness in
this issue has como as complete sur
prise, the only explanations offered
being that 1t is due to speculative SELL
ing on the theory that frmer money
lies ahead or to unloading by pur-
chasers who mistakenly anticipated
larger tax exemptions than the bonds
actually carry. Liberty bonds went
lower, but rallied toward the finish.
Among corporate bonds the sharp ad-
vance of more than two points in In
terborough refunding 6s was the only
noteworthy performance. Foreign bonds
were steady
New-York tribune., 1922-10-28
Railroads Earning Power
No. IO-Baltimore & Ohio

the situation will show improvement
when later reports are rendered.
Dividend Record
Baltimore & Ohio is the oldest rail-
road company in the country. 1t was
incorporated in 1927 and paid It's first
dividend in 1881. From the date OF
organization to 1929, when the COM
pany's capital structure and finances
were readjusted without foreclosure,
the road had paid dividends aggregat-
ing 2T0 per cent on its then existing
capital stock.
On the readjusted capitalization the
full per cent rate has continuously
been paid ON the company's non-comu-
1ative preferred stock from 1900 to
date. The year 1900 also saw divi-
dend Of per cent paid on the common
stock BY 1907 the yearly rate had
reached per cent, and there it stayed
until 1915, when it was reduced to s
per cent. In 1919 common dividends
ceased altogether.
Margin of Safety
The margins of safety above interest
and dividends shown in the table below
are based on the percentage that in
come available for these uses would
have to decline in order barely to cover
the necessary requirements. Thus, in
1912, If total income had been 8 per
cent less, just enough would have been
earned to cover the per cent paid on
the common stock. If total income had
decreased az per cent only fixed
charges and the preferred dividend
would have been earned. If total in
come in that year had been 81 per cent
less only fixed charges would have
been covered.
In 1914 the common stock showed
minus 9. This means that total income
in that year would have had to increase
per cent in order to cover the dividend
paid A similar situation was apparent
in 1917
New-York tribune., 1922-10-28
q q NJ. 10 Sci Bonds

BOSTON, Oct. 2T.-Presidens :, r.,l. r.
Hustis of the Boston & Maine aes:s ns's
road announced to-day that ussvh H.
tions had been closed, sub,ecs e .,ss ~
approval of the Interstate Sg apsts ssste
Commission and the various ,ao , as
commissions, for the sale OF ss.Vstss ,s,,.
of general mortgage 6 per cshs a,ssts s
year gold bonds through sshu'ss'
Of Boston bankers, III, 81
. The proceeds of the sale wa.f ...,y;s
applied toward the payment q sss-ItI ;ts
ties Of the Boston & Maine all ls.s. 81
subsidiaries due in January a'id. 1ss. a..
1928. With these maturities careu
Mr.. Hustis said, the railroad ssks se
be virtually free Of further 1lasns :nos
New-York tribune., 1922-10-28
TictOr Co. Declare.
5000 Stock Divide,d

PHILADELPHIA, Oct. N !,
victor Talking Machiiss compsas
directors have declared 4 am s-''s
cent stock dividend, announes,.s IS 4
was made to-day.
This action followed tbs r.
authorization by stockholders to & 4
crease the common stock g.. ~ .a'
100000 to sS5,ooo,ooo. The diva.
will he payable to ssoetbo,s rs
OF record Of November /, and g.
new stock will be issuea ~ 's
as it is practicable to issue nev ~ 80
tifieates, it was said. Common .,a.. q
holders will receive six sbava 80 :
each one now held. ~
New-York tribune., 1922-10-28
Financial Items

Columbia Trust Company has been APP
pointed transfer agent of the capital stock
of the Fibre Conduit Company.
Empire Trust Company has been ap-
pointed trustee for issue OF $4,000
par value per cent convertible gold
bonds Of the Electric Outlet Company
Inc, dated April /, 1922, due April /,
1925.
At meeting of tho board Of directors
OF the United States Mortgage and Trust
Company yesterday, q. B. Colt was elected
an assistant treasurer Of the company.
Baylis & Co. announce the removal Of
their office to the New York Stock EN-
change Building, II Wall Street
New-York tribune., 1922-10-28
North American Net UP

The report Of the North Aalss s,ssS
Co. for the twelve months sps n
September so. 1922, showed : "a s.
income Of sl6,668.S12, 81 lncs ,a.
Of t6,SI6, ,6e7 over the coSresys.st ys'.st.
ing period Of 1921, A1tsr assi a..sise
Inc the requirements Tor 1890 Sssssdd
months' dividends on the ptFasdedd ia
stock, the surplus for the yesr sn''i fa
Septemher a0 was EQUIV .ss.
s22 .07 per share on the S78,Rbs sns.ss H.
of common stock then cutss anussa,s S..
This compares with $28.QS shaxs 81:
the 3e6,256 shares Of common att sssss ] Il,
ing an Ausnst 81 last easns ~ -
twelve msnsAs seAee eala&
New-York tribune., 1922-10-28

BUFFALO, Oct. 27-Rumors are
again current here that Henry Ford is
contemplating the purchase of the
River Road plant of the Dunlop Tire
& Rubber Corp of America,
which cost close to $20,000,000 to build
but which never has been opened.
report that Ford's representatives have
made careful survey of the plant and
have been impressed with its possibili-
ties for the production of tires for
Ford and Lincoln cars,
New-York tribune., 1922-10-28
London Market Steady

LONDON, Oct. 27. - Trading was
quiet and prices were steady on the
81 ock Exchange to-day.
Bar gold was quoted at e2s Sd; money
9as loaned at fSs per cent. Discount
5stes We're: Short bills. 2A per cent;
three-month bills, 2asm2 7-l6 per cert
Consols for money were quoted nj
5TA, British s per cent loan at 9sA
and British AZ per cent loan at e5H
Closing stock quotations were:
New-York tribune., 1922-10-28
Paris Market Heavy

4. PARIS, Oct. 27.--Prices were heavy
on the Bourse to-day. Three per cent
rentes, b8 francs 80 centimes. Ex-
change on London, 63 francs rs CEN
times. Five per cent loan, 75 francs
70 ycentimes. The dollar was quoted az
Id francs 431a centimes.
New-York tribune., 1922-10-28

(We present IN the sabjoined article
the teath of q series Of forty daily dis
! casssoas Of tho present earning poaper
Of the leading american 8team railroads.
At the yeqacss Of The Tribune, these
studies teers undertaken by the Stand-
ard Statistics Compeny, INC, of Nsso
York, schsch has prepared the papers
and is securing q copyright for them in
1922. The eleventh article WiiI appear
to-morvow and tciu deaf tcith New York
Central.--Financta Editor.j
Baltimore 4 Ohio would be in far
stronger position to-day If its unfortu-
nate experience with the now defunct
Cincinnati, Hamilton 4 Dayton could
have been avoided. Its connection with
that company caused it to shoulder a
loss involving many millions of dollars.
The company will also be obliged to
face another serious problem within
the next few years. In 1925 more than
$l2s,000,000 Of 3M per cent under
lying mortgage bonds mature, and this
will call for comprehensive refunding
plan which can hardly be accomplished
except at considerable additional cost
in annual interest charges.
This refunding can, of course, be
more satisfactorily accomplished if the
Baltimore & Ohio bond issues continue
TO be. as many Of them now are, legal
Investments for savings banks in New
York and other states. But in order
to retain this advantage, the company
will have to resume dividends at the
rate of at least per cent on it's COM
mon stock before the end of 1922.
Present indications do not point to as
large percentage as this available for
the common stock this year, but now
that the coal and railroad strikes are
done with, earnings are likely to show
considerable Improvement during the
remaining months, so that earnings of
per cent on the common stock are
still possibility.
In view Of this situation Baltimore &
Ohio bonds in general can hardly be
ranked among the highest grade invest
ment securities, while the Junior issues
are at least touched with speculative
tinge. Whether the preferred and COM
mon stocks will develop real invest
ment quality must depend on future
earning power and the success attend
ant upon the refgnding of the 1925
maturities.
New-York tribune., 1922-10-28
Railroad Reports
For September
Continue Irregular
Atclsison Makes a Good
Showing with $464, ,48I
Increase i'm Gross; Lelligh
Valley Has a Deficit

September railroad earnings made
public yesterday again showed irregu-
larity. The Atchison, Topeka & Santa
Fe did exceptionally we'll, with an in
crease of $d21,084 in gross and gain
of Sa64,4e1 in net operating income.
The heavy traffic the system handled
In September was disclosed in the fact
that the August gross was $2,544,034
less than in the same month of the
preceding year.
The New York, New Haven & Hart
ford also made favorable report, with
an increase of $844,094 in gross and a
gain of $576,7sS in net. The Lehigh
Valley, on the other hand. had q net
Island reported deficit of $264,e72 in
New-York tribune., 1922-10-28
Ino!t., s7% 1o% tas

'Estinated. decrease.
Earnings for 1922 are estimated, these
estimates being based on the normal
seasonal variations Of both gross and
net taken in conjunction with actual
earnings to date of latest monthly
report.
Baltimore & Ohio does not show as
favorable a contrast between 1912
actual and 1922 estimated as many
other roads can show, but the coal
&&2 earning power, Is largely RESPONSE
for this. Now that this difficulty
Has been adjusted 1t is quite likely that
New-York tribune., 1922-10-28

years ended June 80. fEstimated. +No
dividends paid
1t will be noted that In those years
in which common dividends were paid
only a relatively small margin was
shown above the payments made.
New-York tribune., 1922-10-28
A Correction

In Article No. Of the series on
Railroads Earning Power" dealing
with the New Orleans, Texas & Mexico
Railway, the statistics given for growth
of revenues referred to another road,
and were carried under that heading
as the result of mechanical slip. The
figures for growth of revenues for the
New Orleans, Texas & Mexico Railway
should have read:
New-York tribune., 1922-10-28
To nrure IN. precise yieia on bsaa

To figure the precise ytela on oea ~
approxisnate Yield can roughly os,1. os neusss *
out BY the following formula: D'vsas ~, ~
closing quotation on bond into = sns s.,nr i
of the annuas return. II the es1o y a., ss fhs
spprec,ation Of the principal. Ic & ae 49,. 81.
subtract the market auoAatfon ~ LIVE NJ ths
or 100. and divide the ssuainoMer M run ~ b..
Ycra ou, ,aa atmrity' m For extmpis. u Z e. e.
cant cant bond is selling at 80 and a, Pr tss W
years TO run. the annual return ..s, ,.sr 40
per cent The difference oet"ssi sairts sub.
tracting SO from 100. Dividing y f5is
by ten years. the Quotient Will lssseh ss + is ID,
figure is to be added to S.6s, wn'sps AZ ps
annual return. and the sesossr 346ss
New-York tribune., 1922-10-28
New York Centra
"Mex Pete" Exchange

More than 90 per cent of Mexican
Petroleum common stock is expected
shortly to have been exchanged for
PAN American Petroleum and Trans
port "B" stock under the recent offer
to exchange 21s shares of PAN Pete"
for one of "N@x Pete" About 10000
shares are understood to have been
turned in to exchange SINCE the offer
was made early in the week. Of the
total Of 1000 shares of Mexican Pc
troleum common outstanding not al
ready owned by PanAmerican, about
25,000 shares are owned by the Hues
This block of stock will not be eX-
changed for Mexican Petroleum until
the last day for exchange, on Novem-
Der s.
New-York tribune., 1922-10-28
Growth Of Capitalization


Between 1912 and 1922 the operated
mileage increased from 4,455 miles to
b,i87 miles, or 16 per cent.
All of the increase in capitalization
that has taken place during the last
ten years has been in funded debt. In
other words, Baltimore & Ohio has
not been sufficiently strong in earning
power to induce prospective investors
to take stock in place Of bonds for new
financing, or to make it advantageous
for holders Of convertible bonds to ex-
change their holdings for stock.
Estimated Property Value
The estimated property value of the
company Is $692,500,000, or about 8 per
cent less than total capitalization. AS
suming the funded debt and preferred
stock to be theoretically retired at par,
there would remain an equity for the
common stock in estimated property
a share
New-York tribune., 1922-10-28
Federal Lan Bank Bonds
Joint Stock Land Bank Bonds

1o,rt stoo,, r.., n Bid. Ask. Yield
rs, 195.-'31. Ioa 9,
Joint Stock Land Bank o'
5hs. 1951-19a1. .1O3H 1o5n Am
Joint Stock Land Bank -
cbiears 1s: rss9cl9s4: !2ol92 s;.,, aaA 1ocA 4sa
Bank 51as 1951-1931 1o5h 1oe1 .s-
Chicago Joint Stock Land . -
Bank 5s, 1937-194O esM 1non 20.
Chicago Joint Stock Land 'VN f'o'
Bank 5s, l951-l93I 3I.1ooA ,ooy ,r,
Chicago Joint Stock Land ~ f'''
Bank 5s. 1952-1932 1oon 1oer -,
New-York tribune., 1922-10-28

Kansas 4 Gulf Earnings
Net earnings of $531,859 were re-
ported by the Kansas and Gulf Com
pany for the first six months of 1922.
New-York tribune., 1922-10-28
Misc ellan eous Mark kets
New York State Bonds

Issued in coupon and registered form
not interchangeab BILE. Coupon bonds regis-
terra BILE.
Form. Rate. Maturity. Bid Ask. YieId
Canal and Highway 6s
New-York tribune., 1922-10-28

Growth Of Revenues
Gross Net after Total
Years revenue taxes inc
1e12... 500, 900, 900 $24,e 900 $4,000, OoO
"1eSa... 1872. S00.0 900 26,s00.o00 $4,000, 600
Evening journal., 1922-10-16
HIGH
LOSES TO TOME

Special to The Evening Journal.
NEWARK, Oct. 1.-two games
Of football IN two days is entirely
too hard a schedule for any team but
this Is a mistake which the manage
ment OF the Newark High School
made last week. On Friday Newark
high attracted Statewide attention
by defeating Salesianum IN Wilming-
ton ~ TO 0. This was a hard fought
game and right on top Of II Coach
Wilson took his proteges TO Tome
Institute Saturday where they were
defeated 20 to 2. the local boys get
ting a touchbaek. Newark is said TO
have been scheduled to play the
Tome third team but the local boys
say most OF the Tome varsity was
put in against them.