davidaulloa/AmericanStories huggingface dataset:
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

with the development of the country
and undoubtedly the railways, pro
viding their financial conditions war
rants, will be buying much more roll
ing stock during the course of the next
year, which should produce a heavier
business for the steel companies.
The bond market during the past
week pursued an uneven urs with a
general tendency to sag, although in a
number of individual issues quite the
reverse was true. Trading was on
Quoted on q moderate scale and buying
generally was not done in large blocks.
There seems still to be Il tendency on
the part Of investors to slow down
awaiting a more definite trend 10
events following the recent election
and who seem also to he apprehenslve
of the situation in Turkey.
No Election Effects
So far as the general elections are
concerned there has not been any mark
ed affect p~erceptibiy outside of a slight
slowing down in business activity. Prob
ably this is due in part at least to the
fact that the result was somewhat ex-
pected, although the extent Of the dem
ocratic victory Outstripped the magma
ton of even its most partisaned fol-
lowers. Certain it is that the public
has registered effectively its disap-
prevail Of certain measures Of the
present administration and particularly
the tariff. There is q demand or every
hand for an early reconsideration of the
Fordney-hcCumbcr tariff act S that
it's schedule of tariffs may be more
e~quitably distributed. While the recon-
mendations of the tariff commission
were to a large measure Incorporated
in our present tariff act. this act in
its final form demonstrates again the
hopefessness of keeping the tariffs a
political measure. Never until auth0Tl-
~ has vested outside Of congress as to
the placing of tariff schedules will our
tariff laws be scientifically conceived
and executed. Those demanding "A re-
vision at this time charge gross in
equalities and in some eases such heavy
duties that other nations are likely to
r~etaliate with similar measures.
The general tendency Of the invest
ment market still seems to be TO hold
in allegiance any offerings until such
time as the market exhibits a more
settled tone. The municipal market
was spotty, intense interest beng
manifest at times and then buying
would become exceedingly slow. Prices,
however. on the mut4tiPai lHC NAVE
been holding well to the levels recently
established. Railway bonds generally
were somewhat irregular. There was
a fair demand for securities of UNI
questioned merit and advances were
evident among a few of the issues III
this class. The low grade rail list,
however. suffered a general decline.
these declines doubtless being more the
result Of market influences than the
showings Of earnings. Reports from
the American Railway association are
most encouraging and seem to show
that the roads are cutting down the
number of cars and locomotives that
are out of repair. Preliminary reports
for October indicate a large increase in
gross and a corresponding increase Ill
net income over the same months Of a
Eaap 400
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
EGA ADVERTISING
OF SALE

NOTICE rs HEREBY GIVEN That.
pursuant to the order of the District
Court of the Eighth judicial District
OF h State of Montana, In and for the
County OF Cascade. made on the le{h
day of November, 1922. in the natqas
of the R~eceivership of the AmerfeaEs
Bank & Trust Company. a corporatlof&
the undersigned, Receiver of said Amer,
lean Bank & Trust Company, viii sell
at private sale. TO the highest n pest
bidder, upon the terms and conditions
hereinafter mentioned and subject 70
confirmation by said court. on ana aI,cE
the s5th day of November, l92Z. ah ths
right. title and interest OF tae saiu
4 n,erican Bank & Trust ompany IA
md 70 the following described property,
to~wlts un,
% said American Bank & Trust Coia-
ratty, situated and being In the bankins
bolse of said American Bank & trust
Company at 200 Central Avenue, Great
Falls. Montana.
Terms and conditions OF sale. cash.
Bids or offers must be in writing and
sealed, and may be for the whole or any
part of said above described properly.
Bids shall be filed with the Receiver
OF said American Bank 4 Trust Com
pany, and said Receiver reserves the
right to reject any and all bids,
Dated this 18th day OF November
A. w. 5sPRINGHoRN,
Receiver of American Bank 4 Trust
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
Record Wheat Crop
Reported in Canada

Ottawa, Ont-(Correspondence of
the Associated Press .l-1f Canada
wheat crop of 343, 10000 bushels were
ground into flour and made into bread
there would be enough to supply every
man. woman and child in the United
States with a loaf weighing a ounces
q day for four months, or a similar
ration to the entire population of Eng
land for a whole year. according TO a
computation based upon figures given
out by the Canadian department of
1t would take 251.25o grain cars
with a capacity of 40 tons each to
move the crop and placed end to end
the cars would make a train of wheat
/ .946 miles long. o one extending from
Montreal to A point 26 miles west OF
Swift Current. Sask., or from New
York to Denver.
The value of Canada's field crops for
1922 is estimated at S1.11a.213.5sS-
OF this total, the wheat crop accounts
for 1868, 334.3350. The cat crop this
year is valued st 1924 ,510,360. an in
crease OF nearly $4,000 600 over the
value of the 1921 crop.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
BANKERS HIT TAX-FREE BONDS
AS MENACE TO u. S. INDUSTRY;
BILLIONS TAKEN FROM TRADE

lar circumstances that might be cited
comments the secretary of the bankers
association.
The effect of tax-free investments is
the same on industry as or farming.
Roughly, a rich man today is better off,
draws a larger income. if he buys Il
40 per cent tax-free bond than if he
takes a 8 or 10 per cent industrial
stock.
The BOND is under the rigid and I'M
productive hand of the public official.
while the stock is under the active
and productive hand of the American
business man.
For the wealth and welfare of the
people at large the difference is as
that between the quick and the dead.
Yet tens Of thousands of investors are
being encouraged or driven yearly to
choose the dead, to turn their backs
on live American enterprise, and to
lock up their capital in a financial
graveyard.
What is the cure? One remedy
would be to cut down taxes. But the
national debt is enormous and the cost
of government is colossal at best. And
for other reasons the process would
be slow and the remedy doubtful. So
the farm mortgage bankers go to the
root Of the matter and advocate an
amendment to the federal constitution
allowing state to tax national securities
and the national government to tax
state securities. The amendment is be-
fore congress. 1t, too, would be a slow
cure, but it would be sure. and has got
to come. 1t should be advocated by
every business man.
In the long run, no country's business
can develop and prosper if billions of
wealth at the top are ~tax-exempt for
one reason. and if other billions at the
bottom are tax-exempt for another rea-
son. For. if the millionaires escape
most taxes because they buy tax-free
securities, and the men of small means
escape most taxes because their in
comes are under $4,000 a year. who
will be left to pay the bulk of the
billions that II government spends :?
The persons in between. the men of
moderate means. the middle class bust
ness men. even though today they are
the hardest pressed Of All.
No worse adjustment of taxes could
be imagined. The farm mortgage bank
ers do well to impress these facts on
the public mind. Theirs is good prop
uganda. and for the good of the country
deserves to succeed.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

and underlined to be properly discount
ed at this time.
Publication OF reports showing that
a number of so-celied second grade
railroads were not earning their fixed
railroad shares, most of which are
reached last month. However, statis-
fleet steady improvement in business
conditions throughout the country.
Resumption of dividends by the
General Motors corporation and on
the preferred stock Of Montgomery
Ward together with a number of add
tional stock and extra dividend dis
bursements by prominent inustrial
corporations, and the payment of the
regular dividends on Pacific oil, which
was reported at one time to be in
danger had a cheerful effect on sen
timent.
An easier tone appeared in the
money market, the call rate dropping
below 4 per cent for the first time in
several weeks. Most of the time
money business is done on Il 5 per
cent basis while the best names in
commercial paper continue 10 com
mand t 81 per cent.
Substantial improvement has been
noted III most of the foreign ex-
changes, demand sterling getting with
in a small fraction of S4.4S as COM
pared with SAG a week ago. while
both French and Belgian francs and
Italian lire showed good recovery from
their recent lows. Brizilian exchange
also was strong.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

COLLAPSE AND RAPID RECOVERY
OF FOREIGN BONDS FEATURES
WEEKS MARKET, SAYS SELLERS

Instance. cannot but have a disturbing
effect on other securities. The Europ-
can situation is always mentioned first
by those who argue that the long range
business prospects in the United States
are ~unfavorable.
To a less degree the same condi-
tons govern the bond and the stock
markets. Both markets show evidence
of doubt and hesitation. The rail
roads still report a record business.
But it is not at all certain that the
October earnings statements, the first
Of which are due next week, will re-
fleet profits corresponding to the
business. There are still strike eX-
penses to be met, nor can the rail-
roads in the long run be more pros
porous than the country as a whole.
The public utilities report increasing
profits. but some day and perhaps
o there will be increasing costs.
The farmers condition has improved,
especially that of the cotton producer,
but further improvement must come
to wheat and livestock raisers if the
balance between farm prices and city
wages is to be restored. q
Cars Boom
The most cheerful reading for the
Opt1nlStS lS tne HuLoLloplle prouuctlOH-
October's turnout of cars and trucks
was at the rate of nearly 100000
annually. this at a season when pro-
motion expected to fall off. The
value of the automobile industry is
expected to be $3.50, 000, 1000. Pros
perity in an industry of such magni-
tude cannot be ignored when the gen
eral business outlook is under consid-
GRAFTON.
There remains always the disturb
ing factor of politics. There is
sure to be a good deal of talk about
serious radical experiments coming out
of Washington during the coming win
ter. Probably most Of it will end in
talk. But it all helps II unsettle the
confidence on which business is built.
And yet the American people can be
trusted eventually to decide even abb
stract economic questions correctly.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
WEEKLY GRAIN REVIEW

Chicago, Nov. 1S.-New high price
records for the season blossomed in
every kind of grain this week. The
wheat market in particular responded
TO enlarged speculative purchasing
based more or less on opinion prevalent
that as a result of underproduction if
nothing else European countries would
be big buyers all through the crop year.
Compared with a week ago, wheat Sat
urday morning was 81 TO 54c higher.
corn up "a to 312c and oats ~ TO =
M2Ac, with provisions varying from
15c decline to 45c advance.
III connection with expected lively
demand from Europe for breadstuffs. a
circumstance which attracted special
notice was a report that, because of an
advance in Italian exchange, the pur-
chasing power Of Italy had increased
within 30 days as much as 30 cents a
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
Bx q SELLERS
fSfNHE. CDfrtsEUfIUEHt OF Tue IfIVuEIcJ
Copyright. 1922, By Great Falls Tribune)

Copyright. 1922, By Great FAILS Ifioine)
New York. Nov. 13.-Tke collapse
and subsequent recovery in quotations
for foreign bonds, notably those of
France, Brazil and Czecho-Slovakia.
featured the weeks bond market. New
low records were made by obligations
of all three governments. The recovery
was almost as sharp AS the decline.
which apparently was based not on any
change in the financial status of the
debtor nations or even on any political
development abroad. it was rather the
consultative effects of the steady de-
! probation in market price of these
securities which has been in progress
the lust 8 months. Speculation may
have some influence. but the confidence
seemed to be genuine liquidation from
timid holders. The factors which
brought about the recovery are not so
easy to interpret. Undoubtedly there
was certain amount Of support from
interest which have been adversely
affected by a continuation Of the de-
cline.
How far this support will be per-
manently effective and be predicted
now. Conditions abroad have not ma
taken as a whole is Enthusiastically I'M
balanced. The outlook for payments
from Germany either in cash or in kind
is just as doubtful as ever.
Opinions Reserved
No responsible banker can be found
willing to express an opinion that
there is any doubt about continuance
of these payments both for interest
and sinking fund. Czecho-Sloyakia
maintains her conservative financial
policy, an oasis of conservatism in il
desert. of initiation. Doubtless there is
some speculative risk attached to the
obligations Of such a young republic,
but if there be chances for. a loss there
is also chances for gain.
All this is important in it's effect on
the whole investment market. Per
sistent declines in French bonds for
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
GEORGE w. HlNMAk, in Herald and
Examiner. Chicago

The farm mortgage bankers of Amer
lea did and said many important thing!
at their convention in Chicago las
week. But the most interesting part Of
their conversation and propaganda con.
cerned the rising tide of tax-free Sc,
curities.
The biggest drone in the American
hive! That is what these bankers
call the vast mass Of u%ntaxable invest
ments that is being set aside daily
separated and isolated from the active
enterprise of this nations business.
How large is this mass of capital:
How fast is it growing? Over $40
900. OOO. 900 of United States securities
and $4,000, 100000 of state and munich
pal securities will make up the total at
the end of this year. That is. nearly
$50, 900, 0OO,0 900 of American wealth
o will be so segregated from the
industrial and commercial life Of the
United States that it cannot be used 10
build up the country or to carry the
cost of the country's government from
year to year.
This condition is an evil in itself,
but that is not the worst. The evil
is growing. In 1912 the state and mu-
Dicipal issues of tax-free securities
amounted to about $500, 100000: II
1916. o about $500, 600. 600: in 1920.
to S773.OO 1000. Last years issues rose
to 81. 300. 0O0,0 and this years will
be little short of s. 100000. 600.
What the mortgage bankers empha-
size over and over again in their pamph-
let's is that these growing sums are
being taken almost daily from busy
hands that produce the wealth of the
country and placed in the hands Of Of
ficials who simply scatter wealth
abroad. How is this done? What is
the process? Here is a little case in
point:
An Iowa farm mortgage banker says
that a New England client refused to
renew a $1,000 81 per cent loan, stat
ing the case like this:
"The annual interest was $40. Inc
clients income and local tax on that
amount was $40. leaving only a net
revenue of S:31 for the $4,000 loan
The client called the loan and invested
the money in ~tax-exempt securities
Had there been no tax-exempt seclrl-
ties awaiting investment he probably
would have renewed the loan"
"That is only one of a thousand SINH
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

bushel on wheat. Advices were also at
hand that other European countries
were finding ways and means of financ-
ing food requirements despite many un-
certain factors such as u~pheavals in
Germany and Turkey. Liberal clear
ance Of domestic wheat from American
ports vas likewise a subject of com
ment.
With many flour mills working at full
capacity and with The corr market
showing decided independent strength.
bearish news touching wheat seemed to
make little impression. For example,
rains and snow beneficial to the winter
crop failed TO check the upward swing
of the market and SO likewise did in
creasing arrivals at primary centers.
Corn and oats derived their chief
strength from urgency of feeding de-
mand in wide sections where the corn
crop was shortened by drouth.
Reduction of stocks Of lard here had
considerable effect on provision values
but was counterbalanced by weakness
Of the hog market.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
G.. M. G.. Awards SO
Cent Dividend ON
All Common Stock

Special TO The Tribune
New York. Nov. 18.-At a meeting
of the directions of General Motors cor
poration held Saturday a special divl-
dend was declared Of 30 cents per share.
payable out of this years earnings. on
December 20. to common stockholders
of record ct the close Of business No
vember %.
The net earnings of the corporation
for the calendar year, after deducting
all charges. including depreciation and
federal taxes will. it is estimated, be in
excess Of $50, 600, 0G0. After provid,,
ing for dividends on the preferred and
dcbenture stocks and the dividend OF
30 cents per share. which has been de-
clared on the common stock, the cor
poration will be enabled to carry to
surplus an amount in excess of $40
100000 at the end of the year.
The financial position Of the corpo-
ration is thoroughly satisfactory. In
-other respects the corporation has ma
teriaIly fortified its. position and the
outlook for the coming year is consid-
cred satisfactory.
1t was decided TO take no action at
this time in the direction of placing the
: common stock on 4 regular quarterly
dividend basis. the directors being of
the opinion that however encouraging
the outlook appears to be for the flu
ture the consideration of the question
Of resuming regular dividends on the
common stock should be deferred, until
the results ara the capital requirements
Of future operations can be satisfactor-
ily ascertained.
C.. S. Mott, executive vice president
Of the General Motors at Detroit. and
Fred j. Fisher, president of Fisher
Body corporation have been elected to
the executive committee of General Mo
tors corporation. James d. Mooney.
president of General Motors Export
company, and John l.. Pratt, general
manager Of the accessories division Of
General Motors corporation. have been
elected vice presidents Of General Mo
tors.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
WEEKLY FINANCIAL REVIEW

New York, Nov. 1S.-Severe set
backs in stocks and bond prices took
place during the early part Of the
week. bringing the averages to APP
proximately the same low levels of the
June reaction. which was the first
serious interruption to the bull move
ment which began in the fan of 1921.
Some recovery was made toward the
end Of the week but Friday nights av-
erages were below those OF "a week
ago.
The selling movement in stocks was
influenced in part by the beginning Of
so-called taxation selling large trad
ers taking their losses now so as to
include them in their 1922 income tax
schedules, and by liquidation through
brokerage houses which desired TO eff
feet a reduction in their loans in or
der to make a favorable showing ON
the stock exchange questionable ask
ing for their position in the market.
In the bond market the feature was
the acute weakness and sharp recoy-
cry IN foreign securities. The steady
decline of French bonds had frighten-
ed large numbers of investors, who
FASTENED to sell lat the market with
tle result thaf fencl I T. ana ss
and Il number Of the French municipal
and other continental issues dropped
to new low levels for the year. As
surance by local bankers that no de-
fault Of interest was likely, restored
confidence and prices Immediately be-
gan 10 improve.
Stock prices moved in seemingly
disregard of outside news delevolp-
ments, most of which were of n decid-
eddy bullish character. Possibility of
adverse tax legislation by the new
congress and downward tariff reduc-
ton were used by bear interests as
a means for assaults on the list, but
conservative interests were of the opin-
ion that those factors were too remote
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
copPER FINDS MARKET

Osaka.-(Correspondence of The AS
sociated Press. Although Japan ls a
large copper producing country, II is
also a good buyer Of American copper.
According to recent statistics purchases
for the l. months ending June, 1922.
amounted to "A, $50 tons. This is more
than 10 times the amount bought in
the preceding l. months.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

December / and >. Next door
Johnson Hotel, by Christian Church
Ladies.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

The American mohair clip is growing
in this country and the goat herd like
wise. Asia Minor is the original home
of this animal, but it thrives in Texas,
where the land is rugged and cheap.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
NEW YORK BONDS

New York, Nov. 1s,-Following are
Saturdays high, low and closing prices
of bonds on the New York Stock Elk
change and the total sales OF each
bond
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

L. X. Of C. B.
& /. 512s 1887.
Amer. Sugar 6s..
Am TIT cv. 6s..
Am TIT col.tr. 5s
Armour & Co 412s
B&Ohio CIV. AIS.
Bethl Stel ref. IS
Beth Steel pm. SIS
Chi. Burl. &Qcyi
ref. 5sA ....-...
Chi. Burl- 81 ST.
Paul CIV. 4@2s..,
Goodyr Tire So 1881
Goodyr Tire SIS 1874
G. Ry of Can. Is
Ry of Can. 6s
G Northern 7sA..
G Northn 51-3sB
Mo. Kan. & Tex.
new adj. 5sA...
Mo. Pac. gen. As.
Mont. Power 5sA
n Y Cent? deb. 6s
\ pac. Dr.Iien As
Ore, Short Line
std. 5s ctfs. ....
Ore. Short Line
ref. Is ..-......
Pac. Gas&Elec SIS
Sincl Oil Co. 7ias
Pa. r. K. Gen. IS
Uno PaC. LIST 4s
L. $. Rubber 714s
L. s. Rubber IS
Utah p&LiEht IS
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

Australia has $4,000 returned sol
diers who have settled OF farms.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
SALE BY DAUGHTERS OF NORWAY
MAcCABEES NOTICE

I. o. O.. f. hall. Monday, Nov. 20.
Admission 15c. Lunch served.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19
First Indian Girl
Signs at Oregon Sup

Eugene. Ore.-(Correspondence of
The Associated Press,l-Eleanor
her high school education at Carlisle,
Pa. the largest Indian school in the
United States, which was abolished
by the government during the war.
Coming to Oregon in 1918. she en-
tered Salem high school. and gradu-
ated in 1920 with high honors. The
following year she caught in the lower
grades at Chemawa. Oregonss Indian
school. This fall she enrolled at the
University Of Oregon as n freshman.
with the intention of completing four
full years in the department of physi-
cal education.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

Y. M. C. A. IN CHINA
The Y. NJ. c. \. in China has 10000
members in ia different organizations.
Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-19

Members will please leave articles
for bazaar in store nex TO johnson
Hotel, Friday morning, Nov. n, before
10 o'colck.