davidaulloa/AmericanStories huggingface dataset:
Evening star., 1924-07-12
STOCKS OVERLOOK
CONVENTION NEWS
Democratic and Other
Tickets Will Affect Market
Later in Campaign.
By the Associated Press.

BY the Associated Press
NEW YORK, July 12.-Profit taking
and bear selling impeded the upward
movement of stock prices this week,
which was featured by a series of
bullish demonstrations in the public
utility shares. Reactionary tenden-
cies, which were not altogether UNI
expected after five weeks of almost
steadily rising prices, did not result
in any material recessions except in
few volatile speciality issues. Sc
lection of Democratic national
ticket after the protracted deadlock
tailed to have any immediate in
1uence on either the volume or trad
ing or quoted values, although most
observers agree that political con-
siderations were likely to play an
important part in the summer and
fall markets.
Trade News Confusing.
Trade news was of a mixed char
acter. drop of 365,5S4 tons in the
June untitled orders of the United
states Steel Corporation was some
what smaller than was expected. re-
sulting in short-lived buying move
ment in the steel group. United States
Steel common touched l0I12 new
nlgh on the current upswing, and
lheh fell back below par. Freight
car loadlngs Increased in the last
week in June, but some of the June
earnings statements were REGARDED
as disappointing.
on shares were subjected to varied
ihnuences. A sharp drop in crude oil
production for the week ended July )
ana big increase in gasoline con
SUMPTION in June were partly offset
by further cuts in Mid-Continent and
Gun Coast crude prices. Wall street
hearo reports during the week of a
gigantic oil merger involving sew
erai or the larger independent com
panies, but these lacked official con-
firmation.
Money Rates Still Easy.
money rates continued relatively
easy. with call funds getting back to
per cent, after a temporary stiffen-
ihg and due 6igidond to the hefvy July l interest
improvement also was noted in the
banking position with the reserve
ratio of the local federal reserve
oank advancing from 81 per cent to
s3.9 per cent. Sales of copper at
l2as cents pound, the lowest in two
years, were counteracted. at least in
part, by the heavy shipments of sill
Yer 10 India and the Far East at
prices that would net the larger pro-
ducers good profit
sugar and motor shares were in
clined to heaviness. but chemicals
ana feathers took on a new lease of
lie on reports of improved trade
conditions.
Water Works TumbIes.
American Water Works common
continued its sensational climb by
touching record peak for all time
at lib y, compared with a 1924 low
or 40, established last February
considerable profit-taking developed,
however. after the stock touched par
ana IT closed last night at los. West
fenn POWER, subsidiary also re-
corded substantial gain. Other
strong spots IN that group included
the United Railways investment is
sues. Consolidated Gas. Columbia
1as' Brookiyn Union Gas and Vfr-
ginia Railway and Power
Evening star., 1924-07-12
EVERYMAN'S
INVESTMENTS
Z
BY GEORGE T. HUGHES
FORTY-SECOND ARTICLE.
Inheritance Taxes.

The age-old estate or inheritance
tax, which has been IN use in various
parts of the world off and on for the
last twenty centuries, has recently
come very much into vogue in the
United States. All but two states.
Alabama and Florida, now have in
heritance taxes. Thus we have along
with the federal government estate
tax forty-six different inheritance
taxes. With certain exemntions thass
Iorty.seVen different tax laws apply
to all forms of property left by =
decedent, both real and personal.
Really an Estate Tax.
The federal governments so-calIed
inheritance tax is an estate tax IT
leV1es, after specified exemptions. n
graduated tax on the entire estate of
a decedent regardless of who gets II
or now 1t is divided. In the forty-six
states that levy death duties, or in
heritance taxes, the tax is against
the person receiving property from
decedent. Thus 1t is tax ON the
right to receive property, In Rhode
Island 1t also is tax on the right to
transfer, as well as to receive prom
erty
The amount of the ta~ varies wide.
ly in different states. 1t is based ON
the degree of relationship between
the decedent and the person receive
ing the property and on the value of
the property thus transferred Thus
the tax may run from nothing or as
low as l per cent to as high as 40 per
cent. according to the state assessing
the tax, the degree of RELATIONSHIPS
and the amount of the property
Scarcely any two states are alike In
these requirements. Kansas grants
exemption to widows of $4,000, but
Pennsylvania gives no exemption to
widows, minors or any one else.
Differences i'm Twenty-six States.s
That is just one of many differ.
ences among the twenty-six states
having such a tax. Every one who
expects to leave even a little prop
erty to wife, children or other de-
pendents or charity or educational
institutions ought to look into the
matter of Inheritance taxes. Some
of these taxes overlap. A little care.
however, can prevent multiple taxa
tion and loss to beneficiaries
Investment houses, banks and trust
companies give free and dependable
information and advice on how in-.
heritance taxes affect the estate Of
any particular individual. 1t is a,
wise precaution to consult some such
authority before making a will.
Copyright, 1874 by Consolidated Press Asss-y
ciation.}
Evening star., 1924-07-12
COMMODITY NEWS
WIRED STAR FROM
ENTIRE COUNTRY

DETROIT, July 12.-There has been
a marked increase iE the acreage, of
sugar beets in this state this year
and good stands are reported from
most districts.
KANSAS CITY, Mo-. July Il
Farmers are getting more for Wneat
this year at all Kansas markets than
all last year. Wagon or truck loao
wheat is 81 to 81 .05 a bushel at Atchl-
son, as compared to SO ana 81 cehos
a wear ago Wichita has paid 20
cents, compared with 81 last year.
BOSTON, July 12.-Late purchases
of wool at Menard and Brady, Tex,
by Boston interests totaled 1S0ooo
mounds and prices are reported 10
have ranged from 36 to 40 cents, well
under the peak quotations of the sea-
son.
ST. PAUL, July 12.-The Minnesota
a large warehouse at Moorehead, in
the Red River Valley, where 80 per
cent of the Minnesota potatoes are
produced, for S175,000. Seventy -fve
warehouses also have been acquired
in other towns, bringing the invest
ment of the exchange in such prop
erty to over 100000.
PITTSBURGH July 12.-The shee:
market is about unchanged although
concessions of around 81 a ton under
the generally considered market of
$3.65 on black, $3.50 on galvanized
and $3.50 on blue annealed have been
made by mills in the Youngstown
and West Virginia districts.
Evening star., 1924-07-12

back of energy from plate to grid
circuits is eliminated by the neu-
tralizing circuit, consisting of the
condenser c and the portion Of the
secondary of the transformer in
cluded between the tap and the fla
ment connection.
Current Flow Eliminated.
The tendency Of a grid-plate cur
rent to flow is eliminated in the
following manner: The current tend
ing to flow from the point of high
disturbing potential at the grid of
the tube divides, part going through
the grid-plate capacity of the tube !;
thence through the primary coil of
the neutroformer and then through
the B battery to the nlament circuit.
The other portion goes through the
neutralizing condenser C to the tap
on the secondary winding of the
neutroformer and thence through the
portion of the secondary coil in
cluded between the tap and the fla
ment connection to the filament cir
cult.
Since the currents enter at oppo-
site ends Of coils similarly wound,
the original currents In the two cir
cults and the currents which they
induce in each other will be oppo-
site in phase.
When the proper constants are used
and adjustments are properly made
Evening star., 1924-07-12
FIRST RADIO WORLD FAIR
SCHEDULED IN NEW YORK
Will Be Held September 22-2S,
With Latest Inventions Pro-
posed as Feature.

NEW YORK, July 1.-THE first
radio worlds fair to- be held in Madi-
son Square Garden and the 6Sth Regi-
ment Armory, New York City, Septem-
Der % to 2S, is attracting the serious
attention of the radio geniuses of the
world and scores of them are prepar-
ing to introduce their latest inven-
tions at the coming exposition.
Managers L. j. Hermann and
James F.. Kerr have been compelled
to enlarge the new inventions sec
ton" to a size which will allow the
exhibition of 100 devices. Among the
noteworthy American discoveries to
be shown will be at least three differ
ent instruments desined for radio
casting photographs in motion.
Europe also will be well represented
in this department. Several conti-
mental inventors will display new in
ventions of most unusual char
acter.
Half dozen recognized wireless
engineers are busily engaged trying
to perfect systems for radioing pic
lures, and Managers Hermann and
Kerr have high hopes of being able
to broadcast the worlds first pro-
gram of radio motion pictures" on
the opening night of the exposition.
Sixty nationally known manufac-
turers of the United States will have
de luxe exhibits at the big fair and
England, France, Belgium. Italy,
Switzerland and Austria will have
proper representation in the foreign
section"
Evening star., 1924-07-12
BUTTER WEAkENS
IN BIG MARKETS
Supplies in Excess of Demand
Cause Price Declines-Pro-
duction Heavy.
BY the Associated Press.

BY the Associated Press.
CHICAGO, July 12.-Supplies in ex-
cess of demands caused the butter
market to weaken during the week,
with price declines at all the princi-
pal markets. Receipts were larger
and the into-storage movement
higher than for the previous week
and the corresponding period last
year.
Production continued heavy, with
weather conditions and pasturage
favorable, although the peak was
considered past. Information indi-
Gated July production would run
slightly larger than the normal
yearly increase. The into-storage
movement was expected to continue
to be heavy while production holds
up.
All forign markets were reported as
quite firm and further imports in the
near future improbable. During the
week arrivals included $50 casks of
Holland. 20 firkins of Irish, 200 casks
Of Danish and 225 boxes of Argentine.
Closing wholesale prices, ninety
two score butter, and variations at
the four principal markets follow:
Chicago, " lower at 80; New York
IN lower at 40h; Boston. l lower at
Al; Philadelphia, "a lower at AN
Evening star., 1924-07-12
Developments in Grain Trade
Act Upon Nations Prosperity
Stocks During Week-Turn in
august Predicted.

the market either prepared or conf
dent that ii represented only a tenn
porary state of things. One gets
constantly keener impression from
current trade reports that the reac-
tion beginning toward the close of
March was one of the sharpest in
some lines which the country has ever
known.
August May See Turn.
Yet the fact that there had been
no excessive accumulation of goods
on hand and that there was an
extraordinary abundance of credit
made the situation quite different
from that of other periods of indus
trial decline. 1t made it certain that
the decline could not last long as
compared with other years like 1921.
where serious weakness existed. Less
adjustment was required even than
that of year ago. All that was
necessary was for production 20 br
cut down sharply so as to meet the
attitude of consumers, which was to
buy only for barest needs.
To all appearances this. scaling
down of output has gone about far
enough. July is no test, Tor II is
normally a season of dullness ana
waiting. But the business community
will be much surprised if August does
not bring change, and nnanclai
opinion comedies with this view, as
demonstrated by the rise on the STOCK
exchange.
Evening star., 1924-07-12
WNAC CLAIMS TO HAVE
TOLD FIRST OF DAVIS
Radio Station Said to Have An
nounced Nomination Five Min
utes Ahead of Others.

BOSTON July 12.-Radio fans who
were tuned in on WNAC were the first
ones to hear the announcement, ''over
the air" that John w. Davis of West
Virginia had been nominated as the
Democratic candidate for President.
WNAC, during the 103d ballot, was
broadcasting the Elks. program from
the Boston Common, and when the
various delegations started switching
their votes to j. w. Davis, John Shep-
ard, Sd, notified the operating room to
cut the broadcast from the common
and go back to the wTAT and WNAC
broadcast from the convention.
While he was announcing this
change to the listening-in audience,
q flash came through on the tele-
graphic order wire to the Shepard
stores operating room that j. w.
Davis had received the nomination.
This word was passed along to Mr..
Shepard and it was Immediately an
nounced to the fans.
Connection was then made with
New York and in five minutes ii was
announced from the PLATFORM.
1t was peculiar, because at that
time the convention was not being
broadcast by WTAT and WNAC, that
the radio audience was informed of
the nomination before those listening
in on other stations who were on the
air with the convention.
Evening star., 1924-07-12
TREASURY SAVINGS
ACTION is PRAISED
New York Bankers Consider Su.
pervision of Sales on July Is
as Wise Move.
By the Associated Press.

By the Associated Press.
NEW YORK, July 12.-The financial
district has taken favorable atti-
tude toward the Treasury Depart
ments suspension of all sales of
Treasury saving certificates effec-
tive July Is, on the ground that
the Az per cent interest rate is
too high in face of the low money
market. The Treasury Az per cent
bonds of 1947-1952, longest maturity
of the war loan group, and stand
ard of determination for other lib
erty issues, have been selling for
more than a month to yield less than
per cent.
it was recalled the same policy was
adopted in the northwest last spring
when bankers in the region attribut-
ed their difficulties to sales of the
certificates. Bankers here expect pre-
vailing money rates ranging from z
per cent for call loans to per cent
or thereabouts on longer term loans
will continue for a month or more.
Evening star., 1924-07-12
By STUART p. WEST.

Special Dispatch TO The star.
NEW YORK, July 12.-The notable
occurrences of the week have not
been in the security markets, or in
the foreign exchanges, or in cotton.
or in the happenings at manufactur-
ing centers. They have been in the
grain markets and especially in corn.
1t is not usually good economics to
regard a rise in commodity as
favorable thing, which is based prin-
cipally upon accidents of weather
bringing about shortage in supplies.
But the trouble in. the United States,
for the last two years having been
excessive production of wheat, and
on this account too large raising
of grain crops as a whole, cutting
down of output for whatever cause has
been in the interests of the farmers.
Cash Corn Higher Than in Years.
The wheat growers reduced their
acreage voluntarily under much urg
ing from the community outside
Corn growers did not decrease their
planting but the bad weather or the
late spring and early summer cut the
indicated yield by 500,000,000 bushels
as compared with the average OF late
years In addition, there is an un-
the fact. not always appreciated. that
uses for corn, whether directly or IN
directly in the form of corn-fed AMI
mails are increasing all the time
with the increase in world popula-
ton. These are the reasons back OF
the recent extra ordinary advance IN
prices The July corn option mas
risen since the last week or May
nearly 80 cents in the bushel. Cash
corn is selling higher than at any
time since commodity values We're
still in their period of postwar IN
flation.
F,rm situation Greatly Improved.
The July wheat option since the
first of June has advanced ~ cents
a bushel, and this in spite or the
fact that wheat crop prospects, as
disclosed in the latest government re-
port, are much more favorable ina tnan
they we're a month ago. The indi-
catsd wheat weld in this country is
a.. 900 900 bushels less than a year
ago. For the world altogether 1t is
120. 900, 900 bushels less. These all
ferences are too small to give any as
surance that the impr4Xemeh' npr3inIa Rut lt
there has been some decided gain, ana
this. taken along with the eXtraor-
binary rise in corn, the oetter out
look for the live stock INDUSTRY ano
the high prices obtained lor ~ ~lutuie
crop. makes the whole farming posi-
tion seem the most promising 1t has
been at any stage this year-and, IN
deed for several years.
Further Depression in steel.
The comparative indifference which
steel securities showed to the month
lv figures of untitled tonnage on the
books of the United States steel G0r
noration was a striking incident. Inc
total was brought down to the lowest
since the very depressed period Just
after the outbreak of the war TINS
was another case where trade news
of an unfavorable character has 1ouno
Evening star., 1924-07-12
MARYLAND TO FIGHT
$e,5Oo,ooo BOND SALE
Commission Also Holds Stock Issue
Backed by Pennsy Is With.
out Authority.
.ia1 nisnatch to The Star.

Special Dispatch to The Star.
BALTIMORE, July 12.-The public
service commission of Maryland, 1t is
understood, is about ready to start
in Injunction proceedings in the local
courts to prevent the issuance OF
s3,5so,oo0 stock and $s,5oo,oOo bonds
bv the Northern Central railway
without the approval of the COM
mission.
The Pennsylvania railroad, lessee
of the Northern Central, holds that
the Maryland body has no authority
over securities issues or carriers en-
gagged in interstate commerce. while
the commission takes the position
that II has such authority over roads
Incorporated in Maryland. A legal
decision of the moot point is there
fore desired.
Evening star., 1924-07-12

Any standard type of tuning unit
may be employed, but the usual tun-
ing unit of most neutrodyne circuits
consists OF one of the neutroformer
assemblies. This consists of two
closely coupled coils, the primary
being connected into the aerial cir
cult and the secondary being con-
nected into the grid circuit Of the
first radio frequency amplifier tube.
variable condenser Is connected
across the secondary coil. Since the
coils are very closely coupled the
condenser tunes both circuits at the
same time.
In the usual radio frequency cir
cult one end of the primary winding
of the coupling transformer, is con-
nected with the plate of the preced-
ing tube, while the other end Is con-
nected with the B battery. We may
call the first terminal the beginning
of the winding and the second the
end of the winding. The terminal Of
the secondary winding corresponding
to the first terminal of the primary
(the beginning Of the winding is
connected with the grid of the next
tube, while the end Of the winding is
connected with the filament circuit.
The transformer used in the neutro.
dyne Is q special large-sized aircore
transformer with q few turns on the
primary and a large number Of turns
on the secondary. SO that there ts .
Evening star., 1924-07-12
BY WILLIAM p. HEFFERNAN.
Received BY

NEW YORK, July 12.-The curb
market gave good account of itself
In today's short session despite offer
ings that came upon the market for
the purpose of evening accounts for
over the week end.
Buying which has been noticeable
during the past few days in Durant
Motors was more pronounced and the
price was~bid up over two points. 1t
is known that people interested in
this stock have been in the market
on the buying side for other issues
recently, and it was expected that
they would eventually give more at
tention to their speciality. Sales of
Flint cars, one of the Durant prod
Evening star., 1924-07-12
FIFTEEN MINUTES OF RADIO EACH DAY
BY JOSEPH CALCATERRA,
Radio Editor of Popular Science
ucdon Prohibited

step-up ratio between the nrir.-,,
and secondary winding. a condition
not ordinarily possible in the usual
forms OF tuned frequency circuits.
TAP On Secondary.
A tap is taken on the secondary
winding, as shown in the diagram.
The important point to notice in
the connection of the secondary
winding of the transformer or neu-
troformer, as 1t is called, is that the
connections to grid and flament are
reversed, as shown in the diagram.
The action of the circuit is a very
simple one.
The tendency of the tube to go
into oscillation through the feeding
Evening star., 1924-07-12
RADIO MUSIC POPULAR.
Broadcasting Highly Approved by
the ListenerS-In.

Radio broadcasting is making many
of the musical numbers broadcast
from the various radio stations
throughout the country very popular
if the letters received by the direc-
tors of kDKA may be taken as
criterion. Fans are constantly writ
ing in that they enjoyed certain songs
immensely and several leaders and
conductors of orchestras request in
formation which will enable them to
purchase the orchestral tion of spe-
cial numbers.
SLEEPY Hollow" is one of the most
recent numbers which have been re-
ceived with universal appreciation.
Evening star., 1924-07-12
WALL STREET BRIEFS,
Pound, Sterling's Advance Is Ex-
plained-Butler Store Move.

NEW YORK. July 12.-The recent
ADVANCE in the pound sterling which
mas moved up cents since July /, to
around 1896. is attributed TO win.
drawals of deposits by British bank
ers who are finding higher interest
rates abroad. New York banks also
are reported to be sending part of
lnelr balances TO London where rates
are l per cent or a fraction higher
than the New York mark
In connection with the recent ac-
QUESTION of the 267 stores of P Fl
Butler Company of Pittsburgh it is
understood the United States Stores
corporation has sold to banking in
terests an issue of 100000 I per
cent cumulative convertible preferred
stock. Harry S. Kimball, former vice
president of the Emergency Fleet
Corporation. has been elected presi-
dent of the system.
Evening star., 1924-07-12
Women Vote Garment Strike.
Special Dispatch to The star.

BALTIMORE, July 12.-By unani-
nous vote members of the Ladies'
Garment Workers Local have called
a general strike in Baltimore. About
5000 union employees will be affected.
Abolition of piecework, unemploy-
ment insurance and the use of a
sanitary label in union-made gar
ments are among the demands the
cloakmakers will present to their en-
ployers.
ployers. Should negotiations fail the
executive committee Of the union will
call the strike.
Evening star., 1924-07-12
Local Radio Entertainment
Saturday, July II, 1924.
NAA-Nayal Radio Station, Radio. a.


NAA-NavaI Radio Station. Radio. Va.
CABS Meters).
3:25 pm.-Live stock reports.
3:45 m.-Weather bureau reports.
4:05 pm-Hay, feed and crop re-
ports: specials.
4:25 p.m.-Dairy market reports.
1905 pm-Weather bureau reports.
wCAP-Chesapeake and Potomac
Telephone Company (469 Meters).
Silent.
WRC-Radio Corporation of America
(4S8 Meters).
sis p.m.-Instruction in interna-
tfonal code.
p.m.-Children's hour. by Peggy
Albion.
$40 p.m.-Base ball scores.
p.m.-Bible talk by Chaplain
Thomas L. Kirkpatrick of the United
States Navy.
Sis p.m-Song recital by Frances
Breckenridge Horton, contralto Marie
Belt Ozabal at the piano.
Mexican Night.
$50 pm.-Concert program of Mex
lean music by the United States Army
Band, Capt. Raymond G., sherman,
commanding; W. ]. Stannard. band
leader: (a) March, "Zacatecas"
tCodina); b) Mexican dance, Maria"
Golondrina' (SerradelD, performed by
Master Sergt J. Dufresne and Tech
nical Sergt. H. Phillips); Cd valse
de concert, "Sombre Las Olas'
fRosas): (e) tone poem, "Preludio
Sinfonico" tCarrasco).
9 p.m.-Introductory remarks by
DR.. L S. Rowe, director general of
the Pan American Union.
9:05 p.m.-A talk on Mexico by
Senor Don Manuel Y. De Negri, sec
retary of the Mexican embassy.
9:20 p.m.-Violin solos by Leo AL
varado of the Mexican embassy;
Rosita Manzanera at the piano.
$50 p.m.-Concert program of Mex
lean music by the United States Army
Band. Capt. Raymond G. Sherman
commanding; w. J. Stannard, band
leader: dD habanera. Mexican
Kisses" tRoberts); (g) six Mexican
dances, ID Amor Locura," CD
Acacia" CD Los Ojos de Luz" (4)
"Sonriso Llanto," (5) Luna de
Mel" (6) "Sensitiva'' tCodina);
th) characteristic, La Giralda" (Cas-
tro); Cd valse intermezzo, "Besos
Pesos" (Martinez); ID march, AL
varo Obregon" (Castadena); Mexican
national anthem and The Star
Spangled Banner