davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
BY STUART p. WEST.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 4.-The
upward movement on the Stock Ex-
change during the last week has been
based upon confidence in the business
future, and upon the continuance OF
easy credit conditions.
There has been some discussion OF
a projected raising Of Federal Reserve
rates The Philadelphia and Boston
districts in particular have been men,
toned. This thought has had a sub
DUNG influence on the investment
bond market, but 1t has had no in
fiuence upon speculative stocks.
1t may be that the price OF money
is too low. that 1t ought to be adjust
ed upward to correspond with the
large volume of general business
throughout the country and with the
increased activity in Wall Street. Yet
it has to be remembered that some of
the biggest bull markets have gone
on with 6 per cent money rate.
Stocks Rise Orderly.
If money were to be established at
this level it should not be more than
temporarily disturbing. AT the mo-
ment, however. there are no signs of a
higher money market. Time loan
are up GU Win
two months ago. Call funds are about
the same. and with the completion of
the September | settlements, the rate
has fallen from to Az per cent.
There has been no Misrepresentation
to induce a raising Of bank rates as a
protective measure. Stocks have
gone up in an orderly way. partly as
the result Of genuine investment buy
ing and partly in consequence Of pro-
fessional operations based upon the
knowledge that present holders are
not anxious to sell.
No thrush Of 'he public has oc-
CURED the way 1t did In the Autumn
of 1925. Therefore. despite the rise
in prices and the numerous high rec
ords made. no strain has occurred
upon credit. The Federal Reserve
ratio. around "a per cent, IS down
considerably from the early part of
the year. but 1t compares favorably
with the ratio, close to 40 per cent. in
November. 1919, which impelled the
reserve banks themselves to put up
their rediscount figures.
Utility Issues Strong.
SO far as money conditions are con.
cerned, 1t does not appear, therefore,
that there is any likelihood of a check
from this quarter. The higher-grade
rails have been going up on their in
vestment merits. plus their anticipa-
tons of dividend increases. Public
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
STOCKS CONTINUED RISE SHOWS
CONFIDENCE IN TRADES FUTURE
No Misrepresentation Is Noted and the
Public Has Not Rushed Into Market.
Oils Get More Attention.

utility issues have been strong and Sc
have various Industrial specialties. A
good deal of fresh buying has come
into the oils on the strength of the
latest statistics showing that the oil
companies had to draw more freely
upon reserve supplies during July
than they did in the month before.
The stock market outlook is favor
able, indicating a continuance of spe-
cial buying operations In individual
stocks, along the lines which have
been pursued for the last two months.
In the case Of the railroads there Is
the double incentive Of dividend in
creases and merger deals. In the case
Of the industr1als there is the prospect
Of higher dividends. Stocks are
going up now, primarily on asset
values.
The statement Of George F. Baker,
chairman of the First National Bank,
that there was no reason to anticipate
in the near future anything unusual
in United States Steel stopped the ad-
vance in the stock, but brought about
no important reaction. The reason
was that everybody realized that
United States Steel is an asset prop
osition and not a dividend proposition
and is bound eventually to show its
worth under the foreign category.
Foreign Currencies More Stable.
The speculation has gone out of the
foreign exchanges. 1t is recognized
that the effort is to stabilize French
francs. Belgian francs and Italian lire
around the present levels and not to
encourage much of an advance. be-
cause this would be disturbing to
industry.
French cities bonds reached new
high prices during the week and
French and Italian governments held
around the top figures. Thi. was to
be accepted as sign of hope that
the new fiscal measures would prove
enough of a success to attract add
tional American credits. In the case
Of France this cannot happen until
the war debt question is disposed Of
In the case Of Italy the announcement
that the paper currency Is to be Out
2 500, 600, 900 lire through the introduc
ton Of more silver coin into the ltal
ian currency has been impressive In
International banking circles.
The commodity markets have been
influenced, as they usually are at
this season of the year. by weather
conditions. Estimates of the cotton
crop vary widely and unusual inter
est attaches to the next government
report. The expectation is that this
will show considerable deterioration
but will leave the total we'll above the
average.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
TOBACCO MERGER TERMS.

NEW YORK, September @.-
Terms Of the proposed merger Of
Philip Morris & Co.. Ltd, and Cont
mental Tobacco Co. have been sent to
stockholders by Philip Morris Consoli-
dated. Inc. which plans to take over
the two companies. Authorized CAPT.
tai Of Philip Morris Consolidated. Inc.
will consist of 300. 900 shares Of class A
stock. $25 par. cumulative from Feb
ruary, 1927. at I per cent annually.
and 100000 shares of no par COM
mon. of which $4,000 shares have
been issued to present stockholders.
Holders of Philip Morris & Co. Ltd,
and Continental Tobacco may ex.
change their shares on the basis of
one-haf share of the new stock and
one share of common for each share
now held.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
TRADE IN BALTIMORE
DISTRICT HOLDING UP
Steady Demand for Goods Noted
Trend of Prices Still Downward.
But Checking It's Pace.

Special Dispatch to The Star
BALTIMORE. September T. - Fall
trade in the Baltimore district has
opened in a manner that augurs we'll
for business during the remaining
months of the year, say leaders Of in
dustry. There is no rush to buy
goods. but a steady demand, which is
sufficient to absorb output.
The trend Of prices is still down
ward, but not as pronounced as it was
A few weeks ago. Manufacturers be-
lieve the sterilization point has near.
ly been reached. Overhead has been
reduced in most plants, and this proc
ess has in a measure offset lower
prices received for mercha ndise
Industry generally occupies a com
Portable financial position. and is able
to finance it's needs without assistance
from banks. This is one of the most
encouraging features Of the situation.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
ROADS PAY HUGE TAXES.

NEW YORK. September R.--
Between and = cents Of every dollar
collected by the railroads during the
year will be paid out in taxes at
the rate OF a million dollars day.
saws a review by Dominick & DOM
mick, members Of the New York
Stock Exchange. Since 1920. it states.
every other single item OF operating
expense has been decreased TO a total
reduction of about 20 per cent each
wear. Railroad taxes. however. have
increa sed so per cent during the
same period.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04

NEW YORK, September 49,
Operations i'll the steel industry
throughout the country have taken a
sharp jump, the average being above
SO per cent of capacity, compared
with about 20 per cent two weeks
ago. Ingot production of the United
States Steel Corporation Is reported
materially above IS per cent. while
Republic Iron and Steel, Bethlehem
Steel and Youngstown Sheet and Tube
each has increased it's activities. Ship
poration in August probably were
1000 tons more daily than in July.
A chain Of retail service stations
extending from San Diego, Calf. to
Vancouver, British Columbia, Is
planned by the California Petroleum
Corporation at an investment of about
| S., 900 900.
General Motors CORPORATE sold
1,113,O6o cars and trucks in the manu-
featuring year ended July 81, new
high record, which compares with
74S,402 units In the previous record
year ended July 81, 1924. A gain OF
% per cent was shown over the year
ended July 81. 1925.
| An order for 4 900 tons Of cast iron
pipe has been received by United
States Cast Iron Pipe and Foundry
Co.. from East Hartford, Conn.
/ Financing under consideration by
Consolidated Cigar Corporation to ac-
quire g. Fl. p. Cigar Co. of Philadel-
| phia now is understood to call for a
!, $40. 100000 issue of 6 per cent notes
convertible into common stock at 500
share, and $1,000 shares Of common
at 771a.
The lumber business of the country
| is still improving. says the National
! Lumber Manufacturers Association.
| Softwood mills. In the week ended
| August %, reported a considerable in.
| crease in new business over the week
! before. while both shipments and new
| business were better than a wear ago.
Net income of the Lehigh Valley
Railroad for the first seven months
| this year. 1922 900. was equal after
| preferred dividends to $4.06 a share
| on the common. or nearly sufficient
for II months dividends. The annual
| rate is $3.50 share. The roads re.
| covery has been unusual since the end
of anthracite mining suspension.
! There was deficit of more than
81 100000 for the first two months
I this year.
! Mexican Petroleum Co., Ltd. of
| Delaware and it's owned companies
| had net profit of sl4.02O.326 for the
first half of 1926, equivalent after
preferred dividends to $3.50 a share
| on the common.
! Good crop conditions prevail in the
| territory of the Chicago and North.
! western Railway. says Fred w. Sar.
gent. president. who has returned
from IAN inspection trip. Crops in the
| foothills of the Rockies IN Colorado
are excellent. agriculture products as
+; far West as Grand Island are good SO
are the corn crops In Iowa, eastern
and southern South Dakota and Min
nesota. he sale.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
BANK CLEARINGS GAIN.

NEW YORK. September 4 dP.-
Bank clearings throughout the coun-
try continue TO make satisfactory
showing, r. G. Dun & Co. reports.
Total exchanges this week We're
$s.132.1 1863 900. an increase of o. per
cent over the same period of 1925.
The week this year includes only two
DAYS of the heavy September ] settle
ments. whereas a year ago there were
three days. Bank clearings a year
ago were record figures for that
period.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
PLAN 500, 900, 900 BRIDGE
Span Across San Francisco Bay to
Cost Huge Sum.

NEW YORK. September 4 R.--
Interest has been aroused in Wall
Street by plans to build bridge
across San Francisco Bay between
San Francisco and Oakland involving
financing estimated at 500. 900 900.
hearings on which are being conduct
ed by the board of supervisors of the
city and county.
The financial plan calls for 500
000. 900 of 6 per cent bonds and $40
600, 900 preferred stock. About 10
projects are being forwarded.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
Wall St. Deserted
AS Bankers Leave
For 3-Day Holiday

By the Associated Press.
NEW YORK, September A.
Wall Street resembled a deserted
village today because of the
wholesale exodus of bankers.
brokers and their employees for a
three-day recess over Labor day.
The New York Stock Exchange.
New York Cotton Exchange and
New York Curb Market were
closed.
Banks were required to keep
open for the usual Saturday half
holiday, but they were manned
with skeleton stats for the trans
action Of routine business.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
RETAIL TRADE BETTER.

ATLANTA, Ga, September (Spe.
risll.-Retail IrSde in the Sixth Fed
eral Reserve District for the first six
months of 1926 was 6.S per cent
greater than for the same period last
year. according TO bank reports. Re-
tail sales in Atlanta for July were
Sc per cent greater than for July.
ls.o.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
Your Banker Knows.

When in doubt about a security
consult your banker. 1t is equally as
much his interest as yours to protect
your savings. You trust him with
your depoSits-why not trust him
with your investment problems?
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04

A chain Of retail service stations
extending from San Diego, Calf. to
Vancouver, British Columbia, IS
planned by the California Petroleum
Corporation at an investment of about
$4,000, 900.
The Bozeman courier., 1926-07-30
The Securities Market

certain United States government OBJ
legations, effective July 2, 1926, in
respect of holdings by individuals
other than nonresident aliens alters
the attractiveness Of the several gov
ernment issues, in relation to each
other and, for some investors, in re-
lation to other investments; although
Of course, no impairment Of their in
trinsic sOundness.
This change in tax status affects
all Liberty issues other than the
first 375s, which are fully exempt
from income tax. Heretofore income
from such individual holdings Of these
bonds aggregating not more than
$4,000 par value-in addition TO
81, 900 par value Of these or Treasury
bonds, treasury certificates Of indebt-
edness, treasury savings certificates
or war savings eertificates-has been
exempt from the surtax. After July
2, only income from not in excess Of
The Bozeman courier., 1926-07-30

committee has been organized under
tha chairmanship of Charles 2.
Hughes, former secretary Of state.
Many prominent men and women
will make up the membership of the
Montana committee, Of which q
chairman will be appointed later and
which is attracting the support Of a
large and influential body Of Ameri-
cans.
The American Historical associa-
ton, founded in 1884 by a notable
group Of men which included Andrew
D. White, Francis A. Walker, Justin
Winsor, and Herbert B. Adams, aims
to embark upon comprehensive pro
gram of historical research. One
project, already under way, is a sur
vey of history teaching in the schools.
Through this Investigation it IS
hoped to reveal the facts so that a
nationwide plan Of cO+cpdinated
methods may be framed.
Among the officers Of the assOcia-
ton have been distinguished his
torians-G George Bancroft, Henry
Adams, and Henry G. Lea; also such
distinguished men of affairs as
George F. HOar, Alfred 7. Mahan
and Charles Francis Adams.
The presidency of the association
has been held by two presidents OF
the United States-TheodOre RoOse-
velt and Woodrow Wilson. Though
most of the members aDe engaged in
the writing or teaching of history
the roll includes many well-knowT
leaders in business and in public
life.
The Bozeman courier., 1926-07-30
SUGAR BEET CROP
LESS This SEASON

July 1 production outlook for the
sugar beet crop in the United States
as a whole, based on acreage in fac
tory contracts and condition Of the
crop on July 1, is about 10 per cent
lower than a year ago, according to
estimates of the state division of
crop reporting.
In this total MOntana, Wyoming,
Nebraska, and Colorado, have larger
acreages and prospects for a larger
production than last year, while Ida
no and California, due largely 20
acreage reduction have a lower pro-
duction outlook than last year.
The July 1 forecast based on a
condition of the crop Of 86.S per cent
of normal, and a total planted acre
age Of 764,OOO acres indicates a crop
of 6,784,0OO tons; compared with T.
423,OOO tons harvested in 1925 and
6,993,00O tons of the. 1925 crop work
ed in factories. On the basis of an
average extraction of sugar the July
forecast would Indicate 1900 tons
compared with $4,000 tons in 1925
100000 tons m 1924 and the 1921
1925 average of $4,000 tons.
The Bozeman courier., 1926-07-30
Salts Fine for
Aching Kidneys
Wien Back Hurts Flush Your
Kidneys as You Clean
Your Bowels

Most folks forget that the kidneys,
Ike the bowels, sometimes get sluggish
and clogged and need a flushing Occa-
sionally, else we have backache and dull
misery in the kidney region, severe
headaches, rheumatic twinges, torpid
liver, acid stomach, sleeplessness and
all sorts of bladder disorders.
You simply must keep your kidneys
active and clean and the moment you
feel an ache or pain in the kidney
region begin drinking lots of water.
Also get about four ounces of Jad Salts
from any good drug store here, take
:. tablespoonful in a glass of water be-
fore breakfast for a few days and your
kidneys will then act fine. This famous
salts is mate from the acid of grapes
and lemon juice, combined with ithia,
and is intended to flush clogged kid
1teys and help stimulate them to actiy-
Nv. 1t also helps neutralize the acids
IN the urine so they no longer irrltate,
thus helping to relieve bladder dis
orders.
lad Salts is inexpensive; makes a
delightful effervescent lithia water drink
which everybody should take now and
chen to help keep their tidneys clean
A well-known local druggist says he
sells lots of Jad S2,Js to fo'es who be
f,--~ - irving 20 correct kidney trouble
,..... j. :. o~lv trouble BY all mean;
nave v~u~ nhvsici4n examine your kid
peys ie1st t,vice a year.
The Bozeman courier., 1926-07-30

1000 Of holdings as described above
win be so exempt
All income from Liberty bonds,
like that from other United States
government obligations, will remain
exempt from the normal income tax;
and corporations, as well as non
resident aliens, may, ss heretofore,
receive tax-free income from such
securities In unlimited amounts. Fer
institutional holders, accordingly,
these investments remain particularly
attractive. Even individual holders,
moreover, from a lOng-term view
point, may consider the possibility of
substantial market appreciation Of
the governments bonds, as the out
standing amounts decline, "a suffi-
ent inducement for their retention.
The Bozeman courier., 1926-07-30

Continued advances in bond prices
during the last month carried the av-
erage for representative issues to q
new high level fou the year, and the
maximum since 1917, according to
the current issue of the Guaranty /
Survey, published by the Guaranty |
Trust company of New York. AS in !
the preceding month, the principal |
increases in prices of corporation !
bonds have been in the market for
issues below the highest grade.
Certain Of the foreign dollar bonds
Of good grade have made noteworthy
gains in market value In recent |
weeks, the Survey says further.
Various German issues have been
prominent among those showing the
largest enhancement.
Discriminating investors in this
country manifest a growing appreci-
alton of the merits Of conservative
types Of foreign bonds, altOugh they
are aware that such securities are
not equally suitable for all classes Of
investors. The increased volume Of
purchases Of these bends for foreign
accounts evidences not only conf
dence in the securities, but the in
cTeasing ability Of investment mar
kets abroad to supply the loanable
capital required in the respective re-
giOns.
For the first tinla since the izEtrc-
ductiOn in 1919 Of the preesnt system
of periodic financing, the treasury
this June made no quarterly offering
of new obligations The ability of the
government to meet 1888, 100000 Of
matuEing debt on June Is out Of or
dinary revenues was not In itself so
unusual as the omission Of the Gus
tOmary refunding might indicate.
The amount Of the shOrt-term debt
maturing on June Is was smaller
than the usual quarterly maturities.
Three months earlier, for example,
the debts falling due, together with
sinking fund redemptiOns, totalled
more than S7OO,OOO,OOO. In meeting
z those requirements, ordinary reve-
! nues were utilized to the extent Of
z some $2OO,OOO,OO0, and about $780,
: 100000 Of new lOng-term bonds was
sold.
The incident Of treasury financing
I without renewed borrowing was sig
4 nificant not merely as swelling some
s what the funds available for invest
q ment around the middle Of the month
S ii directed attention to the substan
2 tial reduction which is being made il
S the federal debt, as well as 20 fhl
q greater productiveness Of the presen
s tax rates than had been fOreseen.
z Since 1919, the total interest-baaT
s ing debt of the United States GOV
ernment has been reduced By nerl'
= $1,000 900, 900. and now stands 9
about $40 300 100000. The presen
& policy of pairing down the debt s. ian
S pOrtsnt lrom e l0ng-term marka
viewpoints; for, with the prog1esslv
s redEcGon of fhie de such oi Ga
G governments obligations IS RENAL
outstanding may 5 expected incr
ingly 90 ESQUIRE scarcity value
apart from such mflr ma
affect prices "a e
Ane change "a m f1
The Bozeman courier., 1926-07-30

R. B. Ward Of Moscow, Idaho, q
brother Of Mrs. George D. Pease, ar
rived in BOzeman. Thursday. That
evening Mr.. Ward journeyed to Yell
lowstOne park to attend a conven-
ton, returning Saturday afternoon
to Lynn's cabin on the West Gallatin,
where he Joined Mrs. Pease and an
other sister, Mrs. Eugene Ferguson
Of San Francisco, who is here for
months visit; and Mrs. Virgil Will
son and baby. Mr.. Ward viii enjoy
the peaceful but inWgOralting envir-
onments OF the canyon until Satur-
day, when he VIII leave for his home
at Moscow.
The Bozeman courier., 1926-07-30
MONTANA MAN IS
NAMED SECRETARY
HISTORICAL body

DR.. Paul C. Phillips, professor of
history in the University Of Montana,
has been appointed executive secre-
tary Of a Montana committee of the
American Historical association,
which is seeking to raise $1,O0O,OOO
Ito promote American history and
history in America
The Montana committee will work
with a National Endowment commit
tee headed by former Senator Albert
j. Beveridge Of Indiana and with COM
aaittees in other states. A New York
The Bozeman courier., 1926-07-30

lings this fall, ac-
cording to w. r.
Abrahamsen, Of
Grand Forks,
North Dakota,
who will assist
Manager Bresna-
han with the race
program this fall.
Abrahamsen is
lining up a win
ming lot Of good
horses because of
the prospect Of
more than $1,000
to be offered in
purses.
Frank Sharp Of
Elden, Iowa, VIII
represent the Har-
ness Horse AssO-
citation at our
fair, said Man
ager Bresnahan,
while w. 3. BRk-
er Of Billings and
DR.. w. w. And
rus Of Miles City,
both lice n S e d
Judges, will act as
Judges at the
The Bozeman courier., 1926-07-30

Track Events, Which offer Richest Purses on Record
in Northwest, Conducted Under Harness Horse AS
sOCiatiOn, Rules With Frank Sharp Of EldOn, Iowa,
in Charge.-ManY Counties to Exhibit.

and pacing events than ever before.
1t is expected that half a hundred
horses viii compete in the Indian and
relay races while the rough riding con-
test will. find. more than fifty outlaws
endeavOring to rid themselves Of their
The Bozeman courier., 1926-07-30

The richest purses ever raced for
over a half mile track in the North
west will feature the speed program
of the Midland Empire Fair at Billings
September IA, Is, Is, IL. Many horses
from the Dakota circuit will be at Bill
The Bozeman courier., 1926-07-30

while the rodeO will be under the per
sonal direction of Mr.. E. N. Cooper,
vice president of the fair.
Never before in the experience Of
the Midland Empire has been seen
such a classy lot Of horses entering
the same meeting. More harness
horses have been entered for trOtting
The Bozeman courier., 1926-07-30

eastern Montana and northern WyOm-
ing have signified their intention Of
sending agricultural exhibits, and the
livestock show will be one long to be
remembered. Plan to bring the en-
tire family to Billings September IA,
10, 16, IL. Your welcome will be great
and you will have a wonderful time.
The Bozeman courier., 1926-07-30


riders.
The purses for
the speed pro-
gram will divide
as follows : $3,7OO
up for harness
races; $1,000 for
running rae e s
and $1,000 up for
relay races while
the large purses
for the rOdeO will
be hung up sep
arately in addl-
ton to these e
amounts.
For three nights
the Midland Fair
will furnish a
cascade Of glitter
ing fireworks be-
fore the grand
stand which will
include a display
Of fire novelties
from the Thearle
Duffield Fire
works Company,
the largest In the
entire world.
Already count
les from all over
The Bozeman courier., 1926-07-30

FOrsyth-Rosebud county wool clip
runs up to IL pounds per fleece, and
some sales are made up to 81 cents.
The Bozeman courier., 1926-07-30

Chinook Between 2,1OOr and 2,200
acres sugar beets being grown here
for sugar factory.