davidaulloa/AmericanStories huggingface dataset:
Evening star., 1939-01-18
ADVERTISEMENT.
T!SE5|;l|kdRieS;4F94%S$!!'&fr' T5kRe !E|;l S4F94%$&r S$!!'&
Without Iaxatiyea-andY You'll Eat
Everythins from Scum to Nuts

1TVsss OVVP
The sionach should digest two pounds n fond
daily When you eat heavy. greasy. coarse or
rich foods or when you are nervous. hurried Or
chew pocrly-your stomach often pours out ton
much fluid. Your food doesn't digest and you
have gas. heartburn. nausea pain or sour
stomach You feel sour, sick and upset all over
Doctors say never take = laxative for stnmarh
pain. 1t Is dangerous and foolish II takes those
little black tablets called Bell ans for IndiRsNioa
TO make the e1cess stomach fluids harmless. relieve
distress In no time ard put sou back on your
feet. Relief IL 80 Quirk 1t Is amazing and ons 25s
package proves It Ask for Bell ans Tor Indi gesttoo.
Evening star., 1939-01-18
Program 10 Feature Ballet
Written by Miss Emery

Dorothy Radde Emery Of the
Washington Composers Club, is the
composer of "Melodrama," a ballet
which is to feature the opening
Evening star., 1939-01-18
Haley Named Treasurer
OF United Air Lines

Norman B. Haley, director of the
bureau of economic regulations of
the Civil Aeronautics Authority,
has been named treasurer of United
Evening star., 1939-01-18
Instinct Often Wrono

1t Is an established fact that ami
mails are often led astray by "fol-
lowing their instincts"
Evening star., 1939-01-18

Turkey is building a garden city
IN Ankara for government workers.
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15

WAY E had very interesting and en-
" lightning talk this week with a
royalty broker from Calgary-one
who handles royalties in Turner Valley
where great oil wells are being COM
pleted in the lower part OF the Madi-
son lime at depth of from $500 to
$500 feet
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15
RESUME Fight On
MORATORIUM FOR
MINING CLAIMS

WSHINGTON-The interior de-
partment reaffirmed its long stand
ing opposition to mining morator-
ium legisIa ton.
1t filed with the senate mines
and mining committee an adverse
report on a bill by Senator Murray
of Montana proposing suspension
for the surrent fiscal year of the
annual 500 assessment work re-
quirement on mining claims held
by location in the United States
and Alaska.
Chairman Guffey, democrat.
Pennsylvania, declined to make the
report public Immediately but COM
mittee attaches said it raised OBJ
jections similar to those voiced by
the department in opposing similar
proposals before previous congress.
Guffey said he would refer the
bill and the departmental report to
subcommittee for a hearing.
Similar legislation, intended as a
relief measure for claim holders,
has won congressional approval in
each of the last seven or eight
years
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15

acre In Cat Greek we have seen a re-
covery of $4,000 per acre so we know
that it is possible but there are many
who are unable to imagine so vast an
area as Turner Valley to yield that much
oil, per average acre.
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15
ACM OFFICIALS SALARIES

Recently revealed salaries of per-
sons who paid income tax on in
comes more than SIS. 900 in 1888
included the following officials of
the Anaconda Copper Mining Co.,
c. F. Kelley, president $65,833;
j. r. Hobbins, executive vice presi-
dent and treasurer, S66,000 H.
Dom Keresey, president Anaconda
Wire & Cable, $4,000.
E. T. Stannard, president of
Kennecott Copper Corp, received
s1OO,34O; Edward H. Clark of San
Francisco, president of Cerro de
Pasco Copper Corp, $75,849
William P. Kenney, president
Great Northern railroad, received
100000; Ralph Budd, president of
the Chicago. Burlington G. Quincy
railroad, $4,000
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15

Papa Stork, mamma stork and
bay Stork were sitting around af-
ter supper and started talking shop.
Papa Stork said well delfv-
cred a couple OF fine boys to the
Browns today" Mamma Stork said,
II didn't do so bad myslf. took
three cute girls to the Joneses. -
Then they both turned on Baby
Stork and asked what he had done.
He replied. Maybe / didn't do so
well, but / sure scared hell out of
a couple OF commercial college
kids"
A lawyer was called in by a GER
tain maiden lady to explain the do
tails Of her last will and testament.
Il want to give $4,000 to the
art museum, $1,000 to my nephew,
$1,000 to the Y w. c. A., and
$4,000 to the library.
And what are you going to do
with the remaining $6O0?" he ask
ed.
I've never had a lover" sighed
the disappointed one, land I'll give
that to anyone who will kiss me
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15
FAIRvIEW HAS
GROSS PROFIT
FOR The YEAR

Fairview Mining company OF
Helena, operating mine near
Sheridan, Mont. operated at pro-
fit during the year 1888. according
to the annual report of H. J: Smith.
president, who was a visitor in
Great Falls last week.
The Fairview is one of the few
mines that has paid its way during
the period of development work and
while it is shipping but one car
of ore per month, it is blocking
out ore and accommodating mill feed
to justify the installation of a mill
in the not distant future.
The adage that a miner should
never abandon a lead of good ore,
even though it does a loop-the-loop
proved out in the Fairview mine
during the past year when small
lead about the size of a saucer
was followed. for a considerable
distance. 1t grew larger and ac-
tually formed a loop before it de-
veloped into a kidney from which
was taken a carload of ore that
averaged $115 per ton, giving net
of $500 for the car. The av-
erage shipping ore runs $S5 per
ton.
During the past year the Fair
view had net smelter returns OF
$2O,S39 and an operating cost
including labor. supplies and trans
portation of $8,626, giving a gross
profit Of $1O.129. The year was
marred by the loss OF Byron FELTON,,
who was killed in an accident,
The work has been carried on since
nv his hrothar
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15

of looking for Magnolia in the rail.
road guides): Where is Mag
nolia?"
"Dinah: she's settin' right over
dar on de benchl"
A new song Of the parachute
1T don't mean thing If you don't
pull that string"
. .
He: 4 dreamed of you last
night"
She: (coldly) Really"
He: Yes, got up and put an
extra blanket on the bed"
once upon a time there was a
big spinster, a middle-sized spin
ster and little spinster. They came
home one night and the big spin
ster looked in her room and said
Somebody's been sleeping in my
bed The middle-sized spinster
took look and cried Somebody's
been sleeping in my bed" And the
little bitta spinster looked in her
bed and yelled "Whoopee!"
The teacher had just finished
telling the story of the Pilgrims to
a group Of small children.
Now. Gertrude, began the
teacher, When the Pilgrims had
been here year and had gathered
in their good crops, what did they
1o?"
Bought carr, replied Gertrude
promptly.
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15

and make love to me-"
"I'll do il" said the lawyer. He
hurried home and explained to his
wife. That night he called at the
home OF the maiden lady.
AS the hour grew late his wife
became nervous and called him on
the phone.
TITS all right dear" he said.
"She has cut off the art museum
and the library and if you'll let
me stay a little longer, she'll drop
the Y. w. C. A."
What would 1 have to give you
for just one little kiss?"
"ChlorofoFm."
We Ancient Bill Collector: "Twas
easy, sire-I caught the gate guard
with his bridges down"
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15

acre. In Cat Greek we have seen a re-
covery of $4,000 per acre so we know
that it is possible but there are many
who are unable to imagine so vast an
area as Turner Valley to yield that much
oil, per average acre.
However, there are a great many in
vestors who will gamble that Turner
Valley will produce $4,000 worth of oil
per acre as quickly as they will gamble
that Cut Bank field will produce $500
worth of oil per acre. If Cut Bank
ROYALTIES can be bought on a basis of
So for one per cent on one acre, the
nroportionate investment in Turner Val
ley should be 100 per cent per acre
which would justify the quoted price of
$4,000 for one per cent gross foyaltv
on 40 acres.
The question arises whether Turner
Valley will produce $4,000 worth of
oil per acre, or whether Cut Bank will
produce $4,000 worth of oil per acre.
II the Cut Bank field produces only
$4,000 per acre. the investor of IS per
cent per acre will receive a yield OF S25
for each SIS invested. If Turner Valley
produces $4,000 worth of oil per acre
the yield is $3.50 for each 800 invested,
which would indicate that our Cut Bank
royalties are priced much lower espe-
cially in view of the fact that most Of
our Cut Bank royalties have been pur-
chased for less than SIS per cent per acre.
AY ONE knows how much oil there is
under a given tract but there are
petroleum engineers who will
estimate the AVERAGE recovery per
acre of any oil field that has been IN
production for three years or more He
figures the sand thickness, saturation,
porosity, pressure and other factors in
arriving at his conclusion. The esti-
mate on Turner Valley reserves, made
by experts, became of public record
recently at a hearing Of a federal com
mission which was seeking to determine
the total oil reserves for that field We
likewise get estimates from the experts
on all the leading fields, giving us some
basis or general idea to work on.
The experts give us some idea as to
~ me probabilities of the oil industry
They usually try to estimate low The
royalty investor who would succeed must
Tx in his own mind an evaluation for
any oil land in which he invests He
VIII make sure that he has a chance to
get his investment back Dlus a profit.
if 1t proves to be AVERAGE oil land
He VIII never guess that undrilled
territory will be ABOVE the average.
for the odds are Immediately against
him. In producing properties he will
perhaDs establish a possible 300% as
his minimum expected profit In prov
en- ground he may set up 5000 as his
expectancy and in wildcats he may fix
5000 per cent as a basis for evaluation
OF the royalty. 1t all works back to the
PRICE he will pay for the royalty.
We have a publication on Montana
oil reserves that is of general interest
to royalty investors. 1t will be sent to
inquirers, without obligation.
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15
DEFER EFFECTIVE DATE

Big Horn Placer Mining Corp,
which proposes to dredge Big Horn
canyon in the Crow Indian reserva-
ton in southern Montana, has a
mended its SEC registration state
ment to defer the effective date, as
of April 4. 1t had previously de-
ferred the effective date on March
16. The company seeks funds to
purchase dredging machinery.
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15
PLAN METALLURGICAL PLANT

NEW YORK-Louis S. Gates,
president of Phelps Dodge corpo-
ration, announced Tuesday con-
struction of the company's new
25,OOO-ton metallurgical plant at
Morenci, Ariz., will begin early in
1910 and that the plant will be
ready for operation early in 1912.
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15

XAYE had a very interesting and en-
w lightning talk this week with a
royalty broker from Calgary-one
who handles royalties in Turner Valley
where great oil wells are being com
pleted in the lower part of the Madi-
son lime at depth of from $500 to
$500 feet.
We have never bought any Turner
Valley royalties: have known little
about them. Because of the popularity
of royalties as an investment Canad-
ian operators have financed their drill
ling by the sale of royalties" for the
most part. The term is rather a mis-
homer, as we see it, for most of the
royalties" were not royalties at all
but actually working interests in the
lease.
The true royalty" in Canada goes
to the crown-to the government of
the king. That is the origin of the
term royalty" 1t is a share of the
oil that is delivered to the king, free of
cost of production. In Turner Valley
the kings government reserves 10 per
cent.
Here in Montana and in other States
the landowner is the king of whatever
800 acres, he is the king" Of that 800
acres and 1t is he, the individual land
owner, who reserves unto himself a
portion of the oil, to be delivered to him
as the kings share. The share of the
individual kings" in this country is
usually one-eighth of the gross or 122
barrels out of every 100 produced.
But because of the popularity of roy
alties, many operators who do public
financing have issued overriding roy
atty That term describes good royalty
where production has been developed
for the owner receives a given share of
the gross oil so long as oil and gas are
produced in commercial quantities on
that tract of land. 1t expires when the
land is no longer productive. Land
owners royalty never expires. 1t is a
decided right that becomes perpetual
The owner of % landowners royalty is
entitled to receive one barrel out of
every 100 barrels ever produced and
saved. That is the difference between
overriding royalty and landowners
royalty.
There is no other royalty" but there
are shares or interests that are called
royalty which are doubtless better, from
the viewpoint of investors. than stock
When man buys stock, he leaves his
money in the custody of the officers of
the corporation and it may be spent
over a wide range of investments. He
buys when the company is drilling a
well. 1t comes in a gusher, but he is
not paid dividends from the gusher be-
cause his money and his earnings are
perhaps invested in pipelines and then
in refineries, and then in filling stations
and in leasing programs in other fields
and perhaps in other states. While his
money may expand in paper values by
acquiring many and varied properties.
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15
HOW TO FIGURE THE PRICE
OF ROYALTIES

By contrast. the participating royalty"
investor confines his investment to one
tract He becomes convinced that a
given tract Of ground will produce. He
buys a royalty" on that tract-actually
a working Understanding that if a
well is completed, he will get a given
share of the production, less the cost of
producing the oil. Where there is small
production he may have to wait a long
time to get returns but where there is
big production so that the cost of OPP
Grafton Of the well is greatly exceeded
by oil sales he will enjoy a quick and
large return on his investment.
This is the type of security, we learn
that has been issued chiefly in Turner
Valley Some operators have sold a
ROYALTY Ga part of the lease rightsl
which operates as a royalty-with oil
delivered free of cost Of production.
But there are limitations on the amount
of such royalty that can be issued
Thereafter. if added funds are necessary,
the operator issues participating royalty,
usually on units of 40 acres. The in
weston gets a definite share of the pro-
duction of that 40 acres after cost of
production is deducted. His one as
surance is that his profits will not be
used to drill other wells elsewhere or
to engage in any other enterprise than
the one in which he intended to make
his investment
VWV1E thing regarding Turner Valley
royalties that interested us most
was the price The Canadians are
great traders and these participating
ROYALTIES" are traded on the markets
quite like stocks. When a we'll comes in.
Oh ROYALTY NAV ho mn
may take Is months to two years for
the royalty to start participating in
earnings. as 1t must first pay ont and
during the waiting period the price of
the ROYALTY advances until by the time
1t begins participating it may sell for
from $4,000 to $4,000 on the open
market On the same tract gross"
ROYALTY is worth from IS 900 to $4,000
from the beginning.
A Montana royalty buyer Immediately
starts figuring the value of a royalty on
the amount of recoverable oil. If a
royalty of % on 40 acres costs $4,000
1t is apparent that this 40 acres must
produce 100 times $4,000 or $4,000
worth of oil $4,000 per acre) to pay
out Right here is where the Montana
royalty investor has difficulty in rea-
lizing the possibilities of Turner Valley
royalties. If he is to get his investment
back plus a profit of 100 per cent he
knows that such a tract must produce
$4,000 worth of oil per acre. If he
is TO get his money back plus 200 per
cent (which we ordinarily expect as a
minimum), the tract must produce
100000 worth of oil per acre.
Here in Montana we figure on making
our money out of an average yield of
$4,000 per acre. It puts us entirely
out of tune with demanded expectancies
Of $4,000 to 100000 worth of oil per
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15
PAY seth DIVIDEND

Consolidated Royalty Oil com
pany on April rs pays a dividend
of 5 cents per share on stock of
record April Is. This is the 86th
consecutive quarterly dividend
paid by the company.
Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-15

, are you the Dull OF the cam
pus?"
That's me, baby!"
Moo"
A decript old car crept up to
the toll bridge
Fifty cents" cried the gateman.
Sold" replied the driver.
as Jinks careless with his
money!"
rs he? I've known him to buy
bread when he didn't have a drop
of gasoline in the tank"
Dinah; 4 want a ticket for
Magnolia.
Ticket Agent (after 10 minutes
Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1939-10-14

prices remained below the August
l913-July 1914 average for q months
after the war began, or until jan
uary 1916.
Another set Of two may steer mar
kets, favorable to light weights and
yearlings, developed this week and
all little cattle again edged forward
at the same time, only strictly choice
and prime heavy steers recovered
the early loss to close at steady
prices while medium and good grades
lost a quarter Hogs started the week
at lower levels, regained part of the
downturn while fat lambs sold on the
strong side of a steady market. Prime
yearling steers headed that division
at 11.25, hogs dropped to 7.15, reach
ed 7.30 at mid-Week and closed 7.25
down. Best native lambs reached ten
dollars late, more through improved
quality than by virtue Of higher mar
kets. While most hogs finished the
week slightly lower as a result OF
pre-week decline, which were not
fully recovered, the late undertone
was stronger than at any time dur
ing the period. Large and small kill
ers operated more freely than last
week and outside demand was some
what enlarged. At the low time
Tuesday best hogs sold at 7.15, clos
ed Thursday at 725 down with most
10000 pound consignments at $50
to 7.25.
Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1939-10-14

Chapel Hill, Oct. 14.-North
Carolina and Tulane clash at New
Orleans next Saturday in an I'M
portant inter-conference contest re-
viving one Of the south's closest
iValries.
After four games dating back to
1922, the Tar Heel-Greenie series
is deadlocked at two victories each,
and the difference in the total
scores of the two teams is only
three points-53 to so.
Both teams were undefeated up
until today's battles with the New
York U. and Fordham mighties, re-
spectively, and each ranked we'll
to the fore in its Conference.
Tulane won its opener from
Clemson 7-6 and broke a three
year deadlock with Auburn 1910
Carolina routed Citadel 500 and
Wake Forest, rated strong eleven
36-6, but let up against Virginia
Tech 1876.
Saturdays contest, which will be
the rubber game, will match such
stars as Hayes, Kellogg, Gloden
Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1939-10-14
YEARBOOK ASSIGNED
ALL-AMERICAN RANK

Wake Forest, Oct. l4-Thc $40
HoWler, Wake Forest College wear
book, was assigned the rank of all
American according to information
received here today from alficials
of the National Scholastic Pres AS
ISOLATION.
Credit for the top ranking, STU
dents say, should be assigned chiefly
to the following staff members
Editor Carl Dull Of Winston-Salem
Business Manager Jesse Reid of
Wake Forest, and Photographed John
Scott of Rocky Mount, Printers Ed
wards and Broughton of Raleigh
Bill Poe Of Roanoke, Va, James
Greene Of Shelby, Harry Williams
of Charlotte, Smith Young Of Lex
ington, Elton Mitchiner Of Clayton
Norvel Asheburn of Rome, Ga,
Writ Corrie Of Crewe, Va, John
Acera of Salem James
Early of Aulander, Charles Cooper
of Henderson Edward Rice Of Au-
lander, Frank Sastleburg Of Raleigh,
L. B. K. Settle of Rawlings, Va and
Arthur Vivian of Summit, N. j.
Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1939-10-14

Bill (Bum) Nets, one-time North
Carolina State center
Shelby's class d baseball team
lost about II grand the past summer
and there's talk of Cal Griffith,
Charlotte manager handling Balti-
more next year if the Washington
Senators get the AA franchise there
In reply to several queries:
DR.. Ray Sermon retired from the
athletic dictatorship at State college
in the winter of 1897 and on June 5
this year announced that he will re-
tire from coaching on June 80, 1910.
WOlfpack stickers may be had by
sending a addressed and stamp
ed envelope to the writer at State
College, Raleigh. On the first
scrimmage play Of the 1889 season,
State Colleges Ty Coon tackled
Granny Sharpe Of Davidson SO hard
that Granny fumbled the ball and
State recovered within the shadow Of
the Davidson goal posts.
Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1939-10-14
F ed Prices
Again Drop

Raleigh. Oct. 14.-Feed markets
made further moderate declines dur
ing the past week with heavy Sep
TENDER purchases limiting new or
ders from feeders and industrial buy
ers, according to the U. S. and North
Carolina department OF agriculture IN
the weekly news service review.
Recent rains improved pastures IN
some sections, but conditions were
still poor for the country as a whole
as a result of Septembers dryness.
Feed grazing and hay supplies, how
ever, are plentiful in most sections,
and feeders ana distributors appar-
emily are not inclined to accumulate
stocks at prevailing prices. The IN
dex number Of wholesale feed prices
dropped an additional points to
lila compared with 1854 Q month
ago and 928 two months ago.
Old crop farmers stock Virginia
type peanuts in North Carolina are
now almost completely exhausted
and not even nominal diggings of
the new crop is almost IS percent
dug, and a few early dug offerings in
the southern North Carolina belt
have already come on the market.
For future delivery new crop shelled
and cleaned Virginias are being
quoted at IA to 8 cents a pound
for jumbos; 7 1-2 to cents for eX-
ira large and 5 7-8 to is cents
per pound for number ones.
A large turkey crop is in prospect
this year. Recent reports indicate a
% percent increase which is prob
ably a record. The season generally
has been favorable and feed has been
plentiful, also turkeys are going to
market earlier than usual. Prices in
Washington, new f. o. b. at the pc
RODS close were II cents per pound
for the Is pound and up young tom
and 20 cents for the 10 pound and
up young hen. A year ago in Wash
ington the young tom was quoted
at 20 to % cents and the young hen
at % cents.
The sharp advance in average local
market prices of farm products dur
ing the past month was in contrast
to the slight downturn which occurr-
ed during August 1914 one month
after the declaration of the World
War. On the whole, farm produce