Omaha Daily Bee Newspaper, February 13, 1910, Page 14

COVERING DEALS IN STOCKS Fine Art of Manipulation as Done in Wall Street. METHODS THE BROKERS ADOPT | Orders Are Executed Distarbing ~Prices— t by Blun- dering Manipulation. NEW YORK, Jan. 18.—~The methods-em- ployed by the manipulators of stocks on the stock exchange are ax books for the bliind to the average individual. - The man who occalonally buys stooks hears w @reat deal about manipulation, byt knows Httle or nothing of it. ,The confirmed spetulator with years of Wall street ex- perfence may have a bare smattering of knowledge. The broker of average exper- sence knows some of the tricks, but is still far-from the best inside information. None of the halt dogen most expert manip- ulators themselves knows all the ghme James R. Keene, master manipulator, ad- mitted that he doesn't know it all. A few weeks ago when Rock Island common stock shot up 3 points and dropped back again, all In fifteen minutes, Mr. Keene spent the greater part of the day at the telephone trying to find out how and why it was done. 3 He traced the brokers who had executed the orders and the broker in charge who had parceled out the orders to other brokers, and bombarded them all . with questions. No one thought of asking why he was so Inquisitive, for every one knew the answer. He thought some one had discovered a new wrinkle in stock manip< ulation and didn't want to drop behind the times, What Manipalation Means. Manipulation means sleight of hand to the average person who has had no ex- perience In the security or commodity markets and who has speculated little in them. The manipulator is to him as the shell man is to the young farmer at the county falr, as the brace dealer is to the faro player or as the thimblerigger, capper or confidence man Is to any victim. The business of the manipulator, in his opin- fon, is to make prices for stocks and shift them rapidly, in some such underhand and devious way as the crooked dealer stacks cards and slips the cut. A year ago Governor Hughes appointed a committes to investigate and report on the ways of doing business on all the ex- changes. The committee was composed of experienced business men and able law- yers of this city, and had as chairman a Journalist long editor-in-chief of a met- ropolitan newspaper which makes a spe- clalty of market news and gossip. One of the first things the committee did was to inquire into the methods of the manipu- lators, and more time was spent on this branch of its work than on anything else. Some of the members started with the idea that proper and legitimate manipula- tion was one of those things that don't exist. In the end all reported to the con- trary. The committee learned that much of the manlipulation was unobjectionable or even advantageous. It disapproved of manip- ulation ‘‘designed to serve merely specu- lative purposes in the endeavor to make @ profit as the result of fluctuationsywhich haye been planned in advance.” On that which “is resorted to for the purpose of making a market for Issues of new securi- ties” it had this to sa; It is essentlal to the organization and carrying through of important -enterprises, uch as large corporations, that the or- ganizers should be able to raise the money to complete them. This can be done only by the sale of securities. Large blocks of securities, such as are frequently issued by rallroad and other companies, cannot be sold over the counter or directly to the ultimate investor, whose confidence in them can, as a rule, be only gradually established. They must, therefore, If sold at all, be disposed of ‘to some syndicate, who 'will n turn pass them on to middlemen or ulators until in the course of time they find thelr way into the boxes of investors. But prudent investors are not Jikely to be Induced to buy securities which are not regularly quoted on some exchange and which they cannot sell or on which they cannot borrow money at thelr pleas- ure. If the securities are really and bids and offers bona fide, open to all sell- ers and buyers, the operation is_harmles: It is merely a method of bringing new in< vestments into public notice. One of Mr. Keene's Operatio So after the organization of the United States steel ‘corporation it was necessary 10 establish a market for its securities. Manipulation of securities was no new art then. It had been practised for a half century. Wall street had got used to talk- ing millions and many a corporation of many milifons in capitalization had been floated on the exchange. But here was the biggest corporation In the world, a $1,000,000000 corporation with the common and preferred stock and the Wonds Included. There was $500,000,000 in common stock alone. Its magnitude st gered even Wall street and most of t wiseacres predicted failure for the rea- son that, they sald, no man or group of men could ever distribute its securitles or establish and maintain a stable market for them. Mr. Keene undertook the task alone. Mr. Keene did his work to the satisfac- tion of his employers. Ho had behind bim » syndicate with great financial resources; otherwise, of course, the market never could have been established. But even with this strong financlal backing the se- curities could nof have heen distributed without resort td all the flne arts of{ manipulation. Even Wall Street Doesu't Know, In ‘the unlikely event that Mr. Keene leaves an autoblography, the devices he employed In handling the Steel stocks may become known after his death. Otherwise the fine art of manipulation, as he has practiced it, will perish with him. Every one in Wall street knows it is useless to ask any expert just how his operations are | conducted. Every one of them has secrets | which he guards as closcly as would the inventor of @ process for making gold. But it 18 known that from the minute the | Steel stocks were leunched on the ex- change there was a free and open markel for them. Any holder could at any time sell any amount he desired without ma- terlally lowering the price and any pur- ehaser could buy any amount without bid- ding high for his stock. Speculators were afrald of touching the stock in the beginning, and for many days | buying by the outside public was very slack, but from the first day of trading| transactions 'in it were heavy and the #tock fluctuated backward and forward in the same manner as if hundreds of buyers and sellers werc responsible for its move- ments. Its action looked entirely natural, but. was principally the result no doubt of buying and selling orders' distributed among & large number of brokers and with the origin of the orders so ingeniously con- couled that ths brokers executing the or- ders did not know their soure Brokers ‘Buspected that Keene was behind the stock, but ghly a few of the most trustworthy actually knew it untll months afterward, Speculation First, Publie Next. The result of the manipulatidn was first in evidence amung experienced speculators. | they stock up_ sharply on them. Apparently he didn’t want to punish them, for he needed their help later, and he also knew that a substantial short Interest is an element of strength. People who sell stock short must buy it back sooner or later, and this buy- Ing or covering Is often as effective In maintalning prices as is investment buy- ing. Presently experienced speculators, noting that profits were attainable only on the long side, began buying the stoek in large auantities. Mr. Keene let them take down their profits, knowing undoybtedly that would then buy more. Their profits attracted the attention of others, and soon every brokerage office was .unreservedly Advising its customers to buy steel, until finally a veritable craze for the stock spread over the country and Mr. Keene's work was done. - Manipulation of this character, service- able alike to buyers and ‘sellers. is con- ftantly practiced. 1t is employed when- over A mew coropration launches its se- eurities on the market, whenever new se- curities of An old corporation are offered for sale and very often when the general market {s declining rapidly and men heavily Interested in a particular stock wish to prevent its market price from going down with the general market, It Is called inside support by Wall street's trading frafernity, which ordinarlly dis- trusts a stock which lacks support in troublous times. Skill of Kdwin Hawley. Manipulation of another sort was prac- tised last summer by Edwin Hawley, an- other master manipulator now regarded in Wall street ms Mr. Keene's superior. Mr. Hawley had already acquired a string of railroads and wanted the Missouri, Kansas & Texas to round out his system. Control of It was In the open marlket; and naturally Mr. Hawley did not want to pay any more for it than he had to. 1t knowledge of his Intention had leaked out every trader and speeulator in the country down to the ten sharo piker would have “goine to” the stock, It was thus Mr. Hawley's business to conceal his pur- chases. Ile went a step further and made the stock look not only as If he dldn't want it but as If no one else wanted it. A bull market was in progress. Every other stock on the list was advancing steadily day after day. “Katy" alone held back. Its earnings were far better and its financtal condition far sounder than the finances of many roads with stocks selling far above it. Groups of speculators time after time formed pools in the stock in the effort to make a profitablo turn. Always they en- countered a flood of selling orders that sent the price down and sent them running into some other speculation. Effect of the Campaign. After a while it began to be whispered around Wall street that something must be wrong with “Katy." Insiders fed out stock to any one who tried to bull it Market critics said time after time that “Katy" looked sick. The opinion became geferal that the stock dldm't have a triend. All this time, as it turned out later, Mr, Hawley was executing one of his most famous coups. How for months he kept steadily accumulating the stock without advancing the price and without the slight- est Intimation of his operations leaking out is & thing a great many people would like to know, All that these Interested people do know is that in some account- able way they grew tired of holding a stock that wouldn't go up and sold it into Mr. Hawley's capacious hands. They also know that not until after Mr. Hawley se- cured control did the stock display the slightest resillency. Ifs buoyancy then was gratifying—to Mr. Hawley. | Mr. Hawley executed an equally cele- brated campalgn several.years ago, when in association with the ‘old Rock Island party, the late W. B. Leeds, D. G. Reld, Judge Moore and J.. Hobart Moore, he took the Chicago & Alton away from E. H. Harriman and Kuhn, Loeb & Co. That was an accomplishment worth while, for the opponents were persons not at all easily begulled. Mr. Hawley's associates in the campaign had a knowledge of market operations sec- ond: only to his own and undoubtedly it required the combined resources and abili- ties of all 8o to conduct the campaign as to escape detection. Mr. Harriman never liked to talk about the transaction and left no doubt In the minds of his associates that he considered it a case in which he was caught unawares. Secrecy and Knowledge Needed. These are examples of the fine art of manipulation. Obviously the man who has mastered them must have in the first place an intimate knowledge of men. He must know the men who can be trusted to do business as they are told and to keep as quiet as the Sphinx. He must also have the most accurate and speediest information of the other men trading In the stock, must know Whether large selling orders represent real stock or short selling, must ascertain whether buying orders come from specu- lators, investors or some competitor bid- ding for control. It i3 apparent that the working of all this machinery without a leak or a slip requires an organization as perfect as the secret service, The eriticism which the Hughes com- mittee directed against this manipulation designed to securc large blocks at a cheap price was that it Induced other holders to part with the stock at a loss. The com- mission, however, admitted an inability to discover a complete remedy short of abol- ishing the Stock exchange itself. Executing a Large Order, Other varfeties of manipulation of which the Hughes commission did not complain are known and practiced by every ex- perienced broker. One of the commonest forms is in the execution of large buying orders in such a way as to produce no violent advance. A broker accounted skil- ful in getting what Wall streets calls “‘good execution” thus describes a typlcal case “One of our customers is a man who occasionally plupges heavily. Often he gives us orders in 20,000, 40,00 or once, in @ long time, 0,000 shares. In the eexcution of the last 50,000 share order my partner went on the floor, while 1 made arrange- ments with other brokers to go Into the crowd and sell the stock in case the other brokers around the post began to suspect that we were after, s big block and started to bld it up. “No people in the world are as suspl- clous as the brokers who have long been in business on the floor. Let & broker show the slightest anxiety to get stock and the rest of the crowd as by a com- mon fmpulse will bid up the stoek, with the idea of seling It to the original broker at higher prices. . A man needs a poker face. look as natural and unconcerned as pos sible when he holds the good hand. He must realize that keen men are studylng bis expression, his utterances and his ac- tions as he bids fox or sells stock. A good | broker must be & good deal of an actor. Handling the Deal, about 5,000 shares as it offered in’ 100 to 0 share lots without being forced to bid for a share. He simply kept back and took what was offered as unobstru- sively as possible. By that time the other brokers had noted that he was taking o good deal and the offers suddenly ceased. “Instantly he began bidding for the stock Most of them had sold the stock short in the early days in the belief that the mar- ket couldn't be made. They had lost money, but Mr, Keene did not move the and got 5,000 or 6,000 shares more without hoisting the price more than half & polnt. i Then the othiers began bidding it up and He must) {they wver make good “Well, that day my partner picked up || THE he stood back, figured over his book a second, remarked he'd got all he wanted and quit the crowd “His place was taken by brokers to whom I had given buying orders, but they were able to get very little before the others suspected collusion and began jacking the stock up again I went Into the crowd then and sold 2,000 or 3,000 shares as fast as the others bid for it until the others came to the conclusion that we had sim- ply been working for a short, quick turn and the:stock fell to. the starting point. ““The rest of the busineas was of the same order, but with variations. It took some tfme, but we got the 50,000 shares Within a range of two points, and this was real stock that.we took out of the market, not stock carried speculatively for u short time.” Exchange Rules Striot, Similar tactics are frequently employed in selling large blocks. The ldea then is to sell without breaking the market so that the customer may get a good price for his goods. Occaslonally a broker man- ages his manipulation so cleverly that the market advances while, alternately buying and seling, he closes out thousands of shares. The essence of the methods used in such manipulation Is the same as that in the most expert manipulation. The man in charge must conceal his motive, must be at once perfectly composed and exceed- ingly rapid and, above all, must know the men with whom he s dealing. All these varieties of manipulation must be conducted with regard to the stock e: change regulations prohibiting fictitious transactions. So-called laundry work must be avolded, for the exchange.authorities are as alert as the rules are strict and detection in a wash sale means suspension and perhaps ruin. These wash sales, that is sale back and forth between two or more brokers in the same employ, break the rule that a broker offering to buy or sell at a particular price must accept the first tender at that price. He must not hold back for “the man with the red necktie.” It is the general bellef that wash sales are now very infrequent. It is difficult for any one practising them to escape detection, and few if any brok- ers care to take the risk of suspension. Manipulation by Inside Pools. But It is by no means infrequent that buying and selling orders are simultan- eously sent to various brokers by the same operator. The brokers with the huying orders have no knowledge that counter- vailing orders have been placed with oth- ers. Such manipulation thus differs from laundry work in that the operator takes his chance that his orders won't match, The buying orders may be executed at prices above the selling orders and a substantial loss result from the operation. If it is the manipulator's object to mark up. the price ho must also stand ready to buy all the stock that is offered as the price advances and take his chances of selling at a profit after the price has been marked up. Manipulation of this kind s practiced very often by the so-called inside pools, that Is, by a group of men having first hand knowledge of the earnings of & com- pany and expecting, for instance, an in- creased dividend. The pool, belleving the stock should sell higher on its real or al- leged merits, assumes the expense of a campaign on the chance of selling when the expected developments come out. The expense of every varlety of manipu- lation is heavy. The commissions of them- selves amount to a tidy sum in & pro- tracted campalgn in an active stock. But the greatest expense is entalled by the noc- essity of paying protits to speculators who are attracted to the movement in the be- gloning and realize on their purchases repeatedly as the campaign continues. Experfenced brokers think that more than halt of such movements end In a loss to the pools. The profits in a successtul movement is, however, so great that the temptation ta manipulate prices is always present, A. 0. Brown & Co. Mistake. Blundering manipulation _may bring speedy ruin. The best known instance in recent years s that of the big firm of A. O. Brown & Co., which endeavored to put Into practice the theory which formed the motive for Thomas W. Lawson's novel, “Friday the Thirteenth.” The Boston oper- ator maitained that under the rules and practices of the exchange a broker could “sell all that his mouth could utter, break the market wide open simply by of- fering stock on a downward scale, The Brown firm was heavily short of a market which obstinately continued to ad- vance. As a last resort the firm tried the Lawson theory. It dealt in 1,500,000 shares of stock in a two-hour session, hoping to sell enough stock to break the market and Intending to cover the short contracts in the course of the break. The. firm found it easy enough to sell the stock, but quite another matter to de- liver the shares it had sold. It made an assignment after vainly endeavoring to put off the delivery day. The test of the theory produced confusion and 'made a stock exchange scandal; otherwise it served only to increase the lfabilities of the totter- ing firm. Few Successtul Manipulators. The number of the successful manlpu- lators of the market can be counted on the fingers of the hands. Even Mr. Keene has nol escaped heavy reverses. The two great difficulties aro concealment of the operation from a community which always suspects and generally discerns the sale at a profit of stocks accumulated in the course of the manipulation. Usually In order to gather the profit the adjunct of publicity 1s necessary, for spec- ulators and investors must be convinced that the stocks are worth the high prices to which they have been carried. An oper- ator must have studied and had experience in the ways of Wall street for years, must know the characteristics and interests of all the men with whom he deals and must have at his command great resources be- fore he is qualitied even to start upon a long campaign. Most people act natural when asleep. It might improve the pound cake to hit it with an ax. Any , the golden rule comes in handy for measuring the conduct of others, ‘The man who dwells in a village boarding house has no use for a local newspaper, No, Cordella, astronomers do not scour the heavens for the purpose of Dolishing the stars, Children cease crying for the moon some time before they are big enough 1o want the earth. Unless a man ts a poor bill collector he never says anything about the world owing him a living. Age may bring wisdom, but some men we know will have to outlive Methuselah if Even if 0ld Noah did look upon the wine when it was erimson, he knew cnough to £0 In when it rained No woman fs realiy afraid of a mouse, but she doesn't like to disappoint the men who expect her ic be afraid. sleading. is in a man and t ple by th, ‘hicago News, M The general mansger of the Canadian Pacitic rallway has announced that the administration of this great {(ranscon nental system will spend $30,000,000 this year in western Canada on permanent improv ments, including double tracking the main line. ~ The total mileage at present con- trolied by the Canadian Pacifle rallway is about 14.500. From St. John, New Brun a mince el wick. to Vancouver, British Columbla, t length of the main line is 3.379 miles. T share capital is over §200,000,000, in addition 4 to about §125,000,000 of debenture stock. OMAHA SUNDAY BEE Supreme Court 16896, Chicago, Rock Island & Pacific Rallway Company against City of Lincoln, et al. Appeal from Lancaster. Judgment of district court modified and atfirmed. Barnes, J 1. As a general rule courts will not en- join the passage of an alleged unauthorized resolution or ordinance by a municipal cor- poration. An Injunction should not issue in such a case until some effort is made to enforce such resolution or ordinance, 16202. Heddendor! against State. from Harlan. Reversed. Rose, J. Where the trial court in a prdsecution for murder admits proof of a ronfession challenged by defendant as involuntary, and by Instructions submits to the jury on conflicting evidence the lssue (hus raised, they should be directed to disregard the confession, If they find from all the evi- dence that it was not voluntarily made. Error 158565, State ex rel Jackson against Wil- son. Appeal from Antelope, Affirmed, Rose, J. 1. Where the allowance of a peremptory writ of mandamus results from the trial of an lssue of fact, an overruled motion for a new trial is a necessary t of a transcript filed in the supreme court for the pur of reversing & jydgment sus- tained by the pleading: 16885, Langenfeld against Union P. R. Co. Appeal from Dougl Reversed and re- manded for further proceedings. Letton, J. 1. In order to constitute actionable negil- gence there must exist three essentlal ele- ments, namely, a duty or obligation which the defendant is under to protect the plain- ff from Injury; a failure to discharge that duty; and injury resuiing from the fail- ure, 2. The petition must allege these cssen- tlal elements and the proof must support the allegations or there can be no re- covery. 3. Bvidence examined and held in; ent to support the material and nece: allegations of the petition. 16M8. Sewall against Whiton. Appeal from Reck. On motion to dismiss, motion sustained. Per curlam. 16066. Harlan. ifficl- ry Holmes agalnst State. Error from Reversed and remanded. Barnes, Where a person on trial for a crime tifies in his own benaif, he becomes as ny other witness, and his credibility is to bs tested by the same rules as are legally applied to other witnesses It Is roper for the court to so instruct the ury, and in addition thereto to inform them that in determining the credibility which 1 be accorded to his testimony they may take into cousideration the fact that he is interested in the result of the prosecution; but it |s error for the court to inform the jury that as a general rule the witness, who s interested in the re- will not be as honest, testimony as one who is not =o inte 2. So much of the opinion in Clary against State, 61 Neb.. 688, as upholds such Anleénllructlan is disapproved and over- ruled, 15852. Metzger against Royal Neighbors of America. Appeal, Harlan. Appeal dis- missed. Per curiam. 1. Where the record in a law action shows the filing of a motion for a new trial but no ruling thereon by the trial court the appeal will be dismissed as pre- maturely taken. 16847. S from Dou Root, J. 1. If plaintitt's petition is prepared, signed and verified by his attorney and by mistake an erronecus statement is in- cluded therein, the court should before judgment upon terms just and equitable o all parties, permit the litigant to with- draw that allegation. 2. A plaintiff may, as a matter of right, under section 430 of the code, dismiss hi actlon without prejudice at any time be- fore its final submission to the court. 3. If a defendant desires an affirmative judgment. against the plaintiff, We should state In his answer the ultimate facts to support his contention. If he falls to al- lege an essential fact, but it is pleaded by his adversary, an affirmative judgment in defendant's favor may be sustained by the pleadings. 4. The word “trustee” following the name of a grantee to a deed, s notice that he may not be the owner of the real e conveyed, and is sufficlent to put dealing with him concerning the property upon Feasonable Inquiry as to the existence and nature of the trust. . 6. The presumption ordinarily is that a trustee does not have authority to mort- gage the trust estatey#ind morigagees are bound to exercise reasonable diligence to ascertain whether that power exists. 15849, Wentz-Bates Mercantile Company against Unlon Pacific Railroad Company. Appeal from Platte. Reversed and re- manded. Fawcett, J. 1. Haurigan against Chicago & North- western Railroad Company, — Neb., —, 117 N. W. 100, reaffirmed and held to be in all respects declsive of this case. vder against s. Collier. Ap) Reversed with directions. 15853. Watkins against Douglas. Affirmed. 15670. Bruenig against ('Shea. Platte. On motion for rehearing. Motion denied. Letton, J., Fawcett, J., dissenting. 1. Under the provisions of section 176, chapter 23, complled statutes csection 4903 Annotated statutes, 1907), as it stood be- fore the amendment of 1907, the heir at law of the deceased, if there be no sur- viving husband and wife, is entitled to the specific articles described therein, whether the deceased dled testate or intestate, or whother the heir accepts the prevision made for him in the will. if any, or not. Such also is the case with the surviving :80\;54 Fletcher against Fletcher, 119 N, Smith. Appeal, Appeal, 16426 Mercantile Incorporating Co. against Junkin, Appeal, Lancaster. Affirmed. Root, J. 1. “The taxing power vested in the le islature is without limit, except such may be prescribed by the constitution it- el State against Lancaster County, 4 Neb., 537 2. “The maxim expressio unfus est ex- clusio alterius does not apply in the con- struction of constitutional provisions regu- ating the taxing power of the legi State agalnst Lancaster County, supra. 3. The grant of a charter to & corpol tion authorizing it to carry on a certain business, does rot import that it may en- o thereln without contributing to the support of the government by the payment of an occupation tax. 4. Chapter 25, Laws\Nebraska, 1909, Is not obnoxious to section 1 of article I1X, of the constitution. 16427 State ex rel. Bushee against Whit- more. Original mandamus. Writ al- lowed. Root, J. 15854, Tate & FErhardt against Loney. Appea!, Plerce, Reversed and remanded for further proceedings. Root, J. 1. A broker was duly authorized to sell defendant's real estate for §2% per acre, $3,000 of the conslderation to be paid in cash and the “balance. $1,000, payments at ¢ per cent”” A bona fide purchaser was pro- cured ready, able and willing to buy the land at said price; he paid the broker $3.000 and offered to pay the Temainder of the purchase price upon the execution of a deed conveying the land to him, Defendant refused to convey for the sole reason that e wanted a greater price for his land eld, that in a suit brought by a brol to recover his commission defendant was estopped to defend on the ground that by contract he had the right to demand that all of the chase price in_excess of $3.000 should be evidenced by promissory notes maturing within some reasonable period to be fixed by the payee thereof, and that the offer pay all of the purchase price In cash wi not a compliance with the broker's con- tract. h A False Alarm. The boy was husy down cellar fixing his sled when his mother called: FEBRUARY 13 1910. OMAHA LIVE STOCK MARKET Killing Cattle Mostly Twenty-Five Cents Higher for Week. HOGS ARE HIGHER FOR WEEK Desirable Kinds of Fat Shee Lambs Ten to Fifteen Higher in Some Cases, Quarter Higher for Week. SOUTH OMAHA, Feb, 12, Recelpts were Cattle. Hogs Officlal Monda Official Tussday, Officlal Wed Official Thursday Official Friday Estimato Saturds s 2 weeks ago. 19,30 3 weeks ago.. S Same days 4 weeks ago..24,248 Same days last year. The following table shows the receipts of cattle, hogs and sheep at Scuth Omaha for the year to'date, compared with last year: 1910. 1909, Inc. Dee. Cattle J115,996 116,438 491 Hogs . 267,966 324,253 56,288 Sheep L AT8822 175,687 L. 2,216 The following table shows the average price of hogs at South Omaha for the last several days, with comparisons: | 1910 [1909. [1905. [1907 . |1906{1905. |1904. :(Slfl 4 *Sunday. Recelpts and_dispos the Union stock yuids, twent ary 12: of live stock at South Omaha, for four hours ending at 3 p. m. Febru- RECEIPTS, C. M & 8t P....... Missouri Pacific Union Pacific. C. & N. W., east & N. W.' west St. P, M. & O B. & Q. east C. B. & Q. west.... Tliinols Central....... Chicago Great Western Hogs. Hors 1 $0i 7% [ 2 Total receipts .. .0 DISPOSITI Omaha Packing Co Swift & Co. A Cucahy Pacl Armour & Co... Schwartz-Bolen Cucahy Bro i St. Louls Ind. Packing Co Hell .. A Other buyer: Totals. 1 186316 | CATTLE—There were no fresh receipts | of cattle today, at least nothing of any consequence, but for the week recelpts have been very large, showing a heavy gain over the previous week as well over the corresponding week a year ag While the arrivals have consisted largely of fed cattle, with only a moderate sprink ling of feeders, the supply of really de- | sirable killers has not been large. The market on fat raitle has been in| very satisfactory condition on most days during the week. The tendency, barring a reaction on Tuesday, has been gradually upward under the Influence of a very good local demand and at the close of the week prices are 15@25c, in fact largely 25¢, higher than at the close of last week. The mar- ket has been rather uneven, 5o that some kinds have shown more improvement than others. Still, all in all, It has been a very satisfactory market as viewed from a seli- er’s standpolnt. Cows and helfers have been very free sellers on most days this week, with the market gradually firming up until prices are 15G25c higher than last week. The de- mand has been good and supplies though large have been clewngd up In good season on most dayj Comparativély few stockers and feeders have arrtved this week, while the demand hos been very good under prevalling con- ditions. As a result the market has been fairly actiyve and good and strong every day throughout the weex. Strictly cholce or prithe feeding catile carrying flesh have #0ld as high as $5.00 during the week. Quotations on cattle: _Good to choice beof steers, $6.0067.00; fair to good beef steers, $6.50§6.00; common to fair beefl steers, $4.60@6.50; good to choice cows and heifers, $4.75 fair to good cows and heifers, 3. common to falr cows and heifers, 5@4.00; good to cholce stock- ers al féeders, $4.5006.60; fair to good stockers and feeders, $4.00@4.50; comraon to falr stockers and feeders, $3.00§4.00; stock helfers, $3.0094.00; veal calves, $4.00@8.2%; bulls, stags, etc., $3.00G6.00. HOGS—In hog yard parlance it was an- other red-hot market this morning. Briefly stated, both packers and shippers wanted material and wanted it badly; In fact, this record top is made only to of hogs this morning and buyers were out 'he quality of early arrivals was not quite .80 and the bulk changed hands between Ristory ‘of the market, but 'the average recorded. the later market being fully c, and in unusually liberal, exceeding last week's head. The demand has been fuly propor- present prices are just about 3¢ higher ales: No. Av. Sh condition has almost become a perma- nent feature of the trade, with the result next. The estimate culled for an even 100 loads early purchasing everything in sight at piices tully s@ibc higher than vesterday. as good as the general run of stuff yester- day, but despite this fact, tops reached 66@6.75. This is not only the best price for tull loads at this point in the cost of droves is pretly close to a dime higher than the highest average previously A very good load of hogs that came In late sold at $8.85, making a still higher top, some cases 10@i5c higher. The supply of hogs this week has been rur by about 13,000 head, and receipts dur- ing the same week last year by about 11,000 tionate, however, and competition keen at all times. With ‘today's advance included, than a week ago. Representative © ) 28383 P23 6 » %0 FFassansage EEEE 8 20 .. 8w othing of consequence was re- % in the way of live mutton and the sheep barn was practically bare of stock, as {8 usually the case on a Sat- urday. Supply during the last five days, ever, has been very generous, pared with previous week's receipts, most 33,000 head were received, as pared with 20,463 head last week and 20,500 ead the same week last year. The largest single day's run showed up on Monday, how- com- Al- com- “Yes, ma. “Why couldn't you answer me properly the first time?" “What do you want?’ “Nothing now; but the minister is coming to stpper, and 1 was testing your manners.” Reggle gave a snort: ‘‘I've no for these fire drills, anyhow. "—Judge. Next Thing. The shades of night w falling. Swiftly and gracefully an aeroplane de- scendled, landing as lightly as a feather on he smooth roadway of the boulevard. Forth stepped an elegantly attired man, wearing & mask. Snatching a purse from a richly dame who was passing, he ktepp into the aeroplane and was soarl: and disappearing in the distance before it occurred to the astonished vietim to let loose & scream.—Chicago Tribune rele Dact it but the demand was broad and active, and the trend of prices sharply higher. Aside from more or less weakn on common and medium grades during the balance of the week, particularly on Wednesday, the general market has changed but little. De- irable kinds of killers, both sheep a A 10@16¢ higher i in fact, the full on such sales is safely quotablo uarter, Common and inferior strings n neglected at times and little, if any improvement, s noticeable In valu Native lambs topped at $3.90 and full loads of fed as high as $5.80, the lamb. wether and year- itable for shearing, has moved readily at all timés a* good, strong fig- | ires, but the volume of dctual business in this 'branch of the trade has been rather limited owing to meager offerings, Lambs with a reasonable amount of fleah were taken back Into the country at $8.06 and wethers realized $6.40. Quotations on sheep and lambs: Good to choice lambe, §5.40@8.80; falr to good lambs, $1.75@8.40; cull lambs, 55.0046.00; good shear- ing lambs, $7.5008.10; straight feeding lambs, $7.0097.50; good light yearlings, $7.00G8.00; ling lines and | An Unusual If Not is offered to readers having $500 interest paid annually. The profits from your investm five years, leaving Investors with be a continual source of large ye: acter, under the control of men of cluding banks. I expect to close subscription lotted in the order checks are rec 'Phone, Doug. 1386, lings, $6.60§7.00; good to cholca wethers, $6.4066.75; falt to @ood wethers, $6.0006.40; good o choice ewes, $.75@6.2%; falr to good ewes, $.0005.75. CHICAGO LIVE STOCK MARKET Cattle heep ambs Steady. CHICAGO, Feb. 12 -CATTLE—Market weak; Beeves, $4.4007.50, Texas stoers, $1.00 @5.0; western steers. §4.20§6.00; stockers and feeders, $3.75G5.40; cows and heifers, $2.55Gi6.86;_calves, $7.000.00. TIOGS—Recelpts, estimaied at 15,000 head; market steady; Iight. $855@8.05; mixed, $8.6009.02'4; heave, $8.66@9.06; rough, $8.60G 875; good to cnoice heavy, §8.95@9.05; pigs, $7.0008.75; bulk of sales, $§ %. SHEEP AND LAMBS—Recel] mated at 2,500 head; market steady: native, $#.50G0.75; western, $4 85; _yearlings, §225G5 40; 1ambs, native, $6.76G9.00; western; 769,00, eatl- Knansas City Live Stock Market. KANSAS CITY, Feb. 12.~CATTLE—Re- celpts, 200 head, including 100 southerns; market steady; native steers, $5.35@1.25; southern steers, $4. southern cows, heifers, $2.80% < #@5.75; bulls! i calves, $4.0000.00; weste'n steers, i western cows, $3.0065.25. S—Recelpts, 2000 head steady to bc_higher; bulk of sales, $5.50@ 880; heavy, $8.75@8.85; packers and butch- he, $8.0008.90; lght, $8.5008.10; plgs, §7.609 No sheep. market St. Louis Live Stock Market. ST. LOUIS, Feb. 12—CATTLE—~Recelpts, 500 head, “including 200 Texans; market, steady; native shipping and export steers, $6.904/7.05; dressed beef and butcher steers, $5.7576.50; steers under 1,000 pounds, $4.90G 5.60; stockers and feeders, $3.5005.25; o and heifers, $3.40G6, | bulls, $3.4065.35 and ‘Tndian heifers, HOC steady 8I50G 0. No sheep. teceipts, 2,000 and lights, $6. tehers and best ; market, pigs 5008.80; packers. 90; bu heavy, $8.85@ t. Joseph Live Stock Market. ST. JOSEPH, Feb. 12.—CATTLE ceipts, 100 head; market steady; steers, $6.%56@7.00; cows and, heifers, $2.85@ calves, $8.5008.50. HOGS—Receipts, steady to strong; $8.00@8.75. Sioux City Live Stock M SIOUX CITY, Feb. 12 gram.)—CATTLE-Recep(s ket steady. H(‘)’()S—Rwelm‘u, 14.500“head, steady; range of prices, $8.30G8. sales, $8.40G8.65. Stock in Sight. Receipts of live stock at the six principal western markets yesterday: Cattle. He . Sheep. Sofith_Omali st | e Sloux Clty . 8t. Joseph . Kansas City St.. Louis Chlcago Total 2,000 top, §§ riket. Special Tele- market i bulk of 2,500 2,500 OMAHA GENERAL MARKET, Staple and Fancy Pro nished by Buyers and BUTTER—Creamery, the retall trade in 1-1b. cartons, 2e; No. 1, in 60-Ib. tubs, 29%c; No. 2, In 1-1b. cartons, 28c; in 60-b. (ybs, 2i%c; packing stock, solid pack, 20c; frekh rolls, 32c; fancy dairy roll, 23c; common, 19c. Market chunges evers Tutsday. | CHEESE-Twins{ 18c; young Americ 18%z; Baisy cheosd, 1hac; Limberger, 1ijc, brick, 18c; domestic block Swiss, 20c; im- ported Swiss, Hc. POULTRY-Dressed: Frollers, $ a dox.; springs, 16c; hens, ibc; cocks, 10%ac; ducks, Ihc; geese, lc; turkeys, e 1.25; Homer squabs, $5.00 per avz.; No. 1 ©; Brollers, under b ibs., ilc; hens, 18c; cocks feathered, 13c; geege, full turkeys, Zlc; guinea Yowls, $3 per doz. eons, bc per doz. FISH (all frozen)—Herring, 6c pickerel, ¥c; wiltefish, 10c; Dike, 100 13c ‘apple 6 to Yc; large crapplee. bass, Zc; red 2c; smelts; 1bc; Spanish mackerel, 18¢. 30; flounders, 12c. GYSTELS—Seleots, smanl cans, #e; largs «c; gellon, §1.85; New York counts, amaih arge, gallon, §L9; standards, small, 22c; large, 3c; gallon, $L.35; extra large’ standards, ‘$L60. BEEF CUTS—Ribs, No. 1, Wi%e; No. 3 120; No. 3, 8i4c. Loin, No. 1, 17%c; No. 7 13%c; No. 3, dwe. Chuek, No. 1, fo; No. % @c; No. 3, She. Round, No. 1, B%c; No. The; No, §, The. Plate, No. i, B%e; No. 2 ic; No. 3, #e. MISCELLANEOUS—Clder: New York, pec b bbi., $4.76. Honey: New, 24 frames, 33,25, “Horséradish: ¢ dogen I case, Sl Walnuts: Black, per Ib. 2o; California, | No. 1, per Il 16c; California, 0. ¥ woft, per 1b., 12%c. "Hickorynuts: Large, per Ib., 4o, smali, per Ib., be. Cocoanuts: Per sack, .00, per dos., 66c. FRUITS—Strawberries: Florida, @@Toc. Ocanges: California Nayel per box, 3.1 112-126 sizes, 20 sizes, per box, $3.00. Lemons: $.00; cholce, fan 560 sizes, per box, $4.50; 240 size, 50c per box Bananas: Fancy select, per bunch, 200; Jumbo, Lunch, 8.7 Pea itornia B: Easter, 32 rapes: Import, Malagas, per keg, 3.0006.60. Grape Florida, 54-64-80 'sizes, $4.%. Tung 120-144-166 sizes, per 2.2, Apples:' Jonathan and Grimes Golden, per bbl., $.00; Ben Davis, per bbl., 33.5004.00 Genltan, ‘per bbl, $4.00; Winesaps. per bbl,, $4.50; Gano, per bbl., $4.00; New York Baldwins, Russets and Spy el California W. W. Pearmains, per box, 3 Colorado Jonathans, per box, $2.00; extra fancy Colorado Jonathans, per box, §2.40; extra fancy Colorado R. Beautles, per box, $2.50; extra fancy Colorado Winesaps, per box, $225. Cranberries: Jersey, stock. per bbl., $6.50. Dates:” Anchor brand, new, $-1b. DKES. in box, per box, $2.00. Figs: California, 50 pkgs. be size, in box, $1.85; 12 pkgs., 100 size. We, VEGETABLES—Irisn Potatoes: sin and native, per bu., 6bo; b T5¢c. Sweet Potatoes: $2.0. Caulifiower: Californig, r crate, §50. Rutabagas b, 1%c. Cabba Wisconsin, Holland seed, per 1b., 2igc. Celery: California, per 12-1b. bunch, %e. Onfons: Red, per Ib.," 2 yellow, in sacks, per Ib., c; whit 2140, Spanish Onlons: Per crate, $1.50. Vegetables: Parsnips. carrots, beets, nips, in sacks, per ib. 2c. Garlle: Extra fancy, white, per 1b., 10c; red, per b, 1%c. New ' Southern Vegetables—Turnips: ' Per doz bunches, Bc. Carrots: Per 4 bunches, 6c; Shallotts: Per doz 60c. Parsley: Per doz. bunches, f0c. Beel Per doz. bunches. Sc. Spinach: Per b $100. Egg Plant: Fancy Florida, doz., $1.60 @2.00. Tomatoes: Fancy Florida or Cuba, per 6-bsk. crate, $4.6006.00. String and Wax Beans: Per market bsk., $1.6091.60. Cucum- bers: Hot house, per doz.. $LWGLT5. Home Grown Vegetables—Radishes: Extra fancy home grown, per dozen bunche 3 tuce: Extra fancy leaf, per dog.. 40c; lettuce In hampers, §2.50. Parsiey: Fancy home grown. per doz. bunc e, ce Prices Fare Wholesalers. 1, delivered to | per_qt. 80-U6- Wiscon- | to 2 heads, Canada, per Liverpool Grain and Provisions. LIVERPOOL, Feb. 12—WHEAT—Spof Quil; No. 2 red western Winter. oc! steady; March 85 1%d; i0%d. po! steady; mnew American mixed, bs 6%d; American mixed, old, by 84d; futures, dull; March, b5 6}d. WASHINGTON, 12.—The conditién of the treasury at the beginning of busi- nees today was as follows: Trust Funds: Gold coin, $864.726,589; silver go0d heavy yearlings, $7.0097.90; fair year- and | || Oldest ana Re- | 300 head; mar- | | Amal Unequalled Investment or more, The principal will be amply secured by a deposit of securities in a First National Bank and 6% ent will repay the full amount within their original holdings, which will arly profit. Only $60,000 will be sold on this secured basis, and the money used for putting in a new power plant. carefully safeguarded as larger amounts, The proposition is of the most substantial, non-speculative chay A small investment will be as unquestionable standing, who invite thorough investigation, and who will submit the highest references, in- list this week, and stock will be al- eived. FOR FULL INFORMATION, CALL OR ADDRESS, E. S. WEATHERLEY 530 Brandeis Bldg. ‘We Offer You Nebraska Municipal Bonds & Morigages If you have a few hundred dollars or more that you want to keep safely at interest, call or write J. N, CASADY & €O, Inc. 539-40 Paxton Block, Omaha. 'FORTUNES MADE IN WHIA | buys options yn 10,000 bu, of Whiw $I No further risk. Bach lo movement f | ze-3200, m option price nakes you $100. 5c-$500, otc. Write ier free cir- culars, COLONIAL STOCK, % GRAIN CO. Cleveland, GHio. s oo | Herbert E. Gooch Co. | Brokers and Dealers | GRAIN, PROVISIONS, STOOKS Omals Office: 810 N. Y. Life Bldg. | Bell Telephone Donglas €21} Inaependent, A-2121 and Targess Houso in th outstanding, $484,850,000. General Fund: Standard silver dollars in general fund, $6,427.467; current liabilities, $103,048,331; working balance in treasury of | Tices, §21,614,943; in banks to credit of tre: urer of ¢he United States, $35,460.609; & | sidiary silver coin, $20,66,334; minor coin, | $1,218.24; total balance In general fund, 301,043,590, WEATHER IN THE GR r for Sunday for Nebraska is the Forecast. OMAHA, February 12, 1310. The disturbance on the.Gulf of Mexico, reported in the preceding report, moved rapldly northeastward during the past twenty-four hours, and s central this morning over the vicinity of Long Island sound. General rains attended the dis- turbance over the gulf and south Atlantio states, and snows are general this morning from the Mississippi river east over the | Ohlo valley and lake region to the Atlantio The pressure has risen rapldly N BELT ¥ | coast | the southern states and It continues ' | over the central valleys and west, with Generally cl | crest now over Wyoming, weather prevalls west of the Mississippl | river. Another very decided drop in tem- perature occured last night in the central | valleys, and temperatures below zero pre- | vail “throughout northern Nebraska and | northern lowa, and over the upper valleys, The weather ' will continue falr in this vicinity tonight and Sunday, with con- tinued” cold tonight, followed by slowly rising temperature 'Sunday. Record of temperature and preeipitation compared with the corresponding day of the last three years: 1910. 1909, 1908. 1 26 M8 Precipitation 00 T 2% .00 Normal temperature for today, 23 degrees. Excess in precipitation since Mareh 1, 474 inches. Definclency corresponding joriod in (609, 4.9 inches. Deficiency corresponding p:riod 7.64 inches. 1 L. A. WELSH, Local Forecaster, London Stoek Market. LONDON, Feb. 12.—In response to York bullish news American securiti opened firm and fractionally higher. Later 907, Minimum temperature in 18, | covering orders advanced prices further and the market closed firm, with Unlon Pacific and United States Steel 1% higher and the rest of the list from % to % above yesterday's New York closing. London closing stocks: . 8 Loulaville & N 2 1-16 K. & T 8% Y. Centra - 10% Norfolk & W 118% do ptd... . 108% Ontario & W.., 1143, Pennsylvania . 186 "Rand Mines. £6% Reading ... - 313 Southern Ry M8 do pfd... + 19% Southern Pacific. 41%Ucion Pucific do prd.... 8. Steel do ptd Wabash 158 Copper. Anaconda Atchison do ptd...... Baltimore & Ohio Canadian Pacitic Chesapeake ‘& O..... Chicago G. W. ohi., Mil. & 8t Do Beers............. Denver & Rio ... ¥ do 24 _prd Grand Trunk 234 do pid Iilinols Central. .’ ..!148 Spanish 4. SILVER—Bar, steady at 2 13-16d per MONEY~-1@1 3 The rate of dlscount in ‘the open market for short and three months' bills is 2% per cent. % oz, Sccurities. Quotations furnished by Samuel Burns, Jr., 64 New York Life bullding: Bid. Asked. City of Omaha 4i4s, 1929 . 108% 106% . B L. . % iy . "n . 100 " Co. » German Fire Insurance. Hydraullc Pressed Brick Int. Construction Co. Kansas City R, L. pf Long Bell Lumber Co. 6s, Nebraska Tel. stock, § per cent. Omaha Water Co, bs, 1918, Omaha Water Co. s, 1946 Omaha Water Co. 24 pfd... Omaha Gas Gs 191 . Omaha E. L. & P, Omaha B. B. 8t. Ry. com. - . B. R. & B. ptd ity Stock Yards pfd, 6 per cel % fouth Omaha_ref. 4%s, 1901...... 100 Unlon Stock Yards stock, Souih Omaba 9% Chicago Produce Market. CHICAGO, Feb. 12—CHEESE~ ket was steady; dairle 16%@16%c; young America horns, 16%@16%¢. POTATOES—Steady; choice to fancy, 400 ; fair to good, 3038, \ POULTRY—Steady,; turkeys, 17c; chick- ens, 16c; springs, 16c. VEAL—Steady; 60 to 60-1b. weights, 8g9c; 6 to 86-1b. welghts, 9@10c; 8 to '110-1b. welghts, 10@1lc. Kansas City Produce Market. KANSAS CITY, Feb. 18—BUTTER—Mar ket was unchanged; 27c; firsts, 2c; seconds, & 19 Rias e higher; extri eipts, 22%c. Hay Market. OMAHA, Feb. 12—The supply of hay on the Omaha market was heavy and ihe de mand light. Hay: Cholce No, 1, $11.00; No. 2, $8.60; coarse, $7.00G8.60; packing, §.00. Srtaw: Wheat, $0.5007.00; rye, §8.00. Alfalfa, 12.00013.00. Cotton Market. ST. LOUIS, Feb. 12-COTTON—Qulet: middling, 15e; sales, none; recelpts bales; shipments, 714 les; stock, bale Wool Market. BT. LOUIS, Feb. 12-WO0OI, territory and western m tine mediums, 20§24 The First Fly 3 ) The tirst flying machine of which history preserves any record was the "Dove Archytas Archytas lived in Tarentym, italy, and was a contemporary of =Pldi) The account of his flying dove omes to us from Aulus Gelllus, who tells us that it was formed of wood, and so contrived that by a certain mechanical t it had the power to fly, so nicely was it balanced and put in motion by hidden and inclosed air. Just what this means Is, of cours to ® large extent uncertain, but thut 1l “Dove” ‘'was some sort of was capable of “flying" Is and beyond doubt it 18 th of such machine that we ha American. nehang g /4 dollars, $454,559,000; siiver dollars of 1890, [} . »