The evening world. Newspaper, December 13, 1912, Page 4

PAINTINGS LIKE ONE |“SHORT SELLING” ~ DONKEY MADE WITH So Declares Artist Beckwith, Taking Hot Shot at French Capital’s Art Ideals. GOOD DRAWING TABOO, Augiftus Thomas Gives New} Idea of Principal Figure in the Passion Play. ‘The Netional Institute of Arts end Lattere met to-day 1 nthe home of the New York Historical Soctety at Central Park West and Seventy-seventh street, to announce the annual award of tts gold medal for distinction in arotttecture and to hear ite members report impres- ations of American art and letters. The morning session was opened by De. Henry Van Dyke, acting chancellor © fthe academy. Dr. Van Dyke called on Augustus Thomas, the playwrieht, | ~ OF STOCKS VERY : (Continued from First Page.) bought and sold by the public?” about th Mr. Sturgis waid that there were about four hundred or five hundred brokers on the Exchange. Commissions, he said, on the par value of stock without re- garni to the market value, Mr. Untermyer took up the question of short sales. The witness explained that “short selling’? was the practice of selling stock not owned by the feller, in order to buy it in Jater at @ lower price, . “The object is to make money on & break in the market by selling what you have not got, isn't that so?” “Yon,” replied Mr. Sturgis. Mr, Sturgis said that he believed it proper for broker in times of panio to protect Mmself by short sales. If he were holding another line of stock for which there was no market. ‘Do you believe short selling justifiable fn a normal marekt?" ‘That is a que tion between every man and his own conactence." “Do you personally approve short sel!- ing in @ normal market?” sonally, I do not.” who Giscunsed the propriety and utility of producing the Passion Play in an American Church or tabernacle. As Mr. Thomas descr!bed his ideal im- Personation, the hero of the passion play must be @ man of more than ord- inary statute and strength. The ad- Miration and devotion that Christ aroused among the Jewish women, as recorded in the Testament—the power “The Stock Exchange does not dib- courage short selling?’ “It takes no position in the matte: “Has the Exchange ever unilertaken to promulgate a regulation against short welling?” “Would not much regulation be as Practicable as a regulation fixing the rate of comm: active | | were charged that enabled him to drive out the money| Mr. Sturgis said ft would be impossi- changrs from the temple—confirmed the| dle to differentiate between long and Playwright in tite belief, he said: short stocks on a broker's books. He ‘A hardly race of mountainers dwelt in| never had urged such regulation among the publie duties of the exchange ore The pool acte through a single House, wate the pool awked Mr Unter: “Ww relation is it to ban nyer * ‘et Mr nt by 2 Ny nonoe." NO ACTUAL BUYING ON CROSS | NOT INFLATION, BUT AN OPEN ORDERS. | MARKET. The witness finally describe! the pro- Aren't the banks, who loan on the cess of giving cross orders to buy snd pr of the éxchange, misled by any Al! the same stock, He sald that th artificial Inflation? “It ten’ neces- Object of the operation was ty vrew an active market in a stock, without ally buying any of the stock you think that decel tb “Yes, sometimes.” normal market?" “Gi es," Sture | Mr, Content sald that operation by | kis maintained. He ited that to | pools was no lonker @ feature of the certaln small extent the banks might market but that a number of big tn be misled in artificial #timulation of | dividual operators were now working prices, the street Toland manipulation in 1900, He sald noe) oot to ell Gate oihereet,”” Sale the firm of Chapin & Co, was expected | yee Content. to buy 40,0 es in twenty tots among |“ yeach man is a pdol nty different brokers. ‘then? “Yes, that's it.” t caused an abnormal rise in a few | ald, nd then the stock to where It started,” Unterm produced an alleged rec+ Island sales that day, pur- | porting to show that 217,000 ehares were traded in that day Sturgis said the Rock Island brokers were disciplined by the governors, the principals being suspended for thirty da in himself, John ©, Atteson, secretary of the ‘Webash Rafiroad, said that the first exohinge and the secretary change notified the Wabash that the certificates would not be accepted. Since ‘then the Wabash stock, Mr. Atteson said, has been engraved by the American Bank Note Company as the work of the New York Company would not be accepted or Heted on the 5 eth exchange. Similar testimony as to Exchange?’ Untermyer repeated, certificates was given by David J. Bare “That question is unfair,” Sturgis de-/and W. J. Alderson of the Lehigh clared, “It was @ legitimate trans-| Valley. action In @ way, but It produced unfor- tunate results, ‘The actual buying was Pia nana! RIGHES SPOILED HS PRETTY DAUGHTER That was the most glaring manipula- | tion Gn the list in the history of the | “Is it not the first obligation of the Exchange to see that your quotatior represent the real value of securith “It's our business to furnish a place for trading,” Sturgis parried. “The in- dividuals make the quotations—not the Exchange.” “But doesn't ft distribute them throughout the world?” SENTENCING THEF ‘THE EVENING WORLD, FRIDAY, DECEMBER 13, 1912. WALLSTREET HIT BY JUDGE GOFF IN \ | “You Might Have Been a Suc- cessful Financier Down There,” He Says. | Justice Goff in Extraordinary Term of the Supreme Court to-day extended moroy to @ confessed thief in a litt homily upon comparative stealing, the from the bench in this city. The Ju tice spoke of the futility of plain thievery when Wall street yawned for men of predatory instincts, Thomas O'Donnell, a big six-footer, broad as the buttresses of the Justice's court, stood before the bar, his face flushe4 with shame and a glint of motsture in his eyes, O'Donnell had entered a plea of guilty to the larceny of $350 from a focal of the electrizal workers’ union. His lawyer had on- tered an earnest plea for the lenioncy of the Court, saying that this big-fisted man had been treasurer of his trade unton when he possessed no compe? in figuring, and that the funds tntrasi- ed to him had slipped through his tin- gers almost unwittingly. SAYS HE STOLE FOR HIS SICK! WIFE, maid Justice Goff, with sharp asperity, “why didn't you go down to Wall street. You have made the Sreatest mistake of your life. If you “O'Donnell,” “Yos, through Its mediums. These are not the official records of the Ex- change.” “How much does the Exchange get from the Western Union for those quo- tations?” fellow members.” Accuses Her of Helping Law- yer to Trick Him Into Signing Away $6,000. had gone to Wall street and done some- thing Hke this you would have been called @ successful financier and there would have been.an alt of regpeetability about you. But, O'Donnell, a man who teals small like of which has rarely been heard| s FOUR MEN HANGED, STATE VOTED FOR __ DEATH PENALTY, } Governor of Oregon Refused ! to Save Them When People Decreed Otherwise. SALE! Deo, 1%—Because the! voters of Oreton refused to abolish oap- Ital punishment at the last general elec: | tion, four murderers were hanged In the ate Penitentiary here to-day. Ore. At 1.40 A. M. Frank Garrivon and Noble Faulder, murderers, were dropped | simultaneously through two traps in t scaffold erected in the old pillow and mattress factory of the penitentiary. Fourteen minutes later Garrison was pronounced dead, while Faulder was pronounced dead at 11.66. | Immediately after their bodies were cut down preparations were rushed for the execution of Mike Morgan and H. E. Roberts, who were hanged at 12.26. Garrison, who had all along promised to make @ speech from the trap in the gallows, kept his promise, and just be- fore the black cap was adjusted deliv- ered a brief address to the warden and spectators present. He dqplared he was innocent of the crime charged against him and that he was convicted on perjured testimony. Just before the trap was sprung he cried out, though his voice was muffled dy the black cap covereins his head: “Goodby, goodby, sdodby, Faulder was somewhat calmer than Garrison. He, too, made a little speech. He discussed briefly the causes of crime and said: ‘Hanging will never cure crime. You goodby, | Ton Danell {mportant Every woman knows that this is a coat séason, ndt a Suit one, consequently we have more Suits in stock than we care to have, and instead of waiting until after Christmas to hold a sale we intend to give our customers the benefit now, virtually in the middle of the season, so For Saturday Every Suit in Stock For Women, Misses and Juniors Will Be Offered at a Tremendous Reduction Do Not Miss This Opportuaity High Class Man-Tailored Suits, of imported materials, in navy, black, brown and mixtures. Some marked originally jat $30.00. The price for this sale is 14.50. Separate Skirts at $1.00 An Assortment of Plain Colors and Fancy Mixtures None Altered Without Charge Broadway,Sthana 9th Sts. Registered Trade Mark Established Half a Century Ladies’ Neckwear For Christmas Real Maltese and Cluny Lace Collars and Sets or doats and dresses, $1.50 to $7.50 each. Hand Embroidered Net and Linen Jabots, trimmed with real Cluny Lace, 50c. to $5.00 each. gs lke this is only | Will have ¢o wet atthe root of the evil | ‘to cure it” | the country where Jesus Christ waa Me fellow members of the governing | “I think $100,000 @ year.” brought up. They were skilled in all board of the Exchange. “Tt te mot part of my duty to urKe on the community,” he the argu- mente in favor of short selling as a balance on a rising market, and as steadying a general market situation. ) it 1s considered obnoxious to draw too well. Nature draws clumsily, the Pa- ristan teachers eay. Rodin is one of the brush toe donkey's tail, ¢iokied the animal an made was “hung on " at the Paris salon, played a | trick that exposed the pretentiong of Parisian authorities, ith thought. ‘There 18 no stability in the repute of Painters, Beckwith said. Beckwith, with @ plaintiff note in his voice, wound up by hoping the good things of art dn the end prevall—mut he wasn't very optimistic, ‘Switlieen Lyon Phelps gained the in- ) terest of the audience by an energetic | Paper on “Realism and Realty in Fic- The ennual gold modal of the institute was won by William Rutherford Mead end James Whitcom Riley, for his peetry, the third. WALL STREET ‘The stock market opened to-day with many of the stocks showing the same prices as they did yesterday at the eleaing. Towurd the end of the first _ hour Union Pacific and Reading became quite strong, going up almost a point | over thelr opening sales. The market was very unsteady dur- ing the afternvon, Many of the stocks that were up in the morning broke dur- ing the early part of the afternoon, * Union Pacific was one of the strongest, 4 closing with a gain of 1 8-8 points. Copper was weak, losing 1 1-4 points om the day. The Closing Prices. Poxday's highest. and last, nae chaniace se. Gomapared wit yew Cres are as fallow +4411 ee bet teebttt a rere te & 3 = : ay wW- & wresrerer STARTS A ROW. ‘The question of the moral duty of the Stock Exchange to the public involved Mr, Sturgie and the lawyer in a heated argument, “The Exchange as euch has no duty . Sturels, business and ¢o surround that: Business with proper safeguards.” “ The witness sald that he did net belleve tock Exchange was guilty of mis. Jeading banks as to the value of secur- ites manipulated. On this point he argued at length, Mr, Untermnyer en- @eavoring to secure the admission that the Stock Exchange should make deal- Ings on the Moor of the Exchange, deal- ings in the real value of stocks, that the securities might be quoted at a price representing real value, Bturgis discussed the o-called Rock Island mantpulation on Dec, 27, 1909, when, it was charged, through 4. B. Chapin & Co, twenty lots of 2,00 shares each were Bought on a single order by different brokers, ‘Die stock nt from 39 to 81 in two hours and dropped back to 9 in three hours more. Mr. Sturgia said that the two members of Chapin & Co, were suspended from the exchange for thirty days. ‘That was the most glaring case of mervipulation in the history of the Ex- change, wasn't it?” asked Mr, Unter- myer. Mr, Sturgis would express no opinion, SPLITTING COMMISSIONS \N IN- FAMOUS CRIME. “Why fe it you suspend men manipulation Uke this for only t days and suspend for five years who split thelr comimisaions? Untermyer. Mr, Sturgis declared that divid commissions was the “most infay erie @ 1 of the Exchar commit axaingt* hie fellow member The witness and the lawyer discuss. at length the position of the pu toward manipulated stocks, Mr. Unty myer endeavoring to establish that tor public was “Yured” into the market the buying and selling, He asked M Sturgis tf the Exchange should not » & stop to maniputation. “We don’t consider it our busin stop manipulating which is legitimate, sald Mr. Sturgis, Glaring manipulation be discovered through @ Dut he sald it» atte “It dan't as prac it s0 easily on the “Borrowing stock for for delvery for short stock s y common bus ness, isn't yer avked for ul not be feast! ppt regulat books," it Unte Sturgis admtited timately be traced, how ease?” “Yes.” “Then from the brokers’ boo! ease Of manipulation can be disclow “Et could be done.” short selling it could?” “Et hae never met that issue,” Stur. fis declared. community.” The witness said he had told the ”v Jernors of bis disapproval of | tne cople believe, don’t they, that shor gelling has been very useful in Inia prices or deprey "Ye aid Sturgis. “Do you regard the as | private affair or that it has pubic dune tions?" "Phe membe.s laverution, them?" exchanss |, might Sturgis said all short sales could w- , “Then the exchange could find every Do “Then if it wanted to put a stop to “It's not my duty to give of | @ moral lesson to other members of the |'' don't ¢hink the excange has, We believe | Paat is the way’ it's done, ten'e ft | | Mr. Sturgis was alowed to read into the record a part of a speech which he delivered to the Hughes Commission. His counsel, John G. Milburn, said that he had no questions to suggest and the witness was excused, Rudolph Keppler, another member of the governing board, followed Mr, Stur- gis on the stand, ‘The witness and the lawyer discussed at length the position of the public toward mantpulated stocks, Mr. Unter- myer endeavoring to establish that the public was “lured” {nto the market by Dr, James Nell, eighty-four years old, who 4a trying to have his @asignment ‘of a $6,080 mortgage to John F. Ambrose set aside, and who charges that his beautiful daughter, Viffinia, joined with the lawyer in getting him to sign the paper, testified in Justice Glegerioh’s part of the Supreme Court to-day with a nurse at his side, He suid his daugh- ter was firat’ bewildered and then fas- cinated by the display of wealth, auto- mobiles and lively company at the home the buying and selling. He asked Mr. | of Ambrose. Sturgis if the exchange should not put) (ire. Nell, the doctor's second wife @ stop to manipulation. and mother of Virginia, opposed her ‘e don’t consider {t our duty to stop manipulation whioh is legitimate,” said Mr. Sturgis. Glaring manipulation, he said, might de discovered through a broker's books, but he said it would not be feasible to attempt regulation in that way. Mr. Sturgis was allowed to read into the record a part of a speech which he delivered to the Hughes Commission, His counsel, John G. Milburn, sald that the had no questions to suggest and tho witness was excused, HOW CURB BROKERS ARE KEPT IN CHECK, Rudolph Keppler, another member of the governing board, followed Mr, Stur- gis on the stand. Mr. Untermyer and} Mr. Keppler engaged in a battle of wits on “atock market manipulation.” ‘The witness held that cross sales and pur- chases Were legitimate, #0 long as the commissions were paid and there were no “wash sales” or “matched orders’ in Finally the lawyer Gaughter’s fondness for homes other than their own modest residence at No. 14 West One Hundred and Thirty-frst street. ‘The mother was also unfavor- able to Edmund Lockwood, @ young man Virginia married this summer. “What did Virginia say in reply?’ the aged man was asked. “Indeed, she didn’t say muchvand-whe idn't obey much,” he answered. She would eay she did not like the tea service at home, that the maid service at the Ambroses was better, that the Ing was better and so on. And what hurt me most,” continued the, feeble old witness, with a cough, “you ses, we ways kept a g00d table,’ good whole- some food, the eame Kind of food that has kept me alive to my ‘ripe old age and I hada good many chil@ren and ncne of them ever complained of their father’s food before.” took up the relations of the etock ex-| Dr. Nell says he was tricked into sign- change with the curb market, He read|ing the paper, which he says he thought from the report of the Hughes com-|was an experimental signature to see if Paealon se ar ghee oe Cpa) Ca ‘he could still write @ good one. change prevents the cunb from getting! The daughter Virginia and her hus- Renee toes tated One ee oaeut hat | and gat at one end of the counsel table listed on the exchange, the curb ceased | With twelve very pretty young ‘women to trade in them, because if tt did not| back of her, Her mother eat apart and tho cunb would be barred from business | did not look toward her, * with stock exchange members. He also| “Instead of staying out nights and re- brought out that the rate of charge on| maining away from home visiting her girl friends she should have been home the curb was less than on the exchan, “Do you agree with the report abo} darning her stockings, df nothing else,”’ took | 824 the aged witness, mmission th: betant the operations the Exchange are gambles?” “Well,” said the witness, “Z would say that some transactions on the Stock Exchange were somewhat of a gambling dature.” Keppler said if “wash sales” were made in the open market it might be perfectly legitimate, because “it might attract other people to buy or sell a stock." BROKERS WHO HOLD OUT A FALSE SIGN. “Then a man 1% holding out @ false |atgn by buying and selling at the same \thine to make a stock appear active?” "I would say 80," “You think that 1s legitimate?" a reasonable extent.” Was a poor man, unable to t not to do It eriiyer. “That's | : He admitted that | ying no commissions, could nanipulate the market much easter than un | “But e rich man, you think, ta justi fied in buying and gelling to manipulate |a stock?’ Untermyer questioned. “Yes, reasonable extent,” Keppler as- | | “To Where would you draw the line? 1 don't know." For whore benefit are higher prices for the publi “Not nee Tt might tbe de- “k to a high level pler Raid BU se a it th discussed the curb market the New York Exchange re- Nut he tnsisted he knew noth- egarding “the curb, you believe with the Hughes ion that a large part of stock exchanges are gambling? » “Le depends on what you term a ‘lange’ port.” sald Keppler, “1 would not deny | some part of the transactions are | 5 hat gambling nature.” Streit, a member of the com- erbitration and clearing house New York Stock Exchange, satd inion on anything relating to short sales and manipulation, and af- t to get him to express | rmyer obtained onty the | Streit belleved saort | the in ¢ Mr. Unte t Mo hia firm active trader in stocks; that engineered a manipulation | himself, but he knew what “manipula: | tlon” was, He sald he had never been employed by & pool. “L've always been employed by indl- I) vidual houses,” he said. common thief.’ Then, swearing the big electrician, the Justice asked him jf he had ever been arrested—ever been convicted of | A cH, CCOMIT angwared 9] WOE O04 in ran ae catandl | The looked at the fine, upstandla; stralght forward negative to these, pia A’ the man before bie parton questions, He had lived decently, the! “4 s . prisoner declared, eS a ASKS HIM WHY HE DIDN'T Go| ‘“o: “O'Donnell,” he continued, “I am DOWN TO WALL STREET. sorry for you, There ts something about “Why did you steal, then?’ Justice you—about your case—that touches me. Goft asked. 'L will not put the stamp of State's “I was out of work, my wife was| prison upon you. sick, two of my children died. I had/ish you, nevertheless. Therefore I gen- to steal,” the man answered, itence you to spend four months in the “I do not believe a trade union would’ penitentiary.’ Vanity Cases Cigarette Cases To those who want to give a Christmas Gift. that will be highly appreciated by the recipient we invite special attention to our display of Vanity Cases and Cigarette Cases, now on exhibition. This assortment, which for variety of designs and magnitude is exceptional, includes every conceivable kind of Case, from absolutely plain gold to richly or- namented cases set with precious stones. Invited. E. M. Gattle & Co., Platinumsmiths and Jewelers, Fifth Avenue at Thirty-eighth Street. Comparison of Valu: EVERY WATCH is guaranteed a correct time- keeper, and kept in perfect order free of charge. ‘ticle is more satisfactory than a watch thi will keep correct time and a case that is Our assortment is very large, consisting of all grades from the finest to the inexpensive. Sixth Ave., cor. 17th St. OPEN EVENINGS ICE—We have moved our business from firend St, to ANG. COR, ave Ho connert aan oo allow one of its officers to be out of; I will have to pun-| White or Ecru Lace Jabots, 50c. to $7.5).each. Robespierre Collars of Satin with lace frills, or plain Muslin with embroidery, 50¢. to $3.50 each A New Line of Silk Novelties just received. ine cluding bows, ties and flower novelties Veilings _ The newest effects in mesh veilings—lace and chiffon veils—automobile veils and e 5 Chiffon Veils, 114 to 314 yards long, $1.50 to $7.50 ea. Lace Scarfs of Spanish Lace, Hand Run & Real Laces. James McCutcheon & Co. Sth Ave. & 34th St., waldbtittons Remarkable Values SUITS, COATS $4 9.0 $18, $20, $22.50 Garments Absolutely the largest display of high class clothing for men, women and chil- dren in the entire City of New York on No store can begin to com- pete with us in the of reliable merchandise on our basis of , No Money Down Kvery garment we show tatlored im the helght with our absolute « faction, Our prices are at least N YOU'D PAY splendidiv AY LATER, Furs and Fur Coa Diamonds, Watches and Jewelry, same terms. 7W. 14th St. Bet. Sth & Gth Avs, ® O'CLOCK, Bet, 122d & OPEN EVENINGS UNTIL