The evening world. Newspaper, January 20, 1922, Page 32

© “VHow tong demonstrations by bull Poets will continue in specialty stocks ‘hat are easy to manipulate cannot We foretold, There is one thing be- goming increasing apparent, how- ever, and that is the powers that be Wall Street are opposed to the being employed by specula. groups in these specialties, Such tions as are being given by States Stec! and other issues practically force all-powerful bankers ‘© take a hand in the game for the ‘The onl: ret ie by th ad only move yet made by e ‘Dankers has been in tho money mar- ket. The reason nearly everywhere heard for the current comparative stiffness of money is that interior tions are dissatisfied with a 1-2 per cent. Wall Street renewal + rol nd can employ their funds more ly at their own centres. Best students of the money market that while money has been with- from Wall Street by interior Mastitutions, a 6 per cent. rate, which mow being enforced at the end of day, when new borrowings are is not justified purely by and demhind conditions. Present sensational demonstra- Uons in specialties were born of easy conditions which came shortly the turn of the new year. Ana- lyzed from a broad viewpoint money @onditions have not been easier in four years or more. A further reduc- in rediscount rates to 4 per cent. certainly justified by the condition the Federal Reserve Bank, There hardly any doubt *but that such a red luction will be ordered in the near . But no one need be surprised if the call money rate is marked above 6 per cent. if present sensa- Honal bull manipulation continues. That is one way of checking such tions as are now being carried a few sections of the market. I By .. The character of the movement in Guilt States Steel can best be seen by Woking back over the transactions for the past ten days. On Jan. 10, or nine trading days ago, this issue selling at 45. At that time daily fons averaged about 500 ghares a day. This is a normal daily ‘business in the stock. _ By Friday the 13th business had grown to 1,900 shares. Last Mon- day transactions totalled 7,400, On ‘Wednesday they amounted to 14,900 wehares and the stock closed at 65. esterday there was a turnover of r ly 40,000 shares, and at time the stock showed a net ad- ance for the day of 20 points. . In trading days it has advanced 46 to 85. Various silly reasons have been ‘advanced to account for the stock's i performance. One is e Ford is endeavoring to ‘ control in an endeavor to strengthen his Muscle Shoals project. LIVERMORE STOCK ORDERIS CANCELLED _ BYLEWISOHN BROS. ‘Seneca Copper Drops to New Y Low, 16 3-4, After Pool Disagreement. * . Seneca Copper shares, ® security ver which Jesse L. Livermore and wisohn Bros. are in dispute, to-day off, the quotations fluctuating from $22 to $16.75, the lowest figure ‘at which the stock has sold this year. * had sold up to a high of $23 since “Jan. 1, According to reports, the gtock has been operated in three . The cancellation of an order placed terday by Mr. Livermore for shares led up to charges of ‘Wiolating of a pool agreement, con- ning which both sides made state- ts. David B. Cahn, attorney for Mr. “Livermore. declared that Mr. Liver- ‘more had acted in good faith. Mr. Cahn suid that a pool agreement had been made between Lewisohn Brothers and Mr, Livermore, by which Mr. Livermore was to buy or gell stock in the Seneca Copper Cor- poration, through such brokers as he chose and that these orders were to feo cleared for and by the firm cf ‘Lewisohn Brothers. He said that under the terms of this agreement Mr. Livermore had bought and sold Seneca Copper to u considerable extent, und that up to wJcsterday the agreement by Lewisohn Brothers to clear the stock had been lived up to. Yesterday Mr. Livermore placed or- ders for several hundred shares of Seneca Copper in the open market, through the Stock Exchange firm of Block, Maloney & Co. Orders were received by Block, Maloney & Co. not . fe execute the orders, as Lewisohn Brothers would not clear them and y for the stock purchased by Mr. vermore. The orders were ccord- ingly cancelled. REO OO _THE EVENING WORLD, FRI DAY, JANUARY + taal OTERO ST “MOURNE CRETE NE MAPICS I RTP RET: 20, 1922. arket Sidelights By R. R. Batson. No one seriously believes this. A second explanation i that interests back of the proposed consolidation of independent steel companies are buy- ing control in order to have the com- pany included in the proposed mer- ger. The best answer to this is that a price anywhere near eighty-five preciudes the possibility of Gulf States being included in the merger The movement In the stock has all the earmarks of an attempted corner with a substantial short interest locked tn. And having in mind thi action of the New York Stock Ex- change in the notorious Stutz corner, one wonders what action the Stock Exchange will take If present tactics being employed in the market for Gulf stock are continued. An interesting sidelight on the con- trasting business policy of two of the largest industrial concerns in the country engaged in the same line “of manufacture is furnished by a state- ment by C. M. Muchnic, a Vice P’ ident of the American Locomotive Sales Corporation, During the recent slack times in the locomotive business Samuel Vaucluin, President of the Baldwin Locomotive Company, customers who are desirous of pur- chasing locomotives. A secured credit of $5,000,000 was extended Mexico and similar financial arrangements were made with various foreign countries. When Mr. Vauclain sailed for Europe recently he strongly intimated that if he could secure business on the other side he would consider seil- ing his products on a barter and ex- change basis, accepting in payment raw materials and products of those countries. Mr, Muchnic, who {is now sailing for Europe, states tl he not looking for business, and adds: “‘If any European country desires to pur- chase American manufactures and has certain natural or primary com- modities to sell, there are many In- strumentalities, trading companies specialized in trading tn such com- modities, to realize for such sellers satisfactory proceeds with which to purchase Americar manufactures. “It is not the province of the manufacturer to, be manufacturer, banker and trader in oll, glass beads, hides or lumber. “We have traveled too far along the path of civilization to revert to practices extant centuries ago.” Another excellent index of the im- provement in investment demand is furnished by the fact that persons and firins who subscribed to $100,000 or less of the recent offering of Southern Railway bonds have re- ceived only 20 per cent. of their ap- Plication, with a minimum allotment of $1,000, while subscribers applying for $101,000 bonds and upward re- ceived only 10 per cent. with a mini- mum allotment of $20,000, STOCK MARKET N SENSATONAL TRADING AIT Gulf Steel Works to 90, Then Breaks 20 — Others Irregular, Some of the most sensational price movements in the recent history of the New York Stock Exchange were witnessed shortly afier the opening this morning. Asa resuit of a clash between powerful speculative inter- ests who haye taken opposite sides of the market, a number of highly speculative issues fluctuated in a wild manner and with a total disregard of actual values. The climax of the recent sensi tional rise in Gul? States Steel came with an announcement by Henry Ford that he is not seeking contro of the company. Ten days ago thix stock was selling at 45. Yeste roxe 20 paints ané touched § bull pool the issue had short interest in it and were admin- istering severe whipping, — This morning the stock climbed to 90 and as soon the announcement by Henry Ford was printed on the news news tickers there wax a deluge of selling wh'ch carried it back to 70 1-! as 1-2, a sheer drop of twenty points within as many roinutes. At times the stock broke severul points between sales Price movements in Replogle Steel were equally sensational, It became known pefore the opening of the mar ket that a meeting of the Iron and Steel Institut heen hurriedly ealled for to-day « to meeting of representatives of Replogle directors had also been called. Also there is to be a meeting of representa tives of various steel conc whien it is planned to consolidate. Floor traders and others jumped to the con clusion that Reploge! was to be in cluded in the merger At the opening of the market more tha twenty brokers milled around Mr. Cahn said that in his opinion ‘and in the opinion of Mr. Livermore @here had been a plain violation of a “syndicate agreement. James R. Deer- ing of No. 135 Broadway, attorney for Lewisohn Brothers, answered the “charges in behalf of his clients. He ) maid that the difficulty arose over the Gnterpretation of the agreement be- tween Mr. Livermore and Lewisohn gorotncrs, and that, accorling to his _Slients' understanding, Lewisohn “Brothers were justified in cancelling ‘Phe orders placed. ual SS _4»MARVARD DROPS SWIMMING. CAMBRIDGE, Mass, Jan. 20.— dmming has been dropped from rvard'’s list of intercollegiate _ sports, Graduate Manager Fred W Moore of the Har Athletic Asso eiation announced to-d dnterest and inadequat Were assigned as ee Lack facilities sae a 9 the Replogle post with buying orders It developed that » was only 100 shares for sale, selling order was snapped up and no more of the stock was offered until 40* was bid. It then sold at 41 and within a few minutes dropped back to 33, The professional element which re- cently has been using Crucible for speculative football were tremely stock was sharply of six points. a given an ex- run up for a MOTHDR AND BABE HOME Mrs. Cella Apple, thirty-four years old, with her baby boy, « year and @ half old, appiled at the Municipal Lodging House in East 25th Street last night for shelter, She said she had lived in Pat gon, but had separated and was hom the psychopathic ward examination as (o ber mental ceydition, has been able to finance 4’ An) Beet Sugar Am Bosch aa . Brake Bhoe Am Can Am Cotton O11 Am Drug Syi Am Express 4 Am Hide & Leath Am Hide & Le pt Too Am Am Am An Line Of pt Am Locomotive Alited Chem Am Ship & © Am Smelt & It Am Smelt & Rpt Am steel Found Am Bugar ....++ Am Sugar pf... Am Sumatra Tob Am Tel & Tel Am Tobacco «+ Am Tob pf now.. Am Tob cts I [Am La France.. Am Wool . Am W Paper pf. Am Zine « Baldwin Lovo, Balt & Ohio. Balt & Ohio pf Bth Steel B. Beoth Fisheries Urook R T.. Brook RT etfs Butte & Superior, Butterick Co. Calif Packini Calif Petroleum. . Canadian Pacific Central Leather. . Centrat Leath pf. Chandler Motors. Ches & Ohio Chi & Alton Ry.. CM&SPRR CM &SPRRpt Chi Pnev Tool Chi RT & Pac... CRI&Pipept & North Ry. {Chile Copper Chino Copper - Cluett & Peabody Coca-Cola Col Fuel & fron. | Col Gas & E Columbia Grapho. Comp Tab & Ree. | Consol Gas Consol Textile Con Int-Cal Min. Cont Insurance. Coden O11 . Corn Prodi Cern Products pf. Crucible Steel « Del & Hudson.. Del Lack & Weat Endicott-Johnaon. Erie .... + } Erie tst pf. Famous Players: Vam Players pf Fisk Rubber . General Asphalt Gener Asphalt pf. on Wil & Wig General Electric. General Motor . General Motor pf. 2 Gulf States Steet Haskell & Barker Hupp Motors ...- Indiahoma Refin. Inter Con Corp... Int Cons Corp pt Inter Motor . Inter Paper .s.+5 Int Mer Mar pf. . Inter Invinolble O11. Teland Ot Iron Products ..+ Kansas City 8.. lly Springfield. & West.. Lake Lehigh Valley Loew's, Inc Louls & Nash Manatl Sugar Man Elevated Man Shirt . Martin Parry + Math Alk Works, Meintyre & Wr. Middle Stai Midvale Stee! Minn @ St La MO Pacific pf ++ t Ward vos, Mont M Bt F Naj Enam & Btp, Nevada Consol. New Or T & M.. NY Central NYNH 4H. NY Ont & West Norfolk & Weat. Northern Pact Nova Scotia Steel Orpheum Cireutt. Oule Btwel Owens Bott! Pacific Gas ifie an Pans Penn BR. oes ++ Penn Seabd Steel People'# Gas Pere Marquette Pitla Company Phillips Petrol Pleree Arrow Pierce Arrow Pleree ON Pittsburgh Coal Pitts & West Va. Pitts @ W Va pf. Pullman Co Punta Aleg Sugar Pure Ol) Pub Ser pt. of NJ. Prod & Refiners. Rall Sti Springs Ray Copper Reading at Replogic Stoel Rep. Iron & Steel Royal Dutch N ¥ Plerce O11 pr Bt L & fan Fran At L & Southw pf sug Arms ta Cee Beneca ( | anattuck Arizona, 41% 123% 32 00% 68% 86% 8% 10% a1% 62 82 87 4% 11% 8M 48 3% 834 iM 2% oT idje 18% 4055 54M 50% 08 21% 3% Hiah, SY it at % “a 63% 5M Low. Las OPen. High Low. La bay | Bron Ta T a at 7 1 {Sinclair Os... 20% ul 14 | Sloss-Sheff Steel. 41% 1% | 80 Porto Rico Sug 34 44 [Southern Pacific. 43% | Southern Ry 8214 | Southern Ry pf... 3% | Stand Ol of NJ. 177% Stan © of NJ pf 116 Btrombera os... 40% Btudédaker ...... 87% Submarine Boat.. 4 Superior Of «06. 6 Texas Guit & Sul 41% ‘Tenn Cop & Chem 0% #14 Texas Company... 4% 41 | Texas & Pacific. £5% B1%y Tex & Pac Coul., 24% $4 | Third Aven + 13% 105% | Tobacco Products. 63% 69. | Transcon Olt 10% 9% | Trans & Williams 33% 47% Union Bag & P.. 09% o1 | Union O11 + 19% 2% Union Pacttie, 129% G4 United Alloy... 27% Un Drug ist pf.. 46 Boe United Fruit ....4 125 United Food Prod 8% 18 ean wuorcet 98 00% |U 8 OF Pipe... 19 129° |U 8 C1 Pipe pt.. 86 | UB Ind Alcohol.. 43% vi Va Ir Co & Coke Wabash ...... Wabash pf A. Wickwire Bteel Willys-Overiand .. oy” willys-ov'lund pt. 20% 30% Worth Pump 40% Wh bree sae 47% 5 (Complete Stock Exchange 125% and Curb Quotations Appear 66% | Daily in Wall Street Final rd Edition of The Evening World.) pi ae 35 | 55% | 51 87's | terday by 1 Wall St. Gossip BERTY BONDS, Ist 41-43, 97.80; 2d, 97.84, off 1 8d, 97.92, off 02; 4th, 97.60, off 1 Victory 3 3-4s, 100.12, off 02; 4 3-4u, 100.14, FOREIGN EXCHANGE OPENING. Sterling, demand, 4.21; cables, 4.211-2, off 1c, French francs, de- mand, .0812; cables, .0813, off .0006. Lire, demand, .0435 1-2; cables, .0436, off .0002, Belgian francs, demand, .0779 1-2; cables, .0780, off .0004. | Marks, demand and cables, .0050 1-2, off .00@1, Guilders, demand, .365: cubles, .3659, off .0006. Greek drach- ma, demand, ,0437; cables, .0442, up 0003, Swiss francs, demand, .194¢7 cables, .1944, off .0002, Pesetas, @e- mand, .1494; cables, .1496, off .0003. Swedish kronen, demand, .2492; cu- ‘bles, .2497, off .0005. | Norwegian kronen, demand, .1565; cables, .1570, off .0002. Danish kronen, demand, 2001; cables, .2006, off .0004, ——— 2. MOTHER’S LONG WALK TO FREE SON IS IN VAIN He Had Seen Liberated August—Now to Prison Agi LEAVENWORTH, Kan., Jan. 20. Joseph Anderson, whose release from prison was asked of President Hard- ing by his mother, Mrs. Margaret Anderson, is no longer an inmate of the United States Disciplinary Bar- racks at Fort Leavenworth, it was announced to-day by military prison officials, He Was released last Augu ‘Anderson, according to Sheriff Rus Wilson of Leavenworth County, was rearrested at the prison gates and taken to Cheyenne, Wyo. where he was convicted on a charge of having forged a postoffice money order, and Last in, now is an inmate of the Federal Penitentiary here. The prisoner's mother recently started a long hike from Ohio to Washington to plead his case. ———>——_—_— ALL POLISH EMIGRANTS TO SAIL FROM DANZIG Government Signs greement With Free City. WARSAW, Jan, 19 (Jewish Tele- graphic Agency).—The agreement signed last week by representatives of the Polish Government and of the Free City of Danzig provides that emigrants leaving Poland for the United States and the Argentine be permitted to pro- cced abroad only by way of Danzig. Both parties in the treaty were anx- fous to concentrate the gull 100 per cent, of the emigrant flood through the free port, but the Polish steamship companies objected on the ground that they could not provide the necessary | tacilitles and that such an arrangement would harm their interests in other places. They consented to handle 60 per cent, of the emigrants at Danzig. > FISH SWALLOWS ONE ON HOOK; BOTH CAUGHT of Winter— Welwht 7% Pounds, (Amecial to The Brening World.) VOLUNTOWN, Conn, Jan. 20—A fisherman over on Beach Pond made the catch of the winter to-day. Pick- erel were biting well and evidently very hungry. One good-sized one got hooked and while F. A. Lapoint was pulling it out a huge fellow nearly five pounds in weight jumped for it, swallowed fully ten inches of the smaller fish and held on to his catch so eagerly that both fish with a total weight of |seven and a quarter pounds were | landed at one time. ee * | MAN KILLED HAD BPPN SANI- TARIUM PATIENT, | GREENWICH, Conn, Jan, 20.—The | young man who was Killed here y: @ Boston express train 1% | was identied as S. Roisnick of New 4% | York. Reisnick had been a patient 2 at the Green Farms sanitarium, 4 Westport, suffering from a nervoud » Dreakdown D MeParland. my avge of the sanitarium, said. that ! Reisnick had been discharged aud S| had eft for his home, =. Liberty 8 1-28 opened 97.16, off 145) Immigration | MISS LEILA BURDEN WEDS L. H. P. CHAPIN IN GRACE CHURCH Mes: © page LinSLey H. P. CHAPIN. 20% i Rector Performs Cerémeony Bofere Assemblage That Throngs Edifice. In Grace Church yesterday after- noon there took place the wedding of Miss Leila Burden, daughter of the late Joseph Warren Burden and Mrs. Burden of this city, to Lindley Hoff- ;man Payl Chapin, son of Mrs. Lindley Hoffman Chapin. The church was crowded, The rector, the Rey. Dr. Charles Lewis Slattery, performed the cere~ mony, assisted by the Rev. Dr. Will- fam G. Thayer, Headmaster of St. Mark's School. Afterward a small re- ception was held at Mrs. Burden's home, No. 160 East 70th Street. BRITAIN HURRYING TROOPS FROM ERIN Only Two Battalions of Black and Tans Left and Regiments Begin to Move. DUBLIN, Jan. 20 (Associated Press)—All the British auxiliary police except two battalions have left Ireland. These two will Icavo to- morrow. To-day the evacuation of the Brit- ish Army in Ireland began in earnest. Ships are waiting at Dublin to con- vey the troops which were scheduled to arrive for embarkation by several special trains—three from Curragh, two from Tipperary and two from Maryborough: Two special trains were ordered to convey troops from the Kilworth camp to Cork for em- barkation. Eight military airplanes, | with pilots and wireless operators, left for England this morning. epee PERSHING WARNS | AGAINST DISARMING | Too Large a Reduction Would Be * Disaster, General * Tells House Committee, WASHINGTON, Sdn, 20—A warn- ling against America “allowin, he ‘Arms Conferegce and pacitiet ahi to sway the country to too large a jreduction in its*Jand forces was sounded to-day by Gen. John J. Pershing. | Appearing before the House Mili: tary Affairs Committee, Pershing declared: "If America is wise she will keep army of 150,000 trained fighting men and 14,000 officers.” ——.___ SAYS TOBACCO FIRM HAS OBEYED THE LAW Company President De- iracy Charges, Replying to, a despatch from Wash- ington stating thet the Federal Trade Commission had charged P. Lorillard Company, the American Tobacco Com- pany, Liggett and Myers Tobacco Com- |pany and others with entering into a | conspiracy to depress prices of leaf tos bacco, and also with conspiring with jobbers’ associations to keep up job- bers’ prices on tobacco products, Thomas J. Maloney, President of the Lorillard Company, to-day said: “T emphatically deny these charges. There is absolutely no foundation in fact for them. The Lorillard Company stands ready to meet and disprove them before any impartial tribunal. I par- ticularly want to say that this com- pany has in all its policies obeyed in very respect the law on this subject ‘as laid down by the Supreme Court of the United States, which has several times recently overruled the Federal Trade Commission in its unwarranted attacks on legitimate busines: ees ARRESTED AS HE LEAVES JAIL, Michael Biovits was released from the Penitentiary on Blackwell's Isl- nad to-day and immediately arrested again for the authorities of Huntin ton, Pa., where he is wanted for vio- lation of parole. He was sentenced to the Penitentiary for a burglary in the Bronx in September, 1919, after being paroled from the Reformatory Huntington, where he had been serving @ term for @ burglary at Erie. eae SUGGESTS NAMES FOR GARMENT INQUIRY, Louis Lustig, President of the Gar- ment Makers’ Protective Association, to-day sent a letter to Secretaries Hoover and Davis suggesting tht names of six men as investigators in the forth- coming Federal inquiry. Mr. Lustig de- flined to disclose the names, saying that these would have to come officially from Washington. _ BRITISH DISPERSE INDIANS; Al- REST 50 CALCUTTA, Jan, 20 were arrested by police dispersed three me prohibited area here heotinge is the Wew Rar ett Gisobedience adopted by the nauve pro- yee congress of Betigul, persons. [ADME eS Some ABU bes! : ©1922 By Tax Bert Synoicate-tne. © j SYNOPSIS OF PRECEDING CHAPTERS. a ous ayn, A tale Uh aor. ete & uraiahed room to amen Qi stranger, Who Anke Hugh to an unkvown tan whom be wb ‘ebot where the Tul and Twerd 10 ye rendervous and_ ie: a tmutdered man On returning hone 2 “died. From, papers On ‘the murdered man’s ‘body, tuey determine 1" Puiliipa. and in hjs pockets te PIL ot stationery bearing Ube hanie “Gavin Smeaton of Dundes. the Ihousst over Phility gh man Mie had seco in the. vicinlly of ibe murder on. the. might. that wae alg ian, te Sif Ullbert Carstairs. woo. Ran Just tnheriied Parts, tee “early” bornood, Shortly fate “neha tell Tn looking Uirgugh’ the Property the si of Michael Carstairs, a ng Meanwhile, Crone bas been uneesy al its Sir Gilbert Carsthairs and cells him what Mbert offers bim the position of steward for Ly estate which Hugh acospis, | CHAPTER V. (Continued) HP affair was quickly ar- ranged. I was to stay with Mr. Lindsey another month, 60 as to give him the op- portifnity of getting a new head clerk, then I was to enter on my new duties at Hathercleugh. I was to ‘have five hundred pounds a year sal- lary, with six months’ notice on either jside; at the end of five years, if I }Was still in the situation, the terms were to bo revised with a view to an increase—and all this was to be duly set down in black and white. 5g: 4 ) out what I at once knew to be Abel Crone's purse. “That's rone’s purse, I ex- claimed, ‘ve no doubt about that. And that's a crown piece I gave him I've no doubt about that “Let us see the man,” sald Mr. Lindsey. Chisnolm ied ug down a corridor to the cells, and unlo¢ked a door. He stepped within the cell behind it, mo- tioning us to follow. And there, on the one stool. which tne place con- tained, sat a big, hulking fellow that looked like’ a navvy, whose rough clothes bore evidence of his having slept out in them, and whose boots were stained with the mud and clay which they would be likely to collect These propositions ‘of course, were | along the riverside. Mr. Lindsey's, and Sir Gilbert ai “Now, then, here's a Jawyer for sented to all of them readily and|¥You sald Chisholm. “Mr. J.indsey, promptly. He appeared to be the sort of man who is inclined to accept anything put before him rather than “Well, my man!” began Mr, Lind- sey, taking a careful look at this queer client. “What have you to say at it, Ana} to me?” peuentiy: swmarenes chat that was] The prisoner gave Chisholm a dis- all right, and he'd leave Mr. Lindsey | @Pproving Looky, to see to it, he rose to go, but at the ‘ot going to say a word before the likes of him!" he growled. know my rights, guv-nor! say, I'll say private to you “Better Iaave us, Sergeant," said Mr. Lindsey, He waited til! Chisholm a bit unwilling, had left the cell and closed the door, and then he turned to the man. “Now, then,” he contin- ued. “Who are you?—and what do you want to say?” “Name of John Carter,"’ replied the " do: What 1 nansed and came hack. 'm thinking of dropping In at the police station and telling Mucray my ideas about that Crone affair,” he re- marked, “It's my opinion, Mr. Lind- sey, that there's salmon poaching going on hereabouts, and if my land adjoined either Tweed or Til! I'd have epoker, about It before. There are queer characters about along both rivers at night—I know, because T go out a good deal, very late, walking, to try and cure myself of insomnia; and { know what I've seen. It's my tmpression that Crone was probably mixed up with some gang, and that his death arose out of an affray be- tween them. | “That's probable,” answered Mr. Lindsey. ‘There was trouble of that sort some years ago, but I haven't heard of it lately. Certainly, it would le a good thing to start the idea in Murray's mind; he might follow it) up end find something out.”” | “That other business—the Phillips murder—might have sprung out of the same cause,” suggested Sir Gil- bert. “If those chaps caught a stranger in a lonely place’’—— ‘ “Tho police have a theory already about Phillips,” remarked Mr. Lind- sey. “They think ho was followed from Peebles, and murdered for the sake of money that he was carrying in a bag he had with him. And mv experience,” he added with a laugh, “tis that if the police once get a theory of their own, It’s no use sug- gesting any other ‘to them—they’ll ride theirs, rither till it drops or they get home vith it." Sir Gilbert nodded his head, as if he agreed with that, and he suddenly fave Mr. Lindsey an inquiring look. “What's your own opinion?" he asked. But Mr. Lindsey was not to be drawn, He laughed and shrugged his shoulders, as if to indicate that the affair was none of his. “T wouldn't say that I have an oninion,;Sir. Gilbert," he answered. | “It's much too soon to form one, and Uhaven't the details, and Pm not @ detective, But all these matters ake very simple—when you get to the bottom of them. The police think this Issgolog to be a very simple | affalr—mere vulgar murder for the ‘sake of mere vulgar robbery. We shall see!"” |_ Then Sir Gilbert went away, and Mr. Lindsey looked at me, who stood a little apart, and he saw that I was! thinking. “Well, my lad,"’ he sald, ‘‘a bit dazed by your new opening? It's u fine chance for you, too! Now, I) suppose, you'll be wanting to get married. Is it that you're thinking about?” “Well, I. was not, Mr. Lindsey,” said I. “I was just wonderins—if you must know—how it was that, a8) man. “General laborer—navvy work he was here. you didn’t tell Sir Gil-|—anything of that sort, On tramp— bert about that signature of his| seeking a job. ‘ame here, going brother's Shar you found on Gilver-| north, night before last. And—no thwaite’s will.” more to do with the murder of yon He shared a sharp look between me| man than you have. It's this way and the door—but the door was | stopped here in the town three safely shut. nights since, and looked ubout for a “No!” he said. “Neither to him, job next day, and then heurd of sore- nor to anybody, yet a while! And) thing likely up the river and went don’t you mention that, my lad. Keep | after it and didn’t get it, so I started it dark till I give the word. I'll fad: back he late at night it was. And out about that in m) own way. You r crossing that bridge at a place understand—on that point, absolute, Twizel, | turned down to the silence.’ river bunk, thinking to take a short T replied that, of course, I wouli|cut. And--it. was well after ‘dark, not say u word; and presently I went then, mind you, guy’nor—in coming into the «ffice to resume my duties ‘along through the woods, just before But I had not tong been at that «-| where the little river runs into the fore the door opened and Chishotin | big one, 1 come across this. man's put his face within and looked ty body—stumbled on it iat's the *m wanting you, laws," he said.‘ You said you were with Crone, buying something, thi: | night before his body was found. | You'd be paying him money—and he might be viving you change. Did you | happen to see his purse, now “Aye!” answered I, ‘*What for you ask that? time was this?” asked Mr. “It would be t eleven o'clock,"* replied Carter was ten when | calied by Cornhill station, Tw the way I did--down through the woot: to the river bank—because I'd noticed a hut the m the morning that | could sleep in—T wa when I found the body about the pur shortly “No lies, shook his he was Because,” said he, ‘we've taken a fellow at one of those riverside pub- lics that’s been drinking heavily, ana, of course, spending money freely. And he has a queer-looking purse on him, and one or t¥o men that's seen i, vows and declares it was Abel] (nd Browie SoRt “That's right enough, “L felt in his pockets, -But demanded now! that evident 1 he confessed. nd 4 did take 1 didn't put bim in CHAPTER VI. | EFORE I could reply to Chis- True as I'm here, guv'not holm's inquiry, Mr. Lindsey|I did no more than take the purse! But I didn’t kill yon man, though I'll B put his head out of his door) admit I robbed his body—iihe the fool and secing the police-!7 am!" sergeant there, asked what he was “Well, you see where it’s landed when Chisholm had re-| you," remarked Mr. Lindsey after, And right—hold your tongue now, ¢ peated his inquiry, both looked at me: “L did see rone’a purse that night." I answered, ‘an old thin that he kept tied up with a boot-lace. ‘And he'd a lot of money in it, too see what 1 can do. I'll you when you come before trate to-morrow.” He tapped at the d of the cell, into the street | me on the arm. Lindsey, NSmnere's another thing. ‘The And there he clapped man's sober enough, now that we've fot him—it's given him a bit of a| “I believe ry word that man pull-together, being arrested And! said!" he murmured me on, now jhe’s demanding a law Perhaps |-—we'll see Nance Maguire, Abel 1 in the! you'll conte to him, Mr. Lindsey,"’ >| Crone’s housek who they teil Mr. Lindsey put on lits hat, and he! me has been taking on badly and ¢ and | went off with Chisholm to the/ing that she knows something police station, other.” Chisholm opened a drawer and Clone’s cottage was a mean, miser- f narrow alley in a poor part When we reach there was a group of children round it, all agog wi But the door itself closed, and it was not opened to until Nance Maguire’s face had peared at the bit of a window, an Nance had assured herself of th town, citement. NJ MON uried Treasure F cds Firrcners identity of het visitors, she’had let us in, she shut the door And wh once more and slipped a bolt into i socket. “If you want justice, remarked = Mr. yornan,’* my keep your tongue quiet, and don’ telk to your neighbors, police—just keep anything you knot till I tell you to let it out. Now, the what's this you've been reported saying?—that Crone told you the! was a man in the place would. gt his two eyes to seo him a corpse?” “Them very words, your honor: and not once nor twice, rrany times did he say it,’ woman. ho was giving me, you lad that way of speaking.” “Since when did he give yo asked Mr. Lindsey. the hints? only lately guire. ut nights, says he. ' he sa: says, another w ehout sey. tinued Mr. missions, had gone So sure of me with making for that | ris- | Phitlip iret *hisho! “i ia’ Reldantie ore hen, and see ifjand © hn, w 1 ently wae oe i founee en we Shy on | waited in the corridor, let us out, Mr. | the an,’? requested Chisholm. “And added, turning to Mr.|the superintendent—he led me away anything | conversation. out—but not help etting ¢ ately ¢ been, n whom he x Whe [street amain I've this affair lay a fiver \right one" | "Yes, Mr | interested “Crone } he sald Crone knew it, my lad! | man?” | T coula as to me. |. The police put Carter in the dock hefore a full bench of magistrates morning, and the court was sqiu crowded that It was all Mr. Lin | and I could do to force our way to thé ~ | solicitors’ table. "| Do Not M nae new and then, as a matter of fact?" “And that's the truth, your honor,’ she assented, with the rabbits. “Aye; but did he never bring home a salmon, now?" asked Mr, Lindsey, “Come, out with it.” on ys. “H af being would poaching, that me ike poach ha “AND HE'S DEMANDING A LAWYER,” HE ADDED, e did not, then,” she said. I knew then what must 1 left } but a he says. ‘more than you'd uu “Was “It was since that other blood; murder, your honor, “Only since then. talk of it as we sat over the fire thes: ‘There's murder in the air, | ‘Bloody murder ts all around ‘And it's myself will have to pick my steps ¢areful,’ And n rd than them could I ge' cut of him, your honor."* “Now, then, just tell me the trut! thing or two,” said Mr. Lind “Crone used to be out at nigh! didn't he? Poaching, le was a clever hand "Il not deny that, neither, your honor,” admitted the woman, “He was clever at that too,” “Well, now, about that night when he was supposed to be kille: indsey; “that's Thursday. home that evening fro bid iim, Cron up the river towar ha and the There what was it? fecling in that direction, ri had left h t! ing k Hue tou indsey > at new a And now make ” who ne Inetal ave sai But truth had m, buts hed to communie: the out & that killed man heen thon. eeply Lindsey said nothing to him, nor to| question, and presently h talking as much to himself, 1 think, | had a crazy old bleyei And most. peo! e Maguire's ad! a I that h during ou been mor And 1 could object i immed t hav rod te th And, | rehody? the nis m “And? tat it’s th to such went on To-Morrow’s Interesting Iment, 4 he ‘for there's him about would five his two eyes to see me a stark and staring corpse,’ knowing,’ he say: give me credit for,’ says he. ‘Me h ave hap was no| I was begin@ng td suspect that Crone h way ¢ 10's the or 4 within his knowledge than he had leg nq i { "} y