THE BEK: OMAHA. MONDAY. NOVEMBER 21. 1921.
Absorption of
Bond Issue Sets
- Finance Record
Nrw York Telephone Com
pany'i $50,000,000 Worth
Of Bonds Sold Before
. ftlllicrrint Wktt HnAni
By HOLLAND.
To the public, la offfrinsr was
tiid on dsy lut week of $50,000,.
' 1100 of the 6 per cent bonds iiued
by the New York Telephone company-
The advertisement announced
that these bonds would hear 6 per
cent interest and would be offered
at 97. But at the end of the U
verJisement there was printed, in
(null letters, a line which stated
that at all of these bonds had al
ready been aold or aubscribed for
and the advertisement was published
merely as a nutter of record.
Occasionally within the past year
offerings of bond, not Industrial,
have been made by advertisement
hnt jiipplctncntinjr these offers were
a brief line stating that the offering
had already been sold and the ad
vertisement was published merely as
a nutter of record only.
Onlr Hppnd Onc Btfnr.
Th manafsr. of tha syndicate openM
tli.lr hook for iilncrlptln at h a p.
plnlij hmir and Imrrmllatrly clo.J lhm
fcaeauM. already tUa bnnd had btcu ovar.
aiibai'rlbtii. Two or thrr point of vlaw
hlfh hava baan taken !, thla tran.
actlni, ravaal lomi Int.resiifcf fart. First
of all, anma of tha vafrana of tha Wall
Klrt rfiatrlrt, aapaolally nn man who
formerly wn asanclsttd with very Una
i"nd off.rln,,, hava trlil for aaveral
daya to racalt whether nr not at any
oilier time lars an offer aa thla f
an tnduatrlal tsau of Ponda wai aver
mad and overaubacrlbed befora th booka
wer open.
Not any of them ronH recall with one
iceptloti a similar tncideat. Thera have
been ov.rsubaurlptlnna for atate, rminl-
r'pal and tnvernment Issues. Very Urua
overauhecrlptlona for rerent laauea of
trsssury certiriratea hava been made.
But poaalbly with thla elnKle exception
no other tnduatrlal Insure (for tha Tela-
rnona company la to be classed aa an In
dustry althouah It la a Dublin utility aa
Velll haa been abaorbed upon the Inatant
or tta oirertn ana befora the booka wore
opened, especially so ronaplcuoualy ah-
enrnen tnat tna overiubacrlptlnna wore
Miineiei it not rar irom 14110,000,000,
' The One Exception.
Soma t" yeara airn an offerltia; of a
lata. amount of aeourltiea. behind whlrh.
lood one of the lareat of American In-
nuainea waa inane In a eeneat!o:al way.
J he Investing- public aeemed to be over,
rome wlh a freniy In Ita desire to an. re
In ' thla opportunity. Tha offarlna; we
npparenuy oversuoacriDecj many million
dollars. I,e than an hour before the
subscription booka were closed subscnp-
- "..w r,n 1 .in, ijmo Lii.a ait
liuur after the closlpa: of the booka the
subegrlptlon cpmnmnded no premium and
.that .'Waa the beifliinlug of the collapse.
PHrav.ery waa made that In order to
aecuro. an apparent oversubscription it
v.aa ijecenar.v' for any one who desired
to subscribe- a certain named amount to
be told that a aubarrlptlon would not be
considered unless he Increased the amount
at least five tlmea. in that .ivay It waa
possible .to report that oversubscriptions,
Which In the aKKregate reached hundreds
of millions, had been made. That was one
of the latest, possibly the last, denionstra.
n'-ua ui a,, mruioii wnicn uai-'a 10 d can.
ed "hldh finance" .and there were many
who were afterwards sorry that they had
subscribed to the offerings.
New Prosperity Aren.
Thla Incident of an earlier day waa
aomettmea referred to by thoae who were
examining -recorda so that they might
learn whether In the past any offering
xcept by government, etate or munlcl
pa My or by a railroad company of bonda,
eQual In amount to theae telephone bonda,
had been made and If made whether the
record waa found excepting the one which
was referred to a few llnea above.
There waa high finance In t-ha- best
and honoruble meaning of the term In the
offering and marketing of - these tele
Phone company bonds. And thla ia all the
more . gratifying because from another
point of view the Incident la now referred
to as demonstrating the Unusual eager
ness of the public or of Investment housea
to Secure bonds or long time notes, not
only government arid municipal Issues, but
those behind which atand Industrlea who.ee
credit, la high. Thla la spoken of aa an
incontrovertible proof of fundamental
airnngm ana or me beginning 01 an era
of prosperity.
From All Part of Country.
Thes bonds Avhan at last they are dis
tributed, after allotmenta have been made
to the subscribers, will reach almost every
part of the country. 'The report prevails
that frbin the far west, even from the
Pafciflc coast, aubscrlptlona came although
the telephone company is not tho greater
organisation, but la the subsiding New
Va,I, T.l.nknn. nnmn. n V n it. 1.' n 1 a ti ll
seems to be not in ao great dlstreea aa
at one time waa reported to be the fact.
Xw England It Is true has Buffered be
cause deprived of dividends upon railroad
and other securities. The passing of the
dividends a year ago of one of the great
industrlea alruoli New England Inveatora
very bard, and yet from tttvr England
came, relatively speaking, the largest
amount, of eubsrrtptlons for theae tele
phone company bonds. But telephone is
auea have always been favored by New
England and this disposition la traceable
to the fact that the original and audden
appreciation In the market value of the
etocK of the first telephone company took
place In New England, and Invasion In
rat section have never regretted the
placing of aome part ot their funda in
telephone securities.
About 15 yeara ajro Theodore M. all.
who waa then president of the larger
. . . -. i . nM4 re.ttv
extending telephone service west of the
Mississippi river. He waa persuaded to
thla undertaking because he had received
many urgont appeals from farmere and
othera who dwell In thoae sections for tele
phone aervlre. But at least $160,001), 000
were necessary In order to carry out the
romprehenalve plana which President
Vsll had perfected. Men of capital and
financial leadera were approached with a
demonstration worked out In figures and
statistics ehowlng that an investment, ui
thia kind would b safe, but It was not
postlble to obtain the money. Later aome
n.rt of tha needed funds Waa aecured
and telephone service all over the remoter
west, including highly perfected long dis-
tance service across the continent, waa
established.- But at no time heretofore
was there a record except by government,
elate and rational offeringa. of the kind
now made by the Instant abanrption even
bfnre th subscription booka were opened
'of 50,OOO.Ot of bonds.
Trade Review. '
By R. a. Dun Ce. '
With a continuance of fluctuating de
mand, progress toward better business ia
still gradual and uneven. Seaaonal )n
flutncee. as usual at thia period, now be.
Kin to cause Increased activities In some
branchee and diminished eperatlona In
other lines. The latter phase la witnessed
in channeia where Inventorying is becom
ing a factor, but retail trade ia moderately
aumulatrd aa advance holiday requirc
menta develop and lower temooraturee
prevail In aome aectlona. The net result
of commercial movementa la not adverse,
and the announced reduction in freight
ratea on farm producta adds to the con
structive forces whose ultimate effect will
b beneficial. Recent decllnea tn prtcoa
of cotton and grain, however, have tended
to Increase uncertainty and hesitation in
strictly agricultural district of the weat
and south, anl the enlargement of buying
and gam In collections baa bean checked
In some Inatancea. With the situation
rraraed by- much irregularity, a. broad
characterization of existing conditions ia
difficult; Tt the outlook ia unnrstakably
brighter than In earler months thla year.
Kvidence of Improvement appear In aom
atatisticai barometer that measure pro
duction envj distribution, and current de
creases In bank clearings era niirtlv ex
plained br the lower level of commodity
priceev While unaetttement in prices bis
lessened appreciably, competition for buat--peaa
la not without Influence in aome quar
ter, and Dun'a -comprehensive list of
wholesale quotatiopa dlacioaea about an
nuai division ot declinea and advance.
Fiiaactal markets thla week reflected la
different waya and tej varying degree
tha proposed limitation of armaments at
the Washington conference, with the rise
I terllng exchange to the highet point
f the year an oustandlng development.
Moderate tei Trade Revival.
While th moderate revival recently
eVvtope4 in iroa and ateei i utalned.
demand eontiuue uneven, anil competition
ti not vttheut fft c price. Published
euotaticn thl week diec!e few rhang-,
bet conciors in available in aome in-
incet, aad th geBrl price ..tuatlon ia
nrr. Carreat aad proepectlv railroad
tarchaie aUord encouragement, yet th
THE GUMPS
.".r,J,,w-
wriL- l' supra c If T
ItT WlU 60- IT COMIMO IV
MVM- YKt OHt til NOJ
AU. VVtL UtTCM to
,ovl
VO' TOO 0l
emergency charaoler of tkt buying re
lualna apparent, tnd mill operations hav
slackened In eerialn quarter. Ih fab
ricating steel trade, however, reflects
further Improvement, , with new oniec id
October reaching i per eent of capacity.
In rebruary, thla year, the bonking rat
aaa only about 11 oar cent. Uieouaeloii
of the probabl Influence on th ateel In
dustry of th proposed naval disarmament
Ins (iigaged attention thla week, but The
iron Age atatea mat "navai construction
calls for far leas ateel than Is commonly
though)," and estimates th tonnage at
only a fraction of I per cent ot s year's
outppu.
Hide Market Continue) Strong,
Th strength of hide markets has been
accentuated, but a further general advance
of toe, asked on domeatlo packer etock
haa tended to check new ordera. trout
tha viewpoint of sellers, however, th sta
tistical position remains very satisfactory,
and quiatneaa in foreign hldea haa b-en
mainly due to paucity ot offeringa. Uni
formity of demand la tacking In the
leather trad, but the Improved situation
In aula leather continues, and aom ad
ditional salea have been mad to Eng
land. In upper leather, the condition
of dullness and weakness In calfskins per
sist, yst some tannera expect a revival in
thla quarter before long. As repeatedly
atated of late, th trend In footwear la
toward the atapl and medium and lower
priced lines, and factorlea producing euch
gooda are busily engsged. Th novelty
plants, In Contrast, are Inactive.
Dry Goods Trad Quieter.
With an Inventorying period at hand
and Jobbera buying little, primary dry
gooda markets have ruled quieter during
the wa;k. Hesitation ha bstii IncreaaeJ
by the recent decline In raw cotton, ami
a general softening of prices on unfinished
gooda haa developed. Following the late
upturn, print cloths have yielded again
to the fu besls, and some other leading
fabrics have also fallen moderately. On
the whole, the price movement in textllea
Is uneven, and a rlae in raw allk ot Yoko
hama haa been only partially reflected
here. The cloaking and dreaa goods
trades hav been somewhat unsettled by
the strike of garment workers In New
ork city, while dullness tn th demand for
the finer gradra of -worsteds Is causing a.
lessening of output In that line. Irregu
larity o'f production la evidenced In differ
ent quarters, but activity at carpet and
rug mills, where largu operations are
assured for the- next few months, la a fa
vorable feature...
Omaha Grain
Omaha, Nov. 19.
Cash wheat' prices today were un
changed to 1c or 2c higher, with the
bulk higher. Corn ranged unchanged
to'le higher. White was 'Ac to lc
higher, yellow unchanged to Jc up,
and mixed lc up. Oats were c
Jic higher. Rye and barley were un
changed. Grain receipts continued
light but were some larger than the
average recently.
- WHEAT. - --.-.
No, i hard; 1 car, 1.0 7 per tent
dark); S .cars, 1.08 (smutty)! J. -ear.
1.04 (smutty); 1 car, $1.00: 1 car, IJc; 1
car, S8o (yellow): 14 car, 9&c. .
No. 3 hard: 1 car, $1.08 (dark, amutty):
1 car. $1.04 (dark, amutty); I .car,, 9c
(amutty); 1 car, 8o (yellow). i
. No. 6 hard: 1 ear, o (yellow)..
Sample hard: 1 car, 5c (llvo-wevel)i
1 rar. Ho (yellow, live weevel). . :
Mo J mixed:-! car. Se (durum): I car,
llo (durum, smutty); 3-5 ear, 80o (tmut-
ty). - . ;
CORN, o
No. 1 white: 1 car, 40e. n '
No. 1 yellow, 1 car, 4le (special billing);
4 cars 40Ao.
No. ysllow: 1 car, 40e; T cars, 40c.
No. 1 mixed: 1 car, 40c. .
No, 3 mixed! 3 cars. 40e. ,
. OATS.
No. 8 white: 1 ear, 300 (special bill
ing): cars. $0ic. .
No. 4 white: 2 ears. S9e.
KTB.
No, 2: i car, 76c.
No. 3: 1 cat, 7oo (heavy); 1 !- car,
1 "VaW
No. I: '4 car, 4Te,
No. S: 1 car, 47c.
No. 4: 1 car, 43a
PRIMARY RECEIPTS AND SHIPMENTS.
Reeelpte
Wheat
Corn ........
Oats
Shipments
Wheat ......
Corn . .'.
Today
Tear Ago
.1,00$, (100
, Ms, 010
. 421,000
1,32,000
462,000
614,609
...1,381,000 J.H5.000
........ 45s. Off :a,u"w
980,009 633,000
EXPORT CLEARANCES,
Oats
Reeelpta Today Tear Ago
Wheat .T7. J,MJ.J l.J.
Corn 573,000 343,000
CHICAGO CAR 1-OT RECEIPTS.
Today Wk, Ago Tr. Ago
Wheat 3S . 19 17
Corn 1 1"
Oata ....33 93 49
KANSAS C1TT CAR LOT RECEIPTS.
" Todsy Wk. Ago Tr. Abo
Wheat
136 103 14
24 8 38
5 3 10
LOUIS CAR LOT RECEIPTS.
Today Wk. Ago Tr. Ago
49 98 109
$3 45 48
, IT 49 34
Corn
Oats
ST.
Wheat
Corn
Oata
NORTHWESTERN CAR LOT RKCEIPTS
OP WHEAT.
' Today Wk. Ago Tr. Ago
Minneapolis H$ 607 441
Duluth ......HO 119 134
Winuipeg 1,31$ 937 S1J
OMAHA RECEIPTS AND SHIPMENTS.
Receipts Today Wk. Ago Tr. Ago
Wheat 13 --48. 91
Corn $4 $3 30
Oata 7 -7 IS
Rye - 4 ?
Barley i 1 3
Shipments Today Wk. Ago Tr. Ago
Wheat 44 18 34
Corn ............... 1$ . U
Oat t. IS 2
$9
1
Barley
CHICAGO CLOSING PRICES.
By t'pdike Oreln Co, DO. 5S1T. Nor.' 1.
Art. I Open. I High. I I-ow. Cloa. I Test.
Wht.
Dee.
May
Ry
Dec.
Nay
I
I
1.0?Vs 1.11
1.07 V.
1.07
1.1
1.08 1
l.$H
1.08
Ml
1.0
1.11
1.U14
l.OTtf
ins
1
1.1014
1.11)4
I
1
.Mt,
".81
.!.
.$mi .ih
.$4 .$41
.48 I ,4
1 .49H
M) .4 W
.!3Va vS3
"isHrji'H
-.5$'
1 -
.a
.itwi
1
Cora
Dec,
.4914
.49
.411
I
.69
"AYi
,
Mar
.944.
e4
Oata
peo.
.334
.3314!
i31Hf
.314.1
May
-i$Vi! .1$
8V4I.V..
Pork
I
Jan.
1 10 J14.
!I4.
J14.94 14.0
Lard
Jan.
8.4
$.14
$40
$8
14
$.19
1.4 I $.34
$.$3 I $.77
Mea
Riba
Jan.
T$
T4J
Til
7 44
T.$"
7 43
Til
1.4
T.M
I T.4
May
Mew Tek Prodeee.
New Tork. Nor. 19 Butter Vnaettleel;
creamery, higher than extras, 4iff4JHc:
rreamarr extraa. 4:4)43c; Orsta, 34$)
41He.
Cbee Irreguler; unchanged.
Poultry- Live, firm: chrkena, 311 Tie;
fo:a lljllr- turkeya 4c
Dressed pourrry. tteady; turkey, west
ern fancy, 4Sg45c.
8t IT IN COLORS
IN THE SUNDAY ttC
t to
LtT HVM
HE vkjmt
C'T
STtP$ 0 IT- HOT '.L' t
tHt's 'uVg
'CR-UR.VOVJSe TCAV OH . K
- M TC.t
0maha Produce
Furnished by .tst of Nebraska, de.
partment of agrleultur, bureau ot mar
ket and. marketing!
UVO TOULTRT. "
vnoieeaie "nnuMi,
Buying Pr.
Veiling Pr.
Broilers .o.inf ID.:;
$o.:f"irlu.:s
.139 33
boring
.17
.17
.33
.13
.31
.3t
.33
Hane, light ....
Hena, heavy ....
Cock ..........
Duck
Ge ........ ...
.190
.S9b
.119
,0
,189
.131b
.::
.11
.3:9
Turkey
.309
CRKISEP POULTRT.
.3:11
,ibV
.33 6
.18
,30l
.!
.4t
isrotier .
Spring
.194; .20
.174S .!3
Hen
Cock .
Duck .
..
Turkey.
.13W .14
.34 .27
.UH .2$
- .40 .43
EOOS.
heavy
Case count, $14. SO it. 00.
Select H& .H3
No. 1 47 .40
NO. 3 35 .40
Cracka 309 .33
Storage, according
to grade
M0
.609
.384$
.Z2i
.339 .40
BUTTER.
Creamery, prints - .40 ....
Creamery, tub ... .4t .45
Country, beet ... .30 .33 .33 .34
Country, common .339 .3 '4 -3$ w :30
BUTTER FAT.
At stations ..... , .33 ....
FRUITS,
Bananaa, lb., 7W8c. Oranges, size 310,
$7.60; size 350, $0.747.0O; size Sen. $4.00
09.40; slse 334, $4.0004.00, Lemons,
box, $6.(047.00. Pears. Kelfer, bbl., $7.50,
O rapes, ISmperor. $3.6093.45. Grapefruit,
I4.0U4B.00. Apples. Jonathans, according
la araMa. box. 33.60313.00: Delicious, ac
cording to grade, box, 43.78Q4.76; Rome
Beauty, $3.l69i J.OO; Ortlay, $3,603i4.0O;
Spits, $4.0004.60. Cranberries. $17.60(j
19.00. Figs, 38-3 oz., $3.3SS.50: 13-10
ox., $1.80; 66-oz.. $3.60. vuiei, drome
dary, case, 1$ lbs., $0.6099.76.
VEGETABLES.
Potatoes, Nebraaka Early Ohio No. 1,
uer cwt.. $1.76: Nebraska Early Ohloa No.
$. per cist,, $1.40; Nebraaka Red River
Ohioa, per cwt., $3.0093.36. Sweet po.
tatoea. bu.. $1.60(1.75: bbl.. $6.0094.50,
Celorv.. Jumbo. $1.36(81.35: Michigan, 41)
65c. Head lettuce, $6.0096.60; leaf
IsttiioB. 4046c. Onions. Red (ilobe, 6p
7c; yellow, 40Ho; Spaniah, $3.60. Cab
bage, lb., 3c, Cucumbers, doz., $1.2 5
$.00. Cauliflower, crate. $3.003.35. To
matoes, lug., $3.0093.25. Radishes, do.,
36936c. Squash, Hubbard, lb., .3493c.
Turnlpa, lb., 3o. Carrots, lh 393V40.
v.m nlsnt. crate. $3.6093.00: hampers,
$3.6094.00. Garlic, lb... 36c, Honey,
case, $5.6094.00.
nuts.
Walnuta, black, lb., fie- English, '339
35c, Brasll, washed, 18c; medium, 10c.
Pecans, No, 1, 18c. Filberts, Sicily, 30c.
HIDES AND WOOL.
. Beef Hldea Oreen. salted. No. 1, late
tak off. oer lb.. efi)8c: No. 3. late take
off, per lb., 67c; Green. No. 1, late take
nff, 49904 No. !, rate take off, per ih..
396o: green aauea, oia aiocn, per iu
196e; green salted bull hides, per lb.,
$o; green bull hldea, per lb.. So.
Horse Hides Largo, eacn, 4a.ouiwJ.uui
medium, eaebA $3.00; email, eaoh, $1.60.
iony -ana uiuea cacn. iaqw,v,v.
Sheen P.elta Green salted., a to alx
and wool, each, 15090c.
Shearlings ureen saiteq, as to an anu
wool, each, 60SOc.
k-urs The aeaeon ha lust opened for
Cure and they are bringing good prices.
Wool Choice fins and V, biooa, per
lb., 16918c: choice medium and blood,
per lb.. 12015c; cbolce low U blood,
per lb., 10913c, ...
. -, HAT.
Prairie No. 1 upland. $11.00913.00: No
3 upland, $9.00910.60; No, $ upland, $7,611
98.61): No. 1 midland, $10.60311.00; No.
3 midland. $S.6010.00; No. 3 midland.
$7.0098.00; No. 1 lowland, $8.0090.00;
No. 3 lowland, $7.0098.00; airaira choice,
J17.00fjilS.00; No. 1, $16.00014.00; aland,
ard, $13.00914.00; No. 3, $8.00 Jf J 2 00;
No. 3, $8.0009.00. -
Oat straw, $$.0004.00
Wheat atraw. 17.0098.09.
Wholeaal prices of beef cuts are as
roiiows: jno. x riDa, J8tc; no. 2, lo'jc;
No. 3, 1314c; No, 1 loins,. 33 Vie; No. 3,
14 Vic; No. 3, 13o; No. 1 rounds, 1314c:
No. 3, 13c: No. 3, 10V4c; No. 1 chucks,
8Vic; No. 2, 8c; No. 3, 7c; No. 1 plates,
7V4o; No. 2, 7c; No. 3, 6Vic.
Chicago Grain
By CHARLES D. MICHAELS.
Chicago Tribune-Omaha Dee Leased Wire.
Chicago, Nov. 20. Seldom haj the,
wheat trade been called upon to face
so many conflicting influences in
the market at one time. Owing to
general conditions, . practically all
mills, elevators, and exporters have
kept their grain well hedged and
with a light speculative trade, the
pressure of the cash article has
weighed heavily against the price.
It is estimated that there is well
over 100,000,000 bushels cash wheat
hedged in the various markets at
present, but this is not an abnormal
amount and were speculative action
anywhere near as large as it was
several years ago, it would have
little or no effect. The several break
of last "year-and the recent decline
has served to undermine confidence
of believers in higher prices and
they have been slow in buying for
investment. -' - f .
, . Jfe ' Surplus lft.
From a statiatical standpoint the United
States waa heavily cover-exported from
the territory east of the Rockiea and
there la practically no aurplus remaining.
ven figured on the basis of actual bread
requirements of 4V4 bushels per capita,
and allowing for a normal carry over. The
bullish statlatica, however, have coat the
trade dearly, both this and last year, aa
world's condition have mon than offaet
them. There is a growing belief, how
ever, that future developmenta will favor
a higher level of grain values, as the lat
ter are now well below the prewar aver
age and with live itock are practically
the only commoditiea that are.
No great apprehension exist at th
present tim over the reported poor con
dition of th new winter wheat crop tn
the dry sections of the southwest. There
have been years when Kansas aeeded in
the dust and received very little moisture
throughout th winter aad yet raiaed a
good crbp. - However, a plant that goe
into th winter in a weakened condition
1 usually ucept!bl to damage from
winter killing. Thia would not be a fac
tor until growing weather cornea la the
spring.
- Wheat closed in Chicago Saturday -with
December at $1.0$ aad May at 81.14s.
shewing net lessee of IV fj 3c for the
week with. May leading. .
Cera Crop Smaller.
The seven rrplua torn ttes hava a
total crop and carry over thia season of
about 4S.404.494 buihele leaa than laat
year, as shews by official reports. Iowa
haa a carry arer of 41. 009.00 bushel
from the eld crop, compared with 33.400,
90 bushels tha previoua year,
while Nebraaka. en November 1. held 41.
404.oe againat 1$.. buahel laat
year, the aggregate for the tn. states b
Ing 113.904. bushels out of a total
for the entjrw -rounirr of l.aa.eo.
lilinm reserves are 24.. a bushel or
4.. buebela woe thn lae year.
There arc many tradern wi ti that
torn aill ultimately acil math, higher anl
A PEEK INTO
GO-
6rr vixtz fitu . we
expect th large crop and carry ever thl
eaaon will illaappear very rapidly the
eiiinw aa it did In 141J, when the crop
waa large ami the prlc low. Export de
mand haa been fairly active and local
atocka are expected to ahow a material
reduction between now and the cloa of
navigation.
While there la a feeling that oat are
selling considerably too low a compared
with other grains, there I nothing In
light at the ! resent time to bring about
a material upturn, a a majority ot trad
ers see the situation.
LiveStock
Omaha, November 19.
Reeelpta wore: Cattle Hogs Sheep
Official Monday 13,904 4.904 4.734
Official Tuesday ... 7.483 4.642 10,13$
Official Wedneaday.. 4,714 $,118 $.463
Official Thursday.... 3,635 4.131 6.038
Official Friday 1,442 4.814 1,449
Bat mat Katurnay.. 400 :,ooo
Six daya thla week 30.671 33.631 30.999
Same daya last week 30,834 32,964 26.434
Sam daya S w'a a'o 25,407 26.094 34,421
Hams daya 3 w'a a'o 39,224 83.37) 62,487
Sam day year ago 61.413. 39,680 68,
Kecelnt and disposition of live slock at
they Union stock yards, Omaha, Neb., for
34 hours, ending at i p. m., November
19, 1931,
RECEIPTS! CARLOT.
Cat. Hogs
Mo. Fsc. Ry. 1
Union PacKlo K. R , 4
C. & N. W. Ry., east ...3 4
l & N. W. Ry., west 3 10
C, St. J, M. & O. Ry 1
C B. & Q. Ry., weat 4
C, R. 1. & F., east ,..,1
Total receipts
..7 30
IMPOSITION HEAD
Hogs
.... .163
Armour & Co
Cudahy Packing Co.
rold racking Co.
Morris Packing Co,
Swift V Co
.1. W. Murphy
SwarU & Co. .. .. .
Total
399
344
.... 419
.... 443
880
.... 114
...sTiTI
Cuttle The small Saturday aupply of
cattle, nbout 200 head, found an outlet
at orlcea 1uat about steady with yesterday,
though there were hardly enough her to
make a market. Receipts have been no
larger this week than laat, total Deing
about 30,500 head, but the general trend
ot values has been lower on account of a
alack demand for most classes.v, corn rea
beeves show 6076c declines, bulk of the
ran to good shortfeds e earing at is.zb
7.00, with an extreme top of $10.00. Grass
beevea and cowl are around 3BO iowar.
helfera are ateady, and atookera and feed
ers show lessee of mostly 50o, heavy kinds
be 1 11 af off mout.
Quotatlona on Cattle Cholc to prim
beevea. $3.Z69.26; goea to cnolce Deeve.
$7.004J$.26: fair to good Beeves, $4.00Si
6.76; common to fair beeves, $6.0006.00:
choice to prime yearlipgs, $9.60if J0.60;
good to choice yearlings. $8.0099.60; fair
to good yearlings, $4.607.76; common to
fair yearlings, $6.00S4.60; choice to prime
grasa beevea, $S.607.00; good to choice
grass he'a'vvs, $S.06.36; fair ' to good
grass beeves, $8.00$s.40 j common to fair
grasa beeves, $4.006,00; Mexicans, $4,00
4.76; good to choice grass netters, ss.uo
96.60; fair to good grass ' heifers, $3 74
6.00; choice
re to prim graas cows, 94.101'
4.60; good to choice grass cows, $3,869
4.10: fair to good graaa eowe, 4J.36SJi3.8b:
common to fair grasa cows, $2,6043.35:
good to choice (seders, $5.40&4.36 fair
to good feeders, $S.006.40; common to
fair feeders, $4. 60 5.00; good to choice
stockers, $6.6ftfl4.26; fair to good stoek-
ers. $8.00$6.60; 1 common to fair stockers,
$4.60(j6.36; stock hoirera, 44.oows.Z6; stock
cows, $3,004)3.7(1 stock calves, $4.007. 00;
vea calves, $4.00fi8.5O; bulls, ataga, etc.,
$2.26J,T5. , .
Hogs-vSaturday's hog receipts were
estimated at 30 loads or 2,000 head, mak
ing a total for the week of 33,600 head.
There was a fairly good demand for
hogs Saturday at prices strong to 10c
higher with a top of $6.60, most of the
aupply selling from $6.256.60. Heavy
hogs, however, continue to sell at a big
discount, all tha way from $5.266.00.
these prices are generally l$26c loner
l-.an the close last week.
HOOS.
No. Av.
35. .381
54. .310
41 . .234
60. .199
80. .187
78. .209
74. .205
$5. .218
Sh.
Pr. No. Av, Sh.
Pr.
6 35
5 80
6 15
6 25
4 35
4 45
3
6 26
( 75
9 10
24. .407
210
220
110
140
80
160
180
40
49. .290
72. .223
6 20
4 30
6 40
4 60
$ 60
S6.
61..
182
202
61. .197
60. .203
Bheep There were no fresh sheep or
lambs on the market Saturday, the re
ceipts for the week totaling 30,900 head.
There has been a good demand for fat
lambs all week and while prices have
not changed greatly there was a certain
amount of etrength which reached ita
height and top lambs sold at $8.75 and
yearlings $6.26, tha market eoftening the
balance of the week closing with a top
of $8.66, bulk of the lambs selling from
$8.28 to th top, price that were con.
sldered steady with the cloae last week.
Feeders are fully ateady but the sheep
are dull and weak.
Quotations on Sheep: Fat Iambs, good
to choice, $8,2514.76; fat lamba, fair to
good. $7.60&8.26: feeder lamba, good to
choice. $7.60gi8.00; feeder iambj, fair to
good, $6.767.50; cull lamba, $S.!5(36.26;
fat yearlings, $5.606.6O; fat wethers.
$4.506.25; fat ewes. $3.004.00; feeder
cweo. 3.io(g)3.oo; cull ewes, $1.004J3.50;
- - vires, uca,jr, f v 1
By ALEXANDER DANA NOYES.
Chicago Tribune-Omaha Be Leased Wire.
"New York,- Nov. 20. We must
describe the action of the stock mar
ket in the week of the disarmament
conference and in resoonse to the re
markable incidents in Washington, as
proioundly disappointing and logical
ly unexplainable. Yet this was by
no means the first time that highly
important developments of a politi
cal tort, appeared to fall flat as an
influence on the financial markets.
The stock markets decline last No
vember after Harding's election may
not be a fair parallel, for the applause
over that great majority was a prod
uct more of political emotion than
of cool financial calculation. - Some
of the stock markets declined after
the signing of the armistice; some
people bought stocks on -belief that
termination of the war had removed
an increasing economic peril, but
others sold through fear of economic
reaction on return to peace.
- Instance In Potnt.
But th fall in stock exchange crirea
In the two or thr week after th pass
age of th federal reserve act in 1913, ita
h-sltstlon titer th gold ctandard act wa
adopted in 100. ita break after the d.
fiat of Bryan free silver ticket la 169.
and It vellent decline on th passage of
the liver purchase repeal bill ia 169$.
were clearly instances in point.
Nona the lees, even lit financial ralca
latlona. the evrmountlng tf ntntaclea to
reduction of annamnt and of readjusted
public credit ia an answer to an argument
for the longer future, far superseding any
consideration ot momentary btseiaeea coa
tlition. When the h'rr f th' Pr1M t writ
ten tn larger perspective ef 2 .r a yars
from bow, tta accncmic ciius will aa-
VVtB i.OV
financial
THE FUTURE
Debating League
Plans Innovation
For Next Season
Proposal to Have. Each Team
In District Meet Every '
Other One to he
Tried Out.
Lincoln, Nov. 20. Five hundred
Nebraska high school debates, ln
volving the decisions of 1,500 judges,
by next May. is the propo:ed in
novation of the Nebraska High
School Debating league for its 15th
annual contests, on the question of
the open and closed shop.
At the recent annual meeting of
this organization, with 96 members
last year, the president. Professor
M. M. Fogg of tlie University of
Nebraska, was instructed to urge
the adoption of a new plan .of tie
cidirtg the district championship
honors the plan, which worked
well in the eastern districts Jast
year, of having each school in n
district meet every other.
Will Maintain Interest. -
"The outstanding merit of this
plan," says Professor Fogg, "is that
it maintains interest prevents a
team from quitting work as soon
as it loses a decision.
With the membership this year
likely to go considerably over the
100 mark, if this new plan is adopt-
ed, some redistncting and increase
in the number of districts will be
necessary in order to keep the mcm-
bershin down to a point wliere tne
number of debates will not be bur
densome either .as to. time or
money. ' '
Will Fix Membership.
By December 1 the active mem
bership of the league is to be fixd.
The executive committee has been
authorized to map out each year
the schedules of district debates, set
tine a time limit for the comple.
tioa of-the. various stages. -This ac
tion was taken to prevent serious
delays, which have sometimes nem
110 tlie progress 01 me leagues
work, in deciding what teams shall
participate m the state oeDate tour
nament in May.
To date ;11 new applications lor
membership have been received:
Cotner university academy, Dix,
Franklin academy, Fremont, Grant,
Oxford, Grand "island. Raymond,
Riverdale, Ruskin and Wood Lake.
Superintendent W. H, Morton,
Fairbury, director of the southern
district, newly elected president of
the Nebraska State Teachers asso
ciation, feels obliged to withdraw
from the directorship. Principal E.
E. Stone, Fairbury, has been ap
pointed in his place.
Doane College
Elaborate plana are being mad for
Thanksgiving day. The foot ball game
In the afternoon with Midland closes the
season for Doane. The dinner will bo
held in the evening, followed by the an
nual preforrnanc which Is usually a
mock grand opera and mixer in the Gay-
lord hall parlors.
Thn foot ball banquet will bo held
Friday. The committee in charge pf the
arrangements are: Prof. C. O. Carlson..
chairman; H. I. Stuhblefleld, Mrs. Fred
Osterbout. Gladys Perry and L. Ij. Cole
man. Invitations have been Bent out to
tha Honor Us in the atate, and to other
interested alumni and frtendp.
The biology lecture in connection with
the extension course was held TueBday
night, tha aubject being "St em Architec
ture and Pattern in Lumber."
President Bennett apoke on student
honor in the college life claas Thursday.
The Doane playcra are rehearsing "The
Comedy of Errors."
Professor J. E. Taylor, head of the
history department at Doane, spoke on
the limitation of armaments.
University of Nehraska
F. C. Camnbcll addressed th m,mlir.
of the university commercial club on "De
partment Store Organisation."
rrora. h.. jr. Schramm and I,. O. Wymann
lectured in Fairbury Tuesday oefore the
Women'a Club on "The Resource., nf Vo.
braaka," laying eapecial emphaais on oil
and . gas. ,
Dr. Lida B. Karhart of the tcmhor al
lege goes to Omaha every Tuesday after
noon to teach a class in education. About
eight elementary and high achool teachers
aro enrolled In th course. . which will
questionably lay great atreas on the move
ment of the paper currencies. He will
Unuw a great deal about ehe huge infla
tion of JS21 In the paper of Gem, cm,
central Europe, being able ta bat ti'a
cci. ii-iioi s. not only on th i.ciuil Move
ment of th present year, but un know-
ieno or woat nappeneo to that mass of
depreciated paped after 121 whether,
for instance, it wa eventually acnlcl
down or waa repudiated outright or waa
placed, lib some Pouth American cur
rencies, on a basia of gold redemption up
to a stipulated percentage. Hut aa to the
matter of the present year'a outpour of
irredeemable paper, w know the cause
as well aa he will know it the recourse of
those governments to cover their revenue
deficits, not through adequately increased
taxes, put through notes 01 lianj. decreed
to circulate aa money.
Failures This Week
With returna for ai days Included In
th statement, against figure for five
day laat week, failures thl week not
unnaturally disclose an increase, number
ing 43 In the United Slates. Thla total
compares with SM last week, 441 two
week ago and 3) default tn thta week
of !!, when th business mortality waa
comparatively moderate. .Of th current
week' insolvencies reported to R. o. Dun
Co.. :t I involved llabllltl-a of I5,00
or more in each Instance, which is SI 4
per cent of the aggregate number. This
ratio ia lower than the per cent shown
for such failures last week, aad Is also
below the ratio of . per cent ot this
week. Ist year.
Numoering 47. default tn Canada thl
wek compare with 4 Is it week, two
weeks ago aad tt tnsolvenci In this
of 1!. Of this weeks failures.
II had an Indebtedness of IS. or more
I eaebi . which Is li t per cent
of tb total namtwr. Last week, when
Jhere were J mllar defaults, the ratio
47 per ont. while In this ek of
last year, with li uch irsoiveneies. the
rat'-o aa at tha unusually hga point
ot 11 1 per cent.
ewT
telt
rt
f I lug
N10 A
V SWOP
tliMT
raver the methods ot study and th prln.
ciph of teaching,
Thn Induing tsani from tlip college of
sgrli-ulture Iclt lon,lv fur Chicago,
whern they will titke purt In the Inlernu.
tlonal live stoik ekpueltinn which will tit
hHd November 54. Tho lant I com
posed of tit following men: U. Martin
Krucger, Heward; I'niit K I'saaart,
t'hainhers: U. W. Iterrmmttt, Fiterllng;
t'llfford :. Oiradot. Pender: Paul M.-IMll,
Vnivvrslty Place, and Karl J. letter. Mucin.
I'll team ha a it roach, rrofoicr Wll
Ham il, h.ivln uf the department of animal
liusbamlry.
Machinery la being Inalalled for the
University of Nebmaka trade- school print
"hop, and the plant r. Ill soon b in opera
tion. Hlgnta . Gamma Epsllon. professional
geological fraternity. Initiated four new
member Tuesday evening at Robbers'
cave, which furnished a very appropriate
place for the particular type of Initiation.
Refreshment were furnished after the
dilation. Tho filiates were: I.ynn ilardln,
K. A. Wymen, Harold .Mrtilasaon, Carl
lion, and Eugene Reed.
Tits college of law and the college nf
buelncM- administration mat Wednoednv
on the university gridiron lo aetlle Nuprcm-
acs 111 1001 uaii. -jno game enuoa score-
leas,
Kearney Teachers College
The actiioia of tho coflego met iu the
gymnaalum Tuesday and after callus
dinner discussed the following topics:
Tr.a standard of scholarship tlio seniors
should obtain; The tlilugM our college
needs that the seniors could nivo her or
help her to obtain; Hhould commencement
be held once a year or at the end of each
uuarter?
Three seniors will receive iho A. B
dcgrc at the close of Ihls quarter.
The girla of tho school are to he
awarded their class numerals with tho
school letter, when they have t-omplet.
ed the eight flve-mllo hikes and two 1(1
tnlte hikes, aa prescribed by tho Hiking
club, under the direction of Miss Mildred
Andrews, supervisor of gymnnaium worlc
for women. This ia tho flrut opportun
ity that haa been given the co-eda to
earn the collego ' letter and clai num
eral. Thirty girls are taking advantage
of this opportunity. Four hlken havo al
ready been taken by tho club, threa of
which were five-mile hikes, and Iho
other, a 10-nille hike. The first five
mile hike completed in an hour and a
half, th- second In an hour and 15 mln.
utes, th third in approximately an hour
and 10 minutes, with time taken out
for eating a light lunch. A chance will
be given the girls to make up any hike
which they cannot take at tho regular
time with the rest of the club.
.The Dramatic Art club Initiated tholr
now members In devious and unusual
waya, Saturday, In the college gymnt
alum. The club has &0 members.
This week has been observed as Chil
dren's Hook Week, throughout the
school.. -Programs having -been given In
eaoh convocation. President George II.
Martin addressed the student body at
convocation Monday, ulng.th topic,
Better Books For Children.
Cotner College
The Kansas club and a few invited
gueala held their repular first semester
party In Mathesian hall. Prank Kennedy
was, elected president; .Ruth. Atwooa, vice
president ;:- Vance : Thomas, secretary and
treasurer, and Randolph, . Smith, yell
leader. ,.f .-i;..-' ;
VTW e"f ojass . 3 ebg t eat V, Ul "be; Held" T) ec. sjn -Ber"l&
aiid ,1.6. .'.'J'he. course's. .clastea are
ejiirruiK ineae .iprensic contests wun an
enthusiasm that insures their success. Fol
lowing the class contests tho tryouts for
tne college debating teams will be neiti.
Nfne students will be chosen to represent
Cotner this year. The last three will
conatltute a second team, which will en
gage in some-debates with other teams
of the -state. ' The .question that will be
debated -in. thse contests .is.: "Resolved,
That the principle ot the cloaed shoo is
Justifiable."
Midland College
A vary KOod artists' oourrse nan' been ar-
ranced for the MMliind. situunls consist
ing of lour cveninga, of tho "Llttlo
Theater" one act plays, three to bo Riven
ttich of the four evenings. Tho Misner
players have been secured for thia nart
ot the course and the other two numbers
win d concerts. The first of the num
bers of the course waa given Tuesday.
Dr. McKeever srave one of thn nrf.
dresses at the convention on Thursday.
Wednesday the fttuilents linArii David An.
rterson. author of the "Blue Moon.' reud
from his latest novui, "Red liock."
Romance in Origin
Of Superstitions
By II. IRVING KING.
Two Cures.
In rural Canada the French Ca
nadians have the following way of
getting rid of rheumatism: They
go out to a fence and leaning the
breast upon it, say, "I leave you
here, I leave you here, I leave you
here. Den you go 'way and don't
you never come back dere no more."
In Maryland oeonle sufferinur
from biliousness ,bore three holes
in a tree and then walk three times
around the tree, saying each time:
"Go away, bilious."
J-lere we go back again to primitive
man, to tree worship and the doc
trine of transference of disease. Also
the conception of disease as an evil
spirit. Moreover, we again encoun
ter the mystic number three. As far
back into history and tradition as
man has been able, to delve certain
numbers were regarded as of mystic
import. Why lias never been discov
ered, perhaps never will be.
J he doctrine of tranference has
already been discussed in this se
ries. Primitive man regarded dis
ease as an evil spirit which could
be expelled from himself by provid
ing, for it another habitation. The
person, animal, object upon wilich
he wished the disease, "caught it
from. him. It was the primitive
man's theory of contagion and beat
the modern one "all hollow" in that
when someone had caught the dis
ease from you you no longer had
it yourselt.
The remnant of tree worship in
the two cures under consideration is
obvious: The direct appeal to the
tree in one case and the contact with
and appeal to the wooden fence in
the . other. In both cases the pa
tients put their disease "up to" the
tree god, who would know how to
take care of it. Perhaps the boring
of the three holes in the tree is
to facilitate the entrance of the dis
ease into it.
ICopyright, I;i, by Th McCIur 'cw.
paper Syndicate.
American Telephone & Telegraph Co
129th DiTid.nd
)Urerif dividend et Tt I0'!r
and Te-emr-Ftve Cents per tlire wl be
paid on Monday. January 14, l!?. te
stockholders r-f record t th close
bs?Ks on Tu-edv. TVcember
H. BLAIR-SMITH. Treasurer.
Drawn for The Be by Sidney Smith
Covrn.ht, :, CbiMg lilbuae Cvpey
VMIM TXl VWM tnAaOMTl
vhp rm Mti on tl -
P ItTfl t.t 0Hl UKAW
TUNT w'TH TrVTS
TXtl CWT Tvrv. SVIKIHU
si&jqKA JHrtbo ulORItt 0VT
TcXnwnv ftAN-IC ! TKM CWTWH!
fiirtmh Mil ri.tp vr
AiltTHAUa. wuc C At.
smmmiHu . J
VVkgOri
-
w York (.corral.
Nw Tork, Nov. II Mm ka heat Ktrni;
American, ll.lt r in vin.U
Wlinl-ol, flimri No. 3 red, II. Sal
No. 1, haril. It.M S: N". I Manitoba.
II. It! Kn, Mlal, Durum, Sl.OSfe, c. I, I.
IracK New YorK, la arrive,
Corn fpot, firm! No. 3.- yellnw, air;
No. I wliito. Tr. anil No. t niloril, II Wc,
. I. f. Near Tork, Ink anil rail.
Pale rlpol, (Irnii No. 1 vihlt. ie.
l.ard Kiriu; mlUilleueal, H.iOfellO.
. (hlcnfO 1'roduee,
Chicago, Nov, !. llultr Lower:
cremery extras, 4".r; firsts. 34JQc; o
onds, 3:tr3!c aim!arn, 3lic.
Kct a Hit her; r,-lpta, 1.31 rases;
firm. ICtttlu; ordinary firtta. Uf47c.
miscellaneous, (0tfi:c refrigerator, es
trsa, Siiie; refri(rtor first, 13 V CT
Sic.
Poultry Alive, hlgheri fowl. nffSiHe;
spring. 18c; turkeys, 3ir; roosters. 13c.
CM
The Other Fellow
It's the "other fellow" who is responsible for
the majority of the automobile accidents.
Yet when a smash-up occurs, isn't it strange
that always he maintains he is right?
When you have to deal with the "other fellow"
let us act as your pocketbook, your attorney and
your doctor.
You will appreciate then, the moral and finan
cial backing of a strong, reliable Insurance Com
pany. '
Call Atlantic 0360 and let us explain. Property
Damage and Automobile Liability Insurance. -
HarryAKbch
"Pays the Claim First"
INSURANCE SURETY BONDS-INVESTMENT SECURITIES
640 Tint Nat'l Bank Bids- Thonn Atlantic 0360
German Marks
and Bonds Worthless !!! ;
. It is the belief in financial circles, both here an&'
in Europe, that German marks as well as bonds areL
worthless and vplll be eventually repudiated.
This conclusion is based upon Germany's mad attempt to
make America pay her reparation bills by selling the unsuspect- -i
ingr people of this country worthless bonds and paper marks as ..
fast as her well-oiled printing presses, working double shifts,
can turn them out. , -
We have worked out a plan by which heavy losses to par-,
ticipators in this gigantie speculation can be averted if prompt
action is taken. -
No extra money required.
Write or wir far
full iafermatioo.
E. N. FORTSON & CO., Inc.,
67 Wall Street
New York
Let Us Handle Your
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, to the Omaha, Chicago, Milwaukee, Kan
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WE SPECIALIZE
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WE OPERATE
Offices at Omaha, Kb.; Lincoln, JCb.; Hastjnft,:
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WE HAVE
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OMAHA, NEBRASKA
Bonds and Notes
Hi4 A. YtaiA
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Armour is. I3 IMW !'
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J. P, Oo U 1st U)S, l:i H
Jau. Oavl. 4. II. 1 1V
v..7..u 1. in in? llTVs
T I.
M ... u 1 1., Is. 1141. 1SIU 10TV4 I II
n! Y. rentral 1. 1114 .... 11
P. It. II. I'o. 1: H..,.i l
V. II. R. t. IW. 1H 1l tM4
14 W. II. T. 'o. .. Ji:l.l"H I""'
Hwlit . la. Jin ...."' tool
Hlfl CO- t. IMt....lH '"'V
Hwls tiov, la. 1140 Ill IKS
I', H. Hul'her IS". 10. i"4V
Vacuum OH la. 110. ... 10 loif
ve.t. I'nlun CVs. IIJI ..lHv 10
West r.l. Is IIJI......1H HIV
trutusy la. I4 101 S t5'
t hlrfn 1J Slock,
riileate, Nov, II tl. H IureU t
Mark. Is t .ltle H.eiil, ' :
Mimvareil llh week o, thole lo prlni
1.30 to I.Hu-poutKt ataer. ateatly tn
hliheri other uneven, most yearling ihort
fed plain liaavlea and (rassera, tie to
10 lower: ah iloclt and bulla, .tearlvt
veal calves. to to II lowtr, tiKker mt
feelers laroely 210 lower.
ll.'ie nclpla. 1. 000 hear): aellv ami
siron to I Oc hither than rrMsv's avsr
ate: tnlmd up liicat, tooil elernrKi
17.00 paid for ISO 10 lmvpugna' avsraaes;
prscllral top, 14 10: bulk, l.10fl-.l:
lilht lithta. 10Q tin 1or: P'. 31
nc lower: bulk desirables. IT.eCtf Ltd.
Hheep Iteccipls. 1,000 head: comparal
with week 8", fat lambs. Sic lo 40o
lower; fat aheep. lie to II lower, feeder
lamb steady.
. . p ,
Chiracs rotetoe.
rhlc(jo, Nov. . rutloes Kcipt.
116 cars; total IT. H. ehlpnunte, ail cars;
market, weak; Wlaconsln, sacked and
bulk, 3l.e5cfl.7S; Minnesota, and Michi
gan, sacked and bulk, l.461.76; Minne
sota and North Dakota Red lvrs. lacked
and bulk. 11.16; Ualiutas, tacked and
bulk. ll.3Sftl.6i.