Nebraska Newspapers

    THE SEE: OMAHA. MONDAY. JANUARY SO. 1022.
Hepburn Model
for Young Men
Entering Banks
1 inuncier, Killed hy Motor
Truck at Age of 73, Gained
Wraith While Con
truttive Leader.
THE GUMPS
. If I'll lUtOH
l TM kthlUi Utt
ALL DOLLED UP
Drawn for The Bee by Sidney Smith
Ot-rlkl. lit. Chut) TrlbuM CoesMBf
By HOLLAND.
Of all ihc citimi of New Yoik
la whom the motor car hat brounlit
tragedy none wai m conpicuou as
A, Hartnii Hepburn. Ait active at
75 a ever, jet in an instant an tin
seen motor bin trashed tinoti him
and after lingrrinu; a few noun he
wa no more, rxcrpt in memory, lie
gained rrpute both national and in
ternational a a hanker. Hi counsel
ha. been so followed at to locutc
lrgislation by congm. whiih wa
of inconceivable value in the late
ummer of IV 1 4. .Hi hrncfartion
to cotlrpri and universities were
large. Two bouK which hear hi
name as the author, for lie wrote;
those hooks, are now standard his
tories of tome features of American
finance and currency. Yet, after all,
possibly the recognition which he
uaincd for never swerving from the
honorable principle which he early
adopted and r. Inch was based upon
personal and business integrity U the
highest tribute that can be paid to
him. Fw although he accumulated
a large fortune, yet it was said of
him that a he was always true to
himself and his principle. He was
'never -false to anv man. Many of
hiii constructive undertaking, while
bringing wealth to himself also add
ed to the prosperity of others.
A I.mor In to b discovered, especially
for thus who are now taking the place
of men who havo baan leader In bank
ing, flnanca and conairurilva wnrk, In
tha history of Mr. Hepburn Ufa. Ha
va not SO, whan ha aa wall aa other
who wera with him. members of tha
lower huuaa of tha Nw York legisla
ture, knaw that ha pnaeessed what may
be railed tha banker's mind. He wi
theretora able not only to tain an early
understanding of banklnc from the,
technical point of view but also to per-
, i eive what tha opportunities for growth
( American banking wara. Ha waa fen r
not apprehensive of tha opposition
of mors money maker who tried In
every way to antagonise all that ha wna
attempting for the Improvement of
American banking. lie became the
superintendent of the banklnc depart
ment of New York state, slthougli a
very young man for ao Important res
ponsibility, and his aervlce in that post
haa been of value which continues even
to thla day.
Later Mr. Hepburn was national bank
eamlner In New Tork city, and his
findings and reporta, aometlmea rather
aevere, wars nevertheless at-cepteu as
baaed upon condition! aa ha dlscovored
them. President Hsrrlaon called him to
Washington na comptroller of the cur
rency and In that responsible position
he served two years.
At Last Bank President.
When President Harrison's administra
tion was ended, Mr. Hepburn waa called
to New York by one of the national banka
which sought to make him prealdent. He
had been in that office le.a than a year
when he found It expedient to advise
that the Institution be liquidated. It was
solvent but woefully dry-rotted snd there
waa no future for It. The bank waa
liquidated, although not absorbed by the
National City bank. Mr. Hepburn be
came vice president of the National City
but he was not comfortable in that post.
Therefore he gladly accepted the Invita
tion of United Btateo Senator Calvin 8.
Brlce and den. Samuel Thomas, who
controlled the Chaaa National bank, to
come to their Institution aa one of the
executive officers. There hla real and
greater career began. There also he had
hla first opportunity to gain large ac
cumulations. The bonk management
jiersuadcd him to undertake to convert
loans long over due which had been
made upon the aecurlty of property on
Long Island. He was to receive good
percentage of the profits which would
follow the reorganisation of that. property.
Here was the flrat of many opportuni
ties for his constructive ability. He was
able to negotiate upon excellent terms
the sale of that property thereby
liquidating the loana which the bank had
made and also securing a (Considerable
aum as his commission. The bank of
ficers sent him to Florida so that he
might untangle a situation which had
caused the bank management some
anxletv. In this ho was successful. The
hank rectlved In full all that It had ad
vanced upon the Florida proposition and
Mr. Hepburn further Increased his emolu
ments by the commlasion which the bank
rrlc.ra promised to pay If he was success
es Chase National was one of the
smaller banks of New York wh Mr.
Hepburn went to It. His M'i"l
aa a banker and Ms capacity for fore
casting situations and opportunities were
soon revealed In the rapid grow -tt. of
this Institution until at last becam
under his leadership, one of the "
er banka of New York city. Yet there
was never a complaint that w or
any corporation or anV enterpr se had
been impaired or unfairly dealt with, but,
rtead the comment was twvS?
made that Mr. Hepburn had demonstrat
ed the paMitUity of inverting oppor
tunity into success and of doing trat
without injury, but with benefit to
everyone.
Banking Intuitions I'nusual.
He forecast, at the time of the money
panic in 1907. the necessity of so pro
viding by legislation as to make money
famines impossible. Therefore, he formu
lated the recommendation afterwards
adopted by congress by which the emer
gency currency law was enacted, a re
source wMch was not needed until the
outbreak of the European war. Then this
legislation stood between panlo and the
organiaatlon of the federal reserve ays
tern, a splendid stop gap which contin
ued from August until November Mr.
Hepburn, also aa president of the Amer
ican Barkers association, made many or
the recommendations which were after
warda adopted by the committee of which'
Senator Aldrlch waa the chairman, a
committee which was called the mone
tary commission. Its report was the ba
sis of the federal reserve system.
Mr Hepburn had confidence and faith,
which characterised J. Plerpont Morgan,
in the future of the Unitod States and he
often said, especially In the year of busi
ness depression, that the stupenduous
natural resources of the United States and
Its speedily gained position s the credi
tor nation of the world would Irresistibly
force in due time a renewal and vast
Increase of prosperity. His faith in the
development of the southern states not
only as an agricultural, but as a manu
facturing section was never weakened.
And yet, when the probate of his will
shows how many millions he accumulated,
probably the best of all tributes that can
he paid to his career and memory will be
the assertion, that he r.howed the young
men of the United States the possibility
at gaining great wealth without doing In
justice to any man, but instead of so
acting as a constructive leader that many
others shared in hia own gooa lonune.
Itt MB fvTTV't H03CIHWt.
BvTTOH HOLt- I Vik.NT tU t
1,00 UAt. VA,tVT- Witt I
MHfc TO MUf 6M Of
hi fS'tntn Towiutt sVw t
'VAl-aT NOsJ Tff WOK XK
U0K. AT TC OtA -Wl
'OH SOW VIVT- I MT
dVT A, V.HVC t00A
Nt Lt6K Mow Vau-Vl 6T THAT
i ktnmit -risrt ii..u' nt
c-me- wei- ut Ml Tit tx.r
K Vou A low AT NCU
CttTAlNVV A CAt.U.t-
VwOMMt tO WOO AMUVV
m m ho z
to roivow
THE LlOM Or
tMt YVRCr
oak or
N,H ts
A voopmd
VMIlAOW iH
OFTHtVJI0V
THE W0c05
FORM OH WVS
LIP5 T
HE CANNOT
UTUKTHtM
iSas'ss'S'V'ir
Omaha Produce
Rtai et Nahraska, kursia of markets.
Oinaus msiketa
1,1 VB POft-TltT.
tVhaa Wh'sale
liuving filing
frlca. Plica.
U"B TPOfLTRr.
Rtasa .io.it" io u t Is
Kprings SIO ,Vi , !
ll-n, light U9 .11 .It
liana, heavy ! .H .':' .-
I'okl .19 ,Mt .IS
Pucks .IV .ti .t
Dnrae 1 Mr .21 .SiQ .It
Turkey HO .IS .lOtf .
BtMS Sort ,:t
Nprliigs .......... Sitp
Hena .SZ
Co.ks ., 120
I lucks 23
. .:
,1
.:
.17
.tt
Ji
.4(1
41eene
Turkeys
select
No, 1 ,
No. 5
Cracks i
BUTTEK.
Creamery, prints
t-'reamary, luo.
Country, beat..
Country, comon
Storage .
(per rase ....
F r u 1 1 s Bananas, 7Me lb,
,H9
.!
.3fP
.!
.no
.!
.)
.30 ft
.torn
.IE l
.17
Kearney Teachers College.
Miss Bernlce Pumphrey haa received
the gold medal certificate for speed and
accuracy on the typewriter by writing 710
words in 10 minutes with but three errors.
Her net speed was 68 words per minute.
Dr. Stoutemeyer of the educational de
partment, apoke in convocation on the
status and problems of preaent day educa
tion. One of the elgnificant facts brought
out In the address was that the Increase
in attendance in normal schools has been
only about one-tenth the increase In
other colleges and universities during the
same period. '
Bisbee, Ariz., Jan. 29. The Calu
met and Arizona Copper mines, and
the company's smelter at Douelas,
Ariz., will resume operations Feb
ruary 1, according to an announce
ment tonight by Col. John C. Green
way, general manager of the company.
.MO .S
.alls .13
.IStf .30
.iff .34
.20 .71
(.00 tj 10.00
Oranges,
also il and larger, 15 S5.u0: site 360.
J4.7S tj 5 7S; site SHU, 14.SO0S.6O; alia 334,
I4.0OC3.25. Lemons, Si.OOttt.SO box,
Clrapefrult, S3.3bt?SO0 crate. Apples,
according to grade, Jonathans, 12 60tj3.!5;
Iellrlnua , I3.OO0S.OO: Home Heautlea,
I2.S0&3.23; Stamen Wlnesap. 15. 75 tf 3.25;
Common Wlnesap, I2.003.7r.: Winter
Prarmaini, '-' 2S2.75: Spltienburg. 12.60
tt3.7G: Hlatktwlg. It.20jf3.00: Yellow
Newton, IJ.S0; Hen Davis and Geno, 13.60
per box. Jilefer Pears. 32.60; Oregon Kitt
ing Pears, 34.00 per bushel basket. Figs,
24 pkgs., I os., 12.1602.2:; 12 pkgs., 10
os., 11.60; 60 pkgs., oi S3.26iS4.S0.
Dates. Dromedary, 30 pl.pa.. ?.B0(8.75
per box; Kurd, 23(ff2Go lb.; ilnllowll. 133
ICo lb.
V g e t a b ls Potatoes Nebraska
Early Ohlos. No. 1, 2.00j)2.2ri; No. 3,
Sl.90tT2.00: Nebraska Irish Cobblers, No.
1. S2.26; Ked Rlvor Ohlos, No. 1, ;
Colorado Brown Beauties. $2.79 per cwt.
Sweet Potatoes, Jl.60nj2.S0 per bu. Celery,
Jumbo, Sl.B0al.75 per doz. Leaf Lettuce,
60&G0O per doz. Head Lettuce, S3.60O4.2S
per crate. Red Onions, 7HG9o per lb.
Yellow Onions, Trtiita per lb. Spanish
Onions: crutes regular. S3. S03. 78. Car
rots, 2Lj3o per lb. Turnips, 2H4i'3c per
lb. Parsnips, J 14 4 3c per lb. Cabbage,
Stt6c por lb. Cucumbers, hot house,
S2.603.00 per crate. Young Southern
Radishes, 76 90c per dos. Young South
ern Carrots, 31.00 1.15 per doz. Young
Southern Beets. SI. 00 per doz. Brussells
Sprouts, 25a per lb. Shullotts, 7590o per
dos. Oreen Peppers, ZbtySOo per lb.
Young Southern Onions. 90c per doz.
Nuts Black Walnuts, 5c; English
Walnuts, SlfflSflo; Brazil, large, washed,
1418c; medium, 13610c; Pecans, large,
225j30c; Almonds, 1828c; 'Peanuts,
Jumbo.' raw, 1213c; roasted, 1414c;
hand picked, raw, Stt610c; roasted, HVi
4j)13c per lb.
Hides snd Wool Beef Hides: Oreen
salted. No. 1, late take off. (87c; No. 2,
66c; green. No. 1, late' take off, 46c;
No. t, 84c; green salted, old stock,
3SSe; green salted bull hides, No. 1, if,;
No. 2, 3c; green bull hides, 2c per lb.
Horse Hides, large, S3.00; medium, $2.60;
small, $2.00 each. Poney and Glues. -76 O
1.60. Sheep Pelts, green salted, as to alze
ond wool, CO 1.25 each. Shearlings, green
aalted, as to size and wool, 6 20c each.
Wool: Choice fine and 14 blood, 1822c;
medium and blood, 1618c; low
blood; 12Jfl4o per lb.' Burry Wool, 6c pe
lb. lees.
Wholesale prices of beef cuts aro as
roiiowa: iso. x rtos, 22 He; No. 2 ribs,
22c; No. 3 ribs, lsc; No. 1 loins, 26c;
No. 2 loins, 28 ttc; No. 3 loins, 17c; No. 1
rounds, 14c: No. 2 rounds. lSVic: No. 2
rounds, 11c; No. 1 chucks, thic; No. 2
cnucKS, so; no. chucks, 7t4c; No. 1
plates, 6c; No. Z plates, 6c; No. 3 plates,
4c.
a auhatantlal fcuainM to the leading ore
ilutar, whit la rpurtl to hv baok
7 par rant of Die goods mat csn
nidi, snd men's wesr waved mere free.
t than tidd been sntlriustfil. Through
out tha icuniry, rlellre cenllnu la
liquidate bigli-prired storks, but mnat
r.neuniers uurrhaa eautluualy and the
I. reference fur the more staple rlaaees at
ntcrrbandiee la a fraiurs. - In foreign
trade, prospects In soms quarters have
Improved, wltll rertaln Soutk Anierieaa
loonlnee operating little mure fully
r-r. Narrow prints and colored eotton
ra Been ailiong piwvii tv,
oport.
. Hid Market.
Absence of general sotlvity lu domett le
hlo. markets haa prevailed throush still
snoiher wnn. While exceptions to the
eslstlpg quietness are not larking, waiting
continues the rule with tml buyer, and
the price undertone la easier In packer
tildes Gradual yielding, however, haa de.
velnped In Hlver Plate steera, despite
s.onl Improvement In the quality of
Iske-off. The preaent lull In the bide
tilde runtraais with ireno towaro ex
pansion In leather buslneaa, although de
mend for the latter commodity la chiefly
for lower-priced clock 10 be used In tne
manufacture of the cheaper lines of fool-w.-ar.
Htatlatlcs on December leather ex
ports dlaclae a moderate reduction In
the value of the outgo, but lower prtoee
account for moat of the decrease. ' the
volume of shipments being well main
tained. CHICAGO CLOSING PRICES.
Bf t'pdlkn Grain Co., DO. Ht1t Jan. tt.
Art. Opn. Hlwh. Low, Cton, Vt'r
Wht. I
May 1 17 1.18 t.U 1 Mi
'1.17! l.Mk 11H
July l.OHI 1.04 1.03 1-04 S 1.02
1.03 1.04 s i.ei74
ny i J I I
May 17. IS1 87U t
87H
July . 19 81 79 111 1&
Corn
Ma S3 (3K M K34
R0H
July 65 56 6&H ftSi
66
Oata
May SU 39 S 39 8Vi 31
3'J
July 401 -iOi 49 4)01 40
PorK I I
Jan. 17.S0 17.-0 17.10 I17.J0 17.10
Mny 17.00 17.28 17.00 (l7.S6 (l 7.00
Lard I I
Jan. M0 187 f.80 f 1.87 ( 9.60
May 10.10 10.20 10.10 (10.17 I 9.97
Ribs I i
Jan. 9 07 I 9.07 9.07 9.07 11.87
May 9.30 f 9.30 9.21 9 87 9.07
Trade Review
South Side Brevities
ORIENT COAT,? CERTAINLY. MARKET
O0TI. SOUTH OMAHA ICE COMPAST.
- Advertisement,
ixm t burn your money, bura Chrlnta
Pher; $18 ton. PlTOoka. Coal Co., MA.
i7. Advertisement.
When In the market, call MA 908 and
"Mer a ton of our Market lump coal at
llA.Sft. It a rood value. A. U BERG
yliSX SON. AdverUsemtnw
By K. G. DUN & CO.
K.xpansion of business, if not wholly
lacking, atill develops slowly. The coldest
weather of the winter at different points
haa augmented demand for heavyweight
apparel and fuel, yet there is a disposi
tion now to watch closely for gains which
result from other than purely aeasoual
Influences. Basic Industries have hpld
most of the advance of recent months
and In some instances have made further
recovery but rapid' revival at manufac
turing establishments remains the con
spicuous exceptibn. Revision of wages or
increase of working hours to effect lower
production costs has evidently not been
completed, and the expectation of rail
road freight rate reductions persists,
despite the delays experienced. With re
adjustments still to be accomplished and
tude in many quarters, and a reluctance
unnaturally a cautions and. hesitant atti
tude in mnay quarters, and a reluctance
to undertake forward operations of mag
nitude. The fact that January has brought
no general activity in business has not
lessened the belief that more decisive
improvement in conditions this year is
foreshadowed, and the current gradual
progress ia disappointing only to those
Interests who had anticipated a sudden
turn for the better. Supporting the hope
of future expansion along conservative
lines is the favorable response made to
openings of woolen goods for the fall
season; the diminution of price unsettlo
ment; the prospect of an extensive build
ing program In the spring, 'and signs of
slow recovery in some divisions of ex
port trade. While these and' other en
couraging phases are qualified by differ
ent unsatisfactory features, the outlook
is clearly one of brighter promise.
Rubber Goods Trade.
Like other branches of business, the
rubber goods trade has passed through
a, period of readjustment, with curtailed
production and declining prices. A special
survey of the situation made through
correspondents of Dun's Review indicates,
however, that fundamental conditions have
been strengthened and that revival of
demand this year Is foreshadowed. With
sharp prk; reductions from previous high
levels, the interest of buyers is being
rekindled, and both manufacturers and
distributors are confident of the future.
Reason for encouragement appears in the
fact that some plants are steadily in
creasing operations, and the industry is
expected to be In a satisfactory position
by next fall, unless unioreaeen contin
gencies ariFe. Much will depend, a num
ber of the reports point out, upon weather
developments.
Steel Trade jOutlook.
While, general activity la atUl absent in
hon and steel circle, various encourasing
features are present. Uncertainty about
future orlces has not wholly disappeared.
but more buying interest has arisen in
some quarters, with railroad equipment
and fabricated steel Inquiry especially
prominent. Negotiations on a round lot of
tails for export to Manchuria are reported,
domestic and English, mills competing for
this business, and & foreign order for
300 care hna been placed here. Not In
many months, the Iron Age states, have
so many fabricated steel projects devel
oped aa during the past week, and actual
awards have been relatively large. The
faot that production this month has held
clove to tbe December rate. Js-considered
a favorable augury, and eaanonal ripphiand
Ik expected to soon give stimulus to the
industry. Early resumption of work at
plants now Idle la In prospect In Chicago
territory.
Dry Good Buying. ,
No departure from onservatlT Art lot
is witnessed in dry goods markets. Buy
ing to cover well-defined requirements re
mains tbe prevailing condition, but mod-erate-slaed
orders ara being placed some
what more frequently, and the future is
hopefully regaftled. Opeioga, ot-WjQen
linca lor tali- tU xtductd iriccj "brought
Financial
rricct for foreign exchange have
ended materially in figuring the ad
vance for tome time, and that the
Argentine mirket wit unluly de.
rretscd by short icllinii and by ef-
forti on the part of foreigner t
uny an cheaply at possible.
Ki port ere Take) Manilas.
Ktixirtrre have sppsniailr abeorbed Hi,
surplus urferings thr, Th.reiwrt dr.
culairU Katurlsy thai tbe Argentine eur
plua liss l.ren sold Is nut generally be.
Iiev'4. sa It Is en.unii lU.eoo.Oue tiuab.is
to IHi.ooit.oO biwbie fur I he aaon. In.
eluding old snd new wbrai. There has
been about il.ee6.eet buihele sold tor
port snd oaeiblj' more, and it la hard
to believe that the entire surplus could
have been Ulepoard of In the last two
months. Fanners In Argentina ere not
off-ring wheal aa fre.lr aa rerentljr.
The whole wheat situation la favorable
to an advance, but It la hardly reason
able to eipeet that price will go up as
fast as they did during the wer period,
r.gsrdleas of the atrong etattetlcal poel
tlon, ae the trade In general will not
buy with the eame confidence In mater
tally higher prlcee as they did when for.
clgners wera taking all tha wheat offer.
Ing, regardleas of price, and all tbe
speculator had to do was to buy and
bold and eocure big profits.
A downward revision of estimates on
the North American supplies haa been
heceaaary, owing to a reduction of 10,.
000.0011 bushels In the Canadian wheat
crop. The surplus of that country for
the season la estimated at iOO.OuO.OOO
buahele, and total fog, North America is
460,000,000 bushels.
I. S. oa Uomestbs Basis.
The Vnlted States la believed to have
exported Its surplus and It Is on a do.
meetio beats. Auatralla has an estimat
ed - surplus of "0,000.000 bushels. These
figures, on a basis of 140.oo0.000 bushels
from- the Argentine, would suggest an
apparent world surplus of $80,000,000
bushels. This makes a too close adjust,
ment of supplies to requirements to con.
slder short sales with muoh favor, as
there will be a too limited surplus at
the end of the season, considering pres
ent crop prospects.
Movement of corn from tha country
oontlnues unusually heavy, and la expect
ed to for a few weeks more. -
At the same time, shipments have also
been large, and accumulations small, con
sldering tits size of the receipts. It Is
not to be expected that farmers will
continue to sell freely for a much longer
period, as they will soon bo starting their
spring work and some sections are said
to have already sold their surplus. In
Nebraska farmers aro advised to hold or
teed their corn.
8o long ss the expert demand contin
ues good the trsda Is inclined to look for
a better market.
ShcmfifjrkSinitf.
By ALEXANDER DANA NOYES
Omaha Beo Leased Wire.
New York, Jan. 29. Insofar as
the past week's markets give any
indication of the financial outlook,
they suggest inability to discover.
as yet, the signs of business re
covery, but give a more hopeful
view of Europe's economic -situation.
Absence, of signs of ' industrial
revival (not at all unusual at this
time of year) was reflected in the
refusal of the investing public to
tollow professional speculators in
bidding for industrial stocks, with
a consequent halt to the rise of
prices for such shares. Favorable
judgment of European finance was
reflected, as it usually is, in the for
eign exchange market.
The reaching of $4.25 by sterling
exchange, as compared with its pre
vious low level of $3.18, was an
event of some significance. There
are many ways of looking at the
foreign exchange market as reflect
ing a favorable or unfavorable for
eign trade balance of a given coun
try, for instance, or as reflecting the
status of depreciation in its currency
or, less specifically, as reflecting de
terioration or improvement in such
a country's economic and political
situation generally. v
Slow to Grasp Facts.
Foreign exchange does all this, and it
has shown on numerous occasions its
tower to foreshadow the course of events
in such matters. Most people have been
siow in recognizing these facts, which Is
the only way to explain why Wall street,
at the very time when the great recov
ery In exchange rates on such countries
as England, France, Belgium and Italy
vos under way last autumn, waa talking
of imminent economic ruin for all Europe.
Apparently the public's eye was fixed
upon exchange rates on Germany, Aus
tria and the other central Kuropean coun
tries rates which were moving rapidly
in the opposite direction. Yet It was
nn now experience for exchange' to ba
moving in favor of one country or group
of countries, while it was moving against
another, and It was.no new experience
for the financial situation of-'Oae group
to be improving wh(le, that- of another waa
retrograding...-
Agree on Three Things.
A year ago people of intelligence who
discussed the affairs of the late European
belligerents, agreed that their-1 economic
recovery required three things the re
duction of the huge balance of merchan
dise trade against them, a serious at
tempt to balance their own budgets and
reduction of their, paper money. Some
people said (even, a secretary of the
treasury hinted at It three years ago) that
tty ought to settle some-of ' their Ameri
can debt by. shipping gold, ithpugh. gener
ally mat waa regaraea as unpossieie.
Yet the European -nations outside the
ct'ntral states have done it;', several hun-
nrea millions or gold nave come to us
this past year, for- their "account, and
they have also been meeting during thei
past 3 2 months the other tftree -stipula- i
tiona in regard to action on their trade
balances and budgets Ma-tlte1rerrency.
v Mat there has been accomplished in
these respects by England, France and is
n-measure by Italy, is nl thprellm-
irary step, but a long .step .In the right
direction. ... ' .
Chicago Grain
By CHARLES D. MICHAELS.
Omaha Bee I. eased Wire.
Chicago, Jan. 29. Action on the
wheat market last week made most
of the trade here and.-ahr'oad believe
that it is time to be careful on the
short side and that values, are work
ing toward a higher level the world
over. With any encouragement in
the way of largely increased buying
.ind with more general confidence a
higher- level of values might be es
tablished on top of the advance
made last. week.
Buenos Aires wheat prices have ad
vanced 17 cents in 11 day?. Liver
pool is up around 8 and 10 rents 3
bushel ft the same' 1ISSJ " Higher
Doane College.
Prof. W. U Wolfe, the new asaistant
In mathematics for the second semester
arrived Wednesday. Mr. Wolf has his
master's degree snd has done consider
able work towards . othsr degrees. Hs
haa had years of experience teaching
mathematics In Humboldt and Burwell,
Neb., and comes to the college very high
ly recommended.
At the last Monday evening lecture In
biology Prof. C. O. Carlson presented his
final Iscture on plant evolution. Next
week he will give the animal side of the
story, lecturing on "Protosoa."
The members of the physics and biology
departments were at homo to the rest
of the college last Thursday In science
building. A - concert given-- at Lin
coln was hesrd clearly all. over
the physics ' laboratory- room by means
of the wireless telephone, and a concert
given In Oklahoma could be heard dis
tinctly by using the receivers. Professor
Carlson had arranged specimens of plant
and animal lite that could be viewed
under the microscopes, and showed a
specimen of the fresh water hydra on the
scheen with his projection machine. The
college museum was open for the eve
ning. A new feature in 'dramatic art wna
presented by the Doane college players
in the conservatory chapel Friday, when
they staged a pantomime In rythm, "The
Shepherd in the Distance." This was a
very clever presentation In Oriental setting
In which the "sound-makers" had equally
important parts with the actors. Messrs.
Ross, Trout, Trobough, W. H. Campbell,
C. O. Noycs and Cheney, and Miases
Carol Davis, Bloodgood, and Straubo
have prominent parts. Two other sketches
wera given: "The Boor" by Tchckoff, in
terpreted by Miss Catherine Kendall, O.
Glllasple and D. B. Cook; and "A Trick
of the Trade," played by Miss Helen
Shurtleff and D. S. Jones.
Mrs. C. O. Carlson's clsas In advanced
harmony Is finishing up their lest half
year's work by writing songs. These will
be featured in a musical reciai m ,us
near future. -
University of Nebraska.
n... n .T Vereiiann of the college of
.narin-erine- renorta that the enrollment In
that college lor tne eecona gemeatn
12 shows a slight Increase over the cor
responding period for last yesr. Fifty
two more students are, registered this
semester than in 19S0-21. The total en
rollment' for the year promises to be
considerably higher than that of last year.
The dean stated that the dropping out
of students between semesters was not
aa "heavy as he expected It might be,
and the incoming new registrants were
more numerous than was expected.
New course, "Government ana fonticai
Problems of Nebraska." will be inau
gurated Monday and will meet each Mon
day night of the semester In the social
science building. L. E. Aylsworth,. pro
fessor of political ana social science, win
give the Instruction.
The Pershing nines, nonorary caaei
society, have elected the following cadets
to membership In that organisation:
Richard E. Dearmont, Monroe D. Uleason,
Grant E. Lents, E. A. Mulligan, William
Mapes. Dwight B. McVlcker, J. Lu
Proebsting, Clarence Rogers, Henry A.
Sergent, John Westerman and Ernest
Zechau. Election is based upon
proficiency In drill together with the
previous military experience and record
of the cadet.
Gladys M r : 9 has been elected to mem
bership in- Silver Serpent, Junior girls hon
orary organisation, to take the place of
Charlotte Coolldge, who did not return to
school the second semester. Miss Mlckle
Is a member of Alpha Phi snd has been
active in the T. W. C. A. and other campus
activities. .
The conservation and survey division
of the university Is now preparing A
bulletin on the water resources of Ne-
brsska. The department is securing a
record of every power plant built to date.
Some of these -plants date back aa far
as ISSfi. There are now Installed In the
state more than 200 powers, 86 of which
are now operating and the remainder of
which have been abandoned. The purpose
of the bulletin will be to Investigate con
ditions and to make further recommenda
tions regarding water power Induatrlea
throughout the state. Especially the ws
ter power resources of the larger streams
are being carefully investigated.
Definite plans for tne presentation of
the big annual Kosmet play, sponsored by
the Kosmet club, were formulated at a
recent meeting of the members. Mike
Myers, business manager for the play,
haa under consideration several plays sub
mitted by students seeking the 1100 prize
offered by the club for the bent original
plot to bo used for the 1912 performance.
The play of laat year. "The Moot Prime
Minister," was presented at the Orpheum
theater Ivy day. and this year will be
given during alumni week if preaent plans
are carried out.
Woolens and Worsteds
Prices named by the American Wool
en company en fall lines of men's and
wfmen's wear fabrics, which were
opened this week, were a distinct sur
prise to the 'trade. In view of the shsrp
advances in raw wool during recent
months, together with the company's sa
stirance .that wages will not be reduced,
the aeaeraJ auectatioa had beeu that
the near levels would at Issst be an
changed from tha last opening. If not
sumewhst hlsh.ri must intervals were
looking fur advances. They wars hardly
piei'Srvd. tbarefors, Is find prtnee lower
on the average, A stapls serge, usad ss
tenslvely for men sun asd whkU may
be regarded ss besie number, waa re
duced dig a yard: laat year It waa
opened at 11.41 , wh.r.aa, the new
price fa ft It. One of the papular lines
of drvee sergs for women's wear wsa
priced at II sIS. ss rompareit with II
a yard at the opening far the last fall
sasaon. In unfinished worsteds, a well
known number le offered at II. showing
a rut of 1 rents a yard. A few In
creases wera made, particularly on some
ait-wool fabrics, but line which have
been prlued fcisher to repreaent spectsl
values and comparatively better quali
ties In the men's wesr division, the re
ductions ara not so rsdlrsl ss In the
women's wear goods. Downward revisions
In th latter are sitenaive, amounting in
many Instances to as much as Oo a srd.
The action of th leading Interest In
naming lower price Is generally regard
ed aa an Indication that th company
Is In a strong position with respect to
raw wool stocks, accumulated, It Is be
lieved, at levels well below th current
market, and that It Is again seeking vol
ume production wltrr a view to keeping Its
mills well employed. Producers lea fa
vorably altualed In th matter of eup
pllea of wool and yarns available stocks
t both ar becoming scsroer may find
It difficult to compel unlca they can
reduce operating coats, but on all aides
It Is conceded that the American Woolen
company ha mad a commendable move
to bring price of apparel nearer to nor
mal. To what extent the ultimate con
sumer will benefit remain to be seen:
that depends, largely, upon the ucrea
which may attend effort of Jobbers and
clothing and garment manufacturers to
reduce their ovsrhesd snd operating
charges. In this connection. It may be
said, one of the most noteworthy and
significant developments thus far In the
new yesr Is th Increased attention that
Is being given In sll branchea of ttve
textile and apparol trades and Industries
to th problem of further lowering costs
of aiatriuutton.
Food Prices Again Higher
Dradstreef food Indeg number, based
on the wbnlesal price p.r pound of II
srtlrlM used fur food, Is II 01, rumpartng
with 13(1 last wek and II II fur the
week ending January 17, 121. This week's
number shows a gain f 4.1 per cent over
last week, but a of J 4 per cent from
me use ween or last year:
Increased: Wheat,, red: wheat, spring:
b'ina, butler, sugar, raw: sugar, refined;
cottonseed oil. esse, beevee, live: huge.
live; lambs, live; evaporated milk. Unseed
on.
Decreaeed: Barley, coffee, sheep, live:
hops, 1'aiitlc; hops. New Tork; cotton,
gray goods, brown sheetings, hay, steel
Scrap. Pltiaburgh; car wheels, old,
Chicago; cupper, tin, spelter.
Weekly Failures
Business failures for the week ending
January :i number 4. which compare
with Ut laet week: 430 In the like week
of lilt. 104 In HJ0, 140 in llll and III
la llll.
Cotner College.
President A. D. Harmon left for a trip
to th east. He delivered an address be
fore the Federation of Ministers of Ohio
In session at Columbus. He was in Chi
cago for a conference with H, O, Prltch
ard of ths board of education of th dis
ciples of Christ.
Th Kansas rlub entertained th atu
dent tody at a party In th gymnasium.
Mor than 100 students war gueats of
the Kansa students. Uuests cam at
tired In overalls and aprons. The fee
tures of the entertainment were games,
a chalk talk . by Dorothy Thomas and
a lasket ball gumo between ths Jay
hawkers snd a team from the other
ststes represented In Cotner. Th Kan
sans won by a narrow margin.
Ernest Wnrren Lundeen, a graduate of
the University of Nehraeka and at prea
ent a teacher In sociology In that Insti
tution, will be an addition ia the rot.
nor college faculty for nasi evmeater,
Hr. l.umlx.n will tak over all the close
of I'ruteaaor Ulen Mt-Rae, wr.fl will
enter I he employ of the t'nited Miaaton
ary a'x-i.ty of umaha. Me. tunJ'.tt will
tak full rherg of th history and era.
nmlrs claes.e and In addition will of.
fi-r a new cuuree In political srlem.
Ir, Peter Alnale of Ualllmare, t . was
a Cotnr gurat and save an addreeo be
fore th student body on th subject of
"international Peace."
1'rofrsaor W. M, Bryant of the N
hraaka Jtrhool of lluainese lectured I
the rlaaa In rnmmert-ta! Isw, Hie sub
ject was th "History of Corporation"
Kegiairsilon for th seronil aeineaier
will be bld Monday and Tueaday. Claae.
begin Wednesday, tteveral new euiire
a ar going to b offered by Profraear
Duncan, Harmon and bhellenbrrger,
Th advisory commute of lb T. W.
f, A., composed of Mrs. A. D, Harmon,
Mrs. Ella Nichols. Mrs. Mart Kreeland
Thomas and Professor Young, gave a
banquet In honor of the T. W. C A.
cabinet. Th tanquet room of th dor
mitory was tastefully decorated for th
affair. Informal talk wer mad by
Miss Ruby Wilson, prealdent of th T.
W. C. A., and Profeaaor Young.
Th Phllomathean and W si heals n Ut
ersry societies will hold a Joint meeting
Mondsy. This meeting will be In tt na
tuie of a "backward party."
The T. W. C. A. held a party Saturday
night at th horn of Prealdent snd Mre,
A. D. Harmon. More than 10 girl at
tended, garbed In th costumes of "lit
tle kids."
The debating teams which will repre
sent Cotner In the Htato D-batlng league
hav been picked and eldea assigned.
The affirmative will be repn-aented by
Richard McCsnn. captain; Floyd l.eav
itt and Lawrence Uerry. The negatlv
team is compoaed of Ray Bradley, cap
lain; Wayne Sorrel and Randolph Smith.
Tho flrat debate will bo h'd with Orand
lel nd college February 27,
The Phllomatht-an Literary society
held their election of nfficora Tuesday.
The new officers will serve during the
second semester. The following were
elei4t PieeU.ai, b.rit Fubae.k; tt.
i..-t. His Iwtiii -', hef
r.s..'4. l.aarei, I'st Hm: ' '
S"M el (re, tta Uleinee, mu, !
11.4 HlfKMS, .
Te !.... I i will t a reuM
Friday In IS nwutisai. Ifc.e wul M
IS IMtltel fMtM.ea.te ef II, tea! M
a eesj.e.1 aa i.sretle are belt,
(ur esle4l4 S-tufians. fifrer
f l.ie.ui ia taeieiiag la Ik
recite ml Ik Wu4 ii Ma'i
a..i-..l. u4 Ja.k Lsueeid, feeds. .
eei.l In Ik t(en,
York Ciil!f(;e.
Tke rell.ee d.kel r.llniieite -'
'' la ike cuilese !! test aeei.,
1w elieng ihwi heee a ft.ll4 l
lw,r.et in . j litis year Situtl.MI
..siug in t'lmi iai leer r Mwtn
I HA, Kde TSrtmeeuA. Harvey te'tu.ntrr
r.ila StellJ.r, Nellik Be
Wewme. I'ebaiee e be4uie4
ever S4 !
M...KB. tissues, k.are.r ae4 f!re"i
lUi,4 Pm end Mi4ies4 hs '
J), 1,.4 ftuiu Ike lie.
I'i..f iliia) Ad.sii r-e-l a I ar-" nn
Ike Bubim of awti.,. gee ae'feie lf,.i
lli Te.tr f'sM fe.-uiiy Miiniy. Sit-.
v-. l'r( Null will tma saj b 'le M
tier li.oatilal ital.tt.
Ml'lr' tatittattut 'ite4 Filth?
1h new Hieeter fcgwe Muadsv- l.
Il.ir.eea la Ike elud-al k--.lv la esi-OTle..
The eemiii.reial rl.perim.nl i.til. e
rnei.rtal in. r.ese la stel.nt eime II."
bulidae ik -J he alteudek. be Meet
ly 4uubl.il
The oretarieel eauteet will fee held '
Install. rh.M-l r.i,tuarr4 4 I'rom tk
tttnlret a retf.eentaitv wilt he eeleritMl
l rpr..i,i ih . haul et t'r.ie let m
lb month et Ih aisle ranteal.
Midland College.
Midland basket hall men dt.-ar.l.tl grin
ettttke end arm n.snnet "duiiiitg up '
for tk perir given In Ihelr hi. nor in
Korrl htaiifrer Malurday night.
Th T'aruity Latl rlub held II fitt
meeting of the ' al the president a hmi.
with Mrs m.uff.r, Mlw ll'.fklli.
Nolle and Hcei I e host.eee )! at
faire ar la be held Hi third luid
of every month. .
I'lerlng l-'t-'te a full house, th Mlenir
playete preeritted the fourth of et sen-a
of little ihi-et.r enterulnmenie al lb
hish school auditorium Tuesday,
Merond emraier work I new os In fn.l
swing, enrulnttnt t-suslng only a Hgttt
Interruption.
Chadrou Normal College.
Ulrls from the seventh and eighth grade
rlea In rookery proved to Iheir triuth.-e
and Instructor that they ar pruluiei.i
In the art of rooking and serving. Th
tnenue run.leted of dishve which th
tlaa had learned 10 proper during tlx
eemeater. They served potatoes on hai.
ah.il. era I loped corn, muffin, tuna In I,
aeled, grapa coneerve, cranberry Ice end
Individual reke. Th varlou dull
wer bo organised that each girl had an
opportunity I gain practical eiperieme
In eeca pnaae or ine work. Eecn ttitie
hoetra seemed 10 tak delight In doing
her part very carefully and welt. Hand
painted place rarda and dollies made u
the girls, wer featuree et the supper
which received much comment and
praise from the proud mothers
A very enjoyable evening wa apent at
the Poovel hotn. Tueedey. where Mo"
lloyer and Mlaa Bard wer hostesaea to
the Zeta Alpha society. After the Initia
tion of a new member, the gueet wer
entertained with a program, by on of Ibe
groupe In the eoclely.
At th T. W. C. A. meeting. Mia Pal
mer discus.. d ' An Old Hook Through Nt
Eyes." 8h Interpreted the Illble from
a literary standpoint, quoting beautiful
passages ss examplre of Ih kinds of
liters lure.
Coal production in France in
creased 10 per cent during the last
rear.
$30,000,000
Chicago, Burlington and Quincy Railroad Company
First and Refunding Mortgage Five per cent Gold Bonds, Series A
Dated August 1, 1921
Due February 1, 1971
Interest Payable February 1 and August 1 in New York City
..)--
Redeemable, al the option of the Company, on sixty days' notice, as an entirely, but not in part, on and after, but not
before February 1, 1942, as follows: on February 1, 1942, or on any interest date thereafter prior to February 1, 1952,
at 107yi and accrued interest; on February 1, 1952, or on any interest dale thereafter prior to February 1, 1962, ;
at 105 and accrued interest; on February 1, 1962, or on any interest date thereafter prior to maturity,
. . ' at 103 and accrued interest.
Coupon bonds in denominations of $1,000, $500 and $100, with privilege of registration as to
principal. Fully registered bonds in denominations of $1,000, $5,000, $10,000. Coupon
and registered bonds and the several denominations interchangeable.
The issuance of these bonds has been authorized by the Interstate Commerce Commission.
THE FIRST NATIONAL BANK OF THE CITY OF NEW YORK, TRUSTEE
Hale Holden, Esq., President of the Chicago, Burlington and Quincy Railroad Company, has
summarized for us as follows his letter to us describing this issue:
The proceeds of this issue will be used for additions and betterments during the year 1922,
including about $15,000,000 to be expended for equipment.
The lien of the first and refunding mortgage will cover (directly or collaterally) 8,998 miles
of road on which the Company's total outstanding mortgage indebtedness, including the present
issue of bonds, will be about $22,628 per mile. No more of the underlying mortgage bonds,
including the general mortgage bonds, may be issued, except for the purpose of pledge under
the first and refunding mortgage, but the Company reserves the right to sell approximately
, twelve million dollars principal amount of underlying bonds now held in its treasury.
The Company gross operating revenues, net income and interest charges for ten years
have been as follows: .
Year
Ended
Dec. 31
Gross Set Income After Interest
Operating Deducting Rentals and on Funded
Revenues , . Misc. Income Charges t Debt
Balance
1912 $ 86,723,068 $23,318,855 $8,547,309
191 Jf - 94,374,486 28,642,098 8,546,453
1914i 92,750,934 26,317,836 8,499,051
IW5f 91,125,061 . 26,215,828 7,118,898
1916 109,191,204 40,010,383 6,960,493
1917 ..122,342,707 36,251,582 6,790,177
1918 144,172,7691 29,598,755 6,750,463
1919 ,154,011,4381 30,268,769 6,669,587'
1920 , 185,586,2871 29,798,140 6,816,006
1921 - 168,410,473 31,002,405 - 6,807,134
iYear ended June 30. tU. S. Railroad Administration.
U. S. R. R. Administration 2 months; guarantee period 6 months; corporate period 4 months
iPreliminary figures.
$14,771546
20,095,645
17,818,785
19,096,930
33,049,890
29,461,405
22,848,292
23,599,182
22,982,134
24,195,271
Since 1913 annual interest charges on funded debt have been reduced approximately $1,700,000.
The Company has now outstanding $170,839,100 stock ', 97.09 of which is owned in equal
parts by the Northern Pacific and Grett Northern Railway Companies. During the period
(since 1901), in which the Burlington has been controlled by the Northern Pacific and theUreat
Northern Railway Companies, the Burlington's surplus income and miscellaneous profits have
amounted to approximately $406,000,000 after charges, whereas it has paid out in cash dividends
on its stock about $228,000,000, and has added approximately $178,000,000 to its surplus The
Company's total funded debt outstanding in the hands of the public on December 31.1921 was
$9,442,400 less than on June 30, 1909. '
THE ABOVE BONDS ARE OFFERED, SUBJECT TO ISSUE AS PLANNED AT 97
AND INTEREST, TO YIELD APPROXIMATELY 5.17 PER CENT '
The right is reserved to reject any and all applications, and also, in any case, to award a smaller amount than
applied for. The amount due on allotments will be payable at the office of J. P. Morgan cV Co., in New York funds -on
or about February 10, 1922, against delivery of temporary bonds exchangeable for definitive bonds when prepared'
J.P.MORGAN & CO,
Dated January 30, 1922
FIRST NATIONAL BANK, New York
THE NATIONAL CITY COSfPANY
O