Nebraska Newspapers

    i
6
TIIK OMAHA SUNDAY BEE: FEBRUARY 13, 1910.
COVERING DEALS IN STOCKS
Fine Art of Manipulation as Done in
Wall Street.
METHODS THE BROKERS ADOPT
Hsw Large Order Are Ktrrntfd
Without niatarhlaa; :Vrlcr
p Rain Brought by Blun-
tiering; Manlpalatlon.
NEW YORK, Jan. The methods-employed
by the manipulators of stocks on
the stock exchange are as books for the
blind to the average Individual. - The man
who . occasionally buys stooks hears - a
great deal about manipulation, but knows
Jlttle or. nothing of It. ,The confirmed
a-acCulator with years of Wall street ex
perience may have a bare smattering of
knowledge. The broker of average exper
ience knows some of the tricks, but is still
far from the best Inside Information. None
of the half dozen most expert manip
ulators themselves knows all the tfamf.
James R. Keene, master manipulator, ad
mitted that he doesn't know it all. A few
weeks ago when Rock Island common
atock shot up .10 points and dropped back
again, all In fifteen minutes, Mr. Keene
spent the greater part of the day at the
telephone trying to find out how and why
It was done.
He traced the brokers who had execute!
the orders and the broker in charge who
had parceled out the orders to other
brokers, and bombarded them alf . with
questions. No one thought of asking why
he waa ao Inquisitive, for every one knew
the answer. He thought some one had
discovered a new wrinkle in stock manip
ulation and didn't want to drop behind tht
- times.
What Manipulation Means.
Manipulation means sleight of hand to
the average person who has had no ex
perience In the security or commodity
markets and who has speculated little in
them. The manipulator In to him as the
ahell man ia to tjhe young farmer at the
county fair, aa the brace dealer la to the
faro player or as the thlmbleriggcr, capper
or confidence man Is to any victim. The
business of the manipulator, in his opin
ion, is to make priced tor stocks and shift
them rapidly, in some such underhand and
devious way as the crooked dealer stacks
cards and slips tho cut.
A year ago Governor Hughes appointed
a committee to Investigate and report on
the ways of doing business on all the ex
changes. The committee was composed of
experienced business men and able law
yers of this city, and had as chairman a
Journalist long editor-ln-chlef of a met
ropolitan newspaper which makes a spe
cialty of market news and gossip. One of
the first things the committee did whs to
Inquire Into the methods of the manipu
lators, and more time waa spent on thla
branch of lta work than on anything else.
Rome of the members started with the
idea that proper and legitimate manipula
tion was one of thoBe things that don't
exist. In the end all reported to the con
trary. The committee learned that much of the
manipulation waa unobjectionable or even
advantageous. It disapproved of manip
ulation ."designed to serve merely specu
lative purposes In the endeavor to make
a profit aa the result of fluctuattonswhlch
have been planned In advance." On that
which "is resorted to for the purpose of
making a market for Issues of new securi
ties" It had this to say;
It la essential to the organization and
carrying through of Important enterprises,
auch aa large corporations, that the or
ganizers should be able to raise the money
to complete them. This can be done only
by the sale of securities. Large blocks of
securities, auch an are frequently Issued
by railroad and other companies, cannot
be sold over the counter or directly to the
ultimate Investor, whose confidence in
them can, as a rule, be only gradually
established.
They must, therefore, if sold at all, be
disposed of to some syndicate, who will
In turn pasa them on to middlemen or
peculators until in the course of time
they find their way Into the boxes of
investors. But prudent investors are not
likely to be Induced to buy securities which
are not regularly quoted on some exchange
and which they cannot sell or on which
. they cannot borrow money at their pleas
ure. If the securities are really good and
bids and offers bona fide, open to all sell
era and buyers, the operation Is harmless.
It la merely a method of bringing new in
vestments into publlo notice.
One of Mr. Keenea Operations.
So after the organization of the United
States steel corporation It was necessary
to establish a market for its ' securities.
Manipulation of securities was no new art
then. It had ; been practised for a half
century. Wall street had got used to talk
ing millions and many a corporation of
many millions in capitalization had been
floated on the exchange. . .
But here was the biggest corporation In
the world, a $1,000,000,000 corporation with
the common and preferred stock and tho
bonds Included. There waa 8600.000,000 in
common stock alone. Its magnitude stagN
gered even Wall street and most of the
wiseacres predicted failure for the rea
son that, they said, no man or group of
' men could ever distribute its securities or
establish and maintain a stable market
for them. Mr. Keene undertook tho task
alone. ' .
Mr. Keene did his work to the satisfac
tion of his employers. Ho had behind Mm
a-syndicate with great financial resources;
otherwise, of course, the market never
could have been established. But even
. with thla strong financial backing the se
curities could not have been distributed
not have been distribute ' ulner varieties or manipulation or which
tJ all the fine arts of4the Hughes commission did not complain
without resort
manipulation,
K Wall Street Doesn't Know.
In the unlikely event thut Mr. Keene
leaves an autobiography, the devices he
employed) In handling the Steel stocks may
become known after his death. Otherwise
the fine art of manipulation, as he has
practiced It. will perish with him. Every
one in Wall street knowa it Is useless to
aak any expert Just how his operations are
conducted. Every one of thuni has secrets
which he guards as closely as would the
Inventor of a process for making cold.
But It ia known thut front the minute the
Steel stocks were, launched on the ex
change there was a free and open niuiket
for them. Any holder could at any time j
. aell any amount ha desired without ma
terially lowering the price and any pur
chaser could buy any amount without bid
ding high for hia atock.
Speculators were afraid of touching the
slock In the beginning, mid for many duya
buying by the outside public was very
, alack, but from the first day of trading
transactions In It were heavy and the
lock fluctuated backwsrd and forward in
the same manner as if hundreds of buyers
and aellera were responsible for lta move
ments. Ita action looked entirely natural,
but was principally the result no doubt of
buying and Belling orders distributed among
a Urge number of brokers and with the
origin of the orders so ingeniously con
cealed that th brokers executing the or
ders did not know their sour-e. Brokers
suspected that Keene was behind the stork,
but crtily a few of tho moat trustworthy
actually knew It until months afterward.
Baeralatlvn Kirs I, Publie ee.
The result of the manipulation was first
In evidence anung experienced fcpeuulutors.
Moat of them had aold the stock short In
the early days In the belief that the mar
ket couldn't be made. They had lost
Uhjncy, but Mr. Keene did not move the
stock up sharply on them.' Apparently he
didn't want to punish them, for lie needed
their help later, and he also knew that A
substantial short Interest la an element of
strength. People mho Hell stock ahort must
buy It back sooner or later, and thla buy
ing or covering la often an effective In
maintaining prices an la Investment buy
Inic. Presently experienced speculators, noting
that profits mere attainable or.ly on the
Ion Hide, began buying the stock In large
quantities. Mr. Keene let them take down
their profit!, knowing: undoubtedly that
they would then, buy more, profits
attracted the attention of others, and noon
every brokerage office was -unreservedly
advising Its customers to buy ateel, until
finally a veritable craze for the stock
spread over the country and Mr. Keene's
work waa done.
Manipulation of thla character, service
able alike to btiyera and sellers, la 'con
stantly praotlced. It la employed when
ever a new coropratlon launch tta ae
curltlea on the market, whenever new sc
curitlea of an old corporation are offered
for sale and very often when the general
market la declining rapidly and men
heavily Interested In a particular stock
wish to prevent Its market price from
going down with the general market. It
Is called Inside support by Wall street's
trading fraternity, which ordinarily dis
trusts a stock which lacks support in
troublous times.
"kill of Kdrrln Hanley.
Manipulation of another aort was prac
tised last summer by Edwin Hawley, an
other master manipulator now regarded In
Wall street as Mr. Keene'a superior. Mr.
Hawley had already acquired a atrlng of
railroads and wanted the Missouri, Kansas
& Texas to round out his system. Control
of It was In, the open market, and naturally
Mr. Hawley did not want to pay any
more for it than he had to. -
If knowledge of his intention had leaked
out every trader and speculator In the
country down to the ten share piker would
have "golne to" the Block, It was thua
Mr. Hawley'a business to conceal his pur
chases. He went a step further and made
the stock look not only as if he didn't
want It but aa it no one else wanted it.
A bull market was In progress. Every
other stock on the list waa advancing
ateadily day after day. "Katy" alone held
back. Its earnings were far better and its
financial condition far sounder than the
finances of many roads with stocks selling
far above it.
Ci roups of speculators time after time
formed pools in the stock in the effort to
make a profitable turn. Always they en
countered a flood of selling orders that
sent the price down and sent them running
Into some other speculation.
Effect of the Campalga.
Aften a while it began to be whispered
around Wall street that aomethlng must
be wrong with "Katy." Insiders fed out
stock to any one who tried to bull it
Market critics said time after time that
"Katy" looked sick. The opinion became
genVrat that the stock didn't have a
friend.
All this time, as It turned out later,
Mr. Hawley waa executing one of his moat
famous coups. How for months he kept
steadily accumulating the stock without
advancing the price and without the slight
est intimation of his operations leaking
out is a thing a great many people would
like to know. All that these Interested
people do know la that In some account
able way they grew tired of holding a
stock that wouldn't go up and sold It into
Mr. Hawley'a capacious hands. They also
know that not until after Mr. Hawley so
cured control did the stock display the
slightest resiliency. ' Its buoyancy then
was gratifying to Mr. Hawley. , .
Mr. Hawley executed an equally cele
brated campaign several years ago, when
in association with the 'old Rock Island
party, the late W. B. Leeds, D. G. Held,
Judge Moore and J. , Hobart Moore, he
took the Chicago A Alton away from E.
H. Harrlman and Kuhn, Loeb & Co. That
was an accomplishment worth while, for
the opponents were persons not at all easily
beguiled.
Mr. Hawley's associates in the campaign
had a knowledge of market operations sec
ond' only to his own and undoubtedly it
required the combined resources and abili
ties of all ao to conduct the campaign as
to escape detection. Mr. Harriman never
liked to talk about the transaction and
left no doubt in the minds of hia associates
that he considered It a case in which he
was caught unawares. .
Secrecy aid Knowledge Needed.
These are examplea of the fine art of
manipulation. Obviously the man who has
mastered them muat have in the first
place an intimate knowledge of -men. He
muat know the men who can be trusted to
do business as they are told and to keep as
quiet as the Sphinx.
He muat also have the most accurate
and speediest information of the other
men trading In the stock, must know
whether large selling orders representreal
atock or short selling, must ascertain
whether buying orders come from specu
lators. Investors or some competitor bid
ding for control. It is apparent that the
working of all thla machinery without a
leak or a slip requires an organization as
perfect a. the secret service.
The criticism which the Hughes com
mittee directed against thla manipulation
designed to secure. large blocka at a cheap
price was that it Induced other holders to
part with the atock at a loss. The com
mission, however, admitted an inability to
discover a complete remedy short of abol
ishing the Stock exchange itself.
Executing; a Large- Order.
are known and practiced by every ex
perienced broker. One of the commonest
forms is in the execution of large buying
orders In such a . way aa to produce no
violent advance. A broker accounted skil
ful In getting what Wall streets calls "good
execution" thus describes a typical cane:
"One of our customers la
a man who
occasionally pluuges heavily. Often he
gives us orders In 20.000, 40.00S or once, In
a long time, 50,000 shares. In the eexcution
of the lust 50,000 share order my partner
went on the floor, while I made arrange
ment with other brokers to go Into the
crowd and sell the stock In case the other
brokers around the post began to suspect
that we were after, a big block and started
to bid It up. i
"No people in the world .are as suspi
cious as the brokers who have long been
in business on the floor. Let a broker
show the slightest anxiety to get stock
and the rest of the crowd aa by a com
mon Impulse will bid up the stock, with
the idea of seliug It to the original broker
at higher prices.
"A man needs a poker face. He must
look as natural and unconcerned as pos
sible when he holds the good hand. lie
must realise that keen men are studying
his expression, his utterances and hia ac
tions aa lie bids for, or sells atock. A good
broker must be a good deal of an actor. '
llaadliag the Deal.
"Well, that day my partner picked up
about C.000 shares aa It waa offered In 100
to COO shore lota without being forced to
bid for a share. He aimply kept back
and took what, was offered aa unobstru-
aively aa possible. By that time the other
brokers had noted that he was taking a
good deal and the offera auddenly ceased.
"Instantly he began bidding for the atock
and got 5.000 or (.000 shares more without
hoisting the price more than half a point,
J Then the others feegau bidding It up and
he stood back, figured over his book a
second, remarked he'd got all he wantod
and quit the crowd.
"His place was taken by brokers to whom
I had given buying orders, but they were
able to get very little before the others
suspected col I u ilon and began Jacking the
stock up agalrt I went Into the crowd
then and sold 2.000 or J, 000 shares as fast
as the others bid for It until the others
came to the conclusion that we had sim
ply bpen working for a short, quick turn
and the stork fell to-the starting point.
"Thn rest of the business was of the
same order, but with variations. It took
some time, but we got the 0,000 shares
within a range of two points, and this
was real stock that . we took out of the
maiket, not stock carried speculatively for
a short time."
Pxchanire Hulea Strict,
Similar tactics are frequently employed
In selling large blocks. The Idea then is
to soil without breaking the market so
that tho customer may get a good price
for his goods. Occasionally a broker man
ages his manipulation so cleverly that the
market advances while, alternately buying
and scling, he closes out thousands of
ahu res.
The essence of the methods used In such
manipulation Is the same as that In the
most expert manipulation. The man in
charge must conceal his motive, must be
at once perfectly composed and exceed
ingly rapid and, above all, must know the
men with whom he la dealing.
All-these Varieties of manipulation must
be conducted with regard to the stock ex
change regulations prohibiting fictitious
transactions. So-called laundry work must
be avoided, for the' exchange -authorities
are aa alert as the rules are strict and
detection in a wash sale means suspension
and perhaps ruin.
These wash sales, that Is . sale back and
forth between two or more brokers In the
same employ, break the rule that a broker
offering to buy or sell at a particular price
must accept the first tender at that price.
He must not hold back for "the man with
the red necktie." It is the general belief
that wash sales are now very Infrequent
It is difficult for any one practising them
to escape detection, and few If any brok
ers care to take the risk of suspension.
Manipulation by Inside Poola.
But it ia by no means Infrequent that
buying and selling orders are simultan
eously sent to various brokers by tho same
operator. Tho brokers with " the buying
orders have no knowledge that counter
vailing orders have been placed with oth
ers. Such manipulation thus differs from
laundry work in that the operator takes
his chance that his orders won't match.
The buying orders , may be executed at
prlcea ubove the selling orders and a
substantial loss result from the operation.
If it la the manipulator's object to mark
up. the price ho must also stand ready to
buy all the stock that Is offered as the
price advances and take his chances of
selling at a profit after the price has been
marked up.
Manipulation of this kind is practiced
very often by the so-called inside pools,
that Is, by a group of men having first
hand knowledge of the earnings of a com
pany and expecting, for instance, an In
creased dividend. The pool, believing the
atock should acll higher on its real or al
leged merits, assumes the expense of a
campaign on the chance of selling when
the expected developments come out.
The expense of every variety of manipu
lation is heavy. The commissions of them
selves amount to a tidy sum in a pro
tracted campaign in an active atock. But
the greatest expense is entailed by the nec
essity of paying profits to Speculators who
are attracted to the movement in the be
ginning and realize on their purchases
repeatedly as the campaign continues.
Experienced brokers think that more than
half of such movements end in a loss to
the pools. The profits in a successful
movement Is, however, so great that tha
temptation to. manipulate prices is always
present.
A. O. Brown A Co. Mistake.
Blundering manipulation may bring
speedy ruin. The best known instance in
recent years ia that of the big firm of A.
O. Brown & Co., which endeavored to put
into practice tho theory which formed the
motive for Thomas W. Lawson's novel,
"Friday the Thirteenth." The Boston oper
ator maihtalned that under the rules and
practices of the exchange a broker could
"sell all that his mouth could utter," and
break the market wide open simply by of
fering stock on a downward scale.
The Brown firm was heavily short of a
market which obstinately continued to ad
vance. As a last resort the firm tried
the Lawson theory. It dealt in 1,500,000
shares of stock in a two-hour session,
hoping to sell enough stock to break the
market and Intending to cover the short
contracts In the course of the break.
The firm found It easy enough to sell
the stock, but quite another matter to de
liver the shares it had sold. It made an
assignment after vainly endeavoring to
put off the delivery day. The test of the
theory produced confusion and ' made a
stock exchange scandal; otherwise it served
only to increase the liabilities of the totter
ing firm.
Few Successful Manipulators.
The number of the successful manipu
lators of the market can be counted on the
fingers of the hands. Even Mr. Keene
has not" escaped heavy reverses. The two
great difficulties arc concealment of the
operation from a community which always
suspects and generally discerns the sale
at a profit of stocks accumulated in the
course of the manipulation.
Usually In order to gather the profit the
adjunct of publicity Is necessary, for spec
ulators and investors must be convinced
that the stocks are worth the high prlcea
to which, they have been carried. An oper
ator must have studied and had experience
in the ways of Wall street for years, must
know the characteristics and Interests of
all the men with whom he deals and must
have at his command great resources be
fore he is qualified even to start upon a
long campaign. .
Pointed Paragraphs.
Most people act natural when asleep.
It might Improve the pound cake to hit it
with 'an ax.
Anyway, the golden rule cornea in handy
for measuring the conduct of others.
The man who dwells In a villair boardlnn-
house has no use for a local newspaper.
i-o, lururiia, astronomers ao not scour
the heavens for the purpose of polishing
the stars.
Children cease crying for the moon some
time before they are big enough to want
the earth.
Unless a man la a poor bill collector he
never says anything about tne world owing
htm a living. '
Age may bring wisdom, but some men we
know will have to outlive Methuseluh If
they ever muke good.
Even if old Noah did look upon the wine
when It was crimson, he knew enough to
go In when it rained
No woman Is realiy ufraid of a mouse,
but she doesn't like to disappoint the men
who expect her to bo afraid.
Outward appearunces are often misleading
One can't alwaya tell what is In a man and
a mince plo bv their looks. Chicago News.
Millions on Canadian Hoada.
The general manager of the Canndlna
Pacitio railway has announced that the
administration of this great transconti
nental system will spend 8SO.0UO0OO this year
In western Canada on permanent Improve
ments, including double tracking the main
line. The total mileage at present con
trolled b the Canadian Pacific railway is
about lt.FoO. From St. John. New Bruns
wick, to Vancouver, British Columbia, the
length of the main line ia J 37 miles. The
share capital is over IdiO.OuO.toO, In addition
to about i:j,0uo,0u0 of debenture stock.
Supreme Court
1SW. Chlca.go. Rock Island Pacific
Railway Company against City of Lincoln,
et al. Appeal from Ijmcaster. Judgment
or district court modified and atfirmed.
Barnes, J.
1. As a general rule courts will not en
join the passage of an alleged unauthorised
resolution or ordinance by a municipal cor
poration. An injunction should not Issue
In such a case until some effort is made to
enforce such resolution or ordinance.
16202. Ileddendorf against Slate. Error
from Harlan. Reversed. Roses i.l
Where the trial court In a prosTittlon
for murder admits proof of a confession
challenged by defendant as Involuntary,
and by Instructions submits to tho Jury on
conflicting evidence the Issue I run ralswd,
ihey should be directed to disregard the
confession. If they find from nil the evi
dence that it was not voluntarily made.
1.'866. Slate ex rel Jackson against Wil
son. Appeal from Antelope. Affirmed.
Rose, J.
1. Where the allowance of a peremptory
writ of mandamus results from the trial
of an Issue of fact, an overruled motion
for a new trial Is a necessary part of a
transcript filed In the supreme court for
the purpose of reversing a Judgment sus
tained by the pleadings.
16SS6. Langenfeld against Union P. R. Co.
Appeal from Douglas. Reversed and re
manded for further proceedings. Letton, J.
1. In order to constitute actionable negli
gence there must exist three essential ele
ments, namely, a. duty or obligation which
the defendant Is under to protect the plain
tiff from injury; a failure to discharge that
duty; and injury rtui.:ng from the fail
ure. 2. The petition must allege these essen
tial elements and the proof must rupport
the allegations or there can bo no re
covery. 3. Evidence examined and held Insuffici
ent to support the material and necencary
allegations of the petition.
Ir.OJff C.ull an-. In.. 1
from Rock. On motion to dlstn ss, motion
uiuunra. j er curiam.
1C066. Holmes against State. Error from
Harlan. Reversed and remanded. Barnes,
J.
1. Where a person on trial for a crime
testifies In his own benalf, he becomes aa
any other wltr.esa, and his credibility Is
to be tested by the same rules as aro
legally applied to other witnesses. It Is
proper for the court to so Instruct the
Jury, and in addition thereto to inform
them that in determining the credibility
which shall be accorded to his testimony
tney may take Into consideration the fact
that he Is interested In the result of the
prosecution; but it Is error for the court
to inform the Jury that as a general rule
the witness, who la interested In the re
sult of the suit, will not be as honest,
candid and fair In his testimony as one
who is not to Interested.
Z. So much of the opinion in Clary
against State. 61 Neb.. 688. as unholds suoh
an Instruction is disapproved and over-
ruiea.
15S62. Metzger against Royal Neighbors
of America. Appeal, Harlan. Appeal dis
missed. Per curiam.
1. Where the record In a law action
shows the filing of a motion for a now
trial but no ruling thereon by the trial
court the appeal will be dismissed aa pre
maturely taken.
16R47. Snyder against Collier. Appeal
from Douglas. Reversed with directions.
Root, J.
1. If plaintiff's petition Is prepared,
signed and verified by his attorney and by
mistake an erroneous statement Is in
cluded therein, the court should before
Judgment upon terms Just and equitable
to all parties, permit the litigant to with
draw that allegation.
t. A plaintiff may, as a matter of right,
under section 430 of the code, dismiss his
action without prejudice at any time be
fore Its' final submission to the court.
5. If a defendant desires an affirmative
Judgment, against the plaintiff, Tie should
state In his answer the ultimate facts to
support his contention. If he falls to al
lege an essential fact, but It la pleaded by
his adversary, an affirmative Judgment
in defendant's favor may be sustained by
the pleadings.
4. The word "trustee" following the name
of a grantee to a deed, Is notice that he
may not be the owner of the real estate
conveyed, and Is sufficient to put those
dealing with him concerning the property
upon reasonable Inquiry as to the existence
and nature of the trust.
6. The presumption ordinarily la that a
trustee does not have, authority to mort
gage the trust estate, and mortgagees are
bound to exercise reasonable diligence to
ascertain whether that power exists.
15849. Wentz-Batea Mercantile Company
against Union Pacific Railroad Company..
Appeal from Platte. Reversed and re
manded. Fawcett. J.
i. Haurlgan against Chicago . North
western Railroad Company, Neb., , 117
N. W. 100. reaffirmed and held to be In all
respects decisive of this case.
15853. Watklns against Smith. Appeal,
Douglas. Affirmed.
15070. . Bruenig against O'Shea. Appeal,
Platte. On motion for rehearing. Motion
denied. Lot ton, J., Fawcett, J., dissenting.
1. Under the provisions of section 178.
chapter 23, compUed statutes raectlon 4903
Annotated statutes, 1907),' as It stood bo
fore the amendment of 1907. the heir at
law of the deceased. If there be no sur
viving husband and wife, is entitled to the
specific articles described therein, whether
the deceased died testate or intestate, or
whether the heir accepts the provision
made for him In the will, if any, or not.
Such also ia the case with the surviving
spouse. Fletcher against Fletcher, 119 N.
W. 232.
16426 Mercantile Incorporating Co. against
Junkin. Appeal, Lancaster. Affirmed.
Root. J.
1. "The taxing power vested in the leg
islature Is without limit, except such as
may be prescribed by the constitution it
self." State against Lancaster County, 4
Neb., B37.
. "The maxim expreasio unlus est ex
cluslo alteriua does not apply In the con
struction of constitutional provisions regu
lating the taxing power of the legislature."
State against Lancaster County, supra,
3. The grant of a charter to a corpora
tion authorizing it to carry on a certain
business, doeB i,ot imdort that it may en
gage therein without contributing to the
support of the government by the payment
of an occupation tax.
4. Chapter 25. LawsNNebraska, 1909, is not
rbnoxlous to section 1 of article IX, of
the constitution,
10427 State ex rel. Bushee against Whlt
more. Original mandamus. Writ al
lowed.. Root, J.
15854. Tate : Erhardt against Loney.
Appeal, Pierce. Reversed and remanded
for further proceedings. Root, J.
1. A broker was duly authorized to sell
defendant's real estate for S2o per acre,
S3.000 of the consideration to be paid In cash
and the "balance, il.000, payments at ( pet
cent." A bona fide purchaser waa pro
cured ready, able and willing to buy the
land at said price; he paid the broker $3,000
and offered to pay the remainder of the
purchase price upon the execution of a
deed conveying the land to him. Defendant
refused to convey for the sole reason tht
he wanted a greater price for his land.
Held, that In a suit brought by a broker
to recover his commission defendant was
estopped to defend on the ground
that by contract he had the right
to demand that all of the pur
chare price in excess of W.OliO should be
evidenced by promissory notes maturing
within aome reasonable period to be fixed
bv the payee thereof, and that the offer to
pay all of the purchase price In cash was
not a compliance with the broker's con
tract. I .
A False Alarm.
1 he boy was busy down cellar fixing his
sled when his mother called:
Reggie."
"Um-m."
"Pecgie!" I i
Whet!" ' . .'ltt'.i- .
"Reggie!" ' ' H ""J 7 '.'" 1
"Well'" "' TV'
"Reginald!" ' 7" '"'
"Y-es."
"Reg-l-nald!"
"Yes, ma."
"Wiiv couldn't you answer me properly
the first time?"
"What do you -ant?"
"Nothing now; but the minister Is coming
to aipper, and 1 was teatlng your manners."
Reggie gave a snort; "I've no use for
these fire drills, anyhow." Judge.
Meat Thin sr.
The shades of night were falling.
Swiftly and gracefully an aeroplane de
scended, landing as lightly aa a feather on
the smooth roadway of the boulevard.
Forth atepped an elegantly attired man,
wearing a mask.
Snatching a purse from a richly aprarele4
dame who waa passing, be stepped back
into the aeroplane and waa soaring aloft
and disappearing In the distance before it
occurred to the astonished victim to let
loose a scream. ClUcago Tribune-
OMAHA LIVESTOCK MARKET
Killing- Cattle Mostly Twenty-Five
Cent Higher for Week.
HOGS ARE HIGHER FOR WEEK
Desirable Kinds of Fat Sheep and
I.ambs Tea to Fifteen Higher In
Some Canes, Quarter
Higher for week.
SOUTH OMAHA. Feb. 1!, 1910.
luecelDts were:
Cattle, lloss. Sheen.
.. S.6?0 4.WJ S5
Official Monday
Official Tuesday
Official Wednesday..
Official Thursday....
Official Friday
Estimate Saturday ,.
6.337
4.361
S.to
l,4iU
J 1. 308
10. JM?
12.524
7,000
7.6V.
6.7S2
7.230
1.878
Six days this week ....19.483 63.769 St.4So
Same days last weck....l.2( 40.391 20.4N2
Kama H ,r. O 1. .. -,. f r,vl 071
Kama days S weeks ago.. W.71 46.6 20.W3
o.tme aaya 4 weeks ago..24.24x 4:i." ."i
Same days last year. ...15,413 42,t93 26.541
The following table shows the receipts of
cattle, hogs and eheep at South Omaha for
the year t- dale, compared with last year:
totn mm Tne. Dec'
Cattle 115.936 HMSit 497
Hogs 7 jog 3;!4 2.'.3 66.218
Sheep 173.322 175.637 2.215
The following table shows the average
price of hogs at South Oinaha for the last
eeveral days, with comparisons.
Date. 1910. 1909.190S. 11907. 19061905.19O4.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
2....
S....
4....
t...
6...,
7...
8....
9....
10...
11...
12...
S 48
I 63
5 53
t 53
4 70J 4 C4
4 721 4 k
4 74 4 Ml
4 77
4 81
4 S3
6 571 4 741
6 :
6 70
4 72
4 64
4 681
4 77
4 89
4 89
5 02
4 77 5 00
5 '
I 5 00
Sunday.
Receipts and dirpowllion of live stock at
the Union stock ids. South Omaha, for
twenty-four hours ending at 3 p. m. Febru
ary 12:
RECEIPTS.
Hogs. Horses.
C M. St. P
Missouri Pacific l
Union Pacific is
C. A N. W., east 15
C. A N. W.. west Zi
C, St. P., M. & 0 9
C, B. & Q., east 4
C, B. & Q . west 23 3
Illinois Central 2
Chicago Urent Western 2
Total receipts 93 3
DISPOSITION.
Cattle. Hogs.
Omaha Packing Co 1
Owlft JL 1 -OA
.:rv-..i oc v. ............. .. i,ioif
Cu?ahy Packing Co 1.5W
Armour & Co 1.5S8
Schwartz-Bolen Co 63S
Cufahy Bros 6
St. Louis Ind. Packing Co 537
Hell 2j
Other buyers 12
Totals 18 6.316
CATTLE There were no fresh receipts
of cattle today, at least nothing of any
consequence, but for the week receipts
have been very large, showing a heavy
gain over tho previous week as well as
over the corresponding week a year ago.
While the arrivals have consisted largely
of fed cattle, with only a moderate sprink
ling of feeders, the supply of really de
sirable killers has not hten large.
The market on fat rattle has been in
very satisfactory condition on most days
during the week. The tendency, barring a
reaction on Tuesday, has been gradually'
upward under the Influence of a - cry good
local demand and at the close of the week
prlcea are 1525c, In fact largely 25c, higher
than at the close of last week. The mar
ket has been rather uneven, so that aome
kinds have shown more Improvement than
others. Still, all In all. It has been a very
satisfactory market aa viewed from a sell
er's standpoint.
Cows and heifers have been very free
sellers on most days this week, with the
market gradually- firming up until prices
are 15ij25c higher than last week. The de
mand has been good and supplies though
large have been cleaned up In good season
on most day , r
Comparatively few stockers and feeders
have arrived this week, while the demand
has been very good under prevailing con
ditions. As a result the market has been
fairly active and good and strong every day
throughout the week. Strictly choice or
prime feeding cattle carrying fleph have
sold as high as $6.60 during the week.
Quotations on c-,attle: Good to choice
beef Bteers, S6.00'7.00; fair to good beef
steers, 85.606.00; common to fair beef
steers, $4.&0(6.M; good to choice cows and
heifers, 4.76!&6.50; lair to good cows and
heifers. J4.0lw4.7B: common to fair cows
and heifera, I2.75Q4.00; good to choice Block
ers and feeders, S4.60fr6.60; fair to good
stockers and feeders, !4.00&'4.50; common to
fair stockers and feeders, 83.004.00; stock
heifers, 83.004.00; veal calves, I4.00.ijS.2i),
bulls, stags, etc., 33.004(6.00.
HOGS In hog yard parlance. It was an
other red-hot market this morning. Briefly
stated, both packers and shippers wanted
material and wanted it badly; In fact, this
condition has almost become a perma
nent feature of the trade, with the result
that one day's record top Is made only to
be broken the next.
The estimate called for an even 100 loads
of hogs this morning and buyers were out
early purchasing everything In sight at
prices fully ElOc higher than yesterday.
The Quality of early arrivals waa not quite
aa good as the general run of stuff yester
day, but despite this fact, tops reached
SK.bO and the bulk changed hands between
IS 65ft.76. This is not only the best price
paia ror run loaas at tnia point in tne
history of the market, but the average
cost of droves ia pretty close to a dime
higher than the highest average previously
recorded.
A very good load of hogs that came In
late sold at 88.85, making a still higher top,
the later market being fully 10c, and in
some cases lO'ylSo higher.
The supply of hogs this week has been
unusually liberal, exceeding last week'a
run by about 13,000 head, and receipts dur
ing the same week last year by about 11,000
head- The demand has been fuly- propor
tionate, however, and competition keen at
all times. With today'a advance Included,
present prices are just about 30o higher
than a week ago.
Representative salea:
No. At. Fh. Pr. No. At. 8h. Pr.
47 1M I u '1 -. Sil ... I T
It m ... Id) l ...154 ... 170
au )M W I 10 ( J ... 1 70
87 1M 10 1(0 40........JT.I 40 7
7 MT SO I &3'4 (17 234 ... 171)
71 2JT 10 I C2k, (2 itt ... 8 70
hi Ill ... I M If 2 ... 8 70
75 lit ... lU 74 246 40 1 70
65 22 2D 16.'. 77 S2i ... 1 72"
7 HI 41 I CI IS Sf.5 ... I 7S
OS 23 S III U 72 W9 120 t 75
71 ti ... Ill (5 240 ... 1 71
M 21t 40 U 14U Ui ... I 75
71 :M ... 1 IU 71 241 h I 75
71 ill M) 1 ! 1 IIS ... t 71
(7 Ill ... I U 13 ... 175
7 4 ... 8(6 TO 2.18 ... 175
75 104 40 1 15 41 U 124) 1 75 '
47 Ill 40 I 15 10 :-3l 4 I 75
I. 1 244 120 1 70 70 W0 ... 175
71 S4 40 I 70 U 2.'.7 ... 1 75
79 Bf 0 1 10 f.! 2Ut 10 1 75
I! IKS 20 t ;o 71 ZU ... I 75
70 T1 40 1 70 3 (144 40 1 75
7 222 ... 17.) lit' :4 ... 8 75
II US ... 1 70 61 270 ... 1 10
SHEEP Nothing of consequence was re
ceived today in the way of live mutton
and the sheep barn was practically bars
of stock, as la usually the case on a Sat
urday. Supply during the laat five days, how
ever, has been very generous, as com
pared with previous week's receipts. Al
most 83.000- head were received, as com
pared with 20,4X3 head last week and 26,500
head the aame week last year. The largest
single day's run showed up on Monday,
but the demand was broad and active, and
the trend of prices sharply higher. Aside
from more or less weakness on common
and medium grades during the balance of
the week, particularly on Wednesday, the
general market has changed but little. Ie
lirable kinds of killers, both sheep and
lambs, are closing easily hfjilic higher
than last week'a close; In fact, the full
advance on such sales Is safely quotable
at a quarter. Common and inferior strings
have been neglected at times and little, it
any Improvement, is noticeable In values.
Native lambs topped at 8XI and full loads
of fed westerns sold as high as 8&.H0.
Anything In the lamb, wether and year
ling lines suitable or shearing, has moved
readily at all times a good, strong fig
ures, but the volume of actual business In
this branch of the trade has boon rather
limited owing to meager offerings. Lambs
with a reasonable amount of flesh were
taken back Into the country at Js.Oo and
wethers realized 16.40.
Quotations on sheep and Iambi: flood to
choice lambs, 83.4o&8.0; fair to good lambs,
87.75u8.40: cull lambs, 85 OO'ntS.OO; good shear
ing lambs, 87.60-U8 10; straight feeding lambs,
87.0Ooi.60: good light yearlings. 87.60.44 00;
good heavy )arliugs, 87 UO'07 50; fair year-
8 38 I 6 03! 6 81
8 39H 6 9l 4 16'
8 28S 6 01 4 11 6 93
8 3 6 11 4 20 6 K
6 13 4 22 6 1
8 60H 4 1 6 81
8 4i;- 6 07 4 20 6 87
8 47 6 15 6 91
8 474 6 20j 4 09! I
I 8 001 6 30 4 171 6 9"
! 6 l;t 4 2J 6 91!
An Unusual If Not
Is offered to readers bating $600 or more. Tho principal will be amply
secured by a deposit of securities In a First National Bank and C
Interest paid annually.
The profits from your Investment will repay the full amount within
five years, leaving Investors with their original holdings, which will
bo a continual source of large yearly profit.
Only $60,000 will be sold on this secured basis, and the money
used for putting In a new power plant. A amall Investment will be as
1 tA f M 1 1 r mn f - miM wA a A aa 1 m rira A m n n et
tnitiuii; do i y ft tin I Uttu a 3 mi r a i u i U u I a .
. The proposition Is of the most substantial, non-speculative rhat ft
acter, under the control of men of unquestionable standing, who Invite) I
thorough Investigation, and who will submit the highest references, In
cluding banks.
I expect to close subscription list this week, arcd stock will be al
lotted In the order checks am received.
1X)H FULL- IXFOItMATlON, CALL Oil ADIIUKSS,
E. S. WEATHERLEY
Thone, Doug. l.tHO. 531) Uramlel TOdg.
lings. 86.6O'S7.0O; good to pholco wethers,
86.4Wi6.7i; fair to g-jod wethers, $6.MS.40;
good to choice enes, $5.7686.26; fair to
good ewes, 86.004)5.75.
CHICAGO LIVE STOCK MARKET
Cuttle
Weak Hosts, Sheep
Bind
Lambs Steady.
CHICAGO, Feb. 12. CATTLE Market
weak; Beeves. 84.40fl7.8O; Texas steers, 34.00
4(6.00; western steers. $4 2UJtl.00; stockers
and feeders. 83.765 40: cows and heifers,
82.2ffi685; calves, 87.OtKfD.00.
II Ui: 8 Receipts, estimated at lS.OOO head;
market steady; light. M.S5g8.9u; mixed,
$8.60$9.02l4; lieav-. 88 66f9.06; rough. $s.f0tj!
8.76; good to ctiolce heavy, 88 5'a9.06; pigs,
$7.6" 8.76; bulk of sales, 88.86'c(8.9,
SHEEP AND I,AMBS Receipts, esti
mated at 2,600 head; market steady; native.
I45tv.i6.76; western,.. 34.60"i76 8j; yearlings.
fi.Z6iif.4; lambs, native, $6.7uqr9.00; western
80.76-feK.OO.
Kansas City Live Stock Market.
KANSAS CITY, Feb. 12. CATTLE Re
ceipts, 200 head, including 100 southerns;
market steady; native steers, I5.2ds;.26;
southern steers, $4.606.25: southern cows,
8:t.0O'u4.7.'i; native cows and heifers, 82 80'ai
6.00; stockers nnd feeders. $:l.7.V(in.7.'; bulls'
84.00ti5.26; calves, 81.OOThO.00; weatcn steers,
$4.7!ri6.60; western cows. i3.0H4ia.25.
HOGS Receipts. 2 000 head: market
steady to 6o higher; bulk of sales, 8.MH?
K.fcO; heavy. $s.76(fif8.8."; packers and butch
ers, 8.60'g8.S0; light, $S.6tK(j8.70; pigs, J7.60
No sheep.
St. I.ools Lire Stork Market.
ST. LOUIS. Feb. 12 -CATTLE-Recelpts,
600 head, Including 200 Texans; market,
steady; native shipping and export steers,
86.iHK(i'7.C5; dressed beef and butcher steers.
85.75(.80; steera under 1.000 pounds. 84.20JJ)
6.60; stockers and feeders, 83.60tf5.25; cows
and heifers, W.406.15; canners, 2.6Va3.00;
bulls, 8.T40fc5.35; calves,. 87.OOtj9.25; Texas
and Indian steers, $4.50ii6.40; cows and
heifers. 8:t.25fi4.50.
HOOS Receipts. 2.000 heHd: market,
steady; pigs and lights, $6.6OT(i'8.80; parkers.
8K.75G,)8.90; butchers and beat heavy, $S.85
9.00.
No sheep.
St. Joseph Live Stork Market.
ST. JOSEPH, Feb. 12-CATTLE-Ro-ceipts.
KM head; market steady; steers,
85.26ii'(.00; cows and, heifers, $2.85(&3.75;
calves, 83.504i8.50.
HOOS Receipts, 2,000 head: market,
steady to strong; fop, $S.S.".; bulk of sales,
8360(3'8.75.
Sioux City Live Stork Market.
SIOUX CITY, Feb. 12.-(Speclal Tele
gram.) CATTLE Receipts, 30U head; mar
ket steady.
HOtiS-Recelpts, 4,600 head; market
steady; range of prices, $8.a&8.ti5; bulk of
sales, 88.403.65.
Stock In Sight.
Receipts of live stock at the six principal
western markets yesterday:
V ,, ' . Cattle. Hogs. Sheep.
poum umann1-,,-, , 7,ouu
Kloux City 300 4.54)0
St, Joseph 100 2.000
Kansas City 200 $,000
Sti Loula bin 9 nm
Chicago 18,000 2,600
'Total .... 1,100 3500 2,500
OMAHA GEXERAL MARKET.
Staple and Fancy Produce Prlcea Far
Ishsd by Bayers and Wholesalers.
BUTTERe-Creamery, No. 1, delivered to
the retail trade In 1-lb. cartons, 20c; No. 1,
In 60-lb. tubs, 29Vc; No. 2, In 1-lb. cartons,
28c; In 60-lb. 1Mb a, 274c; packing stock, solid
pack, 20c; fresh rolls, 22c; fancy dairy roll,
23c; common, 19o. Market changes every
Tuesday.
CHEESE Twinsi ISc; young America,
IbWc; Baisy cheese, lhVrc; Llmberger, Wtic;
brick, 18c; domestic block Swiss, 20c; im
ported (Swiss, 80c.
POULTRY Ureaeed: Prollers. 85 a dos.;
springs, 15c; hens. 16c; cocks, 10Vc; ducks,
lhc; geese, 14c; turkeys, !6c; pigeons, per
Cos., 81.25; Homer syjaba, $4 per dos ; fancy
squabs. 83.60 per aoz.; No. 1, 82 00 per do
Alivo. Broilers, under 2 lbs., 17c: over 1
lbs., 11c; hens, ISc; cocks, 8c; ducks, full,
feathered, 13c; geese, full feathered, lie;
turkeys, '2ic; guinea iowis, u per aos. ; pig
eons, 6oo per dux,
FISH (all frozen) Herring, 6c; salmon.
11c; pickerel, 8c; whltefish, 10c; pike. 10c;
trout, 13c; catfish, 17c; ci apples, a to Vc;
large ci apples. 16c; black bass, 26c; red
snapper, 12c; smelts, 16c; Spanish mackerel,
lbc; eel, Uc; haddock, 13c; flounders, 12a.
OYSTERS SeleotB. small cans. Xn: laria
40c; gallon, $1.86; Mew York coutts, small,
83c; large, 45c; gallon, 81.U6; standard.
small, 22c; large, iac, gallon, 81.36; evtra
large standards. 11.00.
BEEF CUTS-Rlbs. No. 1. afcc: No. a
12c; No. S, Stt Loin, No. 1, 17c; No. X.
Wnc: No. 3. toc Chuck. No. 1. 7c: No. x.
64C; No. 3, 64c. Round, No. 1, Sc; No. 2,
7-fcc; No. 3, 744c. flic, Nt. 1, bc; No. j.
tc; No. 3, 44x0.
MISCELLANEOUS i:iaer: New York.
per s bbl., 83.75. Honey: New, 24 frames,
13.25. Horberadlsh: 2 dozen lu case, Jl.tfu.
Walnuts: Black, per lb., 2c; California,
No. 1, par lb., 16c; California, No. 2, soft,
per lb., 12Vic Hlckorynuts: Large, per lb.,
4cs. small, per lb., 6c. Cocoanuia: Per aack.
84 75; per duz., 66c.
FRUITS strawberries: Florida. Der ot..
6uii76c. Oranges: California Navels, 80-'Jti
112-126 sizes, per box, 82.75; 16O-176-20O-216-260
sizes, per box, 83.00. Lemons: Extra
fancy, 300-300 sizes, 85.00; choice, 300 size,
per box, tt-au, w size, ouc per box less.
Bananas: Fanjy select, per bunch. 81.7.Vt
2 00; Jumbo, Lunch, 82.75'o3.75. Fears: Cal
ifornia B: Easter, 82.60. til apes: imported
Malagas, pur keg, 86.0O6.60. Urape Fruit:
Florida, 64-64-80 sizes, 84.25. Tangarlnes:
Florida. 120-144-166 sizes, per box 82
Apples: Jonathan and Grimes Golden, per
bbl., $6.00; Beii Davis, per bbl., 83.60()4.00;
Ocnltan, per bbl., 84.00; Wlnesapa. per
Lkl . 1 -A. ,.snn .. a k,kl A m, - m. ,
vui., 91. w, v.miw-, j.-. uu.,, e.w, iow xora
Baldwins. Russets and Sols. Der bbl.. u .hit:
Callfurma VV. W. Pearmalns, per box, 82.00;
Colorado Jonathans, per box, 82.00; extra
fancy Colorado Jonathans, per box, 82.60;
extra fancy Colorado R. Beauties, per box,
$2.60; extra fancy Colorado Wlnesapa, per
box, ... ranoerries: jersey, winter
atock. per bbl., 80.60. liates: Anchor brand,
new, 30-lb. pkgs. In box, per box, 82.00.
Figs: California, 60 pkgs., Ec size, in box,
H SS; 12 pkgs., 10o size. Wc.
VEGETABLES Irlsn Potatoes: Wiscon
sin and native, per Du.. 66c: Colorado, per
bu., 75c. Sweet Potatoes: Kansas, per bbl.,
82.00. Cauliflower: California, 24 to 26 heads,
f.er crate, f-bO. Rutabagas: Canada, per
b., l'.ic Cabbagu: Wisconsin, Holland
seed, per lb., -Vo. Celery: California, per
12-lb. bunch, 90c. Onions: Red, per lb., 244c;
yellow. In sacks, per lb., 2c; white, per lb.,
244c. Spanish Onions: Per crate. $1.60. Old
Vegetables: Parsnips, carrots, beets, tur
nips. In sacks, per lb.. 2c. Uarllo: Extra
fancy, white, per lb.. 10c; red. per lb., 12c.
New Southern Vegetables Turnips: per
doz. bunches, 60c. Carrots: Per dos.
bunches, 60c; Rhallotts: Per doz. bunches,
60c. Paraley: Per doz. bunches, 60c. Beets:
Per doz. bunches. 60c. hpinach: Per bu.,
8100. Egg Plant: Fancy Florida, doz., 81.60
(B'2.00. Tomatoes: Fancy Florida or Cuba,
per 6-bsk. crate. 84.6OCu5.0O. String and Wax
Beana: Per market b.k., $1 Oral. 50. Cucum
bers: Hot house, per doz., 81 601.75. Horns
Grown Vegetables Radishes: Extra fancy
home grown, per dozen bunches, 36o. Let
tuce: Extra fancy leaf, psi' dos.. 40c: head
lettuce In hampers. 82.60. Parsley: Fancy
home grown, per doz. bunches, 40c.
Liverpool Grain and Provisions.
LIVERPOOL, Feb. 12. WHEAT Spot,
dull; No. 2 red western winter, no stock;
futures, steudy; March 8s 14ird; May, 7s
UM; July. 7a lOvid.
CORN Spot. steady; new American
mixed, ts Vi; American mixed, old, 6s
8'.vd; futures, dull; March, 6a C'Md.
Treasury itattment,
WASHINGTON. Feb. 12.-The condition
of the treasury at the beginning of busi
ness today was as follows.
Trust Funds: Gold coin, 84.726,StB; silver
dollars, HM.-oj.uuu; silver dollar of 1890,
Unequalled Investment
Wi Offer Ton
Nebraska Municipal Bonds & Mortgages
If von have a few hundred dollars
or more that you want to keep safely
at Interest, call or write
J. W. CABADT ft CO., Xne.
639-4H) Paxton Blook, Omaha.
FORTUNES MADE iH VMAi
sin buys options t'ti lo.ooo bu. of wlu.i.
A I U No further risk. Each lc moveme-it
V ' w from option price nakes you $100.
:c-8200, 6c-8500, etc. Write lr free cir
culars, COX.OHIAI, STOCr OBAIBT CO,
CliTeland. Clue.
Herbert L Gooch Co, .
Brokers and Dealers
vfKAlH, rSOVISIOXS, STOCKS.
Omaha Office: 810 H. Y. Ills Bldg.
flell Telephone Donglas P81
Independent. A-S181 and A-filflX
Oldest ana barges Bouse la tas Bta
$",R71.00O; silver certificates outstanding,
8484,859,000.
General Fund: Standard silver dollars In
general fund, 86.427,457; current liabilities,
8103,048 331 ; working balance In treasury of- '
flees, $21,614.94.1; In banks to credit of treas
urer of h United States, 8:!6,4iW.9; sub
sldlRrv silver coin, 820,596.334; minor coin,
$1,218,244; total balance In general fund. ,
M,0l3,lK. )
WEATHER IS THE GRAIN BELT
Fair for Sunday for Nebraska Is tha
Forecast.
OMAHA. Februsry 13. 1310.
The disturbance on the. Gulf of Mexico,
reported In the preceding report, moved
rapidly northeastward during the past
twenty-four hours, and is central tha
morning over the vicinity of lxng Island
sound. General rains attended the dis
turbance over the gulf and south Atlantic,
states, and snows are general this morning
from the Mississippi river east over the
Ohio valley and lake region to the Atlantlo
coast. The pressure has risen rapidly onver
the southern states and It continues hjuH.n ,
over the central valleys and west. wlth7,-i '
crest now over Wyoming. Generally cleW
weather prevails west of the Mississippi
river. Another very decided drop in tem
perature occured last night In the central
valleys, and temperatures below zero pre
vail throughout northern Nebraska and "v
northern Iowa, and over the upper valleys.
The weather will continue fair In this
vicinity tonight and Sunday, with con
tinued cold tonight, followed by slowly
rising temperature -untiuy.
Record of temperature and precipitation
compared with the corresponding day of
the last three years:
10. 1909. 1908. IPO;.
Minimum temperature ... 2 6 38 M
Precipitation 00 T .24 .00
Normal temperature for today, 23 degrees.
Excess In precipitation since March 1.
4.74 inches.
D-efinclency corresponding J'or'oJ In lf'09,
4.99 Inches.
Deficiency corresponding p;riod in 1!M,
7.64 inches. 1
- - L. A. WELSH, Local Forecaster.
London Stock Market.
LONDON, Feb. 12. In response to NJ
York bullish news American securl'i
opened firm and fractionally higher. Later
covering orders advanced prices further
ana the market closed rirm. with Union
Pacific and United States Htsel 14 higher
and the rest of the list from 14 Jo above
yesterday's New York closing.
London closing stocks:
Comoli. money ti Loulcllls A- N liJ
do scrouait 82 1-14 M.. K & T 4(U
Airal. Copper 7 N. Y. Cantral 15J
ncono 10(4 Norfolk W 1W?4
AionMon iiri do Did 3
do ptd IMVOnurlo W 4SU
Biltlmor & Ohio 114 Pennsylvania
Canadian Pacific lt lund Mlnea
rhM.M.h. .4 n 1 m; i, , i d . .
Chicago O. W. JlHSouth.rn Ry!!!!'.!'.'.'.l :H V
Cnl.. Mil. A St. P.. .141 rfn nM a7
Dfl Bean 14 Roulharn ."initio 12 '4
Denvw A Rio 0 41441'r.lon Patlflc HUH
do ptd J do pfd 105
Erl fKV. 8. ateel K
do lrt pfd 47. do pfd 1!4
do td pfd 37 Wabarti 12
Grand Trunk 234 do pfd 4
Illinois Central 14 Spanish 4 .".
sihvisK-Kar, steady at 23 13-lCd per oz.
MONEY Ky 144 per cent.
The rate of discount in the ODen market
for short and three months' bills Ia 24 per
cent.
Local ftecantles.
Quotations furnished by Samuel
Burns,
jr., 614 New York Life building:
Bid.
City of Omaha 4s, 1H2 104V
Asked.
10H
oh I
Vi 1
a y
Columbus, Neb., E. U It, 1924
Olu. a. It K.. Waterloo
Chicago Railway Ga. 127
Great W oat em Power Co. (Cal.) 1944
5
7
100
U
'ii '
6
U
at
9Vt
100
4
. 13
I
J'U
94
IX
!4
ct
TO
lilt
ino
101
N
German Klre Insurance
Hydraulic. 1'retaed Brick pfd
Int. Construction Co
Kansas city R. L. pfd
Lent Bell Lumber Co. e. 12J
Nehraaka Tel. slock. 4 per cent
Omaha Water Co. 4a. 1114
Omaha Water Co. 6a, 18
Omaha Water Co. Sid old
If
Omaha Oaa is, 1417
Omaha E. L. Il P. is. 131
Omaha K. L. pfd t per cent, ex-dlr....
Omaha Bt. Ry. (a, 114
Omaha at C. B. St. Ry. ptd, ( par cent
44
74
4
uvt
umana s c. B. St. uy. com
Omaha 4b C. B. R. A B. pfd
gloux City Stock Yards pfd, t per cent
It
u
IH
04
!"
eoum oraana rer. 4He, ini.
Union Stock Yards atock, Hoitfe. Omaba i4k
Chicago Produce Market,
CHICAGO. Feb. 12. CHEESE The mar
ket was steady; dairies, 13i(al7c; twins,
164163c; young Americas, lCVtflCc. long
horns, 164,((rl6e,
POTATOES steady: choice to fancy, 4ft?J
42c; fair to good, 338c.
POULTRY Steady , turkeys, 17c; chick
ens, 16o; springs, 16c.
VEAI. Steady; 60 to 60-lb. weights, 8dj9c;
60 to 86-lb. weights, tJjlOc; 85 to 110-lb.
weights, 10ailc.
Kansas City Produce Market.
KANSAS CITY. Feb. 18. BUTTEU Mar
ket was unchanged; creamery, extra,
27c; firsts, 26c; seconds, 23c; packing stock,
19'e.
HUGH higher; extras, S4'-ic; current
receipts, 224sc.
Hay Market.
OMAHA, Feb. 12. The supply of hay on
the Omaha market was heavy and the de
mand light. Hay: Choice Kanba.s, 81200;
No. 1. 811.00; No. 2. 8K.6O; coarse, 87.60fe8 60;
packing, 17.00, Srtaw: Wheat, IU.50iiy7.00;
rye, 8D.U0. Alfalfa, U2.O0S13.0O.
Cotton Market.
ST. TX1UIS. Feb. 12.-COTTON-Q.ulet ;
middling, 154ic; sales, none; receipts. 710
bales; shipments, 714 bales; slock, 43,166
bales.
Wool market.
ST. LOUIS, Feb. 12 WOOL Unchanged ;
territory and weftern mediums. Z432S-.-;
fins mediums. 2QU24c; fine. 12(ft21o.
The First Flying: MsveMns.
The first flying machine of which history
preserves any record was tlio "Dove (jf
Archytas." Archytas lived in TarenlSrij
Italy, and was a contemporary of Flat!,.?.
The account of his flying dove oomes to us'
from Aulus Oelllus, who tells us that It
wis formed of wood, and so contrived that
by a certain mechanical art It had tha
power to fly. so nicely was It balanced
and put In motion by hidden and Inclosed
air. Just what this means I", of coots,
to a large extent uncertain, but thyut lha
"Dove" was somo oi t of markliX. that
was re pa bio of "flying" Is uniuv,ined.
and beyond doubt it Is the earliest record
of such machine thst we have. New Tors,
American.
I
V
ml
it
m
r '