THE BKE: OMAHA, MONDAY, APRIL
27.
1914.
HE All ESTATE.
FAIIM fc 11ANCH 1,AM)S Fon SALI3
Mlnncioik
Minnesota '
Farm Lands
From $15 to $75 per acre.
Aro .the equal of any in the
United States that are selling
from $150 to $300 per acre.
These lands can bo bought
on easy terms.
Minnesota's 1913 corn
crop, 40 bushels per
acre, stands first of
all states in the union.
BEND FOR SPECIAL PAGE OP
MINNESOTA FARM BARGAINS,
Published la the
MINNEAPOLIS JOURNAL,
Minneapolis, Minn., Mnrch 29 to
April 4. A 2c stamp will bring It.
JS.WW 160-ACRB farm central Minnesota,
excellent soil, fenced four-foot woven
wire, cultivated, good house, barn 40x80,
largo granary and hog house, near school,
fine neighborhood, very easy terms. V.
L. Mel berg. Randall, Minn.
NICE 360 acre Improved farm, 20 miles
from Minneapolis; part under cultiva
tion; can practically all bo farmed; eight
room house; barn, granary, corn cribs,
wind mill, etc.; lays level; will produce
good crops of corn, oats, clover, etc.;
telephone and It, F, D. pass buildings;
ono mile to railroad station; good roads;
ro fresh milk cows, worth $70 apiece; 0
horses, complete set farm machinery can
go with farm; price for everything, $37.60
per acre, or will sell farm without per
sonal property at $29 per Aero; one-half
cash. SCHWAB BROS.,
102S Plymouth Bid. T.;mncanolls, Minn.
FOR SALE 3 acres. Fair buildings.
800 acres under cultivation, more can be
plowed, balance meadow and pasture. All
good, level laud. 1H miles from Lake
Crystal, Minn. $100 per acre, $1,oqo down
now, $5,000 March 1, 1915, carry back
$30,450. payable $500 per year with Inter
est at 6 per cent and take stock of hard
ware and Implements for the balance, or
clear wild, prairie land. A genu wanted.
Morehart-Atchiaon Land Co., Uankato,
Minn. t
Missouri,
FARMS for sale: $5 down. $5 monthly.
. buys 40 acres good timber land near
.town, Texas county. Mo.; price, $3)0; per
fect title. J. B. Jarrell. Mt Vernon. 111.
IV'e'ir 'York.
NEW YORK FARMS FOR SALE.
Cows, team, machinery and hens gn
with farm, seventy-slx-acro farm, good
fair buildings, good land, two miles from
village. Price $2,500; $800 cash down, $100
yearly. Possession any day.
ISO-acre farm, thirteen miles from Syra
cuse with cows; level, not a stone; clay
loam soli. Price $35 per acre; $S00 cash
down. $200 yearly. Railroad fare to pur
chaser. Write for photos.
E. MUNSON.
2426 S. Sallna St. Syracuse, N. Y.
Nebraska.
fOUND S20-ocre nomestead In. settled
neighborhood; fine farm land; pot sand
hills; cost you $200, filing fees and alL J.
A. Tracy. Kimball. Neb.
FOR SALE SO acres ,n Merrick county,
Nebraska, at $7,200, $3,000 mortgago;
70 acres under cultivation. Rented for
two-flftha." Two miles from station, 6
miles to good town. Address Box 2C3,
Anita, la.
South Dakota,
FOR SALE Bargain, 1C0 acres. South
Dakota: 2V4 miles from town, 30 miles
from capital; main line C. & N. W. Ry.
W. F. Gray. 5S47 Superior St.. Chicago, 111.
Trial,
T1AIILES .SOUTH OF HOUSTON
In the" valley of the San Bernard and
Caney Creek. We are polling the most
fertile lands on the gulf coast of Texas.
Our lands do not overflow. Come buy a
home while land Is cheap. For further
Information call or wnlo J. P. Sal Ice,
Sweeney, Brazoria county. Texae.
Wisconsin.
Upper Wisconsin
Best dairy and general crop state in
the union. Settlers wanted, Lands fo
sale at low prices on cany terms. Ask
for booklet 34, on Wisconsin Central Land
Grant State acres wanted. Write about
our grazing lands. If Interested In fruit
landes ask for booklet on apple orchards
In Wisconsin. Address Land Dept. Soo
Line Ry,. Minneapolis. iiliin-
25v-ACRE Burnett county, Wisconsin,
farm; good soil; house, new barn 40xS0,
silo and other buildings; fine spring
stream runs through land; on mall route
and telephone; about 55 acres under cul
tivation; can practically all be farmed;
good soil; price, $7,000; $3,509 cash, balance
can stand five or ten years, 6 per cent;
fine stock farm.
SCHWAB BROS.
102S Plymouth Bldg.. Minneapolis. Minn.
FOR SALE OR EXCHANGE II. E.
CHOICE KUnurn valley larms for sale
or trade. Address R. Er Duvall. Ne
llgh. Neb.
32-ROOM hotel for sale or trade, In good
railroad town In Nebraska. Will lease
or rent If renter will buy furniture. O.
. Taney. Address r mi, uee.
EXCHANGE $6,000 equity in 1C0 acres of
land under best water right In Idaho
for property of equal value in eastern
Nebraska. Address Y, 624. Bee.
HEAL ESTATE IiOANB:
H.VKKK-UJN fit MORTON, 916 Om. Nat
1100 to $10,000 made promptly. K, D.
Wead. Wead Bldg., ISth and Farnam.
PITY lilAKS. llmtK.t!ni-lh..ri' Co..
0 110-312 3ralidels Theater Bldg.
FIVE per cent farm loans. Optional pay
'ments and annual Interest WM. Mc-
CORM1CK. 1201 Farnam
WANTED City loans. Peiera Trust Co.
BAB VIN BROS. M&S
WANTED City loans and warrants.
W. Farnam Smith & Co., 1320 Farnam,
CITY and firm loans, 6, 6Vi. 4 per cent
J. H. Dumont & Co.. 1003 Farnam Omaha,
HEAL ESTATE LOANS.
MONEY on hand for city and farm loans.
H. W. Binder. City Nat. Bk, Bldg.
CITY property. Large loans a specialty.
W. H. Thamas. 228 State Bank Bldg.
OMAHA homes. East Nebraska farms.
O'KEEFE REAL ESTATE CO..
Wlii Omaha Nat Pouglas 2715.
WANTED TO BUY.
CASH paid for western South Dakota
lands; defaulted sale contracts or mort
gages. C. N. Molvame. Huron. S. D.
SLIGHTLY used high grade piano. W.37M
WANTED TO KENT.
5 or 6-room cottage, not too far from 24th
and Cuming Sta. Will buy If suited.
Harney U034.
LIVE STOCK MAK1CET OF WEST
SHIP live stock to South Omaha. Sav
mileage and shrinkage. Your consign
ments receive prompt and careful atten
tion. l.tri- Afock Coiuiuiaslun airroUunt.
MARTIN BROS & CO . Exchange Bldg.
SWAPPEHS' COLUMN.
CEMENTING. BRICKLAYING. CAR
penter, roofing; exchange for anything
valuable. Address a C. 605, Be.
UNDERWOOD TYPEWRITER. NO. 4.
all latest attachments, two-color rib
bon, etc.: little used and good as new;
will trado fur or towards motorcycle or
used runabout or anything of equal value
I can use. Address K. C. 532, care Bee.
I HA VP. A ONE-TON LIGHT TRUCK.
Iiwke offer. Address S. C 624. Bee.
TRADE FOR IIANCH-M-ACREGOOD
land, $10,000. equity $6.10. Dandy hotel.
$7.50t net, rent $00. mtg, $1,500 Want
good ran-h land, describe fully, S. C 613,
Bee, Omaha
SWAPPERS' COLUMN
BtQHT SPBCKL8D HA.MHURO CHl,OK
ens noted for their laying qualities;
never set Make offer. Address S. U,
648, Bee.
SNAPPY BAHQAIN-Jtuu CASH. BAL
auee trade or easy terms, buys S-r.
ctttage, beat repair; modern but heat
Good garage. Price only $1,600. Let us
show it to you. Address S. C. US, cam
Bee.
ALL MODKHN HOME. 2 YEARS OL1),
in north part of city, three blocks from
S4th car line; 8 rooms and enclosed sleep
ing porch. Newly decorated last fall.
Would trade my equity of $1,400 for mod
ern hitncl,.t. nr linffl. TvtlVi twn np 1hr
large lots, or for good acreage property I
in north or west part or cuy aiso nave
two lots in Kenwood Addition. 33th and
Evans St, which 1 would apply on trade.
Address 8. C. G12. Bee.
LATE MODEL, HlHH-OIwiDK. SEVEN
passenger touring cor. with electric
lights and self-starter, and otherwise
fully equipped, for good cnulty in Im
proved real estate; may add some cash.
Address S. C. 613. ueo,
GOOD MODERN 7-ROOM COTTAOE ON
So. 20th St.. near Vinton, to swap for
$2,900. Just thn home for a motorman.
Address s. c. 819. Ueo.
WANTEDTO EXCHANGE OSTEO
nathlo treatment for tailoring. S. C.
m. Bee.
TWO LOTS IN DENVER. ON CAR
line; new hot water boiler for 10-room
house. Swap for late model 4-cyllnder
auto, roadster preferred; Uutck, Hudson
or other standard make. Address S. C.
C92, Bee.
vtr-nv i.atkst MODEL, NO. 8 U C
Smith, only used two months, cost
$100, will sell or trade; must dispose of It
this week. Address 9 C 593. care Bee.
GOOD COTTAGE NORTH OMAHA.
Modern but heat All newly painted
and papered. Garage. Hx2S ft Cement
walks. Mtg., $X). Want $300 cash and
good, light auto or clear lots. S. C. 569,
Bee.
WILL TRADE A SKSV1NU MACH1NU
for bookcane or buffet. Address S. C
M0. Bee.
NICE 6-ROOM COTTAOE; BEST RE
pair; modern, but .heat; barn, 10x123
ft; cement walks; all newly painted;
price, $2,SO0; mtg., $SO0; want small grocery
stock or two good light autos. Address
S C. 595. Omaha Bee.
SOUTH OMAHA LOT, NO INCUM
braoccs, for typewriter and offlco fur
niture. Address S. C. 25. Bee.
ABOUT 100 UNIQUE AUTOMATIC INK
wells, flno goods for canvasser, also 140
novel shape cold cream jars, trado for
books, camera, or anything- useful. S. C.
537. Ornalm Bee.
I HAVE A GOOD. HEALTHY YEAR
ling colt, I would trade for calves. Makt
me offer. Address S. C. 5S4. Bee.
A-NO. 1 SINGER 8EWING MACHINE.
former price $o, for sale or swap. Ad
dress S. C. E7I, Bee.
7-DRAWER OAK ROLL TOP DESK,
latest sanitary style, 54 leches lopg. II
Inches wide. For quick sale $25, or will
trade for typewriter. Address . U. 533,
Bee.
GENTLEMAN IN THE WEST FOR
health and needing saddle horse will
exchange valuablo oil painting, worth
$1,250. Address S. C. (597. caro Bee.
IF YOU DO HOUSE BUILDING WORK.
new or repair, and wnnt a home with
out a dollar required for down payment,
doing work In exchange, let mo know at
onco with particulars and I will keep
you. Address at once. S. C. 6S7. Dee,
STANDARD HIGH URADE PIANO.
gcod ad new, mahogany case. Cost $35o.
Will exchange for diamond ring or Ford
auto or sacrifico for cash. S. C. 644,
Omaha Bee.
I HAVE A FINE 1W-ACRE FARM,
Stanley county. South Dakd'ta: all till
able land. What have you? Address, S.
C.6S4, Bee.
$900 EQUITY IN 4-ROOM MODERN
house to trade for clear lot S. C. 3s0.
WILL SELL FOR CASH OR TRADE
for clear real estate, $3,000 to $8,000
shares in good established Omaha fac
tory business. A money maker; salaried
position to good man. S. C. 6SS.
WHO WANTS TO BUY UK SWAP FOR
a good cottage, with barn for 4 hprseB?
Address a. U. w5, , caro lice.
FINE MOTORBOAT IN EXCELLENT
shapo for a good second-hand Ford
roadster auto. Adresa H. C. 090, Bee.
DIAMOND RING IN EXCHANGE FOR
useu i ord car.. Auarcss s. u. wi, nee.
I HAVE A FIRST-CLASS FULL DRESS
suit In excellent condition; this suit has
onlv been worn 5 or 6 times and Is as
good aa new. Size, 37. Will sell for $16
cash. For information wnto a. . wu,
Omaha Bee.
HAVE A PRINTOGRAPH MACHINE
for multlDle letter work: prints ihroueh
ribbon like tvDuwrlter: can use urdlnary
printers' type, and cuts, also; electric
motor and hand power; cost J3J5. win
trade for cheap lot or tana, or wilt con
sider any Kinu or a reasonaoie oner. Aa
(Iicb.i H. C 555, Bee.
TYPEWRITER DESK AND CHAIR
wanted In exchange tor tour new and
crated, upto-date wauhlng machines. Ad'
dress S. C. 612. Bee
1 HAVE BULL PUP 1 YEAR OLD.
white, thoroughbred bull, good and
sound; fine watchdog. Will exchange for
bicycle. In good tondltlon. S. C. w2. Bee,
TWO LOTS, NOS. 169 AND 1G0 ICEfi-
wood Addition. 3Sth and Evans St.. un
encumbered. Will trade as part payment
on small modern cottage or bungalow In
north part or city. Aiignt consider iraae
for. small automobile, or would take good
motorcycle as part payment Address
S. C. (Ml. Bee.
QOOD FOUR-PASSENGER INTERNA-
tlonal auto to exchange tor goon duuu
lng lot or lots In Omaha: value, $750. Ad'
drvss S. C. 575. Omaha Bee.
SOFT COAL BURNER AND GASOLINE
ranee: will trade for chickens or any
thing. Make offer. Address S. C. 649. Bee.
TWO CLEAR LOTS-PIERRE. B. D,
Good abstract Price, $1,000. Want gen.
mose. or auto, uooa aDstract ana war,
ranty deed. S. C. 668. Bco.
WANTED ELECTRIC FIXTURES AND
painting in exchange for tailoring. Ad
dress S. C. 603, Bee.
INTERNATIONAL TRUCK TO TRADE
for anything of equal value Address
S. C. 618. Bee.
160 ACRES LAND; CLEAR. WILL
trade for good house in omana, Zb acres
in corn, balance dandy hay land and
uasture: cash value only, or no deal made.
Price $2,400. Might trade for a grocery
or mdse. stock, prefer to trade for Omaha
residence to iivo in. Aaaress a. u. on.
Bee.
OUR RHODE ISLAND RED COCKEREL
for two setting lions. Aaaress ts. v.
690, Bee.
WANT OMU OMAHA LOT IN EX
change for utmost new standard piano;
goou as new; cosi Auaress a. u. ua.
uirana uee.
GENERAL MDSE. STOCK. $25,000, FOR
exchango ror goou lanu or equal vaiu
In eastern Nebraska, Describe fully, S. C.
044, Bee. Omahu
GOOD AUTO WORTH $) FOR GOOD
clear lot. Addri-sa S. C. 606. Care Bee.
HAVE TWO CLEAR LOTS IN SOUTH
Omaha well worth $100 and $100 cash.
Want a 1913 Ford car In first-class condi
tion. Address S. C. 532. care Bee.
NEW HAMMOND TYPEWRITER, COST
$30. Changed work so cannot use. Will
trade or sll. Address H. C. S5S. Bee.
FQR EXCHANGE FOR ALMOST ANY
thlnc. 7-pnssenger automobile. Address
3. C. 609. Boo.
GOOD VACANT LOT IN GOOD PART
of town; will swap for cash. Address
H. c. u .care i .-
SECOND-HAND REMINGTON TYPE
wrlter to swap for good bicycle and
cash. Address S C 61S. Bee.
WANT GROCERY BUSINESS TRADE
good house and a clear lot. l'rico $3,70v,
equity $2,900. Even deal. Address H. C.
(91, Omaha Bee.
CLEAR LOT FOR ROOMING HOUSE
of 19 or 12 rooms. Address K. C. 656. Bee.
TO SWAP ONE 3-DKA WEIt 6X4 OARO
cabinet for typewriter. Addreaj a C.
lit. Bee.
ONE INTERNATIONAL AUTO WAGON
In good running order. $!t0 cash takes It.
Or 1 will exchango for a vaeant lot of
equal value. Address 8. C. 646. care Bee.
SO ACRES CLEAR. LAND. CENTRAL
Nebraska, exchange for light runabout
i auto woi th $1.J0Q In cash. Address S. C.
1 640. Bee. On'aha.
j Key to the Situation Itee Advert sing.
SWAPPERS' COLUMN
CLEAR LOT FOR EXCHANUB-WANT
good light auto or diamond ring of equal
value. Price Is $110 cash. Address S. C.
041. Bee. Omaha.
TWO LOTS ON ML. AVE.. NORTH OF
Webster Av., $400; $10 down, $10 per
month, or will trade. Address S. C. Lit,
care Bee.
LOT 9. BLOCK. 3. ARMOUR PLACE.
South Omaha, vntue Situ, or lot 90, block
5. Belmont add., Lincoln, price $100; trade
for typewriters and office furniture. Ad
dress S C 69S. care Bee.
GOOD 7-ROOM HOUSK AND 3 IA)TS.
In good live town, house always rented.
To swap for good automobile. Addross
U. 645 llee.
INTEREST IN GOOD WHOLESALE
business, with posl.lon and moaern res
idence to trade for clear lund. preferably
In Texas. $5,000 to $10,000. Address S. C.
6SS. uee.
I WANT TO SWAP SOME DISC PHONO-
graph records. What Imvo you 7 Adurcss
S C 633. care Boc.
FOUR DOZEN NEW AND LATE
model washlne machines taken from
merchandise creditor: cratca lor ship
ment; wholesale price $S apiece; fir team
work horses. Harness ana wagon. ja
dress S. C. 6SS, Bee.
BEES TEN COLONIES YELLOW
Italian I.poh. In fine sliauo for big crop
thin RPQiun: rxtra.rtor. extra hives and
complete apiary outfit; worth about $123;
mako mo a cash orrer, or win iniuo ior
motorcycle or small second-hand runa
bout, paying additional cash If warranted.
Address 8. C. 562. caro Ueo.
WILL EXCHANGE QOOD 5-ROOM COT-
taKo at 2625 Grant St. Omaha, price
J2.S00. inc. $H0. for $2,000 grocery stock or
gents' furnishing stock and shoes. Own
ers write mo. S. C. 574. Omaha Bee.
A GENTLEMAN'S GOLD FILLED
watch, costinc 160. for typewriter: must
bo In A-l condition. Address S. C. 699, Bco.
CLEAR LOT IN LAKE CITY. NEB, ;
trado as first, payment on rooming
house. Address 8. C, 692. Bee
YOUNG CATTLE OR WORK HORSES
wanted for 160 acres gooa, level lana
at cash value $16 per acre. Address S. C
62), Bee.
Old-style sidebuahu. bird be li,
maple with marble top. hand-carved
nd n pretty pleco of furniture, but bulky.
What nave you 10 excuaii& .iuuhm
S. C. 510, Bee.
TEN ACRES OREGON FRUIT LAND,
worth $400, to trade for Omaha lot. com
nlin nttim iTiuimnent or diamond: Va
cant lot, Lake lew. Ore., for typew riter or
office desk. Address S C 6H. care Bee.
WHAT LAND IN EASTERN Ne
braska or western lowa nave you io
trade for 110 s.orcs of best fruit ana
vegetable land adjoining town In East
Texos7 Address S. C. 620. Bee.
SINGLE DRIVING RIG WANTED; ex
change ICO-ncre good land, $15 per acre.
cash value; take rig as nrst payment.
balance terms. Aauress a v.. un. mre.
ONE OLD TRUSTY AND ONE SUC-
... , f . . i , ,inn unna
hena or two dozen for choice of either.
Address S. C. biz, caro nee.
WANT RIDING HORSE: HAVE $250
equity In a couple suDuruan name iois
worth $500. AddresB S. C. 606 Bee.
I HAVE 40 ACRES FINE OREGON
fruit land: a C-room cottage, modern ex
cept heat, and x 1913 Overland touring
car. Will tradu fur anything. Make of
fer. Address S. C. 622. care Bee.
1 HAVE A FEW CITY BU1LUKNU LOTH
to swap for a good truck or high-grade
automobile. 3. C, 520, Bee.
A GOOD BAKERY. WORTH $300, FOR
trade. What nave you. Address S. C. 410,
caro Bee.
WILL TRADE 17-JEWELED WATCH
for typewriter: worth $12. S. C. 633.
60 TOOL SHARPENERS, WHOLESALE
price $6 apiece. Any agent can sell to
farmers. Want single driving rig or team
of work horses. Address S. C. bJO. Bee.
HAVE HO ACRES OF 'BEST FRUIT
and vegetable land adjoining town in
East Texas; will trado for some fcood,
clear laud In eastern Nebraska or lowa,
or cash. Address S. C. 60S, Bee.
HAVE A FIRST CLASS GROCERY DO-
l ...Inllw .h hnslti.ai which T wllth
.III, U Olllv.l,j " ,
to exchange for a property, houso hav
ing seven rooms unu un i.iuu.u ,-uir
venlences. Must be clear. Address
S. C. C50. Bee.
I OWN 320 ACRES FINE GRAZING
"Innil lilnnk noil, fine crass, fenced. Ly
man county. South Dakota; not far to
r u tnwn. which Is county seat Price,
$15.00 per acre. Will exchange ror grocery
storo or stock of goods In small town,
or Income property, or make offer. 8. C,
639.
HAVE KIMBALL PIANO; TRADE FOR
" rflnmnnH linnll find llUL'CV. OdUlty il
house, or what have you to offer? ti. C,
5910.
HAVE CLEAR LOT. GOOD SO. DAK.
or what can you offer? 6. C. 4000.
DANDY 5-ItOOM COTTAOK8. A lib
4 'iw.t.iiinon r And It inn. on naveu
etri win oYPiinncft 1 or 3 for good stock
b-nndii in or out of Omaha. Price, $7.0X;
SINGLE SKATED ItUUBEU TIRED
surrey, practically pood as new, aa part
payment, uu kuwu u-joo-it,
. a a i" K1 Mam
Ur - U S 1 1 . itUUl CBO W MtWi -nwt
I HAVE A 8x10 TENT, BLUE AND
whlto strlDo. heavy canvas, Just the
ihintr fn. ffllm nnd carnivals: cost $22.50
as "good as new. What have you? Mako
an offer S. C. 637. Bee
HAVE 5-ROOM MODERN COTTAGE
on pavea street, nrsi-ciass cunuiuun.
well rented to good tenant, Has loan on
of $975. Will exchange $1,000 equity for
grocery, vacant lots, acreage or dia
monds. Mako offer. Address S. C. 6J4,
Bee.
LET ME FURNISH THE PAINT AND
nalnt that old Iioubc. I can mako it
look llko new. Am flrst-cluss painter and
v'ewlll'eln ecSe TyS
I can use-diamonds, horse und wagon.
auto, lot, groceries, tailor-made clotnes,
or what have you? Will exchange 100
gallons shlnglo stain, all colors. S. C.
b36, Bee.
WHAT HAVE YOU TO SWAP FOR
good vacant property. In the best part
of tho city? Tell me quick. Address S. C.
607, care Bee. '
1 HAVE A GOOD LOT IN A GROWING
part of tho city which I will swap for
a good "Ford" or some other good auto.
Address S. C. 654, care Bee.'
SEVERAL GOOD VACANT LOTS TO
swap for Income property. What have
you? Let me hear from you. Address
8. C. 678. care Bee.'
HAVE A FINE BUILDING LOT THAT
I will swap for a Hupmobile. Must bo
In good repair. Address 8, C. CS2, Bee.
WILL EXCHANGE CARPENTER
work for cow or lot or will work by
day. S, C, 635, Bee.
WORK HORSES WANTED IN Ex
change for good 160-acre land at cash
value; all or part; balance, If uny, terms.
A d druas 8. C. 610. Boe.
FIRST CLASS PAINTER AND PAPER.
hanger, will swup painting and paper
ing fur coal, groceries, building maturlal.
or anything I can use. S. C. UA.
I HAVE 20 ACRES BEST SOIL IN
Texas, near gulf, 2V miles from Robs
town; unimproved. Price $1,00, mtg. $300.
Cabbage In field near there sold for $10J
per acre this spring. Dtllghttul climate.
For sale or exchange for clear lots or
1913 automobile. Address 8. C. 627, Bee.
MUST SELL OR TRADE MY BTENO
type und Monarch visible typewriter.
Both good as new. Cost $100 each. What
will you give me? Address S. C. 007. Bee.
SMALL OAS ENGINE. LIKE NEW. TO
trade for what? S. C. 5$l. Bee.
AUTO TO TRADE Foil A CLEAR LOT,
Address 8. C. 615. Beo.
BLUE RIBBON WASHINO MACHINE;
will trade fur anything. Address S. C,
647, Bee
BAKERY FIXTURES COMPLETE FOR
J2IJ. or what have you to gffor? S. C.
6H, Bee.
ONE OR TWO LOTS CLEAR IN GOOC
town South Dakota: price, cash, $221
each, or exohange for gooa one-karat dia
mond ring. Address 8, C. iK. Omaha Bee.
$1.UU0 EQUITY IN SOUTH DAKOTA
Income to exchange for anything. In
cumbrance of only $500. Address 8. C.
HIV,
TlVn WIMP" MHW MnnKnV TinHSrca
I In Omaha to exchsnsc for stock of nat.mr.re & Ohio stork has been owned
i$i.00b" "sC W1BercT"3 lrtV'- whn It v.a. purchased a. a
LOYETT REPLIES TO THOMAS
Chairman Union Pacific Board Pro
tests on Senator's Speech.
DEFENDS EXTRA DIVIDEND MADE
Pnj'K Srnntnr I)lpln iKnnrnnro nf
Farts nnd (hni Inmir AVn Nnt
Mnric In Coiinrqnrnrf nf
Ilccrrr In Snlt.
Chairman R. S. Ijvett of the Union
Pacific board of directors has given out
through President Mohler nt the Omaha
headquarters of the road a personal
letter addrcsseil to Senator Charles S.
Thomns of Colorndo, protesting sgatnst
the latter'a speech In tho senate last Mon
day on tho company's trcent extra divi
dend.
Judge Lovett flatly charges that Sena
tor Thomas displays Ignoranco of' tho
facts, and that because of this and tho
far-reaching effect of a speech "n iho
floor of congress, his company reels
obliged to make public protest, He de
nies that thn dividend was declared In
consequence of tho decree In the; govern
ment's recent ntilt. Tho full text of the
letter follows:
'Referring to your remarks In tho sen-
ato on Monday based tipon letters of W.
S. McCarthy to you, datud April 1, and
April 4. 1914. concerning tho extra divi
dend recently declared by this company
upon Its common stock:
"Mr. McCarthy's denunciation of the
action of this Company Is based primarily
upon an absolutely erroneous understand
ing of the facts, and secondarily upon
an entlro Ignorance or disregard of the
principles of law and accounting affect
ing the declaration of dividends. Such
uninformed criticism I should ordinarily
Ignore, but when made in tho United
States senate 1 do not feel nt liberty
to permit tho grave Injustice Involved.
therein to be suffered by tho company
without protest
Issues of 1001.
"It Is true that In 1901 the Union Pa
cific Railroad company Issued $100,000,000
face value, of bonds known as Its First
Lien Four Per Cent Convertible Gold
bonds, convertible at the option of the
holders Into common stock at par until
May 1, 1908, and thnt part of this Issue,
namely, about $42,000,000, was used for the
acquisition of $75,000,000, par value, of
Southern Pacific company stock. Tho
fundamental error upon which Mr. Mc
Carthy's entire criticism Is constructed
Is that theee bonds are still outstanding.
"Tho fact is that they were all retired
in 1908; $99,430,000 of the bonds were con
verted Into nn equal amount of common
stock and tho remaining $550,000 wero
called for redemption nnd paid. The causo
of this misunderstanding Is probably that
the company has now outstanding part
of an entirely different Issue of con
vcrttblo bonds made In 1907, known as Its
'twonty-year 4 per cent convertible gold
bonds,' of which some $73,000,000, faco
value, wero originally Issued and nil but
$26,835,000 o which have been converted
Into common stock.
Not Result uf Lrcrcc.
"Tho extra dividend declaration was not
a consequence of tho decree In tho gov
ernment suit requiring tho company to
dispose of Its holding of Southern Pa
cific company stock. The dividend con
sists of $3 In cash, $12 par value, In
Baltimore & Ohio preferred stock and
$22.50, pur value, in Baltimore & Ohio
common stick upon each share of Union
Pacific common stock outstanding nt tho
close of the books on March 2. It was
determined at the same tlmo to rcduco the
regular common stock dividend rate to
8 per cent after the payment of the extra
dividend. This extra dividend Is merely
a partial distribution of accumulated sur
plus profits.
"Tho board of directors ordered that the
amount of cash and BalUmoro & Ohio
stock distributed pursuant to tho divi
dend should bo charged to profit nnd loss
account. The Union Pacific system on
June 30, 1913, had unappropriated accumu
lated surplus profits, appearing as a
credit balance to Its profit and loss ac
count, of 9151.153.3SS. This balance of ac
cumulated profits is derived In part from
net operating revenues, in part from In
come from Investments and miscellaneous
Income, In part from a profit of some
$58,000,000 reallxed on the sale of Northern
Securities, Northern Pacific and Great
Northern stocks In 1905 and subsequent
years In excess of cost, nnd from other
profits of a miscellaneous character. Tho
existence of so large an accumulated
surplus Is of course the result of the
practice which the company has fol
lowed of not distributing each year In
regular dividends the entlro surplus In
como or other profit reallxed during the
I vnr.
The aggregate equivalent of this
dividend .night have been paid out
In regular dividends during past years
by an Increase of the rate of the rcgu-
lar common stock dividend.
An to Common Stock. i
"Upon the common stock outstanding
on March 2, 1914, the dividend Involves
about $71,000,000 in cash and Baltimore &
Ohio stock, taking the Baltimore & Ohio
stock at $80 per sharo for the preferred
and $9i for the common, Its prevailing
market value at the time of tho dividend
declaration. As this dividend does not
result In the appropriation nf one-half
the accumulated surplus profits It Is ob
vious that a dividend of this amount
might have been declared at any time
during several years past There has
been more or less agitation for years aa
is well known for a distribution of the
company's accumulated profits.
"Having accumulated surplus profits
sufficient for the payment or this dividend
it was Immaterial from a legal or ac
counting standpoint whether the dividend
should be paid In cash or In property.
Tho company had ample cash resources
to have enabled It to pay the dividend
entirely In cash, but for various reasons
of policy It was thought preferable to
retain the cash resources and disburse
tho greater part of the dividend In Balti
more & Ohio stock.
Iuiinutt-rlul nn in Funds,
"Under the law, as long settled, any
excess of assets over capital stock and
'liabilities conxtltute profit available for
dividends. It is quite Immaterial what
funds or other assets are distributed as a
dividend If the amount does not exceed
the amount of profit available for divi
dends. In selecting Baltimore & Ohio
stock for this dividend the board of direc
tors thought their uctlon. In view of the
very considerable proportion of the cntlru
stock of the Baltimore & Ohio held by
this company, would be entirely consist
ent with the policy of the government and
receive general commendation.
"The company held $28,480,000 of Balti
more & Ohio preferred and $53,607,500 of
Ilaltlmoro & Ohio common. About one
half of this stock, namely, $21,273,600 of
the common stork, was acquired In July,
1913, under'the decree in the government
I suit In exchange for $$8,292,400 of South-
! Pn Iotrl.- .loL Th. r.m.ln.r of ht
part of the re-Investment of funds real
ised from tho sale of a targe amount of
Northern Securities, Northern Paelllc
and Great Northern slooks theretofore
owned. Tho balance of tho Southern Pa
clflo stock, remaining after th exchange
of a part of the holding for Baltimore
Ohio stock as above stated, was disposed
of tinder the decree of the court for cash,
reuniting some $0,000.000. Nelthtr tho
Baltimore fc Ohio stock nor the cash
reallied tipon the disposition of the
Southern Pacific stock has affected the
profit and loss account up to the pres
ent time, for the exact amount of profit i
reallxed from the Southern Pacific stock j
transaction has not yet been ascertained
and therefore has not been credltfd to !
profit and loss. Tho balance to the credit
of profit and loss at the time of the
declaration of the dividend Is therefore
precisely what It was on June 30, 1913,
before nny of the Southern Taclflo stock
was sold or exchanged, subject only to
some additional credits to profit and loss
representing current surplus Income be
tween Juno 30, 131$, and tho date of the
dividend.
Overlook Vltnl t'net,
"Mr. McCarthy overlooks tho fact that
every dividend payment must under the
law and under correct principles of cor
porate accounting leave assets sufficient
to represent thn entire outstanding capi
tal stock nnd to pay off all liabilities of
whatever character. It Is fundamental
that dividends which Impair tb cnpltnK
stock are unlawful and render the di
rectors personally llnble, Thn result of
this principle. Is that oven If Mr. McCar
thy were correct In his belief that tho
$100,000,000 of bonds Issued In 1901 wero
stilt outstanding it would be absolutely
Immaterial upon the question of tho right
to pay this or nny other dividend
whether tho $100,000,000 of bonds con
tinued outstanding or were redeemed be
fore the dtvldend was paid. Tho balance
sheet of the Union Paclflo system as of
June 30, 191$, showed totsl asset of $902,-
713,934 and total liabilities (Including cap
ital stock and $50,144,SS4 of resorve funds)
of $751,600,617. The surplus assets were,
therefore, over $161,000,000, corresponding,
of course, with accumulated surplus ap
pearing as tho credit balanco of t,ho
profit and loss account.
"It seems to be implied In Mr. McCar
thy's letters that the regular dividend
payments of 10 per cent per annum mad)
In recent years on tho Union Paolflo
common stock are from the operation of
the railroads It owns. The Union Pacific
has not paid and could not pay a regular
dividend upon Its common stock at the
rate of 10 per ceht per annum from its
railroad operating revenue alone. That
rate has been made possible onty by rea
son of the large amount of Incomo re
ceived by way of dividends and Interest
on stocks and bonds held as Investments.
Details of Income.
"Tho Income reallxed exclusively from
Interest and dlvldonds upon investments
and sources other than from operation
of its railroads has amounted since, nnd
Including the fiscal year 1907, to the fol
lowing sums:
1907 Income other than from its rail-
loads. $11,687,018. equivalent to 6.87 ner rani
on common siock.
1908 Income other than from Its rnllroni'R.
$16,782,457, equivalent to 8.13 per cent on
common stocK.
1909 Income other than from Its ra Irnads.
$18,110,481, equivalent to 8.9 per cent on
common stock.
1910 Income other than from Its ra Irnnds.
$19,890,469. equivalent to 9.01 tier cent nn
common siock.
1911 Incomo other than from Its rnllrondn.
$18,65S,1C8, equivalent to 8.49 per cent on
common siock.
1912 Income other than from Its railroads.
$18,949,098, equivalent to 8.63 per cent on
common stock.
1913 Income other than from Its railroads.
$1'.',207,971, equivalent to 8.23 per cent on
common siock.
"Thus, since the fiscal year 1907, during
which the 10 per cent dividend rate was
established, the company could havo paid
more than 8 per cent without using a
dollar from Its railroad operations.
"Futhcrmore a large part of tho addi
tional common and preferred stock of this
company Issued since the reorganization
was Issued, dollar for dollar, In exchange
for securities of the Oregon Short Lino
company and the Oregon railroad and
Navigation company, then outstanding in
the hands of the public, and resulted In
bringing tho proportion of those com
panies Into the exclusive ownership of
the Union Pacific Railroad company. Tho
balance of the additional stock issues by
this compary does not equal the actual
expenditures made since the reorganisa
tion for construction of new lines, doublo
tracking and other additions and better
ments. The aggregate Interest paid on
funded debt of tho system In the hands
cf tho public Is now about $14,200,000 per
annum, and there has been no year slnco
1907 when tho dividends and Interest
realized from investment securities have
not exceeded the entire annual Interest
payment on the funded debt.
Waste nnd Injustice,
"It would be manifestly unfair to thu
stockholders and disadvantageous to tho
company, to redeem any of tho cutstund
lng funded indebtedness at a premium.
Many of the outstanding bond Issues, In
clining all those bearing a high rate of
interest are not subject to redemption
and these can be retired If at all onty
by the payment of an unreasonably high
premium. Thoso Issues which are sub
ject to redemption are redeemable only
at specified prices in excess of par, Tho
bonds which aro expressly subject to re
demption are all bonds bearing rates of
Interest lower than the rata at which
railroad bonds can now be sold, Tho
ictlrement of bonds under such cir
cumstances would Involve an unjustifiable
waste of surplus and great Injustice to
stockholders.
"The suggestion might be made that
the capital stock should be reduced. Such
action could not bo effected under tho
statutes governing this corporation ex
cept by vote of the requlslto majority of
the stockholders, and would involve the
pro rata surrender of stock by every
stockholder, over 31,000 In number. Ob
viously no stockholder would give the
necessary assent unless he were to re
ceive his proportionate share of the en
tire present surplus In addition to the
par amount of tho stock surrendered by
him for reduction. Even these terms
would probably be thought by most stock
holders unjust to them and an unwise
weakening of the company.
LUIirntlon In New York.
"The litigation pending In the courts
of this stuts (New York) with reference
to the extra dividend does not attack the
legality of the dividend from any stand
point, but la litigation brought In be
half of preferred stockholders seeking nn
adjudication which wilt relieve them from
the 4 par cent dividend limitation In the
charter, and enable them to share with
the common stockholders In any distribu
tion of accumulated surplus profits. I
believe that all the figures and state
ments mentioned herein relating to mat
ters up to June 30, 1913, can be verified
from the records of the Interstate Com
merce commission.
"The Union Pacific has been at all
times honestly and conservatively
financed. Such an attack as that of Mr.
McCarthy, especially when given sanction
and authority by quotation In the United
Insurance
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OMAHA, NEBRASKA.
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TOM S. KELLY.
THE FOIiLOWlNCJ COMPANIES GUARANTEE SAFETY IN
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States senate, Is not raersly an abstract
Injustice but operates to bctual Injury
of tho company's reputation tor honest
financing- and its credit among the se
curity holders and financial public here
and abroad, upon whose confidence the
company's ability to improve Its prop
erties and build new lines Is dependent.
I earnestly hope, thereforo, that you will
to the extent ot your ability corroct the
Injustice to which you have uninten
tionally contributed. Respectfully yours,
"II. 8. LOVETT."
for mi Impaired Appetite.
To Improve the appetite and strengthen
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B.
V D. COMPANY WINS
SUIT OVER TRADEMARK
A perpetual injunction forbidding the
n. and M. company of Peoria, III., to
sell underwear advertised "Just like the
D. V. I).," and damages of J1C0 have
been awarded to the U. V. D. company
by United States District Judge J. O.
Humphrey, according to Information
which has retched Omaha.
The awarding of cash damages Is said
to be a rare procedure In cases of this
kind Involving the alleged abuse of th
B. V. D. trademark. The defendants
were restrained from making any use of
the letters "II. V. D." in the sale of their
goods,
Uocklen's Arnlcn Salve
cured Ben Pool of Threet, Ala., after
Ixilng dragged over a gravel roadbed,
Boothtng, healing, antlsceptlc. Sc. All
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Insurance Notes,
Following the Investigation by the state
flro 'marshal Into the origin of the num
ertun recent fires of supposed Incendiary
origin in the village ot Ike Mills, Wis.,
three men were arrested on suspicion,
The ninth fire of unknown origin In four
dbys. destroyed a bam containing a large
number of valuable blooded animals be
ing burned with all contents.
Tho Ohio state Industrial commission
has made a third reduction In the prem
ium rates under the compulsory work
Field News
"Ths insurance Man."
Tyltr 061.
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men's compensation law ot Ohio, taking
effect July 1. The former reductions
were uniform on all classes of employ
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varied according to classes and based
upon the loss experience ot the class,
The Missouri insuranco commission ap
pointed last year to recommend a new
code of fire Insurance laws, will meet In
8t. tiuls April IS. It will hear sugges
tions and recommendation for legisla
tion. The committee has held hearings
In various parts of the state, and it Is
expected that this tt. Louis meeting will
be Its final hearing. A number of the
commercial organisations of St, Louis
will be represented.
The Illinois Industrial board has
amended its recent ruling on workmen
cimpeneatlon policies. Hereafter all
policies must provide for a ten daja"
notice to the Industrial board of can
cellation or expiration. Instead ot fif
teen days, as under the original ruling.
All policies must cover the normal lia
bility as defined In paragraph , section
it ot the workmen's compensation act.
The original ruling required an unlimited,
overage.
