THE OMAITA DAILY HEK; MQyPAT, FEBBTJABY 25, 1001.
STOCK MARKET REACTIONARY
Sttttmtnt of Ennki Is so Unfavorably It
Produce Caution.
SPECULATION'S SIGN OF WEARiNESS
Slmilpiilnliirn Mliutv l)lioilliii tn
'I'nlip In Mull I'rcm'iit I'lirrrtiiln t J
Hon ml to 1 1 live lint liotrsoinc
I'flpcl I'ikiii In vrMiiirnt.
NKW YORK, Keb. 1M. Urnry Clews,
bend of the banldnp Iiohho of Henry Clews
& Co., says In bis weekly financial review;
OwInK Id a variety of cnuses the drift of
tho stock market tlm last week lias been
rpurtloniiry. hunt .Saturdays statement of
tbo associated banks wan so unexpectedly
tinfavorabln tliat It prodilceil n riiiliionnry
effect the more so because tbo moOil of tbe
stock market was not sanguine enough to
makn speculative holders Indifferent to
tbo aspects of tbo money market. Tbe
sensitiveness of money was also aggravated
by tbe uncertainly as to whether somo con-
slilcriime loans inmnt not no neeoeo ior con
HUmmiithiK tlm hl!llun-dotlitr steel nnd Iron
comblniilloii . , ...
Also tbo market lias showed plain lmll
cntlons of tiredness In tbe speculative de
rnrtment. Hxnerleneed ciporulors have
bepn on the. lookout for this symptom of a
coming Melding In the blub tension to
which the market Iiiih so Ions been sub
Ject ntnl tbe more cautions holders havo
neen rrce sellers on inc iiiiiwariuice 01 nun
slmi of .'oniltiu reaction. The market Is so
much under the lulltifiicc of conlHcllng cur
rents nnd uncertain factors that the clUiueg
are liecomlim less uagresslvo anil are nut
tlnp themselves on tbe defensive. The
vacillation hi prices of certain stocks which
have been under vigorous manipulation
plainly Indicates a growing disposition to
ihkc in sun, tu least temporarily.
Hull Operation In Check.
The very exceptionally low condlllon of
the, bank reserves for this season of the
yeur, with no positive! nssuranco of an early
increase or casn tiiiuis, wniio 11 may not
produce nny Kcneral or very positive dis
couragement, does hold "bull operations
in ciicck nun iimuco postponements tu nny
Inc. Among certain clloues there Is still
n, strong undertono of expectancy, inoro
iiualllled by moderation, however, than has
been the case In this earlier stages of the
lioom. Indeed, It Is ilouhtful whether the
larger professional operators nro calculat
ing upon nny further material advanco In
prices for the present. The mom prudent
would probably bo fully satisfied with a
market that would enable tbnm to get out
of their very large holdliigs'iit about cur
rent figures and It will not be surprising If
tney are round tu Do now 'inletly acting
on that policy, They cannot afford to stand
still In the presence of successive lapses In
prices and spells of coinparatlvn dullness
nnd must either diminish their load by
selling or Increase It In tbo face of un
certain conditions und when prices nre al
ready unpreceilentedly high. And yet It Is
no ensy matter to realize on anv liberal
amounts of stock without producing a
nervous condition of the market and raising
u rush to sell that might piny havoc with
bull Interests. That, however, Is not n
course of affairs that tbo managers of
'deals" desire; they may need money for
consummating their plans and aliove all
desire tho maintenance of a general buoy
ancy in tho rnnks of speculation.
.Situation Snt Hopeful.
This Is not n very hopeful situation ; It
Is nt least ono that calls for great tact
nnd skill of management. On the one side
aro Immense, speculative holdings of slocks,
fur which holders would b glad to get cur
rent prices, ami yet distrusting their ability
to do so. Oil tho other side, there uru
deals" in process Involving transfers of
hundreds of millions of securities, tho suc
cess of which Is largely dependent (in tbo
ability of the speculators to carry their
loads or to get rid of them without n sevoro
break In prices. These two sets of Inter
ests are mutually dependent on each other's
forbearance and support and yet It Is to the
manifest Interest of each largo speculator
or clique to slip out of the market nnd
leave everybody else to look nfter his own
nffnlrn In his own way. All this, too, In tbo
faro of ail uupropltlous money market
and with tbo banks by no menus desirous
of encouraging tho existing Inllatlnn ami
general over-striiln In tho market for se
curities. The longer such a situation ex
ists and Is looked at the more certain It
Is to create a nervous market and to i n
courage realizing. It is undoubtedly true
that between tho stupendous "deals" and
the magnitude of the speculative boom 'Wall
street Is overburdened with Inflated com
mitments and any unforeseen spark of
alarm from any quarter might easily excite
caution among money lenders, with very
tuiwelcoino consequences.
Three- i:trnoriliiiiiry Yours.
The country has now had three succes
sive years of extraordinary llnauclal ac
tivity and change. Within that time fully
live milliards of consolidated Industrial se
curities havo been Issued, In placo of less
than half that sum of issues made by the
original Independent corporations and with
out any corresponding addition to tbu work
ing plant of the country. In other words,
the. leading national Industries havo been
over-capitalized to tbo extent of more than
double their original true valuation. In
order, therefore, for this class of Invest
ments to malntn'n their former rato of
market valuo It will b necessary for tbo
plants to mako net earnings equal to double
their former prolltH as separate corpora
tions. I venture no opinion on tbe ques
tion as to whether tho consolidations enn
or will do this. On Hint matter, It seems
to me, tho truo business uttttudo Is to rb
gard this great cbangn as an experiment
In which nothing Is to bo taken for grnnted,
but everything left to ho determined by the
ascertained results of experience.
(tiM'Ntloii of Prudence.
The question, therefore, arises whether,
this very largo proportion of our Industrial
wealth having been capitalized on such nn
extraordinary bnsls of Inllatlnn. It Is
prudent or safe to encourage, further con
solidations, on like conditions, until the
existing iimnlgamatlous havo demonstrated
their merits or demerits by the results of
their operations. It Is undeniable tbnt
these radical changes In tho basis of our
Industries, together with a similar move
ment In our rallrond systems, aro m affect
ing tho foundations of our principal sources
of Investment as to produce a vury uncer
tain feeling about the returns derivable,
from capital. That uncertainty cannot but
have un unwholesome effect upon Invest
ment Interests at large and, In tho long run,
it will give no help to tbo maintenance of
tho extraordinary range of prices now pre
vailing on tho stock market. The current
linnni rntltnttt thn ontlinNtle lliternretiitlnn
of this llnauclal revolution; when the bulls I
have oxhnur.ted the excitement wo may ex- !
J'll.t. ,111 , il , IRItll, I'AIIIMIIIUfl v , wiu ,'rt,i
side of tho question.
FOREIGN BUSINESS BETTER
Mniioliostor Market More Animated
VnryliiB Conditions In Cotton'
tiooiln.
MANCIIICSrnn, Keb. 2l.-Tho local mar
ket was rattier more unlimited last week
nnd transactions In a variety of cloths wero
fairly numerous, nlthougi the turnover was
not satisfactory. Merchants, stimulated iiy
the harder cotton mnrket. did not hesitate
to offer such business us they had In hand,
but much of this was not acceptable. There
wns a moderate Inquiry from the east and
tho fnr east and u few lines of nhlrtlugs
were secured for China and Singapore. In
creased business with China Is expected
after the Chinese now year celebration. Oc
baslouul fair lines were negotiated for In
India. Tbe reviving Interest In thn South
American mnrket Is Increasing,
The African market, however, shows no
Improvement and buyers for that market
aro despondent. The home trade houses nre
busy forwarding tho first parcels of tho sea
sons novelties. Yarns show no change,
prices being llrm In sympathy with cotton.
There li4 lltllo or no Inquiry for eastern
shipments, but tho Levant demand contin
ues with moderate sales.
LONDON MARKET IN GOOD TONE
IIiiiIiicih M intent to, lull Prlce Aro
AVoll Supported American Ho
oiirltloN Alono Weak.
LONDON. Keb. 2l.-l.n8t week the Stock
xchungo did only u moderate business, but
the tono wuu good. Indicating that the
market wns receiving support. The reduc
tion In the rule In the Hunk of Kngland
stimulated purchnscn fur investment, but
consnlH were lower on tho week.
American securities were the only weak
section nf the market. They fell sharply
111 tho early part of tho week, thus en
couraging not only realizations, but also
some beur activity. Later the murket hard
ened under favorable reports of tbe prog
ress of the steel combine negotiations,
which led to some, local buying on thU side.
Thus, while quotations wero from 2 to 4
points lower on the week, they cloned
above the worst. Among tho increases
wero Illinois Central, which rose U pol.it;
Now York Contrnl & Hudson River. M;
Atchison. Pi, Haltlmorn fc Ohio, i4, Nor
folk & Western, . Peunrylvanta. 'i, I'lilon
asserted ihal n large amount of I per cent
Union Pacific bonds weru placed In London
last week nt 1W.
.Mining shares, under tho Inlluenco of tho
prevailing Impression that tho end of tho
war In Hoiith Africa Is not fnr distant, con
tinue to show it steady tone, but business
In that department Is moderate, Speculators
are cautious and, although values have
been well maintained, there Is an nbun
dance of animation. A sharp advance was
made on rumors that General Uewet bad
been captured, but the best quotations wero
not maintained. Hands, nfter advancing to
49v4, closed ' lower.
Money wim In strong demand; until Mon
day. PifllH per cent; for a week, -I per
cent, and on three-months' bills, 3)ifj3" per
cent.
BERLIN BOURSE IS QUIET
Volume of lliisliirss XHulit, lint I'rc-
vnllliiic Tour In Klrin, vtltli
I'ltny lloncy.
IIKRLIX, Keb. 2t.-The prcvnlllng tone of
the liotirso last week was firm, but tbe
volume of business was slight. The reduc
tion of the Hank of ICnglaud rate nnd tbu
announcement In tbe Prussian Diet by llerr
Hrefeid, minister of commerce, of tho gov
ernment's Intention to reform the bourse
law gave strength to the market. Never
theless business was dull except In tbo cuso
01 a lew specialties,
Tbe market for domestic government
i nuns mis grown nuicn more quiet am
transactions lust week were verv small
The week's trndlng showed a Ttllght decline
In Imperials mid a slight advance In Prus
sians, tup continuing infrcst ot investors
In municipal secuiltleH was ahown by tho
enormous ovrr-subcrIptlnus or the Munich
loan, several hundred million tnntks helng
offcied for th" ii.pon.uio marks wanted tit
per cent. Treasury bills were heavily sold
yesterday on Now York account, breaking
me qtioiitiiuu io pigs. ,moug inc. roreigu
rentes In demand arc Turkish, Portuguese
mid Chinese.
American railroad securities were neg-
leririi wuu tne exception or rortnern i'a
cltle, which were rather active, Transvaal
railway shares vacillated, but closed with
mi Increase on the week.
The money market remains easy. The
private rate of discount has risen to .1.
Tho Helchsbnnk offered trenmtry bills this
week upon tne bourse for discount and sold
iiiioui 3i,iio,ijii miirKs, running from six t
nlno weeks, thus raising funds for tho uov
ernment until the new 3 per cents nre
issued,
Hank of Spain.
MADItll), Feb. 24. Tho report of thn
Hank of Hliuln for the week ended vrstprdnv
shows the following:1 Uold In hand, In
creased .i pcseias; silver in nand, ln
w . ...... i,wit-r, ill UIIIJIIIUIIUII,
decreased 4,Tal.(l pesetas, Spanish 4s closed
yesieroay ni is.u.
Cold Premium In llonir,
ROME. Keb. 24. Tho irold nremlnm
terdny wns 5.3.",
GETTING READY FOR TROOPS
Xcw llnrrnekn, 4 J nurd limine mill Of.
Jlcrrn' tlunrtorn llelnn Unlit
nt Kort Men do.
FORT MBADB, S. I).. Keb. 24. (Special.)
Notices have been posted throughout tho
ninek Hills towns, asking fo'r recruits for
tbe Thirteenth cavalry, which is to bo sta
tloned nt tills fort. It Is expected that
tho newly appointed ofllcers will nrrlvo
soon. Work Is progressing on tbo new
buildings, which nro to bo mndo permn-
nnnt, nnd tbo contractor has resumed work
ngnln on tho artesian well, which It Is
hoped will bo able to supply tho post with
water. Tho government will purcbaso hero
this spring over 1,200 heod of horseB for
the cavnlry and artillery, tht nnlmuls to
bo obtained by contract. It Is not yet
settled what the price paid per bead shall
be. but It Is likely that It will bo about
1113 per bend, which is the old contract
price. Most of tho horses will bo secured
from the Illack Hills ranges. Recruiting
offices will bo open In nil of tho towns In
tho 11111b for men to fill the Thirteenth
nnd tho battery of artillery. Two sets of
barracks nro now under. construction, which
nre being made of stone, nnd n new guard
house nnd new quarters for tbo command
ing ofllcers aro to be built this scoson.
A year ago a complete sower system wan
put In nnd tbe streets havo been laid out
permanently. Tho present commander of
tho fort is Major Woodward, recently trans
ferred from a colored regiment.
GOVERNMENT BRINGS SUIT
IVniitn Iln inner from .lolni I), llnle
nn C'uvnlry Horse
('out met.
SIOUX KAM.8. S. 1)., Keb. 24. (Special.)
W. 0. Porter, assistant United States at
torney, has filed suit In the federal court
against John P. Halo of Tllford, stockman,
for i 1,735.20, nnd Interest at 7 per cent from
May 1, 1896, thn amount claimed duo tbo
United States government by reason of
Halo's olleged failure to fulfil
the terms of tho contract between himself
and the quartermaster's department at
Omahafor the furnishing of cavalry horses
at Kort Meade. Henry Wyttenbach and
Kdwnrd Onlvln, also residents of western
South Dakota, aro mndo parties to the suit,
as they furnished n bond for $5,000. to pro
tect tho government In Its contract with
Hale.
In response to government advertise
ments, Hale November 28, 1815, submitted
proposals for furnishing Kort Meado with
soventy-four cavnlry horses. Ho offered to
supply the animals nt $70 per head. The
contract was awarded him January 29, lSsij,
Ho Is alleged to have failed to comply with
the terms of his contract, nnd the govern
ment purchased the horses in open market,
paying therefor, $1,735.20 moro thou Halo
had contracted to supply the animals for.
Iiicoi'liorn tlmiN nt Pierre.
PIERRK. S. D.. Knli. "1 r..oii i.
Theso articles of Incorporations hnvo been
Hied: I ho Swedish Evangelical Lutheran
mission, at Ilrnnilon, Minnehaha county;
trustees, J. CarUou, P. Uussanson, nnd Jan
Anderson. The Oeorgo K. Fnlrbonks
Drug company, at nrooklngs, with a capital
cf $1,000,000; Incorporators, George E. Kalr
banks. Louis N. Kullcr, and Georgn P. Holt.
Tho Iluslncsb Men's union of Watertown;
directors; D. C. Thomas, H. L. Sheldon, ),
L. Harris. S. II, Sheldon, L. D. Lyon and
others. Tbo Farmers' Stato bank of Wll
mot; trustees, Albert Ooodall, William C.
Sanderson, Ponsboy Kendull. Joseph F,
Schneider, and Joseph W. Olbson. Thi
Wlnoun Cattle company, nt Clark, with n
capital of $50,000; Incorporators, K. M. Wes
ton. II. C, (lervln, W. L. Rosa, P. L. Mar
den, It, J. Matiu, S, II. Klrod,
Iiiiiuciinp C'nttlo Donl.
DKADWOOD. S. D.. Keb, 24. (Spcclnl.)
Tho Frnnklin Live Stock company has pur
chased of tbo Oresswoll Cattle company
all of Its possessions, comprising tho
ranches, ranges, live stock nnd brands, for
a cash consideration of $U0O,0OO, Tho
Franklin company not long ago purchased
all of tho stock of the Continental Land
and Vatel compr.ny for a large cash con
ulderotlon. ThU Inst deal given to tho
Franklin company 20,000 bead of range
cattle, besides n deslrablo range on Morenu
river, and several ranches, Tho deal was
made by Harris Franklin of this cty, who
Is president of tho Franklin company, nlso
president of tbo American National1 bank
and geuoral manager of the Golden Reward
Mining company.'
Honoris Cureless Miiiinuriuoii t.
PIERRE, S. D Fob. 24. (Special Tele
gram.) Tbo Investigating committee re
turned last night, and while they will not bo
ready to report for several days, their work
has developed nothing moro than careless
methods of bookkeeping nnd business man
agement, which applies as well to the pres
ent populist management. Tho question
of appropriations has kept those Interested
busy todny. each trying to secure the best
tor his partlculir appropriation nnd at
tempting to form combinations to that end.
"Orlp robbed roe of my sleep and I was
nearly crazy with neufalgla nnd headache.
Dr Miles' Pain Pills and Nervlno cured
nie." Mrn. l'curl Hush, Holland, Mich.
RECORD OF THE FIFTY-SIXTH
Pritent Bewion of Congreu Eventful In
Many Betpocti.
MARKS ANOTHER RECONSTRUCTION ERA
.oKlslntloii ltoitilroil for Iiinnlnr
Possession mill lor Homo Condi
tions Homiiiiio of tbe Work
Aocuni jiIIhImmI.
WASHINGTON, Feb. 24. The record of
the Kitty-sixth congress Is now practically
completed, and although a few Important
measures aro still In thp balance, It Is
postdble to tnko n survey of the wldo rango
of legislation considered nnd enacted within
tho two sessions comprising the congress
drawing to a close.
It hns been nn ovctitful congress In many
respects, nnd although lacking tbo thrill
and excitement Incident to the period of
tho . war with Spain, yet It Inherited
much of tho work of reconstruction nnd
expense mudo necessary by the events of
that war. Chief among these questions
growing out of the war hns been tbo nttl
tudo of tbo government toward our now
Insular possessions. While this question Is
still open to sonm extent, yet the pres
ent congress has passed upon one of 'Its
most Important phases by enacting a low
for ii complete form of government for
Porto Rico, legislative, executive and Judi
cial, together with u comprehensive plan
of inlslng revenues for tho Island.
The status of the Philippines hns been
nn unfailing source of debate tu both
branches of congress, particularly In tho
sonate. Resolutions of criticism nnd In
quiry havo been discussed nt much length,
but with llltln tnnglblo result. At the first
session Senator Spoonor proposed a brief
measure confirming the president's au
thority to shapo the nffnlrs of tho Islnnd
until congress had pnssed finally upon
questions tclntlng to their political
status. This proposition In nn nmended
form has now been grafted upon tho army
appropriation bill, although It Is yet
to bo determined whether the pro
vision will bo accepted by either or both
huutcs. Cuban legislation has been In
nbcymice ponding tho nctlon of tho con
stitutional convention of Cuba In framing
the constitution of tho Island.
IIimv llnwnll Hns Cured.
Another Important achievement In lnsu-
Inr legislation was that ot enacting n lnw
giving Hawaii n complete form of govern
ment, with nu Insular government und Judi
ciary, a governor chosen from Hawaii, and
a delegate In the house of tcprcsetitutlves.
This law, passed at the llrst session, has
become to fur effective that the second ses
sion saw tho appearance of tho delegato
from Iluwult, Mr. Wilcox, who Is tho first
olllclnl representative on tho floor of con
gress from one of tbo Inland possessions of
tho United States. A Porto It lean commis
sioner, Mr. Degctnu, nlso has been accred
ited to Washington under tho law passed
at tho first session.
In actual work accomplished tho Fifty-
sixth congress hns nn exceptionally largo
record. Asldo from the Porto Rlcan and
Hawaiian nets already mentioned this
congress has passed a flnnnclul law es
tablishing a permanent gold reservo of
about $150,000,000. fixing tho ratio between
gold and silver, nnd reorganizing tho bond
ing and banking systems of tho treasury;
reorganizing tho United States army on n
basis of 100,00(1 men; renpportlonlng the
representation In congress on the basis ot
tho twelfth census, giving "frco homes" ,
on the Indian Innds; providing for gov
ernment participation in the Louisiana
Purchase exposition In 190.1, ns well as
many other measures of wide general Im
portance. Hut tbo congress draws to a
close with some of the most Important
measures before It still In doubt nnd quite
likely to explro without final action, In
cluding tho Nicaragua, canal bill, tho ship
subsidy bill, the Pacific cnblo bill and tho
oleomargnrlno bill. Tbo fnto of somo of
theso measures Is very much In doubt, but
at this lato day In the session tho chances
aro decidedly ngntnst them.
CIiiiiikoh In I'ornnniiol,
In the senato tho death ot Vice Presi
dent Hobnrt mndo the duties of presiding
office of tho upper house devolve upfin
Senator Fryo of Maine, tho president pro
tempore. His ability as n parliamentarian
hnd been recognized In his selection an
president pro temporo nnd during this
congress ho has presided over tho delibera
tions ot tho senate In a most acceptable
manner.
Tho houso during this congress has been
under an entirely new administration. With
the retirement of ex-Speaker Reed th9
majority selected a new speaker. This
meant much, for of lato yenrs tho power In
tho hands of the speaker and his influence
on legislation have grown steadily greater.
A spirited contest for tho speakership wns
promised, but beforo congress convened
the candidates had withdrawn, ono by one,
In favor of David II. Henderson ot Iowa
nnd ho became tho unanimous cholco of
tho republican caucus. Speaker Henderson
has been ono ot tho recognized lenders nn
tbu republican side nnd was very popular
beforo ho assumed the gavel, but had dis
tinguished bliusolf morn as n debater than
as a parliamentarian, The great success nf
his ndmlnlstrntlon, therefore, hns been tho
moro surprising nnd pronounced. Although
there hnvo not bepn ns many turbulent
scenes In tbo houso during this congress
s in some of Its predecessors, when party
feeling hns run high, the speaker has pro-
I (led with a firmness and a fairness that
hns won for him the admiration nnd esteem
of members on both sides. Ho hns rrcatcd
no animosities nnd his re-election a3
peakcr of the next houso Is a foregonu
conclusion, Mr. Pnyne of New York, who
became chairman of the ways and means
ronimltteo upon tho death of tho Into Rep
1'e.iiinttitlvo Dlnglcy of Maine, succeeded to
tho lloor leadership of tho majority, and
Mr. Richardson of Tcnnesseo beenmo floor
leader of tho minority, succeeding Mr.
Ilalley of Texns, who retired from tho lead
ership of his side cf tho houso nt tho closn
of the Inst congress.
AtroirliitloiiM noil Army Hill.
Tho appropriations of tbo present con
gress will reach an unusually largo figure,
aggregating for the iwo sessions approx
imately $1,157,209,157. This Is about $110,.
000,000 less than tho aggregate appropria
tions of the preceding congress, which,
however, covered the period of tho Spanish
.nr. when tho appropriations ran In a
single year up to $S93.23l,Gir.. Tho totals
for tho last two nesslons of tho present
congress, as recently summarized by Chair
man Cannon of the houso committee on
appropriations, is as follows:
Appropriations, first scsslqn, Including
sinking fund, $710,150,502.'
Appropriations, second session, Including
sinking fund, $717.11S,595.
Tho act reorganizing tho army and plac
ing the military establishment on a per
manent basis probably Is tbo most Im
portant piece of genoral legislation en
acted during tho present session and one
o? tho most Important measures placed on
tho statute books In recent years. Follow
ing thj war with Spain a tomporary mll
tory established was provided, partly of
voli'ntcers and partly of regulars, this
system being limited In operation until
July 1 next. The termination of this sys
tem this coining summer made It impera
tive to supply n military organization to
take Its place. Instead of planning for a
tomporary extension of the volunteer sys
tern, Secretary Root devised a mensuro for
a completo reorganization of tho army on
modern ullltury llucu, with h maximum
force of 100,000 men nnd a minimum of
about C3.000. Much time wns gained by tbo
parliamentary devices ot making this u
substitute tor r. military organization bill
previously passed by the sennto. Strong
efforts were made to enact n law beforo the
holiday recess, on the ground thai tho
needs of iho military service In tho Phil
Ipplncs demanded early nctlon. Tho houso
passed the bill beforo tho holidays, but
there was n llttlo delay In tbo senato and
not until February '2 did the measure be-
como effective. As finally enacted It pto
vldes a standing army to consist of fifteen
regiments of cavalry, n corps of nrtlllcry
thirty regiments pf InfuntrV, one lieutenant
general six major generals, fifteen brigadier
generals Hnd tho usual staff corps. The
old regimental organization of the artillery
la discontinued. Authority Is given th
president to enlist natives ot tho Philip
pines, when necessity requires, not to ex
ceed 12,000 men. A provisional regiment
or Porto means also Is provided. A fea
ture of tho act which caused much con
troversy is tho prohibition of tho sale of
uecr, wine or nny Intoxicating liquors in
nny post exchnngo or canteen, transport or
other military property of the United
States.
I'lniiiieliil I.OKlslntlou,
Tho financial legislation of tho congress
has been of unusual Importance, nnd bus
placed ou the statute books tho law cstab
llshlng tho gold standard, providing for
tho redemption nnd relssuo of the Interest
bearing bonded obligations nf tho United
Stutcs, establishing n permanent gold re
servo of $150,000,000, regulating national
banks and mnklng numerous provisions
respecting circulation nnd tho tnx on clr
dilution. This measure was drnftcd by
leaders of both houses prior to tho meet
Ing of congress and became n cnucus meas
ure. After Its passogo somo question arose
us to the maintenance of tho parity of
the metals under the terms of tho bill. At
the present session bills to rectify this
feature havo been reported, spcclllcally re
quiring tho exchange of gold for standard
silver dollars. No action has been taken
on them, however.
Tho revenuo legislation of tho congress
has been confined to an effort to reduco
tho taxation Imposed when tho wnr with
Spain began. Prior to tbo opening ot tho
present session u comprehensive plan of
revenuo reduction was framed by tbo re
publican members of tho ways nnd means
committee. This plnn wns Introduced on
tho opening of tbo session nnd passed be
foro tho holidays. It aroused little party
opposition, ns tbo minority supported tho
proposed reduction nnd urged nlso nn l:
como tax. Tho bill, ns It passed tho house.
reduced tho revenue nbotlt $40,000,000, tho
chief reductions being on beer, and In tho
removal of the stamp taxeB on bank checks,
telegrams, commercial papers, Insurance
pollclcn, proprietory medicines nnd other
nrtlcles. In the senato an entirely now
substltuto wns pnssed. This, however, re
tained the mnln features of the houso bill,
but mntcrlnlly changed tbo rates through
out by additional reductions on tobacco In
various forms nnd restoring tho tnx on
bank checks. Thin rovenue reduction meas
ure Is still In controversy between tho two
houses, tho conference commltteo not hav
ing reported nn agreement.
Coiisiih Report Prompted ClimiKOs
Tho net apportioning to tho several states
their representation tu tbe house of rep
resentatives followed as n result of tho
twelfth census. The census disclosed vari
ous Increases In the states and n new basis
of representation was prepared based on
tbo changed condition of tho population
Tho contest on the bill wns confined to
tho house of representatives, where con
siderable feeling 'was. nrouscd over the
prospect that Rome.stntes v.ould lose In
reprocentntlon. As finally enncted, the
totnl representation" tii fixed al 3S6 mem
bers, or twentyrulno more than in tho
present house.
Hazing nt West'1 Point has received at
tention nt thn present session, with tho
prospect thnt strong restrictive lcglslntlon
will bo enacted. Public attention was di
rected to tho matter by tho death of Osenr
L. Booz of Pennsylvania, a former cadet,
who hnd suffered, severely from hazing.
An Investigating committee wns nppolnted
by tho houso nnd an elobornto Inquiry
made. Tho report of the Investigation se
verely nrrnlgned hazing and recommended
stringent laws for dismissal of cadets from
West Point for nny brutal prnctlces. The
senate adopted an(l-hazlng provisions in
tho military academy appropriation bill.
Thin has aroused n counter movoment,
however, nnd It will remain for tho last
days of the session to dotermlno Just what
restrictions on hazing nre to bo Imposed.
Government participation and aid In tho
Louisiana Purchase exposition seems as
sured during this congress. At tho first
session n senafo amendment to the sundry
civil bill pledged the government to ap
propriate $5,000,000 when St. Louis had
raised $10,000,000. Tho bill Is now pend
ing nnd Is likely to become n law, making
tho appropriation $5,000,000, nnd providing
general pious for the exposition. The en
terprise will havo an International as well
ns n national scopo and will take on the
dimensions of tho world's expositions nt
Paris and Chicago.
I'reo Home Act.
Among tho many other Important gen
eral measures enacted during this congress
aro those giving "free homes" on tho public
lands acquired from the Indians, and known
ns tho "fteo hemes act;" providing a sys
tem of extradition to Cuba for alleged
postal frauds; authorizing tho "aggregat
ing" of pension disabilities nnd Increasing
to $250 the allowance to wMows In certain
cases, on tho lines of recommendations by
tho Grand Army; nutl orlzlng tho appoint
ment of Charles A. Iloutclle, a veteran
member of corgress, as captain ou the re
tired list of tho navy; providing for tho
centennial celobratlon of the establishment
of tho permanent Beat of government at
Washington; extending- tho mining laws
to snllno lands; providing a criminal codo
of laws for Alaska; allowing employes of
navy yards, nrsenals, etc., fifteen days' an
nual leave,
Aside from legislation, the two houses
havo seen several animated personal con
troversies. Charges of treason were made
against Delegato Wilcox of Hawaii, but on
Inquiry by the houso commltteo, the dele
gato was uphold in tho right to his seat on
tho ground thnt the charges refer
red to action prior to tho Hawallin
territorial net. At the first session
nrlghnm II. Roberts of Utah was cxpellod
from tho 1 ouso after an exciting contest;
Senator Quay of Pennrylvanla, was refused
n seat In tho scnat on tho appointment of
Governor Stone; sensational charges ngatast
Senntor Clark of Montana wero Investi
gated by a senate commltteo; tho exciting
mining riots in tbo Cour d'Aleno district
of Idaho wero Investigated by a commit
tee of tho house. Tho senato also appointed
u Cuban Inquiring commission, but little
has been accomplished on that line,
I'n ii r Important Oiiom AVnlt,
Four of tho most Important measures
beloro tho present congress, namely, tbe
Nicaruugua canal bill, tbe shipping sub
sidy bill, tbe Pacific cable bill and ths
oleomargarine bill, have occupied much
time and havo nrouscd great 'public atten
tion, although their enactmont Is not prob
able at this lato day In the session. The
canal bill was passed in tho houso of rep
rerentatlves nnd authorized expenditure of
$140,000,000, with a present appropriation
of $10,000,000, Tho measure was favorably
reported to tbo senate, but owing to the
complications arising over the Hay-Puunce-foto
treuty tho tenate has not considered
the bill and U In likely to be one ot the
measures to die with tho congress. Tho
ship subsidy bill has been on active sub
ject of controversy In tbe prrseut congress,
and particularly In tbo senato the contest
has been long and bitter. The house has
tabcu no action on tbe bill, pending tbe con
test In tho senate, so that according to
present indications tho bill will not have a
parliamentary status as having passed
cither branch of congress,
The Pnclllc cnblo bill passed the senate
nt tho first session and has been pending
tn tho bouse since. It provides tor a rablc
to Hawaii and the Philippines, under gov
ernment management. Tho bill as reported
to tho bouse was favornblo to prltnto con
struction of the cnble. Tho huiso has
failed to net, however, nnd the prospcctii
nre that tho measure will fall,
Tin on OlooiiinrKorlno.
Tbo oleomargarine bill whb passed by tho
houso early In the present session. Its
chief fcaturo Is that placing a tnx ot 10
cents per pound on oleomargarine when
colored In Imitation ot butter, tho stated
purpose being to prevent nllegcd fraudu
lent practices In placing this artlclo on tho
market, Tho bill has met sharp opposi
tion in the senato and In the closing days
of tho session Its passago Is still In
doubt.
Quito n number of other measures of
general legislation, moro or less Impor
tant, will explro with the end of the con
gress nfter having secured a certnln de
gree of consideration nnd success In ono
branch or tho other. T.hesc Include tho
Joint resolution proposing n constitutional
amendment for tho election of I'nltcd Stntcs
senators by tho vote of tho people, which
was passed In tho house, but has remained
tinncted upon by tho sennte, nnd bills to
establish tho Department of Commerco
nnd Industry; to endow state schools ot
mining with n portion of tho proceeds of
public land sales; authorizing the presi
dent to nppolnt n commission to study tho
commercial nnd Industrial conditions ot
China nnd Japan, and to regulate trusts
nnd other organizations In restraint of
trade.
lloKntiitlnir tbo Cnmliliion,
Resides the null-trust bill passed by tho
bouse and not acted upon by tho senate, a
resolution proposing n constitutional
amendment givlug congress more ample
power to deal with trusts, was defeated In
tho house. Another measure defeated in
tho branch where It originated, was that
defining tho power of Injunction nnd limit
ing tbo nuthorlty of tbo federal courts to
issue this process.
Much ot tbo tlmo of tho sonate has been
occupied on the Important treaties con
sidered behind closed doors. Theso In
cluded the Hay-Pntincefoto treaty neutral
izing the Nicaragua canal; treaties with
Great Ilrltnln nnd Germany dissolving the
tripartite agreement on Samoa, nnd divid
ing tho islands; commercial reciprocity
treaties with France, Ocrmnny, Argontlno
Republic, Nlcnrngua nnd with Grcnt Ilrltnln
respecting tho various Drltlsb colonies of
tho West Indies.
Tho contest over the Hny-Pauncefoto
treaty wns most vigorously conducted. Tbo
treaty wns presented to tbo hcuato early
In tho first session nnd then went over to
tho second session. After nnothor sharp
contest at this session tho treaty was
amended so as to permit tho United States
to ndopt such measures of military protec
tlon of the canal ns the Interests ot this
government required. In this nmended form
tho trenty wns returned to Grent Ilrltnln
The final nctlon of that government will
havo to modo known beforo tho present
congress expires If the trenty Is to bo
effective.
Tho vnrlous reciprocity treaties havo not
received tho attention nt tho hands of tho
senato that was desired by those who no
gotlnted thorn, nnd by tho numerous for
eign governments Interested. They com-
prlso nil tho treaties madn under tho re
ciprocity section of the Dlngley tnriff net
and tho Inaction of tho senato on these
treaties appears to terminate tho protrnctod
negotiations which hnvo been carried on
by foreign governments on the subject of
reciprocity, by 'rcaty.
Another trenty considered and ratified by
tho senate Is that purchasing of Spain for
$100,000 several small Islands north of tho
Philippine group, which wero omitted from
tho acquisition of tho ' treaty of Paris.
Tho payment to Spain has been provided
for in tho deficiency appropriation bill of
tho present session.
WORKING MINES F0R COPPER
Sovornl AVjoiiiIiik Proporllos For
merly Producing (Sold Vim Oper
ated for ThU Molnl.
CHEYENNE, Wyo., Keb. 24. (Special.)
It now looks us though Cheyenne has a real
copper camp right at Its very door. During
tho past year mon who secured several
properties that wero worked years ago ns
gold proposltlors, havo beon steadily de
veloping tho mines for the copper. Ro-
ntly n cnrlond of ore was treated 'n
Denver and tho. owners received enough to
pay all cost of mining, freight charges and
trentment nnd had n snug sum left. The
second carload is now In Denver for treat
ment. Tho principal producer of copper ore,
which Is low grade and contains soma
gold. Is the Falrvlow mine. ThU Is located
In the Silver Crown district, twenty miles
north ot Cheyenne, and not far from the
lino of tho Cheyenno & Northern rallrond.
Tho Torrlngton mine, another producer nt
gold twenty yenrs ago, Is being developed
and tho same low grade oro, as Is found In
the Falrvlew Is being taken from tho Tor
rlngton. There are a number of mines ut Silver
Crown known to contain oro Identical with
that in tho Falrvlow und Torrlngton und
preparations are being made to work thorn.
Should the Industry continue, to grow, a
mill for tho trentment of tho oro will
doubtless bo built at Silver Crown or
Cbeyonuc.
BOLD THEFT OF CATTLE
nt Steers Tnken from Ynnl In
llenrt of Muiu
Fill In.
BIOUX FALLS, S. D., Fob. 24. (Special.)
Tho thloves who havo during the last
year or moro been operating In southwest
ern Minnesota, northwestern Iowa and tins
portion ot South Dakota, stoallug cattlu,
orscs, sheep, hogs and other animals nud
property troin farmers, appear to ban;
shitted tho scene ot their operations to
Sioux Falls. A night or two ngo five fat
leers, valued at nearly $300, wero taken
from a ynrd In the heart of the city. The
surrounding country was scoured for thorn,
but not n traco of tho animals could bo
found after a prolonged nnd systematic
search. Ily chance the animals wero found
ii tho cattlo sheds ot tho Illinois Central
railroad, where they had been taken by
tbe thieves preparatory to shipping thorn
out of tho city on a train duo to leave
Sioux Foils a few hours nfter tho steers
wero found by men in the employ of tlm
owner. Tbe thieves have succeeded In pro-
cntlng the authorities from discovering
tbe slightest clue to their Identity.
To Hnvo Now School Untitling:,
SIOUX FALLS, S. D Feb. 24. (Special.)
Tho Hoard of Education of Deresford, has
adopted a resolution asking the mayor to cull
for a special election to vote upon the
proposition nf Issuing boniU for $12,0Q0, for
a new school building. There Is little op
position and no difficulty Is anticipated
in the oalo of the bonds at a good price. As
soon as the bonds aro voted and sold, bids
will ho Invited and tho contract awarded
with as little delay us possible, so work
upon tho building may commenco in the
spring.
"I havo used Foley's Honey and Tar
cougb medlclno and think It is tho best In
tbo world," says Cbas. Render, a news
dealer of Erie, Pa Nothing elso ns good.
Myers-Dillon Drug Co., Omaba, DIUou's
drug (tore, South Omaha. ,
DEATH BY I OUL MEANS
Ooroner'i Jury Returns. Thli Verdict in
Ctss of Pttir Dahl,
CALLENDER MAN'S BODY HAS UGLY MARKS
footprint or I'lirre .lien Aro l'ounil
nnil i; Itloni'o of llonth StrtiKRlo
Your tlio Fenoo of Anilrciv
Mmiiiinoii'h llnrnynril,
,
FORT DODGE, In., Feb. 21. (Special
Telegram.) Tho cororer's Jury has re
turned a verdict of denth by foul means
In tho enso of Peter Dnhl of Cullender,
found dead In the barnyard of Andrew
Swnnson, yesterday morning. Indications
nro thnt ho wns murdered for his money.
Dahl hnd Intended to leave for Minnesota
today and wns known to havo a largo sum
of money on his person. His pockets hod
been rilled when ho was found. Wheel
tracks lend to tho fence, whero Micro nro
marks of a scuflle, nnd n trail of blood nnd
footprints of three men lead from the fcuco
to tin spot where tbo body was found.
The body wns found on the road lending
from Callender, the plnco for which Dahl
had started. The body was much bruised
nnd bad a cut on tho head, apparently mado
by n blunt Instrument. Mnrks of a thumb
nnd Index finger nn tho wrist Indicated that
tho body had been dragged. Dotcctlves nro
Investigating.
"After suffering for two months from a
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nnd n lasting cure by using Dr. Miles' Nerv
lno, Pnln Pills and Hcnrt Cure." Harry
Abbott, Cincinnati, O.
HYMENEAL,
Dnlilinnr-llnri'L.
HUMUOLDT, Nob., Feb. 24.- (Special.)
Charles Dahl matt of Sioux City nnd Miss
Hcrtha llocclc wero married Friday at the
homo of tho bride's porcnts, by Rev.
Shrelbcr of tho German Lutheran church nt
Kdcn. They will live In Sioux City.
Dosorlcr Hitlior Hmiiiclit Over,
SAN FRANCISCO. Feb. 21. The. trnns
port Solace nrrlved hero todny from Mnulln
with six olllcers nnd seventeen prlvntes
sick nun woiiniieii, ii niso nrougnt thirteen
military prisoners, iimong whom is Freder
ick 11, linker, ii deserter, who was captured
while serving ns nn ofllcer In thn Filipino
nrmy. He Is under n seutenco of Ufa Im
prisonment.
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Jobbem of Agricultural Implements nn
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CHARLES G. ADSIT
226 La Salle St., Chicago, III.
Bonds, Stocks and
Investment iecuritise
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