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About Saturday morning courier. (Lincoln, Neb.) 1893-1894 | View Entire Issue (Feb. 24, 1894)
fr r;' i W..JJ. rrr. (.111111 ii,.!. nil " - fa-v 1-)'WwrfiUwyV'jl1 tjsr a"Tlr'"i 'i .v . if 'li 7, J :-vf"",IBSS-'1ir 1 Morn i I ing w - VOL. O, NO 11. LINCOLN, NEBBASKA, SATUBDAY. FEBBtTABY 24, 1S4. PRICE FIVM.OKN'fli.Y ry fcn ('m mi ;...., -ifm.ii""iynyii i''i iii.v. Saturday Courier? - -, '4 .. ' ? f i.. s' 'v i rt r' - t . v .; Ci ;j 1 OMMENT la rifo on (ho enormous ( Iomm that have boon niado in the " pmat twelve months in stocks, but in what, except real estate; (.has the depreciation not boon monumental? Silver, wheat, corn, petroleum and products generally, have fallen off from 40 to GO per cont, and if carrying charges are counted in, the depreciation would bo found to ex ceed on tho average 70 per cent. There are but a few stocks that have fallen 70 points, aud many of them that declined considerably, paid dividends right along. Tho market in Wall street has not bceninoroBcrlously handicapped than others havo, been. Millions, hun dreds of millions of dollars, have been lost in tho past twelve months in pro Russian shipments of wheat since August 1 have been about the same as last season. India about 29 per cent less sinee April 1 and but 40 per cent as large as two years' ago. United King dom 'stocks ire, about 27,000,000 bushels lew thana year ago, Reports from Chile Vindicate increased acreage. Harvesting 4( in Australia, Argentina and India will pf soon be completed. Tho world now cuts wheat ev..y month in tho year some where. In a general way it may bo said winter wheat tho world over promises an average or good yield in 1894. About one-half the world's crop is winter wheat. More than 20 per cent of last year's total 'crop in Chicago and afloat, one being in full viow of consumers, and ' the other in front of bear speculators. Evideace seems to be accumulating the .visible Monday next, and the amount afloat will bobout the samo as that a year ago. Tho expected increase in the Freoehiduty is thought to soon go into effect. The Daily Market Record esti mates Uut world's wheat visible Febru- 3H,066,900a month previous.' and ,234, 223400 a year previous, and 237,420,200 Jaauary 1,1893. These tigures show the world's visible increased 913,000 in Jan uary. Last year same time there was a decrease of nearly 3,000,000. January 'act primary receipts woro less than either of the two previous years; but larger than for any previous Ave years same time. The outside element and Wall street operators havo been large ellers recently to prevent further losses. 'Alt old ways of reasoning values and radingseem to have been discarded. alueaand freights tho world round lever were lower. We ilnd tho loaf never could be made cheaper. The visible supply of corn is 17.000,000 bushels, and haa not been larger in February since 1882. Tho crop was ono of the smallest in a decade, and con sidered as not being more than required to supply average yearly consumption. UThe export demand continues good; but aot'equal to the increased movement from first hands. Many claim consump tion hai been cut off in consequence of so much wheat having been fed to uui mala. Cribbors have not followed their usual custom in stocking up at country stations, on account of rauch Incon,) venience in securing money in the coun try. Tho credit panic seems to be the main cause of tho recent decline' and very low prico preventing speculation, thus aiding tho depression. ' A little namnhlet recently nnlillaWl X Jy the Bradstreet company gives an analysis ofjthe causes of tho 15,508 fail ures in business which occurred during the year 1893. They are: Incompot onco, ,2,540; inexperience, 940; lack of capital, ,194; unwise credits, 720; fall urea of others, 440; extravagance, 198; neglect, 481; competition, 191; disaster, 3,493; speculation, 181; ami fraud, 1,142. Of the causes thus assigned it will be observed that incompetence, inexperi ence, unwise credits', extravagance, neg lect, speculation and, fraud are defects of an intellectual and moral naturo, and the 'failures attributed to them amount to 0,214, or twoflftba of the whole, whilo failures of others, competition and (lis aster are responsible only for 4,190, or i than one-third, the remaining 5,194, r a little moro than one-third. hlncr liue to lack of capital. - Of course, last year was exceptional. bqth in the number of failures and in the amount of tho liabilities involved in thorn. Still, whilo in 189.') the bad fail- L,ura wero 15,508 in number, and the il amount of liabilities 1382,153,070, i bad failures in 1892 were 10.270 in imber and the liabilities $108,505,248, same kind or failures in 1801 being i in number, with liabilities to the I tount of 9193,178,000. This shows that t last year was remarkable not so much for the Increased number of bad fall urea as for tho greater nvorago amount ot tho liabilities involved. During tho twelve years preceding 1801 the average annual number of reported business failures in tho strict sense in which tho word is'iised by tho Ilradstrcot company, was 9,250. Tho extent of tho losses by tho fail ures of privato persons and tlrms which wo havo boon considering is, however, small in comparison with tho hundreds and thousands of millions which havo been swallowed up in tho bankruptcy ot corporations. The amount ot railroad bonds on which interest was defaulted during tho last threo yours, is very nearly if not quito 91,500,000,000, and that of tho rallrond stocks which havo either been greatly depreciated in vnluo or rendered worthless must bo as great. Not less than 9100,000,000 may bo added to these sums for tho bankruptcies, or, at least, failures to earn dividends, of tho great industrial enterprises for which corporations havo boon formed and their stocks and bonds distributed among in vestors. Besides these, too, aro numer ous little ventures by manufacturing and mining corporations, which havo prac tically borrowed their capitals and sunk thorn where they can novor bo recovered. Duncan, Hollinger & Co., 837 P Street, furnish the following special market summary to Tiik Couhikr: Since last writing wheat struck a new bottom, 57Jc, for May in Chicago. A new set of bulls took hold at the decline and a disposition to buy was shown by foreigners and millers. Tho elevator owners, to whom the cash wheat vir tually belongs, immediately raised their prices and May wheat recovered to over 00c, in a very short time. Since then it has been very nervous and unsettled within a very short range. When wheat is at 57 or 58c, tor May, it means that there is no ray .of light to be seen in any direction, and with any hope of im provement in the situation the market quickly responds. ItTs to be borne in ing very light supplies of wheat and mat stocks oi tyoar in jobbers and grocers hands must be very small. There are signs that the interior mills have pretty well exhausted the wheat lying tributary to them and must draw increasingly on the stocks from storage centers. When the situation inspires some confidence in prices the demand for current consumption will no doubt )e supplemented by a stocking up demand and wo may see the rapid reduction of the visi' le supply which we have so long waited. As we remark ed in our last letter : the course of sup ply and demand Bhould be very closely watched. We think that wheat cannot permanently remain as low as it 1s now and that it will do to buy on breaks. If prices remained at present level two months longer, a latgo reduction ot the area sown would be the consequence. W have, besides the probability of good consumptive demand, the possibil ity of winter damage. Any of these events would put up prices, and a com bination of them would greatly enhance value. Con.v : Is without special feature and seems to depend on receipts atfti the courso of wheat. The condition of coun try roads cloes not adwty' of free, move ment rt present. "' v' ' U. G. Dun & Co.,- Frank M. Wish, manager, make the following summary of the business situation for The Courirr. "There has beeh very little change, Jobbers are scrutinizing orders closely, purchases continue small in volume, and chiefly for staples. There are a few in dications that general business is grad ually regainljg tone, but tiie recovery is very slow. Collections aro fairly satisfactory? and no local disasters are recorded excepting the losses of M. Ackenan & Co. and Bloch and Kohn in theflM of Tuesday last. Both houses expect to resume buslnees promptly. Travelling men interviewed, report a growing confidence among their custom ers that spring will show some notice able improvement. All classes of trade are eager for a speedy adjustment of the pending JarifT legislation." -- i. M. Ackermann & Co. of the "Famous" muko the following announcement : To our patrons', Owing to a fire which destroyed our entire stock on February 21, we have made arrange ments for the palutial building No. 1020 31 O street, and will be ready for busi ness about March 10th. Our buyers are now in the Kast, and wo assure you our stock wlH not be surpassed. Thank ing you for past favors and soliciting a continuance of the same, we remain Yours respectfully, M. Aokerman & Co. 1020-1031 O Street. SINK (Written for Thk Coumkh.) O oxtonsivo has Imcomo tho sea of credit upon which tho business world floats that whon a groat storm llko tho paniu of 1803 swoops over it, tho wrecks aro uumlwred by tho thousands. A mini's business is often like a ship upon this sea. Tho credit which sus tains it and carries it on, may, tinder cortaln circumstances bo tho direct means of Its dlBtruetion, if a louk Is sprung. Tho chances of tho survival ot each ship doponds a good doul upon Kb inher ent strength, and also u good deal upon tho fierceness of tho tempest which rages in its immodiato locality. Medita tion upon this latter proposition re 1 loves us In some degree of admiration for tho financial strength ot thoso rural localities which aro now boasting that they woro so strong financially that thoy had no panic. Financial strength novor receives ample demonstration until tho florco gales of public distrust, of unreas oning and stampeding fright swoop over the business horizon. On tho seas ot business tho rulo of tho survival of the fittest is constantly at work. 4n u galo llko 1893 tho conspicuous boat that rides almost wholly out of water with high flag poles and floating banners, is tho Irst to cupsizo. Tho boats with ballast, oven if thoy aro sometimes mud scows, seem to got along hotter. Tho town with tho highest ofllco buildings is not always tho town with tho highest credit, after tho ball is over. Now that this city and its business mon havo weathorod tho Btorm, tho signs of tho futuro aro of surpassing in terest to each ono sailing tho sea of bus iness' and tho probable duration of tho present business depression is an appro priate subject of thought. In order to arrive at any intelligent decision in this mattor we must not only but Bhould endeavor to trace tho courso of business in tho United States suc ceeding other "panic' years. There is little doubt in my mind that tho year 1804, and tho greater part.'it not all, of tho year 1895 will bo "bear" years, and that the courso of business, considering tho country as a whole, will show only moderate improvement until 1890 This particular portion of tho country law over will probably be tho moro prosper ous in comparison with tho eastern and manufacturing portions, and will rccup erato tho faster; 1st, because tho west wont through a Bovoro liquidation in 1890 incident upon the crop failure, and the panic of 1893 found us therefore in a better condition comparatively than tho east, and 2nd, bocauso in seasons of business depression agricultural pro duction Is always moro stable than pro. duction in tho manufacturing district. Thoro will not be tho proportionate loss of wealth in the west which Mil bo incident to an idle population in tho eastern manufacturing centers. The opportunity for work, for which so many ot tho manufacturing employees are asking, is never donied to tho agricultur alist ot tho west. Since tho west is u large producer of tho necessities of life, in tho prices of which tho first effects of a reviving business is always manifest; and since tho history of other panics shows that tho agricultural districts, and especially tho west, uro largo gain ers in population during periods of busi ness depressions, it follows that tho ref erences to former noriods which I nm about to make to Bhow tho duration of the depression following other panics, do not apply with such forco to tho west as to tho country as a whole. Nevertheless it would Boom that oven in thiB section wo aro not justified in ex pecting a very marked improvement for some time. After tho panic ot tho fall of 1873 there does not seem to havo been any very great recovery in business until about 1879 or nearly five yours later, al though tho year 1878 witnessod quito a revival in business. In tho introduction to Poors Manual for 1877-78 In reviewing tho year 1870, tho editor bujb, "Though tho past year has been ono of great depression in tho railway, as in all tho other, Interests of tho country, the uggreguto results ot their operations havo been fairly, satis factory." Further on ho says, "It will bo ecen by tho ubovo tables, that whilo tho gross earnings have failed off 95,807,540, tho net earnings have Increased 9940.314.00. This IncrcuBO has been duo chiefly to tho great economies practiced in conduct ing tho operations of tho roads. Wheth er thoso economies havo boon at tho ox- penBo of tho condition of tho roads, tho futuro must detormine. Tho introdim tion ot steel rails haa doubtless boon u considerable, elomont In tho cheaper ratio of operating expenses." In viow of tho groat economics being practiced by tho railroads ot 1894 and tho small reduction In railroad not earnings aafcomparod with tho falling off in gross 'earnings, this quotation and tho ono following, from Poors Manual, possibly woiild prove intorosting to a sioculator f& railroad stocks. In introduction to Manual for 1878 in roviowlng jfcar 1877 tho editor sayB, "Tho depression of tho throo previous yottis still Vontlnuo8. Not only has thoro been vconsidorablo declino in tho constructiosof railroads, but tho earn ings also sheM' a larger rolativo decrease than nt nny'fccrlod sinco tho first publi cation of the Manual." Further on ho says, "It will bo sooa by tho above, tables, that tho gross earn ings havo fallen off 921,348,687 and tho not earnings 115,470,055.00 as compared with 1875. Tho ration of not to gross earnings was 30.10 per cont, as against 37.G per cent for 1870, equal to an in crease of l-TB? per cont in tho operating expenses as oemparod with tho preced ing year.' "No dividends woro pold on any of tho railroads in tho states ot Arkansas, Colorado, Floridu, Kansas, Louisiana, Mississippi, Missouri, Ne braska, Oregen, Texas and Vermont nor oxcoptifif on leased lines in Iowu and Minnesota." In Poors Manual for 1870 giving a resume ot railway business in tho United Statojt for year 1878 tho editor hus this to Bay, "In our present number we uro able, tor tho first timo for sever al j oars, to report a very decided recov ery ot tho railway interest of tho coun try from its recent exceedingly depress ed condition-r A remarkable fouturo in tho railroad operations ot tho country for several years past has been the enor mously increased tonnage in tho face of a largo falling off of earnings Sinco 1873, the year in which tho earn ings of our railroads reached tbeir max. imum, the Increase of tonnage has equalled 50 per ! cent, although tho per iod has been .eoe of unexampled busi ness depression. A referonco to tho sttaisi ;;iesae.eversl-. roads -will show that at the very timo at which there haa been tho groatost complaint ot hard times, tho movement on merchan dise has steadily and largely increased." In tho Manual for 1880 in , revioving tho year 1870 tho editor says, "Tho thir teenth annuul number herewith pro sonted records tho largest earnings over received by our railroad companies as well us tho largest annual Increase in miles of road built sinco 1873. It may also bo stated hero that au thorities seem to ugroo in fixing tho timo of recovery from tho panic ot 1837 at from six to seven years. As that panic hud its inceptions in conditions much llko tho onos preceding tho panic of 1893 it will bo of interest to quote hero from the article on President An drew Jackson, Vol. 13 Encyclopedia Brlttanica. "About tho same time (1837) u law passed congress for distributing among among the states somo 135,000,000, balance belonging to the United States, the public debt having all been paid. The 80 banks of deposit in which it was lying had regarded this sum almost as a permanent loan, and hail inflated credit on tho basis of it, The necessary call ing in, of their loans in order to meet the drafts in favor of the states com bining with the breach of the over strained credit between America and Europe and the decline in the prico of cotton, brought ubout u crash which proatrated tho whole financial, indus trial and commercial system of tho coun try for six or seven yearo." The panic of 1857 commenced with the fuiluro of tho Ohio Life & Trnst Company which stopped payments August 24th. It is said business was in v depressed condition until tho Civil war commenced in 18UI Tho following tublo, which I take from an argument of Hon. Jeremiah M. Husk, used by him ub a part of u tariff argu ment in congress, August 11, 1870, will bo ot interest as showing tho gonoral rungo of prices of necessities during tho years 1872 to 1870. Quotations uro for first quality of goods, Now York murkot, on tho first day of January ot ouch yours 1872 Whout per bushel, 91.G8: flour per burrol, 98.25; corn per bushel. 70c.; coal per chaldron, 34.50; pig Iron per ton, 930.00; leather solo per pound, 28c.; meBfl pork per burrol, 914.00; mess Iwef per barrel, 98.00; sugar por pound, 9a; leud per pound, Oc; chocso 'per pound, 9c., rlco per 100 pounds, 98.25; salt per bushel, 45c.; wool jwr pound, 00c. 1873 Wheat, 91.85; Hour, 99.HO; corn, 00c.; coal, 95.00; pig Iron, 915.00; leather solo, 28c; mesa pork, 914.75; mess beef, 911.00; BUgHr, 8c.; Iurd,8c; cheese, 14c; lice, 97.50; salt, 35c; wool, G5c. 1874-whoat, 91.05; flour, 90.80; corn, 78c; coal, 95.25; pig iron, 935.00; leathor solo, 27c; mess pork, 914.50; mess beef, 910,00; sugar, 8a; lard, 8a; cheese, 8o.) rice, 99.W; unit, 30a; wool, 55c 1H75 Wheat, 91.17; flour, 95.25; com, O.'lai mill. 9f),on; pK Iron, 920.00; leather sole. 28i: mess ork, 920.00; mess beoM 912.00; sugar, 8c; lead. 14a; cheowi, 15o, rice. 98.00; salt, 28a) wool, 50c 1870 Wheat, 91.20; Hour, 95.40; corn, 74c; coal, i0.50; pig Iron, 923.00; leathor soli', 27a; mess jwirk, 921.00; lues beef, 912.50; lead, 13c.; eheese. 14c; rlco, 97.00; salt, ,'IOc; wool, 52c. Allowing for effect ot grasshoppers in tho west on tho January 1, 1875, corn and provision prices, it will bo soon that on January 1, 1877, thoro was a fair ro covery In, prices; but that on January 1, 1875, a llttlo ovor ono year after tho bo ginning of tho panic or 1873, there was no gonoral recovery in prices; but even a falling off from tho "panic" prlcoB of January 1, 1874, in many Instances. A similar condition of facts scorns to exist in tho caw) of our 1891 prices not only in wheat but in ulmoHt ovory other com modity. Tho conclusion wo should draw from thoreforonco wo havo given above, as well as from tho weak and listless condi tion of all markets at present. Is that tho rocovory from tho present businoss depression in tho country will be Very gradual, and that not until 1890 will thero Imj a very marked improvomont generally. In tho west wo may hopo for a fairly good year in 189J; but in my judgment, must not build hopes upon any material improvomont during tho year 1891. Giiaklkh Q, Dawks. (Written for Tim Ooumsu.) 0 NE of tho principal defects of our present municipal system is tlmt it is too cumbersome Thoro are too many departments; too many chiefs; too much division of authority and re sponsibility, entailing carelessness in the administration ot- publio affairs and profligacy in the expenditure of the pub lic's money. .? . j " VfrteV Ottn p Ifwlliirc D'""! I"' Tho idea of ward representation is firmly iinplantod in the minds of the people, and it will probably be difficult to disabuse tho public or tho idea that it Is necessary to elect councilmenirom wards. In tho city of Lincoln a grout deal of monoy Is thrown away every your through tho efforts of ambitious council- men to "look ufter" their own wards. A councilman may bo a thief; but as long as ho steals for his own ward ho is all right and u good follow. Four council men at largo, or commissioners, who woud receive a salary of, suy 92,000 n your, und devoto tholr whole timo to tho uiTuIrs ot tho city, would probably give tho city1 and ovory part of it just as effi cient an administration as under the present system, und at a much smaller cost. Thoro is no real use for the excise board. Wipe it out altogether. Glvo tho mayor the power to appoint tho chief of police and tho chief of tho flro depart ment, with full control ovor both depart ments, and hold him strictly responsible for the same. A 92,500 a year mayor, if proerly selected und clothed with this power, could give tho city, infinitely better service than is possible under ex isting conditions. Thoro would bo no conflict between departments, no dis puted authority. Tho grunting of saloon licenses and all such mutters could bo attondod to by tho commissioners. With a water commissioner and city engineer thoro. is no nood ot u board of public works. Tho fowor officers tho better. t t T t Inasmuch us tho boundaries of the municipality and tho school district aro already so ncurly tho sumo they should bo mudo oxuetly uliko, und tho city com misaioners should havo clmrgo of, und reguluto all tho expenditures for tho schools. This ono body should bo vested with tho tax lovying power exclusively, und it should huvo exclusive control ovor tho expenditure of all municipal monoyfl for uny purpose whatsoever. Tho school board or board of odurution should advise 'with tho commissioners regurding the expenses of tho school dopurtment, und prepare estimates for tho guidance ot tho commissioners. All other mutters relating to tho schools Bhould lm left entirely to tho Bchool liourd. t t t A schoiuo ot municipal government, such us ubovo imperfectly outline! would, I boliovo, be u considerable im provomont ovor tho present system, pro vided good men, representative business men, und not polltlciuns, were selected for tho offices. Unless the proper sort of men uro elected to public ofllco, tho best form of government would bo ineffectual. It the political parties will not nom'nuto ucceptablo mon for office, tho citizen should select their own candidates. urn i ii i i PMU DIES. 11. II. Dyer, of tho Sixth ward, In a cinidldiito for water comtiileslonon Sev oral candidates uro Boketi of for this place, but Mr. Percival's prospects are regmded hb very good. Hx Senator T, J, Plckott of Ashland, Is a I'undidalu for tho nomination for secretary of atato, not included in the list given elsewhere. Joo Burns is a candlduto.for tho state, " senate. John P. Maulo is suggostml as a suit"' ". ablo nomlnoo for councilman from the Fifth vard. Mr. Maulo is also named in connection with tho state senate. Itaymor, of tho Fifth ward, is oiiiKwimr Dobson for tho nomination for cltv engineer. It is said that Ed Sixer is thinking of .' becoming a candidate for Mayor next ' term. A. E. Cady, of Bkjfail, husn't.miukv any move and probably will not, make much of an effort; but thoro Is some talk of him as a candidate for governor. Mavbo thero will bo a cIUzoiib' move ment, or a citizens' committee or a citi zens' ticket this spring. ,. John T. Cochran and Uecson aro still figuring on the police judgeship. T. 0. Munger and 1'aul F. Clark, are, candidates for tho legislature. ; , Tho annual convention of tho Ne braska league of republican clubs' will t probably be held In Lincoln thlsjiumf, roer. i John B. Wright is spoken of ble candidate for congress. a poesi- maintaining a discrete silence. l There's lots of politics in the sreaent excise board. Tho mayor will be aeon. dlilatofortho populist nomination for governor, A, D. Burr will boa candi date for clork of the district courtt P. W. Brown will probably bo a candidate for mayor, II. D. Estabrook is mentioned as a ' candidate for congress from the Second district; but tho brilliant Omaha lawyer will not oppose Dave Mercer. George Woods' boom for stato is sjiroutingf secretary of Edward Bok's successful article in the January, Co$mojtolitan on "The Young Man in business," has been reprinted in a tasteful and handy booklet form at 10 cents by the Curtis Publishing Com. puny, of Philadelphia. To this reprint Mr. Bok haa added some fourteen pages of editorial matter answering "Three Uncertain Young Men." Bct Netrspepar aad Itoat Magmxln, For one year's subscription to tho Nexct you can get the Cosmopolitan magazino a year free. The best news paper in Lincoln and the best magazine published for tho prico of tho JWwsfor ono year. I , iii ! m In ono ' respect, howovor, tho money, lost by thoso failures, corporate as well' as privato, although those who lent' it or invested it may never get it back again, is not entirely wasted. It is tho prico which in business affairs, as in all othor departments of human uqtlvity, , must bo paid for tho wisdom which comes only through oxporipneo. Wo1 huvo not yot urrivod ut that pitch ot In tolllgonco at which wo can Infallibly judge in udvunco ut tho results which will follow any given lino ot conduct,and thoro never yet was any business enter- " prlso which oxuetly fulfilled tho hopes ot its projectors. In u fow rare cases those hopes uro oxcoedod; in most they aro disappointed, und in all tho result is moro or less different from that which was intended. Besides, it may justly bo said thut if before embarking our monoy wo roqulrcd to huvo its safely and tho profits of its employment demonstrated beyond a jerud vent uro, wo should havo to accept tho low ruto of compensation for its ubo which is paid upon that kind of UBsurunco. If every ejaculation wus as sii ro iih u government bond, it would yield only tho ruto of interest yioldod by a government Inind. '.Tho excess of profit beyond thut ruto represents tho extra risk Incurred, und without that risk thpro would bo np audi excess. Don't delay getting tho Mwb' Colum- b!a Album, the best unl tho ehoupoat Bduvonir of tho world's fair published, - C w inter r li few Inn 'AUi . t." ' f i' 6M M - -'i m : rt. ' f 1. f 4 !A . -, -vr. ii ftwwnrnM 'fr"1 cr I & ' -