THR OMAHA DAILY HFfiTRUttSDAY. . FRHRUARY 22. 1894.
DEPOSITORY LAW DEFINED
Judge Norvnl Places an Authoritative In
terpretation on the Statute.
GOVERNOR CROUNSE ON THE DECISION
How tlm Kdnrnllomil 1'iiiuln Will Ho Tnkrn
Cliro of Utulrr Ilio ! Sow I.iuv Trrimnrer
Hartley Sntlttlnl with Ilio
Utllronic.
, Feb. 21. (9po6lal ( to Tlio lice. )
- A representative of Tito Ilco called upon
( lovornor Crounsci this afternoon to get from
Jilm nil cxprcmlon of Ills opinion as to tlio
effects of Ilio decision of tlio miprcmo court
n > Knr < 1lM # tlm Interpretation of tlio stnto
< lr nosi'ory ' law.
" 1 will frankly say , " replied the governor ,
' Hint I bullove myself that tlio mere net of
tlio state treasurer In depositing the edu
cational fiindi ! of the utate In banks aubjcct
l < e.all nt nny moment constituted a loun
IT an Investment \vlthln the meaning of
tlio conHtltutlon. With thai opinion 1
j.amnilly believed Hint the law was a Rood
niio mid one Unit .should be enforced If tlio
banlcs ( It-airing tl.o use of the fund would
ii. ; n good and autllcicnt bond to Indemnify
the state. Tlio supreme court IIIIH decided
otherwise. There. Is only one thing that
( .in be dyne now nnd that Is to Invest the
educational funds In securities contemplated
liy the constitution nnd tlio slntnteii. This
tlio Hoard of Educational Lands nnd Funds
will do ns rapidly as possible. There are
many dlfllcultlcH In the way of tlio rapid
Investment , of funds. One Is that prlvnto
buyers have been more active. They send
their agouti ) to nil parts of the state and
1)ld on b-inds or buy them before they can
be offered to the state. Then , too , the state
Jias generally desired n greater Interest
than prlvato Investors hnvo exacted. The
board has now concluded to buy bonds at
IIH low a ralu of Interest as 4' , per cent.
\\"o liopo to bo able to buy a Great many
bonds on the now basis. "
" \ \ hy would It not lie advisable for the
board to designate on audit to travel over
the staio and bo present when larso blocks
of bonds are offered for nale on n competi
tive basis ? "
"It would be well If such an agent could
bo appointed or if some member of the board
could do the work When necessary. Hut
nti"h a plan would necessitate n considerable
i .tpenso which the board Is not authorized to
Incur. 1 think It might be a uooil Idea for
tlio legislature to place a tiinall contingent
lund at the service of the board In order to
enable It to competu with its more active
cmnpitllorH. liy so c'olng ' the state would
undoubtedly save a great deal of Interest ,
more thnn enough lo c < inpensate Itself for
tlio necessary outlay. "
AHOUT STOIHN'O TUB MONEY.
"Von have noticed , governor , that the opin
ion handed down by Chief Justice Norval
Klntii.s that there Is nothing In the Interpre
tation of the law given by the Hpurcmc
court to prevent the legislature from enact
ing a law authorizing the stale treasurer to
deposit the moneys hclonglng to the educa
tional fundii In a bank or banks for safe
keeping. Do you construe that to mean
that the legislature can still pass another
law correcting the mistake evidently made
In the original Jaw ? "
-NO. TO mo mat part or the opinion
means simply that the legislature may , if It
sees fit , order the stnto treasurer to deposit
the school fund In some designated bank ,
but. that ho can not do so with tlio Idea of
collecting Interest for the same for the use
of the state. Or the legislature may pro
vide additional safeguards for the funds by
ordering the construction of perfectly secure
vaults and safes for the storage of the money
In the state house. I do not believe that
under this decision the legislature can pass
a law which will cither directly or Indirectly
permit the investment of the school funds
by loaning them to banks as contemplated
in the original law. "
"Have you heard that some of the Omaha
banks had threatened to undertake to com
pel the state treasurer to keep the educa
tional funds In the state house ? "
"I have heard that such a plan had been
talked of , but not from any authentic source
of Information. I do not believe nny of the
Omaha banks contemplate such n proceeding.
I do not believe It would bo advisable under'
the circumstances. The law and the consti
tution require the state treasurer to keep
the funds , and It holds him alone responsi
ble. Under previous decisions of the supreme
rourt the stnto cannot recover for money
lost by the act of the treasurer In deposit
ing the same In a bank from the bank Itself.
It can only recover from the treasurer or
his bondsmen. I believe the state treasurer
should bo hold responsible for state funds.
It sccni ! ) to mo that It should make no dif
ference to the banks or to nny one else how
ho cares for the funds , providing the stale
Is Imlemntdcd against loss. Of course , I say
this In the light of the decision of yester
day. I would have much preferred to see the
funds deposited In such a way that the stnto
would receive the benefit of the Interest.
The constitution certainly needs to bo
amended on this score. The facilities for
the proper Investment of all Idle funds be
longing to the stnto should bo Increased. 1
can' see no hope of further legislative action
until the constitution Is amended. "
'
Ul'HKliD Mil. HAKTLKY.
Speaking of the decision this afternoon
State Treasurer Hartley said to a Ileo
representative that the court simply adopted
the view ho hnd held from the very llrst.
Jlu was naturally gratified that his Inter
pretation of the law had been , conllrmed by
the supreme court , but added that had the
decision been the other way ho would have
followed the law to tlio letter.
"Under the interpretation of the law given
liy the supreme court , " said Mr. Hartley ,
"from one-third to one-half of the money
In the hands of the treasurer will bo subject
to the operation of the state depository law ,
The funds that may bo deposited under the
law as outlined by the court nro the general ,
sinking , Insane and relief funds , the latter
being practically a sinking fund. I shall
keep these funds on deposit In the banks
designated by the governor , secretary of
Htate and attorney general. 1 feel convinced
that the Hoard or Kilucationai kanus aim
Funds will Invest the Idle money In the
school funds as rapidly as favornblo oppor
tunity offers. Under the now rule of the
board $200,000 worth ot Douglas county
lands have been purchased through n private
BKoncy within the past ten days. You have
already noted the large purchase of Lancas
ter county bonds made some weeks ago. "
JUD013 NOHVALi'S UKCISION.
The full text of Chief Justice Norval's
opinion , exclusive of the syllabus , which was
published yesterday , Is as follows :
This Is an application by the rclntor , the
First National bank of Crete , for n per
emptory writ ot mandamus to Joseph S.
Hartley , tUato treasurer , to compel respond
ent to deposit with i Viator a portion of the
moyoys In the state treasury , according to
the requirements of the act passed by the
state legislature of 1S91 , entitled : "An Act
to Provide for the Depositing of State and
County Funds In Hanks. "
The petition charges , In aubstance , that
on the llth day of January , 1894 , the gover
nor , attorney general and secretary ot state ,
In pursuance of tbo provisions ot said act ,
designated the First National bank of Crete
as a state depository , and on said day snld
bunk executed and delivered a bond con
ditioned as required by said law , which bond ,
nnd the sureties thereon , was duly au-
ecpted nnd approved by the proper olllcers ;
that only three uthor banks have complied
with the provisions of said act of the legis
lature. BO ni to entitle them to the deposit
of Btnlu fund ! ! , and that the amount of the
bond * furnished by each ot said other banks
was and la JIOO.OOQ. no that the aggregate
amount which the respondent Is authorized
at nny time to Imvo on deposit In all of
tmld banks pursuant to said act , Is 1150,000 ;
tliat respondent has refused to deposit any
nf the moneys now In the ututu treasury
with the rclator , although requested no to
do ; that respondent ut the time of such de
mand and refusal stated that nil ot the
moneys belonging to tlm state which ho Is
empowered by said act to deposit wcrq al
ready deposited In the said several banks ,
except moneys belonging to the following
funds ! Sinking , relief , permanent school ,
temporary school , permanent university , li
brary , agricultural college- endowment , nor
mal school endowment , temporary university ,
normal srliool Interest , nnd aallne.
The petition further charge * that re-
cpondcnt refutes to deposit In relator's bank
nny of the moneys belonging to cither of the
nbtivo enumerated fund * , although the amount
In his iwstojslon nnd belonging to any one
of Raid fund * , added to tlie amount on de
posit by said treasurer with the said other
banks , exceeds In the nggreguto the sum of
$160,000 , nn.l that the sole reason given by
the respondent for his refusal lo deposit In
the bank of the rotator any of the moneys
In the above mentioned funds was nnd Is
that none of cnld moneys are "current
funds" within the meaning ot the snld de
pository law.
INTENTION OK THE I.EdlSIiATURE.
The cause 'was submitted on tt general de
murrer to the petition. The first question In
this case Is one of construction to be given
to the act above mentioned relating to the
deposit of public moneys In banks , Was It
the Intention of the legislature to require
all moneys coming Into tlic stale treasury to
bu deposited , or only a certain portion
thereof ?
Sections 1 and 2 of snld net , chapter I. , laws
of IS91 , arc In these words : "Section 1. The
dtato treasurer shall deposit , nnd nt all
times keep In deposit for safe keeping , In
tlio stain or national banks , or some of them
doing business In the state , and of approved
standing nnd responsibility , the amounts of
money In bis hands belonging to the several
current funds In the state treasury , nnd nny
Hiich bank may apply for the privilege of
keeping on deposit , such funds or some part
I hereof ; nil such deposits shall be subject to
payment when demanded by the state treas
urer on his chnek. nnd all banks receiv
ing nnd holding such deposits as aforesaid ,
shall be required to pay , and shall pay to the
slate for the privilege of holding any such deposit -
posit , not les.i thnn 3 per rent Per annum
upon the amount so deposited , ns herein
before provided , nnd subject also to such
regulations ns nr Imposed by law and the
rule ndoptcd by the state treasurer for re
ceiving nnd holding such deposits.
"Section 2. The amount to bo paid by any
nnd all banks under the provisions of this
act for the privilege of keeping public funds
on deposit shall bo computed on the average
dally balances of the public moneys kept on
deposit therewith , nnd shall bo paid nnd
ciedited to t'io state quarterly on the 1st
dnys of Jnnuary , April , July and October of
each nnd every year , nnd the treasurer shall
require every sin li depository to keep separ
ate accounts of such several funds of the state
na tuny be deposited , showing the name of
each fund to which the same belongs , and
the amounts and sums paid to the state for
the privilege of keeping the same on deposit
an aforesaid , and each of said funds re
spectively shall be credited directly to the
account of the fund or funds so held on de
posit , In proportion to the amount of such
funds so held. "
Iy ) section .1 , each bank designated as n
depository under the act Is required to give
a bond for the safe keeping and payment
of all deposits and the accretions thereof , con
ditioned that It will' render each month to
the state treasurer a statement , In duplicate.
Allowing the several daily balances , and Hie
amount of state moneys held by it during
the month , the amount of the accretions
thereof , how credited separately , and for the
payment of the deposit and the accretions
accruing thereon , upon the presentation of
the check of the state treasurer , and also
that such depository will faithfully discharge
the trust nnd comply with the provisions of
the act. The section further provides the
form of Ihe bond , names the olllcer with
which the same shall bo deposited , and for
bids the treasurer having on deposit In any
bank nt ono time , moneys exceeding one-
half of the penalty ot the bond.
l-'OHHIDUKN TO MAKE A PROFIT.
Section provides that "The making
or pront , mrcctiy or muireciiy , uy mo siaio
treasurer , out of any money In the state
treasury belonging to the state , the custody
of which the stale treasurer Is charged with ,
by loaning , depositing or otherwise using It ,
or depqsltlng Ihe same In any manner , or Hie
removal by the state treasurer , or by his
consent , of such moneys , or a part thereof ,
out of the vault of the treasurer's depart-
menl , or any legal deposllory of Ihe same ,
except for the payment of warrants legally
drawn or for Ilio purpose of depositing the
Paine In the banks selected as depositories
under the provisions of this act , shall bo
deemed commission of felony and on convic
tion thereof shall bo subjected to punishment
In the state penitentiary for the term of not
moro than two years , or a tine not exceed
ing $5,000 , and shall also bo liable under and
upon his official bonds for all profits realized
fiom such unlawful using ot such funds.
And It Is hereby made the duty of the state
treasurer to use all reasonable and proper
means to secure to the stale the best terms
for the depositing of the money belonging
to the state , consistent with the safe keep
ing nnd prompt payment of the funds of the
state when demanded. "
The next section prescrlb.s the penalty
for the willful failure or refusal of the state
treasurer to comply with the provisions of
the act.
Counsel for the rclator Insists that tt Is
the duty of the state treasurer to keep on
deposit In the several banks designated as
depositories all money received by him be
longing to the state , while the respondent
contends that the moneys belonging to what
Is commonly known as the "general fund , "
a fund created for the purpose of paying the
salaries of the slate olllccrs nnd defraying
the general expenses of the state govern
ment , arc the only moneys to which the
depository net npplles. The principal con
troversy in the case Is ns to the meaning
of the term "several current funds , " ns
used In the sccllon first nbovo quoled. The
decisions ot the courts of other states do
not aid us In our Investigation. In fact ,
wo have ; been unable to Hnd a law upon the
statute book of any state , re
lating to the deposit of public moneys
In banks , precisely like our own.
In most of the states having a depository
law , the treasurer Is either required by ex
press enactment to deposit all moneys that
shall coma Into his hands , or else the statute
specifically enumerates what funds shall bo
deposited In b.uiks. Of course , the phrase
"current funds , " as employed In commer
cial transactions , has a fixed known signifi
cation. Thus , these words ns used In notes
or bank checks have boon frequently defined
by various courts as meaning current money ,
lawful money , par funds , or money circula
ting without any discount. See Galena In
surance company vs Kupfer , 28 III. , 332 ;
Whurton vs Morris , 1 U. S. 125 ; Ilulbcrt vs
Carver , -10 Ilarb. , 245 ; Phoenix Insurance
company vs Alien , 11 Mich. , 601 ; American
Emigrant company vs Clark , 47 lown , 071.
DKFININU UUUUliiM ivunuo.
All will agree , wo think , that the phrase
"current funds" was not employed by the
legislature In enacting the statute under
consideration In the same sense In which
that term Is used In commercial dealings.
The 8iiino "current funds , " like many olhor
words In our language , Is susceptible of
more than ono meaning. Where a word Is
employed In n contract or Btatule which
has different meanings , the sense In which
It Is used Is to bo gathered from the con
text. It Is an elementary rule of construc
tion that oiToct must bo given , If possible ,
to every word , clause and sentence of u stat
ute. In other words , a statute must re-
celvo such construction as will make all
Its parts harmonize with each other , and
render them consistent with Its general
scope and object. Fullmer vs Nuckolls
county , C Neb. , 201 ; stnto ex rol llorry vs
linbcoclc. 21 Id. . 509. If wo apply the fore
going rule In the Interpretation ot the law
under consideration It la not n dlfllcult
task to ascertain the legislature's Intent.
U should bo remembered thnt tlm moneys
which come Into the state treasury from
time to lime are , either by constitutional
provision or legislative enactments , appli
cable to a variety of objects , nnd are divided
Into several separate and distinct funds , ac-
eordlng to the soureca from which they are
derived and the uses to which the same may
bo devoted. We know nt the tlmo this law
was enacted that there were several of these
funds , each having a well understood nnd
appropriate name , as the general fund ,
sinking fund , permanent school fund , and
others which It Is unnecessary to stop now
to enumerate. It U obvious , therefore , that
the words "several current funds" were em
ployed by the legislature with reference to
( ho various designations or divisions of the
public moneys ot the slate. Manifestly , tlio
construction placed upon the provisions of
the BtHtute by respondent's counsel U en
tirely too narrow and strained , and should
not obtain. To adopt U would violate the
rule above stated for the construction ot stat
utes , which requires that some meaning , If
possible , must bo given to every word In thir
act. since the construction Insisted upou can-
.not prevail unless wo attach no moaning to
the word "several" In the above phrase of
the llrst section of the law , The statute d -
cUres that "tho amounts of money In his
hands belonging lo the sovcral current funds
In the Rtate treasury" shall be deposited.
This language was without doubt Intended
to apply to more thnn ono fund , ThU Is
manifest by Ihe tine of the plural of the word
' fund" nnd the employment of the nijjecllve
"several. " It certainly could not have been
the Intention of the law makers that the
moneys belonging to one fund alone should
bo kept on deposit with some designated
depository. If they did , they were very un
fortunate In the use of language. Hnd It
been the Intention of the legislature that
the net should apply to a single fund , It Is
fair to ntsumo thnt langungo , which could
not be misunderstood , would have been cm-
ployed to express such purpose.
Hut It Is said thnt the word "current" In
the connection In which It Is used with the
word "funds" Indicates that the moneys
which the law makers Intended nro those
raised by taxation nnd which nro devoted lo
defraying the current expenses of the state
government by disbursements from what Is
known ns the general fund , and In Ilio same
connecllon reference Is made lo Ihe defini
tion of the word "current. " In the Century
Dictionary It Is defined thus : "Running ,
moving , panning , present In Its course , as
the current month or year. " Olher stand-
nrd authorities clvo the word about the
sumo dominion. Assuming that the word
was employed by the legislature In the
sense Indicated , yet the Interpretation con
tended for by respondent Is not permissible.
\Vhllo the amount of money belonging to
the general fund of the state Is continually
changing or lluctuatlng , caused by Iho payIng -
Ing of Iho revenues derived from taxation
Into the treasury , nnd by Ihclr being dis
bursed , It Is likewise true that Iho amount
In each or Iho olher different funds In the
treasury Is constantly changing , ns the
records kept by the treasurer and auditor ,
respectively , will disclose , and of which
public records this court Is bound to take
Judicial notice.
CONCERNING COUNSEL'S CONTENTION.
Wo do not entertain n doubt as to the
sinking fund , relief fund , which Is nlso n
sinking fund , nnd the permanent educational
funds , Iho moneys In each of which , counsel
strenuously Insists , arc not "current funds"
within Hie meaning of the law. The sinking
nnd relief funds , now aggregating nbout
$23,000. consist of moneys derived from
taxes levied for the purpose of paying Iho
Interest on outstnndlng bonds Issued by Ihe I
state , and for the purpose of paying Iho
principal of Bald bonds when they become
due. The monuy.i conslllullng these two
funds are collected and paid Into the
treasury from lime to tlmo , precisely Iho
same ns the taxes are collected and paid
into the general fund. The Interest on one
set of ( lie bonds Is paid by Iho stale treas
urer annually , and Iho other semi-annually.
The permanent school fund , permanent
university , norm' ! school endowment nnd
agricultural college endowment funds con-
stllulc Ihe permanent educational funds of
Iho state. The permanent school fund Is
composed of the proceeds of the sale of land
by the stale and of Iho redemption ot
United States and state securities and i
county bonds belonging to said fund , and of
escheated estates , and of n G per centum
granted by congress on the sale of govern
ment lands In the stale. Each of the other
educational funds is composed of the pro
ceeds of lands which have been set apart
for the purpose and sold by Iho stale , and
Ihe redemption of securities belonging to
said funds respectively. Each of those
several funds Is continually augmented by
moneys received from the sources indicated ,
and the moneys therein nro diminished from
tlmo lo lime by the making ot Investments
for the benefit of said funds. Hence , the
several educational funds are "current
funds" In the sense In which that term Is
used in the law. If the moneys composing
it- . . , . . , 1 fnn.l fill wIMifn tlm rinflnlHnn.
and all concede that the law npplles to the
fund last named. In the language ot counsel
for relater : "For the purpose of the busi
ness of a great stale all 'funds ! are current
funds so long as Ihoy remain on hand , or
not * Invested. ' Shall wo by the use of
Jugglery of language extend the provisions
of this law to Ihe plllanco of the general
fund.as wo often find It , and deny them to the
sacred trust funds of the state ? These Irust
funds are current. In that Ihey should have
and In Ihat they demand constant attention ,
hourly , dally , all the time , looking to Ihelr
profitable , permanent Investment. These
trust funds are current , moving and chang
ing funds , Increasing and diminishing. "
In respect to two of the other funds of
Iho state treasury , the temporary school and
lemporary university , which aggregated at
the close of Iho last year moro than $360-
000 , It may bo observed that the first of
these Is derived from a lax levied and col
lected at the same lime as olher slalo laxes
for Iho support of the common schools of the
slalo , logelher with the Interest and rentals
accruing from the sale and lease of school
lands , and Iho inlcrcst received from the
Investment made for the benefit of the per
manent school fund. The temporary unlver-
slly fund Is supplied from a tax levied for
the support of the stale university , which Is
likewise paid at the same time other taxes
are collected , and by moneys received from
the Interest and rentals of lands belonging
lo the unlvorslly endowment fund , sold and
leased by the stale , logolher with the Inter
est on securities belonging lo said fund and
lultlon fees. Tlio moneys composing the
temporary school nnd temporary university
funds are paid Into the state treasury as
often as the moneys conslllullng any olher
fund of the state are paid in , and moro fre
quently than the moneys belonging lo the
general fund. The moneys composing Iho
temporary school fund are apportioned
among Iho counlles every six months , and
are paid upon warrants upon Iho state treas
ury drawn by the auditor. The moneys be
longing lo Iho temporary unlvorslly fund
nro disbursed from lime to tlmo upon the
nudltor'a warrants. Hoth of these are mov
ing TundH , so to speak , nnd the balances
therein nro constantly Increasing nnd di
minishing.
.SHOULD APPLY TO ALL STATE FUNDS.
There Is no word or provision In the net
wo are discussing which directly In terms , or
by fair Implication , limits the operation
thereof to the moneys of the state belonging
to ono fund more than another. On the con
trary , the subject matter of the net and the
obvious scope and purpose of Us provisions
conclusively show It was the Inlentlon or the
legislature that the Btatule should apply lo
all funds of the state alike. An examination
of the provisions of the second nnd fourth
sccllons of tlio law strengthens this conclu
sion. 13y the second sccllon It Is made the
duty of every bank designated as a deposi
tory "to keep separole nccounls of several
funds of the state as may bo deposited ,
Bhowlmr thn nnmn of tlm fund In whlnh Mm
same belongs and tho. amounts and sums
paid to the state for the privilege ot keeping
the same on deposit as aforesaid , and to each
of said funds respectively shall bo credited
directly the account ot the fund or funds
so hold on deposit , In proporllon to the
amount of such fund as held. " There Is no
ambiguity In this provision. Plainer lan
guage could not have been used , It shows
that the moneys In the several funds were
to bo deposited , and the depository should
keep a separate account with each fund.
The fourth section , which we have quoted
above , makes It the duty of the state treas
urer to make every reasonable effort lo
secure lo Ihe slalo the best terms for the
depositing ot "tho money belonging to the
state , " and It IB also made a felony for such
otllcer "to make profit out of any money In
the stale treasury belonging thereto , by
loaning , depositing or otherwise using or dis
posing ot It ; " and the removal of such money
or a part thereof , by the treasurer or with
his consent , out of the Vaults of the treasury -
ury , or any legal depository , except for the
payment of warrants or for the purpose of
depositing In the banks legally selected as
depositories , Is nlso declared a felony.
Whether or not this section Is legal and
valid as a criminal statute Is not now In
volved nnd will not bo decided. Its consid
eration , however , tends to show the pur
pose nnd object ot the legislature In enact
ing the law , and that the power . deposit
all the moneys In the state treasury for the
benefit of the state was meant to be con
ferred , and wo think It has boon , In plain
terms so far as the legislature possessed
the power to do so.
IS THE ACT CONSTITUTIONAL ?
This brings us to the consideration of
another question , nnd that Is , whether the
net which we have been considering U un
constitutional Insofar as U requires the de
posit In banks of the moneys In the treasury
belonging to the several educational funds
of the state. Section 9 of article vlll. ot
the constitution of Nebraska reads as fol
lows : "AH funds belonging to the state
for educational purposes , the Interest and
Income whereof only are to be used , shall
bo deemed trust funds held by the state ,
und the state shall supply all losses thereof
that may in any manner accrue so that the
same ahall remain forever Inviolate and tin-
diminished , nnd shall not bo Invested or
loaned except on t'nlted Stales or stnto se
curities , or registered 'cotlllty ' bonds of this
state ; und such funds , with Iho Interest and
Income thereof , are hereby solemnly pledged
for the purposes for whlc i , they are granted
and net apart , and shall hot be transferred
to nny other fund for 'othttr ' uses. "
The foregoing provlslcmijirohlbltg the loan
ing or Investing < jf , . . nny moneys be
longing to any of , the permanent
educational funds of the state "ex
cept on United Stall's or state se
curities , or registered ( county bonds of this
tate. " The moneys ln , thcgo sever.il funds
the constitution has Impressed with n trust
character , and the legislature Is powerless
to authorize them to Iw devoted lo any pur
pose not within the Hcopo of ( lie constitu
tional provision quoted. Docs the Btatulo
attempt to nulhorUo ( ho loaning or Invest
ing of these trust funds' . ' Counsel for re-
lalor contend that It docs not ; that It merely
requires their deposit temporarily for safe
keeping , pending need for use or opportunity
for permanent Investment. This construc
tion would be n reasonable nnd
proper one
If the deposit contemplated by the statute
was n special ono merely for safe keeping ,
and Iho same Identical
money should be re
turned. Dili this Is not the kind ot de
posit the legislature meant. If It was , the
purpose Is not Indicated In the title of the
act , since It makes no reference to the safe
keeping of the funds deposited In banks.
It Is manifest from an examination of Iho
eiillro net , that n goncrnl deposit of the
funds was whnt the f miners Intended. True ,
Iho first sccllon declares that "tho state
treasurer shall deposit and at all times
. . * | f . . . 14171JU.1IV 1U1 BUILT HUl'IMIlg ' III 1110
banks that shall be designated as deposi
tories , the moneys In his hands belonging to
the several current funds , subject to pay
ment on the treasurer's check ; but further
along In the same Hcellon Ihe bank receiv
ing and keeping such deposit Is required
to pay the stale not less than 3 per cent
per annum upon the amounts .so deposited ;
nnd the next section provides among other
things , In substance , that the Interest shall
bo computed on the average dally balances
of the public moneys kept on depo.-dt. While
the statnlo mentions "safe keeping" when
the several provisions are construed logelher
It Is quite clear thai the transaction con
templated docs not amount to a special de-
posit. Who over heard of that kind of n
deposit of money being paid out on cheeks ,
or of a bunking Institution paying for tlio
privilege of holding 11 special deposit of
funds ?
The Identical moneys deposited are not
required to bo returned. Obviously the bank
receiving them had Die right lo use nnd
conlrol the money as Its own. It could
loan the funds for the purpose of earning
the money with which to pay the stipulated
Interest due the state. A deposit of stale
funds under the provisions of the law
amounts to a loan or Investment of the
funds so deposited. As was said by Mr.
Justice Miller In his opinion In Marine Dank
vs Fulton Hank , 2 Wall , 25G , "All deposits
made with bankers may be divided into two
classes , namely , those In which the bank
becomes bailee of Iho depositor , the Ulle
lo Iho lliing deposited remaining with Iho
latter ; and the other kind of deposit of
money peculiar to banking business , In
which the depositor , for his own con
venience , parts with the title to his money ,
and loans It to the banker , and the latter
In consideration of the loan of the money
and the right to use It for his own profit
agrees to refund Iho same amount or any
part thereof on demand. " The deelslons.nre
quite uniform to Hie effect that where money
deposited In a bank Is passed generally to
the credit of the depositor , tlio relation of
dcblor and crcdllor Is thereby created and
the transaction , although called a deposit ,
u loan , and this though it is payable on de
mand. Commercial bank of Albany vs
Hughs , 17 Wend , 100 ; Perley vs County of
Muskegan , 32 Mich. , 132 ; Slale vs Execu
tors of Bullies , 30 S. 309 ; Aetna National
bank vs The Fourth National bank , 40 N.
Y. , 82 ; Lowry vs Polk county , 51 Iowa , 50J
Long vs Ensly , 57 , JG , U ; In ro Franklin
bank , I. Paige , ch. 24D ; Wrny vs Insurance
Co. , 31 La. , 68 ; Dank vs Jones , 42 Pa. St. ,
530 ; Knccht vs U. S. Savings Ins. , 2 Mo. ,
npp. 530.
LAW OF , DEPOSITS.
In Foley vs Hill , 2 House of Lords case
28 , Lord Chancellor Cptttjn'ham. said , "Money ,
when paid Into a bank , ceases altogether
to be the money of thoprincipal. It Is then
the money of the banh'er , who Is bound to
return an equivalent by paying a similar sum
to that deposited with him when ho Is asked
for It. The money paid Into the bankers is
money loaned by the principal to bo placed
Ihere for Iho purpose of being under the con
trol of the banker. It Is then the banker's
money ; he Is known to deal with It ns his
own , ho makes what profit of tt he can ,
which profit ho retains for himself , paying
back only the principal , according lo Iho cus
tom of bankers In some places , or the prin
cipal and a small rate of Inlcrcst , according
lo the custom of bankers In other places.
The money placed In the cuslody of u banker
is lo all Intents and purposes Iho money of
tlio banker , lo do with It as ho pleases ; he
Is guilty of no breach of Irust In employing
It ; ho Is not answerable to the principal If ho
puts It into Jeopardy ; If ho engages In a
hazardous speculation ho Is not bound to
keep It or deal with It as the property of his
principal , but he Is , of course , answerable
for the amount because ho has c'ontracled ,
having received that money to repay to the
principal , when demanded , a sum equivalent
to that paid into ills hands. That has been
the subject of discussion In various cases ,
and that has been established to bo the rela
tive situation of banker and customer. That
being established to bo the relative situa
tion of. banker and customer , the banker Is
not an ngent or factor , but ho Is n debtor. "
The Ohio case was this : The Ohio Canal
Fund commissioners deposited with the Col
umbus Insurance company $100,000 of the
money and funds of the state , belonging to
the canal fund , and In consideration of which
the company gave a bond , signed by various
persons , to repay the same In two years with
7 per cent interest thereon per annum , pay-
iiblo annually. In an action by the stale
upon Iho bond , the court held thnt the ad
vancement of the money to the Insurance
company was n loan , although Ihe bond denominated -
nominated the receipt of the money as a de
posit.
In State vs Kclm- Neb. , C3 , this court
held that a deposit of the state money by a
stale treasurer In n bank , was a loan in Us
legal effecl. This case was clled with ap
proval In First National bank vs Gaudy , 11
Nob. , 431.
It is uged that the Nebraska cases clled do
not apply to the questions here at Issue ,
since nt the tlmo they arose no law was in
existence which required the deposit of pub
lic funds In bank , while now the treasurer Is
not only authorized to deposit them for safe
keeping , but ho Is expressly torn inn tided to
do so , Wo nro unable to see the force of thn
argument. The fact thnt the legislature has
enacted thnt the state moneys shall bo de
posited In banks does not make the placing
uf the funds therein any less n loan , than
had they been deposited without sanction of
law. On the contrary , It would seem that
the two cases decided by our own court are
the moro valuable ns precedents for our now
holding thnt such n transaction amounts In
law to a loan , Mnco wo have n statute which
authorizes Iho deposll ot public funds , and
In every case of deposit , this statute enters
Into nnd forms n part of the contract.
Connecticut has a statute which declares
Unit where the real estate ot n married
woman has been Bold and the proceeds
thereof "secured or Invested In her
name or In the name of a trustee"
for her benefit the same shall not
bo liable to bo taken on execution for the
debts or liabilities of her hiiNband. " The
supreme court of that state. In Jennings VH
Davis. .11 Conn. , 134. held that where the
money received by the wife from the sale of
her Inndfl Is deposited In her name In n
bank It Is Invested within the meaning of
Ihe statute. San ford , J , , in delivering the
opinion observes : "It Is not ( stated whether
the money was deposited In the bank for
safe keeping merely , or In Iho character of
a loan to the bank fur which n stipulated
rate of Interest was pnld during Its con
tinuance there ; nor Is It material to Inquire ,
because , In either case , the deposll ( being n
general as contradistinguished from n special
one ) cronies n debl In favor of Iho depositor
nnd against the bank , and then Ihe money
became 'Invested' In that debt , and being
thus Invested In the mime of Mrs. Mores-
house was protected by Iho statulo against
her husband's claim upon It. * * * It
can make no difference whether Ihe de
positor look any written evidence of this
Investment or did not. The statute does not
require nny particular spcrles of evidence
tliot the Investment has been , mnde : It only
requires thnt It shall be made In her name ,
or In the name of n Iriisteo for her benefit.
Money loaned Is 'Invested' In n debt against
the borrower. If a promissory note Is taken
for It In the lender's name the nolo becomes
the evidence of Iho investment and secures
tt to Iho lender. If no note Is lakcn Iho
money Is nevertheless 'invested' In tlio
debt against the borrower and In the
lender's name. "
MANIFEST INTENT OF THK LAW.
The conclusion Is Irresistible Ihat the
trainers of the law under review con-
leniplated that the moneyn deposited In pur
suance of the provisions thereof should be
retained by the bank receiving the same
for an Indefinite period ot time , nnd be
used nnd loaned by It us Us own , the bank
being under obligations to repay the amount
so deposited on the presentation of Ihe
check of Ihe stnto treasurer. There Is no
room for doubt thnt where money Is de
posited under this net , the bank receiving
the same Is not n bailee , which would be
the case If the tlllo to the money remained
In Iho state after Iho same was received by
Iho bank. Prior lo Iho adoption of the
present uattute there existed In this stale
no law authorizing or requiring Ihe deposit
of public funds In banks. It was , however ,
generally understood that each of the former
state treasurers had loaned Iho slate funds
to various banking institutions of the statn
for their own pecuniary benefit. The stale
received no Income from such use of Us
moneys nnd it was lo remedy this Hint the
depository law was enacled , rather thnn to
provide for the safe keeping of the moneys
belonging to the stale treasury. Tlio clear
and manifest object of the stntulo was lo
enable the state lo receive Interest on Its
iUlllIH Ul'liuanuu 111 u.llli\o. i ill * . .it..u..ut. . .
contemplated by the slaluto Is as much a
loan or Investment of the moneys deposited
under its provisions as where a bank loans
Its moneys on the note of its customer ; and
If Ibis law can bo upheld , so far as It relates
to the depositing of Iho permanent educa
tional funds In banks , then there Is nothing
lo prevent the legislature from enacting a
law authorizing the loaning ot the educa
tional or trust funds to Us citizens with or
without security for the repayment thereof ;
and all will agree that such a law , if
enacted , would contravene the section of
Iho constitution above quoted.
lint It is said that the constitution does
not say that these educational funds shall
not bo temporarily deposited In bank unlll
opportunity for their permanent Investment
Is presenled. That Instrument in express
terms forbids their being "loaned or In
vested" except In a certain manner , and ,
as wo have already attempted to show , the
depositing of these moneys In bank on an
open account drawing Interest , although de
posited temporarily , constitutes a loan and
Investment of the money. The fact thnt a
person borrows money for an Indefinite
period , payable on demand of the lender ,
does not make the transaction nny the less
a loan thnn If the money had been taken
for n fixed long period of time. The same
Is equally true us regards the depositing ot
money In bnnk. The length of tlmo the
money Is left does not determine whether
tlio transaction Is n loan or not.
Wo are satisfied both from reason and
upon authorlly thM the depositing ot the
moneys belonging to the permanent educa
tional fund of tlio state In banks under the
provisions ot the depository law is , In effect ,
a loan and Investment of the funds so do.
posited , nnd Is , Ihereforo , inhibited by the
constitution. Wo do not wish to bo under
stood ns In the least Intimating that the
legislature Is powerless to enact a law re
quiring the slate treasurer to deposit the
moneys belonging to these funds In a banker
or banks for nafo keeping merely. Perhaps
It has the power , but such Is not the scope
and effect of the law before us , slnco It re
quires a general deposit of the funds , nnd
not a special deposit where the Identical
moneys deposited nro to-be returned.
HINT TO STATE OFFICERS.
The amount of uninvested moneys be
longing to Iho several permanent cduca.
tlonnl funds of Ihe slalo is large , and.op.
portuiiltlos for the permanent Investment ot
these moneys In the class of securities and
bonds described In the constitution nro dally
becoming less frequent , so thnt the amount
In the treasury belonging to these trusla
Is constantly-Increasing. That they should
bo Invested so that they will wield an Income
lo the stale no ono will deny. Hut the
remedy In part , at least , must como through
an amendment to the constitution. Tlio
courts cannot , under the guise of Interpre
tation , extend the powers conferred by the
constitution beyond the scope of Us pro
visions.
Wo have not considered , nor do wo now
determine , whether the relalor has such an
Until Further Notice.
SELLING THE
To accqmodate our friends and customers
who are not able to visit our store in the day
time and attend this the grandest sale of Dry
Goods in America , we will be open evenings
until further 'notice.
16TH AND FARNAM STS.
Interest ns entitles It to maintain the action ,
since Its right In do so has not been raised
nor argued by counsel. As the stale nt large
Is directly Interested In the enforcement
of the depository law , the attorney general
( Mtild , and doubtless It Is hli duty to , Inntl.
tnte proceedings In compel the depositing ol
the funds In thn bn'nks designated as tie-
posltorles , nnd perhaps a bank which ha.i
compiled with the law might do so , nt Inast
In case the attorney general should refttso
to appear nnd file the npllcatlon. A3 It la
Important to the public Interests thnt th *
real questions Involved In this .controversy
should be determined nnd net nt rest , wo
have thought It necessary la pasn upon thn
merits of tlm ease , without going Into the
question of who should have Instituted the
proceedings.
It follows from the views expressed In
the nbovo opinion thnt Iho demurrer to the
application should be overruled , nnd n per-
emplory writ of mandamus allowed.
ANSWER OF MR. MEIKLEJOHN.
Di-xcrlhc.f tlio I'liiitniiH Wl ciJinln Inli < r U < w
Itetween Dr. Kecimn und Illmirlf
The long fought nnd somewhat seiiHa-
tlonal case wherein Catherine M. Tusler
and her brother. Dr. Keenan of Madison.
WIs. , are arrayed against Henry P. Btod-
daid and William E. Henley ot this city ,
has been given another turning over In
the courts uf this county by Iho filing of an
nllldavll of Congressman ( leorgo 1) . Meikle-
John ot the Third congressional district ot
this stale.
Some years ago Iho still was Incubated ,
but It has never been tried In the courts ,
though half a dozen knockdowns have re
sulted from the charges which have lieen
made In petitions , anewcm and other filings.
As the story goes Mrs. Tusler cnmo Into
possession uf n ranch nnd n bunch of stock
In the western part of the state. This
possession came about through the death
of her husband , which occurred some years
ngo. After the death of Tusler , Dr. Kecimn
was entrusted ulth Ihe affairs of the estate ,
while n foreman named Nelson had the cnio
of the property on Ihe ranch. For a lime all
went well , but eventually complaints were
made against Kocnan and Mr. Ilealey was
employed lo lake the matter from his
hands , This was Iho first outbreak , nnd
the next came n few months Inter when
Healey nnd Molklujohn went down to Mad
ison for the purpose of adjusting the mntterj
of difference. At that time there was a
pugilistic encounter and Iho two Nebraska
men cnmo back considerable the worse for
wear.
Vesterday the congressman filed his afll-
davlt In the clerk's olllee , and therein ho
tolls how the whole trouble occurred. He
alleges nlso that diirliu : Ihe fall of IS'.U ' Me
wnu employed by Mrs. Tusler lo go down to
Madison nnd try to fix matters in u manner
to thnt they would bo catlsfnctory lo nil
parties concerned. With Lawyer Iloaley
lie Journeyed to the Wisconsin town , where
he was introduced lo Keenan. The mooting
was In a drug store , : ind as luion ns the time
of day had been passed the congressman
avers that Keenan went to the back end of
tlio store , where he armed himself with a
heavy cane. Returning to the front of the
room , he waved his weapon in the air and
exclaimed , " 0 d d n you , I'll kill you. "
Suiting the aclion lo Iho words , ho com
menced to beat Hcalcy over the head ,
knocking him down , after which ho turned
his attention lo Iho deponent , striking and
beating him until outsiders interfered.
After the battle there were Injunctions
restraining the Omaha parties from Inter
fering with the management of the ranch.
and also Injunctions restraining the Wiscon
sin parties from doing the same. In this
condition matters now stand , waiting for
the case to bo called for a final hearing.
The following marriage licenses were Is
sued yesterday :
Name and Address. Age.
Henry SaHH , Gretnn , Neb 21
Dora Ilapp , Gretnn. Neb 18
Charles Klnff , 1'erulval , In If ?
Minnie Jl. I'addock , 1'erclvul , la 2,1
F. J. Yorkel , Soulli Omaha 33
M. 13. Long , South Omalm SS
KNOWLEDGE
Brings comfort and improvement line ,
tends to personal enjoyment when
rightly used. The many , who live bet
ter than others and enjoy life more , with
less expenditure , by moro promptly
Uio world 'a best product. * to
the needs of physical being , will attest
the value to health of the pure liquid
Ir.xntive principles embraced in the
remedy , Syrup of Figs.
Its excellence is due to its presenting
in the form most acceptable and pleas
ant to tlio taste , the refreshing and truly
beneficial properties of a perfect lax-
atho ; erTcctually cleansing the system ,
dispelling colds , headaches Mid fevers
anil permaneutjy curing constipation.
It has given satisfaction to millions and
mot with tho' approval of the medical
profession , because it acts on the Kid-
ucyp , Liver anil Dowels without weak
ening them and it is perfectly free from
every objectionablesubstance. .
Syrup of Figs is for sale by nil drug
gists in OOc aiulSl bottle * , but it is man
ufactured by the California Fig Syrup
Co. only , whoso name is printed on every
package , also the name , Syrup of Figs ,
nnil lininir wnll informed , von will not
accept nny substitute if oflprod.
OF
Easily , Quickly , Permanently Restored.
DcMllty , and all the train
L of uvils I rom early errors or
later excctsi-e , the rusullBof
iM-rHork. uickncus v > orrv ,
etc. t'ulUtrciiRth.duvcl-
opincnt nnd tone given In
-ovury organ and noi IKn
oftholKidy , .Slnililc.nat-
i\ , | uial methods. Jnuncdl-
. . . , , , . , , . . , | l > ] nto Improvement teen.
Failure Impoeslblo. " . ( Xxj references. Hook ,
oxpluuatlon and proofs mailed ( sealed ) froc.
ERIE MEDICAL CO , , Buffalo , N.Y.
yvcys n . JspiBn n ain itys
ytaw a KH vj b' '
jn N trDDv- "
.onypya nsc jteDinnya NH vs t
D , Jacobson & Son , 130 W , 12 St , CMcago ,
DAXGHR JUST AII I : A I ) .
A I'mnilix-nt I'roftmor , * < il
p < > < 4 Admit lli
Tliri"Ui'iilnir Thine' , Miro.il ( lit Hut
Time l tin' Ycnr.
"It N iirnfUluff how nmny people- are < if-
furhi' . ' today from so-called cniulis , coiiU unJ
Inlluonxu. "
The remark w-n made by u Ver. ' prominent
urofcM orcti'ineeloJ with tmo of thn Inadlnx
New Vork hospital * . Contlniiiiitf. he said :
"It U not Ihotc IhliiL's that nro iroiibllnit
people , but It U an advanced form of our old
enemy , the rip. People fool out of ixirt-t ,
Miccrc , huvo pilns In tin ) IHIMO o-t und lumo < ,
Imvo no hppi < llto , lose nil Inlcrott in tlio world
ntiil wondnr wh.it N the nutter. It Is tin ) grip )
not bill ) : el-a' .
"J ow , all such symptom ! noc.l to Irivo
prompt truntimmu Thunttick must be mot
mid toni'Hod at I'lu.v , or It N lertiln lo r < m
Into noiiu'lhlmr snr OIIH. I Know nf Inn nnu
vruv locort.iln.y . itvnhl these troiihtut which
are now mi common , und tlmt I * ti l i >
me.lliiiuly coniit'-nict tin-in l > v u.tini ; u
food , pure , mron Nlimiiliuit. .Vitli 114
iif tlm unlln rv k n ' , > > ut toinetlilntf
nun , > nd i-entill > . I'or Hilt i > nro | ) < o neil , 114
hill over eiiini rd | l ilfv's 1'iiro Ma t WliNwoy.
Whleh IK .ickinm.ed.io I lud.ty by phvs flatii
and holunillli'i | op e to lie Iho only purimu -
IliMiiul limit \ \ lil.il.ov upon t u inurkiit "
Tlio norcld of the profe- r uiutrun mid they
carry a wniiilerfili im' iiiiitttoin ny men and
women who nro lalTi'ilutf > llliilic llrH svnii |
toiui of irli > , or t'lsoTip In Hi iiiiviiiiui 1
Maues. I'or nil such piopiuu ) offer u nor of
advice : uliirli 1-1 in tuku the liosl mi'mt to
overcoiini thutc trouli.iH mid do not purinlt
nny deaier to iwervo you from your purp "to
of use to lie thu host anil piiro.it KtiniMlnnt in
I ho world.
" " " '
Ntlili"
LIFE INSURANCE COMPAQ
Post Ofliuu qmiru , Boston , Mass.
Mulcmciit ol llusltii < < i for I Mill.
Net Ledi-ei-Acsi.fl , .Ian. 1 , 1MW . . . ? . ' ! 7' ! ' " ' | . >
Ci. I 1'S.
For Premium ! ! fll : ( 1 ,0111.HII
V r luieniHt , UenlH ,
and 1'i-oiit and
LUH- ) 1.11S.1i0.l ; ! !
fllllil,171.07
LewsTaxes Ml ! ; l.UiI.IU.I'M )
Deaih rialniH * lJ5ll , 18.00
Matured and Dl -
comited Knrtow-
inentH 2S I.IU.00 ( )
Canculli-d and Sur-
runditriHl I'ulloloH.
DiHirlbutlon ot Hur-
pltis OKS.i > 70.IO !
Total paid lo policy
Jloldera if',000,7SS.-'l
Aiiioi.nl paid for
Com rnlionH to
AffcnlH. S.ilai-le-t ,
KledlOiil Keen , Ad-
vorllHlni..l'rliitliiir ,
titallonury and till
ethei- Incidental
i-M > enneM lit thn
Homo Ofllco and
at Ak'uiiuUm Mri.O.TJ.Sl
Anionnl luldfnrAu-
ei'iic-d Inli-niMl on
InveHlineiitH | im--
eli.'mcd -
ilUi-Inf Ilio
year H,033.tH II.IS7.0S1.13
Xet I-edirer As&ct
Dee. III. Ihllll. . ! . . .
Jlni'Uet value-of Se-
cnrlllsover Led- "
InUT'Ht anil KenlM
iiccnieil Deo. Ill ,
IHUII
coiirwo ot enlleu-
tlon . 170,1180.17
H , Doc.
31 Ib'JiJ ' . - ' . ' '
, S'J.-l.'OI.Kl' ! B8
Keserve nt Jtasou-
cliiiHcttH Standard
I pur cent . $ ' . ' 1,21 l,871.'Jl
Hulaiicuof PlHtrllm-
tluns unpaid . 11'- , 710.1-1
Death mid KndoW-
mrat ClnlniH ap
proved . 170,007.00 lM,0i7,3'J7.a3 : '
Kvery Policy linn Indorsed Ihi'rooii tlio cash Hitr-
rondiiand pilil-ni : | liiHiinmco v.ilueu la
which the liiHinvd IH cntlllcilhyllic MaKH'ioluiHL'lla
Slatute. ui'M ! UA'J'K KNDOWMUNT 1'ollolon aru
Ismieil at llm old life rate premium. ANNUAb
CASH distributions am paid upon AM , poUclcH ,
IMmplilclH , ralc.s anil valui-H for any agoueutoo
application lo Iho c-onip.iny'H onlco.
IHNI. v. STISVI'N , fri-miinni.
AIKKii I . I'O.vriii ' : , Vlcr-PrvHldciit.
S. F. TltlM.t , , buarntury ,
\V.M. It. TCIIM : ! , ' , Ain't Nccrctnrj
W. J. FISCHER General
. . , Agent ,
328-329-330 Chnmbsr nf Oommorco , Omaha.
EJS
I'riiHtilent or
NEW ERi
( ' DMii 1 111 litu frm * ,
Irt iinHliriiid * ij 111 thu trott-
muni of all
GurMjiio , Pi'lv.vtoii 1
Noi-v n * itaaoiWr.to
to oreuiiHtilt ixtni'MUlly
Till- : ATM KNl1 II V MAIL.
AUlrui4 ( with Hl'i ii | ) , ( s : uir-
tlcnluiH. which will no Hi'iit In I'hiln vnvulu | > ,
I' . U. Ili.x CIO. Uv ! " I" * H. lith HI. , Oiiulm , Kuti.
A FAIR PRICE PAID FOR GOOD
Dental
Work
lunnvui'Uoar when dune ! > > n uoinpi.-Uint mail.
Go to R. H.V. . B/VILiEV ,
A Kiuduuiu.l ilunilut of I'tpi'i Icncu : i > lac
yuur ti-eth In his ' 'ino unit the will Lu conucl-
c-nilnunly rurml fur. Office , 3rd flour 1'uxioa
Illuck. Teltfphuliu lOSi ,
Hollavb * C'atui rh nnd Cant
In tl-n ( wi < l in tuutly by
onn npvllcut'on '
Huron Hmul Noloos & ,
I I'll ' Miioi.ll Tempto , tU lo.
rrlnllri-MlMifntoriiimi | > k-frutj
UolU by aruifkfUtH , DOc.
Notlri ) Tu NtocliliiildefN ,
The regular annual incollnif of the Htoclt-
lloldtTH of The lluo r'jIiMHhliu ' , ' Coinp.iriy
will InIn Id at tliflf olllue , In thu Ileo build-
Intf , on Monday , .March n , 1WI , ut I o'clm k
p. in. , for thu pmpouo of electing a Imard u (
dlrectorH and oIllci-iH for th uiiHulllK yi-ai
Also Hitch other | JUHII | HH\IU may come un
for coiiHldcrutlon. liy order of the pri-Hl-
tlunt. UKOUaij li. TXHCMIUCK ,
Hucrutiiry.
Omuhu , February 21 , 1S9I.
F21m&i M !
