0 TIMfl OMAHA DAILY MOKDA Y , ( KvrOjmgi { . 1 , 1Mf ) > .
SPECULATIVE SPIRIT DEAD
Months of noprwsion Have Intensified
Caution of Investors.
PROMISE OF PHENOMENAL PROSPERITY
Election of MoKliiUiy Will I'lnv.v the
Country In ( In.Same Condition no
foil lined UK * Ilcfttniiplliiii of
SpcdO I'll } menu.
NEW YOJIK , Ont. IS. Henry Clews , head
of the bankltiK liousci of Henry Clews & Co. ,
writes ot the situ at I mi in Wall street :
Hlnco our advice * of last week , \ve have
linil Another upwnid spurt In the tmirkol
for secuiltles , with tin advance of ' ' to
3 points. Tartly , It linn In en tlio i until
of thu iiotlvo revival of gold Imports. The
amount now on the Atlantic , though not
exactly known , Is eotlmMcU to ho tit least
$8OCOCW. ami among foreign bnnkcis It U
expected that next week arrangements will
bo made for the ahlpmcnt ot .OOO.CuO more ;
which would make the total Minn received
unil to lie received , from the time the move.
mont net In , about J70.000.OAi. At what figure
the movement may end It ! a not easy to
CHtlmatp ; opinion Inclines to the probability
of JSO,000,0"0 , and some entertain more san
guine expectations. Ho far , there I' no
Hlgn of any abatement In the supply of e\-
port bills. The September exports of mer
chandise from nil portn , including sliver
and lt ores , show an Increase over hint
year of J.T2,4tt,0M ) ( ; whllo the imports are has
by $1 1.MO.l'vQ ' ; ulilch maken the trade bal
ance for lust month Jic.soo.floo moie In our
favor than It wan a year ago ; and , Includ
ing the silver movement , gives an cxeesi of
exports over Imports amounting to WJ.tHX- )
000. Thine figures , following a Hlmllar con
dition of ( he trade balance dm Ing the two
preceding months , sulllclcnlly explain the
largo Inlliix of the yellow metal.
.Much surprise wan felt at the IJ.tnlc of
Kngluud not nilvniieltiK Its rate of discount
to 3'A or 4 per rent as had been conlldcntly
expected both here and In London ; tin-
more HO ns the bank lonl n.tM.OOO of Its gold
during the week , and Is presumably aware
that tlO.Ofio.OOO more gold Is likely to be
went hither next week. It seems IIH though
the malingers were willing to let the pres-
r.nre of the specie drain have Its full ettcct ,
In order to produce an Impression on the
London market that may tend to check thu
gold out lion" and foice relief through lower
prices for securities. It Is remarkable , how.
over , that so far no relief has comb to the
London prcpsure through the return of our
pecurltles. From the beginning of the birxo
drain London ban been quite us much a
buyer of our stocks as a seller. It has re
sponded closely to the successive recoveries
In prlcts on this market and , like our own
people , pcems to have confidence In the out
come of the election and In the choice of
Mr. McKlnley Introduces an era of higher
prices. Tlili confidence Is natural enough
when It Is considered that the amount of
American stock floating on the Ixmdon
market Is now exceptionally low , and that a
great rise In our Investments Is expected to
follow the overthrow of the silver agitation.
TOO MUCH CAUTION.
The local market for securities still re
tains Its Krent caution In retraining from
sanguine operations In anticipation of the
November election. Conlldenci ; grows dally
In the overthrow of sllvcrlsm and antl-fetl.
eral politics , nnd In the common estimate
the possibility of anything less than the
overwhelming election of McKlnley Is
bardly drrnmed of : and this conviction has
found repeated expression In upward ppuits
of 1 , 2 or 3 points ; but HO completely has
the experience of many monfis of disap
pointment nnd depression cooled the ardor
of the speculative element and Intensified
the caution of Investors that the outbursts
of hope soon moderate , and the general
feeling still Is to hold bae'-t action for the
accomplished rerult. Whilst , therefore.
there may be further Improvements between
now and the day of election the main In
spiration ami effect of the expected deliv
erance Is likely to bo deferred until aftei
the election rejoicings arrive.
In the meantime , the course of our foreign
trade relations Is In the highest degree en
couraging. Sterling exchange Is at J4.S2 for
sixty-day Ml ! * , and the Hank of Hngland
apparently deems It hopotess to check the
consentient outflow of gold to this country
by advancing Its rate of Interest. Export
orders for our food products are f renter
than no can provlJe freight room for from
now up to next March. The estimated de
ficiency of ICO 004.000 bushels In the world's
wheat crop will have to bo supplied largely
from this country , and the consequent rapid
advance In liic price of wheat Is causing an
extraordinary demand for our Indian corn
a demand which Is likely to bo hereafter
continued when It has thus been extensively
used by Huropean consumers. Kuropc I *
saying to us. "We will take all the food
mipplles you can send us , hut while your
money basis Is In doubt we don't want any
thing you print. " We are expecting to give
to our foreign critics assurances on this
point which , within twenty days , will com
pel their congratulations aw well as com
mand their oonfldence. so that they will not
only buy our food staples but Invest In our
enterprises.
OOOD TIME COMING.
This allowing does not furnish much
ground for ahum. All that Is now wanted
Is the election of McKlnley to put this conn.
try again on a phenomenally prosperous
basis , as wan the case In the years 1S79-W )
through the resumption of specie payments.
There was also a similar period In the year
! Sfl2. the last year of President Harrison's
administration , when thn highest point of
prosperity was reached In the country's
history. I do not hefltato to predict that
that n inn notch w II ho passed In the year
1K97 If the SI. I ouls convention's platform
Is adopted overwhelmingly hy the votes of
the peonlo on November 3. On the other
hand. If llio Chicago platform should be
adopted , then these elements of prosperity
will prove to bo absolutely reversed , mil
no must wnde through u period of four
years with such uncertainties as will ai w
hearten employers ami employes alike ; and
If such a misfortune should overtake the
country. Instead of the prosperity Indicated
from which the labor classes would derive
the most benefit. thn condition of tradn
would become so deplorable from one end
of this nation to the other that the largest
export that this country would have would
bo that of wage earners ; ns It would not be
possible to nnd work for all on this side of
the Atlantic.
The stock market shows less activity than
might bo expected from thn Imncmllng pos
it bllltles of higher prices following the elec
tion. The reasons for this do not need
much explanation. In the llrst place , owing
to the past severe depression of business
and the condition of t.ho money market ,
there are few outsiders who have the means
for buy ng on speculation. In the next
place , the hard and perilous times have
crushed the speculative spirit and made
men unusually conservative nnd timid.
Again , many of those who have both the
courage nnd means to seek fortune under
the present extraordinary conditions have
n'rcady laid up all the ? tock It Is ot present
convenient or prudent to carry , and arc con
tent to wait with their present load until
after thn election. Again , there Is In Wall
street. as elsewhere , a singular uniformity
of feeling to defer-operatlons until after November -
vember 3. And. pcninps'as Important as all
these causes put together , the terms for
time loans on stock collateral are almost
prohibitory , which obstructs operations In
Mocks which contemplate the possibility of
carry 115 the securities for weeks or months.
A satisfactory outcome of the election , -how-
? XcVi % Jln dlssjoato all such obstacles and
Vnill street will then resume Ito normal ac-
AISOXV tl.VMI , IH.KCTIOX.
Timid Are llonrdlnjr CJolil , but Couill-
tloiiM Are A Kill n Nt Hours.
NEW YORK. Oct. 17-Tho week closes
with a bad bank statement. Clearing house
surplus reserves have shrunk nearly JI.OW.- .
CCO. The discouraging Item of the weekly
statement , however , Is the evidence It fur
nishes of a sudden movement among the
l-C ? . ? > i.m < > , J1iriliI"onVy ever election. Over
IJ.DW.WO of legal tenders are shown by the
statement tohave been withdrawn during
the week , with a decrease of over H.iW.WW
This Is depressing to Interests hitherto
confident that no such hoarding as marked
the panic time of US3 would now be known
borne of these disappointed ones are trying
to whistle their courage up with assurances
that withdrawals represent only further
Hhlpmcnts of currency weat to l > used in
moving crops. TJIS la specious. It IB hardly
correct.
Slnco the bank statement was Issued , nt
noon today , I have conversed with half a
Bcore of the most prominent bankers In the
city , l.ach one Is recognized IIH an author
ity. In every case where there has been a
candid expression of opinion , a frank review
of the sllu.illon. it ( admitted that the big
withdrawals of the week hnvu small consc-
quenco compared with the illtponltlon now
huddenly de\\ltped. nnd developed In unex
pected quarters , to hoard gold. Some of the
Instance * told to mo confidentially are
amazing. Hero IK an example which , with
out names , can be cited an a fair Illustration
of what U going on ;
A New York lawyer of national reputation
called thin week upon the president of a
New York national bank Becking advice ;
nnd. briefly. IhU U what ho said : '
' Tlii'ro lia.s come Into my hands J75.000
bclontlntr to my nlftci-o. It Is nil they have
In thu world. Now. how can I put It where
It will bo Bufe ? Jf It were my own money I
Couldn't -worry , but the fact that U la not
mm
.
KJ Lli'7. iVttXV" * CvJvJX ' Tfc'kJ'VW 'T * *
II Jl L iHtei
.
* "V
iJi r = * V. - . * * IgC
. . .4
* * * * .m i7 i
FROM nARPER'S WEEKLY. COI'YRIG.'UT ' , 180GBY HARPER & BROTHERS.
WILLIE IN WONDER-LAND. '
WHEAT JUMPS UP AND SILVER DOWN. CAN TH1S''BE ' ' * " THE > ' - ' I. ENEMIES' . . --U. u. . . . COUNTRY ?
my own money and that. It Involves so much
for women who know nothing of business
makes me timid. I don't want to put It Into
n bank. If Itryan Is elected banks will fall.
I don't want to buy Kovernment UOiuli. If
Ilryan Is elected Rovcrnmcnt bonds will be
paid In M-cent dollars ; and I have concluded
now that It Is my duty to convert the en
tire amount Into Rold , nail It up In a box
and lock It away In a vault. This seem ? a
cowardly thing to do , but I hardly dare do
anything else. I am ashamed of myself ,
but the more I consider the matter the more
confused nnd worried I am. "
FI3AH WITHOUT 1U3ASON.
"Hut , " Interposed the bank president , "do
you really think that there la any danger
of lirynn belnpr elected ? "
"No ; I don't believe them Is the slightest
danger of it not the slightest. Hut this
money Is not my own , you know , nnd that's
what makes me timid. "
Other Instances of which 1 have Informa
tion ut llrst hand present equally queer
phases of mental make-ups ; and however
much there may bo denials. It can be de
pended upon as beyond all question that
there has suddenly arisen n hoarding move
ment which IB reaching to proportions
which nobody has anticipated.
Hear BpeeulatorK affect to be much con
cerned over this. They sco In It , they
claim , Influence ! ) which are likely to pre
cipitate n Wall street smash before election
day.This
This expectation Is not shared by any
cool-beaded man In Wall street. It is cer
tain that every art of manipulation will be
used by professional speculators to bring
about such n smash , but outside of the
tendency to hoard and lock up money ,
there Is not a single bad factor In the Ilium-
clal situation. The government trensury Is
snug. Thn banks of the country have not
been In ea strong a position as they now
occupy for moro tluin a year. Our export
movement Is reaching to figures unparal
leled. International balances of trade nre
all In our favor , nnd tremendously so. For
eign gold Is coming this way In a steady
stream. It Is coming In large volumes. It
Is coming naturally. It comes because
Europe awes 1C to us. Heforo this gold Im
port movement Is stopped wo shall com
mand moro than the JIOO.OOO.CKKC. which
sounded llko nn extravagant prediction
only n few weeks ago. Tncso gold Imports ,
In conservative circles , are recognized as
of themselves nn ample offset to all the
hoarding that Is going on or that can go on.
Then we have only n dozen business days
left before election day Is .here. Wonderful
things will have to bo accomplished by bear
speculators to manipulate a panic In Wall
street within that brief period. The great
big obstacle to bear aggressiveness Is the
tonic Influence of what Is going on In the
grain market. With wheat Jumping from
around DO cents to 75 conta a bushel , nivl
every Inert-use In price" accompanied by In-
ciroso In demand , and with wheat every
other American production , It requires
pcnlus to discover any reason for un'iappl-
ness or uneasiness upon the part of the
people who prollt from the world's depend
ence upon American commodities and Amer
ican markets.
STUONO DKMAND FOIl I HON.
One of the pltrnltlcant developments of the
week appears In the fuel that there Is aris
ing a strong demand abroad for American
Iron , both In crude form nnd finished prod
ucts. Hearing on this the Knglneerlng and
MlnlngtJournal a recognized authority In
dicates that this demand will probably lend
to heavy exportation. A significant Item In
thn Journal's current review today says ;
"There Is quite n movement In the way of
exporting steel nnlls , wlro and some other
steel to Germany. It hue attained such
proportions that It Is snld the German mak
ers are reducing prices to shut out the
American goods. A story Is going around
that an Ohio mill , which had obtained an
older for MCOO legs : ofwire nails for Japan ,
had procured the tttecl at a considerable re
duction from pool prices , thereby much dis
turbing the equanimity of tie combine. All
export nrrangements have been disturbed
by the rl < so In ocean freights ) , nnd the actual
difficulty In obtaining shipping room , all
the available tonnage being taken for grain
In consequenceof the heavy demand abroad.
HxuortH are noted from Ibis port of about
1.500 tons of fciro manganese , and It Is said
about the sumo quantity has gone from
Baltimore. That such shipments can be
made at present rates of ocean freights
shows the amount of profit there mutt be. In
the manufacture. "
A sensational break In Tobacco Trust
stock provoked n good deal of attention
today. The stuff has been bulled by u
group of Bhort-wnUted speculators who ,
In Addition to trying to boost Tobacco
Trust Block , have tied themselves up with
a heavy load of Sugar Trust stock. They
have been counting upon the co-operation
of certain millionaires on the Inside of
both properties. The millionaires have been
shy. Now , pool loans ura maturing nnd
theio Bccmi ) no recourse but that rash
trmlera shall pay penalties.
Wo nro sure to hnvu n ragged money mar
ket for the next two weeks oiv thin particu
lar kind of atuff. Kven when there Is a
glut of ready money bankers nro shy about
making advances on uuch dynamite stockn.
The break In Tobacco nearly refiecU what
U natural. Tht American Tobacco com
pany Is- making money , has un enormous
and growing trnde , but Its Wnll street
end Is shameless.
In Sugar trust the situation Is not much
different , and It will be almost u miracle If
the natural forces working ngnlnat such
trust stocks do not knock them down con
siderably below , present prices. Observero
of the market will not , of course , be preju
diced In their opinions as to the general
market by what such risky things as Sugar
trust nnd Tobacco trust may do.
With Mr. SleKlnlcy elected all the
hoarded gold will come pouring out. What
Is timidity now will bo enthusiasm in No
vember. Any croaking and liquidation be
fore election day will , with n victory for
honest finance a fortnight hence , bo re
membered only ns a bad dream , In which
there was never reason or substance.
H. AM.AWAY.
CIIICACO CK.VI.N AMI I'HO VISIONS.
Feu In rex of ( lie Trmlluu and CloNliiK
PrleeH nil Hiilurdiiy
CHICAGO , Oct. 17. The price of Decem
ber wheat c'osed today nt nn advance of
exactly 3 > ic over yesterday's llnal figures.
The bulge was directly attributable to the
strong foreign market * and was accom
panied by scenes of excitement seldom
witnessed on the floor. Corn and oals
followed In the wake of wheat , advancing
Ic nnd y c respectively. Provisions were
nlEO strong , and closed from 13c to Si ic
higher.
The seml-cxcltcd state of the wheat mar
ket at > yesterday's session was coming
to n close was Increased this morning Into
a fairly good specimen of general iilatm.
7.1 at leaf was well grounded , as It turns
out. There was not a single bushel to be
had for less than lc advance on ycster-
day'8 closing prices , very little at under
74c , or lite higher than It closed nt yester
day for December delivery. The rcnion for
such a sudden and material rise , follo.s-
Ing the big jump of the previous day , stud :
clear out from the oltlclnl bulletin boards.
The foreign markets led In the scramble ,
Just as they did on the day before. T.io
public dt.spatch from I/.ver eel quoted nn
advance there over night of 2V4d per cental ,
which Is the equivalent of 3u per bushel.
Private cablegrams reported Liverpool and
London wheat markets excited nt the ad
vance already named at the former , and
at 7 > ,4d per quarter rise for cargoes at the
latter place. New York wired that for
eigners were active buyers there and
claimed that 175 boatloads equal to 1,400 ( KO
bu. were taken thcro and nt our ports
yesterday. With that for u starter , the
top prices bid lor December at the opening
were from 73V4c to 7-lc , against 724c ! at the
end of yesterday's Besslon. The cro.Nd
had scarcely got accustomed to 74c wheat
when further dispatches of an exciting
character xtarted them again , and the
price rose to 74Tic. A 8.m Kranclsco mes
sage said tnat two more steamer cargoes
of wheat had been taken for India , and
that Inquiries were now being made for
sailing vessels to take wheat to the same
destination. The significance of the lat
ter point In the dispatch was the Indica
tion it gave of the expected long continu
ance of the Indian requirements. On top
of all that n private cablegram reported
the Herlln market excited and G marks
higher , that being equivalent to 3'/Bc per
bu. It Is no wonder that speculators
scrambled for wheat. And they did. * There
was simply no bear news of any kind , ami
Iho only chance the anxious shorts had
was when a speculator , satisfied -with the
profit In tight , put this line on the market.
Tftero was plenty of this done , but every
thing was grabbed nt , and the price never
stopped advancing till 7i5'/te had been scored ,
exactly 4e above yesterday's c'o-lng. Here
the realizing Increased , and was Hufllclent
to break the price of December to 73Tie
nt the close. Itoutlno statistical news re
ceived no attention.
AH In wheat so It was In corn. Foreigners
bought It In largo quantities , The seaboard
reported rales for export today of CCO.OOO
bu. , and the demand here liken IHO was
good. Nothing but the Influence of the
huge crop In tills country and the gen
erally good reports from Argentina and
the Unnublun countries keeps corn from
sharing to n larger extent In the great boom
In wheat. As It was , the prices advanced
lo per bu. May was wanted at Ma at the
opening , a % o ndvnnce. It did not neK
at less than 27c , and was very strong
near the closu at .KJ > , o.
Oats Him red In the general strength and
enjoyed a comparatively large trade , clou
Ing at about the high point of the fvsslon
There was liberal selling by tnulert
anxious to take profits. May opened nt
from 21Wo to 21Hc , nn advance of Uo , and
gradually sold up to 22c. That was about
the closing price.
. Provisions , which on tbo day showed the
only rcHlHtunco to the general advance In
prices , fell Into line today , and made sub
stantial gains. Packers were good buyorH
and Hpeculalors were encouraged by higher
IIOK prices and the bulge in grain. Clos
ing prices were clo o to the top. January
pork closed KHc higher ut IS. 10. January
lard IDo hjrher. at from J4.C2J4 to H.65.
January rlba 17ftc higher , at from J3.97W
to it ,
Estimated receipts for Monday ; 'Wheat ,
HS5 cars ; corn , ( CO curs ; oats , 073 cars ; hoes ,
42,000 head.
The leading futures ranged ns folloun :
I
I
Cnth auolnllons ucrc un fiillo\\ :
riJOUIl Hard EprlMK patentM quotable nt 13.70
ill. 15 , Inood ; winter patents , t3.MfT3.SO :
rtraislita , t3.20Jf3.ffl : fprlns rpeelals. > 3.Min.lO ;
r rlng patents. J3.S003.fO ; MralghtB , I3.tiCQ3.30 ;
Lakers. I2.S032.SO.
\VIIlJ\T-No. 2 rprlng. 74T4c ; No. 3 curing ,
C7"/jai.'JiJ ; No. 2 nil , 77UC77 ? c.
i on : : NO. 2 , : s ? < .
OATS-NO. 2 , ire. No. 2 hitc , iiuesiic.
UYi : No. 2. J3 110.
\XRI'iD No. 1. 7C14J77c.
T1MOT1IV Sii3n : 1'rline. 52.CO
I'llOVlSIONS MUB l > oik. iicr bid. , J7.15tt7.20.
per 100 Hi * . . t4.32'i ' < T4.33. Short ribs si lea
Mif.- ) . J3.70fiS.W.
WHISKY Distillers' finished gooJn , i.cr gnl. .
fl.is.
The follow Ins were the receipt * and shipments
toilny :
On thol'ra Ui2j otc'ii'i-'i tolivtln b.ittor mar
ket w.is tlr.iii crc.iincrv. 'J'jlrtc : tt.ilry. ' . )
I Ho , K.H , llrin ; fresh. 10o. Cheosj , firm ;
O.MAIIA MVP. STOCK MAUKI3T.
l.lKliteNt Itiin of Cattle at tin * I.oeal
VafilN In n .Milnth.
SATURDAY , Oct. 18.
Receipts for the days Indicated were :
Cattle. Hogs. Sheep. Horses.
October 17 1,309 3,013 3,476 1
October IS 1.S3G 3,120 4.2UO 23
October 15 3.S07 4.7G2 1,847 . . . .
October 14 3,0ol 4.202 4.1 . . . .
October 13 3 IMS 3liC ! 1,407
October 12 4.3S3 C02 3.3JS 52
October 10 2.772 3.C42 41
October 0 2HO 4013 23
October S ilt91 * 'V-J7 3 027 '
October 7 v.rs.797 3.214 1.413 70
The official number of cars of slock
brought In todliy'by ' each road was :
Cattle. Hogs. Sheep. Il'r'a.
O. & St. L. Ry.vr. . 2 1 . . . .
Missouri Pacific Ily. . 7 1 . . . .
Union 1'aclllo * y tum 1 5 15 1
H. & M. It. It. U. . . . . 37 13
C. , H. & Q. Il&tCl. . . . 9
C. , II. I. & I' . Hy. , e. . . . 2
C. , St. P. , M. fi0. Ity . . G
p. , E. & M. vijaj. n. . j ; 10 . .
Total reccltits"/ . " . . K ! 49 13 1
The dlsposlUp jfjof the day'a receipts
as follown , , each buyer purchasing the num- i
bcr of bend liiflln ed :
lluyers. KM , Cattle. < Hogs. Sheep.
Omiilm Packlmr , ir. 1C
a. H. Hammond ; -j : co 1,039 009
Swift and Comp ' ' $ - 333 1,031 2Sfi7
Cudahy Packliis'.Pp. ' 259 1,000
It , Decker & 0ttnin 210
Cudahy Bros , CQ.T.K. C , ,
Other buyers TUr.Jy , , 123 48
Left over Y.f".t ( .100 ICO
Total V. l SU 3.209 4,221
CATTLK-Tho Irecelpts of cattle were
light again today , only 1,309 bolus reported
In , ns against. 1,538 yeotorduy nnd 2,772 on
Saturday of last week. Today's run , with
ono exception , was the lightest of thu
month. Of the cattle received 178 head
were consigned dliect to packers , and were
not offered on the -market.
As usual on a Saturday the trade WIIH
featureless , and thcro la very little of In-
terent to gay regarding It. Valuer , did not
show any material change , tno cattle Bull-
Ins In about the same notch ns yesterday.
Them was onp bur.oh nt corn-fed native
steers , averaging 1,211) ) Ills. , which brought
tl.20. whllo ( mile a Hiring of westerns sold
to the killers at J.1.30 ana S3.40.
About Kcvon loads 01 cows nnd hclfors
were offered and sold readily at fully
steady prices. The offerings consisted
largely of western cows , two good nixed
buncheu bringing 52.40 and (2.45.
Good Block cattle and feeders were In
limited supply and the trade was soon
over with.
Good cattle of all kind * were In very fulr
demand , nnd the offerings ot Much nil sold
early.
The cattle market of the past week has
not been all that could be desired and yet
It has been In prctly fair shnpe on most
days. It has been one of those Indifferent
sort of markets , devoid of that snap nnd
life which Is always pleasing to the Keller.
This condition of the market has been due
largely to the fact that common kinds of
cattle have predominated , whllo really good
cattle of all Itlnd.i have been Hcarce. The
supply of beef cattle has fallen f.ir below
the demands of buyers nnd good corn-fed
ulcers , ns well as western grnbsers , have
Bold well and at steady prices , while the
common kinds of wcstc run have been weak.
Good cows and hclfeis have ruled sliong
and at the close are a little higher than
nt the opening of the week. Veal calves ,
bulls , etc. , have shown very little change.
Stockcra and feeders have sold freely all
the week , but values were hardly no strong
as they worn during the previous week.
1IOOH The neck clcceJ with a moderate run
of lintta , 2.S24 head lielng repotted In the > arils ,
as nKulnut 3.120 > t Etrnlny unit 3.C42 on KaUnda )
Vf last week , utnn Hie smallest run of the
v.ctk , excepting only Monday.
Tim early inniket was decidedly lntiio , fuv.n
of the tcllern. llic' truile tpoiilnc Co hlcliT un
'JiMral.le Klmlx , The demand \VIIK Roo.l and Hie
Kient built of nil the lingn clmnued hunils rally.
TowiirJ HIP close llie trade \\takcnul and closed
\\lth the ntlvancc lout.
Heavy IICKS col < l all the uny from J1.1S up lo
J3.30 , but the bulk of-the IIORH. nxernulliK ZOO
Ibs. and nboic , Mild nt JJ 15&3.20. The lTt
Us it Ioml8 HOl.l at < 3.3033.3T , the top being So
lilRhcr Hum yesterday.
The licg market of tlio past week Ims liren
In very fair condition , the demand being good
anilnlues hUh , an compared -Alt : ) the p.ut
few iiionlhn. The week opened at nn mUnncc
and \aluen tended steadily upward on Tuexdny
and Wcdncflday , the hlKli point of the week
I elm : touched on Wednesday. The average price-
paid for all the hess nn Hint day W.IH J3.3I. the
IdKhert n\erase of nny dny Flnce May C. On
Thurixlny the market broke lOiTlSe. but recovered
n little on the tno days following , the neck
clojlntrcry little better thnn U opened. |
' Hlilll' T'in rfCClptH of sheen were liberal and
the demand good , ult.i closing linn ,
WIIBAT IS STHOX < f IX I.OMOX.
Influenced liy llic Ailvnnee In America
mill llic Drouth In India.
LONDON , Oct. 18. The weather bus been
"wet during the past week. Tlio grain mar
ket , which has been firm throughout , Is now
strong and rather excited , Influenced by Ibo
continuous advance In the price of wheat
In America , the drouth In India and Aus
tralia , and purchases reported thence at
San Francisco. There la very little offerIng -
Ing now. On the week , whllo whllo wheat
was Ss to 4s and red , 2s to 3s dearer. Cali
fornia steamer wheat. October , loading for
Calcutta , v > as sold at 32s Cd to 33s and Octo
ber and November wau held at 32s.Valla
Walla. October and November , sold at
32s Cd , and northern November and Decem
ber wan sold nt 32d. Parcels were active at
2C-I advance. Flour was strong at Is to 2s
advance.
Mnlzo was about Is up. Mixed American
January and February wan quoted at
15s Cd to Ifi < 9d sellers. Parcels were In good
demand. December parcels were quoted at
ICs sellers.
In barley there wore largo English de
liveries of low grades at barely steady
prices. Fine bailey fetched full rates.
OatH was Dd IB up. Clipped American
oatH , November and December delivery ,
sold at 14s fld.
SnlcM of Wool lii London.
LONDON. Oct. 18 During the series of
wool sales just closed 237,000 bales were sold ,
B1.SW ) bales withdrawn , rind 50,000 bales , In
cluding S.I03 bates Capo of Ciood Hope and
Nutiil , were carried forward. The borne
trade bought 137,000 bales , the continent
1CO.COO bales Including 4.V ) bales taken by
Hussla , nnd America 7.000 bales.
Following arc the imports during the
ueek : New South Wales , 1 , 33 bn.lt > * ; Vic-
torla , 2.KS7 bales ; Soulh Australia , 1,524
hales ; Cape of Good Hope and Natal , W.I
bales ; Singapore , 1,032 bales ; ICnHt India ,
610 bales ; France. 24 bales ; Germany , 18
bales : Jamaica , 27 bales : United States ,
31 bafcx ; a lota ) of 8317 bales.
The arrivals to date for the next series nro
ns follows : New South Wtiles , CSOO bales ;
Queensland , ( i.051 bales ; Victoria , C.010 bales ;
Kouth Australia , 1,475 bales : West Australia.
1 001 bales : Tasmania , 45 bales ; Capo of Good
Hopn and Ntlal , , IU92 bales ; total , 2U.GUJ
bales , Including 6(00 hales sent direct.
London HloeU MnrUel Uiixetllcil.
LONDON , Ocl. 18. The Slock exchange
has experienced another dcproscd and un
settled week. Thn settlement was completed
without actual fallureH , but much wcakncm
wax discovered , moro especially In the Afri
can , and the big bonnes which have been
helping weak operators are beginning to
lone patience. The depression was largely
duo to the heavy sales ordered from Paris.
All Investments continue on the down
grade. Humor * slnco olllelnlly denied , that
the Ottoman bank decided to cull un more
capital cauiied u heavy fall In Turkish
stocks , while all foreign Bfcurltlea were
flat on the threatening aupcct of the eastern
question.
PROPOSED
CONSTITUTIONAL
AMENDMENTS
The following proponed amendments to the
Constitution oJ the Slate of Nebraska , us
hcrnlnnftcr set forth In full , nro submitted
to the electors of the Stnto of Nebraska , to
bo voted upon nt the general election to ba
held Tuesday , November 3 , A. 1) 1S98 :
A Joint resolution proposing to amend
sections two (2) ( ) . four (0 , nnd five ( , ' ) . of
article six (0) ( ) of the Constitution of the
Stnto of Nebraska , relating to number of
judges of the supreme court and their term
of onico.
Ho It resolved nnd enacted by the Lotto ,
laturo of the State of Nebraska :
SJeetlou 1. That section two CJ ) of article
sl\ ( G ) of the Constitution of the .State of
Nebinpka be amended so as to read us fol
low a :
Section 2. The supreme court shall until
otberwl.se provided by law , consist of llvo
(5) ) judges , a majoilty of whom shall bo
necessaiy to form a quorum or to pro
nounce a decision. It shall have oitglnal
jurisdiction In cases relating to revenue ,
civil cases In which the state shall be u
party , mandamus , quo warranto , habeas
Corpus , and such appellate jurisdiction , as
may bo provided by law.
Section 2. That section four ( < ) of nrtlclo
six (6) ( ) of the Constitution of the Htate of
Nebraska , bo amended so as to read ns fol
lows :
Section 4 The Judges of the supreme
court shall bo elected by the electors of
the state nt large , and their term of olVIco ,
except an hereinafter provided , shall bo for
a period of nnt less than llvo (5) ( ) years us
the legislature may prescribe
Section 3 That nettlon live ( M of nrtlclo
six ( C ) of the Constitution of the State of
Nebraska , bo amended to read as follows :
Section 5. At the Hist coneral election to
bo held In the year KM. there shall In
flected two Judged of the supreme court
one of whom shall be elected for a term of
two (2) ( ) years , one for the term of four m
years , nnd nt each general election there
after , there shall bo elected one Judge of
the supreme court for the term of live (5) ( )
ycnrs , unless otherwise provided by law ;
Provided , That the Judges of the supreme
court whose terms have not expired at the
time of holding the general election of isifl ,
Bhall continue to bold their olllce for the
remainder of the term for which they
were respectively commissioned.
Approved March 20 , A. U. 1S03.
A joint resolution proposing nn amend
ment to section thirteen (13) ( ) of article six
of the Constitution of the State of Nebraska ,
relating to compensation of supreme and
district court Judges.
Ho It resolved by the Legislature of the
State of Nebraska :
Section 1. That section thirteen (1.1) ) of
article six ( G ) of the Constitution of the'
State of Nebraska bo amended so as to
read ns follows :
Sec. 13. The Judges of the supreme nnd
dlstilct courtH shall receive for their ser
vices such compensation as may be pro
vided by law , payable quartet ly.
The legislature shall it Its first session
after the adoption of IhU amendment ,
three-fifths of the meters elected to
each house concurring ntnhllsh their
compensation. The compensation co es
tablished shall not be chanit.o ? ir.ncr than
once In four yenr.s and In n aveu ? unless
two-thlrdu of thn members cKotcd t . each
house of the legislature cnncm therein.
Approved March JO. A. 11 ISO. *
A Joint resolution proponing to amend
section twenty-four (21) ( ) of nrllcft flvo (5) ( )
of the Constitution of the Plate of Nebraska ,
relating to compensation of the officers ot the
executive department.
Uo It resolved and enacted by the Legis
lature of the State of Nebraska :
Section 1. That section twenty-four (20 (
of article five ( r > ) of the Constitution of
the State of Nebraska be amended to rend
as follows :
Section 21. The officer * of the executive
department of the state government shall
recelvo for their services u compensation
to be established by law. which shall bo
neither Increased nor diminished during
the term for which they shall have been
commissioned nnd they shall not receive
to their own use any fees , costn , Interests ,
upon public moneys In their bnnda or
under their control , peiqulsltea of olllco or
other compensation , and nil fees that may
hereafter be payable by law for services
performed by an ofllcT pcjivldrc ] for In
tliU "I" shall be pnld In ndvnnco Into
the state treasury. Thn legislature shall
at Its first session after the adoption ot
this amendment , three-fifths of the mem
bers elected to each house of the legisla
ture concurring , establish the salaries of
the otllccr.s named In this article. The
compensation so established tilmll not Lc
changed oftcner than once In four ycar.i
and In no event unless two-thirds of the
members elected to each house of the leg
islature concur therein.
Approved March 20. A. I ) . ISM.
A joint resolution proposing to amend
section one ( I ) ot article lx (6) ( ) ot the Con
stitution of the State of Nebraska , relating
to judicial power.
Be It resolved nnd enacted by the Legis
lature of the State of Nebraska :
Section I. That section one (1) ) of nrtlclo
filx ( C ) of the Constitution of the State of
Nebraska bo amended to read as follows :
Section 1. The judicial power of this mate
shall be vested In a supreme court , dis
trict courts , county courts , Justices of the
peace , police ma latrates. mid In such
other courts Inferior to the supreme court
as may bo created by law In which two-
thirds of the members elected to each house
concur.
Approved March 2J , A. D. IS35.
" A joint resolution proposing to amend sec-
lion eleven (11) ( ) of article blx ( C ) _ of the
Constitution ot tuo State of Nebraska , re
lating to Increase In number ot supreme
and district court judges.
Do It resolved nnd enacted by the Leg
islature of the State of Nebraska :
Section 1. That tectlon eleven ( U ) of arti
cle six ( G ) of the Constitution ot the State
of Nebraska bo amended to read na fol-
Sec'tlon H The legislature , whenever two-
thirds of the mcmbfiB elcctid to each house
shall concur therein , may. in or after trie
year one thousand eight hundred and
ninety-seven and not oftener than once In
every four years. Increase the number of
ludges of supreme and district courts , and
the Judicial districts of the state. Such
Jlstricts shall ho formed of compact terri
tory , and bounded by county lines ; nod
sucn Increase , or any change In the
boundaries of a district , shall not vacate
the olllce of any Judge.
Approved March 20. A. D. , 1Kb.
A joint resolution proposing to amend
suction six ( C ) ot article one (1) ( ) of the Con
stitution of the State of Nebraska , relating
to trial by Jury.
He It resolved and. enacted by the Leg.
Islaturo of the State of Nebraska :
Section 1. That section xlx ( G ) . article ona
(1) ( ) of the Constitution of the State of Ne
braska bo amended to read as follovys :
Section G. The right of trial by Jury shall
remain Inviolate , but the legislature may
provide that In civil actions five-sixths of
the Jury may render a verdict , and the
legislature by also authorize trial by u
Jury of a less number than twelve men ,
In courts Infe lor to the district court.
Approved March 20. A. I ) . , lS3i
I I
A joint resolution proposing to amend
section one (1) ( ) of article flvo (5) ( ) of the Con
stitution of Nebraska , relating to oltlccrs of
the executive department.
IJo It resolved and enacted by the Leg
islature of the Sluto of Nebraska :
-Section 1. That section one ( I ) of article
five (5) ( ) of the Constitution of the State
of Nebraska bo nmumled to read as fol-
"scctlon 1. The executive department shall
consist of a eovernor. lieutenant governor ,
secretary of mute , auditor of public ac.
counts , treasurer , hupcrlnlcndent of public
Instruction , attorney Benonil. commissioner
ot public lunds and buildings , and three
railroad commlasloncrs , each of whom , ex
cept the said railroad commissioners , shall
hold his olllco for u term of two years ,
from the first Thursday after the first
Tuesday In January , after his election ,
nnd until his successor la elected nnd quail-
tied. Kncli railroad commissioner shall
hold his olllco for u term of three years ,
beginning on the first Thursday after the
llrst Tuesday In January nftcr his election ,
nnd until hlu uscct-ssor Is elected nnd quali
fied ; 1'rovlded. how over. That at the first
general election held utter the adoption
of this amendment there shall bo elected
three railroad commissioners , ono for the
period of ono year , one for the period of
two years , and ono for the period of thrco
years. The governor , secretary of state ,
auditor of public accounts , nnd treasurer
Bhall reside nt the capital during their
term of olRco ; they shall keep the publlo
records , books and papers there , and shall
perform such duties as may bo required by
Approved March 0 , A. D. , 1S03.
A. joint rojolutlnn proponing to amend icc >
( Ion twenty-six (20) ( ) ot nrtlclo flvo (5) ( ) of th
Constitution nt ( he Stnto of Ncbnukn , limit ,
lug the number of executive state officers.
He It resolved and enacted by the I.eo
Islaturc of the Hintr. of Nebraska :
Section 1 That Hoellnn twenty-sis (26) ( ) of
nrilolo lite if , ) of the Constitution of the
Htiitp of Nebraska be amended to 'rend na
Hecllon M. No oilier executive ntnto ofH-
CIM o\ftpt these named In suction ono ( I )
of this nrtlclo tdm'l ' be created , except by
an act of the leglslatuio which Is con
curred In by not ICS.M than three-fourths
of the members elected to each house
theleof :
Provided , That any ofllce created by nn
net of the Ifglsluturo may bo abolished by
the legislature , two-thirds of the member *
elected to each house thereof concurring.
Approved March SO , A. U. , IS',0.
A joint resolution proposing to amend
cctlon nine (9) ( of article eight ( S ) of the
Constitution ot the Stnto of Nebraska , pro
viding for the Investment of the permanent
educational funds et the state.
Ito It rcnolvrd and enacted by the leg
islature of the State of NebrnsKa :
Sect Ion 1. That section nine (10 ( of nrtlcl *
fight tS ) of the Constitution of the State
of Nebraska bo amended to read ns fol
lows :
boetjon ! > All funds belonging to the slnto
ror educational puiposes , the Interest niul
ncomo whereof only are to be used , shall
"P deemed tiusl funds held by the state.
2r Blutl < Hlm" supply all losses there
of that may In any manner nccrue , so that
J'Vi ' ? ! ! ' r1' ' , " , " , ro' ln forever Invlolato
and .
umllmlnuhcd. nml slml | not , , ln.
\ested or loaned except on United States
or state securities , or registered county
! ? ro.RltU'r < V' ' ehool dlHtilct bonds
. . ,
.1 i
of thli Htate. and such funds , with the
Interest and Income thereof nre hereby
solemnly pledged for the purposes for
w'hlch they nro grnnted and set apart , and
ehnll not bo transferred to any other fund
for other vises ;
Provided , The board created by section
I of this article Is empowered to sell from
time to time any of the securities belong
ing to the permanent nchool fund nnd In
vest .tho proceeds arising therefrom In any
of the securities enumerated In this sec
tion bearing n Higher rate of Intercut.
whenever nn opportunity for better Invest
ment Is presented :
And provided further. That when any
warrant upon the slate treasurer regu
larly Issued In pursuance of nn appropria
tion by the legislature and secured by the
levy of a lax for Its payment , shall bo
presented to the state treasurer for pay
ment. nnd there shall not bo any money
In the proper fund to pay such warrant.
the board created by section 1 of this arti
cle may dliect the stale treasurer to pay
' " " ! 11",1 , 0lp ! V" "cb warrant from
In his
s hands belonging to the iicr-
, i , runa ° r tl10 8tnlp"i ' ho
shall hold said
warrant as an Investment
of said permanent school fund.
Approved March 29 , A. D. , H05.
A Joint resolution proposing nn amend
ment to the Constitution of the Stnto ot
Nebraska by adding n now section to nrtlclo
twelve (12) ( ) of said constitution , to bo num
bered section two (2) ( ) , rclntlvo to the mere-
Ing of the government of cities ot the
metropolitan class nnd the government of
the counties wherein such cities nro lo
cated.
He It resolved ard enacted by the Leg
islature of the State of Nebraska :
Section 1. That nrtlclo twelve (12) ) of tin
Constitution of thn State of Nebraska bo
amended by adding to said nrtlclo a new
section to he numbered section two (2) ( ) , to
rend as follows :
Section 2. The government of any city ot
the metropolitan class and the government
of the county In which It Is located may bo
merged wholly or In part when n proposi
tion bo to do has been submitted by au
thority of law to the voters of such city
and county and received the assent of n
majority of the votes cast In such city ana
also n majority of the votes cast In th
county exclusive of those cast In sue ! )
metropolitan city nt such election.
Approved March 20. A. D. . 1S03.
A Joint resolution proposing nn amendment
to section six ( C ) of article seven (7) ( ) of the
Constitution of the State of Nebraska , pre
scribing the manner In which votes shall
bo cnst ,
IJe It resolved nnd enacted by the Leg
islature of thn Slain of Nebraska :
Section 1. That section six ( G ) of nrtlclu
Ecvcn (7) ( ) of the Constitution of the Stnto
of Nebraska bo amended to rend as fol
lows :
Section C. All votes shall be by ballot , or
such other method ns may bo prescribed
by law , provided the seciecy of voting b
preserved.
Approved March 29 , A. D. , 1S05.
A joint resolution proposing to amcnfl
section two (2) ( ) of article fourteen (14) ( ) of th
Constitution of the State of Nebraska , rela
tive to donations to works of Internal Im
provement and manufactories.
Re It resolved and enacted by the Lecls-
laturo of the State of Nebraska :
Section 1. That section two (2) ( ) of artlnta
fourteen HO of the Constitution of the
State of Nebraska , bo amended to rend as
follows :
Section Z No city , county , town , precinct ,
municipality or other .subdivision of tbo
state , shall ever make donations to any
\\crks of Internal Improvement , or manu
factory , unless a proposition so to do shall
have been llrst submitted to thn qualified
electors nnd ratified by it two-thirds vole
at an election by authority of law ; Pro
vided , That such donations of a county
with the donations of such subdivisions In
the aggregate shall not exceed ten per cent
of the assessed valuation of such county ;
Provided , further. That any city or county
may , by a three-fourths vote Increase such
Indebtedness llvo per cent , In addition to
such ten ner cent and no bonds or ovl- .
deuces of Indebtedness so Issued shall bi
valid unless the same Hhnll have endorsed
thereon a certificate signed by the oecre-
lary and auditor of state , showing that
the same Is Issued pursuant to law.
Approved March 20 , A. D. , 1S05.
I , J. A. Piper , secretary ot state of the
state of Nebraska , do hereby certify that
the foregoing pioposcd amendments to the
Constitution of the State of Nebraska artt
true and correct copies of the original en
rolled nnd engrossed bills , as passed by the
Twenty- four th session of the legislature of
the State ot Nebraska , as appears from
said original bills on file In this oHlce. ana
that all and each of said proposed amend
ments are submitted to the qualified voters
of the state of Nebraska for their adoption
or rejection the general election to ba
held on Tuesday , the 3d day of November ,
A. D. . 1SOG.
In testimony whereof , I have thereunto
set my hand and afllxcd the Great seal of
the state ot Nebraska.
Done at Lincoln , this 17th day of July , In
the year of our Lord , Ono Thousand Eight
Hundred and Ninety-six , of the Independ
ence of the United States the Ono Hundred
and Twenty-first , and of tula state tb
Thirtieth.
Seal. ) J. A. PIPKR ,
Secretary of State-
4uc 1 ntoNov3 morn oulv.
For Reliable Political News
And to keep informed
Of the progress of the '
Presidential campaign /
You must
Read The Oce
Every day.
JAMES E. BOYD & CO
Telephone 1030. Omaha , Neb.
COMMISSION
GRAIN : PROVISIONS : AND : ST03X3
. . . , , Hoard it Trail * .
JV.foct wlrn to CiiiLiKD nnJ Nw York. ' "
John A. Warrtn AC * '
WHEAT BOOMING
and never offered n bill r opportunity for male *
lau money , Wrltu i ; . H. Murray & Co. *
Hanker * & Ilrokem. I'l'l Itlalto Uldg , , C.ilcato ,
memliem nf thu ChUaico Hoard of Trudn In Kooj
tamlliiK. fur their book on Ktullttlcii und Bpucu *
lulho Information , unit Dully Market Letter.
r > oth frei > , HPHCIAI. ATTENTION ( UYJJN T0.
OUT 01T TOWN OJtDElUl. J
