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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Dec. 7, 1896)
THE OMAHA DATTAr U13 J3'IJ : OX DAT , T)18CI13MBETI ) 7 , ' 1800. EASE IN THE MONEY 1IARKE1 Henry Clews Sees Hopeful Features in tin Situation , BANKERS BUV STERLING EXPORT BILLS of lllxIriiMt In tliiNltU'NN .Mcn'i .Solvent-- U | ici-liill-.Volli-ealilp .Mcri'liniilM I'lill of Con IIH to NprliiK Triulc. NEW YORK. Dec. C. Henry Clews , lipai of the banking house of Henry Clews & Co. write * : Since our advices of last week there ha ! boon no material change In the iiHpect o nffnlrx In Wall street. We hftvn nlrcudj Indicated that , this being the closing inonil of the year when nil brani-hes of bURlnec ! nro making up their nnniial accounts nni Iir < nnrliiK for their yearly nettlcmentf" , li \vni to bo pxpcrtoil that transactions In pe > ciirltles would bo held In check and opcni' tlciin largely postponed until the oprnlnr of the new year. At t'Sio ' same time , we hiivt oxprcsned the opinion that , on the stoch irarket , there would IIP a steady Improve' jni-nt In Intrinsic conditions throughout De > ccmber , which would produce a strong'1 ! feeding and possibly some advance In prices The llrst week of thu month Is-pasHfd a nil the tendency we have fore hndowed has thus far been roallzcd. The stock marol ! lias shown a stcndy gain In conlldenre , anil buying orders 'have had ; i quick effect li ulrengthonlng value * . The feeling Is very toiilldent In favor of a more active markel nnd a higher range In prices In January nnd ? o pronounced Is thin expectation thai It would not bo surprising If the movement expected for next month should be partlj rcnllz d before the close of the. year. Ono of the most hopeful features of the Flluallon In the extreme and yet still grow ing eiiso In the money market. A more complete elmngo than that which has oc curred In respect to credits within the last four weeks could not bo Imagined. 1-roni October 31 to November 2S the loans and discounts of the New York banks Increased tl7.iWO.000 , the deposits gained J2l.2W.OOi ) nnd the surplus reserve has risen JU.IOJ.OOO. The bnnks appear to have almost exhausted tin ; Htipply of discountable paper , and the rates on tlmo loans against collaterals have fallen to figures which Imply that the- banks ex- 7 > eet the rate to remain exceptionally low for several months to come. The local rate of Interest Indeed has fallen below that ol London , nnd with some very unusual re- milts. Hankers here have bought sterling uxport bills , to nn amount estimated high In the millions , In order to get the advantage of this difference between the London nnd New York rates nnd In the hope of getting the higher rate of exchange which may be expected sixty to ninety nays hence. IN' KKFKCT A LOAN TO LONDON . Virtually these operations constitute n loan to London. They t'revont the Influx of gold here which would arise If the bills \\cre cent forward , and they constitute n means for offfcttlng the adverse Interna tional balance which usually occurs during the early months of the year , nnd therefore will either diminish our exports of gold or . bring fold thli way In January or February nceordlnt ? to the condition of the trade liul- mcc. This movement , though common n ? lic'tweon European countries. Is almost with out precedent ns between Now York and London ; but It Is wholesome In Its effects for It prevents n derangement In the lx > n- Onn money market which could do im no Kood , but possibly harm ; and It paves two unnecessary large transfers of gold ovel the Atlantic , llrst one eastward nnd then nnolher In thn reverse direction. It Is thesp operations that account for the ctirrent rc > latlvpy | high rntos of exchange and foi Hie absence of gold Imports under n trade balance of probably JiO.OM.OOO to o.ono.ooo In our favor. These transactions Indlc.ite the strength of our present financial rcla tlcns with the rci-t of the world ; and It Is the moro remarkable that they should com" ns n part of the natural process of readjust ment growing out of the late perilous state of our currency conditions. The enso In the niomy market nnd the low rates of Interest , present and prospec tive , nrc matters of special Importance tc the country In HP present condition. In n case where btudncvs was ( minted nnd credit unduly expanded , nn easy money markel might be a questionable benefit , for It could easily develop overtrading and exces- Hlve speculation. Hut coming nftcr a gi-eal business collapse , when credit Is needed to restore Impaired capitals and to resume ? Mtspendrd operations. It then vastly facil itates the recovery of trail a nnd quickens the process. NO PHAU OP FAILURT3. Ono remarkable feature In the present business situation Is the comparative ab sence of distrust ns to the solvency of men of buslnfxs , which Is something very different from what might have been ex pected nftcr such a severe depression np has lately smitten the nation. Onn of the features of this month Is usually the ap prehension of n crop of failures ; but at present whisperings of such disasters arc wnrcely hoard. In brief , the feeling In credit circles Is a really healthy one : and this fact , coming simultaneously with nn abundance of capital seeking employment. Is a sure forerunner of n sound nnd active course of business nt large. In this connec. tlon It Is satisfactory to note that. In trade circles , the feeling Is unqualifiedly hopeful. Merchants feel no dlsnnpolntment because business has not revived Instantly upon the result of the election They knew thai any spurt In trade at the close of the sea- BOH was out of the question ; and they see enough to satisfy them that affair ? Iiuvo now entered on a phase In which n great revival of trade Is inevitable. In every branch of operations the feeling- Is that of nitlro confidence In the spring trade. This applies to nil sections of the country , nnd one looks In vain fora shadow of pessimism anywhere. Hnllroad Interests have much to hope for from this state of things. At present , returns of earnings afford little stimulus to buying their stocks nnd , excepting the promise of a dividend In Omaha , the mo ment's outlook lacks Interest. Their opera- tlons , however , must show n different as pect when an active spring trade sets In nnd their earnings nro swelled by an In crease of the higher classes of freight nnd nn addition to their passenger trnlllc , which HO materially .contribute to their net profits. It Is to be hoped that the men who made policies and laws for the nation will not Jump to the conclusion thn' , In this hope ful commercial feeling , men of business have forgotten the earnest demand for Hound money which they expressed at the late election. On the contrary , their com mercial anticipations are largely based upon the expectation that Ihn now admin istration will carry 10 completion the cur rency reconstruction which was only be- JJMII with the overthrow of free coinage. They fully expect an early encouragment to business by a revision of the tariff that will develop homo Industries. Hut thev are even moro Insistent that the gold 'basis Bhnll bo placed upon a broader foundation than hitherto , that iho treasury shall bo protected ngnlnst a recurrence of the dan gers that have beset It for the last four years , and that every dollar of our currency Hhnll bo mailo convertible Into gold beyond possibility of failure. This Is what the world expects from us nnd what wo own Hi 111 more to ourselves , and what thn mer cantile community Ix not likely to forget ; nnd It would ho a great mistake for our representatives and senators to attempt to oviide u difficult problem under the Idea that becnusa men of business nro again absorbed In profitable business this great question can bo neglected with Impunity. imoiciiiis WAirixtj roil < ; O.\GIU.S.S. ItuxliiCNH Coi-N AIiciul III Hope of n NEW YOUK , Dec. 5 , Wall street pa tiently awaits the convening of congress. DuslncHs on the Stock exchange this week 1ms. been exceedingly dull , but Interest has not been lacking. In two or three quarters special significance has been In It , Wall street has been going ahead on thn theory that 1'resldtnt Cleveland'u mes. Huge to congress will bo pacific to the ut most degree. In this belief n number of Wall street operators hnvo been quietly picking up Htocks to riplncn what they sold on the Htrength Hhowu by the market right after iilectlon. In the same belief n number of bear operators have been covering. On this account the short Interest Is materially reduced , lloth these factors have figured In the market , but both quietly. The total transactions for thn week have barely gone beyond 1,000.000 Hharen. This volume ru- IK'i'tH. of course , small transactions upon the part of any special groups of traders , Yet even upon a comparatively small scale the changes noted are of Interest , and may noon bo of Intluence. The Import bears of the Stock exchange Hi'om now largely Inclined to concentrate upon the trust stocks. Their especial tar- K et la Sugar trust. A tremendous gamn Is b eing played In that high-Hying specialty. During the coming week It Is pretty cer tain to bu moro conspicuous than any other stock speculated In. During this last week It was traded In to the extent of nearly a fifth of the exchange's total xtock transactions. Out of sixty stocks traded In forty had transactions aggregat- IIIL- lean limn the total for Sugar alone , Wall street Is crammed with points on thu stock. Hoth bulls nnd beam have abounding fairy tales to rotate. An extra rash dividend Is the chief bull reliance. 'XlilB tip Is an old friend. It haa douo ucrv- Ire nliout once every slxly dnyn for th IrtPl ten yt-arn. Homo time It may com tiuu. Too much ought not to be expectet of It , however , Just on the verge of a meet Inn of congress , where nn army of dovolet stntcnmcn are standing In line to howl a It or be cootlied. The romlng KMinlon of congress Is llkel > to bo especially Interesting for Sugar trus magnates It Is mildly Intimated In Will street that nt least twenty anti-Sugar trus bills will strut Into view Just as soon iu htiHliipflfl at the capltol begins. TIU'ST HAS EXPECTATIONS. Judged by past experiences , however , the trust has little to fear really from sucl attacks. The trust hopes to get from this congress or the next certain legislation through which to mid to Its profits. I'latif In this end have been carefully laid , am they Imvo Influential support from quarter. not hitherto friendly to the Sugar trus crowd. The trust's own purposes , there fore , render It politic tllnt the trust shal during tin congressional session at leas mnke a poor mouth. Not without bearing en this Is nn out break between the trust nnd the Arhucklcs millionaire coffro Importers. It wns nn nounced some time nf o that this Arbuckle Imd a row with the trust. They had beet large customers nnd prices didn't suit them They preferred complaints nnd the trus paid no p.ttcntlon to them. The Arbuckle. nre as rich as the Havemeyers. Hot will their grievance they announce that they wll start a refinery of their own. This wccli they began to build It. Nothing can Inter rupt their plans , they say. They will dr more than refine for themselves , they wll put n large surplus product on the marlte In direct competition with the trust. Thb does not have a pleasing round to spccu lators long on sugar trust stock. The monev market grows easier. The banks are becoming glutted with funds What Is of moro consequence Is that busl ness Interests nro getting accommodation * nt fair rates. The New York banks galnei thin week tll.MO.OO ) In deposits nnd extent their loans JD.COOOCO. It looks ns If n 114 PCI cent rate has already been established fet collateral call loans , while collateral note ? on tlmo are promptly supplied at 4 per cent Commercial paper Is dally In better demand One Chicago financial Institution has tlilf week taken New England paper throupl New York to the extent of $2,300OCO. It Is n four months , fi pur cent. It runs over t'hc ' Incoming of the new ndmlnlstratlon and the possibilities Involved In n call for tin extra se-sslon of congress. This transaction Is cs iteclally Interesting ns showing New Eng land as a borrower from Chicago. This la not nt nil according to the tenor of comment on Chicago heard usually In New Yorl banks. LONDON nORUOWS IN NEW YORK. London has become n big borrower o money here , the transactions In sterling 01 this account being so exceptional and com plex ns to make exchange market condi tions unusual. The following review of this condition Is given to me for the Chicago Tribune by the foremost banking authority Identified with the national administration "The exchanpo market continues to re- llect the peculiar conditions which have beet remarked In this column heretofore , viz. : n fairly hlnh rate In spite of the heavy tradr balance In this country , not offset by debits Incurred through other agencies. The amount of long cxc'iange otherwise de ferred pavm&ntM to us by Eurone Is vnrl- lon ly csMmntcd I'otwecn $2.OCO,000 and $10- 000.000 , and Inasmuch ns the market for money here continues very easy nnd thai In London has not yet manifested sign ? of 'softening , ' the process will probably con tinue for some time , especially If the mes sage which President Cleveland sends to congress on Monday shall prove to be pa cific In tone , particularly with reference to Cuban affairs. "If these conditions continue the expor tation of gold ordinarily expected In Jan uary may be delayed until the new admin istration comes In. nnd. In fact , unless Imports nre stimulated either by anticipa tion of higher tnrlff legislation or an un expected demand for foreign goods caused by the setting In of actually better times all nroiind , there- may be no exportation at nil ; our credits may prove sulllclent to cover our debits , especially when It Is berne In mind' that Europe has not yet supplied Itself with all of our cotton nnd cereals that she apparently will need. " President Cable of the Hock Island road Is much quoted here this week. Wall street hns had a disposition to regard Mr. Cabin as a pessimist. Hcforo the panic of 1S03 developed he had the nerve nnd honisty to tell Wall street acquaintances of disturbing conditions as he saw them. Wall stteet howled nt him. Ho wnn n bear , a wrecker , nnd a lot of other wicked things , they nild. and when Mr. Cable and his associates Insisted upon specifically safeguarding thn Interests of themselves and their security holders ho was de nounced ns n conspirator. Quick Justifica tion followed his course and there wcro smashing- experiences for those who re fused to consider the prudence he coun seled. Now Mr. Cable Is as confident of better times ns when ho wns c-mphatlo In pointIng - Ing out conditions that were discouraging. Ho said this week substantially this : "There IB no boom , but wo have better times. Improvement Is mndo nil over the country. Evidences of this cannot bn Ig nored. II Is substantial. It Is extending. A boom would have done Incalculable harm Thn gradual gains wo nro making will gather strength continually nnd they will bo lasting. " Much attention has been attracted by a further statement made by President Cable regarding the physical condition of American railroads. Wall street bears In sist that even If railroad earnings were to Improve ) security holders would uot benefit , because , they sny , the railroads of the country nro In such bad shape that they would have urgent need for much moro thnn they can earn In order to bring them up to a proper physical stand ard , Mr. Cable disposes of this fiction. Ho says the railroads generally nre In good shape. Hepalrs and renewals nre not pressing to any such oxtcnt ns Indicated by Wall street critics. President Hughltt and other western men Identified with tha affairs of the Chicago It Northwestern system have been here this week , and their assurances to busi ness acquaintances Imvo been Just as con fident and encouraging as these that have come from President Cable. Every Chicago man of consequence directly or Indirectly Involved hero Is uniformly convinced that wo have entered surely nnd safely upon a long era of national prosperity. II. ALLAWAY. Tcx < ll - MarI.-I I'leUx p. MANCHESTER , Dec. C. The market Is doing better. Irregular concessions enabling Ihu execution of fair orders for China , the Levant and South America. There was a moderate Improvement In the home trade and the stoppage of looms Is arrested. Some of them nro starting , among these being Hovcral thousand. Yarns were firm , spin ners being mostly engaged forward. The profit margin on yariiFi hits Improved some this week. Germany reports quieter tones for yarns , with little business and possibly dull for the bahinco of the year. Manu facturers are beginning to feel competition through excessive production keenly. The market In France Is unchanged. The klrg of pllla is Deechara's Bc-ccbam'a AST OK TODAY'S 1VKATIII3U. It Will He Generally KaliIn Xo with North Wlndn. WASHINGTON , Dec. C. The forecast for Monday Is ; For Nebraska and Kansas Generally fair ; north winds. For South DaUota Fair ; warmer In east ern portion ; .south to west winds. For Montana Generally fair ; warmer In eastern portion ; weat winds * . For Iowa Clearing In the morning , gen erally fair during the day ; north winds , be coming variable. For Missouri Fair , possibly preceded by local showers In eastern portion ; cooler ; north winds. Ioral ItcM-ord. OFFICE OF THE WEATHER BUREAU. OMAHA. Doe. . Omaha record of rainfall and temperature , compared with correspond. Ing day of the past thrco years ; 1S50. 1S03. 1SDI. 1S93. Maximum tcnvx'ruturc. . . 37 47 12 2G Minimum tempernturu. . . . 31 22 30 IS Average temperature 31 31 -II 12 Rainfall 13 .CO .02 .01 Record of temperature and precipitation nt Omaha for the day and since March 1 , isso : Normal temperature for the day 31 Excess for the day 3 Accumulated deficiency since March L. 282 Normal precipitation for the day. . .01 Inch Excess for the day Oil Inch Total precipitation since Men. 1..31.83 Inches Excess slncit March 1 S--I3 Inches Deficiency for cor. period , l't > 3..10.4S Inc'ies Deficiency for cor. period , U'JI..15.10 Inches lli-liurtM from .Hlnllonx nt H p. m. OMAHA LIVE STOCK MARKE1 Fair Run of Oattlo FincU Business Batllj Domornllzjdi BUYERS AND SELLERS DO NOT AGREE Coiiiilcl < Stniulntltt ItrxiiKN nn l-'nr nt Hoof Steer * Arc CniieoriU'il Oilier < ! rail < -M More Active 8(111 Lower. SOUTH OMAHA , Dec. 5.-nccclpts for the Ouys Indicated were : Cuttlo. Hogs. Sheep. Horses. December G 1,801 B.C07 l.WM 1 ! DccL mlcr l.SM G.SS3 1,223 December 3 2,071 4,717 1,379 5 December 2 3.SOO 9,140 1,401 2 December 1 3.C1S 1245S 1,103 November 30 2.315 2.G75 3 .l 31 November 23 2,317 4,402 32(1 ( November 27 fllG 2.772 219 November M 1,250 2KO 2,703 ? .1 The oniel.il number of cnrs of mock brought In today by cnch road was : Cuttle. Hogs. Sheep. Horses. C. , M. & St. P. ley. . . . 3 O. ft St. L. Ily 2 Mo. 1'ac. Uy 4 U. P. system 23 23 C. & N.V. . Hy 1 F. . 1C. & M. V. U. U. 9 13 C. , St. P. , M. & O. Hy . . 11. & M. 11. H 16 33 . . 1 C. H. & Q. Uy 3 1C. C. & St. J IS . . 4 C. . H. I. & P. Ily , c. . . . 3 ' C. , U. I. & P. Uy. , w . . 2 . . Total receipts. . . . "I 89' S 1 The disposition of the day's receipts was as follows , each buyer purchasing the num ber of head Indicated : ttuytrs. Cattle. Hogs. Sheep. Omaha Packing Co l-ii3 : Q. H. Hammond Co 1S7 1,00.1 Swift nnd Company H ! ) 2,001 Cudahy Packing Co 210 1,150 It. lieckur and Dcgan. . . . CSS Vansant & Co G Cudahy Pack's Co. , 1C. C 517 . . . 1,030 Other buyers 103 6 heft over ice Total 1,703 r ,732 1,000 CATTL13 The receipts of cattle were slightly In excess of ycstcrday'c run , but lighter than a week ngo by about fifls head. The market on dressed boot steers was In a most unsatisfactory condition. There wore ( inltc a number of loatis or corn-fed steers on sale nnd some of them were pretty good cattle , but the market was ex tremely dull. The buyers claimed tfiat they were willing to pay stcndy prices , while salesmen claimed that the buyers were bidding way lower. The buyers would not raise their hands and salesmen would not part with their holdings at the prices offered. As n result the market was ut a complete standstill and the fore noon passed with very little being ac complished. Late In the day a number of loads sold at prices ranging all the way from .bO to (1.40. In butchers1 stock there was more activ ity and the few loads of cows and heifers changed hands In good season and at fully steady pi Ices. The market on stackers and feeders was also about steady and the offerings were practically all taken In good season and at about yesterday's prices. The country de mand was a little larger yesterday than usual , and the cattle In speculators' hands were pretty well cleaned up , so Hint the feeling on the market was decidedly better. ROttb The week closed with n court. llU-rnl run of hoBii. In spite of the fact that the market nan Iwcn working downward. The rolling Interrstx Imd evorytlilnu against them lance receipts on the last day of the week , ami lower markets at other point * . As a rcmilt Hie trailc here opened with values MMOc lower In most cases , ami the fire.-U bulk of nil the hoes Kol.l on that baMs. A few loads sold early that did not show the full decline , mill toward the c\otc \ the market wan u little better. Kvi-rylhlnK was sold anil the yards cleared In Rood toanan. Heavy hogs , which broueht mostly J3.10ff3.15 yesterday , told today at J.003.10. but prlncl- ' ' " . " / ? l I3'05Tllc medium weights and lights f0l Unn-tllc wny from ' 3-15 toM. . ns ncalnsl . . J3.2083.33 yratcnlnr. The past week witnessed great activity In the ios market at this point. The receipts were the heaviest for a Ions time , the total for the week footing up 41.BCO heart , ns against 21,700 lend for the previous wetic. The heavy Increutc coming nil of a sudden , both here ami at other nnrket points , could have but one result , values broke bndly. The demand , however , was Rood nil the week , nnd was aulTIclcnt to absorb the iccelpts , large as they were. As to values , the iveek opened at nn advance , hogs sclllnc on Monday nt the highest nvcrafjc price since last April. Hy Wednesday the market had tiroken over 2."c. which carried the market to the lowest lolnt touched up to that date since the early > art of October. On Thursday the market le- icted. values advancing 10015c. but only to fall jack nffiiln on Friday and Saturday. The week doted with the market on nn average 2530c ewer than It was at the opening of the week , HHI-H3I * There were four curs of ehcep here , but they were nil consigned direct to packers and were not offered for rale , so that the inar- < ct wua entirely bare of supplies. Hood mutton sheep or liimbx would probably have brought steady to strong prices. CHICAGO MVI3 STOCK. HocMplN of Ciiltlo SimiuTVlmt 1-arKi-r TIiiui UMIIII Saturday UIIIIN. CHICAGO , Dec. C. Today's receipts of cattle vcre somewhat larger than Is usual on Sat urday , but were too small to form much of n market. All the arrivals eold nt prices un changed from yesterday's quotations. Today's run of hogs was unusually largo for Saturday , nnd prices suffered a decline of fully Oo per 100 1 1m. Sales were nt a range of fioni 2.90 to (3.33 , chlelly at from $3.15 to J3.IO , prices being 25c to 30c lower than n weelc ago , Trade was fairly active nt from J2 to 13.73 for sheep , from $3.83 to JI.25 for yearlings and nt from J3.25 to 15.10 for lambs. Very few iheep sold us liluli as 13.40 , while lambs sold largely at rom 14. M In J3. Feeding pheep brought from J2.f5 to Jl. : and feeding lambs from 3 to { 3.75. llecclpts : Cattle , CCO head ; hogs , 31,0(0 head ; sheep , B.CCO head. _ KIIIINIIH City Ijlve Sloi-K. KANSAS CITY. Dec. B.-CATTI.K Ilrcelpts , l.OCO head ; shipments , 7,11)0 ) head. Market steady ; only retail trade. HOGS Itecclpta , 10.000 head ; shipments , none , ilarkct weak to 10a lower ; bulk of pales , J.I.SOif 3.S ) ; heavies and puckers , J3.0D03.20 ; mixeil , J3.10ff3.23 : llchts , JJ.10S3.30 ; Yorkers , J3.15G3.20 ; plirs. J3.0003.10. S1IKBI' Hecclpts , none ; shipments , 3.COO head. No marlict. _ _ _ _ _ _ _ _ _ .St. I.oillH Mvo Hloi-1 ; . HT. LOUIS. Dec. D.-CATTI.n-Ilccelpts. l.EOO load. Market active and xtrong for all grades ; uitlve Ehlpplng steers , J4. 0034. 75 ; Mockers and i-cders. f..WJfiS.TO ; cows and heifers , J1.73&3.GO ; Texan nnd Indian steers , 12.4033.70. HOGS Receipts. 3.000 head. Market barely Irmly ; light. S3.U3.20 ; packers , j.90S3.15 ; icavle * . J2.tOi23.20. HIIKKP Hecelpts , 1,000 head. Market strong ; muttons , JQ.iOa3.50 ; lambs , J3.008t.lO. Sto.-k In Ilceord of receipts of live stock at the four prln- Ipal markets for Saturday , December S , IMC : Cattle. Hogs. Sheep. South Omaha . l.Ml O.ST.O l.OCO Chicago . COO 31,000 6 , W vansas City . 1,000 10,000 . m. IxjulH . UOO 3,000 1,000 Totals . 3,451 49.&W 7,000 CHICAGO ailAI.V AMI 1'KOVISIO.VS. < > iltiiriM of the Trlid Inn mill CluxhiK I'rlri'M on Sndiriliiy. CHICAGO , Dec. 5. Wheat today rccov- red part of Its severe loss of yesterday , day closing nt a Hie advance. 'Various In- lucncca contributed to the strength , among hem being a largo cash business. Corn iml outs -were dull and Inclined to weakness , > ut show lltttlo change. Provisions declined rom Slfcc to 5c. The news from Liverpool gave a strong one to the opening of the local market to ny. That market paid but slight attention o the 3u per bushel decline which occurred iere yesterday. Spot wheat was marked down Ud per cental , hut the prices of fu- iires were quoted as unchanged. Argcn- Ine news wny evidently behind the Indllfcr- nco of I.lvenool to the Chicago decline , 'rlvnto cablegrams reported further dam age to the crops of that country by heavy nliiH , and Hint thcro was no reason to doubt hat the next crop In Argentina would be 10 better than that of the season now end- ng. Thu consequence WHS that May , which loscd Friday at from 80c to Sic. found niycrs at the opening at from SIVic to S2c. nd after n reaction to Sl o nilvnneed le per ninlit'l to S2 % , reaching the latter point bout an hour from the end of the day's hort session. There were other strong fea- urus to the day's tttntlHtlcal news , among hem being a ( rood local demand for cur- oada from country millers and the an- louncement of00,000 bu. , conxlsttng of printnnd No. 3 red having been sold late csterday afternoon for shipment by lake nd rail to the seaboard. Chicago received 7 cnrs , agalnut ICW a year ago. .Minneapolis nd Duluth got 4G9 , compared with 1,014 last ear , The day'A Atlantic port clearances \oro 4UCOO bu , of wheat and Hour togutlier , 'ho week's clearances of wheat and Hour jom both coasts wore reported at 3K3,000 ( iu. . against 3,1MC < W bu. tha similar week of nst year. There wns not much activity to ha trade , however. During the last hour uctuntlotiH wcro narrow. .May reacted to J'.fiO after touching C.'Hc and closed linn t from 82'io ' to S2'.fc. Corn was dull and Inclined to weakness , nit prlcn changes were slight , Them was 10 ppcclal feature In the markets , and even ho Btrciib'tli in wheat hail lltllo Inlluenca on Over $411,000,000 Paid to Policy Holders in Fifty-three Years ! [ 1 RICHAKD A. McCURDY , President , Who will pay that mortgage on your home if you die before It's lifted ? A life insurance policy will do it , and the cost to you is only the annual premium paid to the company. It is like pay ing a little extra interest on your rnaggM | to insure its re lease if youoa. The resources of the Mutual Life of New York exceed the combined capital of all the na tional banks of New York City , Chicago , Boston , Philadelphia , St. Louis , Cincinnati and Balti more. A duty delayed is a duty shirked. Let a man convinced of responsibility secure adequate protection and at once. INSURE NOW IN'T ' HE MUTUAL LIFE. A Policy of Insurance in the Mutual Life is the quickest asset you can leave. corn. There waSbut | little shipping demand , nnd receipts showed some Increase. May evened unehnnge'd at 26'/5c ' , declined to from 2c ( ! to , 20Uc nnd closed easy nt from 26',8 to 2CVlci : ' ' - Oats were firm early , but closed a shade lower than they did on yesterday. HUR- | nesa was dull all day and nothing of any In terest developed. Prices were confined to a narrow range and for the most part fol lowed after wheat and corn. May started at from 2Uc to' 21&c. sold off to from 21'.ic to 21o and closed with sellers at from 21&c to 21 ! < c. There was not much life to the provMon market. Hog recelnts were liberal and their prices lOc lower. This caused u weak openIng - Ing In provisions. After n further slight de cline the market steadied , and at the close price changes "were narrow. May pork closed 5c lower nt $7.87' * : May lard about 5c lower at from $4.05 to fl.Oili ; May ribs 2 < ic lower at $3.97J6. Estimated receipts Monday. Wheat , 20 cnrs : corn , 13G cars ; oats , 1S7 cars ; hoga , 48 000 head. The leading futures ranged as follows : Artlcles.ljDpcn.J High. Low. | Close. I Yest'y. Wheat - 7RK RIW-S'J 80K-H1 70 23 n mi 7 CO 7 00 3 78 3 IIU 4 IU 3 R2 * , 4 (10 No. 2. Capli quotations \vere.ns follows : F1X > UH Kniler ; winter patents , Jl.50iH.73 ; BtralKhtB , JM'O'WI.CO ; spring rpcclnU. Jl.'JO : Mirlni ; patents. JI.21OI.CS ; straights , f3.UOtt4.10 ; bakers' , . . . . WHRAT N'o. 2 tprlnu , TDlic ; No. 3 rprlnc , 77G1 73c ; No. 2 red. POVlfiSPio CO UN No. 2 :3V4C23ie ! ; No. 2 yellow , 23't ® 23ic. ! OATS No. 2 , mse ; No. 2 white , f. o. b. , 21iQ > 22c ; No. 3 white , f. o. ' b. , ! Sff21c. UYK No 2. lie. ItAHI.KV No. 2. nominal ; No. 3 , t. o. b. , 210 S5c ; No. 4 , f. o. b. , 23 : Sc. n.AXsnrcn NO. i , TCGTSO TIMOTHY HEHU 1'rlinc , J2.Kl92.CO. KUOAHS Cut loaf , " > .M ; cramdated , I4.G3. The following were the receipts and ulilpmenti today : Ou IhoProltioa oxeruiir. ! < tnl-irtm butter mir- : kpi was nrm : creamery. l-W.3o ! : dairy , mo llf. lOffB. ( Inn ; fi-.sh. 'J''c. Cheese , steady : K COURT ntOCRKIM.VCS. LINCOLN , Dec. 1. Court met pursuant to adjournment. Omoha Loan and Trust company against Knight , leave to lllo ad ditional record. "Halloclc against Strcctcr , leave to wlthdra.w'irccord for ccrttllcatlon. Tlllson nfnlnnt Verier Jiml Franklin county against Krasur dismissed. German National bank against Kh'st National bank , motion to tidv.tnco ovcr ulpd ; Glades agalim Her- polshclmer nnd Harris against Rcckwlth , alllrmed ; Richardson against \Vnllter , Doo- llttlo against Ilan'.c and Oalllgher against lllckel , dismissed. Lancaster county against Green , reinstated ; Scoutt ngulnst Walt , mo tion to dismiss overruled ; Franklin Havings bank nwilnnj Nlchol , motion to advance overrulci * ' . , y heeler against Harkcr , moon to ftrlko ofictltlon ; | overruled ; Omaha Loan an ltt ipmpan ! > c ngulnst Rlsdon. two cases , K > ! < V'/f8irlko ulllduvlts sus tained , jud. December 2 , lflC.Fred ! L. Smith admitted to practice. v 'i ' State oxij cl. Jjnrrlssey against Ramsey , leave to iIAkct. Court adjourned till Tues day. Docoifber IS. v Following nro the syllabi of opinions handed down : State of Nebraska , ex rel Hclnzclman , ngiilr.nl Stull , . .Mandamus. Writ denied. 'Thief Justice Tost. Ppolntlng a receiver pendentn be superseded as a matter of the pendency of an appeal to this court. Homo Fire In. surancu company ugulr.st Dutchcr Neb , , 7M- 7MHrown against Hogan. Krror from Dawson - son county. Alllrmed. Opinion by Chief Justice I'oat. Th'o discretion conferred upon a mort gagee by u stipulation authorizing him to tnko possession of the mortgaged chattels at any Una ho feels himself Insecure , Is not un arbitrary one , but depends upon Homo act of the mortgagor , donti or threat ened , which tends to Impair the security. 2. Thu question for determination In an action of replevin under the practlcu In this statt Is that of thu rights of Hie parties with respect to the possession of the properly - erly nt the tlmo o ( . the commencement of thn action. Thu Connecticut Fire Insurance company IS THE COMPANY IN TWO GENERATIONS 1843-1896 The Mutual Life Insurance Co. , of New York , has paid $246,000,000 to its living members. Has been the benefactor of women and children to the extent of $165,000,000. Bias its n s over III ! FOB IOWA eindL NEBRASKA , FIRST NATIONAL BANK DUILD1HG , SIXFII AND LOCUST STIIEETS , OMAHA. DES MOIHES. .Agents Wanted In JBvery County. H. S. WINSTON , Special Representative. Omaha. O'Fnllon. Krror from Otoc county. Ueverscd nnd remanded. Opinion by Chief Justice Post. An action , whether nt common law or under the statute , when regularly made and published. Is , In the absence of fraud or mistake , prlma fnclo evidence , binding upon thf parties thereto , and the burden or alleging and proving the contrary Is upon the party seeking to Impeach It. 2. Kvldcnce tending to tmpcnch an award actually made nnd published In accordance with the agreement of submission , Is In admissible under a general denial. 3. The right to revoke n submission to arbitration at common law must bo exe cuted before the making and publication or the nwnrd , otherwise It will bo consid ered as waived. Argnbrlght apilnst the state. Krror from Ncmaha county. Ilcversed nnd Komnnded. Opinion by Judge Harrison. The Jury arc the sole judges of the credi bility of witnesses , nnd It Is error for a trial court. In a criminal case , to single out n particular witness for the defense , by name , and give to the Jury a cautionary Instruction which applies directly to his testimony the rule of "fnlsus In uno , falsus In omnibus. " State ex rel Lewcllcn against Smith. Krror from Gage county. Alllrmed. Opin ion by Judge Harrison. The title to an olllce cannot bo tried nnd adjudicated In nn action of mandamus. State ex rel Truesdell against Plambock , 3G Neb. , 401. 2. A contract to teach In one of the free schools of the ordinary districts Is one of employment. The district , represented by the board. Is an employer and the teacher an employe. 3. The teacher In-such schools Is not n public olllccr. I. To the state nnd county superintend ents and the school district boards Is by law given the general earn and super vision of the free schools of this state. n. The employment of teachers for the free schools Is of the duties cast by law upon the district boards , nnd the discre tion and decision of the olllccrs composing such n district board , ns to whom they will employ as n teacher , cannot bo con trolled by writ of mandamus Issued nt the Instance of taxpayers and voters of the district. Denlso ngnlnst Omaha. Krror from Douglas county. Alllrmed. Opinion by Judge Harrison. Where an assignment of error refers Ingress gross to a scries of propositions embodied In Bcpernto paragraphs of the charge to the jury , It need be examined no further than to ascertain that any one of the series exccpted to Is sound. 2. Where alleged errors In the refusal to give several proffered Instructions nro grouped In the assignment. It does not re- qulro any further attention nfttr It Is as certained that one of the propositions to which complaint Js urged Is correct. 3. To sccuro review of the action of a trial court In modifying a requested In struction to n jury , It Is necessary to note an exception to such modification. 4. It Is not ground for the reversal of a case that the trial court repeated a propo sition of law In the Instructions each tlmo In proper connection with facts or other principles Involved , or where It does not appear that the effect was to perplex or mislead the Jury. Gran against Hous ton , 43 Neb. , 813. G. Objection ! ) to Instruction to bo avail able on review must bo specifically pointed out In a motion for a now trial. G. "Tho ruling of the trial court In sus taining nn objection to n question put to one's own witness cannot bo reviewed where tha complaining party hns failed to make an offer of the testimony. Indi cating what ho expected to prove by the witness In response to the question pro pounded nnd overruled. " Uarr against City of Omaha. 42 Neb. , 311. 7. Alleged errors In the admission of ovl- denco cannot bo reviewed where no objec tion to UP reception wns interposed In the trial court. 8. The exclusion of offered evidence Is not prejudicial error where the witness has previously given or subsequently gives the evidence sought to bo Introduced or that of like character und to the same effect. Hal- utrt against nosenhnlni. CS N. W. Rep. . C22. 9. The action of a trial court In the admis sion of evidence will not bo reviewed In the tibsenco of any assignment In reference thereto. 10. Alignment In relation to the admis sion of certain testimony of the value of u lot without considering In the estimate thn Improvements thereon , held ; That the evi dence was competent and the assignment unavailable. 11. The action of the trial court In sustain ing objections to certain questions put to n witness for defendant on cross examina tion , nxamlned and licld , not erroneous. 12. Held : That thcro was sulllclent evi dence to support tha verdict rendered. 13. Where ft Is sought to present to this court alleged errors occurring nt the trial In a district court to determine which In volves an examination of matters which can only properly IIP nreaentcd In a bill of ux- ccvjllons. such bill , settled and signed , as prescribed by ' w Is Indispensably nnces- nary. Bcott > a'n't fipencer , CO NV. . Hep. , M : 42 Neb. . C.7J Kort against Thompson. Rrror from Web. Hter county. Reversed and dismissed. Opinion by JudioNorvnl , A court of equity will not ut the suit of n private Individual enjoin the county clerk , treasurer nnd county judirci from appointing county commlHBloncra under section 8 , arti cle Iv. chapter xvlll. Compiled Statutes , thi icincdy being complete t law , uy quo war- rnnto against the persons appointed. Nichols against State. Krror from Hurl County. Alllrmed. Opinion by Judge Nor- vul. Under the provisions of section 11 , chapter I , Compiled Statutes , ISM. each act of sellIng - Ing or giving awny any of t'ho ' liquors therein named , without n license so to do , consti tutes n misdemeanor , punishable by line or Imprisonment. 2. In prosecutions under said section sev eral distinct offenses may be charged In out ) Information or Indictment In different counts and a separate sentence should bo Imposed for each offense of which the ac cused ha.s been convicted. 3. Where an Information contains different counts , each charging the defendant with the sale of Intoxicating liquors In violation of section 11 , chapter 1. Compiled Statutes , nnd he Is found guilty under several counts * . the punishment Is not to be aggregated , so ns to make a single or entire punishment for all of the offenses , but a separate POII- teuce Is to bo Imposed for each conviction. thu same ns though nil such offenses were charged In separate Informations , and at different times. State against Chandler , 31 Kan. , 201 ; State against Corlyl , 33 Kan. , s'anford against Jensen. Krror from Saunders county. Reversed and remanded. Opinion by Judge Norvnl. The retention of possession of mortgaged ehattelo by the mortgagor. Is , under sec tion 11 , chapter xxxll , Compiled Statutes prima faclu fraudulent as to Ids creditors , or subsequent good faith purchasers. In case the mortgage had been duly filed. This presump tion may bo entirely rebutted by proof. 2. The legal presumption of fraud arising by virtue of said statute can be Invoked only by a creditor or purchaser , and the latter cannot do so until he has llrst established his own good faith. When this Is shown. nnd not until then , the burden Is cast upon the per son claiming under the mortgage to show that It was made In peed faith and "without any intention to defraud. 3. Kssentlnl element of good faith , as that term Is used In the above section Is that thn subsequent purchaser must Imvo acquired the mortgaged chattels for a valid consid eration and without actual knowledge of the existence of the mortgage , or notice of such fact as would put an ordinary pru dent man on Inquiry. 4. In an action for conversion , a general allegation that the defendant unlawfully nnd wrongfully converted the property Is Hnyden against Coldwnter National bank ct ul. Krror from Lancaster county. Af- llrmed. Opinion by Commissioner Ityan. A fund which comes Into the possession of a bank , with resi > cct to which the bank hns but a single duty to perform , and that Is to deliver It to the party thereto en titled , Is n trust fund nnd Is , then-fore. Incapable - capable of being commingled with the general - , oral assets of such bank subsequently transferred to Its receiver. 2. Under the circumstances nhovo Indi cated the receiver of the bank Is merely substituted ns trustee , and Its funds In his hands should be devoted to discharging such trusts before distribution thereof Is made to the general creditors of the bank 3. Under tin.- provision of chapter xllv , Compiled Statutes , the ccstul quo trust Is entitled to 7 per cent Interest per annum on thi trust fund above considered , Hayden against Gencseo Fruit company. Krror from Lancaster county. Alllrmed. Opinion by Commissioner Ryan. Governed by the result reached In Kent K. Hayden , receiver , against the Cold- water National bank ct nl , with which It was argued , tha Judgment of Iho district court In this case Is alllrmed. Hnydon ngnlnst Cupplcs Woodcnwnro company. Krror from Lancaster county. Alllrmed. Opinion by Commissioner Ryan. In conformity with the view expressed In Kent K. Hnyden. receiver , against the Colduater National bank el nl. . which nro necessarily determinative of the result of tlila case , Iho Judgment of the district court Is nlllrmcd. Coldwatrr National bank ngnlnst Magoon. Appeal from Lancaster uuiinty. Alllrmed. Opinion by Commissioner Ryan , This case Involves the rmmo question de cided In Hnydfii , receiver , against the Coldwatcr National bank ct nl , and followIng - Ing the determination of that case , Is nf- Jlrmcd. The Capital National bank atfilnst the First National Hank of Cadiz. ICiror frnm I/mccster county. Alllrmed. Opinion by Commissioner Ryan. This cas Is of the sumo general nnturo as Kent K. Hayden , receiver , ugnlnst the Coldwatcr National bank "t nl. It was submitted upon the name argument , nnd governed by the result reached In that case , Ihli Is alllrmed. Omaha Street Railway company against Leigh. Krror from Douglas county. Ro versed. Opinion by Commissioner Ryan , The uvldenco In this casu examined and licit ! Insulllclunt to sustain thu verdict of the Jury , Qlllllan ngnlnst Murphy. Appeal from Lancaster county. Alllrmed. Opinion by Commissioner Ryan , In a collateral proceeding , by which Is attacked a deficiency Judgment as having been entered without noticeof thn pend ency of the motion therefor , evldonca can not bo considered which In Its nntu o Is merely contradictory of satisfactory proof of Bcrvlco submitted to tha court by which the ( li-llclcncy Judgment was entered. Clurko ufuliiut Nebraska National bank , How much will your admin istrator have to sacrifice your estate to force quick assets ? An Installment Policy for $100,000 will leave your family $5,000 yearly income for 20 years , in any event , and if your stated beneficiary is then living he or she will be paid $5,000 yearly during life , A 5 per cent Debenture for $100,000 will leave your wife $5,000 yearly income either for 20 years or until her death if prior thereto ; then $100,000 will be paid in one sum. A possible Jill return of $200,000. - ll IS $1,501) $ ) , KJiOD ; O III101 IN [ Of Bfl - II El M r i" The true business man acta oromptly. Get our rates at once. HIDES WANTED. Highest market nrlcn paid nnd prompt return * Hererenc-u Uiiiuna Kiitton.il llaiilc F. S. BUSH & CO. , No commlxslon. 013 S. lilth St. , Omaha , Nob. JAMES E. BOYD & CO Telephone 10Ji ; ) . Omaha , Neb. COMMISSION GRAIN : PROVISIONS : AND : Uoard of Trade. Direct wires to C'niunco and New York. ( Xmxpondenti : Jobn A. Warren A Co. Krror from Douglas county. Motion to dis miss proceedings In error overruled. Opin ion by Commlsloner Ragan. Commlsloner Ryan dissenting. An ex pnrto order , made by n judge or court In a proceeding In aid of execution based on sections 531 and 53S of the Cede ot Civil Procedure requiring defendant , against whom n judgment has been ren dered , to appear at n time nnd place specl- lied , and answer under oath all such ques tions concerning his properly as may bo propounded to him , Is an order affecting a substantial right ; made In a special pro ceeding ; made upon a summary application In an action after judgment , nnd Is a flnnl order within the meaning of section CS1 of the Code of Civil Procedure. Red Willow county against Davis. Kr ror from Red Willow county. Alllrmed. Opinion by Commissioner Ragan. In counties where no poor house hns been established and opened for the reception of the paupers the justices of the iwaco ot the various precincts of such county are vested with entire and exclusive superin tendence of the paupers In their precincts ; and such u county Is not liable for services rendered by a physician to a pauper miles ! * It impears that such physician had been employed by some of the overseers of the poor. 2. When the county board of n county tins established and opened a poor benne for thn locrptlon of paupers and spread such fact upon their records the jurisdiction and au thority of the various justices of the peace of the county over thn paupers therein cease ; and the stiperlntPiidonei1. care , anil maintenance of the .yaupers devolve upon the county board. I ! . When a county board has established end opened a poor houro for Iho reception or Its paupers the board may either employ a physician by the year to furnish such medi cal services as may bo necessary to the paupers of the county , or may employ u physician to attend each case as It arises , 4. When a petition alleges and n demurrer admits that the plaintiff was employed by the county board to render professional services as n physician for a i > aupcr , the presumption will bo Indulged that the county board ! : ept within the In * In employing thn phyrlclan und that a poor house had prior to that tlmo been established and opened In said county for thu reception of Its pau- 'Vchnpler Ixvll , Compiled Statutes , con- Kottenbaeh against Omaha Life associa tion. Krror from Douglas county. Re versed and remanded. Opinion by Commis sioner Ragan. A llfn Insurance policy , provided that no action i-h on Id bn maintained thereon un less commenced within one- year from the date of thn death of thn assured. Thu as sured died on the ! lth day of September. The policy also provided that the death IOSB should bo payable within ninety days after the Hist periodical mortuary premium payIng - Ing day next ensuing the date of accept ance by thn Insurance company of satis factory nvldcnco of the death of thu as- surc-d. Held (1) ( ) . That a c.iuso of action on thn policy did not accrue earlier than ninety iliiyn after September 9. (2) ( That the tlmo llxed by tho' policy In which an action thereon mlcht bu brought did not begin to run until thn right of action accrued. Statements contained In an application for u iKjllcy of Insurance will not be count rue J as warranties unless the provisions of thn application and pollcv taken together Icavu no room for any other construction. 3. In construing a contract for the pur- posn of determining whether the statements ) made therein were Intended by the parties thereto to bo warranties or reprcHcntn- tlons. thn court will tnko Into consideration the situation of thn part lee. thn subject mat ter of the contract and the language em- ploved ; and will consider a Rtnti-mnnt made to bo a warranty only when It clenrlv ap pears that such was the Intention of the contracting mart leu ; that the mind of caul ) party consciously Intended and conxenteil that such should bo the Interpretation or his statements , , 4. Certain rtnloments nnd answers mndo by an assured In nn application for a llfn In surance policy set out in Iho opinion ana held (1) ( ) , Not to bn warranties but represen tations. (2) ( ) That In order for such rcprcscn Intlons to cnmitltiitn n defense to an ao lion on the policy. It In liifiunupiit upon tin Insurance ) company to plead and prove that the statements and answers were made nn written In the application ; that they wcro falsoj Unit they were falnn In somn particu lar material to thn Insurance risk : that they worn mndo IntcnllniMlly by thn In sured , and that the Insurance coiifxiny re lied and acted noon such statements , , . fi. Aetna Llfn Insurance company ugalnuk Slmmona , CS N. W. followed.