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.
