Chicago Daily Tribune Newspaper, February 2, 1879, Page 6

THE CHICAGO TRIBUNE: SUNDAY. 'FEBRUARY 2. 1579—SIXTEEN PAGES live and fatten off from the community, to live " FINANCE AND TRADE. A Less Active Market for Govern= ment Bonds. Strong Demand for Discountss-- A Weak Stock-Market. The Produce Markets Steadier, with Rather Less Doing. Wheat and Pork Firmer--Stocks of Pro- duce--Movement of the Week. FINANCIAL. Porchases of. Government bonds were of smell lots, and those, of course, almost ex- clusively 4 per cents. The 6 per cents are being exchanged continuously for the 4 per cents. ‘The market was weak. The8s of 1881, which cannot be cailed, are steady at 1063, the 5-20s of 1867 were off 3 to101%, and the 5-20s of 18683 to 102. The 10-40s were unchanged at 1045{. The new 5s ‘of 1881 dropped 1}{ to 1043, and the new 4}¢s aavaoced X to 106. “I'he 4 per cents have been marked upto 100 did and 100}¢ asked. The Assistant United States Treasurer at Chicago is nofr paying the interest on Govern- ment bonds in gold when it is wanted. The entire February interest will amount to $6.- 000,000, and it is expected that most of the bondholders will prefer greenbacks to coin. Gold is not in active demund. The brokers re- port smali eales at 100). Offerings ot bills Grawn against erain and provisions in this market are very light. The scarcity of cars interferes to such an extentwith hipments that parties here are unwilling 10 ac- cept orders from the other side, for fear of not being sble to forward the stufl. The market was weak, with 2 very light supply and demand. Sterling grain and commercial bills were 48234, French bills were 5221¢. The actual rates for sterling were 4535 und 4873{. The posted rates remain ot 485% and 438%. Bankers' bills on aris were 5195 and 5161 ; commercial, 523%; Antwerp, 550 and 517i; commercial, 5233(; Rewchmark, 95 and 9533 commercial, 9433 guilders on Hollang; 40} and 403 ; commer- cial, 308. Consols remain at 965-16. 5 The Chicago vanks had an active day on ac- count of the Board of: Trade settiements, al- though there was not as much done as had been expected. The closcoess of the money market 1ed some operators to defer their settlements till Monday. The demand for Joans-is principally from the Board of Trade. Rates remain at §@ 10 per cent. Currency orders and receipts have been light, and 1be country demand for New York exchange has been only moderate. Theclearings of the Chicago banks for the weex arereported as follows by Manager D. R. Hale, of the Chicago Clearing-House: Clearings. Balances. $ 3 § 285 4,396,445 $18.696,603 $1,613.432 18,092,295 1,835,063 y divi net earnings has been declared by Pullman’s Palace-Car Company, payable on and atter Feb. 15, to stockholders of record at close of busi- Tess Feb. 1 Stocks were dnll and weak. The closing ‘prices were at or near the lowest figures of the day. Dealings were restricted, and the feverish avimation of the vreceding days yielded toa natural duliness. The inequality o he prices of investment stocks is worth attention. New York, New Huven & Hartford is a 10 percent stock, und el at 160. . Harlem (warranted by the New York Central & Hudson) carns 11 per cent anoually and sells at 147@150. Bur- lington & Quincy, which pays 8 per cent at 100, sells at 117%. New York Central pays7 per ceot st 100, and, sells mow at 115@116. Rock Asland is understood to be earning 16 per cent and divding 10 per cent, and sclls for unly 126 @ - The opening, highest, lowest, and closing prices of stocks for the day are iven below. New York Central declined from the close of TFriday trom 1163 to 1153, Michigan Central from 83}, to 68}, Lake Shore from 72} to 72, Northwest common from 603§ to 59, the pre- ferred irom §5to $4%, the St. Paul common from 4236 to 40%, the preterred from 83 to 823, Kotk Island mom 1273§ to 1263, Aiton from 865 10 36, Erie irom 2 to 2534, Wabash from 23 0 223¢, Ohio & Mississippi Irom 10 to 9%, C., C., C. & L from 45 w 44%, C., C. & L C., 5} to 5%, St. Joe preferred 353 to 333, Delaware & Hudson 4210 413¢, Lackawanna 513¢ to 5%, Jersey Central, 43% to 42, Western Union 2013 to 10134, ‘There was an advanee in Illinois Central from §75{ 10 8736, in Union Pacific from 6510 67, in Canada Southern from 53K to 561, in Kansas & Texas from 63 to 6}, and in Kansas City & Noruwhern from 3 to 8. ! In railroad bonds, in New York on Thursdar, prices, with few exceptions, were avain bigher. New Jersey Central adjustment advanced to 933{; do consolidated firsts, assented, to 813 do convertibles, asscoted, to Sli; Lehigh & ‘Wilkesbarre consolidated, assented, to 453 ; St. Paul consolidated sinking funds to 10353 Chi- caze, Burlington & Quincy Ss to 1113 St Puul firsts to- 125%; Pacific & Mis- souri firsts to 103}; Deaver & Rio Graude firsts to 92%;: Hanonibal & St Jozeph convertibles to 1073¢; Canada Southern Airsts to W8{; Ohfo & Mississippi seconds to 833 Union Pacific land-grants to 1113¢; Alton & Terre Haute incomes to 44; Great Western 1firsts, ex-coupon, to 109%¢; Missouri, Kansas & ‘Texas consolidated assented to 513; Michigan Central Ts to 117, and do 8s to 1124, Toledo & Wabash consolidated convertibles, ex-coupon, fell off to73}¢; Ciocinnati & Springficld firsts, guaranteed by Lake Share, to 97, and do, guar-~ anteed by C., C., C. & L, to 91 Northiwestern gold bonds were 1063 and St. Paul Sikice Funds 103%. ¥ The connection between the stock market and ‘the money market is an intimate one. The fol~ Jowing from the New York Sun gives some idea of the accumulation of capital at New York: Never before iu tne financial bistory of the conn- 1ry has there been s0 great an awmount,of accumn- lated capital at tlus centre eceking investment as t0-day. Call Jorpe are 2 and 3 per ceat on stoc) and 1'and 2 on Governments. Sixtyand ninety da; Joaus are made at3 per cent on #locks and at 1! and 2 per cent on Government bonds. r‘rime mer- cantile paper 15 discounted at 3:4@5 _per cent, =c- cording to daie of matunty. Money is flowing iuto New York banks at arate which is anyining but tlattering to the abilitics of its owners. The aygre- gate deposits on the 2th of January, 1879, snow &n increase of §7. 810,000 over thosa of the corre- sponding date in 1878, ‘The bank statement of )sst week shows the same tendency as that referred to sbove, in su increase in deposits of §1,235,000. Mr. W. L. Scott, of Erie, who conveyed to Commodore Vanderbilt $10,000,000 ot the $15,~ 000,000 of the stock of the Canaga Southern, corrects the siatement receatly made thal the fixed charges of the road are $420,000 per an- num. Of the $14,000,000 of first mortgare bonds, $2,000,00 he says are reserved for - equipment and for the general purposes of the Company. The Company is, therefore, Jiable for 3 per centum on $12,000,000, or $360,000 per aonum. The application of the rescrvea bonds 10 the purpose above menuoned leaves the earn- ings, after the moderate interest charges, for dividends on the stock. Since Sept. 1 the earn- ings of the road, after meetiuz iuterest charges, have equaled pearly 6 per centum on the stock, e _gross earnings being at the rascof about $3,600,000 per anuwmn. A - diyidend is to be ex- pected according to thixeuthority in June. Atchison & Topeka advanced in Boston on Wedpeadns %, to 893, but rescted to 894, aud closed at SY3¢bid. Atchison& Nebreska sold 26 higler, at 853¢. Kaosas City & Topeka rose 3. to A13g, and closed at 913¢@91%- Kansas Pacific rallied 3, to 63¢, and closed 2t G@634. Kueblo advanced 3, to 60)@6L. Buskington & Missourl Railroad rose 5%, to 116%{@117. Chi- cago, Clinton & Dubuque sold and was offered at 50. The gross earnings of the Hannibal & St. Joseph Railrozd Company are reported as fol- lows: 1678, 1879 Third weekof Janus 64 120 Inc. $3,476 Jab. 110 Jaz. Treers ’fi.m sfi‘.saa Dec. 127 The following were the fluctuations of the active stocks for the day: Stocks. Ovening. Highest. Lowest. Closing. N, Y. Central... 1165 e — Michizan Central. 88% Lake Shore. .. - 725 C. &N.Western.. Do preferred. M. & St Paul., Do preferred . C..R.1. & Pacific.: Tilinois Central .. § Chicago & Alton. Tnion Pacific. Do preferred. Del. & Hudson... - D.. Lack. & West. N. J. Central 4 W. Union Tel. A &P. Tel Can. Soutbern {ansas & Texas.. SLL.,K.C. & Do preferred *Sales. COIN QUOTATIONS. The following are the quotations in currency in this market of coins, bought and sold: Asked. Bid. Trade dollars... .. ......... New (41214 prains) doilar. Mexican dollars, old and Hew.. Englisn silver. . Five francs Thalers:.. ... English sover Twenty {rune Tiwonty mAarks. ... Spanish doubloons. 5 Mexican doubloons .. ... 1535 15.60, Gold and silver dollars were 100% iu currency. FOREIGN EXCHANGE. Sizty days. 48 U.S. Gs of 81 {ex. int) 5-208 of *67 (ex. int) 5-205 of '68 (ex. ini §.10-30s Bid. Asked. Chicago 7 per cent bonds (long)...¥109° *110 Chicazo 7 per cent sewerage (1ong).*109 *110 Chicago7percent waterloanilong) 4110 *111 Chicago G per cents, lunz.. 08 4105 Chicago 6 per cents, short. - 2 Cook Couaty 7 per cent bor Cook County 7 per cents, stort Lincoln Patk 7 per cent bonds. Sonth Park bonds. City Railway (Soat City Railway (Weat Side) City Railway (North Sid City Rsilway (North Di cent bonds ... .. Chamber of Comi n West Park bonds, *And interest. BY TELEGRAPH. NEW YORE. 70 the Western Assoclated Press. NEW YoRrg, Feb. 1.—Governments steady. Railroad securities firm. State bonds dull. Stock market dull, and alternately weak and strong through the day. At the opening, prices advanced 1{@}§ per ceat, but soon declined 3§ to2. During the afterncon there was a recov- ery of X{ to 17§ per cent, followed by a reaction of i to 134 per cent, and at the close by a re- covers of }§ 10 3¢ per cent. The principal ae- uvity was in Nortbwestern, St. Paul, Lake Shore, Erie, und Delaware, Lackawanna & West- ern. - Transactions aggregated 156,000 ehares, 17,000 being Erie, 16,000 Lake Shore, 5,300 Wabach, 17,000 Northwestern comuon, 17,000 Northwest~ ern preferred, 15,000 St. Paul common, 5,300 St. Paul preferred, 26,000 Lackawanua, 11,000 New dJersey Central, 2,600 Michigan Central, 1,600 Cleveland. Columbus, Cincinnati & Indianapolis, 2,600 Ohios, 6.000 Western Union, 2300 Pacific Mail, and 4,700 St. Louis, Kansas City & North- ern. - Money market casy at 214@3 per cent. Prime mercantile paper, (@44, 4Sg/erliw: exenange, sixty days, at 485; sight, ‘The weekly bank statement is as follows: Loans, increase, $3,825,260; specie, increase, $1,201,600; lceul-tenders, increase, $417,2007 -deposits, increase, $4,235,000; circulation, de- ercase, S131,000; reserve, increase, 3391,300. ¢ banks now hbold 17,577,300 in excess of their legal requirements. GUVERNMENTS. 1084 New 35, 01% 1 Coupons of 1881, Coupons, ‘678 Coupous, '63s Newbs, 6. co New 2ige..... 4 s10CKS. W. TU. Telegraph..101% C., C., C. & L. Quickslver... 12" INew Jersey Central 422 Quicksilver, pid... 333 'Rock Island 126% Facide o 114 st P Muripoea. Mariposa, pid Adams Express... 105 | Wells, Fargo & Co. 98 | American Express. 483 Terre Houte, pf U. 8. Express...... 48%'Chicago & Alto 154 Chicago & Ait'n 2553'0R10 & ) BB Mi 1967 1C., I, & Q. 4% Hannibal & §E. J 72 I & St. Joe, pf 873 C.'P. bond o T. honds 1164 oe. 143 ik 8 Tiin C. & Pittsburg Northwestern.. g Nortawestero, pfd. 82T, STATE I 5. }:. Lznd Grant.. nking F'ds, 109 irgiina Gs, new.., Tennesseo 6. old... 384 Viri Alissouns...... . Teaneseee s, new. Virgnia 65, old.... 25 1044 [FOREIGN. Lonpox, Febh. 1.—Consuls, for money, 96 5-16. ‘American Securitics—Reading, 13; Erte, 26553 preferred, 493, : United States Bonds—'67s, 104; 10-40s, 107; bew 55, 107; 43¢5, 110, Amount of bullion witirdrawn from the Bank of England on balance to-day, £1,000. Pants, ¥eb. L—Rentes, 110 8¢, ex. int. COMMERCIAL. Latest quotations for February delivery on the Teading articles tor the last two business days: Frday. sb'fllurda Love bogs . Cattle.... The following were the receipts and ship- ments of the leading articles of produce in this city during the twenty-four bours ending at 7 o'clock on Suturday morniug and correspond- ing date twelve mouths azo: wECELFTS, SuIPsENTS. 15Ty, 4 1878, Flour, brh 10,739 Wheat, b B 7 Conu, bu... !!.lflll Uats, LR Keebu s arley. ou. e Beef, tos. Leet! ris. Pork, bris. Laxd; I Tallow, 14. Butter, 1bs. 0w, N 1,0 4 1. Stugtes, .. Salt, b L Withdraw city consumption:-1,754 bu wheat,” 806 bu oats, 1,603 bu barley. The following grain was inspected into store _ from ) store during Eriday: for ! in this city Saturdsy morning: 4 cars No. 2 winter wheat, 2 cars mixed, 13 cars No. 2 bard wheat, 71 cars No. 2 spring, 103 cars No. 8 do, 14 cars rejected, 1 car no grade (208 wheat); 2 cars yellow corn, 66 cars high mixed, 17 cars new do, 23 cars ew mixed, 118 cars No. 2 corn, 8 cars rejected (234 corn); 18 cars white oats, 10 cars No. 2 mixed, 5 cars rejected (33 oats); 6 cars No. 2rye; 2cars No. 3 barley, 8 cars extra do, 4 cars feed (9 barley). Total, 490 cars, or 205, 000 bu. Inmspected out: 27,092 bu wheat, 34,183 Dbu corn, 2,379 bu oats. 7,821 bu barley. “Fhe following were the receipts and shipments. of breadstufls and live stock at this point during he past week, and for the corresponding weeks ending at date: Fecelpts— Flour, bris Wheat, b 209,143 16,317 71,996 669,718 o Cuttle, No .. Shipments— Flour. brl 313,677 5.926 The following were tae exports from New York for the week ending as dated: Flour, brls.. Wheat, bua. Corn, bu. An attempt was made Soturday to obtain the consent of the Board of Trade to the appoint- ment of a committee to consider-the clerk ques- tion. The Board voted viva voce on the matter, aud the presiding officer decided that the propo- sition was mot carricd. He was uundoubtedly right, but the fact only furuishes another toa Jong list of instances which prove that the viva- Voce method caunot be depended upon to carry desirable measures on ’Change. There are many on the floor who seem to vote always co both sides of a question, andif the order be given to divide the house, they form a solid co- hort iu the middle, which wili not permit the presiding officer to tell where the sheep endand the goats begin. Under such conditions one might be tempted to adwise areform in the method of submitting matters to the Board, but that such a proposition would probably share the fate of the rest. And it is of no use te lay the sinat the doorof the poor clerks. The members, as a class, are responsibie for the bear-garden style inwhich questions are treat- cd, though of course there are many among them who deplore the tact, and would remedy the evil if they could. The leading produce markrts were somewhat steadier Saturday, with not much chavze in prices, and less business tramsacted than is usually the case on the first trading day of the mouth. Most of the February deliveries scemed to have been already provided for, and there was no pressure to place property, Ouoe reason for this 1s the fact that the carrying premiums pay a profit on the employment of capital which tempts it to remain in the produce trade. The demand forstapleand fancy dry zoods was restricted, but was quite asgood as there wasany reason to expect at. this time of year. Prices remained steady. Groceries were fairly active, and most lines were firm, sugars and coffecs especially so. There was an easy market for siraps and molasses,” Teas, rice, spices, 50aps, aud starchwere steady. There was nothing new to note in conuection with the dried-fruit mar- Let. Apples, peaches, prunes, blackberries, and raisins remained firm. The fish market was fairly active aud irws. Butter was again quoted easy. Cheese was firm for fine goods. No price-changes were noted in the leather, bagaing, tobaceo, coal, and wood markets. Oils were moving in a moderate way at fully previous prices, The lumber market was unchanged. The sales were us large as on former days of the weels, und 1o chauge was reported in prices. Tire wool and broow-corn dealers reported a moderate demand at the current quotatfons. Sceds were more active—timothy and clover— and firm, the latter being a shade higher. The sales of hay were light, and most grades were nominal. Mides were steady. Green [ruits met with a fair inquiry, chieQy from the city trade. Potatoes were quiet.- The car-lot offerings were small, and the retail demand continues light. Turkeys and chickens were firmer, and other poultry aud game casy. Tlhe fresh receipts were light. Fresh eggs brought higher prices. The foliowing tigures were named for rail and ocean contracts: . 0018 ... KRail freights were quoted at the following Tange: . Dressed Dressed .Foxnrm 7 cluss. Grain. Flour. beef. hogs. To Baltimore. .37 -32 o % Philadeipnia.. .38 8. <66 New Yorg ... .40 .35 .70 Boston 5 .40 .50 .95 The schrs Naiad and Owasco were added to the list of chartered vessels Saturday, the two carrying about 44,000 bu corn. Engagements have been reported since Jan. 1 for about 50,000 bu wheat. The demand for vessels is small, and rates are steady at e for corn and Sige for wheat to Buffalo. STOCES. The stock of flour in this city on Feb, 1 was 77,181 brls, against 73,707 bris. on the same date in 1875, and 89,277 brls on Jan. 1, 1879, ® The Secretary of the Provision ports the stock of provisions in Chicazo on Feb. 1astollows: Mess pork, new, 155,100 brls; do, old, 20,000 bris; lard, 135,470 tes. On Feb. 1, 1873, 123,911 brls new mess pork, 34,200 brls old do, 103,953 tes lard. The stock of tmess pork in New York on the same date, 1879, was 57,459 brls, and of Tard, 67,206 tes, against 59,31 brls and 72,788 tes on Feb. 1, 1873, _ MOVEMENT OF WHEAT. The foltowing shiows tbe receiots and ship- ments of wheat at points named Saturda .li;}géivtad. I3 Baitimore Philadelpbia. Total. o seeraenenees . 441,600 I¥ NEW YORR SATURDAY. Feb. 31.—Receipts—Llour, 10,725 brls; wheat, 119,750 bu; corn, $7,400 buj oats, 33,330 bu; corn-meal, 464 pkes; rye, 5,102 bu: barley, 180,222 bu; malt, $,700 bu; pork, 361 brls; becf, 3,624 tes; cut meats, 4,953 pkgs; Jard, 4,788 tes; whisky, 1,458 brls. Exports—For twentv-four bours—Flour, 17,000 brls: wheat, 101,000 buj corn, 61,000 bu. GOODS RECEIVED at port of Chicago Feb. 1: R. H. Law & Co., 63 casks grease; Elgin National Watch Com- pany, 3 cases watch material: Fowler Bros., 115 sacks salt: L. Wolf Mavuiacturing Company, 18 crates earthenware. Collections, $2,876. PROVISIONS. TI0G PRODUCTS—Were less active in the aggre- gate. though a fair volume of business was trans- acted, and the market was steadier all ronnd, with more firmuees in pork. . There was no chenge 1 the British quotations, and New York tended dosn- wards, while hogsac the Stock- Yards were steady. There was a fair trading in produce on outside ac- cunnt. ‘The following table exhibits the number of hogy packed at thie points named stnce Nov. 1, 1578, a3 compared with the returns'of previous' sessons, and the total packing of the censon of 1877-" A , ‘otal ez Todale, Todate, _ seuson Points. 1879, 1878, 877-'8, Chicago *.. ... ".2/514) 533 1,044,000 - 2,501, Ciiciunati. .0 5 554,472 St Lons Iudisnapatis. . Duiwange - 571,682 - 279,414 Cedar Kapids... 225, 4 Des Maoines..... 50163 Sabols ce.eeea.. 40,376 Kaneas City... . 190,000 125,000 188,34 Atchison.. .. 60.000 Peorin ... 63,000 Cleveiand 105,692 *Dstimated. The follewing table shows the ghipments of Pproduct from this city dnring the perious named: 18 Since Articles. Aow. 1. Poris, tld, ... o 73,720 Lard, tea . 20.108 Lard, bris, . Lard, other pkgs ... Hung, boxes .. Hams, tes Hame, brls Haog, pos. Tams, other pizs. Sides, Doxes, .. Sooulders, tes. Shoulders, brla Sioulders, pes Tongues, pas .. Hocks, pkys... ... 7,889,978 7,971,769 17,901,482 188, 2 71 5,545,472 35,408,88% 78, VT ok enging_Sinae Jand1.. Nov.1. Pork, brls.. Lard tes . Tard, bris | Lard, other piigs 1lams, boxes Hams, 1cs, Hams, brls .. Hams, pes .0 [ams, other pkes. .. Sides, boxes . Sides, tcs - Sides, bels .. Sudes, pos .. Shoulders, boxes .. Shoulders, tes . Snoulders, brig Shoulders, pes, Tongues, s . Hocis, plkgs Total pross w'gh o Lard . a b . 5,532,728 0 Current says: ** There has been s material faliing off in the aggregate receipts of hogs the past week at Jeading Western points, botn ay compared with several previous wecks, and as compared with correspond- ing week lost year, At Chicazo the suoply has becn well maintaned, but other places, inciudmy soumie of the interior packiug poivts, have been ¢rawing upon the market to an uuusual extent. The total number of ogs now packea at the Wix large cities since Nov, 1 is 4. 585, 000, or 1,035,000 1wore thun to suwne uate last yeur, and 20,000 more than the entire number to March 1 lust year. The total number packed during the past week is 250, - 000 head, which is the smailest namber in 2ny week excepting one (during the holidays) since the firat week of the present season, aud is 100,000 less than the weekly averape since Nov. 1.’ At Kansay City, packing is actively vrogressing, and the 1st of January estimate for the season hus alrexdy ben reacted. It s reported thatat Atchi- son packing operations continue on a liberal scale, but we Lave no definite returns.” ess Pork—Was irregular, advancing about 10c for March, and closing 2}4c higher than on Friday, Sales were reported of 500 brls scller Pebruary at $9.40@9.42; 13,250 brls selier March &t 9. 45@9. 60; 228,250 bris seller April ax 0 39,724 ; 250 bris seller June at §10. 00, T The market closed at 9. 'y for March; 59 @9.07; for Aprit; $9.774@9.80 for May, and $10.00 for June. ~OId pork was guoted st $7.00 Prime mese pork was quoted at 5.00@8. 50, and extra prime at §7.25@ 7 50. Lanp—Was tirmer earlier. but closed a shage ie Siles were reported of 4,250 tes cash at SG, 6,353 1,500 tcs seller Lebroary at 38.3258@6.40; 12, 500 ics seiler March 2l 40@35.50; 500 tes seller April 2t 0: total, 30,750 tcs. The market el at SU.3214@6.55 for spot or Fevrua 6,434 tor March; $6.6026. 621 for May Meats—Were in very good demand, and gener- ally tirm, though quoted tame at the outsot. The trading was chicily in locsl fntures. There was, however, a #ood inquiry for shipment, and several orders were unfitled because limitcd below the views of holdcrs. Sales were reporied of 3,400, - 000 103 short ribs at $+.3214G4.35 for February, $L.45@L.47!5 for March, $4.55@:4.60 for Avril, and $1.6714@+.70 for May ; 230 voxes do ut §+ 4 8pot; 100 boxes long and short. clea boxes xhort clears at $4. casier than on Frida) 5 $6.20 0@6.5234 for Apri1; and at 50 oxes 000 pes and 100,000 Jbs c; 50,000 1bs do (15 lba) 51ca sweet Dickled -hams at 6@63c. wing were tne prices per 100 lbs on thu leading cuts: Shoul-418p0rt | L. & 8. ders. | rivs. |clears. Siturt lears. Loosz, Febraary, March, doxed Apni, boxed. Loug clears quoted at $£.3244 loose and $1.47% boxed; Cumberiands, $4.75@5.00 boxed; lonz-cut bams, TR @7c: sweet-pickled hams, 64@7c for 161015 Ib average; wreen hame, H3(@5% ¢ for same averages; green shonlders, 31;@3tic. Bacon quoted at 414k for shoulders, 43:@5¢ for short ribs, 5@54¢ for short clears, 7X@ 73c for hams, all canvased and packed. GrEssE—¥as auoted av 5126 for white, 43 @3e_for yellow, and 4@41% BEEF PRODUCTS—\Were steady and quiet at $6.00@8. 25 for mess, $5.75@9.00 for extra mess, and $15,75@16.00 for hams. Tartow—\Was quiet at B@0Hc for city, and 5% @Uc for country. BREADSTUTFS. FLOUR—Was very quiet, except the sale of one round lot (2,000 bags) for exvort, and there was no materisl change in prices. Sales were re- ported of 400 brls winters at $+.05%4.50: 1,400 Dbris double extras at $3.40@+.00; and 100 bris extras at $3.00. Total, 1,900 brls. The follow- ing was the nominal range of price: CHOICE WIRLETS. vevers cucrnee one 5475 @5. 1216 Good to choice winters 4.00 @450 Fair to good winters 50 Fair to zood Minnesotas. Fair to guod spriugs.. Lowsnrings Patents.. Buckwheat. 2 Brax—Was nominal at § on track. Corx-MEarn—Coarse was nominal at $10.25@ S$10.37¢% per tou on track. 0Oar-Mear—Sale was made of 2,000 bage on private terms, SPRING WHEAT—Was less active, and averaged @ shade better; the marketadvanced %c, and closed 3¢ above the latest prices of Friday. The British markets were quiet, and heavy on wheat afloat, while Xew York wae quoted lower, and our re- ceipts were larger with relatively light shipmenta. All this tended to depress prices; but the deliveries on Yebruary contracts were much smaller than bad been feared by the weak-kneed ones. The result was o Gtronger tone, be- cuuse there was more confidence in the future of wheat. There has been a good deal of uncertaintv since the holidays in regard to the atti- tude of tae New York parties who bought here late in 1878, It has been asserted that they sold outalarge part, if not the whole, on the recent bulge, 2nd thut the wheat wonld be delivered on Feoruary contracts, whence much of it woula be throvin on the market. Tnis made a good many operators wary. bat the waeat did not come out S ‘Iliere was not, however, iuch speca- nquiry was tame. 873,¢, dechned to it the cl Seller 55 quict at § 2at 855zc, Cash s spnne at 853fe: 63, 009 b: X 2 u No. 3 at 70450 lc: 6,000 bu rejec! 5 and 18,000 bu vy sumple at 53@7ac. Total, 103,400 bu. WiNTER WagaT—\WVas lirm but very quiet. Sales were 400 bu No. 2 at 5944¢, and 400 bu do by saum- ple at 90c on track. CORN-—\Was dull and steady at about the latest prices of Friday, Lundon was quoted steady, but New York way lower. und our receipts were neariy twice as Jurie as those of the previous day, while the deliveries on ebruary contracts were quite free. Dut there was no corn 1o speak of pressing on tne market, and holders were firm in tieir views, notwitistandwng the fact of_a “rather hgit demand throughout for futures. There was a sxir inquiry for shipment, and sample los were fiemer, ier May took the lead in the trading; it sold at cady at the rang e, March at S13g3Lt Fenruary at 30%Ggilc, all closing firm ai side. Cash corn closed at 30%c. L, 400 bu uew hig 00 bu new mixed at ¥ 273c:1),400 bu by sumple’at 231:@ 35,000 bu do at 2S1@29c free on nd' 400 bu ears at’ $lc dehivered. . 57,600 Lu. 1 . ATS—Were tirm and in fair requeet, the trading chiefly 1n rutures, March tuking the lead. liverics were free, bul most of these vats were held azainst next month, so that the cash offermgs were not larwe enough Lo canse depression. Seller Marce sold ot :0bic, snd April at 1 d 5@ Seller the montn 20620%c, and closed at about 204c. No. were quiet at iic, and rejected broashit 174¢. Cash sales were reported of 6,200 bu No. 2at 20620'5c; 830 bu rejected at 1 b by sainple at 20452sc on_ trac 23 23c free on ovard. Tol RYE—Was steady” under 2 li ots. Futures were nominaiat No.'2 s0ld at 4iz¢, and rejected was guoted at Seller Feoruary was ing with gpot No. orted of 400 by 0. 2 &t 85}, 40c. Cash sules were reporicd of 2,000 bu No. % fi’r L 200 bu by sample at +3@4c on truck, . BARLEY—Was quiet and exay, except 'a limited demand_for extra3, which was stronger under small offerings, No. 2 was nominaily ower.db‘:‘ ing guoted at the close at Sti;c for March. and b 8i4@34c for the month or cash. Extea3d fresh sold at 474G 48c in A., D. &Co.’s, closin At th inside, and Galena receipts at 47c. ltegular do was quoted at-tic. Do for March sold at 443/@45¢, closing at the inside. ~No. B was quiec at S5@476 and feed at 24@25c. Samples were dull. Css sales were reported of 4,400 bu extra 3at47i:@ 48c; 2,400 bu by sample at 35@75¢ on track. Total, 6,800 bu. MORNING CALL. Mess pork—Sales, 12,250 brls, at $9.55@9.60 for March, and $9.7089.75 for April. Lard— 1,250 tes at $0.45@0. 4715 for March. - Short ribs— 100,000 lbs, at $4.47% for March. - BY TELEGRAPH. FOREIGN. The following were received by the Chicago Board of Trade: Livenroor, Feb,1—11:308.w, —American floor, 85 0A@10s per cental., Whent—Winter, 88 64@0s; No.2 spring. 65 104@8s: white, 85 8d@9s 1d; club, 8311d@9s 4d. New corn, 45 78d@4s 6d per cental. Pork,$3s. Lard, 333, LiverrooL, Feb. l.—Prime mess pork—East- emn, +15; Weatern, £18. Bacon—Cumber(ands, 263 short ribs, 26s; lonz clear, 2685 sLOFL clear, 268 6d; shoulders,21s 60. Hams, 30s. Lard, 33s. Prime mess beef, 70s; India mess beet, 77s; Eastern In- dia mess becf, 77s. Cheese, 405, Tallow,30s 3d. Lospos, Feb. 1.—LivErrooL—Wheat and corn quiet. 3IARK LaNek—Cargoes off coast—Wheat heavy; corn steady. Cargoes on Passage—Wheat heavy. Speciat Disnatch to ‘tue Triv: Liverroot, Feb. 1—11:30 8. m.—Froun—8s 6d@ 10s per cental. - Guain—\Wheat—~Winter, No. 1, 98; No. 2, 8a 6d; spring, No. 1, 8s; No. 2, 6s10d; white, No. 1, 98 1d; No. 2, 8s 8d; club, No. 1, 0s 4d; No. 2, 8s11d. Corn—New, No. 1, 48 8d; No. 2, 48 7d. Provigrons—Pork, 43s; lard, 33s. Liverroot, Feb. 1.—CorroN—DMarket easier and dull, at 5 5-16@5%4d; sales G,000 bales; specula~ tion and export. 500 bales: American, 4,60v. ReriNep PETROLEUN—83{d. Loxpox, Feb. 1.-~ReriNep PETROLEUN—8Y. ANxTWERP, Feb. L—PerroLeun—23Kd. NEW YORK. ® To the Western Associated Press. New Youx, Feb. 1.—Corrox—Market dull at 9%;@9%c: futures quiet; February, 9.42c; March, 9.60c; April, 9.78c; May, 9.93c; June, 10.06c; Juy, 10.16c. Trour—Nominally unchanged; receipts, 11,000 orla. GRAIN—heat quiet; receipts, 120,000 bu; re- jected spring, 75c; ungraded spring, S1.003 un- red winter, 95¢@SL.08: No. 3 do, $L.03%@ 10414 No. £ do. SLOSH@1.08%: ungraded white, S1.07@1.08%; No. 2do, $1.07%4; No. 1 do (sales 11,000 bu), $1.091{31.09 extra_do, $1.10@1.10% unuraded amber, 31.02@1.07; N 2 amber, SLOGK@1.07. Rye—Market dull; Western and State, 56@60c. Barley—Market dull; six-rowed Slate, 81c; malt dull and nominal. Corn active but _lower; receipts, 87,000 bu: un- graded, 47@473c; No. 3, 4Uc; steamer, & L@ 5%c: No. 2, 47¢ in store; 47%@18c aloat. Oats quiet and _unchanged; No. 3 white, o, 313,@32c; No. 1 do, 3¢3{c; mixed Weatern, white do, 3254@33%c. - Hay—Quiet but steady, Hors—Steady and unchange. 3 GrocEnies—Coffee quiet but firm. Sugar quict but firm; fair to good refining, 65@63c. Molasses dull and unchanged. Rice steady. PrrioLeun—steady; united, 965 @983c: crude, 8L @8Xc; redned, Visc, 'asLLOW—Steady at 81{@83{c. Jesix—Tirm at SL 425@1. 45, Ecas—Matket dull; Western, 23%@29c. WouL—Domestic_fleece, 27@40c; pulled, 17@ 36c: unwashed, 10@25¢, Provisioxs—Pork unchanged dull; mess, $8.40 for old: $10.25@10.75 for new. Besf dull and un~ changed.” Cut meats steady; long clear middles, $5.00; short do, $5.30. Lard quict; prime steam, BurrEr—Quiet; Western 61£@30c. CurrsE—Firm: Western 2@5c. Waisky—Quiet, at S1.07. LAW REFORM. and What It Is—And What Makes [t So. To the Editor af The Tribune. Rock IsLaxp, IiL, Jan. 30.—Ine TRIBONE of the 12th inst., in its editorial in relation to the Bar, did not quite do justice to lawyers, though it is entitled for what it did say to the thanks f every honest man. And Judge Jame- son is asso caotitled to the thanks of every good citizen for saying to the Tllinois Bar Association that “lecan recall no important change in either the common or statute law broughs avout by the united efforts of the Bar,” and that ‘1t alonc has never combined for any useful purpose,—moral, benevolent, or sci- entific” 'This was a good text. 'y should be pglad if it could be justly said of some of its Associations that they had not, to say the least, winked at and perhaps countenanced most decrading vices of some of their members. I might ask, What real- 1y noble end we can expect such an Association to accomplish, when, in disregard of the useful and honorable purposes avowed by it, not indi- vidual members alone, but the Association asa vody, closes cach anuual meeting with a feast, at which the intoxicating bowl is welcomed, and glorified, and proflered by the leading members to the lips of the younger ones, and that, too, atter listening to an eulogzy upon some great lawyer whose death was caused by drunkenness? Such things have within the last thirty years been done at Bar mectings. Perhaps it was on some such occasion that a member of one of these Associations alluded to by Tie TRIBUNE raised rh,aud probably won the epproprobation of llow-members, by sayine that * the lawyer ‘who mounted 2 high moral horse is a_jackass”; and thus hinted the average moral elevation of his Association, as well as the pablic good its members might be supposed to aim at, ‘The Bar deserves the utmost praise for its great ability and usefuluess. The profession is a valuable means for traiving 1ts members for public serviee, for real statesmanship, for wise Jeislators, executive officers aud diplomats. Better than oy and all other professions and oceupations it fits its members for these. Next to it ranks journalism. These two professions build up the broadest and wisest men, as well as the most practical. ‘Ihere are some lawyers—and these are the noble ones—who giveail the true dignity to the profession of which it can boast; who are first of alf, and over all, and at all times, men ; men of the highest pattern, men whom you can safe. Iy trust in every relation of life,—in business affirs, in public office, aud in politics. You can trust their mteerity, their honesty of pur- pose, and sincerity. Like others they may err in judgment, but never deceive or batray. These men cannot be hired for fees, or in- flueuced by favor or friendship, Lo wrong their adversary. No man can bire or influence them to tell lies for him. 'Chey cannot be employed as journeyman lin ey may defend men they know to be zuilty of crine, and men in the wrong, but only to the extent of seeing that ~such are mnot unjustiy dealt by, They will not pack juries nor Lribe jurors or witnesses, wor will they browbest witnesses to suppress truth or elicit a talschood. "They will nou stir up litigation, nor rob their ciients hy chargiue exorbitant feds, They will discourage vice, wroug, and crime, discourage all unueces- sary litization, advise whe scttlement of wmen’s differences in uu honorable way, without apveal tolaw. In short, theywill” be peacew: Wwhere peace can be obtained without inju: They are therefore good neighbors und citizens, and safe advisers for honest men to employ. But the average member of the Bar Yas no such character, is moved by no such motives, and is unworthy of any such respect as tie one L bave pictured.” Ie “is a faithful believer in the “Juckass’ maxim. True, he, as a mao und a citizen, bas some good qualities. JHe is often gewerous, kind, sociable, as lonest outside of uis_profession us other men whouse bonesty srings from the belicf that honesty is the best policy, and has spastns of thatthivg ol indefinite character und value called © prolessional honor.” Sucha man in professional life can see that a dishonest, knavisn, tricky act, or a lie told when done by a_lawyer Jor another person i3 eutirely respectable, iu_barmony with proges- sional honor. aud not. deserving of ,the scorn that would be visited upon him if done by an unprofessional man fo his own . iuter- est. His lawger’s license aud his re- tawer sunctify “aoy villainy he “may com- mit, apd shield him from the contempt be would otherwise deserve. He may, there- fore, stir up litigation, bribe bis adversary’s Witnesses to rua away, or his .own to cowiuic perjury; may bully witnesses and blacken aud defame their chardcter, pack juries, lie to the Court upon his professonai honor, secrete, or, it you please, steal the papers filed in a cause. te way even lend himsell to the blackwmailer, and comspound sud- ngree to conceal crimmal offen- 3, real and pretended,—all of - thes more,—and still be recognized by his légal breth. ren; and more and worse than -all, reschi/nla ‘The Bar, of hizh honor by election und appointuw at; | none thinkiug it wise tof opposc nim because **he bas done .no more ‘than any lawyer would do.”” And for: that reason- he is cunsidered as baving a rigat to make himself 2 nuisance and a Pest to society. ! These creatures think themselves entitled to viciously and riotonsly; because that community aamirinely apologizes for them, sayiog *they are devilish good fellows, you Lnow;” “devil- jsh sharp; " “splendid lawyers, but will have & tear once in a while, get drunk, gamble, und lic; but, then—they are lawyers!?” As legislators, they are partisans on all ocea- slons, and gravitate at once into rings. They will necessarily and always oppose simplifying and cheapening the means of obtaining justice, and they will sneer with a3 much ease at those who feel it their first and highest duty to serve the people as does the author of the *jackass” quotation’at the lawyers who would be better than himself. They soeer at true honor every- where with the brazen effrontery that an inmate of o bagnio wonld decry female chastity. ‘But the picture is a loathsome one, and yat it 1s not without its companion-piece; for the fanlt is not alope that of lawyers, as we shall see. Though these men have brought diszrace upon the profession and should be weeded ont, I bave 10 hope of such a consummation. They are oo firmly intrenched in the ueeds of the peopie. Tngz are, in fact, as good as_the people want or woud havethem to'be. 'The sclf-righteous creature who occupics a front pew in a costly church 1.nu§c have theknavish lawyer; the honorable business man ana the very pious Cashicr of a savines bank must have him; the l’resndeus of o great insurance company must have hjm: railroad companies cannot do without him; Jounty Boards and City Councils scek_his ad- and bis_servicess the Tildens, and Vander- bilts, and Fisks find _bim jodispensable; mem- bers of Boards of Trade scek his assistance; and even Brooklyn finds bis stereotyped ‘I object aud b's lachrymose exnibitions of vital couse- quence. And the Barnards, Cardozos, and Me- Cunns are of immeasurable value to a commer- cial city. ‘The fact is, men who pride themselves upon their great respectability, when they waot some very rascally act committed prefer to pay some one who can, if paid for it, do that act for them, without at all impairing their eminent respectability, and who, if paid a sufficient fee, cam do it without himself being considered a knave. Be- sides the contidences bevween the two knaves are privilezed -commubications. The lawyer at least must oot tell of them. “Qui facit alium, facit per se, is a wise axiom of the law relating to contracts. What one docs through another, his azent, he does himself. But this principle seems not to be treated by most men as applicable to aclient and his attorney, when their aetsare considered in @ moral aspect. For hereit1s proper for very pice men to lic and cheat througn an at- toroey, und the attorney may rightfuily lie and cheat” for his client. ~The high moral char- acter and social standing - of the first caunot im the least be smirched or shaken by the foulest trong through which he profits; and the latter pleaas Dis license to practice law and his retainer to show his own immaculate purity ot character and professional honor. And the public look on and say, * Nobody to blame—ualess it is the unfortunate victim of the two rogues.” The client pays money to a professional rogume and escapes the odium of a swindle by waich he proposes to profit; and the lawyer stands up with hand on his honest breast and says: ‘‘ Here Jurks uo sioj my pure beart is entrenched be- hind this parchment and these fees.” If I hire apother to.burn my npeighbor’s barn or to knock a man down, no matter whether he is 2 professional * fire-bug? or & professional prize- fighter, the moral sentiment of theworld and the law botn say Iam as guilty as he. Yet the forty-ninth side of 8 bair is broader thao the true distinction in Fflnciple between the conduct of the swindling client who hires a Iawyer to accomplish his purposes, and the aider and abettor of crime; or between the Iawyer who hires out his services to accomplish a villainy und the “fre-bug?” who burns for pav. But the great respectable public apply a different rule to the Lo cases, < Thus the client and the attorney—twin rogues—stand scquitted_even before they are charged with villainy. Public sentiment has already declared this to be the moral law of the case. The ethics—God save the mark!—of the Bar approve; the pulpit is silent; the medical fraternity have enouzh of a kindred vice to look after—and if only committed by “regulars—to tolerate; and palliate, and excuse; the lecturer is under bonds to say only pleasaut things, and the stage meddles with the Bar neither to praise or _denounce, but only to expose and Jaush at its solemn but jaunty follies: commerce is so under obligation to, and has so many interests in common with, the de- based members of the profession that it cannot afford to have a family quarrel; agricalture growls feebly when hurt, but is happy andsilent when pot a victim; vice openly defends the pro- fession’s worst churacters und most dangerous ractices; aud theft anxiously inquires aiter the ealth of some idolized **high-nunded and hon- orable lawser ¥ betore it comuwnences to steal! Apd when the law-breaker is put upon trial the community attend and applaud the meanest trick and most brazen-faced vil- lainy of the great criminal lawyer who defended hiw, and then go to the polls and shout for and vote for that lawyer tor Judge, aud ex- pect him to be an impartial, uncorruptible, and Wwise magistrate; or, elect lim to Congress, and. expeet that he will not be a malicious partisan, a ringster, and bulldozer, unjust to his enemijca and treacherous to his fricnds. It takes 2 degraded public sentiment to ex- cuse the dishonest client and the dishonest law- yer, and 1t takes hundreds ot dishopest clients to feed and fatten one dishonest member of the profession. ‘The Bar will be reformed just as soon as public sentiment demands it, and it will aways be just as good as public sentiment will tolerate it in being. The Bar mav de- mand more learning, but it will pever reform itsell. There is no use of sniveling about this. Many-of the men who sneer at the dishonesty of lawyers will pass the office of an Lionest one and place their business in the hands of another whose dishoaesty 1sdenounced. And thus they teach both thut "honesty is ata dis- count among good men, and to be ranked as a # jackass,” uud that even moderate success is not 1o be attained by a lawyer until be has firse come to be estecemed a kvave; that knavery is 50 necessary that houest men cannot live with- out its assistance, and no Jawyer can succeed largely in his profession or in politics unless he is a knave. How much better then is that pub- lic sentiment which demands and approves of kpavery than the kpaves themselves? This is a savage indictmeut of public senti- ment, but it is unfortunately **founded on facts.” Let Tne TRIBUNE, therefore, continue to prick these pretentious bubbles as it has al- ways condemned the defective administration of Justice in Chicago. While Judee Jameson very justly claims that improvements in the laws of most English- speaking countries bave been made at the - stauce of lawyers, Tue TRIBUNE claims with truth that the * Granger laws™ were enacted in detiance of the aimost ceneral protest of the lezal profession. Yet these last vamed laws could not have been framed aud passed but for the 1id of Jawyers. Observation has taught me that legal kuowledge 15 necesssary to draft statutes which can be eaforced. ‘Ihe truth 1s, there are good wmen in the pro- fession who bave just and generous aims, und are deserving of our Lighest respect. But when will outsiders give thewm credie for these quali- ties and hovor them as_much as they honor the &reedy and seltish ones? Just as soon as public opinion respeets 2nd demands honesty, and not before. A LAwYER, Objections to and Advantages of a Code. To the Editor of The Tribune. CricaGo, Feb. 1.—That a code of the settled rules and principles of the common and statu- tory law is practicable will be ndmitted by any who deny its desirability. The objections urzed may be repeated with the apswers which have been stated before. 1. 1t is first objected that it is not possible to reduce the entire law to~a complete and perfect statute. ¢ Tins i3 conceded, but its force as an argu- ment is denied. If the objection be valid to a code as perfect as may be, it is also valid as to any system of law, for no system is perfect. If society shall deny itself a code because a perfect. one cannot be devised, it should for like reason deny itsell all eovernment, for a perfect government has never existed. The objeetion would bave some force if it was proposed :o0 abroxate all law save thatexpressed in the code, as was done in the Code Justivian. +* We forbid,” said the Emperor in the Consti- tution promulzating the first code, * all plead- ers and advocates, under penalty of making themselves guilcy of fraud, any other statutes than those whicliare inserted in our code, or to quote otherwise than as written therein: for inese Constitutions, towether with the works of the ancient interpreters of the law, must sullice to decide all suits.” In the Constitution pro- mulgatine the Pandects he said: “ Let no jurist at the present time or In the fature dare 1o anmex commentaries to these laws; we only permit transiations trom Latin into Greek; and the summaries, catled paratitla Intended to describe the articles; but not wer prelat.ones, or rather pervesiones. Penalties due to the crime of fraud are threatened on those who shall comrasene this proniotion,” ) A like prohibition attended the promulgation of the new code. Itis said'that Napoleon ex- claimed, *¢ My code 18 “lost,” - whien informed it it was b text ofi a commentary. Even Beéntham ‘oroposed to muke a cude so com- plése ‘fhat it should abrocate -all law not therein - written, and leaving all cases for which he did not make provision undetermined uatil the Lerislature could enact a pew i:w. All such attempts must ever be futile, ossible to atate only the lav; that is setrleqy, eislative enactment ‘and judicial decisfoy leaving analogies in full force’ for the diso™ tion of cases for which provision has not beey m;d&m a4 objecti 4] n . The secona objection usualiy p rests upon the assumed fiexibilltyyor zfifi,‘: mon law, and the unyielding character of gy statute. Fortanately for the stability of g erty rights and the security of personal Jibe, the common law is not so pliant as hchlm?d_' When the Court may distezard or modify we|j settled rules, the discretion of the Juige not the written law becomes the rale, “Eqqir. is 2 roguish thing,”” says Seldon; for lay oy, have a measure. Know what totrust to; e‘mf is according to the conscience of him' ““{ Chancellor, and as that 1s large or narrom, soiy equity. It is all one as if they should mate h standard for the messure we call 3 fouc a Chancellor’s ~foor,—what an h icertafy One Chanesp ;neas}x)ra waul}dnm}s be! or has a_ shos oot, another gz g feot, a third an indifferent foot. I: I:h :‘n’: same thing with the Chancellor’s conscience, This statement of the equity jurisprudence was not exagwerated in Seldon’s’ day. The ruley of cquity, however, have since. become a3 welf st tled as those of comimon law, und the one [ ag Improperl[y disregarded as the other. Tt fg the boast of Tyler in his introduction to Stephens. on Pleadings &a vaper devoted to proving that Anglo-Saxon liberty has its only foundation. the common courts and the general issue) thag “under the comwmon law furmer decisjong di- rected the court uaconstitutionally; thys e tis deemed ,by the common law indis- pensable thét = there should be g tixed rule of decision’; that “itg principles of interpretation are fixed and cer. tain,” and that “ those early adopted have never been departed {rom.” Hence it is thay the common law is never amended, except by less. lative action. It is true thutan impercepiibie modification is beiog made in the application of some of its rules by judicial decision, but eyeq this is never permitted until long after ghe changed condition ot the people makes the rule odious, and_then the modification is penera]] expressed in the form of 2 leral tiction, which, as Sir Heory Maine antly expresses jt a living principle x:x{»ermincd Lo exist in the shelg of ape that is dead.” -Such fictions should bavs noplace in the jurispradence of a progressivy people, and they can bave none in a systeq which 18 easily adjusted to a chaneiog civiliza: tion. A ruleof customary law always ontlives the conditions of the society or commercy which called it into existence. s Tpg venerable absurdities of the common lug of to-day were the natural outerowth of condj- tions which have long since passed away. It they are repealed, it 1nust be by legislation, ang legislation may amend the statute as easily as iy can modify the common law. A code may be more easily adapted to changing conditions than a body of customary and written law, evi- denced by “a great mass of independent ensct- ments and judicial decisions. In fact, every code should contain within itself a provision for its general revision or amendment at stateq periods—say every ten years—an amendment or revision which should be made by incorporating 1o the body of the code the new enactments of the Lezielature and the new rules annonnced by the courts. & Another objection is thus stated: “Words and phrases bave acquired a settled meaning in the ~common law, and in reducing that law to a written form mnew words and phrases would necessarily be used, to settle the meaning of ~ which would require much litigation. If the stace. ment of a rule, io the opinion of 8 Coart, sumed a certain formula, that tormula ma fi trauscribed into the statute. May not the Lg islature use words in the sense “in which are employed by the Judges? In any event, there be any real difficulty in this rezard itis easily avoided by a chapter of definitions, which sbould form a part of every code.as it doesot nearly all that have been adopted in modern times. ‘The omission of this in the Code Na- }eon is noted by Austin as one of its principal efects. 4. It is also urged that the fixed forms and ip- flexible character of the code would retard the development of the law. This is but another statement of the proposition that judiclary law is more flexible than legislative enactment. The ~ aoswer to the objection stated in fqrm states the answer to this. 5. It is sumetimes stated that the modern codes of Europe have failed to realize the hopes of their projectors. It is uvderstood that the defects in the code of Justiuian were neces- sarily supplied_by the promulgation of anew Constitution. 1t'is true that some European codes are defective in not providing for a peri- odical revision whereby newrnles established by legislation or developed by judicial discussion may be assiened to their proper places in the general system, but it is not true that the codes thus defective bave not improved both the law and the literature of the law. Not one of the nations in which codes have been adopted would for a moment entertain the proposition to re- tarn to the old condition. It isalso true that several of the Earopean codes are very defective - in classification, but many of these defects hayve been avoided in_those prepared in New York, and io the one which has been adopted in Call- gumla. to which attention has already been led. » Attention may now be properly calledto some of the advantazes which it is believed ‘would result from codification. 1. It would render the law more accessible to both lawyers and laymen. The main bodyol the settled law is now unknowable to the peo- ple whose rights it sccures and whose dutiesit defines. Even lawyers are contented with knowing where it may be found; noone at- tempts 8 mastery of its details. The poverty of time, inaccuracy of digests, and fi bility tolibruries, render impossible the thorough * and complete preparation of arguments upon questions arising in any cases except those of suflicient importance to demand an exhaustive investization without regard to the rime cor~ sumed. Many rules, each of which is'mow eliminated from many adjudged cases, might bs stated on a single page of the code which, upon beingsanctioned by leislative enactment, wonld havs the force of .law without the support of the adjudged cases. It isseldom that a good Iawyer enters upon the trial of an importsat casé withont apprehension that, in the harryof the hearing, he will be compelled to confrons some case decided by some Court in some En- glish-speaking countsy, which has_escaed his vigorous search through 5,000 volumes of re- ports which constitute the evidence of the com~ mon law. That everyman may be his own law- 2 Fer is not within reasonable anticipation. But s every intelligent man may be enavled to know more thaw is now possible of the rules to which he is required to conform his conduct. A syl tematic statement of the law would econom the Iabor and time necessarily consumed in the 1nvestigation of questions by professional meo, and thus materially reduce the costs of justice to the people. These considerations may not fm- press themselves upon the bappily small nua- ber of lawyers whoregard the protessionasanart merely o be appreciated for the money which it will produce; or that other classes who feel that the dignity and usefulness of the law is depend- xen: upon the solemn mystery which envelopd it S 2. A systematic statement of the Jaw sould reduce the voluie of lepal literature,—a coo- sumation to be devoutly wished by lawyers sod laymen. That which is now diffused through ) several thousand volumes may be reduced 0 e three or four of moderate size, and be morein- tellizible in jts condensed than in its preseot form. Forawhile lawyers would from sheet force of habit compare the rule in_the statute with the decision from which it is deduced, bué save for purposes of illustration and arplication it would soon be discovered that such labor would be useless, as the statute would contro il a conflict were discovered. The codes . Justinian und Napoleon superseded se tnousand volumes which constituted, befors their promulgation the written evidenc® of the law.” Now a complete la¥ liorary is seldom attained by a State; if the laws were condensed und - systematically :"‘ ranged, a library safficiently complete for the demands of practice could be atq every lawyer. 3. It would make the law in form what it i3 I8 fsct,—a science. ‘the logical arrangemeat of 8 principles would develop tts defects, incon sistencies, and incongruities, und lead to Imme- diate provision for their correction. Insteado! an independent remedy tor each of uzrfesnL Wrougs, one system would be devised for sl In fact, ravical réform is essential to satisfactory codification. Fictions, artificial dlsflncdag-: and aotiquated absuraities tuust disappear & forc any successfal attempt at systematic s‘!éfl ment. 3 ——— CORPORATIONS ORGANIZED. SrrixGFIELD, Iil., Feb. 1.—License 0 org‘ln‘. H ize was issued to-day to the Juy Mioing Smelting Company, of Chicago; capital, 330 290; sorpordionss, Flis!ene L“l Fellows, Edgar ellows, ane olph Berend. Also, to the Chicago-Boston Buckboard Lot pany; obfect, the mauulucture of wagous, Gr aues, etc.; capital, $125,0005 corporators, H. ¥+ Bemis, John H. McAvoy, and §, K. Dow. the A certificate of organizatton was filed by tbe Du Page County Bar association, of Wheatoos corporators, Elbert H. Gary, Noah E. Garfo Hiraw 8. Cody, and Myron C. Dudley; Dires: tors, N. E. Gary, A. W. Sundlinger, M. C. D& ley, H. 8. Cody, uud R. N. Murray. OBITUARY. Lexincroy, Ky., Feb. 1.—Dr. J. K. Mortos, the eminent homeopathic physician, of this citfs died suddenly this morning of paralysis attending a patient, *