Omaha Daily Bee Newspaper, January 20, 1890, Page 3

THE OMAHA DAILY BEE: MONDAY, JANUARY 20, 1890 WESTERN FARM MORTGAGES. Bome Oriticlams of an Basatern Critic Fully Answered. SECURITY WHERE THE LIES. A Kanwsss Ohject Lesson and What It Really ans—The Alm of Easte ern Manunfacturers—Wealth ot the West. Enstern Oroakers Answered. Omana, Jan. 15.~To the Editor of Tne Brr: In the report of the superintendent of the banking department for the stato of New York appears an article headed “‘Western Farm Mortgages,” sharply criti- cising and censuring the investments of some of the savings banks of the eastern states which have invested their funds in “western farm mortgages.” ‘What is the foundation of this oficial's knowledge as to the quality of western farm mortgages! The savings banks of the state of New York, over which he has supervision and whose busincss he is familiar with, are prohibited by statute from investing in any mortgages of real estate outside of the state of New York. From his experience, he states that “farm mortgages are not only the most difiicult on which to realize in cases of financial embarrassment, but they have in many instances burdened our in- stitutions with expensive and unmarket uble resl estate, not because of negligence on the part of appraisers, but through fluctiations in the market value of real estute, which has av times depreciated to such an extent as to induce borrowers to surrender their holdings in preference to paying the mortgage loans,” These Wre the securities of the savines banks of the state of New York, and are morteages based on reul estate exclusively in that state, Let us see what hus become necessary for the legisiature of New Vork to enact as a part of the suvings bauk law of New York. Section 203 of the savings bank law pro- vides that it shall be lawful for a savings bank to hol 4 or carry real estate that has come into its possession on account of a fore closura of a wortgage, but such real estata shall be sold by such corporation within five years after the same shall bo vested n, unless the superintendent of the banking de partment shall extend the time, This law shows conclusively what is the quality of the mortgage isecuritics held by New York state suvings banks—and yet by statutes governing these banks only fifty per cont of the appraised value of real estate oun be taken as security and 1t 18 stated by this cxplanation in the first part of this arti- cle that there is no “neeligence on the part of aporaisers,”—therefore, the fnality is clear; New York real estate mortgages based upon' real estate honestly appraised and made not to exceed 50 per centum of such ap- praisal cannot be realized upon unless five years is allowed to dispose of the property, and this time must be_exc by special indulgence in some instances. And it is from such knowledge as this that western farm mortgages are condemned in the fourth paragraph of his article as uns wise. This same report shows that mort- gages held by the: suvings banks of New York state we January 1, 1988, §103,704,- 3 ¥ 1, 1889, §216,075,139; an iucrease 113¢ per rr.-nr while the same pe- 7 to §523,- Thus the losses in the old wealthy state of deposits of the savi riod only increased froin $505.01 617,515, or 3 6:10 per cent, aud mortgages - New York increased fasfer thon the reserved d Thoney of the people of the state. Although the greatest reason given for being afraid of western farn mortgages 18 that they are in- crensing, New Yori state mortgages are in- creasing upon old property, while the class of weslern farm mortgages which it 1s proposed to discuss in this article are in the state of Nebraska, a state less than forty yeurs old as a farming community, and in this *golden belt” mortgages have to be made at & rate not excceding 8 per cent in- terest and not more thun 40 per cent of the ‘valuation of the property. Are such securi- ties sate and good investments o an eastern holder, netting him 6 per cent! Iv1s almost an impossibility to find any improved farm that has a mortgage on iv in excess of 50 per cent of its actual valuation. If such should be the caso it is 8 mortgage negotiated by some one for a particular friend of his in the east, and never hes passed the scrutiny of an inspector for a responsible loan agency. In the newer portions of Nebraska, where much of the land hos been developed within the past five years, mortgages have been made at 10 per cent. On this class of farms, for this high rate of interest, investors have as- sumed an equally Mgh risk, and will be obliged to adopt the New York pracoice and wait *‘five years or more” for a chance to realize; but in the final result these loans, if honestly made, will prove as good as a New York extended foreclosure, Millions of dollars of securities are sold to the eastern public from Wall street in New York by false representations which prove to be nearly, if not quite worthless. But no ono has ever thought of sayiug that good se- curities were not sold from that financial warket, This bank examiner kas found one case, which he publishes, of a man in Kansas who mortgaged his furm, valued at $4,500, for §1,500 and it was finally sold for §700. This history a8 given by him is that the man wished to ielp u son to go ‘into trade. To tide nlong, hoping to recuperate, he put on & chattel mortgage at three per cent & month and the mercantile 1088 and chattel mortgage winced himj although it is suggested tout all he was in nead of to save his farm would nave been more time, possibly the five year 1aw would have saved him. ‘Ihis 18 one of the classes of securities usually avoided by all good loan agencies, When a farmer wishes to mortgaga his farm to enter an_un- tried field, especially the mercantile, it is cousidered that be assumes an extra hazard- ous risk, What is the real vatue of a good farm mortgage and 1ts actunl prospects of bewng a safe lnyesument! Wo will value a farm at 30 per acre including comfortable buildings and improved lands One quarter section is a farm of 160 acres, which makes 160 ucres at $30 per acre valued at $4800, The highest loan that any respectably conservative loan agency would attempt to negotiute would be $2,000, and 10 most s it would be #1,5 Interest on $2,000 at § 8 r cent is §160 per annum or $1 per acr ne balf of this 160 acres would Lu @ small average for a good farmer to have in corn; average crop is over 40 bushels per acre—more than one hnlf ger 50 bushels. Forty bushels of corn at 20 cents, a very low price, is $5 per acro for the crop on S0 acres, equivalent to §040. Interest on mortgage is $160, balanze to farmer is $480 on one half of lus farm; the other 80 acres may be used for oats, hay and pasture, which will feed his horses, ui'-l-lu and hogs una ko him some profit. The cost of raising w acres of corn in Nebraska need not exceed $320, or $4 per acre, and in 0od hands does not when managed by the farmer himself. ‘Thus the farmer can pay his interest, pay his expenses of raising the corn, allowing good day wages for hisown services sud bis team, and have §1 per acre as w sinkiog fund to re- doem bis wortgage, These wre fizures that can be vorified by any good business wan who will travel dmong the farmers of Ne- braska and carefully iuvestigate the subject. Can any one who hus been so0 ready to throw & story of ridicule over western mortgages suy as much about eastern farm mortgages! Is it not & fact admitted by all savings ban| und money lenders that certain farm lan are not worth u dollar more than they were twenty years ago and many of thew have been abandoned to grow up to brush or to be used as cheap pastures bocause the owner A.-n'trei @ living from the soil for himself and family, The permanent valueof the Nebraskna farm wortgage is that land is worth $35 per acre in cash, 10 raise grain frow, to be converted nto cattle hogs and mutton, while the ordivary farms in the east ©4nnot pay expenses to the sous of the old farmers when the farm has cost them noth- dng. Th2 eastorn papers are filled with re- rts of state commissioners whicn have b croated to find some way to induce the inhabitants to rewain upon their unproduc- tive furws, While zood lunrh n Nebraska are ulways saleable at a good price, eastero farm property is deteriorating. L estate in Nebraska has grown in thirty years from comparatively nothing to an assessable val- uation of more thau $544,000,000, and is steadily advancing, The true animus of the croaking about ‘western farm mol 08 seems Lo Lie in the minds of certain peo) _Who foudly dreawm | sanguine in the growth and that if no money Is invested beyond their own dooryards the rate of interost must be Jow at home and more manufacturing and home enterprises will be fostered and en couraged. ‘This restrictive legislation has gonn on until the servant girl who toils for those peop)e can only deposit her little earn. ings 10 & Savings bank, which 18 8o hedged around by wise orders, where not to invest, that she receive 3 to 4 per cent per annum for her little savings. It an admitted fact among eastern financiers that no brighter men do a financial business than the managers of the funds of life insurance com- panies, Several of these officials have trav eled extensively in Nobraska, and 1n every instance are placing their funds in farm mortgages at 6 per cent on the farm which they know. Some insurance companies have been restricted by wise legislation from mak- ing such investments, and have placed large amounts in real estate which they own,being prosperity of this same land upon which a ‘‘farm mort- gage) 18 80 very risky ! For unless the farm- ing of Nebraska is a success there will not bo much valuable property in the state, Nebraska 18 an agricultural state first, 1asy, and all the time, and upon ita farm products depends its future wealth —can anything be more substantial or could shrewd life insurance comvanies who are making investments for a future generation show any better judgment than by farm mortgage investments! If safo for them why not safe for the man of small means whose $1,000 mortgage should earn him as much pro rata as the #1,000,000 of mortgages made from funds of large financial institu- tions! Savings banks should be honest conservatively manawed, bringing in for ea stockholder, as every depositor is o stock- holder in proportion to his deposit, as much dividend as any money can safely earn, Not to be managed 1n such a way as to earn the 1 ble dividend, merely to gratify a y of men who have' no pecuniary inter- est in the result of those theories, but who have found isolated cases of excess in mort= gages on poor farms or fraudulent transac- tions of irresponsible loan agencies which they have taken asa finality regardioi all “western farm mortgages.”” Were all the mortzages on real estate in what is termed the east, obliged to be paid, New York’s tive year law would not be long enough_to con- vert them into cash, Nebraska farm mortgages are growing in- constantly enhancing i while eastern farms uare from their gathered statistics, as gradually deter= iorating. Tho farmer of Nebraska who owns a good farm is preparing to pay his morzage. Many o mortgage made since 1884 has been baid, or materially reduced, and the thritty farmers of Nebraska will pay many more within the next five years, Can the same be said of the east! There is but one safoglard needed to insure western farm mortgages on Nebraska lands—know that the 10an agency 18 managed by men of large means and strong financial standing, that they make loans only from uctual knowledga of the property, that the papers are all properly executed and abstract guarauteed or certified to by a judge of such papers. Then there cannot bo any safer security. Much stress scems to be placed by this Now York examiner upon_the “'scorching’ south- ern winds ‘‘that so freauently rob tho tiller of the s0il.” This may be true of some iso- lated sections; these sections are known and curefully avoided by the prudent investors, the same as an eastern investor would avold @& cheap section of rocky, poor land in that section. It should be borne in mind that Nebraska 18 25 per cent larger in area than all New New England, and it is a fuct spoken of by all the oldest residents that it has never failed to produce a crop since known by the farmers. Nebraska s a state of diveraified farming, Corn, wheat, oats, rye, barley, millet, flax, potatoes, frut and all garden vegetables can be successfully growa from tne Missouri river to the western boundary of tho state. 1t is not cenfined to one grain, as some states are to wheat for instance; while corn 1o be converted into cattle, hoas and wutton, is the quickest paying crop, ail also succeed remuneratively, which makes a bad year for one crob not a disaster because there will be a sufliciency for home uses at least in some of the various products. Again referring to this Rexaminer's objection of “acorching southern winds,” a careful ex- amination of Nebraska farms for one sum- mer would convince him that the corn crop of the state never was ruined from thatcause and from the nature of the soil's formation cannot be.The black-gray or brown-gray loam of the farm lands 18 from two feet to eight feet in depth, light and porous, and free from any stones; underneath this is a deposit of a yellowish earth, commonly called clay, Which is firm and 80lid, butsomewhat porous. When the rains fall ana snows melt the top soil reaaily absorvs all the water; but, being very porous, the water passes to the yellow heavier soil beneath, which many cuses twenty feet or moro deep. This heavier soil holds the water like an immense sponge. As the corn grows and takes root, those roots naturally tend downward until the principal root reaches this sponge; by thav time the corn has become two feet or more 1 height, which is before the end of ths month of June. After that is the period of the season when these alarming winds blo Should iv be 8o, the heat draws from this reservoir of spongy soil by capillary at- traction all the moisture needed for the sus- tenance and growth of this corn crop to en- able it to develop and mature. Although in some sections 1t may diminish the quantity, it never ruins it, and 1n almost the entire state does not do any harm to this crop. “The spirit of the Now York official's ve- flections upon ‘western farm mortgages’ is shown in his language as follows: “I"arm mortgages are the least desivable of all real estate securities, asis shown by the fact that money louncrs are as a rule ready to o loans on improved municipal property on more favorable terms and at lower rates of interest than on the best managed and most productive farm land in the state.” And then he gives the reason in the next sentence: “Tho uncertainity of productive seasons and the limited number of our populavion in search of farming land, when compared with the many who in their desire for the acquisi- tion of wealth bend all their energies toward merchaotile pursuits, make it clearly evi- dent vhat western farm lands are not as de- sirable as the mortgage agencies would have us believe,” The knowledge which governs this report is cloarly set forth in the preceed- ing sentence—merchantile or any trade pur- 8Uits 1n the oities of the east are preferable 1o mortgages on western farms, and that is because s0 many more are willing to engage in those than in farming.—Farming is not speculation and has none of the fascination of trade 1n it, but the percentage of failures in werchanule, manufacturing and bavking Ennuil- is very much larger than the num er or amount of farm mortgages that arc foreclosed; yetthe advices of this guardian of suyings banks is that loans made on such curities aro safor than mortgages. The metchantile agency reports show business failures of many thousan each year amounting to millions of doliars on which the money lender; gets an average of less than 50 cents on o dollur for his nvestment. While a farm mortgage, if unpaid and foreclosed, in a majorivy of instances pays nearly its full value, if nov every cent it has cost. Why is this? Because a farm mortgage is based on the products of the soil for 1ts pay- ment, and nature never disappoinds its in- dustrious toilers. The ground produces actual wealth from its treasures. Trade creates nothing, but is dependent upon the prosperity of the farmer and his crops to furnish it any business. Why then is the chaunel, through which the work and pro- duct of 'the farm passes, so much safer as an investment than the fountain, The as- sertion is un absurdity—a moment's calm re- flection shows its fallaciousness, The money lender, as he 1 generally understood, 18 not the source from which money- is drawn for long investments. His business is nogotiating this same mercautile paper, and the usual theory 18 to base loans upun short time paper, say two to four months. Why is thist Hecauso itis well understood as a sound banking principle that trade flactuates and long paper is unsafe unless secured by something as substautial 8s @ ,mortyage. Shrewd managers of investment funds always reject the paper of those ‘‘who in their desire for the acquisition of wealth’ avoid farm mortgages, but invest their all in wbat is here olassed as more desirable than those securities. As regards loans upon municipal real estate instead of farm wortgages being more de~ sirable and at 4 lower rate of interest, it is partally truo. uad from this olicial's kaowl- edge was 1o him a fact; but his judgment is formed on his experience with' New York state affairs, but on new and rapidly esbanc ing farms it will not prove so, To all in- vestors who are well versed in both classes of securities in the west the farm mortgage 18 a8 much sought for as the wuuicipal loan. Because of anythiog 1t is more conservative @ud the income of the farmer is the wost sure. Is there uoy foundation for the asser- tion of this examiner that crops are cut short by scorching wiuds and various adverse | compiled from authentic freaks of nature, 80 as Lo render this class of loans extra hazgrdoust He cites 1856, 1887 and 1888, The corn crop for Nebraska for 188 was ingross: 104,314, 4 bushels; for 1857, 123.213,933; for 1888, 2,068,778; for 1580 it will be in excess of 260,000,000 and all other crops are increasing in proportion. These figures are carefully statistios and con- tradict the assertion of constantly failing crops, A complete statistical record has been kept for ten years and does not verify any of his fears that this country is a des ert. We pive the following tables to show that the precipitation of water is sufficient. for good crops and the heat in no instance alarming: MEAN TEMPERATURE FOR SAME PERIOD. INCHES OF RAIN OR MELTED SNOW FOR TEN YEARS. ame years show the loast precipitation; yet Nebraska's corn crop was good and wus not a “disastrous failure: " 104,314,744 bushels for 1886, 1 , 033 bushels for 1887—one-fifteenth of all the corn grown in the United States those years —is a fair crop. Actual statistical wealth of s country is a sound basis for credit. May it not bo so for the farmers of Nebraska? What s their property outsido of their farms? The following tables are very nearly accurate, compiled as they are from assess- ors’ returns; the aggregato is less than it should be: . Statement of live stock in Nebraska for 1859 Average market 72,080,033 50 g 2 Broom Corn, Potatoes Total. . Millet is us y a 0 A strong verifaction of these figures is in the actual cash sales of catile, ho;{s and, sheep at South Omaha, amounting to over $33,000,000 for 1889, “The grain crop for-New York state and New England combined 18 given for 1883 by the best authority as fol.ow. Corn EEES i Each of theso princival farm products 18 exceeded by Nebraska with the exception of barley, and in corn that staple is over five times 8s much as thoso seven states com- bined ; yet no conservative investor classes o farm mortgage as extra hazardous in those states, although in several of them farms are selling for a less vrice per acre than good new land can be sold for in Nebraska, In- Vestigation contradicts in every particular the warning of this bank commissioner and furnishes facts to prove that no better 0 per cent investments can be found than Ne- braska farm mortgages wheu the same are obtained from a careful reliable loan agency located 1n the state, Frauds may be perpe- trated and poor mortgages sold bearing a high rate of interest. I3ut such transactions are incidental to all business. Know witn whom you deal is the safeguard, Warze. The Mineral Product, The snnual report published by Wolls, Fargo & Co., of precious metuls produced in the states and territories west of the Midsouri river (including British Columbia, and receipts by express .from the west coast of Mexico), during 1889, gives the value of the mineral product of the various states and territories as follows: The statement of the K roauct of ®old and silver in the republic of Mexico, revised and corrected from 1887 to 1850, is as follows: YEAUS, Gold, l silver. ‘ Total, The exports of sllver duriag the past year to Japan, China, the straits, ete., have been us follows: Froi Loudon, $39,282, San Francisco, $18,422,305; total, as agaiust $43,000,018 lust y car, sterhing estimated at 84.54. The returns from Mexico uonlluun to show @ steady forward movement, iu full accord Wwith the bealtby progress of mineral devel- Polnds opments and mining intaredts in the United States. This result is owing in great meas ure to the liberal and friendly policy of the federal government of ‘Muxico, which has afforded enterprises of “thé kind every rea- sonable encouragement: Tho prospects for the future are also very bright. i OMAHA WHOLESALE Produce, Pruits, Ete, Eaas—Strictly fresh, 16@17¢; cold storage, S loe. MARKETS, Prrrs, TALLOW, No.9, . 8. hides, @u call hides, 414 @Ao ess | sheep pel! reon salted dry flint damagod o} tal- low, No. d@ige; yellow, 21y @de, BUTTER—Creamery, fancy 20@2 10@20c. Dairy, fancy, 14@16 14c. Country, fancy, 1@ inferior, 4(@bc m_per bbl, $4.75: small, 3 l(‘l ; C & B chow chow. qts, $5.85; pte, £3.85 Pora r..u‘w@m for choice, ONIONS--50(@ Ve, SAvER Kravr—Bbls, 8475 Game—Mallard ducks, 3. 503 mixed ducks, §1.50(12 teal, $1.25@1. snipes, $1.00@1.25; Jack rnhhu-.& smull rabbits, $1.006@1.2 1.10: plover, The@! ll 00, Cin MarLe SUGAR Funs—Beaver, ||er Il), each, #3.00@7.00; wolf, coon, each, 25 3 mink, each, muskrat, mu‘ H@de: skunk, rat, B@t00 @%0c: deer skins, fall, per 1b, b 1220, o hand picked navy, §1.75@ . boice hand picked medium, 1.70; choice hand picked country, §1.50@1.65: clomnouuuv, $1.50@1.60; inferior country, $1.00@1 Provisions—Hams, No. 1,16 1b average, 0 to 82 1bs Sfc; 12°to 14 lbs, e} vs, boi breakfast bacon, No. 1, Sc: ham sausage, 8igo; dried beef' hams, 7o, beef tongues, wxm per dozen ; dry salt meats, bS@slae per per Iby ham noulu,m 63gc; add 1o per 1b for small lots. £2.00@2.25; 00. 1, 4 20 choiea, D half bols §2.75. fl\ch ArrLes—per bb common, choice, : fancy, $4.000 MeAT—20-1b cans, 7igc. 15@16¢ per 1b for choice. Pias FEgr—Pickled kits, T0c: tongues, kits,, § pickled H. C. tripe, hocks, kits, §1.15. 5 lu“mcu State, $4.00@5.00; .30, Lanp—Tierce—Reofined, 614c; kettle rendered, 6370. for smaller quantiti BEEF TONGUES—! Hav—85.00@8.00. Cuor F'ren—$12.00. BRAN—$10.50. LemMoxs—Fancy, $5.00@0.00 @5.00. spiced pigs d tripe, kits, Goc 3 Sac: spiced” pigs fancy, $.00@ Bie pur leaf, Add e to o 1t, per bbl. $20.00. kits, ; choice, $3.50 “CrLERY—Per doz; 30e. CALIFORNIA GRAPES —$2 00 ; pears, {@10.50, —According to size, per bunch, Cocoanurs—Per 100, .00, Avrre BurTer—Ge, CraNueRuzs—Cape Cod, $10.00@11.00. Onaxars—Florida, per bux, 8.00@5.00. average, 2 2@330; medium, g2c; quarter biood, average, 20 @?21c; coarse, average, 15@lic) cotts and rough, average, 4@lbe. | VEAL—Choice, mediuni size, 6@Sc; choice, heavy, 4@oe. Live Pioroxs—Per doz, 31.50, Grocerics. Driep Frorr—Currants,new,574e; prunes, casks 1,300 fhs, 45{c; prones, bbis or bags, 5e; citron peel, “drums, 20 1bs, 22c; lemon peel, drums, 191bs, 20; ' fard dates, boxes 12 hs, 10c; apricots, choiée cvaporated, 143 apricots, jelly, cured, 25 1b boxes, 10 cots, fancy, Mouut' Hamilton, 1603 apricots, choice, bags, 80Ibs, 14l¢c: ap- ples, ; evaporated, Aldei 501 boxes, 03¢c; apples, star, Si;c; apples, fancy, Alden, bib, 10c; apples, tancy, Alden, 3 1b, 10}gc; Salt 5i{c, bluckborries, evaporated, 5i4(@6}c; oherries, pitted, dry cured, ; pears, California tancy, s boxes, 251b, punche! Cal, No. 1, fancy, 3¢s, unpbugs, sutb 150; nectarines, red, 14c; nhectarines, silver boxes, 15c; bitted plums, Cal.25 1b 8l40;’ raspberrics. ovap. N. Y., new, 3 prunes, Cal. R. C, 90100, boxes, 251b: runes, R. C, 6070, Je; orange peel, 16 raisins, California Londons, crop 1880, $2.25; Cal. looac, muscatels, crop 1880, #2.00{ Val. encias, 1888, 6c; Valoncias, new, 8gc; Cal, scodless, ske, 79, CANNED Goops—Lruits, California Canned Goods, Standard Brands, 215 Ibs, per doz.— Apricots, $1.70@1 85; apricots,” pie fruit, 81.55; gallons, $4.05: blackborries, &35 checries, black, $2.00@2.25; cherries, white, §2.25@2.50; grapes, $1.05@1.80; pears, Bar lett, $2.10@2 25 peaches, yellow, §2.10@2.253 peaches, lemon cling, $2.85; plums, egg, 81.65@1.80; plums, gold drops. 81 803 plums. greon gagos, 81 65@1.50; peaches, Bay City, with pitts iu, $1.60; Currants, i goose™ verries, ncctarines, $2.05; quinces, £2.10; raspberries, §2 90: strawberries, §2.70} peaches, 3 1b castérn standards, 1853 3 1 castern seconds, $L.35@1.503 3 1 pie, $1.10; 6 1 pie, $2.00; allon, pie, $3.00; Crescent appes, lich standurds, 21 goosober- ries, 2 1 strawberries, $@d5c; 2 b Toapberrios, $1.00; 5 biuasertias. Wb@doos 21 blackberries, 15@7dc; 2 1h strawberries, preserved, $1.80; 2 1b raspberries, preserved, §1.80;2 1h blackberries, presorved, $1.20 pibeappies, Bahama chopped, $2.00; 2 1b Bahama grated, $2.75; 2 1b_Bahama sliced, §2.50; 2 b Standard sliced, $1.25@1.50; cher: ries, 2 1 red, Baltimore, 85@05e. CANNED Fisn—Brook trout, 8 1b, $2.40; s mon _tro t,31b, clams, 11b, §1.25; clams, 2 1b, §2.00 chowder, 81b, $1.25 deviled crabs, 1 1b, §.25; doyiled' crabs 2 b, 83505 coduish balls, 3 Ib, 8175 cavier, ¢ lb, $2.25; cels, 11b, $3.40; lobstors, 1 1b, §1.9 2lb, §2.05; lobsters, deviled, 3§ Io, $2.25; muckerel, 1 1b, 81.75; mackerel, must- ard sauce, 3 1b, $2.00; mackerel, tomato sauce, 3 1b, §2.00; oysters, 110, $1.10} oyste 3 salmon, C. R., I Ib, 81.90; s VEGETABLES, —Tomatoes—31b extra, $1.00; 8 1b Standard, Western brands, §0@d5c; Galls, Sterling Can Co., strictly standard, $2.00. Corn—Preferred stock sugar corn. finest grown, $L.69; gilt-edge sugar corn, very fine, §1.50; McMurry’s 2 1b sugar corn, $1.90; 2 1b extrd, Western brands, 85c(@$1.00} 2'Ib’ standard,” Western brands, 70@80c. Mushrooms—1 1b French, extra fine, 22@2hc; 11b French, fine, 1832 ordi- nary, 10@ise. Pei n, 25e; demi fine, per can, slfted, $2.00; 2 1o Early June, #1.2) 21b Mar- row, standard brand, $110; 4 Ib sonked, bic, String Beans—2 1b high urmlsmfugna, 90c; 3 1b Goldea Wax beans.: 75c; 21b string beans, 70c. Lima Beans—3 1b_soaked, Boston Baked Beans—3 1b Lewls, $1.65; Crown brand, $1.50, Swm, Potatoes—3 1b New Jersey, #1.60; Daisy, §1 85, Pumpkin— 81b new pumvkin, Fisn—Mackerel, No. 1 shore, hif bbls, $13.00; bloaters, hif bbls, §15.00; white fish, hif bbls, $7.00: trout, hif bbls, $5.50; fam- ily white tish, #3.00:salmon/#8.50; 1 1b mack- eral (hsmng $1.0021.10; 11b finan baddies, $1.75; 2 1b lobsters, §2.90@3.00; 1 1b lobsters, $1.00@2.00; 1 Jb salmon, Uook's Inlet, Areti brand, fiue, $1.76; 11b Guitings Cocktail, very nn 005 2 Iy salmpn, Columbia rlver. 5‘31610.3.00 11b Alaska salifon, Aleut, 8L 603 2 1b oysters. 10 oz, Baltimore Peerles: 853 1 ib oysters, 5 0z, Baluimore Purlul $1.10; 2 1b seleet, 12 oz, Peorless, $2. little necks, $1.25; 2 lclams, little neck $2.105 l‘ b -nrdmom imported, per caso 100s, m@ 00: 1¢ Ib sardives, imported, per case 1008, $15.00@20,005 4 1b'imported ' boneless sardines, 20c; }{ ib -urdlne- American, per 1008, French style, #4.50@5.00; Xg 1b sar- d\ne-, Alneru:nu per case 100s, French style, #7.50(8. b sardines, mustard, per case '.o-.mu uu@l ; imported key sardines, Coprisu—Extra Georges, new, 51{¢; Grand Hank, new, 4go; Turkey cod, large midsdle, ver 2 b blocks, 6lio! suow winie, & s, Tigc; snow white, crates 12-51 boxes, 73(c:" Teeland hallibat, 110; meaium scaled herring, 2ic; No. 1 scaled herring, nomo-llu Hanund herring, 55¢; Ham- ussian sardines, plain, b5c; 1mported Crown braud, 80c; do, o Sardlages Holiand herring, tancy milkers, 900, CHocoLaTE AND Cocoa—21( Germun chickory, red, Se. OiLs—IKerosenv—P. W., 100: W. W,, 12g0; beadlight, 13c; gasolipe, 12¢; lard, No. .11“0' No. 2 40c; salad oll, $1.25@9.00 per Bueans—Cut loaf, Sc; cutloat, cubes, 73§e; © per lb; standard, powde red, % Tic: granuiated, standard, T@ige; oo foctioners’ A, 6%c; white' exira C LY extra C Neb, 6c; amber bge. Soars—Castile, mottled, do, white, per I, 1313 CANNED MEATS ver M, 8@100; 1\||uh tongue, £.75; 2 1 tunch tongue, &, ™ corned beef, 135131 ‘cornod beal, #9056 M corned bm‘l. £6.50; 14 M cornod beel, $14.00; 2 1y 11 English brawn, $1.50;2 &1 English brawn, $0. ™ comvressed ham, $1 2Mh compressed ham, 1 ™ chipped be £2,00, 1 GINGER—Jamaic A, 1{ pints, 8£3.00 per doz. Cneese—Young Americas full cream, 11c: Tactory twins, 11@1%!;: off grades, (@S Van Rossen N ) por doz; sap sap #3c; brick, 12gc; limburger, 1l¢; domestic Swiss, 136140, WrarriNg PArer—Straw, per 214c; rag, 2igc; manilla, B, o, BAas—Union square, 35 per cent off list. SALT—Dairy, 250 1bs in bbl, bulk, $.10; 0 best grade, 100. 3s, 40; best Irm‘lo 28, 10s, §2.20; rock salt, crushed, $1.80; dairy salt, Ashton, 50 Lb bags, 3 bulk, 224 Ib bags, $3,25; common,in bbls, §1.25, Farixacrovs Goons-—Barley, 03 oatmeal, 24 (@ 1, 1003 rice, 4 Hmn beans, 6. COPFEE — Roasted — Arbt 245%c; McLaughlin's 243 ¢ Dilworth, 241¢ Henpe Twis —Jh'nv\ 4¢3 16} light, 1703 18 B. C., 2 4, 05 36, 19¢; 48, 17c; broom twines, colored, 30c. MaTTRESS IWiNE—Very fine, 40¢; fine, 83¢; medium, 85c. SAlL —Very fine flax, 33c; fina flax, 20c;tfino cotion, ( aloutta bemp, 14c. SALSODA— per 1b. STARCH—4%] b 1b, 1@ Sa@hio; No. 1, Ariosn, orman, 87 per gross. lhm(\\h{ llo, 2. IW $2.20; stables, $3.80; common, 1,501 BAos—Am., per 100, $17.00; 100, $17.00, NUTs—Almonds, 15 1214c; pecans, 1163 wi cook, B3g04 ronsted 1103 7c. Sricks—Whole, per Ib—Alspice, 10c; Cus- sia, China, Oc; cloves, Penang, 24¢; nutmegs No. 1, 75¢; pepper, 18@@ Ditas (Grocers.)—Per Ib—Borax, 10c; copperas, 2xge; Bay leaves, 16ci glue, 16c; epsom sults, 4c; gluuber salts, 8c; sulphur, de; blue vitrol, 9¢: alum, 4o; tartaric acid, § rosin, 2c; saltpeter, absolutely pure, 100} gum camphor, 2 1bs 1n box, 107 ea kes, 803 hops, ckages, 2003 Lewiston, per Brazils, 1403 filborts, nuts, 12§ peanut Tennessee peanuts, peter, 1Uc; indigo, 8 b and 5 1b boxes, S F\ 65@7c; indigo, 8'1b and 5 1b boxes, Madris, o; sealing wax, 25 1b boxes, rod, figes seal- ing wax, 25 Ib boxes. white, dc. Correr—Greon—Fancy old 24c; fancy old peabury, 231 fancy, 22¢: Rio, prime, Mocha, 20c; Java, fancy Mandehling, 28c; Java, good interior, 2c; African, 2te. Rore—Manilla ropo, 141c basis; sisal rope, gc; cotton rope, 16¢: new process, Sigc. TroN TwiNE—Bibb, very fine, 3 or 4 ply, 220; tine, 20c; Daisy, 18¢. Quarts, per doz., bulls, per gal., 94 golden Rio, Rio, choice to 3 Rio, good, 20c; 3.75; pints, per —_ Dry Goods, (“uu‘FT\\AI(I‘»—Blbb white, 18}¢c; colored, 21igo. Isarrs—Standard, Sc; gem, 100: beauty 1 An rom'OK- Bics Rockport. 63c: Conestoga, 64c. Trcks—Oakland, A, International Warren, No Acme, " 1 5 York, 82inch, 18}c; Swift River, Thorndike, 0O, 3 ‘Thorndike, EF, Thorndike XX, dis No. 4, 105 KENTUCKY JEAN: wood, 20c; Ky. Star, S5 Cottswold, § 3 Cordis No. 5, Memorial, 15c; Glen- : Hercules, 18¢; Em- pire, 25 T3ge; Molville, 25¢; Bang-up, 223gc. Crasii—Stevens' B, bi¢ bleached, 8c; Stevens’ b, 83¢c; bmvcnu‘ N, 8igc; bleached, eng' SR, 113c. MisceLiANEOUS—Table oil cloth, $2.50; table oil cloth, marble, §2.50; plain Holland, ,l; + dado Holland, 12}4. FLANNELS—Plaid—Raftsmen, Luke d24gc; Iran. Mouatain, GH No. 2 \u‘vunl' A, Te: 3 bleached, 9140; Stev- 2003 GH No. 1 zy'w ! H O, N 20 otic; 4 No. 1. 3¢, 0 , 42c. Buiis—Solid Colors—Atlantic, 6c; Slater, 6c: Berlin oil, 6/¢c; Garner oll, b@7c. Pk and Robes — Ikichmond, 6ie; Allen, 6c; Riverpoint, 5¢c; Steel River, 0c; Pacific, 0. Indigo Blue—St. Leger, 5lg0; Wash- ington, 6c; American, 6i5c; Arnold, 6! Arnold Gentury, 9c; Amand, 12¢; Stiefel A, 13c; Windsor gold ti't, 10igc; Arnold B, 10}4c: Arnold A, 1% 'Arnold Gold Seal, 1oige; Yellow, Seal, 1 Clear White iBH i Quechee c; Woods, 5c; Stand- —Queeche No. 2, 3 inch 8734c; Queeche, No. 8, & inch, 82kec; Anawan, $23g; ' Windsor, 233c; red—C, 24 lucn 1 1, 24 nch, 21, GG, 24 inch, IR F, 5 nch, 270} .Inm-ay X\ 2¢ Beaver Croels AA, um 10}0; Beaver Creek CC. ge. PRINTS—Dr mapo, 435c: Lodi, b Richmond, 0e; Windsor, g3 Bddystons, 634 Pacific, Whit- Normuudi dress, 15c; Renfrew dress, Ul\muu—l’lunkm checks, tenton, 63¢c; York, G2, 84c: Caleutta dress, 81 @12%4c, , Drugs Borax, 11c;" citric acid, 45@50c; avd, 40@44c; carbolic acid, Si@ile oil, $1.24(@L.25; bulsam tolu, 36 beans, @1.60; cubeb borrios, § amphor, 46400 ‘cavthorides, 25@1.80; cassia buds, 17@300; chloroform, 52c: orgot, 45@dlc; glycerine, gum arabi o, 60@dbe; lycopodium, mercury, 80c; morphing-sulph, §2.60@3.903 opium, $3.50; 'quinine, 83@4So; turpentine, Bic; linseed, raw, 58c: boiléd, Gic. tartaric castor ; tonka Lumber and Bu(ldlll¢ Material. DIMENSIONS AND TIMDER, 121y 141t 16 ft 18 £t 20 f6 2 500 15 00 1500 16 00 16 00 L1500 15 00 15 00 16 00 16 00 L1600 15 00 1500 16 00 18 00 00 16 00 16 00 tand 2d clear, 11{ 1nch, 8 % s m»ou@m 00: 1stand 2d clear, 13 aod 3 Hich, & 2 8, $47,00@50.00; 3 cloar, 114 inch, s 28, $48.00@40,00; B select, 134, 114 und 2 inch, 5 s, 37.00@38,00; 1svand 24 clear, 1 inch, 820, $45.00; 3d clear, 1 inch, 28, $30.00; A'select, 1 inch, » 3 5, $34.00; H select, 1inch, 528, 820.50, Srock Boauns—A, 12 inch, 8 1.8, 14 and 16 45, 19 12/ 14 and 16 2 and 16 feet, 115 14 8hd 16 feot, 2500 No 1 com 12iuch, & 1, 13 feet, 818,00} No'2 com 12 inch, & 1 s, 14 and 16 feev, $17.500 18.50; No 1 com' 12 ineh, 818, 10, 18 uud 20 foet, $18.50; No 2 com 13 inchi & 1 8, 14 and 16 feal., $15.50. PoriAR Lusnes—Clear poplar hox bis, 7 in, 82 8, $85.00; clear poplar, % 1 panei, $20.00; clear poplar, 4 in panel, ;&»ou “cleat poplar, 3y in panel, stock wide, s 2 1 .w. ite cedar, 54 in halves and 8 in quarters, 1103 white cedar, 4 in round, 16c; Tennessee red cedar. apit, 170 split 0ak, white, 8c; sawed oal Sup Lar No. 1 pl d 18 in, 817,00 Nov ! plain, and 10 o, 81500, Nov i, O, #17,00. BATTRNS, WELL TumiNe, Pioxers—0 G batts, 214 inch, 60c: O G batws, 5 3 in well tubing, 1) & M and bev, $21.00 pickets, D & xf‘ flat, §21.00; pickets, D & H, square, $18.00, CEILING AND PARmITION—1st com #-in white pine partition, #32.00; 20 com 3-in white pine partition, $27.00; c\eur 5¢-in yellow pine ceiling, cleal Norway, #18 50; ¥d com J-in I\orwuy. $12.50. FLOORING—] com O inch, white pine, $34.00; 9d com 6 inch, white pine. 331.00; 8d com 6 inch, white pine, $26.00; D com 6 inch, white piue, $20.00; com 4 und 6 inch, yellow vine, $15.00; Star 4 inch, yellow pine, $17.00; st and 24 clear yellow pime, 4 and 6 iuch, $15.50. SuixeLes—Per M—XX clear, $3.20; extra TA*%, §2.50; standard A, $2.40; 5auch clear, $L.60@1.70; © inch clear, $L.75@L.50; No. 1, $1.10@115: from Washington territory, red wood, dimension widths, #4 .5 clear heart, dimension widths, $.25; £2.40 Boarn: £18.00; No. £1 No, 4, 'do, (shin's cull M ft for rough. Lise—Hest, & CRMENT—8].1 Prasren—$3.90, HATR—200, BuiLnisg Biick —Common, , £7.500@0.00 per M ; 0:00 per M. 60 por cent discount. Dooks, BLINDS AND MoULDINGS per cent off. TARRED FELT Stiaw Boatn . 1 ¢ 00; No. , $10.50. 3, do, Add’ 800 pe £2 00 per owt, $1.40 pr cwt. Metats. BrLock Tix—F perlb; bar, e per 1b, Corpan—-Planished 163 cold rolled, 1b3 pitts, 20c p GALVANIZED SRELT 50-10.5 per cent. SHROEDER & DEAN GRAIN, boiler sir Provisions = Stocks —=: Basement First National Bank. 305 South 13th Street, clear rod codar, mixed wilths, £3.40; Catifornia s 18 19 14 and 16 fe, £14.00; $0.00@7.50 per sewer brick, 50 and 10 glisn refl'yg, small pig, 8¢ - Omahaj " OMARA JOBBERS DIRECTORY, Agricultural In\plamamm - LININGER & METCALF CO., Azncult llmulnmcms Waguns flfll‘l‘lfl[fl! { ‘l()l h\l-,, MILBURN & hl‘(ll?lhll”) LU. Manufa And Jovbers in Wagons, Buggies, Rakes, Plows, Ete. COr. 0th and Pacific streots, On laths, or i __Artists’ Material A, HOSPE, Jr., Artsts' Materials, Pianos and Organs, Douglas strect, Omana, Nebrasks. Boots and Shoes. W. V. MORSE & ((7. Jobbers of Boots and Shoes, 101, 1108, 1105 Douglas atroet, O mahe. Manufactorpy Summor stredt, Boston coal. Qoke, Ilc. W. THAT. HF‘H (‘( T( " l[mrrs and Shippers of Coal and Goka Room 21 UL 8 National Bank Bullding, Omahs. oMa ”AVCUA L, COKE & LIME C0O., ¥ Jobbers of Hard and Soft Coal. 200 Bouth 15th street, Omaha, Nehras) NEBRASKA Vl'l'h‘L CO. Stippers of Coal and Coke, 214 Bouth 15th street, Omaha, Nobraska. COMMERCIAL NATIONAL BANK. Cnp\lal Surplus, Officers and DI¢ M. Hitcheoe M. Anderson, Wi (i alina. A D liopkiis, br T Dryant, assistant castior, stor. ¢ arno Jr., A, Morseman, G Henry, & v pres; L, B Wil A Miliard, "« \ulvr. | Commission and Storag RIDDELL & RIDDELL, Storage and Commission Merchants. Bpeciaitios uttor, aese. choonn, pnltry, games 112 1Howard stract, Omaba, Nob. " ¥ $400,000 | vonnns 40,000 DLAN Whilesale Ulgars 403 North €th Street, Omaha, Neb, “Hello" 1439, _Dry Goods and Notions. NEBRASKA NATIONAL BANK TU. 8. DEPOSITORY, OMANA, NEB, Capital. Surplus Jan. 1st, 1889 OFFICERS AND DIREC Hexiy W, VATES, OK, W. [, 8 HuaiiEes, Cashler THE IRON BANK, 2th and Farnam Sts. 1 anking Business Transacted. P wMiIN I W ISSUED BY CITIES, COUNTIES, SCHOOL DISTRICTS, WATER Correspondencesolicited. GoMPANIES, ETC, N.W. Hannis & Company, Bankers, 163-165 Dearborn Street, CHICAGO. 70 Stote Street. BOSTON, RUNKEN NESS L:QuOR HABIT. AU THE WORLD THERE /S BUT ONE CURE DRHAINES GOLDEN SPECIFIC. an a cup of coffee or tea, or Aattos of ol wiinout the Knowiedgo o( tho Rlllm itnocessary.' It {s absolutely harmi; L Dermaneai and wpecay suse. wHoLhe the pALSDE 1n 8 moderate drinker FAIL& It operay complete re n 16 % B Pago ook of partioalars i KUUN & 00,1511 & Dougl th Agu uming Bta. SCHIFFMANN'S ASTHMA CURE) 5 rolicves the most violent attack. Tty action in imm the rosul $400,000 | 00, Omaha. VoW M. E. SMITH & CO., Dry Goods, Furnishing Goods and Nmmus lllr" and 1104 Ik-uglul. oor. th street, Omaha, KILI‘AARI(‘I\ Koo, Il DRY GOODS ¢ U ; Timporters & Jobbers i U} Dry Goods, NflllflIlS Qents' Furatshing (oo 11th and Marmey streots, Om: Sk, DEWEY & STONE, Wolesale Dealers - Farnitare, Farnam street, Omaha, Nebrasca. CHARLES SHIVERICK, Farniture, Omaha, Nevraskn, (:r corles. Ty MeCORD, BRADY & C 0., Wholesale Grocers, 13th and Leavenworth streets, Omnha, Nebraska. Hardware._ W.7. BROATCH, Heavy Hardware, Iron and Steel. Bprings, wagos slock, St lumbor, ote. 100 11 Harney stroot, Omaha. HIMEBAUGH & l'AYLOR Builders’ Hardware and Scale Repair Shop Mechanies ’l‘unlnlnnu Butalo Sowles. 106 Dovgins s WAKEF! II"LD Whfllfl‘&l& Lumber, Etc, Imported and American Portiand. Cement. Btag iwaukeq Livdrvuitc Cemeit CHAS. R. LEE. - Dealer in Hardwoed Lumber, Woud carpets and parguet flooring. 9th and Lougine cets, Omaha, Nobruska. OMAHA LUMBER (0., AllKinds of Building Material at Wholesale 16th streot aud Union Paclfic track, Omaha. LOUIS BRADFORD, ROkS oF guaran- Trented] wmnnm.u full par- CUAKGE. T0 WEAK ME!\I ring from the effects of youthful errors, e; ‘wasting weakness, lost manhood, d) containing hl" purl.ll‘ulln for home cure, FREE fll r'lmn(e A 'ndid medical work : should be read by every el mori debilitated. Adaross, ¥OWLER, Moodus,Conn, Dealer in Lamber, Lato, Lime, Sash Doors, ete. Yardn-Carner 1th and r Lumber, lee l}ement Elc., Elc. Cormer Oth and Do-u!n- sreets, Omnlin, C. N. DIETZ. Dealer fn All Kinds of Lumber, Dr. JOHN C. JONES, PRACTICR LIMITED TO DISEASES OF WOM Office, 8. E. ith and Douglas Bts, Omaha Neb KIRKENDALL, JONES & CO., Buccessors to leed, Jones & Co. Wholesale Manafacturers of Boots & Shioes Agents for Boston Rublier Shoe Co., 1102 1104 uud 1109 ‘Harney Btreet, Umaba, Nebras Brewer: 18th and California streets, Omaha, Nebraska, Wiliinory and Notions. 1. OBERFELDER & CO., Tmporters & Jobbers in Millinery & Notions 203, 210 and 212 South 11th street. __Notlons, J. . ROBINSON NOTION CO., Wholesale Notions and Farnishing Goods, 1124 Harney street, Omaha. Ol CONSOLIDATE. D TANK LINE 00 Wholesale Refined and Lubricating Oils. Axlo Greaso, eto. Omuhs. A, H. Bishop, Mansger. STORZ & ILER, Lager Beer Brewers, 1631 North Eighteemth Street, Omans, Nebraska, —_— Cornloe. "EAGLE 1 OORNICE WORI\?. Manufacturers of GalvanizedTron Cornice Wizdow-caps and metalilo skylixbta, Jobn Epeneter, proprietor. 108 and 110 South iith stree! Pumps, Pipes and Engmas am, waler. rhilway and mining supblies, ete. Mosm o3 vaand Trariiam stroct, Omatin. U. 8. WIND ENGINE & PUMP Co., Steam and Water Supplies. Hallidsy win1 milis, 918 and 90 Jones st., Omabs F. Kods, Acting Munaxer. BROWNELL & CO, Engines, Boilers and General Machinery, Ehestiron work, steam pumps saw mills. 12151315 PAXTON & VIERLING Wram[m and Caxt Tron Building Work eral faundry, mchine, and orks, U. P. OMAHA WIRE & IHON WORKS, Manaracturers of Wire and Iron Railings Desk mh.'lnfln' uards, flower stands, wire signs 15NGrih itk street, Omaha: OMAHA SAFE & IRON WORKS, lanr’m 0f Firg aud Bargiar Prnnr Safes, jail work, iron shutters and Ve et pron v Cor: lih s 3 Lolessle msuufacturers of 8a:0, l]unrx Blinds and Monldings, Branch bfilos, 1k a8d 13ard ateeets, R, Neb. BOU'.I.‘E OHAB.A UNION BIOCK YARD €O, 0f Sonth Omaba, Limited, CARPENTER PAPER CO,, ‘Wholesale Paper Dealers, Carey anice, nw:oxrnnunl wrapping and writing Der. EpUcal ALLentOn R1voh b Card PADErs 4. L. DEANE & CO. General Agents for Hall's Safes, 821 and 323 Bouth 10th Bt., Omahs. H, HARDY & O 0., Jobbei Tops, Dol Albums, Fancy Gon's, House h-ml-l-ln. Goods, Chlarens 8 Garring Farnam street, Omaha, Ny T B CHICAGO SHORT LINE OF THE Chicago, Milwaukes & St Paul R'y. The Best Route from Omaba and Councll INS DAILY BETWEEN OMA! WO TR SOt HiUEEy OMATA Chicage, —AND— Milwaukee, St. Paul, Minneapolis, Cedar Rapids, Rock Island, Frecport, Rockford, Dubugue, Davenport, Madison, Janesville, Winona, La Crosse, And sll other Impufllfl *:"“ East, Northesst and the teke: agent at 101 Sran siroet ia Harker Hoeks or'ar VISR Aol Ful and the Anest Dini; inan Slespers e uest © ‘nnhm‘m it S ARl 7 Gouitboun ‘stizlores of the fl"‘ operat Munager. AT Bt | s o e