Omaha Daily Bee Newspaper, April 2, 1894, Page 6

Views of an Omaba Business Man om a Point of Impor.ance, DO LLOYDS OR MUTUALS INDEMNIFY Uetween the Stock Company that Sha by the (nterinkarance Con- Insurance, Differences otection and Assured trasted with € To the Bditor of The d to be able to note taken by The Hee and financlal OMAHA, March 30, Bee: The writer Is the advanced upon all matters of commercial fmpx The eity of Omaha to oceupy a position sixteentli in rank as a firancial center in the United States, and one of its maln features, in a commercial way. fs the Jobhing business transacted here. A o tEAF "L, baM interest to the mer- chant carrying a large stock of goods, or to the property owner, Is that of azainst fire, A large part of the lant, or of a commercial wally invested fn merchandise might be subfect to be swept away in a sin- gl2 honr by a fire, and a Luginess man would no more think of going ovor right without insurance than of leaving 1is store without locking the doors Indempity against logs by fire may be to be of two kinds First—That furnished by old line or stock fnsurance companies who issue policies of fneurance over the signatures of their offi- cors and through local agents located in varfous trading points. These local agents recetye from 15 Lo t of the entire premiums charged as a ¢ sslon, which fu deducted before the company receives any part of such premiums Second—"‘Lloyds,” “mutual underwriters,” whose plan later on. he Bee columns have been open to some Aiscugsion of Insurance, om the stand- point_of the old line or stock companies. who have not hesitated to pour their vials of wrath upon the heads of merchants who have to do with, or who are accepting any indemnity of the so-called “Lloyds,” or “mutual’” companies. The attention of the writer has also been brought to a elrcular letter of Mr. Eugene Moore, state auditor d Insurance commissioner of Nebraska, calling attention to these ‘“mutual” or “Lloyd” companies dofng business in the state, stating in a very painstaking way the fact that parties accepting these policies do 50 entirely at their own hazard and without ability to enforce their presumed contracts under the laws of this state. “They (Lloyds or mutuals) are illegally within the state, and they can have no other motive than thus encourage, by their cladestine foraging, to get all with as little risk to themselves as possible, contraband schemes that promise all in the name of insurance, but furnish no indemnity,” etc. The commissioner also’ cautions fnsurers against being “victimized,” and goes on to say that partics transacting business in braska “must be protected and encouraged against the bushwhacking concerns that neither contribute honesty of purpose nor Indemnity to their patrone.” ON THE OTHER HAND. This all bears the ear marks, if you please, either of the local agent himself or of the manager of the old line company, and was, no doubt, proffered by some agent or com- pany whose business has been seriously in- fringed upon by some one or more of the “Lloyd” or “mutual” concerns, It may be m matter of Information to the insurance commissioner, as well as the local stock company agent, to know that “Lloyd” in- surance has been in force in various parts of Europe for more than 200 years, and that 1t was, in fact, the original method of in~ surance, and for decades before the organi- zation of stock companies was the only indemnity furnished. It may also be a matter of information to %now what are these “Lloyds,” or mutual nsurance companies, and I will endeavor to explain: Twenty, or fifty, or perhaps 200 merchants go into what ‘may be called an Inter-insurance contract, employing a man- ager, or attorney, to whom the proper au- thority Is given to bind or obligate them for @ limited amount, say $200 or $500 each on the risk or plant’ of cach of the other sub- scribers to the contract, putting up a guar- antee fund of $1,00 or $2,000, as may be agreed on, in cash, to cover possible losses. One of the largest and oldest of these con- cerns now has 200 members, each of whom insures all the others, so that a $10,000 policy on any oue risk entails an obligation In case of a fire a total loss of but $25 on each sub- seriber; a $1000,000 policy makes each sub- scriber liable for $500. These individual, or mutual, contracts for insurance consist, as a rule, of the leading firms and heavy property owners in the various cities, and in most cases are parties whose bank credit is almost unlimited. The assoclation referred to above conslsts of about 200 members, ten of whom are among the leading jobbers of Omaha, has been in business for thirteen years; writes Insurance at local board rates, and has, since its organization, written about $1,600,000 of premiums; sustained losses (and pald them promptly in nearly every case within ten days of the date of the fire), amounting to perhaps half this amount, the balance, less a nominal expense feature for conducting the business, being returned to the policy holder. The scope of these organizations is quite limited. In the first place, as noted above, only individuals or firms of the highest commercial standing ecan become members; only the very best class of physical hazard business is solicited, and that not outside of the larger cities with thorough and-eficient fire fighting service. In other words, the very best class of business, the paying busi- ness, It you please, is gradually eliminating itself from the old line companies, thus de- preciating their revenue without so much depreciating their liability to loss, and going into the hands of the mutual of “Lloyds,” or inter-insurance concerns, WHY IT IS NECESSARY. Perhaps it may be well to rehearse some reasons for the original organization and building up of these concerns First—The difflculty of large Insurers in obtaining a sufficient amount of good insur- The 1893 Spectator Official Index pub- s the returns for 176 American insur- companies besides some foreign com- Perhups one-fourth of these are such as a discriminating business man would not' care to have represented among his policies, The balance will not assum: a risk on any ordinary hazard in excess of say $300,000; but what is the merchant or company to do for indemnity who carries a stock of §500,000 to §1,000,000 for additional insurance to cover his stock? The most natural thing in the world might be for him to propose to one or 100 of his neighbors to inter-insure with them for say $100 to $500 each, and thus is made up these individual underwriters, Second position tance has com: mount protection aseets of a corporation; which mer ure w calamitous sood sald or “Individual be explained he profits of the Insurance busi oss: A great hue and cry has been ralsed by old line insurance people, particularly during the last few months, of the unfay able results of last year's business. Let us call the attention” of these insurance people to banks, trust companies, mercantile corporations and firms, and to their business for '93, and allow me' to say that the con- cern among all these making a satisfactory return on the investment from the business of '03 is a rare exception to the rule. Last year was the year of the panic (which we are glad to say only occurs in this country once in perhaps two decades). Railroad companles have defaulted their Interest; property investments have become unpro ductive; the mercantile hazard of the in- surance business has greatly increased, and it would be a great wonder, indeed, if in surance companies had in the aggregat been able to keep even during '83. What are the facts with reference to the insuranc business for the past series of years? The Spectator (Insurance journal) is acknowledged authority in insurance rs. This journal reports for 1893 176 crican companie Of this number 156 paid thelr customary dividends during 1893, and during the seven years prior thereto, or sinco 1886, of from & por cent to 30 per cent on their cash capltal, which, by the way, I most cases was partly made up of profits of the business, and was not actually pald in cash capital at the start. Of the twenty not paying dividends, a considera ble number earned them, but preferred to Jeave them in thelr surplus account, and the the balance was made up of new companies the mat- to a single Instance iy the profits of the insurance business, which I will give HOW ONE COMPANY GOT RICH A western Insuraice company organized in 1865 with $100,000 pretended capital, which one-fourth ¥ paid in ea which Is all that has ever been cash, the other throe-fourths repr so-called eecured stockholders' notes, the state law at that time admitting this form of organization. This company pald to its stockholders during 1893, and every year prior thereto for seven years, with one ex ception, a cash dividend of $20,000, or 120 per cent per annum, 10 per cont per month on thelr original and total Investment. In addition to this they have since 1865 accumu lated a cash surplus fund in excess of all liabilities of more than ten times the amount of their original investment, Let m dd here that of the 166 companies reported as dividend payers, besides the cash divi dends paid, they have in nearly every ca accumulated very large surplus funds, and the current market quotations will show their stock in many cases to be worth 100 to 500 per cent above par because of their arning powers. It {8 true that a number of companies have been forced out of busi ness during '92 and '93, and others have had to use part of their surplus to meet curr losses, but I maintain that this is to be ex pected in the very nature of things. Third—Saving in expense of management The Spectator figures show the cost of management, including local agents’ commissions, and office adjustment expenses ete., to be a trifle less than 40 per cent of the income receipts of all the American companies, that is, it takes (wo-fifths of a the receipts of the companies to pay the expense of transacting the business. In none of the “Lloyd” companies of which the writer has knowledge is this expense feature allowed to be more than 20 per cent, this being the limit in the original contract, and in very many of them the expense Is lim- fted to 15 per cent or In other words the entire expense of “Lloyd” concerns is very much than the bare local agents” commissions for the old line com panfes, which is deducted before a_dollar of the premium reaches their home offices. The saving in this feature alone wiil amount In series of years to a handsome dividend to subscribers ‘ane re of individual com- b rth—Elimination of the moral hazard A prominent Insurance adjuster said to the writer “If we could absolutely eliminate the moral hazard from our risks we might be able to reduce our premium rates one- third and make money by the operation.’ Individual underwriters practically eliminate the moral hazard from all of their risks, and their consequent liability of loss is reduced to one-third or one-half because of this climination. WHO AFFORDS INDEMNITY. Fifth—Unsatisfactory adjustments of the old line companies: The point is raised hy the local agent, or old line insurance man, also through the reular of Auditor Moore referred to above, that “these contraband schemes promise all in the name of insur- ance, but furnish no indemnit One of the principal features of old line insurance business is that of being able to effect a favorable settlement by the company on a previously incurred. Perhaps this is a business proposition, and we will admit the imposition practiced on the old line com- panies in the matter of claims for the settle- ment of unjust losses. A case in fact may enable us to explain this clearly A friend of the writer was interested in a small factory in a Massachusets city, the plant of which cost them and was valued at $45,000, and they were doing a successful money making business. They carricd $30,000 insurance; suddenly had a disastrous fire and a total loss; took a careful inventory and found after liberal allowance for sai- vage, all that could be hoped for provided they rebuilt, that their net loss was In ‘due time a dozen expert adjuster gathered and inspected the ruins for per- haps an hour. They then went into secret session at the office of the best hotel in the city, remaining there for two days, and then cailing in the managers proposed that they would pay them $10,000 in settlement of their loss. They exhibited no figures and declined to give any facts, or reasons, as to how this estimate was arrived at. They would pay $10,000 and no more. If this was not satisfactory they might bring suit against them and the matter would be determined in court. This led to a wrangle which lasted for six or eight weeks. The fact was the people were under the expense of about $200 per day of fixed charges, and while they had bought for a series of vears and paid for $30,000 insurance, they were obliged to accept $10,000 in settlement of their loss, although incurring loss to full face of policy. In other words, their in- surance cost them three times as much as they thought it had. 1 will make the bold statement, which I believe to be susceptible of proof, that there are very few district court dockets in the United ‘States which do not contain today one or more sults against old line insurance companies, brought by policy holders who have sustained a previous loss, but who have not been able to get a satisfactory adjust- mént, I am familiar with the affairs of most of the “Lloyd” concerns doing business in this country, and I do not know today of a single contested loss occurring on the policies of any one of them. In the thirteen years ex- perlence of the company referred fo at the beginning, but one contested loss has oc curred, and this was admittedly fraudulent, and the old line companies declined to pay for the same reason (on the part of the in- sured), because they were carrying more in- surance than their books showed they had merchandise on hand, and they themselves could scarcely reasonably expect a prompt adjustment without contest. In this caso the insured declined to allow an investiga- tion of their books. They refused to arbi- trate the loss, and refused all reasonable propositions for settlement, but rather than 0 into contest of the matter, the subscribers forced their attorney to settle at what was, no doubt, an imposition to themselves in this single case. Sixth—Recent material advances in pre- mium rates: This may be given as the chief reason for the recent organization of a con- siderable number of Lloyd companies, and this fact will be the reason for the organiza- tion of a very much larger number. There is need for radical refor ance methods. The chief reason abusive 1 scurrilous, as well as for, attacks of the old line what may be called the new line is that the shoe pinches. OId line companies are losing and will continue to lose, in a larger meas- ure than heretofore, the very best part of their business, both as to physical and moral hazard. It this radical reform in expense in_doing business, moral hazard, unsatisfac- tory adjustment of moral losses fs not brought about, the old line companies will be forced cither to reinsure and go out of busi- ness or to go into insolvency What com- mercial business would now exist it 40 per cent of its entire receipts were exhausted in the cost of transacting the busine It, as has been admitted in old line circles, more than one-third of the losses occurring are dishonest ones, what companies can long withstand the drafts to cover these losses? Who pays for this? And, if they know it, how long will they continue to pay for it? One of the chief features by way of increas- ing this moral hazard has been a stringent policy of the companies of late years to in sert what is called the 80 per cent co-insur ance clause. It used to be the case that we insured for 40 or 50 pe ent, of the value of our merchandise and carried the balance of the risk ourselve )w we are compelled by the companies to insure to the extent of 80 per cent, or, failing to do so, become co. insurers for the difference. What merchant knows to a dollar the value of his stock on hand, or where the 80 p cent strikes, and whether he is more Insured or less? If me and a fire occurs, his reputation is gone. If less, he must bear the risk him- self, although having paid the companies to carry it. It is a device which brings into disrepute insurance and insurance methods, and there a certalnly valid objections to it on moral grounds. It Is a premium on dis. honesty. It compels overinsurance, and ovel insurance leads to incendiary fires 1 belleve that entirely insufficient atten- tion by the old line companies Is given to the moral hazard, both of the insured and of the agents. It ought to be the policy of the company not to allow overinsurance in the first place, rather than the present polic of soliciting as much Insurance as can posibly be obtained, carrying it and lecting premiums on it from year to ye and, in the event of a loss, using every cndeavor, houest or questionable, by depre in insur- for the uncalled companies on 1E OMAHA DATLY BEE: MONDAY, APRIL 2 1894 1 hand or of buildinge, low which it is the business of er to keop posted; jeopardize the DT the parties sustaining losses by Nolding out settiements and every other sueh levieo to make it appear that the property ownor has overinsured his property, and for o other reason than to defraud the com- pany Legislation 1t Lloyds or Interinsur- ance Is being asked for in New York state and elsewhere, but not by the public, These new line companies were authorized, and the laws under which they were authorized protected their policy holders. These were demanded by the public. The present de- mands are precipitated by the old line com- panfes themselves, who find they are grad- uvally but surely losing their grip on their best busine V T. RECTOR. ock Biles, o OHICAGO GRAIN MARKETS. Features of the Trading and Closing Prices on Ssaturday. CHICAGO, March $1 The mild weather and the reports from the country that wheat had recelved no damage whatever recent freeze caused that cereal t and to clo daid y from the rule weak lower than it The corn and oats were ex tremely dull and inclined to weakness. Pro- visions were weak without any wavering of that feeling. Wheat opened strong but not very at from 60%c to 61 for May. The loc had at that price a great many fives and tens of long wheat, with from $6.25 to $120 profit and that on the bull side proved too strong a temptation for the average scalper to resist. There were also many changing orders in the way of the sclling of May and replacing it with July and September, prin- cipally into the latter delivery at from 8¢ difference, narrowing during the operation t dc. Counselman, Day, Adams, Samuel, Gifford and Schwartz-Dupes were the most actly sellers of the May opening. Many of the selling orders were safd to have come from New York. The market turned immediately after the opening and in a little more than half an hour May declined to 60%c, or % below the highest point at the start Chicago receipts 23 cars; Minneapolis, 182 cars and Duluth, 88 cars. A year ago the receipts for Friday, which was a holi- , and Saturday were reported together and amounted: Chicago, 3 <; Minne apolls and Duluth, 1,120 cars. Bradstreet’s reported the of flour and wheat from both coasts at 0 bu, against 2,343,000 bu. on previous week. Since January 1, 83,943,000 bu., compared with 41,755,000 bu. for the corresponding period of 1893, The market continued to rule weak during the greater part of the remainder of the session, The was a rally to 60%c, and then a gradual fighting decline to 60%e, with a sale or two as low as 60c. The closing trades were at from 60%c to 60%e. The corn market was again very dull, and the price fluctuations, as for some days past, were largely influenced by wheat. The mar- ket opened firm, at 37%c for Mey, and before the firm feeling evaporated 37%c was real- ized for one or two fives. When wheat dropped off there was a corresponding move- ment in corn. There were temporary ral- lies of %e from the bottom price quoted, but the continued weakness prevented them from stickng long at a time. Only a fair amount of business was trar acted in oats. Sellers were in the majority, and with their offerings and the weakness in corn and wheat, the price fell oft from e to %c on near futures. The more re- mote deliveries were comparatively firm. The market. for May opened where it ended yesterday, at 313c, sold down to 313e, and closed at that pri There was less activity in provisions, and prices were generally on the down grade. The run of hogs for the first part of the en- suing week were expected to be liberal, and that was given as the reason for the weaker feellng. The da receipts were 23,000 head, Instead of only 15,000 head, as had been talked of yesterday, and that gave the market. ils initial decline. The longs were credited with supplying the most of the day's demand. The more radical weakness which followed did not develop until the end of the session, in which pork sold at $1.50 and closed at §1.52%, against $11.821% at the close yesterday. Lard wound up at $6.77%, compared with $7.07, and ribs at $5.921, against §6 yesterday. Estimated receipts for Monday: Wheat, 26 cars; corn, 200 cars; oats, 260 cars; hogs, 34,000 head. The lcading futures ranged as follow: Articles, | O Hig Wheat,No. 2| i S from Ye to Bye erday active 1 crowd week's expof the oo o olis| 60 25| 61y 30%| 903 37| 373ale| 8%l B8 3 0% soniau 30% | 30| 2834 80 s follows: firm. B85,@5s%c; No. 8 spring, 36%@ No. % white, i No, nominal; N 1, $1.39, Orimé, pork, .20, per_ ., (oxed), $6.87040, 0215 % Wlers' finished goods, per gul., GARs r following we for today: Artleles, Unchangod, the receipts ana_ shipments Tecoipts, | SHpments 10,000 K000 112,000 194000 10.000 10,000 the butter mar- gs, dull 21,000/ 14,000 106,000 174,000/ 37,000/ 41,000/ Flour, bbla............. ‘ Kye. bu... Barley, bi On the Produce exch ket wis stoady strictly fresh, 93610 nge todw unchanged, at Market, JLIS, March 8L—TReceipts of wheat 0 bu.: shipnients, 25 810 bu. mills ground dabout 120,000 bu., maki il bution of some 33,000 bu. more than the receipts for the last twenty-four hours. The demand fo cash wheat was of the usual character, and aies averaged about e higher than yesterday, although ‘the close lowor than the close of the previous early prices were higher than the early prid day. The market N MINNEAL today were 115 1 nort receipts in o two Dakotas about 0,000 bu. delivered to railo fons by farmers. Recolpts of wheat in polis wmounted to 699,000 bu, for the £ 1,219,140 bu. n year Shipments this week 000 bu. the « ar. 1t I8 peobibie tnat rouse in country elevator stocks of bu, Mills were grinding at the rate 000" bbls. for the tweniy-four hours. the large mills that were idle @ noof the tme during the fore part of the running today. Shipments of four ay. Flour shipments for the bbis., against 187,631 bbls weeld . year ago. There. (6 @ decroase bu, in public elevator stocks this week was n active demand ror flour all w Ales were in excess of the Toduy's _qu s were: Pat bakers, $1.80 Minne to be rresponding there will Duluth Grain Mark DULUTH, March §1.—WHEA' 1 hard h, 62c; March Tuly, 64 norihern, May, ¢ July, 62 forthern, cash, §14¢ A s4c, On track: No. o arrive 1% HYE 3 white, 300 bu. ; shi aln Murket CORN—Actl No. 2 nents, none PEORIA, March 81 ., weak; No. weak; white, 321 3 white, 314G, sminal 1. o Y —Firm; high wine i, PS—Wheat, 3,000 bu.i corn, ¢ 9.000 bu.; rye, 1,000 bu.; barley, 7.000 bu. SHIPMENTS-Wheat, 1,00 bu.; cor. 12,000 bu. | oats, 77,000 bu.; rye, tone; barley, 14,00 bu. $1.05 0 bu 'Frisco Wheat Quotations. FRANCISCO, March 31.—WHEAT $L11%; Decomber, $L114G Wo could not improve th pald double the price. DeWitt's Witch Hazel Salve Is the best salve that experience can produce, or that money can buy, AN Qu quality it we LOMAA I‘l\'li,STO(I( MARKETS with Good Supply of d Hogs, Week and Month Catf DEALERS WERE * RATHER INDIFFERENT Liberal Offerings Maide Them a Chance to Prices_n Little on All but Grades—Hogs Close Steady ard Strong, Shado Best BATURDAY, March 31. month close with liberal cattle and hogs. Receipts week and month show a good comp, with last week and last month, as well as with a year ago The following table gives receipts for the past week, month and quarter, with comparisons Cattle. 5. Sheep. 18,406 3 The week and supplies of both for both the Increase, This Last Last March i week...... week. ... year. months, 1863, ase | Iner i i The cattle market during the of the week was in very good shape. celpts were rather liberal, but as markets were higher and the weather cool, both dressed beef men and shippers were #00d buyers. On the ordi run of beef and shipping steers prices advanced 15 to 20¢ up to Wednesday, and there was very n ly that much advance on butchers' stock nd cann The three Monday, Tuesday and Wednesday, made really the first glimpse of sunshine cattle men have had in months. It could nof and did not last very long. Recelpts increased smartly the latter half of the week, and prices gen- erally declined about as fast as they ad- vanced, and the close of the week finds the heavy cattle and the common light and half- fat stuft dragging along at prices as low as they have been at any time during the past five years. Now that Lent is over, th seems to be a slightly improved demand for beef, and for this reason the hand light steers that are wanted by both kille and shippers are selling perhaps ¢ and 10¢ better than at the extreme low time, ten d ago. Dealers attribute the unus 1y henvy recefpts of the past few days to the anxiety on the part of farmers to get their cattle into market before April 1 to avoid the assessor. This is a very foollsh pros ceeding, but it is repeated every year with unvarying regularity. The market was doing all right until these tax shirkers dumped thefr cattle by the hundreds, and this caused the break, losing shippers many times the cost of the taxes. DEALERS W/ early part Re- RE INDIFFERENT. Today's liberal supply of cattle was ex- ceeded but three times during the entire month. Receipts for the week have aver- aged over 3,000 per day and this will account for the rapid disappearance of the advance made during the early part of the week. The market was_very uneven. Conditions locally were much ‘the same as they hav been lately, but all classes of buyers seemed to manifest more than the usual amount of indifference today. As a result only the tidy, fat, light and medium weight stecrs sold at anything like steady prices. Other grades ruled weak-to 8¢ and 10c lower and trading was dull @nd, dragging from the start. The cattle kept selling, however, speculative shippers 'and oulside butchers got more cattle than the local contingent thought they would and in their efforts to fill their orders the market rather firmed up late in the forenpon and by 12 o'clock there was little of Any eonsequence unsold. There was also an easier tone to the mar- ket for cows and mixed stock. Offerings were not at all exeessive, not over 25 loads, and there seemed to be a very fair demand for the stuff. Local houses have been free buyers all week, and while they were will- ing to and did pa¥ about steady prices for the good, fat cows. and heifers, it took shaded prices to move the medium and com- mon stuff. The market for veal calves was tolerably well supplied, but there was no difficulty in finding purchasers at fully steady prices. The same was true of the market for rough stock generally, and while the trade was not particularly active, the odds and ends were pretty well picked up before noon. Business in stockers and feeders is never very rushing on a Saturday, but it was un- usually dull and weak today. The liberal receipts of the past four days have over- stocked the market and anticipated the demand somewhat, Prices held up fairly well until within the past day or two, when yard traders became decidedly more anxious to sell than to buy, and in consequence of the restricted country demand prices have declined 10c to 15c on all but the best grades. The week closes with speculators’ pens full of cattle. Good to cholce feeders are quoted at $3.00@3.40; fair to good at $2.75@3.00, and lighter, commoner grades at from $2.75 down. HOG VALUES WELL SUSTAINED. The hogs came in pretty freely this week, and contrary to expectations and predictions prices were well sustained as a rule, in fact average values were pretty close to 1 higher than the week previous. The we supply was the heaviest so far this year, 43,744 head, or 22,000 more than last week and 19,000 more than for the corresponding week last year. From a variety of reasons the speculative markets shaped fup better, there was a good export movement and an excellent fresh meat demand. Looked at from any standpoint, there was more to en- courage manufacturers and holders than for some time past, and hence the renewed actiy ity and consequent advance in prices. Local houses continue the principal and frequently the only buyers. Shippers took less than 7 per cent of the supply the past week. Prices have been too high for them, anywhere from to 16 higher than Kansas City or Sioux City, and as a consequence they have had to depend on those places for thelr supplie: Today’s supply, 151 cars, 10,374 head, was the heaviest since the latter part of June, 1893, a period of over nine months, and the quality was as good as it has been any time during the past fortnight, Sellers looked for a lower market, and while there wag a good array of buyers in the field, four packers, three shippers and several speculators, the receipts of over 10,000 ho and the lower markets enabled buyers to get their hogs a easier early, but the active competition and free buying by all classes soon caused trade and prices to pick up and the general market was not a great deal lower than Friday. The top, $4.60, was about a nickel lower, but the bulk went as they did on Friday, at $4.50 and $4 ge lower. On last Saturday the b at $4.50. SHEEP AR® HIGHER. Recelpts of sheep, with the exception of Friday, have been unusually light all week, and with similar conditions prevailing else- where prices have taken a sharp turn for the better of pretty. close to half a dollar, and the dems than it has been were no fresh receipts today and here to make a market. All local houses were wanting desirable muttons and lambs and prices were nominally firm at the recent advance t $3.00@4.00; falr to good westorr a 3.75; common and stock sheep, $2.35@2 good to choice 40 to 100-1b. lambs at $3.0 4,28, Recelpts and Disposition of Stock. ipta and disposition of stock asshown Union Stock Yards comipany r8 enaing at o 0'elock p.m for many monthe, There RECEINTS. TCATTLE. | WOGS. [ SHEEP. HONSES A WIS Cars. | Head | Cars | Head |Cars, |Head | Cara. | Head 15110874 DISPOSITION. CATILE WUY RS, HOGS. | SHEED Omaha Packing Co The G, H, Hammond 0o witt & Co. ¥ Phe Cidaby Packing 0o, hin P, Sqiire & Co Nelson Morris. A. Haas R Becker & Degen P, D. Armi i Shippers and feeders. Local Produce The searcity made the muret firmer cholce roll butter, 1761 160; packing stock, 7o JGGS-Although’ the rec of late there Ix no impr Strictly fresh egus, 81815 DRESSED POULTRY good stock on the market, but what few are made show slight advance in price Chicke B@10C; turkeys, 8@ geese nnid ducks, S@loe. Inferior stock would sell below the above figures LIVE POULTRY-There Is ket I firmer on komo g chicken: e BUTTER und. Estra cholee country, 11 allen oft price pte ) ement in it There 18 but falr demand and gradess hon Turkeys, 677 Aase; old stagky Stock K becoming b it ML i clover, 16c; California and cans, halt_ gallons, UGAR-Por [ hore | plentiful’ sy s rather quict. Mallards, § 4r2:25; Dluewing teal, 1.3 wing $L00G1.25; mixed ducks, 7oad 84,001 4 OVSTERS - Mediy 18c; extra standar filborts, dinm, 10 CIDER-1 Targe razil nuts, 1o juice, per bbl., $6; Oregon, per Bhi,, $450; half b cider, per bbl., $1.60: half bbl AUERKRAUT - Per bbl., $; g PABL nd-plcke $1.7501.80; ANS h west $1.504 $1.002 white navy, 2.00 common beans. o quoted on orders at 80c; grown potatoes Wame in ¢ from st lots braska and store, S rly Ohio,” $1. small The first shipm ellent marketable condi- tion. Florida ¢ e , $2.25; Califor nix cabbage, per Ib., 2iqc. Iixtra fancy’ California, 60c@s$1.00. POTATOES -Good stock, per bbl., $3.50@3.65; seed GREIN VE Spinach, per bbl., ber do wdishes, per per d5e; cucum nato o of 20 1bs., doz., exr plant, per doz., 2 cauliflower, pe gus, per doz., 8c; turnips, carrots, per doz., 75e; b T 90051005 water cress, per doz. $l. i Florida tomatoes, per 6-Ib, crate, $1.50. FRUITS There are but nd the trade is largely Fancy westerns per box CRANBERRIES — The cranh season 18 nearly over wnd most of the stoci 18 oo ship. There I8 still some demand, howe good stock, and_prices are ruling Cod, por DL, $7; bell_and bugle RNTA ORANC The van all around and another adva cted in_April. Riverside Hings, W $2.753.00; Rediand 1 navals, $.000 ‘excelsiors, na a5 apples on the g Lo oranges. ket lag il TROPICAL FRUITS. BANANASThe bu trade fs I% no quotable change in pr all to medium, $1 s, fancy, $; cholce, $ _Fancy Floridas, cholée I dasg, $2.T5G3.00. GRATE market. P FIGS Fancy, po Halowe e a few Malagas still on the e, 30,50, ib.. 15e. 65 to 70-1b. FURS. BEAR-—No. 1 black, large, $20.00% dium, $U small, $8.00G10.00; black large, $12.00@16.00; medium, $10; small, cubs, large, $6.0068.00;: medium, $5.00G6.00; sinall, bl Montane and Rocky. Mol ke, #16.0065200; meatim, $14; S Vlacic Mon: tana yearlings, large, $I m $8; small, $6: black Montani cube, larie, $6.00: medium, $450; wmall, $3; silver tp, larg medium, $12; small, $8; sllver tip carlings, large, $11 Teanuim, 3; mal, 35; siiver Up cubs, lurge. 3 %050; small, $3; brown, larke, $20.000 small, $12; yearlings, large, 38 =l|lmlll. lh.\r\l?w!. lar §17 et |85 fu Bdgerono: 1, G160 medium, B 1. 60c; Nstier—o. 1, o 84 fox, miiver, u X, gy, $40; siiver, pale, 'C ncdium, $B0; s, N H sl e Riali; d00; K nall, Soas 19, i $1.60; mart a8 Thegsio0; meain ‘“”_‘II(U b, 1, large, medium, small, ot Non: porfeet ead: aid feat, No. 1 herfect. sKins, 5G30C; otier Tmedtam, $0.0067.005 small, $3; Rarger 31 medium, 35; minal: No. 1, large, 80c; medium, 60c; small, B e N Yiaei. an’ (0 beauty, No. 1 Turge: Soonghng0 . ki, binck, cased, No: 1 arge, $1 55 medium, small, 60c; short striped, large, $§1; By Tict sl 4 narrow: biriped, Tirge: S medtum, 40 amail, 4 Strlbed, Tare wor 1 Nirge, $1; medim, 35 ot mountain, ‘Mo 1 Jarge, &1 me Small, $160; prairie, large, 7T06750; a0t amall. 600 ' beaver, Der skl o 00616.00; medium, $8.50: small, $2; kits, o, 160, B s 7oL o o 11e: medi, Be: sl small, 6¢; Kits, minic, HIDES, TALLOW, HIDES-No. 1 gieen hides, salted hides, 21i@3c: No. 2 gr 11562¢; No. 1 veal calf, § 1bs, 2 Veal calf, 8 1bs. to ib 1bs., hides, b ary flint bid salted Part cured less th SHES reon salte green (sho wkins), ¢ lings (short-wooled king) @loe; dry shearlings il o h, fo; dr as and Ne whol pelts, ual weikh t, K per I, orido butcher AT dry pelts, per b, actual green nide No. 10 murr low, No. 1, 14@ use, ‘white A, 4 yellow, Sc; greasc 2t beeswix, prime, 15 v AND $13—T tullow, "No. 4 2 whif Sloux Clty Kk Markeots. SIOUX CITY, March 31—HOGS - e F 50 T 4,4 CATTLE Reclpty, 100 head; _shipments, 400 focdors, ' $200a3.16; year $1.2662.65; bulls,” $2.0) Stock In Sight, The following are the receipts at the fou cipal cities Suturday el #1 Cattle, Sheap. South Or Chicako. Kannas Olty St. Louls 4,000 700 100 4560 We Offer You a Remedy e Which Insures Safety to Life of Mother and Child, Mothers_—s < ‘“Mothers’ Friend” Robs Confinement of Its Pain, Horror and Risk. ‘ After using one bottle of ‘Moruers' Frienn,’ I suffered but little pain, and did not experience that weakness afterward usual in such cases.—Mgks. ANNIE GAGE, Baxter Springs, Kas. Sent by express, charges prepaid, on receipt of price, $1.50 per bottle. i Book to A&thers mailed frees BRADFIELD REGULATOR CO., Atlanta, Ba. Sold by all Druggists. R IR ORISR R IR IR P Fair to good natives are quotable | nd from all sources fs bettor v Mill{ Pans’ nothing and pails, and cans, and bottles (even babhy's)-~or any- thing that you want particularly clean, ought to be washed with Pearline. ] You'll save work in doing it, and it's a great deal more thoroughly done. Dairies and dealers use Pearline extensively. Just try it once, on your milk-ware or butter-ware—and then say if it isn't the most satisfactory way of cleaning. Pearline is the most economical thing you can use, too. You get so much more out of it. S Peddlers and some unscrupulous grocers will tell you **this is as good as™ CIAQL o “'the same as Pearline.” IS FALSE—Pentline is never peddled, 3 and if your grocer sends you something in place of Dearline, be it Back honest—send it back, 05 JAMES PYLE, New York “We are a band of brothers."— Il'ar Song. -, A e ey | Yy line- who There is now no North, no Souvth, no Mason and Dixon that there was has been proved a mistake. The very were so mistaken unite in saying this The Century War Book will not issues of three decades ago; will not create anew rank prejudices; will not create anew bitter memories. The purpose of the book is to strengthen our unity and incite us to bstter citizenship, broader sympathies, greater love. Senator White, ot Louisiana, himself a Confe lerate officer, now Associate Justice U. S. Supreme Court, in his speech in the Senate July 21, 189%, voiced the sentiment of the South in these ‘words: ““Whatever may be the conception as to the mistake of our opinions, we all concede that the mighty arbitrament of war has decided that they were wrong. Thank God, even the ashes of that conflict have passed away. I know the American people have forgotten it, except for the lessons which it has taught us all, that within the walls of the constitution, and by adherence and respect for it, united in a com:mon brother- hood, lie alone our future hopes of happiness and protection.” aen create anew the To this same spirit investing its pages the Century War Book owes its popularity. It is a book for every American. It is a book for the G. A. R. It is a book for the S. of V. It is a book for the Loyal Legion. It is a book for the Woman’s Relief Corps. ; It is a book for all Ex-Confederate Army Posts. It is a book for every American citi= zen—white and colored, It is a book for Every School Boy and Girl. This new people’s edition will be complete in 20 parts. It con- sists of the famous papers originally published in the Century Magazine, exroux or e mixre. A AcHOMETTS Y3OM 4 FHOTOGRAYR IT IS PRACTICALLY FREE TO ALL WHO ARE OR WHO WILL BECOME READERS OF THIS PRAPER S R e HOW TO GET IT: O page 2 of this paper will be found a War Book Coupon, 4 of thes, coupons of different dates will, when accompanicd with ton cents, entitl the holder to Part No. 1 of this hook The whole work will be com plete in about 20 purts, bound in heavy paper covers; a new part will bo issued each week, and coupons will b printed daily until the series is complete. Any 4 of these coupons, with 10 cents, entitles you to any issuo or number of this hok. FOR CITY READERSDIr the office of The Omaha Bee, wher 2 will be ready next weck, and therenfter parts will follow weekly. FOR OUT-OF-TOWN READERS —Mail to War BokeDepart- ment, Omaha Bee, coupons and 10 cents in coin. Be particnlar to (1) state the number of the part desired; (2) your name and full addrvess: (3) in- close the necessary coupons and 10 cents. 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