Indiana State Sentinel, Indianapolis, Marion County, 27 May 1891 — Page 7

THE INDIANA STATE SENTINEL, WEDNESDAY MORNING, MAT 27. 1891 TWELVE PAGES.

7

A RED HOT STRUGGLE.

Bulls and Bears Fight Hand to Hand, But the Latter Finally Carry the Day, Bears Carry the Heaviest Ammunition. The Decrease Only Half as Large as Expected. Market Closes Firm at Fairly Good Price. IvPTAXAPOM. I WD., Monday Kvenino. May 25. i J. E. Berry & Co.'b aI vices on the Chicago grain and provision market comment as foLows : "The wheat market opened about 1 cent l.igher this morning than Saturday's close. Eastern parties were good buyers and the market was t-trong for two hours in the forepart of the se.-sion. When the visible Fiipp'y was posted, it bein;? one half million les decrease than wasgenerally expected, there was a rush to bell by parties who had bought for a scalp and an effort was made on the. part of several large Ehorta to break tie market; this succeeded in causing a sharp break, but there was very little wheat for sale at the decline and under the in'Juence of fairly good buying order?, pood demand for cash wheat, and the attempt by soma of the local shorts to cover, the market gradually became strong and advanced lc from the low point, closing s-trone at about the highest point of the djy. "So long as the clearances are s- larcre, beinjr over r.0O,0cO bushels of wheat and wheat flour to.: ay, and the difficulty in obtainirp ca?h wheat at 4c over July exist, we think there can be litt'e danger of o.ss in buying July wheat at about a dollar. "The decline in corn seems to have culminated Saturday when the market touched 5Uc for July delivery. The receipts today were nearly "00 cars less than was estimated and tho estimates fur tomorrow are not eo heavy as was expected and pome of the large tdiorts who expected to buy today in the neighborhood of hOc were obliged to pay from 4c higher. The demand for cah and sample lots was pood, taking all offerings for immediate shipment. "Receipts of oats were very large, but the demand al was fully equai to the eupplv and there was a etrone market from the opening to the cloe. We think it rather hazardous to Fell August and September oats at prvsent prices in anticipation cf the immense crop. We have known very line prospects in j revious years which did not till short pales at a profit. "The feeling in the hog product was was very much better. At one time the market was ouito weak in consequence cf holders' selling large line? of tnes pork, but it recovered on a pood foreign and domestic oVman-1 for m.ats. and the situation seems much stronger tonight than at the c!o.-e of last week." The wheat market was fairly steady today with a lL'ht demand. Corn continued weak and was not wanted, while oats were very quiet with alight demand. Receipts for the pat twenty-four hoars. r) cars against a total of 12 cars for Saturday. What Firmer: No. 2 rel. $1.03 bid; No. 3 red, fc bid ; rejected, t'-X'i'JOc; unmerchantable, UV r 7.V. Corn Weik; o. 1 white, 5c ; No. 2 white, oc bid; white mixed, otic; No. 3 white, o7c bid; No. '2 yellow, .Vie ; No. 3 yellow, 54lc; No. 2 mixed, 5-"c; No. 3 mixed, 54 ic; sound ear. oUc. Outs Weak; No. 2 white, 4c bid; No. 3 white, 4ic; No. 2 mixed, 4yc bid; rejected, 45c, B.-an teady ; receipts light; local dealers are bidding $H.2. Hay Timothy (choice), $14.00; No. 1, 5l3.T.- Lid: No. 2, $12.25 bid; No. 1 prairie, $7.50; No. 2 prairie, 16.50; mixed hay, $7.00. Ses2. Wholesale prices in seeds are as follows : Per Bushel. Clover, medium, recleaned, fair to gnod $3 85jU 35 Clover, medium, recleaned, prime... 4 SO Clover, medium, recleaned, choice. 4 75,4 1m CloTer, mammoth, recleaned. prime 4 50fi4 75 freed corn 1 2501 50 Timothy, recleaned, pr.me to strictly prime 1 S0R, 70 Timothy, recleared, choice. 1 60($l 70 Illne grass, fancy 2 85i3 10 Orchard graaa 1 rXX-il 85 lied top 7o(Tv 95 Lnglish Line grass 2 50f t3 70 Gerroaa millet 1 25(3,1 5!) t"dlet K5fo,l 30 Hungarian millet W&l 00 PRODUCE MARKETS. CHICAGO. May 25. The viiible supply of pram as prepared for the board of trad follows: Wheat, 11.202,000; decrease. 152.(00. Corn, 4,404, COj; increase, l,014,MMj. Oats. 3.533,O0; increase. 401. f 00. Kye. 00; decrease. 78,OUO.iBarey, 317.000; decrease, 231,000. It was a hnnd-to-hand atrueg'e today for the mastery between the bulls and bears in. wheat. The former were supplied with heavier ammunition end got the Lest of the fight, though their opponents forced them backward two or three times during the session. Under the lufluence of the French import duty on wheat, announced after the close of the board on Saturday, col 1 and wet weath-r in France and England the announcement by Toronto millers of a short supply in Canada, a statement that chinch buics were at work In the wheu around Blue Springs, Neb., and the further intelligence that the temperature was down to 22 in Manitoba, the market opened exeited at a material advance over the last price on the day's bids, covering a wide range In various parts of the pit. Holders of lor? wn-at were inclined to take their profits around the peaiog, and in spite of predictions of a heavy decrease in the vifihle supply, the market broke sevtnl points, Having marketed their stuff, the long went gunning for Pardridge, the big bear. He retreated rapidly, baying back bis short line through brokers and this stampeded the little shorts who ran to cover' with the result that prices rebounded to the highest point of the day. Ream and a few other heavy traders took advantage of the advance to make heavy sales, causing a break in the prices to the low point of the day. They were materially assisted by the announcement that the deereaae in the Tisible supply was only about half as lane as was expected and the statement that farther larire engagements cf gold for export had been made. Late Paris cables quoted t .wheat higher there and the buying which resnlted lifted prices agala and the market closed firm. July opened anywhere between l)9)o and $l.C0i, sold o!t to , Mc reacted to 1.0027 broke to OOJe, rallied and closed at $1. The receipts of corn were much lighter than had been expected and the shorts who bad sold themselves into a bole in tbe recent decline of l?o on the price of that cereal had come to tbe conclusion that it was time for a reaction. Consequently they msde bsste to cover. Tbey were bidding wild iy when the market opened. The start was at L2xAQ,hZo for July and the pr e soon 'advanced to bi SicLater it broke to 53c with wheat, bet rallied to the high figure again, closing a shade lower.

Short! in oats had to face the lame conditions a did those in corn and the price in that cereal followed the fluctuations in maize. Provisions started out comparatively weak with the country longs selling and the Lest local tracers buying freely. After a little reduction early prices improved considerably in sympathy with grains. . The leading futures ranged as follows:

Articles. Opening;. Hiiihtst. Lowsat. Closing. Whk.t May ... June... July.. Cor Msy . Jus July... I 1 04 , nil t 1 01 1 M'V 1 CI 1 I 1 04 1 CD 4.1 'A 10 wt 10 7.1 io oo 6 22 6 37', 6 57J, S 77',; 5 I) fi IS 1 10; , y. 41H1 5?s s I io OatJune 44 July. TOBK M.y ... July. fpw... LlK! MT... Ju:r... Sept.... 8. Km Msy Jaiy... ek-pi ... 41Hi!( in 6. j If) 42 in .SA 10 f0 I 10 T.i 11 0) 22S 5. it, i "Si 9 I 1' 1"H 6 27 1 .. 6 r, -y, 5 71 ! 07' ,, 6 SI s 7iv: 5 5 10 Cash quotations were as follows: Flour Puil anil unchanged. No. 2 spring wheat, 11.04-; No. 3 spring wheat, 1; No. 2 red, $1.05 C410ti; No. 2 corn, .t)7'2c; No. 2 oats, 4tiie; No. 2 rye, Me; j. 2 barley, nominal; No. 1 flaxseed, 1.14; prime timothy seed, ?1.2t(k 1.27; mess pork, per brl., $10.tl2 : lard, per 100 Ihs. tCyy-i'Vli: short ribs sides (loose), $-"'.75H5.s5; dry salted shoulders (boxed), 5.'.jfiJlo; short clear sides (boxed), o.:o((i t.4' whiiky, distillers' finished goodd, per gal., ?1. 1-1; iUk'ttr?, cut loaf, unchanged ; No. 2 white oats, 46'-c; No. 3 white, 45(-4'kj; No. 3 baricy, . o. b., 7l(3o(;i;. Rfteirt. NlivtnenU. Flour, brls 8.000 S.iO) Whf-at, bu 20.0CK) 27,fi00 Corn, bu 407.OOJ 41,0( ()at, bu 212,000 14.1.000 P.ye, bu (5.000 l.OtK) Barley, bu 000 l.OoO On the produce exchange today the hatter market was steady and unchanged. Eggi NEW YORK. May 25. Flour-Receipts. 27,s;,6 packages; exports, 6,Mi brie, U,'j32 auks; quiet, unehand; sales, lG.f.") brls. Cornmeal Maily, fairlr active; yellow western. f3.4i)ri3.53. U heai iteceipts, 16D,(X0; exports, 79,470; sales, 10,4:6.00 futures, 7S.CO0 spot; spot market higher; tiuil, advance checking bus:nes; No. 2 red, $1.128 store and elevator, fl.13 afloat, jl.lS!4f'i 1.14; f. o. b.; ungraded red. SI.if''t.l.l; No. 1 northern, to arrive, jl.141 Q1.14 'B; No. 1 hard, to arrive, .51.17),; Ne. 2 Chicago, 1.11H delivered; options opined active and l2V.j,..-7o up and further adanoed 1 if'.'o on reports of reduction in French duty and freer foreign buying orders; declined Ji'fjo on realizintr. rallied Ji'fcil.''o on report of frost, closiotr firm at ?f.i 1 aiiore yeterday; No. 2 red, May, $l.llj'hfil.l25,;. closing ?1.12,; Jump. 1.10' ,Y l.ld.7', closing J1.107;; Anj;.. $1.0ii'.i.l.i5 V. closine $i.05'; Kept., s-l.fWf (tl.l4'i', closing fl.Ols: Ccr.. $1.04.'' l.CMh, closing $1.04' 3 ; Dee.,5:l.0iV'ilAilld6.cIosiDg $l.t.VH; May, ly'. jl.Os'-,(a l.Oi), closioit il.fJ4. Stocks t prniu n store and atloat May 23: Wheat. fiV,3C0; corn, R7.6 2; ot 72,212; malt. 2 11.( 6': barley, 21)..V.; pea 2bu. Barley Malt I lull; Canad.t coun'.ry-made, 51(1.05. Corn Receipts, IM.'.O; exports, 13,2C4: tales, 3,1'OO.f Kj futures, ti'J.OOO tpot; spot market usett!ed; quiet; cloning stronger; No. 2, t35Ja('6(:c eievator; Cu)(",$c atloat; ungraded tuixtd, tr't'iSljc; optioi;i more active; M-i '.io higher on the reports of frosts; May C-Vg f-'irtc, closinir 6ii; June, W(i f2c, closing 6lV; July, 5'J f-i 01 X closing Gllgn; Aug., 5 :i''7c, closing tinic; .ept., 5f 1 4 Cdi-r'! 'tic, closing 5'J)c; Dee. jWiMUp. Oats lieceipin, 33,000; exports, t',0; sales, 25J,0;0; futures, t7,000 spot, pot market, dull; unsettled; opt oris moderately active; stron?; May, closing 50)2'c; June, 4:(i4:')-14'c, eiosine4:H4'c; July,-"',, 4S-!4e, closing iv'4c; Aug., 4oJ i4u;4c, closing 40 '4c; snot No. 2 white, .r2'j53c; mixed western, VMii, 4!,1ic; white do, o-'f'J'io'o; No. 2 Chicago. Sl'c. Hay Firm; ju.et. ilopo tra.iy; quirt. Co lee Options opened steady, unchanged to 10 poiuts up.closiug steudy at5(a 20 up; salet,10,.0 las:, including May.17.75c; June. 17.55'n-17.5c; Jalv. 17..'c; Aue., lrt.9' r3,l'i.l'.rH:;' iept., 16.lMt,l ;.2"c; Oct.. 15..W- lj.t5; Hec. ll.f'5.;; spot l:io, dull; steady; fair cargoes, 20c; No. 7, lS'2'c. Suuar Itaw, firci, fairly active; fair r-hninif, 2 15-1'' .; centrifugals, 91 test, 3 o-lCJy'if ; sales," 12,000 bags centrifugal yi tsst an ! New York at 3 5-loc. and 2,400 bag An, rhila'Jelptna, 3 Vc; refined, quiet, lower; No. t. 3'4c; No. 7. .'. IMoo; No. 8, 3 e; No. 9, 3 9-liic; No. 10. 3S; No. 11, 3 7-1 tie; No. 12, o?4c; oil" A. 3 13-lC(.tlc; muuld A, 4:Hc; standard A, 4 3-lGc; powdered, 4'4c; cubes, 4' ac. Molasses Foreign, dull; New Orlean, lirtn, quiet. Kpsjs (iuietiririn-.western.lsi l'4c. Reoeijts, 7,5'J3 pkes. Hides linn; good demand, l'ork Ksy; old mess, 10 7rtll.60; new mess, $12''.12.75; extra prime, $11.50. Cut MeatsActive, steady. Middles Quiet, unchanged. Lrd Lower, dnll; western steam, t'i H; sales, 1.2IO tierces. May, 5i..Vj; June. f'l.S '; July. $J.51t').,V; eloeiuz ftj.55 bid; Spt. .f ij.77(' f.3, ch.siiii; bid. iiutter Fairly active; cLoice, steudy; western dairy, leQbV; d creamery, 1 l'i 10c; do. factory, lOt l5o; KIiln, l'.c. Cheese I)uil, weak; part skims, 4rn ?c CINCINNATI, May 25. Flour Demand moderate; family, 4.10f ; 4 35; fancy, fl.W) 4.S5. Wheat Fair demand; No. 2 red, $1.0i; receipts, 6.(0); shipments, l.lxX). "orn In moderate demand; No. 2 mixed, ,r5 ':(. 56o. O.iU Fasier; No. 2. 42ic Rye Nominal; No. 2, !V. Pork Weak to lower at $10 S7! J. J.ar J Lok er to se:l at . Ruik meats Quiet ; short ril a, ?0. I5r con In moderate demand; short clear. 7.12'-'. Whisky steady; sales, MS brls. of finished goods on a basis of f 1.16. Iiutter Meady; fancy creamery, 190 20c; Ohio. 15ft lo; priiue to choice dairy, i.'lia. Linseed Oil Firm at 5-J(;J50c. iuuar Unchanged; hard refined, 4l(i.."o; New Orleans, 4'tc. Cheese Steady ; good to prime Ohio Cat, I0f,llc TOLEDO, May 25. Whest-Firmer: cash and Mav, $1.0; July, $1.00;; Aug., 98.io; Dec, 1.0;. Corn steady; cash and May, 55c. Oats Quiet; cash, 50' 4c. Clover-seed Iull; firing cash, f4.25. lceipts Flour, 5; wh.-at, 10,32: corn, 8,1.92. hipDJeuu Flour, 1,220; wheat, 3,710; corn. 27,0oO. INDIANAPOLIS MARKETS. Inpianapoi.is, Isn., Monday Evening. May 24. Traffic opened up lively today on the dry poods market, many ont of town buyers being on hand. There is an increasing demand for summer fabrics and much doing in black linons and organdies. Grocers had a pood trade and sugars continue fairly active with ro tew quotations. Fruit and vegetable men handled a large traffic. Potatoes are firmer and are bringing the best prices. All vegetables are in good demand. Groceries. Molasses New Orleans (new eropX 3545c; medium sirups, 3K43-c: choice, 35".t40c Coffee Common to good, 20j J(322c: prime to choice. 2425S'e; fancy. 25Hfti26'c: golden Kio, 27('i.-"Je; Java, 2'Jli(a.:n)c; Banner package, 25'c; Arbuckle'a, 25;4o: Lyon. 25?ic Miscellaneous Rice, Lousiana, 5Jft7o; eoal oil, 7Kft;lO!4c. Beans Navy, 2.4ofta 2.50; medium. $2.4utV2.45; marrowfat. t.(a,2.W. Suaar Hard, 4.5.'i,5 V,e; confectioners A, 4.UiMo; o'J A, 4'4rl;o; white extra C. 4(j 4c, extra C. 37ft4,4c; good yellow, Vic, lair yellow, Zy(t,ic, yellow, 3JsGp4c, Spice Pepper, 15fl6o; allspice, 12ftil3o; elovsi, 26ftj,30c; cassia, 10(j,12c; i utmeg73'.j) fcOo. March Refined pearl, 4f54'ie per tt; champion gloss, one and three-pound packages, 6(f) 6e; ebampion gloes lump, 4i(a,5o; one and three-pound packages, 6)io; improred corn. Bait In ear-loU, 93c; small loU, $101.05. Hides, Leather, Tallew and Pelts. Tallow No. 1, 4J4o; No. 2, 30. Hides Market fair; No, 1 tallow 4o; No. 2, 3!c; prices. No. loured, 5Vic; No. 2 cured, 44c; No. 1 green, 4o; No. 2 green, 3c. leather Oak aole, 20(434a; bemloek soles, 23(3,2lo; harness, 233o; skirting, 33C34o; blaek bridle, per dot., $55u,60; fair bridle, i&XzGO per dot; city kipp, X85; Frenoh. kipp, 75c72tl.l0; cut calf skins, 70cftifLia. Frenoh calf skins, $11,1.75. Sheep shearing, 2(X30c; Iambs, 40Q75. Oreaie Urowu, 2c; yellow, 3o; white, 4o. , Iron siad Ilardwara. Bar iron, $1.902.00; wrought charcoal bar, iX90fa3.0a Horseshoes Burdsts, $4.25; Walker's, $4.25(4.35; mule shoes, $5.25; eutoail rate for 60s and 60s, steei nails, $UWJ; horis, H'O ser tox; wire Bails, rate $2.30,

i&i K vv Jil h

r-; ')vT"7 '.n 'iV ' m S3? K&Sj&'im o Is not an experiment ; it has been tested, and its enormous sale !s due solely to its merit. It is made on honor, and good housekeepers sav SANTA CLAUS SOAP is a necessity' Don't let your dealer give you some other kind. If he hasn't Santa Claus, but insist on having only SANTA CLAUS SOAP. N. K. FAIRBANK ft CO.. Mfr... Chicago, a. Darb-wire Galvanized, $3.60; plain annealed fence wire, $2.40; galvanized, C0a advance; 10, 11 and 12 sizes the regula advances. Powder 55.50 for 25-Ih. keg. Shot $L45 a sack. Loaded shells 12 gauge, 1.00; 10 gauge, $1.75 per 100. Provisions. PMOKED MEATS. "Reliable" brand-Sugar-cured hams 20 lbs. average 94 17'. lbs. average. 10 15 lbs. average 10 V2X lbs. average 10 10 ibs. averK.. 11 "Morgan A Grey" brand a'o less than ".Reliable." "Reliable" brand, block ham. 13 to IS lbs. Average 10' Boneless ham, "Reliable" brand 8' "Moriran Atirey 7? Caliiornia hams, "Reliable" brand 10 to 14 lba. average.- 6J i Breakfast bacon clear English cured. ".Reliable" brand 10$ Morgan Grey 9XA Martin St Co., very light pieces 10 Sugar cured--'Torter'' brand 9 English shoulders, "Reliable" brand, 11 lbs, average 1i lri lbs. average 6!4 Morean & Grey brand i less Euarar-cured 10 to 12 lbs. average 6'4 Bacon Clear sides, 20 to 25 lbs. average... 7 40 lb, nverace 7'i Clear bellies, 11 lbs. averaee T)i Range of 15 to 30 lbs., same qnali'y and arcrace as heritjfore without selection 7V4 Clear backs, 8 lbs. averaee.. 7l4 15 lbs. average 7' 4 Flitches Short backs, 6 lbs. average t)i Dried beef "Reliable" brand, hams, inside pieces and knuckles 12,'i For special selections of knuckle pieces or inside pieces j'o advance will be charged. "Morgan & Orey" ham outsides only 8 Beef tongues, eacn 60 Canvased. 5o additional. Bdo?na Skin, large, 6Jc; small, 6)0; cloth, Gc. Wienerwurst 8)4c PHY SALT AND TICKLED MKATP. Clear sides, clear bellies, clear backs, eless than smoke. t. Short fat backs, 7 lbs. averirre 6 Bean pork (clear), per brl. 2:0 lbs $14 00 Ham and rump pork, per brl. 2'K) lbs... 11 bO Also, half barrels, 1UO lbs., at half the price of the brl., adding 50c to cover additional cost if package. Lird Pure, kettle rendered, in tierces. 8j'c; "Indiana," in tierce, 7'.C; also in hardwood tubs, 5.5 lbs. net, same price as tierces; hardwood buckets. IS ilia, net, Je over tierces. Cans, grosu weights 50 lbs., in single cases or case of 2 cans, ) 4c adrauee on price of tierces; 20 lbs. in case of 4 can, J'c advance on prlc of tierces; 10 Ibs. in case of 6 cms, o advance on price of tierces; 5 lba. ia case of 12 cans, ,'c advance on price of tierces; 3 lbs. in case of 20 cans, lo advance on price of tierces. KKEMI MKAT. (Shipped at boyer'a risk.) Tork Loins (all fat trimmed oT closely) long cut 7V4c, ihort cut ?c. Cottage hams (lean back pieces weighing 5 to 6 lbs) Tenderloins 11 Hpare ribs Ai Trim mini's 4 Vork saunage, link 7 Balk, 20 lb pails OJi fruits ana rotables. Gooseherrif-e .3.00 per bu. Cherries '2.50 3.0") per 24-rjuart crute. Larly Vegetables Lettnce, 10c per lb.; radishes, 2f'c per doz. ; rhubarb, loc per doz.; ouior.s, 15c per doz.; kale, f 1 per bbl.; spinach, $1.50 per brl.; new beuus, per bushel box,3;do ieai, .1.5,1.75; new potatoes, $7.o0(a i).0U per Orange California Riversides, ?3.50Tj.3.2. per box; fancy Riverside, assorted iizeaTper box, $3.5"'(i3.75: Med.terra:iemi sweets, $3.50 per box : Los Angelesseeding, $2.25(33.00; Mkssinn, s3.5' 3.75 per bo.v. Cider Dufly prime juioe, $7.00 per 32-gaL bbl.; I4.Csj bbl. Potatoes 1.25 per bu. from car; $1.25 1.33 from store. Strawberries f2.00(Ti2.25 per crate of 24 quarts; fancy, $2.75; some olf stock, $1.75. Onions liertnuda per crt., $?.75(30Q. Cabbage Florida, 2.2C2.60per crate; Mobile $2.75(gi3 per crate. Honev New white comb, one pound sections, 17(iylS5: dark, 16c. Bananas $1.5uQ2.25 per bnnch. Cucumbers lVr doz. 75cJil. Sweet Potatoes Jersey?, $3.754.00 Pf brL; Kentucky. $3.00(3,3.25 per brl; Illinois, $3.75( 4.oa Apples Russets, $V0fa,7. Pineapples Choice, $2(j,2.25; fanoy, $2.75. lemons f'i. Kutahsga $1.50. Cocoanuts 3(,6 per 100. Poultry nuil Prod ace. Butter Gross butter, 10c; poor. 6fio; fancy creamery, l;sVj20c; choice creamery, 151Sc Fags 13c Poultry hens, 8c; spring chickens, 15c; roosters, 3c; turkeys, hens, 9c; choice, young turkeys, So; turkeys, old toms, 5e; geese, fall feathered, $4.20 per doz; ducks, 5is. Fes thers Prime geese, Z5((i,Z6o per lb; duok. 15(J2U0. "Wool. We quote farm lots Tub-washed and picked, 35T36c: nnwashed fine, lSlc; unwashed and medium and common grades, if in good order. 23 25c Fleeoe Washed, if light, well washed and in good order. 29('t,31c "WIU l'roiscuts tit City. IlARniPBCRo, I'a., May 22. Governor Tattison tent the following corainunication to Auditor-General McCarmack this morning: I desire to be informed at yonr earliest convenience of the condition of the accounts of John Bardsley, city treasurer of Philadelphia, with the commonwealth of Pennsylvania and to have a statement of his account with the commonwealth since Jan. 1, lb'Ji). I also desire you to turnis'u me at your earliest convenience with a statement of the account of the city of Philadelphia with the commonwealth of Pennsylvania and a copy of the said account as it has existed since Jan. 1, 1800. I am desirous of having this information at an early day in order that the law department of the commonwealth may be furnished with a basis to promptly institute aueh proceedings as may be advisable to advance and protect the interests of the state. A Caterpillar Plague. Maxkatc. Minn., May 23. All the traina on the Ml.'wankee road this morning were delayed at a point aeven miles out of this eity by millions of caterpillars which had crawled upoa tbe rails to sua themselves. tand-boxes were toon exhausted and two eneines were bardly sufficient to move the train. The morn ing freisrht was an hour and ten minutes in go U. torn m.Ul Til. .t.nlll.n .i.n4 in masses of grease, over which the wheels slipped lik so much butter. Tbe caterpillars, have iea a pest In that looality lor two wiekj.

HOGS ON THE -TOBOGGAN.

THE MARKET DROPS DECIDEDLY. Not Enongh Cattle Received to Blake a Market Sheep Receipts Light Hogs IMtto Some Representative Sales. Cmow Stock. Yards, Indianapolis, May 25. Cattle Receipts, light Not enough here to tell much about the market. But from indications, would say fair. Export grades, 1,430 to 1,630 lbs JS 253 5 75 Good to choice shipping, 1,200 to 1.400 lbs 4 75 5 25 Fa.r to medium shipping, 1,000 to 1.200 lbs. 4 2of3) 4 75 Common shipping, 000 to 1,100 lbs- 3 75, 4 25 Choice feeders, 1,100 to 1.200 3 75(a 4 25 Oood light feeders, M tol.OuOtbs.. 3 00( 3 75 Common to good stockers, COO to 800 lbs 2 250i 3 25 Export heifers, 1,200 to 1,300 lbs. 4 25fa 4 75 Good to choice heifers 3 75 4 25 Fair to medium heifers 3 25'.; 3 75 Common and light heifers 2 l'6'.j, 3 25 Oood to choice export cows 4 00(4) 4 50 Good butohercows 3 50(?) 4 00 Common to fair butcher cows.. 2 OOi'o, 3 00 Veal calves.- 2 5W.Vi 5 00 Fanoy export bulls 3 2.-ii 4 00 Good butcher bulls 2 75(ji 3 25 Common to good bulls 1 75(ai 2 75 Good to common cows and calves..30 O0c40 00 Common to fair cows and calves....l5 00&25 00 Sheep Receipts, 2")0. Market steady. Spring lambs $5 50av 75 rairtogood lambs 5 G0Vw 50 Common to fair lambs 4 00cj5 00 Good to choice sheep clipped 4 25.4 75 rair to good sheep clipped 4 00(',4 25 Common to fair sheep clipped 3 25(,4 00 Bucks per head clipped 2 50r.4 00 Hogs Receipts, 1,X. Market slow and lower. Closed about steady. We quote: Choice heavy 4 35ft 4 60 Heavy and mixed packiug 4 .Wi,4 45 Choice lights 4 50f(,4 45 Common lights 3 15 Pigs 2 bK'ii (0 Itoughs 3 50(o,4 t0 EEPRK8ENTATIVB SALES. Xn. Jr. Pr.S"o. Ar. Pr. 74 15ri $4 42' j 26 14X....S4 40 5 .2 0... 3 fsO 41 1!... 4 52' ; 75 US 4 35 I 10 170 4 40 ELSEWHERE. CHICAGO. May 25. The Eveninj Journal reports: Cattle Receipts, 12.C00; shipments, 3.000; market steady to strong; export beeves, f.'.'H) (Tfi.20; shipping. $5'. 5.80; Texans, J2.S0H 5.2"; cows, $1.2.V3.7.5. Hogs Receipts, 30,000; shipments, 12,000; market active, firm; pr-nie lienvy and butcher' weights, .4.4.r(.4.5": mixed and faefcini', $4.304.45; light, $1.25(7 4.50; skips and rough, $3.tkj(a4.25. faheep Receipts. 8.000; shipments. 3.10U; market active, stndr; prime natives, .Y2i('4. 5.40; westerns, ?5 125.25; good to common natives and westerns. $4.25" 5.10; leians. $3.25f'j5.10; lambs, $3.5(.7. NEW YORK, May 25. Beeves Receipts. 7.10S head, includiug f'5 can for sale; market 10c lower; native steers, $o.02H " Q--lo; lexaos and Colorados, I.Oof'i 5.,''5; Lul's and cows. .2.i;5'i3.co; dressed b'i, steady, S'.-ji l;J4'c; shiptuentn tomorrow, 225 beeves. Calvew liereipts, 3.42) head; market liigrier; veal, .fo.00 Qjti.iO: buttermilks, $..oOf 4..H). iheep Receipts. 10,61i head: dnll; lambs firm; sheep, $15 :J( 5.75; lambs, $7.7"'' 8.00; dressed mutton, slow, t'.(llc; aretscd lambs, steady, l?15c. Hogs Receipts, mclu ling fi cars for eale, 12,3000 head ; market dull at 4.306 5.4a CINCINNATI, May 2.-.-Il02s-In light demand, weaker; common $3.5t!fil.50; packing and butchers. 4.25''. 4.7."; receipts. S.l'OO; shipments, W0. l;attle Heavy; cfimmon. $2.00(.25; fa;rto choice butchers' grades, T.")0(j,o.00; prime to choice f-hippers, $.".256i 5.75; 1-ecvipts, 1,430; shipments, ISO. fcheep In fair demand; stJairT common to choice, $3..W'5.00; extra fat withers end yearlings. $.0(i. 5.25; receipts, 3,8iiO; shipments, 3,040. Lambs In fair demand, steady; common to choice, $5.00(37.40 per 1j0 pounds. EAST LIBERTY, Pa., May 25. CattleReceipts, 2,42; shipments, l,(i"J; market very dull ; 2o to 50o oft from lust week's prices; no cattle fhipped to New York today. Hogs Receipts, 5,.r!'6; shipments, 5.5C0; market steady; Philadelphia. :?4.c5(.4.!5; best Yorkers and mixed, j4.t!.V'j,4.W): common to fair, J4. 50(o.4.00; pigs, 3.' 0, 4.25; nine otrs of hoes shipped to New York today. Sheep Receipts, 5,(.0J; shipments, 2.000; market dull 20 to 30o troni last week's closing prices. A GREAT GATHERING IN DENVER. Sectional Interest s Sunk n the Common Cnusn of General Welfare. Denver, May 10. North, South and West sank all sectional intereeti at the first session of the tran.-Mi.asissippi congress which opened here today. Delegates' begun to arrive last evening, but the great majority came in on the morning trains. When the convention was called toordernt 10:45 by Fishback, chairman of the local organization, the lower floor of the theater was occupied by delegates, who exceeded 1,000 fully accredited representatives. The interiorwashandsoinely draped with 6ilken banners and bunting and various beautiful escutcheons of the leading state. One of the features of the morning was the presentation of a beautiful floral defeign five feet high by Louisiana. W. il. II. Behan of New Orleans made the address, remarking that the emblem had been carried by the delegates through fifty miles of water which at times covered the wheels ot their car. Ciovernor RouUe, on behalf of the state, welcomed the delegates. lie congratulated the representsttives upon their lively interest in the aflairs of tne West which had been neglected through wantof united efforts. Cohesion would mean favorable legislation. He hoped to hear of favorable action upon free silver and free coinage. Mayor Kogors of Denver spoke upon the duties of legislatures and congress. Chairman William Fishback allirmed the fact that they met only aa business men, sinking all political prejudices for the common good. lie deprecated sectional bitterness, but warned the convention not to be blinded by the vital questions awaiting settlement. Despite development nine states in the New England corner of the country controlled tue wealth of the people. They - had dominated politics and succeeded - in demonetizing silver. It had forced the commerce of the vast area west of the; Mississippi river and interdicted commercial exchanges. He closed by thanking Louisiana for the floral gift. Adjourned to meet at 2 o'clock. At the resumption of business in the afternoon the committee on credential reported delegates present from sixteen states and territories, with several others to hear from. A recess of lialf an hour was profitably employed by the reception committee distributing souvenir badges. These were of conventional fityle, suspended from silver clatps and embellished with a email eilver brick the metal being 1,000 fine. Mayor Shakespeare of Nettr Orleans was invited to the eland for a flveminute speech, and, amid loud cries of insistence, he was compelled to mount the platform. He was received with cheers and yells that were pro'onped several minutes. He nai 1 he hardly thought the compliment was personal. It wai fortune to bo placed in his city to grapple with one of the greatest questions of the country. He bad one of tho most peaceable cities in the country, certainly an Americ&a cno. Cheers. lie was

called upon to cope with a thousand imported assassins, whore equal in crime could not be found elsewhere. Americans had no fear of assassination. They were not brought up that way, and paid no attention to idle boasts. Ho left his own city quiet and had no apprehenBion but that it would remain so. Ex-Governor Anthony of Kansas paid he did not care to talk to people who did not want to hear him. lie confessed embarrassment to following Mayor f hakespeare, and what he remarked had occupied the thoughts of every man, woman and child the last two months. It would pay all to attend the convention if only to hear Mr. Miakepeare. He could ear New Orleans was an American city, so he could say of every other city in the United States. Cheers. Theory eaid that this country could do mot anything. That was wrong. If there was anything that lay heavy on the etotnachs it threw it out. All were entitled to lruits of equality, but to pluck them they must be American citizens. Denver. Col.. May 20. At the opening of the Western congress this morning Senator Tabor ofTered resolutions demanding a lower rate of transportation for freight and passengers between the Missouri river and the East. Then came the report of the committee on permanent organization. The majority report for presiding ofiicer favored exGovernor Anthony of Kansas. The minority report t-tated the choice of the committee for presiding olficer was the point on which they could not agree. The hitch was silver. They must have a free coinage man. Anthony was declared by his own confession to be opposed to free coinage. Tha report recommended E. 1. Ferry of Utah for presiding ofiicer. Texas moved to accept tne minority report and the motion was adopted. A reconsideration was demanded by Colorado, but the motion to that etlect was laid on the table. Recess was then taken for lunch. On the resumption of business in the afternoon the question of numerical voting was called up on the question of admitting two dele-gates from the Mississippi river iir-provetm-nt ae-ociatiun and the propriety cf allowing them individual or state votes. They were admitted aa individuals with one vot each. Iowa ollered a resolution favoring the immediato construction of the Hennepin canal. G. W. Uolton of Louisiana proposed a resolution favoring Mississippi river improvement. II. Frank Gaierinie of Missouri moved the appropriation of i.OijiO.irOy annually for the same purpose. The chairman ruled that all resolutions be read by title and referred, but on exGovernor Evans of Colorado expostulating, tbe decision was reconsidered. The Colorado dolegates on obtaining thi? advantage read a resolution favoring deep water at Galveston and calling for an amendment of the interstate law by which 6hiDpers would have as good advantage in

shipping car loads as they couid by sending merchandise East. ('. W. Prince of New Mexico ollered a reaojution of thanks to the department of agriculture for its active interest in irrigation. C. F. McKesson of Nebraska offered a proportion lor the establishment of a panAmerican university for the purpose of educating the people of South America in the language, habits, customs and regulations, each of tho other; fur the reciprocal promotion of commercial relations. Many other resolutions were ollered and discussed. Dkxvkk, Co'., May 21. In this morning's session of the Trans-Missouri congress resolutions were ori'ered nidorsing the Nicaragua and Hennepin canals, the Tory bankruptcy bill, urging restrictions of immigration and naturalization, favoring free coinage of silver aud favoring defense for our deep water harbors and navigable, rivers. After an address advocating free silver as the money of the people and river and harbor improvements, etc., by Congressman Helforu of Colorado, a recesd was taken. The committee on constitution and bylaws reported ami asked that further time be given for the selection of the next place of meeting. It was not accepted and the following was tho result: Omaha, 111; New Orleans, 105. Tho announcement of the pelection of Omaha was received with cheers. Governor L. R. Prince of New Mexico was called to the chair. The Hon. G. G. SymniB, at request, epoke upon silver coinage. The Las, he said, was mieled by pamphlets circulated bv eastern bankers aud his argument thereafter was length v and tullof figures. He asserted that there cu'd be no ineuace in the aMoption of free coinage as Japan, Spain, Austria and (ireat Ilritain had been running to their full capacity to meet tli demand of the world. If these monoaaetal sts were earnest in their arguments why did they not export their silver to India, where it could be coined at 6 per cent, on advance of America? F'ee coinage, the speaker declared, would break up thre.e-fourths of the English commerce on tho teas. He cloned by urging resolutions in favor of freo coinap. Kx-Governor decree T. Anthony of Kansas saiil that gold and silver had always been regarded as a measure of value, and as congress was empowered to establish a uniform system of weights aud iucms i:e-(, it had the rieht to declare the value of silver. Theshver industry, he said, had been proseouted by men who built up raiaces, which could be seen on every side in Denver, and allowed their Drohts to overflow and be invested in magnificent business blocks and colossal hotels. Yes, they pleaded poverty and upbraided the Fust for injurious legislation, 'lhe speaker epoke of tl e development of Chicago, and its marvelous growth, which could uot be equaled by any city in the East. Where was the discrimination, ho asked, in the face of such unparalleled improvement? E. P. Ferry of Utah was forced to relinquish the chair in favor of Governor Prince of New Mexico, in order to reply to the last speaker. He declared himself a man of bosiness who came not bringing to the ro6trum theolonuenoe and wit of his predecessor. He said the figures did not lie, but men who falsely applied them were frequently convicted of untruthfulness. The law established by Hamilton in 17i2. and approved by George Washington, provided for the free coinage of eilver in which it was expressly stipulated that holders of gold and silver had the right to come forward with their bullion and demand its coinage. This law has never been repealed. They did not ask for friendly legislation but the unfriendly legislation should cease. Denver, Col., May 22. The report of the committee on reolntionn of the transMississippi congress which was made last night recommends that congress pase the Burroughs bill appropriating $10,000,000 for the building and maintenance of levees on the Mississippi river; demands wise governmental supervision of railroads; recommends the granting of liberal charters and subsidies to support the establishment of steamships to sail under the American flag; favors the admission of New Mexico and Arizona into the union ; asks congress to pass the Torry bankruptcy law; requests congress to cede to the different state? all the arid lande within their borders, except mineral lands, that such mav be put under cultivation by means of irrigation through the Sorcage rewcrvoir or other means; earnestly ask 8 congress to enact such legislation aa will foster our mining interests and forever prevent our mines and mineral lands bearing gold, silver, copper or lead, from becoming the property of those corporations under their grants ; and that this body ask of the delegations in this convention from the territories of Arizona, Utah, New Mexico and the states of California, Nevada, Colorado, Wyoming Oregon, Idaho and Montana, which have a common interest in thw subject, that they select three of their citizens who shall form a committee for the purpose of securing euch united and efficient action as will save these mines and min

eral lands to tbe people. Recommends more stringent naturalization laws; favors the immediat-3 construction of the Hennepin canal ; the immediate completion of the jetties for the deep water harbor at Galveston. Upon the eilver question it asks that the congress of the United States be petitioned to repeal laws which, in their effect, work dishonor upon, or in theleast,cnallenge tho eevereignty of the silver dodar as an absolute measure of valves and to restore to silver the place given it as perfect money by the framc ra of our government. Resolved, That the only modification of the above which we will accept is the limiting of the operation of the law to the silver product of the United States, and this we will accept, believing It will be but a change of method which will reach at once at the desired remit. Resolved, That we petition the president and congress of the United (Slates to once more attempt to bring aronnd an international recognition and adjustment of silver aa mouey, and should thia effort fail that a limited agreement be sought with tue nations of the Latin union whereby the mints of those nations may again be opened for the coinage of silver. Resolved, That we petition the president and oengrefra to continue, and, if poss.ble, complete negotiations with the Spanish American nations for the common ourrency for this continent south of the dominion. THE SEMI-ANNUAL MEETING.

Odd-Felluws of Indian Gather Together to Conference. The regular semi-annual meeting of the Grand Lodge of Odd-Fellows was called to order Wednesday morning at 0 o'clock by Grand Master Leedy, all of the officers together with about $00 members and representatives being present. The grand master, after tLe formal ceremonies of opening the lodge, appointed a committee to examine the credentials of applicants for membership. The grand master then read his report, in which be congratulates the representatives on the peace and harmony prevailing in the order and on the undoubted evi dences of prosperity manifest everywhere The report showed that the gain in membership for the term was 512 and ir the ytar 2,0.'Jo. During the recess two lodges have been resuscitated, two in.tituted by charter, eleven instituted by dispensation, and two petitions for lodges are presented for consideration. In addition charters for twenty-four Rebekah lodges have been issued and petitions for three other are submitted for action. The grand secretary's report shows that during the term 1.V brothers and 140 widowed families have been relieved. The sum of $42,201.78 ha. been paid for the relief of brothers; $l,81t.M) for the relief of widowed families; .f 18.7'- for the education of orphans; SI 0,2 15.12 for burying the dead and S4,40:.k: for ot'ner charitable purposes making the total amount of $59,017.12. The grand treasurer's report showed that during the term j24,""l.(w had been received, and that Sl5,04i.:i5 was now on hand. The grand trustee's report showed total receipts since last report SI 1,4!1..'52, disbursements $5,7('...0:. The grand master then appointed his regular and standing committees, after which a!out live hundred new members were admitted to the grand lodjre. At the morning session of the second day of the semi-annual communication of the Indiana Grand Lodge of Odd Fellows Thursday, memorials on the death of John W. McJui idy, Jonathan S. Harvey and William Wallace were presented and a resolution was adopted that they be spread upon the minutes of the lodtre, copies furnishei the families of the deceased and to tho Tallyman for publication. A resolution was also adopted instructing representatives to the sovereign grand lodge to use their iulluer.ee io favor ot a law prohibiting meil engaeed in the manufacture or t-aie of intoxicating liquors from becoming members of the order and providing that any member of the order who was now engaged in such business should be notified that he must change his business or leave the order. The application of the Odd Fellows mutual accident association, of Ohio, for permission to solicit and carry on busines in the jurisdiction of Indiana wag presented for the consideration of the grand lodge, and after some discussion was refused. Tho nominations of grand officers to be elected at the next semi-annual communication brought out no contests except for tho office of grand warden, for which there were eight aspirants. The nominations resulted as follows: ' Grand Master W. Z. Wiley of Fowler. Deputy Grand Master George Ford of South Bend. Grand Wardens U. L. Williamson of JeSersonvilie, R. P. Davis of Newtonrille, W. W. Canaday of Lagrange, V. II. Talbott of Orleans, H. C. Reecher i Hoarbon, R. J. Slocum of Jetlersonvi'.le, J. B. Williams of North Manchester, F. J. MoKasson of (ieniry ville. Grand Seoretary R. F. Foster of Indianapolis. Grand Treasurer Theodore P. Ilaughey of Indianapolis. Representative to the Sovereien Grand Lodge W. II. Leedy of Indianapolis. Trustees of the Grand Lodge Hall J. A. Ferguson and J. F. Wallick of Indianapolis and George Shirts of Noblesville. Grand Master W. H. Leedy was authorized to fill out the unexpired term cf John W. McQuiddy, deceased, as grand instructor. At the afternoon session a number of proposed amendments to the constitution were laid over until the next communication and a proposed change in tbe amount charged for degrees was adjustexi. As a national convention of the Daughters of llebekah has never been held, this question was brought up and resolutions were adopted instructing the delegates to the sovereign grand lodge to recommend and use their influence in favor of euch a convention. Then, after transacting some little routine business, the communication adjourned. ANSWERS TO CORRESPONDENTS. Jesse Qceex, Ome.;a, Ind: The middle of the channel of a stream forms the boundary for land-owners when euch stream is not navigable. The boundary line of lands on a navigable river is at low water mark. In 10 Wallace, 557, the supreme court A tho United States held that the test by which to determine the navigability of rivers is found in their navigable capacity. Those rivers are public navigable rivers in law which are navigable in fact. Rivers are navigable in fact when tbey are used or are susceptible of bein? used in their ordinary condition as highways for commerce over which trade and trayei are or may be couducted in the customary modes of trade and travel on water. This test applied to tho White river today would fail to make it a navigable river of the United States. In Indiana the boards of county commissioners are authorized to declare any water course in their respective counties navigable on the petition of twenty-iour freeholders of the county through which the same may run, and which is intended to be declared navigable. The road supervisors of the districts through which a sttte navigable stream runs are required to maintain the same free from obstruction, and may tail out all the men subject to road work in their respective districts, to remove obstructions, not to exceed 6ix days' work. The county commissioners may a'eo appropriate not to exceed $H0O to remove obstructions. Whether a 6tream is navigable or non-navigable, the landowners can fence up the bank without leaving a roadway unless one has been established by the county commissioners.

CONCERNING THE TAX LAW.

THE ATTORNEY GENERAL'S OPINION. is Tlonest Administration of the Law WIU Work Hardship to No OneLocal School Levies Mar in Home la stances Lie Dti pensed With. In reply to tho question whether or not township trustees, councils cf incorporated cities and trustees of towns can make their levies in September, Attorrey-General Smith has delivered his opinion aa follows: Section 1 of the new law declares that the f.monut necessury and proper to be chanted on tach poll, based on each $100 worth of property for state expenditure and for school purposes, shall, from time to time, be fixed by law; end the amount to be charge i on each poll for county expenditures shall be fixed by the board of county comoimissioners at their annual meeting in September. In see. Ill a county board of review is created whicn is required to meet for aiies-mot, review and equalization of the tax on tbe first Monday after the fourth day of Jul, annually. By the terms of sec. 254, all cities t.)e governed by the provisions of this law wherever applicable, and therein the office of city assessor and the city board of equal. zation are abolished, and their functions are performed by the county board of review. By an early act of this state, boards of trustees were required to determine the amount of general tax for the current year before the third Tuesday in May, but by a law passed ia 1879, city and town clerks were required to transcribe from the assessor s books in the county auditor office, a list cf all taxable property assessed in eaoa city or town, as it appears to have been equalized by tbe county hoard of equalization, aud thereon compute the tat levied by the city or town authorities. In the ease of Worley vs. Harris etaL.fl lnd., 4.M, the supreme court of Indiana held. that the requirement of tec. that the amount of taxes should be determined in incorporated towns before the third Tuesday of May, was by the luter statute of 173, above re-, ferred to, modified Ly implication. The court there said : "I3y . .is act the time for determining the smouLt of the general tax for the current year is extended by necessary implication, so as to giva the ofLceri of the tow a a reasonable time to examine and copy the assessor's books after the county board of equalization shall have equalized the assessments, lhe answer, therefore, shows that the amount was not void because the amount was not determined prior to tbe third Tuesday in May." In the case of Kratli va. Larrew, et ah, 104 Ind 3G3, the foregoing action was reviewed, and the construction given above wae fully approved. Under tbe provision of see. Iu5. township assessors are not required to return their assessment lists or books to the ccunty auditor's office before the first Monday of June aunuaily, aud tbe bosrd of review meet for thi purpose of equalization on the first Monday after the 4th of July, annually. It must necessarily follow that a levy cannot be inada for city, town or township purposes until after such a time. In many instances the work of this board will be extended for several weeks, which fact was doubtless taken into consideration when it was declared th it for county purposes the levy should be fixed by the board of county com missioners in September of each year. In the absence of any specific direction as to the time when the levy should be made lor incorporated cities under aec. 254, the time fixed in sec 1 must govern. For the city of Indianapolis, however, although not having the law before me, I am of the impression that tbe common council of that municipality is required to fix its levy at a time not later than October, failing in which the rate fixed for the preceding year must be adopted. It is quite clear that the levies for townships and incorporated towns should not be made until after the several county boards of review have completed their work, and a sufficient time thereafter elapsed to enable the completion of the proper tax duplicate, taken from the assessor's books ia the county auditor's ofSce, as required by law. To say that a diJerent rule should prevail, cr that the old law of 1S55 upon this subject should govern, would work a practical annulment of the law of and those since enacted, requiring a careful equalization of assessments and tbe evident purpose of the lawmaker in providing that each levy sho j!d be made upon valuations thus reviewed and equalized. The courts, too, would doubtless hold that the time for hxiug a levy thoi.ll be held as merely directory, and that the act of making the levy should be somewhat dependent upon the performance of other duties required by the same law. So that if a board of review should be so delayed m completing the work imposed uporu them by statute that the levy fixed should be somewhat later than that prescribed by law, the act thus penormed would not be held void. There has been a general impression over the state that the assessment for lblH would show a great increase over those heretofore made. The law is unchanged and gives no excuse tor the slightest advance over honest valuations of former years. An actual cash value is in every sense a fair cash value, and if distorted by tax officers into a different meaning cannot be charged to any change in the law itself. One of the principal causes for a revision cf the law arose from a public demand fcr a fair and fuller valuation of corporate property. The idea has been emphasized in the creation ot the board of state tax commissioners, and in requiring with that distinctness not heretofore employed that all stocks and other property hell by aggregated capital, ico'uding Iranchifo. should be assessed at their full value. Before any levy is made it is contemplated by the law that the several boards o( review iu the di'ierent counties of the state should vigilantly and faithfully inspect the lists returned by township aud county assets rsLocal tax officers should take care that the levies for municipal purposes do not exceed the amount required to defray the necessary expenses of their local governments when honestly and economically administered. And any assessment of the people's property beyond a just and honest valuation, or any levy beyond the UfeJs of the government would be inequisablo if not dibhonest; and would be in violation of the spirit and intent of the tax law. It should be well borne in mind also, that by deferring the levies until the several boards of review have performed their labors, and tbe amount of school fund to be apportioned from the state has been ascertained, the local levy can be so made as to take advantage of any possible increase in revenues coming from that source. Local levies in many instances may be reduced, and especially ao w hen the sum usually realized from the state has been on hanced by the readjustment of property values. Indeed, local levies for school purpose may, in many instances, b entirely dispensed with. For if the law be honestly administered, many millions of dollars will be ad led to tbe tax duplicate owing to the assessment of franchises and other intangible property of corporations which have heretofore entirely escaped taxation. The creadon of the board of state tax commissioners was almost solely due to the demand for a readjustment of the values upon corporate property. My conclusion, therefore, is that no levy should be made until after the work of the board of review hr.s been so completed as to be available in guiding the proper authorities in fixing an equitcble and necessary rate of taxation. The importance of this delay and the care wbich should be exercised ia axing levies cannot be over estimated. A Conditional 31. moment Contract. President Langsdale of the monument commission retureed Friday from Chicago, where he concluded the contract with George T. Trewster of Cleveland for the upper astrogal of the monument at a cost of $o,000. The work of casting is to be done by the American bronze company of Chicago and the contract epecifiea that the work shall bo completed by Not. 1. The company, however, will endeavor to finish it sooner if possible. The contract is let subject lo the decision of tho supreme court in the mandamus proceedings of the monument commission against the auditor of state to compel him to pay the incidental expenses of thecommistion out of the general fund instead of the legislative appropriation. If the decision is against the commission Mr. Langtdale says the contract will not be effective, aa there will be no funds to meet the cx pernio incurred.