Omaha daily bee., 1896-06-21
CONDITION OF OMAHAS TRADE
Local Clearing House Association Estab-
fishes a New Rule.
COLLECTIONS FAIR FOR MIDSUMMER
General business situation shows Lit
tie Chnngc-MnnufncturerH Talk
About Using Brick In Build
Ing a New Union Depot.

The course of business during the week
or two past has been of a very uneventful
character, the demand for merchandise
showing little variation from day to day.
Generally speaking, business in the jobbing
district has been fairly satisfactory and all
that was expected for this month, though
there has been no great activity. As Il
rule jobbers do not anticipate much change
from present conditions until fall, when
the marketing of crops will bring more
money into circulation. Collections are
very fair for the midsummer season and
country merchants are meeting their oblga-
tions with commcndable promptncsS IN most
instances,
The local retail trade is quiet, but at the
same time 1t is as good as expected and no
complaints are heard from any quarter.
The clcarings of local banks continue to
show heavy gains over previous years in
spite of the fact that the average for the
whole country is behind the record of 1885.
CLEARING HOUSE ACTS.
The Omaha Clearing house has adopted
the following: Resolved, That on account
of late judicial decisions and in accordance
with the action taken by other Clearing
House associations, on and after the hrst
ticn shall not send through the exchanges
any checks, sight drafts, notes, bills of
qualified or restrictive endorsement, such
as for collection or for account Of or
for credit Of unless all endorsements
thereon are guaranteed by the bank-mem-
Der of the notwithstanding such checks,
drafts, notes. bills of exchange or other
items. ANY such items sent in violation
of the above requirements shall be returned
directly to the member from whom they
were received, and shall in all respects be
subject to the regulations OF the Omaha
The New York Clearing house was the
is being followed by the banks of the lead
ing cities of the country.
A prominent bank officer says that the
change is "A result of the decision of the
court of appeals of New York. in "A case
against the Seaboard National bank, in
which it was held that a qualified or re
strictive endorsement, such. as for, collec-
ton" or FOR account Of is not binding
on the RENTING bank. The new system is
to do business on business principles. No
one in his private business would accept
party for collection or in payment of a debt
unless the person from whom he received
and what a private individual would not
do in such matters a bank certainly should
not do.
BANK ENDORSEMENTS.
The endorsement which most of the banks
would now use would be the old one which
was previously in general use in this and
other countries, which was substantially as
ORDER with the name of the renting bank
and the name of its cashier or other officer
SUBSIDIZED. Specific guarantees of some en-
dorsements would be required in some cases,
but this endorsement would be sufficient for
all ordinary checks. 1t would be necessary
in the future for bank clerks to use greater
precaution in receiving checks for collection
to make sure that there are no restrictive
endorsements on them, because under the
new clearing house rule all checks bearing
such restrictive or qualified endorsements
will be returned directly to the banks from
whom they were received unless specifically
guaranteed by the endorsement of the last
RENTING bank of the validity of all prior
endorsements. because the inadvertent pass
ing of n restrictive endorsement on a fraud
ulent check might have a far-reaching
PRICES ON COAL.
An advance of rs cents per ton on all
domestic sizes of coal, both east and west.
bring the, circular price to $i.l5 per ton for
stove; crate, So Go: egg and chestnut, So.
These are net figures at tide water. The
for stove and $500 for the other sizes, but
laSt year actual sales Of a%nthracite were far
In many Instances at an actual loss.
The strength developed by the market the
the past week appears to have Zen due to
increase in the current purchases. The
west was a large buyer the past week. AS
anthracite coal will retail in Omaha the
coming season at not less than $40 per ton.
MANUFACTURERS DO SOME TALKING.
Secretary Holmes of the Manufacturers
association put in several days the past
week calling upon the country merchants.
The German Chicory company of O'Neill
e''I " Nv ! u 'llA'O .
and If the season continues favorable it is
estimated that the yield will be eight tons
per acre, for which the factory will pay
5000 per ton. Farmers, even in the beet
growing sections, have contracted quite an
acreage of chicory, as it Is looked upon as
one of the most profitable crops that can be
grown. 1t is expected that the crop will
be sufficient to keep the factory going all
the year with a force of twenty to twenty
five people.
Sioux City parties were at O'Neill the
past week looking up the beet sugar ques-
tion. They are talking some of starting a
beets by the new process.
The first thing that Senator Allen did
when he arrived In Omaha the other day
was TO call at the Nebraska Shirt factory
and leave his measure for a dozen shirts,
and his secretary did likewise.
me manufacturers are commencing to
tax up The depot question once more, a
question in which they are vitality inter
ested. They have the same interest as
other citizens In seeing Omaha provided
with suitable depot facilities, while in addi-
ton there Is the question of material for
construction, which,, If supplied by home
OF work for some one. 1t is probable that
a meeting will be called in the near future
TO consider what steps should be taken to
insure the, new depot being constructed of
brick, which would furnish work for a
small army of brick makers and brick
masons ana be of great benefit to Omaha,
me manufacturers argue that IL CON
structed of stone the work would be done
at distant quarries and omaha would get
the benefit, of very little of the money ex-
pended in building operations.