0t1tttttl* xmm HUNT'S MERCHANTS' MAGAZINE,
EPRKSENTING THE COMMERCIAL AND INDUSTRIAL INTERESTS OF THE UNITED STATES
VOL. 22 NEW YORK, MARCH 4, 1876 NO 55a
Financial. FlnanoiaL - Financial.
r. J ESBBT, Preildant. S. O. CoLUaa.Caaklsr. Munroe & Co., THE John The Exchange Bank No. 8 IVall Street, TfeMr Tork, National Bank-Note Co., No. 4 Post Ofllee Square. Boston. OF DENVER, COLORADO. CHktjUKS ANU CABLK TKANSFKlCj ON (mCORPORATED NOVEMBKB, 1859.) nUNRMB Jc f!U^ PAKI!«. Capital btovk, • «3S0,000. STEKLINO CHEQUES ON OITXCX, No. 1 WAIX STREET, ALBXANDER8, CI'NLIFFBS Ac CO. Special attention Klren to CallecUoni, aad to tk Iiomdou. Inveatlng of money on artl-clau real estate lecnrliy NEW YORK. SIXTY DAY STKKLINO ON TUK for uou-retldents. OONSOIilDATED BANK, LONDON. CORRESPONDENTS. EKGSATXKS OF THX TradttsmoD National Bank, and tiUman, <-on A Co. ClBOtTLAR NOTBS AXD CrKDITB FOR TRATaLBRS nltod Stat«s Bonds, Notes, Cxavncj New York ; Wells, Kargo A Co.'t Bauk, Sao l* ranelice and National Bank Notes. BKaK^TTNO iXD PBINTDIa OF R, T. Wilson 5c Co., Morse, Kimball & Co., iHK-JHOTHS, 8TATB AND BAII.ROAD BONDS, BANKSR8 AND COMMlSeiON MERCHANT BANKERS, 18 New Street, Neiv ¥ark. POSTAQK AND RKVENTTE STAMPS, 2 EXCHANGB COVWT. Membera New York Stook and aokl Kseliaace*, iKTlnCATKS, DRAFTS. BILLS OF EXCHANGI!, Liberal ca«h ndvar.cee mnde on conglgnmenT* of Cotton and Tob&ccotoour address ;alao toourlrtemia AND COMMERCIAL PAFEBS, IB Liverpool and London. Maturin Ballou, Ugbest styl« the Qovemmani S«carttlea, Q*ltf, Stoc-ks the of art with tpteial t
u THE CHUONICLE [Maicb 4, 1876.
Soston Baakers. Southern Bankers. Western Bankers.
TUOS. P. HILLKIC, B. D. WILLIABS. JKO. W. MILLKR Parker & Stackpole, T. K. Skinker, Thos. P. Miller & Co., ATTORNEY-AT- LAW, BANKERS, 78 OKVONSIIIKK BTRKBT, BANKERS. 417 Olive Street, ST. LOVIS, BOSTON, mo niOBILE, ALABAMA, 1^" Special attention Riven to the collection o Special attention paid to collectlone,uitli prompt nillMCIPAL BONDS. Bujr and Sell 'n'eatern Cltr and reiiilttaQcesat curreut rsteB of exchange ou day of References—J. u. Llenbi^rger. fres't Third National ank, St. Louts Waters, I'res't County Bond*. payment. ; Win. H. Second Nal tl...... ID, I (irettpondeits. — Qormati American Bank, New Bank..'—u... Louis^uu.a ;, Kdward..una. u P.. . Curtis.v^u. Cashiervtaoiii,., Nat.^^ a^„ BankDVUK fork; LoiiUiariH NatloDiU Bank, New Orleaus; UatiJC of tlie State oi Mo., SI. Louis ; Wui.- H. 'I'homioQ Brewster, Basset & Co., of Liverpool, Liverpool. Cashier Boatmen's Saving Bank, St. Loui^. BANKERS, James Hunter, Financial.
No. 3S CONGRESS STREET, > ^ w v»KOKEB,^r )
Maich 4, 1876.] >lflE CHRONICLR Ui
Financial. Financial- Financial. Drcxel, Morgan & Co., REAL ESTATE WALL STUBET, CORNKR OP BROAD, NEW YORK. MORTGAGE BONDS tiUAUANTKKU UV TUK Dresel & Co., Drexel, Harjos & Co
No. 81 Socrn Tni«D Bt. 3t Boulevard lUussmann Equitable Trust Co., PkiladalpUla, Pari*. Capital,* 1.000.000. $1,000,000 CAPITAL, DOMESTIC AND FOREIGN BANKKUS. Allowa interest on (Ii^posltN, rulurnabic on ilcmaml, TliKSB RKAL RSTATB MOUTOAUK BONDS ARK to Drnft. HecurUles.Gold, or ttt Biiecitted daien. Ik m itliorir<»
Negotiate First-Clasa Railway, City and Gu'.tRV SchWiib, I hallt;.^ Paris. Mortgage Security Co. HoPK «fc Co., - - - Amstbedam. OFFERS FOR SALE, AT PAB. S. G, & G. C. Ward, SEVEN PER CENT ^N-YEAR BONDS ABKNTB FOB SECURED BT BIRING BROTHERS & OOmPANY, FIRST inORTG AGES OfllllPRUVBD S3 WALL STRKBT, NEW YORK, RBAL ESTATE. OP THE CITY OF NEW YORK, 88 STATK STRKBT. BOSTON. GUARANTfi1£D. PRINCIPAL AND 1NTEUK6T. COR. BROADWAY
' CAPITAL, «9IXI,000. Levy&Borg, Every Mondan ami Th iiridai/, or Special Salis Madc oh all othib Days, This Company is authorlaed by special charter to act K3 Ekccliana^e Place, as receiver, trustee or guardian. UP0» ONE DAY'S NOTICE, WHEN REQUIRED It can act aa apent in the sale or management of rea estate, collect interest or tilvideiids. receive realatry BaORKU O DEALERS IN AU. KINDS UF and transfer hoolvs. or make purchase and sale oi Qor- I EatabllsUed Cudom 24 Year*. Onr ernment and ether securities. Itellglons and charitable Institutions, and persons SOUTHERN AND iHISCELLANBOUS IV Stocks and Bonds bought snd sold at the New unaccustomed to the transaction of business^ will find safe and convenient depository for York Stock Exchange, and at private sale, so commis- this Company a 8ECPRITIEB. money. UIPLKY UDPES. President. Vlco-Prei t. sion. CUAS. K. MAIiYlN EnOAB M. CtnJ.XN. Counsel. t7~ Securities not dealt In at the Stock Boirdi a TRIISTKKS: Railroad Bonds. J. S. Rockwell, Henry Sanger, Alex. McCne, specialty with this house for many years. W.C. KIngsley, Chas. K. Marvin, A. A. Low, WHBTHKB Kolfe, Abm. B. Baylls. 8. B. Chittenden, YOU W18H TO BUr OR SELL, Bonds, John P. WUITK TO ly Flrsi-class Municipal Railroad Bonds Thomas Sullivan. Dan'lChaancey, Edward Ujanrey Pierrepont, Josiah o. Low, James D. Fish, and otbcr Incorporated loans negotiated on liberal M. K. HASSLER Sc CO., jonnJohn Ualsey,naisey, Alex. M. White, No. 7 wall Street, N. T. terms. ^^ ^ BUNKEB. 8«cr«Ui7
fell ! :
IV THE CHRONICLR [March 4, 1876.
Financial. Financial. Financial. " Pay as yon go, get ivbat you bnyi H. C. Williams & Co., OFFICE OF THE •t*p ivlieii yon chooae." Kansas City 8t. Joseph & Council BlnfTs] COMMON SENSE AND FAIR PLAY BANKERS AND BROKERS, Railroad Compau}', IN LIFE ASSURANCE 49 W^all Street, New York, 26 SEARS BCriI.D(N«,
Do not Asmre your Life till yon have examined SSALns IK DosTOK, February 25, 1876. the NEW PLANS devised by Shkppabd Houans STATE, CITY & RAILWAY BONDS. NOTICE TO BONDHOLDERS. Actuary, for On the 25th day of March next the time expires when Orders for Stocks and other Securities TBB the arrangement must be. If at all, completed for receive personal attention at the New York Stock adjusting the affdlra of thlsCompany, under the plan Provident Savings Life Exchange. Good RalUvar Bonds not regu- dated March 23, 1814. larly quoted, and those In Defanlt ot Inter- Subflt ntlally, all of the l8t Mortgage Bondholders, Assurance Society, est made a Special Branch ol' Our Busi- and, with hnt a small exception, the holders of the ness. lower eecurities hare assented to the plan. As some small portion of the parties, who hare WESTERN rNION BCILDIIWG, We quote as follows— Bid. Asked not Burl. C. li. a Minn., Ist, Minnesota DIr.. ..41 50 exe uted the Instrument, are unknown and cannot be lat, Milwaukee DIv li '-IS NEW YORK. do do reached, and a still smaller portion who are known, Cairo* Fulton, Ist 65 10 Cnaranty Cash Capital, $125,000, Canada Southern. 1st, counon 68 69 hare not given their formal assent, it Is proposed that do 1st, registered as 69 after the 25th of March next, ^/"aW (Ac lower securities Central BR. of Towa, Ist F6 81 Invested in U. S. Five-Twenty Bonds. do not give t/ieir format assent pt tor to tftat time, to Chesapeake* Ohio, let, 68 35 37 arrange wl'h the Ist Mort)z»ge Hondholdeis to fore- Thii Society eeparaUs the Insurance Part of the do do 21.7s S Vi close their mortg;tgt'P, ihey pgreeing to issue to the Chicago* Canada Southetn, let 38 41 holders of the lower securities uho have assented to Premium from the Reserve or Deposit Part, which Cblcaeo Clinton * Dubuque, Ut 28 3U the arrangement, Frelerred t^tock, as provided In that^g Cnic. DauTllle * Vmcennes, Ist, Illlnola DIv. « 47 arrangement. latter is held merely for accumulatioa. do do Ist, Indiana DIv. il ii KICHARn P ^TKICK, 1 This Society recognizes the Policy-holier as oumer Danville Crbana B. * Pekln, Ist 4i 47 NATHANItL THAY HE, > Trustees. Houston A Great N orthern, Ist 65 67 CIIABLKS MBKKIAM, of the Seserm. S Houston * Texas Central, 1st, Main Line. . 87 89 This Society, therefore, will either Issue policies do do Ut, Western Kit. 85)< 87H Flint & Pere Marquette, Ist, couB 3i 86 INVESTMENT BONDS. on the payment of uniform annnal premiums, guar- EvanSTllleT. H. * Chicago, Ist 75 80 Indiana, Ist, guar....ll)0 FOR SALE. anteeing a ^ec'ified swreiuler value for every year in Grand Kaplds & L G., 106 do do Ist, Ex. L. G 54 60 St. Louis Gold 6 per cent Bonds. cash; or it will furnish the PROTECTION OF LIFE Indianapolis B. * Western, Ist 35 86 Ciiiclnnati Is and 7.30 Bonds. do 2d 11 12 Cleveland 6 per cent Bonds. ASSURANCE at actual current costfor death claims do do do l8t. Extension.. 15 17 Louisville t> and 7 per cent Bonds. and expenses of management, each year by itself, re- International RK.. Ist 65 70 WANTED. Kansas PacIUc, Ist. 78, M . * N.. unfunded 75 80 Connty, Cliy and Town Bondsof Ills., lowaand newable at the close of any year without further Wtl do Ist. 7-<. J. * J. do ..Ti 78 Claims on Jay Cooke & Co. medical examination. do 1st, 68, Fet> & Aug., funded. 72 .... New Jersey Midland Katl>'nad Bonds. do Ist, Fs, J.&D. da .71 73 dt Oswego Kailroad Receiver's Certlllcatea. These Plans are indorsed by leading Actuaries N. V. do No.u 15 20 Danville Uibaua fc Bloomlngton llallroad Bunds. and State Commissioners, and also by the "Society do No. 16 12 13 . II Lake Superior* Mississippi, Ist 21 23 WOT. K T I. E Y . far the Promotion of life Insurance among Clergy- Logansport C. * Southwestern, Ist 10 12 4 Wall Street, New York. ' men,^^ James Brown, President; Howard Potter, 51t8B0nrl Kansas & Texas, Ist f>6 58 Mobile* Ohio, fcterllng, 88, wlih cf 39 41 Ti-easurer. do do 88, ex-cf 39 41 ELIZABKTH CITY SEVEN PER CENT For Plans, Rates, and Full Particulars apply to do Interest. 88 20 », MontcIalrRR. of N. J.,l8t 8H New Haven M. * Willimantlc, Ist 25 30 PROVEMENT BONDS. Interest April and THE PROVIDENT SAVINGS lilFE New Jersey Midland, l»t 40 48 October. Due April 1905. SOCIETY, New Orleans Mobile* cut 35 40 1, ASSCKANCK New York & Oswego Midland. Ist 18 19 do do 2d.. 4 LONG ISLAND CITY SEVEN PER CE» WESTERN UNION BUILDING, NEW YORK. Northernraclflc, 7S-I0S. lat 17 19 do rf'ElKtered 16 WATER BONDS. Interest March and QKORGE WALKER, SHEPPARD HOMANS, Peoria * Kock Island. Ist 55 80 President. Vice-Pres't and Actuary Port Huron * Lake Michigan, Ist 17 19 September. Due Sept. 1, 1908. Ilorkfoid K. * St. Louis, Ist 9 U Southern Minnesota, Ist 50 ..., FOR SALE BY Security Against Fire and Hebbers. St. Joseph* Denver City, Ist, R. D 12 15 do do l8t, W. I) 7 10 Texas & Pacific. L. G ...20 25 DANIEL A. inORAN, Central Safe Deposit Co. West Wisconsin, L. G., Ist 60 65 do Interest payable in London. 60 65 40 W^all Street. No. ',3 Went 23d Street, (Maaonlo Temple Building.) MARIPOS.^ LAND AND MINING CO.j SAFEKKKPING OF VAI.UAlll.KS under RUiran- G. T. Bonner & Co. tee. Private otUcea for Bai ks and Baukcra out of the F.XECITTIVE OFFlCK, N08.9& II NiSsair St.. for Lai.y Patrons. city. Separate rooms BANKERS AND BROKERS, New roBK February 24, 1876. KLLWOOI) K. THOKNK, President. The TIIUSTKKS of this Company have LEVIED USlcc taoura, 9 A. M. to 6 P. M. No. 20 Broad Street, New York. AN A'^SKSSMENT OF ONE DOLLAR per share 01 the preferred and common stock, payable at thel Chew, Stocks, Bonds, and Oorernment Securities bougnt C office en or before March 24. J. ana soM on commtsslon at the Kev Yors Stock Kz< DEALBR IJf change. MORRIS H. SMITH, Dealers In all descriptions of Bonds and Investment Assistant Secretary. Securities. i;kvestmeikt securities. The correspondence of Bankers and Brokers through* out the country loliclted. Offics cf ihb Nrw Jkbskt & Nkw roREJ I Railway Company, > Texas State, Railroad, Comity and New ifoKK, February 29, 1876. J Fnnding of Sonthern State Bonds. Mnnicipal Bonds a Specialty. ''PHE INTEREST DUE MARCH 1, We are prepared to fund Bonds of the following J- 1876, on the FIRST MORTGAGE GOLD BONDS Southern Stales, in accordance with iheir several Lands and Land Scrip for Sale. of this Company, win be paid upon piesentatlon of Texas Fnndlng Acts, upon the must reasonable terms possible the proper coupons at the olfice of the NATIONAL FINANCIAL AGENT OP THE CITY OF HOUS- VIRGINIA, LOUISIANA, SOU'IB CAROLINA TRUST COMPANr, ti\. and 363 Broadway, on and TON, TEXAS; And 'lENNESSEB. after March Ist. L. L. LOCKWOOD, Treasurer. LNITED STATES CENTENNIAL COMMISSION- WANTED. ER FROM TEXAS. Alabama State Old Bonds. "^EW JERRCir MIDLAND RAIL' OF FIU BS: Louisiana State Old Bonds. Wisconsin RR, First WAT KEOUSANIZATION COMMITTEE 01 39 NEVT YORK. West Mortgage Bonds. BROADWAY, Cairo & Fulton RU. Kirat Mortgage Bonds. BONDHOLDERS, Meeting of October 21, 18:5, at Dkpabtmbnt. Treasury ) Liberty street.—Having already received tl,'^35, t>rFlOK OF C'OMPTROLLRR OF THK t URR»NOT,> i FOR SAIiK. WAsniNOTis.f. KebrULiry 2'), 18;6. ) i^'irat Mort2.age Bonds and 1750,000 Second Mortgage, CIR€lIL.ATIMi NO'I'KS OP THE South Carolina State New Consol. Bonds. 'I^HE all holders L FIRST NATIONAL DANK OF OSCEiLA, Virgiuta S^ate Deferred Stock. request other to Join them by depasitlng IOWA, will be re'ieepiied upon presentation at the Clncinuaii City Seven Per Cent Municipal Bonds. their bonds with Central Trust Co., No. 14 Nassau st. Treasury of the United States, In llie t;iiy of Waating- D. B. HAL8TEAD, Chairman. 1011,1). O. ,WHN JAV KNOX, Central New Jersey La.id Improvement Co-'s Stock Cnmptro'ler or r-nrrencv. U. P. DEOnEUT, Secretary, 133 Chambers street.
'; liKASUBT DEPARTMBNT.tTMBNT. ) G. T. BONNER 4c CO., OFFIOM of > uUPTROl.LEK OFF THK CUERKKCT, > TTNION PACIFIC RAILROAD COM- Washington, FFebruary 1 , 1876. ) 20 Broad Street, New York. NOTICE. — THE CIKl ULATINO PANT.—The annual meeting of ihestockholdeii NOTES of the FIUST NATIO^fAL BANK OP BEDF.'RD, IOWA, ihe FODRTH NATIONAL of the Union Pacific Railroad Company, for the cholca ILLINOIS, THE NEW JERSEY & NEW YORK RR. HANK OF CHICAOO, and the MlNEKb' of r irectors for the ensuing year, a&d the transaction NATIONAL BANK OK GEUIiGET. "WN, COLD- (ConsolldHti* n of the Erie Railroad branch to KADO, will be redeemed upon presentation at the Uackeasack, and continuous roadf .) of any other business that may legally come befora Treasury of the Unitt d Staiea In the City of Wa hing- $200,000 of Ihe First Mortgage per cent tOB,D. C. JOHN JAY KNOX, T the meeting, will be held;at the oBloe of the Company, Comptroller of the Currency. gold bonds haring been negotiated in Europe lately, only the remaining portion of $180,000 of the No. 42 Equitable BuiUiog, Bos:on, on WEDNESDATi 'f First National Bank of \1 OTICE.— he Rochester, bond! are oflercd, at an advance in the price to hochester, In the state of 95 i.^ located at Indiana, is and interest. March S. 1876. at 10 o'clock, A. M. closing up Its bttair<'. A'1 note-botd«'rs and other The bonds will be re-pnrchased at credlto'8 of f aid association are therefore here'tynotl same price at Stock transfer-hooks will be closed after SATUB- notes, and other against any time within one year, and com ract given to that ttfd to present the claims the DAT, February 26. 8LDNEY DILLON, President. association (or payment. AKTULIR o. COPi'LAND, etfect, the company maintaini'ig funds in trust for K. H. ROLLINS, Secreury. January 11 . 18.6 President . that purpose with ROLLINS BROS. &, CO., February 4, 1876. NOTlCE.-TIie NATIONAL MARINE BANK Cer. Wai; & Broad sta.. New York. BosToir. located at SI". PAUL, m the state ot Mlnnesit», Isclosliie units srtiilia. All i.ote-holdera and other creditors of said association are, therefore, hereby Smith & Hannaman, notified to present the notes and other clalina against McKim Brothers & Co.^ Xbe aasoclalou for payment. BROKEBS, O. B. TUBEKLL. President. BAMKEB8, INVESTMENT i)at«d December Slat, 1875. 4T Wall strMt, N«w York. INDIANAPOLIS, INDIANA. :
tmtk HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES
VOL. 22. SATURDAY, MAHCH 3, 1876. NO. 568.
CONTE h! T8. money, the discount of greenbacks. If we regard, then,
THE CHRONICLB. the price of gold as it really is, we need look no further Gold and its Movements 817 Tbe Debt Statement ror Febrii- Are National Banlis I for the explanation of which we are in search. We see Liable for I ary, 1876 «4 DeiMslted Bonds ? SIS Imports and Exports for Jan- I at How to Protect Securities 219 uary,181(i once a multitude of possible causes of the extreme I 2« Paper Money Now OutstandiuK. 221 Latest MunotarJ and Commercial sensitiveness of How to Resume Specie Pay- Euj^Ueh News 225 the premium in Wall street. Gold is ments 221 Commercial und Miscellaneous the barometer of greenback values. Under our paper Financial Review of Ptbmary . . 223 News THE BAMKERS' GAZETTE. money system the greenbacks are so unstable that, as
Money Market, U. S. Securities, I Banks, etc 22<) Railway Stocks, eveiy merchant knows to his cost, their value is chang- Gold Market, ) (Quotations of Stocks and Bonds 22!l Foreitrn Bxchante. New York I New York Local Securities i80 ing City Banks, Boston Bank^ Investment and State, City and from day to day. Every one of these changes of
rblladelphia Backs, National | Corporation Financoa.. 2S1 value is projected upon the register of the gold market, THE COMMERCIAL TIMES. producing a upwards or in the Commercial Epitome 2.S> I Breadnnfts 2S8 movement downwards Cotton 235|DryQoodB 539 gold premium, and showing at every point that it is ^[)t It is a notable feature of our financial system that gold advance in gold this week has been helped by the is one of the most sensitive of the values dealt in at the troubles in the Cabinet, and still more by the efforts of Stock E.xchange. The causes of tliis sensitiveness have the paper money men in Congress. All the forces which often been misunderstood. Some ignorant jiersons have disturb the public credit are working liarm to the delicate mistaken the movements of the gold premium for a mechanism of general prices as founded upon the green- change in the actual value of gold as a commodity. backs. For the greenbacks are liable to suffer in credit They declare that gold is unfit to be a .standard of value in common with the other obligations of the Government, because its price changes so often in Wall street. This and even more than they in certain c.ises of trouble. A sophistical argument was actually used in a public suggestive illustration of this important principle may address by a conspicuous paper-money orator a few days be obtained by an examination of the prices of gold ago. To our readers it is wholly needless to waste time during the first four years of our paper-money era. in explaining or refuting this error. When they Without taking this principle with us it is as impossible familiarly quote and talk of the price of gold, they are to explain many of the recent movements of gold as to aware that it is greenbacks and not gold that oscillate acconut for those violent oscillations which resulted from in value. They know very well that the daily premium, the more excited agitation of the public credit during as quoted in the market, shows the agio of our paper the war. . ' 218 THE OHBONICLE. [March 4, 1876. Secondly, there is a still more obvious principle by months of the current fiscal year, it will be seen that we • which the recent sensitiveness and the active move- exported merchandise to the amount of 350 millions, ments of gold may be accounted for, namely, the fear of against 337 millions last year. Moreover, we imported currency inflation nnd the agitation for augmented 270 millions, against 292 millions last year. In other issues of paper money. We have discussed of late on words, our merchandise exports are 13 millions more several occasions the reasons which lead us to believe than last year, and our imports are 22 millions less, so that Congress is not likely, during the present session, to that the effect of this movement of imports and exports authorize new issues of currency or fresh inflation on the balance of trade is 35 millions more favorable of the volume of paper money in any degree. But, than that which had developed itself at this period of although the general belief is that no such expansion of last year. The same favorable movement may also be the currency is approaching, still, there is a large body inferred from the exjjorts and imports of gold. To show of public opinion which is influenced by the contrary this we have compiled the subjoined table, which shows j belief. And as "it is public opinion which makes that since January 1, 1873, we have produced and im- ' in- prices," we cannot wonder that the . agitation of the ported 33 millions more of gold than we have exported, flationists is cited among the causes which tend to pro- so that the available supply of gold ought to be at least duce the rise in gold. as Large «ow as it was at the close of 1872 anc^ 1874. Thirdly, we must mention a still more conspicuous Though the figures appear to demonstrate this con- is belief, widely cause of trouble. This the which clusion, it is certainly in direct opposition to the opinions prevails, that the Treasury is short of gold, Mr. Eiistow, which prevail very extensively in Wall street at present. told, could not to-day meet the gold creditors of we are The table is as follows : the Treasury and pay them off from the gold balance at PHODnOTIOH, EXPOBT AND IMPORT OF GOLD JAN. 1, 1873, TO MAS. 1, 1878. £j-port.i. Imports. Excess of Exp. rfoducCton. Accumulation, present in his hands. Let us see whether this opinion, 1873 .. $44 856.715 $8,682,447 $36,174,968 $36,000,000 -$174,285 of which we have heard so much of late, has its founda- 1874 .. 34,012,420 19,501,137 14,539,283 45,000,000 -f27,4£0,717 1S75 .. 66,950,837 13,696,793 53,S54,09J 45,000.000 -11,254,094 tion in truth. l?y the debt statement which appears in 1876* .. 25,390,628 11,.376,320 14,015,308 81,500,000 -t-17,4?4,69S another column, it will be seen that the Treasury holds Total. ..$171,240,650 $53,257,697 $117,982,953 $151,500,600 -}-t3:J,5njljl 55 millions of gold. In addition to this, he has to * Seven months. millions from the Syndicate, so that the whole II receive 12 We might add to the foregoing arguments ©there of amounts to $f>'7,035,772. gold balance the Treasury drawn from the recent movement of the foreign Out of this sum the coin certificates call for $32,915,- exchanges, due to the active importation of Government 000; the called bonds for $1V,636,116; and the accrued bonds from abroad. These influences are of a temporary it is that, so far as they tend to interest for $11,517,355. The total is $62,068,471. These character, and thought put up gold, they have almost spent their force. They arc all the gold obligations reported as payable on are, moreover, neutralized by other counteracting move If paid in full to-day they would reduce the demand. ments, both obvious and well known. Still, on the whol gold balance to the sum of $4,967,301. the gold market, in some of its aspects, appears to be I But this is not all. Mr. Bristow has, of course, more uncertain condition than for some time past. omitted the interest on the ten-forties, which fell due on ? the 1st of March. Ilis statement could not include ARE NATIONAL BANKS LIABLE FOR DEPOSITED BONDS ' these items, because it was made out to the end of Feb- Last Tuesday an important decision was rendered ruary. Deducting this sum, which amounts to $4,- the Court of Appeals of Maryland. The case has been 864,157, the coin balance of the Treasuiy would be in litigation for several years. The plaintiffs, William reduced to a nominal sum. Still, it is plain from the A. Boyd & Co. of Baltimore, sued the jThird National whole argument that the Treasury would be able to Bank of that city for the value of bonds deposited by meet all demands upon it for coin. This has been them with the oificers of the bank in February, 1866. denied, and the evidence now seems to lead to the con- These bonds, valued at $26,500, remained in the bank viction that when the next interest on the public debt vaults till August, 1872, when they were stolen by bur- falls due next May, there will be from the receipts of glars, with about $75,000 of other securities. After the customs an adequate sum of coin in the Treasury to pay robbery the plaintiffs promptly demanded from the bank all the creditors of the Government in the improbable the delivery of the bonds, or their value. The bank event of their demanding instant payment. We say refused to pay. Suit was brought. The case was tried "improbable," because the experience of years shows that in May, 1873, in the Superior Court of Baltimore, where the overdue interest, the coin certificates and the other the jury failed to agree. The record was then sent to gold obligations of the Treasury are of such a nature that Howard County, where another trial in September, 1874, a large sum may always be confidently reckoned ui^on as resulted in a verdict against the bank for $29,117 83^ a constant average unlikely to be promptly claimed and the full amount claimed. The bank appealed, and the certain to remain outstanding. Still, although as we case has once more been decided against it. As this is have shown the Treasury is not as badly ofl! as it has the first conspicuous instance in which of late ye.irs a been represented, there is reason for regret that Mr. suit against a National bank, brought by the owner of Bristow has not availed himself of the undoubted powers deposited bonds, has resulted in a verdict for the plain- confided to him to enlarge his gold balance. If lie had tiff, it has attracted the public of attention, and the done this, instead of accumulating silver, the Treasury oflicial report of the decision will be looked for with would be regarded by the public as in a much stronger interest by a large class of bankers and their customers. and more satisfactory condition. The facts as brought out on the previous trials are Finally, we must not omit to notice the ojiinion that quite simple. The plaintiffs, Boyd & Co., had for many the recent sensitiveness of gold is due to the exhaustion years been customers of the bank, and they seem to of our stock of gold in this country, and to the unfavor- have done an active business with the institution. When able balance of trade. This view derives little confir- in February, 1866, the firm deposited the United States mation from the official reports of our foreign com- bonds in dispute, they received in return a memoran- merce. From the report just issued by the Bureau of dum of. the deposit signed by the discount clerk of th* Statistics, which appears elsewhere, for the first seven bank. In this document it was stated that the bonds 1876] THE crmoNicLE. 219 were delivered and held " as collateral security for the " that degree of care which other prudent banks, under payment of all obligations of William A. Hoyd officers of the ThirdiNational Bank." For six years the as to render the bonds in dispute a collateral security, securities remained on these conditions in the custody of such as the banlc was authorized to hold under the the bank, and during that time the firm of William A. National Currency law of 1864. Thoy argued that, as Boyd I ' taining discounts, borrowing money, and sometimes the robbery, the deposit was gratuitous. But, if the I drawing checks in excess of their' balance, so that their deposit was a gratuitous one, the plaintiff could not account with the bank was often overdrawn. In the recover, for the Courts have uniformly held that no I ' (iumraer of 1872 the vaults of the bank were entered by National bank, under the act of Congress, which is its barglars by means of a contrivance very similar to that organic law, has any right to receive such deposits or to adopted some time before for plundering the Ocean make its shareholders responsible for them. Finally, it National Bank of this city. In the latter case the was argued on the part of the defendant that the bank burglars hired the basement under the vaults of had exercised all proper care in the custody of the bonds. the bank, and from this room they worked their To elucidate this point, some curious testimony was way to the bank safe as from a secure tunnel already given as to the relative safety of various descriptions of 03nstructed for their purpose. In the Baltimore bank safes, vaults, safety locks, and other precautions. WTien case the work was not quite so easy. Instead of hiring the meagre reports which have as yet reached us are from the bank itself a basement room beneath its vaults supplemented by the official report, we shall h.ave more and undermining the safe from thence, the burglars had to precise informatioh as to the questions on which the excavate from the adjoining house. Professing to be en- final decision turned against the bank. Meanwhile the gaged in the produce commission business, they hired an decision should operate as a caution to all banks, both office convenient for their purpose, and through its wall National and State, against the custom of fUling up their they worked their way. For six weeks they remained safes with securities and other valuable property which there, and excited no suspicion, though all the while is only partially, if at all, available as a guarantee of the I busily engaged ia drilling a passage into the vault. The solvency of their customers. If the Tliird National chilled-iron casing appeared to be the only impediment Bank of lialtimoro had done its business with Messrs. which gave them any very great difficultJ^ Finally they Boyd & Co. in a less loose and careless manner, the can- perforated it by boring one hundred and twenty holes. celling of Boyd's debt three weeks before the robbery Removing a section of plate about thirty inches square, would have been followed by a prompt return of the they found inside the vault further work to do. A Lilly's collaterals and an exemption of the bank from farther risk in the matters involved in this litigation. safe and a Miller's safe contained the valuables of the Another obvious lesson from this suit concerning which bank. The latter either was not seriously assailed, or it the litigation is perhaps not yet ended, arises out of the resisted the assault. But the door of the Lilly's safe was fact that the suits of depositors of bonds against Nation- forced open with a " jack," and the contents, including al banks have usually been decided against tlie depositors. the plaintiff's bonds, were stolen. The theft was achieved The disputes which have arisen on this subject during the last ten years have been very numerous, and although ! between the closing of the bank on Saturday and the the law on the subject of deposits of bonds may be opening on Monday. Now it was found on inspection of doubtful on a few points, still the prudent course is for Boyd's account that his firm was not indebted to the the owner of bonds not to deposit them with any bank bank at the time of the burglary or for some three as gratuitous bailee. ' weeks previous. Upon these facts it was argued, on the part of the HOW TO PROTECT SECURITIES. plaintiff, that the bank was liable, first, because it had The Northampton Bank robbery a few weeks ago was received and held the deposited bonds in the regular like most affairs of the kind, in the fact that the chief suf- i course of its business with the plaintiff; and, secondly, ferers were individuals who had forced upon the bank the because the bank had not exercised proper care in the custody of their valuables. Generally, the accomplishied custody of the bonds. In illustrating the first point it burglar selects the country rather than the city bank, I was contended that the taking of collateral security for because it is not only possessed of a slighter power of loans and advances were necessary incidents of the bank- resistance, but also for the reason that he has learned of ing business, and were therefore within the contempla- the habit of country bondholders to use " the bank" as tion of the statute creating institutions to conduct that an actually convenient and an imagined safe place of business; that the clause of the receipt, above cited, was deposit. They are slow to understand that it is not clearly not intended to provide for a gratuitous keeping, specially secure; and, further, that all the risk is their for which no bank would give any such receipt; but own; since the decisions which exempt the bank from that it must be construed to mean that the bonds and liability are ample. In 1865—to name one or two of certificates were to remain in the bank to secure -the the number—the Vermont Supreme Court (case _of solvency of the firm of Boyd & Co. in its dealings with Wiley vs. First National Bank of Br.ittleboro) held that the defendant; hence, that it was a contract of pledge, " the cashier of a National bank has no power to receive terminable only when both parties completed their I in the keeping of them. This care was defined to be their ordinary duties; that a single transaction in reCelv- 220 fHE CHRONICLE. [March 4, 1876. ing special deposits is beyond the delegated power of ment of that is demanded. The intention is that thl an officer, and that the business of receiving such person who first receives the bond from the issuer shaJ deposits cannot be undertaken without express authority cut it in two, on a line running from top to bottoi from the directors. This subject we fully discussed in through the coupons, each coupon thus requiring to b the Chroxiclk of April 17, 1875, page 368. The Balti- presented for payment iu two pieces. Thetwohalvtilalvti more decision, which we to-day notice in a previous of the document being kept in separate places, in cas article, in no way affects the question here raised; loss, destruction, or theft of either half, the owner for no rule of law is older than that an agent or an prove ownership of the remaining half, and give a bon officer binds the principal only to the extent of his of indemnity; after which the issuer will furuish him ordinary and delegated powers; and if a bank officer, duplicate. The idea is that the bond, being a ccupo^ receiving a gratuitous special deposit, gives the owner bond in tw" pieces, will be as readily negotiable as an', any guaranty at all, it must be made good by himself other, and that the practical impossibility that botl individually. The number of "safe deposit" com- halves will be destroyed or will be stolen, will securt panies, and the conveniences of dealing which they offer equal safety to that of the registered bond. It is obviom; to customers at a distance, as well as to others, leave that one part alone would be non-negotiable and value very slender excuse for forcing bank officers to receive less, and that the only way for the thief to make hi their small trunks and packages. Comptroller Hulburd, half valuable would be the same that the lawful owne in 1868, held the -receiving of valuables for safe keeping must follow with the remaining half, namely, to go t to be a positive violation of the Banking act; it is cer- the issuing office with proofs of ownership and applj tainly outside of that act, and not warranted by any of for a new bond. The two halves, when laid side by sid« its provisions; there is no doubt that the banks would be must exactly match at theliue of division, andfor this se\ relieved of a dangerous annoyance, and the public good eral ingenious devices are employed. For instance, tb might also be advanced, by adding to the law an express line passes through all the coupons, and along the line 1 prohibition of the practice. an engraved sentence; on the other side of the bond isaj But the frequent successful robberies, notwithstand- engraved device, which need not be the same on an; ing all the precautions taken, show how much we need two bonds ; each bond may have its combination of let further safeguards. Besides, attempts to recover stolen ters, such as " B. G.", " D. K.", etc., repeated also oi securities, except by negotiation with the thief, have each coupon ; each bond may have some word alterec rarely been successful. N umbers are readily altered, and or interlined by hand ; and through the paper, threadi as coupon bonds possess all the characteristics of nego- may be passed, the ends of which must exactly match ii tiable instruments, the claimant who wishes to im- the two halves. Yellow paper is also proposed, as i peach a title must prove actual bad faith in the holder. hindrance to photography. Nor can this be cured by legislation. Four years ago It is easy to see that the chance that ny two parts ol the Legislature of Kentucky enacted that railroad and a bond except the two, originally ono bend, would municipal bonds may be registered with the County match when laid together, is so small that it is like thf Clerk, the bonds to be afterwards transferable only on . chance of hitting the desired combination by trying a the owner's endorsing in the records of the same office bank-lock. The " matching " idea in Mr. Atkinson's bond a transfer to some other person. In this State, a law of might be put to a further very important use in more 1870 (page 988, chapter 438,) provided for endorsement easily detecting, and hence preventing the forgery and of ownership on municipal bonds; the following year the " raising " of securities. The difficulty in the forger's this was extended to corporation bonds issued within the way is now chiefly the mechanical execution of tiie State, and in 1873 a general act was passed applying to bond, to which may be added such safety as is offered all bonds payable within the State, permitting the owner by punching out of the paper, on a spot covered by some or holder to endorse his ownership on a bond. To what intricate engraved ornament, the figures which state the extent the permission granted by these acts has been denomination. But suppose that every bond or share used, and whether any cases of law have arisen under certificate had a " stub " remaining in the issuing office, them, we do not know; but evidently such legislation is this stub having its broken linen and threads, which mast useless as a remedy for the comj)laint. It attempts to match those of the document itself, and that these lines add the quality of registration; but the essence of a and the other devices above named were so arranged that coupon bond payable to bearer is its negotiability, no two documents should be alike as respects them, thus nd to alter that fact is to alter the bond. If giving each one individual characteristics; in that case, registered in the name of the owner, the bond is not a" the " raiser " who wished to raise a share certificate or to coupon but a registered one; if issued with coupons to forge a certificate or a bond, would be obliged to imitate order and not to bearer—which might be—it would be some individual certificate or bond, and unless he did transferable by endorsement like similar documents, with this and so successfully as to accomplish the painfully the like inconveniences, which would so far impede as to exact task of matching, a comparison of a suspected upair the single advantage of the coupon form. document with its genuine stub in the issuing office To meet this difficulty, however, and free the owner would discover the fraud. Of course, crime in this from all anxiety, a very ingenious form of bond, branch cannot be thus prevented, but it can certainly be "for safety and good morals," has been prepared by rendered more difficult and less attractive, and hence Mr. Edward Atkinson, of Boston, which is intended less frequent. It is obviously unnecessaiT' and a reproach to unite the security of registration with the conve- upon the inventive faculty that there is no better way nience of the coupon. His bond has its text at the left, ot passing upon the genuineness of negotiable secuntios the text beginning, "This instrument in two parts wit- than by examining written signatures, for there ought nesseth." The coupons adjoin the text on the right, and to be in every office of issue, if not also in every fiscal- are in two parts, one being the coupon proper and the agency office, some means of instantaneous verification. other an " attestation" of the officers' signatures by that It seems to us that Mr. Atkinson's device suggests along of another officer. There is also an " attestation" for the step iu the direction of making securities safe, and we principal obligation, which must be produced when pay- suggest it for the consideration of corporations. — . March 4, ib76.] THE CHR0N1C5LE. 221 There is another species of tlieft, very common in our HOW TO RESUME SPECIE PATIESTS. day, against whicii safeguardiJ of a diitcrent kind are We have received the following letter for publication. needed. We refer to the misappropriation of bonds The wide interest felt in the points diflcu8.scd and the hohl in the sinking fnnds of companies, cities and clearness with which Mr. Kourso presents his views will Slates. We are informed that tlie directors of tlie secure lor it a careful reading. Cohimhus & Hocking ^'alloy Railroad have undertaken Boston, January 87, 1876. Uon. Frederick Fualbt, Philadelphia : to secure the bonds held by them in tlieir sinking fund Dear Sir— It is assumed that the law of January, 187.';, req air- against possible tlieft or malfeasance in office, by in- ing the gold redemption of United Ulates le^al tender noten on vesting the fund for each class of bonds in the bonds of and after January 1, 1879, will not be repealed, bat will stand to its own cl.as.s, and then cutting out of the paper tlic lie enforced as to that requirement, not more because it has words which specify the place of payment. In this way become a pledge of public faith by its bearing upon all contracts and obligations of every iivtending purchaser is put upon inquiry, and yet debts, public and private, siace made, than because ol tho extreme necessity for it to save our people from the use of the bond for all the purposes necessary is not lurlher bankruptcy, the workers now unployed from becoming interfered with. Officers of States, municipalities, and idlers, and the idlers from starving. securities in sinking corporations holding their own The question to consider is how best to make the redemption funds, might properly inquire into the merits of this practicable at the date named. act as it stands device. For it is not only for safety but in the interest The contemplates the accumulation of gold in the Treasury suUlcieut {or redemption, yet forbids the contraction of good morals that every precaution should be take* of the legal tender issue below throe hundred million dollar* against possible roguery. before the day ot redemption, and only permits even that contrac- tion iu certain conlinc^eucies not likely to work that full result. PAPEU NOW OIJTSTANUIXG. MMY Let it be supposed that by January 1, 1879, only three hundred The following statement, exhibiting the amount of million dollars of legal tenders shall be outstanding. To reduce their amount so low, under the law, large issues of new national paper currency issued and outstanding on January 1, bank notes must be made. National bank notes are redeemable 1370; tlie amount hold in the Treasury on January 25, in legal tender notes by the United Slates Treasury. Existing the amount held by National banks on December 1876; lawa do not require the banks to make provision for any other 17, 1875 (the date of their last report), and by the State, redemption. Therefore, whatever provision shall be made for savings banks and trust companies, as nearly as can be redeeming legal tender notes will apply to the national bank ascertained from official sources, has been prepared to- notes, and must be sutficient in the outset to bring the whole volume of paper currency up to par of gold whenever redemption day by the Comptroller of the Currency. The state- shall be declared, and to hold it, or so much of it as shall remain ment shows the amount of paper currency now in the iu issue, exchangeable for gold. That is, the Treasury must have liands of the people to be $532,061,165. gold enough, beyond the amount required for ordinary disburse- I PAPER MONET ISSUED AND OUTSTANDINQ JANUARY I, 1876. ments, to redeem or protejt about six hundred and fifty million Fractional curreucy $44,147,072 dollars I'f paper currency. olil deinaiul notes 6!<,642 Legal tender notes 371,827,220 No one can determine in advance what amount of gold would National bank notes 346,179,756 suffice for it. It is useless to seek to know, for the experiment tried. to in in Total trG2,623,«90 will never be Prior the resumption England 1831, Lfta—Ctiih ill tbio Treasury, January 25, 1876— after the long suspension of twenty-four years by the Bank of Legal tender notes $77,359,441 England, even before the passing in 1819 of Peel's act for resump , or wliicli IhtTO was held for tion, the paper currency of that country had sufl'ered a violent and of deposit • I U.S. coitiflcates Bank?, extreme contraction to- such degree that the remuinder was insuf- I In the Natif>u»l December IT, 1875 31,005,003—$46,354,441 ficient 'or the wants of business, and was at par 9f gold long Fractional currency 8,755,655 before resumption was declared— was at a discount of only two or National bank notes 5,123,730— $60,233,826 three per cent for gold when the act for resumption was passed. if««—Cash in National Banks, December 17, 1875 further contraction was necessary, but three years was the Legal tender notes $70,725,077 No Fractional currency i,fl01,02;5 time allowed by the act for other preparatory measures and I U. S. certiflcates of deposit 3<,005.000 adjustments, which, being accomplished in two years, the entire National bank notes.... 17,166,190—121,797,290 resumption was declared by the Governor and Company of the £/*»—Cash in other Banks— Bank of England a year in advance of the time named in the Act SUte banks $26,740,215 Savings banks 17,85S,18a of Parliament. Trust companies 3,833,0IS— 48,431,409 The Bank of France has been under suspension since 1870, but has always held the greater part of her gold, as the French people irotal amount to be deducted for cash in the Treasury and in banks 230.462,525 held theirs, even when the Bank made its great war issue of notes Leaving amount of paper cnrrency in circulation $5.32,061,165 Because they held the gold and did not export it to other coun- 'DEPOSITS AND CASH Or STATE AND 9AVINOS BANKS, AND TRUST COUPANIES, tries as did, their bank notes, when in greatest amount, and TROII RETURNS, 1674-71. we DepoMs. Cath. when a conqueror held their couirtry, depreciated but inconsider- Uatabanks $165,871,439 $26,740,215 ably below gold. Since October, 1873, their bank notes have been Savings banks 849,581,633 17,858.182 contracted by $148,000,000, notwithstanding the great indemnity 'raat companies 85,025,371 3,833,012 paid to Germany in gold funds. So much coin is held amon|t Totals $1,100,478,443 $48,431,409 the jieople in France that it bears no premium above bank notes. In addition of cash given above, the State banks of gold in her vaults, and her i to the amount Till) Bank has about $340,000,000 ;ield $1,1.56,450 of specie. The amount of sp«cie held by the outslanding note i.,suo amounts to only about $475,000,000; yet lavinga banks and by the trust companies cannot be given, not with all thi'se conditions of safety the Bank of France dares not Deing stated separately but included with "cash" in their returns. formally resume redemption without further contraction, which The proportion of cash to deposits held by these inatitutious is is continually iu progress, even while gold is accumulating In the I s follows : bank vaults. ;y 75-100 State banks, (including their specie) 16 per cent It is perhaps unsafe to say that the United States cannot make y savings banks 2 10-100 " BUcn an accumulation in three years as would redeem, or hold y trust companies 4 51-lOJ *' redeemable, six hundred and fifty millions of paper currency. It lid the proportion of cash to deposits of all Is 4 40-100 " ever done. It is The reserves of the savings banks and trust companies are would far surpass what any other nation has serious con- hiefly held by the National banks. safe to say that it cannot be done without very countries. At this time, wLen The proportion of paper currency to individual deposits held sequences to our own and other I point of resumption but wants more gold 'y National banks is 19 35-100 per cent, and the proportion of France is almost at the is in the process of substitutirg aper currency and specie is 23 6-100 per cent. (or less paper out), when Germany and Italy are tryirg The amount of specie held by National banks December 17, gold for silver money, when Kuseia, Austria tkeir respective paper currencies 875, the date of the last returns, was $17,070,905. to get a better gold basis for 222 THE CHUONICLH. [^Turch 4, 1876, and wlien the Bank of England finds it difttcult to hold ber gold prosperity or adversity in prospect, etc. —yet it is morally sure In safe amount without making the minimum rate of interest too that if the banks were required to fill up their reserves with bigli for the business prosperity of England—at tbis time, or at gold by the close of 1878, and the volume of legal tender notes any lime in the next tbreo years, an attempt on the part of our were reduced by 100 millions, the United States Treasury could government to get for itself and store up in its Treasury tbeee hold its remaining obligations redeemable upon a small hundreds of millions in gold would be resisted to the utmost. sum of gold, probably not exceeding 150 millions in any con- The disturbance made by it would defeat all new negoti»tiona of tingency other than that of war, and that gold rarely to be our securities in Europe, except at great sacriBco, and the pro- called for except to redeem notes of failed National banks. posal for it would arouse general remonstrance at home and Contraction preceding redemption, if gradual and moderate in abroad. If it were proposed to begin now or soon a process of extent, would avoid the great evils and cost of contraction by gradual redemption—that is, to obtain gold for our bonds, by in- redempiion. Tlie National banks should be required to perform stalments of fifty or one hundred millions each, on the best terms their part toward the work of preparation by the gradual s-ubsti- practicab'e, and with that gold to redeem and cancel an equal or tution of gold for greenbacks in their reserves ; say 25 per cent, larger amount of legal tender notes, and so by a series of steps of the latter yearly. The additional cost \.o each bask would accomplish the redemption of all the Treasury notes—that would be inconsiderable, only the gold premium and the small be a different thing to do. It would be costly and difficult, but amount of interest on that premium ; but tue aggregate quite practicable. The proposed first instalment of gold could would make a vast difference to the United States Treasury in easily be had for bonds at good rates, when it was to be at once the work and cost of redemption in 1879. This duty being returned to the channels of exchange, and, when paid out, it required of the banks, only partial contraction of the legal would make the getting of the next instalment easy, and so on tender notes would be incumbent upon the United States \ until all be accomplished. By this process, too, the banks would Treasury preparatory to its easy redemption of the remainder in V be forced to put gold into their reserves to protect their own 1879. If redemption is then to be attained without an enormone issues, and their deposits, then subject to call in gold. By it, too, and oifficull accumulation of gold, the legal tender notes shonlO only a part of the legal tender notes would need to be retired be reduced by 100 millions during the two years from July 1 before the remainder would be at par of gold, in use, not pre- 1S7G, by funding them. This course requires no gold, yet iti sented for redemption. For, when resumption shall be practical, effect would be to draw gold hither and to restrain its export ; il and redemption tendered on all paper currency, this will be the would disturb neither the fiscal arrangements of this or any otbei inevitable result, that the aggregate of carrency which will government, nor the ordinary course of commercial and Indus remain la issue, consisting of redeemable notes and the coin or trial business at home or abroad, except in its moral effect tc bullion which mingles wilh the paper, wiU be, for the time, just inspire confidence and new activities ; its only effect upon monej so much currency as the business of the people shall require, markets here or in Europe would be to enhance the value of out without either excess or deScienuy. securities and quicken the demand for them, thus sending us new All schemes for accumulatiDg gold in the Treasury, to meet supplies of cheap capital, and to give employment to funds now gold redempiion of the whole volume of paper currency, wilh no almost idle ; and this funding process may be almost self limiting previous or co-incident'contraction of that volume, are radically in its extent of operation. defective. The slower the rate of accumulation, and the longer To this end, the kind of bond to be issued for funding green- the process is to go on, the worse it wiU be in eift^ct upon the backs should bear the lowest rate of ialerest at which it would people's business, and the more costly to both government and be taken at par in greenbacks. It should compensate by its distant people. time of redemption for its low rate of interest, in the estimatlou In the United States Treasury the legal tender notes represent of capitalists. It should be as other bonds of the United Stales capital, cost, paper of no no save of and printing. In the hands are, payable principal and interest in gold ; registered when the people or in banks they represent capital forcibly rowed, boi desired; non- taxable ; and receivable on deposit in the Treasury without interest, from the people. What the people lose in inter as security for bank circulation and government deposits. est upon them the government saves (except tliat .be government It is believed that a fifty-year 4 per cent, gold bond will supply ought to borrow at four per cent, while the use of the capital is all these requisites. worth sevsn per cent or more to the common people who most There is always, even in the most active times, a large amount largely hold the Treasury currency), so that when both are con- of capital, belonging to individuals, estates, trusts, etc., temporarily sidered as one, there is neither loss nor gain of iaterest, however unemployed or taken on deposit by Trust Companies at very low great the consequential loss to both from the use of legal tender rates of interest. At the present time the amount of such fnod* notes, is very large. It would seek investment in these bonds at pat The existing paper currency being too large in amount to be of greenbacks witii great avidity. The probability is, that of 100 maintained at gold value, it must be reduced, either before million dollars of such bonds, f ments, as before stated ; possible, would be by the plan of hoarded ; and that only a very small amount of capital now accumulating gold enough to announce entire redemption at once, employed in the ordinary channels of business would be invested if only the gold can be stored up, and consequences may be disre- in the bonds. The National bants would take some portion for garded. The process of contraction by redempiion would be that deposit against circulation, releasing bonds bearing 5 or G pet the gold paid out, that is, substituted in the currency for notes, cent., and the Ijitter would be likely to go abroad or be taken for would be exported so long as the operation itself should make investment outside of active business whenever their proceecfe money so abundant that gold wouM be the cheapest article offer- could be profitably loaned by the banks, and thus the free capital ing for export, and the rate of foreign exchange would send it applicable to business loans and discounts be increased rather abroad. This would go on until an equilibrium, or true propor- than diminished by the funding of the first 100 million dollars of tion between the paper portion of the currency and the coin greenbacks. Free capital and not its instrument, currency, is »hat associated with it in circulation. Including reserves, should be we most need in the times of highest activity of industry and established. Then the work of resumption of specie payment trade. The creation of free capital is what we need now to restore would be accomplished. The period of superabundant money, prosperity. It is probable, almost certain, that no more than the under the process of wholesale redemption with coin, would be idle or almost idle portion of capital, would go into 4 per cent, 80 highly dangerous as to consequences which might follow, that bonds were the authority for funding unlimited. It would be well-grounded apprehension might cause a paralysis, during the stopped at a safe point by the better rate of interest for the use transition, hardly less hurtful to business enterprise than exces- of capital elsewhere to be obtained. The operation would be self- sive scarcity of money. , limiting, automatic. But the retiring and cancellation of green But there is no necessity for a very largo and costly accumula- backs would have an effect upon the condition of the banks wilh tion of gold. It is safer, easier, and cheaper to reduce the size of regard to their reserves and eventually their circulation. The the thing to be redeemed, than to enlarge the power to redeem deposits in banks are a part of the aggregate circulation of the with. Before redemption can be attempted, even of a reduced country, and, however dormant usually, liable to sudden and volume of currency, a store of gold must be accumulated ; but it sometimes violent motion. To move them currency is not alwa.^-s should be remembered that, although none know in advance what necessary, or but little of it will usually sufiice. If the funding' per cent of gold will hold redeemable a given amount of notes of greenbacks were to be too rapid or go too far for the time, it 80 much depends upon attending circumstances, as the condition would force the banks to a reduction of their loans and discounts of business, dull or active, the public confidence, good harvests, with 8ome effect upon general business ; though the inspiration . ., March 4, 1876.] THE CHRONICLE/ 223 and coufldence by the process would go far to pared the of hope wboleaome way for the few gurvivlng banks to regume specie pay - It in counteract any depreBBiDg effect even then. may be prudent, ment 1813. The Democratic party remained faithful to Its therefore, to limit the amount of legal-tender notes to be funded hard money policy through that and succeeding admioiatrallong, in the first year. and in 1844 the people replaced them in power. Before tho next The effects of the operation in that year would give to Congress election—that of Taylor and Fillmore in 1848—the Whig p»rty and the people a guide for subsequent action. It is inexpedient had abandoned its National bank and kindred theories, and ac- to prescribe a monthly amount to be funded. Thoro are periods cepted the hard money policy of the Democrats, the people'i the no part of the be withdrawn policy in those days. in year when currency should ; The people are Buffering now, but in other months holders of currency would gladly avail of such In small degree compared with what they mast guffer means of using it. The Secretary of the Treasury should be if the present wretched paper money policy be continued. authorized to retire the yearly sum in such amounts and at such The interesta now at risk include the good name and honor of our periods in tho year as he sliould find most favorable to public government, but are chieSy those of the people. The merchant, and private interests. manufacturer and householder, the value of whora pn>perty ig Contraction of the currency is a necessity of resumption of sinking month by month, are suffering; bat the wages earning specie redemption, either preceding or attending it. people, who are idle or getting only starvation wages, are gufTer- Contraction through redemption would work so much injury ing in far higher degree. To many thousands the necessitiog ot that it should be adopted only as a lost resort, and then by instal- life are in peril, and Cougreaa holds in its hand the power to gave ments gradually, with the least possible hoarding of gold in the or to destroy. Treasury. The people of tU« rich prairiea of the West, sure of a good Contraction by partial funding before beginning gold redemp- living. If they will take it from the ground, under God'g promire of seedlimo tion would be harmless in operation ; it would improve public and harvest, m»y aak for more currency, that by it and private credit wherever credit ig deserved, and impart new they may get a higher price for their wheat, corn and pork, or life and hope to all who are not too far gone towards insolvency may cultivate a few more acres each—forgetting that if they get by its bright promise of a sound, safe basis for business hereafter. more for what they sell they must pay far more for what they the buy While bonds to be issued for funding should bear the ; but they should think of the artisans and laborers in the lowest rate of interest that will permit their negotiation at par older States and iu the seaboard cities and towns, who pitifully ask or a small premium in, Treamcry noics, under proposals for the to be allowed to earn the food needed to keep them and their families best bids for them, the funding should be done and the bonds from the poor choice between starvation and beggary—a privilege should issue for that important purpose, even if it were neces which their late employers can no longer grant because them- sary that they should carry 4} or 5 per cent, interest or even 6 selves are bankrupt and their works c'osed, or fast drifting per cent, (on short bonds) aa was provided in the original legal- towards it. tender laws. The Western man wants capital and he calls for currency. He This one measure would make the currency act of January, wants the substance and he asks for the shadow, not seeing that 1875, practicable and beneficent. If with this. Congress should if he has not the capital he cannot get the currency, however provide for a gradually increasing gold reserve to be held by the much there may be. For his poor illusion he would force a banks, the act would be complete and effective for its object. policy of ruin and desolation upon the great commercial and These proposed amendments are simple and easily understood manufacturing interests and industries of the country, to work by all men of business. In operation they would be preparatory, eventually his own serious injury. His highest prosperity gradual and harmless. If Congress cannot agree upon these or depends upon the prosperity of the other sections and other some better or more effective amendments, the act should stand classes of people, who are his consuming customers, and he must as it is, with its pledge share their misfortunes. of redemption in 1879 ; so that if unful- The people have become impatient of filled for lack of powers which Congress can so easily give, it fruitless discussions of principles and theories in the abstract. may stand as a bitter reproach upon those, whoever they may be They demand something concrete in the form of acts definite and upon whom shall rest the responsibility of defeating the most effective, or a clear and distinct refusal of relief. wholesome and important measure of Dolitical economy presented Respectfully yours, for the action of Congress in the last half century, in which the Boston, Jan. 27, 1876. B. F. Noorsb. last three Congresses have been unfaithful, except in enacting FINANCIAL REVIEW OF FEBRUARY. the imperfect law of January last. During the month of February there was little to disturb tho Great depression and distress followed the financial crisis of even course of financial affairs, and both here and abroad the 1837. For five years there was no perceptible recovery or improve- tone of feeling was generally healthy, although the improvement ment outside of New England and New York. Specie p.ayment in mercantile business was not satisfactory. in those States wag resumed in 1838 and 1839, and thenceforward Money continued quite easy, and, except for the withdrawal of they recovered, but slowly, because all the rest of the country some specie from the banks toward the close of the month, there was under the curse of suspension, and stay laws and deprecia- would have been a considerable increase in the surplus reserves tion of values—verging towards bankruptcy— until 1813. Then the of the banks. Call loans were quoted down to 3 per cent, on the resumption became general, and from that date all the country best collaterals, and prime commercial paper sold as low as 4} continuously prospered (^except a few months in 1857-1858) down per cent. to the acts of secession. Thanks to the firmness of President There was a large demand for government bonds, particularly Jackson and his ("abinet, the Treasury of the United States did in the early part of the month, and the advance in prices seemed not suspend specie payment, and the rule of the United States to have little effect in checking purchases, which were made Bank was ended. Van Buren, elected m 1836, " followed in the chiefly by financial corporations, both in and out of this city, for footsteps of his illustrious predecessor," in the same line of policy the purpose of strengthening their position. The introduction from 1837 to 1841. Yet the people, so prosperous under Jackiion, into Congress and passage by the United States Senate of the suflered fearfully under Van Buren from the effects of the finan- bill to issue |5CO,000,000 4J per cent. SOyear bonds had some cial convulsion. As some of them had attributed their prosper- influence in the latter part of the month in throwing the main ity, even the bountiful harvests, to the wisdom of Jackson's ad- demand for londs on to other issues than the five-twenties. ministration, so even more of them blindly attributed to Van CLOSraO PRICKS OP COMaOLS AMD P. « BBOniUTra» AT LO!rDON IN PEBRCART. Buren's administration the evils which had originated years Consola U.S. iConaula U. S. before, Date. for 5-ao, and a great majority thereupon rejected the Democratic KMOlNcw Date. for 1 5-80, KMONcw money 1867. javc:^. money. 1 1867. filtts. rule and elected the Whigs, headed by Uarrison and Tyler, to Tueeday.. 1('<)3 15-11) •MX lori.i 10,')»i]'satHrday...l9 91 5-16 power. The Democratic policy had demanded hard money, an " ma loes' Wfcdnead' iM 1-lfl ictw Snnday ift independent treasury and "pay as you go." The Whig policy Tliursday 3 14 i-lO 109,V 1MJ4 Monday... .21, 9(7-16 j66« Friday... 4!9I 3-16 7-16 '109 1 109Ji [ma Tuesday. 22 94 105X 106 was for a national bank and plenty of bank currency (always to Saturday. 5 »4 3-16 . 109X 1105^ \Vcdnc8d'y23 915-16 108X '05X 106 Sunday.. be redeemable, 61 Tliursday ..34 9i 5-16 109 IC&«{10« however) and bank credit. When in power, the Monday... 108 1106 Friday 25i94 5-16 103X1 106X 136V Whig Congress at once re-chartered the United Sta'.os Bank, or Tuesday.. 8' M 3-16 i09x;;io3x io« iSatarday.'..«6j94 5-16 i6sSli06S|j6e>J 224 l^HE CHRONICLE. [March 4, 1876 BBcmuTisa in fkbruart, 187G. . . cLosms PRICES or qovsbnxsnt January. , February H, -Conpon bonds. Open. High. • Low. Clos. Open. High. Low. Clos. Wells, Fargo Express... 85 5s '81 fund. 68'81 69'81 5-308 5.208 5 20s S-SCs 10-40s 10.408 6b 85% 80% 86% 85% 91 85 S7% Del. Hud. Canal Feb. coup. reg. coup. 1865. 1865. 1867. 1868. reg. coup. cur. & 124 185 119% 180 120 122H 119% 121 new. New York Gas 149% 153 149% 163 152 153 150 150 Farmers' Loan & Tr. Co 850 250 250 250 1 xllW 122 119% 181X 123)i 125 Reno R' Estate, 2d Dfd. 103% 105% 103% 105% S inx 122^ 1S2K 118X i;9>4 182 123K .... 119% 125 105% 105% 105% 105% 3 - . ll»3i 1^1% IltiX U'JJi .... 117X ms l«2Ji Gold was quiet and steady at the beginning, but later in the 4 in>i 122H 12aX IITX 119?i 121X 116K 1I9K 125 IITX inX 119X 12I?i 116)4 119?i 125« month was stiffened up toll4i by the shipments of coin, which were to 7 inx 12ax 128)4 117X USX made a moderate extent, but with a good prospect i 11974 8 117); .... IJHX .... 125X continuancrt for some time in the future. 9 11754 122)4 122)4 i!7)i ii9jkf m)i 116)4 lav 10 117« 18«>(f 122>f 117)i It9J< 181)i 116% 185« OOURSB or SOLD D) FSBRCABT, 1876. 11 117>4 117)4 119,S 121.M 120^ 12 118H' 122)4 117Ji 119« 121Ji 116% 120« IS S Date. 14 118 125 J4 183 119K !28)i •117X 120X 125)4 15 1185i 123K 118 !20 128)4 .. . 120)4 126 18 U&X 123X ma nsx 180 182)4 . lis" 128X 17 118% 123K .... 120 12i>4 123X us 127 18 118X 12aji 122)4 118>f 121X 127 Tuesday 1 113 1113 ; 113% n8>4||Thnrsday....84 114 !113%|114 1131 ' Wednesday. 2 Ii3%:ii3 ! 11.3% 113 Friday..". ...85;il3% 113%ill4% 114 19. 118X 123j[i 123)4 127 Thursday.... 3! '1) 1113 113 lis !*atnrday 26 114 113% 114 20. I |I18)i 21 118J4 123% 120 122X lliX 127X Friday 41 112%!ll2%) 113 1112% Sunday 271 ....! ....| ... 22 Holiday Saturday 5; 112%;112%^ 118% 112% Monday 28ill4 ill3%!]14%ill4! ai 118% 138)4 12S% 118 119% 132% 121)4 llSSi .... 158 Sunday 61 Tuesday. . ..291114 114 114% lit 24 118% 123% 123% 117 119X 122% .... 118X .... 127 Monday ij ii2%;ii2%' 118% 112% Tuesday 8 118% 112% 113 |:i2% Feb., 1876 118 112% 114% 1141 85 1183i .... 14-3% 117% . .. 121% 123)4 .... 181H ... 86 118% 123% 119X 121)4 123^4 .... 121% 127 Wednesday .. 9 113H'112% 112!i 112% 1875 i!3% 113X1115% 1141 27 8 Thursday ....10 i:2%;ii2j4 112% 1 112% 1874. ... lllH lll%lll3 II2I 88 118% 121% .... 117)4 119X 121% 18;!X .... ;215< ... Friday 11 113 112% 113 1113 1873 11-3% 112% 115% 114% 89 122% .... 117% 119X 121 13.3H Saturday 12 ,113 113 113%ill3 1872 109% 10;,i/,'lll 1110% Sunday 13 1871 i;i% iio%:ii2%iio% Opening. 122 122=4 118% UQJi 121% 12.3% 116Ji 125 !17)tf 119X Monday 14 Uili 113% lisk'nsji 1870 181%, 11.5% 121%|115% Highest. :i8% ni% 123% 118% 120 122^4 12;i)i 118X 12154 128 Tuesday 151 113% 1 11.3%, 113%! 113% 1889 136% 1.30% 1136% 1.31% Lowest.. 117% 128 117 USX 1-il l'«% 116J4 119?< 185 ma Wednesday. ..16 113% 113% 113% 113)4 1868 140% 139% 144 !141)4 Closing . -.18% 122% 123% lli)i 121 118% 121% 127 119!i 183>i Thursday 17 1!3)4;113% 113% 11.3% 1867 135%; 1.35% 140% 139% Railroad bonds were strong on a good demand, and prices of Friday 18 113%113% 113% 113»< 1886 140% I 1.35% 140)4 136 Saturday 19, 113)4 lll3)4 113% 113% 1865 204%, 196% 216.% 202VI issues made a furtlier advance beyond tlie best point Sunday 80 .. 1861 161 '1591 many I ...I 157% 157% Monday 81 113% 11.3%, 114 114 1.57)i 15214 172%ir reached in January. Railroad and miscellaneous stocks were Tuesday 28 .... Holi day. 1862. 103>/i 02%':i04%il« buoyant in the early part of tlie montli,aud the advance in Wednesday... S3 114% 114% :14%|114% IS'ce Jan. 1,1876 113 112%!114%!ll« stocks th.ise Western railroads affected by the repeal express and Foreign exchange was strong on a moderate business, and, il " " of the Wisconsin Potter law was quite marked. In the latter the latter part of the month, prices were close up to specie shia a. Pacific Mail part of the month sharp attack was made on and ping point. The principal demand for bills came from th Western Union Telegraph, which carried the prices of those bankers who had been importing United States bonds from tB stocks down to lower prices than had previously been touched for foreign markets. many months. This "bear" movement was attributed to the STKBLOIS UXOHANOX FOR PEBBUART, 1876. operations of Mr. Jay Gould, who ho!ds a larg^ interest in 60 days. 3 days. 60 days. 3 days. Atlantic & Pacific Telegraph and Union Pacific Railroad. Feb. 1 .4.a5%@4.86% 4 89%(a».90 Feb. 17..4.85%a4.S6 4,89%@4.99| •• 2 .4.85%(a-i.S6 4, 89 ©4.89% " 18. t.8l)%®4.86 4.89%@4.90J The following table will show the opening, highest, lowest and .4.85i/i!a4.86 4 8.1 @4.89% " 19..4.85%@1.66 4.89%@4.90l ,4.85%@4.86 4, 89 ©4.89/, " 80. S closing prices of railway and miscellaneous stocks at the New .4.85%®4.86 4 89 @4.89% " 81..4.85%®4.8H% 4.90 @4.90S " York Stock Exchange during the mouths of Jan. and Feb.: .8 88 Holiday .4. 85%® 1.36 89 @4.89% •• 23..4.85%@4.S0i/j 4.'«) @1.9't) RANGE OP STOCKS IN .lANUART AND rEBRtJART. .4.85%@(.88i4 89%®4.90 " a4..4,8.5%@4.86% 4.90 ©1.901 39 " 25.. 4. 86 .4.85%@4.86 @4.89H I 85% ®4. 4.89%®4.»ir . .January.- —February.— , 4.85%@1.8a 89 @4.89% " 26..1.8.5%@1.86 4.8»%ai.9;)| I KallroRd Stocka. Open. Uisrh. Low. High. Low. Clos. 4.85)^(fi>4.86 89%@1.90 I Albany & Susquehanna 101 105 101 103 .4.85%@1.86 89%@4.90 4.85i4®4.86 4.89%®!.! Atlantin & Pacific pref.. 4 7 5V EX I 4.85%@4.8<) 4.89%@l.90| Belleville & So. HI., pref 19 19 19 .4.85%®4,86 4 89%®4.g0 of Jersey. . 103!.5 107 Central New my. 105% .4,[email protected] 4 8^%ai.90 I Range. .4.8i%®4.8'i% 4.89 ©4.901 Chicago & Alton 98 H 105 100 Ji 101 .4.85%®4.86 4 89%@4.90 do pref... 106H 110 106 107 Chicago, Burl. & Quincj 114 lil'/t 116 130 Chicago, Mil. & St. Paul 35% 46H 40i^ iiii do do pref. 67 8II>4 71% na do & Northwest'n 3'.)5< 45« 40% 42)i TlIE DEBT STATEMENT FOR FEBRUARY, 1876. do do pref. 56)4 67 M 61V 64 do Miirch 4. 187. J.) THE OHRONICLR 225 ReeapUnlmtlon. COMPARATIVE RECAPITULATION. Amount Mtrchandiu. Toul Domeetle Ferelint Outstanding. Interest. ImiKirts, Exports. Month ended Jan, 31, 1876 $12.(i!|ii.226 $8a,Ut,R» tl,0l«.l67 Dbbt bbarino Intkbist in Coin— 1875 84,76«,6it3 B1.4m.87« 1,I0«,«64 BonrlH at per cent $9a4,999,«SC 7 months ended Jan, 31, 1876... 970,3.14,51.5 342,254,758 " " 8,080,191 Jljiidtiat S percent 697,884,790 1875. tM,»88,470 32»3irr,32« 8,511,310 CMtl and Silver. ToUl Domestic Foreign Total debt bearins interest In coin 11,682,684,400 (29,833,339 Imports. Exp"rt Total debt bcadng no interest $487,091,976 Unclaimed interest >:;ntf9r Hjiietiii) anil (Joinmercial (fnglifll) Nrn- Total $^,aK,l^^45^ $30,41 «,' 26 Total debt principal and interest, to date, Including interest due KniCllali larKel Keportia— Per Cable, not prebented for payment. 2,282.570,48:1 Ajiount in tue Tkkasubt— The Inily closing; iiuotatlonsin the marketsof ^oadon and Mver> Coin 7n.C3.'l.772 pool lor I lie past week have been reported by Id Currency. 9,.W.404 cable, a* ah wn Special depoHlt held for redemption of certificates of deposit the following sutniuary as proviiied by law 38,045,000 London Woney and Stock Mnrket.—The bullion in the Baak Total . $117,610,17(1 ban increased £'.21(5,000 durint; the week. Debt, less amoniit in the Treasury, Mch. 1,1876 8,lll.!)60,'0ii Debt, less amount in the Treasury, Feb. 1, 1876 , 2,118,M3,0:J9 Hat Mon. Taes Wed, Thar, Frl. Consols for money 94 5-16 91 7-16 94 5-16 91 .1-16 94 1- 16 94 1-1« " Increase of debt during the past month. t3,!7J,733 account 94 5-16 94 11-18 W 7-16 94 7-16 94 7-16 »4 T-l« ris (5--20S,) Decrease of debt since June 30, 1875 . . . 1.3,7JH.4l!l U. 8. 1865,old.l05 llUfi 105 105 109 106 1367 108,'i 107« 103 10!^ 107V 107K Bouda I«*aed to the Pacific Railroad Coimpaniea, Intercut II, S IO-40S 1065i 106X- 106Ji 1071i 10>>\t lOHJf Parable In Ijanrlul money. Nhw 5. 106Ji 106>i 106>i 108>4 1064 10«X tor United Interest Inteiest Balance of Tr^iuotations States new Sves ai Frankfort ,rern : I Character of Issue. Amount paid by repuid by Int. paid D. S, newflves lOlX .... lOlK lOJ 102X 102 Outstand'g. United Sfs tr'nsp't'n by U. S. Liverpool Cotton Xnrlctt. —See special report of cotton. Central Pacific $26,886,120 $11,804,251 $1,191,765 $10,612,483 — Kansa!« Pacific 6,303,00(1 3,2!li,9R3 1,442,885 1,8.^0,09! Liverpool Breadstufit Market. X.Tiiion Pacific 27,236,512 12,701,420 3,996,778 8,704,641 Sal. Mon. Tues. Wed. Thor. Frl. Central Branch, Union Pacific. 1,600,000 829,808 44,408 786,40,1 s. d s. d. s, d. s. d. a. d. a. d. Western Pacific 1,170.560 7S1,4% 9,367 772,129 Flour (WeoLern) ffbbl -a 22 22 U 22 n » Sioux City and Pacific 1,628,3201 731,53.) 39,112 692,441 Wheat (Red Wn. spr).¥ctl 7 10 7 10 7 10 7 10 7 10 7 " (Red Winter)..., "98 98 9 8 9 8 9 8 9 8 Total $64,621,512 $30,141,513 $6,724,317 $28,417,195 " (Cai. White club) " 10 10 in 2 10 2 10 2 10 2 Oornin.W. mix.) Kl quarter 27 27 27 27 27 26 9 The Pacific Railroad bonds are all issued under the acts of July 1, 1862, and Pe:i8 fCan dianl # ouarter ;i8 38 38 6 38 6 38 « 38 6 July 2, 1864; they are registered bonds in the denotninatlons of $1,00<\ *5,000 and $10,iX)0; bear 6 per cent interest in currency, pay.ible January 1 and July 1, Liverpool Provisions Market.— and mature 30 years from their date. Sat. Mon. Tnes. Wed. Thor. Frl. s. d. s. d 8. d. e. d. s. d. a. d. Beef (mess) new fl tee 92 6 92 92 6 91 91 91 IMPORTS A.\D E.XPORTS FOR JANUARY, 1876. Pork (mess) new 1?bbl... 81 81 81 61 81 81 Bacon (l.cl. mid.lnewV cwl 51 51 U 61 3 51 6 51 6 59 59 StAtemfiut, by Customs Districts, of tlie values of Imports into, liard (American) ... " 59 6 69 58 6 59 8 C.1eese( Amer'n fine) *' 60 60 60 60 60 61 and domestic and foraiga exports of morclianclise trom, the United States durinLf the month of Januiry, 1876. Liverpool Produce Market.— Sat. Hon. Tues. Wed. Thni. Fri. , Exports , -Exports,—- CustoniB Imports — Customs Imports. 8. d. 8. d. 8. d. s. d. a. d. a. d. Dom'ticrirtiin'tte Por'nWft»*n Domestic For'n. Districts. Districts. ftosln (common)... 1> cwt. 4 6 4 6 4 6 4 6 4 6 4 6 $ $ $ $ $ $ " (pale) " 16 16 16 16 n 16 16 .Alaska, A.T. Mobile, Ala.. -290,865 1,449,568 PetroLeuuii refined) 9 S^ 10« lOJi 10« lOX lOV Al'mrl", NC. .MoQtauH,&c, , spirits) 9 9 9 9 9 9 AVxdna.Va. Nantncket.,M,= rallow( American). ..S cwt 44 44 44 44 43 6 43 6 *' An'polis, .Md Natchez, Mlis (I 60 60 60 Cloverseed ( Am , red) . . 60 60 60 Newark, Ap'chcola, F NJ,. 1,800 Spirits turpentine " 24 23 6 J3 6 2:1 6 23 13 6 ^ roost' k, Me 1,856 N Bedford, Ms Bnltimore ,. 2,086,499 2,947,693 3,480 Nburyport, Ms 18,217 1,881 Banj^or, Me, 235 Nw liaven, Ct 35,542 22.(175 25 B'stahle, M's N London, Ct 4.(87 3,9.11 as.", ^ommcmal aiiir iHisccUancous Ngojg. Bath, Me. 5,725 N Orleans, La 1..330,!t64 1,262,874 96,147 Ilea fort.XO Newport, K.I tMPOKTs AND Exports for the Week.—The imports this Beaufort, SC 115,.32b NewYork,NY 3U,292',i4,^ 21,010',(i36 790, week sliow a decrease in both dry goods and ureneral mer- Bellas , Me Niagara, N,Y 377,842 21,093 Boston, Ms, 1,951,776 3,35lii97 Norfolk, Va.. 4,371 1,275,182 ohandise The total imports amount to $,5,078,878 thic week.. Bruzos, Tex Oregon, Or,, 184,728 4.aaiu8t |9,01ft,2l3 last week, and $"),310,518 ciie previous week, BridgefuMI O'gaichie, NY 57,966 24,874 The ex ports amount to |4,4'J8,987 this week, against 14,0-51,325 last BrM&WnRI Oswego, NY,, 944 of cotton Brnns\v'krta 3,618 1.35,500 Pamlico, NC. 283 96'r week and $3,440,39.5 tlie previous week. The exports BuirCrk, NY 394,278 S6,.30O P del Norte, T 6,923 the past week were 15,085 bales, against 8,6'33 bales last week Burlton, P'quoddy, NJ Me 17,813 40i989 Tuetollowinsraretheimports at New York (or week endins (for CVlnc't. NV 20,479 6,.367 P. River, Miss 30,619 general uier- Castine, Me. 1,0« Pcnsacola, F, 4,284 280,877 drv goods) Feb. 24. and for the week ending (tor Chmpl'n.NY 21,9.53 2!;596 P Amboy, NJ. 8,85:3 (.2j oliaodise) Feb, 25 : Charl,-tn, SC 88,143 2,690,423 Petersburg, Va 1,402 PORBieM IMPORTS AT NBW TCItK FOB THU WBKK, Oh'stono, Va ' Philadelphia. 1,803,927 3,495i484 904 1873. 1874. 1875, 1«7«, III. Chicago, ' 77 Plymouth, Ms Dry goods t3,9-22.248 $3,219,741 $3,396,817 »1.95«.888 Corpus Chris Foltland.Me. 71,858 462i6il 29',i73 Qeneral merchandise... 5,47'J,488 6.752.556 6,261,973 3.111,990 Cuyahoga, O Po'mouti, NH 2,738 Deliware, D Provirfence.RI 35,168 11,212 Total for the week.. 19,394,736 $9,972,300 t9,658.790 1:5.078,878 Detroit, M'h 94,596 141,532 2,346 Pt. Sound, 47,341 46,311.-2.17 48,688,005 WT Previously reported . 01,675.995 62,070 609 DuLuth.Mn Richmond, Va 81,440 67,654 Dunkirk .Y Saco, Me . Since Jan. 1 $73,070,728 $62,042,909 J56,tiOO,04; »53,7«4,8S3 KastDist.Md Harbor, NY will be found the Imporinf Rdgart'n.Usi Salem, Mass, 2,4-25 5 674 Inourreport of thedry goods trade Kric, !'«..,. Salnria, Tex. 3,651 19,430 696 dry goods for one week later. Kairfleld. San Diego, Ct 225 Cal The following is astatement of the export8(exclnBiVB ol specli) F. Kiv, Mass Sandutky, O. port of York to foreign porta, for ih« week ending Kernaiidina. 35,782 ...,1 Francisco. I,9i0i6i9 1,726,899 fromthe New P. Bay, Me. Savannah, Ga 111,136 3,616,085 February 29 Oalvesl'n, T 208,350 2,586,296 S. Oregon, Or axpORTB raoH Maw tork for tb« waia. ' f«euesee,,\Y . .. St Aug'tine.F 2,012 1873. 1874. 1875. 1878. Ocorge'n.DC 8t John's, P.. 13,571 For the week $5,252,908 $3,934,686 t.3.469.070 $4,498,967 Oeoree'n.S St Mark's, F., C 6,380 Previously reported.... 39,047,067 43.477,6i;3 35,892,266 87.649,931 filortcr, Ms t6,m St Mary's, Oa 10,300 C.tEHar.NJ j^tonington Ct Since Jan. 1 $44,299,975 $47.41-1.349 I3.),361,.336 $42.14S,«19 Huron, Mich 148,679 242,822 12,431 Superior Mich 360 Knbunk, Me Tap'nock, Va The following will show the exports ol specie from the port of Key West. F 93,030 32,.'J90 Techfe, La New Tork for the week ending Feb. 2<'J, 1876, and since the 1. B Har, NJ Vermont, 20,'i96 Vt, 345.288 beginning of the year, with a comparison lor the correspondinfr Mschias, Me .... 10.475 Vicksb'gMiss Mat'head, M Wal'bort), Me date in previous vears: Miami, Ohio William'te, O, si'.i-ii 4IL297 Feb. 28—Sir. Java Liverpool American geld coin., $400,000 Mic'gan, Mb Wilm'ton, NC 30,196 560,2(19 Feb, 14—Sir. Herder Hamburg Sliver bars 46,467 M'lown. Ct ... Wiscasset, Me 6,595 London Silver bars 45,000 Milwauk, W York, Me Paris silver bars 70,800 Min'sota, M 1.421 Yorktown, Va Qoldbara »J,691 American gold coin.. 4.'A0(X) • Foreign expsrls from Boston, coin. . $159,518, I'l-;). 26— Brig Sea Bird Porto Cahello, , American gold . 15.000 F.Oi. 26—Str. City of Richraond.Liveipool Silver bars 4,0(10 The following; are tlie totals for the month of January : mporta..$U,0.3i,2-J6 | Domestic exports, $56„559,635 | Foreign exp't8.$l,098,157 1,069,849 Not Reported. -Imports—Brazos and Corpus Christi. Domestic Exports Less withdrawn from "Herder" , 850,000 Alaska, Brazos and Corpus Christi. Foreign Exports—Brazos, Corpua Chriitl nd San Francisco. Total for the week $819,849 : — : , 226 THE CimONlCLE [Maich 4, 18'. 6 PrevlouBly reported $5,539,988 Total Bince January 1, 1878 $6,359,835 Same time in— | Same time In— $13,587,011 1870 $5,171,095 1876 I N.ITION.IL BANKS ORGANIZED. 1874 5,641,37111869 6,441,461 The United States Comptroller of the Currency furnishes 1878 11.163,574 11868. 11.25J.016 J a,810,.367 1367 5,867,504 following statement of National Banks organ zed the past week' 1872 I 4,401,552 1871 8,909,.536 1 1866 2,326—First National Bank of Authorized capital, $50,000 Afton, Iowa. ; paid- The imports of specie at this port during the past week have in capital, $.50,000. J. T. Beebe, President; O. E. Davis, Cashlr" been as follows Anthorlzed to commence business Feb. 23, 1876. Feb. 33—Sir. Alps Savanilla Silver coin $500 Goldccin 9,531 DIVIDENDS. Goldbars 3,435 The following Dividends have recently oeen announced Geld dutt 523 ] Pes Whzx I Books Clobsd^ COKPANT. I Total for the week $13,991 Cbht. F'abui. (Days inclusive.) Prevlonely reported 661,978 Lebl^h Coal <& Navigation Co. (qnar.) 3 londenx.! Total since Jan. 1. 1876 $575,969 United States Rolling Stock Co i$8 94g.lMch. 11 Same time in— I Same time in— 1875 $1,331,829 1 1870... $3,084,881 FRIDAY, in ARCH 3. 1876—6 P. m. 1874. ,. 918,0.37 11869 2,097,452 1878 20i,725|l8fi8 599,929 Tbe money Itlarket and Financial Situation.—The prin 187J 875,0131 1867 892,439 cipal of the have been the continued activity 1871 r 8.707,5151 characteristics week The PnoviDENT Savings Lifb Assurance Society.—The and depression in several of the prominent speculative stocks,:ockg. are probably somewhat familiar with readers of the Chronicle strength in governments and other investment bonds, an the name of this enterprising company, whose motto is " Pay as money market and firmness in gold and exchange. you go—get what you buy—stop when you choose." In other words, this company purposes making life insurance a simple, The accounts of mercantile business are not particularly fav(1 common-sense business transaction, in which a party may see at able, and the improvement in trade which has long been ho;lopfflP' the outset what return he can obtain in any future year, should for seems not yet to have arrived. The Centennial Exhibition is he then desire, or be compelled by circumstances, to discontinue in ii as a possible agent to stimulate the payment of further annual premiums. The company bases looked forward to vague way business; but even in this some parties seem to have little faith, its operations upon principles devised and recommended by its taken by vice-president and actuary, Mr. Sheppard Homaus, whose reputa- and the N. Y. Tribune, recently speaking of the views those who are most hopeful in regard to it, says: " They make a tion is well known in life insurance circles, in this country and great point upon the revival of trade which is to result from the abroad. One of the features which is most satisfactory to busi- Centennial .show, though they do not clearly demonstrate how ness men, in the company's transactions, is the endorsement on of or less borrowed at a big or little each policy of an agreement to pay in cash a specified amount, the spending more money is to revive the productive industries of the country." The therein stated, at the end of any year (after the first), on surrender circus here, plainly pointed, is apparently to the of the policy. For example, an ordinary life policy of allusion though not disastrous financial effects attending the advent of a circus to a $5,000, age 35, annual premium $131 90, would bear an endorse- shortly after the war, the result being to break ment indicating the cish surrender value at different periods, as Southern town the freedman's savings bank in the place by the withdrawal of follows : At the end of the deposits. adyear $48 60 1 5th year S20r. 08 I 8th year $.382 03 3d " 99 11 6th " 263 64 9th " 445 08 Our local money market has been very easy, with abundance of 4th" ISlolhth " 32127|l0th " 510.31 funds offering on call at 3 per cent, on government collateral As a practical illustration of the relative amount of cash paid and 3@4 per cent, on miscellaneous securities. Prime commercial by this and other companies, a correspondent furnishes us the paper is in demand at 5@6 per cent., the quotation of 4i percent, following facts: In 1864, being twenty-eight years of age, he being so exceptional as hardly to indicate any considerable took out an endowment policy in one of the leading companies amount of business. There is also a good deal of discriminatu•ivy for $5,000, payable to himself at fifty, the premiums of $823 being among buyers as to names. payable annually for ten years. After eight payments the com- On Thursday the Bank of England reported a gain for 1 pany gave a paid-up policy for $4,000, for which they would allow week of £316,000 in specie, the discount rate remaining unchanged in cash only $1,741. Took out another policy at same time in at 4 per cent. The Bank of France gained 36,369,000 francs in another company, premiums payable in ten years, but the policy specie. The Imperial Bank of Germany gained 8,131,000 marks. payable at death. Alter eight payments of $233 each, received a Tlie weekly statement of the New York City Clearing-Housa paid-up policy for $4,000, for wbich the company offers in cash Banks, issued February 36, showed a decrease of $1,187,300 in only $989. In the first instance named, the Provident Savings Life the excess above their 25 per cent legal reserve, the whole of such would pay $3,357, instead of $1,741, and in the second instance excess being $13,634,950, against $14,883,150, the previous week, $1,144, instead of $989. The cash surrender value has nothing The following table shows the changes from the previous week to do with annual dividends on policies, which are paid in this as and a comnarison with 1875 and 1874: in other mutual companies. , 1876. . 1875. 1874. Feb. 19. Feb. 20. Differences. Feb. 27. Feb. 23. Another feature with this company is the yearly renewable policy, Loans anadls. $268.01 1,400 |S68,4EO.0O0 Inc.. $468,600 $292,017,000 158-2,655,700 by which a party can pay for insuring his life for a single year at a Specie 22,041,900 20.706,200 Dec. l,.338,70O 15,921,800 26,4£8,:100 very moderate premium, without any regard to future reserves or Oirculation.... 17.183,100 17,032,000 Dec. 161,100 82,482,500 86,77.5,100 accumulations—these policies being issued either participating Net deposits.. 224,762,200 S31,-J37,400 Dec. 424,800 233,31,7,500 239,864,300 Lee-altendere. 48,067,800 4D,01J.100 Inc.. 43,800 51.900,600 Bt.915,000 in dividends of the year or non participating. The Provident United States Bonds. There has been a fair business in Savings Company has large and handsome offices on Broadway, — government bonds, and prices remain firm, The discrimination in the Western Union Telegraph building, and we understand in favor of the five per cents has gone so far that they are now that its entire capit.il is invested in government bonds. selling in some instances above the five-twenties, which carry 1 —The late firm of Parker & Cobb, bankers, 78 Devonshire ])er cent, per annum more gold interest. In view of the uncer- street, Boston, has been dissolved by the decease of Mr. Cobb, on tainty regarding the passage of the pending law for the issue of the IGth day of January last. The business is continued by the 4| per cent, bonds, and the long time which would, at best, be new firm of Parker & Stackpole, who will continue to give required to reach the five twenties of 1867 in the funding nego- especial attention, as heretofore, to the purchase and sale of tiations, the present difference in jjrices would seem to be investment securities, concerning which a long experience enables unreasonably wide. The importation of bonds by foreign bankers them to give customers trustworthy information and valuable has not recently been of large volume. advice. Closing prices daily have been as follows: —Messrs. Laidlaw & Co., the well-known bankers, offer to Feb. Feb. Feb. Mar. Mar. Mar. those desirous of investing in California mining stocks increased Int. period. 26. 28. 29. 1. 2. 3. facilities for promptly executing orders at the San Francisco 68,1881 reg.. Jan. & July. ISSK liSJi 122Ji «122% 123},' 128},' 68,1331 conp..Jan.&July.':23'.i*123X*12S« 123X *m% 'my, Stock Exchange, through the Bank of California, and will furnish 63, 5-20'B, 1805 re<;..MayANov.*117Ji *117)i *n-,% *n~U *118 »118 full particulars to any parlies upon application. 68, 5-20'8, 1865 coup. . May & Nov. *!1TK 117?i inji '117^ 118K 118« • 68, 5-20'8,1865, n. i., reg..Jan. & Jnly.*119»i 'IWJi *113!4 *V.9-ii IWJi —The New Jersey and New York Railway Company give '119X 69,5-20'8,1865n.i.,coup..Jan.&Jnly. 119M llOX 119X •119,'i 119?< 1W« notice that the interest due March 1, 1876, on their first mortgage 6s, 5-20'B, 1S67 reg..Jan. & July. 121^ *121it •laijf 121^ »121ji I81X gold bonds, will be paid upon presentation of the proper coupons 63, 5-20'8, 1867. ...coup..Jan. Much 4, 187dJ THE CHBONIGLEL 227 Closing prices of secarltles in London have been as follows: 0«lardaT, Mondar. Tnndar, WedneMai, Thar«tf*ir, rn«ar, Feb, 2«. Feb, Zi. Fib. •.<. March!. Mwcli 3. March i. At.* Pae.,pref i J Feb. Feb. I Mch. . Kiin;;o since Jan, 1, 76.-^ At. Pao. Tel. — * 2:X 21 Hl'ii 20 Ji WX *>A »'X WH to" ii" to a) 18. ii. 3. Lowest. I Ulgbest. Central of N.J. Ills I V-tX io;x !i'7x 107 lOlX loe\ 107 101 it<:x IV7X lOlM C.Mll.&Bl. P. X t:s 4 X 42 H <3>i 43X 43 41X 4iX 12 42X 42X 44 1865, oJ<< ,. 105 104 Jan.. uo prel.. 79K to 7»H SO •.9H D.8.8b,5-30'b, IMH I 105K I V 3l 'MiiVi-.b. II 1»X 7'X 79X M* 1«H Chic. & ilorth. 42» 43X 42 43'< 42„ 42 4il U.8.6e, &-a0'»,1887 lUSX lOTV .T.in . 8 lOBJi Kch. 1 «2X 4 Cliic, Rock I. & Pac, . . .Jan. n;iii,'ii Fe'), 16 40 Mechanics' IJaiiliin_g AsBO'n. . 75 4W PeopleV Bank 104X 100)i May 28 109% Aug, 19 SOMarliet Nntional Dunk 11.5)^ to Peter Cooper Fire Ins Sfl'li Col.,Chic. * I.C 8)iJan. 7i «X Jan. 28 3 June \i 9% Jan. M HON'ofsan Bank 104 31 Fulton Bink Wifi Del,, Lack. Jb Westorn.llS Feb. I 120KJan. 3 106)^ Jan. 2 12» Apr. 91 81 Seventh Ward Nat Bank..., 82 100 Tradesmen's Nat. Bank 114 Erie 15;tf J,in, 7i 18% Fob. 18 12X Jnne2li 35% Mch, IS) IW I'hcnix Nalional Bank 95% «0 Bank of Metropolis 95 llauQlbal^bSt.Jo 18 Feb. S3 22>iJxn. 31 15'i Oct. 8 aOX Mcb. 29 "O.ManufacinrerB' B'k, B'klyn..l01x 4T Pacific Fire Ins 851 do pref. 20 Jan. Hi S3X Jan, 31 201tf Oct. 13, ai% Mch, 27 Harlem '38 75 National Fire Insurance 135 40 Pacilic Fire Ins 250V 130)i Jan. 3!l45 Feb. 14 127« Jan. IS Apr. 27 TSB'kofN. Y. Nat. B. A,..m@l.')0 £0 Phenl-t Insurance ....130>^ Illinois Central !)7X Jan. 21 lOlH Mch. S 88xOct. 2ii'106 Apr. 27 21 Manhattan Company 149 10 Williamsburgh Cily Fire Ins.lSo LikeShore 59fJ Feb. 29; 6SX -Tan. 17 61% Sept. 15| 80% Jan. J !•« Mcclianics' Bank of B'klyn..l71 Bo.NDS. Michigan Central .. 57 Jan. 7 63i/.rHn. 1' 63 Sept. 27, 8-;% .Ian. 5 25 Nonh River Bank 60 $1,000 Long Island IIR., Ist m...l0J>f N. Y, Cun, &nud, K...1043!( Jan. S.llU, Fej. 15 100 May 28 107%- May 8 55l'nion Bank. 146;.^ 8,000 Keadlng & Col. 7s, Ist m.. 96 Ohio&Misslaslppl,,.. 16;^' Jan. 7 24;< Feb. 1 14% Sept. 231 32% Jan. 1 PaciflcMail Jan. 2S Warren liailroad, .1 lOi;^ 7s, 25^ Mch. 2 8*J< 17 30% Feb. lOj 45% Apr. 3 N. 6.000 East Pcnn. Isi mort. . . 104 ,H' Pacilic of Missouri 11 Jan. 7 1 lo>iJan. Oct. 23 55 Apr. 50 South Branch HR. of N. J. . . . 85 5,010 Am. Dock & Imp Co. 7s.. 101 7% 30 127 Jan. 06 Metropolitan Fire Ins. ...60® GS .5,000 N. y, & Harlem 78, 9. fund.llO Panama 4 {136 Jan. 110% Jan. 21I172 Apr. 26 QuicksilTcr 17 Feb. 12 aoif Feb. 13 It; 8U Niagara Fire Ins IIB a,C00 Rahway City, N.J., 7s, imp, 98!i May 35 Jan. 6 do pref 4.3X Feb. 71 24,V Feb, 20 July 10 44 Jan. Daily closing prices of leading State and Railroad Bonds, and Nt. L., I. M. & South.. 15 Jan. 4 241/j Feb. 20 13 Oct. £0 Jan. St. L., K.C. North... Jan. 31 Feb. 26 l>ec. 21 Apr. the range since Jan, i, have been as follows: A mi T 19^4 I'oi.. .Tan. ffabash was most conspicuous, selling up to 64|. , Quotations , Total . Balances—-, Total transactions of the week in leading stocks were as fol- Open, Low. Uigh. Clos. Clearings. Gold. CurrencncT. Saturday, Fob. 28. ...114 113% 114 113% $41,977,0C0 $2,199,544 $'2,7C0,014 lows : Monday, " -28 ...111 113% 114>. 114 19,456,000 1,236,718 1,409,138 Paul Pacific Lake West'n Chic. & Ohiod! St. Tuesday, " 29. ...Ill 114 114% 114',- 20,210,000 814,917 1,018.218 Mail. Shore. Erie. Miss. St.. Panl. prcf. Union. N'west. Wcdnesday,Mch. 1 ...114% 114% 1H% INH S">,73i,000 1.178,4.30 1.3J«,S80 Feb. M 8,600 75,4(0 5S,-J0J 5,S0O 14,tiiX) 4,2'JO 8,700 2,600 " 1.191,867 l,4tS,8«8 " Thursday, !....114% 114% 111% 114>; 35,0)4.000 K 17.800 70,300 65,1100 10.600 14.900 10,400 s.ioo 2,100 Friday, " 3 ...114% 111% 115 114% 46,543,000 981,870 1,113,381 „" 80 21,600 5,5,700 t8,?00 4,000 8,900 s.roo 6,800 3,eoo ^_^ MA. 1 65.600 3J,600 97,500 6,200 9,00'J 13,200 8,400 2,600 114 1137^115 114% $189,962,000 •;»•:••• " Current week $ « S4,700 3i,200 (.4,8>X) 3,400 21,200 2,000 1,.300 1,300 Previous week. 113% 113% 114% 114 161,431,000 900,826 1,036,781 ' » 5S.700 73,700 7.1,300 7,700 7,901 3,900 10,500 2,10,1 Jan.ltodate 113 112% 115 114% tolerably strong Total 201,0% 339,900 418,500 3S,«00 76,500 38,'200 44,800 13,700 ForelcD Exctaango —Exchange has been 153,992:82,741 rates. Wholestock. . .200.000 494,665 337,871 149,'J30 780,C00 300.000 until to-day, when there was a decided weakening in On point The total number of shares of stock outstanding is given in Thursday, the leading drawers advanced their rates ^ on respectively, the last line, for the purpose of comparison. sterling, to 4,86J and 4,90i on long and short bills previous The daily highest and lowest prices hjve been as follows: but to-day the advance was lost, and prices returned to : r . : : . 228 THE CHRONICLE. [March 4, 1876. I: figures. On actual business there was even a larger difference, Hostou lianks.—Below we fflve a statement of the boston and in the afternoon bills could he purchaaed nearly 1 point National Banks, as returned to the Clearing House on Monday, better than in the morning. Feb. 28, 1876 Quotations are as follows : Banks Capital Loans. Specie. L.T. Notes. Deposits. »7SU,(;U0 »1.5;4.rj0 12.1 0(1 t425,40iO , -Mch. 3. , Atlantic » »3'.,lkl0 eo days. 3 days. Atlai 1,500,000 2.175.700 31.700 77.700 1.081.100 2,COO,0U0 9.100 294,700 2.065.9(0 Prime bankers' 8terliiie 4.855i®4.S6 4.81}4®4 90 Blacistono 1.174.5(0 Boston 1,000.000 2,2I2.';0(' e.gou 124,600 9'.0.'31lO Good bankers' and prime commercial 4,85"4®l 86 , 4.885,(%4.89Ji liOTlstou 700,000 l,S33,HO 5,2(10 6i.aO 6*9.1)00 ' Qood ooinraercial 4.8'i)[email protected] 4.87 @4.88 Broadway 200,000 396,(00 .... 13.000 12J.0O0 Documentary commercial 4.8S @t.84 4.86>[email protected] Central M»l,00fl 920. 100 41,700 3:i6.400 Paris (fnmcs) 5.17X@.^ HJf [email protected] Columbian 1,000,000 2 781.700 2,8(0 63,300 1.02;,900 1,0(K1,0<10 2,109,500 OO.HO 750,300 Antwerp (francs) , B.ni4®5.H;{ 5 11",'@5.11% Continental 2 69,000 94,^00 . Swiss (franca) B.ni« 4, ; io.'jit) .51I2.71»I Union 1,500.000 492 .(Hlu 2.1' 13,300 Commercial 810,000 2,381000 21.000 695.000 1,713.000 f-,1 America 3,000,000 8.714,20'J 1,46 ..2.<; 2.143.100 7.741,400 'ii2^ .Hechanios' 800,000 1.606.11(0 25.PfiO 316,000 1.318.1.1.0 Phoanlx 1,800,000 3,n3,9W 6 P,70O 62,i.lU0 3,Mi9,9U0 435.000 Bank N. Liberties. 500,000 2,807,000 6.600 5.8.000 2.304.0(Ki City 1,000,000 5,;66.5O0 1.VI..00O 2,15j,000 5,961,700 Southwark 250,000 1.8ES.613 3,a63 52«,513 1.341,5 6 2(4 Tradesmen's 1,000,000 3,22.1.600 2SI.6 19S.;00 1.7i2,600 Kenslnston 250,0(0 1.021.705 176.00.0 639.11-2 211 Fulton 600,000 l,741,'.00 13.',20O 40S7JO 1,233,900 Penn 300,000 l,3n.:0() I'ooO 275.3-20 913.700 Chemical 300,000 8.3'.'J,400 41i,I00 i.65i,«ai 7377,800 Western 100,000 2,011.116 72,603 572,414 2.139.619 Merchants' Exch .... 1,000,000 3,f02,6i)0 iiai.sco 494 .600 3,205.9'JO 442,700 Manufacturers' 1,000.000 2.651,0(K) 42l.('0O !.n:4.(K0 Gallatin, National., 1,51)0,000 3,i.2 /,iOO 270.100 .3^3,000 S.00;,700 4JS,900 Bankof Commerce 250.000 80H.-Jbl 2.831 213.602 661.292 Butchers'&Drovers' 800,000 1.7'.0, (10 52,' (.10 S.-<4.(W 1,3 3,000 145.000 Qlrard 1,000.000 3,787.00(1 16 1)00 1.215.0(0 3.170.00(1 Mechanlcs&Traders 600,000 ^'t^-tKI 10,sO0 269,200 1,116,3(10 195,700 Tradesmen's 200,000 1.479.000 27,000 39-.'.0(10 '.168,0(10 Greenwich 200,000 TSJ.eo-.i 9(1.300 761,300 2,700 Oonsoddatlon 300,000 1.168.735 10,500 179.970 725.340 LeatlierManuf 600,000 3,o;js,7io 5i6, 00 2i0.8U0 2.652,300 242,500 City 400,000 1,540.796 313,627 I.Olll.l'JS ;'.i!l.300 Seventh 5Vard 300,000 rt 1,400 192.600 871,600 80.100 Commonwealth.... 260,000 7110.000 13,-.,0CO 300,0*1(1 Stateof N.York.. 2,000,000 S,9I8,S00 S3),l«IO £35.200 2.0.8,100 249.100 Corn Exchange — 500,000 1. 313.000 1,997 611.000 1,32-1 nt:tl blzch'f^e. 5,000,000 n,ao..(oc 7IS.OO0 2 5;0,IK)(I 8,01(1,00)0 American 405,000 Union 500.000 1.4i8.0OO 5,1410 152.000 i.iiiiiooo iS.SSi.lLK) I.IM.IOO 2,OM,300 Commerce 10,000,000 7,160.300 2,936,000 First 1.000,000 4,416.001. 21,000 1.291,000 4.2.12,0(0 4.621,-00 7J,.00 Broadway 1,000,000 t9I,9O0 3.1 OS.iOO 896,000 Third 300,000 937.000 313,000 3'25.0lO Mercantile 1.000,000 3,571,7(0 199,'CO 625.300 3,473.700 225,000 Sixth 150,000 .162.000 121.000 117.000 1,8S3,:00 Pacific 422,700 11,700 5.:o,ioo 1,841,700 Soventn 250,000 066,000 172.000 517.1)00 Bepnbllc 2,000,000 s.;;5.iai 513,100 305,300 ;, 825,900 450,Cil"lC Elehth 275.0C0 1,016,|X)0 271,000 326.000 450,000 3,l.il,600 193,500 7:«,.-oo 3,2118,300 Chatham 272,9)0 Central 750,000 4.653.000 902.000 4.!I«,(H10 People's 412.5(Hi 1,:U5,5(K1 lUO 3J.',2l10 1,207,100 5,506 Bankof Republic.. 1 000,t()0 2.196,0/)0 45.1,1X10 978.000 Korlh America 1.000,0110 2,.'iS5.(10C 104,000 2,117,000 31X0 250,0111 679,000 91.1100 313.000 llO.l.'l Hanover 1.000.000 3.576,300 97,200 7 9.2l« 3,137,100 280^66 Centennial 180,000 232,uU(l 43,000 121.000 Irving 5PO,00(I 2.1'.8.0(.:(i 2'3,(00 302,000 2,110.000 112,600 Metropolitan I,O00.fOt' 12.633.000 l,D68,ni«. 1 .4,59.000 5,9<>(,i00 423,000 Total... $l«.3!5,0O0 t53.549 308 1738.46-J »t5.6j2,146 t43,l''33.577 I10.5J2.657 Citizens SOCOiU 1,69 .,100 IC.-'vOO asa.aoo 1.754,5(1(1 130,300 Nassau 1,OW,OCC 2.2:)5.^U1 55,200 42J,3H) 2.3ol,2.0 3,900 Tnedeviationsfrom the returnsot previous weekare as foijnw: Market 1,000.010 2.67O.»U0 123.(\0 723WC 2,0.'i2,8l)0 19!,2»U Loans Inc. H7.ti6 i Deposits Inc. <.i29;8«i 2.«3.:i00 8t. Nicholas 1, 000.00 6t, (0 211,000 1,020,61 u 614,100 Specie Inc. 36.530 I Circulation De. 2.19= Bboeand Leather., 1,000.100 4,3iO,4oo 76,;ini 7.i2,500 3,311.(00 716,300 Leea (Tender Notes ,. . .Inc. 129,5711 CornExehange 1,100,000 2.631.BO 1 139.600 48;),i;oo 1.417.400 4,800 The following are tbe totals for a series of weekti past : Continental l,500,()i:c 4.115.100 216,30(1 593.(100 3.341.000 ;6.',800 Date. Loans. Specie. Legari'endPr. Den.t.*it8. Clrnilatl'-r Oriental 300,000 '..Jl^.^Hl 5.100 15S.40O 1,150.300 4.01W Feb. 7 58,234,509 893,123 16.n-;3,«S9 48,9,-0,572 10.5'4.Srt Marine 400,000 1,311,100 85.0(10 480,000 1.1»,")3,800 149,900 Feh. 14 55,218,737 199,980 16,020,026 43,13).49l in^W.SH Importers'^ Trad'ra 1,500,000 17,;01,900 E02..00 4,538,200 19,169,600 478,^00 Feb. 21 53.53-^,412 701,8.2 15,5111,575 47,501,313 10,1'21.«; Park 2,000,000 14,019.700 l,9.y!,300 2,l»il,700 15,417.800 60,(00 Feb.28 58.519,8 8 733,432 15,652,116 4=,033,577 10.522.©7 Mech. Bank'g Asso 500,000 990.1U0 5 ',700 156,100 750.(00 305,2iJ0 Srecers' 300,000 624.3(10 29,H00 163,3ai 590,3110 North Elver :,iioo,ooo 154,100 14,200 191,200 8(8.800 Bast River 350,000 8i,'',f00 ll.',800 14i,400 620,700 •.91,200 QUOTATIONS IN BOSTON. Manufact're'& Mer. 300.000 555.900 8.SO0 170.300 636,200 Fourth National 5,000,00(1 :«,7J9,2O0 6.'7,100 2,S99,S00 13.752,6(10 1,0,17.500 &SGURITIXS. tJh!. Ask. SKCCKITmS. Bid. Auk- Central National... 2,000,000 7,693.000 51,W)0 2,034,000 7,126,000 1,806,000 Second National !,?5,l (0 300,000 1,616.000 I.i7.ai0 1,764,(00 iSOSXUM. Vermont & .Mass., IstM. «,'83. 100 Ninth National. ... i,500,ro( 5,S93,10« 144.600 :,209,9!0 5,T2l.l00 89.900 STOCKS. First National 500,(03 1,213.500 56<.000 304,6(0 6.188,300 45,000 Boston & Albany Stock 138 K Third National 108X 1,000,000 7,(09.800 998,200 1,1.'6,800 a,(76.;ao 49.40il Boston A Lowell stock foi 51 N.Y.Natlonal Kxch. 2.S00 239,H09 265,510 500,000 1,137,200 917.200 Ma'tsachnsettp *s, Qolfl Boston & Maine )fV HO Tenth National 1,000,000 1.135.200 219.7(10 129.500 7il.30O 449.9 '0 14S Bowery National... do 58, Gold 250,000 1,237.0(0 2,300 27i.0[l0 1,1111.000 219.0(10 Burlinciton & Mo. In Nebraska 39), SiV New York Co. Nat. mn 200,000 1.012,000 S(«.('l 1.113.000 1S0.009 do 5«,*f0M liiii! Cheshire pr.'.terred German American. 1,000,000 2.817,500 3S4.3i:0 275,700 2,878,500 Uhl*;ni March 4, 18/6.] THE CHRONh 1^ 229 GENERAL QUOTATIONS OF STOCKS AND BONDS IN NEW YORK. Stocks arc quoted on a premout page. Price* represent the per eent value, tehatever the par may be IT. 8. Bonds ana active Railroad nmtsiTixs. Bid. Art. •SOCBITK*. Bid. Aak. •sotiKmai. « 230 THE CHRONICLE. [March 4, 1876. - NEW YORK LOCAL SECURITIES. Bank Stock List. Insurance Stock LUt. (Quotations by K. B. Bailxv, broker, 65 Wall street.) Coiiputns. Cai-ital, DlVIDBNDB. PBIOI. Muked tbui NXTbcn l>lVIt>BNDB, Pkioi. (•) are Capital. PX.US, notNatlODkl. Par Amount, 'erlod^. 1S74 lS-,5 COMrANIXS. Par Amount. Jaw. 1, 18T2 IS73 1871 ISTT. Last Paid. Bid. Askd 1876.* Ameiiot' S.OOO.IXH) .].& J. 10 10 lao.S,'v.. J Amerlcta Exohacge. '76. S.CKXI,U0O M.&N. 8 8 Nov, 1. Tl...* Adriatic 2(XI.0OO 3j,6l'6 3X Jan.. .5 Bowery J. ft.I. 12 12 Ian. 8. '7ii..C iEtna 200,000 62,530 lan'78.l2S Broadway l,oou,;ioo .I.*J. 21 21 IttJ.S, 7«..1» American 400.000 S:0,618 Jan., '76.1 165 Bull'i Head' MSfiOO M. ft S. 10 Sept. I. •76..! American Exch'e 200,000 PS,0«l Jan. ,'76. .5 112 Batchers * DroTert suo.uvo .I.ftJ. io 10 Jan. 3, 76.. .6 Jan. ,'78. .4 Amlly.. , 2(«),0(X1 :3,«8 Oentral Ian. J.WIU.OUO J.&J. 4 8 a,''S...-! Arctic 2(X'.000 l.l,96ii Ian., '79. .5 Ohatham ii-n.S. 8...; ,'78. .6 450,000 J.*J. 10 IJ Atlantic 200.000 l.''3,05 Jan. ''7«..'2: ,'75. 15 Ohemlotl sao,uoo ev.2m0B ill 100 J(in.2 Bowery 8(«,0(X) Dec. CItlieu' Ian. '76... 4 soo.ooo J. ft J. 10 9 8, Brewers' ft M'Isl're 200.0(10 '^6.141 . l.,'76..! 100 City 1,''16...' ,'10. 1,000,000 Q-F 20 20 Ktb. Broaiway 200,000 301,995 Feb. 10 22.) Commeroa 10,000.000 .J. ft J. il 8 ;iir.. 10. 76 3S Brooklyn 163,000 289,167 Jan., '78.20 Continental Jan. 5. '76... ,'76.. 1,500,000 J. 4 J. 4 8 Citizens' .'!00,(XXI 3( 6.880 Jan. 10 200 Corn Bxohanm*.... l.OuUOOO F.&A. 10 10 Keb. 1, •;6...s City 210,000 217.349 Keb., '76.1(1 US Currency '74... '76. '.0 100,000 J. ft.I. H July I, Clinton 250,(XX) 192,'247 .Ian., gry Ooo'tU* ,'7«.2), "" 1,000,000 J.ftJ. 3 Jan. 10, Columbia 3(X1,«X1 S9,;^4 Jiin.,'76..f o5 .."!!'.!".!!!! KaatUlTeraat 8 , '18... •78.. 860,000 J.&J. 8 Jan 3, Commerce Fire.... 2(»).(XX) .3.-.,8J0 Ian., 65 Bleranth ,1, '76. Ward' MO.WO J. ft J. 7 7 Ian. .t Commercial 200,IXX) iC»,315 Jan.. '76.11 111 FIftli '76.5.60 150,000 IJ—J. II 'h Julyl, W.2>i Contlncutal 1,(XX1,(XX1 6iXi,222 Jan. l'i7X Fiah '75.15 Avenue' iwjcm Kagle 8(X1,0(X1 5.0,0t.9 Oct., 8(0 Flret Jaiy'l'."7R.'.'..3 200 76 .7 soo.ooo y-j. 14 "i" KmplreClty 2(XI,(XXI 141,658 Ian., ronrth g 000,000 J.ftJ. 8 s Jan a, ';6...4 85K Emporium 'iOO,H SO,4S5 .Ian., '76.. Vulton l.'O iO 500.000 M.&N. 112-8 10 Nov. l,'7S.,-5 KxctianHC 2(XI.010 181,812 Jan.,'76 «allatln H wet. '75.. 128 185 1 500,000 A.ftO. 8 9, Farragut 2(XI,(X'0 146,060 ,tan.,'76.7X German 75 '76.. American',. 1000,000 F.ftA. 8 Feb.l,'7I...S "v Firemen's 201,00(1 110,150 Jan., 1S5 German Bxchange*... M.ooo M.ftN. 7 May I, '74..." Flrcmen'sFund 150.000 83,563 Jan ,'76.. 90 Bermanla* 200,000 M.ftN. 10 H May, i'75...i Trust... Jan., '76.. Greenwich' Firemen's iso.axi W'fiiV 200,000 M.ftN. 20 100 Dec. 1,^75...80 Oebbard '«),000 21,326 F. b.,'76..5 Grand Central" 100,000 M.ftN. 108 "97 German-American 1,(»10,(XX1 609,106 J»n.,'76..5 Grocere' Jan.S, "76.. .4 '78.1? 1.55 800,000 J.ftJ. 10 10 Oermanla r Nassau* lli,'75..4 '76. I 1,000,000 M.&N. 8 8 Nov. Manhaltan 2r.(l.(XKI 282,li5 14 Jan., . New York 8,000,000 J.&J. 10 10 Jan. 8, 'i6..,5 131 Mech.&'i'rad'rs' 320,899 20 Jan., '76.'* fork 200,0(X1 Hew County....' 200,000 J.&J. 18 114 Julyl,'7.«...7 MechujilC8'(Bkijn) l.'KI.OOO 111,391 10 Jan., "16.10 N Y.Nat. Exchange.. 500,(X)0 J.&J. IK Jon. 3, *i«.3S Mercantile axi.ooo 63,503 10 Jan. ,'76.. g.Y. Gold Exchange' 600,000 J.&J. May, '73... Merrlianta', 200,(10(1 18J,'216 iO Jan., '76.1(1 199 Ninth 8. l.BflO.OTO J.ftJ. 8 4 .(an. '76.. 8 m Metropoiitftu 3(X),(100 2.1,865 10 jnn..'7S..5 70 North America'.. 8. 170 1,000.000 J. A J. H 8 Jan. '76 8X Montauk (B'klyn). 2('0,(K10 132,017 ao J«n., '76.10 ' North Klvet' 400,000 J,& J. 7 JnlyI,'74.3X Nassau (B'klyn).. •Miim 215,859 20 Jan., 78. Oriental* 800,000 J.&J. la 12 Ian. 3. '71... iio" National 200,(XX1 US.lBi 12 Jnn.,'76..R 182 Paolflc* vlO 42^.700 Q-F. 12 12 Fi Nlacara MXl.dOO 457,'258 10 Jan. ,'16. .5 in" Produce* ' 260,000 Ju1ylS,'74.Sk Novth I'.lver 35(1,000 137,1 1:'4 13 Oct., "75.. Republic 85" 2,000,000 F.&A. 8 4 Fob. S, '75.4 Paciflc 'AXI.IXXI 898,6,-ir, SO J»n ,'76.10 m St. Nicholas 1,000,000 F.&/.. B 8 Feb. 14 '76 .4 '21X1,(100 176,2i» 20 Jan., '76.10 Seventh I'ark Ward 300,000 J.&. . 8 6 .lulyl.';B...S Peter Cooper. ... l.'iO.OIXl 225,567 20 Jan. ,'76.10 m Second 170 800.000 J. &, . 12 11 Ian. 3. '76... People's 150,000 141,0111 .Ian., 76.10 Shoe 140 and Leather 1,000,000 J.&J. 12 12 Jai. 3,'7»...6 I'lic.nU (li'klvn) .. 785,6r-9 15 Jai..,"76.r.i Sixth 1,000,000 200.000 J.&J. S S July 1, '76... Produce Kxchangr .11(1.1 (XI 21,-. 01 Jan., '16.. 100 State of New York... 2,000,000 M.&N. 8 8 N'OV.10,':5.. 4 l!clii-r 2(X),IXX) 71,aia 10 Jan., '78. 5 1(0 Tenth 100 1,000,000 J.&J. 2X .lnn.2'7l.2)ig Republic S00.0(X1 85,94S 10 Jan., '76.. Third .: 1,000,000 J.&J. a 8 .Ibu. 3.'76-. 4 Hlugcwood •iOO.COO f3,6f0 II Jan.,'76. .6 Tradesmen's 1,000,000 J.&J. 10 II Jan. 3,'76...6 Ilesnlute 200,000 23,1175 10 Jan., '76. 6 90 Union,., 1,.'500,1X10 M.&N. 10 10 Nov. 1,';5..5, 116 ^ Untgers' 2(«l,(l00 221.988 •iO Feb., '76.15 West Side* 8 .lao. l.'7-i..4l ,'76.7)4 iss" 200,000 J.&J. 8 ( Pnlotuard 200,01X1 Ii'6..316 nu Jan. St.NlcliolBS 2IX),00O 49,945 10 Keb., '78.. ' Gas and CItr R.It. Stocks anil Bond*. St.indarrt •200.(X» 151,181 II 6 Jan. ,'76.9.6 120 [tjuotatlons by Charles Otis. Broker. 47 Exchange Place.l Sta 200,000 i:5,-J41 UK Jnn.,'76.7X Sterling 21X1.000 114,153 10 Feb ,'76. .5 Gas Coufakixs. Stnyvcsant 20(1,000 176,015 20 Jan., '76.10 Par Amount. Periods. ^ Last Tradesmen's 150,1X10 189,878 20 Jan., '76.15 Q diviuend. United States .. 250,0(10 261,511 16 Jan , '76.. Wfstchester sixi.mxi lB0.»t6 10 Feb.. '16. Brooklyn Gas Light Co '16 25 2,000,000 t).-F. Jan., WHlinmshnrgOlly. 250.000 3T4.:06 20 Jan., "76.10 Citizens' Gas Co (Bklyn 20 1.200,000 (J-J. Jan., -fi „ do certlilcates 320.000 A.&0. Oct., '15. Over all liabilities. Including re-'.osnranco, capital and pro&t scrip, Harlem 1,8M,000 F.&A. \i)g., '7.1. Jersey City & lloboken 386,000 J.&J. .Ian.. '16. c:ty Sccnritles. Manhattan 4,000,000 J.&J. Inn.. '!8. Metropolitan 2,f,00,IXI0 M . ft S. Sept 20,'76 [Quotations by Daniel A. Moban, Broker, 40 Wall Street.] do certlilcates 1.(TO.000 M. ft S do b, nis 500,000 J.ftJ. 7 M'ltual.K. Y '16 5 000.000 Jan., 110 INTERXBT. Nassau, Brooklyn 1,(X)0.000 J an., '76 lOll do scrip 700,000 M.&N. 7 liate. Months Payable. New York 4,0(XI,00O M.&N. Jan.. '78. People's (Brooklyn) 1,000,000 J. & J. ••i'x Jan., 7'i yew York: do do bonds 6i5,000 F.&A. Westchester County Water stock 1811-63. Feb., May A-jg.& Nov. 1877-80 ICO . 466,000 11154-57. do do 101 102 (Certlilcates do 1877-79 53,000 Crotonwaterstock.. 184 5-51. do do 1890 96 97 Bonds 21,i<10 J. ft J. do do ..lS5'2-60. do do 1883-90 ll'2>« 105 Williamsburg 8 '76 90 1,000,000 J.ftJ. Jan., Croton Aqued'ct stock. 1865. do do 18S1-1911 102S 109 'lo scrip. J. 1000,000 J.* 7 do pipes and mains May & November. 188I-1»(K1 ;09 115 Jf^aecker Jit, it. i<'uttonj''efrt/--iiiock 101' 900.(XI0 do resnrvoir bonds P'eb.,May Aug.& Nov. 1907-11 109 Ist niurtgngc 00(1 694,000 J. & J. Central Park bonds. .1853-57. do do 1877-98 96 97 Brondwau it Seventh. 4i;e—stock. 100 ,100,000 J.* J. Jan., 16 do do ..1853-65. do do IS77-95 KKI 105 lilt inor t KUKC loa' ,500,000 J.&l). 1884 Dock bonds 1870. May & November. 1901 114 115 Bfonlli/n c/ili/—Block :i' ,(XX).000 Q-F. Kov..'15 do 1575. 1905 WiK 103 iiiortKiicft 102 ut ioo;j 300.000 M.&N. 18T2 Fioallng debt stock. . . . 1860. Feb. , May, Aug.& Nov. 1878 101 113 Brnndwaij I /trooklt/7l}-~sior.k 100 2(X1,0(!0 J.&J. Jan. ,76 M»rket«tock 1865-68. May & Novi"iibcr., 1891-97 112 Bt'ooklyn it //«H(er'8i^—stock... :oo 40".IXX) Oit.,'15 Boidiers'nid fund 1863. do do 1876 ':oi 102 Ut iiiortk'aRC bomls 1000 31X1,000 J.ftJ. 1838 Imoroveincnt stock 1S09 do do 1889 WiH 103 Menu-Ill I'k. N. it K. i?(ti«r—stock IIXI ,81 0,000 do (.0 ....1B69. do do 1879-90 1(5 114 'St inortpiRe 10(10 ,'J(iO.OUO F.&A. Consoli.intpd bonds var. do do 1901 111 119 CkrMnpher it 7en 1ft S(rc«—stock t;n 000 Strt-ct imp. stock' var. do do 1888 ll'2>i 105 Utnei/lxtitnti it /Jj-ooJt'H— ist inorl iiioo 8(I7,0(X) J. & J. 1877 do do var. do do 1879-82 1(41. ws Vru Dock, K, li. (t «(ill«r(r—stock 100 ,'«0.000 Q-F. Kov.,'75 Nfw Consolidated 8g 1896 1:3 114 IfltmortSftgi', cons'd 900.000 J.&D Wcrttcheator County 1691 106 107 high th 4 D«rtw(j—stock 166 ,0(X),(XX) J . & .1 Jan.,'76 Jersey Uitv: iBt niortmiKC 1000 203,0(X) J.&J. Walcrloan 1852-67. January & July. 1877 95 ilikst. it (Inintl St /erry—stock.. IIX' 718,0(XI M.&N. Nov., '75 do long 18115 96 97 1869-71 101 106 Ist niortcrtge , 1000 236,000 A.&O. 1873 do January ft' July. 1899-1902 100 1(1 Central Ctohh Town- stock 100 5(»,000 Sewcrape boii da 1866-69. do 1 do 1876-79 1st mortgage UHXi 'J00,000 yi.Rpeasment bonds... 1810-71. Jan., May, July & Nov. 1876-91 100 105 iltnth Avenue- .^iQclt !00 797,3,'0 liiilirov(?m«nt bonds 1S05 106 1(17 1st niortgiige KXXI ',07.000 J. & J. Bergen bonds 1S68-69. January and JulJ'. 1576-1900 102 lOSH Secnn.l Avfniie.—iiock 10 „!M,SO0 Q.-F. Jan., 76 iBl iniirt^tiKC 1001 3SO,000 .r. & I). is'rt /?rooH//M- [Quotations by N, BKSBS.Jr., Broker, 2X Wall St.] 2dtnurtgAge 10 (I 21X1,000 F.&A. 1876 Local Imnrovcment— .Id mortcatre lOPO l.'in,(XXI A.&O. 1885 Cltv bonds January & J uly, 1876-80 1(1 104 Co"s. Convortllile IIHXI 617,100 M.&N. 18S8 do do do 1881-95 t05X ir9 Stxih Affeniie- stock 101' 75(l,0OC M.&N. N(>v.,'75 240 Park bonds do do 191.5-21 113 115 1st mortgage 10(10 115,(XX) J.&J. l,i90 100 Water lonn bonds do do 1903 I14S I17X 115 tiiird yt neii 'IS—stock KX' l,(H«),l«XI March 4, 1876.] THE CHRONICLE. 231 the bonds of the Burlington & Mlfsourl Hirer lUlIrokd Compasv was »aT,a8i,of» 3nt)e0tment0 This has hcoB Increawid daring tbo year by tale cf C. B. A AND a 7 per cent of l')Oa tlMjlM By ralo of C. B. & (i. plain 5 nor cent of 18*3 4a,M0 STATE, CITY AND COEPOBATION FINANCES. By convoriiou or fractloDil rlgbti 1,800 The " InveBtorg' SupplemeDt" Ib published on the last Saturday Bub«criberB of the of each month, and furnished to all regular tt8,l70,8T> CURONICLB. No single copies of the Supplement are Bold at the LossB. AM. n. bonds eonrortcd Inl* stock 87n,l>00 Less bonda purchased fnrC. B. & Q. sinking fund 1*,000 regular office, as only » Bufflclent number is printed to supply Loss northern cross scrip |)alcl ^'•59? Lcsi purchased U. & M. land grant sinking fund 14,800 BubscrlberB. Loss purcliaiod branch bouda 00 trafflc coolracts .. 11,000 S8t, ANNUAL REPORTS. Qlvlngamountpf bonds OttUtandIng on Slst nit $Z7,e3t,i7f It will be obBerved that In the exchange of 7 per cent bonds of Chicago Bnrliiierton & ({iiincy. 1003 for the 8 per cent branch bonds, there Is a saving of 1 pet cent Interest account. (For the year ending December 31, ISTl). on The bonded indebtedness of the Barlington & Mlssonrl Rlrer annual election of dlrectora was lieUl in ClilcajT", "n the The Road at the end of the year, Included In the above Btatement, wis ult. The result wag as follows: John M. Forbes, Hoston, 2.'1J $0,017,850, of which $1,3.)7,150 are convertible. The balanca Banlett, Boston, Mass.; John W. Brooks, Boston, Mas?.; Sidney constitutes the so-called [land grant ^mortgage. The former are Cliarles J. Paine, Boston, Mass.; T. JelTerson (looiidge, Mass.; being rapidly converted into stock, and it is expected all will bo Mass.; John N. A. Griswold, Newport, K. I,; Wm. J. Boston, in at an early day. This done, the only remaining indebtedness of Botch, New Bedford, Mnss.; Peter Ocddcs, (Ihieajfo, III.; J. M. tlie Burlington & Missouri River Railroad Company will be the Walker, Cliicago, III.; Uobert Harris, Chicago, 111.; Charles E. latter, amounting to $4,000,200. The sinking fund created by the Burlington, Iowa. Perkins, proceeds of the land grant, now estimated at $4,489,897 20, with The annual report of the President, Mr. J. M. Walker, has the its accumulations, will nearly retire the whole remaining Issue of following: tliese bonds, thus leaving tlial company practically free of debt. The gross earnings and expenditureB for the year end.ng on the Your company is without floating indebtedness. 31st ult , have been as follows llRANCnKS AND NEW CONSTRUCTION. FromfrclKht 88,50! f, 17 From paPBcn^ers 3,ft77,1Uv * * * It was deemed advisable to render such assistanoe to From III Isccllaiieouii 'JT'!!?} the Albia Knoxvllie & Des Moines Railroad Company—the con- From liUercst ttud exchange oa.flri struction of whoso road, undertaken some years since, was then ToHl jTviiMM well under way—as would enable that company to build its road and tmni- From which deduct opcratlni; cxpeneos, iocludinj; taxos from Albia to Knoxville, the coun'.y seat of Marion County. This fer oOlco cxiionsos 0,480,123 road was completed and leased perpetually to the C. B. & Q., In Leaving net earnings for (he year $5,3 l,a;i,S which lease the rent reserved is equal to the annual interest on the Inlerest accrued or paid on bonds during the year *,014,10» bonds of $403,090, issued by the A. K. & D. M. Companv, which bonis were taken Ijy the C. B. & Q. Company at 85 and deposited Leavinji a balance of $3,31t>,^3II 83,CR%iV)5 Trust Company as security for the $483,- Out of which have been paid dividends No«. S» and 30.. . with the Now England Rent of traclCB and dcpats 88,5!1 COO of 5 per cent, plain bonds, issutd by the latter. Amount transferred to sinking fund In 1875 r,»,81)7 of December last a preliminary contract was made S,930,!)3l On the Clh with the yulncy Alton & St. Louis Railway Company and others Leaving net furphis earnings for the year t115,59'l for the perpetual lease of the road of that company. The road is 3,945,99j To which add surplus at comraciicenient about forty-six miles in length, and extends fromtjuincy to Louis- ft to Ilaonibal, along the rich bottom lands on And thero stands to the credit of Income account $4,'.«1,.'SS1 iana, with branch Amount credited to ^lnliiug fund taken from earnings 1,SW,741 the east bank of the Mississippi. Sliauld this contract be carried to execution in the ensuing jear, and the lease made, the rent to this, added to Income credits, makes the amonnt of enrplns And will be based upon the gross earnings, appropriating such earnings 85,T>6,.-)8« be paid percentage thereof to the payment of rent as will insure this from earnings and embracing In addition to this surplus derived company against loss, but wiih the riglit at any time within five were, as will appear by reference to the items above stated, there years to turn the same into the form of fixed rental not exceeding in the Burlington Missonri the Treasurer's report, |81(),02.'5 83 & $12,000 per annum—being at the rate of about $013 per mile. sinking fund, derived from sale of lands, whlcli River land grant It was with great reluctance that your directors consented to Bivor Hiiilrond Uud grant goes to pay the Burlington & Miesouri take in Iiand these two roads. It was nofln accord wiLli their obligRlions of this company, mortgage bonds, now a part of the general jjurpose. The true policy of the company undoubtedly and local aid and |34G,(i05 00 standing to credit of profit and loss sheuid bo against extensions or additional branches, and this will been applied to construction account, the larger part of which has be adhered to so long aa may be without serious detriment to the 1a Iowa—making total of surjdus $0,888,543 83. property. But in those cases the circumstances seemed impera- were 55 03 100 per cent, including Operating expenses for 1874 tive; not to have taken them up would seemed to have been a cent. taxes. For 1875 they were 51 53 100 per failure properly to execute the trust reposed in them. CAPITAL STOCK. TIlANSrOHTATION. ', Quinoy Uailroad Th» c&pltal stock of the C!hicago Burlington & The amount of freight moved during the year, exclusive of last report, was |19,898,910. Company proper, at the date of the Illinois Central, done under special contract with that company, by one share issued (or It has been increased during the year ('hicago Dubuque & Minnc:otaand company freight, was 2,390,933 l)y 02,011 shares issued in ex- fractional riehts couaolidatod, and tons, as against 2,420,<138 tons in 1874, a decrease of 2:!, 695 tons. transferred change for Burlington* Missouri Hiver Railroad stock, Of the above amount, 710,701 tons were received fromand deliver- to J. N. A. Griswold and J. M. Walker, trustees, for tlie purpose.s and 834,657 ed to Western connections ; 383,134 tons were eastward subsequently stated. tons westward bound, making local freight east wardani westward • Making the total of C. n. & Q. stock $25,100,110 00 1,680,142 tons. Total amount of B. A M. U. stoclc.i $7,e^S,8.SJ 51 The average earnings per ton per mile upon freight have been Amount of htnck IrnuHferred to Irnsteea ^, 201, 150 00 i against 900-1000 cents in the ToUl U. & M. stock outstundlng 2,418,73* 51 at the rate of 1 9 5-1000 cents as 1 previous year. The total number of i)assengor8 carried, exclusive outstanding on the Slat trtt.. t87,511,84J 61 Making aggregate amonnt of stock of mileage and season tickets, has been 2,019,184 as against 1,830,- In explanation of changes in the capital stock above stated, 433 in 1874, with an average mileage of 40 43-100 to each passen- attention is called to the provisions of the lease of theBurling- ger. The average rate per mi'e, exclusive of mileage and season ton & Missouri River Road to this company of the date of Dec. 31, tickets, was 2 79-100 cents aa against 3 0-1,000 cents in the 1872, in which it was provided that such legislation should be previous year. obtained as might bo deemed necessary to authorize a complete L\Nn DEPAUTMENT. union of tlie stock and property of the two companies. This has At the date of the last reoort there Mmalned of unsold land, as been had. That for Illinois took ed'ect on the iirst day of July near as could then be estimated, 103,631.20 acres. In view of last. On the Ist of August, in closing up the purchase, a convey- this comparatively small 232 THE CHRONICLE. [Match 4, 1876. sum of $10,151 30. The decrease in paaaenger receipts is con- Name of Road. Earnings. Expenses. Profit. West Jersey and Cape fined quite entirely to tlie throutrh traffic, and the same result is May and Mill- ville Railroad" $613,586 40 $-S30,498 10 $283,065 noticeable in the decrease of revenue wliich will be found in the 80 Swedesbsro Railroad 19,187 00 12,039 29 7,147 71 tonnage tralBc. Indeed, t'le revenue fr.im local or way tonnaee Salem Railroad 27,024 21 23,972 34 3,051 87 for the past year is greater by the sum of $15,617 52 tlian for the Total , $659,797 61 $366,509 73 $293,287 88 previous year, while the receipts for through tonnage are , Add income from investments 41,364 41 $85,349 84 less." Total The expenses of the transportation department were |544.869 22, net Income from all sources $334,652 30 From wlilch deduct payments for interest, 238,962 against $543,281 "Si; the train mileage, however, was greater, so Ac 35 that the transportation expenses were 5085 cents per mile, against Net profit over all charges $95,689 95 Sl°22 cents, a decrease of 07 per cent. There was a loss operating Swedesboro Railroad of $12,953 29, The debt of the company was as follows at the close of the last and an actual loss operating Salem Railroad of $10,031 13. two fiscal years, Sept. 30, 1874 and 1875: Compared with the previous year, the following result is 1875. un. shown Funded debt, except State debt $10,573,481 16 tlO,5!ffl,234 S9 Unpaid interest, inclndins Oct. coupons 474,Oa7 H 859,937 34 Gross (&rnlngs, 1875 $059,797 Expenses, 1875 g.366,608 Floatingdebt 1,076,355 J4 98S,619 29 Grors earnings, 1874 623,391 Expenses, 1874 437,691 Totaldebt tl8,183,9:)3 92 $n,88r,h91 62 Increase in gross earn'gs . $36,406 Decrease in expenses $71,181 COBt of property 19,374,408 02 19,nii,715 ."i" Net earnings, 1S75 $298,887 Other assetH 830,970 49 !)34,191 90 Net earninga, 1874 185,700 Debt per mile of road $28,327 $27,773 Cost of property per ml'e 45,2 44,810 Increase in net earnings $107,587 The report says The report says : After providing for and paying all interest, " Daring tlie year, the funded debt, assumed on account of the rentals, ajd other expenses properly chargeable against income, divisions, has been reduced hy the r. tiremeni of $20,000 of first there remains a balance of $05,689 95 as the net income for the mortgage bond.s aud $12,381 83 of registered certficates of the year 1875, which is equiil to a dividend of seven per cent upon Virginia & Tennessee Division, matiiog a total of $32,381 83 of the capital stock of your coiujiany ; and though the cash is now oa past-due obligations taken iu, and for wliich we are entitled to hand in the treasury to more than represent this amaunt, yet the receive from ihe trustees an equal amount of Atlantic Mississippi directors have thought it prudent not to make any distribution of & Ohio bonds. the same among the ahareliolders, but to retain and apply so much " In other respects the funded debt remnins as at the date of our of it as may be required for seme contemplated improvements. last report, except that the amount of funded-interest notes has During the past year there have been no expenditures charged been increased by the sum of $6,028. The floating debtof $1,076,- to capital account, all expenses having been charged to the gene- 355 54, is in excess of t'le amount outstanding at that date by the ral expenses of operating aud maintaining your |)ropertie8. Your sum of $147,836 25." Board takes pleasure in stating that Ihe floating debt of $72,600, The arrangements made with the bondholders in England are as shown in the report of 1874, has been paid off, and the securi- to be submitted to the stockholders after they have been consid- ties held therefor returned to the treasurer. Your company is ered by the board. therefore free from all unfunded indebtedness, and has now President Mahone's report says: "While your temporary $125,000 temporarily Invested upon proper security, until, and as, obligations have been duly met, and the divisional bondholders required for use by the company. have been paid full interest, youremrloyees have fa thfuUy stood to their post, accepting cheerfully such measure of their hard- INVESTMENT VS. earned wagts as the r. duced and insufficient earnings of the road GENERAL NG would allow to be paid them. The results of the year are con- Antliracite Coal Combination. The Engineering Mining trary to the predictions expressed in our last report, which were — & Journal gives a schedule of prices which will rule in the coming then fully justified by the operation of the first three months of of this year, as established by the late combination of the past year, though they are in harmony with the corresponding months all the prominent coal mining corporations aud companies tlie results which have attended the operations of nearly every rail " with 1875. The Journal says : From this it appears that road in the country, except that our loss has been slight in com- same ' contract parison with the large majority of such corporations. consumers,' who before the 1st of April for their supply of coal, can purchase it at a reduction of from 25 to 45 cents per "It may be well to remember that when the panic set in, from ton from contractor's prices last year, and a reduction of 40 to 95 which every industry and every interest has so severely suffered, cents per ton as compared with the prices of 1874. the revenue of the company had attained a suflSciency to meet its " following is a compari?ou of the every demand. Its shortcomings, during the period which has The net prices of coal to consumers during the years 1374 and and those proposed followed, aggregate $610,000, wbile the loss in revenue has been 1875, for 1876. For 1875 we deduct an assumed commission of 15 cents $780,000, round figures. When the country fails to furnish the per ton, the prices for 1874 having been net, aa are also those for business which is needed to produce the revenue necessary to this year. cover its current obligations, a case of necessary forbearance is , . , Steamer. , , . plainly made, and reasonably so when it is remembered that the Lump. — Broken. , —Chestnut. — 1876 1S75. 1874. 1876. 1S75. 1874. 18^6. 187.\ 1874. 1876. 1875. 1874. property at stake cannot be replaced or duplicated for double the March. .$4 vO $5 55 $4 55 $4 :W $5 io f4 65 $4 40 $5 75 $1 75 $1 30 $5 35 $1 35 amount of all its indebtedness, and when it lias given in the past April... 4 20 4 45 4 60 4 30 4 65 4 70 4 40 4 65 4 80 4 :» 4 J5 4 10 such abundant evidence of real ability to meet all the demands May ... 4 25 4 65 4 70 4 ,tt 4 7) 4 80 4 45 4 85 4 90 4 35 4 45 4 60 these impose." June ... 4 30 4 75 4 80 4 40 4 P5 4 90 4 50 4 95 5 00 4 40 4 55 4 60 July... . 4 ;35 4 85 4 95 4 45 4 96 5 05 4 55 5 06 5 15 4 45 4 65 4 75 Hoiisatonic Railroad. August. 4 40 4 85 5 10 4 .50 4 95 5 20 4 KO 5 05 6 30 4 50 4 75 4 90 Sepl.... 4 16 4 :I0 5 2r> 4.55 5 00 5.35 4 65 5 10 5 45 4 55 4 80 5 05 {For the Tear ending September 30, 18T5.) Oct 4 .50 4 90 5 40 4 60 5 00 5 60 4 70 6 10 5 60 4 60 4 80 5 SO Nov.... 4 55 4 90 5 55 4 35 5 00 5 65 4 75 5 10 5 75 4 65 4 89 5 35 The report shows the following : Dec ... 4 GO 4 90 5 65 4 70 5 OO 5 65 4 80 5 10 5 75 4 70 4 SO 6 35 The roadway and equipment have been much improved since " Though we welcome this concession to the urgent needs of 1869, and are now in excellent condition and never before our manufacturing industries, it is not so great as we had expected equalled. it to be, nor. as we believe, the condition of manufacturing and the best interests of the anthracite trade itself demanded." Number of tons freight carried dnring the year 215 707 Number of tons freight cmried during the year one mile !! !l4,o6«'97it Atcliison Topeka & Santa Fe.—The land sales of this company Number of passengers carried during the year 27s'3i8 Number of passengers have Ijeen: For Jan., 1876, 9,739-61 acres for $41,886 16—average carried durii:g i he year one mile '.....'. 6,419|375 sales previous to Jan., acres for Receiptj^. per acre $4 30; 1876, 526,51291 From freight $413 790 77 $3,761,001 83—average per acre $5 24 1-3; Total sales to Feb, 1, From passengers "^'"^^'^^^.V/J'^^':..'"."Z i Frommilk loii-W 01 1876, 536,2o3-52 acres for $2,802,887 98 -average per acre $5 23^. 45 879 '» The land bonds outstanding are $3,374,000. |;™°'«^pr"8 ;::;.".:'..;;:.';;: isioouoo From wharfage i.ii0 is represented by the receiver. Coupou 11 Interest 37,500 00 Interest As to the change of on loans 21 44& 79 Delaware Lacliawanua & Western. — Miscellaneous '....'..".'.'.'.'.[['•".]].'. '34 50-148,383 38 paiigM lately determined on. President Samuel Sloan said to a had Net Tribune reporter that for a considerable time past the directors gain after deducting ail expenses ..; $73 790 79 Paid considering a change of the gpuge, and all the company's dividend January SOth, 1875.. '. .$47 26o'66 been Paid dividend a view July 10th, 1375 ;. asibOO 0«- 70,800 00 recently acquired rolling stock had been constructed with to adapting it to the proposed new gauge. The first step will be Ba'ance $2,9911 79 the axles of the locomotive, passenger, baggage and Add balance at Cr. of profit loss 1874.'.'..'. to change and Sept. 30, ...... 83,315 07 frei^'ht cars. Tliere are about 130 locomotives and 1,200 cars Balance at credit of profit and less Sept. 30, 1S75 $86,:i05 86 which "ill need to be altered. The locomotives will cjuse more troijlilH expense than the a") the difficulty of altering Wast .Jersey Railroad. and cars, will be greater. The shops will begin work on Monday, and after (For the year ending DecenHmrZi, 1875.) they have completed the alterations of the stock, the track will be Receipts and disbursements of the West Jersey Railroad and narrowed in 24 to 48 hours. The total cost will be about $1,250,- leased roads were aa follows 000, and the work will be done in time to enable the company to : : ' March 4. 1876. THE CHIIONICILE 233v^ compete for the Centonnial traffic, as It will have excollont con nectwns) and facilities. Karly in July the trains will .h»^fl^JIl,^"'!r'"'*""*.'*''""'*"''"P'—T''e holder, of a majority of nrobkUlv the first and am through the new tunnel. ^^ second mortgage bonda of th« I..k. »,,\I.tL t Mississippi Railroad of mnLj:tyJ^tl.^^\u:%J^t Erie.—The Erie directors have appointed a committee, consist- ",' "'" """'''"y- " P'oi-o-"^ by a commftt^ of ' Dg of ei-Ooy. K D Morgan, Hugh J. S^lT*'"" Jewett, and Samuel Sloan, *'" '""'""" to confer with the '' """='• "" »'"'- «'»- °'' haglmh committee, and a conference was held th^" CimoZ"/""""'' lately at Mr. i Jewetfs refidence. Messrs. Miller and Fleming presented the Walkin scheme of reorganization for consideration meSoTth^f^ifosa^'.^^^ There CoZ'a'n/'wt'i^l^lTn' / was Pome discussion, hut the conference adjourned another day, no until' permanent results having been attained The directors expressed the views of the stocliholders as decidedly '"''''' **-"' opposed to the Watkin scheme, ""' tho.„nr.ha7.^ inasmuch as it would destroy all ZZrt^JT''' their interest in the property unless --The they made further sacrifices Mariposa assessment, levied by which they were the California Board of unable to do. The plan which they Directors, tebruary 24, will submitted iH-com., ddlnquent March 24 Tl?e o the Eng ish Committee is reported to be substantially as fol- lows: First 12 millions omce, consolidated gold bondholders to be asked a and II Nassau street to fund iour coupons the ; 5 millions «old convertible Milwaukee A bondholders Northern.-Under an execution, recently issned to tui,d SIX coupons, and the second 14 millions consolidated gold "' ^'' ^y ""' **•'•"'»• '> Mil '"""ke;. 4 p. - .1 r\^ Wis., March .?'§'" ''""PO"^- The stockholders claim '""'"''? .1?.^"..° that this is "" "*« Pf"P«rty of the company, and will a I that 18 needed to put the road in dSl" "^'i" a prosperous condition, pro- =' °""'g«&e lor '' r^-"' '"J^'Z.'i"' $2,155,000 **' " ""'* ^^^ ot the NewN^« Or eaiis iM-.f^/."^.? "l "'"""i^S gauge, and it is Mobile & 'rcxa.M.-At an adjourned M^d that the negotiations pending, of the meeting if carried to a successful ter- bondholders, held at th. olHce of min. ion. Messrs. Morton, Bliss S will lurnish the Erie Company with the money neces- "!'""''' '«"""' ,'" "^«*''''"' "'^ ^ew Orleans ana sary to lay a third rail to Jersey City. Texaslexas RailroadRailroaH Company, with a share capital of $2,000 000 The Tribune says the committee from England and the Erie '" '" ""','' ;""[ ^''" """^ "^'" the trustee who Directors have adjourned their conference diased U r"-' pT until next week in °' ''' '""""'olders. Every bondholderZs order tha the maierials for a better understanding the rtl to iTr°' may be ob- "" "'""'^ ""* "^ "'^«'^« *250 in stock loror each bondbond. Vlllf'n"'I he -?-« -"""g-- to followici; persoog constitute the rZ%lund or deferd ft: oneott^'j'half thHr."i 5:::-™l"- ^ of Direcors: John first Board cTuTo^rpro^XrthVTn f^rcash B. Ullitie. L. a'. Morton, Charles for the other half. The Mo"„ Delaware Lackawanna I Westfrn and * ^°'°P«ic8 were ilunt.J.t Terry. yVilli.m »^t«?!l*T'' ","''T. ?"^' willing to guar Mertens, Joseph Seligmaii. Bond- antee the laying of a third rail on the Erie Road, if a harmonious ""* org,nizati!.n can *do adjustment of al so bv sub- ,1 fferences could be had with Ihe scribingscr^br.rt'.'"^';-to the articlesr'"5''"of association. bondhoHors The committee consists of ^""'".'"^e Messrs. L. P. ? ' declared themselves ready to meet Morton. Henry Morgan, and , her.^."stockliolderst1 William Mertens in a fair and equitable spirit. It was resolved Padueah & Memphif<.-It is stated, however, to defer the further on apparently good autlior- con.sideration of the reorganization ty that au agreeiiept has been mad« of ihe company until after the and signed by over 11,250 - settlement of the third rail neeo tiations. On Monday 'y^''" Southern Railroad Associkuon, the Bondholders' and Directors' Commu'ees Tdtaand by G. w"W., 'w'^"'"' ri and President W P. and Ex. Norton, in amount over Jewett will ;,o to Scranton, Pa., to confer $700,000 with the completion of the road, ''" S"?"'"" Ste«l Jir.*^? *""Pl''"'^"'.'' and it is antici- Company, who will furnish the patedi» that the preferred hrst rails.r.^r. n°iIhe proposal mortgage bonds, set aside for this is that the Erie Company shall transnort the ' arrangement, with the co-operation of coal of the Delaware & Hudson Cana^ alongnTnT,^ the peoplo Company Tnd 'The the Vline, will be ample to accomplish Delaware Lackawanna & Western Company. this end The charges fo^ Fanama—The steamship North Carolina, transporting the coal are to go lately on the dry towards the payment for the third dock in East river, as soon rail, the as her bottom was scraped payments to extend over three years. was to go 1° ^^ """hauled previous to her departure around11 /f°''Cape Hornu"^' for Fi.iaiices.-Hpn C. A. Cowgill, State Comp. Panama. She will be the pioneer^ess^t troller.irclJleT'll^*!"**has issued a very complete report for ^'"''?*'' ^"^^^ "'"<='' '« to in the year 1875 P»,.^ff '"" opposition to the which 18 published in the Pacific Mam"uTSteamship Company. Talahassee Sentinel. Mr. Cowgill eoes She will be followed by the very fully into the subject Oeorgia. 1 he Clyde whicu of former irregularities in the man was formerly in the Galveston trade agement of the State finances, 8 another veBsel of the fleet, and says in conclusion: and is being lengthened seventy feet "The in sctual kn^mi loss to the State, Philadelphia. 1 his alteration arising from duplicate and illegal will not 6e completed for a payment ot warrants (blue scrip couple of months, probably. It is and burned scrip, etc.) and flVe reported that the (frescent City disappearance <>' «S7.268 and Columbus, now running of greenback scrip. at^ountJ to to Havana, will probably ply between"ciwceu f98 81, and whether fsT this port and Aspinwall. ^ ^ ^ 117.479 91 should be added to this loss or Quicksilver Mining '""^ ^""? '° ^^^ "ccouots of the Treasurer in Co—This company retired $300 000 1887ISrt? and.^VifiYa'^"1868, cannot bonds last year and now be ascertained. $1I6,0U0 since the first of January -The As to late changes in company has $200,000 cash the State debt he says: " During the nast on hand, and have added $100,000 in year bonds of have material since January I. 1873 been exchanged for old bondrheld'^ by 1875. The amount of bonds now private parties, to the outstanding is $o84,000 which amount of |33.600, and. in fulfilment of the the company hope to be able to retire this year. The 2.057. Laws of Florida, approved February company has no ttoaiing debt ITTrnTl^lo^^"^- Railroads in lowa.-The "*"" "Changed with the treasurer of following gross earnings are from. n^.JBoard f r^^'^'^ the returns of Education for various bonds belonging made to the Secretary ot State of Iowa, to the School . fbr theo ye«^jcar ending December ^^f^^'l"y/^^''^^'^'^}i-er^^5,700 of 1873 blonds exchanged 31 for other bond- There have been exchanged for Coinptrolllr's Burlington & Southwctero certificates, tlUsTS *}«wi under the provisions of section Central of Iowa ^ii'-S *ifS'J^ threeTL'^three Chap. 1 Q7oT'^ 1,979. Laws of Florida, $79,600 of these bonds. Davenport&St. Paul. I2S''*» "?•'?? the receipts into the Treasury D, s Moines & Fort Dadge J^'S? JSI'H? during the year 1876. applicable De« Moines to ordinary expenses, AMinnesotS..::; v'ISi m'??J arising from taxf s already assessed and from licenses, :::-.:v.:-.:;v.:: is estimated at |300.000. This will fo'^aTalttT''.":^'"" a absorb all the .|,f scnp now outstanding, and leave over |GO,000 for current ex- penses of the present year, Rochester and. owing to the rapid appreciation of & State Line.-Mr. J. Condit Smith, of tLe State Buffalo Ijonds. it is expected that the has made a proposition which is funding of the greenback as follows : scrip will still continue^ Thus there is a reasonable^ 1. 'Fhe capital stock to be increased to prospect $2,500,000 ; the bonds that the taxes assessed for now heJd by the 1876 will be chiefly collected in United ci.y of Rochester and the towns which have Mates currency; and bonded in that a return to a cash, and, therefore, aid of the ,oad to be exchanged for stock an eco- at par ; the nomical basis, may be accomplished." ^ '''"'^^^ "'*' already issued, to bo iuu^ to Forged Bonds.—The Tribune Mr Smith says: Telegraphic advices re- ceived from Brussels, 2. All the outstanding bonds to be Belgium, yesterday. (Thursday) by "Rollins retired, and a new first Bros. Co., bankers." at mortgage lor $12,000 per mile and a second & Wall and Broad streets, announced that mortgage tor $8jOOO the senior member of that per mile to be ma.ie, the bonds to be issued firm had been arrested in that city to Mr Smith charged with J. In consideration of the stock taving forged railroad bonds in his possession! and bonds, Mr. Smith will ''"'« bonds were complete the road from Rochester to a part of those forged by Speuce Pettis. Andrew Salamanca, within six months UI Koberts, Gfeason. and from the execution of the contract, will Williamson, most of whom are now in build the necessary prison. -The Rollins round-house, repair shop, station Brothers say that the senior member of the buildings, three turn tables, hrm sailed seven water-tanks two track for Europe with a quantity of these forged bonds scales and the necessary sidings. which Ihe buildings to be he had received from Chas. T. Williamson, located as the board may direct, and to who had been not cSst taken as a special partner less than $90,000 in all. He will also into their firm. After the departure of equip the road with 13 ItoUins engines, 8 passenger It was discovered that the bonds aod 4 mail and baggage cars • were forgeries and Wil 150 box ' 330 lamson was flat and gondola Cars and 30 hand arrested. A telegram received by Phillip' Speyer & cars. Co., bankers, of No. 4. Mr. Smith will also settle the 20 Exchange place, a few days ago, stated that present floating debt on such t|ie Brussels terms as he may be able to make. police had discovered forged bonds of the New York He will eater into bonds with Central, and California *'"•*"«' 'or the fulfilment of the & Oregon Railroads. It is now inferred in "•'n-r'o contract. Wall street, Ihe City Council of Rochester that some of the flOO.OOO in bonds taken over by voted to accept the proposition, ttoliins and the commissioners of the must have been placed on the market. bonded towns also approved it. he contract 1 will be executed as soon Kansas City as the necessary authority St. Joseph & Council Bluffs.—Notice is given lor the exchange of by to bonds for stock cm be obtained from the the trustees, that on March 23 the Legislature. time expires when the The road is all graded and bridgfcd from arivngement for Rochester adjusting this company's affairs, under the plan to Salamanca and 25 miles of ot track laid, from Rochester to Lerov. March, 1874. must be completed. The notice contains further Rutland Railroad—This naatter of importance, as may be seen Company and the Central Vermont on reference to our adver- have agreed to a tising, columns. modification of the lease o( the latter, the tenn» proposed being given as follows in the Press dispatches : 234 THE CHRONICLE. [March 4, 1876, " On the first day of February, 1875, there wag due the Rutland No county, city or other municipal corporation, shall hereafter become a subscriber to the capital of any private corporation or association, or make Railroad Company tor rent from the Central Vermont $10,401 55, any appropriation or donation to the same, or in auy wise loan its credit ; but after making all the allowances that the Central Company- this sha'l not be construed to in any way aS'ect any obligation heretufora claimed. By the terms of the modifications of the lease, as rati- uudei taken pursuant to law." fied by the stockholders, to-day, the Rutland Railroad surren- This does away with a serious source of dishonor to county dered this claim wholly to the Central, and is to receive from and city bonds issued in aid of railroads. For, disguise it as we February 1, 1875, as rent for the RuUand and Addison roada, 35 may, Texas is no exception to the rule of default la railroad-aid percent, of D6i percent, of 'lie gross earnines of the Central bonds. Vermont, the Canada and Rutland, and Addison roads added The new constitution, however, provides that, if llie willing, together, semi-annually, provided in the contract of 1870. The ness exists to pay legal debts, the means to do so shill be ready rents for the use of the Vermont Valley and the Vermont and at hand; and Section 6, Article 11, provides that: Massachusetts roads, and all other stipulations, except in regard " Counties, cities and towns are authorized, in snch mode as may now or to the regular time of paying the rents, are to remain the same may hereafter be provided by la«r. to levy, asse.s3 and cjllect the taxos neces- sary tlie interest providoa sinking as by the contract of 1870. The inducement^ held out to the to pay and fund to satisfy any indebted- ness heretofore legally made and undert-ikeu ; but all such taxes shill be to these Rutland Company, by the Central Vermont, to accede assessed and cellerted separately from that.levied, assessed and collected for proposals, have been the purchase by Governor Smith and party current expenses of maulcipal government, and shall, when levied, specHy iu purpose of all the stock of the Vermont Central Road, which was held by the act of levying the fierefor, and such taxes may be paid in the coupons, bonds, or other indebteduess for the payment of which such tax Governor Page and others for the Rutland Company, and which may have been levied." was guaranteed by said company, thus ending any interest which We regret that the new constitution is not as liberal to rail- the Rutland Company have had in the Central Vermont stock, roads as tUe well-wishers of Texas could desire. and ending the question—who is President of the Central Vermont Sections 3 and 4, Article 10, Railroads, reads : Road, P«ge or Smith ? " St.c. 2. Railroads heretofore constructed, or that may hereafter be con- I in this State, are hereby declared highways, St. Joseph & Denver City.—Notice is given to tl;e holders ol structed public and railroad com- panies common carriers. The Legislature shall pass laws the mortgage bonds of both Eastern and Western divisions that to correct abuses and prevent unjust discrimination and extortion iu the rates of freight and will participate the time in which they have the right to in the passenger tariffs on the diffreut railroads in this State ; and shall, from time reorganization of tlie said Company, and the right to ex- to time, pass laws establishing reasonable maximum rates of charges for the transportation of passengers and freight on said railroads, and enforce change bonds for lands belonging to the Western division, is, by all such laws by adeciuate penalties. order of the Circuit Court of the United States, limited until the " Sec. 4. The rolling stock and all oilier movable property belonging to any 20th day of April, 1876, and that a motion for the confirmation of railroad company or corporation In this State, shall be considered personal property ; and its real and personal property, or any part thereof, shall the sales under foreclosures will be made on the first Monday in be liable to execution and sale in the sam i mauner as the property of indi- May, 187G. viduals ; and the Legislature shall pass no laws exempting auy such property from execution and sale." South Carolina State Bonds.—Messrs. G. T. Bonner & Co., of this city, recently addressed a letter to Governor Chamberlain, Toledo Wabash & Western.—The foreclosure suit against this of Soutli Carolina, in rsferonca to the consolidated 'oouds of that Company cime up before the Circuit Court at Dj,nville, 111., on State supposed to have been fraudulently issued by the late the 33d. The application for a decree of sale was opposed by Treasurer, Niles Q. Parker, and commonly supposed amonar holders of different securities, including holders of equipment dealers here to have been embraced within the numbers 1 to 400 bonds and of stock. In behalf of the equipment bands, petitioners of bonds signed by Governor Moses. Discrimination has been claimed that they have a right to the settlement of the question made against the bonds so numbered, among dealers, and Messrs. of conversion of the equipment bonds into bonds of the first Bonner & Co. requested the Governor to make some authoritative consolidated mortgage, before a sale is decreed, and that the amount of mortgage lien the property be statement in regard to them. The following is his reply : upon must established that the purchasers may know the incumbrances. The Court, on State of South O'AnoLiNA, I Executive Chambeb, Columbia, Feb. 29, 1876. f the 38th, sustained the proceedings of the foreclosure committee Qesttlemen—Replj'ing to yonr letter of the 2Uth inst., I have to say that the by which the decree of foreclosure was entered in an Ohio court, discrimtuRtlon to which you refer has been made entirely l)y otheps tlian the and refused the applications of stockholders and ofllcers of this S'nte or its General Assembly. I know of no action nn the equipment bond- part of any branch of the State government which can give any support to holders to become parties to the suit. Buch a discrimination as you refer to Very respectfully, your obedient pervnnt, /Union Pacific.—The U. S. Supreme Court rendered decision D. H. CuiMBEKLiiN, Govcruor S. C. Peb, 28, in the following case: G. T. Bonner & Co., New York. No. 534—Union Pacific Railroad Company vs. Hall and Morse," a vote bnnd- Sunbury & Lewistowiu—Pursuant to of the error to the Circuit Court for the District of Iowa.—In this cause holders, the parties b )ught tills road at foreclosure sale. who May the Court holds that Hall and Morse, residents of Council Bluffs, for said will it 5, 1874, account of bondholders, offer at public as citizens, bore sufficient interest to give them standing in Court sale, at the Merchants' Exchange, in Philadelphia, at March 9, to demand the performance of its obligations by the companv, and noon. The terms of sale are cash Dn signing the bid, .$150,000 that it is the duty of the latter under the acts of Congress to balance on delivery the deed. and of operate its whole road as one connected, continuous line, and that Syracuse & Chenaiigro. —Mr. Geo. T. Constable, as trustee the bridge over the Missouri River, between Omaha and Council under the first mortga'je, has taken possession of this road, and Bluffs, is a part of the road to be used ia connection with, and as has begun suit to foreclose the mortgage. It was formerly known a part of their entire line. It is said that if Congress did not as the Syracuse & Chenango Valley, and was sold under proceed- intend to require the construction of the road from the imaginary ings in bankruptcy, f uliject to the first mortgage, in 1878, and line in the middle of the river channel, which would be an impis- was then l)Ought by the present companv. sibility, and which is the legal boundary of Iowa, the intention Texas State Finances.—Messrs. Forster, Ludlow & Co. say in must have been that the initial point should be either on the the their circular of March 1, the importance of the new constitution, Iowa or on Nebraska shore, and if tlie Nebraska shore was intended it not It as regards the future financial policy of Texas, is so great that we why was designated ? is impossible to give a review it at length. satisfactory answer to the question by tbe Court, or to the question The State debt, always less than five millioQ dollars, cannot why the Iowa boundary was designated if the eastern or the Iowa sliore of the river was not intended to be the terminus of road. be increased, except in extraordinary cases. Sec. 40 of article 3, the The authority of the company to build the road to the Iowa shore new constitution of Ttxas, provides : was within itself power to build a bridge over the Missouri " No debt shall bocrcated by or on behalf of the State, except to supply River. rasnai deficle;;cica in th^ reve'iuo, repel invieion, suppress insurreclion, No express grant to bridge the river was needed, as whatever defend the State in war, or pav existinij del)t; and the del)" created to supply bridges were needed on the authorized line were as fully author- deficiencies in the reveuue shall never exceed iu the any agj;regate, at one ized as the line itself. All authority that time, two hundred thousand doJars." was given to the com- pany was as a railroad company, not as a bridge company. The This provision makes the bonds of the State of Texas now out- bridge was to enable the road to connect willi other roads, and it standing much more valuable, and investors are appreciating the was to be built lor no other's use. They were not allowed to fact by paying higher figures, as we ehall show further on. But charge rates of toll over it which they did not charge upon other the State is also precluded from loaning or giving its credit to portions of their line. The acts chartering the company manifest any corporation, individual, &c., for section 50 and 51, same no intention to distinguish between the bridge over the Missouri article, provide River and other bridges on the line of the road, if it is not a part "Sec 50. The Legislature shall !ia\e no power to give or to lend, or to of their road ; neither is any bridge between the Missouri and the authorize the sivinjjiirlendinz, of the credit of the State in aid of, or to auy person, association western Ijoundary of Nevada, for the to build bridges was or corporatl.in, whetlior municipal or other ; or to pledge power the credit of the State, in any manuer whatsoever, fur the payment ol the lia- given in the same words. Affirmed. bilities, present or prospective, of any individual, association of individuals, Mr. Justice Bradley, dissenting, was of the opinion that the municipal, or ether corpo'aiiou whatsoever. "Sec. 51. The Legislature shall have no power to make any granl, or au- Mi8.souri River is generally understood to be the western boundary thorize the making of any grant, of public money fo auy individual, associa- of Iow:i, and that the fair construction of the charter of the Union tion of individuals, municip,al, or other cor,>oratiou whatsoever; provided, Pacific Company is that their road was to extend from that river that th's shall not bo 80 construed as to prevent the grant of aid iu casj of public calamity." westwardly. These provisions make the State bonds still stronger. Virginia State Finances.—In response to a resolution of the Then followed a desire to realize by holders of the funding Virginia House of Delegates, Mr. Taylor, the Auditor of Public bonds of 18S4, as it is evident that the State will not pay 10 per Accounts, has submitted a statement of the financial condition of cent interest when she can sell a seven per cent bond at par and that State, in which he states that tlie estimated receipts of revenue above. in currency from the 24th of February to the 1st of December, The funding bond of 1881 can be redeemed at the option of the 1S76, will be $897,735 73, while the disbursements for the same State after three years, from July 1,1874; it therefore falls duo period will be $1,749,483 05, showing a deficit of !j;S51,753 33. next year, and at present figure does not pay much over six per This large deficit results in a great measure from the item of cent interest. There is no doubt bat that Texas 10 per cent fund- |409,0;:0 arrearages due the school fund. The Auditor says there ing bonds will be redeemed by tha State, according to the pro- are only two modes known to biui by which this deficit can be visions of the law. provided for. First, by an increase of the rate of tax upon the How does tlie now constitution affect county, municipal and 1 value of land and property in the State ; or, second, by a stamp railroad bonds? Section 8, Article 11, reads : tax and a tax upon the consumption of whiskey. 4 Much 4, 1 m.} THE CHRONICLE 285 COTTON. I FmoAY. P. M.. March 3. 1876. (XmMERClljL EPITOME Thk Movembnt op tub Cnop, as Indicated by our telegram* Fbidat Nioht, March 8, tSTO. from tlie South to-niglit, is given below. For the week ending this (.Vlarcli Thare !b but little appearance, as yet, of any codaiderable vol- evening 3) the total receipt* have reached 86,215 ume of flpring trade, though Boma elForta have been put forth t^ bales, against 109,076 i)ales last week, 110,576 bales the previous stimulate business. The woatlier has been wintry, and in fact week, and 118,582 bales three weeks since, making the total we can hardly be said to have liad much winter until towards the receipts since the Ist of Septemljer, 1875, 3,491. U2 bales, against close of the winter months. An advance in g;old has, for various 9,991,.527 bales for the same period of 1874-5, showing an increase reasons, had little effect upon prices of merchandise. Speculation since Sept. 1, 1875, of 499,615 bales. Tho deUils of the receipts in some leading staples has a({aiu turned in favor of operators for for this week (as per telegraph) and for the corresponding weeks a rise; but, as a rule, our wholfsalo marlcets for merchandise of five previous years are as follows: have remained (juiet, nothing appearing to induce a dealer to Rccclpta tbii week at— 1876. le-.s. 18.-4. purchase beyond his immediate wants. 1873. 187*. 18T1. The following is a s'atemuut of the stocks of leading articles 37,051 26,5)5 38,098 4t,NK SS,6S5 U,5I9 of domestic and foreign merchandise, at dates given : 9,5C6 6,871 1876. 1870. 1875. Mobile 8,793 4,M1 6,301 10,8;« . • Feb. 1. Mar. 1. Marl. Charleston . . 3,313 S,7(!4 9.481 tc9. andbbls. J. 493 i),76« 6,1(8 «,601 7,019 Reef 13,1587 Port Royal, Ac i»i 1,019 4 [ Pork bbls. 25,492 27,tfl6 82,445 5,19) 11.113 Toiiacco, foreign bales. 11,061 11,101 (i,8S9 11.482 6.808 8,861 13,660 Tobacco, domeatic hUds. 80.841 20,5:)0 ii.tH 7,931 7,293 8,M5 Kio big9. S27,7VO lr(i,v8) 7,701 8,608 10,216 Ooll'ce, 10I.W8 202 214 4») \ CofTee, other bays. 5l,-i59 89,312 2I,M» Tennessee, Jbc 12,260 9,416 Coffee, Java, &c mat'. 123,:illl 13),46J 3,0.'2 8,3«6 5,r9 7,317 1I.S94 Cocoa b.iis. 110 275 l.tiftt) Florida 115 179 4' 112 502 19» Sugar hlida. l«.33ii 1.5,781 35,3 North Carolina 1,MS 2,3-28 COI 1,484 »S9 1,965 Sufar boxes. 7, (i.j 6..3'i4 3i,48ti Norfolk 7,753 5,995 8.522 Sugar baKii.ctc. 90 Oi > 55,179 1M.073 11,811 l,5!i8 »,887 Millado hhds. 1,519 1.7.37 1,473 City Point, &c t02 471 071 211 380 } Molaascs, foreign hhds. 3,Ui 6.872 2.788 Molaases, domestic bbls. 11,9;0 14,000 7,000 Total Hides No. 118.100 115,200 lOfl.lOO thlsweek 88,215 77,268 93,401 82,307 73,702 lt6,93S Cotton , b.tlos. H1,B85 1'8,.500 174,400 Rosin Iibls. 8J,417 80,315 91,773 Total since Sept. 1.... .3,491,142 2,991,527'.!,14a, 149 12.798, 161 2.244,058 2,917.816 Spirits tnrpentine bbls. 4.079 3.713 6,944 Tar bbls. 2,063 2,420 2.739 The exports for the week ending this evening reach a total of Rice, E. I b.igs. 13,000 8,500 9,900 146,756 bales, of which HIce, domestic bbls.andtcs. 2,300 2,7.50 5'0 59,101 were to Ureat Britain, 9,058 to Gumiy cloth (E. I.) bales. 4,900 4.900 9,400 France, and 78,534 to rest of the Continent, while the stocks as Gunny bags bales. 1.700 1,700 2,4.")0 made up this evening are now 778,2i0 bales. Below are the Linseed bais. 247,.5a5 257,600 7,40O stocks and exports for the week, and also for Saltpetre bags. 14.9fO ll.ftlO 13.900 the corresponding Jate bales. 15,023 14.700 19.100 week of last season: .lutebutrs bales. 3.47H 3,200 36,435 Manila hemp bales. 67,777 63,053 121,500 Exported to Stock. Total Same Ashes bbls. 1,367 1,.393 1.109 Week ending this week Porli has been more active on the spot, with the speculation Mar. 3. Groat Conti- France 1876. 1875. strongly towards higiier prices. The business in new me=s to Britain. nent. week. 1875. day embraced lots on the spot at $23, April delivery at $23 10, New Orleans*.... 18,735 8,2M 31,8*) 5S,S32 66,769 .350,739 250,056 and June deliverj' at $23 -10. The same remark applies to lard, MoMle 10,553 821 «,03« 11,418 15,939 59,728 49,849 with sales of prime Western steam at $13 05((itll3 70 on the Charleston 5,076 U,S77 17,351 10.302 29,929 38,638 spot, $13 75 for April, $13 05 for May, and $14 for June, but tlie Savannah 6,620 close was rather tame. Bacon and cut meats are without change. .... 14,247 20.867 31,943 48,172 76,711 Qalvestont Beef has met with a good demand, but northern beef hams have 8,005 .... 5.813 13 838 6,793 54,593 65,788 New Yoik 6,227 15,085 9,9.1 163,839 182,020 been offered at some decline for large lots. Tallow, butter and 8,853 Norfolk. 252 cheese have been without important variation. The market for • •> 2JJ 18.221 16,23( Utherportst 3,091 3, 091 3.633 43,000 51,766 hides has been quiet, but prices close steady ; dry Central Ameri- can sold at ISc, gold ; dry salted Savanilla at 14ic., and city Total thlsweek. 69,101 9,058 73,531 146,758 145,338 778,229 736,960 slaughter ox at Sic, currency. Linseed oil has been in fair jcb- Total since Sopt.l bipg demand and steady at 50@00c.; other oils quiet and un- 1,41.5,462 397,325 '332,015 2.2(1,812 ;.M.?.414 ... ' changed. Whiskey has been dull and closed at Jll 09}. Clover Jieii! Orleans.-Oar telciram lo-nlght from New Orleans sho-s ihat (beilde* above expoi- si tlii; amount of noitou on shipboard and euziiKeil for Bhfpmenc seed is firmer at 14@14}c, at tliHt port Is as fo'IOH-a: For Liverpool, 71,000 hale"; lor Havre, 2V0 bales; for Oontiuent, 4 ,000 bales Kentucky tobacco has ruled a shade lower and fairly active at ; for coastwlic ports, 4, 00 bales; which, if deducted irotu the stock, would leave J01,.'>10 hulei r>-presenUug the uuantlty at the .aadl.ig and li In 5@7c. for lugs and 8J@lGc. for af ; the cales for the week presfte.^ unsold or nwnillng orders. embraced 500 hhds., of which 3.J0 were for export and 150 for con- t rhilceatHii —Our Oalvestou teles am shows (hesld 's above exports) on ship- noard a' ih t port, not cleared: Kor Liverpool, 8,101 bales; for other foreign. sumption. Seed leaf has been in fair demand and about steady; tlie M-Obaes; for coastwise p irts, 3,631 bales; which. It deducted from the would scocli, sales embrace—crop of 1873, 40 cases New England, at 16c., 130 leave reuialulni; 3.'i.6'3 h;iles * "IL"."""''* "'* *^^'' under ihe head of "other ports" Include from Baltl- cases Wisconsin, on private terms ; crop of 1873 and 1874,200 cases mo c 1.!8 hn es to Liverpool ; from Bostoi £65 hales lo Liverpool ; from Phila- delphia 46 bales to Ohio, at 8(i()9ic.; crop of 1874, 1.10 casesNew Eng'and, at TifwlOc, Llvuriiool ; from Wilmington 1,281 bjles to Liverpool. 105 cases Wisconsiu, at 5|c., and 129 ca.ses York, at iuoSic; New From the foregoing statement it will be seen that, compared also cases sundries at 200 7@2jc. Spanish tobacco has remained with the corresponding week of lasi season, there is an inereate steadv, with fair business the sales were a ; 500 bales Havana at in the exports this week of 1,421 bales, while the stocks to-night 15, 88c.a|l are 41,209 bales more than they were at tills time a year ago. in fair request, Coffee has been but not so active as last week, The following is our usual table showinj: the movement of cotton prices furtlier and show no advance. The visible supply of Kio at all the ports from Sept. 1 to Feb. 25. the latest raiil dates: for the United States U 334,000 bags ; fair to prime cargoes quoted at 17ic.@18fc., gold. liice is in largo stock and dull. RSCEIPTS XPOBTED BISOS SBPT. 1 TO— ' 8INCB Coast- Teas were fairly active, but at weakening prices. Foreign dried PORTS. 8BPT. 1. wise Great !„ Stock, iruits have remained quiet. Molasses firmly lield at 3ic.((B33c. --• Ports. 1875. 1874. Britain"""'" 34 for 50 test, new crop, but the demand is limited and slocks accu- imulate. Sugars have been moderately active, but piices of raws N. Orleans. 1,113,117 837,46! 427,8. 7,183,730 153,63^ 770, '12 123,839 380,121 Ihave ruled weak, except for the better grades ; small stocks sup- Mobile .... 316,678 2.S8,8JI 92,011 18,5231 40.089 150,611 98,724 68.494 prices of tlie latter to refining, • port ; good prime 7ic.(a)7Jc. llefined Charleai'n 367,432 338,270 111.583 47,31 57,i6'( 215.991 92,390 U,84l in demand for export at for sugars lOfc. standard crushed. Savannah .. 4tl,3V2 S33,2i3 143,109 26,015 H5,3i3 UCO.O07 119,407 66,907 Ocean freigiits have latterly Ijeen very quiet, not only in Gal'estou*. 408,719 301,911 151,889 4,111 21,417 181.411 I7li,697 60,161 1;erth, but also in charter room ; in the former some slight de New York . 147,200 87,273 231,3>0 1,91.-. 41,095 297,360 .... 169,633 clines are noticeable, but, as a rule, the latter remains about Florida 11,254 11.565 .... 11,254 without changes of steady and importance. Late engagement.^ N. Carolina 83,755 81,971 20,830 2,:)01 2.3,181 65,100 3,909 drain to steaai, and charters include: Liverpool, by 7id.; clover- Norfolk'.. 409,3:)2 3)0,393 87,5.7 1,817 89,314 299,961 21,661 30s. ton rotin, sail, 2a. seed, per ; by 7id.; grain to London, by Other port- 75,743 49,757 59,051 i:,8J3 70,830 37,60J steam, SJd.; flour, by sail, 2?. Cd.; grain to Bristol, by sail, Sid.; Tot. this yr. 3,404,927 1356,28) 283,207 453,501 2C 93,056 986,422 853,232 do, to Cork for orders, Cs. lOjd.; all bulk ; do. from Philadelpliia to do., Os. 9d.; refined petroleum frou do. and Baltimore lo the Tot. last yr. 2,91l2.'i9 1219.029 19,3,313 255.7117 1703.109 969,736 824,393 Baltic, 5h. To-day lliere was a moderate business iu both berth • Under the head of CAarfrf«toa Is Included Port Uoyal, &c.; ODder the head of and charter room, though at slightly easier rates, the former Gia/pe^fon Is included Indlauo. a, &c ; under the head of Norfolk la Included CI y Point, especially. Grain to Liverpool, by steam, 7d. per 00 Iba ; do., by &c. by sail, at 7d,; do. to direct port on the East coast of Ireland, at These mail returns do not correspond precisely with the total of Os. 6d.; do. to the Continent, Cs.Cd.; re.iiduum to Liverpool, 5s.; the telegraphic figures, becau.so in preparing them it is always refined petroleum or naphtha to Cork for orders, 5s. 3d.@53. fJd. necessary to incorporate every correction made at tlie ports. Tlie market for naval stores has improved since our last, spir- The market for cotion on the spot declined rapidly early in thn its turpentine especially, which closes firm at 37|e., with fair week, and on Monday quotations were reduced \c , to 12}c. fur sales; common to good strained rosin, $1 G2J((i$l 65; the ad- middling uplands, but in tho course of Wednesday and Thursday • vance is due to the higher Wilmington market. Petroleum, on more steadiness was developed, thougii the demand continued the contrary, has been very dull, and under weak Creek advices a limited to small lots for home spinners. An advance in gold hai hoWers, 1 pretty easy tone prevails; crude, in bulk, 8ic(£()8}c. ; refined, iu been nn influence which lias op-'i-ated in favor of an ibis., 14c. Ingot copper was a trifle easier, with 200,000 lbs. some falling off in receipts at the ports was felt iu the sam i ilikke at iiic.(&2-iic., c&th. direction. Today, with Liverpool firmer, the market waa : : W . . — . 236 THE CHRONIOI.E. [M^rch 4, 1876. stronger and more active, a considerable line in transit 1876. 1875. 1874. 1878. having been sold, but quotations were not advanced. Stock at Amsterdam 45,000 45,350 66,000 68,000 For future delivery, prices continued to droop until the open- Stock at Rotterdam 16,760 11,500 2."),260 23,00a ing on Wednesday, when the smaller receipts at the ports, and Stock at Antwerp 13,S50 6,000 17,250 31,000 the advance in gold, caused the withdrawal of sellers, and stimu- Stock at other continental ports.. 13,500 13,000 37,000 37,000 lated the demand to cover contracts, upon which prices advanced Total continental ports 463.600 309,000 380,C00 483,000 3 33c.; and yesterday, a slight advance in futures at Liverpool, wiih a further advance in gold, and only moderate receipts at the Total European stocks 1 ,380,500 1,111.750 1.3ni,7.')0 1,8^,000 ports, contributed to a lurtUer improvement, making fully Jc. India cotton afloat for Europe.. .. 124,000 237,000 19),000 a(9.o;'0 from the lowest point on Tuesday. The demand has not been American cotton afloat for Europe 693,000 659,000 687,001 621,000 active at the turn which prices have taken, and yesterday tlio tone Egypt, Brazil, &c.,afloat for E'rope 50,000 67.000 a3,000 80.000 of the market was somewhat unsettled. To-day, however, the Stock in United States porta 778,229 736,9ti0 757,047 515,494 opening was active and buoyant, an advance of Jc. being at one Stock in U. S. interior ports 122,816 108,877 131,630 103,029 time established, but it was not fully maintained at the close, United States exports to-day 24,000 7,000 2.),000 9,000 owing to an easier turn to the Liverpool market, which was Total visible supply. . .l)alea..3,074,625 2,916,987 3,080,427 2,736,523 l-16@J^d. higher for arrivals. or the above, tiie totals or American and other de!«crlptions are as Toliows The total sales for forward delivery for the week are 14S,700 AmerUian— bales, including free on board. For immediate delivery the Liverpool stock 4i4,000 375,000 3.33,000 835,000 total sales foot up this week 4,7C0 bales, including 91 for ex- Continental stocks 271,000 127.000 191,000 116,000 port, 2,796 for consumption, 389 for speculation, and 934 in American aHoat to Europe « 595,000 &59,000 .587,000 521,000 transit. Of the above, bales were to arrive. The following United 8 tales stock 778 229 7.!6,960 767,017 515,494 are the closing quotations : United States interior stocks 122,89ii 108,277 131,63 J 103,029 Alabama. New Texai United States exports to-d«y 21,000 7,000 25,300 9,000 New ClassiQcatioQ. UplandB. Orleans. Total American baleB.2,275,125 2,0 13, 2.37 2,030,677 1,.559,523 Ordinary per lb. 9 1-it a... 9 !-;6 ®... » 1-16 a... 9 1-16 ®... Strict Ordinary 9 15.16a... » is-i Below we irive ttie sales ot spot and transit cotton and price of Totalvlslbie supply. ...bales. 3,074,625 2,976,987 3.080.427 8.7.36.523 Uplands Ski this market each dav of the past week : Price Middling Uplands. Liverp'l. 6 1-I6d, 7%(a3d. J^&iy.i. 9%mH Total 91 2,796 8119 921 4,700 ...... corresponding week of 1875—.is set out in detail in the following Delivered on contract, during the week, 2,500 bales. statement: For forward delivery the sales (including free on board) Week ending Mar. 3, 1876. Week ending Mar. 6, 1875 have reached during the week 14S,700 bales (all middling or oh Receipts. Shipments. Stock. Receipts. Shipments. Stock. | the basis of middling), and the following is a statement of the sales and prices Augusta, Ga 1,552 2,199 13.780 1.9?2 2,796 14,536 Columbus, Ga 377 1,517 9,360 4.18 1,252 10,153 for February, bales. ct». bales. cts. bales. ct^. Macon Ga .... 838 2,472 *5,142 819 1,927 7,582 bales. cts. 3,100.. ..13 ii-Si i,.W IS 7-32 1,800 13 9.16 Montgomery, Ala . 670 l,8:i8 8.439 512 1,114 3,679 500 12H 10. M... .12 11-16 3,'JOO 13K 1,200 IS 19 32 13 1,1.-2 1.829 7,-304 739 1.138 4,740 7,-00 , ..12 23-31 1.100 9-3J 900 13X 5-16 10,031 6,463 12,378 62,587 For March. 8.20J,, . .12V 2,500 13 300 13 21-32 Memphis, Tenn .... 12,750 71,212 600 9. n. ..!2 11-31 2,200 12 25-32 700 13 11-32 1.2U0 13 11-16 Nashville, Tenn.... 1,112 1,142 7,639 1,:131 3,910 15,060 2C0 8. n.llh.l2 11-32 2,300 12 13-16 100 13 23-ae 11-31 auos.a.lst. 12 S,1U0 U 2:-:>2 59,7C0 total May. 2,100 13^ Total, old ports. 17,851 19,928 122,896 12,249 24,545 108,277 200 12 11-32 2.100 12X 100 13 25-32 SuOs.n i^% 2,800 12 29-82 Cor June. 800 13 Ii-16 327 332 888 205 639 962 200 8. n. lBt..l2Ji, 2.300 U l.Vlfc 4.70O ISii 200 13 27-32 Dallas, Texas S0ils.n.4lh...l.!j4 2,100 1231-32 1,100 13 9.3i .Teflferson, Texas . . 813 2,017 6,091 772 1„561 2,161 100 s. n. 20 .12S 4.00O 13 2.800 13 5-16 14,600 total July. Shreveport, La 2,M3 5.739 5,368 2,101 1,701 4,583 800 UH 200 13 1-32 1,M0 13 11-32 For August. Vicksb'g, Miss 6,688 4,737 7,592 1,936 2,019 '.',873 200 12 13-32 JBO 13X 1,1110 13X Colnmbus, Mies 212 315 1.7H7 139 877 864 lOU s.n.eiti U ;-I6 31,900 total April. 900 13 13-32 200 13 21-32 i Bufaula. Ala 326 466 2,983 38« 386 1,752 200 12 7-16 1,900 13S 1,-CIO IS ll-l. 300 886 178 436 367 300 8. »...12 15-3.' For May. 1.800 13 17-32 600 13 23-31 Griffin, Ga 41 1,100 12 15-32 400 12 29-32 800 13 9-15 50O m% Atlanta. Ga 381 77 4,182 566 1,360 1,334 1,400 I2)« 5,300 12 15-16 1,100 13 19-32 600 13 15-32 Rome, Ga 401 471 1.623 536 231 1,010 100 1317-.« 7,(100 12 31-32 100 13% 1,000 13;!^ Charlotte, N.C .... 55S 624 1 791 894 1,165 606 100 IIX S,91HI 13 200 13 29-32 3,606 St. Louis, Mo 7,577 7.518 1 27,275 2.311 26,455 100 \ix 4.700 13 1-32 17,400 total .lune. 100 13 16-16 Cincinnati, O 4,117 2,478 ! 14,244 10,383 9 040 1S006 4,S00 13 1-16 600 13S1-32 8,7l0 total March. 1,900 13 3-32 For July. 200 H 4,700 13X 1,100 13 15-32 100 14 1-32 Total, now ports 24,234 85,174 72 700 80,166 2:1,911 61,086 For April. 2,6t'0 13 5-»2 2,200 13>4 3-16 70O ny. 500 13 1.200 13 17-31 6,900 toUI Aug. Total, all 42,1.35 4-1.102 195.596 82,415 1 48.456 169,302 By actual count. The following exchange has been made during the week : — pd. to excli. 5U0 June tor August. The above totals show that the old interior stocks have The foUowinfif will show spot quotations and the closing prices decreased during the week 3,077 bales, and are to-night 14,619 bid for futures at the several dates named : bales more than at the same period last year. The receipts at MTDW.I«G TTPLiNDB—AMKEIOAN OLASBIPIOATION. same towns have been 5,603 bales more than the same week last Fri. Sat. Mod. Tues. Wed. Thurs. Fri. year. On spot 12% 12 X 12% 12X 12% 12X 12X February I2h ViH l<% Bombay Shipments.—According to our cable despatch received Mareh 12 17-32 12 1-16 12 i-:6 12X 12 7-16 13 17-32 12 21-32 April IIH wx 12 23-32 12 11-16 12* 12 23-32 12» to-day, there have been 13,00(1 bales shipped from Bombay to (ireat May 13 5-32 13 1-16 13 12 31-32 IS 1-32 13 .3-32 13 3-16 Britain the past week, and 4,000 bales to the Continent ; while the June 13 13-31 13 5-16 13 9-32 13M 13 5-16 13X 13 15 32 July 'IS 21-32 13 17-32 . 13 17-32 13 15-32 13 9-18 13X 13 11-16 receipts at Bombay during this week have been 37,000 bales. August 13 2.J-32 13 23-32 13 '23-32 13 21-32 13 2;i-32 13 13-16 13K The movement since the Isl of January is as follows. These are Bales spot 426 260 979 573 515 391 i.«Jo Bales tnture... 46.900 23,100 23,000 20,300 13,700 21,500 41.100 the figures of W. Nicol & Co., of Bombay, and are brought Gold 113.!< 111 111 11 1U« 111^ V.4% down to Thursday, March 3 : Bxl:bange.. .. 4.81 4. SIX t.83K «.8aM 4.33)4 4.34 4.01 ^Shipments this week^ r-Shlpments since Jan. 1^ >—Receipts. • Misprinted last week. Great Con- Great Con- This Since Britain, tlnent. Total. Britain, tment. Total, week. jan. 1. The Visible Supplt of Cotton, as made up by cable and 1876 13,000 4,000 17,000 65,000 60 0)0 125.000 27,000 181,000 telegraph, is as follows. The continental stocks are the figures 1875 30.000 4,000 34,000 182,000 76,000 2,)8,(K)0 49,000 3i)0,0l» 1874 15,000 14,000 29.000 131,000 61.000 196,000 51,000 283,000 of last Saturday, but the totals for Great Britain and the afloat for the Continent are this week's returns, and consequently From the foregoing it would appear that, compared with last brought down to Thursday evening; hence, to make the totals the year, there is a decrease of 17,000 bales this year in the week's complete figures for to night (March 3), we add the item of e'tports shipments from Bombay to Europe, and that the total movement from the United States, including in it the exports of Friday since January 1 shows a decrease in shipments of 133,0011 bale* only compared witn the corresponding period of 1875. 1876. 1875. 1874. 1873. Messrs. Nicol & Co. cable that their estimate of the total Stock at Liverpool 859,000 652,000 733,000 5S8,000 and Stock at London 63,000 180,750 188,750 183,000 exports of cotton to Europe, from the ports of Bombay Carwar, to the 30th of June, is 950,000 bales, against 1,128,000 Total Great Britain stock 922,000 802,750 921,750 770,000 Stock at Havre 226.500 114,750 143,250 189,000 bales last year. Stock at Varseilles 4,600 8,760 11,000 13,000 Weather Kepokts bt Tklkgkaph.—There appears to have Stock at Barcelona 72,000 66,750 38,000 60,000 been a very considerable improvement in the weather this week. Stock at Hamburg 20,600 10,760- 80,000 30,000 Very much less rain has fallen, and in most sections the prepara. Stock at Bremen 46,600 32,250 32,250 43,008 < tions for the next crop have made satisfactory progress. Oi : — :., March 4, 1876.J THE GHB0N1GL& 287 oonrse, the low prices furnish much less iDducemeot to planters Charleston, South Carolina.—Out telegram from Charleaton hat to put in cotton, and tlio natural inclination now is almost every, not been received. where towards a derreasod acreage. Whether, however, later The following statement we have also re<»ived by telegraph on, in view of the very small returns breadstuflFs projiisn, they showintr tlie height of the rivers at the points named at 3 o'clock will not give to this staple about the game amount of land as last March 3. We give last year's figures (March 5, 1875) for eom- year, is a problem which the future alone can solve; still, in parison. some portions of the Atlantic States, the poor yield, together with ^Mrh. J ~T«-, ^Mch. ^, "75.-. the low prices, have loft the farmers in such a position financially Feet. Inch. F#et. Inata New Orleans.. Belowblgh-watcr mark 1 that it would seem to be a necessity with them to shorten culti 4 10 ij Momphir. Above low-water mark...... ration. .. t9 T XS Nuhvlllc. . .Above Idw-waU-r mark « MlialDs. Shreviiport. Oalvetton. Texas.—We have had one showery day this week. ...Above low-waicr mark IT < It) T Farm operations are progressing. Corn has already been planted VicksburK... Above low-water mark « 3 18 » in the coast section and now is being planted in the up country. Memphis i'otton llECEtPTs and Shipmbnts.— We have had weather The generally has been favorable. The rainfall this some inquiry with regard to the sources of the large cotton week ha.'i been eleven hundredths of an inch, and the thermome- receipts this year at Memphis, and have, therefore, obtalnad, ter has averaged 64, the highest being 76 and the lowest 55, through the kindness of Mr. John 8. Toof, Huperlntendent of the The rainfall for the month ha.'i been four inches and seventy-nine Exchange, the following statement : hundredths of an inch. RBCRirTH AT HEMrUIH. Indianola. Texas.— It has been dry and warm all the week. and „ Week ciid'g Feb. JS-^ . BlocoSept. 1. — planting is making good progress. The thermometer has aver- Whince Keceived. ThiaYear. LaatYear. ThIaTear. LaatT'r. Memphis & Charleston RR a,».M 1.J&8 aged 66, the highest beiiijf 7!) and the lowest 54. Thn rainfall M.IW «.»rT MisBisKlppi ATcniieBBceRR. 8,(M0 I.0« U.tST 47,10! for the month has reached two inches and sixteen hundredths of LonlBv. iNonhv,. AGt. Sooth.REa 1,3S1 Ml a7,«il tJ.781 an inch. Memphis & Little Rock HR »,III9 185 M,om M.MT Paducah * Memphis 293 Corsicana, Texas.—There has been rain here this week, and the KR 117 ll.Wt 7,483 M'aslsslppl River |,i)8I 1.W7 ««,0»7 M.llT weather lias, been favorable for farm work. is Corn being WhIteRiver 51M sjg lili,V^ «,M4 planted now, but no cotton as yet. The thermotneter has aver- St. Frauci" River »is Jn j.-ug i.jjj Arkansas River aged 67, the highest being 74 and the lowest l)«ing 39. The 1,081 9W 18,1>TI 11.018 W agoDs and other sources TOJ 400 5i,>i«3 rainfall for the month has reached one inch and ninety seven 87,880 hundredths, Total 11,770 6,616 3M,«7« 2St,4B3 Dallas, Texas. —We have had good weather ; no rain, and corn SaiPMENTS FnOM MCHPBIS. planting is making satisfactory progress. The supposition is ^Week end's Fcb.25-, Since SapLl. — Route. This Year. List Year. This Year. LaitY'r. that tlie cotton planting is likely to show a small increase upon Memphis & Charleston RR 8,«4J 3,^a4 7S.091 . M,88S last year, but the grain planting will show a large increase. Loulsv. &NaehT.. *Gt. South. RRs 4,^91 4,610 1«,»«1 18.111 The thermometer has averaged 56, the highest being 66 and the Mississippi « Tennessee RR !»l 1.442 H.Xb K.ift Steamers Nonh S,«07 .!»,S99 lowest being 34. The rainfall for the month has been three 8,813 51,083 Steamers South 1,1*1 fl0,7H 80,ISt inches and five hundredths. JV(8t« Orleans, Louisiana.—There has been no rain here this week. Total 10,8« 11,1)09 830,«a5 M«,875 The thermometer has averaged 60. The rainfall during the past In the same conn-ctioo, the following from the Memphis month has aggregated ten inches and thirty-three hundredths. Avalanche will be of interest, showing the value of importations bhreveport, Louisiana.— Tlie weather the past week has been of cotton and (general merchandise into Memphis, for the year fine and there was no rainfall. The thermometer has ranged ending Dec. 31 : from 37 to 80, averaging 60. Receipts the past week were large. VALUE OF IMPORTATIONS. . 1S7.5. , , —1874. , Planters are now busy plowing, and it is believed that they will BHlen. $ Ba'es. ( raise more grain and less cotton tliis last. year than Cotton 391,606 S5.447,SM 4««,616 34.000,000 I^ieksburff, MissiMippi. —There has been no rain here during General merchandise 44,354,:9i .19,016,867 the week, and plowing has been generally commenced. The Total 391,.Wi 69,701,'1» 426,676 78,016,867 thermometer has averaged 58, the highest being 68 and the According to this statement, there has been an increase in the lowest 47. value of merchandise imported during the year 1875 of $5,237,327, Columbus, Mississippi. —The weather here the past week has and a decrease in value of cot'.on (owing chiefly to the decreased been cold and dry, the thermometer averaging 61, and ranging price) of $8,5.'J3,175. from 48 to 76. Bags, Liltle Rock, Arkansas. —Three days were cloudy this week, Gunny B.vggino, &o.—Bagging during the past week with a slight shower Wednesday night, the rainfall reaching ten has ruled very quiet, and but few sales are making. Buyers and sellers, as a rule, ar« to apart in their views as and, hundredths of an inch. Average thermometer 54, highest 75 ^ fc. to price, are and lowest .'54. Farmers are fast preparing for planting. while holders quoting 12J@13}c., those in want will not offer more than r3c., and the market closes weak. Bales are quiet at Nashville, 'J enriessee. —The weather the past week has been cold and dry, there having been two rainy days and a rainfall of 9@9ic. for India and VHtc. for Borneo. Bags continue dull, and, fifty-iliree hundredths of an inch, while the thermometer has prices rule nominal at 13ic. for 440s. The demand for butts for ranged from 43 to 63. spot lots since our last has been light, and prices were quoted at Memphis, Tennessee. —There was one rainy day here the past 3f@3ic. , as to quality. To arrive, fair sales have been made, in all, several thousand being of, for week, but the remaining six days were all pleasant. The rain- bales disposed mostly Feb- ruary and March shipment, at 3^c. gold. At the c'ose, the feel- fall was five hundredths of an inch. The average thermometer , was 53, the highest 03, and the lowest 39. ing among holders is firmer, and most parties are holding January Mobile, Alabama. —The early part of the week we had one and February shipments at 3fc., gold. rainy day, the ninfall reaching eleven hundredths of an inch, LivBRPOOL, March 3.-2:30 P. M. By CABtK from Litbii- but the latter part has been clear and pleasant. The thermom- POOL.— Estimated sales of the day were 10,000 bales, of which eter bus avoracred 60, the highest being 75, and the lowest 41. 3,000 bales were for export and speculation. Of to-day's sales During the past mouth the rainfall has reached a total of four 7,000 bales were imericaa. The weekly inovenieat is Kiven • inches and iliirty-two hundredths. loUowg Montgonury, Alabama. —We have had two rainy days the past Feb. 11. Feb 18, Feb. M. M'chS. Salesof thewoek balea. 66,000 .^;,000 .V.OOO M.OOO week, but the remaining five have pleasant. days been The Forwarded 88,000 28,000 IS.OOO 17,000 thermometer has averaged 58, the extremes being 37 and 75. Salea Ainericin 33,000 3i,00i 35,000 The rainfall during the week was twenty hundredths of an inch, of which oxportorK took .\0(>0 6.(m 7,000 6,000 and during the mouth, two inches. of which speculators took 5,000 .'i.OOO 4.000 6,000 ToUlstock... 793,000 8|.J,000 83S,000 8M,000 Helma, Alabama. —With the exception of one rainy day, the of which American 4.1J.0OO 484,000 479,000 484,000 weather the past week has been pleasant, the rainfall reacliing Total Import of the week 131,000 184.000 fiO.OOO 84,000 of which American 87,000 98.000 40,000 48,000 nineteen hundredths of an inch and the thermometer averaging 57. Actual export 5,000 4,000 11,000 6,000 Madison. Florida. —AVe had one rainy day this wee"k, the rain AmountaBoat 318,000 -lUOOO 367.000 3S5.0OO fall reaching eighty hundredths of an inch. The thermometer of which American Jt>5 000 217,000 278,OJ0 898,0CO hag averaged .59, the highest being 74 and the lowest 44. The following table will show the dally clostni; prices of cotton for tae week Macon, Georgia. There was rain at this place days during Spot. Satur. Mon. Tiies. Wodnes. Thnra. Fn. — two 1-16 Mid. ifpi'ds. ..!»« 3-16 . as^i . @8 1-16 .."^O 1-16 ..(96 the week. The thermometer during the same time has averaged ..ma do Orl'na. ..@«X .&'> 7-16 ..di6 7-16 ..a6>»' ..©OX .-©SJi 55, the highest being 76 and the lowest 32. Futures. Atlanta, Oeorgia. —There were two showery days here during Saturdat.— lanuiry shipment, Up'ands, low Mid. clause, by sail, 6 3-16d. March-April delivery, Uplands, Low Mid. clan-e. 6 l-3id. the week, the rainfall reacliing sixty six hundredths of an May-.Juiie delivery, Up^ftuds, Low Mid. clause, 6i^d. inch Tlie thermometer has averaged 54, the highest beinjj 70 Juiie-Juiv delivery. l'i>Iand.», Low Mid. clause, b 5-16d. and tlie lowest 40. Total rainfall during the month, five inches JuQe-July delivery, from Mobile, O^d and thirty-seven hundredths. June-July d-^llvery. Ui>lands, Low Mid. clause. 6 9-3ad. March-April shipment. Uplands, Low Mid. claiii March 1876. 238 >THE CHRONICLE. I 4, F'utares. TexAs—To Liverpool, per ships Lancaster, 4.339 .. Sultana, 1,905 and Wkdnksdat.—March-April delivery, Uplands, !i%A. 4 Sea Island. ..per barks Maggie, 1,462... Nlord, 1,020.. .Algeria, March-April delivery. Uplands, Low Mid. clause, 5 15-I6d. 1,811. , 10,541 March-April shipment. Uplands, Low Mid. clause, by sail, C>id. Wilmington—To Liverpool, per bark Nancy Holt, 430 480 April-May delivery, Uplands, Low Mid. clause, (i 1-Md. Boston—To Liverpool, per steamers Ontario, 1,456 — Alias, 183 1,S39 M^y-June delivery, Uplands, Low Mid. clause. 6)id. Philadelphia—To Liverpool, per steamer Pennsylvania. 520 620 June-July delivery, Uplands, Low Mid. clause, 6 7-32d. San Fbancisco—To Liverpool, per ship Vernon, 110 (foreign) no Feb. -March shipment. Uplands. Low Mid. clause, by sail, 6 l-16d. March delivtry, Uplands, Low Mid. clause, 5 29-3ad. Total 103,778 April -May delivery, Uulands, Low Mid. clause, 6d. June-July delivery. Uplands, Low Mid. clause, 8 a-16d. The particulars of these ahipments, arranged in our usual form, February shipment. Uplands, Low Mid. clause, by sail, 6 M6d. are as follows Mid. sail, l-3id. Feb.-March shipment. Uplands, Low clause, by 6 Liver- Bre- Amster- Cron- BalMc delivery. clause, l-32d. THrBSDAT—April-May Uplands, Low Mid. 6 pool. Cork. Havre, men. dam. Reval. stadt, port. Total. May-June delivery, Uplands, Low Mid. clause, 6>id. New York 6,187 500 .... 4,660 2,907 .... 15,oa5 March delivery. Uplands, Mid. clause, 5 13 16d. Low New Orleans 25,2,i4 7,613 2,0i6 3,160 .... 88.043 March delivery. 5 27-32d, Uplands, Mobile 4,40J 1,800 6,545 .... 13,717 June-.luly delivery. Uplands, Mid. clause, 6 7-33d. Low Charleston 7,338 8,000 .... 9,9m .Fbidat. March delivery, Uplands, Mid. clause, 6 l-32d. — Low Savannah 9,003 1,!«0 15.275 April-May delivery. Uplands, Mid. clause, 6 3-32d. Low Texas 10,541 10,541 •fune-July Uplands, f> delivery, Low Mid. clause, 5-18 MaicU 4, 1876.] THE GHRONICLEI 239 tlon ia a good deal discouraged by tbe large Btocks wUicli have Flour, Wheat, Corn, Gals, BarUy, Bye bbls. bnth. buah. burh. bush. bu>b. been carried tbrough tbe winter montbn. Tbe growing crop of Previous week 180.997 880,107 l,823,t4S 3«,(MIT lM, Sonthern shipp'g . 5 extras. 503 6 75 State. 4rowed ® FainAT, P. M., March 3, 187«. Rye flourj enperflne 4 65^ 4 90 BnrluyMalt- " State . ... 95a 1 25 Cornmeai- Western, 4c 3 -o,® 3 15 Canadian 1 2:(a 1 40 There has bean, this week, a moderate movement in both staple Corn meal Br'wlne. 4c. 3 -103 8 50 Peaa-Csnada.bond&frce 1 OOtf 1 20 and fancy goods from first hands, but transactions were in a The movement in breadstuSsat this market has been ag fol measure retarded by unfavorable weather, which caused buyers lows ; -BBOBIPTS from some sections of the country to defer their purchaaea of iX KBW TORS. BXP0BT8 FROM NBW TORK. , . 1876. . 1876.- -1875. spring goods. A break in prints, however, somewhat unsettled For the • Since Since For the Since For the Since week. Jan. 1. Jan. 1, '75. week. Jan. 1. week. Jan. 1. the market, but this had been partly discounted by the trade, and Flonr, bbls. 73,751 659,891 489,998 35,117 a35,8Sl 28,970 894,1' 02 " confidence in the maintenance of other values waa speedily O. meal, . 4,962 84,016 .36,069 5,440 28,0,56 560 22,207 Wheat, bus. 1.55,712 l,-|14,0 At— (196 lbs.) (60 ll>s.) (56 Ibf.) (32 lbs ) (48 lbs.) (56 lbs.) embroideries, &c., were disposed of through the auction rooms at Chicago... 22,650 210,5.^6 618,202 198,832 65,3?5 9,858 Milwaukee 33,313 226,639 26,870 34,150 26,130 4,.350 low figures. Th'e export trade in cotton goods progressed satia- Toledo 600 47,227 162,937 8,183 factorily, and the leading commission houses received fair orders Detroit 3,121 31,023 8,052 13,0:S6 14,8)3 '428 Cleveland 1,895* 12.250 9J50 19,300 3,200 350 for future delivery. The shipments of cotton goods for the week St. Louis 19,977 101,705 466,855 105,777 19,926 6,813 to of which packages were shipped Peoria 8,225 13,210 1!)8,000 84,003 23,700 13,460 amounted 1,476 packages, 678 Duluth .... to Great Britain, 377 to Brazil, 281 to Smyrna, and the remainder Total to other countries. The jobbing trade was rather more active, and Previous week Corrcsp'ng week,'75. a fair number of buyers arrived in the market from remote parts '74. of the South and Southwest. '73. ".a Domestic Cotton Goods.—The feature of the market was a •71. reduction of jc. per yard on several leading makes of fancy ToUi Aug. 1 todate . Same time 1874-5.. . prints, including American, Bristol, Washington, Eddystone, etc., Same time 1873-4.... prints Same time 1872-3.... and Simpson's, Gloucester, Union, and Albion mourning were reduced to 7c. Brown sheetings and drills moved steadily • Estimated. at unchanged prices, and a few makes of fine browns are closely Shipments of Flour and Grain from the porta of Chicago, shirtings met Milwaukee, Toledo, Detroit, Cleveland, St. Louis, Peoria and sold up to receipts. Fine and medium bleached Duluth for the week ended Feb. 26, and from Jan. 1 to Feb. 36, with moderate sales, and brown drills were in demand by the inclusive, for four years home trade and for export. Tickings moved slowly and a reduc- Flonr, Wh-at, Corn, Oats, Barley, Kye, tion of per yard w»? made on some makes. Denims and Week— bbl?. bush. bnsh. bnsh. bush. hush. i@lc. Feb. 28, 1876 85,158 813,339 723,682 205,678 60,4O-> 20,750 colored ducks were in limited demand, and there waa a little Feb. 19, 1878 97.6S9 811i,967 8.53,8-16 227,166 06,599 22,900 Cor. week '75 63.071 191,871 115,710 135,436 4.3,629 11,850 more animation in good styles of plaid cheviots. Stripes, checks Cor. week '74 183,501 402,211 87,820 110,081 71,089 11.800 and osnaburgs moved slowly, but there was an improved demand Cor. week '73 85,750 111,627 271,266 165,400 81,735 11,643 Cor. week '72 8.3,069 45,470 614,733 10.',229 62,817 3L615 for the best styles of 'cottonades. Corset jeans and satteens were Cor. week '71 47.363 ;:i7,233 818,377 52,784 11,577 2,540 in steady request and firm, and there was rather more doing in Jan. 1 to Feb.13,1876. 80.5,088 2,382,466 5,589,160 1,367,073 511,510 126;2.37 Same time 1875 628,703 1,839,617 3,237,325 1,301,809 418,002 123,259 grain bags, carpet-warps and twines. Print cloths remained 8»nin time 1874 981,051 6,140,309 1,750,143 l,i-8'l,000 ;37,922 122,469 extra 64x6-' Same time 1873 670,970 1,095,338 2,164,713 1,482,051 560,797 6S,006 quiet, and prices were almost nominal at 4(34ic. for waf * RB0BIPT8 OF FLOUR AND QRAIN AT SBABOARD PORTS FOR THB makes. Ginghams wore a trille more active, and there WEEK ENDED FEB. 36, 1876. really goo.i demand for plaid and striped cotton dress go^'f Plour, Wheat, Com, Oats, Barley, Rye, many atyles of which are sold ahead of production. C<^' „ At— bbls. bnsh. bush. bush. bush. bush. hosiery was distributed in liberal amounts on account of f^ NewYork 65,.5S7 106,816 S24,8,'iO 116,135 ,18 546 480 Boston 26,019 1,100 188,666 41,377 16,600 SOO orders, and ruled firm in price. Portland :8,;0B m.OOO 25,000 6,500 Montreal S,0O0 85,41)0 2,103 4,'8()6 Domestic Woolen Good.?.—The distribution of me- Philadelphia 21,210 60.400 810,000 a5,100 71,000 IGO woolens from first hands was lesa active than was genf Baltimore 17,301 16,000 696,030 8.710 .300 New Orleans 14,IiS8 .... 174,961 50,496 pected by manufacturers' agents. The large clolhin&j^ Total 164,788 301,816 1,719,507 303,408 156,948 1,6 tureiB bought very few spring goods, but placed • .. » - 240 THE CHRONlCLfe [March 4, 1876. orderB for plain and fancy overcoatings for future delivery. Kxporta ot IjeadlluK Articles from New York. The following table, compiled from Custom House returns, There was a moderate demand by jobbers and the (ine-clothing shows (he exports of leading articles from the port of New trade for small parcels of caiisimeres, suitings, and worsted coat- York since Jan. 1, 1878, to all the principal foreign countries, ings of the newest styles, but low and medium grades of these and also the totals for the last week, and since Jan. 1. The goods were almost neglected. Cloths and doeskins were less last two lines »how total ti(i2u««, including the value of all other articles besides those mentioned in the table active than when last reported upon, and selections were re- 6Q WOO »««• f* K stricted to very small lots of each. Satinets tor printing were in fair demand, and there was a moderate movement in mixtures, WTO r^ but blacks were almost neglected. Kentucky jeans were placed 5 W SS'^ »0!C in fair quantities, and prices of the best makes have been steadily «• " —» -*" • Hit :i -H O'. e* 01 o » Carpets moved slowly, and a reduction of 10c. per yard was made s. .-»oo --t on the Brussels and Wilton carpets manufactured by the Cromp ill ton Curpet Company. Worsted dress goods continaed in steady 3 O 99 i-t CD Ol •? <«• •tptOOO demand, and there was more inquiry by the trade for worsted ilSSS ii iSfSSg 5 — T-it-w«i-»o '^.-S shawls, full lines ot which have been opened by the agents. 3£' s FoKBiON Dry Goods.—The market for imported goods has gfn* cpe been quiet nitb importers and jobbers, but, owine to the light -iPS^ ^O :«;5 :S; : :S spring importations, and the high gold premium prices of the most *-< <0 , S g| staple fabrics have been firmly maintained. Dress goods were in *4 fair rt quest, but less active thanwould have been the case with .m CO :S :S •OTTO more spring-like weather. There was some pressure to sell 2- fancy and colored silks, and large lines were ofiFered at auction, where low prices were realized. Housekeeping and dress linens were in steady demand, but nhirting and clothing makes and .SJ oteo handkerchiefs ruled quiet. Hamburg embroideries, which are in Co- large supply, were distributed in heavy amounts by the auc- tioneers at low prices. Black cloths and doeskins were a trifle Ndii oo5iS5 more active, but other descriptions of woolen goods for men'j wear continued sluggish. Ribbons and millinery silks were in im- proved request, and brought fair prices at • •^• t-i ^^ auction. The best K^ . r- ".o "p :p O O • CO S O "* ^ ^l* :2 -gSSSSSSSSSSS? makes of kid gloves are firmly held, but inferior qualities have s s'l been pressed to sale at auction in considerable amounts with poor •a a" Teaults. o liuportatlons of Drr Goods. ||SS : :S S The importations ot dry goods at this port for the week ending of 'ri ' iti March 3, 1876, and the corresponding weeks of 1875 and 1874 .qpt-eo have been as follows : sp^noo t- - i-. 'Sso ;§i ^ «5_!0 e« -- c* -^ • c5 STBBBD »OB OONSUHrTION FOB THS WXBS INDINe MiRCU 2, 16'6: t^ os'eo *»J . 1874 . . 1875 . , 1876 . s PkgB. Value. PkeH. Value. Pkss Value Hannfactnies of wool . . 989 $480, 4 IT 1,894 $9S7,686 1,127 $520,777 do cotton 1,588 494,191 2,110 6(>9,96a 1,277 398.003 do silk.... . :n 57.i,»98 953 70a,t;56 901 li;6,',24 do flax 1,001 277.840 1,265 295,411 1,8.S^ 25«,18» HUcellaneoas dr jr goods 686 153.556 901 235,707 4S6 l:j8,66i 8«§ Total 4,975 tl,9S0,»JJ 7,115 |2,832,o75 5,011 tl,960,U9 WITHDBAWN rBOH WABBHOUBB AND TBBOWN INTO THB UARKBT DUBINO TBI 8AMK PSRIOD: HanaractureBOf wool.... 883 f.393.048 728 $306,394 1229,351 do cotton.. 8J4 21S.919 627 150,799 167,934 do Bilk 215 205,Siil 107 13li.234 292,395 do flax 722 167,754 598 152,933 118,443 Mlaccllaneoue dry goodB. 1,619 41.470 1,223 39,903 41,614 ToUl 4,283 11,032,052 3,181 1786,263 Addent'dforconsnmpt'n 4,975 1980,032 7,115 2,832,375 b 6,s» . a to Total thrown upon m'k't. 9,8,58 $3,012,081 10,208 $3,618,633 9,723 $2,812,915 _ o « Oca BHTBBBD FOB WARBBOUSINa DOBINS BAMB PERIOD: Mannfactareeot wool.... 388 $151,342 810 $822,294 648 $276,885 do cotton.. S37 85,012 732 180,619 672 161,304 iii! ^10 0. 'S do silk 68 62,-385 178 2il,8B0 1.53 185.847 QD do flax 275 79,302 686 135,933 C73 131,6l>2 ItlsceUaneona dry goodv.. 854 26,518 239 40,461 4,812 57.257 :S ToUl 1,922 $401,5,89 2,545 $901,167 6,858 $813,895 idd ent'd for consampfn 4,975 1,980,032 7,115 2,832,375 6,044 1,960,149 Sea rotal entered ai. the port. 6,897 $2,381,621 9,660 $3,73.3.512 ll,90j $2,778,044 • e* iO 5: t- tc orj .« Receipt* or nomestlc Produce. . tS : :l *5tco=o e* .-.C.I The receipts of domestic produce since Jan. 1, 1876, and for the 3 3 §3 same time in 1875. have been as follows : gag :8 iS ; is Since 8ame Since Same Jan.1,'76. time 1875 Jan.l,'76.'timel875 AshcB ptgs. 1,035 1,146 ; Pilch .. 7 BreadBtnlTs— Oilcake. • Pkgs. 98,389 41,070 Flour bbls. 659,891 488,9M Oil, lard. 720 1,207 :8g iiS" 1.111,549 Wheat bush. 1,714,093~ Peanuts. .bags. 15,529 12,401 C!orn 2,.5S4,7' 4.478,563 Provisions— fa OaU 1,073,648 1,077,491 Butter pkgB. 171.2-36 148,283 Rye 21,372 6,700 Cheese 307,875! 84,010 5SSs Barley and malt 96S,271 370,I8'i •'='.« O^V^ ^^ If: »fi OtttraeatB 124,2981 109,653 sSS • so V ^4 t-. O O Grass seed. bags. 42.341 30,';93 Kggs 82,001, 28,837 tf* ^1*; •* Beans bbls. 22,-30) 12,179 Pork 45,8291 55.K.38 Peas bufh, 3«S,0lj4 61,690 Beer. 23,1711 8,713 m §s « o « • , ^. meal — bbls. .14,0:6 36.069 Lard 92,498 112,748 )(na]acB«)CC(Ba)< ; m • w ^^Hon bales. 203,(^i ]50,7;9 Lard ....kegs. 3,5in 1,566 SIP bales. H9i 201] Rice...... pkgB. 10,52;, 2,767 633,920 40O,»8U Starch. 45,363] 45,.505 •^ :• ; : : ;* j_-r".'^.'^ :1 '«•<'»• 22,834 3,928; dtearlne... 3,971 4,<32 . 3 : : : I^t, la:: :jt Cr. rieif-- Tobacco . 29,.ViO 16,275 I bbls. 505 6.51 • o V « c* ; o Hpirifc. . Tobacco... ..bbds 11,160 3.665 EoBln.<>en. 7 108 7,127 Whiskey.. ...bbls 24,792 37,437 ? P. » ai'? R Tar —\f 44,774 70,857 Wool .bales 10,151 6,739 1,926 2.452 Dressed . 30,03' Hogs . No, 42.963 o ! March 4, 1876.] THE CHRONICLE Commeroial Cards. Oommeroial Oardg. FiaanoiaL John Dwight & Co., Olyphant & Co., STOCKS and BONDS MANUPACTUKERS OP COMMISSION MKRCHANTB, SUPER-CARBONATE HoDK KonK, SlianRlinl, Fooebovr * At Auction. OF Canton, China. HcrilKKENTXD BT The undertlgned bold RBQULAR AOCTION SODA. BALES of all classes of OLYPHANT dc Co., of China, No. II Old Slip, New York. KI4 Wall St., New York. STOCKS AND BONDS, The jODOlDK Tr&dd ONLY Supplied George A. Clark & Bro. Olf Smith, Baker & Co., WEDNESDAYS AND SATURDAYS. oonraissiON mrrohants ADRIAN H. MIILLER 4c SON, Japan. Yokohama and HIoko, No. T PINK STREET, NBW YORK. KEPKKSKNTBD BY E. W . CORI.IE8, Winslow, Lanier & Co.,. G6)f Pino Street, New York. BANK KB*, niLW^ARD'S HELIX NEEDLES. « PINB STREET. NEW TOHK. B. G. Arnold & Co., 337 and 339 Canal street, NEW YORK. Receive the accounts of Interior banks, banken lis FRANT STREET, Brinckerhoff, Turner corporations and Merr.lianu. HPORTBRS AXD DSALESS Agents for the sale of City, Connly, and Kallrosd Bonds ; Issue Letters of Credit for foreign travel. & Co., LONDON CORRESPONDENTS COFFEES AND TEAS. Mannfacturers and Dealer! n CITY RANK. Thrradueedle Street. COTTONSAILDUCK JEWELL,HARRISON Greenebaum Bros. & Co., And all klndt of & COMPANY. COTTON CANVAi,, KELTING DUCK, CAR COVKR HANKERS, FOR INB. BAGGING, RAVKN8DUCK, SAIL TWIN KB PORE LARD PACKED 4C. " ONTARIO" SEAMLESS BAGS, 1 Nassau Street, Nevr York, ALL. CLII?IATES. "AWNING 8TKIPKS." (CoaxBB or Wall Btixxt.) PROVl^lON MAKUFACTURKR Also. AKOntB UEALEK9 AND CHICAGO HOUSE; UENUY GREENEBAUM * CO Ul' LAIiD UlL « U STKAKINK. United States Banting; Companjr. KSTABLISHKD 1841. NKW TOKK. Issue Hills of Exchinire, Travelers' and Commercial A full 8appl7 all Widths and Culorii always In stock. Credits, al-o Telegraphic Transfers of Money, avail No. 109 Dnane Street. able in the leading cities of Europe and the United F. LB. Mayhew & Co., SUtes. 140 Front Street, E.R.Muclge,Sawyer&Co Depos'l accounts received on favorable terms. Weott-jr for sale a Um ted amount of XAHUrACTVRERS Of AGENTS FOR •ILS—SPERM, WHALE, ELEPHANT* LARD. Washinzton Mills, wrest Chicago Park 7 Per Cent Bonds, BiirlliiKton Woolen Co., Due 1890. CAN D I. KS—SPERM. PATENT SPERM, PAR- Chlcopee nfg Co., AFFINE, ADAMANTINE, HOTEL AND Ellertoii Neiv ITIllI*, RAILROAD. Saratoga Victory TUCg Co. Adolph Bcissevain & Co. For Export and HomR ute. NEW YORK. BOSTON. 48 & 45 WaiTS STRKXT. 15 CHAUNOST ST. PARAPFINE OILS, WAX AND BEESWAX. PHILADRLPHIA, BANKERS .1 W. DAYTKN, .J30 CHusTunT Stbkkt. AND Henry Lawrence Sons, COMiniSSION MERCHANTS, ! ! ! R I C E ! ! & MANUFACTURERS OF AMSTERDAM, HOLLAND nANILA, SISAL, JUTE & TARRED Sons, Buy and Sell on Comtniss^on American Securities Dan Talmage's in Holland and otl.er Continental Markets. 109 Wall Street, New York. CORDAGE, Mak ' Coll. ctlons throughout the Continent ot FOR EXPORT AND DOMESTIC USE Europe. AdKer*e Wharf, Charleston. S. C. Make Payments on Letters of Credit to Travelers OF RIGGING MADE TO OUDEK. GANGS and transact a geneml American Banking Bustresa. Street, Orleans 10 rontt Neiv 19S FRONT STREET NEW YORK. Refer by special permission to Messrs. Blaka Brothers & Co., Boston and New 1 ork, and to Measrs Gunpo'wder. Cotton Ties. B. & W. Welsh, Philadelphia. SOLB AQBNCY IN NEW YORK FOB THE SALB Knoblauch IGUNPOWDER or TUX CELEBRATED "ARROW" TIE, & Lichtenstein, XAMirrAOTTJRKD BT '^The American Cotton-Tle'Company*' BANKERS, Dupont's LIVEIiPOOI, ENGLAND. 35 Broad Street, Neiv York. 8. m . SW^ENSON, Make Telegraphic Money Transfers. SPORTING, SHIPPING AND MINING 80 Wall St., »ew York. Draw Bills of Exchange and Issue Letters of Credit OH all ptinclpal cities of Europe. POWDER. SPECIAL PARTNER, DEUTSCHE BANK, Berlin. DUPONT'S GUNPOWDER MILLS i Hilmers,McGowan&Co (ESTABLISHED IN 1801 ) STEEL PENS. BROKERS IN iHtve maintained their great repntation for 75 years. MANUFACTURERS' WAREHOUSE, FOREIGN EXCHANGE AND GOLD, Manufacture the S4 Wall Street, New York. Celebrated EAGLE DVCKINO, JOSEPH GILLOTT 4c SONS (P. O. BOX .1,841) U I J»bn street. New York. EAGLE RIFLE, and Special attention paid to th« nagotlaUon of Com. HEVRY HOK Rni.B ASXNT DIAIHOIMD GRAIN POWDER. mercial bills. The most Popular Powder in Use. A.bo, Harrison, Bradford & Co Banks, Bankers and In- SPORTING, MINING, SHIPPING AND BLAST STEEL PENS. surance Companies _ ING POWDER, wishing to purchase OFFICE FURNITURE, Will Od :if all kinds ami descriptions. a line as«ortmcilt, at prices to suit the times, at the For sale in all parts of the country. Represented No. SOS, e tAhlliihment of G. SELLEIV, FALCON, Nos. ao. 98, 15. 1, etc. T. Kneeland, 103 Fulton St., New York. F. L, XMBRAOINO EVERY STYLE AND FLNIBH. 90 WaU Street, NEW TOBK. \ IS J«bn Street, New York. Fine Cylinder and Roll Osaks a SpecUliy. ; OTE CHRONICLR [March 4, 1.876. Ilnancial. Railroad Material, &.c. Ocean Steamships. NBW YORK, BObTON, 184 Pearl Street. 70 Blace Street Morris, Tasker & Co., CuNARD Line. GOSSLER & Co., (LIMITED.) Pascal Iron Works, Philadelphia. t»-NOTICE.—with the view of diminishing the chances of collision, tlie steamers of this Hue take a International Bank or iiambursand Delaware Iron Co , Nenreastle, Del. specified course lor all seasons of the year. Iioudou, (Limited.) H ANUFAOTURKRS OF On the Outward Passage f rttni Queeustown to New Vork or Boston, crossing Meridian of 50 at 43 Lat., or HOUSE IN KUROPB, LAP-WELDED AMERICAN CHARCOAL nothing to the North of 43. On the Homeward Pas- sage, ci-ossliig the Meridian ol 50 at 42 Lat.. or uuthlne < JOIIi-V BEUBI China Wed..Mch. 8 j China Wed., April la OFFICE AND WAREHOUSE : Parthla Wed.. Meh.15 Bothnia ...Wed., April 18 Abyssinia ..Wed., Mch. 22 Abyssinia.. No. 15 GOLD STREET, NEW YORK. .Wed.. April '.Hi Java Wed.. Mch. 29 I 'Russia Wed., May 6 j And every following Wednesday and Saturday from CA^ Co. New York. " * II A N K E K S , Steamers marked do not carry steerage passengers, PHELPS,DODGE&Co Ratks of PASSAeB.—Cabin, »*, flOO and »130 gold, 4 WALL 8TRKET, NEW YORK. according to accommodation. Tickt-ts to Paris, $15 gold, additional. Return tickets on favorable terms. CLIFF STREET, Steerage tickets to Peraoni keeping accounte with ns (currency or vid tromall parts of Europe at eoW very low rates. sAme as wltb (JiiJ may deposit and draw as tbey please Between John and Falton, Neir York. Through bills of lading given for Belfast, Glasgow, baiiKb, and will be allowed Interest on dally balances Havre, Antwerp and other parts on the Continent and for Mediterranean ports. For freight and cabin according to the nature of the account. IMPORTERS IN Bassage apply at the Company's office. No, 4 Bowling Orders for the purchase and sale of stocks, bonds AND DEALERS reen; for steerage passage, at 111 Broadway, Trinity Building. • " ' and (fold will receive from us, personally, prompt and CHAS. 6. FRANCKLYN Agent, careful attention. P. O. Box 2.647. Tin & Roofing Plates, A. M. KiDDKB. C. W. MoLlLL^X, JS. W. TSA.SE OF ALL SIZES AND KINDS. O W L, If Martin Lewis, PIG TIN, RrSSIA SHEET IRON, Direct Line to France. 4 3 PINE ST., N. Y. Room 3. CHARCOAL AND COMMON SHEET IROF, DEALKB IX The General Transatlantic Company's Secnritics of Solvent and Dcfanlted LEAD, SHE ST ZINC, COPPER, ' KR, C'o'8, also State, City and Mail Steamships, County Bonds. Spelter, Solder, Antimony, Lc. BETWIBK TIMK LOANS NEGOTIATED. NEW YORK AND HAVRE, Refers by permission to Meeers. M. K. .Tesup, Paton MANUFACTURERS OF & Co., Ncw'Vork; Messrs. Soutter & Co., New York; Calling at Pjymontfa for the landing of Passenger s Jon. S. Norrls, hsq.. President First National Bank, COPPER, BRASS AND ITIRE. ilaltlmore; Robert Mlckle, Esq., Cashier Union Nat'i The splendid vessels on this favorite route for the Bank, Baltimore. Continent, (being more southerly than any other,) iplllsall from Pier No. 50 North Kiver, as follows WH. BOBDSN. L. N. LOVBLI LAFAYETTE, Hellard Saturday, March 1 *PKREIKE, Danre Saturday, March 18 N. T. Beers, Jr., SangUer Saturday, Borden & Lovell, LABRADOR, April 1 PRICE OF PASSAGE UN GOLD (Including wine,) coniinissiON First cabin, |120 and $110, according to accommoda- B.ROOKLYN Stocks, jtierciiants Uon. Second cabin. (T2. Third, $40. Return tickets at reduced rates. GAS STOCKS, 70 tc Tl West St., New York, Steerage, $26. with superior accommodation and Including all necessaries, without extra charge. Steamers marked thus * do not carry steerage pas »X WALL STREET. AGENTS FOR sengers. LOCIS DE BEBfAN, Dealer in Railroad and Investment Stocks and Bonds BORDEN nilNING COMPANY, Ageut, S5 Broadnray. CUMBERLAND COALS. H. Amy & Co., FALL RIVER IRON WORKS COITI'Y BANKERS, For Liverpool, NAILS, BANDS, HOOPS AND RODS, (Via (Ineenstoivn) 31 Nassau Street, York. 19 & New CAERYING THE UNITED STATES MAIL. TRANSACT a general bantfing business. OLD COLONY STEAIVBOAT CO., TUESDAY. DKAL in Investment securities. BUT nil deBCrlptlons of UNCURRKNT Bonds, slso FALL RIVER LINK STEAMERS. LEAVING PIER No. 48 NORTH RIVER, as follows Bonds KEPU 1)1 AThD by ClTiES and COUNTIES. NEVADA March 7, at 3 P.M. WISCONSIN March 21, at 2«) P. M. lOBN B. EBNNSDY. HBNBY M. BAKKB. JOHN B.BAIiKS MONTANA March 28, at 7 A.M. WYOMING April 4, at 2 P.M. S. Kennedy Co., IDAHO April 11, at J. & RATES FOR PASSEN0KB3 REDUCED. Steerage, $26; Intermediate, $10; Cabin, $11.) to $sa, BANKERS AND mERCHANTS, accordln»t to st;ite room, Steerag" olHce, No. 29 Broad- way, General offlces, No. 63 Wall street. 41 CEDAR, COR. WILLIAM ST., ct^^^jcL ^a££i^ WriLLIAMS dc GVION. Nevr York. Buy and sell Railroad Investment Securities, lect Coupons and Dividends. Negotiate Loans Atlas Mail Line. draw Bills of Exchange on London. Agents of the BI-MONTHLT SERVICE TO JAMAICA, HAYTI, COLOMWAand ASPINWALL. and to PANAMA aud S >UTH PACIFIC PORTS (via Aspluwall.) CAITIBRIA IRON COMPANY Fiist-class, full-powered. Iron screw steamers, from Pier No. "il. North River. . S . Bailed, E of JOHNSTOWN, Pa., for the sale of their IRON an For HAYTI, COLOMBIA. ISTHMUS OF PANAMA, STEEL RAILS. and SOUTH PACUIC PORTS (via Aspinwall), 66 WAI^Ii STREET ALPS... March 1 All business relatlnf: to the Construction and Equip yETNA March 15 Dealer In ment ot Railroads un lertaken. For KINGSTON (JAMAICa) and HAYTI, stock ATLAS March 1 Fire ard Marine Insurance CLARIBEL March 30 and Scrip Superior first-class passenger accommodation. 'SPECIALITY." PIM, FORWOOi/ & CO., Agents, Joseph Bachman &Sons, No. 56 Wall Street, Cash paid at once for the above Securities ; or the REPRESENTATIVES OF will be Bold on commia«ion. at aellere optico. Providence fc Stonington Steamsbll* Company. Compauy, l>etH'eeu Nenr Ifork and JAL.DEN GAYIiORO, Miscellanoons Se Gorham Mfg Boston. • curitles. No. 3:) Wall St., New Vork. (P.O.Box l,'.?i3). Special attention given to St. Louis City and County iionds ; Mlaseuii County, City, Town and Reduction of Fare School Bonds. Also, to the Bonds an Tnsuranoe. Insurance. Cotton. LauMAis, Abbaiaic A Co., LuMAa. Udbb A Co. PHENIX Mew Orleana, La. Moutcomar, AUl. '• < OFFIOE or THB LEHMAN BRO'S, Insurance Company OF BROOKI.YN. Cotton Factors ATLANTIC OfUce, Western Uuion Telegraph Building, AND Broadway, Cor. Dey Street, N. V. co.-nmssioN niBRCHAN-rM, ASSETS, July iTTsrS, •a,333,'l»!2. Mutual Insurance Co. 133 A 135 PEARL STltKBT, INSURES COTTON AGAINST LOSS BY FIRE. OVERLAND BY RAILROAD, and Marino by New Tork. Steamers to Europe. NGWGASS, UUttENUKtlt ACO.. Agencies in all the Principal Cities in the U. S. Kichange Buildings, Liverpool. New York, Jan. 24, 187C. STEPHEN CHOWELL, PrealdcnL WILLIAM R. CROWBLL. Secretary. The Trustee?, in conformity to the Charter of tho Sawyer, Wallace & Co., Company, aubmit th aQ'airfl on the 3l8t December, 18?5 : The North British and COTTON FACTOKS COMUISSION MKUCBANT Premiaou received on Marine KU'ika, 47 Broad Street, New V«rkJ • from Ut January, 1S75, to 31at De- Mercantile Ins. Co., cember, 18:5.... |5,aio,o;i 8J OF Premiums on Policies not marlccd olT LONDON AND BDINBIIRGH. H. Tileston & Co., Ist January, ISTS 8,45.\«7« 8J U.'JITKD 8TATKB BRANCH, COTTON BUYKKS * COMMISSION MKKCUANTS 00 Sioue Street, New York. lirilliain. Total amount of Marine Preniluins.. $i,aj5,3M 75 54 Cor. Pine St., New York. Orders lu Futures executed at N. Y. Cotton ICzchante. No Policies have been issued upon Capital raid np - • - $10,000,000 - ' Moody Life Risks ; nor upon Fire discon- Uross Fire Reaerve 3,700,000 & Jemison, Net Lire Aaaeta • - • 13,300,000 nected with Marine Kislis. B A N K K It 8 Premiums marked oH' from '.at Janu- Total • »i7,000,000 ary, 1875, to 3l8t December, 18T5 ... $6,U3,134 6S Gross A89cti held by Board of Uanagemeut In New General Coininl%sfon ]Vffer«h«uta, Losses paid during the York.fl.SOO.iXW. 123 PEARL STREET, YORK, The Cuiupauy's actual losses by Chicago conflagra NEW lameperiod $3,712,068 05 tlou In 1»71 were I1.743.457 81. Will keep accounts with Country Ilankd and Uankeri, The CompHiiy's tictual losses by Boston conflain's* make colli^ctlous, l^f}ue ccrtincutcs of Depuslt, aaa Retams of Premiums and tlou lu ;S72 were $50^.680 id. attend to the sale and purubise of Uouds, Stock* Expenses. .$l,«n,417 36 Yet the Company paid the';.e losses at sight withoa Coin, Ac. borrowing )r selllug a single UoUar of permanent tn- Particular att' ntton given to the execution of orde vestuieuts, continued regular aivldends to their for future coutrftc^s and the parcbaae of lUercliAUdlaa The Company has the following Asset', viz.: stockholders, and at the end of lS7a had entirely made United States and State of New York up (not In this country, howevei). the losses of these two couilazrations and all others, coinincuclng 1874 Stock, City, Bank, and other Siock*.$l0,3l4,9»0 60 Lamkin & Eggleston, with a surplus over $100.U00 larger tliftu ever before. Loaniaecared by Slocks, and other- Annual Income of Fire Department alone over $4,000,000. Cotton Factor*, wise !,5I4,20J CO Fire and Life Assets entirely diatlnct—the one not Real Estate and Bonds and Mortgages Ml.OOO 00 liable for the other. The Company organized A. D. 1809. Commenced VICKSBDRG, iniSS." Interest, and sundry Notes and Ciaima business In this country A. D. 1S67. Orders to purchase Cotton In our market a ^ icltvtl due the Company, estimated at 451.017 92 Agenrles In most of the prluclpa cities and tcwnc In the United States. . ^0 to Premium Notes and Bills Receivable. S,0;6,360 EZRA WHITE, I Kefer Messrs. NORTON SLADGUTKR A CO Cash in Bank 363,402 40 CHAS. E. WHITE, ^Managers. New Yort. SAM. P. BLAQDEN, I Total amount of .\9«ets $16,019,910 82 Irvine K. Chase, Six Per Gent Intereat on the outstanding Sun Mutual Ins. Co., certificates of profits will be paid to the holders No. 37 Wall Street, IVew York. cotton buyer, thereof, or their legal representatives, on and after IXCOBPORATKU MAY IBn, 1S41. Tuesday, the Ist of February next. NasUTllIe, Tenuoeeee. Oiliest Marine Ins. Co. in the Si ate ol N. I The outstanding certlUcatej of the issue of 1373 will be redeemed and paid to the holders thereof, AMOUNT OK Lt.SSKS PAID I^INCK THE ORGANI- UlUTKUKNCB.-FisaT N iTioiTAt. Bakx, NAaHTii.i.« or their legal representatives, on and after Tuesday, ZATION OF THE COMPANY, JOHN 8. BICHABD8. WILLIAM WHITLOCK. the Ist of February next, from which date all inter- Over Tiveiity ScTon Millions of Dollars. est thereon will cease. The certificates to be pro- Capital Slock paid In... ,..$500,000 00 duced at the time of payment, and cancelled. Upon Richards & Whitlock, Surplus Slat Doc., 1874'.. 284 32G 19 certificates which were issued for gold premiums, the payment of interest and redemption will be iu $784,320 10 COTTON STORAGE gold. 4SSKTS. U.S. Bonds $S7S,047 50 No«. 105, 107, dc 109 Morton, A DlTldoud or Fortf For Cent, is de- Cash on Deposit .. 48,702 30 $626,749 80 and 618, G20 & 622 WasUington St., clared on the net earned premiums of the Company Premium Notes not matured and for the year ending 3l8t Deaomber, 1875, for which other Assets 167,676 30 CAPACITY, 12,000 BALES. certificates will be issued on aud after Tuesday, Total ABseU 31st December. Ie74.$784,326 19 Itate of Storage, 15-15. Fire Insurance Lowest Ratefl, - the 4th of April next. Insures against HIAUINB A>D IN- RaFKBKKCKs.—FrenchATravera.No. 17 William s*. Williams, Black & Co., No. 1 William st.; It.M. Water* By order of the Board, NAVIGATION RISKS. Also, LAND & Co., 56 Broad St.: Philip Henry. .Ir.. No. MS Pearl against FIRE RISKS on property in the City St.; Adams & Whitlock, No. M South St.: Ciiarlea J. U. CHAPMAUr, Secretary. Hyllestedjc Co., Mo. 7 bonth WllltHm at.; Walter T. of York aud immediate vicinity. New Miller & Co., No. 5 Hanover st,; Dennis Perkins, No Tills Company combines the stock and mutoal 117 Pearl St.; Charles A. Saaton, No. Ml Pearl st. systems, parties having the option o( partielpattng in the profits, or inaorlDg on the stock plan at reduced BLOSS & INCHES, rates. TRUSTBES. at Losses on marine risks made payable the banking COTTON FACTORS hOQse of J. D. Jones, Goidon Barnham, W. Messrs. KLSINWOB]^ COHBK * CO.. London, AND Charles Dennis, Frederick Chauncey, when desired, W. H. n. Moore. Charles P. Burdef, JonN P. PAUl.ISON, President. GENERAL COMMISSION MERCHANTS Henry Coit, Francis Skiddy, IHAAC n."WALKKU. Vice-l'realdant. JOHN P. niCUULH. Lewis Curtis, Robert B. Miiitnrn, 128 Pearl Street, New Tork. Charles II. Russell. Chtrles II. Marshall, Lowell nolbrook, George W. Lane, TO PRINTERS. McAiister & Wheless, David Lane, Robert L Stuart, COTTON James Bryce, James G. De Forest, We koep on hand the largest stock of ooinniissiON itierciiants Daniel S. Miller, Alexander Blake, Y. PRINTING TYPES NAiiHVILLS, TENNBSSBB. William Stnrgis, Charles D. Leverich, Special attention given to Spinners' Josiah O. I,ow, Adolph Lemoyne, n America, aasorted for i{ne:IUk, French, Spanish, orders. Corre- aud Portuguese, which wc sell in lots to suit purchas- l; sudence solicited. p' WUIiam E. Dodge, Adam T. Sackett, ers, at low prices for cash. Hi 111 KNoxs.—Third and Kourtn National Banks. and Pi }prl3torB of Tua CnoNiOLS Royal Phelps, Horace Gray, We ali!o deal m all kluda of new Printing Malorials Thomas F. Youngs, Edmund W. Corlies, OVER fi.OOA SOLD OF 0. A. nand, John Elliott, Geo. Bruce's Soti 6c Co., I.S:OERSOLL'S James Low, Samuel Hutchinson, Cbambersi Street, Hji ND AND HORSE-POWER PRESSES John D. Hewlett, William n. Webb. No. 13 N. V. Tlicj hftve a world-wide rerntatlon and a superlorltr N. B —The Steele and Bond Tables Of the COsiuxs ovet h1) others lor ballBfr Hay, Cotton, Kag« and til J. D. JONES, President. etAL AND Financial CuRONioLK, putillshed In a i-ap- othrnce's Nonpariel, No. 13, with th Patent FlKurei W. H. H. MOORE, Sd ViCc-PresIdeut. and Fraction*. tiKKabNrOX2 Oottoa. Ootton. Ootton. aow^Ro a. wsisBT. ima a. Diraa. Woodward & Stillman, Ava. u Bnauaca. Babcock Brothers & Co., BBAMEN'S BANK BUILDIKO, 60 ^¥all Street, New York. Wright, Richards & Co., MEKCHANDISe DEPARTMENT. No*. T4 * T« vrmll Streac, New York. Orders execnted at the Cotton Exchanges In New COTTON FACTORS York and Liverpool, and advances made on Cotton and other Produce consigned to them or to their Bra" Cotton aXD abroad. Factors F. BABCOCK Sc CO., Oeiieral Commlaaiou aierchaiits. LIVERPOOL. No. 39 BBOAO STRKKT, ALaxaroaa aaiTUkKD. l. r. a. iiAci.Baoaa Gaaeral OommlMloa merchants. aoaarr l. hutlaitd. (P. O. Box 4858.) New York. SiMCUl tttantlon paid to the ezecuUon of orderi for Liberal Adraacea made on ConslgnmeDta of Cotton, tae rnrcluus or ule of costracta for tutnre dellrerj Robt. L. MaitlandSc Co., Wool, Hides, Ac, and upon slUpmenta to oar friends of oottoa. Ub«nl adTaaoe* made od cooalcn In Llrerpool and London. meata. No. t3 BROAD STREET, NEW YORK. Ware, Murphy & Co., Bliss & Bennet, Cotton Factors, GENERAL Tobacco and General Commlaaion • Cotton Factors GOIHMISSION nKRCHANTS, nierelianta. AUD Advancee made on Conalgnmenta 131 Fearl Street, Hew York. to QBNERAL COMMISSION MERCHANTS LONDON AND LIVERPOOL. Special attention stren to the execatlbn of ordoi COTTON EXCHAN&E BUILDING, for the purchase or sale of CoolracU for Future Williams, Birnie & Co., De Irerr. NEW YORK. COMMISSION MERCHANTS, 65 Beawer ^t. ic Excliance Plaee, Bpodal attaatlon paM to tlie exeenlioa of orden W. C. Watts & Co., 20 GEO. W ft WILLIAMS CO , ) for the purchase or sale of contracts for fu ure Bankers ft CoininiemuD Merchauta,> NEW YORK. 31 BrowB'a Buildlnc*, OnABLKSTOX. a. c. dellTsry of cottos. Liberal adraocei ma-le ) od cou- Liberal advances made on coDi>lpnmenta of Cotton. slgDmeiita. Orden, executed at the Coiu.n Kxchinse ror the par- LIVKKPOOI., chaae aud sale of conlraots for futuie deliverv. solicit cousl(iin New York. 'Hoisting Purp..sea, ftc. A SS Nasaaa Street, New York. Advaocae mad* on Coaalgamenla. Special attea Lartte Blocit coutantly on tloo paid to pa chases or sales of " Cotton tutares. hand, from WDica any dettred BUls ot Exchange on the J£WELL,HARRISON CITY BANK, LONDON lengths are cut. and HOTTEN(JUKB * CO, PARIS. JOHN \r. niASON A CO., & COMPANY, 4S Broadwar, Ne-w V^rk. romniiiSioN and Kremelberg & Co., COTTON MEBCHANTM. NEW YORK. BSTABLISHKO IMl. NBW TOKK D. Kremelberg & Co., MTNA J. BALTinORK. Wm. E. Rogers Co., & Kremelberg, Schaefer & Co., Insurance Company NBW ORLEANS. 10 Sowtfa William >treet, OF HARTFORD. NBW yoKK, Kremelberg & Co., OOmSISSION MEBCHANTS. LOCISVILLB, KY. • • jAVavoaa uxoa upcv oottox oohsionkd to COIHiniSSION niKKCIl.lNT8. OAPETAI., $3,000,000 00 Measav. J. N. BBACU * Co., Knoop, Assets, Jan. 1,'* 6 - 96,792,649 9§ LIVERPOOL. Hanemann & Co Liabilities .... «246,3S5 50 B. R. Smith & Co., COmiHISSlON KERCHA NTS, BRANCH OFFICE, 173 BROADWAY, N. Y. COTTON 52 EXCHAKQS PLACE, NEW YORK. OOIHIHISSION niERCHANTS, JAS. A. ALEXANDER, Asent. 44 BROAD STREET, B03TON, Bouaa* Df ASD Mameheater and Llrerpool, Liverpool & litS Pearl Street, New York. Liberal advancea mide on consignments. Prompt DE JERSEY it CO. perwwal attention paid ti the execution of orders for London Globe the purcbaae or sale of contracts for future deliveiy. & Walsh, Thomson & Co., ..toe Laer & Co., COTTON BBOHEBS, Insurance Company, SOUTH WILI.I&M ft e STuNE SIKEKTS, COTrON BUYERS. New Vork. CAI.TB8TON, TKXAS. Wall Street Caricatures. 45 William St. A new book. 48 ages, Liberal Caah Advances od Contlgnmeuts | canU;Dlng 11 engraved lilus- to our tratlous. with Assets, INKOhMATKlN FOR STOCK 8PEC0LAT0B8. $26,74.0,105 70 friends In New York, ilaston, Philadelphia, Liverpool, Pnce 10c., cloth covers ; psper covers free. TDMHRID0B CO., UaTT* aad Bremta. A In the U. _^ Bankers and Brokers, i Wall M., M. Y. S., $3,000,000