xmtk HUNT'S MERCHANTS' MAGAZINE, REPRESENTING THE COMMERCIAL AND INDUSTRIAL INTERESTS OF THE UNITED STATES VOL L'5. NEW YORK, AUGUST 4, 1877. NO. 632. Financial. THE National Bank-Note Co., (INCORPORATED NOVEMBER, 1S59.) OFFICE, No. 1 WALL, STREET, NEW YORK. EN0BAVKR3 OF TBS United States Bonds, Notes, Currency and National Bank Notes. ExGHAvnto akd Pbi.ntiso or BANK-NOTES, STATE AND RAILROAD BONDS. POSTAGE AND REVENUE STAMPS, CERTIFICATES, DRAFTS. BILLS OF EXCHANGE, AND COMMERCIAL PAPERS, in the highest stria of the art with special saf»- guards devised and patented, to prevent counter- feiting and alterations. t This Company engraves and prints bonds, postage stamps and paper money for varioua foreign vJovemments and. Banking Institutions—South American, European, West India Islands, Japan, &c. Communication* may bei addressed to this Company in any language. J. II. VAN ANTWERP, Pres't. J. JIACDONOtGH, Vice-Pres'U A. 1». SHEPABD, Treasnrer. JNO. K. CDBBUUl, Secretary. Asa P. Pottjb, Prest. Saji'l Phillips', Cashier. Maverick National Bank Financial. Drexel, Morgan & Co., WAIL STREET, CORNER OF BROAD, NEW YORK. Drexel, Harjes & Co 31 Boulevard HausBtnann Paris. BOSTON. Capital, Surplus, $400,000 200,000 Special attention given to COLLECTIONS, and prompt remittances made on day of payment. Bo.tou business paper discounted. Correspondence nvlted. Kountze Brothers, BANKERS, IS WALL STREET, NEW YORK, lnue Letters of Credit, available In all parts of the werld ; also, Time and Sight Bnis on the' UNION BANK OF LONDON. Cable Transfers made. R. A. Lancaster & Co., BANKERS AND BROKERS, 66 Broadway, New York. SOUTHERN AND MISCELLANEOUS SECURITIES Bought and Bold on Communion. VIRGINIA STATE AND RAILROAD SECURITIES A Specialty. Loans Negotiated. Drexel & Co., No. 34 South Tnibo St., Philadelphia. DOMESTIC AND FOREIGN BANKERS. Deposits received subject to Draft. Securities. Gold, *c, bought an?l sold on Commission. Interest allowed on Deposits. Foreign Exchange. Commercial Credits. Cable Transfers. Circular Letters for Travelers, available in all parts of the world. Attorneys and Aqsnts or Messrs. JT. s. MORGAN A: CO., No. S2 OLD BROAD -ST., LONDON. FISK & HATCH, BANKERS, No. 5 NASSAU ST., NEW YORK. U. S. Government Bonds bought and sold In amounts to suit investors; also Gold, Silver, and for- eign coins. Deposits received in Currency or Gold, and Interest allowed on Balances. Special attention paid to Investment Orders for Miscellaneous Stocks and Bonds. M. K. Jesup, Paton &Co. No. j> William Street, MOW YORK. Draw Exchange on Union Bank of London. Accounts and Agencies of Banks, Bankers and Mer* santile Finns received upon favorable terms. Bonds, StockE, Commercial Paper, Gold, Ac, bought and sold on Commission. Act as agents for Corporations In paying Interest Coupons and Dividends, and alBo as Transfer Agents. Dividends, Coupons and Interest collected and remitted. Charles G. Johnsen, HERCHAJKT A3D BANKER, 166 aRAVIEH STREET IHEW ORLEANS, LA J.&W. Seligman&Co., BANKERS, 59 EXCHANGE PLACE, CORNER BROAD STREET, NEW 10KK. issue Letters of Credit for Travelers, Payable In any part of Europe, Asia, Africa, Asatralta and America. Draw Bills of Exchange and make telegraphic trans- fers of money on Europe and California. R. T. Wilson 6c Co., BANKERS AND COMMISSION MERCHANTS 2 EXCHANGE COURT. Liberal cash ndvar.ces made on consignments of Cotton and Tobacco to our address; also to ourlrlencs In Liverpool and Loudon. Government Securities, Gold. Stocks and Bonds Bought and Bold on Commission, and LOAMS NEGOTIATED. Accounts received and Interest allowed en balancs? which may he checked for at sight. Foreign Bankers. Franz Herm. Abbes 6c Co BANKERS, BREMEN, GERMANY. SPECIAL PARTNER: Koln Wechsler A Commissions Rank. NEW YORK CORRESPONDENTS: MESSRS. SPEYER A CO. 30 Exchange Place. Henry S. King 6c Co., BANKERS, 45 Pall Mall, London, England. Issue CIRCULAR NOTES free aj charge, available In all parts of the world. Grant COMMERCIAL CREDITS for use against Consignments of Merchandise. Execute Orders on the London Stock Exchange. Make Collections on all Points. Receive Deposit and Current Accounts on favorable terms, and do a General London and Foreign Banking Business. KING, BAILLIE A CO., Liverpool. NEW YORK CORRESPONDENTS, Messrs. WARD, CAMPBELL Ac CO. Adolph Bcissevain & Co. BANKERS AND COMMISSION MERCHANTS, AMSTERDAM, HOLLAND. Buy and Sell ou Commission American Securities in Holland and otl.er Continental Markets. Mak: Collections throughout the Continent ol Europe. Make Payments on Letters of Credit to Travelers and transact a general American Banking Business. Refer by special permission to Messrs. Blake Brothers & Co., Boston and New Tork.and to Messrs S.A W. Welsh. Philadelphia Financial. Albert E. Hachfield, 18 WALL STREET, NEW YORK, DSALS IN Farst'Class Investment Securities, CITf BWNDS OF ALL KINDS, ailboad Bonds, a*d socthzbx Sxcuxmxs or ALL DjtSCKXPTIOVS. WANTED. Mobile A Ohio Bonds. Mississippi central Bonds. New Orleans Jackson A Oreat N.rthern Bonds. Jefferson Madison A Indianapolis Bonds. South Georgia A Florida Bonds. — McKim Brothers 6c Co., BANKERS, 47 Wall Street, New York.
Transcript
xmtkHUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE COMMERCIAL AND INDUSTRIAL INTERESTS OF THE UNITED STATES
VOL L'5. NEW YORK, AUGUST 4, 1877. NO. 632.
Financial.
THE
National Bank-Note Co.,(INCORPORATED NOVEMBER, 1S59.)
OFFICE, No. 1 WALL, STREET,
NEW YORK.EN0BAVKR3 OF TBS
United States Bonds, Notes, Currencyand National Bank Notes.ExGHAvnto akd Pbi.ntiso or
BANK-NOTES, STATE AND RAILROAD BONDS.
POSTAGE AND REVENUE STAMPS,CERTIFICATES, DRAFTS. BILLS OF EXCHANGE,
AND COMMERCIAL PAPERS,
in the highest stria of the art with special saf»-
guards devised and patented, to prevent counter-feiting and alterations. tThis Company engraves and prints bonds, postage
stamps and paper money for varioua foreignvJovemments and. Banking Institutions—SouthAmerican, European, West India Islands, Japan, &c.
Communication* may bei addressed to thisCompany in any language.
J. II. VAN ANTWERP, Pres't.J. JIACDONOtGH, Vice-Pres'UA. 1». SHEPABD, Treasnrer.JNO. K. CDBBUUl, Secretary.
Asa P. Pottjb, Prest. Saji'l Phillips', Cashier.
Maverick National Bank
Financial.
Drexel, Morgan & Co.,WAIL STREET,
CORNER OF BROAD, NEW YORK.
Drexel, Harjes & Co
31 Boulevard HausBtnann
Paris.
BOSTON.Capital,Surplus,
$400,000200,000
Special attention given to COLLECTIONS, andprompt remittances made on day of payment.Bo.tou business paper discounted. Correspondencenvlted.
Kountze Brothers,BANKERS,
IS WALL STREET, NEW YORK,lnue Letters of Credit, available In all parts of the
werld ; also, Time and Sight Bnis on the' UNIONBANK OF LONDON. Cable Transfers made.
R. A. Lancaster & Co.,BANKERS AND BROKERS,
66 Broadway, New York.SOUTHERN AND MISCELLANEOUS SECURITIES
Bought and Bold on Communion.VIRGINIA STATE AND RAILROAD SECURITIES
A Specialty.
Loans Negotiated.
Drexel & Co.,
No. 34 South Tnibo St.,
Philadelphia.
DOMESTIC AND FOREIGN BANKERS.Deposits received subject to Draft. Securities. Gold,
*c, bought an?l sold on Commission. Interest allowedon Deposits. Foreign Exchange. Commercial Credits.Cable Transfers. Circular Letters for Travelers,available in all parts of the world.
Attorneys and Aqsnts orMessrs. JT. s. MORGAN A: CO.,
No. S2 OLD BROAD -ST., LONDON.
FISK & HATCH,BANKERS,
No. 5 NASSAU ST., NEW YORK.
U. S. Government Bonds bought and sold In
amounts to suit investors; also Gold, Silver, and for-
eign coins. Deposits received in Currency or Gold,
and Interest allowed on Balances. Special attention
paid to Investment Orders for Miscellaneous Stocks
and Bonds.
M. K.Jesup, Paton &Co.No. j> William Street,
MOW YORK.Draw Exchange on Union Bank of London.
Accounts and Agencies of Banks, Bankers and Mer*
santile Finns received upon favorable terms.
Bonds, StockE, Commercial Paper, Gold, Ac, bought
and sold on Commission.
Act as agents for Corporations In paying Interest
Coupons and Dividends, and alBo as Transfer Agents.
Dividends, Coupons and Interest collected and
remitted.
Charles G. Johnsen,
HERCHAJKT A3D BANKER,
166 aRAVIEH STREET
IHEW ORLEANS, LA
J.&W. Seligman&Co.,BANKERS,
59 EXCHANGE PLACE,CORNER BROAD STREET, NEW 10KK.
issue Letters of Credit for Travelers,
Payable In any part of Europe, Asia, Africa, Asatralta
and America.
Draw Bills of Exchange and make telegraphic trans-fers of money on Europe and California.
R. T. Wilson 6c Co.,BANKERS AND COMMISSION MERCHANTS
2 EXCHANGE COURT.Liberal cash ndvar.ces made on consignments of
Cotton and Tobacco to our address; also to ourlrlencsIn Liverpool and Loudon.Government Securities, Gold. Stocks
and BondsBought and Bold on Commission, and
LOAMS NEGOTIATED.Accounts received and Interest allowed en balancs?
which may he checked for at sight.
Foreign Bankers.
Franz Herm.Abbes 6c CoBANKERS,
BREMEN, GERMANY.SPECIAL PARTNER:
Koln Wechsler A Commissions Rank.
NEW YORK CORRESPONDENTS:
MESSRS. SPEYER A CO.
30 Exchange Place.
Henry S. King 6c Co.,BANKERS,
45 Pall Mall, London, England.
Issue CIRCULAR NOTES free aj charge, available
In all parts of the world.
Grant COMMERCIAL CREDITS for use against
Consignments of Merchandise.
Execute Orders on the London Stock Exchange.
Make Collections on all Points. Receive Deposit
and Current Accounts on favorable terms, and do a
General London and Foreign Banking Business.
KING, BAILLIE A CO., Liverpool.
NEW YORK CORRESPONDENTS,
Messrs. WARD, CAMPBELL Ac CO.
Adolph Bcissevain & Co.BANKERS
AND
COMMISSION MERCHANTS,AMSTERDAM, HOLLAND.
Buy and Sell ou Commission American Securities
in Holland and otl.er Continental Markets.
Mak: Collections throughout the Continent ol
Europe.Make Payments on Letters of Credit to Travelers
WANTED.Mobile A Ohio Bonds.Mississippi central Bonds.New Orleans Jackson A Oreat N.rthern Bonds.Jefferson Madison A Indianapolis Bonds.South Georgia A Florida Bonds. —McKim Brothers 6c Co.,
BANKERS,47 Wall Street, New York.
1) THE CHRONICLE |Vol. XXV.
Boston Bankers.
Oxo. W». Balloo. George H. Holt,
Member N. T. Stock Exchange
Geo.Wm.Ballou&Co8 WALL STREET, 12 DEVONSHIRE ST.,
New York, Boston,
BANKERS AND DEALERS IN
Municipal Bonds.
Brewster, Basset & Co.,
BANKERS,So, 35 CONGRESS STREET,
Boston, mass.
Dealers in Stock*. Bonds, Gold and Commercial
paper.
Orders executed on Commission at Brokers Board
Auctions, and Private Sale.
Investment Securities constantly on hane.
Chas. A. Sweet & Co.,
BANKE'RS,
40 STATE STREET, BOSTON.
DEALERS IN GOVERNMENT SECURITIES, Gold,
State, City, County and Railroad Bonds.
Parker & Stackpole,BANKERS, 78 DEVONSHIRE STREET
BOSTON,
Bay and Sell Western City andCounty Bonds.
Fhila. &. Baltimore Bankers.
Southern Bankers.
THE CITY BANK OF HOUSTON,Capital, $500,000,
Houston, Texas."We give special attention to collections on all acces-
Directors.—Benjamin A. Botts. Pres't : C. S. Long-cope. W.J. Hutmlns.F. A. Rice, C.C.Baldwin, W.B.tSotts, Koh't Brewster. BENJ. A. BOTTS, Pres't.
B. F. WEEMS, Cashier.
Wilson, Colston & Co.,BANKERS AND BROKERS,
BALTIMORE.INVESTMENT and VIRGINIA SECURITIES a
specialty.Correspondence solicited and Information fur-
nished.N. 1 . Correspondents—McKlm Brothers ft ra.
J.Bell Austin,STOCK BROKER,
203 WALNUT PLACE (316 WALNUT ST.),
PHILADELPHIA.Orders in Stocks and Bonds promptly executed at
the Philadelphia and New York Boards,
Southern Bankers.THOB. P. HILLEB, B B. WILUAMS, JNO. W. MILLER
Thos. P. Miller & Co.,BANKERS,
ltlOBILE, AI.AttA.TIA.Special attention paid to collections, with prompt
remlttam^es at current, rates of exchange on day ofpayment.Correspondents. — German American Bank, New
fork; Louisiana National Bank, New Orleans ; Bankof Liverpool, Liverpool
T. W. House,BANKER,
41 MAIN ST., HOUSTON, TEXAS.
DEALER IN
Gold, Silver and Negotiable Securities.
COLLECTIONS MADE THR0VGH0U2 THESIATE,
BUYB AND SELLS EXCHANGE ON ALL TOEPRINCIPAL CITIES OF THE UNITED
STATES AND EUROPE.
Adams & Leonard,"
BANKERS,
DALLAS, TEXAS.
New iork Correspondent .Moody * Jamison.
James Hunter,P. 0. Box 81. Savannah, Georgia,
ANDJAMES HUNTER & CO.,
26 Pine Street, New York,
Brokers and Dealers in Southern Securities. Loans
Negotiated. Advances made on Securities placed In
our hands few sale at current rates.
References.—Henry TalmadKe & Co., and Eugene
Kelly & Co., New York; Southern Bank, Savannah, Ga
H. E. Bbrbuss, Pres't. A. K. Walker, Casmai
.
First National Bank,WILMINGTON, N. C.
ollections mane on all parts of the United State.
Western Bankers.
Exchange Bank,DENVER, COLORADO.
Capital Stock, -
Capital Paid-in,
$250,000185,000
F. J. EBERT, Pres't. A. J. WILLIAMS, Vlce-PreB't.
S. G. COLLINS, Cashier.
CORRESPONDENTS
.
New Yobk—Tradesmen's National Bank.San Fbakcibco—Wells, Fargo & Co.'s Bank.
Especial attention given to Collections, and Re-mittances promptly made..
The Nevada BankOP SAN FRANCISCO,
SAN FRANCISCO, CAI„
Capital, fully paid in coin, $10,000,000.
LOUIS MoLANE, President.
J. C. FLOOD, Vice-President.
C. T. CHRISTENSEN, Cashier.
CORRESPONDENTS:LONDON...'. Smith, Payne & Surras.
NEW YORK The Bask or New York, N. B. AThe Bank of New York, N.B. A., is prepared to issue
Telegraphic Transfers, Letters of Credit and Drafts
on The Nevada Bank of San Francisco.
THE
Anglo-Californian Bank(LIMITED),
LONDON, Head Office, 8 Angel Court.
SAN FRANCISCO Office, 422 California St
NEW YORK Agents, X. & W. Seligman & Co.
Authorized Capital, - - $6,000,000.Paid-up and Reserve, - 1,550,000.
Transact a general Banking business. Issue Commerclal Credits and Bills of Exchange, available In all
parts of the world. Collections and orders for BondsStocks, etc.. executed upon the most favorable terms
FREU'K F. LOW, ) „„„„„„„IGNATZ STEISHART, (Managers.
P. N. LILIENTHAL. Cashier.
Canadian Bankers.
'
U. F. Penzkl,J STATE BANK, ) C.T. Walkxb
President. \ Incorporated lalS. ( Cashier.
German Savings Bank,LITTLE ROCK, ARK.
CAPITAL (Paid-in) $75,000.Sdrtltjs 15,000.Prompt attention given to all business in our line.
N. Y. Correspondents, Donnell. Lawson & Co
Financial.
Jot n Hickling & Co.,BANKERS AND BROKERS,
T2 BROADWAY, NEW YORK.DEALBHS IN STOCKS, BOSDS, AND GOLD.
Stosks bought and sold on margins at the New YorkStock Exchange. Careful attention oald to out-of
town orders. Correspondence solicited.
AGESJC1T OF THE
Bank of British
North America,No. 52 WALL STREET.
Commercial Credits issued foruse in Europe, China,
Japan, the East and West Indies, and South America.
Demand and Time Bills of Exchange, payable in
London and elsewhere, bought and sold at current
rates; also Cable Transfers.
Demand Drafts on Scotland and Ireland, also onCanada, British Columbia and San Francisco. Bills
Collected and other Banking Business transacted.
D. A. MaoTAVISH, ( «„„„.,.C. M. MORRIS, I
Agents.
Cai
AGENCY OF
Merchants' BankOF
NADA,62 WALL STREET.
Capital. - - - - - $9,000,006 Gold.Paid np, .... - 8,128,626 "Bills of Exchange bought and sold, Commercial
Credits granted, Drafts on Canada issued, Bills collect-
ed, and other Banking business transacted.
WI. J. INGRAM, I .„„„,.JAMES GOLDIE, (Agents.
LONDON AGENCY, 32 Lombard St.
Exchange BankOF CANADA.
Capital Paid Up - • - $1,000,000.
HEAD OFFICE, MONTREAL.
M. H. GAULT, Pres't. C. R. MURRAY, Cashier
BRANCHES:Hamilton, Ont.: Aylmkb, Ont.; Park Hill, Ont.;
Bedford, P. Q.; Joliette, P. Q.
AGENCIES:Quebec, Valueyfteld.
FOREIGN AGENTS:LONDON.—The Alliance Bank (Limited).
NEW YORK,—The National Bank of CommerceMessrs. Hllmers, McGowan & Co., 63 Wall street.
CHICAGO.—Union National Bank.
Sterling and American Exchange bought«nd sold.
Interest allowed on Deposits.
Collections made promptly and remitted for at low-
est rates.
Bank of Montreal.
CAPITAL,SURPLUS,
$12,000,000, Gold.
5,500,000, Gold.
GEORGE STEPHEN, President. .
R. B. ANGUS, General Manager.
NEW YORK OFFICE,
Nog. 59 A 61 WALL STREET.C. F. Smithers. ? AsentsWalter Watsok, f
A«encs -
Bay and sell Sterling Exchange and Cable Trans-
fers : grant Commercial and Travelers' Credits
,
available In any part of the world ; issue drafts on
and make collections in Chicago and throughout
the Dominion of Canada.
London Office, No. 9 Rlrchln Lane.
Imperial Bank of CanadaCapital, $1,000,000.
H. S. HOWLAND, President ; D. R. WILKIE, Cashier
HEAD OFFICE, TORONTO.Branches:—ST. CATHERINES, PORT COLBORNE,
ST. THOMAS, INGERSOLL, WELLAND.Dealers In American Currency and Sterling Exchange.
Agents in London: I Agents In New York:Bosanquet, Salt & Co., Bank of Montreal,
93 Lombard street. r>y Wall street.
Promptest attention paid to collections payable Inany part of Canada.Aporoved Canadian business paper, payable In gold
or currency, discounted on reasonable terms, andproceeds remitted to any part of tho United States bygold or currency drattonNow York.
j ',, 1877.| iHti CHRONICLE. i.i
Canadian Bankers
The Canadian
Bank of Com mere e,No. 50 WALL STREKT.
Capital,surplnft,
$6,000,000 Gold.i? 1,900,000 Sold.
Boys »nd Sells Sterling Exchange, and makes Cable
Transfers of Money.
Issues Commercial Credits avai:a">le everywlicro.
Omits Drafts on the ohlef olties and towns of
c"*d»-.1. <;. HARPER. ) A<reIlt,j. II. liOADBTf.S*8011"-
];urrli\ St. Catharines, Colllagwood.I! A N K K I! S
:
Lokbos, K.siii.Axn.—The City Bank.. , National Hunk of Commerce,M» ro»x.j c ,.. siultiiers and W.Watson.
Collections made on tbe best terms.
Finaccial.
810P. Ct. Interest
Iowa Bonds & Mortgages
GEO. W. FRANK * DAR-BOW, BANKERS and Nceotla-
• tors of Loans. Corning, Iowa,and 195 Hrondway. Western Union Bldg., N.\.,inakoloans on the best Improved farms In Iowa, at 8 ta 1
•er cent Interest. Always llrst Hens and Improved•arms; never exceeds one-third the cash value
of the land alone. The bonds have couponsattached, .>nd the Interest Is paid semi-annually, at
itral National Hank, In New York, and thepftnclpnl, when due. at. tbe same bank. Several years'
experience of the firm In loaning has shown these
loans to be
PEKFECTL.Y SAFE!The Interest and principal have always been paidwhen due, without th» loss of a dollar, send for full
printed purtleuljrs, or call at tbe New York otlice
and examine maps and applications for loans In sumsranging from $500 to $5,000.
i;i:fei:kxces:Wm. A. Whecloek. Esq, front lent. Nat'l Bank, N.T.oilman. ?-m> * Co., Banters, 4; Exchange Place, N. ~>
.
II. C. Fabncstock, Eaq„ Flrsl National llauk. N. 1.Henry 11. Palmer, Esq . J»ew Brunswick, N. .1.
Cbas..I.^ ii'. Esq., btamford, Ct.A. J. i ee'i L>. I.. & W. BB. Co.Aaron Healy, Esq- 5 Perry street, N. Y.Edwards 4 Odell, Attorneys, SI William street, N. Y.
Ten Per Cent NetON FIRST MORTGAGE SECURITYHave bad an experience of over twelve years In the
business. Make.none but wife loans. Loan no moretban one-third the actual value of the security. Guar-antee a permnnt Inspection of the security In eveiycase. Farm Loan*, when carefully plaaea, safe atGovernment Monti*Iowa Loans made at NINTS PER CENT net Choice
First-class mortgages, amply secured on Improvedfarms, constantly on hand and for sale at tbe ottice ofOILMAN, SON & CO., 47 Exchange Place, New York.Refer to .John .Jeffries, Esq., Boston
tMass.; Jacob D.
Vermllye, and Oilman. Son & Co., New York; J. M.Allen, Ehf]., Hartford, Conn., and others, on applica-tion. Send for Circular.
UIUMIA'l 6c TiriiliEYS,Council HImIIn, Iowa.
Mortgage LoansCAREFULLY SELECTED, secured by FIRST LIENon DKSIRAHLK Real Estate In Chicago and vicinity.THE SAFEST and MOST PROFITABLE INVEST-MENT, now paying from Eight to Nine Percent.per annum. Interest payable semi-annually. Prin-cipal and Interest Coupons PAID PROMPTLY.
Baldwin, Walker & Co.,1IAWLEY BUILDING.
(Established IS'j'J.) CHICAGO,M A I E A SPECIALTY OF SUCH INVESTMENTS forCapitalists, and invite cdrkkspoxde>xe and in-QC1BY AS TO T1IEIK STANDING.Well-known references on application.
A. C. Burnham,{Established 18fil.] CHAMPAIGN, ILL.,
OFFERS FOR SALE$200,000 REAL ESTATE FIRSTnOKTGAGE COUPON BONDS,
Jn amounts of 91.000 and upwards, yielding EIGHT toTEN ncr cent semi-annual interest, payable in the Cityof New York, and negotiated through the nouses of
All these loans are car fully made, after personalInspection of the security, by members of trie abovefirms, who. living on the ground, know the actualvalue of lands and tbe character an-1 responsi-bility of borrowers and wlioce experience In the busi-ness for the past SIXTEEN VKAK3 baa enabled thornto give entire satisfaction to Investors.
Financial.
Tin; wax imutt.wu
Mortgage Security Co.OFFERS FOR SALE, AT 105 AND INTEREST,
SEVEN PERCENT TEN-YEAR IJONDS
SECURED BYFIRST MORTGAGES OF IMPROVED
REAL ESTATE.GUARANTEED, PRINCIPAL AND INTEREST,
BT ITS
CAPITAL. STOCK OF $5OO,O0O.Interest Coupons payable semi-annually. Bonds
registered to order, or payable to bearer at option.Act-rued interest la not required to be paid by pur-chaser, the next-due Coupon being stamped so as todenote thai Interest begins at t tie date of purchase.A Pamphlet with full information will be sent on
application at the Company's Office.
43 milk Street, Boston.These Bends are commended to the attention of the
MOST CONSERVATIVE INVESTORS, as they arebelieved to be as perfect a security as can he obtained.The issue of bonds is limited to one-half the amountof the same class of bonds ever issued under a likeGuarantee.The security of each bond Is not confined to a single
Mortgage, but extends over all the Mortgages ownedby (he Oompuir. This Company receives no deposits,guarantees no other securities, and has no other debtsthan its bonds. Its mortgages are of like character tothose whtjh have been bought In the last twenty yearsby Individuals, Life Insurance Companies and otherCorporations, to the amount of more than Y jfty Mil-lions of Dollars, proving a most secure and satisfactoryInvestment. The loans are all upon Improved farmsin some of the most fertile Western States, near therailroads, with short and perfect titles, and averageless than $5'A) each, upon property appraised at aboutthree times their amount. Experience has proved thatwell-selected mortgages upon this class of propertyare safer than those upon city property, either in theEast or West. They are not affected by fires, or bybusiness revulsions; principal and Interest are morepromptly paid and upon the success of agriculturedepends that of aln.ost every industrial Investment.
nENRY SALTONSTALL, President.FttANCIS A. OSBORN, Treasurer.
VICK-PBEMDESTS .
James L. Little, Geo. C. Richardson,George P. Upham, Thomas Wigglesworth,
Henry L. Pierce.DIHKCTOKS :
Charles L. Flint, E, B. Mudge,Henry Saltonstall, John P. Putnam,Charles L. Young, David K. Whitney,
J. B. Upham.cou.nskl:
Hon. Henry W. 1'alne, Boston,Simeon E. Baldwin, New Haven.
Financial.
Tub Bridge that has cahkied tod safely ovek
A Solid Ten Per Cent.The old established CENTRAL ILLINOIS LOAN
AGENCY, known all over New England and the Mid-dle States as the Agency whose Interest coupons ere
Said a* certumlt/ and an promptly** the coupons ofovernment Bonds, has enlarged its field and Changed
Its name to "THE KANSAS, MISSOURI & CENTRALILLINOIS LOAN AGENCY." There is no change I:i
Its character or management. If a certain clean TENPER CENT will satisfy you, address for Circular.Actuary," KANSAS. MISSOURI & CENTRAL ILLI-NOIS LOAN AGENCY," Jacksonville, III.
E. S. Baile y,
[65 WALL STREET.Dealings in
Insurance Stocks,A SPECIALTY.
Cash paid at once for the above Securities; or tneywin hp «niri on fnmnilnslon. at seller's option.
(\W* ofNw13>iq&S Co&V?M]$SSAUST. cor. pine st'
Capital,* 1.000.000Allows interest on deposits, returnable on demand,
or at specified dates, is a ulionzuU to act as Executor,Administrator, Guardian, Keceivei, or Tiustee. Like-wise, Is a legal depository lor uioti<*y paid Into Court,or by order of any sun<ga e. Individuals, Firms sueSc letles ceeRiug income iron, money to abeyance. 01
at rest, will tiuu e..lety anl advantage lu this lustitu
tion.HENRY F. SPAULDING, President.BKNJ. B. SHEI.XAN. > ViceEREUEKICK H. CosSITT, f PresidentsC. H.P. BABGOUK, Secretary.
EXECUTIVE COMMIT?EE;Jncob D. Vermbye, Aifos It. Eno.Ben]. B.obermaD, Frederlcv H. CosslUSam'l 1>. (Subcode, Isaac H, Pbelns.Martin Bates, Edmund W. Corlie».
BOARD OF TRUSTEES:Bai.uelD. BaiM^cK.j^naLnan lborue,Isaac N Ph»lt<a,Joalitn M. riake,Cnanei> G. Laufion,Ktftnund W.Corlies,n^uencK U.Cosmtt,•\ LilJtin H. Ap t>leU>U,Ou-triv Sehwab,, »«vi'l IWWt,Ma un Baftrtwn Uui Alien Batler,Jwmcs r". Wallace,
B-Mijuin ii B sherinanGeorge w. Laue,Jacob i>. Venuilye,Goo. > :'.'i-ui:-,.;h Alillei .
Rosweli SA. A. LowD'VM *olfe B shop,Amos ).'. i no,
G. Eranckiyn,d VFeob,
J. Pferpool Morcau,Perry R. I vne,
Abcrutthy,Henry F. Spauidlng.
Brown Brothers & Co.,No. 50 WALL ST., !Y. T.,
iMae. nk-»ln»t cash dopoal d. or satinfactory gnarao-tee of repayment. Circular Credit* for Trarelera, In
dollar) for 'use In the United State, and adjacentcountries, and In pouiuti iKrltng for use In any partof toe world.
THET ALSO ISSUE COMMERCIAL CRBDITSMARK CABLE TRANSFERS OF MONET BE-TWEEN THIS COUNTRY AND KNOLANS, ANDDRAW BILLS OF EXCHANGE ON QBEATBRITAIN AND IRELAND.
John Munroe & Co.,No. 8 Wall street, New York,
No. 4 Post Office Square, Boston.CHEQUES AND CABLE TRANSFERS ONJUINRWE * «'«., I' A it IS.
STERLINO CHEQUES ONALKXAJiUKKS, OTNLIFFES tt CO.
London.SIXTY DAY STERLING ON THE
CONSOLIDATED BANK, LONDON.
ClBGULAB NOTK9 1KD CKIDITt TO. T«aT«.«B<.
T.^. & G. C. Ward,Aosirra fob
BARING BROTHERS Sc COMPANY,5* WALL STREET. NEW YORK.
28 STATK STREET, BOSTON.
Knoblauch& Lichtenstein,BANKERS,
29 William St., cor. Exchange Place,NEW YORK.
Make Telegraphic Money Transfers.
Draw Bills of Exchange and Issue Letters of Credit
on all principal cities of Europe.
SPECIAL PARTNEK,DEUTSCHE RANK, Berlin.
Lazard Freres,US Pine Street,
DRAW SIGHT & TIME BILLS on tho UNION BANK
LONDON,On LAZAUD FKERES & CO.,
PARIS,And on the PRINCIPAL CITIES IN EUROPE.
Transfers of Money by Telegraph to Paris and SanFrancisco.
Circular Notes and Letters of Credit through Messrs,
LAZARD FKE«ES& CO., at PARIS, payable In anypart of Europe.
Plav K. Dickinson. Howard C. Dickinson,Member of Stock: Exch'ge. Member of Stock Excn'ge
John 11. Wallkk.
Dickinson, Waller & Co.BANKERS AND BROKERS.
25 BROAD STREET,Transact a general Banking Business. Buy and Sell
on Commission Stocks, Bond and Oold.
Having been Identified with California Interests, and
having a connection In San Francisco, are prepared
to buy and sell on commission all stocks dealt In on
the San Francisco Stock Exchange, and to give Infor
matlon respecting the same.
lUSUSTUS J. BROWN. WALSTOK B. BIOWH.
Aug.J.Brown & Son,
BANKERS,34 Pine Street, New York.
SPECIAL ATTENTION GIVEN TO THE NgUOTIATION OK
RilLBOAD svrriMTlKS.
F. W. Gilley, Jr. & Co.,BANKERS ANB BROKERS,
64 BROAD* AV AXO 19 MEW STREET,
P. O. Box *£». New/ YorkF. W. Oilliy. Jr., E. S. Gillet.
Member N . V. Stock Ex. J. K«l»on Tarras, Special
It iHB CHRONICLE [Vol. XXV.
Insurance.
3-ltli Year.
NEW ENGLANDMITIAL LIFE
Insurance Company,POST OFFICE SQUARE,
BOSTON.(Organized December 1, 1843.)
Net Afbets, January 1, 1817 $13,871,040 81
Deduct surplus to be distributed . . 677,857 50
Leavinc *13,593,183 31
As a Re-Insubakcb Fund for the protection of
policy-holders, in accordance with the law of this
Commonwealth.FEATURES OF THE (WIP.INV.1st. The adoption and continuance of a thor-
oughly adequate rate of premium.2d. The maintenance of an ample reserved fund.The market price of the securities of which the
fund is composed is 8340.700 8i> over the coston the Company's ledger. This item is not availedof in the capital as above presented.For pamphlets and reports giving a history of the
Company's operations during the past thirty-threeyears, apply at the office of the Company, or ofAgents in any city or town of importance.
BfcN.I. F. SI EVENS, President.
JOSEPH M. GIBBENS, W. G. McKOWN,Secretary. Ass't Sec.
JOHN 110MANS, M. D., W. C. WRIGHT,Medical Examiner. Actuary.
u THENITED STATES
LIFEInsurance Company,
IN THE CITST OF NEW TORE
261, 262, 263 BROADWAY.ORGANIZED 1850.
ASSETS, $4,827,176 A2.
SURPLUS, $820,000.EVERY APPROVED FORM OF POLICY ISSUED
ON MOST FAVORABLE TERMS.
ALL ENDOWMENT POLICIESAND
APPROVED CLAIMSMATURING IN 18 7 7
WUJ b« DISCOUNTED *» ,*
ON PRESENTATION.JAMES BUELL, - - . PRESIDENT.
office middls departmentdrexel bulbing,
Corner Wall and Broad Streets.
HENRY W. BALDWIN,Superintendent.
msec<SSu,F.S-WtNSTON. PRESIDENT , f
'
LIFE and ENDOWMENT POLICIESOHTERMS AS FAVORABLE AS THOSEOFANYOTHER CO
Every MONDAY and THURSDAY,OK SPECIAL SALES MADE ON ALL OTHER DAYS
Our established custom twenty-five years.
Government Securities and Gold, also Stocks andlionds, bought and sold at the Stock Exchange Boardsof New York, Boston, Philadelphia, Baltimore andSan Francisco, and at private sale.
Stocks and Bonds not dealt in at the New YorkStock Exchange our specialty for many years.
We Buy and Sell on Commission,Choice Municipal,
7, Sand j0 per cent,City, County, Town,
School and State Bonds,Insurance and Bank StockB, Railroad Bonds,
City Railroad Stocks and Bonds,Gaslight Stocks and Bonds.
Trust Companies, TelegraphExpress, Mining and Manufacturing Stocks
Interest Coupons and Dividends collected.Interest allowed on Deposits,
subject to Drafts payable at sightFIRST-CLASS INVESTMENT SECURITIES
ON HAND, FOR SALE AT THELOWEST MARKET RATES.
STOCKS and BONDSAt Auction.
The undersigned hold REGULAR AUCTIONSALES of all classes of
STOCKS AND BONDS,
WEDNESDAYS AND SATURDAYS.
ADRIAN II. JIILIXR & SON,
No. 1 PINE STREET, NEW YORK.
Grant & Company,BANKERS AND BROKERS,
No. 33 WALL STREET.TRANSACT A GENERAL BANKING BU 81NE8S
STOCKS BOUGHT AND 80LD ON COMMISSIONINTEREST ALLOWED ON DEPOSITS.
R. Stttdam Ghaut. 8. St. Jobs Sh»i»i».
NEW YORK,1S4 Pearl Street.
BOSTON,~0 Sta.e street
GOSSLER & Co.,OOKRESPOXDBSTS Or
International Bank of Hamburg andLoudon, (Limited.)
HOUSE IN EUROPE,I«HN BERENBKCG, GOSSLER & CO
HAMBURG.
Hilmers,McGowan& CoBROKERS IN
FOREIGN EXCHANGE AND GOLD,63 Wall Street, New York.
(P. O. BOX 2,347.)
Special attention paid to the negotiation of Commerclal Bills.
Oswego City Sevens,DUE IN 1888;
Rochester City Sevens,BCE IN 1893;
FOR SALE BY
DAXIEL A. itlOIMV40 Wall Street.
WANTED
:
Alabama, South Carolina & LouisianaState Bonds;
New Orleans Jackson & Gt. Northern.JttlMMlKHlmti Central, and Mobile& Ohio Railroad Bonds
;City of New Orleans Bonds.
LEVY & BORG,36 WALL STREET.
Financial.
MOBILE & OHIO RAILROAD.Extract from the final decree rendered June 5, 1S77,
in the United Statps Circuit Court for the SouthernDistrict of Alabama. Present—Hon. .los. P.Bradley,Circuit Justice ; Hon. W. B. Woods. < ircuit Judge :
"7. The Court orders and decrees that the Mattersmay receive in payment, from the highest and lastbidder, bonds and coupons which form a part of thefirst mortgage debt ascertained to be due or owing hythe Master in his report, and sustained by the opinionof thi6 Court :
• * ' provided also that if the saidmortgage property shall be bid off directly or indirect-ly by.for, or in behalf of, the bondholders and creditorswho nave or shall have entered into and subscribedthe agreement for the re-adjustment of the securitiesof said company, dated October 1, lt>76, commonlycalled the agreement of re-organlzatlon, then, and inthat caBe, all and every bondholder and creditor ofsaid Company not having already entere'd into andsubscribed said agreement, who shall,
on or before the first day ol Septembernext.
enter into and subscribe the same and deposit theirsecurities with the Farmers' Loan and Trust Companyin the C'ty of New York, or with the Bank of MobileIn the City of Mobile, as provided by said agreement,shall be and they are hereby allowed to participate Insaid bid and purchase on the same terms an > on anequal footing In all respects, according to the charac-t-r of their claims respectively, with the aoid bond-holders and creditors who have heretofore entered,into and i-Igne 1 said agreement."hurther Information maybe had on application per
sonally or by mall to W. H. HAYS, Chairman.11 Fine street, >.ew York.
NOTICE.Mayoralty op New Orleax?.)
City Hall, April 20, 1877. 5
Subscriptions will be received at this office to the
Capital Stock of the New Orleans Water Works Company, incorporated under Act No. 33 of the Legisla-
ture of Louisiana, approved 31st March, 1877.
The old Water Works Bonds of the City of NewOrleans will be received AT PAR, and must be surren
dered at the time of subscribing.
ED. PILSBURY, Mayor.
ILLINOIS CENTRAL RAILROAD COMPANY,?, New Yokk, July 18. 1877. \
A DIVIDEND OF TWO (2) rER CENThas been declared by this Company, payanle on
theflratdayof September next, to the holder* of theCapital Stock of this Company, as registered at theclose of the 14th day of August next, after which, anduntil th«" 5th day of September, ihe transfer bookswill be closed.
L. V. F. RANDOLPH, Treasurer.
UNITED STATES CIRCUIT COI'IIT,SOUTHERN DISTRICT OF NEW YORK-—JOHN
G. STEVENS and others, Complainants, and theNEW YOKK & OSWEGO MIDLAND RAILROADCOMPANY and others, Defendants.Notice Is hereby given that the sale of the property
of the defendant, the New York & Oswego MidlandRailroad Company, as heretofore advertised, has beenduly adjourned by me to Friday, the 7th day of Sep-tember, A. D. 18*7, at i2 o'clock, noon; said sale totake place at the Wlckham Avenue Depot of saidCompany, at Middletown. orange County, New York.
KENNETH G. WHITE, Master.Alexander & Green.
Complainants 1
Solicitors,120 Broadway. New \ ork.
9 Per Ct. InvestmentsSECURED BY
REAL ESTATE FIRST MORTGAGESFor particulars, write or apply to
GREGORY & BALL.OIT,6 "Wall Street, New York.
WANTED :
New Orleans Bonds. Louisiana Consols.South Carolina Console. State of Texas Ilonds.City, County and Town Bonds of Iowa, Ohio and "Wis.Second Avenue Railroad htock and Bonds.Toledo, Sandusky and Cleveland City Bonds.Cities Dubuque, Keokuk, and Evansville Bonds.Denver & Rio Grande aud Kansas Baclflc RR. Bonds.
FOR SALE:Town Bonds of New 1 ork State Is.
City of New Brunswick 7 Ber Cent Bonds.City of Loul-.ville7 rer Cent Bonds.City of ParlB, 111., 8 Per Cent Bonds.
WOT. R. CTLE¥, 31 Fine St., N. Y„
FOR SALE:$100,000 REXAR COUNTY EIGHT
PER CENT BONDS.Issued te Galveston Harrlsburg & San Antonio Rail-
road, due 1S96, interest March and September, payableat Austin, TexaB.Taxes tor payment of Interest and Sinking Fund
collected by the State of Texas, also other TexasSecurities, for sale.
FORSTER, LVDLOW * CO.BANKERS,
No. 7 Wall Street, New York.
H. L. Grant,No. 145 BROADWAY,
NEW YORK.
CITY RAILROAD STOCKS & BONDS-BOUGHT AND SOLD.
See quotations of City Railroads in this paper
JPotitntertia
mmntyiV
mmmHUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
VOL 25. SATURDAY. AUGUST 4, 1877. NO. 632.
CONTENTS.THE CflRONICLE.
The Debt Statement for July. 1S77 104Latest Monetary and CommercialEnglish News 104
Commercial and MiscellaneousNews 10?
The Banks and Oar National Fi-nances W
The Case of the Charter Oak Life. 100Tare on Cotton 101I urrency Changes to August 1 102Financial Review of Jnly 103
THE BANKERS' GAZETTE.Money Market, U. S. Securities, I Quotations of Stocks and Bonds. Ill
Railway Stocks, Gold Market, | New York Local Securities. . 112Foreign Exchange, 'N. Y. City I Investments, and state, City andBanks, National Banks, etc 103 | Corporation Finances 113
THE COMMERCIAL TIMES.Commercial Epitome 116 1 Dry Goods ISOCotton !1C Imports, Exports and Receipts... 121Brcadstuffs 119
IPrices Current 128
<£l)* €\)xonicit.The Commercial and Financial Chronicle is issued on Satur-
day morning, with the latest news up to midnight of Friday.
TERMS OF SUBSCRIPTION-PAYABLE IN ADVANCE:For One Year, (including postage) $10 20.For Six Months 6 10.
Annual subscription in London (Including postage) £2 5s.Six nios. do do do 1 68.
Subscriptions will bo continued until ordered stopped by a written order, orat the publication office. The Publishers cannot be responsible for Remittancesunless made by Drafts or Post-Gfflce Money Orders.
London Ofllo*.The London office of fbc Chronicle is at No. 5 Austin Friars, Old Broad
Strett, where subscriptions will be taken at the prices above named.Advertisements.
Transient advertisements are published at S5 cents pet line for each Insertion,but when definite orders are given for five, or more, insertions, a liberal dis-count la made. No promise of continuous publication in the best place can begiven, as all advertisers must have equal opportunities. Special Notices inanking and Financial column 60 cents per line, each insertion.
William B. dana, I WILLIAM B. DANA & 00., Publishers,lOBN a. FLOYD, JR. ( 79 & 81 William Street, NEW YORK.
Post Office; Box 4,592.
fW A neat file-cover is furnished at 50 cents;postage on the same is 17
cents. Vo'umes bound for subscribers at $1 50.^f For a compute set of the Commercial and Financial Chronicle—July, 1065, to data—or ol Hunt's Merchants' Magazine, 1839 to 1S71, inquireat the office.
f^T The Business Department of the Chronicle Is represented amongFinancial Interests in New York City by Mr. Fred. W. Jones.
THE BANKS AND OUR NATIONAL FINANCES.
Wis have received an announcement of the annual
convention of the American Bankers' Association, to be
held in this city on the 12tb, 13th and 14th of Sep-
tember. In the present condition of our national
finances, an unusual importance attaches to this meet-
ing, which opportunely occurs a few weeks before the
special session of Congress. Last year the convention
was held at Philadelphia, and an elaborate discussion
was given of several of the more prominent financial
topics of the day. Among these were the resumptionof specie payments, the remonetization of silver, and the
refunding of the national debt. All these questions will
probably be more or less conspicuous in the proceedingsof the convention of next September.During the past year a large amount of new light has
been thrown upon the silver question, and some import-
ant progress has been made in the preliminaries of specie
resumption and in the refunding process as applied to
our outstanding six per cents. Some difference of opin-
ion naturally prevails as to whether a convention of
bank officers and bankers from all parts of the United
States could be expected, in the brief space Of a three
days' convention, to give a very thorough and useful
discussion to such vast questions. If we are not
misinformed, however, the plan proposed is to have
carefully-prepared papers in which both sides of the
several questions shall be fairly presented by the best
advocates. For example, in discussing the remonetiza-
tion of silver, we presume the plan would be to select
some representative man on each side, and to receive a
lucid, succinct, and comprehensive view of the best
arguments for and against remonetization. After the
reading of the papers, a brief discussion will suffice to
exhaust the subject, and the convention will then pass
to its other business. If this should prove to be the
policy adopted by the Committee of Arrangements, andif it be judiciously carried into operation, we see noreason for doubting that the convention will have
abundant time for the discussion of the topics abovereferred to, with others which have been mentionedof almost equal importance in a practical "point of
view.
Among these there are two which merit special notice
in this place. The first is the recuperation from the
panic of 1873. Scarcely any question of practical finance
will compare in importance with those which arise out
of the prospects of recuperation from the languor of
business induced by the panic. In every section of the
country these questions are regarded from a somewhat
different point of view. The suggestive remarks on
panics made by Mr. Baldwin, by Mr. Hayes, and other
Western bankers, at the convention of last year, maybe cited in illustration of the importance of investigat-
ing such questions from different standpoints, and of
obtaining upon them the opinions of practical and
experienced bankers in distant sections of the country.
We may also suggest that as so large a proportion of
the members of the Association are in the West, a
fuller representation than has been usual might advan-
tageously be given to the Western speakers at the
forthcoming convention.
Another purpose to be sought by the convention is
to promote the spirit of union among the various mem-bers of our complex banking organism in the United
States. This is an object of much more general im-
portance than is often supposed. Of the 6,152 banks in
this country, 2,082 are national, 875 are State, and 2,524
100 THE CHRONICLE. [Vol. XXV.
are private banks; while 671 are savings institutions.
At critical times no small amount of financial and mone-
tary perturbation has occurred from the circumstance
that these four classes of banks have been too much
separated from each other by prejudice, rivalry, and
other causes, and it is only within a recent period that
the' desire for and the absolute necessity of a more
compact union have been developed. One of the
results aimed at in previous conventions has accord-
ingly been to foster the union of our banks among
themselves, so as to harmonize the various elements
of which our banking system consists. Another object
of such conventions is to collect together the best
thoughts and suggestions of our financial thinkers
and our most experienced bank officers in all parts
of the country, and to print these suggestions for
circulation among the members of Congress and other
men of influence, in the hope of aiding in the solution of
some of the great problems of the financial situation.
The past reports of the Association, valuable though they
are, have scarcely come up to the public expectation.
'
It is hoped that as the necessities of the country are now
in many respects more urgent than they have ever been
before, the Association will be able to suggest some wise
and conservative measures for Congressional legislation.
With regard to the war taxes on bank deposits and on
bank capital, their evil effects have been so frequently
shown, and the depletion of bank capital has been so
notorious from such causes, both in this city and else-
where, that we presume Congress and the public will
listen readily to any wise and temperate suggestions
upon these important matters which the banks may have
to offer.
. Ledger on
July 14.
Heal estate $4,861,892
Mortgages 2,973,913
btocks and bonds 213,202
Call loans on collateral 865,862
Premium notes 8,732,657
Allen, SI ephens & Co 1,125,728
Bills receivable *'.601
"Cash" notes 4.M8
Agents' balances 24,936
Cash M.**Expenditures on mines owned, &c. 71,830
Premiums in agents' hands ..
Deferred premiums.
Interest and rents accrued
-Statement of Experts.—
.
Good.
$3,209,661
2,18:j,818
14S.947'
31,965
2,510,603
600 COO
11,466
4,548
21.968
61,653
Uncertain.
$1,655,231
790,100
(19,255
253,395
525,728
30,195
4,571
115,472
60,t'6O
803,1*5
$9,266,099
THE CASE OP THE CHAitTER OAR LIFE.
The proceedings in reference to this company, which
culminated during the past week, began in pursuance
of a resolution passed by the Connecticut Legisla-
ture, providing for a special commission, who should
examine the life insurance companies and report the
facts to the State Commissioner whenever those facts
would warrant his interference. Their report was madeJune 21 and published June 29; July 14, the Insurance
Commissioner applied for an injunction and receivership.
The company's last annual report stated the admitted
assets, December 30, as $13,234,437; liabilities as $12,-
224,633 on " reserve," and $12,488,316 total, exclusive
of the $200,000 stock; and the surplus as $746,121. Thetask of analyzing the report of the special commission
would require a page of space and would be as unsatis-
factory as tedious; suffice it to say that they found whatthey considered $1,480,000 over-valuations on the real
estate in this city, $645,623 on real estate in Hartfordand elsewhere, and $2,213,893 total over-valuations, thus
reducing the assets to $11,020,544, while they made the
liabilities $13,083,956, leaving a deficit of $2,063,412; at
the same time omitting to set down at all sundry items
on each side of the account, because of too uncertain anature. This report was at first accepted as admittingno hope of saving the company, but after a few days of
agreed-upon delay a committee of three was improvisedto make a further examination, with a view to ascertain
whether a receivership could not be avoided; this com-mittee, consisting of the Secretary of the ConnecticutMutual, the President of the ./Etna, and the President ofthe City Bank, all Hartford men and corporationsreported July 25. The following is the schedule ofassets shown by the trial balance July 14, comparedwith the finding of this committee of experts :
$3,363,472
We leave this statement without comment, and pre-
sent it as an instructive example of the muddle into
which mismanagement can throw finances and of the
groping manner in which competent examiners are
sometimes obliged to proceed. The result of the second
examination was that on Saturday last the old six direc-
tors gave place to new ones, and Mr. Marshall Jewell
became President of the reorganized company, the
Insurance Commissioner withdrawing his application for
a receivership.
The insurance law of Connecticut differs materially
from that of this State. Here, if any deficiency is found
on the " reserve" calculated at 4£ per cent., dissolution
is imperatively required, neither the Superintendent nor
the Court being allowed any discretion after the facts
are ascertained; Connecticut permits the repairing of a
deficiency, where it is less than 25 per cent, by providing
that the Commissioner may ask and the Court may,
at its discretion, grant a receivership, in case of
such deficiency; but if the deficiency—liabilities being
treated as the reserve—exceeds 25 per cent, the
application and the granting are made obligatory. Bythe report of the special commission, even including all
items as legal liabilities, the assets are about 83 per cent
;
by the report of the experts they are 94-5 per cent if
the "uncertain" are counted, and 69'3 per cent if they
are rejected, thus making an impairment, in one case,
of 17 per cent, and in the other a positive one of 5-5 per
cent, or a contingent one of 30'7 per cent. The experts
very frankly say that they do not undertake to determine
the deficiency exactly, and do not think this can be done
until the "uncertain" column develops itself; they
count nothing as wholly worthless, and do not pretend
to have done more than make the best guess in their
power. The indefiniteness of the matter thus permitted
the Commissioner to decide that an impairment of over
25 per cent did not " appear to him," and the Court to
exercise its discretion under the law by allowing the
withdrawal of the application for a receivership.
The troubles of the company and the crooked
financiering of its late managers we will dismiss with
a brief paragraph. The former began under a still
earlier management, and the famous purchase of Broad-
way real estate, in 1875, " worked off" about a million
of second mortgages of the Connecticut Valley Kail-
road, left over from that management. Mr. Jewell takes
Mr. Furber's $125,000 stock at the understood nominal
price of $10,000, and the latter and his fellows retire.
What becomes of Mr. Furber's $500,000 "contract"
and all his other private arrangements is not yet told;
he is the same versatile financier who has managed the
Universal of this city and its successive victims, and is
one of the men of whom publicists that desire to preserve
a judicial calmness say as little as duty requires.
The experts report the current premium-paying insur-
ance now in force as $39,480,818; December 31 it was
August 4, 1877.
1
THE CHRONICLE 101
reported as $52,404,057; figuring the gross premiums on
this as $1,410,034, and the interest account as $723,580,
and allotting $510,014 of the income as required for 4
per cent on tho reserve, they conclude that the company
has yet what they call " a minimum recuperative power "
of $294,070 per year. The income and disbursements
reported for 1876 were $3,254,585 and $2,900,615. This
estimate, they say, " takes no account of the resources
contained in the ' uncertain ' column, which are
undoubtedly of considerable importance;" hence the
sum stated does not probably " fully represent the recu-
perative power of the company, which is largely depend-
ent upon an economical and efficient management of
its affairs." Its continuance is thus put entirely upon
the existence of vitality and recuperative power,
the expectation being that the ability of the new
management will comcand confidence and that, under
careful nursing, the company may in time gradually
repair the deficiency out of the surpluses arising from its
current business, meanwhile meeting—as the new officers
have already begun to do—its maturing obligations." Of
course there will be no more opportunity for " con-
tracts," plump salaries and pleasant allowances and" commissions," and the looseness in management (which,
at its very best, may be inferred from the fact that the
company never owned over $100,000 of United States
bonds, and for the past ten years has not owned a dollar
of them,) must be emphatically and visibly exchanged
for such direction as succeeds in private business. Newinsurance cannot be expected on any considerable scale,
at least for several years, and probably it will not be
urgently sought, there being enough to do at present in
knitting tip the ravelled threads and reassuring the
members. The [lapses, which have been heavy since
December, will probably continue to some considerable
extent; in this manner the impairment may be madegood, since little or no surrender value -will be paid;
and yet the tendency, as it always is, will be towards a
lowering of average vitality. Still, with the utmost
economy in management, there are good reasons for the
hope which is felt since the reorganization that the result
will be favorable. There was enough involved in the
Charter Oak—twenty-seven years old, bearing a historic
name, and having yet nearly 40 millions of insurance
—
to make it worth trying hard to save it. At least it is a
very noteworthy and a very happy event that a large
corporation is rescued from the harsh and destructive
process of a receivership, which may not inaccurately be
called a financial coroner's inquest, which finds someremains to sit upon, but often leaves scarcely any whenit finishes. If the Charter Oak (as we hope will be the
result) is saved, all the better; if it is only rightly woundup, the lesson and precedent may possibly be not lost in
promoting the sorely-needed reform in the methods of
dealing with insolvent corporations.
TARE ON COTTON.
Old Sweet SruiNGS, July 30, 1877.
To the Editor of the Financial and Commercial Chronicle:
Sir—Probably the most important subject discussed
this year at the meeting of the National Cotton Ex-change at the White Sulphur Springs was that of " tare
on cotton," viz., the question whether sales by gross
weight or by net weight would be more advantageous to
the trade at large.
The advocates of the latter system (that of sales bynet weight) met with decided opposition, and a majorityof those present refused to admit that a change fromthe present system (of sales by gross weight) is desira-
ble. The matter is, however, of such importance that it
may be worth while to communicate to the .trade in
general some of the arguments put forth on both aides
of the controversy.
A majority of the proposed innovators suggested that
the planter should in future put on his cotton a certain
fixed tare of so many pounds per bale; that such
tare should not be paid for by the buyer, and that
bales showing an excess of tare should be considered
unmerchantable. They claim that at present the average
tare per bale is 6 per cent. ; that exporters in buying
calculate it at that figure and pay 6 per cent, less per
pound than they would for net cotton; that in fact the
amount of money paid by the exporting to the planting
interest would be exactly the same if their suggestions
were adopted. But they also claim that the apportion-
ment of said average tare at present is very unequal;
that seme bales carry only 4 per cent., others 8
to 10 per cent, tare; that the planter who makes
light bales and covers them heavily is paid at the
expense of the planter who pursues the contrary
course; that the exporter has to guarantee the
European buyer a loss of weight not exceeding six
per cent, and loses by the extra tare on heavily covered
bales, whilst he is not indemnified for the excess of cot-
ton in lightly covered bales; and that, consequently, the
system now in vogue is an uDJust and arbitrary one, by
which the unscrupulous planter and the European receiv.
ers of cotton gain, but by which the honest planter and
exporter lose, whilst sales by net weight, being based on
an intrinsically just and equitable principle, would give
to all parties in the trade their dues.
The adherents of the present system, among other
objections, seem to attach special importance to the fol-
lowing :
1. That sales by net weight would be unjust to the
planters, who would get no return for the money spent
on bagging and ties.
2. That planters are satisfied as matters stand now,
and that exporters by selling on European weights might
secure for themselves a fair average outturn on their
shipments.
3. That planters are not sufficiently acquainted with
the elements of trade which fix the value of commodi-
ties to be persuaded that they would get as much moneyfor 425 pounds of cotton net weight as for 450 pounds
gross weight.
To these objections the following replies are made :•
1. By the time a bale of American cotton arrives at
a European mill, the bagging and ties have
become utterly valueless, and it is, therefore,
utterly impossible that planters should be paid
for them under any system of sales that could
be devised; nor are they paid for them at present, as
exporters invariably calculate on 6 per cent loss of
weight, being equal to the average actual tare, and
modify their bids for cotton accordingly.
2. The argument of planters being satisfied with the
present system is devoid of strength if exporters can
prove that they have just cause to be dissatisfied, espe-
cially if it is considered that such satisfaction is either
that of the man who uses too much bagging and knows
that he is getting an undue advantage, or that of the
man who uses too little and is ignorant that ho is not
getting his dues. The recommendation that the export-
ers should sell on European weights, however plausible
in theory, is practically without value. A large pro-
portion of the American crop is sent to English and
Continental mills direct, at which it would be im-
102 THE CHKONiCLE. Vol. XXV.
possible to check weights, situated, as they are, at a
considerable distance from the ports. On cotton sold
to the regular European markets an extra com-
mission for attending to delivery would be incurred,
if the suggestion was carried out. This additional
expense would lower the price which exporters
could afford to pay in America. It must be remem-
bered that profits on exporting cotton have been cut
down to the lowest possible figure, as is proved by the
numerous failures which have occurred among houses
engaged in that branch of business, failures caused in
most cases not by a false system of granting credits or
by speculation, but by a ruinous degree of competition,
and as is proved further by the acknowledged fact that
only a very small number of exporting houses have
improved their financial position during the last t«n
years.
3. If planters are really as ignorant as represented,
then it certainly becomes the duty of every cotton mer-
chant to try and enlighten them and those who are in
daily intercourse with them on the subject in question,
and it is as a humble contribution to the efforts which
will no doubt be made with that aim in view that the
writer ventures to submit this article to your readers.
N.
Decrease*To July 1, '77. To Aug. 1, '77. dur.July.
436,824
$869,633
Greenbacks on deposit with UnitedStates Treasurer, to retire notes 13,938,501 1 1.425,023
Total decrease in active currency during month of July $1,589,745
This shows a decrease resulting from the bank move-ments during the month in the active currency of
$1,539,745.
The following statement indicates the amount of
National Bank circulation issued, the amount of Legal-
Tender notes deposited in the United States Treasuryto retire National Bank circulation, from June 20, 1874to August 1, 1877, and amount remaining on deposit at
latter date:
Slates and Territories.
CDRRENCY CHANGES TO Al'GDST 1.
The Comptroller of the Currency has issued during
the past week his usual monthly statement of currency
charges, bringing the figures down to August 1. Thestatement is as follows:
National bank notes outstanding when Act of June 20, 1374, wasP»wed $349,694,182
National bank notes issued from June 20, 1874, to Jan.H.187S $4,734,500
National baiik notes redeemed and retired betweensamedates 2767232
National bank notes Increase from June 2C, 1874, to Jan. 14, 1875. 1,967,263
National bank notes ontstanding Jan. 14, 1875 $S51,861,450National bank notes redeemed and retired from Jan.
14, 1875, to date $56,826,296National bank notes surrendered between same dates. 8,430,5)1
Total redeemed and surrendered $65,256 837National bank notes issued between same dates 28,632,225
Decrease from Jan. 14, 1875, to date 36,624,612
National bank notes outstanding at date $315,23'
MaineNew HampshireVermontMassachusettsRhode IslandConnecticutNew YorkNew JerseyPennsylvaniaDelawareMarylandDistrict of Columbia.
MichiganWisconsinIowaMinnesotaKansasNebraskaNevada.ColoradoUiahMontanaLegal-tender notes deposited prior to JuneSO, 1874. and remaiuing at that date
36,638
Greenback! on deposit In the Treasury June 20, 1874, to retirenotet of insolvent and liquidating banks $3 813 675
Greenbacks deposited from June 20,1874, to date, to retire na-tional banknotes.
70,204,8EO
Total deposits$74,018,555
CirculaUon redeemed by Treasurer between same dates without,elMne
89,693,529
Greenbacks on deposit at date « I4 125.C26
Greenbacks retired under act of January 14, 1875 ..
.
$ 22 905 730Greenbacks outstanding at date .'...!.'.'.'.'.'.
SS^OM.SSO
By comparing the foregoing with last month's state-ment, we see that during July the amount of bankmotes redeemed and surrendered was $1,221,049, and thenew notes issued were $837,640; so that the net decreasedaring July of bank notes outstanding was $383,409. Ifwe compare all the items for August 1 with those forJuly l.the changes during the month appear to be asfollows:
Decreate
National bank note, redeemed andJ"^ 1^"^^ ***.
Note, issue* aame time 27,794 585 28,632,228 UtImONetdeciMS.
$38,*4l,*0» $36,624,612, ~$3sl409
AdditionalNationalBank
Circulationissued
from June2(1, 1874, to
Aug. 1, '77.
$903,580402,96591 1.S80
8,528,555196,060
1,005,9105,516,130:.045,M54,461,S60
84,175191,010315,300306,10041,870
363,66027.700180.0(045.00090,010
Legal Tender Notes deposited inthe U. S. Treasury to retireNational Sank Circulitionfrom June 20, 1874, to Aug.1, 1877.
ToM 833.366,7551 10.637,413 »5M,547,467 $74.018,555 $14,483,026
If we compare the figures for August 1, this year, withthe statement of August 1, 1876, we have the "followingresults for. the twelve months:
Decrease'
,,. ,
To Aug. 1/76. ToAuj.1,'71. dur.year.National bank notes redeemed and sur-rendered from-Jan. 11, 1875 $39,697,993 $65,55S,837 $25,558,847
Notes issued same time _18,475,965 28,635,523 13,156,260
Netdecrease$24,922,023 $36,65)^12 $12,402/587
Greenoacks on deposit with UnitedStates Treasurer, to retire notes... . 25,310,349 14,425, "26 10,8S5,323
Making the net decrease ^9/532/J74 "$51^49^38 $1,517,264
Total greenbacks outstanding $369^91228 $339io94,220 $io!58S^03
Total decrease in active currency during the twelve months $l£o42~272
We here see that the greenback circulation decreasedduring the year $10,525,008, and that the bank-notecirculation also decreased $12,402,587, making anactual decrease of circulation for the twelve months of$22,927,595; but as there were on deposit August 1,1876, for redeeming bank notes $25,310,349, and onAugust 1, 1877, only $14,425,026, the active circulation,as affected by the bank movements, fell off only $12,-042,272 during the year. The total decrease sinceJanuary 14, 1875, up to August 1, may be stated asfollows:
AmirsT 4, 18:7. • THE CHRONICLE 103
S'.i (mm la DMJk mites, from Jan. 14. 1875, to Aug. 1. 13".... $$\62l,612
Greenback* on deposit with TtiMUK, to retire notes.Ang. I, 1977 1
1
DMNlia In greenbacks since January, 1375 JS.«05,780
Total decrease to Ausnttl, 1877 173,953,418
Less greeub-ick* on deposit to retire notes, January 14, 1815 11,(89,340
Total decrease since January II, !87S $62,496,078
The greenbacks on deposit will only come out again
as they redeem an equal number of dollars in bank
notes, and hence are of course just so much withdrawn
from the active currency. Consequently the present out-
standing active currency may be indicated as follows:
Greenback issues, January. 1875. total '. $J82,000,000
Bank notes outstanding same date 851,861,150
Total .'....' $781,861,450
Decrease to August 1, 1877 78,955,418
ToW outstanding August 1,1877 $659,90 ,034
FINAXCIAL REVIEW OF JULY.
In reviewing the course of financial affairs in the month of
July we find that events occurred of more than ordinary import-
ance—the closing of subscriptions for the 4 per cent Governmentloan on the ICtb, and the outbreak of violence in connection with
the railroad strikes in tho latter part of the month, being the
chief occurrences of general influence. The Buccessful negotiation
of bo large an amount as $65,982,500 of 4 per cents in this country,
at par in gold, had a good effect in fortifying the already high
standing of our Government credit; and it also showed to financial
corporations and other investors that with four per cent, ag the
basis of interest on the best securities, the high rates heretofore
obtained on other classes mast be marked down.
The railroad strikes had less effect in depressing stocks andbonds than might have been anticipated, and we attribute this to
the fact that rational men considered the whoje affair as a
temporary outbreak, and not based on any principle of morals or
business which could ultimately succeed. Had there been anyunderlying principle of inherent justice or economy, which could
be made the foundation for a long and permanent hostility
between the laboring classes and their employers, the case mighthave been different.
In the various classes of stocks and bonds a very fair amountof business was done for a summer month. In Governmentsecurities there was some speculative business in five-twenties
which are liable to be called in, and a well-distributed investmentdemand for sixes of 1881, and funded .fives and 4£ per cents.
Railroad stocSs and bonds fell off quite sharply with the first
excitement over the strikes, but there was afterward a SDeedyrecovery, and at the stock board a marked activity in speculative
stocks, led by Western Union Telegraph, which advanced largely
and Sold up to the highest figures made in some months. Otherstocks were also strong and active, and the general situation of
the market was attributed largely to speculative manipulation onthe part of some prominent operators.
Gold and foreign exchange were dull and without special
interest.
CLOSING PRICE9 OF GOVERNMENT SECURITIES IN JULY, ',677.
The following is the official statement of the public debt as
appears from the books and Treasurer's returns at the close of
business on the last day of July, 1877:
Debt bearing Interest In Coin.
Character of Issue.
8s of 1858Osof 1881
6s, Oregon War6s of 18816s of 1881
5s, 10-40's
6s,5-20sof 18656s, 5-2i !
s of 1865, new.6a, 5-20sof 18676s,5-20sof 18685s, Funded Loan, 1381
4Xe, do. 1891
4s, do. 190:
AuthorizingAct.
Jnne 14,
Feb. 8,
March 2,
Jnly&A.,March 3,
March 3,
March 3,
March 3,
March 3,
March 3,
July 14,
July 14,
Julv 14,
rt*2" Interest5* Periods. i
^Ph
a1874 J. & J.
1880 J. & J. A1-81 J. & J. c
1881 J. & J. <:
1881 J. & J. d1904 M.&S.» i1885 M. & N. il
1835 J. & J. d1887 J. & J. il
1883 J. & J. d1881 q.—F. a1891 Q.-M.1901 i. & J.
rest in
Bonds Outstanding.
Registered. Coupon.
$860,00013,815,000
126,25O,'50O
53.817,400142,214,850
1,088,55072,180,000ss.isg.eoi15,691.000
219,219,650111,956,100
4,600.000945,000
63,070,85021,182,600
52,351,450
8,581,00.)
130.454.050
212,479,9110
21,788,800289.190,700
43,043,900
$847,684,250
The sizes or denominations of each issue of bonds are as follows: (a) Coupon$1,000, registered $5,030. (») coupon $1,000, registered $1,000, $5,000, $10,000.(«) $50, $100 and $500. (d) coupon, $50. $100, $500 and $1,000, registered, sameand also $5,000 and $10,000.
* Coupons of $50 and $100 bonds are paid annually in March.On the above issues of bonds, there is n total of $ 12,405.4<i8 of interest over-due
and not yet called for. The total current accrued interest to date is $16,477,574.
Debt Bearing Interest In Law-till money.•
I
Principal. .Interest
3s, Navy pension. Act July 2i,'68, Int. appl'donlyto pens'ns I $14,000.0001 $35,000
Debt on Which Interest Has Ceased Since Maturity.There is a total amount of over-due debt yet outstanding, which has never
Deen presented for payment, of $11,979,230 principal and $170,000 interest. Ofthis amount, $11,198,600 are on the " called" five-twenties.
Debt Bearlns no Interest.
Character of Issue.
Old demand notes <j
Legal-tender notes . . . 1
Certificates of deposit.
.
Fractional currency
Coin certificates
,j
AuthorizingActs.
'61 I
* c
'SB
'SS
July 17.
Feb. 12,
Feb. 25,July 11,
Mar. 8,
June 8, 72.
July 17,
Mar. 3,'
June 30,'
Mar. 3,'
Issues.
Prior to 1869Series of 1869Series of 1874Series of 1875
First....
SecondThird...Fourth.Fifth. .
.
$22,183,883178,438,804
52,880,112105,592,071
4,'.9!,110
3,114,151
3,035,3254,701,453
4,684,295
Aggregate of debt bearingno interest.Unclaimed interest
Total.
$63,C62
359,034,250
55,495,000
19,784.335
37,807,300
Bonds Issued to the Pacific Railroad Companies, InterestPayable In Lawlul Money.
Character of Issue. AmountOutstand'g.
Interestpaid by
United St's
Interestrepaid bytr'nsp't'n.
Balance ofInt. paidby U. S.
$25,885,1206,303,000
27,236,5121,600,000
1,170,5601,628,320
$14,133,0183,860,253
15,152,70li
973,80895S,8i7
878,102
$2,131,8871,531,6804,872,018
60,74,8
9,36765,c29
$18,002,0242,328,57310,280,093
Central Branch, Union Pacific. 913,059949,4808.2,772
$04,023,512 $35,957,629 $8,671,625 $27,886,003
The Pacific Railroad bonds are all issued under the acts of July 1, 1862, andJuly 2, 1864; they are registered bonds in the denominations of $1,000, $5,000and $10,000; bear 6 per cent interest in currency, payable January 1 and July 1,
and mature 30 years from their date.
$472,244,8187,057
I teen pit illation.
Debt bearing Interest in Coin-Bondsat 6 percent :
Bands at 5 per centBonds at 4>f per cent
,
Bonds at 4 per cent
Total debt bearing interest in coinDebt bearing Interest in Lawful Money—Navy pension fund at 3 per cent
Debt on which Int. has ceased since Maturity'Debt bearing no Interest—Old demand and legal tender notesCertificates of deposit ',
Fractional currency '..'.'.'.".'.".'"
Certificates of gold deposited...! .............
Total debt bearing no interest.Unclaimed iutcrest
'
AmountOutstanding,
$844,525,250701,566.650
155,000,000
$1,702,791,900
14,000,000
11,979,280
$359,158,182:,:,. BB.0019,784,33587,807,300
$472,241,818
Total $2 201 Oli 9'8Total debt, principal and Interest, to date, Including interest duenot presented for payment.
Amount in the Treasury—CoinCurrency '...'.'.'.
Currency held for the redemption of fractional currencySpecial deposit held for redemption of certificates of
as provided by lawdeposit
TotalLess estimated amount due military estsbUshmenft for whichno appropriations have been made
Total.Debt, less amount in the Treasury, °Au<*.' Y,"l87Debt, less amount in the Treasury, July 1, 1877
1877.
Interest.
Decrease of debt during the past month.Decrease of debt slnco June 30, 1877. ...
Annexed is a statement showing the present position of the Ban k
of England, the Bank rate of discount, the price of Console,
the average quotation for English wheat, the price of Middling
Upland cotton, of No. 40's Mule twist, fair second quality,
and the Bankers' Clearing House return, compared with the
four previous years
:
Circulation—Including1873.
£bank post-bills 86,8*1.184
Public deposits 0,(153,497Other deposits 18, ! i .
\'
\
Government securities. 13,281.884Other securities 17,112,194Reserve of notes andcoin 12,317,517
Coin and bullion Itboth departments.... 23,815,867
Proportion of reserveto liabilities
Bank-rate 4 p. c.Consols 9SjfEnglish wheat.av. price 59s. 6dMid. Upland cotton 8Xd.No.40s, male twist fairxdquality 1s. !Xd-
1854.
£27.303,910
3,8*1,592
19,750,96714,015.69:
16,400,551
11,212.230
23,196,035
1875.
£25,822,159
8,380,61326.617,21514,Sr?»,626
18,971,309
1876.
£18.6711,299
4,732,17458,559,10115.W5.77717,217,416
2X !> C.
92«60*. lOd.
8 3-16d.
15,d78,393 18,934,701
23,311,118 .32,391,976
5655 p. C.
3 p. c. 2 p. c.
94X m%46s. 0d. 48s. 6d.7 l-16d. b%A.
I ISirn,
»Xd. lOXd.
1877.
£2S.9fll.0C5
6.351,33424,634,34315 889,08818,419,551
14,031,602
27,629,692
46'32p. c.
i% p. o
MX62s. 3d.7 l-16d.
101Is. 0)s d.Clearing House returE.107,142,000 135.603,000 122,53s.0O0 101,661,000 115,4t0,0i.U
The weekly* sale of bills on India was held at the Bank of England on Wednesday, and the usual allotment of £205,000 wa
g
made, £193,030 being to Calcutta, £60,050 to Bombay, and £11,000
to Madras. Tenders on Calcutta and Madras at Is. 8 1516d.
received in full, while bills on Bombay at la. 8|d. received about
50 per cent, and above that price in full.
There has been very little demand for gold for export duringthe week, but silver has realized 54Jd. per ounce. The steamerfor the East has taken about £160,000 in specie, consisting chiefly
of silver for Bombay.The following are the current rates of discount at the leading
• Ex 6 coupons, January, 1872, to July, 1874, inclusive.
106 THE CHRONICLE [Vol. XXV.
A French journal specially devoted to agricultural and com-
mercial interests, reporting on the state of the vines, says the
news irom the Burgundy vineyards is very satisfactory. The
flowering passed over favorably. Some vacancies will be found
in the bunches, owing to a little droppiug off, but the damage is
insignificant. Perhaps the vintage in Lower Burgundy will not
be so abundant as in 1875, but in any case the crop will be much
superior to that of 1876, if nothiDg occurs seriously to inj ure it
in the meantime. A large quantity of wine will be made in the
Cher, and the banks of the Loire, from its rise to its mouth, will
yield abundantly, especially in the districts near Orleans and
Bloie. The Cbarentes are also very promising, only in these rich
countries of production account must be taken of the phylloxera,
the ravages of which become more and more sensible.
An approximate estimate of this year's yield of silk in France,
says the Journal Offieiel, has been arrived at. According to M.
Jeanjean, the secretary of the Agricultural Association of Vigan,
the crop will be 10,000,000 kilogrammes, from 535,000 ounces of
eggs, of which 25 per cent are Japanese. In 1876, the crop was
2,39C,3S5 kilogrammes, from 516,950 ounces of eggs, of which 80
per cent were French. In 1874, 11,072,000 kilogrammes were
obtained from 660,000 ounces of eggs, only about 33 per cent
being French. The Patriate de VArdeche remarks that these
statistics show a growing use of native eggs for breeding pur-
poses, and a rapid djecline in the use of Japanese. At the sametime there has been a progressive movement in the quantity of
Bilk obtained, excepting laRt year. In 1873, the crop amounted to
8,360,642 kilogrammes from 736,758 ounces of eggs, of whichonly one-third was French. This was equivalent to 11 or 12
kilogrammes of silk per ounce; while, according to the estimate
for the present season, the yield will be equal to upwards of 19
kilogrammes per ounce.
The following table has been compiled to show what effect the
rise in the price of cereals has had upon American trade ; but it
appears, so far, to have been very trifling indeed.
PRINCIPAL EXPORTS TO THE UNITED STATES.
Alkali cwt.Bags and > acks doz.Beer and ale bbls.Copper, unwrought cwt.Copper, wrought cwt.Coiton piece-goods . . yds.Earthcnwiire and porcelain value.Haberdashery and millinery.. . value.Hardware and cutlery value.Jron, pig tons.Iron, bar, angle, bolt and rod tons.Iron, railroad tons.Iron, hoops, sheets, and boiler-
. Plates tons.Iron, tin plates tons.Iron, cast or wrought tons.Iron, o:d, for re-manufacture tons.Steel, nnwrought tonsLead, pig .'tons.'.Linen pijtce goods yd?.Jure nvinnfactures .'.".'.yds.Steam engines, Ac valuo.'Paper, writing, or printing cwt.Other kinds, except paper hangings.cwtSalt, rock and white .. tonsSilk broad stuffs yds.Silk ri >bons ', .'.'.value'Other artic es of silk only ... ....value!Silk mixed wilh other materials valneSpirits ( uritish) gals.Stationery, other than paper.. .'...valueTin, nnwrought cwt'Wool, En«iish '.'.'.'.'.
lbs"Wool, Colonial and foreign i.lbs'. 1 639)13Woolen cloths yds.Worsted stuffs ......yds.Carpets and drugget' .'.'.'
. .'.'.'yds
.
PRISCIPAL IMPORTS PROM THE UNITED STATES.Wheat—From ports on the Atl'ntic.cwt. 533,210 117151° "IS 741From ports on the Pacific.cwt. C85,8!:9 'tal'sia 1 7'i ;4k£'?" cwt bSisSS 136165 1*008£"££ cwt. *M.0S» 401,13'. 76400Tallow cwt. 42.252 39,323 53;5S8The early part of the week was characterized by much firmness
in the trade for wheat, the weather being unsettled, the result ofwhich is obvious—that the harvest is delayed. At a timewhen we are almjst entirely dependent upon foreign supplies—for out of a total weekly consumption of 440,000 quartersef wheat and flour, the contribution by British farmers is not nowmore than 70,000 quarters-harvest delays are important, andfully justify the holders of grain in demanding higher terms fortheir produce. In obtaining enhanced prices, sellers were suc-cessful in the early part of the week, an advance of about 2s. perquarter having then been established
; but latterly the weatherhas beea less unfavorable, and, in order to avoid granary chargessome merchants have accepted rather less money to clear foreigncargoes. Practically, this is no reduction, so that although thetone is quiet, reluctance is shown in submitting to lower terms.Although home supplies are very short, and although we requiresome 370,000 quarters weekly from foreign sources, in order toequalize supply aud demand, yet millers show no anxiety about
the future, but articulate on the contrary, that adequate supplies
will come forward. There is, however, no reason to believe in
abundant cropj, Fro 21 most countries the reports are to the
effect that with fine weather the harvest will be of fair average
abundance; but, as the countries which grow wheat are nownumerous, a good deal of security exists, as we are able to drawsupplies from many quarters. The present weather, however, is
delaying the harvest, not only in this country, but also in several
localities abroad, and this circumstance gives sellers an advantage.
Not much change has taken place in the valueof cereal produce
on the Continent during the week. Fair progress lias been
made in harvesting the crops, but the work of threshing has not
yet been entered upon with vigor, and uutil that can be under-
taken in earnest, it is improbable that supplies will be abundant.
It is regarded as certain that farmers will not be reluctant to
realize a fair proportion of their produce as early as practicable,
and upon this English millers rely.
I, must, however, be borne in mind by those whose views are
favorable to a lower range of prices, that the waste of resources
in Turkey is now on a very serious scale, In many districts in
that unfortunate country, the crop9 are reported to be looking
well, and for some time past they have been ready for the sickle'
but without laborers to gather them. This applies more, of course,
to the immediate vicinity of the conflict than to more distant parts;
but when we bear in mind that nearly the whole of the able-
bodied population of Turkey is compelled to defend the country,
agricultural interests must suffer. Even making allowance for
the employment of women and the aged, the losses muBt be very
heavy, and we already hear that at the scene of the recent cam"
paign in Asia, famine, not withstan ling the commencement of a
new agricultural season, stares the populace in the face. It is
but reasonable to anticipate, therefore, that a considerable part of
the grain produced iD Southeastern Europe will be retaiued in
order to meet the losses occasioned by the war.
During the week ended July 14, the sales of home-grown wheat
in the 150 principal markets of England and Wales amounted to
only 16,785 quarters, against 21,566 quarters during the corre-
sponding period of last year. In the whole Kingdom it is esti-
mated that they were C7.140 quarters, against 86,264 quarters.
Since harvest, the deliveries in the 150 principal markets have
reached a total of 1,899,136 quarters, against 1,964,223 quarters;
and it is computed that in the whole Kingdom they have been
7,596,500 quarters, against 7,857,000 quarters in the same period
of the previous season. Without reckoning the supplies furnished
ex-granary, it is estimated that the following quantities of wheat
and flour have been placed upon the British markets sioce harvest;
Imports of wheatImports of flour ,,
.
Sales of home-grown produce...
1876-7.
cwt..87,821,179
6,023,8 13
.34,923,000
..76,763,072'
. 731,142
..75,988.930.. 53s. 3d.
18r5-6.cwt.
47.305,0695,503.402
34,016,600
I£6,8S0,071874,820
85.S85.2U45s. lOd.
1874-5.cwt.
86,111.10!5,90.5,937
44,957,100
1873-4.cwt.
37,725,1225,913.362
37,336,000
Total . .
Exports of wheatand flour....' .
Result .,
Average price of English wheat.
S6,974,141253,361
86,715,78043s. 7d.
80,934,4812,451,370
78,530,11461s. 8d.
The following figures show the imports and exports of cereal
produce into and from the United Kingdom since harvest—viz.,
from the 1st of September to the close of last week—comparedwith the corresponding periods in the three previous years
MINING MAKKET.In reference to this market during the past week, the Mining
World says:
In home mining shares business has been very quiet, andowing to an absence of buying orders transactions have been of avery limited description. The shares principally dealt in wereRoman Gravels, Tankerville, Van, Van Consols, West Tanker-ville, Ladywell, Parys Mountain, Bodidris, Aberdaunant, CornBrea, South Condurrow, Great Laxey, North Larey, Hultafall
,
Rookbope, Lead Hills, West Tolgus, and West Chiverton.In foreign and colonial miue Bhares a fair amount of business
has been transacted in Flagstaff, Last Chance, Tecoma, RichmondConsolidated, Eberhardt and Aurora, Exchequer, Frontino andBolivia, Rio Tinto, Dom Pedro, and Sierra Buttes.
Ai list i, 1877.] THE CHKUPUCLE 107
Kii-ll«li H>rk«i Heporu-Per Cable.
ThedRllyoloslngquotatlonslnthemarketsof London and Liver,
pool (or the put week have been reported by cable, as shown iu
the following summary:London Monty and titock Market.—The bullion in the Bank
of Kngland bait decreased £228,000 during the week.
In our report of the dry goods trade will be found the importsof dry goods tor one week later.
The following is a statement of the exports (exclusive of specietfrom the port of New York to foreign ports, tor the week endingJuly 31:
6
EXPORTS FROM NEW YORK POB THE WEEK.-' - . 1874. 1875. 1873. 1877.Fortheweek $6,881,788 $5,793,288 $1,7.0,941 $5 140 795Previously reported.... 163.913,315 !33.I5J,031 1(3,932,985 15o!244|782
Since Jan. 1 *170,803,103 $143,952,317 $148,743,926" $155,885,577The following will show the exports of specie trom the port ol
New York for the week ending July 28, 1877, and also a com.pari.-on of the total since Jan. 1 with the corresponding totalsfor severtl previous years
:
Julv25-Str. Labrador London ..U.S. trade dols.July'.'6-strSucvla London Amer. sliver bars'.
Amer. trade dols..Mex. silver coin..
,.,.„,„ Amer. silver coin.July 28-Str. Gen. Werder London U. 8. trade dole .
, , na - , Amer. sliver bars.July 28—8tr. City of Richmond.. Liverpool Amer. silver b-.ra.
Amer. silver coin.Amer. trade dols
.
$10,000lid.lMD
25,00010.UOO9,000
113.000
80,00020.000-,"OI
48,00)
Total for the week «™m,iPreviously reported .....'..'." **4So!a»
Total since Jan. 1, 1877 $S1.W»,3J8Same time In— Same time in—'870 $37,797,903WSJ 2l.vtB.C081868 £9,688,1571887 St,4*T.8S61888 . 41,821,771
1876.... .fJ7.500.9581S75 58.11.3.729
]£< 31.091.250187] 33. 109.050
If" 54.86-..0)91871 81.503,013
The imports of specie at this port during the same period* havebeen as follows :
July 23—Str. Etna Aspinwall HoldUold dnst
Jnly 23—Str. City of Merlda Ver» Cruz Foreign silver..
Total 12,095.000 82.731.462 03Balance. July 2? 84.0ci8,445 90
Balance. Aug. 3 81,6)3,408 53
Wabasb.—A. change has been made in the programme for
interest payments as proposed in the former circular by whichthe coupons of the Decatur & East St. Louis first mortgage, dueAugust 1, 1877, and the coupons of the Quincy & Toledo first
mortgage, due May 1, 1877, will be paid on the 1st of Septembernext, instead of the 1st of August. The coupons of the Toledo& Wabash, Wabash & Western, and Great Western second mort-gages, due May 1, 1877, will be paid on the 1st of October next.
The quarter coupons of the Toledo Wabash & Western consoli-
dated mortgage, due August 1, 1877, will be paid on the 1st of
November next. As a condition of, and prior to these payments,the coupons in default, with the others, as specified in the circu-
lar of January 24, must be deposited in trust in the MetropolitanNational Bank, as heretofore announced, the holder receiving
scrip therefor bearing a graduated interest at the rate of 3 percent in 1878, 4 per cent in. 1879, 5 per cent in 1880, and percentin 1831 and thereafter. The holders of the Toledo & Wabashand of the Wabash & Western bonds must also assent to anextension of the time of payment ot the principal of these bondson receiving additional coupons to 1893, the time of the maturity
of the Great Western issue.
Baltimore & Ohio and the Strike.—Vice-President Kinglast week addressed a letter to a Committee of Engineers, &c, in
which he says
:
Gentlemen : I am in receipt of your communication inclosingresolutions adopted at a meeting of engineers, firemen, con-ductors and brakemen, proposing the following rates of wages :
Engineers, first class, $3 50 ; second class, $3; conductors, $2 50 ;
firemen and brakemen, $2 per day. In declining this proposi-tion, it is but proper and right that the reasons which haveled to this conclusion should be explained. Tne great depres-
sion in business which commenced in the autumn of 1873 hascontinued, growing from bad to worse. The effect upou theBaltimore & Ohio Company has shown continued large decrease
of revenue. The other truna lines had reduced vi ages 10 per
cent, one of them on the 1st of June aud two of them on the 1st
of July, aud at that date a similar reduction had been made onmany of the leading lines of ihe country. It will be observed
that the Baltimore & Ohio Company was the last company whichcompetes for the great trade of the West which made the reduc-
tion of 10 per cent. That the whole question may be understood,
I present a table of the rate of wages paid trainmen in 1801, in
1877 after the reduction, and the rate you now propose :
TABLE OP RATES OF PAY.
Pay receivedPay after deduct-
recelved lng 10 p. c.
Jan., 1881,
$1 661 501 S3
$1 331 17
1 00
$3 roi 752 502 252 001 33
$1 751 501 331 11
Rate.
Tonnage conductors.
Tonnage brakemen
Tonnage englnernen i
I
r
Tonnage firemen. -j
Ju y 16, 18.7.
$2 25S 031 80
$1 581 35
•$2 932 702 482 25
$1 581 35
Pay pro-posed by
Committee.$2 50
as a mini-mum.$2 00
as a mini-mum.$3 BO3 00
$1 QOas a mini-mum.
t
* Premium 25 cents not included.
As compared with 1861, the rates you name will exceed thosein operation at that period to the extent of about 35 per cent.
The rates of through freight in 1861 were double those of 1877,
and for coal the rate was |2 31, while in Jane, 1877, it was buti»l 37 per ton from Cumberland to Baltimore.
Bank**.Bank of the Manhattan CompanyNational Bank of the Republic .
PerCent.
35465
When ,Books Closed.
P'able. (Days inclusive.)
Aug.Aug.Aug.
Aug.Auj. Aug. 1 to Aug. 5
FRIDAY, AUGUST 3, 1877-5 P. M.The Money market and Financial Situation.—The
week has been rather quiet compared with the two weeks imme-
diately preceding, and both in the railroad districts and in the
stock market there is a reaction from the excitement lately pre-
vailing. Aside from the immediate influences on the market,
which may cause a fluctuation of J per cent in gold, or 1 per cent
in active Btocks, the leading topics of discussion are the late strikes,
the Syndicate operations, and the incoming harvests—these
three being considered the most important matters having a
bearing upon the financial situation of the country at large.
The management of the Government loans and exchange of five-
twenty bonds heretofore has been so carefully directed as to
cause little or no trouble in the money market, and it is believed
that the large amounts to be paid for bonds sold, either in gold
or in five-twenties called, before the last of October, will be bo
handle 1 as to avoid, as much as possible, any embarrassments in
financial circles.
In the money market the most notable feature is a decided
hardening in the rates for commercial paper, and some of the
note brokers report an advance of 1J@2 per cent over the rates
current three weeks ago, and quote prime paper now at 4|@6 per
cent. This change of views on the part of. bank officers andother buyers of paper may be precautionary, and arise from anapprehension that the money market will be likely to work moreclosely at an early day in the future. On call loans there is little
difference to report, and money is still abundant at 2 per cent,
and sometimes below that, but transactions at the lower rates are
less frequent than when we last wrote. As an exception to the
usual steadiness, however, there was a slight flurry this after-
noon among stock borrowers, and call loans advanced to 5@6per cent.
The Bank of England statement on Thursday showed a decreasein bullion for the week of £288,000, and the discount rate re-
mains unchanged at 2 per cent. The Bank of France showed adecrease for the week of 10,500,000 francs.
The last statement of the New York City Clearing-Housebanks, issued July 28, showed a decrease of $733,025 in the ex-cess above their 25 per cent legal reserve, the whole of suchexcess being $10,043,075, against $16,770,100 the previous week.The following table shows the changes from the previous
week and a comparison with the two preceding years :
From the Comptroller of the Currency, Hon. John Jay Kno;we have the following statement of the currency movementsand Treasury balances for three months past
U.S. Bonds held as security from NaVl B'ks.— MayBauds for circulat ion deposited $4,79 i.sooBonds for circulation withdrawn 5,lfVgO0Total held for circulation 840,415100Bonds held as security for deposits 1&88&000Legal Tender Notes.—
Deposited in Treasury under act of June JO,1874 644 210
Total now on deposit, Including liquidating'
banks 14 327 552Retired under act of January 14, 1875...".!! 1 081 824Total retired noder that act to date 21 587V0Total amount of greenbacks outstanding.. 36M12,'580National Bank Circulation.—
„. ... ,Gold 1,432,120 1,428,625 1W120Notes received for redemption from-
New York 10,111,000
SSii PWi 8,307,000
rw£n.P« ta I'428000Cincinnati..... 159000S^'S' 197000Miscellaneous
5.930.0CO
T?ewry-*ovimini* - WU«5» $27,829,000 $17,TO^Balance In Treasury-Coin 10',187,OP3 115,122,473 97,803 995Currency 7,515,515 7,980274 9 811 956Currency held for re-
»,a.i,.jg
demption of frac-
CncrUflcatesouutand^1
^"^:::; 45« !&% $#*§
13,933,802648,248
22,585,663359,784,332
810,810
10,500.0008,300,0001,000,000
65,000237,0v0
7,727,000
14,425,028670,112
52,905,780
359,094,220
817,640
5,670,000
6,714,000690,1 0048,000
16 ,000
4,622,000
United States Bonds.—There has been a good business dur-
ing the week with the various classes of purchasers, the invest-
ment buyers being the most numerous. Several lots of consider-
able amount have also been taken in the past day or two by
foreign bankers, either for export or on speculation, and these
were mostly of the five-twenties of 1865 and the 4J per cents.
On the regular investment demand, 6s of 1881, 5s and 4js funded
are the bonds most largely taken. The new 4 per cents are
quoted to-day about 104| in currency.
On July 27 the Treasury Department ifsued the fifty-third call
for five-twenty bonds, embracing $10,000,030 of the consols of
1865, oa which interest will cease October 27, 1877. Thedescription is as follows:
Coupon Bonds. -$50, No. 30,C01 to No. 40,000, both inclusive; $00, No. 52,001to No. 65,000, both inclusive; $500, No. 42,001 to No. 50,000, both inclusive;
$1,000, No. 75, ^Ol to No. 85.000, both inclusive. Total coupon, $7,000,000.Btgistered Bon'ls.—$50, No. 1,151 to No. 1.400, both inclusive: $100, No.
10,501 to No. 11,900, both inclusive; $500, No. 7,201 to No. 7,7J0, both inclusive;
$1,000, No. 23,001 to No. 25,100, both inclusive; $5,000, No. 6,701 to No. 7,300,
both inclusive; $10,000, No. 7,881 to No. 11,750, both inclusive. Total regis-
tered, $3,000,000.
Closing prices have been as follows :
July July July Aug. 'Aug. Aug.Int. period. 28. 80 31. 1. 2. 3.
114J4 May 26117'/, Jan. 22114* Jan. 2?114* Feb. 6112* Jan 22109* July 17109 May 17126 July 18
, AmountRegistered$193,852,900
1,533 55072,180,C0a93,139,60015,691,000
112,214,850
219,249.650111 ')56,lu0
61,62'W12
Aug. 1. ,
Coupon.
'saesY.iso8,S81.000
130,456,050212,47 9,90081,762,000
52,351,450289,190,700
48,043,900
Closing prices of securities in London have been as follows:
JulyBO.
July27.
Aug.3.
,—Range since Jan, 1, '77.—
.
Lowest. 1 Highest.
0. S. 6s, 5-20S. 1867U. 8. 5s. 10-4X18
106^Il%>/2
110* 1 110*107>j 107^
106*110*107*
106 June 25 110* Feb, 6
l(;7i£ April 17, 110* Feb. 6105* April -25 109 July 11
lOiVi May 16 1 106* July 16106 106 106*
State and Railroad Bonds.—State bonds have been quite
inactive, Louisiana consols selling at 78, South Carolina at 72,
Virginia at 64, and Alabama "A" at 41 f. The proposal in Vir-
ginia to unsettle the State debt as adjusted, and to call on the
present bondholders to make still further concessions, is a mostunfortunate matter, and calculated to injure that and all the
Southern States if it is carried out. Many of the be3t men of the
State in both political parties are against it, but as Gen. Mahoneappeals to the lower classes on their desire to avoid taxation, it
is feared that there is a possibility of his succeeding in the
gubernatorial election. Texas 10s for funding State warrants
will be paid off August 31 at the American Exchange Nat. Bank.
A Kings County 5 per cent, loan of $100,000 In anticipation of
taxes payable January 1, 1878, was taken by N. T. Beers, Jr. , at
100-54. Holders of Memphis City bonds can now exchange themfor the new compromise bonds at 39 Pine street.
Railroad bonde have not, as a rule, been as firm. There is
probably less demand now from investment purchasers, but this
is not so much a cause for lower prices as the bad faith shown to
bondholders by the managers of railroad companies. Oa the first
of August two defaults were made in the payment of interest,
viz., by the Missouri Kansas & Texas and the St. Louis & Iron
Mountain companies. Both these roads have been exception-
ally fortunate this year in showing a large increase of earnings
over 1876, and certainly in the Iron Mountain case no default
was expected. The strike was alleged as a cause for non-pay-ment, and the excuse was such a palpable subterfuge as to beworse than none, since the company has earned $2,177,339 this
year, of which about $800,000 is net, and the interest now duewas only $140,000.
Messrs. A. H. Muller & Son sold at auction
:
25 shares .Etna Insurance Company of New York. ... 82$2,000 St. Charles Bridge Company 1 st mortgage 10 per ee'nt bonds! !!!.'.!. 50
Atjoust 4, 1877.J THE CHRONICLE 109
Cloning prices of leading State ami Railroad Bonds for three
weeks past, and the range since January 1, 1877, have been as
* This is the price bid; no tale was made at the Board.
Railroad and miscellaneous Stocks.—The stock marketlias had one feature of interest this week, which overshadowedall other movements, and that was the advance in WesternUnion Telegraph to 75. The stock opened at*tbat price this
morning and afterwards sold down, closing at 73, but the sharpadvance yesterday which led up to the high price of this morningwas tbe occasion of more excitement, on account of the personalassault on Jay Gould by Mr. A. A. Selover, which wag under-stood to have been prompted by losses of Mr. James R. Keeneand himself in Western Union and other stocks. Mr. Selovercharged Mr. Gould with breaking his word, but the practice of
appealing to blows as a remedy for disagreement in a stock oper-
ation will h«rdly be accepted as a satisfactory method of settle-
ment to be generally adopted. The first fruit of the strikes hasbeen shown by the Pennsylvania Railroad Company in decidingto pass its next quarterly dividend of 2 per cent and apply sur-
plus earnings to repairing the damage done to its property. Thegeneral market has been pretty well sustained, considering all
circumstances, but prices have fallen off from the highestreached last week. The coal companies are doing nothing, anduntil the strikes are ended and raining operations resumed theywill not even fir a price for coal.
The daily highest and lowest d rices have been as follows:
Saturday, Monday. Tuesday,July 31.
Wednes'y, Thursday, Friday.July 23. July ISO. Aug. 1. Aug 2. Au<. 3.
At. & Pac. Tel. 20 20 ux i»v 17 13Central of N.J 10V US UX 12 UK 11* 11J4 UX 10X 11)4 H.J4 11
Chic. llurl.*Q 99 99!* 99)4 (WX 99 99 •98 98V 93* 99 93x 9ixC. Mil. 4 St. P. six 2i* 24 21
United States. •11 43 40 41 •f'V ... 41V 41VWells, Fargo .. •31 82 •SI 82 *.... 82 Ml* 31)4 •81V ... •.... n•This 18 the price hid and asked : no sale was made at the Board.
Total sales this week, and the range in prices since Jan. 1,1876, were as follows:
Atlantic A Pacific Telegraph ..
.
Central of New JerseyChicago Burl. A QuincyChicago Mil. A St. Paul
do do t pref..
.
Chicago & Northwesterndo do pref. .
.
Chicago Rock Island & Pacific.
.
Delaware & Hudson CanalDelaware Lack. & WesternErieHannibal & St. Joseph
do do prefHarlemIllinois CentralLake ShoreMichigan CentralMorris & E-sexN. Y. Central * Hudson River.
.
Ohio & MississippiPacific MailPanamaWabash ReceiptsUnion PacificWestern Union TelegraphAdams Express i
American ExpressUnited States ExpressWilli, Fargo A Co |
17! 1V4 July 3171 33>J July 3It HI May 222: 6.5)4 Ian. 5
57^ Jan. 2350J4 Jan. 23
92H Ian. 12
104J4 Jan. 201% Jan. 6
26)4 Feb. SO130 Mch. 1
8V Feb. 373 Mch. 28 Jan. 22
Wholeyear 1876.Low. iHigh14>4j 22
80J4112)4
18)4m317455)4''-'.
10974121>4
46>4847445)467>4111«
6I14 125
64H 120)4
10S18)4iao«00'.m
22X3374145
10374
KHMJj 187481995
16x122
57',
8S?491 Apr. 23' li 5 Jan. 27 10043!^ July 3 6054 S"eb. 5 5686 Apr. 27 59J4 Jan. 8! 4974
1 81 July 25 90 June 51 79
106
117742474
89)4140
fix80)4111
67.
76X91
July 58 »,o:o
D.l 4 H. Lake Weefn St.Paul Morris Dcl.L.Canal. Shore. Union, pref. tb, * W.
80." 31.
•• 3.
4,806
1,3MI.'IM)
2,5752,916
!/5,50fl
24,«7720.0; 1
I8|S1026,750
17,84118.720
18,1441
41,09251,87087,197
0:100S.IMI
v,«00
8,8004,9004,000
!», l.'.O
8,100
MM)1,2005.6002,:iI0
M,»8815,97915,790'.'l.'MI
18,73010,7?0
N. Y. N'westCent. met.
8,7704.7I9
6,99511,4407,500
1,06811,7106,8Wl,7',4
10,840
tjmTotal
.
Total sales of the week in leadinar stocks were as follows :
... 23,515 158,871 212.672 87,180 25.910 12%,474 44,3rO 4».B86Whole stock 200,000 491,605 387,874 122.744 150 0C0 262.0JO 891.2SS 215,022The total number of shares of stock outstanding is given in
the last lino, fir U-> purpose of comparison.The latest railroad earnings, and the totals from Jan. 1 to latest
dates, are given below. The statement includes tbe gross earn-ings of all railroads from which returns can be obtained. Thecolumns under the heading "Jan. 1 to latest date" furnish thegross earnings from Jan. 1, to, and including, the report mentionedin the second column.
Atch. Top. * 8. Fe.. 3d week of July. J60,011 $45,616 $1,186,522 $1,178,667Bur. C. ltap. & North. 8d w'k of July.
.
Cairo & St. Louie 2d w'k of July..Canada Southern. .... 3d week of July.Central Pacific....... Month of June..Chicago & Alton 8d week of July.Chic. Mil. A St. Paul. . .Month of July.
.
Clev. Mt. V. AD.,Ac. 3d w'k of July.Denver Pacific Month of May...Denv. A Rio Grande... 3d w'k of July.Grand Trunk...' Week end.July 21
Great Western Week end.July 20Hannibal A St. Jo Month of May. ..
Illinois Cen. (III. lines).Month of June..Indianap. Bl. A W. ...3d w'k of July.Int. A Gt. Northern..3d w'k of July.Kansas Pacific Month of June..Lehigh Valley Month of May..Lonisv. Cin. A Lex ..Month of June..Louisv. A Nash., Ac.Montu of May..Missouri Pacific Month of June..Mo. Kansas A Texas. .3d w'k of July..Mobile A Ohio Month of June..New Jersey Midland. .Month of June..Nashv. Chatt. A St.L..Month of June..Pad. AElizabetht'n...Month of June..Fad. A Memphis Month of June.
.
Phiia. & Erie Month of June..St. Jos. A Western Month of June..9t.L,A.AT.H.(brcb.s).3d week of July.St.L. I. Mt. A South. .3d week of July.St. L. K. C.A North'n..3d week of July.St. L. A S. Francisco. .Month of June.
.
st.L.&S.E'n(StL.div.)lst w'k of July.." (Ken. div.),. 1st w'k of July.." (Tenn. div.). 1st w'k of July..
St. Paul A S.City. ...Month of June..Sioux City&St. Paul.. Month of June .
Tol. PeoriaA Warsaw.3d w'k of July..Wabash 3d week of July..
Union Paclflc Month of April.. 1,083,280
* Fignres this year embrace Trinidad extension ; in 1876, the earnings ofthis extension were not included prior to June 1.
Xlie Gold Market.—Gold has been moderately active withina limited range of fluctuations. On Thursday, at the Treasurysale of $1,000,000, the total bids amounted to $5,700,000, andthe awards were made at 105'28 to 105'32. On gold loans therates to-day were 2 per cent for borrowing to flat,
The following table will show the course of gold and goldclearings and balances each day of the past week:
Sxcliange.—Foreign exchange has been very dull and to-dayquite weak in prices. The bankers who usually import bondsand buy bills, were out of the market, and in their absence therewas small demand from any quarter, so that prices bad no sup-port. Leading drawers reduced their rates, and on actual busi-
ness sterling bills were done at 4.84J for 60 days and 4.86 for
demand. .
In domestic exchange the following were rates on New Yorkat the undermentioned cities to-day: Savannah, buying 4, selling
i premium; Charleston, easier, ifS-lQ discount, selling 5-16;
Cincinnati, very firm, buying par, selling 1-10; New Orleans,
commercial, 1-16@J, bank i; St. Louis, 25 premium, and Chicago50 premium.
Quotations for foreign exchange are as follows:
Prime bankers' sterling bills on London.
.
Good bankers' and prime commercialGood commercialDocumentary commercialParis (francs)Antwerp (francs)Swiss (fra'ics)
New York City Banks—The following statement shows thecondition of the Associated Banks of New York City for the weekending at the commencement of business on July 28, 1877:
-AVERAGE AMOUNT OF-
Banks-Loans and
Capital. Diecciaats.
8 S. 3,000,000 10,6!)B,8r0
2,(160.0; 6,498,100New Yr rkWa hattan CoMerchants' 3,000,000Mechanics' 3,000.000Union 1,600,000America 8,000.000Phoenix 1,000,000City 1,COO,0(0Tradesmen's .... 1,000,000Fulton. 600,003Chemical 300.0Merchants' Exch. 1,000.000Gallatin National 1> 0,000Batchers'* Drov. 600,000Mechanics' * Tr. 000,000Greenwich & '0.000
Leather Manuftrs. 600,000Seventh Ward.... 300,000S'jite of N. York. 600,000American Kxch'e. 5,000,l>00 12,753,000Commerce 5,000,000 15,902,700Broadway 1,000,000 4821,100Mercantile V 00.000Pacific 422.700Republic 1 600,000Chatham 450,0:0People's 412,500North America... 1,000,001Hanover 1,000,001Irving 500,000Metropolitan 8,000,1 1
Citizens'.. 600,000 i;52^,600Nassau l.OJOOOO 2.227.KO0Market 1,0 0,000 8,4:8,200St. Nicholas 1,000,000 2. I5'J,200Shoe and Leather. 1 ,000,000 3.74).imCorn Exchange... 1,000.000 2,81)3.900
do Munklp»17«..Portland 4sAlch. 4 Tcpeka 1st rn'.'i
do land grant 7sdo 2d7sdo Ian" inc. 18s.
Boston « Albany 7s. ..
_ . do ssBoston* Lowell 7s....Boston 4 Maine 7s .Burl* Mo.,landrran't7j""
do >cb. 8s, 1p9i... .
do Neb. 8s, 1881Kaatern, Mass.,s.ks, new.Hartford & Erie 7e, new...
."
pgilenshurg ft Lake Ch.SsOld Colony & Newport 7s, V!'.Kutland, new 7sVerint C. 1st in., cons. 7s, '86
do 2d .n. ,7s, 1891.Vermont* Csnsds. Dew g.
securities. Bid. Ask.
Ine'"'
I M7wivldence. . „„' jfflj,»o in Neb 'i-r
Vermont «. Mass. 1st m. ,6s, 'e3
„ STOCKS.iPO'tonft Albany I...'Boston ft (.owcl- ,' »
Bostoa ft MaineBoston ft Prov;Bnrlln>rlon 4 \ „ithefhlre peferred. .Cm Sandusky ft clevConcordConnecticut Klver"!Conn, ft PassnmpBlc, pref."Eastern (Mass.).Eastern (New Hampshire)"r.tchhurgManchoter ft Lawrence. '.'.' kNashua ft Lowell.
.
New Tork ftj<ew England"Northern of New HampihlreNorwich ft WorcesterOgdensu. ft L. Cnamplal'n""'
Lehigh Valley, 6s coup., 1898.do ba, reg., 1894...do is, reg., 1910...do con. ]u.,6!j,rg..l9.>3
Little Schuylkill, l*t m. V »S|Nori hern Pac. 7 S-l0s, C|».,1900»North. Penn. lstm.6s, cp,'85.
do 2dm.73,cp.. '96.
do gen. m.7B,cp.,li03do gen.m.7f, reg., J90S
Oil Creek ibt m. 7s, coup ,'8ir-ittso. Tttuav.A B ,7s,cp..'96Pn.&N.Y.C.AP.UU.7s, 96 906Pcnnwylvauia, 1st m., cp.,'80.
do gi'U.m. t»K,cp.. lil.O,
do sen. m Ga, >g., iotq,do con-i.m 6 , rg., 1B05do cons. in. us. cp., 1903,
Pen. 1 omen let m. 6*. coup., '9;Fhilft. & Erie iBtm.6s, cp., 81
t!o 2d m 7«,rp. 1'88.
Phila. A Heading 6a, '60,
do 7s, oop.,'93do deben., cp.,'91'do conn. m. ..•-. cp.,Wi;do eons. m. "is, rg.Jtf.ido new con. 7b, 1693
Phila.& Kead. C.& 1. deb. is: ;
do uo '.s. '92-93Phila Wi:m.AB-lt.6s,'84Plits.Cin.A St. Louis ?s ,1900s)iAin->kmV.& Pott>v 7a.' 1901B1 mhenv. & Ind. lft, 6s. .881Stony Creek ibi ui.Ib, 9J7.Suubury »t Erie let m.7s, '17
Indlanap. Cln. 4 LafJollctA ChicagoLong IslandMissouri Kansas 4 Texas.New Jersey SouthernN. T. New Haven 4 Hart
.
Ohio 4 Mlsslss'ppl.prefPltte. Ft. W. 4 Ch., guar..
do do special.Rensselaer 4 Saratoga. .
Home 4 WatertownBt. Louis Alton 4 T. H...do do pref.Belleville* So. 111.
,pref
.
St. L. 1. M 4 Southern....Bt. L. K. C. 4 Norlh'n.prcfTerre Haute 4 lud'pollsToledo Peoria 4 WarsawI'nlu-dK. J. It. 4C...WarrenniaeePoas Storks.Am. District Telegraph
.
Canton Co., Baltimore..Cent. N.J. Land 4 lm.Co.American CoalConsolidate Coal of MdMariposa L. 4 M. Co.
.
do do pref.Cumberland Coal 4 IronMaryland CoalPennsylvania CoalSpring Mountain Coal!!.'!
Railroad Bonds.{Block Excitative /Vices
)
Boston H. 4 Erie, 1st m.._ do guar. ..
Bnr.c.K4Nortb:,!8t5s..Chssa 4 Ohio is. 1st m..... do ex coupChicago 4 Alton 1st mort.
T .. do Income..toilet 4 Chicago, 1st m.La. 4 Mo., 1st m., guarbt.L.Jack.4 Culc.,l«t m.
IT17II
R
Chic. Bar. 4 «. S p. c, 1st m.do do consol. m. 7s
do 5sslnk'gf'd.A.40Chic, Bk. Isl. 4 Pac, Istm. 7b
do P. F. Inc. 68, '95
do 6s, 1917, coupon.do «>, 1917, regist'd
Central of N. J., 1st m., new...do do lstconsol.do do con. convLehigh 4 Wilkes B.con.guarAm. Dock 4 Improve, bonds
Ch. Mil. 4 St. P. ist m. 8s, P.DdoJoJoIo(it.
tin
Iotodoa..
dodododododododododo
2d in. 7 3-10, dolst7s,gd , it. I)
let 7b £ do1st m., La C. D.latm.,I.4M.D1st in., I. 4D..in in., H. 4 D.letm., C. 4 M.1st ra., consol..2d m.
Chic. 4 N. Western sink, funddodododododo
dodododododo
Int. bonds,consol. bdsext'n bds..1st mort...cp.gld.bds.reg. do
115
'
80106*103
S05a83
40114
ii'l'
!01SS5*sow865,muna90
ioYJOB),10310387*;
38989038494538'M
434,
7863?*40
r>
77
82*1
10«US
1.0
915S02»5«
95
1135411*
88106257»M15s
m
m
76-H
ioa1035*HKOjlOS
!0«54101
77 79
1001410454
Hi
90IOS*....
Iowa Midland, 1st mort. 88...
78.)* Galena 4 Chicago Extended.Peninsula 1st mort., conv...Chic. 4 Milwaukee, lBt mortWinona 4 St. Peters, 1st m...
do 2d mort.C. C. C. 4 Ind's 1st m. 7b, 8. F.
do consol. m . bondsDel. Lack. & Western, 2d m...
10W, do do 7s, convMorris 4 Essex, Ist. m
do 2d mortdo bonds, 1900....do construction.do 7s, of 1871 ...
do 1st con. guar.Del. A Hudson Canal, lstm-.Ti
do do 1881do ao 189s
do do coup. 7b, 1891
do do reg. 7, 1894Aloanv & Susq. letbondB...
do (1 dodo 8d do
,*i 1st f-ons. ffnw
Recs. 4 Saratrga. Ut coup..do 1st re<lsrd.
Erie, 1st mort., extendeddo do endorseddo 2dinort.,78, 1879do 3d do 78, 1883.
do 4th do 7e, 18*.do 5th do 7s, 1888.do 7s, cone., mort., g'd bds..do Long Dock bondsBuff. N. Y. 4 E, let. m., 1877..
.
do do large bds. . ,do do new bds, 1916 I0o>i
Han. 4 St. Jo., 8b, conv. mort. yiIllinois Central—Dubuque 4 SIOUX City,1st m.
do do 24 div.Cedar V. 4 Minn., 1st mort..
Indlanap. BI. 4 W., 1st mort...do do 2d mort...
Lake Shore—Mich. So. 7 p. c. 2d mortMich S. 4 N. Ind., S.F., 7 p.c.Cleve. & Tol. sinking fund.
.
do new bondsCleve. P'vllle 4 Ash., old bds
do do new bds.Buffalo 4 Erie, new bonds..
.
Buffalo 4 State Line 78Kalamazoo & W. Pigeon, 1stDet. Mon. 4 ToL.lst 7s, 1906.Lake Shore Dlv. bonds
Han. 4 Cent. Missouri, iBtmPekln Llnc'In4 Dcc't'r.lst m
Western Union Tel., 1900, coupdo do reg....
Boston 4 N. Y. Air Line, 1st mCIn. Lafayette * Chic, Istm..Long Island BR, 1st mort. ...South Pacific llallroad, 1st m.St. L. 4 San F., 2d in., class A.
do do class B.do do class C.
South Side, L. I., 1st m. bonds.do sink. fund...
.THsrcllancons List.(Brokers' Quotations,)
CITIES.Albany, N. Y., 6s, longBuffalo Water, long fChicago 6s, long dates t
do 7s, sewerage fdo 7b, water tdo 7a, river Improvem't t
Cleveland 7«, long +Detroit Water Works 7b tElizabeth City, 1880-95 t
do 1885-98 tHartford 6s, variousIndianapolis 7.30s fLong Island City fNewark City78 long t
do Water 7s, long...
t
Oswego 7s tPoughkeepsle Water tllochcsterC. Water bds., 1303+Toledo 8s. 187;-'89Toledo 1.30s. ..
Yonkers Water, due 1903
RAILROADS.Atchison 4 P. Peak, 6s, gold..Atchison 4 Nebraska, 3 p. c. .
.
Bur. 4 Mo. Rlv., land m. 7s. . .tdo 3d S., do 8s...
t
do 4th S., do 8s...tdo 5thS.,do8s...+do 6th S.,do 8s... t
litir.C. R.4 N. (Mil.)g. 7s....Cairo 4 Fulton, 1st 7s, gold...California Pac. KR., 7s, gold ..
do . 6s, 2dm. g.Canada Southern, Istm
do with Int. certlfsCentral Pacific, 7s, gold, conv.Central of Iowa l6tm. 7s, gold.Kcoknk 4 St. Paul 88 ... \ t-
Carthage 4 Bur. 8bDixon Peoria 4 Han. 8s. «« +O. O. 4 Fox R. Valley 8s ?S +Oulncy 4 Warsaw 8s .. '*Illinois Grand Trunk.. .
.
Chic. Dub. 4 Minn. 8b ..
Peoria 4 Hannibal R. ..
Chicago 4 Iowa R. SsSs.American Central 8s ,^Chic. 4 S'thwestern 78, guarChesapeake & o. 2d in., gold ",s
Chicago Clinton 4 Dub. 8sChic 4 Can. South :stm. g. 7b.Ch. D. 4 V., I. dlv., Istm. g.7s.Chic Danv. 4 Vlncen's 7b, gld 45Col. 4 Hock V. 1st 7s, 30 years. 101
do 1st 7s, 10 years. 100do 2d 7s, 20 years.. 90
Connecticut Valley 7s 50Connecticut Western I8t7s.... 27Chic 4 Mich. L. Sh. Ist 8s, '89. 't55Dan. Urb. B1.4 P. Istm. 7s, g. 15Dcs Moines 4 Ft. Dodge 1st is.Det. Hillsdale 4 In. RR. 8s ....Detrolt4 Bay City 8s,end...«t 65 I
Det. Lans. 4 Lake M. 1st m. as ....Dutchess 4 Columbia 7a 8Denver Pacific 78, gold 50Denver 4 Rio Grande 7a, gold. 25EvansvIIle4 Crawfordsv., 7s .'100Erie 4 Pittsburgh 1st 7s
1100
do con. m., 78..' 80do 7s, equip...!
EvansvillcHen. 4 Nashv. is...! 35Evansvllle, T. H. 4 Chic. 7s. g. "50Flint 4 Pere M. 8*,Land grant *7sFort W., Jackson 4 Sag. 8s, '89'
Grand It.4 Ind. 1st 7s, I.g., gu 1 04do ist7s,!.g.,notga. 79do 1st ex l.g. .8. 40
Grand River Valley 81., 1st m.. It....Hous. 4 Texas C. 1st 7s. gold.. 1 80
do consol. bds.. 57Indlanap. 4 Vinocn. 1st 78, grIowa Falls 4 Sioux C. 1st 7s... t80Indlanapolis& St, Louis 1st ;s ..Houston 4 Gt. North. 1st 7b, g. I>0International iTexaai Istg .. rtuInt. H. 4 G. N. conv. 8s 22Jackson Lans. 4 Sag. 8a, 1st m t8dKansas Pan. ls,g-.,exl. M4N,*99 40
do 7s, g.,rdgr.,.I4J/8U 40- g., do M4S.'86
256I154
9075475446 I
30 i
10054
102541:05*110
1
110
io"I5460 1
102
New Jersey 4 N. V. 7s, gold...N. Y. AOaw.Mld. 1st.."
do 2d 7b, conv.do receiv's cifB.(labor)
. t *0 do (other;North. Pac. 1st m. gld. 78-10...Omaha 4 Southwestern UR.dsOBwego 4 Rome 7b, guar ....Peoria Pckln 4 J. 1st mort ...Peorla& Rock I.7s,goldPort Huron 4 L. M. 18, g. end.Pullman Palace Car Co. stock.„ do bds., 8s, 4th seriesRockf. K. I. 4 St. L. 1st 7s, gldBondout 4 Oswego 7s, gold...Sioux City 4 Pacific 6s.Southern Minn. 1st mort. 8s...
do 7s, 1stSt. Jo. 4 C. BI. 1st mort. 10s. .
.
do do 8 p. cSandusky Mans. & Newark 7b.St. LoulB Vandalla 4 T. H. 1st.
do 2d, guarSt. L. 4 So'eastern 1st 7s,St. L. 4 I. Mt. (Ark. Br.) 78, g.South. Cent, of N. Y. 7s, guarUnion 4 Logansport ?b 67Union Pacific, So. branch, 6B,g 54Walklll Valley 1st 7s, gold...'. ....West Wisconsin 7s, gold S3Wisconsin Cent, 1st, 7s 85Mercant. Trust real est. mort.7s tlOO
25**
8012i.:,
fl)
:i(V
14789010
88OS
Aw.
7M
8823IS
9»207398
«.->
835»
Southern Securities.(Broken' Quotations.)
STATES.Alabama new consols, Class A
do do Class BGeorgia 6s, 1878-'S6South Carolina new consol. 6s.Texas's, 1892 M.4Sdo 7s, gold, 1901-1910. J.4J.do 7s,gold, 1901 1.«J.do 10s, 1881 1 .4.1do 10s, pension, 1894.. J.4J.
CITIES.Atlanta. Ga., 7s
do 8ado waterworks
Augusta, Ga., 7s, bondsCharleston stock 6sCharleston, 8. C, 7s, F. L. bds'Columbia, B.C., 6eColumbus, Ga., 7s, bonds..Lynchburg6sMacon bonds, 7bMemphis bonds C
LenoxLonglsland(Bkly.)LorlllardManuf & Builders'ManhattanMech.ftTrad'ra'....Mechanics'(Bklyn)MercantileMerchants'Montauk (B'klyn)Nassau (B'klyn)..NationalN. Y. EquitableNew York Fire ..
N. Y. & BoBton ..
New York City...Nlacara :. ...
North PJver,PaclttcParkPeter Cooper.People'sPhenlx (B'klyn) .
Produce ExchangeReliefRepublicResoluteRidgewoodRutgers'Sateguard...St. NicholasStandardStarSterlingStuyvesantTradesmen'sUnited StatesWestchesterWllllamsbnrgClty,* Over all liabilities, including
retresented by scrip is deludet Continental, U'45 ; Standard, 11
reinsurance, capital and tcrlp. tTh J.
1. and the figures stand as actual net surplus.55.
City Securities.IQnotatlons by Danihl A. Mqran, Broker. 40 Wall Street.]
* This eclamn shows ail dividend on stocks but the dat > of maturity of bonds.
Neir York:Water stock 1841-63.
do 1854-57.Croton waterstock. .1845-51.
do do ..1852-60.Croton Aqucd'ctstock.1865.do pipes and mains. .
do 0.0 ....1869.Consolidated bonds var.Street imp. stock! var.
do do var.New ConsolidatedWestchester County
1«,
Months Payable.Bondsdue.
Feb., May Aug.& Nov.do dodo dodo dodo do
May & November.Feb., May Aug.ft Nov.
do dodo do
May & November.
Feb., May, Aug.& NovMay ft November,
do dodo dodo dodo dodo do
January ft July.do do
18T7-S01877-791890
1888 801884-191118S4-19O010117-11
1877-961877-95190119051878
1891-971889
1879-90
19011888
1879-821896161)1
Bui. Askd
lOT*112
100*105
106118107
no «mt101)
118106
101
K
118101105
110102 H101 s.
1(9106
«I7
119107
102119105117112105
108111107
lljuutaiions ny N. r. bkkkb. Jr.. BroKer. i* -v»il st.i
Brooklyn— Local liupr'eui'i—City bouds
doPark bonds
,
Water loan bondsBrtdf'ebondB"water loan.City DonusKings Co. bonds
do doPark bonisHrldg-•Alt Brwonlyn bonds Oat
January 4 July,do dodo dodo dodo dono dodo do
May & November,•in do
January .1 July,do do 1
1878-80 102
1881-08 1041915-21 119X1903 Hi1915 117
1902-1905 106 K1831-95 Ull
1890-33 no1881) 11N
19114 1 7
iw-ipio 107
K8no120M120
r.9x109HUS112109
111HO
IQnotatlons by c. Zabi-.i-kik 47 Montgomery St.. Jetaey City.]jersey VilyWalci loan, long
do 1869-71Sewerage bonds 1866-69.Assessment bonds. . .1870-71.Improvement boudsBeriten bonds 1868-69.
January ft July.January ft Juiy.do do
Jan., May, .Tulv & NovJ. 4 J. and J &D.January anil Jnlv.
1895 101M18911-1902 1101877-79 101
1391 109IMS 11019M-1 105
102s1:1102
110HI106
AtJOOTT 4, 1877.J THE OHRONIOT.F m3no£0tment0
AND
STATE, CITY AND CORPORATION FINANCES.
The " Investors* Supplement" Is published on the last Saturday
of each month, and furnished to all regular subscribers ot the
Chroniclb. No single copies of the Supplement are sold at lue
office, as only a sufficient number is printed to supply regu.ar
subscribe™.t
ANNUAL REPORTS.
Summit Branch Railroad.
{For the year ending Dec. 31, 1876.)
From the report of the operations of the company for the year
1876 we extract the following: „,„„„„The quantity of coal produced and marketed was 240,670 tons.
The gross receipts were *J,
m-'ii'iJOperating expenses l.uvi.ous
Net receiots $151,665
From which jednc't interest on funded and floating debt $64,309
Charge ol Ave cents per ton on production, to cover deprecia-
tion of land, etc • — 13.1T0
77,^80
$74,185
Add valued coal on hand at shipping points. 18,555
Profit on operations for 1876 $87,740
After Janunry 1, 1878, three per cent on all bonds issued by
the Summit Branch, Railroad Company will, by the terms of the
mortgage, be set apart as a sinking fund. Your board deem it
advisable to also set apart, each year, five cents per ton on all coal
produced over pea size, to cover depreciation of lands from
mining. It will be noticed from the above that the result of the
year's business does not justify your board declaring the cus-
tomary dividend at this time. Great depression in all kinds of
manulaoturing business lessened the demand tor coal, and as pro-
ducers continued to ship largely in excess of the quantity required
by the market, the result waB a break in prices, which reduced
the price of our coal at tide-water $1 40 per ton ;and as we could
only sell three fourths of our mining capacity, the average cost of
production, per ton, was materially increased. The salaries of
officers and employes, as well as the wages of miners, were re-
duced immediately after the fall in price, and all unnecessary
expenditure was cut off. Yourcolliery atWilliamstown has been
kept up to a high standard, and has a produriDg capacity of 300,-
000 tons per annum. This company is now the owner of all the
bonds of the Lykens Valley Coal Company, the same having been
taken in settlement of advances made to enable that companyto continue the operations inaugurated by Mr. Fowle in extending
tunnels, sinking shafts, and making other improvements ; and
this company also owns all (except a few shares) of its capital
stock. As the interests of the two companies are so closely
allied, your board deem it advisable for the information of share-
holders to submit, in connection with this report, a statement of
the operations of the Lykens Valley Coal Company, for the year
ending December 31, 1876 :
LYKENS VALLEY COAL COMPANY.The quantity of coal produced was 155,165 tons, of which there
were sold 149,869 tons.
The gross receipts were : $563,214Operating expenses, &c., including interest on $10S,000 bonds 708,052
Loss on operation for 1876 $139,833In 1875 that company shipned 2! 8,593 tons, upon which the loss
was 298,297
Gain over 1875 $113,419
On New Year's day a fire occurred in the principal colliery of
the Lykens Valley Coal Company at Short Mountain, which for
a time threatened serious results ; but, after burning about six
weeks, was entirely extinguished. It is estimated that about$65,000 will be required to put the colliery in repair for ship-ments.
Previous to this fire, and lor the last two working months of
1876, its operations showed a reasonable profit.
The combined operations of both companies for the yearresulted as follows :
Gross receipts ot both companies $1,727,488Gross expenses, including interest, sinking fund, and royaltycharge 1,779,586
Deficiency $53,097
GENERAL INVESTMENT NEWS.Arkansas Central.—This narrow guage road was sold, July
26. by the United States Master in Chancery, to 8. H. Horner for
$40,000.
Bangor & Piscataquis.—A statement of the earnings andexpenditures of this road for seven months has the following :
Total earnings of the road from Dec. 1, 1876, to July 1, 1877 (7 mw.l.. $39.3.34Total expenditures, including betterments :•.'.•.:;-
Net earnings $16,596Of this amount there have been paid into the city treaiury 9,500Paid fur new car J
f031Due from sundry parties, most of which has since been paid 8,385Cash on hand June 80 1,676
$16,596
The present condition of the track, engine* nnd cars Is greatly
improved since the company took possession of this road. Thecost of narrowing by the contracts already made and by cfirefnl
ii will not probably exceed $15,000. The com piny nowhas available* means tor this purpose of more than $5,0(0. When[lie engines »re narrowed they will he worth at leant $2,000 morethan they now are.
Bost >n Interest and Dividend Payments.—Mr. Joseph a.Martin, of 10 State street, compiles his usual monthly list ol pay-ments due in Boston this month. In his remarks are the ful-
lowlng comments:" The l'ullman Palace Car Company's quarterly dividend of $2
per hliare, due August 15, will be paid as usual. Qrarterly
interest on the 8 per cent bonds will also be paid at th»t date.
The City of Boston has only a small amount of interest due at
this time in currency, and the State of Massachusetts nothing.
The United States will pay, in gold, quarterly interest on thenew 5 per cents, and the amount due at the Sub-Treasury i»
estimated at $410,000, the interest being mostly registered andpaid by checks on Boston drawn at Washington. .The FranklinSavings Bank will reduce its interest to 4 per cent per annum after
August 1. The Connecticut and Passumpic, Massawippi andSummit Branch Railroads pass. The Illinois Central changesfrom August 1, and will pay 2 per cent September 1. The Chel-
sea and Brookline Gaslight each paid 3 per cent July 14. TheOld Colony Kailroad 7 per cent bonds of 1877 mature August 1.
A new loan of like amount, at 6 per cent, twenty years to ran,.
has been negotiated. The Chicago Wilmington & Vermillion
Coal Company will not pay a dividend August 1. The MerrimacSilver Mining Company of Newburyport will pay, August 18,
its usual monthly dividend of 1 per cent. The Atchison & Ne-braska Railroad Company will pay, August 1, $20 on each coupondue September 1, 1873. The $100,000 7 3-10 loan City of Cincin-
nati 5-20 bonds, letter P 2, issued in 1868, for common school
purposes, has been ' called,' and will be redeemed at the Ameri-can Exchange Bank, New York, or at Cincinnati, August 15,
after which interest will cease."
Columbus Chicago & Indiana Central.—Judge Donohue hasdecided in Supreme Court, Special Term, the suit of Brown agt.
the Pennsylvania Railroad Company. This suit was on couponsof bonds of the Columbus Chicago & Indiana Central Railrosd
Company, brought by the holders of the coupons directly against
the Pennsylvania RR. Co. as guarantor of the C. C. &. I. C. lease.
Judge Donahue d'-cided that no such suit can be maintained.
Aside from other questions as to the necessity of the other com-panies as parties to the suit, and as to merely formal defects, the
guarantee was not made to any individuals or for their benefit,
but only to and for the guaranteed company, which alone ceo
enforce it. He therefore dismisses the complaint.
Erie.—Mr. Hugh J. Jewett, Receiver, has filed his reports for
the months of April and May last. In April his receipts for
freight were $1,026,212 ; for passengers, $307,689 ; in all, outside
of borrowed money, about $1,500,000. His expenses exceededthat amount, and were made up by an increase of his Receiver's
certificates of $109,637, and a reduction of his cash balance from$505,757 to $388,102. Among bis payments were $50,012 for
taxes, and $373,438 for interest. HiB report for May shows a re-
covery from the preceding month. His receipts for freight were$1,370,601, and for passengers 3349,179. His total receipts wereabout $1,800,000. Among his expenditures were $252,945 for in-
terest, yet lis reduced the amount of the Receiver's certificates
§75,234, and increased his cash balance to $440,451. Taking thetwo months together there is an increase of Receiver's certificates
of $34,403, and a reduction of cash on hand ot $125,124, together
an apparent loss for the two months of $159,525. The outstand-
ing certificates at the end of May were $1,983,740.
Frie Canal Traffic.-—The report of the canal collector at Buf-falo furnishes comparative statements for July, 1877, and 1876,as follows :
Amount of tolls received in July, 1670 $7»,9it»
Amount of tolls received in July, 1677 62,057
Decrease $10,3SS£
Number of clea ances in July, 1876 *56Number of clearances in July, 1677 4**
Increase 268Amount of tolls to July 31, 1876 $S57,08S
Amount of tolls to July 31, 1877 150,771
Decrease ' $106,811Number of clearances to July 31, 18t6 2,13o
Nnmberof clearances to July 31, 1877 2318
Increase. 18*
Great Western (Canada).—A cable despatch to the Toronto
Oldbe says the Great Western Railway of Canada directors havecalled a special meeting for August 3. It is proposed to issue
£166,000 of stock to redeem the difference between £500,000 newbond capital created and the amount of bonds becoming due.
The issue of bonds by the Great Western Railway CompanyTsreferred to in the Daily Newt, London, of July 17; that journal
says :" The Great Western Railway Company of Canada invite
applications for £500,000 in 7 per cent sterling bonds, repayable
in "three or five years. The price of issue is par, 10 per cent
being payable on application, and the balance on 1st October
next, up to which date an allowance of 2s. 6d. per bond is madefor interest. The object of this issue is to replace partially
£665,000 bonds already paid off or shortly due, and these will bereceived as cash in respect of allotment of the new bonds. Shareholders of the company will, after existing bondholders, havepreference given them in the allotment. A saving of interest to.
the company will be effected by this replacement."
114 THE CHRONICLE. [Vol. XXV.tLiability of Municipal Corporations for Damages by
Rioters.—The Cincinnati Commercial, refers to this subject at
some length, and we quote from its remarks as follows:
So far as we have had leisure to consult the books and statutes, it does notappear that there is any universal law on the subject. The general principle
is stated in Judge Dillon's work on " Municipal Corporation-" (vol. 2, p. 760),
a work, we may add in passing, tint is recognized authority Id the UnitedStates, and has been quoted by the highest courts of England. Judge DillonBays:
•'Public or municipal corporations are under no common law liability to
pay for the property of ii dividuais destroyed by mobs or riotous assemblages;but in such case the legislature may constitutionally give a remedy, and regu-late the mode of assessicg the damage."We are not sure that there may not be dissent from the opinion that there
is no liability under the common law In the opinion of Chief Justice Denlo.of New York, in the case of Thomas Darlington vn. the Mayor, &c, of thecity of New York—a case in which the plaintiff's property was destroyed byfire during the riots of July, lSt-o—he cited the laws of the Saxons, Danesand Normans, to show thatfrom the earliest period Hws assessing damageson the community for life and property taken by violence have been in forcein EngUnd.But whatever be the common law doctrine, we have not yet found a single
dissent to the opinion expressed by Judge Dillon, that it is within the consti-tutional p-ovlnce of the Legislature of a State to provide a remedy and regu-late the mode of assessing damages.The law upon this subject, passed by the Legislature of Pennsylvania, in
183.1, was inadvertently repealed a year or two after, but was reinstated in1840, and is, if we mistake not, the law of that Sta'e to duy. > case aroseunder it during the anti-slavery riots in Philadelphia, In which PennsylvaniaHall was burned by the mob. The owmrs.of the hail sued the city for dam-ages, and ihc case was finally carried up to the Supreme Court, where it wasreviewed, and the opinion given by Justice Itogers (see 5 Pa. St., p. 201, 1817).In ttiis opinii'ii Justice Rogers said:"At common law. counties were not liable at all for mischief done by law-
less individuals. When a remedy is given it is the creature of statutes, as inthe hue aud cry, and in the act of Juue 16, 1837. * * * With the policy ofthe act we have nothing to do, although we conceive there would be no difli-
culty in showing that taxpayers have a right to be Indemnified for lossesreceived by lawless outrages, whenever the public are unable or unwilling toprotect propertv. The Innocent may, it is true, be compelled to pay for theacts of the guilty. But this effect is not peculiar to the case, but necessarilyresults from the structure of society and the nature of all institutions."And again, speaking of the power of the legislature to enact such a law,
Judge Rogers said
:
" that th • legislature had the right to pass such an act cannot he denied,and it is equally clear that they were bound to do so in everv principle ofequity and justice."As this opinion is quoted by Judge Dillon in his work on " Municipal Cor-
porations," we presume it to be substantially the law of Pennsylvania on thesubject today. If it be, the city of Pittsburgh and county of Allegheny willbe legally liable for the losses of the Pennsylvania Railroad company withintheir limits, and the men who. in i he hour of madness, set fire to and destroyedits property to the extent of $5,00(UOO or $6,0IO,COO will have to assist iumaking good the losses by many a hard day's work and hard-earned dollar.Without going further into detais of laws audopinlons.it is sufficiently
clear from what has been said—First— i hat laws providing for the indemnification of those whose property
has been destroyed by mob violence are valid and constitutional.Second-Thut the assessment for the losses must fall ui.on the communities
where they have been sus ained, upon the innocent and upon the guilty, thejust and the unjus..For. as governments are instituted among men for the protection of life and
property, tbey are liable, where they fail to protect, for the property destroyed.If they are noi respous'ble, either as .States, counties or municipalities iheuthe object of m lintaininggov, rnmeius has either not been attained or theyare kept up under a false pretense.
Net earningsPercent of expeuseff '.''.'.'.'.'.'.'.'.'.'..'
"
The Receiver's cash account is as follows:Balance on hand Jnne 1
Road receipts, as above. . ....".... 82,41(1
Loan account. . ..' .... &2,;S0
11,101
TotalDiibursements 176,8*
7t>,04»
Balance, Julyl...
* «r i- -— -""<g *m uncibondholders, and their present action confirms most emphati-cally the impreBsion8 formed of their dealings when they refused
payment on tho other junior mortgages of the company, whilethe earnings of the road showed a large surplus applicable to thepayment of interest. The holders of second mortgage bonds onthe Iron Mountain road, and of first mortgages of the Cairo &Fulton, Cairo Arkansas & TexaB, and Arkansas branch, whosecoupons are long overdue, have nothing tohopefrr except iuproceeding immediately against the company to prevent theofficers from further diverting the earnings of the road to otherpurposes than the payment of interest on the bonds. The presentdefault on the old first mortgage bonds was altogether unex-pected, even bv those who believed that the officers of the com-pany had formed a set purpose to pay nothiug on the otherbonds, until they should be compelled to do so by law, or untilthey should have paid every dollar of the notes en which tbeyhave a personal responsibility. The ro<id earned from January1 to July 15 $2,123,000, an increase of $283,000 over the sametime in 1876; and in the face of this large increase of business,instead of paying one half their coupons in cash, according totheir proposal last year, they refuse to pay anything, and thecoupons due last spring remain altogether dishonored. In viewof such proceedings ou the part of the officers, and their duplicityin repeatedly making promises to bondholders without fulfillingthem, and apparently without any intention of fulfilling them,it is remarkable that foreclosure suits have not long since beencommenced.
St. Paul & Dnlnth.—This company, organiz-d under theagreement made by the Lake Superior & Mississippi bondholders,issues only preferred and common stock. The pret. 7 per cent stockis to be receivable in payment for lands at par, and auy surolus ofland receipts is to be used in retiring it by purchase; it is to beispued to the old bondholders at the rate of" $1,200 for each $1,000bond with th? unpaid coupons. The common stock is to be issuedin exchange for the income bonds and floating debt claims at par,and to the old stockholders at the rate of one share of new stockfor 20 shares of old stock. HolderB of stock will have one votefor each $100 of preferred and each $300 of common stock.
St. Paul & Pacific.—Dr. de Klerck, in Amsterdam, writes-" Subscriptions are asked for $288,000 (7,200 shares at $40, cur-rency.) to build the connecting line from Barnes to Breckenridge32 miles."
Texas Secnritics.—The August circular of Forster, Ludlow& Co. says of Slate bonds:Tens of 1884 sold at par and interest. The bond is payable
now, and will be shortly taken up by the sale of the new six percent bonds, which the Comptroller of the Stnte, now iu the city,has just negotiated—selling the whole $500,000 to one firm, atIvwffc
Municipal bonds are entirely neglected. Texas is, unfortu-nately, acquiring a bad reputation as regards manv of hermunicipal and county bonds, but we trust this will be changed inthe near future.
The bonds of paying communilies of Texas are finding morefavor every day, and, as we have often stated, the time will comewhen the defaulting cities and counties of Texas will regret thebad faith shown. City of Austin bonds are firm at par, andIravis County at 103 to 104. Holders of repudiated countybonds had hoped that under the new tax law of Texas the landscould be held for, the taxes. This can only be donebv the bond-holders buying the lands, for, under the ruling of the Comptrol-ler, the State, not having an interest in the matter, will not buyin the lands sold for taxes, and in the repudiating countieswhere such sales take place, the people league together and donot buy. Bond-buyers ought, therefore, to attach no value tothe provision of the law that the State will pay the interest onbonds issued by counties for railroad purposes. The State willreceive such taxes as are collected for the purpose above indicatedbut assumes no responsibility whatever in the matter.
1 he statement relating to the Texas Narrow-Gauge Railroadas published by us last month, has created quite a stir ; it wasnot believed to be so rotten. The Pitkin judgment wipes outtuestoc* and floating indebtedness, and the bondholders willnow decide whether or not to have a receiver appointed, orremodel the whole enterprise with an honest management.Unless this can be done, it is better to abandon the matter andsell out the whole thing ; but otherwise we believe the enterpriseto be one that will pay legitimate profits on the investment, ifcarried forward. To come before the public with a narrow-gaugeroad costing about $0,000 per mile, to construct and bond it witha first mortgage bond of $10,000 per mile, which are offered to thepubl c at Jo cents, looks very much like a trial of smartnessbetween a Texas would-be railroad president and the New Yorkinvesting public, in which, of course, the president was beaten.
1 he wheat crop of Texas, now fully harvested, has turned outbetter than anticipated. Texas will have fully 10,000,000 bushelsof wheat surplus for exportation. The corn cr_>p is probably thelargest ever made in the State, and prices will range correspond-ing y. It is too early yet to make reliable estimates of cotton; but
r i2?il
?Qt
-oWard ci«<unstances, we estimate the crop of Texas
for 187.-18/8 at nearly 700,000 bales. Those unacquainted withlexas can have no proper idea as to the prosperity of the peoplether
.e
- *?™?'s are getting rich; merchants are generally out
of debt, having exerted a wise economy. Trade is generallybetter in Texas than anywhere in the Union. Immigrants arepouring nto the State by all the railroads, and many coming incolonies from the Northern States.
The Granger Decisions-Dissenting Opinions.—In view ofthe great importance of the principles of law involved in whatare known as the "Granger" cases, we give below some of thepnncipal parts of the opinion of Justice Field, concurred in by
AnorjST 4, 1877.] .THE CHRONICLE 115
Justice Strong, in which they dissented from the majority of the
Court. Mr. Justice Field says :" I dissent from the judgment of
the court in the soveral railroad cases arising in the States of
Illinois, Wisconsin, Iowa and Minnesota, commonly known as
the "Granger cases," and from the reasons on which the judginents are founded. These cases involved a consideration of thecharters of the different companies, and of the extent of the
power of the legislature over them, as well in the absence of anyreservation of a right to alter or repeal them, as when suchreservation was embodied in them or in the constitution underwhich they were granted." * * * " The opportunity waspresented lor the Court to define the limits of the power of the
State over its corporation after they have expended money andincurred obligations upon the faith of the grants to them, andthe rights of the corporators, so that, on the one hand, the prop-
erty interests of the stockholder would be protected from practi-
cal confiscation, and, on the other hand, the people would be pro-
tected from arbitrary and extortionate charges. This has not
been done, but the doctrine advanced in the Chicago Elevatorcase has been applied to all railroad companies and their business,
and they are thus practically placed at the mercy of the legisla-
ture of every State." In the Elevator case, the Court has declared as its solemn
judgment that property 'becomes clothed with a public interest
when it is used in such a manner as to be of public consequenceand affects the community at large,' and thus loses enough of its
private character to make its use subject to regulation, not onlyin the manner of the use, but as to the compensation which the•owner may receive for it. ' When, therefore,' says the Court,' one devotes his property to a use in which the public has aninterest, he, in effect, griuts to the public an interest in that use,
and must submit to be controlled by the public for the commongood to the extent of the interest he has thus created. He maywithdraw his grant by discontinuing the use, but so long as hemainiains the use he must submit to the control.' There is nobusiness or enterprise involving expenditures to any extentwhich is not of public consequence, and which does not affect
the community at large. There is no industry or employment,no trade or manufacture, and no avocation, which does not, in agreater or less extent, affect the community at large, and in
which tbe public has not an interest in the sense used by theCourt, ' "
" There is no doubt of the power of the Legislature to prescribein the charter of any corporation the compensation it may receive(or services rendered, or to reserve the power to regulate suchcompensation subsequently. The power to prescribe tbe condi-tions of use and enjoyment necessarily accompanies the powerto grant ; but tbe charter of a corporation being a contract, aBufficient consideration for the privileges and franchises conferredbeing found in the duties and liabilities assumed by the corpora-tors, the subsequent power of the Legislature is restrained by its
terms. This has been so often judicially declared that it has beensupposed to be no longer open to discussion. The first question,therefore, fdr consideration in all cases where Legislation affectsthe constitution of a corporation, or its beneficial operation, is,
what is the true construction of its charter, and, consequently,what privileges does it confer, and what restraint does it impose,upon Legislative Interference. The rights and privileges impliedin the contract are equally as inviolable as those expressed. Thisquestion is not met by the Court in its opinion, the several casesbeingdisposed of by tbe novel doctrine announced inr the Elevatorcase, that tbe Legislature has aright to regulate the compensationfor the use of all property, and for services in connection with it,
the use of which affects the ' community at large,' and the furtherdoctrine, equally novel, that although tbe charter of a companyconfers the power to make reasonable charges, the whole matteris reserved to be regulated by the State in its discretion."If it be admitted that the reserved power to alter all laws cre-
ating corporations authorizes the Legislature to regulate therates of charges of a railroad company for the transportation ofpersons and property, it Bhould not, in common honesty, be soused as to destroy or essentially impair the value of mortgagesand other obligations executed under the exprsss authority of theBtate. The reservtd power has not generally been supposed toauthorize the Legislature to revoke the contracts of the corpora-tion with third parties, or to impair any vested rights acquiredunder them. But no considerations of this kind are of any weightunder the decisions in the Elevator case.
" So long as that decision remains, it will be a waste of words todiscussthe questions argued by counsel in these cases. Thatdecision, in its wide sweep, practically destroys all the guaran-tees of the constitution and of the common law invoke! by coun-sel for the protection of the rights of the railroad companies. Ofwhat avail is the constitutional provision that no State shalldeprive, any persen of his prop£rty, except by due process of law,if tbe State can, by fixing the compensation which he mayreceive for its use, take from him all that is valuable in the prop-erty ? To what purpose can the constitutional prohibition upon>the State against impairing the obligation of contracts be invoked,if the State can, in tbe lace of a charter authorizing a company tocharge reasonable rates, prescribe what rates shall be deemedreasonable for services rendered ? That decision will justify theiLegielature in fixing the price of all articles and the compensa-tion lor all services. It sanctions intermeddling with all business.aad pursuits and property in the community, leaving their useand enjoyment, and compensation for their use, to the discretionof the L»gislature. Having already expressed my objections tothat doctrine in a dissenting opinion in the Elevator case, I neednot repeat tbem here."Toleda Peoria & Warsaw.—The following plan for reorgan-
ising tbe Toledo Peoria and Warsaw Railroad Company wasJbUely proposed :
L.Tho foreclosure of the following mortgages : First mortgageon east division; first mortgage on west division ; second mort-gage on Burlington branch ; second mortgage on west division
,
consolidated mortgage on entire line ; Income mortgage on ent'reline.
2. The sale of the road and the formation of a new company,which will issue bonds as follows: First mortgage on entire line,
$4,500,000, which will be used to take up bonds represented bymortgages A, B and C, the above-mentioned bonds bearing 7 percent ; second mortgages on the entire line for $3,900,000 in twoseries of 7 per cent bonds, to wit : series A, of $3,900,000 to *,ake
up bonds accrued by mortgages D, E and F, above-mentioned,upon whi;h bond interest will be paid in stock or scrip until 1880series B, of $1,000,000, will be applied to pay the floating debt ofthe Toledo Peoria & Warsaw, and upon which no interest will bepaid unless there is a surplus of net earnings after paying inter-
est on first mortgage and series A of second mortgage.The new company will then start out with a funded debt of
$8,400,000, upon which it will have to pav a yearly sum of
1588,000 interest. The bonded debt of the Toledo Peoria &Warsaw Company in January, 1874, when it went into the handsof the trustees, was $6,400,000, which was increased about1300,000 by accrued interest and judgment-claims while in thehands of the trustees. It is further proposed to cut down thestock shares in the company from 50 to 75 per cent.
—The trustees under the deed of trust or mortgage of March1, 1872, give notice that on August 15 tbey will sell the $500,-
000 bonds reserved as collateral security for certain outstandingobligations.
Western Union Telegraph—Atlantic & Pacific.—TheTribune reports as to the rumored agreement or amalgamation ofthese companies: *' Within about a month the price of WesternUnion Tel. stock has advanced from 56f to 71 J. Beports of aconsolidation of the Atlantic & Pacific and Western Union Com-panies, or an agreement by which the rates were to be advancedupon a basis decided upon by the two companies, have beenrepeatedly circulated on Wall street. Inquiry at the offices
of both companies elicited the statement that the reports werenot based upon aay official action of the companies, and theofficers were not acquainted with any outside movement looking
to any agreement or union between tbe companies."
—As to the progress of the A. & P. lines and its rate of charges,
tbe following is the latest: The Atlantic & Pacific TelegraphCompany has completed the extension of its lines from Nashvilleto New Orleans by way of Athens, Tenn., Tuscumbia, Ala., andAberdeen, Columbia and Meridan, Miss. The Company announcesthat it will accept business for those offices, on and after 'Aug. 1,
at the following rates, which will also apply to offices that mayin future be opened in the South:
Hetween intermediat» offices 300 miles or less apart 25c.Between intermediate offices more than 300 miles apart, but not exceed-ing 500 miles 35c.
To and from all offices sooth of Nashville, and to and from Cincinnati,and St. Louis 50c.
To and from all offices south of Nashville, and to and from all offices
north, east and west of Cincinnati and St. Louis, to and includingOmaha ?5c%
The Atlantic & Pacific Company has also extended its lines to
Burlington, Iowa, and Galesburg, 111., and will reach Memphis,Tenn., about Sept. 1.
West Wisconsin.—The officers of this company lately proposeda plan of reorganization, of which the following is an outline.
The present bonded indebtedness of the company is, land grantbonds, now unpaid, $3,443,000 ; Southern extension bonds, $640,-
000 ; consolidated second mortgage (first lien on bridge at Hud-son, Wis.), $1,500,000; total bonded indebtedness, $5,583,000.
On tbe forming of a new company it is proposed that the fol-
lowing mortgages be executed:
First—A first mortgage for $3,000,000, at 6 per cent, gold, uponthe whole line from Elroy to Hudson, and upon tbe leasehold
interests from tbe St. Croix river to St. Paul, with all the equip-
ment, property and franchises, except the land grant lands.
Second—A mortgage to run twenty years, to secure the pay-ment of bonds to be known as land grant income bonds, to theamount of $2,700,000 and interest, that shall be a first lien upontbe land grant lands not deeded, including the amounts due uponsales already made, and a second lien upon the income and all
the other property and franchises of the company.The new first mortgage bonds to be disposed of as follows:
To be exchanged for the Southern extension bonds outstanding,
with their past,due coupons attached, $640,000 ; in part paymentof the land grant bonds, outstanding, at the rate of 50 per cent
of their par value, $1,721,500; in part payment also of six
coupons, $35 each, past due July 1, 1877, at 50 per cent, abeut
$361,515; balance in treasury applicable to improving the prop-
erty, #276,985 ; total first mortgage issue, $3,000,000. And the
land grant income bonds to be used as follows: In full payment
of the land grant bonds, to be surrendered with the funded scrip
attached, being the remaining 50 per cent of their par value,
$1 721,500; in full payment of six land grant bond coupons, past
due July 1, 1877, of 50 per cent of their par value, about $361,-
515; balance in the treasury applicable to improving the prop-
erty, $316,985 ; total land grant mortgage issue, $2,700,000.
The stock of the new company to be issued to the present
shareholders for tbe stock of the present company, as proposed in
th* funding plan, to the same amount and of the same class, after
giving to each present $1,000 of land grant bonds one hundred
dollars of common stock as a consideration for the reduction in
interest of one per cent on tbe new bonds to be issued as
ebove.
116 THE CHRONICLE. [Vol. XXV.
€bc Commercial Simes.
COMMERCIAL EPITOME.Friday Night, August 3, 1877.
The strike of railway operatives bag come to an end during
the past week, on those roads whose traffic was partially
obstructed at the date of our last, and transportation is
generally resumed, subject, of course, to such obstacles as
reduced rolling stock and destroyed bridges may interpose ;but
there has been a serious outbreak of coal miners in Pennsyl-
vania, causing much damage to the mines, and resulting in some
instances in violence and Iosb of life. The presence of a large
force of militia restored order. General trade is very iair, and,
in a wholesale way, the autumn season may be said to have
opened.
The following is a B'atement of the stocks of leading articles
of domestic and foreign merchandise, at dates given :
OOTTO.N.Friday. P. M., August 3, 1877.
The Movement of the Crop, as indicated by our. telegrams
from the South to-night, is given below. For the week ending
this evening (Aug. 3), the total receipts have reached 2,691
bales, against 3,299 bales last week, 3,876 bales the previous
week, and 4,404 bales' three weeks since, making the total receipts
since the 1st of September, 1876, 3,958,828 baleB, against 4,0S6,723
bales for the same period of 1875-6, showing a decrease since
Sept. 1, 1876, of 127,895 bales. The details of the receipts for
this week (as per telegraph) and for the corresponding weeks of
five previous years are as follows :
Receipts this week at-
1876.
Aug. !.
5.61721,166
Beef tcs. an d bblsPork ,.
bblsLard tcs
Tobacco, foreign bales. 15,^97
Tobacco, domestic bids. 36,836Coffee, Kio ...bags. 114,226Coffee, other bags. 62,543Coffee, Java, Ac mats. 73,436Sugar hbds. 6«,581Sugar boxes. 40,543Sugar bags, etc. 138,000Melado hhds. 2,739Molasses, foreign hhds. 8,876Molasses, domestic bbls. 4,542Hides No. 193,100Cotton bales. 99,110Rosin bbls. 58,808Spirits turpentine bbls. 3,876Tar bbls. 43JRice, E. I bags. 1,550Rice, domestic bbls. and tcs. 2,055Linseed bags. 157,552Saltpetre bags. 10,2:0Jnte bales. 9,526Jute butts bales. 17,COOManila hemp... bales. 19.931Sieal hemp bjles. 6,707
1877.
Aug. 1.
150
41,49930.09985,02729,96495,41653,86525.630
121,69321,929269,462
2,317
12,4135,000
214.10095,68139,6674,02)536
6,300800
126,27512,!004,259
15,95031,1195,413
1877.
July 14.
31339,tQt37,3*021,279
2%97894,31564,7208,00099,»2918,398
235,5551,680
8.5S7:,roo
133,000
121,106
20,851841
1,855
7,0001,410
145,841
13,0004,631
14.63041,587
1,066
New Orleans .
.
Mobile
Charleston . ...
Port Royal, Ac.
Savannah
Galveston
[ndianola, Ac. ..
Tennessee, Ac.
Florida .'
North Carolina..
Norfolk
City Point, Ac.
1877. 1876. 1815.
Total this week
Total since Sept. 1..
.
500
123
262
233
387
184
240
2
166
592
12
2,691
3,958,828
1,307
291
331
530]
1,011
2C0
655
76
693
9
3276
421
7S
231
27
684
195
3
1874.
1,2)4
123
335
345
169
35
1,603
23
1,097
5
5.153 2.0S3J 4,979
4,086,723 3,475,737 3.797,910
1673.
1,817
357
5,101
1,305
459
1,959
189
2,393
1C4
18V2.
332
21
593
397
87
456
23
215
14
10,684 3,117
3,586,253 2,708,090
The exports for the week ending this evening reach a total of
22,638 bales, of which 12,592 were to Great Britain, 6,846 to
France, and 3,200 to rest of the Continent, while the stocks as
made up this evening are now 163,420 bales. Below are the
stocks and exports for the week, and also for the correspondingweek of last season:
Week ending
Aug 3.
'
Exported to
Tha provision trade has been very fair in bog products, and
except on one day, prices have ruled quite firm, though the spec-
ulation in pork and lard, for future delivery, has been quite
moderate. To-day, pork was rather-quiet on the spot ; but mess,
for future delivery, sold at $14 25 for September and $14 35 for
October. Lard was quiet on the spot, at $9 30@9 37| for primeWestern, old and new, but was fairly active for future delivery,
at $9 30 for August, $9 37J for Sptember, and $9 05 for all the
year. Bacon sold at 8c. for city iong clear. There was a large
movement in rib bellies at 7i@8}c. Butter is dull;good to
choice, 17@27c. Cheese dull at 8@llc. for factories. Tallow quietat 8K88J-C. for prime.
Kentucky tobacco has ruled very firm, but the movement is
comparatively light. Sales 500 hhds , of which 100 for consump-tion and 400 for export. Prices are quoted at 3|@5|c. for lugsand 6J@16c for leaf. Seed leaf has aleo been quiet, and thetransactions for the week are limited to 100 cases sundries at 4@16c. ; 300 cases crop 1875, New England, 10c, 16c, 20c. and 30c ;
106 cases crop of 1874, Ohio, 4ic, 5c, 6c and 10c ; 19 cases crop1875, Pennsylvania, 12c, and 30 cases crops of 1874-5, Wiscon-sin, 7c Also 450 bales Havtna, 75c, 80c and $1 10.
The business in Brazil coffees has been moderate, and steadyprices rule : fair to prime cargoes Rio, 19@20ic , gold ;
jobbing lots,
16i@21ic, gold; stock here this morning, 87,082 bags, in first
hands;mild grades quiet and unchanged. Rice In fair jobbing
request and steady. Molasses continues dull and nominal at 40c.for 50-test Cuba refining
; grocery grades quoted as before. Re-fined sugars have declined, with only moderate sales ; standardcrushed, life. Raw grades are dull and rather.easy at 8}@9£c.for fair to good refining Cuba.
The business in ocetn freights has latterly improved a trifle.
Rates on all descriptions of tonnage have advanced and are main^tained wilh firmness. The feeling at the close is one of consider-able confidence. Today, grain was taken for Liverpool by steamat 6d.; do. to London by steam, 6d.; do. to Cork for orders, bysail, 5s. 10£d.@6s. 3d.; refined petroleum to the Baltic, 5s.; do. tothe Continent, 4s. 9d.; do. to Trieste, 5s. 4^d.
In naval stores nothing special has been done ; onr late steadyprices rule, especially on spirits turpentine ; at the close, 300 bbls.
old at 32i@3:!c. ; common to good strained rosin, $1 75@1 85cPetroleum has been on the decline, with similar advices bothfrom the Creek and Europe. Crude, in bulk, 7Je., and refined in
bbls. 18ic Ingot copper Bteady and quiet at 19319Jc cash.
Whiskey has told at $1 13, tax paid.
New Orleans*..
Mobile
Charleston
Savannah
Galvestont
New YorkNorfolk.
Other portst . .
.
Great
BritainFrance
Conti-
nent.
Total this week.
Total since Sept. 1
1.977
3,021
1,637
5,621
336
12,5i2
6,816
6,843
3,130,151 1459,685
3,050
Total
this
week.
8,823
3,021
150
1,637
8,611
336
Sameweek1876.
Stock.
1877.
3,2:0 22,f 38
4il,8'4 13,021,620
4,996
8,164
2,618
15,838
3,193,596
28,750
3,559
3,044
1,689
5,042
93,579
3,757
25,000
163,420
1876.
44,656
4,438
2,458
1,331
2.760
93,461
1,013
20,000
131,116
* Aew ortean*.—OuT telegram to-night from New Orleans shows that (besidesabove exports) the amount of cotton on shipboard and engnped for shipment atthat port Is as follows: For Liverpool, 1,030 hales; for Havre, no bales: forthe Continent, no bales ; for coastwise porta, 1(0 bales; which. If deducted fromthe stock, would leave <7,150 bales, representing the Quantity at the landing and inpresses unsold or awaiting orders.t Galoetton.—Our Galvestou telegram shows (besides above exports) on shin-
board at that port, not cleared: For Liverpool, no bales; for other foreign,no bales ; for coastwise ports, no bales ; which, if deducted from the stockwould leave remaining 5.042 bales.
t The exports this week under the head of "other ports" Include, from Balti-more. 33a hales to Liverpool. •
From the foregoing statement it will be seen that, comparedwith the corresponding week of last season, there is an increasein the exportB this week of 0,800 bales, while the stocks to-nightare 17,696 bales less than tbey were at this time a year ago.
The following is our usual table showing the movement of cottonat all the'ports from Sept. 1 to July 27, the latest mail dates:
RECEIPTS EXPORTED SINCE SEPT. 1 TO—Coast-wisePorts.
Other ports 149,961 111,19.1 116,916 16,065 132,081 ... 28,000
Tot. this yr. 8,956,137 2117.559 452,739 428,684!2998,982 1318,981 193,050
Tot. last vr. 4,0^1,570 2017,553 441,283 096,51713177,758 1333,074 205,680
Under me head of O/iarlettlon Is Included Port Koyal, «c; under the neau ofOaJtMfemls Included [ndtanoia,&c; under the head of A'or/oit is Included CityPoint, Ac.
These mail returns do not correspond precisely with the total of
the telegraphic figures, because in preparing them it is alwsyBnewssarv to incorporate every correction made at the ports.
The effortB to " corner" the market on contracts for Augustcaused an advance of 1.16c in spots on Saturday last ; but thedemand proved to be limited, and the deliveries on contracts
were comparatively free. On Monday, therefore, the advancewaB lost ; on Tuesday, there was a further decline of Jc, to 12cfor middling uplands, from which there was no change onWednesday, though the market was steadier ; but on Thurs-day there was a still further decline of 1-lCc, leading to
more activity for export. Added to the unfavorable influ-
ences of a local character were the dulness of trade at Man-
August 4, 1877. J fHE CHRONTCrx 117
Chester and tho unsatisfactory state of Continental politics.
Crop reports, also, were interpreted favorably ; hot weather
early in the week. To-day, there was a further decline
of l-16c, to lljc. for middling uplands, and little done. Forfuture delivery, the market ruled quite Arm on Saturday, thoughdull, and the close feverish, followed by a decline on Mondayand Tuesday of 22 .023 points for the early months, 15 points for
October, and 11@13 points for the Inter months. This decline,
after the threats of a "corner" on Friday last, was accounted for
by the limited extent of tlio "short interest" and the return of
hot, forcing weather at the Siuth, which promised to bring for-
ward the growing crop rapidly and ward off many of the dangersto which it is exposed from various causes. But on Wednesdaythe return of cool weather, especially in the Atlantic States,
together with a report of the appearance of the army worm in
Northern Mississippi, caused a demand to cover contracts, and aslight recovery of prices, followed on Thursday by a recession to
the lowest figures of .the week. To-day, there was an early
declino of considerable importance, especially for the early
months, bat part of it was subsequently recovered ; the close,
however, was at about the lowest figures.
The total sales for forward delivery for the week are 176,100
bales, including— free on board. For Immediate delivery the total
sales foot up this week 4,813 bales, including 1,225 for export,
3,530 for consumption, 52 for speculation, and in transit.
Qf the above, — bales were to arrive. The following tables
show the official quotations and sales for each day of the past week:
For forward delivery, the sales (including free on board)have reached during the week 170,100 bales (all middling or onthe basis of middling), and the following is a statement of thesales and prices
The Visible Supply of Cotton, as made up by cable andtelegraph, is as follows. The continental stocks are the figuresof last Saturday, but the totals for Great Britain and the afloatfor the Continent are this week's returns, and consequentlybroughtdown to Thursday evening; hence, to make the totals thecomplete figures for to-night (Aug. 3), we add the item of exportifrom the United States, including in it the exports of Fridayonly. 1877. i 876 . ,8:5 1874,Stoclt at Liverpool 937,000 ' 959,000 911,000 815,000Stock at London 36,500 94,500 113,750 301,750
1,053,500 1,021,750 1,048,750Total Great Britain stock 973,500Stock at Havre 217,250Stock at Marseilles 6,500Stock at Barcelona 64,000Stock at Hamburg .. . 16,500Stock at Bremen 73,250Stock at Amsterdam 45,000Stock at Rotterdam 10,750Stock at Antwerp 7,750Stock at other continental ports.
Total European Btocks 1,428,000 1,451.750 1,507,000 l,556,CO0tndiacotton afloat for Europe.... 305,000 531.000 526,000American cotton afloat for Europe 89,000 62,250 59,000Egypt, Brazil, ac.,afloatforE'rope 21,000 31.000 52,000Stock In United States ports 163,420 135,908 155,263Stock in TJ. 8. Interior ports 12,503 8,7:;9 22,330United States exports to-day 1,000 1,000
Total visible supply.. ..baies.2,018,923 2,231,643 9.322,592Of the above, the totals or American and other descriptions are elAmerican— •
Liverpool stock 613,00) 5:3,000 399,090Continental stocks 375,001 194,000 274,000American afloat to Europe 89,0)0 62,250 59,000.United States stock 163,420 133,903 155,263UmtedStates interior stocks 12,503 8,739 22,330
United States expoits to-day 1,000 1,000
Total American bales. 1,252,923Total East India, Ac 766,000
These figures indicate a decrease in the cotton in sight to-night
of 202,719 bales as compared with the same date of 1876, adecrease of 303,669 bales as compared with the correspondingdate of 1875, and a decrease of 256,487 bales as compared«Hth 1874.
At the Interior Ports the movement—that is the reseipts
and shipments for the week and stock to-night, and for thecorresponding week of 1876—is set oat in detail in the followingstatement
The above totals show that the old interior stocks have
decreased during the week 1,513 bales, and are to-night 10,966
bales less than at the same period last year. The receipts at the
lame towns have been 188 bales less than the same week last year.
Weather Reports by Telegraph.—The feature in our
reports this week is the announcement that picking in the lower
tier of counties in Texas has generally begun ; this would indi-
cate about a week earlier condition of the crop in that section of
the State than last year. Caterpillars, however, are still doing
harm in those counties, but as the weather has turned hotter and
drier, the conditions for their development are less favorable.
Elsewhere the crop has during the week made good progress, the
temperature being generally higher, and the late rains having
been very beneficial.
Galveston, Texas.— It has rained here on one day, a sprinkle,
the rainfall reaching three hundredths of an inch. The ther-
mometer has averaged 86, the highest being 97 and the lowest
78. In the coast belt, caterpillars are reported everywhere and
are doing great damage. Picking has been begun in this vicinity.
The rainfall during the month has been one inch and eighty-six
hundredths.
Indianola, Texas.—There has been no rainfall here this week;
Bevertheless, much damage has been doneby caterpillars. Pick-
ing has been commenced. Average thermometer 88, highest 100
and lowest 76. The rainfall for the month of July is two inches
and two hundredths.
Corsicana, Texas.—We have had rain on one day of the week
(delightful showers, which have apparently extended over a wide
surface), the rainfall reaching one inch and twenty hundredths.
The thermometer has ranged from 70 to 103, averaging 83. Thecrop, though late, is doing as well as possible. The weather is
very hot. The rainfall for the month is two inches and thirty
hundredths.
Dallas, Texas.—There has been rain here on one day, a shower,which was very welcome. The fields are clear of weeds and thecrop is developing promisingly, though the growth is small.Average thermometer 87, highest 98 and lowest 73. The rainfall
is one inch. The Vain fall during the month has been two andeighty hundredths inches.
New Orleans, Louisiana.—It has rained on two days this week,the rainfall reaching Bixty five hundredths of an inch. Thethermometer has averaged 82. The rainfall for the month ofJuly is seven inches and seven hundredths.
Shreveport, Louisiana.—The weather during the week has beenfavorable and crop prospects are promising. There has as yetbeen no appearance of worms. Average thermometer 87, highest j
99 and lowest 75. The rainfall during the week has been fifty- i
five hundredths of an inch.
Vicksburg, .Mississippi.—It has been showery one day thisj
week. The thermometer has averaged 84, the highest being 99and the lowest 72.
Oolumbus, Mississippi.—Telegram not received.Little Rock, Arkansas.—The first four days of this week have
been cloudy, with light rains on Friday, Sunday and Monday.Since Monday the weather has been clear and warm. Crops arewell cultivated now, and the prospect is rather better than tendays ago. Average thermometer 83, highest 98 and lowest 70.The rainfall is thirty five hundredths of an inch.
Nashville, Tennessee.—We have had rain on two days this week,to a depth of fifty hundredths of an inch. The thermometer hasranged from 72 to 91, averaging 81.
Memphis, Tennessee.—Rain has fallen on two days this week,the rainfall reaching twenty five hundredths of an inch, but theremaining five days have been pleasant. About half the crop isvery grassy, with a light bottom crop. Average thermometer 83highest 93 and lowest 72.
Mobile, Alabama.—There has been no rainfall here this week,and the crop is developing promisingly. In many counties cater-pillars have appeared, though no damage of any consequence isreported, and if the present dry, warm weather continues, littleis apprehended. Average thermometer 87, highest 100 andlowest 76. The rainfall for the month of July this year is threeinches and seventy-four hundredths; and last year five inchesand thirty-eight hundredths.Montgomery, Aldbama.^-lt has rained here on one day this
week, the rainfall reaching seventeen hundredths of an inch, butthe rest of the week has been pleasant and warm. The crop isdeveloping promisingly, and accounts are more favorable Aver-age thermometer 66, highest 99 and lowest 73. The rainfall forthe month is three inches and forty-three hundredths.Selma, Alabama.—Telegram not received.Madison, Florida.—Telegram not received.Macon, Georgia.—It has rained here on one day this week
The thermometer has averaged during that time 84, the hip-heBtbeing 100 and the lowest 70.
K
First bale of the new crop was received this(Fridav1 afternoonIt was classed as low middling, sold for fifteen cent's, and wasshipped to Inman, Swann & Co., New York.
Atlanta, Georgia.—The weather here has been warm and dryall the week. The thermometer has averaged 87, the highestbeing 92 and the lowest 78. The rainfall during the month hasbeen three and twenty-five hundredths inches.
Columbus, Georgia—Rain bee fallen here this week to a d«pthel eeventy-seven hundredths pi an inch, bat it has not been
enough to do much good. Caterpillars have certainly appeared,although the injury done is as yet limited. The rainfall duringJuly has been one inch and thirty-four hundredths.Savannah, Georgia.—It has rained once this week, the rainfall
reaching one inch and one hundredth, but the rest of the weekhas been pleasant, with two very hot days. The thermometerhas averaged 85, the extremes being 71 and 100.
Augusta, Georgia.—During the earlier part of the week wehad one " showery " day, but the latter part has been clear andphasant. The showers were delightful, and have proved verybeneficial to the crops in this section, which are fifteen to twentydays later than last year ; but reports are good, indicating thatthe yie'd will fully equal last season. Average thermometer 97,highest 100 and lowest 74. The rainfall for the week is twohundredths of an inch, and for the month one inch and eighty-five hundredths.
Charleston, South Carolina.—It has been showery three daysthis week, the rainfall amounting te eighty-three hundredths ofan inch. The thermometer has ranged from 73 to 100, averag-ing 85.
The following statement we have also received by telegraph,showing the height of the rivers at the points named at 3 o'clockAug. 2. We give last year's figures (Aug. 3, 1876) for com-parison:
r~Ang. 5. '77.^ ,—Arjg. 3, '78 ,
Feet. Inch. Feet. Inch.
New Orleans. .Below high-water mark 5 1Memphis Above low-water mark 13 8 IS 6Nashville Above low-water mark 3 3 4 8Shreveport. ...Above low-water mark 10 11 Missing.Vicksburg. ...Above low-water mark 20 5 26 4
New Orleans reported below high-water mark of 1871 untilSept. 9, 1874, when the zero of gauge was changed to high-watermark of April 15 and 16, 1874, which is 6-10ths of a foot above1871, or 16 feet above low-water mark at that point.
Bombay Shipments.—According to onr cable despatch receivedto-day, there have been 1,000 bales shipped from Bombay to GreatBritain the past week, and 1,000 bales to the Continent ; whilethe receipts at Bombay during this week have been 2,000 bales.The movement since the 1st of January is as follows. These arethe figures of W. Nicol & Co., of Bombay, and are broughtdown to Thursday, Aug. 2 :
^Shipments tliteweek^ —Shipments since Jan. 1— , Receipts.—Great Con- Great Con- Tht» SinceBritain, ttnent. Total. Britain, tlnent. Total, week. Jan. l
From the foregoing it would appear that, compared with lastyear, there is an increase of 2,000 bales this year in the week'sshipments from Bombay to Europe, and that the total movementsince January 1 shows a decrease in shipments of 90,000 bales,compared witn the corresponding period of 1876.
Our cable despatch also states that crop advices are again morefavorable. The rainfall had been very small and considerable
anxiety began to be felt; but the late rains have improved theprospect decidedly.
Fertilizers in Georgia.—We have received this weekfrom Mr. Janes, the Commissioner of Agriculture of Georgia, hisreport with regard to the extent and nature of the manuresused in that State the past year. As we understand it, accordingto Georgia lawall manures sold there are required to be inspectedand analyzed. Hence the following exhibit of the quantity offertilizers inspected for the Georgia market the past two seasons,as given by the inspectors in this report, must indicate the con-sumption:
. Season of ,
TON8 OF FERTILIZERS INSPECTED. 1875-6. 1876-7.
„ . ,, Tons. Tons.By A Means, Inspector, Chatham County S'.est 34.423
O. P. Fitzsimons, Inspector, Richmond County 17,379 29,383Jas. S. Lawton, Inspector. Fulton County 6,660 9,577John W. Janes, Inspector, Floyd County 750 980J. Emmett Blackshear, Inspector, Bibb County 140 426Geo. W. Mason. Inspector, Clarke County A\<)E. C. Hood. Inspector, Muscogee County 147Geo. C. Wheeler, Inspector, Catoosa County 103 69
Totals 55,316 75,824
This statement shows that there were 20,508 tons moreinspected for 1876-7, than for 1875-6, indicating a very markedincrease in the demand for commercial fertilizers in Georgia;and yet the Commissioner says that the general testimony is thatmuch more could have been sold, if the manufacturers couldhave supplied it.
Of the 75,824 tons inspected during the past season, 12,843tons were placed on the marset as acid phosphates, to be composted with home manures, and 62,982 tons were sold as animoni-ated manures. For the previous season (1875-0), 6,499 tons wereacid phosphates—the quantity of this class of fertilizers havingnearly doubled during the last season. This is an encouragingfact. For the season of 1875-6, 11-66 per cent were acid phos-phates; while for 1876-7, notwithstanding the great increase inthe quantity of fertilizers sold in the State, the percentage ofacid phosphates has considerably increased, being 1682 percent of the total quantity.The average commercial values and cash prices of all fertilizers
for the last three seasons are as follows:
, , ,1874-5. 1875-6. 1876-7,
Average commercial value $40 53 *40 37 £34 18Average cash price 60 38 4665
viS n
The average time price for all fertilizers for 1876-7 is -$55 97,and cotton option price $62 13 per ton. The average price perpound allowed for cotton in payment for fertilizers for 1876-7 is14-39 cents.
August 4, 1877.] THE CHRONICLE 119
(iiNNV Bags, Bagging, Etc.—Bagging has been in only fair
demand the past week, and sales reported foot up about 2,000
rolls at 12J@12Jc. The market is regarded as steady for bothspot and future at 12J@12|c. for 24 lbs., 12i®12ic. for 2fc lbs.
aud 12J(")128c for 2 lbs. The deliveries for consumption in July
ware 18,000 rolls. India gunny cloth is selling in very small lots
at 9J@10c. Jute butts have continued quiet in our market,
though firm in price, with a stock of 15,900 bales in New Yorkand Boston and a probable supply of only 60,000 bales for the
balance of the year. This is something short of what it has beenthe past two seasons, and future prices will piobably rule firm.
The Bales on spot here are about 400 bales, at 3i@3fc., cash andtime, and in Boston 4,300 bales to arrive at a private price
—
reported at 3jc. The deliveries during July from New York andBoston were 8,500 bales.
Livkkpool, August 3—3:30 P. M.
—
By Cable FROM LIVER-POOL.—Estimated sales of the day were 7,000 bales, of which1.000 bales were for export and speculation. Of to-day's sales
5.250 bales were American. The weekly movement is given as
Thb Exports of Cotton from New York, this week, show anincrease, as compared with last week, the total reaching S 671bales, against 3,179 bales last week. Below we give our usualtable showing the exports of cotton from New York, and theirdirection, for each of the last four weeks; also the total exportsand direction since Sept. 1, 1876; and in the last column the totalfor the same period of the previous year:
Exporl. of Cotton! bale*) from New Vorli since Sept. 1 , 18T6
IXPOHTKD TO
LiverpoolOther British Ports
Total to Clt. Britain
HavreOther Freneh ports
Total FrenchBremen and Hanever. .
.
HamburgOther ports \ .
.
Total to PI. Europe.
•pain.OponoAGlbralUrAeall others
Total Spain, *e..
Grand Total....
WEBS BHDnro
July1'..
4,369
4,3t9
530
580
4,949
'$
3,306
3,306
8,3*6
Julyib.
3,179
Augustf.
3,179
3,179
5,621
5,e:i
8,050
3,050
8.671
Totalto
date.
343,61935.431
379,113
1,083
9.338
15,0892,878
9,'X1
27.128
-»
750
3,610
419,919
Sameperiodprev'ueyear.
379,6786,981
886,662
9,3ti
9,365
23.833
8,50435,93}
67,271
11409
4*1
463,719
•J,hjf?
1
L°.
wlngJ !,
re,
tne recelPts of cotton at New York, BostonThiladelDhiaand Baltimore for the past week, and since Sept. 1. '7«.
BECE'TS FBOB
New Orleans.TexasSavannahMobileFlorida3'th CarolinaS'th CarolinaVirginiaHorth'rn PortsTennessee, AcForeign..
Total this year
Total last year.
mw tobc.
This Sinceweek. Sept 1
2,562
3,449551
""l22498
3671C3
1
25
7,381
4,260
168,7838'l,273
125,535
isiioi101.116
79,159822.966!2.W8
121, 170
6,424
926,793
922,648
This Sine*week. SepM.
1961,152178
1,525
i,v36
15,1699,546
2(1,6 1H
7,508
'sis
8l'.4(i6
102.042
99,503
312,551
292,983
raiLAoiLr'iA
This Sinceweek. Sept. I.
178
6!
239
312
2,780
18,9(8
41,966
b3,741
52.916
SALTUtoaa.
Thisweek.
97
56157
SinceSeptl
MM19.401
13.7M59,101
485,781
310 121,990
394 110,808
Shipping News.—The exports of cotton from the UnitedStates the past week, as per latest mail returns, have reached14,875 bales. So far as the Southern ports are concerned, theseare the same exports reported by telegraph, and published inThe Chronicle last Friday. With regard to New York, weinclude the manifests of all vessels cleared up to Wednesdaynight of this week.
Total bales.Naw Toiuc—To Liverpool, per steamers Egypt, 1,576 ...Montana. 1.500
City of Richmond. 540 ...Algeria, 500 Copernicus, 1,118...per ship Pcnthesila. 687 5,611
Tolleval, per steamer South Tyne, 3,050 8,030New Orleans—To Liverpool, per steamer Andean, 1,956. ...per ship
Balen, 4,001 5,957To VeraCruz, per steamer City of Mexico, 96 96
Boston—To Liverpool, per steamer Iberian, 151 151
Total 14.875
The particulars of these shipments, arranged in our usual form,are as follows
Below we give all news received to date of disasters, &c, tovessels carrying cotton from United States ports :
William Hunter (Nor.), Nlalsen, from Galveston, May 17, for Bremen. Thebrig Dependence (Br.), while on a voyage from Plymouth for Sander-land, was greatly damaged by collision night of July 23, wilh a fore andaft schooner, be.ieved to be the ffm, Hunter (Nor.), Nielsen, from Gal-veston, May 17. for Bremen. It is believed that the schooner sank withall hands, for the crew of the Dependence lowered boats and polled,about for some time, but could find no trace of the vessel or crew.
Cotton freights the past week have been as tollowa :
8»ma time 1875 5,131,758 32.971,301 29,329,479 9,589,1)13Same time 1874 6,008,258 36,381,164 33,659,540 10,137,459
312,979726,098
53,45615,566
37,133697,650810.328115,185040,707
The Visible Supply of Grain, comprising the stocks in
granary at the principal points of accumulation at lake andseaboard ports, and in transit on the Lakes, the New York canalsand by rail, July 28, 1877, was as follows
:
Estimated.
THE DRY O-OODS TRADE.Friday. P. M., Aug. 3, 1877.
There has been a moderate increase in the volume of business
the past week, caused by the arrival of a good many Southern
and Western buyers who have commenced operations for the
fall trade with a fair degree of spirit. The event of the week was
a large peremptory trade sale of about 2,000 cases of dark prints
which was made by order of the Richmond Manufacturing Com-
pany. There was a large company of buyers at the sale, and the
competition was brisk, but the prices obtained were rather below
expectations—averaging 6fc.,less a discount of 5 per cent 60 days
Dress goods were opened by most of the leading agents and met
with fair sales. There was also a steady movement in hosiery,
and more inquiry for shawls and skirts was made by distant
buyers, but staple cotton and woolen goods were on the whole a
little slow.
Domestic Cotton Goods.—The exports of cotton goods from
this port for the week ending July 31 were 632 packages, which
were shipped as follows : Brazil, 210 packages ; Venezuela, 160;
Great Britain, 127; Argentine Republic, 22 ; France, 23 ; Cuba
20 ; and the remainder in small lots to other countries. There
was no material change in the condition of the cotton-goods
market, and, while the demand was rather light, priceB ruled
steady at current quotations. Brown sheetings and drills were
lightly dealt in, and bleached cottons moved slowly at unchanged
prices. Colored cottons were taken in small lots for keeping up
assortments, and corset jeans were in limited demand. Prints
were quiet under the influence of the impending auction sale
referred to above, and there was only a moderate movement in
ginghams. Print cloths were dull and weak, with a tendency
toward lower prices, and, at the close of the week, extra standard
64x64 cloths wore offered at 44@4Jc., standards at 4 l-16c, and
56x60'sat 3ic,cash.
Domestic Woolen Goods.—There was a less active demandfor men's-wear woolens than has been noticed of late, but prices
were firmly maintained because of the late heavy advance in
wool. The larger clothiers have about completed their heavy
purchases, but there was a fair demand for moderate lots of
cassimeres, suitings, worsted coatings, &c, by the local trade and
interior jobbers. Cloths and doeskins ruled quiet, and overcoat-
ings were only in limited demand. Kentucky jeans were quiet,
but steady, and Southwark doeskins were advanced to 30c.
Satinets were in light request at unchanged prices, and repel-
lents were taken in moderate lots to a fair amount. Flannels)
were in steady demand, and deliveries on account of orJers were
made to a considerable aggregate, but blankets remained quiet,
and there was less animation in carpets than when last reported
upon.
Foreign Dry Goods.—There was a somewhat better demandfor imported goods by Southern buyers, but transactions were
only moderate in volume. Dress goods and silks were lightly
dealt in, but ruled Bteady in price. Housekeeping linens were
distributed in fair quantities, but white goods, laces and embroi-
deries were devoid of animation. Men's-wear woolens were very
quiet, and in many cases prices are unnatisfactory to importers.
Fancy goods, small wares and trimmings were rather more freely
taken by interior jobbers.
An;r«T 4, 1877.|
THE CHRONICLE. 121
Importation. Of l>ry tloodl.
The Importations ot dry goods at this port lor the week enriiig
8, 1877, aud (or the corresponding weeks of 1870 and
1870, .have been as follows :
IMTSBSD rOR OONSOMPTIOK FOR THI *III SMniHS AUG. 3, 1817.
Pitch bbls.Oil cake pkgs.Oil, lard bbls.Peau its bags.Provisions
—
Butter pkgs.Cheese '•
Cutmeats .. '•
Eggi "Pork "Beef "Lar.l "Lard kegs.
Rice pkgs.Starch •<
Stearlne ••
Suijar bbls
1,818 1,91
12,4X5. 41,761
209,171 189.16U.'llfil 10.81
SugarTallow . .
.
Tobacoo. .
Tobacco..WuiskeyWool
.hh.li.
..hhds.bbls.
.bill
Drcnopil ho?*.. No
SinceJan. 1,77
2.610168 73211,511
63.096
657.61!1,054,6635(7,751
334,677113.422
24,51 i
21 K.i 5-.
2I..',81
22.77 1
20...205
ll.l-'.O
711
12,097
.19,1)05
114.48061,038
08,51181.284f.9 182
Ki|"'(i« or liCHUiua Article* from New ii.m.The following table, compiled Irom Custom House returns,
shows the exports of leading articles from the port of New Yorkto all the principal foreign countries, since Jan. 1,1877, thetotals for the last week, and also the totals since Jan. 1, 1877and 1870. The last two lines show total value* , Including thevalue of all other articles besides those mentioned In the table
S 3 S -~. ".-'.--. H". •'.--.-„". «> i™ 4.1°. «i..«.o«?q2io-_"oi $ 17 5 4 3 :gDl«',M l! ;i ^*''*,
'n '".f2 -o-*"-T-*f'>f "?"--7 oil- i-&~ •nT'vi O)<*3 trt »ft rri rn t£ ' tX
BUTTER—Jfew—(Wholesale Price*)—Dairies. palls, e'f* to p'me Stated ft. 13 a 22WeBt'nfact'y, tubs, R'd toch'ce " Yi & 19H'l flrk.,tuD!i,state,f*r to prime " 13 @ 19
State factory.falrtocholce Wft 8X» 1C&Western factory, good to prime.. " 6 a 7xCOAL-Llverpoolgaecannel 10 003 1100Liverpool house cannel ... 13003 14 00Anthracite—Prices at IsBt Auction, or by Julyschedule: (PriceB for August uusettlei.)
Peon. D.L.4W. D.&H. P. AH. L. ft W.Kew- New Port Port,burgh. Hoboken. York. Kichm'd JohnsonJune i3. June 27.
Store Prices.Bar, Swedes, ordinary sizes..* ton. 130 00 a 132 50Scroll *Ub. 2 5-10® 5floop, Xx.No.22tol&'.X: x.l3&!4 " 5 a 2 8 10Sheet, Russia gold ¥ ft 10K3 11Sheet.slngle.doublefttretile.com. 3> r ,s 4Rails, Amer., at Works.. V ton, cur. 33 00 a 38 1)0
Steel rails 45 00 3 47 00
LEAD-Ordlnary foreign » 100 lbs, gold 6 62X8 « 75
5 37X
5*
2524242932SI
32
Domestic cur. 5 12X3Bar (discount, 10 p. c.) V ft aSheet " " 9
(4BATHER-Hemlock.Bnen, A'res, h.,m.ft l.Vft. 22 a" California, h., in. & 1 ^2 3" common tilde, h., m. ftl 21X3
MOLASSES—Cuba, clayed .- n gal 3Cuba, Mus.,refln.gr'ds,50teBt. " 40 a ti
do do grocery grades. " ....aBarbadoes '» 48 % 52*'
Demerara " 40 3 50Porto Rico '• 50 a 6sN. O., com. to prime " 48 3 55
NAVAL STORES—Tar, Washington V bbl. 2 37X8 8 50Tar, Wilmington » 2 50 aPitch, city " 2 12%a 22VSpirits turpentine V gal. 32X8 33Rosin, strained to good strd.V bol. 115 a 185" low No. 1 to good No. 1 " 2 10 a 2 10" low No. 2 to good No. 2 " 1 90 a ...." low pale to extra pale.. " 2 75 3 4 25'• windowglaBS M
OAKUM—Navy.U.S. Navy ft best* ft. 8%a 10XOIL C&KK-City, thin oblong.bags. troin, V ton aWestern, thin obloug (Dorr..) cur " 34 50 a 35 63"
OILS—Cotton seed, crude * galOlive, in casks *> gall KLinseed, casks and bbls "Menhaden, crude Sound *'
Neatsloot, No. 1 to extra "Whale, bleached winter "Whale, crude Northern '*
55Sperm, crude " 113Sperm, bleached winter "
... _Lard oil. Nos. 1 and 2 " 53 a
PETROLEUM—Crude, In hulk V gal. ...,aCases " n uRefined, standard white " 14X8Naphtha, City, bbl« " ..„SPROVISIONS—Pork, mess VVb\. 14 25Pork, extra prime ••
Flour » bbl.heavy «oods. .Vton.Coru,b'lk ft bgs. V hu.Wheat, hulk ft bags..Beel * tee.Pork »bbi
3* I'-31
r— BTXAK.«. d.
217 6
SS
4 63 3
. 2:.
«...6....
s m nx7X3 IX
r— 4AIL.— ->
>, d. 1. '.
X corop,2 0*....a 200....a ........« ....
....a
Ar.iiBT 4, 1877.J THE OEHONKTLR
Financial.
J.& ). Stuau & Co.,33 NASSAU SIIIII r.
BILLS OF EXCHANGE ONSMITH, PAYNE A SMITH'S,
HANKKRS, LONDON ;
TIMIIiMllI A COUNTY BANK,"LIMITED";
• JOHN STI ART A CO., Banker*,MANCHESTER, PAYABLE IN LONDON;
ULSTER IMMilM. COMPANY,BELFAST, IRELAND;
AND ON THENATIONAL BANK OF SCOTLAND.
ALSO,
CABLE TRANSKKItS AND LETTERS OF CREDIT
G. Amsinck & Co.ISO Pearl Street, New York,
AGENTS FOB TBI
LONDON AND HANSEATIC BANK,(Limited!.-LONDOS.
CAJ Co.BANKERS,COR. OF WALL STREET AND BR0ADWA7
New York.Transact a General Banking Business, Including
Purchase and sale of STOCKS, BONDS and GOLDfor cash or on a margin.
Investment Sceuritles For Sale.
P. O. BOX 2,647.
A.M. Kidder. C. W.McLeixaN, Jk. W. Trasj
H . CALHOUN,
Accountant & Auditor,No. 20 NASSAU STREET.
Complicated accounts of Estates and PartnershipsInvestigated and adjusted. Accounts prepared for theSurrogate. Books of Public Companies,' Firms, &c,opened, written up or closed.Special attention given to railroad Investigations.
Refkks by Permission tow. A. Wheclock, Esq., Prcs't Central Nat. Bank.Jas Lynch, Esq., Prcs't Irish Emigrants' Society.Col. H. S. McComb. Pres't N.O. St.L. & Chic. RR. Co.Ei. Norton, Esq., Prcs't Paducah * Memphis BR. Co.Jos. F. Joy, Esq., Receiver Dutchess & Col. RR.Hon. H. A. Smythe, late Collector of Port of N. Y.Hon. Jas. P. Slnnott, Judge of the Marine Court.Messrs. Van Winkle. Candler A .lav. Counsellors &c.Mi'ssrs. Brooks, Ball & Storey, Bos'ton, Mass.Messrs. Ronald, Sons & Co., Liverpool, England.Messrs. Benecke Bros., Loudon, England.
A FFAIRS OF CORPORATIONS AND-"a-nrms Investigated ; partnership accounts and In-surance losses adjusted ; frauds and errors detected •
hooks opened and closed. Twenty years' experience!References Include municipal authorities, bank andInsurance officers, merchants, lawyers, and others forwhom Important work has been done.
O. C. HALSTEAD, Public Auditor 39 Nassau St.
Hatch & Foote,BANKERS, No. 12 WALL STREET
BIT AND SELL
GOVERNMENT BONDS, GOLD, STOCKS, ANDMISCELLANEOUS SECURITIES.
A. H. Brown & Co.,bankers and brokers,
7 Wall St., Cor. New, New York.INVESTMENT SECURITIES.
Special attention to business of country banks.
N. T. Beers, Jr.,
Brooklyn Stocks,GAS STOCKS,
*X WALL STREET.
J. Alden Gaylord,33 Wall St., New York,
DEALER IXST. LOUIS CITY Sc COUNTY BONDS- „,.. , AND ALL CLASSES OPINVESTMENT fc MISCELLANEOUS SECfRITIESRefers by permission to W. s. Nichols & Co., Bankers
Financial
UNION TRUST CO.OF NEW YORK,
No. 73 Broadway, Cor. Rector St.
CAPITAL, $1,000,000.
HAS SPECIAL FACILITIES FOR ACTING ASTransfer Agent and
Registrar of Stocks.Authorized by law to act as Executor, Administra-
tor, Guardian, Receiver, or Trustee, and as a
LEGAL DEPOSITORY FOR MONEY.Interest allowed on Deposits, which may be made
and withdrawn at any time.N. 1L—Checks on this institution pass through the'-arlng.House. EDWARD KING '
J. M. McLean, 1st V tce-Preililent.
Clearlng.House. EDWARD KING, Praident.•i. M. McLean, Ut Hce-Preniitent.Wii. WnmtwBioHT, 2rf Vice Prietienl.
EXECUTIVE COMMITTEE.J. M. McLean,B. H. Hutton,g. B. Wesley,G. G. Williams,
J. H.
Samuel Willets,Wm. Wiiitewrigut,Geo. Cabot Ward,Theodore Roosevelt.
OGILVIE, Secretary.
The Brooklyn Trust Co.Cor. of Montague 4 Clinton sts., Brooklyn, N. T.
CAPITAL, 1500,000.
This Company Is authorized by special enarter to acas receiver, trustee, guardian, execu or or admints*tiator.
1* can act as agent In the salo or management of realestate, collect Interest or dividends, receive registryane" transfer books, or make purchase and sale of Gov-ernK tnt and other securities.Religious and charitable Institutions, and persons
unaccustomed to the transaction of business, will finethis Company a safe and convenient depository iblmoney. RIPLEY ROPES. President.
CHAS. R. MARVIN, Vlce-Pres t,Edgar m. Cullen. Counsel.
TRUSTEES:J.S.Rockwell, Henrv Sanger, Alex. McCue,John P. Rolfe, Chas. R. Marvin, A. A. Low,I'homie Sullivan, Ai.m. B. Baylls, 8. B. Chittenden,U. E. Plerrepont, Dan'lChaiuicey, John T. Martin,John Halsev. Joslah O. Low, Ripley RonesAlex. M. White, Austin Corb'n. Edmund W.Corllei.
Wm. R. BUNUKK. secretarj
United States Trust Co.OP NEW YORK,
No. 49 'WALL STREET.
Capital and Surplus, $4,000,000.
This Company Is a legal depository for moneys paidInto Court, and Is authorized to act as guardian or re-
ceiver of estates.
Interests Allowed oa Deposits,which may be made at any time and withdrawn afterlive days' notice, and maybe entitled to Interest forthe whole time they may remain with the Company.Executors, Administrators or Trustees of Estates
and Females unaccustomed to the transaction ofbusiness, as well as Religious and Benevolent Institu-
tions, will and this Company a convenient depositoryfor money.
TRUSTEES:JOHN A. STEWART, President.WILLIAM H. MACY,
Vice-Presidents.JOHN J. CISCO,WILLIAM DAUROW, Secretary.JAMES CLARK, Ass't Secretary.
AmericanBANK-NOTE CO..
OFFICE, 142 BROADWAY,New York.
ENGRAVES AND PRINTSBank-Notes, Bonds pob Governments and Cob
porations, Bills or Exchange, Certificatesor Stock, Postage and Revenue Stamps
Policies or Insurance, and allKinds or Securities,
IN THE host ARTISTIC STYLE,AND
IN A BUILDING PROOF AGAINST FIRE.
ALBERT G. GOODALL, President,
C. L. Van Zandt, Vicc-Pres. & Manager.TriEO. II. Fbeeland, Sec. Geo. II. Statnkb, Treas.
Trask 6c Stone,BANKERS AND BROKERS,
No. 7 NEW STREET, NEW YORK,Transact a General Banking Business.
STOCKS, BONDS and GOLD Boazat and Sold onCommlselon, and carried on Margins.
Deposits Received an1 Interest Allowed.W* Accounts of Country Bancs tad Bankers re-
United States Bunting Company.A full supply all Widths and Colors always in stock.
No. 109 Duane Street.
George A. Clark & Bro.
miLWARD'S HELIX NEEDLES.400 BROADWAY, NEW YORK.
E.R.Mudge,Sawyer&CoAGENTS K O It
Washington mills, Chlcopee Mfg Co.,Hurllngton Woolen Co.,
Ellerton New mills,Atlantic Coiton mills,
Saratoga Victory mfg Co.,
HOSIERY. SHIRTS and DRAWERS.NEW YORK, B08TON,
A 43 White Street. 15 Chaubobt ST,PHILADELPHIA,
J. W. DAYTON, 230 Chestnut Stbbbt.
S. W. ROSENFELS,EXPORT COMMISSION MERCHANT
IN
Produce, Provisions and Naval Stores,
29 BROAD STREET,P. O. Box 2432. NEW YORK.
Olyphant & Co.,COMMISSION MERCBANT8,
Hong Kong, Shanghai, Foochow 4c
Canton, China.Represented bt
OLYPHANT A Co., or China,
104 Wall St., New York.
John Dwight & Co.,
MANUFACTURERS OF
si im:k-« akbov ateor
SODA.No. 1 1 Old Slip, New York.
The joooiuk Trade ONLY Supplied
THE CHRONICLE, [Vol. XXV.
In.sura.nce.
OFFICE OF 'I HE
ATLANTICMutual Insurance Co.
Niw Toek, January 24, 1877.
Ttc Trustees, in conformity to the Charter of the
Company, submit toe following Statement of It*
«u2iirs-on the 31st December, 1876:
Premiums received on Marine Risks
from lit January, 1876. to 81et De-
cember, 1876 ... $4,029,197 68
I Premlomi on Policies not marked off
1st January, 1876 8.175,260 05'
Total amount of Marine Premiums.. 87,101,16173
Ho Policies have been Issued upon Life
Bisks, nor upon Fire disconnected
with Marine Risks.
Premiums marked off from 1st Janu-
ary, 1816. to 31et December, 1876.... $5,061,036 It
Losses . paid during the
•sane period $1,865,193 49
Seturus of Premiums andExpenses. .$1,038,410 35
Tno Company has the following Assets, via.:
Halted States and State of New YorkStock, City, Bank and other stocks. $11,068,700 00
Loans secured by Stocks and other-
wise 1,719,300 00
Seal Estate and Bonds and Mortgages 367,000 00
Interest and sundry Notes and Claims
dee the Company, estimated at 402,850 19
Premium Notes and Bills Receivable.. 1,812,604 28
Out in Bank 865.018 74
Total-amount of Assets $15,694,867 81
Six per cent. Interest on the outstanding
flertlllcates of profits will bo paid to the holders
•hereof, or their legal representatives, on and after
Xnesday, the 6th of February next.
The outstanding certificates of the Issue of 1878
will bo redeemed and paid to the holders thereof, or
tfceir legal representatives, on and after Tuesday,4ka 6th of February next, from which date all Intersit thereon will cease. The certificates to be pro-
diced at the time of payment, and canceled. UponCertificates which were issued for gold premiums,Cfce payment of interest and redemption will be la
A Dividend of Forty per Cent, is de-
alaMd on the net earned premiums of the Companytor the year ending 81st December, 1816, for which•osrtlflcates will be issued on and after Tuesday, the«d of April next
By order of the Board,
\J. B. CHAPMAN, Secretory.
TRUSTEES t
•f. D. Jones,
*w. H. H. Moore,Charles H. Russell,
David Lane.
SarsM S. MlBer,
•Joslah O. Low,Soya I Phelps,
•C. A. Band,
"William H. Webb,tdFear.cls Sklddy,
Adolph Lemoyne,Ohules H. Marshall,
.Robert L. Stuart,
Frederick Channcey,
Adam T. Beckett,
Bdmimd W. Corlles,
William Bryce,
Peter
Charles Dennis,
Lewis Curtis,
James Low,Gordon W. Bfiftiham,
,WUiiam Sturgis,
William E. Dodge,Thomas F. Youngs,John D. Hewlett,
Bay and Bell Railroad Investment Securities. Colect Coupons and Dividends. Negotiate Loans anddraw Bills of Exchange on London.Ageats of the
CAMBRIA IRON COMPANYof JOHNSTOWN, Pa., for the sale of their IRON andSTEEL RAILS.All business relating to the Construction and Equip-
ment of Railroads un lertabeo.
MANCHESTER
Locomotive Works,MANUFACTURERS OF
(.ornruotlven, Stationary Mourn Et»"glnes, and Tools,
MANcHSsras, n. h.A BETAS BLOOD, W. O. MEANS,
superintendent Treasurer,Manchester. N.H. 40 Water sti set, Boston
RopeSTEEL AND CHARCOAL
IRON of superior quality,
suitable for MINING ANDHOISTING PURPOSES. :n
icllned Planes, Transmission
\ot Po*>r. &c, Also Oai-
van'zed charcoal and BBiorhips' Rigging, Suspension
(triages, Derrick Guys.FerryHopes, &c. A largo stockconstantly on hand fromwhich any desired lengthsare cut. FLAT STEEL AND[BON KOr"ES for Miningpurposes manufactured toorder.
JOHN W. MA>ON A: CO.,43 Broadway, New York.
Railroad Material, &c.
WM. BOBDKN. L.N. LSVZIL
Borden & 'Lovell,
COMMISSION MERCHANTS70 & Tl West St.^ New York,
AGENTS FOh
BORDEN MINING COMPANY,CUMBERLAND COALS.
FALL RIVER IRON WORKS COM'YNAILS, BANDS, HOOPS AND RODS.
OLD COLONY STEAMBOAT CO.,
FALL RIVER LINE STEAMERS.
Steamships
• 111Direct Line to France.
The General Trans-Atlantic Company'sMail Steamships,
BETWEENNEW YORK AND HAVRE.
Calling at Plymouth for the lauding of Passengers.
The splendid vessels on this favorite route, for theContinent—cabins provided with electric bells—willsail from Pier No. 50 North River, foot of Morton St.,
as follows:<PKKE1KE, Danrc Wed.,.Auvust 8.4F. M.CANADA. FrangSBl Wed., August 8, 10 A.M.•ST. LAURENT. Lachesnez Wed.. August S3. 4 P.M.PRICE tit PASSAGE IN GOLD (Including wine):To Havre—First cabin, $ (XI; second cabin, $ 5; tuird
cabin, $35 ; Btceragc, $46—including wine, bedding andutensils.To Plymouth, London or any railway station in
England—First cabin, $90 to $100, according to accom-modation; second cabin, $'5; third cabin, $35, steer-age, $27, including everything as above.Return tickets at very roduced rates, available
through England and France, steamers mantcd thus* do not carry steerage passengers.For passage and freight apply to
LOUIS DE BEBIAN,Agent, 55 Broadway.
Atlas Mail Line.
BI-MONTHLY BF.RV1CK TO JAMAICA, HATTI,COLOM HIA and ASP1N WALL, and to PANAMA andSOUTH PACIFIC PORTS (via Asplnwall.)Fust-class, full-powered, Iron screw steamers, from
Pier No. II. North River.
For HAY'II, COLOMBIA, ISTHMUS OF PANAMA,and SOUTH PACIFIC PORTS ,via Asplnwal),
A^DES Au>U8tl4ALPS August 28
or KINGSTON (Jam.) and HAYTI.ATLAS august 17
CLAHIBEL About oept. S
Superior lirsl-cUBR passenger accommodation.FiM, FOKWOOD & CO., Agents,
No. 68 Wall Street
THE NEW
Providence LineTO BOSTON,
VIA PROVIDENCE DIRECT.
A Whole Night's Rest.Only 42 Miles of Rail.
Time, 60 Minutes.
THE NEW MAGNIFICENT STEAMER,
MASSACHUSETTS,(•' The Palace Steamer of the World,")
AND THE WORLD-RENOWNED STEAMER,
RHODE ISLAND,(" The Queen of the Sound,")
will, on and after MAY .7, leave (dully) from Pier 23,
N. R., toot of Warren St.. at 5 P. M., arriving at Provi-
dence at 6 A.M., and Boston at 7A.M. No inter-
mediate landings between New York and Providence.
Steel Pens.
JOSEPH GILLOTT'SSTEEL PENS.
Sold by all dealers throughout the World.
A ugust 4, 1877.]
THE CHRONICLE vn
Publications
«CIIOI<:K*T LITEIUTI1BE of the
»AT.»-.V. Y. Tribune.
'Hie most eminentliving authors, alien asProf. Dial I". tiller, Vrot.Tyndall, HI. Hon. W.E. Gladstone, Dr.W. It.
Mrs. Ollphant, Mrs. Alexander, MisaThackeray, Jean Ingelow, GeorgeMacUonald, William Black, AnthonyTrollope, Matthew Arnold, HenryKlngsley, Francl« Gallon, W. W.Story, Auerbach, Huskln, Carlyle,Tennyaon, Browning, and many others,
are represented in the pages of
Littell's Living Age..Jan. 1. 18T7, Tna LiviNe AG* enters upon Its i(Wtl
volume, wltn tbe continued connneui'a loo of thebest men mid journals of the country, and with con-stantly lncrensln* success.lo 1877 it will furuiBh to its reader* the productions
Of the foremost authors above-namci Rnd manyothers: embracing the cholotsl Serial ana snortStories by the
LEADING FOREIGN NOVELISTS,and an amount
Unapproached by any other Periodicalin the world of the most valuable literary and scientificmatter of the day, from the pens of the l.KADlNOESSAYISTS, SCIENTISTS, CRITICS, DISCOVEK-EK8 AN D KUITORS, representing every department01 Knowledge and Progress.Th* Living ags (iu which its only competitor,
"Every Saturday. h*s been merged) la a ioeek.li/
magazine of sixty-four pages, giving more than
THREE AND A QUARTER THOUSANDdouble-column octavo pages of reading matter yearly*
It presents In an Inexpensive form, considering Its
amount of matter, with freshness, owing to its
weekly Issue, and with a satisfactory completenessattempted by no other publication, the best Essaye,KevtewB, Criticisms, Tree, Sketches of Travel andDiscovery, Poetry, Scientific, Biographical, Historicaland Political Information, from the entire body ofForeign Periodical Llterrture.it is, therefore, invaluable to every American reader,
as the only fresh and thorough compilation of antudispensftole current literature,—indispensable be-cause It embraces the productions of the
ABLEST LIVING Wit ITERSin all branches of Literature, Science, Art, and Politic*.
" It reproduce* the best thoughts of the bes'. minds ofthe civilized world, upon all topics of living interest."—Philadelphia " inquirer."
" With tt alone a reader may fairly keep up with allthat is important in the littrature, history, politicsand science of the day."—" Toe Mettiodlst,,f N. Y."The best of all our eclectic publications."—" The
Nation," New York."And Vie cheapest. A monthly that comes every
week."—" The Advance," Chicago."A pure and perpetual reservoir and fountain of
entertainment and instruction."—Hon. Roberto >V1l-throp." fuitly ictt\out a rival."—" Congre^atlonalist,
Bo?ton." The best periodical in America."—Rev. Br. Cuyler" Indlsp' usable to every one who desires a thorough
compendium of alt that is admirable and noteworthyin the literary world. —••* Boston i o»t."
•• Ought to find a place in every American Home."—New York 4* Time*.'PtTBLiBMRri WKXKLYat$8 00 a year, free of postage;
or for $10 50 The Living Agb and either one of theAmerican $1 monthlies (or Harper's Weekly or Bazar)will be Bent for a year, both postpaid; or, for $9 50,Th* Living ask and Seribuer'a 8i. Nicholas orAppleton's Journal.Address,
LITTELL A CAY, Ronton.
ESTABLISHED 1SG8.
TUB
Manufacturers' Review& Industrial Record.
A MO VI 111. V JOURNAL,DEVOTED TO THE TECHNOLOGY OF
TEXTILE ARTS AND DYEING IN, ALL THEIR BRANCHES.
TheUKCORD is the oldest and best publication of
Its clare in the English language, and has a mostextended circulation among woolen, cotton andBilk manufacturer} and operatives In the UnitedStates and Canada and in Europe.The Supplement, also published monthly, con
tainB designs and weaving directions for all woolenfabrics, ginghams, and prints from the newest'foreign sun pies, and of original conception. Alsoamp: v« of aid recipes for rtandard new and noveleffects in 4yes and colors. It is indispensable toweavers, designers and dyers.The Hrt.13 of Subscription areas follows:Rbookd $1 .Id per annum.SUPPLr'^IENT 3 60 "Boih Publications 5^0 "
Address
THE INDUSTRIAL RECORD CO.,18 EXCHANGE PLACE,
P. O. Box 1,296. New York.
PnbJications.
THE
Financial Review,(ANNUAL),
CONTENTS.Retrospect of 18TG.
mercantile Failure*.
Banking; and Financial—United States— National Bank Figures and
Currency Movements.
New York City- B ink R. turns, &c.
London—Money Market and Dank Iletums.
Commercial-United States— Foreign Commerce, Trade
Balance, U. S. Exports and Imports Leading
Articles, Tonnage of Trunk Railroads and
Canals.
New York City—Prices of Merchandise, Ex-
ports, Imports, and Domestic Receipts.
The Money Market—Influences In New York, and Prices of Call
Loans and Commercial Paper since 1870.
Gold and Silver-
Production, Exports and Imports of Gold and
Silver in the United States.
Prices of Silver in London.
Prices of Gold in New York, from 1862 to 1877.
Foreign Exchange-Influences on the Market.
Prices in New York, 1871-1877.
Investments and Speculation-
Principles Relating to Investments.
Investments of Financial Corporations in New
York City.
Compound Interest Table, Showing Accumu-
lations of Money in a Series of Years.
Table Showing the Rate Per Cent realized onSecurities Purchased at different prices.
Stock Speculation in New York.
Table Showing the Interest Cost of Carrying
Stocks.United States Debt and Securities-
Debt of the United States.
Prices of U. 8. Bond?. 1860 to 1877.
State Debts and Securities-State Debts and Immunity from Prosecution.
Prices of State Securities, 1360-1377.
Railroads and their Securities-Railroads of the United States.
Railroad Preferred Stocks.
Railroad Earnings.
Prices of Railroad Bonds, 1873-1877.
Prices of Railroad Stocks, 1872-1877.
Cotton—U. S. Cotton Crop and Movement, 1875-76.
European Movement (Ellison's Circular.)
PRICE IN CLOTH:To Subscribers of the Chuoniolb $1 00Toall others 1 25
WILLIAM B. DAJfA &, CO.,PUBLISHERS,
79 & 81 William Street, N. Y.
Cotton.
J.C. Johnson & Co
,
COTTON BUYERS FOR MANUFACTURERS
HI li .71 PHIS. y%'NN.
"1". R. Smith & Co.,COTTON
COMMISSION MERCHANTS,185 PEARL STREET, NEW YORK,
JJTD
44 Broad Street, Boston.Liberal advances made on consignments. Prompt
personal attention paid to the execution of ordens forthe purchase'or sale of contracts for future delivery.*
Cotton.
Pirn Forwood&Co.,GENERAL COMMISSION MERCHANTS,
P. O. BOX 61 3, P. O. BOX 4064,New Orleans, l.a. New York.Execute orders for Future Contracts In New York
and Liverpool, and make advances on Cotton andother produce consigned to
LEECH, HARRISON Sc I OKWOOD,LIVERPOOL.
Also, execntc orders for Merchandise In
England, China, India and Singapore.UNDERWRITERS IN NEW ORLEANS
for the
British Sc Foreign Marine InsuranceCompany of Liverpool.
cuted at the Cotton Exchanges In New York and Liverpool. All lJusiness transacted Strictly on Commih.sio.v, so that no In crest of our own can possiblyconflict with that of our patrons.
65 Beavrr St. Sc 20 Exchange Place,GEO. W. 1 ILI.IAMS & CO , >
Bankers & Commission Merchants, > NEYf YORK,CHARLESTON, 8. O. )
Liberal advances made on consignments of otlon.Orders executed at the Cotton Kxchr.nse for the pur-chase and sale of contracts for future delivery,
A. L. Richards,Shipping and Commission Merchant
AND
COTTON FACTOR.No. 39 BROAD STREET, NEW YORK.
Orders executed at the Cotton Exchange, and ad*vances made on consignments of Cotton and otherProduce, and upon shipments to correspondents In
Liverpool.
Robb & Peet,BANKERS AND COMMISSION MERCHANTS,
No. £8 WALL STREET
New York.
Advances made on Consignments. Special attention
sld to purchases or sales of " Cotton Futures." Bills
of Exchange on the CITY BANK, LONDON, anaHOTTINGUER & CO., PARIS.
H. Tileston & Co.,COTTON BUYERS * COMMISSION MERCHANTS
60 Stone Street, New York.Orr?«r« In Futures executed at N. Y. Cotton Rxchange
Geo. Copeland,COTTON BROKER,
136 'PEARL STREET, NEW YORK.
Walter & KrohnCOTTON BROKERS,
S3 BEAVER STREET, NEW TOBC.
McAlister & Wheless,COTTON
COMMISSION MERCHANTNASHVTLLK, TENNESSEE.
Special attention given to Spinners' orders. Corrospondnnce solicited. _ _Rkkkp.sncks.—Third and Fourth National Bank*,
and Proprl jtors of Th* Ckioniuls
Lamkin & Eggleston*Cotton Factors,
VICKNBL'HG, MISS.Orders to purchase Cotton In our market solicited.
Befer to Messrs. NORTON, SLAUGHTER * COBow York.
via THE CHRONICLE.
Cotton.
Henry Hentz & Co.,GENERAL
COMMISSION MERCHANTS,174 4; 176 Pearl St., New York.
Advances made on Consignments to
BeHn. JAMES FIX LAY A CO.,
LIYKK?OOL, LONDON AND GLASGOW.
Also execute orders for Merchandise through
nenn, FlNLW, Ml lis & CO.,
CALCUTTA AND BOMBAY.
ytJTURE CONTRACTS FOR COTTON bought and
old on commission In New York and Liverpool.
H. W. & J.H. Farley,
COTTON FACTORS,COMMISSION MERCHANTS,
AND
FINANCIAL AGENTS,132 Pearl Street,
P. o Box 3,909. New York,Advances made on Consignments.Special personal attention to the purchase and sale
Of K CONTRACTS FOK FUTURE DELIVERY" OFCOTTONGOLD COIN, STERLING AND OTHER FOREIGN
EXCHANGE. GOVERNMENT AND CORPORA-TION BONDS, STOCKS AND SECURITIES OF ALLKINDS, bought and sold on commission. Accounts ofMercantile Firms, Banks, Rankers, and Corporations,received; and Advances made to our customers whendesired, on approved securities. Including commercialtime paper received for collection, to such extent.andIn bucu manner, as may be In accordance with thenature of their accounts.CORRESPONDENCE SOLICITED, to which prompt
attention is always given.
Woodward & Stillman,SEAMEN'S BANK BUILDING.
Horn. 74 & 78 Wall Street, New York.
Cotton FactorsAND
General Commission Merchant*.
Special attention paid to the execntion of orders lor
the purchase or sale of contracts for future deliver;
of cotton. Liberal advances made on consign
ments.
W. C. Watts & Co.,
21 Brown's Buildings,
LIVERPOOL,Solicit consignments of COTTON and order" tor the
purchase or sale of future shipments or deliveries.
Advances made on consignments, and all Information
orded by our friends, Messrs. D. WATTB 6 Co., 51
one street, New York, and Messrs. D. A. GIVEN &
bON.M Baronne Street, New Orleans.
Knoop, Hanemann& CoCOMMISSION MERCHANTS,
(2 EXCHANGE PLACE, NEW YORE.
nousss or
Rlanchester and Liverpool,
DE JERSEY & CO.
Bliss & Bennet,
GENERAL
COMMISSION MERCHANTS,121 Pearl Street, New York.
Special attention given te the execntion of orders
or the nurchase or aale of Contract* for Future
MNbV
Sawyer, Wallace & Co.,-OTTON FACTORS a COMMISSION MERCHANT
47 Broad Street, New York.
Cotton.
J. 8. OSISXAK. B. G. DTTVAl. ALPHONSE LACV2
Grinnan, Duval & Co.,BANKERS
AND
GENERAL COMMISSION MERCHANTS,IIS PEARL STREET.
GRINNAN & DUVAL, *l
Cotton Factors I New » orl£.and Commission Merchants, 1
GALVESTON, Tt,XAS. J
Transact a general banking business. Particular at*
tention given to accounts of Banks and Bankers.
Advances made on consignments of Cotton, "Wool
Hides and Grain.
Future contracts bought and sold on commission, in
New York and Liverpool.
Ware, Murphy & Co.,
Cotton FactorsAND
GENERAL COMMISSION MERCHANTS
COTTON EXCHANGE BUILDING,
NEW YORK.Special attention paid to he execntion of ordert
for the purchase or sale of contracts for future
delivery of cotton. Liberal advances made on con-
signments.
Dennis Perkins & Co.,COTTON BROKERS,
117 Pearl Street, New York.
Babcock Brothers & Co.,50 ITall Street, New York.
MERCHANDISE DEPARTMENT.Orders executed at the Cotton Exchanges in New
York and Liverpool, and advances made ou Cottonand other Produce consigned to them or to their tirni
abroad.B. P. BABCOCK & CO.,
LIVERPOOL.
Tames F.Wenman & CoCOTTON BROKERS,
No. 146 Pearl Street, near Wall, N. YEstabllshed (In Tontine Building) 1-841.
L. F. Berje,
cotton buyer and commission merchant,
new Orleans', la.
BLOSS & INCHES,COTTON PACTORS
AMD
GENERAL COMMISSION MERCHANTS
142 Pearl Street, New York.
3. L. MACAULAY. A. J. MACATJLAY.
Macaulay & Co.,CO ITI MISSION MERCHANTS,
22 WILLIAM STREET, NEW YORK.Future Contracts for Cotton bought and sold on
Commission in New York and Liverpool.
Robt. L. Maitland& Co.,COTTON FACTORS & COMMISSION MERCHANTS,
No. 43 Broad Street, New York.
Edward H.Skinker& Co.COMMISSION AND COTTON MERCHANTS,
•7 Pearl Street, New York.
H.J. Baker & Bro.,
215 PEARL STREET, NEW YORKIMPORTERS AND MANUFACTURERS OF
Prime Quality chemical ManureChemicals for the Villi; formulas, for all Crops.Chemicals for the Stockbridge formulas.Dissolved Bone—Sulphate Ammonia, Nitrate Potasn
Nitrate Soda, Sulphate of Potash, Muriate of Potash40 per cent actual Potash. Super-phosphate LimeAlso, strictly pure ground Bone.Our descriptive clrcul»s mailed free. The materia
for special fertilizers for particular crops.
[Vol. XXV
Miscellaneous.
Congreve & Sanders,TIN PLATES, METALS,
STEEL AND IBON RAILS, &c, &c,
1C4-106 JOHN STREET,New York.
Henry Lawrence & Sons,MANUFACTURERS OF
MANILA, SISAL, JUTE A TARRED
CORDAGE,FOR EXPORT AND DOMESTIC I SE
HANGS OF RU3GINO MADE TO ORDER.
192 FRONT STREET,' NEW YORK.
HOMEInsurance Company
OF NEW YORK.OFFICE, No. 135 BROADWAY.
Forty-Eighth Semi-Annual Statement,SHOWING THK
Condition of the Company on the firstday of July, 1877.
CASH CAPITAL $3,000,000 00Reserve for Re- In suranee 1,83-1,003 10Reserve for Unpaid Losses andDividends 267,780 92
NetSurplus 1,041,490 75
TOTAL ASSETS .'. $6,143,274 77SUMMARY OF ASSETS.
Cash In Banks 1417,584 33Bonds and Mortgages, being first lien onreal estate (worth $4,641,500) 1,932,853 00
United States stocks (market value) 2,734,000 UOBank Stocks (market value) 268,«>7 50State and City Bonds (market value) 186,456 00Loans on Stocks, payable on demand(market value of Securities, *570. . 17 25) 427,831 35
Interest due on 1st of July, 18:7 67,333 2*Balance in hands of Agents 92,052 7i)
Realestate 6,538 2JPremiums due and uncollected on PoliciesIssued at this onlce 9,923 36
Total $6,143,274 77
CHAS. J. MARTIN, President.J. H. WASHBURN, Secretary.
ROYALInsurance Company,
56 Wall Street, IVcw York.
STATEMENT, JANUARY 1st, 1877.
Subscribed Capital $9,651,500 00
Of which there is paid up in Cash $1,447,725 00Net Fire Surplus 4,737,618 05
