kmtkHUNT'S MERCHANTS' MAGAZINE,

REPRESENT[NG THE COMMERCIAL AND INDUSTRIAL INTERESTS OP THE UNITED STATES

VOL. TZ NEW YORK, MARCH 25, 1876 NO. 5H1.Financial.

THK

National Bank-Note Co.,(INCORPOEATBD NOVEMBEE, 1856.)

OFFICE, No. I WAU. STREET,NEW TORK.

£seai.TEBS or thb

United States Bonds, Notes, Carreaoyand National Bank Notes.ENonATTfro ajtd Pxintiso ot

BANK-NOTES, STATE AND RAILROAD BONDS,POSTAGE AND REVENUE STAMPS,

CERTIFICATES, DRAFTS, BILLS OF EXOHANQE,AND COMMERCIAL PAPERS,

in the highest styla of the art with tptclal «({/%gnardi devised and patented, to prevent connter-failing and alterations.

This Company engraves and prints bonds, postageetamps and paper money for varioas foreignGovemmelits and Banking Institutions—SouthAmerican, Earopcan, West India Islands, Japan, &c.

CommiinieaUon» may be addretted to thitCompanff {n any language.

J. H. VAN ANTTVERP, Prcs't.J. IBACDONOrGH, Vlce-Pres't.A. I>. SHEPftRD, Treasurer.JKO. E. OCrHBIBB, Seeretary.

VERMILYE & CO.^,BANKERS,

IC and 18 Nassau street, Nenr York.

DKALEltS IN ALL ISSUKS OF QOVEBNMKNT6ECURITIKS.

NKW VOUK CITYAND

BROOKLYN BONDS.

BUY AND SKLL ON COMMISSIONli A ILWAir STOCKS, BONDS& GOLD.

INTEREST ON DRPOSIT8.WASa'N IS. VKII.MILVE,

| DONALD MACKAY,JAa. A. TKOWBIUOOK. | LATHAM A. KISB.

Financial.

A. H. Brown & Co.,BANKERS AND BROKERS,

23 NASSAV ST., NBIV YORK.Deposits received subject to check alright, and

luterest allowed on dally balnnres- Special altcDtion

given to the budnesa of COUNTRY BANKS. Execute orders for the purchase aod sale of STOCKS,BONDS and GOLD.All kinds of Investment Sernritlen a Specialty.

John Munroe & Co.*,No. 8 VFall Street, New York,

No. 4 Post Office Square, Boston.CHEQUES AND CABLE TRANSKEKS ONraUNROK A CO., PAKIM.

STERLING CHEQUES ONALEXANDERS, CUNMPFES & VO.

London.SIXTY DAY STEHLING ON THE

CONSOLIDATED BANK, LONDON.— o

—

CIEOULAB NOTKS AND CkkDITB FOR TBAVXI.IRB

R. T. Wilson 5c Co.,BANKERS

2

AND COMMISSION MKHCIIAMTEXCHANGE COURT.

Liberal cash lulvanccs matin on conaignmenri ofCotton and Tobacco to our address ; also to ourlrloncsIB Liverpool and Loudon.

Sovernnteut Securities, Gold, Storksand Bonds

Bought and Sold on Commission, and

LOANS NEGOTIATED.AecoQuts received and Interest allowed on balancee

which may be checked for at sight.

Financial.

AUUUSTOS J. BBOWH. WALSTON H. BBOWN.

Aug.J.Brown & Son,

BANKERS,SO Liberty Street, New York.

SPECIAL ATTENTION GIVEN TO THK NEGOTJAtion ok

railroad seccritie.s.

Charles G. Johnsen,

niERciiABrr aivd bazvker,

16A GRAVIER STREET,

HEW ORLEANS, I A.

Sherman & Grant,BANKERS,

WASIIINGTON, D. C.GBMKBAL ExcHANOB and HAfKINO BUSINESS.

Col.LROTlCNK Cm ALL I'OlH'rs.

Andrew Stuart & Co.,BANKERS,

34 PINE STREET, NEW YORK.DRAW EXCHANGE ON

DAVID STUART ic CO., Liverpool,Payable in London.

Advances Made on Conslenments.

H. Amy & Co.,BANKERS,

19 Sc 21 Nassau Street, New York.TRANSACT a general lianUng business.DEAL In liiveatiiient securities.BUY all deacrlptlona of UNCIIKUKNT Bonds, also

Bonds REPUDIATED by CITIES and COUNTIES.

Samuel Shaw,BANKER,

A nd Dealer in Commercial Paper, etc.*

66 'WALL STREET.

G. Amsinck & Co.,ISO Pearl Street, New Tork,

AeSNTS rOK THS

LONDON AND HANSEATIO BANK,(LnaraD).—LONOOK.

Wm.W. Wakeman&Co22 William St., New Tork.

CALIFORNIA AND NEVADA

iniNIIVCi STOCKS

BOUGHT AND SOLD UN COMMISSION.

Qaotatlona of all the active stocks of the Ban Fran

Cisco Stock Board lurnlihed by mall to any party

desiring the Information.

Hilmers,McGow9n&CoBKOKBKS IN

FOREIGN E.XCIIANGE AND GOLD64 Wall Street, New York.

(P. o. BOH i,ai] )Special attention paid to the negotiation of Com -

mereial bills.

Maturin Ballou,6 Wall Street.

invest.hent securitiesA SPECIALTY.

The Investment or Trust or other fnnds on FirstMortgage security ellectcd.Commercial paper negotiated.

U. BnOKINOBAH, Jt. Xdwabd B. Undbbhill.

Buckingham& Underhill(Members New York Stock Excbsnge.)

BROKERS IN

STOCKS, BONDS, GOLD,AND OTHER SECURITIES,

No. 16 UTall Street, New York.NKW YORK,

131 Pearl Street.BOSTON,

n sues street

GOSSLER & Co.,OORRBflPONDBNTS Or

International Bank of HamburK M*Loudon, (Limited.)

HOUSE IN EUROPE,JOHN BERENBER«,O0SSLBR*0O

HAMBDKG.

StDNBT E. COOKS. FBSD. C. COLTOV.Member N. Y. Stock Exchange.

Cooke & Colton^BANKBRS AND BROKERS,

44 BROAD STREET, NEW YORK.mocks. Bonds, Gold, Foreign Ezcbangs and Mis-

cellaneous Securities bought and sold itrtetly on

Commission.

Grant & Company,BANKERS AND BROKERS,

NO. 33 W^ALL STREET.TRANSACT A GENERAL BAKKWO BUSINESS

STOCKS BOUGHT AND BOLD ON COMMISSIOH

INTEREST ALLOWED ON DEPOSITS.

K. strniAK asABT. e. Br. iomi Bumumim.

THE CHRONICLE. [Maich 25, 187G,

FinarciaL

'* Par as -yon go, get what yon bny,Htep when yon choose."

COMMON SENSE AND FAIR PLAYIN LIFE ASSURANCE I

Do not Assure ymirLife till yon have examinedthe NBW PLANS devised by Shki-pabd IIomansActuary, for

THB

Provident Savings Life

Assurance Society,IVESTEKN riNION BCjILDING,

NEW YORK.Guaranty Cash Capital, $133,000,

Invested in U. S. Five-Twenty Bonds.

This Society eeparates the Insurance Pari of the

i^emitim from the Jieserve or Deiposit Part, whichlatter is held merely for accumulation.

Tlils Society recognizes the Policy-holder as ownerofthePeMTve.

This Society, therefore, will either i^sne policiee

on the payment of uniform annual premiums, guar-anteeing aspecifted sunender ra^uefor every year in

cash; or it will furnish the PROTECTION OF LIFEASSURANCE at actual current cost for death claimsand eirjtenses of inanagetnent, each year by itself, re-ve^cable at t?ie close of any year without further

tmdical examination.

These Plans are indorsed by leading Actuariesand State Commissioners, and also by the ^^ Societyfor the Promotion of Life Insurance among Clergy-men," James Brown, Pi'esident ; Howard Potter,Treasurer.

For Plans, Rates, and Full Particnlars apply to

THE PROVIDEIVT SAVINGS I.IFEASSCJKANCU SOCIETY,

WESTERN UNION BUILDING. NEW YORK.GEORGE WALKER, SHEPPARD HOMANS,

President. Vice-Pree't and Actuary

Edward C. Fox & Co.,STOCK BROKERS,

30 BROAD ST., NEAV ¥OHK.Stocks, Bonds and Goverumont Securities bought

and sold at the New York Stook Exchange.We give Special Attention to State,

City, County and Town Bonds, andSecurities of defaulted Railroads forwhich there Is no regular market.

QUOTATIONS PUBNISHED.

E . S . B A I L E v,

65 TVAlt STREETDealer in

Eire and marine Insurance stockand Scrip

"SPECIAliITir."Cash piid at once for the above Secarities ; or the

will be sold on commiMion, at sellers option

Banks, Bankers and In-surance Companies

wishing to purclmse OFFICE FUKNITDRK, will ftuda fine asiortnient, at prices to suit the times, at thee-tabiishment of

T. G. NEl4l4E\r,103 Fulton St., New York.

Flue CyliAder uid Roll Ueski a Specialty.

Fiaanoial.

Gargiulo & Co.,BANKERS AND BROKERS.

Nos. 4 & 6 Broad Street,HEW YORK.

Stocks, Bonds, Gold and Mlscellaiieousl Securities

bought and sold strictly on commission. Orders by

mall or telegrapn careruiiy atieuaeu to.

JouN EwEN, Je., William p. Tuttle,Member Stock & Gold Exch. Member Stock Excbaiige

EWEN & TUTTLE,BANKERS AND BROKERS,

"(o. 62 Broadway and 21 Nctv Street,Buy and toll Stocks, Bonds and Gold on cimmlsslon

Interest allowed on f^epoilts.

Railroad Material, &c.

Morris, Tasker & Co.,LIMITED.

Pascal Iron Works, Philadelphia.Delaware Iron Co., Newcastle, Del.

MANUFAOTTJBEES OPLAP-WELDED AMERICAN CHARCOAL

IRON BOIL.ER TUBES,WROUGHT IRON TUBES & FITTINGS

of every description, for Gas, Steam, Water andOil; Steam ana Gas Fitters' SuppUefe, Machinery

for Coal Gas Works, Cast Iron Waterand Gas Pipe.

IMPROVED SUGAR MACHINERY, Ac, Ac.OFFICE.

209 South Third St., Philadelphia.OFFICES AND WAREHOUSES ;

No. 16 GOLD STREET, NEW YORK.No. 36 OLIVER ST., BOSTON.

PHELPS,DODGE & CoCLIFF STREET,

Between John and Fulton, Netr York.

IMPORTERS AND DEALERS IN

Tin & Roofing Plates,OF ALL SIZES AND KINDS.

PIG TIN, RUSSIA SHEET IRON,CHARCOAL AND COMMON SHEET IROK,

LEAD, SHEiST ZINC, COPPER,Spelter, Solder, Antimony, Lc.

MANCFACTURERS OF

COPPER, BRASS AND TFIRE.lOQN 8. SENNBCT. 11B21EY H. BAKEB. JOHN B. BARNS

J.S. Kennedy & Co.,

BANKERS AND MERCHANTS,41 CEDAR, COR. WILLIAM ST.,

New York.Buy and sell Railroad Investment Securities,

lect Coupons and Dividends. Negotiate Loansdraw Bills of Exchange on London.Agents of the

CAIHBRIA IKON COmPANYof JOHNSTOWN, Pa., for the sale of their IKO.V anSTEEL BAILS.All business relating to the Construction and Equip

ment of Railroads unlertaken.

Ocean Steamships.

WM. BOBDBN. L. K. LOVELI

Borden & Lovell,coimnissiON itierchants

70 ik 71 W^est St., New York,AGENTS FOR

BORDEN MINING COMPANY,CUMBERLAND COALS.

FALL RIVER IRON WORKS COMtrge.Steamers marked thus • do not carry steerage pai-

flengers.

LOUIS DE BEBIAN,Agent, 55 Broadnray.

For Liverpool,(Via ttnoenstown)

CARRYING THE UNITED STATES MAIL.TUESDAY.

LEAVING PIER No. 46 NORTH RIVER, as follows :WISCONSIN March 21, at 3:30 P.M.W\(}MING April 4, at 2 P. M.lUAUO April II. at 3 P.M.NEVADA.. April 18, at 1 P.M.MONTANA April li. at 3 P. M.

RATES FOR PASSENGERS REDUCED.Steerage, %i%; Intermediate, $40; OaMn, $i;-> to $30,

according to state room. steeiaK** oftice, ^o. 29 Broadway. General olllces, No. 63 Wall street.

W^ILLIAMS & GlllON.

CuNARD Line.WNOTICE.-With the view of diminishing the

chances of collision, the steamers of this line take aspecitled course lor all seaeona of the year.On the Outward Passage fr.im (j;iecn8town to New

York or Boston, crossing Meridian of 5i) at 4J Lat., ornothing to the North of 43. On the Homeward Pas-sage, crosfllng tne Meridian of 50 at 4:i Lac, or nothingto the North of 42.

THE BRITISH AND NORTH AMER'.CAN ROYALMAIL STEAMSHIPS.

BETWEEN NEW TORE AND LIVERPOOL,CALLING AT CORK HARBOR.

PHOM NEW YORK. I PROM NKW YORK.Abyssinia ..Wed., Mch. 22 I Abyssinia.. .Wed.. April 26Java Wed.. Mch. 29 1 'Russia Wed., May 3Algeria Wed..April 5 Scyihla vved.,MarlOChina Wed., April 12 "Scotia Wed., May ITBothnia.... Wed., April 19 ' Bothnia; Wed.. May 24And every following Wednesday and Saturday Irom

New York.Steamers marked • do not carry steerage passengers.Rates op Passage.--Cabin, $S), $lui) i.ik1 $i:i« gold,

according to accommodation.

Maxell 25, 1876.] IHE CHRONICLE uiFinancial.

Drexel, Morgan & Co.,WAIi), al«o State, Cltjr aod

Gonnty Bond*.TIME LOANS NEGOTIATED.

Refers by permission to Messrs. M. K. Jesnp, Patonft Co., New \ ork ; Messrs. Soulter & Co., New YorkJon. 8. Norrls, 1 »q.. President first National Hank!Baltimore

; Uobert Mlckle, Esq., Cashier Union NaflBank, Baltimore.

Wall Street Caricatures.^A new book. 18 pages, containing 14 engraved lllus-INKORMATION POl! STOCK SPECnLATORS.

1 rice luc, cloth cuvera; ptiper covers freeTumituiixiii dc GO.,

Bankers and Brokers, a Wall St., N. Y.

Financial.

H. C. Williams & Co.,bane:ers and brokers,

4» TYall Street, New York,DKALIH IW

STATE, CITV& RAIIiWAV BONDS.Orders for Stocks and other Securlttea

receive personal attention at the New York StockExchange, tiood Rallwar Bonds not regu-larly quoted, and those lu Default at Inter-est made a Special BrancU ofOnr Buel«neea.We quote as follows— Bid. Asked

Burl. c. li. dt Minn., 1st, Minnesota Dlr.. ..49 sodo do 1st, Milwaukee Dlv..., 2S so

Cairo ft Fulton, 1st 72 uCanada Southern, tst, coupon 63 69H

do 1st, registered (5 (aCentral RR. of Iowa, Isf 96 33Chesapctike ft Ohio, Ist. 6s S4 86

do do ai,78 S ViChtcagoft CauadaSontbetn, 1st 36 nChicago Clinton ft Dubuque. Ist 29 30Chic, uauvllle ft Vincennes, Ist, Illlnoli Dlv. 45 46

do do Ist, Indiana Dlv. 22 HDanville Urbana R. ft Pekin, Ist 45 47Houston ft Great Northern, 1st 65 67Houston ft Texas Central, Ist, Main Line. . 88 89

do do 1st, Western Ext. 85K 87HFlint ft Pere Marquette, Ist, cons 30 85Evan.ivlllo T. H. ft Chicago, 1st 75 80Grand Itaplds ft Indiana, Ist, L. G., guar lUO 106

do do Ist.Kx. L. G 54 60Indianapolis B. ft Western, 1st 35 S7

do do 2d 11 13do do 1st, Extension.. IS 17

International BR.. Ist 65 70KansasPaclllc,Ist,7s,M. ft N., unfunded 75 80

do 1st, 7s. J. ft J. do .,n 76do 1st, 68, Feb ft Aug., funded. 72do Ist, ('S, J. ft D. do .71 73do Ho. 11 15 20do No. 16 13 15

Lake Superior & Mississippi. Ist 22 23Loganspori C ft Southwestern, Ist lu 12.Missouri Kaiisss ft Texas, Ist 6J SiMoblleft Ohio,ljterling, 8s,wl h of 41 43

do do 8s,ex-cf 41 43do Interest. 88 20 ai

MontclatrRR. of N. J.,lst 8X ..New Haven M. ft Willlinantlc, 1st 35 SONew Jersey Midland, 1st 40 42Mew Orleans Mobile ftC Ipt 35 40New York ft Oswego Midland. 1st 18 19

do do 2d s Bnorthern Paclflc, 7 3-103. 1st 17 is

do registered 16Peoria ft Itock Island. Isr. 57 60Port Huron & Lake Michigan, Ist 17 19Itockford K. ft bt. Louis, 1st 9 uSouthern Minnesota, Ist 50St. Joseph ft Denver City, 1st, K. D 12 15*

do do lst,W. D 7 10Texas ft Pacific. I.. 20 25West Wisconsin, L. G.,lst , 55 53

do Interest payable In London. 55 ii

Security AgaluHt Fire and Robbers.

Central Safe Deposit Co.No. 73 ^Vcst 33d !itreet,

(Masonic Temple Building.)SAFE KEEPING OF VALUABLES under guaran-

tee. Private otUces for Banks and Bankers out of thecity. Separate rooms for Lady Patrons.

ELLWOtJD E. THOISNE, President.OBlCO hours, 9 A. M. to 6 P. M.

THE

OP THE €ITY OP NEW YORK,C01. BROADWAY fr«(—They have the Individual liability of the

maker..i^econd—Bach bond Is secured by a flrst mortgage of

real vstate of not less than double Its value.TTWrd—The prompt payment of both principal and

Interest of every bond Is gnaranteed by tnis Company.The Company guaranlet^lng tln'se Bonds receives no

deposits, owes no money, and Incurs no obligations ofany character except those arising from sucb guarantythereby keeping Its wtiole caidtal of One MIiHohDollars unimpaired. TO MEET AT ALLTlMKHth*prompt payment of both principal and interest ofthese Bonus.All mortgages securing the Bonds are formallr try

proved by the following Executive Board

:

ROBERT L. KENNEDY, ADRIAN 18ELIN,SAMUEL WILLKTS, JAMES A. RJ'>SEVKLT.WM. REM8EN. EUGEftK KELLY,CHAS. BUTLER, JOHN D. MAXWELL,HENRY P. HAVEN, OU8TAV II. KISSELL.T heso Securities bear Seven Per Cent Interest pay-

able semi annually, and are ottered for sale at onehundred and two and Interest at tlie olllee of theEquitable Trust Company, Nos. 52 ft 54 William street.

JONATHAN EDWARDS, President.

i

IV THE CHRONICLR [March 25, 1876.Financial.

Drion Trust Comtant op Nkw York, It8 Broadwat, Cor. Riotor St., >

New York, March -Mth, 1876. )A PLAN FOK ARRANGING TUE AFFAIRS

of the

Missouri Kansas & TexasRailway Company

has been prepared and has recelvtd the approvalof a large nitinhor of those luterested.

It proposes—let. That the First Mortjjagc Bcndholders ehall

accept interewt )n Gold, at tbi! rate of four per centper anuiini, for the next three years, and live percent for tbu ensuiug tliree years, and aball fundpast'dne conpons, and the dinerence between aboverates and seven per cent, in a new second mortgugeincome bond, ai eighiy p'T cent of its par value.

2d. That the floating' debt creditors shall acceptany first mortgage ©r Boonevillc Bridge bonds heldas collateral, la payment of their claims, as far asso secured, at certain equitable rates; and, forinsecurcd claims shall receive new second mortu:ageincome bonds, as above, at the same rat« of eightyper cent.

3d. That the present .second mortgage shall becancelled, and the new mortgngo t-xtcuted for$10,000,000. The bonds to bear interest at six percent per annum in cash, if the net earnings of theRailway admit, otherwise in certificates redeema-ble wilh six per cent jntcrcst out of revenue,before payment ot any dividend upou the stock.4th. That the net earnings, in excess of the

amount required for above purposes, are be appliedtowards increasing the cash payments upon theflrst mortgage coupons, and should two suv:cessivefirst mortgage coupons be paid in full, the road isto bo eurrendered to the stockholders. That untilthen, and pending the proposed agreement, theUnion Trust Company of New York, Trustee,under the mo tgages, shall take possession of lh«liailway and Its property, and manage the seme inaccordance iherewith, aeaisted by an AdvisoryBoard, to cousist of five members appointed bybondholders, credi'ors and directurs of the RailwayCompany and two by the Tru»t Company.Should the agreement be adopted, application

will be made to the Courts to the end that the TrustCompany be put in pot^session, and that the firsttwo per cent payment, for which luuds are under-stood to be on iiand, may be made.Agreements for signature are to be found at

the Oftice of Ihe Union Trust Company of NewYork, to which the attention of parties interestedU invited. EDWARD KING, l^resident.

NOmrK.—TO VHK HOIUKRS OF" WKSTKliN EXTKN-iION" KiKST MOUT-

GAtiE nONI>3 OF THK "NKW J-OI.K & OSWKUOMIDLANii liAILROAD CO."—In pursuance of thejudgtiieiit of foreeloi>ure «ud «ale,euiere(lUecember 7,Jb75, in ttie actluii entitled: Supreme Court, TompkinsCounty, Delos I)ewo;f et ar., Trustees, plai'iillld,againet The New i'ork & OBwcgo Midlaud RMilroadCompany et al., Uereridants.Ttie undersigned Referee, duly appolnlei the-eln,

hereby gives not cc that he will aitend at his office,No. IsaBroadWdy.Hew Voik Cliy, on the 5Lh day ofApril next, at 12 o'clock M., to take proof of theownership and amount of such bonUe, and the ovnerBand hoUiei s thereol are required to appear belore thesaid Referee, at ttio time and place afortBaid, audpresent their clalma and proof of ownership an

xmtkHUNT'S MERCHANTS' MAGAZINE,

REPRESENTLNG THE LNDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES

VOL. 22. SATURDAY, MAKCH 25, 1876. NO. 561.

CONTENTS.THE CHKONICLB.

The Spring Money Market aud I Our Prosperity Hereafter 293He Prospects S8)| LateatMonetaryandCommerclal

The Chamber of Commerce aud|

Bnt;li8h Kews 294the Kiiiaiiclal Question 490 ; Commercial tnd Mlscellaneuua

A Potty Scramble tor the Geneva I News 296Award 291

|

TAB BANKfiRS' GAZKTTB.Money Market, U. S. Sccnrities, I Banks, eic ... 497Railway Slocks, Gold Market, I Quotations of Stocks and Bonds 301Foreiini Kxchanne. New York

| New York Local Securities 30!City Banks, Boston Banks, I Investment and State, City andPhiladelphia B«ik«, National | Corporation Pinaneca. . S03

TUB COMMKKCIAL TIMB8.Commercial Bpltome 306 I Dry GoodsPotton 30(i Prices CurrentBreadstufis 310

|

311

^\)t €l)xonxc\t.Thk Commercial and Financial Chronicle is issued lalto orders are given for Ave, or more, insertions, aliberal discount is made. No promise of continuous publication In the bestSlacc can be ^iven, asall advertisers must have equal opportunities. SpecialoticcB in Uankins aud Financial column BO cents per line, each iuscrtion.

London Office.Tho London oftice of the Chronicle is at No. 5 Austin Friars, Old Broad

street, where subscriptions are taken at the following rates

:

Annual Subscription to the Chronicle (including postage) £2 28.Six months' subscription 1 3s.

VILLLAH B. DANA, I WII4LIAM B. DANA ft 00., FnbUshcrs,ions a. rLOTD, /a. ( 79 and 81 William Strmt, NEW YORK.

Post OmcE Box 4 594.

1^" A neat flle-cover is furnished at 50 cents; postage on the same is 17cents. Volumes bound for subscribers at $1 50.0f~ A complete set of thoCo«MKRCiAL akd Financial CHRONtCLB—July

IBM, to dati—^is for sale at the olHce. Also one set of Hunt's MerchantsMaoazine, 18:)9 to 1871, sixty-three volumes.

IST" Tho Business Department of the Chronicle is represented amongFinancial IntereaU in New York City by Mr. Fred. W. Jones.

TBE SPRING MONEY MARRBT AND ITS.PROSPEjDTS.

We are now drawiiig near to that season of the yearwhich has usually been regarded as critical to the moneymarket. For some months our hankers and mercantilemen ha\c been looking forward to this period in an-ticipation that the usual elasticity of business would bedeveloped; and that for a brief space, if not throughoutthe spring, the rate of interest would rule at six or sevenper cent. This expectation accounts in part for the

attempts to precipitate trouble last week* in the moneymarket, and for their complete failure. As we haveoften been reminded, two things are needful to makemoney tight: the demand must be urgent and large, andthe supply of idle funds must be inferior t» the effectivedemand. Unfortunately for the tight-money men, bothof these conditions were absent. There was, in the loanmarket, an abundant supply of available funds seeking

borrowers, and the demand ranged below the level ofthe supply. Among the very natural consequences thathave resulted from these efforts to perturb the market,wo observe that their failure has attracted general atten-tion to the real condition of the monetary supply, andhas given a conspicuous check to tho anticipations built

on the expected activity of business this spring; indeed,

it might be plausibly argued that the disappointment

extends far beyond the causes which have produced it.

Waiving this pohit, hawever, we shall confine ourselvesto the quietude which prevails, and endeavor to discoverwhat it forebodes in the immediate future.At the outset, we must remember that the present

monetary depression is peculiar in its symptoms.

Unlike some other instances of commercial stagnation,it is accompanied by large deposits of idle money in allthe banks and moneyed corporations tliroughout thecountry. The savings institutions of the various Stateshave a larger sum than ever before of the aggregatedearnings of the wages classes, showing that the opera-tives throughout the country hold a vast amount of theirpast earnings as a reserve against future calamity andwant. Turning from the men to their employci's, wefind that the banks and trust companies are all in a like

eondition. Beth they and the savings banks aretroubled with the same common embarras tie richesset.Another symptom is that there is a great pressure uponthe public mind of a spirit of economy antl saving. Amerchant or tradesman, who used to work with $10,000balance in bank, is now anxious to double it, and doesnot feel safe to run the risks he formerly accepted with-

out a moment's hesitation. To increase his reserve hesaves on his outlay and cuts down his expenses. Inalmost every home in the land the new spirit offrugality is pinching our expenditure, contracting out-

lay below our income, and increasing our cash

reserves. Now, what is the plain result of sucha new line of policy on the part of our fortymillions of people? Obviously, it tends to diminish

consumption, especially the consumption of luxuries of

various sorts. If ten dollars a head were the limit of

this new movement, there would be a loss to somepersons among us of 400 millions of consumption, withall the traffic which those 400 millions would create as

they pass, through the various steps, from the producer

to the ultimate consumer. Upon whom this loss of businesswould fall it is difficult for us to discover, at least in all

its ramifications. But the loss would, of necessity, be

perceived very early in the great distributing centres.

The chief ports, such as New "iork, would suffermore or less heavily in proportion as the saving and

290 THE CHRONICLE. [March 25, 1876,

economy of the population caused a diminished con-

1

sumption of imported commodities and of domestic

!

goods, which have been usually accumulated there for

dUtribntion. We need not, liowever, fallow this argu-ment further. It is enough to point it out and to indicate

the conclusion to which it leads, namely, that the present

stagnation or lassitude of finance and trade, though it

has its dark side, has also a bright one; and that it con-

tains in it the germ and the promise of future activity.

Another peculiarity to be noted is that this country is

not alone in its experience of monetary and mercantile

stagnation. Throughout Europe there prevails a depressed

condition of business very like our own ; though destitute,

at many points, of some of the compensative advan-tages with which we are favored in this country. Thematerial growth which has been going on with unprec-

edented aetivity in Christendom for the past ten years

has been thus checked, and, though therein no immediate

prospect of a general panic, still there is a considerable

amount of languor and disquietude which is certainly

no worse among us than in most countries of the OldWorld.

From this view of the forces at work in the monetaryarena, what is the conclusion we should deduce as to theprospects for the future ? The answer is, that, untiltrade revives, it is useless to fear, and vain to attempt,

that the rates of money may be forced up by manipula-tion in Wall street. There is enough in the political hori-

zon to operate adversely to trade and to check confi-

dence in business, even were there not the general

agitation caused by the cardinal fact that the country isapproaching the penumb'-a of a Presidential election.

Moreover, in attempting to forecast the future of the

money market, we must not fail to give due weight tothe circumstance that, from a multitude of well-known

causes, our Western cities are suffering much lessseverely than those of the Atlantic seaboard; and theearnings of our railroads, with other obvious circum-

stances, tend to suggest reasons for a gradual reaction

from the existing depression. Although, however, onthe whole, we conclude that the monetary movementshave their conservative and encouraging aspects, it doesnot follow that there is much prospect of the expectedadvance in the rate of interest, or of the monetary activ-ity which the month of April usually brings us.

THE CHAMBER OF COMMERCE AND THE FINANCIAL PESTION.

Mr. Bagehot, in the Fortnightly Review for February,makes the suggestive though somewhat paradoxical re-mark that economic science, as applied to practical life,has made of late years so little advaneement because, onthe one side, the teachers and students of political econ-omy do not verify their theories with suflScient care bycomparing them with facts, and, on the other side, thepractical men of business, who are familiarly conversantwith facts, are not so familiar with principles. This ex-planation of the slow progress of sound economic know-ledge during the age in which we live is as true infinance as in other parts of the great economic domain.The rule, however, has its exceptions. During the earlydays of the suspension of specie payments in 1707 inEngland, it was by the merchants and bankers of Lon-don, and not from the political economists, that the firstdecided action was devised and carried out to resuscitatethe public credit. Similar instances from our own recenthistory will occur to every reader. To Mr. Ragehot'sprinciple, then, we must add certain qualifications, oneof which is, that while, in the smooth ordinary courseof affairs, practical mem of business cannot be ex-

pected to have leisure for the close study of scientificprinciples, or for the cultivation of the habits of

abstract thought needful to apply those principles withsuccess, still there are great crises in the history of

nations when the truest wisdom, the expedients demandedby the exigency of the moment, are to be sought andfound by the keen, slfrewd, practiced skill of the menwho are at the head of our banks, manufactories andmercantile establishments; or at least that an indis-

pensable part of the search will be done for the com-munity by such men. Wc are reminded of this principleby the recent vigorous action of the Chambers of Com-merce in this city and in Boston for the restoration ofspecie payments. In addition to the efforts for the

enlightenment of public opinion on this subject, referred

to in the Chuonictjj some time ago, the Chamber haveadopted the plan of employing the press. Among thecurrency pamphlets they are distributing, we observe aspeech by Mr. A. A. Low, delivered before the Chamberat a recent meeting. The address is, at this criticalperiod, well worthy of public attention, and we trust itwill be extensively read.

Perhaps the most popular characteristic of this speechis its tone of confidence. The hopeful spirit is not toeprevalent among a certain class of the friends of a soundcurrency. Mr. Chase is reported to have held for some

years the opinion that it was impossible to resume onour paper currency without a financial explosion, one

effect of which would be to demonetize the gieenbackgaltogether. Not a few people among us of repu-tation for s.agacity agree on this point with Mr. Chase.They think that resumption will sweep the greenbacksout of the channels of the circulation and leave behind

nothing but the redeemable bank notes and the specie in,which they are to be redeemed. There are several

classes of these pi-ophets of evil. Some of them expeotithat the explosion which is to purify the currency front

paper money, will be sudden, and others expect it to continue and extend itself over a longer or shorter periodBut all alike argue that the greenback currency canno'long survive the shock which will convulse the financia

barque when it strikes the solid ground of specie payments. As to the effects of this event on general busi<ness, our theorists, as might be expected, .are by no meaniof one mind. What they are able to agree upon isrevulsion, of less or greater duration, as certain to attend

the change from the paper money standard to the stanard .of coin. With these various classes of gloom;theorists Mr. Low has no sympathy. lie thinks thwork of resumption threatens the country with noviolent shock of its commercial and financial interests—

On the contrary, he suggests that if the way be judioliously prepared beforehand, and the transition be

properly conducted, the mischiefs to be apprehended

from resumption are not likely to be of so severe a na-

ture as has been supposed even by the public generally.

There is another important quality in the speech

before us, namely, its judiciotis, practical tendency. It

not only declares that our currency may be restored topar with coin, but it points out the way. There are but

two things to be done, according to Mr. Low. First, an

ample supplj' of coin must be provided in the Treasury;

and, secondly, as the greenback currency is redundant,

its excessive issues must be gradually and careful!

withdrawn from the channels of the cii'culation. The;

must be paid off, either from surplus revenue, derived

from new taxes laid for that purpose; or, if th.tt isimpossible, from the proceeds of bonds; a competen'

amount of which could be sold at any time with ease,

\

March 2S 1376.] THE CHRONICLE. 291

there is a lively demand and the marketwill promptly

absorb all that we are likely to need to negotiate, with a

view to the gradual retirement andcancelling of such

part of our greenbacks as need tobe withdrawn to

reduce the circulating current toits proper level.

How many millions of greenbacks we shall require to pay

off or to convert into bonds in thisway, Mr. Low does not

venture to predict. As a beginning, he suggests that

we bring down the outstanding greenbacksto 300

millions of dollars. He also declines to say whether the

g«al of resumption can be fully won within the time

prescribed in the law of June, 1876. These pointsho

discusses as follows :

" The gold in the Treasury of the United States in 1873has

diminishtd to the extent of forty millions of dollars ;falling from

one hundred and ten millions to about seventy, inless than three

vears And this reduction is due, in part at least, to the uncer-

tainty which prevails abroad as to the decision ot thequestion to

which I have referred. Europeans have not only losttheir

money by bad investments in American securities, but, whatis

worse they have, to some extent, lost faith in our rectitudeof

Durno'se. They withdraw moneys, now that gold is at a premium

of 18 and 14 per cent, lest, by and by, tliey may not beable to do

BO without losing more. Were there an equal hope of a decline

in' the value of gold, they would permit their funds toremain tor

the benefit of the expected change. If not forreinvestment. I

would not willingly think, that, while the minds of ourpeople

have become enlightened, their contciences have becomeblunted;

but from all quarters of the horizon, even from our own city,

voices are heard which proclaim an unwillingness to sustainthe

right a willingness to submit to what is wrong; and too many

votes' in Congress testify to the potency of the sound. So,too,

there are honest differences of opinion, and they aje widely enter-

tained, as to the possibility of resuming specie payments within

the time fixed by law, and there is a too general indispositionto

such a measure of contraction as the emergency demands. The

courage and constancy on the part of our soldiers, which secured

us victory in the war of the rebellion, appears to be wanting in the

present crisis. For the sake of the Union, men were willing to

encounter death ; but, to preserve the nation's plighted faith,

how many shrink from the sacrifice it demands, from a present

loss for tbe sake of a future and permanent good 1 On one pomt

thecommoa judgment has become measurably fixed, viz., upon

the necessity of retiring a portion of the legal-tender notesnow

authorized by law—the excess of three hundred millions ofdollars."

Finally, there is another point on which Mr. Low differs

from many of our currency reformers in both the hostile

camps of resumption and inflation. lie does not seem

to rely much on the necessity of further legislation.

The expansionists favor new legislation, because they

are sanguine of success in introducing some inflation

elements into any bill which could be put on its passage;

and the friends of a sound currency favor legislation,

because they thiuk, as we do, that the resumption law of

1875 was defective in some points, and that at sometime

prior to 1878 some supplementary laws will of necessity

have to be passed. For the present, however, it would

seem that, as Mr. Sherman said lately, there is nothing

lost by deferring further legislation for a time, inas-

much as the Resumption law is executing itself, and our

whole financial and mercantile movements are accom-

modating themselves to the approaching exigencies of

the new situation. Such are some of the suggestions

conreyed to us by this speech which the Chamber of

Commerce have put in circulation. In the concluding

part of his paper, Mr. Low gives some confirmatory

passages from Macaulay, which will be found timely,

luminous, and instructive.

A PETTY SCRAMBLE FOR THE GESEVA AWARD.

We must suppose that it was in rather a humorousvein that Mr. William K. Wait, member for Gloucester,

gave notice in the House of Commons on Thursday of

this week, as appears by the Cable despatches to the

daily Press, that he would shortly ask Mr. Bourke, Un-

der-Secretary for Foreign Affairs, whether it is true that

the Government of the United States, after paying the

Alabama claims, has a surplus of from £1,000,000 to

£2,000,000 Sterling, for which it is unable to find Uffili-

mate claimants. The honorable member had probably

received news of the bill given below, and intnuluced

into Congress last week, cutting off all "legitimate"

claimants, and hence his assumed anxiety le.it wo might

not be able to discover any.

It is very surprising that our learned Congressmen

should continue to find so much to confuse them in the

consideration of these Alabama claims. Judging from tbe

results now published, the committee having the matter

in charge appear not only to be quite iiiharnionious but

to have i)roduced, after much lal>or, a majority report

which seems to ignore every ruling of, and fact estab-

lished by, the Geneva Council. We mast be excused fornot understanding the governing principle which has con-

trolled the committee; we can discover none exoo])t it

may be when any body of men .tttempt to prove that

two and two do not make four, chaos is apt to follow.

For the purpose of seeing how far off the scent these

worthy gentlemen are, and how very just is the reproof

which lies hid under the words of the member of Par-

liament referred to above, let us have before us the bill

now introduced .ind turn a little light on its conclusions.

It is called an act to provide for the distribution of the

unappropriated moneys of the Geneva award, and is as

follows: . „ . ., iiBe it enacted by the Senate and House of ItepresentatMe» of the

United States of America in Uongreis assembled, That ii shallbe

the duty of the Court of Commissioners of Alabama Claimft, in

the mode and subject to all the conditions, limitations and provi-

sions of chapter 459 of the laws of the Forty-third Congress,

except as changed or modified by this act, to receive and examine

the claims mentioned in section 3 of this act, and to enter judgments

for the amounts allowed therefore in three classes.

Sec. 2. That the first class shall be for claims directly result-

ing from damage done on the high seas by Confederate crnisers ,during the late rebellion, including vessels and cargoes attacked

on the high seas, or pursued from the high seas, although

destroyed within four miles of the shore, except as provided for

in section 11 of chapter 459. The second class shall be for claims

for the payment of premiums for war risks, whether paid to cor-

porations, agents or individuals, after the sailing of any Confed-

erate cruiser. The third class shall be for claims for sums

actually paid for insured property, destroyed on tbe high seas by

such Confederate cruisers, excepfsums for which judgments have

been entered under section i3 of said chapter. , „ t.Sec 3 That in examining claims in the second clasp, it suaU be

the duty of the Comrt to deduct any sum received by tbe claimant

as an indemnity, so that the actual loss of the claimantonly shall

be allowed; and no claimant in the second class, who has been

paid such loss, shall be entitled to receive from anyinsurance

company recovering in tbe third class any further sum on account

Sec 4 That the judgments rendered by said Court underthis

act Bhkll'be paid by the Secretary of the Treasury, outof Uie sum

of money paid to the United SUtes, pursuant to article , of the

treaty of Washington, and accruing therefrom, notappropriated

to claims provable under the provisions of saidchapter 4.)0, and

the act extending tlie time for the filing of claimsthereunder.

Sec 5 That judgments en'ered in the hrst class shallbe paid

before judgments of tbe second class are paid ; and jadBmentsof

the second class shall be paid l)efore judgments of thethird class

are paid. If the sum of money so unappropriatedsliall be

insufficient to pay the judgments of the first class, theyshall be

paid according to the proportions which theyseverally bear t.)

the whole amount of such unappropriated sum. Ifsuch sum

shall be sufficient to pay the juduments of the firstclass and not

suflicient to pay the judgments of the second class,the latter

iudgments sh'all be paid according to the proportionswhich they

severally bear to the residue of such unappropriatedsum U

such sum shall be sufiicient to pay the judgments of thel^^rat and

second classes, and not sufficient to pay the judgmentsof the tl.ird

class, they shall be paid according to theproportions which they

severally bear to the residue of suchunappropriated sum after

the payment of the judgments ot the first and secondclasses

Sec 6 That in other respects the said judgmentsshall be

reported and paid in the mode provided for the PJ^^""°f J^^^-

ments by said chapter 459, and the act providingfor the payment

of iudgments rendered, and to be rendered,thereunder.

SEC 7 That all claims filed, or that may hereafterbe filed in

said Court, in the name of one or more '«"»»"''• „'""'^*'"^*°Jvessel in v.hich other claimants are interestod

shall be deemed

and held to be legally filed, tbe same as if all theparties in mler-

est had joined in the filing of the petition.

To understand correctly the questions rai.sed,one

should first study the position theGovernment holds m

the controversy. If this money belongs totbe l-nited

States, it has the right to distribute it asit pleases ; if it

292 THE CHRONICLR [March 25, 1876.

does not belong to the United States, it would appear to

be equally clear that its duty consists in simply passing it

over to the lawful ownei-s. Of course, the Government has

the actual power to do as it sees fit, because it has posses-

sion and no one can sue it; and iu these days, when might

in some official circles seems to make right, this may beconsidered as the end of the argument. And yet we begleave to object to such ruling. There exists a higher

sense of honor among our people than the late develop-ments at Washington and elsewhere would indicate, and

it is becoming increasingly sensitive and pronounced.

In this case, it demands that the question be met in the

same spirit and manner as if the Government could be

forced to give this money where it of right belongs.Now we do not propose to enter with much detail into

this portion of our inquiry, except as may be necessaryto supplement the remarks we made upon the samepoint on a recent occasion (Feb. 5, 1876, page 123). Weall know that our demands against Great Britain wereclassed under two general heads of " direct losses" and" indirect losses ;" that the former were private claims,

actual losses of citizens, and the other were the public

loss and other indirect claims. These " indirect losses"

were presented to and explained at length before the

Geneva Council; the subject was fully discussed and con-

sidered with great deliberation ; but it was determined

and adjudicated that " indirect losses " did not constitute

a possible ground of reclamation against a neutral. Thepoint came up with perfect distinctness, and the Got"emment as a claimant (except as it represented privateclaims for direct losses) was ruled out. After that de-aision it would seem as if there could be no question asto the position this Government held in relation tothis award. Still, the subject was again pressed uponthe attention of the Council, in the form of an esti-mate furnished by the Navy Department of the cost ofthe "ineffectual naval cruises to intercept the priva-

teers ;" these were also considered, and deliberatelyand absolutely rejected by the tribunal. In every wayin which the United States presented itself as a claimant,it was repulsed. What basis, therefore, has any one forinsisting that the Government possesses now any rightor control over this money, except so far as may be neces-sary for its distribution among the rightful privateclaimants ? The conclusiveness of this position will be-come increasingly evident as we proceed.

This brings us to a consideration of the present bill,which proposes to divide claimants into three classes.First, it opens the door to private losses by all " Confed-erate cruisers." This is liberal and generous on the part ofthe Government, but it is like much of the loudest hberal-ity now-a-days, in that it is UberaUty with other people'smoney. The Geneva tribunal expressly held that GreatBritain was not in any respect responsible for the losses bythe " Georgia," or for any other vessel except the "Ala-bama," the " Florida," and for the "Shenandoah" afterher recruitment at Melbourne; losses other than by thosevessels were ruled out and disallowed. But now Con-gress proposes to admit them. Why should it not withequal right and propriety give the money away to anyother war claimants ? Or let the Congressmen divide theaward up among themselves ? This latter would be thebetter way; f6r between two things that are wrong, onealways has a fancy for the bold and defiant, rather thanthe sneaking sinner, skulking under and flying the flagof justice. If the money does not belong to those claim-ants who are thus let in; if it does not belong to theGovernment to give away; but if it has been awarded tocertain other parties, and therefore belongs to them; we

insist that this proposed conversion of it is no better

than the other thefts now being exijosed in Congress.But the proposed act makes as a second class of claim-

ants those who paid war premiums. It would seem asif this Congressional committee never could have read

any of the Geneva proceedings or any of the evidence

with regard to them. These war premiums were anotherkind of claim which was presented by our Government,

but was expressly ruled out. Now they arc heldby a few agents who have passed among our mer-chants and obtained them on condition of paying to the

merchants fifty per cent of what they receive, and

these agents are pressing them. It is a big Bonanza.

One Massachusetts statesman is known to be iu it

largely. But, as we said, all these war premiums were

disallowed at Geneva. Here is the evidence of Mr.

Evarts before the Congressional Committee, last year, on

that point:

Mr. Butler—May I ask were the war premiums, eo nomine,withdrawn in that original proceeding before adjournment?

Mr. Evarts—They were in terms. A reference to the transac-tion will show it,

Mr. Butler—Have you got the record here ?•Mr. Evarts—I thought so, but find I have not the volume here

which has the protocols in it; it is the second volume which

contains that statement. But there is no doubt about it. I bad

a very distinct scrutiny of the papers at the time they had their

birth, and there never was any doubt about it. The tribunal

disposed of them finally at that stage of the proceedings.

Mr. Butler—I supposed they disposed of them afterwards?Mr. Evarts—I; disposed of them then, and they were never

alluded to afterwards, and they form no part of the final award.

From that time forward not one word was said, or could be

said, by our Government, its agents or its counsel, on the subject

of the war premiums. It would have been a breach of the trans-

action thus completed ; it would have been an argument on a

point on which judgment had already been entered, and judg-

ment had been entered at a stage when it was necessary to

prevent an adjournmen'.

This would seem to be quite explicit, suflicient even

for the dullest mind. But to make the thing perfectly

clear we would refer the reader to vol. 4, page 21, of the

proceedings at the Geneva Council where he will find the

following in a communication to the tribunal by Mr.

Davis :" The declaration made by the tribunallndividually and collect-

" ively, respecting the claims presented by the United States for

" the award of the tribunal, for, first, the losses in the tramfer

" of the American commercial marine to the British flajx ; second^

" the enhanced payments of insurance ; and third, the prolongation

"of the war, and the addition of a large sum to the cost of the" war and the suppression of the rebellion ; is accepted by the

"President of the United States as determinative of their judg-

" ment upon the important questions of public law involved. The" agent of the United States is authorized to say, that couse-

" quently the above-mentioned claims wiU not he further insisted

" upon before the tribunal by the United States, and may be ex-" eluded from all consideration in any award t/mt may be made."

Thereupon Count Sclopis, in behalf of the arbitrators,

declared (page 22)" That the said several claims for indirect losses, mentioned

" in the statement by the agent of the United States, on the 35th

" inst., and referred to in the statement just made by the agent of" Her Britannic Majesty, are and from henceforth wholly excluded

"from the consideration of the tribunal. &nd directed the secretary" to embody the declaration in the protocol of tkis day's proceed-

Could we have a more definite determination of the

question of war premiums, and, in fact, of all indirect

damages, and therefore of all Government interest in the

award ? After the tribunal had thus narrowed down the

issue by eliminating many of the questions raised, it ad-

dressed itself to a determination of the direct claims and

their amount. Now what were the direct claims ? Mr.Evarts states that they " were a bundle of private claims

—

March 25, 18^ 6 J THE CHRONICLR 293"ships, owners,' claimants, all named and measured, dol-" lar bj dollar—insurers always named for the dolLirs they" were claimants for, tlie original iriHurod losers not being

"named at all, &c." These constituted from thatmoment onward the only claims the United States sub-mitted to the tribunal for scrutiny and adjudication,

except those on behalf of the Navy Department, abovereferred to, which were rejected. And, finally, the point

in the proceedings was reached wliere the tribunal

dosired a tabular statement from each (rovernment, by

which comparison could be made of the conflicting viewsof the two Governments. And thereupon Mr. Davis, onbehalf of the Lfnited States, made up a full detailedaccount (it will be found vol. 3 of the Proceedings, p.

579, ifec.) stating " that these computations show the"entire extent of all private losses which the results" of the adjudication of this tribunal ought i» enable" the United States to make compensation for," giving

the name of each vessel, cargo, owner and insurer, mak-ing thus a complete list of the claimants. Those werethe claims for which the award was given ; and it wasgiven " to enable the United States to make compensa-" tion" in those cases there expressed. If our readers

wish to know who are the claimantKS thus named, and topay whom all this money was given to the United States,they can l«ok at the third class provided for in the aboveact ! They to whom it all belongs are now graciouslyallowed the dregs and drainings, if any remain ! !We have not time to follow this question further to-

day, but it certainly becomes Congress to prevent suchgross wrong-doing. The man who inaugurated thispolicy in the last session of Congress no one expectedanything better from, for he enjoys no very enviablereputation. Is the present legislator willing to walk inhis footsteps ?

OCR PROSPERITY HEREAFTER.

Nobody has questioned that, while the losses resultingfrom the panic and its causes must be endured to thefull, prosperity will return. How and when ? Thesequestions have been anxiously and repeatedly put, withno authoritative answer possible, and such an answer isnot more possible now than it w.is two years ago. Thetimes are peculiarly full of uncertainties ; it is useless

to pretend that there is any general, or decided,improvement in business

;prophecy was never more

venturesome ; all we can safely say is that there isdoubtless a slow and steadj working out of recupera-tion ; that the pendulum must swing back, and that—ifthere were no other reason perceivable—because thedepression has lasted so long the recovery must be thenearer. The depression is an effect ; it next beeomes acause, and when it has worked oflE the disease, will pro-duce prosperity. It seems to us that there are goodreasons for believing that this prosperity, when it doescome, will be unusuil, and some of these reasons we shalltry to point out.

Not the least of them is the fact that the conditionsare peculiarly in favor of industrial activity the worldover, and it is no contradiction of this to admit theexistence of general industrial depression at present ; itis absurd to suppose that the earth is impoverished ortha prosperity of nations and the problems of theirsocial order worked out. The power of the soil toafford sustenance has not been strained yet, even inthe few most densely populated districts ; the mmeralresources of the earth are not known yet, much lesssensibly diminished ; the Centennial will show all thenations, by sample, what they hare and what they have

not accomplished, and will therefore be at once anindustrial schoel and an industrial stimulus ; and tosuppose that the wants of mankind are becoming satis-fied is preposterous. On the contrary, they are justbecoming known. The East, with its swanning millions,has only of late years been really opened to the pro-gressive nations; the Pacific railroads, our Pacific States

and the ocean cables are in our favor, and are invaluable

if wc d» not permit our commercial rivals to anticipateus in the East; our distinctive American productionsand inventions are marketable among the old nationsand those are well disposed towards us; they will eometo the Centennial, and there is no reasonable doubt that

the gates are down, so that wider markets not only in

the East but throughout the world, are opening to onr

industrial activity.

Another reason is that the tendency is towards uni-

versal peace. Wars of conquest, at least, have nearlybecome impossible, unless civilization is to make a back-ward step. War was once a matter of personal prowess,in respect to which every generation stood by itself; ithas beceme a matter of implements, which have prog-ress similar to that of other inventions. A repeatingrifle is a more effectual argument for peace than the

printed ones of societies, and it is becoming foolish for

ten thousand men to go out against twenty thousand; itis better to count numbers and measure armaments at

first and let the weaker submit. The habit of arbitra-tion must become fixed, or civilization must come to a

stand. And the cost of war is so enormoMs, and nations.arc already under so heavy bonds of debt to keep the

peace that the occasions which bring war must be extra-

ordinary indeed. Our civil war was a veiy extraor-dinary one, clearly admitting no arbitration, because it

was the conflict between two industrial systems which

oould not exist side by side, and that any such occasion

can again arise seems inconceivable. To have gottenrid of slavery and have the inevitable struggle over is of

itself a great point in favor of industrial activity. Thefield has been ckared; the cost was frightful, and enor-

mously increased by the unnecessary mismanagement of

Southern affairs since the war. This carpet-bag debt is

a most serious obstacle to prosperity, but it is not insur.

mountable; the country is not yet whole; it is not homo-

geneous yet in population and interests, but it is ready

to become so.

That we are far from out of our cun-ency slough isthe worst fact at present, and the only safe prediction is

that we shall get out of it. To argue with those whohold that the present paper or some other statutory cir-

culating medium can be permanently maintained is awaste of time; in some voluntary and less costly, or

some involuntary and more costly, way and time, weshall certainly get back to gold, notwithstanding all

theorists, politicians and campaign struggles. They

may, and to the extent that they succeed they will,

postpone the time and increase the cost of returning to

gold, but they are powerless to prevent that return. Wemay continue to suffer because we lack courage to en-dure what suffering must be endured and dread what is

imaginary, and may thereby increase our sufferings ; wemay go on in the lack of wisdom and prolong the uncer-tainty which is killing us ; we may, if we do not becomewiser, repeat the remaining chapters of the old history

of irredeemable paper financiering. The end is the only

thing certain, and that is certain. The paper will go its

way and we shall get out of tlie slough ; when we do

we shall, without doubt, enter upon ai era of unusual

prosperity.

294 THE CHRONICLE. iMaicli 25, 1876.In the next place, when we do get out of our currency

slou|[h, we shall at the same time largely separatefinancial matters from politics. There is no prosperity

possible without stability ; but stability can never be had

so long as the circulating medium may be varied inquantity and value by any caprice of legislation.

Finance and commerce have their own natural laws andwill aiTange themselves healthfully if let alone; but

while interfered with by governments their laws still

operate, but only to injury. When we settle the cur-rency, by returning to the gold basis, we shall take outof politics the most explosive suliject it has ever taken

up, and shall take a wide step in restricting government

to its proper functions. To get this accomplished is thefirst thing requisite for general prosperity; and there-

fore when it is done the worst present obstacle toprosjserity will be removed.

As to the recurrence of crises, history does go far tojustify the belief that thoy obey laws of their own andare non-preventable disasters, and yet this is far from

being proven. Mankind certainly grow somewhat inwisdom. One feature of old crises—the run on banks bynote-holders—has been in great part removed by securingthe notes in advance; is it unreasonable to suppose that

the fear which makes panics may be prevented in otherrespects ? To the extent that the currency is substantial,that general stability in the conditions of business and

the maintenance of peace is assured, that credit is curbed,

and that mankind learn to go slow in wealth-getting,the explosive elements will be gotten out of business.

Nobody but the professional speculator likes or seeksrisks, and even he likes to get them off his side andhave "a sure thing;" so mankind take the risks asunavoidable, and will hardly object to changes whichpropose to make the business fabric firm. As the worldgrows wiser, it should gradually be able to preventcrises, as it prevents fires, shipwrecks and other disasters.From our present "set-back," significantly shared byother nations, we ought to build up a greater and afirmer prosperity than ever.

tattat fnonetarg autr €ontinercial (Englial) Nero a

—We have received this week a copy of an address deliveredby the Hon. William J. Bacon, of Utica, on the " Early Bar ofOneida County." Judge Bacon is especially fitted for performingwell Buch a work. His experience, culture and position enablehim to do it most acceptably. Very few of our readers probablyknow what a large place Oneida county holds in the history ofthe bar of this State. Politically its leading city, it has latelyadde-l to its celebrity in being the home of two United StatesSupreme Court judges (Hunt and Johnson) and two United StatesSenators (Conkling and Kernaii), while it is by no means certainthat it will not soon be the home of a President. It has alwaysbeen, however, signally noted for possessing in itself and fur-nishing to other portions of the State, notably to this city, someof the ablest and worthiest members of the profession. We «retherefore specially glad to see that Judge Bacon has so pleasantlyand attractively brought together the earlier history of the Barof that county.

New York & Oswcgo Midland.—Notice is given to the West-era extension bondholders by Ira D. Baker, Referee, that underthe recent decree of foreclosure he will take proof of the owner-ship and amount of bonds at his office, 183 Broadway, on the5th of April.

Pennsylvania & Delaware.—At the annual meeting in Phila-delphia, March 21, it was stated that the earnings for 1875, asreported by ihe lessee, were as follows :

S'"'''K" *3r.30I 10Passengers

. c^g, g.jMa'ls ),5«20

Total ($1,034 per mile) Ssg.SoTeiExpenses (l&.aa per centj ., 29 560 84

RATKS OP BXOHANGB AT LONDON. AND ON LONbONAT ItATBST DATES.

BXCHANQK AT LONDON—MAKCU 10. EXCHANGE ON LONDON.

ON— TIMS. RiTI. LATESTDATE. Time. RATE.

Amsterdam . .

.

short. March 10. short. ia.08Antwerp 3 momhs. " iW.soHamburg .... 30.l)t> Q2a.70 " 3mo8. ao.80Paris ss.nxaas.ar)^

iiAi'/,&i&.47'yin.80 ail.85

-is.atParis 3 montha.Vienna Harcii 10. 3 raos. 115.10Berlin iO.m 030.70

50.16 ©20.7020 30

Prankfort .... 1* 20.

W

St. Petersburg ... 30«@M>i .. 3moB. 31CadizLisbon 40 days.

.. ..

Milan S months. S7.67!/,sa7.73XGenoa S7.67>4 ©37.7514.'Janles a7.67>i®M 72>4Madrid viH&viy, 3mos. 48.75New York.... March 10. 60 days. 4.86Rio de Janeiro Feb. 8. 90 days. 26JiBahia .. «• Jan. 27. 26«Baenos Ayres.. ... Jan. 18. .... 48»®49Valparaiso Jan. 14. 43V4Pernambnco .

.

Jan. -27. '»%Montevideo... Jan. 8. 5«. \yia.Bombay 60 days. 1». %iid.&Xd. March 9. 6 mo?. u. e%d.Calcatia U. 6tid.%%d. March 8. U. S%d.Hong Kong... 3» Wi(d. March S .... St. 9xirf.

Zs.'ioyid.Alexandria Marcii 8. Smos. «65i

Net earnings ($286 per mile) $9,745 SSThe actual surplus of earnings was |8,905 38. The road is

leased to the Pennsylvania.

[From our own correspondent.1London, Saturday, March 11, 1876.

Heavy payments continue to be made into the Exchequer, andthe result is that the supply of floating capital is still diminishing.

The increase in the Treasury balance amounts this week to asmuch as £1,270,52,5, raising the total to £10,500,843, against£8,130,174 last year. In spite, therefore, of the diminished

earnings of the country, and the losses which have been sustainedby the deiault of Peru and Spain, and the partial default ofTurkey, the taxes are coming in freely, and the financial positionof the government is more satisfactory than it was at this periodlust year. The mercantile demand for money is very moderate,but, owing to apprehensions which have existed respectingmercantile credit, merchants have, in many cases, been providingthemselves against contingencies, and this fact has enabledcapitalists to obtain rather better term?. In a brief period, how-ever, the money locked up in the Treasury will again becomeavailable, and as there is but little prospect of the commercialdemand for money assuming any considerable proportions, areturn to ease is regarded as certain. Scarcely any new suhemesare introduced to public notice, and at the present moment nothin|;seems likely to transpire calculated to augment the value 0(money. The rates of discount are now as follows :

Percent. 1 Open-market ratos: Percent.Bank rate 4

|

Open-market rates:(

SOandeOdAys' bills S%&!ifi ISmontha'bllla 3ii&... !

The rates of interest allowed by the Joint stock banks anddiscount houses for deposits are as follows :

Per cent.Joint-stock banks 3 j^,__Discount houses at call 3 @.'"Discount houses with 7 days' notice SJi®!..Discount houses with 14 days' notice Sii®...

Annexed is a statement showing the present position of the Ban kof England, the Bank rate of discount, the price of Consols >the average quotation for English wheat, the price of MiddlingUpland cotton, of No. 40's Mule twist fair second quality,and the Bankers' Clearing House return, compared with theprevious four yean :

£iB.i.M.oog15,914,163

4 months' bauk bills. _6 months' bank bills 3K@^.4 and 6 montha' trade bills. 4 @,i)4

1872.CSlrculation, including £bank post bills 24.680.39.1

Public deposits 13,! r2,S08Other deposits 18,411.665Government securities. ;3,963, 44

1

Other securities 22,401,639Reserve of notes andcoin 13,803,614 18,031,213

Coin and bullion inboth departments 2J,091,874 84,778,283

Bank-rate a p. c.Consols 32^English wheat 55s. 8d.Mid. Upland cotton .. .No.40 male yarn fair Sdquality Is. 4d.

Clearlne House return. 88,090,000

18,216,61313,360,08321,395,038

S>i p. c.

558. 6d.9 ll-16d.

1874.

£25,524,8369,696,40517,160,52413,846,524

1875.

£25,740,0118,1.30,174

18,580,28313,108,887

1876.

£26,706,46010,St6,84318,308.86613.863.21521,429,20318,665,410 21,143,578

13.056,059 10,652,318 12,163,892

23,071,484

3X p. c.92^

61s. 6d.

7 15-16d.

Is. 0.!tfd.

20,003,273

3>i p. c.

mi408. Id.

7 15-16d.

Is. Od.

23,542,6374 p. c.94Vd.

43s. 0,1.

6 l-16d.

lid.92,636,000

Is. 3d93,327,000 9S,29J.U00 107,696,000

The position of the Bank has slightly improved, the proportionof reserve to liabilities having increased from 41f to 41f per cent.

Coin and notes are still returning from provincial circulation, and

the total reserve now amounts to £13,153,292, against £10,553,318last year. Discounts reach a total of £31,439,303, against £31,-

143,578 last year.

March 25, 1876.) THE CHUONICLEi 295The nupply of bullion hold by the Bank of France now amoanta

to the large gum of £73^50,000.The following aro thn rates of interest at leading cities abroad -

Bank OpenBank Oipenrate, inarket.

per cent, per cent.4 88

P«rl«Amnterdam

.

I(ainl>ur){ iJiUorlin 4 i)iKraiikfort 4 »J<VIonnaand Trieste. .>. 4)i *>iMadrid, Cadlzand Bar-ci'lona 8 CaS

I.iiihun and Opnrto... i ifiSt. PolerBtmri:

BrnsselsTurin, FlorenceRome

IjulpzlfOenoaOenevaNew YorkCalcuttaCopenhaRBn . .

,

CoustauUuopla..

and

rate, marketper cent, percent.

B 4)i4 36 4X3 3.... *Hm>i•V ....B S

Tbo Bteniner for tbe Bast baa taken out £238,726, consistingchiefly of silver. The supply of silver offering is less extensive,

and tbe price has advanced to SS^d. per ounce. There has been

but little demand for gold for export. As there liave lieeu somelargii purchases of etock on Continental account, it is anticipated

that the inovi-ment will, durinpf tbe next lew days, be in favor

ot this country. The prices of bullion are now as follows :SOLD. s. d. a. d.

Knrnold per oz. standard. 77 9 & ...Bui Gold, One per oz. standard, 77 9 ^ItarOold, rcflnablH par oz. standard . 77 11 a ....SpiiniHh Doublooii!4 per oz. 74 6 kS ....Boiith American Doiihloons peroz. 78United bta'osUold Coin peroz.

BILTIB.Bar Silver, Fine per oz. standard.Bar Silver, con'ng 5 etn. Gold per o/. standard.Moxicjin Dollars per oz. ; last price.SpiiniMii Dollars (Caroms) per oz. none here.Five Franc IMecea peroz.

Discount, 3 per cent.

d.

S3 9-16®Sl)< 9

(&QulckBllver, £10 per bottle.

The stock markets have been much agitated during the week,and tbo value of Britinh railway shares, chiefly Caledonian andNorth British, baa experienced a heavy fall. In Egyptiansecurities there have been repeated fluctuations, and numerouscoutradictory rumors have been circulated with regard to Mr.Cave's report. United States Government securities are scarcelyso firm, but no important change has taken place. Erie andAtlantic & Great Westorn securities attract but little attention,and the quotations have had a downward tendency. With regardto the latter undertaking, it is slated by the trustees of the revisedofflclal scheme of arrangement of the Atlantic and Great WesternRailway that since the posting of a quotation for the trustees'certificates by the Stock Exchange Committee the deposit ofbonds increased freely, the amount of first mortgage bonds alonebeing now nearly Gi millions of dollars, and the total of first,second, and third mortgages over 16J millions. lu the value ofother American railroad bonds there has been some irregularity,and there has been some sympathy with the depression existingin other departments. The settlement will be commenced onMonday and will terminate on Wednesday. Since th« last accountCaledonian Railway stock has lalUn 10; North British, Ifli

;

Hreat Xorthem A stock, U; London and Northwestern, 6 ; Man-chester, Sheffield and Lincolnshire, 8 ; Midland, 5; North Eastern,10 ; and other lines 3 to 3 per cent. Peruvian Government secur.Ities have also receded about 5 per cent., and nearly all otherclasses of securities are lower in value. There are naturallyapprehensions that failures will take place, as the losses incurredof late have been very great. The closing prices of Consols andthe principal American securities at to-day's market, comparedwith those of Saturday last, are subjoined :

„ , Redm. March 4.Consols aUnited States 188'

'-— -Do 5-20S 1885Do 5-a) 1885

D. S. 1867,»371.846,380 ISB. to Feb. »7,'69, 6s... .1887Do funded, 5s .,,. 1881Do 10-40, 6a 1904

liOnislana, 8:! 1875Do 68

Massachusetts 5e ...1888Do 58 1894Do 58 1900go 58 1889Do 58 1891Do 6s 1891Do 58.... )8!i5Do is 1895

Virginia stock SsDo 68« '.'.'.".'.".".'.Do New fundei 6s 1905

109 mio104?i@105V105 ©107107X(ai08106 aioflx10S>s©106>i35 & 4534 m 45103 ®105103 @I06lOi ©104Wi @10410!t ©104101 aio4ion @IMU-i @104

March 11.94X@ ....109 ©110105 ©lOiX105 ©107107X@108J<105X@1U6105X@10«X35 © 4535 ^ 45103 ©105

©105©104©104©104©104©104©104

103loa102lO-J

lOJ102102

©40© 64

. .AMSBIOAN DOLLAR BONDS AND SHARES.

Atlantic & Groat Western let M., $1,000, 7s. . .1902 31 © 3.1Do 2d mort., $1.000, 78.. 1902 13 'Do 8d mort., $1,000 1902 6Do 1st mort. Trustees' certiflcatcs .... 32Do 2d do do .... 14Do 3d do do .... 6

Atlantic Mississippi A Ohio, Con. mort., 7s 1905 25Baltimore & Potomac (Main Line) Ist mort, 6s.l911 94

do CTunnel) Ist mortgage, 6«,(gnar. by PcnnBylvanla & No. Ceut.Railway).1911

Central or New Jersey, cons, mort., 7s 1899Central PaciHc of California, Ist mort., 6s. . . 1896DoCalifor.&Orci;onDiv.l9tmort.gld.bda,68.1892Tin T any) ^._A^» 1 J_ ' J.

© 15© 7© 34© 16© 7© 85

3559

3013B30135

2594

© 40© 61

© 15@ 6© 32© 15© 6© 35© 96

92100

Do Land grant Bonds T.'..7..'".i890Oetralt & Milwaukee Ut mortgage, 78.

.

Do., „ , 1815

2d mortgage, Ss 1875

© 94©101

97M® »8)tf91 © 9289 © 9035 © 4535 © 45

93 © 9500 ©10197 © 98MX© 91X69 © 9i)85 © 4585 © 45

. ».«., . HMm. March 4.Brie $100 sharot ISKDo preference, 78Do convertible gold bonds, 7a 1004Galveston & llarrlsburg, 1st mortgage, 6s 1911Ulinola Ceiilral, $100 Mhares ..Lebich Valiov, consolidated mortgage, 6fl 1QS8Marietta A Cincinnati Railway, 7s 1891Missouri Kansas &, Texas, Ist mort., guar, goldbonds, Knglish, 7» 19C4

New York Boston & Monlrcal, 7b 190SNew York Central * Hudson Klver mortg. bonds.

7

New York Central $100 sharesOregon &, Cuilfoinia, Ist mort, 78 1890

do Frankfort Commll'e Receipts, z coup.Pennsylvania, $50 shares SO © 51

Do. Ist mort., 6s J880 ...A....Philadelphia & Reading $60 shares 44iiS 4BWPlttebnrg Fort Wayne A Chicago eqnlpmeotbonds (guar, by Pennsylvania R. R. Co.), 8» 101 ©101

Union Pacillc Land Grant 1st mort., 7s 1889 98 © 95Union Pacillc Itailway, Ist mortgage, 6's 1898 95 © 97

iM aioi92 AM9s 3n

AHCKIOAN STBBUHO BOHDS,Allegheny Valley, guar, by Ponn. R'y Co 1910Atlantic A Ot. Western consol. mort., BlschofT.

certs, (a), 78 189JAtlantic A Gt.W., leased lines rental trust, 78.1902Do do. do. 1878,78.1908Do. do. Western oxtcn., 8s 1H76Do. do. do. 7b, guar, by Erie R'y.

Baltimoie A Ohio, 8s 1895Do 68 1902Do. 6a 1910

Cairo A Vlncenncs, 7a 1909

9^H^^ 98X S7 O M« a E

110M©U1M36 ©40

43 i 1 4821 i Stat) i i4t88 i ^42mi(i 109Xmal 109VWHt tiaxas i t40

• Ex 6 coupon, Jannary, 1872, to July, 1874, Inclusive.Tbe Hong Kong & Shanghae Banking Corporation are inviting

subscriptions for the balance of the Chinese 8 per cent loan whichwas introduced at Hong Kong last year. The sum to be disposedof is £374,915. The price of issue ia par, or, reckoning accruedinterest, 90 per £100 bond.

The wheat trade has continued to be wanting in animation.Choice qualities of produce remain scarce and command fullprices, but (or medium and inferior wheat the demand isextremely quiet. Tbe weather has, on the whole, been morefavorable for agricultural work, but there are still complaints ofthe wet state of the soil in some localities.The following figures show the imports and exports of cereal

produce into and from tbe United Kingdom since harvest—viz.,from September 1 to the close of the week, compared with thecorresponding periods in the three previous years •

1875-6. 1874-5.Wheat cwt. 31.109,rii7 19,413,:S46Barley 6,422,373 8, 7,18»,!i76~

3,862,0OJPlour

Wheat cwt.BarleyOatsPeasBeans - . ..Indian CornFlour

8.586,0iS

IXF0BT8.

116,87116,715

159,91316,8474,91524,47311,726

156,932153,28238,68814,8781,1.1«

33,22737,922

1873-4.24,116.0106,V01.40O5,171,9; I519,0';3

>,66«,5478,143.841

8.642,082

1,40.3.248

155,53069,4728,6462,175

86,08883.780

1872-3.

2,649,0359.406,6575,066.041740,532

1.414,62911,6:11,497

3,900,730

120,0557,1138,9224,892732

16,56212.S4T

The extent of our imports of wheat and flour during the pastsix months of the season, and the countries whence those sup;;plies were received, are given in the following table

:

IKFORTS OF WHEAT.Fr»m- 1873-4.

Russia cwts. 4,013,664United States 12,442,889British North America 2,217,972Germany 1,499,082l-rance '>.M»Chili 5.36,890

Turkey, Moldavia and Wallachla 274,490Egypt 345,166Other coontrtcs 1.880,666

1874-5.4,033.8749,718,9051,389,8261,622,089

306,463634.804442,86663.720

tO2,018

1875-6.6,289.677

10,600,5092,092,6712,674,890

906,541603,3.38

1,106,0441,969,3663.524,815

18,911,564 29,767,818

1,150,160856.609336,59097.944343,394

1,262,062786.965484.81*188,.333

004,720

Total 23,215,434

IKPOBTS OF PLora.

Unitsd States 1,544,514France 192,888Germany 484,872BrltishNorth America 234,217Other coumrlss 904,099

Total 3,360,090 2,781,697 3,386,591

According to the oflicial returns, the value of the cersal prod

uce imported into tbe United Kingdom daring the first sixmonths of the current and last two seasons was as follows :

1873-4.

Wheat £16,436.440Barley 2,277,774Oats 2,150,009Peas 829,718Bsans 709,741Indlancom 3,172,999Flour 3,820,035

1874-5. 1876-0.

£9,880.790 £16.501,8053.660,291 2,244.8735,069,409 2,122,720429,647 394,147560,199 8.54,243

2,862,843 3.908.660

2,283,466 2,744,306

£»1,746.664 £28,470.769Total £21,196,816

Tbe increase over last season is therefore £6,724,195, bnt there

is only a moderate increase over 1873-4, viz., of £1,374,443.

The deliveries of English wheat continue on a restricted scale,

and the quality and condition of the produce was without improve-

ment. During the week ending March 4, they amounted in th«

150 principal markets of England to only 88,930 quarters

against 63,167 quarters last year, while in the whole kingdom

296 THE CHRONICLBL [March 25, 1876.it is estimated tLat tliey were 155,680 quarters, against 213,700

quarters, showing tkereforc a deficituey of 56,020 quarters.

Since barvest, tlie deliveries in the 150 principal markets have

been 1,345,850 quarters, against 1,030,103 quarters, and in the

whole kingdom 4,983,400 quarters, against 6,530,800 quarters,Bhowing a falling oiT of 1,537,800 quarters. It is estimated that

the following quantities of wheat and flour have been placed

upon the British markets since harvest:1875-6. 1871-5. 187S-4. 1872-3.

cwt. cwt. cwt. cwt.ImporU of wheat since harvMt.... 31, 109,767 19,41.1,346 84,116,010 26,49,),095Imports of flour el nee harvest 3,5»5,0i3 3.8«J,602 .%642,0.« 3.90 '.Z.Obales of Kualish wheat !a,4a,300 29,348,400 a6,9ai,S00 86,966,000

Total Sl.iao.lWO 52,'49,118 53.679..W1 56 SSO.SiSDeduct exports of wheat and Cjlir. 128,597 191,851 1,58.>,U«S l.')-.',40-J

Result ^. ..5ti,991.193 5J,45.'>,494 53,097,564 5'),ir4,423Avertge price ol Englich wheat fortheseason 469. 2d. 418.33. Bis. lOd. 67s. Od.

Tke Board of Trade returns for February were issued on

Tuesday. They show the following results :Imports. Export?.

InFebruary, 1856 £33,^^0,097 £16.43J„')03" 1H75 25,925,518 17,467.256

.-" 1874... 31,3."/0,778 18.2i8,S03

In January and Pfbmary, 1876 64,453,844 31,137,017" " 1876 68,808,193 31,4.'i4.016

1874 62,624,560 37,701,270

The exports of the principal textile fabrics and raw materialsduring the two months were as follows :

1874. 1875. 1870.Imports of cotton cwt. 3,081,831 2,81.5.116 3,5lli,2.)2Exports of cotton cwt. 897,990 3i!9,823 237,903Exports of cotton j-arn lbs. 3.3,5!)3,922 32.672.400 33,9!8,SO0Exports of cotton piece goods.. yds. 683,742,094 66V,958,-30J 616,468,300Exports of Iron and steel tons. 301,328 309.502 289,.3MExports of linen yarn lbs. 4,411,950 3.631,166 4,104,

March 25, lb76.] THie CHRONICLR 297

TUe foUowiajr will gUow the erporti of specie from the port of

N«w Vork lor the week ending March 18, 1876. »nd eince the

bajfioninsof tho year, with a comparUon Jor the correepondlnp

date In previous years :

M.h ll->«tr Tvboo St, Demingo....AmericattEOld ., t'.???Mch. S-Str'.Parlhia LlVfrpooal.. .EnglUh .

liver coin.... 500

Mch. llS-Str. Croacont Cit.v....lUvuua Sp^iiTg^d^.::::" wiuMch. 16-'5tr. Klopslock nHmbiir!; Silver

bars 64.1d7' London Sllverbare ll'S.OOn

Silver bolUon 21,800Goldbir« 80.0(10McxlcuB dollars 3,088

Plymouth French gold coin ... 11.000American gold 100,000

Paris American Rold 60,000

M,.!. i7_BarkMaEdalcna Cludad Ballvar.Amorican t'o'd coin .. 6,000K U Str Perlero Havre American liold coin... MO.OOOxil'.R' i«-8lr' w'eBor 8onthsmpton..AmcTlcan gold coin... lO^OOO

Mch. 13^tr: Cellic. Liverpool. Americangold coin.. . 360,000

Total for the week *Hf2'?MPreviously reported J:^''^^.

,1876 »I0,1C6,865Total since January 1.

Igame time In—

$15,61T.05? -.inO -. $6,375,36!T.lOO.Wr

I

1869 7,139,861

13,«75.(i0l 1868 U.187.7J4

4,6;3,38.-.I

1367 0,068,603

iln. ::::::::... :. i3,389,oi6 1 18666,354,804

The imports of specie at this port during the past week have

b« en as follows :tr,2HH,83U

Same time inH7j13741«731*B

Mch. 14 -Str. Acapulco AaplnwallSilver coin.Gold coin.bllverbare...Gold bullion.,

8,000500

Total for the week |**.^5.3PrevlonslT reported

""'•'"'^

Total since Jan. 1,

3,611,7181368' 1,188,015

1867 408,139

,1876 $916,437

8amet,mein-^^^^^^

|

^^Sametimeln-^^^^^_^^^,

,,,: 1,031,808 11869

Ji^' .; 641,891fSn . 533,619Jg-';;;;;;;; .. . s.718,378,

Eastern Shore.—A meeting of the directors was held at Prin-ceBS Anne Md., recently, to consider certain propositions made by

the bondllolders. These are: 1. To secure authority from the

LeirlslatiTe to make a transfer of the property to the bondhold-

ers • 2 To secure authority to issue second mortgage bonds,in

which shall be funded the unpaid coupons on the outstanding

first morteaffe bonds ; 3. That the company consent to a fore-

closure of the morti^age and sale of the road. Thesepropositions

will probably be referred to a meeting of the stockholders.

St. Joseph & Deiirer City.-Messrg. Hassler & Co., in their

weekly iZeport, furnish the following : . __^

The earnings and expenses from October, 1873, to October, ^ April 21

1875, were as follows :

tract with the Qeoeva Corolag & Syracuse Railway Company, bywhich the coal companies agree to ship not less than 4C0,000 tona

of coal per annum over the entire line of this road, and, further,agree to pay a sutficient amount to meet th" interest and sinkingfund ^oa the entire issue of mortgage bonds, even If the speci-fied amount of coal should not be shipped during any six raontha.The coal companies retain this amount, namely, twenty centa perton of coal, from the freight due the company, and pay it directinto the Farmers' Loan & Trust Company, so that the amountrequired to meot the interest and sinking fund is provided by tliacoal compai.ies.

Tlie mortgage is for $1,000,000, which Is at the rate of abont

|10,000 per mile of road. The New York Central Kallroad Com-pany has purchased $330,000 of these first mortgngo bonds, andthe Fall Brook and Morris Run Coal Companies $170,000 of them.$400,000 of the hoadu have been taken by the contractors towards

payment for the building of the road." The bonds are deliveredto the contractors monthly, as the work of construction pro-gresses, and la accepted by the company. The entire road inexpected to be finished and running by the month of Octobernext.

Messrs. Aug. J. Brown & Son, Bankers, 56 Liberty street, arenow offering $400,000 of the first mortgage seven per cent bondsat ninety five (95) and accrued interest. The subscriptions are tobe payable in monthly instalments, commencing in April and

ending in October, 1870.It is hardly necessary to remark that Messrs. Brown & Son

would n-«t now offer a new railroad bond, unless they had entireconfidence that its recommendations were so itrong aa to satisfy

the most critical demands of investors.

Toledo Peoria & Warsaw.—In the United States CircuitCourt in Chicago, March 17, the trustees of the first mortgages of

the Eastern and Western Division filed an inlt-rvening petition

in the suit for the foreclosure of the consolidated mortgage. The

bill sets forth that the bondholders have a lien prior lo that of

any of the parties holding unsecured claims and bills against the

road, and asks that the Court direct the Receiver to apply the net

earnings oj the road to the payment of their over-due coupons.

— Messrs. A. Iselin & Co., of 48 Wall street, give notice in thisissue of the Chronici.K, that they will purchase, at par, coupons

of the following railroad bonds, due at the dates mentioned:

Indiana Central 10 per cent., due Jan. 1, 1S76; Union and Lo-

gansport First Mortgage, due Oct. 1, 1875; Columbus and In-

dianapolia Central Second Mortgage, due Nov. 1, 1875 ; Toledo,

IjOgansport and Burlington First Mortgage, due Feb. 1, 1876;

do. Income, due Feb. 1, 1870.

— The Board of Directors of the Producers' Consolidated Landand Petroleum Company have declared a quarterly dividend of

six per cjnt. on the capital stock of the Company, payable at the

Treasurer's office. No. 24 Pine street. New York, on and afterApril 30 next. The transfer books close on April 11, and re-open

K«ni"g8.

January.. . $KcbrnarvMarchAprilMayJnneJulyAngnstSeptemberOctober.... 31,781November., 28,113December. . S9,f.52

-1873,-Kxp'ecfc.

. 1874. ,

Kam'jfa. Egi^ses.

89.1382r,4J I

54,574

S'24,50121,0St28, 1 8aaH.tni

38,11435,9.')8

44.3i44,%70»

47,14134,958

33,417

$i3,93081,87825,1,13

23,71 3.30,.I0S

35,5003^.V>4

41,065.39,630

44,27540,821

39,0U

$21,99721,00037,98137,46834,13529,18030,211

40,44460,54663,1C4

Exp'sei.$29,12029.644

34,00334,28937,82147,60532,22532,10240,218

42,803

Total earnings, 2', months *iiH|5Total expenses same time c*3,)o)

L^NDi—About 310,000 acres have been received. About 14'),

090 acres have beeu exchanged for bonds and coupons,leaving

about 170 000 acres now ou hand. Bonds will be exchanged for

lands up to the 20th of April. The Trustee's receiptsfor bonds

depoiled will not be exchanged. Patents for 130,000 acresaddi-

tional haveb.-en applied foi;. It is in^PJ^fb'%l'°7*'^f;,';; ^^l^whether the application will be successful. Nearly $1,000,000

bonds have been exchanged for lands. . -r^ , -n-The cash assessment is ner cent on the par of Eastern Di-

vision bonds, and 2i per cent on the par of those of theWestern

Division The cash bo received will be used for payment of over-

due taxes the legal and other expenses of foreclosure, andthe

Dsymcnt to non-uniting bondholders ol their pro rata of the pro-

ceeds of the sale. The expenses and taxes on each division have

beeu about equal. The 6 per cent on the Eastern Division bonds

will amount to a sum about equal to 3A per cent on those of the

Western Division. , v jThey remark : " With the above facts before him, each bond-

holder can judge of the propriety of his paying the cash assess-

ment called for by the Purchasing Committee."

Siinbnry & Lcwistown.—By order of the first mortgage bond-holders, the Sunburv & Lewistown Railroad was sold at public

auction, March 23, lo John K. Valentine, attorney, for $181,000.

Syracuse (Joneva & Corning Baiiway.—This road will run

from Corning direct to Geneva, about sixty miles, and isalmoiit

an air line between those two cities. At Geneva it connectswith

the New York Central Railroad, to which it will furnish coal. It

passes through a fertile and well settled portion of the Stateof

New York. The road from Corning to the coal mines in JSorth-ern Pennsylvania, l>elongiiig to the Fall Brook and Morris RanCoal Companies, is already completed and running.

The Fall Brook and Mortis Run Coal Companies hare made aeon.

BANKING AND FINANCIAL.

wVwOULD^cilarTHirATTMTION OP INVI8T0R8 TO THB FiBST MOBTSiaC

Sevkn Per Cent Bonds or the Str.vcuse Geneva & Cobotno Raiiwat

CoMPANT. These Bonds are a flrst mortgace upon the road, issuedat the rate

of 816,000 per mile. The Fall Bbook and M»rris Run CoalCompanibs of

Penns'tlvanu gnarautee to ship not less than 400,COO tonsof Coal per annum

over the wixA, and to retain and deposit theamount required to meet tie

interest and finking fund in the Farmers' Loan * Trust Compact,whether

the above amonnt of Coal has or has notbeen shipped dnr