Chicago Daily Tribune Newspaper, December 26, 1873, Page 2

w THE CHLCAGO _l_‘)z\ll,‘Y TRIBUNLE ;. YRIDA DECEMBER 25, 1873, e OUR WHOLESALE TRADE. The Business of Chicago in 1873. A Littte Bit of Uistory in Figures-- But Not Fizures of Specchs 630,000,000 Worth of Goods Sold in One Year, This Is No Retail Busiress. ‘A Gain of 18 Per Cont on.1872, and of 31 Por Cent on 1870, The wholosale trade of the citz durlng 1878 will compare favorably with that of any formor year, though it might bo thought at o diand- vantago with 1872, That yoar, bolng the ono succeading tho firo, and not boginuing il ¢imo Lad beon ellowed tho burnt-outers to recom- menco business, waa oxcoptionally netivo; not only on account of the numerous purchases mado to replaco goods destroyed, bub bocauss of an oxtraordinaty domand ou soma dopartmonts for building matorlul, and on othors for thib whoro- withal to supply the wants of tho 40,000 oxtra workora who came Lore tomd fo reconstructing the burnod clvy. OF courso most of thoso wants wore diweetly supplied at rotml, but (he rotailers had to buy at swholosalo bofore thoy conld sell. Most of the robuilding was dono in 1873; but tho trnde has continued, and (n earprising volumo, though necessarily changing i tho proportions of its soveral parts. Some branchos of busiucss shiow s docresse in the volumo of snles, and owing to tho opora- tion of otlior causes in addition to those alroady nated; but this deflclt I8 more tkian componsated by an incresso in other dopatimonts, in spito of groat disconragomonts, and the volumd of trado shows an Incroase, though not &0 great a8 tn somo farmer years, Thore piobably wonld baye been no gain (woith boasting of) but for :ho opizootio visitation in tho latter part of 1874, which rostricted businoss for ‘o timo about in +he eame propoction as did the pauic of a year ‘ater, Tho groat reason for tho continuous growth of sur wholesnlo trade is tho samo that has always axisted ever sivco Chicago bogan to grow out of tho phnso of * Garden City" lifo into tho posi- tion of commoraisl foous of cho Northwost, That reason s tho gront seorot of suscosa wher- ever It is mot with,—tho correspondence of the individual or the community with lis or ita sur- roundings. Wo bave all around us the elemonts of wealth, and that anargy which makes wealth; and onr business men soize upon thoso clements whila the (wonld be) morchants of St. T-oulsnod Now Orleans falk about it, and noedlessly try to sonvineo each othor that it would baagoad thing if they bad onorgy and anterprise enough fo do ns Chicago mercaants do. That is about nil there istoit, Our businces mon may ta'k, but thoy aliways * suit tho action to the word,” and waste no time in talking whera there is nothing to ba dane, And in this spirit they have stretehod out their hends (arthor aud farther emch year, renching out past tho pointe which nspiro to rival this cluy a8 trade coutras, and fail to” barst (o Esop's plan) only because their local frogs have not wind enough to blow themsolves up totho burst- mg point; We reach out furlher every year, baving in 1878 suppliod hoga to tho packers of Cincinnat and Mhlwaukee, wheat to tho millors of St. Louls, grain anid provisions o o largo part of Europe, all the other neceasitics of life to the Great West, sud a shining examplo to the wholo world, + Tiue, too, in the faco of many drawbacks. Tho panic cannot bo claimod a8 o epecial hinder- ance, beeause it applied with far greator force in tho other citles ‘of the Union than here ; and, indead, tho peouliar onargy of Chieago men dhone out with peculiar lustro on that occarfon.’ Oar refusal to issuo corporative ghinplasters, or to _receive thom, diow hither {lio monoy of the Enst and West, and induced the morchants of St. Louis and otker pojuts to auk their country ds btors for payment * in drafts on Chieago,” ‘What, and tho siubborn fuct that . what we nad to el was worth the money, drow bither tho tiade of a continent, and actually mudo of our city & gceno of greater activity, in somo dopartments, than would liava beon' the caso if Jay Cooke's fallute bad not fiooded tho country with a * want of confldenco.” "Ihiere is no.use in attempting to disguise thoe fact that tho operation of tho new Railroad law lins neeesitated tha use of almost suporbuman exerlions to make tho volume of our i‘an\‘u busi~ uces oxceod that of formor yeais, 1t has par- tinlly taken nway ftom us tho tinde of & cousid« crablo strip, of territory nlong tho Mussissippl River noar St. Louls, wlich was secured to us by a system cf “thiough rates,” and required tho accoptancs of loss percontngos of profit in order at tho trade of other eections should wnot be diverted from this oity. . Then, loo, thelow prices of produce bavo proventod fhe farming community trom speudiug a4 frecly o8 thoy would bave doug with highur I'tices, or less protcction against them. Tho piotection systom itsell is now gon- orally revognized as ipjurlonsly affectng our trade, and in this respect a mos: important stop forward has been. mado during the year,—ale thongh to the temporary injury of legitimato teaqers, Tho farmiers Linve found that thoy aro obliged to nccent for what thoy lave to soll Pl'lwu which aro dictated by the competition of “the pauper labor of Europo,” aud huve con- t\u\lclj‘ that’ they eannot afford to pay for woak they ouy, protection prices to the manufacturer, aud agonts’ commissions a8 well. Thoy bave bo- 1p by attompting to lopoff tho laiter,—it would fiavu heen well could thoy have commenced at the other end. 1u rogerd co the panic, womay note that It was folt long in advance by mauy of our wide-awaie ruerehaiits, assamocan feel an approaching storm long befora its arrival, Hence thore was an ex- tonsive shortening of sail before the avont, whioh, while it somowhat reduced tho volumo ol snlos, cnabled our merchants to woather tho galo thnt ‘prostratod €0 many Eastorn Louses, No mportant fulluro bas_ceeurrod among Chicago wholegalo dealersns o consequenea of tho panic,~ a fuct walch spenks volumes for tie gagacity nnd puudence, as well ag tho far-reaching eutorpriso, Wwith which thoy couduct their business, DRY G00DS, No changes have aceured in tho houses doing Lusners i dry gouds durlug tha past yeae, ‘Llie ca.ital engnged 1n the trudo s about £7,000,000, ud (he enfen of tha year aro_about 348,000,000, of wlneh one houso " Lng sold more than one- third, ‘The increage over 1872 iv 15@2) por cent, nobwithstand.ng tho panic, which eaused a shrinkago or 15 per cent gu the average n tha 1ices of domestio {wodu in tho last quarter of le yeur. Tho pauio alko reduced tha aggpre, of importa'lons of toroign goods eligl 9 fuilures aro raported. The paule bas veon o rept benefit to tho businces 1a Obilvago, (hough ef- fecting o 1eduction in the proilty. 'Plio nlorton- ing up of the lines of credws in Now Yark took eway the only inducement thas had oxistod to druws Western buvors to tho seahonrd, na New York lus always glyon loogor time thau Chicage, whore wanted. Addod to this wau tho fact tunt Wostern Luyers who Jhad the cash were nat auxlons” to taka Rold of largo liuee of f:uauu on what thay thought to be a falllug mavket, aud bonght in Chiengo becanro thay did not dosm it worth while 1o go East for wnall Inte. And this will be a permanent boue- At to tho trado of thiscity, a8 those uow custom- ors bave now found thas Chicago wholosnlors ean aiford to undersofl those of New Youk. The yearan tor this fact fa that our doaiern buy direct from the mapufoturers, both domestio aud Eu- ropoun, making thelr inportstions direct, nnd Hits enviug ou Laudiing, whils the cout of fiving ani of ding busmness fn Chicago is scarcely hulf that in Now York, And aot only is thio number of buvers who go Last sioadily dimin- ishing, Lut the wetchnats of o lurgo section of whieh has lutharto heen tributary to Bt ‘now camo to Chicago,whoro thoy can buy b lowar ptlces, Oue of onr houses slono has sold gocds during 1873 cquol in amount to the wnles of nll the diy goods julbeis of Bt I:onlu combined. ¥ “I'h6 recunt dopreciution in the prices of vot- 1on gonds iu ol entively due 1o tho put e, bus in somn mensure to tho veduced prico of ovt- tonuy & consoquenco of a lsrger orop. Lhe * encrifioo salea * made by prominent dealors In aw Yarl wero gonerally confluad to goods thny wero * oft " golor, or passn instylo ; as good atylag coptinued to commaud good prices, both thoro nnd at homo. Our drv-zoods morchants gouornlly report thint colleotions in the country bava beon neatly as good, since Sovtombor, ns fn facawor years ; and somo ot thom nve surprised ab tho esd with which collections wero mnde, Tha yeur lins beon one of unusual prosperity ; and bt for tho panio the snlos wonld have Looa at loast 25 por cont Jargor thau u 1§72, OARYETE. Distinct from dry goods wo have wow & large wholoxnle tendo in earpotings, ougaging tho a:- tention of oight 1nth:g houaas, with “a eapital of 1,000,000@1,250.000, and snlos of $5,000,000 for 1ho year 1374, which comparon favorably with tho businoss of tho yonr proceding, Mauufac- turers' pricos have not duclined slnco tho panlo, but wora conafdarably raduced i tho sprivg, &8 tho Lowell manufaoturivg compaujos oat undor abowt 10 por cont for the purpasa of heading oft tho Ihiladelpbin maaufacturers, tho result of which wus some fallures at Philndelphin and at other pointa, The deolino of tho yoar is about 10 por cont on domestie, and & por cont on for- oigu-made goods; tho lattor boiiy comnaratively tirty, owlng to tho fact that the Buropesn man- ufacturers genornlly confine themeselves' to tho fllling of orders, and houco have no stacks In the market on which they aro com- pollad to realize. Tho year closos with n firmn tous, and vory good prospee’s for the future. GROCEMES, Tho business (ho past year sggrogeios about tho sanio peeuniary vatuo of salod ny i 1872, bo- ing very uoarly 69,000,000 o a eapital of 37,~ 500,000 T'ha profits of tho yoar have been only falr, but no failures have ‘occutrod, notwith- standing tho panlo, and the yeur closos with tho tiado in o healthy cendition, ‘I'he constmption of colfeo in 1873 oxhibited an increass of 14 por cont ovor 19713 but tho hisghor pricos of the past yoar have cavsed dimluislied consuwption por capits, though there {8 a slizit incrcase in the axgrogate, owing to tho gieator numbor of pooplo supplicd. Tho cotfeo rmg, whioh extends from Now York to Brazll, has taken advantago of tho fact that the avea of coffco-producing territory is limitod, and tuat thorofore tho colfos produce tiun canuot be materially, lacroased to meata constantly enlarging domond, ‘fhoy have manipulated priozs up to an averago of fully Go por Ib abovo that of 1872, notwithstanding tho repeal of tha duty of S per (b, Bugnra liavo nveraged 255@30 por 1b lower than in 1872, fu consequonce of tho cxcessive production ; tho erop boing tho largast that wos over gathiered. Pridea havo recedud lowor than at any timo sinco 1860, and_thia fact has largoly stimulated consumption, Tao lossoued cost has also ennblod consumors to uac n much groater proportion of the highor grades than focmorly. Neatly 73 per cont of tho sugars now used aro whito} & fow yonrs ago the brown sugars-wore most 1n favor with buyers, Iho tea trade has beon a disastrous one to Eastern imporlers tho vnst soaton, owing to tho onormons importations of 1872, and tiso dul- ness of trade in tho Eastorn markots, resulting from the coucentration In Chicago of tho groas bualk of the ten trade of thio Northwost, eneo many Eastern failures. Wo noto that Ooclongs liave suffered most, the sariniago in that class of teas being from 60 to 75 por'cent. Our deal- ors now import diroct from. Asintic ports, and this marlket scoms dostined, at no distant’ day, to Lo tho recognlzed coutre for the distribution of tens over a very largo proportion of this continent. Qur merchunts obtain tons from Yoliohama, via San Franclsco, in sovon weeks, inatead ol the five to six monthe covsumed in tho voyago to Now York or Boston, which causes o considorable deterioration in tho quali- ty, a8 well as loss Ly (ho locking-up’ of capital for balf a year on ono consignment. A few yeara ago vory fow Japan tcas woio gold v fhis market, but now thoso teas consti- tuto fully half tha enciio bullktaold; beng c.ioap- or and giving bottor satisfaction to the consume ora.thao most of the Chineso teas. Only ono faxluve bas oceurred horo in the ten trade during 1878, and that was a firm winch recoutly camo uere from Muwrikes. ‘DRids, In this departmont thore are few noteworlhy chnnges. ‘T'rade Lias beon vory even throughout. Tho quantity of gooos sold was about the samo a4 1n 1872 3 but the ourrency received was loss, owlng to tho decliwe in gold, o8 o lnrgo part of the sales ate of imported goods. Tho snles of the year foot up aspout $4,600,000, on & cash eap- ital of 81,000,000, ‘I'here are no fatures to 1e- port and'no oxtonsions, ‘'ho pamc_mado yory ittlo thiference to tho trado, ordora being filled nnd colloctions mado noarly the samo as usual, ‘I'hhe chuef oxcitement of tho year bas boou tho docisien of the Commissionor of Intornal Rov- onuo that all goods put np in packages for tho rotail trade, snd labefed, must boar the proprie~ tary stamp, For six years mo objotion was roitod to putting up modicines in this way, with labols statiog tho quantity of one dosa, without stamps, whero no specisl vittue was claimed for tho propration aud tho trads now genorally regard it a3 o great hardship thet they should liavo 1o pay for sianps on tlus class of goods. MILLINERY, The wholeanlo millinery business has Loen ae- tivo'—tather more ¥o than over before,—though the largor proparations made by some_dealers were uot justitiod by the increasa in trado. Lhe quantity of gooda sold was fully 20 por cent greater in 1373 theu in 1872; but, owing to di- minished puices, chiefly on forcign goods, dus to the decliue in thie goid promium,—ilio ales only foot up nbour $4,800,000, against ©4.500.000 for the year previous, . ‘Tho class of goods dalt in has presented o wide yango, and mero of ar- tistic excellenze than previously, some of our houses baving prosonted a display of goods which o Now Yorkor might envy ns woll ab ad- mirg, 'The panio madae litlle difforonca to tho business in Chicago, beyond necossitating the taking of iron papor from some dobtors in tho Lake Superior regions. Othorwiso collections woromado as prompuly as horetofore, and tho voluma of salos exbubited no_ fulling off, in- dead, some dealers roport au increase, aud glvo a8 » tenson Lho fact that several paitios bonght thetr stocks hero, who in ordinary scasons go East, 1t is only natural that the fall millinery ubiould bn acliva in &pito of tho panio; it is the hond dresa that gives tona to tho general make- up of a lady’s attire, and many who folt com- pelled to economize iudry goods invested in buitizory tho samo g uaual, 20AIC Onr mnsic-dealers report an nggregato busi- ness searcely equul to that of 1872, when mens- urod in dollavs and conts, though the volume of anles was somewhat larger. ‘L'io business was very eatisfactory during tho flrst Half of tho t;unr. Lelow the average ln Auguat, as if tho uying publis bad a premonition of the coming scarm, and was vory auios during the threo or four wecks succeoding the failure of Jay Coolte & Co. Then it revived somowhat, and has beon uito fair durinubllm bolidays, ‘Uho expensos of oing busiuoss have veen larger thau ever this yeur, our lesding firms having secured large establishmonts, and stoglted thom up with nost maguillcent displeys of gooda far exceeding those of the aute-tire porivd, Ionco available profits have beon less; but no sorious embarrass- ment bas been felt by any, as business was kept well in hal for koveral mouths before tho panic, and thero waa loss monoy ont than ususl. We catimato theealea of Lho vear, includimg sheot- music, as well as Instrumonts, at 82,100,009, CHOCKLRY, 4C. The wholesala deslets in crockory, china, glasswaro, silve:-plated ware, lamps, " and the nunbrous uther olagzos of nrtlcloy which nccom- puay thesn in Chicago, Toport o rablior unsatis- Tuctory state of thingd, though no failures have ocawred, In 1872 tno nwaber of firms doing businoss was fully doubled (from 9 to 19), nnd the ruault wad a peneral shriukngo in prices un- dor (e soned compotition, 15 was thew folt 1 vcomo down o hard pau,” but uuz wozo In 1%;3, Eastern denlers warh Ranocsy overstoekod, aavers! of them fatiol, whilc “others avol alluro by flooding the \Weuters tradn with of to sell goods on terma witb which Chiesgo mon could not complote, excepe at » lows, Ilenco a gonernl e the lnst fowr months of the yoar; bo- cuuse, elthough the rulnous Eastern cotnpetiiion kud coasad, ¢ loft couutry daalers fully stovked witt, goods, und they ncotled to muke fewar pur- clities n Chicago than usunl, The busmoss is one thint 16quires s large capital. and has probe- bly returned considerably loss profib during tho past ycar, 1 proportion to tho amount Invented, than auy other branch of wholesalo trade In ourcity, 'Tho sales of the yoar aggregate about 4,000,000, 1OOTA AND SHOES, This branch of the wholesalo businesa has at- tawmed fo very Iarge proportions, the volume of soles during 1878 veig w Htslo over $10,000,000 on a capieal of 4,000,000, includimg thnt em- Klnycd n manufacturivg, Tho sales are snid to 6 ‘nearly 10 por cont larger than in 1872 though ol figures for tho taslve months suc- ceeding (ho fixo are neurly tho smoustho rotcas for tho pust yoar, Thero has been no materin chiango in pricos, and the voar has been one of fair proflt, the fanic muling vory littls differ- enco to the trado. No failures “wro ropotted, Ouno-fifth of aMl cho boots and Aliocs sold by the 16 lending flrms are wenufac.urod by them; bolng nmnl{ sll tho heavy gfln(]s“lnull'fi wear) that they £a{l, Thoy do no " Fine " work horey but tho “heuvier stylos, to which they have paia pavticulay atieution, ure poucrally prelorred in tho Wost to thoso of Bustorn muko, Chicago hetug tho'great bido and lonther contro of the West, onr boot and shon manuiaoturors sre abls to mako their own golcotious,—and from stock —— the woaring quality “of which takes flrst rank whortovar It goos. ~Titoy aluo savo on transpors tation of tho materin), and aro thus onnbled to oy botter wages taau thoao curcont i tho Easte or. manufactorics, whilo offoring favorable torms to bugars in compatition wivh llast mado goods, ‘This mannfactura has boon pri ctpally dovelopod within the past ton years, taough the businens was begun i 1802, Tho product of 1873 I3 vory mnch lnrger than that of tho year procading, and 8 one-idid groater than thot of 1870, orOTIING, The yoar hina boon an nciive and prosporons ono in‘the wholvsalo clothing lino, : Bavorul now fivmn havo seuently embarked in tho buslnoss, and tho result Is o large increaso in both the caplinl invoated,—now 43,600,000,—nnd in tho voluma of enlos,—tho aggrogalo eales of last yoar boing a Littlo over 810,000,000, With ono oxcoption, all our wholosalo clotlisors now manu= factura thoir stoclk m Chloago, the anunual pro- duct having inotensed soven-fold since 1870, Chicago-mndo olmhlnfi glves much bottor satia~ fagtion than that mado 1n Now Yorlk, agalust which thoro 8 & wall-grounded projudios ; as Enators _manufacturors make {lioir goods tor boih the Northern and the Southiorn trade, the consoquonco boing that thoy sult noithor soe- tion, Our Ohicago morchants know juss whatis wanted by Westorn buyors, and mako it ncoarding= l{. Honeo Calesgo now stands at tho hoad of tho list, not ovon oxcopting Now York, In the mattor of clothing, 'ho cumbined eapital of Bt. Louis, fu this bus(ucas, doos 13t oqual that of two of our loacding firme, B HATH, OAPS, AXD FORS. A capital of about &1,600,000 is omployed in tlus businoss, and tho waloa 'of tho past vaar'foot up the onormous aggregato of €0,000,009, though prices havo rulod luwer all around. ‘Wa noto a roduction of 10 per cent oo bats, and 10@15 per cont on oapes and furs. The groatost roduotion n firs Lins boon In minks, and martous stand noxt in the order of woaknoss. . 1u consoqlicnco of thia deoline in prices, tha profita of tho busi- uuas hava boon conaidorably bolow tho avorage of pnst onsous ; and two tirna Liave falled, As o distiibuting polut Ohloago i raplaly oxpand- iug, snd now ranks noxt to Now York; bus the bulk of tho goods eold hore aro manufactnred 1Linst (oxcope sills th. "I'ho grontost portion of the lts producod in the United Statos ave mado within & civouit of 100 milos from Now York oity. PIO-ION, Tho trada in pig-iron waa active and profitable during the first half of the yoar ; since ¢hon it liag rulod dull and hoavy. TFor 'tho wholo year thoro hos boon a lurge docronss 1 tho produc- tion of pig-iron, while the consumption has 1allon off comparativoly listle, For tis roason donlord greuorally anticipate that tho comiog son= son will bo an agtive one, aud moro profitablo than tho last, DPrioes lave avoraged aboat §8.00 pee tou lowor than in 1873, Tho magnitudo of tho buslooes cannot be gaugod by the racoipts of pig-iron and the ebip- men:s of tho manufacturod product from this city, bacauso fully 50 por conc of the product of tho mines ownod and operated by Chicagn par- tics is vold direct from the furnace, and doos not como near Chicago. “ I'he n\'nrnsgu prices of tho year wero nhout as foilows : Lako Buperior, $54.00; Scotel, $66.00; aud stono coul, S47.00, her ton. COALs Tho conl business has been unprecedontodly aotivo during the past year, tho aggregaso of transnctlons being 25 por cont groater Lhan iu 1872, Up to tho timo of tho pavio it was tho most profitablo ecason kuown fur many years. Sinco then the busiuess has fallon off somowlat, and Jower prices hinve roduced prolita, Tho re- coipta of all kinds of conl duying the past twelve months will not vaiy much from 1,0U0,L0V tons. I'his sold for about $8,0,0,000, and the business 1equirod tho omployment of & capital of &3,000,- 00U tor its transuotion, I'ho great olement of prosperity in tho trade, outside of a firat-olusy demaud, was the unusu- ally low rates of treight by lalte. The scason openad at $1 00 pov tow from Duffalo, and 1o- mained at that poiut till August, whon it ad- vanced to 31,18 por ton, During tho pante the rato rapldly declined, with the falling off in tho demand for Westward bound freight room; til at lust tho point was reaclod whers vsscls woro glad Lo enig coal ag ballast, sud somo of them pay their own tow bills at that. In 1872 the rato of “froight from Bufalo toucued $2.60 per ton, Owing to the lessoned cost of moving, denlers &id ot so much feel tho disadvavtago’ orising from tho combination among this owuers of au- thracito coal ; under which they advanced prices 10c per ton on the 1st of ench mopth™ from Juno to Beptomber, inclusive. "Lhio average prico of conl in this murket during the year way $0.60 tor hard, and $7.00 for sofi. Tha growth of tho trade in conl i romarkable; it lus move than doubled duxing the past five yoars. ‘exy littlo wood 18 now used fa Chicago, G...g to tho chieapor prico of coal. A fov 1ostonces will indicato the enormous quantitics of cool consumed in manufactures in Chicago. Tho followinyg quantities Lave boen veed durlng (bo past yoar by the companios namod: Obicage Gas 'Company, 60,000 tons; Yeople's Gas Company, 40,000 ; Johet Iron aud Steol Company, 43,000; Union Rolliug Mills, 40,000; Mevker's Blast Furuace, 26,000; Chicago Plate nnd Bar Metal Manulacturiug Cowpavy, 10,000 tons. Iho followlng _mines aro now owned by Chicnro parties: Walnut ITill, of Pennsylvanias Lick Ty, in Locking Valley, Ohio; Laural Il aud Coal Croek, in Indiasna; aud the Minonk and Wilmingion, in_Illinols, Tho propriotors of threo of theso minos own tho cars in which their conl {s transpotted to this city. The Chicago_ & Illinola River Itailroad Company ara rapidly pushing thieir lino theough the heart of the Wilmingtou coul reglons, and but for the panie would now havo boon uctively delivering coal in Chicago. A LEATUER AND FINDINOS. Tho sales of the yoar have beon about $5,000,008, on » rapital of §2,000,000, 'Uhe sen- sou way tue dullest and most ungiofitable expe- vioncod Lor sovaral veara past. Inferior grades Diavo declined fully 10 por cont in prico, aud the tiado would have oecun_almost paralyzed but for & good demand for Coicago-made loather, prices of whioh wero well muntained, ovivg to its recoguized superiorily, The demand for poor stock lins rapidly fallen off, na manufacturors found 1t to be tho grentest cconomy to buy the best grades, ns they mot only wear beiter, but oub with much loss wasto, Chicago has now tho reputation of manufaotnring tuo beat calf, kip, aud upper lenthor of cuycity in the Unite: States, aud tho demnnd for it genorally exceeds the supply, It 18 wauted alike in Culifornia and Toxas, in Louisiavs and in Massachinsetts ; in fact, in il tho principal mackets of tha States ;' aud its superlor qualiy is ono of tho rongons why thae boots aud shoes manufactured from ic in bis oity are eugorly sought after, whilo tho inorensed proficiency attained in tho manutacturo, and the Jessened cokt, is gradually driving tho custom shoomalker oug of thio busi- noss, o cost of production of leathor in this oity has been somewhat roduced during the past year, owiug to the lower prices ruling for hidos und "bark, . This has beeu pariially the oauso of a dealino of about 10 por cont in the price of im- portod ieather, whioh could uob otherwiso com- pete with thavinade in this city. - LUMBER. The roccipts of Jumbor &t Ohicago for the paat soason, from tae powts namod, wore, In miilions of feor, approximately, as folloiws : Saugatuck, flui‘Ornud Ttiver, 85; Muskegon, 800 ; White Lake, 60 ; Peatwator, 10 ; Luding- ton, 76 ; Lincoln, Hamlin, and Duok Lnke, 14 ; Manistcs, 160 ; Portage Loke and Fraukfort, 14 3 Perverss Bay, 12 ; Obobovaan, 8 ; Baginaw, 10 Monastique, 3¢ ; Codar Rivor, 10; Monom- ince, 125 ; Poshtizo, 403 Oconto, 45; Peuesu- koo, 13 ; Suanilco, 12 ; Groen Bay anu Dopero, 55 Ford Rivor, 183¢; Sturgoon Lay. 167 Es- caunba, 4. 'Tho bolauce, miscolluncous, “I'no lumber trade Lus been groatly dopressed this venson, owing principally to nia over-pro- duetion of the commodity, snd moro recontly to tho finaucial troublos, “Lho sowson’s Lusiiioss hos beon unprofitable to most of those manufac- turors who Linvo placed their Jumbor on. forcod salo ; whila with™ others, espocially those who bave retailed from tholr yurds, the prices roale ized have been in a measuro satisfastory. ‘Yho Chicago maxkiot anmuslly absorbs a liftio over 1,000,000,000 feet of lumber, and su inmonso quantity of lath sud shingles, ‘ho sonson of 1972 being the grear vobuilding year, the 1uceipts amountod to neasly 1,200,000,000 foot. Whe loeal teado of the ourrent year was, of course, loss, but abovo the avernge of previous soasons, while the hip- monts of lumwer to the interlor excoed thuso of 1473 by about 150,000,000 feot, 'ho recoiptuund shipmouts_of shingles are becoming loss oach yeny, they bewg saippod o a greater extent di- toct from tho mills by ruil to tho laterior ou ordors, 'Phio receipts this season wero greatly shortoned, und the full trade inteszupted, by tho puslo, which almost paralyzod au autive aud ad- vanclug wholesslo markot, compelling wanufuc- turoes to shut down thelr mills and nnmedintely curtul thols shipmonts, Less Jumber hus been revaived trom Ooonto this yene than usual, tho opening of now ralironds makiug it mote of & dustribiitlng point for its prodnot than formorly. ''lhere {8 also cotsiderable lvmbor shipped direct from the Aichlisu wost shoro ports, now thut thoy binvo ratlrond communivativa with tho ju- toylor, *I'ho rafthng business was innugurated on Lnko Michigan elus yoar, About 3,000,000 foet of Iumber in tho log vins success{nlly mfied to (his port from Ludiygton. "Lhis business will prob- ably veeolve mora atientlon uoxt season, "Flio wholoualo market, though aotivoat times, hos ganorally laokod animation. Tho greatest deoline Liaa boon {n the common gradea ohioleo lumber’ and shingles have biought proportion- ntely bottor pricos.” Tho recsipts for the firat throo montha woro vory hoavy, ospeoinlly in Mny and Juno, when the capacity of the lumbor flost wna Irgely Incrensod by gzaln vessols en- toring tho trade, the frulghts bolng more Eentis- factory than thoso at that timo obiainable for grain,” Common lumberononad at 812.00@13.60, and doolinod to 80.00@10.01 about tha 1st of June, continuing at about this raugo until oarly in tho fall, whou an advance was obtainod. Tho fall trado promised to vo notive, and tho markat was vory firm, Tho roceints at that time woro Tossoned by all tho lumber vessols oipablo of eatrylng , groln ontering tho lattor trade, bolng attracted by tho hli(h troights. Jolsteand Acantling wore thon selling at $0.50@10.75 ; but tho panio intorzuptod tho trade, and pricos foll to 89,00 for pieco miuff, somo nolling at 87,75, nnd 86,00@0.60 for common bonrds, Choloo bonrds and strips have sold at $12.00@ 18,00 ; average prico ahout $15.00, and of pleco staff 80,60, Lath oponad at $8.36, declined to 8175, ndvanced to £2.00, and closed at §L.75@ §187i¢, nflont. Shinglos bavo eold st from §2.873¢@3.573¢ afloat, nnd §3.00@9.60 on trac’s, Shinglos word soarco in_the enrly fall, and, with an active domand, hnd advancod to #3.25@ 8.37% aflont, and 88,871¢@3.60 on track, whon tho panio camo and gropped tho trade, and thoy soon daclinod, Boloots and closts sold bofors Beptembor at §18.00@456.00. Uhe ynrd trado has boon actlve, and fn & mensurd satisfactory, The interior demand hag Inorossed, and tho ity trado oxcocda that of pro- vious yoats, Inst sonson oxcoptod. Yard prives havo buan Jower this soason than last, tuo pront- o8t reduotion belng in tho common grados, which havo deulingd 23.00 por m, solling on the aver- ago at $12,00@18.00, though comnion lumber haa sold lowor than this. ~ Tho upper grades have ruled compavativoly teady Ehroughout, prices being not vory muoh lower than Inst year, Baingles and Iash have fluotunted some, bug wore tolorably steady, aud scarco kud firmduring tho oorly fall, Lumbor was vory active, and advancing in Boptombor ; but the panio chocked the upward toudency of tho markot, and although tho 1otail trado continued unintorruptodly sciive for sov~ oral waeks aftor, pricos for common soon ro- oedod to 812,00, aud concossions Lavo siuco baon mnde for cash. . Followlng 18 n statomont of the stooks of lum- ber, shinglos, and 1ath ot the yards on Jan. 1 ot tho yoars named ¢ 1871, 1812, 1873, Bawed lumber and tmber, £t,,,205,124/232 233,671,637 821,049,202 8hinglos, Tah0S060 T0,920,000 40301000 Tath, plgs, L 83,032,650 17650,050 27,761,649 Tho aunual invoutory of tho stocks atthe yords hins not yot been takon. ‘Pho stocks aro robably less thap o year ago. The stock of umbor ia thought to be not fas from 90,000, Q00 fuot. Roporta from tho various Inmber distriots in- dlcato that logglug operationa aro lo bo conduct- ed ou s much loss oxtonaivo acale this winter than last, 'The oxperienco of this soason and searcity of monoy will, it is thought, causo lam- boring to be reduced at loast ono-half, Dosidos, the winlor go far has boen unfavorable for active oporahions fn tho waods, Owing to this general disposition to curtall oporations, thore iy womo tallof o short supply of lumver noxi year, though our deslors goaerally auticipata thal tho supply will bo ab Jcast ample, The poesi- bLihty of & short supply will doubtloss stimulato many to renewed oxortions, beeldes mon aro Yleuty and Inbor much_cneaper than last year. n addition to thoso facts, howovor, thoro b baon & large amount of lumbor and logs left over, ‘The ostimato glven mhakes the total amonnt iu logs and lumber lefi over on tho shoros of Lako Michigan at 531,000,000 faot. Anothor, suthority makes thie amount for tho State of Michigan at 1,630,000,000 feat, The catimated quantity of logs, uclnding somo lam- ber loft ovar last year b Saginaw, Muskegoa, Maulstee, aud Mason, Ottawa, and Ozeana Cuuu-~ ties was 642,000,000 fect, ' At Ottawa ouly 750,000,000 feot will bo got out this . scason, agelngt 1,250,000,000 Inat yoar. ‘Lho estimaied amount of lumbor and logs loft ovor an tho onst aud west shiores of Laka Michi- gan ls 631,000,000 feot, distributed as follova:, Saugatuck, 10; South Iaven, 5; Grand Laven, 4+ Muskegon, 150; Whito Lako, 17; Stony lot, 3; Dontwalor, 8; Ludinaton, 27i4; Liu- coln,'4; Iamlin, 2; Ireo Boll, 1¢; Man- iutes, 110; DPorlage Lake, 13 Fraukforh, 2; thaverse City, 6; East Bay, 3¢; Elk Raplds, 13¢; Choboygan, 10 ; Monnstiquo, 8; Two Iiv- o1y, 3; White I'ish Bay and Masonville, 8; Cedar Ttivor, 53 Moaomonee, 10; Posbtigo, Qcon- 1o, 60; Vonsaukee, 205 Little Sunwico, '8; Big Suamlcu, 2; Duck Creek, 1; Gieon Bay, 6; Red River, 85 Little Sturgeon, 5; Big Sturgeon, 13 iI'so Rivers, 10; IKonauneo, 8, million foct. ‘Lhe cstimacod awount of lozd left over in the Saginaw distrlet is 437,252,000 feot, Tho stock of lumber on band on tha Sagtuaw River iucs~ timatod at 175,000,000 f IROX AND BTEEL. Iron lins been very dull and depressed ; declin- Ing from 47 to 50 per cont from the highest price of last yoar, and about 30 per cent siuce the 1st of January. ‘The dullness and docline of iron is duo chiofly to an over supply. ‘o ore was con- tracced for ab high pricos, which stimulated mlu- ing, aud the demand for raila has groatly failon off, owlng to the decline in railroad building, which has loft s surplug stock of pig metal on tho marlket, and ceused 8 large increase in iko ‘mabufscture of merchandise gaods, The de- prossion ana low ‘priccs prevailing have also naterislly lessonod importations, Steel, being mostly importad or mado to a largo extent of imported stack, line buen loes affcatad, the de- cline sulfored bulng princlpally from 8ympathy sithgold. ‘Lhere ias also been little change ia Norway iron, At the present time thero is a botzor feehing Iv rogerd 1o wwon, aud it is thought thint tho lowest privoes havo boon ronched. The aggrogato snlosof iron and steel for the yent are b Dol 19 Eablmm.a:l by dealera to smount to abouc $4,000,~ OTNER WETALS, AND NARDWARE. The trade in weials and tluners' stock has been fully aquallc that of 1872, Although there baa beow o argo falling off in the local demand, this Lias been compensated for by the incrensein the Interior trado. Tho market bns boen de- clining, 50 that while tho quantity of goods sold 1 greater, tho amount in dollurs and cents s proportionstely less. Tha lower prices were an- ticlpated fu a measure in 1672, whon tho uupro- codented city domand caused quatations to rula Digher than they would havo douein ordiuary times, But ‘the matalr Laing moatl imported goods, are mote particularly affected by gold, which has declived, The grentest Qeelfuo decurred in October, whon gold went nearly to par, audthers was & genorcl disposis tion among 1mportors and dealers in foroign 00ds to 1¢alize. Prices have been rolatively jower In this country this [all than in Europe, ‘The deellne In metals and tinuers' stock is from 15 to 20 por cont, aud probably in somo manu- factured work it is greater thun tat, though fu some instances less. ‘Tho market at_prosent s rathor quiet, but firm for most_motnls, espocial- 1y tinplate, which has advancsd East. ‘Tho ag- gregato salez of our Jobbera for tho yoar aro os- timated at £9,500,000, sud if othor brancbes of hardwaro were Inoluded would probably aggro- gato $10,000,000, NAILS, Tho pail trade bas beon very largo, in fact it 1s incrensing overy year, 'I'ho local demand, as compaied witin that of lsst yoar, has been less, but there has been o stendy” incresso ju tho in- terlor trado, T'ho teudor.oy of pricoa this yenr higs boen downwmd ; aud nails are now $L.G60 per keg lower than o yeur ago at this timo. The principsl reason for the decline is tho samo os given for iron. 1t I8 estimated that about 400, 0UO kogs of mails Lavo beon sold during tho year. JEWELRY, BTC. The trado In _jewelry, watchos, clocks, &o., exliibits a cousidorable’ falling off in tho aggrs- gato of snles, though sovoral new housos are in the onsluoss, ‘Ihee was loss doing than usual, evon boforo the panio, as low prices for grain 1iad mado country resldenty less willing or ablo to purchase, aud the city trade, nlso, foll off from tho oxtraordinary fmipetus it roceived dur- g the procoss of rebul ding and refarnlehing in the twelve montha succceurng the fire. Lho panle Lrought the bustness almost to a standstill for a conple of weeky, and then it way rather alow until the approach of the hollday acason, durg whicls 1t wae fully cqual fo the nvorags of former yenrs at that poriol, Tho sales of the year foob up about &8,600,000, 4 TUILDING NATERIALS, Overproduction aud competition have caused most builalng matorlsls to ruls very low thig soason, The domand hos Loou lurge, but the trudo, especlally in briok and lime, bey nov gen- otally Leen vory satisfactory. Common brick wero quoted ono ¥our ago at” $11,00@18,00, ant anve doclined to 20.00@7.50, soma parties enrly in the scason, belng dowrous of gog out of the biwsiness, selling bolow those flgures, but prices have ruled pretty steady for the ro- runinder of the season at £6.50@7.00, “Where bns not boen Ho much change in prossed brick, though thoy have declined, Limo is 90@20 per brl lower, and comparn- tivoly stendy av B0c@R1.00 por brl in bulk, Cemunts havo beou in good demand and_very Btondy, nt 2,00 per brl for Lontaville, Akron, and Utiea, whilo Portland is some lower. The fall trado was interrupted by tho finaneiul troublos, but noparticularchange In prices ocsiui- 1ed, they boing , for piany matceinls ut lenst, al- roudy us low us they'could well be, THE GRAND TOTAL. . Tho following is an approsimation to the valuo of our \vhulrunln trade In 1873, It {ncludes only tho firat-solling valuo, sccond enles pot being conntod, oven though made by Joblors. Under tho hond of wholosalo storos . wo lacludo dry- goods, carpots, drugs, grooerlos, millinery, musla, crackory, boots and shacs, clothing, nats, &o,. lonthior, ifon and othor melals, and Joweiry: tha figures inoluding the goods mnnufactured hero, a8 woll na thoso received from othor plages. In Tur Twinune of Dec, 23 wo gavo tho total valuo ol tho product of manufaotures in the city for tho yoar ns 8165« 000,000, Krom this wo deduct $43,500,00 worth of goods mada hnlu{ and jaclnded in tho Haloa of " wholesalo ktores,” in the flvst ine of the fol- lowing lablos Wholosale stores. Tiva nto k, recol Droadsul, racelv Lumbor, ets,, recelved, Other produce, roceived.ors Wholesalo, rocctvad, and Hot. i3 atior Munufactuses, not abiovo jacluded,. +$172,000,000 1,000,000 Tatal rales, . Total Oct, "1 to Ozt, 713 “Cotal I 181 Total n 180 419,600,000 Tolal in 18 397,600,000 Total fn 180 97,000,000 Tolal in 1832, 20,000,000 Boing » gt por he twolve monthy succoeding tho firo. and a galu of 31 por cent on the businesa of 1870, The anrngum bero (flvnn would bo swolled matorially if wo included tho eales of produce to shippers after it has once been gold In opon maz- koe; and no ingonsidorable addition would be mado if wo shoull note tho “sireot trade™ of tho city—as ico, milk, vogetablos, oats, dreseod hogs, &e., which aro sold_without going into storo a¢ all, but go direcily to the consumer., Tho eales of real estato would form nnothor big {tom ; but nona of these bolong to what we uu- doratand a3 the logitunate wliolesalo trade of the city, which is rathor understatod thau other- wivo in tho abovo cstimates. —_———— THE FOG IN LONDON. Lo83 of Life in the Streots and on the Onuads =« Extraordinary Moriatity Among the 13casts at the Smithiield Cattlo Show. . London (Dee, 11) Lvrrf;ym;(l('lflm of the New York ‘orld. This is the third day of tho extraordiunary fog which hay slmost paralyzed all life in London sinco Tuosdny morning. On ‘ucsdav, the fog oaused tho loss of fouriives aud injaries by tha scoro; yoaterday four other persons are kuown to bave drowsel in the canals, and, from tho large number of milssing porsons raported to the polloe, it {8 fearcd that many othors bave mot with tho same fale, Bul tho mos ox. traordinary disnster csused by tho foz hns boon tho effect produced by it upon tho cnttlo on oxhibition st tho sununl Bhow of tho 8mithflold Club v Agticultural Hall. On Monday, whon the show was openod, thoro was not & minglo case of indisposition’ nmong the large munbor of cattlo thas paraded bofce the judges, and at tho vresent writing at lonst n third of the numbor have disappearod from their stalls, Thosimplo explsnation that is given is that it is the long continuance of fog vltmiufi the nir of the hall that Lns occastonod suc wholosalo destruction amongst the bensta. Auyway, thohsmal fact is that sinco early ‘yos torday morning at loast twonty-five of tao’ ox- hibited animals, many of thom the chief prize- loldors, have oithor died or been slaughtored for the sake of saving tho value of carcasses, whilo at 7 o'clock last ovening & caroful enumorntion of tho ombty stalls disclosed the startling truth that it had been thoumhbt pradent w remove nincty-thres of tho unfortunato creaturos. Barford streot, in which aro tho gatea of tho cattlc-yard, all yostorday afternoon and ovening presonted o strango ape pearanco. Inthe fog and by link-light there was ranged in s long hwo that cxtended oven beyond the Liverpool road o large wmumber of thoss paenlimly-shapod vehicles nsed for tho conveyance of gick or dieabled animals,—groat lumbering, clattering boxes on wheels, but known amongst the finternity that . afect thom a8 ** floats,—and each in its turn drew up cnr:d gatos to rocsive ita sorry freightage and hurr s oif to make room for tho next, aud tho niast, of a live that seomed to Lo endloss, Within o building the scons was strange and striking, 'Tho altendauco of viaitors wis 28 preat as is usugl oo o second sbilling day, posaibly greater, on_accouut of the rumor that Dad goi abrond Of the sinrtling mortality that bnd seizad on the largeranimals ; but tho stalls woro not moro than o third fillod. Sight-scory uncurally made for tiat point whore tho bieast of boasts, Mr, Walter's light gray heifer, was to bo sool 3 but, like many moro, that ronowned ani- mal had vavlshod, though whether to (bo slaughtor-houes or merely to moro salubrious quutters could not be nscertained. The fog plague had stricken the poor creatures in tho moat erralio mauner. Iore in o wholo long row no more than lnif a dozon vacant statla misht be counted, while in that immodintely adjoining as many _as fivo-and-twenty description boavds Luwg idle, many of_them. gaily decorated with tho rosettos and ribbons that denote auimals that are epocially distingalshed, Big and lit- e oxen bad alikio fallen viotime, thoe giant of four-nnd-twenty hundred-weight and the compact steer of barely 17, Even tho fough aud wiry natives of tho ighlands, with ibeir enormous breadth and depth of chost and hoalth- fuluess of Jungs, had, in ac least two cascs, boen unablo to hold out azuinst tha deadly gray mist that kcomed to bonlmost o8 inimical to brute-lifo as fumes of charcoal are to human. It is nob ensy to conjectura whut will bo che rosult sup- posing thut, a8 on Tuesdny, tho fog increases, and giows blacker and deusec towsrd midnight. It i quite evident that thero are kcores of the unfortunate creatures who ate buk_ ill-prepared for a prolongation of the attack of tho wondrous enomy. Within an Lour of closing-time last night thero wans not a single bonst on his legs; sll woro lying or Luccling dows, and many of them gasping, aud, with froth on iholr mouth sud postils, dovoting thoir pitiuble condition, It wasa sight that tho great majority of the visitora had not recioned ou, oud instead of, a3 ou ordinary occasions, passing on with atl conveniont speod along the various avounes, faking note as thoy went, now wera to bo seon in fifty differont places groups of a bundred or 50 of mon and wonien crowding acound o luckless boast, and unintoutionally diminisbing his seanty chinuces of existenco. Strangely onough, neither the shoep nor tho igs aro to any alaimiog oxtent aMectod by (Lo _ Tl Inttur snoio and gasp aud mnke apo- plectic gurgling noisey in thoir throats no less and'nomoro than usnal, and tho shoe, though far from lively, exhibit no grave symptoms, S g s P ‘The Femnlo flembers of the Doston School Bnards From the New York Lribune, The recently elected fominino membors of the Boston School Board scom to bo well qualified for the ofice, Miey Abbio W. May has long been identiflod with tho charitios of Boston. At hor home in Exoter placo was bogua the worl of tho Banitary Commission in Boston, and in all the euterpriscs which wero sot on foot during the war for Liio bonolit of thosoldiors Miss May taok & most active part. In oducation Misa May has talon o groat inturest, aud hor viows on the sub- i::ur. are waid to ba decidadly progressive. Miss moin M. Poabody in o Indy of 14 yoars’ cxpori- enco a8 & teachor, and knows perfoctly not only the syatom of education that vanilu thoro, but faby her long servico peculiarly qualiid to judgo s to the requirsmonts of oducation in iho futuro. She Lud in chargs many years ago tho oxcellont school which was bogun by Mrs. Lowoll. Miss Luerolln Crocker {8 tho doughter of Mr. Heury Crocker, Pregidont ol tho Union Insuranco Company. Tha fact that sho bns beon for Bov- eral years ono of the facully in Antioch Collogo, Obio, sufliciently oxplaing the unsnimity with which sha wau closen to the Sctiool Board from Ward Elevon, IHor knowledgo of educational subjvcts, in all branchos, is said to be groat, and sho ean hardly fail to do good work for tho cnuso of education. MNrs, Ann_Adelino nm&er, of Ward Nino, was graduntod at Obotlin Col- lege, Oaio, and has for gome timo managed o la¥go privite #ohool lu Boston. Bho has de- votod her life to oducational matters, and s perfectly compotont to perform tho duties which will devolve upon her. Blio hes assistanco in tho manngemont of hor sohood, 8o that she will bo able to & iaro tho thno which the porformange of theso duties wil roquirae. —_——— Che Worlingmun's oo Nritish Pavilnment. Mr, Burt, the minors’ candidate for Morpeth, in Juat 8 yoara old, and ho was born noar North Hlnalds, 1loisa phnmu'a son, but carly showod consilerablo montal capncity, and was a diligent rowdor, Tlo joluod & local tcmlpmuuu sogioty, and rapidly ‘aesumiod so promineuc o position wmong hin onilenguos that hie was called upon to assuno the dircoiion of the Minors' Union dur- ing tho grent Cramiiugton strike of 1886, 1o found the Unioa with' a balauco of only £23, Yot hio obtained £4,000, and b tho ond of tho striko there wak o balanco of £700, which was made tho nuotous of a fund that now renchos £16.000, 1o took au active part in getting tho 8,000 minors of Morpoth entranchised, and it s boon dooldod to vun him as & oandidato at the noxt eleotion, und, i olected, to givo him £600 5 yeor, 1o'lg, It I snid, Lo bo opposed by Mr, Mitford, ono of Lord llgdudnlu‘u Tolativos, and anthor of *Ialos of Old Japun," MICHIGAN. The Attempt to Introduco Mome- opathy into the University. A Reeelver Appolated for the Dotrolt, Hillsdale & Indlana Railroad, Spectal Correspondence ef The Chicago Tribune, Anx Anpon, Mich., Dac, 22, 1873, Tho roposted nttompts that Lave beon made by tho Miohigon Logislaturo, or rathor by & poworful fastion of that bady, to forso ' A OUATR OF HOMEOPATHY into tho Medical Colloge of tho University of Michigan, contrary to tho wishos of tho Rogonts of that institution, have glven rise to n sorics of t.noal Intoresting and important suits, and tho @nd is not yot renohed. Not only from tha [m. portant oonstitutional quostions involved, in which tho State of Michigan is more immodinte- ly concorned, but from tho welghty educational intorosta affocted, it has become of vital im. portance to tho wholo Northiwost, Tho question is now not s0 much, What par. tionlar school of modiciue shall bo taught in this collego ? ns, WHO SHALL RULE THE UNIVERSITY? ‘Wera it only n Kilkenny-cat-fight botween the Allopathlsts snd tho Homoopathists, mavy who now tako o deop interest in tho result would calmly awnit the end, contont to lat the longer tail win, only enrncatly wishing thot the ond of this unprofitable conteat might soon come, 80 that pence would sgain reign in the Univorsity, leaving the authoritios to turn tholr undisturbod attontion to tife moro important mattors which press upon thom from every slde, DBut the question fa lts present form is, I ro- pent, Who is to rule thia University ? Is 1t to bo left to bo driven bhither and thither by every gust of popular passion and preju- dico? Isit to bo thrown into tho political whirlpool (If mot cosspool) at Lansing, to bLs tossod, and turned, and twisted, a8 offico-sookiing policy or popular clamor may direct? Orls its goverumont to bo left in tho hands of thu Rogenta, whose wiso rule nosds no other pralgo tusn tho qulct, aleady, yet rapld growuh which s charas.orized tho history of tho Umvouslty ? . 'o bring this maftor clenrly before tho minds of Tux TrinuNe rondars, L will give o briof IISTORY OF THE CONTEST: Dofora tho adaption of tho Conatitution of 1851, tho Rogonts of the Univorsily wero np- nointed Ly the Souate on tho nomination of tho Governor. It wasgoon found that this placed tho real rule of the University in tho hands of the Legislature, whilo it nominally remaincd with tho Rogents. W 'To romove this difficulty, it was provided by that Coustitution that heucoforth the ltegonts should bo elocted directly by tho people,—one being choson from each Snnntorln‘: Distri and the i;mmml aud complote control was placed gir hauds. In the words of tha Constitu- The Board of Regents shall have geueral supervigion of the University, and direction and Sl of all expenditurcs from tho University Fund.” As carly o8 1855 & Inw was possod by tha Logiulaturo, requuring the Lijard of Rogouts to appoint & Profewsor of Homeopathy. THEN TUE BTRUGGLE BEGAN, After long-continucd eftorts to &ecura tho ap- pointmont of guch Profossor, application was wade, in 1369, to the Supreme Court for o man- danu’s requising tho Tegonts Lo comply with tho I, iio Regents rosletod this application, on tho gronnd that the law was uucoustitutiovnl, as that instrumont Lind expressly given them com- pleto direction and coatrol of tho expenditures of the Univorsity. The Supreme Court wns equolly divided on tho question of the constitutionality of the law, and tue maudamus was, of course, donied. “Chis brings tho cugo dosh to. tho law enncted by the Leglslaturae last wintor, which is the pres- ent subject of nnulrovmt:f. This Jaw 1equlres, In stlll stronger terms than any of the preceding sets, that the Rogents SUALL APFOINT TWO LOMEOPATHIO PROFESSORS, I'ie prosent Board of Regents took the matter into considoration last Juue,—o full account of which rppeared in Tur Trisvle ab that time,— and, liko the previous Loards, concluded that an attompl to tench two Lostile thoories of medicine in tho samo college would be inoxpediont, if not dangorous ; that the law was uucoustitutional, and, without their sauction, uttorly vold ; and, thotefore, thofl refused to carry out the lnw. 8o tho aoors of the Univeigity were sgaln closed sgaingt Homeopathy, "Uhe Attornoy Goueral detorminod to make a flank-movemont on iho Regents this iime by bringing tho quostion DEFONE A CIRCUIT COURT,— in that way gaining two chisnces of success; 8o ho mndo apphication to Judge Orau?, of this county, for a writ of mandamus to enforce the law, "So much for tho history of the caso up to this time. _“L'o-doy the easo was argued, and, ovon If noth- ing iad beon at sinke, tle array of legal taloni upon either side wouid have mado it o day long to bio remembored iu Ann Arbor. Judge Lawreucs, of thia place, and D, Darwin Tuglhos, of Grand Rapids, sppeired on bebalf of tho Legislaturo: whilo the Board of Rogents waa oven more ally represented, by Judge Gharles 1. Walker, of Detroit (Kent Professor of Law in l{ui! Uuniversity), aud ex-Gov, Felch, of Auu Avbor. At the trinl to-day, tho attorneys for tho Legislatare rolied mainly upon tho law; whilo thoso of the Regents claimed: first, that tho Qirouit Courts have no_jurisdiction to lssuo the desired writ ; second, that ths Jaw was unconsti- tutional, ‘When Judges Lawrence ard Walker hnd con- oluded their arguments, it was decided to submit the cose withous further discusslon. Judge Crane then dolivered 118 DECISION, substantially as follows : “To my wniud, this quostion, while it {8 of 'vast importanco, not only to tho University, but to the Legislaturo and the peoplo, that it shoald be decided, and that, too, speedily, yet involvos questions which can and ought Lo o sottled only Ly tho Bupreme Court. Aud, moreover, it iy, in my mind, a question of grave doubt whather this Court hna o vignt to graus such a writ ; and, in vle[\tv of thieso fucts, I foel it my duty to deny Lho et I'hia decision, of course, does not reach the Ee{nt at issue, and the'guestion will now bs ronght before the Bupreme Court at the noxt term, when it will probably be defloitely and for- over seteled, 'ANOTHEN DANKRUPT RAILUOAD. Anothor road haw followed in $ha way already fiohmyu ount and so_suceossfully puvsued by the octhorn _Pacific Nnilroad. At lenst, so the Ion, G, V. N, Lothrop, of Dotroit, told the Cirouit Court of this county fo.day, He ra- lated that the Detrolt, Milsdolo & Indinna Railrond Company had given to James F. Joy aud Henry I Daldwm, Trustees, &o., two mortgages to securo dobis to the amount of 2400,000; and that road, undor its presont managemont, could pag usitlier prineipal nor interost § and, thorefore, he prayed the Coutt to appoint & Recsiver to tako charge of this road for tho benoflt of tho holders of thosa mortgages, Upon ovidence that the writ of complpint had been sorved upon the Presidont of tho road, Christiau F. Bull, Tsq., end, a8 no oue appoearad to object on bohalf of the liallrond Company, Judge Oraue grantod the dosived ordor, and sppoiuted Edwin ¥, Ubl, of Yosilanti, a8 Rocelver, with full powers, . AW, st ol el ene S The Eucnlyptus ‘free==i 'Frea that . Destroys Mularin, Krpms the London Tetegraph, At tho last mabting of the French Aendomy of Hoionce a very interesting paper was read by M. Gimbert. Ita subjoct was tho alleged fobnfugal proportics of the Auatrallan troo, eucalypitis glabulns, whiol is said to havo the ' ourious and Valuaple power of dostroyiug tho malarious elo- mont in any atmosplioro” whoro it grows, The &pooios In question i ono of that family indigon 048 to New South Wales, whio the colonists callgum trees. ‘Choy shoot up vory quickly and to hu enormous hnl[flnb, some of them reaohing 160 faot, with a gicth of from twenty-five to for- . S epieso and strangely-twisted follsge rows in a thin orown at tho top of the pillar- iko siom, but the charactoristis of the whole gonus I8 gho rapid Liabit ef Increaso, spon uqnulI¥ in_the “iron bark" the “blus gum," and this parlionlar ~ specimen the ouca- lyptus globulus, The treo in queation absorbs an imwovse dest of water from tho carth, and at the samo timo omits au aromatio odlor, whigh o, perhaps, something to do with tho boneflcial influonce atiributed to it Whore it in thiokly planted in mmsisy tracts tho subsoll iseaid to Le dramed {n a little while us though by exteusive lfl\xh\g. Miastua coadcs, Wo ato told, whorever tho eucalyptus flourishos, It has bobu tricd for this purposo at the Capo, and within two or throo yoars ins oomplotely changed the olimatio condition of tho uuhvalthy paris of that colony, Homawhat later its plantation was uudertalion on o Jargo sealo in various parts of Algoria, Aba farm twonty milos from Algiers, nltuntod on tho banlks of a river, and nn‘ed for it extromoly postilontial air, about 13,000 ouzas I{ptl wora plantod. In the vame yoar, at tha tlmo whon tho fover sonson used to set In, not s singlo cuso oceusred, yob tho (rees woio not moro than nine feot ligh. H.nea then complota immunity from fover has Loon maintained, In tho nolghborhood of Couslaulina, It s alag stated, was another noted fever-spot, covered with maish-water both in wluter and sume mer; in flve years tho wholo ground was driod np by 14,000 of theeo trocs, and farmers and clilldron enjov excollaut healih. Throughe gut Cubn marsh disonsos ate tapidiy dimmppoar. ing from all vho uvhealtly distriols * whore this wroo has boon introduced. A station-houso, again, at one ond of o rallway vinduot in the De« paitmont of tho Var, was so pestilantinl that tha oflicials could not bo kept thoro longer than o yenr ; forty of tho trees wero planted, and it fy now ng healthy o8 any othor placo on ‘the lino. Buch aro soms of the facts brought forward by 3L Gimbort. If they aro well ostablished, it would bo moat. desirablo to try whethor the suca« Iyptus would thrive on tho wost const of Africs, and otber malariond distriots of tho warmor latis tndes; It s afirmed that tho sunflowor pose sasses a stmilar-capaoity to dry up tho subsoll and noutralizo mintimn. Nor' should botouists noglect thoso suggostions.. I'hore aro morowon- dore yet In tho vogotablo world than aro dresmed of fu their philosophy. Iow passiug strange, for oxample, s that proporty of tho pawpaw=- treo to i maat tendar | A jolnt. of. ‘mutton, stooped in o solution of its juico, bozomes in- atantly sucoulont, aud the flesh of anlmals fod ::xg:‘:é«; leavos *‘molts in tho mouth™ upon THE RECEXT FINANCIAL CRAMP IN EX- ' GLAND. Letter from Prof, Donamy Price, of Oxiord Unlversitys vxrono, Eng,, Dee, 8, 1873, To the Bditor of The Chisago Tribune ; Bir: Your very ablo paper on Orlges, in your Journal of Qot, 23, inteosted mo oxcsedingly, You have done much £o clear up the first princi« ples of o complicated subjoat by your vory seniching annlyais ; 1t would b a vory great al- vantago to traders in overy couatry if banlkors ond flaanciors would study a paper which throwa 80 much light whero it iu sa groatly noeded. You kiove dealt with ronl crisoa founded on an unsound condition of tradoe and banking, Woin England have just gono through & now varlely of commorcial malaly, eprivging up amidsk a remarkably prosperous state of ‘industry and trade, from o sourco which lias Iis origin in imngination and ignoranco. Commorce was flourishing on every eldo; speculation wag dormant ; mo omo was guapocted of Insolvoucy; mo vaguo foar bLrooded over (ho commorcial mind that some grosi wiclder of credit was golng to wrock; the loand asked of banks wore Jegitimato In uabure, and no suspicion wns harborel that thsy would not bo ropald in duo time. Yot becauso tho reserve of gold lad scveral jumps downwsrds, up sprang tho bank rato—cvery man fiightoned Iiis neighibor ; ll rushed togetlier to make thom- golvos safo by obtainirg p.euature loans and advances ; and the hanks reaped o profit mens- uirod by tho difforonce botwoen 8 por cont aud 12, Thus trade was saddlod with an enormous burden, for madern trado ia carriod on by dis- counts, And whorofore was this suftoring in- flicted? Bacnuss ovory ono Lias porsuaded him« gelf that o rosorve is o thing ot to bo touched, ond bhat it it is touched tho banks are al liberty to exact puy intersst they chooso till the heap of gold is reatored to tho conventioual hoight, ‘Torturors and victima nlike succumbd to the de~ lusion, A resorveis mot a buffor, according to thelr conceptions, to rise and {all, and by tising nod falling to steady the banking machine and provent rccourse to couvulsive altosntions of tho rato of wuterest ; it is an arble trary mage, forbidden to act a8 o roserve to meot varlations of payments in gold; it ls something csgentially differont in kind, It is o fixed doterminnte heap, novor to bo lossoned— and, it leseoned, to bo roplonishod at tho cost of no mattor what epasms to tho trading com- munity. A ratiopal explanaiion of such an un- alterable sum is unknown to me. I find no elemont in tho nature of banking which calls for such o storootyped arrangoment. A resorve I understand to be o thing to Lo used, which reg- ulates by increasing or diminisbing; but an unchongeablo quantity 8 o pure picco of ir- rational arbitrariness, But bankers and thoir victims aliko neced to go to schonl; an intelliginle cxplanatioa of their operations is tho lust thing they think of. Toxaxy Prics. A London Foz. From the Boston Fost, i Not only ovar Loodon, bub through all its stroots aud squaras, it alloys nad ** ows2s,” and in its obssurest cornora, thoro was last wesk broading a fog compared with which the famed London fogs of the past Liave been but gossaner mists. 1t came ina thick, dirty yellow cloud, ponetrating every crovice and openinis, creeping along tha thoroughfares like a solid though fue tougible mass. Tho Amerlcen ides of such o visitation Is that the atmosphore has Lecoms in- fectiously dull and stagnant ; the gloom of an American fog 18 no more sorbut than tho ab- souce of sunshino snd & dispiriting Loavinoss in tho ajr, But tho fog which, over and enon, bo- sota London, bosieging 1t Iko an ntmospherio Tiost, absorblug 1t like an atmospherio spongo, a5 littlo to bo yegistod by doors, sud windows, and blinds as & goblin or o fairy sprite, as opaqno a8 o atono wall, ns porsistont a8 o miserly cred- itor, a3 provontivo of busingss as o tinaucial em(a, and os bLostile to the ploasuves of the Tashionable world as a_plaguo of I'lrenco, strilies practical blinduess to the wholo populu~ tion, sud dellas the son and moou, gas, kero- sene, and tar, with an equal triumph. At sueh atinie the London blind bave for onco tho ad- vautnge of their eyc-blessed follow-crontures ; used to firuplug, they may grope amid the fog oy skillfully as under tho noonday sun, and fin tisoir wyay whan tho soeing ave bowilderod, For two days London was enveloped in ono of thieee monstor fogs, tho thickest and most long- ovduriug within tho mewory of living Coci- noys, 1tis almostasif tho great teoming hive of human boes Lad beon sulphur-suffucated out of oxistance. ‘I'he busy Thawmes tlows, for ouco insu age, unobstructed ond free botwoon its marky and Lttored baoks, Yossels, coastwiss and Hon-worn, lie holplags at the quays, and crowd closoly togothor as if for mutual proteo- tion. Thoe pouny stoamboats croep fearfully from pler to pier, thoir lavish galnxy of warm- ing lights pafating but o dull rad tlush on the yollow canvas of tho fog. On London Bridge, at mid-day,thora was an irrogular torohlight pro- cossion of pooplo with lnks oud lauterna grop- ing to and tro, sceming, froma little distwuee, liko o phantom soturnali Evorywhore thera I groping snd colllding, & doadnens and silonco in_must places liko that of midnight. Cheupside, for onco, coases ity day- long babble of cart-wheels snd shoutings, its barriondes of vehicles and. erowded paveinonts, Link boys wallc bafors carriages and carts ; draye 1men curso ot the fog-blinduess of tho coachmon aud omuibus drlyors; moneyed men, tiding painfully towards 'Ohauge, loso procious appoiuts monts ; Londoners of forty yoars' standlug, ot- tompting to roach tho groen-grocer's to order the . family supply, flud thomselves lost in the next stroot, and wandor for koura around & radlus of a fow yards of thoir resilences; cuildien aro hopolossly loat, aud tho pativ sud tho pickpooks oty aro oqually baftled. e e 2 Sporting Enthtisia From the Pall dafl Gazette, A woll-known epacting charactor being on his doath-bod, way attended by & friondly divine of somewhat norvous tomperament, who, to cousolo him, oxprosscd & conviction that ho and his pon- itont would mioet boreafter s winged ungols, “Aro you afive of that " juguired the dyimgmnan. wQuite suro,”replicd his advisor. ““Then 1'Ul 1y you for n sovoreign," replied tho incorrigible gambior, An onthusiast of {lis sort sooms, ao- cording to o local paper, to have groally dis- tinguished bimsell on the occasion of a firo which lately broko out at tho catton-sampling offics of a firm in Liverpool, While tho confla- gration wag at its helght, aud the buining cotton was belug thrown out of the windows upen tho flags below, o number of brokers stood in tho stroot discussing tho sum which tho wasto would reallzo, Onoamong them offorod to hot o guinea thnt the burk cotfon would fotch .£15, and, o3 this was -ukmmuuy far boyond its valuo, bo tound no ditlonity in finding "porsons willl u% to taka tho bot. This Jio did til} twonty peoplo had aceepted tho wagor for a guinea vach, Ile after- wards went to the salo and bought the cotton for £10, which ho thou sold for £12, sustaining a Yous of £4 nupon the purchase, but pocketing six- taen guinoas a3 tho balanoa of liis profits ou tha {ransaction. ¢ ——————— Tho Des Moinos brewers estimate that fhelr | browiug for 1473 will amount to 190,611 gallons.