The New York Herald Newspaper, April 28, 1871, Page 5

+ of produ THE FINANCIAL QUESTION. The Relations of Labor, Capital and Interest in the United States—The American Money Mar- * ket Compared With That of Europe—Our Resources as a Nation and Our iredit as Borrowere—The Prospective Rate of Interest Throughout the United States for the Noxt Quarter of a Century. UFrom the Nation, April 27.] Norwicn, April 20, 1871. ‘The average rate of interest which, during the next quarter of a century, may be expected to pre- vail throughout the United States for money loaned on varying securities is @ question of no little im- Portance to eve ry business man, government finan- cler or corporation—banks, railroad and insurance companies especially—conteinplating money en- gagewents in which the future eaters as an esecn- tal element, inasmuch as the condition of all bust- hess, at ail thes and places, hinges upon the price ‘or Worth of capital, or its reprosentative, money, a8 much as upon any other one contingency. Having Feceniy given some thought to the question as above stated, and thinking that the lacts and con- clusions arrive t at may be worthy of the attention of your readers and the pees Therewlth submit the same for cousideratio: ‘ Writers on politico-economie science are generally agreed that the principles which govern and deter- Mine the rate of interest—or, g-cording to the com- Mon uceeplauion of the term, the price at winch money cau be hired—are, in the main, three:—First, the prod ucttveness of labor in the community where It is employed; second, the supply and demand of Capital; tiated, the safeiy or hazard of the capital Wher loaned; aud to these dl, Amasa Walker, a recoznized authority on these politico-economic subjects, adds @ fourth, viz.;—Lue soundiess of the currency, ‘ ‘ these assumptions are correct tt is obvious the answer to the question as to the future vate of interest in the United states must be sought in the Qpplication cf tho principies, as above stated, to the Material and soctal condition of the country; and With this view tt 1s proposed to ask attention te Wie ecole bn nomen in deiau:— e Productiveness Labor ti tha Communtt; where tt is Hinploycd,—Capital, or Its representative, money—whici commands ali other forms of capi: tal—is esseaual to labor In We work of production. in fact te productive power of labor could be carried ut a very little way witiout capital; and, therefore, In cvery civilized community tie two work together OF 10 partnership, and divide the profits irom buck conjomea eifort between them, The standard ac cording to which auch division takes place is a vary- ing one; but it is Clear that the greater the profit ac- eruing to labor the greater wil be the amount which it can afford to pay to capital Jor 11s use, and Berane the greater ihe amount of capifal which it iM both desire and be able to use, Now, mthe United states the productiveness of labor, or the re- Bult of the tidustry of the people, is greater than i any otner country, and consequently capital here obtatus its largest reward or rate of interest; while in other ‘countries, like France, Germany and bel- glum, Wieré the revirhs of labor are ainall, interest always comparatively low. Tins the agri- oulturists of Kurope who borr at five per Cent is well content Mf the products of his land and labor affora nim a living and sutticient veside to eke good Waste and pay the ire of his capital; ut in the United States, on the contrary, the agi 2 puiturist who pays ten or, a3 13 sometunes the ca! twenty per cent for his ‘capital, not unfrequent!y pays off all his indebtedness with the proceeds of a Bingie crop, leaving the laud aud its improvements to represeut the prodt resulting froin hia labor and the use of capital borrowed at what may seem an excessive, but wach in reality proves to be a com- paratively cheap, rate of interest, The question of Moment under this head, then, is, how long will the natural resources of the country continue (oso abundantly supplement the iudasiry of the people as to make tt un object for them to offer large in- ducements for the loan and use of capital ? That many of these natural resources will ultl- Mately become impaired or exhausted cannot be @oubted; but that any which now materially contri- bute to the wealtn and prosperity of tha country are Ukely to be 60 affected within ihe next quarter dr half century docs not seem at all probable. Tins, of Uhe land available for the profitible growth of Bcot- ton not thiee per cent has ever at any one time been ut under actual cult-vation, Of coal, the most ailabie source of motive power, the deposits of the United States greauly exceed the aggregate of those NEW YORK HERALD, FRIDAY, APRIL vs, 1871—TRIPLE SHEET. & premiem. After the Austrian and Danisn wa which brought to her large accessions of ‘erritory, material resources and population, she could no longer borrow at 5 per cent at par, Dut sold her bonds at a discount of 4per cent. To-day the 6 per cent scrip of the North German Confederation, after the most successful war (f.¢., with France) upon Teoord, is quoted upon the London Stock B: (85 paid tn) at aT att. The “French Teast dence?’ oF ket but who bey of Paris rowed for municlj improvements as hig! ‘7 per cent, The Kuropean price of the Russian 5 per ceut loan of 1870 18 8435; of the Spanish 6 per cents secured @ mortgage on the celebrated y quicksilver mines of New Almaden, in ad‘ition to Lhe faith of the government, 16 a 77; of Portuguese 8 per cents, Of 1809, 82 a 333" of Italian 6 per cents, secured by a pledye of the State revenues from to- bacco, 57¢; Japanese 9 per cents, 89; Chilean 6's of 1867, 98; Massachusetts sterling 5's, Interest an principal payabie in London, 93 & 95; Louisiana 6's, 61a 63, It will thus be seen that the average tates of interest in European markets on the best govern. iment loans extending over a period of from twenty to thirty years, approximate six per cent, On the other huud, the rate for loans of the best character Toventty negotiated by corporations or private asso- eee oo ne same. Market, ranges somewhat wguer. Tus Rus railway 6 per cent mortgage bonds, for Which the faith of ine avenue Pri the earnings of the roads ara pledged, and which are a favorite investment throughout the whole of Central Europe, sell for about $5 a 86; Egyptian 7 per cet railway mortgages, 99 @ 100; Panama 7 per cent general mortgage, due in 1897, 63; iiunois and Missourh first mort Bridge bonds (ster. ling), 87; Michigan Qentral first mortgage Fairs eee . per on 85, . Penusyl- sl per cont general mortgage ling, ‘due 110), nicbly-oe. ser morgane don Economist, the bést Huropean authority on thig subject, estimates that the average rate of interest on & majority of the foreign or colonia stocks now owned in Great Britain is equal to from six to seven per cent a8 minimum, and places the amount of hem at a not jess igure than $2,850,009,000, So much, then, for the present rate at terest in Europe; witie for tne potare the indications ave certainly not of a character to warrant the expecta- ton of any lower rate, but rather lead to a contrary aud opposite conclusion, Thus the tendency and spirit of vhe age are more and more towards the undertaking of industrial enterprises of such magni- tude and characteras require the capitalor the world for their support and execution; such for ex- ample a3 the Paciiio Ratlroad, Suez Canal, Mont Cenis Tunnel and the numberless projected railways in #astern Europe, Western ‘America and even India and Western Asia; and contemporaneously with these unprecedented demands for the loan of capital the extension and use of railroads, stcamsliips and the telegraph have broken down the varriers of nationalities, and, by bringing people geographically remote into close commercial correspoudence aud connection, have made, as it were, the whole world one, and caused capital, freed trom restramt, to tend toa common rate oL interest, as water freed from confinement always tends to & common level, And, in addition to all this demund—the result o1 legitimate industry and progress—the requirement for money by the nations Oi Kurope for military purposes promises to be ag Jarge, if not larger, in the immediate future as it has been in the recent past. “I'he condition of Ger- Many, flushed wiuh victory and conscious of almost irresistitle strength, and of France, su!len and pant- Ing tor revenge, 1s a perpetual menace against peace, and, ag already shown by the action of Great Britain, invites to larger military preparations and consequent greater expenditures, So far, then, as the tinanctal condition of Europe operates in determining the rate of interest on money loaned to or 1 the United States, there is not the first particle of evidence tenaing to show that any lower rates than those now prevaling can for the luimediate future be reasonably anticipated. Coming next to our own country, we find that the new national five per cent loan has thus far heen taken mainty by the banks, acti: obviousiv under the inotive of thereby averting future legislation hostile to themselves, nud has not proved i any de- gree attractive to the general public. although the exemption of the loan from all local taxation ts nominally or really equivalent to an additional one, two or three per cent interest, all of which unmis- takably ladicates that, in the opmion of our own capitalists, money is not to be commanded in the immediate tuture on time, and on the very best of security for any less rate of interest than’ six or seven per cent, with higher rates for borrowers sree less favorable conditions im respect to ‘There 1s also auother circumstance which has not heretofore been discussed publicly and specitically, which has,for years past tended to raise the rate or interest he leading dnancial centres of tue Untted States, and which lor years to come will continue to operaie in the same manner, and that is, the insuil- ciency of original capital on which industrial en- terprises are organized and started in tins country, This is Taruicuiarly the ease with corporations en- f r ° ot AAD snstvatient toe Womens moa at paca ueane gaged tu manufacturing, many of which have olten value in quality. Our deposits of the metals can Se En a En Bearcely be said to have peen us yetexplored. Our area of unoccupied fertile © 1 a ai actual seitiers, is yet “In “Secess of @ thousind millions of eres, while the varieties of climate, soil und cro; nel to insure the Untted states from what in all, cate. | Seong het a sburce of anxiety, viz, a de, ney of foo Sa : Gan be had for mere™SvsagEResg? gs fertile land Chased by the acre for less than @& day’s wages, pauper labor, athough much talked of, can neiiner exist in the Unied States nor m any other country under siimilar conditions, except through the igno- rance or inertness of the masses—two qualitics not characteristic of Americans, and for the simple rea- m that the possession and cultivation of fertile land 19 always capable of giving to its.owner & pene fous support; and when less than tis is aforded by other employments, the tendency, through ob- vous self-intercst, Will be to avandon the lutter aud embrace the furmer, It seems certain, then, that under the above and other conditions the industry of the Cniiet States must, as a whole, continue for @e long time jo be more productive than that oi the older civilized and | more fully occupied ¢ res of Europe; that wages Cannot here fall beiow a comparattyely nigh standard, and that lavor can continue to aiford to liberaliy for the nse of capital. “So far, there- fore, as the resources Of the couutry are concar aed, the evidance 1s complete that there can be no limi tation within the next quarter of a century upon the present demand for capital, or of the opporti- nity to tse it under Such conditions 23 will Warrant the continued payment of at least the present average rates of Interest, i} 2. Supply and Demand,—Let us next consider the | Application of the second principle to the material and social condiilon of the country, ‘With its lumuense natural resourees and powers clion the United States, {rout the lirsi set Uement of its territory by clviized man, has never been able to obtain from its own population @ sup ly of capital adequate to its desires or Lecessilles, ut has drawn largely upon the accumulation of other and vider couniries—the arwount thus drawn ‘within tne last ten years alone from Murope having Deen at least $1,200,000,000, But, notwithstauding: this immense amount superadded to whatever curing the same period may haye restuted from the excess of domestic production over domestic consumption, the supply of active capital In the United States has | never been equal to Mic demand, aud NO loans have | Deen effected since 1-69 or any Considerable amount | onitune, by any corporation or individual in the | ‘United Staies, for iess inan six per cent; or by an State, or by the nauonal government, for a lower Tate,’ un.ess accompanied by some adva- tage—such as exemption frou taxation, payment of interest in gold, &c.—equivaient to from one to two per cent additional; while, in fact, (he majority of the loans made during tie time indicated have averaged nearer seven and ¢cight rater than six cent, We have also shown thal the opportunity 0 use capital advantageously in the United States Is certain to be fully as great during the next twenty- five years, at least, a3 1f hae been ac any thine here- tofore; and it 1s in (he nature of a self-evident propo- sition that when opportuniiy 13 presented for such uses the desire to have with a View to use Will Dot be wanting. The question, therefore, that next pre- gents itsolt (or cousideradon is, From whence and on What terms is our Luluve desired supply Of capital | to be obtained? Vaking 1 (or granted that the home supply, how- ever jitich it imay be tnereased through increased industry, frugality and wise Jegi-Jation, whi not prove sulticient (or our neveasities in the immediate | future, a3 it ceriatnly has not la the past the oniy other source to lu0k to must be the accumulations of Europe. But the accumulations of Lurope are not unlimited, and have been drawn upon to such an extent within the Jastten years that a permanent pise In tho burvpean 1 Js universally conceded, If, Indeed, it has not already taken place, As some indication of the aemands recently made upon the loanable capital of Europe, 36 may be slated that the aggregate oi the loaus | known to nave been negotiated in Europe during the year 1870 was) =m excess Of — $1,100,000,000, of — which — consideravly more than one-half was for reproductive and useful purposes, and the balance on account oO! ‘War or military expenditures, While for the present year the requirements of France forthe payment of indemnity, and of France and Germany alike for the replacement of capital wasted or destroyed by War, ‘willindependently necessiiaie the raising of sums cqual to the aggregate of the lowns of al! tucope for any former equal period. We have, therefore, in ‘these facts a guarantee, as it were, that the supply of capital from) Kw rextments Is not for the immediate iuture to be mer of tnterest to be in any degree diuinistied; and if these inferences are correct, then the prevatiiag rave of interest in the United States tor money loaned 1s certainly aot likely to be any less for the next twenty-iive years than it has been during the last quarter of a century. But, apart trom what may be termed tnferences and specuiations, We have # very sure test of what is to be the wininum rate of Interest tn the United States for the period named [row observing the rate at Which loans have been recently uegouiated in Ku- rope for a corresponding tue on wat may be con. aidered the best security. Previous to the Franco German war, no nation, In Lurove or elsewhere, could borrow in any forelgn market at a less rate than five percent. We use the terion ‘foreign mar- ot,”” since the only nations In Europe (Great Britain, Belgium, aad France) which within the last few ei borrowed at a lower rate borrowed = within = thelr =oown markets and of their own people. But of these Bek ES Was comparatively no debt; Great Britain ts We Monetary centre and reservoir of the whole world; while Frauce, whatever she has been, 1s ce tain for a long perivd to como to be fuancially pros. Again, eince 1861, the United States has not ovvion of its funded Welt rate Of inierest for Ue loacé | something additional, invested tn permanent fix- tures, laud, buildings or machinery, leaving nothing for contingencies in business and as a basis for active operations. The consequence is, that when times are dull and sales slack, or when a de- cline in the prices of gree or of raw material ren- ders it expedient that stocks should be carried or purchased, these companies are forced into the mar- kel lor money at glmost anv price: and. through, kers and woney lenders, the rate ol five ob gt fae lly is forced up spasmodically, kept higher than It otherwise would be, and everywhere roudered un- Stabie. And for all this there will be no eiicient remedy Until legislation ceases to enconrage indus- trlal growth on any other than asure and natural foundation. : 3B. Safety and risk of capttat when loaned, No matter iow great may be the resources of a coun- try, or how thrifty and prosperous 1ts people, any istegurd of law or of the obligations of con- or any taint upon the admunistration f justice, whether committed with tue sanction {tne whole or any portion of the community, ts certain to be pald for by such people or country in an inereasedt rate of interest upon the captial which they may desire to borrovw. And, however disagree- able it may be, a 1s nevertheless true that the repu- tation of the United States, either in the past or pre- sent, has not heen and 1s pot now in all respects whatit should be. How repudiation tn tue past vas atiected the supply of capital in the United States from abroad tg too well known to require restate- ment; but it should be clearly understood that the present repudiation by the States of lowa and Min- nesota of certain liabilities, tite irregalarities In tue payment of tne interest by certain Soutiern States on their bonds or the bonds of railways possessing State guarantees—all continue even yet to aifect tne credit of the whole country, and consequently to en- hance the average rate of interest. And this is an iniluence also the removal of Which 1s nov Lo be el- a fected right speedily. 4, Ai *Amasa Walker's assertion that the unt- formity and general average of the rate of tterest im any country depends turther upon the soundness of the curreucy inade use of in such country In effecting exchanges, finds maubitable support in the foliowing facts:—rirst. That the Quctuations In the rates of Interest in the United Staves since 1432 have been more frequent and excessive than in any European countries im respect to which data are accessivle, the average rate of interest in the citles of Boston, Now York, Philadeiphia, Cincinnati, St. Louis and Chicago, as computed trom the record of public transactions, from 1344 to 1853, having been approxtnately 10.5 percent. Second. That in none of tue leading commercial States of Europe has the mixed currency used during the same period been so deiiclent in value as that of the United States. Third, That the price of no other commodity m the United States during the same time offered for sale or to hire has in time of peace exhibited any such variations as the price of money. ‘The reason of this last, according to Mr. Walker, 1s, tat commodities are not wanted to pay notes; but in order to respond to pecuniary engagements, money is and must be had, cost waat itmay, | Un- der currency, therefore,” conunues Mr. Walker, which credit 18 the principal element, the fuctua- lions ia Interest are m proportion to the extent of that element; because & mixed currency, whenever there Is auy panic or distress for money, withdraws from Circulation proportioned to its” weakness or want of value. Hence the rrightful revulsions of the ast, and We may doubtless expect that these will Picroase in force and frequency in the future, since rency systein, once almost ¢ contined to England, France and the United States, is being extended throughout the commercial world. ‘The risks of credit will, therefore, be greater, and the average rate of interest will, 80 far a8 risk 15 concerned, be advanced.” J baye tiius briefly presented the evidence which seons to me avaliable for tie formaiton of an opin- Oe respecting the average rate of interest that may we expected tO prevail throughout the United States under various conditions of security for the next quarter of a century, My own conclusion, from a somewhat careful Investigation of the subject, is that, although capital in the United states during tat period may be expected to increase greatly, the opportunity aud desire alike for the investment and tse of suci capital will be more than correspond. ingly augmented through the increase of population and the development of ths nataral resources of the country, and that f® other respects circumstances do not favor any immediate reduction of the rates of interest. The civilization ot the United States, furthermore, in coptradistinction to that which prevails in other parts of the world, 18 a civilization ol rapid growth and, forced development. That which in other and oldér countries has required cen- turies to acoomplish—such as the improvement and ornamentation of towns, the construction of roads, harbors, elaborate public buildings and parks; the providing of water supplites and aystems of drain- age, the incurring and the paying of great dents— we expect to make the work of years, And while such a condition of things me is the demand for capital will always teud to in excess of supply, and industries made highly productive by force of circumstance can afford and will pay for its use most liberally. I am well aware that in country where the “soctetary circulation,” use @ modern expression, {3 active, mon as an instrament for effecting exchanges, or capital an iustrument of production, produces iis re- sults more rapidly than in conotries where the so- cial movement ts more sluggish, and that this in- crease of rapiiity Of use ls equivalent to an thea of supply. But taking all this into consideration, think one would hazard little im predicting th during the next twenty-flve years, without such & condition of general disturbance and revalution 1D Europe as would endanger the Lag? of investments in that country, the average. rate of interest for the per cent, e- er cent loam commands in the sam pe ® 57; and betore the war tt is Known that aid Indirectly for the money bor- ha rate as United States a8 @ Whole will not be less than seven | termity of Conne If tho national or State government are able to borrow for less in their own markets it will AMERICAN INTERESTS ABROAD. Case—Examples Cited. ANTWERP, Belgium, April 14, 1971, To THE KpITOR OF THE HERALD :— Port are subjected. confining ourselves strictly to facts which have occurred lations that exist. Neither do we lay particular atross on thoss dificuities which are in @ measure un- avoidable, owing to inadequate port accommoda- tions; although the absence of proper conveniences {s undeniably a fault on the part of the authorities of a com- mercial metropoils of the size and importance of Antwerp. Tho difficulties commence upon the arrival of the ship, when it ts only after infinite trouble and negotiation that she can be brought into dock; and when at iast a discharging berth 1s reached the consignee will not receive the cargo as Promptly as it cau be delivered, as is the custom in all other ports, This 'a, perhaps, the worst abuse of the rights of car- Hers that exists, and both laws and officials seem powerless to correct tho evil. Practically, then, the power lies entirely in the hands of resident merchants to whom goods are con- sigued. In the case of » ship discharging cotton, when 300 or 400 bales have been takeu out the portion of the quay allotted to the ship will have been so encumbered that the labor of unloading must cease entirely. Thi me idlent must continue until at Tease ry portion Qf the cotton has been removed, although it fe obviously ¥ luty of the consignee to remove {i as fas Thug the operations of unloading are sul checks of uncertain duration, and the entire business {8 made to occupy two or three tines as many days as would e guvly necessary in a port where these abuses do not ‘The reason is sufilct bably not pei iclently obvious, ibject to frequent es! ‘As the cotton ts pro- nd as the deposit of the merchandise Ina » would involve the payment besides the cos. of handling merchants orage, and advance tI Own Intoresis by disregarding thoss of others.” Ta a word, y eglecting t0 receive the cotton they make a storehouse the ship. “Precisely the same thing ts true of nearly every cargo arriving in Antwerp. If the power to detain vessels for an Indetinite period does not of necessity indicate a con- nivance of the harbor ofticials with the merchants, at least it shows that legislation is altogether on the side of the mer, But the loss of time and other direct_and incidental resulting from detention in port, aro ‘not the only Iniuries to. are thereby subjected. By being allowed to re- main exposed upon the quays cotton Is liable to constant diminution ih weight frum its being plucked by the dock thieves. Besides, from exposure to storms, and from con: tinual rolling in the mud, the marks are often obliterated, and goods absolutely canuot be recognized, And, ia addi: Hon to this) when merchandise has been ‘eft too long upon the quays, It frequently happens that {t ts removed by the police authorities and stored by them to await the reclame. jon of the owners, As these ‘seizures aré made without » formal notification to owners the property so selzed canno! perhaps, be readily traced. On if the goods thus selzed an stored have not been sold the owner, of cours, fa in Bo nase, to reclaim and remove them. | Thus’ when econ: police selzurea, the c ee reed and the captain ¢alls for chant declines to pay on the plea t rchandise ; the fact being that, if none has been or lontthrough the obliteration of the marks, & considerable quantity remains in the hands of the police,’ which the mer- ant is in no haste to disturb at his own expense for the ke of verilying the bills of lading, In order to properly 2 ce, charg en, nti rece! at At te ete em merchandise is subject to’ all the vicissitudes incident. te its exposure to thieves, tho weather and the police regul fons, The settlement is delayed, as we have sald, tho me chant maintaining that the goods have not been delivere and the trouble which the consignee brings upon himseif by Ris nezleot ia transferred to the master of ‘the anip, who, ly performed his owi ty, 3 sible for the deiluquencies of the Hele Diotenedgiee 6 Case settlement was refused on \ccot gf cotton aatd tobe lacking —the thipts ‘aocouut ot the dee livery agrocing with the Dill of After considerable delay the matter was compromi: captain paying for the dling ale at the highest market rate, and fhe aip . wards the in to nave found the bale reported lost re ne McRBOWledged The ship Thomas Harward, of Hath, Me., Captain Strick- 1 thi February, and, after ai these cannot e procured discharge of” ial land, arrived at Antwerp on the 16th of considerable dificulty, was docked on the #211 of that uiouth. less than twenty-one days were spent in dischargin; bales of cotton, 228 Hogahends of tobacco anil 4,0W slaves. All were delivered tn good order ana condition; but, an some Of the cotton was teken in charge by the police, the ship was detained eight daye betore the freight money Was puld by we consignee. Tne ship Elsinore, Captain Clark, delivered he: ood order, the ship's account agreeing with tne bit oblate Ing. For seven days the merchant recused to pay the freight, asserting that the ship was three boxes of bacon short, At the end of that time, however, the cargo was acknowledgea to be right, and the money was eventitally paid. mauner in which business is transacted with ship- ‘Masiers is, in many cases, entirely arbitrary on the part of the consignees; and the action of dock officials in the inte- Teat of merchants 1s so marked as to suggest a certain them. In tne cases of many object of the dackmasters ' # posalble from renche particular arran i ina eae . A bribe of tive hag been known to sectire a comfortable Jischaryny berth for a ship in a dock where previously there had been abso- yossela are Managed,’ sue ey ~~ —— Captain K. W, Hiil, arrived off the chy February 9, but was dmitied to dock until March 13; and the complete dis- charge of her cargo was not effected nntil the 28d of that month, Thus, from the date of the arrival of the ship, a pe- riod of forty-two days was required for uploading 7,543 bar. Fels of petroleum—a fair example of the extraordinary del to whicl rriving at this port are I With refer. vessels ile, ence to oll ahips, we would further state that the accommoda- u ons for this class of vessels are altogether insuflicient. But ssels or two large ones can bo admitted to Thus may beascen to what almost inter- would be subjected which has the mis- find several others. Al ‘we would reapectfully caution all shipowners and shipmagters against toe clause usally found in charter ‘ito be discharged according tothe custom of ue port,” the custom of this port speing to require at least twice as many dayaas would be n€cessarv elsewhere. The ship should have @ stated number of days for discharcing, effect should be inserted in piace pecial clause to thi of the somew! the special clause stipulation, “lay di time the ahip is rey he also added, Otherwise the peri ight be made to cominence onip upon the arrival of the ship in the port or dock, instead of the river, im which case the diticalty would be only partially evaded, the objef trouble being to get ato dock after arrival in the river. wich an arrangement s the only safe course to be, pur reasons already stated, even this precaution er from_ ‘every embarrassment. The shi ga, point, 3 been ‘aptain Langdon, is a case in lying here two months, » por- tion of the time on demurrage, party, we claim for which amo: cording to terms of charter nf 00. not Withstanaing that Captain Langdon has a perfect! the merchant clear sed to pay the freight unless t tain waived his demurrage claim. he cap- Subsequently, however, He'conented to pay the freight, less 400°., which he retains toimect expenses incase the suit for demurrage ts decided vajnst nim. sa raating that our representations will have the effect to put merchants upon their guard, and perhaps provoke a discus- sion which will lead eventually to a reform of the abuses, we ei espectfully, Fewaln, respgi'W. HILL, master John Patten GEORGE MARTIN, waster of H.L. Routh. WM. H. MUDGEPT, tunstor of Therese, F, BRUSCH, eapt B, DAVIS, ba N MERRIL ‘al term above specitied. Besides ste would recommend that the jays to cotamence forty-eight hours from the orted and entered at the Custom House," jowed for discharging sued; may 1 of ship Margaret. «John EB. Ch: hip Oakland, THE MORSE STATUL. Anniversary of the Birth ef the Great Ine ventor. Yesterday was the elghtfeth anniversary of the birth of Protessor Morse, who was born ata quarter past ten on the morning of the 27th ot April, 1791. The inauguration of bis statue in Central Park wae originally intended to bave taken place yesterday ; but it was found tmpossible, owing to the dificult nature of the work. Not being able to unveil the statue yesterday the committee, who have the matter mn charge, have fixed the 24th of May next as an appropriate day for the inauguration, the first telegraph message in ‘America having been sent on that day, twenty-seven years: ao, by Mra. Ellsworth to Professor Morse. ‘The messaze is now ‘A the pos the Wadsworth Institute in Hartford, Copn., and beara the endors mn ‘Sent May 24, 1844, at 8% J. (Signed) . F. B. Morse.’ ‘Additional. men have been put to work on the montds, 60 ag to have th atta ready before the 27th proximo; but should any unforeseen circumstances prevent ite comple. tion In thme {t has been proposed to have the inauguration take place on the 8th of June, The entire cost of the staiue, amounting to $11,000, hi been subscribed in sums from ten upward, all fect tn roluntary contributions from tens of thou ands of Pro- sor Morse's admirers. tron the day of inauguration Mr. 1, G. Tillotson, will pro, jo ‘give an excurel Wass in thee The excnr- own, expense, a soame I) telegraph men who may then be fion'will take place at ten o'clock m the forenoon and the {nauguration at foar P. M., followed by a reception at the nthe evening, at witch Provessor Morse | addresses will Ve delivered by proml- Academy of Music in will attend. Several nent men. THE MINERAL SPRINGS IN THE PARK. One of the most attractive features of the Park—Iin’ all things beautiful and attractive—ia the Moresque stracture that stands on a gently rising eminence within earshot of the Mall, It comBtnes, with a rare picturesqueness of appear- ance, the attractive utility of furnishing to the thirsty pedes- trian the very thing which on a hot and dusty day be looks around him to procure—namely, a drink at once refreshing, Central Park mineral ata le ana tense of Sewiltz and Walker, whore all eorty rings, Of concelvable mineral waters aro kept, make the feature of the Park, which all the visitors thereto feel bound to appre- 0. olat. following list of waters gives an {den of the variety kept on hand They are. all drawn from ten gallon lass cereiaine; atkaline. Waters—Viohy, Vichy with Iaith ithia water and Bilin, Muriated lkaline Watera—Selters, ms, Kms with Lithia, and Jbersalzbrunt Alkaline Saline Carisbad and Martendad, Muriated Waters-—Kis- rome, Congress ant empire; Homburg, Eliza: er Waters—Bitter Kissingen, Lin AT iybeate Waters—Iron water, Schwalbach and so Carbonic Acid Water, with the best frat and syrups. Y not fail to percetve that those who Cormaatners othe Park, and who are debarred from “ihe miveral springs by reason of their wes, could be comfortably, provided fountain. similar to that of the Uen- i. ‘The suggestion is be ride in vehicles thron tuking advantage of ity to cwrrlay ection of ® rings on the line of drivin tral Ht ‘worth attending to. Grand Bodies of the Masonic Fra- eticut Laas og ean ig be cations this year next month at Masonic Hall, Ne Haven, ‘The Grand Chapter mae the Grand Masonic.—The De because of the oder of compensat ‘advantages | Council May 9, and the Grand 10, fhe for the reduction, either tn the way Seoul ne - Grand Loage Will continue in seasion at least two ew puion from taxation or faculty of conversien, days. Each of the other bodies usually complete DAVID A, WELLS> | their business 1u one day. Annoyances and Delays of Shipmasters at the Port of Autwerp—The Facts of the within our own observation. It {s not with the ineufliciency of regulations that wo bave to deal, but with the negligence of port officials, and their careless administration of regu- FINA WALL STREET, } THURSDAY, April 27—6 P. M. On ‘Change to-day wheat was heavy and lower. fraction. MONEY FOUR TO SIX PER CENT, Money was easier, with six per cent as the best rate on stock collaterals and four per cent as the general rate on governments, The mtermediate rate was paid on both classes of securities, Prime commercial paper was quoted at 6a7 per cent discount. Forelgn exchange was dull and steady. GOLD 8TRONG—1105 A 11144. A new speculative movement for an advance in gold was started in connection with the “bearish”? movement on the Stock Exchange, and advantage Was taken of the government gold sale to strengthen ite prospects. To assist the upward movement in the Gold Room the clique distributed a large num- ber of orders to bid for the government gold, and the result was the submission of proposals for a total of $12,361,000, at prices ranging from 110.02 to 110.764. The latter figure was bid for the two millions oitered at tho Sab-Treasury, For a time alter the announcement of the bids the price remained steady only through an apprehension that the government woul: order the sale of an extra amount, but when the instructions were at Jength received to se]l two millions gold began aa- vancing, and before the close of business sold at ae ‘The course of the market 1s shown in the je 110% 1 P.M 10% 2P, 110% 2:36 B 110% 8PM... Mr” 8:50 P.M. Tg In the gold loan market the rates ranged from 3 per cent fur carrying to 1-64 for borrowing. The ae of the Gold Exchange Bank were as fol- lows:— Currency bala Tonia Much confusion prevailed as to the specie ship- ment to-day, At first it was reported that the Hansa had $500,000 in coin on board, and next it was an- nounced that the consignment had been withdrawn, Finally, however, it was stated that the steamer had sailed with the money on board, GOVERNMENTS FIRM AND HIGHER. The advance in gold, coupled with a strong and better marget for the flve-twenties In London, Jed to @f active upward movement in the government lst and the establishment of higher prices, The ’62's in London were reported 9034 a 90. The Assistant Treasurer paid out to-day for May interest $300,000, making a total disbursement so far on this account Of $3,630,000, The subscriptions to the new loan Teported at the Treasury were $160,000, making the total so far $60,876,750. The government market $17,251,000 The cotton market was active, but the b - As American shipmasters detained at Antwerp, we begto | mand failed to sustain prices, a ther ioe present, throngh the columns of your journal, a statement of iy the annoyances and delays to which vessels entering this We speak in the interest of American merchants and shipowners, and we would bo understood as 5 Scan THE SOUTHERN LIST HEAVY, The Southern State bonds showed some disposi. Exchange and were heavy and in some instance: lower. The market closed dull as follow: ginia, ex coupon, 70 @ 71; do., new, 72 @ 7234 old, 92 a 4; North Carolina, ex coupon, 47)¢ @ 48; do. funding, 1866, 37 a 89; do. do. 1808, 29 a 31; do, new, 2544 @ 26; do. special tax, 19.4 20; Missourl sixes, 934g a 93%; do. Hannibal & 68; do. new, 62 a 65; do, levee sixes, 72 a 74; 874; do. railroad eights, 74 a 80; do. Alabama fives, 73 &@ 76; do, elghts, 102 a 104; do, ratiroad eights, 94 a 98; South Carolina sixes, 70 280; do. new, Jan- uary and July, 60 a 6034; do, do., April and October, 59 a 60; do, registered stock, old, 60 a 70; Arkansas sixes, 65 a 60; do, sevens, 50 a 60. STREET QUOTATION, Quartor to Six o Clock P. Rock Island. 8t Paul M. West Union Tel. Han & StJo Union Pac. BB 9" 0,0 & 1 Con SALES AT THE NEW YORK STOCK EXCHANGE, Thursday, April 27—10:15 A. M. - 82 iB asy a ifm Mer do. 0) 5000 NY Cen re 6000 Mich So 8 £ ods. $000 Cen Pac gid bde 1000 do. onthe street closed at the highest points of the day as follows:—United States currency sixes, 11634 & 115%; dv. sixes, 1881, registered, 116% a 117; do. do., coupon, 11674 a 117; do, flve-twenties, reg- istered, May and November, 1103 a 110%; do. do. 1862, coupon, do., 114.4 11434; do. do., 1864, do. ao, 114 & 11454; do. do, 1865, do, do, 114.0 114%; do. do., registered, January and July, 112% a 113; do. Go., 1865, coupon, do, 112% & 118; do, do,, 1867, do. do., 112% a 113; do. do., 1868, do. do, 112% a 118; do, ten-forties, registered, 10834 a 10874; do. do,, Coupon, 10974 a 10934, ANOTHER HEAVY DECLINE IN STOCKS, The situation of affairs at the stock Exchange grows In interest every day. The calm aspect and improving tendency so noticeable yesterday gave Place to-day to On old-fashioned “bear” market, in which stocks were tumbled out in Jarge blocks at ra- idly falling quotations, The decline, indeed, at one {ime assumed even closer resembiance to a panic than during the previous “breaks,” despite the fact that the street had been in a measure prepared to look tor arepetition of a “scoop” at any moment, But a new elomenthas been introduced into the market, and entirely fresh influences are now at work. The “bull”? cliques are confronted by a powerful organt- zation working 1p the ‘‘bear”’ interest and repre Senting many of the boldest operators in Short “Yiteresf,” tasdd Way. cones. in playing the host of outside dealers, whom they frightened into selling long stock and caused to turn “bears.” A council of the ‘bulls’ was held, and a reversal of their tactics determined upun, with a view to con- cillating and bringing back the public, Hence Western Union Telegraph was run up to 61%, a8 & signal that the whole market was to be advanced, But meantime the Daniel Drew party—who lad covered and gone long a mohth ago, when Lake Shore was “dropped” from 103 to 9934—sold out their stocks to the “bulls,” averaging about 110 for their Lake Shore, and then went “short,” rally- ing around them all the discontented small ‘bulls?’ who had been so vadly treated by the “bali” cliques, The “bear” party have now declared war to the death, and their first attack was made to-day. Were it not that the “bull? cliques betrayed so much genuine solicitude for the fate of the market the suspicion might be fairly entertained that they are now unloading, as they Nave often done before, through the pretended sales of the “bear? cliques. But etther there 1s moe trickery possible in mankind than “ig dreamt of 10 our philosophy,” or the con- test isan open one between two great rival com- binations, Should the fight on the “bear” side be as honest as it pretends, then the ‘bulls’? in taking al! the stock offered on speculation and holding tt In addition to what they are alreaay reputed to be carrying have the means of enforcing 4 course which may carry prices to an extravagant height, and lead to a disastrous defeat of the “bears? The suspicion, however, that the “bulls? are unloading through — the “pears” 18 encouraged by the recollection that m May, 1969, when the Vanderbilt party were ostensibly buying Lake Shore at 118 a 119, the same “hears” were selling the stock to the street who are gelling it now, and there was apparently a ilke bitter hostility between the two parties. But Lake Shore failed to stay at119, A few months later it sold as low a3 74%. It 1s true that the situation Is now entirely changed. In 1869 the Vanderbilt party found it impossible to oust the Lockwood directory, and hence revenge was taken by forcing the stock down to figures which brongut it out of the hands of the controlling party. It is nevertheless a coincidence that during the first stages of the great “preak” in Lake Shore from 119 the Vanderbilt brokers were buying and the present “bear” party selling the stock. Now tne Vanderbilt party have entire control of the road, and as a scrip diviaend ts not among the improbabiiities, the theory 1s not un- reasonable that their strategy contemplates the cul- ture of an enormous “short” interest preliminary wo its declaration. In fact, a day 1s so long a me in Wall street that theorles good one hour are vain the next. Should the “bull” cliques, ln playing to get simply the street “short*’ of stocks, have succeeded in getting the prominent wealthy “peara” in that predicament, the future of the market will be replete with exciting interest. In the deciine to-day Lake Shore went off to 1075, and Northwest common to 8034. Ohio and Mississippl, which was also’ strongly assailed, ran down to 4934, but rallied at the close to 609, on despatches from Cincinnati stating that at the special meeting of the directors to-day in that city Daniel Torreace, Mr. Vanderbilt’s son-in-law, was elected President, to fill the vacancy which haa been made for him by the resignation of the previous incumbent. HIGHEST AND LOWEST PRICES. ‘The following table shows the highest and lowest prices of the principal stocks during the day:— Highest, Lowest. New York Central consolidated...... 101% 9834 New York Central scrip f ine 21 20% oy 109 ‘abas! “ he Pittsburg. 127 124 Northwestern. 85% 80}5 Northwestern preferred. O73 95 Rock Island.........- 112% Mt Milwaukee and St. Paul 6395 Ol one ee and St. Pau: preferred. } he and Mississrpp! , ) ©. and I, c.. 23% 23 nion Ps +s 33% 32 Hannibal and St, Joseph. 105, 10035 Hannibal and np tse preterred,. 107 103 ; Western Union Telegraph . O16 5836 PACING MOL ores ere vceed een 495 4656 S86 SU LS PU made tor i. H&St J 5's, 53g 5000 Del,LackaWes 2d 94% 2000 T & W lat, SLd.. 86 10000 Gt’ West ‘2d m. 85! 400) Ohio 7000 Cot Col,C 100 Ca R oe 200) Cedar F.& Min Iai 83% + 847% SOU N Mo ad mb... | 97° ale of America, 74 80 Bank of Comirces: 120 if 10 Continental Bank... 95 10) do 64 0 Le 2 y p 399 Cou of a. 9 al hair toa = lo. 3% lu) Mil4st P RR wy 24 tty Tol, Wa W Ras! 63 200 West Un i . § 2u West Un 516 £00. KO 600 300 do. 200 Cary mp Co. 13% 100 Han do. 100 do... 116 “80 tan dts 9 Si Ags 960 lan beets pf. 200 ty 10) Adama tox pe dl 2:15 o Clack P. M. 81000 CS 6's, "81, ‘ 1000 US &-20, ©, '62. ae Sv US eau" & 163 500 US 5-20, c, "64 8500 US B's, 10-40, © 500 US 6-20, 0, '65,n.c 112% 30000 US 5's, 10-40, Fr. see coe MDG One o’Clock P. M. tion to sympathize with the depression at the Stock ‘Tennes- see, EX coupon, 66% @ 67; do., new, 66% a 67; Vir- dlo., registered stock, old, 56/4 @ 56%; Georgia sixes, 81 @ $4; do. sevens, 89 a 894; do. sevens, and St. Joseph, 914% @ 92; Louisiana sixes, 66 do, do. eights, 86 a 89; do. penitentiary sevens, 70 on the Baltic, 2.000 bbis. naphtha fergie 2 _ | Notas terran bark, 208 tae to Beene L100 bios retned petroleum, 48, 6d.; "a British’ vessel (reported), to the nese hort, 6,00 do., és. 4 British bark, 517 tons, from 3 | elphta to Bremen, » Se. 1gd.; an American 79 tons (now at Savannah), from Miiladelphia t0 the Rath ,000 do, Ss. ; & bark, 84 tons, to @ port in Peru and back, £4.00) ‘a Urls, 277 toha, to Ceatuegon and. beck, wiih yeah jabark, 854 tons, from Baltimore: 5 01 getive demand. ‘The sins Thurs and 14 tleeuwe Portg Rico on private terme; <1 bhda, Pore, Kleo a » | sleady, with'n moderate innuiry tov ietey D0 ites aaa from Ble, to Bie, We quute , Cuba—Centrifagal and mixe et > Clayed . . 7 1 | Muscova Won na ‘ame Muscova nae Porto Ri oi 3 | Boglish Ia) ee New Orleans, dis: a 10s, NAVAL SiGRkE,—The 4 npirite tury hengy und Tower, Lots tn arrive ‘neatly vuay wore ofered 7e., without buyers; 125 bute ad At dey which was tue’ ‘nominal ‘price, at wile aie eee ed peeve for iota on the spot. Strained rosin was dtediy lower; 1,0.0 bb! rained were: wold et ’ vt rallitd wud 10,00) bblue veluig hid at the closes $2 50 a 2 tra ‘pale, including virg mand and nominal mM value at ab 1 Bs $2.60 a 2 70 for Wik ViotonkRecelntny por, Lo — Recel rk, 5 okages; her: 118 packazes; cut meate, ‘sel “pac en: lard, Ws niskants and al kegs, "The pork market rnied firm. We note sales of 2,500 bbla. at i450 on the spot and for May delivery and 17 62g @ 817 75 for June, closing frm. Boel continued dullat former prices, Hee? hams were quiet, but steady. The sales wera §) bbls ab from B2k B #28 for Texan and soi tern. Cut meats were inactive at former rates, 0 sales. Bacon—There were no transactions of all lois were sold at former quot fons, was tirm, with aaies of about 1,600 tlerces, at il3gc. on the spot, 11 3gc. for May and Tic. Tor June Butter was valet and lower, State half tubs, de. a Be.; Welsh, He. » nd choice, In pala, 40e, PROLEUM.—The market was quiet but_firm at 1ge. for crude, in ‘bulk, with sinall transactions, Refined continued quiet.’ ‘The sales were:—3,00) bbia. atandard white, delivera- Bie tem, halt June at 23300 2,860 bbis, do, om th 22/cc. Ja Philadelphia the market was aicady. ‘The aules Were about 1,0 Dbia. retined, for prompt di B Bod LAUD do, umat hail Mag af See en eee ae reer i light request, but prices were well sustained: was £00 bags Rangoon were sold in lote at from 0 ic ib, aud Zo ticrces Carolina. in lots at from 8io. to 9Ge. the latter ugure only forchoice, small parcels, 8 he market was firmer, closing at 18" 9%. for mainly ta ‘od reining Cuba, under a fair deman from reiincra, and staal offerings. The sales were Incluting Qu od reining Cua, at Oge.5 hds, prime retin atdsqc.; 34 hhds, common refining do, Ye. ; 200 box ‘ied, about No, 123g, were sold at 10',e., and 100 boxes clayed on private terms. The market closed with an upwant te clined was firmer, Soft white Bold at We, a Lois ern Iie. and powdered at ie, Inferior to common refi relining, 9léc. cery, i‘ and granulated at 12/¢0. w c. w 13%0. — We quote:—Oupa— ning, 80. @ Se. fair 10 good Wide. a ac. primerei'rtng, S856, fair to good gro a Hine to el ai, hopaheads ani, boxes, tie, wt aaa ‘and boxes, 4c. a es, Duich standnr. 10g, 3 do. 2 elining grades, 846. a grades, 95,c. 8 10}9c. Brazil Dutch standard, to. a 9gc." Java-—Dutch standard, Nos, 104012, 9c. » Manila—Current clayed and superior, $e, a 9e. New Or- leans--Refining grade crades, 92. @ 10c. TALLOW was iirm wn The elon were oc, w Bess i din good 10 Ibs., at from BX. Wuskky,—Rece ‘The market sales of 300 bbls. al hen ee TELEGRAPHIC MiRKET REPORTS. Lovisvinu, Aprit 97, 1871. Tobacco firm arid unchanged’ sales TS bese et CLEVELAND, April 7, 1871. Crude petroleum lower; sales at $4 60; retuned, : GutoAgo, April 27, 1871, Flour-—Spring extras, $55) a 8650. Wheat iirm. No, #1 21% onan; Bi 2% soller May; #1234 seller laet halt curing the afternoon firmer at $1 223'4 a $1 22/4 cash; seller May for No.2. Corn firm. No. . eller during the afternoon quiet at 523¢c. a 62%¢c. neler May. No, 2, 47}gc. Rye quiet at 850. Barley duil, anc 880. inbwines strong at &73¥¢ ieiona Bae $17 ha Bi7 BT seller May; $1775 rd, fe ay ry ert er mh ve at $6 20 a . Cattle quiet at 75. ‘Reedipts, 6000 bbis. flour, 60,000 bu eats 000 bushels corn, ay 103, 1 8. mi wheat, 110,000 busho rye, 2,000 easier, Bu 7,000 bushels oats, 6, fh 6,000 bbls orn, 64,000 bi bushels barley, 6,00 ho, OBwRGO, April 27—Eveniny . Flour steady and unchanged; sales 1,600 bbis., at 7 26 for No. 1 spring, #7 76 tor amber wincer, $8 25 for white do. aud #9 for couble extra, Wheat quiet; No.1 Milwaukee club hold at #145. Corn Unchanged; sales 1,000 bushels at c8c. and 40) do, at Gc, Oata quiet, at 6c. for Western. Tye and peas ouict. Corn meal- 5000 Va ta, new. + Tq 700 UN Denes Zt 700 ane Reading RR... 10 103g GUOUSCH'an, JankJuiy 60% 400 ao. 1000 Cen ac ghd baa-7 100 100 Mich Gea, “HR Lia 200 ao. 1004 S200 LS 4 M8 RE... 110 200 Gal & Ghie'$d.-7. 93" luv "do. 109 10000 Gt West Ist, "88... 903, 500 500 H&St Jo 8's, con’ 108% 400 197% do. 104" 200 H 1000 Col, C 673g 300 Mad Coal Gi a i 0 a 524 Bud 100 Comb ca: “wu do. . BB , 250 American Soe Sho 400 Quick Min Co...b'¢ 3255 500 100 Guick Min ref... 387 ud 100 Mariposa pfa . 500 West U Tel 200 et 300 69) 100 2 : B00 di 589 weer CBE, 200 CCoalce 33% 600 Chic & R IRR. 100 "ao. 33° 200° do “ 200 Pac M AS “Co. 43-200 do. at 20 do. 47% 400 Mil & St Paul RR. 100 do iq 0 di 1 + 1004s BOO de * 100 20000 N YCRHRRRets,¢ T0000, dz.ssseseeeD © 60 Erie Rit, 60 Erie RR pref. COMMERCIAL REPORT. Tnonspay, April 27-6 P. M. arket for Rio was less active, vices We heard of no further transactiona A moderate business in At Baltimore 8,000 nd 2,600 bags Over Corrzr.—The were well supported. here in the way of cargo sales, lots was consummated at full pric bags Rid, ver May Queen, at 11/404 Rio, per Redwing, on private term kinds were steady, with a moderate dems We quote:—Rio—Urdinary, We. I1e.} good, 13ge. aT rates for lots, 10: and sixty days’ ‘a, Ide, a bond, 9. Domin, gold, in p ita Ris wae 4s a ibe.; Mexican, gc, wie. Savanilia, I6ige. : Curacoa, Ie. a 16 twas irregular and heavy. apart in their views, and) busiae tol and at variable prices. Low inte d 1b., and other des: prices,'the wh Corror.- The mar! and sellers were usu ‘was matertatly restr fi was sold at 14c jons wt proportional n the spot hay by the conuinned firm t Beenings rir 1,043 E are 800 bales to arrive. Alavana. Ne OF! Ordinary, Wa Good ordi 15 Bs Low midditpg. tiny Wit idling. Wis 1555 Good middling, Wi Wa ~The market for forward deliveries was April contracts fluctuated vioien 8 For the more distant months an advance tious to-day co! asf Tige, 200 at 1450.5 200 at 143¢c, g iy dt ioe ; May, 100 fay and 10) June, at TAtse. ; 600 L4jpec., U0 at 14 IL 16 ‘at 2,500 at 14% gether; June, 60 at 4c, Me." y Ju, Sulyy ‘Anisust, 100 at 14 *Change, the transactions 100 at T4igc., 100 at 14%4c 1 14s,c., together; t as sera, OO atlaie. ‘The tadions of yeaterd Auguat, 60 4c. The average quotatio esterday yard a en were as follows April, gl4.79e,; May, flour, 10,888 bbis. ; wheat, corn meal, 10) bbls, and ; ‘The flour market was duil and pricds were lowere especially for low extras. vere gates of about 10,00) bois, including about extra State; mostly at $6, In store. Rye tour w Active, “Thedemand was mostiy for St Lut Our rates, Corn meal was quiet, but steac “The sales were about 460 bis. Vi We. i RAIN, — Receipts corn, 87,400 bu 420 bushels. at 6,000 ey, ‘1 66 for bolt 60 unbolted Den owt, Millfeed unchanged hore bub a ay hip & $29; middiings, #80 yer ton.» ij wines, 91¢0, @ fc. Canal fret cht heat 7, Fes corn e to New York; lumber, #3 to the Hudson, to New York. fg made to take wheat from Chietso to Ne reights—Klour, to. Boston, 66¢. ‘ork, Shc.; to Algany, 47e. Lake. Importe- bushels wheat and’811,000 feet lumber. Canal exports—10,400 bushels {tea 9,800 do. corn, 11,80 do. barley and 1,409,00 feet lum- New Onurans, April 27, Cotton active at full prices; middlinge, Mee Ae Mets Feoeipts 14005 gross, 1139 expuris to Great Britaic, i oO areclons yu cy 7003 stock, 188,079.” its 8 Offers ar Tkse. SAVANNAH, April 27, 1871. Cotton mm moderate demand, miduliogsy leper aliens receipts, 576; exports to «reat Brita 3 wales, "4005 stock, 49,234, REAL ESTATE MATIERS. , good, The prices TENZCU tr He swe thm hone speculators hoped to find a favorable field tor their opera tions and obtain anch harvest of profit have beea rather disappointing. The doubts entertained by many in regard to the early solution of the quick transit provlem have, of course, bad no little influence in contributing to this stat aifairs, The attendance at the sales yesterday, when prop. erty located ia the lower and upper portions of the city was ollered for sale Was good, aud on the whole the prices real ized were fair. The teature of the market to-ary wilt be the offering of the New York Yacht Giub. They bave determined to weil their tine club house at Clifton, Staten Island, The vensela of tie squadron are fitted up for more, than coast sailing and the “iutle dinners” for which the club fe distin zu fare given inthe exquisite caving of the Heel, and the club. house is no longer necessary. It wil be sod furnished, as it fs one of the mont attractive villa eites in New w of the bay and of every bie as a pl newly decorated Battery, ordered boats of cast Side Company necessivie wt all houra, and of great future value for its ine water tront, and: will be absolutely sold, it forms an attractive parchase and Ought to command a fair price. Messrs. Hazzard, Apthorp Co. will well it to-day at the salésrooom Ut Broanway. Ttmay be mentioned as an interesting wcident in counee- tion with real est ni 3 that the property known a8 “Underetift,” pwned and occupied by General George P. Mors! win the market. ‘ihe property evm- f seven actes, mostly high ground, with » very attractive Tver frout, and, It not previously eu of wiil be offered. ‘at public auction on the With © The warm-hearted and z at had «9 waany friends in bis lifetime jou of his Well known bomestend into @ 1m his lifetime fe likely to be the subject ies were made yesterday at the Exchange , ving andl departing vessel, eof residence, Is pleasant and the wel FO: ossibie Haier ute PROPERTY —BY BLEECKER, SON AND 00, House and 4 lots, Mist #t. 4 Vou Dy + COME ya.ALs1Wo ei clty lots at ay. aud Rovbias f House and lot No, INGO, Je | Brooklyn, between ouse and t rey i elury tramme,, | South Sth st, and. ‘Division ay., house ued in wath brie No, 62 Vesey at, 4 story wad basen siore and jot between’ Greenwich 100 +s ween ellar, brick, ++ 8100 BY JAMES ‘Mt. MIL 1%) A ‘story brick factory, No. 177 Lewis at, between 4th aud bth stig lot 34.244 front, 25 rear aud {6 deop; fae 3 ick house Brivk house adjo! brick house, brick house ULGxSI. ot Oliver, 1%. Oliver and Birlek house Lot ate. c. Lot adjoining, Lot adjoining, 16.6x.7 Urick house a. ¢, corner Oitver * ROUERTE, erry and Ullyer a srbertee $88 £2 2 house dtots or a sory brick Le and lots, No. 86 sate i 100 tt. ¢. of ¥th’av., 2a. (0, exch lot, 2x57, Nb. 198 Prlace st. house and THE WEEKLY HERALD. Tie Cheapest and Beat Newspaper in the Country. i The WEEKLY HERALD of the present weck, now | ready, coutams a splendid cartoon representing the Way in which the Old Thing is Worked, together with the very latest News by Cable up to the hour of publication of the situation in France; also Tele grapuic Despatches from All Parts of the World; adailional particulars of the Miners’ Strike; anovher Chinese Outrage; Financial Operations of President Graat’s Administration and the way dgures somes tumes lie; Another Nathan Mystery; the Mis- Sissippt Crevasse; Connecticut Morality; Suicide in High Life; the Conference of the Lateer Day Samts; detailed accounts of Earl de | Grey's Farewell Entertainment, and the reception given by Mr. Sumner to tne Joint High Commissions) the Ku Klux Bill; Conclusion of the Trial of iH. OG Block for Shooting the Seducer of his Sister, also the Concinsion of the Trial of Mrs, Laura Fatt for the Murder of A. P. Crittenden, with the Charge” of Judge Dwinelie and tho Verdict of the Jury. De | also contains the latest news by telegraph | Washington; Artistic, Literary, Fashionable, cul, Religious and Sporting Intelligence; | Notices; Amusements; Chronologtcals” Editorial Articles on the promiuens topics a | aay; Our Agricultural Budget; Reviewa of tht Cattle, Horse, Dry Goods and Boot and Shoe Mar: kets; Financial aud Commercial Intelligence, ant accounts of ali the Amportant and intéresting event: 6 6 6 6 Extra M 175 | Round hoop Ohio, shipping brands. 6% Round hoop Obio, wade brands... 4 3 gee boa 700 | wa bo Soa 80) WO w 10 6) wa 5% | Oe 550 Southern extra. ae Southern family. 50 a 11 $9 Corn meul, Wesiera white, 2a 350 ‘Corn meal, Western yellow Wa BeO Corn meal, 7° Wa 08s Corp meal Brandy win Oa 4 25 Wheat was dull and lower, to sell, par= iicularly ‘parcels to arrive. "We note sales of about 61,000 bushels nt $1 35 for old apring, #1 42 for old and new mixed, $1 #88 41 49 for new spring, delivered, 1 48 for do. war. rive in May; #162 {or amber winter, and $1 65 for white. Corn was heavy, with sales of about'45,000 bushels at 73c. a Toe. for mixed, Closing at 740. for good parcels, 7he.tu 78e, for yolow. Oats were stemly, with sales of about 40,000 dusheis ‘at Be, @ Be, for W 6 prime, at Gd}sc., in store, and . . barldy was hehvy. Wo note sales of 19,000 bushels Canada rate terms, re ported at 81.12, Rye was dull and nominal, FREIGHT Dusiness was dull and grain rates lower. fn the petroleum trade there was a fair business at fuil rates. A committee of five was appointed at a meetin fat the Produce Exchange to in @ bill of lading dif fully sdverted to day. Poot included 40,000 Dushe's grainy by sae ea Sh ae ad steam, nahels grain, a a by 2,000 bbls. ‘at 2s. 64, Brith bark afitone tor Aiwa petroleum, at 6s, 8d:; N of the week. ‘Tena :—Single subsertption, $2; Three coplea, $6. Five copies, $8; Ten copies, $15; Single copies, fv. cents each. A limited number of adver inserted 10 the WESKLY HERALD