The New York Herald Newspaper, September 23, 1872, Page 8

B ‘ FINANCIAL AND COMMERCIAL, Resume of an Eventful Week in Wall Street. A HISTORIC TRIO OF “CORNERS.” The Extremes of the Money Market 225 and 21-2 Per Cent. Closing Quotation 2 1-2 a 3 Per Cent. Gold Opens at 118 8-4, Advances to 115 1-8, De- clines to 118 1-8 and Closes at 118 5-8, SATURDAY'S BANK STATEMENT. Wat. STREET, SUNDAY, Sept. 22, 1872, ‘The week in commercial circles was active, and the Fail trade continues to progress with satisfac- tion to the mercantile interest. It is thought that tm some departments, notably dry goods, the dis- tribution this season will be greater than ever heretofore recorded. The spasmodic movement of the gold and money markets hindered but did not heck the export movement of domestic produce, the outgo for the week having been nearly a quarter fa million dollars in excess of the previous week. The warmer weather toward the close of the week retarded the uptown trade, and retailers are dis- posed to complain of dulness, The first north wind ‘will doubtless put them in good-humor again, THE WEEK IN WALL STREET. It is not often that so many exciting events have been crowded within the brief space of a week as @uring the one just closed. Money was “locked Bp,” gold was “squeezed” and Erle was ‘cor- Reread” ina grand triple encounter of speculative combinations. The beginning of the excitement ‘wasin Erle, which was suddenly “cornered” and made worth a half per cent a day onits par value for use in speculative deliveries. This operation was conducted by “the Germans,” as the street briefly designates the foreign brokers and bankers doing business along the line of Exchange place running eastward trom the corner of Broad street, The parties most con- spicuously “short” of Erie were Messrs. Smith & Gould, a copartnership with a weakness for specu- lative sales of this stock which has been many times conspicuous in the history of the street. Now the “Germans” were at the same time ‘short’ of gold, Naturally, there was “, ROW at once. The Erie clique ‘went for’ the “Germans” through the gold market; the latter went for the clique by a fresh squeeze in Erie, and the confusion was worse confounded by the quiet guerilla operations Ofthe venerable Daniel Drew, who slyly bought a Jot of Erie and helped tighten the “corner” on his Trienda “Henry” and “Jay.’? This interference brought in a new disposition of the artillery of the gontending parties, the clique suddenly turning their attention to the money market, which they tightened with a merciless squeeze with a view to compelling the Germans and Mr. Drew to let go their hold of Erie, the latter gentleman being, in their opinion, most likely to readily succumb to this Btrategy because of his heavy holdings of Wabash, Canton and Quicksilver, which he could not afford to throw into a panic for the sake of carrying out hits designs in Erie. The “thick of the battle’ was on Tuesday, on which day the following results at- fended the CULMINATION OF THE CONTEST:— Money was made s0 scarce that the stock brokers had to pay as high as ; per cent for tne use of bal- ances until next day, or at the rate of 225 per cent per annum! Gold was locked up to such an extent that the importers and the speculative sellers of it were compelled to pay as much as 144 percent for its use in their deliveries at the Clearing House and Bt bank the same afternoon. Equivalent to about #50 per cent per annum!! Erie was cornered so successfully as to command 24 per cent for its use in completing deliveries, What is, the holder of a hundred shares was given the currency value of the stock, free of interest, as collateral, and a consideration of $250 cash. In ther words Erie (for the day) earned a dividend equivalent to about 1,100 per cent!!! ‘There has been a worse corner in Erie it is true, j and money has loaned at even higher rates, while gold has been worth as much as two per centa @ay, but a combination of three such “corners,” each of such extraordinary stringency, is an epi- fode that has not its parallel in the history of Wall street, And THE SEQUENCE of it all is not the less curious and interesting. The purchase of a few millions of bonds by the ‘easury and the release of the corresponding cur- Peake was the wedge that entered and finally Joosened and broke the “corners.” The clique Bought to continue the struggle by locking up wreenbacks, but were suddenly checkmated ‘dy two of the city banks, whose officers oldly assumed the right to refuse payment @fcertified checks when they believed the legal tenders were to be diverted to illegitimate pur- tposes, This course was endorsed so generally by jthe banking community and so unanimously by the jmerchants and business men that the clique gave ‘Bp, vanquished, covered their contracts in stocks, #old gold, and placed themselves, it is thought, in ‘B position to profit by arise in the stock market, ‘the which had, by the way, stood the brunt of their jpscault with @ firmness not often witnessed, The ‘Question of the right of the banks to refuse such yment will be decided by a law suit, and mean- ime the Bank of Commerce has prepared a form of certification reading, ‘Good through the Clearing House,” which has been used once or Bwice within the past few days and will be reserved Yor any transaction -indicative of a “locking-up” wonspiracy. On Saturday the markets had settled Dack to something like theirordinary quiet. Gold Geclined to 113%, money closed at 24 a3 per cent {and stocks advanced 1a2per cent. Governments feached the climax of their reaction on Friday and fell back again on Saturday. Foreign exchange was weak and prime sixty-day sterilng closed at 1074—a figure Which absolutely forbids specie ship- ments, LATEST PRICES OF GOVERNMENTS, The following were the closing quotations of gov- ernment bonds Saturday afternoon :—United States currency sixes, 112 a 112% ; do. do., 1881, registered, 113% a 114; do. do., coupon, 115 a 115%; do., fiy ‘twenties, registered, May and November, 114 a 114%; do. do., 1862, coupon, do., 114 114; do, d0., 1864, do. do., 114 @ 1144; do. do., 1865, do. | o., 114% a 1145; do. do., 1867, registered, January end July, 113% a 11334; do, do., 1865, coupon, do., 218% @ 118% ; do, do., 1867, do. do., 118% @ 113% ; do. Go., 1868, do. do,, 11334 4 118% ; do., ten-forties, regis- tered, 107% @ 108; do. do., coupon, 107% a 108; do. fives, Of 1881, registered, 110% @ 111; do, do, do, woupon, 110% a 111. <i THE tp OP THE GOLD MARKET. extreme fuctuations daily in the price of 01d Guring the week were as follows:— ci Closed 113% a 113%. SOUTHERN SECURITIES. The Southern list was depressed by the spasms §n the money market, and prices at one time were Dominally 1 a 2 per cent lower, the amount of busi- mess having beep Wwifing. The ngw South Caxg- NEW YORK HERALD, MONDAY, SEPTEMBER 23, 1872—TRIPLE SHERT. Linas and theTennessees were moderately active, ‘ and underwent the full extent of the fuctuatio’a referred to, recovering at the close and winting up strong. The following were the final «aota- tions, inclusive of those for the leading S‘juthern railway and municipal bonds:—Teney.ssee, ex coupon, 72 @ 7234; do., new, 72.0723; Virginia, ex coupon, 45 a 60; do., registere¢) stock, old, 87.840; do. sixes, consolidated bor.ds, 60 a 51; do, sixes, deferred scrip, 15 a 16; Get rgia sixes, 70 a 78; do. sevens, 85 a 88; North C?.rolina, ex coupon, 82 a 84; do., to North Carolia Railroad, 44 @ 47; do., funding, 1866, 24 25; dO. do., 1868, 21 a 23; do., new, 20 a 22; do., special ‘tax, 10 a 14; Missouri sixes, 925 @ 9234; do., Hariibal and St. Joseph, 89 a 91; Louisiana sixes, 53 @ 6';; do., new, 60 @ 55; do., levee sixes, 50 @ 55; do., do,, eights, 70 a 75; do. do., eights, 1875, 70 & 785, Alabama fives, 58 a 62; do. eights, 83 a 85; South’ Carolina sixes, 45 a@ 55; do., new, January and Jvily, 24 a 25; do, do., April and Ocober, 2434 ®@ 26;/Arkansas sixes, funded, 48a 53; Mobile and Ohi® Railroad sterling, 90 a 93; do, interest eights, 86 a 88; do, second mortgage eights, 70 & 80; Mississippi Central Railroad first mortgage sevens, 88 a 02; do. second mortgage eights, 84 a 87; New Orleans and Jackson first Mortgage, 90 a 92; do, second mortgage, 85 a 87; Memphis and Charleston Railroad first mortgage, 87 & 90; do, secomd mortgage, 80 a 83; Green- ville and Columbia Railroad, guaranteed by South Carolina, 45 @ 50; Macon and Brunswick Railroad, guaranteed by Georgia, 65 a 70; Memphis City sixes, 62a 54; Savannah City sevens, 83 a 86; New Orleans consols, old, 65 a 70; do, issue rail- roads, sixes, €5 a 70; do. sevens, 63 a 67, THE BANK STATEMENT. As a consequence of the * locking up” operations of the clique, the weekly statement of the asso- ciated banks proved very unfavorable, and those institutions are now, in their aggregate condition, $832,475 below the limit of reserve which the law requires them to keep on hand, this occasion betng the second in their history that the legal line has been encroached upon, the other having been during the crisis of last October, pending the panic following the fire at Chicago. Itis true the deficit is not large; but the fact of a deficit at all is some- thing that the well-regulated financial mind would have been shocked at a few years or even a year ago. But a precedent having been made last October, when the enormous expansion of the banks rendered them Teadily susceptible to the dangers of a panic, and the impairment of the legal reserve on that occasion hav- ing been allowed to pass without rebuke from the Secretary of the Treasury, the banks glided into a similar condition Saturday without exciting asmuch sensation in Wall street as would be made by the playing of a hand-organ before the door of the Stock Exchange. The lackless ‘‘bears’’ shook their heads sagely and prophesied the direst calamities as coming, but the ‘ bulls’ sunned themselves in the mellow sunlight of the beautiful Fall weather, derided their forebodings and pointed to the ease in money and the strength of the stock market, THE CHIEF FEATURES of the statement are a decrease of about eight and a half millions in deposits, made up of a con- traction of nearly four millions in loans and a loss of nearly four millions in legal reserve, the decrease in greenbacks being Over $3,600,000, The decrease in specie is 80 small in face of the heavy customs payments of the week and the “lock- ing up” operations of the clique that the explanation suggests itself that the Canadian banks sent us a great deal of gola during the week to earn the high rates it was worth, and hence the inability of the clique to keep up the stringency, The statement was regarded as an illustration of the very worst the clique could effect, and hence the seemingly paradoxical strength of the stock market after its publication. The total averages of the week com- pare with last week as follows :— Sept. 14, + $284,650,300 Decrease in loans. Decrease in specie. 887,700 Increase in circulatio: 41,700 Decrease in deposits. 8,418,200 Decrease in legal ten + 8,638,600 AN ANALYSIS of these figures shows that the banks have lost the Sum of $1,932,175 in their net reserve. Now,as the surplus last week was only $1,599,700, the banks hold $332,475 less than the 25 per cent reserve re- quired by law. This result is seen in the following calculation and comparison of the relation be- tween the total reserve and the total liabilities this week and last:— #, T. Changes. BiSS6.B0 Deo... GATT 009 44,467,000 Dec... 3,638,600 Total reserve 866,500 Dec. .$4,026,300 Circulation 668,100 ine. 4. Deposits... 201,127,800 De 8,418,200 Total liabilitie: 795,900 Dec. .$8,370,500 25 per cent baat r se lan Excess ove! Dejicien reserve 1,800,700 "S347 Dec. 1,982,175 STOCKS ON SATURDAY. The following table shows the highest and lowest prices of the principal stocks during the day :— Highest, Lowest. 95. 9344 . 0834 The following were the prevailing quotations at the honr of adjournment Saturday afternoon :-— Western Union Telegraph, 693; a 693,; Quicksilver 4334 a 43743; Quicksilver preferred, 54a 64%; Pan- ama, X. d., 128 @ 129; Pacific Mail, 633, a 685; New York Central, 937% a 94; Erie, 50% a 60%; Harlem, 114 2115; Lake Shore, 8834 a 883g; Union Pacific, 88% & 38%; Northwestern, 72 a 72%; New Jersey Central, 102 a 103; Rock Island, 1104110}; St. Paul, 54% a 553¢; Wabash, 695; a 70%<; Ohio and Mississippi, 43a 4344; Hanni- bal and St. Joseph, 32 a 3234; Hannibal and St, Joseph preferred, 49 a 50; Boston, Hartford and Erie, 6% a7; Chicago, Columbus and Indiana Cen- tral, 35% a 36, COMMERCIAL REPORT. ——_ + Sarcapar, Sept. 21-6 P. M. Corrrr.—The market was dull and prices nomin: although unchanged. We quote :—Rio, ordinary eargoe sige. a 15e. ; fair do., 183g¢. a Me. ; good do., Wie. a 16 prime do., 17ic. a 17%c., gold, per Ib., @ days; Marae: 16}. m 18e.; Laguayra, I73¢¢. @ i8c.; 8 Domingo, in bond, Me, 19. a Be., gold. Cortox.—The market for cotton on the spot was again lower, the subjoined quotations showing a reduction of ie. per Ib. for all grades. The demand was generally at much lower figures, which holders were unwilling to eut- mitto, At the close of the market there was a steatier feeling. Future deiiveries at the opening were de The sales sum up as follows :— To-day. Last Frening. Te! Export ....+.+++ a “6 1a Consumption. . 73 “a speculation i= 5 5 am ee O'clock—Sep- t 18he., WO at 3 Oc r, 1) at 18 $-1ée., 1,50 at lee. ; Novem c, 10y at 1s bide; December, Gi at 1b%¢c., ¢.; March, at 19%, old form Al, 300 at Diige., 0 at 2) Side. old form al, 500) bales. ales to-day up to twelve M.—September, 50’ at 18¢c., 100 at 18 7-16c., 10 at 1B%ge. 4 at 187-16. October, BD at Isicc., 4) at 1S 1-160... At Ise, WH at IS L-6c., 400 at 1Hgc., "100 at 12 Ste, 0 at ? Novem! doo at 1si¢e.,” ON at Ide, "2 at 18 4c. | Decemn 40 at Iso. Tui at 1 $100.4 . ogc. ; January, 9) at 18 U6e 00) at Leki. fist 2h Teeny 90 * old form contract; February, 100 at 19%c., 1,000 at 19%¢e., 20) at 19 -16c., BY at 19%6.. 14 178 idem ot Wie. 20) at 19%c., ail old form contract: March, 10 at 19\e., form contract. Total, 11,40 bales. Grand total, Rates on cotton to foreign ports closed’ stead follows :=To Liverpoo., vy steatn, i440. a 5-164. tober 6M. a 6-16%44.; sail, 4d. a Bid. To Havre, steam, 1e., gold; safl, Ke. to Hamburg, by steam, 344. ba Bre.nen, by steam, le. oid, compre . To Balthe ports, by sal, le., gold. ‘To Mediterranean porte by sent, ga: The receipts at the ports sum up as follows :~Galveston, @&) bales; New Orleans, 2,885; Mobile, Wai fi Waoe! Charles, 2905" Witral ton, 100; Norfolk, ta; Total, 6910 This 5 ‘This day last year, 8,156." We quote Uplands, Alabama, New Orleans, Terns, Ordinary........ eens 1H a dog Good ordinary :!°°") 18 is rT 184 How middling... Le 1456 W 9 sddling . ey 1 i Good middling 1 Ey as Ess —The quotations are based on cotton in store, running in quality not more than haif a grade above of below the Grade quoved. FLOUM and GBain.—Receipe—Flour, 10,0 bbls. wheat, __ #............... eee pressed, but ruled firmer toward the close of "Change, | PPeePeerrresr Fo weonBorcactomaSaySsces: = mi Corn meal, Jersey.. Corn meal, Brandyw: Baltimore F&F SRRESEVVEKSUSSRBSASeA: Semerrcrseerccmreeamsanas SSSESHSSSASSSSSUASRSRRSH! S 3 aGs, = Was 50,000 bushels at 81 47 and 3 mixed Spring; $1 terior to. choice: $1 623g a $1 7 red; $1 70 for old Western red i $1 for white, Corn was firm at the opening, but, subse: ently closed a shade easier. gc. for steamer; (Sc. a 65; 65e:) ; 6c. for high mixed yellow, and 6se, for Western white. Oats—The m: was dull and rather easier at the close. The sales were about bushels at 40c. a for new black Western, afloat; 47c. for old Western mixed in store; 4c. a 45c. for new Western ; 49¢. for white Ohio, track; 4le. a 424¢c. for new black Western, on the track; closing ull. Rye quiet. Sales 1,000 cushels Westam at Sic. Bar- ley remained inactive and . w1GHTs.—There was a modlerate business consum- mated in berth treights and rates on grain were firmor. Kessels for charter continued in fair request, chiefly trom the grain and petroleum trade, Rates In some instances Were higher, The engagements were:—To, Liverpool. by steam, 15,090 bushels rain, at 10d, a 10%. 120°0'do. 400 do. wheat at lid, To London, by The charters com- corn at Wied. 7! ste: lo. rain at . ark, rs grain, at 8s. Od. ; ‘i J4oo DbIs. naphtha, at 7s, Gd.; a Portuguese bark, troni niladelphia to Bristol, 1,60) bbls. of high test petroleum, és. 81.; a Portuguese’ bark, from do. to do., 2200 bbls, refined do., 6s; a Norwegian bark, hence to ‘Cork for orders to United Kingdom, 2,400 bbls,‘naphtha, 7s 6d.; a brig, heace to the Mediterranean, general cargo, ump sum. MOcAnenh-Marees still quiet and unchanged. We us - baie Old Crop. New Crop. Cuba—Centrifugal and mixed 18e. a 2h. 2c. a 28. Clayed Be. a 250, Be. a Sle. —a- Bde. a 38. -a- Bc. a a -an- a 5 saa Soe: & Boe: — i= 40c. a We. t for spirits turpentine was wiet and somewhat easier, but not quotably changed. ve have only to note sales of 80 bbls. at 6i3ge. Rosin was unusually quiet but very firm, strained quoted at $4 35; no sales of importance were reported. Tar and pitch were inactive and nominal in the absence of transactions. Prerroteum.—The market for refined remained in the same condition hitherto noticed, dull and nominal, quoted at 2444c. for spot or remaitider of month, Sales were made late yesterday of 1,700 bbls. for prompt de- livery at 24%c. Crude in bulk ‘was steady at lc., but nominal in the absence of transactions. Cases were firm at 29. a 24c, Naphtha met with a tair inquiry and re- mained yery firm. Sales were rumored of $00 bbls. for sast half of October at 18c., quoted for Western or clty at 16ge. a I7!gc. The creek market remained dull and entirely nominal at about previous figures. The Phila- delphi market was likewise dull and nominal. quoted at 233c. for spot or month. Later we learn of sales of 2,000 bbls. for early October delivery at 23%c. Provisions.—Recelpts—Cut meats, 242 packages; lard, 1,160 bbls. tierces and 30) kegs; and for the week— Fork, 1,002 bbls. ; beet, 287 packages; cut meats, 1,237 do. j lard, '1,977 bbls. and tlérces and 441 kegs. The market for mess pork was unusually quiet and rather more in buyers’ favor, but in the absence, of trausactions prices were Romhal; offered for remainder of month af $14 15 and $14 10 for October; 40) bbls. were Jobbed at $14 20 a $14 25 acon remained quiet but firm; sales 125 Doxes of long clear at 8c. for prompt, delivery. . firmer; quoted for the range ai ic. a 7c, Beef re- mained quiet and unchanged ; quoted at $8 a $10 for mess, $10 a $12 for extra do. $13 a for prime mess tierces and $17 a $20 for Indii_mess do. Beef hams were duil and nominal at about Cut meats sold moderately from store, but otherwise the market was quiet and prices unchanged. Lard—The market for Western re- mained very guiet at about 9 1-16c. ; sales (in lots) were made of 24 tlerces at 9 1-l6c. a 94. and 8%c. for new; city was a shade firmer; quoted at ¥%c., with sales of 130 flerces, part at that price aud the remainder ou private erms. Svain—The market for raw remained quiet and prices firme. We have only to note sales of 379 hhds., cluding ‘Cuba refining, at Se. Porto, Rico at 9'4c. a 93sec. and centrifugal at 9¢c. a 10c. Refined was also , quoted at 11%c. for A’s and 12%. a 120%. for hards. te :—Cuba—Refining, inferior to common, 734c. to good air, s%c. a 9¥e.; good to prime, ic. a c.; prime to Y hide: and boxes, 7 then tacts, olasses, hdds. and boxes, 734¢. a Sic. nelado, Ala ( Wamtard: Now 7109 0 18 to 15, 103¢e. % 0-, 19 'to 20, 1iec. 0 4c, ; do a ‘orto Rico—Refining, common to prime, 8c. a 9i4e.; grocery, falr to choice, Bec. a lOc. Brazil Dutch standard, Now. 8 to 12,730, 6 4c. Java—Dutch standard, Nos. 10 to 12, 94c. a ¥%e. Mantla—Superior and extra superior, 8c, a 8c. Rick was in moderate demand and steady; sales 30 tierces Carolina at & $e, 20 bags Patna at "Hie. and sc. Refined Dressed hogs were Hace 5c. 160 bags Rangoon at vdge. a Tige. Sreanixe was quiet and prices unchanged. Tatiow quiet; sales70 bbls, of fair at91¢e, Choice quoted at #%e, Wuiskry.—Receipts, 50 bbla., and for the week, 1,990 bbls. The market was firm atthe opening, but subdse- quently closed easier ; sales 250 bbls, at 923gc. # 93e., chielly At %8c., but closing at the lower price, DOMESTIC MARKETS, Gatveston, Sept. 21, 1872, Cotton steady ; ordinary, 14\c. ; good ordinary, 1534c. 9 I6e. Net receipts, (5) bales, Exports coastwise, 473. Sales, 900, Stock, 12,339, New Oreaxs, Sept. 21, 1872, Cotton lower, in fair demands good ordinary, 1746, 5 low middlings, 1774. s midalings, isigc. Net receipts, 2,553 bales, gross, 2,871. Exports—To the Continent, 3,751; to Havana, 417} constwise, 1,008, Sales, 2100. Stock, Monte, Sept. 21, 1872. iet and weak; good Cg es 16%c. ; low mid- dling: ¢. & 1734¢.; mniddlings, I8c. a 1digo. Net receipts, 5y2 bales. Exports coastwise, 1,210. Sales, 39. Stock, 3,02, Savanna, Sept. 21, 1872, Cotton dull and tending down, middling, 1734¢.; low middlings, I7e. ; good ordinary, 16%. ; ordinary, nominal. Net receipts, 1,85 bales. Exports coastwise, 2,405. Sales, 1,400. Btock, 9,702 Cnantestox, Sept. 21, 1872. Cotton quiet: ordinary, Ise. a 15's. cood ordinary, 1éc, me .; low middlings, l6ac. ; middtings, 16%c. a 17e. “Net receipts, 2826 ross, 2,820, Exports coast- wise, 2,174 Sales, 600. 0,456, Lovisvitte, Sept, 21, 1872, Tobacco firm ; sales 35 hhds, vers Burrato, Sept. 21,1872, Lake imports—Flour, 10,900 bbls. ; wheat, 181,705 Dushels, corn, 413,887 do.; oats,” 89.402 do.; barley, do. Canal shipments—Wheat, 115,833 bushels; corn: 4a ats, S.A do. ; barley, #,900 do, rye, 8142 do. from elevators—Wheat, 13,719 tn helg; corn, 77 } oats, 22,000 do. Wheat’ quiet and unchanged: Corn strong and advanced ‘4c. per bushel. Oats advanced, Sales—Western at 3c. ; Toledo, 37¢. Gewco, Sept. 21, 1872, Flour stendy and unchanged; sales 2,100 bbis., at $2 25 for No.1 Spring, $9 25 for amber Winter, $10 tor white do., $10 % for double extra. Wheat dull; sales 8,000 Milwaukee club at $1 68, and 600 do, extra white Michigan at $206. Corn quiet and easier; uplake Canada is without buyers. Corn meal, $1 6) for bolted, $1 50 for unbolted percwt. Millteed tinchanged ; shorts $18 ship. stuffs $20, middlings $22 per ton. Highwines, 9c. Canal freights—Wheat $4c., corn 7%¢., barley 7c. to New York; lumber, $4 to the Hudson, $5 to New York. Railroad fretghts—Fiour to Boston Wc., 10 New York Sc. to Al- bany 42c, Crrcaco, Sept. 21, 1872, extras Spring sold at $6 &) a $7 25; white Winter extras, $5 Ha $10. Wheatin fair demand, but lower; Four, firm and scarce; 1 Spring, $1 28 a $126; No. 2 Spring, $i 1734 cash, for October; No. $ Spring, 1 0834 a’ $1 OY; rejected, Corn quiet and weak} No.2 mixed, 35%, a 35%c. for cash regular; 36c. for fresh ; 38c. '3644c. for October ; rejected, 4c. Oats steady : No. ‘Wise. ; rejected firmer at 0%. a 2i%c. Rye 5 8 dull and drooping fo. ita a Sic. Barley in fair demand, but lower; No, 2 Fall, tt)gc. ———_++ +___ : FINANCIAL, TLANTIU SAVINGS BANK, 18 CHATHAM SQUAKE AND 62 NEW BOWERY, jew York. Money deposited on or before October 1 will receive in- terest as trom that day. INTEREST WILL BE COMPUTED MONTHLY on suras of $1 and upwards, —MONEY TO LOAN ON BOND AND MORTGAGE Av in ew York, Brooklyn and New Jersey. Principals omy 7 to SAMUEL 8, WOOD, Jr., Broadway, reamn th Bixee HOUSE OF FISK & HATCH, Ko. 5 Nawau street, —wew Yore, Sept. 18, 1872. te received, on which we allow Interest at the m. Special arrangements | the country and bearing interest in case of special de- posit. We make Collections for merchants and others in all parts of the country. Orders for Investment Stocks and Bonds executed at the Stock Exchange, on commission, for cash, We deal in Government and other first class securi- tlee, such as Central Pacific and Chesapeake and Ohio Bonds, Naas The Chesapeake and Ohio Loan having been withdrawn from the market by the Company, the small amount re- maining on hand will be disposed of at private sale, giv- ing investors an opportunity to purchase this favorite seourity upon terms which should ensure an advance upon the completion of the road and their introduction At the Stock Exchange- | | | | FISK & HATCH, | Hor & MACY, BANKERS, NO, 30 WALL SExaE?, New York, offer the same facilities to de! 01 Incorporated banks, and allow interest on dally balances at the rate of four per cent. Collections made yn an; point at current rates with immediate ret hy BtieDlicn paid W choles BWGks Bouds Ac. for reer REVENUE STAMPS—ALL KINDS IF PERFECT: Riven piMamenta much as Checks; Stock, ant gther ae ares Policies, fe": Mutilated DAVID Gt ANTHONY. af Wall ot., box 4475 Post offce. SEVERAL SUMS TO LOAN—ON BOND AND MORT- in New York and Brooklyn; also to purchase Becon i voregages Swiers nay cal ot Bk Well street, $100.000 Rew purge! STeaN bnotusus, AN—IN §UMB TO SUIT, ON ‘ooklyn and. Westcheste orfinds Wo purchase seco! fo. 8 pine street, $250. 000 22, 2OANOR POY, MORTOAURS— in New York, Brookiyn, "Westchester and’ New: Jersey, Algo money ‘without bonus. PAUL. TODD, 35 Liberty $400,000 Raltatad AML Iarae We us rea\fontauk Insurance Company, 68 Broadway. TO LOAN ON IMPROVED PROP- $750,000, Sy 'Bi3. eye aatae ey rsey and Westchester county. No. 1 Chambers streéh, apply, with papers. ALMOST ANOTHER DISASTER. The Torpedo at the Navy Yard Sinks with Three Men in Her=Miracalous Preservation—The French Admiral at the Yard and Reception by Admiral Rowan—The Remains of Captain Dav- enport Three Weeks in the Receiving Store. 5, The uselessness of the torpedo boat which was launched at the Navy Yard three weeks ago was fully demonstrated on Thursday last by an acci- dent which, had it not been in good time dis- covered, would have resulted in the death by suf focation of three mechanics, It appears that, after the board of officers who had been experl- menting with the torpedo nad adjourned for the day, and while the men on the boat were at- tending to some workin the hold, she suddenly sank and went to the bottom. It fortunately hap- pened that the hatch was closed and that the vessel was not filled with water. The greatest excite- ment prevailed in the yard as soon as the news was circulated, and it was expected that the men in her would be smothered, Captain Ranson and other officers soon arrived on the spot, and measures were taken to aid the impris- oned beings in the torpedo. The yard diver was summoned, and he immediately descended to the bottom, to ascertain the state of affairs. It was discovered that the torpedo was powerless to raise itself to the surface, and fears were for a time entertained that the men would be suffocated, as the vessel lay partly embedded in the mud. A large force of men were at once put on the floating shears or hydraulic derrick, and tt being placed in position over the spot by the aid of the diver, chains were made fast around it and efforts were commenced to raise the marine monster with its cargo of human beings. By this time a messenger had been dispatched to Surgeon Rhoades, the medical officer of the yard, who, attended by Mr. J. H. Bellingham, with a gal- vanic battery and other remedial agents, were quickly on the spot. It was fully expected that the ex) ments on the torpedo had resulted fatally, but after two hours’ hard work the vessel was raised, and, to the great joy of every one, the men were found alive, though in a terrible state of fear. It DES VceRealy happened that the supply of compressed air with which the vessel is supplied in air-tight tanks Was not exhausted and had saved the men’s lives, Had not the steam derrick been at hand there is no doubt entertained that the men in the torpedo boat would have met with a sad fate. The Naval Constructor, Mr. F. B. Delano, has ex- pressed his disapproval of the vessel in very strong terms, and he is no doubt of the same opinion as other naval authorities. On Saturday the French Admiral of the frigate Minerve, attended by Captain Du Pin de Saint An- aré and his staf, visited the yard and inspected the various workshops in detail, as well as the vessels on the stocks. He examined the torpedo boat and descended into her hold, but it is not known what opinion he entertained of the vessel. In the even- ing he paid his respects to Vice Admiral Rowan, who hetd a reception in his honor. The Vermont band was in attendance under leadership of Mr. P. All, At six o’clock Admiral Rowan and his guests, including a select party of ladies and gentlemen, sat down to a recherché dinner, to which justice was done, and after which dancing was the order of the evening till twelve o’clock, when the part broke up, and the French Admiral and suite too! their departure in a steamer for their vessel. Among the guests at the Sang ee! given by Ad- miral Rowan were Captain Ranson and ay, Misses Ranson, Captain and Mrs. Haxtun, A. J, Moorhouse and Medical Inspector F. Gunnell, The remains of the late Captain H. K. Davenport, late commander of the frigate Congress, who die in Southampton, whych arrived at the Brooklyn Navy Yard three weeks ago, and were de) ved in one of the receiving stores, are still lying there. They are enclosed ina metallic cofin, which is en- cased in @ plain deal case, and are lying in the midst of a number of government stores, It is re- ported that they will forwarded to Washington on the arrival of the Tallapoosa for interment, though it seems strange that the remains of an officer so highly esteemed in the service should be left lying entirely uncared for in @ public store- room for so jong a time as three weeks, FEDERAL COUNCIL OF THE INTERNATIONALS. ecepccningate Lee The “Ship” on Another Craise=The Dis- affected to Unite—Another Universal Congress=Karl Marx and His Aide-de- Camp. The Spring street Federal Council hel a meet- ing yesterday, at 129 Spring street, Citizen Olliver presiding. Ten delegates were present, all looking quite happy, and seemingly indifferent as to the action of the Universal Congress in not admitting their delegates, Once more they are chalking out for themselves new courses of action, as disappointment has cast her sable pall over their past workings, and Hope, “that mysterious consolator of their woes,” relighting her magic torch, summons all their drooping energy at her call. This is, doubtless, a wise appointment of Providence, especially for In- ternationals, lest they would have been wearied by their many disappointments and should sink into drear despondency. A communication was received from Swit- gerland stating that it is the intention of the Internationals of Europe to hold another Universal Congress, as the one recently held at the Hague, in Holiand, has caused great dissatisfaction among the members of the organization; as in fact it went toprove that the whole affair was ‘a tail to the Karl Marx kite.” It was decided that an Rvp is to be made to the disaffected members of the society throughout the world, and to all those who are in favor of truth, liberty, justice and the general transformation of society, to appoint delegates to the proposed Con- ress, thereby reorganizing the International Vorkingmen’s Association, It was announced that the society was in a prosperous condition in France, and the barbarous mene of the French government in keeping hun- dreds' of Communists penned up, and at intervals taking some of them out an idee | them, “much like the style of a well-to-do butcher with his cattle,’ has not deterred the French socialists, but, on the contrary, has made them act more energetically and secretly. Communica- tion was received from Hague, in Hol- land, and from which the following was leaned:—“‘That the International Workingmen's Congress ended with the victory of Karl Marx and his ald-de-camp Sorge; but it has been purcnased at the cost of the disruption of the association, It is the opinion of well-informed European Inter- nationals that the proposition of Karl Marx, which was adopted, to the effect that the Tenth Ward Hotel Council be elected to form the General Council, was _a scheme devised for the purpose to aid the Tenth Ward Hotel faction to compete with the native parties to et. the Irish vote, and they are going to abstain rom taking pert in the elections till they are sure of the majority throughout the United States. The reason why Karl Marx proposed the Council to be removed from London was that all the English members of the old Council are disaffected own to bis dictatorial manner, and, as he is ‘played out’, in Europe, he wishes to commence in America.” ‘There are at present from Maine to Oregon about six hundred members belonging to the association, It 1s certain, however, that they have commenced to clean out their “stip,” and make ready for another cruise. Several of the crew are to be dis- charged and better ones put in their place. FRENCH = INTERNATIONALS. mrepanneaeee Frenchmen Defeated by Germans at the Hague. The French Internationals held their regular meeting yesterday at No, 100 Prince street. It was noticeable that many new members were present, indicating that a considerable number of the French citizens of this city are infused with “socialistic” ideas. It was the ananimous opinion of those present that justice was not done to their delegate at the International Congress recently held at the Hague, onan be letter from_ their delegate, citizen Sauva, was It stated that there was not a just represen- tation from the different councils at the Congress. ‘The General Coancil of London was represented by more than the usual number of delegates, (who are adherénts of Karl Marx), but those councils that were not of the same way of thinking with the Doctor were restricted to their proper repre- sentation. ‘After some further business of no interest to the public Was transacted the meeting adjourned, + COMBATING CORRUPTION. | A Deadly Blow at Official Frauds in Hoboken. A Citizens’ Association Organized—Energetic Uprising of the Plundered Property Owners Against the Oppressive Burden of Taxa- tion—Resume of What Political Rul- ers Have Done for Hoboken. ‘Within the past few years the city of Hoboken has become the victim of an amount of oficial corruption and fraud which, though necessarily inferior in ex- to the poltiical depravity of her sister cities, is nevertheless well calculated to excite public sym pathy for her suffering taxpayers. The citizens of Hoboken are chiefly those who, by patient indus- try, have made moaerate provision for their fami- Mea, Thousands of them cross the river daily to New York to enable them to preserve that status in life. In Hoboken they sought a refuge from the oppression of taxation and the enormous price of property in neighboring cities. For a considerable time they were not disappointed in their hopes. A few years ago the men who clambered to political power, instead of improving and beautifying the streets already inhabited, commenced the premature improvement of the waste land known as the Meadows. This was the same as if the New York city government of fifty years ago were to improve the ground whereon the Central Park now stands, The laying out of UNNEEDED STREETS ‘was commenced in Hoboken, in the interest of men who have by this time accumulated fortunes thereby. But if the people were only to be bur- dened with the legitimate expenses of the work done there would not beso much cause of com- plaint. Such has not been the case. For instance, the property owners along the line of Thirteenth street were induced by agents of the ring to peti- tion for the formation of said street, such petition being necessary in accordance with the provisions of thecharter, The consent of the property owners was obtained, it is alleged, by fraud in two ways. First—The surveyor declared that 12,700 cubic yards of earth would be suflicient to form the street, at a cost of about $25,000, Secondly—The untutored property owners were told that a rail- road was to be run across the property, and that iu order to enhance the value of the lots it was necessary to have the street laid out. One of the MEMBERS OF THE RING in order to procure the signature of one of the property owners to the petition, pretended to be about to purchase one of the lots and paid a de- posit of $10 thereon, This sum he afterwards wil. ingly forfeited, having accomplished his real de- sign. Now, when Thirteenth street had been laid out, it was found, as already published in the HERALD, that, instead of 12,700 yards, there nad been 47,000 yards of earth used in filliny in the street, and the cost would reach $96,500, All this “improvement” and expenditure were authorized by a majority of the Common Council. At the present day, after all the “improvements,” the entire property to be as- sessed along Thirteenth street would not sell for more than $40,000. That is, the pd pale be are assessed in twico the amount their property.is worth, Mr. Charles Spielmann owns a few lots for which, atter paying $4,000 assessment on them, he could not get more than $2,000, Hence, the owners of the lots are to have their PROPERTY CONFISCATED, and even tffen the whole city will be saddled with an extra tax of $66,000 to Ce ee the payment of the expenses of improvement. In order to avert this calamity Mr. Spielmann, suspecting that the last figures given by the surveyor were not correct, caused the earth which had been put on the street to be remeasured, when he came to the conclusion that there had not been anything like 47,000 cubic yards placed thereon. He then made these rep- resentations to the Supreme Court, and emphasized the statement that the origi- nal consent of the property owners to the improvement had been obtained through fraud. The result was that the Supreme Court issued a writ of certiorari, which restrains the city from paying the cost of the improvement of Thirteenth street. In the laying out of enth and Eighteenth streets similar blunders have been made by the surveyor. The citizens themselves are partially responsible for those misdeeds, for they elect some men to represent them who are too illiterate to ascertain whether the surveyor’s esti- mates are correct or not. The most ILLITERATE COUNCILMEN, however, might have sense enough to employ surveyors thoroughly capable of making such esti- mates; nevertheless they still employ the man whose calculations were so inaccurate in the Thir- teenth street matter. It is not too much to say that many citizens are far from attributing these miscalculations to ignorance merely. Another source of the increased weight of taxa- tion lies in the excessive expenditures made by the other departments of the Cy government. It is true that during the present year decided re- forms have taken place in the Board of Water Commissioners and in the Board of Education, though there is sti room for better changes, It may well be asked if the Legislature cannot afford & remedy for those evils, but there, too, from year to year, the people of Hobo- ken have sought relief in vain. Hoboken boasts itself a democratic city, and elects some democratic politician to the State Assembly. Demo- cratic repeaters lend a helping hand, and some per- sons are uncharitable enough to say that “the counting out’ process is resorted to. Last year a democratic politician was elected by a small ma- jority, and the taxpayers were promised many re- forms. That portion of Hoboken above Sixth street and east of Hudson street is worth TEN MILLIONS OF DOLLARS, and had been formerly detached from Hoboken in the interest of the Land Improvement Company, The new Assemblyman was to have an act passed reattaching said land to Hoboken, so that the above named company should bear a share of the Hoboken taxes, The enormous sum of $30,000 was being paid annually by Hoboken for official printing, and this flagrant wrong was to be redressed. Time passed on, and during the whole session of the Legislature not a bill was introduced to bring back to the city the estate of the Land Improvement Company, and the printing abuse remained substan un- checked. In addition to the loss sustained Ho- boken from the non-introduction of those bills an act was passed increasing the salaries of the city officials forty, sixty and 100 per cent. Those officials had nee! fought hard for office and were well satisfied with the pay they had previously received, Another bill was introduced by which the whole city was saddled with the a:lege: FRAUDULENT EXPENSES incurred in improving Thirteenth street. The Com- mon Council was authorized to issue bonds topay, among other debts, the $96,500 already mentioned. Luckily for the taxpayers, the Su- preme Court has “blocked that litue game” of the politicians. Yet another bill was introduced whose object was to invest the Tax Commissioners of Hoboken with the most arbitrary powers, which, if exercised, must prove ruinous to those persons who own property bordering on the public square at Garden street. This bill authorizes the Tax Com- missioners to assess property for the aeyiereeate of said square “in proportion to the benefit received thereby.” Thus the Assessor and Commissioners are left to decide what property shall be assessed and to what degrec it shall be taxed. An avenue to fraud is thus opened for the assessors. True it is this injustice shall never be successful, for the oppressed citizens interested therein are not now in @ mood to submit tamely to so gross an outrage. Moreover, it is hoped that the assessment shall be made equally on all the city property. Mayor Schmersahl has already informed the HsRALD Tepreseptative that the latter would be THE ONLY JUST PLAN. Anact was passed in 1869 authorizing the im- provement of said square at a cost of $40,000, to be levied equaliy on the whole city, if the voters should favor the improvement. The citizens, how- ever, did not wish it, and never voted for it, where- upon the pofiticians had the act passed at the last session empowering the Common Council to have the work done whether the people liked jt or not. Previous to the passage of this act the Land Improvement Company sold all the lots they owned bordering on the square. It is this Same company against which Hoboken has had to struggle so much in endeavoring to extend its southerly streets to the river, So far the courts have decided in favor of the extension of the streets, Which will be of INCALCULABLE ADVANTAGE to the city. And now that the courts have decided in favor of the people, it is rumored that the poll- ticians, for reasons best known to themselves, in- tend to compromise with the Land Improvement Company, Should this be done the citizens them- Selves@yill take the matter in hand. Many frauds and schemesare further contemplated which cannot fall to plunge the city into endless litigation, unless a thorough investigation should lead to results similar to those already attained in Jersey City. With a view to remedy those and- other numerous evils, the most prominent of the suffering taxpay issued a cail on Thursday, inviting all citizens, irrespective of rty aMuations, to meet at the Franklin Pyceam. The was not unheeded, The property owners met on Thursd evening, when speeches were made by Messrs. Livsiey, Bo- elmann, Hankins others. A snbscrip- ned and a citizens’ association or- ganized, All t @ members were STRONG IN DENUNCIATION of the city government and avowed their deter- mination to sen @ man of good standing to the put. forward vetrong the repubif! ‘afte are gure corre the” district. ne deed, a great many of the bent ona wy Greeley, vi r ye hy a rept "serabiyman, rathen vote for an ignorant dem tie po fase poit] ticlan, There are many 1 pee who, ty ier enattis an be elected; m the — te le men much dispose: eschew politica, [poo haps hat the Supreme Court wale jea blow at the of the who have 80 adroitl ‘the poli thimbies in Hovoken, I may not be outer lace here to state that one of the men on Mr. Spielmann a few di ‘8 ago, and him “Jet up” on the Thirteenth street ane Sow boner the Supreme Court, and informing that city would compromise with him. was bated by Spielmann Aacising is Suter the consequences of fue Investigation, MUSIC AND METHODISM. The Elders of the Seventh Street Methodist Episcopal Church and Paul Falk at Essex Market Police Court. PAUL FALK ARRESTED: The Methodists Object to the Annoyanca of the Music and Conviviality at Tivoli Garden, About the latter end of May last a concert and garden called “The Tivoli” was opened by Mr. Paul Falk at Nos, 18 and 20 St. Mark’s place. garden has a front of 100 feet, and extends to Seventh street. Directly opposite the rear the Tivoli is the Seventh street Methodist Ep! church, ministered to by the Rev, Parker, Shortly after the opening of concert hall and garden & committee of six elders of the church, headed by their pastor, waited Mr. Paul Falk. They told him in very emphatic terms that he must desist from having any musi on Sundays; their congregation had protested against it as an OUTRAGE ON THEIR FEELINGS, and their religion. In fact, wnile listening to the! discourses of their minister or singing hymns of praise and thanksgiving to the Deity, to have to listen to voluptuous waltzes or even measure marches was more than they were willing to John) rate. Mr. Falk was somewhat taken abacl at the demands of the church people. He had expended a large amount ol money fitting up the place, and had e i a large and brilliant orchestra for the season, and! he depended on his Sunday trade as his i source of remuneration. Mr. Falk was disposed tot temporize. He asked the committee of elders what were their hoursof service, They told him three to: to four in the afternoon and seven to nine in thet evening. He thereupon agreed to commence his SUNDAY CONCERTS AT 4 P, M. and 9P.M. The committee departed unsat and proceeded to Police Headquarters and laid case before the Police Commissioners. These tlemen, unwilling to shoulder the bility, referred them to the Superint Police, and the Superintendent referred them to the a of the precinct, Edward The committee made another call on Mr. Paul and he told them that he would do no more he etl Pees is ope wees was that the- case shoul TOU fore 16 pro) ‘gutpori- ties and tested. o ee fos, FALE ARRESTED JUSTIFI Yesterday morning Captain Walsh brome Mr Paul Falk before Ju andley at Essex 4 Police Court, and a formal complaint was against him by the Captain. Mr, Falk radiant, and seemed rather pleased that the dispute between him and the church was in a fair way of being settled. He was ee to speak for himself. mR said :—"Y¥. lonor, I don’t wish to interfere with rel aD I don’t wish religion to interfere wit keep this garden in St. Mark’s I think it will compare favorably wil place of the kind in New York. If these church members that the ee shou! not play during the hours of we Ihave kept my word. Captain Walsh will you that: there has been NO CASE OF DISORDERLY CONDUCT since I came there.”? Judge—I have always heard it well spoken of. Mr. Falk—Yes, sir; and the best class of peopld- in New York visit my place; my customers aro| two-thirds American. i Judge—That has nothing to do with it, about’ whether they are German or American. } Mr. Falk—But it is the Americans, Your Honor,/. who are giving me all the trouble; and the; are glad to come there every Sunday andi enjoy the music, | Jvpgz—Not the congregation o the church: though, METHODIST DEACONS SIP LAGER, Mr. FatkK—Yes; I have seen some of them there. I know their faces pretty wellnow. If your honor, please, if I may be allowed to speak further—Ii ke not better for the people to isten to music an harmony on Sunday than to spend their time in! low liquor stores? i JupGe—Well, you make out a pretty good case’ for yourself. } Mr. FaLK—Yes, your Honor, and every ‘German and itberal American thinks the same as I ors il adjourn this case till the 4th or Oc~ JUDGE--I tober, whe: ersons interested can come for- ward and testi Mr. Falk, I discharge you on. your own rev ce. WHAT MR. FALK THREATENS TO DO, Mr. Falk, surrounded by a number of frienda, then left the court room. In a conversation wit! a HERALD reporter afterwards he expressed himse! highly delighted with the turn Looe 7 had taken, He was bound to fight it out to the bitter end, he- said, “and if they arive me too hard,” he added, will have @ brass band of filty pleces anda chorus of thirty voices, who will play and sing sacred music na church hours, and then let me see what they will do about it.” “But,” interjected the reporter, “they can arrest you for breaking the excise law.”” “T will charge a low rate of admission and sell no~ liquor,”’ quickly answered Mr. Falk. EFFRCT OF THE ARREST ON THE BEER KEGS, The news of Paul Falk's arrest had pecn eas tered through the city at an early hour, 2 created a great deal of talk and excite. ment among the German | etn oad and bitter curses were launched againi Sabbatarianism, and the right to drin! lager and hear music at any time or place wad- jooked upon by our Teutons as one of those privi- leges that should be guranteed to them by the con- stitution of the United States. Many @ foaming ao of lager was emptied, drinking success to Mr. ‘alk in his war against the Methodists, STEAMBOAT bedataas oh TION AT OLEVE« N Departure of Delegates from New York. This Morning—The Compilation of New Stcamboat Law. This morning (Monday) the following delegated- to the Steam Vessel Owners’ Convention at Cleve- land, Ohio, leave this city by the Erie Railroad :~ Maine, Captain J, B. Coyle, Henry Fox, bor rag B, Sandford; Vermont, L. J. N. Stark; nu. setts, David Whiton, F. W. Nickerson ; Rhode Istand, B. Buffum, Z Williams. Connecticat—G, H. Rey« nolds, Frederick Peck, A. F. Smith. New York—O, H. Delamater, L. M._ Ferris, Jr, C. P. th, CW. Copeland, H. R. Morgan, D.’D. ‘Smith, Jonm Hi, Starin, B. 8. Osbon. New Jersey—Captain An- ning Smith, A. B. Frazee. Pennsylvania—W. L. James, Bartram Snyder. Delaware—S. Churchman, Maryland—H. B. Folger, Captain W. C. Smith, It is supposed that nine-tenths of the steamboat. interest of the country will be represented at the: Convention, which has for its object, among others, repeal of the existing Steamboat law, which, it {8 alleged, failed to add in the slightest degree to the safety of the travelling public. Tho question of the Saeaeer es of steamboat Inspectors will also be jiscussed and their application of the law in the case of the Metis disaster will be sp dis- cussed. After the close of the Convention the mem~ bers Will probably avail themseives ofan invitation of the Erie Railroad to visit Niagara Palle, ASSAULTED IN THE STREET. Eliza Kane, of 281 Mott street, was assaulted fm the street yesterday morning by on unknown man, and dangerously cut on the left temple. She states that she was passing along os ee and when at the corner of Bleecker street the man accosted her, and, without proven trie her on the forehead. She was attended to by Dr. oo @t the Fourteenth precinct station UBL, has es MISSING HIS MAN, At alx o'clock last night Henry Rice and Davia Slater got into @ diMfculty at their residence, No. 11 Mulberry street, and Slater pulled out a tol and shot at Rice. The ball missed he man, fortunately, and i through the window. some of the | om roken by the bullet fell on Mary, the wife of Rice, cutting her severely. She was sent to the Park Hospital by Captain Key nedy, Who arrested both Rice and Slayter. Legislature, who will not betray the trust reposed ig bim by the people, Unless the democrats They will be taken belore Judge Hogan at the thie Iooralpg. bY