The New York Herald Newspaper, March 10, 1873, Page 8

8 Se FINANUAL AND-COMMEREUE, | The Advance im Gold and Tis | 2°.© 25 a0, oe Fictitious Character. ee 90; Foreign Exchange in, Favor of | the United States. ee ea —> pe THE GOLD SPECULATION A BLUNDER, The Abnormal Stringency of, the Money. Market. SATURDAY’S BANK STATEMENT Ina Rafiroad, 00861; do., funding, 1806, 208 27; <, Fature ae Activeries were active, pt again easier. do,, Sanding, 1868, 20 9 25; de., new, 174.19} do., DeDay, — Last Bve'g. Total. specm! 'axX, 14 & 16; Missouri alxes, 04 a 943; ad} Raport... aa “04 cA Mapnibal £24 St. Joseph, 90% & 91x: Sout | Soeculahon - 12 iia £45; d0., new, January and July, Gorotinn Geomona apn, and October, 22 0 23; | —Furtiré d i iow ae Be ls ‘Arians? sixes, erty 04s; pe 88 Dive Hartt tages ime 18 io ate inte oad, | Slane: oz » Sh: do., imterest eights, vm. ian @m00 a 2 Eales alton Arst_ mortgage | me ae jay, Eau PRN} Conu mortgage sicin, i foo a0" ot as see Re Oricans and Jackson first mortgage, 1695 4200 fd eS 945 do. second mortgage, 84 8 90; Mempnig end et Ms ie 0 Charleston Railroad frst mortgage, 80 988; 40! “yy api2? Kaden, 29 Becond mortgage, 60 h 823 Greenville and Com. | st 2 1b100.., ar bia Railroad, guaranteed by South Carolina, $5 0 | total tS a bal 6; Macon and Branswick Railroad, guaranteed ans ae fe i Ss oa by Georgia, 64 a 67; Memphis city sixes, 59 a 60; to Bremen, by y steam, 1146. sail Savannah city sevens, #4 a 86; New Orleans sevens, rel SS 68.0 64. bil aoe satseot GOVERNMENT BONDS. Total’ 12ca7 hater eh The government list was less affected by the ad- day last F Sag {he Lh 7,710 bales vapte in gold than might have been antictpated, Tet and for most of the list was steady, the activity in | @ we money being the drawback. The ten-forties were | Lo’ 19) at one time weak, and fell of % a % per cent, dut | ¥ 28 as recovered toward the close. The new fives also | —‘he cro vig ton ite based om ert ip tee ipheg rye! a The Week’s Movement atthe Stock Exchange. WALL ‘Sim, Scnpay, March 9-6 P. M. _ Another evenifal week has marked the course of business in Ule Wall street markets, the chief feature being THE ADVANCE IN GOLD to 115%, the highest point reached in nearly three years. The purely speculative character of this movement is readity seen im the condition of the foreign exchanges, which are down to a level whose depression tends te Invite the ow of specie in this direction from London. Indeed, the ex- porting merchants, in place of seiing their bills at current rates, are oered, the more profitabie alternative of ordering the-coim from Europe. ‘The result of this situation of the ‘foreign exchanges will be watched with much interest during the | coming week, particularly if’the gold clique cen- ‘nue to maintain the price.abuve A LEGITIMATE LEVEL. Its circumstances point te an early and perhaps disastrous termination of the current speculation in the gold market. Thefclique have bought and control, they Claim, something like twenty millions of dollars, which is mere by three millions than is ‘on deposit im all the banks of the city at this time. To get this gold they Have to buy it all the way up to 115%. Jay Gould, who is reported to be a mem- "ber of the clique, bougbtthe $1,500,000 of govern- ment gold last Thursday at about 115 4%. The twenty millions has cost tue clique an average of pretty nearly 115, taking interest, commissions ‘and ail charges into accownt, The interest may not seem to be of much’ importance, especially as THE CLIQUE were able on Saturday to get 1-32 for the use of gold, But itsheuld not be forgotten that, to get this 1-32 on a few hundred thousands of gold, the elique had to lock up all the rest of their enor- mous load and pay heavy “shaves” for itscarrying, | just ag if it was a load of railroad stocks. They rely upon a “short” interest to extricate them rom their present predicament, But the ‘short’ interest is insignificant, merchants who were borrowers of gold have found \t more profitable to buy gold at 115, with sixty day sterling at 1073, a 108, than to bny gold at 113 a 11334, with exchange at 110. In its designs in this direction the gold speculation has been a failure. As for the PURELY SPECULATIVE “short” interest of the Gold Room, it was closed but long ago. Inthe next place the exporters‘are beginning to think of importing gold instead of selling bills of exchange; so that the speculation promises to be as much of a failure as regards the exporters asithaa been in the case of the im- porters. Furthermore, the condition of our foreign trade was never 60 healthy, and is cause for gen- tral satisfaction to the community at large. During the first two months of 1873 the exports from this port were $44,000,000, and the imports thereat 873,000,000. Now, as we have heretofore shown by the statistics of the United States, THE EXPORTS PROM NEW YORE are less than two-filths of all the exports, and the ‘mports about two-thirds of all the imports. Ac- verding to these ratios the <otal exports fer the period mentioned have actually exceeded the total ‘mports, despite the unfavorable discrepancy in she figures at the port of New York. Whatever the reason, whether it is the calmer and more indus- ‘rious temper of the people under the continuance of peace and the diffusion of wealth under the Qnancial system of the country or whatever else, the expansion of domestic enterprise is going on steadily and with it the larger and cheaper produc- tion of exportable merchandise. Se far in this year of our Lord 1873 we have sent abroad more goods than we have brought in, taking the value of them DOLLAR FOR DOLLAR, #8 declared at the ports of entry and export, and weaving out of the calculation the difference be- tween the value of the dollar in paper and thg dol- ‘arin gold. In short, every argument that can be adduced is in favor of an immediate and considera- ble fallin gold. The clique have biundered into an unwise speculation. They have been working for over six months, and now, when they have ad- vanced the price to where they hoped to see suc- cess, they find themselves confronted by a host of obstacles. They may make @ dash upon the few scattering “shorts"’ yet in the market, and run the rate for cash gold up to high figures, but the fates and facts are all against the fruition of their plans. The dragging of the speculation in gold has been ‘one of the chief reasons of the CONTINUED SCARCITY OF MONEY, the clique having used large quantities of money in the process of carrying gold, which they have lodged with banks, private bankers, and probably with insurance, trust and other itke companies willing to take the gold as a pledge and keep (t out of circulation, The scarcity has alse been @ggravated by combinations among professional money lenders and by operators interested in lower prices for stocks. The market, however, is tending to ease and abundance, and will soon get beyond control of these partics, The stock specu- lation has been mostly firmer, the course of Pacific Mail having veered about to the upward tack and giving more confidence to helders of other shares,, New Yerk Centrai and Rock Island frere strong on the “discounting” of the semi- anauai dividend, apd Hariem rose to 139. Western Union Telegraph was about the only instance of | depression in the general list, but even in this stock a “break” of about four per cent was followed | In the first place the | § declined quite sharply, but likewise recovered. The currency sixes were lower and heavy at thedecline. The fellowing were the closing prices Saturday :— United States ourrency sixes, 113% a 114; do. do., 1881, registered, 1163¢ a 116% ; do. do., coupon, 118% #118 % ; do, five-twenties, registered, May and No- vember, 11534 @ 115% ; de. do., 1862, coupon, do. do., 11536 @ 115% ; do. do., 1864, do, do., 11534 a 115%5.do., Q0., 1865, do. do., 11614 a 116% : ao, 1867, registered, January and Juty, 114% a 144%; do. do, 1865, coupon, de. do., 114% a 114%; do. do., 1867,do. do., 116% & 116%; G0, do., 1868, de. do., 11644 a 116% ; de. ten-forties, registered, 110% a 111; do. de., coupon, 110% @ 111K; do. fives of 1881, registered, 113% @ 113%; de. do., coupon, 11334 a 113%. COURSE OF THE GOLD MARKET. The extreme fuctuations daily in the price of gold during the week were as follows :— Lowest, Monday . 11476 Tuesday. Wag Wednesday, . 115 Thursday 115 Friday. 11534 Saturday 11549 ‘The last sales Saturday were at 1155; and the quotation closed 1153, @ 115%. THE BANK STATEMENT, The weekly statement of the associated ba: shows no important variation in the relation be- tween reserve and liabilities, but the change, such as it is, is favorable. A further loss. of a million and a quarter dollars in legal tenders, the result of “locking up,’ rather than of an outward move- ment of currency, is partially offset by a gain of three-quarters of a million in specie. As the de- posits are down about two and a half millions, the gain in net reserve is about a hundred thousand dollars, 80 that the deficiency has been reduced to about two hundred thousand dollars. The state- ment, awhen resolved into two parts, one con- taining the exhibit of the national banks exclu- sively, and the other that of THE STATE BANKS, shows that the national banks really hold about $1,300,000 in excess of the legal reserve, the defi- clency being in the State institutions to the ex- tent of about $1,100,000. The statement compares with its predecessor of last week as follows :— March 1. March 8. 281,344,900 $280,351,300 16,370,500 17,149,600 27,001,300 27,801,200 202/066, 100 199,508, 700 40,724,000 89,473,000 —The following being the changes in detall:. Decrease in loans. oe $993,600 Increase in specie. 779,100 Increase in circulation. jor Decrease in deposits. Decrease in legal tenders. AN ANALYSIS of the above figures shows that the banks now hold within $204,875 of the reserve required by law—a gain for the week of $117,475. This result ig seen in the following detatled comparison show- ing the relation between the total reserve and the total abilities ie week and last:— March 1, March 8, Specte,.... ...$16,370, 500 $17,149,600 arte Legal tenders. 40,724,000 39, 473, 000 Dec, Tot, reserve $57,004,500 $66,622,600 Dec. $471,000 Circulation... 27,601,300 27,801,200 Inc. — 199,900 a s+ 202,060,100 109,508,700 Dec. 2,657/400 3470-100 1,251,000 Total vilitios. $229, 067,400 $227,809,900 Dec. $2, 857,500 25 per cent.. 57,416,850 56,827, 475 Deliciency in legalr’srve 322,350 204,875 Inc... 117,475 STOCKS ON SATURDAY, The following table shows the highest and lowest prices of the principal stocks during the day :— Highest, Lowest. 10554 1044 13% 3 81 a oa In Philadelphia Reading was lower and quiet at 115%. The following were the prevailing quetations at three o'clock P, M., when the Board adjourned :— Western Union. y a ete Porpinete pt. Rr a i Bt Paul 8 73) In Philadelphia Reading was lower and steady at 115%. COMMERCIAL REPORT. —_+—___ Cotton Dull and Easier; Receipts at the Ports, 12,027 Bales—Flour Steady— Wheat Firm—Corn Dull—Oats Firmer= Previsions Very Firm—Groceries Quict— Petroleum Nominal—Naval Stores Dull; Spirits Easier—Whiskey Firm. SaTurDay, March 8—6 P, M. ‘The past week has been a decided improvement on its immediate predecessor as regards the mer- cantile affairs of the city. There has been greater @nd more general animation in the merchandise markets, leadimg in numerous {natances to an | appreciation in values. The export movement has been held in check by the scarcity of tonnage. The number of available vessels in port for charter was scarcely ever 80 small as it has been during the | past week, and the room on the steamers has been readily taken up at the current rates, Toward the close of the week there was more ac | Uvity in breadstufs, and, with a small supply | by a reaction of one to two per cent. THE SOUTAFRN STATE BONDS. The Southern list was mostly quiet, with the | course of prices irregular. The Tennessees were lairly active and advanced to 83, while the new Soutn Carolinas were weak and were.effered down to 20, Virginia consols were firmer on the adop- | tion ip the Legislature of the bill adjusting the claims of the bondholders on the basis of comprom- ise agreed upom at the recent Richmond conifer. | | | | Sustained, though the outward movement has and limited receipts, prices have beem well | been very moderate, But the improvement in the tone of the general markets has been very percep- tible, and has extended to nearly every brauch of the whoiesal¢ trade. Cotton has been very quiet all through the week and was still dull at the close. At the Produce Exchange to-day flour was dull, but there was no, change in prices and no ence, Louisianas were utterly. neglected, Quite | an active demand has prevailed during the week | for the mortgages of the New Orleans and Jackson | snd Mississippi Central Railroads and quite a con- | siderable improvement’ in prices has followed. Indeed, shrewd investors are. quietly picking up | the mortgage bonds of the leading Southern rajl- | Toads on account of the rapidly growing prosperity | of most of these lines, particulasly tose in the | track of the cotton mevement, The South is | | steadily learning to handle her own cotton, to | catry it to her own porte and to ship it thence to Europe direct, with CONSEQUENT BENEFIT to her internal railroad system. The following were the closing prices Saturday tor the Southern fist, inclusive of latest quotations sor the leading ‘Southern railroad and municipal \ponds:—Ten- Hessee, €X COUPON, 824 & 83; do., New, 82% a 83; Virginia, ex coupon, 45 @ 47; do., registere stock, old, 37 @ 42; do., aixes, consolidated ponds,} © & 5634; do. sixes, deterred scrip, 14 @ 16; Georgia sixes, 75 a 80; do., sevens, 87490; Norvh Garona, ex coupon, 30 @ 92; do. to Norsh Caras. Pressure to sell. Wheat was quiet, but prime sam- | ligned on Thursday and Friday. Gorn was dull, but nominally the same as during the entire week. Oats were witheut decided change and more ac- tive. Pork and lard continued very strong at the | late improvement. Groceries remained quiet, but the | sugar market closed with a little flrmer tone. Spirits of turpentine was entirely nominal and lower, while rosin | was quit, but steady, Petroleum remained dull and | nominal. Whiskey was in fair demand and steady, | Coprex.—The market continued dull for all kinds. The Rio telegram, which is now overdue, has not yet arrived, pending the receipt of which the market is weak, but | prices not quotably changed. We quote :—Rio—Ordinary, | cargoes, 17Ke. a 18%c. ; fair cargoes, 19. a 19%. ; good cargoes, 19c. a 2We.; prime cargoes, W'qc. a 2ige.; ex- | treme rauge for lots, va—Government | bags, 20c. @ 2lc,; do. grass mats, 200. a 22c,; Singapore, | Ie. a 18e. ; Ceylon, 186. a 19e. ; Maracaibo, 185g¢. @ 19}4¢. 4 | Lagnayra, 18ige. a Wige.; Jamaics, 18e, a 19e,; St, Do- | mingo, 16i¢¢. a 17e. ; Porto Rico, 19¢. a Wie. ; Costa Ries, Jedge. to 2040. ; Mexican, 18%. to 19% nilla, 180, @ 190. ; Angostura, 186. a 19¢.; Bavaniila, 18. @ 19¢.; Cura- £08, I8e. w 19¢.; gold, per Ib., 60 and 90 days’ credit Porron,—The inquiry for spot cotton was limited, and We AFKeb dgooved pt @ decline of J4e per Ib. fpr | * Cotton quiet; middiings, ye) | e ples were tirmly held at the improvement estab- | | breakfast ‘bacon, $8; dried beef, qualit grade juoted, § Fuou! ch ry ‘Grain.—Recei| 1 eal, 035 bushels; and for the week cuding— Cats iia rak ushols; barle do. The flour marke! rt bu ex, The sales were only thin’ the ‘range of our quotations mained quiet, but prices were tienen same, Wo $4 00 a $6 00 6 a 6 90 72a 775 Tiba 8 6-508 6 90 72a 775 Round Hoop nt, shipping bral a Round Hoop Ohio, trade brands, 8 50a 9 50 K 0g 9 5)a 10 50 BE Louth straight extra a St Louis cholce double extra 9 50a 10 50 St. Louis choice family 10 50 a 13 50 i 9.50.0 10 50 $500 620 Southern diva 60 Southern superiine. Gia 675 Southern extra: 75a 900 Southern family. 9750 13 00 Corn meal, Western. $250 345 Corn meal, Jerse: 3600 $65 Corn meal, Bran 38a 390 400f 0, b. 360.0 3 66 Ss = 2 2.8 Fi —Wheat—The market was a cine more acer s and frm. gavoabout GOH0 bushel. net ‘evening, st sto ‘about ushels, even ro oF Nod ‘uta $1 Oo tor No. 2 Chicago Milwauxee spring, $1 id atioat ir No. 2 mpevantee Spring rey sifor Noslin store, To-day. 3 for No. 2 Chicagg, in. store and ation, nd, 1 8 89 for & a Corn—The marke ST IPR ETRE arg try bushels at for Jersey on the pier, 64c. in stot Le and 66340. efcat ter old Wenterh mixed, for new do. filet, choice red. at Gdiye.; 651zc. n “6c. notninally for Western and Southern yellow and é3c. for Western white. Oats were in good demand and about gc. better. The sales were about 60,000 bushels, includ{ng all kinds, at 51}ge. for old.im store, 45}4c. on the track and 48. afloat for new black Western, ‘4c. a 49340. for interlor to good new Western mixed atioat, a r fair to choice new White do, and 50c. for do. on the track. Burley and rye were nominal in the absence of reported sales. Faricnrs.—The quietness hitherto noticed in the mar. ket for berth fteights continued, owing chiefly to the scarcity for available room. Rates were nominal before, The demand for vessels suitable to the Ter tirate pontinged falc’ but ue to the insu supply of tounage business’ was reatrite ments wer mm, 22,600 bu: Brain WA Ode rydy aud by kant? BO balea cotton at a 11-32. ‘The only'charter we heard of, althbugh several were pending, was an American bark,’ hence to. Couti- Bontal port # 500 bbls. of crude or refined petroleum on rivate term: PiMotassya—The market was unchapged, both in regard to the demand and prices current, t 50 DbIs. of Orleans were jobbed, at irom 6c, a a We quote :— he yew Crop. Guba, ia al and mixed... 5c. a T5c. spirits of tiirnenting, the market ‘and’ lower—o! without buyers. Rosin was also ney pected but nomipail Strained tie goed $3 0 « We nave only sale of 8. at ‘ar Was but firm, at WS hoes Is tor qa gi and $4 far wiltalagten, PxtnoLeum.—The market remained in the same condl- tion as hitherto noticed. On ‘Change aN were rumors of aalos of refined for deliverels up to Mi tay, Dut Ro gales were authenticated. Refined quoted ni spot and for remainder of wonth. rude es ‘bul ik was fleadily held at 8c. | Cases quoted at .. the higher-price for mail lowe Naphtha was hey ected and nominal at about Ic. tor Western and lic. oor ity. At the creek the market was dull and nominal at about ous figures; quoted on the ronds at $2 Oo and $25) Be Onl City, the Philadel Re market remained un changed ; refined quoted at I P + beef, 188 pack- LOVISIONS. —! HecelpuesPork, a a Pata and. Alerees; In. bees, kegs.’ there was ve doing in meee ‘but the mar! cot continued wry, firm at $157: heard of sales of 1,000 bbis., for June, at ai, Toole Jobbed, at the same’ price 130 bbs. gids ness a $15 25; 250) bis. eXtra prime, for clear moss at $17. un aatmsncdannte se Hriner, We heard of sales of 700 bo: long clear atic, do. short clear at 8ice. and B00 box ig And short «lo. at8igc, Beef—The market remaine: t, but prices ex: hibited ne emential change. In @ Jobbing way about 30 packarea changed hands within, the rango of $9 8 Bie 11 50 br i ens Els a OF extra do. bbls, tae + dos“ dercca” 33 for Indi Beef ‘tame contin negated i ati aga for Texas and Southero, an Gut t mesteThe market was We quo tt hams, oes wake ted’ shoulders, 6c. a Sige" ‘honed ortoves, "We hear of Bellies at T3c. a 8ie., and 100 market for Western e heard of aa ieee but firm. lo. shoulders, 8c. ; pict 6%. @ 740, Cc. & Ihc; do. shoul- lerces for March at c., 70 tierces for May mh ac. City was dallat am and le. Dressed hogs were firm aie, is on ‘aie. aTac. for’ ha heavy °. ‘here hai hee Ma good business to: in both of ry % @7c., and sinall ant ee Svoan.—The demand, for raw was" fanch more ui still up to a late hour there had been but = little business consummated, althou Ty we were intormed that several transactions were pen: We have only to note sales of 200 hhda. of low grade, Hew, se Cuba, at [ier 18 hds. Porto Rico, at 990. ; 340 hhds. of Cubs’ at 4. of low gradi “se., and 1 has. de- scription motaiven, on private terms. Weauste mo uba— Refining, inferior to common, Ye_0 86; fair to g00d ia Nac. & rime, Toce! oc a eg Ae Gane ke, anocery, ta Ric paisa fair to ooh ce amg pndard. Nos’ $ to 1h TNC. a Sige. Sate—Duich standard Me 2, ‘s ace TEAMS remained quiet, but the marxet was firm at *iransre Receipts, 490 bbla., and f HIAKEY.—Rece! i. and for the 3180 bbl. Themarkel remained steady and inodorately active. DOMESTIC MARKETS, ALYRSTON, March &, 1873, Cotton heavy; good ordinary, 1 N vy; & Yiss! “Brien et Door seek Hitt, be Exports coastwise, 7 RLESTON, March 8, 1! low, Tmiddlings, one. iba Fegelbts Aes 2i6. isl Ga Stock, Savannan, Maren & 187% eg CM Nat recednts 1138 bales, Mareh 8, 1978. Cotton ,gnlet; middlings, 29e,, a 194e.; low middiin 18%, erdina: 174g. ais hi $3°% ioe dor fonTo, Gevat Beiaia, Fara ecu ha ales, 600, Stock, 41,807. ‘counilae New Onveans, Mi Cotton In fair demand; good ordinary, he. ite fow Iniddings, 180. 8 i8i¢e, dit ceipts, ise iH ood ordinary, 18c.; ordina: yales, ‘Exports coastwise, 1, Cotton dull; Faiddings, Exports coastwise, Lovisvitix, March Tobacco very strong and fst Sales, Us hhde, | Se swEGO, N. Y., M Flour stendy:and unchanged sales oy ify boise $875 for No.1 Spring, $9 75 tor amber Winter, $10 80'for White Winter, $11 for double extra. Wheat firm Dut tes Corn dull; sales one car, at y in fair lomand ; Bay inte, $1 10. Corn mieal~$1 4 TF potted, cr owt. Millfeed unchanged: shor to niladelph i a New York, 620. ‘rohan petals tend X. Cw Maroh & 187, Spirits of turpentine aulee at ae nfirin at $6 for strained, $4 25 for pale Crade turpentine sondy “at for hard, $5 for yellow dip and virgin, Tar ligher at Borraco, N. ¥.. March 3, 1873, ‘eck ending to-day —Plour, {ohn bl, + CORN, 502,754 do, ; o@ts, 257,294 2 Tab or Rxpdete for the we heat, 49,009 bushels; corn, 278488 do. ry ey, 16.400 Western Spring, 87 amber 9 I Ween firmer yuahels* wit t jushels' — Milwéu Sprin 50) do. Chicago No. 2 Spring at $150, ih | an at do. red Ohio at $1.80. Corn eusier: sales 00 bushels. Western on the track at Sle. ; considerable sales in store on private terms. Onis “ Lg lots of Western itso; | Rye nomi: hala ‘mM; sales of 1,500 bush State on track at sic. ; held ( at OSes NBL Noe Western at We. a 95c. ‘Barley malt quiet; W $1 oy eiane, ein er Western $1 10.4 $1 is parm ada, 5 Rye malt held at ie. P; mess pork, $14; short cats, $14; hams, $13; rayne Be S17: beet tongues, In tubs and Kegs. ports for the 3, 6,70 ba Mada) at Ye, a $l, Ne id per dozen; lard, 8%. in tlerces, $e. remainder of the market is unchai Cnrcaao, March 8 Flour unchanged, Wheat nominal; waren Noe a Chicago Spring h * AA $l zs, cash; 3) April, No. 3d rejected, 92 steady at 32! bith 2 mixed, ¢ Bx Y seller “A: c., eller Ma: 2bac, a 26! rm and in fair demand at Be. for No. Kod regular and fresh. Rye fri end sonces Sige. a O60. for Barley y quiet and weak at 71ig¢. & aye for No.2 Fai, Pork unsettled and lower for “ood to cho! oj closed steady, arith, & portion of t aia cie es ati $14 2 bie seller he 10, seller, Apel; ny saa the tne crag shot ountry, s¢ BSc! "Wacom unchanged. ‘Dressed ons tend: pais a aed, bi Raper AnD oehaass velior M B sh “Eur ¢ oR , CALL. FOR 100 Suan BS OF ice Rg OF ston” hese CONT ONE i ¥ ‘ta OR BROKERS AND ARES wiaorre Sr Fie & BAZLEY, BROKERS, aA PLACE, ~*~. Spr ln iedidnimar ca ih 0. UGUST BELMONT & 00.5, say stroe insue, Travelers ‘Credits, avaliable in all ‘parte ot the world, through ies jesers, DE Basiiinsygioy and their corre: pdgnta. “—_ Also Commercial Creaits and transfers of money on Caltfornia, arse and Havana. pa ni i yy ee AND passnneleny lew we i pais o only Apply to RANKL. WOOD, Jr, 105 Broadway, —CONTRACTORS, MERCHANTS AND BUSINESS °, meet ¥ ving Business amet, to Sell or Discount, Firat o yf Second Mortgages or other collater- Hae ere eae requifed at lowe market jated wit iets. Ad Sag] MERCHANT, box 117 Herald Up Town ranch B [Yad fe a Arp. 2 piled $459) VALUE $10,000 ON BL COOLEN Nas oi jambers st, corner Chatham, ae MONEY TO BUY OR LOAN—ON FIRST age, second Bortgaces, on Improved or vacant Property. casted at \ oper caked °%%. SIMON, Jn., 39 Nassau streot, IRST MORTGAGES FOR SALE—ON IMPROVED ester I’) re} near Barlem sehen 2.000, bine yen to Fun Principals only apply '98 Broadway, room 10, OWES & MACY, BANKERS, 30 WALL STREET, NEW YORK, OFFER THE SAME FACILITIES TO DEPOSITORS AS INCORPORATED BANKS, AND ALLOW INTEREST ON DAILY BALANCES AT THE RATE OF FOUR PER CENT. [ASKINS & BRAINE, ‘i BROAD STREET, tock and Gold Brokers, Block Privileses a specialty, Puts, Calls and double Privileges on all active stocks, Small capitalists will find this a safe method of speculating. Explanatory cir- culars, with references, mailed on application. [oss NEG ovat ciaetattOAD SECURITIES er approved collaterals, basal MURRAY, 98 Broadway. \[ONEY TO LOAN | rom NERFOIGE OR SECURITIES, sums to suit: Firstand 5 RUFUS K. Mc. Notary and Commissioner t TO LOAN ON JERSEY © York Property in sums to suit; or will cash mort- gages on same. BELLAMY BROTHERS, No. 54g Pine sree. BW, YORK STATE GOLD SIXES—DUE 1867, 'NNE & DAY, 16 Wall ice. aaFFIor ERIE LWA “COMPANY. Naw York, Feb, 11,1873. DIVIDEND.—The directors of this company have de- clared a dividend trom the earnings of the. r six months ending 3ist December ultimo, ‘ot three yo one-half per cent on the preferred stock, and also a divi- Band, of one an iree-quarter per cent on the common Hock, from the earnings of the road for twelve, mon ening December 31. last, both payable on the Ist day of March ext, ut the office of Messrs. Duncan, Sherman & Go. No. A Nassau, street, to the registered holders of stock at the closing of the boo! ‘the Transter Books for oth preferred and_common stock will be closed, at the close of business on, Saturday, the Ist day of March next, aud remain closed until morning ot the 17th of March, By order of the Board, alhar’ ‘ONE SECOND MORTGAGES WANTED—IN PART PAY- Gt THE WALL STREET NOTES IN THE lym and Queens county Property; also for pur < 3.000 Suspension Bridge Company for sale. —All to-day, by lette Herald Uptown Branch Siloo, 1288 Broadway. hd neiment Property and on good leasehold. H. N, OTIS, Secretary ment, for improved city Property. J. C, BAILEY, 50 Kast Fourth street, near Bowery. EVENING TELEGRAM. WE HAVE MONEY TO LOAN ON CITY, BROOK chase of good Second Mort ee SAWARD & LEAVITT, 54 Wall street. OF STOCK IN THE NIAGARA FALLS trains of the New York Central and Great Western roads ass over this bridge; stock pays regular dividends. A 80.000 20, LOANKo% CIty REAL EstaTE, improved and unimproved, on Store and fe BARTLES, 86 Wall street. $100 OOO LOAN WANTED-FOR A YEAR OR . HL, box 5,087 Post office, More, upon gan security, Address lew Yor! $125, O00 38, WoANcON REA ESTATE IN this city, in sums of $5,000 Le Fas. Second Mortgages negotiated, ‘Apply to "fo F!OONREY, 162 Broadway, room 9, 165, x4 .000 TO LOAN—ON FIRST CLA»S CITY Property; mortgages bought; money for Begotig nm and New Jerse: aT: PH NIX INGRAHAM, No. 4 Pine st., basement, FOR $20. 000, GOLD; $100 FOR 100 SHARES $125 Fe THE oN) E BONUS AND OUR Contstystow Na PURCHASE A PUT OR CALL FOR DAYS. LAPSLEY & BAULEY, BROKERS, 47 EX- Sung PLACE, REAL ESTATE MATTERS. Pursuant to the announcement made by the va- rious auctioneers, public sales of property for the present week do not seem to be very brisk, but as the majority are strictly legal salesby order of the Courts, no very great importance attaches thereto. On the other hand private transactions have a promising outlook. The following are among the duction sales ad- vertised to one at the Real Estate Exchange :— gal Monday, March 10—" Leonard, Referee. Pit n. 8 Of 12ist st., 200 ft. w. of 10t av., each lot eae 8. 8. of 1224 st, 20ft w. of 10th av., each lot edneatay, March 12—Trasteo' ba is nglish b. De house, 3 fest 12th houses ag eaeains et na brick house, Ist oO ‘or! nd bs at ‘ame ani rt ay., 71.935 ft OF 13th a BAxHBRSH Tues Fouse, and lot, 41 Parl ‘bk. house and and 48 Xew een 44, 46 ean entire lots, William teree, 75. 52x: Grand’ Boulevard and 109th st., 17634275. » 7 ft ¢. of Boulevard, G0x144.13¢2 nd 5a bk. house, rear, 199 Allen 87, front reer ichol, reieree, day, March 5 s. Dk. tenement store, « Delancey, 25 street, J.J. Poet referee, 26x75, aBey; 8A wi of Ie LEKCEER, SON AND CO. aro Uh Johe FyMe Teseree as w. x 1 Bastern disitict New Teed ay, House and lot n. 8. R. Harlow, Unite Beate Mi Miarena Yor! Steamships Morro Ag ‘and Cotem! bia. Wednesday, March 12—Philo T. Ruggles, referce. House: and lot, pra Madison av., w. 6, between 38th and 30th sts, Lith av, 6. 4, BUH MOE Se, ond petmecn Grand . 0 an Boulevard and Riverside Fark, $ lots, each sit, ‘in Pats eu aan a a lace (Bi hi 8, house and Io th st, between Ist a a * ‘18x80. pneieee ia pa ‘AND are N. 8. 76th st, fSd'a¥., Staxi0.2. W. 8 Sd av., "ab2 m. of foun at axl CLLKn, Ww mine ‘ednesday, W,8.8th av.,27 eno 480 Thursday, M Haken 13, J. 8,26 at 275. w. of, Sth av, 751008, Sith st. 275 Me. w, of 9th ay y TOx1W.8. io. 212 Bowery, Ww. s. ah? No, 288 Elieabeth 22 ant 7. jay, Mare! h 4, 8. 8. Maiden lane, by nt ©: of Nassau st., 18x84.3, PICKING POOKETS, A Lady Robbed of » Wallet Containing $800 in a Street Car—No Clue to the Thief. Roboeries of various kinds are becoming more and more frequent throughout the city every day, and the cry of “Where are the police?” is general. A fortnight ago burglaries were in the ascendant; then shoplifting was the rage, and now pocket picking is having its turn. In almost every case a report is sent to the authorities, but there the matter rests. ‘The thieves are either too numerous or too adroit, or the sense of duty of the officers is not strong enough to urge on to an effort behalf of the community, for the appalling fact remains oo but few arrests are made, while plunder mereasing. A great many of the robberies that have been reported during the past few days are small in amount, but they are none the less annoy- ing and inconvenient to the robbed, There have been several extensive affairs though, and they | have almost all been characterized with a boldness of execution that might well alarm the people for | | the safety of their Lik pag | and barefaced plunder o: lady in a street | car took place on Friday last while | | the vehicle was in the vicinity “ot Thirty-fourth pens and Broadway. Mrs. Amelia Clark was go- | ing \ up town in company with Mr. Thurlow Weed, an ¢ lady Was so Much engaged by the conver: | gation of Mr. Weed that she was robbed of a purse containing $800 without missing it until ane got home. The thief went into the car, itis supposed, in the neighborhood of the Fifth Avenue Hotel an: took @ 8 close to Mrs. Ciark. As the car becat filled she managed to edge nearer’ the lady, until he or she felt satisfied the pocketbook could be extracted without immediate fear of detection. Having secured the booty the thief got out, and that is the last that wi if fhe A most open police may be abie to bring’ to the urface again, but itis not probable. Mrs. did not bes course, see the woman well comet, to give description of her, and the general outline of her appearance leit upon the lady's mind will scarcely suMcient ground for an officer to work upon to make an arrest, A Mrs, Winstead, who was collecting money for a charitable purpose, was also robbed on a car of the ae ine on Saturday. The thief praceried in. off with $150 be- Blundei—Wier? Our Silver — To— The Greedy Heathen Chmeg— The “Wow Trade Dollar—Prevarina to Rule the Pacifte—In- ternational Coinage— A New Office, While the eoncentreea atvention &f the whole country has been Qirected ta the startling ex- posures recentiy made in and out of Congress but little nottce has been taken of a mill, now become & law, which quietly passed through all the stages and received the President’s signature within a few weeks, and which will probably be of more im- portance to the “plain people” than all the politi- eal investigations and buncombe upon which the high-priced people’s servants have spent their valuable time. We refer to the MINT AND COINAGE BILL, which directly affects every one of the numerous Class of our citizens who are at all interested in the great gold and silver productions of the United States, from the sharp bullion dealer of Wall street to the brusque and honest miner who handles the Pick in the wild Sierra Nevadas. The law is de- signed to give an impetus to silver production in the far West. Some idea of its importance may be obtained by a glance at statistics, which show that about THIRTY MILLION DOLLARS in silver is annually produced in the United States and exported to foreign counwies. In 1850 it was only about three hundred thousand dollars. So our silver production has increased a hundredfold in twenty-five years, with still brighter prospects for the future, whem the West will have the capital she needs for her development. The new law completely CHANGES THE SILVER COINAGE of the United States from and after the 1st of April next, and its provisions are not yet generally known even to brokers and dealers in the “‘pre- cious.” From the time the first United States Mint was authorized, in 1792, there have been eight acts of Congress affecting the coinage. The standard value of the silver dollar has been changed once, of the three cent piece once and o! all other silver coins twice, while the whole gold coinage has been changed twice, By law each coin of the United States must be of a@certain weight and fineness, from which, how- ever, as our machinery for coining is not abso- lutely perfect, a slight deviation is allowed, viz:— The weight bas been always calculated in English troy grains, Tne fineness was at frst computed by carats, according to the English method, but recently in thousandths, which is the modern French system. By the Engtish method pure gold 48 supposed to be twenty-four carats fine; and the pound sterling being twenty-two carats fine, the proportion of pure gold to alloy is eleven to one. John Bull’s coinage, therefore, is slightly finer than the modern coinage of France and America, which contaims but nine parts of gold to one of alloy, and is said to be 900 parts fine. Bythe act of 1792 the first gold coin ofthe United States was to be twenty-two carats, or 916% fine; the eagle to weigh 270 grains, the half and quarter- eagle iu proportion. At th ime but little gold was being mined, and it began to grow scarce in proportion to silver, which was coming {from Mexico at the rate of twenty millions a year. To prevent the exportation of our gold coin, Congress therefore, in 1834, reduced the standard weight to 258 grains to the eagle, and the fineness to 899 9-40, a reduction in value of about ten per cent, Again, in 1837, Congress raised the standard slightly, making it 900 points fine, to conform to that of most civilized countries. Since that time the double-eagie, the one-dollar aud the three-dollar piece have been erdered, the twe former in 1849, and the latter in 1853, But the geld standard still continues at twenty-seven grains troy to the dol- lar, of which pine parté are gold and one alloy. And it is pooh hat 10 FURTHER CHANGE : in tne acid colsage will be needed for an indefinite The act of 1792 also made provision for a com- plete siiver coinage, except the three-cent piece, which was not cvined till 1863. The silver dollar was to be of 416 os of a fineness of 892 2-5, the smaller coing of the same fineness and a propor- tionate weight. In the report on the coinage made last November ‘by Professors Torrey and Linder- man it is stated that the adoption of this standard for silver corse ido) wad ented of MISTAKE. It appears that sw was intended to make the American silver dollar the equal of the Spanish dollar, which contained of pure silver, not includ- jug the alloy, 3773¢ grains troy. Now, by multiply- ig the weight of the United States dollar, as riven apore by its fineness—thus, 416X892.0004— ne «result 1.25 is obtained, evidently an error of six grains calcu! the la- tion. Dr. Rittenhouse, pa ps Mint Director, discovered the error, for a short time silver was coined up to standard 88 Originally in- tended; but his successors did mot dare to violate the letter of the law, and three-quarters of a cen- tury have passed before Congress has interfered to correct its blunder, The consequence has been that the silver dollar hes completely failed of the purpose for which it was intended, the Spanish dollar as an article ~Bicedy The Mexican dollar, which is worth a couple cents more, is im great demand in Europe and Asia at high prices, while our dollar, of better workmanship, is consigned ignonimously to the melting pet almost as soon as issued, The silver coinage of the United States was an- irom 1792 till 1837, when its fineness was Fait to 900 for the sake of uniformity; but the your Ungtts reduced from 416 to 412}, ‘grains, lett a! a e same. In 1848 came CH wild excitement of the Call- fornia diggings, and three years later gold was found in Australia. The precious metal came nus like a flood, In 1847 the total in the mines of the world was only about fifty thousand pounds, troy. In 1853 that of California alone was 200,000 pounds, or about fifty million dollars, while that of the whole world was about five hundred and fifty ee pe onace pened The relative values of gold and silver da 80 rapidly that some enthusiasts pre- Sere that they would eventually change places, and silver become more precious than gold. So, in 1853, Congress made a sweeping change in the silver coinage, to preserve it from the crucible. uring in u, Production The proportion of alloy was left at one-tenth, but the wel as ot all silver coins (except the dollar) nearly seven per cent. The half at 192 grains and the smaller And thus the coinage has The silver dollar was left it it nie come into compe. taos with the Mexie a as an article of commerce. As it weighs twenty-eight anda half grains, about eight cents more than two half it has never pee arene Sage A readers never seen American silver ‘dollar, the most beautiful cofn in m the world, Brokers sell them at about four cents more than gold, and they are much sought for b: the manafacturers of jewelry. Thousands of them are daily coined, less jeweller before the die is cold. They are sel- dom exported, because the Mexican dollar, which is worth about one cent emote, is everywhere the favorite, especially in C1 The Chinese have an vapeur rejudice pasncte but the Mexican eagie dollar. geengy,w je other silver of equal fineness sells at . Pe renee per ounce in London the Mexican eagle dollar sells at 5s. to 58. 1d. per ounce, Mexico has, therefore, received for silver exported to the Eaat via London a premium of about five per cent over and above other nations. When we consider that in 1857 $10,000,000 of silver were sent to Asia the rest of the world, and that it 1s stiil Mowing there at the rate of $50,000,000 per annum, the im- portance of the matter will be readily conceived. Recently Mexico has altered the stamp of her dollar, to the Op iy of the Chinese, who refuse the new die, as they hate all new-fangled te aed Congress haa wisely seized the opportunity to introduce to their notice our new dollar, or trade dollar, as,it is to be called. It is to have no con- nection with the rest of the United States coinage, but is only to be issued to depositors of bullion on | their order. It is to be 900 fine, to weigh 420 grains, | and will therefore be worth five cents more than the goid dollar, two cents more than the silver dollar and one cent more than the Mexican dollar. The trade dollar will have the weight and fineness | stamped upon it, and will be much superior tn style and workmanship to the Mexican dollar. Should it please the fastidious “heathen Chinee” it will command @ ao e about one hundred and inst | nse- eight cents in When we consider that our miners to sell thetr bullion to England at discount on its real | value, it will be seen that alter all expenses are | paid they will make an advance of at least four per cent on their silver by supplying China with trade ‘This will be an extra profit of $1,200,000 to ice with, @ little pium not to be sneezed at, But if, as seems evideut, the rm mountains contain the mines whieh are hereafter to supply the miilions of Mongols it is only @ beginning. San Francisco will be the depot of an immense commerce between China and the rest of the world. Twenty-five years ago we pro- duced less than one per cent of the world’s silver. We now furnish thirty per cent, and our stock of treasure is apparently inexhaustible. Viewed in longing to the poor. ie tn iy was on her Av] down town, and Is unable to ‘at what robbery took place. Ai fne money she hed in her ion was co’ eer w gina top p cents Faget backup merely to be melted by the ruth. | Preach standard of weight for all silver coins less dollar, The weight of two half dollars is att coenur ave grammes, equal to the five franc and an increase of about half per cent. The tor the te heir dollar will be in grains exact! @ grain more than the pi Odea grea Swill be a greatimprove! our fhe South rr! Spain vous coat, oa a par Site is ods yo bil to do away wih ‘ts aim oath ate Wall and the latter nau 1 oF fue aunt as par improvement 1s the reduction of the ey for gold coinage from one-half to one-fifth Mins ‘er cent, the rate now Snarees. in France. ‘The law, which takes effec! ril 1, creates & office, that of Director of ii Ul te and Assay Offices, with headquarters in W; in, The idea is @ good one, and if pi Droperiy eatricd into effect will promote uniformity and discipline in the tment, Rumor assigns Dr. Linderman to the ition, She following Neat will ao nee a Maman the weight in 18] re the gold ‘and silver anon i in “ine United States :— GOLD. $20 Tssue. 1792. 1844 47.) 1849.] 516 1883.] 516] 1873..| 516] SILVER. ‘Three Finenese Dole) Hal - Hal 1h, | tar. potter, |r| Dime dae Sem \*e how FS a a ee AB 206% =} 90 7 206: iiss ah 12%] 900 192 3.5} 19-5} 11.68) 900 Ters::| 490 "| +4192 9-10]39 ss 8| 4199-10 —|_ 900 * The three cent piece of 1851 was to be only 750 fine. + Twelve and a half grammes, $ Nearly. It will thus be seen that, as compared with the bere gold issue, the gold coins dated previous 0 1834 are Worth a premium of 64 percent, As compared with the mew issue of silver the former date rate as follows:—Previous to 1808 63g per cent premium; sinee that date, $1 L aleces, 6% per cent. premium; smaller coins, alf discount. The trade dollar is not included in the above cal- culations, but will sell at about nime per cent above the small coin. The substitution of the new for the old coinage will afierd work for the dealers for twenty years to come. CBINOLINE IN COMMUNIST COUNCILS. . Ce ee Mis. Victoria Woodhull Accepting Her Etection—Disappointment of a Crowd of “Reds”—The Case of Foster and the Laws of Murder. The spacious hall at 129 Spring street was crowded yesterday by a cosmopolitan gathering— Frenchmen predominating. The reason for the many visitors yesterday was that it was the general opinion in the International ranks that ap uncommonly interesting and exciting reunion of the Federal Council of the Internationals, owing to the fact that several recently appotnted members would be ipitiated imto the organization, ana the most attractive feature of which would be the introduction of the woman Woodhull and her address on the oc- casion. But those ‘“underminers” were doomed to disappointment as immediately after the routine business had been proceeded with, an attaché of the house of Woedhull, in the pereon of Citizen West, announced that he was deputized by Victoria to state that she accepted her place in the Council to which she was added to the last meeting, and while returning her thanks for the honor conferred, she Would not unnecessarily com- promise ihe principles or objects of the organiza- tion by introducing her own special mission. She hoped to work im perfect harmony with all the members of the Council. Citizen MACGREGOR announced that the organi- zation of secticn 35 had been perfected, and that at their headquarters there was ‘about twenty diferent weekly papers received each week. Communications irom New Orleans, Chicago and: San Fra pean were then read, The Internationala of the Golden State apprehend trouble, arising out ofthe “Chinese question.” Ministers of the Church have already taken the lecture fleld, protesting against the introduction of Chinese in the Pacifio States. It was then unanimously decided to appoint a committee to make arrangement for a course of lectures to be delivered during the anniversary meetings in April, and the committee be au- thorized to invite eminent speakers, both for and against the principles of the International Asso- ciation. It was suggested that if possible the ser- vices of Henry Ward Beecher, Theodore Tilton, Wendell Phillips, Cady Stanton, Dr. Kinget and: P. Drury be obtainea. The motion was carried, Considerable discussion took place relative to the case of Foster, who ts now under sentence of death. It was the general impression of the —. bers, and 80 expre: jt J iahe by the laws, ynolde, rs, Real and others were quoted as examples. It was ss nally resolved to add their petition te that of others now before General Dix for the commuta- tion of the death sentence of Foster to imprison- ment or life. French Secretary stated that the second anniversary of the Paris social revolution of 1872 would take ptace at the Germania Assembly Rooms on the event of march 18, and that the French Tnternational have requested the Federal Council to appoint an American to deliver an address on the above occasien. Considerable discussion took Place relative to the selection of a speaker. It was suggested that a true rhe sercuat of America be Sppeiniad. Citizel ‘om Maine, received the majority of votes, The omnis Secretary then read letters from Portugal and Switzerland, after which the meeting adjourned, THE WORKINGHEN, glo Efforts to Organize Another Labor Up- rising in the Spring—Mass Mecting of Crispins. ‘The German shoemakers employed in the custom department of the trade, it appears, will make some earnest efforts at the opening of the Spring trade to enforce an increased rate of wages, and @ movement to that end has already been started, which it is expected will extend to the other braaches of the trade. Yesterday afternoom an- other mass meeting was held at the Tenth Ward Hotel, in Broome street, hg aan auspices of the German Crispin’s Lodge, of the = loyés of the custom wade, object of ich Was toenroll all who desire ‘te join the Organization, free of the usual initiation jee ef $2 for each member. Charies Limburg presided on the oecasien, who, in a: the object of the movement, argued that by a thorough organiza- tion the demands of tne men would be eniorced in the Spring. The names of those present were enrolled, and will be initiated at the regular of the lodge. In addi- tion to German lodge, there also an English and a French Crispin’s Lodge in this city, Which is composed of custom departmeat employés, which, it is stated, are also moving in the matter, Besides these there are prose, a dozen or more Crispin’s lodges in this city, c of the employes of the otier branches of the trade, 10- cluding a female lodge, and it is estimated that these lodges have enrolled in all some | ten thousand members, who are expected soon to meve in the matter. The average wages of the: custom department employés fe from $10: | to $12 per week by “piece work,” while the | wages of the other branches of the trade are even less than that. ‘The German jou cabinetmakers, and other employee of the ture department, are reorganizing with a view oe } envorcing certain ir reforms im the Sprii the eight hour principle and te revive the ci nt hour league, althou; no definite action has, as | yet, been taken as to what measures are to be. pro~ | posed. THE GRAND MASONIC FaiR. * X Ic is now definitely settled that this affair will open next Saturday evening, the 15th inst., at Apollo Hall, this being the largest establishment which could be secured in the city. When the Project was first mooted it was confidently ex- Pected that the Masonic Hall, corner of Sixth ave- nue and Twenty-third street, would be finished, in default of which a great effort was made to secure one of the large armorics. Failing in this also the only reeourse left was santbers Hall andthe connected therewith. E. Thorne, Deput; State, as chairman of the General Committee on the Fair, has labored 1 same @ complete every part of Phe State are proffered in large qnan- tities, and the indications are that the hall will not enough for the purpose by one-half, Be- sides the articles donated to the exhibition to be held for one month, outside efforts are strenuously being mate to add Ln Ba! fund for the hall and asy- jum, by various lodges givin: eoteriatnments, ab- uc vate, an from which usually @ guod re- sult 16 derived. A recent dramatic performance at Booth’s Theatre, Suen the auspices of New York Lo ( mainly of members of the the- pa profession) netted over two thonsand dol- which to awell the amount necessary for by ll and asylum fund, Those lodges outside of New York 4 g yk itis inconvenient to take this light, the La dita of the new trade doliar is but another ste to the future position of Our country as the great ADE POWER OF THE WORLD. The new law also makes a move toward a uni- Lali Os ceobas Bd Wolmase by adopting tae fn active part the fair, send money contribu. tions. The er ap irit has been aroused amon; Set een eras Bees py nt e and Scocneell Ritsons Hy ite sta My Approsching air as been the mais, es the maim. tong of 00 voayeraaton Jog ecyeral Manshs Pash