The New York Herald Newspaper, October 4, 1875, Page 8

8 FINANCIAL AND COMMERCIAL Events of the Week—The Con- dition of Trade. COURSE OF THE STOCK MARKET. Wovement of Gold and Currency—Investment Securities and Government Bonds. ‘Wax. Street, } Sunvay, Oct. 3, 1875. The events of the past week in financial and commer- sial circles were not of acharacter that requires ex- tended comment Stocks were moderately active, and general business is reported somewhat improved. The shrinkage of values continues, and capital shows no desire to leave the path of conservatism for the field of *peculation, Indeed, no positive change for the better is likely to occur until after the status of the rag money party is positively known and fixed by the elections in ‘Obio and Pennsylvania . Carl Schurz, in alate speech in Ohio, put the whole matter in a nutshell when he said that the adoption of this inflation policy ‘would discredit republican insti- tutions the world over, expose the American people to the ridicule and contempt of civilized mankind, make our political ag well as business life more than ever the hotbed of gambling and corruption, and plunge the country into all those depths of moral and national bankruptcy and ruin which, as all history demonstrates, never, never fail to follow m course #0 utterly demented in its wickedness.” The recent failures reflect no new weakness, They are simply the débris of past misfortune, and do not threaten fresh danger Further contraction may produce still other disasters, sor they are a part of the results that attach to a condi- tion of high financial fever. Force the majority of busi- aies8 men to-day to liquidate, and the country would probably be astonished at the vast amount that has heen obliterated of what were formerly called ‘‘values,”’ ‘rhe statement would not be more interesting than start- ling which shows 2HB AMOUNT OF DEPRECIATED PROPERTY represented by bonds, mortgages, shares of stocks and other securities on which loans have been renewed for weveral years, in the hope that a healthier condition of affairs would eventually take the place of the dry rot which has been the rule. Yet those who have the strength and patience to go through the struggle will undoubtedly reap their reward, for even now, trade ts Deing done on a sounder basis, credits are being more carefully scrutinized, and a firmer foundation laid Reference to trade journals which are supposed to ob- tain trustworthy information in their several specialties, indicates the beginning of a movement that sooner or later must present encouraging aspects, not- withstanding for the moment that prices are largely reduced and goods are forced on sale at ante-war fig- ures, The fall in dry goods since 1874 has ranged from 10 to 20 per cent The decline In metals has been even more marked, while it is remarked that thus far the exports of grain and cotton have not been stimulated even by the considerable concessions made 4n their respective departments. Still, the shipments to the South and West are suggestive of greater com- mercial activity in those sections, though the purchases of their merchants are principally confined to the necessaries of life. A visit to the wharves of the steam. ers on the sailing days, especially of the Charleston, @avannah and New Orleans lines, will satisfy the ob- server that here, at least, is one of the hopeful signs of the times, It may prove to be the beginning of a etter aud more general fall trade, ‘THR STOCK MARKET. : Stocks opened weak, later stiffened from % to 3% percent, but near the close the market became irregu- jar and lower in consequence of a break in Union Pacific and Missouri Pacific, The former declined from TO to 6434, rallied to 63 and closed at 653 0 65%° The latter receded from 45}; to 3634, recovered to 38, ‘out at the close fell off to 35%. The decline was infiu- enced by a report that the Stato had taxed the com- pany ten per cent of its gross receipts, but this statement ts emphatically contradicted by officials. The Legislature of Missouri ts not in session. The only important suit whith the officers of the company have knowledge of wag that brought by the bondholders of the St Louis, Lawrence and Denver Railroad, and this was decided Dy the United States Circuit Court in favor of the Mis- souri Pacific, The St Louis, Lawrence and Denver was formerly leased to the Missouri Pacific; the latter tancelled the lease; the suit was brought by the bond- holders of the former to enforce payment of coupons, Phe court decided that the Missouri Pacific were not liable. The dividend of the Missouri Pacific (14 per tent) is payable October 20, and has been advertised. Michigan Central caused no little comment by declining from 55% to 53, but advanced to 58. Northwestern and and St. Paal were comparatively firm, with slight fluc- tuations, Lake Shore occupied a considerable share of Attention, falling off from 5334 to 525, rallying to 54%, ‘and closing at 63%. Opinion is about equally divided fs to the future of this stock, but in the absence of of- cial figures it 1s impossible to arrive at a correct knowl edge of the condition of the company. A considerable Bhort interest is believed to exist, basea on the belief that it will appear that the earnings have largely de_ creased. PACIFIC MAIL Yose from 24% to 98 on the statement of Vice President Beott, but later lost its strength and receded to 3634, the closing price, owing to an amended review of the financial situation by the same official, The real infor- mation concerning this football is promised by outside parties who know the figures aid claim they will seri- ‘ously impair the statements of the managing director, The stockholders of Wabash are making a fresh effort to preserve their interests in the company, and not ‘Without prospect of success, Meetings have been held, proxies are coming in, and a committee of gentlemen ‘will be present at the meeting of the directors this month. Western Union declined from 76% to 1534, advanced to 76%, and closed atareaction of \ per cent. ‘The strength is ascribed to a break in the Direct Cabie, and a consequent advance of Western Union Cabie rates from 26 cents to $1 per word. Ohio and Mississippi sold up to 17% and closed at 16%. The company’s statement shows an increase in liabilities for the year Of $463,756 and a surplus of about $15,000 above in terest charges. Erie was less than usually active and | NEW YORK HERALD, MONDAY, OCTOBER 4, 1875—TRIPLE SHEET. cnanges were weak and lower, the lowest quotations for actual business having been made at the close, bankers’ sixty days sterling bills selling at 478 a 479 and demand at 4.82 a 483, The nominal quotations yesterday wore;— : Sizty Days. ‘Three Days. Prime bankers’ sterling bills on London...... 483 o484 Good bankers’ sterli bills on London. 482 0483 q 481 0482 5.23% 5.2344 a 5.2055 ig 5.2d bg 0 5.2095 ‘Swiss (francs). B27 3g 25.23% 5.23 5_ 85.205) Amsterdam (guil 40 Hamburg (reichmarks). . Frankfort (reichmarks). Bremen (reichmarks). Berlin (reichmarks), The bank statement shows a very short average of gold notes, less than $6,500,000, The fall in the line of deposits since last Saturday has been $5,000,000, The reserve of gold novesand greenbacks is now in excess of the rule of twenty-five per cent to deposits $14,338, 600, DRY GOODS IMPORTS, ‘The imports of dry goods at this port for the past week and since January 1 compare as follows with the same periods of the past two years :— For the week— 1878. 1874. 1875. Entered at port... $2,123,267 $2,207,213 $2,083,861 Thrown onmarke, 1,627,805 2,000,310 2,250,603 Since Jaa, 1— + 98,997,874 80,492,992 85,249,404 102} 053,145 90,875,042 86, 798,008 THE GOLD MARKET. Soch a small amount of cash gold is now in hand, and there is so little prospect of an immediate supply suflicient for the wants of merchants, that loans have from day to day been made at high figures, 1-16, 5-04 and 3% being the ruling rates at the clos. The im- portation of gold-from England is very small, and there is little probability that any disbursements from the Treasury, outside of the regular sale, will aid the market until after the 1st of November. The Treasury holds nearly ail the gold coiq upon which the market trades, and from which it is supplied in the shape of gold notes, These notes, as shown in the public debt schedule, are reduced to the very small sum total of $11,645,000, divided between the New York banks about $7,000,000 and private holders $4,645,000, The following were the GOLD FLUCTUATIONS POR THE WEEK. Opening. Highest. Lowest. Closing. - 116% 116% 16g 17 6y uz «116% 1z% = «7 17 116% aly = 6 GOLD COINS AND BULLION. The following wore the quotations in gold for coins and bullion:— Buying. Selling. American trade dollars. ae 99 ‘American silver (balf and quai ) 295.36 American silver (dimes and hf. dimes) 293 Mexican dollars, .......0ec00 0+ +98 English silver. 4.56 Five francs, 96 Thaiers... 71 English sovereign: 4.56 ‘Twenty francs. 3.90 Spanish doubloons. 16.00 Mexican doubloons. 16.65 Silver bars (999 fine). 12236 Fine gold burs, Par wo . GOVERNMENT BONDS, United States securities of all classes have been fairly active und in good request by capitalists and institu- tions. It is difficult, however, to purchase large lots, and any attempt to obtain tho same serves to mato- rially augment the price. The Secretary of the Treas- ury on Friday issued a call for $5,000,000 more of the five-twenties of 1864. The closing prices of securities in London have been as follow: Sept, 17. Sept. %& Oct. 1. S, 6's, 5.20%, 1965, old... 10634 106, 10054 & 6's, 5-20°s, 1867 107% 107rig 10755 S 105 105 104% 105% 105 104, ——Since Jan, 1, 1875.— Lowest. Highest, U. S. 6's, 5-20's, 1865, old..Apr. 22, 10534 Apr. 9, 108% U.S 6's, 6-20's, 1867......June 18, 10644 May 5, 10034 v. Feb. 13, 102% Aug.13, 107 N ‘Apr. 19, 102” Aug. 26, 10535 STATE BONDS, Tennessees were generally quoted firm for the old jasue. Some of the Virginia issues were stronger. Texas securities were quiet Concerning the finances of this State we learn that “the debt of Texas sums up $4,721,514, exclusive of bonds of doubtful validity. A great deal has been said about the increase of the debt since January last. This increase is due to claims against the State incurred by Governor Davis’ adminis- tration, which had to be repudiated as fraudulent, or assumed after seeing to it that fraudulent claims should be reduced to the emallest possible amount consistent with the best intorests of Texas, In this wise the debt has been increased $384,535 in warrants outstand- ing against the general school fund, but $35,000 have since been ‘paid; and as rapidly as the money of this special fund increases it will be used in reducing this class of debt.” ‘The Commissioners of the New York Canal Fund awarded a loan of $473,000 for the canal sinking fund to William B. Astor ($00,000) at six per cent premium in gold; and, to the New York Life and Trust Company ($173,000) at $1 05 55-100 in gold, The bonds pay six per cent interest and have eighteen years to run. RAILROAD BONDS, Railroad bonds have been strong on a larger business, There has been que a notable movement in Central Pacifics, which advanced tw 10744, while the Western Pacifica have sold at 95, California aud Oregon at 92, and San Joaquin branch at 90%. These bonds are ail gold six per cents, and are secured by first mortgage on different parts of the line, and are absolute obligations of the Central Pacific Company. Union Pacific bonds have also been strong, notwithstanding the sharp de- cline in the stock, DOMESTIC MARKETS. Gauvestox, Oct. 2, 1875. Cotton steady; middling, 12%. ; low middling, 12% good ordinary, 113c. Net’ receipts, 20 bales, Exporis coustwise, 2,072. Sales, 1,396, Stock, 14,008, New Ontxays, Oct, 2, 1875. good; middling, 12%c.; low. middling, Net receipts, Cotton—Demand 12}ge.; good ordinary, 11%e. 2.081 bi gross, 8.562. Exyorts to the Continent, 6Us Bales, 2,250: Swek, 40,144, Momitx, Oct. 2, 1875. N40, 5 low miiddiing, 11%4¢ pte, 1,749 bales. Exports yok, 12,464 Savannan. Oct. 2, 1875. Cotton quiet; middling, 129-160.; low middling, 12%4°.: oud ordinary, lle. N receipts. 2.249 bales, Exports Souatwise, 284. Sales, 1,278. Stock, 21,821. ie MARURSTON, Oct. 2, 1875. Cotton quiet; middling, 12 good ordinary, I1ige. Net recei constwise, 1,107. Sales, 800, Stor i wold at 173 @ 163%, ending at 16%. Atlantic and | Pacific preferred declined from 10% to 8%. The other changes were less important and will be found below :— HIGHEST AND LOWEST PRICES. ‘The following table shows the extreme fluctuations _ for the week in the leading shares :— Lowest. New York Central 102% Harlem 13034 Erie. 16% Lake Shore 2% Wabaeh.. big | Northwestern, on Northwestern preferred. Rock Isiand. Fort Wayne Milwaukee and St. ?: C, Hannibal and St. Joseph. Obio and Mississippi. Missour! Pacific, ex-dividend. . Panama. - ‘Western Union. Atlantic and Pacilic Telegraph. 2 Bananne ‘THR MONET MARKET. The extemes of money during the week were 1}¢ and 4 per cont, but the bulk of basiness was on the basis of Qund 8 per cent. Prime commercial paper was in demand and sold at 536 a T per cent, Poreiaa ex ) Marys an Peiirenry & Cotton qniet ; middling, 12 11-18e. a 12\e.! low middling, Zig. w L2sge.; good ordinary, 11%e. @ 126 Net receipte, } bales. Exports to France, Sud, Sales, 1,000, Stock, Witannoros, N. 0., Oct. 2, 1875, Spirits turpentine quiet and steady ‘at $20. Rosin quies end vousinale at $1 335g lor strained” Tar steady ot $1 $5. 5 i238, coru outa, 40,000 do. ; 4,000 do. Railroad recelpte—Flour, 7,800 bla; wheat, 11,500 bushels; corn, 30,000 do. ;_onts,"98,000 do. ; barley, 2,700 do, Railroad suipments—Flour, 7,800 bbls. ;) wheat, 40,000 bushels; corn, 76,000 do. ; omes,'65,000 do. i tye, Boo D bushels: orn, 41,000 do. ; ote, 42,000 d oat, 17,000 0 do. 690 do. "Canal | ts easier; wheus, rly, to New York, | tolls included; later deeiiued sge. F * and unchany Wheat duii and entirely nominal Sales 2,500 bus! ie | gonsin spring un private serine: 400 do. White Michigan wt 3 ‘Corn dali, heavy and lower to sell. Seies 5,500 Western on private terms; 2,00 do at 620. » is inactive an: No sales. res. Pe lower. to seli, nominal. Rye ot- Barley neglected buyers holdin id unch £ Pork dull, at High wines nominal uucbanged TourDo, Oct. 2, 1875, Flour stendy, with © moderate demand. ‘When with » moderate demand; No. 2 white Wabash, 61 3735 do,, $1 28; No. 1 white Michigan, $127, No.2 do., $1 17; amber do., spot and October, $1 2034; $1 29 No. Z amber Michigan, $1 07; No. 2 red winter, $1'27 Jected, te. Coru quiet, but steady high mixed, syot and ‘Uetoder, 50e. ; November, 58e.; low do., O5}ge.; No. 1 whit 630. ; No. 2 do, j no’ grade, 6c. "Uae shade lower; No. 2, spot, sad Gctoder, fej, Michigan, of irene and Kingston, 43¢c. @ Se. p 000 bushels wheat, 22,000 do. corn, 8,000 do. fonts. Siipments—000 bbis. flour, 34,000 bushels wheat, do, corn, 6,000 UGUST BELMONT & CO. a rearet Ake, 19 and 21 Naanas stroet, neue ers’ U1 ta, ag ) available in all parts of the world, Messrs. DE ROTHSCHILD and thetr correspondents, ino Commercial Credits and Tolegraphie Tr and Aauzove, eraphic Transfers of FINANCIAL, —JOHN HICKLING & ney, prutaplle ta trots, Hoods oud Gold, by teal and slogans, Betore makin rations in Wall street, parties should call or write for our ?2 page book, explaining ing aud ving highest and lowest. prices Free'ty JOUN HICKLING & UO. AR es eanek eieaiien as fore you buy @ my pam. phlet stXbout Stocks. ‘Le will cost ‘nothing, and tay be of ralue to value 1000 _W. Tl, WEEKS, Banker, 178 Broadway. 19 it ‘ra Broadway, New Yorks —STOCK PRIVILEGES CAN BI USED AS «margin In place of cash for the purchase or sale of an} stock. There is little risk in this met of operating. e are negotiating contracts on members of the Stock Exchange 4nd responsible parties at very close rates; #50 for 5 $100 for 100 shares.” Quotations and tnformation furnished: UMBRIDGE & CO., Bankers and Brokers, No, 2 Wall kereet, New York. Stocks bought and sold against moderato posits, AT REASONABLE RATES—MONBY ON LIFE AND Endowment insurance Policies, M: and other securities; insurance of all kinds ¢! ith best co: panies, J.J. HABRICH & OO. 117 Brondway. A DBrADETED, RAILROAD BONDS: * bought and sold by the old established Stock wad Bond House of ALBERT H. NICOLAY & CO., No, 45 Pine street, New York, —$50,000 GASLIGHT AND COKE COMPANY » First Mortgage 10 Per Cent Bonds—an investment that will bear investigation. Send for circular, SAMUEL A. GAYLORD, St. Louis, Mo. Marketable Securities taken in exchange. EPOSITORS IN THE FREEDMANS SAVINGS BANK can be aided in obtaining their checks for the first dividend, SAMUEL L. HARRIS, 658 Broadway corner , Bond stre peer ‘ANCE STOCKS bought at fnir_prices by EL 8 BAILEY, 65 Wall street. ALWAYS HAVE MONEY TO LOAN ON GOOD NEW York city Mort ogee, without boous Principals desiring to BORKOW OR INVEST ly to “EE. “GRANT, 145 Brondway, SY TO LOAN ON MORYGAGH OR SECURT- ties, in sums to suit; First, Second, Leasehold and Farm Mortgages purchased. 13 K. McHARG, 135 Broadway, Commissioner for every Stute, AILROAD SECURITIES, Beate, ', Town and County Bonds; 80 all classes of securities having market value, bought and sold by WM. A. GUEST & CO., 17 Nassau street, New York, TO LOAN AT SIX PER CENT INTER. a $T6.000 30 cateh chtaShey Property alo 625,000 F25% {8 sums to. mult, as seven per cont ly to loan ou a Westchester Farm. T, P. HYATT, 145 Broadway. $200 00 TO LOAN ON BOND AND MORT- interest, on rst class Property; no bonus. Apply to HHEND, Bennett Building, corner of Nassau ‘and Fulton streets, New York, BUSINESS OPPORTUNITIES. PARTNER WANTED—WITH $10,000, IN A WOODEN £ ware manufacturing business, several years pm id nd with a good trade. Apply to GRIGGS & CARLETON, 9 Broadway, PARTNER WANTED—WITH $500, TO TAKE HALF interest in 4 manufacturing business already estab- lished ; capital turned over every day. Call at 175 Grand street,’ New Yor! MAN IN BUSIN dX. agencp, requires @ tend to the finances, &c. BIGGS, No. 5 Dey street, “PARTNER WANTED—WILL SELL HALF INTER- est in the business 82 Kust Ninth street, opposite Stewart's, for $1,000 cash. Cull for ALEXANDER. USINESS.—IMPROVED OR UNIMPROVEO REAL se (within ten miles from New York) will be given for & paying business; hotel, restaurant, livery stable, coal or wood yard preferred. Address D., box 183 Herald Uptown ch office. RTNERSHIP WANTED—BY A PHYSICIAN OF twenty years’ experience, who desires to associate with ‘physician who has a large aud lucrative practice, Address C., Herald office, WANTED A YOUNG MAN. WITH A SMALL CAP. ‘a fish, ovster, poultry, game and vegetable market. quire at 452 ¥th av., near able partner, with $3,000, to at- ‘or particulars ‘uddress ISAAC A ANTED—A GENTLEMAN WITH EXTENSIVE AO- quaintance among superintendents aud master me- chanies of railroad companies in the Eastern, Westernwnud Southern States. who can insuence business among thei. Address B. C. D., Herald olfice. ANTED.—PARTNER WANTED, WITH A CAPITAL from $15,000 to $20,000 for a lucrative basiness in the city; must be a thorough business man und able to manage finances, Address CHARLES D, KOPFUL, No. 7 Beekman street. ANTED—A PARTNER WITH $2,000 TO $3,000 ‘cash to start a wholossle Jobbing cash notion and dry goods business, The advertiver is thoroughly posted in the Dusiness and acquainted with all the details necessary to achieve success. A party willing to put in his capital against the experience of one who knows, and has ane: lished trade, can make terms by addressing RONALDSO fur thr Herald office, New Yi ‘WANTED—A, PARTNER, MALE OR FEMALE, $1,000 or $1,500, to manufacture a superior invention ; no Fisk; ‘will pay $3,000 or $4,000 @ year. Address, for two INDUSTRY, box 133 Herald office. 1. OOO PARTNER WANTED, | WITH. | THIS . + amount in ready cash; legitimate, established Dusiness; money seeured and returned in ninety days, with large profits, Address Post office box 4,961. CASH WILL SECURE A PARTNERSHIP $1,200 St ‘city th ccoss. Addess Mr. WARD, 174 Canal street, or call evening between 6 and 7; silent or nective. $2 BOO PARTNER WANTED IN 4 LEGITIMATE at |, manufacturing business; a business man cau realize $2,000 per annum, as will box 136 Herald office. $12 OOO-PARTRER-BUSINESS ESTABLISHED x eight yours; most important sole agencies of highly recommended ‘firms in Europe secured: new urtic cle to be introduced. Address MERCHANT, box 109 Herald office, a THE CITY FINANCES. shown. Address A. J., COMPARATIVE STATEMENT BY THE COMPTROLLER FOR THE PAST MONTH AND CORRESPONDING Tre IN 1874, The Comptroller has made the following comparative statement of the financial condition of his department for the month ending September 90, and the total amount of payments made from the City Treasury during the previous eight months, also # comparative statement of the city debt as represented in etocks and bonds on December 31, 1874, and September 80, 1875, to- gether with astatement of and for what purposes stocks have been issued in 1875, and also a statement of the city revenue and the sources thereof for the month of September, 1876:— WARRANTS DRAWN. Lo August 31. In Seplember* Payable from taxation— Stnte t $6,012,286 2,000,000 Salaries, supp penses of the city government., 7,674,138 1,093,279 Interest and instalments of prinel- pal of city debt. 4 £63,070 Public instruction. 32,860 Indebtedness of the ai tory of Wegtebester cotthty. Fourth avenie Improvement. charitable institutions. Haneous..... Total payments from ta: KEW WORKS AND IMPROV! BONDS. Pablic works, Croton water, street openings and improvements, &c. $3,431 City parks improvement. co Docks and slips.. . Museum of artand natural his tor Opening “aad” imiprovement "of ‘bird avenue (Morrisania) 17,644 Old claims and jndgn 285,03 Public school bulidings. 174 ~ ‘Third Distriee Court Ll 73,008 25,113 8,174 - Fourth avenue improvem 20137 =- ‘Total payment from issue of bonds SPECIAL AND TRUST ACCOUNTS, Redemption of the city debs. e Miscellaneous... Total ents on special and trust accounts. ++ $5,332,909 Total amount of warrants drawn in September... fi Add amount previously drawn... eves. 282 fect Total amount warrants drawn in 1875 to date. $40,474,197 Giey baa 6 REpRryRD I STOCKS AnD Ron fat ee ee le from taxation. d sinking fund. .$118,241,567 $121 ,101,257 $121,128,067 Temporary — debt. ‘Payable wholly or in part from asvess- mente... ++ 20,851,000 21,85: 21,004,700 Revenne bonds— Spee . 625, Laws 1871. 3,700 2,094 2,084 Special for Pout avenue impro' pene - 00,000 300,000 2,707,500 = st — 18,438,600 16,288,800 Total... ie — 006,901 §159,623,301 Less sinking fund.. 445,068 28,500,485, Balances. ........$114,979,969 $183,25 1,023 $13,151,008 Cash balance in City Treasury. 4,200,578 Cash in sinking fund. 1,340,583 Stoel 4 bonds b ing purposes, vis. -— Public Works—strect openings and improvements, Croton water and sewer repairs ve been Issued in 1875 for the follow: Widening and extending Kingsbridge road. City p nts.» 4 Museu a Improvement of Third avenue, Morrisania {000 Docks and slips... i 815,000 New York and Brooklyn bridge 202;000 ‘Third District Court House. 97,000, Old eluitas and judgments 840.000 Fourth avenue improvement es Revenue bonds of 1874 and 1875. Total amount bonds irsued in 1875 to date. E RECKIPTS OF CITY TREASURY FOR SRPTEMDER, 1875, From taxes, assessnients and interest thereon... $204,487 General fund, rents, fees, licenses, &e..... Prar ra jincellaneous and trast funds pans on New York city stocks aod bond Total. REVENUE OF THR SINKING F For redemption of the city deut . 943.917 Yor payment of interest on the city debt. 2 TOM, scrersemes-nnecemecemernsareserees tery § £100.000 ) dont, and was lying iv bed io bis bouse in Stavn | 8, HAVING A VERY VALUABLE | | sheet wm ave | THE ERIE RAILWAY. Sir Edward Watkin's Report to the British Bondholders, MEMORANDUM OF THE UNDERSTANDING: What Is Needed to Make the Road Successful, The London neWspapers arriving by yesterday’s steamer contain the full text of the report to the British Committeee of Bond and Stock Holders of the Erie Railway Company, from Sir Edward Watkin, MP. It ie as follows — Loxpon, Sept. 18, 1875, 1. T returned from New York to-day, having had the opportunity of examining on the spot the facts necessary poe an understanding of the position of the Erie under- taking. 2 The rental guarantees and. also the bond interest below the (ourth series of the original mortgages are in arrear, and the Board not only [uiled to pay the half- yearly interest accruing due on the Ist June last, on the Second Consolidated Bonds, which interest was an- nounced as to be paid by Messrs M’Culloch & Co, on the 14th May last, but, without previous notice or warn- ing, a receiver was appointed by the courts in the States of New York, New Jersey and Pennsylvania on the 26th May, and that receiver, in the person of the Hon, Hugh J, Jewett, President of the company, has been armed under the orders and direction of the courts with all necessary powers and authorities, 8 The current debt of the company, reduced by using upin part net profits of working carned ad interim, amounted on the dst July last (uccording to tue ac- count rendered to me) to $4,218,075. ‘To or from that sum must be added or deducted current debit and credit balances due to or from other railway companies ou interchange of traffic account. Probably this ac- count may be at debit occasionally to the extent of $200,000, The present amount ag rendered to me is $109,091 to debit, The estimated net balance or “net earnings” on the year ended 30th Juno, 1875, as ren- dered Lo me, was $3,715,609, that is w say, the total in- come from all sources for ‘the year ended 30th June, 1875, i stated at $17,971,898, Ube votal outgoings at $14,256,289, and the ‘net’ remainder is therefore $5,716,609 as above, Thus, assuming the undertakin, to be incapable of reform and improvement, it would require, if that form of recourse be adopted, nearly fourteen months of the whole net earnings in order to discharge the above debt, Thera are portions, however, of such debt which may not have priority over bond tnterest, and that question 1s now being investigated by Mr Morris, and for the pur- poses of his report. At the same ume it must be ob- served, first, that there are also claims on both sides of the account on eitpital and general account to be con- sidered; and, second, that there are many items not strictly attributable to the ordinary operations of the year id question, 4. The anuual account for the fiscal year to 30th Sep- tember, 1875, will be audited and issued late in Novem- ber or early in December next, and what account, com- pleted and cleared of the deceptive anu irregular entries ‘and credits of past years, wili give more exact informa- tion than these esiimates can possibly turnish, This annual account should be accompanied by a carelully prepared “balance sheot,”’ with some reliable estimate of the outcome of disputed transactions where | possible and prudent. in the meantime, I may call attention to the estimate showing that ‘the total receipts and credit items in the year’s opera- tions amount to nearly $18,000,000, "yet the net result yields but $3,715,609, or only twenty-one per cent. It is only fair, however, to point out that the net profits of the general undertaking are taxed by the losses upon the rentals and working of the fourteen branch lines. Three only of these branches leave a direct profit and the loss on the other cleven in the twelve mouths ended Juve 30, 1875, amounted to $480,174, while the net loss, taking the balance on good and bad together, was $190,698, Such figures seriously affect the general re- sult. Mr. Jewett’s report of 13th May last omitted from the estimate of “net earnings” of the nine months eudeu March 81, 1875, these and other deductions of Joss, and thus probably an erroneous impression of the actual available net profit was unintentionally produced, Mr. Jewett gave $3,103,404 us the net earnings of these nine mouths. 6. The annual interest, as claimed upon the bond debt, is stated at $4, 106, id the annual burden for rents, rent charges and jeases, as claimed, is stated at $1,100,911, or a total of $5,174,017 of estimated fixed charge a8 against the estimated net earnings of $8,716,609, or showing a deficiency in the Sear in question ‘of $1,458,409. While the threo principal main lines of road in competition with the Erie—viz., the New York Central, the Baltimore and Ohio, and the Peunsylvania—give balances of profits varying from 34 to 40 per cent of gross receipts, the Erie would ap- pear only to have given 21 per cent as above, in pres- ence, too, of a not inconsiderable charge to “construc- tion” account The charge to “construction account,” or “capital,” as it would be designated in England, in the year ended June 80, 1875, was $1,003,207. That ‘in- cludes $164,612 ior “steel,” or the differences between the value of iron taken up in relaying and steel laid | down in its place, a charge which it will be more pru- dent to debit in future to revenue. 6. Should it be found possible under the management of Mr, Jewett to work the Erie undertaking at the rate of even 70 per cent of outlay, an additional net prodt, without any increase of the quantity of traillc and in come obtained or of the rates of charge, equal to some $3,600,000 per annum would result, and we sball all watch’ with anxiety the changes of man- agement already hopefully commenced. if with such @ rate of outgoing traffic portion of the general income should equal or Surpass the published ugures of 1873, then all the fixed charges would be met and « surplus would re- main, 1 would merely add that Mr. Jewett speaks with contidence of the probable future progress of the net earnings of the undertaking. I postpone the expres- sion of any opinion of my own until I have had an op- portunity of inspecting the annual account and balance in the interval, some change for the better in the general trade of the country may follow the recent harvest. 7. The exceptional gauge of the railway is, however, asource of exceptional cost in working, and in more prosperous times it must be graduaily converted into the national gauge of the country., I refrain, for ob- yYious reasons, from giving particulars of the outside obligations or claims made on bebalt of the company, in many cases the subjects of hostile litigation. ‘these are being, and will, I trast, continue to be, dealt with by the receiver with an Unbending deternmnation to modify or get rid of burdens now depleting the proper income of the bond and stock holders. The report of | Mr, Morris will throw light upon these questions. § The ledger entries necessarv for constructing a balance sheet taken out at my request will demand your consideration, and they will speak for themselves, They cannot, however, include estimates of the proba- bie results of pending or proposed litigations, such as — those with Commodore Vanderbilt, the London Bank- ing Association, Mr. McHenry and Mr. Jay Gould. Complicated transactions and large amounts of money are involved jn many of these suits and proceedings, , Having inspected the main line, the principal workshops and some of the branch lines, J have formed the conclusion that the railway, together with the plant upon the ground and running, is in a full average State of repair, according to the standard of the United | States, At the same time it has been stated to me that about one-tenth of the nominal stock of engines and one-seventh of the nominal stock of cars are repre- sented by useless or worn-out vehicles, or are missing in number, Still it is satisfactory to be ‘assured that ouly one engine in ten of the effective etock'is in the shop for repairs or renewal, At the principal workshop at Susquehanna a pay bill of 1,200 names has, they iuform me, been reduced to 500, with- out any reduction in the quantity of work actually per- formed, But with the pay bills habitually for months in arrear {t would be difficult to imagine the possibility ol either discipline or economy, und (he mismanagement | of years past cannot be all at once remedied or even in some cases modified. 10, In the present state of the credit of the Erie un- | Certaking it seems toy me as impossible as it would be unwise, even were it possible, to endeavor to raise aud rewit more capital from Kogland. I can recommend to you no policy bat that of self-redemption; the railway Tnust pay its debts by the use of that part of its current nev-earnings which the courts may permit to be so ap- propriated. If she difficulty had been tairly looked in the face i 1872 many unhappy persons would have been saved from bog ee id be.ore now discipline and economy would have n fully established, Let ii be hoped that the bond and stock holders will have the courage now to submit toa period of self-denial, and will consent to pay their debts and complete essential obligations out of available net profits, the bondholders receiving in place of cash such equitable obligations realizable out of surplus revenue in the future as each according to right and priority may justly claim. Placed in fair and honest bands, hands undefiled by speculation, the undertaking must, if possible, be made self-supporting by increased income and reduced work- ing expenditure. IL. A receivership is the alternative of the time; a Poreclosure bas been threatened. If the latter is to'be avoided there must be co-operation and control in the working of the former. A receivership worked in | coraial concert with all the honest interests in the com- pany will give a strong hand where itis so much | wanted, and will enabie prompt .action to resist in- trigues, ag well as to golve, on rigid principles, many | doubtful obligations, Such a management is under the fanction of the courts, which can be appealed w if need be by any bond’ and stock holuer, And how- ever much I may deplore as unfortunate the announcement of the dividend on the second douds, Ladvise you to accept the receivership as the pest alternatwe, ander ali the circumstances now pu®- sible, and I further advise you to rely upon the honor, as I feel assured you miay, also upon the anxious labors | and full experienee of tho President and receiver. His | task, be it remembered, is no light one, He is not ree , sponsible for the past, yet he has everything to reform. | Following two predecessors, the one a great adventurer and the other @ mau eminently untortunate in the con- duct of your affairs, he has inherited to some extent | the evil reputation of the one and the mistakes of the other. Atthe same time the barden of irregularities in England has been laid upon bis shoulders, while those who induced him to take the helm have been dis- Appointed by his refusal to be either their servant or their defender. Adopting such an attitude of inde- | pendence he deserves support, and as he invites eee operation and counsel be will, I fully believe, so sus- tained and advised, do all that is poasibie to retrieve the future and the honor of the undertaking, Without | $0,444,182 | the support sorotaly given of ail concerned he must ve | powerless to effect the changes demanded. | "12. When [arrived in New York on the 9th August | 1 found that Mr, Jewott had sustained a severe acci- Island, his thigh fractured and one of his fingers dis- located. He, however, wished at once to see me, but refrained from cailing upon him anti after the interval of & week occupied in inquiry and inspection. My first duty was to ask for an explanation as to the announce- ment of the payment of interest on the second bonds, followed by qetaatt and the appointment of a receiver. I sent home at the time a memorandum on the subject, to which copies of all essential documents were at- tached. It is sufficient, therefore, here to say that Mr. Jowett, on the 27th May, seut hote expressly for pub- ion, and in answer to ademand from England for an explanation for purposes of publication, a complete Statement which has never yet appeared in print, Had Public circulation been given to it at the time all parties Would, I think, have been reassured by such # nar- me clear, frank and complete in its nature and pur- 18. Satisfied with Mr. Jewott’s explanation upon this ‘Question of confidence or no confidence, discussions be- tween us have proceeded, and 1 have been able (more recently aided by the sound and mature advice of Mr. Morris, your logal adviser, who, accompaniea by Sir Joseph Heron, landed in New York about ten days atter my own arrival) to come to a general understand- ing aud agreement with the receiver in terms which, L hope, may meet with geveral approval. Mr. Jewett cordially adupts the principle that those who. reall own the property should practically manage it tnroug! their own representatives, he himself being one of those Tepresentatives, a trustee, but not a master. And in carrying out that principle Mr. Jewett has, with an alactity’ tor which I feel atelul, proposed or adopted all the details which havo appeared wo ine to be judicious, just and necessary. For example, your legal adviser, Mr. Morris, has been a the colleague’ of and co-wiviser with the counsel of the company; a committee of consul- tation, composed either of yourselves or of such other representatives of all tho classes of securities as upon a deliberate vote, to beat once taken, the bond and stock holders may’ select, is to oversee all these pro- ceedings and expenditures which the use’ of net rove- nue due for bond interests in the payment of debt may lead to, and generally t be consulted by and to co- operate with the receiver, Three new directors, men of high position and eharacter, are to be elected to seats at the board, in place of three of the present di- rectors who resign. An office is to be opened in Lon- don, and every month a statement of the actual earn- ings and expenses of the ‘undertaking, together with periodical reports from the President and receiver, are to be sent to that office for inspection. More {mpor- tant than all, efforts are to be made to give the bond- holders, whose interest is or may be in default, a dis- Unct representation in all votes of the company, and the stockholders areto be invited to concentrate their powers of attorney and their proxies in the hands of their chosen representatives, so that the company, bound together by a distinct organization, shall no longer be the mere victiin of adventurers speculating on the chances of a loan of so many shares or of the proxies thereon. The memorandum signed between Mr, Jewett and myself, and which memorandum Mr, Morris and Mr, McFarland, with the co-operation of Mr. Eaton, will submit to the court, is as follows:— Muwonaxpum or Unpexstanpixo sktwxex Mx. HJ. Jiew- kTT AND Sin Epwarp W. WaTkIN, fOR SUBMISSION TO THE Commtrex oF Boxp axp Stock Howvns. (1) The Board of the Erte Company having confirmed the proposals which were passed between Mr, Jewett aud Sir Ed- ward Watkin. as detailed In the correspondence, the three nominees vl the Bund and Stock Holders’ Gonunittee proposed by Sir Edward W. Watkin, and who Lave been invited wo take soats in the Boara, are to be elected by the Board on Thure day next, provided a quorum of the Board be present, and, if nol, a8 soon thereafter #8 w quorum can be obtaned; and should these three, or any, or either of them, decline to act, then nominees to be selected in their places, C4) Mr. Morris is associated with counsel for the receiver and for the company, and is to be regurded and trented as one of the professicns! agents aud advisers of the undertak- ing. ) While Mr. Jewett recominends that the final decision as (0 a scheme for Bnuncial reorguusntion be postponed wutil after he bas bad # further twelve months of opportunity to show to what amount he can develop the net earnings of the company by Incrcased busiuess aud reduced expenditure, he will nevertheless transmit, without delay, to Sir Edward William Wackin « memorandum showing his views of such scheme for the consideration of the committee. (4) Iie agreed that the retention and judicious expen- diture of net earnings for a certain period of time is essen- tial; that the bondholders, @s well as the preference and or- dinary stockholders, in proportion to the just measure of their respective interests, ought to have a'voice in the ex- penditure of net earnings otherwise applicable to the pay- ment of interest on bon ‘To this end @ vote isto be taken, ma} designate a special representative whose con proval shall be taken by Mr. Jewett in the payment and penditure of ail moneys derived from the uot earnings of the undertaking (otherwise applicable to the payment of interest on the bonds which the Court, with the consent of such bondholders or thelr representatives, may permit to be 80 dealt with) to de’ uch past debts as the Court may order, and to com} esgential outlays on capital account, such retention of arnings not to exveed two years from June 1, 1875, The committee so created as herein pro- vided to bave authority to open an office in London for gen- ral purposes of busineas, and for a pluce of meeting for such committe of consultation, and the expenses connected therewith to be defrayed out of the funds of the company, it being understood that all things herein contemplated are to be performed under und subject to such judicial orders as have heretofore been or may hereafter Le mude in the premises. (.) Monthly statements of actual earnings ar together with a report from the president aud receiver, to be regularly submitted to that office, (.) [vis essential to the future prosperity of the under- taking, under any plan of reorganization, that there should ength and stability in the management of the company. ‘This can only be secured by so placing the voting power that it cannot be used to further disunion and promote the desigus of outside Miia) to the prejudice of bona fide in- vestors in the stock wud bonds of the company. It is more- over just in prinetplo thas bondholders whose interest arrear should participate in the voting power. Therefore the expenses, stock and vondholders and | also United States, ure to be invited and urged to five, thelr powr of attorney “and proxies to Sir award W. Watkin, whom failing, to such other porson, or persons as the said representative or representatives of the bond und stock holders shall nominute and designate, so, that the voting power may be used solbly in the interest of good government und to promote harmony and efficiency in the saministration of the company. scheme of financial reorganization provision (7) In ao, is to be made fur giving # voting power to Loudholders whose interest is in arrear so soon as the requisite authority ean be oot rearrangement of the voting power, now vested in the stockuoiders alone, us will vest it in the parties Ju ard Ww the relative position aud rights of the different classes in interest, the exclusion of foreign stockholders trom the Bourd of Directors to be if possible repealed. (B) On the above basis Mr. Jowett, as president and re- ceiver for himself and for his Board (under the Bourd re tion of the 2d of September, 1 i generally) und Sir Kaward Watkin, on bebalf of the’ Committee of Bond and Stock Holders. agree to co-operate together, with the view of reswring she Erie undertaking to credit, aud of putting un end to the period of receivership as speedily as prudence will ait, regard being had to the necessity of terminating or moditying, by legal process or by arrangement, th. inequitable and oppressive arrangements which have been forced upou the undertaking by past mismanagement. ne bwns oe EW. WaT 14, Whatever course 1s decided on by the English and foreign bond and stock holders will, I believe, be adopted in the United States in the full spirit of co- operation for aconimon object. The bond and stock hoiders on that side of the Avlanticare equally sensitive on the point of dishonor involved in the past Erie man- ement, and the organization in New York of Mr. jooper and others has Leen dissolved with a view to avoid the shghtest appearance of antagonism. The three new directors first proposed are meu not known | as railway men, probubly, but Lolding bigh and hon- orable position.” Tucy were the Hon. David A. Wells, who in a critical time filled the office of Secretary of the Treasury; the Hon. Wilhaw Brown, of Portland, and the Hou, William Spaulding, of Buifulo, As Mr. Wells? publfc engagements stood in the way of his uccepting the office of director, and as Mr. Spaulding pleaded his ge and varied occupation, Mr. Weish and Mr, Talman five been chosen in their stead. Mr, Wells has, how- ever, very kindly offered to act on any committee ap- pointed, and Str, Spaulding has expressed his readiness to co-operate in aby way if his power. 15, Your legal adviser, Mr, Morris, is engaged in pro- paring a full report of a Very important character upon | the legal and judicial position of allatrs, and that report | wiil be laia before you by lim on tis return to Kugland. Ineed not say that the preparation of that report, 80 important in elucidating the facts of the case, bas in- volved great pains and labor, aud will require’ time to complete it for future reference, 16. When you have this teport there will be ample materials before you for the preparation of a caretuily considered pian of rearrangement to Le eubiuitted to the boud and stock holders; but in the meaniime, as relimipary to a general meeting of the bond and stock jolders, who will be anxious for a more detailed expla- nation of their affairs, and upou whom the responsibil. ity of selecting @ representation in which they have confidence must now ve imposed, you will probably cir- culate Ubis report, 17. As respects the owen, tay fees and charges attaching Wo a receivership, | lave the pleasure to state that Mr, Jewett does not contemplate or intend vo re- ceive any other remuneration than that of bis salary as president of the company. 18. Ab inventory of the whole property of the com- ny is in course ‘of preparation ip the form which 1 fer eg to reat faithful! beg to remain, very faithfully yours, - . 7 y0E W. WATKIN. P, $.—I have since arrival here received a telegram to the effect that Messrs. Brown, Welsh and Taiman have ‘been elected as directors, Mr. Barlow and Mr. Roberts having retired, CITY GROWTH IN MASSACHUSETTS. [Boston Correspondence San Francisco Call. } The latest geographies say that ‘Massachusetts bas more cities than any other State in the Union.” There are nineteen of them, a8 follows, thetr incorporation being in the order named:—Boston, Salem, Lowell, Cambridge, New Bedford, Worcester, Lynn, Newbury- port, Springfleld, Lawrence, Fall River, Chelsea, Taun- ton, Haverhill, Somerville, Fitchburg, Holyoke, Glou- cester and Newton. The last named was incorporated in 1873. The census returns of all the cities, except, ing New Bedford, are in, and the aggregate of the popu on reported ‘of the eighteen is 340,000 in round numbers, which represents about half the enure population of the State, There is significance in tins ~ showing that Ue cities reaily rule the State, he average percentage of yrowth in the lame ton youre has veep forty-five per cent, the sinall- est rate being that of Newburyport, which was less than three per cent, and the highest, that of Holyoke, 180 per cent, Boston's rate of growth was twenty: seven per cent, ‘The largest cities rank as they did ten 8 ago—Boston, Lowell, Worcester, Cambridge, . Fall River has usurped the fifth place, passing | Springfivid, Lawrence, Salem and Lynu, Lawrence slands sixth, Lynn has passed Springtield, and Salem | drops to the seventh, New Bedford stands ninth, The census reiurns aiso develop the fuci Uhat five cities which were towns in 1865 have gone Ley oud Newbury- port, Which was lowest on the list len years ago. Both Newburyport aud Salem, once important commercial cities, bave pissed into 4 state of mellow decay, The r place Is now but a thousand population abead of chburg, which is now the city of smatlest population, | ewton, the youugest city, is vow larger than some of the aider ones et e | Outstanding claims, estimated at. WALL STREET NOTES. tahini ANOTHER GAME OF JAY GOULD'S EXPOSED—WHY UNION PACIFIC ‘‘BURSTED"—NEW WALL 8TREE’ DICTIONARY, ‘ The departure of Jay Gould to the West with some of his associates was marked on Saturday by a fresh de- cline in Union Pacific stock, It now transpires that tov such straite was he reduced in order to carry his stock that he resorted to the same tactics he once employed with New Jersey Southern, the bankruptey of which corporation he compassed soon after his eviction from the Erie Rauroad. The game indicated was a bold one and, if Jay Gould had not lost his prestige in thir street or the confidence of his brokers some of his olc’. successes might have been repeated, ‘The story is as follows:-—-The day before the broak in: Union Pacific Gould sent proposals to many of his rick. speculative friends, giving them to understand that we wero on the eve of anothor rise in the stock, and offerin:;, if they would buy, 1,000 or 2,000 shares, and carry theut for six months; that he would pay all the losses, only asking to receive half the profits, A short time since such offers would have been eagerly seized, but the per- sonal guarantee of Mr. Gould is not considered gilt edged just now, so his proposals were declined willy thanks, The subsequent decline of the stock fror 7» to 643¢ shows either that treachery was intended ov that the once MIGHTY SPRCULATOR hag to resort to mean shifts to save himself from rain. There seems to be no doubt that at the time he wrote these notes be had been called on to take up a heavy joan on Union Pacific, Just before the break in New Jersey Southern about two years ago the stock was selling at 27, and there war a heavy speculation in it. Gould offered his triends tho same chance of profit—they to buy and carry the stock, he to pay all losses and divide the profits. is friends bought the stock—which Gould’s brokers sold to them— and after carrying the stock for months and payiwg high rates for money his dupes had to sell out ata heavy loss. These {ucts are well remembered by the street, New Jersey Southern now sells at $2 per ANEW WALL STREET DICTIONARY, As our readers know, the stock telegraph abbreviates: the names of stocks, thus:—L. 8. (Lake Shore), Cen. (New York Central), &c., &e, The wags in the Board have made these initials amusingly signi it in many cases, The new dictionary runs about as follow: ‘A. P. T,—Atlantic aud Pacille Telegraph—"A poor treat.” .A. 8.—Albany and Susquehanna Railroad—“A sell.” C. 0. 1.—Columbus, Chicago and Indiana Central Railroad—‘Oustly circus impoverished.”? c, ©. L C,—Columbas, Chicago and Indiana Central— “Coffee, cakes and ice cream, CEN.—New York Contral—‘‘Cornelius’ elegant nob.’ CUM.—Cumberiand coal—‘‘Call up margins.’? D. L, W.—Delawate, Lackawanna aud Western Rail- Troad—**Doubtful leases wanted.” E.—Erie—‘‘Elephant."? Do. Pr.—Preferred—“Prize ring.” F, W.—Fort Wayne—*'Fools’ wash.” x. ‘Kansas and Northern—‘*Know nothing.” L. 38.—Lake Shore— ‘Loose statements," MR. L.—Mariposa Land and Mining—'‘Mark’s regu- lar hes.” N. J. C.—New Jersey Central—‘‘No Jersey cabbage.’” ersey Railroad and Transporta- N. J. Re R.—New tion—“No jaw? ‘round Raritan.” N. J. 8.—New Jersey Southern—‘Neat Jersey sell’? N. W.—North Western—"No wind.” , G. B.—Gold Bonds—‘‘Ginx's Baby, P. M.—Pacitic Maii—“Perpetual misery.” St P.—St Paul—“Sage’s Title Page.” T, W.—Wabash—‘Tommy Warner,” U, P.—Union Pacific—** ny, Peter.”? W. U.—Western Union—‘*Wonderful usurper.’” G.—Gold—"Gobbleall.? It must be admitied some of these titles are strangely” apropos, at all events they are well understood on the street. AN ANONYMOUS CIRCULAR was distributed alter business hours on Saturday, signed ‘A Stockholder,” purporting to give statements of the true condition of Pacitic Mail in advance of their ublication by the officers of the steamship:company. Bho oiroulnr waa highly favorable to the line, If only the writer would consent to sign his name and the com- pany would authoritatively put forth a business state- ment giving clearly the liabilities and assets of the cor- poration doubtless such a document would be read by the stockholders and public generally with lively in- terest, but so long as fragmentary reports are put out by a managing director one day, to be explained ina supplementary letter ihe next, just so long will a SUSPICION OF 8TOCKJONBING taint every statement. Two refor in Pacifle Mail should positively be insisted upon; one, that steamship men instead of Wall street brokers shold manage the line, and the other, that sworn monthly statements should be made to the stockholders. THE GOLD MARKET, The price of gold stiffened in the outside and late tradings on Wall street to 11744 on rumors of Canadian and Boston troubles. 1t is possible that European war clouds had something to do with the advance in the premium; but the scarcity of cash gold is unqnes- tioned, as a prominent banker of Exchange place, after having his gold check for $25,000 certified, had his check passed from bank to bank for two hours before the amount in coin was forthcoming. PACIFIC MALL, ALLEGED DUPLICITY IN THE COMPANY'S STATE~ MENT—A ‘“‘BEAR” ANALYZES THE ‘‘BULL” REPORT. To raz Eprror ov tur Heratp:— ‘The two financial letters of September 27 and October 2, as published over the signature of George 8. Scott, are very properly and curtly disposed of by you in to- day’s issue, as follows:— “It is scarcely necessary to reply to such a loose document as this” Permit me, as “one who knows,” to submit a fow words, showing the absurdity of Mr. Scott's statements, as well as the true condition of the Pacific Mail Steamship Company’s: affairs, A circular or statement by him of September 27 says: New York, Sept, 27, 1875. To tHe Prestpent axn DixgcTors ov THE Pacirio Mau Stkamsuie COMPANY :-— GeyTLemeN—Important interests of this company re- quiring my temporary absence im Europe I have deemed it advisable to present for your cousideration. the following statements. Now I protest that no such excuse as ‘temporary absence in Europe” warrants this extraordinary state ment. Again, the financial part is as follows:— PRESENT INDEBTEDNESS, Bills payable. + $255,077 connecting lines... +++ 78,833 33 Loan due rectors 103,000 00 Currency due bank 45,679 44 Cash vills.....00e 000 00 —— — $505,590 44 LESS CASH ASSETS, Gold on hand..... $77,123 37 Freights dae in New York,..... 45,000 00 Py Due vy United States govern- MENL. seevsseee 187,000 00 Due by Mexican government... 44,000 00 Due by connecting lines .,. $7,466 85 These figures dispose of all the com- 7,406 8% pany’s money, and starts with a debt of | Statement in New Yous Herato, of this date, admits the following items, as lia- bilities, after December 1. (Heaven and an honest bookkeeper can alone tell how much more there is.) Due Panama Railroa Scott... Due for oor ‘ at yer MOR Due Jonh Ronch on sensi Francisco. ... « Due John Roach ‘on’ ‘steamship cit; Sydney...,.... Due John Re New York... Due for outfits on abo Due lor taxes....... admitted by Mr. Total, admitted by George Scott Strengthening steamship City of Strengthening steamship City of Peking. Total floating debt, under Scott manage- ment. pe «+ $2,508,460 87 Another remarkable quotation from Mr. Scott's letter: says:— In regard to the future of the company it may be reasonably assumed that the earnings for the “hext twelve months will at least keep pace with those of the past ive months, This would realize the gross sum of $6,000,000, * With a continuance of the present system of management the total expen should not exceed sixty-live per cent of the gross earnings, which, aficr a reasonable allowance for depreciation, would leave asurplus of $1,500,000 to the liquidation of its in debredness, Heaven protect the stockholders of Pacific Mail from any such continuance jn management as Jay Gould, George S. Scott and his cousin, J. B. Houston (the lat- ter formerly a Third Assistant Engineer, United States Navy. If, after a year’s trial, this trio can only pro- duce such'an abortion it is ‘ime the courts adminis- tered. I would suggest that these effusions of “Gr "7 be placed in the “Ceutennial” as specimens of “finan- cial ability,” wae photo of the iro, one ‘ ONE WHO KNOWS. THE NEWARK FORGERY CASE. Ebenezer Francis, Jr., who stands Indicted for forg ing his father's firm's name to a check for about $3,000 on a Newark bank, bas been rearrested and required to give bail in $6,000 to appear for retrial, He was tried the week before last, but, afver being out twenty-six hours, the jury failed to agree, The authorities, it is said, have obtained new evidence against the accused, | Hence he was taken before Judge Depew, and his bad increased from $2,500 to $5,000, The day of trial is not se. The accused js ason of ex-Alderman Francis, and is one of the most widely known youns moe af Newark.