The New York Herald Newspaper, October 11, 1875, Page 8

8 FINANCIAL AND COMMERCIAL “The Business Situation and Its Pros pects—A Review of Facts, EVENTS OF THE WEEK. Depression in the Stock Market—The Course of Gold, Money, Bonds and Other Securities, Rag Money Ranges Be- tween 85 and 85.93. Wat Srreer, Senxpay, Oct. 10, 1875. ‘The general movements of the week, in both com- mercial and financial circles, have not been ontirely satisfactory. The chief disturbing elements are, the failures of firms here and elsewhere, the suspension of the Third Avenue Savings Bank, the fear that other in- eidents of a similar depressing character may oceur and ‘@ want of confidence that would not be so plainly ex- Ihibited ifthe trade of the country were in a healthy eondition, True, there are encouraging reports of an improving condition in certain portions of the West, and it is doubtless correct that the baokcrs of the com- mercial centres of that section are finding enlarged do- mands uponthem for money; but statements of this eharacter must be taken at thelr worth. They in no- ‘wise antagonize the fact that wo have frequently pre- | sented, and have prudently endeavored to impress on | the thoughtful mind, that values are gradually receding, and there is scarcely any commodity which does not show a lower range of prices than at any previous period of the year. And this is just what 1s desirable. Fancy values are no longer the order of the da ‘The disposition of Wall street is to measure its securi- ties by real figures, to drop the plumb line through the water that heretofore constituted the quoted value of stocks and strike the bottom that represents the real | worth. The people of the country do not possess the money owned by them two years ago and their pur- chases are circumscribed by the extent of their purse, ‘There is not a savings or any other bank, not an in- surance company or any other iduciary institution that is as rich to-day as it was in 1870 or 1871. With the exception of government securities their assets have declined in value. And their vaults are full of bonds which, taken during a period of galloping con- | sumption, are now suffering all the misfortunes of a fimancial marasmus. Under these circumstances it is mot a matter of surprise that we are in the whirl of the maelstrom of liquidation and there is a prevailing ina- bility fo meet the obligations of paper contracted and Fepeatedly extended to give relief. If business were mot dull, if the country was not stirred by political agi- tators teaching false currency doctrines and unsettling the judgment of business me, if, in short, trade could flow through its legitimate channels at this season of the year without stirring up THE MUD AND DEBRIS OF THE Past, the season might be a hopeful one, and the prospects bright for a recovery that would cause universal con- walescence. But unfortunately these conditions do not exist. The capitalist clutches what he has saved and the working merchant struggles to preserve with the banks whatever is left him of old time credit. Itis not apleasure to speak despondently of the future, but plain truth will best subserve the interests of the country. THE STOCK MARKET. The Stock market during the week was subject to extraordinary influences, and attended by anything but | a firm or hopeful feeling. The leader of the decline was Missouri Pacific, which receded from $6 to 18, with | ®rally of only 1 per cent. atthe close. It is not im- probable that the company will pass its dividend on the 20th inst., although efforta are to be employed to gal- vanize it into fresh life, and may be successful. The Afficers of the Atlantic and Pacific Company are by no means reticent in the expression of their faith in the future of the corporation, but within two or three days dhey have been exceedingly cautious in repeating the assertion that the interest would be undoubtedly paid Recording toannouncement, A meeting of the stock- Aolders is called for Tuesday next, the directors having decided to invite the bondholders of the Missouri Pacific to meet them in council, when the action of the banks 4m calling in the loans with which the Atlantic and Pacific expected to pay said dividends will be stated, ‘The directors of the Atlantic and Pacific will be guided Dy the suggestions of tho bondholders of the Missouri “Pacific. Whether the crodit of the company is destroyed femains to beseen. Union Pacific participated in the prevailing weakness, and fell off from 65}; to 61. St, Paul common fell from 94% to 20%, but ended at B14. The preferred stock receded from 63% to 58%, ‘and closed at 6144. Delaware and Lackawanna declined from 120 to 115, but we are assured that there is noth- 4ng in thoaffairs of the company which justifies the at ‘tack; on the contrary, that the net earnings of the ‘company, after paying all leases and obligations of every kind, amount during the eight months ending Beptember 1 to 11 05-100 per cent on $25,617,000, the share capital of the company. The bonded debt of the Delaware, Lackawanna aud Western proper is $3,103,000, The cash is in bank to pay the dividend due October 20, OTHER DECLINES. Northwest common declined from 3034 to 23%; pre- ferred, from 5344 to 46; Michigan Central, from 5734 ‘to 53%, and New Jersey Central, 108 to 9934. Lake Shore declined from 5434 to 5174; Rock Island, from 10434 to 10174; Pittsburg, from 91 to $33¢; Hanni- bal and St, Joseph, from 19 to 1574; preferred, from 22 to 2034; Ohios, from 167; to 15; Panama, from 132 to 128; Western Union, from 16}¢ to 737(; Pacific Mail, from 36%; to 2434, and Atlantic and Pacific Telegraph, from 1034 to 1744. The rally in these stocks at the close | was }¢ to 1 per cent, PACIFIC MATL. In reference to Pacific Mail there have been consider- | ‘able surmise and much publication of figures. A cor- pespondent of the Hrrap, seeking more light, asks the following questions, which, properly answered, would “wet the controversy at rest:— ‘Would it not have been as easy to hove given the re- and expenses for the period from Marclj 1 to July ‘1 as it was those for the months of July and Augnst, | which months it is generally understood the China tea business is at its height’ How. were the ox- penses of these two months made up’ What propor- tion of a year’s premium for insurance"was allotted to them? What proportion of the general expenses for offices, clerks, agents, &c.? What percentage for the fnevitable wear and tear incidental to ali shipping property? Were there any, or is it simply a report of the receipts and of the respective ships in ser- vice at this parti »time? The Vice President and ; management of this company may rest assured that the public have grown tired of glittering generalities and promises for the future. ‘whole truth and nothing but the truth. HIGHEST AND LOWEST PRICES. The following table shows the extreme flucmations for the week in the leading shares New York Central. Wabash Northwe ie Northwestern pr Rock Island... Fort Wayne Milwaukee and st Milwaukee and Pittsburg.. Delaware, New Jersey Michigan Central linois Central. Union Pacific. GC. and 1. ©. Hannibal and St. Joseph Hannibal and St. eph pi Ohio und Mississippi. Missouri Pasific.. Panama. . Western Union Atlantic and Pacitic T Pacific Mail, foal oanaents ieksilver refers ie American Mérobante’ Union’ zp United States Express...... eoee CLOSING PRICES—3 P.M. SATURDAY. Pacific Mail,... 35 ° 35! Went ln ts Atié Fee Tel. manne oer iver pf. Prat 3 ar LM pf Paul i ke | 1875, by States, together with their capital and circula- ey want the truth, the | | $03,290,917 | and that if Hayes is elected gold wili decline, and the 218% | me gnsed, "The ponds pala nn a ike ach of | ; going unusually sharp scrutiny. NEW YORK HERALD, MONDAY, OCTOBER TI, 1875.—TRIPLE SHEE: £48 9 h on MM Mil 45 Paul, Siig e we 3 Money shows a tendency in favor of hardening prices, the rates on call loans being higher than last week. The bulk of business was dope on the basis of 3 and 33g per | cent, with exceptions at 2 por centon one side and 4 Per cent on the other, Discounts were quiet at 544 a7 per cent for prime names, Paper, however, is under- Encouraging accounts of trade are reported trom the West and South, and letters from these sections claim that New York is the Principal point of depression in the country. There are good reasons, ina succession of failures and the | heaviness of confidence among merchants, bankers and | speculatogs, for this condition of our home affulrs. ‘The loss of over $6,000,000 legal tenders by the banks | whis week is regarded as a healthy sign, provided the bulk of this monoy was sent to tho | West and South to move the crops and | assist the full trade. This is doubtful, however, | for wo learn from a@ bank official that the suspicions | are that Boston has been a largo drawer on New York in order to strengthen her own position, and that acon- | siderable sum has been passed from bank account to private vaults with the view of making money tight, The foreign exchanges were lower in the week, but | afterwards rates were advanced from 4.78} to 4.80 for | bankers’ Jong and from 452}g to 4.84 for demand, Actual business, however, was done at concessions, The closing rates for foreign exchange were:— Sixty Days, ‘Three Days. Prime bankers? sterling bilson London...... 4.79 a480 48334 a4.84 Good bankers’ sterling villa on London., 47 483 a4.833¢ Good commercial 4513 04.82 Documentary celal. 4.8055 04.8039 Paris (fran 21g Antwerp ({rancs). 21% Swiss (francs) 2136 jam (c a 4045 Hamburg (reicuiarks). . 94% Frankfort (reichmarks). 947% Bremen (reichmarks). .. 94% Berlin (reichmarks). .... 947% | IN LONDON securities show little change. Tho only feature there is the upper tendency of money, the outside rate for dis. counts to-day being 23; per cent, the same as the Bank | of England rate. Foreign bankers here are prepared by their correspondents in London to look for a con- siderable advance in the bank rate in the next thirty days, perhaps to 4 or 5 per cent. COIN AND HULLION, The following were the quotations in gold for coins and bullion:— Buying. Selling. American trade dollars... elena 93) American silver (half and quar, dols.) .94 9536 American silver(dimes and Lf dimes) +90 193 Mexican dollare, : [96 English silve 4.86 Five franes -96 Thalers. . 8 71 English sovereigns. 4.83 4.87 Twenty franes. 2.84 3.88 Spanish double 215.60 © 15.80 Mexican doubloons . 16.50 16.65 Silver bars (909 fine) ap 0 ae Fine gold bars. + 6 OH Among the many rumors that were mixed with the facts of the week was one which has, perhaps, done in- Justice to the Baxter Steam Canal Company. We learn from its officers that some of the statements affecting its credit are without foundation and that the condition of its affuirs is as follows:—They have sixteen steamers, ten of which are paid for and six for which they owe. These last boats were deemed necessary in order to run to advantage and accommodate the patrons of the line. It was expected that subscriptions to the stock would | come in fast enough to meet the payments on these six, bouts as they became due. In this respect the company has been disappointed, owing to the general lack of con- fidence in all business enterprises and the prevailing cau- tion of capitalists. They have had to jet a little paper | lie over, but their total indebtedness is small, and a movement is being made to pay it afl off by further subscriptions of present stockholders and new parties. There has been no “over-issue” or “watering” of stock. The proportion of one-fourth, to pay for pa- tents, was issued pro forma, and is held in trust for the patentes. The line is now fully established, and all opposition practically overcome, The boats are run- ning regularly and making money even at the present low rates of freight, ‘THE GOLD MARKET. Rag money according to the fluctuations of gold during the week has ranged in price from about 85 to 85.03. Gold advanced from 117 to 117% when it was known that the | ‘Treasury would not increase its gold sales during the month of October. Later, however, on the announce- ment of shipments of specio from California and Europe, a decline took place to 116%. Near the close cash gold was scarce and dear, the rates for use until to-morrow being 1-16, 5-64, 3-82 and 7-64, The follow- | ing were the GOLD PLUCTUATIONS POR THR WEEK. Opening. Highest. Lowest, Closing. nj ae uz 17 117% | 7 1 uy 117% | ui lig §=6116%— (116% | iy is 116% Nits | apg nix «eye s18 16% «= 6K HG 3G The following is the report of SPECIE EXPORTED from the districhof New York for the week ending Oc- tober 9, 1875:— October 6—Steamer Scythia, Liverpook— Silver bars..... - October 7—Sieamer Gel Silver bars. October 7—Steamer Gellert, Paris— Silver bars. i one 90,000 October 7—Steamer Gellert, Parns— Foreign silver coin...... 77,500 October 9—Steamer Mosel, Paris— Silver bars. October 6—s: er Baltic, Liverpool— Mexican silver coin... <<, a October S—steamer City” of Richmond, Liver: pool— Silver and gold Dars....eseresecesesesssseess 40,000 Total... se sevens e $453,900 WEEKLY CLEARING HOUSE STATEMENT. Curreney exchang $403, 246,051 Currency balance: 21,167,404 | Gold exchang 24,183, | Goid balan 8,762,058 | ‘THE BANK CIRCULATION, From the Comptroller of the Currency we have re- ceived a statement showing the amount of legal tender notes deposited sihce the passage of the act of June 20, 1874, to September 20, 1875, and the number of banks organized since the passage of the act of January 14, tion and the amount of additional circulation issued to banks organized previous to that time. Additional Jogal tender notes, amounting to $1,203,750, have been | deposited during the present month for the purpose of retiring circulation, Since January 14, 1875, eighty- three banks have been organized in the States and Ter- ritories with @ capital of $9,234,000 aud a circulation of $3,023,730, UNITED STATES TREASURY. ‘The customs receipts were, for the month, | $2,820,921 99; for the year, $47,428,843 72, The re- | ceipts from internal revenue were $257,956 68; for the month, $3,036,657 54; for the year, $31,565,863 25, RXVORTS AND IMPORTS. The foreign commerce of the port for the week was as follows:—General merchandise imports, including | $323,191,830 in 18 ing dry goods, $4,652,546; produce exports, $5,837,619, aud specie exports, $453,990. total imports since January 1, this year, were $516,052,261 in 1874 and The total exports of produce since January 1, this year, were $191,230,900, against $224,868,723 in 1874 and $223,546,358 in 1873. Tho | total exporta of specie since January 1, this year, were | ainst $43,544,607 in 1874 and $42,050,502 | in 187% The imports of specie for the week amounted to $764,535, of which $761,560 was gold coin, GOVERNMENT BONDS. Business in this department has been fairly active, capitalists. preferring the safety of a government in- vestment of this character to the alternative of loans on | real estate or on call, Purchases, however, are some what delayed or affected by the chances of the Ohio election, on the calculation that if Allen 18 elected | bonds will decline, although gold will probably advance, $261,776,706, against Tho I | price of bonds will more or less sympathize with tho price of gold. This is the theory of several of the officers of several corporations, intending to buy United States bonds, The Secretary of the Treasury has issued his twenty.cighth call for $5,000,000 five-twenty bonds to be redeemed January 1, one-half being coupon and the other half registered issues, The call is made at the request of the Syndicate, and shows that they are till finding a roady market in Europe for the new fives. There remaing out standing $19,756,000 called bonds on which intercst | of three votes, | class bonds, however, are stilla good investment, and | | to arrive, at $11 | currency, 1 | $10 June 30, 1864 The calls of the Treasury now outstanding for five-twonty stx per cent bonds to be presented for redemption fall due as fellows:—Five- twenties of 186%—October 14, $10,000,000; October 28, $14,897,200. Total, $24,897,200. Five-twenties of 1864— November 3, $10,000,000; December 1, $13,000,000; December 14, $5,000,000; January 1, $6,000,000. Total, | $33,000,000, Tho called bonds of the issue of 1862 are of the coupon class, nearly all of them being held in | Europe, Of the issue of 1864about $12,700,000 are of | tho registered class, chiely held in this country, STATE BONDS, ‘There have been few transactions in State bonds, | other than Missouris and Tennessees, There is nothing new from the Southern States of particular importance —the Constitutional Convention in North Carolina de- clined to repudiate the special tax bonds by a majority In Louisiana the State Board of Liqui- dation met recently and funded $928,376 more of the | old bonds, In the New Orleans city premium fund | bond scheme, it is reported that $4,285,182 of bonds | have been presented and exchanged for the new issues, Old Tennessees have sold at 51, Florida gold bonds are firm but quiet. We have no further advices concerning Texas securities, The encouraging information is at hand, however, that during the year ended September 1, 1875, the total domestic emigration into Texas for permanent settlement was 62,368 persons, These per- sons took imto the State property of various kinds amounting in value to not less than $4,000,000, There isno finer region of country on this continent than Texas for the emigrant, and such facts as those above stated show that it is beginning to be appreciated. No other Southern State can show such improvement as this, and the time is probably not far distant when the “Lone Star” will lead in the race for credit and. pros- perity. RAILROAD BONDS, These more or less sympathized with the unfavora- ble conditions which affected stocks, but not in the game proportion. Nevertheless, tne effect was to shake out a considerable number of weak holders and cause a closing up of contracts based on small margins, First- those who may avail themeelyes of whatever decline has occurred will be pretty certain before the end of the year to be handsomely repaid, Chicago and Northwest consolidated gold bonds sold at 851%, Union Pacitle | sinking funds at88%, and Central Pacific land grants at 9334, DOMESTIC MARKETS. Gatyrston, Oct. 9, 1 Cotton quiet; middlin, ; low middling, 12% rood ordinary, 119i ipts, 3,143 baies; gross, 3.24, Exports coustwise, 114, Sales,'1,259. Stock. 23,0768, W ORLEANS, Oct. 9, 1875, middling, L3'9e. ; low middling, Net receipts, 1496 bales} 1,234, ' Sales, 3,200; Montux. Oct. 9, 1875. Cotton strong; middling, 1: low middling, 12)¢e. ; good ordinary, Tic. Net’ rec 2,094 bales. "Exports coustwise, 697. Sales, 1,500. Stock, 15,813, SAVANNAIL, Oct. 9, 1875. Cotton firm; good demand od’ ordinary, Exports coastwise, 46,504, Cotton ati; midiling, 19e.; low middling, 12%c.; good ordinary, 12¢. Net receipts, 3,232 bales. Exports coust- wise, 1011, Sales, 1,863, Stock, 42,302, Cuarueston, Oct. 9, 1875. Cotton firmer: middling, 13}¢c. a 13\c.} low middling, 12%e.; good ordinary, 11ke. a 1c. . Net receipts, 3,607 pales,” Exports costiwise, 965. Sale, 1,000. "Stock, 3,057, Witarvaron, N. ©., Oct. 9, 1875, Spirits of turpentine firm at 35c. Rosin firm at $1 35 for strained, Tar steady at $1 40. Osweeo, Oct. 9, 1875. Flour steady; sales of 1,500 bbls, at $7 25 for No. I spring; 87 75 forumber winter; $5 for white winter; §8 25 for ; new No, 1 Milwaukee club, $1 34. Corn dull at 7c. "Barley in moderate demand} gales of 20,009 bushels No. 2 Canada, at $1 10; 30,000 d No. 2 Bay, at $1 17; 7,500 do, No. 1 Canada, at $1 21; 10,000 do. Selected Bay Quinte, at $1 25; 4,000 do. State, on private terms, Corn meal—Sil for bolted, $30 for unbolied, Der.ton. Millfeed-—Shorts, $10 a $20; shipstulle 821 9 $32; middlings, $28 #890, por ton. Canal freights—Wheal et doube extra, Wheat quie corn, 546; barley, 4%¥c., to New York; barley, de, to ‘Albany; Se. to Philadelphia; lumber, $2 10 a $2 30 tothe Hudson. Lake receipts—Wheat, 1,800 bushel anon in 2,600 do. ; Barlen, 123,500 do. ; e, 4,700. de mber, 209,000 feet. Cinal shipments—Barley, 9,800' bushels; Tuwber, 561,000 foes. BUrvAato, Oct. 9, 1875. Lake receipts—Plour, 12,450 bbls. ; wheat, 203,000 bushels; corn, 210,000 do. ; ots,” 187,000 do, Railroad receipts— Flour, 11,300 bbls; wheat, 20.000 ‘bushets; corn, 40,000 do.; oats, 73,000 do.; barley, 3,000 do.; rye, 1,200 do. Ruilroad shipments—Flour, “11,800 bbls.; wheat, 86,000 500 do.; “oats, 7,000 do. ; barley, 3,000 Canal shipments to tide water—Wheat, 40,000 do. ; oats, 58,000 do. ; rye, points—Wheat,” 18,600 bushels, ufTalo and Orwago—W heat, 5 omts, 135,000 do, rye, 8,00 do.’ Canal freights uw —Wheut, early, 72ge. ; Inter, 7g¢. ; corn, eurly, 634 later, Giyc.; odts, 4c. ‘to’ New’ York, closing lowest figures. Flour quiet; sales of 680 barrels $6 50 for spring: $6 90 a $7 Yor bakers’: $6 75 a $7 50 for amber; #7 a $7 75 for white; $3 50 a $8 50 for new process; {4 5S for rye; $6 50 a $7 50 for oatmeal. Wheat dull an nomin rn dull and unsettled; sales 6,000 No. 2, in lots, at Ge, u Ode. ; 8,500 do, at Gbige, "Outs dull; sules 1,500 No: 2 Chicago at 40c.. Rye nominal’ at S0c.; no sales, ” Barley quiet and heavy of 5 cary Canada at $1.08; 4 cars do., Pons quiet; sales of 400 bushels Canada, . Beans quiet; sales 50 bags at $1 60 & 75," Seeds quiet; sales 100 bags timothy at a range of = 60 4 $2 90. Pork scarce and dull at $24 for heavy mess, pard dull wt 143gc. a 15e. Highwines inactive; noiinally 1 17. be Toteno Oct. 9, 1875, Flour steady, with a moderate demand. at dull and @ jo. 2 white Wabash, $1 43; No. 3 do., $1 8,000 do.; to Atloat on’ tide wi 1,318,000 bushels; Lwhite Michigan, $125: No. 2 do., $1.16; amber Michi gan, $1.22; November, $1 December, $1 28; No. 2 do., Bi Og; No. red winter, $1 23%, No, 3 do., $1.05; do. 4 Dayton and Michigan, #10436; rejected, Ole: do, Dayton and Michigan, 9c. Corn duli; high mixed, November, 60c. ; all the yeur, 40ige.; low mixed, 60c.; No. 1 white, O5e. Oats dull’: No. 2 at 37i¢e. | October, 375%. ; November. Be. i FINANCIAL, EN techn ulin a og! AMOUNT FROM 81,000 TO $80,000 TO LOAN ON improved and unimproved Property, this city or Brouk- lyn, term of years, without bonus. WILLIAM E. LEAVITT, 130 Broadway. AT CONTROLLING sAon BLOCKS OF fy insurance stock ean find w pare doutidenthuly by addressing N. Bi Herald ofice, °° ‘A. MUTED AMOUNT OF MoNRY WaxNTED “ON time at three to five years, on good and valuable West. crm Real Estate, at S per. cent to 10 per-cont intarest per nn: hutn; interest and principal. payable in New York or olso- where as may be contracted, Apply to HAAR & CO., 45 Wail streo T REASONABLE RATES—MONEY ON LIFE AND Endowment Insuranes Policies, Mortgages and other | Securities; insurance of all kinds effected with best com- panies. J.J. HABRICH & CO., 117 Broadway. LADY OF CHARACTER, SUFFERING INTENSE poverty from loss of home, wishes some kind-hearted Zentleman to assist her. Address LAURA, box 196 Herald offic GENTLEMAN FROM CINCINNATI, WITH HIGH- est reference, would like to uieet with a capitalist or insiitution desiring toloan money on inortzagw at 8 per e legal rate in above city. Address BANKER, Herald Up- to ALIPORNIA MINING STOCKS.—SOME OF THEM are perfectly safe as ii dends of twenty to forty per e: graph for any quantity desired. other informati street, Drexel Building. Branch office, NOUNTY, TOWN, CITY OR VILLAGE BONDS, AND every other deseription of securities, current or uncur- rent, of Wisconsin, Iowa and Minnesota, bought by C. SCHLEY, Milwaukee, Wis. PUROPEAN FUSDS TO LOAN ON NEW YORK AND Brooklyn Property; principals only; no bonus; also Leaseholds and Buildings lf course of erection, DUGAN & WETZEL, 02 Brondway, New York, ALWAYS HAVE MONEY TO LOAN ON GOOD NEW York city Mort ut bonus. Principals desiring to BORROW OR INV. yt I. i. GRANT, 145 Broadway, J ALWAYS HAVE MONEY, TO LOA suit on city ana adjacent Property; Mort chased, “RUFUS K. McHARG, 138 Broadway, Coinmissioner for every State. TPO .CAPITALISTS.“WANTED, | FROM | $100,000 $500,000, in suis to sait borrowers, on staple i diso, with nogotiable warehouse recelpt and first clus alnety days commercial paper as collateral. Address COLLAT- ERAL, Herald office. WS! WISCONSIN RAILWAY COMPANY, The cominitieo appointed wt the general meeting of the first mortguge seven per cent land grant bondbolders, held at Cannon Street Hotel, London, on the 15th of Sep tember, give notice that a circular by thé committee, oxplian- atory of the position of the company’s aifairs and the course the committee recommend, may be obtained on application At the offices of Messrs. Naylor, Benzon & Co., No, 34 Old Broad street, London, E. C., or Messrs, Naylor & Co., 99 and 101 John street, New’ York, or it will be sent by post'to such dondholders as furnish them with their addresyes. By order of the committee, TAFE. Oftices of Messrs. Naylor, Benson & Co., 34 Old Broad street, London, E, 0.; Messrs Naylor & Co., 99 and 101 Jolin street, New York, SiO 000 oo eee eee eight years established, changed to whole~ sale; sole agencies of highly recommended European firms vo chine secured ; coods on commission. Address FREDBRICKS, No, ‘ TO LOAN ON FIRST MORTGAGE OR $12,000 1.304%,0" 7 elty. Ww. 51.000 12 LOAN; AT SIX PER CENT INTER. .' est. on first class city property, Money for HYATT, No, 145 Broadway. z $250.000 this city, Brooklyn or Westchester county, for a term of years, without bonus. ‘73g Cooper Union, New York. . CROSBY, 25 Pine street. estchester end Brooklyn. City Railroad Stocks bought. TO LOAN ON REAL ESTATE IN JOHN 'F. CONREY, 162 Broadway, room 9. BUSINESS OPPORTUNITIE! PARTY WITH MODERATE CAPITAL CAN BUY, on easy terms, Machinery, Ac., of profitable cit; Business dealing in @ necessity. "Principals ouly address W. LYNCH, Atlorney, 10 Wall street. RARE CHANCE.—$5,000 CASH WILL PURCHASE an established Stationery Business, yiclding a net prolit Of over $5,000 per annum; satisfactory reasons given for selling. ‘Address IMMEDIATE, box 171 Herald offic, A LONG ESTABLISHED LUMBER BUSINESS, WITH ‘Mills for dressing, sawing and placing, actively em- ployed, und Buildings, Machinery and Wharfue, with fine water front, in thorough order: partner with $20,000 wanted, Apply to GRIGGS & CARLETON, 98 Broadway. (A. CENTENNIAL CHANCE.—OTHER BUSINESS gagements compel the proprietor to olfer for sale two Cigar and Newspaper Stunds, in first class Philadelphia hote's; many exelusive rights are included in the property offered ; for one stand, $4,000; for the other, $1,800 will be accepted, if tendered at once. ‘Address C, H., Herald Philae Gelphin Branch office. TANTED IMMEDIATELY—A PART! active) ina business that will pay one who can furnish $3,000. Address #US! Uptown Branch office. 3.000.-AY, PARTY HAVING THIS, CASH, De. + may join equal in a lucrative business, which Nas made s number of fortunes; may clear $10,000 this win- ter. Address CENTENNIAL, Herald Uptown Branch office. 3500 ~PABINER, WANTED. FOR FINANCIAL a,” San cate department of an established and Projitable business; success guaranteed; money nat all ro- guired down if party suits. Particulars ISAAC BIGGS, No, Dey street. 6.000 PART, CASH, BALANCE EASY TERM | |. or other securities, for ladies’ and gentl leading thoroughtare. Ad- 10,000 yearly; NESS, Herald men’s first class restanrant on dress Mrs. F., Herald office. 5.000 —FOR SALE—A LARGE RETAIL . ‘+ dry goods Establishment in Philadelphi on account of the withdrawal of the principal capitalist; located upon one of the leading retail streets; long estab- lished and doing a first class trade; requiring a es $75,000; cash $50,000, balance on favorable terms; the approsebéng Centennial, this offers a rare opportunity to secure a first claws business In complete, running order. | Ad- dress, giving real name, B.A. L., Tribune office, Sixth Michigan, rejected, 30c. Freiguts' unchanged. Re- ceipts last twenty-four hours—Wheat, 50,000 bushels; corn, 10,00 do.; oate, 13.000 do. Shipments last twenty tour hours—Flonr, 1,000 bbls. ; wheat, 26,000 bushels; corn, 4,000 do. ; oats, 6,000'do, Carcaao, Oct, 9, 1875, Flour quiet, but steady. at irregular, but, in the main, higher; No. 1 sprin; #81 19; No, 2do, $1.09 t, 81 O74 N $1 07'ull the year; No. eved, S46. 0 Se, Corn—Demand good at fall qe. spot, SO%4e. bid No- rejected, 563,¢. Oats in fair demand, advanced; No. "2, Sige. @ BAe. spot, B25¢c. a 82%. October, B2igc. all the year. Barley—Demand fair, tantket firm ut dee, Detober, do)ac. November. | itye quiet but steady. Pork in fair demand, advanced, irrecular; sales at $24 spot; closed at $22 70 spot, $42 49 November, "Lard quiet but firm at $18 1754 a #1320 $12 05 ‘all the | year, Bulk meats unchanged. Whiskey, $114. There was | no afternoon call ot the Board. Receijts—7,000 bbls. flour, 00 bushels wheat, 103,000 do. 000 do, ,000.do, barley, 1,000 do. rye. ip ur, 75,000 bushels wheat, 81,000 do, corn, 75,000 do. oats, 17,000 di. barley, 1,000 do.’ ry PRINTING CLOTHS MARKET. Provipence, R: I., Oct. 10, 1875, Printing cloths market continues dull and weak; prices nominally, 44,c. for standard and extra 64x64; buyers ofler- ing 434¢. Sales of the week foot up 67,000 pieces, HAVANA MARKET. HAAna, Oct. 9, 1875, Sugar; continued adverse news has caused quietness to prevuil, wnd buyers have almost suspended operations, owing to the frequent Huctuations in gold exchanges; market has been dufl and prices nominal 0 to,12, D8. 14g 0 1536 { @ 1145 reals; concentrates 9 a 34 reals; Muscovado sugars, Is; do., fair to good refining, arebouse at Havana and’ Mas a8 §20 © hhds, ; receipts of the week, 890) Doxes aud 12 hhds. ; exports week, 8,000 boxes and 62 bhds., ine Btutes. Bacon, #47 50 « $48 50 per ewt. $55 a $9 50 per .. Hams, $60 0864 per quintal for American prices; No. vember, 4836. sugar cured. Lard, in ting, $51 50 a $5250 per quintal, Poe tatoes, $12 a $12 SO per Ubi. Tallow, $25 a $30 per quintal. Wax—Yellow, $13 50 a $14 per quintal.” Onions, $10 a | $10 50 per bhi. Naval stores dull, Eanpty hogsheads, $7 50 | a $8, Lumber quiet. : 3 box, 8 reals. White navy beans, 29 real: a 1534 reals per arrobe. nominal. Exchange qui sn 114 prem arrobe. Corn, 13 reals al. Freights dull and pited States, 60 days? gold, 144145 pre- ‘On London, 174 toium ; short premitim. 4176 premium. On 140 a 142 premiam, a FINANCIAL, g ‘"Nassan street, igsue Travellers’ Credits, available in all parts of the world, through the Messrs. DE ROTHSCHILD and their correspondents Also Commercial Credits and Telegraphic Transfers of Money on California and Europe. | A 1,900 according to ir means, $10, $25, $100, $1,000 in Stock Privileges, They often pay a profit from 10 to 16 times the sum 4n- vested every 30 days, without risk beyond the invespment as expiained in our book and Wee Jy Pinaneial Report, sent frgp, containing the daily prices and fluctuations that aecur at the Now York Stock Exch also tho general condition of the Mew York money market, | ALEX. FROTHINGHAM & CO., Bankers and Brokers, 12 Wall street, Now York. _ OUN HICKLING & CO, BANKERS AND BRO- 72,dsrondway, New York, fill orders for Stock Privileges on the nat them in lien of margin. AS nas been realized the Inst two Parties wishing to deal in Walt ze book, entitled much as 1,900 per ce eeks in some in SEND COPIES Fi | Addross orders by mail and telegraph to JOUN HIGRLING & CO., 72 Brondway “A —PoTs. if Bivck Privileges bought and sold by ns on m hers of the Stock Exchange; large profits have been realized lately and the fail activity has only jast comme: we give al! orders out personal attention and guarantee satisfaction. Explanie tory painphiet sent free TUMBRIDGE & CO., Bankers and Brokers, No, 2 Wail street. Spreads, « ‘ srraddles, | some bottle medicines, some washing and other Chinese | | get to know what became of me. street, below Chestnut street, Philadelphia, SUICIDE OF A HEBREW. INTERESTING LETTER GIVING REASONS FOR THE RASH ACT, [From the Rochester Express, Oct. 9.] One of the most determined suicides that ever took place in Rochester occurred this morning or last night at Daniel Collins’ hotel, on Mill street, The suicide’s name is Joep Poynanski, and he is evidently of Ho- brew descent. About a week ago he went to the hotel to board, and this morning the chambermaid found the door of his room locked, She reported the fact to Mr. Collins, who, when no found he could,get_no answer, kicked in the door, A horrible sight greeted his vision. Poynansti lay on the floor weltering in his own blood. He had evidently tried first to hang himself to a clothes pin on the window frame, but the clothespin had broken off, and he then deliberately shot himself through the head, The weapon is a small onc-barrelled, old- fashioned affair, It was found by his side. The bullet entered his head on the right side, just above the ear, | Coroner Harder | Death must have been instantaneous, was called, and ho found in the dead man’s pocket the following letter to D. L which shows that his act was the result of a deliberate intention :— LETTER TO D. 1 COLLINS, NO, 101 MAIN STREET. Rocuxsten, Friday, Oct. 8, 1875, Mr. D. I. Cortins: Various troubles and tribulations have upset m mind. I have determined to dic, and hope, should not entirely succeed, thi! they will not try to save my life, but finish me. My life isa burden tome, Al- though not mad or insane, yet I am absent-minded many timea have lost @ dear wife, and with her a fortune. I lost brothers and sisters and an only boy—and now I am poor and can’t get a living, where I used in my humble way to do first rate. The anxiety of getting through the winter and a disturbed mind have upset me, and I would rather die than suffer again what | have once or twice suffered, lowe you to-night $7, for seven day board, I have about $6 in my pocket. I have, besid the trank that contains medicines, &c., a satchel or street boxes with five pounds rhuburb, scales and weights, an old genuine diploma without seal, and a case altogether about 500 bottles of catarrh snuff, good tonics, alteratives and domestic laundry, You can get this allif you will, Sell it if you can, pay yourself, and send the rest to my nephew, Jo- soph Poynanski, No. 121 Eldridge streot, New York city, especially & pawn ticket I have in my pocket for a goid ring; it i#.a family relic and has been on my finger | since 1845; is pawned for $5, worth about $12, and the diploma 1s 4 famuy concern; some more family papers, but Tam confused and can’t tell, I have two written | geceipt books; they are no good to nobody bat toaman ‘gvbo understands th Tam aJew and would like to ‘be buried among them, as you see what I wrote to hem, Tho Lord have mercy on my soul and protect my two poor girls in Poland. Ihope they will never it would grieve them Thank God, they are to death and buet their interests. | well to da. They are with the parents of my lost wife, God vet her soul. Goodby. — 1 am crazy wide awake, mad; @ man who knows well that suicide must kill him and fob hit of all chances where life bids hope to the most forlorn and prospects to the mostsunken, Yet I can’t help it, I have made up my mind to do ft. ‘I wall do it; and I hope I will not make a miss of it, only die Fight off. STOLEN GOODS RECOVERED, Detectives King, Lyon and Wood, of the Central Of- fice, yesterday arrested Moritz Lustiz, of No. 1569 Frankiin streot, charged with receiving stolen goods, Property stolen from the residence of Isaac F. Brown, at No, 21 Weat 190th street, and algo some belonging to Francis Brilliard of No. 7 Maiden Jane, were found in his premises, The prisoner was locked up ab: head- quarters, FEMALE “MEDICAL PRACTITIONERS, The New York Medical College and Hospital for Women has publighed ite thirteenth annual annownce- ment. The regular session of 1875-76 will commence on Tueeday next, at the college, corner of Lexington avenue and ‘Thirty-seventh street, and will continue twenty-eight weeks, The report speaks very Jayorubly of the progress of phg ingUtution, Real Estate in this | Collins, 101 Main street, | i have had a long trial of misfortunes, I | THE CANAL FRAUDS Report of the Investigating Com- mission on the Cham- plain Enlargement.. THE BOULLARD'S BEND CONTRACT. How Sixteen Times the Amount of . His Bid Was Paid to Denison, DELIBERATE FRAUDS ON THE STATE, To His be gd Samus. J. TLD, Governor of the State of New York:— Stk—In the year 1570 the Legislature of the State of New York decided that the Champlain Canal should be enlarged to a depth corresponding with that of the Erie Canal, and at tho same time the sum of $75,000 was ap- propriated for the piirpose, A provision in. the act re- stricted the use of this appropriation until a survey and plan of the proposed enlargement had been made, but permitted that the expenses of such survey should be puid for from the fund, In the summer and | auturnn of 1870 this survey was made, and on the 25th of July, 1871, the State entered into a contract with Henry D. Denison “tor improving the Champlain Canal fromthe south end of Guard Lock, above Scbuyler- ville, to Boullard’s Bend.” Immediately prior to the | letting no map, plan or careful survey of this special work, such a’ we think the statute required, was made, the State Engineer, Canal Commissioners and other memberg of the Canal Bourd deeming a tracing taken from the general map and computations said to be based upon quantities ascertained by the enlarge- ment survey. fully suilicient for the purpose, We quote the pertinent clause of the statute in question, * Sxotioy » Engineer is hereby authorized and it is made his duty to make or cause to be made the uecessury survey's, maps, plans and estimates of such propased enlarge. ment, at the eurliest timo practicable by the Ist day of October, 1870, and under the provisions of chap- ter 477 of the Laws of 1865, Jooato the line | of said work. No partor portion of the moneys herein ap- propriated, except to pay the expenses of sald survays, sual ¢ expended or paid, nor shall any contract involving su expenditures and payments be made on behalf of this State until the maps, plans and estimates for sach work shill haya been submitted to and approved by the Canal Board, and the work shall be advertised und let to the lowest bidder.” We understand this to mean that the statute ox- pressly forbids the letting of any contract for work to be done under its authority until maps, plans and esti- mates for such work (that is, the specific work covered Ka the contract), shall have been submitted, &e., &e. | The Sulargamany survey named was made by Stephen F. Babeock, then assistant, but now resident engineer of the eastern division of the canals, and the computa+ tions of quantities exhibited at the letting, by Crocker, at that time division engineer r the same’ district, It is represented to us that the book containing Mr. Babcock’s measure- ments and cross sections was lost last winter, and is uo- where to be found. Indeed, ail the books relating to this contract disappeared mysteriously from the En- gineering Department for many months, but finally, with the exception of the one named—the most important of all—were discovered behind a coal bin ina closet at- tached to the Division Engineer's office. The quantities. exhibited at the letting were as follows:— 1 grubbing and clearing. 1 bailing and draining, 40,000 yards carth excavation, ‘00 Yards rock excavation. 300 Yards loose rock excavation. 1,000 yards embankment, 3,000 yards lining. 60 yards pudding. 2,000 Yards slope wall. 50 yards loose stone. 200 yards vertical wall, dry. 200 yards vertical wall, cement, 10 yards coping. 10 yards concrete masonry. 260 yards masonry in abutments, 2,000 feet white oak timber, 10;000 feet pine, 1,000 feet hardwood, 30,000 feet hemlock. 3,000 pounds wrought iron, 1,200 pounds cast iron. 200 pounds spikes and nails, 140 square yards painting and sanding, 100 linear feet snubbing posts. The engineer's estimate was $25,805, When these quantities are multiplied by the prices bid by Dennison they amount to the sum of $9,290 50, ‘As ina fornter instance and upon an equally erroneous | assumption that Dennison was the lowest bidder, the contract was awarded to bim for the said sum ot $9,290 50, The quantities credited Dennison in the final account, and for which he received the sum of $146,316 01, ‘or nearly sixteen times the amount of his bid, ‘and $120,511 61 more than engineer Crocker's original estimate was. 1 grubbing and clearing. $1 00 1 bailing and draining ie 1 00 | 28,972 cubic yards earth excavation, at8e 2,317 79 87,892.63 cubic yards solid rock excavation, ra eee sesee 112,177 89 2,077.27 cubic yards loose Tock excavation, at $3. 6,231 81 4,197.23 cubic yar x 209 86 8,704.57 cubic Yards lining, at 10c... 370 40 ‘403.33 cubic yards loose stone, at 30c 121 70 5,720.62 cubic yards vertical wall, dry, at $8. 17,188 86 ‘851 cubic Yards, vertical wall, cement, ig: wae es 1,053 00 27.14 cubic yards ooping, at $8 217 12 83.60 cubic” yards concrete at $3. sseees 250 86 454.39 cubic a aN 1,817 56 4,394 feet white oak timber, at $40, 175 76 $1,429 = feet white pine timber, at $30, 2,442 87 3,632 feet hardwood timber, at $30... 105 96 24,723 = feet hemlock timber, at $12. 296 68 5,628 wrought iron, at 6 cents.. 337 68 6,052 st iron, at 5 cents,...... 152 60 '200 pounds spikes and nails, ut 5 cents, 10 00 EXTRA WORK, 12 stone monuments and setting same, at $3 96 00 587 cubic yards rip rap wail, at $1 see 587 00 163.30 cubic yards oxtra old wasonry, ab $i. 153 00 Total.. rep hes $146,316 01 From these details some correct idea may be Jormed ofthe character of Mr. Babcock’s survey and Mr, Crocker’s computations and estimates, especially when it is understood that the whole work embraces a dis- tance of only about halfarmile, and is situated in an open farming country, free from all obstructions and engineering impediients whatever. An examination of these figures will at onee account for the enormous increase of cost, and make manifest the gross tgnorance or fraudulent intent of the engineers named. The quan- | tity of rock of all kinds exhibited by Mr. Crocker was 600 yards, while the amount ailowed and paid for to the contractor was 39,469 9-10 cubic yards, The amount ot vertical wall exhibited was 400 yards, and the amount paid for was $6,080. The amountof s’ ‘pe wall ex- | hibited was 2,000 yards, for which Mr, Dentason bid the | ridiculously low price of fifty cents a yard. None was | built whatever, and i its place was substituted a moro | | expensive structure at its full value, Of this substitu. | | uon we shall have occasion to speak hereafter. Mr. Dennison’s bid for rock excavation, in the con- tract (predicated upon an estimate of only 600 yards), was $3 a cubic yard, Ex-State Kngineer Taylor and the present State Engineer Sweet, and also Mr. Crocker, testify that $1 50 per cubic yard would be a | liberal prive for such work, or just one-half of what | was paid the contractor. Mr. Crocker desiguates the | | extraordinary increase in rock excavation a8 an error of judgment’ on the part of the Engineering Depart- ment—a pretty expensive error to the State, as will ap- pear by his own testimony. MR. CROCKER'S TESTIMONY, Q. As Division Engineer it was your duty, as I understand it. ta make tho maps and surveys hecessary Yor the letting of | inary repairs? A. but I evuld not perso it myself in x y Tut you were the responsible officer to whom the State looked that such things should be done? A. I suppose 1 was. Q As» Lunderstand you, no special sarvey an stimates: were made for this Builard’s Bond letting? A. No, sir. Q You only took a tracing of the map of the eniargod | eahal and the quantities that were obtained at the time the “gi survey was nade? A. That as it It now appears that through @ mistake or through lack of Judgment, or otherwise, on the part of the Engineering Coppa a mistake oeeurred in the orlginal estimate, showin the rock nt 0) yards, instead of, as shown by the final esti- | mete, nearly 40,000 yards, and you have also stated thas in your ‘opiulon the value of the rock excavation was about $1 SOn yard? A. That is what I put it down at, Q. Now. this erfor of Judgment, of mistake, or, tnexpert. ence, on tho part of tho kngineering Corps has cost the Stato | how much as regards rock exeavation—dive fray the toval sum? A. One hundred and eighteen thousand four hundred | and nine dollars and seventy cents paid. . What would the amount of rock excavation, as shown Dy the final eatimate, cost multiplied by $1 SUT A. Fifty. | nine thoasaud two handred and four dollars and eighty-tive cents, Q. That dedueted from the a Jen ven $00,206 NO us the cost to of judgmont of the Engineering Dep jar itein fA. Yos, sir; that seoms to be so. | It is a strange coincidence, however, thata “like | error of judgment” is observable in the ‘items of slope wall and’ earth exeavation, and that it also accrues to the advantage of the contractor, Mr. Denison obtuned + this contract by bidding a very low price for the earth | excavation and slope wali, both major quantities which | could not be constructed’ without loss to himself, and | | an exceedingly high price for the rock excavation, | it credited the contractor | State through the error ‘Ament on that particu. | | @ minor quantity, We have seen that the es | timate of slope wall was 3,000 cubic | | yards, and yet none — what was built, its place being supplied by vertical wall, and that the earth exeavation, which Mr. Crocker estimated at the | letting as 40,000 yards, and for which only eight cents | per yard was to be paid, was reduced in the Gnal esti- | mate to 28,972, Bat are these large differences in quan- tities “errors” on the part of engineers? We believe not, Onthe contrary, we consider them deliberate frauds upon the State, conceived and carried out in the interest of the contractors, It is in evidence that Mr, Baboock, in the original survey, returned | the quantity of rock excavation upon ‘this #eo tion of the canal at 1,200 yards, and that Mr. Crocker reduced it to one-half, or '600 yards, when making up the quantity sheet, that prior to the letting and at the time the survey was made, vest pits were dug by the engincers, and ‘the rock exposed to views that Mr. Crocker was conversant with the locality, an had been frequently upon the grounds; and, finally, that the rock cropped out above the surface, and was Apparent to the most casual observer, Mr. Ballard, gentleman of pubstance and iutelliggneg owner of | spring after the t | tures, The straightening of the canal a ee Jarge paper mill in Schuylerville, an‘ nlso of the wk ‘ through which this excavation’ and improvement made, testifies as follows relative to the rock;— THE CHARACTER OF THR ROCK, Ps 2 ase the time the survey made for Selene ine of the Champlain ¢ in one place and came within w inches of two or thi feet of the surface for the entire ine netics. your farm? aj Yes, sir: it was well known: the eniiucera who made th survey did make test pits seross my lot at Bullard’s Beud® when they made the survey and did uscervain that the rock. existed, to my knowledge. Wis that the survey that, was iio previous to the time they commenced work on the Job fA. Yea, sir, it wus previous to letting of the work. i . Do you know when the contract w: of actoss your farm at Bullard’ Sond? A Nor ones Tad member the letting, but eannot now give the date: ‘and Know shat the survey was tad And fest pita dug peor the letting. ‘This evidence appears to be conclusive; in our opine jon there could bave been no doubt of its actual existe ‘ence, HOW THE WORK WAS PERFORMED, We new turn to another aspect of this contract, If might be inferred that in return for the muneration received by Denison from the State th work would have been faithfully performed and ot unexceptionable character, An examination, made byy, this commission in May last, before the opening of navigation, docs not warrant any such conclusio The vertical wall was bad in every respect a large portion of the stones. werd unsoun and entirely unfit for the purpose; thot that were of better quality were inferior . im size and did not at all correspond with the via he of the specifications; the wall was built without bow or through headers, and in several places it had falle: into the canal. Judging from these aud other Ages that were taken down and examined, the wall wi built with a front face to the prism, and with a mass o: sinall irregular shaped stones thrown in behind an next to the bank by which they were supported. | speaking of this wall, Mr. Bullard testifies: Q. Stato what tho character of tho vertical wall is that ts constracted theret A. The character of the wall is 1 good; in some three or four places across my furm, on bot Nios ttalluees into the canal the first spring it was pat in, spring it was constructed’? A. The first r tho construction thirty to forty feet fell down om he letting in of the waters. 42. stato if you observed the character of the stone with whieh that wall was constructed? A. Yes, sir, ive the sizes of the stones as near as you can recollect A ied. ia slae very much; very wall, some of thein Uie bucking of the wall was made up 1 rock excavated from the bottom of the en Was that slate rock equal to good, sound quarry stone A. No. sir; it wauld dissolve rapidly by frost and wetion fo water. Q. Willit disintegrate by exposure to the atmosphere A. ‘Yes, sir; thrown up on the ground it will all dissolve, Q. Will it dissolve with greater rapidity whore it is exe posed to the action of frost and water? A. Ido not knows tially of the slat sir; I should think it would not in frost as it would om the surfuco; it dissolves very quick; sometines in one winter, Q. About what proportion of the vertical walls that wer we rock? A. I AT should constructed wero made up from the nok examine it closely enongh. Q. Was there a eonsiderable proportion ? think one-quarter or one-sixth, . From a sixth to a quarter? A, Yes, sir. How is the other portion of stone; were they laid ea fuily with headers, a as to give the will 4 good bond ¥ Te yng not carefully lal . Was i irregularly Inid in the back? A. Yos, sir, . The back was irreguiarly laid by stone thrown in an@ built withor ‘AW No, sir; these slate stones were placed at tu same timo, i Q. Was it laid on as to make one solid wall or was there imply a face bul? A. The wail was all built together, @. Was there equal to one-quarter laid with headers? Ad a face t No, sir. . Anything like that proportion of heuderst A. No, sirs , Was this substantially the condition of the walla fu to the eanal, and the remainder of the wall built with irre tur shaped sionest A. Y . And of very diffurent sixes? A. Very different sizes, . How sinull was any of the stone, about how. small? 4 ‘siderable quantity of them were ‘from two to four or »i inches thick, averaging in sito from six to five inches squar ANOTHER YITASE, ) But there ts yet another phase of this contract th: needs careful and earnest consideration, It has_beu already stated that for a time all the books of thé Engineering Department connected with this i K ni wore missing trom the Division Engineer's office. was also discovered that Mr. Thorn, the Assistai Engineer in charge during its prosecution, could not be found. Boing unable, therefore, to obtuln the neces sary data of our investigation, and believing that frau in the inception would be followed by fraud in its pros cution, we caused a careful survey to be made by Mr. KE. Sweet, Jr. (tho Engineer of the commission) and hi -agsistants, to test the accuracy of the quantities th: had been credited to Dennison in his final account with the State, From careful computations they give the following result: — : Cubic Yard Total earth excavation. 117.18 ‘Total rock excavation. 12.119 Total vertical wall.. «B75 Our examination also disclosed the absence of gray lining, and that no embankment was made from ex vation necessarily hauled more than 200 feet parail: with the canal The embankment, therefore was n > chargeable under the contract. ‘In estimating the quantity of rock excavation, it was assumed that tua surface of the rock excavated in the canal was in tae plane of the surlace of the rock found without the prism on either, side between each set of cross sec« tions, In this assumption we are confirmed by tha testimony of Mr. Bullard. Being very desirous, however, to confirm the accud racy of our own surveys and estimates, wo requested State Engineer Sylvanus A. Sweet to carefully inspe: the line of this work and make such tests as he deen necessary to satisfy himself of the correctness of th results a8 stated above. We are under many obi) tions to him for the prompt and cheerful manner i which he acceded to our wishes, The result of his exe amination /s given in his own words, ‘ Orrick oF THe STATE EXGINEER AND SuRYRYOR, ‘ALBANY, Oct. 1, 1875, Hon, Joun Bicetow, Chairman Canal Investigating Come mission. Sin—I have made a personal examination of that porti: of the Champlain Canal embraced In the Bullard's oud ‘} tract of H. D. Denison, from the South guard lock al Schuylervillo to Bullard’s Bend, with reference to the sury made by direction of your commission. [examined on ts ground the work, the notes of the survey, the diagrams of t1 cross sections, the notes of the borings and test pits, tls points where the borings and and I find them correct, and that the surface of the rock .accurstel, and, in wm: Judgment, the quantities obtained from these examinatio lure correct, Theve is no reason why the quantity of roe should not bave been arrived at with reasonable ar ‘ before the work wus let. I also examined the vertical wal so far as { could, and I find it of @ very poor quality, not 1 to the specification in any particular, and it falls far short the dimensions called for in the final ‘account. ; Thero is no reason why vertical wall should have bee: substituted in place of slope wall upon this work. The chard acter of the rock is such that, for permanency, it did not r quire facing with walls at points where the rock caine to Ul water surface aud above, etfully, yours, SH. SWEET, Engineer abd Surveyor. AMOUNTS OVERPAID, From the preceding statement of facts we derive the following summary of amounts overpaid on this con~ tract to Denison, either through the medium of exaz~ geratod estimates or from improper classification of work in the final account:— 26,479 4-10 cubic yards rock excavation at $3.. $79,498. 2 2,327 62-100 cubic yards, vertical wall, at $3.. 6,981 5 4,197 23-100 cubic yards lining, at Scents... ‘209 3,704 67-100 cubic yards embankment, at 10 fe ses, SUSE COMB. es eseceeee serene . $87,000 39 ; ic yal 3 of earth excavation, in excess of the amount paid for in final account, at $ cents ayard... ‘ ~ 1,452 78 Total amount of over payments predicated on false estimates, +++ $85,547 69 In this statement 1t wi that no reduce tion 1s made for inferior or useless work. it simply shows the amount that has been paid to the contractor for work that we have no reason to believe was over done, and materials that we have no reason to Delieve were ever furnished. Large as this amount 1s, it_ does not represent the total loss to the State, The walls that were built—amounting tar 3,758 cubic yards, at a cost of $11,259—are comparay tuvely worthless, and should never Have been acceptods! ‘They will always be a source of expense and trouble until replaced by more durable and permanent struc this porns was not @ necessity—it had been in its then conditiva for years—but granting that it was a desirable improves mentto canal navigation, with ordinary foresight the result aimed at could ‘have been easily attained at a comparatively small expense to the State Had the true = qualities, ~— properiya classitied, been exhibited at the lettings thus securing fair competition and fair prices for tha diflerent items of work necessary to its constructing and had slope walls been substituted for useless and ex= pensive vertical walls, as the statute directs, the entire cost, based upon the estimates of our engineers, would, have been under $30,000. WHO [8 RESPONSIBLE? The question will very naturally be asked, Who im responsible for all these “errors of judgment,” these fraudulent estumal Why should a contract covering a territory only half a mile in length through an opom field, and freo from all difficult engineering problems, ber let for the comparatively small sum of $9,200 50, and finally cost’ the extravagantly large sum of $146,316? Why should an estimated amount of rocly | excavation of 600 cubic yards, at an estimated expense to the State of $900, be swelled to 29,460.90 cubic Yardy and paid for aban outlay of $118,409 70, a sum’ more than double its value, assuming that itall had been res moved? Why should this contractor, Denison, ro~ ve from the officers of the State $85,647 62 on this $9,290 50 contract for work that we believe was never done; and why were his imperfect walls Qecepted and his final accountsettied ? Theanswer is simply that everyt State official in any Way connected with the work was iIpably indifferent to his duty or faithless to his trust. The statute pever intended that the Canal Board should be as ignorant as it appears to have been (and as it ecemed satistied to be) 1m regard to the ex sordicaty ropairs for which they voted away immense sutus of money anuaally. ure of opinion that it was the in~ tont. of the Jaw that the members of that Board should be educated through. tho medium of survey, maps, plans and estimates carefully made, into a full knowl Pace of the characters, the cost and the utility of every work adopted by them and ordered to be let. Further—That it was an imperative du part, to study and understand the laws under which they) assumed to act. In this respect there seems 1o have been a strange oversight, It never was in- tended that costly vertical wall should have bec built upon this section of the canal, which extended through an open farming country, far removed from, the marta of commerce or the localities of business, Here are the words of the act xc. 2—The whole of theta * % * shall be applic The said. suin of $425,000-—the proceads of expended for and toward th in Canal, in such manner ay tq i lig entire length of such ean: fayintotneten feet of wnter, and wideh of forty. the bottom and fifty-eight feot at water surface, except ag fn the opinion of tie Cxual Board may ‘be required tod Dusiness purpose, when, in that caso, the walls may by vain vertical: out rotalning the same’ depth of water und width at th cand no DAF of sald. spropriatl on or for any other object of purpose am the ubove ealargersent shall be made and completed. Contrast wif tag restrictions of this statute thq- yon thew Chanip!