Page images

This is equal to 500,000 qra. of wheat since September 1. The imports into Great Britain, as above, were shipped thithor before the alarm in relation to crops became general. From now to next harvest all countries, with the exception of the United States, will be chary of their shipments. In order to show the progress of the trade here since the first intimation of shori harvests began to affect the markets, we have compiled the following table, which gives the weekly export and price this year and last, to Cfrcat Britain, with the rate of freight of flour to Liverpool:

[ocr errors][table][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][merged small][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][merged small][ocr errors]

Last year, it will be observed, England was almost the sole customer for wheat, and she took two-thirds of the flour. This year the chief increase iu flour exports has been to the Continent, and the quantity has increased as prices and rates rose. Of wheat, the aggregate is more than double. Thus the United States, as a source of supply, is by no means exclusively available by England. Many of the English papers that some time since supposed the alleged •wants overrated, have since changed in some degree their views. The Belfast Mercantile Journal addressed 200 circulars, and received J84 replivs, and the results in relation to wheat, it appears, arc as follows:

'It has already been tfn that thw average produce of wl)cat in tb? Uuitod

Kingdom i!, Jvchoned At qrc.lfc CiO,OCO

But n.f tbi> rr.ip is on^-qURrtcr ilefirifnt. w*j tnist deduct qn».4.GOU.OOO

BcquiroJ 1'jr seed. on<;-Bix!i.';-nth of prciluco 3.000.000


[table][ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]


measure will Affect a con?idertible gaTiug in tLe consumption of grg'n and pota-

"The accounts frcm theagriciiUural di-tri t^t.f the tute of the wiute r ctop.« arc in gent ral favorable. The weather ha^ been =o fine tbat many farmers bare been induced to row wheat nf',er digging out thi ir potntoes and b«t t-runf, in ground which otherwise should have remained Idle until spring This cireumstancfl fans, perhaps, prevented the country markets from bi-ing will supplied with Whest, and has produced n further rise in the price of Corn. Flmir has been quoted in Pari* at 2f the sack of 167 killdgraminrs higher tucu during lh« preceding week. The fallowing are th« price? of Wheat per hectolitre iu the different marker t,f France:—

Lille ....................... 39f.

Amiens... ................. 31

Arra« ..................... 34 50.

*'umbrai ................. 35

Vaieucienncs ............... S(l 25

Bi-auvaix ................. 34

niermout ................ 34 33

N'ogent-sur-Seine ........... .10 50

1'eronne ................... 28 2."i

J'rovini ................... 31 56

Those prices have influenced the quotations in the. Pnrip market, where jrood Wheat is rated at U8f the lieetol. Tbei-e ure 111" prici« of Ihe New Wheat, which i? of very superior quality, anil of which but very little ha? been brought to market. It in difficult to difposoof Old iVhent even at a reduced price. .Spanish Wheat it nert in ijuaiity to French, and ia in good demand The late borvept appearx to have been unusually almndiiiit in Ppaio. and the grower.-. tiotwiiliHtHniiirg the expense of carriage, are able to compete with other foreigners in the French market*. The importation of Wheat at Havre continue*, on a vast scale The arrival1* last n-eek amounted to 160 COO hectolitrei. n.ud still thu ."took on baud iliininiihe:- rather Ilian Increase*. 200,1/00 hectol!)rcs of When', have arrived irilhio the list ii-!it days at Marstillen. nod TVvptlan and Poliah Wlwat have fallen If 50* the boctolitre. The price of live. Barley, and O.itR follows the H*c:endiup movement of VVbeTt. Kye i- quoted at 32f tba weight of 115 kilogrammes; Oat»'29f the 150 kilogrammes; and Hurley, 21f the 100 kilogrammes.

A price of 30 francs per hectolitre, in France, is equal to 83s. per quarter in England; and the top price of new white English wheat, in London, was 82-j. at the latest dates: so thai wheat is Is. per quarter higher in Paris thnn in London. The average for France was 33 francs per hectolitre, or equal to 76s. 2d. per quarter; and the average for England, on the same date, was 71s. 9d., consequently the average is 4s. 3d. per quarter dearer in France than in England. With this, the following facts are then apparent:

[blocks in formation]



1 S'JO 0(10

To be Bought.

6.0(10,000 .'1.000,000

li.OCO.OUO 72.000.000 ].600,000

[ocr errors]

Tote] 12 000.000

Bushels 96000.000

Italy qrs. 3330.000

France, it appears, bought 8,000.000 bushels at 30 francs per hectolitre, or $2 per bushel. Is it likely that she will get 12,000,000 more at the same rate I Under nil these circumstances, what are the prospects for our own crop'? The Messrs. Sturge, in their circular, think prices have touc':ed their highest, but the circumstances do not warrant such an opinion, in the face of their own estimate that England would want 10,000,000 qrs. of all kinds of grain. It is true that the low rivers have prevented, in the Western country, the effect of high prices in calling out supplies; but those rivers are rising, and railroads nre actively forwarding all that cornea within their scope. The stocks nre known to be largo, end the quantity put in motion will bo very great. But wo doubf whether the whole surplus that can come forward before next July, will more '.hrtn suffice for European wants.

OHIO ASSESSED VALUATIONS. The State of Ohio is endowed with great natural wealth, and it is the first of the \Vextern States, the soil of which has passed completely into private hands, the whole area being subject to taxation for State purposes. The area is 39,9G4 square miles, or two-thirds of the size of England and Wales. The surface is exceedingly fertile, and all the elevations in the State are susceptible of cultivation to their summits. The northern shore is washed by the lakes, and the eastern and southern by the Ohio river. A spur of tlio Allcghenics divides the State at its eastern end by an elevation of about 1.000 feet, sloping gradually nway south and west. On the 'northern slope of this ridge, the waters flow in short and precipitous streams into the lakes, while broad and gentle streams feed the Ohio on the south. These natural water courses have been aided in Ohio by a government system of eannls, which have cost nearly §20,000,000, representing the State debt, but the revenues of the canals by no means pay.their expenses; and since the prosecution of railroads— for which the surface of the State is peculiarly adapted—by privato enterprise, they make ?uch inroads upon the canal revenues as to induce the State officers to af k for a tax upon the railroad!1, in order to drive business into the canals. The public works of the State are nearly as follows:

Miles Co«r. Kevenue. J



The railroad system has been highly developed by individual enterpripc, and the works all pay handscme profits on the outlays,


Canals ................ 924

Turnpihos ............. (kpo

Rrilroadj .............. 1.290

[ocr errors]
[ocr errors]

while the canals Jo not pay oiic-tliird the interest that the Srate in«urcd for their construction, and since tlic great development of railroads, the revenues are declining. The canals were mostly in operation in 1843, with the exception of the Miami, which was opened in IS 17, after great sacrifices to obtain the money. The highest revenue those canals over yielded was in the famine year, 1848, whcu they gave $805,010. Apart from the direct profits which have been derived by the State and private owncM. in the many works for transportation, the groat benclit has been in the aetiv tyof interchange which has been promoted, bringing every corner of that great and fertile State into contact witli markets. The effects are seen in the valuation. \Ve give the totals, at different period?:

[ocr errors][ocr errors][ocr errors][ocr errors]

Up to 1845 tho mode of assessment in Ohio was to assess land in a «tate of nature at a fixed minimum, and the personal property Chcapcd to a considerable extent. In 1845 a new tax law was passec', by which a blank form is delivered to each individual, who niu-t return the amount of his property under oath. If he refuw; a sworn return, the county auditor adds ~>0 per cent, to the estimated tax. This assessment had not been completed in 184;>, but its results are •een in 1849, and the immense results to the prosperity of the State of railroad operations in the figures for the present year. The number of animals in the State, and their value at two periods, is seen as follows:

[ocr errors][ocr errors][ocr errors][ocr errors]

Incrt»w..lO'i3«> 322.T41 16.MS 401,612 f20,411.CC<i

I he number of cattle has largely increase!.], and it is one effect of railroads to raise the market value of that description of stock, as compared with wool. Almost from every point of Ohio fat cattle can be delivered in New York or Boston by railroad, at little expense of time or feed. There has been spent in Ohio since 1848. probably $30,000,000 drawn from other States for railroad construction, and those roads cuke available to producers this year the high prices paid for fjrm produce. Estimating the wheat crop at 825,000,000, the rise will be $14,000.000 profit this year to Ohio farmers, resulting mostly fro:u the use of railroads in one year. Tho concentration of many lines of roads, of streams and canals upon Cincinnati. gives that, city resources of business and future greatness which few cities possess. The forests still skirting the Ohio river arc being Bought after by Eastern ship-builders, who recogniso in the facilities they afford the moans of building to advantage tin largest class •f ships. The capital of Ohio, growing in the proportion manifested above, indicates that Cincinnati would become the focus fur its employment, to a greater extent than it is the case, were the policy of the State government not so fully tinged with that spirit which prompts the tax of fast railroads, in order to support felow canals.

The results of this year'.s business, under the range of prices likely to prevail for agricultural produce, must bu to impart great activity lo every branch of Ohio industry. If the value of landed property has risen $212,000,000 in four years, (a sum equal to the whole amount expended in tho entire Union for railroads in that period,) and the value of its product*, wlnat. corn, cheese, won', butter,&c.. 50 per cent, in one year, there needs no great sagacity to discover that Ohio at least has not overtraded.

The towns and counties that have authorized the loan of bonds in aid of railroads, must find in the increasing value of their disposable products ample justification fjr the nv.-asurc, and if the East, whence •he is drawing such large profits, are not disposed to buv them, why fhf has the means to take them up herself.


The revulsion which overtook the country in the course of the ivc years ending with 1840, was marked by the failure of nine sovereign States of the Union, and in some of these the failure to pay was attended with a denial of the obligation, and an expressed determination never to pay. Florida, Arkansas, and Mississippi are the only States in which those opinions known as "repudiation" are »ot jet abandoned; but vrith the increasing prosperity, and with th?

growth of a new generation on I'm .so'7 of those States, it is probablothat the debts will be recognised and paid. The severe lesson which those years of bankruptcy left on the public mind, the dUastrous results of Stato credit*, and the evil influence of government's undertaking to engage in road building, or banking on credit, were too vividly apparent not to have made a lasting impression. The Southwestern States were settled in 1833-5, mostly by adventurers, who could obtain the cheap money of London for the creation of real estate bunks, on State and territorial bonds, and which were used for the purchase of negroes aml'the clearing of new cotton lands—operations which necessarily ended in failure. Since that time the population and prosperity of the. States have increased together, and a bettor organized state of society evolves the necessity of payment. In tlin Eastern States, where the commercial principle was better developed, the enormous evils of bankruptcy were more distinctly felt, and in Now York prompt measures were taken to provide for the redemption of the outstanding debt, and prevent the creation of any other. As the founders of the Federal Government taught by the evils of colonial paper-money, took care to inhibit in the new constitution the emission of bills of credit or the legalizing of papermoney by the several States, so the New York convention of 1346 took care to place a prohibition to future debt in the new constitution. This example has been followed by nearly all tho other States in the Union, in but few of which can the legislature contract debts, or loan their credits to corporate companies. The railroad speculations that of lata have been so rife, have therefore been confined to private means, and as a result they have been more cheaply and efficiently built than if constructed in the wasteful manner which usually attends government operations. Some of the State?. Missouri and Virginia particularly, have undertaken to aid the companies by loans of credit, und the chances are. that disaster will fol. low such a course.

It has become, by the general adoption in con>titutiuns of mure than two-thirds of the States of the Union, a principle of government that State governments should not themselves engage in such undertakings, directly or indirectly, by loaning their credits. It is most fortunate at this juncture that such is the ease, innMnuch as that it confines the resources of railroad enterprise closely to individual moans, and subjects each work to that close scrutiny which men give to its merits when their own money is to be risked in the undertaking. \Vhon this resource has been overstrained, they luive been prone to apply to towns, counties, and States: and. as in the case of former years, when Stitc bonds were pressed too hcaviljr upon the London market, the London bankers, in the memorial of '• Messrs. Barings & Co ," requested the assumption of all those debts by the Federal Government, on the ground that a "more comprehensive guarantee" than State faith was desirable. The result* showed that they were right; and if the Federal Government had endorsed the bonds, a still " more comprehensive guarantee" would speedily have'lip-'i required.

The question of an assumption of State debts was speedily put to rest, and the practical system of paying off old, and preventing new ones, has placed the present railroad speculations upon a basis which will not p:rmit of exaggeration without reaction. Many of them have, indued, in addition to the bare promise of successful business, the solid guarantee <>( valuable lands, the rise in value i>f which places their bonds above discredit, whatever becomes of the road. For the great ina».«. ai we have seen in the late pressure, they become unavailable when tin? >|uaHtity is too great, and a tcason-ol fallow u required for the capital of th-.> country to overtake the demand

1.E 7 T K U 1 N V O 1C E F I L K .

This certainly is a ?imiilc invention, but of great convenience and labor-saving capacity. Its form is that of a scraf-book' of various sizes, having narrow leaves with adhesive surface, which require ouly to be moistened, and the document applied; thus it become* a book of 250 or 500 letter?, arranged in the order of <late», secure froa loss or misplacement, iind as convenient for reference as a lodger account—and this with the least expense of time. It has a printed index at the end, in which, as the letter is filed, it may be alphabet ically inserted. No merchant or banker should be without ooe They are sold by R. T. Young, No. 140 Fulton street.

[ocr errors]

: Oftie Otno Riven L*ni> ,\xn Mauui.k Co.. No. G Wall St.

Nov York, Sept. 14th. 1853. . 2;> llit President and Tfinleet of llf


Gentlemen—Having returned from the Property of this Company, situated on the Ohio Itiver. I herewith send you a brief account of the improvements made by the Company on the property, and my opinion of it, formed from investigation and information obtained from the inhabitants of adjacent property, and from such personal observation as I have boon able to ;;ive it.

The .Company have erected one steam saw-mill, now in operation, of sufficient copacity of power to drive a span or two saws for luml>er: a portable corn-mill, v.-hich will grind fifteen bushels per hour. c<nd a stave machine.

Another steam-mill will be in operation the present week, capable of sawing five thousand feet of boards eacli twelve hours. Both sawmills will be driven to their utmost capacity, night and day, sawing ties for the Maysville nnd Lexington Itailroad Company, in accordance with ci contract with that Company, made for thirty thousand •ties. It is estimated that each mill will cut three hundred to four hundred ties every twenty-four hours. 1 think the mills will saw over six hundred ties every twenty-four hours, and at the lowest estimate will yield a profit of 0 to 8 cents for each tie. subject to delays and unavoidable accident, which will pay the Company, say 000 ties per day, 6 cents profit. "fSO.OO.

Should the mills meet the expectations of the builders, they will easily cut four hundred ties ench at the same cost of cutting as six hundred, as no more labor is required. Consequently it would pay more than £ cents additional profit, which would swell the earnings thus: 400 ties each--800 ties: per day profit, 8 cents each, would be 864.00.

At the rapid advance for sawed timber and lumber in Cincinnati and Portsmouth for the past year. I am fully convinced that lumber mills situated as those of your Company, within two miles of the • 'hio River, with such a vast amount of timber within one mile of each mill, that they can make more money than any such investment in any other section I have seen. White Oak, White Wood anil Yellow Pine Lumber is selling readily in Cincinnati market, and icry scarce, at $12 to S25 per thousand feet, board measure, according to quality and size, ami I think this Company can easily contract their Lumber cut and delivered in market from S8 to $'J per thousand, which would leave a profit of an average of §5 to 87 per thousand; which, if mills were to saw. say 10,000 feet boards and joice. would pay the Company firm .*5U to $70 per day.

At alow estimate, by mon in that section, I find that within an average of two miles of tho tSivi-r. the Company must have 0.000 fret per acre of good sawing tinilif r. of White Oak. Black Oak, Poplar, Yellow Pine. Black Walnut, Chesnut anl Hickory, all valuable. t!e.sides a largo amount of timVr valuable for cord wood, which is estimated at thirty cords per acre, which 1 am satisfied, with the immense demand for steamboats, the Miiy»ville and Big Sandy RailToacl. and demand for Cincinnati market, is worth fifty cents per -cord, which would yield !SK> per acre. Should the Company deem it advisable to cut the woo.l and sell it themselves. I think it would pay more than sjl per cord. Steamboats arc now paying in the viciuity 82.50 per cord. The Railrond Company, I am informed by the Chief Engineer, will need i.OOO cords for their use next vear. The average cost of cutting and hauling to railroad or river, will be $1.25; sell for $2 to J2.50 ; will net a dollar per cord: cost of transportation to Cincinnati. 75 cents to SI per cord: has sold tho past year for $4 to 30 per cord, leaving an average profit of over two dollars per cord.

There has been an arrangement made for Mowry's Stave Machine, now a', work at the Crystal Palace, for a stave and head ma•chine for borrcls, which is warranted to make as many staves and beads per day as one hundred coopers cnn set up. Should this answer the warrantee, the Company will lie enabled to sell a sufficient quantity of staves, more {lir.n is wanted, for lime and paint barrels, thai will pay more than their expenses of the mill. The machine at the Palace cuts 'JO per minute, making 54,000 per 10 hours. Miould your machine cut 20.000 per day. I think the machine would pay a prof: cf $-10 to ?00 per (lav.

L'pon oponing the quarry of Jlarblc and Lithographic Stone, I find the whoie upper part Vf the lull to be covered ny large and snail detached pieces of superior limo stone. The upper strata, (below the Rubble immediately out cropping,) is two and 11 half tect thick, which quarries easily, and can be cot out in large blocks. Tbat the Lithograph strain could be reached at a small cost, and •upper portion be made to contribute to strip and open quarry. 1 determined to build one of the improved perpetual burning lime kilns, which is estimated to burn from s-ixty to eighty barrels lime per day. We have also constructed two kilns of common pattern, which will burn about 300 barrels per week. It is a superior lime, and will 'bring the highest price in market. The principal lime now con'i.n ••! at Cincinnati and Portsmouth, is brought up the river from Louisville, and taken us fur up us Pomeroy, Ohio, and brings $1 to $1 50 per barrel.

I have mad* the following estimate for lime:

Cost of burning ........................................ per bbl. 15:

Itnrrxh ....................................................... 2j

Cost of transportation ........................................ 10

Total cost ................................................ 50t

ATeragfl fule ................................................ $1.00 .

Leading a profit of fifty cents per barrel. Estimating to burn eighty barrels per day, at a profit of fifty cents, yields $40 per day to the Company, and is putting the quarry in condition that the Lithographic Stone can be quarried at trifling cost. The strata is from twelve to fifteen inches thick, as thus far observed. You have had some fine specimens of lithography already done, now in the office of the Company. As I understand it is only within eight or ten years that they nave obtained their best stone at the quarry at Solcrihoffen, Bavaria, I can see no reason, from samples we have, why we may net find as good when the quarry is opened as deep and extensively as theirs. A large and apparently inexhaustible quantity of Mineral Paint has been discovered on your tract, near the Ohio river, which experiments have proved to ho superior to any yet used, the analysis of which is annexed, made by Dr. Chilton, and the experiments nnd opinion of Mr. Phillips, of Brooklyn, who has used it. A few barrels are now on the way to be prepared in rosin oil, for water-proof experiments.

f am fully confident that the Paint, situated on navigable waterr will warrant the Company in an outlay of capital sufficient to erect mills for grinding and barreling it, as the amount required in a new country settling as rapidly as that, will make a vast traffic and yield! a large profit.

There arc many places on the tract that have been cleared and cultivated for a few years, that can be sold to those occupying them, or sold to Germans wishing land for cultivating vines. I am informed, by Germans who hare been on the tract, that it is as well situated for that purpose as any tract in that region, and better adapted than many now in vineyards. I am of opinion that the land can be sold, when cleared of timber, for agricultural purposes, at from §5 to $25 per acre, according to location and access to the river. That the railroads are rapidly enhancing the value of all lands near tho banks of the Ohio river, no one that has visited that section for the past year, and has informed himself, can for a moment question; and that lands and timber within one hundred miles of Cincinnati, and opposite Portsmouth, with a current for a locomotive power, will soon be of great value to their present owners, and pay a large profit, I can have no doubt.

In regard to Iron Ore and sites for blast furnaces, 1 am informed by the old residents and those acquainted with the tract, that there arc two sites upon tho upper portion, and opposite Portsmouth, where there is an abundance of ore, lime-stone, and wood for coal; and I am also informed that the best bed, that has been heretofore worked by furnace in rear of this tract, called the New Hampshire Furnace, is upon this Company's land. The present price of iron in that vicinity has increased the value of such locations to a great extent, and they aro much sought after by capitalists. I would advise the Company to extend the manufacture of lime by erecting three more kilns, which will cost each about £1,000, which will enable them to make 250 to 300 barrels per day, and pay a large income, and also employ from 50 to 100 men to cut cord wood for market Iwth at home and abroad. The part immediately opposite to Portsmouth cannot fail to pay a large profit, as it is the only tract well timbered in its vicinity.

The property of the Company consists of 40,800 acres of Land in Lewis and Greenup Counties, Kentucky. On 25,000 acres the timber is estimated to cut into lumber 0,000 feet per acre, which, at $5 per M. feet yields $30 per acre, or $750,000. Tho cord wood in addition is estimated at 30 cords per acre, worth, at 50 cents, 815 per acre, on 30,000 acres, say 8450,000, making $1,200,000. When. cleared of the timber, the land is worth $10 per acre for agricultural. purposes, say $400,000, in the aggregate

Two Saw-mills. Taluvil at ........................................ W 000

Lime ., iln» ..'. ................................................. \M>

6,000 lugs cut, estimated lit ...................................... >>,000

Lithographic, Marble mod Lime Rock quarried, not (f limited, injr ....... 200

S-'onrcen of rerenue available —
Two Saw-milli, 300 dnys. minimum earning! $36 ................. $10.800

Limn. iwiy HO bbl-. for 300 days. at 30 ernla ...................... 12.UOO

Fifty M onl-choppers average 100 cord.i wood per day, at minimum estimate 50 cents, for wood standing .......................... 15,000


The above, with a small outlay of capital more than now invested for working capital by the Company, with judicious and economical management, cannot well fail to pay the above estimated income to the Company, besides the amount of proceeds of Lithographic Stone and Paint. H. G. Smith, Agent,

O. H. Land and Marble Co.


Cantlinaiim ciul By-lAin itflkt Iftic York Collm Broktn' .Isiocialuni.

.IHapltd 224 OcloM, IS.'.S At .1 Meeting of tli« Cotton Brokers of Nevf York, held the 19tli of October, 1845, it


Kr^l.-id. That for the greater facility in arrlilng at the d:\ily «•>», and umf.vrmttr in qm.intinns for the prices of cotton, it in expedient an Associate n be formed, to bo iuvvrm-d by such rules Mid regulations »» m»y be hereafter adopted.

A committee, consisting of V L. Talcot. Cbar'«s Ka-ton. William P. Wrgbt. an* WWiam D. Maltble. were then appointed to drift a Constitution ana*. to to* it Uie next mf-rtlog

On the 22d of Nctobor, 1853, t Mcond meeting WM held, when the committee reported the following:

Abticli I. New York Cotton Brokers' AssociaOion.

II. The objectB of the Association shall be, to report, dally, the «ale» of Cotton ; to determine the standard of quotations ; to fix the standard of classification; to decide cases submitted to our arbitration; and all aucb other matters ai ma; come within the province of tbifl Association.

III. Membtrs shall consist of those firms and individuals who sign the agreement forming thin Association. All members of firms shall be contidered members of the Association, No firm shall have more than one rote.

IV. Seven memben entitled to Tote shall be considered a quorum for the transac tion ot business.

V. Th« officers shall consist of a Pro-Went, Treasurer and Secretary:

VI. The officers shall be annually chosen by ballot, on the first Wednesday alter the llth of September In each year; a majority of votes .-hall elect; no officer shall »erv« two Tears consecutively.

VII. The President shall preside at all meetings, and havs • easting rot*; i« the absence of the President, the meeting may appoint a President, pro teat.

VIII. Tb« Treasurer shall receive and keep initiation fees, annual subscriptions, finei, and all monies accruing to the Association; auj khall pay the claims agaiuet the same, from funds in bis bands, receiving the sanction of the President to all sums so paid. II* thall keep an account of all monies received-ud expended by him. which shall be produced for the inspection of members at the annual election. On the appointment of his successor, he shall deliver over to him the cash, or other securities, remaining In his hands; in the absence cf the Treasurer elect, the name shall be delivered to tho President.

IX The Secretary shall keep a fair register of all proceedings, orders, rnles and regulations of this Association, which shall be regularly entered in the book of minutes; in the absence of the Secretary, the President may appoint one, pro. ttm. Ha shall make up, daily, tho aggregate sales of Cotton as reported by the various brokers,— stating the quantity sold, whether for export, home use, on speculation, and the amount, if any, sold in transmit, with the change, il any, as to price,—write afair coj-y. and put up the same by 3,'4' o'clock P.M., »n the Bulletin of the Exchange. Thu tickets reporting each Broker's sales shall be destroyed by the Secretary as toon as he Las made np his rnport. and be shall not copy, nor permit to be copied, nor otherwise diflcloce the particulars as communicated by individual Brckers.

X. Now numbers may be admitted on receiving a two-thirJs' vote of all existing members of tho Association.

XI. The entrance fee shall be twenty-five dollars, and and annual Fub«criptlon ten dollan. which latter may bu increased, If found necessary, to twenty doll Its per annum.

XII. On Monday of each week there shall be a meeting of this Association at 10;; o'clock, AM , to determine and quote the current price for the different qualities of Cotton, the number of bales sold since the preceding meeting, andsuch other business as may come before it; a failure to attend at the hour appointed. Incurs a fine of fifty oentt.

A box shall be prepared and deposited at the offico of the Association, the key of which shall In: kept by the Secretary, Into which it shall be the duty of every voting member of the Association to deposit, before three o'clock P. M , dally, a memorandum of the number of bales of Cotton ho may have sold during the preceding twentyfour houra. elating as uear as bo Ii..h tbo means of ft'eertaining whether the sales have been for export, home use, or speculation, aud what portion, If any, waa m trantitu, and what, if uny, change bw taken place In price since his last report. Ibis memorandum or ticket shall be signed by the Broker making the report, or by some one empowered by him. In cafe a member of the Association eball not have made any sales, be shall make his report accordingly and deposit a memorandum, "No aalei." The ol'ject of this rule being thnt eacb member shall report, whether selling or not. For neglect of this rule a fine of twenty.flvo cents shall be imposed for every omission. In eases where speresy is enjoined by buyer or seller as to the reporting of sales, and which would conflict with this rule, tho broker may emit such vales until his next daily report, on the payment of a fine of fivo dollars. Such oml&sion shall in no ease bo permitted beyond the. period of one daily report.

XIII. The Arbitration Committoce shall be couiporuj of three members of the As •ociatiou to be appointed by the President, one of whom shall retire after serving a month, and a new member appointed by the President on tho first Monday of every month conning, tho senior member of the Committee retiring.

XIV- The dntlrs of the Arbitration Committee shall be to decide all questions arising as to differences or disputes in the quality of cotton, mages of thu trade, or any otter matter that may coma before it, for which a compensation-hall be charged, and paid Into tbe funds of the Association. In cast! a broker acting as one of this Committee shall have any Interest in a matter in dispute, he shall not serve, but his place shall be filled by ou« cf the tracers of the Association not interested in the matter at tone. A m»j<jrlty tball decide the disputed matter submitted to this Committee.

XV. When a broker is called upon to examine whether or not bales of cotton are false picked or damaged, und to furnish certificates of tho Fame, he nb^ll do so ; when the number of b;iles so examined nrp eight, or less, be shull be entitled to a reman-.-ration of * 1 for rach certificate.; if tbe number of bales nceud eight, he shall charge the seller 12 » per laic.

The cttabllyh' d brokerage commission f hall remain as heretofore—12}ie per bale— against each ptrtj to u contract. The communion for procuring consignments shall be fixed at 12)ic per bale.

In caies of all fm-iign freight engagement?, tho brokerage charged to the vessel shall be 6)4 c per bale, without reference to wclgbt.

XVI. The Constitution »nd By-Laws cf this A»ceintlon may be amended by n a vote of three-f.-urtlia ol the members, notice of such intended amendment being given in writing cue month previous to action thereon.

All of which were unanimously adopted.

We, tho undersigned, agree to carry out in good faith towards each other, and towarils the Aswliition. the rules anil regulations this day adopted.

William P. WriKht. Karnwell & Thomas. Adam.-, Miilstt & C >.. Ulborn & Frederick«on,Trae»det(; Co,, T. J. Buwart k Co.. Taleott k Brother, Kinney, Kaston & Co., Merle, Uourliet Po, Eailc Si P, an. Mnllbio & Munn Calvin E. Knux.

The following oClcvrs vterc n-jMjimi.ut-ly elected :—I'reanlck L. Talcolt. Fic»id«nt; Charles E.-vtuu, Tr, asur,-r ; William D. Mnltbie. Secretary.

The jblluwlug were uppoiuted by tbe President the Cummittee cf Arbitration :— Charles llaston. A. T. flouTliu, W. P. Wright.


Tsca^uhy DcriRTMx^r, Pec. 1, 1853.

The time limited by lhr> undermentioned noliooe of tbis department of the 30th July *nd 22<1 August last, for the purchase of stocks of the Uni ted States, is hereby extenilnl to the 1st January nut. But it Is to be observed that, in addition to the nrnal •ssiijnnieut, ih« b.ilUcr lou-t distinctly ajsign the interest on the Feme, now made np attheTren'ury. or (r:ui.uiit the semi-annual coupons, u the case maybe. In default of this latter a.*t!xiiinmt nr transmission, tbe premium and one day's Interest (low interest from time «r redemption to 1st January) only will bo paid.

To tfford iii ily to distant holders to trail cf this notice, the Department •* ill concidi-r slocks mailed at any time prior to tho p>id 1st January, as entitled to Us benefits. JAJIE3 OUTHRIP. Btcretary of tbo Treamry.

[ocr errors][merged small]

market tended towards improvement. The abundance of money here is increasing, but the immediate disposition to employ it is for the moment less, and some of the leading stocks were l«wer. The steamers bring United States stocks for redemption, and also orders for other dtscriptions of securities. It is also, stated, that tho house of Baring Bi others have arranged with Mr. Bayne, as commissioner for the State of Virginia, to place Virginia stocks favorably upon the London market, on condition that they shall be changed from federal C per cents, to sterling 5's, in the manner of the Massachusetts loan-. This, it is supposed, will secure to the State the means required for railroads. They are a class of stocks in aid of public works which ought never to have been created. The epierience of the public is, that where States have meddled with such matters, they have never been successful. The only practically sound mode of aiding such works, is by grants of land, as in the case of the Illineis Central.

Tho term for which United States stocks were to be purchased by the Treasury Department expired December 1st, but it has, by notice, been prolonged through December. The first notice was issued in August, and the redemption have been as expressed In the following table of the quantities outstanding:—

[merged small][ocr errors][merged small][merged small][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][ocr errors][merged small][ocr errors][ocr errors][graphic][ocr errors]

The gold arrivals are rather less than Lint year, since Sept. Is", and the exports greater,while the range ui biUs has bc?n rather less, owing in some degree to the scarcity of monoy. Tho decrease in cotton bills this year, since Sept. 1, as compared with the same period last year, is equal to $8,000,000, while the increase in producebills is about §7,000,000.

Money is gradually becoming more abundant, although the demand is still considerable, being a tapering off of tho pressure. Tbe obligations contracted and driven ahead to carry over the large payments, are now being met, and the bank* show more disposition tj meet the demand! The arrival of the California drafts, against over 32,000,000, also caused some little increased demand. The rates at call are C(n"7, and paper longer than bank measure i» done at 9(irlO. The supply is diminishing, however.

The coinage at tho Mint continues very small. For the month of Novcmbar it has been as follows:—


Gold *3,630.000

Bilrcr 283,000

Coined.« cut. Total 932608 827,978 1.750,487 170,000 — 870,000

Of the gold deposits, $418.240 was coined into double eagles, and 88274)70 into other ingots, and only 8514,208 into money. It us observable that, exclusive of the gold received this week from California, the reported arrivals ana deposits at Mint havo been as follows, since Sept. 1 :—

1S52. 1853.

Arrived J129190I1 116C3.I2J

Deposited 15,673,6^7 1U29.S05

Excess Hjcfiipts; — 15"3317

Exjc*« Deposits 2754,686 —

The exports of ingots from this port and Boston sinco September have been $5,782,000, a portion of which went from the California steamers to the Liverpool steamers without going to tlio Mint at all, This, in some degree, accoutns for the changed features of the movement.

The rice in the Western rivers is now rapid, and tho stocks of breadstuff's being represented as large, a great quantity will bo put afloat, affording an ample supply of Mil*, simultaneously with tbe expected increased movement in cotton, and there is every appearance that the accumulation of unemployed capital trill be progressive.

« PreviousContinue »