The Sun.
London, England, 1870-03-01 00:00:00

EFIE SUN, LONDON, TUESDAY EVENING, MARCH 1, 1870.

THE GREAT DANK COLLAPSE AT
NAME('

The history of the 13anche 17ouraio in Nsples---tho col•
lapse of which has just caused such wido-sprend ruin
throughout the country—is another proof that human gul-
libility is boundless, and that no warnings tu.o of avail against
swindles which appeal to cupidity and ignorance. After
the late disasters in England, one would have thought
that even Neapolitans would have ceased to believe in
projects which promised interest at 36 per cent. Yet we
are assured that up to the 14th of February last there were
no fewer than 117 banks established in Naples which found
customers to support them, while they offered interest at
a rate little short of that quoted above. The first of these
banks came into existence some two years ago, when a
Chevalier Ruffo-Scilla, a descendant of an old family,
opened a business, the character of which was stated to be
secret, but which was apparently that of a banker and
speculator in gold, offering interest on deposits in
the first instance at the comparatively unassuming
rate of one per cent. per month. A state-
m.mt was put abroad that the character of the
business could not be divulged consistently with its being
carried on, but the impression that prevailed was that the
funds were employed in speculations in gold, which was
then at constantly oscillating premiums varying from 6 to
12 per cent. At 1 per cent. per month, Ruffo found so
many customers, and the business went on so
swimmingly, that rival schemes began to appear on
the scene, each new competitor outbidding the last, eager
to secure at any price a capital which they can never have
entertained the smallest intention of repaying. Euffo
found that if he would maintain his lead he must raise his
rate of interest. He did so : his rivals did the same. The
public was not a bit daunted, investments poured in as
b.3fore, and from that time to this large sums have been
invested in concerns of this nature at a rate of interest
varying from one to the almost incredible amount of
33 per cent. per month. The walls of Naples have been
pi.aearded with bills, holding out every possible induce.
ment to investors. Interest was in most cases payable in
advance, the investor being unwilling to risk his interest
where he had no hesitation in staking his capital. One would
have thought that promises such as these carried their refu-
tation on their face. Naples is proverbially of all cities the
most diffident in trading money ; the funds of other coun-
tries find no market there. But this time the habitual
caution of the inhabitants was altogether cast aside. The
investors are found in all classes of society, many
being artisans, small shopkeepers, and trades-
men's servants, investing in many instances all
their earnings. One widow lady sold out all the
capital she possessed in the public funds to the amount of
£3,600, and placed the money in the hands of Ituffo-
&Ma. Two brothers are said to have invested £7,600
in the same way. Of course such schemes did not
fail to draw the attention- .7 of the Government.
The Naples Chamber of Commerce received in-
structions to investigate and report upon the system
pursued by these so-called bankers. They returned a
report very strongly worded in their condemnation, cha-
racterising the whole affair in short as an impudent
swindle, and recommending the intervention of the public
prosecutor. Still the public were unshaken in their confi-
dence. The Bank of Naples closed the accounts of all
such as were connected with these banks, and gave public
notice of the fact as a warning against them. Still
the business went on as succesffully as ever.
The result was obvious to any man with, we do not
say any knowledge of business, but the smallest common-
sense. This swindle carries us back, for anything like a
parallel, to the days of South Sea speculation ; but we
find here the last modern improvements in these little
matters freely made use of. A man of old nobility, Prince
Della Rocca, has been arrested as having filled the office
of agent, collector, and touter for some of these banks.
Ruffo declares the greater part of his deficit to be due
to his having been compelled to pay heavypremiums (in one
instance.Cl2,ooo) for amalgamation of rival schemes. Many of
these banks, which did not succeed in obtaining customers,
turned an honest penny by demanding heavy premiums
for withdrawing their competition. In short, undertakings
were started for sale, much in the way that we hear of in-
surance offices, public houses, and dairies nearer home. At
last the crash came. The Government had long wished
to interfere, but it may be doubted whether, without
further evidence, it could have done so with good result.
The "bankers " had probably not transgressed the letter
of the law. The bank of Ruffo-Scilla, the oldest esta-
blished, was the first teshew signs of weakness. The
police ascertained that he had prepared an appeal to
his creditors, and, upon the strength of it, immediately
arrested him. The money at his bank was seized by
the authorities, and lodged for safety at the Bank of
Naples. The news spread like wild-fire. Everyone who
had a depost in any of the other banks rushed to draw his
money, Ruffo-Scilla's statements implicating all the rest ;
a general raid was made, the proprietors were arrested and
their property seized. Police-officers were .posted at the
railway station to intercept the runaways. Ten or a dozen
arrests were made, and money in specie and securities
seized to the amount of nearly £160,000. The total
amount of investments is variously represented as from
£1,000,600 to £5,000,600, but taking the medium.
£3,000,000, it is certain that only one-tenth was seized.
Such.is the history of probably one of the most extra
ordinary transactions that has occurred since the days of

mad speculation in this country. Such a gigantic swindle
for we can characterise it by no other name, could pro-
bably find supporters in no other coNintry in Europe than
South Italy. The marvel is that the repeated warnings of

the authorities should have been so utterly disregarded.
Where are we to look for the solution of the enigma?
how are we to account for the blind credulity which could

lead the Neapolitans to entrust their capital to such

hands? The enormous interest offered no doubt influenced
the ignorant cupidity of depositors but little versed in
commercial matters; but the persistent disregard of
the re-iterated warnings of the Government, the
Press, the Chamber of Commerce, and the Banco
di Napoli can hardly be comprehended by any but a Nea-
politan. One clue may be suggested. The names of

Ruffo Scilla (descendant of the Cardinal Ruffo who took
so sanguinary a part in the Revolution of 1799), Della
Rocca, Dionisio, and others are names of men either
well known in the Bourbon party, or famous as defendants
in political prosecutions. The authorities, whose warning in
any other country would have been effective, are at Naples
the mouth pieces of a recent and unpopular Constitution.
Thus the threats of prosecution on the part of the Govern-
ment only added to the popularity, instead of diminishing
the custom of the "bankers." Nay, more, Nee have little

doubt that, in many instances the lively imagination of the

victims set at rest any doubts they might have entertained as
to the purposes to which their investments were to be

applied by calling up dreams of contemplated operations

connected with possible political Cohtingencies. It is a
significant fact that arzor:f the victiths were a large num-
ber of the priests.

A letter in the Pall Mall *gee, dated Florence, Sun-
day, Feb. 20, thus describes the crash :—" The telegrams
which had been sent to the provinces began to
produce their effect on Wednesday, by the arrival
of crowds of depositors in the city, hoping to
save something out of the wreck of their little fortunes.
In some districts the number of the travellers was so large
that two engines had to be put on to the trains ; just as is
the case on the occasion of a grand spectacle at Naples.
All these country-people, as fast as they arrived, took their
Stand round the offices of the defaulting banks, and could
be seen, with countenances of stupid despair, gazing upon
the scene of their misfortune. Among them were a
number of women who, unknown to their husbands, had
invested the family funds entrusted to their keeping, and
whose distraction was aggravated by the thought of the
reception that the news of the loss would procure them at
home. In many of the groups priests predominated ; in-
deed, it was reported that in many villages no mass was
said on Wednesday, owing to the absence of all the clergy
in Naples. And what perhaps gives as vivid an idea of
the extent of the disaster, is the fact that the theatre of

San Carlo was closed for iheevenidg, owing to the Cetrona
being taken with convulsions on learning the loss of a con-
siderable sum which she had placed in the hands of M.

Seilla.

The same is said to have been the case with most

of the other performers at this theatre, of which M. Scilly
was part proprietor, the dancers included. The carabi-
neers stationed round the offices of the arrested bankers

have hitherto prevented any but isolated acts of popular
vengeance. The cashier of M. Scilla, who, from the
condition of a petty tobacconist, had in a short tune at-
tained to competency, was recognised in the street by some
of the victims of his employer, and met with a perhaps
not unmerited beating; after which another body pro-
ceeded to the lodgings of one of the bankers, who has
escaped, and not finding him within, thrashed the porter.
The police had also to rescue a collector, who, on present-
ing himself at the Bourse, was greeted with cries of ' Out
with the swindler I out with the robber I'—cries whie'

TILE COST OF THE ABYSSINIAN

EXPEDITION.

MONDAY.
The Parliamentary inquiry into the cost of the Abys-
sinian expedition recommenced to-day. It has been a
long one, and last session became downright wearisome on
account of the seemingly trivial, but exceedingly neces-
sary, points which had to be investigated at length. Since
the last meeting, however, two members of the
committee have been to India to make inquiries
there, and some interesting evidence may now
be expected. There was a large attendance of
the committee to-day, including Sir S. Northcote, Sir J.
Hay, Mr. Baxter, Sir P. O'Brien, and Mr. Seeley; and
the witness examined was an eminent one—Lord Napier
of Magdala. •
Lord Napier of Magdala, in answer to the Chairman,
said that he was appointed chairman of the expedition in
August 1867. At the time the expedition was being orga-
nised he was so much occupied that he neither saw the
English papers nor the Parliamentary debates. It was on
record that the estimated cost of the expedition was
£3,500,000, and that the expense really amounted to nine
millions. He wished it to be understood that if in any reply
h. should make he should exhibit any reserve, it was not
from any unwil' press to state anything, but because he
wished to be extremely careful. His belief was that ix
approximate estimate of the cost could have been
made. The coast was altogether unknown, and much
inquiry was necessary. When the coast was examined, it
was found that the route, which was the only one suitable,
was one containing so many difficulties, that no previous
knowledge could have prepared them. A stream of water
was found by the reconnoitring party; and it would
have answered for a port of disembarkation, but it
was found only to be a passing supply, so that
the troops had to depend upon the conden-
sing engines. It was impossible to withhold
the water from any of the mass of people there
who were not absolutely engaged in the service, and it
was necessary to provide 200 tons of water a day. That
was one cause of the excess, and the second was the
breaking out of a disease peculiar to the country which
destroyed the mules and other cattle. The state of
the climate was such als6 that it was impos-
sible to maintain a large force there without
imminent danger of great sickness, so that it
was necessary to provide an efficient force of steamers to
take troops to India. A cyclone destroying the ship which
contained the condensing engines, would have necessitated
the use of all the vessels there. It was also necessary to
have powerful steamers to convey troops against the
monsoon as ordinary sailing ships could not go against it.
The number of troops suggested in the first instance by the
Government of Bombay was 9,900. There may have been
10,000 of which 7,000 were to be sent to Abyssinia, and
a reserve of 2,250 in India, but it was not communicated
to me. He had a memorandum of the force which actually
landed, namely, 4,212 British, and 9,222 Indian troops.
Besides these there were two regiments which never
landed. There was also one battery of Artillery and one
regiment held in readiness at Bombay.
'Would the raising of the force from 12,000 to 15,000 add
a fourth to the cost ?—No doubt every addition would
cause an increase in the cost. No force was ordered by
me without the concurrence of the civil government. The
views of the Bombay Government as to a smaller force
were conveyed to me in a memorandum by Sir S. Fitz-
gerald, in which the force proposed to be employed was
5,000, and the noble lord read the memorandum giving the
reasons for not employing a larger number.
The Chairman said that he thought it was very well
understood that the expedition should number about
19,000 ; he wanted to know why his lordship raised it to
15000.
Lord Napier said that he was anxious to take the regi-
ments as fairly as possible, and the Commander-in-Chief
in India thought it desirable that those regiments should
bs increased to a greater strength. He himself
suggested an increased number of sappers, and
he wanted 3,000 coolies, but he could not get
them, consequently he had: to get a larger number of
labourers. The 12,000 were combatants. There was a
large number of the troops withdrawn for the transport
service, the commissariat, and ra lway work. 574 were
taken for the service of the transport train. " I
have read Captain Hosier's book, but am not respon-
sible for it. Theodore's name was held in such terror in
the country that every chief dreaded to fall into his
power. No doubt his followers were much reduced. What-
ever was the cause of raising the number of the army, it
was with the full cognizance of the Bombay and Indian
Governments. It is quite possible that the followers of
the army numbered 30,000. About 80 of an engineer
regiment were sent from England by the Horse Guards. I
contemplated the use of the telegraph, and we found those
men very useful, and did not make any direct application
for them. In point of fact, I objected to the increase be-
cause I wanted to have a flexible and well-organised force.
The Commander-in-Chief recommended four regiments ;
but I wanted five organised regiments. I did not have
all the regiments there at the time I wanted them, for
there was one occasion when our communications were in
great danger. Before the arrival of the 26th regiment
several posts were in danger of being overpowered by
hostile tribes. If one party had been cut off or brought
into collision with the inhabitants of the country,
there was not a mile of the road in which our
progress might not have been greatly delayed. The de-
meanour of the soldiers, paying for everything they, had,
deceived the inhabitants into the belief that they were re-
ligious students rather than soldiers, and I was very
anxious that there should be no collision, so as to influ-
ence the people, and therefore I wished for a larger rather
than a smaller number of troops. - The followers might be
divided into two distinct portions. About 20,000 of the
followers might be in connection with the transport, and
only a portion of the remainder were troop followers.
If a man attempted to take the original estimate
of an expedition of this kind he might as well have put a
millstone round his neck at once. The expedition was
increased by the addition of an item here and,there as they
were required. All the officers, whether regimental or
c onmissariat, were consulted, and the number of followers
a'tered occasionally, The climate on the borders of
the Red Sea was one of the hottest in the world.
When the state of the atmosPhere, was such
Colt if you put the bulb of the thermometer
into your mouth it went down ten degrees
it was necessary to employ a larger number of
followers than was required in a cool climate. As soon as
w..; got into a cooler one the followers were dismissed, and
at last there was little more than the men could carry
themselves. We took what precautions we could to ascer-
tain the character of the climate."
The Chairman pointed out to the witness that originally
the number of followers was limited to 7,900.
Lord Napier said that that estimate was one made by the
Indian Government, in reply to an inquiry by the Home
Government. The inquiry was made in relation to
a certain specified force, but it did not amount to
12,000 men. The figures were sent from England, and
the force was 10,000 men. The followers were in-
creased on every occasion when it was found
they were required. This was a mere rough esti-
mate of the followers. It was impossible that
officer however experienced to make an exact estimate.
The Chairman : Was it not that the followers who re-
belled were worthless and the refuse of Egypt ?
Lord Magdala : I have no hesitation in saying that the
muleteers of Egypt were extremely worthless. Possibly
4000 might have been sent back. They did their work in
the first instance because they took the mules there.
Of course the cost of sending them back increased the
cost of the expedition. I do not think a follower con-
nected with the troops was sent there who was not wanted.
There was a considerable want of discipline among them.
By Sir S. Northcote : It was entirely my own sugges-
tion that the troops were raised from 10,000 to
12,000. Sir H. Durant proposed 7,650 for the
expedition and 2,250 as a reserve force. I infer from his
despatch that the whole 9,900 should be sent at once. The
Government of India quite concurred in the raising of the
number of troops from 10 to 12,000. The telegraph arrange-
ments were made at my request. The photographic
arrangements were very useful. I had no objection what-
ever to the arrangements made by the Horse Guards for
that purpose.
By Sir J. Hay : The commander of the expedition
must, of course, work with the force that the country
provides. Althoughi the number of troops was known,
the accessories were not.

-13i7oToneTiiaAeliot; I do not see that there was any
expenditure that could have been curtailed. It was neces-
sary to have plenty of transports, and there was not too
large a number of transports. I had no more
troops than I needed. . There were points when
I should have been much safer with more.
Some of the stations were 10 or 15 miles apart, and at
some I had only four or five men and an officer. At
certain times patrols passed between the posts. So long as
the troops were passing, the country was quiet, but if any
long time elapsed between the passage of detachments of
cavalry, it became disturbed, and I had not one man too
many when I arrived at Magdala.
You think that, looking at the importance of maintain-
ing our power in India, although the expenditure was
great, it was one advantageous to the country ?—Cer-
tainly. Although there may have been sins of omission
and commission, yet I am of opinion that, looking
to the importance of success, the increase of expense from
such causes was not material.
By Lord Elcho .: The number of muleteers was 15,000,
but I cannot tell how many came from Egypt. I should
think it very hard to find many muleteers of good charac-
ter in Egypt. It would have been impossible to have had j
a good character with each of them. There were, indeed,
men of almost every nation engaged, including inhabitants
of the Punjaub.
By Mr. Eastwick : I should have been very sorry to
have undertaken to take Magdala with a less number of
troops. It was one of the strongest places I have ever seen.
I believe that if a few old women had got behind the
natural bastion and thrown down stones on our troops,
they would have caused serious damage ; and I believe
that had not Theodore thrown away his chance
by leading his army against us, we should
not have taken the position except at a very
serious loss indeed. I believe that if we had been
met by good troops, probably not a man of ours would
have returned had we not a sufficient force.
The Chairman : Then it is your opinion that the esti-
mate of three millions and a half was absurd ?
Lord Magdala : I have far too much respect for the
House to say that. Indeed I should be liable to be com-
mitted.

By Mr. Mundella : In point of fact it was impossible to
form an estimate of the expenditure in India, and that
applied with much greater force to England.
The committee adjourned.

RAILWAY NEWS —A telegram from Burlington,
states tint the Burliugton, Cedar Rapids, and
nesota Railroad laid the last Jan. 31, to complete the
road to Columbus Junction, which makesadirect comiee

.... „
Von from Keokuk to Davotport, Bock Island, and Des
Moines, and al.:o h. tween Burlington and Chicag,),_Tho
first through train from FiAkill to Pine Plains, °ye. tho
Poston, Hartford, and Elie 'load, front readied
that place, Jan. 31. It was sin excursion train, carrying
tue olii-ers of the road and invited guests.
I ADVERT' EMENT. I—Holloway's Ointment and Pills.—
Ft a • Not !—Though sun minded by circumstances disad-
vantageous to ho ,ltli, these remedies, if properly applied,
v ill cut rh .rt levels; influenza, inflammation, diphtheria,
and a 1 oat of other complaints always lurking at-out to
st•iz on the weak, for:orn. in,d unwary. The superiority
of HoPoway's medicines has been so fully and widely
proved for subduing disease that it is only necessary to
ask the afflicted to give them a trial, and if the instructions
folded around them be followed no disappointment will
ever ensue or dangerous consequenCes result. In hoarse-
ness and ulcerated sore th'oat the ointment should fre-
quently be rubbed on the neck and top of the chest; it
will arrest the increasing inflamntation, allay disquietude,
to 1 gradually cure.

MONEY AND BUSINESS.

(From the Weekly Circular of Messrs. Bowles, Brothers,
and Co.

PARIS, Feb. 15.
Neither the American nor the Continental money
markets have suffered any important variation during
the past fortnight. Secretary Boutwell announces that
the National Debt's total, less gold and bonds in
the Treasury, amounted, February 1, to $2,441,813,289 ;
that the diminution in January was $3,833,664, and that
the total decrease since March 1, 1869, bas been $18,630,971.
The total of bonds purchased, with interest accrued, is
$97,082,381, in gold in the Treasury $131,600,730, and i❑
greenbacks $1,690,807. Gold has varied but a trifle iu the
New York market, and bonds have been equally firm.
The bill introduced in the American Congress, proposing
the Consolidation of the telegraphic and postal faci-
lities of the United States—a severe blow to prospe-
rous private cowpanies —is attracting much attention.
American Bonds continue extremely popular on the Paris
Bourse, and have been unusually firm for tho past few
weeks. Local excitement caused a temporary lowering of
quotations, followed by a prompt reaction.

(From the Springaeld Republican, Feb. 11.)

The events of the finan&al week have been at Wash-
ington rather than on Wall-street. The passage of the
Currency Bill by the Senate, the consideration of the
Funding Bill, and another fragmentary decision of the
Supreme Court have turned much attention to financ:al
legislation. The first of those measures, authorizing the
issue of $45,000,000 of new currency in place of the Three
per Cent. Certificates, was variously interpreted on the
street, some arguing that it would result in expansion, and
others seeing iu it contraction. As those States which
would have the new issue must first buy up $55,000,000 in
bonds to deposit for its security, and would very likely
come to New York to obtain them, the first result would
be the accumulation of more money at that point. The
new bankers would then retire to their native West and
South to issue their curresey, while New York would
have to give up its $15,000,000 of old Three per Cents.
The other still clumsier expedient of transferring
$20,C00,000 from tho moneyed to the moneyless States
will probably have about as much effect as it would to dip
from one end of a water tank and pour into the other with
the expectation of changing the water level of the two
parts. Here, for instance, is De Kalb county, Illinois,
which at the present time is so bare of money that not a
tenth of the county taxes, which must all be paid by Feb-
ruary 15, are as yet paid in, against one-half .at this time
in other years. But the bins are full of wheat. Tho
farmers refusa to sell their produce, and then grumble
about the scarcity of money, imagining that some law
of Congress will enable them to eat their cake and
have it. What relief will it be to transfer a bank from
Massachusetts to that community? Let the law be
framed so that Massachusetts and Illinois and Alabama
can have as much currency as they are willing to bank
up with adequate security, coined from the boots and
shoes, and wheat and cotton of the realm, and at all
times convertible into these products, or the gold that re-
presents them. The third feature of the Currency or
Sherman Bill provides for this roughly, and if this had
been its only feature, with perhaps the addition of the
Suffolk Bank redemption plan, it would have been a very
deserving measure. The Funding Bill reported to the
Senate, and not yet acted upon, provides for the funding
of 81,200,000,003 of the debt in three issues at 4,4 i, and 5
per cent., and also endeavours to mend the currency by
making the National Bank system free, but not providing
for the immediate convertibility to coin, or even ultimate
coin redemption, of the bank notes to be or already issued.
The decision of the Supremo Court that all contracts made
prior to 1862 are payable in coin had besn pretty thor-
oughly anticipated, and produced little effect on the Money
Market when understood. It forms a part of the gradual
outlawry of the greenbacks, a process the final consumma-
tion of which will probably bo forestalled and r,•ndered
unnecessary by the return to specie payment through
some less violent method. It will spur the people on to
more strenuous endeavours to do away with the two kinds
of money and to go back to the old regime, when a dollar
in any and all contracts meant a certain established weight
of gold. '1 he hardship and friction to be entailed by this
decision diminish as we diminish the number of days be-
tween now and universal resumption. States and corpo-
rations which have been paying tic interest on the .r old
bonds in greenbacks will be the first to experience the
changs, and will thus be converted into still more ardent
champions of specie payment. Ehe Comptroller of the
Currency has received full returns from the national banks
to the circulars sent out last summer, asking for informa-
tion upon every feature of the national bank business.
The returns are from 1,614 banks, and for the year end-
ing September 30, 1869. They show the following
figures:—Aggregate amount loaned, $3,703,662,450;
number of loans, 2,149,503 ; average duration of loans, 69
days; United States taxes paid, $10,029,932; State taxes
paid, $8,27',711 ; miscellaneous expenses, $15,681,830
total expenses, $83,931,523 ; net profits, $57,673,017 ;
dividends, $13,059,204; carried to surplusfund,sl4,6l3,B42;
average rate of dividend, 101 per cent. Money is a little
steadier and commands sto 6. Tho banks continue to re-
ceive from the country, but have more custom. Gold has
been dull through the week, with very little fluctuation.
The premium declined per cent. excitedly ou Monday
in view of the legal-tender decision, but reacted before
nightfall. Mr. Boutwell's policy of selling gold has re-
duced the co:ll.in the Treasury from $44,931,538 in April
to $17,827,487 on tho Ist of February. Of the rest of
the $101,600,731, which stands as " coin in the Trea-
sury" in the February statement, $59,392,180 is the pro-
perty of private depositors and $33,':81,064 represents
accrued interest. The remaining available reserve,
$17,827,487, is about the customs receipts for six weeks,
and is regarded by some as a rather small amount to hold
as cash in band. Governments have not been affected
very much by the funding bill, though the impression
that they would rise in price was general. Tho provision
that Five-twenties may be exchanged for the new bonds
at. par or paid in coin at par will be apt to bring the pre-
miums of gold and bonds together. The Cologne (Ger-
many) Times has an article upon our funding schemes,
displaying more than European acquaintance with our
affairs, which declares that our bonds in Germany are
held, not by speculators, but by small capitalists, "tailors
and glove-makers," who would invest in Fatherland 5 per
cents. before they would submit to a reduction of the :rats

of interest. It scouts the idea that special provisions
against taxation of interest and payment in currency
would present any temptation to the German public, as
they already have faith in a similar religiously honest
liquidation of the old high-interast bonds. It is to be
noted, howevorc hat the Prussian Minister is anxious to
reduce his interest from 5 to 4i, and if the bondholders
have such faith in us we can perhaps persuade them
to take a few ss. State bonds have been quite buoy..
ant during tho week. Virginia 6s, new, have risen 4
per cent. to 681; North Carolina 68 are up to 44, 2 per

cent. higher, and Louisianas have advanced 3 to 4, though
dosing with a slight reaction. Railway bonds are the most
affected by the decision in the Supreme Court, and have
advanced, under anticipation of gold interest. The Chi-
cago and Rock Island First Mortgage Bonds, du6 in a
short time, rose to 106 against 100; the Ohio and Missis-
sippi First Mortgages to 97 against 92i ; and the Chicago
and Milwaukee First Mortgages advanced to 90} against
88. Stocks at first declined, but reacted, and have been
strong since. Vanderbilt and Lake Shore have been strong,
and Rock Island on the street have sold up to 1 lq. The last
named stock has been registered at the Corn Exchange
Bank at New York, the capital being put down as
516,000,000, and measures are taken to have it reinstated
in the list of the New York Stock Exchange. At the meet-

ing of the stockholders of Wells, Fargo, and Co.'s Express
Company at New York, on Saturday, the fallowing board
of directors was chosen for the ensuing year: —Leland
Stanford, Lloyd Tevis, 31. S. Latham, D. 0. Mills, a P.
Huntington, W. G. Fargo, A. H. Barney, J. C. Fargo, and
B. P. Cheney. The first five of these men are Californians,
and indicate the probable disposal of its management.
Another event of Wall-street on Saturday was the opening
reception of Woodhull, Claflin, and Co., the new firm of
ladies, which was largely attended, and by representatives
of the largest houses of brokers. The Commercial says

that 'Nanderbilt and Drew are mentioned as sleeping
members of the concern." General trade has been steady.
The receipts of cotton have been large, and the num-
ber of bales in sight is thought to justify a crop of at
least 2,750,000 bales, with a good prospect of exceeding
that figure. The South-west has just begun to "give
down," last week's receipts at Now Orleans being 17,435,the

largest of any this week, this season, and about four times the

amount for the same week in 1869. Prices have given
way somewhat under the immense supply. Wool con-
tinues in brisk demand, and the late advance in prices is
well sm tained, with a reduced supply. Provisions have
been dull and declining, especially for pork, and lvead-
.

stuffs unsettled. Dry goods are steady, with an advance

of 4c in sheetings and shirtings, which can hardly ba main-
tained if the present large receipts of cotton continue. The

weekly statement of the New York banks shows an in-

crease of $4,189,000 in loans, of $34,000 in circulation, of

54,588,006 in deposits, and of $1,266,000 iu legal-tonders;

and a decreas3 of $1,478,000 in specie. The President of
the Chicago, Rock Island, and Pacific Railroad notified
the New York Stock Exchange on Saturday that the stock

of tie company had been registered at the Corn Exchange
Batik, to the amount of $1G,000,000. 'rite company having

complied with the regulations, it is presumed that it wi:l
be again placed on the call of the board.

(I?).om t 1 Wall-street Jour:utl.)
FItIDAY EVENING, Fib. 11, 1870.

The event of the week has been the decision, on Mon-
day last, of the Supreme Court of the- United Slates, de-
ciding that all contracts made prior to the passage of the
Lgal-Tender Act on February 2.5, 1862, are payable to
gold and silver and are not payable in United States cur-
' rency. This decision, of course, makes some hundreds of
millions of dollars of State, county, city, railroad, and other
corporation bonds, leases, mortgages, and contracts made
prior to that date, payable both interest and principal in
coin, the interest of which for eight years has been paid
in greenbacks. Payments of interest or principal since
1862, having been accepted by the creditor, will not be
affected by the decision, except where the money has been 1,