The Sun.
London, England, 1868-10-22 00:00:00

11,VENING, OCTOBER 22, 1868.

THE EXIIIBI
lION IN THE PACIFIC

STATES

Saitir day week we gave an account in a general
way of the building in San Francisco, which con-
tains the Industrial Exhibition of the Pacific States.
We propose now to notice its contents, as reported
in the Mining and Scientific Press and the Me-
chanics' Fair Daily Press. Bat first, before briefly
enumerating the classes of manufacture exhibited,
we may glance at the visitors. During the
day the mass of the people are engaged in
their occupations, and those who then give
their time to the Exhibition are for the most part
men of science who go there to study. This is
clearly seen when the attendance is watched. Their
movements and countenances, together with the
quiet, earnest attention bestowed, show the careful,
thoughtful study of the object, and an immense
amount of information is acquired by those citizens
who can most profitably use it. In the evening the
scene changes, when thousands hurry to the build-
ing to gratify their curiosity, and to pass their time
n recreation as well as in instruction. Probably
there is no other community so well qualified to
appreciate such an exhibition. The separation of
the Pacific States from the manufacturing centres
of the world, and the necessity forced on the people
of making their brains utilize the bountiful gifts of
nature, and atone for the want of labour, have
developed the inventive faculties, and this the Fair
illustrates in a marked manner. As a proof we
may instance the model for hoisting rock, earth,
&c., from mines or excavations, which works on a
purely scientific principle, though the inventor,
Mr. Pierce, a simple miner, never read a lice
of Euclid. The contrivance consists of an or-
dinary dumping car, such as is in almost uni-
versal use in the mines, the hind wheels of
which are six inches further apart than the fore
ones. The fore pa.r run on a tramway 18 inches
lower than that on which the hind ones work. By
this simple arrangement the cars always go up or
down on a level, thus avoiding the danger of any-
thing falling out of them. When the car reaches
the:platform, which is set at a slight incline towards
the dump, die hind wheels run up an incline as the
lower ones run down, till the load upsets itself by
gravitation, when the weight of the empty car, being
on the hind wheels, draws it down the incline to
the platform. 'We cannot do better than use the
words of the Hon. Newton Booth in opening the
Exhibition, to show the importance of its object :
" Consider what the world consumes every year.
200,000,000 pounds of flour, and 13,000,000 pounds
of meat go down the throat of New York city
yearly. Multiply by 1,000,000, and if you can
conceive the result you will have some idea of what
it takes to feed the world with bare necessities.
California consumes annually 365,000 barrels of
f10ur,700,000 bushels of potatoes, 70,000,000 pounds
of meat, 1,000 tons of codfish, 38,000,000 pounds
of sugar, 5,000,000 pounds of coffee, 1,500,000
pounds of tea, s,ooo,ooopounds of butter, 20,000,000
pounds of rice ; wears out $15,000,000 worth of
dry goods and shoe leather, and burns up, besides
houses and mountain towns, 250,000 tons of coal,
4,000,000 pounds of powder, 4,000,000 of candles,
1,000,000 gallons of coal oil, and 50,000.000 of
cigars ; not to mention the 1,500,000 gallons of
whisky that annually assist to consume us. If all
this had to be raised, mined, and manufactured, or
paid for by the labour of our hands, unassisted by
art, we would have few holidays, and no pageants
like this. If the world had to be housed,led, and
clothed with only such crude tools as actual neces-
sity would suggest, the many, would be slaves to
the few, and worn out in their service, or all would
be the slaves of toil." When steam, when elec-
tricity, when wind and water, are made to
do man's work, a burden of care is lifted
from the heart of humanity, and we then
learn where the leisure comes from after actual
wants are supplied, part of which goes into luxuries,
ornaments, books, newspapers, paintings, music,
houses, schools, churches, cities, culture ; part into
idleness, ennui, whisky, tobacco, fast life, folly,
vice, crime; and all of what is called civilization.
After tracing the history of invention from the days
when the hero of Alexandria described a steam toy
as a mere plaything, to the present time, Mr. Booth
thus concluded With grateful reverence to the
past, whose inheritance we enjoy; looking hopefully
to the future, to whose glories our exertions will
contribute; in the name of free and intelligent
labour, we dedicate this Hall to Industrial Art,
conscious that year by year succeeding structures
will here arise, dedicated to the same purpose, in
ever-increasing magnificence of display and com-
pleteness of design and execution, evidencing the pro-
gress of our State, our country, and the whole race
of man." Class 1, of the 30 classes, is devoted to
Steam Engines, of which there are three large and
three miniature, worthy of special notice, each re-
presentative in character, presenting points of no-
velty and interest. Outside, in a small shed, by
the Post-street entrance, the steam is generated
which sets the thousani wheels in motion through-
out this department of the Exhibition. There are
but three steam boilers on exhibition, two of which
are employed to make steam for driving the ma-
chinery, both built at the Miners' Foundry. These
boilers are tubular in construction, 16 feet long,
48 inches diameter, and contain fifty 31 file%
tubes each. They are both fitted up with Harris's
Steam Superheater. These boilers are of very supe-
rior workmanship, and are capable of making steam
for about 80-horse power. Chief among the large
engines is Wright's variable "cut-off" steam engine,
American
Le
gni andereirnicnigpltehus w
rite
writes
con-
struction, which we regret our space is too limited
a Californian
;tahßrn eaesnielyc,,hhe invention,AManhattanm er
simplicity of this cut-off', the faci-
lityotof
it:_ describe.
with which it can be adjusted—the parts being
but few and always
gitloi
ennstiegrhtthaenda cylinderc essi balte
boiler— its a
pc action
so quick and piisnerefetoctm, aankdenito
athmrootsttlipnegrfoefetticieustt-eoaffin.,,,
Messrs. Scott and Eckart's auto-
and slide valve cut-off, patented
msbouartteip,caelrglnooi
viotmet'rihnbre) r
M. Scott and William
of San Francisco. This invention forms
a very beautiful and simple contrivance for con-
trolling the speed of an engine under all conditions,
Junerl
IfY
hh eeEt whether torlhton: ad dleBd6loirgbiby
essuddenlylrvinginCalifornia
a n fromd adjacent th e en -
ti re work or graadtucalrlyas
cuennitoaAdieidl
pTI ha
ne raes acroe
unnitnye -;
Mill, Calaveras ; Keystone Mill,
eStn
Rawhideieantaedsoo,frn
Reese River ; Twin
River Mill, Kern River ; Vulture Mine, Arizona ;
voras?
G lienelsleSilver City ; Angels Camp, Cala-
mento Water Works; Hunter's Valley Mill, Mari-
posa ; Quail Hill Mill, Calaveras ; Kimball's Car-
riage Factory, San Francisco; Venus Flour Mill,
Oakland; Rising Star Mine and one now at the
Mechanics'
French's
A
e Flour Mill, San Francisco ; Sacra-
Institute Pavilion. These engines
vary in size from 14-inch cylinder with 30-inch
stroke to a 20-inch cylinder with 42-inch stroke.
The third is the Hick steam engine, for which the
inventor claims the entire principle and action of
the best reciprocating engines, while its details are
so far simplified that the pistons connected directly
with the crank form the only moving parts ; and
these, with the cylinders and bearing parts, compose
the whole engine. Class 2 contains agricultural
implements, and is placed as a sub-division of
manufacturing machinery, • attracting more gene-
ral attention than any other branch of the Exhi-
bition ; nor is this surprising in this agricultural
community. Still more interesting in a land of
gold and silver must be mining machinery, which
comes under Class 3 A small Ilepburn's
grinder and amalgamator is at work on some ore,
where the visitor first enters the department.
Hinkle and Capp's grinder and concentrator next,
are fitted up in connection with each other, but
have not yet been put in operation. Everything
seems to be in readiness, however, and some bags
of ore are standing in waiting. Varney is
bringing in his pans and rock-breakers. Hendy's
and Hungerford's concentrators are at work
alongside of each other, and have been going since
the opening of the fair, but on account of the in-
convenience of getting the pulp and water to and
away from the pans in the exhibition building, they
have not been actually engaged in the concentra-
tion of any ore. Pumps are on hand in great
variety, and they are still arriving, Cameron being
the principal exhibitor thus far. A little wooden
stamp mill is shown, with a lever arrangement to
raise the stamps, so that the power which is requi-
site can be supplied by hand, though the number
of strokes per minute is necessarily reduced. Form:
hall's hydraulic blower comes next, but the belt has
not been attached. A device for running cars con-
taining water and ore up an incline shaft of vary-
ing inclinations, without altering the level of the
car, is on exhibition by an " honest miner" who has
neglected to attach his name to that article. That
globe hydraulic nozzle, and globe-pipe coupling of
R. It. and J. Craig, of Nevada, is looked at by
practical miners with a good deal of interest.
M'Auley's rope-knotted hydraulic hose covering is
seen depending from the rafters. Another con-
centrator, by J. C. Kernan, is new in principle.
It looks like a little iron cupola furnace, on its four
legs, and consists of a large upright iron pipe, four
feet in height, with another similar one inside of
it. 'The water and pulp fall into the inner pipe at
the top, and rise again between the two, leaving
the gold and sulphurets at the bottom, while the
light and earthy ingredients are carried along and
flooded over the rim of the outer pipe. Another
concentrator is also to be brought in by Dr. Cox,
the foundation for it having been put in readiness.
A quartz crusher will be put in operation at the
door of the side entrance to the Exhibition."

THE PROPHECIES OF THE " TIMES"

COI?II,ESPONDEN7'.

( From the Anglo-American Times.)

"A more careful survey" of the animal the Times
calls its Philadelphia correspondent shows the
creature to be only a " bear," and not the mastodon
we at first supposed. Its extraordinary vagaries
deceived us, but now we see that the thing is after
nuts. The correspondent's object has been lately
to depreciate United States Securities, and it
really amuses when leading articles of the Times
are written on texts furnished by this bear as if
they were positive and undeniable facts. From
him we learn the composition of the next Congress,
and their intentions regarding Five-Twenties. It
does not appear that we are reading of a future no
human being could foresee, but of events known
to the writer. Supposing, in money questions of
such vital interest to Europe, men felt inclined to
form and act on conjecture, they must, indeed, be
singularly ignorant of passing events if they took as
a guide the Philadelphia correspondent. We would
urge on their attention to make themselves ac-
quainted with occurrences a few weeks old before
attempting to launch into the future. Then they
will be able to estimate the value of the Philadelphia
correspondent as a prophet, and we write what
follows to help-them. A few weeks ago we showed
that the actual state of feeling in the United States
at the time the correspondent wrote, was wholly
opposed to what he wrote. It was not the predic-
tion of " A Yankee," grounded on a broad
principle, but a correspondent informing Europe,
through its leading paper, of the drift of
opinion which would shortly be called upon
to settle for years the Government of America.
What was his "careful survey ?" Why, " that the
field as it exists just now shows that the Democrats
hold the vantage ground, and indicates that they will
secure the majority of the Presidential electors ; hence
the chances at present and also the popular drift
seem to favour the election of Seymour over Grant
in spite of the latter's military services." This was
written early in September at a time when the in-
dications were so clear as to be to others unmis-
takeable, and to us his remarks appeared so prepos-
terous that we exposed their falsity in a leading
article. Yet this was the information on this mo-
mentous subject, though diametrically opposed to
fact, which went the rounds of Europe, in the face
of a telegram which, to editors at least, ought to
have shown the worthlessness of the prediction.
The careful survey and the news of the election in
Maine were published on the same day in the 7 imes,
the one really falsifying the other. More striking
still is the contradiction between the correspon-
dent's assertion and the actual fact in the Times of
Thursday, when:the bear, after stating that " there
is nothing more dismal in the present aspect of our
affairs than the unfortunate financial condition of
the United States," goes on to predict—" This dis-
mal prospect is one of the hardest things for our
politicians to face, and the country has spent this
week chiefly in studying figures. As the Republi-
cans are responsible for the heavy appropriations
their party is suffering the consequences. The
Maine election and the Georgia riot sent the tide
of neutral voters surging towards Grant. The
threatened bankruptcy of the Treasury and the
extravagance that caused it have checked this tide,
and may cause it again to run in favour of Sey-
mour. Thus easily are our people affected by pass-
ing events, and we have another swing this week
of our almost evenly-balanced political pendulum."
In that paper were the telegrams announcing the
result of the elections on the 13th instant, and, ridi-
culous as it may appear, one was from "the bear"
himself, stating that the Republicans had swept
the very State from which he wrote, electing 18
Penuyslvanian Congressional members out of 24,
and giving a majority.of over 10,000 to the State
ticket. If he wanted really to enlighten Europe
as to coming events and did his best, then he has
failed so signally as to prove himself wholly devoid
of the qualities which the correspondent of such a
paper should possess. If he wanted merely to bene-
fit his party by creating a favourable feeling
towards it in Europe that is to use the Times as a
Democratic organ, then he ran the risk of placing—
as he has now twice done—his own predictions by
the side of the. actual event, his letter being over-
taken by the news through the wire. With such
glaring instances, we may well wonder at the
Times grounding leading articles on his prophecies.
Nor need the holders of United States Bonds view
with alarm the " dismal prospect" as regards the
financial position of the country. His " careful
surveys" and " his dismal prospects" are on a par
as to value. Indeed we may say that the latter is
more worthless than the former, as " the bear"
has associated himself with another animal but with
long ears to produce this picture. We do not
wish to be disrespectful to Mr. Alexander Delmar,
but we strongly objected to erroneous statements
being disseminated throughout Europe, which are
merely designed for electioneering purposes in
America. Were it not that the correspondent is
slow almost beyond belief he would have succeeded
in aiding the Democrats in their object ; but, as
usual, he is weeks behind hand. The war left
heavy burdens unliquidated ; which the ruling party,
new to taxation, found a difficulty in adjusting.
Discontent followed, which the opposition used,
and did all they could to aggravate, to damage the
Republicans. They injured the credit of the Go-
vernment by agitating for thepayment of the bonds
in greenbacks and for the taxation of the interest
to embarass their opponents and strengthen them-
selves by the discontent of the masses ; the pre-
vailing corruption, as well as the blunders of the Re-
publicans, were brought forward to stigmatize their
rule. These, the alleged failure of Reconstruction
and the danger of State Rights, were the trump
cards by which they hoped to win the game, and they
played the financial card with great skill. Edward
Atkinson endeavoured to neutralise the effect by
his speech at the Massachusetts Convention, un-
dertaking to prove, by official figures, that the
finances of the nation had been managed by the
Republicans with a skill and success of which they
might well be proud. His able address was circu-
lated as a campaign document, and produced such
an effect that the Democrats found it necessary to
get the Director of the Bureau of Statistics to pile
up some figures in reply. These are the correspon-
dent's words, and, alas, they are but too true :
"Mr. Delmar, heretofore, has not been fortunate
in his statistics, and has made mistakes; but in
this case it was too plain sailing for error." That
is, Mr. Delmar is known as a notorious blunderer ;
and while the correspondent says that this case is
too plain sailing for error, the statiscian starts by
omitting a sum of over a hundred millions of dol-
lars, the balance on hand last June. Even the
Treasury Department, under its Democrat Secre-
tary, is compelled to deny the accuracy of his
figures, and the chairman of the Committee of Ap-
propriations makes the receipts fully fifty millions
of dollars higher, and the expenditure sixty-seven
millions of dollars less. Plain sailing, then, as the
" bear" regards it when men deal with figures de-
scriptive of events still future, Mr. Delmar has
run aground. The radical difference between
Atkinson's and Delmar's figures is that the
former had reference to events passed, and
the latter to those still future. Unfortu-
nately for this blundering correspondent, with
the following sentence is published one of
these telegrams so fatal to all his assertions :
" The successive statements of the public debt
have, month after month, shown that the expen-
ditures of the Government were greater than the
receipts, and that when the year's business was
aggregated an alarming deficit would appear."
From Washington, 10th 03t., the monthly state-
ment of the Treasury on the Public Debt and the
cash in the Treasury of the United States is thus
given :--" The former amounted on the let inst. to
$2,645,000,000, being an increase of $1,750,000 as
compared with last month, and the latter to
$110,000,000, showing an increase of $2,500,000."
While he wrote the figures being compiled in the
Treasury showed the incorrectness of his statement,
the gain on the month being three-quarters of a
million. We would like to know why the corre-
spondent has taken so much trouble,to misrepresent
the financial position of the United States. Is he
really a bear of these securities? Able as is Edward
Atkinson, intimate as his knowledge of the finan-

cial affairs of the United States, we all know that
his speech was a campaign document, intended to
gild with a handsome covering the economic blun-
ders of his party, and so we treat it. As an an-
swer, acknowledged blunderer as Mr. Delmar is,
his figures can at best but be regarded in the same
light, almost bearing this in mind that the latter is
speculative as being in the future, and the former
is actual as being in the past. If bondholders and
persons interested in the finances of the tufted
States take our advice they would receive with
caution the remarks of the Philadelphia correspon-
dent, and seek from more reliable sources informa-
tion on this important subject.

MONEY AND BUSINESS.

(Franz the Springfield Republican, Oct. 3.)

The Money Market continues easy, and presents a faci-
lity of loans that is quite remarkable for the Ist of Octo-
ber. Tho greenbacks in the New York banks have been
pretty well, drawn down, it is true, but not nearly so much
as it was expected they would be at this time, while the
western demand has almost entirely ceased (as, indeed,
the western balances aro pretty much exhausted), and the
banks still hold fifty millions of three per cent. certifi-
cates, which they can at any time exchange for currency
at the Treasury. It is therefore a proved thing that money
is not going to be scarce this fall front any legitimate
employment of it in trade, whether moving grain and
lumber from the West, bringing forward the cotton
crop of the South, or paying for the heavier importa-
tions of the earlier autumn months. Not even the ap-
proach of quarter-day has been sufficient to bring loans
up to average rates for the season in the principal com-
mercial centres of the country. Evan if the market
should suddenly develop° a stringency, no candid
man, seeing what has been the course of loans thus far,
and how largely the legitimate exchanges of the country
have already proceeded without making money scarce,
could claim that it was the result of causes proper to the
season, as has so generally and strenuously been asserted.
We have thus far spoken of the money market as if its
continued ease had not been interrupted at all, nor has it
in such a sense as to discredit any of the foregoing re-
marks. Loans were freely made at New York as late as
Tuesday at former rates, currency being readily lent on
Government SecUrities as low as 4 per cent. upon call,
with exceptions at 3 per cont., and 6 to 7 per cent. ou good
30 to 60 days' paper. Wednesday, however, witnessed the
springing of the mine (rumours of which and underground
rumblings have for some time been heard) preliminary to
the great charge of the boars. We have before alluded to
the preparations being made for such an explosion. It has
been known that many of the prominent bank officials
were lending themselves to this scheme, and the result sur-
prises no one. It is the easiest thing in the world to lock '
up greenbacks. It only requires the connivance and as
sistance of the banks, and the loss of a few days' interest,
to make money scarce and break the market for stocks ;
and this was very handsomely done on Wednesday
and Thursday. Call loans want up to 6to 7 per cent. with-
out much notice, many millions having been placed under
ward. The movement was too transparently the result of
a trick to influence the rates for discount appreciably. The
whole effect of this combination will be exhausted in pro-
ducing a temporary difficulty in obtaining money for daily
use, and consequently breaking down the stock market,
when the bears will rush in and devour the spoils. To
this extent the movement his boon a success. Almost
every class of shares have suffered. The profits to the
brokers will be immense from the amount of business don 3,
and the bank officers who are in the league will reap the
benefit of extra iutere3t and of their own private specula-
tions in stocks upon the strength of their soluaiutance
with the plot. The whole affair is in its nature tomdo-
rary. This kind of operation necessarily encounters as
increasing resistance the further it is carried. It will net
affect the general market of the country, or even the per-
manent rates for commercial paper in New York.
At Boston the banks charge 7 per cent. for 3 to 4 months'
paper, and promise to do all that is revired at that ra'a
after quarter-day (Monday n ext). Outside lenders aro
firm at 7-} to 8 per cent.; call loans at 5 cents are being
called in, and 6 charged for now. At Now York gool
signatures at short date find ready currency at 6 to 7 per
cent. At Cincinnati the money market continues close,
quarter-day interfering, as elsewhere, with the natural
course of trade. Rates aro firm for first-class paper in
bank at Bto 9, with 10 to 12 in open market. Exchange,
under small receipts, firm at par buying, with exceptions
at 50c premium. At Chicago all first-class paper is taken
at the banks, with a moderate demand for currency from
the country. Exchange is unusually firm for the season,
on account of the shipment of grain holding up. At San
Francisco money is in active demand for commercial pur-
poses, at Ito 1,1-. Out of the commercial channels the
supply available for investment increases steadily. The
export of treasure on mercantile account is under that of
last year. The general exports of merchandise, however,
are improving, owing to the increased shipment of grain.
Gold bars continue to be shipped by Chinese merchants,
instead of Mexican dollars, which aro scarce here and
there. This innovation is likely to become a custom. Cur-
rency bills on Atlantic cities are quotable at 41 to 42 per
cent. premium on gold.
Gold has declined during the week, and at the close re-
sisted a strong attempt to advance the price by locking it
up. The movement was successful only to the extent of
making cash gold very scarce, fad of obtaining large rates
for its use. The price refused to follow. The New York
City Bank statement for the week shows a decrease of two
millions in specie deposits, which is to be set over against
an increase of three and a half millions in the gold bal-
ances of the Treasury. The amount now held by the
Department is not less than eighty millions, with another
month's customs before the November interest is to be
paid. Governments are also lower, which is to be attri-
buted not to the decline in gold, immediately or recently,
but to the locking up of money and the necessary calling
in of loans. The decline is not attributed to the recent
exposition of himself by that illustrious sage, Alexander
Delmar. Such an attack upon the public credit by a
public officer ought to have seriously impaired the value
of Government Securities; but Mr. Delmar's previous re-
putation protected the Stocks. We have heard of no one
who has heard of any one who was influenced by the pre-
dictions or predilections of the director of the National
Bureau of Mathematical Blunders. The New York Sun,
by the way, estimates "the loss occasioned by this decline
of Governments at not less than twonty millions of dol-
lars." This is putting it rather strong. The amount
actually disposed of, on which alone a loss to any one
will bo realized, will be very small compared with the
entire issue. The Bonds are worth to any man all they
ever brought, and in a few months they will be worth
more than they ever sold at. In order that Mr. Delmar
and his Democratic friends might not be unduly puffed
up by supposing that it was any malicious nonsense of
his which brought Governments down, the premium in
gold actually declined in the face of an irrefragable de-
monstration that the deficit of the year was sure to be in
the neighbourhood of two hundred millions ! Poor
Delmar ! when a man gets to that pass, pity ought to take
the place of contempt, and even bad statistics and false
subtraction be treated with tenderness if not respect.
Of the public funds, Sixty-twos and Sixty-eights aro
strongest.
The import entries at New York for the week have been
sx4,oo9rBt ,0
el a r g
naci ne
ss to f $1,114,806 same week last year; the
p
domestic produce $2,599,006 against
export clearances
a
$3,425,523 ; the exports of specie to $101,468 (the smallest
for 15 years) against $657,317 last week ; the customs for
the week $3,460,537. The gold values of the import en-
tries of foreign merchandise at New York since January 1
have been $183,183,920 against $200,625,299, a decrease
of $11,441,379; the currency value of the exports of do-
mestic produce and miscellaneous goods $118,203,695
against $133,725,063, a decrease of $15,516,368; the ex-
ports of specie $66,092,900 against $12,177,117, an in-
crease of $26,915,793 ; the deliveries of California gold
and silver have been $31,239,632 against $22,605,470, an
increase of $8,634,102.

" T hings" in the stock market have been pretty much one
way this week. The predominating influences were bearish
until near the close, and the views of holders were corre-
spondingly subdued. On Thursday a general recovery
took place, though not in all cases reaching the high
figures of a week ago. Fort Wayne has been firm from
first to last. It stood at 111 on Wednesday. On Thurs-
day the transfer books for the October quarterly dividend
being closed, it sold, ox-dividend, at 1081. Illinois Cen-
tral also stands strong, closing at 1451. Reading, which
had steadily mproved for two weeks, fell off slightly at
the close. Pacific Mail went back to 108 and a fraction,
but recovered to 110 f. Mariposa preferred has been im-
proving steadily for three weeks, and now stands at 131.
Mining stocks generally show a better feeling. The New
York railways have been the subjects of great interest,
and the fluctuations in them have been unusually frequent.
They suffered more than any other from the sudden strin-
gency in the money market, produced by locking-up green-
backs, and have manifestel no vigour in recovering from
it. Central, which sold at 130 on Tuesday, with the periodi-
cal canard of a stock divideni, was at 1261 on Thursday,
ex-dividend, probably. Erie, which sold above 50 on Tues-
day, closed for the week at 46k. There are rumuors that
the election for directors for this road will be contested
by the English stockholders, who hold nearly 150,000
shares, and who will appeal to the court against early
closing of the transfer books. St. Paul stocks aro lower,
and the effort to get them above 100 must be regarded as a
failure for the present. The western stocks generally are
lower, and it is in part attributable to the fact that their
earnings in September have not been up to expectation.
Express stocks have attracted considerable attention,
closing for the week strong and higher. This is the week
for the October dividends, and the announcements show
that thus far the banks and insurance companies have
done a good business, while the railroads and manufac-
turing corporations divide considerably less. Of the 46
banks of Boston, one pays 7 per cent, ten pay 6 per cent.,
twenty-six pay 5 per cent., one pays 4f per cent., six pay
4 per cent., and one, the unhappy Shoe and Leather,
passes, out of compliment to its cashier. The other banks
of Massachusetts generally pay 5 per cent., though with