, 1874-02-24

under 1udiclous and proper restrictions anu re-
aai1rfemonta a. to caritnl stook tol,ratog lmpar
tion, Of +'freiBht and d onrh belonging
to individuals, oomphntos, ntid corporations,
and responsibility for tho oaro. Of property
rccoiyod for transportation. It fe. perhaps M.
of Directors was not in tho interest Of any par
Y Or parties who havo uought or rnny sock to
Obtain subsldoB or special aid from tho Govorn-
mont mon Tor such road. Wldlo urging tho impor-
eso ta xo+ pr9ygs "s'T
Dog to oxpraas their boiof that thoro is an oqual
nco OF increasing tho number OF railway lines
t.. to tho M Eaat aud Southeast. Tho water-routess
IN nno .hi, ts latitude Of our country re closed
nor @ tho Vast oan afford to depond on
Mroly upon such ayonuoa for an exchange Of
tholr productions. Tho movement Of grain oan-
not 20 limited to tho period Of lako and canal
Of Ultcego with ths European markets that now
anu constantly opened avenues foritn prosecution
must 90 provided. Present railway companiea arc
uap1e to moot at reasonable rates tho wlnter de-
oeonto 9E that Nom .t o s,a needed to
chespon cost Of transportation, and to correct
the evils md abuAua OF present railway n1nnago-
ulens. But while tho Directors would encourage
enterprises 80 woll calculated topromote the PROS
OF transportation OF Western productions, they
would not approve Of asking Oongross to mako
grants OF lands Subsidies OF monoy, or remls-
elon SIC OF dnttos to any corporation, nor would
railroads without tho restrictions named In tho
memorial to which roferonco hns been made, Il
must not DO forgotten that railroad corporations
gro soolttng to establish customs aud principles
for common carriers by rail different from and
othor than those observed by other cnrriors, and
THO ISSUE today ia In part whether they shall ho
subject % tho @aua reaponhibilitieu and ponnl-
ti9s ,1. 10 arc others WHO ass engaged In transpor
GRAIN IN NEW YORK.
Intimately connoctod with the question of
transportation Is that Of charges to which grain
arriving In Now York is subject. Complaints
towing boats arc excessive, and operate to tho
prejudice Of cur trado-ro1ations with that city.
suoh charges arc = direct tax upon grain, md
undoubtedly are the result IL part Ut least, Of
tho ts,,' Want 81 proper facilities for recoiving
rond terminals at that point. with Wow Of re-
moving or reducing this tax upon Western pro-
ductions arriving n New York, committee has
beon appointed to confer NTH otl}corB Of the
New York Produce Exchange Association, but as
yet the Committee havo not had timo to act.
Neoont experience added to that Of last year
has demonstrated tho need Of requiring from
MANAGERS OF ELEVATORS
guarantees or securities not heretofore given for
Tho act OF 1871, requiring managers Of public
warehouses OF Olass A. to procure lioonHo be-
foro transacting business as Harehousemen, and
requiring bonds With surety, conditioned for tho
faithful performance Of duties Of varehousemen,
togethor. with noyore pona1tios for tho violation
Of tho law as provided, it Is believed is we'll
adapted to protect holders Of warehouse re-
coiptB. Tho elevator propriotora Of this city
refuse to procure liconeos and give bonds as
required BY tho law, on tho ground that certain
nBlnuch as the decision of tho Supreme Court Of
tho 6tato, ao to tho coustituionaity Of tho Law,
is expected soon to bo promulgated, 1t may DO
wigo to awatt such decision boforo seoling ad-
ditional Legislation upon tho subject.
CHICAGO AND THE PANIC.
The .evonts OF the year hayo not only proved
tho stability Of our corporation, aud tested tlie
strength ct our banks, merchants, and
manufacturers, but havo also eatahBlod t1e
tho interruption Of business incident to period
OF general financial DISTRESS the trado OF thioa-
50. for the last twolyo months, greatly exceeds
that of any former year. Tho recent financial
its sevority, ovortooE tho business mon Of this
city In tho height Of the busiest season, and
When, as d mattor OF oourso, thoy were most c1-
tended. Tho effect OF money crisis. uudor
sgs could .s. R1t hys bsen other
suffered alike, but not equally. While many
associations similar in character to our
own were forced to sucoutnb to tho pres
suro Of tho panic, and wero obliged temporarily
~ oaoFp4sA uuoAAApooI stA4o AohAA VI A4aAo nA4
fcred no adjournment Of it's regular business
BessionB, aud not one Of Its members waB ro-
ported to hayo failed by reason Of tho panic.
The certain and continuous inoroaso III tho
membership Of our Association Is but an illus
tratton Of tho markod growth aud prosperity OF
those interests that mako up what constitutions
tho business, trade, and commerce Of the city in
Which we 1.-Two. Respectfully submitted in be-
hall OF tho Board Of Directors
CHARLES z. CuIvEn, President,