, 1877-08-14

Columbus ............... 2.uW.u7 2.0xL Bla
Ts;s 4sts i;::r ,,;i. & Z: &: .;ssi .;sSsis
The gam, though IL. per cent, ID shaFcdby only
seven cnles. and the aggregate transactions out
side y New York, u fuas!een Y cities, 'ars su4sa
per cent 1hc whole of hs loss canno; be traced TO
The transfer Of hntiness tu SeN fQrk. which Ehla-
dclphIl enjoyed last yrns. hut q considerable part
Of the gain here il dAs to othet than stock fE1us.
actions.
TIE CHARTER oAK.
The ctrct Of PRECEDENT Jcweila nuttce to policy
holder. that - no freezing ont process will be In
ausurntrt but tue Company will be carried on for
the bencnt o! rlosc who renew their policies rather
than for t,usc wlln DO not, will be speedily seem
In the opinion Of thc nston Commercial Ltu!iti,,
III tlr ar+tny Of policies AMI thu manifestation
large rcsle Of that rccuueraiiva power which
comes from tho appropriation OF the money of 10.
tIriuE pacy- holders. The rescrvo Of tue Company
llas declined between bee. 81 mud July .5 from
fl3, lGi.: 4. SIT, 7.U, Bill. Tho iiHlttla
tainl.s tar Expressions VI approval OF the
new infringement tim. have hccn heard from Senator
l.atun aIa COMMISSIONER sicdMan likely
to do the Company larm THIN good. Senator
1.ntvn 1car1cd hle position In the management
thyuu. rrn-ir~ nbsa,rd under Furber aispcnsa-
non, mud Commissioner Stctman1 endorsement OF
thr psc,tol. 1rsiu1e snvallantcs h!s op'nions.
TIE roCl: trn CENTS AND TlE DENT srATE-
MEST.
No mention Ut lie per cents wAa made Ia tho
lust dsh; ttn;cut1s. although not less than Ss0,-
Luu, tAJ Il. them are In the marl;ct This omission
IL ex ia .uel lu TIC due to ths routine followed In
The treasury Department.. When new bonds nrc
paid fuF AID Issued III .hc plaeo Of old 1.pcr.eent
buna-, wh.ch have bcen called. the latter
cannUt he removed from ihe t1bic
In the statement showing tho debt bearing
inturrAt ia cuin unll they arc presented a. tho
Trra4ary fur redemption, or the date arrives at
which Interest upon them CEASES 10 fuu. They then
may hc transferred from the account OF dcbt.bea
Ing Interest in coin, to that OF debt upon which tLs
intertst has niasurch, and then the 4-rcr. .ceut
bonds can take .Arlr place In the former account
Otherwise the U-pcr gent called bonds and the /.
percent busis i.bur,l for tl,s!r redemption would
botli appear Oh the lcht.st4tcment aud THO bonded
GtD uf .hu country would appear actually to b1 In
creased.
THE NEW yoRK nANK KEsEnvEs.
The apprcIen-lons that have been expressed
that tllu dperrase In tho New York bank
reserves would mako thu loan nurirt
stringent this fall arc nut shared by tho
financial Journals of New York. Tliu Public be-
lieysa that the bankcrs Ut that city Will pursue 80
consersatiru cuurse In disc0uuts That no trouble
can occur. The Financial Chronicle expresses tho
opin1on thut the reduction In the accumulation Of
gr.ei'backs at New York Is caused by the lowering
of tho Interest paid on balances. Tho interior
banks hare krpt their funds on hand 10 greater
extent ihan usual. Whrn ihn demand couics for
currency tu tho rrops thesu hanks will not
Of Now York.
uANK-surEAtHTESDESr ELLIS, or NEW roRK.
A careful summary Ut tie Impeachment pro.
cecdtnes by the senatt Of New York against pank.
superintendent Ellis ~ given by tho Now York
Tribune Of Aug. The conclusion Il reaches 10 taat
no evidence hus bceM brought fDfsxarl 10 Indicate
that Mr. Fills acted fFu cufrupt motives, bpt that
II IL difficult To defsna lila lonv hostauon In per.
forming his obvious duty 10 cluse tho ThInl .Avenus
tasngs l'uuk. The 1fi1uhs would have come
nearer tho truth II Il bad stated that snretnscnd-
eut Ellis belongs to the class OF trading poii(-
ctans. TAett uen nrvcE have any official tnorula
Or Eny conception of the natuse Ut public trust.
When placed in losiiIon Ut responsibility fa1th-
fulnvsd aud thurouahgolng Integrity aze tho ex.
erptiun. Superintendent Ellis case illustrates thu
rule, l!,t the exception.
THE GOLD MAKKEr AND TIE srHDlcArE.
Importers. and othcFs lcsitlmately Interested ii
thc gold markcL have beru encouraged by III.
statement thus the syudicatc has already ssltlc'
with iht Treasury for $50, 600, 00o OF the new
pSE eehts. This wonid lcass Gully $10, Q00, O0
American uud $40, u0o, 0U0 foreign subscription
TO la settled. and wuull Causa tho premium d
guI u 20 lowrr Instead Of higher. Tle stor
lacks eonhr nation.
MUNICIPAL HAtLRoAn DEBTS.
The debt Of Cincinnati IL 81, Bl4, 600, and o
this yi7, 49, COO has been sunk In I'D OF th
Southern Railroad, o dubious entetpsse, i}alti
1nosc laa bonded ltsef fur SU 5au, QUO, but n ia
Us ihx interest goes the Investment has paid. Th
uul3 other American cities with railroad debts uyc
s:,uol. 100 are Lou!ayllls. which has a railroa'
Gebt Of s.. 01u UoO, uot likely to yield much; Port
l4,44. Mr, With very bad one Of 81, 103, 700; IN
pltlsturg with onc Ut o., Ito, 000.
TIE TELKGkAtA CONFERENCE.
The ulccsins tu.Lay In New York Of II commItte
Of uit, elufs ot tho Two telegraph companies
p'aI.itjy viewed ~ part Of Goulds schemc 10 pun
ish kteut. The rIse lat week in Wxstcsu unio
p2s Vt ihe saulc natu1o. Advantage wAs taken
tosell ty ulauy who bought last spring, befol
ale prize "as carried down. The Hosl1 declare
thr rr.oiat!un Ii commonly Looked upon ~
n,o,s In the Interest Of ibe stectlators, who VIII
" sell both tAviE Western tuon and 4. &
stock.
nor ALL THE GREEHuACKs IN TUE TREAsCR
INCLUDED IN DEBT aTA7EAExTs
The Treasury Department generally holds ahol
9i:. DsO, to0 more grt enbacks than reported 1
tie lebt statement. TIL. amount eons!sta Of teQa
tsn4ers held for lhs redemption VI bunk aotes, II
fpnds deposited by banks tn pEocces VI lIquldat!o
fv1 trtiriny their circulation, and Gums to It
credit Of dl.bu.su1 officers. The Treasury hos<
<Ae4c u i trust apart from it, own cash, and tbs
sse consequently noi included In IL statements.
HEAVY IsSksTNEAT III DKAlSAGK.
An exchange sxys: ''Ths great scheMa Il
dSaEulux The Layl.r zrs. IL LOW really begun
a3As. tavulyEr u,iles long, u to " built aero