, 1877-03-31

r,sny s,% s1ct: Al ~ ;1'asS' s, kWs!efbIy kni!
inE ifs Ass; As.aPsns: psay, s1 sse; 3 .sssrs
Sr Ssds :ssa Snf ~ f Hsks s.g pa; c.s
liaIroaI Company 6ssO
Tho total nominal value Of these corporate seer.
rifles Is <:Hs, h50. The price they brought was
S1:4. 80. These stocks Rnd bonds were. almost
without exception. issnej tn the glorious days he
fore tho panic. The ,nuury pitt in than has dlsap.
pcaro1 Ike water poured on sand. The compnri.
ron between their present raluc nul tlsir 9aeo Is
raddening. bnt very uatrRctlve.
BRITISH RAILWAY pIvtDENps.
The dividends DECLARED for the last half-year by
Tho nr!tsh railways. and their accounts which hAyu
been tnado public, arc considered by The London
TINS 10 bc on tho whole quite satisfactory. Tho
decrease in Tho dividends, taking all sle roads
together, is lgb. The greatcat loss IL IN tho North
Eastcrn, down IL, and Great Northern. down
per cent: Int ttlefo arc engaged In tile coal anil
Iron tsai1lc, which Ina suffered mora by tho hard
tln'cs than any otps branch u tho transportation
business. Excepting thasc, and the Midland,
winch pays =; OF lpcr cant less, tho English rail-
roads have paid quito well IN the 1rst haiti Of
1870, or In 1878. Tho Timer does not think that
railways will ngain bc worked ~ cheAply Ia Great
Drtan as IN tho past. With all tho reductions,
wages remain higher than bctoru The Imitation, anil
The nclcaslug requirements - 10 efficiency t1akes
greater expcnSch necessary.
NEW ronK's sTRuGoLE roR EXISTENCE.
Tho City OF New York ls now vatnly struggling
10 maintain ita commercial supremacy against
/. varions and most advcrse influences. The dntn.
c1a. policy Of tho Government, tic destruction Of
foreign commerce, and the sharp competition Of
railroads for internal trade, have all operated to
diminish her relative Importance. II to these DO
added tho weakening Of her banking iuslItntions.
BY permitting such excessive taxation as will
drive them out Of tho business Or dcprlvo them of
the strength and stability which arc rcQnIred 10
cnmtnhnd TIM cnnAdFnrn NJ thr n
tho most Important blow will ihon bo struck II her
prosperity. Without those guarantees which
strong institutions can glvn money wilt coneeu.
tratc elsewhere, and with It's departure all ether
property which derives from trade fe1 power TO
support tue revenues Of tue State will ~ rapidly
dc.eriotntc. Tho banks In Now York CITY do not
nsk special consideration for themselves, Thcy
only seek, and will he compelled TO contend 10 the
very ntnost, for Tint equal Justice which large
al Interest Al thclrs In tho State muat eventually
iecUrc, and which cannot be withheld without
general destruction. .-Addrtss Of Uarkers' COM
mlttte to 4ys@ FORK LeaIslalurs.
LIPg-IasuRANcE LEGISLATION.
Tim temper In which tho New York Leelslatnre
t tralin. with tho liie-insutanco question Ii not
IN an'iablc Or discriminating one. Every smend-
msht to tho bill row under investigation. II II ap
,rash hante 10 tic companies, ia forthwith adopt
III. One Vi thu amendments adopted will compel
Tie companies 10 mako nil theiF losns on property
In New York sthte worth double tho loan, or else
10 invest thur finds In Uul.ed statex bon.is, OF
hont"of New York State. or OF any municipality
in tho St1te. In 10 caso At mora than their actunl
market snsuc. and, excepting United statca bonds,
bearing rate Of snlcrast not trss than pet cent
II ls wC enough for the Legislature 10 ragulatu The
expenditures and management OF tic companies.
Their own evidence shows how necessary this H. but
eonrthng lnore 10 NEEDED for tho ful protection Ut
he policy holders, rcrhaps tho must important
a1 ru1,1 knf f%Lr
he companies to !ndossc upon each policy, Vi tile
1ne Of tssulnV II. an equitable xuFrcndoE va,uo for
ach ycaE. In this all the other needed reforms 10
iccvunts, management, and fAir-dcaiing ose IN.
sUlved.
THE SOUTH OTTAWA NoNps.
The Philadelphia Lsdytr dues not like the de-
stsion OF tho United States Supreme Court sus.
taung lhu refusal OF tho Town " South
5tlawn to pay tbs town corporation bombs.
Il says: ''There has for sntno yes.s past
bern llt1]e disposition at tha commercial
:r,,tres Ut tho Nurth to Invest In Western and
Southern town securities, and thu catching al such
pleas u that uossceA above Tor just!dcaton Of sc.
pudaslon Will ~ far 10 drive such borrowing fsom
alI nluncy markets. That a party borrowing can
nnl legal support In thus taking advantage OF it,
own wronx-rccutytng tho proceeds of fraudulent
1undk-ls lttt!s botlcr than awlnlllnx."
SILVER COIN.
Tho regulations allowing tho Treasurer 10 furnish
silyos coin Oil cert.tates Of deposit Of Assistant
Treasurer and NatIonal.itank dcpositorias havs
been 50 modified by tho SECRETARY Ut tbs Treaaary
" permit the hhlpmenex of silver 10 Nv made di.
rect " the paFt'~s making thu deposit. 'rhs rx'
rcnss ~ paid BY tho Department tD points In the
United States reAched through established cxprcsa
lines, by continuous railway Or steamboat couu,u-
nlcatiou. uspo4Its to ba IN Sums not lass than
$1,000 or liz multiptes, nut exceeding $40, 0oo.
IScosvEATiSLE FArER MONEY III TURKEY,
The Constansinople correspondence Of tho London
11ass gives Aonac information abeat The dapfscta.
tim Of tho paper munoy VI Turkey. The preruIum
on guild IL now sboTu 100, which ID what tho cor.
respondent probably Hleans when hs says that the
paper currency "Is more than 100 per cent tslow
par.'' II nuw takes 2l0 piastres In paper to buy
Turkish pound ia gold, and IN Cou4tantsnuplu
thcEu are 100 money bfokers.
GOLD AND GAHzNHAcKx.
Gold was l0ah0104X 10 grecuhacks.
Greenbacks weze a1IG1a7s csnls IN The dollar