The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-04-29
DOWN TOWN.
Money and Stocks-The New Age of
Brass-Coal-The Extension of
Bank Charters.

| clal SITUATION yesterday. Ihohos SoH's.A."o-
easy with no Indications that the demand
would exceed the supply. Rates were IN
| changed The Boston stock market opened
firm but closed weak; 225I shares Maine Cen
trail sold at 60, and the price declined to 30.
Mining shares were very quiet.
A Franklin stove in store window-an old
fashion franklin stove, such as was the house
hold pride when some Of us werel boys and
girls-hanked with the ancient shovel and
tongs and made brilliant by shining fender
recalls to the mind the new age of brass-ma-
terial brass-that meets one 80 often nova
days. Our neghbor has deceitful gas-log
burning but not consuming in the family sit
ting room, and we admire the classic pattern
of the shining fender that protects us from the
dangers of an open fireplace. He solemnly as
sures us that the candlesticks on the mantel
are venerable brass and came over with the
Pilgrims, and produces hand mirror set in
musty brass and mumbles over something
about Herculane UNI and Pompeii He produces
brass plates and bowls of curious workman
ship and directs our attention to the artistic
craving of birds and beasts and flowers and
human figures so literally scattered upon thenl
we pOl1tc1y dCC0pb ali uS bdyo sthQ nSANOA Nv
the skill of those dead artists and mechanics;
but when in his pride be calls us to see the new
brass bedstead-a graceful, dainty affair, with
polished frame, canopy top and openwork
panels, and labelled warranted not to tar
nish," we suspect he has got epochs mixed in
his study of household art, and has been vic
tim OF fashion-that he bought all these
things at the store and that there is more
brass down town.
From open freplaces to close stoves-from
wood to GOALS not violent transition, so the
coal trade of the city becomes m interesting
subject to us, according as we are dealers or
consumers. The growth of the business here
is wonderful. Thirty years ago coal was not
a universal fuel in the city and comparatively
few people in the country knew its use from
practical experiment. Two years later a
small demand came from Lewiston for her
factories--less than 800 tons for whole years
consumption. It is fair estimate that that
city and its neighbor, Auburn, now receive
from Portland alone not less tnan 10000 tons
yearly. The distribution from Portland by
rail extends in ALL directions-up beyond the
White Mountains to the county villages whose
inhabitants find it cheaper fuel than wood,
aud whose growing manufactures demand it
as indispensable. An intelligent stevedore,
who is very methodical in his own business,
tells us thatin his first years operations here
the total number of tons Of coal landed in
Portland would not Sexceed 1900 for the
twelve months. Making an estimate on the
basis of his own business, he thinks that at
least 800, 900 tons were landed here last year
for local consumption and distribution in the
interior. The railroads, steam navigation
companies and large manufacturing corpora
tions are great consumers. The Maine Cen
trail Railroad receives here about 10000 tons
annually, the Grand Trunk consumes q 000
and has cargoes of bituminous coal consigned
to it for delivery; the Boston and Maine Rail-
road requires about $1,000 tons, and the East
ern Railroad, which is gradually preparing for
its principal coal deposit here, used last year
about $1,000 tons. Then there is the consump-
ton by our large manufacturing corporations,
such as the Gas Works, &c., which is not as
certained. Coal is sent out from Portland far
along the line of the Boston railroads, and as
the towns just west of Boston derive their coal
supplies largely from Providence, SO some OF
the towns east OF the central point between
Portland and Boston may yet come to Portland
for coal. Who knows7 We have recorded as
strange things as this.
Mr.. Soule, who represents the Groyeton
Mills, has purchased Holyoke Wharf, where
he will store the lumber from the mills prior
to shipment to New York and points south.
The wharf will accommodate six million feet
of lumber
Messrs. E. S. Hannlen & Co. have finished
the addition to their large cooperage at the |
head of their wharf, new painted the whole Of
the extensive buildings, and cleared all the
old rubbish in the vicinity out of the way.
Touching the matter of extending the chart
ers of national banks the opinion in Washing
ton is that they cannot practically do so under
the present law, but they can dissolve and or
ganize anew, so that tine new bank is really q
continuation of the old. The correspondence
with Cincinnati bank, laid before the House
yesterday, shows how this has seen done. This
bank went into liquidation and gave notice
thereof to the Comptroller. The stock
holders then agreed to apply for author
ity to organize a new national bank
with the same name. The same officers
and directors we're elected. The old
bank sent to the Comptroller of the Currency
SAC, 900 in legal-tender notes and received $780,
600 of its bonds deposited to secure circulation
The bonds were then again deposited as secar-
ity for circulation of the new bank. The Gin
cinnati bank has 100000 circulation. Its
pur pose is to make other deposits of legal-ten-
ders in sums of $45 600 until the new bank has
received the same amount of circulation which
the old one had II the banks wait till their
charters expire or at the point OF expiring the
change would not be so readily ACCOMPLISHED,
butwhere there is unanirnity OF purpose and time
enough taken for liquidation before the expira-
ton Of the charter, the present law is held by
many to be quite sufficient. The Grape bill,
however, is designed to make the process
much swifter and easier one, and it now seems
as if il would become law, though with some
amendments. The Comptroller is to be called
on for full statement of the application of
the present law to tho organization of new
banks in place of those whose charters are
about to expire. Where the capital stock is
held by several hundred shareholders this pro-
cess or reorganization is not SO easily applica-
ble For such cases the law proposed t'y Mr..
Grape is necessary.