Montreal herald and daily commercial gazette, 6 février 1875, samedi 6 février 1875

[" POST OFFICE TIME TABLE Post Office, Montreal, Dec.8, 1874 A.M.8 00 9 30 00 11 00 8 00 00 10 00 00 00 11 00 11 00 10 30 10 00 9 30 10 00 VEUT MAIL.P.M.6 00 2 30 11 00 8 30 '10 00 6 00 8 00 Ontario, a)OtUw&by Railway.a) Prot ince of Ontai io.\u2022 \u2022.Ottawa River Route.6 45 2 00 2 15 5\t1S 6\t00 1\t30 2 Quebec.Quebec by Steamer.,.0) Quebec by Railway.Eastern Townships, Thiee Rivers, Arthabaska and Riviere du Loup R.R.St.Remi and Hemmirg- fordR.R.St.Hyacinthe, Sherbrooke, Ac.at.Johns(6.) and Vermont Junction R.R.ShefFord ana' the S.H.O.Railways .CLOSE.A.M.7 45 7 45 8 00 Local Mails, Beauharnois Route.Chambly and St.Cesaire.Contrecœur, Varennes A Vercherei.Cote St.Paul.Tannery West .Huntingdon.Lachine.LongneuiL.St.Lambert.Laprairie.tfew Glasgow, Sault-aux- Recollets .Terrebonne & Rc.Vincent.Point St.Charles.St.Laurent, St.Eustache St.Scholastique and Belle Riviere.Et.Jerome, St.Rose and St.Therese.St.Johns and St.Armand, Station.Three Rivers, by North Shore Land Route.F.M.7 45 7 45 7 00 7 00 2 00 2iA7 2 15 2 00 6 00 7 45 8 15 P^/tate AND DAILY COMMERCIAL 7 00 7 00 6 oo; 6 00 : 6 00 00 7\t00 8\t30 7 00 I 00 Maritime Provinces New Brunswick, Nova Scotia and P.E.I.Newfoundland forwarded daily on Halifax,whence despatch is on alternate Tuesdays, counting from loth June.8 & 10 8 & 10\t.\tUnited States.Boston and New England States, exaept Maine-.New York and Southern Statef\t\t\t\t7 0 \t\tIsland Pond, Portland and\t 8 00\t\tMaine\t\t\t \t\ta) Western and Pacific\t 8 4 11\t\tStates and Manitoba.;\t7 45 (\u2022) 2 15 2 00 2 00 2 00 2 15 2 15 £2 30 5 00 2 15 1 80 2 15 7 00 West Indies.Letters, &c., prepaid via New York\") are forwarded daily on New York whence mails are despatched ; For Havana and West Indies via Havana every Thursday P.M.For St.Thomas, the West Indies and Brazil, on the 23rd of every month.Great Britain, By Canadien Line (Friday).By New York ou Mondays, Tuesdays A Saturdays.2 15 2 15 7 45 -*{ 7 00 2 15 a)\tPostal Car Bags open till 8.30 a.m.and 9.00 p m.b)\tPostal Car Bags open till 2.40 and 9.0:) p.m.Registered Letter» must be posted 16 minutes before the closing of each Mail.Street Boxes are visited at 10 a m., 12.30, 5.30 and 8 p.m, DUNN.DAVIES A CO., or TH9 XOMTBBAL STOCK ¦ICKANG*, BEOKERS In Stocks,Bonda.Ssohange, &c.,*nd AGENTS fo* raa naacTiKTion or MORTGAGES & FINANCIAL Arrangements generally.117 St.Francois Xavier Street TRADE AND COMMERCE Montreal, Friday Evening.Customs Rece[pt3 to-day, $19,633.86.The demand for Flour was more active this morning than for some days back, but the extreme views of holders restricted operations.The sales of the day numbered over 2,000 barrels, while the receipts were 1,210 barrels.Extra Superfine was dealt in at $4 80 ; Spring Extra at $4 25 and Superfine at $4 05.500 barrels Strong Bakers\u2019 were placed at $4 50 r® $4 60 ; 100 barrels Medium do at $4 40 and 200 barrels Middlings at $3 50 (3) $3 60.City Bags were dealt in to the extent of 1000 bags at $2 35.Wheat was dull and nominal.lo other Grains there was nothing done.Barley was 2Jo higher, the selling price being 87£c rd> 92Je.Provisions were inactive, and we have no material change to notice in prices.Pot Ashes were easier at $5 92£c (Q> $6 00 ; Pearls were held at $6 80.At Chicago Wheat was moderately active and lower at 87Jc for March.The receipts wore 72,000 bushels and the shipments 25,000 bushels.Wheat at Milwaukee was nominal at 92c.Advices from England this morning quote floating corgoes of Wheat and Corn very dull.Cargoes of Wheat and Corn on passage and for shipment very inactive.Mark Lane Wheat and Corn flat.London quotations of Corn for prompt shipment, 34s (d) 34s 6d.Liverpool spot Wheat and Corn turn cheaper.California Club 9s 6d 13) 9s lOd ; do White 9s 3d (8) 9s 6d.Red Spring 8s lid f® 9s 9d.The following is from the circular of Messrs.Kenneth, Dowie & Co.of the 20th ultimo:\u2014\u201c The weather since our last circular was issued has been very stormy, and most unusually mild and damp.All the country markets have been depressed and lower from large deliveries of wheat in damp condition, and although American and other Red Wheats are excessively scarce here, the outports have been well upplied, while we have been deluged with Californian.The Tka Duty in the United States.\u2014 The following paragraph is from the New York Journal qf Commerce of yesterday :\u2014 Anxiety is manifested on the part of tea and coflee dealers to know whether duties will be laid on cargoes to arrive.The impression is that, despite assurances given heretofore, this will he done on indirect importations.The Treasury urges this on the ground that without it, Canadian merchants can fill our warehouses before the duty takes effect, sell at duty-paid price, and then buy back in bond, thus making 15 cents per pound out of our tariff without paying a cent of duty.Tbade in England.\u2014The London Times of the 20th ultimo, contains the following, regarding the condition of trade at Manchester : \u201c The small receipts have made the raw material dearer, and as a consequence yarns are quoted higher- Yarns for export have been very firm, but the prices now asked rather check business.A good deal more might have been done at last week\u2019s rates.In home-trade yarns the amount of busi-p ss has been fair, and in most cases at a slight advance upon last week\u2019s prices.Manufacturers have naturally raised their prices with the advance in cotton and yarn, and are even timid about committing themselves to large engagements at the full rates.The Eastern markets, especially Calcutta, affoid no encouragement to shippers to pay the advance.The Calcutta market is, in fact, declining ;n (ace of it.A fair business was done here in cloth last week, at the old Fall quotations, hut little has been effeected at the increased rates, and though the tone to-day is strengthened and buoyant, there has been only a moderate amount of sales.\u201d Messrs.John Slagg & Co-, report \u2014 \" The advance in yarns has caused a general hardening in prices for cloth, hut buyers decline to pay an equivalent advance except for small quantities.To-day the tone is firm, but in face of the discouraging aspect of Eastern markets the demand is languid, and only a small business has been done.\u201d The same journal ip commenting on the state of tra4e at Birmingham says :\u2014« Some improvement is apparent in the demand for hardwares, and prices, more particularly of brass and copper goods, are stiffening with the raw material ; but there still is qn absence of anything like animation.The United States\u2019 market is especially flat, anti Unless prices on this side are considerably reduced, correspondents hold out no hope of an early revival Colonial requirements are fairly good for the seasen, and the prospects of trade in Canada and the north of Europe are reported favourable.Among the busiest of our local manufacturers at present are the cabinet brassfounderSj who \u2022re for the most part still engaged on orders booked last autumn.In the metallic bedstead brunch, brass and brass and iron goods are in fairly brisk demand Box irons are in growing request, chiefly for the markets of northern Europe.The jewelry and hirding gun trades are comparatively slack, but the steel pen branch is buoyant, and prices are again advancing.FlNANOfAti.\u2014The money market has been fqore active; to-day than for some time back, and rates of accommodation have become much firmer.Call loans are not procurable now under seven per cent, and large amounts werç advanced for thirty days i^ta rate equal to 7J per cent.Three month jpqns on stocky liave alqo advanced, the ruling rates now being 8 to 9 per cent.This increased activity and the stiffening in the rates of discount have partly t een produced by the withdrawal of deposits by the Government and partly by the improved demand which is generally experienced during the first few days of a month.Sterling Exchange was easier in sympathy with the decline at New York, and sales of round amounts were made on the open Market at 8é I over the counter for cash at 9£ and for paper at 9|.Advices from London report a loss in bullion by the Bank of England of over -t2Of),000.The street rate for money is only 1-16 below the Bank rate.Consols aie quoted at 92jj /® 92j for money, and 92J fed 92f for account.Erie stock closed at 26 i® 26J.Gold at New York was firm at 114J, The Herald of Tuesday in commenting on the condition of the gold market says, \u201c The influences at work upon the gold market are producing much excitement.The fact that the price moved up { per cent after the business hour, that the extraordinery receipts from customs today amount to a larger sum than has been 2 15 reported for many months\u2014to wit, $1,150 -000 showing that importers recognize the gravity of the situation and are beginning to protect themselves by purchases in anticipation of yet higher prices ; the considerable shipments made by steamers and the heavy loss in the Eank of England \u2014 these are incidents that explain a situation which is gradually forcing itself on the attention of the commercial community.Poverty in a government invariably compels that the principle of self-protection shall be asserted by the citizen.\u201d Sterling Exchange opened at $4 861, and declined to $4 86.Five twenties are stronger at 16.Interest rules at 1 per cent to carry.Stocks were all weaker today, and exhibited a tendency to decline still turther.The fluctuations were 10 o\u2019e 12 o\u2019c 2 o\u2019c 4 o'c.Pacific Mall.35\tJ W U Telegraph.74J N Y Central.101 Erie.29$ Lake Shore.74$ Rock Island.,.104J NW Common,.46$ Do Preferred.60 St Paul.37$ Ohio and Miss.29 Union Pacific.39$ O O ft I O.8$ Toledo ft Wabash.16 Business on the Stoct quiet this forenoon, the sales effected being small lots and confined to a limited range of securities.Montreal, Merchants, Commerce and Telegraph exhibited a fractional decline, but other lines were not materially changed in price.A small lot of Bank of Montreal was placed at 188, bnt at the close the stock was freely offered at 187J.Ontario was held at 113$, with buyers at 113.City was stronger at 109$ but, although buyeis advanced their price to 108$, no business was done.Holders of Peoples continue firm at 112$ ; 111$ would be paid.Molsons remains steady at 118, and Toronto at 194 ; buyers have not altered their views, 117 being still the highest bid for the former and 192 for the latter.Jacques Cartier could be purchased at 107$.Two lots of 12 and 30 shares Merchants changed hands at\t117$, being a reduction of $ I® 1 per cent from\tthe price\tpro- cured at the close yesterday.Eaitera Townships would command 121, Quebec 113, and Nationale 115$.Union was held at 106$.For 18 shares Mechanics\u2019 91 was accepted.Royal Canadian was strong at 98, with buyers at 97$.Commerce ruled inactive at 133$ I® 134 for buyers and sellers respectively.Metropolitan was in demand at 99, and Hamilton at 95 ; holders of the one asked 99$, and of the other 97$.Maritime was offered at 89, and Exchange at 106$.30 shares Montreal Telegraph were disposed of at 177$, and 70 at 177$.A few shares of Montreal Building Association changed hands at 120.Corporation 6 per cent.Bonds was dealt in to the extent of $10,000 at 99- Richelieu Navigation Company was quoted at 141, and Canadian do at 102$.City Passenger remains dull at 185$, and Gas at 138$.At the Afternoon Board the market for Montreal, Merchants and Commerce was very weak.The sales effected in the first of these were 50, 20, 30, 20 at 187, closing with buyers at that rate, and sellers at 187$.500 shares Merchants were offered at 117$, without finding buyers.For 125 shares Royal Canadian 97$ was accepted.Commerce was quiet at 133$.Montreal Telegraph closed at 177 /® 177$.GAZETTE.VOL.LXVII.NO.31 FINANCIAL-Feb.5 Gold.10 a.m.14$ | Exchange .,$4 87 RECEIPTS OF PRODUCE FOB PAST 24 HOURS.\u2014Feb.5.Flour, brls\t Leather\t A8l>es\t Butter\t\tÜ.T.R.1,210 .94 .49 Peas, bush\t\t\tf fi fion Whiskey\t\t45 Dressed Hogs\t Barley\t\t.1 226 \u2014\t\t\t \t {By Telegraph to the Montreal EUROPEAN.\tHibald.] LONDON, Feb.5, 3:30 p m.™ MONETARY\u2014The rate of discount in the open market is 2 15-16 per cent., which is 1-16 below the Bank of England rate.Ihe amount of bullion withdrawn from the Bank of England on balance to-day is £199,000.PARIS, Feb.5.MONETARY\u2014Rentes, 61f 40c.LIVERPOOL, Feb.F, 3:20 p m.COTTON \u2014Of sales to-day, 9,700 bales were American.BREADSTUFFS-Market quiet.GRAIN\u2014Wheat, 9s 2d & 5d per cental for average California White ; 9s Gd 10s for Club do, and 8s 7d (a) 9s 3d for Red Western Spring Corn, 36s r(S 36s 6d per quarter, TALLOW\u201442s 3d per cwt.35 i\t35*\t35 74\t73£\t73J \t\u2022.\tioii 28J\t.\t28J 741\t73i\t73* 104$\t.\t104}- 46*\t45£\t45f 60\t\t68* \t.\t37} 29\tOO\tm 39\t*\u2022\t39} \t.\t15} Exchange\t\twas UNITED STATES.CHICAGO, Feb.5.FLOUR\u2014Dull and unchanged.GRAIN\u2014Wheat in fair demand and lower : No 2 Spring at 883c bid; spot, 85fc (3) 852c; February, 86|e ; March, 88c (3 88£c ; rejected, /6c.Corn in fair demand ani lower; No.2 pBxed* 632c for spot ; 64$c bid for March ; 713 c bid ior May; rejected, 6lie.Oats dull and de .lining at 52£c for spot or February; 522c lor March ; 56jcfor May.Rye quiet and unchanged.Barley dull and declining; No 2 Spring at $l 17 for spot; $118 for March.\u2014Pork dull and drooping at 4J on spot; $18 55 for March; $18 82} (3 £18 85 for April; Lard dull and declining at £18 0'q for 'spot.BULKMEATS\u2014In fair demand and firm.WHISKEY\u201492^ bid : 93c asked.On the call of the Board this p.m., wheat sold at 87c 3 87^0 for March ; 88jc for April; other grains unchanged.Pork sold $18 574 for March.Lard at $13 724 for March.RECEIPTS\u2014Flour, 2,000 brls ; Wheat, 72,000 bushels ; Corn, 26,000 do ; Oats, 11,' 00 do ; Barley, 1,000 do; Rye, 10,000 do.SHIPMENTS \u2014Flour, 4,000 brls ; Wheat, 26,000 bush; Corn, 36,000 do; Oats, 5,000 do; Barley.5,0(H) do.HOGS\u2014Receipts, 11,595 ; shipments, 14,74.NEW YORK, Feb.5.MONETARY \u2014P M, 35^ ; Telegraph, 734, American, 6 | ; N W, J5£ ; Do Pfd, 60; Rock Island, 1043; &t Paul, 37*; Do Pfd, 58?! Erie, 28i; St Jo, 21; Do Pfd, 32* ; Harlem, 128?; Lake Shorp, '3j ; N Y C, 101 ; O \u2018 Tolf- h \u201e\u2022 re lution : \u201c Resolved that tbJ 'jji ¦eciore of I jiSüranee dur-i eso-___this company should they deep TJ.ad authorized, açd they ar&fnçrÿby spei empowered toreff\u201cct OtMwyjfarine lasu ranee upon ocean*Vesntt'd&fl cargoes, in accordance with the first cpyhso of she amended act of the comps r\u201d1\u2019 He reiterated again bis opinion raM the matter, could safely be left witflflao Board o Directors.\tf , Mr.A.Wilson said he the p ¦ jj be unfair to throw this respi \u2018-ability in the hands of the directors.This meeting was called for the purpose of g\u2019iviug aa expres sion of opinion upon whfôh tue directors would act.He happened th be a director and must say that his mind was not made up.He had strong feelings to go iirio the ocean marine business with certain restrictions, with the proviso that wi.\u2019 w extension was made with regarf to marine or life insurance they must have more < .>ii ii He would never go into inti ring 50 or Mj million of risks without move capita!.What they wanted was ten per cent.\u2019 more paid up so that they could go into tbe coo ¦ cern with a capital equivalent ' \u2022 \u2022 \u2022 -«t losses that might take place.ijW far as .He w,.w concerned he should require ae expression of opinion aud he trusted to-'Hy Jjp have the feeling of the shareholdeTS ul -ft ., object.He thought the v responsibility should not be left in the hands\tdirec- tors without such expression.Mr.Aylwin said that so far as he knew every one was prepared to pay' such calls as were made.He was hound to say and he thought he would be endorsed certainly by the gentlemen from Pe-terboro.But it was distinctly understood there should be no other call than the first call of ten per cent, unless such losses occurred to compel the Company to make the demand.The whole of the Company was pledged to that.It would be a breach of faith, at least it would be regarded as such in the district around him, and he believed other districts would say the fame.If they could not enter into it, and he thought they could not without the call for ten per cent he thought they had no right to do it.Mr.Perry\u2014I should like to understand.There is no such assertion or distinct understanding given.Mr- Aylwin\u2014-It was by your son.Mr.Perry\u2014My son was only an agent going to get stock subscribed on percentage.He may have said that, hut he had no authority.This is the first I have ever heard of any promise'oeing made.The Act of Incorporation was distributed the same day to the subscribers.He should have read that Act and seen what it said.The first call to be 10 per cent, and the next 5 per cent, at an interval of three months.Mr.Lewis sa d that when Mr.Young came round to their district he said there was no intention to make further calls.The Chairman said there was no intention.No such question had yet arisen, but in course of twelve or eighteen months such a call might be made.No promise made by an agent or collector of stock could be considered to forego the charter when a call might be found necessary.Mr.Aylwin said that one of the Directors bad said he would not go into it except they had more money than they had at present.He considered that it would be a breach of faith to enter into any engagement for which there was a reasonable belief that there would be ffoiKHtM call ; it was started as a Fite'lftiflftncePcdmfany.There was no doubt that Montreal men complained, and justly too, f.i paying increased rates o .account of the destructive fire at Chicago.It was through this that the company became Bucceesratly, formed more to get position for Mr.Perry\u2014 or for Mr.Y\t, The first question waste have fire rates lower,and after wards the marine question became the hobby of some who thought they would make money by t Taking ale -.-jUB'deration that the Company was started as a fire insurance company, (.toy tad no right logo into the m \u2022 .-in* .«m mce.Mr.Wilson said ih'd be meant to be understood rightly, '\t'*-y \" * ' into in- creased business-\u2014into ocean marine of nay other business\u2014they must have more ,ere was no use hiding ittfr.They knew by It they increased it e expenses, must he a must admit;, however, nst the extension, but or 5, 10, or even 20 per ary, to carry it on.at, with his colleague, to vote to extend the ne inaur-in Mont- money to do it.or shitking the their own busini is there must be salaried staff, that he was not .he advocated a t ill cent, if it was nee Mr.Lewis said t he CiitiBe prepared busine.sa of the company to mar ance, hut since they had been real they had become convinced that it was not profitable, and unless tbe gentleman who moved the recoh: n -thdrew it, he should be compelled to inoye au amendment.The company were now doing ocean business which was not authorized by the Charter by taking Gulf risks to Pictou and Newfoundland, which certainly could not be called inland.They looked at these risks in the fall of the year as hazardous.He knew that in one case this company had $1 ,.500 risked on one vessel.He thought when the company took risks beyond Quebec they were doing an ocean business.He moved as an amendment \u201c That the queslion of ocean marine business be deferred and that no marific risks be accepted below Quebec.'¦Mr.Perry\u2014True.But Mr.Lewis does rioï mean to say that we carried $15,000.We replaced it in the same half hour and made the commission.Probably all wo carried wad $1,500 or $2,C00.Mr.Lewis said they [the directors] had no right to take risks to Pictou.The marine office in which he was a director were asked to re-insure part of that amount.Mr Lyman seconded tbe amendment and said that tbe matter should be deferred until a larger capital was accumulated.The Chairman remarked that the directors required instructions.Having estab-jlished one btanch of business they desired to know whether it was their desire to have it continued.It bad been found, and well established, that inland marine was must hazardous.If they desired to continue what was most unfavo-able let them decide that it was their decision inland marine .Should be.continued.Mr.D.McIntyre said he did not think it was desirable that he should withdraw the resolution.If as the gentleman from .Halifax states, we have been doing business contrary to the chatter, let us rectify 'thq matter now.'this question was al-jqavned from the Augu-t meeting until mifg, and let it be disposed of one way or thevpjher.\td\t.Mn- Lewis'said he moved the amendment' that the Ocean Murine business bo deferred, and that the Company take no risks below Quebec.Mr Perry said that he would move as an amendment to the amendment that they close the Marine branch entirely.Mr.Thibadsau seconded the motion.Mr.D McIntyre said the fact that this Company was doing a marine business, lias evidenGy tr°d apon Gie corns of some in,- ï MONTREAL HBRALD AND DAILY COMMERCIAL GÀMTTE, SATURDAY, FEBRUARY 6 1875.t(\u2019rested parties.Monopoly cnn exist in Marine as well «8 lire Insurance ; but I \u201cay mention a circumstance which the H°n.Peter Mitchell would have _explained had 1 ITê 'Kï i-il beie to-dâÿ.Tt îs ¦ihnu i il i-o' notorious fret Companies iu ntd to insure vas the class .! Jr *P oJ : I.» , ,\u201e,,,1,,!tlmt,^ast season the Marine , Maui real and Quebec decl Kcilds^hipped by the Mitchell line to the lower poits.\t, i(é l>a (, Mr.KcttKHTSON asked what! w D.McIntvus replied that he did riftkkflow wnat the class were hut this 1 do know that the Royal Canadian was able to 1-e-insure their risks in Toronto and New York, and were it not for them, shippers could not have patronized the line, and the Company could not have possibly run their vessels.Mr.McIntyre appealed to Captain Fortier to verify the statement.Mr, Lyman said, in answer to a Share holder, that he had no doubt money could he made, hut still he thongbt it was not ! prudent t-> run into it unless they were '\"'\"' sure.He instanced the Orient, which, af-V\tter carrying on business for 20 years, had 1, '