Montreal herald and daily commercial gazette, 13 février 1883, mardi 13 février 1883

[" MA FAY ick m- OTS, g0- her ent us hey wil \u2014 TRADE & COMMERCE.MARINE INTELLIGENCE.Har1rax, February 12.\u2014Steamer Worcester arrived from Boston.Steamer Valetta arrived from St.John.Nfld, laden with fish.She will repair here, Sr.Joux, N.B., February 12.\u2014The Yarmouth barque Grace E.Cann, Rogers, from Dublin, for this port, which has been drifting about among tho ice on Mina\u2019s Basin for the past three weeks at the mercy of the winds end waves has arrived in port.She escaped serious injury.FOREIGN PORTS.New York, February 12.\u2014Arrived\u2014 France, from London\u2014_\u2014\u2014\u2014\u2014 MoNrKEaL, February 12.\u2014The Allan S.S.\u201c Hibernian, from Baltimore, arrived at Liverpool, on Sunday.\u2014The Allan 8S.\u201cAusirian\u201d sailed from Boston for Glasgow at 2 p.m.on Monday.\u2014The Allan Mail 8.8.\u201c Newfoundland, from St.Johns, N.F., arrived at Halifax at 10 p.m., on Saturday.\u2014The Allan Mail 8.8.°¢ Parisian,\u201d from Halifax, at 7.30 a.m.on Sunday 4th, arrived out on Monday evening, \u2014A Boston despatch states that the Bay State Iron Company, a large concern, has suspended.Liabilities are reported to be very heavy.\u2014The Allan SS.\u201cNestorian,\u201d from Boston, arrived at Glasgow on Monday, and landed her live stock shipment of 171 oxen in good order, with the exception of 54, which died on the passage.\u2014ONE MORE FOR THE \u201cGREYHOUND\u201d OF THE ATLANTIC\u2014The Guion Line SS.\u201cAlaska\u201d has added another to the many fast passages already made by her.Sailing from New York on the 3rd inst.for Liverpool, via.Queenstown, and arriving at 8 p.m.on Saturday the 10th.Time of passage, 6 days, 23 hours.\u2014The following 1s a statement of flour inspected for week ending 10th February, 1883, as furnished by Mr.L.A.Boyer, Flour Inspector :\u2014 Brls, Superior: Extra.2 Extra Supertine.Fancy Superfine 10 Superfine .LT 8 LA 184 Middlings.ooii iii ane sean une» 165 Strong BAKErs.\u2026.0.200 ec a aa aan a, 250 1,981 \u2014A meeting of the creditors of Messrs, Pilon & Co.was held at the, office of Messrs.Thibaudeau Bros.& Co.this morning.À statement was presented by the insolventsshowing their liabilities to be $63,000, and assets $38,000.The largest creditors are Messrs.Jacques Grenier & Co, $10,700 ; Thibaudeau Bros., $7,409, and À Racine, $2,000; Messrs.Thibaudeau, Racine, Grenier, McLean, and Deschamp were appointed inspectors, and it was resolved to wind up the business.\u2014At the annual meeting of the shareholders of the Victor Hudon Cotton Mills Company held to-day at the oftice of the Company, Hochelaga, the following were elected the Board of Directors for the eu- suing year :\u2014Messrs.A.F.Gault, M.H.Gault, J.Grenier, R.L.Gault, S.H.Ewing, W.K.Whiteliead and D.Morrice.At a subsequent meeting of Directors, Mr.A.F.Gault was elected President, and Mr.J.Grenier, Vice-President.The reports presented were of a very satisfactory nature.\u2014A meeting was held this afternoon, Mr.Ingram, of the Federal Bank, in the chair, with reference to the affairs of Messrs.Lewis & Cu.Messrs.Charles Walters, Hortlaub Smith & Co., and other creditors were present.Mr.Ingram pointed out that Mr.Lewis, the senior member of the firm, had returned without any promise of exemption from prosecution and was at the mercy of the cre- diters.He advised a promise be given to him and that a statement of the affairs of the firm be made as soon as possible ; also that an assignment, be made by the firm to Mr.Smith, and the Federal and Exchange Banks who were creditors each to the extent of $10,000 and $15,000.\u2014In a very able article of much interest to agriculturists, the Revue Scicntifique records some important experiments which have been made to show the effects of various conditions upon the vitality of seeds, It appears that farmers had been in the habit of keeping seeds hermetically sealed.The experiments showed that but forty-five per cent.of the peas and two per cent of the beans kept in confined air germinated when planted.On the other hand, of peas and beans exposed freely to the air, ninety per cent.of the former and ninety-eight per cent.of the latter proved fruitful.The experiments were made for the benefit of farmers and covered a period of about three vears.\u2014We observe Dy the London Standard of the 27th January, that the Chemical trade of England is in anything but a satisfactory position especially in distriets where these branches are carried on under the old conditions of production and although all attempts to restrict the production have failed, yet there has been considersble reduction by process of weakening that has long been continued and that has caused many of the factories to be closed.The production of soda down to a few years ago was exclusively by the method first introduced nearly eighty years ago, and brought hereafter the repeal of the salt duty, and centring itself largely in Lancashire-on-the-Tyne andin other parts of the country.\u2018At the present time the production by this salt and sulphur process is estimated to amount to 400,000 tons yearly in the United Kingdom, and is considerably more than half the soda estimated to be made in the world.\u2014The New York Journal of Commerce Teports that at the meeting of the members of the Produce Exchange interested in hops, the committee appointed at the last meeting to draw up rules for the government of the trade presented their æeport.À long discussion followed upon the different sections.As finally adopted, the principal rules provide for the appointment of a Committee on Hops, to condst of five members of the trade, With powers similar to the other trade Commuttees of the Exchange; where specific lots are sold, any bale weighing not less than 170 or more than 205 pounds shall be considered a good delivery ; when hops aze sold for future delivery, and the weights of the bales have not been ascertained at the time of sale, a good delivery shall be & sufficient number of bales to effect a delivery of the number of bales sold, at an average of not less than 180 pounds nox more than 190 pounds gross Weight ; an allowance of 7 pounds per bale shall be made as tare ; and a car load shall be considered to contain not less than 10,000 jor more than 13,000 pounds.el CHEFSE MARKETS., LiveLe Faris, February 12.\u2014Resells factory cheese, 550 boxes at 121c @ 18Lc; sales 30 boxes farm dairy, 7c @ 9c ; 40 Packages butter, 22c @ 260.AND DAILY COMMERCIAL GAZETTE.VOL.LXXV.\u2014No.37.MONTREAL.TUESDAY FEBRUARY 13, 1883.ae PRICE, THREE CENTS.FINANCIAL, We wish we were in a position to report an improvement in financial circles to-day, but after diligent inquiry, we find that the situation of the past few weeks remains unchanged.The present period however is always, as a rule, a dull one, and a large trade is not looked for until about the end of the month.From all we can learn.we believe that there will be a very extensive movement of all kinds of products in the course of a few weeks, which must stimulate the the whole of the markets.The local stock exchange feels the effects of the present stagnation in trade and dear money.Transactions are very light and confined merely to \u201croom\u201d trading.Commercial borrowers find no difficulty in obtaining azple accommodation for the legitimate purposes of their business.Prime mercantile paper is negotiated at 7 @ 71.and less desirable 8 per cent.For call loans on stocks, bonds and other approved collaterals, the ruling rate is 7 @ 74.The market for sterling exchange is a shade weaker at 8% for 60-day bank and bank-endorsed bills, and 9 over the counter.Demand bills are quoted at 9% @ 9%, and currency on New York §@ 3 premium.The tone of the market for foreign exchange in New York fairly steady with the future course of the market depending largely upon the movement of stocks.Posted rates were 4.83} and 4.87.Actual rates were 4.824 @ 4.83 for sixty-day bills; 4.853 @ 4.86 for demand; and 4.86 @ 4.863 for cables.Commercial bills were 4.81} @ %.Continental bills were dull, as follows, viz: Francs, 5.21} and 5.184 ; reichsmarks, 943 and 95! ; guilders, 393 and 40}.The following are the posted rates of the leading drawers of foreign exchange :\u2014 60 days.3 days.Sterling .\u2026.\u2026.\u2026.\u2026.\u2026\u2026.\u2026.\u2026.\u2026.Luce 4,835 4.87 Paris, frances .3.20 Antwerp, francs, 5.20% Zurich, francs.3.20 Berlin, reichsmarks.95% Bremen, reichmarks.nn 954 Hamburg, reichsmarks.95] Amsterdam, guilders.,.39 Consols in London are very firm at 102 5-16 for money and account.United States bonds a fraction lower for the 5\u2019s @ 105%, 43's @ 1164.American railway securities are irregular.Erie, 38%; III.Central, 150; Atlantic and Great Western first mortgage trustees\u2019 certificates, 563; do.second mortgage, 19}; Reading, 27%; Mexican Railroad (limited) ordinery, 143$ ; Milwaukee and St.Paul common, 1053.The money market in New York is easy at 3 /@ 4 per cent.on call on stock collaterals, For loans on government bonds 2 @ 3 per cent., mercantile paper 5 @ 6 per cent., and time loans 44 @ 5 per cent.The New York shares market continues unsettled, dull and weak, the bank statement announced being somewhat disappointing.The fact of a decreased reserve has had \u201cthe effect of creating a reaction.The New York Post in alluding to the bank statement, points out that the decrease of $1,420,350 in the surplus reserve is due most largely to an increased requirement for $982,050 of reserve against an increase of deposits, and next to a decrease of $438,300 in the aggregate specie and legal-tender reserve, The increase of the Treasury balance during the week, however, has been $1,200,- 000 and though the exact course of the relative amounts of specie and legal tenders cannot be traced, it isapparent that without any considerable imports of specie the banks and the Sub-Treasury together hold within $200,000 of the same aggregate of legal tenders and specie as a week ago.The following is a comparison of the averages of the New York banks for the last two weeks :\u2014 Feb.3.Feb.10.Differ\u2019nces- Loans.5316,460,800 $321,491,200 Inc.$5,030,400 ppecic.cer 61,602,300 © 62,402,500 Inc.797,300 egal-ten- : dors.Loe.23,030,400 21,794,800 D.1,235,600 Deposits.307,182,200 311,110,400 Ine.§,928,200 Circula\u2019'n .16,643,200 16,463,700 D.181,500 The following shows the relation between the reserve and the liabilities :\u2014 Specie.$ 61,605,200 62,402,500 Inc.$797,300 Leg.Tend\u2019s.23,030,400 21,794,800 Dec.1,235,000 Totalre- \u2026 serve.$81,635,600 381,197,500 Dec.ÿ 438,300 As regards the present depressed condition of the local stock market, a careful observation and talk with a few of the leading operators of the \u201cstreet,\u201d point at least to an inactive position of affairs for a short time longer.As soon as money gets cheaper and the crops begin to move a more confident feeling will be instilled into the general public, whose support will be then given to the market, which at present is now withheld.The transactions to-day were small and there were more sellers than buyers.Bank of Montreal holds its ow, selling firm at 2073/@207%.Ontario changed hands at 112%, and a small amount of Bank British N.A.sold at 110.Peoples were quiet at 871@883, and Molsons were firm and inactive at 1313 bid, 133 asked.Toronto sold down from 186} to 186.A lot of Jacques Cartier found a purchaser at 1194.Merchants were traded in at 126} @126$.Commerce were dull and quiet at 134% bid, 135} asked.Exchange offered down from 169 to 160, with bids at 160.Federal were dormant, holders ask 159, with buyers at 156.Montreal Telegraph were steady and unchanged at i 1242124}.Canadian Pacific were in offer at 62}, with bids at 60 without sales.Richelieu remains dull at 66% asked 65 bid.A few shares of City Pâssenger were placed at 142} and Gas dropped from 187} to 186% at the afternoon session.A round amount of Canada Cotton Co, sold at 110.St.Paul and Minneapolis were lower at 140 bid, 141 asked.Canada Central Ry., have declined.to 103 seller; 102 huyers, North West Land quiet at 62s asked with bids at 60s @ 61s.The rest of the securities are nominally as quoted: \u2014 MORNING BOARD.Montreal.15at 207}, 178 at 207% Toronto.\u2026.\u2026.60at1861, 50 at 156 Merchants\u2019\u2026.3at1261, 47 at 126% City Passenger.25 at 142} Gas.tear eeseeneianas .100 at 187% Canada Cotton Cu.\u2026.\u2026.\u2026\u2026.\u2026.\u2026.50 at 110 AFTERNOON BOARD.Montreal.5 at 207}, 5 at 207% Ontario.\u2026\u2026\u2026.\u2026.Dat 112% British N.A.\u2026.\u2026.000ccuers 20 at 110 Jacques Cartier.L£ at 112% Merchants.Ceres .Bat 126} Gaë8.\u2026.\u2026.\u2026.25 at 186Ÿ The following are the quotations of the stock market as reported by Mr.D.Lorn MacDougall :\u2014 o- pT a pr STOCKS, 22 1855, 59159 2d [372 =5 1 55 >= FEE Ba | 28 wl maa Bank of Montreal.$200 5 p.c.| 2071\\ 27) ontario Bank.100 13 poe.| 113 | 112$ Bank B.N.A.013 p.c.Banque du People 24p.c.8 Molsons Bank.Apc: Bunk ofToronto, .| l0U Bip ec.Bank Jacques Cartier.25 8ip.c.Merchants\u2019 Bank.100 [3}p.c.Bank d\u2019Hochelaga,.| 100 18 p.c.Eust\u2019'n Townships B'k| 59 3ip.c.!.Quebec Bank.| 10 \u20183 p.c.Buangue Nationale.| 5013 p.c Union Bank.| 100 3 p.c Cun.B\u2019kofComimerce| 50 4 p.c Dominion Bank.50 4 pe Bunk of Hamilton.| 100 3ip.c Maritiine Bank.100 LL.Exchange Bank | 100 {4 p.e.Ville Marie.100 i24p.6 Standard Bani 80 8 p.c Federal Bank.| 100 Hd pee Daperial Bank.100 Bipet.oo, MISCELLANEOUS.Intercolonial Coal Co.Montreal Telgriph Co.Dominion Tel\u2019griph Co Rich & Ont, Nav.Co.City Passenger R.R.City Gas Co.ovuvvenne Merchants\u2019 Exchange, Canada Cotton Co.Canada Paper Co.Canada Shipping Co.Dundas Cotton Co J Graphic Printing Co.Mout, Loan&Mort\u2019e Co Mont.Invest.&Bldg Co Royal Can.Ins.Co.Moutreal Cottou Co.Stormont Cotton Co urland Lith.Co.,.ell Telephone Co.Guarantee Co, of N, A.Accident Ins, C, of N.A L Ch\u2019n&St.Law.J\u2019n B Canada Centr\u2019l R\u2019yBds|.St.Paul M&M R\u2019y.|.Montre al5 p.c.Stock.|.Canæwla N Land Co Canada Pacific Ry.Co.The following were the fluctuations in New York to-day:\u2014 | | som.TT 2 wr Æ : 23 2% STOCKS.&;| = 2 2 = 2] © 2 3 Se] & (1-84 5} 2 2) © È Western Union.] 833] 833 Lake Shore.Jvilued].Pacific Mail.A240.Erie.ah 872 Do.2nd \u2026\u2026 95}.Do.Pref.181 H1814:1501 \u201crsihsot( -{1021|102 North-West.Do.Pref.St.Paul.Do.Pref.Michigan Central.Jersey Central.N.Y.Central.} Di.Del., Lack.& West.122 (12241.Del.& Hudson.H.&Tex.Manhattan Elv, Erie & Western.Mob.& Ohio Lou.& Nash 56 | 553] 55 C.C.C.&1I.ceed] San Francisco.31H.Je+0 0 Tex.Pacific.| 404| 401] 591 Cent.Pacific.o 834.Exchange.48331483 |.|4 MONEY «1.200080 00 00000 21 41.St.P.&M.x djl41 |140} RAILWAY NEWS.~The shareholders of the North Shore Railway Company are called upon to pay in twenty per cent.upon the capital stock by the 20th prox.\u2014The line of the Duluth & Iron Range railroad has been located a few miles north of Agate bay.Deep snows interfere with the progress of the work.\u2014The earnings of the St.Paul, Minneapolis & Maniteba Railway for the first week of February were $90,000, being a decrease of $24,500 on the corresponding period of last year.\u2014The \u2018Chicago afternoon train of the Omaha line was several hours late yesterday.There was some wind and snow drifting on the Eastern end of the line, and also at Baldwin and Robert.All the other railroad lines were in good running order.\u2014\"The Chicago, Milwaukee & St.Paul has discontinued taking freight for points west of Milbank, owing to tke blockade there, and to that of the Chicago & Northwestern west of Owatonna.This action affects Aberdeen, Dak., and points north and south therefrom.The treight department has issued a new tariff of rates between ; St.Paul and Minneapolis and Stillwater to Menomonee and Eau Claire, and points on the Chippewa Valley division in Wisconsin, and Wabasha in Minnesota\u2014 The annual meeting of the Directors of the Ontario Pacific Railway will take place Wednesday at Cornwall.Dr.Bergin, M.D.one of the promoters of the scheme, which will connect Cornwall with the Sault Ste.Marie, passing through Ottawa, Smith\u2019s, Arnprior, and other places on the way, has charge of the proposed legislation to be asked for in connection with the project to-merrow.The first / call of ten per cent.on the subscribed capital stock will be paid.A deputation from Carleton Place will attend the meeting at Cornwall and offer 2 bonus to aid in the construction of a branch line from Smith\u2019s Falls to that place.Dr.Bergin will to-morrow interview the Minister of Railways and Canals in relation to the building of a sewer at Cornwall.The canal at that point hes seriously interfered with the system of draimage, and the Corporation ask that the sgwer be continued to the mouth of the canal.The work will involve an expenditure of between $10,000 and $12,000.\u2014The St.Paul Pressisauthority for stating that it is very difficult to determine the salaries paid railroad officials and employes filling important positions in railway managements for various reasons, The pay rolls cannot be taken as evidence, as in many instances the vouchers drawn from time to time for what is classed as \u201c special service \u201d\u201d fully equal the sum named on the pay rolls.Inthe West general managers receive from $10,000 to $15,000 per year ; general superintendents from $6,000 to $10,000 ; assistant general superintendents, $5,000 to $8,000; general tirttic managers, $5,000 to $10,- 000 ; auditors $5,000 to $6,600 ; division superintendents, $3,000 to $3,500; general master mechanics, $200 per month ; master mechanics, $125 ; general foremen, $100 to $125 ; master car builders, $200 ; car foreman, $100.In addition to these salaries the officials are provided with one or more business cars, which are furnished with all necessaries and provisions, the company paying the expense of all, including the salary of an attendant.These cars and conteuts are at the disposal of superintendents, managers and the general agents.An official states that frequently among the bills rendered against the departments are found those reading :\u2014\u201c One dozen Mumm\u2019s Extra Dry, $36.Business car.\u201d \u2014_\u2014 PRODUCE AND PROVISIONS.MoNTREAL, February 12.Frour\u2014The strengthening condition of the flour market, previously noted, has continued, and a further advance has taken place on 1uust grades, all of which have been offered sparingly.Demand to-day was more prompt to conform to the higher views of holders, but the restricted amount offered prevented a larger business.Superior extra was in good demand at an advance of 5c, and several lots were placed at $5.10.For May delivery we hear of the sale of 1,000 brls at $5.30, the best price made this season.Extras were freely enquired for at better figures.A lot of 800 brls sold at 84.95, and several other round lots at within range of quotations.Spring extra and superfine had a fair call at an advance of 5e.Fine sold in small lots at 84 @ 84.10, and middlings at $3.80 @ $3.90.Ontario bags are in light supply at an advance of 5e.On Change the market was more active, and it was said considerable business was transacted, although only a portion was made public.Values were very firm.Reported sales were 125 brls superior extra at $5.03, 500 do at $5.10, 100 brls choice extra at $5, 100 Lrls spring extra at $4.85, and 125 brls superfine at $4.65.Our revised quotations are as follow :\u2014 Superior Extra, per brl.» 85.05 ® 35.10 Extra Superfine.\u2026.\u2026 Coe ES DU A ait (bed Cd od TH ed Aa \u2014 _\u2014 4 a me Ca a am oma ee "," MA FAY ick m- OTS, g0- her ent us hey wil \u2014 TRADE & COMMERCE.MARINE INTELLIGENCE.Har1rax, February 12.\u2014Steamer Worcester arrived from Boston.Steamer Valetta arrived from St.John.Nfld, laden with fish.She will repair here, Sr.Joux, N.B., February 12.\u2014The Yarmouth barque Grace E.Cann, Rogers, from Dublin, for this port, which has been drifting about among tho ice on Mina\u2019s Basin for the past three weeks at the mercy of the winds end waves has arrived in port.She escaped serious injury.FOREIGN PORTS.New York, February 12.\u2014Arrived\u2014 France, from London\u2014_\u2014\u2014\u2014\u2014 MoNrKEaL, February 12.\u2014The Allan S.S.\u201c Hibernian, from Baltimore, arrived at Liverpool, on Sunday.\u2014The Allan 8S.\u201cAusirian\u201d sailed from Boston for Glasgow at 2 p.m.on Monday.\u2014The Allan Mail 8.8.\u201c Newfoundland, from St.Johns, N.F., arrived at Halifax at 10 p.m., on Saturday.\u2014The Allan Mail 8.8.°¢ Parisian,\u201d from Halifax, at 7.30 a.m.on Sunday 4th, arrived out on Monday evening, \u2014A Boston despatch states that the Bay State Iron Company, a large concern, has suspended.Liabilities are reported to be very heavy.\u2014The Allan SS.\u201cNestorian,\u201d from Boston, arrived at Glasgow on Monday, and landed her live stock shipment of 171 oxen in good order, with the exception of 54, which died on the passage.\u2014ONE MORE FOR THE \u201cGREYHOUND\u201d OF THE ATLANTIC\u2014The Guion Line SS.\u201cAlaska\u201d has added another to the many fast passages already made by her.Sailing from New York on the 3rd inst.for Liverpool, via.Queenstown, and arriving at 8 p.m.on Saturday the 10th.Time of passage, 6 days, 23 hours.\u2014The following 1s a statement of flour inspected for week ending 10th February, 1883, as furnished by Mr.L.A.Boyer, Flour Inspector :\u2014 Brls, Superior: Extra.2 Extra Supertine.Fancy Superfine 10 Superfine .LT 8 LA 184 Middlings.ooii iii ane sean une» 165 Strong BAKErs.\u2026.0.200 ec a aa aan a, 250 1,981 \u2014A meeting of the creditors of Messrs, Pilon & Co.was held at the, office of Messrs.Thibaudeau Bros.& Co.this morning.À statement was presented by the insolventsshowing their liabilities to be $63,000, and assets $38,000.The largest creditors are Messrs.Jacques Grenier & Co, $10,700 ; Thibaudeau Bros., $7,409, and À Racine, $2,000; Messrs.Thibaudeau, Racine, Grenier, McLean, and Deschamp were appointed inspectors, and it was resolved to wind up the business.\u2014At the annual meeting of the shareholders of the Victor Hudon Cotton Mills Company held to-day at the oftice of the Company, Hochelaga, the following were elected the Board of Directors for the eu- suing year :\u2014Messrs.A.F.Gault, M.H.Gault, J.Grenier, R.L.Gault, S.H.Ewing, W.K.Whiteliead and D.Morrice.At a subsequent meeting of Directors, Mr.A.F.Gault was elected President, and Mr.J.Grenier, Vice-President.The reports presented were of a very satisfactory nature.\u2014A meeting was held this afternoon, Mr.Ingram, of the Federal Bank, in the chair, with reference to the affairs of Messrs.Lewis & Cu.Messrs.Charles Walters, Hortlaub Smith & Co., and other creditors were present.Mr.Ingram pointed out that Mr.Lewis, the senior member of the firm, had returned without any promise of exemption from prosecution and was at the mercy of the cre- diters.He advised a promise be given to him and that a statement of the affairs of the firm be made as soon as possible ; also that an assignment, be made by the firm to Mr.Smith, and the Federal and Exchange Banks who were creditors each to the extent of $10,000 and $15,000.\u2014In a very able article of much interest to agriculturists, the Revue Scicntifique records some important experiments which have been made to show the effects of various conditions upon the vitality of seeds, It appears that farmers had been in the habit of keeping seeds hermetically sealed.The experiments showed that but forty-five per cent.of the peas and two per cent of the beans kept in confined air germinated when planted.On the other hand, of peas and beans exposed freely to the air, ninety per cent.of the former and ninety-eight per cent.of the latter proved fruitful.The experiments were made for the benefit of farmers and covered a period of about three vears.\u2014We observe Dy the London Standard of the 27th January, that the Chemical trade of England is in anything but a satisfactory position especially in distriets where these branches are carried on under the old conditions of production and although all attempts to restrict the production have failed, yet there has been considersble reduction by process of weakening that has long been continued and that has caused many of the factories to be closed.The production of soda down to a few years ago was exclusively by the method first introduced nearly eighty years ago, and brought hereafter the repeal of the salt duty, and centring itself largely in Lancashire-on-the-Tyne andin other parts of the country.\u2018At the present time the production by this salt and sulphur process is estimated to amount to 400,000 tons yearly in the United Kingdom, and is considerably more than half the soda estimated to be made in the world.\u2014The New York Journal of Commerce Teports that at the meeting of the members of the Produce Exchange interested in hops, the committee appointed at the last meeting to draw up rules for the government of the trade presented their æeport.À long discussion followed upon the different sections.As finally adopted, the principal rules provide for the appointment of a Committee on Hops, to condst of five members of the trade, With powers similar to the other trade Commuttees of the Exchange; where specific lots are sold, any bale weighing not less than 170 or more than 205 pounds shall be considered a good delivery ; when hops aze sold for future delivery, and the weights of the bales have not been ascertained at the time of sale, a good delivery shall be & sufficient number of bales to effect a delivery of the number of bales sold, at an average of not less than 180 pounds nox more than 190 pounds gross Weight ; an allowance of 7 pounds per bale shall be made as tare ; and a car load shall be considered to contain not less than 10,000 jor more than 13,000 pounds.el CHEFSE MARKETS., LiveLe Faris, February 12.\u2014Resells factory cheese, 550 boxes at 121c @ 18Lc; sales 30 boxes farm dairy, 7c @ 9c ; 40 Packages butter, 22c @ 260.AND DAILY COMMERCIAL GAZETTE.VOL.LXXV.\u2014No.37.MONTREAL.TUESDAY FEBRUARY 13, 1883.ae PRICE, THREE CENTS.FINANCIAL, We wish we were in a position to report an improvement in financial circles to-day, but after diligent inquiry, we find that the situation of the past few weeks remains unchanged.The present period however is always, as a rule, a dull one, and a large trade is not looked for until about the end of the month.From all we can learn.we believe that there will be a very extensive movement of all kinds of products in the course of a few weeks, which must stimulate the the whole of the markets.The local stock exchange feels the effects of the present stagnation in trade and dear money.Transactions are very light and confined merely to \u201croom\u201d trading.Commercial borrowers find no difficulty in obtaining azple accommodation for the legitimate purposes of their business.Prime mercantile paper is negotiated at 7 @ 71.and less desirable 8 per cent.For call loans on stocks, bonds and other approved collaterals, the ruling rate is 7 @ 74.The market for sterling exchange is a shade weaker at 8% for 60-day bank and bank-endorsed bills, and 9 over the counter.Demand bills are quoted at 9% @ 9%, and currency on New York §@ 3 premium.The tone of the market for foreign exchange in New York fairly steady with the future course of the market depending largely upon the movement of stocks.Posted rates were 4.83} and 4.87.Actual rates were 4.824 @ 4.83 for sixty-day bills; 4.853 @ 4.86 for demand; and 4.86 @ 4.863 for cables.Commercial bills were 4.81} @ %.Continental bills were dull, as follows, viz: Francs, 5.21} and 5.184 ; reichsmarks, 943 and 95! ; guilders, 393 and 40}.The following are the posted rates of the leading drawers of foreign exchange :\u2014 60 days.3 days.Sterling .\u2026.\u2026.\u2026.\u2026.\u2026\u2026.\u2026.\u2026.\u2026.Luce 4,835 4.87 Paris, frances .3.20 Antwerp, francs, 5.20% Zurich, francs.3.20 Berlin, reichsmarks.95% Bremen, reichmarks.nn 954 Hamburg, reichsmarks.95] Amsterdam, guilders.,.39 Consols in London are very firm at 102 5-16 for money and account.United States bonds a fraction lower for the 5\u2019s @ 105%, 43's @ 1164.American railway securities are irregular.Erie, 38%; III.Central, 150; Atlantic and Great Western first mortgage trustees\u2019 certificates, 563; do.second mortgage, 19}; Reading, 27%; Mexican Railroad (limited) ordinery, 143$ ; Milwaukee and St.Paul common, 1053.The money market in New York is easy at 3 /@ 4 per cent.on call on stock collaterals, For loans on government bonds 2 @ 3 per cent., mercantile paper 5 @ 6 per cent., and time loans 44 @ 5 per cent.The New York shares market continues unsettled, dull and weak, the bank statement announced being somewhat disappointing.The fact of a decreased reserve has had \u201cthe effect of creating a reaction.The New York Post in alluding to the bank statement, points out that the decrease of $1,420,350 in the surplus reserve is due most largely to an increased requirement for $982,050 of reserve against an increase of deposits, and next to a decrease of $438,300 in the aggregate specie and legal-tender reserve, The increase of the Treasury balance during the week, however, has been $1,200,- 000 and though the exact course of the relative amounts of specie and legal tenders cannot be traced, it isapparent that without any considerable imports of specie the banks and the Sub-Treasury together hold within $200,000 of the same aggregate of legal tenders and specie as a week ago.The following is a comparison of the averages of the New York banks for the last two weeks :\u2014 Feb.3.Feb.10.Differ\u2019nces- Loans.5316,460,800 $321,491,200 Inc.$5,030,400 ppecic.cer 61,602,300 © 62,402,500 Inc.797,300 egal-ten- : dors.Loe.23,030,400 21,794,800 D.1,235,600 Deposits.307,182,200 311,110,400 Ine.§,928,200 Circula\u2019'n .16,643,200 16,463,700 D.181,500 The following shows the relation between the reserve and the liabilities :\u2014 Specie.$ 61,605,200 62,402,500 Inc.$797,300 Leg.Tend\u2019s.23,030,400 21,794,800 Dec.1,235,000 Totalre- \u2026 serve.$81,635,600 381,197,500 Dec.ÿ 438,300 As regards the present depressed condition of the local stock market, a careful observation and talk with a few of the leading operators of the \u201cstreet,\u201d point at least to an inactive position of affairs for a short time longer.As soon as money gets cheaper and the crops begin to move a more confident feeling will be instilled into the general public, whose support will be then given to the market, which at present is now withheld.The transactions to-day were small and there were more sellers than buyers.Bank of Montreal holds its ow, selling firm at 2073/@207%.Ontario changed hands at 112%, and a small amount of Bank British N.A.sold at 110.Peoples were quiet at 871@883, and Molsons were firm and inactive at 1313 bid, 133 asked.Toronto sold down from 186} to 186.A lot of Jacques Cartier found a purchaser at 1194.Merchants were traded in at 126} @126$.Commerce were dull and quiet at 134% bid, 135} asked.Exchange offered down from 169 to 160, with bids at 160.Federal were dormant, holders ask 159, with buyers at 156.Montreal Telegraph were steady and unchanged at i 1242124}.Canadian Pacific were in offer at 62}, with bids at 60 without sales.Richelieu remains dull at 66% asked 65 bid.A few shares of City Pâssenger were placed at 142} and Gas dropped from 187} to 186% at the afternoon session.A round amount of Canada Cotton Co, sold at 110.St.Paul and Minneapolis were lower at 140 bid, 141 asked.Canada Central Ry., have declined.to 103 seller; 102 huyers, North West Land quiet at 62s asked with bids at 60s @ 61s.The rest of the securities are nominally as quoted: \u2014 MORNING BOARD.Montreal.15at 207}, 178 at 207% Toronto.\u2026.\u2026.60at1861, 50 at 156 Merchants\u2019\u2026.3at1261, 47 at 126% City Passenger.25 at 142} Gas.tear eeseeneianas .100 at 187% Canada Cotton Cu.\u2026.\u2026.\u2026\u2026.\u2026.\u2026.50 at 110 AFTERNOON BOARD.Montreal.5 at 207}, 5 at 207% Ontario.\u2026\u2026\u2026.\u2026.Dat 112% British N.A.\u2026.\u2026.000ccuers 20 at 110 Jacques Cartier.L£ at 112% Merchants.Ceres .Bat 126} Gaë8.\u2026.\u2026.\u2026.25 at 186Ÿ The following are the quotations of the stock market as reported by Mr.D.Lorn MacDougall :\u2014 o- pT a pr STOCKS, 22 1855, 59159 2d [372 =5 1 55 >= FEE Ba | 28 wl maa Bank of Montreal.$200 5 p.c.| 2071\\ 27) ontario Bank.100 13 poe.| 113 | 112$ Bank B.N.A.013 p.c.Banque du People 24p.c.8 Molsons Bank.Apc: Bunk ofToronto, .| l0U Bip ec.Bank Jacques Cartier.25 8ip.c.Merchants\u2019 Bank.100 [3}p.c.Bank d\u2019Hochelaga,.| 100 18 p.c.Eust\u2019'n Townships B'k| 59 3ip.c.!.Quebec Bank.| 10 \u20183 p.c.Buangue Nationale.| 5013 p.c Union Bank.| 100 3 p.c Cun.B\u2019kofComimerce| 50 4 p.c Dominion Bank.50 4 pe Bunk of Hamilton.| 100 3ip.c Maritiine Bank.100 LL.Exchange Bank | 100 {4 p.e.Ville Marie.100 i24p.6 Standard Bani 80 8 p.c Federal Bank.| 100 Hd pee Daperial Bank.100 Bipet.oo, MISCELLANEOUS.Intercolonial Coal Co.Montreal Telgriph Co.Dominion Tel\u2019griph Co Rich & Ont, Nav.Co.City Passenger R.R.City Gas Co.ovuvvenne Merchants\u2019 Exchange, Canada Cotton Co.Canada Paper Co.Canada Shipping Co.Dundas Cotton Co J Graphic Printing Co.Mout, Loan&Mort\u2019e Co Mont.Invest.&Bldg Co Royal Can.Ins.Co.Moutreal Cottou Co.Stormont Cotton Co urland Lith.Co.,.ell Telephone Co.Guarantee Co, of N, A.Accident Ins, C, of N.A L Ch\u2019n&St.Law.J\u2019n B Canada Centr\u2019l R\u2019yBds|.St.Paul M&M R\u2019y.|.Montre al5 p.c.Stock.|.Canæwla N Land Co Canada Pacific Ry.Co.The following were the fluctuations in New York to-day:\u2014 | | som.TT 2 wr Æ : 23 2% STOCKS.&;| = 2 2 = 2] © 2 3 Se] & (1-84 5} 2 2) © È Western Union.] 833] 833 Lake Shore.Jvilued].Pacific Mail.A240.Erie.ah 872 Do.2nd \u2026\u2026 95}.Do.Pref.181 H1814:1501 \u201crsihsot( -{1021|102 North-West.Do.Pref.St.Paul.Do.Pref.Michigan Central.Jersey Central.N.Y.Central.} Di.Del., Lack.& West.122 (12241.Del.& Hudson.H.&Tex.Manhattan Elv, Erie & Western.Mob.& Ohio Lou.& Nash 56 | 553] 55 C.C.C.&1I.ceed] San Francisco.31H.Je+0 0 Tex.Pacific.| 404| 401] 591 Cent.Pacific.o 834.Exchange.48331483 |.|4 MONEY «1.200080 00 00000 21 41.St.P.&M.x djl41 |140} RAILWAY NEWS.~The shareholders of the North Shore Railway Company are called upon to pay in twenty per cent.upon the capital stock by the 20th prox.\u2014The line of the Duluth & Iron Range railroad has been located a few miles north of Agate bay.Deep snows interfere with the progress of the work.\u2014The earnings of the St.Paul, Minneapolis & Maniteba Railway for the first week of February were $90,000, being a decrease of $24,500 on the corresponding period of last year.\u2014The \u2018Chicago afternoon train of the Omaha line was several hours late yesterday.There was some wind and snow drifting on the Eastern end of the line, and also at Baldwin and Robert.All the other railroad lines were in good running order.\u2014\"The Chicago, Milwaukee & St.Paul has discontinued taking freight for points west of Milbank, owing to tke blockade there, and to that of the Chicago & Northwestern west of Owatonna.This action affects Aberdeen, Dak., and points north and south therefrom.The treight department has issued a new tariff of rates between ; St.Paul and Minneapolis and Stillwater to Menomonee and Eau Claire, and points on the Chippewa Valley division in Wisconsin, and Wabasha in Minnesota\u2014 The annual meeting of the Directors of the Ontario Pacific Railway will take place Wednesday at Cornwall.Dr.Bergin, M.D.one of the promoters of the scheme, which will connect Cornwall with the Sault Ste.Marie, passing through Ottawa, Smith\u2019s, Arnprior, and other places on the way, has charge of the proposed legislation to be asked for in connection with the project to-merrow.The first / call of ten per cent.on the subscribed capital stock will be paid.A deputation from Carleton Place will attend the meeting at Cornwall and offer 2 bonus to aid in the construction of a branch line from Smith\u2019s Falls to that place.Dr.Bergin will to-morrow interview the Minister of Railways and Canals in relation to the building of a sewer at Cornwall.The canal at that point hes seriously interfered with the system of draimage, and the Corporation ask that the sgwer be continued to the mouth of the canal.The work will involve an expenditure of between $10,000 and $12,000.\u2014The St.Paul Pressisauthority for stating that it is very difficult to determine the salaries paid railroad officials and employes filling important positions in railway managements for various reasons, The pay rolls cannot be taken as evidence, as in many instances the vouchers drawn from time to time for what is classed as \u201c special service \u201d\u201d fully equal the sum named on the pay rolls.Inthe West general managers receive from $10,000 to $15,000 per year ; general superintendents from $6,000 to $10,000 ; assistant general superintendents, $5,000 to $8,000; general tirttic managers, $5,000 to $10,- 000 ; auditors $5,000 to $6,600 ; division superintendents, $3,000 to $3,500; general master mechanics, $200 per month ; master mechanics, $125 ; general foremen, $100 to $125 ; master car builders, $200 ; car foreman, $100.In addition to these salaries the officials are provided with one or more business cars, which are furnished with all necessaries and provisions, the company paying the expense of all, including the salary of an attendant.These cars and conteuts are at the disposal of superintendents, managers and the general agents.An official states that frequently among the bills rendered against the departments are found those reading :\u2014\u201c One dozen Mumm\u2019s Extra Dry, $36.Business car.\u201d \u2014_\u2014 PRODUCE AND PROVISIONS.MoNTREAL, February 12.Frour\u2014The strengthening condition of the flour market, previously noted, has continued, and a further advance has taken place on 1uust grades, all of which have been offered sparingly.Demand to-day was more prompt to conform to the higher views of holders, but the restricted amount offered prevented a larger business.Superior extra was in good demand at an advance of 5c, and several lots were placed at $5.10.For May delivery we hear of the sale of 1,000 brls at $5.30, the best price made this season.Extras were freely enquired for at better figures.A lot of 800 brls sold at 84.95, and several other round lots at within range of quotations.Spring extra and superfine had a fair call at an advance of 5e.Fine sold in small lots at 84 @ 84.10, and middlings at $3.80 @ $3.90.Ontario bags are in light supply at an advance of 5e.On Change the market was more active, and it was said considerable business was transacted, although only a portion was made public.Values were very firm.Reported sales were 125 brls superior extra at $5.03, 500 do at $5.10, 100 brls choice extra at $5, 100 Lrls spring extra at $4.85, and 125 brls superfine at $4.65.Our revised quotations are as follow :\u2014 Superior Extra, per brl.» 85.05 ® 35.10 Extra Superfine.\u2026.\u2026 Coe ES DU A ait (bed Cd od TH ed Aa \u2014 _\u2014 4 a me Ca a am oma ee "]