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Commercial Notes

Commercial Notes image
Parent Issue
Day
8
Month
June
Year
1877
Copyright
Public Domain
OCR Text

The flrst week of tlie season on the 5rie canal under n system of low tolls liws a great stimulus to businetm. It is said that the English colonies ;ained an increased trade by the disjlays tliey made at the Centennial Exhijition. Since tlie first of the year New York ïaa exported over 70,000,000 gallons of jetroleum, agaiust 2ö,0U0,00Ó by all other ports. The record of the last four moutha shows a steady decline in the importe of all woveu stnffs from England cxccpt silk. In silk tliere is a slight increase. War holps a great many trades. A paper concern in Ohio has an order for 250 tons of paper for cartridges for Tm-ley, and a Pennsylvauin town in shipping ibont 000 tons of spelter to Europe as 'ast as it can be made, alsoforcnrtridges. The records at the office of the Coinptroller of the Curerncy show that the New Yorknationalbanlcs have contracted their banking capital $12,700,000 withiu one year. There are other banks wliich talk of reducing their capital. The City of Pittsburgh lias fallen into a careless fashion of not paying the iutorest on its bonds when due, and legal proceedings, like a mandamos or some snch thing, are now nuder consideration by the bondholders to make the city authorities punctual. It appears that the war in Europe is already aiding American shipinasters. The Liverpool FrcAght Circular says in long-voyage ehartering nierehnuts give a decided preference to American, Norwcgian, Swedish, Italian, and other flags, whieh are not likely to be imbroiled in the present war. At Leipsic they have blown a bugle from the ramparts to awaken all tlie world. They want a practical way of telling how to detect butter which is not pure butter, and offer a $75 prize to wlioever will discover one. Gerniany has tried to teil some grades of American oleomargarine from butter and gives it up. The chief engineer of the Government railways in Australia recently reported that the locomotivos made in Australia were not only poor ones but an in jury to the roads. He recommends that hereafter all engines be bought in tlie United States. He is right. The American iuvention itüs smoother, pulls stronger, lasts louger, and costs loss to run than any in the world. The New York Tribune says Europe is now taking a surprising quantity of American fruit. The purchases have amounted tp over $2,500,000 worth since last June, compared with $600,000 in the same period the year before. Dried apples tigure largely in this movement. This country has exported over 12.000,000 pounds of them since last June, as compared with 522,000 the previous year. Cincinnati's great elephant, the Southern railroad, which is destined to extend to Chattanooga when $2,260,000 more can be obtained to put into it, has passed under the control of a syndicate of well-kuown and wealthy citizens, of whom Rufus King and E. M. Shoemaker, President of the Cincinuati, Hamilton and Dayton and Dayton Short Line roads, and of the Consolidated Street-Car Company of Cincinnati, are the leaders. The city bas already put $10,000,000 into the road, and some fear is expressed that this new move means that it will never see any return for this money. For the nine months that ended March 3] , the receipts of the Government were $201,282,115, and the expenditures $199,473,990. Up to May 23 the customs receipts of this fiscal year had been $117,610,622, against $134,771,093 for the same period in the preceding fiscal year ; and in internal revenue the figures for the same periods were $105,496,735 and $103,949,881. It will be noticed that while the customs have fallen away, thx internal revenue has increased slightly The expenditures, on the other hand have decreased so much that it is possi ble to expect that at the end of the fis cal year the sinking fund will hav been paid $33, 705, 806, and thatbesides that there will be a surplus of $3,000, 000 to $5,000,000. There was a deflei in the sinking fund last year of more tlian $3,000,000.

Article

Subjects
Old News
Michigan Argus