G THE DAILY KVftmNQ TELEGRAPH PHILADELPHIA, WEDNESDAY, MAY 17, 1871. OUR LONDON LETTER. The International Exhibition The Royal Academy, and MlllaU as a landscape Fainter The Theatre Franeals An Anglo-American Club Critical Position of the Gladstone Government -MatchmakingThe Licensing Bill The Joint Coin, mission Lowell's Iast Volnme Ameri cans at Cambridge, Etc., Etc., Etc. From Our Oten Correspondent. London, May 2, 1871. Ths International Exhibition of Fine Arts, Selected Manufactures, and Music was opened by the Prince of Wales yesterday with a good deal of trumpet-blowing, cannon-firing, and bo on, but the general publio hare so many more exciting things to occupy them nowadnya that the event has attracted mar vellously slight attentioa. The one humorous feature of the proceedings was the presenta tion of the provincial Mayors (who had all received invitations to attend) to the Prince. Many of these worthy gentlemen got into unseemly oonf usion with their robes of state on finding themselves in the presence of royalty, and one went so far as to measure his length on the floor at Mr. Disraeli's feet. But, after all, what is this international ex hibition ? you ask. ISriefly, a show of some very good pictures most of which have, how ever, been often shown before some ex quisite glass and porcelain, some silk3 and woollen stuffs, and some of the invariable machinery in motion, in some particularly ugly brick annexes tacked on to the monstrous Albert Hall. In the latter building there are to be provided concerts, illustrative of what Musio can do, and at the other end of the galleries Messrs. Spiers & Pond, of world-wide fame, will set up an American bar, where I presume the mint julep and sherry-cobbler of this nineteenth century will be exhibited in their highest stage of development. Poor France had fully intended to take a leading place in the show, and at her own charges erected handsome courts for the display of her productions. Their utter emptiness records a sad protest against the numbing, paralyzing effects of war. Yesterday, too, the Royal Academy opened its doors and displayed its annual stock of pictures. Wonders will never cease. Here is Millais exhibiting a landscape and such a landscape, too. "Chill October," a most cap tivating and thoughtful p;.ece of rush-grown water Bcenery, has taken ail tho critics by storm, and all the dailies, from the ponderous Times down to the half-penny Echo, are en thusiastic in their praise of the versatile painter's work. Mr. Leighton is among us again this summer, and shows some of that marvellous coloring which is his forte. Truly, our Academy is, with all its shortcomings and possible eccentricities, an institution to be envied and cheiished. It has often been said that what's one man's poison is another's meat, and the proverb is now being verified for the benfit of our play goers. For some years past the presence of a rather miscellaneous company of Frenoh players in one or other of the London theatres during the summer months has grown to be an expected element of "the season;" but this year, owing to the reign of the Com mune in Paris, we have no less than three French companies among us, including the renowned artistes of the Theatre Francais. Yes, the Francais which ever since 1G80 has stayed at home, the acknowledged head of the acting world and arbiter of French pronuncia tion, has come in these last days to earn its bread in clumsy barbarian England. Let us take the gifts the gods provide, and thank even the Commune for giving us a glimpse of Bressant and Favart in the Strand. Tar tvffe, Moliere's immortal Tartuffe, as played by them last night, their opening night, was a treat not to be forgotten. It deserves mention, as one mark among many of the kindly feeling that is spreading every day amongst us, that one of our clubs, which happens to have a namesake in New York, has spontaneously passed a resolution offering the privileges of honorary member ship to all and every the members of its namesake. Why should there not be an Anglo American club on the reciprocity system, having (say) four houses, ia London, Phila delphia, New York, and Boston, membership of any one of which should make one free of the other three ? It will be a considerable help towards better communication between our two countries if Mr. Seely carries the resolutions which he is to submit to the House of Commons this evening, to the effect that the postage be tween England and America be reduced from threepence to one penny. Tho House is passing through such exciting times, though, that it has hardly time to attend to quiet postal improvements. Mr. Lowe's budget, proposing to put a tax on matohes, excited such general disapprobation that, after fur nibbing material for a hundred obvious witti cisms, about the number of female engaged in match-making and the like, it had to be remodelled, and last night the conservatives formally gave battle to the substituted pro posal of an additional twopence of income tax. The occasion was really critical, for the so-called Independent Liberals have been so frequently grinding their own private axes lately by voting against the Government that it was feared a coalition of them and the opposition on this budget question might throw the Ministry Into a minority, in which case we should perhaps have seen the strange anomaly of a Premier with nearly four-sixth of the House at his back resigning office iu favor of the remaining two-sixths. Luckily the Independent Liberals found their senses at the last moment, and a majority of eighty five affirmed the House's conndenoe iu the Gladstone ministry. But the Government, though they have weathered this storm, have many tronhl.,! waters to encounter yet before the Besiji closes. Their new Licensing bill, a thor. oughly honest and practical attempt to arrjst and limit the evils of drunkenness, has, as might be anticipated, arrayed the whole of the vast brewers' and publicans' interest ai&Ubem. The bill proposes to let existing licenses alone for ten years, and after that time to leave the number of drinking-plaoes in every district to the regulation of the local magistrates, and contains provisions for clos ing publio houses not later than midnight, and for the detection and punishment of adulteration. And what do the publioans say ? In every publio-house window a pla card stares the passer-by in the face, which, for dexterous perversion of fact, could hardly be surpassed. It adjures "Englishmen" to "protest against the odious and tyrannical measure intended to confiscate property, to prevent the sale of not 'drink,' observe, but public refresimcnts, and note the appeal to the average artisan's feeling generally to in terfere with the cherished freedom of En glishmen." Of course, all this indignation on the publicans' part is quite unselfish, and arises from a disinterested solicitude for the public (not publican) interest. The Times' correspondent at Philadelphia has stolen a march upon all his rivals in the earliness and accuracy of his telegrams re specting tho results agreed upon by the Joint Commissioners. Publio opinion here ia de cidedly in favor of the recommended mode of settlement, but very little is said about the matter till it .is seen whether Congress will ratify the present propositions. After the disappointing collapse of the former scheme, our Bide of the water doesn't like to be too sanguine that tho business is roally going to be settled till your side has formally and un mistakably agreed to settle. Lowell's last volume, "My Study Window," has met with such remarkable success in this country a success, indeed, no greater than its many merits deserve that Messrs. Samp son Low it Son have already brought out a cheap edition for the million, to be succeeded, hope, by another and another still. The list of Americans who have distin guished themselves at old Cambridge is swell ing fast. Two of the present tutors at Har vard have been scholars of Trinity College, and they have a worthy successor there now, who, besides winning the honor of a scholar ship, is pulling a good oar in one of his col- ege's leading boats on the Cam. Templar. SPECIAL NOTICES. ggy OFFICE PENNSYLVANIA RAILROAD COMPANY, Philadelphia, May 1, 1S71. NOTICE TO STOCKHOLDERS. Notice is hereby given to the Stockholders of this Company that they will have the privilege of sub scribing for New Stock at par in the proportion of one share for every six as registered in their name, April 80, 1871. Holders of less than six Shares will be entitled to subscribe for a fall Bhare, and those holding more than a multiple of six Shares will be entitled to an additional Share. Subscription will be received and the first instal ment of Fifty per centum will be payable between the 22d day of May and 22d day of June, 1871. Second instalment of Fifty per centum will be pay able between the S2d day of November and 22d day of December, 1S71. If Stockholders prefer, the whole amount can be paid at the time of subscrip tion. No subscription will be received after June 22, 1871. THOMAS T. FIRTH, t 1 Bw Treasurer, PENNSYLVANIA RAILROAD COMPANY, 1 REASUBEK S DEPARTMENT. Philadelphia, May 2, 187L The Board of Directors have this day declared a semi-annual dividend of FIVE PER CENT, on the capital stock of the Company, clear of National and State taxes, payable in cash, on and after May 80, 1871. Blank powers of attorney for collecting dividends can be had at the office of the company. The office will be open at 8 A. M., and close at 3 P.M., from May 30 to June 2, for the payment oi dividends, and after that date from 9 A. M. to 3 P. M. TIIOMAS T. FIRTH, 6 S 2m Treasurer. tr&f OFFICE CATAWISSA RAILROAD COM w PANY, No. 424 WALNUT Street. Philadelphia, May 8, 1871. The Board of Directors of this Company have this day declared a Dividend of THREE AND ONE II A. LI' PER CENT., on account of the Dividends to be paid the preferred Stockholders, payable on and after MONDAY, the 2nd instant, to those pcranns in whose names the slock stands at the close of the transfer books. The transfer books of the preferred stock will be closed on TUESDAY, the 16th, and reopened on wondav, the 22d instant. Vf. L. uilkoy, e 10ws4t Treasurer, ta? CAMDEN AND AM BOY RAILROAD AND TRANSPORTATION COMPANY. Tkknton, April 10, isn. NOTICE. The Annual Meeting of the Stock- holders of the CAMDEN AND AMBOY RAILROAD AND TRANSPORTATION COMPANY will be held at TRENTON, May 10, at 12 o'clock, M., at the Com pany's offtoe, for the election of seven Directors vo serve for the ensuing year. SAMUEL J. BAYARD, 419 Secretary C. and A. R. R. and T. Co, BATCH ELOR'S HAIR DYE. TniS SPLEN did Hair Dve Is the bent in the world, the only true ana periect uye. Harmless Keuaoie instant taneous no disappointment no ridiculous tluts "Doeanr (contain Ldd nor any Vitalio PoUon to in jxtreni hair or System." Invigorates the Hair and leaves it soft and beautiful : Black or Brown, Sold by all Druggists and dealers. Applied at the Factory, No. 18 BOND Street, New York. 4 27 mwf THE UNION FIRE EXTINGUISHER COMPANY OF PHILADELPHIA Manufacture and sell the Improved Portable Fire Extinguisher. Always Reliable. D. T. GAOK, No. 118 MARKET St., General Aga ssotr OLD OAKS CEMETERY COMPANY, The annual meeting of the Stockholders will be held at the ottice of the company, No. 6H WAL NUT Street, on MONDAY, June 6, at 10 A. M., when an election will be held for eight Managers to serve uunog me ensuing jenr. MICHAEL NISBET, 669 1317 20 24 27 31 8 3 Secretary, PILES. DR. GUNNELL DEVOTES HIS w time to the treatment of Piles, blind, bleed in?, or itching. Hundreds of cases deemed Incura ble without an operation have been penutiueotl cured. Best city reference given. OUlce, No. 21 M ELEVENTH Street. 4 15 Bin m7x THE ANNUAL MEKTIVO rp THE B Stockho'der of Hie CLARION RIVER AND FPR1NO CREEK OILG'OMI'ANV will be held at Horticultural Ha'I, on WEDNESDAY evening, the mth iLStant, at s o'clock r. .m. o m m DK. K. R. THOMAS. No. H WALNUT ST, formerlv oDerutorat the Col Ion Deutal Kooiuh. devote bis entire practice to extracting teeth wlta. oui pain, wuii rresn uurous oxum k. iiiit y- JOUVIN'S KID GLOVE CLEANER w reetore soiled gloves equal to new. For sale by all druvgtsu and, inner goods dealers. Price as cenuia r otua. 11 aanawf DISPENSARY FOR SKIN DISEASES, NO. w 816 S. ELEVENTH Street. Patients treated .gratuitously at this Institution daily at li o'clock. 1 14 FINANCIAL 7-30 GOLD LOAN op rui Northern Pacific Railroad. Rapid Progress of the Work. The building of the Northern Pacific Railroad (begun July last) is being pushed forward with great energy from both extremities of the line. Several thousand men are employed in Minnesota and on the Pacific coast. The grade is nearly completed 260 miles westward from Lake Superior; trains are rnnnlDg over 130 miles of finished road, and track laying la rapidly piugresslng towards the eastern border of Dakota. including its purchase of the St. Paul ana Pacific Road, the Northern PaclUo Companj now has 4 13 miles of completed road, and by September next this will be Increased to at least SCO. A GOOD INVESTMENT,-Jay Cooke & Co. are now gelling and unhesitatingly recommend, as a Profitable and perfectly Safe Investment, the First Mortgage Land Grant Gold Bonds of ttie Northern Pacific Railroad Company. They have 3D years to run, bear Seven and Three-tenths per cent, gold interest (more than 8 per cent, currency), and are secured by first and only mortgage on ttie enj tirb road and its kcjoifmknts, and also, as fast as the Kond is completed, on 23,000 ACRES OP USD to every mile or track, or Boo AcreB for each iluoo Bond. They are exempt from United States Tax ; Principal and In terest are payable in Gold; Denominations: Cou pons, turn to iooo; Registered, ioo to io,ooo. USDS FOR ItOSDS. Northern Pacific 7-30's are at all times receivable at ten per cent, above par, in exchange for the Company's Lands, at their lowest cash price. This renders them practically IJTEKEPT-!!EARINfl LAND WARRANTS. SlSKLVU Fl'SD.-The proceeds of all saleB of Lands are required to be devoted to the repurchase and cancellation of the First Mortgage Bonds of the Company. The Land Grant of tiie Road exceeds Fifty Million Acres. This lrameuse Sinking Fund will undoubtedly cancel the principal of the Com pany's bonded debt before it falls due. With their ample security and high rate of interest, there is no Investment accessible to the people which Is more riiOMTARI.B OR RAPH. EXCHANGING V. S. FIVE-TWENTIES. The success of the New Government 5 Per Cent. Loan wui compel thj early surrender of United States 6 per cents. Many holders of Flve-Twentfes are now exchanging them for Northern Pacific Seven-Thirties, thus realizing a handsome profit, and great lv increasing their vearlv Income. OTHER SECURITIES. All marketable Stocks and Bonds will be received at their highest current price in exchange for Nsrthern Pacific Seven-thirties. Express charges on Money or Bonds received, and on Seven-thirties sent in return, will be paid by the Financial Agents. Full informa tion, maps, pamphlets, etc., can be obtained on ap plicaon at any agency, or from the undersigned. Fob sale by JAY COOKE & CO., Philadelphia, New York, Washington, FINANCIAL AGENTS NORTHERN PACIFIC R.R.. CO. EjEAXKS and EAXKEliS acnerallrt Ihrounhout the country. For sale In Philadelphia by GLENDINNING, DAVIS & CO., No. 43 S. Third St. WM. T. ELBERT, No. 321 Walnut street. J. H. TROTTER, No. 322 Walnut street. WM. PAINTER & CO., No. 88 S. Third street. S. M. PALMER & CO., No. 28 S. Third street. D. M. ROBINSON & CO., No. 133 S. Third street. SAMUEL WORK, No. B4 S. Third street. GEORGE J. BOYD, No. 18 S. Third street. RALEY A WILSON, No. 41 S. Third street. WALLACE & KEENE, No. 143 S. Third street. STERLING & CO., ino. 110 S. Third street. H. n. WILTBANK, No. 305 Walnut street. T. A. BIDDLE & CO., No. 820 Walnut street. M. SCHULTZ A CO., No. 44 S. Third Street. WILLIAM C. MORGAN & CO., No. 23 S. Third St, BOWEN & FOX, No. 13 Merchants'Exchange. WILLIAM T. CARTER, No. 313 Walnut street. W. II. 8HELMERDINE, No. 10 8. Third street. MEGARY & PEALE, No. 12 8. Third Street. NARR & LADNER, No. 30 s. Third street. BIOREN & CO., No. 150 8. Third street. JOHN K. WILDMAN, No. 26 8. Third street TOWNSEND WHELEN & CO, No. 309 Walnut St. P. S. PETERSON & CO.. No. 89 8. Third street. B. K. JAMISON & CO., N.W. cor. Third & Chesnut. EMORY, BENSON & CO., No. 6 8. Third street. G. &. W. Y. HEBERTON, No. 62 S. Third street. BARKER BROS. & CO., No. 28 S. Third Street. JAMES E. LBWARS & CO., No. 29 S. Third street. BULL & NORTH, No. 121 8. Third street. D. C. W. SMITH & CO., No. 121 8. Third street. CHARLES B. KEEN, No. 325 Walnut street. J. S. RUSHTON & CO., No. 60 S. Third street. H. F. BACHMAN, No. 26 S. Third street. JACOB E. RIDGWAY, No. 56 8. Third street. W. H. STEVENSON, No. 223 Dock street. JOHN MOSS, Jn,, No. 206 Walnut s reet. C. T. YERKES, Jr., & CO., No. 20 S Third street. SEVENTH NATIONAL BANK, N. W. cor. Fourth and Market streets. 8 27mwI3m COUPON OB REGISTERED LOAN OF THS City of William sport, Pennsylvania, With both principal and interest made absolutely secure by State end municipal legislation, fur sale at AND ACCRURBD INTEREST, BY P. 8. PETERSON & CO., Bankers and Stock Brokers, No. 39 B. THIRD STREET, S PHILADELPHIA. INVESTMENT BONDS PORT AGS LAKE AND LAKE SUPERIOR SHIP CANAL It's. Secured by Unit mortgage on the canal (now completed), and on real estate worth Ave times me amount of the mortgage. KANSAS CITY, MISSOURI, 10S. Omaha), lus, and other choice Western county and cuy uonas, yielding good rates or interest. ALLENTOWN CITY (PA.) SEVEN PER CENT. SCHOOL BONDS, free from taxes under the laws oi tne state, at par and interest. For full particulars apply to UOWABD WAHLlUTO.t, 8 2 8m No. 14T South FOURTH Street. JOHN S. RUSHTON & CO., BANKERS AND BS0EESS, GOLD AND COUPONS WANTED. CJity TVa.rra.nts BOUGHT AND BOLD. No. 60 South THIRD Street. SCi PHILADELPHIA. 1IA1UMSS0N GKAMB0, BANKER, U PHILADELPHIA.' 8 2S5 -1 '.WLA MNANCIAL. JAY COOKE & CO., PHILADELPHIA. HEW YORK and WASHINGTON, jay cooke, Mcculloch s co. LONDON, AMO Dealers In Government Secnrltlei. Special attention given to the Purchase and Sale r Bonds and Stocks on Commission, at the Board nr of Brokers In this and other cities. INTEREST ALLOWED ON DEPOSITS, COLLECTIONS MADE ON ALL POINTS. GOLD AND SILVER BOUGHT AND SOL In connection with our London Houhe we are now prepared to transact a general FOREIGN EXCHANGE BUSINESS, Including Purchase and Sale of Sterling Bills, and the issue of Commercial Credits and Travellers' Cir cular Letters, available in nnv nnrt nf t.hA wnrld and are thus enabled to receive GOLD ON DEPOSIT, and to allow four per cent interest in currencv thereon. Having direct telegraphic communication with both our New York and Washington Offices, we can oner superior iacumes to our customers. RELIABLE RAILROAD BONDS FOR INVEST MENT. Pamphlets and full information given at our offlce, B 8 8mrp No. 114 S. THIRD Street. Phllada. A RELIABLE Safe Home Investment. T1II2 Sunbury and Lewistown Railroad Company 7 rDH CEIJT. GOLD First Mortgage Bonds. Interest Pay a1le April and Octo ber, Free of State ami United States Taxes. ff V OlO Ju J VT VUV.I UllO UU1QUI..O Jk bill? lUttll Jl $1,200,000, which Is secured by a first and only lien on the entire property and franchises of the Com. pany, At 00 and the Accrued Interest Added. The Road is now rapidly approaching completion, with a large trade in COAL, IRON, and LUMBER, in addition to the passenger travel awaiting the opening of this greatly needed enterprise. The local trade alone is sufficiently large to sustain the Road. We have no hesitation in recommending the Bonds as a CHEAP, RELIABLE, and SAFE INVEST MENT. For pamphlets, with map and full information, apply to WM. PAINTER & CO., BANKERS. Dealers in Government Securities, No. 30 South THIRD Street, PHILADELPHIA. FIRST lYXORTaAaa 7 PER CENT. GOLD BONDS, Gn a Completed Road, Free of U. S3. Taz, At 90 and Accrued Interest in Currency. Burlington, Cedar Rapids, and Minnesota Railway. The completion of this Road has given to these Bonos an ebtabllshed character equal to any mort gage issue dealt In at the Stocfe Exchange. We are prepared to buy and sell them at any time, at our tfuuKiEg nouHo, atmar&et price tnus placing them on the same basis, for temporary or permanent ln vesmems, with Governments or any other security. j nese oonas are a tirst ami only mortgage on a railroad that has erst double tbe amount of the ifcgue, and which commands, without competition. all the traffic of Northern Iowa and Houthern Min nesota shortening the distance from St. Paul to Chicago s miles, And to fcu Louis more than 90 miles. The net earnings are already largely in excess of interest on tne dodos, ana no aouot exists that they will more than double witnlti the ensuing year. A contract has been secured with the Chlcacro. Butllpgton.and Quincy Railroad Company ob igatlng the Utter to invest 60 per cent, of gross earnings de rived rrom iranio wuu me nurungion, cedar itapids, and Minnesota Road iu the bonds of this Company. This arrangement la a strong guarantee of the Bonds, and establishes a large sinking fund for their redemotion. The convertibility privilege- in these bonds ena bles them to be exenangea lor stock, at par, at any time. This secures to the holder, at his option, a share In any excess of earnings over the interest obligation. An exchange of Government securities for these bonds returns per cent, interest. Instead of 5 ner cent, which is all that Government pays at present price, besides leaving an immediate gain of about 20 per cent, in price lor reinvestment. All marketable securities taken In exchange, free Ul couiluuHiuu aim copies, tuurgeu. HENRY CLEWS A CO., No. 33 WALL STREET, NEW YORK. FOR SALE IN PHILADELPHIA BY DeHaven A Cros., Elliott, Collins & Co.. Townsend Whelen & Co., Darker uros. & Co.. WH. Shelmendine a Co.. And by Bankers and Brokers generally. 4 22swtmlB B. E. JAMISON & GO. SUCCESSORS TO P.F.KELLY & CO, BANKERS AND DXALERS IK Gold, Silver, and Government Bondt At Close Market Elates, H. W. Cor. THIRD and CHESNUT Sti Special attention given to COMMISSION ORDERS in Hew York and Philadelphia stock Boards, eta, eto i; FINANCIAL.. GREAT NATIONAL LOAMS, NEW FIVE PER CENT. BONDS OF TIIE UNITED STATES. The Treasury Department is now Able to promise that the registered Certificates of Stock, and a good part of the Conpon Bonds of the New Loan of the United States, bear ing Five Ter Cent. Interest, payable quarterly in Gold, will be ready for delivery early in the present month. The Subscriptions to the Loan now amount to $02,000, 000, and it is expected that the Subscriptions and Sales will progress more rapidly when tho Certificates and Bonds are ready for market abroad as well as at home. The whole sum of Five Per Cents offered to the publio generally, and to the holders of United States ".-20 Bonds, without qualification, is 200,000,000. When this amount, to which preference is thus given, ia taken up, tho remainder of the Five Ter Cents. $300,000,000. embraced in the New Loan of July 14, 1870, for refunding tho i'ubiic Debt, will be offered in connection ith $300,000,000 Four and Ono-lmlf Pr Cents, and any part of $700,000,000 of Four Per Cents, the one running fifteen years, and the other thirty years. The following is a copy of the New Five rer Cent. Bond, under and pursuant to tho New Loan Act of Congress: FORM OP 6 PER CENT. BOND. Interest FUNDED LOAN OF 1SS1 5 per cent. UNITED STATES OF AMERICA ARK INDEBTED TO THE BEARER IN THE SUM OF DOLLARS. THIS BOND Is issued in accordance with the pro visions of an Act of Congress entitled "An Act to authorize the refunding of the National Debt," ap proved July 14, 1870, amended by an Act approved January 20, 1S71, and is redeemable at the pleasure of the United States, after the first day of May, A. D. 1S81, in Coin of the standard value of the United States on said July 14, mo, with interest in such Coin, from the day of the date hereof, at the rate of FIVE PER CENTUM per annum, piyable quarterly, on the first day of February, May, August, and No vember, in each year. The principal ant interest are exempt from tho payment of all Taxes or Duties of the United States, as well as from taxation in any form, by or under State, municipal, or local autho rity. Washington ,13.... Entered Recorded Register of the Treasury. REGISTERED BONDS will be issued of the denominations of $50, $100, $500, $1000, $5000, and $10,000, and conpon bonds of each denomination except the last two. The interest will be payable in the United States at the office of the Treasu rer, any Assistant Treasurer, or designated depositary of the Government, quarterly, on the first days of February, May, August, and November in each year. TIIE INTEREST ON TOE REGISTERED STOCK of this Loan, it is determined by the Trea sury Department, will be paid as conveniently to the holder as on the Coupon Stock, and personal attendance, or attendance by proxy at the Treasury, to draw and receipt for the Interest, will be dispensed with, whenever the checkofthe United States Treasurer, mailed punctually to the address and order of each voider, on or before every quarter-day, is pre ferred to such attendance. This check, pay able in Gold Coin at the Treasury in New York (or such other office as the Stock is registered at), will be negotiable or collect able on the indorsement of the owner or owners of the Stock. In pursuance of this arrangement, the subscribers to, or pur chasers of, the Stock in its registered form (which is a complete protection against theft or other losses incident to Coupon Bonds payable to Bearer) are .advised to give their Tost Office address in full, and to notify of any change in the address between quarter days. The whole proceeds of the new loan will be applied to the payment or redemption and cancellation of the 5-20 years six per cent, bonds, end, in addition to these proceed, the 5-20s are now being reduced by purchase at the rate of $10,000,000 per month. The entire effect, therefore, of the new loan, in connection with the existing sinking fund process of the Treasury, is to reduce both principal and interest of the publio debt of the United States. The loan creates no additional supply of Government stooks, while the application of the surplus revenues de rived in gold from customs is constantly les sening, as it has been doing for two years past, the funded stocks bearing six per cent, gold interest. The 1st of May schedule of the publio debt, which has just been published by the Secre tary of the Treasury, shows a reduction in these Stocks since the April sohedule of $12,215,700, and a further lessening of the yearly interest charge thereon of $732,942. This leaves the total yearly interest charge in Gold $111,982,034. In the same month the Treasury paid and cancelled $2,470,000 of the Three per Cent. Currency debt, re ducing the whole of this debt bearing interest to $51,023,000, and the yearly interest charge thereon to $1,537,470. The proposed farther reduction of the au nual interest charge upon the Public Dabt by refunding is as follows: Bv exchange of 5U0. 000,000 United Hates six l'er c""11' lor UKVf uvJ per Cents Of ltl 15,000,00!) Bv exchange of UOo,000,Ooo United State nix per cents for lour and a half uer cents of 1666 4,600,000 By exchange of 1100,000,000 United Htatea nix per cents for four per cents f ltfOl 14,000,000 Total saving per annum by refunding. $23,500,000 The large and rapid a.ceuuuilaU?n. In the FINANOIAL.. last few years of private capital now retire from active business, and of the cash Savings and Life Insurance premiums deposited with or intrusted to the provident Institutions of the country all seeking the most undoubted Becurity, pledged to be kept free of all taxes', under national or local authority, and con tent, provided this objeot be assured, with moderate rates 01 interest will no doubt ultimately absorb so much of these New Stocks as may not be taken in voluntary conversion of United States 5-20s, or mar keted abroad. C. C. Norvell, In charge of United States Lean Advertising. Treasury Offfice, New York, May 2, 1871. J PROGRESS OF REDUCTION OF THE NATIONAL DEBT. Dthtofth V. S. Irtt doth in the 1869. Trmmry. March 1 t'i,fi2"403,260 April 1 8,525,190,461 Mayl 8,618,797,891 June 1 8,605,412,613 July 1 8,49,008,480 August 1 2,481,560,736 September 1 2,475,962,501 October 1 2, 408, 495,072 November 1 2,461, 81,is Decetnbcrl 2,453,559,738 1870. January l... 2,448,740,953 February 1 2,444,813,288 March 1 2,438,323,471 April 1 2,43i,562,12T May 1 8,420,86,834 June 1 8,400,502,371 Julyl 2,380,358,699 August 1 8,369,324,476 September 1 2,355,921,150 October 1 2,346,913,052 November 1 2,341,784,355 December 1 8,334,308,494 1871. January 1 2,832,067,793 February 1 8,328,020,807 March 1 , .... 2,320,701846 April 1 2,809,697,696 I)errae of Debt during th fr- eeuing Month, 1266,793 6,399,070 12,334,77? 16,410,138 7,435,744 5.604,284 7,467,429 7,863,8S8 7,571,454 4,812,761 8,933,664! 6,484,8111 0,760,849 11,697.793 14,301,902 80,203,7711 17,034,123 13,403,325 0.007 49ft 5.129,2901 7,475,805 2,240,700 4,040,986 7,317.900 11,011,2504 iMayi 2,303,678,643 6,124,053 Total Dterenna Monthly interettt Dccrcrwe in' from March 1, monthly info- 1H69. lHtM. to date. rharae. March 1 flO.632,462 April 1 10,526,238 May 1 16,605,863 10,522,835 Junel 20,060,646 10,507,090 Julyl U6.400.779 10,476,840 August 1 43,896,623 10,383,568 September 1.. 49,500,758 10,83J,518 October 1.... 60,968,187 10,252,933 rent charge. (6,224 9,626, 25,372 65,622 148.S9:!, 1 98,94 :i 279,52J November 1.. 64,832,070 10,194.903 December 1 . . 71,903,624 10,130,625 1870. January l.... 76,716,806 10,001,506 February 1... 80,649,971 10,022,493 March 1 87,134,782 10,007,312 April 1 92,901,132 9,982,850 Mayl 104,698,925 9,956,759 June 1 118,900,888 9,926,762 Julyl 139104,660 9,886,818 August 1 160,138.784 9,854,633 September 1.. 169,542,109 9,814,690 October 1.... 178,549,e07 9,763,940 November 1.. 183,678,904 9,718,436 December 1.. 191,154,765 9,636,164 1871. B37.55S 401,830 470,056 509,964 525,14! 550, IU 575,70: 600,69 645,64 677.82' 1T 07H 763 R2 J B1 i IIOH January 1 . . . . 193,395, 466 February 1... 197,436,463 9,644,043 888,4iq 9,610,886 922,07 9,571,007 961.45.1 juarcn l 204,154,413 April 1 215,765,003 Mayl 281,8S9,716 9,527,218 1,005,8413 ,46,U0 1,072,503 The foregoing is a correct statement of the public debt, as appears from the books and Treasurer's tei turns in the Department at the close of business April 30, 1871. "WILLIAM A. KICHARDSON, 4 5 11 12 18 4t Acting Secretary of the Treasury. Wilmington and Readini Railroad 7 rSXl CENT. Free of Taxes. We are offering $200,000 of the Secouil Mortgage Bouds of this Company AT 82 AND ACCRUED INTEREST, Interest Payable January an July, The Bonds are In i SIOOOs, SOOOs, and SIOOs And can be REGISTERED free of expense. Th) road is doing a good business, with prospects of conf elderable increase. This issue Is made to procure additional rollini stock. Bonds, Pamphlets, and information can be ou tained of DE HAVEN & BRO.y Ko. 40 South THIRD Stree PHILADELPHIA. DUNN OROTHEROV fj II ANILE KM, Nos. 51 and 53 S. THIRD Sti Dealers In Mercantile Paper, Collateral Load Government Securities, and Gold. Draw Bills of Exchange on the Union Bank London,and issue travellers' letters of oredlt throuJ Messrs. BOWLES BROS t CO., available In all tl cities of Europe. Make Collections on all points. Execute orders for Bonds and Stocks at Board Brokers. Allow Interest on Deposits, subject to check sight, ELLIOTT, COLLINS & CO , tto. 109 South THIRD Street MEMBERS OF STOCK AND GOLD CHANGES. DEALERS IN MERCANTILE PAPE GOVERNMENT SECURITIES, GOLD.Et PBAW BILLS OF EXCHANGE ONTH UNION BANK OF LONDON. 8 8 fmw A SAFE HOME INVESTMENT! Pa j lug T Per Ceut. Free from all Taxes. The (jienernl Mortgage JJO-Vear Bonds o I He Wut ( lii ktt r -d Philadelphia Uatlroad t'outuauy, Bearing interest a T per cent per annum, payabl Anrii i Hm October 1. free of all taxei. We offer for galea limited amount of the above! can u'-uuhbk ''. mil mloiiuation furnished on application to E. W. CLAKK & O H. Bankers, 6 i IK No. So frouth Ti J.D attest ft
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