Centre Democrat. (Bellefonte, Pa.) 1848-1989, July 29, 1880, Image 2
REPORT. To the Polity Jlohlers of the Lycoming Fire Insurance Company in the County of Centre: Tlio committee appointed to investigate the affuirs of the Lycoming Insurance Company, and ascertain the necessity and legality of the recent extraordinary assessment of 25 per ceut. levied by the company, do respect fully report: That we began our investigations on Wednesday morning, July 14, 1880, at Muncy, and continued the same until Friday afternoon, .Inly 1(1, since which time we have been busily engaged in making up the account, and arranging many other facts which do not not appear herein. Our first object was to obtain a balance sheet on the Ist day of January, A.I). 1880, showing the actual condition of the company on that day, iu order to get at the financial standing of the company at the present time. We therefore submitted a* series of written interrogatories to the officers of the company. We did not get any correct information in reply to our first iuterrogatory, viz : "The coudition of the company on the Ist of January last," till Friday morning, owing chiefly to the sickness and absence of the principal book keeper. It is proper here to say, that in order to obtain full and accurate accounts from the books, it would requiro much longer time than we were able to give. The accounts do not appear u|>on any one book—no general ledger showing the same —but to obtain which it is necessary to examine not only the treasurer's books but also the accounts with the agents iu all of the States in which the company transacted business. This involves a refer ence to many books and to numerous accounts. By the laws of Pennsylvania an Insurance Department is created, and it is made the duty of the officers of every insurance company, on the .'list day of December iu each and every year, to prepare nn annual statement of the operations of the compnuy during the preceding year, showing its entire available assets, liabilities, losses, incomes and expenditures, and for ward the same to the Commissioner of the Insurance Department, at Harrisburg. The report so made is to be verified by the oaths of the President and Secretary of the company. This report is anuunlly published by the Insuianee Department for the information of the public, and espe cially for the information of the parties holding policies. We referred to this published statement, as contained in the report of Dec'r .11, 1879, for the purpose of ascertaining the condition of the company at the beginning of the present year. By this report the company had, on the .'list day of December, 1879, a surplus over and above all liabilities and expenditures of 854,4(52.29. The committee began the investigation right at this point, because, if this were true, there could be no ground for the large assessments made since, aggregating 31 per cent, of the premium notes. We called the attention of the officers of the company rejteatedly to this fact, and they replied in substance that the published report was not a correct copy of the report made by the company, but that it was an inaccurute condensation or compilation made from it. That the report as made by the company did not show any surplus. We then asked to see the rejxjrt as made by them to the Insurance Department; we were informed that the company had for warded it to their attorneys at Harrisburg to be used in the trial of a suit with the State, which is still jteuding, upon the question of the liability of the company to pay a State tax, amounting to 83,000 on this surplus, which the State claimed was an "accumulated reserve" liable to be taxed, and which the Court of Dauphin county decided against the company. We then procured from Mr. Forstcr, the Commissioner at Harrisburg, a certified copy of the report made by the officers, and upon a full comparison of this report with the one published by the Department, wc find the report made by the Insurance Department to be almost a literal copy of the report made by the company; and taking the report of the company as true, there was certaiuly on the 31st day of December, 1879, a surplus of 54,462.29, over and above nil claims against the company. The affidavit made by the ('resident aud Secretary of the insurance company to this report shows that it purported to embrace all losses and liabilities of the company of what ever kind. Iu the statement made by the officers of the company to the directors on the 28th day of May last, upon which statement was based the last two assessments, amounting to 25 j>er cent, (see copy of same hereto annexed) there is an item of indebtedness of 8139,252.02, called "outstanding accept ances." We then inquired if the annual statement referred to, included the then outstanding acceptances in the liabilities of the company, ami iu reply to this question we learned the importnut fact that none of the acceptances outstanding on the 31st day of December, 1879, were reported by the com pany ; ami the reason given was, that had the true state of the company been represented in the annual statement the company could no longer have done business in any of the States outside of this Com moo wealth. It was therefore necessary, in order to contiuuc business, that this essential and important truth be suppressed, and the outstanding acceptances of the com pany do not appear in their report as a liability. Upon the contrary, the report conclusively shows that all debts due by the company, upon previous losses, were paid prior to the 31st day of Decemlier, 1879. In the annual report the liabilities of the company are fixes! at the sum of 8115,481.08. To meet this, they exhibit assets (available) far in excess thereof, which excess the Commissioner ascertained to be the above sum of 854,462.29. This annual report is wholly incorrect and unreliable , so tar as it purports to show the liabilities of the company on that day. After as careful an examination of the books as we could give, and from the facts reported to us by the officers of the company, and from a reference to the statements of February 25 and May 28, allowing the company credit with all assets in hand available for the payment of debts ami losses, we find the company in arrcar on the Ist of January in the sum of 819(5,388.45. This sum represents the debt due on that day after applying all available assets on hand. To this sum must be added the losses occurring since, amounting, on the Nth of July, to the farther sum of 8251,698.84. The cash policies in the State of New York have been re insured since January 1, at a cost of 826,533.46, which must also be added. There is an-item of taxes of 810,000.00, and a balance due agents, attor neys, advertising, adjusting salaries, Ac., of 89,(524.03, which must also be added, making the total indebtedness on the of July, A. I). 1880, amount to the sum of 8494,244.78. To meet this debt, the net cash premiums received siuce January 1, 1880, amounting to 870,798 —the estimated net proceeds of assessment No. 38, (being (5 per cent.) amounting to 881,873.59—the whole amounting to 8152,671.59, arc to be applied. Making this deduction, the balance still remaining due from the company is 8-341,5751.19. The estimated net pro ceeds of assessments Nos. 39 and 40 (beiiiff 25 per cent) will amount to $5146,875.00 From this exhibit of the affiurs of the company it is evident it will require the whole of this extraordinary assessment te pay the debt. In the above statement there is no calculation made for future losses by fire or for expenses, all of which will continually increase the debt or liability of the company. In addition to this no allowance has been made for the payment of a debt arising out of the cancellation of cash policies, which debt is gradually increasing hourly, and as rapidly as return premium certificates can be signed and sent. We have made a calculation of this debt thus far, from the 28th of May last, and have estimated what it will cost the company to cancel the cash policies still in force; and this item alone will amount to SIOO,OOO more. In order to ascertain the cause of this unfavorable condition of the company, we endeavored to trace the workings of the cash plan for a period of five years; and in order to avoid the effects of the fire in Chicago, in 1871, we began the period on the Ist day of Jaauary, A. D. 1875. The total amount of fire risks in force, cash and mutual, Jauuary 1, 1880, was $51,957,550.00; of this sum 8552,872,625.00 were cash risks. This would make the proportion of the cash risks three-fifths of the whole. The following is the result: Gross premium* received from January 1, 1876, to January 1, 1880,... $2,469,380 00 From which deduct refunded premium*, re-inuranoe, commission and brokerage, pro rata, adjusting losses and general expenses, sala ri *. 1,147,671 00 Net income from cash policies $1,821,766 00 cowTaa. Paid for losses on cash policies in five years $1,663,270 00 Actual loss to company $231,606 00 The foregoing calculation shows an actual low of about $46,000 annually for the last five years, and this plan no doubt, has been the cause more than any other, which has produced the present unhappy financial condition of the company. We received a letter, addressed to us by citizens of Muncr, asking us to make certain inquiries into the alleged fact of loaning money of the com pany to certain of its officers, and the amount of salary paid to the several officers and clerks. We made inquiry as to these and other facts, but we found no evidence of the company having loaned any money to any one of the officers. Upon the contrary, we believe the company is indebted to certain officers for money loaned by them. The following statement shows the respective salaries paid each : The president receives annually- $ 'IOO The treasurer " ' - 8,000 The secretary 50 cents on each policy. The assistant secretary 5,000 Three clerks each $1,200 8,600 Three clerks each 600 1,800 Two clerks each 480 WO The four adjusters (expenses extra), 8,000 There are other expenses which we have not space to mention. The figures hereinbefore given are in some instances only approximations, hut are believed to be substantially correct. To give exact figures would require the labor of experts for months. From this review of the affairs of the company it is anpareut that it is no longer in a condition to do further business. No new risks will IK; taken and the policies are gradually expiring, so that the burden will fall more heavily on the members in the mutual plan, hereafter, unless some plan can be devised to go into liquidation and close up the affairs of the company, at the earliest possible day. All risks, cash and mutual, should be cancelled as soon as possible. What may be the best plan to close out the company : whether by having a receiver appointed, or by making a general assignment, or by the policy holders calling au early meeting and authorizing the present board of officers, with such other persons as they might choose, to settle up the affairs of the company and close out its business, we arc not at present fully prepared to state. We believe, however, the present officers, or some of them, assisted by some one selected by the policy holders, would likely bo more com|>etont to close up the affairs, satisfactorily and economically, than any new board of management. It would certainly be at a less cost than by getting into litigation, and closing, after considerable delay, through the office of a receiver, who would, from necessity, be com lielled to retain the present officers to do the work. Hat whatever plan may >o adopted, we are well assured that the company should go into liquida tion at once. In order to accomplish this, the officers should call a meeting of the Mutual policy holders at the earliest day practicable. We would further state that the officers of the company treated us with courtesy, and seemed willing that we should make a thorough examination into their accounts. We feel it due to them, to say that we found nothing which indicated anything improper or erroneous in the accounts of the officers. And yet while we believe them to be men of integrity, we cnuuot but condemn their action in concealing the true condition of the company's affairs, in their annual reports to the Insurance Department. No doubt this was done in the hope that the tide would sooner or later turii in favor of the company, and it might yet recover from its embarrassments; hut the " Milton fire," in which the company lost nearly SIIO,OOO, put an end to this delusion, and the assessment, which had long been deferred, was levied at last. Whether this desire, on the part of the officers, to keep the company in a favorable light before the public, is a sufficient justification for the character of the annual reports made, we leave to the decision of the policy holders, who are not withstanding, legally bound to pay the present heavy assessments. In a mutual insurance company the policy holders are the company, and the directors and officers are merely their authorized agents. For the neg ligence or mismanagement of these authorized agents the company is respon sible to its creditors. This company was originally a purely mutual one, hut by a supplement to its charter, passed the Ist day of May, 1801, it was authorized to insure upon the cash plan as well. The premiums arising from insurance upon the cash plan were by this act to be paid into the common treasury. All losses and expenses are paid out of the common treasury, ami "cash policies" not being liable4o assessments, nil deficiencies of income must be supplied bv assessments upon the premium notes of mutual policy holders. However inequitable this may now seem, the validity of this Act and the liability of the mutual policy holders to make up for the losses on the cash |>olicics have been in more than one instance affirm***! by our Supreme Court. The history of this company, as now written, is a fitting commentary upon the policy of legislation which |>eruiittcd a once safe and reliable mutual insurance company to enter into competition for cash business, with no other capital than the premium notes ot confiding policy holders, and U)on the follv of committing such large interests to the management of a few individuals without rcs|M>nsihle supervision. We have prepared a statement of the condition of the company, its assets ami liabilities; an estimate (in part) of the liabilities incurred, ami still to be iucurred in the cancellation of cash policies, ami also the work ings; ami the result of the "cosh plan" for the last five years, which accompany this re)K>rt, together with other statements, showing the losses the company has sustained in the different Htates ; ami also a particular ami detailed statement of all the items making lip the list of losses sustain ed by the company. All of which is respectfully submitted. A. O. FIRST, I). a KELLER, WM. I\ DUNCAN, ADAM HOT. Rki.i.kkontk, Fa., July 23, 1880. EXHIBIT No. I. Exhibit of Indebtedness and financial condition of the Lycoming Fire Insurance Company, on January 1, 1880, and July 14, IMBO, as compiled from information given by the officers of the company, and facts obtained by an examination of its books: January 1, 1880. Amount of indebtedness in excess of all available assets $11*6,388 45 To which add losses by lire, viz : In January, 1880 $16,836 04 " February, " - 32,1*11* 67 " March, 21,321 21 " April, •' 32,743 17 "May, " ( Milton $89,185.34) 122,986 95 ' June, ' 13,528 90 •• July, to 14, 11,303 00 Also add— He-insurance of N. Y. policies 26,633 46 TVxes claimed by Slate of Pennsylvania 10,000 00 balances due agents and attorneys, other taxes, advertising, adjusting, salaries 9,624 08 Total $41*4,244 78 From which deduct— Net cash premiums received since January 1, 1880 $70,798 00 Estimated net proceeds of assessment No. 38, (gross assess ment about $120,000) 81,873 61* Amount of indebtedness July 14, 1880 - $341,678 19 Estimated net proceeds of assessment No. 88, (126 V cl.) 1 , w , (gross assessment $237,500) . / S l7 ®- 00 Estimated net proceeds of assessment No. 40, (121 V ct.)) A( . (grots assessment $226,000) .......... ...... f ,fi8 ' 7W 00 Notb.—ln the foregoing statement no account has been taken of the liability arising out of the cancellation of cash policies since May 28, 1880. We find charged on the books : For return premiums since May 28, 1880, on policies cancelled by company $3,266 17 We also found 1420 policies returned for cancellation and not yet entered upon the books, to cancel which it was estimated would require about 18,000 00 There remains in force, cash risks approximating $20,000,000, to cancel which the committee estimate (taking the cost of the New York re-insuranco as a guide) will require about 76,000 00 EXHIBIT No. 11. Exhibit showing the loaa resulting from insurance on the cash plan for the five years beginning January 1, 1875, and ending January 1,1&8 U. The time of beginning was fixed January 1, 1875, so as to exclude the effects of the Chicago fire (1871), which itself cost the oompany about •500,000; Gross premiums received from January 1, 1876, to January 1, 1880,... $2,469,886 00 From which deduct refunded premiums $888,841 lie-insurance paid ; 16,869 Commission and brokerage estimated 418,026 Pro rata of "adjusting losses and general expenses" 264,836 Pro rata of salaries and taxes for five years, say three-fifths of SIIO,OOO ; 66,000 Net income from cash policies $1,321,766 00 cotrraa. Paid for losses on cash policies $1,668,270 00 Actual loss to company In five years $231,606 00 BTATEMENT A. Ktatement submitted to the Board of Directors at their meeting Feb ruary 25, 1880: LIABILITIKH. Louses In suit $59,352 Oft Unsettled to dste 30,214 19 " from last year 11,670 oft Bottled due in March 16,639 02 " " April 12,118 84 " >• May 2,547 Oft Outstanding acceptances dun in February 34,743 99 " " " March 61,994 16 " " April ! 32,322 96 " " May 31,767 60 Taxes, advertising and other bills 10,000 (id 303,269 65 AhHETH. Agency balances estimated ... 40,000 00 Assessments due and collectible estimated 60,000 00 Catawissa 7 "f* ct. bonds 11,000 (Ift Hills receivable 3,762 18 Mortgages 7,135 38 Judgments 4,342 4ft Indebtedness of company 187,029 69 $303,269 66 STATEMENT B. Statement of the affairs of the Lycoming Eire Insurance Company a presented to the Board of Directors, May 28, 1880; LIABILITIES. Unsettled and unpaid claims in Pennsylvania, including those in suit $219,9**8 <*2 Ohio claims unsettled, unpaid and in suit 8,530 25 California and Nevada unsettled, unpaid arid in suit 10.000 00 Illinois " " " 12,671 6ft Wisconsin " " " 4,735 Oft Missouri " " " 8,589 65 New York " " " 24,343 Ift Vermont " " " 9,31 ft .36 Maryland " " " 6,869 76 New Jersey " " " 3,345 2*l Maine " " <■ B*ft 00 Connecticut " " " 737 00 Outstanding acceptances 139,252 */2 Miscellaneous bills unpaid 1,156 62 $449,178 7'* AHHKTH. Agency balances $16.**53 >1 Assessment', itfeluding No. 38 (collectible/ 86,436 og Hills receivable and mortgages 6,000 *<) Indebtedness of company 339,889 07 $449,178 70 KWAI'ITLLATION. Liabilities $449,178 70 Available assets.- 109,289 63 Indebtedness of company exclusive of re-insurance $339,889 07 THE LITERARY REVOLUTION. r PHK most suecewiful revolution of JL of tb# century, mid, to Atmri'mi render* of U#..ke. tb*- mo*t important Only Uok* of the higbnt rU nrv pu!dt*htl by u*. and lit* price* nir lot* beyond roiu|iiMn with th* rk(|W*t Issd* rter Mor>> IWUMI To iliufttmte and dem<r*elrate Ikm troth*. • eend the foil- *li r I- k*.all rotn|il*U and uuabtidgal. rtt r AID, at tlir price* named . Macaulay's Life of Frederick tlieOrvaf. Former price. f 1 i't. I.rjre brevier type, b*mitifal print; PRICE TIIRKK CKKT* Carlyle's Life of R 'Urt Rrt* Former price. 91 2ft. L*rr* Irn tier tjpe, 1-nuGful print; PRICK TIiRLK CERT*. Light of Asia By Kdain Arnord. Former prire. |1 Vi. Beautiful print, ktvflrf type; PKK K PIVK CENTS. Thos. Hoghes'i Mnnllu*we of Chii*t Former trtc#, |l *. Ibawtiful print, Uerter typa; PRICK TIIRKK CENT* John Stnart Mills's Cha(<t*r. I>b fcrK-Ult.m Reuy. of M<"**dlng iat*r*et end Imp-runr*. mim TIIKKK CENT* Baron Munchausen. Ili* Travel* and Surprising Adventure*. Former price fl.fft. IV>urg<4se type PRICK FIT* CKSTK Mary Queen of Soots' Life, by Umrrti&c. Fot rner trice fI.TV Hrnisr type, twautifnl print PRICK TIIRKK CKSTt* Vicar of Wakefield. By Oliver Ooldsmlth Brevier type, baauUful print; PRICK FIYK CKNTB Itiin.van'N Pilgrim's Proems. tjr|*, l>d*d ; ttF.utiful nial. flirt NIX CENTS. Private Theatricals. jr author of "Sparn.wgreaa ri*r." Small pic* tin*. led*d, THICK TWO ( RNTjj Stories and Ballads For Young Folk*, by Klla Tracy Aldan ; * ill' i*ry (la* tllu.trmttoni Vlortioo. complete ftnm b*r twk Urgatype; PhICE FIVE CENTS Leaves from the Diary Of an Ob! I*aw\er. Short toft*s of tkrilliiig, laugha ble, pathetic interest PRICK TIIRKK CK*r* Booksellers Bi*rywb*r* (only on. dealer in each fcnrn) keep llm.' and oar lerg* ltd of etaadard hook., abb h ar* eelltag by th# million ...Inroe, barauae THE PEOPLE BE LIEVE IN TIIK LITERARY RKVOLITION AMRKICAN BOOK KXCHANGK, Tribute Ball.hug, Saw York. JOHN B AI.HKN. Mas igar. Sol* Agency la Ballafoiila, 11. T. STIT7.KR I try Gootl* ami (JrorrrUu. JJARPER BROTHERB, SI'RINO BTRKKT, ItRI.LBFONTR, PA.. Have their counters and shelves filled with NEW GOODS, I BANKRUPT RATES Purchased at BANKRUPT KATES I BANKRUPT RATKS WHICH THEY OFPER AT BOTTOM PRICEB, BOTTOM PRICES, BOTTOM PRICEB. OONSISTINO or Dry Goods, Millinery Goods, Clothing, Fancy Goods, Notions, Ac. BOOTH and BHOEB BOOTS and SHOKS at very low prices. BOOTS and SHOKS HATS aad CAPS Latest styles of HATS and CAPS HATS and CAPS Carpet Bags, Umbrella*, Parasols, Ladles' Cloaks, Carpeting, urootriM, Ac. OmaprMag arary thing Aatraa be fcaad |a a drat aaa stare. HARPER BROTHERS* wura STREET, BELLE PORTE FA COUNTRY PRODUCE Ukaa la aihaa|a at Ita hlgtet Market price. l-|y CEU 'LL'-U A T . STATE NORMAL SCHOOL (Kujh t/i Somwl ScKt>! Dmtrict,) LOOK HAVEN, CLINTON CO., PA. A. N. ItAUB, A. M., I'rincipal. 'PIUS SCHOOL, a* at present con- X etitu'ed. otbe rer, I wet loci h tow for Frw f.*aeionk I and Claee,, m) learning. Bulldlnga epnriutie. invito,- ud commodiotik ; mm pletelr healed h, •!. . weII aentilnted. and fiirniah 1 wlib • bountiful tu|.| I, of pure water, eofl apnng ntar. Lucattoa healthful tod ewer of urn. Kurruoadtng a* * iierr unanrpaeeed T-arbera exparieacwd, <•< tea l, and alio to tbeir work. iHanpline. firm and kind, uaifiem ai.d tkrvu,-b ktpruaee moderate nflf cento a work deduction to Vb prtfaribf to taack. Ptudente admitted at en, tlm. Con no* of etud, pr.wcni.e-I l.j tb* Stale I Model Hrkacwl. 11. Freparetoi,. lll.'Kletnaalar,. IV. Bci rati fir. tnjIXCT oocwu: I Academic. 11. OaoitnrrrUl 111. Ifueic. IV Att. Tha Kerneator? and Scientific cwareea are Hue temiuoal, and .tndei,!. graduating therein rec.i.e fitata INploaaaa. conferring the following and corrce. j->udiag degree*: Matter of the Element*. and Maeier of tbe S lenrer. (iiadaatea in the other itatm re>e,<e formal Ortificatea .f their atuinmente aicu.-d l tbe Fncalty. Tlte I'rufeaatnnal ouor>ee are liberal, and era m thorough nam not inferior t„ thorn of our beet nolleg.e Tha Mate reqairea a higher ordar of < itin-aefnp. Tbe tinea demand IL It to one of tbe prime objerto Of thik erbfa.l to kelp to error e it h, fnn.i.hii.g intel ligent atkd efbieat tenrbere lor her arboolk. To tt.ia and It eolirlu toung pare.,ne of good abilitiee and rood purjeeee—tboae abo dartre to improae their time and tbeir tolenta, aa atudenta. To all aarb it prumieea aid ta drv .-hqing tbeir p- were and atam.tant pportunlttoa tor well-paid Inbt.r kftar lanrlnc ecb..i For rnlalogtw and tern# add rem tbe Fnncl|wl aodaa or Tt;rrr Stockholder. Truateea-J II Barton. M D . A II Beat. Jatol, Brow a. 8 M. Wckford, Samuel Oirtet, A ? U- omJl - *• c - Hippie. km, , o. Kmumg, k F MrCnrmirk, Be,, ,Vt W lUnkimJobn A R. 1.1 stale Trtiateee— Hon A Cania. Una II L Dief. fat. had.. Ore Je.ee Merrtll, Hon William Bigler. J C C. * hale,, B. Miliar Mr< onakk. km, Ml WW. Bon. WIM.UM BWI.KR, Frraldent. Clearfield. Fa a*2i."'.'? ,f "'' "I?"''* ' Freaidant, Lock llaten, I'a 8 Mll I.AK MrCCBMICK. Secreted, THOMAS YAKDLKY, Tmvtirer. " New York Weekly Herald. OWE DOLLAR A TEAK. The circa latino of thto P< polar neoopepar baa more than trahled during tha part tear. It mntoina all tbe landing nawa roatalaad In tbe H.tir Ilcaaba, ar. l la arranged In hand, depertmtnie. rt.a FOREIGN NKWB embrocae aparlal dtopatchm from all quartern of the globe. I ndar tbe h.wd of AMERICAN NKWB are (tana the Telegraphic iMapatobm of tbe weak from all porta of the Unto*. Thto toatare atone make. THE WEEKLY HERALD U meal ealaahie chronicler la tbe world, m It to tba rhaapaat. Brer, weak to (torn a faitbfnl report of POLITICAL NEWS embracing complete and romprekenatre diapatchm f"*" WaablagtoO, Including fall twp.ta of tba bmT "" **"*' pallUrtai,aoa tbaqamttnaa of tba THE FARM DEPARTMENT of tba Wbui Heat tn gfraa Uta to teat m wadl m tba lrttoal nffMttou and dianaaaalm ratotlag to tba dattoa of tba tormac, hlato for rtoatag Cartn. Fontmt. Omim, Taaaa. VaarraMaa, Ac . Ac, with aaggaetbiaa lor kaatilng halldlaga and ateaelle IB ra pafr. Tbla to auppl.mi a tod b, . wall edited depart meat, wldel, copied, under tba hmd of THE HOME, *J" •* piaatlaal dtohaa. hlato tor making Clothing and Aw keeping up with tha latent toahtoeik at tk * "M af cooking or aomkomr aaggaatad la thla department to prartieall, teatad If aaaarta batowa pahllcaUoa Lattan from oar Farto and lamdow .nrriH glial <m tba am, lateat toab Itota. The H.uaa Itopartmeal at the Wauit llantra wfll aara the bowaawito mora than one hundred tlmee tha prion of tba paper Tba takaraaU af SKILLED LABOR .*?**• •* 4 I FMtahtlat la me chaatoe and labor aartag la cwrafhll, racordoto There la a pagedeTwtod *a all tha to teat phaem of tba had aaatitnarkeka, Crop*, Mercbandtoe, Ac.. Ac. A ralao f?Ta<lM.a.*7 prV^* THE PRODUCE MARKET. •matwa Raw* at bow and abroad, tagwibar with a Smar arer, weak, a Baaaoa by .la. ImatM, Mtmcat, Dttk.tte, Faaaonti .ad OM,W "ifSs'l } nSv NEW YORK HKRALD, 1-4 Broad war and Ana Straat, Raw Tort.