Newspaper of Chicago Daily Tribune, May 8, 1873, Page 5

Newspaper of Chicago Daily Tribune dated May 8, 1873 Page 5
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INSURANCE. x Annual Report of. State Audi tor Lippincott. Companies Admitted to Do. Business in 11- linois tho Past Year. Statement of Business Transacted by Companies Reporting to the Auditor. liist of Insolvent Companies, and Their Financial Condition. Suggestions on the Subject of Taxing Premium Receipts. Special Dispatch to The Chicago Tribune. BpmifariFLD, IU., May 7.—Qou. Charles E. Idppincott, Auditor of Stato, has just laid boforo tho Governor his fifth annual insurance report. Zt is replete with facts which go to show the ad mirable manner in which ho has conducted that Important branch of hia office. Since his last report, thoro havo been admitted to do business in this State thirty-six fire and fire ond marine insurance companies, with a total capital of $12,305,213.03, being $7,200,588.02 more than tho aggregate amount of capital heretofore repro- Bontou by companies which havo ceased to do business in tho State. Tho total number now doing business is 118. A general and comprehensive view of tho aggregate business of tho four years—lßo9 to 1872—shows the risks written to amount to $20,485,163,708 aud the cash Jtromlum receipts during tho name time, to amount to 180,880,107.44; tbo aggregate overage premium rale being 91 cents for overy SIOO of risks written. Tor 1809 ond 1870, the rate is obovo tho overage, being 97 $• outs for 1809, ond 04 ccuts for 1870. For 1871 and 872, the rate is below tho average, being 89 cents for each year. Tho aggregate average ratio of losses to Sisks written for tbo four years la 03 ccuts on tbo SIOO, *or 1860 and 1870, tho ratio la bolow tho average, being 62 cents for 1860, and 69 cents for 1870, For 1871 and 1872, tho ratio is ahovo tlio average, being 84 cents for 1871, aud 70 ccuts for 1872. Tho aggregate average tratio of losses is $74.03 for ovcrj*sloo of cash premium (receipts. Tho ratios of tho years 1869 and 1870 are be low tho average,—that of 18C9 being $35.17, aud that of 3870 being $62.84. Tho ratios of tho years 1871 and 1872 aro above tho average,—that of 1871 being $94.43, aud (hat of 1872 being $78.97. Tho aggregate average ratio of total expenditures to total income shows that Jor tho font years tho companies expended $97.05 for «cvory SIOO of cash income. Tho business of 1669 Bhows $80.36, and of 1870. $92.00, expended for every SIOO received, while tbo business of 1871 shows $104.73, and of 1872 $103.24, expended for every SIOO received. This showing, It must bo romom 'bored, docs not include tbo very largo wmount of iusuranco capital and assets of companies entirely destroyed by tho two groat confiagratlous oc curring lu the past two years, but that it only applies *o tho companies continuing the business and making •reports. Tho companies reporting have, since tbeir •organization, received $434,666,269.18 m premiums, and said losses to tho amount .of $291,483,027.43. They Ziavo declared cash dividends to tho amount of $49,714,- 025.60, and stock dividends to tho amount of $4,713,- ©19.-17, The present capital stock of tho companies amounts to $30,119,629,80. Tho amount deposited by t»ho companies in different States, as security for pol icy-holders, is $0,725,387.60. Tho seven Illinois companies received cash pro animus amounting to $601,069.74. They incurred $193, ©74.23 loss. Estimating expenses at 5198,820.03, loaves Ahem a net profit of $309,774,68. Tbo ninety-five Joint stock companies of other States received $4,012,048.69 cash premiums. They ■incurred $1,095,361.92 losses. Estimating expenses at 51.203,014.99, loaves them a not profit of $1,713,071,68. Of these companies, two show a not loss of $1,847.91, -'while ninety-three have a not profit of $1,714,919.59. Tho six mutual compauics received $304,710.10 cash They Incurred $87,094.87 losses. Estimat ing expenses at $91,413,03, leaves them a not profit of $126,002.20. Of (ticso companies, one has a not loss of .$0,345.80, while five have a net profit of $131,948.12. The eight United States branches of foreign compa nies received $698,072.09 cash premiums. They in curred $129,641.67 losses, Estimating expenses at $179,601.63, leaves them a not profit of $289,528.89. The two foreign companies received $128,300.78ca5h jirotnlums, They incurred $11,444,86 losses. Estl jmating expenses at $38,608.23, leaves them a net profit «)f $78,407.09. Tho grand aggregate figures of tho 118 companies *how $5,704,661.30 cash premiums received. They in curred $1,477,017.45 losses. Estimating expenses at {51,711,458.81, loaves them apet profit of $2,610,385.10. SChrco of tbo companies show a not loss of $8,193.77, .while 116 companies show a not profit of $2,624,678.87, Reaving tho net profit on tho business of ail tho com yawtftg at $2,610,386.10, as before stated. INSOLVENT COMPANIES. Tbo following is a list of insolvent compa ibloß: Tho Aurora Flro Insurance Company, of Aurora, OIL, L. D. Brady, Assignee, bos paid 25 per cent of its jontlro Indebtedness, and la now about to obtain its dis charge from bankruptcy. Tbo Bloomington Firo Insurance Company, of {Bloomington, 111., which retired from business Jan. 1, 3671, after having reinsured its risks in tbo Merchants' Tiro Insurance Company of Chicago, have Bottled all claims against it at GG cents on tho dollar. Tbo Chicago Flro Insurance Company, of Chicago, 0. K. Murphy, Assignee, has not yet made a dividend, jmt will probably pay 10 per cent In all. Tbo Chicago Firemen’s Insurance Company, of iChicago,o. 11. Horton, Assignee, has made two divi dends,—ono of 4 per cent and another of 1.70 per .cent., and will shortly obtain its discharge. Tbo Commercial Fire Insurance Company, of Chi sago. Robert E. Jenkins, Assignee, has made no divl aloud. This Company will probably pay, in all, 2 •per cent. Tbo Equitable Flro Insurance Company, Of Chicago, James Long. Assignee, has, as yet, paid no dividend, put will probably pay from 4 to 6 per cent. Tho Garden City Fire Insurance Company, of Chi 'cage, which reinsured its risks la tho Commercial, of Chicago, has had no Assignee appointed. As yet tho Company hae paid no dividend, but will probably pay Homo 10 per cent of tho claims against it. Tbo Germania Firo Insurance Company, of Chica go, William Vocko, Assignee, has made two dividends, —ono of 2 and one of por cent. This Company will probably pay from 8 to 5 per cent additional. Tbo Groat Western Firo Insurance Company, of Chicago, O. W. Upton, Assignee, has paid no dividend. |3uils hnvo been commenced against the stockholders, And it is probable tho Company will pay about 60 por jeont of nil claims. .The Homo Flro Insurance Company, of Chicago, (Thomas. Buckley, Assignee, has divided 2 per cent, And win probably divide from 3to 6 per cent addi tional. Tho Knickerbocker Firo Insurance Company, of Chi- Jeago, Is not In bankruptcy, and has paid nothing, but Ahould bo made to pay in full. Tiio Lamar Firo Insurance Company, of Chicago, George Ohandlor, Receiver, should pay all claims In full. Tbo affairs of this Company wero placed iu tho bands of a Receiver, date not known. A report, as required by law. has been called for, but, as yot, It has net been,furnished. Tho Lumberman's Firo Insurance Company, of Chi cago, T. O. Hoag, Assignee, paid 6 per cent before go ing Into bankruptcy, aud will pay 80 to 40 por cout ad ditional. Tho Merchants' Firo Insurance Company, of Chi cago, William E. Kollo, Assignee, bas paid two divi dends ; one of 4 per cent and ono of por cout of Its claims. It will probably pay 2 per cout additional. Thu Mutual Security Flro Company, of Chicago. {Mark Kimball, Assignee, has paid 7 por cent, aud will pay from 7 to 10 per cent additional. Tho Roaper City Flro Insurance Company, of Rock lord, IU., reinsured lu tho Republic Flro, of Chicago, before "the flro." The Republic will pay tho losses t>( the Reaper City In full. TboßopubUo X*iro Insurance Company, of Chicago, 'J, R. Faynon, Assignee, bas paid over 76 per cent of its indebtedness, ond will pay Us losses lu full. This Company has already paid over 12,500,000. The State Firo insurance Company, of Chicago, llormau O. Perkins, Assignee, wIU pay la full aU who pave not settled their claims. I have lately boon advised that tbo Wlnnesholk Firo Insurance Company, of Freeport, IU., (uamo of os . Alguco not ascertained) has some $2,000 to pay some ■ 1175,000 Indebtedness. I cannot rely upon tho abovo Information furnished lu regard to suld Company, aud ,would advise others to placo no reliance upon tho In tho case of the Illinois Mutual Insurance Com- ? any, of Alton. 111,, a petition for a decree In bauk uptcy was filed in tbo United States District Court for ißoutborn Illinois, on tbo 7th of October, 1812, No ad judication—case continued, This Is tho third petition 5n tho case of this Company, a decree in either of tho former two having been refused by tbo Court. I have endeavored to ascertain tho probable amount which this Company should pay, but havo failed to obtain Abo information. Tho Baugarao Insurance Company, of Springfield, reinsured its risk in tho Merchants', of Chicago, Tho 'Merchants' will probably pay 8 per cent of its losses. ,2fo proceedings havo been commenced against tho Ban sumo, bo far as I am advised. It should pay all Us Ua {mllles In full. STATEMENTS OP VORKION COMPANIES, uv ruit.iiin uuojrAim>o. The attention of ;tha General Assembly is rospoct ' sully yot earnestly requeued to the requirement of the jact of March 11,1809, In regard to tho time fixed for ' foreign Insurance companies to make their annual ■ statements. It roads as follows : Sec. —. • Foreign Insurance companies shall fco required to makn and (Uo tholr annual btatumcots and ovldoncot on tho first day of January in each year, or v within thirty days tlicroaftor. made out lor tho yuarond ■ logon tho preceding SUth of Hopiombor. Tho auunlo monlary annual oatuJoKuu of tlielr laiiliiou anil alfblrj in . the United Hiatus, duly verified and certified to by Iho , resident manngor of such company, elmll bu filed In tho month.of January of each year, made out for thu yoar ending on thu Hist day of Dooombor immediately pro v ceding. At tho date of this report hut one single foreign com « pauy has compiled with tho requirement of making annual statement for tho year ending Doth Bontember, • 1872," Tho Western Assurance Company, of Toronto, Canada, has made Its annual statement thu same as . companies of tho United States, for the year oudlug r * The Liverpool and London and Globe, tho Hamburg < IJromor, and tho Oommurolal Union InsuranceCompantua . havo aiiioo filed “Homo otllco" stnlomonts,-tho first pamodfortbo yoar oiuJldh Hunt. 80,1879, ami tho other ■ |iqfo named for the year ending Duo. #l* 1879.1 . December 01,1873. Tills being throe months later In formation In regard to the business and affairs of the company than required by law, it was accepted and kfllod, as well as preferred, to a statement for. the year ending Sept. 00, preceding. . .... tfjio representatives of Drlltsh companies in this country claim that it is not practicable for their homo 'offices to comply with tho requirement of the Illinois law, owing to tho impoaaiblfity of said com panies obtaining returns from tbeir ngencloaln vari ous foreign Governments, In -which they are doing business, in time to mako a statement of their husl- affairs in four months from tho 30th Septem ber. I suggest that tho 30lh of Juno bo substituted In tho law in the place of 80th of . September, or, probably better, that tho 81st of December bo so substituted,— tho statements to bo died on or before tbo Ist of July following, If to tbo latter date, any such foreign com pany not having a branch ofllco In this country, or whoso statement could not bo.filed by the 31st Janu ary, should bo required-to have tho condition and business of Us several .agencies In tho United Slates reported to some one of its agencies, for tho year end ing Dec. 31, such agency being required to make and filo a statement thereof on or before tbo 31st of January following. ..... Unless some such change is made by tho general As sembly, this Department will, with considerable reluc tance, feel In duty bound to. enforce tho low as U now Blands. It may bo welt to say to you and the General Assembly, that tbo probable result of this action will bo the retirement from our State of nearly all. if not nil oflho English companies, unless they should con clude to furnish statements of their business, as pre sented by their books on tbo 30th of September, A question that involves tbo probable loss to our citizens bf facilities for insurance with a class of companies in which they have undoubted confidence, is worthy of serious consideration by (ho General Assembly Securities are now held in this dcpiftlmcui protection of .policyholders, for companies, amounts as follows PI |l It ISB g: g,j B?R 000 s . P{? ego i- : b 3: :3 q: ® 9; : ■ r: ....... . a • igißfag igi e-sill I|il ; : S j?j?gg. a g| BSS g lIaISaLPI E li'lilss 111 ; WB'BS'I&S gel ; |&l3||§.£B:. ; tsl|5 s, l rs: i I: i?|PV sli : &::§:§ 08 : \ -lifterlll • tel * ; P« • m • • I |i I: iH ji I jsjyijsi i i |ii lli§: : i II 1 s 1 S fill ° p not bo inappropriate at this time, during legislation on tbo subject, to discuss tho as to tho soundness of tho principle of taxa- Ich taxes or proposes to tax tho premium re insurance companies as a property. -Aro premium receipts a taxable property, as luted by the Constitution, to bo taxed by i? It may pending question tion whl eeipts of i First— contcmp] valuation ) subject of raising taxes on properly bv valu leo. 1, Art. 9, of tho Constitution, ro le General Assembly to provide the necessary “ by levying a tax. by valuation, so that every md corporation will pay a tax In proportion to oof his, hot or its property.” rty is defined to bo “ an estate—whether in {oodfl, or money; tho thing owned; that to person has tho legal title, whether lu posses lot.” On tho 1 atiou, Sc quires thi revenue ‘ fiorson ac ho valuo Proper! lands, g< which a j slon or n< In my opinion “premium receipts” are not n prop erty In tbo light and moaning of tho word, an used la tbo Constitution, hut simply a business name, used to designate tho amount of mouoy derived or to bo de rived by tbo Company in its buslucsa, tbo snmo os tbo word “sales’* apply to tbo money received or to bo re ceived by tbo merchant or manufacturer for merchan dise or manufactured articles sold; or ns tho words compensation, wages, salaries, fees, income, revenue, and many other words, each of which apply and have tboir peculiar relation to money. Tbo word “ receipts ” may bo appropriately applied in .each case named, and therefore used In designating tbo money rcselvod from sales or other sources, or for services. 'Wo attach a value to “ receipts ’’ only when tbo wotd Is used instead of the proper or common name of tbo properly to which they apply. Thouumo “ receipts ’* is a general term, used in reference to tbo result of business, rather than for designating ibo name of a property. Property is tbo result of re ceipts, which property has a common name—money. When tbo monoy is acquired, absolutely nothing of value is left for receipts. Tbo properties of “receipts’* expire, die. upon tbo delivery of tbo estate to tbo owner orals agent, and aro thereafter known os “lands, goods, or money,*’ as tho caso may be. Tbo premium receipts of an Insurance company amount to SIO,OOO In money, which amount wo will as sume remained in tbo hands of A 11, agent, on tbo first day of May. Having the SIO,OOO on that day bo must pay n tax thereon. Upon wliat kind of property must bo pay.tbo tax, and upon what amount ? If pre mium receipts aro property, tbo agent should Hat $lO,- 000 tborefor. Money, all admit to bo property : henco said agent should list SIO,OOO in mouoy. Tbo latter— money—is so positive a property, that oven tbo Gen eral Assembly, tbo only law-making power la our State, cannot exempt It from taxation. Wbon the monoy Is listed, tbo “premium receipts” aro loft with out value. If tbeybavono value, they cannot-ho a property, as contemplated by that word (property) as used in our Constitution. In tbo caso stated, tho sgcnt'had premium receipts of tho Company and ho bad (bo mouoy; but when wo speak of them as a property, ouo—tlio premium receipts—lsa fiction ; tho otheiv-raoney—is tho reality, or property, Tho agout should list the property for taxation, and not tho fic tion. .bVcond—lt is desirable to measure tho amount of monoy acquired during a certain period of time, by taking tbo receipts of a business, for such time, for tho purpose of obtaining a taxable valuation. If this principle should bo adopted with respect to one class of business, it must bo adopted for all classes of business. If wo tax ono person or corporation, whoso business Is confined to receipt of monoy pnlyl on all tho monoy received by liim or It, during thQ year, wo must tux all other persons and corporations having similar receipts, without regard to tho business carried on. Further, If tho principle holds good, to bo consistent wo must require all other persons and corporations to pay a tax on all tbo boraos, cattle, merchandise, manufactured articles, notes, bonus, Ac., received by them during tho year. To adopt this principle for obtaining or arriving at tho quantity of property to bo taxed by valuation, for ono class of per sons or corporations, would compel tbo same principle to bo adopted for obtaining tlio* Quantity of property of all classes of persons and corporations, “so (to uso tbo words of tbo coußtitutiou)*tbat each person and corporation shall pay a tax In portion to tbo voluo of his, her, or Its property.’* It must bo plain that tho manner and tlmo for ob taining valuations for taxable purposes, to bo uniform, should bo applicable to all property. Another uitllculty must arise Wlion wo attempt to value and tax receipts of insurance companies as prop erty. If wo admit for tbo purpose of argument, that tbo power is vested in tbo General Assembly to de clare receipts to bo a property for tbo purpose of taxa tion, It should bo plain that tbo receipts of ono person or corporation cannot bo declared such,and tbo receipts of others bold not to be so. If receipts aro held to bo property, the declaration must bo general In its appli cation. A law which declared tho receipts of insur ance companies taxable property, would bo invalid, unless it applied equally to the receipts of bankers, merchants, manufacturers, farmers, various profes sions, olllcers, and employes. I have endeavored, thus far, to show that receipts without legislation, aro not properly subject to taxa tion by valuation; that In order to so tax them, legis lation must bo had, declaring thorn a taxable property: that when such declaration is made, it must ho general and not special in its application. Third— la tho taxation of tho premium receipts of Insurance companies on tho amount received during tho year advisable as a principle of taxation in this State, ovon if constitutional? In this State, our principle of taxation Is fixed by ibo Constitution, and is, therefore, not a debatable question. All real and personal property is liable to taxation. Heal property presents itself to the plain view of tbo Assessor, and, therefore, cannot avoid as sessment. Tho improvements on such property, being included in the value thereof, Is, to a consider able extent, Insurable property. That portion of per sonal property which is insurable, is tangible, and very seldom escapes tbo view of tbo Assessor. It is. there fore, safe to assume that tbo property covered by in surance Is of a class which does not escape taxation, being visible property. Hence, if a uniform rate of tax, say 3 per cent, as has been proposed, should bo £ laced upon tbo annual receipts of all companies doing usiness in this State, it will compel such companies to add tbo amount of such tax to (heir charge for in surance, Tho plain ofloot of this would bo to cause owners of that class of property in Ibis State, already paying certainly not less than its Just proportion of taxes, to pay this additional tux, together with tho oxpeuso attendant upon such Indirect collection, and, firobably, a surplusage to tho companies, os (bo history, u this country, of adding tbo internal tuxes to tbo f rlco charged tlio consumer, Is, that from two to tbroo lines tbo umornit thereof was added and collected, Tbcro is also a further objection to this principle. It makes that portion of (ho visible property of the State, whoso owners cloct to guard against entire loss or destruction of this property, by a email annual Invest ment, pay a greater portion of taxation than oven other similar tangible property, whoso owners aro not thus provident. Fourth— la tbo taxation of (be animal receipts of insurance companies, and not of otbor persona and corportious, an equitable tax, regardless as to what may bo tbo answers to tbo preceding propositions 7 If wo admit that tbo law-making x>ower of a Slate may onact that 11 receipts ” shall ho deemed a taxable property, does It not follow that tho principle must bo of gonernl and not of snotlal application? Tux laws, to bo Just, must bo applicable alike to all persons and corporations coming under tbelr provisions. When wo admit that It is legitimate to Ux tho annual The Chicago b receipt* of insurance buslnons, wo must mlmlt that It Is equally legitimate to tax the annual receipts of overy oilier kind of business, Applying tho fmmo rules for obtaining values alike to all. If premium receipts aro property, are not other receipts tho same?- Would it not bo an inexpllcablo law which would tax tho re ceipts of one. class of business, and permit another class to go uulnxcd, when melt have investments of capital In an equally honorable and legitimate busi ness? I cannot conceive how any other than an af firmative answer can, In equity, bo mado to either of these propositions. Wherein do tho rocelpln of various kinds of busi ness, tirofeistons, and occupations differ, if there bo a difference ? The Insurance company iclln Insurance; tho farmer, his grain and other produce; tho mer chant and manufacturer, their goods and wares ; tho banker, his money and exchange; oaoh obtaining re ceipts by tholr sales, ns also does tho lawyer, doctor, farmer, mechanic, laborer, officer, and employes, for tholr services, tn neither ease is It probable that tho receipts are all profits, and probably loss so In the caao of insurance than that of any other business, profession, or occupation named. Yet, with Insur ance, as with any other business or occupation, it may t»rovo profitable by single companies, or collectively; mt liko other business, it Is equally liable to loss and (o close the year’s business with no profit. Is there any tangible reason why premium receipts obtained tn a State other (ban tbo State In which tho company is located, aro so different from tbo receipts of other corporations or persons, thus obtained, as to require taxation In such other State 7 Take our Western farmers or cattle-dealers: would they deem it an equitable law which would require thorn to payday, 0 per cent tax In Now York or oilier Kastern market, on tholr receipts, derived from tho sales of tholr cat (la and grain in such market, after having been taxed at tholr residence on such cattle and grain, or liable thereto on (bo amount of money derived from such sale ? Is there any reason why taxation Is equitable In one case and not in tho other 7 If there is, 1 fall to comprehend It. Tho farmer or dealer, by their sales, may have met with loss in tholr business, requiring them to pay such loss from tbeir accumulated prop erty. Regardless of such lose, they wore taxed where tholr property was sold on llio amount of thetr re ceipts. This is apt to bo tho result to insurance com panies of a law which taxes premium receipts as a property. Insurance companies of (bis State, os well ns those of other Stales, pay tax on all tholr properly at tho place where tho company is located, More than this should not bo required of them, or of any other corpo ration or person. With what favor would tho propo sition bo received by tho people of this State, to tax the amount of money received by every person during tbo year, without regard as to (no disposition or in vestment made of it or of tho amount which each per son paid out In his business or occupation, during said time 1 Yet add to this tho proposition that this shall bo done In addition to tbo tax levied on tholr real and personal property, and vro have tho result and equity to insurance companies of tho proposed principle of taxing their receipts In addition to tho tax which they havo to pay on their property. If all tangible property, real and personal, was ex empted from taxation, and a principle adopted for raising revenue (hat would only tax receipts, there might bo some argument mode tn its favor. It would simply bo adopting tbo principle of a tariff for State and local taxation. When wo desire the consumer— regardless of bis wealth or tho amount of bis proper ty—to pay nil taxes, It will thou bo time to adopt tho principle of taxing receipts instead of property. To tax both tbo property and receipts of ono class of persons or corporations,, and only tho property of others, is a proposition which should bo repugnant to an honorable people, and 1 cannot see how it can bo en tertained as a Just principle by any legislator who has given tho subject proper reflection. If Ibis result bo obtained by the laws of different States, (ho injustice would bo with (he laws of tho State which taxed tho fiction—tho receipts erroneously called property. Tho grand aggregate amount received by tho 118 In surance companies appearing in tho tabulations of this report, Is $04,801,632.80 during tbo year 1872. The grand aggregate of their losses in curred and expenses during said year is $09,013,003.01, thus . .showing $1,839,071.11 more Incurred for losses and expenses than they re ceived from premiums and other sources. Bald com panies have a grand aggregate of assets of $97,370,- 000.31 on which they pay taxes in their respective States or governments. Now. is there any principle of Justice to sustain tho laws which would yet further tax them on tho $01,801,632.80 received during tho year, when it is shown that they have paid, or will havo to pay, all of said sum for losses and expenses, and $4,- 839,071.11 in addition thereto 7 As an excuse for taxing tho premium receipts of in surance companies, it is assorted that they withdraw money from tho Stato. In caso of some companies, and aomo yours in tho aggregate of companies, this may bo true, but not always bo, and no moro so than it is with other kinds of business. It has not proven (ruo lu tnis State, taking tbo aggregate business of tho last four years, tho only years for which wo havo a record. Tho business of four yearn shows that tbo sum of $20,347,415.71 - hos been paid to llro and marine insur ance companies; that during said time such compa nies have paid $03,828,212.71 to tho owners of property In this State, being $13,180,827 moro than has been taken out of tho Stato or paid to companies located la this Stato. for the and In i!i •"i* As there Is no equity in tho principle of taxation that would tax tbo receipts of insurance companies, it would seem that tho proposition so to do is founded solely on tho theory that such companies aro produc tive of Injury to tho insured, rather than protection. If this bo true, tho grand figures of relief furnished to tho property-holders in this State by such companies during tho past four years, in comparison with tho amount paid therefor, should bo tho only apswor of Il linois to such a theory. Tho wholo theory of taxation of receipts, when tho property of tho person or company is taxed In its proper locality, Is based on wrong promises, and there fore should not bo found in tho codo of laws designed to bo equitable and just to all persona and corpora tions to which such codo may apply. I have not considered tbo question- of taxation of tbo receipts of life insurance companies, for tbo reason that, ns His so generally admitted that such taxation is erroneous, argument in regard thereto would bo superlluous. 0.13. Liwincoxt, Auditor Public Accounts, CHICAGO MUSICAL JUBILEE. It Will Como Off tho First Week In June—Gilmoro "Will Conduct the Concerts) which will bo Given in tlio CSrcnt Itoclc lalaml Depot* Tho preparations for some time in discussion for tho grand jubiloo concert iu tho now depot of tho Michigan Southern and Rook Island Rail roads, are now completed, and all tho arrange ments b&vo boon made for tho first week in June. Tho musical part of tho programme will bo under tbo leadership of no less a personage than tbo great P. S. Gilmoro, whoso success at tho Boston Jubiloo has made him famous through out tho civilized world. Ho will bo aided by from 200 to 800 performers. Tho depot structure, which has an area of 600x200 foot, will accom modate fully 10,000 persons. It will bo comfort ably seated, and docorotodas becomes tho occa sion, and, with lunch-room, press-room, and other comfortable apartments, will givo all tho features of a grand jubiloo building. Tho Oommittoo will extend their invitations to tho Governors of tbo Northwestern Slates to ho tboir guests at tho Graud Pacific Hotel daring tho festival week. On Tuesday evening an informal reception will bo given by tho resident musical talent of tho city to P. S. Gilmoro, at tho Pacific Hotel, in charge of Mr. Goorgo W. Lyon as Chairman of tbo Musical Committco and General Manager of tho jubiloo concerts. Tbo festivities will commence with a reception at tho Pacific, on Wednesday evening, to tho distinguished guests from abroad. Tho two graud concerts will tako on Thursday afternoon and ovoniug, with Gilmoro in charge. On Fri day afternoon, by arrangements already nmdo with the Board of Education, tho children of tbo public schools of Chicago, will bo given a grand concert with a short, brilliant programme, at 25 cents admission. Ou Friday evening, tho grand opening ball will tako placo at tho Pacific, for which two thousand tickets will bo issued by a committee of managers of fifty gentlemen of Chicago and other cities, Gilmoro to furnish tho music, and Gaakoll, of tho Pacific, tho supper, which will bo a splendid affair. On Saturday. Lincoln Park will bo visited by tbo distinguished guests from abroad. Thoro will also bo steamboat excursions, and other at tractions for both tbo closing days of tho week. Excursion rates aro being secured, and are in nearly all cases conceded on all tho linos enter ing the city from Buffalo, Cincinnati, Ht. Louis, Omaha, 'and Bt. Paul. Admission to tho concerts has boon fixed at sl, except that to tho school children on Friday afternoon. THE NORTHWESTERN PRESS. Tho Northwestern Press Association hold their annual mooting in tho club-room of tbo Sher man House yesterday. Tho first session com menced at noon, Liout. A. D. Balcombo, of the Omaha Republican, occupying tho Ohnir. Thoro were present 0. N. Wheeler. Burlington Hawk- Eye ; T, P. Traynor, Council Bluffs Nonpareil; D. M. Itlchardson, J. H. White, Davenport Ga zelle; J. S. Clarkson, DosMoinos Register; D. D. W. Carver, Dubunuo Herald; J. lUch, Du buquo Times; 8. M. Clark, Keokuk Gala City; 11. Avery, Keokuk Constitution ; L. Blclmrdsou, Omaha Herald; J. P. Cadagnn, Quincy Herald ; Paul Selby, Quincy Whig; L. M. llavorstlck, Bock Island Union; E. L. Merritt, Bpriugtleld Jieaistcr; D. L. Phillips, Springfield Journal. The President made a report on tho financial condition of the Association: Thoro wore on hand April 1, 1872, $118.83: on hand April 1, 1873, $1,001.03, after paying ail expenses. From papers outside tho Association, $1,G02,C0 had boon received. On motion, tbo Association papers that did not taka tho dispatches wore craned from the list of members, Tho President stated that tho contract with thu Western Union Telegraph Company and the Western Associated Press terminated May 0. A discussion thou took place ns to what should bo done. Goo, Htagor, Superintendent of tho Western Union Company, it was stated, had conversed with several members of tho Aasoci ntioa and given his views. The “ views" wore commented upon by tho gentlemen who had conversed witn Gon. Stager, ami they wore con sidered unjust and unfair. Tho dobato occu pied nearly two hours; and, finally, .a committee jI.Y TRIBUNE: THURSDAY, MAY 8, 1873. wns Appointed to wait upon Qou. Stager, Hon. •Toaopu Modill, President, and William Henry

Smith, Manager of tho Western Associated Press, and request them to attend tho meeting and mnko propositions. Tho Association then adjourned until half past 7 o’clock in tho evening, Tho evening session was devoted to a long discussion of tho right of (ho telegraph com pany to use tho Association’s messages without a consideration. - Col. Wilson, of tho Western Union, and Will iam Ilonry Smith, agout of tho Western Asso ciated Press, wore present. No conclusion was reached, and tho mooting adjourned until this morning, when Qou. Blagor will announce tho decision of tho telegraph compouy In tho matter. THE U O'CLOCK ORDINANCE. Superintendent AVashburnie Proposed Order to the Police Koganliiiff Its Enforcement. Superintendent Washburn was busily prepar ing General Order No, 31, yesterday afternoon, ordering patrolmen to enter saloons frequently after 11 o’clock, and watch whether liquor was dispensed after that hour, directing thorn to so duro tho names of offenders and witnesses, and, should they ho refractory, to arrest them prompt ly. Tho order, which is given below, will bo submitted to tho Board to-day, and go into ef fect, if approved, to-night: General Order No. 31; pint— Upon receipt of (bis order the force will pat la execution tho ordinance “ providing /or the closing of saloons at 11 o’clock p. m. each da;/' and found ou page 103 Council proceedings far tbo current year. Second— Tho words 11 night time ” occurring in said ordinance, aro construed to mean during tho hours which it is necessary to uso artificial light la the trans action of business. Third—' Whenever any person shall bo found selling or giving away, or In any manner dealing in any vin ous, spirituous, ardent, intoxicating, or fermented liquors, in violation of said ordinance, it will bo tho duly ox tbo officer discovering or learning of such vio lation to arrest such person forthwith. Fourth— Attention Is hereby directed to tho provis ion of See. 3, Chap. SO, of tho Itovlsod Ordinances of 1873, which relate to the posting of licenses for tbo sale of liquors : and a rigid oxocutlon of tho samo en joined upon all members of the force. Elmp.r Wabhddrn, General SuporlntcnUcnt of Police. Tho Art Sale at.Central Hall. Tbo moßl Important sale of oil-paintings wo have over witnessed In this city commenced at Central Hall, corner Wabash avenue and Twenty-second street, yesterday, and wo aro much pleased to stato that our citizens can duty appreciate u good collection of artis tic pictures. Tbo attendance was largo and spirited ; tbo prices ranged very low, notwithstanding. This afternoon, at 3 o’clock, tbo sale will bo resumed, and tbo closing salo will take place lu tbo evening, at 8 'o’clock. Seeing that some of tbo best pictures of tbo collection aro yet undisposed of, a still larger attend ance is expected at the closing sates. Remember, Cen tral Hall, corner Wabash avenue and Twenty-second street. MARKETS BY TELEGRAPH. View Iforlc Financial News* New York, May 7.—Tbo supply of loanable funds is steadily increasing, and tbo money market seems settled Into an easy condition for tbo spring and sum mer months. - Currency is still Aowlng hero, and tbo banks are discounting freely, as well as offering In creased amounts of money on call to tbo brokers. Tbo rates wore to-day C©7 per cent ou call, and 7(5)9 for prlmo discounts. Outstanding legal-tenders have de creased $164,000. The advance In Bank of England rate of interest was expected, and bad no marked effect. Sterling wan dull and heavy at 108X9108X for sixty days, and 109,X<S109X f° r “Isbt. Gold was dull and steady at U7X@inX» closing at 117X0117X. Loans, 207 per cent. Clearings, $60,000,000. Treasury dlsbursomonts, $680,000, for Interest. Customs receipts, $350,000. Governments wore a trlQo better and Arm. Stato bonds dull, and Tobnessoes very strong. Railway bonds aro In increased demand. Stooke wore loss, and'the changes smaller than on yesterday. Tbo market was rather feverish, and alter nately wekk and strong, closing weak. Tbo chief Auc tuatlonsworo lu Canton, which.rose from 1020105 X, Pacific Mall, 63X» 53, 63X. 63X ! Western Union, 88, 87Xt 87Xi 87X ; St- Paul, 87X, 68X, MX ;0.0. kI. 0., 35X, 80X» 5 Pock Island, uox, iiix.uox; Chios, 43X, 44X. 43’( ; Wabash, 70, C9X, CO*. 69X { Harlem, 126, 127. 120 - The changes in the rest of the list wore only X@X per cent. The earnings of tbo Lake Shore Railroad for 1372 wore $17,691,029, an Increase of $2,793,054 over 1871. Tbo earnings of tbo Burlington, Cedar Rapids k Minnesota Company for April wore $77,380 against $04,681 for April of last year. Sterling, 108 - Coupons, ’67,.,......120 Coupons, ’6B 118.X Now 5s 113 X 10-408 115.X Currency 6a 114 X BONDS. Virginias, old 43 North Oarolinas, 01d..37 North Carolina*, new.lo Coupons, *Bl 121 X 5-208 of ’62 11BX Coupons,’64 115 X Coupons,’6s . .....;117X Coupons, ’65 (now). ..118X STATS Mlssourls 04 Tcnnoescos, old 81X Tonucaßocs, new 81X Virginias, now 50 8TO( Canton. .105 X W. U. Tel 87 X Quicksilver 38 Adame Express OSX Welle Fargo 80 American Express..'. C7X Dotted States Ex.... 73X PadAe Mail 63X New York Central. ..101X Erie.. 64X Erie pfd 74 Harlem 120 X Harlem pfd.... 127 Michigan Central... .105 X Pittsburgh 88X Northwestern 80 Northwestern pfd.,.. 67 Rockllslond 110 X N. J. Central 102\' Bt. Paul 68X St Paul pfd 73X Wabash 69 ‘4 Wabash pfd.... .... 80 Fort Wayne 03 Torre Haute 15 Torre Haute pfd 40 Chicago k Alton 110 X Chicago k Alton pfd.lllX Ohio & Mississippi.. 43X 0., 0. k 0 88X C„ D. k Q 109 X Lake Shore 82X Indiana Central 85X Illinois Central 117 Union PaciAo stocks. 32X Union Pacific bonds. 86X Central Pacific bonda.lOSX Del. Lack, k Western.lo2 8,, U. k Erie 3 Foreign fllnrlcoti* London, May 7.—The rate of discount In the Hank of England has advanced }4 per cent, and is now 4#. Liverpool, May 7—ll a. rn.—Flour, 27s Od. Wheat— Winter, 12a 2d; spring, lle@l2s 21 ; white, lls Od QllB.lOd; club, 12s. Corn, 27s Cd. Pork, 09s. Lard, 40a. Liverpool, May 7—1:30 p. tn.—Market unchanged. London, May 7—6 p. m.—Consols, money, 02’; ; account, 03)tf ; 6-20b of ’OS, 02* ; do of ’O7, 04; 10-40 a, 89W; now sh, 804; ; Erie, COX. Frankfort, May 7.—6-20s of ’OO, 95J{. Paris, May 7.—ltentca, 54 francs 32 centimes. Liverpool, May 7.—Cotton quiet; middling up land, 8?;@9d; Orleans, OX@OX<L Sales, 10,000 bales; American, 0,000; spcuulation and export, 2,000. Hreadstuffs quiet and unchanged. All tho rest un unchangcd. Buffalo Llvc-Slock market* Buffalo, May 7.—Cattle—To-day, including 18 cars to arrive, 081); total for week. 0,698. Market very unßatlsfoctory, notwithstanding heavy sales at yester day’s prices. Regular buyers as a general thing are holding off, being afraid, on acoount of tho break down in tho Eastern markets, to pay tho prices asked by owners and holders. Country buyers are doing nearly till tho purchasing. About 1,600 wore disposed of. Sales: 713 Illinois steers, av 1,005 to 1,3301b5, at $5.40®0.25; 37 Ohio steers, av 1,103 to 1,800 Ibt, at $5,60(50.37X 5 318 Missouri steers, av 1,087 to 1,623 lbs, at $4.80®ti.37X 5 42 Missouri oxen, av 1,402 lbs, at $5.25 : 62 Toxas steers, av 1,108 to 1,203 lbs, at $4.25®4.75; 190 lowa steers, av 1,044 to 1,240 tbs, at $5.40@5.70; 17 Kansas steers, 1,920 lbs, at $0.12 X ; 18 Michigan steers, 1,180 o>s, at $6.15 ; 22 Michigan stockers, 884 lbs, ot $5.26; 21 Canada Stockers, 802 lbs, at $5.25. Riii;ep and Lambs—To-day, 8,800. Total for tho week, 8,400. Tho market opened active at advance on lost week's closing prices. Bales—l,oo4 Ohio clipped sheep, 78 to 101 lbs. |4.75@6.02X 5 1,401 Illi nois woolcd sheep, 105 lbs, $0.76; 829 Illinois woolcd, 01 tbs, at $0.50. linos—To-day, including tho reported arrivals, 1,200. Total for tho week, 10,300. Market dragging at $5.25 <35.50, the last figures for choice lots, Bales—l,66B ILUuols hogs, ICO and 212 lbs, at $5.2505.55, Nvif lork Dry Goods Market* New York, May 7.—Tho manufacturers* agents wore quiet to-qay, and tho Jobbers were moderately ac tive. CottoU 'gOf'dH are steady at tbo lately reduced prices. Oriental'/ Washington, Durnoll, and Bristol prints are reduced Jitfc, Somerset mints are selling at Do to close out production. Colored cottons are steady aud active. Tbo best makes of ginghams are Ann, but low grades rule irregular. Corset jeans aro quiet, and some brands lower. Woolens and shawls aro luaollvo. Tho auction rooms aro selling largo lots of ribbons, dross goods, silks, and laces at low prices. Xlio Produce Markets* NEW YORK. Kiw Your, May 7.—Cotton—ln moderate request; middling upland, lOAfc. UuEADßTUxra—Flour quiet and unchanged; receipts, 10,000 brla. Rye Hour in good demand at $4.10(3(1.00. Guru meal steady. Wheat nlghor; offerings moderate; receipts, 81,000 bu; Minnesota spring, afloat, $1.65; No. a Milwaukee, In store, $1.07; amber Western, 13.04; wbitoCalifornia, $3.20. Rye quiet; Western, .07c. Barley quiet; Canada, sl.lß. Malt quiet; two rowed State, 11.00. Corn in moderate demand; re ceipts, 34,000 bu ; old Western mixed, Instore, C7o; new, ailoat, U7>tf@C9o; yellow, 68>tf@0Uc, Oats blgher, with fair dom»*jd ; receipts, 80,000 bu ; now mixed Western, 60®wflf; wbito, 80@54o; black. 48@S0o. Cloveu Seed—Steady at BMQS^c; timothy firm at (4.60. Kcuis—ln fair demand; Western, 14X0160, Hay—Steady. Hors—Dull and unchanged, Groceries—Coffee strong: Rio, Sugar quiet and arm; fair to good roflulng, 7JJOBJ£o, Mo lasses oaalor; Muscovado, SUtfo. Rice steady at 7XO BXc. petroleum—Crude, lOQlOlfo; roflnod, 20@20K'c. PnovisioHs—Pork dull and heavy: now mess, $18.35 @18.60 ! July, $18,60. Beef dull ami unchanged. Out meats nrm J shoulders scarce, 7 1-16Q7XC; middles steady; short snd long clear. 10c, Lard dull aud heavy ; Western steam. OX C * settle, O^c. Butter—Dull; Western, 2f1@330, Cheese—Finn; 13@lflXo. Wuirtuv—Firmer; Dl@ol>fo. NEW ORLEANS. New Orleans, May 7.—BiiEAuuTUFPfl—Flour dull; XX, |B.‘J6; good XXX. $7.33 ; choice XXX, *7.35@8.u0. Com quiet; mixed, 600 ; white aud yellow, 6(j@67u, Oats, 43X@130. Brau dull at7so. lUt—Dull; prime, (33.00025,00; choice, 139.00, Provisions—Pork dull; held at $18,75. Dry sail moats scarce at 80, OKc, o*£c. Bacon dull and depressed at 8i(o, lOtfo, lOJi'c. llama firm At 14;i@150. Lard quiet ; refined, OJtfc; keg. 10,V@10^c. GnocEnir.s— Sugar dull; common, OtfflOHe, good common, 7Xo 5 Rood fair, 7*foß)>fc. Molasses— Nothing doing. Coffee—lTtfc, UHfc» 10’^c. Whisky—Dull; Western rectified, 8fio; Louisiana, Ole; Cincinnati. 03c. PHILADELPHIA. Pnii.aDKLt , nu,Mny7.—BnEAnsTorrs—Flour In fair demand at unchanged prices. Wheat active for choice only; red, (l.fiS ; amber, *3.0002,05. Rye firm at 09c. Corn in fair demand : yellow, 80o; mixed Wcotcrn, (J4o. Oats moderately Active; white, Dl061)$oj mixed, 40040 c. Petroleum—Crude hold at 14^o; refined, 200, Whisky—Steady at 04c. BALTIMORE. Baltimore, May 7.—Uueadrtukfb Flour steady and unchanged. Wheat dull. Corn steady and firm ; mixed Western, 03@C4c. Oats firmer; Western mixed, 40050 c; white, 610530. Rye quiet and unchanged, PnovißiONß—Quiet and firm; mou pork, SIO.OO, Wuibksy—firmer at 030, BUFFALO. Buffalo, May 7. Bbeadstuffh—Flour steady. Wheat—Nominal; market bare. . Corn quiet; sales 0,600 bu No, Western at C3o. Oats—No buyers ; of fered at 46c. 09WEQ0. Osweoo, May 7. Dueadstukfs—Wheat quiet; No. 1 Milwaukee, SI.OB. Com dull; Western, COc. Bar ley unchanged, ST. LOUIS. St. Louis, May 7.—UnEADiTOFri—Flour dull and unchanged ; tuner winter, $4.60@8.00 ; extras, 13.00® 6.75. wheat—Spring advanced; No, 2, |1.24(51.25; fall dull and lower; No. 2 rod, $1.60 seller May. Corn quiet; No. 2, 370 on track ; 460 sacked; mixed while. Oats Arm; No. 2, 34®34><0 In elevator; 3Co idler July. Barley quiet; No, 2, 86000 c. Rye quiet; No. 2. CBjtfc. Whisht— Higher at 88c. PnovtsioNa—Pork lower ; small loti sold at $19.00. Bulk moats quiet; clear sides at o<jo. Bacon quiet ■nd lower; clear aides sold early at 10c. Lard held out of the market; nominally 9c. lloos—Quiet; (4.0305.20, 'Cattle—Quiet and unchanged. MEMPHIS. Memphis, May 7.— Cotton— Dull and lower; good ordinary, 10a ; low middling, 17c. Bbbadstupfs— Flour quiet and unchanged. Corn scarce and firm at&o@C2c in store. Oats scarce and firm at 44046 c. Corn meal scarce at $2.0002.05. Bay—Quiet at (18.00@20.00. Provisions— Bacon dull and a shade lower; shoul ton, W3W>! Detroit, May 7.— Bueadbtuffb —Flour quiet and unchanged. Wheat active and higher ; extra, $2.02;. No. 1, |1.91X• amber $1.75 X. Corn steady at 480.' Oats, 40c. Freights—To Oswego, Otfo. CLEVELAND, Cleveland, May T.s-Breadbtdtfs—Wheat Arm ; No. 1 red, $1.77; No. 2, $1.65. Corn steady at 61®52c. Oats 450. Petroleum— -Unchanged; standard white, 10X® ; car lots, 19X@20X®, lu small way : Ohio Btato test, 35®20 XV. LOUISVILLE. Louisville, May 7.—Breadstuffs—Flour—Extra family, $6.50. Wheat quiet. Corn steady. Provisions— Quiet} mess pork, $18,25. Bacon easy; shoulders, BXc; clear rib, 10X®10Wo; clear, 10Xc, packed. Bulk moats easy; shoulders, 7XO7Xc: clear rib, OX; clear, OX®» all loose. Lard steady and Arm ; prime steam, 00. WniSKx—Higher; 88@89o for Iron-bound. MILWAUKEE. Milwaukee, May 7.—Breadstuffs— Flour quiet and unchanged. Wheat quiet and weak; Nol, f1.30,x : No. 3, $1.28 X, Oats Arm ; No. 2, 31X®- Corn scarce and Arm at4oX®. Ryofirm; No. 1, 08c. Barley dull and nominal; No. 3, 86c. Freiohtb—To Buffalo, Oo; to Oswego, 16c. Receipts— Flour, 6,000 brls ; wheat, 15,000 bu. Shipments— Flour, 1,000 brls ; wheat, none. CINCINNATI. Cincinnati, May 7.—Breadstuffs— Flour Arm at $7.00(37,85. Wheat Arm at*51.70®1.73. Corn Arm ot 460100. Ryo firm at 83c. Oats dull at 42048 c, Barley Arm. Provisions— Firmer; pork—sales at SIB.OO cash and buyer May. Lard nominal; steam, 9c; kettle, 9X®. Bulk moats Armor; shoulders held at 7c; clear nb, 5 dear 9X°> Bacon offerings light; shoul ders So; clear rib.OXo; clear, ipifc. WniSKx—Firm at 88c. TOLEDO. Toledo, May 7.—Breadstuffs— Flour steady. Wbeatslcady; No. 1 white Michigan, $1,90; amber Michigan $1.74 X» spot: $1.77, Juno: No. 1 red, $1.80; No. 2, $1.76. Com a shade higher; high mixed, spot. 47c; seller Juno, 47X® • duly. 48X®; low mixed 40Xc- Oats quiet and unchanged. Receipts— Flour, 2,000 brls; wheat, 0,000 bu; corn, 6,000 bu; oats, 9,000 bu. Shipments— Flour, 16,000 brls ; wheat, 0,000 bu ; corn, 87,000 bu ; oats, none. Vessels Passed Detroit. Detroit, Mich., May 7.— Passed Up—Props Russia, Wcnona, Scott; ochre Morning Light, Lincoln, Dali, FenAold, Smith ami Post, C. I*. Williams, City of tbo Straits, St. Andrew, Acotlos, Florida, Luff, Gross, Helfensteln, Passed Down—Props City of Boston, Oneida, and Chicago; sebr James Sawyer. Wind—Northeast. Detroit, Mich., May 7.—Parsed Up— Props Wot moro and barge, Idaho; barks Ogurlta, Erautus Corn ing, Street; scare L. Van Valkonburg, Governor, For est Queen, America, Bridgewater, Audio Vought, Trinidad, T. Mott, E. Harmon, Swallow, Champion, M. Stanson, Red Wing, O. Roab. Passed Down—Schrs Orkney Lass, Osborn. Wind—East. Illinois River and Cnmvl News. LaSalle, 111., May 7.—No arrival or departure by the river. The Ilobt. Uolmca loaded with lumber for Florence, the Cataract with lum ber for Hennepin, and tho Monte Christy with lumber for St. Louie passed out of tho canal. Nothin* paased In. Tho Isabella with lum»>cr for St. Lento, the Oak Leaf with moulding sand for Bt. Louis, and tho other boata above mentioned ail await towage. Fifteen foot and three inches of water on tho mltorslll of Lock 15, having fallen only throe inched since yesterday. . Canal Collector’s Office, Chicago. May 7. Arrived—Chicago Hello, Utica, 6,000 bu corn; Monarch, Lockporl, 120,000 lbs meal, 100 brto flour; Atlantic, Morris, 6,200 bu corn. , Cleared—Jennie, Morris. 85,012 ft lumber; Morn ing Light, Ottawa, 01,081 ft lumber ; Norway, Havana, 101,183 ft lumber; 11,000 ft siding, 20 m lath, I.OUO lbs tin plate, 2,000 lbs carpenter and Joiner work ; Walker, Lemont, light; Drill, Morris, CO bu potatoes; Mohawk Hello, Kankakee feeder, 505 ft lumber, 70 m shingles ; Messenger, Kankakee feeder, 86,000 ft lumber, 7 m lath, 2,500 lbs carpenter and joiner work ; 11. Q. Loo mis, Kankakee feeder, 0,500 ft lath ; Ontario, LaSalle, 69,422 ft lumber, 7,670 ft lumber. SPECIAL NOTICES. Tho Gorham Manufacturing Co. Remind tho public that the Supremo Court of the United State* has recently given a decision In their favor which secures full protection from tho imitatort of their designs. SPECIAL ATTENTION Is requested to tho fact that the following trade-marks are stamped upon every article manufactured by them: Trade-mark for I * Trade-mark for Gorham Sterling Silver. | Gorham Electro Plato. STERLING GORHAM MFO. CO., Manufacturers of Sterling Silver Ware and Fine Electro Plato, Providence, R. 1., and No. 1 Bond-st., Now York. Tsa Services, Dinner Services, and Wedding Outfits in groat variety, from tho largest to tho smallest, of tho highest order, are constantly issuing from tho Gorham Works. Schcnck’s Mandrake Fills. Thess pills are composed exclusively'of vegetable In gredients, and although they entirely supersede tho uso of mercury, do nut leave any] of Its Injurious effects. They sot directly upon the liver, and aro a valuable reme dy in all oases ot derangement resulting from a disor dered state or that organ. Liver Complaint, bilious Disorders, Indigestion, Sick Headache, Typhoid Fevers, 40., do., all suoeumb to tho froousoof Bohouok’aMan drake Pills. For sale by all druggists and dealers. NEW PUBLICATIONS. APPLETONS’ Enropii We-800l ILLUSTRATED. Including England, Scotland, and Ireland, Franco, Belgium, Holland, Northern and Southern Germany, Switzerland, Italy, Spain and Portugal, Russia, Denmark, Norway, and Sweden. Containing a Map of Europe, aud Eighteen other Maps, with Plans of Twenty-one of tbo Principal Cities, and One Hundred aud Thirty Engravings. To which Is appended a Manual of Conversation in English, Gor man, French, and Italian. Sixth Edition. Cor rected to March, 1873. 1 vol. Red Morocco, Tucks. Price, $0.00; or, lu twovols., $U 60. The typo of this work remains standing from year to year, so that any changes are made up to the moment of going to preis. D. APPLETON & CO,, Pnistiers, 64(1 ib 601 llroudwtiy* N. V Tho above, when not to bo had in bookstores, soot post paid by mall to any part of the United Stales, oiwrecelpt MEETINGS. Masonic. A special aasembly nf Van lloosnolaor Grand Lodge of Perfection will bu held at tho Masonlo Temple this evoulnff. at Tie o'clock. By order. JAMltn il. MILES, Or. Secretary. Masomc. WaubamU Lodgo, No. ItW, moots this (Thursday) svening, at 7J4 o'clock, In Oriental Hall, I'D LaHallu-st., fur work ou M. M, Degree. Visiting brothron cordially Invited. By order of the W. M. __„ %t _ . G. ST. JOHN, Soo'y. MOTTLED OEBMAM SOAP. THE PRICE OF THE Gr E UST U 11ST E 3HS iO-EIOTJOESD. MOTTLED GERMAN SOAP. PROCTER & GAMBLE, GxisrGxi^risrJKsrx. Our Trade-Mark is on Registration in the United States Patent Office, No. 887. We CAUTION consumers and dealers against the IMITATIONS of our Soap. We shall prose cute any infringers to the utmost limit of the law. The GENUINE can he had if you order OUR BRAND. PROCTER & GAMBLE. "V- _A._ ZMZ_A.IE2/SIE3I 7 _A.c3-e3stt 3 55 South Water-st. OPENING. “GEmopiKG!” dim. Oossage <fr Co. SATURDAY, May 10. We shall open on the above date in our new store, at our former location on STATB-ST., With a magnificent stock of Hew Goods, including the la test styles in Ladies' Garments and materials of every de scription, and a very full and complete assortment of the best Goods in every Depart ment, to an inspection of which we extend a cordial invitation to all friends and customers, 106. 108. IIP. DRY GOODS. Cffll.MCO.’S Retail Department IS NOW OPEN, TN THBIB NEW PREMISES, MADISON *AND PEORIA-STS., With an Elegant Mow Stock of DM GOODS, AT INTERESTING FRIGES. STOCKHOLDERS’ MEETINGS. STOCK-HOLDERS' ANNUAL MEETING OF TOE Lake shore & Michigan Sonttm Hallway Co. Office of Toe Lake Sdouk a Michigan Southern) Railway Company. > « Cleveland. 0., March 27,1373. j Tho annual mooting of tho otoohholdore of this Com* pan?, for tho election o! Directors forlho ensuing roar, and for tho transaction of other Important business, will bo held at the office of tho Company, In tho city of OloToland, 6., on Wednesday, 7th Day of May next, between the hour* of U o’clock la tbs forenoon And 2 o’clock In tho afternoon of that day. ... The transfer books of tbo Company will bo oloeod at the cloaoof business, on tbo 6th day of April noxt, and will ro-ooou on tbo morning of the Bth day of May noxt. * OEOIUiB U. KLY. Secretary. OFFICE OF Giap,MlsU&Faic RAILROAD COMPANY. April 25. 1873. The annual mooting of tho Rtookholdors of tho Chicago, Rook Island A I’aolllo Railroad Company, for tbo eloolion of Directors, pursuant to law. and tbo transaction of aucb other business as may como before them, will bo bold at the office of tbo Company. In tho City of Chicago, on Wednesday, tho 4th day of .Juno noxt. at 11 o’clock a. m. ’ JOHN F. TIUOY* President. g. n. TOWS, Boorotary. Joliet & Chicago Railroad Company. SECRETARY'S OFFICE. OuiOAOO, Mtyfi, 1873. Tho Stockholders of the Joitot A Chicago Railroad Company are hereby notified that tho annual mooting of said Company, for the election of Directors and transac tion of other business, will bo bold at tbo office of tho Chicago A Alton R. U. Co., on Wednesday tho 14th Inst.* at ID o’clock a. m. W. M, LAUUAUmS, Hoo. Stockholders' Meeting. Notice Is horoby given that tho annual mooting of tho Stockholders of Chicago South llrnnoh Dock Company, for (ho oloollon of Directors of said “? I'Jv 1 * at tho office of said Company, N«. 6-1 \vabash-av., in the Clijr of Chicago, at 10 a. m., A. D. 6 Secretary of Chicago South Branch Dock Company. SHIPPING TAGS. HI AA DENNISON’S PATKNT Tfl 10 SHIPPING TAGS. 11l \ OvortlUO millions have boon used within tho I ti Hi I past 10years, without complaint of loss by Ifn *llllllO tag becoming detached. All Itipreas AA Companies mm them. Sold by I'rlutura and Stationers Everywhere, ORIGINAL GIFT * ENTERPRISE. LIBRARY GIFT CONCERT. $500,000 in Bank to Pay Gifts. 10,000 CASH QIFT3 PAID HT FULL, SIOO,OOO for Only Ten Dollars. Enough of the 100,000 tickets Issued for tho Third Grand put Concert, In aid of tho Public Library of Konlucky. haring boon sold to inauro a full drawing, and tho wlsb haring boon universally expressed that tho 10.000 caib gifts offered should bo drawn la full and paid la full with* out any scaling down, as borotoforo, tbo Management, with tho concurrence of tho Truatooi, dotonntned to allow until July 8 for tbo sale of tboromnantof tickets left on band. Tbo concert and distribution at first advertised lor April 8 was therefore postponed to Tuesday, Julyß,lß7B, on which day. and no other, they will poslliroly and un» auirocally take placo lu Public Library Hall, Louisville, At this grand concert tho following cash gifts will bo distributed by lot and paid In full to tbo tlokot-holdon who draw thorn: OncOrnmlCnnliOJl.t, . - 8100,000 One Ornnil Onnli IJitf, - . - 110,000 One tlrnnil < jilt, ... 20,000 One (<rand Cuhli (.‘in, ... 20.000 Ono (*ram) Cnnh (lift, ' • - - 10,000 Ouc (fritnil Ciinh (31ft, . - . 6 000 24 Cnnb (4IIU of 31,000 cncb. 24,000 60 Cush UiftH of 600 ** 26,000 HO Cumli (lifts of 401) “ »2 000 100 Cnuii i;ihh of »oo “ muoo 160 Cusli Gifts of 200 “ Uo!oOO 0,000 Cush GintH of lO “ 001000 ’ll. Total* 10,000 fJlftii, nil Cnsli, - 8500,000 Tlio money to pay all Ihono Rifts In full {■ now upon de posit tn tho l-annora’ and Dro»orn’ Bank of Loulbvlllo, and ant iialuo for that purpose, and can only bo mod for that ntinioio, an will bo scan by tbo follovrlutf cortillcato of the Caabior: Office of Farmers* and Drovers' Bank. I mu. . . ..LoUWVILLI!, K».. April?. 1873. $ ThU lai to certify that there la In the Farmer*' and Drov ers' Bank to tho credit of tho Third Grand Gift Concert, for the benefit of the Public Übrary of Kentucky. Qtq hundred thousand dollara. which hut boon act apart by tho Managers to nay the sifts La full, and will bohold by B.»k«. t „.fd „«< (or tu. o.Tta a ii “'a 1 ?" Jsrsm fc bW,«H gift, tho is2s,(xJo. the $20,000, the 810,000, the Ko,tioo, aixct all tlio utlior sifts, 10,000 in number, amount* m/j.'o BoOO,UOO. „,f “kromnant of unsold ticket* will bo furnlahod to tbqae (order* by tho money always Whnif P u^^ noo a .?,! or u ,lß . onU) * ffl ftt tho following prices; SBB Uokot, it. tliSf N ° di, ‘”" u “ t °“ ““ «■“ o.S?k c r¥;^rt, , ; n V4'."" Tl ,';'s™ M,v. l 4 Hall, and tho following wllFbJ'la. “Vh “ wi** 7 First— Mualo by orohoatral band. Wf ®* | P™ l oo °d ,o * B * tag* (ouo for each ticket sold) In ktßoylrc/ mEP..* Placing of gifts In email wheel. Fourth—Muaiohlrd— chcatral bund. Fifth—Kxnlanatoiy remarks by PnW> dont. Sixth—Drawing of llrst half of gifts. Seventh— Mmdo by orchestral band. Klgbth—Drawing of last half nf gifts. Ninth—Placing of largo wheel with tags In the bauds of Oommittco appointed hr audlenco. Tenth- Grand orchoatral concert. . ,v , The mualo on this grand occasion will bo tbo beat that can bo procured, and tbo gontlomon who count and place tho taga and glfls In tho wheels, and superintend tho drawing and keep tho record of tho drawn numbers, will bo chosen from tuo boat known and moat truatwurty olll zona of tbo State. All wilt bo bo conduotodaa to bo a per* foct guaranty aglanat complaint from any Just aourco. Absent ticket-holder* will find their Intoroat* aaoflootu ally protected os U they had boon personally proaont at tho of gifts will begin on Saturday. July 18. at 9 o'clock a. ro. Tickets drawing gifts muat bo proaentod at Room No. -1, Public Library Building, where cash chocks upon tho Fanners' and Urovers' Bank of Louisville, pc eight drafts upon tbo Fourth National Bank of Now York, at the option of tho holder, will be given for tho tickets. All gifts not called lor In six months from tho drawing will bo lufnod over to tho Public Library fund. For full partioulara send fur circular*, and for tickets •end your money direct to headquarters at Loulsvllls, K„. to thu BRAMIiETTB> Agent I’ubllo Library of Kentucky, LoulavllleVKy. ORNAMENTAL IRON WORK. Goii Bros. I He, 149 & 151 State-st, Chicago. 01A1ITAI k AUTISTIC Metal Work, WHOLESALE AND RETAIL. Fountains, Vases, Statuary, Drinking Fountains, Aquariums, Deer, Dogs, Lions, Emblematic Signs, Copper Weather Vanes, Stable Fittings, Greetings, Iron Furniture, Brackets, and Store Stools. EXCELSIOR LAWN MOWERS. Agents for tho French Patent BOULEVARD CHAIRS ARD SETTEES. Agents for Younglova Arohiteoturol Iron Company. _ HYATT’S Patent Ulunilnated Tile. Ml MM Si, Bankers, First National Bank Bnlldlng, nontlwest comer or stale and WasUnglon-sts., CNicaeo, Dealers in Gold and Silver Bullion* Bar* Beaf, Sheet* and Granulated Form for me chanical purposes. Deposits received in cither currency a* coin* subject to chock without notice. Biz per cent interest allowed ou all doily balances. Checks upon us pass through tho Clearing- House* as if drawn upon any city bank. Interest credited, and acoounts-ourrent rendered monthly. Ooin and Currency Drafts on New York. FLOWERING PLANTS, &o. BEDDING- PLANTS. Veibenas, :fiii per 100; other kinds, $G and 98. Bond for Hat. AUdrois * EDGAR SANDERS, HUSial+al. 5 FINANCIAL.

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