day. On Tuesday she took 125,000 menhaden in the ocean off Quogue, and reports immense bodies of the fish at that place. It is also reported that the shore seines along the Hamptons have been taking great quan tities of the fish lately. The advantage of employing steamers is shown strongly in the fact that the Newins on her Tuesday trip out and back traveled about 150 miles, a distance quite out of the question for sailing vessels."-Long Island Journal, June 30, 1877.

JULY 11.

Menhaden oil is not coming on the market in large lots, as a good deal of the arrivals are going on shipboard. The different sales for home use that we hear of are 78 bbls. at 321c., 60 bbls. at 321c., 80 bbls. at 32c., 46 bbls. at 32c., and 71 bbls. at 324c.

JULY 18, 1877. Menhaden oil came to hand sparingly last week, the fishing both in the Sound and on the coast of Maine having been poor for some time past. The reports to-day are, however, more favorable. The market has been steady, but not active; no export orders at the moment. The sales reported are 150 bbls. at 32c., 58 bbls. at 33c.; and a lot of 100 bbls. good, fair quality was offering to-day at the latter price.

The total exports from the United States, from January to June 30th, were 11,010 bbls.

JULY 25. Menhaden is in small demand for home use. The arrivals are light, but fully up to the wants of the trade. Prices are steady, with sales of 110 bbls. at 324c., and 64 bbls. at 33c.

AUGUST 1.

Menhaden oil has not come to hand since our last, and the receipts during July are probably as small as we ever knew them. The demand here is not large, however, and we do not know that better than 321 @ 33c. would be paid. The catch in the Sound is only fair, and the Maine fishing thus far quite poor. The Boston market is poorly supplied, and are bidding 34c., delivered, with sales of several lots at the Connecticut factories at 32 @ 33c.

AUGUST 8.

Menhaden oil is very much stronger here, though not much higher on actual business. The Maine catch being light, New Bedford and Boston dealers have had to go direct to the Long Island and Sound factories and buy, and we hear that they have bought at 32 @ 334c. at the fac tory, equal to 35c. delivered. In consequence of these sales we have had very little oil here, and these lots are promptly taken on arrival. The sales reported are 200 bbls. Barren Island at 331c., and two lots of 50 bbls. each at 33c.

AUGUST 15.

Menhaden oil has not come to this market to any extent of late, and the price is higher. There have been few sales for want of stock. We heard that 175 bbls. were placed at 34 @ 344c., with 35c. now bid, and possibly 36c. will be paid. Sales are reported in the East as high as 40c. Bleached oil is higher also, as well as all the other grades.

AUGUST 22.

Menhaden oil is not coming in, and the price is very much higher, with one sale of 100 bbls. prime at 36c., with other sales of 250 bbls. reported at 35c., which price will now be paid.

AUGUST 29.

Menhaden oil scarce and higher, with exceedingly small arrivals, the Maine fishery being very poor, and Eastern dealers drawing their supplies from the Sound catch. We are receiving very little here, and our dealers are short of stock. The sales reported since our last are 128 bbls. brown at 36c., and 75 bbls. select light at 38c. Strained and bleached are higher.

SEPTEMBER 5.

Menhaden oil is scarce, and higher prices would be paid for lots, but there are none arriving. It is difficult to say what could be obtained, but probably 38c., though some dealers say they would not pay more than 35c. If the present scarcity continues prices will go above 40c. very soon.

SEPTEMBER 12.

Eastern buyers are visiting the Long Island Sound factories, picking up all the menhaden oil they can find. Makers are, however, generally holding for higher prices, expecting to get 45c. soon. One lot has been sold equivalent to 42c. delivered.

SEPTEMBER 19.

Menhaden oil is scarce here, and there are no sales for want of stock; prices are nominal, but a lot would probably bring somewhere near 45c. if nice. We hear that 500 bbls. sold in New Bedford at 45c. cash, and 300 bbls. at works on Long Isl'd at 43c. Bleached oils are higher, and 250 bbls. sold at 50c.

SEPTEMBER 26.

Menhaden oil is not to be had, and though a higher price would be paid, we do not know what it would be. It is hoped that fishing will yet be good before cold weather sets in. There has been a good demand for bleached, which is now higher also; sales were made of 100 bbls. at 51c., and 50 bbls. at 52c.

OCTOBER 3.

Menbaden oil is still very firm, and the lots coming in are readily taken at high prices. The last catch of fish at Maine was good, but all except two factories were closed, and the make was consequently small. The fishermen are now at Provincetown, awaiting the fish as they go down the coast. It is hoped that the catch may yet be good, but it can. not make up the deficiency. The sales reported here are 215 bbls. at 44c., 100 bbls. at 44c., 100 bbls. resold at 44c., and 120 bbls. at 44c. Cash; in New Bedford, 300 bbls. Maine at 45c., 250 bbls. at 45c., and 100 bbls. at 45c. Bleached is firmer and in good demand, with sales of 250 bbls. here at 52c.

Menhaden oil is still in limited supply and firm in are reported sales by one party of 300 bbls. at 43 @ 44c.

ever, of sales of 150 bbls. here at 44c., and hear that there has been some business done in the East at 47c.

A letter from New Haven, dated October 8, 1877, says: "The stormy weather of a portion of last week reduced what would have been a small catch of menhaden anyway to a very meagre amount. They ran one grade better than previously, and it is hoped a radical change of quality is very near. Fishermen in the usual quality of their 'devotions' are praying for quiet weather."

OCTOBER 17.

Menhaden oil still rules very firm with few lots to be had. There have been some sales of Sound made at 44 @ 45c., with none offering at the close that we hear of. In reference to the catch we have the fol lowing under date of October 15, 1877:

"There were but two fishing days last week on Long Island Sound, owing to winds. The catch was good as to quantity, but still poor in quality. The season lasts but about a month longer, and impatience is felt for the appearance of fat fish."

OCTOBER 24.

Menhaden has come to hand more freely the past week than at any time this season, and indirectly we hear that fishing at Provincetown and vicinity is good; that several of the Maine factories are running on the fish their boats catch there, and that there is a possibility of the deficiency being yet nearly made up, the fish being very fat. The stocks here in the hands of dealers are very light, but they also report a very moderate demand, tanners using cod, degras, and other greases in place of menhaden. There is a cargo of 600 bbls. of Maine oil in, a part of which is reported sold to a dealer at 46c., and sales are said to have been made in New Bedford at as high as 47c. There were sales here, however, of prime light Sound make of 100 bbls. on spot at 45c., and 100 bbls. to arrive at 45c., with the close easy. Bleached is easy, and we do not hear of any late sales; holders ask 52 @ 52 c.

From New Haven, October 20, 1877, a correspondent says:

"We do not hear that a menhaden has been caught this week any where west of Massachusetts. It is hoped to be the interval between the change of plays, where the farce ends and the solid piece begins. Fat fish are now looked for daily."

OCTOBER 31, 1877.

Menhaden has been quiet the past week, the lots coming in having mostly been placed before arrival. We only hear of a lot of 75 bbls. choice, which brought 45c., and other lots are offering at this figure.

NOVEMBER 7.

Menhaden oil has been offering more freely, and with buyers' ideas a little lower. Sales have been made of 500 bbls. at 44 @ 45c. Bleached winter is quoted higher by some parties, but can still be had at 523 @ 53c. Bank and Straits are steady.

NOVEMBER 14, 1877.

Menhaden oil has been in fair request during the past week and par

cels have been taken at previous figures, and we hear of sales of 250 bbls. Sound oil at 44 @ 45c., 116 bbls. at 444c., 500 bbls. at 45c., and 250 bbls. at 44 @ 45c. The close is rather quiet, as but few lots are offering. Bleached is held at 53 @ 54c., with sales of 50 bbls. at 53c. Banks and Straits quiet and steady at 48 @ 50c.

A correspondent from New Haven, under date of November 12, says: "Fat menhaden were caught the first week in this month, but owing to the strong winds and stormy weather the aggregate was quite small. Last week gave but a small quantity and they were quite poor, about 14 gall. to the thousand. This week will close most of the fishing unless there is a change in quantity and quality. The fishermen are greatly disappointed in the result of their fall work."

NOVEMBER 21.

Menhaden is strong, as the catch is now said to be about over. There have been sales of 300 bbls. crude at 44 @ 45c. Bleached is jobbing at 53c., and a lot of 50 bbls. sold at this price, 60 days' time.

NOVEMBER 28. Menhaden is firm, and prime light oil on spot will bring 45c., at which price we heard of a sale of 100 bbls.; also 228 bbls. to arrive at 443c., and 78 bbls. brown, on spot, at 444c. Bleached is in fair demand, with prices ruling about steady; 60 bbls. sold at 53c., 60 days.

DECEMRER 5.

Menhaden oil has ruled very firm, and there has been a good demand, with stocks in the hands of the dealers not large. The sales reported are 500 bbls. at 45c., 250 bbls. at 45c., and 280 bbls. dark at 44c. Bleached winter is selling fairly, and we note 150 bbls., at 52c., with some now asking an advance.

DECEMBER 12.

Menhaden oil is steady, but very quiet. The offerings are moderate, but buyers are not wanting any, except very choice of the last catch. We do not hear of any sales; prime would bring 45 @ 454c., and choice light-colored 46 @ 461c. Bleached is steady and in demand, with 100 bbls. reported sold at 52c. cash. Bank and Straits are in light demand at former prices.

DECEMBER 19.

Menhaden oil is firm, and the lots coming to hand are readily taken. There was a cargo in last week, about 500 bbls., 150 bbls. of which sold at 44 @ 45c., 100 bbls. were delivered on a contract made early last summer at 33c., and the balance went into store. Bleached sold last week at 52 c.

DECEMBER 26.

Menhaden oil has been rather quiet, with a few lots coming in. We heard of a sale of 128 bbls. at 44c., but the price generally quoted is 45c. Bleached is steady, with a sale of 50 bbls. reported at 521c.

JANUARY 2, 1878. Menhaden oil has not sold since our last report that we hear of. A lot could not have been sold at its real value. We understand that 45c. is about the price dealers have marked their stock in taking account.

APPENDIX L.

Annual proceedings of the United States Menhaden Oil and Guano Association.

FIRST ANNUAL MEETING.

At a meeting of the menhaden oil and fish guano manufacturers of Maine, Long Island, Connecticut, Rhode Island, and New Jersey, held in New York January 7, an association was formed, to be known as "The United States Menhaden Oil and Guano Association."

and articles of association were adopted.

A constitution

The meeting organized with R. L. Fowler of Guilford, Conn., as chairman, and Luther Maddocks, of Booth Bay, Me., as secretary. After some discussion a committee on statistics was appointed, with instructions to report as soon as possible. The committee was as follows: Mr. L. Maddocks, Maine; Mr. Church, from Rhode Island; Mr. Price, from Long Island; and Mr. Fairchild, from Connecticut.

Mr. Fairchild, as chairman, reported as follows: Number of factories in operation, 62; amount of capital invested, $2,388,000; number of fishermen employed, 1,197; number of men employed at factories, 1,109; number of sailing-vessels employed, 383; number of steamers employed, 20; total number of fish caught, 1,193,100 barrels (250 fish to barrel); total of oil made, 2,214,800 gallons; total amount of guano made, 36,299 tons. Stock in hand of manufacturers, 484,520 gallons oil and 2,700 tons guano.

The meeting then voted to appoint a committee on permanent organization and to report a constitution and by-laws. This committee consisted of Mr. J. G. Nickerson, Boston; Mr. Thomas F. Price, Greenport, Long Island, and Mr. H. L. Dudley, New Haven. Their report was accepted and the constitution adopted, and the following officers chosen for the ensuing year: President, Luther Maddocks, of Booth Bay, Me.; vice-presidents, George F. Tuthill, Greenport, Long Island, aud R. L. Fowler, Guilford, Conn.; secretary and treasurer, H. L. Dudley, New Haven; executive committee, Luther Maddocks, Booth Bay, Me., David F. Vail, River-head, Long Island, B. F. Brightman, Round Pond, Me. Constitution and by-laws of the United States Menhaden Oil and Guano Association.

NEW YORK, January 7, 1874. Whereas the manufacture of menhaden oil and fish guano has become identified as one of the important industries of this country; therefore Resolved, That we, the manufacturers, with the view of rendering to each other mutual aid and assistance, do hereby form ourselves into an association for this purpose, and to be governed by the following constitution:

ARTICLE 1. This association shall be called the "United States Menhaden Oil and Guano Association."