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HUNTS
MERCHANTS’
§jt
MAGAZINE,
fftw$jrapev,
INDUSTRIAL AND COMMERCIAL INTERESTS
REPRESENTING THE
OF THE UNITED STATES.
[Entered, according to act of Congress, in tlie year 1880, by Wm. B. Dana & Co., in the office of the Librarian of Congress, Washington, D. 0.1
:
THE
Investments, and State, City
and Corporation Finances...
Report of the Secretary of the
Treasury
Report of the Comptroller of
the
Philadelphia & Reading
600
Railroad Earnings in Novem¬
ber, and from Jan. 1 to Deo. 1 601
and
English News
News
603
THE
BANKERS’
Money Market, U. S. Securities, Railway Stocks, Foreign
Exchange, New York City
Banks, etc
GAZETTE.
j Quotations
I
Stocks
and
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|
COMMERCIAL
Epitome
of
Bonds
I New York Local Securities..
625
THE
Commercial
Cotton
Currency
Commercial and Miscellaneous
Commercial
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TIMES.
630 1 Breadstufts
630 j Dry Goods
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The Commercial
and
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We have added to
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Secretary of the Treasury and the Comptroller of the Currency.
that
our
our
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THE SITUATION ON
Wall Street markets
'—-
=3
large this week. On
Saturday $1,300,000, and on Tuesday $600,000, were
609 withdrawn. Last week’s return was made
up on rising
615
averages,-—a payment of about $1,250,000 by the Assay
024
Office and the receipt of $600,000 from Boston and
$400,000 from Philadelphia being too late to appear in
the statement. During this week $1,629,370 have ar¬
628 rived from
Europe, and nearly the whole of this sum has
629
been paid for by the Assay Office; in addition, six per
635 cent bonds to the amount of $1,112,000 were bought by
636 the Assistant Treasurer from
Saturday to Thursday,
inclusive.
For these reasons it is fair to expect that the
bank return to be made up to-day will be more favor¬
IN ADVANCE:
$10 20.
in London (including postage)
do
...
WALL STREET.
so
605
to midnight of Friday.
[Entered at the Post Office at New York, N. Y.,
mail matter.]
For Six Months
Annual subscription
Sixmos.
do
:
were withdrawn from the depository of
the associated banks for shipment to the interior.
The
CHRONICLE.
The Situation on Wall Street.. 597
Mr. Sherman on the Greenback
and Bank Currencies
598
Silver-Dollar
Recommenda¬
tions
590
——=
$3,200,000 gold
CONTENTS.
Monetary
NO. 807.
SATURDAY, DECEMBER IT, 1880.
VOL. 31.
able than the last.
It
reported in Chicago on Monday that the calls
country banks upon those of that city were less
urgent toward the close of last week; this was accepted
as an indication that the
supply of money at that centre
would this week be sufficient to meet the demand,
without drawing .largely upon the balances held here,
and that future requirements from that quarter would
be less extensive.
The fact that on Monday, Wednes¬
day and Thursday those of our banks having Western
correspondents were able to meet the inquiry for money
without drawing upon the gold repository, would seem
at least to confirm the opinion with regard to the present
week, and has strengthened the hope that Western needs
will not again be so pressing as they have been of late.
The amount of gold afloat for this port is variously
estimated, but the closest calculation shows that it is
about $7,000,000.
The cable reports the withdrawal
from the Bank of England for shipment hither of
£301,000 on Monday, £20,000 on Tuesday and £321,000
on Wednesday, making £642,000.
This is part of the
sum estimated above as afloat, and its arrival may not be
looked for until about the 21st instant.
On Wednesday
the cable gave a rumor that £500,000 might be sent
was
of the
have, in the main, resumed their
to say, there has been no
manipulation of money during the week, and conse¬
quently stocks have advanced more or less rapidly, hither this week if the Bank rate was not raised. The
showing the vigor of the existing tendency to recover rate was advanced on Thursday to 3 per cent, against
on the removal
of the depressing cause.
But entire 2£, at which latter figure it has stood since June 16,
confidence cannot be felt so long as the demand from when it was reduced from 3; it is therefore possible that
the interior for currency and gold continues in excess of this rumored withdrawal has not been made.
The re¬
normal condition.
the domestic and
That is
foreign supply; this must keep our turns of the Bank of England show, however, a loss of
reserves
dangerously low, and leave it in the nearly £2,000,000 bullion in two weeks. A portion of this
power of leading speculators again to unsettle values by may have gone to Egypt as we stated last week; another
making money temporarily stringent.
part may very likely have gone to the Continent, as the
The average decrease of $5,634,300 specie shown in Bank of France shows a gain of 3,850,000 francs for the
last Saturday’s bank return is in part, accounted for by, week ; the remainder has doubtless been shipped to the
the fact that for the week covered
by the statement United States. The Bank of England reserve is low,
bank
[Voi,. XXXI.
THE CHRONICLE.
598
As already stated, the stock market promptly respond¬
proportion of reserve to liabilities standing on Thurs¬
ed to the removal of the money pressure early in the
day of this week at 45J per cent, and as the rate of
discount has been advanced with the object of checking week, and with the exception of Western Union—which
was unfavorably influenced by the reduction in the divi¬
the outflow of bullion, we may expect a further advance
dend, and the statement of earnings and surplus for the
unless the present rise effects that purpose.
last quarter—the course of prices was generally upward
Manipulation of money by the leading operators in
until Thursday afternoon. The news on Tuesday, that the
stocks ceased, apparently, on Saturday morning. That
House Ways and Means Committee had almost unan¬
afternoon the brokers employed by these operators
loaned funds liberally in the market, the largest supply imously agreed to report the Wood Funding-bill, fixing
the rate of interest at 3 per cent, appeared greatly to
of money on eall during the week coming from three
stimulate the upward movement.
Speculators operated
houses.
Whether this movement is preliminary to
on the theory that
the early passage of the bill would
another “ lock-up,” or may be accepted as an indication
not only enable the Treasury Department soon to com¬
that further manipulation of money has been abandoned,
mence refunding, and thus make money easy
through
it is impossible to say. The banks and trust compa¬
nies are unable at present to loan with any degree of large Government deposits in our banks—as was the
case during the
conversion of the 6s and ]0-40s—but
liberality, and private bankers are inclined to demand
also that it would compel holders of the 6s and 5s of
full rates. Stocks have been turned on buyers’ options at
the rate of 12 percent per annum, for 30 and 60 days ; 1881, who maybe unwilling to accept a new bond in
exchange, to seek in the market such properties as
one-quarter of one per cent commission and interest has
will yield a better rate "of interest. With the experience
been paid for 30-day loans and 6 per cent has been paid
of last year to guide them, operators were inclined to
and is bid for 60 days and six months. Some speculators
discount in advance the effect of the passage of the bill,
are borrowing on time, intending to provide against any
and stocks consequently rose rapidly, the most marked
possible stringency during January, after which it is advance
being in those properties which have shown the
expected money will be more abundant.
The decline in foreign exchange, which again fell off greatest resistance during the recent bearish demon¬
Of course the unprecedented railroad earn¬
stration.
on Tuesday to the lowest points of the year, was caused
by the pressure of bills drawn against cotton and securi¬ ings, the monthly statement of which we give in another
ties, and an indisposition on the part of bankers to buy— column, were a substantial basis for an improvement in
even at the decline.
On Thursday the change in the values.
Bank of England rate of discount caused an advance in
MR. SHERMAN ON THE GREENBACK AND
the sight rate for sterling, but the tone of the market
BANK CURRENCIES.
remained weak. The movement of securities to Europe
Secretary Sherman’s administration of the Treasury
has recently been very heavy.
Within a few days over
Department has throughout been extremely fortunate.
$1 ,250,000 of new stock and bonds, chiefly Missouri Kan¬
The evenfs which have marked its continuance have of
sas & Texas and New York Ontario & Western, have
course had the assistance of peculiarly favorable circum¬
been sent abroad to bankers who are expected to place
stances ; but it is well to remember that in each event
them on the Continent. The shipments of New York
accomplished, he did what almost everyone said pre¬
Central, Illinois Central, and other first-class properties,
viously could not be done. Furthermore, it was his forcing
continue large, and that those stocks are in request in
through resumption, against not only discouragement
London is shown by the activity in that market and the
but open hostility within his own party as well as in the
steady advance in price. Union Pacific and Central
opposition, that brought into being the favorable cir¬
Pacific, and the securities of the reorganized New York
cumstances which helped forward subsequent successes.
Pennsylvania and Ohio Railroad, also nppear to be in
Feeling all this to be true we sincerely regret to be
demand abroad. Erie stock and 2d consols and Reading
shares are speculated in almost to as great an extent in compelled to criticise so largely the Secretary’s last
London as they are in this market. The rise in the public document. In another column we have referred
to the silver dollar recommendations.
Ilis suggestions
Bank of England rate is likely in the end to affect the
affecting the paper currencies of the country, are in our
movements of these last-named securities more materially
view even more objectionable.
Let us see what is the
than it will stocks, which are taken on the other side amlost
logical conclusion from the Secretary’s proposals.
whoily for investment. To show the relative prices in
By the close of the present fiscal year 687 millions
London and New York at the present time, we give
of United States bonds will become payable absolutely
below a statement of the opening quotations of various
or redeemable
optionally. The 14 millions absolutely
securities in New York for the five days of this week
and the opening London quotations on the same days, payable December 31 are of course taken care of by
reduced to their New York equivalent. The New York surplus now on hand. With regard to the remainder,
Secretary Sherman’s plan is, in brief, that authority
equivalent is based upon the highest rate for cable trans¬ be
given him to issue not more than 400 millions
fers, which ordinarily covers nearly all charges, such as of
Treasury notes, not less than $10 in denomination,
interest, insurance and commissions. Reading is quoted
the
in London
*
Dec.
Lond'n
U.S.4S.O.
2d
4559
oon.
0.
NY.
Dec.
Dec.
7.
8.
Lond'n N.Y. Lond'n N.Y.
9.
Dec.
Lond'n
97-46
101 %
45%
9094
10044
NY.
share
Lond'n
4540
96 95
100*73
10097
46
40*87
40-03
100 68
120*07
122
144*04
143%
52%
Ill. Cent.
12014
119
120*43
N. Y. C..
14330
142
142-83
Reading
2533
48
2505
142%
47%
45-76
97*55
2625
97 %
101%
47%
98*56
98%
122 06 121%+
N.Y.
97%
144%
121%
145
122 18
51
25*42
50
tion of the 1881
bonds.
plan of Mr. Sherman’s as a
refunding simply we had not in mind to
The merits of this
4*c2%
4*81%
Expree&ed in tlieir New York
98 32
25*06
Exch’ge,
cables.
101%
46%
144*60
144 35
interest, and running from
one to ten years, the; amount maturing in any year not
to exceed the requirements of the sinking fund for that
year; also that he be authorized to set apart400 millions
or less of bonds at about 3-65 per cent interest and
redeemable after fifteen years, the amount of bonds and
notes sold to be limited to that of bonds to be redeemed,
and the proceeds to be applied solely to the redemp¬
: bearing not over 4 per cent
Dec. 10.
101%
101%
45%
96%
119
*
per
prices. prices* prices.
price*.* prices. price*.* prices. prices.* prices. prices.*
11327
113%
111*81 111% Ill 52 111% 112*12 112% 11314 113%
U8.5s,0. 100 60
Erie
value—$50
the basis of the par
on
4-81%
equivalent.
4-82
+ Bid.
4*82
for
scheme
discuss
dbcbmebr
,
599
THE CHRONICLE.
ii, 1880.j
'
;■
—
1
-
i
" ■
=3 •
to-day. If we were considering it, independently of enlarged issues of what the Secretary now officially pro¬
other questions, we should give great weight to his nounces “in form, security, and convenience, the best
opinions and suggestions, for we think that is obviously circulating medium known.” Whether it is wise and
due him because of what he has already accomplished safe, by any step, intentionally or not, to unnecessarily
prepare the way for such a demand, is a question which
in that way.
The use we wish to make of these proposals is to call should engage the attention of at least those who do not
desire to have this accidental and
attention, in connection with other proposals in the same
converted into
document, to their bearing or effect upon our cur¬
rencies. It is known in the first place that of the 687
a
make-shift currency
permanence.
SIL VER-D OLLA R RE COMMENDA TIONS.
falling due, and redeemable within the
This country to-day holds the controlling position on the
next seven months, nearly 200 millions are owned by
the national banks, and are deposited as security for metallic currency question.
We have attained it simply
circulation. The removal of these bonds, by payment or by requiring European nations to pay us gold instead of
substitution, will necessarily disturb the circulation. It silver for our productions. They had gold and silver to
was long ago demonstrated by the Comptroller, that not¬
offer; our silver advocates wanted to let us down to the
withstanding all current impression and statement to the basis of silver, and take it in return for our wheat and cot¬
contrary, there was no material profit in the bank-note ton; but the horrid “Eastern capitalist/' by refusing
privilege on the basis of existing taxation; if that banking privileges to that metal, kept the standard up,
was
true with
the fives and sixes for deposit, and now the agricultural portions of the country are, in
it is more true respecting four per cents, now at a common with the other portions, reaping the benefit.
The present situation, then, is something like this:-—Amer¬
premium of above 12. The banks themselves have fur¬
nished positive support to this view, as we have fre¬ ica, on a gold basis, is securing all the gold it wants, and is '
quently of late stated, by the fact that the volume of rapidly forcing Europe into a position compelling it to call
circulation has declined, even while that of business has upon us to assist it out of this silver quagmire.
In the
been increasing. Whether the banks would retain their early stages of the difficulty we besought European
existing circulation, on condition of taking the fours at governments to meet the issue in advance, but they simply
present figures, is therefore certainly questionable. As for smiled at our Commissioners, intimating, as they bowed
the new issues proposed, the notes are clearly not avail¬ them out, that we showed the credulousness of youth in
able for this purpose at all, and the low-rate bonds can¬ expecting the Old World to make a silver market for us.
not be, unless the tax on circulation be taken off, and that The truth was, they fancied we would make one for them
tax Mr. Sherman says should be continued.
Of course, by adopting the silver standard. In that they were dis¬
the outstanding fours in the present state of the money appointed, and now the positions are wholly reversed—
markets of the world, would advance much higher even they are on the anxious seat, and we can afford to smile.
than they now are, under the demand from the national Evidently, then, our true policy is to let silver entirely
banks. Do not therefore these various recommendations alone, thereby making Europe’s position in this particular
have the look of a plan which can hardly fail to forcibly increasingly unfavorable.
Thus we can hasten the day
reduce the bank-note circulation ?
when they will be calling upon us for help to settle the
We do not assume to say that this result was intended, relationship between these two metals; and when that time
but it is a remarkable coincidence that, further along arrives we shall be ready to respond to the request.
in the Secretary’s report, we come upon a very unwonted
For these reasons, we would have been best pleased had
and extraordinary—not to say very surprising—eulogy the official reports to Congress contained no recommenda¬
of the greenback note.
Although Mr. Sherman, as he did tion on this subject, except a repeal of the silver-coinage
last year, advocates depriving the greenbacks of legal- law.
As it is, although much that is said is admirable,
tender quality, we read with extreme regret his expres¬ there seems to be a want of uniformity in the sugges¬
sion of confidence that their present value can be easily tions, and some misapprehension as to facts. For instance,
kept at par with coin; that as to the danger of expan¬ the President, in his message, says:
sion at the pleasure of Congress, “ this objection may be
The Constitution of the United States, sound financial prin¬
made to all the great essential powers of the Govern¬ ciples, and our best interests, all require that the country
should have as its legal-tender money both gold and silver coin
ment”; that every effort to increase their volume has of an intriusic value, as bullion, equivalent to that which upon
its face it purports to possess.”
failed; that therein no temptation to over-issue them,
The only power granted to Congress by the Constitution
now that they are as desirable as coin; and
that these
objections will doubtless be considered and removed by touching this matter, is the power “ to coin money, regulate
the value thereof, and of foreign coin, and fix the standard
Congress. It is surely unnecessary to say a word in com¬
of weights and measures.”
Nothing is said therein of the
ment upon this remarkable and ill-timed eulogy, or upon
metals of which money shall .be coined.
In Section X.,
the easy way in which the grave objections to a per¬
which recites sundry denials of power to States, the Con¬
petuation of Government notes are tossed aside, since
stitution says.
“No State shall * * * coin money,
nearly every number of the Chronicle issued in times
emit bills of credit, make anything but gold and silver a
when currency questions were rife bespeaks the earnest,
tender in payment of debts, etc.,” and doubtless it is to
ness of our convictions to the contrary.
this clause that the President refers when ho further
And then does not this
millions of bonds
v
“
suggest the query whether the
object of this plan may not be, in part, a substitution says: “ The Constitution, in express terms, recognizes
of greenbacks for bank notes ? At least, the substitution both gold and silver as the only true legal tender.”
That it is very desirable and for “our best ^interests” to
of the proposed notes for the maturing bonds, would
effect a contraction in the bank circulation, subject to have in use as currency gold and silver dollars of equal
the alternative that the banks would pay the market value is very generally conceded and is hardly to be ques¬
tioned.
But it is a mistake to suppose such a coinage of
price of bonds rather than submit to contraction ; and
we
have
seen
how
be realized unless the tax
next
anywhere required by the Constitution. It
circulation is repealed. The would be strange, if there had been such a requirement,
that never since the adoption of the Constitution have we
unlikely it is that this alternative wiil
step, therefore,
on
would naturally be
a
promise for
two
metals is
THE CHRONICLE.
600
bad
our
dollar unit in
gold and in silver as equivalents
Here
we
fear his arithmetic is at fault.
[Vot. XXXI.
During the long
Europe of the ratio 15£ silver to 1 gold, bar silver
gold dollar * having been more valuable by
about 3 per cent down to 1834,-and less valuable by about averaged in price 60@60£d. per ounce in ordinary times. It
To restore the price to the old
3 per cent than the silver dollar from that date to 1873, is new worth about 5 If d.
when the silver dollar was stricken from the standard average would require a rise of 16J per cent of the present
price. There are 37If grains fine silver in the present
coins.
To-day fine silver is quoted in New York at lllfIt would have been possible in all those nearly 90 years dollar.
to have preserved a near approach to equality of value in per ounce (gold).
At that rate the gold value of the silver
dollar
as bullion is 86f cents.
We thus have the propor¬
the two kinds of dollars by conforming the ratio of value
to that adopted in France by law in 1804, (as the actual tion 86-5 : 100 : : 412-5 : 476-9, i. e. at present market
commercial ratio of value in Europe during the eighteenth value of silver bullion it will require 476-9 grains of
century), 15£ to 1 in weight. And this fact was clearly alloyed silver to make a dollar equal in value to the gold
shown in both Houses of Congress during the long debate one of 25-8 grains, a ratio of nearly 18f to 1.
But be the new ratio 17, 17f or 18 to 1, it is unimport¬
on the change of ratio for coinage in 1833 and 1834.
The
decision was made on considerations of expediency, not at ant so it be adjusted as the Secretary proposes “ on the
basis of the market value of silver.”
all under any supposed requirements of the'Constitution.
It being adjusted when silver is worth 52d. per ounce in
As to requirement of bi-metallic dollars by sound finan¬
cial principles and our best interests, as asserted, there are London, a decline the next week to 51fd. would leave the
opposite opinions, with a great weight of opinion against dollars unacceptable as the equivalent of gold dollars
any attempt to legislate equality in value of gold and (their only claim to currency); an advance to 52fd. would
A change in the rate of
silver dollars in this country until a strong commercial make them worth a premium.
majority of European governments shall have re estab¬ Eastern exchange, or the price of Council bills in London,
lished a bi-metallic standard ratio of value and free coin¬ at any time probable, or any material change in the price
of silver, would defeat the equalization, and, if one way,
age, and by international agreement shall have given the
would make the new dollars a heavier, though a more
arrangement probable stability and universality.
But the recommendation made by the President is only valuable drag on the market than they now are, and, if
in part positively good.
He recommends the “ repeal of so the other way, would cause their export as bullion.
Or if Congress enacts what is recommended by the Secre¬
much of existing legislation as requires the coinage of
silver dollars containing only 412£ grains of silver” tary, it may happen that about the time the existing dollars
(alloyed) and, in its stead, that the Secretary of the shall have been recoined, the insufficiency of the single gold
Treasury be authorized to coin silver dollars of equivalent standard for the money operations and business of Conti¬
value, as bullion, with gold dollars. The repeal of the nental Europe may become so unendurable that the several
existing law, as recommended, is demanded by every con¬ governments there shall, each for itself, or together by
sideration of good public policy, and by a great prepon¬ agreement, monetize silver and re-establish the bi-metallic
derance of intelligent opinion. The proposed authorization policy (and free coinage of Hboth metals), which was so
to the Secretary is however objectionable in the first place efficient and
satisfactory down to 1872. Such action
because it will
be inoperative.
He could never, would of necessity restore in Europe the old ratio of 15J to
probably, find any period of time sufficient in dura 1 for coin and for bullion. Our new heavy dollars would
lion to put a coinage order into execution at the mint, in be worth 16@16£ per cent premium, or 13 or more per
which the gold value of silver bullion would not have cent larger premium than that which swept away the
dollar of our fathers” as fast as it could be coined.
varied so much as to require a new order and new ratio •
The result would be a loss of all pur (then) undervalued
at least until new legislation in Europe shall have given
more steadiness of value to bar silver.
silver, to the loss by our Government of $10,000,000 or
To make the silver dollars too heavy would waste the $11,000,000, and an equal profit by bullion dealers—and
public money for the benefit of bullion dealers ; to make for what possible good to our country ? Better far that
them too light would perpetuate the present trouble at an Congress stop coining the 412^- grains dollars, and thus let
increased loss to the Treasury ; and to do either would well enough alone.
of value—the
rule in
“
.
violate the terms of the law of
On
equalization.
this subject the Secretary of the Treasury says in
PHILADELPHIA AND READING.
Two events of importance in the affairs of the Philadel¬
“ It may be better for Congress at the pres¬
ent time to confine its action to the suspension of the coin¬ phia & Reading have taken place during the past week.
age of the silver dollar, and to await negotiations with Mr. Gowen has sailed for Europe; and a statement pre¬
his
report:
foreign powers for the adoption of an international ratio,”
but then the Secretary proceeds—in spite of his clearly
stated reasons why all coinage of silver dollars for the
present is inexpedient, useless, and likely to become very
hurtful to the interests of the people and of the Treasury,
t) recommend the adoption of a ratio based upon the mar¬
(of bar silver) and to conform all existing coinage
(by recoining) to that ratio, while maintaining the gold
eagle of our coinage at its present weight and fineness.
Mr. Sherman would recoin existing dollars by the new
ratio, and then leave the further coinage of silver dollars
to the discretion of the Secretary of the Treasury or the
Director of the Mint, “ to depend upon the demand by
the public for convenient circulation.”
The Secretary proposes definitely a dollar of 450 grains
(nine-tenths fine) as what he means with which to make
the new dollar of market value of silver bullion (in gold).
ket value
pared by him showing the financial condition of the
company has been given to the public.
Mr. Gowen’s
departure is supposed to be in the interest of, and in
connection with, the deferred-bond scheme. The exhibit
of the company’s finances is chiefly remarkable because
along with it comes a proposition from Mr. Gowen to
issue a general mortgage to retire all outstanding prior
mortgages. The mortgage is to be for $150,000,000, to
bear 5 per cent interest—the present debt bears 6 and 7
per cent—and is to be in two classes, A and B, of
$75,000,000 each, the interest on class A to be cumula¬
tive, and on class B to be cumulative also, but differing
from A in that no foreclosure proceedings are to be
allowed until default in payment has been made for
three years.
In the present
those
attitude of the public mind, and of
chiefly interested, it is not easy to form an intelii
,
601
THE CHRONICLE.
December 11, 1880. J
gent opinion as to the company’s prospects. On the their stead, but in each case a prompt denial has foL
lowed.
one hand, Mr. Gowen seems incapable of looking upon
Estimating the month of November, Mr. Gowen fixes
any except the bright side of a question and his san¬
guine temperament has led him into many errors. On the net earnings of the two companies for the fiscal
the other hand, this has made the public distrustful not year just closed at $3,785,586. The total charges for
only of the management, but of the property itself, and interest, rentals, &c., are given at $9,972,230, showing
the press is almost unanimous in ridiculing and decry¬ that there was a deficit of $1,186,644 on the year’s
has a future operations. But as $1,551,441 of the fixed charges
is lost of the were payable in scrip, there was an actual cash surplus
fact that as the country grows, the consumption of coal of $364,797.
When sinking-fund payments are re¬
must increase, and that the anthracite coal properties in sumed, $837,442 additional will have to be paid out of
even a suggestion that the company
before it.
In the general confusion, sight
ing
earnings, and Mr. Gowen estimates that in 1883,
other company is allowed large gains in calculating when all the interest will be payable in cash, the total
its gross and net earnings for coming years, any esti¬ annual charges will amount to $10,657,116.
On the
the United States have
a
limit.
While almost every
net
prospects of the Reading, it is strenuously basis of the present year’s earnings there would then be
Should the deferred-bond
contended, must be based on the business of the imme¬ a deficit of $1,871,530.
scheme
be
carried
diate past. The claims of its friends may not be justi¬
out, meanwhile, this deficit would
be
diminished
by $600,000, or cut down to $1,271,530.
fiable, but it is equally true that the picture which its
As
a further measure
of relief Mr. Gowen proposes
opponents present is overdrawn.
Just at this moment the most difficult question is how his general mortgage for $150,000,000—$140,000,000 of
to get rid of the large floating debt. And here Mr. Gowen which it is supposed would be sufficient to redeem all
comes forward with his deferred-bond plan.
According outstanding obligations. Could the whole of the present
to his latest statement the total of all kinds of floating indebtedness be refunded at five per cent, and the
liabilities, including receivers’ certificates, overdue cou¬ deferred-bond scheme carried out, there would be a
mate of the
and unpaid interest, is at this time $13,474,284. saving, the president says, of $3,657,117 in interest,
bonds, ranking sinking funds, &c., and the total annual charge would
after the stock, to the amount of both classes of stock, be only $7,000,000, or $J,785,5S6 less than this year’s
and to dispose of the same to the stockholders at 30 per net earnings.
It is not likely, however, that the holders
of
the
earlier
cent of their par value.
bonds, well secured and bearing more than
This would yield about $10,six
per cent interest, would voluntarily exchange them
290,000. The remainder of the $13,474,284 floating debt
for
the new five per cents.
could be paid with the $5,000,000 of general mortgage
So Mr. Gowen assumes that
Thus $100,000,000 could be thus exchanged, on wThich he
now held as collateral which would be released.
would be secured the saving of $600,000 interest per estimates the saving in interest at $1,500,000 ; to this
he adds $600,000 saving in sinking funds, and $600,000
annum, Mr. Gowen says.
As regards the plan itself it may be said it is the most in interest on the floating debt, effecting altogether a
remarkable one that has ever been proposed in the case saving of $2,700,000, and bringing down the fixed
of any insolvent railroad in the United Slates.
And charges to $7,957,117, or $82S,469 below the $8,785,586 yet it is not so absurd as one would at first thought net earnings.
pons
Mr. Gowen’s idea is to issue deferred
be
the
one
led
to
bonds
the stockholders take
can
be explained upon
Either they expect that the profits
suppose, for
their
action'
of two theories.
to be made from the rise
on
if
the stock will in
a
In all these calculations
no
allowance is made for any
earnings, although in the present state of
extremely improbable that the company
would
show
no
improvement in this respect from year
great
increase
in
business it is
them the money advanced, or they have to year. But the questions which every one interested
great confidence in the value of the company’s coal in the company will have to answer, are these—Can Mr.
property. In relation to the rise in the market value of Gowen’s suggestions be carried out, in whole or in part ?
the stock, it need only be remarked that the price of the Would it be advisable to issue the deferred bonds alone?
common, which was below 30 when the scheme was first What would be the prospects of the company should the
broached, is now above 50, and that when the money deferred-bond plan be successful and the general mort¬
which was to be deposited by a syndicate as a guaranty gage scheme fail ? In that contingency could the com¬
that they would take whatever the stockholders failed to pany increase its net earnings sufficiently to pay all its
take, makes its appearance, it is not unlikely that a fur¬ charges ? Would the stockholder make sufficient profit
out of the rise in his stock ' to justify him in taking the
ther rise may occur.
The one great element of uncertainty, however, bonds, even though no interest be ever paid on them?
is whether. the money will really be forthcoming. Upon the way these questions are answered depends the
The moment it is known that the deposit has been success or failure of Mr. Gowen’s schemes to reorganize
made, the success of the measure, it seems reasonable his company.
to
suppose, will be assured.
But as to this nothing
RAILROAD DARNINGS IN NOVEMBER, AND
definite is known.
It will be remembered that it was at
measure
first
repay
FROM JANUARY 1
TO DECEMBER 1.
reported that Messrs. Morton, Rose & Co., of Lon¬
The gross earnings on the railroads embraced in th8
don, w’ere the parties who would undertake the whole
tables below show a large increase over the corresponding
arrangement. Subsequently, it appeared that all they
had agreed to do was to receive the deposit, and, periods of the year 1879.
It is not well, however, to
acting as bankers, to exact only a moderate com¬ exaggerate this fruitful subject of an increase in railroad
pensation for their services. When it became ap¬ earnings, and the fact should be plainly met that seyeral
parent that Mr. Gowen wanted them to do more, and to of the largest roads, which have added most to their mileage,
act much iu the same manner as if they had assumed did not earn in November as much per mile as in the samo
responsibility as financial agents, they withdrew from all month of last year. Another point well worthy of atten¬
further connection with the scheme. Since then, the tion is the fact that there must be a wide margin between
names of several other firms have been mentioned in the actual net profits of a railroad, over and above its
CHRONICLE.
THE
602
interest and
really appli¬
cable to
stock. The
rentals, and the amount which is
the payment of dividends on the
amount
Cincinnati Indianapolis
Cleveland Mt. Vernon it Delaware
Denver it Rio Grande
Des Moines it Fort Dodge
expenditures to bring up and maintain a road
and equipment in proper condition.
It is the rule,'
almost' universal
with American railroads, that for
rent
i_
Detroit Lansing & Northern
Flint & Pere Marquette
Galveston Harrisburg it San
Antonio
....
Georgia
Grand Trunk of Canada
Great- Western of Canada
after their construction a large amount is
required annually to put Ahem in decent working order.
This suggestion of duly weighing the railroad reports to
get at their true value is rendered necessary by the fre¬
quent newspaper reports of this or that road, giving the
net profits over interest and rental charges as the amount
applicable to dividends, and figuring out on this basis a
years
Hannibal it. St.
Joseph
Houston it. Texas
Central
Illinois Central (Illinois line):
(Iowa leased lines)
Indiana Bloomington it Western
International & Great Northern
Do
Lake Erie & Western
Louisville & Nashville
Marquette Houghton & Ontonagon
Memphis it. Charleston
........
Minneapolis & St. Louis
Missouri Kansas it. Texas
Mobile, it Ohio
20 per cent a year.
considerable decrease in
earnings for November are mostly in the Southwestern
list, and the falling off is accounted for by the bad weather
New York Central
N>.w York it. New England
movement is
Northern Pacific
~
..
Ogdensburg & Lake Champlain
Paducah & Elizabethtown
Padneah it. Memphis
Peoria Decatur it Evansville
St. Louis. Alton it Terre Haute (main line)
do
(branches.-..
Do
St. Louis Iron Mountain & Southern
St. Louis & San Francisco
November
St. Paul Minneapolis &
St. Paul & Sioux City
The
railroads
showing
any
and slow cotton movement
The passenger
at the South.
heavy, and out of a total gain of $245,705 in
on the N. Y. Central & Hudson, no less than
$60,000 was from passengers. The St. Louis & Iron Mount¬
ain shows a total decrease of $30,107, but on passen¬
ger traffic it gained $20,000.
Air-Line earned in October, on
$22,999. with operating
$13,87 4 as net receipts.
the
Central Pacific
.
,
Chesapeake it Ohio
Chicago <t Alton
Chicago <fc East, fliinois.
Chic. it (Hand Trunk t
Chic. Milw. it St. Paul..
Chicago & Northwest..
Chic.St.P. Minn.it Omaha
Cin. Hamilton it Dayton
Cin. Ind. 8t. Louisit Chic.
Cincinnati <fc Springfield.
Clev. Col. Cin. it I ini
Clev. Mt. Vernon & Del..
Denver & Rio Grande...
Des Moines it Ft.Dodge.
Detroit Lans. <fc North*.
Flint & Pere Marquette.
Galv. liar. & San An.*..
.
expenses
148.073
Ogdenb. & L. Chamnl’n*
Paducali <t Elizabetlit’n*
Paducah it Memphis*...
Peoria Dec. it Evausv...
St. L. A.&T.II. main line.
Do
(branches).
do
8t. L. Iron Mt.it South’n.
St. Louis it S. Francisco.
St. P. Minu.it Manitoba.
St. Paul & Sioux City
Scioto Valley
Union Pacific
Wabash St.Louis & Pac..
665,858
91,000
79,851
1.472,000
1,820,600
176,555
1,100,244
142,737
371,756
262,124
33,813
232,875
198,115
205,601
27,274
36.033
101,547
422,123
33,053
403,562
162,082
82,951
366.274
33,760
130,285
278,277
30.979
17,298
13,681
69,983
153,959
65,713
4,275
113,893
110,111
103.752
169,957
133,339
833,560
193,125
40,061
6,359
36,618
63,842
30,726
10,99L
429,804
490,530
140,813
71,457
244,813
2,190
66,601
22,627
3,391
-11,943
163,4 40
74,843
256.756
71,329
929,400
55,849
707
-
31,874
697,033
24.134
232,367
9,163
131,250
32,069
7,975
36,921
63,9oO
........
.......
,
.......
........
........
........
272,939
21,164
57,074
3,017,541
309,296
2,801,835
245,706
157,174
133,777
277,755
210,635
23,397
67,120
34,843
25.569
15,76 L
28,487
30,100
251,775
252.222
........
26,251
2,265,160
1,796,343
1,105,616
864,657
& Northern
84,220
73,930
Chesapeake it Ohio
Chicago it Alton
Chicago it Eastern Illinois
Chicago it Graud Trunk
Chicago Milwaukee & St. Paul
Chicago it Northwestern
Chicago St. Paul Minneapolis & Omaha..
Cincinnati Hamilton .t Davton
Marq.Houghton &, Ont*.
Memphis it Charleston..
Missouri Kansas & Tex*.
Mobile it Ohio
N. Y. Cent. & Hud. Riv.
Northern Pacific
Paducah it Elizabetlit’n*
Paducah & Memphis*...
Peoria Dec.it Evansville
8t.L.A.&T. H. main line.
Do
do (branches).
St. L. Iron Mt. & South’n.
St. Louis & S. Francisco.
St. Paul Minn, it Man...
St. Paul it Sioux City. ..
Valley
Wabash St. L. & Pac,...
.
17,898.340
1,419,430
826,388
4,007,564
492
146
435
146
57
2,361
225
437
*
506
1,000
285
813
285
122
186
112
192
3,126
122
186
112
73
195
71
686
483
656
421
100
2.790
2,404
2,166
336
238
30,324
4,550
3,2)6,119
5,785,953
1,536,242
1,096,687
1,702.399
1,177,622
8,501,236
780,661
1,055,02L
97
203
$
697.200
...
f,
3,125,862
323.979
106,137
666,120
31,053
8,112,073
1,413,528
4,013,326
1.744,072
2.8 J3,153
5,190.010
1,38 ■‘,336
628.904
472,646
595,913
1,033,867
1,557,593
592,027
5,325.575
141,806
585,595
53 1,520
••■•••a*
.1
.
.
•
•
•
»CrV
a « ■
3,175,661
247, L41
292.445
13»,0U)
49,962
262,02?
8.130,162
•
147.856
62,820
231,336
835.877
172,027
4,2 >0,799
442.885
1,017,175
••••••«
532,797
2,849,217
1,810,850
26,52 L, 216
1,889,47 L
239,303
930,132
500,770
4,637,197
1,410.947
2,369,906
-
2,006,831
86,859
84,857
415,335
11,373,489
......
30.
970,3-<5
1.030,998
291,743
114
......
1,925,913
376,599
2,736,918
770,635
3,685,094
1,982,877
30,772,015
2,332,356
354,562
188,972
408,857
1,274,245
599,600
5,603,319
2,470,718
2,860,104
1,346,140
......
$
501,313
$
201,169
2,276,869
187
Increase. Decrease.
352,811
1,096,589
4,642,230
...••••
646
3,311,144
1,446,333
9,555,606
65
1,000
134,351
1,055,2412
62.117
169,554
341,113
93,330
966,122
1,029,771
400.198
323.965
29,714
T
m
3,213,327
36,820,660
Three weeks only of November in
From January 3 to November 27.
each year.
2 to November 26.
The statement below gives the
gross
earnings, operating
the month of October,
31. of all such railroad
will furnish monthly exhibits for publication.
as
EXPENSES AND NET EARNINGS.
GROSS EARNINGS,
-Oct.
1880.
Burl. Cedar Rap.it
Gross earnings
Expenses
North’n—
*
'*68
2,256
1,314
2,293
331
54
'
/—Jan. 1 to> Oct. 31.—v
1879.
1880.
93.255
$
1,366,315
795,317
13L.918
107,053
759,184
570,998
204,991
143,119
171,524
99,263
1,670,733
1,078,896
1,210,960
796,469
61,872
72,261
591,837
414,491
211,820
176,766
183,326
120,031
2,215,504
1,764,676
1,609,304
1,260,241
35,054
63,295
450,823
349,063
235,910
103,992
200,308
Net earning3
Che;ar*eake & Ohio—
,1879.
$
$
1,673,402
914,218
$
-
840
152
281
261
341
733
86
330
160
786
2,761.904
288,028
.
Increase.
309
341
1,107
86
330
225
786
506
180,660,789 143,810,129 30,820,660
Total
Net increase
113,583
1879.
'
1,840
232,782
3,103,420
Scioto
companies
1880.
3,600
2,624
30
57
15.817,291
383,894
ARE BASED.
.
102
402
212
529
308
1,757,377
5,202,663
793,431
8,951,862
14,772.473
1,125.45 L
720,251
2,454,577
7,128,606
1,170,030
11,688,810
Atlantic Miss. & Ohio—
437
810
220
335
qOA
8L7
expenses and net earnings for
and from January 1 to October
40,669
2,500
468,817
241,559
2,586
292
1,353,745
367,133
18,582,195
26.
MILEAGE ON WHICH ABOVE EARNINGS
Burlington Cedar Rapids
Cairo <t Sr. Louis
Central Pacific
1
•
2
] From January
*
Three weeks only of November in each year.
.t For the four weeks ended November 27.
: For the four weeks ended November
Grand Trunk of Canadat
Great Wost’n of Canada]
Hannibal & St. Joseph..
Houston & Texas Cent..
Ill. Central (Ill. line)
Do
(la. leased lines).
Indiana Bioom. & West*.
InternatT & Gt. North..
Lake Erie & Western*...
Louisville 4c Nashville
?
30,107
18,340,852 4,03^,743
3,925,160
Chesapeake & Ohio.....
Chicago & Alton
Chicago it East. Illinois.
Chicago Milw. & St.Paul
Chicago it Northwest
Chic.St.P.Minn.ife Omaha
Cincinnati <t Springfield.
Clev. Col. Cin. & Ind
Clev. Mt. Vernon & Dei..
*
15,610
226.695
109,620
4,531
1,475
26,959
8,730
100,963
52,460
656,832
199,861
284.081
300,675
150,289
23,751
22,266,012
6,3o6
14,286
9,683
36,642
109,693
63,070
626,725
........
823
1879.
1,860.063
No..
..
........
1,271
823
292
524
919
402
212
559
365
JAN. 1 TO NOVEMBER
1880.
$
Denver it Rio Grande...
Des Moines it Ft. Dodge.
Detroit Lans. it North.*
Flint it Pere Marquette.
18,596
39,455
33,297
139,225
*
S3.913
407,512
557,131
*
GROSS EARNINGS FROM
16
18
11
208
1,273
-
...
40,120
1,558,476
438,233
204,116
431,994
..
Missouri Kansas & Tex*.
Mobile & Ohio
N. Y. Cent, it Hud. Riv.
N. Y. & New England*..
Northern Pacific. ...*
14.026
601,101
83.477
54,503
897,402
$
$
41,545
680,952
128,597
13 3,416
.
Marq. Hought.-it Out.*.
Memphis <t Charleston..
Minneapolis it St. Louis*
Increase. Decrease.
239.073
Grand Trunk of Canada!
Great West’u of Canada]:
Hannibal & St. Joseph..
Houston it Texas Ceil
Illinois Central (III. line).
Do
(Iowa leased lines)
Indiana Bloom. it West*
Internat’l it Gt. North...
Lake Erie it Western*
Louisville it Nashville..
-Total
Burl. Cedar Rap. &
Cairo & St. Louis*
Central Pacilic
1879.
$
147,735
16,686
1,488,142
Georgia
Pacific
214
293
215
307
71
686
580
656
62 4
100
Wabash St. Louis it Pacific
five per cent basis,
of $9,124, leaving
$
189,330
30,712
2,151,000
..
Union
new
1880.
No..
Valley
The Boston & New York
EARNINGS IN NOVEMBER.
Burl. Cedar Hap. it
Cairo & St. Louis*
Se,into
,
195
Manitoba1...
Increase.
300
80
391
156
337
84
300
80
391
156
551
84
224
311
226
307
St. Louis & Chic..
Cincinnati it Springfield
Cleveland Columbus Cincinnati it Ind
these two sums is the large and in¬
which is always required for cur¬
dividend of 10, 15 or
1879.
1880,
difference between
definite
Rot. xxxl
y—
1,099,533 1,709,932 14,504,592 12,013,868
670,739
616,086 '6,855,704 6,080,828
48
928,794 1,063,846
7,648,883
5,933,040
Oct
/
35,211
28,030
earnings
Operating expenses
Net earnings
Des Moines & Fort
Gross
$r
40,796
$
Clove. Mt. Vernon <fe Del.—
>
1879.
1880.
Gross
271,937
78,904
60,183
257,050
139,679
183.871
106,022
317,371
77,849
118,084 1,038,150
12,490
7,181
24,494
33,324
16,387
earnings.
Operating expenses
11,307
13,187
16,937
& Georgia-
66,i28
53,765
750,243
847,819
544,507
62,674
64,319
237,907
303,312
128,802
Operating expenses
Net earnings
$
319,081
258,898
$
28,306
Louisville & NashvilleGross
609,578 7,568,187 4,628,542
*1,000,000
589,938
earnings
Operating expenses
329,768
4,473,434 2,743,812
3,094,753
1,884,730
410,062
279,810
Memphis Paducah & NorthernGross earnings
23,545
13,221
14,544
12,938
1.41,595
116,572
9,001
283
31,615
8,152
Net earnings
Operating expenses
Net earninsrs
Missouri Kansas & Texas-
124,724
173,210
174,587
387,710 3,433,319 2,576,278
175,851 1,906,299 1,665,096
232,962
211,859
Gross earnings
215,491
200,500
Operating expenses, &c...
155,430
140,372
Gross
407,549
earnings..
Operating expenses
Net earnincrs
Now York & New
•
England-
Gross
;
earnings
Operating
expenses
Net earnings
Paducah & ElizabethtownGross
911,182
1,527,020
60,128
60,061
Net earnings
Northern Central—
512,917
263,241
413,534 4,097,023 3,316,033
250,368 2,632,413 2,410,858
249,676
163,166
1,414,610
905,175
41,492
25,857
44,219
23,718
328,993
247,843
262,345
208,709
earnings
Operating expenses .:
Net earnings
15.635
81,150
53,636
20,501
Pennsylvania (all lines east of Pittsburg & Erie)—
Gross earnings
3,882,714 3,518,144 34,137,327 28,034,354
Operating expenses
2,194,321 1,832,215 20,022,630 16,655,319
1,688,393 1,685,929 14,114,697 11,379,035
Net earnings
Philadelphia <fc ErieGross earnings
Operating expenses
323,803 3,120,849 2,514,584
181,264 2,000,732 1,779,952
367,082
217,193
Net earnings
149,889
142,539
Philadelphia & ReadingGross earnings
1,746,299 1,542,911
Operat. exp. and rentals.. 1,125,644 1,068,382
14,839,670 12,377,394
474,529
38,930
22,500
482,659
251,410
Net earnings
29,700
Bt. Louis Iron Mt. & South’n—
Gross earnings...,
688,365
Operat. and oxtr. exuens. 371,522
16,430
231,249
4
Gross
earnings
Operating expenses
Net earnings
mos.
Georgia—
Gross earnings
Operat’g expenses
Net earnings
151,164
1,705,892
1,510,570
end. Oct. 31.—s /—Jan. 1 to Oct. 31.—-
1880.
380,000
1879.
185,914
320,000
137,871
60.000
48,043
Nov.
.
*
405,958
.
1879.
639,385
1880.
915,796
r-April 1 to Nov. 30.—,
66,380
1880.
827,949
627,060
1879.
623,419
447,095
66,959
200,889
176,324
1880.
169,957
102,615
1879.
133,339
67,342
Estimated.
The
following figures have but recently come to hand:
Gross earnmgs
Operating expenses
Net
earnings
,,—Jan. 1 to Sept. 30.—>
Sept.
✓
1880.
1879.
1880.
1879.
37,991
24,916
23,455
19,987
292,877
232,546
182,979
150,844
13,075
8,468
60,331
32,135
Cairo <fc St. Louis—
f^nttetargi! Commercial gugltsh Items
BATES OF EXCHANGE AT LONDON AND ON LONDON
AT LATEST DATES.
MXOHANGB AT LONDON—Nov. 20-
Amsterdam
Amsterdam
Antwerp
.
.
....
Brussels..
Hamburg
3 mos.
Short.
J mos.
44
..
....
...
Berlin
Copenhagen.
St.Peters’bg.
Paris
Paris
Vienna
Madrid
Cadiz
Genoa
Lisbon
Calcutta
Time.
Rate.
Nov. 20 Short.
12-4
®12*4^
12-2
'©12*234
Nov. 20 Short.
25*55 *©25*65
25*55 @25*65
((
Nov. 20
20*58 @20*62
44
Nov.
20
20*58 @20*62
18*40 @18*45
2 »3i@2358
25*25 @25*37^ Nov. 20 Short.
12*10
Time.
On—
....
Short.
3 mos.
*«
If
44
'
44
4i
....
Bombay....
Hong Kong..
Shanghai....
Rate.
....
m
Nov. 20 Short.
11*97^ ©12*00
47i0 ©47
4738©4718
26*62 is® 26*67% Nov. 20 3 mos.
Is. 8d.
Is. 8d.
.
Alexandria..
20*39
20*39
25*291a
25*4712©25'55
....
.
25*34
117*50
17*20
525g<z5212
....
.
EXCHANGE ON LONDON.
Latest
Date.
-
Nov.
Nov.
Nov.
Nov.
Nov.
20
20
20
20
18
4 mos.
4 mos.
4 mos.
4 mos.
3 mos.
Is. 734d.
Is.
[From our own correspondent.]
Capitalists
risen to 100,
seem to be again disappointed. Consols hare
and there are indications that the value of money
again decline. About last August the money market was
tone, and there was a very general belief that during
the autumn and winter the value of money would rise, owing
to au anticipated improved commercial demand.
For a brief
period the tendency was decidedly in favor of higher rates of
discount, but a relapse occurred, and until the recent gold
movements there was every indication that the rates of dis¬
count would remain easy.
Discount brokers and others have
during the last few days called the money market u tight/'
but the rates of discount are still below 2^ per cent, and it is
therefore quite evident that legitimate trade is not interfered
with and that some facilities are afforded for speculation. It
must, however, be observed that the apprehensions of dearer
money have to a certain extent had the effect of checking
speculation, and hence it may be* contended that without
making a change in the value of the Bank rate a desirable
object has been attained. It is nevertheless worthy of remark
that, taken as a whole, the value of securities has been very
satisfactorily maintained. Weak speculators have, of course,
realized; but a very large section of the financial and commer¬
cial community has not been so excited on the question of
money as to believe in rates which, as speculators, would be
prejudicial to their interests; and hence they have exhibited
what, perhaps, is only ordinary judgment—a desire to hold—
and have declined to pay with the securities in which they were
interested. At the same time it is, I think, a very generallyaccepted fact—and I referred to the matter in the course of
last year—that the immediate effect of improved trade Las been
to cheapen the value of money.
The evidence on this point
seems to be very conclusive.
When trade was bad manufac¬
turers and manufacturing companies produced as much as they
could, or was reasonable; but in order to keep their mills going,
and to keep their hands together, with the hope that better
times were not far distant, many of them were compelled to
resort to their bankers for the requisite facilities.
Obviously,
will
firm in
386,154
234,990 money was wanted, and the banks were placed in an advan¬
tageous position, as such advances are more usually upon a
724,713 4,976,594 3,980,365
318,755 3,270,702 2,469,795
316,843
Memphis & Charleston—
734,632
1,120,117
Net earnings
620,655
Pittsburg Titusville & Buffalo—
Gross earnings
54,200
Operating expenses
24,500
Net earnings
London, Saturday, November 20, 1880.
/—Jan. 1 to Oct. 31.-^
1880.
1879.
350,341
Dodge-
Net earnings
East Tenn. Virginia
Gross earnings
603
THE CHRONICLE.
| [decbmbkb ii, 1880.3
74id.
3s. 8 iad.
5s. Id.
96%
minimum basis of 5 per cent.
B ut the improvement
has enabled merchants and manufacturers to dispose
accumulated supplies of goods; they have been
the advances made to them, and they have
in trade
of their
unable to repay
been placed, or
placed themselves, in a more independent position. The
disputed that business in every way is being
conducted much more extensively upon a cash basis. Co-opera¬
tive stores are more and more sought after, and the mercantile
community is far from disposed to trade outside their means;
that they require advances from their bankers is very probable,
but they are not large discounters, and there are no indications
that, for some months to come, this policy will be departed
from. The productive power of the country, owing to the
vast amount of machinery in existence, is almost incalculable.
The world is now very easily clothed and fed, and—as far as
manufactures are concerned—there is a danger of over-produotion. But the danger has been avoided and shunned for some
years past, and people say that trade is bad because they can¬
not employ to its full extent the machinery which has been
piled up. Consumers, however, not only in this country but
also in the world, have become wise. They do not, as a rule,
consume things for mere amusement; but, on the contrary, they
have become very economical, and are now, notwithstanding a
certain revival of commercial prosperity, just as much disposed
to limit their expenditures as they were when, a few years ago,
trade was, without dispute, bad. We must therefore arrive at
the conclusion that although trade has not been active, and
although mercantile profits have not been great, yet, on the
other hand, the community at large has kept down itfl
expenditure, and the country has saved money, though prob¬
ably at the expense of those who trade in luxuries. At the
same time it must’ be borne in mind that for a long time past
we have had no foreign loans, and the thrifty part of the com¬
munity has found it difficult to invest savings. Good secur¬
ities, as every one knows, are high in price, and although
there is a large amount of money seeking employment, we are
have
fact cannot be
not treated to much more than some
Indian gold-mining com¬
panies, respecting which very various opinions are
understand
I
^they find
subscribers, but
the high price of
consols—indicate that we
expressed*
this—and
have no
CHRONICLE.
THE
604
fVOL. XXXI,
have continued to have an upward tendency. The
Some evidently like a sound security, quotations
market is' undoubtedly strong, chiefly in consequence of
while others do not hesitate to incur a risk; but the amount of
the upward movement in New York and in the United States
capital involved in all the gold-mining companies which have generally. British farmers are sending only moderate supplies
been introduced to public notice is by no means greaf, and to market.
Daring the week ended November 13 the sales of home-grown
hence the effect upon the money market is but trifling, even if
wheat in the 150 principal markets of England and Wales
it is at all perceptible.
amounted to 43,771 quarters, against 39,635 quarters last year,
The money market wa3 decidedly firm in the early part of and it is estimated that in the whole kingdom they were 175,000
the week, and the Stock Exchange settlement which was very quarters, against 158,540 quarters in 1879 and 219,000 quarters in
heavy—the clearings at the Bankers’ Clearing House having 1878. Since harvest the sales in the 150 principal markets have
been 482,630 quarters, against 297,788 quarters last year and
been about £60,000,000 on “ pay-day ”—caused the value of
678,840 quarters in 1878; and it is computed that in the whole
money for short periods (call mrney, for instance) to improve kingdom they have amounted to 1,930,720 quarters, against
in value. Bills, also, were negotiated at 2)4 to 2% per cent, 1,151,150 quarters and 2,715,360 quarters in 1879 and 1878
being only a fraction under the Bankers’ terms; but the Bank respectively. Without reckoning the supplies furnished ex-gran¬
of England directors have very wisely decided upon retaining ary at the commencement of the season, it is estimated that
the following quantities of wheat and flour have been placed
the advantage they have gained, and by refusing to raise their
upon the British markets during the first twelve weeks of the
terms are endeavoring to secure a large amount of discount season. The visible supply of wheat in the United States is
scarcity
of coin.
business.
also
about
This week’s Bank return shows an increase of
given:
1877.
1878.
1879.
1880.
£1,750,000 in the amount of loans and bills discounted; and Imports of wheat.cwt.14,956,180 17,761,791 12,332,373 14,206.393
Imports of flour
2,570,272
2,723,063
1,557,773
1,626,757
now that the open market rates of discount approximate so
Sales of home-grown
produce
8,366,450
4,933,320 11,767,100
9,993,000
closely to those current at the Bank of England, the directors
Total
may hope to derive the benefit they are entitled to.
The work
25,892,902 25,473,179 25,G57,751 25,916,150
exports
of
of the Bank of England, which is undoubtedly involved in Deduct
wheat and flour
533,506
616,620
418,397
25 4,023
great responsibility, has for some years past been conducted
Result.:
25,444,505 25,219,151 25,041,131 25,377,644
with great judgment; and there is reason to believe that the
Av’go price of English
55s. 7d.
41s. Gd.
43s. 7d.
wheat for season (qr.)
42s. 01.
directors have taken a calm and correct view of the recent gold
Visible supply of wheat
movements, and have given confidence to the mercantile and
in the U. S
bush.21,100,000
financial world. The proportion of reserve to liabilities at the
The following return shows the extent of the imports and
Bank of England is now 47’85 per cent, against 50’72 per cent exports of grain into and from the United Kingdom during the
last week.
The following are the present quotations for first twelve weeks of the season, compared with the three pre¬
ceding years:
.
money:
IMPORTS.
Per cent.
Bank rate
Open-market rates—
2*a®c*4
The rates of interest allowed by
Joint-stock banks
Discount houses at oall
Do
with 7
or
subjoined
:
a
Indian
Flour
1877.
1878.
£
£
Circulation, exclud• £
s.
ing Bank post bills. 26,402,095 -27,765,750 29,022,360
2,946,356
Publio deposits
3,359,822
5,583,362
Other deposits
25,255,535 31,490,120 26,895,932
14,737,672
Goveram’t securities. 14,865,070 17,700,587
Other securities
19,005,910 18.891.818 20,791,375
Res’veof notes & coin 14,895,899
16,161,252 12,310,302
and bullion in
both departments..
23,927,002
to liabilities
Bank rate
Oonsois
47 85
2*2 p c.
100
3 p. c.
987a
Eng. wheat, av. price
43s. 5d.
48s. 9d.
Mid. Upland cotton..
No. 40 mule yarn
C^al.
G*3i«d.
10*4<1.
.
26,908,860
3,662.313
19,997,678
13,578,372
17,408,083
10,660,990
cwt.
Barley
Oats
Peas
Beans
Indian corn.:
Flour
23,333,162 22 569,350
lo*8
Clearing-House ret’n. 139,184,OOu 115 937,000
The
following
sign centres:
Paris
Amsterdam
Brussels
Genoa
Berlin
Frankfort
are
Open
rate.
25*. ct.
market.
3*3
3
3*2
4
4
4
33*
4
Vienna
4
51s. 8d.
6 VI.
9678
10*4d.
9*4d."
97.634,000 97,342,000
the rates of discount at the principal for
Bank
Hamburg.
5 p. e.
96*4
40s. 7d.
53a
Bank
rate.
Pr. ct.
2V. ct.
St. Petersburg
Geneva
...
6
4
Open
market.
Pr. ct.
5
5
Madrid, Cadiz &
Barcelona
Lisbon & Oporto.
Copenhagen
New York
Calcutta
Gold has been in demand for
English
The
369.599
1,106.244
411,522
395,554
8,282.456
1,557,778
6,716.889
1,626,757
1880.
1379.
1878.
1877.
410,931
3,336
92,993
219.141
592,791
5,174
42,927
11,120
30,618
21,233
7,595
287,352
33,715
4,486
1,400
78,077
528,416
23,005
40,924
5,712
34.387
23,849
7,137
33,032
10,090
Reports—Per Cable.
[arket
daily closing quotations in the markets
of London and
the following summary:
London Money and Stock Market.—The directors
of England, at their meeting on Thursday, raised
to 3 per cent.
discount from
The bullion
decreased £929,000 during the
specie in the Bank of France
and 5,439,000 francs in silver.
Sat.
Dec.
4.
3ilver, per oz
d. 517a
Consols for money
98*^16
Consols for account.... 993 j 6
Fr’cli rentes (in Paris) fr.85-55
U. S. 5s of 1881
104*2
U. 8. 4*23 of 1891
1147e
U. S. 4s of 1907
1157b
Erie, common stock
48*8
Illinois Central
...125
Pennsylvania
65
Philadelphia* Reading. 267s
New York Central
143*2
Sat.
d.
8.
5
3*2® 4
State). 100 lb.13 0
“
Wheat, No. 1, wh.
9 11
Spring, No. 2...
“
9 9
Winter,West.,n.
“
10 0
Cal. white
9 7
“
Oom.mixed.West.
“
5 9
Pork, West. mess.. $bbl.65 0
Bacon, long clear, cwt.. 40 0
Beef, pri mess, $ tierce.57 0
Lard, prime West. $ cwt.46 0
Cheese. Am. choice u 66 0
Flour (ex.
4
exportation, and the small
been purchased
amounts which have arrived from abroad have
exportation. The demand for gold for exportation has,
however, subsided to a very considerable extent. The silver
market is cheaper, owing chiefly to a diminution in the Conti¬
nental demands, and the value of Mexican dollars has had a
downward tendency. The following prices of bullion are from
Messrs. Pixley & Abell’s circular:
week.
increased 3,850,000 francs in gold
Mon.
Dec.
6
9S15i6
9
the rate of
in the Bank
In the same time, the
9>
8o’4d
104*2
114%
115%
47*8
124
64%
257a
143
TllC8.
Deo.
7.
Wed.
Deo.
8.
Thurs.
Dec.
9
5H3i6 51*318 51*31G
931518 93*3^0 93lli6
99316
?9he
85 72*2 85’6o
104*2
104*2
114%
111*8
1163a
11578
48
473b
125
121
64*2
25 7a
*2638
119
143
99
85-65
104*2
1 L5*2
117*4
49*8
120*2
Fri.
Dec.
10.
5113ls
9313i8
!?!»
104*2
115*2
117*4
48*4
26*8
2638
150*4
150
Thurs.
Fri
Liverpool; Breadstuffs and Provisions Markets.—
4
for
5,452,761
2,723,068
12,814
49,132
37.466
Proportion of assets
5 p. c.
400,82 L
618,857
(Liverpool for the past week, as reported by oable, areof theshownBankin
Coin
26,297,994
3,764,313
2,738,760
corn
Wheat
statement
with the three previous years:
7 i
4,710,863
4,003,617
14,296,395
2,889,431
2,734,446
EXPORTS.
1 *2
1 *2® 1 %
1*2© 1%
1879.
3,573,8o2
2,964,542
653,923
383,505
8,989,816
2,570,272
Per cent.
14 days’ notice
1880.
12,332,873
Beans
showing the present position of the
Bank of England, the Bank rate of discount, the price of Con¬
sols. the average quotation for English wheat, the price of
middling upland cotton, of No. 40 male yarn, fair second
quality, and the Bankers’ Clearing House return, compared 1
Annexed is
17,761,791
Barley
the joint-stock banks and
1877.
OWt. 14,956,180
Oats
Peas
2 *4®2%
discount houses for deposits are
iri
Wheat
1873.
1879.
1880.
4 months’ bank bills
2%®2*2
6 months’ bank bills
2 *2® 2%
4 & 6 months’ trade bills. 2*2 0/3
2*2
30 and 60 days’ bills
3 months’ bills
Percent
Open-market rates—
Mon.
d.
8.
13 0
9 11
9 9
10 0
9 7
5 9
65 0
39 0
56 0
45 6
66 0
Tues.r
d.
8.
13 0
9 9
9 8
9 11
9 7
5 9
65 0
39 0
56 0
45 6
66 0
Wed.
s.
12
9
9
9
9
5
65
38
56
45
66
d.
9
9
8
11
7
9
0
0
0
9
0
8.
rf.
9
9
12
9
9 8
9 10
9 7
5 9
65 0
38 6
56 0
45 9
66 0
s.
12
9
9
9
9
5
65
38
56
46
66
d.
9
8
8
9
7
8*2
0
6
0
0
0
Liverpool Cotton Market.—See special report on cotton.
Erratum.—In
our
article last week on the Erie
Railroad, ia
calculating what the surplus remaining after allowing for full
on the debt would have paid on each class of stock
Bar gold, containing 20 dwts. silver, per oz. standard.
had
it
been
Spanish doubloons
per oz.
applied to dividends, we inadvertently rated the
Smith American doubloons
per oz.
preferred
at
7 per cent. In the reorganized company the divi¬
United 8tates gold coin
per oz.
German gold ooin
per oz.
dend is only 6 per cent. On this basi3, $81,467 more remains for
silver.
d.
the common stock, but as only one-tenth of one per cent
Bar silver, fine
511116®
per oz. standard, nearest..
Bar silver.contalu’g 5 grs.gold
per oz. stand., nearest.. 521iq
additional could be paid with such amount, our remark that
Cake Bit ver
per oz.
55 3*
Mexican dollars
per oz., last price.
50%
the surplus was equivalent to.7 per cent on the preferred, and
Chilian dollars
per oz.
a
little more than one per Gent on the common, remains other¬
Quicksilver, £6 15s. Od.
Discount, 3 per cent.
The wheat trade has been decidedly firm in tone, and the wise unaltered.
GOLD.
Bar gold, fine
peroz.
standard.
8.
d.
8.
77 9*2®
77 11
®
74 3 @
73 9 ®
76 3*2®
76 3*4®
d.
....
■
.
.
.
■
.
interest
December 11,
AND
STATE, CITi AND
CORPORATION FINANCES.
OCTOBER SUPPLEMENT.
Tlie following is an index to all reports and items heretofore pub¬
lished in the Investment Department of the Chronicle since the last
issue of the Investors’ Supplement; annual roports are indexed in
INDEX SINCE
black-faced type :
Am. Union Tel
482, 560
Atch. Top. & San. Fe
482, 588
Atlantic & Great Western
534
Atlantic Miss. & Ohio
482
Atlantic & Pacific... .452, 482, 534
Baltimore City
509
533, 535
Baltimore & Ohio
Boston & Albany
482
Boston & Lowell
482, 509, 557
Boston & Maine
556
588
Boston & N. Y. Air Line
Boston & Providence
534
452, 557
535
Burlington & Southwestern... 557
Brooklyn Elevated
Brunswick & Albany
452
Butler & Detroit
©auadian Pacific
Cairo & Vinceunos
Central Pacific
452, 483
558
535, 558
Chesapeake & Ohio
483. 509
Burl. & Quincy
453, 588
Clin. Dubuque & Minn... 453
<fe Eastern Llliuois .451, 510
483, 535, 558
Mil. & St, P
.
Chicago & Northwest
Chicago Pekin & Southw
535
453,
Chic. R. I. & Pac
Chic. St. P. M. & Omaha
Cin. Ham. & Dayton
453,
Cin. Ind. St. L. & Chic
Cincinnati Southern
453,
Columbus Chic. <fc Ind. Cent...
Columbus & Hocking Valley ..
Connecticut Western
558
535
510
558
535
Banbury & Norwalk
509
453
483
4^3
509
Delaware & Hud. Canal Rail¬
roads
483
Denver <fc Rio Grande
558, 588
Denver South Park & Pac.535, 558
Eastern (Mass.) RR
'
509
EaetTenu. Va. & Ga
510, 556
Elevated Railroads
510
Erie Canal Business at Buffalo 483
Evansv. & Terre Haute..451, 453
Flint & Pere
558
559
Marquette
Flushing & North Side
Oalv. Harrisb. & San Autonlo. 453
Georgia RR
535
Grand Rapids & Iudiana..483, 559
Grand Trunk (Canada)
4^1
Great Western (Canada)
.452
Green Bay & Minnesota...453, 559
Greenville RR. (8. C.)
453
Greenville & Columbia
588
Hannibal & St.
Housatonic
483, 535
Joseph
509
535
Illinois State Debt
Indiana Bloom. & West
535
Junction RR. (Philadelphia).. 453
Kansas Gity Burl. & Santa Fe. 578
Kan. City Ft. Scott & Gulf.4^3, 588
Kan. City Lawrence & So
559
Knoxville & Ohio
559
Iioliigh Coal & Nav. Co
451
Logansp. Crawfordsv. &S. W. 559
Long Island RR
588
Louisiana State Bonds
559
Louisville Cin. & Lexington
454
Louisville & Nasiiv.. 5i0, 551, 588
...
559
509
484
Ittacon & Rrunswiok
Manhattan Eievated
Marietta Sc Cincinnati
ANNUAL
454
484
Massachusetts Central
Massillon & Cleveland...
Memphis & Charleston...535, 557
Milwaukee «fc Northern
588
Mo. Kan.
Texas
484, 510,
535, 588
535
Mineral Point
Mississippi & Tennessee
Missouri Pacific
Mobile & Ohio
Maintenance of way...
Motive power
Maintenance of oars...
General expenses
$355,043
464,573
80,151
$305,005
361,028
38,858
47,390
Total operat’gexp’s
$1,552,955
$771,985
$1,429,301
$542,145
Net earnings......*.....
533
511
Old Colony RR
Oreg. Railway & Nav
Panama
Peoria Pekin & Jacksonville
..
511
535
Pennsylvania RR....445, 454,
484, 589
Ino....
$123,564
Ino....
$229,840
$771,985
143,128
$289,846
$39,376
996-
Surplus for the year
38,379
$328,226
^
The gross
earnings show
an
cent; the operating expenses, an
River.
Iu reference to the purchase of terminal grounds in
the report says : “Having already bargained with
&
Boston, &o.#
the Boston
Albany Railroad Company for fifty acres of the flats adjoining
the 25-acre lot, but not yet
pleted at.
reclaimed, this purchase was com¬
a
..
Trunk Line
Freights..
536
Underground Railway, N. Y.. 511
511, 553
Union Pacific
Utah Western
536
Vermout & Canada
Vermont Central
484
484
Virginia State Bonds
578
Virginia <Lc Wost Virginia
484
Virginia Land Co
415
Wab. 8t. L. & Pac...445, 453,
485, 551
Western Indiana
Western Union Tel
Wilmington Col. & Augusta
Wilmington & Weldon
Wisconsin Central
Wisconsin Valley
REPORTS.
and work has
progressed steadily from that day to the present
extension from Brewsters
difficulties to be over¬
The contract for the
to Hopewell Junction was let to the
the
eighth day of May, and has been
time; but, owing largely to the natural
come, it has not yet been completed.
same
contractors
on
a fair degree of rapidity; but it is now quite oertaiu that the western extension of our road, and the necessary
pushed with
connections, transfer and terminal arrangements at the Hudson
River, cannot be completed till spring, though the section be¬
Waterbury and Brew-ters will probably be opened for
an earlier date.
We have paid on this work $1,319,587 384 82, including cost of steel rails, fastenings and cross-ties.
587 At the date of the last annual
report our _road was
536
445 greatly in need of additional equipment, and hence we have
bought seven ‘ Mogul ’ and three passenger engines ; eight
passenger and five baggage, mail and express cars ; six hundred
and sixty-two box, one hundred and thirteen flat and fifteen
536
560
tween
traffic at
drop-side gondola cars, at an aggregate cost of $507,893.”
England.
GENERAL BALANCE SHEET,
Hopewell Junction to the Hudson
The company also controls—through its lease
& Worcester Railroad -the Norwich & New York
of the Norwich
Transportation
Company’s line of steamers, which ply between between Allyn’s
Point, New London, and New York, il6 miles.
The earnings and expenses of the roads operated by the
company, not including the Norwich & Worcester Railroad,
follows:
8I5PT. 30,
1878-79.
$783,216
1.058,722
1879-80.
$893,516
1,250,526
25,755
G1.279
93,862
Inc. or Dec.
Inc.... 105,299
Ino.... 191,804
25,013
57,121
Inc....
Inc....
42,461
Inc....
742
4,157
51,400
Ino.... $353,404
$1,971,536
Dl\
equipment and property, as ropresenied
by B. II. & E. RR. “Berdell
Underlying liens, & equipment and
provements on the constructed road
$245,528
321,580
*
Deo...
Inc....
$21,276
18,038
$20,000,000
im¬
5,931,580
~
1.449,390
1,323,270
Purchase of South Boston Fb>ts
Extension of road west of Waterbury
Bonds of tho Connecticut Central RR
Stock of tho New England Transfer Company
281,884
40,900—$29,027,025
302,901
Supplies and material on hand
Balances duo from agents and conductors
Balances duo from sundry roads and individuals
15»,401
07,426
111,079
Cash
$29,692,834
Total
Gr.
By Capital Stock:
Amount actually issued
First mortgage,
First mortgage,
Bonds,” convert¬
$7,146,000
12,854,000—$20,000,000
5,718.000
750,000—
7 per cent
6 por cent...,
Mortgage note
Bouton & Albany RR. Co. note (50-acro lot)
Notes payable
■->
Balance due State of Massachusetts, 25 and 12-a<jre lots..
Coupon interest unpaid....
7
Total
3,022
468,294
193,561
.
:
s
0,463.000
125,000
300,000
340,452
1,061,582
Unpaid vouchers and pay-roll3
Balanoes due to sundry roads and individuals
Pro tit and loss
'
1880.
To railroad
B. H. & E. R. R. “Berdell
ible into stock
EARNINGS AND EXPENSES.
456
32,761
$628,856
339,010
Bonds”
Total earnings
$2,324,940
Expenses—
Transptn. passengers.. ' $224,251
Transptn. freight
339,618
103,546
cost of twenty cents per foot, or $341,225.” * * *
“After a thorough, careful hearing and discussion, the Legis¬
Pittsb. Titusv. & Buff
560
lature passed an act which was approved April 24,1880, author¬
Riohmond Fredericks!.). & P.. 589
izing our company to purchase the 25-acre lot for $1,000,000,
Rochester & State Line ...536, 560
484 $25,000 payable in cash before June 1, 1880 (which payment
Rutland
8t. Louis Iron Mount. & So
560 has been made), and $175,000 payable on or before May 1, 1881,
St. Louis & San Francisco
511 and the balance payable in ten years, with interest semi¬
St. Louis & Southeastern
536
annually at four per cent per annum. The same act also
Schuylkill Navigation Co...... 551
Scioio Valley
445 authorized us to purchase the 12-acre lot at $103,165, payable,
Shore Line
509
$21,633 on or before July 1,1880 (which payment has been made),
Sioux City & Pacific
484 and the balance in ten years, with interest at four per cent.
South Carolina RR
536
Southorn Kansas & Western
559 The purchase cf these lands under the terms of the act above
Southern Paeifio
454, 560 mentioned was unanimously approved at a special meeting of
Summer County RR
559 the stockholders, held at the offices of the company, in Boston,
Texas <fc St. Louis.
536
May, 1830.” *
* * “ The contract for completing the ex¬
Third A venue RR. (N. Y.)
455 tension of our road from Waterbnry to Brewsters,
on the Har¬
Tol. Aim Arbor & Gr. Tnmk... 484
lem Railroad, was signed on the first day of December, 1V79,
Toledo Peoria & Warsaw
536
Philadelphia & Reading.. .445,
511, 536, 560, 589
In addition to the above the company owns the road (nearly
finished) from Waterbury to Hopewell Junction, 65 miles, and
has a running arrangement over the Newburg Dutchess &
Mails
Dec,
$9,661
increase of $853,404, or 17*92 per
increase of $123,564, or 8*65
588 per cent, and the net earnings an increase of $229,840, or 42*4
Naugatuck
509, 55 7 per cent.
This gain was made with the same number of miles
New Orleans Pacific
559
N. Y. Cent. & Hud
510 of road, during the first eight months of the fiscal year, as
New York City
415 were operated the previous year, and with the addition of the
N. Y. & Groenwood Lake
559
Springfield division, or 31*7 miles, during the last four months.
N. Y. Lake Erie & West...454,
The bonded debt of the company at the close of the fiscal
559, 573, 587
N. Y. & Now England
578 year amounts to $6,468,000, having been increased during the
509 year by the sale of $1,760,000 par value of first mortgage bonds.
N. Y. N. H. & Hart....
N. Y. Ontario & Western..559, 589
The first six millions of these bonds bear interest at 7 per cent
N. Y. & Tex. Land Co
511
North Caroliua RR
482, 589 and the seventh million at 6 per cent.
After the payment of coupons and taxes, the surplus earnings
North Carolina State Bonds... 560
Northern Pac.. .454, 535, 560, 589
and the proceeds of the bonds have been expended for improve¬
Ogdensb. & L. Champlain.484, 560 ments, additional equipments of the road, for terminal grounds
Ohio Central
535
at Boston and the improvement thereof, and for the construc¬
Ohio & Miss
484, 589 tion
of the western extension from Waterbury to the Hudson
Ohio & West Virginia
511
482, 509
operated, 382*52 miles.
Express
Miscellaneous
or
Ino....
bonds
Add premium on bonds sold.
Deduct worthless accounts..
.587
454, 588
In the fifth annual report, just submitted, the lines operated
are stated as 263'87 miles owned and 52*25 miles leased; total
Earnings —
Passenger
Freight......
Iho.
Deo...
Ino....
Ino....
floating debt and rent paid other
Available net oarnings
Interest paid on first mortgage
{For the year ending September 30, 1S80.)
were as
88.315
Net earnings, 1879-80
Deduct taxes, interest on
roads
559
Nashua <fc Lowell
Nashv. Chat. & Sfc. L
New York & New
Connecticut Railroad, from
River at Fishkill, 13 miles.
1878-79.
1379-80.
Jmrjcstwcnts
Chic.
Oliic.
Chic.
Chic.
605
THE (CHRONICLE.
IS80. J
732,970
$29,092,834
| VOL. XXXI*
THE CHRONICLE,
600
upon a stock basis entirely, to be known as the Chicago Bur¬
Lexington.
lington & Kansas City Railway Company.
(For the year ending June 30, 1880.)
Chicago St. Paul Minneapolis & Omaha.—This railroad
company
has had placed on the New York Stock Exchange list
This company owns the lines from Louisville to Cincinnati and
its consolidated 6 per cent mortgage bonds, dated June 1, 1880,
Lexington, about 175 miles, and operates under lease about 57
miles, making a total of 232 miles operated. Additions to con¬ and payable 50 years from date, to the amount of $600,000, at
the rate of $157000 per mile upon forty miles additional of it*
struction account during the year were :
Wisconsin Branch, which have been completed since
Improvements of road and buildings, steel rails, &c
$64,980 North
On account of new depot, Louisville
24,039 June 23, 1880, when the first issue of those bonds was placed
New equipment
55,560 upon the Stock Exchange. By building this extension the com¬
Equipment bought from Shelby Railroad
12,571 pany acquires 6,400 additional acres of land per mile.
Detroit & Bay City.—The Detroit Tribune says: “Judge
Total
$157,201
Brown has made a decree at the suit of the Farmers’ Loan and
On August 1, 1879, the Shelby Railroad was leased for thirty
Trust. Company of New York, ordering a sale of the Detroit &
years, at a yearly rental of $15,000, the equipment being bought
for $12,571. An agreement has been made to complete and Bay City Railway, including the Saginaw branch. This road
has been in the hands of the trustees for some time.
There is
lease for thirty years the Northern Division of the Cumberlard
due on mortgages $2,678,487, and interest of $866,885, making
& Ohio RK., from Shelbyville to Bloomfield, twenty-eight miles,
a total of principal and interest of $3,545,376.
The decree
the lessor company issuing $250,000 first mortgage bonds to
this company. The bonds have been sold and the road nearly specifies that the road shall be sold as in one parcel and for one
finished. The company has also bought for $30,500 the Louis¬ specific sum, at some time after the 7th of February, 1881,
exact date not yet fixed.”
ville Harrod’s Creek & Westport Road from Louisville to Pros¬
Knoxville & Ohio.—At Knoxville, Tenn., December 9, at
pect, eleven miles. This road controlled an important entrance
into Louisville, and might have become a troublesome com¬ a meeting of the stockholders resolutions were adopted authoriz¬
ing the Directors to let a contract for the completion of the
petitor.
road to the point of the junction with the Louisville & Nash¬
The earnings on the 175 miles were as follows:
1878-79.
1879-80.
Increase. ville road as soon as the latter company is obligated to com¬
$433,980
$371,579
$62,401 plete the Knoxville Branch to the Tennessee State line. A res¬
Passengers
Freight
618,527
108,326 olution was also adopted authorizing the issuance of $1,300,000 in
510,201
Mail and express
408 bonds, to take up the present indebtedness and prosecute the
71,738
71,330
Louisville Cincinnati &
5,385
5,009
375
$1,129,632
$958,121
$171,511
Miscellaneous
Total
704,361
Expenses
Net earnings;
$425,270
The income account was as follows:
Gross earnings
Expenses
Taxes and rentals
Interest
Premium
on
bonds bought for sinking fund
Balanee for the year
Balan^p of profit and loss July 1,1879
work.
Long Island Company.—As to the Long Island Railroad’s
71,165
proposed plans it is stated that Alfred C. Chapin and others
$100,345 have filed articles of incorporation with the Secretary of
State, under the title of the Long Island Company, with
$1,129,632 $1,000,000 capital. They are to buy Receiver’s certificates, scrip,
stock, bonds and other securities of railroad companies and buy
$704,361
3,064
and sell rolling stock of railroads.
266,501
Louisiana State Bonds.—In New Orleans,“December 8, Judge
5,817
979,745
Monroe ordered an injunction to be issued in the case of Hart
$i 49,887 versus the State Treasurer, ordering the State Treasurer not to
91,680 divert the interest fund to the general fund, as authoiized by a
633,196
$324,925
section of the State debt ordinance passed by the Constitutional
$241,567 Convention, on the ground that the said section violates or
and rentals is the amount of those impairs the contract between the State and its creditors.
charges in excess of the earnings of the leased lines. The
Marietta & Cincinnati.—The following is the report of John
yearly interest charge on the bonded debt is $262,529.
Jr., Receiver of the Marietta & Cincinnati Railroad, for
King,
The traffic for the year was as follows:
the months ending Sept. 30 and Oct. 30, 1880:
July 1,1880
The amount of taxes
Balance
1878-79.
1879-80.
Passengers carried
Passenter mileage
Tons freight carried
Tonnage mileage
Average receipt—Per passenger per
P^r ton per
The
mile
mile
330,944
12,984,240
v 319,271
28,339,773
2*874 ets.
395,673
15,484,890
403,833
34,222,143
1*803 cts.
2*807 cts.
-
Preferred stock
Common stock
$1,364,591
Total stock
Bonded debt
BiUs pay able
$1,860,603
3,764,700
fund
Unadjusted account with Receiver
Profit and loss, balance
Total liabilities
$299,743
274,760
$24,982
Balance to November
496,011
payable, July coupons
.
$282,027
281,039
$987
OCTOBER.
Total receipts, October
Total disbursements, October
LIABILITIES.
Cumberland & Ohio construction
.'
Balance to October
1*800 cts.
general account, condensed, is as follows :
Accounts
SEPTEMBER.
Total receipts, September
Total disbursements, September.
Missouri Kansas & Texas.—A
News, Dec. 7,
dispatch to the Galveston
reported that Mr. A. A. Talmage
said “a contract
already been closed for building 200 miles of the Missouri
Kansas & Texas Road, and that the work would begin at Fort
93,177 Worth forthwith, and the road would be built both ways. He
3,657
241,567 also said it was the intention of the management of the Missouri
Kansas & Texas Company to bring the road to San Antonio, and
$6,389,370 that at the present moment a movement was on foot in New
82,315
343,349
had
York between the company and Mr. Jay Gould toward an ar¬
$5,995,352
290,692 rangement by which the Missouri Kansas & Texas Company
17,241 would use Mr. Gould’s track to the Rio Grande.”
43,509
Missouri Pacific.—This railroad company has executed a
42,574
consolidated mortgage on its property for $30,000,000, of which
Total aasets
$6,389,370 $20,184,000 will be reserved for existing debts and the remainder
The bonded debt consists of $2,900,000 first mortgage 7 per applied to improvements.
•ent bonds, $764,700 second mortgage 7 per cent bonds and
New Orleans City Debt.—The Supreme Court of the United
$100,000 Louisville City 6 per cent bonds.
States has affirmed the decree of the Supreme Court of Louisi¬
ana in the case of Morris Ranger vs. the City of New Orleans.
GENERAL, INVESTMENT N£Wi*.
This was a suit on bonds issued by the city in aid of the Jackson
Railroad, which matured in 1874.
There was judgment in
Atchison Topeka & Santa Fe.—The new 4/£ per cent bonds favor of plaintiff, who applied for a mandamus tu compel the
council to levy a tax to satisfy it. The State Supreme Court
are an issue of about 45,250,000 made to complete the road
from near San Marcial in New Mexico to El Paso, to a south¬ held on appeal that Mr. Ranger was not entitled to this writ, as
west connection with the Southern Pacific, and possibly to a Act 5 of 1870 had provided a method of procedure for judg¬
conection with the Sonora road ; 6 per cent bonds will be depo¬ ment creditors of the city, which they were bound to follow.
sited with a trust company to secure the issue, the 1% per He was required by that act to register his judgment with the
Department of Accounts, and the City Council was commanded
•ent difference to act as a sinking fund for their redemption.
This was
About 220 miles of road are to be built with these bonds, the to provide for these obligations in the next budget.
issue of which is limited to $25,000 per mile. The price is at rather a matter of practice, and in similar cases the United
States Court have decreed the right to a writ of mandamus to
present 93)£.—Boston Transcript.
levy a. tax as soon as judgment is obtained. The Picayune says
Atlantic Mississippi & Ohio.—An order was obtained for that these decisions all have the same object in view—the pro¬
the payment, on the 1st of January, of $2 on each whole cou¬ tection of the bondholders.
pon, and $1 on each half unpaid coupon overdue of the con¬
The city debt Syndicate met November 30. President Oglesby
solidated bonds of the Atlantic Mississippi & Ohio Railroad.
presented the following statement: Total bonded debt of city,
Burlington & Southwestern.—This road and the Linneus $15,929,638 ;Te3S funded into premiums, $9,296,620 ; bonds other
branch of the same were sold on November 30, under decrees of than premiums, $6,633,018 ; interest overdue, $2,200,000 ; total
foreclosure. The property was bid in by Elijah Smith of Bos¬ debt unprovided for, $8,833,018 ; refunded at 50 cents, $4,416,ton, in behalf of the bondholders, the bids for the main line 509 ; judgments for $695,707 and costs, funded at 50 cents,
and branch bc-ing respectively $200,000 and $1,000,000. The $347,853 ; total, $4,704,362 ; interest on this at 4 per cent, $190,Iowa division of the road was sold on Saturday, November 27, 574; interest for premium bonds, $300,000 ; total interest re¬
at Centerville, la., for $1,650,000, Mr. Smith being the pur¬ quired yearly, $490,570; taxable values $96,000,000 at 7 mills
chaser. The bondholders purpose organizing a new company will give $672,000 ; less 20 per cent for delinquents, $134,000 j
ASSETS.
Road, etc
Sundry assets, cash receivable, etc
Due from leased lines, etc
Stocks, bonds, etc
Steel rails
-
December
balance, $538,000 ; required for interest, $490,574 ; sinding fund,
$47,426, plus whatever could be collected from 20 per cent al¬
lowed from delinquents.
The actual collection of a 5/£ mill tax, which is all that could
be budgeted under the law, with a 7 mill tax, would, suffice to
recognize all classes of creditors.
The necessity of making some compromise with the creditors
seemed to be generally recognized, and the principal bond¬
holders and other creditors were invited to meet the Syndicate
on
Preferred
Bonds.
Name.
Diflt.of Columbia fdg. 5s of 1899
8t. Paul & Sioux City RR. Co..
Kansas Pacific RR. Co
Albemarle <fc Cites. Can. Co
North Wisconsin RR. Co
Union Pacific RR. Co
Int. & Great Northern RR. Co.
Cumberl’d & Elk. Liek Coal Co,
St. Paul & D. RR. Co
Metropolitan Elevated RR. Co.
State of N. C. bonds, 4 per cent
Chic. Mil. & St. Paul RR. Co...
St. Paul & S. C. RR. Co
St. Louis & San Fr’isco RR. Co.
Wabash St. L. & Pacific RK. Co.
American Union Telegraph Co
Peoria D. & Evansv lle RR. Co.
N. O. Mob. & Tex. RR. Co
Minneapolis & St. Louis RR.Co.
Gal. Har. & San A’tonio RR.Co.
Ohio Central RR. Co
N. Y. & T. Land Co. (Limited)..
Atch. Top. & Santa Fe RR. Co.
Missouri Pacific RR. Co
Louisville A Nashville RK. Co.
Peoria Dec. & Ev’sville RR. Co.
Texas Pacific RR. Co
Ohio Central RR. Co
Ind. Dec. & Springfield RR. Co.
Den. So. Park ?z Pacific RR.Co.
Midland RR. of New Jersey...
Utah Southern RR. Co
Cliic. & East’ll Illinois RR. Co.
Chic. R’k rsland & Pnc. RR. Co
Brook. & Montauk RR. Co
Little Rock A Ft. S. RR. Co....
Gal. Har. & San A’tonio RR.Co.
Texas & St. Louis RR. Co
Now Orleans & M. div. L. <fc N.
Chicago & Northwest’ll RR. Co.
Chic. Mil. & St. Paul. RR. Co...
Cin. Ind. St. L. & Chi. Ry. Co..
Denver & Rio Grande Ry. Co..
Danbury & Norwalk RR. Co...
Chi. St. P. Min. A Omaha Ry...
Dubuque & Dakota RR. Co
Co mm o n
Slock.
Stock.
$2,000,000 $18,000,000
$
1,092,300
950,000
30,000,000
500,000
.000,000
900,000
100,000
1,287,500
888,100
900,000
Inc. about 14,000,000
25,000,000
1,000,000
4,823,800
34,055,400
19,500,000
3,018,511
525,000
7,000,000
1,000,000
704,000
•-
Add’l
Add’l
Add’l
Add’l
payable—at the option of the holder—at New York or
England, on January 1 and July 1 of each year, if the
net earnings or rental of the mortgaged premises shall be suffi¬
cient to pay the same. If part of the interest only be paid,
deferred warrants will be issued for the part remaining unpaid,
which warrants can be converted, in sums of $1,000, into bonds
annum,
London,
of
the
same
class.
750,000 Inc. bonds add’l Aug. 20
8,000,000
4,000,000
1,100,000
Additional
12,180,128
;....
1,300,000
000,000
0,000,000
Additional Oct. 8,1880
Additional Oct. 12,1880
1,500,'.’00
Land scrip
19,259,000
20,000,000
2,045,000
25,000,000
12,419,800
2,000,000
50,000.000
2,500,000
4,000,00u
500,000
5,000,000
11,200,000
3,000,000
0,000,000
2,069,000
1,500,000
3,450,000
4,000,000
500,000
Increase
25,000,000
750,000
1,100,000
900.000
2,047.500
4,090,135
4,500,000 Add June 23, ’80
2,000,000
4,000,000
5,000,000
,
4,040,000 Add. June 14. ’80
2,500,000 Add. May 3, ’80
7,500,000
30,000,000
700,000
30,000,000
4,000,000
30,000,000
1,000,000
20,000,000
30,000,0 0
550,000
0,000,000
200,000
5,000,000
2,413,100
1,010,000
2,272,200
Pitts’g. Titusv’e & Buff. RR. Co
*3,985,000
750,000
0,375,000
4,499,000
these bonds does not become
1, 1895. No right of action or to
Interest
on
foreclose the said mortgage shall exist until three months shall
have elapsed after the prior lien bonds shall have become due
and payable. The mortgagor reserves the right to lease the
mortgaged premises.
as
The company’s total mortgage debt is
follows:
Prior lien mortgage, payable In United States
gold coin or
$8,000,000
sterling
mortgage, payable in United States gold coin or ster¬
First
35,000,000
ling
Second mortgage, payable
in United States gold coin or
14,500,000
sterling
mortgage, payable in United States gold coin or ster¬
ling...
—
Third
30,000,000
$87,500,000
Total
Capital stock, common
Capital stock, preferred
;
$35,000,000
10,000,000
Total capitalization
None of the stock has been issued to the
45,000,000
$132,500,000
public yet.
1880
1,800,000
720,000
Dubuque & Dakota RR. Co
ot interest 5 per cent per annum from July 1 to
1880, after which latter date 7 per cent per
December 31,
It is
non-voting beneficiary stock, the voting right being invested in
1830
j.880 voting trustees until the third mortgage bondholders receive 7
The second mortgage
1880 per cent per annum during three years.
10,000,000 bonds mature May 1, 1910, and the rate of interest is 5 per cent
bonds Oct, 20,
bonds July 13,
bonds May 28,
bonds Jan. 9,
Manhattan Beach Co
Nevada Central Ry. Co
Louisiana A Mo. Riv. RR. Co..
St. L. Van. & T. II. RR. Co
Wab. St. L. & Pacific Ry. Co...
Chi. Mil. & St. Paul Ry. Co
Texas Pacific Ry. Co
Texas Pacific Ry. Co
Louisville & Nashville RR Co..
1905 ; rate
obligatory until after July
the 20th of December.
New Securities at the New York Stock Exchange in 1880.
—The Chronicle has reported all the new stocks and bonds
when placed on the Stock Exchange list. But the JY. Y. World
now publishes an interesting table of all the additional securi¬
ties admitted to dealing at the Exchange from January to the
present time, a period of eleven months:
N. Y. Ontario & West’n RR. Co.
607
THE CHRONICLE.
11, 1880.]
35,000,000 Add. Julie 21. ’8Q
7,000,000 Add. May 0/80
5,000,010 Add. Apr. 27, ’80
Add. Apr. 8,’80. 6,173,400
49,200 Add. Apr. 15, ’80
4,000,000 Add. Mar. 13, ’80
per annum, the
net earnings or
first coupon becoming due May 1, 1881, if the
rental of the road shall be sufficient to pay it,
but the interest is non-accumulative.
The third mortgage
bonds mature May 1, 1915, and the rate of interest is 5 per cent,
the first coupon becoming due May 1, 1881, if earned ; this in¬
terest also is non-accumulative.
The second and third mort¬
gage bonds are included in the same mortgage.
No right of
action at law upon the bonds and coupons thereof, or of fore¬
closure, will accrue to the holders of these two classes of bonds.
The gauge of the road was formerly 6 feet, but was brought
down to the standard gauge of 4 feet 8>2 inches on June 22,1880.
Ohio Central.—The railroad company has notified the Stock
Exchange of their intention to “increase the capital stock from
$4,400,000 to $12,000,000, for extending the line, constructing
branches, completing the road and paying off its unfunded or
floating debt; also to authorize and empower the board of
directors to purchase the stock of the Ohio Central Coal Com¬
pany, issuing therefor at the rate of one share and one-half of
the railroad company for one share of the coal company.”
Philadelphia & Reading.—The affairs of Reading have be¬
come too great and too complicated to speak or write of them
except in short sentences and brief classified statements.
1. Mr. Gowen sailed for Europe op. Wednesday, and will not
therefore make any new proposition or exhibit for the next
twenty days.
2. The deferred bond scheme, which has been fully set forth
in the Chronicle, is adhered to, and Mr. Gowen explains why
the guarantee money has not been deposited as follows:
A syndicate lias offered to deposit $2,058,000, equal to $3 upon each
“
bond to be issued, as a guarantee that
all of the issue which is not taken by the
they will subscribe and pay for
shareholders, provided they are
the issue—
for deposit
at any time—but since the date of the order of Court authorizing the
A recapitulation of these additions to the Stock Exchange issue, some difficulty has been experienced, in securing a proper agent in
list shows the following striking results :
London to take charge of the matter in Europe, and, i>endi»gthe diffi¬
Bonds
$323,770,739 culty, such assurances of the success of the scheme have been received
Preferred stock
29,883,800 as, in my opinion, would justify the company in offering the bonds pro
$323,776,739 $29,883,800 $351,307,535
Total
paid a commission of five per cent upon the net proceeds of
$10,290,000. The money for the guarantee fund is offered
“
Common stock.
351,307,535
shareholders without the precaution of requiring or the ex¬
of paying for any guarantee, thereby saving for the company the
commission of $514,500. The cash proceeds of such issue would be
$10,290,000, to be applied to the payment of floating debt, leaving for
Receivers’ certificates, arrears of interest Ac., a debit balance of
$3,181,283 82, which could readily be paid out of the proceeds of the
sale of $5,000,000 unissued general mortgage bonds, or by the proceed*
of an issue of part of the new loan hereinafter proposed.”
3. A more permanent relief for the company is to be obtained
rata to the
pense
$705,028,074
Total
“
Here
we
have $705,028,074 new securities
brought within the
pale of the Stock Exchange in less than eleven months. Some
of these securities have passed entirely into the hands of the
public, others have been partially marketed, and the balance
are being spared to investors and speculators as rapidly as they
by the grand proposal to issue a new long-time or perpetual
5 per cent funding mortgage issue of $150,000,000, divided into
New York Lake Erie & Western.—In London, December two
classes, A and B, $75,000,000 each, class A having priority
6, the appeal by the defendant in the case of Jewett against Mc¬ of lien and interest charge over class B. With this issue it is
Henry was decided. The Court of Appeal upheld the decision proposed by purchase or exchange to retire all present indebt¬
of the Master of the Rolls, ordering McHenry to pay £400,000 edness and to
acquire by purchase the securities of the com¬
to the Receiver of the Erie Railway Company. It also decided
panies
owning
the leased lines. It is estimated that $140,000,000
that McHenry is not entitled to commission,claimed by him.
of the new issue will provide for all of this, the total interest on
New York Pennsylvania & Ohio (Formerly Atlantic & which would be $7,000,000, as against fixed charges for interest,
Great Western).— This company, which is a reorganization of sinking funds and rentals of $10,657,116, making an annual
the Atlantic & Great Western, made application for the admis¬ saving of $3,657,116. Mr. Gowen does not expect to secure so
sion of its stocks and bonds to the New York Stock Exchange large an annual reduction, owing to the impossibility of pur¬
list.. The prior lien bonds and first mortgage bonds only were chasing the higher securities, and to the appreciations of marked
admitted. The company’s statement gave prior lien bonds, value of the lower ones upon it being known that a fund is pro¬
amount of issue, $8,000,000 or £1,600,000 sterling, all outstand¬ vided for the purchase; but he expects within the next year to
ing ; date of issue, May 5, 1880 ; date of maturity, March 1, accomplish a saving of at least 1)£ per cent on $100,000,000,
1895; rate of interest, 6 per cent per annum, payable—at the making $1,500,000, and to save still further $600,000 by the
option of the holder—in New York or London, on March 1 and deferred issue and $600,000 on the sinking funds, making an
annual reduction of fixed charges of $2,700,000.
September 1 of each year.
First mortgage bonds, amount authorized, $35,000,000, or
As to the practicability of negotiating so great a loan, Mr.
£7,000,000 sterling, a large portion of which is outstanding, the Gowen says:
total consisting of 32,500 bonds of $1,000—or £200 sterling—
it is proper to say that within the last two or three weeks this plan
each, numbered consecutively from 1 to 32,500, both numbers of refunding the debt of the company, with all the details necessary for
its thorough examination, has been confidentially submitted to experi¬
inclusive, and 5,000 of $500—or £100 sterling—each, num¬ enced
representing influential American, English and Con¬
bered consecutively from 1 to 5,000, both numbers in- tinentalfinanciers,
bankers, and has met with their entire approval. I have had an
•lusive. Date of issue May 6, 1880 ; date of maturity July 1,1 offer by a meat responsible and respectable house to taka oharge in
will absorb them.”
“
THE CHRONICLE.
[VOL. XXXI.
America and in Europe of the entire scheme, for a commission to be
agreed upon, and to
the company in advance
a
new loan with all the capital necessary from time to time to purchase
of the issue of
the obligations which must be retiled or placed in trust as a preliminary
reqnisite to the issue of the new obligations. And I have also had an
offer to take at a firm price, without commissions, five million dollars of
©aoh A and B classes, and though the price offered is less than I think the
furnish
Estimate upon
Actual results
9,000,000 rail¬
upon
7,200,000 and
Coal Company
Coal Co.07it-put
0/3,450,000.
out-put.
$8,331,136
$12,150,000
Coal transportation
Merchandise transportation
railroad
tonnage of
road tonnage
and 5,000,000
5,065,007
5,000,000
in any Passenger transportation
2,655,547
2,500,000
event, in fixed charges an average of from three to live per cent upon the Miscellaneous receipts
79,430
150,000
par of the issue. Having had previously some communication upon the
358,543
For shipping coal
400,000
subject of the proposed issue with Europeans who had pledged their
co-operation, I do not think it would be proper for~the company to ac¬
$16,489,663
Total
$20,200,000
cept any offer of purchase or agency without further consultation with All
11,632,246
expenses
on
except
interest
debt...
11,500,000
them, and for the purpose of such consultation I am about to visit Lon¬
don and Paris, and trust that before my return in January all prelimin¬
$8,700,000
$4,857,417
ary negotiations for the success of the issue will have been completed.”
Coal A Iron Company..
2,500,000
503,956
4. As to the estimated value of the whole property the table
$10,200,000
$5,361,373
below is given, which shows a nominal valuation of property of
It is believed that the earnings of the two companies will never
about $50,000,000 in excess of all indebtedness, or about sixteen
again he so low as they have been for the year last past, and that in 1881
millions in excess of debt and share capital.
“ The liabili¬ all fixed charges and full sinking funds can be earned, with something
ties,” Mr. Gowen says, “ are from the balance sheets of October toward a dividend.”
Rio Grande Extension Company.—This company advertises
31, and the statement of values is from careful appraisements
by others, except the two items of coal lands and leased lines, that, in order to provide means for further important exten¬
which are my own estimates, but really far below actual sions of the Denver & Rio Grande Railway, subscriptions will
values.” Mr. Gowen estimates the coal lands at $75,000,000, be received until Tuesday, December 14, for the following
against the estimate of the expert, Mr. Harris, at about securi'ies. Stockholders of the Denver & Rio Grande Rail¬
$30,000,000.
way Company of record at the close of that day will have
Mr. Gowen makes the following showing of the financial con¬ preference. Allotments will be made during the same week.
dition of the combined companies treated as one:
$4,000,000 of the first consolidated mortgage seven per cent
ASSETS.
thirty
year gold bonds of the Denver & Rio Grande Railway
Railroads equal to 791 miles single track, as per report of
the chief engineer
$31,498,200 Company, and $4,000,000 of the full paid stock of said company
Real estate of railroad company, including all depots as
upon the following terms and conditions: For each $1,659 cash
14,316,994 paid in the subscriber will receive in said bonds $1,000, and in
per report of chief engineer
Locomotive engines and cars
11,534,710 said stock $1,000—$2,000. The terms are specified in the
bonds will bring, it was
sufficient to enable the company to save,
“
vessels and barges, stationary engines,
machinery and tools, materials and supplies, equip¬
ments, Ac
Stocks and bonds
Current business debts due the companies
Coal lauds of Coal A Iron Company, including all improve¬
ments, estimated at $750 per acre for coal land, fn 'addi¬
tion to actual value of improvements on same.
Other real estate of the Coal A Iron Company, including
timber and iron ore lands
Estimated present value of leases he’d by the railroad
Steam colliers,
advertisement.
6,233,396
Virginia State Bonds.—Messrs. John
say in their circular :
7,346,000
3,911,768
Baltimore
“A recent decision of the Court of Appeals of Virginia holds that
what is known as punched consol coupons shall be received for all
taxes. Ac. Pnnched coupons are those, two-thirds ($20) of which were
75,600,000
paid in cash, the coupon being punched in evidence of said payment.
The above decision makes the remaining one-tliird, $10, receivable for
taxcR, and increases its market value from about 10 cents to 92 cents
on the dollar.
A case is now pending in tlie Supreme Court of the
United States in regard to tax-receivable coupons tha , when reached,
will once and for all time settle the debt question of Virginia, so far as
these coupons are concerned. The case in brief is as follows: Applicatioifwas made before the Court of Appeals of Virginia to compel the
receipt of tax-receivable coupons at their face value, without deducting
2,200,000
oomiany, covering 494 miles of railroad, equal to 888
miles of single track, after deducting a sufficient amount
to cover losses from canal leases
7,500,000
1,117,000
Estimated value of all other assets
$161,258,070
Total assets
tax. The Court was equally
taken to the Supreme Court of
LIABILITIES.
a
$24,206,500
Consolidated mortgage and prior issues
Improvement- mortgage
Divisional coal land mortgages
Bonds and mortgage on real estate
General mortgage and Perkicmen scrip
9,364,000
2,807,703
1,840,800
19,686,000
2,454,000
General mortgage
Income
mortgage
Convertible bonds
10,527,900
Open debenture bonds
Debts of leased lines, guaranteed to be paid at maturity,
and on payment of which annual rentals are reduced
equal to yearly interest on amount paid
Floating debt and Receivers’certificates
Unpaid over-due coupons, interest and dividends
3,074,150
12,743,531
730,752
Current business
I
3,301,729
3,065,500
Scrip convertible into income mortgage
obligations due for accruing rentals due
connecting railroads, due for wages and materials,
last month’s business and for taxes
Slnkirg funds, insurance funds, Ac., principally book¬
to
keeping convenience accounts, involving a liability
cash of less than $100,000
3,450,971
in
1,150,955
$1,551,800
32,726,375 —34,278,175
Total liabilities
Balance, being surplus
$145,320,668
of property over debts and share
A
capital
e
_
Grand total
5. The total
makes the
the case in
which our Court of Appeals by ail equally-divided Court refused to
award a mandamus to make the Treasurers receive coupons from the
consol bonds at their face value, without deducting a tax. to the
Supreme Court of the United States. That case will be reached upon
the docket of that Court about the end of next month. If it is tried it is
of the utmost importance to the debt-payer party of the State, and to
the Virginia bondholders, that it should not fail. The entire canvass of
the repudiators’ party is aimed at putting judges into the Circuit
Courts and the Court of Appeals of the State who will hold that the
State is not compelled to receive coupons for taxes. Now if the Supreme
Court of the United States decides that-the State must redeem her con¬
tract, and that she must receive the coupons for taxes, this will be a
notification to the repudiators that that tribunal will undo the work of
their judges as fast as they can do it. This coming on the heels of the
recent election, will about end t-lie readjustors’ party in this State.’
There can be no doubt as to the decision of the Supreme Court, as that
tribunal has been particularly energetic In compelling the faithful ful¬
$111,042,493
Total
Preferred stock
Common stock
15,937,401
$161,258,070
annual fixed charges for 1880 are given as $9,972,-
229, bat the relief from interest payment by previous issues of
scrip amounts to $1,551,441, leaving $8,420,788 as the actual
charges. Mr. Gowen says :
Upon the resumption of sinking funds next year, $837,442 must be
added to the total of fixed charges; the relief from scrip will be $1,257,365 iu 1881 and $628,682
bo paid.
In considering a
divided in its opinion, and an appeal was
the United States. The Richmond State
published an interview with the appellee, Mr. Rayall, who
following explanation: ‘Nearly three years ago 1 carried
12,038,<'00
i
A. Hambleton & Co. of
filment of all such
$1,070,827, or $33,213 less
the last quarterly report, proved to be
than the estimate, leaving a surplus October
profits for the quarter ending Dec. 31,
inst., based upon official retnrus for October,
nearly complete returns for November, and
estimating the business for December (re¬
serving amount sufficient to meet the claims
of the Atlantic A Pacific Telegraph Company
under existing agreements), will be about
Add surplus October 1
plan for the extrication of the company from
Total receipts
From which appropriating—
Interest on bonded debt
Construction
Sinking fund appropriations
Purchase of telegraph stocks
:
and patents
Total disbursements
Leaves a balance of
A divide nd of 1^ per
a
total of
to he earned to meet all
present year of but
charges,
L
as
against a profit of the
$10,657,116
cent 1880, and 1%-f-l ex.
Deducting which, leaves a surplus,
8,785,586
greater than they have
Showing that in 1883. if the1 earniugs arc no
been in 1880, there will be a deficiency of $1,871,530 for fixed charges,
or, leaving out sinking funds, a deficiency of nearly $1,000,000 for
interest and rentals.”
6. Estimate of future earnings of the companies. As the
whole success of the financial plan must depend on future
receipts, Mr. Gowen’s remarks on this point will be read with
interest, notwithstanding the sadly-mistaken estimates for the
year 1880.
He says:
1 lie estimate of the earnings of 1890 published in the last annual re¬
port was based upon a coal tonnage for the railroad of 9,000,000 tons, and
an out-put from then lues worked by the Coal & Iron Company of nearly
5,000,000 tons, and bad such tonnage and production been secured, the
net result predicted for the year would have been obtained. The sudden
collapse of the iron trade early in the year greatly prostrated the cjoal
traffic and veducedtlie out-put of coal.the tonnage of the railroad company
being under 7,200,000,and the out-put of the Coal A Iron Company under
*
*
3,500,000.”
*
u
The following table will show the actual results of 1880. compared
with those estimated upon the larger tonnage above named:
paying dividend, of
In view of the preceding
mended
1879.
$1,529,169
107,000
107,425
1,143,873
$1,149,936 $2,673,042
198,129
20,000
25,000
256,408
20,000
53,624
$402,000
$437,517
$717,936
$2,235,526
615,061
1,127,596
after
$132,874 $1,107,930
statement, the committee recom¬
quarterly dividend of l/£ per cent,
instead of 1% as
heretofore.
—The Deadwood and Golden Terra
“
,
Mining Companies have
known as the
D^adwood-Terra Mining Company.” The first dividend of the
new company (25 cents per share for November) will be paid by
Wells, Fargo & Co. on the 20th inst. Transfers close on the 15th.
—The Ontario Silver Mining Company of Utah has declared
its sixty-second dividend (making a total of $3,100,000), payable
at Wells, Fargo & Co/s on the 15th.
The production of the
mine last month reached the large sum of $230,899 61.
—Attention is called to the dividend notice of the Chicago St.
Paul Minneapolis & Omaha Railroad Company in to-day’s Chronicle of 1% per cent on preferred stock, payable Jan. 20,1881*
formed
“
a
1880.
$951,806
250,000
1879
Making
1 of $198,129.
The net
in 1882, after whieli full fixed charges must
financial difficulty, it is best to leave out of the question all temporary
relief from scrip payments or suspension of sinking funds, and to deal
with the total of fixed charges as they will he in 1883, when full pay¬
ments, both for interest and sinking funds, must be made.
The total fixed charges will then be, including sinking funds
and interest on present floating debt
$7,107,903
The total rentals, making allowance for increase of some
rents in the interim, will be
3,549,213
contracts.”
Western Union Telegraph Co.—The quarterly report for the
quarter ending December 31, 1880, shows that the net profits
for the quarter ending September 39, estimated at $1,104,041 in
a
consolidation, and will hereafter be
THE CHRONICLE
December 4, 1880. J
609
1881.
fiscal year
Uqwvtiucnt §epovti
For the present
is as follows:
fiscal
year
the revenue, actual and estimated,
REPORT OF THE SECRETARY OF THE
For the
ended
1880.
TREASURY\
Revenue from—
Treasury Department,
D. C., December 6, 1880.
Washington,
'Sir
I have the honor to submit the
:
The
ordinary revenues, from
ended June 30, 1880, were—
all
following annual report:
sources,
for the fiscal year
Customs
Intern al revenue
Sales of public lands
Tax on circulation and deposits of national banks
$186,522,064
124,009,373
1,016,506
7,014,971
1,707,367
786,621
1,148,800
2,337,029
282,616
2,792,186
Repayment of interest by Pacific Railway Companies
Sinking fund for Pacific Railway Companies
Customs fees, fines, penalties, <fcc
.
Fees—consular, letters-patent and lands
Proceeds of sales of Government property
Profits on coinage, &c
Revenues of the District «f Columbia
Miscellaneous
Total
The
1,809,469
sources
4,099,603
...
ordinary receipts.
$333,526,610
ordinary expenditures for the
same
period
of pensions
Military establishment, including river and harbor improvementsmnd arsenals
Naval establishment, including vessels, machinery and
improvements at navy yards.
Miscellaneous expenditures, including public buildings,
light-houses and collecting the revenue
on
account of the District of Columbia
Interest on the public debt
Premium on bonds purchased
Total
ordinary expenditures
S8,l 16,916
13,536,984
$73,968,087
applied to the redemption of—
Bonds for the sinking fund
Fractional currency for the sinking
Loan of 1858
7-30 notes of 1864-65
One and two-year notes
•Old demand notes
.
Fees—consular, .letters-patent
lands
Proceeds
of
sales
of
property
The
receipts
$73,652,900
fund
193,683
1,914,117
1,510,127
4,033,667
2,216,332 79
same
77
54
35
21
$252,110,760 08
period, actual and estimated,
are :
For the
ended
1830.
Expenditures for—
quarter For ths remain¬
ing three-quar¬
Sept. 30,
Actual.
Civil
and
miscellaneous
25
16,500
2,650
3,700
495
Estimated.
oxpensos,
$30,030,158 65
2,800,001 99
13,004,079 14
36,395,920 86
12,040,602 13
28,359,397 87
5,035,571 98
9,914,428 02
1,298,944 01
25,224,830 58
2.051,055 39
65,775,109 42
$77,018,531 78
$182,981,408 22
Indians
.-.
Pensions
Military establishment, including
fortifications, river and harbor
improvements and arsenals
Naval establishment, including ves¬
sels and machinery and improve¬
ments at navy yards
Expenditures
account
District of Columbia
Interest on tlic public debt
on
Total ordinarv
of
the
expenditures
Total receipts, actual and estimated
expenditures, actual and estimated
200,000,000 OO
$90,000,000 OO
39,801,88 4 48
Estimated amount duo the sinking-fund
Leaving
a
3,849,338 01
$350,000,000 00
Total
40,000
100
ters of t he year.
including public buildings, light¬
houses and collecting the revenue
$16,303,841 35
balance of
$50,198,115 52
The act of
February 25, 1862, amended by the act of July
14, 1870, providing for a sinking-fund for the payment of the
public debt, is in conformity with the policy which has pre¬
The amount due the sinking fund for this year was $37,931,- vailed since the adoption of the Constitution, of regarding a
public debt as a temporary burden, to be paid off as rapidly as
643. There was applied thereto, from the redemption of bonds the
public interests will allow. The provisions of these acts
and fractional currency, as shown in the above statement, the have been substantially
complied with. They were executed
sum of $73,904,617, an excess of $35,972,973 over the amount
literally, until the panic of 1873 (by largely decreasing the
revenues of the Government) rendered it
impossible to meet
actually required for the year.
their requirements. The deficiency on
the sinking-fund
The requirements of the sinking fund law have been sub¬ account is as follows :
stantially observed, and the principal of the public debt, less rn tlic fiscal year 187 4
$10,305,421 96
cash in the Treasury and exclusive of accruing interest, has In the fiscal year 1875
5,996,039 02
In the fiscal year 1870
1,143,709 82
been reduced from $2,756,431,571, its highest point, which it In the fiscal year 1877
9,22 '*,146 03
In the fiscal year 1»7S
18,415,557 31
reached on August 31, 1865, to $1,890,025,740, on November 1, In the fiscal
year 1879
30,231,632 87
1880—a reduction of $866,405,830.
Total amount due on sinking-fund
$37,317,568 21
Compared with the previous fiscal year, the receipts for 1880 Less the payment made during the past fiscal year in
excess of the amount required, as above set forth
35,972,973 86
have increased $62,629,438 23 in the following items: Incustoms revenue, $49,272,016 90 ; in internal revenue, $10,447,763 34 ; Leaving a balance still due on account of the sinking
•
fund, of
.$51,344,59 4 35
in sales of public lands, $91,725 54 ; in tax on circulation and
Or
the same amount as the balance of estimated receipts
deposits of national banks, $267,471 12 ; in proceeds of sales of overnearly
the estimated expenditures, as shown above. Thus it is
Government property, $101,487 69 ; in consular fees, $142,probable that there can be applied to the purchase of bonds
551 32 ; in custom-house fees, $92,403 63 ; in steamboat
fees, for the sinking fund during the present fiscal year an amount
$12,063 39 ; in marine-hospital tax, $27,183 29 ; in interest on sufficient to cover the whole deficiency now existing on the
account of that fund, thus making good the
whole amount of
Indian trust-funds, $640,901 59 ; inr sales of Indian lands, $272,the sinking fund as required by law.
883 54 ; in deposits by individuals for surveying public
lands,
FISCAL YEAR 1882. *
$380,062 33 ; and in miscellaneous items, $880,924 55. There
The revenues of the fiscal year ending June 30,
1882, esti¬
was a decrease of $2,930,011 71, as follows :
In premium on mated
upon the basis of existing laws, will be from —
loans, $1,496,943 25 ; in repayment of interest by Pacific Rail¬ Customs
$195,000,000
..^
way Companies, $999,833 85 ; in profits on coinage, $132,751 89; Internal revenue...
130,000,000
Sales of public lands
1,000,000
in premium on sales of coin, $8,104 38 ; in customs fines,
Taxon
circulation
and
deposits
of
national
banks
penal¬
7,124,000
of
interest
Repayment
by Pacific Railway Companies
ties and forfeitures, $39,726 78 ; in cnstoms-emolument
2,500.000
fees, Sinking fund for Pacific Railway Companies
1,500,000
Customs
fees, fines, penalties, <fcc
$4,748 35 ; and in unenumerated items, $247,903 21—making a
1.150,000
Fees—consular, letters-patent and lands
2,350,000
net increase in the receipts, from all sources, for the
year, of Proceeds of sales of Government property
200,000
Profits oil coinage. &c
2,800,000
$59,699,426 52.
Revenues of the District of Columbia
1,070,000
The expenditures show an increase over the previous year of Miscellaneous sources
4,700,000
$25,190,360 4S, as follows : In the Interior Department, $22,Total ordinary receipts
1
$350,000,000
395,040 06 (Indians, $739,348 01, and pensions, $21,655,692 05);
in premium on bonds purchased, $2,795,320 42. There was a from the several executive
departments, are as follows :
decrease of $24,495,286 23, as follows : In the War Depart¬ Legislative
$3,038,643
Executive
14,536,404
ment, $2,308,744 51 ; in the Navy Department, $1,588,142 10 ; Judicial
399,300
intercourse
in the interest on
1,257.035
public debt, $9,570,373 89 ; and in the civil Foreign
Military establishment
30,240,790
and miscellaneous, $11,028,025
establishment
15,022,331
73—making a net increase in the Naval
Indian affairs
:
4,858 866
•expendituresTor the year of $695,074 2).
Pensions
50,000,000
$73,968,087
.
.
1,588,597 24
898,129 05
56,311 23
935,882 40
205,872 05
251,717
„
3,190,653 63
1,907,935 77
$97,889,239 92
expenditures for the
$138,004,850 56
97,503,577 62
765,109 34
542,004 23
Government
Profits on coinage, <fcc
Revenues of tbaDistr’t of Columbia.
Miscellaneous sources
Total
Estimated.
and
.
34,535,691
3,272,384
95,757,575
2,795,320
$267,642,957
Making
Temporary loan
Bounty-land scrip
Compound-interest notes
Customs
$56,395,143 44
Internal revenue
32,496,422 38
Sales of public lands
434,590 00
Tax on circulation and deposits of
national banks
3,933,340 37
Repayment of interest by Pacific
Railway Companies
211,402 76
Customs fees, fines, penalties,
c..
351,870 95
56,777,174
Leaving a surplus revenue of
$65,883,653
Which, with an amount drawn from cash balance in Treas¬
ury of
8,084,434
Was
Actual.
1,211,490
5,945,457
Indians
Expenditures
•4
$15,693,963
Foreign intercourse
arrears
ing three-quar¬
ters of the year.
were :
Civil expenses
Pensions, including $19,3 41,025
quarter For tlie remain¬
Sept. 30,
.
—
.
4
THE
610
Public works:
Treasury
$3,583,022
^’?o?
Department
Department
War
Kavy Department
Interior Department
Poat
o^’X4,^
-
Office Department
Agriculture
Department of
Poatat service
,
1
Miscellaneous
District of Columbia
Permanent annual appropriations:
public debt
3,030,757
3,do2,000
$88,877,410
41,639,840
Refunding—customs, internal revenue, lands, &c
5,832,900
5,500,000
Collecting revenue from customs
Miscellaneous
3,511,261
Total estimated expenditures, including sinking fund. .$301,654,722
Interest on the
Sinking fund
-
$48,445,277
Excluding the sinking fund, the estimated expenditures will be
$259,914,882, showing a surplus of $90,085,117.
The Secretary respectfully renews his recommendation of
last, vear that, with a view to promote economy in the public
service, a permanent organization of an appropriation commit¬
tee for each House be established, which shall have leave to sit
during the recess of Congress, with power to send for persons
and papers, and to examine all expenditures of the Government;
that rules be adopted by the respective Houses limiting appro¬
priation bills to items of appropriation and excluding legisla¬
tive provisions ; that all appropriations, except for the interest
the public debt, be limited to a period not exceeding two
years, and that the expenditure of appropriations be strictly
confined to the period of
for which they were appropriated.
Or, an
estimated surplus of
-
The surplus revenue accruing prior to July
at about fifty million dollars ($50,000,000),
will be applied under existing law to the purchase or payment
of the bonds above described, thus leaving the sum of $637,350,600 to be provided for. The third section of the act
approved July 14, 1870, for refunding the national debt, under
which the five per cent bonds maturing May 1, 1880, are
redeemable, requires the Secretary of the Treasury to give
public notice three months in advance of their payment. To
enable the Department to avail itself of the option of redeeming
these bonds at their maturity, the necessary legislation for that
purpose should be passed prior to February 1, next. The five
and six per cent bonds are not, by their terms, payable at a
specific date, but they are redeemable at the pleasure of the
United States after the dates above named. They bear a much
higher rate of interest than the rate at which new bonds can
be sold. ’ Any delay in providing for their redemption will
compel the continued payment of nigh fates of interest; it will
make necessary the issue of a new series of coupons to the
holders of coupon bonds, and may postpone to a less favorable
accruing revenue.
1, 1881, estimated
on
time
REDUCTION OF TAXES.
It appears
revenue,
from the
and 1882, after
as
follows
foregoing statements that the surplus
estimated, for the fiscal years 1880, 1881
providing for the sinking fund for each year, is
actual and
:
For the year
For the year
For the year
Under
period the completion of the operations of refunding.
existing law there is still available for this purpose four per cent
bonds authorized by the acts of July 14,4870, and Jan. 20,1871,.
to the amount of $104,652,200. These could now be sold at a
large premium, and, in the absence of legislation, it would be
the duty of the Secretary, when any bonds became redeemable,
sell the four per cents and apply the proceeds to the
redemption of such bonds ; but the amount of four per cents
authorized is inadequate to the purpose stated. It is therefore
to
naturally presents to Congress the question whether the
surplus revenue accruing after the present year
applied to the further reduction of the public debt, or
taxes now imposed should be repealed or modified to the extent of
such surplus. The many7 and sudden changes that have heretofore
occurred in the amounts realized from our system of taxation
are a sufficient warning that revenue should not be surrendered
unless it satisfactorily appears that the surplus is permanent,
and not merely temporary.
If the taxes imposed by existing
laws are not oppressive in their nature, it is perhaps better to
bear with them than to endanger the ability of the Government
This
to meet the
should be
whether
current
appropriations and the sinking
fund. A
^expenditures is
the payment
debt. The reduction of annual
large portion of the surplus of revenue over
caused by the reduction of the rate of interest and
principal of the public
caused by refunding since March 1, 1877, is $14,290,453 50, and the saving of annual interest resulting from the
payment of $109,4S9,850 of the principal of the public debt,
since that date, is $6,144,737 50. The interest is likely to be
still further reduced during the next year in an amount esti¬
mated at $12,101,429 50, by the refunding of bonds as herein¬
after proposed. To the extent of this annual saving, amounting
to $32,539,620 50, the public expenditures will be permanently
diminished. The large increase of revenue from customs on a
few articles during the last year may be somewhat abnormal,
and the estimates based upon it may not be realized. It is a
question for Congress to determine whether any material
reduction should be made at a time when the whole surplus
revenue may be with great advantage applied directly to the
payment of accruing debt, and when such surplus is an import¬
ant element in aid of refunding.
If it should be determin ed
by Congress to reduce taxes, it is respectfully recommended
that all the taxes imposed by the internal revenue law other
than those on bank circulation and on spirits, tobacco and fer¬
mented liquors be repealed.
The tax on the circulation of
national banks is levied partly in the nature of a moderate
charge for a franchise conferred by the Government,' and
partly to furnish means to pay the expense of printing and
issuing national bank notes. It is easily collected by the Treas¬
urer of the United States, and is a just and proper tax, whether
regarded as a charge for the franchise or as a means of reim¬
bursing the Government the cost of printing the notes. The
tax on State banks is of the gravest importance, not for pur¬
poses of revenue, but as a check upon the renewal of a system
of local State paper money, which, as it would be issued under
varying State laws, would necessarily differ as to conditions,
terms and security, and could not, from its diversity, be guarded
of the
interest
to authorize
whole sum
the secur¬
the care¬
has been
possible, run¬
advisable, by new and comprehensive legislation,
the sale of other securities sufficient to redeem the
soon to be redeemable.
The terms and conditions of
ities to be authorized for this purpose have received
ful attention of this department. Hitherto the policy
to sell bonds bearing as low a rate of interest as
$27,952,009
50,198.115
48,445,277
ending June 30, 1880
ending June 30, 1881
ending June 30, 1882
|7uL. XiXl.
CHRONICLE.
view of Hie requirements of
that a large portion of the
public debt to be redeemed can be provided for by Treasury notes,
running from one to ten years, issued in such sums as can, by the
application of the sinking fund, be paid as they mature. The
purchase of bonds not due has heretofore involved the pay¬
ment of premiums, which it is believed can, in future, be
avoided by the issue of such Treasury-notes. The large accu¬
mulation of money now seeking investment affords a favorable
opportunity for selling such notes bearing a low rate of inter¬
est.
It is believed that they will form a popular security,
always available to the holder, and readily convertible into
money when needed for other investment or business.
They
should be in such form and denominations as to furnish a con¬
venient investment for the small savings of the people, and fill
the place designed by the ten-dollar refunding certificates au¬
thorized by the act of February 26, 1879.
No other United
States bonds than those stated become redeemable prior to the
1st of September, 1891, the date of maturity of the four-and-ahalf per cent bonds. The requirements of the sinking-fund
prior to the maturity of the four-and-a-half per cent bonds, for
period of ten years, from 1882 to 1891, both inclusive, are
estimated as follows :
For the fiscal year ending June 30, 1882
$13,386,645 00
For the fiscal year ending June 30, 1883
45,122,110 SO
the fiscal year ending June 30, 1«84
46,926,995 24
For the fiscal year ending June 30, 1885
48,804,075 04
the fiscal year ending June 30, 1886
50,756,238 04
For the fiscal year ending June 30, 1887
52,786,487 56
the fiscal year ending June 30, 1888
54,897,947 07
For the fiscal year ending June 30, 3 889
57,093,804 95
For the fiscal year ending June 30, 1890
59,377,619 55
For the fiscal year endiug June 30, 1891
61,752,724 33
ning a number of years ; but, in
the sinking fund, it is believed
a
For
For
For
$520,904,707 58
It may
be that during
this period, by the change of our
be made good by increased
be provided for by tlie terms of
ciency would soon
contingency may
finan¬
the Government will
large to the re¬
cial condition, or from unforeseen events,
not he able, as in times past, to apply sums so
duction of the debt; but it is probable that any
temporary
revenue.
the bonds.
defi¬
This
recommends that provision be made
an amount
not exceeding $400,000,0 00 of
Treasury notes, in denominations not less than ten dollars, bear¬
ing interest not exceeding four per cent per annum, and running
from one to ten years, to be sold at not less than par, the
amount maturing during any year not to exceed the sinking
fund for that year, and the proceeds to he applied to the pay¬
ment of five and six per cent bonds maturing in 1881.
It is
believed that, with the present favorable state of the money
market, a sufficient amount of such Treasury notes, beariug an
annual interest of three per cent, can he sold to meet a consider¬
able portion of the maturing bonds ; but it is better to confer
upon the Department a discretionary power to stipu’ate for a
higher maximum rate, to avoid the possibility of failure. Such
discretion is not likely to be abused, while a power too care¬
against counterfeiting, and would, at best, have but limited
circulation.
restricted may defeat the beneficial object of the law. .
fully
REFUNDING.
It is also recommended that authority be given to sell at par
A large portion of the public debt becomes payable or
amount not exceeding $400,000,000 of bonds of the character
redeemable on or before July 1, next, as follows:
and description of the four per cent bonds of the United States
now outstanding, but bearing a rate of interest not exceeding
Amount.
Redeemable.
Rate.
Payable.
Title of Roan.
three and sixty-five one hundredths per cent per annum, and
redeemable at the pleasure of the United States after fifteen
$13,414,000
Dec.
6
1880
31,
Roan of Feb., 1861
711,800
6
July 1, 1^81
years, the proceeds to be applied to the payment of bonds re¬
Oregon war debt
145,786,500 deemable on or before July 1, 1881. Though the amount of the
June 30,1881
6
Loan July & Aug., i 861
57,787,250
June
30,
1881
6
Loan of 1863 (1881a)
iwo classes of securities recommended exceeds the amount of
5
May 1,1881 469,651,050
Funded loan of 1881...
bonds to be redeemed, no more can be sold than the bonds to he
iedeemed, while the alternative authorized will permit a limited
discretion to sell the securities most favorable to the GovernThe bonds maturing December 31, 1880, will be paid from
The Secretary
for the issue of
a
an
therefore
December 11,
ment.
THE CHRONICLE,
1880.J
With the
authority thus recommended, ifc is believed
that the Department can within a year redeem all the five and
six per cent bonds now outstanding-, and thus reduce the inter¬
est of the public debt $12,000,000 per annum, and leave the debt
in a form most favorable for gradual payment,
by the applica¬
tion of the sinking fund, without cost or premium.
RESUMPTION.
Nothing has occurred since my last annual report to disturb or
embarrass the easy maintenance of specie payments.
United
States notes are readily taken at par with coin in all parts of this
country and in the chief commercial marts of the world. The
balance of coin in the Treasury available for their
redemption on
the first day of November last'was $141,597,013 Gl, and the
average during the year has not materially varied from that
The only noticeable change in the reserve is the
sum.
gradual
increase of silver coin, caused by the
coinage of the silver dollar
and the redemption of fractional silver coin, more
fully stated
hereinafter.
The amount of notes presented for
redemption for one year
prior to Nov. 1, 1880, was $706,658. The amount of coin or
bullion deposited in the Treasury, Assay Office and the
Mints,
during the same period, was $71,396,535 67. These deposits have
usually been paid for in coin, through the Clearing-House, but
at times, when the
currency in the Treasury would allow, and
at the request of the
depositors, they have been paid for in
United States notes and silver certificates.
largely into general circulation.
Of the
Gold coin now enters
frcm customs
revenue
collected in New York for one year ending Nov. 1, 1880, 57*475
percent was paid in gold coin, 00 Y25 per cent in s lver coin,
31*087 in silver certificates, and 11*313 per cent in United States
notes.
While no distinction as to value is made between
and notes in business transactions, a marked
coin
preference is shown
owing to their superior convenience in counting and
carrying. Many of the current payments from the Treasury
are
necessarily made in coin, and much of the funds held for the
redemption of national bank notes and of notes of banks that have
failed or suspended is in coin. The total coin in the
Treasury at
the
for notes
close of
business Nov. 1 was $218,710,154, of which $141,597,013 61 consti!u‘ed the reserve fund for the redemption of
United States notes, as above stated.
All the requirements of the
Resumption Act have thus far been
executed, and its wisdom has teen fully demonstrated. It
only remains to inquire whether any further measures are neces¬
sary or expedient to secure the maintenance of
resumption. The
Secretary expresses the utmost confidence that without new legis¬
lation the entire amount of United States nofes now authorized
and outstanding can be
easily maintained at par in coin, even if
the present favorable financial condition should
change; but in
order to accomplish this, the coin reserve must be
kept unim¬
paired, except by such payments as may be made from it in
redemption of notes. Notes redeemed should be temporarily
held in place of the coin paid out,
especially if it appears that
the call for coin is greater in amount than the coin
coming indue
course into the
Treasury or the mints.
Ordinarily the superior
convenience of notes will, as at present, make a greater demand
for them than for coin; but in case of an adverse balance of
trade or a sudden panic, or other unforeseen
circumstances, the
ample reserve of coin on hand becomes ihe sure safeguard of
resumption, dispelling not only imaginary fears, but meeting
any demand for coin that is likely to arise. In a supreme emer¬
gency, the power granted to sell bonds will supply any possible
deficiency.
It is
suggested that Congress might define and set apart the
as a special fund for
resumption purposes. The
general available balance is now treated as such a fund; but as
this balance may, at the discretion of the
Secretary of the Treas¬
ury, be unduly drawn upon for the purchase or payment of
bonds, jt would appear advisable that Congress prescribe the
coin reserve
maximum and minimum of the fund.
United States notes are now, in form,
security and conve¬
nience, the best circulating medium known. The objection is
made that they are it sued by the
Government, and that it is not
the business of the Government to furnish
paper money, brut
only to coin money. 'I he answer is, that the Government had
to borrow
money, and is still in debt.
The United States no;e,
to the extent that it is
willingly taken by the people, and can,
bejond question, be maintained at psr in coin, is the least bur¬
densome form of debt. The loss of interest in
maintaining* the
resumption fund, and the cost of printing and engraving the
present amount of United States
notes, is less than one-half the
interest on an equal sum of four per cent bonds. The
public
thus saves over seven million dollars of annual
interest, and
secures a safe and convenient medium of
exchange, and has the
assurance that
a
sufficient
reserve
Treasury beyond the temptation
in coin will be retained in the
of diminution, such as always
by banks.
Another o-jection to the issue of United States notes
is, that
they are made a legal-tender in the payment of debts. The
question of the constitutional power of Congress to make them
attends
reserves
such is
one
held
for another branch of the Government.
The Secre¬
tary of the Treasury is still of the opinion that this quality of
legal-tender does not add to the usefulness, safety or circulation
of United States notes.
So far as it excites distrust and
opposi¬
tion to this form of
circulating notes it is a detriment. The fear
that a withdrawal of this attribute will contract the
currency is
as delusive as was the fear that
resumption would have a like
effect. The notes would still be received and
611
essential to their value and circulation, the
public mind is sensi¬
tive when any proposition is made that
by possibility
might
impair their value, but it is their redemption In coin that makes
them now equal to coin and of
ready circulation in all the marts
of the world.
While this is maintained, it becomes
comparative¬
ly immaterial whether they are a legal-tender or not; and if, by
the action of Congress or the courts,
they are deprived of this
quality, they will still be the favorite money of the people.
Another objection to United States notes
is, that the amount
of the issue may be enlarged
by Congress, and that this power
is liable to abuse.
This objection may be made to all the
great
essential powers of the Government.
A sufficient answer is,
that since their first issue
they have been carefully limitedin
amount, and invested with every quality to improve their value
and circulation.
Every effort to increase the amount, made
during a period of great depression, failed. Now that they are
redeemable in coin there is no tempta!ion for over-issue.
These objections will, no doubt, in due time receive the
care¬
ful consideration of Congress, and
any practical difficulties in
maintaiDir g resumption will be met
by new legislation. Bpt
the Secret-uy ventures to
express the opinion that the present
system of currency, the substan ial features of which are a
limited amount of United States notes
(with or without the
legal-tender quality), promptly redeemable ia coin, with ample
ieservts in coin and ample
power, if necessary, to purchase coin
with bonds, supplemented by ihe
circulating-notes of national
banks issued upon conditions that
guaranty iheir absolute
security and prompt redemption, and all based on coin of equal
value, generally di-triouted throughout the country, is the best
system ever devised, and more free from
objection than any
other, combining the on'y safe standard with conveniei.ce for
circulation and security and
equality of value.
COINS
AND
COINAGE.
The coinage executed at the mints
during the fiscal year has
exceeded in value that of any previous
je&r tince ihe organiza¬
tion of the Government.
Its total amount, not
including the
minor coinage, was $84,lu(),172 50, of which it is
estimated
$62,000,000 was probably from domestic and $21,030,000 from
imported bullii n.
The annual report of the' Di:ector of the Mint
furnishes
detailed statements of the coinage of
gold and silver, the
made into bars, the earn¬
ings, receipts and expenditures, and other transactions and
business opera ions of the mints and
assay offices during the
amount
deposited, parti d, refined
or
year, and contains valuable statist c-i and careful estimates of
the production, consumption, and circulation of the
precious
metals in the United States and
many other countries.
The inquiries as to the production, use in
arts, coinage, and
circulation of the precious metals, and the collec ion of other
monetary stitistics in
continued by the Mint
on these
subjects h s
and foreign coun ries, have been
Bureau, and much valuable information
been obtained, and will be found in the
our own
report of the Director.
The deposits if gold during the last fiscal
year amounted to
$98,835,096 85, being $56,580,940 05 in excess of that in the pre¬
vious year, notwithstanding a probable
slightly diminished
domestic production.
Out of a total import at the port of New
York of $60,947,672 of foreign gold coin and
bullion, $60,584.deposited at the New York assay office, and there
exchanged for United States coin or bars, or for current money,
Nearly all of this coin and bullion, being at or above the
United States standard, is excepted from a
melting charge under
present regulations, and is iransported at Government expense
to the Mint for
coinage. The coinage law makes no provision
for any charges for
melting gold bullion which is not below the
United States standard when deposited for
coin, and requires
such deposits to be transported from the
New York Assay Office
to the Philadelphia Mint at the
expense of the Government.
As
nearly all the imported bullion deposited is in such a form that
it is necessary 10 melt it, in order to ascertain its
fineness and
value, a modification of the law so as to authorize a
charge for
melting is recommended.
The gold imported at New York
during the earlier part of
the last fiscal year exceeded the,*
capacity of the Philadelphia
Mint for coinage, with its
ordinary working-force, without incur¬
ring expenses much above the specific appropriations for its sup¬
port. The coinage of gold at Philadelphia had to be made,
subordinate to that of silver, in order to
comply with the require¬
ments of the law
directing the purchase and coinage of $2,000,000 worth of silver bullion in each month, and to
satisfy the
demand for minor coins authorized to be struck
only at that
mint.
The Mint was able, with its other
work, to coin in gold
an amount little
exceeding on the average $2,000,000 per months
but this was found sufficient to
satisfy the immediate demands
upon it for coin.
At the close of the year there remained in themints and New York Assay Office $.40,724,337 91 in
gold bullion
uncoined, nearly all of it imported.
The amount of coinage executed at the mints
of the United
States during the fiscal year was :
395 13
were
Gold
Standard silver dollars
Fractional silver c«ins
Minor coins
...
Total..
Of the
$56,157,735
OO
OO
g gg7 50
269,971 50
27,033,750
$84,370,144 OO
gold coinage $18,836,320 was in eagles, $15,790,860 in
half-eagles and $21,515,360 in double-eagles. Five-eighths of
paid out by the the coinage was in denominations which were less than
$20.
Government, and, like bank notes, would not be lefused in pay¬ This was not only a larger
proportion than in any preceding
ment for debts while
they were redeemable and promptly year, but was in amount nearly equal to the total
redeemed in coin on presentation. As the
quality of legal-tender those denominations during the preceding thirty years.coinage in
Web attached to these notes when first
The coin circulation of the
issued, and was then
country on January 1,1819, the date
lixed for resumption, is estimated from tlie
and excess of imports of coin over exports,
United
United
United
United
States gold coin
-
States gold bullion
States silver coin
States silver bullion
Total
This had increased,
imports of corn, to—
on
the
statistics of coinage
to have been—
$273,271,707
5,038,419
Total
This was further increased from
the four months, to Nov. 1, by—
Coinage of gold
imports over exports
Excess of
coinage and imports,
of United States gold coin..
Total
Coinage of silver
Excess of imports over
silver
exports of United States
coin
Total
mints and assay offices on
he'd for coinage amounting to
There was in the
ber, bullion
Oold
-Silver
$14,544,599
1,820,591
$16,365,190
$9,113,000
$78,558,811 55 of
coin circula¬
of—
$453,882,092
158,320,911
$612,203,603
Total
In
during
567,524
[$9,680,524
the 1st of Novem¬
gold and $0,043,367 37 of silver, making the total
tion aDd bullion available for coinage in the country
STANDARD
compliance with the
SILVER DOLLAR.
provisions of the act of February
28.
1878, during the last fiscal year 24,202,571*38 standard ounces
of silver bullion, costing
$24,972,101 8L (an average of
$2,081,013 48 per month), were purchased, of
24,005,5GG*4l ounces were coined into 27,933,750 standard silver
which
dollars.
The total coinage of
standard silver dollars since the
of the act up to November 1,1880, has been $72,847,750,
in the Treasury. Of the latter
represented by outstanding silver cer¬
tificates, the amount in actual circulation at that date being
$25,703,291.
Since the passage of that act, the Department has issued nu¬
merous circulars and notices to the public, in which it has offered
every inducement which it could under the law, to facilitate the
general distribution and circulation of these coins. It has re¬
quired United States disbursing officers to pay them out in pay¬
passage
at which date $47,084,450 were
amount $19,780,241 were
ment for salaries and for other current obligations, and
‘Offered to place the silver in the hands of the
'the United States without expense for transportation,
it has
people throughout
sent by express, and at an
when sent by registered mail.
expense
Notwithstanding these efforts, it is
when
for registration-fee only,
found to be difficult to
maintain in circulation more than 35 per cent of the amount
coined. While at special seasons of the year, and for special
purposes,
this coin is in demand, mainly in
the South, it returns
Again to the Treasury, and its re-issue involves an expense for
transportation at an average rate of one-tliird of one per cent
-each time.
Unlike gold coin or United States notes, it does not,
to the same extent, form a part of the permanent circulation,
everywhere acceptable, and, when flowing into the Treasury,
easily paid out with little or no cost of transportation. The
reasons for this popular discrimination against the silver dollar
are :
bulky for large transactions, and its use is con¬
mainly to payments for manual labor and for market pur¬
1st. It is too
fined
not the
to
value. This has
single metal. It
upon the quantity on hand
a
was
intention of the framers of the act to demonetize gold, but
maintain both gold and silver as standards of
been done for thousands of years ; but only by adopting,
of
as
possible, the relative market value of the two metals
as the ratio for coinage, and by changing the ratio adopted when¬
ever for a period of years it was demonstrated
that the market
ratio had changed.
The United States has conformed to this
custom of civilized nations, and the Constitution recognized it by
authorizing Congress to coin money and to regulate its value.
$358,958,691
Under this authority Congress provided, in 1793, that the ratio
142,597,020 should be one ounce of gold to fifteen ounces of silver
; and on
$501,555,711 the 28th of June, 1834. it changed the ratio to one ounce of gold
95,516,712
11,057,091
$384,883,929
30th of June last, by coinage and
United States gold coin
United States siLver coin
.
fV0L. XXXI.
THE CHRONICLE.
612
nearly
as
to sixteen ounces
of silver.
It would appear
that Congress somewhat
over-rated silver in
1793 and under-rated it in 1834; but it is nowceitain that sixteen
cunces of silver are not worth one ounce of gold, and if silver
were coined without limit on that basis it would eventually bring
single silver standard and reduce cold to a commodity or
foreign countries—a result not intended by the act of
February 28, 1878.
f
The average cost of the silver in a standard dollar, as shown
by the purchases for the Government from the date of the
resumption act to this time, measured by the gold standard, is
$0 900, or in a ratio of 1 to 17*04. Upon this ratio a silver dollar,
us
to
a
drive it to
of equal value to a gold dollar, should contain
grains. As the expense of coining a silver dollar is equal to the
in order to he
455*3
value
confidently
five grains of standard silver bullion, it is
believed that a silver dollar containing 450 grains, ba?ed upon a
ratio of one of gold to about 17*5 of silver, could be
as demanded for use or exportation, ^without demonetizing gold
or disturbing contracts or business, and with great advantage to
of
about
safely coined
Upon the facts stated,
spirit of the Consti¬
by law the coin value of the two metals so as
the silver-mining interests of our country.
it would seem to be w'ue policy now. in the
tution, to regulate
to conform to the market ratio.
The cost of re-coining the silver
dollars of the weight suggested is
dollars already issued into
estimated at about one per
cent, or $728,477 50.
Much confusion and delusion have arisen
from treating as a profit the difference between the cost of the
silver bullion corned into silver dollars and the face-value of the
dollars coined therefrom.
This difference, from February 28,
1878, the date of the act authorizing their coinage, to November,
1880, is $8,520,871 45. From this should be deducted the expense
already incurred in distributing the coin and by wastage, which
amounts to $262,008 01, leaving as the net nominal profit the
sum of $8,258,803 44, of which $7,198,29450 have been deposited
in the Treasury and $1,060,568 88 remain in the mints. This
nominal profit is burdened with the necessity of receiving, and
thus pract.;cally redeeming, these dollars at their nominal value
in gold coin, and of re-issuing, transporting and maintaining
them in circulation.
This burden will soon exhaust the nominal
profit. When held by the Government the coins are of no more
real value than an equal weight of standard silver bullion.
To
the extent of the difference between their bullion and nominal
value, tlipy are purely fiat money. This nominal profit applied
to the purchase of silver bullion would be sufficient to meet the
entire cost of converting the present dollars into an equal number
of the proposed dollars ; or, in other words, if the present dollars
were converted into the less number of the proposed dollars, the
nominal loss would be fully covered by the nominal profit now
in the Treasury and the mints.
It may be better for Congress
action to the suspension of
to await negotiations with
international ratio ; but,
at the present time to confine its
the coinage of .the silver dollar, and
foreign powers for the adoption of an
compelled by official duty to report
this subject, tlie Secretary feels hound to express his con¬
for change. The amount needed for these purposes is upon
viction that it is lor the interest of the United States now, as the
already in excess of the probable demand.
chief producer of silver, to recognize the great change that has
2d. It is known to contain a quantity of silver of less market
occurred
in the relative market value of silver and gold in the
value than the gol i in gold coin.
T his fact would not impair the chief marts
of the world, to adopt a ratio for coinage based upon
circulation of such limited amount as experience shows to be
market value, end to conform all existing coinage to that ratio,
convenient for use, but it does prevent its being held or hoarded
while maintaining tlie geld eagle of our coinage at its present
as reserves, or exported, and pushes it into active circulation,
until it returns to the Treasury, as the least valuable and least weight and fineness. He confidently believes that the effect of
tliia measure would be to make our gold and silver coins the
desirable money in use.
best international standards of value known.
Already the
For these reasons, the Secretary respectfully hut earnestly
double eagle, issued without cost for coinage, and in greater
recommends that the further compulsory coinage of the silver
sums tliau any other gold coin, and of equal value
to any other
dollar be suspended, or, as an alternative, that the number of
coifl, whether measured by weight or tale, is received without
grains of silver in the dollar be increased so as to make it equal
in market value to the gold dollar, and that its coinage be left question in all commercial countries as the most convenient
medium of exchange.
It is believed that a silver dollar of the
as other coinage to the Secretary of the Treasury or the Director
of the Mint, to depend upon the demand for it by the public for weight and ratio of the proposed coinage woulcl be the best silver
standard for international exchange, and that it would tend to
convenient circulation.
fix the market value of silver bullion at the ratio proposed, and
The continued coinage of the silver dollar necessarily involves
would thus, as far as practicable, avoid the changing relative
the expenditure of two million dollars per month of the current
value of the two metals, while giving a steady market for the
revenue, the proceeds of which must, as experience
shows, silver
product of our country.
mainly lie idle in the Treasury, involving a large expense for
In this connection, the attention of Congress is respectfully
storage and custody.
When issued, a considerable expense for invited to the operation of the act approved June 9, 1879, requir¬
its transportation is involved, it is taken reluctantly by the
ing the redemption in lawful money at the office of the Treasurer
people and is soon returned to the vaults of the Treasury. The or
any assistant treasurer of the United States, of the silver
-tendency of this process is to convert into silver coin the reserve
coins of the United States of smaller denominations than one
of gold coin held in the Treasury to maintain United States notes
dollar.
at par.
The inevitable effect of the continuance of this coinage
When fractional silver coins were authorized by the act
for a few years more will be to compel the Department to mainfain its specie reserve in gold coin, irrespective of the silver on approved February 21, 1653, they were made to contain
hand, or to adopt the single silver standard for all Government grains of standard silver to tlie dollar. This was
changed by the coinage act of 1873 to 25 grammes or 385*8 grains.
purposes. The object manifestly designed by the passage of the
They thus contain 26*7 grains, or nearly 6£ per cent less than the
act for the coinage of the silver dollar was to secure to the people
standard dollar. Prior to 1853, by reason of the large production
of the Urited States the benefits of a bi-metallic standard of
of gold in California, the standard silver dollar and its
value.
It was forcibly urged that to demonetize silver would
increase the burden of debts, and rest the value of all property parts had risen in maiket value above par in gold, and were
poses or
384
subsequently
fractional
December
THE
11, 1880.]
CHRONICLE.
largely exported. To prevent their exportation, and in accord¬
ance wish the example of Great Britain, the policy was adopted,
by that act, of reducing the weight of the minor silver coin, anc
this policy operated well until, in the spring of 1863, both golc
and silver ceased to circulate as money.
During the suspension
of specie payments a remarkable decrease in the value of silver
occurred, and now the market value of the silyer in a dollar of
the fractional coin is only 83 1-3 cents.
The amount coined prior to No ember 1, 1830, under the pro¬
visions of the resumption act, which substituted silver coin for
fractional currency, was $43,974,931. To this has been added a
very
large
sum
issued before the
war,
and again introduced into
circula ion since the resuinp ion of specie payments. It is diffi¬
cult to determine the amount of such old coinage in circu’ation,
but it is believed t) exceed $33,000,040.
Prior to the act of June 9,
1879, this frac ional co n filled the channels of circulation,
especially in ommercial cities, and gave rise to the passage oi’
that act.
At that date there was in the Treasury $6,813,589
fractional coin ; on the first of November, 1880, the amount
was
$24,629,489, from which it
that $17,815,900 has been
appears
redeemed with lawful money.
The whole amount in the Treas¬
ury is counted ai a part of its reserve, although it is a legaltender o ily in sums not exceeding ten dollars, and is therefore
not available as cash for general purposes.
It would seem wise
that the excess not needed for change should be coined into
standard dollars, and that any farther fractional coin, hereafter
needed, should contain silver of approximate relative value to
the standard coin.
The nominil profit heretofore derived from
this coinage is quite sufficient to cover the cost of this change.
It is also respectfully suggested that the act of July 9,1879,
should be repealed. When fractional coin is issued as money, it
should be treated like other coin, to be received by the Govern¬
ment upon the same conditions as by the people, but not, like
paper money, to be redeemed.
If it must be classed as money to
be redeemed, it should be supported by a reserve, like other
redeemable money.
NATIONAL BANKS.
The report of the Comptroller
information in reference to the
of the Currency contains much
national banking system, and
gives tables showing the resources and liabilities of the national
banks from the date of their organization to the present
time,
and also tables showing the number, capital and deposits of the
State banks, savings banks and private binkers of the
country
by States and geographical divisions, for a series of years.
The capital stock of the national banks on Oct.
1, 1880, was
$457,553,850; surplus, $130,518,583; ,aud the total circulation
outstanding, $343,949,893.
National banks are organized in ev ry State of the Un!on
except Mississippi, and in every Territory except Arizona; and
the total number in operation is 2,095, which is the
greatest
number that has been in operation at any one time.
The Comptroller devotes considerable space to the discussion
of the operations of the national banks since the date of
resump¬
tion of specie payments, and the evils as well as the benefits
which are likely to arise from the large addition of coin to the
circulating medium made since that date.
The capital stock of the national banks is $47,000,000 less and
the surplus nearly $14,000,000 less than at the
corresponding date
#
in 1875.
The loans of the banks at the date of their last returns
$1,037,000,000, and the individual deposits $873,000,000, the
highest points reached since the organization of the system, the
loans being $207,000,000 greater and tl.e individual
deposits
$253,000,000 greater than in October, 1878, while tbe capital and
surplus at the previous date were $5,00J,000 in exc.ss of their
615
purchases of bonds by the Treasury to replenish their deficient
reserves.
Tue act of [June 39, 1874, repealed the law
requiring reserves?
to be held upon circulation, thus
largely reducing the amount of
legal reserve required. The enormous increase of individu il and
bank deposits during the last year should not be accompanied
with a proportional increase of loans, since such increase would, '
it is believe3, have the effect, indirectly, of
increasing the mar
ket prices of many raTroai and other stocks and bonds largely
beyond their actual value.
The banks ia New York City hold
than $100,009,090 of the funds of other bauks, which are
payable on demand, aud it is of the greatest importance that
they should at all times exhibit great strength if they would
keep themselves in condHon for ah adverse balance of trade,
and for the legitimate demands of those dealers who confide in
more
them.
The
amount
Comptroller gives
of coin
deposits,
amount of
deposits and the public, private and bank
deducting the amount due from banks and the
the Clearing House exchanges, have increased more
not
than $322,000,000, and amount to the
$1,155,000,009.
unprecedented
sum
of
The Comptroller states that the abundance of
money and the
low rates of interest have made it difficult for
capitalists to find
satisfactory investments, and that he has, therefore, examined
the statements of the banks for a series of
years to ascertain if
the banks have found use for their increased
deposits. The
amount of the loans of the hanks in New York
City in October,
1879 and 1880, was 70*8 per cent of the capital,
surplus and net
deposits; while in 1878
and in
higher
1876, 65 1
it
per cent;
was
6p*4 per cent; in 1877, 68 per cent;
and the loans
are now
than at any time since 1873.
proportionably
The resources of the banks
in the other principal cities of the
country are shown by their
reports for October 1 last to have been then
than they were at the
fully employed
corresponding dates for the two previous
years, although their business was not so much extended as it
was
during tlie four years following the crisis of 1873. The
ratio of the loans of the banks in the
more
country districts to their
capital, surplus and net deposts was, on Oct. 1, 7 3 per cent less
than it was at the corresponding date in 1875 and 5-2
per cent
less than in 1877. The opportunities for
using money in this
group of banks is not in proportion to the increase of their
deposits, and their balances in other banks have by no means
diminished.
J^The tables given by the Comptroller show that, during the
past two years, the loans ol the banks in the city of New York
have been extended to a much
greater degree proportionably
thanihe loans in other parts of the country, and that the cash
resrrves of the banks in New York have been
unprecedentedly
low. While the aggregate lawful money reserve has, as far as
known, always been held by this class of hanks, it has fr* qu^ntly been very close, some of the banks expanding their loans
beyond reasonable limits, and relying upon imports of gold and
interesting tables showing the
currency" in the country on the day of
resumption of coin payments, and on Nov. 1 of the present year,
together with the amount of coin and currency in the Treasury
and in the banks, and the amount in tbo hands of the people
outside of these depositories, from which it will be seeo that
while the amount in the Treasury and in the banks lias increased
more than
$50,009,009 during that period, the amount in the
hands of the people has also increased more ihaa $195,000,000.
The most gratifying exhibit in the condition of the national
banks is that they are now doing business upon a specie basis,
the amount of gold coin held by the national banks having,
increased since the day of resumption from $35,039,301 to $102,-
851,032, which is but about $18,000,000 less than the whole cash
required by law.
The national bauks hold nearly $209,000,009 of United States
bonds, which will mature on or before July next.
The whole amount of United States bonds held by the national?
banks as security for circulation, and for other purposes, ia $103,369,350,and the average amount of capital invested,by the State
banks, savings-banks and private bankers, for the six months
ending May 31, 1880, as shown by the returns to this Depart¬
ment for purposes of taxation, is $233,053,104, making a total
of $631,422,454.
The profit upon circulation to the national banks, at the
present price of bonds in the marker, is estimated not t > exceed
one and one-half per cent
upon the capital invested, aud the
reserve
amount
of State and national
taxes
is
more
than four
Jper cent
upon the amount of circulation.
The banks and bankers of tbe country have complained that
the taxes upon bank deposits and bank capital sine* the passage
of the first internal-revenue act have been greatly disproportioned to the amount paid by other classes of property, -and it.
would seem that the time ’has now arrived,' as hereinbefore
recommended, when Congress might properly repeal all
laxee
capital and deposits, retaining the present tax on circulation.
The national banking system has fully realized all the expec¬
tations of its founders.
It has furnished a safe currency of
uniform circulation, carefully guarded against counterfeiting,
protected by ample reserves, and promptly redeemed both at the
banks and the Treasury.
No other legislation in respect to these
imp irtant corporations seems to be required at the present ses¬
on
sion.
PUBLIC MONEYS.
were
present amounts,
The individual
some
and
The monetary transactions of tlie Government have been con¬
ducted through the offices of the United States Treasurer, nine
assistant treasurers, one depositary, and one hundred and thirty
national bank depositories.
The receipts of the Government, amounting during the fiscal
shown by warrants, to $545,340,713 93, were deposited
follows:'] In independent-treasury offices, $404,301,155 37;.
in national bank depositories, $141,039,558 61.
As far as accounts have been adjusted for the last fiscal year
there appear to be no lo ses to the Government by public officersengage! either in the receipt, safe keeping or disbursement of
the public moneys.
It is to be regretted, however, that the ap¬
prehension of loss through the issue of duplicates of coupon
bonds expressed by the First Comptroller, in his report for last ,
year, has proven tco well founded.
Upon what seemed to be
sufficient evidence of t e destruction of a $500 coupon bond, a..
duplicate was issued several years since, and subsequently
redeemed, as required by law. Sometime after this redemption
i;lie original bond was presented intact by an innocent holder,
and, upon the recommendation of the Comptroller, it was.
redeemed.
While there seemed to be no alternative but to pay
this bond, the availability of any existing appropriation for the
purpose may be questioned, and Congress will be asked for some
needed legislation to meet such cases.
Additional legislation to authorize the refund of moneys paid
into the Treasury, in excess, by receivers of publio m neys, isrecommended by the First Comptroller and meets with my
approval.
The coinage of the silver three-cent and five-cent pTeces was
discontinued by the coinage act of 1873, and that of the silvqr
twenty-cent piece by the act of May 3, 1878. Since the act of
June 9, 1879, providing for the exchange of subsidiary coins for
; awful money of the United States, a large amount of silver
coins of the above-mentioned denominations lias accumulated ia
the several sub-treasury offices.
These coins constitute a por¬
tion of the Treasury laiance, and, as they are not again paid out
after being received in exchange for lawful money, they become
oractically unavailable for current use. The necessary legisla¬
year, as
as
tion for their proper
disposition is recommended.
By reference to the tables accompanying this report, it will be
seen that, since the organization of the Government, there hae
[VOL. XXXL
THE CHRONICLE
614
earnestly hoped that a settlement of this much-vexed question
be made by Congress at its present session.
year...
The present tariff is bat a compilation of laws passed daring
Ami that there lias been paid
consequence of appropriations made by law, to
many succeeding years, and to meet the necessities of the Gov¬
the same date, the sum of
18,334,854,201 G2 ernment from time to time. These laws have furnished the
greater part of our revenue, and have incidentally protected and
Leaving unexpended, charged to the Treasury, the
sum of
$233,494,415 43 diversified home manufactures. The general principle upon
which they are founded is believed to be wise and salutary.
No
This amount, however, is cot all in actual cash, but is made
marked or sudden change, which would tend to destroyer injure
up of items as lollowg:
domestic industries built upon faith in the stability of existing
Amount deposited with the States under act of Con¬
$28,101,64! 91 laws, should be made iu them.
Changes, however, Lave
gress approved Juno 23, 1830
occurred in the value of some articles, caused manly by
Amount arising from defalcations, irredeemable
2.708,904 18
bills, &c
204,083,830 34 important inventions and improvements in the mode of manu'-Cash
been
fiscal
$18,570,348,047
03
out upon warrants in
paid into tlie Treasury to
tlie close of the last
may
$235,494,445 43
Total
it
the
of without
law, though the amounts represented have passed
As the first two items are not available for disbursement,
would seem unnecessary to carry them longer as part of
balance ;
but neither of them can be disposed
7081
authority of
beyond the control of
The
first
the Department., or entirely disappeared.
deposited with the States, not
amount was by law
paid to them, and the Department cannot withdraw it without
rJ he second item mentioned arose many years
ago from the failure of State banks to redeem their notes which
the Government held, and of public officers to properly account
for moneys received by them for the credit of the Treasury.
These items, for convenience, have already been informally
omitted from the current cash books and the monthly debt state¬
further authoiiry.
ments
There are also a few o her items of
still treated as cash, on which no such action has
of the Department.
like character,
yet been taken. To their amount they would further reduce the
available balance on hand.
A lull statement of these unavail¬
able amounts has been published for several years ia the annual
reports of the Treasurer of the United States.
It is recomnr nded that authority be given to reimburse the
Treasurer tor these unavailable amounts, they being no longer
under his control, though he is charged therewith, aDd to charge
the amounts to the parties from whom they are respectively due.
Such a course would take no money from the Treasury, would
relieve no public debtor from any legal liabili'y, while it would
greatly simplify the accounts of the Treasury, and would cause
the books ot the Department to show always the real instead of
the apparent balance of cash on hand available for disbursement.
It will be understood that the apparent discrepancies which
have aiisen from these unavailable amounts are due to no fault
of accounting or book-keeping. On the contrary, it is worthy of
note that the amount of these unavailable items, together with
the actual money in the Treasury, makes precisely the amount of
tlie moneys received by the Treasury and not expended, as
ahowD by the books of the several bureaus of the Department.
No b tter proof of tlie accuracy wi h which the accounts of the
asked
obtained.
great
fiscalforoperations
of the Government have
or
e
irregularities and incongruities
articles the duties have
others the rate of taxation is too
low.
Some duties ad valorem might, with the experi°nce
acquired ur.der existing laws, be converted into specific duties.
Many articles which do not compete with domestic industry, and
yield but a small amount of revenue, might be added to the free
list.
The changes suggested would ttmd to simplify the work
of appraisement, remove the irritations among business men
which so often arise in the enforcement of the laws imposing
duties ad valorem, and reduce the cost of collection.
Former
reports of the Secretary exhibit meny facts showing in detail
the necessity of such modifications.
By section 2,501 of the Revised Statutes, an additional duty of
10 per cent ad valorem is imposed on all goods (except wool,
raw cotton and raw silk) the growth or production of countries
east of the Cape of Good Hope, when imported into the United
States from places w^st of the Cape.
Coffee produced in the
Dutch Colonial possessions beyond the Cape, and imported from
places this side of the Cape, has been charged with this addi¬
tional duty.
The fifth article of the Treaty with the Nether¬
lands, of February 26, 1853, provides that discriminating duties
arainst tea and coffee, the products of the possessions of the
Netherlands, shall be removed by the United States whenever
the discriminating export duties imposed by the Government of
the Netherlands in favor of direct shipments to Holland of the
products of its colonial possessions are removed. The discrimi¬
nating export duties were sometime since removed by the
Netherlands Government, and it is, therefore, incumbent upon
the United States, under the treaty, to remove the discriminat¬
ing imnort duties on tea and coffee produced in the possessions of
the Netherlands.
It is,recommended that early ac ion be taken
by Congress in the matter.
In this connection it may be questioned whether the discrimi¬
nating dnth s imposed by section 2,501 of the Revised Statutes
should not be altogether repealed.
The provision of law now
facture,
These have produced
in the rates of taxation, so that on some
become prohibitory, while on
been kep: could
The amount of money reported on hand to the credit of the
Treasurer is not, however, the entire amount of public moneys
Iteld by independent-treasury officers and depository
fiscal agents of the Government these
held the funds advanced for disburstm'-nt to public officers, and
also oth^r funds in trust for the redemption of national bank
banks. As
officers and banks have
notes and for other purposes, aggregating a monthly average
during the past year of over sixty millions of dollars. Under
the existing system, by which the Government practically holds
and disburses its own money and ilia' of its officers, the fiscal
operations are conducted without disturbance, embarrassment or
favoritism, and with satisfaction to all concerned.
CUSTOMS.
revenue from customs for the year ended June 30,1S80,
$186,522,064 60 ; the revenue for the preceding year was
$137,250 047 70, an increase of $49,272,016 00. 'l liis large gain
Tlie
embodied in that section was
trade,
the Cape and
imported into the United Stat-s are sent to European ports and
trans-shipped thence for the United States. It therefore often
becomes oifficult to decide whether such goods, when shipped
from the country of production, were destined for the American
or European markets,
the shipments being rarely made on
through-bills of lading. The total revenue derived from this
source for the past year was only $167,430.
It is recommended
that the provision of law in question be repealed.
INTERNAL REVENUE.
From the various sources of taxation under
laws, the receipts for the fiscal year ending
as
wag
ional demand for certain classes of
foreign merchandise, principally iron and steel and their manufac¬
tures, which is not likely to be maintained during ihe present
year.
Of this sum, about, $42,000 000 was collected on sugar;
$18,5o0,000 on manufactures of silk; $19,000,000 on manufac¬
was
due in part to an excep
the
around the Cape of
such goods Europe
originally passed to encourage
direct shipment to the United States of goods
Good Hope, as against the shipment of
to
and their trans-shipment thence to the United States.
The Suez Canal has, however, so changed the course of
that most of the goods which are produced beyond
the internal revenue
June 30, 1880, were
follows:
From—
Spirits
Tobacco
$01,185,508
38,870,140
12,829,802
3,3 50,985
..
383,755
7,608,394
228,027
tures ot iron a-d s eel ; $ 10,000,000 on manufactures of coton;
Total....
$124,510,614
$29 000,000 on wool and mauu ac ures of wool; and $6,000,000
The foregoing statement does not include tlie tax collected by
on wi ies and spirits; making a total of nearly $123,000,000 col¬
lected on these six classes of amcles.
The precise amounts, the Treasurer of the United Spates from national bank?, which
however, cannot be given, because the statistics are based, to a amounts to $7,014,971.
The amouut of collections exhibited in the foregoing table
certain extent, on unliquidated entries.
The expenses for collection for the pasf year were $5,095,878 06, includes commissions on sales of stamps, paid in kind, as well as
amounts collected in 1879, but rot deposited till within the last
an inciease over ihe pree ding year of $510,099 03, occasioned to
a
large extent by the increase in the importation of bulky fiscal year. An apparent variation consequently arises between
the amoun's ot collec ions given in the tables and those shown
articles.
4 he expenses of collection and percentage of cost for the past
by the covering warrants of ihe Treasury.
The increase of the revenue from spirits during the last fiscal
four years were as follows :
Peryear was $8,615,224 10. But there was a decrease in the revenue
Expenses.
centagc. from tobacco in its various forms of manufacture, for the same
$6,501,037 57
4*00
4*41 period, of $1,264,862 57, which was to be expected on account of
5,820,974 32
5.485,779 03
3 94 the reduction in the rate of taxaion upon that commodity. The
5,995,878 00
3*18 increase of income from the tax on fermented liquors was
It Is believed that, by reason of the vigilance of the customs $2,100,482 76. The total increase of revenue from spirits and
officers, frauds upon the cus oms revenue have not during the fermentrd liquors was $11,934,075 99." The increase of revenue
past year been so extensive as tormerly. The measures referred from taxes on backs and bankers was but $152,101 69 over the
The total increase of internal revenne, after
toia the lasr. report of ihe Secretary for a more faithful collec¬ income for 1879.
tion of the duties on sugar have been continued in force, but deduction of the decrease of income from tobacco and the
they are and sliuuld be regarded as but temporary, and no:, as decrease from collections oh the arrears of taxes, was $10,*
justifying longer delay in ihe legislation necessary to place this 593,147 15.
The Secretary cannot t^o strongly urge the importance of
most impo. tant feature of our commerce
upon a foundation
which will enable the Government and the importers to conduct stability in the rates imposed on spirits, tobacco and fermented
their business with greater certainty than at present.
It is liquors. These articles are regarded by all governments as
Fermented liquors..
Banks and bankers
Penalties, &o
Adhesive-stamps.
Arrears of taxes under repealed laws.
.
December
CHRONICLE.
THE
U, 1880.]
objects of taxation. Any reduction in the rates imposes
heavy loss to the owner of the stock on band, while an increase
operates as a bounty to such owaer. When the rate is fixed, the
trade adapts it elf to it. A change disturbs the collection of the
As already suggested,
tax and the manufacture of the article.
the time is opportune for reducing the subjects of internal taxa¬
tion to the articles named and the taxes on circulating no'es of
banks.
The taxes proposed to be repealed yielded during the
last fiscal year as follows :
proper
a
615
*
importance seems to justify a more liberal appropriation than
has heretofore been made for the purpose of collecting and pre¬
senting annually information in regard to it, e-pecially such in¬
formation as may be of service for the use of Congress,
[Remarks omitted with regard to trade in American
eign bottoms, etc., collisions at sea, claims, etc.]
and for¬
PUBLIC SERVICE.
In closing bis
annual report, the Secretary takes pleasure in
fidelity and ability of the offi¬
$3,350,935 28 cers and employees of this Department. As a rule they have, bj
4,438,134 80
experience and attention to duty, become almost indispensable
7,668,394 22 to
the public service.
The larger portion of them have been in
In all
....$15,457,514 30 the Department more than ten years, and several have risen by
In case of such repeal, ample tine should be given to exhaust their efficiency from the lowest-grade clerks to high positions^
In s)me cases their duties are technical and difficult, requiring
the tax-paid stamps wiiliout less to the manufacturer.
the utmost accuracy; in o’.hers, they must be trusted with great
IMPORTS.
EXPORTS AND
sums, where the slightest ground for suspicion woull involve
The exports and imports during the last fiscal year have beea their
ruin; in others, they must act judicially upon legal ques¬
as follows :
tions affecting large private and public interests, as to which,
$823,946,353 their decisions are practically final.
Exports of domestic merchandise
It is a just subject of con¬
Exports of foreign merchandise
.•
11,692 305 gratulation that, during the last year, there has been among
Total
:
$835,638,658 these oncers no instance of fraud, defalcation or gross neglect
r
Imports of merchandise
067,954,746 of duty. The Department is a well-organized and well-conducted
business office, depending mainly for its suc:ess upon the integ¬
Excess of exports over imports of merchandise
r$167,683.^*12
and fidelity of the heads of bureaus and chiefs of divisions.
1,503,593,404 rity
A&gregateof exports and imports
Tlie Secretary has therefore deemed it both wis^and juetto retain
Compared with the previous year, there was an increase of
and reward the services of tried and faithful officers and clerks.
$125,199,217 in the value of exports of merchandise, and an
the last twenty years tlie business of this Department
increase of $222,176,971 in the value of imports.
The annual hasDuring
been greatly increased, and its efficiency and stability great¬
average of the excess of such imports over exports for ten years
ly improved. This improvement is due to the continuance during
previous to June 30, 1873, was $104,706,922; but for the last five that
period of, tlie same general policy, and the * consequent
years *here has been an excess of exports over imports of mer¬ absence of
sweeping changes in the publ cservice; to the foster¬
chandise amounting to $920,955,387—an annual average of
ing of merit by the retention and promotion of trained and capa¬
$184,191,077. The specie value of the exports of domestic mer¬ ble men; and to the growth of the wholesome conviction in all
chandise increased from $376,616,473 in 1870 to $823,946,353 in
that training, no less than intelligence, is indispensable
1880—an increase of $447,329,880, or 119 per cent.
The imports quarters
to good service.
Great harm would come to the public interests
of merchandise increased from $435,958,403 in 1870 to $667,should the fruits of this experience be lost, by whatever means
954,746 in 1880—an increase of $231,996,338, or 53 per cent.
the loss occurred.
To protect not only tfie public service, bat
There was an increase in the value of the exports of wheat,
the people, from such a disaster, the Secretary renews the recom¬
wheat-flour and corn, as compared with similar exports of the
mendation made in a fo merreport, that provision be made fora
preceding year, of $78,253,837, or 39 per cent; an increase in the tenure of office lor a fixed period, for removal only fer cause, and
value of the exports of cotton of $49,231,655, or 30‘3 per cent ,
for some increase of pay for long and faithful service.
an increase in the value of the exports of provisions of $10,184,The several reports of tlie heads of offices and bureaus are
592, or 8 7 per cent ; and an increase in the exports of live ani¬ herewith
respectfully transmitted.
mals of $4,394,366, or 38 3 per cent.
There has also been a
JOHN SHERMAN,
noticeable increase in the value of the exports of tallow, oil¬
Secretary.
cake, vegetable-oils, seeds, clocks and watches, hops, wool, and
To Hon. S. J. Randall,
a few other commodities.
During the last fiscal year breadstufes
Speaker of the House of Representatives.
constituted 35 per cent of the value of our exports of domestic
merchandise, cotton 27 per cent and provisions 15 per cent.
The imports of merchandise for the past year exceeded such
REPORT OF THE COMPTROLLER OF THE
imports during any previous year in the history of the country.
CURRENCY.
The leading articles showing marked increase in quantity or value
are imported coffee, hides and skins, raw silk aud tea, all of which
Treasury Department,
are free of duty, and copper,
manufactures of cotton, silk and
Office of Comptroller of Currency,
wool, fruits, glass, iron and steel, lead, leather, precious stones,
Washington, November 27, 1880.
leaf tobacco, wool and zinc.
The imports of unmanufactured
I have the honor to submit for the consideration of Congress
wool increased from 39,000,009 pounds in 1879 to over 128,000,000 pounds in 1880. The value of the imports of railroad the eighteenth annual report of the Comptroller of the Cur¬
bars of iron an l steel increased from $70,071 in 1879 to
rency, in compliance with section 333 of the Revised Statutes
$4 952,286 in, 1880.
of the United States.
During each year from 1862 to 1879, inclusive, the exports of
Fifty-seven national banks have been organized since Novem¬
specie exceeded the imports thereof. The largest excess of euch
expo ts over imports was reached during the year 1864, when it ber 1, 1879. with an aggregate authorized capital of $6,374,170,
amount d to $92,280,919.
But during the year ended June 30, to which $3,662,200 in circulating notes have been issued.
1880, the imports of coin and bullion exceeded the exports
Three banks, having a total capital of $700,000, have failed,
thereof by $75,891,391.
During July, August, September and
and
dividends amounting to sixty-five, eighty and ninety per
October of tlie current fiscal year the imports of specie were
$47,940,805, and tlie exports were $4,721,828, making an excess cent,respectively, have been paid to the creditors of these banks
of imports over exports of $13,218,977.
during the year and since the date of failure.
The large and continued excess of the value of the exports of
Ten banks, with an aggregate capital of $1,070,000 and an
merchandise over tlie imports of merchandise appears to render
it probable that we shall see a continuation of, end perhaps a aggregate circulation of $928,800, have voluntarily discontinued
business during tlie year ; and one bank, which had formerly
large increase in, the flow of specie into this country.
bearing testimony to the general
From banks and bankers other than national
From national banks other than on circulation
From adhesive stamps
}
INTERNAL
COMMERCE.
principal trunk railroad
regard to
Tlie reports of tonnage moved on the
lines of the country, and the more recent data in
traffic on inland water lines and coastwise upon the ocean,
indi¬
that the internal commerce of the United States has rapidly
increased during the past year.
Railroads now constitute
cate
principal avenues of our internal trade. The traffic over
four easr. and west trunk linos greatly exceeds in va'uo both
commerce of the Mississippi River and i s tributaries and
commerce on
the
the
tlie
the
the Great Lakes.
Through the facilities afforded for
continuous traffic by means
the purposehas
in the hands
Sone
eeeiver
intoforliquidation,
been placed
of ofa
of enforcing
the individual
liability
number of national banks organ¬
of the national banking system,
February 25, 1863, to November 1 of the present year, is 2,495.
Of these, 314 have gone into voluntary liquidation by the vote
of shareholders owning two-thirds-of their respective capitals,
and 86 have been placed in the hands of Receivers for the pur¬
pose of closing up their affairs.
National banks are located in every State of the Union except
Mississippi, and in every Territory except Arizona; and the
total number in operation at the date fast named was 2,095,
which is the greatest number of banks that has been in opera¬
tion at any one time.
The 13 States having the largest capital are Massachusetts,
New York, Pennsylvania, Ohio, Connecticut, Rhode Island,
the shareholders. The total
ized from the establishment
railroads and
principal sea¬
ports of the country, the interior cities are now ab e to carry on
a direct trade not only with all parts of the country, but are also
able to engage in direct foreign commerce, both as to the export¬
Illinois, Indiana, Maryland, New Jersey, Maine, Kentucky ana
ation of American products to other countries and to the import
in the order named. The shares of the national
ation of foreign merchandise into the United Sta'es.
Through Michigan,
which
in the year 1876 numbered more than six and a
banks,
these facilities all the principal cities of the country have been
half millions, and were held in average amounts of $2,490,
brought into direct competition with ea h other. The sphere of were then distributed among more than 208,000 persons, residing
the commercial operations of each city has been greatly ex¬
in every State and Territory of the Union, in eleven countries
tended, while competition has become sharper and profits have
or provinces of this continent and adjacent islands, and in
been reduced, to a narrower margin.
The varied product ons
and industries of the different Sta es and sections of our country twenty-fi7e countries in Europe, Asia ana Africa.*
present highly favorable conditions for the development of in¬
Interesting information in reference to the distribution of national
ternal trade.
Already our internal commerce many times ex¬ bank stock will be found on pp. 6J and 144 to 143 of the Comp¬
ceeds in value our foreign commerce.
Its rapid ly-inoreasing troller's report for 1876.
of combinations entered into between connecting
between railroads and ocean steamer lines at the
*
THE CHRONICLE.
616
Included in the aggregate number of national banks organ¬
ized are ten national gold banks, three of which, still in opera¬
are
compelled to omit interesting remarks with regard
specie resumption and its results on currency requirements.
located in the State of California, having an aggregate —Ed. Chronicle]
The rate at the Bank of England and the Bank of France
capital of two millions of dollars and a total circulation of $840,has,
for a considerable portion of this period, been 2/2 per cent.
000. Four of these banks have changed into other organiza¬
The
English Consols have for the first time in twenty-seven
tions under the act of February 14, 18S0, which provided for
years advanced to par, while the rate for call loans in London
such conversions.
A bill is now pending in Congress providing for the repeal of has at times been at what may be termed the infinitesimal rate
section 5,176 of the Revised Statutes, which limited the amount of from one-half to seven-eights of one per cent per annum.
of circulation to be issued to the national banks organized sub¬ Low rates have also prevailed in this country. In New York,
sequent to July 12, 1870, to $500,000, and also authorizing for some months past, money at call, upon the best collaterals,
all national banks to issue circulation not exceeding the amount could be obtained at from 2 to 3 per cent. The average rate
of their capital, upon the deposit of the necessary amount of upon first-class commercial paper during the fiscal year of 1873
United States bonds. The passage of this act will entitle all was 4‘4 per cent, while the average rate during the suc¬
national banks to the same proportion of circulation upon capi¬ ceeding fiscal year has been 5’3 per cent, owing not to natural
The rate, however, for first-class
tal and bonds as is possessed by those organized prior to March but to artificial causes.
mercantile paper in the past four months has been from 4 to
3, 1805, and the passage of this bill is recommended.
The following table exhibits the resources and liabilities of 4 >£ per cent. Low rates have prevailed not only in New York
the national banks at the close of business on the first day of City, where money is not unfrequent ly borrowed upon good
October, 1880, the returns from New York City, from Boston, collaterals for speculative purposes, but also throughout the
Philadelphia and Baltimore, from the other reserve cities, and country, including many places where money has heretofore
from the remaining banks of the country, being tabulated been loaned, if at all, at usurious rates. The rates during the
past year on large transactions in first-class commercial paper
separately:
have been : In Philadelphia, 3 to 5 per cent; Boston and Balti¬
Other
Country
New York
Boston,
more, average, 5 ; Washington, 7 ; Chicago, 4 to 7 ; St. Louis,
Aggregate.
Banks.
Reserve
Phila. and
City.
5 to 7 ; Milwaukee, 6 to 8 ; Cincinnati, 6 to 7 ; Cleveland, 6 to
Cities.*
Baltimore
8 ; St. Paul, 8 to 10 ; Omaha, 10 ; Denver, 10 to 15 ; San Fran¬
47 banks. 101 banks. 83 banks. 1,859 banks. 2,090 banks.
cisco, 8 ; California (country), 9 to 12 ; Louisville, 6 to 7; Rich¬
%
$
$
RESOURCES.
$
$
mond, 7 ; Charleston, 7 to 8 ; Savannah, 8 ; Selma, average, 9 ;
503,294,724 1,037,061.441
Loans & discounts. 238,428,501 191,312,159 104,026,057
Atlanta, 10 ; New Orleans, 4 to 6. Rates at nearly every point
3,915,826
3,438,474
314,757
95,770
Overdrafts
66,825
254,486,250 357,789.350 are less than for previous years.
Bonds for circulat’n 21,170,500 56,542,300 25,550,300
*
*
*
*
9,897,500
820.000
14.777,000
3,509,500
Bonds for deposits.
550,000
The
abundance
of
the
interest
money
and
low
rates
of
have
15,560,500
23,843,400
3,641,200
U. S. bonds on hand
7,011,450
2.6140,250
30,466,254
48,863,150 made it difficult for capitalists to find satisfactory investments,
3,633,116
Other stocks & b’ds 10,420,603
4,343,17<
Due from reserve
86,371,229 134,562,779 and have led the Comptroller to examine the statements of the
21,913,471
23,278,0?!
agents
Due from other nabanks for a series of years, in order to compare their ratios of
63,023,797
26,311,857
tional banks
9,374,611
13,145,80
tion,
'
[We
to
[Vol. XXXL
are
-
—
14,191,525
loans to their means,
Due from other b’ks
and bankers
3,010,707
1,634,44a
2,930,251
8,305,794
15,891,198
10.018,431
1,045,035
750,763
G,989,071
769,375
449,063
4,798,084
079,264
258,294
26,210,247
3,892,458
2,030,350
48 045,833
2,444,390
1,075,684
832,536
8,326,392
12,729,002
94,520,216*
19,939,202
6,132,142
503,690
121,095,250
1,534,823
2,208,774
28,990
1«,368,959
6,937,458
3,655,000
2,577,436
.11,889,910
18,210,943
52,974
10,091,177
12,363,267
2,050,000
236,814
21,192.818
27,613,370
109,346,509
56,640,453
tc
640,000
7,655,000
a
2,544,725
99,021
1,101,572
108,748
11,334,907
502,973
15,921,741
tt
Real estate, furnitureand fixtures..
Current expenses...
Premiums
Checks and other
cash items
Exchanges f V clearing house
Bills of other nat.
banks
Fractional currency
4H.388
51,783,555
Specie
9,726,303
1,310,001
Legal-tender notes.
U-8. ctfs. of deposii
Five per ct. redemp-
tiori fund
Due from U. S.
Tr’>1
940,53'.
411,38o
6.386,182
•
3,488,470
367.172
1,182,125
O
u
a
50,050,000
18,135,3*3
78,748,330
20,099,979
10,390,42?
4,960,959
37,595,500
11,353,611
4,125,305
290,560,155
70,279,580
26.650,999
457,553.983
120,518,583
outstanding
18,594,913 50,102,858
State
bank note^
40 221
47,482
outstanding
Dividends unpaid...
188,702
1.272,801
Individual deposits. 242,04 4,722 146,079,901
U. S. deposits
355,971
276,099
Deposits of U.S.dis132.118
bursing officers...
22,270,608
220,331,052
317,350,036
i 55.813
177.342
1,835.128
88,224,947
1.955,551
397,188,06?
5,062,371
270.045
3,452,504
873.537.637
Due national banks
Due to other banks
and bankers
Notes and bills rediscounted
Bills payable
,
7,649,995
105,933,344
40,811,064
809,749
27,933,753
2,592,990
17,352 867
3,534,857
192,032,533
31,234,350
14,275,452
20,975,304
9,951,817
75,536,923
502,957
303,705
1,094,876
2,371.571
3,178,233
5,031,605
1,780,757
•
2,155,972
477.684.045 359,637,310 215,898,760 1,052,500.511 2,105,786,626
Totals
cities, in addition to New York, Boston, Philadelphia and Balti¬
Albany, Pittsburg, Washington, New Orleans, Louisville, Cincin¬
nati, Cleveland, Chicago, Detroit. Milwaukee, St. Louis and San Francisco.
The
reserve
more, are
COMPARATIVE STATEMENT OF THE NATIONAL
BANKS
FOR SEVEN
YEARS.
The following table exhibits the resources and liabilities of
the national banks for seven years, at nearly corresponding
dates, from 1874 to 1880
:
I,' Oct.
Oct. 2, Oct,
1875.
1874.
•
2, Oct. 1, Oct, 1, Oct. 2, Oct. 1,
| 1876. 1877. 1878. 1879, 1880.
2,087
2,089
2,004
2,080
2,053 2.048 2,090
Banks. Banks. Banks. Banks. Banks. Banks. Banks.
RESOURCES.
Loans
Bonds for eirculation
Other U.S. bonds
Stocks, b’iuls,<fce.
Due from banks.
Real estate
Specie
Lcgal-tend.notes
C. H. exchanges
Nat’l bank notes
U. 8. certificates
of deposit
Due from U. S.
Treasurer
Other
resources'
Mil’ns. MiVns. Mil'ns. MiVns. MiVns. MiVns. MiVns.
9544
931-3
834-0
934-7
891-9
878*5 1,0410
383-3
337*2
336-8
347-6
47-8
34-4
146-9
45*0
34-5
129-9
43*1
21*4
84-2
1000
15-9
45*2
22-7
66 9
74-5
15-6
94*7
36-9
138 9
46*7
30-7
64-4
18*5
370-3
281
33-5
144-7
42-4
8-1
76-5
87-9
18-5
428
48-8
29-2
33-4
28-0
27-8
134-8
38-1
21-2
80-0
109-7
20-3
18-3
196
191
16-7
191
160
28*7
357-8
43-6
82-4
16-9
357-3
71-2
39-7
167-3
47-8
42-2
69-2
1130
16'7
32-7
26S
7*7
16-5
249
170
221
48 9
213-5
48*0
109-3
56-6
121*1
18-2
171
230
1,8772 1,882-2 1,827-2 1,741*1 1,767*3 1,868*8 2,105-8
Totals
LIABILITIES.
Capital stock
...
Surplus fund....
Undivi’ed pUflk
Circulation
Due to deposits*
Due to banks
Other liabilities.
...
Totals
493-8
504-8
129-0
134-4
53 0
3191
679-4
51-5
334*2
683-8
175-8
91
179-7
11-8
499-3
133-2
46 4
292-2
666*2
179*8
10*6
479-5
122-8
44*5
291 9
630*4
161*6
10*4
466-2
1169
44-9
301-9
668-4
1651
7*9
1,877-2 1,882-2 1.827-2 1,741*1 1,767-3
£
46,139,690
National bk. notes.
*
Ratios of—
OH
Dates.
LIABILITIES.
Capital stock
Surplus fund
Undivided profits...
their increased deposits. In
table is given, which exhibits
concisely the ratios of capital, surplus and net deposits to the
loans of the banks, and the ratios of specie and legal-tender
notes to net deposits, in New York and in the group of other
principal cities separately, at corresponding dates, from 1870 to
1880, inclusive
477,684,045 359,637,310 215,898,760 1,052,566,511 2,105,786,626
Totals
and to ascertain if during the past two
years they have found use for
order to show this the following
454*1
114-8
41*3
313 8
736-9
201*2
6*7
457-6
120*5
46 1
317*3
888*2
267-6
8-5
00 to do oo 2,105*8
j
X. Y. City.
Oct.
8, ’70.
Oct.
2, ’71.
Oct.
3, *72.
Sept. 12, ’73.
Oct,
Get.
2, ’74.
Oct.
2, ’76
1, ’77.
1, *78.
Oct.
Oct.
Oct,
Oct.
"75.
1.
2, ’79.
1, ’80.
Loans. Capitl.
Mil's.
54
54
50
48
48
48
47
168*1
198 9
183-4
199-3
202-4
184*3
169-3
169*7
196-0
47
47
47
Surpls.
238-5
68-5
63-5
66*4
57-4
53-8
50'7
50-7
Deposit. Speci. Lteeganl-d UNaotne.ds Certifcas. LCtoapoa-ns iSturaplls,DNee-t posit. Ntoet Deposit.
and
Net
|
Cash
|
45-8
P. Ct.
66-7
50-4
700
30-9
390
32-3
52-4
54-5
45*3
34-3
365
73-3
75*3
68-4
690
65*1
68-0
65-4
28-7
27*2
32*B
29*4
30*3
27*0
26-2
32-6
70-8
24*7
11-0
70-8
26-4
3 0
38-5
679
1-5
23*1
23*5
283
68-7
42-5
36-7 72*4
36-3 73-6
30-7 71-3
71-9
371
69-4
37-1
34-4 70-6
29*51 66-2
33-0 65-4
250 67-7
2-4
1-8
1-9
2-1
2-4
1-6
2-8
4-2
8-0
11*5
21-2
38-4
41-6
43-3
44*5
33-7
33*7
31-0
31-6
31*1
30-4
28-3
69-4
69-8
72-3
72-7
72*5
73 0
71-7
70-9
66-5
63-9
65*7
18-9
16*8
16-0
15*4
12*3
11*5
11*6
12*4
13*6
12-7
121
941 523-5 14-5
120
101-1 636-6
110-3 619-8 10-2
120-3 673-4 19-9
21*2
1290 717*3
134-4 731 9
-8-1
132-2 705*7 21-4
122*8 667-7 22-7
116-9 677-3 30-7
114-9 767-7 42-2
120-5 967 2 109-3
122*7
134-5
1190
1131
68-3
69-5
72-5
73-5
71*2
71*8
69*6
70*2
66-2
65*7
69-3
26*2
23-9
208
19*8
20*0
Mil's. Mil's.
73-4
13-S
73*2 19-5
71*3 20-9
70-2 21*9
202-2
47
|
22-7
22-5
18-9
16*6
15*9
10-0
18-2
Mil's. Mil's. Mil's.
159-8
191-3
158*0
172-7
204-6
202-3
197-9
174*9
189-8
210-2
268-1
9-1
8-7
6*4
14-6
14-4
5 0
147*5
1875
179-6
197-6
219 9
222-9
216*3
203*4
199*2
228-2
288-8
1-9
3-2
4-4
1-5
40
5-6
9-4
11*3
216-2
257 8
282-1
303-1
292*8
306-7
291-5
289-4
298-3
329-3
410-3
14-6
12-9
133
19*4
59-8
P. CL
34*4
Other Reserve
Cities.
8, ’70.
2, ’71.
3, ’72.
Sept, 12. ’73.
Oct.
2, ’74.
Oc*\
1, ’75.
Oct.
Oct,
Oct.
Oct.
174
180
181
182
188
’77.
’78.
189
188
184
’76
Oct.
2,
1,
1,
2,
’79.
181
Oct.
1, ’80.
184
Oct.
Oct.
194-1
230-7
242-0
203-1
272-5
279-3
159
264-7
254-3
231-2
244-4
295-8
Slates and
Territories.
Oct.
8. ’70.
Oct. - 2, ’71.
Total V. S.
Oct.
8, ’70. 1,615
2,
3,
Sept. 12,
Oct.
2,
Oct.
1,
Oct.
2,
Oct.
1,
Oct.
1,
Oct. ' 2,
Oct.
1,
It will be
1271
128-8
127*9
123*7
119*2
115-4
116-3
715-9 430-4
458-2
479-6
491-1
493-8
504-8
499-8
479-5
4661
4541
831-6
’71. 1,767
877-2
’72 1,919
944-2
’73. 1,976
’74 2,001 954-4
934-7
’75. 2,087
931-3
’76. 2,089
891-9
’77. 2.080
8340
’78 2,053
878-5
’79. 2,048
’80. 2,090 1,0410
*
119*9
124-9
127-2
353-7 2450
402-0 265*1
451;8 283*4
481-8 293*7
479-7 298*2
503-0 307*5
482-3 305*5
468-3 298*4
433 1 293*1
438-1 288-0
506-7 290-6
1,402
1,539
Oct.' 3, ’72. 1,689
Sept. 12, ’73. 1,747
Oct.
2, ’74 1,774
Oct.
1, ’75. 1,851
Oct.
2, ’76. 1,853
Oct.
1, ’77. 1,845
Oct.
1, ’78. 1,822
Oct.
2, ’79. 1,820
Oct.
1, ’80. 1,859
Oct.
Oct.
112 0
*
seen
457*6
*
.
20-5
28 3
24-8
32-5
35*2
37 0
37-4
33*1
30-8
30-3
32 0
48-8
53*3
59-6
65-9
71-1
74-9
75 9
73-1
70-2
68-5
70-3
.
*
that the loans of the banks
122-8
125-3
113-4
100-3
97-1
96-0
64-3
sk
now
-
21-5
20-0
18-7
17*3
190
19-7
19*5
19*4
18-5
18*2
19*1
18*4
18*9
180
17*9
*
exceed 1,041
millions, which is 207 millions more than at the corresponding
date in 1878, while the capital and surplus at the previous date
were 5 millions in excess of the present amount.. The net deposits
in the
same
period increased nearly 290 millions, and the total
December
THE CHRONICLE
11, 1880.]
individual and bank deposits, not deducting the amount due
from banks and the Clearing House exchanges, more than o22
millions, amounting to the large and unprecedented sum of
1,155 millions,
The
as may
be
617
kind then in the hands of the people outside of these deposi¬
tories, as follows:
seen from a previous table.
a classification of the loans of the
following table gives
banks in the City of New York, in Boston, Philadelphia and
Baltimore, and in the other reserve cities, for the last two years,
at the dates of their reports in the month of October :
Gold
Silver
Currency
Totals
New York
Boston,
City.
Phba. and
Classification.'
Other
Reserve
Cities.
Baltimore
1879.
On U. S. bonds on dcmand
On other stocks, b’ds,
99 banks.
82 banks.
$
$
*
8,286,025
&c., on demand
On single-njme paper
without other
curity
All other loans
47 banks.
Country
Banks.
Aggregate.
1,820 b’ks. 2,048 banks.
$
$
2,017,226
4,360,523
14,664,274
78,062,085 22,605,795
11,445,079
112,112,059
22,491,926 13,136,911
87,011,366 118,237,128
65,023,494 435,154,810
705,456,798
£5.851,902 156.027,060
87.979.335 435.154,810
875,013,107
47 banks.
101 banks.
83 banks.
*
$
se¬
Total 8
1
1880.
On U. 8. bonds on demand
On other stocks, b’ds,
&c., on demand
On single-name paper
without other se¬
3,915,077
curity
Totals
42,779,076
1,859 b’ks. 2,090 banks.
*
%
$
525,445
1,378,168
\ 5,818,690
92,630,982 30,838,692
16,558.260
140,027,934
10,402,295
75,687,334 503,294,724
60,700,223
830,514,594
27,755,152 22,542,776
114,127,290 137,405,246
All other loans
7,150,239
238,428,501 191,312,159
104
026,057 503.294,724 1,037,061,441
In this table will be seen—what would be
expected from a
large increase in the Clearing House exchanges, which are 38
millions more than in 1878, and larger than at
any time since
1873—a large increase in loans upon stocks and
bonds
payable on demand. Much of this increase is due to operations
at the stock board, which are
always most buoyant in prosper¬
ous times ; but a considerable
portion maybe due to loans made
to banks and bankers in the interior
upon collateral security,
at rates so low as to leave room for
profit in re-loaning to their
own
dealers.
*
Tables
*
are
-
*
herewith given
*
*
*
showing the amount of coin and
currency in the country on January 1 and November 1, 1879,
and on November 1 of the present
year; the amounts of silver
and gold coin, which include the bullion in the
Treasury, being
the estimates of the Director of the Mint:
Jan. 1,1S79.
.
Legal-tender notes...
National bank notes.
Gold coin
Silver coin
Total
Nov. 1, 1879.
$346,681,016
323,791,674
278,310,126
106.573,803
$1,055,3)6,619
Nov. 1, 1880.
$346,681,016
337,181,418
$346,681,016
355,681,532
454,012,030
126,009.537
158,271,327
313,834,107
$1,165,553,503 $1,302,798,480
The amount of
*
*
Jan. 1, 1879.
Nov. 1, 1879.
Nov. 1, 1880.
$119,629,771
67,693,895
$149,415,016
425,907,051
67,228,714
481,973.488
$200,379,519
73,798,701
534,326,808
$613,230,717
$098,617,218
$808,505,118
*
*
as
bank notes for
ten months of 1879 of $13,389,744 and
for the present year of $6,652,689. The total net increase of
national bank notes issued since resumption is
$20,042,433, and
the total increase of gold $175,701,904 and of silver
$51,697,521.
The statement below gives the amount of
currency and coin in
the Treasury at
they same dates as in the previous tables, and
the amount in the national banks, on the dates of their returns
nearest
thereto—namely, January 1 and October 2, 1879, and
respectively. The amount given for the State
October 1, 1880,
banks and trust
companies and the savings banks is at the
comparative dates of their official reports. The banks
in the State of California
report their coin and currency in the
aggregate, and in this table the coin is estimated to be threefourths of the total amount and the
currency one-fourth.
nearest
gold to accumulate in their vaults an amount equal to the total
cash reserve required by law,” and
expressed the hope “that
the reports of another year might
show them to be possessed
of at least 100 millions in gold coin.” On June
14 of the present
year the banks reported 99 millions of specie, and on October 1
more than 109 millions of coin
(including nearly six and onehalf of silver', which more than equals one-third
of the total
circulation of the banks in operation. The amount of
gold coin
now
held is but 25 millions less than the whole cash
1879.
Gold¬
$
in tlio Treasury, lees certificates.
112,703,342
In national banks
35,039,201
In State banks
10,937,812
1879.
1880,
$
$
156,907,986 133.679,349
37,187,238 102,851,0
12,171,292 17,102,130
Total gold
158,680,355 206,266,516 253,632,511
Silver—
In the Treasury, etan’d silver dole.
17,249,740 32,115,073 47,156,5SS
In the Treasury, bullion
9,121,417
3,824,931
6,185,000
In the Treasury, fractional coin..
6,048,194 17,854,327 24,(35,561
In national banks,
incld’g certifs.
6,460,557
reserve
required, and would undoubtedly have been still greater except
for the high rates charged for the
transportation of gold coin?
which are greatly disproportioned to the cost of
moving paper
currency and which, it is to be hoped, will—by some means—be
largely reduced.
Much newspaper criticism has appeared in the
meantime, com¬
plaining of the comparatively small amount of legal-tender silver
dollars held by the banks, and some of the banks nave themselves
encouraged this criticism. The arguments used in favor of the
accumulation of silver under existing laws are unsound in
prin¬
ciple and against all experience. No one prefers to put away
for future use a product which will
spoil by lapse of time, or
which will deteriorate in value. The banks, if well
managed,
will transact business upon the same general
principles as those
on which an individual of
superior judgment would conduct his
own affairs,
holding in reserve that coin which is known to be
of uniform value everywhere in
preference to that which, by
the operation of the laws of trade or business, will be
likely to
become of less value. The law compels the citizen and the
corporation to receive all legal-tender money in payment of
debts ; but it does not, and ought not to,
require any one to
receive on deposit that which will not as
be received in
readily
turn by the depositor.
The Bank of France on January
1, 1877, as will be seen in a
subsequent table, held 306 millions of dollars of gold and 127
millions of silver, or seventy-one per cent of
gold and twentynine
per cent of silver.
On November 4, 1880, it held $113,855,000 of gold and $365,929,000 of silver, or
twenty-four per cent of
the former and seventy-six per cent of the latter,
having lost in
the interval 192 millions of gold and gained 239 millions of
silver,
and very nearly reversing the
percentage of each ; and it is
said that about 70 millions of this amount are distributed
among
the 90 branches of the Bank, and adds but little to the
strength
of the reserve of the parent bank.* Since
September 23 last,
while its circulation was 475 million dollars, and its
deposits 115
time
it
has endeavored
to
check
“ During a part of this
the demand for export
by
various expedients, without raising the rate of discount. Gold
was offered by
the banks in pieces of ten francs, in coins not of
full weight, and other restrictive measures were
adopted. Grad¬
ually the inutility of these expedients became obvious. The
drain of gold still continued. The Bank then
proceeded to
employ the only efficacious method of protecting the reserve,
and raised the rate of discount. At the same time it removed
all restrictions on the issue of coin. This also had a
good
effect.
Confidence in fact was restored by following
the ordinary rules of business, and the first of these rules
is,
that the price of an article should follow its demand.”!
France is fast traveling the road open for all nations who
try to maintain a double standard where the intrinsic value of
.
.
.
gold and silver coin is widely at variance.
January 1, Novemb’r 1, Novemb’r 1,
*
One year ago it was urgently recommended “that all the
national banks should take advantage of the
present influx of
Treasury notes has remained the same since
provided by law. There was an increase of millions, it has lost $31,300,000 of gold.
the first
January 1,1879,
*
Sooner
or
later
the time will come when the creditors of Bank will
prefer pay¬
ment in the dearer metal, and the refusal to
pay the kind of
coin asked for by the creditor who has the option will
down the cheaper coin to its value in the markets of the world.
Then the bank must replenish its store by
selling its bonds
under disadvantageous circumstances or- remain
bring¬
upon
the silver basis.
permanently
The United States is at the present time in a similar situation
to the Bank of
store of gold
France, except that its liabilities are less and its
somewhat greater. On September 30, 1877, the
Treasury held 107 millions ($107,039,529) of gold and nearly
4,986,492
6,495,477 seven and one-half millions of silver
($7,425,454), or ninety-three
Total silver
38,879,908 58.780,823 84,472,626 and one-half per cent of the former and six and one-half percent
Currency—
of the latter. On Nov. 1, 1880, it held in all 141 millions of
In the Treasury
gold
77,615,655 41,906.376 26,846,826
In national banks
($141,133,849),
$7,454,500
for
the
including
held
redemption
of
126,491,720 118,546.369 86,439,925
In 8tate banks
certificates outstanding, and 77 millions of silver
25,944,485
25,555,280
25,828,794
($77,977;149),
In savings banks
14,513,779 15,880,921 17,072,660 or sixty-four per cent of gold and thirty-six per cent of silver.
Everything is favorable at the present time, but the operation
Total currency
244,565,639 201,888,946 156,188,225 of laws now
in force will continue to reduce the gold and
Grand totals
The Government, by trying to force silver
442,125,902 466,936,285 494,293,362 increase the silver.
upon the holder of bonds matured, or in payment of legaltender notes—thereby assuming that the silver dollar is not the
The silver certificates, of which $1,165,120 was held
the
by
equal of the gold dollar—and by taking the option away from
national banks and the remaining $18,615,121 was in
circulation the holder of the note,
on November
may any day bring the nation upon the
1,1880, are not included in the above exhibit.
silver standard, which will at once advance the price of all prodIf from the amount of coin and
currency in the country, as
given in the first table, the amount-in the
Treasury and the
*The Public, November 18,1880.
banks be deducted, the remainder will
give the amount of each
t London Economist, November 6,1880.
.
THE
618
[Vol. XXXI.
CHRONICLE.
bills on Paris for 1879, as
report gives a classification of the
gold at such a premium that an investment in follows:
it at par would be at least twice as profitable as in United
Bills of 10 francs, or $2 each, and under
7,812
States bonds.
Such a situation is not satisfactory to any intel¬ Bills of 11 francs to 50 francs each, or $2 20 to $10
392,815
023,232
of 51 francs to 100 franos each, or $10 20 to $20
ligent business man, and no effort should be spared to enlighten Bills
2,878,294
the people upon the silver question and to effect the repeal of Bills of above 100 francs eaoh, or $20
the present law. The banks as a class have no prejudice
Total
3,902,213
against silver coin other than that occasioned by its incon¬
It
will
be
that
whole
number
of
bills was
observed
the
these
venience. If Congress shall, by wise legislation, forbid the issue
of small notes and restrict the silver issues within judicious nearly four millions, of which more than two-thirds (2,878,294)
limits, the standard silver dollar will do good service, and soon were for amounts above twenty dollars. The remainng 1,023,919
accumulate in bank vaults and fird its way into general circu¬ bills were all for sums less than twenty dollars, and, at the
lation. If not, it is wisdom on the part of bank officers, who highest limit, could not much exceed 16 millions. There were
act for the interest of their stockholders, to keep their reserves 623,232 bills in amounts varying from $10 20 to $20. There
were also 392,845 bills varying in amount from $2 20 to $10, and
and all their ready means as nearly as possible in gold coin.
This brief outline of some of the transactions of the national 7,842 bills as low as two dollars each or under. The number of
banks covers the most important period of the financial history trade bills in 1877 below $20 was 393,503 ; in 1878, 1,054,381, and
of the country, and shows the immense advantage experienced in 1879, 1,023,919. The average amount of each of the Paris
bills in 1879 was $171 80 ; the average of the bills at the
by this country from having, during the years following the
branches was $185 60; and, taking the whole number together,
^reat war, an excellent banking system. The system was
*
*
*
*
*
lished, not for the benefit of the stockholders of the banks, but the average was $180.
In 1878 the average amount of each bill discounted at Paris
for the benefit of all the people. Its ample basis of unimpaired
capital, its large surplus, its large cash reserves, its secured was $178 40 and at the branches $198 40, the average of the
circulation, its protection to depositors, and its general manage¬ whole being $188 80.
The Bank of France receives these bills from bankers who
ment, must commend it to every student of political economy ;
and it is among the most gratifying of political signs that keep accounts with it, as it discounts only for its depositors.
during the late exciting campaign, while both parties have These bankers in turn discount them for small brokers, who
claimed the credit of having brought about a return to specie receive them for this purpose from the working classes. The
payments, neither party has urged the abolishment of the bills are presented to the Bank for discount, with accompanying
schedules. The rate of interest is the same on small bills as on
system. The national banks have now entered upon a new
career.
The machinery is in excellent working order, and but. large ones, and no charge is made beyond the discount or
little legislation is needed to perfect it into a homogeneous interest. The greater part of these bills are promissory notes,
and issue from small manufacturers, and also from workmen on
system which will be part and parcel of the nation.
But it does not follow because the banks are transacting their own account, known as makers of the “ Articles de Paris.”
nets, and place
estab¬
exempt from
business upon a true standard that they will be
farther losses. The hazards of business are certainly much
less on that account, but the rapid and unprecedented increase
been experienced during
injury as well as benefit
to the country.
The good harvests, the large products of the
mines, the influx of specie from abroad, the increasing demand
for produce and manufactures, the prosperous condition of
trade and of the industries of the country, are sure to be
followed by periods of depression which will seriously affect
not only the value of the collaterals upon which large amounts
of call loans are based, but also the payment of commercial
paper.
The amount of legal reserve required to be held by the
banks was largely reduced by the act of June 20, 1874, ana the
percentage held in the larger cities has been greatly diminished
during the past few years. The sudden and enormous increase
of the circulating medium, such as has
the last two years, may result in great
of individual and bank
should be accompanied,
THE
The
geographical divisions a classi¬
bills dis¬
when the
f
-
Number and
Geographi¬
cal divi¬
sions.
classification of bills.
Average
$100
$100
and
less.
$500
to
$500
$1,000
to
to
$5,000 $10,000
and
to
$1,000 $5,000 $10,000
8,936
10,082
11,453
1,233
31,812
5,381
Uu’d States 251,345 296.040 95,380 125,223
28,199
30,167 54,965 20,444
N.E, States.
Mid. 8tates. 115,285 132.032 39,484
15,752 24,430 7,862
So. States..
W. States &
Territories
much greater percentage of coin and a much
expansion of loans, if the banks would check unhealthy
speculation and keep themselves in condition for an adverse
balance of trade and for the legitimate demands of the depos¬
itors and correspondents who confide in them.
law, but by a
smaller
BY THE BANK OF
following table gives by
STATES.
fication, similar to the foregoing, of the notes and
counted held by the national banks on Oct. 2, 1879,
total amount of loans was $875,013,107.
deposits in the commercial centres
not only by the reserve required by
DISTRIBUTION OF LOANS
OF THE UNITED
NATIONAL BANKS
FRANCE.
J
of the Bank of France for 1870,
to the general meeting of the
shareholders, on the 29th of January, 1880, contains much
interesting information in reference to its operations.*
The Bank of Fnnce has a capital of 182,500,000 francs, which,
expressed in the currency of this country, at the rate of five
francs to the dollar, is equal to $36,500,000.
It has ninety
branches, as required by law, forty-one of which were carried
on in 1878 at a loss of $162,225 and thirty in 1879 at a loss of
$95,840. The circulation of the Bank on November 4, 1S80, was
$473,805,793 ; its deposits, $103,892,222, of which $40,521,965
were Government deposits; its coin, $113,850,000 of gold and
$249,400,000 of silver ; and its loans, 195,707,859.t
The amount of commercial paper discounted at. the Bank of
France and its branches during the year 1879 reached itx maxi¬
mum on November 28, wThen it was $172,360,000, being nearly
five times the amount of its capital.
The minimum amount,
which occurred on March 20, was $74,729,000, which was about
twice the amount of its capital. In addition to commercial
paper or trade bills discounted, the Bank makes advances on
collateral securities, such as bullion, railway shares and Govern¬
The highest amount of such advances in 1878 was
ment bonds.
$22,960,000, which was increased in 1879 to $31,100,000. The
combined amount of commercial paper, or trade bills, and of
advances on securities, ranged from $190,000,000 to $200,000,000.
In addition to its discounts and loans the Bank usually holds
about $54,500,000 in various securities of the French Govern¬
The report of the transactions
made by the General Council
90,141
84.563 27,590
33.621
50,854
amount
of bills.
over.
4,590 $1,563 36
5,276 1 175 56
416
781 40
1,800
712 72
12,082 $1,082 58
discounted, as will be seen,
each discount, $1,082 59. If
the average time of these bills was sixty days, and the banks
held continually the same amount, the number of discounts
made during the year would be nearly five millions (4,849,614),
the total discounts more than five thousand millions (5,250,000,000), which would be equal to a discount of $700 annually for
each voter, or $500 for each family in the country. The num¬
ber of notes and bills of $100 each, or less, at the date named
was 251,345, or nearly one-third of the whole;
the number of
bills of less than $500 each was 547,385, or considerably more
than two-tliirds of the whole; while the number of bills of less
than $1,000 each was 642,765, which is more than three-fourths
pieces of paper
808,269, and the average of
The number of
was
number.
Every State and Territory, except Florida, Dakota
ington, had single discounts of $10,000 and over,
every
State, except Florida, had discounts of $5,000 and over. All
States had discounts in amounts varying from $100, or less, to
$1,000, and over. The discounts of the banks in the State
New York amounted to 2C0 millions, the number of pieces of
of the whole
and Wash¬
and
the
of
paper held being 170,137, which was more than was held by all
of the New England banks combined.
The discounts of the New
England banks were 240 millions, which were represented by
153,869 pieces of paper. The amount of discounts in the New
England States was considerably more than those of the Western
and Southern States; but the number of loans in New England
only about one-half the number in the South and West. The
banks in New York City held 2,907 pieces of paper of $10,000
each, and over, and those in the remainder of the State 454.
Boston held 2,258 of such pieces, and the remainder of Massa¬
chusetts 995. Philadelphia held 809, and the remainder of
Pennsylvania 55S; Chicago held 322, and the remainder of Illi¬
nois 105. The total number of pieces held by the four cities
here named was 6,296, which is more than one-half of the
aggregate of this class of bills held by all the national banks in
ment.
the United States. The bank examiner in the city of New York
About one-third of the commercial paper discounted at Paris
gives the following estimate of the average amount of loans in
($209,888,385) was paya ble in towns where the Bank had branches, the city of New York :
the remaining
two-thirds ($468,320,475) being
The total amount of
commercial paper
payable in Paris.
discounted during the
than 1,452 millions of dollars ($1,452,175.The total number of pieces of paper discounted during
the year was 8,071,505, of which number 4,169,292 were payable
at the branches and 3,902,213 at Paris. J
The reports for 1878 and 1879 give classifications of the Paris
bills. The discount of certain classes of these trade bills, which
are for very small amounts, is a characteristic of the Bank of
.France, and the statistics are both interesting and curious. The
entire }Tear was more
260).
I/Economiste Frangaise, April 10, 1880.
t Louden Economist, November 6, 1880.
*
'
.
was
to
$104,000,009
37,000,000
amounting to ... 55,090,000
Of the loans exceeding $10,009 each he estimates a3 follows :
150 of $50,000, amounting to $7,509,000, and 80 of $100,000,
amounting to $8,000,000. He says that the largest loan of any
kind that ever passed through his hands was one for the sum
41,598 loans, averaging $2,509 each, amounting
4,92G loans, averaging $7,500 each, amounting
2,907 loans, averaging $19,000oach,
to
United States bonds, and was a
of $1,000,000, secured by
mate transaction, understood to have been
in the erection of an enormous oil-refinery
also says that he has
$500,000 each.
legiti¬
principally employed
in New Jersey. He
frequently handled demand loans of
iecember
187.!2,078
619
THE CHRONICLE.
ii# 1880]
Savings
State banks,
Savings
banks
inquiry in reference to small loans, lie replies
National banks. private bank¬
banks with
Total.
without
that the tobacco manufacturers receive large numbers of prom¬
ers, &c.
capital.
capital.
issory notes, of a small amount each, payable in almost every
o3
oi
g
city, town and village in the country, and running from thirty
*3
3
In
to fifty days’ time.
The sewing machine companies and the
a
a
a
a
a
O,
K
H
manufacturers of billiard-tables, pianos and farming imple¬
p
p
p
si
55
P
p
C
£
O
%
o
P
V
P
a
£
ments also receive large numbers of notes of from $10 to $50
Mil's Mil's
MU. Mil's]
Mil's]
| MU's MUn't
|
t Mil'.-i Mil's]
each, being monthly payments on articles sold by them. These 1876. .I2.09li500 4 713-5,'3.803 214-0 480*0 26 5-0 37-2691 844-6 6,611 719 4 2.075*3
218-6
470-5
26
4
9
38-21676
843-2
704 5 2.1801
768-2!3,709
6,579
481*0
small notes are usually received by the banks as collateral
-3
1878.. 12,056 470-4 677-2I3.709! 2022 413-3
23
26-2668 803"3'6 456 675 8 1 920 0
security for loans, and are forwarded by them for collection. A 1879..12.048.455-8 713-4 8 639 1970 3970 29 42 36 1 044 747 1 0.300,656-5 1,893-5
-4
34 6 629! 783 0 6,533 650 0 2,210-9
10 to 25 cents is made upon each 1880.. 12,076:455-9 900-8:3,798; 190 1 501-5 29
charge for collection of from
In
answer
to
an
u
■4-i
Years,
small note.
The average amount
$3,952 ;
$1,993 ;
$2,086 ;
$1,244 ;
$1,936.
of each loan in New York City was
in Boston, $3,033 ; Philadelphia, $1,638 ; Pittsburg,
Chicago, $2,214; Baltimore, $1,593 ; Milwaukee,
Saint Louis, $1,575; Cincinnati, $1,231; Cleveland,
Detroit, $1,320 ; Louisville, $1,007 ; and New Orleans,
<n
u
«->
0)
x>
io
V
P3
.
O
a
o.
a
p
o
n
u
*->
OJ
O
a.
a.
O
ft
V
0)
c3
Minnesota, $621; Vermont, $645 ; North Carolina, $662 ; Ten¬
nessee, $651 ; Maine, $740 ; Indiana, $711 ; New Hampshire,
$815 ; South Carolina, $846 ; Georgia, $882.
A table will be found in the appendix giving the number of
each class of discounts held, their average amount, and the
total amount of money loaned in each of the States and princi¬
pal cities of the Union.
An examination of this table will give
full and interesting information relative to the distribution
loans by the banks in the different sections of the country.
*
*
*
NUMBER, CAPITAL AND
*
*
DEP03ITS OF
of
*
NATIONAL BANKS, STATE AND
SAVINGS BANKS AND PRIVATE
capital of the 2,076 national banks in operation on June
as will be seen by a table in the appendix, was $455,909,565, not including surplus, which fund at that date
amounted to 118 millions of dollars ; while the average capital
of all the State banks, private bankers and savings banka for
the six months ending May 31, 1880, was but $194,136,*25 ;
which amount is but little more than one-third of the combined
capital and surplus of the national banks.
The net deposits of the national banks were $900,78S,714, and
the average deposits of all other banks, including savings
banks, were $1,319,094,576, of which more than one-half—or
$783,033,149—consisted of the deposits of the 629 savings banks
having no capital stock, which are included in the above aggre¬
gate.
The increase in the net deposits of the national banks during
the year was $187,385,075 ; of the savings banks, $34,508,295 ;
of the private bankers, $42,749,684 ; and of the State banks and
trust companies, $61,713,761; making a total increase in the
bank deposits of the country of $326,356,815.
The table below exhibits the aggregate average capital and
deposits for the six months ending May 31, 1880, of all classes
of banks other than national, and the capital and net deposits
of the national banks on June 11 following :
The
Geographical
CIRCULATING NOTES.
SECURITY OF
following table exhibits the classes and amounts of
United States bonds held by the Treasurer on the 1st day of
November, 1880, to secure the redemption of the circulating
notes of the national banks
:
,
Capi¬ Depos¬
tal.
m i*. Mill'ns.
536 12-02
388-97
New Engl’d States
615-62
Middle States
1.300 79-51
493 81-85
53" 50
Southern States...
Western States &
70-76
261-00
Territories
2,122
Loan of Fob. 1861 (’80s)
Loan of July& Aug./61 (’81s)
Loan of 1863 (’81s)
Consols of 1867.
Consols of 1868
Ten-forties of 1861
Funded loan of 1881
Funded loan of 1801
Funded loan of 1907
February 8,1861
July 17 and Aug. 5/(31
Pacific Railway bonds
July l,’62,&July 2/64
..
Total
No.
Capi¬
Net de¬
tal.
posits.
No.
8908
United States.. 4 456 194-14 1.319-09 2.07H 455-91
$2,046,000
33,405,050
17,027,100
3,000
J’lyl4/70&Jan.20/71
do
do
5.000
526,900
4*2
4
i
C
146,552,850
36,988,950
119,075,100
4,119,000
$359,748,950
On October 1,1865, the total amount of bonds held for this
was $276,250,550, of which $199,397,950 was in six per
cents and $76,852,600 in five per cents.
On October 1,1S70, the
banks held $246,891,300 of six per cents and $95,942,550 of five
purpose
Since that time there has been-to Nov. 1, 1880, a
cent bonds and an increase
of $51,137,200 in five per cents.
The banks now hold $36,9S8,950 of four-and-a-half per cents,
all of which have been deposited in the Treasury since Septem¬
ber 1, 1876, and $119,075,100 of four per cents, which have been
deposited since July 1, 1877.
During the last year $19,243,300 of four per cents have been
withdrawn by the banks, chiefly for the purpose of realizing the
percents.
large premiums thereon, and $22,370,750 of five per cents have
been deposited, which will mature in a few months. The banks
still hold $8,000 of six per cent five-twenty bonds, and $526,900
of five per cent ten-forty bonds, upon which interest has
ceased.
They also hold $146,552,850 of the fives of 1881,
which are redeemable on the 1st of next May; $2,046,000
of sixes of 1880, payable on the first day of January next; and
$50,432,150 of sixes of 1881, which are redeemable on the 1st of
July next.
NATIONAL BANK
CIRCULATING
BANK OF
AND
LEGAL-TENDER
OF
NOTES
THE
NOTES,
BANK
OF
GERMANY, BY DENOMINATIONS
BY
DENOMINATIONS.
FRANCE AND
IMPERIAL
.
amount of
November
1, 1880, and the aggregate amounts of both kinds of notes for
The following table exhibits by denominations the
national bank and legal-tender notes outstanding on
the
same
date in 1879
C»pi- Depos¬
tai.
its.
Mil's. Mill'ns.
Mil's. Mill'ns.
161-90 1,084 177 62
548 105-60
550-93
054 170-44
430-06 1,954 249-95 1,095-68
177 39-70
675 62-64
4590
99 40
637
March 3, 1863
March 3, 1865
March 3, 1865
March 3, 1861
do
do
Amount.
6
6
6
6
6
5
5
;
Denominations.
its.
Rato
of
int’st.
Authorizing Act.
Class of Bonds.
:
1879.
Total.
divisions.
No.
o
P.
1880.
National banks.
0*
+>
decrease of $190,2S6,150 in six per
BANKERS.
11, 1880,
State banks, sav’gs
banks, private
bankers. &c.
aS
.a
The
'
Among the States having the smallest average loans were the
following : New York, exclusive of the cities of New York and
Albany, $499; Pennsylvania, exclusive of Philadelphia and Pitts¬
burg, $535 ; Maryland, exclusive of Baltimore, $505 ; Kansas,
in which the average was $353 ; Iowa, with an average of $375 ;
West Virginia, of $350; Delaware, $556 ; New Jersey, $566 ;
tfl
.o
O
0
rH
0)
o
ir.
2L287 2,819 15984
473 87
903 79 6,532 650-05 2,219-88
From this table it will be seen that the total number of banks
and bankers in the country at the dates named was 6,532, with
a total banking capital of $650,049,390, and total deposits*
of $2,219,883,290.
In the appendix will be found similar tables for various
Amount of
national
hank notes
$
2 292 462
Twoa
Fives
Tens
Twenties
Fifties
One hundreds
Five hundreds
One thousands
?.
Five thousands
Ton thousands
Add for fractious of
notes not
or
1,207,260
09,010,760
113,820,580
75,031.560
21,418,300
26.888,000
630,500
239,000
presented
destroyed...:...
15,129
Amount of
legal-ten¬
Aggregate.
Aggregate.
der notes.
$
$
$
21,954,900 24,247.362 22,887,502
21,829,318 23,036.578 21,030,863
67,132.138 167,042,898 159,522,853
75,835,008 189,655,588 181,447,558
72.088,277 147,719,837 141,445,933
21,359,175 45,777,475 46,177,945
33,069,700 59,958.600 58,339,780
16,126,000 16,765,500 23.0S8.000
14,401,500 14,640,500 23,111,500
3,250,000
565,000
565,000
2,500,000
320,000
320,000
15,129
13,586
periods, from 1875 to 1880, where will also be found other tables
Totals
342,063,451 347,681,016 689,744,467 682,815,520
giving the assets and liabilities of State institutions during the Deduct
for legal ten¬
past year, so far as they could be obtained from the official
der notes destroyed
1,000,000
1,000,000
in Chicago fire
1,000,000
reports of the several State officers.
A table arranged by States and principal cities, giving the
Totals
342,063,451 346.681,016 688,744,467 681,815,520
number, capital and deposits, and the tax thereon, of all bank¬
ing institutions other than national, for the six months ending
The law provides that, after specie payments are resumed,
May 31, 1880, and for previous years, will be found in the national banks shall not be furnished with notes of a less de¬
appendix.
nomination than five dollars ; and in accordance with this
The following table exhibits, for corresponding dates in each
rovision no notes of the denominations of one and two dollars
of the last five years, the aggregate amounts of the capital and
ave been issued since the first day of January, 1879.
The
deposits of each of the classes of banks given in the foregoing amount of ones outstanding on that day was $4,793,817, and
table ;
of twos, $2,924,930 ; total, $7,718,747. Since that date the opes
*Tlie terms “ gross deposits’'
“individual deposits M and “net have been reduced $2,501,355, and the twos, $1,717,670, making
deposits” of national banks, as used in this report, are explained as fol¬ a total reduction of small bank notes of $4,219,025.
lows:
The amount of legal tender notes, of the denomination of one
The gross deposits of the national banks are the amounts reported by
them to the credit of stock holder's for dividends unpaid; to the credit of dollar, outstanding on that date was $20,257,109, and of twos,
individuals, companies and firms; to tho credit of tho United States $20,035,525 ; total, $40,292,634.
The increase since that date
aad its disbursing officers; and to the credit of other banks. The indi¬ to November 1, 1880, has been $3,491,584.
Th^is it will he
vidual deposits are the amounts reporred under that head, consisting of
seen that while the small notes of the national banks have
amounts to the credit of individuals, o anpanies and firms only. Tho
been reduced more than four millions ($4,219,025', in compli¬
net deposits are arrived at by deducting from the sum of the items
making up the gross deposits the amount of clearing-house exchanges ance with law, since the date of resumption, the legal-tender
reported, and the amouut of balances due from banks (with tho excep¬ notes of the same denominations have been increased $3,491,584.
tion of that duo from reserve agents) not oxceoling tho amouut due to
The total amount, in these denominations, of both kinds of
banks.
THE CHRONICLE.
620
outstanding on November 1, 1880, was $47,283,940. The
during the year has been $3,365,575 ; the decrease
during the year previous was $3,649,451. Of the entire amount,
of national bank and legal-tender notes now outstanding,
nearly seven per cent consists of one and two dollar notes, and
more'than thirty-one per cent of ones, twos and fives, while
more than fifty-eight per cent is in the notes of a less denomin¬
ation than twenty dollars, and about eighty per cent is in
notes of a lower denomination than fifty dollars. Of the entire
issue, about twenty per cent in amount is in denominations of
fifty dollars and upwards.
The circulation of the Imperial Bank of Germany on Janu¬
ary 1, 1879, was $165,933,942 ; its circulation on January 1,1880,
was $198,201,144; showing an increase of $32,267,202 during
United States bonds lield
notes
total increase
Date.
l,
1,
1,
1,
1,
1,
1.
1.
1,
July 1,
July 1,
July 1,
July 1,
July ’,
July 1,
July 1,
Nuombfer piecs.
*
P
Voalufe peiaecch dolars. iAmnou t dolars. (Th=aler cents.) Nuombefr piecs. Denomia¬ tions. Voalufe peiaecch 'dolars. iAmnou t dolars. 2(M=a5rk cents.
<»
OPS
in
A""
185
Thai.
500 37500
100
75*00
50
37*50
25
18*75
10
7*50
22,336
75
....
in
69,375
255,753
176,775
64,369
213,384
4,281,731k!
Mrks
1.000
500
100
250
125
25
63,938,250
2 «, 673,000
107,043,287
167.512
•
68,576
546,607
......
....
4,750,968 k!
....
197,654,537
following table* gives the circulation of the Bank of
France and its branches, with the number of pieces, and the
denominations in francs and in dollars, on January 29, 1880 :
The
Number
of pieces.
Denominations.
Value of each
piece in dols.
5
5,000 francs.
1,000
1,371,477
716,980
1,000 francs.
200
100
40
20
10
5
4
1
500 francs.
200 francs.
3,009
100 francs.
5,716,919
50 francs.
207,516
25 francs.
27,323
20 francs.
335,635
5 francs.
197,448
3,241 Forms out of date.
Amount in
francs.
J uly
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
J
1,
1,
1,
1,
1,
1,
1,
1,
220,497,750
17?,251,450
160.923.500
154,370,700
136,955,100
109,313,450
87,690,300
82,421,200
56,042,800
58.056,150
139,387,800
207,189,250
229,487,050
56,605,150
147,079,750
236,800,500
239,359,400
232,081,300
206,651,050
199,514,550
144,616,300
139,758,650
$235,959,100
327,310,350
1865.
1866.
1867.
1868.
1869.
1370.
1871.
1872.
1876.
1877.
1878.
1879.
1880.
18^0.
4 per
cent
bonds.
bonds.
$
$
44,372,250
48,418,650
35,056,550
37.760.950
36.988.950
19,162,000
118,538,950
126,076,300
119,075,100
Grand total.
$155,785,750
$391,744,850
121,152,950
84,002,650
80,922,500
55,102,000
43,980,600
39,450,800
31.868.200
25.724.400
25,347,100
26.900.200
45.170.300
47,315,050
68,850,900
76,603,520
42.831.300
43.620.400
448.463.300
424.610.150
340.607.500
341,495,900
342.851.600
342.278.550
359,885,5.50
380,440,700
390.410.550
391,171,200
376.314.500
341,394,750
338.713.600
1, 1873.
1, 1874.
1, 1875.
1,
1,
1,
1,
1,
4*2 per cent
Total U. S. bonds Held for other pur¬
held as security
poses at nearest
date.
for circulation.
Date.
C
P c
2,357
l,716k>
8,934
9,1431s
1879.
security for circulation.
86,226,850
89,177,100
90,768,950
87,661,250
94,923,200
.
255.190.350
247.355.350
Marks.
C3
c
170.382.500
2 41,083,500
251.430,400
250,726,950
1865.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1880.
Nov. 1, 1880.
l
.2
$
65,576,600
$
July
July
July
July
July
July
July
July
July
as
5 per cent
bonds.
6 per c ent
bonds.
the year.
The following table exhibits by denominations the circulation
of the Imperial Bank of Germany on January 1, 1880, in
thalers and marks, which are here convert-el into our currency :
Thalers.
[Voi, XXXI.
349,546,400
354.254.600
361,652,050
359,748,950
422,418,400
397,953,600
386.259.150
399.336.350
412,308,900
416,134,950
410.518.300
403,214,700
386,565,050
386,028,650
418.397.300
430,858,120
404.483.350
403.369.350
Arat. in dols.
(Fr.=20 cts)
25,000
5,000
1,371,477,000 274,295,400
358,490,000 71,698,000
120.360
601,800
571,691,900 114,338,380
2,075.160
10,375,800
136.015
693,075
1,312,519
6,712.700
987.240
197,418
85,970
429,850
2,321,474.3651464,294,873
8,577,553
The amount of circulation of the Bank of France on Janu¬
All of
1 ational
the five and six per cent bonds now held
banks, with the exception of Pacific Railway
g a lens liiivt; ui
by the
bonds,
mieicoi.
United States bonds held by State and savings
inks cannot be accurately ascertained, for the reason that
inks in seventeen of the States do not make reports of their
mdition to State authorities. From such reports as have been
The amount of
received
through the courtesy of State officers, it is found that
the State banks and trust companies and the savings banks held
the following amount of United States bonds, at different dates
30, 1879, was 2,290,970,830 francs, or, say, $45S,1P4,166,
showing an increase between that time and Jan. 29, 1880, the during the year 1880 :
date of the foregoing table, of 30,503,535 francs, or $6,100,707.
State banks in twenty States
$7,142,532
It will be seen that the Imperial Bank of Germany issues no Trust companies in live States
19,109,650
notes of a less denomination tiian $7 50, and that the Bank ot Savings banks in fourteen States
1
187,413,220
France issues less than two millions of dollars in notes of a less
Total
$213,665,402
denomination than five dollars. The Bank of England .issues
no notes of less than twenty-five dollars, and the Banks of Ire¬
The Commissioner of Internal Revenue receives semi-annual
land and Scotland none less than five dollars.
reports from all banks organized under State laws, and also
The amount of circulation in this country in denominations
reports from private bankers, giving their average capital and
of five dollars and under on November 1,1880, was $214,826,83S.
deposits, and the amount of such capital invested in United
In the foreign countries named a large amount of silver and States bonds ; and from these returns the following table has
gold coin of the lower denominations enters into general circu¬ been compiled, showing, by geographical divisions, the average
lation. It will be impossible to keep in circulation any large amount of capital invested in United States bonds for the six
amount of small gold coins or silver dollars, unless the coinage months ending May 31, in the years 1878, 1879 and 1880 : •*
ary
,
of the latter is restricted and the small notes withdrawn.
Section 5,182 of the Revised Statutes requires that the circu¬
lating notes of the national banks shall be signed by the Presi¬
dent or Vice-President and by the Cashier of the association
issuing the same. The written signature of at least one bank
officer is necessary as a check between this office and the issuing
banks, for if an illegal issue should occur the signature of such
officer would be a means of determining the genuineness of the
note. The written signatures of the officers of the banks are
also necessary as an additional precaution against counterfeit¬
ing. A number of the banks, however, issue their notes with
printed signatures, and in some cases with badly executed
lithographed ones. A bill is now pending in one of the bank
committees of Congress, imposing a fine of twenty dollars for
every circulating note issued by any national bank without the
written signature thereon of at least one of its officers ; and the
Comptroller respectfully repeats his previous recommendation
for the passage of such an act, which act should also impose a
fine upon any engraver or lithographer who shall print the sig¬
natures of bank officers upon such circulating notes.
»•
*
*
*
*
*
.Since the year 1865, the national banks have held an average
of more than one-fifth, and now nearly one-fourth, of the inter¬
est-bearing debt of the United States. Previous to the year
1872 much the larger portion of these bonds bore interest
at the rate of 6 per cent, and until the year 1877 all of the
bonds bore interest at either five or six per cent. These classes
of bonds have since been greatly reduced, and are now less
than three-fifths of the amount pledged for circulation, while
more than two-fifths of the amount consists of bonds bearing
interest at 4 and 4/6 per cent only. This will be seen from the
following table, which exhibits the amounts and classes of
United States bonds owned by the banks, including those
nks
&
Six mouths
ending—
By State ba
private bank¬
ers
and trust
Total.
By savings
banks.
companies.
$
May 31, 1878—
New England States
Middle States
Southern States
Western States
Pacific States and Terr’s.
.
3,028,733
23,915,757
1,523,882
6,062,265
3,356,369
37,887,011
United States
May 21, 1879—
New England States
United States
May 31, 1880—
New England States
Middle States
Southern States
Western States
Pacific States and Terr’s..
United States
1,082,620
4,438,989
131,083,588
168,970,599
34,941,378
8,326,402
5,015,948
1,372,845
38,611,345
149,504,617
3,679,200
10,491,070
6,388,793
46,291,965
162,383,060
208,675,025
3,737,093
20,564,834
2,541,991
8,137,551
3,883,816
37,693,200
146,301,155
166,865,989
1,000
2,542,991
2,474,557
2,717,904
10,612,111
6,601,720
38.865,288
189,187,816
228,053,104
3,593,179
Pacific States and Terr’s.
1,172,598
$
29,626,456
126,079,742
1,590,549
7,234,863
•
123,818,148
86,021
2,164,668
3,669,967
25,686,469
Middle States
Southern States
Wt stern States
$
20,597,718
102,163,985
66,667
41,430,293
capital
The above table gives the average amount of
in¬
vested in United States bonds, from wnich should be deducted
the amount of premium paid at the time of purchase, which
cannot be ascertained.
The amount of United States bonds held by the national
banks on November 1,1880, as above shown, was $403,369,350,
and the amount held
by the other banks and bankers
of the
country, during the six months ending May 31 last, was
The total amount held by all the banks and
rst day of July in each year since 1865, and upon Novem¬ $228,053,104.
bankers is thus shown to be considerably more than one-third
ber 1 of the present year:
j
of the whole interest-bearing, funded debt of the United
Wed as security for circulation and for pubiic deposits, on
*
London Bankers’ Magazine for
August, 1880, pp. 656 and 662.
States,
as
follows
:
December 11,
THE
1880.]
Savings banks
1
State banks a ml trust companies
Private bankers
National banks
!
$189,187,816
24,498,60-1
14,366,684
403,369,350
>
,
CHRONICLE.
been heretofore illegally assessed and collected by the State
authorities. On this point it was decided that the question of
the recovery from the assessors of tax^s
errors
Total
631,422,454
If the amount of bonds held by national banks and private
bankers be deducted from the last total, the remainder will
621
in assessments
overpaid, through
arising from misconstructions of the law
of the United States relative to the taxation of national bank
shares by the States, is not one to be decided
Courts, but must be governed by the
common
bj' the Federal
law or the statute
agree very nearly with the amount of bonds held by State and law of the State.
savings banks as returned by State officers and shown on the
As it is in the power of the States, under the
present law of
preceding page. These amounts, therefore, seem to be very Congress, so to legislate that, through mistaken construction
nearly correct, and to comprise the whole amount of United of said law by the assessors, bank shares may
be discriminated
States bonds held by all the banks and bankers of the country.
against as compared with other moneyed capital, and as redress
A table will be found in the appendix giving the number of for such
mistakes depends on the action of the State Courts ;
each class of banks and of private bankers in each State, and
as, further, to secure a true construction of the Federal law
together with the amount of their capital, deposits and United by the assessors in each State may require protracted
litigation
States bonds held.
*
*
*
*
*
before the question of the legality of the form of taxation in
STATE TAXATION OF NATIONAL BANKS.
each particular State can be finally decided ; it becomes a
ques¬
Section 5,219 of the Revised Statutes of the United States tion whether
Congress may not better settle the whole matter
provides that nothing in the national bank act shall prevent by fixing more precisely the amount of taxation which
may be
all the shares in any national association from being included
imposed by the States on national bank shares.
in the valuation of the personal property of the owner or
The decision of the Supreme Court, heretofore
quoted, states
holder of such shares in assessing taxes imposed by the author¬ that this
oppressive taxation “ might have been prevented by
ity of the State in which the association is located, but that the fixing a precise limit in amount,” and it is
respectfully sug¬
legislature of each State may determine and direct the manner gested to Congress whether it would not be advisable,
in order
and place of taxing all the shares of national banking asso¬ to avoid the
expense and annoyance of long-continued
litiga¬
ciations located within the State, subject only to two restric¬
tion, to pass a law fixiDg the maximum amount of taxation
tions : first, that the taxation shall not be at a greater rate than which
may be imposed upon national banks by State authorities.
is assessed upon other moneyed capital in the hands of the in¬ It is true that if this should
be done the States so disposed
dividual citizens of such State ; and, second, that the shares of
might discriminate in favor of banks of their own creation, or
any national banking association owned by non-residents of any in favor of other moneyed
capital, by making the weight of
State shall be taxed in the city or town where the bank is taxation on such
property less oppressive than that fixed on
located, and not elsewhere. The same section provides that national bank shares by Congress ; but such action would be so
nothing herein contained shall be held or construed to exempt manifestly unjust that it is more
likely that legislation would
the real property of associations from either State, county or follow in the more
important States, the object of which would
municipal taxes, to the same extent, according to its value, as be to impose just and equitable assessments
upon every class of
other real property is taxed.
moneyed
also
that
corporations.
It
is
true
if the maximum
In the decision of the United States Supreme Court,
in the rate of taxation were fixed by law, the courts and the board of
case of “ Williams vs. The Board of Assessors of the
City of assessors could yet, by construction, discrimimate in favor of
Albany,” at the October term in 1879, Mr. Justice Miller, who other moneyed corporations by requiring the tax to be at a
delivered the opinion, commenting on this provision in refer¬ uniform
rate, while the valuation of the assessors is unequal.
ence to State taxation of national bank shares, said :
The Supreme Court, in the decision already referred to
upon
That the provision was necessary, to authorize the States to impose
this point, quotes from the law' as follows :
any tax whatever on national bank shares, is abundantly established by
former decisions of the United States Supreme Court. As Congress was
conferring a power on the States which they would not otherwise have
liad—to tax these shares—it undertook to impose a restriction on the ex¬
ercise of that power, manifestly designed to prevent taxation which
should discriminate against this class of property as compared with other
moneyed capital.
foreseen—1 ho
United States
ities might bo
In permitting the States to tax these shares it
cases we
have cited from
our
was
former decisions of the
Supreme Court showed too clearly—that the State author¬
disposed to tax the capital iuvested in these banks op¬
pressively. This might have been prevented by fixing a precise limit in
amount; but Congress, with due regard to the dignity of the States, and
with
desire to interfere only so far as was necessary to protect the
hanks from auytliing beyond their equal share of the public burdens,
said, you may tax the real estate of the bank as other real estate is
taxed, and you may tax the shares of the bank as the personal property
of the owner to the same extent you tax other moneyed capital in¬
vested in your State.
It was conceived that by this qualification of the
power of taxation equality would be secured and injustice prevented.
a
Prior to this decision of the
Supreme Court, the intent of
Congress in providing for the taxation of national bank shares
by the States had been overlooked or evaded in eotlecting
taxes on such shares under the laws of many of the States.
As
a consequence, capital invested in national banks has, in the
assessment and collection of taxes, been subjected to unjust and
severe discrimination in different ways in these States.
In New York the law permits the deduction of the just debts
of an individual from his personal property, including his
moneyed capital; excepting only from his bank shares. In
Ohio the law provides certain State boards for equalizing the
taxation on real estate, on railroad capital and on capital
invested in bank shares; but there is no State board for equal¬
izing the taxation on personal property other than bank shares,
railroad stock or other moneyed capital. The equalizing proc¬
ess as to all other personal
property ceases with the county
boards. But the county boards throughout the State fixed the
valuation of moneyed capital for purposes of taxation at sixtenths of its true value, while the State board fixed the value
of bank shares at their actual cash value. Thus, while the rates
of taxation were the same, the valuation being different, bank
shares were discriminated against to the extent of four-tenths
of their value.
The States have
Taxation shall not be at a greater rate than is assessed
upon other
moneyed capital in the hands of individuals.
^
The Court then proceeds to say :
Seizing upon the word rate in this sentence as if disconnected from the
word assessment, and construing it to mean
percentage on any valu¬
ation that might be made, the Court of Appeals arrives at the conclu¬
sion that since that percentage is the same in all oases the act of
Con¬
gress is not infringed.
If this philological criticism were perfectly just,
we still think the manifest purpose of
Congress in passing this law
should prevail. We have already shown what that was. But the criti¬
cism is not sound. The section to be construed
begins by declaring that
these shares may be “ included in the valuation of the
personal property
of the owner in assessing taxes imposed by
authority of the State within
which the association is located.” This valuation, then, is part of the
assessment of taxes. It is a necessary part of every assessment of taxes
which is governed by a ratio or percentage. There can be no rate or
percentage without a valuation. This taxation, says the act, shall not
be at a greater rate than is assessed on other moneyed
capital. What is
it that shall not be greater ? The answer is taxation. In what
respect
shall it not be greater than the rate assessed upon other
capital? We
see that Congress had in its mind an
assessment, a rate of assessment,
and a valuation, and taking all these together the taxation on these
shares was not to be greater than on other moneyed capital.
If section 5,219 of the Revised Statutes were to be so amended
to read as follows, it would cover the two points under con¬
sideration :
But the legislature of ench State may determine and direct the man¬
as
and place of taxing all the shares of national banking associations
located within the State, subject only to the two restrictions, that the
maximum rate of taxation shall not exceed —
per cent, and that the
valuation shall not be at a greater rate than upon other moneyed capital
in the hands of individual citizens of such State, and that the shares of
ner
any
national banking association owned by non-residents of any State
city or town where the bank is located, and not
shall be taxed in the
elsewhere.
.
Such an amendment would prevent excessive taxation in all
the States, and should not effect the imposition of a less rate in
any
of the States.
The valuation would necessarily be equal,
and it is probable that the constitution of most of the States
would prevent a discrimination against any particular class of
moneyed capital.
TABLES OF NATIONAL AND STATE TAXATION.
The
Comptroller herewith presents his usual annual tables,
giving, as far as can be ascertained, the amount of taxes imposedu pon the banking capital of the country, and respectfully
repeats his previous recommendation for the repeal of the law
imposing a tax upon capital and deposits, and of the two-eent
stamp tax upon bank checks.
The amount collected by the Commissioner of Internal Revenue
during the last fiscal year was $123,981,916, and the whole of
this amount, with the exception of $11,096,464 39, was derived
from the tax on spirits, beer and tobacco.
Were the entire tax
upon banks and bankers of the country, including the two-cent
check tax, as well as the tax upon matches ana patent medi¬
cines, removed, the amount of revenue received by the Government from the tax on spirits, beer and tobacco, and from
customs duties, would alone be sufficient to meet its expenses
and reduce the public debt at the rate of at least seventy mil*
lions annually.
The principal reason heretofore urged against the repeal of
these taxes has been that the amount produced was
necessary
for the support of the Government; but this reason has ceased
to exist.
The repeal of the laws imposing taxes, not
only
the collection of the excess.
upon the national banks, but also upon the State and private
But these decisions do not point out any satisfactory method banks and
saving banks of the country—which institutions
for the recovery of taxes on national bank shares which have
hold, as has been seen, one-third of the whole public debt of
right to impose whatever tax they choose
upon the shares of banks organized under their own laws, but
they have no right to impose a greater valuation on national bank
shares than on other moneyed capital in the hands of individ¬
uals, since thereby the tax becomes heavier on the bank shares
than on the moneyed capital, while the law, rightly construed,
says it shall be the same.
The decisions of the United States Supreme Court delivered
March 2, 1880, in cases arising under the laws of the two States
mentioned, protect national banks from these forms of discrimi¬
nation, and indirectly protect the State banks, as these States
will doubtless so modify their laws as to place State banks
within their borders on at least as good a footing in respect to
taxation as the national banks. By these d ecisions, also, the
Supreme Court pointed out the appropriate mode of relief for
national banks, when taxes are assessed upon them at a greater
rate than upon other moneyed capital in the same State.
This
mode is to pay such portion of the uniustly-imposed tax as is
equal to the tax paid on other moneyed capital, and to enjoin
a
|Vol. XXXL
CHRONICLE,
THE
(322
0781
^increavsing the demand and extending
Geographical
the market for its bonds,
country have paid for a Reries of years,
in a much greater ratio to values
and still pay, and which
than are those imposed
any other species of property, are as much as should be
imposed upon this great interest, and particularly at a time
when the rates of interest througout the country are being
greatly reduced.
*
*
*
*
*
*
The following table exhibits the amount of taxes annually
paid by the national banks to the United States, from the estab¬
lishment of the system to July 1,1880, the rate of taxation
being 1 per cent annually upon the average amount of notes in
circulation, one-half of one per cent annually upon the average
amount of deposits, and the same rate upon the average
amount of capital not invested in United States bonds :
1864
1805
1806
1867
1808
1869
On deposits.
On circular n.
$95,911 87
1,087,530 80
2,033,102 77
2,050,180 09
2,5G4,143 44
2,614,553 58
$53,193 32
733,247 59
2,100,785 30
.......
2,868,030 78
2,940,343 07
2,957,410 73
2,949,744 13
2,614,767 61
2,802,810
3,120,984
3,190.509
3,209,907
3,514,205
3,505,129
2,987,021 09
3,193,570 03
1872
1873
1874
1875
1870
1877
1878
1879
1880
3,353,180 13
3,401,483 11
3,233,450 89
3,091,795 70
2,900,957 53
2,948,017 OS
3,00!*,017 10
3,153,035 03
Aggregate
.
On
85
37
29
72
39
04
133,251 15
400,947 74
321,881 36
300,781 07
312 918 08
375,962
385,292
389,350
454,891
409,048
507,417
20
13
27
51
02
70
10
90
83
3,451,905 3.8
032,290
000,784
3,273,111 74
3,309,008 90
4,058,710 01
401,920 01
379,424 19
500,290
0,175,154
0,703,910
7,004,040
7.083,498
1870.
"NT. Eng. States
Middle States.
SoutlTn States
Western States
and Terr’s...
07
07
93
85
50
81
65
67
43
45,941,101 93 47,703,404 11 0.710,903 31 100,361,469 35
gives the taxes annually paid under the
United States laws, by banks other than national, to the Cotnmissioner of Internal Revenue, on deposits, on circulation and
on capital, for the years from 1801 to 1880, inclusive.
The rate
of taxation imposed by United States laws on the deposits and
capital of State banks and private bankers is precisely the same
banks.
that imposed on the capital and deposits of national
The* tax on their circulation, however, consists of penalties
as
imposed for its unauthorized issue :
On
On circulat’n.
Yen i*s.
'$2,056,996 30
1804
lb (35
1860
1S(37
18(38
18139
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1,993,061 84
990,278
214,298
28,609
10,505
15,419
22,7S1
8,919
11
75
88
05
94
92
82
24,778 62
deposits.
$780,723
2,043,841
2,099,035
1,355,3 )5
1,438,512
1,734,417
2,177,570
2,702,190
3,043,251
52
08
83
98
77
03
40
Si
71
79
10,738 20
3,009,302
2,453,544 26
22,740 27
2,972,200 27
,
1880
17,947
5,430
1,118
13,9(>3
28,773
07
10
72
29
37
2,999,530 75
2,890,637 93
2,593,087 29
2,354,911 74
2,510,775 43
Totals.
On capital.
903,367 98
371,074 11
470,807 73
399.502 90
445,071 49
827,087 21
919,202 77
970,057 01
730,950 05
910,878 15
1,102,241 58
989,219 01
927,001
897,225
830,008
811,430
24
84
50
48
*
$2,837,719 82
4,940,870 90
3,403,988 05
2,040,502 40
1,800,745 55
2,190,054 17
3,020,083 01
3,044,241 53
4,028,229 14
3,771,031 40
3,387,100 07
4,097,248 12
4,000,098 03
3,829,729 33
3,492,031 85
3,193,883 59
3,350,985 28
Aggregate . $5,479,027 97 39,700,202 28 12,533,033 31 57,778,203 50
It will be seen that of the whole amount of taxes paid to the
United States during the years given in the foregoing tables,
the country, the national banks
nearly two-thirds. The amount of tax upon
by all the banks and bankers of
alone
have paid
circulation has been $45,941,162, while the cost to the Govern¬
ment of the national system since its inauguration in 1863 has
been but $4,934,530 51.
From tables similar to the one first given herein for 1879, the
following condensed table has been prepared, which shows the
taxes—national and State—paid by the national banks during
each year from 1866 to 1879, inclusive. The figures given for
the year 1868, and for the years from 1870 to 1873, inclusive,
are estimated.
With these exceptions, the amounts of the
taxes shown by this table are from complete data obtained by
this office
:
Amount of taxes.
Capital
U.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
capital.
Stock.
State.
8.
$
410,593,435
$
7,949,451
422,804,666
9,525.607
420,143,491
9,465,652
419,619,860 10,081,244
429,314,041 10,190,682
451,994,133 10,649,895
472,950,958 6,703,910
488,778,418 7,004,046
493,751,079 7,256,083
503,687,911 7,317,531
501,788,079 7,076,087
485,250,694 6,902,573
471,004,238 6,727,232
450,968,504 7,016,131
$
8,069,938
8,813,127
8,757,656
7,297,096
7,465,075
7,860,078
8,343,772
8,499,748
9,620,326
10,058,122
9,701,732
8,829,304
8,050,533
7,003,232
Total.
$
10,019,389
18,338,734
18,223,SOS
17,378,340
17,650,357
18,509,973
15,047,082
15,504,394
10,876,409
17,375.053
10,777,819
15,731,877
14,783,705
14,019,303
U. S. State Total
P. c.
1*9
2*2
2*2
2*4
2*4
2*4
1*4
1*4
1*5
1*5
1*4
1*4
1*4
1*5
P. c.
2*0
2*1
2*1
1*7
1*7
1*7
1*8
1*8
20
2*0
2 0
1*9
17'
1*7
P.
c.
3*9
4 3
4*3
4*1
4*1
4*1
3*2
3*2
3*5
3*5
3*4
3*3
3*1
3*2
In order that the great inequality of the percentage of these
United States and State taxes to the capital of national banks
in different geographical divisions of the country may be seen,
the following tables have been prepared, giving for the years
from 1875 to 1879, inclusive, the capital stock invested and the
percentage thereto of taxes
divisions:
P.C
1*8
2*1
1*4
P.C
3 0
3*8
2*7
7,302,957
921,234
P.C
1*2
1*7
1*3
4,137,859
1*5 2*4 3*9
4,053.553
1877.
paid in each of such geographical
4,862,778
7,215,503
854,945
1*2 1*7 28
1*7 *2*2 3*9
1*3 1*3 2*0
3,844,533
1*4 2*3 3*7
9,701,732 16,777,819
1*4 2*0 3*4
4,771,895
0,074,852
840,035
1*7 1*9 3*0
1*3 1*4 2*7
3,444,495
1*4 2*1
108,008,379 1,947,970
192,103,773 3.190.247
33,439,193 423,781
2,914,808
4,025,310
431,104
108,116,731 1,514,089
2,330,441
United States. 501,788,079 7,076,087
32,212,288
411,486
2,864,119
3,544,802
429,149
Western States
and Terr’s... 102,364,369
1,453,321
1,991,174
167,788,475 1,907,776
182,885,562 3,129,990
N. Eng. States
Middle States.
SoutlTn States
1878.
N. Eng States
Middlo States.
South’ll States
Western States
and Terr’s...
166,737,594 1,900,735
176,768,399 3,054,576
409,839
31,583,348
3,202,011
1*4 2*0 3 4
1,839,929
8,056,533 14,783,705 1*4
1879.
United States
lo
1*1 1*0 2 7
1*7 1*8 3*5
1*3 1*3 2 6
United Stages. 471,064,238 6,727,232
and Terr’s...
1*1 1*7 2*8
2,593,043 4,493,778
3,217,485 0,272,061
815,915
400,076
95,974,897 1,302,082
N. Eng. States
Middlo States.
Soutli’n States
Western States
,
8,829,304 15,731,877 1*4 1*9 3*3
United States. 485,250,694 6,902,573
1*7 3*1
105,032,512 1,942,209
170,431,205 3,190,113
30,555,018 425,997
2,532,004
4,474,213
1*2 1*5 2*7
2,930,209
383,927
0,126,382 1-9 1*7 3 0
809,924 1*4 1*3, 2*7
90,949,709 1,457,812
1,751,032
3,208,841
1*6 2*0 3*0
456
7,003,232 14.019,363 1*5 1*7 3*2
908,501 7,016,131
Tlie capital of ihe bauks which reported State taxes in 1875 was
$493,738,408; iu 1870, $188,272,782 ; in 1877, $174,067,771; in 1878,
$103,983,724; and in 1879, $152,809,712.
*
In the foregoing
tlie percentages of
tables there appears to be an inequality in
national taxation as well as in those of State
national taxation is in
appearance only, and arises from the fact that while the rate of
United States tax imposed on circulation, deposits and capital
is uniform as to all banks and in all parts of the country, yet in
the tables there is given the percentage of the total tax to the
capital. Therefore, in those States where the deposits and
circulation are large in proportion to capital the percentage
of United States tax in the table is greater. In States where the
deposits and circulation are proportionately smaller the per¬
centage of such tax is less. In the case of State taxation the
inequality is a real one, and represents very nearly the differ¬
ence in the rates, as the only tax which can ba laid by the
States on national banks under the law must be laid directly on
the shares of capital stock. It will be seen that the heaviest
taxes are paid iu the Western and Middle States, and the
lightest in the Southern and Eastern.
but this inequality as to
taxation;
The table below shows
for three different years the great
inequality iu the rates of State taxation
cities of the
country:
paid in the principal
Rates of Taxation.
'
1877.
1879.
1878.
CiLies.
State. Total.
U. S.
Albany
Philadelphia
IJittsburg...
Baltimore...
Washington.
State. Total.
U. S.
State
Tot.
,
New Orleans
Louisville-..
Cincinnati..
Cleveland
Chicago
Detroit
Milwaukee
St. Louis
St. Paul
U. S.
Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. P. ct.
1*3
2*6
13
2*0
1*3
1*3
2*9
1*0
1*3
5*5
2*9
2*0
5*1
2*9
2*2
5*0
2*9
21
5*4
2*5
2*9
5*0
2*8
2*8
6*2
3*2
3*0
2*8
2*1
0*7
2*7
0*7
20
2*8
0*7
2*1
2*0
0*6
1*4
1*8
0*5
1*3
1*9
1*4
0*5
1*3
2*5
1*2
3*0
1*2
1*8
3*1
1*9
1*2
1*8
1*4
0*4
2 0
0*0
1*4
20
0*7
1*3
2*2
0*5
1*7
2*5
1*0
1*5
2*4
0*9
1*5
2 1
00
1*5
1*9
1*4
0*5
1*9
0*5
1*4
4*3
2*4
1*9
4*2
2*7
4*0
1*5
2*9
1*7
3*3
2 0
1*3
3*1
20
1*1
3*3
22
1*1
2*4
5*8
3*4
5*1
2*6
2*5
5*8
2*9
2*2
4*0
2*2
1*8
3*2
1*5
1*7
3*3
1*7
1*6
5*3
2*5
2*8
5*0
2*4
2*6
5*0
2*G
2*4
3*9
1*8
21
4*0
2*4
1*0
3*9
2*5
1*4
3*0
1*5
1*5 *
2*8
1*5
1*3
3*0
1*7
1*3
Boston
New York...
..
Ratio of tax to
Years
<e
L*5 2 0 3 0
United States. 503,687,911 7,317,031 10,058,122 17,375,653
The table below
-
2,502,890
34,485,483
..
7,305.134 04
7,229,221
7,013,707
0,781.455
6,721,230
7,591,770
111,300,588 1,634,969
104,310,333 1,937,016
193,585,507 3,300,498
Western States
arid Terr’s
$167,537 2G
1,954,029'60
5,140,835 81
5,840,698 23
5,S17,2G8 18
5,884,888 99
5,940,474 00
$18,432 07
445,048
$
3,010,537
4,062,459
476,236
$
$
1875.
N. Eng States
Middle Srates.
SoutlTn States
Totals.
capital.
Stae. Total.
03
Total.
State.
j
on
Years.
*
U. 8.
£
the
are
Capital.
Capital.*
divisions.
in
thus to a considerable extent saving to the Government
interest what may be lost to it in revenue from taxes.
The enormous State taxes which the banks and bankers of
Ratios to
Amount of Taxes.
States—will indirectly aid the Government in re¬
funding the remainder of the debt at a low rate of interest, by
the United
.
All of the foregoing tables indicate the necessity of securing
uniform, rule of State taxation, to which reference has
some
already been made.
taxation
1879
are
were
The States in which the rates of State
the years 1877, 1878 and
most excessive during
shown in the table below:
States.
‘
u. s.
Pr. ct.
1*9
1*4
1*4
1*2
1*7
Illinois
1*7
Wisconsin
1*7
Kansas
2*3
Nebraska...
10
So. Carolina
New York
New Jersey
Ohio
Indiana.
..
.
..
1*«
State. Total.
Pr. cl. Pr. ei
2*7
1*9
2*4
2*3
2*2
2*1
2*0
2*3
2*6
2*2
1879.
1878.
1877.
U. S.
State. Total.
U. 8.
State. Tot.
Pr. ct. Pr. ct. Pr. cl. Pr. ct. Pr. ct. P. ct.
4*6
3*3
3*8
3*5
3*9
3*8
4*3
4*6
3*6
2*0
1*4
1*3
1*3
1*7
1*7
1*6
2*3
10
3*8
1*0
2*6
1*8
2*2
2*1
2*1
2*2
2*6
26
2*1
2*1
*
4*6
3*2
3*5
3*4
3*8
3*9
4*2
4*9
3*1
3*7
1*5
1*5
1*4
1*4
1*5
1*6
2*1
2*6
1*2
1*7
2*0
1*8
2*0
2*1
1*8
1*8
2*7
2*6
2*0
1*8
3*5
3*3
3*4
3d>
3*3
3*4
4*8
5*2
3*2
3*5
December
623
CHRONICLE.
THE
11,1S80.]
LOANS AND RATES OP INTEREST OF NEW YORK CITY BANKS.
the States col¬
does the United
States; that on an average, during the past twelve years, the
total annual amount paid to both State and national govern¬
ments by such banks has been about sixteen millions of dollars,
or nearly four per cent upon the capital stock; and that during
the past year it was $14,619,363, or more than four and onehalf per cent upon the amount of circulation issued to the
The statistics given show that, year by year,
lect more from the national banks in taxes than
The following table contains a classification of the loans of
the national banks in New York City for the last four years :
October 2,
October 1,
1879.
1830.
47 banks.
47 banks.
47 banks.
92,618,776
15,800,540
$
83.924,333
17,297,475
$
$
81,520,129 107,058,860
4,7C3,448
1877.
47 banks.
banks then in operation.
■*
$
DIVIDENDS AND
On indorsed paper
On single-name pap’r
On U. S. bonds on de¬
mand
On other stock, &c.,
on demand
On real estate se¬
*
*
*
*
*
..
EARNINGS.
Since the year 1869 the banks have been required to make
semi annual returns of their dividends and earnings. From
these reports tables have been prepared, showing their profits
and dividends, and the ratio of such profits, not alone to capi¬
Total
dividends.
ft.o
$
$
1,481 401,050,802 82,105,848
1,571 416,366,991 86,118,210
1,601 425,317,101 91,030,620
1,605 428,699,165 94,672,401
1,693 415,999,261 93,236,591
1,750 450,693,700 09,431,243
1,852 465,676,023 105,181,9 42
1,912 475,918,683 114,257,288
1,955 483,100,951 11^,113.843
1,967 489,510,3J3 123,409,859
1,971 489,938,284 128,364,039
2,007 493,563,831 131,500,637
2,017 497,864,833 134,123,049
2,076 504,209,491 134,467,595
2,083 500,482,271 132,251,078
2,030 ■191),651,580 130,872,165
2,072 486,324,860 124,319,254
2,074 475,609,751 122.373,561
2,047 470,2 ! 1,896 118.637.134
2,043 464,413,990 116.741.135
2,045 455,132,050 115,119,351
2,016 454,0^0,090 117,226,501
Sept. 1, 1880.... 12,072 454,215,062 120,145,649
Sept. 1, 1869....
Mar. 1, 1870....
Sept. 1, 1870....
Mar. 1, 1871....
Sept. 1, 1871....
Mar. 1, 1872....
Sept. 1, 1872....
Mar. 1, 1873....
Sept. 1, 1873....
Mar. 1, 18"4....
Sept. 1, 1874....
Mar. 1, 1875
Sept. 1, 1875
Mar. 1, 1876
Sept. 1, 1876....
Mar. 1, 1877....
Sept. 1, 1877....
Mar. 1, 1878....
Sept. 1, 1878....
Mar. 1, 1879...
Sept. 1, 1379....
Mar. 3, 1880....
The average
Chronicle,
1874,
1875,
1876,
1877,
1878,
1879,
1880,
Total net
earnings.
enuing—
Sept. l.’CO
Mar. 1 ,*70
Sept. 1/70
Mar. 1/71
Sept. 1/71
Mar. 1/72
Sept. 1 /72
Mar. 1/73
Sept. 1/73
Mar. 1/74
Sept. 1/74
Mar. 1/75
capital. surplus. surplus.
Per ct.
5-42
516
4-96
518
4*96
5*07
5-12
5*22
5*09
4-81
509
501
18,290,200 24,033,250
5-19
521
5*02
5-00
5*36
5*41
5 46
4\*2
4-86
4*66
4-24
407
4*16
4-17
4*21
4*09
3*81
4-03
396
92,630,932
497,524
4,319,014
2,786,456
786,514
6,752,181
2,670,371
670,021
1,336,513
4,821,210
5,731,917
rate of interest in New York City for each of
call
call
call
call
call
call
call
was as follows :
loans, 3*8 per cent;
loans, 3*0 per cent;
loans, 3*3 per cent;
loans, 3-0 per cent;
loans, 4-4 per cent;
loans, 4-4 per cent;
loans, 4-9 per cent;
Comptroller respectfully recommends the passage of a bill,
authorizing him to divide these balances among the other
creditors at the time of the final closing of such banks.
Per ct.
4*56
Per ct.
4-83
Per ct.
3-85
4-92
3*88
3-62
4*50
4*39
3*57
347
3*62
3*17
301
3*02
305
317
3 25
312
4*54
3-99
3*81
3*78
3*82
3*99
4*03
RESERVE.
The following table exhibits the amount of net deposits, and
the reserve required thereon by the act of June 20,1874,
2*50
2*83
2*31
2*53
2*96
3*70
4*18
3*18
together with the amount and classification of reserve held by
City, in the other reserve
cities, and by the remaining banks, at the dates of their reports
in October of each year from 1875 to 1880 :
the national banks in New York
*0
to
following statement shows by geographical divisions the
which have paid
two semi-annual
periods of 18S9, together with the totals for each semi-annual
period in the four preceding years:
The
,Q
number of national banks, with their capital,
no dividends to their stockholders during the
O
-
o
ft
New York City.
Oct. 1, 1875
....
Six months
ending—
Oct. 2, 1876
Oct. 1, 1877
Oct. 1, 1878
Average for the
year.
Sept. 1, 1880.
Oct.
2, 1879
Oct. 1, 1880
Geographical divisions.
of banks.
Capital.
No.
New England States....
Middle Slates
Southern Ht.ates
West’n States&Territor’s
Totals
Totals
Totals
Totals
Totals
226
309
328
245
235
for 1880
for 1879
for 1878
for 1877
for 1876
Average for five years
of banks.
No.
Capital.
of banks.
No.
$
$
6,965,000 15 3,025,000 23
9,959,000 73 9,138,000 70
4,129,000 27 3,945,900 28
9,354,200 118 10,225,250 109
30
68
29
99
30,407,200
53,843,700
48,797,900
40,452,000
34,290,320
Financial
commercial paper, 6-4 per cent.
commercial paper, 5*6 per cent.
commercial paper, 5*3 per cent.
commercial paper, 5*2 per cent.
commercial paper, 5-1 per cent.
commercial paper, 4-4 per ceut.
commercial paper, 5*3 per cent.
<o
X
March 1, 1880.
from data
case of the Ocean National
Bank of New York, there
dividend checks amounting to $1,189 70 which have never
been called for by the creditors, although every effort has beed.
made to find them. Small amounts are also held belonging to
creditors of other national banks which are insolvent, and the
capt’l & tal and
capital. surplus. surplus
Sept. 1/75
Mar. 1/76
Sept. 1/76
Mar. 1/77
Sept. 1/77
Mar. 1/78
Sept. 1/78
Mar. 1/79
Sepr. 1/79
Mar. 1/80
Sept. 1/80
5-77
78,062,085
In. the
DiviErn’gs
Divid’uds to to capi¬
d’ntls to
ending—
Per ct.
604
Per ct.
450
4-27
4*03
51.152,021
are
Period
of six
mouths
DiviEarn'gs
Divid’nds to to capt’l
d’nds to
and
capt’l &
of six
months
48,376,633
The average rate of discount of the Bank of England for the
$
$
21,767,831 29,221,181 same years was as follows :
21,479,095 28,996,934
During the calendar year ending December 31,1874, 3-69 per cent.
21,080,343 26,813,885
During the calendar }*ear ending December 31, 1875, 3-23 per cent.
22,205,150 27,243,162
During the calendar year ending December 31, 1876, 2-61 per cent.
22,125,279 27,315,311
During the calendar year ending December 31, 1877, 2*91 per cent.
22,859,82 ; 27,502,539
During the calendar year ending December 31, 1878, 3*78 per cent.
23,827,289 30,572,891
During the calendar 3rear ending December 31, 1879, 2*50 per cent.
24,820,061 31,926,478
During the fiscal year ending Juno 30, 1880, 2-63 per cent.
24,823,029 33.122,000
23.529,993 29,544,120
The rate of interest in the city of New York on November 26
24,929,307 30,036,811
21,750,810 29,136,007 of the present year, as quoted in the Daily Bulletin, was on
21,317,785 28,800,217 1 call loans 6 per cent and on commercial paper of the best
24,811,581 23,097,921 1
from 5 to 5/£ per cent.
22,503,829 20,540,231 grade *
*
*
#
*
*
21,803.969 19,592,902
A
table showing the national banks which have been placed
22,117,116 15,274,028
18,9*2,390 L6,946,696 in the hands of Receivers, the amount of their capital and of
17,959,223 13,658,893
17,541,054 14,678,600 claims proved, and the rates of dividends paid, and also one
17,401,867 16,873,200 showing the amount of circulation of such banks, issued,
18,121,273 21,152,784 redeemed and outstanding, will be found in the appendix.
RATIOS.
Period
3,915,077
the fiscal years from 1874 to 18S0, as ascertained
derived from the Journal of Commerce and
capital and surplus:
Surplus.
8,286,525
169,162.391 169,585,980 195,851,902 238.428,501
Totals
with the ratio of divi¬
Capital.
7,003,0S5
All other loans
contributes proportionately as
from which dividends are derived as does the capital.
The following table shows the capital, surplus, dividends and
total earnings of all the national banks for each half-year, from
March 1, 1869, to Sept. 1, 1880, together
dends to capital and to capital and surplus, and of earnings to
-
27,755,152
curity
surplus
much to the semi-annual profits
1,
22,491,926
Payable in gold
tal, but to capital and surplus combined, since the
Period of six
months ending—
October
1878.
October 1,
Loans and discounts.
233
299
*57
288
273
....
....
....
....
....
Oth. Jtes've Cities.
Oct. 1, 1875
Oct. 2,1876....
Oct. 1, 1877
Oct. 1, 1878 ....
Oct. 2,1879....
Oct. 1, 1880
States <£• Territ's.
Oct. 1,1875....
Oct. 2, 1876 ....
Oct. 1, 1877 ....
Oct. 1, 1878 ....
Oct, 2, 1879 ....
Oct. 1, 1880
Capital.
....
$
4,995,000
9,548,500
4,037,450
9,789,725
....
....
26,334.150 230 28,370,675
44,576,300 304 49,210.000
58,736,950'3 13 53,767,425
41,166,200 266 40,809,100
44,057,725 254 39,174,022
....
Summary.
Oct. 1, 1875
Oct. 2, 1876
Oct. 1, 1877
Oct, 1, 1878
Oct. 2,1879
Oct. 1, 1880
269 41,558,224 290 42,974.265279 42,266,244
....
....
....
The number of banks
^
Res’ve held Classiflcat’n of
reserve.
•f*
deposit.
Net
3
,
©
if
©
to
©
«
tion fund.
O
t
h
e
r
l
a
w
f
u
l
a
g
e
n
t
s
.
d
e
p
o
s
i
t
.
Due
Amount. Rtaotio Speci. money. fr’m Redmp¬
j
Mil's. Mil's. Mil's. Pr.ct. Mil's. Mil's. Mil's. MU's.
1*1
50 544
48 202*3 50-6 60-5 29-9
60-7 30-7 14-6 45-3
0-8
47 197-9
49*5
27-5
130 34-3
0-8
47 174-9 43-7 48-1
1*1
47 189-8 47-4 50-9 26-8 13-3 36-5
52-6
531
25-3
19-4
67-0
70*6
26-4
58*7
32 6
110
33-3
351
330
35-6
36-5
36-3
1-5
40
5-6
9-4
11-3
28-3
37-1
37-1
34-3
294
330
25*0
32-3
320
24-4
29 1
35-7
48-2
3-6
3 0
30
3-2
3*5
289-4
56-0 74 5
54-2 76-1
51-0 67-3
50-0 71-1
83-5
57*2
72*4 105-2
1,851 307-9
46-3 100-1
1,845 290-1
1,822 289-1
1,820 329*9
33-7
310
31-6
311
30-3
53-3
55-4
48-9
560
71-3
11*5
43-8 99-9
43-6 95-4
43-4 1061
49-5 124-3
32-5
34-3
32-9
36-7
37-7
1-6
1,853 291-7
1,859 410-5
61-6 147-2
35-8
28-3
86-4
2,087 734-1 152-2 235-1
32-0
33-5
31*5
33-6
33-9
8*1 125-2
85-6
47 210-2
47 268-1
188
189
188
184
181
184
223-9
217-0
204-1
199-9
228*8
2,089 706*6 147-5 236-7
2,0S0 669-1 138-3 210-8
2,053 678-8 140-8 228-1
-
2-7
4-2
8-0
11-5
21-2
1-1
0-9
21-3 113-4
87*4
22 8 100-2
73-3
30-7 97-C
85-1
42-2
95-8 107-0
64-9 134-6
33-4 108 2
3-7
10*8
10*7
11*0
11*2
11-3
16*2
14*6
14-5
15-3
15-8
15*9
passing dividends in the first dividend
2,048 768-9 159-3 260-9
period of 1880 was 226, with a total capital of $30,407,200; in the
2,090 968-0 201-0 323 0
second period the number was 233, with a capital of $26,334,150;
while during the last five years the average number of banks
semi-annally passing dividends on account of losses has been
In concluding this report the Comptroller performs a pleasant
279. The average amount of capital upon which no dividends duty
in acknowledging the zeal and efficiency of the officers
have been paid during that time is $42,266,244.
From these and clerks associated with him in the discharge of official
facts it follows that, for a continuous period of five years, about duties.
one-seventh of the whole number of banks in operation has
JOHN JAY KNOX,
paid no dividends, and that nearly one-tenth of the total capi¬
Comptroller of the,Cim'ency.
....
....
....
tal has been unremunerative.
*
*
.
Hon. Samuel J. Randall,
*
*
*
t
Speaker of the House of Representatives.
THE
(524
CHRONICLE.
©flntnxefcialamn^XiscelUtiicoats ilcujs.
National Banks Organized.—The
bank was organized December 3:
following-named national
2,493—The National Bank of Cambridge, Md. Authorized capital,
$50,000; paid-in capital, $30,000. William II. Barton, Jr.,'
President; no cashier appointed.
Imports and Exports for the Week.—The imports of last
compared with those of the preceding week, show
a
decrease in both dry goods and general merchandise.
The total imports were $4,860,860, against $5,963,473 the pre¬
ceding week and $9,687,855 two weeks previous. The exports
for the week ended Dec. 7 amounted to $7,873,042, against
$7,832,241 last week and $8,164,685 two weeks previous. The
following are the imports at New York for the week ending
(for dry goods) Dec. 2 and for the week ending (for general
|
Statement of the Comptroller of the Currency, showing by
the amount of National Bank circulation issued, the
amount of Legal Tender notes deposited in the United States
States
Treasury to retire National Bank circulation, from June 20,1874,
to Dec. 1, 1880, and amount remaining on deposit at latter date.
Legal-Tender Notes Deposited to
Retire National Bank Circula¬
tion since June 20, 1874.
Additional
Circular n
To retire
issued s'cc
RedcmpVn Circular n
June
20,
Total
of
Notes
of
under Act
1874.
Liquidat¬ of J'nc 20, Beposils.
ing Banks 1874.
week,
merchandise) Dec. 3;
1877.
Total week
Prev reported..
$5,733,487
$5,736,894
263,913,489
our
1880.
$1,164,131
4,707,286
297,059,079
Total s’ce Jan. l.$302,797,566
In
$533,457
4,322,403
7,191,007
$3,355,183
$4,860,860
305,538,116 446,115,409
$269,650,333 $313,893,304 $451,006,269
report of the dry goods trade will be found the imports
dry goods for
one
week later.
1879/
1878.
1877.
$6,5*3,197
270,659,265
$6,164,702
321,361,894
Total s’ce Jan. l.$277,242,462 $327,526,596
1830.
$8,079,519
322,719,883
$7,878,042
382,279,866
$330,799,407 $390,157,908
AND IMPORTS OF SPECIE AT
NEW YORK.
following table shows the exports and imports of specie
of New York for the week ending December 4.
The
at the port
Imports at New York.
Exports from New York.
Cold.
$195,000
Great Britain
France
German v
Silver.
Gold.
Silver.
$1,635,009
1,127,932
$363
763,590
36,602
7,483
3,622
West Indies
Mexico
South America
All other countries..
27,145
127,816
6,042
2,303,878
Jersey... 1,713,165
Pennsylvania* 11,100,540
1,294,226
..
Delaware
..
$3,574,288
$161,366
Of the imports $972,625 were American gold coin and $31,629
silver coin.
The movement from January 1 to date in 1830 includes the
*
export of $2,186,023 gold and $5,687,139 silver, and the import
of $55,393,536 gold and $5,176,104 silver. The totals at New
York from January 1 to date in the present and several previous
years
have been
Year.
1880
1879
1878
1877
1876
as
Imports.
Year.
$7,873,162 $60,569,640 1875./.. $67,974,745 $12,743,531
6,170,744
54,391,284
13,895,965 81,134,841 187 4
43,140.769 13,520,688
11,940,175 18,717,502 1873
5,505,838
25,377,775 14,363,364 1872
69,076,657
8,582,209
61,234.146
42,802.417 17,787,616 1871
ders
on
deposit
with 17. S.
Tt'easurer
at date.
280,092
31,370
266,706
1,727,715
181,609
796,551
6,705,852
287,368
1,904,961
166,600
1,646.380
1,8 i 2,980
Dist. Columbia
456.500
422,664
Virginia
West Virginia
845.500
915,369
731,060
123,200
458,060
907,510
355,185
1,012,585
953,380
287,725
437,675
880,724
1,822,879
1,086,245
1,140,785
953,380
725,400
207,000
90,000
139,500
229,500
**86,425
1.285.610
650,750
29,800
2,099,250
229,340
171,000
1,504,933
533,859
3,742,390
3,074,584
6,388,483
6,774,646
2,719,975
1,058,439
1,615,155
2,750,000
109,718
259,140
171,000
17,720
24,860
352,751
.
226.810
N’rtli Carolina
S’th Carolina
1.235.660
117,700
520,350
Georgia
Mississippi..
44,004
230,581
160,604
133,450
19,691
75,357
....
368,100
171,000
3,841,830
Kentucky
Tennessee
....
Missouri
Ohio
Indiana
Illinois
Michigan
Wisconsin
Utah
Montana
647,170
«767,260
3,268,460
3,239,880
2,564,715
2.142,910
....
1,533,400
1,017,800
147.600
67,500
36,000
572,400
..
998,510
1,537,057
1,235,897
1,769.431
465,300
653,860
813,669
420,095
781,721
45,000
1,748,445
190,550
233,080
2,134,800
904,260
16L.619
4,740,900
698,174
849,879
1,913,192
1,125,631
976,075
433,841
422,885
627,985
213,226
41,040
1,878
18,242
16,443
4,661,641
7,624,380
8,544,080
3,185,275
1,712,299
2,428,824
2,168,540
972,271
278,080
'
’
*
161,191
149,400
196,800
91,800
45,000
138,083
287,483
357,991
136,800
.
777.600
California
♦Legal tenders
3,813,675
92.160,775 18,432.554 86,430,69S
Totals
35,663
3,600
90,000
135,000
175.500
..
New Mexico.
Washington
370,401
134.900
129.600
....
Wyoming
629,867
794,030
....
Iowa
Minnesota....
Kansas
Nebraska
Nevada.
Colorado
291
.
Texas
Arkansas
*
’*29,657
72,000
Florida
Alabama
i
121,038,106
Deposited prior to June 20,1874, and remaining at that date,
t Total deposits,
$103,726,927.
BANKING AND FINANCIAL.
Imports.
Exports.
Legal Ten¬
1,302,310
follows:
Exports.
,ool,ooo
G90.000 i
55,800
128,797
1,148,240 1,422,837
8,352,300 8,587,100
987,335
954,985
'2.293,830 2,359.180
25,659.181 27,968,059
1,505,637 1,803,940
7,385, L21 8,679,347
232,275
..
Maryland
....
$195,000
298,303
New
Dakota
Total
32.350
65.350
Rhode Island.
1,810,320
Connecticut
2.500.610
New York
21,066.885
Louisiana
EXPORTS FROM NEW YORK FOR THE WEEK.
EXPORTS
317,000
72,997
274,597
234,800
634,665
N. Hampshire
Vermont
.
of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending December 7:
The following is a statement
For the week....
Prev. reported..
$
$
1,461,180
Maine
1.799.660
Massachusetts 20,945,780
1879
$1,029,603
4,572,649
General mdse...
of
1878.
$1,165,838
Dry Goods
States and
Territories.
...
FOREIGN IMPORTS AT NEW YORK FOR THE WEEK.
£
[Vov XXXT.
OFFICE OF
No. 5 Nassau
We
wo
are
FISK &
HATCH,
Street, New York, Oct 9, 1830.
receiving so many letters of inquiry as to tlie terms on whioli
receive deposit accounts
of Banks, Bankers, Business Firms and
Long Island City.—The Tribune says; “Long Island City
incorporated in 1870. It has at this time a floating debt of individuals, that we hud it necessary, iu ord-jr to save clerical labor in
about $100,000 and a funded debt of $1,000,000. The city does replying to each separately in m museript, to issue this circular for the
not own a building, but rents such as are needed for police- general information of those who may desire to open accounts with a
stations, engine-houses, schools, City Hall and court-rooms. private banking house in this city.
Notwithstanding the city’s heavy debt, with the exception of"
the First Ward, streets have not been paved, sewered or gut¬
We are prepared, on the terms mentionel below, to receive the accounts
tered, and are in a wretched condition. The improvement of
responsible parties in good standing:
district embraces the First Ward, and the commission has
1. Except in the case of Banks, Savings Banks, or other well-known
expended about $2,000,000, which falls due twenty years from
Cornorations, or of individuals or firms Avhose character and stand¬
now.
The commission will expend another half million dollars
ing
are already known to us, we require satisfactory reference
before closing its work. The yearly expenses of the city gov¬
before opening an account.
ernment are $173,800—$10,000 more than it costs for the gov2. We allow interest at the rate of 3 per cent per annum on the average
eminent of the County of Queens, with its debt of half a mil¬
monthly balances, when the same amount to $1,000 or over. On
lion and a population of over 50,000. The tax deficiency of the
accounts averaging less than $1,000 for the month we allow no
city has increased from $5,000 to $200,000 in five years.”
interest.
Statement of the Comptroller of the Currency on Dec. 1,
3. We render accounts current, and credit interest as above, on the last
1880, showing the amounts of National Bank notes and of Legal
day of each month.
Tender notes outstanding at the dates of the passage of the
4. For parties keeping regular deposit accounts with us we collect and
Acts of June 20, 1874, January 14, 1875, and May 31, 1878,
credit United States, Railroad, .and other Coupons and Dividends
together with the amounts outstanding at date, and the
payable in this city without charge; make careful inquiries and
was
'
increase
or
decrease:
give the best information wo oan obtain respecting investments or
National Bank Notes—
outstanding June 20, 1874
outstanding January 14, 1875
outstanding May 31, 1878
Amount outstanding at date *
Increase during tlie last month
Amount
Amount
Amount
Increase since December
$3 49,894,182
351,861,450
322,555,965
„
3 42,564,67^
46,514
3,946,018
1,1879
Legal Tender Notes—
Amount outstanding June 20, 1871
Amount outstanding January 14, 1875
Amount retired under act of Jan. 14, 1875, to May 31, ’78
Amount outstanding on and since May 31, 1878..“
Amount on deposit with the U. 8. Treasurer to redeem
notes of insolvent and liquidating banks, and banks
retiring circulation under Act of June 20, 1874
Increase in deposit during the last mouth
Increase in deposit since December 1, 1879
*
Circulation
$1,141,965.
of
national gold banks, not
$382,000,000
382,000,000
their interests in any way
line of business.
them, and in general serve
in which we can be of use to them in our
5. We do not discount or buy commercial paper, but are
at all times pre¬
pared to make advances to customers and correspondents on United
States bonds or other first-class and marketable securities.
6. All
deposits
are
subject to check at sight without notice.
35,318,98 4
346,681,016
21,038,106
478,094
_
other matters of financial interest to
7,916,327
included in the above,
One of our firm is a member of the New York Stock Exchange, and we
give particular attention to orders by mail, telegraph, or in person, for
the purchase or sale, on commission, o fin vestment bonds and Stocks.
We continue to buy and sell direct, without commission, all issues and
denominations of United Stales Bonds, for immediate delivery, at cur¬
rent market rates.
Very respectfully,
FTSK & HATCH.
December 11,
625
THE CHRONICLE.
1880. J
*
fpatfkers' (Sazettc.
6s, 1880
The following dividends have
Name
6s,
6s,
5s,
5s,
recently been announced:
of Company.
Railroads.
Ohio. St. Paul Minn. & 0. pref..
Keokuk & Des Moines pref
Missouri Pacific (quar.)
N. Y. Cent. & Hud'. River (quar.)..
New York & Harlem
Per
When
Books Closed.
Cent.
Payable.
(Days inclusive.)
1%
..
$1 75
'1%
2
4
1%
Miscellaneous.
Atlantic & Pacific Tel. (quar.)
New Central Coal
Western Union Telegraph (quar.).
Jan. 23.
Jan. 4.
16
21
Jan, 3.
16
Jan. 20.
16
Jan. 3.
16 to Jan. 2.
Jan.
Dec.
iJan.
J ail.
Jan.
Jan.
20 Dec. 31
Dec.
Jan.
Jan.
30 Dec.
23 Dec.
3 Dec.
15 Dec.
5 Dec.
1 Dec.
to
to
to
to
to
%
1%
1881
1881
1881
reg.
coup.
Q.-Mar. *110%
Q.-Mar. *110%
reg. Q.-Jan.
1907
1907
coup.
*128
*129
*130
*131
& J. *132
cur’cy, 1895..reg. J. & J.
cur’cy, 1896..reg. J. & J.
cur’cy, 1897..reg. J. & J.
cur’cy, 1898..reg. J. & J.
19 to Jan. 2.
15 Jan. 9 to Jan. 16.
15 Dec. 21 to Jan. 16.
Dec.
6.
7.
*102% 103
*102% *103
101 %l 101%
*104% *104%
*101%l 101%
*101% 101%
Dec.
8.
9.
*103
*103
*103
*128
*129
*130
*131
*132
Dec.
3.
Xlie money Market and Financial Situation.—The week
has been full of events which were the occasion of interest, and
103
*128
*129
*130
*131
*132
*129
*130
*131
*132
*133
*130
*132
*133
*134
*135
*131
*132
*133
*134
*135
weeks past and
Range since Jan. 1, 1880
Dec.
10.
Lowest.
.
Highest.
104% 104% 104% 104% Nov. 23 106% Jan. 12
114% 115% 109% Jan. 2 115% Nov. 16
116% 115% 117% 106% Jan. 2 117% Dec. 9
U. S. 5s of 1881
U. S. 4%s of 1891
U. S. 4s of 1907
excitement, at the several business exchanges.
*102%
101% 101% *101%
*104% *104% *104%
*101% *101% 101%
*101% *101% *101%
110% "110% 111% 112
111%
*110% *110% 111% *11134 111%
110% 110% 111% 112% 112
111% 111% 112% 113% 113
Closing prices of securities in London for three
January 1,1880, were as follows:
Nov.
26.
Dec^
10.
Dec.
*103-
the range since
FRIDAY, DEC. 10, 1880-5 P. M.
even
110%
Q.-Jan. *111%
Dec.
68, cur’cy, 1899..reg. J.
*
This i8.the Dries bid at the morning Board : no sate was made.
.
2
& J. noi%
& J. *104%
reg. Q.-Feb. *101%
coup. Q.-Feb, *101%
1881
4%s, 1891
4%s, 1891
4s,
48,
6s,
68,
68,
68,
Dec.
4.
& J. *103
& J. "103
reg. J.
coup. J.
reg. J.
coup. J.
6s, 1880
DIVIDENDS.
Interest
Periods.
115
Monday Congress assembled, and the first routine business
Railroad and Miscellaneous Stocks.
The stock market
barely passed before the subject of funding was broached.
The suggestion of a three per cent bond for 1881 to take up the has been unsettled and variable, and the fluctuations from day
fives and sixes then maturing is enough to stimulate our markets to day have been frecment, but as a rule not very large. The
and push up the four per cents; and there seems to be no limit to most notable event of tne week was the break in Western Union
the confidence placed in the ability of the United States Govern¬ Telegraph, which declined in one day (Thursday) from 89M to
ment to negotiate a long gold bond at par, bearing the lowest 82^4, re-acting and closing to-day at 84. The main cause for
rate of interest paid by the most favored government of the the decline was the company’s statement of earnings for the
quarter ending December 31, in which the net receipts are given
world.
The Panama Canal stock was brought out on the 7th, and as $151,807, which is against $1,529,169 in the same quarter of
about $8,0.00,000 are reported as subscribed in America and 1879, $1,014,795 in 1878 and $750,138 in 1877. The heavy bear
double the whole amount offered ($60,000,000) in Europe. The interest in the stock took advantage of this weak exhibit and
offering of such an enterprise in the United States contempo¬ poured stock on the market, and it was also asserted that the:
raneously with the offering in Europe is a new evidence of the stock had already dropped from 104 to about 90 on the sales of
insiders ” who knew of the decreased earnings.
drift of capital to this country.
Beading has hung in the vicinity of 50 since the new plan of
In connection with all new bonds or shares offered to the pub¬
Mr.
Gowen has been adopted by the board of managers, and as
lic, the low rates for money form the key to the situation. In
New York City, loans on bond and mortgage on choice prbperty Mr. Gowen sailed for Europe on Wednesday, it would appear
have been placed at 4% per cent; and although this is excep¬ that nothing further will be known till his arrival in London*.
tional, the amounts offered at 5 per cent, with unquestionable Kumor has credited Mr. Vanderbilt with purchasing Union
Pacific, and Mr. Gould with selling ; it would not be extraordinary
security, are unlimited.
The failure of B. G. Arnold & Co., the largest coffee-importing if these reports were true, nor would it be remarkable if Mr.
house of New York, was an event which in ordinary times would Gould—at a certain price—should eventually get control of West¬
have shaken trade circles to the very centre. The firm had been ern Union.
Railroad earnings are fully reported on another page, and
engaged in a combination with others to corner the breakfasttable of the world by controlling the supply of Java coffee, and it while it is gratifying to nole a large increase in traffic, it is not
can
hardly be regretted that this attempt, like that of Mr. Keene out of place to sound a note of caution in regard to increased
and associates last year to corner the wheat market of the United mileage and large expenses demanded for improvements on
States, has not been successful. Such gigantic speculations in new roads.
The following is the statement on which the directors of the
staple articles of merchandise must be ranked quite differently
from ordinary bull and bear transactions in the stock market.
Chicago St Paul & Omaha acted in declaring the dividend to day:
The money market has been easier this week, notwithstanding Total net earnings for 8 months, from May 1 to Dec. 31,
1880 (December estimated)
$506,808
the bad weekly statement of the New York City banks last Saturn
1% per cent dividend on preferred stock.
152.045
day, Dec. 4. It has been exceptional most of the week, when
Surplus.
$354,702
brokers paid more than 6 per cent for call loans, but yesterday Land contracts and bills receivable on hand, drawing G per
500,000
interest
and'to-day commissions up to 1-16 per cent have been paid, and Incent
hands of State Treasurer of Wisconsin, trespass money due
a fair quotation on all business is 5 per cent to 6 per cent plus
this company
150.000 >
1-16 per day. Mercantile paper of the best grade is 6 to 6/£ per
Total
$1,004,762
cent.
The following table will show the lowest, highest, and clos¬
The Bank of England statement on Thursday showed a decrease
ing
prices of railway and miscellaneous stocks at the New York
of £929,000 in specie for the week, and the reserve was 45 %
Stock Exchange during the months of October and November:
per cent, against 48 15-16 per cent last week ; the rate of discount
Range foi•
was advanced to 3 per cent fromc;2/^ per cent, the previous rate.
Sales of
Range since Jan. 1, 1880.
Year 1879
The last statement of the New York City Clearing House
Week,
Low. High
Lowest.
Shares.
Highest.
banks, issued Dec. 4, showed a decrease of $2,356,200 in the legal
reserve, the total deficiency below legal limit being $2,461,875,
40
9,500
May 17 74% Jan. 14 45% ! 78%
Canada Southern
against $105,675 the previous week.
45
May 25 90% Mar. 8 33%l 89%
79,0.90
Central of N. J
I
The following table shows the changes from the previous week
Nov. 20 75 1100%
99% Jan.
2 144
1,799
Chicago & Alton
Dec.
9 111% 134%
June 2 178
and a comparison with the two preceding years:
19,442 113
Cbic. Burl. & Quincy
112% Nov. 29 34% 82%
On
—
was
.
“
i
1880.
Dec. *4.
Differ'nces fr'm
previous week.
Dec. $7,823,800
Dec. 5,643,300
Dec.
194,800
Dec. 13,394,400
Dee.
01,500
Loans and dis. $305,701,100
5 4,534,600
Circulation
IS.471.400
Net deposits
276.132,700
Specie
..
.
12,036,700
Legal tenders.
1878.
Dec. 7.
-*
$273,101,100 $239,815,500
54,771,000
23,255,100
247,030,100
14.673.200
20.169.700
20,058,200
207,058.GOO
39,961.000
$61,757,525
$51,764,650
66,571,300 Dec. 5,704,800
69.444.200
60.130.700
Dec. $2,350,200
$7,686,675
$8,366,050
Leeal reserve.
Reserve held.
$69,033,175 Dec.$3,34S,600
Surplus...’.
*
*
1879.
Dec. G.
$2,461,875
Deficit.
United States
Bonds.—There has been
an
active business in
Congress of funding into
to stimulate prices. There
large amount of bonds changing hands, and the changes
Government bonds, and the talk in
bonds of 3 per cent has been sufficient
is a very
in the Government loans will furnish bond dealers a good legiti¬
mate business throughout the first six months of next year.
The range in prices since Jan. 1, 1880, and the amount of each
class of bonds outstanding Dec. 1, 1880, were as follows :
Amount Dec. 1, 1880.
Range since Jan. 1, 1880.
Lowest.
'
Registered.
Highest.
6s; 1880
cp. 101% July 27 104% May 20
6s, 1881....cp. 103% July 9 107% May 26
58, 1881
cp. 101% Dee.
4%s, 1891. .cp. 106% Jau.
4s, 1907....cp. 103
Jau.
6s,cur’ncy.reg. L25 Apr.
The
3 104% A nr. 28
2 112% Nov. 23
2 113% Dec.
9
21 130
Sept,
9
•
Coujwn.
$8,959,000
$2,296,000
154,787,150
307,274,450
174,742,900
534,821,750
64,623,512
46,768,850
162,376,604
75,257,10 »
203,582,700
closing Brices at the New York Board have been as follows:
66^
Chic. MU. & St.P.... 141,237
99
Do
do pref.
->1,105
111,680 87%
Chic.
Northw
5,915 104
Do
do pref.
*Cliic. Rock T. & Pac..
4,326 100%
9%
8,305
Col. Chic.& Ind.Cent.
60
24,315
Del. & Hudson Cana!
68%
Del. Lack. & Western 141.286
16,739
22%
Hannibal & St. Jo...
63%
17,819
Do
do pref.
99%
2,456
Illinois Central
9.070
20%
Lake Erie
Western
95
116,853
Lake Shore
7,135 £77
Louisville & Nashv..
21
9.110
Manhattan
Michigan Central.... 32,012 75
28%
74,370
Missouri Kan. & Tex.
2,440 100
Morris & Essex
47,050 47%
Nashv. Chatt. & St. L.
59,466 122
N.Y. Cent.& Hud.Riv
30
N.Y. Lake E. & West. 295,316
47
8.300
Do
do pref.
20
5.300
Northern Pacitie
39%
Do
12,842
pref.
23
20,600
Ohio & Mississippi..
27%
27,810
Pacific Mail
-
....
...
Panama
Phila. &
350
Reading
St.L.Iron Mt.&South.
St. L.& San Francisco
168
114,815
34,845
2,200
4,175
pref.
1st pref.
1,420
274.582
Onion Pacific
8,550
Wab. St. L. & Pacific
77,860
Do
do pref.
Do
Do
Wpatorn Union
*
Lowest
Tp.1..
pnee uere
t Ramre from
30Q.027
May 25
May 10
July 9
May 25 105% Nov. 27
Nov. 22
May 25 45
May 25 95% Dee. 9
8
Jan. ' 2 123% Dec.
May 11 38% Mar. 4
43
17 116% Dec. 9
25 49% Jan. 27
Nov. 23
24 122
Mar. 5
1 128
11 147% Nov. 22
112
May
Mav
May
June
May
June
1
May
May
May
May
25
11
24
25
May 17
2
Jan.
25% May
33
May
GO
May
80
May
26% May
11
11
11
11
25
51% May 25
% Dee. 10
28%
108
89%
72%
98
5% 35%
75% 104%
73%
35%
83
139
Nov. 26
21% 49
82% Nov. 26 37% 78%.
36
Jan. 14 116
40%
65
Nov. 20 t 44% 65
7% 33%
44% Mar. 6
62
Mar.
8 10% 39%
182
210
Dec.
7 123
72% Jan.
3
13
56
66
Feb. 17
48
2
3% 53
Feb.
4% 60%
60% Mar. 8
87
9
9% 78%
Dee.
108% Dec. 9 57% 95
Jan. 27
48
81% Dec. 10
116% Feb. 24 88% 116
49
sold for first time Juno 11.
in stock.
94
41%
34
70%
79% 100%
13%
i 16
67
35
35
1 Range from July 30
£ Ex-dividend of 100 per cent
74% 102%
49% 94%.
2 L24% Nov. 26
Deo. S 174 Nov. 8
July 22 57% Mar. 16
Juue
lor new stoea,
Sept. 25.
Nov. 20
Nov. 29
76% 108
Feb. 10 146% Nov. 24
June 8 119
150%
June 11 204
5
28
May 11 25% Jan. 26
89%
May 25 92% Nov. 22 38
13% July 2
34% May 25
«1
124
130
THE CHRONICLE.
626
The
daily highest and lowest, prices have been as follows:
Monday.
Dec.
6.
Saturday,
4.
Dec.
Atl.&Pac.Tel.
CanadaSouth.
’7014
77^
Cent.of N. J..
Cent. Pacific..
71$
79%
Ches.&Ohio.. 22" 22%
Do 1st prf. 30% 30g
Do 2d prf..i *22%
Chic. & Alton. 138% 139
Chic.Bur.* Q. 171
173%
Chic.M.&St.P. 106% 108%
Do
pref. *119% 20%
Chic.&N.W.. 119
120%
Do
pref. 139 140%
....
C.R.I.&P.new 123
Ch.St.L.&N.O. 38
Ch.St.P.M.&O
Do
pref.
44%
123
38
45
85
86%
Clev.C. C.& 1. 62% 83%
Col.Chic.&I.C. 19
19%
Del.&H.Canal 87% 83%
Del.Lack.&W. 101
102%
Denver* R.G. 76% 77%
Han.* St. Jo.. 41% 43
Do
pref.
Hous.&Tex.C.
Illinois Cent..
Lake Erie*W.
Lake Shore....
Louisv.&Nash
Manhattan....
Mar.&C.lst pf.
Do
2d prf.
Mich.Central.
Mobile* Ohio.
Mo.Kans. &T.
Mor.& Essex..
92% 93%
*68
119
35
120
119%
35%
121%
33% 84
33
33%
10
10%
111% 113%
21
21%
39% 41%
110%
Nash.Ch.&StL 73%
29
NewCent.Coal 29
N.Y.C.&H. K. 142% 143%
N.Y.L.E.&W.
Do
prof.
N.Y.Ont. & W.
Northern Pac.
Do
pref.
Ohio Central..
Ohio & Miss...
pref.
Do
Pacific Mail...
Panama
Phil. * Ready
45% 46%
78%
31%
80
82%
32% 33%
62% 64
22% 23%
35% 36%
89
47%
37%
36
75% 78"
81% 82%
22
30
22
*29
are
70%
VP
82
22
30
82
21%
77 ~
31%
72%
79%
136
119
121
138
136% 137
137% 138
124
124
124
122% 123
38
*37% 33
44% 45% 44% 447% 44%
85
85% 86
64% 86
82% 82% 82% 82% 82%
19% 19%
18% 19% 19
85
87% 87%
87% 66
99% 101% 700% 101% 101%
76
76
77
7794 77%
41% 42% 42% 42% 42%
93
93
91% 92% 92
22%
30
*14:;
173
110
121
124
139%
125
38
44%
85%
83
19%
89
103%
79%
43%
94%
70
70
70
70
70
70%
119
119% 121% 123%
118% 119
34
35
34%
34%
34% 34%
118% 120% 119^ 120% 120% 122%
77
88
80
82
82% 84
33
33% 33% 33%
32% 33
10
9% 10%
10%
9% 10
0%
6%
6%
6%
112
113
113% 116l4
110% 112
21
19
20%
20% 20% 20
39
41
40% 41% 40% 41%
119% 119%
117% 117% 118% 119
76
77% 80%
71% 73% 74
29
29
29
30%
28% 30
141
143% 144%
142% 142% 143
45% 4f% 47
44% 45% 45
77
78% 79'
78%
31% 317% 31% 32
32% 32% 32% 33%
62% 63*. 63% 63%
VP
8* i*
.
22
23
23
35% 35% 35% 35% 35%
88
*85%
85% 86% ‘85
46% 47% 47% 47% 47%
89
48
210
48% 52
210
210
45%
48%
51%
32
32%
32
48
39%
52%
45% 48
'39
53
72
72%
79%
77%
22
36
....
178
111%
120,% 122
123% 125%
189% 141
125% 126
39% 39%
44% 45%
85% 86%
83
83%
20
20%
87% 89%
102
103%
79% 8Q.
139
374
139
175
108%
120%
121%
139%
125%
110%
121
124%
140%
133%
43
44
43
82%
83
20
44%
85% 87%
19%
88%
101% 103%
87%
79
80
43% 44%
42% 44%
94% 95%
70
68
94% 95%
70
68
*121% 123 119% 120%
35
35% 35% 35%
122% 123% 121% 122%
83
83%
84% 83
33% 34% 33
10
9%
10%
T
115% 116% 114"
20% 20% *20
40% 43% 41%
119
1*0% 120
78% 80% 75
30
32
30%
144% 145% 143%
48
45%
46%
80
81
7S%
32
32% 3!%
33% 33% 32%
6i
64% 63%
22
22% *21
35% 36% 35%
116%
43%
120
78%
30%
145%
47
79
32
33
63%
23
36
..
48% 51%
47% 49
48
210
50" 5i% 49% 5i"
46% 47%
46% 47%
42
41
41
54%
53% 53% 54
85%
84% 84%, 84% 85
1%
1%! 1% 1% i%
101
102%
102% 106% 106%
101%
42
4i% 42% 42% 43% 42%
79%
77% 77% 77% 77% 80
82%
90% 89% 90% 69% 91
84%
46
41
41% 42
55
55
56
86
86
87
1%
1%
m
107%
108% 105%
43 * 42% 43%
79% 81%
81
89% 81% 85
the prices bid and asaed: no sale was made at the Hoard.
State and Railroad
Bonds.—Some of
State
the Southern
conspicuously strong, and the Virginias have led
in the advance. Virginia deferred certificates, which are really
“orphans,” having no parent that admits responsibility for
them, have advanced to 18 on the English demand, and are
scarce at that.
Tennessees are strong at 46@49 for the new and
old. North Carolina bonds are up to 85 for the new consols and
5@7 for the special tax bonds.
Railroad bonds are very strong as a rule, with prices advancing.
The prices of to-day, on the next page, will show the market for
the various issues, which are too numerous to comment upon
separately.
The following securities were sold at auction:
bonds have been
Shares.
Shares.
15 Bank of America
53 Mechanics’ Bank
19 Bank of Manhattan
152%
149%
Co..j. 140%
150 German-Auier. Bank
84%
200 Spring Mount. Coal Co.,
guar. 7 by Leliigli Val. RR. 50%
5 Corn Exchange Bank ... .154%
50 L. I. Fire Ins
120
10 Mecli & Traders’ Ins
156%
40
409
131
75
38
North River Ins
112%
Green Bay & Minn. RR.. 11
Warren RR.......113%2>113%
90
Missouri Pacific RR
Municipal Gaslight Co. ..165%
Bonds.
$17,340 New Orleans City 5
per cent premium
35%
Exchange.—Exchange shows no improvement in tone, and the
only change was in the firm prices for demand bills on the ad¬
vance in the Rank of England rate.
To-day the actual rates are
4 78%@4 79 for prime bankers 60 days’ sterling bills and 4 81@
4 82 for demand.
Cable transfers
are
4 82@4 82/£.
domestic exchange on New
to-day: Savannah, buying,
%, selling, %@par; Charleston, buying, % discount, selling,
par@/£ discount; New Orleans commercial, $3 50@$4 discount,
bank par ; St. Louis, 1-10 discount; Chicago, 80(§)100 discount,
and Boston about par.
10.
Demand.
Sixty Days.
bills on London.
Documentary commercial
Paris (francs)
4
4
4
5
Amsterdam (guilders)
78%2>4 79%
77
76
-2)4 78
2)4 77
2938®5 2550
39% 2> 39 %
93*8®
9358®
Frankfort (reiclnnarks)
Bremen (reiclnnarks)
TJ. s.
to, and including,
Sub-Treasury.—The
94%
94%
4
4
4
5
81
2)4 82%
79%2>4
78%®4
26%2>5
39%2>
94%®
94% 2>
80%
79%
22%
...
$67,563
Albany & Susq ..September.
Atch.Top.&S. Fe.2dwk Nov.
Atl. & Char.Air-L.October
Atl.&Gt,West....October
Atl. Miss. & Oliio.October
272,000
127,332
497,232
235,910
Ala.Gt. Southern.October
following table shows the receipts
this city, as well as the
the past "week:
and payments at the Sub-Treasury in
balances in the same, for each day of
...
$
Dec.
"
"
*
“
"
4...
6...
1,453,054 37
1,441,697 38
7...
2,351,893 47
806.328 32
8...
9...
10...
Total
$
1,281,251
2,406,208
1.314,232
1,172,700
77
78
36
02
Coin.
Currency.
$
77,278,329 04
76,581,503 61
77,562,369 92
$
77,202,163 37
1,010,557 49
1,458,323 58
739.268 97
77,409,309 19
977,910 32
77,838,202 86
8,521.855 11
7,891.572 22
4,350,656 88
4,082.970 91
4,139.765 71
4,133,600 56
4,197,683 26
4,249,262 85
1880.
1879.
$46,046
$521,097
$341,044
105,362
1,055,122
786,312
5,455,447
595,611
188,000 7,259,000
743,023
88,498
477,776
200,308 1,673.402
.
214768..:
Q...October ...1,599,534 1,709.932 14,504,592 12,013,868
40,746
13,970
29,613
21,644 1,170,030
793,431
434,000 293,530 11,688,810 8,951,862
Chic. <fe Northw..November.1,820,600 1,558,476 17,898,340 14,772,478
41,725 1,449,430 1,125,451
Chic.St.P.Min&O 4thwkNov
51,326
Chic. & W. Mich..2d wkNov
16,023
13,202
718,575
559,504
Cin. Ham. & Day.November. 232,875
205,601
Cin. Iud.St.L.&O.November.
198,115
162.082
720,251
826,388
Cin. & Spring!. ..4thwkNov
32,349
23,615
Cincinnati South.October
186.675
64,877
Clev. Col.Cin.&I.4tliwkNov 124.523
109,671 4,007,564 3,341.444
10,960
9,255
352,841
Clev.Mt.V.& Del. 4th wkNov
383,894
Del.&H.Can.. Pa. Div.. Sept.
117,136 112,762
858,982
890,292
Denver & Rio Gr 1st wk Dec.
74,043
32,098 3,177,463 1,128,687
Denv.S.P’kcfcPac.October
108,190
132,185 1,603,066
627,604
4,445
288.028
DesM.&F.Dodge.4th wkNov
8,778
201,169
Det. Lans. & No..3d wkNov.
25,566
24,109 1,055,242
970,385
Dub uque&S. City. 4th wkNov
21,975
17,156
935.942
843,831
Eastern
August.... 302,389
264,601 1,915,440 1,628,426
East Teun.V.&G.October
128,802
118,084 1,038,150
817,819
Flint &Pere Mar.4th wkNov
48,867
30,726 1,446,333 1,030,998
Gal. Har.& San A.3d wkNov.
34,393
33,904
;
'
November. 169,957
Georgia
133,339
Grand Trunk. Wk.end.Dec. 4 215,199
190,381 9,770,805 8,302,459
Gr’t Western.Wk.end.Dec. 3 105,214
95,155 4,747,444 4,108,481
57,597
53,613 2,276,869 1,744,072
Hannibal&St. Jo.4tli wkNov
Houst.&TexasC.4thwkNov 103,363
111,291 3,296,119 2,823,453
IllinoisCen. (III.).November. 557,131
490.530 5,785,953 5,190,010
Do
(Iowa). November. 163,440
140,813 1.536,242 1,383,386
Indiana Bl. &W..3d wkNov.
26,216
24,244 1,096,687 1,033,867
Int.&Gt. North.. 4tli wkNov
82,257
68.115 1,702,399 1,557,593
Iowa Central
October... 101,130
82,650 '
749,137
K.C. Ft. S.&Gulf.2d wkNov.
19,312
997.363
27,735
422,991
Kans.C.Law.&So.2d wkNov.
18,011
10,761
642,138
592,027
Lake Erie& West.Sdwk Nov.
25,228
12,078 1,177,622
Little Rk. & Ft. S.September.
32,578
48,193
Louisv. & Nashv.4thwkNov 263,600
218,254 8,501.236 5,325,575
533,520
8,484
Marq. H. & Ont’n.3d wk Nov.
4,311
780,661
770,635
Memp. <fc Chari...4th wkNov
31,980
29,278 1,055,021
Chic. Burl. &
Cliic.&G.Tr’k.Wk.end. Dec. 4
Chic. & East. Ill..4thwkNov
Chic. Mil. & St. P.4th wkNov
...
...
...
Minn.& St.Louis.Sdwk Nov.
Mo. Kan.&Texas.3d wkNov.
Missouri Pacific..October
Mobile & Ohio
November.
...
Nasbv.Cli.&St.L.October
-
10,234
94,457
19,924
81,945
546,027
252,222
309,296
178,266
...
N. Y. <fc Canada ..September.
56,959
N.Y. Cent. & Hud.November.3,047,541
N.Y. L. Erie & W.September.l,786,417
N. Y. & N. Engl’d.November.
207,241
Northern Central. October
512,917
277,755
Northern Pacific .November
........
169,958
3,685,094
4,453,864
1,982,877
1,691,364
2,849,217
3,186,803
1,810,850
1,440,980
47,394
485,069
323.691
434,266
2,801,835 30,772,015 26,521,216
1,492,495 14,065,330 11,881,343
173,712
413,534 4,097,023
210,635 2,332,356
8,684
8,597
354,562
5,264
188,972
...
Ogd. & L. Cliamp.3d wk Nov.
11,656
3,316,033
1,889,471
292,445
8,186
Pad.&Elizabetht.3d wk Nov.
4,427
139,010
Pad. & Memphis. .3d wk Nov.
Pennsylvania
October ...3,882,714 3,518,144 34,137,327 28,034,354
Peoria Dec.&Ev.4th wkNov^i 10,468'
408,857
239,303
2,264
367,082
Pliiladel. & Erie. .October
323,803 3,120,849 2,514,584
Phila.& Reading.October ...1,746,299 1,542,911 14,839,670 12,377,394
482,659
336,154
38,930
Pitts.Titusv. &B.October
54,200
Ports.Gt F.&Con. August
19,275
22,391
Rensselaer & Sar.September. 196,561
181,574 1,415,572 1,132,097
930,132
St.L.Alt.&T.H. ..4thwkNov
33,077
-36,158 1,274,245
599,600
500,770
Do
(brclis).4th wkNov
21,340
13,839
St. L. Iron Mt.&S.November.
626,725 656,832 5,603,319 4,637,197
St.L. & San Fran. ltli wkNov
83,073
60,856 2,470,718 1,440,947
r
502,787
St.Paul &, Duluth.October
66,374
57,766 2,860,104 2,369,906
St.P.Minn.&Man.4th wkNov
90,463
29.855 1,346,140 1,017,175
St.Paul &S. City.. 4th wkNov
44,822
262,028
291,743
8,066
Scioto Valley ....4thwkNov
10,011
434,000
4,149,000
South. Pac. of Cal.October
81 519
77 707
Texas & Pacific ..1st wk Nov
33%] 9
34*140 1,060,5*18
926,905
fob Peoria
War. 1 st wk Oct.
...
...
...
...
Union Pacific
November..2,265,160
Wal St. L. <fc Pac.4th wk Nov
243,531
34.932
.Wisconsin Cent...4thwkNov
New
City Clearing. House Banks’ returns for a series of
weeks past:
1880.
Loans.
*
Specie.
*
3. ..290,639,500 53.669.300
10....288.470.900
52,023,600
50,050,800
17....284.250.800
278,886,200 48.983.600
49.406.500
May
1....289.436.300
53.391.500
8....281.137.700
18 ...273.574,200 56,278,000
22....272.250.800
29....273.216.400
June
5....276.056.000
.2/9,265,700
19....286.075.100
65.210.100
July 3. ...291,784.300 66.168.600
70.822.100
10....293.428.500
.292.309,500 70.615.500
24....294,517,800 69,058,900
,31....297,779,300 68.037,700
Aug. 7....304,765,800 68.706.600
“
“
Sept.
14. ...306,491,^00
L. Tenders.
$
68.330.900
21....310,666,300 66.717.500
28.. ..810,738,100 65,413,800
65.434.700
4....311.942.800
Deposits.
$
21.715.800
20,684,600
19.624.800
20.915.400
20.351.200
20.631.300
17.115.900
16,312,000
15.254.200
15.335.500
14.541.400
252.572.200
258,323,000
261,075,900
258.325.700
262.762.600
266,o39,000
271.628.500
278.146.700
277.770.800
283,078,300
290.714.700
292,2:38,500
291,270,000
291.306.500
297,024,200
298.691.600
298.615.100
296.422.900
297.186.800
13.948.200
298.350.500
13,517,700
13.197.200
65.256.300 13,046.300
Oct.
66.992.200 1^,6^9,600
9....313.521.200
16....315.811.900
67.364.300 13,035.000
23 ...317.043,300 65.613.900 13.159.300
30
317,S80,200 68.372.400 13,016.700
24.370.200 66.691.700 11,989,600
Nov.
64.955.400 12,474,900
13....324.970.000
“
20....315.S34.000 63.830.600 12,078,900
“
27....313,524,900 60.177.900 12,098,200
Deo. 4....305,701,100 54.534.600 12,036,700
298.928.700
294.806.900
313.716,200
3 14. 123.500
25....310.204.000
2....309.323.600
66.340.300
66.517.300
65.147.600
Circulation
$
Ago. Clear
*
259.306.800 20.981.600 771.019,670
256,267,*00 20.987.900 810,774,898
13,866,000 253.519.800 20,843,000 849,817,403
15.432.100 248.896.700 20,612,800 720,94?,846
10.847.500
11.935.900
17,014,000
17.257.100
19.229.300
56.831.900 21.669.500
59.271.700 22.547.400
61,109,000 21.934.800
63.192.700 22.221.300
64,450,000 22,064,300
285.905,100
“
1,796,343
209,336 11,373,489 8,130,162
23,161
York City Banks—The following are the totals of the
New York
“
Payments.
r-Jan. 1 to latest date*
1,366,315
Bur.C.Rap.& No.. 4tli wkNov
59,137
44,091 1,860,063 1,358,745
232,782
Cairo & St. Louis.3dwk Nov.
9,746
5,408
367,133
entral Pacific...November.2,154,000 1,488,112 18,582,195 15,817,291
Ches. & Ohio
November. 239,073
148,073 2,454,577 1,757,377
Chicago & Alton .4tli wkNov 151,047
149,974 7,128,606 5,202,663
...
Balances.
Receipts.
158,980
...
40%
94%
94%
the period mentioned in the second column.
,—Latest earnings reported—.
Week or Mo.
1880.
1879.
Apr.
Quotations for foreign exchange are as follows:]
Prime bankers’ sterling
Prime commercial
returns can be obtained.
The columns under the heading
“Jan. 1 to latest date” furnish the gross earnings from Jan. 1
.
The following were the rates for
York at the undermentioned cities
Dec.
Railroad Earnings.—The latest railroad earnings and the
totals from Jan. 1 to latest dates are given below. The state¬
ment includes the gross earnings of all railroads from which
85
49% 52%
40
40
ltH
76%
36%
84% 85%
22% 22% :2% 22%
*30
31%
30% 31
23% 23% 23% 23%
84
84
1S6
119% 119% 119 119
118% 120
119% 120%
Dec. 10.
9.
76% 76%
36% 37
7214 73%
78% 79%
23% 23%
139% 140
175%
172% 172% 174% 172
105% 107% 196% 107% 107% 110
pref.
These
36
30
138
138
171
Bt.L.I.M. * So. 48
49% 47
39%
8t.L.& S.Fran. *39% 40
Do
pref. 52% 51% 52%
85
Do 1st prf. 85
84%
1
1
1
Sutro Tunnel.
Union Pacific. 100% 102% 100%
Wab.St.L.&P. 42% 42-% 41%
Do
pref. 77% 78% 76%
92% 88%
West. Un.Tel. 90
*
76%
Dec.
*22% 23% *22% 23%
St.L.A.&T.H.
Do
76%
37
37%
71
71%
77% 77%
76 H
76% 70%
38
38%
Am. Dist. Tel.
Friday,
Thursday,
Wednesd.
Dec. 8.
Tuesday,
Dec.
7.
LVol. xxxl
295.611.400
301,013,600
302.566.900
300,831,000
3< >2,582,100
307,7. 6,700
307.705.200
295.871.400
20,646,200
20.572.900
697,435,051
790.386,569
20.498.400
867,632,049
759,515.331
20.238.100 795,990.673
20,059,900 639,336.131
19.682.500 737,534,533
19.694.900 616,148,241
19,620,000 607,558,981.
19,572,000 711,472,517
19.525.800 452,751,881
19.488.700 500.486,08*
19.463.500 625,916.274
19.477.600 586,540,682
19.430.400 644,309,967
19.331.600 551,923,441
19.428.100 480,785,189
19,396,s00 522,899,383
19,342,300 608,877,203
19.353.600 625,650,183
19.344.500 623.375,655
18.882.500 573,355.801
18.636.700 705.598,706
18.573.700 651,109,020
17.629.100 093,917,360
18.700.600 872,895.695
18.646.500 785,361,021
20,304,000
“
18.691.800
15.708.700
860,393,048
896,540.451
15.730.400 868,070,513
289.527.100 18,000.200 1072,680.747
276.132.700 18,471,400 1155,094,08a
statement shows the condition of the Associated
Banks of New York City for the week ending at the commence¬
ment of business on Dec. 4,1830:
Capital.
Specie.
1
$
1,578.000
796.600
8.980,000
6,090,900
6,328.000
7,226.000
4,831.000
2,000,000
2,000,000
1,200,000
City
Tradesmen’s
Pulton
Chemical
Merch’nts’ Exch
Gallatin Nation’l
Butchers’&Drov
Mechanics’ A Tr.
Greenwich
Leather Man’f’rs
Seventh Ward...
State of N. York.
American Exch..
Com -;nerce
Broadway
8.717.500
3,000,000
1,000,000
1,000,000
1,000,000
600,000
800,000
1,000,000
1,000,000
300,000
Phoenix..
3,965,000
8.890.800
3.007.900
1.609.500
11,989,400
4,410,200
4.159.400
1.336.800
1,026,000
1,006.000
3,3.0,000
200,000
200,000
600,000
300,000
800,000
5,000,000
5,000,000
1,000,000
849.100
4.232.100
13.487.00U
15.303.600
5.601.500
Republic
1,500,000
Chatham
People’s
450,000
412,500
700,000
North America..
3,647.300
1.478.400
2.355.900
8.470.400
2.724.800
12,437.000
500,000
Metropolitan
....
Citizens’
Nassau
Market
3,000.000
600,000
1,000,000
Corn Exchange..
Continental
Oriental
Marine
Importers’ & Tr..
Park
Mech. Bkg. Ass’n
North River.
East River.....
Fourth National.
Central Nat
Second Nation’l
Ninth National..
First National..
Third National..
N. Y. Nat. Exch..
300.000
400,000
3.547,000
20,495,200
1,500,000
2,000,000
L 7,572.300
913.100
500,000
967.700
976.700
16.908.000
9.317,000
2,516.000
5.202,000
13.476.000
7.640.500
1.409.700
1.406.600
1.274.800
2.325.500
3.872.600
1.431.800
240,000
250,000
3,200,000
2,000,000
300,000
750,000
500,000
1,000,000
300,000
250,000
200,000
750,000
300,000
100,000
Bowery National
N. York County..
Germ’n Americ’n
Chase National..
Fifth Avenue....
93.800
77,10(1
152.000
252.300
94,30G
59.200
113,100
368.000
480.800
357.000
107.600
256.600
125.400
668.500
144.800
879.400
2,045,000
2,051,200
732.500
555.400
307.400
510.100
647,000
127.700
197,000
265.900
2.609.000
248.100
253.400
437.700
398.700
750.000
146,000
2,003,300
32.700
642.000
5.243.800
4.504.800
5.934.300
1,100
3,618,000
9,015.400
1,842.000
1.297,400
U.884.400
3,785 800
2,lb4.80U
1.100.200
1,095,000
267,000
148.400
37.000
73.200
251.490
751.600
337.400
257,500
180.000
2,700
1,008.800
476,300
2.825.500
761,300
3.858.700
9.720,000
37,800
585.000
443,000
1,241,200
9.300.700
4.496,000
OOu.OOO
3.08:4.300
2.008.700
179.400
2.869.900
3,826.5400
1,117,100
5,400
8.249.700
1,671,000
780,300
148.000
330.000
3.789,0^0
180,(fe6
21,569.200
20.790.00C
1,113,900
800,000
429,000
45.000
3.9,H)
443.700
448,600
450,000
2,045.', 00
45,000
44,900
662.700
948,000
754.200
224.70)
16.079.500
8.612,000
2,848.u0u
5.790.000
13.894,900
7,628 300
1,272,000
45,000
90,000
450.000
800.000
810,000
270,0 JO
225,0 K)
1.059.700
1,202,000
1.401.200
2,133 500
8 030,900
1,557,600
82.500
banks for
a
Specie.
1880.
Loans.
8
Sept. 6..
147.259.200
6.231.800
6,871,600
7,032,300
7,615,000
“
13..
20..
27..
Oct. 4..
11..
“
*
146.749.700
146,074,800
145,50(5,500
145,099,500
146.721.200
145.700.700
L. Tenders.
$
Deposits.
2,945,200
55,495,300
56,069,500
56.342.900
58,3 si, 800
59,827,700
60,612,100
61.220.900
8,3:33,400
8.700.800
8,052,000
18..
35.. 147,836,900
8,472,400
8,312,000
Nov. 1.. 148,846,500
8.. 150.429.100
8.300.100
“
15..
8,974,000
151,767,000
“
7,902,300
22.. 151.583.100
“
7.515.100
29.. 151.433.200
6,915,000
Dec. 6.. 152,031,600
*
From Oct. 23 the item “ due to
3,015,500 *103,529,300
2.904.700 *102,845,300
3,012,300 *99,550,390
3,430.000 *98,371,300
3.308.700 *97,342,800
L. Tenders.
13
20
27.....7..
..
$
{
$
19,352,411
20,070,935
21,300,239
21,583.986
01,532.113
03,010,452
64.0S3.179
64.420,111
70,804,827
4
11
18
70,741,570
71,455.947
,...
25
Nov. 1
“
8
“
15
“
22
“
29
Dec. 0
72,564,072
73,441,349
74,515,640
75,082,818
74.901,122
20,910.079
21.167,722
20,180,457
19,822,9:30
19,440,299
17.962,749
QUOTATIONS IN BOSTON.
Bid.
Ask.
124
m.7s
land grant 7s 119X1
2d 7s
105
land inc. 3s.
124%
Boston A Maine 7s
125
i25X>
Boston « Albany 7s
6s
do
ne%
Boston A Lowell 7s
118&
do
do
do
do
6s
Boston A Providence 7s
117
Burl. & Mo., land grant 7s...
do
Nebr.Cs
Ex 111
!03
Nebr. 6s
do
Conn. A Passumpsic, 7s, 1891.
Eastern, Mass., 4*s, new.
Fitchburg RR., 63
...
do
7s
Fort Scott & Gulf 7s
Hartford & Erie 7s
Ban. City Top. & W., 7s, 1st
do
do
7s, Inc..
lr
'
V.
S’
30,463,300
30.503.800
30.577.200
30.621.200
57.076.524
62,080,700
30.509.200
04,974,226
64.329.418
60,051,853
62,888,970
71,908,488
72.940,3 3
73,844,364
30,016,400
30,028,700
84,676,865
30,498,600
30.503.200
30.540.500
30,597,000
30,517,700
deposits.
Philadelphia banka
Circulation. Agg. Clear.
$
$
12.154,778
36.143.128
12,178,215
12,209.230
12,215.485
12,195,371
12,180,549
12,213.234
05,329,078
12,243,730
05,779,300
00.098,124
00,738,284
06,532,070
12,233.647
12,235.615
12,241,735
12,241.121
12,192,735
12,190.038
00.332,402
04,819,921
53,202,760
54.247.417
55,287.9<0
30.873,470
44,444,519
39,199.700
42.053.645
42.851.093
42,903,773
45.341.700
42,803,752
49,025,534
40.419,76?
48.741.064
44.275.141
59,498,059
securities.
Old Colony, 7s
Old Colony, 08.
Pueblo & Ark. Valley, 7s
Rutland 63,1st mort
Vermont & Canada, new
Bid.
Ask.
117& 118
100
8s..
Vermont*Mass. RR.,6s.,...
stocks.
143% 143%
Atchison & Topeka
Boston & Albany
153
Boston ALowel:
Boston & Maine
Boston & Providence
Fort Scott*
do
Gulf, pref
common.
110%
140
150
12o
J90OH ‘TO*
92
K.C. Law. & Southern.Kx.R
Little Rock & Fort Smith ...
Manchester A Lawrence..., 157
140
vnHhn* * Lowell
reg.,’83-86.
63
125
105
Lehigh Naviga.m.,63, reg.,’84
do
mort. RR., rg ,’97
coupon
6s, co upon..
118
Harrisburg City
RAILROAD STOCKS.t
Camden A Atlantic
24
do
pref
Catawissa.....
do
pref.....
ao
new pref
do
Delaware & Bound Brook....
East Pennsylvania
Elmira & Williamsport.......
pref..
do
Mt. Joy A Lancaster.
do
Har P.
do pref.
do
Lehigh Valley...
Nesquehoning Valley
Pennsylvania
Pittsburg Titusv.
do
57
55%
pref.
DuluthR.R. Com
pref.
do
02
£•%
24%
24%
A Buff
Companies
consol, pref....
West Chester
West Jersey
182*.
iV%
17%
3)
32
180
182%
30
35
CANAL STOCKS.
Chesapeake * Delaware
Delaware
35%
Navigation
Lehigh
35 H
Morns
do
pref
Pennsylvania
Schuylkill Navigation
do
pref...
Susquehanna
.
RAILROAD BONDS.
Allegheny
do
do
Vai.,7 3-10s, 1896...
'is, E. ext., 1910
Inc. 78, end.,
’94
5
11
IS
122
109
33
110
105
101
Belvidere Dels. 1st m.,6s,19U2.
do
2d m. 6s.’8>..
do
3dm. 6s,’37..
Camden AAmboy 6s,coup,’83
do
6s, coup., ’89
113
do
mort. 6s, ’89
Cam. A Atl. 1st m 7s. g., 1^93
do
2d m. cur. 7s, 1 e7sc.
Cam. &
100
114
ii07
Burlington Co. 6s,’97.
Catawissa 1st,7s, conv., ’82...
do
chat, m., 10s,’88 .. 114
do
new
78 1900
1900-1904
Chartlers Val., 1st m. 7s,C.,1901
Delaware mort., 6s, various..
Del. A Bound Br., 1st, 7s, 1905
East Penn. 1st mort. 7s, ’88 ..
Connecting 6s,
El.A
W’msport, ist
do
m.,7s,’60.
5s,perp
...
....
111
112
110%
118
114
85
2d m.f .scrip g.,7e‘
3d in. cons. 7s,'95*. 67
IthacaA Athens 1st g <1, 7s.,’SO
Junction 1st mort. 6s, ’82. ....
2d mort. 6s, 1900 ...
do
118
Lehigh Valley, lst,6s,cp., 1898 118
do
do reg., 1893...
130
do 2d m. 7s, reg., 1910..
do
do
121
do
gen. m. 6s,cp.,19i0.
1»2
do
gen. m. 6s, rg., 1910.
118
do
cons. m. 6-,rg., 1905.
do
cou8.rn.6s. cp., 1905. 118
do
Navy Fard 6s, rg,’81
106%
Penn. Co , 6s. reg
90
Perklomen 1st m.6s.coup.,’9i
t Per share.
00
70
80
70
70
100
108
100
100
109
111% 113%
117%
116
110
119
121
122
120
122
116%
124
Par-
ltxJ lb3% 185%
',TC>
Bait. A Ohio....
istprif
do
2d pref
do
Wash. Branch. 1U0| 150
do
9
Parkersb’g Br..50
Northern Central..
;..50 45
Western Maryland
50
50
Central Ohio
Pittsburg & Connellsvllle..50l
45%
10
iiV%
io
45%
9%
46
20
BONDS.
Balt. A Ohio 6s, 1885,A.&O....
N. W. Va. 3d m.,guar.,’85,J*J
Pittsb.A ConnellBV.7s,’93,J&J
Northern Central 6s, ’85, J&J
do
6s, 1900, A.ifcO.
do 6s, gld,l900, J.&J.
Cen. Ohio 6s, lstm.,’90.M.A S.
W. Md. 6s, 1st m.,gr.,’90,J.*J.
do
1st m., .890, J. & J...
do
2dm.,guar., J.&J
do
2d m.,pref
do 2d m.,gr. by W.Co.JAJ
do 68, 8d 111., guar., J.A J.
Mar. A Cin. 7s,’92, F. A A ...
do
2d, M. & N
do
Sa, 3d, J.A J
Union RR. 1st, guar., J. & J..
do
Can on endorsed.
109% 110
121
112
124
109
112
109
115
114
ill
H7
112
117
107
110
113
115
113
123
MIS
123
1112
120
lib
85
40%
115
115
e8*
CINCINNATI.
Cincinnati 6s, long
t 100
t 115
do
7s
do
7-30s
t 125
do
South. RR. 7-308.1 128%
115
do
do
6s, gold, fill
Hamilton Co., O., 6s. long...4 107
ao
7s, l to 5 yrs..t 105
do
7 & 7"30s, long.f 120
Cin.& Cov. Bridge st’k, pref. 150
106%
Cin. 11am. & D. cons.Gs, 19 5 +-100
112
104
105% 106
106
103 104
102%
101
ioi%
110
7s, 814 101% iitt
2d m. 7s,’34.4" 105
3d in. 7s, ’884 105
’31...1
....
do
' 1st m., 1905.4' 112
do
lstm.6s, 190.» 4100
Ind. Cln. & Laf. 1st in. 7s —t 106%
Mo
(I.AC.) lstm.7s,’834 106
Little Miami 6s, ’33
4-104 104
95
Cin. Ham. & Dayton stock...
94
Columbus & Xenia stock
135
stock...55
56
st’k, guar 133
131
LOUISVILLE,
8. p.c.
do
Little Miami stock
4l,06% il6%
oulsvllle 78
do
do
do
118%
119%
6s,’82 to ’87
6s, ’97 to ’9#i
water 6s,’87
4^ 104
-M04
to ’89 4 104
water stock 6s,’97.4 104
wharf 6a
..4 104
spec’l tax6s of ’89f 104
water 63, Co. L9071 108%
do
do
do
do
do
53...
Jeff. M.&l.lstm.
do
do
Phila. * Erie 1st m.6s, cp.,’8l, 101%
do
2d sn. 7s,cp.,’S8. 118
Phila. Newt’n A N.Y.. 1st m.
ii*7
Phila. A Read. 1st m. 6s, ’43-’44
•In default,
109
115
120
railroad stocks.
Dayton & Michigan
do
Scrip —...
Pa.AN.Y.C. A RR.7s,i89t>....
do
1906 ....
Pennsylv., 1st m., 6s, cp., ’80.. 102%
122
41
5p, 19.6, new
Norfolk water, 8s
Dayton & West, lstm.,
m.,6s,rg.,1923 li5
6s, 1 p., 19.3 115
Little Schuylkill, 1st m. 7s’42
i07
North. Penn. 1st m. 6s, cp.,’85.
do
2d m. 78,cp., ’96.
uo
do gen. m. 7s, cp., 1903.
1*0
do gen. m. 7s, reg., 1903
102
Oil Creek 1st m. 7s, coup.,’81.
rittsb. Titusv. A B., 7s, cp.,’96 b4%
11?
120
6s,exempt,’93.M. AS,
03,1900, Q — J
68,1902, J. & J
do
do
do
do
do
do
do
’48-.4V
2d m., 7s, cp.,9*.
deben., cp., ’03"
cpsoH.
do
6s, exempt, 1887....,
do
- 6s, 1890, quarterly..
do
5s, quarterly
Baltimore 6s, IS84, quarterly.
do
6s, ;886, J.& J
do
6s, 1890, quarterly...
do
6s, park, 1390, Q.—M.
do
6s, 1893, M. A S
Dayton & Mich. 1st m.
con.
do
68, boatAcar,rg.,19I3
7s, boatAcar,rg.,l9i5
Susquehanna6s. coup.. :9i8 .*
BALTIMORE.
do
7s, 1903 4
do
2d m. 7s, ’35 r
Cln. Ham. & Ind., 7s, guar. .1
Cin. & Indiana 1st m. 7s
-1
do
2d m.7s,’77..i
Cin. I. St. L. & Chic, stock...
dO
COU3. 6s...t
Colurn. os Xenia, 1st in. 7s, ’90
Harrisburg 1st morL 6s,’83...
H. & B. T. 1st m. 78, gold, 90J118
do
lstm. 7s, iJ. g.’S9 ...
do
2d m. 7b, gold,'95. 109
do
do
do
do
2d m. 6s, reg., 190#
do
do
do
RAILROAD
36
Division
Schuylk. Nav.lst rn.6s.rg.,’97.
ao
56%
84
do m. conv. g., n-g.,’94 108%
111
do mort. gold,’97
do cons. m.7s, rg.,191! 109%
Morris, boat loan, reg., 1885..
93
Pennsylvania 6s, coup., ’.910.. 10J
Maryland 6s, defense, J.A J...
20
Philadelphia* Trenton
PhHa.Wllmlng. A Baltimore.
do
34
52
01%
Pennsylvania
United N. J.
48%
107
55
Norristown
Paul A
47%
50%
*5%
Minehlll
St.
14
50
52
Schuylkill
Little
49
Broad Top... *8%
13
Huntingdon A
Western Penn. RR. 6s,cp.*93. 108
do
6s P. B.,’96. 108
Chesap. A Dela. 1st 6s, rg.,’86
Delaware Division 6a, cp.,’78.
7s, reg. A coup.
Delaware 6s,
Stony Creek 1st m. 78 1907...
Sunb. Haz. A W.,lst m.,5s,’23
Sunbury A Erie lstm. 7s, ’97..
yra.Gen.A <.:orn%,lKr,;6,19i>[j
Texas A Pac. 1st m ,6s, g.,1905 107
98% 99
do
cons. m.,6e,g.,1905
inc.Al. gr ,7s 1915
ao
25
Union & Titusv. 1st m. 7s, ’9C
United N.J. cons. m. 6s,’94..
111
115
Warren A F. lstm.7s,’96.
118%
West Chester cons. 7s, ’9i
West Jersey 6s, deb.,coup.,’83 101
do
Ist m. 6s, cp.,’96.
117
do
lstm. 7s, ’99.
110
do
cons. 6s, 1909
CANAL BONDS.
coup...
A coup.
Camden County 6s, coup..
Camden City 6s,coupon...
do
50
...
122
103
N. Jersey 6s, reg. and
do
exempt, rg.
do
do
58
Cheshire preferred
Chic. Clinton Dub. & Min....
72% 73
Chi •. * W. Michigan
116
10%
99% 99% Cln. Sandusky & Clev
95
Concord
100
150
Connecticut River
80
Conn. & Passumpsic
109
33% 34
46% 40* Eastern (Mass.)
Eastern (New Hampshire)...
120% 123
Ub
Fitchburg
ioo
K. City Lawrence & So. 4s...
Kfta. City. St. Jo.AC. B.is. . 11544
Little R’k A Ft. Smith, 7s,1st 108% 109
114
New York & New Eng. 7s
New Mexico & So. Pac. 7b... 110*41116%
.0
30.503.500
30.509.800
PHlLAUiiLPHIA ANO OTHER CITIES.
BOSTON.
Atch. & Tcpeka 1st
04,832,700
65,740,522
21,442,750
21,108,723
20.533.193
8HOUBITIKS.
64,822,802
21,463,516
71.763. S 45
75,082,038
Jb T
Deposits.
*
*
other banks,” is included in
70,254,008
70,503,376
70,732,054
70.627.677
1880.
Sept. 0
Oct.
3.077,900 *101,572,500
follows:
Loans.
“
2.843.500
2,902,800
2,875,300
2,745,400
2,713.000
2,896.900 *100.464.500
Banks,—The totals of the
PliiladelptUa
are as
2.902.500
Circulation. Ago. Clear
$
78, Atr.imp.,
<10
72
123
do cons. m. 7s, cp.,1911.. 122
122%
do cons. m. 7s, rg.,1911
110
do cons.m.fi8.g.i.l9ll.
do
deb. 7s. cps.off
do mort., 7s, 1892-3
Phila. Wilm. A Bait. 6s. ’84... 19
Pitts.Cln.ASt. L. 7s, cou., 1900 120
do
do
7s, reg., 19’t 1120
Shamokin V.A Pottsv. 7s, 1901*111
Stoubenv. A Ind. 1st, 6s, 1884. 104
120
do 6s,n., rg., prior to’95
122
do 6s,n.,rg.,lS95A over
104
do 48, various...;
78,w’t’rln,rg. Acp
60
87%
m.63,1908 . ,
Imp. m. 63 g„ 1397...
do conv. 7s, 1893*
do
7s, coup, off,’96 51%
28%
Phll.AR.Coal&lron deb. 7s,92 SO
reg.,1879
do
Phil. A Read, scrip, 1882
do
In. m.7s, cp,1896
Ask.
ro ken.
124%
Allegheny County 5s, coup..
Allegheny City 7s, reg
Pittsburg 4s,coup., 1913.....
do
5s, reg. & cp., 1913.
io
6s, gold .reg... ...
Bid.
SECURITIES.
do
Philadelphia,5s reg.
do
6s, old, reg —
154,800
series of weeks past:
22%
128
110
122
28
STATE AND CITY BONDS.
Penna. 5s, g’d, int.,reg. or cp
do
5s, cur.,ree ...
110
do
5s, reg., L82-1332
do
5s, new. reg., 189 2-ISO-;
do
6s, 10-15, reg.,lV77-’82
do
6s, 15-25, reg., 1882-’92. 103%
do
6s, In. Plane,
Philadelphia A Erie....
Pniladeiphia A Read ng
returns
44
43%
PHILADELPHIA.
North
of previous week are as follows :
Loans and discounts
Dec. $7,823,«00 i Net deposits
Dec.iilS,394.400
Specie
Dec. 5,643,300 I Circulation
Dec.
194,800
Legal tenders
Dec.
81.50C i
Boston Banks.—The following are the totals of the Boston
The deviations from
Rutland, preferred
Vermont A Massachusetts..
Worcester A Nashua
180,0j0
60.475.200 305.701.10u 54 534.690 12,036,790 276.132 700 IS 471.400
Total..
Old Colony
Portland Saco A Portsmouth
Pulhua > Palace Car
268.700
3,362.000
84,417
63.500
England...
Ash.
Hampshire 110%
Norwich A Worcester
*22
Ogdensb. A L.Champlain ...
do
pref.. 77
45,000
181.700
258,500
145,900
305.400
106.400
305.000
294.700
648,900
1.525.200
666.800
792.400
4.600
254.000
2
794,200
2.318.500
793.000
236.Ci00
473.000
1.344.000
400
1.465.200
2.281.300
8,274,000
2.318.300
10,163,000
2.137.100
2.248.500
2,193,000
556.200
1,138,COO
496,600
360,000
44,500
129.300
165,000
895.200
246.300
77.000
279.800
58.500
103.200
95.300
125.000
66.000
291.200
9.100
103.800
84.900
211.900
32.800
101.900
3.422.700
$
7,918.000
4.242.900
5.410.900
5,824,000
4.384.100
177.900
1.495.200
2.007.80C
2.353.900
3,125.000
3.948.00C
7.485.400
1.801.100
338.300
19,400
2.747.500
500,000
500,000
1,000,000
1,000,000
.
69.800
405.400
2.355.100
500,000
St. Nicholas
Shoe & Leather..
421.100
2.623.200
565.800
382,000
212.600
153.000
5.431.400
1,000,000
Hanover
Irving
1,328,700
1.054,200
474,000
2,022.900
365.500
tion.
*
*
195.000
280,200
436.800
503,000
54.100
23 4,400
163.000
180,000
86,300
814,000
2.168.700
422,700
Pacific
.
Circula¬
other
than U. S.
Tenders.
1.829.600
3,^71.700
1,000,000
Mercantile
Legal
Loans and
discounts.
$
2,000,000
2,050,000
New York
Manhattan Oo.
Merchants
Mechanics’
Union
America
Net dept's
Bid
BBCTTBITTKS.
New York A New
Northern of New
Average amount of
PHILADELPHIA, Etc.-Continued.
BOSTON,
The following
Fq/ikt.
627
THE CHRONICLE.
11, 1880.]
Dbcembbr
HW ioi
(I&M) 7s,’814 100 103
2dm.,7s ... ...1 107%
1st in., 78,1906 —4 114
Louisv.C.* Lex. 1st
m.7s,’97t, 110%
Louis.*Fr’k.,Loulsv.ln,!33,’8i
-
123
47
105
105
105
105
105
105
109
Couisv. & Nashville—
Leb. Br. 6s,’86
....
...4 104
1st m.Leb.Br. Ex. 7s,’80-85.4 105
" do
Lou. In.
6s, ’93...+ 104
Jefferson Mad. A Ind. stock. ,103
t And Interest.
10S
105
105%
105
.
THE CHRONICLE.
628
t
[Vot. XXXI.
J=
XJ. 8.
QUOTATIONS OF STOCKS AND BONDS IN NEW FORK.
Bonds and active Railroad Stocks are quoted on a previous page. Prices represent the per cent value, whatever the par may be.
BONDS.
STATE
Ask.
Bid.
Alabama—Class A, 2 to 5
Class A, 2 to 5, small
...
Class B, 5s..
Class C, 2 to
5
Arkansas—6s, funded
7s, L. Rock & Ft. Scott iss.
7s, Memo. & L. Rock RR .
7s, L. HP.B.& N. O. RR.
7s, Miss. O. & R. R. RR.. 7s, Arkansas Central RR.
<?onnecticut—6s...
Georgia—6s
7s, new
7s, endorsed
7s. gold
Louisiana—7s, consolidated
'Michigan—6s, 1883
*
*
§f
-
-
t
.
•
•
ft
*
*
•
4
*
•
r
r
-
-
*
*
-
-
-
-
*
RAILROAD
(Active previously quoted.)
Albany A Susquehanna.... 120
Boston & N. Y. Air L., pref. §49
67
Burl. Cedar Rapids & No...
Cedar Falls & Minnesota...
Oentral Iowa
1st pref
do
do
2d pref
Chicago & Alton,pref...... §142
Gin. Ind. St. L. & Chic.
Clev. & Pittsburg, guar....
"Dubuque & Sioux City
Frankfort & Kokomo
& Western....
Intern’1 &Gt. Northern....
'♦Keokuk & Des Moines
do
do
oref.
"Long Island
Louisv. N. Alb. & Chicago..
Memphis & Charleston
Metropolitan Elevated
N. Y. Elevated
N. Y. New Haven & Hartf.
N. Y. Ontario & West.,pref.
Peoria Decatur & Evansv..
122
69 ‘
77
125
76
200 ‘
§35
§i3
§41%
28
§48
118
Stonington
120
•••
Terre Haute & Indianapolis
•Texas & Pacific
Toledo Peoria & Warsaw..
■United N. J. RR. & Canal ..
39%
Wells, Fargo & Co
American Coal
American Union Telegraph
Boston Land Company
Boston Water Power
Baltimore
Caribou Consol. Mining
Central Arizona Mining....
Central N. J.Land Imp
Climax Mining
Colorado Coal & Iron
Consolidation Coal of Md..
Cumberland Coal & Iron....
Cumberl’d & Elk Lick Coal.
Deadwood Mining
"Excelsior Mining
Homestake Mining
L»a Plata Mining
Leadville Mining
Little Pittsburg Mining ...
"Mariposa L’d & Mining Co..
do
do
pref.
6 214
49
2
524
02%
52
2%
6%
15
§27"
12
12
20
20
1808
do
.
.
*
New bonds, J. & J
.do
A.&O
Chatham RR
■
....
class 2
do
el ass 3
t,-
•-
Small
Ohio—0s, 1881
6s, 1886
....
6s,
4%;
Consol, 4s, 1910
do
pref
Silver Cliff Mining
Standard Cons. Gold Mining
Stormont Silver Mining—
Uhesap.A O.—Pur. in’y fund
6s, gold, series B, int. def.
6s, currency, int. deferred
-Chicago & Alton—1st mort.
Income
Sinking fund
Joliet & Chicago, 1st m...
Louis’a & Mo., 1st m., guar
do
2d 7s, 1900.
St. L. Jack. & Chic., 1st m.
Miss.Riv. Bridge,1st,s.f,0s
1st m
<Jhic. Bur. & Q.—8 p.c.,
Consol, mort., 7s
6s, sinking fund
-Chic. Rk. I.& P.—6s, cp.,1917
6s, 1917, registered
Keok.& Des M., 1st, g., 5s.
•Central of N. J.—1st m., ’90
1st consolidated
do
assented.
Convertible
assented
Adjustment, 1903. ..
Lehigh &W. B.,con.,g’d..
assent’d
Am. Dock & Impr. bonds,
do
assented
registered..
Iowa Midland, 1st m., 8s..
Galena & Chicago, exten.
0%
8o
112
104
Peninsula, 1st m., conv... 4125
Chio. & Mil., 1st
Winona & St. P., 1st m. .. 4108
do
2dm.... 118
121
C. C. C. & Ind’s—1st, 7s, s. f.
4
Consol, mortgage
4109
C. St.L.& N. O.- Ten. lien 7s
113
1st con. 78
O’aCons.0s.
C. St. P. Minn.&
133
HI
111
125
120
118
116
108
4123
115
extended
do
do
do
Coup., 7s,’94
Reg. 7s, >94.
1st Pa. div., coup.,
do
reg.,
7s. 1917
7s. 1917
4114'
do
do
do
do
2119
.
Susqueh., 1st m 4114’
120%
'
140
1st, reg. 4137
Grande—1st,1900
1st cons. 7s. 1910
do
Den. S. P. & Pac.,1st 7s,1905
Erie—1st mort., extended..
2d mortg., ext’n 5s. 1919.
3d mortgage, 7s, 1883... .
4th mort. Ext., 5s. 1920...
oth mortgage, 7s, 1888 —
1st cons, gold 7s, 1920
Dock bonds
110%
109%
104% 105%
128%
110
109
108
ioy
100
no
do
do
iio"
>ve.& PI
10736
do
I. Chic,
do
do 1st
do 2d
do 1st
L.Va.&
do
do
L27% ’30
120
....
1916 121
N.Y.L.E.&W.,n.2d,con.,0s 406% 96>4
125
do 1st, con., f, cp.,7s 4124
497
do 2d,conMf.cp.,5s.6s
102
Gal. Har’g & 8. Ant’o. 1st 6s,
1st La Grange Ex .Os,1910 102
102
2d mortgage, 7a. 1905. ....
Buff. N.Y.& E,
1st
m.,
336
1st m., g’d L. S. & M.
Erie & Pittsburg—1st
Con. mortgage, 7s
113
,lian. A St. Jos.—8s, oonv... 4110
Llous.&Tex. C — 1st, ni. l.,7s 113%
110
ist mort.. West. Div., 7s..
22%
1st mort., Waco & N., 7s.
l(0%f
35*
110
119
2d C„ Main line, 8s
2d Waco & N., 8s
•
102%
115%
115
•
..
*
f
.
-
84%
88
9:%
•
94%
95
•
•
•
•
Brown
ldd"
104% 104%
4122
....
103% 104
105
*\
.
•
.
\la.&Chat.—Rec’rsctfs.var
Atlantic & Gulf—Consol....
Cent. Georgia—Cons, m., 7s
Stock
101
120
•
•
•
,
*
,
-
-
.
.
....
.
....
*
-
*
.
....
.
..
....
_
....
t And accrued interest,
2d 6s. 1899..
t No price
93
....
Cent.
.
86
3
to-day; these are latest quotations made this week.
•
_
166
93
23
70
115
106
90
88
00
72
32
28
89
123
112
,
95
70
75
36
111
80
73
10
5
US
86
74
11
7
50
17
87
37
18
123
45
13
S4
34
15
108*
103
100
110
....
T
83
.
10;L
L16
+ 114
+ 115
+
105
110
ll£
118
49%
49
20
1US
lt»
15
91
93
20
RAILROADS.
100%
112%
•
‘
108
103
102
Ooujwns.—
Tennesssee State coupons.
So. Carolina consol., valid..
Virginia coupons
do
consol, coupons...
77* ’
.
do
m.
cons
Fasl-due
....
...
Metropolitan Elev—1st.1908 ld4%;ld4:%
Nebraska—1st
Texas—6s, 1892
M.&S.
7s, gold, 1892-1910 ..J.& J.
7s, gold, 1904
J.&J.
Virginia—New 10-40s
95
Inc. and ind’y, 7s
Ul.Cent.—Dub.&Sioux C.lst 41(6
ni" 11*2*'
110
St. P. M- & Manit’a—1st, 7s.
45%
Dub. & Sioux C., 2d div...
100%
443
2d mort., 6s, 1909
Cedar F.&Minn., 1st m.. Ji3
97
Tol.Peo.&W.id. Bl’m & W.—1st, pref. 7s 4119
1
Ind
139
104
783*
1st mort., 7s, 1900
107
68% 70
lst mortgage, W. D.
2d mort., 1909
:
105
110
112
Burlington Div
Ind’s Decatur & Sp’d 1st 7s 104
75
1(14
105%
Int. & Gt North. 1st 6s,gld.
75
'
7436 75
lstpref. inc, for consol..
L. Shore—M.S.&N.l., s.r.,7s 109% 110
94
94%
112^ Wab.St.L.&P.,gen.,6sl920.
43% 44
Cleve. & Tol., sink. fund.. 110
Ill
122
VVab. It R.—Mortg. 7s of ’79
do
new bonds.
112“ i
111
114 ’
102
T.&Wab., 1st ext.7s
Cleve. P’ville & Ash., 7s
I
no
121
1st St. L. div.7s.ex mat.cp.
Buffalo & Erie, new bds...
106% 108 i
Buffalo & State Line, 7s..
40
j
115
Kal’zoo & W. Pigeon, 1st.
107
100%
105
Consol, conv., 7s.
Det.Mon.&T., lst,7s.’19O0
114
125
)
*110
115
Lake Shore Div. bonds,
108
107
130
129
do 5
41055*
do
eons, coup., 1st
4.... 108
123
& Tol.,
1095* 1105*
do
cons, reg., 1st.
105
>
102
130
do
cons. coup.. 2d
130%
120
123 1
s *102%
do
cons, reg.^d
120
i
112
120% 127
Louisv.& Nash.—Cons. m. ,7s
105
»
113
105%
2d mort., 7s, gold
112636 127
97
107
Clarinda b..6s, 1919.
985*
Cecilian Branch, 7s
*
101% 103
105%
N.O. & Mob.,lst6s. 1930..
118J*
127
3 *123
North Missouri. 1st m.
K. H. & Nash., 1st 6s, 1919
.77. West. Un. Tel.—1900, co
118% 119
98%
Gen. mort 0s, 1930
112%; 113%
119
114%
Nashv. & Decatur, 1st, 7s.
.1900, registered
3
110
112% H2% L. Erie & West.—1st 0s, 1919 100-}* 107
Spring.V’y W.Works—I
108
.ill2
l('5% Oregon R. & Nav.—1st, 0s., 107
Laf. Bl.&Mun.—1st 0s. 1919 104
90
125
INCOME BONDS.
Manhattan Beach Co. 7s, ’99
108
91%
Central of N. J.—1908
101% 102% N.Y.&Man. Beach 1st7s,*97
83
7
122
Marietta & Cin.—1st mort
►118% 1
57
58
J
125
121
1st mort.. sterling
126
gr’t
90
STATES.
So.Carolina—Con., 6s (good)
•
45
Chlc.Mil.&St.P.— lst.8s,P.D 4133
2d mort., 7 3-10, P.i).,lS98l
-7s.
« ,
.
(Brokers' Quotations.)
•
•
113
108
103%
.
108
.
(...
Southern Securities.
77
•
105
108
....
105
•
71
+ 100
Income, “ A ”
♦do
“B”
N.Y".&Greenw. L.—1st, s, n.
do
2d
St. Joseph & Pacific—1st m.
2d mortgage
St. Jo. & Western stock
St.L. VandaliaA T.H.—1st m
2d mortgage, guar....
South Side (L. I.)—1st mort
U nion & Logansport—7s....
118
74*
♦
889*
70%
106
do
2d mortgage.
Midland of N. J.—1st, new.
lOS^j
4123%
St. L. Alton & T. II.—Is
2d mortgage, prof....
do
income.
87%
125
Long Island—1st mortgage.
74
•
74
68
120
103
no
115
2d mortgage
Kansas &
2d mort
102%
ii28
2d mortgage
Arkansas Br., 1st mort
59
....
Indianapolis & St.L.—1st, 7s
124
114
-130%
do
do
85
56%
Consolidated 8s
Stock
Galv. Hous.& H.—7s, gld,’71
Gr’nd K.&Ind.—lst,7s,l^.gu
1st, 7s. Id. grf.not guar...
1st, ex. 1. gr.,7s
•
K'4
106
m.
41%
460
..
Evansv. & Crawfordsv.
Flint & Pere M.—8s, l’d
*136
3d
.
53
68
...
8., 7s.
m.,7s
7s, equipment
4118%
49
22
do
do
.
.
42
.
....
Cliic.& Southwest.—7e, guar
8t%
Pennsylvania RR—
4»
,
54%
.
40
101% Cin.
Lafayette & Ch.—1st m
105% Cin.& Spr.—1st, C.C.C.&I.,7s
«
•
.
106
Air-Ii—1st m. +105
65
55
Chic.&Can.So.—1st m.,g.,7s
1.4% Chic. & E. Ill—S. F.c’y 1007 103% 104
103
121
113
102
108
115
98
84
•
85
51
RAILROADS.
124'
*122%
Consol. 6s. 1905
Income and land gr’t. reg
1st Rio Gr. Div., 0s, 1930
74% 76
(Brokers' Quotations.)
....
6s, 1905.
li(f
80
68
60%
Bost. & N.. Y
4101%
Texas & Pac.—1st,
64
86
479
Miscellaneons List.
125
.
S-6s. class B.
....
660*
St.L.I.M.&S.—1st 7s,prf.int.
2d int., 0s. accum’latlve ..
119% 121
118%
100%
107%
2d mort
Denv.&R.
Long
101
111
120
120
Kansas Pac.—
1st m., 0s, ’95, with cp.ctfs
1st m.. 0s,’90,
do
Don. Div. 0s ass. cp.ctf..T
do
1st consol. 0:
Pacific RR. of Mo.—ist m
2d mortgage
m
92
.
Evansv. div. Inc. 1920
135
135
117
U6%
Sinking fund
Registered, 8s
Collateral Trust, 0s.
134
Morris A Essex, 1st m
115
2d mort...
do
4...
bonds, 1900
do
112%
construct’n
do
7s of 1871. 4118
do
12j%
1st con.,g’d..
do
Del.& Hud.Canal—1st in.,’84 107% 108%
115
113*>
1st mortgage, 189L
,
65%
Ohio Central—Inc., 1920
Peoris Dec A K’vll’e—Inos.
112%
101& 101%
Land grant bonds
Western Pacific bonds.. *110
8outh Pac. of Cal.—1st m. 102
Union Pacific—1st mort.. 115
Land grants, 7s
107
p
93
N.Y.LakeE.&W.Inc. 03.1977
N. Y. Pai&0.,lst inc. ac, 5-7s.
N.O. Mob. & l’ex.deb.sc., 1930
14U
Consolidated....
121%
2d consolidated
1st m., Springfield div — 113%
102
Ohio Cent., 1st m., 6s, 1920.
4...
do 1st Ter’l Tr.,6s,1920
Peoria Dec. & E’ville. 1st 0s 104
Evansv. div.,1st 6s, 1920.. 4100
Pacific Railroads—
Central Pacific—Gold bds. 115%
Sari Joaquin Branch.... 4106
1040*
Cal. & Oregon, 1st
State Aid bonds
105
,
registered
2d pref. debentures
3d
do
4th
do
135>.
N.Y.Pa.&O.,prior lien 0s,’95
Nevada Central—1st m. 6s
Ohio & Miss.—Consol, s. f'd
,
.
....
101
101
107
-...
„
t
17%
Chic.& i.ast’n 111., Inc.,1907.
Ind’s BI. & W’n—Inc., 1919..
Ind’s Dec. & Sp’d, 2d Inc...
Int.& Gt. Northern—2d Inc
Le'n. & Wilkes B.Coal—1888
Lake Erie & W’n—Inc.7s,’99
Laf. B1.& Mun.—Inc. 7.1899
Mobile& O.—1st pref. deben
135
-
102%' 102%
Ch.St.P.& Mm.,1st 6-.1918 107
N.Wisc.. 1st M., 6s., 1930.. 4105
St. P.& Sioux C.lst 03.1916
102*
Del. Lack. & W.- 2d mort
4115
7s, convertible
127
119
104
112
104
104
1st m., reg
Huds. R., 7s, ?d m., s.f.,’85
Canada South., 1st, int. g.
Harlem, 1st mM 7s, coup..
do
1st m.,7s, reg....
N". V. Elevated—1st, 7s. 1900
9
79
35
Funding 5s, 1899
111% *1113*
73% 74
108%
104% 100%
do
106}*
46%
46%
BONDS.
AN®
Equipment bonds
6s, 1909
5%
49
77&
Columbia—3‘05s, 1924.
Registered
do
STOCKS
5
new
new series
I). of
•
•
43
40
40
29
29
29
101
Os, new, 1867
6s, consol, bonds
6s, ex matured coupon....
6s, consol., 2d series
6s, deferred
7
7
125
Mich. Cent.—Cons., 7s, 1902
4111
1st raort., 8s, 1882, s. f
126'
1st con., guar
Rens.& Saratoga, lst.coup
13
7
29
9
Railroad Bonds.
Stock Exchan qe Prices.
Bait. &0.—1st Os.Prk.b.1919
Bost. H. & Erie—1st m
1st mort., guar
Bur.Ced.lt.& North.—1st,5s
Minn.& St. L., 1st, 7s, guar
Iowa City & West’n.lst 7s
-Central Iowa, 1st m.7s, 1899
Chic. & Pac. div., 6s,1910..
Chic. & Northw.—Sink, f’d
4105
Int. bonds
Consol, bonds
Extension bonds
110
1st mortgage
lzS%
Coupon gold bonds
Registered gold bonds... 123%
109%
• ••
Sinking fund..
Island—6s,coup.’93-9
Virgina—6s, old..
6s, new, 1800
5
5
5
83
80
103
110
Special tax, class 1
do
6s,
Ask.
120
South Carolina—
6s, Act Mar. 23, 186D. >
Non-fundublc
{• **
Tennessee—6s, old
90
90
Mo.K.&T.—Cons.ass..1904-6
2d mortgage, inc., 1911 —
H. & Cent. Mo.. 1st., 1890.
104
Mobile & Ohio—New mM 6s.
119
122
Nash. Chat. & St. L.—1st 7s
107% 10794 N. Y. Central—6s, 1883
96% 98
6s, 1887
107x1108
6s, real estate....
1175* 11734
6s, subscription
108
109
N. Y.C. &Hud., 1st m.,cp.
2d mortgage. 1884
• •
1st m., 7s, I.® D.Ext.,1908
3.-west div., 1st 6s, 1909
1st 5s, LaC. & Dav., 1919.
1st So. Minn. div. 0s, 1910.
Ist m.. H. & D.. 7s. 1910...
do
•Quicksilver
115
115
Funding act, 1806
Bid.
SECURITIES.
Rhode
.
do
do
122’
Pullman Palace Car
mM
m..
m.,
m.,
m.,
Albany &
20
Maryland Coal
Montauk Gas Coal
§33
N.Y.&StraitsvilleCoal&Iron
N.Y.& Texas Land, limited
23"
Ontario Silver Mining
32%
Oregon Railway & Nav. Co. §13134
Pennsylvania Coal
Prices nominal.
...
7s. $ g’ld,R.D.,1902 122%; 125
La C. Div., 1893— 1203b 121%
12054
I. & M\ 1897
4120
I. & D., 1899
121
C. & M., 1903
12034 121
Con. sinking fund, 1905...
1st
1st
ist
ist
1st
7s, 1907...... ....
Syr. Bit gh. it N. Y., 1st, 7s
117 % 118
05
655*
5134 52
114
113
American Express.
-United States Express
do
•
MISCELLANEOUS
Mortgage
Miscellaneous St’ks.
Adams Express
AN®
do
iio*i
Pitts. Ft. W. & Chic., guar. § 124 %
do
speo’l.
do
Pitts. Titusville & Buffalo.. §34}
135
Rensselaer & Saratoga..... 131
Rome Watertown & Ogd...
•St. Paul & Duluth
do
do
pref.
78
St. Paul Minn. & Man
do
•
*
St.P.—Continued.
Ch.Mil.&
Railroad Stocks.
Canton Co.,
.
112
114
110
110
111
111
106
118
110
120
32
32
-
Ask.
Bid.
SECURITIES.
N. Carolina.—Continued..
No. Car. RR., J. & J
do
A.& O
do
coup, off, J. & J.
do
coup, off, A.&O.
.
110%
110%
#
■
Ask.
104
110
110
115
7s, 1890.
Harlem
Ind Bloom-
Bid.
SECURITIES.
72% Missouri—6s!, due 1882 or ’83
6s, due 1888
6s, due 1887
T
6s, due 1888
6s, due 1889 or ’90
Asylum or Univ., due ’92.
Funding, 1894-95
Hannibal & St. Jo., 1880..
do
do
1887..
9
New York—6s, gold, reg.,’87
6s, gold, coup., 1887,....,
6s, loan, 1883
6s, do 1891
110%
0s, do 1892
118
115
1893..
6s, do
52% 52% North Carolina—6s, old.J&J
110
li 5
0s, old, A.& O
72
74
92
85
16
9
10
8
8
8
107
107
111
.
SECURITIES.
.
Oharl’te Col.& A.—Cons.,
2d mortgage, 7s
7s
Stock
• •
.*•«•••
East Tenn. & Georgia—6s..
E.Tenn.A Va.—6s,end.Tenn
E. Tenn. Va. & Ga.—1st, 7s
Stock
.*•••••
+107*’ lii"
115
107
117
109
108%
iff*
43
9J
41
98
100
115
70
105
Georgia RR.—7s
100
0s
115
Stock
Greer ville & Col.—7s, 1st ra. 104
104
7s, guar
100
Vlacon & Aug—2d, endors
Memphis& Cha’ston—1st,7s 104
102
2d. 7s
42
Stock
Mississippi Cent —1st m. 7s 102
110
2d mort., 8s
130
Vliss. & Tenn.—1st m., Ss, A
+110
1st mortgage, 8s. B.. ..
112
N. O. & Jacks.—1st m., 8s..
112
Certificate, 2d mort., 8s..
Norfolk & Petersb.—1st, 8s. 1*3
103
1st mortgage, 7s
uo
2d mortgage, 8s
125
Northeast., S. C.—1st m., 8s
115
2d mortgage, 8s...
_
Rieh.& Dan.—1st consol-, 6s
Southw. Ga.—Conv ,7s, ’86.
Stock
—
S. Carolina RR.- is
Stock
m., is.
7s, 1902, mon-enjo* ned ...
Non-mortg. bonds
West Ala.—1st mart., 8s...
2d mort.. 8s, guar. .... ..
Western' N. C.—1st m., 7s...
106
102
102
118
78
107
U9
t
•
T
-
114
108
43
106
112
114
115
116
103
•
•••
108
105'
lilT
105
9
90
39
114
110
m
103
§ No quotation to*dsy; latest sale this
11%
100
41
110
118
100
week*
December
629
THE CHRONICLE.
11, 1880.]
—m
NEW YORK
Stock List.
Bank
Capital.
Companies.
,5
Amount
[Quotations by E. S. Bailey. Broker,7 Pme Street.]
Price.
latest,
dates. §
1878. 1879.
Period
Net
Bid. Ask.
Last Paid.
Capital.
1
Mark’d thus (*;
are not Nat*;.
Insurance Stock List*
Dividends.
Surplus
at
SECURITIES.
LOCAL
Companies.
Par.
lOu
Am. Exchange 100
100
Bowery
25
Broadway
Butchers’* Dr. 25
100
Central
100
Chase
25
Chatham
100
Chemical
25
Citizens’
100
City
..
Commerce .... 100
Continental.... 100
Corn Exch’ge*. LOO
25
Sast River ...
lith Ward*.... 25
100
Fifth
Fifth Avenue*. 100
100
First
100
Fourth
30
Fulton
50
Gallatin
75
German Am.*
100
German Exch.*
100
Germania*
25
Greenwich*
America*
3,000.000 *1.579.700 J.& J.
5,000,000 1.524,400 M.&N.
250,000
299.500 i. & J.
1,000,000 1,252.500 1. & J.
'
300,000
2,000.000
7* July, *80. 3*
8
0
K
16
95 000 J. & J
360 20! J. & J.
.
0
10
10
0
....
300,000
Ju y,
-Duly,
Sept.
78.900
6
6
450,000 164.900 J. & .T.
100
300,000 3,427 800 W-m’ly 100
0
0
600.000
174.000 J. & J.
10
1,000,000 !,5r5,0inj M.&N. 10
8
8
■->,000,000 2,838.900 I.& J.
3*
1,000,000
231,100 J. & J.
10
8 4,400 F.&A. 10
1,000,000
r
«
05.000 J.& J.
250,000
3*
m
...
.
•
6
10
7
•
...
0
0
7
14
8
3
11
8
7
14
8
•
•
•
»
...
«
T
»
•
July. ’80. 4
12
5
8
8
•
*
Juy.
At-g.
Ju V,
July.
.
July,
Ju y.
Nov.,
■inly,
July,
July,
July,
”d*
Aug.,
3
•
•
•
•
Juy,
8
July.
July,
8
0
Ju y.
•
•
July,
7
7*
I The figures in this column are of date Oot.
Nov.,
July,
7
8
10
0
7
3
3
9
10
0
7
3
8
July,
J*
5
*0
10
Firemen’s
Firemen’s Tr..
119
84
Hanover
204
FTnffman
140
•
-
,
.
.
f
t
Nov.
Ju y,
•
7
8
12
July,
Nov..
Ju-y,
’•'0
’80.
’80.
’h0.
’8).
’80.
*80.
’80.
*80.
’80.
’80.
’80.
•80.
•80.
’80.
’80.
•80.
’74.
’80.
’SO.
’8--.
’8».
*80.
’80
•80.
’80.
’80.
’80.
’80.
Howard
Importers’* T..
Irving
9-5
3*
5
3
3
4
4
100
140
.
•
•
•
.
.
•
99
4
2h
141*
3*
3
3!*
...
•
•
•
-
•
•
-
t
3
5
4
3
3*
*
■
3*
3*
5
0
•
117
155
....
...
1,1880, for the National banks
September 18,1880, for the State banks.
Gas and
City Railroad Stocks and Bond?*
fGas Quotations by George H. Prentiss, Broker. 19 Broad street. 1
Gas Companies.
Amount. Period.
Par.
j
25
20
Brooklyn Gas Light Co
Citizens’Gas Co (Bklyn)
„
do
bonds
Harlem
Jersey City & Hoboken
Manhattan
Metropolitan..
do
.
certilicatcs
Mutual. N. Y
bonds
do
Nassau. Brooklyn
XT
do
scrip
People’s (Brooklyn)
Eond*
Bonds
Central or
1,C00
60
20
50
100
V r.
100
1,000
25
Va
100
10
.
1.000
Var.
New
50
50
York
Williamsburg
do
bonds
1,0'0
100
100
Metropolitan, Brooklyn
Municipal
_
do
bonds
Pulton Municfpal
#
.
100
Var.
Var.
315,000 A. & ().
F.
& A.
1,850 000
750,000 J.& J.
4,000,000 1. & J.
2,600,000 M & S
1,000,000 M.&S
7
3
,
1882
2* Feb.
8*
N OV„
4
Nov.,
3k
7
0
3
M.&N.
A.
*80 no
59
'00
’78 07*.
’8 i 150
vo 181
*801 135
’60 100
60 65
10»
’80 48
•so 15
’80 101
’70 30
98
75
’SO 0)
1897
P’00
Ju y,
1* July. ’60
1,000,000 Quar,
0
1,000,00-1 A.fc O.
1,000,000 M. & N.
"1,50 -,000f
l6yb
Feb.
'* July,
5
Oct.,
5
Ang.,
3^> Ang.,
1* Oct
M.&N.
vf. & N.
1. * J.
M.&N.
3.000.000
750,000 M.&N.
Nov.,
Bid. ABk.
2* Aug., ’80
5,000.000 Quar.
1,000,000 F.& A.
1,000,000 Var
F.&
*
5
2,000,000
1,200,000
700,000
4,000.000
1,000,000
37 ,000
125,000
400,000
Rate.
Date.
1901)
2* July,
5
Sept.,
8
1
.
1668
1
57*
52*
100^
104
35
102
8>
65
6’*
170
.
...
70
104
no
75
S*
17
20
70
too
30
50
100
40
100
30
50
17
10
100
100
50
50
25
too
15
50
50
100
25
50
50
100
30
20
40
50
100
25
50
25
100
100
25
50
50
50
50
50
153,000
300,000
210,000
250,000
300,000
200,000
1,000^000
’300,000
200,000
200,000
204,000
loOiOOO
200,000
1,000,000
1,000,000
200,000
200,000
200,000
150,000
500,000
3,000,000
i?o ooo
Sooiooo
200,000
200j000
200,010
150,000
280;000
150i0OG
200’000
150 000
3>X)!000
800,000
200,000
250,000
200,000
150,000
200,000
200,000
200,000
200,000
200,000
210,000
200,000
1878. 1879.
Bid.
Last Paid.
A8k«
21
102
120
105*
170
110
150
100
105
100
111
112
80
110
180
115
180
110
18C
115
35
110
July, ’80. 4
July. •89. 5
to*
14
10
20
20
20
20
509,510 13
70,593 10
10
20
421,286 20
18
310,940 20
20
218,712 20
20
487,598 20
171,757 17* 10-72 10 12
11
103,725 18
N’ne
2.800 5
18
to
83,872 25
1,159,601 1250 13 40 13-65
20
15
590.418 20
10
10
72,970 14
91 889 *15
10
10
15
15
137.200 15
10
70,002 12
8*
11
11
73,739 12
7
144,427
10
10
926,930 10
22
14
807,368 30
10
10
124,467 20
30
30
350,187 40
7
7
23,833 10
132,682 f20
17* 12*
10^ 20
730,285 10
10
10
43,714 i n
10
10
1,368.888 10
10
2,244 10
3*
10
150,228 12
10
10
74,418 12
10
11,179 13
8*
10
10
292,220 10
20
20
197,196 20
5
7,817 10 ' 5
14
16
115,730 20
10 .
10
07,097 10
10
10
12,480 10
10
13
243,251 20
10
5
80,20.8 10
12
12
198,503 12
10
10
140,812 20
20
20 •
2il,480 30
20
20
100,213 20
10
10
30,101 10
13
10
174,024 20
10
12
103,650 18
20
20
168,505 20
10
10
102,5'G 14
15
20
818.877 20
14
12
120,H20 17
N’ne
11,882
N’ne 5
19,609 10
12
11
570,973 12
8
10
112,83! 11
30
20
409,086 20
12
12
95,537 20
20
20
201,368 20
12
12
98,1’.4 18
10
15
452,3*7 20
10
10
34,000 10
5
8*
23,118 10
20
196,294 20 - 20
9
10
—0,040 10
9-73
170.301 1235 0-23
135,014 17* 12* 12
10
3',182 10
8*
14
10
143,3*2 16
10
10
20
94,805
12
11
10
10
122,004 10 - 10
20
20
437,314'20
130
104
195
200
19)
180
120
•
•
•
’80
Aug
J"ly.
190
810
95
5 ” 100
7* 125
3* 97
105
5
110
0
150
5
5 J45
110
5
7* 250
70
3
130
5
80.
July, ’80
July, ’SO.
July, ’80.
July, ’80.
July, ’80.
July. ’80.
July, *60.
Luly. ’60.
July, ’HO.
July. ’80. 5
'uly, *80 5
M
,
1*45
80
July; -8d; 5 140
Jan., ’79. 3x, 60
112
J ulvr, ’80 5
95
July, ’80. 5
65
Ju y, ’80. 4
130
Mar., *80 5
5™
July, ’80.10
Jan., ’79.
Ju y, ’80.
July, ’80.
Ju!y, ’80.
July, ’80.
July, ’80.
5
5
5
4
5
4
July,, ’80. 0
July, ’80. 5
July, ’80. 0
Ju y,
80.
Ju-y, ’80.
JU y. ’80.
July. ’80.
7
5
5
5
190
97
75
117
70
135
103
150
150
80
......
.,
<
•
•
»
>00
125
140
65
105
r
,100
L05
m
120
.
.
t
150
115
75
135
•
.
•
90
150
65
100
70
141
200
55
110
120
113
155
July. 80, 7
l<-5
July. ’80. 5
rJu y. ’80
150
5
Aug., ’80. 5 105
50
July, ’80. 3* #0
Ju.y, ’80. 7 158
Oct
no
’80. 4
July, ’80.10 230
Ju y, ’80. 6
112
Ju'y, ’80. 8 175
Jul
105
’80. 5
July. ’80. 5 120
....
*
-
•
July, ’80.6-92
Oct., ’80. 7*
July, ’60. 3*
•
.
June, ’80.10
Aug., ’80. 8
•u-y. ’80.10
July, ’80.10
Aug., *80. 5
July. ’80. 5 '
eo
July, ’77. 5
100
July, ’80. 4
*
•
•
120
106
-
•
i
121
75
105
•
•
•
•
88
125
120
160
•
• •
•
100
115
60
(Ml
•
•
•
,
.
July. ’80. 5-
228
-
-
78
July’ ’80. 3* ,72
iu5
y’ ’80.10
f
.
.
Ju
Fe
50
• ’80 3
-uly, ’80.6-23 125
July, *80. 5 112
Aug., ’80. 8* 75
115
Ju y, ’80 5
105
July, '80. 5
120
July, ’80. 5
Aug., *80. 5
•luly. *80.10 2O0i
221,374]
»
*
ISO
115
123
«
„
00
4
*
*
•
120
80
•
•
•
•
110
125
no
....
City Securities*
[Quotations by Daniel A. Moban,
Broker, 27 Pina street.]
Prtoe.
Interbst.
Rate.
.Yew York:
1841-63.
Water stock
Croton water stock.. 1845-51.
do
do
.1352-60.
Croton Aqued’ctstock. 1865
do
pipes and mains...
do
reservoir bonds.....
5
5
0
6
7
.
(J
5
0
7
6
7
6
7
0
0
7
0 g.
7
Central Paik bonds.. 1853-57.
do
..1853-65,
no
Dock bonds
1870.
do
1*75.
1865-68.
Market stock
Impr)vementstock.... I860
do
c.o
...,18b9.
Consolidated bonds
var.
Street imp. stock
do
do
New Consolidated
Westchester County
var.
var.
Consolidated
A8863 meat
5
*
5
Months
Payable.
7
7
7
7
7
6
6
7
0
0
0
P-trk bonds
Water loan bonds
Bridge bonds.......
Water loan.
..
.
...
..........
City oonas
Kings Co. bonds
"do
do
Park bonds
Bridge
•All Brooklyn bonds flat.
Bid. Ask.
1880
100
Feb., May Aug.&Nov.
100
1890
do
do
1883-1890 104
do
do
1884-1911 100
do
do
1884-1900
May & November.
Feb.,May, Aug.&Nov. 1907-1911
do
do
112
118
108
do
do
116
May & November.
May & November.
do
do
do
do
do
do
do
do
do
do
January & July.
do
dp
Quarterly.
May & November.
[Quotations by N. T. Bksbb, Jr., Broker,
hrooKlyn—Local liu ir’em’iH
City bonds
Bonds
due.
do
do
do
10
do
do
do
do
do
May & November.
do
do
January * July.
do
125
113
107
100
120
155
120
109
M6
120
116
1894-1897 127
128
107
115
108
11«
1889
1890
1901
1S88
1882
1890
1894
1926
1884
122
107
102
115
122
107
102
123
108
105
110
128
100
103
1 New St.]
January & July,
do
do
do
1698
1895
1901
1898
101
do
1880-1883' 102* 108
18o3-1891
1915-1924
1900-1924
1904 1912
1S86-1902
1881-1890,
1880-18*3
1880-1885
1924
107
i;s0
132
130
109
103
1U0
114
119
1907-1910 110
118
136
130
180
118
116
111
116
121
119
106
92*
102*
[Quotations by C. Zabbiskik, 47 Montgomery
100
St., Jersey City.]
.
115
,
1st mortgage
mo
1.000
This column shows last dividend
on
250,000 M.& N
7
May
*9S 105
107*
130
112
stocks, but the data of maturity of bonds
,
(
»
Over all liabilities, including re-insurance, capital and scrip,
t Surplus includes scrip.
Minui sign (—) Inalcatc3 impairment.
104
105
V*
200,000
Montauk (Bku)
Nassau (Bklyn)
National
37*
N. Y. Equitable 35 ~
New Yo'rk Fire 100
N. Y. & Boston 100
200,000
New York City 100
300,000
50
Niagara
500,000
North P.lver,... 25
350,000
Pad lie
25
200,000
200 000
Park
100
Peter Cooper... 20
150,000
50
200,000
People’s
50
1 000,000
Phenix
Relief
50
200,000
300,000
Republic
t 100
25
200,000
Rutgers’
25
St. Nicholas
200,000
50
Standard
200,000
Star
100
500,000
200,000
Sterling........ 100
25
200.000
Stuyvesant
300,000
Tradesmen’s.... 25
250,000
United States.. 25
300,000
10
Westchester. ..I
250,000
WlHlamsh’fir C A 50
70
160
181
140
104
01
iwuotations by H. L. Grant. Broker. 145 Bro<dwav.l
I
*
I
100
H Ju’y, '■‘•0 is
900,000 J. & J.
Bleeckcr St. & Fult. Ferry—St’k
7
!J’lv,190ot *8
1st mortgage
1,000
0*4,000 J. & J.
100 2,100,000 Q-J.
2* Oct.. *c0 110
Broadway & Seventh at.—St’k
7
J.&D.
1st mortgage
July. ’84 103*
1,000 1,500,000
10 2,000,000 Q-F.
3* Au^.. >80 165
Brooklyn Clty-^Stock
Nov., ’S' 102
1st mortgage
1,000
300,000 M.&N. 7
3
100
Oct., ’80 140
200,000 Q—T.
Broadway (Brooklyn)—Stock ..
A..&0.
2
O
100
t.,’60 95
400,000
Brooklyn & Hunter’s Pt.—St’k
1888
7
102]*
1st mortgage bonds
800,000 .). & J
1,000
100
Nov., ’50 90
Bushwick Av. (BTdyn)—Stock.
500,000 J &J.
100 1,800,000 Q-J.
Oot., ’80 108
Central Pk. N. & E. nlv.—Stock
Dec. 1902 108**
Consolidated mort. bonds— 1,000 1,200,000 J.&D. 7
100
Aug.,’80 75
0'0,010 F.& A.
Christopher & Tenth St.—Stook
1^98
100
I.
&
J.
Bonds
250,000
1,000
3
100 1,200.000 Q F
Nov., ’80 140
Dry Dock E. B.& Batt’ry—Stock
1st mortgage, consolidated .. 500&c
June, '93 110
900,000 J. & D. 7
3
Oct.
'80 165
100 1,000,000 Q—J.
Eighth Avenue—Stook
7
Jan., ’81 100
1st mortgage
1,000
208,000 J. & J.
170
6
vi.&N.
100
NOV.,
’80
42d St. & Grand St. Ferry—St’k
748,000
Apr., *93 110
1st mortgage
1,000
230,000 A.&O. 7
30
100
Central Cross Town—Stock ....
600,000
NOY.1904 103
1st mortgage
1,000
200,000 M.&N
30
100
Houst.WestSt.A Pav.F'y—St’k
250,000
7
500
Jnfv, *94 103*
1st mortgage
500,000
100 1,199,500 J. & J.
Seoond Avenue—Stock
2* July, ’80 60
»r , ’65 100
8d mortgage
Apr
150,000 A.& U. 7
1,000
Oct., ’80 105
1.000 1,050,000 M.&N. 7
Consol, convertible
00&C.
200,0001 M. & 8. 7 Sept. ’89
^Extension
Sixth Avenue—Stock
100
750,000 M.&N. 10 Oct., ’80 150 '
1st mortgage
Juy, ’90,110
500,000 ■I. & J. 7
1,000
5
Third Avenue—Stock
100 2,000,000 Q-F.
Aug.,’80'170
1st mortgage.,
.July,’90| 105
1,000 2,000,000 J. & .1. 7
100
Twenty-thira Street-Stock
000,000. F.&A. 4 Aug.,’80-120
'
Mech’ics’(Bkn)
113
02
105
101
’80
00
*80 100
70
.....
Manhattan
Mech.&Trad’rs
.
3*
3*
Lamar..
Mercantile..
Merchants’....
,
3*
4
Lalayette(Bkn)
Manuf.* Build.
105
140
3:« 112
3
4
Knickerbocker
LorlTlard
152*
.
+
Longlsl.'Bkn;t
*
...
.
.
Kings Co.(Bkn)
102
3* 134* 135
*
..
Jefferson
....
-
Home
Hope
145
70
3
Franklir&Kmp
German-Ainer.
Germania
Globe
Green wich......
Guardian
Hamiltou
..
(Tu-y,
5* July,
7
July,
9
July,
10
0
8
6
•
F-.xr.hange.
Farragut
.
7
io
•
...
Eagle
Empire City....
-
6*
.
•
2C0
147
115
4
0
,,,,
-
Clinton...
Columbia
Commercial
Continental., t
’80. 3
Ju y
•
8
4
10
12
5
7
8
8
.
City
io7
July, ’80. 5
Aug., •60. 3*
Ju y, ’80. 3*
120
7* July, •80. 4
.
..
..
7
400,000
200,000
300,000
26
Citizens’. ....1
’80. 3*
lu y,
Nov., ’80. 3
2* July, ’79. Hyn
3
May, ’79. 3
•
132
’80. 3
July, ’80.
July, ’80.
50
Broadway
Brooklyn
120
’80. 5
*80. 3
May,
iNov,
Nov.
+
American Exch 100
25
Bowery
112W
Oct., ’60 5
July, •80. 3*
Nov., ».^0. 3* 133
8
7
3
.
•
American
7* net.,
2* Aug., 80. 2*
1877
1880*
Amount
Price.
130
130
’80: 4
7
8
2
•
July,
142
122
•
5
3
..
Aug.
July
July,
*
*
..
July,
July,
•
•
5
.
Nov.
120
6
7
12
*
July,
0
•
.
Market
100
500,Ooo 2 3 800 1. & J.
Mechanics*
25 2,000,000 1,030 300 J. & J.
83,. 0u M.&N.
Mech. Assoc’n
50
500,000
42,500
Mech’ics & Tr. 25
200,000
206 90 i M &N.
Mercantile
100 1,000,000
709,300 J. & J.
Merchants’.
50 2,000,000
177.200 I. & J
Merchants’ Ex.
50 1,000,000
02,300 1. & J.
100
300,000
Metropolis*.
100 3,000,000 1,078,0.-0 1. & ,1.
Metropolitan
70.9-0 J. & J.
Muriav lilll*
100
100,000
Nassau*
73,700 M.&N
100 1,000,000
747.70U J. & J.
New Y'er*.
100 2,000.000
40,400 I. & J.
N. Y.Count*.. 100
200,000
84.300 F. & A.
N. Y. N. Excli. 100
300,000
Ninth
102,4(jO J. & J.
100
750,000
No. America*.. 70
700,000 158 900 ). & J.
00,3 0 J. & J.
North River*.
30
240,000
175.700 I. & J.
Oriental*
25
300,000
Padde1
50
422,700 220,500 Q-F.
637.900 1. & J.
Park
100 2,000,000
122.900 1.& J.
People’s*
25
412,600
Phenix
200,000 J. & J.
20 1,500,000
Produce*.
50
125,0 0
090 200 F.&A.
100 1,500,000
Republic
St. Nicholas... 100
130 300
500,000
Seventh /Vard. 100
53,000 J.& J.
300,000
108 GOO J. & J.
Second
100
300,000
Shoe & Leather 100
500,000 180,3 10 J.& J.
Sixth
50.000 J.& J
100
200,000
State of N. Y.. 100
800,000 287.100 M.&.N.
Third
100 1,000,000
176.000 J. & J.
Tradesmen's... 40 1.000,000 279 500 J. & J.
50 1,200,000
Ohlon
785,4-0 M.&N.
West 81de‘....\ 100
200,000 117,7.0 1. & J.
•
•
0
-
July,
Nov.
*
100,000
14,700 T. & J
150,000
45,100 L & J.
233.300
100,000
500,000 2 222.300 Q—J.
3,200,00U 1.011 90G 1. & J.
000,000 387.200 \1.&N.
1,000.000
739,7Ji- A.& O.
77 600 F.& A.
750,000
72,60:>
200,000
May.
70,000
200,000
22 20o M.&N.
200,000
100 1,000,000
279,3-m i. & J.
Hanover
Imp.& Traders’ 100 1.500,00- > 1,94c,800 J. & J.
50
500,00) 142.W10 I. & J.
Irving
4,400 J. & J.
Island City*... fO 100,000
600,000 449.500 1. & J
Leather Manuf. 100
Manhattan*
50 2,050,000 :,024 100 F.&A
124.400 1. & J.
Marine
100
400,000
and of date
July,
July,
7
3
7
m
’80. 3*
’80. 5
’HI. 8
’80. 3*
'80. 4
’80. 3
•80. 3
’80. 15
’80. 3*
80. 5
’80. 4
’80. 3*
’60. 5
•SO. 3*
’70. 3
•60. 3
Nov.
Dividends.
Surplus,
Ju y 1.
Jersey City—
Watei loan
do
»
<long..
January & July.
1SC9-71
Improvement bonds
Bergen bonds........1868-69.
7
7
7
January & Juiy.
J. & J. and J & D.
January and July.
1896
1899-1902
1891-94
1900
1C2
no
105
104
103
UL
106
too
[Vol. XXXI.
rHE CHRONICLE
630
COTTON.
relating to Investments and State, City and Corpora¬
usually given on the pages immediately preceding the
Commercial limes, have, this week been transfe rred to the frontpart of the
Items
tion
Finances,
paper.
Friday, P. M., December 10, 1880.
Crop, as indicated by our telegrams
The Movement of the
from the South to-night,
is given below. For the week ending
evening (Dec. 10), the total receipts have reached 243,137
bales, against 218,341 bales last week, 205,192 bales the previous
COMMERCIAL EPITOME.
week and 256,618 bales three weeks since; making the total
Friday Night, December 10, 1880.
receipts since the 1st of September, 1880, 2,781,194 bales, against
Trade has become generally dull, and some uneasiness has 2,586,041 bales for the same period of 1879, showing an increase
been caused by the failure of a leading house in coffee, tea, since September 1, 1880, of 195,153 bales. The details of the
&c. Anxiety is felt regarding the future of prices, which are receipts for each day of this week (as per telegraph) are as follows:
Total.
Fri.
Thut'S.
Wed.
Hon.
Tucs.
Sat.
regarded as more or less speculative. The comparatively high
Receipts at—
i'lic (fantmcrcial
'Jaimes.
this
which railway securities have reached create, almost im¬
perceptibly, in the minds of business men the impression that
merchandise has gone through somewhat the same process.
The weather has been seasonably good, but cold enough to de¬
stroy all hope of the release of boats detained by ice on the Erie
prices
Canal.
New Orleans
Charleston
Port
Royal, &c.
action during
followed
imme¬
and
general supplies in this country are large, and yet the average
price is about 2c. per lb. above that of last year. The sales to¬
day included mess pork on the spot at $13 75; December
options quoted at $12 75@$13 25; January and February, $14@
$14 50.
Lard opened firm, but subsequently declined, and
closed weak; prime Western sold on the spot at 8‘85@
8’82/£c.; do. for January, 9*05@8’97^c.; February, 9T0@9*05c.;
March, 9'25@9'12/2c.; April, 9*32/£@9'22/£c.; refined to the
Continent, 9T5c.
Bacon weak and dull, with heavy stocks
throughout the United States; Jong clear, 7%@7%c., and long
and short clear together, 7%@7/£c. Beef sold in a small way
at $18@$19 for city extra India mess. Beef hams dull at $16 50
@$17. Butter weak-and quiet. Cheese in moderate sale at
12%c. for fancy factory, September. Tallow quiet at 6M@6%c.
for prime. The report of pork-packing at the West for Novem¬
ber shows a total of 2,431,000 swine slaughtered, against
2,047,000 in November, 1879. The exports at the same time
showed a slight decrease, due, no doubt, to the speculative
values ruling during the last half of October and early in
November.
Rio coffee has fallen one cent, to 12c. per lb. for fair cargoes,
and trade has been at a standstill for some days, owing to the
failure of one of the largest importing houses in the country—
B. G. Arnold & Co. —with liabilities variously estimated, in the
absence of any positive knowledge as yet, at from $1,500,000 to
$2,000,000 ; and at the close the suspension of Bowie Dash &
Co. adds to the demoralization. Mild grades have naturally
....
....
6,591
4,396
Galveston
m
....
141
2,722
3,021
1,490
12,300
3,021
5,870
1,490
1,222
Wilmington....
Moreli’d City,&e
5,697
City Point, &c..
1,126
....
....
....
Norfolk
....
937
6,250
4,706
35,529
11.923
Totals this week 30.346 63,166
....
....
735
964
....
....
11,923
836
5,272
6,G77
6,927
....
....
....
....
....
1,833
2,012
2,662
....
....
26,272
141
....
....
....
4,391
3,845
3,922
3,127
m
1,663
1,408
Florida
m
40,885
....
....
....
-
Indianola, &c...
Tennessee, &c.'.
16,818
28,417
1,310
....
7,313
....
59,161
3,491 16,394
1,546
2,458
2,601 4,367
1,310
6,286
4,591
....
....
6,493
8,463
7,734
Brunswick, &c.
4,160
....
....
Savannah
The provision market has shown a spasmodic
the
advances,
past week. Sudden
by
diate re-actions, have taken place. Present prices have a cer¬
tain speculative support, which the position of the foreign mar¬
kets and the supplies here and in the West hardly warrant.
The export demands are small, stocks abroad are ample
4,745
8,472
2,602
4,471
1,628
2,630
4,346
8,837
2,837
2,816 25,995
...
Mobile
36,174 29,263 25,055 59,133 243,137
this
weeks
For comparison, we continue our usual table showing
week’s total receipts and the totals for the corresponding
of the four previous years:
.
Receipts this w'k at—
.
25,307
75,162
26,923
22,458
203
594
32,513
21,602
26,197
26,316
59,161
16,818
28,417
1,310
61,854
3avannah
40,885
Galveston
26,272
New Orleans
Mobile
Charleston
Port
Royal, &c
Indianola, &c
Tennessee, &o
Florida
North Carolina
Norfolk
City Point,&c..
....
Total this week
...
Total since Sept.
20,689
1876.
1877.
1878.
1879.
1880.
61,715
62,835
20,091
24,144
1,669
23.881
23,816
18,314
23,126
1,808
25,153
28,862
141
352
261
438
993
12,300
3,021
28,452
12,450
3,472
3,864
16,801
10,528
10,075
691
7,360
35,529
11,923
5,986
27,211
10,016
243,137
231,876
899
'989
5,793
10,451
16,457
2,593
6,072
17,971
1,358
220,291
202,805
196,436
1. 2,781,194 2,536,041 2,171,273 1,876,637 2,227*834
The exports for the week ending this evening reach a total of
sympathized with Biazil, and the quotations are merely nomi¬ 189,028 bales, of which 101,619 were to Great Britain, 14,073 to
nal : Maracaibo has latterly been quoted at 11@13/2C. Rice France and
73,336 to rest of the Continent, while the stocks as
has been in good demand and firm at unchanged prices. Mo¬ made
Below are the
up this evening are now 908,119 bales.
lasses has declined, and latterly trade has fallen off ; foreign
exports
for
the
stocks
to-night,
and
a
comparison
with
week
and
has been nominal. Raw sugar has remained at 7/£@7%c. for the
last
season
corresponding
period
of
fair to good refining, and latterly has been firm, with a fair
STOCK.
EXPORTED TO—
Same
Week
Total
trade, though most refiners have seemed inclined to await the
this
Week
Conti¬
larger arrivals of New Orleans and Manila sugars that are ending
Great
1879.
1880.
1879.
Week.
France.
nent.
Dec. 10. Britain.
expected shortly.
Ilhds.
Boxes.
-
Mclado.
127,392
*106
Bags.
Receipts since Dec. 1, 1880..'
Bales since Dec. 1, 1880
Stock Dec. 8, 1880
4,732
48,595
5,G61
30,781
34,831
7,646
10,854
1,045,558
526,844
200
3,513
1,067
33,859
N. Orl’ns
Mobile..
....
22,819
2,712
12,005
Charl’t’n
6,728
advance to 9%@9%c. for
Large sales' of tea have
Sa van’ll.
2,923
Galv’t’n-
15,412
2,096
N. York.
7,289
101
dull, sales for the week
amounting to 200 hhds., .mostly for export; prices, however,
remain about steady—lugs, 4%@5Mc., and leaf, 6@12^c. Seed
Norfolk-
15,722
Other*..
19,686
Stock Dec. 10, 1879
Refined sugar has sold freely at an
■crushed and 9%@10c. for powdered.
been made at auction at lower prices.
Kentucky tobacco continues very
leaf has been active, the sales amounting to 3,200 cases, as fol¬
lows : 2,700 cases 1879 crop, Pennsylvania, 7 to 40c.; 300 cases
1879 crop, Ohio, 4% to 13c., and 200 cases sundries, 9 to 18c.;
also, 850 bales Havana, 85c. to $1 20. The circular of Gans &
Co. estimates the crop of 1880 as follows : Pennsylvania, 110,000
quality deficient; New England, 50,000 cases ; New York,
20,000 cases ; Ohio, 55,000 cases, and Western, 55,000 cases ;
total, 290,000 cases, of which 30,000 cases Havana seed.
In naval stores very little of importance has transpired, but
spirits turpentine remains steady at 45/£c. asked. Strained to
good stained rosins, $1 80@$1 85. Petroleum has latterly ad¬
vanced, in sympathy with the foreign markets; refined, in bbls.,
quoted at 9>4c. Crude certificates have been quite steady, and
closed at 9%c. bid. Metals have been generally quiet. Lead
cases,
has declined to 4 65 for common domestic.
American and
Scotch pig irons are firmly held at late quotations. Steel rails
continue firm and in demand at $56 50 for 1881 delivery at the
mills. Old iron rails in demand at $26 50@$28. Scrap iron firm
at $27@$28. Ingot copper in moderate sale at 18%@19c. for
Ocean freight-room has latterly been quiet, and berth accom¬
modation is quoted slightly lower, but rates for charter room
remain steady for petroleum tonnage, though grain vessels
have accepted a reduction. The engagements to-day included
grain to Liverpool, by steam, 7%@7>id.; bacon, 40s.; cheese,
60s.; cotton, through, %d.; flour, 22s. fid. per ton and 3s. per bbl.;
beef, 6s. 6d.; pork, 4s. 6d.; measurement goods, 20@25s.; sugar
and tobacco, 30s.; grain to London, by steam, quoted 7%d.; bacon,
40s.; cheese, 50s.; flour, 3s. per bbl. and 22s. 6d. per ton; beef,
€s. 6d. and pork 4s. 6d.; measurement goods, 20@25s.; hops, ^d.
....
2,004
21,445
29,108
26,185
6,146
3,219
23.654
2,962
15,722
22,648
73,336
189,028
—
8,562 117,500
10,609
....
....
37,742 261,644 268,755
6,171 36,724 53,043
13,882 119,743 68,859
21,177 141,260 93,876
7,331 89,287 89,064
63,838
....
60,761
81,000
13,942
4,205
81,348
59,485
39,000
Tot. this
week..
Tot.sinee
Sept. 1..
101,619
14,073
113,012 908,119 753,421
996,096 201,261 341,019 1538,376 1415,440
*
The exports this week under the head of “other
timore 703 bales to Liverpool; from Boston. 884
p
....
....
irts” include from Bal¬
bales to Liverpool; from
Philadelphia. 1,729 bales to Liverpool; from Wilmington, 12,125 bales to Liver¬
pool and 2,962 to Continent; from Port Royal, 4,215 bales to Liverpool.
From the foregoing statement it will be seen that,
with the corresponding week of last season, there is an increase
compared
in the exports this week of 76,016 bales, while the stocks to-night
-
154,698 bales more than they were at this time a year ago.
In addition to above exports,
telegrams to-night also
us the following amounts of cotton on shipboard, not
the ports named. We add similar figures
are
give
cleared, at
bur
for New York, which
Carey, Yale &
prepared for our special use by Messrs.
Lambert, 60 Beaver Street.
are
On
D»C.
10, AT—
Bake.
,
7,160
2,004
New Orleans
Mobile
unarleston
Savannah
Galveston
New York
Other ports
Total
Shipboard, not cleared—for
Great
Britain.
France.
64,396
12,700
19,738
2,000
4,340
8,000
4,2S7
None.
11,665
8,700
23,596
3,000
21,000
f 145,057
•
38,365
Leaving
Total.
15,523
1,600
19,000
16,700
11,043
7,995
2,300
1,000
5,000
107,652
1,200
None.
18,600
36,005
38,400
40,947
*4,900
1,000
6,000
28.000
113,761
66,066
24,316
274,504
633,615
Foreign
2,021
Included in this amount there are 700 bales at presses
ports the destination of which we canot learn.
*
Stock.
Coast¬
wise.
Other
154,192
18,124
83,738
102,860
48,340
112,600
for foreign
631
CHRONICLE
THE
4, 1880.]
December
CD
showing the movements of
Dec. 3, the latest mail date :
following is our usual table
eotton at all the ports from Sept. 1 to
The
1.
SEPT.
PORTS.
Great
Britain.
1879.
1880.
Galv.*.
N. York
33,930
46,218
Florida
8,633
88,654
461,269
66,151
6,250
67,201
373,569
Char’n*
Sav’h..
N. Car.
Norfk*
Other..
175,303
..
286,899
439,6^3
278,913
-
82.250
-
•
26,780
142,555
86,266
....
7,995
28,493
56,593
58.250
M to CD 700.516
speculation in cotton for future delivery was, for the first
half of the week under review, comparatively dull, and prices
continued to give way under moderate offerings. It was not*
however, until Wednesday that the operators for a decline mus¬
tered courage to make a vigorous attack upon values. Then very
free offerings caused a decline of 25(9)30 points for the day, and
50@56 points from the highest figures of the previous Saturday.
It was apparent on Thursday that the market had been oversold,
and when the receipts at the ports (through a temporary suspen¬
sion of supplies at New Orleans) were reported comparatively
small, and Liverpool reported a stronger closing, a demand to
cover contracts caused futures to recover most of Wednesday’s
decline. To-day, with large receipts at the ports, and dull Liver¬
pool advices, there was renewed depression in futures and an
unsettled market. Cotton on the spot wras but moderately active,
and on Wednesday quotations were reduced %c. Yesterday quo¬
tations were revised and strict low middling advanced l-16c. To¬
day there was but little doing, and prices were nominally un¬
changed at 11 %c. for middling uplands.
The total sales for forward delivery for the week are 919,900
free on board. For immediate delivery
bales, including
the total sales foot up this week 7,008 bales, including 2,252 for
export, 3,270 for consumption, 1,486 for speculation, and
in
transit. Of the above,
bales were to arrive. The follow¬
ing are the official quotations and sales for each day of the
past week:
The
Ordin\y.$Tb
9
9
Strict Ord.
95g
Good Ord.. 10%
Btr. G’d Ord 11
Low Midd’g
Str.L’w Mid 11 ‘4
Middling... 12
9%
10%
11
11
11%
12
12
12%
123Q
12%
13%
12%
13%
Fair
133t
1334
Th.
Wed
•
9%
10%
9%
10%
9%
10%
10%
H7ig
11%
Middling... 11%
10%
11%6
1111,,
11%
10%
u%6
12%
Good Mid
Btr. G’d Mid 12%
12%
12%
12%
12%
13
13%
..
Midd’tf Fair 13
Fair
13%
12
9%
1034
11%
Sat.
Mon. Toes
9
9
9
9
934
1034
11%
934
1034
11%
934
1034
11%
934
103j
11%
9
14
14
Wed
12
12
12%
13%
12%
12%
12%
13%
12%
12%
12%
13%
12%
12%
13%
14
14
14
14
12%
12%
12%
Fri.
Th.
8%
9%
10%
8%
9%
10%
9%
10%
11
11
11
8%
Wed
Th.
Fri.
10%
8%
9%
10%
8%
9%
10%
11
11
11
8%
9%
HU16 llilie lllllG lllllG llHiB lUhe
11131B H1516
im16 11% 11lol6 U1516 11%
12%
12%
12%
12%
n%
12%
12%
12%
13
12%
1234
13%
1234
13%
13%
13%
13%
Sat.
STAINED.
.# ft.
Good Ordinary....
133q
12%
12
12
12
12%
12%
12%
13%
12%
12%
8%
8%
Strict Ord..
Good Ord..
Btr. G’d Ord
Low Midd’u
Btr. L’wMid
934
1034
11%
Frl.
8%
Ordin’y.$H>
Mon Tues
Strict Good Ordinary
Low Middling
Middling...'.
.
12%
12 34
12%
1234
13%
12%
12 34
13%
13%
12% *
12%
13%
13%
13%
13%
13%
Mon Tn.es Wed
Th.
Fri.
89,
8916
8»i« 81%6 811,« 89,6
0%6
99,6
9»16
9916
9?ib 9Zl6
10%6 10%6 10%6 10«>16 10°16 10°16
11316 1 L316 113i6
11516 HU1B
MARKET AND SALES.
TRANSIT.
SALES OF SPOT AND
SPOT MARKET
CLOSED.
Ex-
port.
Mon Quiet
Tues. Easier
Wed Quiet at % decline
Thurs Quiet. Quo. rev.
Fri. Dull
.
.
.
Total
GonSpec- Tran¬ Total.
sump. uVt'n sit.
336
538
Sat.. Finn
476
550
903
323
2,252
715
628
536
517
533
197
m
m
•
•
m
m
67
•
•
1,000
222
3,270 1,486
m
m
and
m
....
....
....
....
....
The daily deliveries given above are actually
vious to that on which they are reDorted.
The Sales
m
Prices of Futures are
gT?
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PL.
O
p
£:
p*o
•
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.
FUTURES.
Sales.
92,800
533 1G2.900
Deliv¬
eries.
700
40C
500
600
800
1,258 112,900
1,178 209,500
2.439 117,500
1,062 164,300
1,100
7,008 919,900
4,100
delivered the day pre¬
shown by the follow-,
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11916 I113i6 111316 1H316 1113i6 111316 1113i6
U3±
Good Mid.. 12%
Btr. G’d Mid 12%
Midd’g Fair 13%
1334
Sat.
9
9
9%
10%
TEXAS.
NEW ORLEANS.
Moil Tues
I
....
....
Under the head of Charleston is included Port Royal, &c ; under the hea^ of
Galveston is included Indianola, &c.; under the head of Xiortolk. is included City
Point. &c.
Sat.
©
" ©
6 !=;• p ©
ISS.P
rn
110,932 95,227
179,166 106,676
886,396T19.98l!296,0481 H W o to
UPLANDS.
Po* M
-
©
S'© ®
a> ©
© © p
®
v
200,999 141,296
*
Dec. 4 to
Dec. 10.
P ®*
921!
„
Igfl
3.&g»
© &
p© ® p
00 C3
®
Pa*
5
Da*
o
g
®
co
B- © ®
U
►a
894,477jl87,188 267,683 1349,348 901,047
2351,165
©
on ©
OJ © CD ®
r-P £•»
©
17,461 35,862
177,082 119,136
3,863
....
B-©
408.107 259,509
1,063
52,521
79,342
27,2S6
29,766
.
<2
rl-
65.847
1,444
2,850
21,473
139,705
78,271
Total.
CO
aa^
Pa*
2L
©
Stock.
Foreign
....
rhisyr. 2538,057
Last ye ar
•
mh
©
Other
224,718 117,542
16,398
96,188 28,373
9,208
112,449
11,819
71,827
133,448 15,952
594,879
548,204
170,595
389,552
489,345
281,724
N.Orlns
Mobile 4
France.
QhjQp®
B a.
on ©
5*
1 TO—
EXPORTED SINCE SEPT.
RECEIPTS SINCE
9
o
P P o
to Oi o
=
§s
a 05
3 a
POO
wto o
Includes for September, 1S81, 100 at 12*65, 100 at 12*80, 300 at
400 at 12.50, 100 at 12 45, 500'at 12*50, 100 at
12-48, 200 at 12-50. 400 at 12-56. 100 at 12 03, 500 at 12 50,
12 90, 100 at 12-98, 400 at 12-01, 100 at 12-01; for October,
100 at 11-92,800 at 11.90, 500 at 11-98, 1,000 at 11*90;
November, 1881,300 at 11-61,100 at 12 66; also sales in September
*
for
12-50, 100 at
100 at
1881,100
for
September, 621,400; Sept.-Oct. for Oct.,
946,500; Sept.-Nor. for No¬
vember, 762,100.
A luclndes for October, 1881,100 at 11-93, 400 at 11-95.
B Includes for October 1881, 100 at 11*85.
C Includes for October, 1881, 1,000 at 11-84,700 at 11*88,
600 at 11-90.
1) Includes for September, 1881, 100 at 12-26,300 at 12 35,
„
„
12-40; for October, 500 at 11-60,
1,500 at 11*6*2.
,
400 at
200 at
.
_
September, 1881,10b at 12 39. 200 at 12*40; for Ootober, 500 at 12-76.
>
, _ _
F iDcludes for September, 1881,1,000 at 12-25, 500 at 12-38,100 at
200 at 12-50, 100 at 12-55; for October, 200 at 11*70, 300 at
11-71, 500 at 11-73, 200 at 11*75, 200 at 11.80.
Transferable
Orders—Saturday,
12 05; Monday, 12_; Tuesday,
11-90; Wednesday, 11-65; Thursday; 11-80; Friday. 11-65.
E Includes for
„ „
Short Notices for
11 95 ;
The
•59
*16
*15
•16
pd.
pd.
pd.
pd.
The
December—Saturday, 12*05, 12-06;
Wednesday, 11*80, 11*81, Thursday.
following exchanges have been
•29
exch. 500 Feb. for July.
•13
exch. 100 Feb. for Mar.
•17
exch. 500 Dec. for .lan.
exch. 100 Feb. for Mar.
Visible Supply of Cotton,
to
to
to
to
1170.
Monday, 11-94,-
made during the week;
pd. to exch. 200 Feb.
for April,
pd. to exch. 500 Deo. for Jan. pd. to exch. 100 Feb. for Mar.
ing comprehensive table. In this statement will be found the
as made np by cable and
daily market, the prices of sales for' each month each day, and
telegraph, is as follows. The Continental stocks are the figures
the closing bids, in addition to the daily and total sales.
CHRONICLE.
THE
8 2
of last Saturday, but the totals for Great Britain and the afloat
for the Continent are this week’s returns, and consequently
brought down to Thursday evening; hence, to make the totals the
complete figures for to-night (Dec. 10), we add the item of exports
from the United States, including in it the exports of Friday only:
Stock at Liverpool
Block at London
v
bales.
1877.
1878.
1879.
332,000
453,000
•40,400 V 48.438
1880.
306,000
17,500
324,000
42,500
’
323.500
108,2*0
366.500
380,138
56,290
Total Great Britain stock . 493,400
101,000
Block at Havre
5.960
Stock at Marseilles
32,400
Btock at Barcelona
2.400
Stock at Hamburg
19.500
Btock at Bremen
11.000
Btock at Amsterdam
4,780
Btock at Rotterdam
981
Btock at Antwerp
5,510
Stock at other contl’ntal ports.
86,750
1,500
1.213
8,700
1.400
10,160
15,100
1,600
3.750
7,500
2,500
35,000
10.250
38,500
26,000
22,50o
8.500
3,750
7.500
6.750
2,900
1,750
5,500
233,500
5,750
Total continental ports....
182,531
97,363
148,500
Total European stocks.. ..
India cotton alloat for Europe.
Amer’n cotton afloat for Eur’pe
675,931
43,000
540,000
43,000
909,119
156,955
29,000
477,801
515,000
557,000
76.168
79.000
40.000
652,878
52,109
753.421
181,828
632,000
20,000
609,051
161,457
490.000
49.000
743.611
107.653
34,000
19,000
18,000
Egypt, Brazil,&c.,aflt for E’r’pe
Btock in United States ports ..
Btock in U. 8. interior ports...
United Stf tea exports to-day..
creased during the week 12,527 bales, and are to-night 24,873
bales less than at the same period last year. The receipts at
the same towns have been 1,196 bales more than the same week
last year
Receipts
98,863 127,729 136,413
37.873
47.208
"
8
“
15
“
22
59,823
79,597
97,887
“
29.
148,158 169,408 199,094
160,233 181,714 210,367
162,236 214,461 236.341
157.2S0 245,613 254,833
182,874 225,0S7 251.768
176,004 2i0,216 215,842
181,376 218,408 256.618
184,625 249.152 205,192
220.748 216,167 218,341
156,955
United States interior stocks..
United States exports to-day..
Total American
East Indian,Brazil, <tc.—
Liverpool stock
29,000
12
Egypt, Brazil, &c., afloat..
..
..
Total East India, &c
110,000
109,000
40,400
48.439
72,531
43,000
58,363
76,168
52,109
308,931
344,073
43,000
..
..
19,000
..
..
79,000
163.000
17,500
64,500
40.000
20,000
49,000
316,000
331.000
132,000
42,500
42,500
-
..2,396,005 2,229,205 2,125,508 2,005.294
Total visible supply
4%l.
69ie6.
6581.
0li>i6<I.
Price Mid. Upl., Liverpool..
In the preceding visible supply table we have heretofore only
included tlie interior stocks at the seven original interior towns.
As we did not have the record of the new interior towns for the
four years, we could not make a comparison in any other way
That difficulty no longer exists, and we therefore make the fol¬
lowing comparison, which includes the stocks at the nineteen
towns given weekly in our table of interior stocks instead of only
the old seven towns. We shall continue this double statement for
a time, but finally shall simply substitute the nineteen towns for
the seven towns in the preceding table.
American—
bales
Liverpool stock
Continental stocks
American afloat to Europe...
United States stock
United States interior stocks.
United States exports to-day.
.
.
.
.
.
1890.
1879.
1879.
1877.
313,000
223.000
39,000
652,878
753,421
317,468
31,000
192,000
143,000
106,000
632,000
699,051
169,000
490,000
743,641
185,665
18,000
110,000
540,000
908.119
265.276
29,000
259,129
19,000
.2,195,395 1,937,7G7 1,907,180 1,749,306
Total American
East Indian, Brazil, dec.—
Liverpool stock
.
London stock
.
Continental stocks
India afloat for Europe
.
.
Egypt, Brazil, Ac., afloat
.
110,000
40,400
72,531
43,000
43,000
109,000
48,439
58,363
76,168
52,100
32,000
163,000
42,500
42,500
79,000
64,500
40,000
20,000
49,000
3
-
17.500
33 4.000
316,000
344,078
.2,195,395 1,999,767 1,907,190 1,749,306
&c
Total East India,
Total American
.
Total visible supply
19
“
26
308,931
.2,504,326 2,363,845 2,223,180 2,083,306
These figures indicate an increase in the cotton in sight to¬
night of 140,481 bales as compared with the same date of 1879, an
increase of 281,146 bales as compared with the corresponding date
of 1878, and an increase of 421,020 bales as compared with 1877.
At the Interior Ports the movement is set out in detail in
the following statement:
Week ending Dec. 10, ’80.
3
Dec.
..2,097,074 1,884,127 3 *809,503 1,671,294
Total American
“
“
Week ending Dec. 12, ’79.
10
8.307
Augusta, Ga
Dallas, Texas....
...
'
1,898
2,315
44,986 181,82S
17,436
7,553
1,861
6,650
1,646
6.235
788
7,404
1,305
1,331
1,808
2,770
2,793
17,195
15,057
11,000,
32,831
2,146
5,546
4,929
Louis, Mo....
Cincinnati, O....
10,766
19,858
Total, new p’rts
64,535
Bt.
TotaL all
*
Of wliicli
3,921
2,378
2.950
4,780
4,638
14,157
16,908
.
327.551
6,873
4,142
4,712
7,190
7.000
3,135
4.895
15,496
14,500
13,953
4,285
2,142
2,517
750
4.671
700
400
3,842
1.S02
11,212
6,190
4,414
2,185
3.513
5,903
2.008
3,366
1,942
7,523
5,520
5,653
1.523
3,422
5,966
3,906
12,106
10,654
2,819
2,636
2,346
19,047
15,229
63,455
11,957
24,456
15,421
60,651 108,321
76,521
65,006 135,640
138.341
109.992 317.468
4.260
'ill, 140
265.276
4,196 are corrections.
The above totals show that the
15.105
61,820
3,887
1,159
2,295
5,957
10,579
3,421
3,617
3,805
6,352
50,489 156,955
2,524
5,827
Jefterson, Tex...
Shreveport. La...
Vicksburg, Miss.
Columbus, Mias..
Eufaula, Ala.
Griffin, Ga.:
Atlanta, Ga
Borne, Ga
Charlotte, N. C.
6,908
17,748 107,300
4,185
63,016
8,830
5,905
Stock.
24,559
3,024
6,050
Total, old ports.
Receipts. Shipm'ts
20,781
21,261
7,257
11,081
8,873
73,415
14,287
9,077
2,729
Macnn, On
5.597
Montgomery, Ala
4,586
Belma, Aia
Memphis, Tenn.. 25,271
Nashville, TeDn.. *10,476
Columbus, G a....
Stock.
t Actual.
13,643
220.291
1878.
1879.
1880.
61,009 110.35S 144,607 159,328
78,735 140,326 173,736 189.947
63,913 103,0S6 160,773 1S6.114 223,445
81,227 121,895 160,001 104,028 229,176
95,903 152,765 180,526 229,2^7 267,5$! 1
115/35 179.676 174,427 265,353 281,741
40,774
52,207
149,498 133,905 204,759 217,338 243,257 276,851
111,583 137,126 227,135 201,089 273,437 238,218
18S.491 218,998 242,326 195,234 250.280 271,809
205,912 264,183 247,911 202,046 294,337 210,777
236.2801287,109 248,865 251,116 239,093 819,295
231,876 243.137 259.129'317.468 265,276> 243.140!205.235l259.548
1. That the total
1880
were
2. That the
in
bales; m 1878
receipts from the plantations since Sept. 1
3,025,527 bales; in 1879 were 2,896,208
2,424,750 bales.
were
receipts at the out-ports the past
week were
actual movement from plantations 259,548
bales, the balance being added to stocks at the interior ports.
Last year the receipts from the plantations for the same week
were 265,235 bales and for 1878 they were 243,140 bales.
Weather Reports by Telegraph.—The weather has been
variable the past week. The thermometer has, on the average,
been higher, but it has been quite cold at some points, and rain
has fallen in most sections, though not to the extent uf previous
weeks. Throughout the State of Texas the weather lias very
decidedly improved, and picking there has been partially
243,137 bales, and the
resumed.
Galveston, Texas.—The weather during
the week (excepting
day) has been pleasant, and picking resumed,
ltoads drying, but still very bad. Average
thermometer 62, highest 72 and lowest 48.
The rainfall for the
week is eighteen hundredths of an inch, and for the month of
November eight inches and eighty-two hundredths.
Indianola, Texas.—The weather during the week has been
warm and dry, and there is some picking going on.
Roads im¬
shower on one
but still difficult,
a
proving. Average thermometer 63, highest 76 and lowest 43.
Daring the month of November4he rainfall reached five inches
and eighty-five hundredths.
Corsicana, Texas.—There has been no rainfall the past week
and prospects are better. Picking resumed, but roads in wretched
condition. The thermometer has ranged from 40 to 75, averag¬
ing 59. The rainfall for November is seven inches and seven
hundredths.
Dallas, Texas.—There has been no rainfall during the week*
and picking has been resumed. Roads in bad condition. The
thermometer has averaged 59, the highest being 75 and the
lowest 40. The rainfall for the month of November is three
inches and ninety-five hundredths.
Brenham, Texas.—We have had no rain at this point the
Roads in terrible con75 and lowest 42.
ast week, and picking is starting again.
ition. Average thermometer 60, highest
Rainfall for November three inches.
Waco, Texas— It has not rained at this point during the
There has been some picking done, but not mneh. ltoads
week.
very
Receipts. Shipm’ts
....
115.024
18S0.
1879.
The above statement shows—
..2,087,074 1,884,127 1L,809,508 1,671.294
..
London stock
Continental stocks
India afloat for Europe
743.641
107,653
18,000
161,457
5
Nov.
169,000
490,000
609,051
753,421
181,828
34,000
908,119
United States stock
1878.
130,990 162,303 172,221
143,000
10(5,000
632,000
39,000
652,878
110,000
540,000
1880.
1
Oct.
“
192,000
1879.
1878.
Stock at Interior Ports Rec'pts from Plant'ns.
Sept. 24
American—
Continental stocks
American afloat for Europe
Receipts at the Ports.
ending—
2,228,205 2,125,508 2.005,294
2
Olthe aoove, tlie totals of American and other descriptions are as follows:
223,000
Plantations.—The following table is
RECEIPTS FROM PLANTATIONS.
Week
343,000
the
from
prepared for the purpose of indicating the actual movement each
weelk from the plantations. Receipts at the outports are some¬
times misleading, as they are made up more largely one year
than another, at the expense of the interior stocks. We reach,
therefore, a safer conclusion through a comparative statement
like the following. In reply to frequent inquiries we will add
that these figures, of course, do not include overland receipts or
Southern consumption; they are simply a statement oi the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the out-ports.
Total visible supply
Liverpool stock
[Vot* XXXI.
bad.
Average thermometer 58,
highest 73 and lowest 40.
The rainfall for November is three inches.
New Orleans, Louisiana.—Rain has fallen during
on four days, to a depth of one inch and forty-three
Tlie thermometer has averaged 60. ,
Shreveport, Louisiana.—The
weather was
the week
hundredths.
cloudy and rainy
da}rs of the past week, but clear to fair,
the last four days. Roads are still in a bad condition.
thermometer 55, highest 77 and lowest 33.
the first three
and cool,,
Average
Vicksburg, Mississippi.—Rain fell on the first three days of
past week, but the latter portion has been clear and pleasant.
Columbus, Mississippi.—It has rained during the past weekon two days, the rainfall reaching one inch and nineteen hun¬
dredths. The thermometer has ranged from 32 to 40, aver¬
aging 36.
the
IAttle Rock, Arkansas.—Friday and
week were cloudy, with rain. Saturday
Saturday of the past
night we had quite a>
accompanied with much lightning ana hail, but since then
storm,
the weather has been clear and cool.
68; lowest 21; average 48. Rainfall, four
Thermometer—highest
hundredths of an inch.
Nashville, Tennessee.—We have had rain the past week on
three days, with a rainfall of one inch and fifty-seven hun¬
The thermometer has ranged from 15 to
Much damage has been done by the bad
dredths.
38.
old int3rior stocks have in¬ receipts keep
up,
66, averaging
weather, but
owing to accumulations at depots.
December 11,
iTHE CHRONICLE.
1880.]
Memphis, Tennessee —Picking has thoroughly commenced
again. It lias rained during the week on two days, the rainfall
reaching forty-one hundredths of an inch. Average thermom¬
eter 50," highest 71 and lowest 21.
Mobile, Alabama.—It was showery two days and rained
severely one day the earlier part of the past week, the rainfall
reaching one inch and. eighty-nine hundredths. The latter por¬
tion has been clear and pleasant.
The thermometer has
averaged 55, the highest being 77 and the lowest 34.
Montgomery, Alabama.—The first four days of the past week
were rainy, the rainfall
reaching two inches and one hundredth.
The latter portion has been clear, but it is turning
very cold.
Average thermometer 52, highest 77 and lowest 30.
Selma, Alabama.—During the earlier part of the past week
it rained on two days, but it has been clear and
pleasant the
latter portion. Ice formed in this vicinity on three nights.
Madison, Florida.—It rained on one day the earlier part of
the past week, but the latter portion has been clear and pleasant.
We have had one killing frost, with ice. The thermometer has
averaged 48, the highest being 55 and the lowest 41.
Macon, Georgia.—Rain has fallen during the week on three
days, the rainfall reaching two inches and thirty-two hundredths.
The thermometer has ranged from 28 to 78, averaging 50.
Columbus, Georgia.—-it has rained severely two days the
ast week, the rainfall reaching two inches and fifteen hunredths. The thermometer has averaged 44.
Savannah, Georgia.—It has rained on two days, the rainfall
reaching three inches and thirtj'-seven hundredths, but the
weather the rest of the week has been pleasant. The thermom¬
eter has averaged 54, the extreme range having been 37 to 77.
Augusta, Georgia.—We had heavy rains on three days the
earlier part of the past week, but the latter portion has been clear
and pleasant. The thermometer has ranged from 33 to 76, aver¬
aging 49, and the rainfall has reached one inch and twenty-five
hundredths. About all the crop of this section has now been
-
secured. There is some little cotton left in the fields, but in con¬
sequence of the recent bad weather, it will be very poor if picked.
About ninety per cent of the crop is claimed to have been mar¬
keted, and the balanoe is being sent forward freely.
Charleston, South Carolina.—We have had rain on two
days the past week, the rainfall reaching one inch and twentytwo hundredths. Average thermometer 53,
highest 73 and
lowest 36.
The
following statement
we
have also received by telegraph,
showing the height of the rivers at the points named at 3 o’clock
December 9,1880, and December 11, 1879.
New Orleans
Below high-watermark..
Above low-water mark...
Above low-water mark...
Above low-water mark...
Above low-water mark...
Memphis
Nashville
Shreveport
Vicksburg
9, ’80.
Dec. 11, '79.
Feet.
Inch.
Feet. Inch.
11
2
13
1
17
3
6
4
14
27
11
2
Missing.
15
23
15
Missing.
9
New Orleans
reported below high-water mark of 1871 until
Sept. 9,1874, when the zero of gauge was changed to high-water
mark of
1871,
or
April 15 and 16, 1874, which is 6-10ths of
16 feet above low-water mark at that point.
Elusdn’s Cotton Movement
for
November
a
and since
October
by cable Mr. Ellison’s figures for Novem¬
October 1st. The takings in ordinary bales and
pounds have been
as
Great
Britain.
Continent.
Takings by spinners.. bales
526,370
445
Average weight of bales...
Takings in pounds
234,234,650
Oar
International Cotton Association.—The International Cotton
Exposition (first proposed by Mr. Edward Atkinson, in a com¬
munication to the Chronicle) has been
organized at Atlanta with
the following officers : President, Senator
Joseph E. Brown, of
Georgia; Treasurer, Samuel M. Inman, of Atlanta; Secretary,
John W. Ryckman, of
Philadelphia. An exposition of the
appliances and the machinery used in the cultivation of cotton
is contemplated. The fair will be held in Atlanta in October
next
Gunny Bags, Bagging,
&c.—Bagging has not changed, and
we
on
have but little of interest to
report. Transactions continue
a limited scale and
large parcels are not
moving. Prices are
price is nominally
quoted at 954@9%c. for 1% lbs., 10@10/£c. for 2 lbs. and ll/£@
ll%c. for standard qualities. Butts are in about the same position.
Holders are not pressing goods, as
they are not willing to accept
very low figures; but though they are quoting 2%@2%c., accord¬
ing to quality, there are some sellers who will shade the figures
if a round parcel can be moved.
unchanged, and in the absence of demand
Comparative Port Receipts
A
Total.
347,160
873,530
422
435
146,501,520 380,736,170
dispatch also give3 the month’s movement for November
the
Daily
and
Crop Movement.—
comparison of the port movement by weeks is not accurate,
day of the
the weeks in different years do n ot end on the same
month. We have consequently added to our other
as
tables
a
standing
daily and monthly statement, that the reader may
constantly have before him the data for seeing the exact relative
movement
since
for the years named.
September 1 has been
Monthly
Receipts.
1800.
Beginning September 1.
1879.
458,478
Oofcober..
968,318
November 1,006,501
The movement each month
follows.
as
Year
Sapt’mb’r
1878.
333,643
888,492
942,272
1877.
288,848
98,491
639,264
578,533
779,235
822,493
1876.
236,868
675,260
901,392
1875.
169,077
610,316
740,116
Total year 2,433,297 2,164,407 1,757,347 1,499,517 1,8 L3,520
1,519,509
Pero’tage of tot. port
43-27
39*51
34-50
44-91
36-25
This statement shows that up to Nov. 30 the
receipts at the
orts this year were 268,890 bales more than in 1879 and 675,950
ales more than at the same time in 1878.
By adding to the
above totals to Nov. 30 the daily receipts since that
time, we
shall be able to reach an exact comparison of the movement for
the different years.
1880.
1879.
1878.
1877.
1876.
1875.
rot.Nv-.30 2,433,297 2,164,407 1,757,349 1,499,517 1,313,520
1,519,509
Deo. 1
8.
26,647
52,479
21,337
30.824
22,842
44
2....
29,216
30,886
39,978
8.
21,0^9
26,301
"
3...
“
4...
5....
41
follows:
In November.
November.—We omit
telegraphic summary of these reports which has been pub¬
lished by the daily press this week, but will
give the reports in
full next week when we shall have received them
by mail.
for
the
foot above
1st.—We have received
ber and since
Cotton Exchange Crop Reports
receipts Nov. 30...
Dec.
633
48,997
30,346
23,110
25,675
49,608
36,016
8.
“
6....
44
7....
63,166
36,174
44
8....
29,263
44
9....
44
10....
25,055
59,133
40,894
23.532
30,938
53,291
25,563
S.
43,236
34,502
37,914
8.
44.870
58,561
8.
31,662
32,325
24,767
33,072
26,931
23,693
47,969
8.
8.
,
40,703
27,179
20,766
36,219
31,300
22,781
20,856
35,531
8.
30,511
29,037
26,812
22,943
25,918
Total
2,781,194 2,502,863 2,063,799 1,747,824 2,059,113 1,760,360
Percentage of total
p’rt reo’Dta Dee. 10
5004
46-40
40-22
50-99
4200
This statement shows that the receipts since
Sept. 1 up to
to-night are now 278,331 bale3 more than they were to the same
to give the figures for day of the month in 1879 and 717,395 bales more than
they were
to the same day of the month in 1878.
We add to the last table
the percentages of total port receipts which had been received to
and also the full movement since October 1st in bales of 400 lbs.
caeh.
We arrange
the statement
so as
October and November separately.
Great
BHtain.
Continent.
Total
Europe.
December 10 in each of the years named.
India Cotton Movement from all Ports.—The figures which
collected for us, and forwarded by cable each
Friday, of
the shipments from Calcutta, Madras, Tuticorin, Carwar, &c.,
enable us, iu connection with our
are now
•Spinners’ stock October
Takings in October
1
27,000
271,000
164,000
400,000
Bombay, to furnish
Total supply
Consumption in October
Spinners’ stock November 1
Takings in November
Total supply
Consumption in November
•Spinners’ stock December
137.000
129,000
1
298,000
262,000
266,000
208,000
564,000
470,000
36,000
58,000
94,000
314,000
237,000
551,000
350,000
264,000
86,000
295,000
212,000
83,000
645,000
476,000
169,000
The cable also adds that Mr. Ellison says the
consumption of
Great Britain is now 66,000 bales per week, while that of the
Continent is
000 bales of
our
previously-received report from
readers with
movement for each week. We first
for the week and year, bringing the
a full and complete India
give the Bombay statement
figures down to Dec. 9.
BOMBAY RECEIPTS AND SHIPMENTS FOR FOUR YEARS.
Shipments this week.
Year Great
BriVn.
1880
1879
1878
1877
2,000
4,000
1,000
Conti¬
nent
Total.
Shipments since Jan. 1.
Great
Conti¬
Britain
nent.
8,000 10,000 367,000 526.000
2,6b6
3,000
4,000 260.000 368.000
3,000 323,000 401,000
3.000 332,000 434,000
Total.
Receipts.
This
Week.
Sines
Jan. 1.
893.000 14,000 1,151,000
628,000 7.000
857,000
724,000 12.000
912,000
816,000 12,000 1,083,000
According to the foregoing Bombay appears to show an
compared with last year in the week’s receipts of 7,000
53,000; this gives ns the unprecedented total of 119,- bales, and an increase in shipments of 6,000 bales, while the
400 lbs. each as the present weekly consumption of shipments since January 1 show an increase of 265,000 bales.
The movement at Calcutta, Madras,
Tuticorin,.Carwar, &c„ for
the same week and years has been as follows.
increase
634
CALCUTTA,
CARWAR, RANGOON AND
MADRAS, TUTICORIN,
Great
Conti¬
Britain.
nent.
Year.
Total.
1880
1879
1878
1877
1,000
.1,000
The above
Great
Conti¬
Britain.
nent.
totals for this
144,000
Boston,
1.
Receipts
from—
300,000
325,000
215,000
N. Orl’ans
Texas..
week show that the movement from
as for the corresponding
Savannah
India, therefore, the tota
shipments this week and since January 1, 1880, and for the cor¬
responding weeks and periods of the two previous years, are as
Mobile
Florida.
8 Car’lina
N Car’lina
follows.
to
alt Europe
Virginia..
North, pts
Tenn.. &c.
Since
Jan. 1.
This
week.
.
1.
This
week.
Since
Sept.l.
Since
This
week.
Sept. 1.
------
1,S60
7,143 113,577
854 10,986
7,992
893
i,894
22,145
1,100
1,238
3,667
10,234
<
2,114
9,383 •68,851
590
18,036
1,937
3,483
23,413
345
4,600
6,971
2,613
36,548
1,076
2,343
49,384
35,263
7,579 127.262
8
40,4891465,418 13,690 116,052
Last jrear. 54,619 486,186 24,880-! 151,182
This year.
1878.
Since
Jan. 1.
This
week.
Since
Jan. 1.
This
week.
Since
49,026
43,628
8,321
Foreign..
1879.
1880.
Shipments
This
week. Sept.
..
INDIA.
EUROPE FROM ALL
This | Since
week. \Scpt. 1.
Baltimore.
Philadelphia.
Boston.
New York.
the ports other than Bombay is the same
week last year. For the whole of
EXPORTS TO
the past week, and since
Philadelphia and Baltimore for
September 1, 1880.
130,000
79,000
at New York,
of Cotton
the Receipts
Total.
86,000
112,000
71,000
51,000
214,000
213,000
1,000
1,000
1,000
1,001
The Following are
KURRACHBE.
Snipmenls since January
week.
Shipments this
fVoL. XXXI.
CHRONICLE.
THE
i',498
12,271
10,508
51,141
54
80
1,838
11,177
2,352 23,257
9,791 105,285
4,634 31,448
5,593
74,679
from the United
628,000
past week, as per latest mail returns, have reached
4,000
893,000
10,000
Bombay
1,000 325,000
1,000 300,000
HT other p’rts.
156,479 bales. So far as the Southern ports are concerned, these
4,000 939,000
5,000 953,000
the same exports reported by telegraph, and published in
11,000 1,193,000
Total
With regard to New York,^we
the Chronicle last Friday.
This last statement affords a very interesting comparison of the
of
all
vessels
include
the
manifests
cleared up to Wednesday
total movement for the week ending Dec. 9,, and for the three
years up to date, at all India ports.
Total bales.
night of this week.
Alexandria Receipts and Shipments.—Through arrangements New York—To Liverpool, per steamers Italy, 1,364
City of
Berlin, 431
Serapis, 1,345—Abyssinia, 400
Scythia,
we have made with Messrs. Davies, Benachi & Co., of Liverpoo
406
Spain, 2,397 — City of Now
Dimrobin, 241
and Alexandria, we now receive a weekly cable of the movements
York, 705
7.289
of cotton at Alexandria, Egypt. The following are the receipts
To Havre, per steamer Ville de Marseilles,, 101
101
To Bremen, per steamer Oder, 500—per barks Harzburg,
and shipments for the past week and for the coi responding week
400
Don Quixote, 594
1,494
of the previous two years.
To Hamburg, per steamers Cimbria, 608 — Herder, 1,117 ..
1,72(1
New Orleans—To Liverpool, per steamers Jamaican, 4,018
1878.
Alexandria, Egypt,
1879.
1880.
Texas, 4,751...C iribbean, 3,599...0ella,
Orator, 3,127
Dec. 9
5,405
per ship D. H. Morris, 4,501
per bark E. T. G.,
3,499
28,900
Receipts (eantars*)—
80,000
To Havre, per steamer Le Chatelier, 4,048....per ship City
200,000
160,000
This week....
from—
724,000
215,000
3,000
1,000
News.—The exports of cotton
Shipping
States the
are
Since
Exports (bales)—
To Liverpool
To
7,000 142,606 20,000 135.606
8,507 58,830j
4,077 62,907
62,500
10.000
11,077 215,513 28,507 194,436
92,000
11,077 bales.
week ending
and the shipments to all Europe
the receipts for the
received from Manchester
Market.—Our report
shirtings,
VVe
previous weeks1
to-night states that quotations are unchanged for
but are %d. lower for twist, and that the market is quiet.
give the prices of to-day below, and leave
prices for comparison:
1879.
1880.
CotVn
8% lbs.
Shirtings.
32# Cop.
Twist.
d.
d.
s.
Oct. 8 9k® 93* 6
“
9 k® 9% 6
15
“
OkSlOk 6
22
“
29 938*1018 6
6
Nov. 5 9i4®10
“
6
121 9i4»10
“
19 914® 978 6
“
6
26 958*10
6
Dec. 3 9k@10
“
10 91** 9k 6
d.
7
8
9
9
9
9
TJp! da
d.
8
9
0
0
0
0
7k®7 10k
9
9
9
The Exports of
decrease, as
8.
*7
*7
*8
*3
*8
*8
*8
*8
*8
0
0
0
6k
6k
6k
6k
671S
63s
6liie
0ll1rt
65s
compared with last
lbs.
Shirtings.
d.
s.
6 4k®7
9l16*9H16 6 49i0®7
9*8 *9% 6 4k®7
918 *93* 6 4^2*7
9 ^ * 9 % 6 4k®7
*7
9 k *97e 6 6
9 k ®978 6 4k®7
*7
6
6
93s -*10
*8
10
®10k 6 9
1018 ® lOk 6 I0k®8
d.
9
d.
611ie
Cotton from
8k
32# Cop.
1 wist.
Mid.
d.
CotVn
Mid.
s.
*958
TJplds
d.
d.
7k
9
6lh„
61L16
7k
7k
7k
678
9
678
7k
6k
9
678
615iq
615is
0
lk
738
6k
New York this week snow a
week, the total reaching 10,609
17,599 bales last week. Below we give our usual
table showing the exports of cotton from New York, and their
direction, for each of the last four weeks; also the total exports
and direction since Sept. 1, 1880, and in the last column the total
for the same period of the previous year
Exports off Cotton (bales) from New York since Sept. 1,1880.
bales, against
Same
Week ending-
Exported to—
Liverpool
Other British ports...
Total to Great
Nov.
7,998
7,940 13,343
920
Britain
Havre
Dec.
1.
Nov.
17.
8,918
24.
l,470j
period
previ’us
Sept. 1.
year.
7,289 135,832 165,728
4,905
815
9,410 14,158
since
Total
Dec.
8.
6,210
7,289 140,737 171,938
15,742
1.388
1,442
101
525
1,388
1,442
101
16,053
15,742
814
699
750
550
1,494
1,725
16,294
12,391
2,889
14,116
8,246
2,017
1,999 "3,219
31,574
21,379
460
951
3,206
1,411
3,206
Other French ports
Total French
Bremen
and Hanover
....
Hamburg
Other
2,429
1,050 !
524
797
ports
Europe
4,276
1,338
Spain, Op’rto, Gibralt’r,&e
50
907
75
44
957
119
Total to North.
All other
Total Spain,
Grand Total
&o
,
570
......
14.676 12,255 17,599 10.609 189,775 215.265
per
Liverpool, per ship Flying Foam, 4,700
Charleston—To Liverpool, per ships Crusader, 3,450 Upland
and 50 8ea Island
Richard III., 3,586 Upland and 155
Sea Island.... .per bark Ponema, 2,100 Upland and 192 Sea
Mobile—To
Island
To Havre, per
Island
per
Uplaud
ship Theobald, 2,600 Upland and 503 Sea
barks Fagua, 996 Upland ...Kate Harding,
H. L. Routli,
3,256 Upland
Eglantine, 3,500 Upland
VII. Novembre, 1,750 Upland
SoberAna, 663 Upland....per brigs Hugo, 400 Upland
ano 2,550 Upland
Panchita Ros, 610 Upland
Savannah—To Liverpool, per ship Nunquam Dormio, 3,995
To Bremen, per steamers
Rebecca, 4,200 Upland
To Barcelona, per barks
Upland
-
Upland....Fridlief, 1,825
To Bremen, per steamer Gladiolus, 5,800 Upland
To Amsterdam, per bark Zwerver, 3,350 Upland
To Barcelona, per steamer Irene Morris, 4,550 Upland ...
per bark Antonio Maria, 455 Upland....per brigMercelita,
431 Upland
Texas—To Liverpool, per steamer Australian, 6,529
barks Marie,
Uplaud and 25 Sea Island
To Havre, per
1,550
9,310
1,836
4,700
9,533
9,405
7,700
3,973
3,995
3,400
5,800
3,350
5,436
6,529
Bremen, per bark Hampton Court, 3,325
3,325
To Reval, per steamer West Stanley, 4,049
4,019
Wilmington—To Liverpool, per bark Flid, 1,310
por brig
Stella, 1,655
2,965
To Belgium, per brig Ryno, 1,041
1,041
Norfolk—To Liverpool, per steamers Leveuous, 3,400
Stelvio, 4,125
per ships Orient, 6,268—Tsernogom, 4,709
Prussia, 4,370
22,872
To
Baltimore—To
Liverpool, per steamers Arago, 1,300—Thane-
2,300
Venezuelan,
Caspian, 328
bark Gleuiffer, 500
To Bremen, per steamer Koln, (additional) 430
Boston—To Liverpool, per steamers Parthia,
more,
277
per
4,705
430
144—Pembroke,
577
Pharos, 336—Iberian, 305
1,362
To London, per steamer Trinacra, 548
548
Philadelphia—To Liverpool, per steamer Indiana, 555 and 24
579
Sea Island
San Francisco—Tc Liverpool, per ship Luclle, 127 (foroign)
127
........ ............................... 1 oo,479
Total.
The particulars of these shipments, arranged in our usual
• -
-
form, are as
follows*
Bremen Amsand
terIIam- dam,
Liver¬
pool. Havre, burg.
101 3,219
New York..
7,289
N. Orleans. 28,900 9,310
<&c.
Texas
4,700
9,533 9*,405 7,700 ......
3,995 3,400 5,800 3,350
6,529
3,325
Wilmington
2,965
Mobile
Charleston
Savannah..
......
1,041
Norfolk
22,872
Baltimore..
4,705
Boston
16,053
525
bark Galveston, 2,245
City of Mexico, 1,266
of Boston, 3,017
per
To Vera Cr»z, per steamer
2,050
This statement shows that
Dec. 9 were 160,000 eantars
Manchester
4,000
29 500
Acantar Is 98 lba
were
Sept. 1.
6,000
Continent
Total Europe
*
1.
week. Sept.
week. Sept. 1.
Since
This
week.
Since
This
Since
This
845,000
1,940,000
1,245,500
Sept. 1
Philadelp’a
S. Francisco
TotaL
10,609
1,336 40,046
\ TOO
.**.*.'” 3.973
30,611
5,436
21,981
4,019
......
430
1,910*
579
127
Total... 94,104 22,216
*
Barter Vera
Reval. Iona. Cimz.
Including 548 hales to
20,474 4,391
4,049 9,409
13,903
4,006
22,872
5,135
1,910
579
127
1,8316 156,479
London.
vessels
give all news received to date of disasters to
carrying cotton from United States ports, etc.:
Algitha, steamer (Br.), Burwise, from New Orleans for Liverpool, which
put into St. Johns, N. F., with her cargo of ootton on Are, had dis¬
charged all burning cotton, and the cargo in the forehold had been
thoroughly overhauled Dec. 3d. The vessel was to bo ready to
proceed on her voyage on the 6th or 7th.
Beaconsfield, steamer (Br.), from New Orleans, which arrived at
Havre Nov. 17, in entering port, while letting go anohor to avoid
Below we
THE
H,
December
^
CHRONICLE
635
,
-
.
Thursday.
collision, damaged a plate, liawaerpipe, &c. A surrey was to be
lield to ascertain the damage.
Bertha, steamer (Br.), from New Orleans at Liverpool Dec. 7, lost foreyard, maiDjjaff and a topsail, and sustained damage to hull and
machinery in a gale.
Deo
Jan.-Feb
Feb.-Mar
..65a
(Br.), at Liverpool Nor. 18 from Savannah, before
Mar.-Apr
63*
Kingston, steamer
The captain reported to the owners, of St. Michaels,
under date of Nov. 4, as follows: On the afternoon of Nov. 1 we
found a great heat through the decks in after part of mainhold
under the'galley. Wo immediately got up the cement when we
found the cargo to be ou tire, and it was with great difficulty we
managed to get here, for the decks were burnt through in several
places. The vevssel could not have lasted many more hours. We
arrived here yesterday afternoon and the authorities would not
allow us to enter, but Mr. Newman, Lloyd’s special agent, and Mr.
Bensande obtained permission for me to anchor outside the buoys,
and sent the tire engine and plenty of men to get the fire under,
which we did at 4 A. M. to-day, and then got lighters and com¬
menced to land the cargo. At noon I received permission to come
into harbor. The cotton is burnt three or four tiers down, and we
will have to discharge the whole of the cargo out of the main hold
to get the damaged out. Our main deck is completely gone from
the foremast aft to the bunkers, and the paint looker, &c., quite
reported.
gutted.
Makpela, steamer (Span.), Lararni, from Galveston for Liverpool, put
into Norfolk, A. M. Dec. 6, short of coal.
Whitburn, stoamer (Br.), Wyman, which arrived at Bremen Nov. 23
Delivery.
d.
Delivei'y.
Apr.-May...
May-June...
May-June...
d.
62132
.
>
Friday.
62132®^
62i32 ®
Mar.-Apr
62532® %
May-June
-62932® 7g
Feb.-Mar..
62l32
Dec-Jan
Deo
Dec.-Jan
613ie
Jan.-Feb...
.
Doc
6nie
63*®2332
April-May
...
June-July..
.6233f
62SS,
61S14
6is16 Mar.-Apr..
62732 I Apr.-May
.....611ig 1
Jan.-Feb
Deo
Dec -Jan
Jan.-Feb
Feb.-Mar
d.
Delivery.
| Feb.-Mar..
Mar.-Apr..
Apr.-May
...
62^32®%
.
May-June. -6*73fl®1314
65a
65s
BRE ADSTUPFS.
Friday, P. M., Deo. 10, 1880.
There has been
the
•
farther decline in prices of flour
daring
The demand has generally been quite moder¬
past week.
some
ate, but to-day it was very good, the comparatively low prices
bringing in orders, and the detention of supplies destined for
26 and 11 bales other markets compelling dealers to supply urgent needs at
this point. Receipts have been excessive at all points, and
was not seriously
from Galveston, had her deck badly damaged.
Era No. 10, steamboat, caugt fire at New Orleans Nov.
cotton were destroyed and 120 damaged.
Louisiana, bark (Ital.), loading at New- Orleans
damaged by the late fire which occurred in her cargo, aud will not
be required to go in dock. The necessary repairs will bo made at
the wharf where she was
will commence loading for
Cotton
lying, on the completion of which she
Genoa.
freights the past week have been
at reduced
is also easier.
readily met. Rye flour
nearly nominal. Buckwheat flour
prices the demands
Corn meal is
are
is active and firmer.
follows:
as
even
The wheat market has been variable, but in
Mon.
Satur.
Liverpool, steam d.
8ail...rf.
Do
Havre, steam
Do
Do
*2® %
58
e.
Bremen, steam,
sail
.c.
*■
sail...rf.
Baltic, steam
Do
sail
716®
Sa
*2
58
*3
%
*
38
*3
58
®8
*2
*8
*2
*3
h
—
—
small, and yet, through the detention of vessels by bad weather,
rates of
there
....
....
have the following
we
The export demand has been
material decline.
Receipts at the West are
freight have not declined.
For¬
eign advices have been discouraging to shippers, but to-day
716® hs
....
Liverpool.—By cable from Liverpool,
statement of the week’s
....
a
the aggregate
excessive, and the visible supply has further iacreased.
11ig®% 7116® %
71G®
71G® *2
716® ki
....
....
....
....
716® *2
c.
His® k HlG®
lll0®
....
.
316® *4
58®ll10
58
sail...d
Do
prices show
13® ^
*3® ^
c.
Amst’d’m, stoain.c.
Fri.
*4
H
*2®
Hamburg, steam d.
Do
Thurs.
3lfi® *4 316® X4 3I6®14 3ie® J4 316® *4
58®ll16 5q® lll6 58®ll16 ®8®ll16
c.
sail
H
4
Wednes.
Tues.
sales, stocks, &c., at that port:
was a
rather better report
from France. The market to¬
day, opened depressed, but recovered, and closed somewhat
firmer, with No. 2 red winter $1 21%@$1 22 for January and
$1 25% for May, and No. 1 white $1 21@$121% for February.
Indian corn ha3 declined, under the excessive supplies coming
forward from the West.
There is
some
arriving at
new corn
selling at about the prices of old
large parcel of good new yellow Jersey
this market from the South,
Nov.
Sales of the week
bales.
Sales American
Of which exporters took
Of which speculators took..
Actual export
Forwarded
Total stock—Estimated
Of which American—Estim’d
Total import of the week
Of which American
Amount afloat
Of which American
....
19.
Nov. 26.
69,000
57,000
7,400
3,700
6,400
14,500
442,000
316,000
97,000
79,000
239,000
82,000
58,000
10,000
8,800
7,600
18,500
435,000
82,000
72,000
236,000
217.000
219.000
318,000
Dee. 3.
Dee. 10.
66.000
65,000
47,000
51,000
9,100
5,100
4,300
9,100
8,800
16,000
12.000
282,000
17,500
453,000
343,000
98,000
87,000
291,000
266.000
275.000
441,000
321,000
79,000
59,000
The tone of the Liverpool market for spots and futures each day of the
week ending Deo. 10, aud the daily oiosiug prices of spot cotton, have
been as follows:
Spot.
Market,
l
12:30 p.m.
5
Firmer.
Mid. Upl’ds
Mid. Orl’ns.
Market.
5
P. M.
Tuesday.
Wednes
Thursday.
Good
Mod. inq.
demand
freely
freely met supplied.
Easier.
Easier.
Saturday Monday.
6%
6\
6\
615ig
01&16
61610
Friday.
Mod.
SV16
67e
inq.
freely
supplied.
6%
6*8
G131Q
6l3i0
£
j
8ales
10,000
12,000
30,000
8,000
2.000
2,000
1,000
1,000
Spec.«fe exp.
10,000
2,000
10,000
2,000
Futures.
Market,
5
P. M.
Steady.
\
Dull.
Dull.
but
Steady.
Weak.
steady.
d.
:...
...62332
G2332@ -k
Jan.-Feb. .623rv2® *^3 2
®
.......6%
Jan.-Feb.
13j q2'2^32
613ig®2732
62732
@
Feb.-Mar
Mar.-Apr,
d.
Delivery.
d.
61316
«
Apr.-May... 6 7q ®
®2732®l318
®2932
Mar.-Apr..
678
May-June
63i32
April-May ..615ig@2232
May-June
...63i32
Jan.-Feb
6i3ie
Feb.-Mar
f>78
Mar.-Apr
67g ®2932
Apr.-May
May-June
June-July
Mar.-Apr
7
7
R7s
May-June
63i3S
6i5i6
Deo.-Jan
J an.-Feb.....
62332
.62^32® %
61318
Mar.-Apr
678®37<2
Apr.-May.. ..62^32®7g
May-June.. 63132®1518
Feb.-Mar
Deo.-Jan
62&32
.QHf,
Wednesday.
Deo........
6fijg
Dee.-Jan. ...6hie®2ig2
Jan.-Feb
Feb.-Mar
Apr.-May
62732 I Jan.-Feb
67s
02332
May-June
Juue-July
63*
Dec
Mar.-Apr.. .673ig®^32
Flour.
$ bbl. $3 20® 3
superfine
3 75® 4
Spring superfine
3 6Off¬ 3
spring wheat extras.. 4 50® 4
No. 2..
Winter
do XX and XXX...
Winter shipp’g extras.
do XX aud XXX...
Patents
City shipping extras.
Southern, bakers’ and
family brands
South’n ship’g extras.
Rye flour, superfine..
Brandywine, Jtc
60
00
80
85
50
40
75
00
75
4 75®
6
5
6
l)
5
6 00®
5 ‘25®
5 50®
7 75
5 75
5 80
3 00®
3 50®
3 30
3 60
2 35
5 00®
4 85®
5 65 ®
7 0(>®
2 20®
62933
62132
.
Feb.-Mar
Apr.-May
May-June
6Ui6
62332
6i3le
62732
Grain.
Wheat—
No. 3 spring, # bu. $1
l
No. 2 spring.../.
1
Red winter
I
Red winter, No. 2
Waite
1
Corn—West, mixed
West’11 No. 2
South. yeli’w,nevr
South, white,new
Rye
Oats—Mixed
White
Barley—Canada W.
State, 4-rowed...
State, 2-rowed...
Peas—Can ’da, b. <fc f.
Buckwheat
(From the “ New York Produce Exchange
12
16
15
20
12
»1 14
®1 20
© l 26
©1 20 hi
®J 19
®
59
56
53 *3®
56
CO
56
95
41
©
58
62
®1 00
45
®
43 *2®
49
®1 32
1 15
® ] 10
1 05
95
®
93
©
95
82
60 ©
62
Weekly.”)
Receipts of flour and grain at Western lake and river ports
for the week ending Dee. 4, 1880 :
Chicago
Milwaukee
Toledo
Detroit
Cleveland
8t. Louis
Peoria
Duluth
Flour,
Wheat,
Corn,
105,724
829,197 1,245.377
Barley,
Rye,
375,398 151,02 21,165
39,050 163,706
25.126
35,530
488
3,295
33,000
374.775
322,375
3,27 4 12,955
4,300 13,500
y 88,810 77,262
114,OuO 14,000
22,275
2,234.056
650.453 433.025
271,028 288,878
39,055
875
452,671
430,069
33,380
221,854
31,336
3,089
38,697
9,650
428,456
65,500
362,161
12,175
Oats,
9,101
291,000
.
Feb.-Mar
the track and afloat, with
prime-boat loads offered at fl.
Barley is rather more firmly held, but without decided ad¬
vance, and the close was flat.
Oats have been dull and droop¬
ing, such support as prices received being speculative. To-day
No. 2 graded sold at 45%@46c. for white and 44^c. for mixed,
and No. 2 mixed sold at 45%@45%c. for Ja mary.
The following are closing quotations :
Total
228,426 2 871,229
game time ’79. 180.240 1,666,057
Tuesday.
Deo...............62332
made to-day at 95@98c., on
Delivery.
1316®2^:12
63*
were
Feb.-Mar..
Monday.
Dec
Dee.-Jan.
No. 2
To-day, at the close, there were bids^of 59c. for
mixed for January. Rye has declined, and moderate sales
Buckw. fl.,p. 100 lbs.
Saturday.
Delivery.
a
sold at 57c.
Western, &c
t
The actual sales of futures at Liverpool for the same week are given
below. These sales.are on the basis of Uplands, Low Middling clause,
unless otherwise stated.
Dec
Dec.-Jan
and
Corn meal—
Dull
l
Western mixed,
...
1.823,241
88,559
60,724
Rail and lake shipments from same ports for last four weeks :
Week
Wheat,
Flour,
Com,
Oats.
Barley,
Rye,
ending—
bbls.
bush.
bush.
bush.
bush.
bush.
Deo.
4...274,115
236,783
610,239 464,341 121,507 58,502
Nov. 27...173,709
531,786
854,916 453,190
107,987 56.489
Nov. 20...222,657 1,369,330
2,656,648 671,785 147,504 83,528
Nov. 13...227.771
1,480,213 2,586,681
703,233 160,032 109,837
Tot.,4 wks.898,252
4 w’ks ’79.-673,145
3,618,112
3,961.649
6,708,484 2,292,549
4,388,928
879,474
537,030 308,35?
559,346 118,292
The visible supply of
at the principal points
grain, comprising the stocks in granary
of accumulation at lake and seaboard
ports, *md in transit by lake, rail and canal, Dec. 4, was as
follows:
Wheat,
bush.
In store cU—
New York
afloat.
Do.
Albany
Buffalo
Chicago
Milwaukee
1,191,249
Bt. Louis
Boston
Toronto
8.596
356.400
391,050
Peoria
Indianapolis
Kansas City (27th)
2,522,326
Baltimore
On rail
186,783
Afloat <p.Rt.l*
1,445,000
Canal & river (est.)
359,488
47,562
543,678
89,522
14,968
45,000
7,808
4,801
430.000
40,719
60,143
163,592
271,044
414,000
295,719
140,004
24,000
134.000
499.168
4.810
125,000
953,842
246,329
1,500
25,500
107,412
144,800
88,100
108,167
223,041
53,109
8,782
190,371
713
84.071
2,000
353.110
9,596
4,570
10,397
7,297
137,017
111,400
4,679
102,237
12,920
38,491
9,000
3,003
1,506,600 438,541
650,000
4,504,000 i 100,000
>80 26 930,859 15.753,676
■ Total Dec. 4,
Nov. 27, ’80
Nov. 20, ’80
Nov. 13, ’80
Nov.
6. ’80
Dec.
6, ’79
Lake
27,156
809,992
44,078
3,836,321 1,297.640
Philadelphia
Oswego
196,293
13,323
bush.
2,508,081
Montreal
Toledo
Detroit
Bye,
bush.
166,054
57.346
54,000
16,968
298.849
bush.
bush.
749,273
132,000
714,050
5,896,782
602,000
1,609,853
908,614
75,000
2,194,717
285,064
105,810
125,049
Barley,
Oats,
Oom,
5,670,242
1,761,001
Duluth
*
:$m±'ivou xxxi.
IRE CHRONICLE.
636
121,507
58,502
114,000
40,000
3.587.563 2,861.443
913.044
2,449,380 871,647
3,62i,098 853.147
23,244,986 16,492,430 4,477,433 3,472.544 846.679
21,750,566 17,322,«61 4,916,355 2,702,178 869,592
27,850,685 10,337,3o6 2,798,930 4,678,970 1,194,683
24,622.480 16,683,747 3,657.260
24,190,673 17,935,815 4,296.074
t Including State.
ports.
Receipts of Leading
following table, based upon daily reports made to the
Exchange, shows the receipts of leading
articles of domestic produce in New York for the week ending
with Tuesday last (corresponding with the week for exports),
also the receipts from Janaary 1,18S0, to that day, and for the
corresponding period in 1879:
The
New York Produce
Dec. 7.
Ashes
...bbls.
...bbls.
'
Beans
Breadstufis—
...bbls.
...bbls.
..bush.
Flour, wheat
Com meal
Wheat
Rye
Cora
Oats
Barley and malt..
Peas
Cotton
Cotton seed oil
Flax seed
Grass seed
Hides
Hides
..bush.
..bush.
..bush.
..bush.
..bales.
.pigs.
..
Molasses,
Turpentine, crude. ...bbls.
10, 1880.
business, there has not been much animation
dry goods trade the past week, comparatively few out-of
town buyers having appeared in the market. There was, how¬
ever, a continued brisk movement in the most staple cotton
fabrics on account of former orders, and a fair share of atten¬
tion was bestowed upon certain spring goods (such as printed
As
regards
new
in the
lawns, piques, &c.), by buyers for remote sections of the inter¬
ior. Values have not materially changed, but the tone of the
market for both cotton and woolen
goods is decidedly firm, in
and the large prospective demand.
Cotton Goods.—There was more demand for domes¬
view of the limited supply
Domestic
by exporters, and some large orders were placed (for future
delivery) with agents representing New England manufactur¬
tics
bbls.
..
Rosm
Tar
Pitch
Oil cake
...bbls.
„
...bbls.
Oil, lard
Oil, whale.
.galls.
.
Peanuts
Provisions —
Pork
Beef
Cutmeatj..—
.pkgs.
..pkgs.
--pkgs.
..pkgs.
-pkgs.
.
Butter.
Cheese
.
...bbls.
tea. & bbls.
Eggs
Lard
Lard
,...No.
Hogs, dressed —
..pkgs.
Rice
Spelter
..pkgs.
Stearine
Sugar
Sugar
Tallow
hhds.
.
..pkgs.
boxes <fc cases.
Tobacco
Tobacco
5,667
86,073
140,892
6,303
637,254
29,988
447,128
4,811,046
.166,981
56,762,430
1,815,494
59,704,377
5,201,660
151,786
70,207,558
3,261,388
41,072,028
247,200
201,842
14,658
27,628
13,181.687
10,451,812
6,052,959
6,189,574
463,108
901,028
471,703
954,091
38,329
474,858
96,681
131,779
42,060
416
54,939
3,551,122
160,110
685
545
.hhds.
.
Turpentine, spirits.
Friday, P, M.. December
2,964
5,151
42,331
Hops
Whiskey
.
.bbls.
Wool
last yca*\
57,369
1,850
1,701
Leather
Lead
Same time
29
615
..bales.
1,
3,766
6,834
Naval Stores—
TRADE.
Since Jan.
1880.
Week ending
Molasses
THE DRV G-OOD3
Articles of Domestic Produce.
20.868
414,272
201,735
200,403
104,569
112,083
3,886,635
2,582,712
5,180
90,458
6,171
67,450
101
75,864
334,380
1,343
3,012
95,781
366,207
21,858
71
2,509
10,723
621,802
4,616
434,363
326
9,960
12,979
2,661
12,488
2,159
23,586
181
3,378
90,690
99,816
17,758
162,514
220,159
1,688
48,776
29,128
64,510
5,428
25,456
3,483
1,432
1,804
35,946
46.630
1,610,267
1,319.649
2,488,746
545,898
624
912
307
3 75
66,566
19,713
1,149
11,219
1,749,600
1,371,264
2,478,752
441,198
684,064
75,897
51,560
41,570
66,635
23,968
1,683
36,463
2,371
1,409
1,075
6,174
100,440
147,162
166,570
2,809
96,167
645,786
175,519
42,540
68,915
100,557
278,777
107,248
88,678
250,541
122,517
The exports of cotton goods for the week
Exports of Leading Articles of Domestic Produce.
ending December 7 were 2,943 packages, distributed as follows:
The following table, based upon Custom House returns, shows
China, 885; U. S. of Colombia, 691; Great Britain, 544; Brazil, the exports from New York of all leading articles of domestic
127, &c. The very light supply of cotton goods in first hands prodace for the week ending with Tuesday last; also the exports
from the 1st of January, 1889, to the same day, and for the cor¬
and the approaching close of the year have checked operations
responding period in 1879:
to some extent, but agents continued to make liberal deliveries
Same time
Week ending Since Jan. 1,
in execution of back orders, and prices ruled firm at the last
last year.
1880.
Dec. 7.
advance. Print cloths were very quiet, and prices receded to
822
30
bbls.
1,214
Ashes, pots.
196
184
bbls.
pearls
Ashes,
4%c. for 64x64s and 3%@3%c. for 56x60s, owing in a measure
lbs.
73,871
86,780
Beeswax
to the large stocks resting with manufacturers and speculators. Breadstufls—
3,416,596
....bbls.
4,162,564
136,403
Flour, wheat
35
bbls.
3,799
5,807
Prints and ginghams were in light demand and steady in price,
Flour, rye
...bbls.
3,927
181,311
142,946
Corn meal
666,451
59,365,342
59,594,984
...bush.
and some fair sales of printed lawns and piques were reported
AVheat
ing corporations.
,
c<•
-
«
Rye
by agents.
Goods.—The demand for heavy clothing
woolens at first hands has been quite moderate, but a fair
business was reported by jobbers,, and prices remained steady
on the most desirable fabrics.
For light-weight cassimeres and
worsted coatings there was a limited inquiry by clothiers, but
there was no snap to the demand, and consequently holders
manifested no disposition to force goods upon unwilling buyers
and prices therefore remain steady and unchanged. Cloakings
and repellants were in irregular demand, but upon the whole
Domestic Woolen
quiet, and transactions in tweeds and caslimerettes were chiefly
confined to making deliveries on account of old orders. Ken¬
tucky jeans were a trifle more active, and the best makes are
firmly held. Blankets and colored flannels were distributed in
relatively small parcels to a fair amount, and prices are firm
because of the meagre supply and the late advance in wool.
Dress
goods, shawls and skirts ruled quiet in first
hands, but a
effected by jobbers.
Foreign Dry Goods.—There was a fair movement in some
descriptions of imported goods specially adapted to the holi¬
day trade, but the general demaad was very light, as usual at
this stage of the season. Staple fabrics remain steady in price,
but concessions are freely offered on such makes of fancy dress
goods, figured velvets, &c„ as still remain in stock.
fair distribution was
.bush.
.bush.
..
Oats
..
Barley
...pKgs.
.tons.
1,495
1.138
107,299
.bales.
3,676
23,042
58,593
29,497
150
8.673
152.005
....bbls.
99
2,6 so
370
169
cwt.
30,073
gals.
....gals.
....gals.
5,325
1,751
325,699
087,711
1,205,044
...gals.
1.082
....gals.
6,588.677
121,992
235,327,288
253,657,208
4.160
218,946
236,576
928
56,058
52,569
49,483
56,064
512,860,621
.
.bales.
...
...
bbls.
bbls.
Rosin
bbls.
Tar
Pitch
...bbls.
Oil cake
Oils—
Whale
Sperm
Lard
Linseed
Petroleum
provisions—
Pork
Beef
Beef
Cutmeats
Butter
Cheese
Lard
....bbls.
.tierces.
...hhds.
bales and cases.
Tobacco, leaf
Tobacco,manufactured, lbs.
Whalebone
688
lbs.
112,338
187,642
0,997
5,277
4,101.018
70.985
1,456
15,545,6*21
209,108
1,537,728
4,806,772
Rice
Tallow
Tobacco
307,334
48,4 37,4 42
50,930
55,486
615,252
1*2,710
2,943
.
Spirits turpentine.
3,788,487
508,894
147,867
...pkgs.
..
Hay
Hops
Naval Stores—
Crude turpentine.
2,061,247
385,541
262,936
371,295
33,039,331
56,203
67,621
424,017
117,869
62,080
..
Coal
Cotton
Domestics.;
30
3,217
47 1,070
..
Caudles
1,321
..bush.
.bush.
.bush.
.
Peas
Corn
64.758
505.832,910
27,556,771
296
117,132,603
272,308,518
21,634
1,783,018
75,585.450
1,830
2,121
65,379
19,190
86,054*
6,822
4.916
1,546,406
201,725
218,653
12,538
34,268,634
123,136,735
229,853,479
13,173
64,825,813
65,294
50.714
38,077
6,330,203
124,138
6,011 920
95,666
@FedFRASER