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HUNT’S

MERCHANTS’

MAGAZINE,

REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTEREST*

SATURDAY. DECEMBER 12, 1874.

VOL. 19.

CONTENTS.

593

Report of the Secretary of the

Congress, the Treasury, and the
Prospects of Business
Railroad Earnings in November,

594

Report of the Comptroller of the
Currency

606

595

Commercial and Miscellaneous
News

611

Tr<
reasury

English News

598

596
THE BANKERS’ GAZETTE.

Money Market, U. S. Securities,
Railway Stocks, Gold Market,
Foreign Exchange, New York
City Banks, Boston Banks,
Philadelphia Banks, National

Banks, eic
New York Local Securities

613
615
616

..

(Quotations of Stocks and Bonds
Investment and State,

City and

Corporation Finances..

617

THE COMMERCIAL TIMES.

Epitome

618 I Dry Goods....
619 I Prices Current.
622 !

..

..

623
624

®l)t CljronitU.
Tue Commercial

,

Financial Chronicle is issued

and

day morning, with the latest

news up

on

batur-

to midnight of Friday,

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or about the
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THE CHRONICLE.

and from Jan. 1 to Dec. 1
Latest Monetary and Commercial

is for sale at the
1839 to 1871, sixty-

The Business Department of the Chronicle is represented among
Financial Interests in New York City by Mr. Fred. W. Jones.
In consequence of a change in the United States postal laws, taking
January 1, 1875, which requires the prepayment of postage on sub
scribers’ newspapers at the office of mailing, postage on the Chronicle will
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effect

lished in its essential features, and its aggregates are

given in the report of the Secretary of the Treasury,
which shows that

THE PRESIDENT AND THE FINANCES.
Since the close of the

the financial

NO. 494.

mentioning. There is, first, the
Congress, since Mr. McCulloch’s great success¬
ful loans, has seldom given much heed to the recommen¬
dations contained in the annual message and documents.
Hence, the study of these papers offered hut little help
in forecasting the probable course of fiscal legislation.
Secondly, our Cabinet officers, with the return of peace,
their war powers having passed out of their hands,
occupy an inferior position to that accorded to the cor¬
responding officials in the German, French and English
governments. The Finance Minister of Germany, as we
showed last week, has a place in the Imperial Legisla¬
ture, and a recent speech of his in that body disturbed
the finances of all Europe, and was even potent enough
to reach across the Atlantic, and to produce uneasiness
in Wall street. Similarly, the Finance Minister of France,
or of Great Britain, has the
opportunity to expound the
policy of the Administration in the national legislature,
and the Budget speeches of these gentlemen resemble in
form the reports of our Secretary of the Treasury in all
other points but this,that they offer an authentic statement
of the financial policy which, having been decided upon by
the Cabinet, is usually ratified by the Legislature.
Auguing from these premises, the North American Re¬
view, in a very able and statesmanlike article, contended
recently that we should imitate tne European forms of
polity so far as to give our cabinet officers a place in
Congress. Without discussing this dubious proposal, we
may point to it as illustrating one of the cardinal reasons
for the want of popular interest in the executive com¬
munications to Congress.
Since the panic a change has
been apparent which is partly due to the profound
anxiety wnich pervades the nation, and partly to the
prominence given to this anxiety in the documents of
last year.
The same explanation may account for the
favorable reception and general study of these papers as
presented to Congress last Monday. Elsewhere we pub¬
lish the reports of the Secretary of the Treasury and of
the Comptroller of the Currency. That of the Com¬
missioner of Internal Revenue we have previously pub¬
one or

The President and the Finances.

Commercial
Cotton
Breaastufls

JF THE UNITED STATES.

and other

sources

from internal revenue, customs and
in the fiscal year ending June 30, 1874,

policy advo¬ the net revenues of the government were $289,478,756,
and in the annual and the ordinary expenses $287,133,873, leaving a sur¬
reports appended to it, lias gradually ceased to com¬ plus revenue of $2,344^82. In the first quarter of the
mand so much public interest, or to exert so powerful
present fiscal year the net ordinary receipts are reported
an
influence upon the national finances, as inevitably at $80,884,285, and the total ordinary expennitures at
’occurred during the pressure of our military expenditure. $85,313,489.
The receipts for the whole of the present
Among the numerous reasons for this growing apathy, fiscal year are estimated at $284y318,285, and the expencated in

war

the President’s message,




594

THE CHRONICLE.

ditures at $275,315,489, which leaves a
796 to be applied to the sinking fund.

-

surplus of $9,002,-

[December 12, 1874.

refer to the

repeal of the legal-tender properties of the
present notes of the national banks as a preliminary
The President’s Message gives a comprehensive view which should go before the repeal of the legal tender
of the substance of these reports, and a remarkable unity functions of the greenbacks.
President Grant promises,
of tone and spirit pervades them. Confining our¬ however, to communicate to Congress his further views
selves to the financial parts of the Message, which alone on omitted questions at a future day.
concern us in this place, we find two central ideas con¬
CONGRESS, THE TREASURY AND THE PROSPECTS OF
spicuously prominent,—the prostration of business all
BUSINESS.
over the country, and the duty of Congress to exert its
The speculative rumors which have been so actively
legitimate powers for the relief of that prostration.
These points President Grant sets forth in the opening mischievous in former years touching the probable action
of Congress on the currency have already begun to
of his Message.
Great as has been the prostration of
make their appearance at the Stock Exchange.
We
business, he says, there are the germs of improvement,
Kelly from all voluntary com¬
as “two essential elements of
prosperity have been most willingly absolve Mr.
abundant—labor and capital—but both have been largely plicity in these inflationist schemes for disturbing values,
unemployed.
Where security has been undoubted, although the introduction of his intro-convertible bill has
been made the occasion for their resuscitation.
The
capital lias been attainable at very moderate rates.
Where labor has been wanted it has been found in debate on this measure, so far as it has gone, tends to
confirm the prediction we ventured to, offer a short time
abundance, at cheap rates, compared with what of
necessaries and comforts of life could be purchased with ago as to the readiness of Congress to comply with the
the wages demanded. Two great elements of prosperity,, undoubted will of the nation that the act of June 20tli,
therefore, have not been denied us. A third might be 1874, should be considered final as regards the present
added.
Our soil and climate are unequalled within the Congress, that all further schemes for tampeiing with
limits of any contiguous territory under one nationality the currency should for the present be in abeyance, and
for its variety of products to feed and clothe a people, that the country should have rest until it can ascertain
and in the amount of surplus to spare to feed less by positive observation how much progress has been
made and in what direction the next step in advance
favored peoples.
Therefore, with these facts in view, it
seems to me that wise
statesmanship at this session of may be safely ventured towards the goal of specie pay¬
ments.

Congress would dictate legislation ignoring the past,
Since we expressed these views we have had the
directing in proper channels these great elements of
opportunity of consulting one of our most eminent
prosperity.”
bankers whose business has brought him into intimate
Proceeding with his argument, the President next
explains what legislative expedients will, in his opinion, personal contact with the best political and financial
As a result of his obvervaconduce to a revival of the productive energies of the leaders of public opinion.
tions during a recent tour in the West and South this
country. His summary of this needful Congressional
action is very tersely condensed in the following extract: gentleman says that the people generally are sound on
-i •* Oar commerce should be
encouraged ; American shipbuilding the currency question, that they desire hard money, and
and carrying capacity increased; foreign markets sought for the that in
spite of appearances “ to the contrary the
products of the soil and manufactories to the end that we may
be able to pay these debts.
Where a new market can be created paper money inflationists form in reality a very insig¬
for the sale of our products, either of the soil, the mine, or the nificant faction even in those states where
they were
manufactory, a new means is discovered of utilizing our idle
capital and labor to the advantage of the whole people. But in supposed to be the most predominant and powerful.
my judgment the first step toward accomplishing' this ebject is It will be remembered that all through the last session
to secure a currency good wherever
civilization reigns—one
which, if it becomes superabundant with one people, will find a of Congress we uniformly and persistently contended
market with some other—a currency which has as its basis the for this view.
It is gratifying to find our deductions
labor necessary to produce it, which will give to it its value.
Gold and silver are now the recognized mediums of exchange the confirmed by competent and disinterested observers.
civilized world over, and to this we should return with the least
When the history of last year’s greenback agitation
practicable delay. In view of the pledges of the American Con¬ comes to be
written, an interesting chapter may be de¬
gress when our present legal tender system was adopted and
debt contracted, there should be no delay, certainly no unneces¬ voted to the
story of the intimate relations which sub¬
sary delay, in fixing by legislation a method by which we may
sisted between the lobbyists at Washington and the
return to specie payments.
To the accomplishment of this end I
invite your special attention. I believe firmly that there can be inflation
speculators in* Wall street. It will also appear,
no
prosperous and permanent revival of business and industries
until a policy is adopted, with legislation to carry it out,
looking

-

to

specie basis.”
The President does not stop
a

return to

a

doubt, that the current

much exagger¬
heavy losses
crowned the campaign, and rewarded the strategy,
rumors are not

ated which affirm the miserable failure and

He proceeds to that
expound his views as to the best method by which specie of last year’s lobbyist speculation. What is certain is
payments may be reached, so that the country may, by that these gentlemen display much less vigor of organ¬
governmental action, be re-instated in the possession of a ization than at the corresponding period of last session.
sound currency. There is nothing new in the President’s Their
powers for mischief are evidently very much
suggestions, the main points of which he has more than weakened.
once communicated to the
In view of these facts, the prospects of currency per¬
public before. If not novel,
however, these views are sound and timely. Congress, turbation are much less formidable elements in our cal¬
he says, must repeal the legal tender law, must make culation as to the immediate future of business and the
provision for an ample coin balance in the/Treasury, must prospective movements of the money market. Another
adopt positive steps to insure public confidence in the gratifying change in the present situation, as compared
permanent carrying out of the resumption policy to final with that of. twelve months ago, is the improved con¬
success.
When that success shallbe achieved, free bank- dition of the national
Treasury. Eleven millions of
9
7
ing may be established with enforced redemption of bank greenbacks had been emitted by Mr. Richardson this
notes in coin.
Contraction, though a necessary antece¬ time last year for the purpose of filling up the deficit in
dent, without which resumption will not be possible, the public revenues, caused by the panic. To meet simi¬
is not expressly mentioned, nor does the
Message lar claims then pressing for payment, the Secretary asked




here;

no

1874.]

December 12,

( THE

595

^ CHRONICLE.

before observed, this increase is owing in part to the fact
authorize the issue of 33 millions more, so that the
earnings in November 1873 were largely affected
as to raise the aggregate greenback circulation to the
full limit of 400 millions, which was the maximum out¬ by the financial crisis. So far as the grain movement at
the West is concerned, we have the following statement
standing at the worst crisis of the national credit during
of total receipts at Chicago, Milwaukee, Toledo, Detroit,
the war.
No such alternative is now offered to the
Cleveland, St. Louis, Peoria and Duluth, from Aug. 1 to
country. The Treasury has a small surplus to report,
Nov. 28, in the years named :
and there is no question as to any immediate danger of
Coru,
Flour, Wheat,
Oats,
Barley,
Itye,
bush.
bush.
bush.
bush.
bush.
a financial panic to diminish or- exhaust the revenue of
bbls.

Congress to

government.
Thirdly, the country since the panic has been severely
practicing economy, and the savings accruing from this
process, which for a wdiole year has been so active all
over the country, have helped to produce the dulness of
the

-

spent less upon luxuries, and while the activity
been checked, the accumulation of

have

lbs.) (60 lbs.)

Flour has not varied

(56 lbs.)

(32 lbs.) (46 lbs.)

business has

(56 lbs.)

3,451,732 560,849

3,134,171 866,962
5,611,568 927,374
4,265,205 1,829,197

greatly in the past three years ;

grain, the total figures for the four months
as follows in each year: In 1874, 62,290,260
bushels; in 1873, 76,646,781 bushels; in 1872, 70,375,997
bushels; in 1871, 68,173,262 bushels. Navigation on the
canals is now virtually closed, and the Winter earnings
of several of the leading railroads will depend to a con¬
siderable extent on the Eastern grain movement during
this season. In view of this, the present freight rates
from Chicago to New York are important.
The Balti¬
more & Ohio, as is well known, refused to agree with
the other trunk lines on a freight tariff, and fourth-class
freight is carried by that road, from Chicago to Balti¬
more, .at 35c. per hundred; to New York, 45c.. The
combination rate is 45c. to Baltimore, and (since the
alteration), 45c. to New York. The Chicago Iribune of

everj^vhere complained of. Our people but,

business which is
of

(19G

Aug. 1 to Nov. 28, ’74.2,019,531 31,040,913 16,524,958 10,711,798
2,164,702 36,775,297 25,015,938 10,824,413
Same time 1873
Same t ime 1872
2,066,436 27,5S1,JU6 25,815,089 10,440,850
Same time 1871
2,816,419 27,587,286 20,312,996 14,178,578

as

to

have been

savings has been promoted. These savings thus aggre¬
gated as capital rendered the whole country so much the
richer, and tend to supply the conditions for a renewed
activity of business at no distant day. It is a well-known
maxim of economic science that capital cannot long
accumulate in a commercial country like our own with¬
out setting in motion the wheels of productive labor.
The reservoir of the loan market when it becomes full to
the proper level never fails to overflow into the channels
of productive industry. -How soon the requisite level
will be reached, so that this law may come into beneficent
operation, is a question which wre cannot fully answer
the 9th had the following:
except by pointing to the indications, some of which we
It has been previously stated that it was decided at the late
have specified, that the desired consummation is near.
meeting of the Western Bureau of Railroad Commissioners, held
Against this hopeful view several objections are cur¬ at Indianapolis, to raise the rates on fourth-class freight and
an additional
to
rent.
For example, it is contended that the return of grain York 50 cents, five cents,-making the rate from Chicagothe
New
instead of 40, as has been charged during
summer.
In view of the fact that the Baltimore and Ohio Rail¬
our bonds from Europe may tend to counterpoise some of
road refuses to raise its rates, it has now been decided to leave
the favorable forces which are in operation to produce an the rates as they are at present, namely, 45 cents from Chicago to
It is also learned
Grand Trunk, and
improvement in the financial situation. There is no doubt New York.and Ohio Railroads that not only the the Saratoga com¬
Baltimore
refused to join
that if this return movement should assume any very bination, but that the Great
Western of Canada has thus far also
large dimensions, it might produce some adverse influence refused to sign the agreement, on the ground that it is unable to
hi the direction supposed.
But there is reason to believe join as long as the Grand Trunk keeps out.”
The net earnings of the Mobile & Ohio road in No¬
that it will be checked long before it reaches such a
vember were $119,845, against $95,483 in 1873. The
height as to lie very decidedly mischievous. It has been
often demonstrated that there is such an abundance of gross earnings of Union Pacific are reported at $1,idle capital in Euro]^e seeking safe investment, and the 142,000 for October, against $1,171,000 in 1873, but the
securities offering in this country to absorb that capital expenses and net earnings are not reported as usual.
NOVEMBER.
RAILROAD EARNINGS
Increase. Decrease.
1873.
1874.
are, in safety and in lucrative returns, so much superior
$
$9,415
$397,485
$436,900
Atlantic & Pacific
4,106
105,430
109,536
to the bonds -which are competing with them in the Burlington, Cedar Rapids & M.
85,249
1,228,751
1,314,000
Central Pacific
6,963
64,230
71,193
English, Dutch and German financial centres, that after Chicago Danville & Vincennes
10,479
28,016
38,495
“

IN

•

the

in the market has passed away, an
must inevitably spring up which will

present brief lull

active demand
soon

turn

the tide of investment,

and will cause our

The
heavy recent exports of gold from this port, and the
urgent efforts which have been and still are making by
France, Germany and England to accumulate a heavy
coin reserve, sufficiently explain the disposition of foreign

bonds to go

owners

of

our

abroad again as actively as before.

bonds to sell out their holdings at the high

prices now ruling. Until France shall resume specie
payments, the United States will be one of the chief
sources from which the Bank of England can obtain gold
and replenish its reserve in a time when, as at present,
the exchanges have been obstinately adverse.

Cin., Lafayette & Chicago
Cleveland, Col., Cin. & lad...
Denver & Rio Grande
Illinois Central
Indianap. Bloom. & Western..

Indianapolis, Cin. & Lafayette
International & Gt. Northern.
Kansas

Pacific.

Marietta &

FROM JANUARY 1

Michigan Central

Missouri Kansas & Texas
Mobile & Ohio
Ohio & Mississippi

Louis, Alton & T. H.(main)
do
branches
do
St. Louis, Iron Mt. <fe Southern
St. Louis & Southeastern
Toledo, Peona & Warsaw

St.

Toledo,’Wabash & Western...

November in the table below,




16,432

24.971

3.988

636,039

6,199
5,694

112,974135,565
100,226

265,218
151,793

Total

*

8,385

73,274
10,629

349.335

33,202
52,657

309.028
236,635

51,210

265.242

44,355
21,601

73,802
403,319

89,8-44
42,042
20!),622
75,218
82,596
369,605

$5,600,131

111.645

46,787

350,860
*69,924

Net increase.

Three weeks

only of November

4,745
141,238

29,028

....

5,294
8.794

33,714
$623 935

$43,116

$580,819

in each year.

advanced that the reports of
roads which give them out
of more interest as indicating what the result of the
year’s business is going to be. The Central Pacific has
made a statement of net earnings for nine months of
1874, showing $6,114,920. LTnion Pacific for the same
time was $3,956,968 against $3,673,142 in 1873.
Other
roads have reported for shorter periods, and the exhibit
of net earnings is generally favorable to the present
The year

net

is now so far

earnings from those few

twenty-three roads whose earnings are reported for
the total increase over the
same month in 1873 is $580,819.
It is gratifying to
observe that nearly every road in the list shows an in¬
crease of more or less importance, although, as we have year:
On

320,266

$6,180,950

Cincinnati

are

RAILROAD EARNINGS IN NOVEMBER, AND
TO DECEMBER 1.

336,748
28,959
642,238
118,868
143,900
173,500
275,817
184,995
*401,992
280,0(0
287,845
309,597

•

-

696

1 TO NOVEMBER 30.

EARNINGS FROM JANUARY

OE088

1874.

Atlantic & Pacific
Central Pacific

Illinois Central

Indianap. Bloom. to West.
Indianapolis, Cin. & Lafayette

58,798
335,876
65,836

6,619,868

102,316

1,664,048
1,897,822

Marietta & Cincinnati

♦6,722,184
2,898,025
2,005,611
3,336.086
1.139,866
506,484
2,877,680
♦1,123,158
994,123
4,734,794

Michigan Central

Missouri Kansas & Texas
Mobile to Ohio
Ohio& Mississippi
St. Louis, Alton to T.H.i'main*
do
do
branches
8t Louis, Iron M. to Southern
St. Louis to Southeastern

Toledo, Peoria to Warsaw
..

Net decrease

$

690,151
429,094

201,979
85,941
78,752

3,158,718
2,388,155
3,389,746
1,258,608
547,971
2,318,190
1,175,126

...

260,693
382,544

..

....

53,660

118,742
41,487

559,490
51,968
145,055
582,717

......

1,139,178
5,317,511

$61,604,506*

Total

*

$11,654

1,061,376
12,803,027
352,439
4,481,928
7,564,634
1,409,628
1,749,989
1,976,574

418,275
3.791,777
7,135,540
1,511,607

Cin., Lafayette to Chicago...
Cleveland, Col. Cin. to Ind....

Toledo, Wabash to Western

$4,576,695

$4,588,349
1,1*0.174
13,138,903

Burlington, Cedar Rapids& M.

$63,269,361

$1,235,949

$2,920,804
$1,684,855

Three weeks only of November in each year.

The

following earnings for October, and for the ten
months ended Oct. 31 have lately been given out by the
respective companies:
GROSS EARNINGS IN OCTOBER.

Rome, Watertown & Ogd..

$157,223

$133,654
123,675

SLP.&S.C. andS.C.& StP.

90.9C3

Union Pacific

$1,490,220

$23,569
8,416

8,954
28,648

$1,525,067

$52,217

17,370

$34,847
1874.

Atchison Top. to Santa Fe.
SLP.&S.C. and S.C.&SfP.
Union Pacific

31.

TO OCTOBER

EARNINGS FROM JAN.

1873.

Increase.

$1,032 203

$1,051,996

695,162

640,714

8,536,611

125,512

$10,389,488

$10,229,321

Decrease.

54,448

8,662,123

Total
Net increase

$179,960

$

$19,793

$19,793

$160,167

The net

earnings of these roads

were as

October.
1874.
1873.

Atchison. Top. to Santa Fe.. $77,734
Denver & Rio Grande
.

follows:

,—Ten
1874.

,

$78,611
16,512
64 138
34,915

14,477
74,408
50,507

Indianap. Cin. & Lafayette
Rome, Watertown & Ogd...

Catest

Decrease.

$

115,259
81,999
1,170,586

1,141,938

Total
Net decrease

Increase.

1873.

1874.

Atchison Top. to Santa Pe.

months.
1873.

$575,959

RATES OF EXCHANGE AT LONDON, AND ON LONDON
AT LATEST DATES.
«

ON

TIME.

-

EXCHANGE ON LONDON.
LATEST

BATE.

TIME.

DATE.

RATE.

Antwerp
Hamburg

short.
3 months.
,

20.74

#

„

Paris
short.
3 months.
Paris
Vienna
Berlin
Frankfort
St. Petersburg
Cadiz
90 days.
Lisbon
•

....

•

•

•

....

Milan

Genoa.
Naples
New York
Rio de Janeiro
Bahia
Buenos Ayres..

•

•

.

.

•

•

.

....

.

...

it

1
•

25.40

20.74
20.74

@20.73

Hong Kong...

•

•

Shanghai
Penang

.

Alexandria....

.

•

33 9-16

.

.

•

•

• •

m

m

49tf

4s.ltfd.@4s.2(f.

.

6

Nov. z3.
Nov. 26.
Nov. 26.
•

•

•

.

.

mos.
....

....

•

•

3

•

•

51tf

,

Is. 10 11-16ef.
Is. 10 %d.
4s. 2)4 d.
5s. U)£d.
•

•

•

•

96

mos.

were

indications that matters

about to

improve, and that the advance in the Bank rate of
per cent, would have the effect of checking the
export demand for gold ; but early on Monday morning the an¬

discount to 5

nouncement was made that the Bank of Prussia had advanced its

terms to 6 per

cent., the result of which

that an unsettled
feeling again became apparent in the London market. It was
also stated that the German government had still £2,000,000 to
its credit at the London Joint-Stock Bank, and as there were fears
that the amount
to

Berlin,

was

might at anytime be withdrawn for transmission

general impression prevailed that it would be
necessary for the Bank of England directors to further increase
their terms.
This, however, they have not done, for the open
market rates of discount are still nearly one per cent, below them,
so

a

very

that their discount business is reduced almost to

If

a

minimum.

necessity compels them to do so, in order to protect their sup¬
ply of gold, or, in other words, to bring supplies of gold from
Other quarters in order to meet the demands which may be made




@.
4tf@
4tf@....

..

...

..

the rates of discount at the leading cities

Bank Open
rate, market,
per cent, per cent.
4
3tf-tf

Paris
Amsterdam

Bank

per cent, per

Brussels

4)4

....

3%
4tf

3tf

Turin, Florence

and

Frankfort....
Vienna and Trieste....
Madrid, Cadiz and Bar¬

4tf

6

4)4
5)4
3)4
3)4
6
5@6
5
4tf@5
6
6

Antwerp

4)4
4)4

Bremen

celona
Lisbon and Oporto
St. Petersburg

6

Leipzig
Genoa

6@S

?

4
5)4

•

4

*

5)4

cent.
4)i.

,

Rome...

6

4)4

Open
market

rate,

.

6

5

{ Geneva

5@5 )4

Copenhagen
(New York

....

5@5 )4
5@6

Annexed is

a statement
showing the present position of the Bank
England, the Bank rate of discount, the price of Consols;
the average quotation for English wheat, the price of Middling
Upland cotton, of No. 40 Mule yarn fair second qualitj,
and the Bankers’ Clearing House retarn, compared with the
four previous years :

of

correspondent.]

At the close of last week there

@....

4

•

London, Saturday, Nov. 28, 1874.
were

are

Per cent*
4

Berlin

Nov. 25.

....

following

Hamburg

....

(Nov. 26.

5s.8d.

our own

'

4.86
26 tf

days.
90 days.

Nov. 13.

16if@tf

by the joint-stock banks and
follows :

are now as

Jointstock banks
Discount houses at call
Discount houses with7 days’notice
Discount houses with 14 days’notice...

M

60

....

Is.
rf.
Is. 10 \d.

deposits,

abroad:

#

m

Nov. 27.
Nov. 27.

€

...

[From

discount houses for

The

@28.35
@28.35

Oct. 29.

....

....

119tf

!

4s.l)4d @is.2d.

...

4tf@... !
The rates of interest allowed

;

.....

60 days.
•

short.

44

....

•

6.25tf

i(

i

...

Calcutta

110.50

mos.

....

48tf@i8tf

j
4tf@... }

•

3

44

@20.78

52 11-l6@52tf
28.25 @28.35

....

Montevideo...

11.80
25.15
20.27
25.13

,

3 mos.
short.

<

Nov. 27.

32 tf

.

,

Percent.
4 @4tf
6 months’bank bills
4 @4tf
4 and 6 months’trade bills. 4 @5
4 months’bank bills

I

5

30 and 60 days’bills
3 months’ bills

@25.45

ll.32tf@ll.37tf

.

Pernambuco..

Bombay

@20.78

short.

44

....

Valparaiso

Singapore

..

Nov. 27.

25.l2tf@25.22tf

28.25
28.25

•

•

ll.16tf@ll.17X'
25.42tf@25.47tf

Per cent. |

Bank rate

Open-market rates:

i

Amsterdam...

,

$402,307

Manetarg axilr (ttommercial (Jwjlisl) Itfena

EXCHANGE AT LONDON—
NOVEMBER 27.

there will, of course, be no hesitation in making a
change ; but, business being very quiet in every department,
there being but few financial schemes before the public, and
wheat still being very cheap, they naturally desire to moderate
their terms, so as to secure some portion of the discount business
available.
Even as matters stand at present, their business con¬
tinues to fall off; and if they were obliged to demand still higher
terms, which the state of trade certainly will not justify, it would
fall no doubt to a lower point than has been known for years.
It is evident that the present condition of things is due to the
German gold coinage, and to the large supply offgold—£51,890,950—now locked up in the Bank of France. We have in the
Bank of England a sum of only £20,124,114, which is
very
small, when it is borne in mind that this is the central depot, that
Prussia will adopt its new scheme for a gold coinage by forced
means if necessary, and that France will resume specie
payments
until the advisers of the Government can be persuaded that such
a course can be carried out with
undoubted safety. No doubt
the French Government will seize the earliest opportunity of
returning to specie payments ; but perhaps it will await the
issue of the new German coinage before making a change.
Several small steps have, however, been made towards this
beneficial change; but we can scarcely expect that our bullion
market will be relieved until the anomalies existing on the Con¬
tinent have been dispersed.
It is certainly a very fortunate
circumstance that our home requirements this autumn have been
considerably below the average, for had this not been the dase,
our money market would have become very
stringent.
This week’s Bank return does not present many important
features. The liabilities of the Bank, however, are somewhat
less, and this circumstance accounts for the fact that the propor¬
tion of reserve to them has increased from 39& to rather more
than 41 per cent. Discounts, or “ other securities, show a further
small diminution ; but the total reserve of notes and coin, owing
to a decrease of £595,458 in the note circulation, shows an im
provement of £473,290. The Treasury balance exhibits the sat¬
isfactory increase of £644,586.
The demand for money during the week for commercial pur.
poses has been very moderate, and for short periods the rates of
discount are easy. Long dated bills are also taken at rates
below those current at the Bank.
The quotations are as under:
upon us,

Increase. Decrease*

1873.

[December 12,1874.

CHRONICLE

THE

Circulation, including
bank

Public

post bills

deposits

1870.
£

1871.
£

1872.
£

1873.
£

1874.

23,280,165

24,696,266

25.195,500

5,>65,517

7,254,743
21,021,885
15,001,028
16,204,995

24,991,352
8,690,235
19,031,821
13,259,873

Other deposits
18,393,125
Government securities. 12,925,862
Other securities
16,048,925
Reserve of notes and
coin
13,882,602
Coin and bullion in
both departments.... 22,162,767

Bank-rate

2tf p. c.
92tfd.

Consols

19,496,236

12.543,489
18,283,097

15.179,334

13,063,498

11,248,643

9.231,0G9

24,393,524
3tf p. c.
93tfd.

22,678.413

21,039,793

56s. !>d.

English wheat.........

50s. 5d.

Mia. Upland cotton
..
No.40 mule yarn fair 2d

9tfd.

55s. lOd.
9 9-16d.

Is. ltfd.
74,375,000

la. 2tfd.
80.214,000

*

£

26,153,036
4,475,788
17,8*6.5t)7
13,534,656
17,456,157

5,181,686
18,783.382

6 p. C.

6 p. c.

r

20,124,114
5 p. c.

93tf d.

93tfd.
43s. 5d.

9tfd.

61s. Id.
8 7-16d.

Is. 2)4d.
86,413,000

Is. ltfd.
88,496,000

92tfd

*7tfd.
♦is.

88,752.000

Price Nov. 19.

All the

incoming supplies of gold have been purchased for

export, so that the Bank cannot at present derive
external

sources.

Small

strength from
parcels of coin however, are being

December

12,1874.)

597

THE CHRONICLE!

received from provincial circulation.

Bar silver is in demand for
export to India, and is rather dearer, but Mexican dollars, in the
absence of eupplies, are unchanged in value. The following

1.1920

prices of bullion are from Messrs. Pixley & Abell’s Circular:

.1900

GOLD.

Bar Gold

per oz. standard.
per oz standard.
per oz. standard.

Bar Gold, fine
Bar Gold, reflnable

d.

8.

Spanish Doubloon s

Nov. 28.
93 @ 95
87 @ 89
58

Do.

do.

2d mort, 7s.
.1875

Do.

...

..1891

Nov. 21.
93 @ 96
89 @ 91
60 @ 61

@ 60
.@

.1900

d.

8.

77 9 @
77 9Jtf@
77 lljtf @
@
73 9 @
76 4Jtf@

Redm.

....©
@100

....

....

98

98 @100
80 @ 83
99 @101
85 Jtf @ 86 Jtf

.©

...

80
99

@ «3

@101
85Jtf@ 86Jtf
....©

....

....

Winter has at

length set in somewhat in earnest, but at pres¬
no
severity. The wheat trade, though want¬
silver.
s.
d.
s. d.
ing in animation, has been firm in tone, and the late advance in
Bar Silver, Fine
per oz. standard, nearest.
4 lOJtf @ ...
prices has been well supported. The supply of wheat afloat is
Bar Silver, containing 5 grs. Gold.per oz. do.
do.
4 10 11-16®....
Fine Cake Silver
per oz.
estimated at 1,255,760 quarters, against 1,458,820 quarters last
Mexican Dollars
per oz. .last price. 4
9 @ ....
year.
The average prices of English wheat, barley and oats, in
Spanish Dollars (Carolus)
per oz.. none nere.
Five Franc Pieces
per oz.. none here.
4 lljtf© 4 lljtf
England and Wales, for last week, compared with the correspond¬
Rather more than one million sterling in gold is due from New ing period in the four previous
years, are subjoined:
1874.
187
1873.
York and from Australia next week, the whole of which has been
1872.
1871.
lb70.
s.
8. d.
s. d.
s. d.
s. d.
s. d
Wheat
43 5
purchased for export to the Continent.
61 1
56 9
55 10
50 5
44 5
42 1
42 6
36 8
38 2
On ’Change, bills continue very scarce, and the rates remain in Barley
Oats
27 11
25 9
22 1
23 8
23 7
consequence adverse to this country.
The following figures show the imports and exports of cereal
Business in the stock markets has been unsettled during the
produce into and from the United Kingdom since harvest—viz.:
week, owing to the uncertainty existing with regard to money. from September l#to the close of last week, compared with the
The public, however, have not been sellers of stock to any im¬ corresponding periods in the three previous years :
IMPORTS.'
portant extent, and hence prices have not experienced any con¬
1873.
1874.
1872.
1871.
siderable fall. The only exception is in the Erie market, the Wheat
13 820,846
10,048,240
12,053,266
Barley
3,899,364
2.684,779
1.971,306
shares and bonds having been exceedingly depressed, owing to Oats
1,950,152
2,675,485
2.084,286
per oz.
peroz.
peroz.

South American Doubloons
United States Gold Cnin

....

....

....

....

ent there has been

.

.

.

the circulation of adverse, but

unauthenticated, reports respect¬

ing the position of the undertaking.

Other American railroad

securities have also been rather dull; but

United States Govern¬
ment securities have not varied in price to any important extent.
The closing prices of Consols and the principal American securi¬
ties at to day’s market, compared with those of last week, were
as

follows:
Redm.

1S81

United States, 6s
Do
5-20 years, 6s
Do
6s
Do
,6s
Do
6s
Do 1867,$371,346,350
5s
Do
Do funded, 5s
Do 10-40, 58

1882

1884
1885
1885

iss. to Feb. 27,’69, 6S.1887
1874

1881
1904

Louisiana, old, 6s
Do
new, 6s
Do
levee, 8s
Do
Do

do
do

Do
Do
Do
Do
Do

1875

8s
6s

1888

1894
1900
1889
1891
1891

5s.

5s.
5s.
5s.
5s.

109X@H0.Jtf 109jtf@110jtf
10‘2jtf@103jtf
....@

1905

105X^106 jtf

1053tf@106.Jtf
107Jtf@108.3tf

107jtf@108jtf

109Jtf@109Jtf

109jtf@109jtf

....©

....

103 @103%
104 @105
@

....

@103Jtf
@105

...

..

....@
103
104

20
25
97
97
98
98
98
98

35
49

..@
@
25 @
97 @
97 @
20

@ 30
@ 35
@ 99
@ 99

98
98
98
98
40
35
49

@100
@100

@100
@100
@ 45

® ‘40
@ 51

...

30

35
99
99

@100
@100

@100
@100
@ 45
@ 40
@ 51

AMERICAN DOLLAR BONDS AND SHARES.

Atlantic & Great Western 1st M., $1,000, 7s...1902
Do
2d mort., $1.000,7s..1902
Do
3d mort., $1,000
1902
Atlantic Mississippi & Ohio, Con. mort., 7s.... 1905
Baltimore & Potomac (Main Line) 1st mort, 6s.i911
do
(Tunnel) 1st mortgage, 6s,

(guar, by Pennsylvania & No. CentRail way). 1911
1896

Central Pacific of California, 1st mort., 6s
Do
California & Oregon Div.,

1st

1892

mortgage gold bonds. 6s

Detroit & Milwaukee 1st mortgage, 7s
.1875
Do
2d mortgage, 8s
1875
Erie $100 shares
—
Do countersigned by Union Bank of London
Do preference, 7s
Do convertible gold bonds, 7s
1904
Do 1st mortgage, 7s
1897
Do 2d mortgage, 7s
1879
Do 3d mortgage, 7s
1883
Galveston & Harrisburg, 1st mortgage, 6s
1911
Illinois Central, $100 shares
Do
6s
1875
7s
1875
Do
Marietta & Cincinnati Railway, 7s
1891

Michigan Cent. Sinking Fund, 1st mort, 8s —1862
Missouri Kansas & Texas, 1st mort., guar, gold
bonds, English, 7s....
1904
Mississippi Central consol, gold bonds, 7s
1912

43
87

@ 11
@ 45
@ 89

46 @
23 @
11 Jtf©
42 @
87 @

88
87

@ 90
@ 89

88
87

@ 86

84

44 @ 46
20 @ 22
10

84
60
55

24

@ 65
@ 60
@ 24Jtf

88 @ 40
58 © 60

@
.©
.©
65 @ 70
88 @ 90

...
...

...

....@
@ 92
@ 99
@ ...

•

88
90

45

...
...

,

@ 90
@ 89

@
@
@
26 @
....@
41 ©
61 Jtf @
....@
@
....©
74 @
88 @
....©
88 @
95 @
60
55

...

45

@ 50
....©
New York Boston & Montreal, 7s
....@
1903
New Orleans Jackson & G.N. con. gold bds, 7s 1912
....©
New York Central & Hudson River mortg. bonds.. 103 @104
New York Central $100 shares
.
93 @ 94
Oregon & California, 1st mort, 7s
1890 21 @ 23
48 @ 49
Do.
1st mort., 6s...
1880 92 @ 96
50 @ 51
Philadelphia & Reading $50 shares
Pittsburg Fort Wayne & Chicago equipment
96 @ 98
bonds (guar, by Pennsylvania Co.). 8s
81 © 83
Union Pacific Land Grant 1st mort, 7s
1889

...

86
65
60
26Jtf
....

43

62%
...
....

@
@

1910

87

76
90

1890
re-organization scrip, 7s.. .1874

11

certs,

(a), 7s

Atlantic & Gt. W.,
Do.
do.
Do
do.
Do.
do.
Baltimore & Ohio,
Do
Do.

Bischoff.

leased lines rental trust, 78.1902

do.
1873,78.1903
Western extension, 68
1876

1895

6s..

1902
1910

6s..
6s

Burlington Cedar Rapids & Minnesota, 7s
1902
Cairo & Vincennes, 7s.....
1909
.
Chicago & Alton sterling consol, mort, 6s
1903
Chicago & Paducah 1st mort. gold bonds, 7s... 1902
Eastern Railway of Massachusetts, 6s
1693
Do.




do.

scrip, 6s.. 1893

....©

.

99

...

10J*@104jtf
103Jtf <6104Jtf
102 @103
@
45 @ 47
98 @ 99
84 @ 86
91Jtf@ 92Jtf

.

P. S.—A

the Bank

4.069
18.809

2,161

580

771

5,452

52,360

31,341
20,734

Flour

1,212,035

347
49.941

669

..

....

5.277

4,589
18,564

of £203,000 in bar

gold has been withdrawn from
to-day for export to the Continent.
sum

Eusllah market Reports—Per Cable.
The daily closing quotations in the markets of London

and Liver*
pool for the past week have been reported by submarine telegraph
as

shown in the following summary:
London Money and Stock Market.—American

securities have
steady the past week, sixty-sevens alone showing any
change in price—an advance of £d.
The bullion in the Bank of England has increased £365,000
during the past week.
ruled

Mon.

__

31%
01%
account
91%
U. S. 6s (5-20s,)1865,old...106%
J06J*
“
“
109 Jtf
1867.
.104 Jtf
U. S. 10-408
104Jtf

Tnes.

91)tf

£
Sat

Consols for money

91Jtf

..

“

92
106 Jtf
109 Jtf
104 Jtf
103

.

New 58

Tbd quotations
IT. S. 6s (5-20s) 1862

Wed.
91 %
92
106 Jtf

Fri.

91%

91%

92%
106 Jtf

10«Jtf

loyjtf
104 Jtf

109jtf
104 Jtf

103

92
106 Jtf
109 Jtf
104 Jtf
103

Thur.

103

92
109 Jtf
104 Jtf
103

for United States 6s (1862) at Frankfort
97%

....

were:

....

Liverpool Cotton Market.—See special report of cotton.

Liverpool Breadstuff8 Market.—The breadstuff's market closes
quiet. Red Western wheat is Id. lower, peas 6d, lower, while
corn shows a net advance of 6d. over last Saturday.
Mon.

sat.

d.

Flour (Western)
y bbl 22
Wheat (Red W’n. spr)..y ctl 8
“

s.

0
8

s.

22
S
9
10
38

(Red Winter)
“95
(Cal. White club) “ 10 4
Corn (West, m’d) y quarter 38 6
“

44

d.
0
8
5
4
6
6

Tnes.
s.
d.
22 0
8 8
9

5
4

10
38
44

3
6

Wed.

d.

s.

22
8
9
10
38
44

0
8
5
4

3
6

Thur.

Fn.
d.
22 0
8 7

d.
22 0
8 8
9 5
10 4
88 6
44 6

s.

8.

9

10
39
44

5
4
0
0

.—Bacon has declined Is. and lard
has fallen off Is.

>ek.
during the week.
s.

85 0

@88
1K

....©
65 @ 70
38 @ 42
....©
103 Jtf @104Jtf
...

...

103jtf@104jtf
102 @103
....@ ...
43 @ 45
98 @ 99
84 @ 86

91Jtf@ 92Jtf
....

64
68

81

“

@ S3

81
85

64
68

Beef (mess) new y tee
Pork (mess) new ybb!...

Cheese (Amer’n fine)

...

Tnes.

Mon.

....

@ 98

...

5,683,888
835,768

85,950
2,812
7,026
1,385

9,162
5,574

4,990

Beans.
Indian Corn

“

IQ

@ 65
@ 40
...@

Oats
Peas

Lard (American)....

87

60
35

13,845

....

96
81

..

1,151,521

Barley

...

48jtf@ 49jtf
92 @ 96
EOJtf© 5ljtf

19

Atlantic & Gt. Western consol, mort.,

968.211

EXPORTS.

92

103 @164
9 0* @ 94 Jtf
21 @ 23

@ 88

149,402

632,908
6.961,454
1,466.868

....

AMERICAN STERLING BONDS

Alleghany Valiev, guar, by Penn. R’y Co

391.804

4,499,939
1,249,485

1,162,637

@ 50

....@
...

48
25
12Jtf
44
89

193.073

7:38,605

Wheat

....

102jtf@103jtf

40

6s
New funded 6s

Nov. 21.

98%@

.@

lrginia stock 5s
Do
Do

@

...@

Massachusetts, 5s

\

Nov. 28.

93

Consols

Peas
Beans
Indian Corn
Flour

0

53

6
0

d.
0
0
0
0
0

d.

s.

Wed.
s. d.
81
85
52
64
68

81 0
85 0
53 0
64 0
68 0

0
0
6
0
0

Thur.
8.

81
»5
52
64
68

Fri.

d.
0
0
0
0
0

d.
0
0
52 0
63 6
68
s.

81
85

Liverpool Produce Market.—Refined petroleum has gained -Jd
opened at 42s. 6d., declined to 42s. 3d., and closes at 42s.*
9d. Other articles unchanged.
Tallow

8.

RobId (common)... yewt.. 5
“
fine
18
“

“

(spiiits)

d.
9
0

Wed.
8.

5

18

d.
9

Tallow(American)...y cwt. 42

Thur.
8.
d.
5 9

18

8Jtf

8jtf

9
6
0
0

9
3

9
3
0
0

9
9
9
0
0

8jtf

9
6

0

42

0

8%

Petroleum(reflned)... .y ga!
“

Tnes.
8. d.
5 9
18 0

Mon.
8.
d.
5 9
18 0

Sat.

42

42

42

Fri.
d.
5 9
18 0
8.

42

9
9
9
0
Q

37 0
37
87
87
“ .37 0 37
25
25
25 0
25
“ 25 0 25
London Produce and Oil Markets.—Linseed oil gained 3d. on

Oloverseed (Am. red).,
Spirits turpentine

Monday last, which was, however, lost the day following, and
closes at the opening price.
Mon.
£ s. d.

Sat.

£

t:

d.

LinsMc’ke(obl).«tn 11 10

0

56

6

Linseed(Calcatta)...

‘

Tnes.
£ s. d.

11 10

11 10

56

0

6

56

Wed.
Thur.
£ s. d. £ s. d.

0 11 10 0 11 10 0

6

56

6

56 6

£

Fri.
s. d.

11 10 0
56

6

Sugar (No.12 D’ch std)
26 6
26 6
26 6
26 6
26 6
26 6
on spot, y cwt
Sperm oil
V tun 105 0 0 105 0 0 105 0 0 105 0 0 105 0 0 105 0 0
Whale oil
“
30 10 0 30 10 0 80 10 0 30 10 0 30 10 0 80 10 0
Linseed oil. ...y cwt.
24 6
24 9
24 6
24 6
24 6
24 6,

.THE CHliOmCLE.

;

598

'[December 12,1874.

.

For civil and miscellaneous expenses,

including public build¬

$20,g38,410 *17

ings, light-houses, and collecting the revenues

REPORT OF THE SECRETARY OF THE TREASURY.
Treasury Department,

)

'

Washington, D. C., Dec. 7, 1874. J
Sir

The Secretary is charged by law

:

with the duty of pre¬

paring and submitting to Congress annually a report on the
subject of finance, containing estimates of the public revenues
and expenditures, and plans for improving and increasing the
revenues, for the purpose of giving information to Congress in
adopting modes of raising the revenues requisite to meet the
public expenditures.
Pursuant to this duty, the Secretary submits the following
report

:

JUNE

The moneys

during the

FOR

EXPENDITURES

RECEIPTS AND

FISCAL YEAR

THE

ENDING

30, 1874.

received and covered into the Treasury by warrants
year ending June 30, 1874, were as follows :
Receipts.

fiscal

$163,103,833 69

Total ordinary receipts
Premium on sales of coin

$284,441,090 84

102,409,784
1,852,428
7,030,038
1,028,895
651,271
741,435
903,439
1,898,189
1,699,017
352,379
274,490
447,970
356; 610

1,691,303

17

56
76
23
50
74
63
98
91
72
42
70

$289,478,756 06

Total net receipts, exclusive of loans
award of the tribunal of arbitration at Geneva.
Excess of net receipts from certificates of deposit
of

90
93

5,037,665 22

.

by the British Government of the

$15,500,(XX) 00

17,207,475 23 —32,707,475 23

legal-tenders, Ac., over redemptions

Total net receipt*
Balance in Treasury, June 30. 1873
Amount since received from late depositary,

85,313,489 42
151,549,559 44

...

30, 1874

$236,863,048 86

remaining three quarters it is estimated that the re¬
ceipts will be:
From
From
From
From
From
From
From
From
From

$115,359,000 00

customs
internal revenue
sales of public lands
tax on national banks
Pacific Railways
:

78,784,000 00

1,000,000 00

;

3,300,000 00

:

500,(XX)
200,000
1,209,000
1,000,000

customs’ fines, etc

consular, patent, and other fees
sales of public property
miscellaneous

.

2,100,000 00

sources

period it is estimated that the expenditures will

For civil miscellaneous,
For Indians
For pensions

For

including public buildings

$48,060/00 00

5,000,000 00

21,442,000 00
28,500,000 00

military establishment.

17,000,000 00

For naval establishment

For interest

the

on

70,000,000 00

public debt

"!

Total

$190,002,000 00

For the current fiscal year, from the foregoing account of actual
receipts and expenditures lor the first quarter, and of the esti¬
mates of the same for the remaining three quarters, the estimates
being based on the assumption that Congress will not increase
the expenditures by deficiency or other appropriations, it is ex¬
pected that the revenues will amount to $284,318,285 99, and
that the ordinary expenses will be $275,315,489 42 ; which will
leave a surplus revenue of $9,002,790 57 to be applied to the
sinking fund.
The sum of $31,090,545 will be required under the law for this
fund, and, therefore, unless the revenues shall increase beyond
the amount anticipated, there will be a deficiency in the sinkingfund account for this year of $22,093,748 43.
df

30, 1870.

ESTIMATES FOR FISCAL YEAR ENDING JUNE

receipts for the fiscal year ending June

30, 1870, will be :

13,730 18—131,179,337 10

$453,365,568 39

Total available cash

same

:

It is estimated that the

1,038 78

Expenditures.
expenditures by warrants during the same period

were—

From
From
From
From
From
From
From
From
From

$170,000,000 00
106,000,000 00
1,500,000 00

customs

internal
sales of

revenue

public lands

6,500,000
1,000,000
50 ),000
1,500,000
1,500,000
4, .500,000

national banks
Pacific,Rail ways
customs’ tines, etc
consular, patent, and other fees
tax on

sales of public property
miscellaneous sources

$17,627,115 09
1,508,064 27
6,692,462 09

.

including fortifications, river and
arsenals

For naval establishment, including
improvements, at navy yards

vessels and machinery, and

miscellaneous, civil, including public buildings,
houses, and collecting the revenue
For interest on the public debt
For

Total net

Premium

on

light¬

42,313,927 22

1,395,073 55

purchased

$287,133,873 76
Award of Geneva

15,500,000 00

tribunal, investment account

Total net disbursements
Balance in Treasury, June 30,

Total
It will be seen by this statement
fiscal year were
And the ordinary expenses

$453,365,568 39

$289,478,756 06
287,133,873 76

$2,344,882 30

Leaving a surplus revenue of

During the months of July, August, and September of the fiscal
1874, bonds to the extent of $12,930,450 were purchased for
the sinking fund account.

year

RECEIPTS

AND EXPENDITURES FOR

THE

FISCAL YEAR

ENDING .JUNE

30, 1375.

receipts during the first quarter of the current fiscal year
$46,651,200 10
26,314,615 33

From customs
From internal revenue
From sales of
public lands
From tax on circulation, Ac., of national banks
From repayment of interest by Pacific railways
From customs’ fines, Ac
From consular, patent and other fees
From proceeds of sales of Government
From miscellaneous sources

Net ordinary receipts
From premium on sules

391,465 88

3,51X5,148 23

217,941 97
30,540 31
451,257 11

522,546 77
1,255,332 57

property

" $79,431,948 27

1,453,237 72

of coin

7,500,000 00

•

and
and

expenditures

ordinary receipts
Receipts from certificates of deposit of legal tenders and coin
certificates in excess of redemptions
Balance in Treasury June 30, 1874
Total available

expenditures during the

80,884,285 99

period

were as

of

:

22,500,000 00
54.000.000 00

98,000,(XX) 00
3,878.000 00

expenditures shall

prove

approximately correct, there will be a surplus of revenue
about $20,222,000.
The amount necessary for the sinking

expenditures, and
provide for it the sum of $32,140,914 will be required. The
surplus revenues which can be applied to this fund ($20,220,0)0)
will he insufficient to the extent of $11,920,914, and there will
therefore be a deficiency of that amount.
The estimates received from the several Executive Depart¬

fund is not included in the above estimates of
to

ments

are as

follows:
$2,963,342 10
18,549,048 03
3,605,250 00

Legislative Establishment...

Executive Establishment....
Judicial establishment

1,344,785 00

Military Establishment

31.641.526 50

Naval Establishment
Indian Affairs
Pensions
Public Work*:

6,851,681 96
30,500,000 00

19,09(5,567 65

$6,650,943 81
17,409,937 50
1,791,500 00

Treasury Department
War Department

Navy Department
Interior Department
Department of Agriculture
Department of Justice....

377,248 00
22,840 00

47,000 00— 26,299,469
9,914,378
12,591,169
146,673,551

Postal service
Miscellaneous
Permanent appropriations...

Total

5,247,068 24
150,731,694 63

follows

38/00,000 00

$272,778,000 00

If these estimates of the revenues and

7

...

•;

31
00
58
76

$310,030,769 89

REDUCTION OF THE PUBLIC DEBT.

$236,863,048 86
same

30,500,000 00

to be

.

Total net




1,400,000 (X)

improvements at navy yards
miscellaneous, including public buildings, light-houses,
collecting the revenues, mail-steamship service, deficiency in
postal revenues, public printing, Ac
For interest on the public debt
For interest on Pacilic Railway bonds
Total ordinary

ryj on

•••••••••••••>••••

Foreign Intercourse

were :

The

•••••••••••«*••••••••••

For civil

150.731,694 63

that the net revenues for the

LA[JLI ISLo .‘*.a

For pensions
For military establishment, including fortifications, river
harbor improvements, and arsenals
For naval establishment, including vessels and machinery,

$302,633,873 76
1874

00
00
00
00

[the ordinary expenditures for the same

For foreign intercourse
For Indians

ordinary expenditures, exclusive of the public debt $285,738,800*21

bonds

It is estimated that
r or L/1VI1

50.506,414 25
107,119,815 21

00

period will be—

29,038,414 66

30,932,587 42

00

$293,000,000 00

Total

For civil expenditures
For foreign intercourse
For Indians
For pensions
For military establishment,
harbor improvements, and

00
00
00
00

$203,434,000 00

For the
be

$131,192,028 50

$131,193,067 28

The

8,122,728 17

32,787,899 38

For the

Cin¬

Deduct unavailables balances with depositaries
carried to their debits on books of the Register,
and to the credit of the Treasurer of U. S

net

11,618,290 99

Total

$322,186,231 29

cinnati, Ohio

The

Total ordinary expenditures
Balance in the Treasury September

8,913,407 18

Total

From customs
From internal revenue
From sales of public lands
:
•
;
From tax on circulation and deposits of National banks./.
From repayment of interest by Pacific Railway Companies
From customs’ fines, penalties, &c
'
From labor, drayage. storage. Ac....
From sales of Indian trust lands
From fees—consular, lettere-patent and land
From proceeds of sales of Government property
From marine-hospital tax
From steamboat fees
From profits on coinage, Ac
From tax on seal skins
From miscellaneous sources

Payment

8,032,752 93

For Indians
For pensions
.
For military establishment, including fortifications, river and
harbor improvements and arsenals
For naval establishment, including vessels and machinery and
improvements at navy yards
For interest on the Public debt, including Pacific Railway bonds

of

During the fiscal year the public debt was reduced by the sum
$5,762,447 65, as will appear by the following statement:

December

12, 1874.]

THE

L
•

1

■

699

j

Principal of tiie debt July 1, 1873
Interest due and unpaid, and accrued interest to date
Total debt
Less cash in the

CHRONICLE.

$2,234,482,993 20
42,356,652 82
$2,276,839,646 02
131,179,337 10

Treasury

cent bonds, par and interest accrued to the date of maturity of
each call, in gold coin, United States coin coupons, or any of the
six per cent five-twenty bonds called for redemption; they also

to defray all

expenses incurred in sending bonds to London,
their request, and in transmitting bonds, coin, United
States coupons, or gold coin, to the Treasury Department at
Washington, D. C.
On account of the subscriptions of Messrs. Rothschild and
Seligman, and their associates, and those of home subscribers,
calls for six per cent, five-twenty-bonds of the loan of February
25, 1862, have been made as follows :

agree
upon

Debt, less cash in the Treasury
Principal of the debt, July 1, 1874
Interest due and unpaid, and accrued interest to date
Total debt
Less cash in the

$2,145,660,308 92
$2,251,690,468 43
38,939,087 47
$2,290,629,555 90
150,731,694 63

Treasury

-Debt, less cash in the Treasury
$2,139,897,861 27
a decrease during the year, as above stated, of
$5,762,447 65
decrease is represented by the excess of receipts over
This
Showing

expenditures

The interest due and

30, 1873, by

unpaid June 30, 1874,

was

less than June

$2,344,882 30

August 1, 1874
September 1, 1874
October 1, 1874
November 2, 1874

Total...

3,417,565 35
$5,762,447 65

By tlie monthly statement of the public debt, issued June 30,
1874, the reduction ef the debt was shown to be $4,730,472 41.
The difference between this and the preceding statement is thus

$25,000,000
15,000,000
10,000,000
5,000,000

$55,000,000

The excess of subscriptions over
been provided for by uncalled bonds

calls—viz.: $113,550—has
which have been received
by the Department in payment for that amount.
The larger portion of the bonds subscribed for lias thus far
been negotiated in Europe, where exchanges are still being made.

explained :
RESUMPTION OF SPECIE PAYMENT.
The monthly debt statement is made up at the close of business
So much has been spoken and written within the last decade,
on the day of its date, ana embraces only the moneys officially
reported to the Department at the time of its issue, whereas the and especially at the iaet session of Congress, on the financial
foregoing annual statement of receipts and expenditures includes questions relating to and growing out of our currency system,
that further extended discussion of the subject at this time would
revenues which were deposited at the different places of deposit
throughout the country within the period covered by the accounts, scarcely seem to be necessary. Tlie opinions entertained and
and unascertained at the time of the issue of the monthly state¬ expressed by public men and communities of people, as well as
ment.
The books from wliicli the annual statement of receipts tlie sense of Congress as heretofore indicated by the votes of the
and expenditures is prepared are usually kept open for a period two houses, must be accepted as one of the factors of the financial
of forty-five days, so as to include at the date of closing the problem.
Nevertheless the great and paramount importance of
accounts all the revenues which may have been deposited within arriving at an ultimate solution of the matter and of restoring to
the Government and the people a sound and stable currency,
the year which the statement represents.
these two statements arises from the induces the Secretary to bring the subject again to the attention
The difference between
difference of dates at which they are made up, and by a compari¬ of Congress, and to ask that decisive steps he now taken by the
law-making power for return to a specie basis.
son of them as regards the cash in the Treasury at the commence¬
To attempt an enumeration of the complicated mischiefs which
ment and close of the last fiscal year, it will be seen that by the
annual statement of receipts and expenditures there was a gain flow from an unstable or inconvertible currency would carry this
of $1,031,975 24, representing revenues in excess of those known report to inexcusable length, and, after all, would be but a repe¬
tition of what has been often said.
No nation can long neglect
at the time of preparing the monthly statement, which, added to
the wholesome maxims, founded upon universal experience, that
it, or deducted from the annual statement of receipts and expen¬
ditures, will show that no difference exists, except in the manner uphold public credit without suffering financial disturbances and
bringing serious consequences upon its people. It will not be
of their preparation.
The tables accompanying this report furnish details of the denied that the existing issue of legal-tender notes, as a circulat¬
ing medium, would never have been made except in the great
foregoing statements and accounts.
emergency of a war involving no less an issue than the preserva¬
REFUNDING THE NATIONAL DEBT.
tion of the nation.
Whether the argument in suppoit of the
Oil assuming charge of this department, June 3, 1874, the validity of the legal-tender acts be rested upon the war powers
Secretary found the balance of the live per cent, loan authorized conferred on the Government by the Constitution or on other
by the acts of July 14, 1870, and January 20, 1871, then unissued, provisions of that instrument, it is clear that Congress could not
have been induced to pass such acts under any other circum¬
to be $178,548,300.
During the month of June proposals were received from several stances than in a time of the most pressing and urgent need, such
parties desiring to negotiate these bonds, but they were not as a state of war only produces. The most earnest defenders of
the power to issue Government obligations, and make them by
deemed satisfactory, and were consequently declined.
On the second day of July a circular was issued by the Sec¬ law legal tender for all debts, public and private, would scarcely
retary, inviting proposals, and in response thereto bids from be found to advocate the exercise of tlie power except under cir¬
various parties, at home and abroad, were received, the aggregate cumstances of extreme necessity, and then only for the time of
amount of which was $75,933,550.
Of this amount, $20,933,550 the emergency ; and there is abundant evidence in the debates
coomprised the domestic bids, and $55,000,000 the joint proposal and proceedings of Congress, and in the statutes themselves, that
of Messrs. X. M. Rothschild & Sons, of London, and Messrs. J. and it was not intended to make tlie legal-tender notes the permanent
W. Seligman & Co., of New York/ The domestic bids at par and currency of tlie country.
The acts authorizing the issue of such
above, which were accepted by the Department, aggregated $10,- notes provided for their conversion into bonds of tlie United
113,550, and those at less than par, which were rejected, amounted States bearing interest at the rate of six per centum per annum.
The act of March 18, 1869, in terms declares that “the faith of
to $10,820,000.
The proposal for $55,000,000 excluded the acceptance of all the United States is solemnly pledged to the payment in coin or
other bids, and provided that the parties should purchase ten its equivalent of all obligations of the United States not bearing
million on or before August 1, 1874, and the remaining $45,000,- interest, known as United States notes.”
The same act further
000 at their pleasure, in several successive instalments, prior to affirms that “the United States solemnly pledges its faith to
February 1, 1875; also that they should have the option of the make provision at the earliest praeticaldc period for the redemp¬
entire balance of the 5 per cent, loan, $122,088,550, until the tion of the United States notes in coin.”
The purpose of the act is well expressed in its title, which
expiration of six months from January 31, 1875, and that the
Secretary should keep an agent in London to deliver new fives declares it to bo “ An act to strengthen tlie public credit;” and
and receive payment therefor.
This proposition was modified, that, such was the effect of the act cannot be doubted, for it is an
and on the 28th day of July a contract was entered into between unconditional assurance on the part of the Government, not only
the Secretary and Messrs. August Belmont & Co., of New Y'ork,on that its notes shall he paid in coin, but that this shall be done at
behalf of Messrs. N. M. Rothschild & Sons, of London, England, the earliest practicable period*.
The faith of the “Government
and associates, and Messrs. J. and W. Seligman & Co
of New could not be more clearly or absolutely pledged than is done by
York, for themselves and associates, for the negotiation of $45,- this act of Congress, to say nothing of previous legislation.
The length of time that has now elapsed since the final over¬
000,000 of the 5 per cent, bonds, the contracting parties having
throw of the rebellion, as well as proper regard for the faith of
deposited with the United States Treasury two per cent, of the
amount subscribed for, as a guarantee for the fulfilment of their the nation, admonish us that initiatory steps towards the redemp¬
tion of its pledges ought not to be longer postponed.
It is not
agreement.
The conditions of the contract are substantially’as follows: unworthy of remark that the era of the war will not be closed
The contracting parties to have the option of the balance of the until the period of redemption shall have been reached.
It is sometimes urged by the advocates of a continuance of our
loan, viz: $122,688,550, until January 31, 1875; to be allowed onepaper circulation that, its amount being now definitely fixed by
quarter of one per cent commission upon the amount taken; they
agreeing to subscribe for fifteen millions of the before-mentioned law, it is not liable to the fluctuations in volume which attach *to
amount—$45,000,000—on the first day of August, 1874, and to a currency that may be increased or diminished at the will of the
subscribe for the remaining amount—$30,000,00J—at their pleas¬ Secretary ; but this suggestion leaves out of view entirely the
fact that it is of little consequence where the power to change
ure, in amounts of not less than, five millions each, prior to the
thirty-first day of January, 1875. The contract also allows the the volume of currency rests, the difference being only in the
parties the exclusive right to subscribe for the remainder or any degree of probability of its use. The existence of the power at
portion of the five per cent bonds authorized by the acts of Con¬ all, and the apprehension of its being called into exercise, is tlie
gress aforesaid, by giving notice thereof to the Secretary of the evil from which mischievous consequences are likely to flow.
The quality of flexibility governed by the law of trade and com¬
Treasury prior to January 31,1875.
The agreement, on the part of the Secretary of the Treasury, merce, and which regulates the increase or diminution of the
with the parties before mentioned, is to issue calls of even dates volume of the circulating medium according to the requirements
with their subscriptions for the redemption of an equivalent of legitimate business, is of value ; but that which is controlled
amount of six per cent five-twenty bonds, as provided by the act by the legislative will and may depend upon party exigencies or
of July, 14, 1870,
The subscribers agree to pay for said five per the supposed necessities of the Treasury, or the demands of spec-




•

,

THE

600

[December 12, 1874.

CHRONICLE.

enable the people and banks to prepare for the latter by such
enterprises, is objectionable in the highest degree. Such
gradual processes in business as will neither lead to violent con
currency is liable to sudden and violent expansion or contrac¬
traction in credit and values, nor suddenly increase the obliga¬
tion, having no necessary connection with the legitimate demands
The sudden and immediate appreciation of
tions of debtors.
of trade and commerce.
In a country like ours, with varied industries and extensive the paper dollar to its par value in gold is not only no necessary
commercial relations among its different sections and with other element of redemption, but, as far as practicable, should be
If during the period of the war the legal-tender acts
nations and peoples, stability of the circulating medium is indis¬ avoided.
operated as a bankrupt law, compelling creditors to give acquit¬
pensable to the general prosperity. Credit, which necessarily tances
upon the receipt of less the full amount of their debts,
enters largely into commercial transactions, can only be steady
and secure when it has for its foundation a stable currency. The this is no reason why the law for resumption should now compel
ulative

a

quality of stability in money
common

consent

attaches only to coin, which, by

of mankind, is the medium of exchange,

and to

representative of coin, because convertible into
The reason is obvious; for coin,
besides being recognized throughout the world as a medium of
exchange, has a high intrinsic value, can be procured only by
labor and in limited quantities which cannot be increased by
statutory laws, nor suddenly by other means, while inconvertible
paper money may be produced in indefinite quantities at a nom¬
inal cost, a note of the highest denomination costing no more
than the lowest, and its volume depending solely on legislative
paper currency

a

it at the

will of the holder.

enactment.

of irredeemable paper currency repeats itself
used. It increases present prices,
deludes the laborer with the idea that he is getting higher wages,
and brings a fictitious prosperity from which follow inflation of
business and credit and excess of enterprise in ever increasing
ratio, until it is discovered that trade and commerce have become
fatally diseased, when confidence is destroyed, and then comes
the shock to credit, followed by disaster and depression, and a
demand for relief by further issues.
A dollar legal-tender note, such as is now in circulation, is
neither more nor less than the promise of the Government to pay
a dollar to the bearer, while no express provision is made by law
for paying the dollar at any time whatever; nor is there any
existing provision for converting it into anything that stands
in a tangible ratio to a coin dollar.
As far as existing laws go,
there is no reason why the legal tender note of the denomination
of a dollar should pass for one cent of gold, except so far as the
Government compels creditors to accept it in discharge of obliga¬
tions to pay money, and obliges the wealth and commerce of the
country to adopt it as a medium of exchange. To this may be
added, as an element of the value of the legal tender dollar, the
hope that the Government will some time or other redeem its
paper promises according to their import.
The universal use of
and reliance upon such a currency tends to blunt the moral sense
and impair the natural self-dependence of the people, and trains
them to the belief that the Government must directly assist their
individual fortunes and business, help them in their personal
affairs, and enable them to discharge their debts by partial pay¬
ment.
This inconvertible paper currency begets the delusion
that the remedy *for private pecuniary distress is in legislative
measures, and makes the people unmindful of the fact that the
true remedy is in greater production and less spending, and that
the real prosperity comes only from individual effort and thrift.
When exchanges are again made in coin, or in a currency con¬
vertible into it at the will of the holder, this truth will be under¬
The history

whenever and wherever it is

essentially more than they have contracted
The adoption of such measures as will not suddenly in¬
crease the obligations of debtors, will go far to allay and disarm
whatever popular opposition to resumption of specie payment
may now exist, and, besides, would be but just to the debtor
The day from which new contracts must be discharged in
class.
coin should be fixed sufficiently far in advance to give the people
and the banks time to understand it and to prepare themselves
for it.
It is believed that not many months will be necessary for
that purpose; but, to avoid the mischiefs already indicated, this
day should precede the day of final resumption by a longer
period. The time should not, in the opinion of the Secretary,
be extended beyond three years, and might safely be made as
much less ~as in the judgment of Congress would sufficiently
protect the interest of debtors and avoid the evils of too sudden
debtors at once to pay

to pay.

contraction.
The law should also authorize the immediate conversion of legaltender notes into bonds bearing a low rate of interest, which, while

inviting conversion, should not be so high as to appreciate the legaltender notes rapidly, and thereby operate oppressively on the
debtor class.
As an additional inducement to the conversion of
United States notes into these bonds at a low rate of interest,
authority should be given for making them security for the cir¬
culation of national banks.
The law should further provide the
means for the redemption of such notes as may be presented for

shall have been

that purpose when the period of resumption
reached. To this end, the Secretary should be authorized to
make a loan not exceeding the total amount of notes remaining
unconverted at the time of resumption, less the surplus revenue
to be made applicable to such resumption.
It is
the gradual and continued revival of
so
the revenues that a large loan will not be required for this pur¬

business will

pose;

probable that

far increase

but it is ad visible that the Secretary be authorized to make
the contingency of a failure of sufficient sur¬

it in order to meet

plus revenues.
run

Such

a

for such time as the

loan should be made by issuing

bonds to

wisdom of Congress may suggest, and to
to time as the necessities of the case may

disposed of from time
require. In the opinion of the Secretary, these bonds should run
for a long period, and should bear interest at a rate not exceeding
the lowest rate which the Government may then be paying in
refunding its six per cent securities. Any substantial or useful
movement for resumption necessarily involves supplying the

be

increased amounts of coin, either by increased
adequate loan. The present condition of the credit
of the Government, which would be further enhanced by the
adoption of measures for return to a specie basis, leaves no room
for doubt that a loan for such purpose would be readily taken at
a low rate of interest.
Measures should also be adopted requiring
stood and acted upon.
It is rot intended to call in question the constitutional validity the banks to hold gold reserves preparatory to resumption on
of the legal tender acts, nor the wisdom of those who, in the their part.
But the Secretary does not deem it proper to pursue the matter
midst of a rebellion which taxed the utmost resources and
If Congress shall conclude, as he earnestly
into further detail.
energies of the nation, deemed the issue of such notes essential
to success.
Repeated adjudications of the highest judicial hopes it will, that the time has arrived for the enactment of a
tribunal of the land sustaining their validity must be accepted law having for its object resumption of specie payments, its own
as
conclusive of the question.
All that is now meant to be wisdom will supply the necessary methods. That which is of .
asserted is, that the exigencies which required the issue of such the highest importance is the adoption of the definite policy of
notes have passed away, and the time has come for taking such
resumption. In view of llie great and pressing importance of
steps as may be necessary to redeem the pledge then made. The the speediest return to specie payment consonant with steadiness
of business and avoidance of violent and sudden contraction, dispower to do so, as well as the selection of means to that end, is
with Congress.
The Secretary can do neither more or less than cussion of mere details in advance becomes of little practical
Treasury with

revenues or an

,

obey and execute such laws as Congress may enact.

.

consequence.

What

is

demanded by the best interests of the

generally conceded that resumption Government and the people, and by the highest considerations
of specie payment is essential to the honor of the Government of virtue and morality, is, that Congress shall undo that state of
and to the general welfare, the views of intelligent and well- things which only the"necessities of war justified or required in
A wise modification of existing statutes, which
informed persons as to the best method of resumption are so this respect.
widely divergent, and the plans that have been suggested so neither enable nor permit the executive branch of the Govern¬
multifarious, that the Secretary feels embarrassment in suggest¬ ment to effect the restoration of a sound currency, will leave the
ing a plan; the details of which will commend themselves to Con¬ laws of trade free to resume their operations, and many matters
But there are one or two fundamental ideas underlying of detail will adjust themselves. When the Government shall
gress.
have resumed specie payment, it may be expected that gold will
the subject which, it is believed, must be the basis of any prac¬
ticable plan for resumption, and are, therefore, submitted for the flow into the country fn obedience to the law of supply and
demand; the export of our gold product will greatly diminish
consideration of Congress.
It is obvious that there can be no resumption by the Govern¬ and the millions of gold which now constitute only a commodity
of trade will resume its proper functions by becoming again a
ment so long as the volume of paper currenby is largely in excess
of the possible amount of coin available for that purpose which part of the circulating medium. With the adoption of the policy
of resumption, free banking may safely be allowed, and the
may come into the Treasury in any year, and while no provision
is made for the conversion of this paper money into anything deficit of the actual amount of coin available for circulation can
having a nearer relation to coin; nor is it possible for the banks be supplied by bank notes convertible into coin, in lieu of an in¬
convertible paper currency.
or people to resume so long as the large amount of irredeemable
The business of the country has not yet recovered from the
paper now in circulation continues to be by law legal tender for
disasters of the last.year’s financial panic, the causes of which it
all private debts with reference both to the past and the future.
While this state of things lasts gold will continue to flow from is by no means difficult to trace.
It was the direct and imme¬
diate result of that excessive development of speculative enter¬
us, and find employment where the national laws of trade, unob¬
structed by restraining legislation, make its daily use indispen- prises, over-trading, and inflation of credit which invariably
follow large issues of inconvertible paper currency.
The almost
sable.
The Secretary, therefore, recommends Congress to provide by boundless resources and energies of the country must compel the
law that after an early and fixed day United States notes shall gradual re-establishment of business ; but capital, with its accus¬
tomed sensitiveness to danger, is slow to return to the avenues of
cease to be legal tender as to contracts thereafter made. But this
provision should not apply to official salaries or to other ordinary trade. Values are fluctuating and uncertain. Labor receives its
expenditures of the Government under then existing contracts reward in a currency that is unsteady, and whose purchasing
or appropriations.
Between the day thus to be fixed and the power changes almost daily. Neither the reward of labor nor
time of final lesumption a sufficient period should elapse to the value of commodities is measured by any certain standard.
While it




seems

to be very

December

12, 1874.]

The enactment of

a

law

THE CHRONICLE

having for its

purpose

the substitution

sound and stable medium of exchange for an irredeemable
paper currency will tend to restore confidence, and thus cause a
revival of industries and general business.
of

a

There will be no better time in the future to enter upon the
work of returning to a specie basis, and the Secretary feels that
lie cannot too strongly urge the adoption of the measures he has

indicated,

or

such others

as

will

more

end.

certainly lead to the desired

ECONOMY IN PUBLIC. EXPENDITURES.

In connection with this

subject, the Secretary deems it proper
suggest, for the consideration of Congress, the importance of
the most rigid economy in the public expenditures.
Lavish out¬
lay of money by the government leads to corresponding habits of
extravagance among the people. An era of inflation is always
one of extravagance.
At such a time costly public improvements
of doubtful utility are likely to be undertaken, and other unusual
expenditures made. It is easier to fall into such practices in a
to

inflation than to abandon them when
necessity requires.
general depression following the late financial panic has
compelled the people to lessen their individual expenditures, and
the Government should not be slow to follow tlieir example.
The present condition of the revenues requires the utmost
economy in public expenditures, and the most careful scrutiny
of the estimates herewith transmitted is invited.
So far as they
relate to the Treasury Department, the Secretary has required
them to be kept within the appropriations of the last session of
Congress, when a large reduction was effected. He is gratified
to be able to express the opinion that such reduction lias not
affected injuriously the public interests contidecl to his care, nor
has it tended to obstruct or delay the public business.
Not only is rigid economy required by reason of the present
condition of the public revenues, but fidelity to obligations and a
just sense of responsibility to the people, to whom the govern
ment belongs, and who contribute of their means to its
support,
demand it.
Government cannot long exist in a prosperons con¬
dition without the confidence of the people, and that confidence
will be given or withheld accordingly as the government is faith¬
fully, honestly, and economically administered, or otherwise.
When it is understood that not a dollar is taken from the people
by taxation beyond what is needful for the legitimate purposes
time of

The

of the Government, they will not withhold their confidence or
refuse to support its financial measures.
At such a time loans
are

freely taken and taxes cheerfully paid.

It is essential to the

proper strength of the government at home, as well as to its
credit abroad, that no greater taxes be levied than are required

its necessary operations and to maintain the national
faith and honor by prompt payment of all its obligations, and
when such revenues are collected it is no less important that they

to carry on

be

faithfully and exclusively applied to the legitimate

purposes

of government.
While the indebtedness of the government is large, and the
maintenance of the national honor requires the collection of large
sums

by taxation to meet the accruing interest, besides other

necessary public expenses, any appropriation for other purposes
should be deprecated as likely to affect injuriously the public

601

last were $56,200,239,
corresponding very nearly in amount with
the same class of loans on October 3, 1872, which then stood at

$56,590,363, showing that the character of the loans of the New
York city banks has not
materially changed since the panic of
1873.
The net amount on deposit with these banks by other
National bsnks was $56,237,452.
It thus appears that nearly the
whole amount of the balances due to other National banks is
invested in loans payable on call.
Interest is paid on a large

portion of the balances due to other banks, and they must be so
invested as to be readily available, such deposits being subject to
far greater fluctuations in volume than a similar line of com¬
mercial deposits.
The banker thus makes the broker a conveince for obtaining interest on money which lie could not
pru¬
dently invest in commercial paper. The statistical table of the
rate of interest in New York
city, prepared from daily reports,
shows the following results, to wit: The average rate of interest
for the past year was 3.8 per cent on call loans, and 6.4 per cent
on commercial
paper, and for the six months ending October 31,
1874, the average rate was 2.7 per cent on call loans and 5.6 on
commercial paper.
The attention of

Congress has frequently been called by the
Secretary and the Comptroller of the Currency to the evils arising
from the payment of interest on deposits, and efforts have been
made by the more conservative bankers to discourage the practice.
The difficulty in the way of
legislation is, that, while Congress
has the power to prohibit the payment of interest on deposits by
the National banks, by the imposition of
penalties, it has no
such power witli reference to the State banks and private bankers.
The only practicable legislation upon this subject which would
not discriminate against the National banks would seem to be the
imposition of a special tax upon all interest-bearing deposits.
The act of June 20, 1874, limits the amount of legal-tender
notes to $382,000,000.
The authorized amount of National bank
notes was not changed, but remains at $354,000,00. This act pro¬
vides, however, for the transfer of circulation from the Eastern
and Middle States to the Western and Southern States, as maybe
required to supply applications for circulation, upon an apportion¬
ment based on population and wealth
according to the census
returns of 1870.
The act also provides for the deposit of legaltender notes in the Treasury, and the surrender of the bonds
deposited with the Treasurer as security for the like amount of
circulating notes. Under this provision the banks have volun¬
tarily surrendered $7,714,550 of their circulation.
$G,492,285
of the notes of banks in liquidation are still
outstanding, and a
small amount ($2,072,754) of the $354,000,000 remains unissued.
The whole, amounting to $16,279,589, is now at the disposal of
the Comptroller, or will be hereafter available for distribution as
this circulation shall be redeemed ; so that it is not probable that
it will be necessary to withdraw circulation from banks located in
States which

are

in

excess

for

some

time to

come.

The

same

act

repeals the provision requiring reserves upon circulation, and
requires a deposit equal to five per cent of the circulation in the
Treasury for the redemption of such circulation. The effect of
this law upon the reserves of the banks, as shown by tlieir last
report (Oct. 2), is the release of $20,350,748 of legal-tender notes,
which is about one-sixtli of the

amount that

would

have been

credit, and increase the difficulties in the way of return to a specie

required under the law previously in force. The amount of cash
basis.
reserves held by the banks at that time in excess of the require¬
ments of the act was $55,102,487, and the amount held in excess
THE NATIONAL BANKS.
The report of the Comptroller of the Currency contains full by the New York city banks was $17,145,406.
The Comptroller suggests that the provisions of the act of
statistics of the resources and liabilities, the reserves, dividends,
June 20, 1874, in reference to the re-distribution of the currency
taxation, and earnings of the national banks since the organization
of the system.
The recommendations and suggestions of the reserves and redemption, be more fully tested before any changes
be made, and, accordingly, no amendments are recommended
Comptroller in reference to the distribution of the currency, shall
to that act, unless modifications shall become necessary in
adopt¬
redemption, and proposed amendments to the national bank act
are
worthy of consideration. From this report it apppears that ing measures for a return to specie payments.
The foregoing tables and facts fully establish the conclusion
2,200 banks have been organized under the national bank act, of
that there is a large amount of currency in excess of the legiti¬
which nHmber 2,028 are now in operation, and 2,004 were doing
business on the 2d of October last, reports of tlieir condition at mate needs of business, and should serve to dispel the fallacy that
that date having been received.
As appears by tlieir returns of greater expansion of currency is the proper remedy for the gen¬
that date, the aggregate capital of these banks was $493,765,121, eral depression'and contraction of the volume of business.
with a surplus, in addition, of $128,958,106 ; circulation out¬
COINAGE.
standing, $333,225,298; individual deposits, $669,068,995 ; loans,
The report of the Director of the Mint presents in detail the
$949,870,627 ; specie, $21,240,945 ; legal tender notes (including operations of the mints and assay offices, and contains valuable
United States certificates of deposit), $122,846,946 ; redemption
information relative to coinage, foreign moneys, and international
fund with the United States Treasurer, $20,349,950.
The capital exchanges.
of the fortv-eiglit national banks of New York
The amount of bullion operated upon during the fiscal year
City was $68,500,000, with a surplus of $22,653,881 ; net deposits, $204,620,- was—
288 ; loans, $201,777,054, of which $4,721,638 were loans on
Gold
$68,861,594 97
United States bonds payable on demand ; $51,478,691 were loans Silver
15,122,15131
on other stocks
and bonds payable on demand, and $5,735,137
Total
$83,983,746 28
were loans
payable in gold. The following table, exhibiting the
loans of the banks in New York City at
corresponding dates for
Deducting re-deposits, bars made at one institution and depos¬
the four years next preceding the current year, is given for the
ited at another, the deposits were—
purpose of comparison with the statement of October 2 of the
Gold
$49,142,511 06
present year :
Silver
11,4*4,677 78

NEW YORK CITY.

Oct, 8,1870. Oct, 2,1871. Oct. 3,1872.
54 banks.

Capital
Net deposits

$73,435,000 $73,235,000
159,751,811 191,304,511

Loans—
On U. S. bonds on
demand
On other stocks,

bonds, &c.,

54 banks.

50 banks.

The

Sep. 12,1873
48 banks.

Oct. 2,1874.

48 banks.

$71,285,000 $70,235,000 $68,500,000
158,034,121 172,010,594 204,620,288
•

.'

9,012,964

5,661,499

3,180,738

2,938,876

4,721,688

53,809,603

70,185.331

53,409,625

57,916,130
4,381,571

51,478,691,

3,411,738

123,183,625

133,924,311

on

demand

Payable in gold..
Alf other.. T.

105,146,590

122,806,969

Aggregate.... $167,969,157 $198,653,799 $183,185,726 5c> I
I

5,735,137

139,841,588
$201,777,054

The aggregate call loans ef these banks on the 2d of October




gold coinage, including worn pieces recoined, was $50,442,690 ; silver coinage, $5,983,601 ; gold bars stamped, $31,485,818 ; silver bars stamped, $6,847,799 18.
Compared with the previous year there was an increase in the
gold coinage of $15,193,352 50 ; in silver coinage, $3,037,805- 80 ;
and in gold and silver bars, $10,816,086 57.
The trade-dollar has been successfully introduced into the Ori¬
ental markets with advantage to American commerce.
A twenty-cent silver coin being required tor the purpose of
convenience in making change, the enactment of a law authoriz¬
ing the coinage of a piece of that denomination is recommended.
The estimate of the Director of the Mint shown a gain in specie
and .bullion in the last two fiscal years of about $38,000,000, and
the stock of specie in the country to be about $166,000,000.
The estimated increase of coin and bullion is

gratifying, being

[December 12, 1874.

THE CHRONICLE

602

of the country
and, in connection
$70,000,000 of the precious
metals, affords encouragement that a stock of coin may, within
reasonable time and with favorable legislation, accumulate to an
extent sufficient to enable resumption of specie payments to be
of the evidences of a gradual recuperation
from the effects of a destructive civil strife,
with an annual production of about

one

undertaken and

maintained.

doubt that bullion converted into
remain longer iu the country than if
seek foreign markets. Our policy

There would appear to be no
coin will, as a general rule,
left in an uncoined condition to

should, therefore, be to encourage
silver.
'With respect

to the

the coinage of both gold and

charge made under existing laws

for the

the standard metal, it no
and causes bullion to
be exported to London,*;where no_ charge for coinage of gold is
made.
The expediency of continuing the charge in the present finan
cial condition of the country may well be doubted.
The attention of Congress is invited to the explanations of the
Director of the Mint *in connection with the course of silver
bullion.
With
view to the resumption of specie payments, it is im
portant to manufacture a large quantity of silver coin to take the
place of the fractional notes, and, as its preparation at the mints
will require considerable time, it is recommended that authority
be given the Secretary to commence the manufacture of such coin
age, beginning with the smallest denomination, and to gradually
withdraw the fractional notes.
The system of computing sterling excliangehm the fictitious or
assumed par of four shillings and sixpence to the dollar, and the
equivalent, $4 44 44) to the pound, which had been in use for a
long period, ceased on the 31st of December last, under the pro
visions of the Act of March 3, 1873, which fixed the fiar of
exchange between the United States and Great Britain at $4 80.G4
to the pound, that sum being the value in United States money
of
standard [sovereign, compared with the pure gold contained
in the standard gold dollar of the United States.
The
system has many advantages over the old one, espec¬
ially in simplicity, and having an absolutely correct basis.

coinage of gold, which in this country is
doubt tends to create an adverse exchange,

is that the
usual in the

usual investment in moving the crops, and the result
demand for consumption of foreign merchandize
West and interior at this season is held in reserve.

a

a

As a conse¬

of this absence of demand for foreign merchandize, pur¬
chases for the interior and the West have been greatly restricted,
and with reasonable caution importers have avoided assuming
the burden of stocks of goods not likely to be readily taken off
their hands for consumption.
In what manner or at what time
this constraint will be entirely relieved, it is not easy to say ; but
it would be wholly without precedent to find such abundant pro¬
duction as. has marked the present year, without remunerative
demand for consumption, for any considerable time.
It is a reas¬
onable inference that this state of things will yield as the wants
of Europe for our surplus crops are developed in the coming
year, and that general commerce, with the revenues to be received

quence

it, will revive accordingly. For the
importance to protect the revenue

from

present, it is of the

high¬

provided by law in the
most faithful manner.
Through a uniform and thorough en¬
forcement of existing law, much may not only be saved in direct
results, but many of the complaints arising from supposed ine¬
quality and obscurity maybe removed. The actual receipts from
customs are greatly affected by such vigilance, and it is the inter¬
est alike of the Government and the merchant that there shall be
uncertainty as to the meaning of the law, and that settlements

est

no

should be made

promptly and justly.

Those who most directly

demanding

represent the commercial interests have been right in
this course, and no doubt is entertained that well-directed efforts
to that end will prove satisfactory, even if they do not at once

accomplish all that may be ultimately done.
Referring to the suggestions frequently made in favor of mod¬
ification of the laws imposing duties on imports, and treating the
subject purely as one of revenue, it is not safe to say that any
reduction of rates on particular classes of goods can be admitted
while the demand of the Government for gold is as large as at
present, without compensation by increased rates on other classes.
Experience lias shown that there is usually great loss and injury
to individuals in re-adjustment of duties to which the commercial
interests have become accustomed.
It is, however, undeniable

that there are inequalities and in¬
laws imposing duties on imports, and that
there is demand for their revision, which, in many respects,
REVENUE FROM CUSTOMS.
seems to be worthy the consideration of Congress.
Should it
be the pleasure of Congress to enter upon this work of revision,
The past and present condition of the receipts from customs
it is recommended, in order to avoid the difficulties attending
constitutes the general guide to estimates and recommendations
hasty and partial modifications, that provision be made by law
respecting that branch of the public revenue. .
for the appointment of a commission to prepare the details of a
For the year ending June 30, 1874, the decline in receipts from
bill for this purpose and to report to the next Congress.
the previous year was considerable—falling off from $188,080,022
It is
aggregate
now received from this
to $103,103,833, a loss of nearly $25,000,000.
The receipts for source certain that the revenue toamount demands, which cannot
is necessary for
meet
the first quarter of the current fiscal year were two anti a half
be .safely stated at less than $100,000,000 in gold, besides the re¬
millions less than for the corresponding period of the last year.
The impost state¬
The receipts for the months of October and November, 1873, ceipts from internal revenue and other sorces.
were $21,243,333 25.
For the same months of the current year ments for 1872-73 show how heavily the revenues from custom,s
were depleted by the reduction of 1872,
coffee alone having
they were $22,755,811.
On
The act of June 0, 1872, admitted large classes of manufactures yielded $10,969,098 77 in 1871, and $7,192,074 91 in 1872.
the importations of coffee, in 1873, the rate of three cents per
to a reduction of ten per cent, of the duties prescribed by pre¬
vious statutes, without designating specifically the articles to pound would have yielded nearly $9,000,000, and two cents per
which the reduction should apply, leaving much room for con¬ pound almost $0,000,000.
The following table exhibits the annual imports of coffee and
struction in the practical application of the act to articles of new
tea from 1871 to 1874, inclusive, with the total value thereof,
design or of particular combinations of materials. This act was and the
average price per pound in the countries of their pro¬
new

of extreme pressure for reduction, claimed
through changes of classification of articles, and advantage was
sought to be taken of every doubtful construction of all parts of
followed by a system

the act,

congruities in existing

ductions
STATEMENT

IMFORT.S

YEARS

1873 and 1874 there was a good deal effected
of reduction of duties through changes in form or
component materials of merchandize, intended to answer the
During the years

in the way

in consumption that articles and fabrics charged
with a higher rate of duty had previously answered.
Very large
substitutions of materials other than wool have been made for
fabrics previously paying the duty charged on woollens.
Silks,
linens, and cottons have been similarly imitated, while the true
same

OF

-

purpose

duty was avoided in some cases, and sought to be avoided
in others, by claiming them as subject to rates of duty prescribed
in the acts of 1801-02 as manufactures of mixed materials.
Some portions of the reductions thus claimed are admitted in
the revision of the statutes of 1874, while others are rejected as
rate of

OF COFFEE AND

(ENDED JUNE

TEA DURING TIIE FOUR

30), 1871 TO 1874, INCLUSIVE.
Tea.

Coffee.

Fiscal
years
ended
June 30

1871
1872
1873
1874

Av’ragc cost

Aggregate
Pounds.

cost at

place of

FISCAL

per

Aggregate

pound

place of
shipment.

at

shipment.
317,992,043 $30,992,869 9-7t
298,805,946 37.942,225 12-69
44,109,671,15-00
293,297,271
285,171,512 55,048.967 19-34

cents.

“

“

“

Pounds.

cost at

place of
shipment.

Av’ragc cost
per pound
at place of
shipment.

51,364,919 $17,254,617 '33"60 cents.
“
63,811,003 22,943,575 36 00
“
64,815,136 24,466,170; 37 "74
“
55,811,605 21,112,234 37-82

This record of foreign prices for coffee • tends strongly to the
conclusion, making due allowance for the effect of short crops on

the
was added to
It has been ascertained, as the result prices, that priceduty repealed by the act of 1872consumers here,
the selling
abroad, with no advantage to
the reduced classifica¬ while the country, as a
whole,
made to the Secre¬ the entire stock. The repeal ofhas ipaid more than before for
the duty on tea caused little or
tary during tlio year 1874 would have reduced the revenues so no reduction of prices to consumers here, but an increase of
far as to seriously embarrass the Treasury.
This urgency for
reduction is not now so great, and there is more general acquies¬ prices abroad.
The circumstances under which duties on imports are collected
cence in reasonable and proper construction of the statutes by
such as to bring into play the most powerful forces of selfthose who would at any time be content with an equal adminis¬
interest.
The contest between regular importers for precedence
tration of such laws.
It is the purpose of the Department to in the
market, and, therefore, for success on the one hand, as
render them equal and uniform in their application, as far as
against failure on the other, often turns upon very small dis¬
practicable and consistent with the letter of the law, and to tinctions, apparently of little consequence at the moment. A
administer them with such energy as shall leave none in doubt
as to their true meaning.
In the application of the revised stat¬ slight difference in the rate of duty paid in one case, less than
another, of ten becomes of the greatest practical importance to the
utes questions of construction often arise, but the Department
It is sometimes said that the interest of the merchant
has freely announced the principles of construction believed to be importer.
to evade the duty is not great enough to induce the attempt; but
applicable, and in this it has had the support of recent decisions
of the courts.
No doubt is entertained that the positions assumed' experience has shown that none other than the most rigorous
enforcement of law and the power to inflict severe penalties
by the Department in this respect will bear any test of review to suffice to protect the interest of the Government and to meet the
which they may be subjected—a matter here alluded to only in
efforts constantly made for evasion of the duties levied by law.
the hope of inducing acquiescence in the intent of laws, which,
For this reason the laws of all countries where customs duties
if equally enforced, cannot operate prejudicially against any class
are imposed have been uniformly and necessarily severe, declar¬
or section.
The general depression of business resulting from the panic of ing forfeiture and penalty as the indispensible condition of the
violation of revenue laws.
The history of legislation in this
September, 1873, has been followed by unusual delay in forward¬
respect in Europe is unbroken.
A series of preventive and
ing the crops. Prices in all the markets, foreign and domestic,
penal acts of the most decisive character may be found everyhave not been sufficiently high to induce shippers to make the
not properly authorized.
of careful calculation, that a concession of
tions claimed in the large number of appeals




are

December 12,

603

THE CHRONICLE.

1874 J

wliere, whatever may he the recent relaxation
duty or the increase of the list of articles free

Unitedi States the rates of duty

of the rates of

of duty. In the-

for some years past have been

the increased

activity given during the

early part of the same

by the reduction in the

year to the movement of plug tobacco
rate of tax from 32 to 20 cents per pound.
The act of June 6, 1872, so fa? as it relates

to a reduction of
high, much higher than are imposed in most other countries; but taxation on banks and documentary stamps, did not go into full
the consumption of foreign merchandise is large, and the market
operation prior to the last fiscal year.
eager and undiscriminating, the quantity taken even at high
The number ‘of brewers engaged in the production of fer¬
cost being greater in proportion to the population than in any
mented liquors during the fiscal years 1873 and 1874, was as
foreign country importing from other countries.
follows:
At the last session

of Congress measures were

proposed, and,in

enacted, looking to the relief of merchants and others who
complained of what they claimed to be unnecessary severity of
the revenue laws, imposing penalty and forfeiture for violations
thereof.
Whatever errors may have existed in the administra¬
tion of

3,554
2,524

In 1873
In 1874

from income as
items no longer

part,

these laws, or whatever extreme steps may have occa¬
sioned the legislation of the last session, it is still true that the

1,030

Decrease

During the fiscal year 1873, over five millions were
back taxes, and five hundred thousand

collected

from gas,
taxable, and collections of past-due taxes, under
penal provisions, in most important particulars, were no more repealed statutes, are of course constantly decreasing.
The receipts from internal revenue for the first quarters of tliestringent than those existing since the early history of the
fiscal years ending June 30, 1874 and 1875, were as follows:
country.
The earlier acts relating to duties on imports, perhaps, imposed First quarter of 1874
$25,640,454 41
the severest penalties known to our statutes, and these laws First quarter of 1875
26,314,615 33
remained almost without material modification in this respect
Increase
674,160 92
until the last session of Congress, but their administration was
The aggregate receipts for the months of October and Novem¬
modified, by the power of remission conferred upon the Secre¬
ber, 1873, were $13,863,029 97, and for the same months of 1874
tary, so far as to rarely involve forfeiture of vessels or the
imposition of the extremist penalties. It was the conspicuous they were $17,476,202 99:
Without some unexpected interruption of the industries upon
character of the penalties recently imposed that excited public
which these taxes are imposed, the full amount of the estimate
attention and induced the modifications embodied in the act of
hereinbefore presented will be realized.
the last session.
The suggestion of the Commissioner that the taxes now col¬
In the light of the experience of this and other countries in
lected by stamps on bank checks, matches, perfumery, cosmetics,
the collection of duties on imports, it must be considered that
&c., may be abolished, and compensation made therefore by in¬
any material change in the policy or manner of protecting the
creasing the tax on spirits ten cents per gallon, is worthy the
revenues by the imposition of penalties and forfeitures is neces¬
consideration of Congress.
By making this change the items of
sarily tentative. It is absolutely indispensible that the revenues
internal taxation would be considerably reduced, and the system
shall be collected, and in their collection the interests of the Gov¬
Both require simplified without loss of revenue. The means now in use for
ernment and the honest importer are the same.
the collection of tax on spirits will, it is believed, secure the col¬
that whatever the law declares to be the rate or amount of duty
shall be equally and inflexibly enforced.
Evasions of an ap¬ lection of the increased amount.
EXPORTS AND IMPORTS.
parently small proportion of these duties become the means of
serious injury, if not ruin, to the honest merchant whose busi¬
The comparative coin value of the exports and imports of the
ness is undermined by such competition, and often result in great
United States for the last fiscal year, as appears from official re¬
loss of revenue.
While it is not yet demonstrable that the turns to the Bureau of Statistics, may be exhibited as follows:
$569,433,421 00
present tendency to decline in revenue from customs is sensibly Exports of domestic merchandise
influenced by any other cause than the decline of importations, Exports of foreign merchandise
there are grave rensons for apprehending serious results from
Total exports..
any legislation depriving the Government of the most efficient Imports
means for the detection of fraud and power to inflict the severest
penalties in extreme cases. It cannot be doubted that the legis¬ Excess of exports oyer imports
lation of the last session of Congress has created a popular belief
$66,630,405 00
Exports of specie and bullion
28,454,906 00
that smuggling is less hazardous, and violations and evasions of Imports of specie and bullion
the law less dangerous, than formerly, and it is not difficult to
38,175,499 00
Excess of exports over imports
see to what results such a belief is likely to lead
The sum placed at the disposal of the Secretary, by the act of
Total excess of exports of merchandise, specie and bullion
$57,052,197 0
the last session of Congress, is inadequate for furnishing com¬
over imports of same
While these returns are believed to be reasonably accurate as
pensation for the detection of frauds upon the revenue. The last
section of that act makes it the duty of the Secretary to make
regards the exports by sea, it has been found impracticable to
compensation to persons who would, under former laws, have- obtain complete statements of our exports to Canada, owing to
been entitled to share in the distribution of forfeitures, and the fact that manifests, containing the quantities and values of
under this provision a large proportion of the sum placed at the merchandise exported in railway cars, are not legally requirable.
disposal of the Secretary by that act became unavailable for use Detailed statements have been received, however, from the Com¬
in cases of future violations of the law.
missioner of Customs of the Dominion of Canada, from which it
The decline of receipts from customs is suggestive of the im¬
appears that the coin value of our exports to Canada during the
portance of reducing the aggregate expenses of collection, and last fiscal year was $10,200,059 in excess of that returned by the
the attention of the Department has recently been given to this United States customs officers, which would increase the exports
subject in a way that has already produced some favorable re¬ for the last fiscal year, as above stated, by that amount..
sults, and still further reduction will be accomplished. It is,
It is proper to remark in this connection that merchandise of
however, impracticable to make such reduction exactly, or even the value of $17,878,225 was withdrawn from bond for consump¬
approximately, proportionate to the falling off in receipts, since tion in excess of that entered for warehouse during the year.
the cost of maintaining the minimum organization at any given
The export of coin and bullion was $24,952,138 less than for
port is the principal part of the expense, and this cannot be the preceding year, while the exports of domestic merchandise
avoided, or diminished, without incurring danger of loss of the have increased $63,803,118.
revenue at such port.
There appears to have been a decrease in importations for the
RECEIPTS FROM INTERNAL REVENUE.
•last year of $74,729,868 as compared with the previous fiscal
The report of the Commissioner of Internal Revenue presents year, and of $59,188,735 as compared with the fiscal year ended
a satisfactory exhibit of the revenues in charge of
that bureau. June 30, 1872.
The following imports show an increase in value, respectively:
The decrease from each source of internal revenue for the year
Coffee, $10,941,570; molasses, $1,046,773; salt, $556,127; flax
ending June 30, 1874, as compared with the fiscal year 1873, ap¬
seed, $447,229; brass and other metals, $475,439; medicinal
pears from the following statement:
barks, $418,436; coal, $410,762: hair, $408,826; raw hemp, $328,994; indigo and cochineal, $353,474; unmanufactured wood,
Decrease.
1874.
1873.
Sources.
$384,810; articles exported and returned, $1,287,622; opium,
$2,655,281 93 $561,726; spices, $586,642; barley, $2,838,672; dress goods, $1,$49,444,089 85
$52,099,371 78
Spirits

34,386,303 09
9,324,937 84

Tobacco

Fermented liquors
Banks and bankers

3,771,031 46

Penalties,, &c
Adhesive stamps
Back taxes under rep’led laws

461,653 06

7,702,376 85
6,329,782 00
$114,075,456 08

Total

33,242,875 ‘62
9,304,679 72

3,387,160 67

1,143,427 47

20,258 12
383.870 79

764,880 14

97,436 72
1,565 532 21
5,564,901 86

$102,644,746 98

$11,430,709 10

364,216 34
6,136,844 64

The decrease in the receipts from spirits is due to the small
production of brandy in 1874, in consequence of the partial
failure of the fruit crop in 1873; the earlier collection of special
taxes in 1874 than in 1873; the reduction in the value of ware¬
house, rectifiers’ and dealers' stamps by act of June 6, 1872,

which reduction

operated during the whole of the

1874, but during only eleven months of 1873; and
collections from repealed taxes relating to spirits in
1873.
The falling of in the receipts from tobacco
the abolition of the system of bonded warehouses,

fiscal year

the smaller
1874 than in

is owing chiefly to
under act of

June
were

large quantities of manufactured tobacco
the market during the fiscal year 1873, and to

6, 1872, by which

placed




upon

714,838.

Those exhibiting a

decrease in importation are

principally un¬

manufactured wool, $12,183,632; manufactures of wool, $4,149,298; raw silk, $2,606,613; manufactures of silk, $5,893,253;
linen, laces and other manufactures of flax, $2,955,636; cotton

fine

goods, $7,007,455; kid gloves, leather, and
leather, $1,107,528; furs, $379,427; hides and
jute and jute butts, $1,471,727; paper stock,

manufactures of

skins, $1,281,565;
$1,058,297; paper
and paper hangings, $734,872; horsehair, $792,675; old and scrap
iron, $5,148,370; copper ingots, $2,347,626; manufactures of copber, $887,836; pig and bar lead,$1,094,240; tinplates, $2,000,727;
watches, $900,531; jewelery and precious stones, $876,997; fancy
goods and perfumery, $468,986; tobacco, snuff and cigars, $1,304,002; wines and liquors,

$622,000; fruit and nuts,

$1,392,044;

$829,490; tea, $3,353,860; dutiable chemicals, $873,711;
chemicals, drugs and dyes, $1,444,919; dye woods, madder, argols, bleaching powder and nitrate of soda, $713,083; soda ash,
$928,448; earthen, stone and china ware, $1,133,570; common
window glass and glass ware, $1,399,341; lumber, $2,694,327;
crude india rubber and gutta percha, $703,821.
sugar,

There was a falling off in the importation of iron and steel
their products of $20,366,536 in value upon the following

and

was

also

a

decrease in the importation

OP

STATEMENT

articles:

of'live animals of

$702,381, and of provisions of $849,331 in value.
Of domestic products exported, the following articles show an
increase in value, in currency: Wheat, $49,969,205; wheat flour,
$9,876,430; rye and rye flour, $1,440,999; corn and corn meal,
$1,029,829; cheese, $1,400,985; butter, $139,462; pork, $801,677;
beef and tallow, $1,576,044; fish, $603,712; leaf tobacco, $7,710,046; oil cake, $487,798; horned cattle, $454,900; hogs, $838,435;
agricultural implements, $503,839; timber, wood and manufac¬
tures ofwood, $2,233,919; coal, $909,675; manufactures of hemp,
$691,021; iron and manufactures of iron, $846,197; firearms, $1,158,269; sailing vessels sold to foreigners, $371,407.
The decrease in the exportation of domestic products appears

principally in the following articles: Raw cotton, $16,019,489;
bacon, hams and lard, $3,576,025; hides, $1,044,641; furs and
furskins, $391,185; leather and manufactures of leather, $518,976; sewing machines. $556,424; crude mineral oil, $910,354;
crude turpentine and rosin, $585,565; and silver ore, $969,303.

BY

REVENUE VESSELS

THE

or

reported

assisted for viola¬ Miles sailed.
in dis¬ tion
of
law.
tress.

Years.

DURING

1860-70.

Seized

Vessels

Boarded

anc

examined.

Lives
saved.

.

1860
1861
1862
1863
1864
1865
1866

96
111
143

88
129
134
117
61
116
143
126
108
109
175

*

1867

118
103
90

133
154

83
79
149

1,259

1,623,590

114

147,599

9.386
38,815
17,375

SERVICES

PERPORMED

Fiscal year

14
25
25

7,927
9,386

156,910
105,903

BY

FISCAL YEARS

3
7
33

8,607

18
192
17

144,083
13,098

[This statement is made by calendar years for the reason
compiled were so made.]
OP

19

10,850
7,923

from which it is
STATEMENT

5

20
23

9,728

155,910

119

Total
Average per year

11,095
12.991

112,939
159,574
147,455
174,111
99,326
126,552
192,597
192,313

1,306

1888
1869
1870

that the reports

REVENUE VESSELS

DURING

THE

1872-1874.

Seized or
Vessels reported
Boarded and Lives
assisted for viola¬ Miles sailed. examined.
saved.
tion of
in dis¬
law.
tress.

ending—

COMMERCE AND NAVIGATION.

.

Little improvement is observable in the foreign carrying trade.
Over 72 per cent, of our imports and exports during the last fiscal

,,

PERPORMED

SERVICES

YEARS

manufactures of steel, $3,324,513;
pig iron, $3,915,747; bar iron, $2,266,170; sheet, lioop and band
iron, $1,169,308; machinery, $400,192; anchors, chains, cables,
castings and hardware. $308,339.
Rails, $8,982,267; steel and

There

[December 12, 1874.

THE CHRONICLE.

604

This ratio is, however, a
year was carried in foreign vessels.
somewhat better exhibit than for the fiscal year 1872, when 76
cent, of this trade was transported in vessels of other nations.
It is estimated that, prior to 1860, from 75 to 80 per cent, was
done in vessels of .the United States.
From the report of the Register of the Treasury, the total ton¬
nage of vessels of the United States appears to be 4,800,652 tons,
being an increase over that of the fiscal year ended June 30, 1873,
of 104,626 tons, notwithstanding the omission from the official
returns, under the act of April 18. 1874, of canal boat tonnage
amounting to 133,065 tons.
The tonnage of vessels built during the last fiscal year, as
per

June 30,
J une 30,
June 30,

1872
1873
1874

.

Total

Average per year

219
210
153

1,594
1,605
1,810

166,098

24,932 '

185,668
169,882

30 543

27,748

37
109
4

582
194

5,009

521,648
173,882

83,223
27,741

150
50

1,669

[Of the 5,009 shown in this statement as the total number of vessels seized or
reported for violation of law, 3,119 were returned by the two New York harbor
boats, which previous to 1871 made no returns. Leaving this number out of the
account, the average during the last three years is 630.]
The number of vessels now in commission are thirty-four, of
which thirty are steamers and four sailing vessels.
They are so
distributed as to embrace in their cruising grounds the entire
coast of tlie United States, with the exception of a portion of the
Pacific coast, and afford reasonable protection against the smug¬

given in the report of the Register, is 432,725 tons; which amount gling of goods into tlie country by tlie cargo. For the portion of
exceeds that of the preceding year by 73,479 tons, and is greater the Pacific coast alluded to a vessel was authorized to be built at
the last session of Congress, and plans and specifications for her
than that of any year since 1855.
From July 1 to November 10, 1874, official numbers have been construction are now in preparation.
********
awarded by the Bureau of Statistics to 684 vessels, whose carry¬
[The remarks of the Secretary with regard to ‘4 Life Saving
ing capacity amounts to 169,654 tons. Of these, 213 were new
sea-going vessels, varying from 100 to 5,000 tons, with an aggre¬ Service,” “Light House Service,” “Coast Survey,” “Marine
gate tonnage of 120,972 tons. Of this number twenty-nine ves¬ Hospital Service,” “ Steamboat Inspection,” are omitted.—Ed.
sels measured over 1,000 tons, three over 2,000 tons, while two Chronicle.]
TERRITORY OF ALASKA—THE SEAL ISLANDS.
were iron steamships of 5,008 tons each.
Under the provisions of the act of April 22, 1874, authorizing *
REVENUE MARINE.
the Secretary of the Treasury to appoint a person qualified by
During the past year the three steam vessels in process of con¬ experience and education to visit the trading stations and Indian
struction for the Revenue Marine at the date of the last annual
villages in the Territory of Alaska, seal islands, and the large
report of the Secretary have been completed and put in commis¬ islands in Behring Sea, to collect authentic information relating
sion.
They are wooden vessels, of excellent model,-thoroughly to the varied interests of the Government in that Territory and
built of the best material, strong and fast, and admirably suited the
adjacent regions, Mr. Henry W. Elliot was designated as a
to the work required of them.
In the design of their steam ma¬ special agent for that purpose. The report presented by liim to
chinery special pains were taken to introduce the latest well- the Department as the result of his labors contains a compre¬
established improvements to secure speed and economy of fuel. hensive statement of the character of the country; the condition
There being great differences of opinion among engineers as to of tlie
natives; tlie present state of tlie seal and other fisheries;
the relative value of different types of engines, and it appearing and the trade of the territory; with minute descriptions of the
that all operated successfully, it was decided to use different en¬ haunts and habits of the seal and other fur-bearing animals, as
gines in these steamers, the boilers, screws and hulls being the also many valuable suggestions in regard to the management of
same.
Upon their completion, at the request and with the co¬ the natives, the preservation of the seal fisheries, and the
operation of the Navy Department, trials on a scientific basis economical collection of the revenue.
were made of their steam
machinery, the report of which has
No more satisfactory exhibit of tlie condition of tlie Territory
been published, and will, it is believed, be found of great value.
and of its probable resources lias hitherto been presented to the
These three vessels

r

are

of about 250 tons each, and have dis¬

placed four old ones having an aggregate tonnage of 1,320 tons.
Their completion practically accomplishes the re-organization of
this branch of the service, which has been in progress during the
last three years upon the plan recommended by the commission
appointed December 16, 1869, whose report was submitted to
Congress May 26, 1870. (Ex. Doc. No. 93, 41st Cong., 2d Ses¬
sion.) For nearly all the old, slow and unwieldy sailing craft,
and the large steamers of heavy draught and complicated ma¬
chinery, which were ill adapted to the requirements of the ser¬
vice and expensive to maintain, small steamers of light draught
and good speed have been substituted, effecting a reduction in
the tonnage of the fleet of nearly 2,000 tons; reducing corres¬
pondingly the number of men employed and otherwise lessening
the expenses of maintaining the service, while greatly increasing
its efficiency.
Equally important changes have been made in the
character of the official corps, through the removal of incompe¬
tent officers and the institution of a rigid professional examina¬
tion of candidates lor admission.
Constant improvement has
attended the progress of the re-organization, and the benefits
already derived indicate even better results than were anticipated.
The following comparative statements of the annual cost of
maintaining the service, and of the services rendered by it before
and since the commencement of the re-organization, well illus¬
trate the advancement

that has been made.

Expenses of the Revenue Marine for the fiscal years ending—

The Government has derived an income from the tax on seal
skins, and from the rent of the fur-seal islands, since the acqui¬
sition of the Territory, as follows : '
Taxon seal skins
$1,150,219 75
Rent of fur-seal islands
Sale of seal skins taken by

Government agents, under section 6, act

170,480 75

29,529 17

July 1,1870
Making a total income of.

$1,350,229 67

THE LOUISVILLE AND PORTLAND CANAL.

In pursuance of the direction contained in section 2 of the act
of May 11, 1874, entitled, “ An act providing for the payment of
the bonds of the Louisville & Portland Canal Company,” Mr. R.
W. Tayler, First Comptroller of the Treasury, was instructed to

proceed to Louisville, Ky., to make the examination authorized
by that section. His report, hereto appended, shows in what
manner his instructions
were carried out, and the result of his
examination.
It was ascertained that the company was indebted to its
urer in the sum of $307 81, which has
since been paid.

Treas¬

There

outstanding bonds of the company amounting to $1,172,000,
bearing six per cent interest, payable semi-annually—January 1
and July 1 in each year.
These bonds will mature July, 1876,
July, 1$81, and July, 1886. No other debts were found to exist
against the company, nor in their favor from the directors, the

are

The five shares
to the United
States, and the value thereof, including interest, amounting to
930,24!) 81
995,308 83 $813 50, has been paid at the Treasury. Public notice was given to
June30,1869
903,601 83 the holders of the bonds to present the coupons due July 1, 1874,
Previous to the year first named the expenses of, the Revenue at the office of the Assistant-Treasurer in New York for payment,
and, of the $35,160 due on that day, $34,920 have been paid.
Marine Service were kept with the accounts of the general
expenses of collecting the revenue from customs, and cannot be Coupons to the amount of $390, past due at that time, but not
previously presented, have since been paid at the Treasury,
easily entertained,

June30, 1805
June 3\ 1«66
June 30.1867.
June 30,1868

„

Department.




$1,229,434 04 1 June30,1810.
1.177.230 70 | June30,1871'.
1,167,125 41 | June30, 1872
1,293,661 67 June 30,1873
1,185,702 26 j June30,1874

$1,133,670 15
1,121.026 43

trustees under the mortgage, or other persons.
of stock held by the directors have been transferred

December

THE CHRONICLE.

12, 1874.]

of the five per cent earnings of
PACIFIC RAILROAD COMPANIES.

605

CLAIMS FOR PROCEEDS OF COTTON.

DEMAND for payment

The fifth section of the act of

May 18, 1872, directs the Secre¬
By the sixth section of the act approved July 1, 1862, to aid in tary of the Treasury to pay to the lawful owners or their legal
the construction of the Pacific Railroad, and subsequent legisla¬ representatives the net proceeds, actually paid into the Treasury,
of all cotton seized after the 80th day of June, 1865, by the agents
tion, the Central, Union, Central Branch of the Union, Sioux
of the Government unlawfully ana in violation of their instruc¬
City and Pacific, Kansas, and Western Pacific Railroad Com¬
tions.
panies are required, from the date of the completion of their
The number of bales of cotton seized after that date, the pro¬
several roads, to pay the United States five per centum of their
ceeds of which reached the Treasury, was about 50,000, and the
annual net earnings. Congress, at its last session, by an act
approved June 22, 1874, directed the Secretary of the Treasury net proceeds thereof, averaging the same at $100 per bale, was
$5,000,000. The number of claims filed under this act was
to demand of the treasurer of each of said companies all sums
due to the United States, and in default of payment for sixty 1,386; the whole number of bales claimed is 136,877, the net pro¬
days thereafter, to certify that fact to the Attorney-General, who ceeds of which, at $100 per bale, would be $13,687,700. It is
is required, thereupon to institute such legal proceedings as may well known that a large number of persons from whom cotton
was seized have made no claims whatever.
Under these circum¬
be found necessary to enforce payment thereof.
The law, in the opinion of the Secretary, contemplates that stances the magnitude of the aggregate of claims presented is
demands shall be made for specific sums ba§ed upon the net worthy of attention.
In collecting the cotton to which it was supposed the Govern¬
earnings of each road from its completion, and, for this purpose,
he has assumed that the completion in each ease, in the absence ment was entitled, after June 30, 1865, various instructions were
of more definite information, dates from the issue of the last given from time to time by the Secretary of the Treasury to the
instalment of bonds by the United States, under the act of July agents of the Department, and in different forms as occasion for
them arose.
Some of these were issued as general regulations
1, 1862.
The 20th section of this act required the companies to make approved by the President, some as circulars to general and
annual reports to the Secretary of the Treasury, which, if made, supervising special agents to be by them communicated to their
would show their annual net earnings, but by subsequent legis¬ subordinates, and, in a few cases of emergency, explanatory
lation they were directed to make this report to the Secretary of letters were sent by the Secretary to individual agents.
These,
the Interior.
They have not, however, as it appears, fully com¬ however, were generally in harmony, and were usually commu¬
nicated in writing, or orally, to all agents, so that their action
plied with this requirement.
Upon correspondence with the Secretary of the Interior, it is might be uniform.
Of the claims presented to the Department, 650 have been sub¬
ascertained that their reports were so imperfect as not to disclose
the net earnings of the several companies. A demand was there¬ mitted for decision, and acted on as follows :
487
upon made by the Interior Department upon each of the com¬ Rejected..-.
Continued for further evidence and still under examination
188
panies for an immediate statement of its net earnings from a date Allowed
25
specified to and including the present year, but such reports have
Of the aggregate number of claims presented there remain, not
not been furnished.
The
Having delayed a reasonable time to give the companies an yet fully prepared or submitted for final decision, 686.
opportunity to furnish the desired information, and failing to claims allowed, as aforesaid, were for the proceeds of 1,846 bales,
receive it, resort was had to such other means of information as and the amount paid out on such claims is $188,018 27.
The following table contains a summary statement of the pro¬
were within reach,
namely, to the annual reports of the presi¬
dents of said companies to stockholders, and such further state¬ ceeds of captured and abandoned property covered into the
ments relating to the fiscal affairs of the said companies as have Treasury, and claims that have been presented therefor under
from time to time been given to the general public.
Upon infor¬ the several acts of Congress relating thereto, viz.:
mation derived from these sources, estimates have been made Proceeds of captured and abandoned property covered into the
Treasury
$*0,910,656 44
approximating as nearly as practicable the net earnings of said Awarded to claimant* by Court of Claims under
companies respectively, and demands have been made for the
the act of March 12, 1863
35
$9,968,950
payment of the amounts thus ascertained. Demand in writing Paid to claimants by tlie Secretary of Treasury
under the act of May 18, 1872
133,018 27
lias been served personally upon the treasurer of each company.
Paid on judgments against Treasury agents under
The aggregate amount now due from all the companies upon
the act of July 27, 1868
39,188 17
the best data at hand, closely approximates three million dollars. Paid under various relief acts of Congress
198,665 91
Disbursed for expenses under joint resolution of
Should payment hot be made within sixty days, the matter will
March 30,1868
75,000 00
be reported to the Attorney-General in conformity to the require¬
#

ment of the act of June

22, 1874.

Total

»

REDEMPTION AGENCY FOR NATIONAL BANKS.

10,414,822 70

Which, deducted from the total amount received as above,
leaves

a

balance of

$10,195,888 74

If

Congress shall deem it expedient to continue the present
system of redemption of national bank notes, it is recommended
that the number and compensation of the employees in the division
organized under the act of June, 20, 1874, be fixed by law, and
their appointment vested in the head of the Department, in accord¬
ance with the constitutional provision.
BUREAU OF ENGRAVING AND PRINTING.

Against which the following claims have been presented
Amount claimed in suits brought in the Court of
Claims prior to August 20,1968
$16,517,703
Amount claimed in cases in the Court of Claims

brought subsequent to August 20, 1868
claimed in cases presented

Amount

Treasury
1872

to the

Department under the act of May 18,

(approximate)

:

58

6,766,374 89
13,550,000 00

Total amount claimed
$36,884,078 47
preparing the bonds,
10,495,838 74
Deducting from this sum the balance remaining as above
notes, and stamps issued by the United States, has led to the con¬
clusion that the work can be more satisfactorily and safely done Leaves the aggregate amount of claims presented in excess of
the total amount covered into the Treasury
$26,338,244 78
in the Treasury Department than elsewhere.
The Bureau of
In exercising tlieauthority given by the act of May 18, 1872, the
Engraving and Printing is now supplied with the best machinery,
which has been acquired at great cost, and the most skilful artists Department has felt bound by the plain letter of that act to reject
are employed by the Government without
difficulty. The system all claims where the seizure was not in violation of both the law
of checks now in use in that bureau, together with the special
and the instructions.
Doubtless hardship has resulted in some
paper heretofore adopted by the Department, furnish all proper cases from this rule of decision ; but the Secretary has not felt at
and reasonable protection against duplication and other frauds.
liberty to depart from the letter of the statute in order to avoid
It is, therefore, recommended that provision be made by law hardships in particular cases.
for prepariag all securities, stamps, checks, drafts, &c., issued by
In the consideration of these claims, complicated and difficult
the United States, in the Bureau of Engraving and Printing now questions of law and fact are frequently encountered.
The in¬
attached to this Department, and that the cost thereof be regu¬ structions of the Department to its agents required the seizure of
lated by law from time to time.
all cotton found on the Confederate cotton lists as property of the
rebel government.
These lists include considerable amounts of
PUBLIC BUILDINGS.
cotton which, it is claimed, the owners did not sell to the soThe report of the Supervising Architect shows the present con¬ called Confederate States, as well as some which it is averred was
dition of the public buildings under the charge of this Depart¬ sold under duress—some by persons claiming to be agents for the
ment.
The demands upon the time of the Secretary are such that owners, but whose agency is denied ; and, in still other cases, it
he can give little attention to the progress of such buildings; so is claimed that the sales are void because made by fiduciaries
that, practically, the responsibility and duty of devising plans, without requisite authority, and in violation of Sate statutes. In
making contracts, and superintending the construction and repairs disposing of these questions, the Department necessarily acts in
of such buildings devolve upon the Supervising Architect. Care¬ most instances on ex parte proofs, which are often most unsatisful revision of the acts heretofore passed authorizing the con¬ ractory, even where made with no purpose to defraud.
It is submitted for the consideration of Congress that the
struction of public buildings, is recommended, with a view to
curtailing the cost of some and suspending others, which, it is Treasury Department is not a suitable tribunal for the ultimate
believed, may be done without detriment to the public service. decision of such questions. They belong more properly to the
By this means there can be effected a saving of considerable courts, which are armed with power to ascertain the truth, and
sums
of money which, under existing appropriations, will be are better organized for this purpose than an Executive Depart*
expended during the current and ensuing fiscal years. Public ment of the Government.
Herewith are transmitted the reports of the different bureau
buildings, plain and simple in design, constructed of substantial
and durable material, as nearly fire-proof as may be, and adapted officers, viz.: First and Second Comptrollers, the Commissioner
to the convenient and proper transaction of the public business,
of Internal Revenue, the Comptroller of the Currency, the Com¬
should be provided at all places where they are requisite, from missioner of Customs, the First, Second, Third, Fourth, and Fifth
time to time, as the condition of the revenues may permit, but Auditors, and the Auditor of the Treasury for the Post Office
the present is not a favorable time for making large appropria¬ Department, the Treasurer, the Register, the Director of the
tions for this purpose, and much that is now contemplated may be Mint, the Chief of the Bureau of Statistics, the Solicitor of the
postponed without serious inconvenience.
Treasury, the "Buperlnteiidefit of the Coast Survey, the Light-

Careful consideration of the




manner

of

[December 12, 1874.

THE GHRONICLfc

606
•esse

Architect/which are referred
furnishing information in detail of the business of the
Department.
B. H. BRISTOW,

house Board,
to

and the Supervising

as

Secretary of the Treasury. '

REPORT OF THE COMPTROLLER

The following table exhibits similar data, showing the condi¬
tion of the National hanks at the close of business on the 2d day
of October, the date of their last report; the returns from New
York city, from Boston, Philadelphia and Baltimore, from the
other redemption cities, and from the remaining banks being

arranged separately

OF THE CURRENCY.

:
Boston, Other reYork Phil, and demp’n
Baltim’e. cities.’
City.
48 banks. 94 banks. 88 banks.

Sir

:

61 of the National Bank act,

gress, in compliance with section
the twelfth annual report of the Comptroller
Since my last annual report two bills

banking system have passed Congress.
That the maximum

of the Currency.
relating to the National

The first bill provided—

amount of United States notes

is hereby fixed at

$400,000,000.

in notes for circulation, in addition to such circula¬
shall be issued to National banking associations now
organized and which may be organized hereafter, and such increased circula¬

That forty-six millions
tion now allowed by law,

section 1 of
per cent

tion shall be distributed among the several States as provided in
the act entitled “An act to provide for the redemption of the three

certificates and for an increase of National bank notes,”
approved July 12, 1870. And each National banking association now organized,
or nereafter to be organized, shall keep and maintain, as a part of its reserve
required by law, one-fourth part of the coin received by it as interest on bonds
of the United States deposited as security for circulating notes or Government
deposits, and that hereafter only one-fourth of the reserve now prescribed by
law for National banking associations shall consist of balances due to an asso¬
ciation available for the redemption of its circulating notes from associations
in cities of redemption, and upon which balances no interest shall be paid.
This act failed to receive the signature of the President, and

temporary loan

did not become a law.
The second act was approved, and went into operation J une
1874. This act provides—
That the amount of United States notes outstanding and to
used as a part of the circulating medium, shall not exceed

of three hundred and eighty-two millions dollars,
said sum shall appear in each monthly statement of the
sum

debt, and no part thereof

the
which
public

shall be held or used as a reserve.

required
cent of their cir

banks

deposit with the Treasurer five per
culation, which amount is to be counted as a part of the reserve
required to be held on deposits ;
For the deposit by any National bank of lawful money
with the Treasurer, in sums of not less than $9,000, and the
withdrawal of the bonds on deposit as security for such circu¬
lating notes, provided that the amount of such bonds shall not
be reduced below $50,000 ;
For the withdrawal of $55,000,000 from National banks in
States which have received more than their proportion, and its
re-distribution to National banks in States which have received
less than their proportion, upon an apportionment made on the
basis of population and of wealth, as shown by the returns of
the census of 1870, not more than $30,000,000 of which shall be
withdrawn and re-distributed daring the fiscal year ending June
keep

on

30, 1875.
Twenty-two hundred

National banks have been organized
since the establishment of llie National banking system, under
the act of February 28, 1863.
Thirty-five of these banks have
failed, and 137 have gone into voluntary liquidation by a vote of
two-thirds of the shareholders, under section 42 of the act, leaving
2,028 banks in existence on the 1st day of November, 1874.
During the past year 71 National banks have been organized,
with an authorized capital of $6,745,500.
Three banks have
failed and 20 have gone into voluntary liquidation.
The following table exhibits the resources and liabilities of the
National banks in operation at corresponding periods for the last
four years :
Oct.

8, 18iU. Oct.2,1871. Oct.8,1872. Sep. 12, 18781 Oct. 2, 1874.

1,615 banks 1,767 banks 1,919 banks 1,976 banks!2,004 banks
712,767,458
3.160,726
340,857,450
15,381,500
22,323,80)
23,614,72!
66,275,669
83,943,306

827.689,625
3,882,585
364,275,810
28,087.500
17,753,650
24,517,059
86,878,609
43,525.362

872,520,104
4,677,819
382,046,400
15,479,750
12,142,550
23,533,152
80,717.071
34,486,594

$
940,233,304
3,986,812
888.330,400
14,805,000
8,819,850
23,714,035
96,134,121
41,4l3,6fr0

9,202,497

12,772,670

12,976,878

12,022,878

*

$

Resource ft.

LoanB and discounts
Overdrafts
1J. S. bonds for circulate
IT. B bonds for deposits..
U. 8.bonds on baud
Other stocks and bonds..
Doe from reserve agents
Due from National banks
Due from State banks
Real estate, lurniture and
fixtures
Current expenses
Premiums paid
Cash items
...

3.871,751

2,491,222
12.473.107
79,089,688
12,576,433
2,078.179
18,4f 0,011
77,203,577
26,33o, 000

Clearing House exch’ges.
National banknotes....
Fractional currency

Specie
Legal-tender notes
Three p.c. certificates...
IT S. certificates oi dep’lt
Clearing House cert’tes..
Redemption fund with

30,039,784
6,153,370
5,500,890
13,984,971
101,165,855
14,270,951
2,095,485
13,252,998
1U6.987.666
7,180,000

27,470,747

'

"

19,136.0C0

20,822*,069

$

32,276,498
6,310,429
6,546,849
14,916 784
110,086.815
15,787,296
2.151,743
10,2-29,757
102.074.104

1,555,000
6,710,OOt'
8,632,000

84,661,823
6,985,43*
7,752,844
11,433,913
88,926004
16,113,842
2,302,775
19,868,469
92,347,663

38,112,926
7,653,789
8.376,659

r

12,296.417

97,383,687
18,450,013
2,224,943
21,240,945
80,016,946

42,830,000.
20,349,950

Liabilities.

Dividends unpaid
Individual deposits

deposits
Deposits ot U. S. disburs¬
ing officers
U. S.

Due to National banks...
Due to State banks and
bankers
Notes and bills redisc’ted
Bills payable

1,014,402

2,390,850

5,784,946

11,196,612

5,385,650

4,367,096

19,625,253
3,974,807
5,682,313
8,021,265

38,112,926
7,658,739
8,376,659
12,296,417
97,383,687
18,422,818
27,195
2,224,943
21,240,945
80,016,946

749,811
356,953
1,437,170
956,101
2,230,570
16,079.945
76.860,065
3,929,591
2,191,418
1,472
1,947
260,792
263,422
2,776,909
14,406,267
20,874,595 12,098,851

950,320
900,228

31,555,000

7,530,000

1,088,481
4,448,677
9,675,225
2,626,584
19,809
3,967
1,470,655
230,074
1,682,477 2,375,292
14,146,017 32,897,483
775,000
2,970,000

1,464,616

2,277,015

1,421,062 11,891,414

359,497

fund

Treasurer

372,401

Liabilities.

68,500,000 78,737,085 48,305,800
20,653,881 22,682,184 12,484,691
4,369,885
5,568,063
Undivided profits
12,042,089
Nat’l Bank notes outstanding.. 25,291,781 44,039,276 29,124,202
34,028
149,838
State bank notes outstanding..
115,501
139,852
1,259,331
Dividends unpaid
246,682
Individual deposits..
201.323,282 114,200,822 74,554,311
288,276 1,386,028
422,809
U. S. deposits
Deposits of U. S. disbursing
Capital stock

Surplus fund

33,172
25,788
68,189,355 28.854,310
25,230,753 7,357,217
124,000*

officers
Due to National Banks
Due to other banks and bankers
Notes and bills re-discounted...
Bills payable

2,632

nati, Cleveland, Chicago, Detroit, Milwaukee,
DISTRIBUTION

Terri¬

and
tories.

Boarn¬ks- ganized. Closed closing.

and opera¬ tion.

Capital
paid in.

522

11

511

New York
New Jersey....

323
63
218

47

7,302,154

3,223,600
11,074,117
5,691,121
3,538,928
2,861,073

5,927,828
125,102,050

12,438.916
584,444

Island

Connecticut

2
8
3

205

33

2

11
81

Total Middle States

618

63

Dlst. of Columbia.

9
28
20

c4

5

8
3

20
17
11
12
13
2

Pennsylvania
Maryland

Virginia
West Virginia
North Carolina....
South Carolina

Georgia
Florida

11
12
15

2

York, Boston, Philadelphia and

CURRENCY.

Clrcula’n
Bonds on Circula’n Circula’n outstandIssued. redeem’d
deposit.

|ing.

Texas
Arkansas...

41

183

11

741

57

1
1
11
4
1
6

55
90

27

Total West. States.

36,895,704

29,223.000 25,961,750 34,474,265
18,278,800 16,575,31*0 21.333,075
20.338,670 16,742,41*0 23,296,405
10,268,501* 7,924.150 9,860,400
4,878,130
3,424,550
3,815,000
7,984.805
6,095,(HH*
6,261,480
4,455,000
3,746,750
4,448,700
1,820,575
1.599,000
1,780,000
1,025,000
1,060,000 1,070,61X1

1,625,000

1,550,000

1,687,270

4.450,000

2,984.000

1,155.000
205,000
10,018,900
3,560,300

98

142
80
47
80

32
25
10

681

Nevada

Oregon
Colorado
Utah
Idaho
Montana
New Mexico
Dakota

^destroyed

40,211,972

33,789,084
5,549,432
6,040,563

S9.298.H8
5,937,512

50,718,008

*

.

»

•

1
11
3
1
5

-

-

1

i

2
2

2
2

Wyoming

29,693,911

*

1

914,000

9,195,300

Total Pacific States
and Territories..
...

2,192 171

1,116,840
31*5,775
196,210
668,415

3,502,270
2,130.320
2,363,63(1
2,927,9! Hi
27.000
66.1HHI

10,868.632 23,605,633
6,427,809 14,905,266
6,661,204 16.6*5,201
7,389,873
2,470,527
1.646,144
3,231,986
2.381,936
5,602,869
1,1X11,499
8,393,51)1
1,514,621
305,954
895,900
174,700

95,439,150 83,131,900 109,173,255 31,998,405 77,174,850
250,000
850,325

450,(XX*
100,000
350,000

125,000

250,000
740, (HX*
2<H*,!H*0
kxi.ooo
286,000
60.000

i

50,001*

26

3

29

1.2(4,9-18

4.607,320
1,149,740
294,(HH*
205.0(H)
9,381.850 10,264,670
4,014.980
3,116,500
8,616,565
3,985,350

300,000
50,000

2,475,325

1,986,(X*0

...

970,509

2,432.800
4,820,230

80.000

1,620.000
3,676,750
2,093,600
1.970.100
2.010,000
2.526.400
60,000

1,852,000
3,935.000
2.146,000
2,21X1,000
3,135.000
2,835.001*

1

81

Wisconsin
Iowa
Minnesota
Kansas
Nebraska

46,392,500 36,093,550 48,964,785 12,069,081

26
35

6
10
4
8
10
3
2
1

152

Michigan

817,700
243,895
8,335,601
3,061,232
5,908,379

170

13

104

.’.

3.402.475

332,(40
50,105
1,929,069
983,748
2,738,186

2
46

37

&

137,006,000 203,709,845 80,656,973 123,052,872

1,201,845

4

10

i
5
6

252

Tennessee
Missouri

31 *0.1*00

017.600

2,500
49,700

45,5-10

•540

7,864
225,(XX*
608,190
399,659
88,300
266,795
54,000
267.900
45,000

2,592,770

630,062

1,962,71*8

123.836
55.91X)

131,700
280,91X1
756,260
575,230
118,500
310,510
56,500

148,070
175,571
3(*.2(X)
43.745

2,021 498,375,126 382,68-1,250 532,962,805 184,171,653 348,791,158

Due to hanks for
mutilated
notes

GOLD

.

•

..

351,927,246

BAXK8.

Total gold

7

1
7

California

banks..

3,136,094

•

•

1,285,975
9,282,327

307,267
61,124

9

i

47
31

Kentucky

59,299,049
11,092,810
42,092,711

1,462.291
3,615,282
2,385,430
1,824,545
2,167,420
2,259,575
27,000
1,380,003
4,876

i
2
4

11
10
3

Louisiana

64,963,050 107,287.415 47,988,366
5,238,010
13,908,350 12,552,650 16,330,820
53,910,240 47.645,850 63,923.795 21,831,08-1
644, WO
1,930,965
1,453,200
1,523,185
13,790.203 10,391,250 14,236,850 4,954,523

215

2
....

2

Mississippi

162,596,482 121,466,800 168,522,151* 58,817,132 109,705.018

585 191,471,669

....

10

Alabama

Total Southern
S. W. States

62

11

Delaware

3,927,S23
125,102,050

4,950,727

64
43
42

1

1
13

Ohio
Indiana
Illinois

50,718.007
4 197,312

New Orleans, Louisville, Cincin¬

276 108,339,691

Rhode

8,098,560
138,672,733

1.877.100.942

669,068,996

5,205,041

$9,840,000 $8,930,750 $11,471,860 13,524,784 $7,915,576
2,(X*8,090
6,715.455
4,707,365
5,342,000
5,365.000
2,991,330
6,898,440
9,SS9,770
7,755,000
8,362,712
93.218,685 34.167,666 59,051,019
220 93,039,350 67,491,250
6,707,590 13,269,820
62 20,504,800 14,718,400 19,977,410
9,417,672 17,831,798
80 25,484,620 20,229,400 27,249,470

Total East. States..

Massachusetts

4,563,834
110,047,348

1,510,713.226 1.730.566.899 1.755.857.093 1.830.627,815

278,990,581

In

2

New Hampshire...
Vermont

5,393,599
131,730,713

5,480,554

493,765,121
128,958,107
51,484,438
333,225,298
964,997
3,515,847

St. Louis, and Suu * rancisco.

OF THE

66
44
44
228
62
83

Maine

4.550,143
100,348,292

4,197,372
4,950,727

298,222,236
71,137,351
29,501,401
234,770,039
665,630
1,869,982

1,395,029

691,993

Baltimore, are Albany, Pittsburgh. Washington,

States

3,295,843

2,270,100

645,268
16,984,268

redemption cities, in addition to New

The

17,054,107

424,733.914 303.296,206 202.896.722 946,754,100 1,877,180,942

Totals...
*

42,830,000

424,733,914 303,296,206 202,396,722 946,754,100 1,877,180,942

Totals

Grand total

4,592,610

4,524,164
383,254,800
14,691,700
13,313,550
27,807,827
83,885,127
89,695,310

Additional amount with U. S.

20,511,936

3,964,552
4,528,191

21,685
668,553
8,360,597
68,893
52,027,700 33,751,150 266.576,850
2,502,000 10,964,700
575,000)
3,875,100
1,186,900
615,800
3,267,360 15,048,589
2,401,944
15,008,194 52,714,793
16,162,140
6,229,514 8,059,182 13,454,711

1.933,801

deposit

per cent redemption
with U. S. Treasurer

3,515,847
669,068.996
7,302,154

3,843,577

.

293,845

U. S. certificates of

1,402,543
622,685,563
7,829,828

501,407,587
6,807,978

949,870,627

8,734.927

Specie
Legal Tender notes

3,149,750
613,290,701
7,853,772

2,462,591

128,958,107
51,484,487
333,225,293

$

$

295,198

466

2,006,414

Fractional currency

964,997

291,798,640
2,133,518

...

ii,951,903

Exchanges for Clearing-House.
Bills of other National Banks.
Bills of State banks

1,188,853

...

Surplus fund

7,089,937

—

493 765,121

458,255,696
101,112,672
42,008,714
315.519,117
1,921,056
4,540,195
600,868,486

426,116
30,899,1(X
650,001
7,635,75(

tures
Current expenses
Premiums
Checks and other cash items.

491,072,616
120,314,499
54,515,132
339,081,799

National bank circulate.
State bank circulation...

Capital stock

Payable in gold

Overdrafts
Bonds for circulation
Bonds for deposits...
United States bonds on hand...
Other stocks and bond*.
Due from reserve agents
Due from other National Banks
other banks and
Due
from
bankers
Real estate, furniture and fix¬

479,629,144
110,257,516
46,623,784
333,195,027
1,567,14"

430,399,301
94,061,439
38,608,619




39,695,309
11,196,612

1,510,713,286 1,739,566 ,S99 .,755,857,098 1,830,627,845 1,877,180,942

Totals

Totals.,

13,313.550
27,807,827
83,6S6,127

Aggregate
2,004 banks

1,774
banks.

$

100,860,154

■

20,610,090
175,000

U. S. Treasurer.....

Undivided profits

$
919,870,628
4,524,164
383,254,800
14,691,700

banks.

Ul

<,

be

It further provides for the repeal of the reserve required to be
held by the National banks upon circulation ;
For the redemption of all National bank notes at the Treasury
in legal-tender notes, for which purpose the
are
to

$
Resources.
$
Loans and discounts —... .
A 791 fiQft
808,433
On U. S. bonds on demand.
Tj IwljUOO
On other stocks and bonds
M A7R AQ1
12,189,780
| O j\JUX
on demand
On commercial and accom158,418,323
modat’n paper
189,841,588

5

20,

Country

N.

)
Office of Comptroller of the Currency, v
)
Washington, Nov. 23, 1874.
I have the honor to submit for the consideration of Con¬
Treasury Department,

8'

1

3,650,000

2,737,500

2,228,700

120,000
78,700

7

3,650,000

2,737,500

2,348.7001

198,700

120.000

1

2,150,660
2,150,000

THE CHRONICLE.

12,1874.)

December

..

The foregoing table exhibits the number of banks organized,
the number closed and closing, and the number in operation, with
their capital, bonds on deposit, and circulation issued, redeemed
and outstanding, in each State and Territory, on the 1st day of

-5^™

-

■

tender notes have been deposited for the purpose of withdrawing
from circulation the same amount of national bank notes.
The following- table exhibits, by States, the amount of circu¬

lating notes issued to nation* 1 banks since the

passage

of the act

20, 1874; the amount authorized to be issued to banks

November, 1874.

of June

The National-Bank act authorized the issue of three hundred
millions of national-bank circulation.
The act of July 12, 1870,

already organized; the amount authorized to be issued to proposed
organizations, and the amount of national-bank notes surrendered
by the deposit of legal-tender notes:

authorized the issue of fifty-four millions of additional circulation.
Of this additional circulation there were issued to

November 1,

1, 1872, $16,220,210; in the year ending November 1, 1873, $7,357,479.
During the year ending November 1,1874, there have been issued
$5,817,316; and during the same year there have been withdrawn
from circulation and destroyed $2,241,019, showing an actual
increase of national-bank circulation during the past year of

Authoriz¬ Authoriz¬
Issued to ed to be
ed to be
banks
issued to issued to
States and Territories
since J’ne
banks
proposed

1871, $24,773,260; in the year ending November

$3,576,297.
national

gold banks have been organized in California
during the year, with an authorized capital of $700,000. The
total capital of the national gold banks, all of which are organ¬
ized in the State of California, is $3,650,000, to which banks
circulation has been issued amounting to $2,150,000.
The following table exhibits the apportionment to the different
States and Territories, upon the basis of population and wealth,
the
whole amount of circulation
authorized by law,
of
($354,000,000,) together with the excess or deficiency of circula¬
Two

tion in each instance:

Appor¬ Aggregate Outstand¬
States and Ter¬ Apport’nment on
tionment
appor¬
ing
ritories.
populat’n. on wealth. tionment. circulat'n.

N.

Hampshire..

Vermont
Massachusetts..
Rhode Island
Connecticut
..

....

Total Eastern
States
New York
New Jersey....

Pennsylvania

.,

Delaware

Maryland
Total Middle
States
D. of Columbia.

Virginia
West Virginia..
North Carolina.
South Carolina^

Georgia
Florida

743,400
2,407.200
1,115,100
1,539,900
1,221,300
1,575,300
265,500
1,185,900
1,239,000
1,893,900

Alabama

4,576,646

Mississippi

3,800,529
3,336,863
3,757,640
2,223,936
6,064,027
5,777,118

Arkansas.

Kentucky
Tennessee
Missouri..

•

7,010,887
1,127,346
5,762,546
5,039,529
5,239,763
4,695.740
3,144,336
9,621,727
8,715,318

920,400

3,557,700
2,938,200
7,557,900 15,459,409

1,462,291
3,615,282
2,385,430
1,S24,545
2.167,420
2,259,575
27,000
1,380.003
4,876

•

•

•

•

•

#

114,331

4,415,961
758.711

4,633,377
2,292,925
4,751,313
1,100,316
4,382,543
5,034,653
1,828,289
3.878,040
2,900,441
1,286,126
5,654,086
9,551,031

3,402,475
817,700
243,895
8*335,601
3,061,232

5,908,379

Michigan
Wisconsin
Iowa
Minnesota
Kansas
Nebraska
Total West’rn
States
Nevada

114,331 52,467,842
1,780,192
279,005
7,520,230
2,275,784
5.751,217
4,108,513

60,150,411

....

Colorada
Utah
Idaho
Montana

Wyoming
..

Washington....

29,856
1,273,233
75,792

51,622,459 48,586,500 100,208,959 77,174,850

29,856 23,063,966

7,864
225,000

364,189
493,277

195,052
417,377
2,571,783
182,993

Oregon

New Mt xico
Arizona
Dakota.

29,098,800 89,249,211 36,895,704

12,234,726 13,151,100 25,385,826 23,605,633
7,714,871 7,469,400 15,184,271 14,905,266
11,659,230 12,496,200 24,155,430 16,635,201
5,435,357
4,230,300 9,665,657 7,389,873
3,231,986
4,841,403
4,141,800 8,983,203
5,602,869
4,230,300 9.711,381
5,481,081
3,363,645
3,393,501
1,345,200
2,018,445
1,672,754
1,115,100 2,787,85-4
1,514,621
971.692
895,900
564,592
407,100

Ohio
Indiana
Illinois

'California

4,460,345

938,100

7,901,509

Total South'n
and So. W.
States

1,347.960
8,031,242
3,144.141
6.457,922

398,386
68,852
94,540
41,855
421,742
44,334

.

177,000
300.900
3,752,400
123.900
88,500
35,400
88,500
35,400
194,700

372,052
718,277
306,893

104,252

399,659
88,300

183,040

266,795

77,255
616,442
62,034
100,496
198,464

35,400
88,590

65,096

6,324,183
608.190

486 886

17,700

109,964

.

6,324,183

54,000
267,900

301,297
87,227
15,952

23,255
348,542
55,496
198,464

•

Total Pacific
States
and

Territories.

•

9,550,274

4,938,300

4,611,974

1

Grand total of
States and
Territories.. 177,000,000 177,000,000

1

1,962,708

27,000

2,135,850
35,200

Pennsylvania

District of Columbia...

Virginia
West Virginia
North Carolina
South Carolina

$48,000

$48,000

51,800

50,000

58,500

....

$45,000

18,000

180,000

$270,000

180,666

'

45,000

Georgia
Florida

27.000

Alabama
Louisiana
Texas

45,000

63,000
45,000

61,500
1,142,200
72,000

118.500
499,350
198,000

135,000

Kentucky
Tennessee
Missouri
Ohio
Indiana
Illinois
..

180.000

45,000
45,000
90,000

452,0i6

1,395,000

588,900
432,000
347,640

864,000
495,000
90,000

49,500
229.500

223,210
645,070
406,000
136,000
49,500
211,500
117,900

45,000
315,000

107,100

112.500

180,000

90,000
189,000

17,000

96,800
338,000
238.500
180,000
45,000
90,000
90,COO
135,000
360,000
1,686,550
315,000

45,000

374,000
87.500
2,320.050
140,850

90 000

2.070,220
2,097,970
1,833,000

396,000

573.640

144,000
756,000
225,000
292.500
90,000
206,000

989,200
235,300
76.500
48,200
45,000

225,000
45,000

45,000

Total

405*000

$3,330,180 $8,707,000 $4,509,000 $11,546,180 $7,714,550

Secretary of the Treasury has, upon the request of the
Comptroller, as provided in section 8 of the act of June 20, 1874,
issued circulars to the assistant treasurers, designated depositaries,
and national bank depositories of the United States, accom¬
panied with a list of all banks which have failed, and which
have gone into voluntary liquidation, directing them to assort
and return for redemption the notes of those associations.
The
following table exhibits, by States, the amount of national-bank
notes outstanding of insolvent banks and of banks in voluntary
liquidation:
In

voluntary
liquidation.

States and Territories.

$3,206 25
$960 50

907,260
141,925
178,427
38,595
123,676
452,432
4,244

Pennsylvania
Maryland

District of Columbia

Virginia
West Virginia
Georgia

75
00
25
00
75
00
75

Alabama

960 50

370,068 25

1,277,329 00
199,291 50

57,366 50

178,427 25

392,596 00
579,400 00

431,191 00
703,076
452,432
4,244
1,683
4,876
651,324
4,995
27,000
344,462
239,038
896,155
99,683
860,485
47,463
109,572

1.683 25

3,485 00
261,000 00

Mississippi...
Louisiana
Arkansas

1,391 25
890,324 50

4,995 00

Kentucky
Tennessee

Missouri
Ohio

Indiana
Illinois

Michigan
!

27,000
342,341
239,038
316,655
60,383
835,168
47,463
109,572
240,763
8,740
90,000

00
00

2,i2i

25

50
10
75
70
00
60
90
00
00

.

Total

Total.

$3,206 25

Maine
Connecticut
New York

Wisconsin
Iowa
Minnesota
Kansas
Nevada
Utah
Montana

Insolvent
Banks.

79,500 00

39,300 00
25,317 00

1,351

66
66

75
00
75
25
25

50
00
00
25
50
10
75
70
00
60

242,114 90

8,749
173,400
7,863
10,768
12,500

83,400
7,863 50

10,768 00
12,500 00

00
00
50
00
00

$4,454,647 30 $2,037,638 00 $6,492,285 30

83,755
62.0:14

45,000

$153,900

The

44,604,036 70,587,600 115,191,636 123,052,872 7,861,239
604,560
5,624,042
2,029,041
4.918,022
3,239,045
5,435,587

Rhode Island
Connecticut
New York

»'

912,838
20,118,813 38,267,400 58,386,213 59.299,049
4,159,382 5,540,100
9,699,482 11,092*810 1,393,328
16,167,317 22,425,900 38,593,217 42,092,711 3,499.495
566,400
1,285,975
145,702
1,140,273
573,873
3,787,800
7,372,451
9,282,327 1,909,876
3,584,651

tenders.

tions.

Dakota

16,011,120 23,788,800 39,799,920 109,705,018 69,905,101

deposit of
legal

*

Wisconsin
Iowa
Minnesota
Kansas
Nebraska
Colorado
Utah

$

Total.

already or¬ organiza¬

ganized.

Michigan

*■

861,846

Louisiana
Texas

Defic’ncy

$
$
s
$
7,946,576 3,015,558
2,053,200 4,931,018
1,461,138
2,947,938
4,707,365 1,759,427
1,486,800
1,517,376
1,380,600 2,897,976 6,898,440 4,000,464
6,689,889 12,549,300 19,239,189 59,051,019 39,811,832
997,747
2.750,047 13,269,820 10,519,773
1,752,300
2,467,152 4,566,600 7,033,752 17,831,798 10,798,047

$
2,877,818

Maine

Excess.

20, 1874.

Amount

surrender¬
ed by

385,052 7,972,619

.
354.000,000 348,791,152 78,295,579 88,504,427

The amount of circulation now at the disposal of the Comp¬
troller or hereafter to be placed at his disposal, for distribution
from these different sources, is as follows :
The portion of the $354,000,000 authorized, remaining unissued
Notes of banks which have deposited lawful money for withdrawal
of circulation
Notes in circulation of banks in liquidation
Total

$2,072,71:4
7,714,550
6,492,285

$16,279,589

It is probable that of the notes of banks whose circulation is
being retired, a sufficient amount will be returned and destroyed
to supply all applications for new organizations for some months

outstanding on November 1, 1874, including the amount ($3,136,094) due to banks for mutilated notes to come.
The Attorney-General, at the request of the Secretary of the
destroyed, was $351,927,246, leaving $2,072,754 yet to be issued
of $354,000,000 authorized.
Treasury, has, since the passage of the act of June 20, 1874,
Since the passage of the act cf June 20, 1874, forty-six national
given an opinion, in which he holds that all circulating notes not
banks have been organized, with a capital of $4,019,000, to withdrawn under the operation of that act, may be re-distributed,
which circulation has been issued amounting to $1,842,650.
The as provided by the previous acts; and that it it the duty of the
amount of circulation still due to these banks, and to other banks
Comptroller to make requisition at such times and in such
amounts as may be necessary for the purpose of supplying banks
previously organized, is $3,707,000.
Applications have been made for the organization of sixty-four that have been organized in States which are deficient. Upon
other national banks, with a capital of $5,110,000, and a circula¬ this point the Attorney-General says :
tion amounting to $4,509,000 has been assigned to these proposed
As applications are duly made for circulating notes, that is, the banks having
organizations.
filed their bonds and otherwise cemplied with the requirements of law, the
Under section 4 of the act of June 20,1874, $7,714,550 of legal- Comptroller is to issue and deliver the notes to them, and then is to “ proceed
The total circulation




[ December 12,1874,

THE CHRONICLE.
forthwith” to make requisitions upon the hanks pointed out by the act, to
withdraw and redeem of their circulation so much as is necessary to equal the
issues previously made. It is probable that this course of proceeding would
result temporarily in a greater amount than $354,000,000 of circulating notes,
were it not for the sums withdrawn and redeemed under the fourth and eighth
sections of the act; these sums are so large, that there is little danger of over¬

stepping the limit fixed by law.
When the amounts withdrawn and destroyed under the
and eighth sections of the act of June 20, 1874, referred to

fourth

by the
Attorney-General, shall have been re-issued, it will be the duty
of the Comptroller to make requisition upon banks organized in
States having an excess—first, by reducing in such States to
$1,000,0000 the circulation of all banks having more than that
amount; and, secondly, by withdrawing from other banks having
a circulation
exceeding $300,000, their circulation, pro rata, in
excess of that amount. The amount subject to withdrawal under
sections 7 and 9 of the act of June 20,1874, in States having more
than their proportion of circulation, is as follows :
From
From
From
From
From
From
.

four banks in New York

City

$1,388,538
2,818,100
3,034,020

—

banks in Providence
fifteen banks in Connecticut
seventeen

..

*

REDEMPTION.

The amount of legal tender notes authorized
the amount of national-bank notes, $354,000,000.

is $382,000,000;
The amount of
legal tender notes, under the act of June 20,1874, cannot be re¬
duced, but must remain continually in circulation; the amount of
national bank notes, however, may be reduced at the pleasure of
the banks.
If the value of the paper dollar be determined by
the amount of such money in circulation, then the national bank
note is more valuable than the legal tender note.
The national
bank notes outstanding are secured by a deposit of more than
$385,000,000 of United States bonds, which are at a premium of
more than 12 per cent.
If the United States bonds be not of
sufficient value to pay the notes, the capital and surplus of the
banks, amounting to $622,000,000, as well as their entire assets,
are available for that purpose.
The stockholders are individually
liable for the full amount of their stock, in addition to the
amount invested in such shares, and the United States guarantees
the final payment of the notes.
There are, then, absolute assets
for

more

than three times the amount of the national bank notes

12,853,750
2,553,225

thirty-eight banks in Boston
twenty banks in Massachusetts
four banks in Maine

outstanding, available for the redemption of these notes, and, in
addition, the contingent liability of the shareholders and the
guarantee of their final payment by the United States. It is
certain, therefore, that the demand for legal tender notes in ex¬
3,967,195 change for national bank notes is not based on the conviction

668,000
595,600
2,112,870
99,850

From four banks in Vermont
From twelve banks in Baltimore
From one bank in Delaware
From forty-one banks in Pennsylvania
From eleven banks in New J ersey
Add amount of circulation remaining unissued and amount to be
withdrawn as stated previously

9i0,000

that the former are more valuable than the latter.
Individuals may desire to exchange national bank

notes for
legal tender notes, for the purpose of obtaining a legal tender for
Total
$47,350,743 the payment of debts. National banks may desire to exchange
the notes of other banks for legal tender notes, either because,
The aggregate amount of circulation at jthe disposal, or here¬ under the
law, legal tender notes may be held as a portion of
after to be placed at the disposal, of the Comptrolled for re-dis¬ their reserve, or for the
purpose of obtaining new notes in place
tribution among the States which are deficient, is therefore of those which are soiled and mutilated.
$47,350,743.
If an individual shall desire legal tender notes for the purpose
The following comparative table exhibits, by States, the amount of
making a lawful tender of money, such notes can readily be
of circulation outstanding, the amount per capita, and its ratio to obtained in
any reasonable amount, without charge, of any of the
wealth and capital, prior to and since the organization of the two thousand national banks which are located in the several
national banks:
cities and villages of the Union.
The act of June 20, 1874, which provides for the redemption of
Comparative table, exhibiting by Stales the bank circulation, the amount per
capital and the ratio of circulation to wealth and to capital, previous to the national bank notes with legal tender notes at the Treasury, also
organization of the National banking system and in 1874.*
reduces the amount of legal tender notes required for the re¬
serves of the banks more than $20,000,000, or about one-sixtli of
Ratio of Ratio of
Circulation
the entire amount so required.
cir’n to
Bank Circulation.
clrc’n to
It also fixes the amount of legal
(States
per capita.
wealth.
tender notes at $382,000,000, an increase of $26,000,000; the de¬
and
capital.
Territories.
mand for legal tender notes by the banks being, therefore, under
1862.
1874.
1874. 1862 1874 1862. 1874.
1862.
the operation of that act, largely reduced, while at the same time
the supply is increased.
p.c. p.c. p. c. p. c.
Maine
$6,488,478 $7,946,576 $10 33 $12 67 3.4 2.2 81.3 80.8
The exchange of national bank notes for new notes at the
New Hampshire....
4,192,034
4,707,365 12 86 14 79 2.6 1.0 85.3 87.7
Vermont
5,621,851
6,898,440 17 84 20 87 4.6 2 9 143.7 82.5 Treasury is, therefore, chiefly desirable on account of their mu¬
16,279,589

•

3.5
4.7

3.1

13,842,758

59,051,019
13,269,820
17,831,798

2.0
4.4
2.3

42.8
30.7
63.5

63.5
64.7
70.0

3.5

$65,516,155 $109,705,018 $20 90 $31 45

6,413,404

Total East. States.

23 52
36 73
30 08

40 52
61 05
33 18

28,957,630

Massachusetts
Rhode Island
Connecticut

2.7

51.7

67.4

$39,182,819 $59,299,049 $10 10 $13 53 2.1 0.9 36.0 54.7

New York
New Jersey

12 24
11 95
10 28
11 88

1.7

1.9
1.5
1.8

1.1 99.8
1.1 106.8
1.3 176.2
1.4 54.9

$82,372,091 $123,052,872 $9 97 $12 66

2.0

10

8,172.398

11,<92,810

27,689,504

Pennsylvania

42,092,711
1,285,975
9,282,327

678,34(.
6,649.030

Delaware

Maryland
Total Mid. States.

12
9
6
9

16
53
04
68

North Carolina
South Carolina....

Georgia
Florida
Alabama

Mississippi

5,218,598
6,089,036
8,311,728
116,250
5,055,222

8,876,519

Louisiana
Tey**

3,615,282
2,385,430
1,824,545
2,167,420
2,259,575
27,000
1,380,003
4,876

3,402^475

12 41

9,035,724
4,540,906
4,037,277

Kentucky

8,335,601
3,061,232
5,908,379

96
39
70
07

2.5
¥

*

if

14

1.4
1.1
1.3
0.1

1 38

1.0

12 54

01
4 70

i.5

7 82
4 09
3 42

09
50
6 31
2 43
3 43

7 86
83
5 24

1 90

'

243^895

Tennessee
Missouri

2
5
1
3

5 26
8 65

817,700

Arkansas

1.1

$11 13

$1,462,291
19,817,148

Virginia
West Virginia

53.1

i.3
0.9
0.8

0 9

i20.2

79.8
78.1
84.4
67.3
64.2
79 0
9L9

1.2
0.7

111.2
82.9

1 0

69.1
79.7
33.7
84.9
0 0
76.5
70 8
118.9
65.5 83.2
127.4 86.0
35.9 64.3

66.3
40.7
0.8 50.2
0.1 27.3
0.6 101.5
0.0
1.0 51.1
0.5
0.1

1.3
0.7
0.4

tilated condition.

The national banks have held in their vaults

during the last five years about one-third of the entire amount of
legal tender notes issued, while the whole issue of national bank
notes has been continually in circulation.
While, therefore, a
large portion of the legal tender notes has been unused, or not in
active circulation, the entire amount of the national bank notes
has been performing the functions of currency.
These notes
have therefore become worn out and mutilated, so that the sub¬
stitution of

new

notes therefore lias become necessary.

Previous to the

organization of the national banking system,

the Suffolk Bank of Boston compelled the redemption of the notes
of the New England banks at par, in Boston, by a system of as¬

sorting and returning the notes to the place of issue; and by a
similar method, with the aid of legislation, the notes of the State

of New York were redeemed at the commercial centre at a dis¬
count of one-fourth of 1 per cent.
These notes were redeemed
in specie funds, and their redemption was frequently demanded
because specie funds were more desirable, and, being more de¬

sirable, the redemption was a source of profit, directly or indi¬
rectly, to the redemption agents. But there are now in circulation
more

than

seven

thousand different kinds of notes,

and the notes of each denomination of all the banks
Total South’n and
Southw’n States

0.7

66.3

79.5

8 86
8 09
6 55
6 24
3 06
4 69
7 71
4 16
7 28

0.7
1.3
0.1
0.0
0 6
0.5
0.4
0.0

1.0 159.6
1.1 150.9
0.8 31.4
1.0
0.4 53.8
0.1 156.5
1.5 62.4
0.8
5.3
1.3

80.8
81.5
81.8
72.0
84.7
89.4
76.3
85.1
87.4

$19,684,564 $77,174,850 $2 49 $6 86

06

09 125.4

80.8

6.4

0.0
90.0

3.0
2.4
1.3
1.7
0.7
0.8

71.5
88.8
88.3
76 2
43.2
89.3

$9,057,837

Ohio
Indiana
Illinois

Michigan

1.1

$71,098,408 $36,895,704 $6 17 $2 81
6,782,890
619,286
131,087
1,643,200

....

Wisconsin

1,249,000
198,494

Iowa
Minnesota
Kansas
Nebraska..

2,770

23,605,633
14,905,266
16,635,201
7,389,873
3.231,986
5,602,869
3,393,501
1,514,621
895,900

Total West. States

3 87
5 02

36
17
2 12
1 85
1 15
03

the commercial centre.

The act of Jnne 20, therefore, wisely
provides for the renovation of the circulation, the expense of
transportation and assorting to be at the expense of the banks.
The chief object of the law was the purification of the circulation,
rather than its redemption, in the proper sense of that word.
If,
for example, the bank circulation of New England, amounting to
$110,000,000, consisted of worn-out notes, and the bank circula¬
tion of the Middle States, amounting to $124,000,000 of notes in
good condition, and if the law provided for the redemption of the
notes of the New England States in the notes of the Middle States*
at the Treasury, and also, that-the notes of the banks in the
Middle States should be counted as a reserve by the New England
banks when held by them, an exchange, or redemption, so called,
of circulating notes would take place similar to that now in
operation.
No real redemption can be expected so long as the amount

7,864

18
2 47

Colorado
Utah
Idaho

608,190
399,659
88,300

267,900

15 26
4 60
5 90
12 95
5 92
2 91

45,000

3 17

0.7

90.0

of notes to be redeemed
in which they are to

$1,962,708

2 00

0.1

7-9.3

issue of national bank notes,

266.795

Montana

Wyoming

54,000

.

New Mexico

Dakota
Total Pacific States
and Territories

Grand total of States
and Territories
...

$238,671,210 $348,791,152 $7 591 $9 04 1.5

1 1

58.9

69.9

* The circulation
of the State banks in the year 1862 has been obtained from
page 210 of the report of the Secretary of the Treasury on the condition of the
banks at the commencement of the year 1863. The returns from Delaware,
Maryland, Louisiana, Tennnessee and Kentucky were not complete. The
aggregate amount of State bank circulation reported at that ttoie was much
greater than at any previous period




nearly

process

225,000

....

are so

of assorting and redemption is too burden¬
some *and expensive to be voluntarily undertaken by the banks at

alike^that the

Oregon
California

Nevada

issued by

twenty-two hundred national banks, amounting to $351,927,246,

is less

than

the amount

of

notes

If Congress should
be redeemed.
provide for the withdrawal of legal tender notes and for the

as needed, in place thereof when the amount of
legal-tender notes should be reduced to, say *300,000,000, the legal-tender notes
would then be in demand; and in proportion as they should be reduced in
amount the demand for them would increase until, finally, when the amount of
bank-notes issued should be largely in excess of the amount of legal-tender
notes outstanding, the national bank notes would themselves be withdrawn at
certain seasons of the
year, on account of the difficulty or expense of obtaining
lawful money with which to redeem them. The gold coin of the country would
then make its appearance in answer to the demand for an additional amount of
lawful money, and specie payment would follow.
Redemption, in its proper
sense, implies the exchange of a promise to pay for the things promised—

December

12,1874]

namely, coin, or its representative which is convertible into coin on demand.
The effect of such redemption is to confine banks of issue to a legitimate busi¬
ness, which is the discounting of commercial paper. If banks of issue are
obliged to pay their circulating notes once in sixty or ninety days, they must
discount such promissory notes only as will certainly be paid within that time.
If the payment of bank-notes be frequently demanded, banks of issue cannot
safely invest their capital in real estate loans, in doubtful stocks or bonds, in
accommodation notes which require renewal, or in loans on doubtful security,
but must have their capital at all times invested in loans'which will be promptly
paid at maturity. Such a condition indicates a healthful business, and pro¬
motes sound banking; and the reduction of the amount of legal-tender notes,
accompanied with such increase of national-bank notes as may be required,
will secure a proper system of redemption, render free banking practicable, and

gradually restore specie payments without necessarily decreasing the amount
of the circulating medium.
The Treasurer, on June

25th last, issued a circular to the national banks
requesting them to deposit 5 per cent, on their circulation with him, as pro¬
vided in section 3 of the act of June 20; and, on the 1st day of August, nearly
the whole amount ($16,524,583) had been received, since which time the banks
have, with but few exceptions, promptly responded to the requisitions of the
Treasurer. Some delay occurred in the office of the Treasurer at the outset, on
account of a lack of force and the difficulty of assorting; but the work of puri¬
fying the currency is now in successful operation, and since the passage of the
act $19,773,220 of mutilated notes have been delivered by the Treasurer to the
Comptroller for destruction.
Circulars have been issued to all the national banks, requesting them to
designate the denominations of new notes to be issued in place of the notes
destroyed, which new notes are promptly transmitted to the banks immediately
upon receiving notice from the Treasurer that he has been reimbursed for the
amount redeemed as required by law; and it is probable that, during the next
year, about $120,000,000 will be delivered to this office for the same purpose,
and new notes issued therefor.
The redemption or, more properly, the exchange of mutilated national-bank
notes for new issues, will continue in large amounts until the national-bank
notea shall have been rendered fit for circulation, when the demand for such

exchange will depend almost entirely upon the demand for legal-tender notes
by the national banks as a reserve, which demand, as has been seen, has been
largely reduced by the provisions of the new act.
The new notes are being issued with the charter number conspicuously
printed upon them in two places, which will hereafter greatly simplify and lessen
the labor of assorting them. In the course of about three years the entire

volume of national-bank notes will have been renewed, after which, if the
amount of legal tenders shall be reduced, a true system of redemption may be

inaugurated, through which the notes will be assorted and returned to the
place of issue by the banks at the commercial centres.
The following table exhibits the amount of mutilated notes returned to this
office for destruction, yearly, during the twelve years since the organization of
the national banking system, from which it will be seen that $185,354,386, or
more than one-half or the whole amount outstanding, has been so returned for
destruction, of which $167,520,535 has been destroyed during the last five
years.

Previous to November 1, 1865
During the year ending October
During the year ending October
During the year ending October
During the year eniing October
During the year ending October
During the year ending October
During the year ending October
During the year ending October
During the year ending October
Under act June 20, 1874
Additional amount destroyed of

<609

THE C^HRONICLfi

Location of Banks*

\

1866
1867
1868
1869
1870
1871
1872
1873
1874.

1,050,382
3,401,423
4.602,825
8.603,729
14,305,689
24,344.047
30,211,720
36,433,171
31,349,253

notes of banks in liquidation

Total

19,773,220
11,103,435
$185,354,386

The national bank act required that
should hold, in lawful money, an amount

the national banks in New York City
equal to at least 25 per cent, of their

deposits and circulationfas a reserve fund: that the banks in the other redeeming
cities should also hold 25 per cent, of their deposits and circulation as a reserve,
but that “each of such associations may keep one-half of its lawful money
in cash deposits in the City of New York.” Every other association
required “to have on hand, in lawful money of the United States, an
amount equal to at least 15 per cent, of the aggregate amount of its notes in
circulation and of its deposits,” three-fifths of which amount could consist of
balances due from approved associations in the redemption cities. The act of
June 20, 1874, repealed the provision requiring the national banks to hold
reserve upon circulation.
It also provides that the national banks shall at all
times have on deposit in the Treasury of the United States, in lawful money, a
sum equal to 5 per cent, of their circulation, to be held and used for the redemp¬
tion of such circulation, which amount is authorized to be counted as a part of

up

Re-

Act of June 20,’74.

held.
In
bank.

il

States and Territories...

Redemption cities
New York city

Legal

Treas¬

ury.

In
Total.

the

act.

National

reserve

released

by act
of June

20, 1874.

MiVns'MIVn* Mil'ii* Mll'ns Mll'ns Mil'ns Mil'ns
43*8; 78-9 100*4 12*8 11-9 247 316
747
250
35-8
37
28-7
537
717
512
57 5
1-5
51-2; 574 683 497
243 4

148*7: 208-0

Total

The following table exhibits
national banks in New York
the present time, and also the
Cf-of-ZiQ

bank

serve

Jimejae"-

171

87-5

104 6

Jftrn*
6-9

7*1
6’3

1249

♦20'3

the amount of liabilities and reserve held by
city, at three periods of each year, from 1870 to

totals of all the national banks of the United

*

NEW YORK CITY.
rr

M S’

bNauomnkbesfr. Circulaton. degposit,

Dates.

Net

March 24, 1870..
.Tune 9, 1870....
October 8, 1870.

T3

jn

Classification

8
*3

2

a*

8
ft)

£

£

U

Total.

of

reserve.

8
0)

A

PS
i

|

Reosrvf. from
Ratio

agents.

lOawth¬er money.

Speci .

Due

ful

Mil's. MU'S. Milli'ns MU's. Mil's. p. c. MU's MU's MiVs.
55'1
72 3 82-8
246
47-8
220 3
342 186-1
53-6
55 9
72 4 324
188
223 4
54
33 5 189-9
45-8
91
48 2
549 285
192 7
54
32’9 159-8
54

..

.

-

538

11-4

65 2

87

505

65 6
454

26 6
291
24-4

11 9
15-2
64

41*5
504
390

47-9
536
50-0

473
644
469

24 7
30 1
23-4

13*1
236
146

342
408
323

58-7

71-3
71-8
683

30 4
30 9
297

250
15 5
144

463
56.3
53*9

360
271
14-5

138-1
1226

657
76-6

200 6
225 2
186 1

501

534

563
46 5

186-5
1720

19U6
214 2
200 2

207-6
206-4
204-6

234-8
232 6
229 9

3U8
31-0
30-6

April 19, 1872.

51
51
50

28‘6
283
281

172-0

June 10, 1872...
October 3, 1872.

April 25, 1873...

49

Sept. 12,1873...

49
48

28-0
277
28 2

1636

Juno 13, 1878...

Mav 1, 1874
.Tune 26, 1874...
October 2,1874.

48
43
48

272
262
25-8

11*9

567
60-5
555

54
54
54

....

290
31-7
267

226 9
242 0
22U9

195-1

June 10,1871...
October 2, 1871.

April 29, 1871...

2110

1913

196 9
158 0

58-1

57-5

59 2

TOTAL-ALL THE BANKS.
78 4
74-6
663

27 7

1261

March 24,1870.. 1,615

292-5

558-6

851-1

June 9, 1870 . 1,612
October 8, 1870. 1,615

291-2
291-8

577 2
523 5

868*4

172 3
176-3

235 5
239 8

815-8

1638

203 4

276
24 9

610-5
641-9

1853
192-9
)9U3

243 5
261-4
283 4

266
27-5
245

85 1

I8‘3

924

16 2

636-7

916-6
943 7
952-2

869

12 0

623-2
663 8
6198

948 5
990-9
953-3

188-4 .222 9
198-6 246 5
187-4 209-9

235
249
22-1

821
91 6
807

19-6
200
102

134-9
1190

April 25, 1873... 1,962 338 1 650-3

988-4
1,030 7

225 4
254 1
229-1

22-8
24 7
226

88-8
97-1
96 1

16 9
280
199

1197
129 0
113 1

April 29, 1871... 1,707 306

1

June 10, 1871... 1,723
October 2, lt71 1,767

307-8
315-5

April 19, 1872... 1,843

325*8
827-1
333 5

June 10, 1872... 1.853
October 3, 1872. 1,919

338-8
339 1

6919
673 3

1,978 340-3

704-7
7130
716*5

June 13, 1873... 1,968

RESERVE.

m

required.

tender

•
V*

Act ofi

$175,490

31,
31,
81,
81,
31,
31,
31,
31,
31,

L. tender reserve

Reserve

required.

Sept. 12, 1873... 1,976
May 1. 1874

June 26, 1874... 1,983
October 2, 1874. 2,004

338 5
332-5

These tables show that while the

reserve

194-9
204-9
199*5

1,0124

1401
152 8
184-5
1212

1,045-0 209 1 268 1 25 7 93 8 32-5 141-8
1,051 5 210 6 270-7 2V7 97-5 22 3 150 9
210-0

1.050 5

233

244 9

21-8

83-8

139 8

deposits of national banks have, during

the

was

the lawful reserve on

deposits; the circulation of the banks to be redeemed

only at the counter of tne bank and at the Treasury. The act abolished the
agencies at which the circulation had been previously redeemed; and a strict
construction of its provisions would require national banks, not located in the
redemption cities, to hold in their own vaults the whole amount of their reserve,
except the 5 per cent, upon circulation, which is’to be kept on deposit in the
Treasury. The banks in the redemption cities are, however, still authorized
to keep one-half of their lawful money reserve iu cash deposits in the city of

present act.

One result of a

.

financial crisis is a temporary contraction

....

of the business of

less amount of currency is needed. Hitherto, during
number of banks of issue have failed, a d their circu¬
lating notes have consequently been withdrawn; but no such reduction of
currency followed the panic of September, 1873.
Since that date fourteen
national banks have failed, the aggregate capital of which was $4,075,000, but
the notes of these banks have continued in circulation as previously; and as
the country, so that a
financial crises, a large

been increased, the
to the panic.
activity, or a
portion of the circulation shall be withdrawn, there will continue to be a
redundancy, which is evident from the fact that, notwithstanding the amend¬
passed the House during the last session provided ment to the act releasing reserve upon circulation, and jtheplow ratesof interest
which'
*
"

“

New York.” The bill which
that sections thirty-one ana

“

thirty-two of the national-bank act be amended

by requiring that each of the said associations shall keep its lawful money
reserve within its own vaults at the place where its operations of discount and
deposit are carried on.” This bill, as subsequently amended and passed by the
Senate, contained substantially the same provision, but it was finally lost in the
House and went to a conference committee, which committee reported the
present law, omitting the clause last quoted. It is true that the act, as approved,
abolishes the redemption agencies; but as banks located in the
cities are still authorized by the act previously in force to hold one-half of their
reserve in the city of New York, the Comptroller construed the intent and

redemption

meaning of the act to be to abolish the reserve on circulation, and to authorize
the 5 per cent, deposit in the Treasury to be counted as a part of the reserve on
deposits, the remainder of the reserve to be held, as formerly, in the vaults of
the banks and with their reserve agents, as provided by sections31 and 32 of the

both the national bank notes and legal tender notes have
volume of paper currency in circulation is greater than previous
Until the business of the country shall again resume its former

at the

period for the last five years.
,.
, .
releases the reserve upon circulation, cannot, therefore, be ascertained from
reports of the banks until the business of the country shall be restored to
normal condi ion.

TAXATION. EARNINGS

,,

the

its

ANI> DIVIDENDS.

the United
circulation outstanding, one-half of

National banks pay the following taxes to the Treasurer of
8tntes: One per cent, annually on
one per
cent, annually on deposits, and one-half of one per cent,
on
not invested in United States bonds.
These taxes are payable semi-annually.

annually

capital

bv the national
accordance with the
national-bank act.
requirements and provisions thereof, the minimum of cash reserve released
under the operation of the act of June 20,1874, would be. on the basis of the
Since the passage of the act two reports have been made by the national
figures of the report for October 2, 1874: for New York City banks. 25 per cent,
banks of the country; one oh the 26th day of June, a few days after its passage,
of their circulation, or $6,322,945; for banks in other redemption cities, 15# per
and the other on the 2d day of October.
cent, of their circulation, or $11,207,103; and for country banks, 17 13-32 per
The reports of the condition of the banks on October 2, 1874, show that the
*
If the amount and the distribution of the reserves held
banks under the national bank act had been in precise

all, $34,868,089.
had a circulation of, say $1,050,000, it
the national bank act, a reserve of 25 per cent., or $250,000,

lawful money reserve required under the act of June 20, 1874, was,
banks, $43,800,033, of which $12,763,448 was required to be kept on
hand, and $11,891,414 in the Treasury to redeem circulation. For banks in
redemption cities the necessary reserve was $53,738,059, of which $25,019,991
was required to be kept on hand, and $3,698,078 in the Treasury to redeem cir¬
culation; and for banks in New York City the reserve required was $51,155,
072, of which $49,690,456 was required to be kept on hand, and $1,464,616 in the
Treasury to redeem circulation. Under the act of June 20, 1874, therefore, the
whole amount of legal-tender notes required to be he’d was:—in the vaults of the
banks, $87,473,895; and, in the Treasury, 17,054,108—in all, $104,528,003.

cent, of their circulation, or $17,338,041; in
For example: If a bank in New York

that date (October 2,. 1874): for country banks,
$78,915,055, the proportion to be kept on hand being $31,566,022; for banks in
the redemption cities, $71,669,424, the proportion to be kept on hand being
$35,834, 712, and for banks in New York City, $57,478,017, all of which must
have been kept on hand. The whole amount of legal-tender money required to

or

amount of
for country

Under the national bank act,

reserve

would have been, at

be held in the vaults of the

previously in force, the amount necessary for

banks under the national bank act would, there¬

deducting the amount required to be
the law now in force ($104,528,003), it
will be seen that legal-tender notes to the amount of $20,350,748 are released
from the reserve^ of the banks, as is shown by the following table, which also
exhibits the whole amount of reserve held October 2,1874, and the variousitem»
fore, have been $124,878,751, from which,
kept on hand and in the Treasury, under

composing it;




held thereon, under

all of which is now released.
,
If a bank in any of the other redemption cities
a
000, it held a reserve of 25 per cent, or
$50,000, on hand, while the other half
the New York bank holding 25 per cent, of this half as reserve.
leased the $50,000 held on hand, and in addition the 25 per
the New York bank would have held for the
cent, of the $50,000, which being added to the
,

,

.

if

.

had circulation of, say $400,$100,000, but only one-half of this, or
could have been deposited m New York,
Now, there is re¬
cent reserve which
deposit made with it, or 25 per

first-named $50,000, makes $62,500,

15# per cent, of the circulation of the redemption city bank.
If a country bank had a circulation of—say, $100,000, it held thereon

a reserve

this, or $6,000 on hand; while the
redemption city bank. The latter
bank would have held a reserve of 25 per cent, of the amount deposited, onehalf on hand and one-half in New York, and on the last portion the New York
bank in turn would have held a reserve of 25 percent.; so that there is now
released the 6 per cent., or $6,000 held on hand by the country bank, the onehalf of the reserve for the remainder held by the redemption city bank, equal
to 1# per cent., or $1,125, and the reserve for the still remaining amount held
by the New York bank, equal to 9-32 per cent., or $281 25; in all, $7,406 25, or
cent., or $15,000, but only 2-5 of
remaining 3-5 could have been deposited in a
of 15 per

713-32 per cent, of the

country bank’s circulation.

610
The

THE CHRONICLE.

following table exhibits the amount of taxes* collected by the Treasurer
Year.

On circulation

On

$53,069 97

1861.
3863.
1866.
1867.
1865.
1866.
1870.
1871.
1872.
1873.
3874.

deposits.

$95,811 25

733,247 59
30
78
07
73
2,949,744 13
2,987.021 69
3,193,570 03
3,353,186 13
3,404,483 11

1,087,530
2.633,102
2,650,180
2,564,143

86
77
07
44

2,614,553
2,614.767
2,802,840
3,120,934
3,196,569

2,106,785
2,868,6:36
2,946,343
2,957,416

58
61

85
37
29

3,209,967 72

On

capital.

Aggregate.

$18,402 23

$167,310 45

133,251
406,947
321,881
306,781
312,918
375,962
385,292
389,356
454,891

1,954,029
5,146,735
5,840,698
5,817,268
5,884,888
5,940,473
6,175,154
6,703,910
7,004,646
7,083,398

15
74
36
67
68
26
13
27
51
469,048 02

60
81
21
18
99
70
67
67
93
85

$27,553,531 53! $26,590,451 81 $3,574,733 02
The national banks, prior to May 1, 1871, paid to the Commissioner of Inter¬
nal Revenue a license, or special tax, of two dollars on each $1,000 of capital,
and an income tax on net earnings to December 31, 1871. The special or license
tax, from May 1, 1864, to May 1. 1871, amounted to $5,322,688; the income tax
from March 1, 1869, to September 1, ls71, amounted to $5,539,289.
The total
amount of tax puid to the Government by the national banks, from the
organ¬
ization of the system to July
1, 1874, is, therefore, $68,580,595.
The Comptroller, in his report for 1867, made a careful statement of the taxes
collected from national banks under State laws for the year 1866, the informa¬
tion being derived from specific returns of about fourteen hundred national
banks, the minimum rate in each State being estimated for those bunks which
made no returns. A similar statement was also made for the year
ending Dec.
31, 1867, and for the year ending Sept. 30, 1869; from which is derived the fol¬
lowing summary:
State taxes paid in 1866
$7*949,451
State taxes paid in 1868
8,813,126
State taxes paid in 1869
8,271,734
The State Assessors of New York, in their report for 1873, state that “a
very
small port cJh of the capital employed by private bankers is assessed. The
reason usually given the Assessor in such cases is that the
capital is all invested
*
*
in Government bonds.
*
Merchants and those engaged in mercantile
pursuits pay little or no tax on capital, usually holding that their indrbtedness
amounts to as much as their capital.
In the city of New York and a few other
places the shares of national banks are assessed at par value. In the city of
Hudson one hank pays tax on 120 per cent of its capital. Two or three rates
in the same county are not unusual.
The Bank of Commerce in the city of
New York paid more tux in 1672, on a capital of $10,000,000, than
any one of
thirty-five counties in the Slate. * * * There are in the State several banks
or

[December 12,1874,

banking houses of foreign states and Canada, seeking and receiving protec¬

tion by onr laws and from our courts, police, and citizens, that are not taxed.
*
*
*
The amount of taxes paid
by insurance companies in proportion to
their capital and business is almost infinitesimal.

Comparatively few make.
'

ng ousiness in tms state ana subiect to taxation is about

purposes of

companies
$2,000,000,000.

A

small percentage on this sum, if
paid directly into the State Treasury, would
relieve the real estate from all State tax. The amount asses-ed to
eavings
banks is comparatively nothing, and found on the tax rolls of
only two or three
counties.”
The same system of assessment and taxation described
by the assessors of
the State of New York prevails to a great extent in
State of the
Union. The national banks make frequent returns of every other
their condition to this
office, and section 40 of the national bank act requires that a full and correct
list of the names and residences of all shareholders of national banks shall be

kept in the offices*vhere their business is transacted, and shall be subject to

the inspection of officers authorized to assess taxes under State laws.
While
few corporations make correct returns of their true condition for the
purpose
of taxation, the data for the assessment and taxation of national banks can

always be obtained.

The ratio of taxation under State laws during the last

INSOLVENT BANKS.

Since the last annual report, receivers have been appointed for but three
national banks, having an aggregate capital of $250,000. Dividends have been
declared in favor of the creditors of these banks as follows:
The First National Bank of Anderson. Ind
15 per cent.
The First National Bank of Topeka, Kans
30 per cent.
The First National Bank of Norfolk, Va
30 per cent.

During the year dividends have been declared as follows upon banks which
previously failed:
The First National Bank of New Orleans, 30 per cent,
making total

had

dividends
The First National Bank of Nevada, at Austin, 15percent,
making
total dividends
The Wallkill National Bank of Middletown, N.
Y., 10percent,
maivtug Luiai uivmciiua

The First National Bank of

•

Washington, D. C., 20

per cent,

making total dividends

making total dividends

Commonwealth, N. Y., 100

The Merchants1 National Bank of

The amount of internal

revenue

tax

sfamp affixed to sight-drafts and checks

tax is to

derived from the sale of the two-cent

was,

for 1874, $1,502,549.

considerable extent evaded by the banks, and more

a

This stamp-

frequently by
day’s sight, in¬

depositors, by drawing post-notes, or bills of exchange at one
stead of on demand, and by substituting
receipts for checks. It is recommend¬
ed that the two-cent st .mp tax be repealed: or if not
repealed, that it be so
amended as to require a stamp-tax upon all checks and
drafts, and upon
receipts in place of checks drawn upon banks and bankers, with a penalty of
twenty dollars provided for each violation thereof.
The act of March 3, 1869, required specific retunis to be made of the
divi¬
dends and net earnings of the national banks, after the declaration of
each

dividend.
From these returns the

aggregate

following table has been prepared, exhibiting the

capital and surplus, total dividends, and

total net earnings of the
capital, dividends to capital and
surplus, and earnings to capital and surplus, for each half-year, commencing
March 1, 1869, and ending September 1, 1874, from which it will been seen
that
the average dividends upon capital during the last
year were less than ten per
cent, while the ratio of dividends to capital and surplus was less than
eight per
national

banks, with the

ratio of dividends to

cent.

ending—

o

i

Im

Capital,

I

j

Surplus.

Total divi¬ Total net
dend.
earnings.

'

X j

•

X

I a.= j a a
I 5? c. 03 a,

i« fcr; o cr
rc—:

Orleans, the Eighth National Bank of New York, the Atlantic National Bank

litigation, to the receiver is of the opinion that
but
sufficient

the assets of the bank will be

pay the claims of its creditors in full.
The Comptroller has endeavored, as far as possible,
by examinations of the
banks and by correspondence, to require all national banks to take from their
assets all doubtful paper, and stocks and bonds which suffered
depreciation
from the financial crisis; and it is a cause for
congratulation to the public that
the prosperity of the national banks, since the
organization of the system, has
resulted in the accumulation of a large surplus to which such losses can be
charged, thus preventing embarrassment both to creditors and shareholders.
*

*

*

*

*

*

^

g-21 m'O

bDC

•

.c.

p.c.

Sept. 1, lc69. ; 1,481 $401,650,802 $82,105,848 $21,767,831 $29,221,184.5 '4214' 50 6 04
416,366,991
86,118,210 21,479,095 28,996,934(5 T6|4 2t 5 77
Sept. 1, 1870. 1,601' 425,317,104
91,630,620 21,080,343 26,813,88514 9614 ■081519
Mar. 1, 1871. 1,605 428,699,165
5)4,672,401! 22,205,150 27,243,162 5 ■18j4 24j5'21
Sept. 1, 1871. 1,693! 445.999,264
98,236,591 22,125,279 27,315,311 4 •96 4 07 '5 02
Mar. 1, 1872. ii.rso: 450,693,706
5)9,431,243 22,859,826 27,502,53915 •07 4 16|5 00
Sept. 1, 1872. 1,852j 465,676,023 105,181,942 23,827,285) 30,572,89115 •12 4 17|5 36
Mar. 1, 1873. 1,912 475,918,683 111,257,288
24,826,061 31,926,478 •2214 •21 541
Sept. 1, 1873. 1,9551 488,100.5151 118,113.848 24,S23,029 as,122,000 •09 4 09,5-46
Mar. 1, 1874. 1,5I67‘ 4851,510,323 123,469,859 23,529,998
29,544,120 •81 3 •84:4-82
Sept. 1, 1871. 1.971! 489.51^8.284 128,364,039 24,929.307 30,036.811 •05)14 •03 4 ^6
Mar. 1, 1870. j1,571j

♦The amount collected
by the Commissioner of Internal Revenue from State
banks, savings banks, and private banks and
bankers, during the fiscal year
ended June 30, 1874, was as follows:

Deposits
Deposits of savings banks having
Capital

no

capital

Circulation
.

$2,067,118
386,425
916,878
+16,738

77
49
15

26

Total.
$3,387,160 67
+ Of this amount, $7,366 77 was derived from The tax of
10 per cent upon
.

unauthorized circulation.




*

SPECIE

The

following table exhibits the

SURPLUS.

by the national banks
coin, coin-certificates, and checks payable in coin
by the national banks of the city of New York, being stated separately:

at the dates mentioned—the

held

AND

amount of specie held

Coin.
Oct.
Jan.

April
June
Oct.

5,
4,
17,
12,
9,
22,

Jan.
Mar. 24.
June 9,
Oct.
8,
Dec.

28,

Mar. 18,

April 29,

June 10,
Oct.
2,
Dec. 16,
Feb. 27,

Apr. 19,
June 10,
Oct.
3,
Dec. 27,
Feb. 28,

April 25,
June 13,

May

1,

June 26,
Oct.
2,

1868.
1869.
1869.
1869.
1869.
1870.
1870.
1870
1870.
1870.
1871.
1871.
1871.
1871.
1871.
1872.
1872.
1872.
1872.
1872.
1873.
1873.
1873.
1873.
1873
1874
1874.
1874.
1874.

Held by
other
National
Banks.

Checks

Dates.

U. S. Coin
certiflc’tes

payable
in

Total.

coin.

Aggregate.

$1,698,623 $6,390,140 $1,536,353 $9,625,116 $3,378,596 $13,003,713
1,902.769 18,038,520 2,348,140 22,289,429
7,337,320 29,626,750
1,652,575 3,720,040 1,469,826
6,842,441
3,102,090
9,944,532
2,542,533 11,953,680
975,015 15,471,229
2,983,860 18,455,090
1,792,740 16,897,900 1,013,948 19,704,589
3,297,816 23,002,405
6,196,036 28.501,460 2,190,644 36,888,141 11,457,242 48,345,383
2.647,908 21,872,480 1,069,094 25,589,482 11,507,060 37,096,543
2,942,400 18,660,920 1,163,905 22,767,226 8,332,211 31,099,437
1,607,742
7,533,900 3,994,006 13,135,649
5,324,362 18,460,011
2,268,581 14,063,540 3.748,126 20.080,248 6,227,002 26,307,251
2,982,155 13,099,720 3,829,881 19,911,757 5,857,409 25,769,166
2,047.9:30
9,845,080 4,382,107 16,275,117
6,456,908 22,732,027
2,249,408 9,161,160 3,680,854 15,091,422 4,833,532 19,924,955
1,121,869 7.590,260 1,163,628 9.873,757 3,377,240 13,252,998
1,454,930 17,354,740 4,255.631 23,065,302
6,5.9,997 29,595,299
1,490,417 12,341,060 3,117,100 16,948,578
8,559,246 25,507,825
1,828.659 10,102,400 4.715,364 16,046,423
7,787,475 24,433,899
11,412,160 4,219,419 19,414,489
3,782,909
4,842,154 24,256,644
920,767 5,454,580
6,375,347 3,854,40.) 10,229,756
1,306,091 12.471,940
13,778,031
5,269,305 19,047,336
1,958,759 11,539,790
13.498,549 4,279,123 17,777.673
1.344,940 11,743,310
13,088.250
3,780,557 16,868,808
1,442,087 22,139,090
23,581,177 4,368,909 27,950,086
1,063,200 13,522,610
14.585,810 5,282,658 19,868,469
1,376,160 18,325,770
19.701,930
7,205,107 26,907,037
1,167,815 23,518,645
24,686,460 8,679,403 33,365,863
1,530,282 23,454,660
24,984,942 7,585,0*7 32,569,869
1,842,525 13,671.660
1,291,786 13,114,480

15,514,185
14,406 266

surplus of the national banks

now

6,812,022

22,326,207

6,834.678

21

240,945

amounts, in the aggregate, to nearly

t129,000,000, which is a perpetual and increasing fund recommendationand bad
ebts may be charged. The Comptroller
his to which Tosses of last
renews

IP
P C.iP

*

[We omit the remarks of the Comptroller with regard to savings banks, trust
and loan companies, and State banks organized under State
laws.—Ed.]

The

[g £<ir„ «
i£ o >
I.C g .£ os

cent.

per cent,

of New York, and the Merchants’ National Bank of
Petersburg; and suits have
been directed to be brought against all
delinquent shareholders for the enforce¬
ment of such liability.
The affairs of the Ocean National Bank of New York are still involved in

o
au

50 per cent.
per cent,

.

Sept. 12,
I

Period of
six months

50 per cent.

making total dividends
15 per cent.
The First National Bank of Petersburg, Va., 60
per cent, making
total dividends
60 per cent.
The First National Bank of Mansfield, Ohio, 25
per cent, making
total dividends
25 per cent.
The First National Bank of Carlisle, Pa., 25 percent,
making total
dividends
25 per cent.
The Farmers1 and Citizens’ National Bank of Brooklyn,
N. Y., 4
per cent, making total dividends
96 per cent.
The creditors of the National Bank of the
Commonwealth, the Waverly
National Bank, and the Union Square National Bank, have been
paid in full,
and dividends have been declared during the past
year of 25 per cent in favor
of the shareholders of the
Waverly National Bank, and 10 per cent in favor of
the shareholders of the Union Square National Bank. Additional dividends
will soon be declared in favor of the creditors of the Merchants1 National Bank
of Petersburg of 10 per cent, of the Scandinavian National
Bank, Chicago, of
15 per cent, and of the National Unadilla Bank of about 13
per cent.
Small
dividends will also soon be declared in favor of the creditors of the First
National Bank of Washington, D. C., the
Venango National Bank of Franklin,
Pa., and the Merchants1 National Bank of Washington, D. C. Assessments
have been made under section 12 of the National Bank
act, on account of
deficiency of assets, upon the shareholders of the following banks: The First
National Bank of New Orleans’ the Crescent City National Bank of New

Dec. 26,
Feb. 27,

Ratios.

ggui,

100 per

Petersburg, Va., 15

Held by National Banks in N. Y. City.

350; Memphis, 3’2U.
The average amount of taxation assessed upon the
capital of the national
banks of the country is estimated at from three to three and one-half
per cent.
Real estate and personal
property generally are assessed at not more than onethird of their actual value, but bank shares are
usually assessed at their full
value; and there is no doubt that the ratio of taxation of the national banks is
greater than that of any other species of property.

cw

cent,

ing total dividends
City National Bank of New Orleans, 50

The Crescent

The National Bank of the

80 per cent.

mak¬

per

65 per cent.

year,.that the limit of the liabilities of any association, person, company, or
firm, for money borrowed, as provided in section 29 of the act, be extended to
15
per cent of capital and surplus for banks located in the redemption cities,
ana one-tenth of capital
and surplus for the other banks.
SMALL NOTES.

The issue of bank-notes of

a

less denomination

than £5

was

prohibited in

England in 1827, and an act in 1829 provided that no person or corporation in
any part of England should “publish, utter, negotiate, or transfer” the notes of
any Scotch or Irish bank, of a less denomination than £5, under
heavy pen¬
alties.
The Legislature of New York, by act of April
20, 1830, prohibited the circula¬
tion within that State of the notes of other States of a less
denomination than

$5, the

penalty being the forfeiture of “the nominal

note, bill,

amount of such bank¬

promissory note, with costs of suit;” and on March 31, 1835, the
Legislature passed an act making it unlawful “for any person or corporation to
pay, give, or offer in payment, or in any way. circulate or attempt to circulate
as money within this State, at
any time after the 1st of January, 1845, any bill,
note, or other evidence of debt, purporting to be issued by any bodv-corporate,
of a less denomination than $5, or of a denomination between
$5 and $10;” the
penalty for violation of the act being four times the nominal value of such bill,
nole, or evidence of debt. Corporations having
banking powers were also
hibited from issuing or putting in circulation notes of a less denomination pro¬
than
$5, under a penalty of $100 for each bill put in circulation. This act was super¬
seded by the act. of February 28, 1838, which contained still more
stringent pro¬
visions against the issue and circulation of notes below the denomination of
$5.
The Legislature of Pennsylvania also (April 16, 1850)
prohibited the issuing
or

,

(April 17,1861) author*
and three dollars to
paid in.
The proposition for the repeal of the acts of the Legislature of New York
upon the subject above cited, constituted one. of the principal issues of the
political canvass of 1888, which resulted in the election to the gubernatorial
office of an eminent citizen of that State (since deceased) who favored their
repeal; and these acts were repealed February 21, 1839. The acts prohibiting
the circulation of small notes in New York and Pennsylvania could not be en¬
forced while banks in New England and other neighboring States had the
right to circulate such issues, and they were, therefore, generally disregarded.
The whole circulation of the country is now, however, under the control of
Congress, and an act to prohibit the issue of such notes upon the return to
specie payments would apply to every State in the Union. The principle is
recognized in section 22 of the national bank act, which provides “that no more
than one-sixth part of the notes furnished to an association shall be of a less
denomination than $5, and that after specie payments shall be resumed no
association shall be furnished with notes of a less denomination than $5;” and
also in section 3 of the act of June 12, 1870, which prohibits the issue of circu¬
lating notes to gold banks of a less denomination than $5. These provisions
have nad the enect to prevent the issue of any considerable amount of notes of

of notes of a denomination less than $6, and another act
ized the issuing of notes of the denomination of one, two,
an amount not exceeding twenty per cent of the capital stock

circulation at

less denomination than $5, the whole amount of such issues in
the present time being $8,972,841.
The following table exhibits the number and amount of
of each denomination which have been issued and redeemed since
zation of the system, and the number aud amount outstanding on
1874:
a

611

CmtOXlCLR

THK

December 12, 1874.]

The statements contained in the report of the chief of the secret service
have been confirmed by correspondence with all the banks whose notes are
known to have been counterfeited; and it is believed that the number of coun¬

has been continually diminishing since the
to. There is no doubt that the large amount of

terfeits of the national bank issues

capture of the plates referred
engraver's work upon both the

faces and backs of the national bank notes, and

the similitude of the designs of each denomination, has tended to prevent the
issue of counterfeits, not more than forty-six of the whole six thousand plates
wh ch have been engraved for the national banks having been

successfully

imitated, while under the old State system the counterfeit notes were numbered
by thousands.
A small number of impressions only has been printed from the plates of the
denominations of Is and 2s, and of the 20s, 50s, 100s, 500s and 1,000s. The
average number of impressions printed from; the $5 plate does not exceed
four thousand, while the number printed from the $10 plate is considerably
less. The Comptroller is informed by the engravers that the plates from whicn

printed are capable of printing thirty thousand im¬
pressions before they will be rendered unfit for use. The plates of all the de¬
nominations are, therefore, with fuw exceptions, in good condition, and w ith
care a large number of impressions may be printed from them before evidence
the national bank notes are

of wear will beeome apparent.
The present system of assorting

in the Treasurer’s office affords an oppor¬

tunity to withdraw from circulation, as authorized by law, the genuine notes of
all banks, of any denomination which may have been successfully counter¬
feited; and it is believed that the Comptroller, by availing himself of this op¬

national-bank notes
the organi¬
defeat the operations of those
November 1, portunity, will be able in a great measure tocirculation. It is certain that a
engaged in counteifeiting the national bank
new issue of national bank notes, differing in design from the present, would
any

Denomi¬
nation.

Issued.

Red’med.

Out¬

standing.

Issued,

Redeemed.

Outstanding.

16,548,259 11,143,606 5,404.653 $16,548,259 $11,143,606 00 $5,404,653 00
7.510,038 00 3,568,188 00
11,018,226
5,539,113 3,755,019 1,784,094
65,208,025 00 131,007,655 00
39.243,136 13,041,605 26,202,531 196,215,680
13,337,076 3,912,707 9,424,369 133,370,760 39,127,070 00 94.243,690 00
19,432,160 00 59,810,020 90
79,242,180
971,608 2,990,501
3,962,109
11,577,800 00 21,769.700 00
33,347,500
435,394
231,556
666,950
19,657,200 00 29,591.000 00
295,910 49,248,200
196,572
492,482
5,838,000 00 2,834,000 00
8,672,000
5,668
11,676
17,344
557,000 00
557
4,683,000 0u
5,240,000
4,688
5,240
79,811,709 33,269,032 46,543,677 532,962,805 184,176,899 00 348,785,906 00
ueduct f or fragme nts of n<)tes lost or
5,246 30
destroy (*3
Add for fragments of notes lost or de5,246 30
stroyed
148,171,652 70 348,791,152 30
From this table it will be seen that the total
national bank notes below the denomination of
amount now
is

$48,151,024.

amount now outstanding of
$5 is $8,972,841. The total

below the same denomination
is $56,223,525; and the amount of fractional currency

outstanding of legal tender notes*

(one and two dollar notes),

bank notes in circulation under the denomination of
legal-tender notes, $107,403,965. If the whole issue of
legal tender and national bank notes under the denomination of $5 should be
withdrawn, it would place $65,196,366 of specie in the hands of the people; and
if all the paper money (including fractional currency) under the denomination
of $10 should be withdrawn, it would require $295,535,485 of specie to take its
The amount of national

$10 is $139,980,496; of

place.

SECURITY OF CIRCULATING

NOTES.

following statement exhibits the kinds and amounts of United States
registered bonas held by the Treasurer of the United States on the first day of
November, 1874, to secure the redemption of the circulating notes of national
The

banks:

Title of Loan.

Authorizing Act.

Loan of February 8,1861 (81s) February 8, 1861
Loan of July&Aug.,1861(81s) July 17 and August 5, 1861.
March 3, 1863
Loan of 1863 (81s)
Five-twenties of 1862
February 25, 1862
Ten-forties of 1864
j March 3^ 1864
Five-twenties of March 3,1864; March 3, 1864
Five-twenties of June, 1864. jJune 30, 1864
Five-twenties of 1865
{March 3, 1865
Five-twenties of 1865, 2d se.-. March 3, 1885
Five-twenties of 1867
; March 3, 1865
Five-twenties of 1868
I March 3, 1865
Funded loan of 1881
July 14,1870, and Jan. 20, 1871
United States bonds issued to!
Pacific railway companies. July 1, 1862, and July 2, 1864

counterfeits, and as the plates are not worn to
considerable extent, a large expenditure of money for this purpose at
present is entirely unnecessary.
My predecessor, in his reports for 1867 and 1669, called the attention of Con¬
gress to the fact that $17,560 of the unsigned notes of national banks had been
purloined from this office, and stated that the guilty party was tried^in the
Criminal Court of the District and convicted; but that a motion in arrest of
judgment was granted by the court upon some defect in the indictment, and
tend to increase the number of

Amount.

Number.

Rate of
Interest.
6 per
6 per
6 per
6 per
5 per

cent.
cent.
cent.
cent.
cent.

6 per

cent.

discharged. It is believed that but.a small portion of these notes
larger portion having been subsequently de¬
stroyed. A few, however, still remain in circulation with forged signatures,
and are, from time to time, received writh genuine notes, their similarity pre¬
venting prompt detection. The Comptroller recommends that au appropria¬
tion of $5,000 be made for the redemption of such of these notes as are out¬

the criminal
was ever

put in circulation, the

standing.

AMENDMENTS.

The act of June 20,

1874, has been in operation

but a few months, and its

Srovisionsshould be thoroughly tested before any changes are reserve and ac¬
eraption in reference to the redistribution of the currency, made, and rerecommended.
are recommended: (1) An

no amendments thereof are now
The following amendments£to previous acts
amendment to section 1 of the act of March 3,

cordingly

1873, providing that if any
stock is impaired shall re¬
fuse, after three months’ notice, to pay the assessment, as provided in said sec¬
tion, a sufficient amount of the capital stock of such delinquent shareholder or
shareholders may be sold to make good the deficiency. (2) An amendment of
section 29 of the national bank act, extending the limit of liabilities of any as¬
sociation, person, company or firm for money borrowed, from 10 per cent, of
the capital paid in to 15 per cent, of capital and surplus, for banks located in
the reaemption cities, and one-tenth of capital und surplus for other banks;
(3) also prohibiting the deposit of more than 10 per cent, of the capital of anational bank with any private banker, or with any person < r association other
than a national banking association. (4) That no national bank shall be liable
to make good any deficiency which may hereafter arise in any special deposit
made witn sucb bank, unless a receipt shall be produced by the owner cf such
deposit, in which the liability of the bajik shall be distinctly stated; (5) the re¬
shareholder

or

shareholders of banks whose capital

peal of the two-cent stamp tax, or an Act providing that all bills of exchange,
checks, or receipts in place of checks, drawn upon any bank or banker, shall
be subject to a stamp tax, with a penalty of $20 for each violation thereof; and
(6)

providing for

tbe enforcement of the individual liability under
of shareholders of
gone into voluntary liquidation
section 42of

nationalbanks, which have
the national bank act.
The Comptroller renews

the recommendations contained in

his last two re¬

Amount.

$3,959,000
55,298,050
30,371,050
288,400
104,463,250
706,000
9,430,750
9,231,200
6.899.500
12,732,200
3.298.500
134,976,850

1870, so
banks iu the District of Colum¬
general law in reference to such
savings banks, with judicious conditions and restrictions.

commendation for the repeal of

the fourth section of the act of June 1,

far as it applies to the organization of savings
bia. and for the enactment in its stead of a
THE

OFFICE.

due to the Deputy Comptroller, examin
of this oftice for the
performed during the
will be largely increased during the com¬
than $120,000,000 of mutilated cur¬
destroyed, and much larger amount of
Comptaoller and the Deputy Comp¬
bonds for
large amount; and the
6 per cent. 13,767,000
responsibility for these large sums of money must, of necessity, be delegated to
a great degree to the chiefs of divisions and others, whose compensation is at
Total
385,421.750
J
Rresent exceptionally meagre and the bill for the no case
undred dollars. The passage of
reorganization of the Treas¬
From an examination of the table it will be found that these bonds consist of ury Department, and making provision for an increase of the compensation of
$145,981,650 of tt per cent, bonds and $239,440,100 of 5 per cent, bonds. On Oc¬ these officers and employees who have fairly earned such recognition by long
and faithful service in responsible positions, is respectfully recommended.
tober 1, 1870,t the Treasurer held as security for the circulating notes of the
JOHN JAY KNOX,
national banks $342,833,850 of United States bonds, of which only #95,942,550
Comptroller of the Currency.
were 5 per cent, bonds; from which it appears that there has been during the
Hon. James G. Blaine,
last four years an increase in the 5 per cent, bonds of $143,497,550, and a de¬
crease in the 6 per cent, bonds of $100,909,650.
Speaker of the House of Eepresentatives.
6 per cent.
6 per cent.
6 percent.
6 per cent.
6 per cent.
5 per cent.

The thanks of the Comptroller are
ers of banks, chiefs of divisions, and the other employees
satisfactory manner in which their duties have been
past year. The business of the office
ing year, and it is expected that not less
rency will be received, counted and
a
new currency issued to the banks.
The
troller arc required by law to give official
a

inadequate, in

exceeding eighteen

COUNTERFEITS.

by the chief of the
COMMERCIAL AND MISCELLANEOUS NEWS.
plate upon which the
counterfeited than
iMPORrs and Exports for the Wrrk.—The imports this
any other, the plates of twenty-four banks havin" been thus counterfeited.
Ten plates of the $20 notes and a small number of the $100 and the $2 plates
week show a decrease both in dry goods and general mer¬
have also been counterfeited; all of which plates have been captured and de¬
chandise. The total imports amount to $5,517,736 this week,
stroyed by the Treasury Department. A full set of lithographic stones from
w ich were printed notes of the denomination of $5, together with a consider¬
against $6,198,752 last week, and $7,380,496 the previous week.
able amount of notes, were also captured and destroyed; since which time it is
The exports are $4,103,914 this week, against $5,068,901 last week,
believed that no fraudulent issues of this kind have been put in circulation.
and $3,991,057 the previous week. The exports of cotton the
past week were 10,885 bales, against 7j443 bales last week. The
following are the imports at New York for week ending (for
lore are now but $50,555 of this denomination remaining in cirTreasury, and
dry goods) Dec. 3, and for the week ending (for general mer¬
dilation.
From a report made to the Secretary of the Treasury
secret service, on August 27, 1*73, it appears that the $10
national bank notes are printed has been more extensively

chandise) Dec. 4:

*

Legal tender notes outstanding, by

denoi?iinatio)is, Nov. 1st, 1874.

Is
2s
5s
10s.
20s
50s

Previously reported....

34,963.000
14,418,000

500s

55,311,000

1,000s
Deduct amount destroyed

$1,053,366

22,503,700

100s

in Chicago fire (denominations unknown)

883,000.000
1,000,000
382,000,000

the total amount of United States bonds was $276,250,550, of which only $76,852,600 were 5 per cent, bonds.
tOn October 1,1865,




FOREIGN IMPORTS AT NEW

$27,444,403
28,779,122
51,180,440 Dry goods
76,390,525 General merchandise...
72,014,810
Total for the week..
Since Jan. 1

1871.

YORK FOR THE WEEK.

1872.

1873.

1874.

3,552,248

$1,093,117

$1,173,503

3,994,573

$391,318

3,999,993

4,344,233

$5,047,989

355,456,990

$3,943,566
403,869,087

$5,093,110
365,652,906

$5,517,736
359,628,792

$660,504,929

$407,812,653

$370,746,016 $365,146,52

report of the dry goods trade will be found the imports of
dry goods for one week later.
The following is a statement of the exports (exclusive of specie)
from the port of New York to foreign ports, for the week ending
In

our

Dec. 8:

THE CHRONICLE

612

1873.

$5,170,064

Forth# week

$4,176,158

$4,686,084

Previously reported....

*24,689,823

221,003,963

$828,865,981

Since Jan. 1

1874.

$4,108,914
265,218,046

187*.

1871.

New York CUy Bank*.—The following statement shows
the condition of the Associated Banks of New York City for the
week ending at the commencement of business on Dec. 5,1874:

Tin.

XXPOBT8 FBOM MW YOBS FOX

277,179,045

$2*5,590,047

$282,349,109

▲TXKAQX A.MOUNT OF-

1—Str. City

$269,321,960

American gold coin...
American gold coin...

of Montreal.. Liverpool

Bolivar

1—Brig Angostura

Liverpool
Silver bars
Hamburg.
8ilver bars & gold com
Southampton.American gold coin...
Liverpool
Silver bars and coin..

2—-Str. Partnia
8—8Ur. Silesia
5—Str. Hermann

Capital.

Banks.
New York
Manhattan Co

The following will show the exports of specie from the port of
New Tork for the week ending Dec. 5, 1874, and since the
beginning of the year, with a comparison for the corresponding
date in previous years:
Dec.
Dec.
Dec.
Dec.
Dec.

[December 12, 1874.

$8,000,000

2,950.001
3,000,000
2,000,000
1,500,000
3,000,000
1,800,000

Merchants'
Mechanics'
Union
America
Phoenix

City

$260,000

1,000,000

...

1,000.000

Tradesmen’s

600,000
300,000

Fulton
Chemical

41,100

371,085
591,452
250,000
897,249

1/100,000

Merchants'Exch’ge.

Gallatin, National..
Butchers’&Drovers*
Mechanics&Traders

Net
Legal
Tenders. Deposits.
Specie.
$2,275,000 $1,125,000 $8,569,500
4,0852200
435,600
782.400
11,055/00
2,862.100
1,209,700
917.100
4.164.500
151.300
5*5,700
3,03 i, 100
176.200
966.200
1.228,200
6.609.200
404.300
392.500
8.462.500
925,000
4.987.300
559.700
1.-34,800
23.600
369.100

Loans and
Discounts-

1,500,000

$9,42?,500
6.1)92,900
11.449.600
6.486.400
4.927.500

9.115.300
4.806.200
6,216,800
8.582.200
1.853.800
8.609.500
8,644,100

128.700
344.800
40,900
357.800

5.017,bOO

353.800
2,603,21)0
896.500

Greenwich
Leather Manuf
Seventh Ward
State of N. York..
American Exch’ge.
Commerce
.

i,

1878.
187*

.

$17,890,422
5,485.287

.

.

1871

...

8,461,830

..

1870

1869
1868
1867
1866

following forms present a sum¬
mary of certain weekly transactions at the National Treasury.
1.—Securities held by the U. 8. Treasurer in trust for National
Banks and balance in the Treasury :
Coin

For

,—Bal. in Treasury.—>

ForU. S.

Circulation. Deposits.
Oct. 81.. 385,399.750 16,537,300
Nov. 7.. 385,590,750 16,487,200
Nov. 14.. 385,339.250 16,487.200
Nov. 21.. 885,347.750 16,487,200

Total.
401,937.050
402,077,950
491,826,450
401,834,950

Nov. 28.. 385,348,250
Dec. 5.. 385,446,250

401,785,450

82,746,882

16.437,200

Coin.

15,460,101 21,067,000

84,093,000

16,108,390

82,091.772
82,367,335

15,402,821

Notes in
Circulation

Week
Oct. 31.
Nov. 7,
Nov. 14
Nov. 2i
Nov. 28
Dec. 5

348,740,022

,

22,838.000

14,588,355 22,952,000
15,093,899 22,592,400

-Fractional Currency.—* Leg. Ten.
Received. Distributed. Dlstrib’d.
870,100
2,859,190
'

348,089,311
357,831,630
350,193,593

2,140,434
387,900
-2,723.214'
2,608,051-

741,300
T632,100
560,000
406,700

476,000
319,327,208
—The committee of the bondholders of the

—2,209.180
3,505,935

'

'
'

Indianapolis Bloom¬
ington & Western railway Company, comprising Messrs. Thomas
Denny, Josiali B. Blossom, and John P. Adriance, give notice in
our to-day’s issue, to the holders of the outstanding minority of
the second mortgage bonds, that they are required to forward their
powers of attorney to foreclose said mortgage, &c., to the com¬
mittee, on or before January 2, next. Address Thomas Denny &
Co., 39 Wall street, or Adrian Van Sinderen, 54 Wall street,
New York
—The Board of Directors of the Western

250,000

20,028,500
7,108,000
1,866,000
6.977.200
6.275.900
4.550.700
1,340,0)00
2,084.600
1,200,000

Union Telegraph
two per cent on

Company have declared a quarterly dividend of
the capital stock of the company, payable at the office in New
York, on and after the 15th day ot January next. Transfer books
close December 21, at 3 o’clock P. M., and open on the morning
of the 10th of January.

158,600
17,900

As a matter of gain
contracts are used in

Y.

and safety, “Puts,” “Calls” or “Double Privilege”
stock speculations by the largest operators, and very

large sums are often realized from moderate investments.

TO $3C0.
*
at the best rates in the market

WE ISSUE A PAMPHLET FREE,
explaining the various modes of operating, also showing how large profits
are realized from moderate risks.
All persons having any interest in making
money should send far a copy.
Any information relating to stocks cheerfully
furnished, and how the fluctuations of the market may be best taken advan¬
tage of. Address, for particulars,
TUMBRIDGE & CO., Bankers and Brokers
2 Wall street, corner Broadway, N. Y.

DOUBLE

PRIVILEGES at the market price, $150 to $325, 100 shares,

signed by members of the Stock Exchange.
J. HICKLING & CO., Bankers and Brokers,
72 Broadway, New York.




890,500
475,200

1.955.800
8,73 *,400
2.812.100
1.152.200
2,006,900
3.238.300
2,667,000
7,021,000
1.540.200
2,055,800
1,793,00)0
1,851,000
2.600.300
1.312.700

831,600
130,300
5,500
296.500

168,100
1,173,000
133.800
3.900
225,000
738,700
776.800

4.900

1.744.100
1.147.800
2,183,900)
15.366.800
16.371.700

585.300

1,083,000

301,0)00

4,0)00
840.000
489.500
8S9.0OO

695,20)0
830,600

582,100

190,800

66c .500

14.415.800
6,135.000
1.467,000
6.332.100
4.738.100
5,s8),6oo
800,700
1.124.400
880.00)0
935.000
4,192,900
1,950,700

1,464,900

1,095,600
155.300

2,909 7(0
1,469,(00
265,0(0
601 400

30 3,500

49,400
261,600
869,100
212,000
180,000

$31,435,200 $286,063,000 $14,467,200 $50,221,700 $ 219,632,100 $25,012,600
returns of previous week are as

Total

Dec.
Dec.

The

Dec. $3,1J5,2(0

Net Deposits.
Circulation

Inc. $3,787,200

Loans

Specie.
Legal Tenders

2,862,100
3,080,200

Inc.

Legal

Loans.
Nov.
Nov.
Nov.
Nov.
Dec.

128,500

following are the totals for a series of weeks past:.

285.056.700
283,788,100
21... 283.319.500
23... 282,275,800
5..:.. 236.063.000
7....
14..

Clrcu-

Tenders.

Specie.
12.574,800
16,888 20 0
17,380.900
17.329.300
14,467,200

Deposits.
226,753,900
229.994.20)0

59.451.700
59,525.100
57,504,400
53.301.900
50,221,700

227,352,70)0

Aggregate

lation.
25,082,900
24.882.500
24.968.00J
24.834,100
25,012.600

Clearings.

222.767,300
219,632,100
give a statement

446.584.180

450.309.151
532,154.098
889,1 *-8,0:9
530,030,5(8

itoxton Banks.—Below we
of the Boston
National Banks, as returned to the Clearing House on Monday,
Dec. 7, 1874:
Loans.
Specie. L .T. Notes. Deposits.
ijBanks.
Capital.
$435,800
$459,200
$47,200
$500
Atlantic
$750,000 $1,616.2(0
Atlas
Blackstone....
Boston

1,500,000
2.000,000
1,000,000

....

600,000
200.000

Boylston

Broadwaj*

500,000
1,000,000
1,000,000
1,000,000
400,000
1,000,000

Central*

Columbian
Continental
Eliot
Everett

Faneull Hall
Freeman’s

300,000
1,000,000

Globe
Hamilton
Howard
Manufacturers
Market
Massachusetts
Maverick

750,000
1,000,000
500,00)0
800,000
800,000
400,000
3,00)0,000
200,000

Merchants
Mount Vernon

1,000,000

New England.:
North
Old Boston
Shawmut
Shoe & Leather

Revere

Security
Union
Webster

•

•

•

•

•

•

•

2.623,600

40,700

825.600
2,953.900
1.711.400
2.332.0(0

f.00

•.,722,700
2,498,800
1.055,3(0
1,699,600
2.006,300
1.264.000
9.332,3ut)
625.800
2.578.20)0

,

,,,

65,300
2,000
•

•

•

•

16,000
21,200

41,S00
64.800
109.700
59 300
308.200
74.200

....

10.200
21,300
150,900

977.500

348.200
235.000
439.500
147 50U
344.800

170.400

6 41.600

963,600
571,700
5,787,800
412.400

969,900

52,( 00

2X3,200
lffi.000

2.900

255.1(0
291.500

243,600
58,000
1,-JOO

164.200
238.800

56,200

500

78,300
257.000
214.600

5,350,300
2,966,700

63,100

424,600

3,035.500
1,949,600
1.998.50)0
4.633.800)
3.384,300
4 803.90)0

15,000

375,000

13,200

110.900
152.300

1.X52.900

1,000,000
1,500*000

,1500,000

1 000,000

•

....

8.600

957.600
2.579,800

200,000

1,000,000
1,500,000

2,552.000

*

59,500
20,600
5,500
65,10)0
14,400
5,200

172,300

384,700
163.700

347.200
91.400
88,600

85,000

Total
$50,050,000 $128,541,600 $1,341,400 I8.298.80C
The total amount “due to other Banks,” as perstatement of
*

Not received—same as last

The

pec.

7

Increase.

Increase.
Loans.

131,940,600
(31.593,000
130,132.800

12S,495.100

123,541,600

are as

16,700 Circulation
111,930 1

330.800
577,60(0
495.400
970,20)0
737.400
170.500
679.400
564,01)0
653.800
617.200
169.K00
585,700)
569.800
669.900
771.700
300,00)0
444.8(H)

1,542,100
1,106,800
859,300
826.900
926.800
816,100
1.098,50)0
1.750,600
1,063,900
2.319,000
586,600
957,600
761.000
2.42S.500
562.700
799.100
1,925.400

910,800
2.868,200
315.100
1,035.700
369.000

323.400
764.700
759.900
662.200
176, L00
526.600
488,000

$52,990,100 $24,661.40
Dec. 7, le $21,444,800.
follows:
Increase.
Decrease.

$874,60)0
41,300

♦

following are the totals for

Date.
Nov. 9
Nov. 16
Nov. 23
NOV. 30

673.700

week.

The deviations from last week’s returns
Loans
Increase. $46 500 l Deposits
Specie
Legal Tenders

173.700
782.100

1,038,500
914.500

3,3692200

6.600

1.452,400

1.444,900

186,800
165,600

^

343.800
245.700

956.500

75,200
128,600

141,3001
133.500

26.300

118.300

1,057,90)0
921.500
539,300

16,000

1,980.100
3.946,200'
4.683,300
1,326,900
5,380.400

800 000
559,00)0

99.700

817.200

1.460.100

149.200

170,700

3,501.200

3

165.100

467.200
317.500

32.400
12,400
18,300

S,054.900

768.600

770.700
587.300

503.200

74.000

179,700

799.000

412,100
1.451.900-

60.700
160.100
90,400

100

.489,000

327.800

15,000
21,500
115.100

5.900

40,200

953.400
2.002.200
2.472,900

896,100
1.715.500
846,600
588,300
195,200
692,400
725.800
718,100

85,100
263.000
96,600

203

2

75i0,OOO

1,500,000
2,000,000

•

4,000

1,000,000

Exchange
Hide & leather

8,60)0
17,600

2, L91.600
2.097.600

1,000,000

City
Eagle

19,<00

1,103,800

1,000,000
Second (Granite)... 1,600 000
Third
300,000
2,000,000
Bank of Commerce
Bank of N. America 1,000,000
B’k of Redemption.
Bank of Republic...
Commonwealth

1,90)0

3,048.700
4.359,300
2.215.400
1.660.200
496,400

1,000,000
900,000
1,000,000
1,000,000
2,000,000
1,500,000
600,000
2,000.000

Washington

PRIVILEGES.

THEY COST FROM $50
Contracts negotiated through us are obtained
and on responsible parties.

2,783,800

2.594.100

The deviations from the
follows:

First

STOCK

3.440.200
7,342,20)0
7.-06,000
3.594.700

320.900
225,000
170,0(0
782.500
263.400

5.119.700
2,384,80)0

1,000,000

192.900
2,700
243,000
168.900
495,460
900.600

186.400

130,200

4,000

240.50)0

2.565.800
1,073,700

1,182,400

100,000

441.600
490,700

2,780 900
1,926,000

625,400
21,50)0

1.1«3,000

764,600

893 100

362,000

121,300
200,500

2,000,000

State
Suffolk
Traders
Tremont

BANKING AND FINANCIAL.
RAILROAD BONDS.—Whether you wish to BUY or SELL, write to
HASSLER & CO., No. 7 Wall street. N.

43,000

200,000

.

3.—National bank currency lu circulation; fractional currency
received from the Currency Bureau by U. S. Treasurer, and dis¬
tributed weekly; also the amount of legal tenders distributed:
ending

300,000
l,500,tGC
500,(03
1,900,000
500,000
1,000,000

1,200
463.100

cer-

tifleates

Currency, outst’d’g,

79,262,585

16,437,200 401,883,450

ending

5,000,000
2,000,000

Central National...
Second National....
Ninth National.
First National
Third National
N.Y.National Exch.
Tenth National
Bowery National...
New York Co. Nat.
German American.
Dry Goods

1.00(0
832 200

768,000

800,000

...

National Treasury.—Tne

Week

800,000
60U.000
200,000
600,000
300,000
2,000,000
5,000,000
10,000,000

Manufact’rs’& Mer.
Fourth National....

Same time in—

Same time in—

526.100
270,000

8.313.200
1.590.600
1.214.800

2,189,’ 00
35,000
14.100
818.500
1.921.900
117.20)0
954,500
422.900
241,600
8.161.500
Total for the week
$2,400,888
58.100
271.100
1.141.300
Previously reported
49,215,496
1,095,200
282.800
4.919.300
839,000 2.051,60)0
11.756,500
Total since Jan. 1, 1874
~
$51,616,884
4.391.100
478.200
18.283.200
Same time in—
I
Same time in749 900
171.900
5.949.200
Broadway
1,000,000
1878
532.500
$47,427,763 | 18693.19
0)0
$30,538,829 Mercantile
8.513.900
1,000,000
607.700
11.300
422,700
2,052,400
187*
68,261,832 | 1888
69,364,117 Pacific
421.800
1,214,200
5.304.600
2,000,000
1871
60,502,501 1867
45,388.574 Republic
186.200
498.300
450,000
2,8(8,300
1870
57,538,762 | 1866
59,149,044 Chatham
188.700
9,700
1.431.200
People’s
412,500
342,000
North America
1.000,000
2.478.800
118,90)0
The imports of specie at this port during the past week have Hanover
768.700
1,000,000
3.967.600
42.200
23.200
549,000
been as follows:
2,781,000
Irving
500,000
436.000
1,687,000
Metropolitan
1,000,000 11,8*2,000
Nov. 80—Str. Acapulco
Aspinwall
Silver
$550 Citizens
1,609.000
423.400
600,000
22,700
Gold
1,507
39.300
158,80)0
Nassau
2,322,60(0
1,000,000
Dec. 1—Str. City of Mexico. ..Vera Cruz
Silver
91,649 Market
495,200
33,000
2.810.400
1,000,000
Gold
65,582 St. Nicholas
250.700
107.80-0
1,000.000
2.761.700
Silver bars,
458,000
80.200
4,002,800
18,091 Shoe and Leather.. 1,000,000
60.600
284,000
Corn Exchange
2.802.800
Dec. 1—Str. City of Merida
1,000,000
Havana
Gold.......
25,00079
298,000
04—Str. Atlas 03.
8.165.200
1,500,000
Savanilla
Gold
400 Continental
Dec. )
6.100
230.400
1.552.700
300,000
Dec. 4—Str. Crescent City
175,235 Oriental
Gold
Havana
465,000
137,300
Marine
400,000
2,80.),000
Dec. 5—Str. Klopstock
Hamburg
Silver bars .:
793 Importers’& Trad’rs 1,500,000 14 378,80)0
193,400
8.914.100
3,116,800
264,600
Park
2,000.000 15,479.00)0
Total for the week
247,0)00
$378,807 Mech. Bank’gAsso.
1.183.1)0)0
117,000
500,000
117.300
4,500
820,700
Grocers'
300,000
Previously reported
5,619,794
176,30)0
14,400
1,160.800
North River
400,000
1.013,800
97,200
22,800
East River
350,000
roiai since nan.
10
Dec. 5—Str. Celtic

9,700
785,800

1.294.100
8.121.400
8.104.600

526.900
297,000

Circula¬
tion.
$464,600

a

series of weeks past:

Legal Tender.
£.086,700
1,340,600

Specie.

Deposits. Circulation

1,402,400
1.421.100

7,881,700
7.833.100
8,186,900

54,6)6,200
54,247,200
58.188.100
52,115,500

24.915,100
24.744.40J

i,341,400

8,298,800

52.990.100

24,661,400

1.324,7(0

24,747,200
24,705,30)

December

<ilf)e Banker©’
NATIONAL BANKS

Closing prices daily have been as follows:

alette.

ORGANIZED.

.

Currency furnishes the

fgThe United States Comptroller of the

DIVIDENDS.
have recently been announced :
Per
Cent.

Company.

Railroad*.
Central Ohio, pref. and com. ..
New York Central & Hudson (quar.)
New York & Harlem

2
4

Miscellaneous.
Montauk Fire (Brooklyn)
New York Mutual Gas Light
Western Union Telegraph (quar.)

2*

Jan.

2

Market and

Money

inclusive.)

30^Dec. 10 to Dec.

30
15 Dec. 16 to Jau. 19
2 D pc. 20 to Jan. 3

15jJan. 6 to Jan. 16

Dec.
5.

.

Dec.
9.

Dec.
10.

Dec.
11.

*115& 115% 116 *115**116
119* 119**119* 119**119*
....*112**112* 112* 112* *I1V*
....*112* 112**112* 112**112*

....

....

*114* *114* *114* *114* *114*
114* *114* *114*
*114* *114
115* 116* ♦116 *116*
116*
116* 116* *116*
116* *116
115
114* *114* 115* *115*
118* 118* 118* 118* 118* 118*
116
115* 115* 116
119* 119* 119* *119* 119* *119*
.

..

....

.

.

....

....

*115* *115* *115*
*119* ♦119* *119*
*119* *119
*113* 112* 113* ♦112* *113
*113* *113* 113* *113*
114* *114
112* 112* *112* 112 * 112*
112*. 112* 112* *112* *112*
116* *116
116* 116* *116*
....

....

....

....

....

sals was made at the

♦This is the price bid ; no

Dec.
8.

Dec.
7.

Board.

Dec. 22l

10

Jan.

Friday.

The

.

3

Panama

P’able. (Days

Dec.
Jan.
Jan.
Jan.

3

Books Closed.

When

period.
6s, 1881
reg. .Jan. & July.
6s, 1881
coup.. Jan. & July.
68, 5-20’s, 1862
reg..May & Nov.
6s, 5-20’s, 1862
coup..May A Nov.
6s, 5-20’s, 1862,Called Bds..May & Nov.
6s, 5-20’8, 1864
reg..May & Nov.
coup..May & Nov.
6s, 5-20’s, 1864
6s, 5-20’s, 1865
reg..May & Nov.
coup..May & Nov.
6s, 5-20’s, 1865
6s, 5-20's, 1865, n. i., reg..Jan. & July.
6s, 5-20’s,1865 n. i.,coup.. Jan. & July.
68, 5-20’s, 1867
reg.. Jan. & July.
6s, 5-20’s, 1867
coup..Jan. & July.
reg.. Jan. & July.
6s, 5-20’s, 1868
6s, 5-20’s, 1868
coup Jan. <fc July.
reg. Mar. & Sept.
58,10 40's
5s, 10-40’s
coup..Mar. & Sept.
5s, funded, 1881
reg ..Quarterly.
5s, funded, 1881, ..coup
Quarterly.
6s,Currency
*...reg.. Jan. & July.
Int.

following statement of National Banks organized the past week :
2,211—Farmers’ National Bank of Constantine. Mich. Authorized capital,
$50,000; pa*d in capital, $50,000. Milo Powell, President; Chas. H.
Barr}7, Cashier. Authorized to commence business Dec. 4, 1374.

The following Dividends

613

THE CHRONICLE

12, 1874.]

•

4jDec. 19 to Jan. 4

15 Dec. 22 to Jan. 15

The range in prices since Jan. 1 and the amount
of bonds outstanding Dec. 1,1874, were as follows :

December 11, 1874—6 P. M.

Financial Situation.

—

The

prominent topic of the week has been the question of specie
payments, as touched upon in the President’s message and Treas¬
ury report.
It is now certain that the President and Secretary of
the Treasury are both in favor of measures looking to specie
resumption, and this is of more interest from the fact that a
newspaper, supposed to represent the President’s opinions, had
recently intimated that he would feel at liberty to retreat from
his former policy, in consequence of the result of the recent elec,
tions. In summing up the prospects of financial legislation in
the present Congress, the weight of opinion seems to incline to
the idea that no definite measures of importance will be adopted,
as it would be impossible to concentrate upon any decisive law a
sufficient majority of both Houses, to pass it.
If the country
could know that no material change in the banking or currency
laws would be made, there would be some consolation even iu
this assurance of “ masterly inactivity,” as the unsettling of busi¬
ness transactions, which haa
been so damaging during the ses¬
sions of Congress in previous years,might then be avoided.
Our local money market has shown a tendency to re-act from
most

of each class

Amount
Range since Jan. 1.—
Registered.
Highest.
120* May 27 $193,255,450
115* July
122
Apr. 29
116* July
7,818,950
113* Apr. 29
110* Nov.
25,984,350
Nov.
113
120* Apr. 29
33.758,300
121* Apr. 15
114* Nov.
57,120,000
120* June 23
114* Jau.
88,051,900
121* June 22
114* Jan.
14.002,500
114
Jan.
121* June 22
115* May 22 141,262,150
109* Aug.
Ill* Sept.25 lib* Feb. 28
111
Jan.
2 117
Apr. 28 193,017,700
64,623,512
Nov. 23
114
Jan. 6 119

Dec. 1.-—

,

Coupon.

Lowest.

6s, 1881

reg..

6s, 1881
68, 5-20’s, 1862

coup..

.

coup
6s, 5-20’s, 1864
coup..
6s, 5-20’b, 1895
coup..
6s, 5-20’s, 1865, new,coup..

68, 5-20’s, 1867.
coup..
6s, 5-20’s, 1868.
coup..
5s, 10-40’8
..reg..
5s, 10-40’s
coup..
5s, funded, 1881.. ..coup..
6s, Currency

reg..

State and Railroad

89^80',90b

113,437,400

33,C08,450
118,776,050
145,543.100
222,570 850

23,471.500

53,305*150
164.680.200

State bonds have

Bonds.—Southern

been particularly active at the Board, but transactions
through broker’s hands privately are of considerable extent
North Carolina boDds have declined on the possibility that no
not

satisfactory legislation on the debt question may be obtained
from the present Legislature. South Carolina new funding bonds
are strong on the hopes inspired by Gov. Chamberlin’s satisfactory

In Alabama it is proposed to investigate the several
and a bill has been introduced which provides for
the appointment of commissions to adjust and settle with bond
holders.
As to Tennessees it is expected that the January interest
the higher prices of last week, and both call loans and commer¬ will be promptly paid as it falls due.
cial paper are easier.
Railroad bonds have been in good demand at steady or advan
The bulk of transactions with stock bor¬
rowers have been done at 3@4 per cent, and with Government
cing prices, and the general tendency is towards an increased con¬
bond dealers at 2@3 per cent.
In commercial paper there is not fidence in the bonds of all companies which are believed to be
much change in quotations, but the tone is easier; the choicest able to pay their interest regularly.
The new bonds of the Cen
tral Railroad of N. J., and the Central Pacific gold sixes on the
paper is about 5-J to 6 per cent.
Cable despatches from London on Thursday reported that the San Joaquin Valley bonds, and the first mortgage gold sixes of
Bank of England had gained £365,000 in bullion during the the California and Oregon endorsed by Central Pacific, have this
week been placed on the call of the Stock Exchange. Mr. Deveweek, the discount rate remaining unchanged at 6 per cent.
The last weekly statement of the New York City Clearing House reux. President of the Atlantic & Great Western Railway, has
banks, issued Dec. 5, showed a decrease of $5,158,500 in the been appointed receiver of that road on the application of the
excess above tlieir 25 per cent legal reserve, the whole of such
first-mortgage trustees.
excess being $9,158,500, against $14,939,375 the previous week.
Closing prices daily,and the range since Jan. f, have been:
The following table shows the changes from the previous week
Since Jan. 1.
Dec. Dec. Dec. Dec. Dec. Dec.
and a comparison with 1873 and 1872:
Lowest.
Highest.
10.
11.
9.
8.
7.
5.
expressions.

issues of debt,

,

,

,

Nov. 28.

Loans anadis.

1873.
Dec. 6.

«

Differences.

1872.
Dec. 7.

Inc..$3,787,200 $252,373,500 $278,388,600
17,329,300 14,467 200 Dec. 2.862,100
21,158,600 13,209,500
24,88-1,100
128,500 27,186,100 27,569,100
25,012,600 Inc..
222,767,300 219,632,100 Dec. 3,135,200 182,015,300 205,019,800
53.301.900
50,221.700 Dec. 3.080,200 ,38,214.000 46.401.200

$282,275,800 $286,063,000

Specie
Circulation....
Net

1874.
Dec. 5.

deposits..

Lepal tenders.

*57*

isTenn., old.ex c
6s Tenn, new ex c
6a N. Car.,old
6b N. Car.,new...
6b Virg.. old
do
consolid.
do
deferred.
is S. C., J. & J
8b Mo. long bonds
Cent. Pac., gold..
Un Pac., 1st
do
L’d Gr’t

111

Bonds.—In the early part

of the week, on the

and report of the Secretary of
favoring specie payments, bonds declined sharply
in sympathy with gold.
Subsequently, there was’a considerable
recovery, as the lower prices brought out a large number of
buyers, and for the past few days there has been an active busi¬
ness.
The foreign bankers were selling bonds freely in the
early part, chiefly 5-20’s of 1862; but yesterday and to-day
they would have been willing to replace their governments
advanced prices. The main demand, however, has come from
home purchasers, who want bonds, and are glad to take advantage
receipt of the President’s Message

the Treasury

of any

fall in prices to obtain

Closing prices of

Nov.
27.

U. S. 6s, 5-20’s, 1865,
U. S. 6s, 5-20’s, 1867
U. S. 5s,’ 10-40’s
New 5s!




old

them.

securities in London have been as follows:

..

106*
109*
104*
103*

Dec.

4.

106*
109*

104*
103

11.

Lowest.

106* 1 105*
109* i 107*
104*
103*
103
1 102*

Highest.

Oct. 16 110 Feb. 19
Jan. 5 110* June 18
Feb. 16 106* Aug. 1
Jan. 15 105 May 20

Erie 1st M. 7s
N. ,j. Cen. 1st 7b..
Et Wayne 1st 7s.
Rock fsld 1st 7b...

•57

*12
•38

*10

*38%

16
37

58%

•53
*11

50

•23

*22

*58
*11
25

*12

58
*11
99

93

59*
.

t

,

98*

96%
92*

96'*

96*

95%

9V%

92

39
•99
•103
*109
112

....

97*
96
92%
89

97*
95%

92
89

103*

*88
*!'0

•90

•38%
*90

‘103* •103*
*109*
*110%
111% *111
109
•108* 109*
.

.

t

•109

This is the price bid. no tale was
t Range since June 27. 1874.

Railroad

*56

....

*53
-11

*12
.

*

has been

57

57*

57%
*56*

*57*

23

*12

dolnc.past due

United States

57 V

.

f52 Sept. 21 +63 June 27
+50
Sept. 17 +63* June27
18* Aug. 21 31* Nov. 12

,

*109

*103*
*109*
*110*
*108%

Jan. 6
Nov. 11
Feb. 17

3% Sept.
Apr.
90% Jan.
87* July
81
July
7

93% Dec. 4
89% Sept. 26
Sept. 21
5 105
Apr. 7
Dec. 1
3 110
112
Dec. 1
22
6 109* Dec. 10
15

May 21
73* Jan. 9

75
101

Jan.

102* Feb.
103
July
101
Jan.

Jan. 30
8
13
Nov. Hi
25
Dec. 11
99
Dec. 7
96* Pec. 1
42

91

madeatthe Board,

and Miscellaneous

Stock*.—The stock market

variable, and closes on most of

the list, after the fluctua¬

nearly the same prices as last
this there were several exceptions. The expected
dividend was declared on Western Union stock, but
tions of the week, at

22
28
2
27

21* Mch. 21

58% Dec.

Friday. To

2 per cent
the effect of
it had already been discounted.
In Pacific M lil the numerous
complications have resulted in knocking the stock down to 39^
which was the closing price to day.
In taking a general view of
the market, it seems apparent that there is nofhing like the
opportunity for frequent and wide fluctuations in stocks, which
have formerly existed.
The era of large stock dividends has
passed, and as to speculation the public are much more cautious
purchasers than formerly, and are not so easily induce I to
come into a bull market and take off stocks at the highest figures,

value for cash dividends, and may
in

Napoleons
XX Reichmarks
German X thalers
Prussian X thalers
German Kronen

purchasing stocks on their real merits.
At the close to-day prices were rather weak.
The daily highest and lowest prices have been as follows:
101% 101%

101% 101%

*129

Harlem
Erie
Lake Shore....
Wabash
Northwest
do
pref.
Rock Island
St. Paul
uo
nret....
At.& Pac.,nref.
Ohio & Miss...
Central 0; N.J.

26% 27%
80% Rt •¥
3J% 31%
46% 46%

26%
79%
29 X'

45%
60

60% 60%
10!% 101%
39
39%

...

r

so%
30%
46%

‘•0%
30%
47%
61%

57

16*
32%

3i%

20

in

115

115

West, Un. Tel.
Quicksilver....

82%
33%

82%

pref.

41%

44%

Pacific Mall
Adams Exp....
American Ex..

41

%

42%

....

ThlB la the price

81%

10

111%
82%

82%
33%
*44%
39*

36

44% 44%
39% 41%
113* 113*
*65
65%
64
61%

65

05

United States..
Wells, Fargo..

ft

33*

26*
35%
9%
111%

35%

114

ie% 56%
30% 31%
106% ‘105%
108%
108% ‘108
ft
r.
26%
85
35*
35% 35%
9*
9* 10
9*
116
114% *111%
82%
82%
82% 82*
32* 32* •32
33%
45
47
45%
41%
39
39
40%
40%
*113
111
*113*
65
*65
65%
65
61% 61%
‘82
82% *80
•

Highest.

Northwest

Del., Lack. <fe Western. 99

8
101

Col., Chic. & I. C
...

Union Tel.... 08

90

18
15 35%
10 57%
10 32%

74% Feb.

9 31%
53

10
85

109% Feb. 10

15

34% Jan. 12

29
June 29
37% Apr. 21

AdamsEipress
American Express
United States Express.
Wells, Fargo & Co

92% Jan.
58% Jan.
60 Sept.
69% Jan.

pref

Nov.

18

48 Nov. 27
51% Sept. 30

13 120
*2j 65%
28; 73
5i 84

Lapsley & Bazley, Brokers, 74

Nov. 13
Dec.
Feb. 9
Nov. 301

60

30

30

days. days. days, davs
%
%
Gold for % bonus.. %
%
1
3%
1%
1%
W. Union Tel
2%
3%
2%
Pacific Mall
1*
1%
1*
N. Y. C. & Hud.
%
%
4
3
2
2%
Harlem
1*
2*
2%
Erie
1%
2
1%
1%
%
Lake Shore
1*
2%
1*
Northwestern....
1%

Feb.

Feb.
Jan. 29
.

Jan.

8

Jan.

6

to $200, 60 days (on
at the following dis¬

days. days. days. days
O
1*
1*

C.. C. & I. C

..

..

..

..

..

i

1%
2%

Quicksilver

''Tk© Gold market,—The decline in

*
......

1*

1*
1%
1%

2%
2/4
2%

1

1%

1*

1%

1
2
1
2

1*

2

$313,059
712,677
841,274
1,554,602

43
44

831,262 59

768,267 72

1,104,156 80

951,914 70

3,075,118 22

5,750,225 72

5,387,033 45

6,129,356 37

39
30

York city and Boston will b

Specie.

$5,805,000

$'.0,000

4.834.000
7.14U.000
2,619,000
2,278.006

1,000,000

North America.....

Farmers and Mech. 2,000,000

810,000
800,000
500,000
250,000
250,000
500,000

Commercial

Mechanics’
Bank N. Liberties.
Southwark

•Kensington
Penn

35,4(6

1,232.6*4
1,023,185

150,000
250,000
275,000

1,017.000

300,000
400,000
300,000
500,000
500,000

Commonwealth....
Corn Exchange....
Union...
First
Third
Sixth
Soventn
Eighth
Central
Bank of Republic.

1,000',000
soojooo

250^00

1,0-6,000

180.000

762,026
1,047,833
554,256
1,911,(60
1,298,000
3,533.000

270.000
358,464

3.-3,510

260.0UU

1,223.000

772.000

1,065.000

3,565,0(0

564.600

419,000
99,000

989 060
4’. 5,000

779.O0Q
180,600

$14,299,7S4

$47,937,607

$11,353,858

793.374
441,000

181,('00

98,000
112,000
217,000

....

2,000
.

32,600
....

$243,469

The deviations from the returns of previous

310,000

week are as follows:
Dec.

.Dec. $122,303 1 Deposits

Loans

The

following

the totals for a
Specie.
373.601
355,525
376,169

60.9)4.076
60.517,431

Sept. 28

14.563.865
15 042 571

...

,

14,298,003

313,325

61,140,942

1 1,666,675
1 4,540,9(6

326,019
....

14.*52.572
11,806.753
14,9:6.057
11,634,729
14,333,351
14.(26.879
14,299,734

292.-67

325.955

61,234 837
61,211,860
61,242.764
61,336,493

347.170

274,863
241,152
213,469

$723,985

23,505

series of weeks past :

LegalTender.

335.160

Ocl. 5
Oct, 12
Oct. 19
Oct. 24
Nov. 2
Nov. 9
Nov. 16
Nov. 23

Nov. 30....
Dec. 7.

are

327,093 1

Dec.

Loans.

Date.
Sent. 21

Dec.

2,017 I Circulation

Inc.

Specie
Legal Tender Notes..

208,285
450.000

336,000
757,000
255.3S1
135,(00
217,580
225,2(4)

....

.

169,600
540,306
206,240
600,000

1,078,600

157,903
696,000

.

214 565

183,911

4.233

*

225.000

219.600

•

20,000

$16,435,000 $61,214,190

Total

•

4,000

4.156.UOO
2,100,000
670,000

1,000,000

•

1,183
•

577,000

75(>;000

Security

863

10,000
7,000

611,060

475,0(0
438,(>60
196,175

625.431
923 950

591,936
3u7,(’00
233,569

....

1,000,000

2,207.5.9
1,125.310
697,500
3.574,1)00

215.798

46,113

767.600

3,658,000
6.218.500
1,968.006
1,35 4,000
2,426,000
1.168,143

290,000
534,000
504,022
137,(K 0

....

•

Deposits.Circulate.
$4,185,000 $1,000,000

751.1X10

1,600

2,046,462
2,328,600
837,112
4,112,000
1',573,000
1,183,204
1.559,645
813,8(8
2,037,000
1/97,000
3,993,000
993,700
57 i,000

.

$1,205,000
1,203,060
1,869.2(0

2,237

1,325,460

1,000.000
'200.000

Girard

L. Tender

3.5(0
4,000

2,769,000

400.000
Western
Manufacturers’.... 1,000.000
250,000
Bank of Commerce

City

Friday, the 4th inst., subsequently continued until the price
reached 110| on Tuesday, since which it has been stronger, and
closes to day at lllf.
The sharp decline in price, which was
hardly warranted by the ordinary circumstances affecting the
market, led to the conclusion that speculative purchases had had
more to do with the previous advance than was generally sup¬
posed, and that sales by parties who were “unloading” to
realize was among tho principal causes for the re-action.
The
gpecie shipment this week will probably reach over $2,300,000, and
there appears to be nothing in the general situation to cause an
immediate decline in gold, although the tone of the message and
Secretary’s report are on the side of gradual measures for specie
resumption. On gold loans to-day the rates were 1, 2 and 3 per
per cent, for carrying, and flat for borrowing.
At the Treasury
sale of $500,000 gold ou Thursday the total bids amounted to
$1,815,000. Customs receipts of the week were $1,590,000.
The following table will show the course of gold and

Total net
Loans.

Capital.
$1,500,000

Philadelphia

con¬

the week ending

Philadelphia National Banks for

Banks.

3

e

G12.

Tradesmen’s
Consolidation

gold, which commenced

38
*480,932 25
73 ' 1,504,925 34
06 1,609,491 98
813,824 38
86

385,378 02
1,377,871 61

70

Philadelphia Banks.—The following is the average

dition of the

3
2

on

€

page

15
94
78
98

»

Currency.

$416,659
1,346,210
1,545,235
400,179
746,264
1,295,575

20

$291,306
227,989
371,484
421,028

Monday, Dec. 7, 1874 :

Broadway and 9 New street

..

„

on

Payments.
Gold.

Currency.

Gold.

bank statements of New

The

found

96

55,085,725 08 47.466,208 78
52.773,809 8 5 47,037,078 03

Balance, Dec. 11

Sept. 30

MU. & St. Paul.
1%
Wabash
1%
Ohio & Mississippi.
%
*
Onion Pacific
Han. & St. Joseph. 1%

$1,590,000

Total

96%
96%
96%

©
@
@

Sub-Treasury.

315,000
347.000
181,000

Balance, Dec. 4

Jan.

Puts below. Calls above.
60
60
30
30

...

..

7

46% Jan.

Nov. 6 57
Oct. 15 76%
Nov. 3 100%
Nov. 1 70%
44% Oct. 15 82

60

“

94% Feb.

Sept. 30

quote stock privileges, $100 for 100 shares, 30 days; $150
Members New York Stock Exchange or responsible parties),
tance from the market.

9
10
11

*k

96%

0

96
96

the Custom House and Sub

Receipt?.

,

5
7
8

“

7

43% Feb.

25
25
76
41

56

June

39% Jan.
130

94%®

/

Receipts.
$237,000
218,000
292,000

Dec.

„

52% Feb.

99

—

follows:

Treasury have been as
Custom
House

96

95%
95%
95%
95%

94%<§>

The transactions for the week at

Apr.
Feb.
Feb.
Jan.

38% Jan. 29
49% Jan. 24
106% June 7
106

1 00

@

4.89%@4.90
4.88% @4,89%
5.13%@5.12%
5 13%@5 12%
5.13%@5.12%
41%@ 41%

41%

41%®
94% @
94 %@

Prussian (reichmarks).......

“

Nov.

16% Nov.
77% Nov.
43% Nov.

Apr. 20 118 Jan. 9
Apr. 24 83% Dec. 10

Pacific Mail

cDec. 12, 1874.

follows:

“

38% Mch. 30 14% Nov.

Sept. 3 32% Mch. 30

22% Apr. 28 36% Nov. 24

Quicksilver

14

79% Nov.

2 112% Feb. 10

Jan.

Nov. 15

97 @

5.16%©5.15%

Frankfort (reichmarks)
Bremen, (reichmarks)

117% Mch. 11
62% Apr. 21
79% Jan. 24

21% Oct.

98

—

4.84#@4.85
4.83%® 4.64%
5.36%®5.15%
5 16%®5 15%

Hamburg (reiclimrke)

91

72

—

December li.
3 days.
60 days.
4.90 @4.90%
4.85 @4.85#

Antwerp (francs)
Swiss (francs)
Amsterdam (guilders)

5 106% Feb.

Nov.

—

Mexican dollars..
50 & 15 75
96— 97% I Spanish dollars

Prime bankers’ eterling bills
London good bankers’ do...
London prime coin, ster do.,
Paris (francs)

46

Feb.
Feb.

4 85

@

1 04 @ 1 (M5

j Specie thalers

back Governments.

Board.

43% Nov.

1

Feb. lb
Jan. 10

22
36

....

....

Sept. 19 140
Nov. 7 69%
97%
Nov.
75%
Oct.
85
Oct.

70

the tone was strong, and actual rates
part of the
this market
by foreign bankers, to a moderate extent, and they were then
purchasers of Exchange, but latterly they have been buying

39% 40%
*114% 120
‘65
65
65%
64% *64% 64%
83%
83% *S1

•

—

close up to the asking prices.
In the early
week there was a renewal of sales of Governments in

49%

109% Feb. 9 80% Oct.
49% Jan. 10 21% Nov.

2*3% Sept. 7
23 June 17

Hannibal & St. Jo
Union Pacific

do

*43

—

4 80 @

Prussian thalers..

97
95
19

—
—

were

....

45

11 77% Nov.

78% Feb. 9

do
pref
51 Sept. 10
Rock Island
92% June 19
8t. Paul
31% May 18
do
pref
4S May 5
Atlantic & Pacific pref. 10% Sept. 3
Ohio & Mississippi
21% June 17
Central of New Jersey. 98
Jan. 3

....

94%@
93 @
18%@

to-day, but at the close

58

Whole year 1873.—
Lowest.
Highest.

to date.—

May 19405% Mch.
Jan. 7 134% Feb.
Dec. 10 51% Jan.
June 19 84% Jan.
28% Oct. 23 55% Jan.
34% July 15 62% Jan.

Wabash

Western

.

sale -was made at the

; no

N. T. Cen. & Hud. R... 95%
Harlem
118%
Erie
20
Lake Shore
07%

.

.

62

101* 101*
08)4 33%

31
31%
*105*
103% 108% 108*
26
26%
26%
35% 35%
35%
9*
9%
9*
116
116
116%
83
32%
83%
34
*32% 33%

.

.

62

-•

English silver

6 70

*

parl«%

-

Excliango.—Exchange has been quiet on a moderate
business, and nominal rates of leading drawers have remained
nearly unchanged throughout the week. Ou actual business
there have been variations of more or less importance from day

27%
80% so%
30% 30*
46% 47%

....

‘

/—Jan. 1,1874,
Lowest.
|

....

33%
3<%
16%
31%

from Jan. 1,1873,to this date was as

The entire range

Panama

47%
61*
10:*

46%
61*
10’*
38%
5.%
16%
31%
*106%
108%
*25*

....

*81

bid and asked

58

.

ft

....

....

101% 101%
38% 35%
ft

32

106
108

26*

35%
9*

26% 2"*
35 V 36
10
10%

46%
61*

45%
61%

47%
62%

1 26%<a l 27%
-

Foreign

131
28

131

@
@

3 90 @ 4 20
15 90 @ 16 30

Patriot doubloons
15
American silver (new). —

101% 102

....

7 80
6 50

guilders .
Spanish doubloons

Dec. 11.

Dec:. 10.
Dec 9.
102
102% ‘101%
131
131
131
181
26
27*
26% 27%
80
80%
79* 80%
39
30% 30%
30%

101% 102%
38% 39%
57
57*

57

16%
31%

82%

80%
31%

61*

106
106% 106% -1(6
107 X 107% 107% 107%

Panama

*

27

101% 101%

TT

r

82 %

Del., L. & West
Han. & St. Jos.
Union Pacific..
Col.Cliic.&l.C.

do

Dec. 8.
102
102%
*130
130*
27
27%

7.

Dec.

Dec. 5.

N.Y.Cen.&H.R.

....

X

Friday,

Thursday ,

Tuesday. Wednesday

Monday,

Saturday,

Fine silver bars
Flue gold bars
Dimes and halt dimes..
Five trancs
Francs

$4 86 @ $4 90
3 87 @ 8 92
4 77 @ 4 82
7 80 ®

Sovereigns

stand more on their actua
give outsiders a better chance

These elements leave the stocks to

[December 12,1874.

CHRONICLE

THE

614

Deposits. Circulation
11,485,486
7,482.226
11,456.135
47,659 916
11.419,687
48,411,915
4 8,285.2 72
11.451.315
....27 512
48,559 24 4
11,486,603
47,972,670
11 889 267
48.537,25 4
11,340.784
48 152.fO
11.329.987
43,923,022
11,35-/763
43,071,939

4

11,382.363
11,358,858

48.666.592

47,957,607

operations of the Gold Exchange Bank each day of the past
week:

WASHINGTON, ». C.-PEICES.
Quotations.
,
Open- Low- High- ClosTotal
Balances.
,
.
ing.
est.
est. ing. Clearings.
Gold. Currency,
5. ...111% 111% 111% 111% $72,000,000 |3,093,525 *3,490.973
7....111% 111% 111% 111%
34,137,000 2,156,680 2,419.758
,

Saturday,
Monday,

Dec.
“

111% 110%
111% 110%
111% 111%
111% 111%

111% 110%
Current week
111% 111%
Previous week
Jan. 1.1874. to date... 110% 109

111% 111% $290,875,000
112% 111% 295,229,000
114% 111%

The
can

“

8

.

Wash. Co. S. bonds, 7s, 1576




“

7?,1377...
Chicago Relief ben -s, 1877. ..
“

40,329,000

do
7s, 1>91
'Market Stock bonds, 7s. D92..
Water Stack

92
....

Ask

....

88%

68

,

do
do
do
do

90

<37*

C6rs., Gen. Imp.8a 1874

89%

•

97

86%
Bonds, 6s, 1873
Fund. Loan (Cong ) 6, g, 1892,.
do
(Leg), Cs.g, 1902.. 89
Cern.of Stock (1828) 5s. at pleas
....

76

80

89%
89%

99%
90%
90%

Board of Public Works—.

88%

Ten year

I

CersPef Stock (!843)6s, at pleas

...

91

hmida^s, 1901

7s. 1903
do "
Fund. Loan (Cong ) 3.55s. 1924
Water Stock 6s 1869
5 year Cers., 7 3-10, 1875

$
$
1,482,755 1,069,023

following are the quotations in gold for fcieignand Ameri¬

coin;

Bid.

Bid. Ask

t

2,485,949 2,819.092
63,909.000 2,291,085 8,199,831
84,235,000 1,562,290 1,848.356
45,765,000 1,644,691 1,828,000

111% 110%
Wednesday, “ **9. ...110% 110%
“ 10.. ..110% 110%
Thursday,
Friday,
11 ...111% 111%
Tuesday,

I

.

| Certificates, Sewer,
do
•

8s, 1874..

.

do

....

90
Water

1876....

do
do
do

....

1875....

ao

•

99

....

1875......
1876
1377
1878
Series.

1877....
1878....
Ee-ies.

Certificates, 8s, 1377....

89 X

39%
89%
SJX
63
63
63
63
64
64
90

•

•

•

•

...
...»
....
...

67
....
....

are

not National.

America*
American Exchange
Bowery
Broadway
Bull’s Head*
Butchers & Drovers.

Central
Chatham
Chemical
Citizens’
City..
Commerce

Continental
Corn Exchange*
Currency

Dry Goods*
East River
Eleventh Ward*
Fifth
First

1

Pai-^Amount

1872

J. & ,J.
1(X 3,000.000
M.&N.
10( 5.000,000
lot
250,000 J. & J.
25 1,000,000 J. & J.
25
300,000
Q-J.
25
800,000 J. & J.
10C 2,000,000 J. & J.
25
450,000 J. & J.
10C
300,000 ev.2 mos
J. & J.
25
600.000
M.&N.
IOO 1,000,000
J. & J.
100 10,000,000
J. & J.
100 1,500,000
F.&A.
100 1,000 000
100
-100,000 J. & J.
J & J
100 1 OOQ (MX1
J. & J.*
25
25
200,000 J. & J.
100
Q-J.
150,000
500.000
100
Q-J.
J. & J.
100 s 000,000
M.&N.
30
600,000
F.& A.
100 9000,000
100
’200,000 M.&N.
100
200,000 M.&N.
25
200,000 M.&N.
40
300,000 J. & J.
J. & J.
100 1 000,000
100
’100,000 M.&S.
J. & J.
100 1 500,000
500.000 J. & J.
50
100
600,000 J. & J.
F & A
500 non
100
J. & J.
100
F.&A.
50 2,050,000
100
300,000 J. & J.
10D
400,000 J. & J.
J. & J.
10c 1,000,OOC
J. & J.
25 2,000,000
50
500,000 M.&N.
25
600,000 M.&N.
M.&N.
100 1,000,000
J. & J.
50 3.C00.0C0
J. & J.
50 1,000.000
100
500,000 J. & J.
J. & J.
100 4,000,000
UK)
200,000 A. & O.
M.&N.
100 1,000,000
A.& O.
50 1,500,000
J & J.
100 3,000.000
100
200,000 J. & J.
100
500,000 J. & J.
too
500,000 J. & J.
J.& J.
100 1,500,000
100
186,900 J. & J.
J.& J.
100 1,000,000
50
400,000 J. & .J.
25
S(K),()00 J. & J.
422.700
50
Q-F.
J. & J.
100 2,000,000
J. & J.
25
412,500
J. & J.
20 1,800,000
100
250,000
F.&A.
100 2,000,000
F.& A.
:oo 1,000,000
100
300,000 J. & J.
100
800,000 J. & J.
J. & J.
100 1,000,000
J. & J.
200.000
M.&N.
100 2,000,00(1
J. & J.
100 1,000,000
J. & J.
100 1,000,000
J. & J.
40 1,000,000
M.&N.
50 1,500,IKK)
00
200,000 J. & J

1873

Last Paid.

Bid.

10
8

Periods

10
8

July 1/74...5
Nov 2/74.. .4
July 1, ’71..6
July 1/74.. 12
Oct., '73...4
July 1/74... 5
July 1/71...4
duly 1/74... f
Nov.1/74..15
July l, ’74...5
Nov.!.’74...5
July6. ’74..-4
Juiy 1. ’74.. .4
Aug. 1/74...5
July 1/74...4
JulvlO/73.3%

151

•

•

t

'356:606

Fourth
Fulton
German American*..
German Exchange*..'.

Germania*
Greenwich*
Grocers
Hanover..

Harlem*

Importers’ & Traders’
Irving
Leather Manufactrs...
Loaners’*
Manufctrers’& Build.
Manhattan*
Manut. & Merchants*

...

Metropolis*
Metropolitan
Murray Hill*
Nassau*
National Gallatin....
New York
New York County....
N Y.Nat.Exchange..
N Y. Gold Exchange*
Ninth
Ninth Warn*
North America*......
North River*
Oriental*.
Pacific*
Park

Peoples*
Phenlx
Produce*

Republic
St. Nicholas
Seventh Ward
Second
Shoe and Leather
Sixth
State ol New York....

Tenth.
Third

Tradesmen’s
Union...
West Side*

t

S
12
100
10

20
8
......

10
12
7

8
4
12
8
12
7
10
10

8

4

12
’.0
10
8
10
10
8
6

12

10
8
10
10
8
6

i6

io

16

8
8
10

15
7
5
9

7%
7
12
16
12
10
7

•

.

Oct. 1, '74.2%
Oct, 1. 74...S
July 1/74.. 4
Nov.2, ’74..-5
Feb. 1, ’74...3
May 1, ’74...7
May, 1/74..10
Nov.1/74..1<»

July 1,’74 ..4

July 1, '74.3%
Julyl.’74...6

25
20

4

50
20
50
100

Manhattan

Metropolitan

certificates

no

Mutual,N. Y....
Nassau. Brooklyn
do

100
25

scrip

People’s (Brooklyn)

do
do
bonds
Westchester Countv

serin

do

...

Blacker St.it FultonFerry—stock

.'

1st mortgage—

Broadway it Seventh Ave—stock.
1st mortgage

Brooklyn City—stock.
1st mortgage
#..............
Broadway {Brooklyn)—stock
Brooklyn dk Hunter's Ft—stock...
1st mortgage bonds
Atlantic Av Brooklyn—1st mort.
,

2d
do
3rd
do
Central Pk, N.
1
st mortgage
id
do

it E. River—stock

Christopher dk Tenth Street—stock
CineyIsland it Brook'n—let mort
Pry Dock,E. B. it Battery—stock
1st mortgage, cons’d
highth Avenue—stock
1st mortgage
4id St. it Grand St

A. & ().

1,850,000
386,000

F.&A.
J. & J.
J. & J.
M.&S.
J. & J.

4,000,000
2,800,000
750,000
5 000,000

40(1,000

50, 1,000,000
1,000,IKK)

Williamsburg

Berry—stock..

1st mortgage

100
1000
im!
100

1000
:o
100

Second Avenue—stock
1st mortgage
2d mortgage

.

3d mortgage

Cons. Convertible
Sixth Aranwc'-stock
1st mortgage

Third Avenue—stock
1st mortgage
T wenty-third Street—stocK
lit mortgage

..

r

:oo
1000
500
500
500
100
1000
1000

M.& S.
F. & A.

|

300,000
200,000
400,000
390,000

J. & J.
J. & J.

J. & J.
J. & J.
J.&D.

Q-F.

J. & J.
J. & J.

1000
100

.....

139

.

.

Rate

iis
•

5
Oct., ’74
2% Oct. 15/74
1
Oct., ’74.
4
Aug., '74.
5
July. ’71.
10
5

„

„

„

Sept 22/74
.

2% Jan.. ’75
108. Nov. 1/73
7
5
NOV. 1 ’74.

......

128

STATE AND CITY

.

•

•

•

150

....

1 East

.

I
.

.

.

^

0

203,000
750,000
220,000
500,000
200,000

Q-F.

f|

*

■»

1

-r

.

.....

Bid. Askd

221

223
100
123
165

iis
245
128
92

ICO

i is
97

io >

136

138
90
98
100

1100
70
74

72
90x
190

ioj*

10J

102

152%
61
85

85x

NOV.,’74
9'Jx
155

100
Nov. 1/74
1873

120,000

Q-F.

100
65

tO

Nov.1/74

J. & J.
J

Philadelphia & Trenton
Fblla., Wilmlng. A Baltimore.
United N. J. Companies
West Chester
do

1890

60

62%
48%

62%
49%

50%
9%
o2%
15%
54%

33%
8%
32%

55"

129

129%

43

1S%

98
93
95

Schuylkill Nav. 1st m.6st’97..

70
91
79
78

Pennsylvania 6s, 1910

do
2d m., 6s, 1907
do
m. 6s, c.,’95..
do
6s, Imp.,’80
do 68, boat & car,1913
do 7s, boat &car,1915
do
scrip

7s E. Ext.,1910

100

ioo'

of bonds.

doCon.m'.923

do

Little8chuylkil 1.1stM.,7,1877.
Northern Central 2d m, 6s. ’85.
do 8d m,68,1900
con. m.

g.

90%
40

43

93%
103
98

45%
12%

8 p. c.
do
Little Miami stock

st’k

...,

guar

LOUISVILLE.
Louisville 6s, ’82 to ’87
do
6s,’97 to’98
do
Watei 6s, ’87 to ’89..
do
Water Stock 6s, ’97.
do
do

Wharf 68

special tax 6s of ’89.
JefT., Mad.& I,lstM.(I&M)7, ’81
do
do 2d M.,7.
do

do

1st

M.,

1,

1906

Louisv.C.&Lex.,lstM..7, ’97.
Usuis. A Fr’k., 1st M.,6, nO-’TS.
do
L011I8V. Loan,6.*81

6s.1900

92

43%'

K0%
106% 107%

K>1
£6
103

l02%
105%

Penn&N.Y.C.&RK.78.’96-li)Uti H2%

102

102% 102%
102%

18?*

102%
102%
101% 101%
93

94

104% 104%
93
93%

95%
»7
95

92%
86
100

62%
100
ISO

88

93"
66%
102

85%
102

182

37%
90
98
80
88
13
90
96

83
85
90

87
77
72
63
89
60
1)5

37
110
94

81
81
r4
61
90

105
110
92
100
102
1C5
94
87
98
92
100
h3
85
75
92
97
89
88
91
90
90
15
66
90
65

96
38
1' 2
95
82

81%
85

81%
62%

81%

84

82%

83%

71

71%

82

83

71
65
86

72%

93

66
67
94

82%

83%

85%

Jefferson., Mad. & Ind
Loulsv., Cin. & Lex.,pref...

’7'

8"

do

82
98
*8

63
9

69
62

Lonltj (Mile & Nashville

4

*

34

common.

35

NT. LOUIS.
8t Louis 6s, Long Bonds......
Jo
Water 6s gold
do
do
do
(new)
North MJs*onr1. 1st M.7»..
At.* Pacific guar, land grants
2d M
do
Pacific (of Mo.) 1st ft. pid....
do
do
2ilM..bds.
Btock
do
do
tansai Pacific Htor.ic
do
IstM gld6s.J. & D..
do
do
do F.&A
*
And Interest.
tFlat.
...

....

105

92

84

83
94

1(2

81%
84%

do

100

••••

75

L. A Nash. 1st M. (m.s.) 7/77.
do Lor. Loan (m.s.)6, *86-’87
do
do
(Leb.Br.)6,’86
do IstM.(Mem. Br)7, *70-’75.
do IstM. (Leb.br. ex)7. ’80-’85
do Lou.L’n(Leb.br.ex)6,’93
do Consol. 1st M.,7, 1898.

.

mort. 7s, 1903
Oil Creek A Ala. R., con. 7s,’88.

m.7s/82..

Dayton & Michigan stork

v.~

gen.

Oil Creek 1st

Cin.. Ham. A D., 1st M., », 80...
do
do ’ 2d M.,7, '85...
do
3d M., 8,77...
do
Cin.. Ham.* Ind.7s guar
Cin. & Indiana, 1st M., 7
do
2d M.,7,1877..
do

82%

..

Northern Pacific 7 3-lOs. 190C..
North Penn. 1st m, 63, ’85
do
2dm. 7s,’96
do
108, chat, m.,*77 .
do

bonds, short
bonds, long.

Ind., Cin. & Laf., 1st M.,7

Belvidere Delaware.lst m,5,’77
do
do
2d M. 6s,’85 S7%
66
do
do
3d M. 6s,’87
Camden A Amboy, 6s, ’75....
94%
do
6 s,’83
do
91
89
do
do
6s,'89
101
do
do mort. 6s,’89...
Cam. & Atlan. 1st m, 7s, g. 19(3
do
2d m, 7a. ’80.. 102*
Cam. & Burlington 6s, 13*7...
Cftiawissa, 1st M. conv., '82....
do
chat. m. do
’88....
102% 104
do
new 7s, 1900

Harrisburg 1st mort.6s,’83....
H. A B. T. 1st mort. 7s, ’90
do
2d mort. 7s, ’75
do
3d m. cons. 7s, ’£5
Junction 1st mort. 6s, ’85.. ..
Lake Sti".* Miss. 1st m 7s g,’96
Lehigh Valley, 6s, 1898
do reg, 1898
do
do
do
do
do
78. 1910

88%

CINCINNATI.

do
(I. &C.) 1st M.,7,1888
Little Miami, 6,1883
Cin. Ham. & Dayton stock..
Columbus & Xenia stock

6%

BAILKOAD BONDS.
do

87
75

Cincinnati 5s...
6s...
do
!01%
do
7s...
104
7-30s
do
Cincinnati Southern RR. 7s... 9*j
Ham. Co.,Ohio 6 p.c, long bds. 90
do
do
7 p.c.,1 to5yrs. 97
do
do
lg bds,7 A 4.80* 100
100
Cin. A Cov.Bridge stock, oref

13%

125

—

81

Central Ohio ...;
preferred
do

Colum., A Xenia, 1st M.,7, ’90.
Dayton A Mich., 1st M.,7 81..
do
do
2d M.,7,’84..
do
do
3d Mu 7 ’88..
do To’do dep. bds, 7, ’81-’94
Dayton A West., 1st M.,7,1905.
do
do
1st M., 6,1905.

50

Union

Alleghany Val. 7 S-10s, ’.896

91

)

do
do

.....

pref
Pennsylvania
Schuylkill Navigation
do
pref
Susquehanna

95%

Parkersburg Branch

pref...

Chesapeake* Delaware
Delaware Division
Lehigh Navigation

do
do

100

& J.

docks, also date of maturity

13

....

WestJersev

do

M.&N.
M.&N.
J. & J.

A.&O.

..

East Penn. 1st mort. 7s,’88... .
El. A W’mspoi t, 1st m, 7s, ’80.
do
do 5s,nrrp

72%

Feb.’74
1877
1876
1885
1888
Nov.*74
1890

F. & A.

do

Baltimore A Ohio stock

50
6
12

90

River.

98

73
Susquehanna 6s, ’94
BALTIMORE.
Maryland 6s, Jan., A., J. A O.. 101
103
do
6s, Defence

82%

Cayuga I.ake 1st m. gold 7s . .
Connecting 6s 1900-1904
Dan.. H. & W likes, 1st m.,70/87

18:5

75

?.'& D*.

Norristown
Northern Central
North Pennsylvania
Oil Cre^x & Allegheny

do

J. & J.

350,000
200,000
150,000
315,000

j

20
74
103

conv., g,’94. 102%
gold, ’97 100% IU0K

Morris, 1st M.,6,1876
do
2d M., 1876
do
boat, ’85

87%

| Minehill

Morris

18"1
1834

July.’74

*77
conv., '82

do

ii"

OANAL STOCKS.

797,000

167,000

j

Pennsylvania...,
Harrleb’g, Lancaster & C
Huntingdon* Broad Top ..
do pref.
do
Lehigh Valley
Little Schuylkill

Nesquehonlng Valley

f

60

800,000

1

115

1890

J. &D
J. & J.
J. & J.
M.&N.
A.&O.

do
do

•

155

1880

"1877"

Lehigh Navigation 6s,’84
do
RR,’97....

......

i

75

CANAL BOXD8.

Delaware Division 6s, *78

...

107%

81

Wilming.A KeaU.,l8iM.,7,i»udo 2d Mort, 1902
do

•

....

80

West Chestercons. 7b, ’91
West Jersey 6s, '83
103
do
1st m. 7s, ’97
Western Penn. RR. 6s, 1593....

.....

.1

M.&N.

m. 7s. ’77..
Sunbury & Lewiston 7». 1690..
AVarren & F. 1st m. «s,’96

....

97

1S9
97

July, 74

Sunbury* Erie 1st

43

BONDS.

86%

Shamokln V. & Pottsv. 7s, 1901.

,

88
93
90

1884
Nov .”74
1872

Pitts., Cin. & St. Louis 7s

Pennsylvania 5s, coup
do
6s,’67,5-10,1st...
Baltimore €s of "75
do
do
10-15,2d... 108
do
1884
106
do
do
15-25. 3d... 112% ...J
do
6S.190C
poi 101%
I Philadelphia 6s, eld
do
1890 Park 6s
103% 108%
do
6s, new
Baltimore A Ohio 6s of *75
79
I Alleghany County,5s,coup...
do
do
6soi’80...
I Alleghany City 6s
do
do
6bo1’.85...
i
Pittsburg 5s
Central Ohio, 1st M.,6
I
do
6s
Marietta A Cin., 1st M.,7,1891.
101
I
do
7s
do
do
2d M.,7, 1896.
105
New Jersey State 6s, Exempts
Norfolk Water 8s
90
6s
Delaware State
North. Cent. 2d M., S. F.,«, ’85.
BAILKOAD STOCKS.
do
do 3d M., 8. F., 6,19(X>
Camden & Atlantic
do
do 3d M. (Y. A C)6/77
40
48%
144
do
do
pref
do Cons, (gold) 6,1900
do
14
Catawissa
Pitts. A Connellsv., 1st M.,7, ’98
39%
do
pref
ioi%
do
1st M., 6,1889
do
.1
do
new pref
West Md.lstM., endorsed,6,’90
1 Elmira* Williamsport
do
1st M., unend.. 6,'90..
Elmira* Williamsport pref.. 35
do
2d M.,endorsed, 6,*90.
40
•

’74.

July, 74

do
do
do
do
,
6s. g., 1911
new conv. 7s, 189S 104%
do
Phil.* Read. C.&l Co.deb.7sN2 80%
do
do 1st m. Is,'92-8
do
7s. 1892-3...
do
do
7s, 1892-3.

......

100

’73.!

600,000
O.'o
307,000

1,200,000

IP

7s, ’9U
deb. bonds,’93 79* ’
g. m. 7s, c. 1911 102%
do reg, 1911 104

......

ll:5%

Jan.,

550.000

j.

5
16 %

91%
86
102

do

do

nik

136

Jan.,

........

87

108% 108%

......

5
5

! July, ’74.

66

PHILADELPHIA.

...

105

4

7

pref..,,

Philadelphia AErie..
Philadelphia & Reading

Last
dividend.

104* 107
8
<k

.

Place.]

„

do

Rutland common
do
preferred
Vermont A Canada
Vermont & Massachusetts
•Ex dividend.

•.

93

.

149

44%

Champlain

OldColony,....
Port., Saco & Portsmouth

100

......

"1882"

750,000
250,000
2,000,000
10001 2,000,000
100
600,000

noo I

,

do

....

;ii‘

148

Penns/ivania

f.'&a.

164,000
1,161,000

900.000

100
1000
50
1000
100
1000
1000
100
1000
100

.

Ogdens. A L.

.....

& J.
A.& O.
A.& O.
J. & J.

115,000
100,000

ioo 1,000,000
1000
100
1000

t

149

July 2,’74...8

*‘l8'8* *

600

’Tfiiti column thowe last dividend on




Q—tF.

2/400,000
1,600,000
2,000,000

Central Cross Town—stock
1st mortgage
Ninth Aven ue—stock
1st mortgage

M.&N.

900,000
694,000

1000

.

July 1/71...7

9

Q-F.
Q-J.

2,000,000
1,200,000

50

•

Stocks and Bonds.

1,000.000
500,000
if 6 4,000,000
10 1,000,000
300,000

New York

•

....

July 1/74...6
July 1, '74. ..4
Nov.10/74.. 4 no
lan.2’74.2%g
July l/74-.4g
July 1/74.. .5
Nov 2,74...5 i30
Julyl. ’74...41

300.000

Jersey City & Hoboken

190
130

142
143
103

8
12
11
8

10

,

100
...

•

110*

Concord
138*
Connecticut River..;;
Connecticut A Passumpsic, pf.
53 %
Eastern (Mass.)...]
Eastern (New Hampshire)....
123 V; 124
Fitchburg
145
140
Manchester A Lawrence
97
Northern ot New Hampshire..
122" 123
Norwich & W orcester
44

.....

#

22%
83%

94

Chic., Bur. & Quincy
Cin., Sandusky A Clev.stock.

153

Far Amount. Feriods.

Brooklyn Gas Light Co

8»%

Nov.2 *74...3

[Quotations by Charles Otis, 47 Exchange

Citizens’Gas Co (Bklyn
certificates
do
Harlem

145

July 1/74...5 126%
July 1/74...7 205

8

8
12

93

....

22k

130* 131

Boston A Albany stock
Boston A Lowell stock
Boston A Maine
Boston A Providence
Cheshire preferred

......

200
93

92

M (ncw)7

Ogdensburg A Lake Ch. bs
104 \ 115
Old Col. A Newport Bds, 7, '77.
60
67%
Rutland, new 7s
Stansted & Chambly 7s
Verm’tCen., 1st M.,coub.,7,’86 is%
do
2d Mort., 7,1891
Vermont & Can., new, 8
Vermont A Mass., 1st M. 6,’83.

*

......

July 1/71...4

July 1/73...3
May, *73... 5
July 1, '74...4
Jan., ’73...3

-

......

Julyl. ’74... 4

Oct. iO,’74...4

-

119
91
.....

Aug. 10/74..4
Aug.10/74. .4

8

-

Nov.2/74...5
Nov. 2/71,..4

July 1, ’71..4
July 6,’74...5
Oct. 1, ’74. .4
Nov.lO/74..4

.

120

Julyl, ’74...5
July 1. :74.. .4
-ept.10/74. .4
July 1,’74...7
July 1, ’74.. .5
July 1/71... 6
Feb 12 '74 ?%
July 10/74,. A
Aug. 10/74.. 5
Jan. 10/73... 4
July 1, ’74...5
July 1, ’74.. .5
Julyl, ’74 ..5
Nov.2/74..3%

Eastern Mass., 7s
Hartford A Erie, 1st

DO

8
S
6
10

.

....

300
il8

99k
99%

Burlington & Mo. L. G. 7s

Cheshire,6s

105

1,500

99

Ask,

Pennsylvania. 1st M., 6,1880.. 103%
do
2d M.,6, 1875...
100%
9 «%
•To
gen. m. 1910
do
gen. m., reg., 191C 96

Philadelphia A Reading 6s, ’8t

Portland 6s...*

133%

193
137

ioi %
S9%

Bid.

BSOUBITIX8.

Perkiomen 1st in.tis,’97
Phila. & Erie 1st 111.6s, ’81
do
2d m. 7s. ’88

109

Currency
gold
Chicago Sewerage 7s
do
Municipal 7s

290

12
.

ioik ioik

68

Boston 6s,
do
5s,

....

112

July 1/74... 6
July 1/74...5
7
July 1/74.3%
3% July 15/74.3%

6%

19«

Massachusetts 6s, Gold;
do
5s, Gold

10

10
12
•

n

12
12
12

8
9

•

4
8
8
10
14
6
5
8
3
8

Maine 6s
New Hampshire,
Vermont os

Askd

Julyl, ’74..A
July 1, '74.3%

8

10
20
10
8
3
11
8
12
7
10
10

7
20
10

*

and City R,R.

.

21
16
10

15
9
10
8

10
3

.

Gas

.

7
14

8

.

....

.

,

7
11
20

400)000

Marine
Market
Mechanics
Mech. Bkg Asso’tion
Mechanics & Traders..
Mercantile
Merchants
Merchants’ Ex....

*

21
20
10
8
12
36
10
20
8
7
10
16
6%
8

BOSTON.

Pbice.

Dividends.

Capital.

PHILADELPHIA, BALTIMORE. &.t.

Bid. Ask

8KCUEITIES.

Stock Llttt.

Bank

Marked thus (*)

QUOTATIONS IN BOSTON,

SECURITIES.

NEW YORK LOCAL

Companies.

615

THE CHRONICLE.

]

,

December 12 1874

*92%
*99%
*99%
66%

93

101
87

85

32%

9u

80%
47%
2\

59
64

90%
61

616

THE CHRONICLE.

[December 12, 1374*]

QUOTATIONS OF STOCKS AND BONDS

IN NEW YORK.

United States Bonds ana active Railroad Stocks are quoted on a previous page and not repeated here. Prices represent the per
cent value, whatever the par may be.
“ N. T. Local Securities ” are quoted in a separate list.

Consolidation Coal of Md

50%

8s, Mont. & Euf ’la It.

do
8s, Ala. & Chat. li....
do
8s
of 1892..
Arkansas 6s, funded
do
7s,L.R.& Ft.S.iss.
do
7s, Memphis & L. It.
do
7s, L. R..P.B.&N.O.
do
7s, Miss. O. & IL Riv.

7s, Ark. Cent. li.

do

...

California 7s
do
7s, large bonds
Connecticut6s

.

..

Kentucky 6s
Louisiana
do
do
do
do
do
do
do

6s
do
do

new
new

do
do
do

Railroad Bond*.
Albany & Susq., 1st bonds...

21
8

do
do

8
8
8
8

bonds
floating debt

106
79
91
85
77
101
102
102
102
102
24
£1

..

..

Funding bonds due in 1894...
Long bus. due '81 to ’91 incl..
or Univers., due 1892
Han. & St. Joseph, due 1875.
do
do
do 1876.
do
do
do 1886.
do
do
do 1887.

Asylum

do
do
coup,
do
nal I
6s,
n, 1875.
do
1877.
do
6s,
do
do
1878.
6s,
do
6s,
do
6s, do
coup. .1887.
loan .1883.
do
6s, do
do ..1891.
do
do
6s,
do
do ..1875.
5s, do
do ..1876.
do
5s, do
North Carolina 6s, old, J. & J..
do
A. & O..
T.&J..
do
N. C. RR
do
—A. & ()..
do
do
do coup off..I. * J..
do
do do off.A.&O..
do
Pudding act, 1866...
do
do
1868...
do
New bonds, J. & J..
do
do
A. & ()..
do
Special tax, Class 1.
Class 2.
do
do
do
do
Class 3.
Ohio 6s, 1875
do 6s, 1881
do 6s. 1886
Rhode Island 6s
South Carolina6s....
do
Jan. & July
do
April & Oct.
do
Funding act, 1866...
do
Land C, 1889, J. & J
do
Land C, 1889, A. & O.
do
of 1888.
7s..
do
nonfundable bonds.
Tennessee 6s, old
do
do excoupon.,
do
do new bonds,
do
ex coup
do
do
do
do
do new series

do

28

102%
102
102%
99
98 ye
98 ■
98
98
97

98

101*
99
95
95

97
97
x

108-X 109 V.
110

do

28
28

Central Pacific

Chicago & Alton
do

pref

Chic., Bur. & Quincy
Cleve., Col., Cin. & Indianap..
Cleveland &

Pittsburg,

guar..

101%

7%

do
Cedar Falls &

106
106
104

75

51

2d div.

new

New Jersey Southern, 1st m. 6s

do
do
consol. 7s
New York & New Haven 6s...
N. Y. Central 6s, 1883
do
6s, 1887
do
c
6s, real estate...
do
6s, subscription.
do
7s, 1876.
do
7s, conv., 1876
do
7s, 1865-76
do & Hudson, 1st m., coup,
do
1st mort., reg...
Hudson R. 7s, 2d m. s. I'd. 1885..

12

68
102
105
107

HO

107%

60%

65

88

88)

7s, 3d mort., 1875..
Harlem, 1st mort. 7s, coup
uo

35

Cin., 1st pref

.

25)4

..

ITIiHCella iic<>iiMock**

American District Telegraph..
Boston Water Power
Canton C<» Baltimore
"".j
62
Cent. N. J. Land Improv. Co..
j
Delaware* Hudson Canal
H5% 116%
Atlantic & Pacific Telegraph..I ....j
,

....

\ ....I

60

j Col., Chic. & Ind. C. 1st mort..
do
do
2d mort..
St. L. & Iron Mountain, 1st m..
i do
do
2dm..

.Alton & T. H., 1st mort
do

do

] do

do

•

2d mort.

Land

m.

.-

2

'

Montgomery 8s

:

3:

pref...
2d mort. income

(Connecticut Valley 7s..
[Connecticut Western 1st

100'
106

100
105

ioi'
101

100
102
100

91%

95
53
25
90

7s

91%

103%
101% 102
111
26

98
45
54
54

54

....j
50

Bay City 8s
j
Detroit, Eel River & Ill. 8s... ..j 60
i

2d 7s

.

'

7s, epuip.
Evansville, Hen. & Nasliv. 7s..

97%

98

100
97
97

102%

84
83
100
SO
102
90

so
Evansville, T. H. * Chic. 7s, g. Ovf
Flint* Perc M. 7s, Land grant. 95
Fort W., Jackson * Sag.
8s.-...]
Grand R. & Ind. 7s, gold, guar.; 100
do
do 7s, plain.
j
Grand River Valley 8s
92
iHous. & Texas C. 1st 7s, gold..

75
81

ii-2*
loo*

ioi%
98

m.

7s.I

Logans., Craw.* S. W. 8s,gld.i
Michigan Air Line 8s.
!
Monticello & P. Jervis 7s, gold;
Montclair 1st 7s. gold
j
Mo., Kansas & Texas 7s, gold., i

30
91
71

105
90
75

|

!

65
60

60

j

65

|

25
l.r>
3

7%
100
ioo
95
100

95
85
95

.

.

.

.

60
50
.

.

j 85
.25

85

90%
35

I
98 % i
i 55
.

.

.

34

| 40
1

Mo. R., Ft. S. & Gulf.lst m. 10s.[
do
do
do 2d m. 10s.t
N. J. Midland 1st 7s, gold.
do
2d 7s
N. Y. & Osw. Mid. 1st 7s, gold,
do
do
2d 7s, conv.
4
do
West. Extension 7s.i
N. Haven, Middlet’n & W. 7s..!
North. Pac. 1st m. gold 7 3-lOs..! 28
do
Land warrants,,.,; 28
2d
=

....'

I

50

1 50
45

30
27
B
10
i 35
29

!

i

35

58
65

95
85
50
62
+ + + -

..

,

do
do

72
72

65
82
50
85
70
50

85

73
r

-

-

t

15

82
75
70
65

80
75

15

60
25
80

...

1st end

income

m. 8s..

88

65
62
57
12

92
80
75
(|1.

2dm. 8s...

Orange & Alexandria, lsts, 6s..
do
do
2ds, 6s..
do
do
3ds, 8s..
do
do '
4ths, 8s..
Riehm'd * IYtersb’g 1st in. 7s.
Rich., Frc’ksh’g & Poto. 6s

do
do conv.7s
Rich. & Danv. 1st consol. 6s...
|Southside, Va., 1st m. 8s
do
2d m.. guar. 6s.
do
3d ill. 6s
do
4th m. 8s
Southwest RR., Ga., 1st m.
!
do
stock
S. Carolina RR. 1st m. 7s, new.
do
6s...
do
7s
stock

West Alabama Ss, guar
VAST

60
90
80
53
50
78
81
88
90
85
65
16
65
85
80

SO
62
13

71

do

30
100
87
57
67
35
62
70
90

Mobile * Ohio sterling
do
do
do
ex certif
*tlo
do 8s, interest
do
do 2d mort. 8s....
do
do stock
N. Orleans * Jacks. 2d in. 8s...
do
do certif’s 8s..
X. Orleans & Opelous. lstm.8s
Nashville & Chattanooga 6s...
Norfolk * Petersburg istm.Rs
do
do
7s
do
do
2dm. 8s
do

.

10
.

.

do
do

! Northeastern, S. C., 1st

...J
.

stock

| Mont. & Eufaula 1st 8s. g. end.
I Mobile* Mont. 8s. gold, end..

63%

....

68% 68%

104
88
73

Louisiana & Mo. Riv. 1st

j-

70
57
60

do

Montgomery & West 1’. 1st 8s.

S5

....

.

do
consol, m. 7s.
do
stock
Charlotte Col. & A. 1st M. 7s...
do
do
stock
Charleston & Savannah 6s, end
Savannah & Char. 1st in. 7s

Georgia RR. 7s.

90

62

20

guar...

.

85
SO
96

90

.

do

Macon * Western stock
Macon & Augusta bonds
do
do
endorsed
do
do
stock
Memphis & Charleston 1st 7s..
do
do
2d 7s...
do
do
stock
j
I Memphis & Utile Rock 1st m..
i Mississippi Central 1st m. 7s...
do
2d m. 8s
! Mississippi * Tenn. 1st m. 7s..
1
do
do
consol. 8s.

85

'Jackson, Lansing & Sag. Ss
Jack., N. W. * S. E. 1st m. g. 7s
Kansas Pac. 7s, extension, go! d i
112
112%
do
7s, land grant, gld
111% 111%
do
7s,
do new.gld
109%
do
6s, gld, J line & Dec
100
do
6s, do Feb. & Aug;
107%
do
7s. 1876, land grant j
107% 108
do
7s. Leaven, br’nch j
86% 87
do
Incomes, No. 11...
97%
do
do
No. 16...!'
95% 96%
do
Stock
I,
80
80% Kalamazoo & South II. 8s. guar!
.95% 96
Kal., Alleghan. * G. R. 8s, guar
80%
Kal. & White Pigeon 7s....
|
81
81% (Kansas City * Cameron 10s... I
103
[Kan. C., St. Jo. & C. B. 8s of ’85|
S5
do
do 8s of'98!
j
do
92% 92% [Keokuk & Des Moines 1st 7s...j
89
89% [L. Ont. Shore RR. 1st m. gld 7s. j
95
Lake Sup. & Miss. 1st 7s, gold.!
77% 77% Leav., Atch. & N. W. 7s, guar., j
90
90% Leav., Law. & Gal. 1st m.,10s.. I

do

Georgia 1st mort. 7s...

' Greenville & Col. 7s, guar
do
do 7s, certif....
Macon & Brunswick end. 7s...

....

con.

Indianap.* Vineen.lst7s,guar
[Iowa Falls & Sioux C. 1st 7s... j
(Indianapolis * St. Louis 7s.7..

new

...

7'

.

ID

..

Elizabethtown & Padu.Ss.

.

70
88
85

SO

....

100

(

40
65

....

j

...

[Denver * Rio Grande 7s, gold.!
Evansville & Crawfordsv.,7s..
Erie & Pittsburg 1st 7s
do
do

j

j

8si

(Denver Pacific 7s, gold
do
do

!

8s

m.

!Dutchess & Columbia 7s

45
34
37
45
40

...

,..

.

70
38

...

Clieraw & Darlington 7s
...j East Tenn. & Georgia 6s
East Tenn. & Va. 6s, end. Tenn
I E. Tenn. Va. & Ga. 1st m. 7s...
60
do
do
stock

[Detroit*

m.

|

do

Central

,

70
60

j

Dodge 1st 7s.j
[Detroit, Hinsdale* In. RR. 8s.!
Det., Lans. * Lake M. 1st
do
2d
do

j

95

50

7s,

..

80

70

■RAILROADS.

50*

Dos Moines & Ft.

I

48

Ala. & Cliatt. 1st m. 8s., end
Ala. & Tenn. li. 1st mort. 7s...
do
do
2d mort. 7s....
Atlantic & Gulf, consol
do
do end. Savan’h.

90

[Chicago & Mich. Lake Shore..!

104% 106
105

do

97

60

Wilmington, N. C., 6s, gold,
do
do
8s, gold...,

100

!Ch. D. & V., I. div.,
j
102% [Chic.,Danv. & Vincen's 7s, gld
iCleve., Mt. V. & Del. 7s, gold.. j

45
37

.

Petersburg 6s
Richmond 6s
Savannah 7s,old

m. g.7s
1st in. g. 7s.

40

65
73

Nashville Cs, old
*....
do
6s, new
New Orleans 5s
do
consol. 6s
do
bonds, 7s
do
gold 7s, quarterly
do
10s
do
to railroads, 6s..
Norfolk 6s

.

;Chic. & Can. South. 1st

82%

...

30
33

..

Col. & Hock. V. 1st 7s, 30 years
do
1st 7s, 10 years
do
2d 7s, 20 years
do
do

100

75
82
85
55
70
62
70
74
75
50
43
55
40
40
65

.

25

ijChic. * Southwestern RR.7s..|
(i| Chesapeake & O. lstm. gold 6s
do
2d m. gold 7s‘
1

35
85

72
77
83
50
65

...

8s

Columbia, S. C\, 6s
Columbus, Ga., 7s, bonds....
Lynchburg 6s
Macon 7s, bonds
Memphis old bonds, 6s
do
new bonds, 6s
do
|
end., M. & C. RR.

65
95
85

i .Illinois Grand Trunk
Chic., Dub. & Minn. Ss...
'Peoria* Hannibal R.8s.,
I Chicago & Iowa R. 3s....
j American Central 8s

*

22
25
82
95

CITIES.

j

Ci

....

70

Mobile 5s
8s
do

.

50

62%

do

,5

50
60
75
47

65

Atlanta, Ga.,7s

100
50
98

»

80
75
50
70
70

i

100

•%

Wisconsin Valley 8s
Southern Securities.

|

99

*

80

Charleston stock 6s
Charleston. S. C\, 7s, F. L. bds.

90

20

do
do
2d, guar.
St. L. * So’castcrn 1st 7s, gold.
St. L. & St. Joseph 1st 6s, gold.
Southern Central of N. Y. 7s
Union* Logansport7s
Union Pacific, So. branch, 6s, g
Walkill Valley 1st 7s, gold
West Wisconsin 7s, gold

Augusta#-Ga., 7s, bonds

[Canada & Southern 1st 7s, gold) 60
Central Pacific

Carthage & Bur. 8s
Dixon, Peoria & Han. 8s.
O. (). & Fox R. Valley 8s.

6s, gold.:

Sandusky, Mans. & Newark 7s.
St. Louis, Vandalia & T. H. 1st.

99

7s, gold, conv..
do
Land grant 6s.gj
Central of Iowa 1st m. 7s, gold
2d m. 7s, gold;
do
do
Keokuk* St. Paul 8s...

City & Pacific 6s

Southern Minn, construe. 8s...
do
7s
St. Jo. & C. Bl. 1st mort. 10s...
do
8 p. c.
do
St. Jo. & Den. C. 8s, gld, W. D.
do
do
8s, gld, E. D..

99
99

.

ioT
92% 100
95

South Pacific

45

2dS.,do7s—
3d S., do 8s
4th S., do 8s...
5thS.,do 8s...
6thS.,(lo 8s.

"*

95

Sioux

TOO

7s—

75
40
25

Rome, W. & Ogdensburg 7s...
Readout & Oswego 7s, gold...

62%!

(Chicago. Bur. * Quincy 7s
89

85

do
do
reg.
North Missouri, 1st mort
Ohio & Miss., consol, sink. fd.
do
do
consolidated
do
do
2d
do
Central Pacific gold bonds....
do San Joaquin br’nch
do Cal. & Oregon 1st.,
do
State aid bonds
Western Pacific bonds
Union Pacific, 1st mors, bonds
do
Land grants, 7s.
do
Income past due
do
Sinking fund..
Pacific R. of Mo., 1st mort.
do
do
1st Caron’t B. 72
do
do
2d mort
80%
Pacific R. 7s, guarant’d by Mo. 101%
Pitts., Ft. W. & Chic., 1st mort. 110%
do
do
2d mort
do
do
3d mort
98%
Cleve. & Pitts, consol, s. fund 102
do
do
3d mort
101
do
do
4th mort
96%

98%

do
do
do
do
do
do
do
do

90
94
80
48
35

91

Rome & Watertown 7s

50

•Chicago, C. * Dub. 8s.

45'

bds

..

do
2d pref
8
8%
Michigan Central
82%
Morris * Essex
99
Missouri. Kansas & Texas.
New Jersey Southern
N. Y., New Haven & Hartford
xl30 132
Ohio & Mississippi, pref
61
Pasiflc of Missouri.
Pitts., Ft. W. & Chic., guar,
94% 95)
do
do special.
Rensselaer & Saratoga
111" iii'
Rome, Watertown * Ogdens.
75
30
St. Louis, Alton & T. Haute..
7%
do
do
do
26
pref 26
29
Belleville & So. Illinois, pref..
St. Louis. Iron Mount, & South. 25% 27
Toledo, Peoria & Warsaw
Toledo, Wab. & Western, pref.




m..

Buffalo & State Line 7s
Kalamazoo & W. Pigeon, 1st
Lake Shore Div. bonds
do
Cons, coup., 1st..
do
Cons, reg., 1st
do
Cons, coup., 2d...
Cons, reg., 2d
do
Marietta & Cin., 1st mort
Mich. Cent., consol. 78,1902
do
1st mort. 8s, 1802.

57%
57%

Chicago

American Coal

85

m., 1877

Detroit, Monroe & Tol. bonds. 100
Buffalo & Erie, new bonds.

.6%
75
56

do

Rockf’d, R. I. & St. L. 1st 7s, gld

....

jj Quincy & Warsaw 8s

.

Cleve., P’ville & Ash., old bds
do

73%| 74

Crestou Branch 96
Chariton Branch 96
Bur., C.R.&M. (M. div.), g. 7s. ..
Bur. & M. (in Neb.). 1st conv.. 1 9«
Cairo & Fulton, 1st 7s.gold ...! 70
California* Oregon 6s,gold.. 77
California Pac. RIi. 7s, gold... 80
do
6s, 2d m.,gj 70

106*'

99%

do
do
2d mort
Mich. So. 7 p. c. 2d mort
Mich. S. & N. Ind., S'. F., 7 p. c
Cleve. & Tol. sinking fund...
do
do new bonds

20
20
20

pref..

.

,

103% 104

Minn., 1st mort
Indianap., Bl. & W., 1st mort..

24"

56 >5

do
do
do
(lo
do
do
do
do

l66' 166% i

do

Pullman Palace Car Co. stock.
do
bds, 8s, 1st series

■

85
do
do
do
large bds
103
Han. & St. Jo. land grants
do
do
8s, conv. mort... 89
101
Illinois Central, 7 p. c., 1875..

Long Island

Marietta &

80
85
79
104

103
do
endorsed.,.
101
2d mort., 7s, 1879
100
101
3d do
7s, 1883
4th do
97% 98
7s, 1880
95
98
5th do
7s, 1888..
7s, cons. mort. gold bds.

Dubuque * Sioux City, 1st

75

'

Atchison, Top. & S. Fe, 7s, gld.
Atchison & Nebraska, 8 p. c...
Bur. & Mo. Riv., stock

83
78

103

Erie, 1st mort.,extended...

Indianap. Cin. & Lafayette...

Joliet &

92%

,

9
8

i 50
I 93

Miscellaneous JLt*t.

......

Long Dock bonds
Buff., N. Y. & Erie, 1st

Dubuque & Sioux City
Erie pref

Hannibal & St. Joseph,
Illinois Central

108'

2d mort
bonds
construction
7s of 1871

.

40
90
73

extend,

m.

1st m. St.L.div
2d mort

Arkansas Levee bonds, 7s......
Atchison & P. Peak, 6s, gold,..
Atlantic & Pacific L. G. 6s, gld.

105%
103%

105
2d m.
7s, conv.

Essex, 1st mort..
do
do
do
do

do
do
do

71

Oswego* Rome 7s, guar,
Peoria, Pekin & 1.1st mort....
Peoria & Rock I. 7s, gold
Port Huron & L. M. 7s, gld, end
do '
do
7s, gold...

Western Union Tel., 1st m. 7s.

104

97% |

C.,C..C.& Ind’s.lstm.78, S. F.
Del., Lack. & Western, 1st m.
do
do

Wabash, 1st

70

2d mort..
consoles

80%

.

|

Morris &
do
do
do
do

112
106

108
103

90
!
do
do
consol.bds
ext’n bds.
do
do
do
do
1st mort...
99%1
do
do
cp.gld.bds 81% 81%
do
do
reg. do
86' 87 "
Iowa Midland, 1st mort. 8s...
105
1W
Galena & Chicago Extended,
101
2d mort...
do
do
Peninsula, 1st mort., conv
98
Chic. & Milwaukee, 1st mort..
Winona & St. Peters, 1st mort,
76
do
* do
2d mort..

do
116
116

247
68

do
do

Omaha & Southwestern RR. 8s

80%

....

int. bonds,

do

do
do
Tol. &
do
do
do

—

..

dq

5%
19%

95

65
equipm’t bds.
57
99%
11 do
do
con. convert..
22
Hannibal & Naples, 1st mort..
44 I j Great Western, 1st mort., 1888. 87
30
89*
45
50 I (
67
do
2d mort., 1893..
50
51%i |Quincy .& Toledo, 1st mort. 1890
....j|Illinois & So. Iowa. 1st mort...
loo*
71
Lafayette, Bl’n & Miss., 1st m.
110
109
80
| jHau. & Central Missouri, 1st m.
100% 101 &'j 'Pekin,Lincoln & Decatur, 1st m
107
Cin., Lafayette & Chic., 1st m.
84
90%| Del. & Hudson Canal, 1st m„ ’91 100%; 109*
97
do
1884 106% 107%
do
113
do
do
1887
113%
108% 108% Long Island RR., 1st mort
109% no
Nashville & Decatur, 1st m. 7s.
South Side, L. I., 1st m. bonds. 80
101%

do
-do
2d m
103
do
do
con. conv
Am. Dock & Improve, bonds.. 102
107
do
do
73-10 do. 93
do
do
do
7s, gold, R. I). 84
do
do
lstm.,LaC. D.
do
1st m.I.& M.D. 80
do
do
do
lstm. I. & D..
do
1st in. I. & 1...
do
do
1st in. H. & D.
do
do
1st in. C. & M.
do
do
do
2d m.
do
Chic. & N. Western sink. fund,

99

ltallroad Mocks.
(Active previously quoted.)
Albany* Susquehanna

Belleville & S. 111. It. 1st m. Ss.
Tol.. Peoria & Warsaw, E. D...
do
do
W. I)..
do
do Bur. Div.

Bid. Ask.

SECURITIES.

....

Chicago, Rk. Island & Pacific.
Central of N. J., 1st m., new...

104
104
102

do new bonds, 1866..
do
do
1867..
do consol, bonds
do exmatudcoup.
do 2d series
do
do deferred bonds.,

do

guar....

do
1st mort
do
do
do
income
Joliet & Chicago, 1st mort
Louisiana & Mo., 1st m., guar.
St. Louis, Jack. & Chic., 1st m.
Chic., Bur. & Q. 8 p. c. 1st m...

Virginia 6s, old.

do

do

do
ex
coup
Chicago & Alton sinking fun'd.

25

Texas, 10s, of 1876

do

.

do
do-

do

.

do

2d
3d

Bur., C. Rapids & Minn. 1st 7s, g

105

do
do
do

do
do

107
102

Boston, Hartf. & Erie, 1st mort

114

1875....
1876.
1877....
1878.
1879....
1880....

do
do
do
do
do
do

63

»

7s, Penitentiary
68, levee bonds
do
88,
do
8s,
1875..
Ss
..of 1910..
Nliehigan 6s, 1878-79
do
6s, 1883
do
7s, 1890
'
Missouri 6s, due in 1874...,
do
do
do

4

18%

Chesapeake & Ohio 6s, 1st in...

Georgia 6s
do
7s, new bonds
do
7s, endorsed
do
7s, gold bonds
Indiana 5s
Illinois 6s, coupon, 1877...
do
do
1S79
War loan
do

48

Mariposa Land & Mining Co...
do
do pref
Maryland Coal
Pennsylvania Coal
Spring Mountain Coal

Bid. Ask.

SECURITIES.

Cumberland Coal & Iron

39
) 39

50

Ask.l

i

Slate Honda.
Alabama 5s, 1883
do
8s, 1886
do
8s, 1888
do

Bid.

SECURITIES.

!

Bid. Ask.

SECURITIES.

80

71
68
65
62
18
96
85
85
80
98
88
82
92
85
90
82
91

74

75
90
80

65

68

80
•

•

•

•

•

•

•

85
50
55
10
65

•

•

•

•

•

90
55

60
12
75

DUK COUPONS.

iTennessee State coupons
Virginia coupons... *
i
do
consol, coup
(Memphis City coupons,

57
35
87
45

61
40
83

55

Scott
the

AND

STATE, CITY AND CORPORATION

retary.

FINANCES.

EXPLANATION OF STOCK AND BOND TABLES.
of the most Active Stocks and

Bonds are given in the “ Bank¬

ers’ Gazette,” previously.
Full quotations of all other securities
found on preceding pages.
2. Government Securities, with full information in regard

will he
to each

periods of interest payment, size, or denomination of bonds, and
other details, are given in the U. S. Debt statement published in
The Chronicle on the first of each month:
3. City Bonds, and Bank, Insurance, City Railroad and
Gas Stocks, with quotations, will usually be published the first three
weeks of each month, on the page immediately preceding this.
4. The Complete Tables of State Securities, City Securi¬
ties, and Railroad and Miscellaneous Stocks and Bonds
will be regularly published on the last Saturday in each month.' The publi¬
cation of these tables, occupying fourteen pages, requires the issue of a
supplement, which is neatly stitched in with the usual edition and furnished
to all regular subscribers of The Chronicle.
ssue, the
numerous

Atlanta & Richmond Air-Line.—In tlie United States Circuit
Court at Savannah, on the 9th inst., Judge Erskine appointed
J. P. Fisher of New York receiver of this road.

Atlantic & Great Western.—President J. IT. Devereux

was

appointed Receiver of tlie company on the 8th inst. at Akron*
0., at the suit of the trustees. The Atlantic & Great Western
Railway had a first mortgage for $18,000,000, a secoud mortgage
for $12,000,000, and a third mortgage for $29,000,000, all having
thirty years to run, interest to be paid on the third mortgage
bonds only in event of its being earned. The company is in de¬
fault on one installment of interest, due July, 1874, and the trus¬
tees now deemed it their duty to get a receiver.
Mr. Devereux,
the President, has been appointed Receiver in tlie States of
New York, Ohio, and Pennsylvania, no opposition having been
made to the application. He considered it inadvisable to say much
about the company’s affairs juft now, and expressed the opinion
that at the annaal election, which would take place on Monday
next, the whole condition of the company would be be laid bare,
and many things heretofore not generally known would be stated
in full.
Mr. Devereux, as receiver, is authorized to borrow
money, pay the rent of the Cleveland & Mahouing road, and pay
all labor and supply bills accruing within four months previous
to Dec. 8, 1874.
The road is reported to be in fine working con¬
dition.

CentralPacilie.—The bonds of the San Joaquin Valley branch
Oregon road, endorsed by the Central
Pacific, have beeu admitted to the call on the N. Y. Stock Ex
change. "The statement submitted by the Central Pacific gives
the net earniugs of the company for the first 9 months of 1874 at
$0,114,920. As to the general statement of the financial affairs of
the Central Pacific Company, the review of the last annual
report in The Chronicle of Aug. 15, 1874, and the bond
and of the California and

statement,

published Nov. 28, give the most complete information.

The California and Oregon Kail road Company was chartered
and by act of Congress July 25, 1866, received a grant of
States of 12,800 acres per mile.
It was consolidated with the

June 30, 1865.

land from the United
Central Pacific

Railroad Company August’22. 1870.
The first mortgage bonds of the California and Oregon .Railroad Company
were issued by that company prior to consolidation, secured by a first mort¬

gage on

the road, all in coupon bonds of $1,000

each, series “A,” years after
numbered
twenty

from 1 to 6.000 inclusive, dated January 1, 1868. payable
date. Interest six per cent, per annum, payable January 1

and duly 1.

Prin¬

cipal and inierc?t payable in gold in the city of New York. $6,000,000.
The trustees of tlie mortgage were David S. Dodge and Eugene Kelley
(Philo C. Calhoun since substituted in place of David S. Dodge, deceased).
By the consolidation, in accordance with an act of the legislature of Cali¬
fornia, the payment of the above bonds, principal and interest, was legally
assumed by the Central Pacific Railroad Company, and they became a part of
the bonded debt of the latter.
The guaranty of the Central

bond,

as

follows, viz.:

adjournment, the new board of directors elected T. A.
president, and A. J. Cassatt, of Philadelphia, a [director in
place of Mr. Scott. Mr. R. S. Hollins was re-elected Sec¬

After the

1 noestments

1. Prices

Pacific Railroad Company is endorsed on each

In accordance with the laws of the State of California, the California and
Oregon Railroad Company was on the 23d day of August, 1870, duly consoli¬
dated with, and now lorms a part of the Central Pacific Railroad Company.
By virtue of such consolidation, the payment of this bond, principal and
interest, as the same shall become due, is assumed by the Central Pacific
Railroad "Company, and this endorsement is made by order of the Board of
Directors of the Central Pacific Railroad Company.”
Dated Sept. 1, 1870.
*
Signed.
C. P. Huntington, Vice-President, C. P. R. R. Co.
The San Joaquin Valley Railroad Company was chartered February 5, 18 8,
and consolidated with the Central Pacific Railroad Company August 22, 1870.
No bonds were issued prior to consolidation.
The road was constructed
mainly by the Central Pacific Railroad Company after consolidation, as a part
of the Central Pacific Railroad. The Central Pacific Railroad Company i-sued
their first mortgage bonds, secured by a first mortgage upon this portion of
their road, and entitled, “ Central Pac'fic Railroad Company First Mortgage
Bonds (San Joaquin Valley Branch',” in coupon bonds of $1,000 each, num¬
bered from 1 to 6,080, inclusive, amounting to $6,080,000, dated October 1,
1870, payable thirty years after date. Interest six per cent per annum, pay¬
able April 1 and October 1. Principal and interest payable in gold in the City

Pacific Railroads.—From the report of the U.

S. Secretary
compiled and arranged the following
figures, showing the cost, stock, debt, operations, &c., of the seve¬
ral Pacific railroads which make their reports to him for the year
ending June 30, 1874 :
Net

of the Interior

we

have

Gross

Earnings.

Operating
Expenses.

$10,246,760
12,028,492

$5,089,789
4,816,082

Earnings.
$5,156,970
7,212,410

3,409,33b

988,131

Northern Pacific..
Central Branch U.
Texas Pacific
Sioux

280,525
Funded

Stock
Issued.
Union Pacific
Central Pacific.
Kansas Pacific
Northern Pacific
Central Branch U. P.
Texas Pacific
Atlantic & Pacific....
Sioux City & Pacific.
Southern Pacific (Cal.)
Denver Pacific

and

Debt.

Debt.

$75,261,512
85,673,181
27,301,600

$36,762,300
54,275,500
9,689,950
20,232 600

*$2,234,873

19,760,300

t...

579.683
56.115

570,040
155.550
Road

Kquipm’t.
$112,427,277
....

.

3,126,235

34,359,540

777,335

30,780,904
3,200,000
20,265.765
15,500,100

4,478,500

181,249

690,732
642,091
263,703
478,647
130,975
Cost of
Floating

1,221,774
319,819
1,048,688

Denver Pacific

*

147,918

128,488
871.981

City & Pacific.

21,353,416

3,387,310

980,500
1,600,000

308,966

3,763.700

2 207.644

21,018,642
37,250,732

2,478,029

11,000,000
2,106.223

l**,07l,100
4,000,000

This does not include the note of

6,493,800

$2,000,000 on the Hoxie contract,

t Included in funded debt.

Secretary of the Treasury issues on his

The

statement an account of the Government with
as to their interest on bonds.
The following
statement for
BONDS

December, 1874

ISSUED TO

THE

monthly debt

the Pacific roads
is lrom the debt

:

PACIFIC RAILROAD

COMPANIES, INTEREST PAYABLE IN

LAWFUL MONEY.

Amount

Character oi Issue.

outstanding.

Central Pacific
Kan. Pac., late U.P.E.D.
Union Pacific Co
Cen. Br’h Un. Pacific..
Western Pacific
Sioux City and Pacific...

$25,885,120
6,803,000
27,236,512
1,600,000
1,970,560
1,623,320

Interest
accrued
and not

Interest

Balance of

repaid by

int. paid

Interest

paid by
United
States.

yet paid.
$647,128
157,575
680,912
4:),000

trausp’tion by Unitea

of mails, «fec.

$9,474,590
2,725,713

$1,156,816
1,827,722
2,978,879
29,424
9,367
7,853

10,250,133
635,808
604,146
532,601

40,264

40,703

States.

$3,317,773
1.897,990

7,271.274
676,3S3
594,779
577,150

Total Issued
$«,623,512 $1,615,587 $24,325,396
$5,510,044 $13,815,352
The Pacific Railroad bonds are all issued under the acts oi July 1,1862. and July
2,1864;they are registered bonds, in denominations of $1,000. $5,000 & $10,000 ;
bear six per cent interest in currency, payable January 1 and July 1, and mature
30 years from their date.

Panama.—A meeting of the directors of
held this week, at which a letter was

was

the Panama Railroad
read from Mr. Russell

Sage, stating that lie had sold his Panama Railroad stock, and
longer having any pecuniary interests in the company, lie
would tender his resignation as president and director.
After
the resignation had been accepted, Trenor W. Park was elected
president. Rufus Hatch resigned as manager and director, and
no

John R. Marshall was elected to fill tlm vacancy.

Western Union Telegraph.—President Orton in his state¬
to the directors, at the meeting December 9, had the
following: “ The profits for the current quarter ending Dec. 31,
instant, of which we have complete returns for the month of
October, and nearly complete for November, are estimated by
ment

the auditor at $856,527 08.
After careful revision, I have deduct¬
ed $15,000 from the Auditor’s estimates, which gives $841,527 08
as the profits for the quarter.
The following is a comparative
statement of receipts, expenses and profits for each month of the
calendar years 1873 and 1874 (estimating December, 1874):
Expenses.

Receipts.

Profits.

Month.
1873.

“

of New York.
Trustees of the mortgage,

617

THE CHRONICLE

^December 12 1874.1

January...
February..

1874.

1873.

1874.

$740,051
700,435

$743,873

$537,881
412,891

$550,755
481,781
531,285
546,758

March

782,996

April
May

791.403

J line

774.301
734.288
765.999

July
August

September
October...
November.
December.

767,770

906,117
832,156
7^2,416
751,036

Totals... $9,282,033
1874
1873-

681,761
761,979
770.961
788.818
793,215

808,972
797,910
839,548
883,678
825,000
335,000
$9,530,749

519,218

622,269

-

507,682

634,548
632,293
629,563
604,788
619,973
638,904
515,475

536,554
557,744
521,141
515,226

1874.

1873.

$202,170
257,544

$193,117
199,976
257.693

233,777
172,193
133,221

224,202
281,166

112,008
101,725

*

256,660
251,227

161,211

276.766

256.141

294,322

193,252

559,207

577.151
560,000
565,000

191.828

3J6,527
265,ooa
270,000

$7,047,0 J 6

$6,454,088

$2,235,017

$3,076,660

186.911

$6,454,088

$3,076,660

7,047,016

2,235,017

$248,715

$592,927

(Increase.)

(Reduction.)

$841,643
(Increase )

from this exhibit that the gross receipts for tile$9,282,033 66 for 1873,
the current year, while
Little Rock & Fort Smith Railroad.— I’his railroad was sold
Dec. 10 at Little Rock under a decree of the United States Court,
$7,047,016 38 in 1873 to
for $1,000,000.
It was bought by representatives of the holders $6,454,088 76, being a difference of $592,927 62 in favor of the
current year, and that the profits are $3,076,660 79, against
of first mortgage bonds.
Central.—At a meeting of stockholders in Balti¬ $2,235,017 28, being an increase of $841,643 51 over the profits of
Northern
1873. A resolution was unanimously adopted that a dividend of
more, this week, two reports were-made by the committee ap¬
2 per cent from the net earnings of the three months ending
pointed in April last, to investigate the company’s affairs and December
31, be declared payable on the 15tb day of January.
report on the advisability of a lease to the Pennsylvania railroad,
[The brief abstract of earnings, published in The Chronicle
and after discussion both were laid on the table.
Mr. Thomas A.
last week, was taken from the financial column of the New York
Scott addressed the meeting at length, and offered resolutions
World. It was not credited for the reason that it was supposed
instructing the incoming board of directors on various points, and at the time to be an item of
general information furnished to all
sudsequently the following were elected directors by a nearly the
press. Had we known that it was published exclusively in
unanimous vote: S. M. Shoemaker. George Small, II. B. Greensthe World, and obtained by the well-known enterprise which
felder, R. Oppenheiiner, and W. B. Sellers, of Baltimore ; S. M.
characterizes the management of the financial column of that
Felton, Wistar Morris, Thomas A. Scott, II. P. Borie, J. N. Hutch¬
journal, due credit N^ould |certainly have been given.—Ed,
inson, and J. C. Bullitt, of Philadelphia, and Wayne MacVeagh,
Chronicle.]
of Harrisburgh,




D. O. Mills and W. C. Ralston.
C. P.

•

Huntington, Vice-President.

“It appears

year are $9,530,749 55, against
showing an increase of 248,715 89 for
the expenses have been reduced from
current

[December 12, 3874.

THE CHRONICLE.

618

®l)c Commercial

Exports or Leading Articles from New YorK.
The following table,compiledfrom Custom House returns ,show
the exports of leading articles from the port of New York since

tines.

January 1,1874, to all the principal foreign countries,and also the
totals for the last week, and since January 1. The last two lines
show total values,including the value of all other articles besides

COM MERCIAL EPITOME.
Friday Night, Dec.

11, 1874.

fairly active for tlie season, but a much less
speculative spirit has been apparent in leading staples of domes*
tic produce, especially in operations for an advance in prices.
Buyers have been discouraged by supplies or stocks proving to
be in excess of estimates.
The strong ground taken by the Presi¬
dent in his annual message to Congress, favoring measures look¬
ing to an early resumption of specie payments, produced only a
temporary effect upon gold, and the premium has latterly ad¬
vanced to nearly the highest point of the past few weeks. The
weather has been good, and business gets a slight impulse from

those mentioned in the table.

Trade lias been

w

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approach of the holidays.
hog products has been rather dull, and early in
the week a considerable reduction in prices was submitted to, a
part of which has recently been recovered. This is especially
true of lard, which sold to-day at 13£c.
spot and early delivery}
but closed fiat.
Pork has met with only a moderate demand, and
prices are nominally unchanged. Bacon has sold at 10£c. for
Western, and 101@llc. for city long clear on the spot, and 10£cfor Western short clear, seller Dec., with 10]-c. quoted for “ half
and half” in Jan. Cut meats have given way a fraction, leading
to more activity and a steadier closing.
Beef has been more
active, with sales of several hundred tcs. of Philadelphia India
mess reported
at $26. Butter has diad a downward tendency,
and the best State firkins close at 33g40c., with lower grades at
22@35c. Cheese is dull at 13£@16c. for fair to choice factories.
Coffee has recovered a part of the recent decline, owing to cable
advices that receipts at Rio had fallen off. The stocks yesterday
morning were 25,096 bags Rio, 13,459 mats Java, and 23,251 bags
of other growths, and prices were, for Java, 25028c., for Mara¬
caibo 17@19£c., and Rio, fair to prime cargoes, 18@19fc„ all gold.
Rice has been more active and firmer; Rangoon sold at 2-fc., gold,
in bond, of which the stock was yesterday reduced to 6,000 bags ;
and domestic sells freely at OJOT^c. for Louisiana, and 7@8c. for
Carolina.
Molasses has been active for new crop New Orleans
at 5G(066c., and stocks yesterday were 2,650 hhds. of foreign and
2,000 bids, domestic; prices of foreign are nearly nominal.
Sugars have been in good demand at rather hardening prices,

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stocks have been reduced considerably, but no quotable ad¬
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refined 10|c.
Melado
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Stocks Doc. 1

Receipts since
Sales since.
Stocks Deo. 10....

Stocks, 1873

54,514
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0,494

41),717
52,441

63,801

2,918
6,179
60,510
30,921

29,682
11,128
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Freights have been firm at the advance noted in our last,
though there was a partial break on Wednesday, when a Liver¬
pool steamer filled up with grain at 8£(3)8£d. Shipments of bulky
articles are rather more active, and a better supply of room has
found full employment. The business of yesterday embraced
grain to Liverpool, by steam, 9d., and cotton at 5-16d.; tallow,
by sail, 31s. 9d., and tobacco, 37s. Gd.; flour to London, by sail,
2s. 6d. ; and a full load of bone dust, 27s. 6d. per ton ; refined
petroleum to Bristol at 4s. 9d. ; grain from Baltimore for Cork for
orders, 7s., and cotton from Norfolk to the Continent 15-32d.
To-day, the freight market was dull, but a vessel was taken for
crude petroleum to Havre or Dunkirk at 5s. 3d.
Refined petroleum at one period during the past week sold at
life, for prompt delivery, with a strong upward tendency, but
latteily figures are off owing to a reduction on the Creek ; closing
at llf@l lie.
Crude also closes lower at 5'1-c. in bulk. Rosin
has continued dull and weak ; strained, however, at the close, was
steady, owing to more spirited bidding, and quoted at $2 20®
$2 25. Spirits turpentine has continued on the decline, and
closes at 33be., with a small business. Ingor copper has been very
steady, with sales of 300,000 lbs. Lake at 23£@234c. cash. Other
metals quiet, with the exception of tin plates, which sold to the
extent of 10,000 boxes.
Coke tin, in part, at $7 50 ; 3,000 boxes
charcoal do., at $9 50@$9 621, both gold. Layer raisins are about
steady at $3 05(§)$3 074 ; Valencia’s sold at 10fc., and loose mus¬
catels at $3 65. Currants, 6c. for new, and Turkish prunes 11@
ll^c. Hops are slightly firmer, owing to a continued activity ;
State, 1874’s, quoted at 42(a)48c., cash. Wool has been quite
active, and holders are obtaining full figures.
Linseed oil has been steady at 79@81c. Crude sperm has been
moderately active, and other oils quiet and unchanged. Hides
have been in fair demand ; dry Buenos Ayres quoted at 25@25$c.
gold, and do. Texas 22@22£ currency. Mackeral have been in
moderate demand, and dry cod quiet.
& Kentucky tobacco has been less active but steady at 104@13£c.
for lugs, and 14@2Sc. for leaf; the sales for the week embraced
only 600 hhds., of which 350 were for export and 250 were for
consumption. Seed leaf has been in less demand but firm; the
sales embrace: Crop 1873, 30 cases Wisconsin at* 6£c., 63 cases
Pennsylvania at 13c., 80 cases New York, on private terms, and
crop of 1870, 514 cases Connecticut, on private terms; also 200
cases sundry kinds at 9@50c. Spanish tobacco has been quiet and
weak; sales of 500 bales Havana at 85c@^l 15.




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THE

l£, 1374.J

December
“

Imports of

since

Same
Since
Jan. 1,’74. time 1873

Metals, &c.—

China, Glass and
Etirtheuware—
34,447

.

386,822

Class

plate

Buttons

Coal, tons
Cocoa, bags..
,-r
Coffee, bags
Cotton, bales
Drugs, &c—
Bark, Peruvian..

712
704

1,546
48.965

Soda ash
Flax
Furs
Giinnv cloth
Hair

51,587
9,919
6,838

Hemp, bales
Hides, &c—

187,534

Lemons...

6,325 !

951

2.193

by

....

81,093
1,078,249
381,071

i

907,716

Gil,0451

192,665

109,450;

94,286
136,757
737,027

355^667
247,475
22,569

j

Fustic

Mahogany

Logwood

297,779
118.361

f

239,283
100,323
193,616
376,674
414,068
84,773
355,430
127.421

receipts of domestic produce since January
time 1873, have been as follows :

1, 1874, and for

same

Since

6,669 Oil cake.... pkgs.
Oil, lard....
.bags.
bbls. 3,797,119 3,257,811 Peanuts.
Flour
Wheat
bush. 41,473,735 31.856,725 Provisions—
Butter
•Pkgs.
23,582,839 24,213,375
Corn.
Cheese....
Oats
10,544,932 10,688,444!
960,242 1 Cutmeats.
595,609
Rye
Eggs.,..
2,727,659 2,324,058!
Barley, &c
Pork
79,988!
60.949
Grass seed.bags.

time 1873

178,889
3,431
31,291

179,057

8,361

pkgs.

Ashes

Same

Jan.1,’74.

Same

Since

Jan.1,’74. time 1873
Breadstuffs, «fcc.—

..

...

.

Temp

.

bush.
bbls.

574,884
168,082

bales.

910,911
4,738
514,501

bales.

.

No.

Hides

Hops

48,018!
159,999j

72,196

...bbls

Beans

Peas
C. meal
Cotton

bales.

206.618

899,3 !6|

6,195!
554,292]

Beef
Lard
Lard
Rice
Starch
Stearine

871,651
923,596
1,996,490 1,964,680
299,049
476,666
124.742

57,204
219.853

•kegs.

37,303

.pkgs.

22.261

313,768
16,773
10,353

bbls
16,976! Sugar
34,621
.hhds.
3,579.818 2,605,429 Sugar
.pkgs.
39,790 | Tallow
40,116
|Tobacco
hhds.
10,168 Tobacco
12,192
73.3.37
63,201 Whiskey
bales.
516,293i Wool
506,962
35,990 Dressed Hogs. .No.
46,455
2,1091 1
3,430
.

Leather. ...sides.
bbls.
Molasses.,
Naval Stores—
Cr. turp. . bbls.

Spirits turpen...
Rosin
Tar
Pitch

1.687

85,276

497,511
454,010
142,231
34,162

362,652
27,0.82
13,426
310,300
20,489
1,118

418

.

681

32,557
257,021
122,800
174,820
72,557

54,499

167,462
110.256

187,020

86,276
93,812

Totalthls Samew’k
1873.
week.

20,085

1873.

1874.

39,648
5,257

31,700

10 M3

13,221

38,007
2,592
10,885
10,015

15,MIS

51,891
56,558
101,790

35,403
111.065

7,825

9,016
5,027

130,090
53,000

36,363
98,437
64,478
63,634
40,060

117,017

77,155

655,787

525,461

828,457

60S,581

2.824
9,479

938

2,509

75,823.

"5,791
67,659

179,693
42.856

172,920

50G

649,733

....

Contln’t

8,023

16,535
3,432
6,351
28,528
2,592
8,376
9,509

85.038

2,353
1

head of “other ports” include from Baltito Antwerp ; from Nor¬

*The exports this week under the
timore 6S2 bales to Liverpool; from Philadelphia 506 bales
folk 6,561 bales to Liverpool; from Wilmington 2,266 bales

to Liverpool.

[jlf Our telegram from New Orleans to-night shows that
the amount of cotton on shipboard, and
engaged for shipment at that port, is as follows: For Liverpool,
56,000 bales; for Havre, 23,000 bales ; for Continent, 24,500 bales ;
for coastwise ports, 2,500 bales; total, 106,000 bales; which, if
deducted from the stock, would leave 67,000 bales representing the
quantity at the lauding and in presses unsold or awaiting orders.]
From the foregoing statement, it will be seen thai, compared
with the corresponding week of last season, there is an increase
in the exports this week of 30,862 bales, while the stocks to¬
night are 130,32G bales move than they were at this time a year
ago. The following is cur usual table showing the movement
ol cotton at all the ports from Sept. 1 to Dec. 4, the latest mail

besides the above exports

dates:
KXPORTKD 8INCK

BKCKIPTS

8INOB

PORTS.

8BPT.1.
Great

New OrleanP.. t337,Sl8
Mobile
130,684
2 5,050
Charleston*..
Savannah
315,157
Galveston*
152,619
40,721
New York
5.281
Florida
40,696
No. Carolina
...

....

Norfolk*
Other portB

SKPT.l TO—

Coast¬
wise

Other

.

Britain.! France. For’gr.

1873.

292,106

15,709
4,722
3,851
20,4 18
2,256
17,695

196,893
27,561

46,148

166,i 76
276,581
93,52 5
43,5.0

912

8,254
8.641
1.512

47.847
121,214

4.417

2,9d8
-

...

Stock.

Ports.

Total.

111,636
21,927
84,152
168,1.39

92.388

62,109
63,532
79,520
92,500
46,159

96, 57
137.131

51,615
144,937

151,374
43,572
55,258
106/9 l
67/81
121,912

5,284

....

t

81,378

1,403
9,573

4,813
17,207
34,426

t

.

.

4,187
19,143
44,000

151,568

18 <.625
..

17,305

12,5.6

4,313
15,864
21,848

....

573,910

61,868

75,662

711,140

529,650

608.267

401/89

75,9(8

53,769

531,426

:451,036

468,451

Total this year 11453,359
Total last

i

14,834
153,241

year

....

1154.307

A

a

—

....

Under the bend of
is included Pore Royal, «fcc.; under the head of
Criiloesto/i is included Indianola, &c.; under the head of Norfolk is included City
Point. &c.
*

Orleans’ total receipts 4,217 hales, which,
Nov. 18 says, was a *■ clerical error in the
that date.
marked decline in cotton on the spot during

t We have deducted from the New
the New Orleans Price Current of
manifests” of the week previous to

as

Produce.

Receipts of Domestic

France

G. Brit.

NewOrleans.
Mobile
Charleston...
9avannah
Galveston
New York...
Other ports*

121,921
1,439,432
413,894

,

Woods—

i

Dec. 11.

1874.

1,077! 1 Cork

1,037

Watches
Linseed

162,512
155,523
50,100

Oranges

3,637

3,134

Jewelry

The

113,758

Saltpetre

Jowelry. &c.—

the

3,907

1,736 Spices, &c.—
Cassia
11,135
51,665
Ginger
Pepper..*..../....
2,337

1,429
8,162
52,681

Ivory

70,869

878.401
1,166,159
1,342,040 1,215,759
961,058
Nuts
1,229,12!
5,265
Raisins
1,969,923 1,414,443
4,175
131.163 Hides, undressed.. 12,951,785 10,913,402
Rice
721,875
717,470

8,157

4,193

....

1,113,257

$2080.685 $2011,965

39,982 i Cigars
1,119 Corks
82,813 !Fancy goods..
65,098 1 Fish
51,967 j Fruits, &c.—

48,429

Hides, dressed..

539,204
1,041,100
818,720
62,484
4,410

3,765 Wool, bales

32,591

Bristles

582,608

157,463
51,403

Articles reported
value —

559,229

1.403,504

Wines

5,923

6,518
3,568

272,307
201,450
2,467,841 4,913,325
112,569
198,395
970^895
967,287
10,123,571 5,284,571
123,969
132,716

30,186 [Tobacco
7,531 | Waste
1,445 Wines, &c—
11,841
Champagne, bks.

909

Oils, essential..
Oil, Olive
Opium
Soda, bi-carb....
Soda, sal

Tbs

Steel

Tin, boxes

1,998

Madder

Spelter,

Tin’slabs, lbs

5,722
3,570

Gum, Arabic
Indigo

India rubber

Lead, pig3

27,475 Hags
1,110,013 ;Sugar, hhds, ics. &
11,791 J bills
I Sugar, bxs & bags.
37,661 (Tea

37.102
27,521
5,989
1,405
35,900

Blea. powders...
Cochineal
Cream Tartar...
Gambier

Iron, Rll. bars...

5,260
162,833

1,340,727
3,479

3,323
258,849

Hardware

39,815
11,0521

36,606
8,185
6,503
65,791
23,613

Glassware
Glass

4.399

Cutlery
18,752
43,543
478,859

13,453

China
Earthenware.

Week ending

Total
Since Sept. 1

|

Same

Jan.1,’74. time 1873:

Stock.

Exported to—

Leading Articles.

The following table, compiled from Custom House returns,
shows the foreign imports of leading articles at this port
Jan. 1, 1874, and for the same period of 1873 :
[The quantity is given in packages when not otherwise specified.]
Since

619

CHRONICLE.

There has been a
the past week. Quotations were reduced £c
the same extent again on Monday, while on

on Saturday, and to
Thursday there was
a
general revision of prices ;“ ordinary ” and “ fair,” the extremes
of grades under the new classification, were unchanged ; “ good
ordinary ” was reduced £c.,aud all other grades were marked down
£c. The decline early in the week was caused in a great measure
by dull accounts and lower quotations from Liverpool, and by
lower gold ; but latterly the continued large receipts at the ports, at
the interior towns, and more especially, perhaps, at this market,

130,030 bales, have been the lead¬
ing influences against prices. The prospect yesterday that receipts
at the ports for the week would be in excess of the corresponding
where the stock has increased to

together with the large accumulations in stock,
everywhere, were a great discouragement to holders.
To-day, under a partial decline at Liverpool the market was dull
and weak, although gold was higher, and receipts at the ports
week last year,
almost

did not exceed estimates.
For future delivery, the report for the week is but a repetition
of that relating to “ spot” cottons.
Up to last night
from the previous Friday was 7-16.^19-32 on the early moaths,
and 7-32@13-32c. for the later months, the greatest

the decline

reduction

being for Dec., and the smallest for July. The business yes¬
terday embraced the first sale of the season, for August, at
16 23 82c. The effort late Tuesday and early Wednesday to
COTTON.
stimulate an advance produced hut small results. To-day, there
Friday, P. M., December 11,1874.
was some further weakening of prices, hilt
scarcely more than a
thirty-second decline, although Liverpool reported a partial re¬
By soecial telegrams received to-night from the Southern ports
duction.
Firmer gold, and moderate receipts at the ports, were
we are in possession of the returns showing the receipts, exports
&c., of cotton for the week ending this evening, Dec. 11. It steadying influences. The total sales for forward delivery for the
week ar€ 203,200 bales, including
free on board. For immediate
appears that the total receipts for the seven days have reached
180,083 bales against 173,942 bales last week, 103,833 bales the pre¬ delivery the total sales foot up this week 8,917 bales, including
vious week and 152,433 bales three weeks since, making the total 2,987 for export, 3,799 for consumption, 1,007 for speculation and
receipts since the 1st of September, 1874, *1,633,424 bales against 1,124 in transit. Of the above, 700 bales were to arrive. The
1,323,134 bales for the same period of 1873-74, showing an in¬ following are the closing quotations •
new
Texas.
crease since September 1, 1874, of 305,290 bales.
The details of
Alabuma.
Uplands.
New Classification.
Orleans.
the receipts for this week (as per telegraph) and for the corres¬
12%®...
12 ®....
12%®...
12 ®..
Ordinary
per lb.
ponding weeks of the five previous years are as follows :
1.3%®...
13*;®....
’•8%®....
13%®....
fiiood Ordinary
Received this week at—
New Orleans
Mobile
Charleston
Port Royal, &c
Savannah
Galveston

1874.

56,696

37,925

23,537

hales.

58,196

15,983
21,374

14,254

19.2G0
-

...

4U7

Florida
North Carolina
Norfolk

City Point, &c
Total this week

57,114

32,116

19,485

15,191

14,533

9,129

27,308

19,863

1 11,436

7,956

7,236

G,6!6

6,013

7,915

6.264

530
1.311

359

3i0

207
4,094

139

13,522

1,038

1,533
11,701

10,227

893

1,237

299

130,065

173,827

125,584

105,839

1,323,134

for the week ending

1,401,232

993,051

^

2,896

13 379

7,182

152,321

100,318

1,212,545

1,002,666

this evening reach a total of

117,017 bales, of which 75,823 were to Great Britain, 5,791 to
France, and 35,403 to rest of the Continent, while the stocks as
made up this evening, are now 055,787 bales.
Below are the
exports and stocks for the week and also for the
week of last season;




15

corresponding

@...

is*;®....

7,563

6,cm

19,974

J

®....

14%®...

Fair

16,403

Total since Sept.l... *1,633,424

14

Middling'

85,446
12,563

16,071
1,417

8,975

Low

Middling
Good Middling
Middling Fair

18,633

917

5,595

1869.

12,794

32,555

05 i.

.

1870.

1871.

27,537

531

23,513
21,347

Indianola, &e
Tennessee, &c

The exports

1872.

1873.

107,393

14*®....
15 ®....
15%®....
16

Rxp’t.

530
277

Saturday

Monday
ruesda'y
Wednesday

619

1,200

ula’n
137
12

Thursday
Friday

1,646
662

775
463

Total

2.9S7

8,799

40
207
611

1,00T

nit.

^94
•

•

•

Total

(a....

price

of

1,261
*89

1<%
12%

....

1,124

1,703
1,900

12%

2.028

....

12

1,736

12

8,917

Low

Mid

Ord’ry Ord’ry. Mldl’g. dling

12%

....

13%
13%
13%
13%
13%
13%

14%
14%

....

....

14%

14%
14%
14%

14%

14%

14
14

14%
14%
....

free on board
(all low middling or
middling), and the following is a statement of

For forward delivery the sales (including
have reached during the week 203,200 bales

the basis of low
the sales and prices:

on

16

and

Good

Tran-

53 J

554

660

Spec-

@...

15%®...

PKIO kH.

BALKS

Consump.

15

®....

Below we give the sales of spot and transit cotton
Uplands at this market each dav of the past week :
New
'Classification.

14%®..,.
14*®...

14*.®....

14*;®....
14*4®....
14*®....
15*;®,...
15*®....

003.2
1

0 7.1

[December 12, 1874.

CHRONICLE.

THE

V-

800..

1,000

14%

14 13-16
14 27-32

4,300

14%

2.200..
3,iU0..
1,600..

14%
14 ! 3-32

14 ir-32

14 9-16
14 19 32

0,800
5,200
5,80'J

14%

...
...

1,700.... ....15 25-32
600.... ....15 18-16
300..
.....15%
200.... ...15 29-32
.

15 7-3!

.15*

53.000 total Feb.

14*

3,*00
9,'00

15 9-16
3,700....
1,000.... ....15 19-8!
6,4"0
15%
....15 21-32
2,109
4,200.... ....15 11-16
8,600.... ....15 23-3!

The

14 21-32 1
14 11-16

For
200

May.
.15 1S-16

1,100
2,300

15 27-32

15 7-32

800
400

15 29-32
15 15-16

15*

3,700..
1,4)0..
1,700..

.

11,090 total May.

1,900

15 31-32

15%

The

..16 5-3!
..16 3-16
..16 7-32

300

16*

1.300
1,800
l,5t 0

..16 9 32
..16 3-'.6
.16 11-32

200
1 0t:0

'400.;..... 16 13-32
..16 7-16

100

11,000 total June.
For

16 15-32

1,203.
500
200
200...
609

.16 17-32
.16 9-16
.16 21-3!
16 23-32
.

...

.

4,100 total July.
For
200

Augmt.
16 25-32

Fri.

Frl.

Sat.

Mon.

Tues.

Wed.

On spot
December

14%
14 21-32

14*

11%

14%

14%

14 1-16

14%
15*

14 13-16
15 5-32

14 9-32
14 21-3!

14 9-32

January
February......

14%

14%

14 1-16
14 5-16

15

15 1-3!

15%

15%

14 13-16
15 3-16

15*

15 23-32
16

15 11-16
16 1-32
16 9-32
16 17-32

March

Apr.l

May

15 19-32

15 29-3!

16 7-3!

June

16 7-16

July

16 23-32

Gold
Kxchangre
Sales spot
Sales future...

Weather

111%
4.83

836
27.800

15*

15 25-32

16 1-16

15 11-32

15%

15 31-32

16 13-3!

16 9-32

16 5-15

16 21-32

16 17-32

16*
110%

111%

4.83

1,261

22 000

111*
4.83

2^9

43.900

4.83

1,70
38.600

110%
4.83
1,9(0

28,590

14*

15 17-32
15 27-82
16 3-16

15*
111
4.83

2.018
31.500

Reports by Telegraph.—Some rain has

high-water mark
Above low-water mark

Memphis

15
7

Inch.

1
7

Nashville

Above low-water mark

5

2

Shreveport
Vicksburg

Above low-water mark
Above low-water mark

8
11

Feet.
10

10
0

Inch.
9

15

2

23
16

6
2
6

14

Missing.

reported below high-water mark of 1871 until
Sept. 9, 1874, when the zero of gauge was changed to high-water
mark of April 15 and 16, 1874, which is 6-lOths of a foot above
New Orleans

or

16 feet above low-water mark at that point.

some importance to be noted is the accu¬
mulating stocks at the interior ports as compared with 1373. For
instance, to-night the total stocks at all of onr interior ports (old
and new) will be found to be 183,494 bales, against 126,399 bales
last year, or an increase of the crop in sight at this time of 57,095
bales besides or in addition to the increase in the receipts at the
outports up to this date. This week these interior ports have
added to their stocks 22,834 bales, against 10,500 bales last year,
and yet the outports have received very nearly as much as last
season.

basis of low
deliveries named:

Thurs.

New Orleans..Below

11, 1874.—v ,-Dec. 12, 1878.-,

Receipts.—A fact of

the
middling uplands (old classification) for the several

14%
15

There have been several heavy frosts, and

generally fine weather. Average thermometer 52.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3 o’clock
this afternoon (Friday, Dec.ll ).
We give last year’s figures
(Dec. 12, 1873) for comparison :

1871,

July.

following will show the closing prices each day on

14 5-16

inch.

Feet.

April.

14 3-16

an

.—Dec.

folowing exchanges have been made dnring the week

l*c. pd. to exch, 500 Dec. for

dredths of

For June.
£(H)

1.400

32,500 total April.

For March.
15 3-32
ICO..
15*
1,800..
500..
1

.16 l-';6
..16 3-32

..

14 7-16

1,90:1
2,500

3.100.... ...15 17-32

15 3-16

600..
200..

14 5-16

14 11-32
400

For April.
1,800.... ..:.15 15-32
8.390....
15*

15

800.
100
400

15*

28,600 total March.

15 1-32
15 1-16
15 3-32

4C0.

5.700 total Dec.

15%
15 13-S2
15 7-16

15 9-16
600....
100.... ....15 19-32

.

10.900..
5,000..

....

1,200....
3,300 ....

For February.
14 11-16
700..
14 23-32
1,709..
3.109.
14 25-32
2,400..
14 13-16
5,100..
14 27-32
200..
3.300..
14%
14 29-32
4,700..
14 15-16
1,900
14 31-3!
5,800..

14*

.'.15 5-16
....15 11-32
,,.

....

5.100

57,100 total Jan.

ct».

bales.

3,500

2,300

4,100..
1,700..

January.

cts.

800

400..

100 s.n.I4th.l41-16
100 s.u.12th.141-16
500
14 1-16
100 del. 7th ..14*
100 8. n..
14*
100s. n. 9th ..14*
300
14*
300 8.n
14 9-3!
300
14 9-32
400
11 5 16
11 11 3!
300
400
14?$
*4 13-3!
500
5O0
14 7-16
500
14 9-16

5,600
1,100

bales.

2,S00..

l0Os.n.l4itU41-3!

For
200
2.000

CIS.

14 23-32

bales.

bales.
ctBFor December.
200s. n... 13 31-32
800 s. u
14
100 8.n.14th....14

14*
14 23-32
15%

.

15 27-32

16%
16*
111%
4.83*
!,7S6
33,500

fallen

The Agricultural Bureau and Liverpool Friends.—Our
anxiety with regard to the Agricultural Bureau has caused us to
make many inquiries the past week as to its present health and
intentions.
All efforts have been fruitless, however.
Had we
been able to establish communication, we were empowered to say
that in case another trip to Europe is found necessary as a restor¬
ative measure, there are a
like to see the Bureau, and

few friends in Liverpool who would
One who

will entertain it will there.

signs himself “ A Merchant ” when he writes to the Albion,
another “ An Old Hand,” and still another*" Question ”—they all
want to have a little quiet talk, thinking it barely possible, under
the circumstances, that the Bureau would be willing to divide
the losses—“ Question ” wants to know also whether it is time to
recant ” (see Liverpool Albion, Sept. 11).
We can wait if

“

“

Question ”

can.

throughout the cotton States the past week, but in general less
India Crop.—The cotton crop in the various districts of India
than usual at this season of the year. (As, however, the crop, in a continues to
If it does not meet with any
progress satisfactorily.
very considerable section, is now entirely secured, the absence of check, (the possibility of which still, of course, exists) the out¬
rain has become of much less importance to the planter,
turn must be at least as abundant as last year, with the proba¬
Galveston.—It has rained here on three days this week, the bilities, we should say, pointing to a somewhat increased yield.
early part of the week, the latter part being clear and pleasant. For instance, Sir Charles Forbes & Co., under date of Bombay,
The rainfall has reached two inches and thirty-three hundredths. October
26th, give the following summary of the latest reports
The thermometer has averaged 61, the lowest point being 47, and from the
cotton-growing districts:
the highest 70.
In the Berars the crop is expected to be rather late in coming to maturity,
but it is estimated will turn out large, and about 9 per cent, over that of last
Indianola.—We have had a severe rain on two days, the rest
weather
favorable,
is reported
of the week being pleasant.
The rainfall has reached three year. In the Deccan the about 12 continues better thanand the crop season. In
to give promise of being
per cent,
that of last
inches and twenty-four hundredths.
The thermometer has ave¬ Guzerat an improvement of about 10 per cent, is expected, unless frost, or
other unfavorable weather, defeat, present anticipations.
In Klmndeish the
raged 60, the lowest being 40 and the highest 73.
Corsicana, Texas.—The crop in this vicinity is, in consequence weather has latterly not been so favorable, and the general out-turn of the
new crop will, it is|| estimated, be about 10 to 12 per cent, below that of last
of the poverty of the planters, being marketed freely, in fact as season.
From Dharwar the*reports are not altogether favorable, excessive
fast as it is ginned and baled.
It has rained on three days the rain having fallen ; it is difficult to f 'rrn an opinion yet of the out-turn, but it
is estimated by the cultivators that the crop will be probably rather short.
rainfall being one inch and thirty-four hundredths.
The ther¬ From
Compta and Vingorla advices are favorable, and point to an increase of
mometer has averaged 54, the highest being 57 and the lowest 37.
6 to 12 per cent. Transactions for the past fortnight have amounted to about
New Orleans.—With the exception of one rainy day the 2.500 candies, principally of New Broach-ginned and New Oomrawuttee, de¬
weather the past week has been pleasant.
The rainfall for the liverable in February next.
In the Dharwar district (above noted) the sowing was not com¬
week reaches one and seventy-six hundredths inches.
Average
pleted at the close of October (our latest mail advices), because of
thermometer 54.
Vicksburg.—The weather at Vicksburgh has been cloudy ; rain the heavy rains which, as Messrs. Finlay, Muir & (Jo., in their
fell on two days, the raiufall reaching ten hundredths of an inch. Circular of Oct. 10, state, did much damage, destroying native
houses, and interfering with field work. This enforced delay, it
Average thermometer 55.
was
feared, would make the planting smaller, aud the crop of
Nashville.—There was a light rain here on one day, the rain¬
fall reaching twenty hundredths of an inch.
Average ther¬ that district, therefore, less. Messrs. \V. Nicol & Co., under
date of Bombay, Oct. 31, give very favorable reports of all the
mometer 43.
Memphis.—There has been no rain all the week ; the crop is districts they have advices from, except southwest of Kharnnow harvested, and it is being marketed
freely. Average ther¬ gaum, where it is stated that the crop will be very short and
poor because of the little rain which has fallen in that section.
mometer 47.
Mobile.—There has been one rainy d"»y (showery) ; the rest of Messrs. Flemming & Co., under date of Knrrachee, October 16,
the week being pleasant, but cold ; planters are sending cotton say:
The picking of cotton in this province lias not commenced yet, but it will
to market freely ; the rainfall aggregates eighty hundredths of
be begun shortly, and from the most reliable accounts the yield this season
an inch.
will be somewhat larger than last years. Average thermometer 52.
And again, Oct. 30, they sfate :
Montgomery.—Two rainy days are reported, with a rainfall of
*
one inch
and twenty-one hundredths ; about two-thirds of the
Picking operations are progressing but slowly, we hear, in this province,
hut the accounts regarding the crop continue favorable, and a good ouL-turn
Average thermometer 50.
crop is now marketed,
is expected.
Selma.—The weather the past week has been pleasant, except¬
We see from the authorities cited above, that at the date men¬
ing one day, on which rain fell to the extent of fifty-five hun¬ tioned there was at least no prospect of a falling off in the Bom¬
dredths of an inch. Cotton is being sent forward freely. The
bay supply, and a fair promise of a somewhat increased yield.
highest range of the thermometer was 66, the lowest 28, and the What are to be the shipments through Calcutta (which were
average 49.
almost entirely suspended last year, though very considerable in
Macon.—Rain fell on one day, the rainfall reaching one inch
previous years), we do not learn. It would be reasonable to sup¬
and seventy eight hundredths.
Cotton is being sent forward pose that with the generally improved agricultural prospects in
freely, about all the crop having now been secured. Average the districts tributary to that port there would be some recovery
thermometer 49.
in production, but with the American cotton so low, it is hardly
Atlanta.—There has been rain at this place on two days; on
probable that any satisfactory market could be found for any
one day showery and one day constantly ; the
rainfall was sixty- considerable amount of that staple.
hundredths of an inch. Average thermometer 47.
Columbus.—One rainy day, with a rainfall of two and seventytwo hundredths inches.
Average thermometer 49.
Savannah.—The weather at this point has been cold and dry ;
there has been a frost here this week, but not a killing frost.
seven

Average thermometer 61.

Augusta.—They have had heavy weather at Augusta, it having
damp, but as the week closes there is a favorable
change. Rain fell on one day to the extent of one inch and
thirty-four hundredths. Average thermometer 48.
Charleston.—Two rainy days, with a rainfall of thirty-two hun¬
been cold and




Egyptian Cotton.—The advices from Alexandria appear to
more favorable as to the size (not as to the quality) of
the Egyptian crop, though some authorities still claim a large
be rather

falling off in the production.

The Imperial Ottoman Bank,

under date of November 14, states that—
There are vague and absurd rumors current here of the presont crop being
some 25 per cent, loss than last year, but we can see no grouuds for any such
assertion, as we believe the planting was quite as large last y. ar as previously,
and the small amount of injury caused by the high Nile would not justify us
in anticipating such a considerable falling off in quantity.
The quality, how¬
ever, of Egyptian cotton has been deteriorating for several years past, and the
indications are that this season it will be worse in this respect than usual.

December 12,

1874.1

THE CHRONICLE
.

Choremi, Mellor & Co., under date of November 15,
explanation of the advance in prices there, that—

Messrs.
state, in

The advance is attributable more to oar bad crop reports, daily coming in
from the interior, than to the improved condition of tde Liverpool and
other European markets. It is difficult to know how far these reports can be
relied on. All the merchants seem to be impressed by them, and we cer¬
tainly believe the crop to be materially injured. The best authorities are

giving very low estimates, but we think the damage will be most felt in
scarcity of clean good cotton, say fully good fair upwards. Even now twothirds of the receipts at the open market consist of dirty cotton. It was only
at the Daira that perfect qualities could be found, and they are now scarce
and held for higher prices after recent sales.
Messrs.

Watson, Haumer & Co., under date of November 14’
represent a less favorable prospect. They say :
A serious deficiency in the crop, as compared with the figures of last season,
is now generally believed in, and some estimates based upon Government
statements point to a deficiency of one-third. The crop seems to be especially

wanting in the

highest grades of Ashmouni, and we are very disappointed

with the Mansooran cotton,

which is turning out

very

wasty and soft stapled.

Besides the above, we have

the fact that the latest advices with
regard to receipts show cotton is now coming into Alexandria quite

For the week ending Nov. 28 the arrivals were 125,000
cantars, against 110,000 cantars the corresponding week of last
year, making the total for the two seasons, thus far, about the
same in amount.
freely.

Crop Estimate.—We hoped to be able to give this week our
usual estimate of the present crop, but not having received as yet
sufficient information from some sections, we have been com¬
Bombay

Shipments.—According to our cable despatch received
to-day, there have been 1,000 bales shipped from Bombay to Great
Britain the past week, and 11,000 bales to the Continent,while the
receipts at Bombay, during the same time have been 11,000
bales. The movement since the first of January is as follows
These are the figures of W. Nicol & Co., of Bombay, and are
brought down to Thursday, Dec. 10 :
/-Shipments this week-*
1874
1873
1872

1,000

5,000

Continent.

11,000
5,000
5,000

Total.

12,000

10,000
5,000

/-Shipments since Jan. 1—,
Great
Britain,

Continent.

Total,

824,000 396.000 1,220,000
722,000 212,000
934,000
653,000 256,000
909,000

,—Receipts.—■*
This
week.

Since
Jan. 1.

11,000 l,270,00n
11,000 1,004,000
6,000
942,000

From the

foregoing it would appear that compared with last
year there is an increase of 2,000 Dales this year in the week's
shipments from Bombay to Europe, and that the total move¬
ment since January 1 shows an increase in shipments of 286,000
bales compared with the corresponding period of 1873.
Gunny Bags, Baggtng, &c.—A very limited demand still pre¬
vails for domestic bagging, and we have sales of only about 1,000
rolls to report at ll^c. Native India cloth i3 quoted at 9£c., with¬
out business.
Borneo has sold to the extent of 150 bales at a

private price'; holders ask 12£c. Jute butts have bean held
firmly, but the market was quiet until, yesterday, when there was
a movement
embracing 3,000 bales at 2£c. cash, and 2fc. time.
The close was quiet.
Visible Supply op Cotton as Made up by Cable and Tele¬

graph.—Below

East

Indian, Brazil, <&c.—

1874.

1873.

1872.

Liverpool stock

385,000

London stock
Continental stocks

178,000
215,500

311,000
216,000
397,000

India afloat for

151,000

Europe

Egypt, Brazil, &c., afloat
Total East

India, &c

1,009,500

1,124,366

Total visible

These

Uplands, Liverpool

V/A

and

an

uaiuo

increase of

0,0

wiuyaiDU

314,039 bales

1873.

1872..

520,000
111,250

Stock at Liverpool
Stock at London

468.000

365,000
216,000

178,000

Movements of Cotton at

581,000

17,750

21,000

15,000
23,750
83,250
22,250
13,500
27,000

25,000
35,000
32,000
54,000
11,000
34,000
43,000

Total continental stocks

331,250

294,500

483,000

Total European stocks

962,500

940,500

1,064,000

Stock at Havre
Stock at Barcelona

9,000
49,000

StocKat

12.500

Stock at Marseilles

Hamburg

28,750
77,750
17,750
4,500

Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock at Antwerp
Stock at other continental ports

236,000
13,000

146,000
486,000

151,000
319.000

129,000
312,000

58,000

80,000

85,000

-...

655,787

525.461

474,625

United States interior ports....

135,157
22,000

105,905
12,000

78,780
8,00'j

India cotton afloat for

Europe

American cotton afloat for Europe

Egypt. Brazils, &c., afloat for Europe....
Stock in United States ports

United States exports to-day

2.151,405
2,133,866
2,465,444
supply
above, the totals or American and other descriptions are as follows:

Total visible

O,

we

-Week

ending Dec. 12, ’73—*
Receipts. Shipments. Stock
10,220
8,408
17,404
4,042
2.420
12,480
4,073
2,116
11,296
3,673
3.713
7,548

Receipts. Shipments. Stock.
Augusta

11,016
4,180
4,268

Columbus
Macon

23,372
10,381
12,145

8,145
3,295
2.051

Montgomery

4,256

3,038

9,827

Selma

4,349

3,340

9,593

2,989

3,749

6,940

Memphis

2C,C77

14,924

57,091

20,225

16,873

45,444

4,014

2,073

12,747

3,514

5,434

4,793

52,160

36,866

135,157

48,736

42,713

105,905

3,238
3,605
6,422
5,514

8,862

3,813

4,444
25,004

3,050
3,140

1,190

10,027

6,959

1,974
3,976
2,357
4,278

18,779

48,337

16,962

12,585

20,494

Total, old
Shreveport

4.818

Atlanta
St. Louis

4,527
9,650

Cincinnati

7,324

Total,

new

5.095

7,564
6,645

65,698
Total, all...
55,645
183,494
55,298
126,399
The above totals show that the old interior stocks haincreased

during the week 15,294 bales, and are to-night
than at the same period last year. The receipts
bales more than the same week last year.

29,252bales more
have been 3,424

The exports of cotton this week from
increase, as compared with last week, the

New York show an
total reaching 10,8Q5
bales, against 7,443 bales last week. Below wojgive our usual
table showing the exports of cotton from New York, and their

direction for each of the last four weeks; also the total ex¬
ports and direction since Sept. 1,1874; and in the last column
the total for the same period of the previous year.

Exports ot Cotton (bales) from New York since Sept.l, 1874
Same

WEEK ENDING

Total
Dec.
9.

to

period
prev’us

date.

year.

8-376

132,620

EXPORTED TO

Nov.
18.

Nov.
25.

Dec.
2.

10,664

| Liverpool....;

14,973

6,796

‘

Other British Ports

171,443

....

....

••

....

138,000
119,000
486,000
655,787
135,157
22,000

&3.000
79,000
319,000
525,461
105,905
12,000

bales. 1,555,944

1,124,366

Liverpool stock
Continental stocks
American afloat to Europe
United States stock

United States interior stocks
United States exports co-day

Other ports

Total to N.

..

Europe.

3,047

Total

The

54,000
86,000

312,000
474,625
78,780
8,000

1,013,405

2,998

4,127

247

....

733

....

...

...

....

2,998

....

4,860

8,160

550

2,509

400

2,224
•

•

•

•

•

•

•

1,652
198

20,194

1,000
1,509

400
....

4,947

11.484
600

500

1,174

6,797

10

•

....

....

....

....

971

....

...

Grand Total

171,443

247

....

Spain, Ac

132,620

8,373

6,796

14,973

....

All others

....

13,£01

184,07

155,822

10,885

7.413

17,197

971

10

following are the receipts of cotton at New York,Boston,

Philadelphia and Baltimore for the last week, and since Sept.

I,1’74

1

PHILADELP’lA

B08TON.

NEW YORK.

BALTIMORE.

bece’ts fromThis
week.

Since

Sept. 1.

This
week.

Sept.l.

This
week.

Since

55,878
20,840

2,921

3,42!

40!

2,180

2,864

61,344

2,529

14,084

726

6,654

3,072

1,270,

4,883
2,219

North’rn Porte

6,928
1,006

Tennessee, &c

64,847;
18,229
83,920

2,836

8.081

43,557!

•

Since

Sept.1.
....

•

8,191

...

•

....

2.160

81

Virginia

This
week.

Septl.

Since

2,087

New Orleans..
Texas
Savannah
Mobile
Florida
S’th Carolina.
N’th Carolina.

.

....

.

1
....

889

8,364

3,438
2,931
1,434

25,685

•

•

....

28.448:

8,305

402

26,001

860.528

14,142 88,363;

Total last year.

30.007

329,773

..

2,865

.

....

1.216

....

10,805

i

•

.

•

.

441
89

3,423
7,567
2,656 29,464
*

.

....

.

954

109

56j

Total this year

,

•

.

667

25

Foreign

3,209

66,189!

3,010 22.504
1,236

13,505

3,295 49,599
39.427

4,798

from the United States
latest mail returns, have reached 131,836
bales. So far as the Southern ports are concerned, these are the
sameexnorts reported by telegraph,and published in The Chron¬
icle last Friday, except Galveston, and the figures for that port
are the exports for two weeks back.
With regard to New York,
Shipping News.—The exports ol cotton

the past

American—




Interior Ports.—Below

Tns

/—Week ending Dec. 11, ’74-*

Spain,Oporto&Gibraltar&c
646,000
81,750
10,250

631,250
111,000

Total Great Britain stock

Total American

J.O I

BftlUO Uttl/O

we

1874.

Of the

*1X0

ttiuu

compared with the correspond¬

as

give the movements of cotton at the interior ports—receipts and
shipments for the week, and stock to-night, and for the corres¬
ponding week of 1873:

...

in

in the cotton i

ing date of 1872.

give our table of visible supply, as made up I
by cable and telegraph to-night. The continental stocks are the J Total to Gt. Britain 10,664
figures of last Saturday, but the totals for Great Britain and the Havre
190
afloat for the Continent are this week’s returns, and consequently Other French ports
brought down to Thursday evening; hence to make the totals the
190
Total French
complete figures for to night (Dec. 11). we add the item of exports
from the United States, including in it the exports of Friday Bremen and Hanover
500
2,547
Hamburg
only.

Stock

10*d.

7*@7tfd.

an increase

figures indicate

•2,151,400

8tfd.

bales. 2,465,444

supply

1,138,000
1,013,405

2,133,866

Total American

Price Middling

129,000
85,000

80,000

Nashville

pelled to defer it.

Great
Britain,

621

.

week,

as per

we include the manifests of all vessels cleared up to
night of this week.

Naw York—To
496
City

Liverpool, per steamers Killarney, 1,625
of Antwerp, 265....Dana, 1,706—Minnesota,
■»>

Wednesday
.

,

Total bales.

Celtic,
970..

[December 12, 1874.

THE CHRONICLE

622

To Bremen, per steamer Hermann, 1,000..
To Hamburg, per steamers Silesia, 67o — Klopstock, 859
New Orleans—To Liverpool, per steamers Caledonian. 4,896
..

3,519... .Sales, 1.932
ships Norris. 3.487
Itasca, 4,267... .Freeman Clark
4,265
D. VV. Chapman, 3.057 .. per bark Cavour, 1,061
To Genoa, per bark Riffaelucio, 521
Mobile—To Liverpool, per ship W. A. Campbell, 4,332
To Cork, for orders, per bark F. Weyer, 1,000
To Bremen, per ship Heetlioven. 2,600
Charleston—To Liverpool, per ships Andrew Jackson, 3,544 Upland
and 83 Sea Island... .Martha Bowker, 2,384 Upland and 201 Sea
Island
per barks Nuvesink, 2,074 Upland and 64 Sea Island....
Constancia, 1,205 Upl mland 20 Sea Island — Harriet F. Hussey.
son,

following table will show the daily closing

B.3T6 Mid’g Uplands
1,009
do Orleans.
1,509

and 3

Andean, 4.078
per ships Success, 3 765
Adorna, 5,042....per barks Almira Robin¬

bags ...Alice, 3.190

United States. 3.898

The

Algeria, 200....Zancla, 1,241

England. 1,102 and 116 Sea Island
per bark Rachcle, 655
-

Satur.

ixmx

30,321
16,137
5*24
4,332
1,000
2,600

•

of flour

19,337
1,480
430

I

n«i*
I
4,449 Upland and «*2 Soft Taiiuui ...per harts Montreal 2 *27R Tin62 Sea Island
barks Montreal 2,276 Up
land.. ..Voorult. 1,031 Upland
Mary G. Reed, 1,650 Upland
12,068

a Ai<i iTninnri nnri

1,925
1,129

To Havre, per b irk Alamo, 1,925 Upland
To1 Bremen, per bark Johan Carl, 1,129 Upland
To Barcelona, per l*rigs Cataluna, 334 Upland....Pluton. 450 Up*
land
Texas—To Liverpool, per steamer San Jncinta, 1,620... per ship South¬
ern Chief, 3,991... per barks Enrique,
1,814. ..Jonathan Chase,

784

11,594
610
1,007
1,606

Palermo, 2,203

To Havre, per hark Kiel. 640
.'
To Bremen, per bark Adelbeiin, 1.007
Wilmington—To Liverpool, per barks Claudia, 843.
Sonnabend, 763.
Norfolk—To Liverpool, per steamers Ontario, 6,000
San Jacinto,
561
per ship Oasis, 4,106
Baltimore—1To Bremon, per steamer Nurenburg, 1,527
Boston—To Liverpool, per steamer Siberia, 1,012
PiiiLADE riHA—To Liverpool, per steamer Indiana, 323
To Antwerp, per steamer Nederland, 506

are as

10,667
1,527
1,012
325

506
131,836

our

Bre¬

pool. Cork. Havre. men.
New York
8,376
1,000
New Orleans.. .30.321
16,137
Mobile
4,332 1,000
2,600
•

,

.

•

,

.

,

•

....

.

Charleston
Savannah
Texas

Wilmington...

.19.337

.42,('63
.11,594
1,606
.10,607

1,509

.

,

.

....

.

.

.

....

*

1,925

-

1,129

640

1,007

....

•

•

•

7,932
21,247

430
784

1.480
•

•

,

.

.

15,906

to the

13,241
1,606

.

a

fair demand for

expor^

$1 10(31 12 tar No. 2 Chicago and Northwest, $1 14
@1 1C for No. 2 Milwaukee and Minnesota, and $1 23-&@l 25 for
No. 1 Spring, with some choice white at $1 37, and amber Winter
at $1 28@1 29.
Low grades of the different descriptions of wheat
have been neglected. To-day, there was very little done, owing

46,982

521

....

There has been

with sales at

10,885

.

.

....

The first week after the

somewhat reduced.

with much firmness.

usual form

Ham¬ Ant¬ Barce¬
burg. werp. lona. 1

•

last must be

navigation is usually a dull one in the whole
market for breadstuff's, and the past has been no exception to the
There ha:: been a considerable business in fair shipping
rule.
extras from spring wheat at $5 05@$5 10, with choice at $5 20.
Flours of the lower grades from winter wheat are not plenty,
and generally held higher, thus competing less actively with
extras from spring wheat, but the latter are in full supply.
Flours made by the “ patent process ” are more plenty, and sell
slowly at drooping prices. St. Louis and Southern flours of the
better grades are meeting with more favor, and rule compara¬
tively steady. Rye flour has declined, with free sales of prime
brands at $6 50. Corn meal has been active at $4 65 for prime
Western and $4 90 for Brandywine.
To-day, the market was
very firm, but only moderately active.
The wheat market has been quite variable in tone, as affected/
by the course of gold, ocean freights, and the foreign markets.
Speculation for a rise seems to have ceased, hut the most of the
stock, though very large, exceeding five million bushels, is held

follows:
Liver¬

December 11, 1874.

close of inland

Island

particularsof those shipments, arranged in

Friday P. M..

quite depressed for the leading grades
during the past few days, and the advanced quotations in

The market has been

our

1,739 Upland and 2ti4 Sea Island
Augustina, 1,100 Upland and
...Sarah Mandell. 1,700 Upland.. .Lothair, 2,150
Upland... Lord Palmerston, 1,640 Upland
per brig W. N. II.
Clements, 1,349 Upla-d
To Havre, per bark N. K. Clements, 1,374 Upland and 106 Sea

The

7%©7tf
v/am

7%@8

BREADSTUFFS.

20 Sea Island

Total

8

.@8X

ixmx

7J*®8

.

To Havre, per

1,966

prices of cotton for the week
ThnrB.
Fri.

Wednes.

Tues.

Mon.

advanced views of holders.

has been moderately, active at a further slight
prices, with new mixed selling at 91@93c. afloat, and
1,012
old at 93c. in store and 95@95£c. afloat, with one schooner load of
831
323
506
Philadelphia...
new Delaware yellow at 91c.
The stock on hand and the re
Total
524 131,836
506
1,214
1,509
.99,638 1,000 20,182 7,213
Below we give ali news received to date of disasters, &c., to ceipts by rail are mederate, and buyers have been compelled to
meet more readily the views of holders.
vessels carrying cotton from United States ports :
To-day, the market was
Louisiana—All of the cargo of the sunken steamer Louisiana, from Norfolk
firmer, with sales of boat-loads of old mixed at 93 Jc. in store and
Norfolk
Baltimore
Boston

.

....

....

.

.

.

.

....

....

.

....

1,527

....

,

•

.

•

1,527
1,012

'

....

....

Indian

10,667

....

....

....

....

.

for

....

corn

advance in

....

....

Baltimore, has been recovered, with the exception of about ten tons

of pig iron.
All of the joiners’ work of the steamer has gone to pieces,
her hull and lower decks alone remaining intact.
Four pontoons liav
been contracted at Baltimore, and would probably be towed to the
wreck Dec. 5. Four chains have already been placed under the steamer,
and ten altogether will be placed under her. Twenty barges aud pon

9Gc. afloat.

Rye has been dull, and prices have weakened a few cents
offering of more liberal supplies by rail. Barley has
recovered the recent reduction, with sales of Canada West at
toons will be brought into requisition.
Talisman, ship (Br), Harrington, from New York Nov. 12, which arrived at
$1 55
1 GO, closing at the higher figure for prime ; and choice
Liverpool Dec. 4, was damaged by collision.
Alexander McNeil—In the case of the bark Alexander McNeil, against
State sold at $1 45. To day, Canada West sold at $1 62 or
which numerous suits in Admiralty were
brought in the United States
District Court at Savannah, Judge Erskine holds that claims for wharf
upward. Canada peas have recovered the decline noted
age and for seamens’ wages and board are valid liens on the vessel, but
our
last, with
a
sale at
$1 15 in
bond. The
tliat claims for compressing the cotton which constituted the cargo and
for stowing the cargo on board cannot be enforced in that way.
speculation iu oats has subsided and prices have declined.
Amable Antonia,
brig (Sp.), Cespedes, from New Orleans for Barcelona, The stock here
proved to be larger than estimated, and kept
with cotton, put into Havana Nov. 26, leaking in the upper works.
Ara brig (Nor.), recently on Are at Wilmington, N7 C., was but slightly dam
outsiders” from buying at current high prices. On Wednesday
aged. The cargo on board (265 bales cotton) was ali damaged, but not to
the extent of $17,000, as before reported, this sum being th
No. 2 Chicago afloat sold at 69c., and, yesterday, at 6Sc.
To-day,
the cotton before the Are.
The Insurance on the cotton was covered by
there was a recovery to 68^c. for No. 2 Chicago, but a quiet
a floating policy (not marine), for $50,000.
under the

“

Wasa, brig (Ruf.),Williams, from Mobile for Havre, cotton, put, into Tybee Dee
3. and reports having left Mobile Nov. 19; on the 29th iu lat. 32 31, Ion. 76 68
iu a gale, lost mainmast head and topmast. The captain did not think it
necessary to put into port for repairs, but the crew became mutinous,
declaring that the vessel was not in a condition to proceed, so that the
captain and mate had to cut. away the wreck, and on Dec. 1 put vessel
about for Charleston

or

Savannah.

Ann Rambo,

Capt. Sanford, arrived at Norfolk Dec. 2, and wns to take a
steamer and diver as far as Bogue Inlet. N. C., to examine schr. Ann

Rambo, from York River for Baltimore, sunk m seven fathoms water,
and reported to have a full cargo on board, consisting of cotten, wool
and peanuts. Something has recently “leaked out” that she had no
cargo on board, hence the talking of a diver to examine her.
Cotton freights the past week have been as follows;

•Liverpool.-

Steam.
d.

Saturday...
Monday....
Tuesday...

Wednesday
Thursday..
Friday

..©?*
~®.X
■

MX

..©11-32
..©11-32
..©11-32

-Havre.-

Sail.
d.

Steam. Sail.
c.

..©9 32

*
X

..©9-32
..©9-32

*/
/a

*©9-32
*©9-32
*©9-32

X
X
X

c.

X
X
X
X
X

X

Bremcn.—
Steam.
c.

..®1
-.©1
..©1

..©1
..©1

..@1

Sail.
c.

Sail.

c.

%comp.

c.

■©*
&comp.
%comp.
%comp.
%comp. -.©.*
%comp.

Liverpool, Dec. 11.—3.30 P. M.—By Cable

•

from

X
78

X

Liver¬

market has ruled luavy to-day.
Sales of the
12,000 bales, of which 2,0C0 bales were for export
and speculation.
Of to-day’s sales 7,000 bales were American.
The weekly movement is given as follows :

ern.

..

Extra State, &c
Western Spring

of which American
Actual export
Amount afloat
of which American




29,000
ll,000
356,000
.242 000

Nov. 27.

86,000

Dec. 4.
71 000

9,000
6.000

8 000
3 000

529,000
134,000
69,000
42,000 '
10.000
378,000

5C6’000

Dec. 11.
66,009
6,000
3,000
520,000

132 000

133,000

ROOO

81,000
38,000
10.000

460,000

247,000

462,000

347,000

351,000

4h’000
30*000

Wheat

ext res

do XX and XXX
do winter wheat Xand
XX
..

trade and family

brands
Southern bakers’ and fa-

mily brands
shipp’g extras..
Rye flour, superfine.. ...
Corn meal—Western, <fec.

Southern

Corn meal—Br’wine. &c.

Wheat—No.3 spring,bush.$1 06® 1 09
No. 2 spring
l it;® \ 15
No. 1 spring
Red Western
Amber do
White
Corn-Western mixed,
White Western
Yellow Western

4 20® 4 60

5 00© 5 15

City shipping extras.

:
Grain.

3uperflneStateand West¬

{
|

4 90© 5 20
5 25® 8 25
5 50® 8 00

5 10®

5 60

Southern,yellow,
Rye—

] 20® 1 25
1 20® 1 25
1 27® 1 30
1 26® 1 38

90®
96
90® 1 00
93®
97
89®
91

new..

93®
(.5®

6 00® 7 50

Oats—Black
Mixed
|
White
7 00® 8 OC I
5 50® 6 75 ; Barley—Western
5 20© 5 60 | Canada West

State
4 25® 4 65
4 90® 5 00 I Peas—Canada

1 35® 1 45
1 57® 1 62
1 32® 1 48

i

—receiptbat new york.-

1874.
For the
Since
week.
Jan. 1.
,

,

Since
Jan.
1, 1973.

.

1 15® 1 40

Flour, bbls.
C. meal, “

86,284
4,501

Wheat, bus.
Corn,
“
Rye.
“

373,211 41,473.735 81,356,725
113,367 28.582,839 24.213,375

.

.
.

♦Barley “
Oats ..."
*

In

.
.

3,737,119
168,082

3,257.811
506,618

9.365
595,609
960.242
30.844 2.727,659 2.324,053
88,435 10,544,932 10,688.444

as

EXPORTS FROM NEW YORK.
,

1874.
For the
Since
week.
Jan. 1.
48.746 2,057,232

167,537
2,998
410,222 33.769,704
242,978 18,274,096
100

641,661

605

118,374

96

67
66® 68}4
68®
70

The movement in breadstuffs at this market has been
lows:

were

Nov. 20.
Sales of the week
bales... 105,000
of which exporters took
12,000
of which speculators took
13,00 )
Total stock
54°,000
of which American
128,000
Total import of the week
74,000

the closing quotations

.

$ bbl. $3 50® 4 00

No. 2

pool.—The

day

are

Flour

City

—Hamburg.
Steam.

closing.
The following

fol.

1873.
.
For the
Since
week.
Jan. 1,

1.529.842
179 886
585,706 26,136,868
261.102 14,814,846
32,556 1,034,876
35,591
13,580

40,048

3.000

3,540

42,420

“Receipts at New York” includes also malt.

The following tables Bhow the Grain in sight
ment of Breadstuffs to the latest mail dates:

and the

move¬

December

RECEIPTS AT LAKE AND RIVER PORTS FOR THE
DEC.

WEEK ENDING

AND FROM AUG. 1 TO DEC. 5.
Oats.
Barley
Rye,
Corn.
Flour. Wheat
busb.
bush.
bush.
bush.
busb.'
bble.
(56 lbs.) (82lbs.) (48lbs.) (56 lbs.)
(196lbs.) (601bs.)
14,377
101.545
348,923
144,380
32,442
383,954
9.392
23,550
20,655
390,604
25,691

5,

.

-

Chicago .
Milwaukee..

160.291

10,077
28,550

74,847
93,446

Cleveland...

17,800
54,532

89,705

.12,580

58,710

Peoria

350
4.353
75.100
45.809
4.050

35.60!)

7,698

Toledo
Detroit
St. Louis....

623

THE CHRONICLE

1?9 1874.]

32,050

59.009
18 800

•

s

•

•

•

•

.

requisite to clear out their stocks have been effected. The
buy fairly, chiefly on orders, but restrict
their operations to about such amounts as are required for their
current necessities.
The aggregate distribution, however, is fair
for this period of the year, and conbidering the mild weather
which has been so unfavorable for a ready distribution of Winter
sales

interior trade continue to

•

fabrics.
6,305
7,590

Domestic Cotton

Goods.—The

market

is

not

materially

changed, and classes steady on most lines of cottons. A tem¬
has occurred on some lines of brown
753.063
Total
992,732
27,052
163,693
304,476
763,430
962,198
the purpose of moving them in large
39,626
390,318
181,887
40),850
Corresp’ng week,’73. 1 £0.796 1,675,219
28.016
352,824
593.873
199,001
’72.
713,216
lines, but this has no way affected the general quotations, which
115,103
29,67
88,715
979.499
258,172
’71.
432,187
87,2*23
58.935
201.154
4,194 rule steady, and some marks of brown goods have even improved
’70. 140.900
420,732
905,388
19,759 a shade in value.
59,990
153,051
141,283
707,717
’69. 119.326
Bleached are generally unchanged, the only
598,513
Total Aug. 1 to date. 2,194,684 32,
,033,617 17,278,021 11,033,914 3,706,489
alteration being on New York Mills, which are down to
906,558
notable
Same time 1873-74. 2,315,498 38,,450,516 25,455,788 11,214,731 3,316,058
Same time 1872-73.. 2.181,54 1 28,
,294,332 26,413.962 10,793.674 5,810,729 955,390
lG£c., and sell freely at the decline.
Canton flannels sell readily
Same time 1871-72.. 2,403,612 28,019,473 21,292,495 14,436,700 4,353,920 1,859,8
at good prices.
Colored cottons generally show no changes of
*
Estimated.
importance, and rule steady with a fair trade in jeans and jaconets.
Shipments of Flour and Grain from tlie ports of Chicago,
Print cloths are quiet but steady, at 5f@54c. for extra 64x64’s.
Milwaukee, Toledo, Detroit, Cleveland, St Louis, Peoria ant
Duluth, for the week ending Dec. 5, 1874, and from January Prints are still selling fairly in *b11 good effects, and the most
1 to Dec. 5. :
tasteful fancies of all the leading corporations are kept well
Rye.
Oaie,
Barlej,
Flour
Wheat, Corn,
cleared up and rule firm.
bush.
The less desirable styles are dull and
bush.
bush.
bush.
Week ending—
bush.
bbls.
Duluth,

....

322,116

....

....

....

37,664

254.757

porary reduction in price
and bleached goods for

“
“

“
“

,

264,190
847,776
806,367

387,199

1

289.113

252.657
Corresp’ng week 1872 117.874
54,439
66,422
Corresp’ng week 1871
40,886
90,568
Corresp’ng week 1870
Total Jan. to date.,..5 ,422,252 59,713 300
Same time 1873
5. 990.909 54.799,170
Same time 1872
4 496,917 30,354.102
Same time 1871
4 286,838 35,863,956

181,925

254,434
303 499

37,773

..

98,354
116,064

..

Corresp’ng week 1873

RECEIPTS OF

153.182

FLOUR

WEEK ENDING

AND GRAIN

DEC.

44,484

81.128
74.306

65,708
12,836

43,542,938 16,324,510 2.876.898
49,280,352 20,913.721 3.939,782
66,199,216 18,415,915 5,522,218

49,039,833 16,619,446

3.282.606

AT SEAKOARD PORTS FOR

Wheat,

bbls.

bush.

590,302

Baricy,

Corn,

Oats,

hush.
154.067

bush.

bush.
72.586
44.641

128,801
98,102

T1IE

5.

5, AND FROM JAN. 1 TO DEC.

Flour,
-At—
New York
Boston
Portland
Montreal

168,085

26,210
16,400
6,426
24,013
12,190
2,575
2 .942,136
1 ,314,286
! ,171,236
1 373,562

36,420
94,649

135,090
169.824
191.743
85.904

Dec. 5, 1874
Nov. 28, 1874

Rye,
bush.

18,925
1,200

easy.

Domestic Woolen Goods.—The

clothiers have been moderate

buyers of both heavy and light weight cassimeres. Their pur¬
chases of heavy goods have been at very low prices, which have
been accepted by agents for the purpose of clearing out their
stocks of unstaple goods. Light weight woolens have sold only

grades, and the aggregate movement has not

in the lower

been

heavy, but there are indications of an early improvement and a
pretty satisfactory season in this branch of the trade. Suitings
are in fair demand, and continued
popularity of these goods is

predicted during the spring.
Hosiery is in fair demand for underwear, but Jthere is no gen¬
17.493
27,501
200
36.700
eral trade doing, and the market is without essentially new
179,800
92,900
PUiladelphia
21,400
1,770
173.435
20,760
Baltimore
60,910
29,934
features.
Shawls move rather slowly, though jobbers report a
46,456
New Orleans
69,513
,19,095
moderate distribution of the best styles and makes.
22,095
160,748
,349.519
748.982
740,117
Total
2.270
Worsted dress fabrics sell steadily, as they are required for
437.032
608,904
926,552
Previous week....
256,890 2,002 286
23,862
417,911
691,873
351,297
Week Nov. 21
241.384 1,171,203
distribution in the interior and are steady at previous rates, with
2 i 9,495
31.635
395,875
335,812
Week Nov. 14
807,630
28’.285
34.011
290,593
425,303
502,492
Week Nov. 7
the stocks in first hands pretty well cleared up.
237,752 1,005,057
7,110
32,327
308,970
371,537
Cor. week ’73
584,614
230,916
Foreign Goods.—The market is dull, with trade mostly re¬
Total .Tan. lto date.10,166,646 60,585.466 40,445,836 19,461,363 3,46t.816 614.859
stricted to the fancy lines of goods adapted to the holiday trade.
Same time 1873
9.016,955 46,363,230 46,661,499 21,198,113 3,173.622 1098,272
7,310,181 23,955,470 70,980,982 21 317.624 5,084,952 593.619 The auction houses place moderate amounts of goods, but this
Same time 1872
ame time 1871
8,222,206 41,569,260 42,063,934 21,067,629 3,763,305 1360,879
The imports keep up well, and
outlet is somewhat restricted.
The Visible Supply of Grain, including the stocks in
continue to show au excess over this period of former years.
granary at the principal points of accumulation at lake and
seaboard ports, in transit by rail, on the Lakes and on the New The increase extends over all classes of goods, and is chiefly in
York canals, was, on Dec. 5,1874 :
the direct entries for consumption.
Wheat
Barley,
Oats,
Corn,
The importations of dry goods at this port for the week ending
bush.
bush.
bush.
bush.
168.391
890,899
Dec. 3, 1874, and the corresponding weeks of 1873 and 1872
In store at New York
4,513,396 1,220,973
45,003

..

4,870

132,269
13,600

1,800
6,221
35,500

17,400
1,300

..

,

,

....

,

.

.

•

....

..

....

..

..

..

..

..

...

In
In
In
In
In
In
In
In
In
In
In
In
In
In
In

store at Albany
store at Buffalo
store at Chicago
store at Milwaukee
store at Duluth
store at Toledo, 21st
store at Detroit.
store at Oswego
store at St. Louis
store at Peoria
store at Boston
store at Toronto
store at Montreal, let
store at Philadelphia
store at Baltimore.*.

Lake

...

18th.

•

1,088,800

•

27,619
10 034

1.306

51,701
280,! 77
2! 0,000
202.039

165,000
57,813

98,422

241.188
146.011

1,383,566

182,100

..

..

..

..

90,887

11,676,521 4,014,175
Total
Total in store & in transit Nov. 28, ’74. 9,766,234 3 173,417
“
“
Nov. 21.’74.10.652,668 3,727,495
“
“
Nov. 14,’74.10.834,524 4,383,809
“
“
Nov. 7,’74.10,645,153 4,183,394
“
“
Oct. 31, ’73.10,246,106 4,681,619
“
‘V *cor. week, ’73. 8,497,300 6,510,812
The visible supply
follows: New York,

as

«-

586.000

48,997
266,150
31,508

135,533
295,439
90,110

....

•

44,703
83,146
111,603

512,402

..

•

291.272
1*2.835
319 500

272,9>4

.*

shipments

Rail shipments.
On N. Y. Canals,

819,024
14,743

623,009
20,000
...

40,000

17,000
134.951

35,000
831,608

..

7,200

396,700

55,665

44,943

48.637

2,252

290.125
1,415
5,247

27,619

9.209; Oswego, 19,400; St. Louis, 2,716;
Baltimore, 4,000; rail shipments,
total, 197,038 bush.
♦The stock afloat in

3,622
130.000

Value.
Plcge
$2*7,704
505
cotton.. 654
do
173,258
165.811
do
silk.;... 207
612
133,280
do
flax
92,143
Miscellaneous dry goods. 257

WITHDRAWN FROM WAREHOUSE AND

Manufactures of wool....

430,672

1,802,486

2.099,984
2,389,403
2,351 817
1.913.407

1,850,313

1874, was
Milwaukee,

Peoria, 18 695; Boston, 2.774; Tororto,
26,210; allcat in New York, 71,110—

do
do
do
Miscellaneous

Total
Add ent’a for

TRADE.
Friday, P. M., Dec. 11, 1874.

goods from first hands has been rather heavier
this week, owing to a pressure on the part of the agents of some
lines of cottons to clear out their accumulations previous to
making their returns of sales and closing up their accounts with
manufacturers at the end of the year.
This course is usual at
this period of a season, and always results in some temporary
concessions in agents’ prices ; but, as in the case this year, no
changes are made in the jobbing quotations, and the prices quoted
from first hands are restored to their former basis as soon as the




Pkers

Pkgs,

Value.

Value.

197
223
227
165

$88,510
76,692
128,822

407
448
207

40,328

1,006

1:34,595

796

63,779

573

107,707

1,608

$398,161

2,611

$680,515

$170,736
127.365

140,112

THROWN INTO THE MARKET DURING THE

472

344

$159,823

294

$120,701

57.766

145

66,509

80,822
112,521
35 .937

225
58

54.56)

64

silk
flax

$203,508

234

cotton..

55,518

49.782

457

1.099

101.223
49.367

51
332
793

$493,494
782,196

2,183
1,608

$420,491
393,161

1,620

$337,056

2.641

680,515

3,791

$818,652

428
602

dry goods.

1.800

cousumpt’n 2,235

Total thrown upon

m’k’t. 4,035 fl,275,690

4,261

75,266
24,798

$1,017,571

ENTERED FOR WAREHOUSING DURING 8AME PERIOD

do

flax

$103,471

2?0

274
49

54.974

31.027

115
41

98,567

95

20 622

262

20,166

76

goods.

197

75,939
82,442

76
464

silk

do

$91,675
51,800

$130,263

Manufactures of wool.... 250
<* cotton..
do
235

26

7,206

1,210

27,409
58,889
20,870

1.101

$407,377

641

$217,300

1.818

$250,843

ent’dforconsumpt n 2,235

782,196

1,603

398.161

2,641

680,515

port. 3,336 $1,189,573

2,249

$615,461

4,469

$931,858

Total

Add

The movement of

3, 1874.

_

SAME PERIOD.

Miscellaneous dry

New York not included.

THE DRY GOOD3

$782,196

2,235

Total

20S
36 222

2,073,906

2.808,919
2,917,491
2,869.154
2,231,561

1 Q'T-J

Manufactures of wool....

10,000

2,534,822

2.502,247

WEEK ENDING DECEMBER

ia-ro

61.334

2.629,590

of rye at the principal points, Dec. 5.
15.925 bush ; Albany, 800 ; Chicago, 25,469;

730 ;

56,195
60.520

107,179
561,350

ENTERED FOR CONSUMPTION FOR TUB

....

119.205
13.768

5.000
i 00.000
31.305

have been as follows :

Total entered at the

We annex

a

of leading articles of domestic
quoted being those of leading jobbers :

few particulars

manufacture, our prices

Cotton Sail

Woodberry

and

Mills.
No 0

42

No, 1

40
38
36
34

No. 2
No. 3

No, 4
No 5
No. 6

NO. 7

Duck.

32
30
28

No.

8

26

No.

Druid

9

24

No. 10

22

Light duck—

Bear (8oz.) 29 in..
do heavy(9oz.)...
Mont.Ravens 29in.
do
40in.

18
21
20

29

Ontario and Woodberry
USA Standard 29*^ in.
do
22
8 oz.
do
9 oz.
24
26
10 oz.
do
31
do
12 oz.
38
15 oz.
do
Ontario Twls, 29in. 18
36in. 23
do
Ex twls“:Pelhem’s” 13

624

THE CHRON ICL E
HAYNorth River,

GENERAL

PEICBS CURRENT.
Pot

BRBADSTtJFFS—8eespecial report.
2 50

@ 7 75
12 00 @ 14 00
Philadelphia. ....
28 CO @ 82 00
Cement—Rosendale
...@ 1 SO
Lime—Rockland, common
110 @ 135
1 60 @ 1 85
Rockland, finishing.
Lumber—Southern pine
25 00 @ 85 00
White pine box boards
19 00 @ 25 00
White pine merchan. box boards. 24 00 @ 30 00
Clear pine
65 00 @ 75 00
Oak ar.d ash
50 00 @ 60 00
Blackwalnut....
100 0U @130 00
Spruce boards* planks
22 00 @ 26 00
Hemlock boards & planks
18 00 @2100
Nails—10@60d.com,fen <fc sh.V keg 3 50 @ 3 60
Clinch, IX to 3 in. <fc longer
5 25 @ 6 25
Sdfine
5 85 @
Cut spikes, all sizes
3 85
11 @
Faints—Lead, white, Am, pure, in oil
....

Lead, wh., Amer., pure dry
Zinc, wh.,Araer. dry. No. I
Zinc, wh.. Amer., No. 1. in oil
Paris white. English, prime gold...
BUTTER— (Wholesale Price?)—
Halffirkins(Eastern.)
Welsh tubs,
“
Half firkins (Western)

9*2
7

nx@

12

1 80

@

2 00

22

@

43

22
17
17

@
@
@

41
35

....

Welsh tubs

7X

3

6,000 tons steamboat
12,000 ton8 grate
6,000 tons egg
6,000 tons chestnut
Liverpool gas cannel
Liverpool house cannel...

do
do fair,
do
do good,
do
do prime,
Java, mats and bags
Native Ceylon
Maracaibo

5 30
,

....

5 00

17X®

gold.

17 X
18X
18 Y
19 Y

@

18X£
19X®
25
17

29
19
19
19
17
19

@
@

16*

18

@

St

16
16

a

Domingo

Savanllia
Costa Rica

@

17X®

19X

32

30
32

33
31
33

MU

23X

COPPER—
'

Bolts

Sheathing, new (over 12 oz;
Braziers’(over 16 oz.)
American Ingot, Lake.
COTTON—See special report.
DRUGS. & DYESAlum, lump
Argols.crude
Argols,refined

....@
19 @
28 @
....@

2X

gold.
23
“
32
Arsenic,powdered
**
2*
B1 carb. soda, Newcastle
4 87 X
“
....@
Bi chro. potash, Scotch
16 @
"
16X
2 37*3 2 40
Bleaching powder
“
36 25 & 36 50
“
Brimstone,crude, in store....
Brimstone, Am. roll
Vtt.
....@
3*
Camphor, refined
25
...a
Castor oil, E.l. in bond, V gal. .gold.
77 @
Caustic soda
Chlorate potash

**

4

**
“

Cochineal,Honduras
Cochineal, Mexican

87X3
22 xa
46 @
43 @
....a

"
“

Cream tartar

Cubebs, East India

8X@

Cutch
Gambler

gold.

5v@

“

sxa

...cur.

Ginseng,Southern

“

Jalap

“

gold.
.

Madder, Dutch
Madder,French
Nutgalls, blue Aleppo
OH vitriol (66 degrees)
Opium,Turkey,iu bond
Prussiate potash,yellow

....a
i 60 @
....a
....@
26 @
25 @

gold

66"

22 X
57
45

S5X

*6**
5*
1 70

1 70
16
36 X
28

gold.

15

so

7 25
32
1 62
2 35
1 25
1 62 X
85
2 S7X
19 X

@
a
•a
31 a
1 60 a

2

Vitriol, blue.common

@

18*®
19x@
9x@
_

2X

9*

Store PtHces.

_

,

George a and new Grand Bank cod 5 75
Mackerel, No. 1, shore, new...
18 00
Mackerel, No. 1, Bay, new
li 00
Mackerel, No.2, shore, new
10 00
Mackerel, No. 2, Bay, new
9 50

FLAXNorth River

@

57X®
73

gold

FISH—

# tb

15

FRUIT—
Raisins, Seeaiess

6 00
@ 14 00
@ 11 50
« 10 50
@ 10 00
@

@

@
@

do
Layer, new
do
Sultana, new
do
Valencia, new
Loose Muscatel, new
do
Currants, new

-...@
3 75 @

6X@
...A
12 @

new

00
10
16
10V

“
“
« •

•

do....

Chili,

California,

•

18
•

•

•

•

18

4 4
.

•

#

•

4»
«

•

«

•

4 4
•

•

•

4 4

•

11

cur.
Texas,
A. I. stock—Calcutta slaught... «old
“
Calcutta, dead green
“
Calcutta, buffalo
HOP8American crop of 1874
V B>
American crop of 1873

11

15
....

@
@
@
@
@
@
@
Q
@
@
@
@

# case.

Sardines, * hi. box,

cur.
“
.......

Lemons, Malaga

_

i

3?*
WX

15

16X@
25

20

@

24 X@
14 @
11 V@
8 00
4 00

do

Palermo and Messina
Domestic Dried—

Apnles, Southern, sliced, new.
“
do
quarters, new...
do
STftte.slicei
do
Western, quarters
Peaches, pared Ga.goo l&prime,new
do
do
N.C
good to "nine
do
unpared. halves and qrs.
Blackberries, new
-

'%
@

7X®
6X@

754

50
26
15

12X
f0
50
9

...@

7X@

27
29
8

@

@

.1*

.

Raspberries, new
Cherries, pitted, new
Plums

1JNNTES.—See report under Cotton.
T NP )WDERBhipping * 25 ft keg

9X?b

31
9
10

...,@
27 @
18 @

,

31
29
20

utt

IRON-

18X

American

16
13
11
12

18X
16X
13 X

1234
45
25
15

15

25 fiO
23 00

23 00
nominal 37 00

....

....

...

A

@ 27 00
@ 25 00
@ 24 00
@ 41 00

..

..

18 100 lbs, gold
"

Hemlock.Buen, A’res, h.,m.& 1
“
California, h., m. & 1
“
comm'Q hide, h., m. & 1
"

@

@
@
®

36 X
81
36

Cuba, clayed

37
33
40
43

®
@
@

45

@
@

@

fO

45

3
a
@
@

....

....

67

do
granulated
do
cut loaf
Soft white, A ■ standard
do
do
off A.
White extra C
Yellow
do
Other Yellow

2 25 @
3 00 @
2 6>X@
4 50
&
6 50 @

....

...

7 25

,..••••••••••

do

12X
10

...

Tennessee.
Wilmington,

........

...

.

new

do
Virginia, new
A'tnonds, Languedoc
do
Tarragona

1 50
1 30
1 50
....

....

Ivica
8helled
Princess

do
do
do

21
29
....

Hickory nuts

per bupli.
per bush.

Chestnuts

W Tb....

...

2 00

OAKUM, navy to best quality...ft n>.

’.OX

@
<S
@
@
@
@
@
@

9V

14*
13

iox

1 M)
1 60
1 r-o
22
.

'

3X
8X

9

8

10Y
10Y
1UY
UX

@

10X

10X®
9Y@
9X@
9%@

centrif...

.

10 X

9X
9X
9X

8Y

@

.

9X® 8 11-16
gold.

@
@

....

“

....

21Y®

“
*’
“

‘@

9 50
8 50

@

26
22X
22
9 87 X
8 75

11 x®

“

leaf,

13

13X@

Kentucky lugs, heavy

21
55
8
40

“

Seed leaf—Connecticut wrappers’78
“
Conn. & Mass, fillers. ’73.
PennBjdvania wrappers. ’72
Havana, com. to fine

85

7
IS

—

S.

22
21X

¥< tee.

Pork..

¥<bbl.

57

@
@
@
@

54
65
45
40

83
27

@
@

Si
31

@

3! @
32 X®
33 @
82 @
15 @

37
36
35

17

d.

x.

9X
-SA1U.-

,

.

d.

x

d.

...@11-32
@....
22 6
@60 0
35 0
55 0 ®
3 0
'.() 0

Corn.b’lk & bgs. IF bu.
Wheat, bulk & bags..
Beet

@

n,gold,net
STKA SI.

Heavy goods. .$)tor>.
Oil

54

23

.......

gold.

"To Livkbpool:
Cotton
¥»
Flour
bbl.

1 25
‘27

47
43
51
40
81

..

^

@

@
20 @
28 ' @

—

FREIGHTS—

@
@

F5

“

Smyrna,unwashed

II

@
@
@
@
@

8X

7Y@
«Y@
7X@
10X@
lf’X@

.„

ZINC—
Sheet..

8

@

u

@

7X@

TALLOW—

Texas, fine
Texas, medium

@

....

Grenoble

tOY

10

Cape. Good Hope, unwashed

5 50

@

9Y@

8Y
9X
10X

10X@

Medium
Common
South Am. Merino unwashed

ta

...

6X
8

@

11

California. Spring ClipFine. unwashed

2 50
34
2 80
4 00
2 75

38 X@

„

...

Walnuts, Bordeaux
do
Naples

@
@

9

WOOLAmerican .X X
American, Nos. 1 & 2
American .Combing
Extra, Pulled
No. 1, Pulled

NUTSBarcelona
do
Brazil nuts

I*

7

$lb

Renned—Hard, crushed
Hard, powdered

“

@

58

2 25

Filberts, Sicily

8X@
8X®
3%@

Manufac’d.in bond, black work
bright work

NAVAL STORES-

1

7X

TOBACCn-

40
38
43
43
48

40

Barbadoes
Demerara
Porto Rico
N. O., new, com. to choice... V gal.

11

7X @
8X@

English

29
29

Cuba, Muscovado, refining grades.
do
do
grocery grades,

10

@

5

Plates. T. C.charcoal
Plates.char.terne

@

extra pale.

7

Hav’a. Box,D. S. Nos. *@9
do
do 1U@12
do
do
do 1E@15
do
do
do 16@18
do
do l'.@IU
do
do
white
do
:...
do
Porto Rico,refining, com- to prime,
do
grocery, fair to choice..

29X

27
33
28
32

Luba, centrifugal and mixed

9
16

@

...

do
do
do

SO

25

“

t

ft .

lair to good grocery
pr. to choice grocery
centr,hhd8. & bxs, No. 8@*S..
Molasses, hhds & bxs

„

25X@

pale

>

Oulm,inf.to com. refining
do fair to good refining
do prime, refining

26 X <3

rough
Slaughter crop
Oak. rough
Texas, crop
MOLASSES—

"

14

11X
lix

.

spring
machinery
German spring

TIN —
Banna
Straits

LEATHER-

* gall.
to good strain’d V bbl.

@

@
@
@
@
@
@

Western, V lb

6 75
6 25

@
@
@

Bar, sheet Apipe.discount 10 V cent

city
Spirits turpentine

cur.

cast

Prime city,

LEAD-

Pitch,

8X
lb

11
11

Manila

,..

do
Pecans

blister....
cast, Tool

11X

42
17 X

Store Prices.
16
1 X

Brazil, bags. D. S. Nos. 9@11
Java, do. D.S., Nos. 10@12

...

Tar, Washington
Tar, Wilmington

@
@

aieiauu

@
@

Store Prices,
Bar, Swedes, ordinary sizes
140 00 @145 (0
Scroll
90 00 @130 00
Hoop
97 50 @155 P0
15 @
Sheet, Russia, as to assort.. ...gold.
I5X
Sheet, single, double & treble, com.
4X@
5
Ralls, new, English
.gold
@ 50 00
do new. American
cur.
@ 55 CO
do steel, foreign
@ 90 00
gold
do
do American
cur
@ 80 00

Rosin com.
“
No. 1
“
No. 2

39
17

1 20
1 07

SUGAR-

-

Domestic

@
@
•@

Cloves
do
stems

16"

...

Ordlnary foreign

l 15
1 05

Nutmegs, Batavia and Penang
Pimento, Jamaica,.

American
American
American
American

16

39

of 1872

Pig, American, No. 1
Pig, American,No.2
Pig, American, Forge
Pig, Scotch

11X®
10 X®

English, cast,2d&lst quality gold# lb>
English, spring,2d & 1st quality....
English blister, 2d & 1st quality....
English machinery
English German,2d & 1st quality..

25

@
@

24

STEEL—

12X@

...

American crop

•

44
4 4

do....
do....
do....

Para.

18

44

44

do,...
Pernambuco,
do....
Matamoras,
do....
Bahia,
Wet Salted—Buen. Ay, 8^ *lected

....

9X®...
9y:«....
9 0
6 6

s

®
@

@

d.

9-32
2 6

S5 0

8Y@
9

a,.-:

....

i*t

@

@....

3t

30X
‘

2 75
2 50

7Y@

FURS.

9*

OILS—
Cotton seed, crude
Olive, in casks * gall

45
l is
79

Neatsloot

Whale,bleached winter

@

40
SO
70

Linseed, casks and bbls
Menhaden, prime L. 1. Sound

Ca

Whale, Northern

Sperm,crude
Bperm, bleached winter
Lard oil, Winter

1 63
l 95
108

@

@

@
@
@
@
@
@

47
1 27X
80

City, barreled

nominal, gold

Western

F. Booss &

75
65
1 65

i'io

449

@ 45 50
<3 46 00

cur

PETROLKUMCrude, in bulk
Crude in shipping order
Refined, standard white....nominal

Naphtha, City, bbls

.

Pork

iox
^ bbl.
“
“
"
“

mess

Pork, extra prime
Pork, prime mess
Beet, plain mess, new
...

Beef,extra

mess, new

Beef hams...
H.ms.smoked..

•

“

21 00
16 50
19 00
9 5')
!l ro
2100

lb

Lard,steam

opened

a

Bro.,

retail department and will

offer for the next

ii-k

PROVISIONS—

1853.

Broadway, through to 20 Mercer St.

Have

5X
...@
....(a

ESTABLISHED

41
1 10

oil* CAKE—

3 85

12X@
7X@

layers

....

California,
Matam. andMex, as they run
Maracaibo,
do....
do....
Bahia,
Dry Salted—Maracaibo,, do....

Peanuts!

14
2

Shellac
Soda ash, ordinary to good
Sugar of lead, white




5

exa
6)4®

“

Quicksilver
gold.
cur.
Quinine. ..
Rhubarb, China,good to pr....$i Tb.
Sal soda, Newcastle
gold

Mining <fe Blasting

"
“

15

18

Sardines. 4> or nox
Macaroni. Italian

do....
do....

25
24

...M

Laguayra

do
French
Dates
Eigs, new, drums and
Canton Ginger

do....

23

Batavia

do
Calcutta...
Mace

26X

@
23 @
24X®
25 @
24 @
22 @
19X@

“
**

do....

.

Bavarian

@ 12 00
@ 18 00

COFFKERio, ord. cargoes , 6O@90 days, gold.

Citron, Leghorn
Prunes, Tnrkish,

Corrlentes,
Rio Grande,
Orinoco,

25 @

English

5 50 @
5 22X®
5 70 @
6 15 @
4 87X®

20.000 tons stove

Lac dye, good & fine
Licorice paste, Calabria
Licorice paste, Sicily

Dry—Buenos Ayres, selected, gold
do....
Montevideo,
“

15)4

Auction sale of Scranton, Nov. 25 :

Ginseng, Western

HIDES—

21
20 Y
20 Y
23 X
26
nY

20 X@
27 @

Ginger African

270 00

12 @
....@
@

COAL-

.

@230 00
@280 00
8X
7X@
....@
5X
4
@
5X

“
“
“

20V®

white

do

gold.220 00

Italian
Manila
Sisal
Jute

Belgian

@

do

gold

Cassia, China LIgnea

....

13

State factory, good to fine
State dairies, fine

Pepper, Sumatra
do
Singapore

@280 00

35

CHEESE—

«

....¥ ton. 220 00

14X®

“

60

@

Russia,clean

6X@

BUILDING MATKR1ALS—
Bricks—Common hard, afloat
Croton

SPICES—

shipping

HEMP AND JUTEAmerlcsn dressed
American undressed

ashes—

[December 12,1874,

selected

sixty days

assortment

of

a

full and well

FURS at

exceed

a*.

@17 50
@ 20 50

ingly low prices.

@10 50
@ 12 51
@ 22 50
4*

SEAL

SKIN

FURS

A

SPECIALTY.

13X@13 9-16

RICE—
Carolina, fair to choice
Louisiana

Rangoon, in bond

7v4@
7X@

gold. .2 75

7

Patna

«»

@

SALT—
Turks Island
St. Martin’s

F.

V*

Liverpool .various sorts

V sack.

@
@

65

@

Bro.,

7X

449
28
35

Booss &

2 90

30
..

Broadway & 26 Mercer SI.

,

2 85

SOLE MANUFACTURERS OF THE

SALTPETRE/a

&

3 50
3 00

Reflned.pure

Crude......
Nitrate soda

@

gold
*

*

12 x

5X@
2%@

5%
3

PATENT LE GANT MUFF.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102