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HUNT’S
MERCHANTS’ MAGAZINE,
gkwsipape*,
§,
industrial and commercial
representing the
interests of the united states.
NO. 44].
SATURDAY, DECEMBER 6, 1873.
VOL. 3 7.
has been for
THE
The Treasury and its Deficit....
The Currency and Congress....
Railroads in Default
Department Reports
CHRONICLE.
Latest Monetary and Commercial
749
English News
750
Commercial and Miscellaneous
751
754
News
THE BANKERS’
GAZETTE.
Market, U. S. Securities,
| Banks, National Banks, etc.
Railway Stocks, Gold Market,
j Quotations of Stocks and Bonds
Foreign Exchange, Boston
|
THE COMMERCIAL TIMES.
Money
Commercial Epitome
Cotton
Breaastufis...
775 \ Dry Goods
775 j Prices Current
778 !
THE TREASURY
some
be drawing near, and lest the tidal wave of our
prosperity is about to recede. Something of this
undertone of apprehension, not intermingled with hope and
confidence, find an echo in the President’s message, as he
speaks of tbe deficit in the revenue, the disasters of the
panic, the duty of preventing the recurrence of a worse catas¬
crisis may
771
771
772
774
779
780
AND ITS DEFICIT.
past the financial documents appended
to the President’s Message have attracted too little attention.
There are several reasons for this: First the admirable sys¬
For several years
of our people a vague dread
time lurking, lest an unknown financial
The truth is that in the hearts
CONTEN T8.
national
trophe, and of the possibility
into a blessing in disguise.
Be the reason,
of converting that calamity
however, what it may,
the Treasury
anxiously scanned, and their inevitable defects
consequently into the more conspicuous notice.
As a matter of business what the people want to get from
these documents, is an answer to such questions as thes*
How can we best contrive to make up the ugly deficit
which confronts us in the National Revenue? What is the
cost of the funding operations so tar, and shall we continue
them? What shall we do to avoid the dreadful peril
which hangs over the country in connection with the issue
of legal tenders, now going on for the first time in the life¬
reports are
are
drawn
publicity which has been established throughout Gen.
the condition of the Treasury
fully knowu to the people beforehand, and to the certainty
that the Secretary of the Treasury and the Heads of his
Bureaus were thoroughly honest and free from the taint of
suspicion, we have added the fact of an overflowing Treasury. time of this
government, as a means of supplying defective
Secondly, the recommendations o; the Secretary of the
revenue in time of profound peace?
Treasury and of other officials in their reports have so sel
The people have a right to look for a plain answer
dom guided the deliberations of Congress that the documents
to each of these questions in the papers before us.
Let
of the Department, though so elaborate and valuable, have
us see what. sort of replies
Mr. Richardson gives. He
offered but little indication of what Congress would do. Our
the surplus in the revenue last year was
Secretary of the Treasury has in this respect a position says
much inferior to that of the corresponding officer in the $43,392,959. This large sum was not used to strengthen
the balances of the Treasury.
On the contrary, 50 millions
British Cabinet. That functionary is the Chancellor of the
of debt have been paid off and 7 millions of the money in
Exchequer. He has a seat in the House of Commons.
hand were used up for this purpose.
Hence the Treasury
As the acknowledged leader of the government majority he
balance was weakened. By this process and by the panic
is virtually omnipotent in that House, and his annual speech
of last September, the money in the Treasury was so re¬
on the Budget, which is the counterpart of the annual report
duced and depleted that there were not funds enough to
of our Secretary of the Treasury, affords an accurate and
To conquer this difficulty several
meet disbursements.
detailed view of the fiscal legislation which, having been
millions of greenbacks
were taken from the so-called
decided on by the Cabinet, has to be ratified by Parliament.
«reserve” of 44 millions. In other words the Treasury
Failing this ratification a resignation of the Cabinet would
be inevitable with the formidable chances of a general elec¬ has made a loan of several millions of dollars without the
tion—a contingency which would cost some members their special authority of Congress, and has borrowed this money
in the most objectionable way in which money has ever
seats and all of them a great deal of money.
The apathy with which, the Treasury reports have been been borrowed by the most needy, bankrupt, governments
The extent of the loan which has
received by the public seems this year to have given place in their worst calamities.
to an eager
anxiety, to meet which we enlarge our already been made, or is to be made, by this new issue
Mr. Richardson does not tell us. But from the debt state¬
space to admit these documents; excepting the Internal Reve¬
ment for 1st December, which we publish on another page,
nue
Report, which we published in sufficient detail two weeks
since. The reasons for the increasing interest of the public the amount appears to be $10,922,018, as the aggregate of
in these papers is not founded on the growing disposition of greenbacks is now almost 367 millions, instead of 356
Congress to listen to their suggestions, for probably there is millions, their legal aggregate.
Hence we see that the amount of the deficit thus supplied
scarcely a single recommendation, except the very valuable
in the revenue is now 11 millions, and as the whole deficit
one
touching elasticity, which will stand much chance of
I for the year is estimated at $13,530,000, two millions more
favorable action during this year.
tem
of
Grant’s administration makes
750
«
THE CHRONICLE
of
greenbacks will have to be issued according to the esti¬
mate of the Secretary.
He seems to be perfectly satisfied1
that this method of meeting the difficulty will t>e satisfactory
to the
people, though he offers to Congress the suggestivei
warning that the deficit may become greater than is now
anticipated. “Should there not be a revival of business
and an increase of revenue, new taxes may be required,” he
says, “ rather than resort to borrowing money and increas¬
ing the public debt.” As the Treasury has for monthsi
been a borrower, and is even now increasing the public
debt by the issue of greenbacks, it not easy to see the pre¬
cise meaning of this illogical warning to Congress.
What,
is certain is that the Treasury has already issued 11 mil¬
lions of the 13£ millions of greenbacks which were
believed needful to make up the deficient revenue of the
current year.
As the revenue comes in hereafter, the inten.
tion is, we presume, to withdraw the over-issue
of-greenbacks paripassu with the influx of the new income into the
Treasury. Meanwhile the Secretary asks Congress to give
the Treasury the power to meet any future need for
green¬
backs by similar issues within the prescribed limits of 44
.
,
.
[December 6, 1873.
purfeU&e
or redemption of any bonds of the United
St#es outstanding at the passage of tmfe*act.
S£p. 8, That the national banks are hereby authorized to hold
said bonds, bearing 3 65-100 per cent interest, instead of
the re-
serve of
United States notes now required by law.
Here, then, we have the whole mystery. Such is the
statesmanship, such the far-reaching sagacity of our infhtionist friends in
summed
Congress. The substance of their new plan is
uprin the old exploded cry of “more paper money.1
loan cost the Government. We believe the
Syndicate
contract closed with the first of this
month, and in the pres ,,
The inflationists boast that they are practical men. They
know, as everyone knows, that where a man fails it is for
want of money, and that plenty of
money always gets him
out of his troubles. Just so it must be with a great nation.
Would you make its finances flourish? There is an
easy.
method. Create greenbacks F Our philanthropists
imagine
the thing has never yet been tried.
You have only to set
the press in motion.
You can fill the public Treasury
with money in endless profusion. Since money is what
business needs let us make money that business
may
flourish !
Why should the country languish when money,
the great regenerator of its commerce and trade, can so
easily be created ?
How many sober members of either House hold this
extreme view, it is difficult to say.
Some time ago you
could count them on your fingers. In 1866, when the sound
policy of currency contraction was in the ascendant, these
expansionists were mute. They were shrewd enough to
work in the dark, and were content with getting the
Treasury to operate the machinery of contraction in such a
way as to make it feared, unpopular, and obnoxious.
In the summer, when contraction was safe aud whole,
some, Mr. McCulLck was induced to refrain from it, and
in the fall and winter, when it was the worst time in the
world to contract the currency, they induced Mr. McCul-
ent state
loch
.
,
.
,
,
,
,
millions.
As to the
important questions touching the Syndicate and
refunding of the debt, there U absolutely no information
.except that 300 millions of new fives have been negotiated
in exchange
chiefly for sixes, and that three millions a year
the
have thus, far been saved in
interest
alone.
Now it is
reported that the negotiation cost the extravagant sum of
3^ millions of dollars. Whether this be so or not, the peo¬
ple wish to be informed; and Congress, we trust, will ascer¬
tain precisely how much was the
aggregate sum which this
•
new
such
ofj the Treasury, it should
costly terms.
not be renewed
on
any
to contract
it with such force and
vehemence
that in
February, 1868, his power over the contraction of the
currency was summarily taken away, and all efforts at
THE CURRENCY AND CONGRESS.
contraction have been
since
suspended. Since that
Mr. Kelley, of Pennsylvania, the well-known leader of victory the expansionists have been steadily gaining
the party of Currency Inflation in the House has
begun the ground, and we shall soon see how much power they can
campaign by the introduction of his long promised bill. It muster on a division. The general impression is that they
will be much too weak to pass any inflation bill during
is entitle! “ An Act for the
Improvement of the Currency
and the Reduction of the Interest
on
the funded debt of the
<
the session.
ever
J
As to the bill before us, it is unsatisfactory to both
of the public bur¬
dens, the latter of these two objects commands quite as much parties. The expansionists, who think paper-money so good
a
attention as the first.
Let us see by what novel
thing that we cannot have too much of it, find fault wi»h
expedient
Mr. Kelley for limiting his proposed “relief” to 450
of
statesmanship both these objects are reached and brought
millions.
within the firm grasp of one broad
They say, with much show of reason, that the
comprehensive measure
of reform.
rigid limit of 94 millions of new greenbacks will soon be as
Subjoined is the text of Mr. Kelley’s bill.
intolerable as the present limit of 356, millions.
Bt it enacted, cfee., That the amount of- United States notes
What they
in
United States.”
In view of the pressure
circulation be limited, except as hereinafter
provided, to $400,000,000, and that, any holder of said notes presenting any sum not
less than $50 or some
multiple thereof to the Treasurer of the
United States, or any of the Assistant
Treasurers, shall receive in
exchange therefor an equal amount of bonds of the United
States, coupon or registered, as may by said holder be
desired,
bearing interest at the rate of 3 85-100 per cent per annum, pay¬
able semi-annually, with the
Secretary o'f the Treasury is hereby
authorized to prepare and furnish for that
purpose; and that
when any person shall demand of the Treasurer of the
United
States, or .any Assistant Treasurer, redemption of said bonds, it
shall be the duty of said
Treasurer, or Assistant Treasurer, to
pay in United States notes the principal of such bond or
bonds,
with the accrued interest, and cancel and forward the
bonds thus
redeemed to the Treasurer of the United States
forthwith, in
such manner as the Secretary
may prescribe.
Sec. 2. That the
Secretary of the Treasury shall cause to be
prepared United States notes of the several denominations now
in use to the amount of
$50,000,000, which shall be held as a re¬
serve or
redemption fund for the purpose of securing prompt
payment of said bonds when demanded ; and the United States
.notes so held in reserve shall be used
only when needed for the
payment of said bonds on their presentation, and shall be with¬
drawn and placed again in reserve out of
any United States notes
not otherwise
appropriated, received by the Treasury Depart¬
ment thereafter, and the amount of
United States notes received*
by the Treasury Department in exchange for paid bonds,
bearing
R65 100 per cent intewat, ahoold be
appropriated and applied by
the Secretary of the
Treasury as rapidly as practicable, to the *
is
elasticity. By this they mean elasticity in one
direction—namely, in expansion. The greenback aggregate
they would have unfettered by any legal limit. They well
know that if the law impose no limit, there is no other
power in existence with force enough to do so.
As to the opponents of expansion, they are not at
issue with Mr. Kelley on mere matters of detail.
Their
question is not how much more or less of new paper money
Congress shall give the country. They boldly challenge
the right to ask Congress for a single dollar.
Under the
Constitution of the United States, Cungress has no power,
they say, to emit legal tender money except in time of
war.
Hence, if Mr. Kelley’s m3asure should pass in its
present form, the enactment would be unconstitutional;
inasmuch as the sole power which Congress holds, or has
ever
claimed, over the greenback currency is either to
redeem it, or else to bring it to par with gold. Some per¬
sons will even
push these views further, and contend that
the obligation of the greenbacks is of such a primary
urgency that the Treasury ought to demote all its surplus
want
December
to the
revenue
THE
6,1875.J
CHRONICLE.
redemption of greenbacks, and that the pay-;
preference during
of the five-twenties in
years is a violation
as
national faith.
It is well known to the readers of
we
have not gone so tar as this,
the cause of reforming the currency,
tended against expansion. We have not
to insist that every dollar of the
which have been used since 1869 in
bonds of the United States should have
redemption and retiring of its
ment
the last four
well as a breach of the
the Chronicle that we
although heartily espouse
and have always con¬
hitherto ventured
368 millions of surplus
prepaying the gold
been devoted to the
greenbacks. That a part of
prodigious surplus could with advantage have been so
disposed of; and that it would have been of service as a step¬
ping stone to specie payments, we do, however, firmly believe.
of law
th;s
751
and charges; a reference to the
road, published in The Chronicle,
the Railway Monitor of November 15,
ind above all prior liens
full report of the
October 18, and in
vill therefore give light on
the subject. ,
showing railroads in the united states now
DEFAULT FOR NON-PAYMENT OF INTEREST ON THEIR
table
IN
BONDED DEBT.
p’r
Length miles
81
1,600,000
296
296
5,220.000
150
3,750,000
8
M. & S.
Burdell M., $5,000,000 guar. 139
5. Bur., CeaarR. A Minn.229
lst M. gold sinking fund
20,000,000
7
J. &J. New
105
2,100,000
Name and
Description.
in
1. Ala.Cent.( Selma &Mer.)
I t mortgage
2. Alabama A Chattan’ga—
1st M. gold, guar, by Ala..
2d M., not gnar
3. Atchison & Nebraska—
1st mortgage
4. Boston, Hartf’d A Erie—
6. Burlington A
lst M., coup, or
7. Cairo A St.
1st mortgage.,
So’west.reg
Rate cent.
bonds
outstan’g
of
periods payable.
default.
Jan.,
J. &J. New York t
8
1872
York
York j
8 g. J. AJ. New
J. AJ New
8
2j678,009
Date of
first
Where
Interest
Principal
t
Boston,
g
York
t
7g. M. AN. New York i
5,400,000
Louis—
Boston.
M.&N.
8
I
(
150
2,500,000
doubt that if the surplus had been so used, and 8. Central ol Iowa—
J. AJ New York
231
8,700,000 7 g. A. A O. New York i
Istmort. gold coupon....
if the resumption of coin payments had come, the benefits
231
'925,000 7 g.
2d mort. gold
Nov. 1878
conferred on the nation by this consummation would have far 9. Chesapeake & Ohio— 427 15,000,000 6g. M. AN. New York I
1st M. sinking fund, go]
transcended in value all the advantages which have come to
41
660,000 7g- M. AN.
>rtgagi
us from the much-vaunted reduction of the public debt.
11. Chicago A Canada S.—
&
A. A O. New York (
2,000,000 7g1st M.
On the whole we conclude that Mr. Kelley’s bill, like all 12. Chic.,gold, for $8,000,009,
Clinton & Dub.— 60
J. AD. Boston.
1,500,000 8
1st mortgage
similar measures heretofore, will find foes in abundance. 13. Chic., Danv. & Vine.—
A. A O. New York
114
2.500,000 7 g.
1st mort., main line
AO. New York
7 g.
592'000
The inflationists will quarrel with it because it does not go
32
do
Ind. e.Tten
1. Chic., Dubuq. A Minn.—
Boston. ]Dec., 1873
J. A D.
far enough in creating paper money. Moreover, some of
131
4,350,000 8
1st mortgage
Boston,
5. Chic. A Mich. Lake Sh.—
J. AJ.
them want more bank notes, and they have a salutary fear
195
3,500,000 8
1st mort.,
“
M. AN.! Boston.
185
1,350,090 8
1st mort.,
“
Boston.
M. A S.
that they cannot get both greenbacks and bank notes. As
52
1.300,000 8
1st mort., on branch
J. A D. New York
to the contractionists they will of course give a solid vote 10. Chicago & Southwest.— 50
1,000,000 7g.
lit mort., gold, not guar..
D«£Moines Valley—
against the measure, and their example will be followed by 17.1st M., Keokuk to Des M 162 2,310,000 8 A. A O. New York
1st M. on 85m. and466,00(
a growing number of intelligent Congressmen who have
A. A O. New York
4,690,000 8
& 2d M. on 162 m. 85
studied the subject in the light of history, and have taken the 18. Del., Hillsdale A Ind.- 65
J. A D. New York
1,170,000 8
lst mortgage
J. AJ. New York
300,000 8
65
trouble to form an independent opinion. Such at least is
2d mortgage
19. Detroit & Milwaukee—
M. A N. New York
190
2,500,000 7
the general belief among those best informed and
1st mortgage....
M. A N. New York 1
8
190
1,000.000
mortgage
M. AN. New York
377,000
shrewdest in such forecasts. If they be accurate the pros¬
2d mort., funded coupons
N. Y. AL. :
155,000 6 g. M. AN. New York
Oakl & Ottawa, sterl. loar
M. A N.
7
51,000
do
dollar loar
pect of inflation of the'currency, on which the Stock Exchange
20. Duchess A Columbia—
J. A J. New York
has been advancing its prices 10 to 20 per cent, will be dis¬
58
2,500,000 7
1st mortgage
N.Y. AL.
350,000 7g- J. AJ.
appointed, and the country will for some time at least steer 21. Florida Railroad—
Boston.
A. AO.
clear of the Maelstrom of bankiuptcy into which its paper
109
1,800,000 7
1st mortgage, gold
Boston.
A. AO.
500,000 8
109
2d mortgage
money men have been so industriously guiding it.
3. Greenville & Columbi
J. AJ.
** Of 7
Nobody will
A. AO.
7
t
ago
A.
t
t
acres
2d
■
7
...
i
...
t
...
RAILROADS IN DEFAULT.
Nov. 15 was published an extended
list of railroads which had failed to pay the interest on their
bonds at any time within several years past, and whose
affairs still remained unsettled. It was stated at the same
time that the list was not perfectly complete, as from the
nature of the case, it was impossible to ascertain the exact
25 Jersey City & Albany—
1st mort., Rockl. Central.
27. Kansas
railroads within a short time.
To-day the list is brought forward after being thoroughly
revised and corrected, and with the addition of the names
of several other roads, concerning which information
has since been obtained, and five roads which have for the
first time passed their interest since November 1, 1873.
of so many
Brief remarks
were
made at that time upon
condition and prospects
of each company
the financial
embraced in the
table, and it is only necessary now to comment upon the
affairs of those which have since been added to the table,
or
to
ever
give further information concerning the
additional points have been obtained.
others wher¬
of this compilation
it is not intended to
embrace these railroads which have been sold out under
foreclosure and their affairs closed ud, nor those which
have completed negotiations for funding their interest, and
It is necessary that the character
should be clearly understood, and that
are
therefore not
now
in default.
The Atlantic & Great Western
to
interest
on
9. Little Rock AF.
lst mort. gold
Land grant
245
253
34
145
33
5,000,000
£he. earning pf
interest over
160,000
3,760,000
'6 g- J. AJ.
A. A O.
7
750,000 Tfr
30
8 S'
Boston.
Boston.
A. A O. New York
Quar’ly Ne^ York [Not. 1873
780,000
A Si
•
•
• •
7
J. AJ
131
1,300,000
i,ooo,ooc
8
M. AN. New York Nov.
New York
1872
56
880,000
8
J. A J. New York Jan.,
1873
35
500,000 7g- J. AJ. New York
186
186
.
2,550,000
1,100.000
'
2,500.000
l,000,00j
7
8 g- M. A
8
1,800,000 7g.
1,500,00) 7
'888,000 7
s
D
.
7
500,000
80
80
Ft. Scott & G
gold .■...
York
500,000
2d mortgage
42. Mo., Kansas & Texas1st M., gold, Tebp A Ni
New
f
50
gold, guar,...;..
ponds,
•
150,000
O’chitaARedR
Alt
•
1873
Various New York
A. A O. New York Oct., 1871
A. A O. New York Oct., 1871
1st mortgage, gold
88. Mobile A Montgomery
let M., gold, end. by
2d M., not endorsed....
39. Montclair of N. Jersey
•
7
7
197*
197*
1st mortgage
35. Memphis A Little E
let mortgage land grant.
2d mortgage
36. Michigan Lake Shore—
1st mortgage
37. Miss.,
mortgage,
N.YASt.L
J. AJ. New York
10
Boston.
M. AN.
10
Boston.
8 8. J. AD.
1,500,000
Equipment bonds...
34. Maysville A Lexingi
43. Mo. Riv.,
M. AN.
7
3,500,000
92
1st mortgage
83. Macon A Brunswick—
1st M. State end. bonds..
2d mortgage ........
1st M.,
720,000
York
Vew York
7 g. M. AN.
J. A D. N YASt.L
600,000
70
Logansp..Crawfor’lle,A
...
4,063.000
##t
PineB.AN.C
8, Leuisv., New Alb.
Louis Air Line—
1,OOC,OOU
150
a
•
M. AS. N.Y.ABos
J. A D. N.Y.&Bos
M. A S. New York
F. A A. Boston.
5v>5,000 8
687,500 8
...
Smith-
•
M. A N. New
10
6.455,000
8
sink. f. bond
9. Little R’k,
1st mortgage
1.
1st M. gold
Income
in default, as the interest on its first and
is promptly paid, and the obligation to
the third mortgage is distinctly expressed
tbe conditioned upon
Pacific-^
1,400,000
Railway does not belong
emong companies
second mortgages
pay
conv.
1st M., land g. 3,000.000*
1st M., from 140 miles ,
1st M., coup (Leaven Bi
3. Leaven., Lawr. & Gal
1st M. land grant conv..
K. C. & S. Fe 1st M. guar
Southern Kansas, 1st M.
250,000 7
250,000 7
78
78
[ 262
265
•
J. AJ. New York
8
4.000,000
i2
%
26. Kan. C., St
St. Jo. A C. B.
do
do
•
J. AJ.
376,766
250
In The Chronicle of
status
At $
bt
143
1st M., guar, by State..
Bonds not guaranteed.
1,040,000
100
161
York July, 1873
N. New York May, 1873
New York
....
M. AS. New
New
New
Quar’ly New
8 g. M. A
330,000 8
New
York Sept. 1873
York
York
York April', i87S
S. New York Mar., 1873
J. AD. New York Jan.,
1871
396.000 ?g. J. AD. New York Dec., 1873
2,060,000
M. AN.
Boston.
■
Oct., 1873
H
752
j
i
i
Name
1
!
2d mortgage
45. New Jersey
*
!
r
«.
}
'
1st mortgage
t
*
i
;
F
*
fr
r. :
i
r
■
~c
If’
>
i*
•
■
if,
:
•
i
.
}
i
1
’
i■
:\.y
;
‘.
hi
of bond-
s =
outstan’g
52
Southern—
-
p’r
Rate cent.
7 f
7
8,000,00
880,000
78
7
2,120,000
1,000.000 i 7
820,000 b
2d mortgage
r
i
Description.
44. N. H., Middleton & W.—
1st mortgage
*'t*
Princ;pal
urrr
and
Maryland
Del. 1st M... 54
46. N. O., Mobile & T. xas—
1st mortgage bonds
227
47. New York & Oswego M.
225
3d mort. or equip, b nds.
48. Oreg n & California—
200
1st mortgage
49. Pittsb.7 Wash. &Balt—
2d morr. to Baltimore citv 149
50. Port Huron & Lake Mich
(now Chic & Lake H.)—
1st morr., traffic guar
90
51. Port Royal—
1st morr.. not guaranteed
112
52. Poughkeepsie* East.—
1st mortgage
42
5b R ckf. Rock I. & St. L.
1st mortgage, gold
2S1
54. Sr. Jo. & D iiv. C...
let M., goM, Eas:ern div. 112
1st M., w. div.. land grant 170
55 St. Louis, Lawrence & D
1st mortgage, gold
56. St. Louis"& Southeast.—
lst-M., gold convertible.. 210
57. Sr. Louis & St. Joseph—
1st mortgage, gold..
72
53. St. Paul & Pacific—
1st M. West, or main line. 1*0
2d
do
do
land gr. 207
2d mortgage & land grant. 80
59. Selma & Gulf—
1st mort. (guar, by Ala.)
40
60. Selma, Marion & Mem.—
clsr M.. end. by Ala
10
61. Selma. Rome & Daltou
1st mortgage
100
2d M. (Ala. & Tenn. Riv.. 100
8
4,(xr>,ooo 7
3,800,000 7
Interest
Date of
flr.-t
default.
Where
periods
payable.
M. & N
J. &J
New Yorl Nov. 1872
New Yorl Jan , 1873
M. & N New York Nov. 1873
M. & S. New York Sep., 1873
M. &N. New York May 1872
J. &J. New York
Jan., 1873
M. & N. New York Nov. 1873
M. & N. New York Nov. 1873
7g- A. & O. New York Jet., 1873
10,500,000
2.937,000 6g- J. &J. New York July, 1373
1,800,000
7
M. &N. New York Nov., 1873
1,500,000 7g. M. & N. New York Nov. 1873
7
500,000
....
7 g. F. & A.
9,000,000
Jan., 1873
;
*
i-
'
1,509,000 8 g. F. & A
5,500,000 8 8- IF. & A.
'!
«
go ©
©■ Cg- A. & O. New York April,1873
>
Tg- M. & N. New York Nov., 1873
3,250,000
1,030,000 6g- M. & N. New York May, 1873
I
'*
•
{,
i
,
6,000,000
1,200,0001
if-
1
■
'
£
* •
f-j-
1st mortgage convertible.
67. Sunbury & Lewiston
70. Vermont Central—
1st mortgage
2d mortgage
71. Western Alabama—
*
*
*
April 1872
M. & S. New York
Mar., 1872
7
241,000
8
7
J. & J New York
J. &J. New York
A. &0. New York
7
8
J. & D. New York
A. &0. New York
June, 1873
1,coo,coo i
7
A. & O. New York
Oct., 1873
3,400,000 i
7g.| F.
3,000 000;
1
1
750,0001
69i,0CCj
1,000,000;
1
3.340,000!
1,252,030)
29
1,000.000
! 45# j 1,200,00j
C8. Toledo, Peorta & War.—j
1st mort., Eastern divis’n.; m
69.'Union Pacific, ceu. br.—
1st. mortgage gold
103
i
A. &0. New York
836.500
...
*
.
.
Bonds not guaranteed..
168
72. Wilin'g’w AAVesCntDel). 20
Nov., 1873
800,000: 8
1
62. Sheboygan & Fon-du-lac!
1st mortgage
45
1st mortgage, extension..; 40
63. South Side of Long I.—
3d M. and 1st on extension j 34
64. Springfield & Ill., S. E—i
1st mortgage, gold
228
2d
do
do
228
5. Southern Minnesota—
j
1st M. (
land grant
| 170
2d M. f
1.792.000 acres. 170
66. Sullivan & Erie—
London.
7 g. M. & N
London. Nov., 1873
J. & D. New York Dec.. 1873
7
8
640,000;
-j
General mortgage
7g. \r. & n.
3.000,000
.
.
....
®
S
0
o
Oct., 1870
April,1873
& A. New York Aug. P73
7g. F. &D New York Aug. 1873
A. & O. New York
April 1872
8
7
J. &J. New York July, 1872
7
7
M. AN
A. & O.
New Yorn
May, 1873
*Philadei. Oct,
1872
!
1,600,000 7
J. & D. New York Dec., 1873
|
1,600,0O0i
I
|
i
6g- M. & N. New York1 Nov, 1873
3,000,00ui
7
7
1,500 000
j
1,350.000 8
500.000; 7
Boston.
Boston,
M. & N.
J. & D.
Nov,, 1872
j June
1868
\
A. & O New York April, 1873
A.& O.l New York Oct, 1387
3. Atchison & Nebraska.—This company borrowed money
its interest on March, 1873, and relied upon selling certain
county bonds to repay the loan, which wras prevented by the strin¬
gency of the money market, and the September interest was
passed. The road earned net in the first five months of this year
to pay
$47,910. rThe proposition made in the Treasurer’s circular to
bondholders was to simply hold back their coupons for two years
till September 1, 1875, and not present them for
payment.
“
,
“
1
;
“
a
:*
“
Ji
: *
trust company, acceptable to the majority in interest
1874‘ld ^ eSCr0W f°r the period of five
to
years, from January 1
“2d. If, during the said period, there shall occur a
foreclosure
of either of the mortgages on the road, then the
coupons and in
assigned, that are secured by that mortgage shall be en¬
priorities established by its mortgage, after deduct¬
ing whatever may have been paid as interest on the income
terest
titled to the
bonds.
“
3d. Interest
paid at any tim® on the income bonds to the then
holders, shall cancel an equal amount of the coupons and as¬
signments held in escrow.”
These terms are much more favorable to bondholders.
By the
opening of the Church Hill Tunnel in Richmond, December 1
the trains of the Chesapeake & Ohio are admitted to the
new
dock on the James River, and a considerable traffic in
Western
freights is expected immediately. Through bills of lading are
issued from Louisville and Cincinnati for New York, Boston &
Providence, and also to European ports.
12. Chicago, Clinton and
Dubuque.—The failure
to
com¬
13. Chicago, Danville and Vincennes.—The first
proposi
tion to bondholders has already been referred to, and in a circular
dated November 20, the company makes a second proposition
as
follows:
The four coupons to be deposited with the trustee, and the
company to
issue “ Certificates of Indebtedness ” for
amount, payable in five years from February 1, 1874,
interest at
a
like
bearing
per cent per annum, payable February 1 and
August l,in each year, both principal and interest payable in
United States gold coin ; and in case of default in the payment of
interest or principal when due, the coupons to be returned to the
owners, with all their rights to proceed against the company.”
Either proposition remains open for acceptance.
The total
bonded debt is stated at $3,780,000; • floating debt, $806,000;
total cost of property, $7,507,800.
14. Chicago, Dubuque, and Minnesota.—This company first
seven
defaults iu December.
In a circular
that the road from Dubuque to La
to
bondholders it is
stated
Crescent, 117 miles, is com¬
pleted and equipped, and iu good running order ; the branch up
Turkey River to Elkport, 14 miles, is finished and doing a good
business, the remainder of the branch, 47 miles, is nearly ready
for the rails.
Mr. J. K. Graves, the President, states that the
managers are the largest bondholders, and they will soon prepare
a
plan for temporary relief, and submit it for approval.
17. Des Moines Valley.—The motion at Des Moines, Nov. 20,
to set aside the sale of the road and the removal of S my the, the
receiver, was withdrawn, on agreement of parties that the Keokuk
6 Northwestern Railroad transfer its bid to trustees in trust for
the second mortgage bondholders.
The bonds of the purchasers
were transferred to the first
mortgage bondholders, and the road
turned over to John E. Henry, as the manager.
19. Detroit &
Milwaukee.—Concerning the financial prospects
road, which failed to meet the coupons on its bonds due Nov.
15, it is stated that last winter was an unusually bad one for the
road, owing to a vast amount of ice on Lake Michigan, and it be¬
of this
absolutely necessary to make improvements in order to re¬
business, hence steel rails have been put down at a heavy
cost, and ether changes have been made which have consumed
the means of the road very largely.
The result was a default in
meeting its coupons. The matter is already actively considered
by the officers and shareholders of the Great Western Railway
of Canada, by which the Detroit & Milwaukee is owned, and a
committee of that corporation is to investigate affairs and mature
a definite plan of action.
came
tain any
5. Burlington,
Cedar
Rapids and Minnesota.—This
company’s circular dated November 1, 1873, states:
The effect s of the great panic—its resulting suspensions, and
failures to realize money—make it necessary for the company to
request the bondholders to extend the payment of coupons
maturing November 1, 1873, May 1, and November 1,1874, until
23. Greenville & Columbia.—The Greenville & Columbia
the first day of March, 1877.
(S. C.) Railroad has been in default since January 1, 1872. but
The three coupons from this series of bonds to be deposited tliis road is now
operated by the South Carolina Railroad, and
with the Farmers’ Loan and Trust Company, of New York
City, W. J. Magratli is president of both.
and gold scrip payable in 1877, as above indicated,
A proposition was made by circular, dated August 11,1873, to
drawing
interest at seven per cent per annum, payable semi annually in the bondholders,
inviting them to fund the past due coupons of
gold, to be given for said coupons interest to be adjusted. The January and July, 1872-73 (14 per cent), into a new bond, bearing
coupons to remain with the Trustee, upon the condition that if 7 per cent interest, to be endorsed by the South Carolina Rail¬
the Burlington, Cedar Rapids and Minnesota Railway Company road, and interest to be resumed on the coupons
maturing Jan.
fail to pay the interest coupons and principal o! said scrip at 1,1874. This
proposition is said to be satisfactory to the Dond*
maturity, then the holders thereof shall have their coupons holders, and they have all, or nearly all, accepted it.
returned to them, with all their rights to proceed against the
27. Kansas Pacific.—This month the Kansas Pacific passes its
interest on $4,063,000 of its bonds, which are secured by mortgage
company.
The company will at any time receive said scrip at par and on 253 miles of road,
beginning at the 140th mile post west. After
accrued interest, with premium on gold added, in payment of its the failure to
pay iu November this was of course expected, but
first mortgage bonds at 90 per cent and accrued interest; or in the question as to the company’s relations to the United States
payment of stock at forty dollars per share of one hundred dollars. Government is of some interest, as the first mortgage bonds now
Up to the present time, owing to the limited sale of bonds, a default, and the question arises, how does this affect the United
large proportion of the net earnings during the present year have States, which holds the second mortgage, in exchange for its sub¬
gone into construction and equipment. Over seventy-five miles sidy ? It is claimed on behalf of the Kansas Pacific that the inter¬
of road have been completed during the present season, chiefly on est was
fully earned, but expended in construction of eighty-eight
the Milwaukee division. The company felt justified in appropri¬ miles of new road ; the securities bated upon
which new construc¬
ating the earnings in the manner above stated, believing that tion are unsold. The President of the Company sailed for Europe
under the then existing circumstances they would have no diffi¬ recently, to
lay before bondholders in Frankfort and else¬
culty in realizing funds from their unsold bonds for the payment where the condition of his company, but it appears that the buildol their November coupons.”
iug of new road, with money that was due for interest on first
9. Chesapeake & Ohio.—The first proposition to bondhold¬ mortgage bonds, may be considered prejudicial to the rights of
the United States.
ers for funding has been modified as follows :
1st. The coupons to be surrendered, and the assignments of
28. Leavenworth, Lawrence & Galveston.—We have seen
registered interest shall be placed in the custody of some bank¬ a copy of the proposed indenture made by this company, dated
"
r i
or
r
.
•
•*
ing
(December 6,1878,
plete connections and obtain business which had been confidently
London. Feb., 1872 counted upon is given as the cause for this road’s default, which
were also the causes for the difficulties of the
Chicago, Dubuque,
N.Y.L&F. Feb., 1873 and Minnesota.
Mr. Graves is the president of both and similar
N.Y,L&F. Feb., 1873 action will
probably be taken in each case.
♦
!
L
j
f
[J
THE CHRONICLE
December
l
1073
THE CHRONICLE.
6,1878.]
nrovidioff for the surrender to trustees 6f the
«> m3 including Jan. 1. 1877, and the issue
I SllnSlw
therefor of certificates of preferred stock to bear 1G per cent per
annum, payable out of net earnings, if made.
information is
at hand as to the number of bondholders who have yet
No
39
Louisville,
New Albany & St.
assented.
Louis Air Line.- This
has been proceeded against in bankruptcy; on its floating
debt and the following official statements are made by the pres¬
ident Mr Augustus Bradley : “Very inconsiderable amount of
omnany
wili
eighty miles of the road, leading out of
condition to Teceive the superstructure.
Some three miles of iron is already laid upon the, portion of the
work adjacent to New Albany.
Further west, from Princeton,
Indiana to Albion, Illinois, a distance of about twenty eight
miles, the iron is also down, and upon which the company are
running daily trains and doing considerable traffic in freight and
passengers. Between these two points is the bridge over the
Wabash river, a substantial structure, fully completed for tlie
crossing of trains, of the Howe truss pattern, and over 1,300 feet
work
place the first
New Albany west, in a
length.
The floating debt of the company, which is owing almost ex¬
clusively to banking institutions, and is secured to them by the
hypothecation of 329 of the company’s first mortgage bonds,
amounts to the sum of $184,516 71 j that tlie b< nded debt of the
in
_
.
.
.
.
.
“
753
be able to omit it from the Hat. It is stated that the Port Huron
and Lake Michigan also has a good prospect of funding its
coupons within a short time on terms somewhat similar to those
of the Peninsular.
54. St. Joseph & Denver Citt.—The President Mr. Bond lias
published a full report of the affairs of this company, dated Oct.
28, 1873, which gives some details not contained in the report
published in The Chronicle, August 23, on page 250, and we
may extract from bis pamphlet more fully hereafter. In conclu¬
sion, Mr. Bond says:
I recommend the immediate foreclosure of the mortgage?, lioth
on the
Eastern and Western Division, and thereugpn
a reorganization in favor of ail
the
“
^
existing creditors, based upon equitable ownership. In my opinion it is
essential that all the debt now beating interest should be cancelled, and that
other evidences of interest or ownership iu the property, such as land scrip,
income homls, preferred stock, or common stoek, calling for revenue only
when it can be obtained from sales of laftud or surplus earnings, should be
issued in place of such debt. The scrip or income bonds could be secured
upon the property by first mortgage lien, if the bondholders should so decide
upon reorganization. This can oe accomplished only by means of a fore¬
closure and reorganization. As no one in-interest, so far as I am advised,
objects to a foreclosure by the bondholders, the legal proceedings neces-ary
to accomplish this result can and should be attained with speed and economy.’*
58. St. Paul and Pacific.—In view of the fact that nearly
all tlie bonds of this road are Jield abroad, and that those who
purchased them were induced to do so iu reliance upon the com
pany’s land grant, it seems very desirable and only just that Con¬
gress should extend tlie time for the completion ot' the road in
company, for bonds paid to contractors for building the road (very
few of the bonds having been sold by the compauy), amounts to order to secure the original land grant;
An article at much
the sum of $780,000, which makes the total obligations of. the length on this subject has been published iu the Holland papers,
and we quote the following :
road amount to the sum of $964,516 71.
From tlie showing of the report of Mr. Lyman, secretary, we
During the last few years upwards of sixty different kinds of
American railway securities have been intioduced into that little
Lave these conclusions, to wit:
$2,539,676 84 country (Holland) alone. Until lately. .American railway bonds
Value of work done on road
Amount of indebtedness of road
964,516 71 were the favorite investment in the greater part of Germany and
Holland. The news of tlie various spoliations of tns rights of
Value of work done above indebtedness
$1,575,160 13
the St. Paul and Pacific bondholders gave rise to a general dis¬
It then requires to complete the road, according to the estimate trust in all American
railway securities ; and lates*, when a crisis
of Mr. Dukes, tlie sum oc $2,591,221 22.
And to meet that ex¬ was brought about at New lrork, the
panic in Europe became
penditure the company has of tlie—
universal.”
First mortgage bonds undisposed of amounting to
$3,745,000 00
After referring to the appointment of a receiver by Judge
Of uncollected and conditional Stock subscribed..
243,677 39
Dillon, the writer says: “ But the director-construction agent of
“
“
....
Making a total of
Which would be
dence restored, to
$3,938,677 33
a
sufficient sum, if money was easy
and confi¬
fully complete the road.
Inordinary times, there would be no difficulty in making sale
of the company’s bonds, but our bonds have been iu tlie market
for some months past, and have actively and energetically been
discussed and pressed for sale by able and influential parties,
both in this and in countries in Europe, but without auy imme¬
diate success. A communication received from a party looking
after tlie company’s interest abroad, states that tlie American
panic will prevent the sale of bonds for the present, and that the
contemplated trip to this country for the purpose of examining
our line of road will be deferred by him lor a short time.”
“
the Northern Pacific had taken care that the lines should not be
half completed, that not a single mile of land grant had been ob¬
tained.
To complete the line millions would still be required,
and tlie credit of American railways in Europe wai totally gone.
Was it surprising, under these circumstances, that the loan ot
$5,000,000, ordered by the receiver, failed in Europe, where tlie
conflicting representations found credence ? The unfortu¬
nate bondholders of the St. Paul & Pacific, however, did hot
remain quiescent. They were desirous to give a proof of their
intention to proceed with the cojistruction and to put up with
sacrifices so as to attain that object, if Congress would only con¬
sent to prolong the term of the land grant for the period of one
year.
An amount was collected4by them, to be placed at the
39. Montclair.—The late President, Mr. J. II. Pratt, makes disposal of a New York banking house, for the purpose of Drothe following statements in a published letter, as to the actual ceeding with the work as soon as the season should permit.
The great question now is: How will Congress decide? Will
cost by reference to the books and accounts, he says :
it protect foreigners,
who furnished tliqjfr money in aid of
There is invested in the main road and branches as follows :
American enterprise, against violation of good faith and deceit?”
Land taken for right of way
$590,673 98
66. Sullivan & Erie.—The corporation was established in
Construction, engineering, legal and general expenses
2,809,751 31
1865. Its property was then stated to be above five thousand
Total
$3,400,425 29 acres of coal fields and timber lands in Bunsliee, Sullivan county,
Deduct cost of Morristown branch.;....
$305,142 22
Deduct cost of Orange branch
26,450 77—
331,592 99 Pennsylvania, with a railroad of twenty-nine miles thence to
Tonawanda, on the Erie Railroad.
On the 1st of November,
Total cost of main line, Jersey City to Ringwood, 39 miles.. .$3,068,832 30
1866. the stockholders placed $1,000,000 in bonds on the market.
This is about $80,000 per mile. This may seem
large to some, These bonds had twenty years to run (until November 1, 1886),
and $700,000 worth was taken in Albany, Providence and Boston.
but only to those who are ignorant of tlie fact that the
average
cost of the principal New Jersey
railroads, as evidenced by their From some cause or other, however, no coupons have been paid
since May, 1872, and a meeting of bondholders was held on the
stock and bonds, is $217,000 per mile.
“Thedebt is represented by first mortgage bonds,
$1,800,000 ; 18th of June last to purvey the situation. At this meeting Mr.
costing present owners about 90—$1,620,000. Second mortgage Parsons, of Malden, was appointed to visit Pennsylvania and
bonds, $780,000, not sold, but forfeited as collateral, costing pres¬ see what coula be done. At the stockholders* meeting, late¬
ent owners about $400,000.
ly held in Boston, Mr. Parsons read letters which stated that the
There is due general creditors unsecured, exclusive of New
property of the company had been attached at the instance of a
York and Oswego Midland Railroad
Company, less than $175,000. farmer for $1,800, be claiming the same as land damages, and
The income bonds are held
mainly by the townships beuefitted that it was advertised to be sold at auction by tlie sheriff. After
by the road, or by the early friends and directors of the road who some remarks the meeting appointed a committee of three with
paid their money for them at par. The stock of the company is power to employ assistance, whose duty it will be to protect the
also held to the extent of three-fourths of tlie whole issue
by the interests of the bondholders in such manner as may seem to them
best. The committee is composed of E. S. Wheelan of Philadel¬
original managers of the enterprise.
“The first mortgage bondholders, the
only real representatives phia, Charles Cushman of Cambridge, Matthew Bartiett of Bos¬
of the public in this matter, have in their hands a valuable ton.
security. It can hardly be doubted that the trustees of the first
67. Sunbury & Lewiston.—The terms of the lease of this
mortgage have the ability and disposition to protect the interests road were that the Pennsylvania Railroad should operate the
of those they represent, and to secure a
purchaser of this valu¬ Sunbury & Lewiston Railroad f*>r two-thirds of the gross earn¬
able property when tlie proper
time shall arrive, at a price which ings. The interest on the bonds and all other payments to come
shall save the first mortgage bondholders from
out of tlie remaining one third.
any loss.”
The Pennsylvania Raihoid
claims that tlie cost of operating tlie road more tjj,an exceeded
42. Missouri, Kansas & Texas.—This
company has passed its tlie
gross receipts, and moreover that they (the Penn. R. R.)
December interest on the bonds of the Tebo & Neoslio
Railroad,
of which there is but a small amount
only loaned the S. & L. road the money to pzy the April, *72,
outstanding No circular
has yet been issued to the bondholders.
coupons.
A committee of the bondholders have taken steps to
foreclose the mortgage, and expect to sell the road sometime
46. New Orleans, Mobile & Texas.—This road was sold out in the
early part of 1874.
under the second
mortgage, both east and west divisions, and
68. Toledo, Peoria & Warsaw.—A committee of stockholders
bought in by second mortgage bondholders. Two companies were
organized—one for east of Mississippi River, and one for west, of this road, which defaul-ed on its December iuterest, have gone
out over the line to decide as to the beat measures for its relief.
each being subject to their
respective first mortgages. The affairs The
financial embarrassments are alleged to have been caused by
of the
company are still unsettled, and they do not wish to fur¬
tlie difficulty in finding an Eastern outlet to their business. They
nish information to the
public.
connect at tlie Illinois State line with the Pennsylvania Central
50. Peninsular.—We have been informed that the
Peninsular Railroad, but that road has uot moved their freight as it accumu¬
RftUrbad (uow Chicago & Lake Huron) has effected
arrangements lated, and they have thus been unable to do the business which
tor
funding its coupons up to 1878, and we are therefore glad to naturally belongs to them,
most
“
“
.
“
"
THE
754
The
For civil
TREASURY.
compliance with the the provisions of law, I have the
honor to submit to C-ongress the following report:
RECEIPTS, &C., FOR THE FI8CAL YEAR ENDING JUNE 30, 1873.
Sir: In
received and covered into the Treasury during the
ended June 30, 1873, were—
The moneys
$188,089,522
113,729,314
2,882,312
6,830,037
333,003
259.092
315,254
489,134
252,181
03
56
51
62
12
2,184,394 25
Total ordinary receipts
Premium on sales of com
$322,177,673 78
11,560,530 89
Total net receipts
Balance in Treasury June
from “ unavailable”
$333,788,204 67
106,567.404 74
..
Total available cash
$440,305,609 41
.
expenditures by warrants during the same period
The net
were—
$19,348,521 01
1,571,362 85
For civil expenses
For foreign intercourse
7,951,704 88
For Indians
For pensions
For military establishment,
harbor improvements, and
52,408,226 20
104,750,688 44
5,105.919 99
houses, and collecting the revenue
For interest on the public debt
premium on bonds purchased
Total, exclusive of the public debt
$290,345,245 33
Redemption of the principal of the debt, exclusive of the cer¬
tificates of deposit issued under act of June 8, 1872, for the
redemption, of which a like amount of United States notes
was set apart and held as a special deposit
$50,498,335 58
Outstanding certificates of deposit mentioned
above, added to the principal of the debt and to
the cash balance in the Treasury
31,730,000 00
Leaving net disbursements on account of
$309,113,580 91
Balance in the Treasury
June 30, 1873
To which add special deposit of
for redemption of certificates
above
$99,462,028 50
legal tender notes
of deposit, added
31,730,000 00
131,192,028 50
Total cash balance July 1,1873
440,305,609 41
Total
By the foregoing statement it will be seen
for the fiscal year were
And the ordinary expenses
Leaving
a
that the net revenues
$43,392,959 34
applied to the reduction of the debt, as follows:
Reduction of principal account,
exclusive of certificates of
deposit...
of special deposit
of certificates of
Decrease of cash in the Treasury, exclusive
of United States notes for redemption
deposit, as compared with June 30, 1872
$50,498,335 58
7,105.376 24
$43,392,959 34
Reduction in debt
solely of the principal of |tlie debt. By
the monthly debt statement of the public debt, into which
enter the accrued interest, interest due and unpaid, and the cash
in the Treasury, as ascertained on the day of publication, as well
This statement treats
as
the
amounted to* $43,667, 630 05; and the total reduction
from March 1, 1869, to Nov. 1, 1873, has been $383,629,783 39,
the annual saving of interest resulting therefrom being $27,432,932 04.
QUARTER OF FI8CAL YEAR ENDING
JUNE 30, 1874.
RECEIPTS, &C., FOR FIRST
^
The
receipts during the first quarter of the current fiscal year
were:
$49,195.403 68
573,768 07
From customs...
From sales of public lands
From internal revenue
From tax on circulation,
25,640,454 41
3.49:i,743 66
&c., of national banks
From repayment of interest
From customs’ fines, &c
by Pacific Railways
,
Total available.
;
of the award of
81,853,492 24
2 350,818 34
15,500.000 00
$99,704,310 58
131,192,028 50
$138,507,353
92,388^985
90
18
$230,896^339
30, 1873
08
Owing to the large proportion of the interest on the public
maturing July 1, the amount paid out on that account dur¬
ing the first quarter of the year is more than half as much as will
be required for the next.nine months, and although it enters into
the expenses of this quarter, it. is properly chargeable to a longer
period of time. Many other expenditures are greater also during
the first than any subsequent quarter, by reason of the necessity
of supplying disbursing officers with money under new appropri¬
ations which became available on the first of July.
For the remaining three-quarters of the current fiscal year it ia
estimated that the receipts will be:
debt
From
From
From
From
Prom
From
From
From
^
customs
sales of public lauds
internal revenue.
$111,000,000 00
1,500,000 00
66 000.000 00
..
national banks
tax on
Pacific railways
customs’ fines, &c
..
.
$187,100,000 00
Total...
For the
be
3,200,000 00
300,000 00
800,000 00
1,300.000 00
1,000,000 00
2,000,000 00
1
consular, patent and other fees
sales of public property
From miscellaneous sources
period it is estimated that the expenditures will
same
:—
For
For
For
For
For
For
For
For
civil expenses
$15,250,000 00
1,100,000 00
...
foreign intercourse
6,500,000 00
Indians
pensions
i
military establishment
naval establishment
21,780,000 00
34^000,000 00
18,000,000 00
...
34,000,000 00
70,000,000 00
miscellaneous, civil, including public buildings
interest
on
the public debt.
$200,630,000 00
Total
This will leave
a
deficiency in the
ESTIMATES FOR FI8CAL YEAR
It is estimated that the
levenues
of $13,530,000.
ENDING JUNE
receipts for the fiscal
30, 1875.
year
ending June
30, 1875, will be :—
From
From
From
From
From
From
From
From
From
customs
sales of public
$180,000,000 00
2,500,000 00
CO
lands
108,000,000
6,200,000
50",000
1,500,000
1,500,000
1,500,000
4,000,000
internal revenue
tax on national banks
railways
customs’ fines, &c
consular, patent, and other fees.
sales of public property
Pacific
miscellaneous
sources
,,,
...
It is estimated that the
be:—
expenditures for the
same
For civil expenses
For foreign intercourse
:...
For Indians
For pensions
;
For military establishment, including fortifications, river
harbor improvements, and arsenals
For naval establishment, including vessels and machinery
improvements at navy yards
civil, including public buildings,
houses, and collecting the revenues
For interest on the public debt
For interest on Pacific Railway bonds
For sinking fund
For miscellaneous,
00
period will
$19,500,000 00
3,350.000 00
7.000,000 00
and
and
light¬
30,480,000 00
50,000,000 00
23,000,000 00
54,067,144 00
98,000,1100 00
3,875,000 00
29,918,856 00
$319,191,000 00
Total
The estimates received from
ments are as
00
00
00
00
00
$305,700,000 00
Total
follows
the several Executive Depart¬
\.
:
$3,961,405 62
Legislative
17,895,674 90
3,409,750 00
Executive
Judicial
3,347,304 00
34,881,618 10
Foreign intercourse
Military
Naval.
Indians
19,251,935 86
Public works
Postal service
33,168,287
6»8H,363
10,704,381
16,926,890
Miscellaneous
Permanent
Interest on public
Interest on Pacific
na
debt
Railway bonds
.,
.*
10
00
42
£9
97,798,080 00
3,877,410 u
Sinking fund
503,941 12
1,507,931 21
$88,718,578 21
$1,301,946 78
account... 15,500,000 00
32,986,828 91
Total
Total
303,765 32
Net ordinary receipts
From premium on sales of coin
From Government of Great Britain—payment
the tribunal of arbitration at Geneva
Total receipts.....
.....;
Balance in Treasury June 80, 1873.
198,970 56
438,514 21
From consular, patent, and other fees
From proceeds of Government property
From miscellaneous sources
Total net expenditures
Balance in Treasury September
principal of the debt, the reduction of the debt during the
past year
37,051,907 79
49,788,775 69
290,345,245 33
surplus revenue of
Which has been
$333,738,204 67
9 792 451 57
public debt, including Pacific Railway
debt
18,768,335 58
loans
the
.........
Premium on purchased bonds
Award by Geneva tribunal, investment
Net redemption of the public debt
46,323,138 31
23,526,256 79
on
Total, exclusive of the principal and premium on public
„
29,359,426 86
including fortifications, river and
arsenals—
For naval establishment, including vessels and machinery, and
improvements at navy yards
For miscellaneous, civil, including public buildings, light¬
For
For interest
bonds
514,206 04
1,637,283 15
30, 1872, including $3,047 80 received
58
13,795,053 48
establishment, including vessels and machinery and
improvements at nuvy yards
70
14
38
67
1,966,469 36
818,246 58
1,877.221 67
«S:c.
8 698 156
fortifications, river and
For naval
,
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.; labor, drayage, storage,
From sales of Indian trust lands
From fees, (consular.) letters patent, homestead, &c
From proceeds of sales of Government property
From marine-hospital tax
From steamboat fees
From direct tax
From profits on coinage
From tax on seal skins
From miscellaneous sources
fin
19
2’,008;715
For Indians
For pensions
For military establishment, including
harbor improvements and arsenals
Treasury Department,
|
Washington, D. C December 1, 1873.)
fiscal year
expenditures duriug the
same period were as follows: •
anjl miscellaneous expenses, including public build¬
ings, light-houses, and collecting the revenues
$17 372 293
Dcjrartmfttt imports.
REPORT OF THE SECRETARY OF THE
[December 6, 1873.
CHRONICLE.
$319,198,736 82
;
The book of estimates, now ready to be laid before Congress,
thoroughly prepared under the immediate supervision of Mr. C.
F. Conant, chief of the warrant division of the Secretary’s office,
whose watchful care, industry and judgment have made it a
work of great accuracy, will prove to be of the utmost conveni¬
ence
1
to committees
and members.
The several tables which form
$280,896,339 0* tails of the accounts of the
#
part of this report
Department.
,
furnish de¬
December
THE CHRONICLE.
6, 1873*3
THE REVENUES
five per cent
AND E8TIMATE8.
the tariff laws, effected by the
adding tea and coffee and other
reduction of duties on other
merchandise, as well as by the removal of a considerable amount
of internal revenue taxation, the receipts have fallen off for the
year ending June 30, 1873, much below those of previous years,
as was anticipated.
Since the close of that year the recent severe financial and com¬
mercial crisis has caused an additional and unexpected diminution
in the revenues during part of September and the whole of
fin account of the alterations in
of May 1 and June 6, 1872,
articles to the free list, and the
nets
.
October and November.
But it is gratifying to
.
,
.
,
755
bonds of the funded loan, which exchange the Sec¬
retary of the Treasury has now no authority to
No appropriation has been made,
the loan or in any subsequent act,
pal, and
no
permit.
either in the act authorizing
for the pryment of the princi provision of law exists for determining the pleasure
of the United States
as
to the time of payment
of either class of
bonds.
The attention of Congress is thus called to this loan with the
recommendation that such action in relation thereto may be taken,
before the 1st day of January next, as Congress may deem wise
and
just.
THE
Al
BANKS, THE FINANCIAL CRISIS, AND THE CURRENCY.
The prevailing practice, not only of national banks, but of State
find that, in this period of the greatest
commercial embarrassment, the receipts in coin from customs banks and private bankers, of paying interest on deposits attracts
have been greater than the proportionate amount required for the currency from all parts of the country to the large cities, and
same period to meet the interest on the public debt and all other
especially to New York, the great financial centre. At seasons oi
the year when there is comparatively little use for currency else¬
expenditures which ar« payable in coin.
For the remainder of the year the currency payments will be where, immense balances accumulate in New York, where, not
much larger than the ordinary currency receipts without the sale being required
by the demands of legitimate and ordinary busi¬
°The
revenues have already fallen off sufficiently to
and necessary to exercise the greatest economy
in appropriations and expo iditures for the future.
And should
there not be a revival of bus ness at an early day, and an increase
in the receipts over those of the past two and a half months, ad¬
ditional means will be required to meet expenses.
Should such
be the case, I recommend additional taxation, judiciously laid, so
as to be the least burdensome upon the people and the business
of the country, rather than a resort to borrowing money and in¬
creasing the public debt.
In the estimates for the next nine months, as well as for the
of
gold.
make it important
next
fiscal year,
the probable effect of the financial and business
derangement has been somewhat taken into account; but, as it is
yet too early to determine its full effect upon the future revenues,
or to estimate when and to wliat extent they will be restored to
their former amounts, these estimates are subject to future con¬
tingencies, which, during the next few months, Congress will be
better at le to take into account and to judge of than it is possible
to do at
this time.
event, I earnestly commend every reduction in the ap¬
propriations which may be found possible, to the end that the
economy which the people, suffering under the present embar¬
rassment in business, are everywhere disposed to make, may be
shared and encouraged by the Government through their public
In any
servants, *
REFUNDING THE PUBLIC DEBT.
Under arrangements made by my immediate predecessor in
January last the refunding of the public debt has been successfully
continued, and is still progressing in precisely the same manner
as previous negotiations were conducted.
Subscriptions have
been made to the new five per cent funded loan to the extent of
eightv-four and a half million dollars, and the proceeds are ap¬
plied," as fast as subscriptions mature, to the redemption of an
equal amount of five-twenty bonds bearing six per cent interest.
In addition to that amount, the fifteen and a half million dollars
received from Great Britain in payment of the Geneva award,
under the first article of the Treaty of Washington, have been
used to redeem so far the outstanding public debt bearing six per
cent interest, and an amount equal to the debt so redeemed has
been invested in five per cent bonds of the funded loan, and a
registered bond therefor has been issued to the Secretary of
State, in trust, to be held subject to the future disposition of
Congress, according to the provisions of the act of March 3, 187*3.
When the subscriptions above mentioned shall have matured
there will have been thus effected since January last a conversion
of the debt bearing six per cent interest into the new five per cent
loan, one hundred million dollars, making an annual saving of
•
interest to the amount of
one
million dollars.
And the whole
amount converted into this loan since the passage
of the refund¬
ing act will be three hundred million dollars, reducing the annual
interest charge three million dollars.
The credit of the United States has not stood higher since the
close of the rebellion than it does at the present time, and it is
believed that the refunding of the six per cent debt at a lower
rate of interest can be still
further continued.
LOAN OF
1858.
they are loaned on call at a higher rate of interest than that
paid to depositors and are used in speculation.
Every year, at the season when the demand sets in from the
West and South for currency to be used in payment for and
transportation of their agricultural products, there occurs a
stringency in the money market arising from the calling in of
ness,
such loans to meet this demand.
Until this year, though annually creating some embarrassment,
this demand has been met without serious difficulty.
During the past summer, anticipating the usual autumn strin¬
gency, the Treasury Department sold gold while tlif market
price was high, currency abundant, and bonds for sale in the
market were scarce, and while there was a surplus of gold in the
Treasury, and thereby accumulated about fourteen million dol¬
lars of currency with the view of using the same or such part
thereof as might be necessary in the purchase of bonds for the
sinking fund at times during the autumn and winter "when
-they could be bought at a price not above par in gold, or in
meeting demands upon the Treasury, as circumstances should
require.
This year there was a great demand for currency to pay for the
heavy crops of a bountiful harvest, for which the European
countries offered a ready market.
The suspension of certain
large banking houses, the first of which occurred on the 18th day
of September, alarmed the people as to the safety of banks and
banking institutions in general. Suddenly there began a rapid
calling in of demand loans and a very general run on the banks
for the withdrawal of deposits.
Entire confidence was manifested
in United States notes and even in national bank notes, and they
were
drawn wherever they could be obtained and were largely
hoarded with as much avidity as coin was ever hoarded in times of
financial distress when that was the circulating medium of the
country. The banks foqnd themselves unable to meet the
demands upon them, currency in circulation became exceedingly
scarce, and the business of the country became greatly embar¬
rassed.
In this condition of
pressure was
brought to bear
asking that the Assistant Treasurer of New York should be
authorized to issue to those banks that amount of notes as a
loan upon a pledge of clearing house certificates secured by
ample collaterals, and for which certificates all the banks were to
be jointly and severally responsible.
This proposition was
declined, it being clearly not within the duty or the authority of
the
Treasury Department, under any provisions of law, thus to
employ the public money.
Exchange on Europe having fallen to unusually low rates, and
indeed having become almost unsalable in the market to the
embarrassment of our foreign and domestic trade, application
was made to the Secretary of the Treasury to use
the money iu
the Treasury in the purchase of exchange. The Treasury Depart¬
ment having no occasion to do this for its own use. and no neces¬
sity for transferring funds to Europe, was compelled to decline
this proposition, which, if accepted, would have put the depart¬
ment in the position of becoming a dealer in exchange, a position
clearly inconsistent with its duties.
Subsequently the New Yo-k Produce Exchange made a propo¬
sition to accomplish the same result in a different form, and also
requested, as others had before, that the Secretary should pay at
once the twenty million
loan of 1858, to which the following
Under the provisions of the act of June 14, 1858, as amended
by the act of March 3, 1859 (chap. 82, sec. G), the then Secretary
of the Treasury contracted a loan of twenty million dollars, for
part of which registered bonds were issued “ redeemable at the
leasure of the United States at any time after the expiration of
fteen years after the 1st of January, 1859;” and for the balance,
and much larger part, coupon bonds were issued, “ payable at
any time after the 1st day of January, 1874, on presentation and reply was made :
Treasury Department,
surrender of the certificate at the Treasury of the United States.”
).
It will be perceived that the two classes of bonds differ materi¬
Washington, Sept. 30, 1873. f
Sir ; Your letter of the 29tli inst., covering two resolutions of
ally in phraseology as to the option of payment after January 1,
1874, but 1 am unable to discover, either from the act itself or the New York Produce Exchange, has been received and the
from the records of the Department, that any difference in the subject-matter fully considered.
contracts was intended, and it is presumed that the variation in
The resolutions are as follows:
Whereas the critical condition of the commercial interests of the conntry
language of the two classes of bonds was wholly accidental.
Since the passage of the act of June 30,1864, authorizing the requires immediate relief by the removal of the block in negotiating foreign
tie it
Secretary of the Treasury to issue registered bonds of any loan exchange ; thereforewe respectfully suggest to the Secretary of the Treasury
Resolved, That
in exchange for coupon bonds of the same loan, the coupon bonds the following pians for relief in this extraordinary emergency :
of this loan to the amount of $4,000,000 have been exchanged
First. Tnat currency be immediately issued to banks or bankers, upon
into the registered bonds, and the amount of each class now out¬ satisfactory evidence that gold has been placed upon special deposit in the
Bank of England, bv iheir correspondents in London, to the credit of the
standing is $6,255,000 registered and $13,745,000 coupon.
United States, to be used solely in purchasing commercial bills of exchange.
It is understood that some holders of the coupon bonds have re
Second. That the President of the United States and the Secretary of the
the immediate
garded them as payable on the 1st of January next or at any tixe Treasury are respectfully requested to order January l, 1874. prepayment of
the outstanding loan of the United States due
after that date, at "their option.
Applications have been made to
th« Department for the privilege of exchanging coupon bonds for
While the Government is desirous of doing all in its power to
“
“
c
things, great
upon the Treasury Department to afford relief by the issue of
United States notes.
The first application came from a number
of gentlemen in New York, suggesting that no measure of relief
would be adequate that did not place at the service of the banks
of that, city twenty millions of dollars in United States notes, and
“
•*
756
THE
CHRONICLE.
It should be stated that in the excitement there
relieve the present unsettled condition of business affairs—as
has already been announced by the President—it is [constrained,
in all its acts, to keep within the letter and spirit of the laws,
and
they cannot go beyond the authority which Congress has con¬
ferred upon them*
Your first resolution presents difficulties
which cannot be overcome.
It is not supposed that you desire to
exchange coin in England for United States notes in New York
par.
If your proposition is for the Government to purchase
gold in England, to be paid for in United States notes at the cur¬
would involve the Government
speculating in gold, since the
strengthen many savings banks, and to prevent a panic amonotheir numerous depositors, who began to be alarmed, and had
there developed an extended run upon those useful institutions
it would inevitably have caused widespread disaster and distress!
It also fortified other banks, and checked the general alarm to
some ext -nt.
But the loss of confidence in the value of a
paid for it. If your object is to induce the
Treasury Department to loan United States notes to banks in
New York upon the pledge and deposit in London of gold, it is
asking the Secretary of the Treasury to loan the money of the
United States upon collateral security for which there is no au¬
thority in law. If the Secretary of the Treasury can loan notes
upon a pledge of coin lie can loan them upon a pledge of other
property in his discretion, as he has recently been requested to
do, which would be an extraordinary power as well as a most
dangerous business to engage in, and which my judgment would
deter me from undertaking, as tlie Secretary of the Treasury,
even if by any stretch of construction I might not find ii
abso¬
less than was
lutely prohibited by law.
your*first resolution
are so
great
amount
your
failure of
insuperable and conclusive that it is
Your second resolution calls for the payment at
of the loan of 1858, or the bonds commonly called “ Fives
of 1874.”
Upon a thorough investigation I am of opinion that
once
-
corporate property which immediately followed the
banking houses connected with largely indebted
cor¬
circulation already existing.
Confidence was to be entirely restored only by the slow and
cautious process of gaining a better knowledge of true values
and making investments accordingly, and by conducting business
on a firmer basis, with
less inflation and more regard to real
soundness and intrinsic values.
There can be no doubt that the practice by banks of allowing
interest on deposits payable on demand is pernicious, and fraught
with danger and embarrassment to borrower and lender, as well
as to the general business interests.
The objections already mentioned to
for
request.
<■:
porations, the distrust of the solvency of many other institutions,
the doubt as to the credit of firms and individuals whose business
was supposed to
be greatly extended, and the legitimate effect
thereof in disturbing the business of the country, could not be
avoided by any amount of currency which might be added to the
me to refer to the many practical difficulties
which would arise if an attempt should be made to comply with
unnecessary
many
of the Government to whom it was addressed.
These facts are recited in order to lay before Congress, and
place
on record in
a concise form, exactly what the
Treasury Depart¬
ment was asked to do, and what it did, in the late financial
crisis
The currency paid out of the Treasury for bonds did much to
Treasury has no use for coin beyond its ordinary receipts, and
would be obliged to sell the coin so purchased at a price greater
or
were
affording the
suggested
by them—a proposition which indicates the state of feeling and
the excitement under which applications were made to the
Sec¬
retary of the Treasury to use the public money, and which, it is
scarcely necessary to add, could not be entertained by the officers
at
market rate in New York, it
in the business of importing and
6, 1873.
persons in the city of £7ew York who insisted with great earnest
ness that it was the
duty of the Executi ve to disregard any and
all laws which stood in the way of
relief
which the officers of the Government are sworn to support,
rent
December
Congress has not conferred upon the Secretary of the Treasury
power to comply with your request in that particular, and in this
opinion the law officers of the Government concur. Under these
circumstances you will perceive that, while I have great respect
Deposits payable on demand should be limited to that surplus
which individuals require over and above their investments, and
for the gentlemen comprising the New York Produce Exchange,
I am compelled, by my views of the law and of my duty, to re¬ no part, of that from which they expect an income. Such deposits
spectfully decline to adopt the measure which your resolutions are comparatively stable in average amount, and constitute a
healthy basis for banking purposes within proper limits, which
propose.
I have the honor to be, very respectfully,
Wm. A. Richardson,
prudent bankers know how to determine.
But if deposit accounts are employed as temporary investments,
Secretary of the Treasury.
the interest attracts a large amount of money to those cities where
The Chamber of Commerce of Charleston, South Carolina’
such interest is paid,
petitioned for the transfer of currency to that city, and the pur' seasons when as much and where speculation is most active, at
profit thereon cannot be secured elsewhere.
chase with it, at that point, of exchange on New York, to aid
With the first return of activity in legimate business these tem¬
those engaged in forwarding the cotton crop to the market.
The
porary investments are called in, and jeopardize in their sudden
following letter was sent in answer to this petition :
withdrawal the whole business of the banks, both affecting the
Treasury Department, )
legitimate depositors on the one hand by excitement and distrust,
October 3, 1873.
f
and on the other creating a condition of things in which the bor¬
Samuel Y. Tupper, Esq.,
rowers on call are also unable to respond.
The banks have bor¬
President Chamber Commerce, Charleston. S. C. :
rowed their money of depositors on call.
They have loaned it on
I have the honor to acknowledge the receipt of the memorial
call to speculators, who by its use have contributed to inflate the
of the Charleston, South Carolina, Chamber of Commerce, ad¬
dressed to the President of the United States, and referred to prices of the stocks or merchandise which have been the subject
of their speculations.
The speculator wants it to carry the stocks
this Department, which, after reciting the present stringency in
till he can dispose of them without a loss.
This he is unable to
the money market and the difficulty of obtaining currency, re¬
do in a stringent money market. The banks, their depositors and
quests “ that the sum of five hundred thousand dollars be placed the
borrowers, all want it at the same time, and of course a
and maintained on deposit with tlie assistant treasurer at Charles¬
stringency is developed which spreads distress, throughout the
ton, to be used by him in the purchase of New York exchange
country.
from the banks.”
To comply with
the request it would be necessary for the
Treasury Department to send currency by express to Charleston
from time to time, and to buy with it exchange on New York in
competition with private bankers.
Should this request be granted a hundred other places in the
country might, with equal propriety, ask for tlie same relief, and
if all such requests were impartially granted, the Department
would find itself engaged in an extensive exchange business,
fixipg and regulating the rate of exchange between different
places in the country, and the public money, raised by taxation
only for the purpose of carrying on the Government, would be
employed to a very largo amount in a business which Congress
has not given the Secretary of the Treasury any authority to en¬
gage in.
•'
With a due regard to the proper management of the Treasury
Department, within the provisions of law, I have felt it to be my
duty to decline all similar propositions from other places, and
your request must, therefore, receive the same response.
I have
the honor to be, very respectfully, yours,
,
system creates immense amount of debts payable on de¬
mand, all of which thus suddenly and unexpectedly mature at
the first shock of financial or commercial embarrassment in tin*
country, and at the very time when most needed by debtors and
when they are least able to respond.
The
Safety for corporations or individuals whose capital
employed is wholly or mostly borrowed on call. Many savings
banks were protected from ruin in the recent financial excitement
by availing themselves of provisions in their rules requiring sixty
days or other periods of notice before paying depositors, thus
making all their deposits payable on time. Every cautious and
well-managed savings institution has such a rule among its by¬
There is
no
laws.
Without attributing %tlie stringency in the money market,
which is experienced every autumn and occasionally at other
seasons-of the year, solely to this practice of paying interest upon
deposits in the large cities, it is evident that, when money is less
needed in legitimate business, the practice encourages overtrad¬
ing and speculation, always detrimental to the best interests of
the country, and the bad effects of which upon those interests
Wm. A. Richardson,
become more apparent, and the disaster more widespread, when
Secretary of the Treasury.
the necessary contraction begins to be felt.
The Executive Department of the Government was anxious to
I recommend that national banks be prevented from paying
do everything in its power, under the law, and with due regard
interest on deposits, or that they be restricted and limited therein,
to the protection of the Treasury and the maintenance of public
either by direct prohibition, by discriminating taxation, or other¬
credit, to allay the panic and to prevent disaster to the legitimate wise.
<;ommercial and industrial interests of the country; but it was
While legislation by Congress cannot prevent State banks anc
found impossible to afford the relief in any of the many forms in
private bankers from continuing the practice, it can prevent
which that relief was ashed.
It was decided, therefore, to adopt
national banks from becoming involved in, and instrumental in
the only practicable course which seemed to be open to it, the
producing, t ic embarrassments and difficulties to which it neces¬
purchase of bonds for the sinking fund to such an extent as the sarily leads.
condition of the Treasury would allow, and thus release a con¬
The national banks, organized by law of Congress and having
siderable amount of currency from its vaults.
Purchases of
relations with the Government in the issue of circulating notes,
bonds were commenced on the morning of the 20th of September,
and were continued until the 24th, when it became evident that ought to be the most cautious and safe banking institutions of
the amount offering for purchase was increasing to an extent the country, and should be kept aloof from all hazardous busi¬
ness which it is not possible to prevent sanguine, venturesome,
beyond the power of the Treasury to accept, and the purchasing and
speculative individuals from engaging in, at the risk of their
was closed after bonds to the amount of about thirteen million
dollars had been bought, and without the use of any part of the capital and their credit.
With a fixed amount of .circulation of bank notes and of
forty-four millions of United States notes, generally known as
the reserve.
United States legal-tender notes not redeemable in coin, and with
*
_
.
December
THE CHRONICLE
that
sum
is
9
the minimum limit of issue.
757
Bnt the law
in currency, there must be each year times of
authorizing the issue
the maximum of four hundred million
redundancy and times of scarcity of currency, depending wholly dollars has never been of
repealed, and has uniformly been held by
on the demand, no method existing for increasing the supply.
the Treasury Department and the law officers thereof to be in full
With a circulating medium redeemable in coin, a redundancy
force,
In view of the uncertainty which exists in public senti¬
JH erected by tile export, and it scarcity by the import Of specie ment as to the
right of the Secretary ot the Treasury to issue
from other countries.
United States notes in excess of the minimum, and the conflict of
There is a prevailing sentiment that more elasticity should
opinion as to the policy of doing so, conceding that he has that
be given to the volume of the currency, so that the amount
right under the law, I respectfully recommend that Congress
in circulation might increase and diminish according to the
these questions at rest by a distinct enactment.
necessities of the business of the country,
But the differ¬ shall set that is
Until
done, whenever there is a stringency in the
enced opinion on this subject is so great, and the real difficulties
money market there will continue to be a pressure upon the
attending its solution are so numerous, that, without discussing
Treasury Department, by those who favor a policy of expansion,
anv of the multitude of plans which have been presented to the
to increase the issue of notes to the maximum, by the purchase of
public through the press and otherwise. I earnestly commend to bonds or
otherwise; while, on the other hand, those who con¬
the wisdom of Congress a careful and thorough consideration of
ceive that the public interests will be better served thereby will
this important subject, rendered more obviously^ important by
the present embarrassed condition of large business interests bring equal pressure to keep the issue down to the minimum.
Assuming that it is is the settled policy of Congress, as de¬
Which have suffered by tile recent financial crisis; and that, in
clared in the act of June 30, 1864, above cited, that the total
Sttcli inquiry, avoiding further inflation of the issue of irredeem*
amount of United States notes, issued and to be issued, shall never
able legal-tender notes, the most desirable of all financial results
exceed four hundred million dollars, I am of opinion that it
to be attained, namely, a permanent return to the sound basis of
would be unwise to require the amount in actual circulatiorr1^ be
specie payments, and a gold standard to which all our paper issues
kept up to the maxim, or to any amount above the present
shall be made Of equal value) shall be the aim.
To allow national banks to use part of their reserves at seasons minimum. The Treasury, depending principally upon the re¬
of the greatest pressure, under proper restrictions and regulations ceipts fl'onl customs and internal taxation, without the power of
borrowing or otherwise increasing its resources, with liabilities
would afford some flexibility.
created by congressional appropriations which must he met in
Rigid statute laws applied to all banks, at all seasons, and in
all places-alike, often prove an embarrassment and injury Currency to the extent of nearly two hundred million dollars a
when they conflict with economic principles and the laws of trade year, ought always to have a large reserve upon which it can
draw t<*> meet the ordinary demands upon it in case of emergen¬
and business, which are stronger than legislative enactments,
and cannot be overthrown thereby.
Associated banks at the cies, when the revenues suddenly and unexpectedly diminish by
several redemption cities named in the banking law, which are reason of a national calamity or financial derangement, which
the great controlling centres of business, might do much to give from time to time are liable to occur in all nations.
Such a reserve is also rendered necessary by the fact that the
Steadiness and safety, if they were authorized, through properly
fractional currency authorized to be issued to the amount of fifty
constituted boards or committees of their own officers, to exer¬
cise a large discretion in the use of their reserves, in the rate of million dollars, now in actual circulation to the extent of more
than forty million dollars, is redeemable in United States notes
interest to be charged at different seasons and under different cir
at the option of the holders.
cumstances, and in other matters, within limits prescribed by law.
In order that there may be no misunderstanding as to the cir¬
Should it be deemed necessary or expedient to temporarily
cumstances under which the amount between the minimum and
enlarge the paper-money circulation in cases of great emergency,
the maximum may he issued, and, that it may not he issued for
provision may be made to permit the national banks, under cer¬
tain circumstances to a limited extent, to increase their note cir¬ the purpose of inflating the paper currency of the country, I
culation by.a pledge of United States bonds, Rearing no interest recommend that it be declared a reserve to be issued temporarily
while so pledged, or subjecting the banks to special taxation when the ordinary demands upon the Treasury shall require it,
and in payment of such demands and for the redemption of frac¬
upon the circulating notes obtained thereon, or upon such other
tional currency, the amount so issued to be returned to the re
terms that it would be for their interest to recall the notes and
redeem the bonds at the earliest possible day after the pressure serve as soon as the condition of the Treasury shall warrant it,
and that the purchase of bonds shall be forbidden so long as the
and their necessities should have ceased.
But any large augmentation of the issue of United States legal- outstanding United States notes shall exceed the minimum fixed
tender notes in time of peace would not only be a departure trom by the act of February 4,1868.
I believe that such a reserve, so restricted, would be a proper
that “ declaration of public policy and pledge of the public faith
and reasonable protection against any contingencies whereby the
to the national creditors,” made in the act of June 30, 1864, that
the total amount of such notes shall never exceed four hundred revenues of the country might temporarily he diminished, and
millions dollars, as well as from that more solemn pledge con¬ would give no reasonable cause to fear permanent inflation.
As
tained in the first act of the Forty-first Congress, “ to make pro¬ it ought not to be the business of the Treasury Department to
visions at the earliest practicable period for the redemption of increase and diminish the amount of legal tender notes from time
United States notes in coin,” hut would postpone the day of to time, according to the condition of the money market, and for
specie payments and render it more difficult to attain in the dis¬ the sole purpose of affecting that market, I think it would be
unwise to authorize the reserve to be issued except for the pur¬
tant future, unsettle confidence in our national finances and be a
serious detriment to public credit at home and abroad.
poses and in the manner which I have suggested.
NATIONAL BANK NOTES.
There can be no doubt that during the eight years since the re¬
In the general appropriation act for the fiscal year ending J une
bellion there has been a growing desire among the people to restore
the paper circulation to a specie standard, and that any steps taken 30, 1874, the following special appropriation is made, in addition
to the usual annual appropriation for making and issuing the
to accomplish that object will be received with general favor.
It is not possible to resume and maintain specie payments with national currency:
For replacing the worn and mutilated circulating notes of
so large an amount of notes in circulation and so small an amount
national banking associations, and for engraving and preparing,
of gold in the country.
The volume of currency must be reduced
or that of coin
greatly increased. Should the national banka be in such manner and on such paper and of such form and design
prohibited from selling the coin received by them as interest as the Secretary of the Treasury may prescribe, new circulating
upon bonds pledged to secure circulation, retaining the same in notes for such associations to replace notes of a design and
whole or in part in reserve, or loaning it in the discount of bills denomination now successfully counterfeited, six hundred thous¬
and notes payable in coin, as Congress might prescribe, there and dollars: Provided, That each of said national banking asso¬
would be ,a gradual accumulation of gold in the hanks, which ciations shall reimburse the Treasury the costs of the circulating
would do something towards preparing for resumption.
This, notes furnished under this provision.”
with a constant increase of coin in the Treasury, undertaken with
The operation of this clause must be very limited without fur¬
the approval of Congress, would ere long lead to
ther legislation.
The making of new plates and replacing notes
the desired
result, when other conditions required for the maintenance of seem to be restricted to those of denominations which have been
specie payments should become favorable.
successfully counterfeited, and it is found that the only one that
The acts of Congress of February 25, 1862, July 11, 1862, and can be thus considered is the ten dollar note, although the two
march 3, 1863, together authorize the issue of four hundred and the twenty dollar notes have been counterfeited to some
A plate has been made for the ten dollar note, hut as the
extent.
million dollars of United States notes, in addition to
fifty million
dollars of such notes reserved for the purpose of
proviso in this clause requires banking associations to reimburse
securing prompt
payment of temporary-loan deposits, and the act of June 30, 1864, the Treasury for the cost thereof, few banks are inclined to order
contains these words:' “nor shall the total amount of United them while they can continue to have notes of other denomina¬
States notes issued, or to be issued, ever exceed four hundred tions primed from the old plates without cost to themselves, under
the provisions of the general banking law.
millions of dollars, and such additional sum not exceeding
fifty
I recommend that the proviso in the clause above cited be
millions of dollars, as may be temporarily required for the
repealed, or that banks be required to pay for all new notes fur¬
redemption of temporary loan.”
nished them, whether printed from new or old plates.
The temporary loans referred to in the
foregoing acts having
The soiled and mutilated condition of the circulating notes of
been redeemed, the maximum amount of United States notes
national banks now in use makes it a matter of necessity that
which, under existing laws, can now or hereafter be issued, is
four hundred million dollars.
something should he done to redeem the same and to supply their
places with new currency, to the end that all the notes whieh the
Between the 31st of August, 1865, when the amount of United
people are obliged to take and use as money may be clean and
states notes
outstanding was at its highest point, and the 4tli of whole. Several methods to accomplish this result have been
February, 1868, there was a gradual contraction of the amount in
carefully considered, hut no plan seems to be feasible without
actual circulation, limited
by the act of February 12, 1866, to not the active co-operation of the hanks themselves, assisted by such
more than ten million dollars within the then
next six months,
congressional enactments, as may be required for that purpose,
and thereafter not more than four million dollars in
any one which are earnestly recommended.
month. On the 4th of February, 1868, Congress
passed an act
EXPORTS AND IMPORTS.
suspending further reduction of the currency, when the amount
outstanding was Jliree hundred and fifty-six million dollars, and
During the fiscal year ending June 30, 1873, the value of merrrold above par
'
6,1373 j
“
now
[December 6, 1873.
THE CHRONICLE
758
United States was $642,029,539, as and no legislation should be neglected which may assist the in¬
dustrious people of our country in attaining those most desirable
against $626,595,077 for the previous year.
An analysis shows an increase in the imports of merchandise results.
With the balance of trade in favor of the United States a readmitted duty free, in raw materials and in some articles of neces¬
turn to specie payments may be easily reached, and, when reach¬
sity, while in some articles of luxury there was a reduction.
ed, may be maintained if such wise financial measures are adopt¬
The increase in the importation of coffee was $6,164,339, and in
ed as will prevent overtrading, extravagance and speculation, and
tea, $1,522,519, in addition to the amounts in bond July 1, 1872,
encourage economy, industry, thrift, and only well directed* and
and which were withdrawn therefrom during the year.
Coffee
was so withdrawn for consumption to the
value of $16,901,126, prudent enterorises—conditions as essential to the prosperity of
nations as to individuals.
and tea to the value of $18,024,217. There was an increase, also,
CUSTOMS, COMMERCE AND NAVIGATION.
in the importation of copper and copper manufactures of $1,818, The attention of Congress is invited to the necessity of a re¬
488; soda and salts, $1,719,408; tin in plates, $2,681,222; hides
and skins, $1,427,784; fur skins, $188,170; melado, $2,656,138; vision and codification of existing tariff laws.
Duties on import*
wood and manufactures thereof, $2,141,766; earthenware, $745,- are now imposed under fourteen principal statutes relating to
classification and rates, besides twenty other acts or resolutions
140; manufactures of cotton, $9,893,870.
There -was a decrease in silk goods, $5,723,582; precious stones, modifying or affecting tariff acts, all passed between March 1,.
$182,905; fruits, $713,203; fancy goods, $278,577; fine linen, 1861, ana March 4, 1873, to which must be added the very
laces, and other manufactures of flax, $1,054,115; as well as in numerous customs revenue laws enacted prior.-to March, 1861,.
some articles of a different class, such as barley, $440,626; opium
and remaining either wholly or partially in force.
and extracts thereof, $128,839; leather and leather goods, $1,829,Under these various enactments, questions relating to the917; wool, $8105,114.
proper assessment of duties constantly arise.
There is often- a
The gold value of the exports of merchandise from the United direct conflict between different statutes, and occasionally be¬
States was $522,478,892, as against $444,177,586 for the previous tween two or more provisions ol .the same statute, while single
year.
provisions are frequently held to embrace different meanings.
chandise imported into the
There was an increase in certain
the value being srated in currency:
articles exported as follows,
or
wheat, $12,537,194; wheat flour, $1,425,-
be settled only by arbitrary interpretations
by adjudications in court. As a necessary consequence, pro¬
These differences
can
against the payment of duties exacted by collectors of cus¬
appeals to this department, based on such protests, are
of daily occurrence, while suits brought by the Government to
collect unpaid duties, or by individuals to recover back duties
$952,449; drugs and chemicals, $575,050; hides and skins, $2,159,- paid, crowd the calendars of our courts.
845; fur and fur skins, $382,545 ; leather and leather goods,
The number of statutory appeals to the Secretary of the Treas¬
$1,621,465; in live animals, $259,731.
ury on tariff questions during the last fiscal year was four thou¬
The export of gold and silver in excess of the imports was sand seven hundred and thirty-one; exclusive of miscellaneous
cases or applications for relief,
$63,127,637, as against $66,133,845 for the previous year.
numbering five thousand and
The balance of trade in merchandise has been largely against sixty-five.
the United Staces for many years, and the country has exported
The onerous duties imposed upon the Department, the vexa¬
during the twenty years ending with the last fiscal year gold and tious delays to individuals, and the expense of litigation to all
silver to the extent of more than a thousand million dollars over concerned, resulting from this state of affars are obvious. The
and above the amount imported.
following remedies are suggested for adoption, in a general
For some months past, and especially in the months of October revision of the tariff laws :
and November, the export trade in merchandise has greatly in¬
First. The abandpnment of distinctions based upon commercial
creased, and, owing to the disturbance of financial affairs and usage. In other words, the material of which an article is com¬
other causes, the importation of goods has largely diminished, so posed
instead of its commercial designation, where a particular
that the i alance of trade is at present in favor of the United material forms the sole or chief element of value, should control
States; and gold and silver have flowed into the country during its classification, and the rate of duty consequently imposed,
the past two months at a rate more rapid than ever before, except whether ad valorem or specific.
in the year 1861, when, for the whole year, the excess of imports
Second. The abandonment of “ charges and commissions” as
over exports was $16,548,531; and for the past twenty years there
an element of dutiable value.
The revenue from this source,
has been no other single year in which there has been an excess while uncertain and comparatively trifling in amount, is a fruit¬
of imports of gold and silver over the exports.
ful source of embarrassment and complaint in the liquidation of
The condition of the carrying trade with foreign countries, duties.
Its continued exaction is therefore not desirable.
Third. The repeal of all provisions of law for wliat are com¬
though exhibiting a large adverse balance, shows some slight
gains, with prospects of still further improvement. Ot the ex¬ monly known as “ damaged allowances,” or proportionate abate¬
ports and imports during the past year, twenty-seven per cent ments of duties on merchandise injured daring the voyage of
were carried in United States vessels—a gain of three per cent
importation. These vary at different ports, exceeding at some
over the previous year.
by ten or fifteen per cent those made at others in like cases. In
The increase in ship building in the country is decided. Official
many instances the extent of damage can be only approximately
numbers were awarded by the Bureiu of Statistics to 1,699 ves¬ determined, while in others there is room to suspect fraudulent
sels of the aggregate tonnage of 313,743 tons, while, during the
practices, and, in all, the operation of the system is unfavorable
year preceding, the addition to our mercantile marine was only to the honest importer as well as to the Government.
I there¬
38,621 tons. Since the close of the fiscal year still greater activ¬ fore recommend its entire abolition—a measure which would
ity has prevailed in the ship yards on the Atlantic seaboard. place all importers on an equality in this respect, while there
From the 1st of July to the 1st of November documents have been would result to them only the extra expense of insurance on the
issued to 1,288 completed vessels of 181,000 tons in all* while
duties, in addition to that upon the foreign cost of the goods.
such returns as have been received, incomplete as they are, in¬
Many articles upon which duties are now levied, and which do
dicate that there were building in October last 386 vessels of the not come in
competition with those of the manufacture or pro¬
tonnage of 177,529 tons; including 69 steamers with a tonnage of duction of this country, are imported in such small quantities1
67,007 tons, of which 18 iron steamers with an aggregate of that the duties collected thereon are insignificant and do not com¬
38,492 tons are in course of construction on the Delaware.
pensate for the cost of collection. I suggest that all such articles
In view of the high price of iron and coal and the recent ad¬ be added to the free list.
vance in the cost of labor in Europe, together with the superior
The fees prescribed by law for services upon the northern fron¬
tensile strength of American ship plates, as proved by actual ex¬ tier connected with the execution of the laws relating to naviga¬
Cotton, $47,201,672;
980; bacon and hams, $13,895,545; pork. $884,727; lard $1,068,193; cheese, $2,745,092; oils, $7,256,514; wood and manufactures
thereof, $3,878,930; manufactures of iron, $2,372,725 ; coal,
periments, there is reasonable encouragement to expect that this
branch of
industry will make rapid strides of progress, to the
great advantage of the commerce, trade and financial strength of
the country.
tests
toms
and
are different
questionable whether such
constitutional
provision prohibiting the giving of a preference by any regula¬
tion and the collection of the revenue from customs
from those upon llie coast, and it is
difference does not constitute a violation of the
following table shows the amount of merchandise im¬ tion of commerce or revenue to the ports of one State over those
bond at the places therein named since the of another ; and a revision and equalization of such fees are
June 6, 1872. authorizing the importation recommended.
A tonnage tax is now levied on all American sailing vessels
articles actually used for ship building:
Duties
Duties Duties to he ^-Vessel?-^ engaged in the foreign trade, and on all sailing vessels of othej
nationalities.
It is not imposed upon American vessels engaged
Port.
Value.
remitted, estimated, collected, built, rop’d.
New York........ $173,626 00
$30,992 00
2
in the coasting trade.
Steamships of foreign nationality, in some
Boston
4
47
139,246 00
37,546 86 $10,347 06 $1,306 13
cases, are subject to the tonnage tax ; in others they are exempt
Philadelphia
2.768 00
894 48
*
..
..
Portland
by old treaty stipulations only recently carried into effect. But
15,403 00
4,687 67
*
5
1
Bath
4.743 92
56,66 1 00
*
17
2
all American steam vessels arriving from foreign countries are
subject to the tax. In consideration of the fact that this tax was
Total
50
$387,709 00 $84.864 93 $10,347 06 $1,806 13
28
entirely abolished on all vessels for more than thirty years and
Duties estimated.
10,347 06
only resorted to as a war measure in 1862, and that those engaged
$95,211 99
in the coasting trade were again relieved from this burden ly
• Duties remitted, but
vessel engaged in coasting trade more than three recent enactments, I recommend that this tax be wholly abolished.
months in one year, hence duties accrued.
The Department has found difficulty in the administration of
the act of February 18, 1793, relating to the enrolment and
Nothing, except a sound financial system, is more important to
the welfare of the country than that of turning and retaining the license of vessels, with reference to its application to canal boats
balance of trade in favor of the United States, by a healthy and similar craft designed to be chiefly employed on the internal
From a period immediately subsequent to the
stimulation of the agricultural and manufacturing industry of waters of States.
the country, the reduction in the cost of production at home, and passage of the act down to a comparatively recent date, the De¬
of the transportation of merchandise from the interior to the sea¬ partment uniformly held that such boats, exceeding five tons
board, and the building of ships and vessels to do the carrying burden, were liable to be enrolled and licensed. During.the
trade, now mostly in the hands of the people of other countries; term of my immediate predecessor the question was thorough
The
or taken out of
passage of the act of
free of duty of certain
ported
....
....
...
....
....
December 6,
and the
^nside-ed
liability to enrolment
and license was held
they emerged from
the
has
attach to this class of vessels only when
interna] waters of a State into the navigable waters of
United States
But even this modified view of their liability
been contested on the ground that such boats are not included in
the provisions of the enrolment act.
The growth of inland com¬
merce and the necessities of trade have, of late years, led not
only to a large increase in the number of canal boats, but also to
their more frequent egress into navigable waters.
Hence it
becomes more and more for the interest of the numerous owners
of this species of property to claim entire exemption from the
to
the
imposed by the coasting laws, or incidental to an enforce¬
ment thereof, while the Department has no option but to adminis¬
ter the law * It is, therefore, important that the status of this
burdens
definitely fixed by such legislation as
class of vessels should be
the case requires.
Rivers and harbors which have been
ment at great expense are
thrown from vessels, by which the
dredged by the Govern¬
often made the receptacle of ballast
channels become filled and
navigation impeded. There is much necessity for a law to pre¬
vent this practice, making it a penal offence to deposit, in such
channels or harbors, ballast or other matter by which their value
as
-
such
as
lessened.
of this Department, issued in 1857,
1868-’69, having become to some extent
obsolete, and in many respects deficient, have been completely
revised and adapted to existing laws, special pains being taken to
make the arrangements of topics convenient, and the text of the
regulations simple, comprehensive and concise. It is believed
The general regulations
and partially revised in
that this revision, an
early
and other officers in the perform¬
edition of which will be issued at an
date, will materially aid customs
ance of their duties.
REORGANIZATION OP CUSTOMS DISTRICTS.
I invite the
759
THE CHRONICLE
1878
attention of Congress to the
propriety of reorganiz¬
and examined,
revenue
and the number of those reported for violation of
distress, as well as the
laws, and of those assisted in
number of lives saved through the agency of
is largely in excess of like service performed
the revenue cutters,
during any previous
The character of the service has been elevated by rigid
year.
professional examinations. Ten old vessels have been thorough¬
ly repaired and three new ones have been built. There are now
employed twenty-eight steamers and six sailing vessels, and
these are better adapted to the service required of them than
were the vessels formerly in use.
Three new steam vessels are
constructing, and will go into commission next spring. With
the
addition of
a
new
steamer
and
be in a
for the Columbia River
vicinity, it is believed that this branch of the service will
answer the demands upon it,
economically and
efficiently, for many years to come.
I desire to renew the recommendations heretofore submitted to
Congress that the navy pension laws be made applicable to the
officers and seamen of the Revenue Marine, a^d that provision
be made for a retired list of officers.
These measures are de¬
manded to aid in promoting efficiency, and in justice to merito¬
rious officers and seamen whose lives are spent in the perform¬
ance of hazardous public service.
From the appropriation of $100,000 “ for the establishment of
new
life-saving stations on the coast of the United States,"
twenty-one new stations are in process of erection upon the
coasts of Maine, New Hampshire, Massachusetts, Virginia, and
North Carolina. Of these, ten will be ready for occupancy by
the first of February next, and the others at a later period in the
season.
Arrangements are also being made for the establish¬
ment of two other stations.
No provision of law exists for the
two additional superintendents which these new stations render
necessary, nor for keepers and crews for the same.
It is recom¬
mended that early authority be given for the employment of
condition to
such persons.
Although during
past year marine
collections districts on the Atlantic coast, seventy- unusually numerous, the is gratifying to bedisasters have been
it
able to state that
upon the coasts provided with life-saving stations, which are the
The establishment of many of these districts dates back to a
most dangerous upon the seaboard, the loss of life and property
period when the conditions determining their importance, relative has been
exceedingly slight.
to the commerce of the country, were entirely different from those
The wreck reports from the various stations show that since
existing at the present time. In some, the expenses of collecting the last annual
report of the Secretary of the Treasury, thirty the revenue exceed the amount collected, and the consolidation
ing the customs
nine in number.
of such districts with others maybe advisable. At the same time,
it must be remembered, that the effective administration of the
revenue system often requires the services of customs officers at
points where few or no duties are collected. The judicious dis¬
position of a force for the prevention of smuggling is indispensa¬
ble to the collection of the revenue from imports, especially
where the extent of coast affords opportunities for the clandestine
introduction of dutiable merchandise.
I would therefore suggest
such action as may lead to a reduction of the number of districts,
and a consequent reduction of expenses, without affecting the
convenience of importers or the safety of the revenue.
INTERNAL REVENUE.
The following statement shows the increase and decrease from
each general source of internal revenue for the fiscal years ended
June 30, 1872, and June 30, 1873, as appears
the Commissioner of Internal Revenue.
from the report of
Increase.
#.$2,6*3,855 42
Spirits
Tobacco
Fermented liquors
Penalties
Banks and bankers
.•
Adhesive stamps
Articles and occupations
cow
Decrease.
1,066,439 38
,
$857.i97
'
formerly taxed but
Total
68
8,474,943 75
12,723,224 53
exempt
$4,359,875 31
of
life-saving stations would best subserve the interests
merce and humanity," and a report on the subject will
mitted to Congress during the session.
$22,055,365 95
of
the
perilous duties they are frequently called upon to undertake in
rescuing the shipwrecked, it is recommended that a system of
rewards be adopted in the shape of medals of
tributed to such of them as may particularly
honor, to be dis¬
distinguish them¬
by special or notable acts of gallantry or
daring, resulting
Such rewards
seen that there has been an increase in the receipts for
spirits, tobacco, fermented liquors, and from penalties.
The decrease in the receipts from banks and bankers is due
principally to that provision in the act of June 6, 1872, which
raises the exemption of all sums deposited in savings banks, &c.,
in the name of one person, from $500 to $2,000.
The repeal of all stamp taxes imposed under Schedule B, act
of June 30, 1864, except that of two cents on bank checks, drafts
or orders, took effect October 1, 1872, and has caused a falling
off from that source.
The class of articles and
rescue
of persons
from imminent danger.
might be properly extended even beyond
the life-saving service,
and bestowed upon any others who may have made extraordinary
exertions, at their own peril, in saving life in marine disasters.
Similar rewards are bestowed in foreign countries where life¬
saving institutions exist,
most adventurous
efforts.
and
are
THE COAST
It will be
taxes on
of com¬
be trans¬
For the purpose of recognizing and encouraging the services
the keepers and crews of the stations, in the performance of
selves
in the
....
650,132 57
19,447 94
have been driven ashore upon these coasts by stress
weather, valued, with their cargoes, at $832,230, on which
the loss was only about $220,000.
The number of lives imperilled was two hundred and thirtyfive, of which number but a single life was lost.
In accoi dance with the directions of the act of March 3, 1873,
measures have been taken to ascertain “ at what points on the
sea and lake coasts of the United States the establishment of
two vessels
considered prizes worth the
SURVEY.
Coast Survey under this Depart¬
ment has been prosecuted with vigor and usefulness.
The
changeable character of many of our harbors and most frequented
coastwise passages calls for constant watchfulness, to maintain
the charts and aids to navigation as correct indicators of the
actual channels.
Work has been prosecuted on portions of the
coast heretofore surveyed, and examinations and resurveys have
The
important service of the
also been made at New York,
San Francisco and many other
Boston, Philadelphia, Baltimore,
harbors, as well as in the great
occupations formerly taxed but now thoroughfare between Nantucket and Monomoy. Twenty-five
entirely exempt includes incomes, gas and other sources of taxa¬ new charts are reported as published during the year. The pub¬
lication of a “Coast Pilot," or printed sailing directions for
tion on lists repealed prior to the act of June 6, 1872, and the
harbors and coastwise navigation, has been commenced, which,
receipts from these sources constantly and rapidly diminish.
In accordance with the provisions of the act of December 24, with the annual predictions of tides, will complete and digest for
1872, the offices of assessors and assistant assessors of internal ready use the information laid down on the charts. Muen inter¬
est has been manifested in the extension of the great triangula¬
revenue have been abolished, and all their final accounts approved
by the Commissioner of Internal Revenue and referred to the tion lines across the continent; and the system, steadily pursued,
accounting officers. The number of these offices varied according will in time, at a small annual expense, supply the framework
to the
exigencies of the service, being greatest in 1868, when for an accurate map of the whole country.
there were three thousand and forty-three, of which two hundred
LIGHT HOUSES.
and forty-one were assessors; since which time the number had,
I have frequently attended the meetings of the Light House
up to the taking effect of the act above referred to, been reduced Board, and have been much impressed with the importance of
about one-half.
the work under its control, and the efficiency with wnich it has
The system of collecting taxes by stamps, and without assess¬ been conducted.
ments, lias been found to give general satisfaction.
Since its
Our Light House Establishment is now larger than that of any
application to special taxes they have been collected more other country in the world, extending with its lights and beacons
promptly and thoroughly, and a more gratifying and healthy over more than ten thousand miles of coast and shore, maintain¬
increase in the receipts therefrom is apparent.
ing, at the close of the last fiscal year, 521 light houses, 85 pow¬
The old assessment lists have been disposed of in a large num¬ erful
signals, operated by engines driven by steam or hot air,
ber of the collection districts, and the aggregate amount held as
21 light ships, 364 day or unlighted beacons, and 2,83$ buoys.
collectible thereon does not exceed $450,000.
During the past summer the board, with my approval, directed
its Engineer Secretary, Major Elliott, of the Corps of Engineers
REVENUE MARINE AND LIFE-SAVING SERVICE.
A marked improvement has been made during the past year in
of the Army, to make an inspection of the light house systems of
the Revenue Marine Service. The number of vessels boarded Europe, with a view of improving our own by the introduction
760
of such
THE CHRONICLE.
£
modifications
as
have
been
found
useful there.
His
report has been made, and the practices in other countries which
differ from
view to the
will be
duly considered by the board, with a
as will render still more efficient the
light house system under its control.
At some of the most important points on the French and Eng
lish coasts, electric and gas light houses have been placed, and I
recommend that the Treasmry Department be authorized to make
experiments in the same direction, by applying to two of our
most impoitant stations, on towers already constructed, one
electric and one gas light, of most powerful character.
our own
adoption of such
next fiscal year, have been
submitted, and,
the favorable consideration of
Congress.
Under the provisions of the
********
speedy and systematic rendition of the bullion accounts effected.
request of the Department, he has obtained valuable in¬
formation on various technical and scientific points connected
with the coinage, by which the transaction of business has been
greatly facilitated.
The coinage during the fiscal year ending Juite 30, 1873, was
At the
follows:
Gold coinage
Silver coinage
Minor coinage
$35,240,337 50
'
2,045,795 50
404,050 00
Total
$38,680,183 00
During the
as
same
period, the value of bars manufactured
was
follows:
!
Fine
gold
Unparted gold
Total
..
gold
$7,430,843 78
8,485,602 35
$15,025,440 13
Fine silver
3,140,372 64
8,442,711 84
Unparted silver
Total silver
$11,502,084 48
Total
$27,517,530 61
gold and silver bars
The reduction of the
coinage charge from one-half to one-fiftli
has been followed by an increased coinage", and
piKBvented, to a considerable extent, the export of gold bullion—
its value for coinage in this countrv having thereby
been brought
nearly to its mint value in London, where it is coined without
charge. Some further advantages would no doubt follow the
adoption by this country of the free coinage system as to gold.
I recommend the repeal of the
charge for coining gold, and also
the charge imposed for copper used for alloy, as
being an incon¬
venient item in estimating the coinage value of
gold.
With the view to prevent the export of gold coins,
authority
should be given for keeping in the Treasury, when its condition
will admit of .the same, a supply of fine gold
bars hearing the
mint stamp of fineness, weight and value, and for
exchanging
such bars for coin.
They would always be preferred to coin .for
export, and gold coins of full weight would be retained in the
country, instead of being selected for export.
The repeal or modification of that part of the coinage act which
requires gold coins to be excluded from the benefit of the half
per cent abrasion limit, unless they have been in circulation for
certain prescribed periods, is recommended, on the
ground that
in the daily transactions of the custom houses it cannot be carried
of
one
per cent
into effect.
The
subsidiary siver coins being manufactured by the Govern¬
ment on its own account, and the
seigniorage or difference
between the bullion and nominal value of such coin realized
by
it, provision should be made for redeeming in kind such pieces
have become unduly worn from long circulation.
This is done
in other countries which, like ours, have
adopted the gold stand¬
ard and demonetized silver.
The recent fall in the price of gold,
together with the deprecia¬
tion in the market value of silver, as compared with
gold, which
has been going on for sometime, has enabled the Director to coin
as
silver, to be paid out instead of United States notes
to advantage.
Availing himself of this opportunity, the Director caused to be
purchased as much silver bullion as could be conveniently used
in giving employment to the mints, when not engaged in the more
important business of coining gold, and the same was so coined
and paid out.
During the last few years, our subsidiary silver coins have been
sent in considerable amounts to Central and South
America, where
it is anderstood they circulate as full valued coins.
It would be
better for us to manufacture coin
according to standards and
values legally prescribed by those countries, than to
encourage
the export of our subsidiary coin, which is intended for home
circulation.
In connection with this subject,
cations Jiave been received from
it should be stated, that appli¬
some
of the
South American
governments to supply
them with coins of their own standards.
Theseapplications could not be granted for want of lawful author¬
ity. As an act of comity to friendly States who have no facilities
for coinage, and for commercial reasons, it is recommended that
authotUy $>e. granted for the execution of coinage of other coun¬
tries; i£h$ikjfit can be done at our mints without interfering with
home demands for coin.
No coinage has been executed at the New Orleans Mint since
the year 1861, but the
machinery, with inconsiderable exceptions,
is still there, and reported to be in
good condition. As that sec¬
tion of the country will, at no distant
period, require a
large sup¬
ply of coin, estimates for the amount required, to place the mint
jbi condition for coining operations, and for its support during the
it is hoped, will receive
coinage act, depositors receive in
stamped bars from assay offices, where refining is not done the
identical bullion deposited by
them, and are subjected to heavy
discounts in converting the bars into coin or
currency. These
interior assay offices would become much more useful
to the min¬
ing interests, if authority were given to the Secrerary of the
Treasury to issue coin certificates for the net value of such bars
(We omit t^e remarks of the Secretary respecting Public Build
ings, &c.)
MINTS
The Mint Bureau, established by the act of February 12, 1873,
was organized on the 1st of April, when the
coinage act became
operative. Doctor H. R. Lindernian was appointed director; and,
under Ills able and energetic management, the operations of the
mints and assay offices have been officially conducted, and a more
as
[December 6,1873.
LOUISVILLE AND PORTLAND CANAL.
In the “ act
making appropriations for the repair, preserva.
tion, and completion of certain public works on rivers and har¬
bors, and for other purposes/’ approved March 3, 1873, the fob
lowing appropriations and provisions are made :
For completing the Louisville and Portland
canal, one hun¬
dred thousand dollars ; and the
Secretary of the Treasury is au¬
thorized and directed to assume, on behalf of the United*
Slates,
'the control and
management of the said canal, in conformity with
the terms of the joint resolution of the
Legislature of the State
of Kentucky, approved March 28, 1872, at such time and in
such
manner as in liis
judgment the interests of the United States, and
the commerce thereof, may
require ; and tlie sum of money
necessary to enable the Secretary of the Treasury to carry this
provision into effect is hereby appropriated : Provided, That after
the United States shall assume control of said canal, the tolls
thereon on vessels propelled by steam shall be reduced to
twentyfive cents per ton, and on all other vessels in
proportion.”
The resolution of the State of Kentucky recites the facts that
all the stock of the canal
company belongs to the United States
except five shares owned by the directors, that the property of
the company is subject to a mortgage to secure bonds therein
mentioned, and that the company may owe other debts, and di¬
rects the Louisville and Portland Canal Company to surrender
the canal and all the property connected therewith
to the gov¬
ernment of the United States
upon the terms and conditions
therein specified, tlie sixth and last of which is “that the gov¬
“
ernment of the
United States shall before such surrender dis¬
charge said mortgage and
pay all debts due by said canal com¬
pany, and purchase the stock of said directors.”
Tlie United States, by repeated acts, have manifested the in¬
tention of
taking possession of this canal and maintaining it for
the benefit and improvement of the navigation of the Ohio river,
and tlie importance of consummating that intention at as early a
day
as possible is apparent.
As long ago as 1855 the United
States had become the owners of all the shares in the company
except the five shares held at the request of the then Secretary
of the Treasury by the directors, to enable them to retain their
offices and keep up the corporate organization and the manage¬
the business of the company.
Since that time Congress
has at different times made appropriations and expenditures for
ment of
enlarging and improving the canal to the amount of more than a
million dollars, for which the Treasury has never been reim¬
bursed.
Recognizing the great benefit which would accrue to the com¬
of the country bordering on the Ohio river, by the United
States taking possession of the canal and reducing the tolls
thereon, steps were taken to ascertain the debts of the company,
and to devise a plan for carrying into effect the provisions of the
merce
appropriation act above cited.
It is found that tlie unsecured floating debt of the company,
after deducting cash on hand, is not large, and may be easily
ascertained and paid, and that the five shares of stock may be
obtained of the directors by paying therefor one hundred dollars
per share, with interest from February 9, 1864.
In addition to these debts, there are outstanding eleven
dred and seventy-two bonds of the company", of $1,000 each,
hun¬
with
coupons attached, bearing six per cent interest, pa\rable semi¬
annually". Of these bonds, $373,000 will mature January 1,1876;
$399,000 will mature January 1, 1881, and $400,000 will mature
January 1, 1886.
While the resolutions of the State of Kentucky require that
these bonds shall all be paid, and the mortgage discharged before
the surrender of the canal to the United States, and the bonds do
not all mature until the year 1886, and are supposed to be
tributed among a great number of unknown holders, the
of carrying into effect the provision of Congress may
dis¬
difficulty
be readily
seen.
Congress would authorize the Secretary of the Treasury,
Kentucky, to take possession of
the canal upon paying the floating debts of the company, pur¬
chasing the five shares of stock, and assuming the payment of
the bonds secured by" the mortgage when matured, with authority
to purchase them at any time previously, as circumstances would
warrant, one great obstacle in the way of accomplishing this
most desirable" result would be removed, and the cost thereof
might be distributed over a period of several years.
While this subject was under consideration a communication
was received from the president of the company, under date
of
July 9, 1873, informing the Department that “the Louisville and
Portland Canal Company has been sued in the Louisville . Chan¬
cery Court, by the devisees of Colonel John Campbell, for nearly
all the land owned by tlie company.”
This suit, which is now pending, and is understood to involve
the title to all or nearly All the land through which the canal
runs, has so changed the aspect of affairs, that I deemed it the
part of prudence, within the discretion intrusted to my judgment,
If
with the consent of the State of
to
expend
no money
towards paying the debts of the company
until these facts
should be laid before Congress for its
thereon.
tion and. fiction
non anu *
sports of bureau
flpveral reports of the different
761
CHRONICLE.
THE
December 6, 1873.!
considera-
officers.
3, 1864, and March 3, 1865, authorize the issue of three hundred
millions of circulating notes to national banks to be organized *
under the provisions of those acts, one hundred and fifty millions
of which were required to be “ apportioned to associations in the
bureau officers to accomStates, in the District of Columbia and the Territories, according
those of the First and Second Comp- to
representative population, and
remainder
Frolics Commissioner of Customs ; the First, Second, Third, tions formed in the several States, the District of among associa¬
the
Columbia and
Fourth’ Fifth and Sixth Auditors ; Treasurer, Register, Director the
Territories, having due regard to the existing capital, the
of the Mint Chief of the Bureau of Statistics, Solicitor of* the
resource and business of each State, District and Territory.”
Treasury Superintendent of the Coast Survey, the Light-liouse
The whole amount of currency authorized by these acts was
Board Supervising Architect, and Commissioner of Internal
issued to national banks during the four years following.
Revenue with that of the Comptroller of the Currency, are reThe act of July 12, 1870, authorized an additional issue of fiftyectfully commended to the consideration of Congress, as show¬
four millions of dollars, and provided that such notes should be
ing the extent and condition of the business of the Department in
all its numerous branches, and the faithfulness, industry and in¬ issued to hanking associations organized or to be organized in
tegrity with which the same has been conducted during the past those States and Territories having less than their proportion
under the apportionment contemplated by the act of March 3,
vear bv all persons employed in the service.
jearoyanp
r
TEp
.I^ tMs
report to
wit
:
*
WILLIAM A. RICHARDSON,
1865, and that the bonds deposited with the Treasurer of the
Secretary of the Treasury.
REPORT OF THE
Office of the
United States to
House of Representatives.
Hon. Speaker of the
the additional
secure
circulation should he of
any description of United States bonds bearing interest in coin.
It also provided that a new apportionment of the increased cir¬
culation should be made
COMPTROLLER OF THB CURRENCY.
as
soon
as
practicable, based
upon
of
the
1870, and for the cancellation monthly of an amount of
three per cent certificates then outstanding, equal to the amount
census
Treasury Department,
)
Comptroller of the Currency,
v
Washington, November 28, 1873.)
of national hank notes issued—the last of these certificates hav¬
ing been finally redeemed during the past year. Of this addi¬
tional circulation, authorized by the act of July 12, 1870, there
Sir: I have the honor to submit for the consideration of Con¬
was issued to November 1, 1871, $24,773,260; in the
year ending
gress, in compliance with section sixty-one of the National November 1, 1872, $16,220,210; in the year ending November 1,
1873, $7,357,479; leaving, at the date of this report, still to be
Currency act, the following report:
The first national bank, under *tlie act of February 25, 1863, issued to banks already organized, and in process of organization,
$5,649,051.
was organized in Philadelphia June 20, 1863,* and the first circu¬
The following table will exhibit the apportionment of *he
lating notes were issued December 21 of the same year. Since whole amount of circulation authorized by law ($354,000,000) to
| hat time 2,129 national banks have been organized, 32 of which the different States and Territories, upon the basis of population
have failed, and 117 gone into voluntary liquidation by a vote of and wealth, as given in the census returns of 1870, together with
the amount outstanding and authorized, and the excess and defi¬
two-thirds of the shareholders, under section forty-two of the
ciency :
act. during the last year 68 banks have been organized, 11 have
Outst’dng
failed, and 21 have gone into voluntary liquidation, leaving 1,980
in existence
on
Ter-| Apport'n-
States and
ritories.
November 1, 1873.
ment
populat'n.
The
following table will exhibit the resources and liabilities of
the national baliks at the close of business September 12, the
date of their last regular report—the returns from New York
City, from other redemption cities, and from the remaining
banks, being given separately;
Other
t
re¬
N. Y. City.
demption
48 banks.
cities*
181 banks.
ks.'
,717 banks,
Resources.
$
199,160,887 79 262,523,070 82 478,549,315 61
Overdrafts
m.m 64
591,439 05
3,209,914 03
U.S bon Is to secure circulation 33,870,100 00 89,591,050 On 264.869.250 00
850.000 t'0
IT.S v'onds to secure deposits.
3,026,000 0 i 11,129,0.10 00
U.S bonds & secuiities on hand! 3,332,400 00
1.707,400 00
3,785,050 a)
Other stock', bds & mortgages I 4,552,797 40
4,736,037 68 14,420,199 15
Due from redeemi g and re-!
terve agents
1
S2.279.436 51 63.854,684 15
Due from other national banks! 15,740,765 99 10,976,896 481 14,696,017 59
Due fra other banks & bankers.1 2,077,286 04
3,335,728 30! 6,609.559 07
Keal estate, furniture & fixtures
8,469,984 a8
8,601,528 75! 17,590,310 13
Current expenses
905,622 11
2,341,410 8J! 3,699,404 18
Premiums
766,179 69
1,629,890 56
5,356.773 62
Checks and other cash items
2,058 769 53
1,908,812 89
7,466,300 80
Exchanges for clearing house
67.*>97,740 69 21.028.262 81
Bills of other national banks
2,613,583 00 4,955,579 00 8,502,64 4 00
Bills of S ate banks
11.211 00
15,826 ( 0
Fractional currency
333,394 82
535,538 90
1,428.841 04
Specie
14,585,810 55
3,210,970 07
2,071,683 83
l egal tender notes
21,463,530 00 23,599,40'. 00 42,279,728 00
U S certificates of deposit...
10,810,000 00 7,550,000 00 2,250,000 00
Clearing house certificates...
175,000 00
Loans and discounts
Aggregate.
1,976 banks.
3,9-16 812 12
00
00
00
53
388.330,400
14,805,000
8.824,85 0
23,709,034
96,1.3-1,129
4" ,413,680
12,022,873
34,661,823
6.995,436
7,752,843
11.433,913
88,926,003
16,076,81 6
27,037
2,302,774
66
06
41
21
99
87
22
53
00
l 0
26
19,868,469 45
,J2,317 663 00
20,610,000 00
175.000 00
389,486,310 48 439,356,698 65 951,784 836 40 1,830,627 815 53
Liabilities.
Capital stock
Surplus fund
Undivided profits
National bank notes outstand’g
State bank notes outstanding..
Dividends unpaid
Individual deposits
U S
70,235.000
21,923,211
11,210,470
27,482,342
146,525
205,979
167.512,6(2
deposits
2%. 877
Deposits of U S disb’g officers..
Due to national banks
Due to other banks & bankers..
Notes and bl.ls rediscounted...
Bills pay able
Totals.
....
40,297
72,257,769
18,113,050
62,125 39
127,164,985 00 293,67^,631
32,470,516 75 j 65, 20 771
12,764,472 2’.! 30,540,1'9
77,800.560 00;233 798,S97
207,127 00!
837,201
320,700
875,868
172.0t5.102
283,1U7,798
6,036,117
1,496,332
1,326,753
6,731 509
43,649,018
17,765,945
15,469,278
1,349,073
491.072,616 00
120 314,499 .0
54,515.131 76
839,081,799 00
1,188,853 00
1,402,547 89
622,685,563 <9
7.829,327
8.098,560
133,t ?2,732
39,298,148
5,937.512
5,715,819
4,633,158
2,143,' 29
3,272,799
73
13
94
14
36
5,480,554 09
389,4S6,310 48;4S9,356,698 65'951,781.836 40 ! ,8:0,627,843 53
The redemption cities, in addition to New York, are:
Boston, Albany, Phila
delphla, I ittsburgh, Baltimore. Washington, New Orleans, Louisville, C ncmnati
Cleveland, Chicago, DetroitPMilwaukee, St. Louis and San Francisco.
DISTRIBUTION OF THE CURRENCY.
The act of
*
February 25, 1803, and the subsequent
Proceedings in the Congress of the United
a
the establishment of
three was appointed
acts of Jum
States in reference
bank were June 21, 1780, at which time a committee i
to confer with the inspectors and directors of the pr
Po^d btmk, which committee,
whereas, A number of
9n June 22, 1780, reported as follows:
patriotic citizens of Pennsylvania have commui
cated to Congress a liberal
offer, on their own credit, and by their own exo
tions, to supply and transport 3,000,000 rations and 300
hogsheads of rum, ft
the use or the
army, and have established a bank for the sole purpose <
oDtaining and transporting the said supplies with the greater facility and di
paten; and whereas, on the one hand the
associators, animated to this laudab
exertion by a desire to relieve the
public necessities, mean not to derive froi
mat
they should be
advantage, 8°>,on the other, it is just and
fully reimbursed and indemnified: Therefore,
reasonab
Resolved, unanimously, That Congress entertain a high sense of the liben
rtu** ♦
8aid associators to raise and transport the beforementioned sui
patriotism
6 army> and
accePt the same as a distinguished proof of the
the faith of the United States be, and the same
Fn thlfpreii^es8^801^6*8 t0 ^ 8a*d
the act of incorporation
blnVtn?6
North America. This bank was
bank to a national bank
December 8,1864.
hereby ii
f°^ their effectual reimbursemei
tnp0lf^ bank of. 1780 was completed by
N.
Hampshire.
Vermont
Mass’chusetts.
Rhode Island..
Connecticut...
Total Eastern
States.
...
New York
New Jersey...
converted from
a
c
Stat
Apport’n- Aggregate and authrment on apporti 'n- ized circu¬ Excess.
wealth.
ment.
$
%
2,877,818
2,053,200
1,461,138
1,486,800
1,517,376
1,380,600
6,689,889 12,5 49,3* 0
997,747
1,752,300
2,467,152 4,566,600
lation.
Deflcncy.
$
%
%
8,029,252 3,098,234
4,624,525 1,676,587
2,897,976
6,932,030 4.034,0M
19,239,189 59,523,671 40,284,482
2,750,047 13,385,840 10,635,793
7,033,752 17,994,648 10,960.896
$
4.931,018
2,947 938
16,011,120 23,788,800 39,799,920 110,489,966 70,690,046
Maryland
20,118,813 38,267,400 58,386,213 60,976,006 2,589,793
4.159,382 5,540,100 9,699,482 11,026,890 1.327,408
16,167,317 22,425,900 38,593.217 42,055,781 3.462.564
566.400
573,873
156.342
1,140,273
1,296,615
3 584,651
3,787,800 7,372,451
9,252,847 1,880,396
Total
Middle
States
44,604,036 70,587,600 115,191,636 124,608,139 9,416,503
.
940.233,304 22
■
Totals
Maine
o mi try-
ban
on
Pennsylvania..
Delaware
D.of Columbia
Virginia
604.560
West Virginia.
N. Carolina...
S. Carolina
5,624,042
2,029,041
4,918,022
3,239.045
Georgia
5 435.587
Florida
Alabama
Mississippi....
Louisiana...:.
Texas
Arkansas..
861,846
4,576,646
3,800,52!)
3,330,803
3,757.640
1,115,100
1,539,900
1,221,300
1.347.960
8,031,242
3,144,141
6,457,922
4,400,345
1,530,091
3,902.342
2,360,307
182,131
4,128.900
783,834
1,819.300
1,575,300
265,500
7,010,887
2,319,500
2,365,605
1,127,346
90,000
1,185,900
1,239,000
5,762,546
1,541,1.33
5,039,529
5,230,763
4,695,74U
4,638,622
2,140,845
5,876
1,893.900
938,100
920,400
3,557,700
2,938,200
4,645^282
1,037,346
4,22^413
5,033,653
1.583,893
3,764,789
2,951,841
3,646,870
930,96
3,144,336
192,495
9.621,727
8,715.318
15,459,409
7.637,900
3.341,736
6,476,193
8,983,216
29,098,800 89,249,211
38,160,308
182,131 51,271,034
12,234,726 13.151,100 25,385,826 23.876,370
7,469,400 15,184.271 14,706,415
7,714.871
11,659,230 12,496,200 24.155,430 17.824,209
7.485,043
4,230,300
9,665,657
5,435,357
4,8-11,403 4,141,800 8,983,203
3.253,316
5.481.081
4,230,300
5,674,385
9,711,381
1,345,200
2,018,445
3,363,645
3,330,414
1,115,100 2,787,854 1,825.496
1,672,754
564,592
407,100
911,692
809,500
1,509,456
477,856
Kentucky
2,223,936
6,064,027
Tennessee
Missouri
5,777,118
7,901,509
.
743,400
2,407.200
7.557,900
1,9831827
5.373,582
TotalSouthern
& S’western
States
Ohio
Indiana..
60,150,411
...
Illinois,
Michigan.,
Wisconsin....
Iowa
Minnesota
Kansas
Nebraska
6,331*221
2.180,614
5,7291887
4,036,*996
*
33,231
962.358
162,192
'
Total Western
States
Nevada
51,622,459 48,586,500 100,208,959 78,785,148
195,052
417,377
2,571,783
Oregon
California
Colorado
177,000
300,900
718,277
3,752.400
182.993
Wyoming
Ne\v Mexico..
123,900
306.893
88.500
486,886
68,852
....
21,423,811
6,324,183
372,052
398,386
j Utah
Idaho
Montana
v
35,400
94,540
88.500
35,400
104,252
183,040
77,255
41,855
421,742
44,334
65,096
194.700
Arizona
Dakota
35*400
100.496
Washington...
109.964
88,500
4,938,300
9,550,274
17,700
616,442
62,034
360,188
225.000
538,995
419,829
90,000
252,000
72,000
270,000
198,464
4,611,974
11,864
.
45,000
493.277
6,324,183
232,102
67.057
14,252
68,960
5,255
346,442
62,034
55,496
198,464
Total
Pacific
States
and
Territories..
1,924,688
301,062 7,926,648
Grand total of
States
and
Territories.. 177,000,000 177,000,000 354.000.000 353.968,249 80,589,742 80,621.493
The
following table will exhibit the number of hanks organ¬
ized, the number closed and closing, and the number in operation,
with their capital, amount of bonds on deposit, and circulation
issued, redeemed, and outstanding, in
the 1st
each State and Territory on
day of November, 1873:
States and Terri¬
tories.
k'g
00.
K
-*C
a as
A
Claosnedd Icg-lo. opera¬
New York
New Jersey
Pennsylvania....
Delaware
66
43
41
220
62
2
3
....
3
5.7
11
321
63
213
! 1
34
45
issued.
276 110/654,691
1
11
202
Dist. of Columbia
160,231,432 124,415/ a 151,861,751
506
69,G25,4rC 9S,50S,160
13,938,330 I2,3r9.650 14,59^,875
<,510,2*40 47,146,50 5),510,690
1,7. 6,5 5
1,451,201
l/z3,'8o
13,6-10.202 10:3?1,250 12,8.8, 40
62
5
il
.....
i
33
5S
584
S
28
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
MisJaoUil
out¬
standing.
4
1,652 000
1,670,000
6
2
22
17
10
12
13
4,18\000
s/vfi/xc
2,571,600
2
10
’.2
15
1U
37 532,1r4
eo/76,as
3,571,93
11,026,890
42,055,781
15/54,90
459,900
3,5Tp,19o
118,256,669 140,106.050 185,202,780 60,594/41
4
19
41,371,785 110,4=9,965
2/. 96.0 <
2,1 < 0,000
1,820, .0 1
2,425/ 00
2,294,1 a
4,32 *,800
8,169/<a
1,836,12)0
2,229,580
2,649,2a
764,009
607,45808.893
147,360
53,080
1
9
3,170,000
2,7)-5,0 0
1,569,200
2
8
8
5,250,000
.....
S
*95,000
842),000
203/(0
8.26)1,70('
2 '5,0 0
'272,-a
7,709/ 50
8,178,645
3
5
2
36
24
86
3,520,481
9,545.800
3,249.152)
6,668,350
3/65.510
573,501
8,116,0.5
1,90: ,622
2G1
30
201
45,836,7a!
180
Georgia
Circula¬
tion
12
5
16?
92
137
77
2
11
6
3
ST
27
41
their circulation as it comes into the Treasury.
To this extent
the act may be executed ; but the notes to be redeemed will not
come to the Treasury for redemption to any considerable amount
$9,540,000 $3,380,750 $'.0,392,106 $2,s62,S-4 $8,029,252
4,621/25 1 and therefore but a small proportion of the twenty, five mil1,343,230
5,!8%00O 5.163 000 5.P67,7r5
42
1,977,9 0
0,932,030 ! lions wiil be
7,136,000
8,335,0'2
8,909/90
placed at the disposal of the Comptroller for
217 91,342,000 67,316,150 93,956.110 24,432/ 89 59,52 i, 671 !
13/85/40 ! redistribution to the banks of the South and West.
62 20,504,600 14.98l.7W 18,084,8a
The re¬
4,698.960
tO 25,384/ 20 20,306,8a: 24,550,990
6,556,312 17,994,648
sult will be, therefore, great embarrassment to the banks to
o
642
North Caroli a...
South Carolina...
tion.
8*
Total Mid. States.
Virginia
West Virginia...
tion re¬
deemed.
templated by the act, and it will, therefore, be for the interest of
the .banks to provide the Comptroller of the Currency with the
requisite amount of legal tender notes with which to redeem
42
!
1
Total East. States
Circula¬
tion
scattered through the whole country that it will be impracticable
for them to return their circulation without an expense not con¬
ts
i
Capital Bonds on
paid in. deposit.
In
ca
Maine
New Hampshire..
Vermont..
Massachusetts
Rhode Island....
Connecticut
Circula¬
[December 6, 1878.
CHRONICLE
THE
762
1
1
2 526,4a)
4.600,66
1.430,000
1,477,8a
66,IKK'
4.345,340
1.007,(XX)
373,685
187,76:
20,124
729,470
251,540
80,205
1,156,745
1/2! 6,615
9,252,647
124
608,189
lias already been issued, without providing
relief for organizations elsewhere, as contemplated by the
act.
The Comptroller, therefore, repeats the recommendation
contained in his previous report, that section six of the act of
July 12, 1870, be repealed, and that twenty-five millions addi¬
whom the currency
any
issued
be authorized to be
tional circulation
and distributed
among the States, as heretofore provided.
The Comptroller also renews his recommendation
1,580,091
the law
3,522.842
2, "a,so:
be so amended that national banks may
organized without
1.688,800 1
circulation, upon
bonds
2,176,5a
2 275/05
with' the Treasurer, instead of the deposit
of the capital
1.2a,033
5/76
paid up, as now
al¬
3.615.870
ready
may
to
755,4a)
draw the bonds now on deposit in excess of $10,000, and that
1*2,495
7,02!/a
banks desiring to
may
tender
3,092,006
notes for that purpose
a
amount of
6,217,433
that
be
the deposit of $10,000 of United States
one-tliird
required. lie also recommends that banks
organized without circulation
be authorized
with¬
reduce tlieir circulation
deposit legal
and withdraw proportionate
bonds.
Total Southern &
S. W. States... v
Ohio
Ind ana
Illinois
97
144
Michigan
Wisconsin
Iowa
Minnesota
Kansas
Nebraska....".
Total Weat.Statee
Nevada
Oregon
Colorado
Utah
Idaho
Montana
80
3
7
52
84
<)
34
2
26
11
1
708
46
1
1
7
7,902,462 35,744,718
29.093,000 26,127.150 31,572,610
17,611,600 16,277,3a) 18,949,620
20,*13,000 18,010,600 20,849,450
8,892,5)0
9,763/00 7,964,050
45
3.680,000 3,434.5 0 4,365.72)2)
75
6,0 i 7.000 5,909,000 7/15.695
32
3,50:-),250 3/ 51,2a
4,I73,70<'
1 765,000
26
1,740/95
1,975,000
10
836.200
925,000
940,000
1
39,242 050 43,647,180
7,P48 240 23.624,370
4,113,62)5 14,536,015
4,523,391 16 326,059
1.217,381
1,675,1*7
3.122,816
7,242,881
1,751.810 5.393/85
706 3‘6
3,1-1-4,911
202 699
1,537.496
94,7a
791,5a
94,062,000 83,936,500 98/ 23,330 22,558,892 75,664 438
1
4
662
1
250,600
256.66.1
250.5a
562.720
55 4,520
7
3
625.200
560,000
450,1* 0
1
5
100.000
450.000
100,02)
1
•'
-
2
1
Wyoming
1
6
2
New Mexico
Dakota
2
2
350,000
125,000
300,000
1
1
50,000
.
*
*
-
11,864
V 9,836
25.5a
86.725
134.671
131,760
50,000
20.600
419/29
90.ao
10,3a)
2.72.000
54 oa
289 / 00
•
a
Comparative table, exhibiting by States the bank circulation,* the per capita, the
ratio of circulation to wealth and to capital previous to the organization of
the national banking system, and in 1873.
475.995
1:0.6a
300.000
Congress; the ratio of bank circulation in each State in 1862, and
the amount now issued, in proportion to capital and wealth, ana
the per capita of circulation in 1862, and the per capita of circu¬
lation authorized by C-ongress:
225 000
262,3a
245,000
60,000
The following comparative table will exhibit the amount of
circulation issued under State laws previous to the establishment
of the national banking system, and the amount authorized by
19,600
Bank circulation.
Circulation
per
States and Territories
capita.
wealth.
270,oa
1873.+
18G2.
1862.
1873.
Total Pac. States
G’d total of States
and Territories. 2,123
GOLD
22
3
145 1.975
2,250,000
2,015,000
2,261.120
1862 1873 1862. '73 X
45,ao
45,0a
Maine
25
1,843,688
417,432
New Hampshire
4,192,014
5,621,851
28,957,630
4,624,525
6,413,404
Massachusetts
Rhode Island
Connecticut
14
20
40
61
12 86
17 84
2/52
36 73
30 08
6,932,030
59,52-3,671
13,385.810
13,842,758
Vermont.
193,726,832 390,314,600 481,196,161 132/45,212 318,350,949
$8,029,252 $10 .33 $12 81
$6,488,478
17,994,648
53
97
84
59
33 48
p.c.: p.c. p. c.
3.4 2.3 81.3
2 6
85.3
4.6| 2.9 143.7
3*5 2.8 42.8
4.7 4.5 30.7
3.1 2.3 63.5
p. c.
84.1
89.0*
8)1.0
65.2
55.0
70.9
I8
BANK8.
1
California
1
5
Total
6
1
Massachusetis....
.
.
•
-
120,0a
-
120.CO0
...
....
i
3,200.000
2,537,500
2,074.600
44,6a
2.030,oa
5
3,200,000
2,537.500
2.194,6a
164.6a
2.080 000
The act of July 12, 1870, further provides that when the
four millions of additional circulation “shall have been
fifty-
taken
$65,516,155
Total East. States..
$110,489,966!$20
8,172,398
27,689,501
Pennsylvania
1,296,615
*
6,649,030
Marylaud—.
12
9
6
9
42,055,781
678,340
Delaware
90 $31 68 3.5 2
$60,976,0061 $10 10 $13 91
11,026.890
$39,182,819
New York
New Jersey
uy,” the Comptroller of the Currency shall, as additional circula¬
Total Mid. States. $82,372,091
tion may be required by the banks having less than tlieir pro¬
portion, make a requisition for such an amount, commencing Dist. of Columbia...
19,817,148
with the banks having a circulation exceeding one million of Virginia
dollars in States having an excess of circulation, and withdraw¬ West Virginia
North Carolina
5,2i8.598
6,089,036
ing their circulation in excess of one million of dollars,, and then South Carolina
8,311,728
proceeding pro rata with other banks having a circulation ex¬ Georgia
9,252,847
12
11
10
11
16
53
04
68
2.1
1.7
1.9
1.5
1.8
17
94
37
85
Florida
Alabama
ceeding three hundred thousand dollars in States having the
largest excess of circulation, and reducing the circulation of such Mississippi
banks in States having the greatest proportion in excess, leaving T.miisiana
undisturbed any States having a smaller proportion until those in
Arkansas.
greater excess shall have been reduced to the same grade, and Kentucky
continuing thus to make the reduction provided for by this act Tennessee
\
until the full amount of twenty-five millions provided for shall
be withdrawn ; and the circulation so withdrawn shall be dis¬
Total South,
and !
tributed among the States and Territories having less than their
Southw. States..
proportion, so as to equalize the same.
Ohio
In accordance with the provisions of this section, it will be the Indiana
duty of the Comptroller, as soon as the necessary bonds shall be Illinois
deposited to secure the small amount of additional circulation not Michigan
Wisconsin
already issued or “taken up,” to proceed to make requisitions Iowa
upon banks organized in the States which have an excess.
It Minnesota
\
will probably be the duty of the Comptroller during the next Kansas
three months to make requisitions as provided for by this act Nebraska
upon banks already organized in States which are in excess, for
Total West. States.
an amount equal to the aggregate amount of circulation
called
for by the applications on file from the States which are deficient. Nevada
Oregon.
These requisitions will be made upon the banks located in the California.
following States and cities :
city of New York
Thirty-seven in the city of Boston
Twenty-one in the State of Massachusetts
Seventeen in the city of Providence
Four in the
Fifteen in the State of Connecticut
$5,018,000
13,320,000
2.059,000
2.818,000
-1,185,000
This will reduce the circulation of all banks in the city of New
York having an excess of $1,000,000 to that amount, and the cir¬
culation of all banks in Massachusetts and Rhode Island to $300,000.
If these banks do not return the amount of circulation
within one year after the requisition is made upon them, it is
made the duty of the Comptroller of the Currency to sell at pub
lie auction, upon twenty days’ notice, the bonds deposited by such
associations as security for said circulation equal to the circula¬
tion to be withdrawn, and not returned in compliance with the
requisition. With the proceeds of the bonds the Comptroller is
required to redeem the notes of these banking associations as
they oome into the Treasury. The notes of these banks are so
$1,530,091
3,902,842
88.6
1.2
$11 62
4i
1.0 120.2 83.1
2.5
70
29
1.4
1.1
00
48
0.1
A 55
1 0
12 54
01
5 02
1 14
i.5
7 82
4 09
3 42
5 78
2 66
3 76
i 3
0.9
0.8
0.7 66.3
1.1 40.7
0.9 50.2
0.2 27.3
0.8 101.5
0.0
1.1 51.0
0.6
0.1
1.3 65 5
0 7 127.4
0.5 35.9
$71,098,408 $.‘38,160,308 $6 17 $2 91
1.1
0.8
$9,057,837 $23,876,370 $3 87 $8 96
8 75
5 02
14,706,415
6,782,890
0.7
1.3
0 1
0.0
0.6
0.5
0.4
0.0
1.1 159.6 80.4
1.2 150.9 81.9
0.9 31.4 77.4
1.0 ...; 73.8
0.5 53.8 83.»
0.8 156.5 88.3
1.5 62 4 75.0
5.3 77.8
10
87.5
1.2
0.6
1.0 125.4 79.1
116,250
5,055,222
3,646.870
9,035,724
4,540.906
3
5
1
3
2
'
1,511,133
8,876,519
12
2,360,307
1,819,300
2,319.500
2,365,605
90,000
7,637,900
3,341,736
6,476,193
5 26
8 65
7 86
83
5 24
5,876
•
939 960
4j037,277
619,286
131,087
1,643,200
1,249,000
,
36
17
2 12
1 85
1 15
03
17,824,209
7,485,043
3.253,316
5,674,385
3,330,414
1,825,496
809,500
198.494
2,770
1.3
1.3
40
192,495
-
7 02
6
3
4
7
32
08
75
57
5 01
6 58
$19,684,564 $78,785,14S $2 49 $7 09
28
2 47
$11,864
225,000
......
52
84
00
24
7 90
2 94
13
4
6
12
538,995
419,829
90,000
Utah
......
Montana
252,000
Now Mexico.*
72,000
270,000
Arizona
Dakota
•
•
«
•*
.......
45,000
$1,924,688
$1 82
$238,671,210 $353,968,249
$7 59 $9 18
-
.
•
.
•
•
90.1
80.4
68.7
81.5
0.0
82.2
0 0
68.8
75 1
90.0
84.4
86.9
64.9
66.3 77.5
0.4
0.0
90.0
2.6
2 6
1.4
1.7
1 0
0.9
90.0
90.0
68.0
43.2
90.0
....
....
,
T
....
...
....
ib.«
.....
....
yu.u
0.7
3 17
Grand total of States
and Territories....
0.9 36.0 51.4
1.1 99.8 79.0
1.1 106.8 78.6
1.3 176.2 85.1
1.4 54*9 67.8
18
34
.
Total Pac. States &
Territories
51.7 68*9
7
$124,608,139 $9 97 $12 82 2.0 1.0 53.1 64.0
-
capital.
5-4 ao
Washington
and Territ.iies.
Ratio of Ratio of
cir’n to circ’n to
....
1.5
0.2
1.2
.
« .
»
i
58.V*
cn
(1
been obtained th
of the Treasury on the condition
banks at the commencement of the year 1863- The returns from
muMaryland, Louisiana. Tennessee, and Kentucky were not oop^P*®1®- mnch
aggregate amount of State bank circulation reported at that time was in .
*
The circulation of the State banks
page
in the year 1862 has
210 of the report of the Secretary
greater than at any previous period.t Outstanding ana authorized circulation.
\ Outstanding circulation.
Deoember
(THE
6,1878.1
FREE
BANKING.
The restraining law of the State of New York (act of April 21,
181R1Provided that “ it shall not be lawful for any person, association of persons, or body corporate from and after the 1st day
rf August next, to keep any office of deposit for the purpose of
discounting promissory notes, or for carrying on any kind of
hankine business or operations which incorporated banks are
authorized by law to carry on, or issue any bills or promissory
notes, as private bankers, unless thereunto specially authorized
k^This law placed the whole" banking interest of the country in
i,ftIMi3 0f a few chartered institutions, and was, in its effects,
Grievous monopoly. Most of the States of the Union organize
snec.ial acl of legislature, trust companies, savings banks and
oilier corporations. The Bank of England, and the private and
ioint stock banks of England, organized prior to 1844, possess
the rieht to issue circulation, and no such right has been granted
to other organizations since that year.
All such favored institu¬
tions are monopolies.
But it cannot be said that the national
banks of the United States are inonoplies, in the same sense of
the word
The organization of national banks has, from the
beginning been open to all, and until the amount of circulation
authorized by Congress was exhausted, all applications with
proper indorsements certifying to the means and character of the
applicants for the organization of such institutions, with circula¬
tion, were considered and granted, and the aggregate of circulation for which applications are now on file in this office, the
consideration of which has been postponed, does not exceed ten
millions of dollars.
That the banks which were first organized
profitable to their shareholders is conceded, and it is a cause
of congratulation that the surplus earnings of those years are
husbanded in a surplus fund of more than one hundred and
twenty millions of dollars, as a protection to depositors and
creditors, in anticipation of times of panic and disaster. The
a
l,e
were
the earnings of the banks, of late
and in many cases much less than
the earnings and dividends which the shareholders of manufac¬
turing, railroad, and other corporations realize from capital
invested. If the national banking system, under which two or
more national banks have been organized in almost every city and
thriving village in the Union, and where the earnings of business
men and the savings of the people can be deposited with a greater
degree of safety than under any previous system, is in any sense
a monopoly, it is not the fault of the system, but
an evil which
arises from the existing state of the currency ; and it is believed
that the national banking system is in every sense less a monopoly
than any national system of banking ever before devised.
The system is considered a monopoly because it is supposed that
large profits are derived from the privilege of issuing circulating
statistics we present show that
years, have not been excessive,
*
which are limited in amount. The act of March 12, 1870,
authorized an additional issue of fifty-four millions of dollars of
national bank notes, but the whole amount has not yet been
issued, chiefly for the reason that in the States to which the
notes
assigned there is but little profit in the issue of such
notes, as will be seen hereafter.
But to the erroneous belief that
a
large profit accrues from circulation to organizations of this
kind, the demand for what is termed free banking may, to a large
extent, be attributed. The restraining act of the State of New
York, as has been seen, prohibited individuals and associations
from carrying on the business of banking without first obtaining
special charters from the legislature. This law was repealed
about thirty years after its passage, not without encountering
bitter opposition.
In the year following the repeal, the general
banking system of the State of New York was authorized—a
system based on the deposit of securities with redemption at a
fixed rate of discount, and it is probable that the term “free
banking” originated chiefly from the fact that it superseded the
The signification of the phrase
monopoly which preceded it.
free banking,” however, as now used, is not clearly defined, for
there is nothing in this country to-day more free than banking.
Every individual or association of individuals throughout the
country has the right to negotiate promissory notes, drafts and
bills of exchange, to receive deposits, to loan money upon per¬
sonal or real estate security, and to transact almost every kind of
business pertaining to legitimate banking.
There is little doubt that the. term “free banking” by many
persons is understood to mean the unrestricted issue of bank
notes to any association of persons organizing a national bank,
and depositing the required amount of United States bonds as
security; but there are few persons who have given any consider¬
able attention to this subject who would be willing to advocate
amount
763
CHRONICLE.
was
“
the unrestricted issue of national bank notes to the amount of
the public debt.
It is probable that a more satisfactory definition of free banking
would be, an issue of paper money which shall be promptly
ledeemed at the commercial centre of the country.
Such a
be divided into three classes—(1) an unsecured
circulation, redeemable at par by the bank, or its agent in some
designated city; (2) a secured circulation, redeemable at its own
counter at par, and at the commercial centre at a fixed rate of
discount; and (3) a circulation exchangeable at par for lawful
money at its own counter, and by its agent appointed for that
currency may
purpose.
The currency of the New England States previous to the war
is a fair example of the first class.
That system was generally
known as the “Suffolk system,” because the Suffolk Bank, at
Boston, compelled the redemption of the notes of the New Eng¬
own counter at par.
The system, however, was
not free, but a
monopoly, as banks could only be organize!
under special charters obtained from the legislatures of the six
New England States.
This circulation was not required to be
a.
secured by sny deposit pledged for that
of banks in some of the New England
quently happened, almost always
to the
creditor but to
purpose,
and the failure
States, which notj infre¬
resulted in great loss, ffot only
the bill-holder.
The Suffolk Bank, at
the notes at par at its own
counter, by a-system of assorting and returning the notes to the
place of issue, but the same notes were invariably at a discount
of one-eiglitli per cent in New York.
The notes of these banks
were therefore neither safe nor exchangeable at par in coin at the
Boston, forced the redemption of
chief commercial centre.
The New York State system of free banking is an
the second class of currency, and the only system of free
which has ever been successfully maintained; and it is
that the more thoughtful advocates of -what is termed free
example of
banking
probable
bank¬
shall be issued and redeemed under
propose that circulation
the national currency act upon a
ing
similar plan.
Taking it for granted that the advocates of free banking base
their arguments upon the success of the system authorized in
that State by the act of April 18, 1838, it may be well to contrast
the condition of the currency and..of the public debt at the time
of, the inauguratin of that systeiff, at the commencement of the
war and at the present time.
The currency of the State of New York first issued was secured
by stocks of the different States, and by bonds and mortgages
deposited by corporations with the comptroller of the State.
Subsequently, by various amendments, the law was so changed
as to provide for the issue of circulation based entirely upon the
bonds of the United States and of the State of New York, and
that was the basis at the time of the breaking out of the war.
The debt of the State of New York at the time of the inaugura¬
$11,250,152, and the debt of the United
these bonds were above par in
debt of the State of New York
was
$34,140,238, and the funded debt of the United States
$44,704,092.* The laws authorizing the issue of circulating
notes were more numerous than the States and Territories of the
Union, and the rates of discount in the New York market upon
the bank notes issued and in general circulation varied from oneeightli of one per cent to one and one-lialf per cent discount,
while many bank notes that had a local circulation were quoted
at from five to ten per cent discount.
The notes of the New
York and New England banks, only, circulated throughout the
whole Union, like the national bank currency of to day. The funded debt of the United States is to-day more than
eighty times as great as was the combined debts of the United
States and of the State of New York in 1838, and it is about
twenty-one times greater than was their combined debt in 1860.
Then the United States issued coin only as currency.
Now the
national bank notes and the legal tender notes are about twenty
times the amount of the circulation of the State of New York at
that time, and more than three and a half times the amount of
the circulation authorized at that time by all of the States of the
tion of the
system was
States was $10,434,221, and all
the market.
In I860 the funded
Union, f
The amount of the funded debt and of the currency
fore entirely changed, and it is by no means evident
is there
that what
was a good thing for the State of New York in 1860 is in 1873 a
good thing for the whole United States.
The New York State law authorized the issue of bank note3 to
all associations organized under its provisions at the face value
of United States and New York State six per cent, bonds deposit¬
ed, and to this feature of the law the Bank of England and the
national currency act are indebted for those excellent provisions
which insure absolute security to the bill-holder.
But this law did not authorize an unrestricted issue of bank notes.
It required that the bank notes issued should be
at
redeemed
its
counter, and by its agent in New York, Albany, or Troy, at
a discount.
Practically the notes were redeemed at the agency,
and not at the counters of the bank.
Redemption was the car¬
dinal principle of the law, and it was expected that this principle
of redemption would prevent an issue of circulation which should
exceed the requirements of business.
Redemption in the New
York law meant discount.
It was to-be a redemption in specie,
and was founded upon the avowed principle that specie was
worth more, and was more desirable to hold, than the circulat¬
own
ing notes authorized.
But in order that there should be no
mistake, the law itself provided that the discount upon the
circulating notes at the redemption agencies should be onefourtli of one per cent. If a law had been passed by Congress
at that time-for the redemption of the gold coin in silver coin, or
for the redemption of the silver coin in copper coin, such a law
would have been a dead letter (for the reason that gold coin is
known to be of greater intrinsic value in the market than silver
com, and the silver of greater intrinsic value than copper), though
each of these coins is a legal tender to an amount fixed bylaw.
In order to have a system of redemption, it is necessary that the
thing to be redeemed shall be known to be worth less than the
thing in which it is to be redeemed; and this principle was legal¬
ized by the New York State Legislature, when it provided that
the bank note should be worth, in the city of New York, one
quarter of one per cent less than the gold coinage of the United
States.
If forty millions of dollars, therefore, were issued,! its
value at the moment of issue was $100,000 less than $40,000,000.
If the circulation were redeemed three times a year, there would
be $300,000 of loss on one side, and $300,000 of gain on the other
side.
The gain was, as a general rule, divided between the
banks which issued the money and the banks which redeemed the
same, while the country merchant, the manufacturer and the
land banks at its
* In
addition to the funded debt proper
notes outstanding.
t Circulation in 1860 was $207,102,000.
+The circulation of New York
there were $19,795,611 of Treasury
State was $39,182,819.
4581
-
THE CHRONICLE.
764
jobber in the great cities, experienced the loss.
But the circula¬
tion off the State of New York was known to be so much safer
and the discount so much less than the circulation of any other
State of the Union, that the discount was hardly noticed, when
upon the notes of most of the other States of the Union
from four to six times as great.
The result was, as might
have been expected, that the notes were not fulfilling their func¬
tion of a circulating medium, but being sent forward, not for the
the loss
was
purpose of obtaining specie, but to be exchanged one
other at the Clearing House, in order to provide a fund
York for the redemption of other notes, and also to
for the
in New
provide
profit of from one quarter to one and a quarter per
exchange thus gained by the bankers and
brokers, and the amount of exchange lost by the people in these
transactions, cannot be computed, but there is no doubt that it
amounted annually to millions of dollars.
The average amount of specie held by the New York State
banks for ten years previous to the year 1860, was $17,565,006 10.*
exchange at
cent.
a
The amount of
1851
1852
1853
..
.
..
.
..
..
ia57
..
$8,978,918
13,304.356
..
13,384,410
10.792,429
.....$33,597,211
1858
1859
1860
22,207.782
.
15>21,467
18.510,835
14,370,434
.
24,582,219
175,650,061
Yearly
average
$17,565,006
Of this amount about one-eiglith, say $2,200,000, was held by
the country banks in their vaults, and the balance, seven-eighths,
[December 6,1873.
such
high rates of exchange will also result in the downfall of a
system of banking which, it is believed, will yet become the
most satisfactory and complete of any ever established.
During
the past year, so far as his observation has extended, the
nation^
bank note has been rarely at any perceptible discount for
legal
tender notes in the city of New York; and during the late
panic
no distinction was made by the people between
legal tender notes
of the United States and national bank notes.
Both were alike
hoarded as being the most desirable of all things to hold, and it
is probable that when specie payments shall be resumed, the faith
of the people will be so well established in the safety of the cur¬
rency of the banks that no such general system of redemption
will be required as was necessary for the unsafe currency issued
by the different States previous to the war.
If the circulation should become redundant, as is sometimes
the case with the silver coinage, and the national bank notes be
at a discount for legal tender notes, it will be only
necessary for
the surplus to be presented to the agencies in tlie city of* New
York, where more than two-thirds of the circulation is now re¬
deemable, in order to restore the equilibrium ; for it is to be
hoped that previous to the return to specie payments some system
will be adopted which will give, abundant elasticity to the cur¬
rency without increasing the expense, and burden of general re¬
demption, and without the loss resulting from the high rates of
exchange which have always prevailed under previous systems,
RESERVE.
$15,306,000, was
should be deducted
held in New York city. If from this amount
banking law are also advocates of the
the coin belonging to banks and persons repeal of the chief restrictions of the national currency act, and
residing outside of the State of New York, and tfle amount repre¬ particularly of the provision which requires the keeping of a
sented by checks payable in coin, it would be found that the certain amount of money as reserve against liabilities.
They
amount of circulating notes issued in the State of New York was
claim that the directors and managers of the banks are the best
on an average, for ten years at least, five times the amount of
judges of the amount of money to be loaned; and the amount to
be held on hand for the protection of their creditors, and not the
specie on deposit for the purpose of redeeming their notes. The amount of national bank notes now authorized to be legislature which enacts the law or the officer who executes it;
issued is $354,000,000, and the amount of legal tender notes, that the Government should be careful to protect the bill holder
$356,000,000, so that the proportion of legal-tender money in from loss, but the depositor or other creditor may safely he'
which the national bank notes are now redeemable is nearly iden¬ allowed to protect himself. They further maintain that such
tical, though slightly in excess. If the National Banking law laws prevent the banks from extending accommodations to legiti¬
were so amended as to require the redemption of the national
mate business interests, which, consequently, suffer on account
The advocates of
say
bank notes in the
legal-tender notes at one fourth of one per cent
in the New York State law, instead of at par, as pro¬
vided in the National Currency act, and the national banks of the
whole country would agree to such a provision of the law, the
prompt redemption of the national bank notes would be insured,
but the redemption of this vast amount of circulating notes, if
redeemed but once a year, would result in a loss to the people of
the United States of $900,000; if the notes were to be redeemed
four times annually, $3,600,000; and if redeemed six times annu
ally, $5,400,000. A system of redemption of this kind would also
at once increase the rate of exchange from
the rate of one-tenth
of one per cent now existing at most periods of the year between
the different cities of the Union, to from one-half per cent to one
per cent, thus restoring, to a considerable degree, the condition
of the exchange at the time of the inauguration of the national
banking system, and causing an annual loss to the people of mil¬
lions of dollars.
Such a system would, however, undoubtedly
result in the return of the notes of the national banks, at certain
seasons of the year when they
were not needed, to the vaults of
the country banks, to be paid out when the demand for
currency
increased.
Such a system would also give, what is
exceedingly
desirable at the present time, elasticity to the currency.
The profit upon the circulation of national banks organized
in
the Southern and Western States during the past year, as will be
shown more fully hereafter, did not much exceed one per cent
for the country banks, and was less than one-half per cent in the
redemption cities. Under such a condition of things, with so
small a margin of profit to be derived from the issue of circulating
notes, there would be little demand for circulation, and conse¬
discount,
r
as
quently but little danger in throwing the doors wide open for the
issue of circulating notes to any association properly
organized
that might desire such circulation; but with the reduction of the
value of the bonds and the approximation of the value of the
bank note to the value of specie, the profit would increase, and
with the increase of profit the demand for the issue of additional
bank notes would also increase, so that under such a system the
issue of bank notes would have a continual tendency to lessen the
value of the paper dollar, and prevent its approximation to the
value of the gold dollar, so that all ideas of specie
payment might
forever be abandoned.
In order to insure the prompt redemption of the national bank
notes the amount issued must be so much increased that the
notes will be, say, at one-eighth of one per cent discount, and
this would probably not be accomplished until an addition should
be made to the present circulation of one hundred millions of
dollars.
The same result would follow from the reduction of
the volume of legal tender notes simultaneously with the increase
of the issues of the bank notes; but Congress has so
frequently
refused to diminish the amount of legal tender nctes, that, in the
a
free
of the lack of such accommodations.
In
be true, but such laws are not passed so
some
instances this may
much for the benefit of
those persons who conduct their business on sound principles as
for that class or association of persons which has but little ex¬
perience in the method of transacting a legitimate business. If
the law be correct in principle, it will be found not to interfere
with the rights of those persons who understand the true theory
of business, but its tendency will be to prevent abuses on the
part of those who would otherwise take risks which a prudent
and careful
man
would avoid.
Any association of persons may organize a bank under the pro¬
visions of the national currency act.
If private citizens wish to
transact business in accordance with their own judgment, they
can avail themselves of the privilege by conducting a private
business.
If other citizens prefer to organize corporations under
an act of
Congress -which imposes restrictions designed for the
public good, who shall object ? The privilege is open to both,
and each can decide without prejudice or hinderance.
A private
banker solicits and obtains business
on
the
strength of his good
and it is well understood that the funds placed in his
hands are to be used at his discretion, the depositors relying upon
name,
his business
sagacity and judgment ; but if corporations desire to
organize under the autlioriry and seal of a great nation, care
should be exercised that the authority obtained shall not be
abused.
r
During the past few years great corporations have been or¬
ganized by authority of law with the advantages of immense sub¬
sidies, but almost wholly without restrictions, the law-making
power having been led to believe that the corporations author¬
ized would contribute as much to the public good as to their own
profit ; but it has been found that overgrown corporations are
with
people,
and
conducted in defiance of the rights of the shareholders, and
little regard to the comfort and wants and profit of the
but chiefly for the benefit of the few officers and directors ;
the whole country is now aroused to the mistaken legislation
placed the highways of the nation under the control of
without reserving such salutary restrictions as should
compel the common carrier to deliver the products of the land to
the market for a fair remuneration ; and it is the great economical
liroblem of the day how to correct a monstrous evil, which would
have been under complete control if the proper restrictions had
at first been provided and enforced.
The officers and directors of stock companies which have a
good reputation are too apt to forget that they are but the ser¬
vants of the shareholders, and that the poorest shareholder is en¬
titled to information in reference to its affairs.
The Bank of
Amsterdam is said to have been bankrupt for fifty years prior to
the announcement of its failure, yet it continued business for half
a
century upon the strength of the name and character it had
opinion of the Comptroller, any general system of free banking, built up ; and many individuals and corporations are supposed
accompanied with redemption, must be postponed until the re* to-day to be possessed of large wrealth whose affairs, if carefully
sumption of specie payment.
scrutinized, would be found to exhibit the reverse. If banks are
The Comptroller, in order to avoid any misapprehension of his to be
organized under the authority of law and intrusted with the
views upon this subject, desires to state that he is not an advo¬
earnings of the people, it is right that legislators shall require
cate of any permanent system of currency usually known
them to loan the savings of the people upon real estate security
as an
irredeemable currency.
He believes, however, that the people of of twice the value of the loan ; and if the banks are organized
this county will not, and ought not to, submit to the higher rates for commercial
purposes, it is right that they should be prohibited
of exchange prevailing previous to the war, and that
any amend¬ from loaning money upon real estate, and be required to loan
ment to the National currency act which shall result in
restoring money chiefly to business men upon commercial paper, and de¬
Specie held by the New York State banks Jrom 1851 to 1860. (Report of positors have a right to expect that, the contract which the law
Superintendent of Banking Department of the State of New York, January 1, provides between them and the bank shall be enforcedL If the
law provides for a proper security for circulation, and: at the same
1861, page 79.)
*
.
which has
a
fe\vr
men
December6,1873.]
THE
765
CHRONICLE.
probably enough be withdrawn from the bank’s
right rate of interest is found which will attract
money from abroad, and before that rate has had time to attract
it.” Again he says,
I should say that at the present time the
mind of the monetary world would become feverish and fearful
money of the people, and first of all to fulfill their legal obliga¬
if the reserve of the banking department of England went below
tions with their creditors, rather than to attempt to follow the
£10,000,000.” This proportion is equal to more than one-third of
vagaries and manipulations of the stock board, or assume to regu¬ the
average liabilities of the Bank of England, and is more than
late the rate of interest on the street.
While the law permits
eight per cent in excess of the amount required by the National
banking corporations to use a certain portion of the deposits of
each creditor, and realize a profit therefrom, it provides also that Currency act.
When this distinguished economist asserts that the Bank ot
they shall keep a certain other portion of such deposits on hand
England “ought never to keep less than £11,000,000” on hand,
for the prompt payment of the creditor, whenever it shall be de¬
and that “the monetary world would become feverish and fearful
manded. The correctness of this principle of law is evident, but
if the reserve in the bank department of the Bank of England
the difficulty is to ascertain the exact amount necessary to keep
on hand.
The reckless banker or director would loan it all, and went below £10,000,000,” and at the same time that the rule of
reserve required by the National Currency act “will sometimes
frequently not to his neighbors for the purpose of facilitating err
by excess and sometimes by defect,” the mind of the searcher
]egitimatertransactions, but to himself, for use in some enterprise after the truth in reference to the
principles which should govern
which promises well, but results in ruin.
The prudent banker
invests carefully the savings of his neighbors, and studies their legislation upon this subject is bewildered, and will look in vain
for light to the abstruse legislation and management of the Bank
wants, holding an ample fund at his command for all emergen¬
The law properly provides that all the assets of a bank, of England, and to the dark statistics which emanate semicies.
even including the furniture, shall first be applied
to the pay¬ annually from the parlors of the London joint-stock banks.
The method which requires that the reserve be proportioned to
ment of the creditors, the shareholders having a right only to the
balance which may remain after the payment of every cent of in¬ the liabilities iB based on the conviction that the amount of the
debtedness.
If tiie law is so careful to protect the interests of reserve should be dependent on, or have some definite relation
the depositors, it is also just that it should provide restrictions to to, the varying amount of the liabilities ; and the opposite view,
that end, and devise methods of ascertaining frequently whether to wit, that the reserve should have no such relation, but should
these restrictions are strictly observed.
The amount of the be a fixed quantity, entirely independent of and undisturbed by
capital of the shareholder may be small, and the amount of the changes in the amount of liabilities, appears to be in conflict
capital furnished by the depositor may be many times as great, with sound principles, and is at variance with the practice, when
so that the risk of the shareholder is by no means as great as that
untrammeled, of the leading and safer banking institutions both
of the depositor.
of this country and of Europe*
The capital and surplus of the London and Westminster Bank
But it is claimed that the Bank of England is required to hold
of England belonging to the shareholders is fifteen millions of this large amount of reserve because it holds in its vaults the
dollars, while the average capital, in the shape of deposits con¬ reserve, not for its own dealers, but also of the joint stock banks
tributed by its creditors, is one hundred and twenty millions of of England, whose combined deposits are three times as great as
dollars.
Three national banks in the city of New York, with a all the deposits of the Bank of England ; and that, therefore, the
capital and surplus belonging to the shareholders of ten millions Bank of England must at all times be ready, not only to pay the
of dollars, had, previous to the late crisis, deposits contributed demands of its creditors, but also to extend loans to the other
by their creditors equal to fifty millions of dollars; and a late institutions in times of panic. The joint stock banks of England
'report from a savings bank in this country, on file in this office, are not, however, entirely deficient in reserve, for it is found upou
exhibits a capital belonging to shareholders of but $25,000, while reference to the statistics of the London & Westminster Bauk for
the capital contributed by the depositors was $1,000,000.
The 1867, published by the same author, that this bauk, with a capital
capital contributed by the depositors in the first instance, that of of £2,000,000 and a surplus of £1,000.000, had at that time deposits
the English bank, was eight times that contributed by the share¬ of
£13,889,021 ; cash on hand, £2,226,44-, and government securi¬
holders; in the second instance, that of the three New York banks, ties amounting to £3,572,797. This bauk, which is the largest joint
five times, and in the case of the savings bank forty times.
The stock bank in England, and second only to the Bank of England
necessity of restrictions to govern corporations holding such large itself, therefore held at that time 6 per cent of cash and more than
proportionate amounts of credits could not be better illustrated.
25 per cent in addition in available resources, while many other
The banks of England, of Scotland, and of other countries of of the
leading joint stock banks of England continually hold in
Europe are managed by men who have had long experience in available resources a still greater amount, as may be seen from
that branch of business, and their experience is handed down from the
following table :
.
generation to generation to their successors, and the organization
of a corporation to conduct the business of banking by men untried Table of reserve, <.be., of the ten principal join t-slock banks of London, on June 30,
1873, compiledfrom the London Economist of Oct. 18. 1873 (supplement).
in that particular profession or calling would be looked upon
with disfavor, and meet with no success.
Pro purtio n of
But in this country,
r jse r ve to
under the provisions of the act, any association of persons may
li abiliti es.
Reserve.
organize a bank, and it is no uncommon occurrence for applica¬
Capita
Cash de¬
and
Banks.
tions to be received for that purpose from persons who have had
posits.
”1i
surplus.
Stock
little or no experience in banking, but who desire to organize
US
si
in vest¬
Total.-.
Cash.
under the national currency act, because it is believed that an
ments.
>"V
ft
organization under that act will give to the shareholders a London and'
!?. C.
p. c. p. c.
character and credit which they could not obtain if they should
Westminster £3,000,000 £28,383,425 a£3,796,639 6 £3,298,85! £7,095,460 24*99 7(26*48 >(25.31
Lond’n Joi’t
attempt to conduct a private banking business.
Stock
1.678.819
17,401,319 «2,213,816 cl.030.000 3,298,816 18-95 18-22 15-45
defines the kind of security in which deposits shall be invested it is as important to know that the contract with the de¬
positor will be fulfilled, as well as the contract with the bill
holder
It is the business of such corporations to receive the
time
£3,000,000
may
store before the
CO
«
.
.
QJ
-3
It is said that the restriction in reference to
removed from circulation, for the reason that
reserve
should be
the circulation is
already safe, beyond a peradventure. This is undoubtedly true,
for the security of the circulation rests not alone upon the bonds
which are deposited, but also upon the total assets of the bank,
the
personal liability ot the shareholders, and, finally, upon the
guarantee of the government that in any event the -face value of
the note shall be paid.
The absolute certainty of the full pay¬
ment of the notes is therefore assured.
But the question is not
whether
shall be held which shall insure the payment
merely of the note, for that is unnecessary, but what amount of
reserve shall be held
by the banks to insure the prompt payment
of all their liabilities. The percentage of reserve could be fixed
a reserve
relatively to the capital if the amount of the liabilities were in
all cases proportionate to the amount of capital, which, as is well
known, is not the case. The question is not what percentage
Bhould be held upon capital, upon deposits, or upon circulation,
but what amount of reserve should be held to protect the demand
liabilities of the bank, and the experience of years alone can
determine that proportion.
A recent writer*
on
English banking, who has been extensively
quoted in this country, has stated that the provision of the
national currency act requiring a fixed proportion of reserve
Union
City
Imperial
A1 lance
Conso ldat’d
Central
London and
Southw’n..
London and
669,018
729,479
£15,000,000, for experience shows that between £2,000,000 and
Lombard Street, by Walter Bagehot.
k 179,216 24-57
23-75
22-12
6,842,641 38
96
S7-80
41-36
8,991.005 28,288.419 31-97
32-55
31*40
0330,527
£88,746
153,1^6
7,414,81^
951,989
560,695
723,184
15*45
31-54
25-18
35-70
1,062,431 35*54
159,16’- 23 79
1,809,000
17,821,279
25,195,143 ml,617,49S
Total....
11,561,654
88,471,927
19,297.444
Cash in hand and at the Bank of England.
b Government stock and exchequer bills,
c Consols, new 3 per cents, and reduced at TO.
d Embraces £1,178,516 cash in the bank, £171,202
a
e
cash in Bank of England, and
£2.a04,185 cash lent at call.
Government stock, exchequer bills, debentures &c.
/Cash in hand at Bank of England, and at call.
q Exchequer bills. East India debentures, and government securities.
h Consols. India debentures, «ud city bon is.
i Investments in consols, &c.
j New 8 per cents, and other government Blocks,
jfc Cash in hand and at call.
I Cash on hand at head office and branches, and with Bank
call and at notice, covered by securities.
m Government and guaranteed stocks.
n From the London Economist of March 15,1373, page 83.
*
Bank of England
of England; cash at
f
deposits and reserve, compiled from the London Economist.
reserve.
Rate of
discount.
£
£
July 30
12,423,352
11,996,907
12,713,623
13,287,645
13,318,865
12,760,233
13,177,780
13,346,843
13,238,507
9,954,181
9,115,152
7,861,036
8,109,529
8,455,447
8.071,288
Ancmst 13
29.416.360
September 24
October 1
October 15
October 22
November 6
".
Per cent, of
Per cent
at,403,984
23,675,965
23,989,301
24,622,147
25,691,351
27,591,061
29,080,534
Banking
Deposits.
Date.
October 20
*
54-02
81-96
25-06
33-43
34-50
33-30
*179,219
172,630
reason
less than £11,000,000 or £11,500,000 of reserve on hand, and that
in order not to be below £11,500,000, the bank must
begin to
take precautions when the reserve is between £14,000,000 and
50-93
30
21-68
38 24
32-2(i
42-77
62,278.825
/159.165
13,371.046
8.050,436
2.235,587
County....
liabilities is not the proper
standard for a bank reserve, for the
that, a fixed proportion “will sometimes err by excess,
and sometimes by defect,” and that “the near approach
to the
legal limit of reserve would be a sure incentive to panic.” He
says that “ the very essence and principle in the American
system is faulty ;” but in the final summing up of his argument
in reference to the reserve which the Bank of England should
hold, he gives it as his opinion that the bank “ought never to k< ep
1,821,583
2,983,705
(23,135,994
/621.462
Z'471,949
/"65,023
/854.029
1,5k 0.000
75",000
7 JO,10
940.000
875,125
109,100
29,456,519
29,040,400
27,584,764
24,747,665
22,981,415
22,530,271
22,357,428
3%
3
-
4
5
6
-
7
8
9
reserve.
-50-9
-50-6
-52-9
•539
*51-8
•462
•46-9
-45-3
-44-9
-34-2
-830
-31-7
•352
•37-5
-36-1
THE
766
LHKONICLE
It is well known that tlie funds of the Engliah government are
the most readily convertible of any in the markets of th^ world,
:and that while English consols* can at all times be purchased at
a moderate discount, (92,) they can also at all times be converted
into a coin at a smaller losa than any other securities upon the
market. The joint stock banks of England, therefore, have a final
resource in which their reserves can be invested with the certainty
of conversion at any moment.
The Bank of England thus holds
continually a reserve of about one-third of the amount of its aver¬
age liabilities, while the joint stock banks of England continually
hold in available reserve a still greater proportionate amount in
cash and government securities ; and it is no answer to the prop¬
osition under discussion to say that the conversion of the consols
held by the English joint stock banks into coin would have the
effect
at once to
reduce the
reserves
of the Bank of
England, for
the money market of London is, as we have been taught to believe,
tbe money market of the world, to which is attracted the capital
of all nations by the simple process of raising the rate of interest.
The national currency act requires that the country banks shall
hold 6 per cent, the redemption cities 12| per cent, and tlie New
York city banks 25 per cent of their liabilities in cash, making an
aggregate of cash reserve ot from
13 to 15 percent.
[December 6, 1873.
in the city of New York, at such periods of the
legitimate outlet for tlmse funds, and are, there¬
year, have no
fore, threatened with loss. The Stock Board takes advantage of
this condition of affairs, speculation is stimulated oy the
cheap,
ness ot
money, and a market is found for the idle funds upon
doubtful collaterals, and the result is seen in the increased trans¬
actions at the Clearing House, which, during the past year
exceeded thirty-two thousand millions of dollars, or an
average
of more than one hundred millions of dollars daily—not one half
of which was the result of legitimate business; the total amount
of transactions being greater than that of tlie Bankers’
Clearing
House of tlie city of Loudon.
The evil arises largely from the
payment by the banks of interest on deposits, an old established
custom which cannot easily be changed by direct legislation.
A
considerable portion of these deposits would remain at home if
they could be used at a low rate of interest, and made available
at udv time upon the return of the season of active business.
No
sure
investment of this kind is, however, open to the
country
The banks
ness.
banks, and the universal custom is to send forward the useless
dollars, from vaults comparatively insecure, to their correspondents
in the city, where they are supposed to be safer, and at the same
time
earning dividends for shareholders. A Government issue,
bearing a low rate of interest,'to be counted as a certain proportion
of the reserve, and an increase of the amount which the country
banks are required to keep on hand, is the proper remedy for such
a state of things.
Such an investment need not result in inflation,
for the currency invested would be in the possession of the Govern¬
ment.
If the currency is held, the objection is the loss of interest to
the Government; but this loss icould be no more than a just rebate
upon the six millions of dollars of taxation annually paid by the
which can be banks to the Government, at a time when almost every kind of inter¬
The remain¬
der of the reserve required to be held by the country banks may
be on deposit with the banks in the redemption cities, while that
of the redemption cities may be on deposit in the city of New
York.*
These large accumulations in the redemption cities, and in the
banks of the city of New York, are to a large extent invested in
call loans, the banks in the redemption cities and in the city of
New York having no resource like the joint stock banks of Eng¬
^
land iuto which to place their
surplus ot reserves,
readily converted in the markets of the world into coin,if occasion
shall require ; and it can hardly be doubted that if the surplus
means of the country banks, which were invested in call loans
by their city correspondents, had been invested in funds converti¬
ble into cash upon demand during the late panic, the disastrous
‘
results would have been
largely avoided.
in a great degree, by tbe desire ot the
country banks to withdraw their balances from the city banks ;
first, because in the month of September the amount on deposit
with the city banks was needed for the legitimate purposes of
trade: and secondly, because the country banks, foreseeing and
fearing tlie return of the experience of previous years, thought it
The crisis
was
caused
safer to withdraw their balances at
once.
When the
reserves
of
the New York
city banks became alarmingly reduced by the
drafts of their country correspondents, the only resource left to
the city hanks was to convert their call loan9, amounting to some
$60,000,000; but these, if paid at all, were paid in checks upon
-
'
.
nal taxation has been discontinued.
should not be grudgingly made,
Such
a
reduction of taxation
if the result shall be to give
elasticity to the currency, to strengthen and steady the money
market, to give additional security to seven hundred millions of
dollars belonging to depositors by retaining in the vaults of the
banks a large amount of funds 'or legitimate business purposes,
which would otherwise be thrown upon the Stock Board to unset,
tie values throughout the country, and alternately increase and
depress tlie price of every commodity.”
The recommendation for the issue of these certificates to be
counted as a certain portion of the reserve is renewed.
The same certificates could also be issued to a large extent as a
safe investment for laboring men and others requiring a safe
investment for earnings.
If such certificates were issued in
$50 they would at once be recognized as the safest
possible temporary investment, and the Government wou’d soon
ascertain by experience what proportions of such certificates
the associated banks, and the latter found, the next morning, at could be safely invested in The 6 per cent bonds of the United
the Clearing-House, that, although a portion of their liabilities States, thus saving the interest upon the funds in which the earn¬
had been reduced by tlie payment of call loans, they were in the ings of the laboring man were invested, and conferring a perma¬
nent benefit up m its humblest citizens.
aggregate no richer in currency than on the previous day. Sus¬
The returns made to the Cleariug-House Association of the
pension followed; but. if the surplus of the country banks had
weekly average of reserve of the national bank's for each week
been to a considerable extent invested in Government certificates,
the dralts upon the city banks would have been proportionately since the first of Janury last, show that the provision referred to
less; and if the surplus fund of the -;ity banks had likewise been has bemi generally observed, and the exceptions to the rule have
held in such certificates, the avails of such certificates would have not been among batiks of old established reputation, whos^ expe¬
been quietly withdrawn from the Treasury, and the banks would rience is entitled to great weight, but among banks more recently
have found themselves possessed ot ready means with which to organized, which have been ambitious to obtain business and are
willing to assume risks for that purpose.*
supply the demands of their dealers.
The rule requiring a reserve was adopted by the voluntary
It is said that the issue of such certificates would facilitate the
action ot the Clearing-House Association of ihe city of New York,
withdrawal of legal tender notes for speculative purposes, but
the As.-istant Treasurer in New York could hardly fait to be advised previous to tlie passage of the national currency act.
At a meet¬
of the deposit of large amounts of money with himself for ille¬
ing of bank officers, representing forty-two of the forty-six banks
gitimate purposes, and a provision of law similar to the one of the city of New York, held at the rooms of the < Tearing-House
already in force, forfeiting the amount of money on deposit, and Association in March, 1858, it’ was agreed “ to keep on hand at all
directing the prosecution of such offenders, 'would effectually times an amount of coin equivalent to not less than 20 per cent of
our net deposits of every kind, which shall
be made to include
prevent such transactions.
certified checks and other liabilities, except circn ating notes,
fi lie issue of a Government certificate for the use of all the
banks of the country, to he counted as a certain portion of their deducting the daily exchanges received from the Clearing House.”
This resolutioh was adopted five years previous to tlie passage of
reserve, was recommended as follows in my last annual report:
“The reserves of the nineteen hundred national banks located tlie national currency act, and its phraseology is not unlike the
•elsewhere than in the city oi New York are held to a great extent provisions of that act in reference to reserves to be held by the
in that city.
For most of the time during the past year an amount national banks of New York city. The resolution did not provide
equal to more than one-fiftli of the capital of all these national for a reserve on circulation, for the reason that the circulation of
banks has been held on deposit by the national banks of the city
* Statement
of the weekly average percentage of reserve held by the New York
of New York to the credit of their correspondents.
In many
City Hanks, as reported to the Clearing House.
amounts of
-
•
•
••
cases
these
credits amount
which
twice the capital of the bank*with
other cases the amount of deposits
to
they are deposited; in
is three, lour, and even five times the capital, which amount has
been attracted thither largely by the payment of interest on
The failure of ons of these New York city banks in a
time of monetary stringency would embarrass, if not ruin, many
banks in the redemption ciiies, and, in turn, the country corre¬
spondents of these banks would suffer from the imprudence of
tlie New York bank, which would he responsible for wide-spread
Averag percntag natio! hanks. Averag percntagSlate banks. Average percntag al.
Week
ending—
of
deposits.
-
-
disaster.
*
*
*
*
“In times of excessive stringency loans are not made by such as¬
sociations to business men upon commercial paper, but to dealers
in speculative secui ities, upon short time, at bigli rates of interest;
and an increase of call loans beyond the proper limit is more
1
1873.
Jan. 4
11
'18.
25
Feb. 1
8
15
21
Mar. 1
8..
“
,* that city lor deposit
*
Since the year
upon
interest, to await the revival of busi-
1850 the English consols (three percents) have ranged in
Sriee from 90* (inbeen above 92 ; (inrate which indicates the borrowing power
uring that period 1851) to 87jtf a 1866.) The average price has, however,
of the government to be about X percent per annum.
26.32
27 25
...
•..
15
22
likely to afford facilities for unwarrantable stock speculations
than relief to legitimate business transactions. *
*
*
The variations in the liabilities requiring reserve in the banks
•r of the
city of New York are very great. The banks outside of
New York, during the dull season, send their surplus means to
of
29..
Apr
5
12
19
26..
May 3
10
18.21
19.98
27 60
19 31
19 00
17 59
16.99
17.90
16.88
16-97
17.61
16 63
17 26
16 95
15.97
17.38
17 69
18.93
19.03
19 54
27.46
26.56
26.35
24.93
24.78
25 57
25 56
25 53
25 50
25 34
23.83
24.42
25 02
25 17
26.51
27 32
|
Week
ending—
of
25.61
26 61
26.85
26.71
25 77
25.54
24.32
24 10
24.84
24.89
24.78
24.80
24 62
23.16
23 82
24 39
24.65
25.87
26.67
Average percntag natiol hanks. Averag percntagStae hanks. Averag percntag al.
of
1
|
’1873.
May 17
24
31
!June 7
14
21
28
July 5
12
19
26
Aug. 2
9
16
23
30
Sept. 6
13
20
,
of
of
1
27.53
27.03
27.61
29.70
30.28
30 34
30.97
31.78
31.42
30.87
30.95
30.59
30.18
30.39
28.28
27.94
25.67
24.44
23.55
|
|
19.57
20.00
18.50
21.34
20.87
20.80
21.25
19.09
20 91
21.10
21.54
19.83
21.42
20 24
18.52
18.84
17 62
18.35
17.95
26.85
26 43
26.82
29 00
29.50
29.51
30.14
30 72
30 58
30.04
30.12
29 67
29.42
29.48
27 43
27.15
24.95
23.89
23.03
weekly average percentage of the State banks is excluded the
weekly average percentage of the Bank of America and the Manhattan Com¬
From the
pany, the former
25 per cent
of whicn was invariably and the latter
usually in excess ox
December 6,
767
THE CHRONICLE
1878.]
in coin ; so
in respect to the reserve to be held
circulating notes. From that time to the passage ot ihe
national currency act the resolution was generally observed, and
since the passage ot the act neither the New York Clearing House
Association nor the Clearing House Association of any city ha3
requested the repeal of such restrictions. On the contrary, the
$ew York Association has repeatedly refused to modify the rule
by agreeing that national bank notes, which by the law can be
used in payment of debts to each other, may be so employed.
The national currency act requires that the national banks
“shall at all times have on hand” the reserve required in lawful
money, and the advocates of a repeal of the reserve laws insist
that under this provision, the national banks are absolutely pro
hibited from using these reserves at any time. The provision
requiring that a reserve shall be kept on hand at all times, was
intended to protect the depositor, and to keep the bank in funds
for the purpose of responding to the demands of its creditors at
that time redeemable at par
was called, and on .Saturday evening, September 20,
following plan for facilitating the settlement of balances at
Clearing House was unanimously adopted:
Association
tlie city banks was at
that no action was necessary
the
the
uDon
additional
facilitating
it is proposed that
In order to enable the banks of this \ssociation to afford sncli
assistance to the business community, and also for the purpose of
the settlement of the exchanges between the banks,
any
bank in the Clearing House Association, mav, at
a com¬
mittee of five persons, to he appointed for
purpose, an
receivable, or other securities to be approved by said committee, who
authorized to issue therefor to said depositing bank certificates
bearing interest ut seven per cent, per annum,
thousand doll us, such us maybe desired, to an amount not
excess
seventy-five per cent, of the securities or bills
so
its option, deposit with
amount of its bills
shall be
of deposit,
in denominations of five and ten
that
in
of
receivable deposited.
Except when the securities deposited shall consist of either United States
stocks or gold certificates,-the certificates of deposit may he issued upon the
par value of such securities.
These certificates may be used in settlement of balances at the Clearing Houso
for a period not to exte ul beyond the first of November, proximo, and they
shall he teceived by creditor banks during that period daily, in t ie same pro¬
portion as they bear to the aggregate amount of the debtor balances paid at the
Clearing House.
■
T
The*intcrest which may accrue upon these certificates shall, on the 1st day of
November next, or sooner, should the certificates all be redeemed, be appor¬
all times. This is evident from the fact that the bank is required, tioned among the banks which shall have held them during that time.
The securities deposited with the committee, as above named, shall be held
when its reserves become deficient, to cease discounting and mak¬
by them as a special deposit, pledged for the redemption of the certificates
ing dividends until the amount of the reserve shall be restored. issued thereon.
The word “ reserve” is used, as has been suggested, in the same
The committee shall be authorized to exchange any portion of said securities
for an equal amount of others, to be approved by them, at the request of the
sense as it is used in an army, and “ the fact that a military com¬
mander cannot be definitely instructed when he may employ his depositing bank, and shall have power to demand additional security, either by.
an exchange or an increased amount, at their discretion.
reserve force, is not regarded as reason why that important por¬
The amount of certificates which this committee may issue as above shall
organization should be abandoned, or be reduced
efficiency.” To claim that a bank cannot redeem its
upon presentation, and cannot pay the checks of its
tion of the army
in number or
own
notes
shall intrench
national cur¬
rency act was intended to provide for the destruction of the very
institutions it had created. From the first organization of the
system to the present time, the uniform decisions have been that
depositors on demand if the payment of such debts
upon its reserves, is equivalent to declaring that the
enable the bank at all tinms to pay
depositors ol a bank, and not its
; and it is absurd to main¬
to be called upon to pay its
debts, would, if there were no reserve law’s, loan upon commercial
paper, at the risk of almost certain failure and disgrace, the money
which belongs to its creditors.
While the Comptroller concedes that experience may hereafter
justify a modification of the provisions of the act in this respect,
he is clearly of the opinion, in view of the lessons to be derived
from the late suspension of currency payment i j New Yor't, that
is
the object of the reserve
to
its debts.
In times of panic the
officers and directors, are its masters
tain that a bank, liable at such times
warranted iu recommending any change at pres¬
ent, except the offer of inducements, as already stated, to the banks
he w’ould not be
of the
country to hold a larger
proportion of their rest rve in
their
vaults in certificates which can be readily converted into
cash when the funds of the depositor are demanded.
If the certificates should, however, be issued as ptoposed,
reserve of the country banks and the reserve of the banks
own
tbe
in the
redemption cities (other than New York) may with propriety be
reduced, the amount required to be k* pt on hand being largely
increased ; while the banks in the city of New York would still
be required to keep on hand 25 per cent., (one-lialf in certificates,
if desired,) subject to a reduction at any time by the Comptroller,
the Secretary, upon the recommendation
Upon the return to specie payments and
the funding of the United States debt into bonds bearing a low
rate of interest, the reserve now required may be very much
reduced and perhaps altogether dispensed with.
A. table in the appendix will exhibit tbe percentage of reserve
held by tbe national banks of the country for the past five years,
which have been compiled from the iegular reports of this office,
showing that the banks organized in every State, and in the prin¬
cipal cities of the Union, have been found, in almost every
with the concurrence of
of the clearing house.
in the aggregate a considerable amount
beyond the requirements ot the law.
instance, to hold
reserve
TIIE PANIC OF
The monetary
of
1873.
crisis of 1873 may be said to have
.
not exceed ten million dollars.
This arrangement sh ill be binding upon the
assented to by three-fourths of its members.
The banks shall report to the manager of the
at 10 o’clock the amount of such
held
clearing-house association when'
certificates
That, in order to
clearing-house every morning
by them.
accomplish the purposes set forth
;
in this arrangement, the
legal tenders belonging to the associated banks shall be considered and treated
as a common fund, held for mutual aid and protection, and the committee
appointed shall have power to equalize the same by assessment, or otherwise,
at their
discretion.
For this purpose a
of each bank on the
ness,
statement shall be made to the
committee of the condition
morning of every day, before the commencement of busi¬
which shall be sent with the exchanges to the manager of the clearing¬
house, specifying the following items :
1st. Amount of loans and discounts.
2d. Amount of loan certificates.
3d. Amount of United States certificates of deposit and legal tender notes.
4th. Amount of deposits, deducting therefrom the amount of special gold
deposits.
The suspension of currency payments followed, and was at first
confined to the banks of New York City, hut alterward extended
to other large cities because the New York
banks could not
respond to the demands of their correspondents in those cities,
and these iu turn could not respond to the demands of their cor¬
respondents. Exchange on New York, which would otherwise
have commanded a slight premium, was at a discount, and to a
considerable extent unavailable. The suspension of the banks in*
•other leading cities, almost without exception, therefore followed,
and their partial or entire suspension wo,'tinued tor forty days,
the resumption of
November.
Although pre ictions had been mad^i of the approach of a
financial cr;sis, there were no apprehensions of its immediate
occurrence.
On the contrary there were in almost every direction
evidences of prosperity. The harvest, was nearly or quite com¬
pleted, and the bins and granaries were full to overflowing. The
manufacturing and mining interests had also been prosperous
during the year, and there was good promise that the fall trade,
which had opened, would be as large as during previous years.
The value of the cereals, potatoes, tobacco and hay for 1872, is
estimated by the Department of Agriculture at $1,821,385,000.
It is supposed that the value of these products for the present
year, a large portion of which was at this time ready for sale and
awaiting shipment to market, will not vary materially from the
above mentioned estimate of last year. An estimate based upon
the census returns of 1809 gives the probable aggregate value ot
the marketable products of industry for that year as $4,030,000,000,
'l
until confidence was in a measure restored by
the New York City banks on the first day ol
H
«
5
a similar estimate upon the same basis, and upon
returns to
the Agricultural Departing lit, gives an increase
for 1873 over ilie amount for 1808.
It is not the province of the Comptroller to
causes
which led to this suspension.^ In order to enter upon such an
and
had its begin¬
ning in New York City on September 8, by the failure of the
Warehouse Security Company, and of two houses which had left
their regular business to embark in enterprises foreign theieto,
which were followed on the 13th by the failure of a large firm of
stock brokers. On the 18th and 19th two of the largest banking
-houses iu the city, well known throughout the country, which
were interested in the negotiation
of large amounts of railroad
securities, also failed ; and on the 20th of the same month the
failures ot the Union Trust Company, the National Trust Com¬
pany, the .National Bank of the Commonwealth, and three other
well known banking houses were announced.
On the same day
the New York Stock Exchange, for the first time in its existence,
closed its doors, and they were not again opened for a period of
ten days, during which period legal tender notes commanded a
premium over certified checks of from one-fourth of one per cent
to three per cent.
An active demand for deposits commenced on
the 18th, and increased rapidly during the 19th and 20tli; chiefly
from the country correspondents of the banks, and their drafts con
tinued to such an extent, “calling back their deposits in a medium
never before received,’ .that the reserves of the banks were alarm¬
ingly reduced.
The “call loans.” amounting to more than sixty millions of
dollars, upon which the banka relied to place themselves in funds
of $1,788,000,000
explain the
explanation it would be neces-ary to obtain comparative data for
series of years in reference to the imports and exports, the pro¬
ducts of industry, the issue of currency, and of other evidences
of debt, aud, in fact, a general discussion of the political economy
of the country.
The immediate cause of the crisis is, however,
more apparem.
The money market had become overloaded with
debt, the cost of railroad construction for five years past being
estimated to have been $1,700,000,000, or about $340,000,000 annu¬
ally; while debt based upon almost every species of property,
State, city, town, manufacturing corporations, and mining com¬
panies, had been sold iu the market. Such bonds and stock had
been disposed of to a considerable extent in foreign markets, and
as long as this continued the sale of similar securities was stimu¬
lated, and additional amounts offered. When the sales of such
securities could no longer bo effected abroad, the bonds of rail¬
roads and other enterprises of like nature which were in process
of construction were thus forced upon the home market, until
their negotiation became almost impossible. The bankers of the
city of New York, who were burdened with the load, could not
respond to the demands of their creditors, the numerous holders
in such an emergency, were entirely unavailable, because the of similar securities became alarmed, and the panic soon extended
throughout the country.
means of the borrowers were, to a great extent, pledged with the
The ptesent financial crisismay,in a great degree,be attributed
banks, upon the sale of which they relied to replenish their funds.
These collaterals in ordinary times could have been sold, but st to the intimate relations of the banks of the city of New York
with the transactions of the stock-board, more than one fourth,
that moment no market could be found except at ruinous sacrifices.
and in many instances nearly one-third of the bills receivable of
Had there been a market, the payments would have been made in
checks upon the associated banks, which would not have added the banks, since the late civil war, having consisted of demand
to the general supply of cash, A meeting of the Clearing House loans to brokers and members of the stock-board, which transact
J
i
a
If
768
THE
CHRONICLE.
tions have a tendency to impede and unsettle, instead of facili¬
tating, the legitimate business interests of the whole country.
Previous to the
only
the stock-board is said to have consisted of
one
was
war
The
[December 6,1873
following totals will exhibit
a
hundred and fifty members, and its organic principle
States.
strictly commission business, under a stringent and con¬
servative constitution and by-laws.
The close of the war found
the membership of the stock-board increased to eleven hundred *
and composed of men from all parts of the country, many of N.Engl'd States.
Maine
f
whom had congregated in Wall street, adopting for their rule of N.
Hampshire
business the apt motto of Horace, “ Make money; make it hon¬ Vermont
J
estly if you can ; at all events make money.’’f The law of the Maseachus’tts'
Rhode Island.
State of New York, which had been retained on the statute-book
since 18134 restricting the operations of the stock hoard, had,
unfortunately, Deen repealed in 1858, so that its members and
manipulators were enabled to increase their operations to a gigan¬
tic scale.
The
I,124805
quotations of the stock board are known to be too fre¬
quently fictions of speculation, and yet these fictions control the
commerce and business of a great
country, and their influence is
Connecticut..
Items.
data, compiled from
England, the Middle
September October 13, November
12, 1873.
Loans
Circulation
Deposits.
Balance due to banks.
Due from redeem’g agts
Legal tenders
Specie...
1873.
1, 1873.
$154,407,121 $150,841,262 $148,291,782
82,746,627
83,154,774
83,288,566
61,912,935
55,830,627
52,725,593
3,230 941
18,969,598
10,956,979
360,786
2,224,089
13.411,621
11,517,756
304,187
12,425,176
11,431,217
150,157,681
65,416,519
102,671,101
1,226,981
21,428,875
13,541,549
430,944
142,085,003
138,273,174
552,117
339.634
Middle States.
Loans
Circulation..
[| Deposits
New York....
New Jersey...
Pennsylvania ■{
Delaware
Maryland
.
Balance due to banks..
Due from redeem’g agts
I Legal tenders
.
...
l Specie
confined to this country, but
not
similar
the returns of the
country banks of New
and the Western and Northwestern States.
65,871,069
89,036,682
1,869,819
14.015,227
14,782,708
301,939
65,976,343
85,907,955
12,024,641
14,949,860
357,335
extends to other conntries, and
credit with foreign nations. The fictitious
Western States.
Ohio
debts of railroads and other corporations which
they have bol¬ Indiana
I Loans
stered up, and which have obtained
123,854,884
116,833,970 111,549,204
quotations in London and Illinois
j Circulation
59,659,474
60,253,336
other markets of the world, have now been reduced to a more
60,475,650
Michigan
Deposits
92,856,762
75,541,162
70,772,060
Wisconsin.. f- Balance due to banks..
proper valuation, or stricken from the list.
Iowa
Whether the Congress of the United States or the
| Due from redeem’g agts
17,993,614
8,029,701
7,981,507
legislature Minnesota
Legal tenders
14,085,011
16,341,748
of the State of New York may not re-enact a law
16,199,236
reviving Kansas
j Specie
246,003
217,680
275,521
similar restrictions with great benefit to the true business inter¬ Nebraska.. ..j
ests of all parties is
respectfully submitted.
The
Many measures of reform are proposed in order that the les of the Comptroller, in order to obtain statistics of the condition
banks during the late panic, as well as
sons of the crisis mav not be
just previous to its
lost, and others be led hereafter to
commencement, issued a circular calling upon all the national
repeat similar errors. Unity of action among the leading banks banks for
reports on October 13, the day on which the banks of
of the great cities will do more to reform abuses than
any con¬ the city of New York held the smallest amount
of legal tender
gressional enactment; for, unless such corporations shall unite notes
during the late crisis, and on November 1, the day on
and insist upon legitimate methods of
conducting business, the which the banks resumed
laws of Congress in reference thereto will be
likely soon to be¬ of these statements for each currency payments. The aggregates
State and the redemption cities will
come inoperative; such enactments
being observed in their true be found on
pages — to — of the appendix, and on page — is a
spirit by the few, while the many evade them and thus invite a statement
exhibiting in detail the average amount of loans, cir¬
repetition of similar disasters.
culation, deposits, specie and legal tender notes of each of the
If, however, the banks are disinclined to unite for such a pur¬ associated banks of
New York City for the week
ending Septem¬
pose, the legislation required of Congress will be such as will ber
20, 1873, and the aggregates for the week ending November
Induce associations outside of the
city of New York to retain in
From all these returns
their vaults such funds as are not needed at the commercial cen¬ 22, a-* reported to the Clearing House.
the following comparative statements have been
tre for purposes of legitimate
prepared of the
business.
banks in New York city at different- dates :
The following table,
exhibiting the condition of the banks in
New York City in the month of October for four
Oct. 13,
Sept. 12,
Sept. 20,
Nov. 1,
Nov. 22,
years past, has
1873.
1873.*
1873.
been prepared for purposes of
1873.
1873.*
comparison with the statement of
September 12 of the present year, which is also given :
Loans
$199,160,888
$179,135,030 $169,164,559
seriously impairs
our
_
October
1S69.
9,
54 banks,
Resources.
Loans on U. S. bonds
demand
Other st’ks, b’ds. &c.,
on demand
L’ans payable In gold
cn
...
Loans, all other
overdrafts
Bonds for circulation
Bonds for deport....
U. S. bonds on hand
Other stocks & b’nds
Due f orn nat. banks.
Due from State b'ks.
Real estate furniture
and fixtures
Current expenses....
Premiums paid
Cash items
Clear’g house exch’s.
National bank notes
Fractional currency.
Coin
Gold Treasury notes..
Legal tender notes...
Three p. c. certlficat’e
LL S. ctfs of deposit..
Clearing house ctfs..
Total
....
.
Circulation.
October 8,
1870.
i
October 2,
1871.
54 banks.
51 banks.
October 3, Sept’ber 12^
1812.
1373.
50 banks.
48 banks.
43,650,888 51 j 53,809,602 90 70,185,331 18 53,409.624 68 57,916.130134
3,411.738
123,183.* 24
215.166
225,675
38,337,600 00 34,312,100
4.569,000
1,066 750
5,684,050
4,310 700
5,949,2 0
4,400, 397
15,342,721
13,225 ,611
3.173,841
3,232 ,205
100,237,639 30 .05,146,590 54 122,806,969
1.474 000 00
5.011 500 00
6,514.988 07
13,952.536 46
1.806,730 94
7,422,039
1,103,007
803,503
3.437,581
78,555,99:
1,755,346
611,751
1,792,740
16.897,900
21,070,062
12,050.000
95
65
82
39
12
00
74
73
00
00
00
15.945,000 00
112.928 40
40,856,550 00
700.000 00
6.569.750 00
6,990,261 39
12.617,724 05
2.472,529 36
7,833,189 04
00
921,615 25
8,034.205 83
1,250,116 17
1,232,601 10
4 381.571
28
55 133,924,3 0
50
182,459
00 33.870,100
00
650,000
00
01
47
U4
00
00
3,332,400 00
4,552,79. 40
15.740,765 99
48
2,077,286 04
8,061,352 99
1,117,47'. 34
8,4'9,9S4 33
905,622 11
766,179 69
00
21
804,339 19
2.330.751 92 2,765,929 97' 3,649,474 86
2.058.769 53
66,527,335 53 75,*53 034 12: 89,971,391 31 67,897,740 69
2 691,513 00
2.724.791 at
1,833,474 00
2,618 583 00
331.076 7)
293 901 62
294,857 09
338,394 32
1.607.742 91
1 063 200 55
920.767 37
1.121,869 40
7,533,900 00 7.590,2*0 00
5.454.580 00 13,522,610 00
17,648 577 00 32,044,183 00 27,004 48.j 00 21,468,530 00
575.000 00
00
500,000 00
5,855,000 00 10,810,000 66
17,015,000 00 17,895,000 00 5,585.000 00
390,563,093 35 375,152,ia3 15 422,345,958 95 395.976,719 78 389,486,310 48
Liabilities.
Capital atock
Surplus fund
Undivided profits....
Na*. bank c rculat’n.
State bank clrculat’n
Dividends unpaid.
Individual
deposits—
Currency
Gold
Certified checks...
Cashier’s checks..,
U. S. deposits
73.218,100
17.768,667
10.964,277
34,683,075
213,974
00
71
76
00
73,435,000
18,835,099
10,039,181
32,945,0S0
00
235,959
236,860
00 73,231,000 00 71,285,000 00 70.235 000 00
19 19,463 615 29 20,878,877 81 21,92:3,211 45
42 10,383,683 51 11,049,162 30 11,2*0,470 03
00 30,632,976 00 28,010,951 00 27,482,342 (X)
00
226,479 00
189,575 00
146,525 00
65
265,569 71
261,8130 46
205,979 60
136,660,848 70 127,991,339 01 141,091,424 39 117,749,902
6,170,566
52,580,265 47 37,689,570 53 44,679,638 56 63,827,794
1,282,332 36
1,329,457 01
891,358 43
778,729
253,692 98
241,96. 99 4,073,218 32
238,092
19 111,463,264 01
29 12,101,731 10
36 42.695,185 81
10
1,252,481 79
296,877 39
15
and
unted
es
eo
bills
Bills payable
Total
redis-
ON DEPOSITS.
In my last annual report
I referred-briefly to the evils resulting
from the payment of interest
upon deposits, and my predecessors
have frequently referred more at length to the same
subject..
The difficulty has been, that the
proposed legislation by Congress
tlie subject would apply only to the national banks. The
effect of such legislation would be to bring
State banks aid sav¬
ings banks, organized by authority of the different States, in
direct competition with the national banks in
securing the ac¬
counts of correspondents
and dealers ; the national banks would
be desirous of retaining
their business, and the more unscrupu¬
lous would not hesitate to evade tlie law
by offering to make
collections throughout the country free of
charge, to buy and sell
stocks without commission, and to rediscount
paper at low rates.
The proposed action of the
Clearing House in the city of New
York, if adopted by the Clearing Houses of the principal cities
of tlie Union, would do more to
prevent the payment of interest
on deposits
than any congressional enactment. But the evils reupon
under the laws of the United States, or
any individual State, or of any certifi¬
cate or other evidence of any such
debt, or part of such debt, or of any such
share or interest, shall be void.
“
writing the above the following statement has been prepared, show¬
ing the whole amount of national bank currency, legal tender notes, and frac¬
or of any individual State,
absolutely void, unless the party contracting to sell or transfer the
shall, at the time of making such contract, be in the actual possession of
the certificate or other evidence of such debt, share or interest, or be other¬
wise entitled in his own right, or be duly authorized by
some person so
entitled, to sell or transfer the said certificate of debt, share or interest so con¬
tracted for,
concerning the price or prices, present or future, of any part of
debt due by or from the United States, or any separate State, or of any
ihare or interest in the stock of any bank or other company incorporated
extended
390.563,093 35j375,’52,183 15j422,345,958 95 395,976,719 78 389,486,310 48
Deserve, 24.4 per cent.
incorporated under any law of the United States,
All wagers
INTEREST
any
.
62,125 39
61.500 00
shall be
“
5
39,825 14
16,225,168 70 20,630,052 2^
.
Any
during the month of the panic, without
18,113,050 50
12,901,946 14
♦'The stock board of Paris numbers sixty members; of London,
t Rein faci is; rent, si possis, rede; Si non,
quocunque niodo rein.
X “ All contracts, written or verbal, for the sale or transfer of any certificate
or other evidence of
debt, due by or from the United States, or any separate
State, or of any share or interest in the stock of any bank, or of any company
same
the country
comments.*
14,852,279 01
Due to State banks &
harkATfl
Some of tlie special reports were not received until
during the
present week, and tlie abstracts were therefore so lately com¬
pleted that the Comptroller can only refer the inquirer to these
curious and interesting statistics of the condition of the banks of
Every person who shall pay or deliver any money, goods or thing in action,
of premium or difference, in pursuance of any contract or wager in
the two last sections declared void, and his
personal representatives may
recover such money, goods, or other
thing in action, of and from the party
receiving the same ana hie personal representatives.”
Passed February 25, 1813. (Page 706 revised statutes of New York, vol, 1,
second edition.) Repealed laws of New York,
page 251, eighty-first session,
Depo-lt. of U. S. dis¬
bursing officers—
3,213 37
40,29X13
Due to other nat. b’ks 50,003,913 23 55,947,455 65 76,701,443
53 60,580,921 60 72,257,769 25
No
27,482,342 $27,151,600
27,851,206
27,835,612 $27,267,700
99,952,097 167,184.600
89,664,948
92.563,997 138,625,300
Bal. due to banks.
72,552,768
38,790,118
36,911,563
Legal tenders
32,278.530
29,607,200
6,517,250
15,668,452
25,330,600
Specie
14.585,811
10.031.470
16.119,400
11,499,457
14,759,300
*
Averages as reported to Clearing House, for week ending at date men*
Deposits
tioned.
$9,414,376 00 $9,012,954 10 $5,661,498 50 $3,1S0,73S 35 $2,938,875 98
241,054 67
41,762,450 00
•
by
way
1858.
*
Since
tional currency
issued
up
to October 12 and November 1, 1873
:
Oct. 13.
National bank currency
Legal tender notes
Fractional currency
Totals
Deduct amounts held by the Treasury and by the
banks
Which will leave unaccounted for
Nov. 1.
$350,049,056
$350,332,884
359,566,888
46,699,191
360,952,206
47.876,149
$756,315,135
$759,161,2 39
116,496,997
128,140,727
$639,818,138
$631,029,512
making due allowance for the currency held by State and savings
banks, trust companies, and private bankers, these are larger amounts than
can be supposed to have been in the
pockets of men or the tills of small
dealers. But it may be left fo the ingenious in such matters to divine what
portion thereof was hoarded by the timid, the ignorant, or the covetous.
After
i
£
December C,
7(59
THE CHRONICLE.
1873.]
4681
6
The national banka, prior to May 1, 1871, paid to the Commis¬
tlie payment of interest upon deposits are by no sioner of Internal Revenue a license or special tax of $”2 on each
means confined to the city banks.
It may be safely said that this $1,000 of capital, and an income tax on net earnings to Dec. 31,
custom which prevails in almost every city and village of the
1871. The special ordicense tax from May 1,1864, to May 1, 1871*
Union has done more than any other to demoralize the business amounted to $5,322,688 43 ; the income tax from March 1, 1869,
State banks, private bankers and associations under to September 1. 1871, amounted to $5,539,289 17. The national
of banking.
the guise of savings banks, everywhere, offer rates of interest banks also pay tbe following taxes to the Treasuer of the United
upon deposits which cannot safely be paid by those engaged in
States: 1 per .jent annually on circulation outstanding ; one-half
legitimate business. National banks, desirous of retaining the of 1 per cent annually upon deposits; and one-lialf of 1 per cent
business of their dealers, also make similar offers, and the result annually
upon capital not invested in United States bouds. These
is not only the increase of the rates of interest paid to business taxes are
payable semi-annually.
men
but, as a consequence, investments in unsecured loans,
The following table will exhibit the amount of taxes collected
bringing ultimate loss both upon the shareholders of the bank by the Treasuer annually lrom the organization of the system to
and the depositors. The kind of legislation needed is that which
January 1. 1873 :
eultiDff from
bankers alike, whether organized
or otherwise. A law prohibiting
the payment of interest on deposits by the national banks will
have little effect, unless followed by similar legislation under
authority of the different States, and there is little hope that such
legislation can be obtained. The national currency act, which
passed during the war, provided for a tax of oue-lialf of one
per cent upon all deposits, and subsequently internal revenue
legislation extended this tax to all deposits made with State
banks and individual bankers. If legislation prohibiting tbe
payment of interest on deposits shall be proposed, I recommend
that this law be so amended as to repeal this tax, so far as it ap¬
plies to demand deposits, and that an increased rate of taxation
be imposed uniformly upon all deposits which, either directly or
indirectly, are placed with banks and bankers with the offer or
expectation of receiving interest. Such legislation, if rigidly en¬
forced, would have the effect, not only of reducing the rate of
interest throughout the country, but at the same time preventing
shall apply to all banks and
under the national currency act
was
Deposits.
Capital.
Totals.
$287,740 45
1,371,170 52
$412,953 99
2.106.480 74
2.638,396 35
2,668,674 72
2,934,685 63
2,518,780
2,657,2:35
2,525,571
2.694.480
3,027,767
3,144,839
$55,631 63
316,829 01
350,545 29
314,899 42
$756,326
3.794,480
5.657,616
5.768,365
5,911.756
5,830.887
6,017,460
6,505,812
6,846,320
Circulation.
Year.
'
2,955,394 60
2,956,168 02
2,941,381 51
3.092,7!)7 56
3,282,597 46
18(59
1870
1871..
1872
65
91
87
26
58
45
$21,756,785 17
$22,460,1332 00
299,126 21
349,147 97
381,598 67
385.247 07
418.883 75
I
$2,871,909 C2
07
27
36
70
U-
72
86
34
21
66
$47,089,026 19
of March 3, 1869, to
and earnings semi¬
annually. From these returns the following table has bee i com
piled, exhibiting the. aggregate capital and surplus, total divi¬
dends and total earnings of the national banks, with the ratio of
dividends to capital, dividends to capital and surplus, and earn¬
the illegitimate organization of savings banks—which organ¬ ings to capital and surplus for each half year, commencing March
1, 1869, and ending September 1, 1873.
izations should be allowed only upon the condition that the
Rating.
savings of the people shall be carefully and prudently invested,
'I
and the interest arising therefrom, after deducting reasonable ex¬
Divid*dsi-£ ;
The uational banks are required by the act
make returns to this office of their dividends
1
I
s
'
,
distributed from time to time to
persons whatsoever.
penses,
other
the depositors, and to no
Period of six
months
CERTIFICATION OF CHECKS.
The act of March
3,1869, authorizes the
'
appointment of a
clerk, or agent of any national bank shall
certify any check drawn upon said bank, unless the person or
company drawing the said check shall have on deposit in said
bank at the time said check is certified an amount of money equal
to the amount specified in such check.”
Receivers have been appointed for the National Bank of the
Commou'wealtli of New York and the New Orleans National
Banking Association, during the past year, for violations of this
act; and it is the intention of the Comptroller hereafter to rigidly
enforce this act whenever he is satisfied of such violation.
ending
IL
■
PROFIT ON CIRCULATION ;
It is asserted
TAXATION, EARNINGS, AND DIVIDENDS.
that the national
banks should be subject to
than other capital because they derive large
profits from the issue of their circulating notes. Iu general terms
it is stated that if the whole amount of the issue of circulating
notes is $354,000,000, as authorized by law, the profits derived by
the national banks lrom such circulation are between five and six
per cent in gold interest upon the amount of the bonds on deposit
with the Treasurer bearing that rate of interest payable in coin.
greater taxation
Nothing could be more erroneous. The banks hold an average
reserve of more than $100,000,000 of legal tender notes, which is
equivalent to a loan to the Government without interest. They
also hold $42,471,000 of United States bonds, purchased at a pre¬
mium, which they are required to keep on deposit with the Treas¬
urer of the United States as security for circulation, and from which
they derive no profit except the annual interest paid to all holders
of such bonds.
Large amounts of United States six per cent
bonds held by the bauks have also from time to time been volun¬
tarily surrendered by them to the Government and five per cent
bonds taken in exchange.
The only national banks authorized to be organized under the
act of July 12, 1870, were banks to be located in States which had
received less than their proportion of circulation, as provided by
the act. For a large portion of the past year, five per cent bonds
issued by the Government have been at a premium of fifteen per
cent in the market.
A national bank organized in the city of
Chicago deposits with the Treasurer $100,000 of five per cent
bonds, costing in .the maiket $115,000 of currency. Upon these
bonds the bank would receive interest from the Government
amounting in gold to $5,000, which, with the premium thereon,
would amount to $5,750.
Upon these bonds it receives in circula¬
tion $90,000, and is required to keep twenty-five per cent of that
amount on hand as reserve, leaving $G7,500, from which it would
derive an income at ten per cent, of $6,750; and from this must
be deducted a tax of one per cent ($900) upon the amount of circu¬
lation issued, leaving an income of $5,850, which, if added to the
interest received from the bonds, would amount to $11,600. If
the $115,000 had been invested in bonds and mortgages bearing
interest, it would net annually $11,500, leaving a
profit of $100 to the. bank for circulation during the year, and a
loss of $15,000 premium upon the bonds at the date of their matu¬
rity. The profits of a country bank located in the West or South,
ten
per cent
with interest at ten per cent, adopting the same calculation,
be a little more than one per cent, and of a bank located
would
in the
city of New York, with interest at seven per cent, about 1 1-3 per
cent; and of a country bank located in the East, with interest at
seven per cent, less than
per cent. The earnings upon capital
invested in the United States bonds upon which circulation is
issued, in the city of New York, would not exceed an investment
returning an inco ne of 8 1-3 per cent, and in a country bank in
the East, little more than ah investment earning nine per cent,
Total clividends.
Average
surplus.
Capital.
s
-
-
"
-
6
Total net
|
,
i
.
P .c.
1869.
1870.
1870.
1871.
1871.
1872.
1872.
1873.
C. si
j earnings.
.1
.
O
Sept. 1,
Mar. 1,
Sept. 1,
Mar. 1,
Sept. 1,
Mur. 1,
Sept. 1,
Mar. 1,
Sept. 1,
|
,o
receiver, “ if any officer,
*
X
1
ip.c. ip.c.
•42! 1 50'604
1,481 $401,650,802: $82,105,848 $21,767,831 $29,221,184 5 16
4 27;5 TT
1,571 4 6,366,991! 86,118,210: 21.479,095 28,996,934 5
1,601 425,317,104; 91,630,620 S 21,080,343; 26,813,885:4 •96 4 08(5.1!)
•18I4-24I5-21
1,605 428,699.1651 94,672,4011 22,205,150j 27,243,162 5
98,286,591 22,125,279] 27,315,311|4 96 4 07|5'02
1,698 445,999,264
99,431,243 i 22,859.826 27,502,539! 5 07 4-16 5-00
1,750 450,693,706
12 417 5 36
1,852 465,676,023 105.181,942: 23,827,289! 30,572,891 5
1.912 475,918683 114,257,288i 24,826.0611 31,926,47815 22'4'21 5’41
33.122.000 5 ■09
118,113.848! 24,823,029 i
4_09J3 46
dividends of the national banks
upon an average lor a series of years, have been less than
ten per centum per annum, while the dividends upon capital and
surplus, which is the true ratio, have been less than nine per cent.*
As the law now stands, the national banks are subject to a tax of
one per cent per annum upon circulation, of one-half' o<f
one per
cent upon the average amount of deposits, and one half of one per
cent upon the average amount of capital stock beyond the amount,
invested in United States bonds. The taxation on deposits was
essentially a “war tax,” such a duty never having been, as is
believed, before imposed upon the banks of any country. While
almost every other species of property and investment escapes
taxation upon its full valuation, the data for the taxatiou of the
national banks can always be obtained from their reports ; so rhat
a tax is derived from this species of investment at a much greater
ratio than that derived from capital otherwise invested.
The
result of such excessive taxation is to increase the rate of interest
which is paid by the borrower, for the same reason that an
internal revenue tax upon the products of the manufacturer is
paid, not by the manufacturer, nut by the consumer. The Comp¬
troller is of the opinion that justice to all parties requires the
repeal of the provision imposing a tax upon deposits, unless, in
488.100.951
1873. 1.955
This table will show that the
r
following statements of the ten principal joint stock hanks of London,
including their branches, exhibiting the capital, reserve, deposits, net profits,
and dividends of each for the half year previous to July 1, 1873, have been
compiled from balance-sheets of the banks published in the'London Economist
*
The
of October 18, 1873:
Propor¬
Total de-
Capital p’sits and
Banks.
and
surplus.
acc
eDt-
ances.
Net
pro¬
fits.
tion of
net pro
flt8 tO
capital.
Ain’t
of div¬
idend
£
£
3,000,000 29,5.8,710 241,038
J une
half
:(),
year.
1873
per an.
24-10
£
: oo.ooo
23-31
1,800,000 20,936,733 169,384
1,500,000 18,028,531 137,910
100,(XX)
127,500
.30,(XX)
so,
1872.
p. Ct
p. ah.
*20
20
CO
70
8
20
20
10
8
20
20
10
8
6
9
8
6
7
7
5
8
8
6
Dec
31, 1871.
p.
ct.
»». an.
*18
25 5-G
-*
6,154,383
2,919,237 46,631
29-23
22-99
16'50
13-82
172,680
876,1 ’5
109,000
753,314
3,258,035
669,018
910,000
2,336,440
7,101
69,895
8,001
34,520
8 54
16-47
16-00
8" f 3
4,985
36,(XX)
4,000
28,000
11,561,654 102,013,280 903,922
Bank of
•tune
25
20,
740,000
London and
Southwest’n.
Consolidated..
Central
Alliance
8l.
18:2.
20
750,000
City
Imperial
Dee
p. ct. p. ct
p. an. p an
20
*20
ICO,000
17,101,319 139,867
1,673,849
Stock
Loudon a ;d
County
Union
£
capital.
for
percent
London
and
Westminster.
London
Joint
Proportion of dividend to
20-68
677,495
15K
17,580,000 +29,080,534 785,221
10-80
764,032
10
19
49,509
27,000
<.
8
20
9
6
5
I'A
6
5
Eng-
land, Augus
31, 1873
F- ora the London Economist of March 15,1973, page
t Public and other deposits of September 11,1813.
*
10
84.
and its dividends were obtained from
published in the Economist for September
13, 1873. The usual dividends of thje hank are 10 per cent per annum, but the
amount has varied for gome year* past from 8 to 13 per cent.
The statistics of the Bank of England
the report of the Bank of England
tf ■
*
770
THE CHRONICLE
the judgment of Congress, interest bearing certificates shall be
issued as recommended, which may be counted as a certain por¬
tion of the reserve to be kept on hand ; in which event it is
Relieved that the taxation derived irom deposits will much more
than liquidate the interest derived from such certificates.
INSOLVENT BANKS.
fiince the last annual report, receivers have been appointed for
eleven national banks (seven of which failed during the late
financial
crisis),
as
follows
:
Appointing
Name and location.
of receiver.
Scandinavian, Chicago, Ill.. Dec. 12, 1872
WaMkill, Middletown, N. Y. Dec. 31, 1872
Crescent City, New Orleans,
La
Mar. 18, 1873
Atlantic. New York, N. Y.. \pr. 28', 1873
First of Washington, D. C.. Sept. 19,1873
Com» onwealth, New York.
N. Y
Sept. 22,1873
Merchants’ Petersburg, Ya.. Sept. 25,1873
First of Petersburg, Va
Sept. 25, 1873
First of Mansfield, Ohio
3ct. 18, 1873
..
New' Orleans Nat’l
Capital
Claims
stock.
proved.
$250,000
175,000
$240,810
152,588
*666,751
500,000
521.526
300,000
500,000 *1,655,795
750,000
Divi¬ Cash on
dends. hand.
Per ct.
25
75
55
30
*791,036
400.000 *1,002,346
*178.618
200,000
$16,300
15,302
131,945
109,030
153,300
12,787
8,922
100,000
*177,207
9,355
600,000
*642,182
50,000
*68,960
7,972
1,814
$6,097,819
*
Estimated amount of claims.
.The failure of all these banks may be attributed to the criminal
mismanagement of their officers, or to the neglect or violation o^
the act on the part of tlieir directors.
The officers of two of these
banks have been arrested ; one has been convicted, and the other
is undergoing trial; while the President of the first bank which
failed during the year left the country on the pretext of visiting
some of (lie
foreign shareholders of the bank for the purpose* of
inducing them to subscribe for additional stock, but did not, of
•course, return upon the announcement of the failure of the bana.
********
The Comptroller desires to call the attention of Congress to
the necessity for some legislation authorizing him to appoint
receivers of national banks, for insolvency, when such insolvency
Bhail become evident from the protest of the drafts of such asso¬
ciations, or otherwise, after dut, examination shall have been
made, if the assets of the association are found not sufficient to
liquidate its delns. The Comptroller also desires to call the
attention of
Congress to the fact that where suits are biought for
the forfeiture of the charter of a bank, as provided in section 53
of the act, no provision exists for the appointment of a receiver
where the charter is determined and adjudged forfeited by the
United States court before whom the suit is required to be
brought by the Comptroller. It is desirable that prompt meas¬
ures
should be taken for forcing weak banks into liquidation,
under section 42 of the act,
when it is believed that the officers
and directors will honestly wind up the affairs of such banks,
and that full authority should be given to appoint a receiver in
all cases where the forfeiture of the charter is adjudged.
Pro¬
vision should also be made, after full payment of all the debts of
the association, for placing the remaining assets in the hands of
agent appointed by the shareholders of the
*
the establishment of safe deposit companies, fof the
deposit of
such packages with the banks, and it would relieve the banka
of
the cities from a burden were a law passed prohibiting the
receipt
by them of such deposits. Country banks cannot, however, without some provision of law, relieve themselves from the
duty of
receiving such deposits, and I recommend, therefore, the passage
of an act which shall provide that “ no national bank
shall’be
liable to make good any deficiency which may lierenfter arise
in
any special deposit made with any national bank, unless a
receipt
shall be produced by the owner of such deposit in which the
liability of the bank shall be distinctly stated.” Such an act can
work no injustice, for the depositor will take good care at
the
time of leaving the deposit to obtain a receipt from the
bank
which shall explicitly 6tate the liability, and if he choose to
make
a special deposit without such acknowledgment, he will do
so.
understanding at the time that the deposit is placed in ;he bank
solely at his own option, for his own convenience and at his own
MUTILATED CURRENCY.
The following table exhibits the number and amount of national
bank notes, of each denomination, which have been issued
and
redeemed since the organization of the system, and the number
and amount outstanding November 1, 1873 :
Number.
Total. ...;
an
•
risk.
Banking
Assoc’n, New'Orleans, La. Oct. 23, 1873
First of Carlisle, Pa
Oct. 24, 1873
[December 6.1873
hank, and dis¬
charging ilie Comptroller and the receiver, by virtue of such
legislation, from ail further responsibility. Provision should also
bn made lor the investment of the funds on deposit with the
Treasurer in interest-bearing securities, where dividends are
delayed by reason of protracted litigation .
Denomi-n(ation.j
j
Amount.
0?
Issued.
Redeem’d
Outstand¬
ing.
Issued.
Redeemed.
Outstanding.
|
1
2
5
10
20
50
100
500
1000
15.524,189
5.195,111
34,894,456
12,560,399
3,608,219
559,722
416,590
16,496
5,148
9.891,606
3.120,723
141,963
2,573,070
653,671
168,976
144,057
9,658
4,530
5,632.583 $15,524,189 00
2,074,388 10,390,222 00
25,752,493 174,472,280 00
9,987,329 125,603.990 On
2,955,148 72,164,380 00
390,716 27,986.100 00
272,533 41,659.000 00
6,838
8,248,000 00
618
5,148,000 00
$9,891,606 00 '$5,632,583
6,241,446 00
4,148,776
45,709,815' 00 128,762,465
25.730.700 00 99,873,290
13,061,420 00
8.448,800
14.405.700
4,829,000
4,530,000
00
00
00
00
00
00
00
00
00
59,102,960
19.537.300 00
27.253.300 00
3,419,000 00
618,000 00
72,780,330 25,707,654 47,072,676 481,196,161 00 132,848,487 00 348,347,674 00
3,275 30
3,275 30
Ded ict for fraf pnente of n otes lost 0 r destroyed...
Add for fragirn;nts of not( js lost or d estroyed
132,845.211 70 318,350,949 30
Note.—Amount of
gold notes outstanding not included in the above, $2,030,000
From the organization of the system, in 18G3, to November 1,
1873, $132,845,211, or more than one-third of the whole amount
outstanding, has been returned to the Treasury for destruction,
as
follows
:
Previous to November 1, 1865
During the year ending October 31, 1866
During the year ending October 31, 1867
During the year ending October 31, 1868.
During the year ending October 31, 1809
During the year ending October 31, 1870
During the year ending October 31, 1871.
During the year ending October 31, 1872
During the year ending October 31, 1873
Additional amount of notes of banks in
the Treasurer of the United States
Total amount
$175,490
1,050,382
3,401,423
4,602,825
t
.
8,603,729
...
...
/.v..
...
14,305,689
24.344,047
30,211,720
36,4:33,171
liquidation destroyed by
destroyed
9,716,735
.....
$132 845,211
During the past
year $36,433,171 of national bank notes have
been returned to the Treasury for destruction, amounting to more
than one-tentli of the whole amount of circulation.
The amount of legal tender notes and the amount of national
bank notes in circulation are about equal. The whole issue of
the national bank notes is, however, continually in circulation,
while more than one-third of the legal tender notes is held per¬
manently by tlie national banks ps reserve. The national bank
notes are redeemable only by the banks issuing them, or at their
[We omit the remarks of the Comptroller with regard to redeeming agencies, while the legal tender notes are all redeem¬
savings banks, trust and loan companies, and State banks organ¬ able at the Treasury of the United States. It' the national banks
ized under State laws.—Ed.]
are not in as
good condition as the legal tender notes, the reason
SPECIAL DEPOSITS.
is evident.
But if the bank notes should be carefully assorted by
The abuses aris'ng from the receiving of what are termed the different treasurers, assistant treasurers, and
depositories of
special deposits” by the national banks are growing more and the. United States, and transmitted to the redeeming agencies in
more numerous.
The common law classifies the duties of bailee
the city of New York, where more than two-thirds of the nation¬
as follows: He is bound to extraordinary
diligence in those con¬ al bank notes are redeemable, the worn and mutilated notes
tracts for bailments where he alone receives benefit, as in the case
would soon be replaced by new notes issued from this office.
of loans; he must observe ordinary diligence in tlio-e bailments
Section 39 of the act provides that no association shall “pay or
which are beneficial to both parties; and is responsible for gross
put in circulation the notes of any bank or banking association
Degligence in those bailments which are only for the benefit of which shall not at any such time be receivable at par on deposit
the bailor.
Special dsposits which are received on'deposit from and in payment of debts by the association so paying out or cir¬
the dealer of a bank are almost entirely of the latter class.
Such culating su.cli notet; nor shall it knowingly pay out or putin
deposits consist chiefly of bonds in packages or in tin trunks circulation any notes issued by any bank or banking association
which are deposited in the vaults of the bank for safe-keeping by which at the time of such
paying out or putting in circulation is
those persons who are accustomed to make deposits and transact not
redeeming its circulating notes in lawful money of the United
*******
“
other business with the bank. The bank would oreferto decline
Buch deposits, but the custom having been long established, they
dislike to refuse.
In the case of the Ocean National Bank, seven
different suits have arisen, each of which presents different ques¬
tions, and all of which it is thought will be carried to the highest
court, thus inflicting protracted litigation at the expense of the
creditors or the shareholders of the bank which could easily have
been avoided had the national currency act contained a specific
provision in reference to such deposits. The robbery of the
Ocean National Bank took place previous to its suspension, and
by that robbery its own bonds as well as those of its correspond¬
ents, were stolen, and the bank therefore exercised the same prud¬
ence in caring for the deposits of its dealers as for its own.
But
be shown that the bank did not exercise the greatest de¬
gree of diligence in the' protection of its own property, a jury will
in most cases find a verdict involving not only the loss of the
assets of the corporation, bin also the property of its dealers
which has been left entirely for the convenience of the depositor,
and not for the profit or benefit of the bank. Similar litigation is
if it
can
likely to arise in the settlement of the affairs of all insolvent
national banks.
In the large cities there is no necessity, since
States.” I recommend that the return of such notes to the
Treasury for redemption be authorized at the expeese of the
United States, the amount necessary for this purpose to be appro¬
priated from the tax on circulation already paid by the banks.
The effect of such
an
authorization will be to
return to
ilie Treas¬
ury the outstanding notes oi all banks which have failed and are
in liquidation, amounting to $5,246,938, which may be
thereafter tc the States which have less than their proportion.
issued
The ComDtroller has received many letters from officers of
national banks, suggesting that a division be organized in his
office for the assorting and redemotion of the mutilated currency
of the national banks, the exoenee to be borne by the.ban <8 in proportion to
the amount transmitted to this office for that purpose.
The Comptroller will
willingly undertake the work of purifying the bank cnrrency now in circula¬
tion if the proper force shall be placed athis command, and wid endeavor to
reimburse to the Treasury the expense thereof by assessment upon such
national banks as shall avail themselves of the privilege.
Th - present arrangement for burning notes to ashes, as required by section
24 of the act, is ve;y unsatisfactory, tne law having evidently contemplated
that the burning should takeplace in the Treasury building. I recommend
that an appropriation be made to test the practicability, by experts, and to
authorize the purchase of suitable machinery for grinding to pieces mutilated
note1, thus utiliziog the paper material now lost, amounting in value to thouBaud* of dollars annually.
THE
1873.]
December 6,
771
CHRONICLE
consolidation of national
providing for the organization of
of ton thousand dollars of
bonds with the Treasurer of the United States instead.of the deposit of one*
third of the eapi al, as nowrequirod ; (4) for the repeal of section 4 of the act of
June 17,1870, providing for the organizat on of savings hanks in the Distr ct of
Columbia; (5> for the prevention of the issue of unauthorized currency; (6)
prohibiting the deposit of more than ten per cent of the capital with any pilvnte
Danker
any person or association other than a national banking associ; tion :
(7) requiring the word “ counterfeit,” or “ altered,” or illegal,” to he stamped
all counterfeit or unauthorized issues.
A lecommendation was also made
for the issue of Government securities, hearing a low rate of interest, to be held
by the national banks as part of their reserve, and for a provision of law requir¬
ing a larger proportion of cash to he kept on hand ; and the attention of Congress
is specially called to the necessity of prompt legislation upon these several sub¬
jects, for the proper consideration of which it is to he regro.ted that the brevity
of Congress, providing (1) for the
banks; (2) defining the duties of receivers: (3)
national banks without circulation, upon the deposit
the last session
HEVT
NATIONAL BANK
NOTES
pSS!"1
,0Fot reS'iK the w,.niind mutilatedpreparing, in notes manner and banking
ind
engraving and circulating such of national on such
The --act
making:
for
«£2g% 8“ncn t- raa"rddesign as the Secretary of the Treasury may »reP?r^
circulating notes for such associations to replace notes of a design
End denomfnatinn now successfully counterfeited, sYx hundred thousand
SnMars Provided, That each of said national banking associations shall
reimburse the Treasury the costs of the circulating notes furnished under this
P
Section 41 of the currency act provided that the plates and special dies to
nnmared by the Comptroller of the Currency for the printing of such cirru'at fmr notes shall be under his control and direction, ;‘and the expenses
session did not afford sufficient time.
Seces-agrHy inenrred in executing the provision of this act respecting the pro- of the**********
curingof'such notes, and all other expenses of the Bureau shall be paid out
JOHN JAY KNOX.
of thefproceeds of the taxes or duties nmv or hereafter to be assessed^on the
circulation, and collected from associations organized under this act.
The The Speaker of the House of Representatives. Comptroller of the Cuirency.
to which reference is made is a semi-annual tax of one half of one per
reauired to be paid to the Treasurer of the United States, semi-annually ’in ?he months of January and July ; and, nnder this provision $22,460,832 have been collected and paid into the Treasury since the organization of
The section of the appropriation bill Catest ffiemetarn antr Commercial (Englisl) Nciuo
the svstem, ns provided by law.
referred
wns passed without report from any committee, and norecom
mendation was ever made by the Treasury Department for the anBuslisli market Report*—Per Cable.
thoriz’.tion of
now issue of national hank notes at the expense of the
national banks. The engraving of the new notes will involve an expense of
The daily closing quotations in the marketsof London and Live f
than $1 000.000: and if new notes are to be issued in place *f those
already issued the expense will amount probably to not less than $2,000,000.
pool for the past week have been reported by submarine telegraph
The national Imnks maintain that the expense of the new issue should be pud
shown in the following summary:
of the taxes already exacted; and they insist that there is no necessity
for the issue of a new set of notes at the present time; and ihat if the Gov¬
London Money and Stock Market.—10-40s are | lower, bu
ernment shall decide upon such an issue, the expense should be defrayed, not
by themselves, but l'rom the tax already collected, as provided by sect on 41
67s
£ higher than last Friday. The Bank rate lias been reduced
°^An additional reason why the expense of printing new notes for the banks ^o 5 per cent. The bullion in bank has increased £627,000 during
should be borne by the Government is that the Government receives the benetit
the week.
of all lost and worn-out notes not finally returned for redemption, and the
Fri*
Thnr.
Wed.
Tues.
Mon.
amount to be finally realized from this source a on • is estimated to be much
9*%
92
91%
92xc
93%
933*
greatpr than the amount required to bo expended in the replacing of worn-out Consols for money..
92%
92%
92%
92%
92%
92%xc.
account.
DOt68.
93%
93%
93%
93%
93%
The following extract from a letter of a well-known Boston cashi' r, who
93)*
98%
97%
97%
97
97%
has had great experience as secretary of the association of banks for the suppres¬
1867.
91%
91%
91%
9i%
91%
91%
sion of counteifeiting, expresses the sentiments of the national banks in refer¬
U. S.1092
92
92
92
92
92
to the propose i issue of new notes :
New 5s.
“There has been no counterfeit on any of the notes of this bank, to ray knowl¬
edge ; and the amount of counterfeit notes of other banks presented to this bank
*Tbs daily quotations for United States 6s (1862) at Frank
for redemption or examination, say for the past year, has been very small. I
should not estimate it at more than $250. In fact the amount reported from all
fort were:
sections of the country would not seem to warrant, in any degree, ’he legislat on
Frankfort
—
—
—
by Congress—act of March :•), 1873—authorizing new plates f r national bank
circulation at the expense of said institutions. So far as my knovviedge extends,
or
imw
on
-
,
hP
tax
ppnt
io
,
u
more
as
out
are
Sat
“
98
ence
—
...
b ink circulation. My
set of only two or three
plates for bank
that
universal feeling against a new issue of national
opinion is that it is a mistaken policy to engrave a new
notes.
The present issue lias been so little tampered with
plates of individual banks have been at all
there is a
successfully counterfeited, and those
plates are well known, and have already done all the harm they can do, as the
public lias become well educated as to the genuineness of the present national
bank circulation.
“Now, if a new issue is made, the nubile have got to be educated as to the gen¬
uineness of the new issue, which will take a long time, and then keep posted on
two sets of plates instead of one; and my belief still further is that the new
plates will be the first to be counterfeited, because the least known, and then the
policy about to be adopted would require jrou to immediately issue a third set
of plates, and so m.
As secretary of the ‘Association of Banks for the Sup¬
pression of Counterfeiting,’ my experience of twenty years, in causing the de¬
tection and conviction of parties for the crime of counterfeiting bank notes, would
Market.—See special report of cotton.
Liverpool Breadstuffs Market.—This market closes dull
decline in red west, wheat and corn, and an advance of 6s.
Liverpool Cotton
a
peas.
$ bbl
spr)..$ ctl
(Red Winter)
“
(Cal. White club) “
28
12
12
13
Corn (West, m’d) $ quarter 35
Barley (Canadian).. ..$ bush 3
$ bush 3
Oats(Am.&Can.)
Peas (Canadian)... $ a uart er 42
Flour (Western)
Wheat (Red W’n.
“
“
Mon.
Sat.
s.
d.
0
0
0
6
6
6
4
d.
8.
28
12
12
13
35
3
3
42
0
0
0
6
6
6
4
Tues.
8. d.
28 0
12 0
12 0
13 6
35 6
3
3
6
4
Wed.
d.
28 0
12 0
12 0
13 6
35 6
3 6
3
4
42 6
s.
Thur.
d.
28 0
12 0
8.
12
13
35
3
3
0
6
G
6
4
at
in
Fri.
d.
28 0
11 10
12 0
13 6
35 0
3 6
3 4
43 0
8.
42 6
42 6
policy for the Government
6
6
to the best of its ability, in pre¬
ference to making any new one.
Liverpool Provisions Market.—Beef, bacon,and cheese are each
hope, therefore. Ihat Congress will repeal the act of March last.”
Irecommend that the section in the appropriation hill referred to be repealed,
lower, while pork and lard areliiglier than a week ago.
Fr
Thnr.
Wed.
Tuee.
or 60 amended as to previde that the expense of such notes shall be paid by the
Mon.
Sat.
8. d
d.
8.
8. d.
8. d.
The appropriation for the issue of new notes would not result, as
Government.
d.
8.
d.
8.
87 6
89 0
90 0
90 0
is supposed, in the issue of new notes in place of the worn-out and mutilated
91 0
91
6
77 6
7) 0
81 6
notes now in circulation, for the reason that such notes must be returned to the
81 6
82 6
82 6
Pork (Pr. mess) new $bb!.
42 0
44 0
44 6
45 0
Treasury by the banks themselves lor destruction, and the notes would not be
46 0
47 0
Bacon (Cum. cut) new$ cwt
39 6
39 6
39 6
39 6
likely to be so returned if the expense for engraving and printing were to he
39 6
39 3
Lard (American)
**
64 6
64 6
borne by the banks instead of being paid out of the taxes already collected and
64 6
b5 0
65 0
65 0
Cheese(Araer’n fine)
appropiiatcd for that purpose.
Previous to the organization of the National hanking system, counterfeit bank
Liverpool Produce Market.—Com. rosin and spirits turpentine
notes of more than three thousand different designs were in circulation.
These
notes wcie retired and the national bank notes issued in their place, and during
are each lower than last Friday.
Thur.
Fri.
Wed.
the last ten yea s the notes of but thirty seven banks, located in hut nine States
Tues.
Mon.
sat.
d.
s. d.
8.
d.
of the Union, have been counterfeited, and only forty-three plates of the whole
8.
8. d.
8. d.
s. d.
8 0
8 0
six thousand plates which have been engraved have been counterfeited. The
8 0
8 0
8 0
Rosinfcom. N. C )...$cwt. 8 3
16 0
16 0
correct policy is undoubtedly to prevent tne counterfeiting of the notes now in
16 0
16 0
16 0
0
fine
“
1
1
1 1%
M%
circulation, instead of introdm ing new notes upon which the counterfeiter may
1 1%
1
1%
1%
11
11
10%
11
11
11
practice his art; and correspondence with all the banks whose the increase
notes have Petrolenui(reflned)..
,spirits)...
0
39 0
been counterfeited shows that, so far f.om counterfeiting bei g on
0
39
39
39 0
39 0
0
45 0
45 0
45 0
45 0
during the last two or three yeais, the number of notes counterfeited has sen¬ TallowCAmerican)...$ cwt
45 0
0
Cloverseed (Am. red)., “
31 0
31 0
31 0
sibly d rainshed.
31 0
31 6
0
Spirits turpentine
“
A method, both simple and practicable, exists by which the issue of such
counterfeit notes can be readily prevented, and that is by the withdrawal from j
London Produce and Oil Markets.—Calcutta linseed has ad
circulation of such denominations of the genuine notes of national banks as
lead
me
to sav,
to pursue
without any
would be t
*
hesitation, that the best
protect the present issue
“
...
“
“
have been counterfeited.
Counterfeit two-dollar notes have
appeared only upon
Thur.
Fri.
Wed.
Tues.
Mon.
Sat.
banks is
d.
£ s. d. £
£ s. d.
£ 8. d.
£ 8. d
£ s. d.
national
10 J5 0 10 15 0
10 15 0 10 15 0
banks have appeared, and the whole amount of genuine twenty-dollar notes
Lins’dc’ke(obl).$ tn 10 15 0 10 15 0
62 6
62 6
62 0
62 0
62 0
62 0
issued to these banks is, say, $800,000.
It is plain that if an appropriation he Linseed (Calcutta)....
made, to he paid from the tax on circulation already collected from the banks, Sugar(No.l2D’chstd)
28 6
28 6
28 6
28 6
28 6
28 G
sufficient to offer a premium of one-half 'jf one per cent, upon these notes when
on spot, $ cwt
92 0 0 92 0 0
0 92 0 0
0 0 92 0
0 92
0
presented to the Tieasurvfor redemption, most of the genuine notes would Sperm oil
79 ton 92
34 0 0
34 0 0
0 34 0 0 34 n o
34 0 0 34
soon be retired, after whi.'h all genuine notes (except when presented to the
Whale oil
“
30 0 0 30 0 0
30 0 0 30 0 0 3J 0 0 30 0 0
Treasury or to the b ink issu ng them for redemption) would be refus d along Linseed oil..
“
whh the counterfeits. No additional notes of these denominations would there¬
after be issued to the hanks upon which counterfeits are known to exist. The
Comptroller is conlident that an appropriation of, say, $10,000 would withdraw
COMMERCIAL AND MHCfiLLANEl)J< NEvVS.
from circulation all the genuine issues which have been counterfeited, and that
an annual app. opriation of $1,000 thereafter would be sufficient to prevent the
Imports and Exports for the Week.—The imports this
abuse.
EXAMINATIONS.
week
show a decrease in both dry goods and general
During the recent panic the Comptroller has endeavored to obtain, as far as merchandise. The total imports amount to $3,889,081 this week,
possible, examinations of all national banks which have been considered in a against $6,226,063 last week, and $5,762,089 the previous week.
weak or insolvent condition, and he desires to return his thanks to the efficient
The exports are $5,403,950 this week, against $6,582,249 last
corps of examiners who have made prompt examinations and returns to him of
the conditim of such banks in all parts of the country.
It is not to oe supposed week, and $7,603,599 the previous week. The exports of cotton
that the short time usually spent In the examination of a national bank will be
the past week were 15,844 bales, against 16,155 bales last week.
sufficient, in ail cases, to detect bad management or defalcations. 11 the direcThe following are the importB at New York for week ending
tars of national hanks, to whom are confided the interests of shareholders,
neglect their duties, it is not to he expected that an examin- r shall, in a single (for dry goods) Nov. 27, and for the week ending (for
fay.thorough examination of a nationalyear. A number of days isbusiness, and merchandise) Nov. 28:
an<* correct the abuses of a hank of any considerable required for
the
FOREIGN IMPORT9 AT lflW tCUK *OK THE WEEK.
If it is expec.ed that the repo *ts to the office will detect and expose defalcations,
1873.
1872.
1871.
1870.
and other violations of law, the means should be provided for defraying the
$857,863
$1,230,080
$1,223,810
Dry goods
$J,78^,120
•xpenses of more fr quent and thorough examination". The necessarv expense
3,031,216
5,022,612
4,421,116
ean be levied and collected from the hanks if they shall be found delinquent:
4,159,559
General merchandise...
banks, and the whole amount of genuine notes issued to these
but $60,000. Counterfeit twenty-dollar notes upon only eleven different
.
8.
..
general
if, upon examination, it shall be found that the investigation was unneces¬
sary- then the expense should ho paid out of a fund to be placed at the disposal
of the Comptro.ler for that purpose.
hut
AMENDMENTS.
Garciully-preparod bills wore In possession of the proper
committees daring
Total for the
week..
Previously reported....
Since Jan.
*5,947,679
$5,644,926
276,161.015
349,812,064
$282,108,694
$355,456,990
$6,253,692
397,615,395
$3,889,081
361,763,825
$403,869,037 $365,652,906
THE CHRONICLE.
772
In
our
NEW YORK CITY 7s,
due Nov. 1,1873.
JERSEY CITY 7s, WATER BONDS,
due in 1913.
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
Dec. 2:
$7,077,229
.
$3,947,486
$4,344,898
216,659,0,;5
271,775,095
$221,003,963
$277,179,045
The following will show
New York for the week
$224,689,823
Silver bars
Nov. 29—Str. Main,
London—
pool—
Silver bars
| Nov. 29—Sir. City of Brook53,272 I
lyn, Liverpool—
|
Silver bars
...
Total since Jan. i. 1873
$67,561,700
60,157,277
56,738,294
30,346,340
The imports of specie at
been as follows:
Gold
|
$14,520
Liver¬
poolGold
Nov. 25—Str.
198.440
Crescent City,
Havana—
Silver
Gold
Nov. 26—Str. Frisea, South-
erpool274
Gold
25,150
Total for the week
ampton—
Total since January 1, 1873
$5,461,914
8,428,905
11,387.557
'.
1370.
.
RA1LJHOAD BONDS.—Whether you
29,800
$69,123,685
45.060.999
58,568,448
27.314,593
Gold
Gold bars
Nov. 28—Str. City of Merida,
'
Havana—
Silver
Gold
Nov. 29—Str. Abyssin a, Liv¬
Previously reported
Same time In
1872
bought and sold on commission, for investment, or on
margin. Privileges in Stocks and Gold negotiated.
Circular
explaining privileges mailed to any address.
S. W. Lapsley.
J. E. Bazley.
wish to BUY
or
SELL
write to
this port during the past week have
Nov. 24—Steamer Celtic, Liveroool—
Nov. 25—Steamer Cuba,
Stocks
HASSLER & CO.,
No. 7 Wall utreet. New York,
Oil) c
$46,856,295
Same time in
1868
1867
1866
1865
in
l8«?
72,968
STREET,
New York.
$419,730
46 436,56r*
Previously reported
'.
$8,968
Liver-
!
Total for tire week
187C
corresponding
j
Silver bars
I Nov. 29—Str. Celtic,
$254,721 I
burg—
BROKERS,
74 BROADWAY & 9 NEW
ending Nov. 29, 1873, and since the
date in previous years :
Nov. 26—Steamer Cuba. Liverpool—
Ilam-
LAPSLEY & BAZLEY,
the exports of specie from the port of
beginning of the year, with a comparison for the
Silver bars
Nov. 26—Str. Silesia,
MORAN,
40 Wall street.
$5,403,950
220,742,387
$180,168,855
Since Jan. 1
Same time
1872
1871
DANIEL A.
1873.
1872.
173,091,626
For the week
Previously reported..
cheap by
WEEK.
1871.
1870.
1871
For sale
.
EXPORTS PROM NEW YORK POR THE
[December <5, 1873
$4,84 0
11,5C0
3S0
43,665
Bankers’
(0>alette.
Friday, December 5, 1873—6 P. M.
Money Market and Financial
Situation'. The
President’s message and Department reports have been the
The
principal themes of discussiou in business circles this week, and
their effect upon the markets does not appear to have bscn un¬
favorable.
T he conclusion
seems
to be that if
the President and
Secretary of the Treasury do not positively favor inflation, they
certainly do not take strong and positive ground against it, and any
proposal for contraction or hasty resumption is not found among
their recommendations.
Amid the
numerous
financial
measures
prediction of the laws which will finally pass this
3,388 Congress, would be little more than a guess, but if any provision
for increasing the currency is adopted, the most likely one seems
$302,157 to be the definite authorization of the issue of the famous $44,17,026,770 000,000 reserve, about one-quarter of which is already outstand¬
ing. The falling off in revenue daring the first five months of
$17,328,92? the present fiscal year has been considerable, and is almost cer¬
proposed,
Same time in
1869
1868
1867
14.876,852
6,701,115
3,032,610
any
tain to continue for some time in the future, and unless Congress
shall impose new taxes or customs duties, it is evident that funds
must be derived from tlie issue of bonds or paper money. Per¬
haps that honesty, which legislators have some reason to regard
resumption of payment by the Union Trust Company as the best policy, since the. developments of the past few years
Monday last, December 1, was hailed with much satisfaction in Washington and New York, may be an important element in
by every one in financial circles. The company owed depositors
forming an opinion of the probable financial legislation of this
$5,150,000. To meet these debts it had in clean cash over $4,000,
Congress.
000, and in assets convertible readily into cash more than double
In tlie call loan market money has been readily obtainable by
the balance due to depositors.
The capital of the company is un tlie best class of borrowers at G@7 per cent, while stock brokers
impaired, its surplus before the panic having been sufficient to have paid as high as 7 gold, and in some cases 1-32 commission;
cover the losses by Carleton’s defalcation, and also by the de¬
to day tlie outside rate was not above 7 gold, and late in the afterpreciation or loss on loans. The effect of this strong statement noon loans were made as low as 5 per cent. Commercial paper
was to create such confidence in the
company’s ability to pay that continues to improve, and the best names now pass readily at
there was no run upon it after the first day’s business.
The 9@12
per cent, the demand for choice paper being in advance of
new officers of the company are
gentlemen whose names should tlie supply offering.
inspire confidence in the future management of the company.
The last statement of our banki showed a further improve¬
Mr. Edward King is president, Mr. James McLeau is first vicement, and to-day they report $39,180,000 legal tenders on hand,
president, and Mr. Freeman Clarke second vice president. The which is an increase of about $4,000,000 in five business days.
following gentlemen compose the new executive committee :
Advices from London continue to be favorable ; the bank rate
Messrs. A. A. Low, James McLean, B. H. Hutton, C. D. Wood,
was reduced from 6
per cent to 5 on Thursday, and the gain in
George G. Williams, Win. Wainwright, Jr., E. B. Wesley and bullion for tlie week was £627,000. The Bank of France reported
Samuel Willetts. The new secretary is Mr. James H. Ogilvie.
an increase in
specie of 1,000,000 francs.
—The City Bank of Houston, Texas, has declared a cash divi¬
The Union Trust company resumed business on Monday, Dec.
dend of nine per cent from the net earnings of the bank for the 1, and continued to
pay promptly every demand.
six months ending 31st October, 1873.
The following table shows tlie changes from previous week
Bciij. A. Botts, E-q., is
President, and Mr. B. F. Weems, Cashier.
and a comparison with 1872 and 1871:
—The
on
1873.
Nov. 22.
BARKING AND FINANCIAL.
Loans
MERCANTILE NATIONAL
BANK.
MR. MEIGS’S STATEMENT.
>
Differences.
1872.
Nov. 30.
die. $248,067,300 $247,922,300 Dec.
$145,000 $276,560,000
19,968.700 Inc. 2,400.000
12,947,200
Circulation....
27,238,800 Dec.
27,299,890
61.000 ' 27,570,900
Net deposits..
167,967,200 174,467,200 Inc. 6,500,000 201,915,300
Leeal tenders.
30,899,800
35.399,800 Inc. 4.500,000
47,169,500
United States Bonds.—Governments have made a
Specie
THE
Nov. 29.
ana
17,568,700
1871.
Dec. 2.
$292,316,900
18,074.700
30.106.9(0
223,514.500
52,408,800
sharp ad¬
Meigs, the National Bank Examiner, who las
been engaged during the past few days in the examination of the vance during the week, which can hardly be regarded as other
than a favorable comment upon the Message and documents. Tt
affairs of the Mercantile National Bank, and especially with re¬
appears that tlie loan of i858, due on or after January 1,1874, will
gard to loans made by the late President, E. J. Blake, to the not be paid at that date unless special provision is made by Con¬
Domestic Sewing Machine Company, reports that but little, if gress, although the holders had expected payment, as it has been
the usual custom of the Government to pay similar loans when
any, loss \vill accrue to the Bank in connection with these loans
they first fell due. The continued advance in Governments, in
and on Monday issued a card to that effect, as follows;
the face of tlie Cuban difficulties, and without any special influ¬
I have gone far enough in my investigation of the assets and ence to force them
up, and also with tlie prospect that the Trea¬
liabilities of the Mercantile National Bank to be enabled to ex
sury purchases will probably cease lor some time to come, is
another evidence of the great confidence in these securities, and
press the opinion that, in my judgment, there is nothing in their
warrants tlie belief that they will soon return to ante-pafeic
position that need give the commercial world any.uneasiness priceR. The public debt in November showed an increase of
whatever.
about $9,000,000.
Charles A. Meigs, National Bank Examiner.
Closing prices daily have been as follows
Dec.
Nov. Dec.
Dec. Dec. Dec.
P. S.—The present Directors and their families, and the fami
4.
‘5
Int. period.
29.
1.
2.
3.
Quarterly. 109% *109 *109% 109% 110 *100%
lies of the late Directors, own 6,262 shares, of $100 each, of the 5s, funded, 1831, ..coup
114%
68, 1881
reg.. Jan. & July. 114%xU1% 112% 113
coup..Jan. & July. 115% 116% 117 *117% 117% 117%
capital stock of the Bank, or $626,200 par value outof the $1,000,- 6s, 1881....,
68, 5 20’s, 1862
coup..May & Nov. 109% *110 *110% 112% 110% *110%
000 capital.
Charles A. Meigs, Examiner.
112%
6s, 5-20’s, 1864
coup..May & Nov. 111 *110% 111% 111% 112
Mr. Charles A.
^ “ THE UNION TRUST COMPANY uF NEW YORK.”
Notice is hereby given that the Unioa Trust Company resumed
business cm MONDAY, December 1.
EDWARD KING, President.
6s, 5-20’s, 1865
coup..May & Nov. *110%
6s,5-20’s,1865 new,coup..Jan. & July.- 113%
6s, 5-20’s, 1867.... coup..Jan. & July. 114%
6s, 5-20’s, 1868
coup.. Jan. & July. 115
5s, 10 40’s
reg..Mar. & Sept. 107%
5s, 10-40’s
...coup..Mar. &&ei)t. *107%
t6s Currency...
reg..Jiao. # July. 110%
111% *111%
115% 116
112%
112%
117%
114%
116
116
115% 117% 117%
116% *116%
*107% 109
110
108% 109% 110%
108% *109
110%
117
H7
116%
*114%
1}6%
*109% *109%
110% no
no
ii»x
Railroad Bonds.—Business in State bonds has
been limited, Alabama is not paying her November interest,
'though it is hoped that the Legislature wil soou provide for it.
and
State
773
(MHOMOLE.
THE
1873.]
December 6,
Raleigh,
victory.
tional
Injunction refused only because no irreparable injury has
been sustained by plaintiffs.
Will undoubtedly be granted on
following despatch was received this week from
N C.: “ Special tax bondholders have gained a glorious
Bonds declared constitutional ; repealing acts declared unconstitu¬
The
Latest earnings reported.
,
Roads.
St. Louis & Iron Mt.
St. L., Alton & T. H.
do
branches.
3t. L. & Southeast..
1st week of Nov.
Tlte
Gold
Market.—The
Jan. 1 to latest date.
1872.
1873.
1,893,823
1,981,513
26,UQ 1,227,107 1,259.961
38,877
3d week of Nov.
3d week of Nov.
3d week of Nov.
Tol., Peor. & War... Month of Oct.
Tol.. Wab. & West. 3d week of Nov.
,
1812.
51,967
1873.
53,495
11,899
9,543
22,803
25,301
419,876
537,945
1,115,054
115,140
312,593
108,391
88,434
price of gold 1ms fluctuated within
concerning the
would sanction
a policy of
Union Pacific bonds have been active and strong; the Credit
inflation. The message of the President and the re¬
Mobilier suit, brought under the statute of last session, was port of Secretary Richardson are generally regarded as giving
decided in the United States Circuit Court at Hartford last week, forth an “ uncertain sound,” and it is not known whether or not
Jud^e Hunt rendering the decision.
they favor the issue of additional amounts of currency. There
He holds that the United States cannot be authorized by statute appears to be no important speculative element in the market,
and on loans the rates for carrying have generally been heavy,
to recover moneys due to the Union Pacific Railroad Company,
or any other corporation, and therefore gives judgment to dissolve
ranging to-day as follows : 7, 0, 3, 2, 5 and 7 gold.
Custom receipts of the week have been $1,351,000.
the injunction and dismiss the bill.
Quotations.
It is understood that an appeal from Judge Hunt’s decision will
—Balances.
Total
Open- Low- High- Closbe taken to the Supreme Court at Washington.
Gold.
Currency.
est.
est.
ing.
ing. Clearings.
An increased inquiry is very noticeable for bonds "under a Saturday, Nov. 23.. -.103% 108% 109* 109
$40,043,000 $1,784,305 $2,060,305
46,181,000 T,297,587 1,427,315
108*
cloud,” and considerable activity in these securities is reported. Monday, Dec. 1 ...108% 108% 109
2
21,908,004 1,144,335 1.2*0.169
1087» 108% 109* 169*
“
Holders show decidedly more firmness in tli«-ir demands, and Tuesday,
23 208,000
3 ...109* 108* 109* 108Ja
1,271,195 1,150,148
Wednesday, “
23.760,000 1,335/280 1,371.617
appear to be determined not to sacrifice their bonds too hastily/ A Thursday,
4., ...108% 108* 109
108%
“
5 ,..109* 109
41,538,000 1,390,574 1,537,861
few defaults in interest were made Dec. 1.
109* 109*
Friday,
“
Closing prices daily,and the range since Jan. 1. have been:
Current week
...108* 108* 109* 109* $196,938,004 $1,399,574 $1,537,801
final
hearing.”
,
.
~
x
moderate limit, according to the varying rumors
Cuban difficulties and the prospect that Congress
a
.
9
.
..
.
N ov.
29.
6e Teun.,
Dec.
"72*
‘72*
•72*
•22*
old
•72
*22
6s Tenn.i new
6s N. Car., old....
6s N. Car.j new...
6h Vir^.. old
do
do
6s S. C.,
1.
Dec.
3.
D*e.
*73*
*73*
•22*
Dec.
2.
73
•71*
73*
•22*
-
*si
„
*9
89
93
92*
79 %
80*
71 *
70*
63
67
*99
•93
*100
*102
10
89
Missouri
Cent. Pac., gold..
Un. Pac., 1st
L’d Gr’t
do
Income.
do
6s
„
.
67
Nov.
Nov.
Nov.
62
18
16
35
•19*
43* Oct.
•
....
•
July
Oct/
Oct.
*9*
*9*
90 *
9
93
93
93*
80*
81
8* Nov.
Sept. 30! 97
June 28
Sept. 191104* Feb. 10
61 89
61* Nov.
Feb. 4
71*
72*
57
Nov.
(ifi
36
98
Oct. 31! 83* Tan. 6
Nov. 15:101% Sept. 1
Nov. 8; 107* July 1
Nov. 6i 10:1* Apr. 3
Nov. 5i 106* June 17
67*
*100
*102
193* 103
*102* *iu2
*99
Erie 181 M. 7s
102
N. J. Cen. 1st 7s..
103
Ft Wayne 1st 7s. *102* *102*
*102
103
Roc*: laid 1st 7s... *103
62
>
|
Highest.
5j 86
Met . 19
6! 86
Met. 17
C»| 31* Jan. 30
281 19 Jan. 4
14 49
Feb. 7
1 56* Mch. 17
231 15* Jail. 2
21 23 Jan. 20
*9%
72
67
100
•101
*:i
•
*31
*49
9*
•90*
*92*
Ml*
91*
73*
.
Lowest.
*34
75
*34
*49
*10
.
*9
*9
90
•9*
*9
,
43*
*43*
consolid.
deferred.
J. & J....
76
75
*24
.,
Since Jan. 1.
r—
5.
*23
....
....
rr
•
Dec.
4.
<
84
80
*100
*i(h
*103
*102
98
109
96
11 so
6
Jan.
Miscellaneous Stocks.—There has been a
strong and apparently a healthy tone in the stock market during
the past week, and a little more of the former speculative ele¬
ment is visible.
In Pacific Mail there has been another change
of administration ; Mr. Russell Sage take3 the place of president,
acting in close relations with Mr. Rufus Hatch, who has been
vice-president for some time past, and the stock has made an
advance of about 7 per cent.
The Vanderbilt stocks have also
^Istllroad and
and-higher, including Western Union Telegraph,
concerning which the report has been current of late that a con¬
siderable distribution will be made to stockholders.
been strong
It is believed that the Grinnell bankruptcy case
and to-day the counsel for George Bird
,
a
will be settled;
Grinnell & Co. presented
Judge Blatcliford, reciting that all the creditors of
petition to
with the exception of a few whose claims aggregate
only about $3,000, had consented to a settlement, and asking that
Register Alien investigate the facts recited, and report whether
the firm,
that the bankruptcy proceedings be discontinued
allowed to resume its business. Judge Blatcliiord
it is not proper
and the firm
granted the prayer of the petitioner.
The report is made that proposals are published in London for
the issue of $22,000,000 more of the ordinary Erie shares of 35
currency, instead of issuing bonds.
Railroad earnings show the effects of the panic more decidedly of
late than they have heretofore—the latest returns arj given be¬
low. The market closed quite firm.
The daily highest and lowest prices have been as follows:
..
Saturday,
Nov. 29.
N.Y.Cen.&H.R.
Harlem
Erie
do pref
Lake Shore....
Wabash.
91* 92%
115
46
•
do
Mail....
United States..
Wells, Fargo..
Canton
Cons. Coal.....
Maryland Coal.
46*
ll>
47
•
47
48*
69*
70
92
*68
72
72%
93*
88*
•
47
24* S5%
58* 59*
13* 14
73*
47%
49*
70
94
93
35* 36*
59* 59*
r
11
14
26* 27*
25* 26*
96
98
*1* i%
95% 97
21* 23*
‘
1%
1%
£7* 97%
24
24*
31
....
....
26
27*
23%
24% 26*
23
23*
88* 89*
24%
92*
69*
91
67*
20* 20*
20
*
....
41*
48*
*69%
*95
34
46*
45%
70%
45%
95*
m
1%
94* 8a%
21
24%
35* 85*
24* 26*
23% 24
•
116
115
13*
4;%
49
27
37
91% 92%
90% 91*
115
....
*94-
Han. & St. Jos.
do
pref.
Union Pacific..5
Col.Chic.&l.C.
Panama
Adams Exp....
American Ex..
-
,
Dec:. 2.
Dec. 1.
....
•
47*
69* 70
93* 94
35* 36*
59
59*
14
15*
Bost., H.& Erie
Del., L. & West
Pacific
•
72
pref.
West, Un. Tel.
Quicksilver....
do
pref.
47
46*
*
Rock Island...
6t. Paul
uo - nrel....
At.& Pac.,nref.
Ohio & Miss...
Central o: N.J.
•
115*
Tuesday, Wednesday Thursday,
Monday,
»
30
36
86
61
63
...
32 %
32
83
*59
*60
64
35*
60
*84
*53
•61*
Roads.
46*
47*
•
93%
119*
ii% 73"
47%
48%
69*
93
35*
59*
13*
48*
49*
70
94
36%
61
13*
27% 2>%
95
95*
2%
95*
24*
#
....
3%
97
‘
21*
35*
27* 27%
25% 26
91
91
69*
24
*2o
35* 39*
*>%
39*
86*
60* 62*
•63
85
*59
60
65
(0
17*
reported.-
1873.
Bur.,C. Rap.& Minn. 3d week of Nov.
22,283
21,404
Central Pacific
Month of Oct. 1,423,875
Chic. & Northwest. Month of Nov. 1,039,306
Ede
3d week of Nov.
365,355
Illinois Central
Month of
763,673
Oct.
....
Indlanap., Bl. & W.. 1st week of Nov.
30,450
Kansas Pacific
.Month of Oct.
392,510
Lake Sh.& Mich. Si Month of Nov. 1,375,556
Milwaukee & St. P.. Month of Nov.
771,800
Oct.
325,841
L,, Kang. C. & N, Month of Nov.
233,789
Mississippi.. Month of
Pacific of Missouri.. 3.1 week of Nov.
119*
71* 72%
4S*
49
r0 ^
4S% 50%
70* 70*
69* 70*
94" 95*
91* 95
35* 36 *
3:>% 36%
59
59%
59* 59%
H
15
M* 15
21
27
23%
28*
96
97*
96* *96
3
3*
2*
%
96 * 97 *
97* 91%
26%
21*
25% 25*
*34
*31* 37
27
23
27% 28*
25% 26*
24* 25%
93
94*
93* 95
69* 70*
21%
22*
47% 48%
Dee. 5.
92
119
‘45
60
63
49*
19
37* 40*
86
•60
63
84
61
64
70
'67*
62* 63*.
48* 18*
‘18* 19*
earnings reported are as follows
$89,513
8t,
45%
73*
72%
17
Atlantic & Gt. West. 3d week of Nov.
Atlantic & Pacific... 3d week of Nov.
Ohio &
'6s
60
Latest earnings
.
*69
•49* 50*
19*
*15*
46*
92* 93*
119
....
Friday,
Dec. 4.
118* 119
46% 47*
65
*64*
57
The latest railroad
Dec. 3.
92
93%
76,163
1872.
Jan.1 to latest date.
1873. •
1872.
$121,5.7 $1,673,565 $4,740,732
26,731 1,156,814 1,007.113
21,729 1,042,014
890,502
1,285,567 11,607.053 10,593,010
1,067,386 12.525,665 11,412,282
420,465 17,637,627 17,070,924
881.692 6,813,685 6.632,212
29,766 1,327,102 1,161,213
442,822 3,038,464 3,107,080
1,558.424 17,708,091 16,108,148
702,838 8/202,916 6,443.983
40$, 254 3,078,360 2,923,835
74,422 3,274,828 8.172,932
207,683 2,537,669 3,6M$35
241,‘414,01)0
.110
Previous week.
108% no* 109%
Jan. 1,1873. to date....112* 106* 119* 109*
Foreign Exchange.—The
1,448,630
1,317,438
......
.
tendency of exchange has been
towards firmer rates, under a fair demand from importers and a
moderate supply of cotton bills from the South.
Bankers seem
to have confidence that exchange will be likely to rule as high
as the present figures during the next few weeks, and as gold is
heavy to carry, some purchases of ]nlls have been made by them
with the intention of drawing against such remittances hereafter,
and in the meantime they make use of their gold.
The easier
rates of money in London have the effect, as usual, of bringing
long and short sight near together. Quotations are as follows:
November28.
*
3 days.
days.
108*@
107%@107%
108*@~...
109%@ ..
108* @108*
107*@101*
108 @108*
109 @109*
106*@107*
Lon.prime com.ster. 107*@107*
..@
Paris (bankers)
5.26*@5.27* 5.21 *@5.22* 5 30 @5.31* 5.25 @5.26*
5.28*@5.30 5.20 @5.22* 5.31 *@5.32* 5.26*@5.27 *
Antwerp
5.20 @5.22* 5.30 @5.3!* 5.25 @5.26*
S wiss
5.28* @5.30
Amsterdam
4J*@ 40*
40%@ 40*
40*@ 40*
40 %@
95 @ 95*
94*@ 94* 95* @
Hamburg
96*@ 96*
Frankfort
40*@ 40*
41*@ 41*
40%@ 40*
41 @ 41*
Bremen
95 @ 95*
90*@ 90*
94*@ 94*
95*@ 96
Prussian thalers.
71*@ 71*
72*@ 72*
71*@ 71*
7l*@ 72
The transactions lor the week, at the Custom House and Sub-Decembers.
London prime bankera1 sterling
Lon. good bankers’.
*
,
b0
3 clays.
60 days.
...
'
a
..
Treasury have been as follows:
Receipts.
t—
Gold.
Receipts.
Nov. 29
Djc.
1....
2...
“
3....
“
4....
•‘
5....
—*
....
....
....
Gold.
350,138 60
658,041 35
210,0(0
228,000
179,000
260,004
335.217 79
606 721 41
812,895 85
1,745,853 63
676,773 25
235,2J6 56
361.214 28
1,044,477 41
,
Currency.
$300,380 31
$890,603 10
$187,000
....
Payments.
/
Currency.
$770,674 84
287,000
....
V\
Sub-Treasury.-
Custom
House
272,575
314,532
1,105,764
857.904
215,030
79
16
39
39
75
$313,203 61
689.432 41
318,137
419,495
399,687
656,557
34
?ls
55
71
89
Total
..$1,351,000
$43,708.272 32 ;$12,657,374 40
Balance. Nov. 28....
Balance, Dec. 5
$19 306,703 35 $14,702,129 01
...
.
Boston
Banks.—Below
we
National Banks, as returned to
Dec. 1,1873:
Eliot
Everett
200.000
Faneull Hall
Freeman’s
1,000,000
300,000
Ulobe
Hamilton
Howard
M irket
Massachusetts
Maverick
1,000,000
730,1*00
1,000,000
800,000
800.000
400,000
3,000,000
Merchants.
Mount Vernon
New England
North
Old Boston
Shawmut
Shoe & Leather.....
200,000
1,000,000
1,000,000
900,000
1,000.000
1,000.000
2,000.000
1,500,000
State
Suffolk
Traders
Tremont
600,000
Washington
First
3econd (Granite)...
Third
Bank of Commerce
Bank of N. America
B’k of Redemption.
B ink of Republic...
2,000.000
730.000
1,000000
1,600 000
300,000
2,000,000
1,000,000
1,000,000
1,500,000
1,000,000
Eagle
Exchange
Hide & Leather
1,000,000
Revere
2,000,000
Union
Webster
Commonwealth
Central..
Manutacturers
432,«00
200,000
1,000,000
1,000,000
1,000,000
Broadwai*
Columbian
Continental
1,000,000
1,500,000
200,000
1,000,000
1,500.000
500.000
500.000
500,000
2,329.000
2.140.900
2.613.400
.
Clearing House
Specie. L.T. Notes
$136,li 0
$1,500
1.083,500
600.000
Boylston
Security
$1,1 55,500
3.209, *1)0
3.823.200
2.181 8UU
$75U,000
1,500,000
1,500,000
1,000.000
Atlas
Blackstone
Boston
City
Loans.
Capital
Banks.
Atlantic
give a statement of tlio Boston
the
652,500
3.196.500
6.400
27 600
12 300
215 200
454 000
16.GOO
21.2C0
17.700
900.
43.80!)
210.409
56,3 0
149 500
.
on
Monday
.
9JJ 900
5J.00U
1,515.600
503,'U 0
626.760
791,7* 0
593.9; U
1 1.600
251,5 0
783.2 )0
54;.(k;o
135.500
S'. 1.500
3' 9,0. 0
1.092.5U0
4oO,7'J()
456 COO
155 ('())
797.71 0
575.: 00
792.509
354.6; 0
355.7(H)
242 :o'J
456.000
1.1V5.4UO
98,500
2H.500
72,300
196,400
20 2.3 .0
125.1U0
15,9(0
803,61 0
467.9(0
850.5(0
423 5i)0
243,10'J
7,070.500
625.300
647.600
2,98',300
1/67 100
61)3.000
2,6* 0,100
30 MX)
7 .4(0
64,'. 00
232,990
124.100
95- 3: 0
2/50.200
1,899.900
2,635,200
2.7 0.1UU
3,570.000
62,0' 0
111,200
199.000
1,341,700
1.1V2.9I0
792.01 U
792.4' 0
12.310
40 500
25 2.3)0
16).900
34 2.3'‘0
73,5(0
2
859.100
908,11 0
5 48,O'0
45. .160
3,000
800,300
1 (87.700
1 3:8/00
111/.00
3 9.800
9i5,S00
111.100
305, 00
7-8,100
56‘,400
1,837,200
129,700
3.713/00
4.822.000
12,400
46/ OC
3,500
27,9)0
23. COO
541,900
54M!i0
1,0 0.2CC
684,200
1.235.200
92.1(0
2,1*2,500
30 800
5,116,4,00
1,813.100
4,704,800
3.100
5,600
3,043.400
1,401.(00
3.23 \SOO
2.952.20C
1.946,800
1.941.000
4.03!, 600
3,888.900
4,516.400
806,600
2.520.500
2,512,900
9.351.200
’827,50)
130.900
J44.350.000
The total amount “due to other Bangs.” as
DogAlTeaders,..
Increase.
-
f-|
i f’’
! 11
'i"-\
J
■M
;v
i -l
'f j
•
I'M 41)9
2.068.900
1,483 500
2,293.7011
1,514.600
1.806.200
6
12,000
130.600
li/00
501.200
225.800
197.290
19.70(1
1*88,860
266,600
21,200
313 500
1H 7"0
8 >9.600
133,500
•
•
•
•
%
18/00
19.300
56.930
6 >.l/-0
22,100
•
•
•
•
10,800
63 000
1(19.900
176.800
29S.O' 0 3
57.900
37,100
l.i -SO .000
1,802.900
28-.400
1.207 300
S59.800
598 300
163 0 0
177.100
714.760
591.0J0
701.0; 0
167.0 0
153.5t 0
782.300
345.. 64)
790 ft 0
1,0.1,200
1.31.2/00
879.9 >0
2:3.509
511/00 J
t|i
•H
m
-
\
451.900
735 2 0
750.1 (H)
180.UU)
541.2(H)
491 0(10
800.000
150.000
94.200
f-G
Y
>.j
sl
Ji
€?.**]
J. j
■
:f.j
:
.
73>,( 00
937 900
4
589.6(0
5)0,500
159,690
1 534.600
i
^
I.OOC.O. 0
100.(4 0
796 0,0
1.8 9,200
61 HI .200
959.600
■Id
5;7 9i0
$119,483,400 $2.612,9/0 $10,559,300 $41,182,000 $26,019,300
per statement of Dec. 1, Is $18,297,200.
The deviations from last week’s returns are as follows
bonus
Decrease. $519,990 I Deposits
Increase. $758,400
Specie,
Iacrease. 159,100 Circulation
Decrease. 40 0>U
Total
.
117,500
556.200
7.00J
5,' 00
99.200
31,900
58 800
17.500
1.581.200
1
.j
idO.Vy'J
46 .K0
16/00
22 000
13 990
4*1
Deposits Cirri 1.
$444/00
$192.(00
il lj
v^i'l
S
J;
;
’
\
>
fJ
1
]
®
1
«
j']
[December 6, 1873.
CHRONICLE.
THE
774
QUOTATIONS of stocks and
BONDS IN NEW YORK.
separate
Bid. Ask
SECURITIES.
Bid. Ask.
segue inns.
Bid. Ask.
SECURITIES.
—
Bid. Ask
SECURITIES.
—
-—
N. Y. Central Is,conv.
Bonds.
U. S.
bond3
(Active
q
viousH
do
do
toted pre.>
U'**
110a 111
n:x
Loan, 1831
State Bonds.
Oregon war
75V
40
SI
50*
49V
9*
11
65
85
no
do
do
do
do
do
do
do
do
Missouri 6s
April & <>ct...
do
Funding Act, 1866
Land C, 1889, J & J
L»nd C, 1889, A & O
d
of 1888.
7s
Han. & St.
.loseph.
Asylum bonds
Louisiana 6s.
do new
4.’*
45
oonds—...
do
do
do
7s, large
do
•
19
83
R....
do
do
do
do
do
do
do
do
23
cou
95
l04^g 105
104*
...
.
1873
1874
1875
1877
1878
1874
1876
105*
£5
97
115
L0
100
s>4*
do
pref
do
Ohic. Bur & Quincy
..
71
73
81V
43
'19
97
85
pret
Illinois Central
Joliet & Chicago
2d pref
...
Morris A Es<ex
90
99
90
special..
Rensselaer & Saratoga
Rome, Watertown & Ogdens..
St. Louis, Alton & T. Haute...
do
do
pref.
St. Louis & Iron Mountain —
St. L.. Kan. C.& Northern pro!
....v
76
101
M.
73
....
93*
2d M..
93
80
20
t6 *
10
.
.
.
78
3-V
•
•
New
26
60
Cumberland Coal and Iron
Cent. N. J. Land Improv. Co.
Pennsylvania Coat
Boring Mountain Coal
Wllkcsbarre Coal & Iron
.....
Canton Co.
60
15
r»6'
Railroad Bond*.
9.7. Central6s,l883
do
6S lo87
do
do
6s, real estate...
6s, subscription.
7s. 1876
46'
.01
90
90
83
33
LW
•
•
•
•
.
.
t.
•
•
• .
-
....
•
RAILROADS.
Ala. & Chatt., lst.M, 8s, end...
Ala. & Tenn. R, lRt M..7s....
-do
2d M.,7s
Atlantic & Gull consol
do
do
end. SavhnT
do
do
stock
do
do
do guaran.
•
„
85
....
2d 7s
78. equip—
.
•
•
.
•
£8
71
Central Georgia, 1st M.. 7?
do
do
consol. M.Ts
....
.
-
.
•
do
6s, do Feb & Aug
do
7s, 1876, Land Gr.
do
7s. Leaven. Brch.
Incomes. No. 11..
do
do
No 16..
do
Stork
do
Kalamazoo & South H. 8s, guar
....
....
£9
74
67*
•
•
•
Kal.. Alieglian &G R.8s,gUHr
Kal. & White Pigeon 7s
•
•
*
»
■
7l”
70
**"
yT"
25*
.
....
•
•
•
•
71~
50
10
...
•
• • ••
10
•
.!*!
•
....
....
;66“
34
33
ItlUcellaBjeoii* List.
tat
• • •
...
....
*
*
*
*
....
•
•
*
.
«...
—
29”
•
Bonthern Central of N. Y. *s..
12* Tebo * Neosho7s,gold
50
Union* LogansportTs
w
.
.
consoid..3
Montgomery & West P.. 1st 8s..
do
do 1st end.
Montgom.* Eufaula 1st 8s,gld
do
Income
i/t*b Central 6s, gold.,.,..,...
Mobile A Mont.. 8s gold, end ..
Mobile & Ohio sterling
do
do
do
ex ctfs.
do
do
8s, interest
50”
2 mtg, 88
do
do
^5
income
do
do
80
stock..
do
do
N. Orleans & Jacks. 2d M. 8s.
75
do
do
cert’s,8s.
60
N. Orleans & Opelous.lst M.8s
Nashville & Chattanooga, 6s...
67* Norfolk* Petersburg 1st m.,8s
do
7s
do
r5*’
do
do 2d mo.,8s
75
Northeastern, S.C., 1st M.8s. ...
70
do
2d M., 8s
50
Orange and Alex., lsts, 6s
do
62*
2ds, 6s ....
50
do
3d8, 8s
do
4th8,8s
55
Richm’d & Peterb’g 1st m., 7s.
do
do
2d m., 6s.
35
do
do
3d in., 8s.
...
61*'
...
0
...
3
95
97*
u”
•
•
1
•
•
•
•
60
60
....
....
....
....
""
Rich., Fre’ksb’g & Poto.6s....
do conv. 7s.
do
do
Rich, and Danv. 1st cons’d 68do
Piedmont 8s. ..
d'i
lsts, 8s
^elma, Rome & ]>., lbt A!., Is..
Soutli & North Ala, 1st M., 8s.
Southside, Va., 1st mtg. 6s
do
2d m., guart’d 6b...
do
3d m..6s
4tli m.,8s
do
Southwest. RR., Ga., let mtg..
do
stock
S. Carolina RR. IstM, Vs (new
6s
do
do
do 7s
do
stock
do
do
Va. & Tenn. lsts, 6s
do
2d8,6s
do
3ds 8s
West Ala., 8s guar
6j
60”
...
75
...
...
PAST DUE OOVPON9.
Tennessee State Coupons.....
Virginia Coupons.
52*
....
85
tttt
77*
,
ao
Consol. Coup
Memphis City coupons....
tfasbvllle City Coupons .
95
81
62
82
97
92
70
<0
60
16
92
85
88
90
Wilmington and Weldon7s....
do
Ch* Ruth. 1st m. end
do
do
1st AI., 88....
35”
100
62
80
do
2d
do
St. L. & So’eastern 1st 7s, gold
Bt. L.. * 8t. Joseph, 1st, 6s, gld
....
do
70
St.Louis, Vandalia & T H. 1-t
....
•
2o 7s
Sandnsky, Mans. & Newark 7s
74
do
do
95
80
Southern Minn, construe. 9s.
do
do 7s...
St.Jo.&C.Bl. st M., 10s
8 p. c..
do
do
St. Jo. & Den. C.8s,gold,W. D
do
do
8s, gold, E. D
:
2d in., 88...
do
95
....
Spring. & III. S.E. RR. !m gl7s
Steubenville* Indiana6s....,
*:•
t•c* • :
...
end.by State of Alabama...
Rondont & Oswego 7s,gold...
Sioux City & Pacific 6s
Southern Pacific. 6’s,gold
South Side (L. 1.) 7s
•*
6s
Mississippi & Tenn., lstm.,7s
7*
102
....
Rockf’d.P. I.* St. L. 1st7s,gld
Rome * Watertown Ts
Rome, W. & Ogdensburg 7s...
“
do
do
Memphis & Little R. IstM....
Mississippi Central, 1st m., 7s.
do
Oswego & Rome 7s, gnar
Peoria. Pekin & I. 1st m, sold
Pitts .Cin. & St.L. 1st 7*—..
.
....
...
.
....
Newbu g br ch 7s, guar. Erie.
North. Pac. 1st m.gold 7 8-l0«
Omaha & Southwestern RR.8’s
Oregon & California 7s, gold..
tit
Crosse* Mil. 9s, 1st M
*
^
98
90
Port Huron&L M.Ts.gld.end.
do
do
7s, gold.
Peoria & Rock I. 7’s. gold .
Essex,convertible-
do
do
construction
Winona A St. Peters 1st tn
C. C. C. A Ind’s 1st M, 7s. S. ¥
Memphis & Ohio, 10s,
60
....
do
2d 7s guar
N. Y. & Osw. Aiid. Isi 7>, gold.
do
do
2d 7s, conv.
New York & Boston 7s gold..
N. Haven, Middiet. & W. 7s ...
97
•
*
4 f
2d7s..
stock.
do
do
do
do
75
75
33
2U
t
•
...
....
-
Memphis & Charleston, 1st Ts..
•
....
*
5U
.
.
•
8t.»ck
.
•
•
•
64
W. D.
.
.
do
do
Georgia R. K.. 7s
do
stock
Greenville & Col. 7s, guar
do
do
78, certil..
Vacon & Brunswick end. Ts...
Macon & Western stock
Macon and Augusta bonds...
do
do
endorsed
do
do
stock
-
•
stock
Col. & A.,1st in.,7s.
do
do
stock
Charleston a Savannah fis.end.
Savannah anu Char., 1st ni.,7s.
Cheraw and l)a; Pnglon 7s...
East Tenn. & Geo gia 6s
East Tenn.* Va. 6b end. Tenn
E.Tenn., Va& Ga., 1st M., 78-
-
-
«
•
•
do
do
Charlotte
....
,
si”
Lafayette, Bl’n A Miss. 1st M
Pekin. Lincoln* Decatur lstA
Han. & Cent. Ali-souri IstM.
Cm., Lafayette A Chic. 1st M.
Del. A Hudson Canal 1st M.’9
90
85
6u
60
.5
to
.
..
Wilmington, N.C.,6seold.
8s gold.
do
do
96”
•
Kansas
Louis, jack. A Chic. 1st M
South Side, L.I, 1st Mort. bd
do
Sinking Fund.
do
Richmond 6s
Savannah 7s,old . ..;
do
78, new.....
....
I-land RR 1st M. 7s
Morris*
•
...
Dock & lm. Co. 7.’86
West. Union Tel., 1st mort. 7s
Lontf
•
...
•
74
do
do
guarantee!
Cedar Falls A Minn. 1st M....
Bur., C. 1 apids A Minn.7s,git
Rome A Watertown 1st M....
La
63*
111
Delaware & Hudson Canal
Atlantic Mail steamship
Mariposa Mining Co
do
p el
9V
do
Land & Mining Co.
do
do
pref. 14
•
65
(0
65
....
St.
243
36
Petersburg 6s
....
c
104
96 \
Erie,1st mort.
55
10
9J
•
...
:
American Coal
Boston Water Power
•
....
*
Am
72
ITIIsccIlaneoa* Stock*
to
....
95
York A N. Haven 6s
Boston, H. A
5
do
6s, new
New Orleans 58
consol. 6s
ao
ao
do
do
bonds, 7s
10s
do
do
to railroads,
do
do
92”
....
.
102
Burl’n Div
2d M.
Consol. 7s
do
....
gf
—
£s
ao
Montgomery 8s
Nashville 6s, old
....
"
82
Col., Chic. A Ind. C., 1st Mort
2d Mort....
do
do
no
Mobile5s...
fcT* 93*
City & Cameron 10s...
Kan.C., >t. Jo. & C. B. 8 p. c..
L. Onr. Shore RR. 1st m. gld 7s
Lake 8up. & Miss. 1st 7’s,gld.
73
do
Leav., Atcli. & N. W. 7s, guar.
do
101
Leav Law. & Gal., stock
Mil. A St. Pan 1 1st M. 8s P.D.
do 7 8-111 dt
do
IstM., 10b..
do
do
do
Louif-Jana * Mo. Riv. 1st m. 7s
7s gold R. D.
do
do
ah
83* Logans- Craw.* S. W. 8s, gld.
do st Mort. LaC.E
do
13
80
do 1st M. I.& M.D
Michigan Air Line, 8s
do
do
Mo.itieello & P. JervisTs.gold
do
do
Montclair 1st 7s, gold, guar-..
do
73“
do
1st M.H.& D
do
7s, income
do
74
1st M. C. & M
do
Mo., Kan. & Texa- 7s gold....
do
74
2d M
do
do
Mo. R., Ft,, B. A Gulf,stock...
do
do
do
1st. M, 10s
Marietta A Cin., 1st Mort
do
2d M - 10s
do
Chic. A Milwaukee 1st Mort..
162“
N. J. Midland lst7s, gold,guar
59
93*
88
.
Lynchburg 6s. !...
Macon 7s, bonds.
Memphis old bonds, 6s
new bonds, 6s
do
do
end., M. & C. R.K....
‘ 93”
38
•
Consolidated
do
2d
do
Dub A Sioux C., 1st M
do
do
2d div. .
Peninsula 1st Mort., conv
St. L. A Iron Mountain, 1st M.
do
do
do
50
....
70
....
2d Mort
New Jersey Southern 1st m 7s
103
Pitts., Ft. W. A Chic., 1st M....
2d Mort. i7k*
do
do
do
do
3d Mort. b7
do
d > 8 p. c. eq’t bds
9*“
Cleve. A Pitts., Consol, S. F’d
96
do
do
SdMort
C5*
do
do
4th Mort
Chic. A Alton Sinking Fund1st Mortgage...
do
do
do
do
Income
89*"
Ohio A Miss., consol, sink. f...
do
Charleston, S.C.,7s, F.L. bds..
Columbia,S. C., 6s...
Columbus, Ga., 7s, bonds
90
.
8s
Charleston stock 6s
Evansville, Hen. & Nashv. 7s..
85”
32* Elizabethtown & Padu. 8s con
87
Evansville, T II & Chic 7s, gld
70* European & North Am.6s,gld
73
Flint & Pere M. 7s, Land Gr.. 83*
£0
83
Fort W.. Jackson & Sag. 8s...
97* Grand R. * lnd. 7s, gold,guar. 9u
f0
79%
do 78, plain
do
90
U3
(
Grand River Valley 8s
bi
Hous. & Tex. C. 1st g old 7s...
83
Indianap.j Bl. & W. 1st 7s. gld.
36
do
2d 8*
do
so
Indfanap. & Vincen. 1st 7s,guar 75
85
10.* Iowa Falls & Sioux C. 1st 7s...
88
97
Indianapolis & St. Louis 7s....
lnd. *111. C 1st m gold's...
99" 14
Jackson, Lansin ’& Sag. 8s...
45
Jack., N.W.& S K. 1st in gl s7
75
».s l’ac vs, Extension, gld
80
do
78, Land Gr„ gld.
90
do new, gld
do
7s,
55'
do
6s, g d, Jun & Dec
81*
Central, 1st M., n
do
70
Toledo, Peoria & Wa saw
Toledo. WaU & W astern, pret.
•
do
-
Augusta, Ga.,78, bonds
....
Tol., Peoria A Warsaw, E, D.
lOOV
54*
32V
do
do
93 H
•
91*
5
W. & Chic., guar...
do
•
•
40
Chic., Danv.& Vincen s is.uld
Chic. & Csn. South. 1st m gl 7s
Ch., D. & V., I. div., 1 m gli 7s
Cleve., Alt. V. & Del. 7s, gold.
Connecticut Valley 7s, gold...
Connecticut Western 1st Is....
Chic. * Mich. Lake Shore 8s..
Des Moines Valley 1st £s
do
do Land Grant 88
Dan., Urb., Bl. & P. 1st m 7 aid
Detroit, Hillsdale & In. RR.8’s
Dutchess & Columbia 7s
Denver Pacific 7s, gold
Denver & Rio Grande 7s, gold
Detroli. Lansing & Lake M. 8s
Evansville & Crawfordsv. 7s..
Erie & Pittsburgh 1st 7s
....
Atlanta, Ga., 78
6t
•
Chi. & Southwestern RR. 7’s..
Chesapeake & 0.1st m. gld 6*
do
do 2d mort gold *.s
Col. & Hock. V. 1st 7s, 30 yrs .
do
1st7s. 10 yrs..
do
do
2d 7s, 2Uyrs...
do
....
•
....
....
74
Mo., Kansas & T
6
New Jersey Southern
N Y., New Haven * Hartford 124V
K. Y., Prov. * Bost (Stoningt.)
Ohio & Mississippi, preferred. 53*
Pitts., Ft
do
97
to
92
7a
£8
92
70
Securities.
CITIES.
....
....
121
preferred i2"
5
Michigan Central
Chic., Dub. & Minn., 8s..
Peoria* Hannibal R 8’s.
Chicago & Iowa R. 8’s.... |
American Central 8s
J
90*
do
113
dogldl8S7
do
98
....
Southern
C ta
...
80
*•••
....
Ill. Gland Trunk
91
94
...
lu5
U5
105
105
tailroad Stock*.
(Not previously quoted.)
Albany & Susquehanna.
Chicago & Altou
do
Quincy* Warsaw, 8s
to
•
•••*
88*
Valley 8s.
....
15
iCarthage
....
...
95
Long Island
Marietta & Cln., 1st
95
....
92*
& Bur. 8s.
Dixon, Peoria * Han., 8s.
O.O. & Fox R.
•
•
92*
2dM,7’8,gld
Paul, 8s—'
98
88*
•
Keokuk & St.
....
i>5*
.
do
93
do
do
f
Harlem
...
ll‘0
90
97
90
2d Moit
Sew Jersey
95
Clev., Col., Ctn. & Indlanap
Cleve. & Pittsburg, guar
Dubuque
rsioux Citv
...
•
Union Pac.. Fo. branches, gld
Walkill Valley 1st 7s,gola
West Wisconsin 7s, gold
65
...
•
91*
do
6s, 2d M., gld
Cimada Southern 1st 7s, gold..
iCentral Pac. 7s, gold, conv
Central of Iowa. 1st M, 7’s gld.
95
IUj
93
Chic. R. Island A Pacific
Morris A Essex, 1st Mort
do
do
2d Mort
102*
do
5s,
6«.
7
109
t3W,
1
Galena A Chicago Extended .
do
I'd Moit...
95
18 <9
6s, Canal,
6s, do
6s, do
6s, do
Is, do
5s, do
92'
Equip. Bds —
Cons. Convert
Hannibal & Naples 1st M
Great Western, l«t M-1888....
do
2d M. 1893....
iinincv A Tol., 1st M.. 1890....
111. & So. low?.. 1st Mort
112
78.1878
do
do
do
do
do
3J
17
i;
IS
13
coupon,’7j .
ao
90
do
7s, conv.
Wab’h, 1st Mort ext’d.
do
1st M. St L div
War Loan
Indiana 5s
«31tchlgan 6s, 1878
do
6s, 1883
do
93
...
do
do
Tol. A
100
do
Burl, a m. (in Neb.; 1st convCaliforula & Oregon 6s, nold..
California Pac. KR.7’8, gld—
....
91
bonds.
D:d., Lack. A Western, 1st
100
1881
1886
do
do
99*
do coun gld bds
do
do regM
do
do
Iowa Midland, 1st mort., 8s...
dan. & St. Jo. Land Grants...
do
do convertible.....
ioo‘
Alabama 5s, 1S31
do
do, loS6
do
8s, lv86
do
8s Mont & Euf’la R..
8s \lab. & Chat. R..
do
do
8s
o! 1593..
Arkansas 6s, funded
do
7s, L. Ii. & Ft. S. iss.
do
7s, Memphis & L. li¬
do
7s, L.R./P. B.& N.O.
do'
7s, Miss.O.A R.Riv.
Kentucky
Illinois 6s
Bur., C. II. & Mo. (M. div.)g.is
....
CO X
Central Pacific gold Bonds.... 92*
do
State Aid bds.
76
84* *
Western Pacific bonds
8iK
Union Pacific 1st M’geBonds.
‘2* 7-<*
do
Land Grant, 7s..
6o* 67
do
Income 10s
lui*
Illinois Central 7 p. ct., 1875...
Bellev’le & S.Ills. R. 1st M. 8’s.
99
700
Alton & T. H., 1st M
83
do
do
2d M. pref
It
75
do
do
2d M.income..
100
Jhic. & N. Western S. Fund...
90
do
do
Int. Bondfr
90
do
Consol, bds
ao
Extn. Bdr to
do
do
93
1st Mort.. 95
do
do
101
Connecticut 6s
Rhode Island fio
do 6s,
do 6s,
106"
93
....
bonds
do
7s Ark.Cent
Texas, lCs, of 1876
Onto 6s, 1875
9i”
....
•
..of 1910.
....
California7s
...
...
floating debt.
Penitentiary
levee bonds
do
do
1875..
7s,
6s,
8s
8s
8s
do
97
.
bds..
bds.
f
a.f
....
do new
do
•
...
95
92
92
io
do
do
.
Buffalo & Erie, new bonds ...
Lake Shore Div. bonds..
Lake Shore con. coup bonds.
do
Con. reg. bonds...
Pacific R. 7s, guart’d by Mo...
-
•
•
95
to
new
Detroit, Monroe & Tol
new
do
do
Atchison A Nebraska 8 p. c....
bur. A Mo. Kiyer. stock... ..
do
do
Land M. 7s..
do
do
2d S., do 7s..
do
do
3d S-. do 8s.
Bur. * Mo. River 4th S.,do 8s..
do ’
do5th S.. do 88do
do
6th S., do 88do
do Creston sram h
do
do Chariton Branch
....
96}*
1880
do
25V
do
1868.
bonds
do
Special Tax
Booth Carolina 6s
Jan. & July...
do
do
do
do
4th do
do
1st M. 8s, 1882
Chic., Bur. & Q. 8 p. c. 1st MMich. So. 7 per ct. 2d Mort
Mich. S. & N i. S. F. 7 p. c....
Cleve. & Tol. Sinking Fund ..
Cleve. & Tol., new bondB
Cleve., P’ville & Ash., old bds.
40
Funding Act, 1866.
do
do
do
do
do
76
75*
74*
fennessee 6s, old
do new
do
Virginia 6s, old
do
do new bonds
do
do consol, bonds
do
do deterred do
Georgia
do
7s, new bonds
do
7s, endorsed
do
7s, Gold
North Carolina 6s, old
do
do to N. C. R.R coup
do
do
do ex coup...
•
1879
1883
do
Long Dock Bonds
Butt. N. Y. & E. 1st M., 1877....
dud, R. 7s, 2d M. S.F.1885
do
7s, 3d Mort-1875
tlarlem, Con.M. & S’kg F’d 6*
Albany & Susqh’a, 1st bonds .
do
do
2d
do ..
do
do
3d
dr ..
Mich. Cent., Consol. 7s, 1902...
registered, 1*63
5-ids,
7s, 2d
7s. 3d
Erie is, 5th mortgag 1888
do 7b, cons. mort. gold
109*
5-2'a. register' d, ’.s65
5-2JS.regisc.oed. nuw issue, bo
registered, l£C»T.
Endorsed..
do
do
do 7s
109 V
o-v
S-i'1?, rcz'stered. !£62
CUll d Bond-, Im»‘2
5-2 s. re*i teied. 1864
100
Extended
Erie .a1 iktuiizuae
Atchison, Top. * S. Fe 7s gld.
1876.... 102
.. ,
December 6,
775
THE CHRONICLE,
iS73]
Imports ot* Leading Articles.
®|jc
following taole, compiled from Custom House returns
snows the foreign imports of leading articles at this port since
Jan. 1,1873, and for the same period of 1872 and 1871:
The
Commercial Cimeo.
COMMERCIAL EPITOME.
the
subject
respecting
report
character of the President’s message and
of the Secretary of
the Treasury upon the
ot
national finances, and the uncertainty which prevails
the coarse of legislation with reference thereto during the pres¬
ent session of Congress, have baffled speculation and given a
auiet tone to business circles. Some improvement
resulted from the reduction of the rate of discount by the
of England to five per cent, but it was followed by a
in
ffold and exchange, and thus its natural effect was neutralized.
So too. the rise in gold to-day has been attended with a fear of
war with Spain, which furnishes another element of uncertainty
as to the future.
Hence, as a rule, business has been limited to
the actual wants ot buyers, which are seldom great at this season
The
would have
Bank
decline
of the vear.
The following is a statement of the
of domestic and foreign merchandise at
stocks of leading articles
dates given: *—1873.
1372.
tcs. and bbls.
bbls.
.bales.
hhds.
Beef
Pork
,
Tobacco, foreign
Tobacco,
domestic
bags.
bags.
Coffee, Rio
Codec, other
Coflee, Java, &c
mats.
Cocoa
•••
J3.3?9,
•
•’•••••••.... Hinds.
Sugar
Sugar
Sugar
boxes.
hags, etc.
••
Melado
Molasses
Molasses
Hides
-
-
Cotton...
Rosin
Spirits Turpentine
Tar
Rice,'E.
I
Rice, Carolina
Gunny Cloth (Cal)
Gunny Bags
Linseed
Saltpetre
Jute and Jute Butts
Manila Hemp....
Ashes
hhds.
hh(j8bbls.
No.
bales.
• • .bbls.
43,054
7,718
27,001
10,956
28,693
42,035
29.324
15,4'8
36,686
20,101
2
70,700
3,794
>,050
16,833
61,428
4,788
4,663
7,401
6,254
14,455
28,756
73,441
40,946
47.361
285,121
332,689
1,127
4,863
6,305
3,095
5,938
4.068
1,415
145,500
56,603
52.034
bags.
casks.
bales.
bales.
bales.
bales.
casks.
17,310
55,575
9,640
bags.
Nov. 1.
46,225
bbls.
bags.
Dec. 1.
170,432
3,519
20.074
6,871
bbls.
v
/
Dec. 1.
535
4 069
325
40,900
49,336
71.236
4,320
1,458
14,440
119,530
47,254
63,211
4,673
2 232
240
350
16,300
Cotton, bales
Drugs, &c.—
Bark, Peruvian.
Cutlery
20.223
55.420
641.472
44,713
10,416
5,730
111,319
29,633
7.200
121,000
115,200
7,700
11,548
10,000
129,850
41,064
48,000
35,620
872
867
902
V6'4
3.528
554.S49 1.0 1,2 5
powders...
29.37 4
22.234
19,137
416.712
inf 3.929 ’.,183 389
813.766 7,167 (SI
971.375
916 924
49(20
4o,313 Tobacco
Cochineal
Cream Tartar...
Gainbier
Gum, Arabic....
Indigo
Madder
O.ls, essential...
Oli, Olive
Opium
>.145
11.841
u,7 3
3/04
712
697
2,233
43,046
5,531
6,412
5,301
33,330
41.776
1,576
76,676
Soda bi-carb
Soda sal....
Soda.asn
51,419
8.147
6.275
5,195
Gunny cloth..
,
4.0.H
122.677
Hair
Hemp, bales
11.416
6,557
16,191
7.323
157,404
Hides, &c.—
1,73)
Bristles.
Hides, dressed..
1,783
10,*16
•3,715
46,945
3,349
50.614
ndia rubber
vory
2,263
Jewelry. &c.—
1,052
8.335
1,272
577.0 J5
553.7 H
103,530
121,310
3,572
Jewelry
4,39,
155/92
1 fit 2 079
10b.454
12:.638
1417,782 1.7 >1.661
1.731/51
157,5 56
151. 99
45.970
173 7.6
78,212
e.i
1977/86
£7,116 Fish
85 125
I,’<3,633
315.4C4
404,0.»l
41,697 Fruits &c.—
Lemons
11,756
6.25 •
Oranges
Nuts
10,530
Raisins
6,254
692 330
739,702
72 7.576 ’..337.9-; 1.1 ‘5.813
93', 313
840.531 I 016.516
87:.m
012,3:-2 ! 551,569
113,539 Hides undressed 10 752,329 109 7211 1157:234
712.101
Iiice
803,95 2
711,020
2,096 Spices, & c.—
526.185
394.095
239.283
Cassia
18,371
97.5:0
8S.997
102,637
39,53-!
Ginger
282 €66
505,629
193,616
5,776! Pepper
266 207 225,£97
3,6.421
ISaltpetre
Ff5.453
4,193j Woods—
Cork
Fustic
Loewood
1.429
877,836!
147,718!
414.(63
122,916
2f5 525
7 5.4S6
S21,978
82,182
312,573
84.773
3J90I2
40.123
456,(30
126,875
Produce
Receipts of Domestic
4,473
170.S63
:9l.0S6
100.212
Champag’e.bks
Mahogany
Watches
Linseed
Molasses
t
&<•.—
by value—
38/95 Cigars
>.7.0 Corks
105,044 Fancy goods
t5.149
t‘>0 7
78/13
4/8.
61,785
Wines
5, thO
6,087, Wool, hairs
Articles report2.494
13.690,
536'
S^ll
1.715
81.203
61,312
Flax
Furs
In .677 Waste
2 j>46 Wines,
5 915
277 359
422.323
534,310
25,3 3 1 ea
Brimstone, tons
k 2>5,515
’.97.441
& bins
Sugar, boxes &
23.221* bags
34/29
1,'66,134
9 4.574
959.7! 3 960.713
5' 21.123 6.445.339 6,107.533
141.931
133,355
121, ’445
4.9911
37,532
29,721;
6.SS9
5/22
262,! 33 342,674
5I5.SVO
4858.2 9 9.900.122 8.05-.2M
1,291,339 1,022,314 Sugar, hhds., tcs
3,503
7,480
6,423
Hardware
17.281
59,585 irou, RR bars.
Lead, pigs
538,436
Spelter, lbs,...
44.110
Steel
11,497
Tin, boxes....
6,061
Tin slabs, lbs.
142.832
21.06 - Rags
11,791
Blea
Same
time
1871.
Metals,&c.—
Glass and
Eartheuware—
China
18,211
Earthenware.... 47.859
Glass
Glassware
33,592
Glass plate
10,9:0
Buttons
5,171
157 :>75
Coal, tons
27 475
Cocoa.bags
Co flee, bags
I1067u3
13,000
17,329
8,300
factories.
The market has been dull and weak for Kentucky leaf tobacco.
The sales for the week have been only about 400 hlids., of which
300 were for export and 100 for consumption, and quotations are
reduced to 6I'§)7c. for lugs, aud 7^@llc. for leaf.
Seed loaf has
been more active, but at easier prices. Sales have been : Croo of
sundries at 9@45c.; crop of 1872, 400 cases Con
necticut and Massachusetts at lS$45c. for wrappers ; 10@12c. for
cases
seconds, and 5(&6c. for fillers; 45 cases New York on private
200 cases Pennsylvania, a part at 6$c ; 200 cases Ohio at
6@Gfc., and 700 cases Wisconsin at C£ct?c. Spanish tobacco less
active, but firm ; sales of 400 bales Havana at 70@80c., and 100
do. Yara, in bond, for export, on private terms.
1872,
Same
time
1872.
tlie Week
for
and
since
January 1.
340
25,900
8,100
133,200
8,000
the close stocks are quite reduced.
The movement has been mainly in Rio (including 25,000 bags
last Friday, not 2,500, as misprinted), and since the speculation
set in has been little if any short of 100,000 pkgs.
Quotations
for cargoes have been 21^^24^ gold for Rio, and 28@293. gold for
Java; but at the close it is felt that the effect ot a duty of 5c. per
lb. has been fully anticipated. Rice has been less active, but
steady. Molasses has recovered a portion of the late decline with
more activity. The market for hard sugars has been rather quiet,
but has gained strength, and an advance of £c. is quoted—fair
refining Cuba 74, and boxes clayed 8^ for No. 12 D. S. There
has been some improvement in teas, but not much activity.
Freights have been only moderately active, and rates have ex¬
perienced some irrularity, though on the whole there has been
little change since the reduction noted on Friday last. The lower
prices of grain have permitted some renewal of shipments. Ves¬
sels for charter have been in better demand, especially to load
petroleum, at rather better rates, not only for that staple, but for
grain. To-day the business embraced: To Liverpool, by sail,
wheat ll|d., and cotton 7-lGd.; and by steam, wheat 124d., bacon
at 60s., and cotton 4d ; grain to Cork for orders, 9s.; petroleum
Gs. 9d. for Antwerp, and 7s. 14d. to Cork for orders.
Provisions have developed more irregularity, especially in hog
proiucts, closing a little weak. An exhibit ot hog picking shows
1,8.23.702 hogs slaughtered in November, against 1,183,760 for
November, 1872. and 1,423,595 for November, 1811—au increase
that has checked speculation and caused buyers for shipment to
operate cautiously, especially for the future. Supplies on the
spot are somewhat limited, the exports duriug the last month
having been somewhat larger than iu corresponding periods of
previous years. To-day, pork was quiet ou the spot, but firmer
and more active for future delivery ; the salet of mess aggregat¬
ing 2,500 bbls, closing at $15 25 for January, $15 50 for Feb
ruary and $15 75 for March. Beef a1 so in better demand, and
the sales embraced 200 tcs Philadelphia India mess at $2G, and
100 bbls l*eef haras at $22 50.
Baon, at a slight shadiug in
lavor of buyers, was quite active at 7£c for short and long clear
for December, aud 7fc for January, and 7 7-16c for short clear
next week, and 7^c for January.
Cut meats decidedly more
active at firm prices.
Lard was also firmer, with a moderate
movement for future delivery ; prime Western steam 8Jc on the
spot, 8f TiS 7-16c for January, 8 11-lGc for February, and 8 15-16c
for March. Butter has been rather dull, but prime stock closes
firm. Cheese has been rather quiet at 13@14c for good to choice
terms ;
JJhlna,
Since
Jan. 1.
1873.
Same
time
1871.
Same
time
19,840
Ooffee lias been active, and at
1871,100
3ince
Jan. 1
1873.
Dec. 5,1873.
Friday Night,
Since
Jan. 1.
This
week.
Same
time ’72.
j
•
Same
Since
Jan. 1. time ’72
This
week
*
Ashes...pkgs.
6.5011
Pitch
Oil rake, pkgs
2J20
2.109
176.34"
63,926 3.1S7.101 2,773.8)1 Oil, lard
557,233 30,96->.3 45 15,207,277 Peanuts, baits
1/67
5 832
770
84,832
77,573
173
6,527
Breadstuff*—
Flour..bbls.
Whear,..bus.
Corn
Oats
Rye
Barley, &c..
Grass sd.bgs
Beans, bbls.
Peas,bush..
C. meal.bbls
Cotton, .bales.
Hemp ..bales.
Hides
No.
Hops, .bales.
Leather.sides
Molasses, lids.
Do.,
bbls
123,440 24.UST 517 40,232.3 i9
103.175 10,564/69 11.9 55,; 03
1.840
47 4,013
958.972
22,0! KJ 2,316 643 .4,90 ). 84
599
79,983
101,076
45,071
37.202
2,*!0
1 )S.M4 >
192.835
2,043
2 2.538
190.982
2,467
865.9)3
24,337,
677,637!
6 052
37
5.3 *7!
63.1,216
14,66s
550,5 14
8 t,07 i1
271
15,93 4
23,205 2,552,653 3,029,3L7j
3.934
31,490
116
523
9.927
S7.F3J
6,23a
513.315
Naval Stores-
Cr.turp bbls
Solrits turp.
Rosin
Tar
Provisions—
33,6311
647
814 605
622.S951,912 262 1,6(6. 92
476 363
2J4,52l
444,071
426,508
132.801
114/37
45,656
32,583
35’.,9: :9
318, i£0
25.. Si
25,634
11,396
72/96
2°,193
Butter, pkgs....
Cheese
12.462
9.743
Cutmeats
Eggs
...
Pork
3,14)1
1,736
Beef, pkgs
Lard, pkgs
Lard. k?gs
Rice, pkgs
•
....
1,791
142,190
4.19N
1,348
48;
4,514
945
Sugar, bbls
17l! Sugar, libels
36,833! Tallow, pkits......
I Tobacco, t»kes....
9.1S7, Tobacco, hhds....
70,390;- Whiskey, bbls....
553.398. Wool, bales
28,519 Dressed hogs. No.
304.610
....
2,266
2,<b9
295/52
19,704
1,1.8
23,477
68t
Starch
S earine
5.137
38,9r4
2! 9.423
53,440
*.64,145
158
935
10'.548
65.345
5,115
1.424
183,002
85,18*
93.812
’.72,675
67,0-46
80,SSI
COTTON.
Friday, P. M., Dec. 5,1873.
>ecial telegrams received to-nightfrom the Southern ports,
we are in possession of the returns showing the receipts, exports,
&c., of cotton for the week ending this evening, Dec. 5. It
inpears that the total receipts for the seven days have reached
170,084 bales against 123,879 bales last week, 133,386 bales the pre¬
vious week and 124,030 bales three weeks since, making the lotal
receiptsaince the first of September, 1873, 1,150,068 bales against
1,278,930 bales for the same period of 1872, allowing a de¬
crease since September 1, 1873, of 128,862 bales. The details of
the receipts for this week (as per telegraph) and fc-r the corres¬
pond) ng weeks of the five previous years are as follows:
By
s
1873.
bales.
1871.
1872.
5,29)
Savannah
Texas
42 S54
16.53)
12.201
12 563
170.081
1.150,068
27.3''S
7. 35
7,956
6.013
870
1.0)3
685
2,792
19,5 JO
Virginia
12,794
18/83
15,3 43
4/-8J
‘
520
...
.
23.047
7,424
Tennessee, &c
^lori-ta
North Carolina
57.11 1
1 ',431
14.5 3
35,446
l ,8 2
13.793
2 7.7 a
19 675
w Orleans
Mobile
Charleston
1S70.
1S69.
1S6&.
89.080
82,701
9.068
7,802
13,553
9249
19.225
8 *92
207
4.0*4
’.4. ’.M
-
1,5 )7
11,731
10.526
13,87)
7.9(<;
2.: 73
CO
105,539
152,321
2,325
5,>91
5,413
103/54
ti
|
1.273.930
993.0.71
i 1.2
2.*45
901,664
9
,4 1
712.925
the week ending this evening reach a total of
104,677 bales, of which 78,468 were to Great Britain, 15.417 to
Erance, and 10,792 to rest of the Continent, while the stocks as
I*n* exports tor
this evening, are now 450,195 bales. Below are the
exports and stocks for the w\eek, and also for the corresponding
made up
week of last season
:
Stock.
F.xported to—
-Veek ending
G. Brit.
Dec. 5
NewOrleans.
Mobile
Charleston...
Savannah
Texas
New York...
Other porta*.
A
O•
S*nce
••• •
Hent. 1
26,373
Franct
C.5W
10,236
16,52)
8,264
14,119
2.957
3/65
83,408
25,737
13/M8
2 932
325
Contln’t
Total till? Same w’k
week.
1872.
5/3S
2,250
20,9!7
1873.
1872.
153.6:6
37.316
29.114
1*6,490
86.52.1
27,075
5,6*4
1,410
15,84 t
11.406
91.(91
49.74 1
532 2
78.920
400
2,557
S,630
610
88,000
3 .000
450.1: 5
450,7 2
5,427
3 ',586
78,168
15,417
10,792
104/77
76,4 6
402.736
76,196
57,745
636.67 7
593,827
•The exports this week muter head of “other ports” include from Sin
cisco 97 to Liverpool, from Baltimore 786 to Liverpool, from Boston SB to
pool, and from Philadelphia 1,740 to Liverpool,
%
5,274
6.827
1,H6
2.8 IS
7,9.5
4
68,218
57,4)9
*
•
Frau
Liver
•
?i
770
THE
[December 6,1873,
From the foregoing statement it will be Been that, com par id
with the corresponding week of last season, there is an increase in
the exports this week of 28,261 bales, while the stocks to-night are
517 bales less than they were at this time a year ago. The^
following is
showing the movement ol cotton at
Nov. 28, the latest mail dates.
our usual table
all the ports from Sept. 1 to
EXPORTED SINCE SEPT. 1 TO—
RECEIPTS
SINCE
PORTS.
8KPT.1.
Great
1:>73.
New Orleans
Mobile
Charleston....
Savannah
Texas
New York
Florida
No. Carolina
....
..
Total this year
979,984
815,0.-3
1(9,951
148,12S
Virginia
Other
ports
53.668
14,405
2.,514
268,336
110,323
47,927
15,182
14 J,7tS
22,481
4,412
22,921
13\P47
4,23-1
3,'.'27
12,342
13^,744
10,110
Other
39,466
22,‘68
500
441
10,786
4,597
1,405
12.738
830
33,542
89,419
6^,014
4,883
97,622
41,278
50,233
•
•
•
-
•
3,427
10,935
.
.
2,836
.
65
4,913
18,449
60,778
46,913
432,000
0 691.2431
December. 15%
15%
16 13-16
15 7-16
15 27-32
16%
16%
16)4
.
16 3-16
16%
21.450
1,355
32,100
2.432
15%
-
15 11-16
16 1-16
16 11-32
16%
17,M00
1.381
15 5-16
15 17-32
15 29-32
16%
1«%
15* 9—16
15 5-16
15 9-lfi
15 31-32
16 11-32
15 :1-16
16 1-32
16%
14,20)
2,176
16%
18,500
4,338
16%
19,(k 0
2,411
by
a
showers—the rainfall reaching four one-hundredths of
the movement of
23,000
393,918
Thurs.
15%
15%
Telegraph.—In most sections of
the
very considerable fail of rain the
past
week, though this remark will not to the same extent
apply to all
the cotton States. At Galveston
they have had rain on two
....
....
15 %
15%
15 13-16
South there has been
1,8-23
7,'.63
131,925
....
13,:6C
321,268
j
17,113
159,181
•
.
....
•
15%
Weather Reports
....
2,336
15%
....
April
17 i-32
Sales,future 28,700
Sales, spot.. 2,531
25,574
47,084
59,112
spot.;.. 15%
March
127,690
65.262
16,0:9
....
4,535
Total.
Ports.
On
Novemljgr. 15%
January... 16%
February.. 16 7-16
Stock.
115,702
15,346
39,705
Britain. France. For’gn.
1872.
|
236.807
73,536
147,255
2l8,v01
69,894
88,2 U
.
Coast¬
wise
The following will show the
closing prices each day on the
basis of low middling uplauds, for the several deliveries
namedi
Fri.
SatT
Mon.
Taos.
AVed.
cotton to Galveston is
transportation facilities and with the
426,467
been rain
uoav
days—-
an
inch1
commensurate with
market demand.
There has
two
days at New Orleans, showery. At
Vicksburg
*t has been cloudy and warm all the
Aveek, with one rainy day,
The market for spot cotton the past week has been inactive
attended with high wind.
It has rained heavily more than half
and somewhat variable.
The opening was weak but without
the week at Nashville, and is now
threatening snow. At Mem.
quotable reduction until Monday, when receipts at the ports
phis it has rained on two days, the rest of the week being
cloudy;
being over 40,000 bales, and Liverpool reported quiet, there was one inch of snow fell last
night. The crop is being marketed
a reduction of fc.
Exchange improved, however, and on Wed¬
freely. There have also been tivo rainy days at Mobile, with the
nesday there was a pretty fair business for export, the market balance of the Aveek
cloudy and damp ; the planters are sending
closing with no sellers at the quotations, though no advance was forward
their] cotton very rapidly. At Selma they have had
actually paid. Yesterday, with the rate of the Bank of En¬
gland down to 5 per cent, the market was active for export as three rainy days, heavy rain-storms prevailing, and it is now
well as for consumption, with the result of ^c. recovery
in the raining; the crop is being freely forwarded to market. There
quotations ; but the demand soon subsided, and under the decline have been two rainy days at Montgomery, Macon and
Columbus,
in gold, with renewed depression in exchange, the close was dull our telegram from Columbus
adding that the rain there was
and weak.
To-day gold and exchange being again higher on during the latter part of the Aveek, the earlier part of the Aveek
account of the belligerent reports from Cuba, cotton
opened being clear and pleasant. At Savannah it lias been AA'arrn, sultry
firm, but the demand proved less active, and at the close and wet during the week ; the crop is being marketed
freely, and
part of yesterday’s advance was lost, leaving an aggregate is readily sold. It has rained on three days at Charleston ; about
decline of ^c. for the week.
For future delivery there was a con¬ all the crop in the country tributary to Charleston has been
siderable decline during Saturday and Monday, the great increase secured. At Augusta it has been
warm, sultry and wet, with rain
in the receipts the latter day discouraging buyers, and before the on more than half the
days of the week. The thermometer
decline was arrested there was a falling off of £c. from the
high¬ has averaged [62 at Galveston, 62 at Montgomery, 56 at Macon,
est figures of Friday.
Tuesday there was an upward turn, and 60 at Mobile, 65 at Savannah.
since then the market has been variable.
India Cotton Crop.—Our
To-day the opening
Bombay mail dates are
Avas
firmer, but as the day progressed the excessive receipts at down this Aveek to the 25tli of October. On the 18th of brought
October
Tot O l««t vonr
....
*1110.9
7
806,291
100,749
110,371
5*7,411
407,104
477,552
the ports caused a reaction, and the close was a fraction loAver
than yesterday.
The highest prices to-day were for December
15 19-32c., for January 15 27 32c., for February 16£c., for March
Messrs. W, Nicol & Co. write that the “
crop prospects continue
all that could be desired, and from reliable information we
learn
“
that-in the Southern Mahratta
country, Avliere
“
16$c., and for April lG^c. After ’Change sales were made at
154c. for January, 15£c. for February, 16£c. for March, and 16^c.
for April.
The total sales of this description for the week are
122,850 bales, including
free on board. For immediate deliv¬
ery the total sales foot up this week 14,143 bales, including
3,457 for export, 9,753 for consumption, 118 for speculation, and
810 in transit. Of the above 1,892 bales were to arrh'e.
The fol¬
lowing are the closing quotations :
Upland and
Florida.
Ordinary
14
per lb.
Good Ordinary
@...
14%®....
Strict Good Ordinary
Low Middling
15 3-16
Middling
Good Middling
16
17
Below
we
15%®....
@....
®...
give the sales of spot
New
Orleans.
14
15
®....
®....
15 5-16
SALKS
Exp’t.
Saturday
Monday.
Tuesday....
Wednesday.
Thursday...
Friday
125
5 0
80
883
...
...
525
3,457
'
Trantit.
ula’n
2,993
1,260
64
19
12
6
1
16
9,738
US
1,913
1.289
1.337
1
.
Spec-
966
1,394
Total
Consump.
200
«
,
-
-
.
Total,
1,355
|
.
“
“
j
14%
13%
13%
2,176
4,388
13%
14%
610
2,411
14,143
weather, noticed in our
last, continues in all districts, aud it is now expected that the
“Oomrawuttee crop will be earlier than Avas
anticipated, but we
are still doubtful if
supplies in quantity can reach us before tho
end of the yearj the low prices
ruling will not induce the ryots
“
Mid
Ord’ry. Ord’ry. Mldl’g. dllnc
2,432
I,a8l
810
“little old cotton.
The weather continues fine, and the cotton
“
fields are looking remarkably well.” Messrs.
Finlay, Muir & Co.,
of the same date say that “ the lavorable
PRI«; Kh,
1 ow
15%
14%
14%
14%
15
15%
15%
15%
15%
15%
14
U%
15%
“
16%
15%
15%
15%
16%
16
....
....
“
“
to commence
picking and cleaning cotton till they have secured
their grain crops.”
Sir Charles Forbes & Co., under same date,
write “ the reports from the districts continue to be of an exceed¬
“
ingly satisfactory character, and fully bear out the former
promising estimates of the coining crop.
Supplies of new
Oomrawuttee and Khandisli are expected in about three weeks,
while new Hingunhaut will be available in about a month.
Other descriptions of new
cotton may be expected at a correspondingly early period of the season.”
We thus see that so far as Bombay
and its dependencies are
concerned the prospects of the crop are
unusually promising.
With regard to the other
cotton-producing districts of India, our
advices are
not
as
full, though as to Calcutta they are
of a more favorable character than
previous advices. Messrs.
Fleming & Co., of Karachi, under date of October 24th,
write that their “ up-country
correspondence continues to report
favorably with regard to prospects, and in some quarters pick¬
ing operations have already been commenced.” Messrs. I. Nicol
Fleming & Co., of Calcutta, in their circular of October 17tli, say
that they have just received from the “ various districts
reports
on the
prospects of tlie new crop, which are much more favorable than those received a short time
ago.
The Agra district is
the only one in which a
deficiency is looked for, and this is estimated at a £ less than last
year. Jeypore, the Doab, Cawnpore
“and the Central Provinces all
promise a full out-turn.” VVe
have also received from Calcutta our mail for one week later, but
we do not find in it
anytbiug additional on this subject.
“
For forward
delivery the sales (including
free on board,
have reached during the week 122,850 bales (all low middling or
on the basis of low
middling), and the following is a statement oi
the sales and prices :
For December,
bales.
'
cts.
500 s. n
15%
200
15%
£00
15 5-32
100 8. n
15 3-16
1 yno
If, 3-16
15 7-32
3 JO
500
15%
600
15 5-16
100
1512-32
20 ts.n
15%
bales.
15%
1.W0
600
10)
cts.
bales.
7.<»oo
*.5%
3,30)
15 17-32
15 9 16
16 3-82
16%
3,800
15%
600
16 5-32
3,U0
1,500
15 25-32
15 13-16
55 22-32
16 3 16
16 7-S2
16%
18%
15%
1(H)
l’.ioo
...15 17-32
15 15-16
15 31-32
16
16 1-32
16 1 16
16 3-32
700
59,400 total Jan.
ror February.
600
700...-
15%
,.15 13-T2
800
15 7-16
3,800
15 15-82
5,100
.
The
“
!6%
16%
16 1-16
1,000
2,003
15 29-82
11,630 total Dec.
ror January.
15 31-32
16
16 1-82
“
“
16 9-16
16 19-32
1,100
8;i0
200.
10U
700
100
4,800
900
100
200
400
300
15%
200........ 15 21-32
15 11-lG
300
100
15 23-32
15 15-16
15 11-16
15 23-32
1,000
n
15 29-32
900
3.700
15 7-16
15 9 16
15 19*52
1,600
“
ct».
15%
15 21-32
15 15-32
15%
;;00
100
250 F.
bales.
15 19-32
5.000
15 13-32
300
n
cts.
600
2,000
?00
100
200
16 13 32
16 7-16
1,200
For March.
100
16 1-16
.16%
300
16 5 3*
1,400
16 3-16
200
600
300
16 7-32
1C 11-32
1,000
1,300
16%
15 13-32
400
3,900
15%
500
15 25-32
2,1 IK)
1513-16
15 27-32
6U.»
700
16 7-16
8(H)
2,500
15%
200
16 17-32
“
16%
800
200
100
16 17-32
16 9-16
16 19-S2
16%
400
15ll-'.6
15 23-32
..
16 11-32
16 13-82
16 7-16
1,100
34,400 total Feb.
1,100
16 13-16
10,700 total March.
For April.
S0J
200
100
16 11-16
1,200
800,
16%
16 13-16
16%
600.
800
100
100
“
“
“
16 29-82
17 1-32
17 1-16
“
16%
6,500 total April.
100
100
For Mav.
16 15-16
;..
.17
The conclusion from the above is irresistible that there will he,
16%
200 total
May,
following exchanges have been made during the week:
pi6c. pd. to «xch, 100 Nov. for Use.
*
“
:
Good
this time
good
“
and transit cotton and price of
Uplands at this market each day of the past week
so
“ingly well. The weather is bright, clear, and warm during the
“day, and cool at night. Ahmedabad.—All the crop3 are flour“isliing, and the general prospects are considered excellent.
Hingunghaut.—Weather all that can be desired, and the cotton
“fields are making satisfactory progress.
Oomrawuttee.—The
weather continues dry with a clear
sky; the cotton crops are
maturing fast. Sheagaum.—Kuppas, both from American and
indigenous seed, is beginning to show itself freely in the more
“advanced fields.
Kbamgaum.—A docra or two of new cotton*
“grown from American seed is now coming in daily, and also a
@.
15)4®.
15%@.
15%®.
16%®.
17%®.
15%®....
15%®....
16%®....
17%®....
up to
prospects were not
as in the other cotton districts, they
have latterly improved very
considerably, as plentiful rain has
“
fallen throughout the country.”
Under the date of the 25th
they give detailed reports of many of the districts tributary to
Bombay as follows : “ Broach.—The harvesting of the grain crops
“
has commenced, and the cotton crop continues to
look exceed
14
®....
15%®....
15%®....
16%®....
17%®,...
“
“
Texas.
14
Mobile.
on
;i
according to the present out-look, a considerably increased yield
of cotton in India this year as
compared with last year. The
only question which remains is, at wlxat price will it be marketed?
.
December
18732.
Estimates.—Within the next two weeks we shall make
up our usual estimate of the cotton crop; we are now gathering
the necessary information.
A telegraphic summary of the Nov.
ember report of the Agricultural Bureau was issued on the 26th
of November, by which the total crop is given at 3,700,000 bales,
and the percentage of the states “ in comparison with last year,”
as follows: North Carolina, 98; South Carolina, 92 ; Georgia, 97;
Florida, 97 ; Alabama, 91; Mississippi, 85 ; Louisiana, 80 ; Texas,
112; Arkansas, 102; Tennessee, 102 per cent. The estimated
totai area in round numbers is 9,500,000 acres.
Bombay Shipments.—According to our cable dispatch received
t.o-ciay, there has been 5,000 bales shipped from Bombay to Great
Britain the past week and 1,000 bales to the continent, while the
receipts at Bombay, during the same time have been 7,000
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. 4 :
.—-Week ending Dec. 5,1878—*
^-Shipments since Jan. 1 to-s
^-Shipments this week to-.
Great
Britain.
Contlnent.
Week’s
Total, receipts.
Britain
Continent.
11,000
1,000
5,000
1,000 12.00C 719,000 206,000 925,000 11,000
1,000 2.000 656,000 251,000 907,000 6,000
3,000
8,000 752,000 330,000 1,082,000 21,000
Total.
foregoing it would appear that compared with last
fear there is an increase of 10,000 bales this year in the week’s
shipments from Bombay to Europe, and that the total move¬
ment since Jan. 1 shows an increase in shipments of 18,000 bales
compared with the corresponding period of 1872.
Our Bombay telegram to-night states that the condition and
prospects of the growing crop continue up to the present time
«—Week ending Dec. 6, 72—*
Receipts. Shipments. Stock.
Crop
Great
777
THE CHRONICLE.
6,1878.]
Receipts. Shipments. Stock.
7398
9,635
1,013
Augusta
15,592
a,183 10,858
9,339
5,088
7,588
2,017
55,591
Columbus...
9,912
3,887
3,727
2,541
3,639
25,979
5,956
..
Macon
..
Montgomery.
Selma
Memphis...
..
..
..
..
.
Nashville....
..
8,423
36,193
99,882
35,854
32,888
ing the week 19,398 bales, and are to-night 21,011 bales more than
peiioi last year. The receipts have been 20,737 bale#
moi'e
than the
same
The exports ot
week last year.
this week from New York show a
compared with last week, the total reaching 15,844
bales, against 16,155 bales last week. Below we give our usual
table showing the exports of cotton from New York, and their
direction for each of the last four weeks ; also the total exports
and direction since Sept. 1, 1873; and in the last column the
total for the same period of previous year.
decrease
cotton
as
Exports ol CottonCbales) from New York since Sept.I, 189 3
WEEK ENDING
Nov.
12.
Liverpool
Nov.
22,216
17,691
Nov.
26.
Dec.
19.
i
14,431
14,119
Total to Gt. Britain
17,691
22,216
789
Hamburg
316
Total Great Britain stock
...
222,000
670,500
604,000
243,000
13,000
27,000
34,000
33,000
56,000
11,000
32,000
43,000
8tock at Havre
Stock
at
Marseilles
10,250
Stock at Barcelona
StocK at
18,500
Hamburg
Stock at Bremen
25.250
Stock at Amsterdam
Stock at Rotterdam
22,750
Stock at Antwerp
8tock at other continental ports
27,000
Total continental stocks
805,500
Other ports
Total to N.
Europe.
Total
971
Spain, Ac.
Grand Total
...
...
...
Egypt, Brazils, &c., afloat for Europe.
Stock in United States ports
Stock in United States interior ports..
United States exports this week.....
Total visible
Of the
..
53,000
17,000
14.00C
32,000
7,000
13,000
47,000
317,000
492,000
1,096.000
906,544
160.000
129,000
284,000
81,000
450,195
99,382
274,000
75,000
450,712
78,871
35,000
326,000
228,000
85,000
411,888
66,329
30,000
2,053,761
34,000
supply
-
above, the totals of American and other descriptions
are as
follows:
American—
Liverpool stock
Continental stocks
American afloat to Europe
United States stock
United States interior stocks
United States expoits this week.
Total American
East Indian, Brazil, &c.—
96,000
87,000
284,000
450,195
99,882
34,000
ba.es. 1,052,077
391,000
183,500
218,500
160,000
London stock
Continental stocks
48,000
41,000
84,000
274,000
450,712
78,871
85,000
83,000
228,000
411,883
66,329
30,000
860,217
970,583
404,000
144,544
334,000
81,000
222,000
408,000
129,000
75,000
1,034,000
1,052,077
1,168,000
970,583
Total visible supply
bales. 2,086,077
Price Middling Uplands, Liverpool
Stfd-
2,138,583
ndla afloat for Europe.
BfiTPt, Brazil, <fec., afloat
Total East India, &c
Total American
These figures indicate
and
an
lOd.
234,00
-
326,00°
85,000
1,193,544
860,217
-
2,053,761
9%d.
NEW YORK.
bkoe’ts
1,400
3,798
1,316
12,394
4,398
•
,,,
,
16,155
•
198
16,792
*971
2,C(j7
971
2,607
175,025
159,130
...
....
1
....
5,312
1,400
....
24,988
«
....
1,200
•
•
15,844
philadelp’ia
BOSTON.
a
as
ing date of 1871.
Movements op Cotton at the Interior Ports.—Below we
give the movements of cotton at the interior ports-3-receipts and
shipments for the week, and stock to-night and for the correspond¬
ing week of 1872;
BALTIMORE.
from-
This
week.
New Orleans..
Texas
Savannah
Mobile
Florida
S’th Carolina.
N’th Carolina.
Since
Sept- 1.
924
1,139
5,374
29,475
16,005
71,574
This. Since
week. Sept-1.
This
week.
Since
Sept-1.
This
week.
....
,
2,507
11.712
Since
Sept-1.
2,230
52
279
5,003
3,953
....
....
...
5,332
58,226
473
Virginia
5.437
9,493
73,937
311
1,867
Tennessee, &c
5,269
42,520
725
Foreign
*565
*782
6,7«8
152
.
1,327
9,950
4,105 28.232
6,170
1,555
...
....
•
•
•
....
601
C01
4.134
2,345
...
....
....
3,738
.
.
.
....
....
3,145
3,112
21,629
....
1,740
...
Total this year
28,315
299,766
10,059
62,8S4.
1,032 12,269
5,517 34,629
Total last year.
26,899
310,144
10,541
70,449
1,516
13,03C
4,147; j36,371
Shipping News.—The exports of cotton from the United
the past week, as per latest mail returns, have reached
States
73,273
bales. So far as the Southern ports are concerned, these are the
same exports 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,
we include the manifests of all vessels cleared up to Wednesday
night of this week
:
Total bales.
Liverpool, per steamers City of Limerick, 2,359—
City of Brooklyn, 793—Celtic, 1,240 ...Canada, 3,188 — Nevada,
3,648
Abyssinia, 1,100 ...Pennsylvania, 602 (via Glasgow)
per ships Strathearn, L139....J. Harvey, 50
14,119
To Marseilles, per brig Don Jacinto, 325
;
325
New York—To
To Bremen, per steamers Main. 575
Bremen, 825
New Orleans—To Liverpool, per ship Tasmanian, 2,789
To Havre, per steamer Vandalia, 411
..per ships Montebello,
2,208
1,400
2,789
City, 3,622 ...La Louisiane, 2,329
8.570
To Hamburg, per steamer Vandalia, 1,890
;
1,890
To Reval, per steamer Durham, 4,509
4,509
To Santander, per steamer Vandalia, 500
500
Mobile—To Liverpool, per ships City of Brooklyn, 4,598 ...W. A.
Campbell. 4.X23
8,921
Charleston—To Liverpool, per bark J. B. Duffus, 2,214 Upland and 27
Sea Island
2,241
To Havre, per brig Armand Adrien. 550 Upland and 73 Sea Island..
623
To Autwerp, per bark J. G. Norwood, 1,405 Upland
1,405
Savannah—To Liverpool, per steamer Ambassador, 4,742 Upland and
27 Soa Island
per ship George Hurlbut, 3,304 Upland ..per
bark Eva Carroll, 1,901 Upland
9,974
To Reval, per steamer Winistead, 4,064 Upland,
4,064
Texas —To Liverpool, per barks Sabine. 2.441 — Robert Boak,
Mapna Charts, 1,510 ...per schr. C. E. Gibson. 1.457
Baltimore—To
decrease in the cotton in sight to
compared with the same date of 1872
increase of 32,316 bales as compared with the correspond¬
1,848
....
....
19.887
4,860
Crescent
Liverpool stock
night of 52,506 bales
•
325
...
The following are the receipts of cotton at New York. Boston*
Philadelphia and Baltimore for the last week, and since Sept. 1,’73:
16,000
2,138,583
European stocks
•
733
.
118.000
976,000
India cotton afloat for Europe
American cotton afloat for Europe.
•
1,843
325
500
700
1.059
*97i
All others
137,883
554
•••
1,105
North’rn Ports
...
187,749
163,882
14,119
246
303
1,713
....
Spain,Oporto&Gibraltar&c
Total
589,544
163,882
4,127
14,401
759
300
183,500
prev.
year.
3.
134
Bremen and Hanover
...
time
Other British Ports
1,713
1871.'
Same
Total
to
date.
EXPORTED TO
100
445,000
144,544
78,871
at the same
Total French
1872.
4,285
The above totals show that the interior stocks have increased dur¬
give our table of visible supply, as made up
by cable and telegraph to night. The continental stocks and afloat
are the figures of last Saturday, but the totals for Great Britain
are this week’s returns, and consequently brought down to Thurs¬
day evening; hence to make the totals the complete figures for
tonight (Dec. 5), we add the item of exports from the United
States, including in it the exports of Friday only for Great Britain,
but for the Continent the exports of the entire week.
382,000
7,796
34,147
11,698
2,888
ioo
1673.
2,257
2,509
12,571
',247
Havre ..:
Other French ports
Stock at Liverpool
Stock at London
8,139
11,418
12,078
1,870
2,150
15,154
2,586
very favorable.
Visible Supply op Cotton as Made up by Cable and Tele¬
we
2,031
7,700
42,092
6,713
1.664
From the
graph.—Below
2,374
3,058
3,134
rallock, 1,183...
San Francisco—To Liverpool, per steamer
Total...
The
...
Liverpool, per steamer Hibernian, 603 ...per bark Glen-
To Bremen, per steamer Braunschweig, 1,082 — per
860
Boston—To Liverpool, per steamer Parthia, 588
Philadelphia—To Liverpool, per steamer Indiana, 371
are as
1,751....
Iuang Se, 97
ship Reynard,
7,159
1,785
588
371
97
73.273
particular# of those shipments, arranged in our usual form
follows:
Mar-
Liver-
pool. Havre. seilles.
325
New York. ...14,119
N. Orleans
2,789 8,570
Mobile....
8,921
623
Charleston.
2,241
Savannah.
9,974
Bre-
Ham-
Ant-
burg.
werp.
Reval. ander.
1,400
•
...
....
...
Texas...
Baltimore.
Boston....
...
.
...
.
..
Philadelphia..
San Francisco
Total
.
•
•
.
7,159
•
* •
•
....
1,786
•
•
•
....
588
371
97
...48,045
•
.
.
•
•
•
.
•
....
.
.
.
.
•
»
•
.
.
.
.
•
••
•
•••
•
.
«
....
9,193
325
.
.
....
.
•
.
..
.
•
.
.
....
•
...
.
.
.
•
.
....
....
500
8,573
15,841
18,2.58
8,921
4,269
but the demand has
14,038
....
....
•.
•
,.
...r
.
•
•
4,054
•
1,405
1,890
3,342
.
....
•
...
....
.
•
....
...
....
•
500
4,509
•
•
••
•
....
....
•
....
1,942
.
1,405
....
,
....
•
•
-
....
....
....
•
....
•
....
....
...
•
•
....
1,890
....
*
The receipts
store.
Sant-
men.
..
[December 6,1873.
CHHONICHE
THE
778
7,159
3,728
588
371
97
73,273
of corn at all points have been quite small,
been only moderate. To-day prices recovered
at 73@73-i.
2c., with sales of prime mixed in store
Rye has been scarce, and with some
demand has brought
more
Barley has been dull at the advance noted in our last,
buyers having reduced their bids, but holders have remained firm
until to day, when a boat load of Canada, West sold at $1 75.
Oats have materially declined in the past few days, under a
pressure to sell, with the demand only moderate.
To day the
market was firmer at 53@53i for prime mixed in store.
A considerable movement in Canada peas lias been reported at
money.
we give all news received, during the week, of disasters
vessels carrying cotton from any port of the United States :
^Konig Wilhelm I. (Ger.) Gerdes, from New York, which arrived at South* 98c in bond.
ampton Nov. 24, and proceeded for Bremen, ran ashore near Nieue-Diep,
on the coast of Holland 27th ; passengers landed.
She would probably
The very mild weather of Wednesday and Thursday released a
have to discharge before she could he got afloat.
and en¬
large number of ice-bound boats in the
Yille nu Havre (3,791 tons, late Napoleon III.), Captain Surmont, from New
York Nov. 15, of and for Havre, with 1,615 bales cotton and 131 passen¬
couraged hopes that a portion at least of the boats detained in the
gers, and a crew of 183 persons, collided at 2 A. M. No*. 22, in lat. 47,
Ton. 38, with the ship Loch Earn (Br.), from London for New York, and Erie Canal would be gotten forward, but a telegram to-dny said
sunk in 12 minutes, carrying down with her all but 87 of the passengers
there was no prospect of moving boats.
'
and crewT. 33 of the former and 54 of the latter. The Loch Earn struck
the steamer amidships tearing an immense hole in her aide. A few min¬
The following are closing quotations :
utes after the collision, the main and mizzen masts fell across two large
Grain.
boats, which were filled with people and ready for launching, crushing
Flour.
the boats a..d killing many of those in them.
The Loch Earn launched No. 2,....
$ bbl. $4 25® 5 15 Wheat—No.3 spring,bush.$1 <jo® 1 «
four boats, and these with the whale boat launched from the steaim r,
No. 2 spring
1 45® 1 50
were the means by which those rescued were saved.
At 8 A. M. of the SuperfineStateand West- 5 50® 6 00 Ij No. 1 spring
..
1 55® 1 57
ern...
23d the ship Trimountain, Capt. Urquhart, from New York for Bristol,
Red Western
1 55® 1 60
Extra State, &c.
6 70® 6 90 j
hove in sight and to her were transferred the saved, excepting three.
Amber do
1 65® 1 68
Western Spring Wheat
Richard Robinson—The bottom of the ship Richard Robinson, from New
White
1 65® 1 85
extras
6 40® 6 75
York for Liverpool, at Halifax, in distress, had been examined bv a
75
73®
do double extras
7 00® 8 50 | Corn-Western mixed
diver Nov. 24, who found no signs of her having been ashore.
After
White Western
78® 80
do winter wheat extras
being tight for some days the Bhip commenced leaking again 23d, and
Yellow Western
74® 76.
and double extras
7 00®10 25
the pumps had to be kept going constantly.
Capt Stetson makes the
Southern,white
@
6 85® 7 25
following statement relating to the abandonment oi his vessel:—Oct. City shipping extras. ..
;
Rye
1 05® l 10
City trade and family
27, encountered a violent gale from SSW, during which shifted the cargo
®
brands.
.".
9 00®10 25 Oats—Black
and sprung aleak, which increased to such an extent that notwithstand¬
Chicago mixed
53® 65)$
Southern bakers’ and fa¬
ing the exertions of the entire crew, they were unable to keep her free;
White Western, &c
56® 58
mily brands
9 50®10 50
the pumps were kept going continually until the morning of the 29th,
1 25® 1 65
..
Southern sbipp’g extras.. '7 50,® 8 50 Barley—Western...
when, in lat. 40, Ion. 64, all hands were taken off by the Norwegian hark
Canada West
1 75® 1 77
Rye flour, superfine
5 60® 6 00
Admete, from Newr York for Hamburg, where we remained until Nov.
State.
1 40® 1 65
Corn meal—Western, &c.
3 65® 3 90
15, and •were then transferred to the steamship Etna, Capt. Drakefo d,
98®, 1 25
Corn meal—Brwine, &c. 4 10® 4 25 Peas—Canada
and brought to New'York. Capt. Stetson states that when he left the
ship she had about six feet of water in the hold.
The movement in breadstuffs at this market has been as follows.
The steamer Bremen, which sailed from this port for Bremen, hai been
EXPORTS PROM NEW YORK.
—RECEirTS AT NEW YORK.
obliged to put back, having sprung a leak.
1873.
1872.
1873.
Same
5—5 P. M.—By Cable from Liver¬
Liverpool, December
Since
For the
Since
For the
Since time Jan. For the
pool—The market lias ruled quiet and steady to-day. Sales of
Jan. 1.
week.
week.
Jan. 1.
Jan. 1.
1, 1872.
week.
33.030
1.088,334
the day were 12,000 bales, of which 2,000 bales were for export Flour, bbls.
55,112 1,494,251
68,926 3,187,104 2,773,891
182,940
2,998
2,760
166,306
190,982
2,467
2C2 538
C. meal, “
and speculation.
Of to-day’s sales 6,000 bales were American.
Wheat, bus: 557,213 30 968,345 15.207.277 603.148 25.551.162 461,817 12,172,968
The weekly movement is given as follows :
Corn,
tk . 123,440 24,087,527 40,232,349 334,053 14,533,744 318,961 25,175,675
Dec. 5.
Nov. 28.
Nov. 21.
Nov. 14.
686,751
1.840
16,615 1,002,320
958,972
479,013
Rye,
“ .
22,659
40,048
93,000 Barley,&c.. f 22,000 2,316,693 4,900,5S4
95,000
74,000
72,000
1.910
32,603
38,880
200
14,000 | Oats
13.000
108,7(5 10,564,369 11,935,103
6,000
8,000
Below
to
Hudson River,
,
.
“
...
..
..
.
...
•
,
,
.
,
.
.
.
.502,000
4,000
497,000
7,000
477,000
73.000
70,090
4?,000
22,000
7,000
.270,000
62.000
75,000
62,000
32,000
6,000
295,000
8,000
299,000
.130,000
153,000
154.000
3,000
.
of
v
.
Total
of
.
v
.
.
of
he
Sat.
Mid. Uplands. S^®..,
Mid. Orleans.. 9 ®-.
fbS8@.
9 ®.
...
...
7,000
023,00f)
174,000
tables show the Grain in sight and
Breadstuffs to the latest mail dates:
The following
ment of
RECEIPTS at lake and river
NOV.
8>*® 8%
8%® 9
Thurs.
Wed.
8J<®....
e^@ 9
.
Fri.
8i*®....
83*®....
8/6® 9
SJ£®....
BREADSTUFFS.
Friday P. M., Dec. 5. 1873.
There has been more reaction
against the previous advance in
The demand for flour has fallen off
2.4,293
8 635
Toledo.
...
.
21,750
82,691
93,602
97,943
bush.
15,152
11,292
36/97
25,830
Total
381.562
415,640
625,096
382,896
343,710
303,242
141,786
Previous
191,719
28.191
375. S64
1,064,164
297.342
127,341
1 228,751
1.138,428
560,793
932,837
327,164
239,515
219,130
30,373
32.009
160,292
19,531
42,240
25,683
123.982 1.216,742
week
121,500 1.176.149
694,652
3orro3p’i.g week,’72.
97,456
“
materially for all grades.
4,253
*3,875
21,298
388,840
606,715
53,91)3
41,501
Rye1
busb.
(56 lbs.) (32lbf».) (481bs.) (56 Ibf.)
13,635
74,280
164,370 161,075
26.000
17,950
43,165
10,470
350
700
75,865
77,600
5,089
5.190
21,815
‘350
23.500
3,400
44,800
bush.
bush-.
Duluth
“
prices.
56 628
..
Milwaukee
Detroit
Cleveland
St. Louis
move¬
ports for the week ending
bush.
bbls.
(196 lbs.) (60 lbs.)
Chicago
the
29, AND FROM AUG. 1 TO NOV. 29.
Corn.
Oats. Barley,
Flour, Whest
daily closing prices of cotton for the week
Tues.
Mon.
42,000
7,000
487,000
96,000
88,000
59,000
“
’71.
’70
’69.
’68.
86,196
150,375
136,477
119.427
159.557
468,440
149,322
101.448
receipts at this market have also been less liberal, but with Total
866,962
Aug. 1 to date...2.164,702 36,775,297 25,045.938 1 0.824.413 3,134.171 927,374
2,066,436 27,581,116 25,815.089 10,440.850 5,611,568
supplies increasing at the West, the railways prepared to bring Same time 1872-73
Same time 1871-72
2.316,419 27,587,286 20.312,996 14.178,578 4,265,205 1,829,197
forward large quantities, and wheat having fallen o@7c. per Same time 187 J-71
2,489,242 25,675,013 9,934,699 10,534,230 4,218,872 9c8,290
bush., receivers of flour have been more inclined to make con¬
♦Estimated.
cessions to effect sales.
Early in the week there was some
{Shipments of Flour and Grain from the ports of Chicago,
demand for choice superfine, with sales as high as $6 40@$6 50,
Milwaukee Toledo, Detroit, Cleveland, St. Louis and Duluth,
but there was a quick decline to $ 6 25, and yesterday sales of dor the week ending Nov. 29, 1873, and from January 1 to
common extras were reported as low as $6 40@$6 60, though few
Nov. 29:
Rye
Barley,
Oats,
desirable could be had under $6 75.
that
were
The
Flour, Wheat,
Corn,
bneh
bush.
bnsb.
bush.
bush.
Weekending—
bbls.
4,507
medium and better grades have been reduced a little in order to Nov
157,414 123.015
022.506
264,508
129, 1873
134,286
The
237.873
175,092
23,485
131.173 1,565.982
778.712
6.806
prevent a falling off in trade. To-day the market was at Nov. 22. 1873
339,234 265,329
795,308
392,378
Corresp’ng week 1872 103,127
12,710
139.713
77,876
148.480 1,029,612
easier prices a little more active, and for good lines of extra Corresp’g week 1871.
87,997
36
101.760
32 825
192,877
58^,251
Corresp’g week 1870. 128,834
State $6 75@$6 90 may be quoted.
Total Jan. 1 to date. 5,843,727 53,992,803 49,112,267 20,743.897 3,858.654 1,307.860
Wheat has been dull, and most of the advance of last week has Same time 1872.... 4,289.043 30.101,445 66,017,291 18,254,202 5,447,912 1,150,220
Same time 1871
4,2^0.416 35,809,517 48.785.304 16,533,542 8,237.498 1.361.37*
been lost.
The sales of wheat on the spot have latterly been so Same time 1870...
3,93o,815 37,542,492 20,976,933 11,777,896 2.960,899 1,565,973
small that it has been difficult to fix quotations, but there has
RECEIPTS OF FLOUR AND GRAIN AT 8EABOARD PORTS FOR THU
been a fair business for arrival by rail in this and early next
WEEK ENDING NOV. 29, AND FROM JAN. 1 TO NOV. 29.
Rye,
month, at $1 47@$1 48 for No. 2 Chicago, and $1 51@$1 52 for
Barley,
Oats,
Corn,
Flour, Wheat,
bush.
bush.
bush.
bush.
bush.
bbls.
No. 2 Milwaukee. Winter wheats have relapsed into inactivity,
At
6C0
48.100
105,200
127,690
71.492
601,736
NTew York
and are nominally lower. The receipts at the Western markets Boston
11,801
30,724
35.310
22,788
800
2,200
14,500
have been large for the season. To-day the market was dull and Portland
1,050
1,600
27,693
12,156
Montreal
1/16
22,500
51.000
73,400
weak ; No. 2 Milwaukee nominal, at $1 49<S>$1 51, and No. 2
46,400
18,918
Philadelphia
1,300
21,350
66,600
42,000
16,436
Baltimore
14,010
Chicago sold at $1 46.
47,753
15,205
New Orleans
Indian corn opened the week active and buoyant, with sales of
4,368,
83.201
325,731 248,484
757,739
Total
380,494
43,101
263, S53
prime mixed on Tuesday at 73@74c. in store; but during Previous
355,548
3,247,236 1,036,990
week...,.,., 222,705
6,595
188,552
336,033
766.447
264,444 1.396.685
Wednesday and Thursday there was a good degree of activity, Week NovU15
8.715
31n,256
419,470
L273.675
254,628 1,476,086
Week Nov. 8....
365.849 23,320
671,824
mainly for export, at 70&a>714-iu-store, and 73@74 afloat, for good Week Nov. 1
253,215 1,876,829 1,018,382
496,840 •'41,565
225,856
211,189 1,253,947 1,601,849
to prime; some damaged sold at 60c., and kiln dried 66g(>8c. in Cor. week, ’72
.
.
....
.
•
.
..
..
.
.
.
.
-
.
.
....
•
•
December 6,
779
THE m&ONICLB.
137&]
jobbing purchases
are on a correspondingly light scale.
The
auction business has become narrowed down to assorted lots and
Do same
The Visible
granary
including the stocks in
Supply op Grain,
at cho principal points of accumulation at lake and
ports, in transit on the lakes, the New York canals, and
was Nov. 29,1873:
Barley.
Oats,
Corn,
Wheat,
^aboard
by rail,
In store at New York
la store at Albany
Instore at Buffalo.
In «tore at Chicago..
In store at Milwaukee.
In store at Duluth
In store at Toledo
In store at Detroit
In store at Oswego* —
In store at St. Louis.
Instore at Boston
In store at Toronto
In store at Montreal.
In store at Philadelphia
In store at Baltimore
Lake Shipments
•
Rail shipments
4mount on New York canals
12,000
453,559
405,182
405,182
272,000
8,865
271,706
271,706
..
42,259
42,259
350,000
350,000
.
164,802
*
v
60,110
31,410
6,790
,.
.
.
....
164,031
83,419
150.000
111,524
230,690
19,590
....
3^952
84,674
36,361
50,000
20,442
50,000
58,867
31,702
44,199
232,118
83,666
1,100,000
470,009
341,000
6,435,267
2,342,994
7,087,142
2.547.117
1,838,101
2,087,463
Nov. 30,’72. 5,089,155
143.463
180,842
8,788,421 2.844.271
9,920,664 3,045,251
10,472,784 2.684,435
10,969,645
2.756,447
14,538
15,697
150,090
37,250
85.755
2,035,457
2,039,940
1,910,777
1,918.817
silk,
287
797
394
183,970
2,474
$840,891
flax.
Total
1,196
$2S7,203
214
333
180
265
680
$82,797
1,672
87.3-14
.
10’,891
57,160
135.992
$467,154
THE
SAME PERIOD.
Manufactures of wool....
do
cotton..
239
$92,120
96
28,777
43
49.484
345
402
Total
1,125
Add ent’d for consumpt’n 2,474
do
do
$160,892
$156 337
58,094
27,310
$255,785
840,891
1,769
1,196
$389,676
287,203
1.432
1,672
467,154
m’k’t. 3,599 $1,096,676
2,965
$676,879
3,104
$902,035
Miscellaneous dry goods.
Total thrown upon
361
187
91
514
279
356
154
76
435
748
silk
flax
54,077
81 494
77.727
20,041
64.609
80,622
114,139
14,619
ENTERED POR WAREHOUSING DURING 8AME PERIOD.
Manufactures of wool
do
cotton..
do
silk
209
125
27
257
$78,180
41
$21,291
544
$254,679
31,833
19,270
16.291
38,071
254
90
25,950
33
9,192
129
946
490
101,150
105,849
48,975
125
21
869
$212,475
840,891
589
1,196
$104,115
287,2u3
2,863
1,672
$391,318
4,035 $1,093,117
do
Friday. P. M., Dec.-5, 1873.
a
125.137
,
Value.
WiTRDRAWN PROM WAREHOUSE AND THROWN INTO THE MARKET DURING
flax
Miscellaneous dry goods.
draws toward
167,179
220.799
-1873
Pkes
Total..*
708
Add ent’d for consumpt n 2.474
8,347,400 3,720,268 2,469,805
THE DRY GOODS TRADE.
season
620
.
25,000
Estimated.
As the
do
do
do
4, 1S73.
DEC.
-1872
.
Value.
Pkgs.
Ill
$41,649
177
58,520
58
48,595
373
78,196
472
60,243
1 871
.
Pkge. Value.
876
$143,806'
.
320,215
791,125
791,125
131,381
131,381
1,590,000
215,000
follows:
161,431
242,798
.
Total
7,415,958
Total in store & in transit Nov. 22, v73. 7,532,481
“
“
Nov. 15. ’73.8.470,331
“
“
Nov. 8, ’73. 9,073,617
“
“
Nov. 1,’73.. 8,611,908
“
“
Oct. 25., ’73 8,574,116
“
889,588
261.602
as
ENTERED POB CONSUMPTION FOR THE WEEK ENDING
186,000
1,563
22,268
95,000
75,000
5,314
152,100
.
have been
263,049
'
29,985
118,622
697 746
697 746
275,000
85,842
85,842
,.
light.
importations of dry goods at this port for the week ending
Dec. 4, 1873, and the corresponding weeks of 1872 and 1871
The
bush.
666,223
41,000
101,278
234,486
1,715,884 2,450,914
43,000
.
bush.
bush.
hush.
is
close the distribution of
dry
Total entered
ai
tlie port.
27,537
3,182 $1,053,366
1,785
120,928
43,357
$(-25,963
467,154
We annex a few particulars of‘’ending articles of domestic
manufacture our prices quoted being those of leading jobbers:
goods naturally becomes less liberal, though there is still a com¬
Brown Sheetings and Skirtings.
S»
paratively fair business doing for this period of the year and the
Width. Price.
Width. Price.
Width.
tone of the general market is steadily improving.
Jobbers are Adriatic
36
12
Indian Head..7-8
10* Pepperell... 9-4
do
do
36
12
.10-4
Agawam F... 36
9*
not disposed to stock up much beyond current necessities in view
Ind’n Orch.W 30
36
Alabama.
9
do
....11-4
8*
do BB. 33
of the near approach of the opening of the new year and the Albion A
36
9*
9
do
.12-1
do
C. 36
10
do E fine. 39
Amoskeag.... 36
12*
annual accounting of stocks, but where agents are offering a line
do
do
A. 36
45
17
do R
36
11*
do
49
do
d’w 36
12
do O
33
18*
of staples at prices at all below the nominally quoted range of
do
60
do
do. 40
23
10
do N
?0
values buyers axe easily found. On the other hand, goods held Atlantic A... 36
12
Laconia O.... 39
11
Pequot A
36
do
do D.... 37
R.... 37 9*-10
do
40
B
10*
at full prices move slowly and the activity in first hands seems
do H.
do
36
do
E... 36
9-4
11*
9*
do P
37
do
30
..9-4
do
10^4
9*
dependant upon the cheapness of offerings and their safety as
do
do L fine 36
.10-4
62* Pittsfield A.
36
9*
do LL... 36
9
do
.11-4
speculative purchases.
Retailers restrict their purchases to
37* Pocaset Canoe 39
do V.... 30
10
Laurel D
36
11* Portsmouth A 36
actual wants, which are fairly heavy.
12
Lawrence A., 36
do '
P 30
Appleton A.. 36
!2
...do
N.. 33
do
do
B 27
D.. 36
10*
During the week there has been a pretty general adoption by
10
do
8
S.. 26
Saranac fine O 36
36
the large jobbing houses of a new basis of credits, a reform that Augusta
do
9
do
30
XX 36
do
R 36
12*
do
1
48
do
LL. 36
do
E 39
9*
lias been found to be needed by the effects of the late panic,
do
do
A
?"
27
J.. 36
36
13* Stark A
which have shown open accounts to be of little value as assets in Broadway.
10
do
Y.
do B
36
36
10*
36
Swiff River., 36
Bedford R... 30
18
7* Langdon GB.4-4
times like those we are just emerging from.
The new terms are Boott S
40
36
11* Suffolk A
11* Langley
36
48
do W
36
11
TremontCC.. 36
15* Lyman C.
as follows: Net—thirty days, one per cent off for cash in ten
do FF
36
do
E.
36
36
11* Ul:ea
12*
T
11
do
36
9
36
do heavy.. 49
days. Regular—Four months net, five off thirty, six off ten days, Cabot A
29
Continental C 36
9
do
48
11* Maes, J..
or monthly notes
payable in New York funds. This is calculated Conestoga D. 28
do
do E
33
9
rs
9*
do
do BB.
36
do
G.. 30
to do away with the open account system, and also the long
76
9*
10*
do
do M
40
S.. 33
do
86
11*
11*
credits and heavy discounts that have been a burden upon mer¬
do
W. 33
do standard 36
do
96
11*
12*
do Non
40
36
40
17*
12* Maxwell
chants for the last few years, and the effect of the new plan, if it Crescent
30
36
11
Waltham F... 40
Dwight X.
8* Medford
be generally adopted, will be beneficial to the entire trade.
do
Y
9
33
do
.5-4
10*
Mystic River. 36
...
..
Price.
80
02*
..
35
.
40
11
10
9
...
8*
....
..
.
12*
14
35
40
9*
.
.
..
r
....
...
....
.
.
Domestic Cotton Goods.—The trade has been fitful
since
last
report and has been for the most part restricted to actual
necessities or to transactions of a somewhat speculative nature,
i>ur
based upon
do
Z....
do
ZZ...
do
Star..
do
do
do
do
Exeter A.....
Gilboa
Great Falls M
do
S
do
E
36
40
36
40
46
36
26
36
33
36
..
..
the cheapness of goods. Prices are very irregular
and quotations as representing the jobbing range of the market
must be regarded as to a great extent nominal.
There seems to
be a feeling of more strength with agents, but they are unable to Harrisburg A. 26
do
B. 30
Indian Head.7-8
effect sales at any material advance.
Prints are rather quiet at
do
..48
the moment and are nominally unchanged. • Cloths are selling
better, and 5|@5£c is the closing price for Decembers, no Con¬ Amosk’g ACA.
do
A..
tracts being made beyond this month except " at value.”
Other
do
B..
do
C..
cotton goods are quiet and not essentially changed.
..
..
..
Domestic Woolen Goods.—The trade in woolens is very
slack, the retail tailoring trade being pretty well supplied. There
have been some sales of heavy and spring weight cassimeres
made to the
clothing trade, but the demand from this branch has
not been
important. Cloths and doeskins are dull. Flannels
have been selling moderately, and more weakness has been
developed than at any time for some months past. The decline
is restricted
chiefly to the lower grades in second hands, the bet¬
ter qualities
being generally steady. Blankets are dull but with¬
out important
change.
Foreign Goods.—The imports continue light and the market
is being well cleared
up by the current sales for consumption
and to reassort broken stocks. The trade in holiday
goods is un¬
usually light and does not promise to be very satisfactory this
season.
Staple goods sell readily in small lots to complete as¬
do
D..
do awning
Arasapha
Algodon
do
B
10
40
do
36
Nashua fine O 33
do
R.... 36
do
E
36
do
W
48
do
.9-4
do
10-4
Newmarket A 36
do
D 36
Nevada A..., 36
Pacific extra.. 37
io*
Pepperell.... 7-4
9*
ii*
13
18*
11
ii"
10
u*
10*
..
do
18*
8-4
10
11
.
12*
IS
35
40
10
36
7-8
.
11*
10
11*
22*
27*
1 Cordis ACE.... 32
25
No. 2.
21
| dc
do
No. 3.
19
18
17
do
No. 4.
17
do
15
No. 5.
15
do
22
No. 6.
13
do
No. 7.
12*
11*
22
Easton..
11*-13*
15
Hampden CC.. 30
do
BB..
11
6*
do
22
TRA
22*
Hamilton reg..
27
19
do
26
D.
16
23
Lewiston A... 36
29
do
23
24
A.... 32
1
do
20
22
A.... 30
20
Methuen AA..
22*
do awning.
18
1
•27*—30
17
| Minnehaha... 7 -8 25
do
1
15
...A -4
30
23
16
I Omega C
27
22
Omega B
do
A..
do
ACA... 30
do
do
36
do medal..
Pearl River
Pemberton AA
do
B
do
E
do
Bars
..
..
..
...
..
..
..
....
..
..
..
do
ex...4-4
do
ex..
do Gld mdl
do
CT.. 6
do
CCA
A A .7-8
do
..
..
..
Cordis AAA.; 32
..
7
io"
n
12*
11*
11
8*
9
9*
15
17
27*
30
40
45
47*
17*
13*
16*
£7*
30
14*
17*
8*
9
10
13
10*
11*
10*
15*
18*
Tickings.
..
Pittsfield
..
-
No.-7..82
Light duck—
Bear (8oz.) 29 in..
do heavy (9oz.)...
20
23
Mont.Ravens29in.. 22,
da
40in,... 3Q
Ontario $nd Woodberry
..
25
25
29
37*
25
21*
18*
14*
22
12*
13
13
20
32*
WhittentonXXX.
28
25
do
York
do
16
19
23
..
..
46
44
42
40
38
86
34
..
..
•
Woodherry, Druid Mills
and Fleetwing.
..
do
C..
Willow Br’k No 1
d
..36
do extra
..
Cotton Sail Duck.
No. 8.
30
No. 9.
26
.
Thorndike A..
..
1 21
8
Swift River.
..
-
sortments, but the season has so far advanced that retailers am
not disposed to operate beyohd'theix aetiral
<inecesB£tiesranti the
..
13*
12*
..
Conestoga A p.
B p..7-8
do
do
A p.7-4
No. 0
No. t
No. 2....
No. 3
No. 4
Ncu5..
No 6
...
.
do
..9-1
do
.10-4
do
.11-4
Warren A
40
do
AA
40
Waterford W. 30
do
BB. 33
do>
C... 36
do
40
A.
do
d’ w 36
Wachnsett... 26
do
30
do
40
do
48
..
Albany...
Beaver Creek..
Masconomet.
12*
9*
A.
..
80
32
USA Standard 28* in—
do
8oz.
do
9 oz.
do
10 oz.
do
12 oz.
do
!5oz.
Ontario twls. 29 in.
.
..
do31in(8oz)
do
36 in.
24
26
28
S3
40
20
22
25
E*twlB*PoU»m’8” 15
GUNPOWDER—
GENERAL
PRICES
CURRENT.
ASHKS?ot, 1st sort V !00 lb
common....V bbl.
boards.
ITails—'.0@60d.com, fen & sh,
Clinch. 1 to 3 in. <& longer
2d and 3d line
Cut spikes, all sizes
» keg.
86 00
25 00
28 00
ti5 00
24 00
18 00
4 25
.
4 75
Cireese-Statefactory.com. to ian.
do State dairy, common to fair..
sale of Scranton, Nov.
17
25
17
23
9
9
Wet Salted—Buenos
12
2 25
26:
©
12
4 85
@
42*0
@
....
0
Pig, Scotch
Par,
21*0
2’.*0
22*@
..gold.
...gold.
gold.
-3*
30
®
....
gold.
gold.
gold.
0
•.
23
25
@
0
...
cash.
3*0
16
26
Lrgols.reQned
Arsenic,powdered....
Bi carb.soda, Newcastle
Bl chro. potash, Scotch
*•
“
“
Vft.
gold
Bleaching powder
Brimstone,crude, * ton
Brimstone, Am. roll
umnhor, erude
Castor oil, E.l.inbond, ^ gal..
Chlorate potash
Caustic soda
Cochineal,Honduras
Cochineal. Mexican
Cream tartar, prime
Cubebs, East India
....
0
&
37*66
....
....
30
....
57*
34*
6**
4*0
44
gold.
30*
41 *
28
10
6
5*0
19 k
0
2*0
Quinine. ..
per oz.
Rhubarb. China,goo l to pr
# lb.
Sal soda,Newcastle
gold
Shell Lac, 2d & 1st Eng
Soda ash
gold
Sugar lead, white
Vitriol, blue, common
FISH—
Dry cod
Mackerel, No. 1, Mass.,
¥ cwt.
shore,
Mackerel,No. I, Haliiax
Mackerel, No. 1, Bay
Mackerel.No.2, Mass, shore
Mackerel,No. 2, Bay
FLAX-
0
0
0
2 50 0
35 0
1 70 0
56 0
2 25 0
16 0
FRUITS—
1 26
*‘70
"62
2 62*
16J<
10*0
5 00
&
0
0
0
0
new.. 23 00
16 00
15 00
15 00
13 00
* frail
*40
....
00
00
00
00
00
©
4 62*@
2 40 0
12 (d
2 5d
do
@
Walnuts, Bordeaux, new
Pecan nnts
.
7*0
V lb.
V case.
9
0
7 25
@
Macaroni. Dalian
Domestic Dried—
E Apples, Southern, quarters.’73, crop
do sliced '' do
do
do
State, sliced
do
.......
do
do
quarters do
do
do Westeru
do
Peaches, pared new, Ga.<fe N. O...
do
unpared, halves & quarters
Blackberries
Cherries, pitted
GUNNIES.—See report under Cotton.
29*@
13*0
io*@
7
7
10
@
4 75
l 45
12*
2 80
7*0
18
10
10
@
Gk
®
21 *
•
•
Hickory nuts
Chestnut0
Peanuts. Virginia
V bush.
. 44
1
5
5
1
do
Wilmington
A’monds, Languedoc
do
Tarragona
Ivlca
do
do
Sicily
Shelled
<lo
$ 1b.
TALLOWAmerican
TEAS
Hyson,
0
0
©
@
7
75
50
25
25
20
18
18
@
@
®
0
@
©
0
ga
13*
‘”8*
18
8
2 25
6 03
2 00
1 75
20*
18*
18k
16*
0
S3
8
0
10*
0
1 17 @
85 @
40*©
©
35 ©
68 ©
62 @
Whale,bleached winter...
Whale, Northern
i
1 42 © 1 *43
69
Sperm,crude
*
Sperm, bleached wi ,ter
1 67 0
68 ©
winter
PETROLEUM—
Crude,ord’v grav.. In bulk,
Crude in
bbls
27
gal..
7*
11
7*
PROVISIONS—
Pork new mess
bbl
Pork, extra prime
Pork, prime mess city
Beef, plain mess
Beef, extra mess (new>
Beef hams, new
Hams, pickled
Lard
s
23
RTCE—
Rangoon,
Carolina
10*
10*
SALT-
8*
23
5*
10
14
8*
@
li 53 0 12
22 00 0 23
...V ft
9 a
8 0
0
0
..
10*0
9*0
9*0
:o*
9*0
8*0
2*
9*
7*
TIN—
„
ft.gold.
- **
V box “
“
C.charcoal
r
00
00
9*
8*
S*
7*
com.
..V bush
....
tack. 1H
to fine
35 7
55
851
20
25 1
*'’sill
606
90
n
45
Ml"
EO
®
32*
27*
V6*
26
»
10 00
10 00
@
1G £0
@
....
7*0
«*
8*0
..
18 0
5 @
25 ®
70 0
15 0
18 @
’71
dark wrk
bright work
Manufac’d.in44bond,
44
1 fO
.0
82
Conn. & Mass., fillers. ’72
wrprs. ’72.
“
44
Pennsylvania wrappers.
80
30
55
95
48
70
a
a
45 a
65 0
23 @
52 0
78 0
20 @
85 0
58 ©
(new crop)...
44
60
*80
. .
_
v
Banoa
86
27 @
85 a
55 a
20 a
85 a
65 a
83 a
58 a
82 a
28 a
40 @
65 a
16 a
22 a
..cur.
Extrafinetoflnest
Hyson Skin.* Twan.. com. to fair.
do
do
8up.to fine
do
do
Kx. fine to finest
UncoioredJapan,Com. to lair
do
8up’rtoflne
do
Ex. fine to finest
Oolong, Common to iairMti.
do
Superior to fine
do
Ex fine to finest
Bone. & Cong., Com. to fair
do
Sup’rto fine
do
Ex. fine to finest
Havana,
5^
7*
7*
10*0
Imperial. Com to fair
Sup. to fine
do
50
7
60
1 10
22
40
\
WOOL—
American XX
American. Nos. I &
American, Combing
%Mb
2
Extra, Pulled.,
No. I, Pulled
Fine.
40
52
40
27
*.
27
25
unwashed
Medium
19
Common
South Am. Merino
Cape Good Hope,
Texas,fine
Texas,
unwashed
medium
.V
ft,good
STEAM.—.
d. S. d•
....0 7-16
4 6 @....
40 0 060 0
....
S.
Livbepool :
Cotton
Flour
Heavy good*.
V ft.
« bbl.
.V ton.
.
...
b*lk & bgs. V bu.
Wheat, bulk <fc bags..
•••• V tee.
...*bbl.
....0....
12*®....
12*®....
X£0 ®....
®..„
7 0
0
0
@
@
0
0
®
0
®
®
0
0
0
d.
S.
....
45”.
80,*
88*
2Sg
22?
31 *
PS*1
3311
82g
19
8*
ft.
@
©
35 0 ©
*0
Jl 0
U »■
••• 0
.
46HI
55ff
8A11—,
•
.—
FREIGHTS—
Pork
17
gold.
ZINC—
Sheet
Beel-.»•**•
27
81
26
25
unwashed
Smyrna, unwashed
To
ror
...
California. Spring Clip-
Oii
Corn
Cadiz
Liverpool, various sorts
0
....©
14 75 0 15 00
12 00 ® 13 00
15 00 0 15 25
dressed, gold in bond.
TurksIslands
5
70
13*@
8*©
Naptha
IS
7 50
32
prime,
Sup. to fine
Ex. fine to finest
“
10
10
6*0
7*®
6*0
Hyson,Com. to fair....
Super.to fine
Ex. fine to finest
Qunpowder, Com to fair
Seed leaf.
1*
0
....0
Kentucky lugs,heavy
“
leaf,
1 20
86
41
49
1 10
70
]X
5*
4*0
6*@
7*0
8*0
V ft
TOBACCO—
©
centrlf...
Straits
33 00 ®
fk
©
9*0
9*0
do
do
Young
do
do
English
Plates. I.
7*
10*0
Plates.char. Terne
OIT. C ARB-
Lard oil, prime
8
6
9
Common to fair
Superior to f,r'°
Extra fine tc finest
do
do
IX
7*®
“*0
7*0
8*0
-
31
OAKUM.
®
Vft
Soft white, A standard
do
do
off A
White extra C
do
Yellow
3 25
3 25
41
2 70
8 !2*
2 90
3 75
4 25
16*0
ft.
!!*
6k®
fair to choice..
S. Nos. 8 to 12
Refined—Hard, crushed
Hard, granulated
do powdered.
•
....
Refined, standard white
0
0
7*0
©
3
Linseed, casks and bbls.
Cottnn Seed Crude
Menhaden, prime light
Neatsfoot
19
9
Manila
....
.
11
12
11*0
grocery,
do
37
S3
3
66 ®
00 ®
..0
6) 0
00 0
80 ®
25 0
75 0
new.
10*
<a
36
0
&
....
Barcelona
10*
JS*
©
...
do
°01ive,in csks V gall
6
25
Brazil,bags, D.
SO
22
17
45
2
8
2
3
3
pale
Brazil nuts
27*
“
9*
new.# box..
» gall.
City thin.oblong,in bbls...fiton.gold
Western thin oblong, (dom.) .. .cur.
6
26
18
13
16
0 14 00
16
* Tb
North River
3*
6 00
37
extra
SO
28
0
s
3
strain’d V bbl.
21
@
0
...
white
Porto Rico,refining, com- to
0
@
•
NUTSfi
Filberts, Sicily, new
35
....
pale
44
1 20
1 20
19
No. 1
No. 2
44
....
gold
“
44
do
do
68
60
aud mixed
Spirits turpentine
Rosin, com. to good
1st quality
,
*2*
93*
0
S. Nos. 7 to 9
do I0tol2
do 13 to 15
do 16 to 18
do 19 to 20
do
do
do
do
.do
do
do
19
18
16
26
cltv
56 *
....
@
0
Mnncovado, rtflnlng to gro¬
Tar, Wilmington
31*0
gold.
Cuba
Melado
Bav’a, Box,D.
....
64
24
Porto Rico.
NAVAL STORES—
Tar, Washington
0
54*©
©
0
0
0
20 0
33 0
25 @
7 0
„
V gall,
English Islands
90
31
6 00
50
44
44
V ft.
0
©
©
0
....
•*
Quicksilver
35
30
28
cery grades
Cuba Clayed
do centrifugal
2*0
**
“
44
44
potash,yellow
Canton Ginger
Sardines, * hi. box,..,
Bardina, ♦ or nox
5 50
18
36 00
gold.
Smyrna, new
3X
n*®
Nutgnlls, blue Aleppo
Oil vitriol (66 degrees)
Opium, Turkey,in bond
Figs.
rough
^
1
9*0
14
pr.
0
26
25
83
Orinoco, &c.
NewOrlaene new
17
air to refining..
frime, good grocery
0
0
0
27
..
California
MOLASSES-
32 *
5 37k@
“
Catch
Gambler
Ginseng, Western
Ginseng, Southern
Jalap
Lac dve, good & tine
Licorice paste, Calabria
Licorice paste, Sicily
Midder, Dutch
Madder.Fr. E.X.F.F
8*
22*
0
®
&
^ ft
quality
to choice grocery.....
centrltugal.bhds. & bxs.....v.
Molasses, hhds & bxs
.*—
•
....
do
.
44
17*
0
©
...
good refining
fair to
do
do
do
do
do
7 00
0 9 25
0 10 50
....
44
0
93
cur.
refining
Cuba,inf.to com.
87* 0
Union, cropped
Oak
rough.
gold.
44
•*
“
Argots,crude
SUGAR—
....
57*0
«81*@
Southern....
DRUGS & DYES—
Alum, lump
©
@
....
“
11
85
-—V gai’
3 75 0 15 00
3 75 @ 5 50
3 40 @ 3 50
3 15 ® 8 35
American blister
American cast, Tool
American castspring
American machinery
American Garvean spring..
5*
«
6
LEATHERHemlock. B. A
40
38
40
25
....(4
ft lb....
00
00
60
....
Pipeandsheet
©
44
W
18
12
SO
00
....
65
Bar
44
44
44
1st qva'lty
English blister, 2d &
in¬
-•
gold.
brands
22*
22*
25*
10*@
S3
1!
STEEL—
English, cast,2d&lst
English, spring,2d &
00.
00
00
00
4*0
.^100 ft gold
Spanish, ordinary.
German.
44
Knglisa
‘is
store Prices.
50 Gu
00 @132 50
50 0157 50
17 @
17*
...117
LEAD—
‘25X
24*3
gold.
gotd.
..
Batavia and Penang......
Domestic liquors—Cash.
A lcohol (88 per ct) C. &
Whiskey
SO
S2
29
25
48
....
....
Rum—Jam.,4th proof
8t. Croix, Scl proof
Gin,Swan and Swallow
46
®
0
0
0
00
162
ion
ordinary sizes
Russia, as to assort
gold.
' ingle, double & treble, com.
Rails, English, fl ton
gold
Rails, American, at works In Pa ....
S3
c<b
...
Airciican
Sheer,
Sheet,
21*
0
0
23
40
Hoop
21 &
23
28
gold.
gold.
refined, English*
Bar, Swedes,
Scroll....
,
00
U0
0
0
25 0
0
0
1 75 @ 1
99 0 1
gold
Jamaica
SPIRITS—
Brandy, foreign
18*
13*
0
@
@
@
35
20
10
V ton. SO
No. 1
Pig, American. No. 2
Pig. American Forge
5 00
5 30
5 50
4 57*
14 00
20 00
97*@
....
IRON-,
Pig, American,
COTTON—See special report.
Raiams, Seeaiess, new
do
Layer, new
do
Sultana
do
Valencia, new
do
Loose Muscatel,
Currants, new
Citron, Leghorn
Prunes, Tnrkish. new
Prunes, French
Dates
.Vft
Cropoi 1873
Crop of 1872
V 100ft, gold. 7 87*® 775
V ft
7*® 11
Cloves
do
nteinri
14
17 @
....
0
13*®
44
HOPS-
4 90
0
Bolts
Prussiate
cnr.
Mare.
Nutmegs,
Pimento,
11*
@
!1 ®
CropoflS71
Crop of 1870
COPPER-
’
10 0
stock—Calcutta 8l’ght..F lb gla.
dead green
Calcutta, buffalo....
14
18
14
13
19
13
11
....
....
domestic
...
SPICES—
Pepper, Sumatra
ao
Singapore
Cassia
Ginger. African
do
Calcutta
17
©
....
44
Calcutta,
25
24
18
®
&
....
*•
44
Ayres.Vlb
California
33
....
....
44
Para
34
4 52*@
8heathing. new (over 12 oz;
Braziers’(over 16 oz.)
American ingot. Lake
Matamoras
Bahia
foreign
Plates,
Plates
9
7 00 0 7 25
5 25 ® 6 09
6 00 © 7 C9
5 00 @
re-reeled No. 1...
8PELTER—
25*
@
0
....
.V ft
Tsatlee, No.3 chop
Tsatlee, re-reeled
Taysaam. Nos. 1 & 2
25
0
....
“
44
44
Pernambuco
32
30
!4
....
Native Ceylon
Maracaibo
Laguayra
Sv Domingo
Sav >nllia
Mexican
44
Salted—Maracaibo....V ft
Chill
a
cargoes,60090 days.gid.
bags
44
Bahia.-.
8*
0
@
0
0
5
..
**
-
Texas
8,000 tonseliestnut
Liverpool gas cannel
Liverpool house cannal
do
Maracaibo
•
SILK—
26*
24*®
55 0
24*®
23*®
17 0
1C 0
“
**
44
44
Corrientes
Rio Grande
Orinoco
California
E. /.
4
do
do
Montevideo
11
10
0
0
0
11
2 00
9,000 tons steamboat
14,000 tons grate
9,000 tons egg
80.000 tons stove
Klo ordinary
do fair,
do good,
do prime,
Uvn. mat* and
•
•
9*e
Lead.wh., Amer.,pure dry
Zinc, wh.,Araer. dry. No. I
Zinc, wh.. Amer..-No. 1,in oil
Paris white, English, pr... V 100 lbs.
BUTTER AND CHEESE—
Butter—Firkins, per invoice........
Bing e dairies entire
■Welsh tubs, per invoice
liolls
0
,
,
3 12*
2 85
1 90
2 80
27
25*0
25*0
V ft gold
...
44
Dry—Buenos AyreB
Dry
8*
Canton,
HIDES
30 00
31 00
75 00
26 00
20 00
4 50
8 50
8 50
6 00
6 75
Faints—Lead, white. Am, pure. In oil
Jute
1 75
1 10
1 75
38 00
©
V ft
8*®
¥*bush. 2 90 @
2 25 @
Flaxseed, American, tough,new... 1 80 @
Linseed,Ca]cutta*56ftgold (time)
©
120 00 0125 00
gold.220 00 0 2 25
10*©
in*
V ft *4
“
6 0
8*
4*
2*0
4*
Sisal
44
14
8EBDClover, new
Timothy...
Hemp, foreign
95
0
....
18k®
6* ®
fMb
gold
Crude
Nitrate soda..
♦ ton.190 00 0225 00
Russia, clean
Manila,current
8 25
17 00
30 50
4 00
14 00
28 50
* bbl.
White pine merchan. box
Clear pine
Snrnce boards* nlanks
Hemlock beards & planks
COFFER—
f) 100 ft
HKMP
American dressed
American undressed
M.
*’
Rockland, lump
Dumber— 8oatliern pine
Wnlte pme box boards
Auction
HAY—
North River, shipping
report.
BUILDING MATERIALS—
Bricks—'Jommon card
Croton fronts
Phllailelpliias
Cement— Risendaie
COAL—
Blasting
....®
BREADST C FFS—See special
Lime—Rockland,
SALTPETREReflned.pure
0 4 25
0 8 75
Shipping ¥ 25 ft keg
Min. *
[December 6, 1878
CHRONICLE.
±
THE
780
.
•»•
(t.
7-16
40
45 0
....
....
....N
.«<<M
•»«.®
rt-l
@FedFRASER