The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ttrntlt
ontmtrtia
HUNT'S
v
MERCHANTS'
k
fV
REPRESENTING
THE
§ltftr$)*apev,
INDUSTRIAL AND
VOL. 29.
MAGAZINE,
COMMERCIAL INTERESTS
OF
THE
UNITED
SATURDAY, DECEMBER 6, 1879.
CONTENTS.
THE
STATES.
NO. 754.
In what then consists this intimate connection between
CHRONICLE.
Congress and business ? What is the
sensi¬
every value, interfer¬
Bank Taxation and the Comp¬
ence
with
which
troller's Report.
tends
to make capital timid instead of
57G
ment
583
The Cotton Craze
577 Report of the Secretary of the
The National Finances
577
Has Congress
Treasury
584 bold, cautious instead of venturesome ?
Financial Review of November 579 Report of the Comptroller of
New York State Railroad Re¬
the Currency
590 any control over any such agency ?
Who can hesitate
ports
581 Monetary
and
Commercial
in the answer to be given to these
The Debt Statement for No¬
questions? It is the
English News
598
581 Commercial and Miscellaneous
vember, 1879
currency
the
that is
nerve centre, and unfortunately
News
G01
THE BANKERS' GAZETTE.
Congress still has power over it. The last elections, at
Money Market, U. S. Securi¬
Quotations of Stocks and Bonds 005 least in the
East, were an affirmation by the public that
ties, Railway Stocks, Foreign
Local Securities
006
Exchange, New York City
Investments, and State, City
specie payments must be permanent and a vote of confi¬
and Corporation Finances... 607
Banks, etc
G03
dence in the party that apparently has attempted to
THE COMMERCIAL TIMES.
Commercial Epitome
009 | Dry Goods
014 make tl\em so.
Under a similar feeling, disturbed by
Cotton
:
609 I Imports, Receipts & Exxiorts.. 015
Breadstufts
613
the developments thus far, our people are again
anxiously looking to Washington. They wish now
above all things to see something done which will
The Commercial and Financial Chronicle is issued every Satur¬ divorce the connection between
Congress and the
day morning, with the latest news up to midnight of Friday.
currency, so that every business interest need no
TERMS OF SUBSCRIPTION-PAYABLE IN ADVANCE:
longer be dependent upon Congressional action or
For One Year (including postage)
$10 20.
Senator Bayard's Legal-Tender
Bill
575
Imports and Exports for Novcmber, 1879
582
United States Treasury State-
tive than all others in its effect
agency more
on
%kt Chrottklc.
For Six Months
Annual subscription
do
6 10.
in London (including postage)
£2 7s.
non-action.
Subscriptions will be continued until ordered stopped by a written
order, or at the publication office. The Publishers cannot be responsible
for Remittances unless made by Drafts or Post-Office Money Orders.
This desire has been the basis of the demand for the
withdrawal of the legal tenders. Have them out of
the way, and a source of constant
Street, where subscriptions will be taken at the prices above named.
removed ; or,
Sixmos.
do
do
«.
do
1
8s.
London Office.
The London office of the Chronicle is at No. 5 Austin Friars, Old Broad
Advertisements.
Transient advertisements are published at 25 cents per line for each
insertion, but when definite orders are given for five, or more, insertions,
a liberal discount is made.
Special Notices in Banking and Financial
column 60 cents per line, each insertion.
william b. dana,
\
.WILLIAM B. DANA & CO., Publishers,
john g. floyd, jr.
79 & 81 William Street, NEW YORK.
Post Office Box 4592.
A neat file cover is furnished at 50 cents;
postage on the same is
Volumes bound for subscribers at $1 20.
For a complete set of the Commercial and Financial -Chroni¬
18 cents.
cle—July, 1865, to date—or Hunt's Merchants' Magazine, 1839 to
1871. inquire at the office.
.
We have added to
that our readers may
our
issue
to-day sixteen
in order
have for reference the reports of the
Secretary of the Treasury and the Comptroller of the Currency.
SENATOR
BAYARD'S
pages,
LEGAL-TENDER BILL.
Why is it the meeting of Congress exercises such
unfavorable influence
an
anxiety would be
if their absolute destruction is at present
impossible, the repeal of the legal-tender clause would
be accepted by the mercantile and
banking interests as
a
very great advance.
is
therefore
with decided
It
favor that the bill has been received, which Senator
Bayard has introduced this week, to effect that end; and
the party that opposes it will suffer in character.
In
fact, it would be a very clever stroke of policy for either
party to take it up and push it rapidly through. There
is no contraction in "it, and the precious
greenbacks,
which are supposed to be so dear to the West,
(although
they vote against any party that espouses them) would
still exist ; and now that the banks have turned their
reserves into gold, and the
greenbacks are also redeem¬
able in goldr no change would be necessary in the ex¬
isting methods of business. There seems, therefore, no
objection to be made to the bill by the advocates of either
side of this currency question.
It would be of infinite
advantage to business, however, because, to a very con¬
siderable extent, it would dissever the connection be¬
tween Congress and the currency, and further it would
business? Proof that it
does, is seen not only in prices, but in volume of trans¬
actions, and in fact in the very faces of merchants,
brokers, and bankers. This is no exaggeration, but a
simple fact, and needs explanation. Furthermore, the
average voter will hold one party or the other respon¬
sible for it. Nothing but that feeling controlled the remove all1 chance of disturbance of values from
any
late elections. Politicians may and will tell us it was
change that could come to these notes. They could
the Southern question which turned public
opinion. We even depreciate and still our commerce be unaffected.
do not believe one independent voter in New York We have so often discussed this
point that it is unne¬
State was moved by any such consideration. The
gov¬ cessary to enlarge upon it now. But we hope our con¬
erning idea was the very same that is the source of the servative classes will let Congress know their opinion of
the measure without delay.
existing anxiety.
upon
THE
576
CHRONICLE.
BANK TAXATION AND TEE COMPTROLLER
REPORT
There is
public document issued by the Govern¬
completely the subject treated as
that of Comptroller Knox. In fact, his reports are so
full that the public can only remain ignorant of the
working of our National banking system through an
unwillingness to read and inform itself. We are sorry
not to be able to publish this year's report entire, but
have added many pages to our paper to-day in fur¬
nishing our readers with those portions of it which
require most frequent reference.
Some of our esteemed Congressmen who bring their
ideas of finance fresh from their corn fields, talk quite
glibly of plans to wipe out of existence the national
banks, and look with favor upon any effort to fetter
their actions or development. Stuff for party issues is
supposed to be stored away in such crude notions, and
yet there is scarcely a day passes but we, or some of our
friends, have letters from these remoter districts urging
us to call the attention of
capitalists to the excellencies
no
ment which covers so
of the situation for the establishment of a National
'bank. In a word, their representative in Congress puts
his hands around the throat of the whole system, while
his constituents are seeking the extension to their own
district of this
unpopular and undesirable agent. Let
us, therefore, answer all of those letters in one sentence,
for we have not had time to do it individually :—if
any
community desires more banking capital in its midst,
all
it
has
to
do
is to communicate with
its Con-
gressman, and induce him to give up his wild notions,
and advocate such laws as will make it safe and profit¬
able to form banks.
In the
connection, it may be
well to repeat what in substance we have so often said,
and what almost every one knows—that capital cannot
same
be
driven, it can only be led, and that by coaxing.
truth, however, should not and need not dis¬
courage any judicious criticism of the National bank¬
ing system. Such criticism is very desirable. Nobody
claims that the existing law is a faultless contrivance ;
-on the contrary, every one who has ever studied the
matter hopes that a mechanism less
expensive in its
■operation, and with less friction will some day be devised.
But in the meantime wise men who know how insepar¬
ably banks are connected with commerce, how necessary
they are to its free development, will recognize the
importance of liberal treatment toward them, so as
reasonably to promote their organization. Even if a
Congressman should rise no higher than the interests of
his own district or neighborhood, this course is evidently
demanded ; but its importance becomes clearer when
he takes in the whole country, and appreciates how
largely the business of every section must always be
dependent upon good banking facilities at the com¬
This
mercial centres.
This
latter
thought
into the
philosophy of many of our Congressmen from the South
and West.
They do not stop to think how dependent
seems not to enter
the interior merchant and the interior bank
perhaps,
one
of
upon their own central city,
the great centres of trade.
are—first,
but finally
upon
The little bill of
lading always travels in advance of the produfce, possibly
one distributing point to a greater, to
lodge at last
from
either in
Bank of
the
a
bank at
one
of
our
own
outports or in the
England where it is liquidated by the sale to
consumer
of the
article
it
covers.
Cannot the
simplest mind take in the thought that the broader the
banking facilities at these great centres, the easier it will
[vol. XXIX-
be to get the necessary funds and the cheaper will be the
transit. Or put it in an extreme form—strike out of
existence every New York bank, and is it not plain that
the factor would have to pay more for the money he
obtained on the bill of lading, and that the producer in
1.876
the South and in the West would have to deduct
thing from the price he
some¬
receives for the extra cost
moving his product to
market ? Such a destruction of banking capital would
not be very unlike in effect to restricting the number
of cars our railroads should run in a day; or perhaps
more like taking
up a rail and forcing them to use but
one, for banks in commerce are simply a third rail, in¬
visible to be sure, but as necessary to all our roads for
the speedy transit of the produce as the other two.
Keeping these thoughts in mind, it is certainly sur¬
prising to see how contrary to good policy the course of
legislation during late years must have been towards
our banks.
Look, for instance, at the following com¬
prehensive piece of history, showing the changes in cap¬
ital, surplus, and rates of dividends, since 1876.
which would thus
now
accrue
in
> P.
Period of 6 months
I
ending
its
-S
Capital.
Surplus.
CD
m
3-S3.
Zm*
S- 3*2 is*
io
15 3
o
Sept. 1, 1875....... 2,047 $497,864,833 $134,123,649 4*88 3-85
Mar. 1,1876
2,076 504,209,491 134,467,595 492 3*88
2,081 500,482,271 132,251,078 450 3*57
Sept.
Mar.
2,080 496,651,580 130,872,165 4*39 3-47
2,072 486,324,860 124,349,254 4*54 362
8ept. 1, 1877
Mar.
2,074 475,609,751 122,373,561 3-99 317
2,047 470,231,896 118.687.134 3*81 304
Sept. 1,1878
Mar. 1, 1879
2.043 464,413,996 116.744.135 3-78 302
Sept. 1, 1879
2,045 455,132,056 115,149,351 3-82 305
4-56
3*62
3*25
3-12
2*50
2*83
2-31
2*53
2-96
This
gives us a decided decrease in every column.
Dividends have, in many cases, been kept up only by
intrenching on surplus; and capital and surplus have
decreased, until to-day there is 68 million dollars less
engaged in the banking business than in 1876.
Furthermore, the total net earnings show such a paltry
return
on
wonder
the
stockholders'
they
have
investment
that
it
is
of the business.
they can put their money into a cotton fac¬
tory or an iron fouudry and make twenty per
cent, they would be very simple to assume the
risks of starting a bank and of doing a banking busi¬
ness for the
possibility of six or even eight per cent.
no
gone
out
When
Yet that is all that
can
be made in
even
these old insti¬
tutions, with their large surplus, their valuable connec¬
tions long since formed, and their customers gained
during the very many years of their existence. It is
scarcely necessary to add that if this is the only return
to be secured under circumstances so favorable, we
cannot hope to see any considerable additions to our
banking capital so long as the conditions last which
force such a result. Nearly 70 millions gone out of the
business, yet commerce has perhaps doubled in volume
and we are hoping to see it further and largely increased!
But, perhaps, some one will ask, who or what is the
cause of this?
The reply is very simple, and almost
everybody knows it—legislation, taxation. Banks are
taxed on their capital, on their surplus, on their
circulation, on their deposits; by the United States,
by the State, by the city, by the county.
It
has apparently become the eustom to hit at them
from every direction, for, being conspicuous objects,
they are easily reached; so the result of it all is that
they pay, not only on what they have, but also on
what they owe.
A summary of the exactions under
which they exist in oar leading cities is given by tho
Comptroller in the following.
THE CHRONICLE.
December 6, 1879. ]
Rates of taxation.
Cities.
1870.
1877.
577
season, the following would show Europe's total
from all countries for the
crop year.
1878.
EUROPE'S SUPPLY OF COTTON FOR YEAR ENDING
OCT.
U. S.
8tate. Total.
U. 8.
State. Total
Pr. el. Pr. el. Pr. ct. Pr. ct. Pr.cl. Pr. el
1-4
1-6
3*0
1*3
1*0
2-9
New York...
1-9
3*5
5*4
21
2*9
5 0
3*2
3*4
6*6
3*0
3*2
6*2
Albany
0*7
2*8
21
Philadelphia 21
0*7
2*8
14
0*5
1
0*5
Pittsburg ...
1*9
Baltimore..
1*2
2*0
1
1-9
3*1
1*2
1*1
Washington.
1
0*7
2*0
New Orleans
1-6
0*2
1
0*9
2*4
Louisville..
1-4
0*5
1
0*5
1*9
Cincinnati
1-7
2*9
1
2*9
4*6
Cleveland...
11
2*5
1
2*2
3*3
2-2
3*0
5*2
Chicago.....
2
2*9
5*8
Detroit
1*6
1*5
3*1
1
1*7
3*3
Milwaukee..
22
2*9
5*1
2
2*6
5*0
8t. Louis
1-3
2-6
39
1
2*5
3*9
St. Paul
1-2
18
30
1
1*7
3*0
Boston
..
U. 8.
Pr. el. Pr. ct. P. ct
1*3
1*3
2
2*2
2*9
5
2*8
2*8
5
2*0
0*7
2*7
1*3
0*5
1*8
1*2
1*8
3*0
1*4
0*6
20
1*5
10
2*5
1*4
0*5
1*9
1*5
2*7
4*2
1*1
2*0
3
2*5
2*0
5*1
1*7
1*5
3*2
2*4
2*6
5*0
1*6
2*4
4*0
1*3
1*5
2*8
and, as a very natural consequence,
banking capital decreases 24 million dollars in seven
years.
So, too, in the important cities of Chicago, Mil¬
waukee, and Albany, the rate of the tax is over 5 per
cent, while in Cincinnati and St. Louis it is but little
pay over 5 per cent,
less.
We did not propose to enter
upon the
of taxation to-day. Our
object was
broad question
simply to call
attention to the burden the banks were
laboring under,
the effect it was having
upon banking capital, and to
suggest that this was a commercial question rather than
a mere
banking question. It is easy enough for stock
holders to take their money out of banks and
put it else¬
where, as they have been doing; but the point we
wished to suggest, was, is it in the interest of commerce
to have it done ?
This question appeals
directly to Con¬
gressmen, for the most impolitic tax of all is within their
control.
We refer to the tax on
deposits, which can be
justified on no principle.
Pounds.
Descriptions.
they
turning point. All
admit, however, that there will be a turning point,
when these moneyed representatives of Wall stTeet
(about which weiiear so much) will be as active sellers
as
they are reported to be active buyers now.
In the meantime, it would be well for those who
wish,
amid the excitement, to retain level heads to
keep the
great facts of supply and demand in sight, as sooner or
later they must have their influence. Lest our
judg¬
ment should be at fault with
regard to the American
crop, we have taken the pains to correspond largely
with our friends in the South
during the past month,
and as a result we are only confirmed in our
previous
opinion with regard to the extent of the yield. It is
not, however, our present intention to give any estimate
of it, because it is not
necessary for our purpose. The
receipts from the plantations since September 1 (not¬
withstanding the very low state of the rivers in the
Southwest, where, according to our information, the
crop is so largely in exc ss of last year) were last Fri¬
day night 461,386 bales in excess of last season. Let us
even
admit that some portion of this excess will not
in the end be retained.
We
however believe
that any person
who will investigate the subject can put
our
supply for Europe this year below 3,800,000 bales.
After leaving North Carolina, and
possibly South Caro¬
lina, we can find no State that will furnish a decreased
yield, except Texas, and 100,000 bales will probably
cover that loss; whereas
everyone admits a very large
increase in the
figure, theD,
as
Mississippi Valley. Accepting that
Europe's supply from America this
Total Weight.
Bales of
400 lbs. eaoh
445
1,691,000,000
452,400,000
290,225,000
50,000,000
4,227,500
1,131,000
725,562
125,000
2,483,625,000
6,209,062
611
Sundries
250,000
200
Total
5,725,000
Egyptian
377
•
•
•
*
We have reduced the
foregoing to bales of 400 lbs.
each, as that is the form in which consumption is
usually reckoned.
Turning now to consumption in Europe, what do we
find? Wild ideas with regard to its extent seem to*
prevail, but the present facts give no warrant for such
estimates. Mr. Ellison's circular, which we
published in
last week's Chronicle, shows that
up to Nov. 1 England
had only consumed 50,000
bales, and the Continent
47,000 bales, of 400 lbs. each, per week. In other words,
97,000 bales of 400 lbs. each is the
we
must
take
as
the
measure
actual total which
of the present
European con¬
sumption. Of course, at very low prices we suppose this
might be considerably increased in later months;
but who wants to speculate in cotton at
13@14c. a
pound on a large increase in consumption in Europe
during a year when every country there has a short
harvest ? Suppose, however, we call, the
present con¬
sumption 100,000 bales per week of 400 pounds each;
that would make 5,200,000
bales for the year and leave
above
according to
statement of supply 1,000,000 bales,
of 400 lbs. each, to be added to stock at the end of the
year.
have
only wish to call attention to these facts.
to make upon them.
We
no comments
the
cannot
Per
Bale.
3,800,000
1,200,000
475,000
East Indian
We of course have no knowledge at what
price the
advance in cotton will stop. Those who think
as
Total Bales.
American
We
THE COTTON CRAZE.
cents
1, 1880.
State. Tot.
According to this statement, banks in New York city
know best mark 20
supply
THE
NATIONAL
«
FINANCES.
The report
of the Secretary of the Treasury, which we
subsequent pages to-day, deserves and will
give on
probably receive much closer attention than is usually
given to such documents, for, considering the events of
the year, it is the most notable financial
report put forth
since 1865.
As a matter of interest for
comparison, we
give as follows the principal items of governmental
receipts and expenditures during the last four fiscal
years,
with the totals, which include items
Receipts.
not
named.
1878-9.
1877-8.
1876-7.
1875-0.
$
$
$
$
Customs
137.250.047 130,170,680 130,956,493 148,071,984
Internal revenue
113,561,610 110,581,625 118,630,408 116,700,732
Circulation and de¬
posits of Nat. b'ks.
Customs fees, fines,
&c
Premium
on
coin
sales
Profits on coinage...
6,747,500
6,863,053
7,078,551
7,328,573
1,100,871
1,040,861
1,044,713
183,797
8,104
2,924,938
317,102
1,690,762
249,581
3,273,239
3,723,540
Total receipts... 273,827,184
1,741,118
257,763,879 269,000,586 287,482,039
Expenditures.
Civil
Pensions
Indians
Foreign intercourse.
Military, including
river and harbor..
Nav->1
Miscellaneous, inclu
ding revenue col
lecting
Interest
16,439,99'.
35,121,482
5,206,109
1,333,836
10,551,323
15,794,188
27,137,019
4,629.280
27,963,752
5,277,<>07
1,229,217
1,220,759
17,232,249
28,257,396
5,966,558
1,410,242
40,425,660
15,125,126
32,154,148
17,365,301
37.082,736
14,959,935
38,070,889
18,903,310
38,870,203
35.397,164
39,228.119 48,315,872
97,124,512 100,243,271
105,327,949 102,500,875
Total.
266,947,883 236,964,327 238,660,008 318,990,550
These changes are mostly intelligible on their
face,
and may be dismissed with the briefest comment. The
increase in
receipts naturally follows increase in
imports. The increase in internal revenue
customs
merchandise
THE CHRONICLE.
678
by the improved condition of
by the fact that the receipts
on tobacco, during the previous fiscal year, fell off in
consequence of the agitation for reduction in the rate
is in part accounted for
the country, and, in part,
The increase in interest account is in part
ascribable to bond issues for resumption purposes, and
of tax.
the temporary effect of refunding operations.
expenditures included $5,373,000 of so-called
arrears." The receipts for the present and the next
fiscal years are estimated at 288 millions each, an increase
of about 14£ millions over the last; expenditures at 264
and 278 millions. After applying, since the present
fiscal year opened, the fractional currency redemption
fund to the " arrears," the increased receipts during the
first quarter were absorbed in that way and in increased
expenses; yet, out of the surplus revenues for October
in part to
Title of loan.
Kate
per ct.
Loan of 1858
Ten-foitie* of 18G4
Five-twenties of 1862
Fivo-twenties of March, 1864
Five-twenties of June, 1864
Five-twenties of 1865
Consols of 1865
Consols of 1867
Consols of 1868
5
5
6
6
6
C
6
6
6
193,890,250
401,143,750
1,327,100
59,185,150
160,144,500
211,337,050
316,423,800
37,677,050
same
purpose;
and unless further
prodigalities are committed by Con¬
gress, the Secretary expects to be able to meet all
demands and apply to that fund 24 millions during the
year. On this subject he recommends a permanent appro¬
priations committee for each branch of Congress, to sit
during the recess; repealing all permanent and indefinite
appropriations more than two years old, except for the
public debt; limiting appropriations to two years, except
for the debt; the adoption of rules restricting appropria¬
tion bills to appropriation items, and excluding legislative
ones.
The expediency of these changes is unquestion¬
able, and a constitutional amendment covering the last
one (and something more) was presented
in the House
during the first day of the session.
The chief interest in the report, however, centres upon
its record of resumption, and of what has been and yet
remains to be done in the progress of refunding; As to
the latter, on Nov. 23, 1878, when the last report closed,
there had been issued (in round numbers) 144J millions
of four per cents, and there were outstanding 371£ mil¬
lions of sixes, a quarter million of fives of 1858, and
194\ millions of ten-forties. On January 21 last, a con¬
tract was made with the syndicate for 10 millions of
fours, with the option of taking 5 millions 'more
n
each month of April, May, and June, and this
15 millions was so taken; on the morning of April 4,
$59,565,700 five-twenties remained, not covered, but
during that day was the ever-memorable event of tele¬
graphic offers which not only absorbed that remainder,
but went beyond to the extent of $60,919,800, and then
came a dispute among the subscribers as to their respec¬
tive shares in the allotment of bonds.
The five-twen¬
having thus been disposed of, 150 milliong of fours
were offered, twelve days later, at one-half premium,
for the refunding of ten-forties (fives), the remaining
$44,566,300 being reserved for the conversion of the
$10 refunding certificates authorized by the act of Feb¬
ruary 26, 1879. On the following day, subscriptions
were accepted amounting to $149,389,650, besides $34,755,000 declined, and the offers of fours were with¬
ties
drawn.
Within two weeks' time, 209 millions of fours
placed, and offers for 95£ millions more re¬
fused, besides a single one for 40 millions of refunding
were
thus
Since Nov. 23,^1378, $370,848,750 sixes
and $193,890,250 fives have been refunded into fours, at
an annual interest-saving of $9,355,877.
Since March
certificates.
in all have been refunded, at an
saving of $14,290,416. The entire transactions
the funding act of July, 1870, and January, 1871,
1, 1877, $845,345,950
annual
under
are
sc-.-.Lule..
lus :
charge.
;
>
$1,395,345,950
$10,405,362 50
71,234,322 00
$81,639,684 50
In
place of these have been issued 500 millions of fives,
185 millions of 4^s, and $710,345,950 fours, the interest
on the total being $61,738,838
annually. During 1880
and 1881 bonds mature
as
follows
Rate of
interest.
Authorizing act.
February 8, 1861
Jul}' L7 and August 5, 1861
6
March 3, 1863
March 2.1861
6
G
:
Amount.
Date of
maturity.
$18,415,000
Dec. 31, 1880
June 30,1881
June 30,1881
6
(the fourth month) 10J millions of bonds were bought
and Jan. 20, 1871.
for the Sinking Fund, while this week the advertisement ^uly 14, 1870,
Total
is out for bids for another million for the
Annual interest
Ain't refunded.
$14,217,000
Total
Pension
"
[Vol. XXIX.
1,1881
1,1831
July
May
5
182,605,550
71,787,000
823,800
508,440,350
$782,071,700
Only the first of these items becomes absolutely due
The last item, it will be noticed, is
the original refunding bonds; thus five-sevenths of the
bonds yet remaining to be refunded were issued in pur¬
suance of
the refunding process, in 1871, before the
improving credit of the Government made it possible to
place a bond at less than five per cent. Concerning the
future, the Secretary asks that authority be given, dur¬
ing the present session, to issue fours and certificates
therefor, at not below par, to tbe extent necessary for
disposing of tbe bonds in the above schedule, and a bill
has been introduced in accordance with this suggestion.
From this chapter we turn to the hardly less interest¬
ing and pleasant one which sums up the resumption
transactions of the year.
This chapter is almost as
at the date named.
in its essential statements
brief
three-word message from his
1 the Treasury was prepared
lions of coin
But the
reserve
in
as
Caesar's historical
military field. On January
with a stock of 133\ mil¬
excess
of all matured liabilities.
equivalency between notes and coin had already
some weeks—resumption had accomplished
existed for
No distinction whatever has since been made
between notes and coin in the collection of duties or in
itself.
payments on account of the public debt, but, at the re¬
quest of creditors, the great ^ulk of the last-named pay¬
ments has been made in United States notes, very little
being takeD, although over 600 millions of coin
On the other hand, coin
been freely paid into the Treasury, and gold bullion
been deposited in the Assay Office, paid for in notes.
coiit
liabilities have accrued Vince.
has
has
The aggregate of all coin and bullion in the Treasury
has risen from 167£ to over 225 millions, and the net
balance available for
resumption from 133\ to 152|
United States notes and notes of national
banks have been received and paid indifferently with
millions.
coin in all business
over
the country.
transactions, public or private, ail
Says tbe Secretary:
specie standard, thus happily secured, ha* given an impetus to all
kind* of business. Many Industrie*, greatly depressed wince the panic
of 1873, have revived, while Increased activity ha* been *hown in all
branches of production, trade, and comiberce. Every preparation for
The
resumption wa* accompanied with increased business aua
and its consummation ha* been foliowed^by a revival of
Industry unexampled in our previous history.
confidence,
productive
regard to the future of these notes the Secretary
says, very properly, that the chief objection to their emis¬
sion by the Government grows out of the legal-tender
clause.
In war, he says, and during a grave public
exigency, other considerations may properly prevail; but
it would seem that during peace, and especially during
times of prosperity and surplus revenue, the promissory
note of the United States ought to stand like any other
promissory note. The Secretary, therefore, submits to
With
i
THE CHRONICLE.
1379.1
December 6,
679
Congress whether the legal-tender clause should not now the first three weeks of the month the rates went as
be repealed as to all future contracts, and parties be left high as 7 per cent, with the addition of a commission
to stipulate the mode of payment.
Wc have referred to of 1-32 to $ per cent a day, to borrowers on the lighter
this subject in another column, and it is unneces class of stock collaterals, while the Government bond
sary to do more here than express hearty approval of dealers were supplied nearly all the time at 4@0 per
this recommendation, as well as of that proposing to cent.
limit the coinage of silver dollars.
i
New York City
Bunk Statements.
Nov. 1.
Nov. 8.
Nov. 15.
Nov. 22.
Nov. 29.
In respect to silver, the condition of the country is
Loans and dlsc'ts. 1271.238.600 $270,076,800 $268,538,800
$276,194,400 $273,430,900
like that of a person who has swallowed a dose of slow- Specie
29.876.300
33,823.800
42,992.8*Kl
62.310.700
60,006.700
Circulation
22.IPD.600
22,341,600
22,475,700
22,560,400
23,024.800
Net deposits
2H4.412.tXK) 231,927,700 239.201,200 250,297.800 247,195,000
acting poison. Let remedies be applied, in season, and LckuI tenders
28,616,900
23,486.900
22.696,800
18,986,200
10,771.700
Def.
Surplus
reserve..
I)ef. 671,226
a cure can be effected;
5,788,300
0,417,575
7,283,525
neglect the case during the inter¬ Range of call lo'ns 6 811,800
Cku7*
6®7*
4<2i7+
4 <S»7*
4 ®7
Rate
of
prime
pap.
val before the operation of the poison gets well started,
6
G<&7
6C4«%
and the result will be fatal. The differences are that
the country cannot be destroyed? and that, instead of a
The
following
summary
shows the condition of the
New York
Clearing House banks, the premium on gold,
single dose, it is taking small doses constantly; but
rate of foreign exchange, and
prices of leading securi¬
analogy is close enough for the purpose. There
ties and artie'es of merchandise, on or about the first of
is but one thing to be done : to suspend the
coinage.
December in each year, from 1877 to 1879, inclusive :
That would stop the evil where* it is, woi\ld
give an
STATISTICAL SUMMARY ON OU ABOUT DECEMBER 1, 1877 TO 1870.
intelligible notice to Europe that we have recovered our
senses, and would at once put the silver question in a
1870.
1878.
1877
more favorable
position. The sooner this is done the New
Tor/c City Banks—
better. It would be the best warrant for
Loans and aineouritH
273,430,000 236,438,400 238,429,000
holiday Specie
/..
52,310,700
22,007,400
18,324,000
rejoicing.
Circulation
23,024,800
20,007,000
18,110,300
the
Net deposits
247,10 5,500 200,707,200 190,001,500
16,771,700
41,275,700 40,579,800
Legal tenders
Surplus
FINANCIAL REVIEW OF NOVEMBER.
The past month will be remembered as one of the
most eventful in the records of our stock market.
The
great rise in securities which had been going on, with
-
slight interruptions, from the very beginning**of the
year, culminated in this month with the highest prices
for stocks which
5871881, coupon.^
4%s, 1801, coupon
4s of 1007, coupon
had been made since the extreme de¬
Jtailroad Stocks—
New York Central A Ilud. Rlv.
Erie (N. Y. L. K. AW.)
Lake Shore A Mich. Southern.
The great buoyancy in prices, which
carried stocks to higher figures than had been antici¬
pated by the most sanguine speculators, was followed
by a rapid and precipitous decline, in which margins
were wiped out £nd the accumulated
profits of many
small operators were exchanged for a loss of
greater or
less extent. The speculation in merchandise, which had
been hardly less rampant than that in
stocks, was also
checked ; and although there was no decline similar
to that in
stocks, there was generally a decided
check to speculative transactions in the latter
part,of
The actual sales at the Stock
Exchange,
Delaware Lack. A Western
Central of New Jersey
Merchandise—
pared with previous months,
August.
U.S. Govemm't bonds
State bonds
Railroad bonds
Hank stocks, ^.shares
Railroad, Ac.,
"
BANK
In the
were as
September.
$12,583,400 $0,800,600
719,000
41/1,800
23,523,000
33,600,547
940
911
5,237,005
0,073,101
Exchange,
follows
November.
$8,483,850 $0,275,100
006,000
54,822,940
2,181
11,252,004
10,535,075
MOVEMENTS AND THE MONKV
•
110%
120%
132
30
111%
18%/
60
08%
117%
70%
46%
80
72%
35
80
73
46%
28%
107
105
106%
10%
02%
50
09%
72%
35%
35%
50%
13%
.
CLOSING I'll ICES OF GOVERNMENT SECURITIES IN NOVEMBER,
*AOxj
MARKET.
I
early part of the month the weekly Clearing-
required by the national-bank law, and it was not until
the 15th of November that a
surplus of reserves was
shewn.
Money was stringent to stock-brokers, and
there were frequent reports that
large amounts were
held off the market by parties who were "
bearing"
stocks, for the purpose of causing a stringency. During
54
4 81%
1870.
1
090
House statements continued to sbow^a
deficiency in the
reserve of the banks below the 25
per cent of deposits
Ts46
dealings in Government bonds were large, and tho
purchases included about $S,000,000 taken in the latter
part of the month by Mr. Wro.VH. Vanderbilt. These
bonds taken out of the market, together with
many
smaller lots by banks and private investors, as well as
the purchase oL$10,000,000 by Secretary Sherman for the
U.S. sinking fund, caused a decided reduction in the
floating supply of bonds and a corresponding firmness
in prices.
In other investment securities, railroad bonds were
very firm, and the tendency of all classes of bond*
free from speculative influence was towards higher
prices.
com¬
1,951,450
00,932,140
102%
The
as
:
October.
100%
INVESTMENT SECURITIES.
was
at the Stock
4®7
52/0
Cotton, Mfddl'g Uplands, W Tb.
12%
0%
Wool, American XX
tb.
44®52
302/30
382-43
Iron, Amor, pig, No. 1. .$ ton. 26 00® 27 00 10 002)17 00 18 002)20 00
Wheat, No. 2spring...% bush. 1 37%® I 40
1 00
1 20%® I 31
Corn, Wesforn mixed. M bush.
58'<z>02
41 %®47%
50® 04
Pork, mew$f*T. /.
7 40
13 50® 13 65.$ bbl. 12 00 & 12 50
probably as large as in
any previous month.
The imports of gold continue on
a large scale, and in round numbers the
imports for the
month were $17,000,000, against about
$18,000,000 in
October.
The total transactions
3&3%
4®0
118%
106%
101%
100%
03
...
0,003,425
100%
147%
00%
Minois Central
Chicago A Northwestern, cpm.
Chicago Milw. A 8t.$Rau%ebm.
12,513,800
120%
102%
105%
103%
104'%
Miehlgau Central
Chicago Rock fslaud A Pacltie
reported, did not foot up as large a total as in October ;
but on .many days the excitement at the Board was so
great that all the sales could not be reported, and the
actual volume of transactions
7,283,525
p.c.)$
Call loans.
c.
5®7
Prime paper.
5 «/0
Cold
100
Silver in London; per oz
531 j«
Prime sterling bills, 60 days.. 4 80%-4 81%
United Slates Bon^g—
6s, 1881, coupon
106
6s,Ajurrency, 1808
pression of 1877.
the month.
reserve (over 25
Money. Gold, Exchunyp—
I
..
2..
3.,
4.,
5..
0..
7,.
8;.
(fa,
5s,
4%s,
1881, 1881, 1891,
coup. coup. coup.
lie-
105%
102%
106%
X
ib'2%
102%
18
..
100
ibo%
....
102 %
103
100% 103%
102%
103% 125
102%
103%
8.
102%
103
D)2%
103
0S,
5s,
4%s, 4s,
(fa?
1881, 1881. 1801, 1007, Cur,
J*
coup
coup coup coup 1808.
10
20
21
22
105%
100% U>3% 124%
100% 103%
103%
23
24
25
20
27
28
29
30,
103
m
..
..
100% 102% 124%
8.
12..
f.
8.
100% 102% 106% 102%
100% 102% 100% 102%
100% 102
102%
100%
102% 124
11
14
15
10
17
o
1808.
Elect Ion II olldu y
9..
10..
13
Os
Cur,,
105%
103
8.
ib*5%
102% 100% 103%
..liol I day,
105%
Open 105%
High 106%
lAtW. 105%
J
105%
-1
100% 103
105%
102%
107% 103%
103%
8.
*02% 100% 102% 124%
102% 107% 103% 125
102
100% 102% 124
102% 107% 103 %J 124%
THE CHRONICLE.
580
[Vol; XXIX
-October.-
closing prices op consols and u. 8. securities at london in nov.
-November.-
Railroads.
Nov.
4s of
L881. 1891, 1907.
sSi
si
..Hoi
8.
1
2
3
4
5
971316 105*2
97H ^ 105*2
971316 105*2
971516 1053s
10538
97%
97l5ie 105*4
6
7
8
9
9715i6 10538
9715,6 10538
11
12
13
,14
15
16
17
18
19
«
of
Nov.
106
109% 106
20
21
22
23
24
25
26
27
109*8 i *06*8
28
29
iday.
109*2 L0578
1C9% 106*8
110
110
106*4
106%
109%
8.
10
110
1063s
1063s
106 %
1065&
105*2 110*8
97%
971316 105*2 x08%
97i316 105*2 108%
971316 10538 1037e
1065s
8.
971516 105*2 108% 10638
98i16 105*2 108 78 1065s
105*2 1085s 1065s
98*4
railroad
£
a
4*28
5s of
and
o c
f
o
4*28
5s of
4s of
of
1881. 1891, 1907.
105*2 1035s 1065s
98*2
98*1,6 105*2 1085B 1065s
105*2 1085s 1065a
98%
8.
981316
98*3,6
98*1,6
98*1,6
98*1,6
98*3,6
105*2
105*2
105*2
105%
105*2
105%
30
108% 1*06*2
1095Q 1065a
108% 1065s
103% 107
109
107*8
109*4 1073a
8.
Opening..
Highest..
Lowest...
Closing...
8ince Jan.
97*3,6
98*3,6
9711,6
98*3,6
105*2 109*2
1057s 110*8
105*4 x08%
1055s X09*4
105 7s
10730
1057s
10738
Highest..
99T16 109% 110*8 10738
Lowest...
95*8
105
106*2 101
miscellaneous stocks.
the
early part, the booming prices rose more buoyantly
than at any previous time and quickly reached the
highest of the year; then, about the 20th of the month,
came a bear attack on the market of
extraordinary
severity; and on Friday the 21st the lowest figures
were generally made, when Delaware & Hudson Ganal
touched 59, Union Pacific 73, Erie 32, &c., &c. From
that point there was a sharp recovery, but not to the
high prices made before the break, and it was generally
remarked that the few heavy operators understood
to be engaged in the bear attack had gathered in im¬
mense profits from the losses of a
great number of
small speculators.
The great event of the month, however, was the sale
by Mr. Vanderbilt of 250,000 shares of the N. Y. Cen¬
tral & Hudson River stock to a syndicate of capitalists,
including Messrs. Gould, Field, an l others interested in
the Wabash St. Louis & Pacific combination,
according
to the details given at length on page 563 of the
Chronicle. This was the largest single transaction in
railroad stock that had ever been made here, and the
matter gave rise to most animated discussion in all
business circles.
The
following table will show the lowest, highest, and
closing prices of railway and miscellaneous stocks at the
Hew York Stock Exchange during tba, months of Octo¬
•
range of stocks in october and november.
Railroads.
Albany A Snsq'hanna
Bos. & N. Y. Air-L. pf
Burl. Cod. Rap. A No.
Canada 8outhern
Cedar Falls A Minn
Central of N. Jersey.
Sept.30.
95
46*4
Cbes. & Ohio
do
1st pref.
do
2d pref.
Chicago A Alton
ao
10
13
60*2
60
80*4
10
17%
*11
*96*2
Dref. *108
Dubuque & Sioux C
Erie & Pittsburg
Frankfort A Kokomo
Hannibal A St. Jo
24 %
do
pref.
53*4
Harlem
*153
Hoost. A Tex. Cent..
59*4
Illinois Central
91%
Indiana BL A West
Indianap. Cin. A Laf.
6%
Kansas Pacific
70
Keok. A Des Moines
do
pref
Laf. Bloom. A Mun
Lake Erie A West
Lake Shore
947q
Prices bid.
61
68%
Chic. BnrL A Quincy. 1143s
Chic. MIL A 8t. Paul. x67%
do
pref. 101*8
Chic. A Northwest...
833s
do
pref. xl00*4
Chic. & Rock Island. 142*4
Chic. 8t.L. A N.Orl'ns
19*4
Chic.8t.P. A Minneap.
45 *2
Cinn. Sand. & Cleve
Clev. Col. Cm. A Ind.
57*4
dev. & Pittsb., guar. 104
CoL Chic. & IncLCent.
11*2
Del. Lack. A West'rn.
67 *4
*
100
56
69*2
.
f Prices asked.
%
-October.-November.Low. High. Oct. 31. Low. High.Nov.29.
95
70
77*2
60*4
73*2
99
48
57
64
1478
77*2
13%
16
27
21
11*8
94*2
22 7a
16%
15%
1578
997s
110*8
124
75*8
99*2
90*8
104%
148*2
98%
97*4
112*2
117*4
95s
110
11378
673s
97
82*2
997s
138*2
18*4
51
27%
28
675s
59
90
25
24%
53
156
51
91
71
105*4
20
90
60*2
100
34
89%
1330
23
37
97*2
29*2
100*4
115
123*4
82*6
102%
94*2
84
104*4
101*2
108
147
146
149
t47
69
104*4
15*2
88%
*59
21*4
31%
41
56
70
102*2
16
75
60
85*2
106
28
94
36%
61%
60%
165
52%
98
25
26*2
41*2
70*8
52
155
40
95
32
8
58
55
26
21*2
28*s
101%
20%
82%
101
99
24
33
61
37
23*8
92%
83*2
12*2
108
Mo. Kans. A Texas
Mobile A Ohio,ass'd.
Morris A Essex
Nashv. Chatt. A St. L.
119
133
130
119%
32*4
56*2
136
131
160
165
8678
19
11
20*4
..
*93*2
x45
N. Jersey Southern..
4*8
N. Y. Cent. & Hud. R. xll9
New York Elevated .*xl21
N. Y. Lake Erie A W.
32%
do
pref.
N. Y. N. H. A Hartf'rd
Northern Pacific
do
pref.
Ohio & Mississippi..
do
pref.
93*2
45
3*2
58*4
162
-
40*2
36
49
65
1978
19
51
If8
60*4
23%
53*2
52%
5%
166
170
Pittsb.Ft.W.AC.guar. *110%
Renssel'rA Saratoga
Rome Wat. A Ogdens.
St. L. Alton A T. H..
5%
182
112
105
16
114
110
*20""
15
12*2
12*4
18
25
44
25
St. L. Kans. C. A No.
do
pref.
St. L. A S. Francisco,
do
pref.
do
1st pref.
3t.Paul A Sioux City,
do
pref..
Terre Haute A Ind
Tol. Peoria A War...
Union Pacific
United New Jersey..
Wabash
Wab. St. L. A Pacific
do
pref
Warren
4
24%
37
52
46
42*2
23%
58%
18*2
59 %
19*2
21*2
71*4
29
35
56
32
62
100
21%
45*2
27*2
56%
47
31
62
100
10
x84*2
42
43*2
128*2
40%
69%
158
37*2
31*8
56%
28*8
57%
62
33%
64%
104
8
122
168*8
175'
113
19%
78
68*2
112*2
113*2
110
28
*113
-24
18%
24*2
46
*40
46*4
56
44*2
69*2
43%
68
47%72%
27
27*2
53
45
33*2
28*2
27
33*2*
57
56*2
60*2
78*2
45*4
79%
49%
54
337a
54*2
92*4
88
91*2
60%
A
Telegraph.
American District...
Atlantic A Pacific
Gold A Stock
132*2
136
49
70
16%
95
150
64%
150
*145
6*4
139
78*8
161*2
60
111
110
21
15
30
34
"49*4
103
75
83
26%
50*4
21%
50*2
*
26*2
pref.
Sfc.L.I.Mt. A So.,assd.
do
126
124
32
60
154
113
22%
27*8
103*2
58*2
5*2
tl80
94
30
35%
96
.....
127
98
28*4
65
60
14*«
12
129*2
20
162%
22%
72*4
18%
15*4
122*2
89%
40*«
43*2
67*2
50
54*2
10
8
8*2
23*8
49%
Oreg. R'y. ANav. Co.
59*2
.
74
71
43*2
417Q
73
147
150
46
29
50
62%
59
78
97*2
97*2
70
39
76*4
49*8
57%
44*2
70
-
x36
65
35
90
105
x94%
92*4
106
105*4
102%
110
107%
103*4
102%
103*2
55*2
108
51
107
65
106
51
105
59
45*2
*99*2
45*2
9978
106
*34
50
•
•
-•
46
Express.
American
Wells, Fargo A Co....
Coal and Mining.
American Coal
Caribou Consol. Min..
Cent. Arizona Min...
Consolidation Coal...
Cumberland C. A I..
Excelsior Mining—
Homestake Mining ..
La Plata Mining
Leadville Mining
Little Pittsb'g Min..
New Central Coal.
5
*26*4
10
29
19 7a
41
25
22
*41
••••••
41
5
3
29
21
3%
30*4
34%
42%
18
180
45
..
Spring Mount'n Coal
180
60
7
*2
Spruce Hill Coal...,.
Mariposa Land A M.
do
pref.
Ontario Silver Min'g.
*3
3*2
4*2
39%
pref.
Standard Cons. Min'g
Various.
102*2
104*2
60
t25
*39%
23*2
37*2
,
24*2
29
40*4
*28*2
28
32%
20*2
35%
-
14
49*2
59*2
•17*2
53*4
29
30%
29*2
12%
*48
8
48
11
58
79
32*2
......
37
46
4%
......
x39
18
53*4
27
40
195
60
4%
t41
t24
4*2
5
179*2
58*2
-4
.
♦4*2
*26*2
4
30
104
*33*2
4%
30
37
*156
x50*2
*10
11
40
10*4
31
24
••••••
14
51
31
.
60*8
5%
4%
*4%
10*2
5*4
5*2
41*4
20%
41*2
Quicksilver Mining..
x49
103*2
53
10*2
39*4
3*2
"
Pennsylvania Coal... *152
do
58
4*2
*52
65
x56
57%
60*2
*4%
20*4
*4
*4%
X40*2 *x39*2
25*2 *31*4
69
65
30
31
-
Boston Land Co
Boston Water Power
10*2
Del. A Hudson Canal
Pullman Palace Car..
8utro Tunnel Co
Prices bid.
There
59
59*2
59*2
28%
29*8
97*2
97*2
3
3
81%
38%
100%
4*4
38%
100%
10
58
59
26
100
3*8
3*2
12
14
70
11%
62*4
89*8
39*2
109%
6*4
75
29*2
......
4%
t Prices asked.
foreign
exchange.
was
little
bankers' sterling exchange for november,
80
106
100*2
33
12*2
32*2
cS5*4
23*4
10*2
84%
93*2
28*2
19*8
100%
58*2
6%
109%
110*2
89*2
50
special interest in exchange, and the
only firmness shown was in consequence of the check put
*99*4
on shipments of produce by the higher prices,
*115
which
lXl9*2
73
kept exporters from buying freely. The imports of gold
99
90*8 were about $17,000,000, as above stated, aud a good part
103*2
of the n. Y. Central stock sold, it was understood,
>30*2 would
go abroad.
*47*2
100%
37
70
13*4
123
95*4
30*2
25%
102*4
60*2
8*2
7
9
pf.
57 «2
12
23
*44
45
638
2d
64
15
10
9
124
43%
8*4
8*4
Memph. A Charl'ston
Metropolitan Elev...
Michigan Central
75*2
19*8
31*2
165
57
39
17
92
22
41
90
do
44
*59
76
60*4
24
Manhattan
Mar'tta A Cin. 1st pf.
*
......
37*2
59*2
98%
69*4
90
2578
45
56
103
11%
119%
74*8
98*4
102
58
62*2
78*2
Louisv.N.Alb. A Chic.
Pacific of Missouri...
Panama
Phila. A Reading
In the stock market the month was, upon the whole,
the most extraordinary that has ever been known. In
ber and November.
Sept.30. Low. High. Oct. 31. Low. High.Nov.29.
Louisville A Nash v..
62*2
62*8
76%
76*2 '89%
76*2
87
10*2
••••••
23
104*2
Nov.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
60
Demand.
days.
4*80%®4-81*2 4-83
®4-83 *2
8
4-80*2® 4*81*2 4-83
® 4-83 *s
Eleotio
4-80*2® 4-81 *2
4-79%®4'80*2
4-79%®4-80*2
l-79%®4-80*2
®4*83*2
®4-83*2
®4-83*2
®4-»3*2
n
Holiday
4-83
4-83
4-83
4*83
8..
4-83
®4v83*2
4-83
4-83
4-83
4-83
4*79%®4*80*2 4-83
8..
® 4-83 *2
l-79%®4-80*2
4-79%®4-80*2
4-79%®4-80*2
4 79%®4-80*2
4-79%® 4-80*2
®4-83*s
®4-83*2
® 4-83 he
®4*83 *2
Nov.
17
18
19
20
21
22
23
24
25
26
27
28
29
30
...
...
...
...
...
...
60
1879.
Demand.
days.
4-80*4®4-81
4*80 %® 4*81
4-80%®4-81
4-80%®4-81*2
4*81 ®4"81*2
4-80%®4*81*2
4-83 *4® 4-84
4-83*4®4-84
4-83%®4-84
4-83%®4-84%
4-83%®4-84*2
4*83%®4-84*2
8
...
...
...
...
...
...
4-80%® 4-81 *2
4-80%® 4-81
4-80%®4-81
.Thanksgivi
4-80*S®4-81*2
4-80*294-81*2
..
.
4-83%®4*84*2
4-83
®4*84
4*83%®4*84
ng
Holiday...
4-83 %® 4*84
4*83*4®4-84
8
Range 4*79%®4*81% 4-83
®4-84%
December
THE CHRONICLE.
6, 1879.]
NEW YORK STATE RAILROAD REPORTS.
ROME WATERTOWN A OGDEN8BURG.
During the past week a number of railroad reports, returned
to the State Engineer, have been made public. The roads re¬
porting are, with only a few exceptions, of minor importance.
Under the law, railroad corporations are required to make
annual exhibits to the State Engineer by December l&t of each
year. At that date last year, out of a total of 279 steam and
horse railroads which are required to report, not fewer than
110 had failed to do so. Among the companies that were back¬
ward in filing their statements were the two prominent cor¬
porations, New York Lake Erie & Western, which returned
December 16th, and the New York Central & Hudson, which
returned December 21. A penalty is prescribed for non-com¬
pliance with this provision of the law, but it is insignificant—
only $250, with $25 additional for each day's delay after
December 1—insufficient, probably, to repay the
AttorneyGeneral for prosecuting the companies, should he enter
upon
this step. 'In the case of the roads given below, we have col¬
lated the figures for the two previous years, for
comparison.
The returns are all for the year ending September
30.
ALBANY A
SUSQUEHANNA.
The
.
Albany & Susquehanna, the Rensselaer & Saratoga, and
the New York & Canada railroads, are all leased to the Dela¬
ware & Hudson Canal
Company. With the Lackawanna &
Susquehanna, owned by the Canal Company, they form a line
of railroad connecting the coal fields of
Pennsylvania with the
Canadian border at Montreal. The Del. & Hudson
Company
guarantees interest and dividends to the Albany & Susque¬
hanna and Rensselaer & Saratoga companies, and also
pays the
interest on the bonds of the New York & Canada
Company.
Any deficit arising, is made good by the lessee. In case of
all three of these companies do the figures
given below show
a diminution in deficit since 1876-7.
Subjoined is the Albany
& Susquehanna statement:
Gross receipts—
From passengers
From freight
Other sources
1877-8.
$290,427
932,583
Total
Transportation
1878-9.
$278,855
expenses......
Net
earnings
Rentals, Ac
811,380
6,799
4,196
$1,218,237
$1,106,003
659,969
579,692
$558,268
$526,311
704,124
700,761
1876-7.
$ J83,874
871,891
5,361
$1,161,126
713,579
$447,547
709,164
Deficit to lessee
$142,493
$177,813
$261,617
It should be noted that the item of " rentals,
&c.," given
above, includes 7 per cent interest on the stock and bonds of
the A. & S. Company, the lease rentals of the
Schenectady &
Duanesburgh and the Cherry Valley Sharon & Albany rail¬
roads, and one or two other items which the Del.
Company has to pay under the terms of the lease.
& Hudson
rentals, &c."
also embraced in
cr
Gross receipts—
From passengers
From freight
Other sources
1878-9.
Total
Transportation
with the Great Western of Canada.
In explanation of the amonnt of interest
probably
nothing has been paid on them since. If the consolidated
coupons had been met as they matured, the interest account
would have been larger by about $300,000 in 1878-9, and
by
$150,000 in 1877-8. A noticeable feature in the present report
is the increase of the
capital stock from $3,147,600 on Sept. 30,
1878, to $5,293,900 at the same date in 1879. Perhaps this fact
is explained by the Niagara River
bridge enterprise, already
referred to.
1878-9.
Capital paid in
$5,293,900
Funded debt
7,759,900
Floating debt
Gross receipts—
From passengers
From freight
Other sources
$625,504
$618,229
814,830
46,122
769,808
41,897
..$1,486,456
$1,429,934
expenses
809,670
earnings
$676,786
Rentals, Ac
770,485
Deficit to lessees
$93,699
798,356
$631,578
1876-7.
$623,866
795,264
32,632
$1,451762
942,129
769.1C8
$509,633
763,272
$137,590
$253,639
1876-7.
$3,147,600
7,749,900
608,688
$352,601
$443,388
7,749,900
634,585
$480,102
656,046
103,829
682,827
92,342
$1,113,288
$1,203,263
834,640
$1,255,271
863,039
912,134
$278,648
$340,224
$343,137
•**:
Total
Transportation
1877-8.
$3,147,600
597,778
647,357
113,330
expenses
Net earnings
Interest paid
Rental Oswego A Rome road..
250,548
24,000
417,205
24,000
554,701
24,000
NEW YORK A OSWEGO MIDLAND.
This road extends from Oswego to Middletown, N.
Y., 249
miles, and has 95 miles of branches. The company has been
financially embarrassed almost ever since the completion of the
road, and, as our readers know, the property was recently sold in
foreclosure sale, after having been in the hands of receivers for
over six years.
The road is still operated by the receivers, and
will probably remain in their possession for a month or two
longer, until all the legal formalities in the case have been gone
through with. The statement of indebtedness given below
shows the condition of the company before the sale. The new
company will have but a small debt, not over $200,000, and
perhaps no debt at all. There will be $2,000,000 of preferred
stock, and an amonnt of common stock that will depend upon
the number of the old
new
company's creditors that enter into the
arrangement.
1878-9.
1877-8.
$6,800,522
$6,800,522
16,073,500
1876-7.
.
$6,800,522
Floating debt
Gross receipts—
6,524,235
16,073,500
6,513,018
From passengers
From Ireight
Other sources
$119,560
$132,299
353,530
$133,908
371,850
50,502
55,871
371,990
62,305
$523,592
$560,020
487,778
$568,203
506,358
528,872
$35,814
1,412
$53,662
2,292
$39,331
16,073,500
6,513,553
%
Transportation expenses
1877-8.
paid in each of the
last three fiscal years, as shown
by the fignres below, it should
be stated that default was made in the
payment of the interest
on the consolidated bonds in
April, 1878, and that
Total
^
Net
are
road runs along Lake Ontario from Lewiston
Oswego, thence extends northward to Ogdensburg and Pottsdam Junction, where, by means of the
Ogdensburg & Lake
Champlain road, it makes connection with the roads of northern
New England. There are also several branches. The latest
project in connection with the road is the construction of a bridge
across the Niagara River at
Lewiston, with the object of form¬
ing a new east and west line to New England, in conjauction
to
Funded debt
The stock and bond holders of this
company are paid respect¬
ively 8 and 7 per cent by the Delaware & Hudson Company,
and the amount is charged under the head of "
paid to the several branches
This sompany'8
Capital stock paid in,
RENSSELAER A SARATOGA.
Lease rentals
this head.
581
Net earnings
Interest paid
s
1,291
In the
error
figures published by the daily papers, there was an
of $100,000 in the freight earnings, which we hav$
corrected in the statement above.
THE DEBT STATEMENT FOR
NOV., 1879.
The
following is the official statement of the public debt as
This road is operated in connection with the Rensselaer & appears from the books and Treasurer's returns at the close of
Saratoga Railroad. Its earnings are kept distinct from those business on the last day of November, 1879:
INTEREST-BEARING DEBT.
of the Rensselaer Company, but no
separate report is made of
its expenses. In the statement below, the
« *
expenses are reckoned
Amount Oustandlng.
Author¬
Character of
at 70 per cent of the earnings, that
is
being the amount allowed
8"S
Issue.
izing Act.
the Delaware & Hudson Canal
Company, lessee, for operating
Registered.
Coupon.
and maintaining the road.
6s of 1880
Feb. 8,'61 1880
14,709,000
NEW YORK A CANADA.
n
_
..
_
1878-9.
$4,000,000
a_■
.
Capital paid in
Funded debt
Floating debt
Gross receipts—
From passengers
From freight
Other sources
Total....
Transportation
$182,141
241,685
1,183
$425,009
expenses
Net earnings
Interest paid
Advanced by leasee
4,000,000
35,138
297,507
$127,502
1677-8.
$4,000,000
4,000,000
26,939
$187,853
213,226
887
$101,966
281,376
235,432
$120,590
237,363
$107,930
$116,773
1876-7.
$4,000,000
4306,000
262,595
$189,996
6s, Oregon War Mar. 2,'61 1881
6s of 1681
6s of 1881
5s of 1881
July 17/61
Mar. 3/63
July 14/70
41*8 of 1891... July 14/70
4s of 1907
July 14/70
1881
1881
1881
1891
1907
199,246
368
$389,610
272,727
$116,883
247,369
$130,486
4s, refund'g etfs. Feb. 26,*79
3s, navy pens. rd July 23/68
Aggregate ofintereat-bearing debt—
$3,706,000
130,437,606
54391,550
281,491,950
167,321,250
486350300
823,600
52,167350
16,895,450
226348,400
82378,750
251383300
$t,135,201.650
$635^104,250
fi-Si
4,000,000
$1,786,917350
The sizes, or denominations, of each issue of bonds are as follow*:
(a) Coupon. $1300; registered, $1300, $5,000 and $10,000.
(6> $50,
$100 and $500. (e) Coupon, $50, $100, $500 and $1,000; registered,
same, and also $5,000 and $10,000.
THE CHRONICLE.
•582
On the above issues of bonds there is a total of $3,140,357
over-due and not yet called for. The total current accrued
date is $16,885,759.
$71,050;
1865. $124,750;
do
do 1865, new, $848,600;
do 1867,
5,000.
t5,554,350;
do 1868, $2,006,100; 10-40s of 1864, $8,536,800; 3's certs.,
DEBT BEARING NO INTEREST.
Character of Issue.
merchandise.
For the
month of
Old demand notes
$61,355
Gold certificates
Silver certificates
346,681,016
14,100,000
15,704,348
13,379,200
7,067,910
July 17, '61; Feb. 12, '62
Legal-tender notes— Feb. 25, '62; July 11, '62; Mar. 3,'63
Certificates of deposit June 8, '72
Fractional currency.. July 17,'62: Mar. 3, '63; June 30,'64
March 3, '63
February 28, '78
October.
1879.—Exports—Domestic
Foreign
...
.
7,597
Unclaimed Pacific Rai Iroad interest
RECAPITULATION.
Total
Imports
$40,067,878 $201,563,909 $269,377,848
1878.—Exports—Domestic
Foreign
$64,762,505 $588,221,347 $720,276,077
805.481
Interest.
^$273,631,350'
cent
cent
at 4^ per cent..
at 4 per cent
Refunding certificates.
Navy pension fund
Total interest-bearing debt
Dcbton which ini.has ceas'd since maVrity
Debt bearing no interestOld demand and legal-tender notes...-.
Certificates of deposit
Fractional currency
Gold and silver certificates
Imports
Total debt bearing no interest
Unclaimed Pacific Railroad interest
fi
$18,966,404
6,000,923
$22,527,323
66,737,397
$26,037,792
$
$
Total
Imports
exports over
Excess of
Excess of
$21,108,335
$2,223,267,410
Debt, lesscash in Treasury, Dec. 1,1879.
Debt, less cash in Treasury, Nov. 1, 1879.
$2,016,049,722
207,217,688
2,016,849,545
$799,823
Decrease of debt during the past month
Decrease of debt since June 30, 1879
11,157,533
43,*763,343
$859,365
$17,121,386
$19,858,565
536,032
6,233,345
6,980,917
$1,395,397
$23,354,731
$26,839,482
*2,129,82*6
18,247,595
1,074,622
20,447,110
14,100,000
150,208,002
certificates of deposit.
Total
Available Assets—
Cash in the Treasury...
imports
over
Central Pacific
Kansas Pacific
Union Pacific
Central Br., U. P.
Western Pacific..
Sioux City & Pac.
..
Total
Total
Imports
"
2,*906".8*7i
18,021,547
....
$65,621,870 $605,342,733 $740,134,642
17,519,264
1,341,516
20,964,994
$66,963,386!$622.861,997 $761,099,636
40,955,114] 387,845,620 458,670,233
$302,429,403
imports
$26,008,272|$235,016,377
The following is a statement showing, by customs
the values of merchandise imported into and exported
United States
districts,
from the
during the month of October, 1879:
Customs Districts.
Imports.
Baltimore, Md
$207,23.7,688
Cape Vincent, N. Y.
Champlain, N. Y
Interest
Interest
paid
repaid by
by U. S.
transportat'n
$17,240,126
6,303,000
27,236,512
1,600,000
1,970,560
1,628,320
4,616,613
18,421,087
1,165,808
1,195,314
1,073,500
$64,623,512
$43,712,450
Balance of
interest paid
by U. 8.
$3,552,135 $13,687,990
1
2,370,109
7,421,507
73,142
9,367
93,983
2,246,503
10,999,580
1,092,665
1,185,947
979,516
$13,520,246 $30,192,204
The Pacific Railroad bonds are all issued under the acts of July 1,
1862, and July 2, 1864; they are registered bonds in the denominations
of $1,000, $5,000 and $10,000; bear 6 per cent interest in currency,
payable January 1 and July 1, aud mature 30 years from their date.
5,674,601
107,?<22
68,352
250,398
28,575
12,595
19,190
144,225
61,862
586,207
31,572.844
301,085
5,642
=
Niagara, N. Y
Norfolk, &c. ,Va
Oregon, Or eg
Oswegatchie, N. Y
Oswego, N. Y
Passaraaqiioddy, Me
Philadelphia, Pa
Portland, etc., Me
82
200,744
1,761,276
80,714
2,271,243
27,668
:
12,923
Richmond, Va.
Saluria, Texas
IMPORTS AND EXPORTS FOR NO VEMBER, 1879.
9,710:
3,207,493;
—
;
All other districts
477,032;
17,345
4,016!
Wilmington, N: C
[Prepared by the Bureau of Statistics.]
<2
8,124|
Savannah, Ga
Vermont, Vt
Willamette, Oregon
1
Exports.
$9,230,710
217,982
New York, N. Y
Foreign
Exports.
3,619,170
20,123
565,549
30,745
275,160
8,521
136,820
32,125
Chicago, Ills
Corpus Christi, Texas
Detroit, Mich
Galveston, Texas
Huron, Mich
Key West. Fla
Miami, O
Milwaukee, Wis
Minnesota, Minn
Newr Haven, Conn
New Orleans, La
Domestic
$1,498,263
„
San Francisco, Cal.
Below
14,431,749]
1,265,512|
Excess of exports over
Excess of imports over exports
$207,217,688
PACIFIC RAILWAY COMPANIES.
$25,885,120
..
2,449,27*4
29,740,353
$
$89,353,799 $627,626,028;$768,721,304
68,014,263 j 470,272,193| 543,106,799
imports $21,339,536 $157,353,835 $225,614,505
exports
1878.—Exports—Domestic
Foreign
Boston, &c., Mass
Brazos, etc., Texas
Buffalo Creek, N. Y
interest payable by the united states.
outstanding.
*
$88,088,237'$613,194,279|$750,699,757
Charleston, 8. C
Amount
25,804,005
$
$3,140,357
Cash balance available December 1, 1879
Character of
Issue.
69,801,135
7,597
interest due not presented for payment
Total cash in Treasury
BONDS ISSUED TO THE
7,071,388
44,210,074
3,525,217
imports
exports
1879.—Exports—Domestic
Foreign
»
$16,526,400
564,533
total merchandise ani) coin and bullion.
1,074,622
| $396,993,829
$928,927
20,221,802
imports $
exports 18,728,342
Imports
346,742,371
14,100,000
15,704,348
20,447^110
|$2,202,159,075
Total debt, principal and interest, to date, including
Excess of exports over
Excess of imports over
$20,026,116
(coin and bullion).
$1,493,460
Excess of exports over
Excess of imports over
Total
Current Liabilities—
Interest due and unpaid
Debt on which interest has ceased
Interest thereon
Gold and silver certificates
U. 8. notes held for redemption of
1879.—Exports—Domestic
Foreign
Total
$1,786,917,650
18,247,595
13,984,077
Excess of exports over
Excess of imports over exports
1878.—Exports—Domestic
Foreign
508,440,350i
250,000,000'
738,234,2001
2,611,750
14,000,000
11,285,919
$65,567,989 $599,507,266 $734,260,154
37,429,897 362,041,615 428,929,880
imports $28,13*8,092 $237,465,651 $305,330,274
Total
Imports
Amount
at 5 per
ed Oct. 31.
Excess of exports over imports
Excess of imports over exports
Total
Outstanding.
at 6 per
,
$87,159,360 $596,667,879 $731,733,353
gold and silver
Bonds
Bonds
Bonds
Bonds
ed Oct. 31.
700,979
8,430,826
10,950,159
$87,860,339 $605,098,705 $742,683,512
47,792,461 403.534,796 473,305,664
_
$396,993,829
Aggregate of debt bearing no interest
Interest-bearing debt—
For
the 10 For
the 12
months end¬ months end-
Amount.
Authorizing Act.
-
[Corrected to November 25,1879.1
of interest
interest to
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
There is a total of over-due debt yet outsfauding, which has never
been presented for payment, of $18,247,595 principal and $1,074,622
interest. Of this interest, $940,635 is on the principal of called boifds,
which principal is as follows: 5-20s of 1862, $399,550; do 1864,
[Vol. XXIX.
258,6581
19,651
14,797
158,349
$4,432
121,221
39,459
1,707
3,661,854
346,162
178
52,504
54,707
4,612
2,496
2,796,216
605,682
*70*488
79,123
368,926
44,000
59,140
43,180
7,330,958
37,045,595
9,436
5,571
362,895
3,176
2,074,153
455,944
41,028
227
114.800
16,010
35,293
5,876,364
127,774
285,896
22,633
4,808,131
3,680,361
81,277
697,007
513,121
642,165
1,425
14,799
"*437
32,114
19,732
the
imports and exports of the United States for
Total
$47,792,461 $S7,I59,360 $700,979
Oct. 31, 1879, and for the ten and the
The excess of the exports over the imports of merchandise
twelve months ended the same, compared with like data for the
during each month, from January to August, inclusive, of the
corresponding periods of the year immediately preceding.
The excess of exports over imports of merchandise was as
are
the month
follows
ended
;
Month ended October 31,1879
Month ended October 31, 1878
Ten months ended October 31,
Ten mouths ended October 31,
Twelve months ended October
Twelve months ended October
The
..
1S79
1878
31, 1879....
31,1878
$40,067,878
28,138,092
201,563,909
237,465,651
269,377,848
305,330,274
imports and exports of gold and silver coin and bullion
were as
follows
:
"
Month ended October 31,1879, excess of imports
$18,728,342
Month ended October 31,1878, excess of imports
2,129,820
Ten months ended October 31, 1879, excess of imports
44,210,074
Ten months ended October 31,1878, excess of imports
2,449,274
Twelve months ended October 31,1879, excess of imports. 43,763,343
Twelve months ended October 31,1378, excess of imports. - 2,900,871
The total values of imports and of domestic and foreign
exports for the month of October, 1879, and for the ten and
twelve months ended October 31, 1879, are
following tables, all in special values
;
presented in the
$140,285,088, as against an excess for the same months of the
year 1878 amounting to $188,605,224.
During the months of
September and October, however, our exports of merchandise
have again increased, exceeding those of the corresponding
months of 1878. The total excess of the exports of merchandise
during the months of September and October, 1879, amounted
to $61,278,221, as against an excess during the months of Sep¬
tember and October, 1878, of $43,860,427.
The excess of the
value of the exports over the imports of merchandise during
the month of October, 1879, amounted to $40,067,878, as against
an excess during the month of October, 1878, of $28,138,092.
The value of exports during the month of October, 1879, was
larger than during any previous month in the history of the
country.
The excess of the imports of gold and silver over the exports
of gold and silver, at all ports, from July 1 to October 31,1879,
amounted to the sum o£$51,853,679. The excess of the imports
December
of
THE
6, 1879. J
CHRONICLE
gold and silver over the exports, at the port of New York,
5S3
between the Atchison
Topeka & Santa Fe and the St. Louis &
be made with the pur¬
354, indicating that the excess of imports of gold and silver
The Chicago Tribune,
into the country over the exports thereof, from July 1 to Nov. speaking rather more
positively than the facts thus far
22, amounted to about $65,000,000.
developed seem to warrant, says on the authority of Mr. W. B.
Strong, Vice-President and General Manager of the Atchison
Topeka & Santa Fe Railroad, that his company will within two
UNITED STATES TREASURY STATEMENT
years from now not only have one line to the Pacific coast but
The following statement, from the office of the Treasurer, for three. An
arrangement has been perfected by which the Atchi¬
December 1, was issued this week. It is based upon the actual son Topeka & Santa Fe Railroad Company gets a half-Interest
returns from Assistant Treasurers, depositaries and superintend¬ in the old charter of the Atlantic & Pacific Railroad, known as
the thirty-fifth
parallel line, owned by the St. Louis & San Fran¬
ents of mints and assay offices :
cisco, ana to which a large and valuable land-grant is attached.
LIABILITIES, DECEMBER 1.
The two roads will build jointly on this charter from the main
Fund for redemption of certificates of deposit, June 8,
line of the Atchison Topeka & Santa Fe Railroad at
1872
Albuquerque
$14,270,000 00
Post-oftice Department account
2,143,144 01 due west to Los Angeles, and thence north to San Francisco,
Disbursing officers' balances
19,419,170 36 and the track will be owned jointly by both roads.
Fund for redemption of notes of national banks "
from November 1 to
"in
November 22, 1879, amounted to $12,865,-
liquidation," and " reducing circulation"
failed,"
Undistributed assets of failed national banks
Five per cent fund for redemption of natioual bank
notes
Fund for redemption of national bank gold notes
Currency and minor-coin redemption account
Fractional silver-coin redemption account
:
s.
Interest account...
Interest account, Pacific Railroads and L. A P. Canal
Co
Treasurer U. 8., agent for paying interest on D. C. bonds.
Treasurer's transfer checks outstanding
Treasurer's general accountInterest due and unpaid
$5,960,455 02
Called bonds and interest
19,322,217 96
Coin certificates..'
13,379,200 00
Silver certificates
7,067,910 00
Refunding certificates
12,948,084 25
692,705 20
15,757,835
238,940
3,455
57,970
10
00
59
55
54,245 00
-
3,210 00
225,007 75
3,836,735 11
2.611,750 00
Balance, including bullion fund
201,098,701 43
$270,749,264 35
ASSET8, DECEMBER 1.
$160,443,436 80
32,839.207 00
18,432,478 13
4,323,097 69
183,740 00
5,173,188 00
29,973,454 09
3,021,132 28
187,145 00
82,323 46
11,358,052 66
1,431,477 50
1,778,000 00
Fractional currency
Deposits held by national bank depositaries
Nickel and minor coin.
New York and San Francisco exchange
One and two-year notes, &c
Redeemed certificates of deposit, June 8, 1872...
Quarterly interest checks and coin coupons paid.
185 28
685,000 00
134,270 15
9,396 25
Registered and unclaimed interest paid.
U. S. bonds and interest
Interest on District of Columbia bonds
507 64
2,324 12
690,848 30
Deficits, unavailable funds
Speakei's certificates
$270,749,264 35
MR. JAY GOULD'S RAILROAD COMBINATIONS.
The Western newspapers are full of reports relating to Mr.
Gould's present and future transactions with the railroads west
of the Mississippi and Missouri rivers. In condensing the latest
news from the voluminous reports and dispatches,
it appears that
the annual meeting of the stockholders of the Denver & Rio
Grande Railroad Company was held at Colorado Springs Nov. 28.
The present Board of Directors, viz., W. J. Palmer, Dr. Bell, Jay
-
Gould, Russell Sage and C. F. WoerishofFer
re-elected.
A resolution
was
unanimously
adopted repudiating the Boston
were
lease, and requiring the directors to prosecute the Atchison
Topeka & Santa Fe Company for damages. Another resolution
confirmed the decision of the directors to extend the road over
all its chartered routes,
particularly to Leadville and the San
Juan and El Paso, in Chihuohua, for which the President re¬
ported ample means had been received.
Mr. Gould lately purchased of Boston parties a
controlling
interest in the Central Branch, Union Pacific road, paying
$1,562,500 for five-eighths of the stock, or 6,250 shares at $250
per share. Mr. Gould is reported as saying at Atchison that
the Central Branch road would be extended to form
nection with the Kansas Pacific at an
a
con¬
early day
; that the St.
Joseph & Denver road would be extended to Atchison from a
point near Troy Junction ; that a line would be built from Blue
Rapids or Waterville to Marysville, and that the Central
Branch road, from Atchison to Waterville, would be re-laid with
steel rails, in order to provide for largely-increased traffic over
it. The new road from Grand Island, on the Union Pacific,
by
way of Atchison and St. Louis, will be the shortest and most
direct line the West affords
between the Pacific coast and
Missouri, and the extension of the Central Branch
11887765342
The St. Louis & San Francisco, which now has its terminus at
Vinita, Indian Territory, is building to Pierce City, from whence
it will rapidly be pushed forward to Wichita, where connection
is made with the Wichita branch of the Atchison
Topeka &
Santa Fe.
The second Pacific line of the Atchison Topeka & Santa Fe
will be by way of the Southern Pacific. The main line is now
being pushed forward at the rate of two miles a day to El
Paso, which point will be reached next
to a
connec¬
tion with the Kansas Pacific near the west line of the State will
make the shortest and most direct route from Denver to the
Missouri River.
The third line will be through old Mexico to Guavmas, on the
To this line the large Mexican land grant is
attached. Work on this line is being prosecuted with the same
speed and energy as on the other lines. That part of this road
Gulf of Mexico.
from Guaymas to Hermosillo is
already under contract, and
work eastward will be commenced at once.
The Tribune also reports that the Atchison, Topeka & Santa
Fe has made arrangements which secures to it the
Chicago &
Alton, although this last report has since been denied.
RAILROAD
INVESTIGATION.
At the session of the committee, Mr. Blanchard submitted
last week the first of the following tables, compiled by Godfrey
Macdonald, of Chicago, showing the tons of freight shipped on
through bills of lading from Chicago to Europe during the
years from 1871 to 1878 inclusive. The second table shows
the shipments of grain (bushels), included in the first table:
I.
L. S. A
M. 8.
40,494
52,604
70,876
40,949
56,413
85,047
62,012
137,010
1378
Total
....
P. F. W.
A C. RR.
363
545,405
P. C. A
St. L. R.
M.C.RR.
7,741
19,220
29,600
80,301
137,870
77,523
175,337
27,328
6,324
10,030
8,274
10,009
29,839
67,623
110,244
167,935
527,955
101,999
409,280
732
15,604
22,031
20,152
13,263
2,839
B. A O.
RR.
Lake.
"1,236
11,989
18,498
11,137
29,137
4,836
52,844
82,396
26,070
200,084
4,490
5,868
3,723
II.
411,760
505,482
5,000
626,951
211,959
138,139
188,705
39,848 1,677,232
363,232 2,535,300
488.851
307,417
1878. ..2,157,505 2,402,756
162,415
396.826
103,735
100,000
57,454
194,099
183,095
225,244
470.631
269,507
50,000 1,277,891
47,105
371,17L
115,496
99,533
272,072
910,155
163,785
1,588,341
390,989 3,012,244
28,000 2,488,947
Total...4,550,334 7,510,303 1,452,832 5,441,298
243,029 5,841,576
SECURITIES SOLD
AT AUCTION.
Messrs. A. H. Muller & Son sold at auction the
stocks and bonds, seldom or never sold at the Board:
10
20
350
100
100
Shares.
following
Bonds.
City Fire Ins
123
Hoffman Fire Ins
91
U. 8. Life Ins
100
Sun Mutual Ins
Wv
Sixth Av. RR. and $2,000
scrip for
$15,425
242 Marquette Houghton A
Ontonagon RR., pref
21
146 Marquette Houghton A
Ontonagon RR., com
380 Marquette Houghton &
Ontonagon RR. prf. stock
6*2
scrip for
$15
1,251 Louisville New Albany
A Chicago RR
45@50
33 Detroit A Bay City RR..
6
449 Worcester RR. of Md.... $16
243 Intern. A Gt. North. RR. 25*2
50 Goshen Bank, of Goshen.151
33 First Nat. Bank of Red
Jay Gould having offered $300,000 to the County of. Ara¬
pahoe for the county's stock in the Denver Pacific and Denver
Bank, N. J
150
« South Park Railroads—the former
connecting Denver with 5,689 Fanners' Loan & Trust
Co..
204^210
Cheyenne and the latter pointing towards Leadville and Gun¬
nison—an election took place December 2, and the proposition 500 Neptune Subm. Co. for.. $14
200 Empire Vacuum Brake
was accepted.
The stock amounts to $1,300,000, tnat of the
Co.
$105
Denver Pacific being $1,000,000.
25 Jefferson Ins
139
22 Citizens' Fire Ins
At St. Joseph, 3Io., Mr. Gould spent a few hours
.198*2
inspecting 160 Stuyvesant Fire Ins
115
the bridge and other railroad property. He
sent a letter to the
20 Franklin & Emp. Fire Ins. 125
Board of Trade asking for a donation of $30,000 to aid in
72 St. Paul & Dul. RR., prf.. 59*2
80 Mercb. Ex. Nat. Bank
80
extending the Missouri Pacific Railroad to that city.
100 Man. & Mercb. Bank
50
On the other hand, and in
opposition to Mr. Gould, it is
Bonds.
reported quite positively that an alliance has been made $900 Jefferson Ins. scrip
72*2
The Rio
summer.
Grande will be reached within
forty-five days. At El Paso the
arrival of the Southern Pacific, which is rapidly
pushing east¬
ward, will be awaited. A branch line is also to be constructed
into southeastern Arizona from a point on the main line of
the Atchison Topeka & Santa Fe twenty miles south of Bolo«
mas.
152,757,168 45
Gold coin and bullion
Standard silver dollars
Fractioi al silver coin
Silver bullion
Gold certificates
Silver certificates
United States notes
National bank notes
National bank gold notes
San Fiancisco, and a consolidation may
pose of building through to the Pacific.
.
...
$19,500 Worcester RR. of
Maryl'd 1st rnort. 6s, due
1896
17
10,000 Det. A Bay City RR.
1st mort. 8s, due 1902
62
15,000 Sixth Av. RR. 1st
—
moil. 7s. due 1890
116
16,000 Kans. City Lawrence
A So. RR. 1st mort bonds,
int. 4 p. c. for two years,
5 p. c. for two years, after
that 6 p. c., 1909
26,000 Rlarq.
80
Houghton A
Ontonagon RR. 1st mort.
6s, due 1908
68%
15,000 Ft. Wayne Muncie A
Cin. RR. 1st mort. 7s, due £
1896
;....
.30*4
8,000 Ft. Wayne Muude A
Cin. RR. 2d mort. 7s, due
1896
8*3
20,000 International A Gt.
North.
RR.
purchasing
committee receipts for 1st
mort. bonds of Houston
A Gt. North. RR
93
600
Marq. Houghton A
Onton. RR. 6 p. c. bond, •
.
scrip
j...
64
50,000 N. Y. A Oswego Mid.
land RR. 2d mort
6ty®7%
11,000 Roch. A State Line
RR. 1st mort. 7s
77%
10.000 N. Y. A Oswego Mid¬
land RR. equip, bonds...: " 6%
THE CHRONICLE.
584
Ufpartraent §tyott#.
[Vol. xxix
For the quarter For the remain¬
ended Sept. 30, ing three-quar¬
Expenditures for—
1879.
ters of the year.
Actual.
THE
OF
REPORT
OF
SECRETARY
.
THE
TREASURY.
Treasury Department,
i
Washington, D. C., Dec. 1,1879. J
Sir:—I have the honor to submit the
The
ordinary
revenues,
following annual report :
from all sources, for the fiscal year
ended June 30, 1879, were :
$137,250,047 70
From customs
From internal
From sales of
From tax
on
X
revenue
public lands
circulation and deposits of national banks
From repayment of interest by Pacific Railway
From customs fees, fines, penalties, Ac
Cos—
From fees—consular, letters-patent, and lands
From proceeds of sales of Government property
From premium on sales of coin
From premium on loans
From profits on coinage,
113,561,610
924,781
6,747,500
2,707,201
1,100,871
2,136,051
181,128
8,104
1,496,943
2,924,938
1,741,461
3,046,544
,
58
06
32
03
66
79
81
38
25
Estimated.
$
Civil and miscellaneous expenses, in¬
cluding public buildings, light-houses,
and collecting the revenue
12,165,764 34
Indians
2,048,748 02
10,892,742 06
Pensions—regular
Arrears of pensions
16,374,249 60
Military establishment, including forti¬
fications, river and harbor improve¬
ments, and arsenals
12,104,897 38
Naval establishment, including vessels
and machinery and improvements at
4,196,569 59
navy-yards
Expenditures on account of the Dis¬
trict of Columbia
1,163,728 65
Interest on the public debt...
1 32,736,685 46
39,537,769
3,451,251
20,480,257
3,252,750
91,683,385 10
Total receipts, actual and estimated
Total expenditures, actual and estimated
Leaving
a
40
31,017,692 62
11,303,430 41
2,132,737 35
61,140,724 54
•
Total ordinary expenditures
66
98
94
172,316,614 90
$288,000,000 00
264,000,000 00
$24,000,000 00
balance of
After
applying the balance of the special deposit of United
Treasury for the redemption of frac¬
67
A&
*
tional currency, amounting to J$3,375,934, to the payment of
From revenues of the District of Columbia
lo
arrears of pensions, as directed in section 3 of the act approved
From miscellaneous sources
05
June 21, 1879, the increased revenue derived duriDg the months
of July, August and September of the present fiscal year was
Total ordinary receipts
$273,827,184 46
fully absorbed by current expenses snd the payment of
The ordiuary expenditures for the same period were :
$16,374,249 60 arrears of pensions accruing under the act
Notwithstanding these unusual
For civil expenses
$16,439,997 17 approved January 25, 1879.
For foreign intercourse
1,333,836 13 demands, the Department has been able to purc.iase and applyFor Indians
5,206,109 08 to the sinking fund, out of the surplus revenues for the month
For pensions, including $5,373,000 arrears of penof October, $10,050,000 six per centum bonds of 1881, and
sions
35,121,482 39
For the military establishment, including river and
$676 050 five per centum bonds, act of March 3.1864, the latter
harbor improvements and arsenals
40,425,660 73 of which is the excess of redemption of these bonds over issues
For the naval establishment, including vessels, ma¬
of four per cents under the refunding acts; and unless unex¬
chinery and improvements at navy-yards
15,125,126 84, pected appropriations, available for
For miscellaneous expenditures, including public build
expenditure within this
ings, light-houses, and collecting the revenue
38,870,205 78 year, are made by Congress, the surplus revenues, in addition to
For expenditures on account of the Dist. of Columbia..
3,597,516 41 paying off the balance of arrears of pensions, will probably
For interest on the public debt
1
105,327,949 00 enable the
Department to apply to the sinking fund account,
For payment of Halifax award
5,500,000 00
during the year, the sum of $24,000,000.
States notes held in the
.
r
...
Total
ordinary expenditures
—leaving a surplus
plied as follows :
revenue
$266,947,883 53
of $6,879,300 93, which
$31,617 50
705,158 66
sinking
18,500 00
6.124,024 77
Total
$6,879,300 93
due the
sinking fund for the year was $36,955,604 63, leaving a deficiency on this account of $39,076,303 70.
Compared with the previous fiscal year, the receipts for 1879
have increased $16,711,159 70 in the following items : In cus
toms revenue, $7,079,367 50 ; in internal revenue, $2,976,985 84 ;
in premium on loans, $1,496,943 25 ; in repayment of interest
by
Pacific Railroad Companies, $1,340,246 67; in profits on
coinage,
$1,234,176 34, and in miscellaneous items, $2,580,440 10. There
was a decrease of $647,853 94 as follows : In sales of
public
lands, $154,962 31; in premium on sales of coin, $308,997 92 ;
amount
in semi-annual tax
on
banks, $115,552 64, and in proceeds of
Bales of Government property, $68,341 07, making a net increase
in the receipts from all sources for the year of
$16,063,305 76.
The expenditures show an increase over the previous
year of
$32,223,731 26, as follows : In the War Department, $8,271,512 88;
Department, $8,561,292 11 (Indians, $576,828 80,
and pensions, $7,984,463 31); in the interest on the public
debt,
$2,827,074 35, and in the civil and miscellaneous, $12,563,851 92.
There was a decrease of $2,240,174 53 in the Navy
Department,
making a net increase in the expenditures of $29,983,556 73.
in the Interior
FISCAL YEAR
For the present
will be as follows
FISCAL YBAR
ap
The
fiscal
year,
the
1880.
revenue,
revenues
of the fiscal year
ending June 30, 1881, estimated
From customs
From internal revenue
From sales of public lands
From tax on circulation and deposits of national banks
From repayment of interest by PaciflcR'lway Compan's
From customs fees, fines, penalties, Ac
From fees—consular, letters-patent, and lands
From proceeds of sales of Government property
From profits on coinage, Ac
From miscellaneous sources
-.
Total
:
$152,000,000 00
116,000,000 00
1,000,000 00
6,750,000 00
1,500,000 00
1,100,000 00
2,200,000 00
200,000 00
2,500,000 00
4,750,000 00
$288,000,000 00
ordinary receipts
The estimates of expenditures for the same period,
from the several Executive Departments, are as follows:
Legislative
received
$2,954,920
13,500,093
399,300
1,185,135
29,319,794
14,509,147
4,992,845
32,404,000
Executive
Judicial
Foreign Intercourse
Military establishment
Naval establishment
Indian affairs
Pensions
68
91
00
00
78
95
86
00
Public works-
Treasury Department
War Department
Navy Department
Interior Department
Department of Agriculture
3,121,150 00
7,557,034 42
,
375,000 00
508,635 32
** 6,650 00
7,711,900 00
17,801,520 75
Postal service
Miscellaneous
Permanent annual appropriationsInterest on the public debt
88,877,410 00
Sinking fund
39,828,225 72
Refunding—customs, internal revenue, lands, Ac....
Collecting revenue from customs
Miscellaneous
Total estimated expenditures, including
actual and estimated,
1881.
existing laws, will be—
upon
To the redemption of United States notes, Ac
To the redemption of fractional currency
To the redemption of 6 per cent bonds for the
fund
To increase of cash balance in the Treasury
The
was
Or
an
estimated surplus
of
sinking fund
.
5,778,600 00
5,500,000 00
1,766,000 00
$278,097,364 39
$9,902,635 61
Excluding the sinking fund, the estimated expenditures will
showing a surplus of $49,730,861 33.
revenue for tne next fiscal year are based
Receipts from—
upon the assumption that the increased receipts during the past
Actual.
Estimated.
few months are abnormal, and mainly due to the filling np of
wants created by recent depression rather than by the actual
$
$
Customs
These wants being supplied, the revenues
44,083,497 93 107,916,502 07 increase of trade.
Internal revenue
29,409,691 81
for
next year probably will not be increased beyond the amount
86,590,308
19
Bales of publio lands
117,383 61
882,616 39 estimated.
The estimated expenditures for the same period are
Tax on circulation and deposits of na¬
tional banks
3,360,569 60
3,389,430 40 based upon the requirements of existing law and the necessary
Repayment of interest by Pacific Rail¬
appropriations for public works in course of construction. The
way Companies
252,427 46
1,247,572 54 estimated snrplns of $9,902,635 61 will probably be exhausted
Customs fees, fines, penalties, Ac
239,579 26
860,420 74
Fees—consular, letters-patent, A lands.
506,864 29
1,693,135 71 by additional appropriations.
Proceeds of sales of Gov't
Should Congress increase the appropriations beyond this limit,
property
55,965 33
144,034 67
Profits on coinage, Ac
469,486 09
2,030,513 91 or repeal or reduce existing taxes, other sources of revenue
Revenues of the District of Columbia..
238,864 06
1,461,135 94 must be
Miscellaneous sources
provided. Should this course be determined upon,
1,109,3?4 17
1,940,665 83
which, however, the Secretary does not recommend, he would
Total receipts.'.
79,843.663 61 208,156.336 39 suggest, as a means of meeting the deficiency, the restoration of
a moderate
duty on tea and coffee, and the levying of an internal
The expenditures for the rame
period, actual and estimated, tax upon manufactures
of opium, as hereinafter more fully
wiU be:
For the quarter For the remain¬
ended Sept. 30, ing three-quar¬
1879.
ters of the year.
-
be $238,269,138 67,
The estimates of
<
stated.
December C,
THE
1879. |
CHRONICLE.
sinking fund.
to
The
Secretary calls the attention of Congress, in this connec¬
tion, to the acts of February 25,1862, and July 14, 1870, requiring
the purchase or payment of 1 per centum of the entire debt of the
United States within each fiscal year after the first day of
July,
1862, to be set apart as a sinking fund, and the interest in like
manner to be applied to the
purchase or payment of the
debt,
public
the Secretary of the Treasury may from time to time
direct.
These acts are regarded as imposing upon the
Secretary
the duty of providing for the
sinking fund out of the surplus
revenues of the Government.
It has been impossible to comply
with these requirements during the past
few years, owing to the
loss of revenue consequent upon the general
depression of busi¬
ness
throughout the country. But as the prospects for increased
revenues enlarge with the renewed
activity in all branches of
industry, it seems proper at this time to urge the importance of
meeting the obligations created by these acts. It is estimated
that $39,828,225 72 will be
required for this purpose during the
as
next year.
Appreciating the necessity for united action in this direction,
Department will he trtily co-operate witn Congress ia the
most rigid economy in the
public expenditures under its charge,
and to that end the Secretary invites careful consideration of the
estimates of expenditures submitted by the several executive
departments.
Any appropriations beyond those actually de¬
manded by the necessities of the Government will
only impair
the ability of the
Secretary to carry these laws into effect.
With a view to promote economy, the
Secretary ventures to
suggest for the consideration of the respective Houses a perma¬
nent organization of an
Appropriation Committee for each House,
who shall have leave to sit
during the recess, with power to send
for persons and papers and to examine all
expenditures of the
Government; that rules be adopted by the respective Houses
limiting appropriation bills to items of appropriation, and ex¬
cluding legislative provisions; that all appropriations, except
for the interest of the public debt, be limited to a
period not
exceeding two years, and that thair expenditure be strictly con¬
fined to the period of time for which
they are appropriated, and
that all permanent and indefinite
appropriations made more than
four years ago, except that for the
public debt, be repealed.
this
resumption of specie payments.
At the date'of my last annual
report,
arations for the resumption of specie
act
December 2,1878, the prep¬
payments provided for by the
approved January 14,1875. had been substantially completed.
On the first day of
January, 1879, the day fixed for the resump
tioa of specie payments, the reserve of coin over and above all
matured liabilities
was $133,508,804 50.
Previous to that time,
resumotion, United S:ates notes and coin were freely
recived and paid in private business as
equivalents. Actual
resumption commenced at the timp fixed by law, without any
material demand for coin, and without disturbance to
public or
No distinction has been made since that time
private business.
in view of
between coin and United Ssates notes in the collection of duties
in the ptyment of the
principal or interest of the public debt.
The great bo iy of coin indebtedness has been
paid in United
:States notes at the request of creditors. The total amount of
United States notes presented for
redemption from January 1 to
November 1, 1879, was $11,256,678.
But little coin has been
•demanded on the coin liabilities of the Government
during the
same period,
though the amount accruing exceeded six hundred
million dollars. Meantime coin was
freely paid into the
•or
Treasury,
nnd gold bullion was
deposited in the assay office and
in United States notes.
The aggregate gold and silver
bullion in the Treasury increased,
paid for
coin and
during that period, from
$167,558,734 19 to $225,133,558 72, and the
for
net balance available
ttie
585
of
$346,681,016, the amount outstanding at the date
It also provides as follows : "And
be redeemed or be received into the
Treasury under any law from any source whatever and shall
belong to the United States, they shall not be retired, canceled
or
destroyed, but they shall be re-issued and paid out again and
kept in circulation."
'lhis act must be construed in connection with the
provision of
the Constitution, that "no
money shall be drawn from the
Treasury but in consequence of appropriations made by law."
The reserve fund created by the
resumption act could not, with¬
out further legislation, be
applied to the payment of current
apDropriaiions. Nor is it to be presumed that Congress will
omit to provide ample revenues to meet such
appropriations.
Therefore, under existing law, the notes received into the
Treasury in exchange for coin will always be available for the
purchase of or exchange for coin or bullion. Any United States
notes iu the Treasury may be
exchanged for coin under the
authority of section 3,700, Revised Statutes. When notes cannot
be used at par for that purpose,
they must necessarily remain in
the Treasury.
To avoid ail uncertainty, it is respectfully recom¬
mended that by law the resumption fund be
specifically defined
and set apart for the redemption of United States
notes, and that
the notes redeemed shall only be issued in exc
langa for or pur¬
sum
of the passtge of the act.
when any of said notes may
chase of coin or buliion.
The great convenience and easy
transportation of notes has
thus far enabled the Treasury to
exchange them for coin or
bullion at all the centres of production of
gold and silver in this
country, and ai.-fO to pay for large sums of foreign coin at the
assay office ia New York without any material draft on the
resumption fund; and it is believedthat this voluntary exchange
will, in ordinary times, furnish the Treasury with all the coin
necessary. It would be only in an emergency not easy to foresee,
and not likely to arise, that the power to sell
bonds for resump¬
tion purposes would be exercised, but it should be
preserved to
meet any
extraordinary demand for the redemption of notes
which might possibly occur.
The Secretary is, therefore, of
opinion that the provisions of
existing law are ample to enable the Department to maintain
resumption even upon the present volume of United States notes.
In view, however, of the large inflow of
gold into the country,
and the high price of public securities, it would seem to be a
favorable time to invest a portion of the sinking fund in United
States notes, to be retired and canceled, and in this
way gradu¬
ally to reduce the maximum of such notes to the sum of $300,000,000, the amount fixed by the resumption act.
The Secretary respectfully calls the attention of
Congress to
the question whether United States notes ought
still to be a legal
tender in the payment of debts.
The power of Congress to make
them such was asserted by Congress duriog the war, and was
upheld by the Supreme Court. The power to re-hsue them in
time of peace, after they are once redeemed, is still contested in
that Court.
Prior to 1862, only gold and silver were a legal
tender. Bullion was deposited by private individuals in the
mints and coined in convenient forms and designs,
indicating
weight and fineness. Paper money is a promise to pay such
coin. No Constitutional objection is raised against the issue of
notes not bearing interest to be used as a
part of the circulating
medium.
The chief objection to the emission of paper
money
by the Government grows out of the legal tender clause, for
without this the United Stales note would be measured
by its
convenience in use, its safety and its prompt redemption. In
war, and during a grave public exigency, other considerations
may properly prevail; but it would seem that during peace, and
especially during times of prosperity and surplus revenue, the
promissory note of the United States ought to stand like any
other promissory note.
It should be current money only by
being promptly*redeemed in coin on demand. The note of the
United States is now received for all public dues, it is
carefully
limited in amount, it is promptly redeemed on demand, and
ample reserves in coin are provided Jto give confidence in and
security for such redemption. With these conditions maintained,
the United States note will be readily received and paid on all
demands. While they are maintained, the legal tender clause
gives no additional credit or sanction to the notes, but tends to
impair confidence and to create fears of over issue. It would
seem, therefore, that now and during the maintenance of resump¬
tion it is a useless and objectionable assertion of power, which
Congress might row repeal on the ground of expediency alone.
When it is considered that its constitutionality is seriously con¬
tested, and that from its nature it is subject to grave abuse, it
would now appear to be wise to withdraw the exercise of such a
power, leaving it in reserve to be again resorted to in such a
period of war or grave emergency as existed in 1862.
The Gov¬
ernment derives an
advantage In circulating its notes without
interest, and the people prefer such notes to coin, as money, for
their convenience in use and their certain redemption in coin on
demand. This mutual advantage may be secured without the
exercise of questionable power; nor need any inconveoience arise
from the repeal of the legal tender clause as to future contracts.
Contracting parties mav stipulate for either gold or silver coin or
current money.
In the absence of an express stipulation for
coin, the reasonable presumption would exist that the parties
contemplated payment in current money, and snch presumption
might properly be declared by law, and the contract enforced
resumption increased from $133,508,804 50 to $152,737,155 48.
In accordance with the position taken in the last annual
report, United States notes have been received, since January 1
last, in payment of duties on imports.
To meet the local demand for coin in
places other than New
York City, persons applying have been
paid silver coin for
United States notes, the coin
being delivered to them on estab¬
lished express lines free of expense; and for some time
gold and
silver coin has been freely
paid out at the several sub-treasuries
upon current obligations of the Government.
There has been,
however, but little demand for coin, and United States notes and
the circulating notes of national banks have been received and
paid out at par with coin in all business transactions, public or
private, in all parts of the country.
The specie standard, thus happily secured, has
given an im¬
petus to all kinds of business.
Many industries, greatly de¬
pressed since the panic of 1873, have revived, while increased
activity has been shown in all branches of production, trade and
commerce.
Every preparation for resumption was accompanied
with increased business and confidence, and its consummation
has been followed by a revival of
productive industry unex¬
ampled in our previous history.
It is made the duty of this
Department to maintain resumption,
and for this purpose, in addition to the use of
suplus revenue
and the fund for resume Jon
purposes, the Secretary is author¬
ized to issue, sell, and dispose of, at not less than
par in coin,
either four, four-and-a-half or five
per cent bonds of the descrip¬
tion set out in the refunding act,
approved July 14, 1870. This
act is based upon the idea that all the
necessary expenditures of
the Government appropriated for
by Congress will be met by the accordingly.
current revenues,
leaving the surplus revenues and the reserve
The Secretary, therefore, respectfully submits to Congress
fund available for resumption. It is also
provided by that act that whether the legal tender clause should not now be repealed as
the amount of Uoited States notes to be redeemable on demand
to all future contracts, and
parties be left to stipulate the mode
in coin shall be
gradually reduced to the sum of $300,000,000. of payment. United States notes sboul' still be receivable for
The act approved May 31,
1878, increases the maximum of all dues to the Government, they should be promptly redeemed
Cnited States notes, upon which
resumption is to be maintained,1 on demand, and ample provision made to secure such redemption.
THE CHRONICLE
536
COINS AND COINAGE.
The operations of the Minis and Assay offices during the year,
and their condition at the presjDt time, are exhibited in the
report of the Direc or of the Mint.
Authorizing act.
March 3. 1865
.Time 14, 1858.
March 3, 1864 <10-40s)
[Vox,. XXIX.
Hate
of interest.
6 per cent.
5 per cent.
5 per cent.
Amount.
$371,424,800
260,000
194,566,300
The i^^port also contains
recommendations for increasing the effectiveness of that branch
Total.
$566,251,100
of the service, and furnishes information relative to the amount
of specie in the country and the production of the mines of the
In that report the attention of Congress wa3 called to the
United States, and statistics brought up to recent dates of the
three-months' public notice required by law to be given to
currency of the principal countries of the world, of the rates of holders of bonds called for
redemption, with the recommendation
production of tbe precious metals and of their consumption in that the law be so modified that the notice be, at the discretion
coinage and in the arts and manufactures.
of the Secretary, not less than ten days nor more than three
The value of the gold coinage executed during the year was
months. As no action was taken upon this recommendation, on
$40,986,912 ; of standard silver dollars, $27,227,500 ; of subsidiary January 1, 1879, the 4 per cent loan was offered to the public,
silver coin, $382 50 ; of minor coin, $97,798 ; toial, $68,312,592 50.
without changing the period of the notice; and, in view of the
Gold and silver were separated in the refineries of the mints
practical effect of resumption, the St cretaTy offered to receive
and the assay office at New York in the amount of $20,759,459 97
United States notes in payment for the bonds sold.
in gold and $10,687,526 97 in silver, a total of $31,447,076 94;
The bonds were rapidly sold in this country, and the resulting
and fine and uuparted bars were made in the amount of
redemptions of ff^e-twenties, many of which were held in
$12,976,812 68 of gold and $9,045,802 11 of silver. The mints Europe, rendered aesirable the sale of the bonds in London
and assay offices generally are in excellent condition, and their
sufficient to prevent the shipment of gold from this country.
To
capacity is sufficient to meet the demand for coinage and bars. attain this object a contract was made on the 21st day of January,.
The gold coinage since 1862, about which time it disappeared
1879, with certain banks and bankers, under which they agreed
from circulation, has been principally in double eagles, but
to subscribe at or ce for $10,000,000 ofv4 per cent bonds, with
during the last year over 9 per cent of tbe gold coins struck option
of taking $15,000,000 more by monthly subscriptions of
was in pieces of smaller denomination.
The coinage of eagles $5,000,000
during Apiil, May and June. On the part of the
and half eagles will be continued until the demand for small
Government the bonds were to be delivered free of charge in
gold coin is supplied. The coinage of standard silver dollars London, at which place an agency was to be maintained during
has been kept fully up to the requirement of law, notwith¬
tbe continuance of the con'ract.
Under this contract $15,000,000'
standing the difficulty experienced iu procuring silver bullion of bonds were taken.
for the mints at San Francisco and Carson at market rates.
The
In the meantime, under authority of the act of January 25,
amount of silv. r coin of less than a dollar provided for by law
1879, the Secretary offered to exchange 4 per cent bonds for
haviDg been execut.d, the coinage of this money has been sus¬ unca led five twenties. Tbe amount of five-tweoties so
exchanged
pended. Tbe demand for minor coins, particularly for the one- was $806,000.
cent piece, has been pressing.
On March 4 notice was given that when the remaining fiveThe bullion production from the mines of the United States
twenties should be covered by subscription*, the sale of 4 per
for the
last year
is estimated by the Director to be cents for
refunding the ten forty bonds would probably be made
nearly $80,000,000, the proportions of gold and silver being
upon
less
favorable terms to the purchaser. Owing partly toabout equal.
The year's total production is less than that of fears that the
heavy payments falling due in April and May
tbe preceding year, caused by a diminution iu the yield of the
would create a disturbance in the money market, there was a
mines of Nevada, which was not compensat d by increased
falliog off in the sales of bonds during the month of March.
production in other places. The Director estimates the coin in Measures were
successfully taken by Die Department to secure
the country on October 31, 1879, at $305,750,497 of gold and
the adjustment of the accounts of purchasers of the bonds with¬
$121,456,355 of silver; the bullion in the mints and New York out embarrassment to the business interests of the
country.
Assay Office at that date awaiting coinage amounted to
On the morning of April 4 the amount of outstanding five$49,931,035 of go'd and $4,553,182 of silver, making the total twenties not covered
by subscriptions to the 4 per cents wasamount of coin and bullion $481,691,069.
The estimating of
$59,565,700.
Before
the
close of business on that day subscrip¬
the specie in the country at any given time is always difficult,
tions were received sufficient to refund the remaining five-twenbut this estimate appears to have been carefully
prepared from ties, and in accordance with previous notice the offer of January
coinage reports and statistics of recoinage, export and import. 1 was rescinded. Additional.
rubscriptioBS were received and
The amount of gold and silver annually used in the arts and
rejected,
amounting
$60,919,800.
?
to
manufactures forms no inconsidt-rable factor in estimating the
The refunding of the five-twenties having been accomplished—
production of the mines or the specie available for circulaiioD, and no other six
per cent bonds being redeemable—on April Iff
and an attempt has been made to arrive at tbe amounts so used
from the records of the New York Assay Office, w: ich fur¬ $150,000,000 of the four per cent bonds were offered at a pre¬
mium of one-half of one per cent, the proceeds to be applied to
nishes the principal part of the metals consumed lor th se pur¬
the redemption of the five per cent bonds issued under the act of
poses, and from reports of the manufacturers.
The general March
3, 1864, known as ten-forties, reserving tbe residue,
result, while incomplete iu detail?, indicates iliat the total con¬
$44,566,3007 nec?ssary for tbe redemption of tbe entire loaD, for
sumption for purposes other than coinage is in excess of esti¬ the conversion of
relunding certificates offered at the same time.
mates heretofore made.
The four per cent bonds were also offered in exchange for aDy
In the last annual report the Secretary stated: "It would
uncalled ten-forty bonds.
seem to be the best policy for
tbe present to limit the aggregate outstanding
On the fqllowing day subscriptions amounting to $149,389,650
issue of our silver dollars, based on the ratio of 16 to 1, io such
received and accepted, and $34,755,000 received and
were
sums as can clearly be maintained at
par with gold until the
declined,
and the offers of tbe four per cent bonds were with¬
price of silver in the market shall assume a definite ratio to gold,
when that ratio should be adopted and our coins made to con¬ drawn. One subscr.p ion for $40,000,000 of the certificates was
form to it; and the Secretary respectfully recommends that he also received and declined, the evident purpose of the lawbe authorized to discontinue the coinage of the silver dollar authorizing ihe issue of thes9 certificates being to cause, as far
when the amount outstanding shall exceed $50,000,000." He as practicable, a distribution of the public debt among the
Exchanges were also made in the amount of $2,089,500,
again respectfully calls the attention of Congrers to the import¬ people.
On April 21a call was made for the remainders! the ten forty
ance of further
limiting the coinage of the silver dollar. The
bonds, and on the 23d a call was made for $260,000, loan of
market value of the bullion iu this coin has been
duriDg the
pest year from 10 to 16 per cent less than the market value of 1858, thus completing the redemption of all outstanding redeem¬
the bullion in the gold dollar. The total number of silver dollars able bonds bearing interest at five per cent.
On March 12, 1879, independent treasury officers were author¬
coined to November 1, 1879, under the act of
February 28, 1878. ized to
exchange the ten-dollar certificates, authorized by the
was $45,203,200, of which
$13,002,842 was in circulation, and
the rrmaiuder, $32,203,358, in the Tieasury at that time. No act of February 26, 1879, at par for lawful money, and the.
Treasurer of the United States was authorized to issue them
effort has been spared to put this coin in circulation.
Owing to
upon the certificate of any national bank designated for the parits limited coinage, it has been kept at par ; but its free
coinage
To facilitate and distribute the sale of these certificates,
would soon reduce its current value to its bullion value, and pose.
national banks and public officers were invited to become
thus establish a single silver standard.
The inevitable result
would be to exclude gold coin from circulation.
It is impossible depositaries for this purpose, as authorized and provided by
sectio s 3,639 and 5,153, Revised Statutes of the United States.
to ascertain what amount of silver
coid, based upon the ratio of
Each certificate was prepared in the denomination of $10, and
sixteen of silver to one of gold, can be maintained at
par with bore interest at the rate of four
per cent per annum from April
gold, but it is manifest that this can only be done by the Gov¬
1,
1879,
which
the
quarterly
interest began on the four
at
time
ernment holding in its vaults the
great body of the silver coin.
It would seem that
per cent bonds, into which the certificates w«.re convertible, La
nothing would be gained by an unlimited
coinage unlets it is desirable to measure all values by the silver sums of $50 or its multiples. Any person subscribing could,,
standard. The Secretary cannot too strongly urge tbe import¬ at bis option, have the certificates registered in his name on the
ance Of
adjusting the coinage ratio of the two metals by treaties books of the Department.
immediately upon the advance by the Department of the
with commercial nations, and, until this can be done, of
limiting
the coinage of the silver dollar to such a sum as, iu the
price
of the four per cent bonds to one-half of one per cent above
opinion
of Congress, would enable the
tbe demand for these certificates greaUy increased. Offers
Department to readily maintain par,
for them at a premium corresponding to the premium on the
the standard dollars of gold and silver at
par with each other.
bonis into which they were convertible were received, but the
act under
which they were issued not only authorized but
REFUNDING.
directed them to be issued in exchange for lawful money, thus
On the 23d of November, 1878, at which date the
refunding apparently preventing tbe sale of them at a premium, and the
transactions were brought in the last annual
'•
report, there had offers were therefore declined.
been issued of 4 per cent consols for
To briDg ^thern* within the reach of small inves'ors, on and
refunding purposes
$144,770,900, and there remained at that time bonds redeemable after April 18, their sale was restricted to independent-treasury
as follows :
officers and public officers bonded for that purpose, and to sums
-
December
THE CHRONICLE.
6, i«?9. j
Dot exceeding $109 at o::e time.
Evasions of the intent of the
lair aud instructions, however, with a view of immediate con¬
version of the certificates into bonds, soon became evident, and,
on
April 28, the officers selling the certificates
were
directed to
jnefuse them when such evasion was manifest. At the sime
time commissions on the sales, if in large amounts, were greatly
reduced, and the conversion of the certificates into bonds was
postponed uLtil July 1, 1879. The entire amount was, however,
disposed of as rapidly as the certificates could be prepared, and
before the close of the fiscal year.
In response to the invitation to
b'come depositaries for sale of
.six national banks were des'gnated for
in the sales.
.
The certificates were sold as follows •
By public officers designated as depositaries
By national banks
By independent-treasury officers
the purposs and engaged
$28,569,200
1,197,670
10,245,880
In all
$10,012,750
—of which amount there hid been converted into four
per cent
bocd3 to the close of business October 31, 1879,
$37,203,350,
leaving outstanding $2,809,400.
Thus, sine3 November 23, 1878, to which date the transac ions
were
brought in the last annual report, there have been refunded
$370,848,750 six per cent and $193,890,250 five per cent bouds of
the United States into bonds bearing
interest at four per cent,
making an annual saving of interest hereafter of $9,355,877 50.
The following table shows the transactions in
refunding since
March 1, 1877, and the annual saviDg of interest therefrom :
Rate
per
Loan of 1858
Ten-forties of 1864
Five-twenties of 1865
Consols of 1865
Consols of 1867
Consols of 1868
Annual interest
Am't refunded.
ct.
<■
5
5
6
6
6
6
$260,000
193,890,250
| 39,071,742 00
202,663,100
310,622,750
37,473,800
$845,345,950 $48,779,254 50
In plaee of the above bonds there have been
hearing interest as follows :
Rate
per ct.
Funded loan of 1891
Fuudedloan of 1907, includ¬
charge.
$135,000,000
$6,075,000
710,345,950
28,413,838
$845,345,950
$34,488,838
4
Total
issued bonds
Annual interest
Am't issued.
4^
ing refunding certificates...
.
charge.
| $9,707,512 50
100,436,050
Total
T tie of loan.
—making a saving in the annual interest since March 1, 1877,
of $14,290,416 50.
These transactions have been accomplished without the loss
of a dollar, and without appreciably disturbing the current busi¬
ness of the
countiy. In a few days copies of the contracts, cir¬
culars, important correspondence and accounts pertaining
thereto, and also to resumption, will be laid before Congress.
The entire transactions in refunding since 1870 have been as
folio
*s:
Rate
Title of loan.
per ct.
Loan of 1858
Ten-foities of 1864
Five-twenties of 1862
Five-twenties of March, 1864
$14,217,000
5
193,890,250
401,143,750
1,327,100
59,185,150
100,144,500
211,337,050
6
6
6
6
6
6
Five-twenties of 1865
Consols of 1865
Consols of 1867
Consols of 1863
316,423,800
6
Total
37,677,050
|$1,395,345,950
In place of the
bearing interest
as
follows
|
$10,405,362 50
I
\
71,234,322 00
(
J
>
$81,639,684 50
:
Funded loan of 1881........
Funded loan of 1891
Funded loau of 1907, including re¬
funding certificates
—making
charge.
{above bonds there have been issued bonds
Title of loan.
Total
Annual interest
Am't refunded.
5
Five-twenties of June, 1864
Rate
per ct.
5 *
4*2
4
Total issued.
Annual
int.
charge.
$500,000,000 $25,000,000
185,000,000
8,325,000
710,345,950
28,413,838
$1,395,345,950 $61,738,838
annual saving hereafter in the interest charge on
refunding operations of $19,900,846 50.
following-described bonds will mature in 1880 and 1881 :
account of
an
present session of Congress to issue, sell, and dispose of, at not
in coin, four per c*»nt bonds of the description set
less than par
forth in the sai 1 act of July 14,1870, and
refunding
of the description set forth in the act of
February 26,
certificates
1879, with
like quali'ies, privileges, and exemptions,
except as hereinafter
stated, to the extent necessary to redeem the bonds
falling due
on or before
July 1, 1881, above described, and to use the pro¬
ceeds for that purpose.
It is hoped that the
advancing
credit of the c untry will enable
Secretary to sell such bonds and certifica'ei at a premium,
but it stems better to maintain the
general conditions of the four
per cent bond rather than to undertake to s 11 a bond at lower
interest.
The four per cent consul is now
universally known.
The ra'e of interest is as low as will generally
maintain the bond
at par, and the
premium will measure its advance above par
at favorable periods.
The certificates should bear the same rate
and be sold on the^ame terms as the bonds.
It is important that
the aut- ority granted should include the
power to refund, from
the pa-sage of the act at the pres nt session, and to
prepay the
excess of interest on the bond to be refunded
pri r to its matur¬
ity. The pres-nt is believed to bj an exceptionally favorable
time for such refunding.
the
these certificates, five hutdred and nine public officers and seventy-
Title of loan.
587
THE NATIONAL BANKS.
The report
of the Comptroller of the Currency gives complete
statistics relative to the operations of the national
sys¬
tem from its organization un il the present time.
The number
of banks in operation on October 2 of the present
year, the dr.te
of their last reports, was 2,048, and the
aggregate capital,
banking*
$454,067,365 ; surplus, $114,786,528; individual deposits. $719,737,568; specie, including United States coin ceriificatts, $42,173,731 23; legal tender notes, including United States certificates,
$95,973,446; loans, $375,013,107. Tue total circu'ation outstand¬
ing on November 1 was $337,181,418.
Among the subjects discussed in the report are the relations
which have exirted between the nat ooal banks and the Govern¬
the resumption of specie payments, and in the
ment in
fundirg
of the public d» bt.
In both
lions the co-operation of the
of these important financial operanational bat.ks has been of essential
service to the Government.
The banks, in the aggregate, have
constantly kept on hand, as reserves, nearly one-third of tli9
entire
amount
of
legal tender notes outstanding, which,
together with the coin, is much in excess of the amount, of
the reserves required bylaw.
They have con ta tly held as
security for their circulating notes, and for Government deposits
and oher purposes, more than one-fifth of the
interest-bearing
debt of the United States.
They have maintained tlnir legal
reserves in the Treasury for the
redemption of their circulating
notes, and such redemption has been made without fai ure or
delay at their expense. In this mode exchanges have been made
bet we n all parts of the country at the lowes', possi le rates.
The effect of the business depression prevalent from 1873,
uniii the resumption of specie payments, upon tie national
banks, -is shown in the losses which they have sustained and the
dividends which many have been compelled to piss; a'so
by
the noticeable diminution, from year to year, in the
;ggregate
surplus.
The aggregate capital and deposits of banks, other than
national, is also given; and sach other information, in. reference
to these banks, as could be obtained from the officers who have
charge of the execution of the LankiDg laws in the different
States.
^
The very
large taxes paid by national banki to the national,
State, and municipal authorities, have been a great aid in reliev¬
ing other pioperty from the burden of taxation, and, in the
aggregate, are more than the interest at four per cent on their
Thus the large amount of non-taxable United
entire circulation.
States bonds held by them became taxable, and these taxes are
in effect paid for the franchise they eDjoy of issuing
circulating
notes.
The cost of liquidating the affairs of national banks which
have been placed in the hands of receivers since the establish¬
ment of the system is, for the first time, given in the report,
and will serve to correct the impression, which has to some
prevailed, that too great a portion of the asse a of such
expended in the Setiljmeut of their affairs.
Tables are also given showing the loss to depositors and also
other creditors through the insolvency of national banks ; and
these losses are compared with similar losses incurred by the
extent
banks have been
creditors of insolvent banks other than national, and the com¬
parison is exceedingly favorable to the national system.
The circulation of the banks which, since the passage of the
act of
January 14, 1875, has largely decreased, is now increasing
aggregate amount, showing that the system responds
to the varying requirements of business.
promptly
Rate of
Date of
Authorizing act.
Amount.
The advantages of this system over any system of banks
interest.
maturity.
hitheito devised are that their circulating notes are secured
6
February 8, 1861
Dec. 31, 1880 $18,415,000 beyond
peradventure cf loss; they are of universal credit in the
6
Juljr 17 and August 5, 1861
June 30, 1881
182,605,550
country
wherever issued; they are more perfectly protected
March 3, 1863
6
June 30,1S81
71,787,000
March 2.1861
6
July 1, 1881
823,800 from counterfeiting; they equalize exchanges between distant
5
July 14, 1870, and Jan. 20, 1871.
May 1, 1881 508,440,350 parts of the country; they are promptly redeemed on demand
at one common place; ihe banks are subject to a strict and vigi¬
Total
$782,071,700
lant surveillance by independent officers of the Government;
Qf these bonds, the loan of February 8, 1861, maturing Dec. their condition is frequently made known to the public; and
31,1880, is payable upon the demand of the holders, and can they contribute a very large percentage of their profits in the
way of taxes.
A system of banking that, after an existence o"f
probably be provided for from the surplus revenues.
Under the refunding acts of July 14, 1870, and January 20, sixteen years, through war and periods of great inflation and
1871, bonds for refunding purposes were authorized in the great depression, has produced such results, may fairly appeal
amount of $1,500,000,000.
Of this amount there have been for the confidence and support of Congress.
issued, as above stated, $1,395,345,950, leaving available for
public moneys.
future refunding operations $104,654,050.
The monetary transactions of the Government have been con¬
It is respectfully suggested that authority be
given at the ducted through the offices of the United States Treasurer, nine
The
in its
THE
588
assistant
treasurers, 510
CHRONICLE
depositaries, aad 222 national bank
depositories.
The receipts of the Government from all sources have
amounted during the last year, as shown by warrants, to
$1,00*1.634,827 46, of which $702,807,643 has baen received
from loan', $137,250,047 70 from customs, $113 561,610 58 from
internal revenue, and $23,015,526 18 from sales of land and
from miscellaneous sources. These receipts were deposited as
follows:
$413,363,508 43
In independent-treasury offices
In national bank depositories
653,271,319 03
These transactions have been conducted without lots,
and it
be stated that all officers engaged in the collection or safe¬
keeping of the revenues of the Government have collected and
held the moneys without loss until properly transferred or paid
out, and that as far as accounts have been adjusted there appear
to be no losses by defaults in disbursements, ihe trifling balances
not adjusted being suspended mainly for information or investi¬
gation.
In this connection attent on is invited to the suggestions of the
First Comptroller of ihe Treasury, as set forth in his report, in
regard to the importance cf prescribing by law the frequency
may
and manner in which the current accounts of the disbursing
officers of the departments should be subjected to investigation,
the danger to the Treasury of issuing duplicate bonds in lieu of
coupon bonds alleged to Lave been destroyed, and the importance
of defining the word " claim" as ustd in section 3,477, Revis» d
Statutes of the United States, and to other suggestions of that
officer.
"
„
REVENUE FROM CUSTOMS.
-
a
This shows a reduction for 1878 over 1877 of
reduction for 1S79 over 1878 of $40,008 29,
$778,492 25, and
making a total
saving for the two years of $818,500 54.
A marked improvement has also occurred during the past year
in the collection of the revenue from customs.
The revenue under the ad valorem system has
the
amou
fallen short of
t which should have been collected upon a proper assess¬
ment of the real foreign-market value.
of undervaluations in the entries at the
This was due to a system
custom-houses, especially
upon goods consigned by foreign manufacturers to agents in the
Evidence of such undervaluations has been
United States.
obtained in many cases, and upon this evidence the invoice prices
have been advanced by the local appraisers, and from these
advances appeals for re-appraisement have been taken in a
number of cases.
The number of such re appraisements had at the port of
York for the years ending June 30, from 1875 to 1878,
follows :
1875.... 167 | 1376.... 262 | 1877....
It has b:en held
by the courts that Congress, in imposing the
their color, meant tie true color
by the ordinary process of manu¬
facture, and which indicates the degree of perfection to white!*
the process of clarification has been carried.
Acting upon this view, the Department issued instructions to
its customs officers that where the degree of saccharine strength,
as compared with the color, showed that the sugar had not been
manufactured in the mode contemplated by law, duties s'lould
be collected according to the true color of the sugar ; and, for the
purpose of carrying out this view, definite relations were estab¬
lished between the color and the strength.
These instructions
have had the effect of repressing the importation of the objec¬
tionable classes of sugars before referred to, and of producing a
more faithful collection of the duties upon
sugars imported,
according to tbe true intent and meaning of the law. Until the
matter is settled, this Department will maintain the position it
has heretofore assumed, of disregarding the apparent color of
the sugar where the facts justify it, and assessing duties upon
the true co'or of the sugar under the theory above stated.
By the adoption of new regulations at the port of New York,
respecting the weighing of sugar, the difference between the
invoice weight and the actual weight, as returned by the Gov¬
ernment weighers, has been reduced from 10*7 per cent in 1877,
to 4*7 per cent in 1879, making a saving to the Government in
duties of fully three million dollars.
Reference is made in-another part of this report to circum¬
stances undrr which it may become necesssary to re-impose the
duties upon tea and coffee,should additional revenue be required.
upon sugars according to
of the sugar which is developed
duty
Such
The disbursements for collecting the revenue from customs
for expenses incurred within the following fiscal years, have
been as follows:
In 1377
$6,304,279 57
Iu 1878
5,525,787 32
In 1879
5,485,779 03
207 | 1878.... 278 |
large
New
is as
[Vol. XXIX.
revenue can
better be derived from those
than from
sources
The duties formerly in force were specific, and there¬
no troublesome questions of value intervened.
The articles
are bulky, and hence cannot be easily smuggled, and the addi¬
tional cost created by the duty would be so slight as scarcely to
be felt by the people.
Some complaint has arisen in regard to the manner in which
examinations of passengers' baggage have been made at the
port of New York. Tlie system of examinations ne< e3sary to
carry out the law has made the customs officers obnoxious to
many people, but any system of examination sufficient to detect
or prevent smuggling will be offensive to the parties concerned.
It has been the aim of the officers of this Department to apply
the law equally to all persons.
The annoyances incidental to
the system have been increased by the lack of facilities to make
the examinations with proper despatch. It is thought, however,
that the latter cause of complaint will be removed upon the
completion of the new barge-office, already authorized by Con¬
gress.
The duties collected on passengers' baggage at the port
of New York, during tbe three years ended the 30th of June
last, were as follows :
any
fore
other.
Duties collected in 1877
Duties collected in 1878
$63,030 11
Duties collected in 1879
171,857 01
The law does
^879.... 556 regard
not
86,760 64
define aDy
limit of quantity
to either household or personal effects of
or
value in
arriving
general appraiser at New York states that, according to in the United States which may be admitted free of duty, and it
the re-appraisements demanded tince the 30ih of June last, the ie recommenced that a limitation governing the free entry of
total rumber for the current fiscal year, at that port, will be these classes of articles may be established by Congress.
likely to reach one thousand.
OPIUM.
The action of the local appraisers has, boweve-, been generally
Large
quantities
of
opium
prepared for smoking are brought
sustained on the re-appraisements, but the embarrassments into tbe United
States, and t is article, being of small bulk and
resulting therefrom show that some method should be adopted great value, is easily smuggled. A similar article is manufacby which such questions may ba better disposed of than is per¬ tu ed iu the United S.ates from the crude opium, and in endeav¬
mitted by the laws now in force.
oring to ascertain whether, in any given case, the article has
One method suggested is the adoption of specific duties in been
s i uggled, it has been found difficult to determine whether
place of ad valorem. This change could, it is believed, be safely it is of domestic or fore'gn manufacture.
adopted, with proper limitations, in regard to kid gloves, piece
The imported article now p*ys a duty of $6 per po-nd.
It is
silk goods, piece velvets, and some other classes of goods which one that will bear a
high rate of taxation, and it is recommended
now j ay an ad valorem duty, and which constitute the chief
that an internal tax upon opium, prepared in the United S ates
ground of dispute as to value between the Government and the for smokiDg, of an amount equal to the duty upon the imported
importers.
article, to be paid by stamps, be adopted. This wouid yield a
Auo ber plan would be to permit the Government, in case of
considerable revenue, without repressing any enterprise which
aa unde'valua ion, to take the goods at the invoice price, with a
should receive encouragement at the hands of Congress. It is
reasonable sum added for freight and other expenses and profit,
also recommended that provision be made for affixing customs
and then cause sale of the goods to be made on Government
stamps to packages of imported opium prepared for smoking, in
account.
By a treaty between France and Italy, made some years the manner now required in the case of. imported cigars, and
since, it was provided that goods ascertained by inspection to be that
cpium prepared for smoking, imported into the Ui ited
undervalued to the extent of five per cent might be seiz d and
S.ates or manufactured in the United States, found without
sold by the Government,tbe importer receivii g his own valua'ion
proper stamps, be made liable to seizure and forfeiture.
lor the goods, together with a profit of five per cent. A similar
RICE.
plan adopted in England bad the tfleet of breaking up this
The total importations of rice daring the last fiscal year
system of undervaluation.
Of this quantity, 59,430,871
The Senate Committee on Finance recommended the adoption amounted to 75,824,923 pounds.
of a similar measure in its report on the bill which increased the pounds were imported into San Francisco, and about 55 000,000
duty on woolen goods, which became a law March 2,1867; but pounds came from China. A large part was undoubtedly con¬
it was not adopted by Congress.
It contemplated that the Gov¬ sumed by the Chinese on the Pacific coast, who are not citizens
of the United States, and who have no inteniion of becoming
ernment might take the goods at the importer's valuation, with
such.
an addition thereto of ten per cent for expenses and profit.
The article will bear a higher rate of duty than that now
The Secretary is convinced that if the ad valorem system on
imposed by law with ut materially enhancing the cost of living
the classes of goods namtd, as well as on some others, is con
tinued, the adoption of a plan of this character will prove to the general consumer.
beneficial to the honest importer as well as to the interests of
INTERNAL REVENUE.
the Government.
The receipts from the several sources of taxation under the
The difficulties attendant upon the collection of du ies on internal revenue laws for the fiscal year ending June 30, 1879,
were as follows :
sugars under the Dutch-color standard, which were alluded to in
the last report of this Department, ontiuued during the past From spirits
$52,570,284 69
From tobacco
40,135,002 65
Sugar continued to be imported which had either baen From fermented liquors
year.
10.729,320 08
art ficially colored by the addition of foreign substances, or From banks and bankers
3,198,883 59
which, by the process of manufacture, had been so radically From penalties, &c
279,497 80
adhesive stamps
6,706,384 06
changed as to produce sugars of the highest saccharine strength, From
From arrears of taxes under repealed laws
299,094 00
while p ssessing the lowest grades of color prescribed by the
The
j
ersons
.
-
. — f
Dutch standard.
Total
$113,918,466 87
De ember 0,
THE CHRONICLE.
1878.1
The amount of collection* shown by the foregoing table
includes commissions on silesof stamp3, paid in kiad,as well as
amounts collected in 1878, but not deposited till the last fiscal
589
foreign nations in the cost of material. Our shipbuilders
not only supply vessels for domestic
commerce, but could
successfully compete in the carrying trade of the world. The
year.
There thu3 arises an apparent variation between the use of iron in shipbuilding in place of wood is, however, steadily
amounts of collections given in the table and those shown by the
increasing, and in the cost of iron and in the price of labor other
commercial nations have the
covering warrants of the Treasury.
advautage. It is a grave question
The increase of the revenue from spirits during 1879 was of public
policy whether the period has not arrived when the
$2,149,468 89; the increase from tobacco for the same year was unlimited right of purchase, as under the Eoglisli statutes,
but $42,247 98.
The chief sources of internal revenue are should be extended to vessels as well as to other commodi ies,
spirits, tobacco aod fermented liquors, which yield this year an and when admission to American registry upon the piyment of
income of $103,434,607 42, out of a total internal revenue of duties should be allowed them
upon importation.
Tbo recovery
$113,918,466 87.
The very large proportion of the revenue of our old position in the carrying trade will more than counter¬
derived from those sources is, of itself, an argument for the balance
any disadvantage likely to ensue from a modification of
stability of the rates of taxation upon them. If the proportion restrictions upon the right of purchase, while a moderate
duty on
were small, fluctuation in the ra es of taxation would be of less
ships imported will enable our shipbuilders to compete success¬
consequence.
The simple agitation of the question of the reduc¬ fully in the construction of iron vessels of the largest class. The
tion of the tobacco tax caused a temporary suspension of
opera¬ proper policy to b3 pursued is difficult to determine, but the
tions in the various manufactures of tobacco,and is estimated by
great importance of considering the subject is respectfully sub¬
the Commissioners of Internal Revenue to have caused a diminu¬ mitted to the attention of
Congress.
tion in the receipts from tax on that article during the first halfEXPORTS AND IMPORTS.
year of 1878 of nearly two millions of dollars.
Besides reducing
The exports and imports of the United States
the income from the tax, the uncertainty arising from an antici¬
during the last
pation of a change of rates, by suspending production, threw fiscal year are as follows :
multitudes of work-people out of employment.
The change of Exports of domestic merchandise
$69S,340,700
rates in the tax on tobacco and spirits, or the
12,098,651
anticipation of Exports of foreign merchandise
such a change, tends at once to diminish the revenue, disorganize
Total
$710,439,441
the industries relating to those commodities, and to
derange Imports of merchandise
445,777,775
The demand for charge of rates does not originate with
trade.
Excos3
of
exports over imports
the consumers, who pay the greater part of the tax, but
$264,661,666
chiefly
with those who seek an enhancement of
profit on the capital
Compared with the previous y-ar, the imports are greater by
invested in the manufacture.
$8,726,243 and the exports by $15,573,675.
The falling off in the income from tobacco that may be
*
antici¬ ******
The total amount of exports and
pated from the last reduction in the rate of taxation (estimated
coin
and
bullion
imports of
as likely to amount co one-third of
the tax collected in the last during the last fiscal year was as follows :
fiscal year) should bj regarded as an admonition that, in the
Exports of coin and bullion
$24,997,441
interest of the public revenue as well aa of-industry and com¬ Imports of coin and bullion
20,296,000
merce, no further change in the established rates of taxation
Excess of exports
over
could
over
should, for the present, be made.
During each
COMMERCE AND NAVIGATION.
The total tonnage of vessels of the United States, as shown
by
the records of ttie Register's bureau, at the close of the fiscal
year ended June 30, 1879, was 4,169,600 tons.
Of this tonnage,
1,491,533 toDS represented 2,717 vessels registered for the foreign
trade, and 2,678,087 tons represented 22,494 vessels enrolled and
licensed and engaged in the coasting or domestic trade. There
has been an increase of 94,350 tons employed in domestic trade,
and a decrease of 137,514 tons
employed in the foreign trade by
sea, as compared with the tonnage of last year.
The vessels built during the year are classed as follows;
Number.
Sail vessels
Steam vessels
Canal boats enrolled.
Barges
Total.
in
468
335
36
293
1,132
Tonnage.
66,867
86,361
4,069
35,733
193,0301
The vessels built in 1878 comprised 235,504
tons,being
excess of the number built during the
past year.
The total tonnage of vessels entered at the seaboard
slightly
imports
$4,701,441
since 1861 the exports of specie have
exceeded the impoits of specie.
The largest excess of such
exports over imports was reached during the year 1864, when it
amounted to $92,280,929.
Since the year 1875 the excess of
exports of specie has rapidly declined, amounting during the
year ended June 30, 1878, to only $3,918,811, and during the
fiscal year ended June 30, 1879, to only $4,701,441.
A' marked chaDge has recently takm place in the movement
of the precious metals.
During the months of July, August and
September of the current fiscal year, the imports of coin and
bullion exceeded the exports $33,125,337, and from the 1st of
October to the 15th of November the imports of coiu and bullion
at the port of New York exceeded
the exports at that \ ort
$26,381,584, indicating that from July 1 to November 15 the
entire imports oi coin and bullion exceeded the
exports about
$60,000,000.
This marked change in the movement of coin and bullion
was not unexpected.
During the last four years the value of
our exports or merchandise has exceeded the value of our
imports
of merchandise $753,271,475.
The excess of exports has hereto¬
fore been mainly met by the remittance to this country of Ameri¬
can securities, but the time
app ara to have come when the
balance of trade in our favor is to be adjusted by means of the
precious metals.
year
ports from
11,530,527 tons during the year ended June
INTERNAL COMMERCE.
30,1878, and 13,768,137 tons during the last fiscal year, showing
an increase of 2,237,610
tons, or about 19 p-r cent. The American I The internal commerce of the country as exhibited by the
tonnage entered exhibited an increase of only 40,306 tons, or 1 tonnage transported on railroads, has steadily increased in
per cent, while the foreign showed an increase of 2,197,304 tons,
volume, even during the period of commercial depression of the
or nearly 26 per cent.
The tonnage in these cases is computed last six years. This affords an illustration of the recuperative
on the basis of the number of entries of vessels, and not on
the powers of the country, as the commodities transported on rail¬
number of vessels, and is restricted to the seaboard
ports. Of roads are the products of agriculture, of mining and of maaithe total amount of merchandise brought in at seaboard, lake and
facturing industries. More than ninety per cent of the internal
river ports, during the last fiscal year, an amount of the value of commerce of the
country is now carried on by means of railroad
$143,599,353 was imported in American ves els, and $310,499,599 transportation, and the habits of the producing and commercial
in foreign; of the exp>rts, a value of $123,425,339 was
shaped classes are becoming more and more conformed to its methods
in American, and $600,769,633 in foreign vessels.
Of the com¬ and necessities.
bined imports and exports, 2$ per cent
The facili ies for direct trade afforded by arrangements
only of the total value
was conveyed in American vessels.
entered into between connecting railroads bas greatly extended
In 1857, over 75 per cent of the merchandise
imported and the trade limits of the seaports and of all interior points.
Similar combinations between railroads and oceao steamer
exported was carried in vessels of the United States; at present,
but 23 per cent, as stated, is carried in such vessels,
lines
afford ex en.-ive privileges for direct foreign trade at all
though the
total volume of the trade has risen from a value of
nearly seven the important interior points of the country. Toe competition
hundred to nearly twelve hundred millions of dollars.
of rival lines for through traffic has given rise to grave questions
It is neither to the advantage nor to the honor of the
country touching inter-State commerce. These questions relate chiefly
that so immense a proportion of its foreign
carrying traie^has to the matter of discriminations in rates. As purely national
passed to other cations.
questions, they d« maiid a careful investigation under the
The great decline in our tonnage, as is well
known, was due to authority of Congress.
the war; and soon after its close it was proposed to facilitate the
[Remarks with regard to " Claims," " Special Tribunal in
restoration to oar merchant marine of vessels that had been
Jsew York for Trial of Revenue Cuses," " Distinctive Paper,"
transferred to foreign flags.
But the effort at restoration failed, "Bureau
Engraving and Printing," "Lighthouse Establish¬
and a special prohibition against the return of such vessels was ment,""Coast and Geodetic Survey," "Marine
Hospital Serembodied in the statutes.
It may well lSe questioned whether v ce,' "Public Buildings," " Life-Saving Service," and "Reve¬
the seventy of the existing statute might not properly be relaxed nue Marine," are
omitted.]
after the lap.-e of so long a time, during which the
privilege of
NATIONA% BOARD OF HEALTH.
registry has been denied to this class of vessels, and sines the
grounds for denial have, in a measure, lost their original force.
Section 3 o£ the act of March 3, 1879, establishing a National
It has always been the policy of the law to restrict the
Board of Health, provides that such board shall report to Con¬
privileges
of American registry to vessels built in this
country. The object gress. at its next session, a lull statement of its transactions,
was to further the
shipbuilding and naval interests of the together with a plan for a national public-health organization.
conntry; and this policy was so successful as to advance the By section 4 of the act of June 2, 1879, entitl d " An act to pre¬
United States to the second rank among nations as respects
ton¬ vent »he introduction of contagious and infec.ious diseases into
nage and the number of its ships.
While wood was the article the United States," sfcid board is requ red to make to the
mainly used in the construction of ships, we had the advantage Secretary of ui« Treasury an *!unual report of its operations, for
foreign countries
was
Q
-
THE CHRONICLE.
590
tract
mission
to'Congress, with sucli recommendations as he may
public interests. By section 8 of the same
the sum of $500,000, or so much thereof
REPORT
[Vol. XXIX.
THE
OF
deem important to the
•act it is provided tbat
may be necessary, thereby appropriated, shall be disbursed
under the direction of the Secretary of the Treasury, on esti¬
mates made by the National B »ard of Health, to be approved by
him; and that said board shall, as often as quarterly, make a full
statement of its operations and expenditures under said act to
the Secretary of the Treasury, who shall report them to Congress.
While the Secretary has been disposed to meet the requisitions
made by the board iu the liberal spirit which inspired the action
of Congress in its es ablishment, the general provisions of law
provisions of law making the appropriations.
OF
THE
CURRENCY;
as
impose upon the accounting officers the responsibility of deciding
--whether or not the sums disbursed by the board are within the
COMPTROLLER
Treasury Department,
Office
Comptroller
of the
I have the honor to submit for the consideration of
the seventeenth annual report of the Comptroller of
rency,
k
Currency, >
Washington, November 26,1879.
)
of the
Congress
the Cur¬
in compliance with section 333 of the Revised Statutes
of the United States.
The total number of national banks organized from the
establishment * of the national banking system. February 25,
1863, to November 1 of the present year,
is 2,438. Of these, 307
into voluntary liquidation by the vote of share¬
The board has submitted to the Secretary its report for the holders owning two-thirds of theirrrespective capitals, and 81
quarter endei September 30, which is herewith transmitted. have been placed in the hands of receivers, for the purpose
By this report it appears that the expenditures under the act of closing up their affairs, leaving 2,050 in operation at the date
JMarch 3, 1879, which appropriated $50,000, amount to $18,896 41, last named.
leaving a balance of that appropriation of $31,103 59.
The
Included in the aggregate number organized are ten national
•expenditures under the act of June 2,1879, amount to $51,810 26,
and the estimated amounts for the payment of 8 ptember
seven
These banks redeem their circulating
tate of California..
accounts to $30,000, leaving a balance of the appropriation made notes in
gold coin in the city of San Francisco and at their own
t>y said act. available for future operations, of $418,189 74.
counters. They have an aggregate capital of $1,000,000, and
By the act of April 18, 1879, the Secretary of the Treasury a total circulation of $1,534,000, but are entitled to receive cir¬
was authorized to contract lor the purchase or construe ion of
culating notes in amount equal to 80 per cent of their capital,
auch steam vessel and refrigerating machinery, or to arrange
upon tlie deposit with the United States Treasurer of the
-with the Navy Department for the use of such vessel, as might
requisite amount of bonds as security therefor. Within the
•be recommended by the National Board of Health, to disinfect
past year one of this class of banks has gone into voluntary
vessels arriving from ports suspected of infection with yellow
liquidation and reorganized as an ordinary national bank,
fever or other contagious disease, and for-that purpose the sum
receiving circulating notes at the rate of 90 per cent of its
of $200,000, or so much thereof as might be necessary, was
capital, and redeeming them at the Treasury Department and
■appropriated.
at its own counter; and it is probable that the others will also
The reasons why such a vessel has not been constructed fully
reorganize so soon as the necessary legislative authority shall
appear in a letter irom the Secretary of the Treasury of June 25,
be obtained to enable them to do so without first going into
1879, in answer to Senate resolution of June 23, 1879, to be liquidation.
•found in Executive Document No. 33, Senate, Forty Sixth Con¬
Since my last annual report, thirty-eight banks have been
gress.
with an aggregate authorized capital of $3,595,000,
No action has been taken in this Depar'ment with referen e to organized,
to which $2,390,440 in circulating notes have been issued.
the subject since said letter, with the accompanying documents,
banks, with an aggregate capital of $4,450,000
was transmitted
to thefSenate.
The failure hitherto to enter Thirty-eight
have voluntarily discontinued business within the same period,,
-upon the construction of the ship in question is the less to be and
eight banks, having a total capital of $1,030,000, have
regretted because, by the admission of all parties, it was too failed. The insolvent banks include two, with a capital of
late, when the subject was presented to the Depaitment for
$700,000, which failed after having previously gone into volun¬
action, to complete the construction of the vessel and its
tary liquidation.
machinery for effective use during the season when yellow fever
The following table exhibits the resources and liabilities of
might be expecttd to prevail. The whole matter can now be the banks on the 2d day of October, 1879, the returns from
-considered by Corgress with the deliberation which so important
New York city, from Boston, Philadelphia and Baltimore, from
a matter deserve?, and
practically no time will be lost it the the other reserve cities, and from the remaining banks of the
construction of such ship is promptly ordered.
country, being tabulated separately:
[Remarks with regard to "Steamboat Inspection" and
Alaska" are omitted.]
Other
Boston,
New York
Country
have gone
of which, still in operation, are located in the
fold banks,
^
•
41
DISTRICT OF COLUMBIA.
The net expenditures on account of the District of Columbia
^for the fiscal year 1879 were $3,597,516 41.
The revenues of
the District deposited in the Treasury for same period were
$1,741,46L 16.
Since July 1, 1878, at which date, under section 7 of the act of
-June 11, 1878, the offices of the commissioners of the sinking
.fund of the District of Columbia were abolished and their^duties
and powers transferred to the Treasurer of the United States,
•the bonded debt of the District has been reduced in the
$418,326 67, and the
reduced $30,154 11.
.
total annual interest
sum
of
charge thereon
In view of the fact that a sinking fund for the final redemp¬
tion of the three-sixty-five loan of the District was provided at
the last session of Congress by permanent annual appropriation,
it is recommended that a permanent annual appropriation for
interest upon that loan and for interest and sinking fund for the
-old funded debt of the District, including the water-stock bonds, be
made. The annual amount requ;red for this purpose is estimated
at
$1,088,352 75, which will meet the interest
on
the entire
bonded debt of the District, and provide for the redemption of
the old bonded debt by the maturity of the three-sixty-five loan.
The existing provision of law requiring investment of the
■appropriation for the sinking fund of the three-sixty-five loan in
bonds of that loan seems to work to disadvantage, while District
bonds bearing a higher rate of interest are from time to time
maturing. Recommendation is therefore made that authority be
.given for the investment of any money appropriated for the sink¬
ing funds in question in any bonds of the District of Columbia.
public service.
The Secretary acknowledges his obligations to
cers of bureaus and divisions of the Department
the several offi¬
for the ability,
skill, and industry, manifested by them in the discharge of their
^important and complicated duties. In this report he refers only
■to the leading operations of the Department, and those only in
general terms; but refers for details to the statements and
reports herewith transmitted.
The organization of the several bureaus is such, and the sys¬
tem of accounting so perfect, that the financial transactions of
sthe Government during the past two years, aggregating $3,354,345,040 53, have been adjusted without question, with the
exception of a few small balances now in the process of collec¬
tion, of which it is believed the Government will eventually lose
less than $13,000, or less than four mills on each $1,000 of the
:
-amount involved.
John Sherman,
To the Honorable the Speaker
op the House of Representatives.
Secretary.
City.
Phila. and
Baltimore
reserve
47 banks.
99 banks.
82 banks.
cities.*
$
RESOURCES.
Loans and discounts..
On U. 8. bonds on
demand
On other st'cks,b'ds,
&c., on demand....
On single-named pa¬
per without other
security
All other loans
Overdrafts
Bonds for circulation.
Bonds for deposits—
U. S. bonds on hand
Other stocks & bonds.
Due from reserve agts
Due from other nat'l
banks
Due from other banks
and bankers
Real estate, furniture
and fixtures
Current expenses
Premiums
Checks and other cash
items
..
Exchanges for clear¬
ing house
Bills of other nat. b'ks
Fractional currency..
Specie
Legal tender notes —
U. 8. ctfs. of deposit..
Five per cent redemp¬
tion fund
Duefrom U.S.Treas'y
8,236,525
2,017,226
hanks.
Aggregate.
1,820 b'ks. 2,048 banks.
$
435,154,810
875,013,107
4,360,523
78,062,085 22,605,795 11,445,079
22,491,926 13,136.911
7,150,239
87,011,366 118,267,128 65,023,494
86.341
125,073
2,928,766
349,810
25,745,500 53,147.300 25,650,800 252,769,700
550,000
4,671,650
3,404,500
9,578,500
9,066,250
10,140,900
5,953,000 27,806,450
8,843,712
3,704,614
2,634,916 24,464,174
19,190,543 16,530,117 71,302,887
3,489,900
357,313,300
18,204,650
52,966,600
39,647,416
107,023,547
10,957,673
10,012,482
6,284,310 19,438,529
46,692,994
2,245,184
992,478
3,339,131
7,053,979
13,630,772
9,883,679
953,485
827,972
7,005,672
"732,041
683,149
4,559,515
714,102
334,362
26,368,304
3,711,648
2,486,937
47,817,170
6.111,256
4,332,420
1,969,660
972,523
888,807
7,475,143
11,306,133
93,487,352
1,467,887
14,781,348
2,524,131
35,023
6,979,727
8,293,515
9,560,000
4,696,265
1,845,771
53,965
4,369,176
11,526,789
3,575,000
10,869,76i
112,964,965
10,707,550
396,065
2,371,148
81,501
1,095,277
88,256
55,672
19,349,863
19,738.584
12,900,000
1,131,721
492,650
251,405
11,474,961
29,637,808
735,000
11,184,569
583,963
42.173,732
69,196,696
20,770,000
15,782,715
1,246,370
420,840,104 306,796,846 185,873,204 '955,277,294 1,868,787,448
Totals.
LIABILITIES.
50,750,000 77,556,260 87,795,500 287,965,605
16.006,435 19,869.063 10,461,775 j 68,449,256]
3,715,637 24,403,030
9,096,919
4,085,356
Capital stock
Surplus fund
Undivided profits
National
bank
454,067,365
114,786,529
41,300,942
notes
outstanding
22,328,624 46,283,414
State bank noter out
67,044
53,251
standing
Dividends unpaid
778,241
202,727
Individual deposits.. 213,354,222 117,446,336
Due to national banks
Due to other banks
and bankers
313,786,362
196,566
3,877,135
340,613
^796,869
5,004,246
316,861
2,667,430
719,737,509
11,018,863
157,193
6,746
81,915,319
32,048,687
949,796
21,240,841
2.355,865
13,995,410
3,469,600
149,200,257
23,098,279
6,891,020
13,734,193
8,298,961
52,022,453
182,766
1,241,300
266,680
1,032,310
1,755,569
1,934,592
2,205,015
4,208,202
—
JU.
8. deposits—... ..[
r
Deposits of U- 8. dis-j
bursing officers
i
22,017,051 223,157,273
153,546
1,532,9U
72.709.006 316,228,00E
Notes and bill&re-discounted
Bills payable
Totals
420,840,10-: 3 >6,796,846 185,873,204 935,277,294 1,868,787,448
*
The reserve cities, in addition to New York,
more, are Albany, Pittsburg, Washington, New
Boston, Philadelphia and Balti¬
Orleans, Louisville, Cincinnati,
Cleveland, Chicago, Detroit, Milwaukee, St. Louis and San Francisco.
The following table exhibits the resources and liabilities of
the national banks during the last seven years, at nearly corres¬
ponding dates for each
year:
THE CHRONICLE.
6, 1879.]
December
State banks,
Sep.12, Oct. 2, Oct. 1, Oct. 2, Oct. 1, Oct. 1, Oct. 2,
1873.
1,976
banks.
1875.
1874.
2.004
banks.
1877.
1876.
1873.
2,087
2,089
2,080
2,053
banks.
banks.
banks.
banks.
National banks.
1879.
2.048
banks.
591
Mil'ns. Mil'ns. MiVns. Mil'ns. Mil'ns. Mil'ns. Mil' us.
931-3
944-2
954-4
891-9
834-u
984*7
878-5
388-3
23-6
383-3
370-3
28-1
337-2
47-8
336-8
347-6
357-3
280
45-0
94-7
71-2
23-7
27-8
33-5
34-4
34-5
36-9
39-7
140-5
134-8
38-1
144-7
129-9
167-3
47-8
66-9
138-9
46-7
30-7
64-4
18-5
42-4
8-1
76 5
18-5
146-9
431
21-4
84-2
15*9
15-6
16-9
42-2
69-2
167
100-3
109-7
87-9
1000
74-5
82-4
113-0
206
42-8
48-8
29-2
33-4
32-7
268
20-3
18-3
19-6
17-3
16-7
191
16-0
28-7
16-5
24-9
17-0
221
Oth'r st'ks, b'ds,
&c
Due from other
■
Specie
Leg9 tend'r n'tes
Nat'l bank notes
Clear'g bouse ex¬
changes
34-7
19-9
92-4
161
21-2
80-0
45-2
22-7
U. S. certificates
of
depo it
U. S.
Treasurer
Other resources.
Due from
'
191
1,830-6 1,877-2 1,882-2 1,827-2 1,7411 1,767*3 1,868-8
Totals
LIABILITIES.
Capital stock
491-0
120 3
54*5
340-3
640-0
1730
11-5
....
Surplus fund
Unaivid'd profits
Circulation.
Due to deposit'rs
Due to other b'ks
Other liabilities.
....
'
493-8
1290
51-5
504-8
499-8
134-4
132-2
530
46-4
334-2
3191
292-2
683-8
175-8
679-4
179-7
11-8
666-2
91
479-& -^466-2 /454-1
122-8
11611
114-8
44-5
41-3
40-9
291-9
301*)
313-8
630-4
66/*4 736-9
161-6
201-2
1(J51
10-4
7-9
6 7
179-8
10-6
1,830-6 1.8772 1.882-2 1,827-2 1,7411 1.767-3 1.868-8
Totals
s
3
a
ea
1876..., 2,091 500-4
1877..., 2,078 481*0
1878
2,056 470 4
1879
2,048 455-3
....
banks
Real estate
Section 333 of the Revised Statutes of the United States
banks
capital.
Total.
capital.
c-
©
2
V
Bonds for circu¬
lation
Other U. 8. b'ds.
Savings
with without
u
©
Loans
Savings
banks
Years.
&
RESOURCES.
private bank¬
ers, &c.
«
&
%
S
©
a
Q
S5
&
c
a
a
a.
a
©
©
O
Q
Q
mi* JTil's
Mil'*
713 5 3,808 2140 480*0
768-2 3,799 218'6 470-5
677-2 3,709 2022 4133
713 4 3,639'197-0 3970
a
o,
«3
U
9
Q
Mil Mil
Mil's
Mil's Mt/'nt
5 0 f.7-2 691 844 6 6,611 719 4 2,075-Si
4-9': 8-2 676 843-2:6,579 704-5 2,1201
3-2IS6-2 668'803-3 6,456 075-8 1,920-0
4-216-L 6441747110.360 656-5 1,898*5*
The aggregate capital of the various classes of banks shownby the foregoing table has diminished from $719,400,000 in
1876 to $656,500,000 in 1879, and the aggregate deposits have fallen off from $2,075,300,000 in 1876 to $1,893,500,000 in 1879'
—a redaction of
$62,900,000 in capital and $181,800,000 in
deposits during the last four years. The national bankingcapital has diminished $45,100,000, but the deposits of thenational banks are almost precisely the same that they were in1876. Savings banks with capital show a redaction of about
one million in capital and the same amount in deposits.
Thecapital and deposits of State banks and private bankers areless by seventeen millions and eighty-three millions, respect¬
ively, The greatest reduction, however, is in the deposits of"
savings banhs without capital, which"*" have diminished
$97,500,000.
the national banks and the refunding
of
the
public debt;.
The great war debt of the United States was contracted in
less than four and a half years.
In 1835 the country was
entirely out of debt, and
on
January 1,1861, the whole debt of
the Union amounted to but $66,243,721. During the next six
months it increased at the rate of about four millions a month,,
requires the Comptroller to present annually to Congress a being, on the first day of July, 1861, $90,580,873. During thestatement of the condition of the banks and savings banks next year it increased at the rate of more than thirty-six
organized under State laws. Returns of capital and deposits millions per month, and at the close of the fiscal year ending
are made by these institutions and by private bankers, semi¬
July 1, 1862, it had reached $524,176,412. At the end of the>
annually, to the Commissioner of Internal Revenue for pur- succeeding year it was considerably more than twice that:
>oses of taxation.
From these returns the following table has amount, being on July 1, 1863, $1,119,772,138. During the fol~
in compiled in this office, exhibiting in concise form, by
lowing year it increased nearly seven hundred millions, reaching
geograpl)hical divisions, the total average capital and deposits on July^l, 1864, the sum of $1,815,784,370. During the next
of all th(
le State and savings banks and private bankers of the
e months, to the close of the war, April 1, 1865, the debt
increased at the rate of about two millions a day, or sixtycountry, for the six months ending May 31, 1879 :
millions a month, and for the five months next thereafter, at
Savings
the rate of about three millions per day, or ninety millions &
State banks and Private bankers Savings banks b'nks
with¬
with capital.
out capital.
Geographical trust companies.
month, reaching its maximum on August 31, 1865,* at which,
divisions.
date it amounted to $2,845,907,626,1 ana was composed of the
DeCapi¬ De- No. Cap¬ De- No. Cap¬ De- No.
No.
ital. p'sits
ital. p'slts
tal.
p'sits following items:
p'sits
N. Engl'd States
Middle States
Southern States
Western States
and Territor's
..
United States
The
..
Mil's. M'l's.
7-10 14-39
Mis Mil's.
Mil's Mil's.
70 3-72
853 34*54
237 5-64
332
54 53
11-89
"'a 0;5i
3
0-86
2*44
0-83
8544 1,474 2585
70-18
20
2*85
32*80
1,005 127 27 257*07 2,634' 69-75 139-92
29
4 22
3607
40
230
251
475
4072 124-64
27-43 32*60
5202
'
Mil's.
426 366-46
182 350-95
3
1-69
33
27-96
('44 747-06
capital of the 2,048 national banks in operation on June
14, 1879, as will be seen by a subsequent table, was $455,244,415
$1,109,568,191 80-
Funded debt:
Matured debt
1,503,020 09
1600
00
Temporary loans
Certificates of indebtedness
Five per cent legal tender notes
Compound interest legal tender notes
Seven-thirty notes
United States notes (legal tenders)
Fractional currency.
r
Suspended requisitions uncalled for
107,148,713
85,093,000
33,954.230
217,024,160
830,000,000
433,160,569
OO
00
00
26,344,742 51
2,111,000 00
Total
including surplus, which amounted at that date to more
$2,845,907,626 56
$114,000,000—while the average capital of all the State
This table shows an aggregate of more than one thousand
banks, private bankers and savings banks, for the six months
two hundred and seventy-five millions of
temporary obligations,
ending May 31 previous, was but $201,241,484, which amount is
considerably less than one-half that of the national banks. The of the Government, of which eight hundred and thirty millions
net deposits of the national banks were $713,403,639, and the bore interest at 7*30 per cent annually.§
This immense amount of temporary obligations was funded
average deposits of all other banks, including savings banks,
within
the three years which followed the close of the war;,
were $1,180,122,835.
The average deposits for the same period
of the 644 savings banks having no capital stock, which are and the skill and good judgment displayed in so doing can only
be fully appreciated by those who are familiar with the diffi¬
included in the above aggregate, were $747,062,057.
The table below exhibits the aggregate average capital and culties and delicate conditions under which this work was.
4
deposits for the six months ending May 31, 1879, of all classes accomplished. *
The temporary loans, certificates of indebtedness, sevenof banks other than national, and the capital and deposits of
the national banks on June 14 following :
thirty notes, and all the other items of the debt—except the
legal tender notes and fractional currency, which have been
State banks, sav'gs
largely reduced-have either been paid, have matured and
banks, private
Total.
National banks.
ceased to bear interest, or have been funded into five-twenty
bankers, &c.
Geographical
six per cents, of which more than one thousand six hundred
divisions.
millions ($1,602,698,950) were issued.
No.
De
Capi¬
No. Capi¬ Depos¬ No. Capi¬ Depos¬
epos
tal.
its.
tal.
its.
tal.
its.
The acts of July 14,1870, and January 20, 1871, authorized
the issue of bonds for the purpose of refunding the five-twenty
Mil'*. Mill'n*.
Mil'*. Mill'n*.
MirxJMtWris.\
126-72 1,080 175-26
510*89
536 10 83
384* 17| 544 16443
New England States
six per cents, Tne former act authorized the issue of fifteen
Middle States
1,280 7577 532-56; 640 17021 393 12 1,920 245 98 925*68
670
3793
64*32
30
40
8495
hundred
millions in bonds, two hundred millions of which were
47 02: 176
494 83'92
8outhern States
Western States and
to
be
five
per cents payable ten years after date, at the pleasure
Territories
2,002 80-72 216-37! 688 90 20 155 63 2,690 170 92 372-00
of the United States, three hundred millions of four-and-a-half
71340 6.360 656-48 1.893-52
United States
4,312 20124 1,180-12 2.048 455*24
per cents payable in fifteen years, and one thousand millions
payable in tnirty years from the date of their issue, and bear¬
From this table it will be seen that the total number of banks
interest at the* rate of four per cent per annum. The act
ing
and bankers in the country at the dates named was 6,360, with
provided that these bonds should not be sold for less than their
a total banking capital of $656,485,899, and total deposits of
par valua in coin, and that the proceeds should be applied to>
$1,893,526,474. In the appendix will be found tables showing, the redemption of the five-twenty bonds. The latter act increased
by geographical divisions, the number, average capital, and the amount of the five per cent bonds to five hundred millions,
deposits, of State and savings banks, and private bankers, for but provided that the whole amount of bonds issued should not
various periods from 1875 to 1878, and there will also be found exceed the amoant
originally authorized; and the subsequent
other tables giving the assets and liabilities of State institutions act of
January 25,1879, authorized the refunding or exchanging
during the past year, so far as they could be obtained from of any other of the five or six
per cent bonds which werethe official reports of the several State officers.
redeemable at the pleasure of the Government.
A table arranged by States and principal cities, giving the
The whole amount of the funded debt on the first of January,
number, and the tax on their capital and deposits, of all banking 1871, was $1,935,342,700, of which $1,437,097,300 consisted of
institutions other than national, for the six months ending May
five-twenty six per cent bonds, and $194,567,300 of ten-forty
31,1879, will be found on a subsequent page. Similar tables
for previous years will be found in the appendix.
Report of Secretary McCullocb, 1867, p. 4; 1868, p. 41.
t Less cash in the Treasury $88,218,055.
The following table exhibits, for corresponding dates in each
t I his item includes $1,258,000 of bonds issued to Pacific railroads.
of the last four years, the aggregate amounts of the capital and
§ At that date one thousand seven hundred and twenty-five millions of
deposits of each of the classes of banks given in the foregoing the public debt bore an average interest of 6*62 per cent. Finance Re-
—not
,
than
—
*
tables:
port, 1865, p. 23.
692
THE CHRONICLE.
[Vol. XXIX.
law-
five per cent bonds. On the firsRday of August, 1871, nearly
sixty-six millions ($65,775,550) of new five per cent bonds had
been subscribed for, chiefly by the national banks.
During the
same month an
agreement was entered into by the Secretary
with Jay Cooke & Co.* for the sale of the remaining two hun¬
dred millions of the said bonds, and in the month of January,
1873, similar arrangements were made for the sale of a large
and is
now
less than one-sixth of all the bonds pledged for cir¬
more than one-third of the amount consists of
culation, while
bonds
bearing interest at four per cent. This will be seen from
following tables, which exhibit the amounts and classes of
bonds owned by the banks, including those pledged as security
for circulation'and for public deposits, cn the first day of
July
of each year since 1865, and upon November 1 of the
present
the
additional amount.t The remainder of the five hundred mil¬
lions ($178,548,300) was sold during the next three years, the
year:
-
Secretary of the Treasury stating in his report of December
U. S. bonds held
6, 1875,t that he had "the pleasure of announcing to Congress
that the funding of five hundred millions six per cent bonds
into those bearing five per cent interest had been
accomplished."
On August 24,1876, a new contract was made
with A. Belmont & Co. and associates,§
by the Secretary
for the sale of the three
.^hundred millions of four-and-a-half per cent bonds authorized.
^In this contract the Secretary reserved the
right to terminate
it by giving ten days' notice to the contractors, and under the
contract calls were made prior to March 4,1877, for the
redemp¬
tion of one hundred millions of six per cents. In
May, 1877,
the present Secretary, availing himself of the
privilege secured in
the contract, gave notice that he would limit the sale of four-anda-half per cents to two hundred millions; and additional
subscrip¬
tions were rapidly made until that amount was taken. The avails
of one hundred and &ghty-five millions of these bonds were
ap¬
plied to the redemption of live-twenties, the remaining fifteenmilIions being held for resumption purposes. On the 9th of
June,
1877, a contract was made with a syndicate for the sale, at par in
coin, of the four per cent bonds authorized to be issued by the
refunding act, with the right to terminate the contract at any
time after December 31, 1877,
by giving ten days' notice to the
contracting parties J In 1877, seventy live millions of the four
per cents were sold, and in 1878 more than one hundred and
twenty-eight millions ($128,685,450). During the first four
months of 1879, $497,247,750 additional fours were
disposed of,
of which more than one hundred and
forty-nine millions were
sold at a premium of one-half of one per cent. Of this
amount,
•one hundred and twenty-one millions were
taken by the First
National Bank of New York and associates, and the remainder
by other national banks. These, with the sales of forty mil¬
lions of refunding certificates,
completed the refunding of all
the
bonds of the United States which were redeemable.
sales of United States bonds since 1871, under the
refunding acts, have been five hundred millions of fives, one
hundred and eighty-five millions of
four-and-a-halfs, and
$710,345,950 of four per cents—in all more than one thousand
three hundred and ninety-five millions of dollars
There have
also been sold for resumption
March
purposes, since
1, 1877,
under the authority of the
resumption act of January 14, 1875,
twenty-five millions of fours and sixty-five millions of four-anda-half per cents, fifty millions of the latter
being at a premium
of one and a-kalf per cent.
The reduction on the
interest-bearing debt of the United
States, from its highest point on August 31, 1865, to November
1, 1879, is $583,886,594, of which amount $105,160,900 has been
The
-
Date.
per cent
bonds.
bonds.
bonds.
4 per cent
bonds.
$
$
$
July
July
July
July
July
July
July
July
July
July
July
July
July
July
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
...
170,382,500
241,083,500
251,430,400
250,72^,950
...
255,190.350
...
I860
1867
1868
1869
1870
1871
1872...
1873
1874
1875
1876
1877...
1878
1879
Nov. 1. 1879
...
...
...
...
...
...
...
...
...
...
security for circulation.
per cent
$
July 1,1865
a3
4^2 per cent
65,576,600
86,226,850
89.177,100
247,355,350
220,497,750
173,251,450
160,923,500
154.370,700
136,955.100
109,313,450
87,690,300
82,421,200
56,042,800
90.768,950
87,661,250
94,923.200
139,387,800
207,189,250
229,487,050
236,800,500
239,359,400
232,081,300
206,651.050
199,514,550
144,616,300
59,315.450
131,301.600
...
-
44,372,250
48,448.650
35,056,550
34.866,950
rotal U. S. bonds LT. S. bonds held
for other
held as security
pur¬
poses at nearest
for circulation.
Date.
19,162,000
118,538,950
138.318.400
Grand total.
date.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
1, 1865....
1, 1866....
1, 1867....
1, 1868
1, 1869....
1, 1870....
1, 1871....
1, 1872....
1, 1673....
1, 1874....
1, 1675....
1, 1876....
1,1877....
1, 1878
1, 1679....
$235,959,100
327,310,350
340,607,500
341,495,900
342,851,600
342,278,550
359.885,550
380,440,700
390,410,550
391,171,200
376,314,500
341,394,750
338,713,600
349,546,400
354,254,600
363.802,400
Nov. 1. 1879....
$155,785,750
$391,744,850
448,463,300
121,152,950
84,002.650
80,922,500
55.102,000
43,980,600
39,450,800
31,868,200
25,724,400
25,347,100
26,900,200
45,170,300
47,315,050
68,850,900
76,603,520
422,610.150
424,418.400
397,953,600
386,259,150
399.336,350
412,308,900
416,134,950
416,518,300
403,214,700
386,565,050
386,028,650
418,397,300
430,858.120
71.181,250
434,983,650
It is certain that if the national
banking system had not
existed, and United States notes had been issued in place of
bank notes, the refunding operations here described and the
consequent large reduction of interest upon the public debt
would not have been possible.
The Secretary of the Treasury, in his
report for 1862, said
that among the advantages whicn would arise from the estab¬
lishment of a national banking system would be the fact that
the bonds of the Government would be
required for banking
purposes ; a steady market would be established, and their
negotiation greatly facilitated; a uniformity of price for the
accomplished since the refunding operations were commenced bonds would be maintained at a rate above that of funds of
on May 1,1871.
equal credit, but not available as security for circulation. " It
At its highest point the annual interest on the
debt was is not easy to appreciate the full benefits of such conditions to
$150,977,697,- while it is now $83,773,778 only. There has a government obliged to borrow
it will " reconcile, as far as
therefore been a total reduction in this
charge of $67,203,919 practicable, the interests of existing institutions with those of
the whole people
annually.
and will supply " a firm anchorage to the
The total annual reduction of interest under these
refunding union of ^the States."
operations accomplished since March, 1877, is $14,297,177, while
There is no doubt that these
expectations have been more
the saving on this account
growing out of the operations of the than realized, and that the credit of the United States and its
present year alone is nearly nine millions ($8,803,707), and the ability to sorrow money at low rates of interest have been
total annual saving in all the
refunding operations of the greatly enhanced by placing its bonds in large amounts in the
Government since 1871 is nearly
twenty millions ($19,907,607). possession of the leading monetary institutions of nearly every
These
funding transactions are believed to be without parallel city and village in the Union.
in financial history.
The wisdom of Secretary Chase, and of others
who, in 1862,
******* advocated the establishment of a national
banking
system, was
The following table exhibfcs the classification of
the unma¬ long since recognized by those who understood the principles
tured interest-bearing bonded debt of the United
States onlwhich should govern a sound system of currency and banking ;
August 31, 1865, when it reached its maximum, and on the first but, in the light of the extraordinary financial operations
of
day of July annually thereafter, together with the amount the Government during the present year, the wisdom and the
outstanding on November 1 of the present year:
economy of the system, both for the Government and the
people, are now more apparent than ever.
0 per cent
5
per cent 4}tj per ct. 4 per cent
Date.
The Government has still outstanding $273,681,350 in six
bonds.
Total.
bcnl?.
bonds.
bonds.
per
cents and $508,440,350 in five per cents,
all of which will
mature in 1881.
The
Aug.31,1805
908,518,091 199,792,100
refunding of these bonds into four per
1,108,310,191
July 1.1-60
1,008,388,469 198,528,135
cents
will
save
$10,558,030
in interest annually. The credit of
1,206,916,904
July 1, 1*67
1,421,110,719 198,533,435
1,619.644,154 the Government is now such that it is not
July 1, 1868
1,841,521,800 221,588,400
improbable that long
2,063.110,200
July 1, 1869
1,886,341,300 221,589,800
2,107,930,600 before the maturity of the fours the present debt may be
July 1, 1870
1,764,932,300 221,589,300
1,986,521,600
...
July
July
July
July
July
July
July
1, 1S71
1,1872
1,187.}....
1, 1874....
1, 1875....
1,1876
1, 1877....
July 1, 1S78....
July 1, 1879....
1,613,897,300
1,374,883,800
1,281,238,650
1,213,624,700
1,100,805,550
984.999,650
854,621,850
274,236.450
414,567,300
414,567,300
510,628,050
607,132,750
711,685,800
703.266,650
Nov. 1, 1879....
310,932.500
283,681.350
646,905.500
508.440.350
738.619.000
1,888,133,750
1,789,451,100
1,695,805,950
1,724,252,750
1,707,998,300
1,696,685.450
140,000 OX)
703,266,650
240,000,000
250,000,000
250,000,000
98,850,000
679,878,110
740,845.950
1,780,735,050
1,887,718,110
1.7S2,967,650
reduced,
Secretary Houtwell's Report, 1871,
p. 17.
t Secretary Richard-oil's Report,
for 1873, p. 9.
t
Secretary Bristow's Report, 1875,
p. 12.
Secretary Morrill's Report, 1S76, p; 11.
U Secretary Sherman's report for 1877, p. 8.
thereby saving
*
*
--
.
a
large
additional
*
which is oneEnglish consols,
amount of interest.
*
*
*
THE VALUE OF CIRCULATION TO THE NATIONAL
BANK3.
1,607.888,500
The refunding of the national debt
commenced in 1871, at
which time the national banks held
nearly
four hundred mil¬
lions of the five and six per cent bonds
; and from that date to
the present time they have held more than
one-fifth of the
interest-bearing debt of the United States. A laige portion of
the bonds held by them in 1871 bore interest
at the rate of six
per cent. This class of bonds has since been
greatly
*
refunded into three-and-a-half per
-^ent bonds,
half of one per cent more than the rate of the
The
Comptroller has, in previous reports, given tables show¬
ing the profit upon national bank circulation. The refunding
operations of the Government and the consequent reduction in
the rate- of interest upon the bonds held
by the banks as
security for their circulating notes having diminished this
profit, and the expectation that the further refunding of the
public debt will diminish it yet more, render it necessary to
again refer to the subject. The total amount of interest
annually received by national banks upon the bonds deposited
for the security of their circulation onJSfovember 1 ultimo was
$17,152,396 75, as will be seen by reference to a table on page
27. If from this amount be deducted the interest
upon that
portion of these bonds on which the banks receive no circula¬
tion, namely, 10 per cent ($1,715,239 67), and the tax upon
December
circulation of
one
per
cent ($3,274,221), there will remain
$11,162,936, which was the net amount of interest received by
the banks on that portion of the bonds deposited, equal to 90
per
centum of the whole, which represents the entire amount
which the banks receive any additional income through the
issue of circulation.
The banks now hold $7,227,700 of called bonds—five and six
on
-
per cents—upon which interest has ceased, which are classified
as four per cents in the above circulation.
The other five and
six per cent bonds held by the banks, with the exception of the
Pacific Railroad bonds, amounting to $4,465,000 only, known as
sixes, will be payable by the Government in a little
a year, and will then
be converted into bonds
bearing a lower rate of interest. If all are converted into four
p6r cent bonds, the net amount of interest received by the
banks, after making the same deductions as before, will be
$9,822,666If the present capital of the national banks
invested in bonds were loaned directly upon commercial paper,
or upon bonds and mortgages, at eight per cent, it would yield
annually $29,722,656. Tme net interest to be derived from four
per cent bonds amounts, as has been seen, to $9,822,666, and
the interest upon the circulation issued upon these bonds when
loaned at eight per cent amounts to $24,884,084, the interest on
the bonds and the income on circulation making a total net
income of $34,706,750. The amount by which this latter sum
exceeds that which the banks may derive from loaning their
capital directly on commercial paper, or on bonds and mort¬
gages, is $4,984,094, and represents the profit on circulation.
It is equal to 1*3 per cent on the capital invested in bonds.
The following statement presents in one group the figures by
currency
more
,
than
which these results
The
interest
are
593
THE CHRONICLE.
6, 1879. J
obtained:
at 8 per cent per annum on the loanable-
amount of circulation is
The interest on the bonds deposited to secure
tion when funded into 4 per cents is
$24,881,084
the circula¬
14,552,096
Gross amount received by the banks from bonds and
loanable circulation
From which deduct 1 per cent of the issuable amount of
circulation as the tax thereon and the interest on the
,
margin iu bonds deposited
$39,436,180
4,729,430
Net income upon the capital employed
The capital necessary to purchase the bonds pledged by
banks loaned at 8 per cent per annum would produce
$34,706,750
the
....
29,722,656
Difference, representing the profit on circulation if the
whole amount available for use be loaned continually
throughout the year
$1,984,034
If the rate of interest on loans be taken at six per cent,
instead of eight per cent, as above, a like computation
shows
that the profit on circulation does not exceed 1*7 per cent on
the capital invested. That the advantage to be derived from
loaned. The officer or officers of the bank who shall make such
loan are also liable for a farther penalty, equal to one-fourth
of the money loaned. The penalty for the violation of the lastnamed section is forfeiture of the charter of the bank and the
appointment of a receiver to close its affairs. It seems scarcelycredible that it should have been found necessary to prohibit
a
by positive legislation the practice by national banks, located
in the principal commercial city of the country, of methods of
business so inconsistent with the principles of good banking. But
it was soyn found that even this legislative prohibition was not
sufficient in times of extraordinary activity in the stock-board
to entirely prevent the illegal certification of checks.
A few
months later, therefore, the Committee on Banking and Cur¬
rency of the House of Representatives, after an investigation
which occupied some weehs, .was instructed to inquire if any
further legislation was necessary to prevent the improper cer¬
tification of checks by the national banks, and to report by bill
or otherwise.
In compliance with these instructions a bill was reported,
which on June 19, 1870, passed the House, and which provided
that any officer, clerk or agent of any national banking asso¬
ciation who should violate the provisions of the act of March 3,
1869, relating to certified checks, should be deemed guilty of a
misdemeanor, and be fined not more than five thousand dollars,
both, in the discre¬
preceded it,
passed the House almost unanimously and with but little dis¬
cussion. A Representative from New York City, who was also
a member of the Committee on Banking and Currency, seemed
imprisoned not
or
tion of the court.
more
than five
years, or
Thi3 bill, like similar acts which
to reflect the sentiment of the House ana also of his constituent#
with my colleagues in regard to re¬
porting this bill, after careful examination of the facts ascer¬
tained by the gold investigating committee, and of the state¬
ments made by the substantial merchants of New York—not
the speculators, either in produce or gold, but the men of solid
parts, the men who look U> the substantial interests of the peo¬
ple outside as well as inside their city, men of character and
propriety."
The House bill of June 19,1870, failed to pass the Senate,
but the action of the House had the effect to largely diminish,
although it did not entirely put an end to, this illegal prac¬
when he said
:
"I
tice.*
No complaints
concur
of its renewal reached the Comptroller until
recently, when his attention was called to the large increase of
certified checks among the clearing-house exchanges, their
amount having risen from 31 millions on April 4 to 44 millions
on June 14, to 60 millions on October 2, and finally to more
than 90 millions on October 30 last. He was also informed of
an informal conference of the presidents of some of the promi¬
nent banks,
the object of devising some plan to avoid the
receiving and issuing circulating notes is not great, is evident risk and losswith
of such over-certifications. It had also about the
from the fact to which the Comptroller has repeatedly called
attention that there are in this country 1,005 State banks and same time been brought to the knowledge of the Comptroller
that certified checks, drawn upon an institution which was
2,634 private bankers who decline to reorganize under the
known to be largely addicted to this practice, had been refused
national system. Additional proof is also found in the fact
that the amount of existing national bank circulation is much by banks in good standing; whereupon he considered it his
less than that which under the law these banks might obtain duty to exercise whatever power belonged to his office for the
arrest and prevention of the custom complained of.
He there¬
upon their present capital by the deposit of additional bonds.
on
the
29tli
ultimo,
directed
the
National
Bank
Examiner
fore,
This is shown in the following table :
for the city of New York to examine such banks as were
believed to be certifying checks illegally, and to report the
Remaining facts to this office, and a separate letter was transmitted to
Circulation
circulation
Authorized
Geographical
actually is¬
him on the same day requesting him to consult with the
not Called
Capital.
divisions.
sued to the
circulation.
banks.
Eastern States...
Middle States
Southern States.
Western States
Pacific. States and
Territories
Totals
for by the
banks.
$165,086,920 $140,418,781 $118,742,578 $21,676,203
169,700,095
30,428,700
82,751,650
142,024,725
27,150,830
6,100,000
26,322,755
3,122,370
73,226,485
115,701,970
24,028,460
57,878,997
5,190,000
3,306,480
1,883,520
15,347,488
$454,067,365 $388,010,821 $319,658,485 $68,352,336
The total amount of circulation which
been obtained by banks in operation, upon
by law might have
their paid-in capital
stock, was on October 2 $388,010,821, while the amount actually
received by them at that date was $319,658,485, showing that
the bank8 already organized and in operation are entitled to
receive $68,352,336 additional circulation as soon as they see fit
to deposit United States bonds to secure it. In other words,
these banks already in operation can at any time, if any profit
can be made by an additional issue, increase their circulation
by more than one-fifth.
Bonds can now be purchased in the market at a small pre¬
mium, and it is reasonable to suppose that if there were a profit
on circulation, the banks now in successful operation, with a
capital stock fully paid in, would at once avail themselves of
the privilege of receiving and issuing the full proportionate
amount allowed by law.
ILLEGAL CERTIFICATION
OF CHECKS.
On February 19 and March 3, 1869, two
reference to the business of banking were
extraordinary acts in
passed by the Forti¬
Congress, which enactments were subsequently embodied in
eth
sections 6,207 and 5,208 of the Revised Statutes. The first of
these sections prohibits the loaning of money upon United
States or national bank notes as collateral security, with the pur¬
pose
of withdrawing such notes from use, and the latter sec¬
tion prohibits the certification of checks drawn upon any
national bank, unless the drawer has the money actually on
deposit in such bank.
The violation of the first-named section is made a misde¬
meanor, and punished by a fine not exceeding one thousand
dollars, and a further penalty equal to one-third of the money
-
v
Clearing-House Committee and to take its advice in reference
to the best course to be pursued.
The Examiner soon after
reported that nine of the city banks had at various times cer¬
tified checks contrary to the provisions of the law, but that
only five of them were largely given to the practice; and he
added his opinion that, the amount of such illegal certification#
had been very much overstated by the public press.
A subsequent investigation was made on November 6, which
*
The
clearing-house association of the city of New York, which is
composed of forty-five national together with thirteen State banks, to
which latter association the legislation named did not apply, took action
this subject in November. 1873, by the appointment of a committee
to cousider and report upon " reforms in the banking business."
The committee in their report referred to this subject as follows:
on
"Every hank iu the association is directly involved in the rhks attend¬
ing this practice. It multiplies excessively the sums which such institu¬
tions pass through the clearing-house, and the consequent balances of
the exchanges with their assoeiates, which the capital of such banks can
never adequately guarantee.
The most striking commentary upon the dangers of this practice was
afforded during the late panic by the dealer of a bank who had largelyreceived such favors, and who, seeing by its application to others that
his own checks were in peril, declined, under advice of council, to cover
them by a deposit, until otherwise assured that the bank could respond
to these veiy obligations.
"No sufficient reason, in the opinion of your committee, can be given
why a corporation should place itself without compensation and special .
security between two parties dealing with each other, and become the
guarautor of either, in transactions entirely personal to themselves,
simply because one or the other is a depositor in the institution
e
have alreadv stated that the safe custody of monoy payable -on de¬
mand ' is full compensation for its legitimate use, and the risks attending
"
such
a
business are all that properly appertain to the profession of a
An I if the rule bo invariably observed of certifying.checka
banker.
only when the drawer has the full amount at his credit in the bank, no
be injured or offended when he is treated in ali respects like
every other of his fellow-dealers.
The restriction suggested will work
favorably to every interest—to the banks, the shareholders, and their
associates—by diminishing the risks now so widely iuourrei, and it also
conforms to and confirms the law which Congress has established upon
this subject in respect to national banks.
"Your committee therefore recommend that In no case shall a check or
other obligation be certified by a bank, unless the amount of it is first
found regularly entered to the credit of the dealer upon the books of tho
one can
institution."
(The report of th« committee, it is
by four votes only. ]
.
,
..
said, failed of unanimous adoption
,
594
THE CHRONICLE.
conducted in such
to avoid publicity ; and the
was then advised that the certifications complained
of had been very largely reduced in number and amount, and,
in the cases of some banks, entirely discontinued, and that it
was believed that in a short space of time all the banks would
conform fully to the provisions of the statute.
Section 5,239 of the Revised Statutes
provides that every
director of a national bank who participates in or assents to
violation of law " shall be held liable in his personal ajid indi¬
was
[VOL. XXIX.
The Director, of the Mint in his report for this
year estimates;
that the amount of coin in the country on June 30, 1878, was-
manner as
Comptroller
18724
$327,781,898, of which $247,429,570
silver.
are as
was
gold and $8,352,328 waa
ending June 30, 1879,
His estimates for the fiscal year
follows:
Estimated amount of coin in the country June 30. 1878...
Net gold coinage for the year
1
Net silver coinage for the year
Importation of silver for the year
vidual
$327,781,898
39,290,009
26,518,642
5,180,015
Total
capacity for all damages which the association, its
$398,770,564
shareholders, or any other person, shall have sustained in Deduct net expoitatiou of gold for the year
228,881
If a loss result from such
consequence of such violation."
Total estimated amount of coin in the
country June 30,
certifications or overdrafts, there would seem to be no doubt
1879
;
$398,541,683
that consequential damages may be collected from those direc¬
Of this amount, it is estimated that
$286,490,698 consists of
tors who knowingly permitted them.
The bank examiner has gold coin and $112,050,985 of silver coin.
The Director esti¬
been instructed to report
to this office every instance mates that from the close of the fiscal
year
to
November 1 there
of over-certification which may come to his knowledge, where¬
have been added to the coin $19,259,799 of
gold
and $9,405,370 of
upon the Comptroller will not hesitate to enforce the provisions silver,
making the stock of coin in the country at the latter
of law in reference thereto; and in the event of the
appoint¬ date $427,206,852, consisting of $305,750,497 of gold coin and
ment of a
receiver, he will endeavor to have determined in the $121,456,355 of silver xjoin. The amount of bullion in the
mints
question of the several liabilities of the directors and New, York
on
is
Assay
Office
November
1st
stated
to
have
for violation of the law mentioned. In the mean time those
been $49,931,035 of gold and $4,553,182 of
silver,
in
all
making
banks which consider the law inimical to their interests have
the option either to conform to its provisions or to conduct $54,484,217, which, added to the estimated amount of coin
stated above, gives, as the total estimated amount of coin and
their business under some banking system in which the restric¬
bullion in the country on November 1st, $481,691,069, of which
tions that to them are so objectionable do not exist.
$355,681,532 was gold and $126,009,537 was silver.
The Comptroller is glad to be able to state that he has no
The following table shows the amount of bullion held
by the
reason to suppose any national bank has been
guilty of with¬ Eank of England in each year from 1870 to 1879:
drawing circulating notes for illegitimate purposes, but the
(£ = 5 dollars.)
(£ = 5 dollars.)
examiner has been directed to report
any violations of section 1870
$103,900,000 1875
$119,600,000
5,207, if such shall occur; and upon the receipt of such report 1871
1876
117,950,000
143,500,009
the Comptroller will immediately transmit the same to the law
112,900,000 1877
126,850,009
1873
313,500,000 1878
officer of the department for his action.
119,200,000
111,450,000 1879
.»
courts the
150,942,980
The amount of coin held by the Bank of France on December
31 of each year from 1870 to 1878, and also on October
30, 1879,
is shown by the following table:*
security of circulating notes.
•
The following table exhibits the olasses and amounts of
United States bonds held by the Treasurer on the 1st
day of
November, 1879, to
secure
notes, of the national banks
the redemption of the circulating
:
Rate
Class of bonds.
Authorizing act.
c.
of
Amouut.
int'st.
Loau of Feb., 1861 (81s)
'February 8,1861
July & Aug.,'61 (81s)'July 17 and Aug. 5,'61
Loan of
Loan of 1863 (8 Is)
Consols of 1867
Consols of 1868
Ten-forties of 1864
Funded loan of 1881
Funded loan of 1891
Funded loan of 1907
March
March
March
March
—
3. 1863
3.1865
3, 186 >
3, 1864
J'lyl4,'"0&Jan.20,'71
do
do
Pacific Railway bonds
do
do
July 1,'61 A July 2,'64
6
6
6
6
6
$2,221,000
o
7,11 9.500
124,182 100
Dec.
Dec.
Dec.
Dec.
Dee.
Dec.
33,971,750
18,549,500
33,200
75,000
5
4L>
4
6
34,866,950
138,318,400
4,465,000
and in the
treasury, ac."
The table below exhibits the amount of
specie held by the
national banks at the dates of their reports for the last two
years; the coin, coin-certificates, and checks payable in coin
held by the New York City banks
being stated separately.
\
Date.
Held by nat'l banks in N. Y.
Pnin
<~oin*
$
June 22,1877
Oct.
1,1877
Dec. 28, 1877
Mar. 15,1878
|U. S. coin
j certified.
$
City.
Total.
S
1,423,258 17 10,324,320 11,747,578
1.538,486 47 11,409,920 12,948,406
1,955,746 20 19,119,080 21,074,826
2,428,797 44 35,003.220 37,432,017
May
1,1878
2,688,092 06 25,397,040 28,085,732
June 29. 1878
1,905.705 22 11,954,500 13,860,205
Oct.
1,1878...... 1,779,792 43 11.514,810 13,294,602
Dec. 6, 1878
4,009.299 01 12,277,180 10.286,479
Jan.
1, 1879
5.421,552 49 12,739,544 18.161,092
April 4, 1879
5.312.906 90 12.220,940 17,533.906
June 14,1879
6,058,472 34 12,291.270 18,349,742
Oct.
2, 1879
7.218.907 69 12,130.90( 19,349,867
Held by
other nat'l
banks.
*
17
47
20
44
06
22
43
01
9,588,417
9,710,413
11,832,924
17,290,040
17,938,024
15,391,264
17,394,004
18,068,771
49 23,338.664
Aggregate.
46.023.756 06
29,251,469 77
30,688,606 59
34,355,250
41.499.757
41,148,563
42,333,287
42,173,731
36
32
41
44
23
The amount of silver coin held
by the national banks on
October 1, 1877, was $3,700,703. and on October 1,
1878, $5,387,738. The amount held on October 2, 1879, was
$4,986,493.
The aggregate amount of
specie held by the • State banks in
New
England, New York, New Jersey, Pennsylvania, Maryland,
Louisiana, Kentucky, Ohio, Iowa and Wisconsin, as shown
by
their official reports for 1879, was
$1,971,362, of which the
banks in New York City held $1,389,551. In the returns
from
California the amount of coin is not given
separately.
The amount of gold* and silver in the
Treasury of the United
State3 on November 1,1879, was, in
gold coin, $171,517,713;
silver coin, $50,078.620; total, $221,596,333
;. of this amount,
$14,591,000 in gold and $6,135,850 in silver are represented
by
coin-certificates held by the banks and by individuals.
Silver Opin aud
Bullion.
$85,740,000
$13,700,000
5 fraucs
110,6S0,000
131,740,000
122,260,000
204,220,000
234,860,000
306.0SO,000
235,420,000
196,720,000
169,000,000
=
Total.
$1.)
$99,440,000
16,240,000
126.920,000
158,260,000
153,520,000
266,860,000
26,520.000
31,260,000
62,640,000
101,000,000
127,720,000
335,860,000
433,800,000
408,500.000
408,340,000
173.080.000
211,620,000
241,800.000
410.800,000
From the Bulletin de Statistique, as quoted
iu the Bankers' Magazine,
New York, vol. 13, page 740, except the item for the
present year, which
we obtained from the Financial Chronicle of New
York of
November
15, 1879.
loans and rate of interest of new
york city banks.
The following table contains a classification of the loans of
the national banks in New York
City for the last five
years:
%
Loans and discounts.
October 1, October 2. October 1, October 1, October
2,
1875.
1876.
1877.
1878.
1879.
48 Banks.
47 Banks.
$
On endorsed paper
120,189,537
On single-name paper..
18,555,100
On U.S. bonds on dem'd
4,934,674
On other stock, &c., on 50,179,384
£
95,510,311
16,634,532
6.277,492
58,749,574
868,100
3,454,276
536,802
4,681.570
1,852,944
demand
On real estate security.
Payable in gold
All other loans
Totals
3,908.602
47 banks.
'
$
92,618,776
15,800,540
4,763,44*
47 banks.
47 banks.
$
*
83,92-4,333 81,520,129
17,297,475 22,491,926
7,003,085
48,376,633
51,152,021
497,524
4,319,014
2,786,45<
6,752,181
8,286,525
78,062,080
780.514
070,021
2,670,371
4,821,216
202,089,733 184,243,225 169.162.391 169,585.980 195,851,902
The average iate of interest in New YTork
City for each of the
fiscal years from 1874 to 1879, as ascertained from data derived
from the Journal of Commerce and Financial
Chronicle, was as
follows:
1874, cnll loans, 3*8 per cent;
1875, call loans, 3*0 per cent;
1876, call loans, 3 3 per cent;
1877, call loaus, 3*0 per cent;
1878, call loans, 4*4 per cent;
1879, call loans, 4'4 per cent;
commercial paper, 6*4 per cent.
commercial paper, 5*6 per cent.
commercial paper, 5'3 per cent.
commercial paper, 5*2 per cent.
commercial paper, 5*1 per cent.
commercial paper, 4*4 per cent.
The average rate of
89 21,335,996 06
84 22,658,820 31
50 32,907,750 70
58 54,722,058 02
83
90 23,614,656 51
34 23,983,545 10
69 22,823,873 54
Gold Coin and
Bullion.
(5 francs = $1)
*
same
S
00
55
16
35
31, 1873
Oct. 30, 1879
$363,802,400
On October 1, 1865, the total .amount of bonds held for this
purpose was $276,250,550, of which $199,397,950 was in six per
cents, and $76,852,600 in five per cents. On October 1, 1870,
the banks held $246,891,300 of six per cents and
$95,942,550 of
five per cents. Since that time there has been to November
1,
1879, a decrease of $187,575,850 in six per cent bonds and an
increase of $35,359,050 in five per cents.
During the year ending January 1,1879, there was a decrease
of $12,677,600* in six per cents and of $6,357,800 in five
per
cents.
Since September 1, 1876, $34,866,950 of four-and-onehalf per cents, and since July 1, 1877, $138,318,400 of four
per
cents, have been deposited. Since the 1st day of January,
1879, there has been a decrease of $12,652,650 in six per cents,
$63,415,600 in five per cents, and $12,138,800 in four-and-onehalf per cents, while during the same period
$102,941,450 of
four per cents have been deposited. The banks still hold
$108,200 of six per cent five-twenty bonds and $7,119,500 of five
per cent ten-forty bonds, upon which interest has ceased.
31, 1870
31, 1871
31, 1872
31, 1874..
31,1875
Dec. 31, 1876
Dec. 31,1877
Dec. 31,1878
Total.
specie in bank
Date.
years was as
discount of the Bank of England for the
follows:
During the calendar year ending December 31,1874, 3 69 per
During the calendar year ending December 31, 1875, 3 23 per
Daring the calendar year ending December 31, 1876, 2*61 per
Dui ing the calendar year ending December
31,1877, 2*91 per
During the calendar year ending December 31,1878, 3*7 8 per
During the fiscal year ending June 30,1879, 3 87 per cent.
cent.
cent.
centcent.
cent.
The rate of interest in the
city of New York on November 25
of the present year, as quoted in the D
ily Bulletin, was, on
call loans, from 5 to 7 per cent; and on commercial
paper of
the best grade, from 5/£ to 7 per cent
The rate of interest of the Bank of
England on November 29,
1877, was four per cent. On January 30, 1878, it was two per
cent, from which date to October 14, 1878, there
changes, and, with
a
single exception,
on
May 29,
were seven
a
gradual
increase. The rate was fixed at the date last named at six
per
cent and reduced on November 21,187^, to five
per cent; since
which time there have been changes in the rate as follows: On
January 15, 1879, four per cent; on the 29th of the same month,
three per cent ; on March 12 it was reduced to 2^
per cent and
again on April 9 to two per cent, at which rate it remained
until November 7, when it was increased to three
per cent,
which
was also at that time the rate of the Bank of France.
*******
December C,
THE
187P.
national bank notes by
CHRONICLE.
any large amount of silver dollars, or of the smaller denomina¬
tions of gold coins.
*
Section 5,182 of the Revised Statutes requires that the circu¬
denominations, &c.
The
following table exhibits, by denominations, the amount
national bank and legal tender notes outstanding on Nov.
of
1,1879
Denominations.
Amount of
national
bank notes.
$
Ones
3,567,200
2,092,498
97,911,820
109,736,240
72,652,160
21,324,900
Twos
Fives
Tens.
Twenties
Fifties
One liundreds
Five liundreds
One thousands
Five thousands
Ten thousands
Add for fractions of
notes not present¬
ed,
or
26,911,600
641,500
283,000
destroyed...
Totals
Deduct for legal ten¬
der notes destroy'd
in
1878.
Amount of
legal tender Aggregate.
$
$
$
19,320,302 22,887,502 24,652,750
18,938,365 21,030,863 22,915,066
61,611,033 159,522,853 148,116,015
71,711,318 181,447,558 168,908,071
68,793,773 141,445,933 131,785,709
24,853,045 46,177,945 47,658,995
31,428,180 58,339,780 58,331,470
22,446,500 23,088,000 31,159,000
22,828,500 23,111,500 33,794,500
3,250,000
3,250,000
2,500,000
2,500,00u
13,586
13,586
a
.1.000,000
1,000,000
are
resumed
no
provides that "after
association shall be furnished
less denomination than five dollars."
Accord¬
of the denomination of one and two dollars have
been issued since the first day of January last. The amount of
these notes outstanding on the first of November, 1878, was
$4,284,219 in ones, and $2,582,146 in twos. The whole amount
of one and two dollar notes outstanding on the first of Novem¬
ber, 1879, was $5,659,698, which shows a reduction during the
past year of $1,206,667. The amount of legal tender notes of
these denominations outstanding on the first of November,
1878, was $40,701,451, and the total reduction of ones and twos
during the year has been $2,442,784. Of the entire amount of
national bank and legal tender notes now outstanding, six per
cent consists of one and two dollar notes; thirty per cent of
ones, twos and fives ; and
fifty-six per cent is in notes of a less
denomination than twenty dollars. Of their entire issue, less
than twenty-two per cent in amount is of the denomination of
fifty dollars and upwards.
The following table exhibits by denominations the circulation
of the Imperial Bank of Germany on January 1,1879, in thalers
no. notes
and marks, which has been converted into
our currency :
Thalers.
Marks.
c.
c
Aimnou tdolars. (Thaler= 75cents.)
.
of Denomia¬ piec dolars.
tions. Vaoluef each
Number piecs.
in
Thai.
500
100
50
25
10
2,517
1,745^
9,194
9,3 ll^
The
r£
Denomia¬
a &
&£
&
$
375*00
75-00
° °
•-r
18-75
.
2
a
&
tions.
1
Amount in
dollars.
(Mark = 25
cents.)
M'rks
250
125
25
172.388
69,836
7-50
c
2 _C-
218,444
72,750
1,000
•500
188,775
207,018
100
05,456 3,395,05912
37-50
22,962
r-
>
|
194
Congress imposing a fine of
every circulating note issued by any national
bank without the written signature thereon of at least one of
its officers ; and the Comptroller respectfully repeats his pre¬
vious recommendation for the passage of such an act, which
act shall also impose a fine upon any engraver or
lithographer
who shall print the signatures of bank officers upon such circu¬
twenty dollars for
lating notes.
*******
j
dividends.
Section 5,175 of the Revised Statutes
with notes of
Bills have been introduced in
11,561
335,134,504 346.681,016 681,815.520 666,333,137
specie payments
ones.
335,134,504 347,681,016 682,815,520 667,333,137
1,000,000
Totals
Aggregate.
notes.
Chicago fire
ingly,
lating notes of the national banks shall be signed by the presi¬
dent, or vice-president, and the cashier of the association issuing
the same. The written signature of at least one bank officer is
necessary as a check between this office and the issuing, banks;
for if an illegal issue should occur the signature of such officer
would be a means of determining the genuineness of the note.
The written signatures of the officers of the banks are also
necessary as an additional precaution against counterfeiting.
A number of the banks, however, issue their notes with printed
signatures, and in some cases with badly-executed lithographic
:
1879.
•
$
54,611,000
25,877,250
81,876,487
Since the year 1869 the banks have been required to make
semi-annual reports of their dividends and earnings. From
these reports tables have been prepared showing the profits and
dividends of all the national banks. The latter must, to afford
a fair view of the subject, be considered in their relation not
alone to capital, but to capital and surplus combined, since, in
reality, the latter contributes proportionately as much to the
semi-annual profits from which the dividends are derived as
does the former.
In the appendix is given a table which shows in a concise
form the ratio of dividends to capital and of dividends to the
united capital and surplus, and also the ratio of the total net
earnings to capital and surplus, of the national banks in each
State and principal city in the Union, for each half-year from
March 1, 1875, to September 1, 1879.
The following table shows the capital, surplus, dividends, and
total earnings, of all the national banks, for each half-year from
March 1, 1869, to September 1, 1879, together with the ratio of
dividends and earnings to capital, and to combined capital and
surplus:
Period of
six months
165,364,737
Mar.
1.1877. 2,080
496.651,580
486,324,860.
475,609,751
470,231,896
464,413,996
455,132,056
Mar. 1, 1878.
Sept. 1.1878.
Mar. 1.1879.
Sept. 1,1879.
2,074
2,047
2,043
2,045
following table gives the circulation of the Bank of
No. of
Denominations.
pieces.
Value of
each piece
in dollars.
Amount
in francs.
5
5,000 francs.
$1,000
25,000
1,382,379
1,000 francs.
1,382,379.000
753,599
3,087
500 francs.
200 francs.
200
100
40
20
10
5
4
1
5,046,031
316,166
29,525
426,537
206,653
1,245
100 francs.
50 franc-8.
25 francs.
20 francs.
5 francs.
Forms out of date.
8,165,227
Amount in
dollars.
376,799,500
276,475,800
75,359,900
617,400
504,603,100
100,920,620
15,808,301
738,125
8,530,740
3,161,660
147,625
1,706,148
1,033,265
436,400
206,653
2,290,970,83(
458,194,166
123,480
.
The amount of circulation of the Bank of France
87,280
on
Dec. 31,
1877, was 2,547,044,000 francs, or say $509,408,800, showing a
reduction between that time and January 30, 1879, the date of
the foregoing table, of 256,073,170 francs, or $51,214,634.
It will be seen that theJImperial Bank of Germany issues no
notes of a less denomination than $7 50, and that the Bank of
France issues but about two millions of dollars in notes of a
less denomination than five dollars. The Bank of England
issues no notes of less than twenty-five dollars, and the Banks
of Ireland and Scotland none less'than five dollars.
The amount of paper circulation in this country in denomina¬
tions of less than ten dollars was $203,441,218 on November 1,
1879. In the foreign countries named a large amount of silver
and gold coin of the lower denominations enters into
circulation.
If the
general
people of the United States continue to
prefer a paper circulation of small notes, and the laws of the
country authorize it, it will be impossible to keep in circulation
earnings.
130,872,165
124,349,254
122,373,561
118.687.134
116.744.135
115,149,351
21,803,969
22,117,116
18,982,390
17,959,223
17,541,054
17,401,867
19,592,962
15,274,028
16,946,696
13,658.893
14,678,600
16,873,200
RATIOS.
Period of
six months
ending—
(Fr.=20 cts.)
$5,000
Total net
Sept. 1.1869. 1,481 $401,650,802 $82,105,848 $21,767,831 $29/221,184
Mar. 1, 1870. 1,571
416,366,991 86,118,210 21,479,095 28,996,934
Sept. 1.1870. 1,601 425,317,104 91,630,620 21,080,343 26,813,885
Mar. 1, 1871. 1,605 428,699,165
94,672,401 22,2( »5,150 27,243,162
Sept. 1.1871. 1,693 445.999,261 98,286,591 22,125,279 27,315,311
Mar. 1, 1872. 1,750 450,693,706 99,431,243 22,859,826 27,502,539
Sept 1, 1872. 1,852 465,676,023 105,181,942 23,827,289 30,572,891
Mar. 1, 1873. 1,912 475,918,683 114,257,288 24,826,061 31,926,478
Sept. 1.1873. 1,955 488,100,951 L18,113,848 24,823,029 33,122,000
Mar. 1, 1874. 1,967 489,510,323 123,469,859 23,529,998 29,544,120
Sept. 1.1874. 1,971 489,938,284 128,364,039 24,929,307 30,036,811
Mar. 1.1875. 2,007 493,568,831 131,560,637
24,750,816 29,136,007
Sept. 1.1875. 2,007 497,864,833 134,123,649 24,317,785 28,800,217
Mar. 1.1876. 2,076 504,209,491 134,467,595 24,811,581
23,097,921
Sept. 1.1876. 2,081 500,482,271 132,251,078 22,563,829 20,540,231
Sept. 1, 1877. 2,072
569,205 3,820,52112
Total divi¬
dends.
Surplus.
ending-
France and its branches, with the number of pieces, and the
denominations in fiancs and in dollars, on January 30, 1879 :
595
Sept. 1, '69
Mar. 1, '70
Sept. 1, '70
Mar. 1,'71
Sent. 1, '71
Mar. 1. '72
Sept. 1, '72
Mar. 1, '73
Sept. 1,'73
Mar. 1, '74
Sept. 1, '74
Divi¬
dends
to
Divi¬
dends
to
Earn¬
ings to
capi¬ capital
Period of
six monthi
tal and
and
Per ct.
5*42
516
4-96
Per ct.
4-50
4-27
4-08
Per ct.
604
5-77
519
518
4-24
5-21
Sept. 1,
4*90
5 07
512
5 22
4 07
502
Mar. 1,
416
417
5-00
5-36
4-21
409
3 84
4t3
5-41
Sept. 1,
Mar. 1,
Sept. 1,
Mar. 1,
Sept. 1,
capit'l. surpl's. surpl's.
5*09
4-81
5-09
5*46
4-82
4-86
endiugw
Mar. 1,
Sept. 1,
Mar. 1,
'71
'71
'7(
'70
'77
'77
'7s
'78
'79
'79
Divi¬
Earn¬
Dividends ings to
lenis
to capi¬ capital
to
and
tal and
apit'l. surpl's. surpl's.
Per ct.
501
Per ct.
3-9 6
4*88
3-85
3*88
3*57
4*92
4*50
4-39
4*54
3*99
3-81
3-47
3-62
3-78
3-82
■
Per ct.
4-66
4-56
362
3-25
3 12
317
2*50
2*83
3 04
3*02
3 05
2*53
2*96
2*31
>
This table shows that there has been a steady falling off in
the rate of earnings since 1870. In that year the ratio of divi¬
dends to capital was 10*12 per cent, while this year it is but 7*60
per cent. In the former year the ratio of dividends to capital
and surplus was 8*35 per cent, while now it is 6*07 per cent only;
and since the date mentioned the ratio of earnings to capital
and
surplus has fallen from 10*96 per cent to 5*49 per sent.
This marked decline is directly attributable to the losses sus¬
tained by the banks, in consequence of which many of them
have declared no dividends at all, while others, though declar¬
ing dividends, have reduced them to a rate far below the
average legal rates of interest.
The following tabular statement shows by geographical divi¬
sions the number of national banks, with their capital, which have
paid no dividends to their stockholders during the semi-annual
periods of 1878 and 1879 respectively, together with the totals
of each semi-annual period for the three preceding years:
'
596
THE CHRONICLE.
Six months ending —
March 1, 1879.
Geographical divisions.
of hanks.
Capital.
No.
Average for the
X
o
§
national
year.
Sept. 1. 1879.
*-i
V r1
Capital.
$
1!
$
Capital.
309
328
245
235
Totals for 1878
Tota s for 1877
Totals for 1876
Average for four
years
$
15,577,850
53,843,700 299 44,576,300 304 49,210,000
48,797.900 357 58,736,950 343 53,767,425
40,452,000 288 11,166,200 206 40,809.100
34,290,320 273 44,057,725 254 39,174,022
1876
1877
279 44,345.980 304 47,134,204 292 45.740.137
"
.
Years.
1864
1863
1866
1867
1868
1S69
1870
1871
1872
1873
1874
1875
New England States
46 16,135,700 42 15,020,000 44
Middle States
99 17,804,000 91 12,920,300 95 15,362,150
Southern St.ites
32 5,751,000 41
5,254,000 37 5,502,500
West'n States&Territor's 132 14,153,000 125 11,382,000 128
12,767,500
Totals for 1879
[Vol. XXIX.
1878
1879
...
...
...
are
given:
On circulation
On deposits.
$2,056,996 30
$780,723
2,0-13,841
2,099,635
1,355,395
1,438,512
1,734,417
2,177,576
2,702.196
3,613,251
3,<>09*302
2,453,544
1,993,661 84
990,278 11
214,298 75
28,669 88
16,565 05
15,419 91
22.781 92
8,919 82
24,778 62
16.738 26
22,746 27
...
...
...
...
...
...
...
...
...
17.947
5,430
1,118
13,903
...
...
...
67
16
72
On capital.
$
52
OS
903,367 98
374,074 11
83
98
77
63
46
84
71
79
26
2,972,260 27
2,999,530 75
Totals.
$3,837,719 82
4,940.870 90
3,463,988 05
2,046,562 46
1,866,745 55
2,198,054 17
3,020,083 61
3,644,241 53
4,628,229 14
3,771,031 46
3,387,160 67
4,097.248 12
4.006,698 03
3,829,729 33
3,492.031 85
476,867 73
399,562 90
445,071 49
827,087 21
919,262 77
976,057 61
736,950 05
916,878 15
1,102,241 58
989,219 61
927,661 24
897,225 81
830,068 56
2,896,637 93
2,593,687 29
2,354,911 74
The number of banks passing dividends in the first dividend
29
3,198,883 59
period of 1879 was 309, with a total capital of $53,S43,70C; in
Aggr'g's $5,450,254 60 $37,255,426 85 $11,721,596 83 $54,427,278 28
the second period the number was 299, with a
capital of $44,576,300; while during the last four years the average number
In comparison with the
foregoing is placed the following
of banks semi-annually passing dividends on account of losses
table,
showing the taxes paid to the United States by the
has been 292. The average amount of capital
upon which no national banks
during the same years :
dividends have been paid during that time is $45,740,137; from
which it follows that for a continuous period of four
years
Years. On circulation.
about one-seventh of the whole number of banks in
On deposits.
On capital.
Totals.
operation
have paid no dividends, and that more than one-tenth of the
1864
$53,096 97
$95,811 25
$18,402 23
$L67,310 45
total capital has been unremunerative.
1865
733,247 59
1,087,530 86
133,251 15
1,954,029 60
The percentage to capital of dividends paid, and of dividends 1866
2,106,785 30
2,633,102 77
406,947 74
5,146,835 81
1867
2,868,636 78
2,650,180 07
and earnings to combined capital and
321,881 36
5,840,698 21
surplus, is given by simi¬ 1868
2.946.343 07
2,564,143 44
306,781 67
5.817,268 18
lar divisions in the following table, for the
years 1877, 1878, 1869
2,957,416 73
2,614,553 58
312,918 68
5,884,888 99
...
...
...
...
...
...
...
and 1879.
1877.
Dtivdoens capitl.
Geographical
•
divisions.
P. ct.
7-6
N.Englaud States
Middle States
8-5
Southern States..
8*3
Western States 6c
Territories
12*2
United States
8*9
-1
-3
a
Hf-H
1878.
®
2 ^
.
C
3 «e p
-•3 C,
£H L-f
T*
:i.
£?
*3
is!
3
S s
*
Dtivdoens capitl.
1
P. ct. : P. ct.
CO
4*7
6*6
5-4
7*1
7*1
1879.
—3
3
rJ
3-2
1875
0*3
*.
1870
1871
1872
1873
1874
fl
x 3
tyo— Tt.
ill
c3
Q 0 *
[
^
Dtivdoens capitl. Divtdeons caapnitdl surpls.
x
3
rt
•
be— 2
» 3
3
i'E?
1876
1S77
1878
1879
...
...
...
...
...
...
...
...
...
...
2,949,744 13
2,987,021 69
375,962 26)
385,292 13!
76
2,802,840
3,120,984
3,196,569
3,209,907
3,514,310
3,505,129
09
0*
16
3.445,252 74
3,273,111 74i
3,309,668 90|
3,193.570 03
13
3,353,186
3,404,483
3,283.405
3,091,795
2,899,037
2,948.047
3,009,647
2,614,767 61
11
89
85
37
29
454,891 51
469,048 02
507,417 76
632,396 16
654,63G 96
560,296 83
401,920 61
6.781,455 65
6,721,236 67
389,356 27)
72(
39
64j
5,940,474 00
6,175,154 67
6,703,910 67
7,004,646 93
7,083,498 85
7,305,134 04
7,229,321 56
6,998,926 79
Aggr'g's $42,785,464 51 $43,637,925 22 $8,331,401 34 $92,754,791 07
P. ct.
6-9
7*9
7*3
P.ct.
5-5
6*1
6*2
P. ct.
4*3
4*9
5-7
P. ct.
6-4
7*9
7*0
P. ct.
5*2
6*1
6*0
5*8
5-4
P. Ct..
4-2
9*6
7*2
9*6
7-8
6*9
9*4
7*5
7*1
7*1
5*0
7*8
6*2
5*1
7*6
6*1
5*5
The three subjects of losses,
surplus, and dividends are. it
will be perceived, intimately connected one with another. The
The taxes above shown
are those paid under the laws now in
force, requiring the national banks to pay semi-annually to the
Treasurer of the United States a duty of one-half of one per
cent on the average amount of their
circulating .notes outstand¬
ing, one-quarter of one per cent upon the average amount of
their deposits, and a like duty upon their capital
in excess of
the amount invested in United States bonds. It will be seen
that the national banks have contributed more than two-thirds
of the whole amount of the taxes p&id bv the banks and bank¬
ers of the country, while the co3t to the Government of the
large losses, the depleted surplus, and the diminished dividends
of the national banks all point to the conclusion that these
national system since its inauguration in 1863,
including the
institutions cannot longer continue to
pay the heavy rates of engraving of plates and the printing of circulating notes, has
taxation imposed upon them alike
by the States and by the been but $4,732,731.
General Goverment, and at the same time
From tables similar to the one first given herein for 1878,
adequately remuner¬
ate their shareholders for the use of their
capital.
showing the amounts of national and State taxes paid by the
national banks, the following condensed table has been pre¬
TAXATION.
pared, which shows the taxt*, national and State, p?id by the
The Comptroller respectfully calls the attention of
national banks during each year from 1866 to 1878 inclusive.
Congress
to the subject of taxation of the circulation,
capital, and depos¬ The taxes shown for the years 1866, 1867, 1.869, 1874, 1875,1876,
its of the national banks, and again recommends the
repeal of 1877, and 1870, are from complete data obtained by this Office,
the tax upon their capital and
deposits. The reasons which while those given for the years 1868, 1870,1871,1872, 1873, are
induce this recommendation are given at
length in his report estimated. In the returns of the United States taxes paid prior
for 1877.
It is important to be considered that this tax
origi¬ to 1872, the special or license tax of two dollars on each one
nated as a war measure. At the time it was
imposed, it was thousand dollars of capital and the income tax on net earnings
deemed expedient, in order to meet an
extraordinary
emergency, are included:
to
la^
even
necessaries
the
of
life
under
contribution
to sustain
the Government. All taxes thus
imposed upon these necessaries
Ratio of tax to
Amount of taxes.
have since then been repealed, and'the internal revenue of
capital.
the
Capital
cars
Government, with the exception of that arising from the tax on Years
stock. V
U. S.
State.
Total.
U.S. State Total
banking capital and deposits, is now derived from imposts on
spirits, tobacco, matches, patent medicines and fermented
$
P. ct. P. ct P. ct.
$
$
$
liquors. Even the tax on tea and coffee, which are admitted 18 66 410,593,43
7.949,451 8,069.938 16,019,389 1-9
2-0
3-9
.
°
luxuries, has been removed.
Banking capital,
necessities of trade and commerce, is thus
put on a
one
o£
the
footing with
what are generally considered the least
indispensable
luxuries.
The taxes imposed by the General Government are
not the
only ones to which the national banks are now compelled to
submit. As has been shown in previous
reports, a large pro¬
portion of the taxes of the banks are those imposed under
State
laws.
taxes
The repeal of the law of the United States which
banking capital and deposits would not, therefore,
remove the heaviest burden to which the banks
are subject.
It would, however,
lighten the weight which now rests upon
them, and which amounts to nearly $17,000,000
annually, or
more than 4
1867.
1868.
1869.
1870.
1871.
1872.
1873.
422,804,666 9,525,607
420,143,491 9,465,652
419,619,860 10,081,244
429.314,041 10,190.682
451,994.138 10,649,895
472.956,958 6,703,910
488,778,418 7,004,(546
1874. 493,751,679
1S75.
1876.
1877.
1878.
503,687,911
501,788,079
485,250,694
471,064.238
8,813,127
8,757,656
7,297,096
7,465,675
7,860,078
18,338,73 4
18,223,308
17,378,340
17,656,357
18,509,973
15,047,682
15,504,394
16,876,409
17,375,653
16,777,819
15,731,877
8,343,772
8.499,748
7,256,083 9,620,326
7,317,531 10,058,122
7,076,087 9,701,732
6,902,573 8,829,304
6,727,232 8,056,533 14,783,765)
22
2'2
2-4
2*4
2-4
1*4
1*4
1*5
1-5
1*4
1*4
1-4
2-1
2*1
1*7
1-7
1-7
4-3
4-3
4*
4*
43-
1-8
1-8
2 0
2-0
3*
3-5
3*5
3 4
3-3
31
2 0
1*9
17
In order that it may be seen how unequally these United
States and State taxes bear on the national banks in different
sections of the country, the following tables have been pre¬
per cent upon the total amount of national bank
outstanding; and such action on the part of Con- pared, giving, for the years from 1874 to 1878 inclusive, the
stock invested, and the percentage thereon of taxes paid,
an and copiedthe
of which might p'er- capital
fress
in each of the fonr geographical divisions of the
aps be recognized
by wisdom
State legislatures.
country :
In order to show how the taxes
paid by national banks under
State laws compare with those
Ratios to
paid by the same banks under
Amount of taxes.
the laws of the United States, the
capital.
Comptroller
presents with
this
circulation
w6uld set
example,
report tables for the years 1867 and 1S69, and for the
from 1874 to 1878, inclusive, showing the total taxes
years
paid
in each State and reserve
city, with the capital of the banks,
and the percentage of tax to capital in each case.
*
*
*
-
*
*
*
*
It is to be regretted that it has not been
possible to obtain
the data from which to
prepare a table showing the United
States and State taxes paid by banks other than
national, with
their capital and the
percentage of tax to capital. In the follow¬
ing table, however, the taxes paid annually from 1864 to 1879
Geographical
divisions.
Capital.1'
U. S.
State.
Total..
OQ
<
<*
o
H
1874.
N. Eng. States 160,517,266
Middle States. 190,162,129
South'n States 33,558,483
Western States
and Terr's
109,513,801
$
1,896,533
436,54a
3,911,371
517,792
$
p.c p.c tp.c
4,877,017 1*2,1-8 ^•0
7,236.796 1-7 2-1 t3'8
954,332 1-3 1*5 2-8
1,597,585
2,210,079
3,808,264
1*5 2-0 <3*5
9,620,326 16.876.409
1 *5 20 3*5
3,325,425
United States. 403.751.679 7.250.083
$
2,930,484
December 6, 1879.
THE CHRONICLE.
|
a
Ratios to
Amount of taxes.
Geographical
divisions.
capital
Capital."
C3
U. S.
State.
Total.
.
®
P_
1875.
$
$
N. Eng. States 164,316,333 1,937,016
Middle States. 193,585,507 3,300,498
Soutli'n States 34,485,483
445,048
Western States
and Terr's
111,300,588 1,634,969
..
$
a
02
3,016,537
4,002,459
476,236
$
p.c p.c p.c
4,953,553 1-2 1-8 3 '
7,362,957 1-7 21 3
921,284 1-3 1-4 2.7
2,502,890
4,137,859 1*5 2*4 39
United States. 503,687,911 7,317,531 10,058,122 17,375,653 1-5 2-0 3*5
1876.
N.
Eng. States 168,068,379 1,947,970
Middle States. 192,163,773 3.190,247
South'a States *33,439,193
423,781
Western States
and Terr's
108,116,734 1,514,089
..
United States. 501,788,079 7,076,087
2,914,808
4,025,316
431,164
4,862,778 1-2 1-7 2*8
7,215,563 1-7 2*2 3*9
854,945 1-3 1-3 2*o
2,330,444
3,844,533 1-4
9,701,732 16,777,819
2-3 3-7
597
been $68,078,144. Of this latter snm $16,953,578, or about one
quarter, have been annually paid in taxes, national and State,
and about $45,443,564 have been
annually paid in dividends.
Of the $16,953,578 paid
annually
in
taxes
of all kinds, $3,239,909 have been paid to the United States under the law
taxing
deposits and capital, the repeal of which the Comptroller
earnestly recommends. These taxes amount to nearly one per
cent of the average
capital, and its repeal would undoubtedly,
in the case of the country banks at least, have an
appreciable
effect in lowering the rate of discount. >
RESERVE.
The following table exhibits the amount of net
deposits, and
the reserve required thereon by the act of June 20, 1874,
together with the amount and classification of reserve held by
the national banks in New York City, in the other reserve cities,
and by the remaining banks, at the date of their
reports in
October of each year from 1875 to 1879 :
1-4 20 3*4
»d
Reserve
<x>
held.
u
1877.
N. Eng. States 167,788,475 1,907,776
Middle States. 182,885,562 3,129,990
Soutli'n States 32,212,288
411,486
Western States
and Terr's
102,364,369 1,453,321
..
United States. 485,250,694 6,902,573
2,864,119
3,544,862
4,771.895 1-1 1-7 2*8
6,674,852 1*7 1-9 3 6
429,149
1,991,174
840,635 1-3
3,444,495
8,829,304 15,731,877
Eng. States 166,737,594 1,900,735
Middle States. 176,768,399 3,054,576
Soutli'n States 31,583,348
409,839
2,593,043
3,217,485
95,974,897 1,362.082
1,839,929
Western States
and Terr's
..
United States. 471,064,238 <5.727.232
*
406,076
I
1*1 1-6 27
6,272,061 1*7 1 8 3-5
815,915 1*2 1-3 2 6
4,493,778
3,202,011 1*4
2-0 3*4
8.056,533 14,783/765 1-4 1-7 31
The capital of the banks which reported State taxes in 1874 was
$476,836,031; in 1875, $493,738,408; in 1876, $488,272,782; in 1877,
$174,667,771, and in 1878, $403,983,724.
This table shows that the heaviest taxes are paid in the
Western and Middle Sta tes, and the lightest in the Southern
and Eastern. The table below shows for three different years
the great inequality in the rates of State taxation paid in the
principal cities of the country:
'
1876.
U. S.
1877.
State. Total. U.S.
reserve.
State. Total.
New York
bofanks. deposit.
No.
Oct. 2, 1876
Oct. 1, 1877
Oct. 1, 1878
Oct. 2, 1879
Oth'r res'rve cities
Oct. 1. 1875
Oct. 2, 1876
Oct. 1, 1877
Oct. 1, 1878
Oct. 2, 1879
...
^
>
Sh
<D
o
03
Net
0)
o
a
,
tf
o
O)
c3 —
£
a
32
c
t*
®
°
£t0
a
o
a-g
o a
c3
-a
3
G,
W
«
P<
s
«
3
«
1
Mil's. Mil's. Mil's Mil's. Mil's. Mil's.
48 202-3 50 6 60-5 29-9
5 0 54-4
47 197 9 49*5
60-7 307 14-6 45-3
47 174-9 43'7 48-1 27 5
130 34-3
47 189 8 47*4
50-9 26-8 13-3 36-5
47 210-2
52-6 531 25-3 19-4 32-6
City.
Oct. 1, 1875
States d Territor's
Oct. 1,1875
Oct. 2, 1876
Oct. 1, 1877
Oct. 1, 1878
Oct. 2. 1879
a>
©
188 223-9
560
74-5
33-3
1-5
189 217-0
188 204-1
542
510
76-1
351
33 0
184 199-9
181 228-8
500
572
40
5-6
9-4
11-3
37-1
37-1
34-3
29-4
33-0
32-9
36-7
1-6
2
4-2
33-7
310
31-6
.80
31-1
30-3
67-3
71-1
83-5
35*6
36-5
Mil's.1 Mil's.
11
0-8
0-8
11
11
32-3
3 6
320
30
30
24-4
291
35-7
3-2
35
53-3
55-4
48-9
560
71-3
11-5
108
10-7
110
11-2
16-2
14-6
14-5
46-3 1001
43 8 99-9
43*6 95-4
43-4 106-1
49*5 124-3
32-5
34-3
37-7
11-5
2,087 734-1 152-2 235-1
320
33*5
31-5
33-6
8-3 125-2 85-6
21 3 113-4 87-4
22-8 100-2 73-3
30-7 97-0 85-1
42-2 95-9 1070
1,851
1,853
1,845
1,822
1,820
307-9
291-7
290 1
289-1
329*9
Summary.
Rates of taxation.
Cities.
.
1-4 2*1 3*5
1-4 1-9 3-3
c
•
14 2-7
1878.
N.
Classification of
'5
1878.
U. S.
State. Tot.
Pr. cl. Pr. cl. Pr. ct. Pr. ct. Pr. cL Pr. ct. Pr. ct. Pr. ct. P. ct.
Boston
1-4
1-6
30
1*3
1-6
2*9
1*3
1*3
2-6
Now York...
1-9
3-5
54
21
2-9
2-2
50
5*1
2-9
3-2
3-4
6-6
30
Albany
3-2
6-2
2-8
2-8
5-6
0-7
2-8
21
Philadelphia 2-1
0-7
2-8
20
0-7
2-7
1-4
0-5
1-9
1-4
0-5
Pittsburg ...
1-9
1-3
0-5
1-8
Baltimore..
1-2
20
3-2
1-2
19
31
1-2
1-8
30
1-2
11
2-3
Washington.
1*3
2 0
0*7
1-4
0-6
2 0
New Orleans
1-6
0-2
1-8
1*5
0-9
2-4
1*5
10
2-5
Louisville..
1-4
0*5
1-9
1-1
0-5
1-9
1-4
0-5
1-9
Ciucinuati
1-7
2-9
4-6
2-9
1*7
4-6
1-5
2-7
4-2
Cleveland...
11
2-5
3-6
1*1
2-2
3-3
1-1
2-0
3-1
2-2
30
5-2
2-2
2-9
Chicago
5-8
2-5
2-6
51
Detroit.-.
1-6
1-5
31
1-6
3-3
1-7
1*7
1-5
3*2
Milwaukee..
2-2
2-9
51
2-4
2-6
50
2-4
2-6
50
St. Louis
1-3
2 6
3-9
1-4
2-5
3 9
1-6
2-4
4-0
St. Paul
1-2
1 8
3 0
1-3
1-7
3 0
1*3
1-5
2-8
.
"
..
The States in which the rates of State taxation were most
excessive during the years 1876, 1877, and 1878, are shown in the
table below :
Oct.
Oct.
Oct.
Oct.
Oct.
1, 1875
2, 1876
1, 1877
1, 1378
2. 1879
2 089 706-6 147-5 236-7
2,080 669 1 138-3 210-8
2.053 678-8 140-8 228-1
2,048 76ft 9 159-3 260-9
33-9
15-3
15-8
It will be seen from the above table that the reserve held by
the banks in the City of New Yot-k on October 2 last was much
less in proportion to their liabilities than it had been at a cor¬
responding
date in
*
*
any
*
of the four preceding
*
*
NATIONAL
*
following table
*
,•
*
BANK CIRCULATION.
*
The
years.
*
exhibits the total outstanding cir¬
culation, not including mutilated notes in transit, on the 1st
day of November of each year for the last thirteen years, and
also on June 20,1874, January 14, 1875, and May 31, 1878:
November 1, 1867..
November 1, 1868..
November 1, 1869..
November 1, 1870..
November 1, 1871..
November 1, 1872..
November 1, 1873..
June 20, 1874
$299,153/296
\ November 1,1874.
300/ 02,234 < January 14, 1875.
299,910,419 ! November 1, 1875.
302,607,912 I November 1, 1876.
321.810.656
i
November 1. 1877.
341,512,772 ! May 31, 1878
348.382,046 ' November 1, 1878.
349.894.182
November 1, 1879.
$351,927,246
351,861,450
345,586,902
321,150,718
316.775,111
321,232,099
320,991,795
335.134,504
******
3 876.
1877.
States.
1878.
The amount of additional circulation issued for the year
ing November 1, 1879,
U. S.
State. Total.
U. S.
State. Total.
U. S.
State. Tot.
Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. ct. Pr. cL Pr. ct. P. ct.
New York...
1-8
31
4-9
1-9 ; 2-7
4-6
20
4-6
2*6
New Jersey.
1-4
2-1
3-5
1-4
1-9
3-3
1-4
1-8
3-2
Ohio
1-3
2-7
4-0
1-4
2-4
1*3
3-8
2-2
3-5
Indiana
1*2
2-5
3-7
1-2
2-3
3*5
1-3
21
3-4
llliuois
1-8
2-4
4-2
1-7
2-2
3-9
1*7
2 1
3-8
Wisconsin...
1-7
2-1
3-8
1*7
2 1
3-8
1-7
2-2
3 9
Kansas
1-5
30
45
1-7
2-6
4-3
1-6
2-6
4-2
Nebraska
2-2
2-5
4-7
2-3
2-3
4-6
2-3
2-6
4-9
So. Carolina.
10
2-7
3-7
10
2-6
3-6
1-0
2-1
3-1
Tennessee
1-4
2-1
3-5
16
2-2
3-8
1-6
21
3:7
issued
was
$22,933,490, of which $7,494,170
end¬
was
during the months of September and October. The
amount issnea to banks
440; the amount retired
the year
organized during the
was
being $14,742,503.
year was $2,615.$8,190,987; the actual increase for
During the
year
ending November
1,1879, lawful money to the amount of $10,319,398 was depos¬
ited with the Treasurer to retire circulation, of which amount
$2,936,063 was deposited by banks in liquidation. The amount
reviously deposited under the act of June 20, 1874, was
65,164,523, and by banks in liquidation $14,745,965, to which
is to be added a balance of $3,813,675 remaining from deposits
made by liquidating banks prior to the passage of that act.
In the foregoing table there appears to be an
from the total, $94,043,561, the amount of circulating
Deducting
inequality in
national as well as State taxation ; but this
inequality is notes redeemed and destroyed without reissue (*81,136,362),
seeming only, and arises from tho fact that while the rate of there remained in the hands of the Treasurer on November 1,
tax imposed on circulation, deposits, and
capital, is uniform as 1879, $12,907,199 of lawful money for the redemption and
to all banks and in all sections of the
country, yet in the table retirement of bank circulation
there is given the percentage of the total tax to the
******
capital
only. Therefore, in those States where the deposits and circu¬
REDEMPTION.
lation are large in proportion to capital, the
Section 3 of the act of June 20,1874, provides that every
percentage of the
table appears greater. In States where the
deposits and circu¬ national bank "shall, at all times, keep and have on deposit in
lation are proportionately smaller, the
percentage appears the Treasury of the United States, in lawful money of the
less. But in the case of State taxation the
inequality is a United States, a sum equal to five per centum of its circulation,
real one, as the whole taxea are laid directly on the shares to be held and used for the
redemption of such circulation."
of capital stock alone. These heavy
impost rates of necessity Since the passage of this act the banks have, as a rule, main¬
compel national and other banks and bankers to raise their tained their redemption fund, and the redemption of their
rates of discount, in order to be able both to
pay the tax and to circulating notes has been promptly effected at the Treasury
make a reasonable return to their stockholders for the use of without
expense to the Government.
their capital; and this increased rate of discount must be and
The following table exhibits the amount of national bank
is largely paid by the producers and active business men of the notes received for
redemption monthly by the Comptroller of
country, who are the customers of the banks.
the Currency, for the year ending November 1, 1879, and the
For ther past twelve years, upon an
average combined capiial amount received for the same period at the redemption agency
and surplus of $588,554,173, the average annual net
earnings of the Tieasury, together with the total amount received since
of the national banks,
including the amount paid in taxes, have the passage of the act of June 20, 1874:
...
.
.
THE
598
CHRONICLE.
Received by Comptroller.
ptoiictaruf Commercial %mqUsU Hews
Received
From
Notes of
From
national
national
banks for redempt'n banks in
reissue or agency for liquida¬
reissue.
surrend'r
tion.
Months.
$
1878.
November.
December
$
Under
act of
June 20,
1874.
$
$
at
Total.
redempt'n
agency.
RATES OF EXCHANGE AT LONDON AND ON LONDON
AT LATEST DATES.
$
$
14,190
20,200
2,395,400
2,697,400
116,716
124,861
156,909
179,886
2,683,215
3,022,347
January
February
21,010
131,585
March
78,740
23,100
77,400
25,100
82,380
3,017,100
2,898,800
3,004,400
2,973,000
4,437,000
4,542,500
3,047,900
2,704,000
2,014,100
340,530
555,792
558,090
410,334
889,817
848,740
282,425
414,938
409,808
267,386
3,510,225
3,685,628
3,859,218
3,516,714
5,601,277
5,771,211
3,456,485
8,317,618
2,494,538
2,000,706
.
8,936,806
8,431,074
■
EXCHANGE AT LONDONNovember 20.
1879.
71,560
April
May.
June
July
August
1,638,200
35,369,800
1,781,547
19,200
September
6,600
13,700
October
12,169,897
13,083,(-22
11,869,175
10,346,522
On-
Time.
EXCHANGE ON LONDON.
Rate.
Latest
Date.
Time.
Rate.
Nov. ll1
Short.
25*27
Nov.
IP
Short.
1210
15.660,085
13,398,800
9,123,425
6,314,586
4,508,041
3,349,766
Paris
Short. 25*25
Paris
3
mos.
25*45
Amsterdam.
Amsterdam.
A u twerp
Short.
3 mos.
12*2
@25*30
@25*50
@12*3
12*41e@12*458
25*50
Short.
25*30
20*57
@25*55
'5/20*62
Nov. 19
...
Berlin
Frankfort...
20*58
20*58
'@20*62
@20*62
Nov. 19
Short.
20*33
321,520,055 12,968,365 61,021,768 407,4S0,233 867,294,293
Nov. 18
3 mos.
12,423,225 356,889,855 14.749.912 66,336.423 450,399.415 984,486,292
Copenhagen^
Nov. "18
Nov. 17
3
Nov. 19
3
Total
453,180
Received from
June 20, 1874,
to Nov. 1,1878 11,970 045
Grand total
159,476
217,988
110,2^0
197,060
354,871
43,780
179,480
64,030
81,420
[VOL. XXIX.
5,314,655 42,919,182 117,191,999
•
Daring the year ending November 1,1879, there was received
redemption agency of the Treasury $117,199,999 of
at the
national bank notes, of which amount $43,966,000, or about 38
Hamburg
24125>2458
St.Petersb'rg
18*45
@18*50
Vienna
ll*87h>@l 1*9232
Madrid
47 @471
Cadiz
471s@47
Lisbon
90 days
52i]fc'5 525ifl
Genoa
3 mos. 29T2LJ5>29*1712
New York...
60 days
18.8%
Bombay
Calcutta
Is. 8*2(1.
mos.
25X32
116v70
47*a
mos.
28*65
cent, was received from the banks in New York City, and
Nov. 19 60 days
4*80*2
$42,757,000, or about 37 per cent, from Boston. The amount
Nov. 19 6 mos.
Is. 8i3jgd.
Nov. 19
received from Philadelphia was $5,041,000; from Baltimore,
Is. 8i»i«d.
Nov. 18
3s. 10%
Hong
Kong
$402,000; Pittsburg, $545,000; Cincinnati, $1,153,000; Chicago, Shanghai.
Nov. 18
5e. 3%
$1,610,000; St. Louis, $1,441,000; Providence, $2,785,000. The
amount of circulating notes fit for circulation, returned by the
agency to the banks of issue during the year, was $75,284,500.
rFrom our own correspondent. I
The total amount received by the Comptroller for destruction,
S3
from the redemption agency and from the national banks
London, Saturday, November 22, 1879.
direct, "was $41,101,830. Of this amount, $3,762,953 were issues
The
New
York
of banks in the city of New York ; $3,745,699 of Boston ;
exchange has become more favorable to this
$1,445,400 of Philadelphia ; $1,425,423 of Providence ; $743,816
the export demand for gold has fallen off, and the money
of Baltimore ; $631,370 of Pittsburg ; and of each of the other country,
market has, in consequence, exhibited an easier appearance.
principal cities, less than $500,000.
The following table exhibits the number and amount of
The Bank rate remains at 3 per cent, but the open market quo-
per
....
....
.
..
national-bank notes of each denomination which have been
issued and redeemed since the organization of the system, atnd
the number and amount
outstanding
Nov. 1, 1879
on
:
Amount.
Number.
Denominat'ns
Issued.
Red'med. Outst'ng,
Ones
Twos
Fives
Tens
23,167,677
7,747,519
65,578,440
25,904,223
Twenties
7,869,951
Fifties
1,211,761
One hundreds.
850,720
Five hundreds
20,570
Thousands
6,340
Total
Redeem'd
Outst'ing.
19,600,477 3,567,200 $23,107,677 $19,600,477 $3,567,200
0,701,270 1,046,249 15.495,0:38 13,402,540
2,092,49845,996,076 19,582,364 327,892,200 229,980,380 97,911,820
14,930,599 10,973,024 259,042,230 149,305.990 109,7!36,240
4,237,343 3,632,608 157,399,020 84,746,860 72,652,160
785,263
426,498 60,588,050 39,263,150 21,324,foo
581,604
269,110 85,072,000 58,160,400 26,911,600
19,287
641,500
9,643,500
1,283 10,285,000
283
283.000
6,057
6,340,000
6,057,000
*4 13,586
*-13,586
....
*
Issued.
132,357,201 92,857 976 39,499,225 945,281,215 610.140,711 335.134
Portions of notes lost
or
504
destroyed.
A table showing the number and denominations of the national
bank notes issued and redeemed, and the number of each
denomination outstanding on Nov. 1, for the last twelve years,
will be found in the appendix.
The following table shows the amount of national bank notes
received at this office and destroyed yearly since the establish•i ment of the system :
Prior to November 1,1865
During the year ending
During the year ending
During the year ending
During the year ending
During the year ending
During the year ending
During the year ending
During the year ending
During the year ending
During the year ending
During the year ending
During the year ending
During the year endiug
During the year ending
Additional amount
tion
October 31, 1866
October 31,1867
1
October 31,1868
October 31,1869
October 31, 1870
October 31, 1871
October 31, 1872
October 31, 1873
October 31,1874
October 31, 1875
October 31, 1876
October 31,1877
October 31, 1878
October 31, 1879
destroyed of notes of banks in liquida¬
...
$175,490
1,050,382
3,401,423
4,602,825
8,603,729
14,305,689
24,344,047
30,211,720
36.433,171
49,939,741
137,697,696
98,672,716
76,918,963
57,381,249
41,101,830
25,324,699
Total
$610,165,370
*****
*
*
John Jay Knox,
Hon. Samuel J. Randall,
Comptroller of the Currency.
Speaker of the House of Representative*.
American Union Telegraph Company. —This Telegraph Com¬
pany, the Tribune reports, has made arrangements with the
receiver and principal creditors of the Great Western Tele¬
graph Company, which became bankrupt in 1871, to obtain pos¬
session of its lines in Illinois, Missouri, Iowa, Wisconsin, Ne¬
braska and Kansas. This latter company was organized in
1868, and has about 1,500 miles of wire and nearly 300 miles
additional of poles put up without wire. While in the receiver's
hands the lines
were
first controlled
by the Atlantic & Pacific
Telegraph
Company, but in 1874 the Western Union Company
obtained
possession of them under
an
arrangement to keep the
wires in repair for their use, and still uses them. Application
was made in the courts in
Chicago for a transfer of these lines
to the American Union Company, and Mr. Bates, the
president
of the company, received a dispatch stating that an order was
made by the court on Monday to give possession to the new
owners,-
Union
and that
an
application for
Company would be argued.
an
appeal by the Western
tations have been
declining, and they are now considerably*
below the official price. The directors of the Bank of England
are, however, securing more discount business, there being an
and discounts
during the last two weeks. How much of it is due* to loans,
and what proportion to discounts, is difficult to determine, as
the Bank return is deficient, unfortunately, in such informa¬
tion; but there is reason to believe that more bills have been
taken in of late, though it is quite probable that, owing to the
activity of speculation on the Stock Exchange, the amount of
loans has been augmented. Had the Bank of England made
no alteration some time ago in their mode of conducting their
discount business by discounting below the official rate (if the
state of the money market justified such a course) the bills of
those customers who kept their accounts solely with them, the
Bank of England would, just now, be quite out of the market;
but the provision they have made for such emergencies as the
present seems to have been attended with a satisfactory result,
increase of rather
as
the Bank is
now
more
than £300,000 in loans
able to do
a
certain amount of business
The increase, however, in the
in
of
bills; but so large a proportion of the late rise in prices is due
to speculation that the increase in the (quantity of paper afloat
is necessarily small.
Speculative operations in Mincing Lane,
or in metals, which have to be arranged by those conducting
them fortnightly or monthly, do not create bills any more
than do the fortnightly payments of differences on the Stock
Exchange. The process has been chiefly one of gambling, but
now that a justifiable rise in prices has taken place, and a more
normal condition of things exists, a more cautious, and, no
doubt, a healthier, condition exists.
The decrease in the supply of bullion this week amounts to
only £375,323, against a recorded efflux of between £600,000
and £700,000. Rather a considerable supply—£230,000—has
been sent to Egypt, and only a moderate quantity therefore to
the United States. Gold has also been returning from provin¬
cial circulation, and the total now held by the Bank amounts
to £29,180,395.
There has also been a considerable diminution
in the note circulation, and there is, in consequence, a small
increase of £38,577 in the total reserve, which now amounts to
£16,161,252.
The proportion of reserve to liabilities has
increased to a small extent, viz., from 45:54 to 45*90 per cent.
The Clearing House Return is again very favorable. The
total for the week is as much as £115,967,000, against £97,684,000
last year. On the Stock Exchange " pay day " the clearances
were £37,776,000, being an increase of about £10,000,000 com¬
pared with 1878, the other £8*000,000 of increment being due
to the improvement in general business.
under the
published rate.
demand for money has been very slight. The improvement
trade has been the means of adding slightly to the supply
December
THE CHRONICLE.
6, 1879.]
a
The demand
for
money
during the week has been
moderate, and the rates of discount
Per cent.
3
Bank rate
Open-market rates—
30 and 60 days' bills
very
:
Open market rates—
Per cent.
4 months' bank bills..... 2%@27b
6 mouths' bank bills
27e@3
4 & 6 months' trade bills. 3 ©3*2
2*4@23&
2J4@238
3 months' bills..
follows
are now as
^The rates of interest allowed by the joint stock banks and
discount houses for
deposits are
as
follows
:
Per cent.
Joint-stock banks
Discount houses at call
do
with notice
Annexed is
*3@2
1 *3
1%
statement
showing the present position of the
England, the Bank rate of discount, the price of consols,
the average quotation for Enerlish wheat, the price of middling
upland cotton, of No. 40 mule twist, fair second quality, and
the Bankers' Clearing House return, compared with the three
previous years:
a
Bank of
1879.
Circulation, including
bank post bills
Public deposits
Other deposits
Governm't securities.
Other securities
Res've of notes & coin.
Coin and bullion in
both departments
..
Proportion of
1878.
£
1877.
£
28,123,341
1876.
£
£
3,359,822
31,490,120
17,790,587
18,891,818
16,161,252
29,265,851
2,946,356
26,895,932
14,737,672
20,791,375
12,310,802
10,660,990
28,102,985
6,037,391
25,914,347
15,739,297
10,542,567
17,653,891
28,922,002
26,333,102
22,509,850
30,450,796
45*90
3 p. c.
40-91
5 p. c.
41-44
5 p. c.
98*2
48s. 9d.
957s
963s
40s. 7d.
51s. 8d.
5I$:
O^d.
10*8d.
97,342,000
27,236,930
3,602,313
19,997,678
13,578,372
17,408,083
reserve
to liabilities
Bank rate
Consols
—.
Eng. wheat, av. price.
Mia. Upland cotton...
No. 40 mule twist..
-
0i3l6d.
10
..
Clear'g-house return.. 85,214,000
97,684,000
54-63
2 p. c.
95 *3
48s. Id.
6*3d.
11 *4d.
89,687,000
'
The
following
are
Open
rate.
market.
Pr. ct.
.
.
Amsterdam
.
Hamburg
.
Berlin
Frankfort
Leipzig
3
3
3
258@278
4*2
4*2
4*2
4
4*3
Genoa
..
Geneva
-
Do
Do
2d con. mort. bonds, 6s
..1969
gold income bonds
1977
Oregon & California 1st mort. bonds, 7s
;..1890
Do
Frankfort Committee recpts., x coup
Pennsylvania, $50 shares
Do
1st mort., 6s
...1880
Do
con. sinking fund
mort., 6s
1905
Philadelphia & Reading, $50shares..
Pittsburg Ft. Wayne & Chic, equip, bonds, 8s (guar.
by Pennsylvania RR. Co.)
Union Pacific Land Grant 1st mort;, 7s
Tunnel Railroad of St. Louis, $100 shares:
Union Pacific Railway, $100 shares
Do
1st mort., 6s
2%@3
3
Bank
rate.
Pr. ct.
St. Petersburg
6
Vienna & Trieste.
4
Open
market.
Pr. ct.
534@6*4
..
378@418
Madrid, Cadiz &
@4%
378@4*8
4
@4%
4*8 3)438
4
4
3*3
3*3
Barcelona
Lisbon & Oporto.
Calcutta
4
4
5
5
@5
@6
6
3*3@4
Copenhagen
3*3@4
New York
5
@6
88
70
50
104
111
1898
fluctuation
Redm.
Consols.
United States 6s
funded 5s
Do
Do
funded, 4*38
Do
1881
1881
1891
1907
,
funded, 4s
Nov. 22.
@ 93%
103*8@109*3
10514@105%
108 *3® 109
106*2@107
Louisiana Old, 6s
Do
New, 6s
Do
Do
@
Levee, 8s
Do
do
Do
do
Massachusetts
Do
Do
Do
Do
o
8s
6s
5s
5s
5s
5s
5s
5s
Virginia stock 5s
1888
.1894
103
106
1900
111
@113
1889
1891
1895
106
107
108
@108
@109
@110
25
@30
@
1905
27
60
@
30
65
95
@
97
42
:
Do
52
@ 52
-a* 105
@103
AMERICAN DOLLAR BONDS AND SHARES.
Alabama Great
Southern, 1st mortgage.
1903
Albany & Susquehanna cons, 1st mort. 7s, Nos. 501
to 1,500 inclusive, guar, by Del. & Hudson Canal.. 1906
Atlantic & Great Western 1st mort., $1,000, 7s
1902
Do
2d mort., $1,000, 7s.
1902
Do
3d mort., $1,000
1902
.
Do
Do
Do
1st mort. Trustees' certificates
2d
do
do
3d
do
do
Atlantic Mississippi & Ohio, con. mort., 7s
Do
Committee of Bondholders'ctfs
Baltimore & Potomac (Main Line) 1st mort, 6s
Do
(Tunnel) 1st mort., 6s, (guar,
1905
1911
Pennsylvania & No. Cent. Railways)
1911
Rap. & No. RR. of Iowa 1st mort
Canada Southern 1st mort. new issue, guaranteed for
20 years from 1878 by N. Y. Central, 3s
1908
Central of New Jersey $100 shares
Do
Cons, mort., 7s, with Oct,'79 cp.1899
Do
Adjustment bonds, 7s.
1903
Do
Income bonds, 7s
1908
Central Pacific of Cal., 1st mortgage, 6s
1896
Do
Cal. & Oregon div., 1st M.,gold bonds, 68.1892
Do
Land grant bonds, 6s
1890
Chicago Bur. & Quiney, sinking fund bonds, 5s
Chic.St.L. &N.O., 2d M. $40,000 red.ann. by lll.C., 6s.l907
Delaware & Hudson Canal mortgage bonds, 7s.
111*3@112*3
@
....
52
24
10
68
68
@....
@....
@ 54
103
26
11
70
70
@105
104
90
@106
@ 95
@
@
@
@
by
Burl. Cedar
,,
115
@116
@
85
@
95
Alabama Gt. South. Liin. A 6 per cent prcf
Do
8*4@
B
ordinary
Allegheny Valley, guar, by Penn. RR. Co
.1910
Atlantic & Gt. West, leased lines rental trust, 1872..1902
Do
do
• 1873,7s
1903
Do
Western Extension, 8s
1876
Do
do
7s, (guar, by Erie RR.)
Do
scrip of trustees' certificates for prior lien
bonds. 35 per cent paid
per month
Baltimore & Ohio 6s
1895
Do
6s
Do
6s
Do
5s, 1877
1902
1910
1927
Viucennes, 7s
Chicago & Alton sterling conaol. mort., 6s
Chicago <fc Paducah 1st mort. gold bonds, 7s
Cleve. Columbus Cinn. & Indianap. consul, mort
Eastern Railway of Massachusetts, 6s
1909
1903
1902
1914
1906
1920
Do. 1st consol. mort., 7s
Do. ex-Recons. Trustees' certiflc's of 6 coups., 7s
Illinois A St. Louis Bridge 1st mort., 7s
Do
2d mort., 7s
Illinois Central sinking fund, 5s
Do
6s
Do
5s
Illinois Missouri & Texas 1st mort., 7s
1*3@
112
112
112
102*3® 103*3
56 @ 58
112
@114
.
@
110
93
@112
@ 95
@.......
@119
@108
@ 68
@104
@113
106
64
102
111
103
1903
1895
1905
1891
2
@114
@114
@113
117
1900
8%
3 *3@
4
114 @115
70 @ 72
27 @ 30
65 @ 70
65 @ 70
@105
@
107*3@108*3
89
78
106
106
85
114
105
91
82
@107
@108
@ 87
@115
@107
@
@
^^@107^
100
75
109
@102
80
@111
@
113
15
116
110
@115
@ 25
s
@117
@111
@....
@ 84
@....
@103
@103
80
....
101
101
107
108
96
Do
85
gen. mort. '74 ex def. cps., 6s.
Do
93
scrip for the 6 deferred *3 coups
Pitts. & Connells. con. mort., 6s, guar, by B. & O. Co
108
South & North Alabama bonds, 6s
; 99
Union Pacific Railway, 8s, Omaha Bridge
1896 114
United New Jersey Railway & Canal, 6s
1894 111
Do
do
do
6s
1901 .113
@108
@110
@ 98
@ 87
@ 95
@109
@101
@116
@113
@115
Tenders will be received at the Bank of
42
6s
New fimded 6s
Do
@
@
@
1875
1
@111
@116
Louisville & Nashville, 6s
1902 104 @106
Memphis & Ohio 1st mort., 7s
1901 113 @115
Milwaukee & St. Paul 1st mort., 7s
.-,.1902 116 @113
N. Y. & Can. Railway, 6s,(guar. byDel.& Hud. Canal)1904, 100 @102
N. Y. Central & Hudson River mort. bonds, 6s
1903 U7ia@1181a
Northern Central Railway consolidated mort., 6s
1904 100 @101
the Stock
on
109
114
75
93
STERLING BONDS AND SHARES.
exchange dur¬
ing the week, and some disposition to realize has been evinced.
Consols, however, have been very firm, stock being scarcer,
owing partly to a bona fide absorption during the last few Panama
general mortgage, 7s
1897
years, and to the existence of a " bear" account. The quota¬ Paris & Decatur
1892
1910
tion has advanced to 98% to 98%. The stock will be quoted Pennsylvania general mortgage, 6s
Do
consolidated sinking fund mort. 6s
1905
ex-dividend in a few days, and at such a period there is usually Perkiom. con. M., June, 1873, guar, by Phil., &c., 6s. 1913
Do
x 3 ys. fnd. cps. Dec. '77 to Jn. '80, both in
some speculative buying, as the dividend is
Do
frequently recov¬
scrip issued for funded coup., '77 to '80
Philadelphia & Erie 1st mort., 6s, guar, by Penn. RR.1881
ered, as it promises to do on this occasion.
Do
6s, wTith option to be paid in Phil.
The following are the closing prices of consols and the prin¬
Do
gen. mort., 6s, guar.by Penn. RR.1920
Philadelphia & Reading gen. consol. mort.; 6s
1911
cipal American securities:
Do
improvement mortgage, 6s...... 1897
some
@106
@113
34*3® 35*3
Lehigh Valley consol. mort., "A," 6s
There has been
@ 90
@
75
.@
@ 45
@ 51
*43
1889
Cairo &
Bank
Pr. ct.
Paris
Brussels
Redm.
Nov. 22.
Detroit Grand Haven & Milw. equipment bonds, 6s. 1918 106 @108
Do
do Cons. M., 5 p. c. till '84, after 6.1918
93 @ 95
Erie $100 shares
@
Do Recons. Trustees' assessment $6
41 @ 43
paid
Do
do
$4 paid
39*s@ 40
Do Preference shares, 7s
@
Do Recons. Trustees
assessment, $3 paid.
68 @ 78
Do
do
65 @ 75
$2 paid
Galveston & Harrisburg, 1st mortgage, 6s
96 @ 98
1911
Illinois Central $100 shares
101 @103
Do
Bonds, 1st mort., 6s, Chic. & Spriugf. 1898 111 @112
Lehigh Valley, consolidated mortgage, 6s
...1923 106 @108
Marietta <fc Cincinnati Rail. guar. 1st mort., 7s
1891
@
Missouri Kan. & Tex. 1st mort. guar, gold bonds, 7s. .1904
91 @93
New York Central & Hudson River mort. bonds, 7s
128 @130
Do
$100 shares
125 @130
New York Lake Erie & Western 1st. cons. mort. fund.
coupon bonds, 7s
1920 114 @116
Do
" 2d con. mort. fund.
coup, bonds, 5 per
ct. till June 1, '83. and 6 p. ct. after...1969
82 @ 84
the current rates of discount at the prin¬
cipal foreign centres:
599
of December for £1,505,000 in
and £10,000 each.
England on the 22d
Treasury Bills of £1,000, £5,000
The silver market has been
dull, and the quotations have ex¬
perienced a further decline. Messrs. Pixley & Abell mention
in their weekly circular that the price has been materially
affected by large transactions in bars and florins having taken
place in Austria for shipment at Venice to India, the total sales
amounting to £280,000. Mexican dollars have arrived in small
quantities and have been purchased for refining purposes, there
being no demand for the coin. The Ind ia Council bills were
sold at Is. 8%d. the rupee. The following prices of bullion are
from Messrs. Pixley, Abell & Co.'s circular :
GOLD
Bar
Bar
gold, fine
standard.
per oz.
standard.
gold, reflnable
Spanish doubloons
per
per
per
per
South American doubloons
United States gold coin
German gold coin
oz.
oz.
07.
oz.
73
73
8*g@
76
76
6
7
@
5
grs.
per oz.
After several weeks of
t
..
..
..
d.
d.
standard, last price. 53*4
gold.per oz. standard,
"
5358
.per oz.,
..
@ 76
@
per oz.
Quicksilver, £7 2s. 6d.@£7 5s.
57*3
last price 51%
per oz
@
@
@
@
@
Discount, 3 per cent.
charmingly autumnal weather—during
period the farmers have made great progress with the
of ploughing and sowing, the result of which is that
which
work
9
d.
8.
77, 9 @
7710*3@
SILVER.
Bar silver, fine
Bar silver, contain'g
Cake silver
Mexican dollars
Chilian dollars
d.
s.
^.peroz.
600
IHE CHRONICLE.
agricultural work is so far ahead that little remains to be done
spring arrives—we are suddenly in the depth of winter
♦And the country is now enveloped in snow. The season is cer¬
tainly remarkable, for snow is falling and the pleasures of
skating are being enjoyed before the elms have assumed their
autumnal tints. So early a commencement of winter is
very
rare, and it is to be hoped, which is certainly much to be de¬
sired, that there will be an early spring, and an early and
until
bounteous harvest in 1880.
Land-owners continue to make re¬
ductions of 10, 15 and 20 per cent in the farmer's rents, and if
we may judge from the official returns, which show that there
is not much
produce to dispose of, the times will be hard for
the farmers between
farms to
find
new
selves.
now
and next harvest.
There
are
many
let, and, in several cases, the land-owners, failing to
tenants, have been compelled to farm their land them¬
These difficulties will
bring about ultimately a state of
more advantageous to the country. Farmers in England
have for some years past been too conservative, not from faults
things
entirely of their own making, but arising out of the terms of
leases, which preclude them from farming to suit the
altered condition of things. The system of tenure will
have, in
many cases, to be altered, as much for the benefit of the land¬
lord as the farmer. It is necessary and
right that the former
should see that the latter is prosperous, but this can
only be
accomplished by producing what is likely to pay, and not by
adhering to a hard and past system which has broken down
now that the world has become more
developed. The world
will perhaps be wiser some day, and each
nation, instead of
being protective and endeavoring to live in a state of isolation,
will produce or manufacture those commodities which it can
manage with the greatest economy and facility, so that nations
may be mutually benefitted by cheap productions, whether of
their
-
[Vol. xxix.
request for the States. The Earl of Dudley is occupied upon
contracts for his horse-shoe iron, both for the United States
and for South Africa. Considerable
coal trade,
activity prevails in the
colliery proprietors scarcely being able to meet the
requirements of customers. With the continuance of the
present demand, a further rise in price is not improbable at the
beginning of the new year.
The fourth, and last, series of sales of Colonial wool for the
year commenced on Tuesday, the catalogue comprising-^-Sydney
and Queensland, 949 bales; Victoria,
1,603 ; Adelaide, 311 ;
New Zealand, 401; Cape, 3,998—total,
7,262 bales. With a
large attendance of buyers from all parts, and the keenest com¬
petition, washed and scoured Australian advanced 2d. to 2%d
per lb., greasy Australian, l/£d. to 2d per lb., and Capes about
Id. per lb. on the closing rates of last sales
; in some cases
scoured crossbreds were 3d. per lb.
higher.. Arrivals to date :
Sydney and Queensland, 15,922 bales ; Victoria, 9,557 ; Adelaide,
7,272; Swan River, 99; Tasmania, 1,548; New Zealand, 10,467 *
Cape, 47,271—total, 92,136 bales. Estimated quantity held over
from last series, 35,000 bales. Of the above about 400 Australa¬
sian and 7,500 Cape forwarded direct to the Continent and York¬
shire.
The
principal feature to notice in the wheat market is that,
although the visible supply in the United States is reported to
be 29,600,000 bushels, there is only caution and not
depression^
in the trade.
The deliveries of British farmers are still
small,
but, although there is
some improvement in the condition,
owing to the recent drying winds, millers complain very much
of the quality. The farinaceous
properties of the grain are
very deficient, and consequently good wheat, both English and
foreign, attracts attention, and is firm in price. - Inferior wheat
is rather cheaper to sell. To-day
most parts of England are a
food or clothing.
foot deep in snow.
The trustees for the bondholders of the Atlantic & Great
During the week ended November 15, the sales of
Western Railroad Company announce that an order for the sale wheat in the 150
principal markets of England and Wales
of the line has been made by the courts of the three States in amounted to
39,635 quarters, against 54,740 quarters last year;
which it is located. The sale is
expected to take place in Jan- and it is estimated that in the whole kingdom they were
nary next, and notice is now given to all bond and share holders 158,540 quarters, against 219,000
quarters in 1878. 1 Since
that they must send in their holdings to the trustees not later harvest the sales in the 150
principal markets have been
than December 15, under penalty of absolute exclusion from 287,788
quarters, against 678,868 quarters, while it is com¬
all participation in the reorganization of the
property. An puted that they have been in the whole kingdom 1,151,200
assessment is made on the various classes of stock
according to quarters, against 2,715,500 quarters in the correspond¬
the following scale—viz., £4 for each 1st
Without reckoning the sup¬
mortgage bond of ing period of last season.
$1,000; £2 for each 2d mortgage bond of $1,000; £1 for each 3d plies furnished ex-granary, it is
computed that the following
mortgage bond of $1,000 ; £2 per cent on reorganization (1870) quantities of wheat and flour have been placed
upon the
stock ; 2s. per share, or $1 per cent on the
preferred and com¬ British markets since harvest:
mon stock.
Up to date there has been deposited with the trus¬
1879.
1878.
;
1877.
1876,
tees $53,384,000 out of a total issue of
$55,943,000 in 1st, 2d and Imports of wheat.cwt. 17,761,791 12,332,873 14,296.393 8,292,177
3d mortgage bonds taken
Imports of flour
2,723,068
1,557,778
1,626,757
1,385,099
together, and out of the total stock Sales
of home-gTown
of all kinds, amounting to $86,356,000
produce
nominal, $72,732,000 has
4,988,320 11,767,100
9,993,000 11,176,700
been received. This leaves $2,559,000 in
mortgage bonds, prin¬
Total
25,473,179 25.657,751 25,916,150 20,853,976
cipally thirds, and $11,018,000 in preferred and ordinary stock Deduct
exports
of
to come in. Of this last amount,
wheat and flour
254,028
616,620
$8,464,000 represents ordinary
538,506
292,056
stock, which, till the other day, could hardly be disposed of at
Result
25,219,151 25,041,131 25,377,644 20,561,920
any price.
Av'ge price of English
wheat for the season.
48s. 7d.
Two London banks have decided
41s. 6d.
55s. 7d.
47s. Od.
lately to apply for re-regis¬
,
Q
tration under the act of 1879, and will in due course have
•'
limited" added to their title. The banks are—the
City, and
the Capital and Counties.
The
following figures show the imports and exports of cereal
produce into and from the United Kingdom since harvest, viz.,
from the first of September to the close of last
week, compared
A commercial report from
Birmingham states that the South with the corresponding period in the three
previous years :
Staffordshire iron trade is
undoubtedly passing through a
IMPORTS.
period of great prosperity, many of the "finished-iron manufac¬
1879.
1878.
'1877.
turers and pig-iron producers
.1876.
having sold forward the whole of Wheat
cwt. 17,761,791 12,332,873 14,296.393
8,292,177
their make till the end of the
year. A well-known pig-iron firm Barley
4,710,863
3,764,313
2,889,431
3,420,380
4,003,® 7
2.738,760
2,734,446
2,738,127
recently was compelled to decline a contract for 2,000 tons of Oats
Peas
400,824
411,522
369,599
370,446
618,857
foundry iron from inability to execute it, and the order was Beans
395,554
1,100,244
1,105,659
Indian corn
5,452,7*61
6,716.839 10,267,827
8,282,456
subsequently reduced to one-half. The movement among the Flour
2,723,068
1,557,778
1,626,757
1,585,099
operatives, both in South Staffordshire and the North of Eng¬
EXPORTS.
land, to force up wages and prices is viewed with disfavor
1879.
1878.
1877.
by
1876.
employers in this district, whQ do not want to repeat the errors Wheat
cwt.
219,141
592,771
528,416
279,585
Barley
5,174
42,927
23,005
committed in 1872 and three
4,668
following years. The expansion Oats
11,120
23,715
40,924
40,285
Peas
of the general
21,233
4,486
5,712
5,834
manufacturing trade of the country, and the Beans
7,595
1,400
7,137
6,472
remarkable activity in the
Indian
com
287,352
ship-building industry at Barrow-in- Flour
78,077
33,032
141,369
34,887
23,849
Furness and on the Clyde,
10,090
12,471
together with the extensive orders
for steel and iron rails
given out by the Indian and Canadian
Governments ,are beneficially affecting the local trades. A fair
English Market Reports—Per Cable.
number of transactions were effected
The daily closing quotations in the markets of London and
to-day at the list prices,
which remain on the basis of £%
per ton for marked bars, and Liverpool for the past week, as
reported by cable, are shown in
in some instances as much as £1 5s. was realized
for medium- the following summary:
class bars. Merchants were
buying up all the scrap-iron they
London Money and Stock Market.—The bullion in the Bank
could get for the American
market, and hoops were also in of
England has decreased £338,000 during the week.
r
j
G, 1879.1
December
Mon.
Dec.
1.
Tues.
.Deci
2.
Wed.
Dec.
3.
d. 53%6
52%e
98i3i<jx973i6
98i3i6x97°i«
53
9?316
973hj
52%
97»ic
97»ie
8at.
Nov.
29.
Silver, per oz
THE CHRONICLE
<3
Console for money
Consols for account
U. S. 5sofl881
U.S. 4*28 of 1891.......
U.S. 4s of 1907
10558
1091s
1067q
Erie, common stock
IOoBq
109%
1073s
465s
Illinois Central
104
103
105%
109
Pennsylvania
52%
Philadelphia& Reading. 37%
51%
35%
_
fl0658
Sat.
d.
«.
Flour (ex. State) $
bl>l.. 30
Wheat,spr'g,No.2,1001b.10
Spring, No. 3...
" 10
Tues.
8.
d.
30
10
10
11
11
0
9
11
11
0
8
11
11
5
9
5
Winter,West. ,n.
Southern, new
"
"
11 3
114
Av.Cal. white..
California club.
"
44
11
11
0
11
0
8
11
8
.
Corn, mi x., West. $cent'l 5
5
9%
5
9%
28—*Str. Circassia
105%
Glasgow.... *
109is
Liverpool
28—Str. Gen. Werder
10
10
11
9
4
0
8
11
11
0
8
9
5
9
Mon.
o'
Pork,West.mess..$bbl.54
0
54 0
54
Bacon, long clear, cwt..34
0
35
6
36
0
37
<
*
4^
36
6
37
0
38
0
Beef, pr. mess, $ tierce.82
Bard, prime West. $ewt.37
Cheese. Am. choice 44 64
0
3
82
37
0
6
82
38
0
64
0
64
Short clear
44
37
39
0
39
0
0
0
82
38
0
3
92
38
O
6
0
65
0
65
0
Fri.
Pet'leum, ref. $ gal.
Pet'leum,spirits 44
*8)
Tues.
Wed.
d.
d.
d.
„
7%
..
Mon.
..
7%
7%
6%3>7% 6%a>7%
..
..
-a)
@
..
..
..
Fri.
d.
8>
..
&
.
Week.—The
imports of last
week, compared with those of the preceding week, show
a
decrease in both dry goods and general merchandise.
The total imports were $5,736,754, against $10,366,108 the pre¬
ceding week and $8,140,956 two weeks previous. The exports
for the week ended Dec. 2 amounted to $6,020,599, against
$7,663,137 last week and $6,987,695 the previous week. The
following are the imports at New York for the week ending
(for dry goods) Nov. 27 and for the week ending (for general
merchandise) Noy.
for the
standing
Dry Goods
$903,589
General mdse...
2,497,952
J*953,320
,478,738
Total week
Prev. reported..
$3,401,541
258,409,347
$5,432,058
291,627,021
Tot. s'ce Jan. 1..$261,810,883
In
our
1878.
dry goods for one week later.
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:
For the week....
Prev. reported..
Tot. s'ce Jan.
$6,133,047
241,523,481
1879.
$7,195,710
$6,020,599
314,166,184 316,699,299
1..$247,656,508 $270,659,265 $321,361,894 $322,719,888
The
following will show the exports of specie from the port
ending Nov. 29, 1879, and also a
comparison, or the total since January 1, 1879, with the corre¬
sponding totals for several previous years:
of New York for the week
Jacmel.-1:
Am. silv. coin..
27—Str. Andes
Port Prince
Me£. silv. dols.
Mex. silv. coin.
Am. silv. coin..
Am. silv. bars.
London
3,602,050
672,872
3,109,350
224.990
946,000
636,000
241,000
1,525,000
1,400,000
$4,523,000
$3,348,000
$3,251,000
Philadelphia
Total
905,000
730,000
216,000
Comptroller of the Currency, showing by
States the amount of National Bank circulation lasned, and the
Legal-Tender Notes Deposited to-
States and
Territories.
Mex. silv. bars.
Mex. silv. dols.
$13,000
14,375
64,131
53,500
60,000
17,681
29,600
Retire National Bank Circula¬
tion since Jane 20,1874.
Additional
Cireulat'n
issued s'ce
June
1874.
To retire
Cireulat'n
20, Redempt'n
of Notes of
under Act
Liquidat - of J'ne
20,
ing Banks 1874.
$
$
Maine
1,461,180
N. Hampshire
505,365
Vermont
1,661,310
Massachusetts 18,511,545
Rhode Island
1,497,570
Connecticut
2,485,460
New York
19,695,485
New Jersey...
1,702,665
..
Pennsylvania
Delaware
Maryland
..
9,299,910
...
Virginia
West Virginia
N'rth Carolina
S'th Carolina.
Georgia
Florida
ders
with U. 8.
Total
Deposits.
Treasurer
at date.
600,000
72,997
169,097
234,800
32,350
55,800
1,069,340
6,799,900
917,0001
128,797
224,931
38,509
137,220
707,641
1,238,437
7,034,7001
735,385
767,735
1,645,830 1,711,180
2,135,398 19,198,850 21,334,248
151,660 1,517,280 1,668,940
1,160,226 6,097,071 7,257,297
1,091,810
455,500
719,500
63,370
1,217,660
59,200
470,850
45,000
207,000
166,600
407,664
73,882
1,646,380
427,500
4.812/3 so
880,510
270,000
1,788,879
908,369
731,060
380,751
2,012,920
335,571
962,675
85,2*35
835,164
30,186
282,661
120,855
200,276
36,165
95,060
1,001,060
*
128,200
1,012,585
953,380
287,725
437,675
953,380
725,400
139,500
139,500
*41',753
2,099,250
2,745,000
224,868
1,140,785
*
366
Mississippi..
gold),...
$252,287
($252,287 silver, and
Previously reported ($11,488,116 silv., and $2,070,138 gold). 13,558,254
Total for the week
Tot. since
Jan.1,'79 ($11,740,403 silv., and $2,070,133 gold).$13,810,541
Same time in—
1874
$51,616,384
Same time in—
1878
1877
1876
1875
$11,781,146
1873
1872
1871
25,278,187
42,340,285
67,650,845
The imports of
been as follows:
Nov.
24—Str. Mosel
24—Str. Santiago
47,427,763
63,261,332
60,502,501
1867
.
Am. gold coin..
.Bremen
St. Jago and Cien-
....
Aspinwall
2,935,130
Michigan
Wisconsin....
Iowa
Minnesota
Kansas
Nebraska
Utah
Montana
Am. silv. coin..
Am. gold coin..
4,824
Washington
1,627
1,050
1,550
New Mexico..
Dakota
California
550
622
790
400
Legal tenders
813,495
24—Sciir. Impulse
26—str. Leasing
Belize
Havre
For. gold coin..
For. gold coin..
Gold bars
115,800
38,600
For. gold coin.. 1,546,895
Totals
*
1,284,110
136,340
144,000
3,599,930
534,800
623,760
2,479,080
325
16,300
Am. gold coin..
Am. silv. coin..
Am. gold coin..
Am. silv. coin..
Hamburg
..
9,341
Am. silv. coin..
Carthagena
Aspinwall
&
Kentucky...
Tennessee
Missouri
Ohio
Indiana
Illinois
Am. gold coin..
For. silv. coin..
24—Str. Andes
Paris
$243,325
....
Nevada
Colorado
Gold bars
Gold dust
45,388,574
specie at this port for the same periods have
fuegos
24—Str. Acapulco
Same time in—
1870
$57,538,762
1869
30,536,829
1868
69,354,117
Louisiana
Texas
Arkansas...
2,211,065
1,661,010
639,830
1,380,400
645,750
10,000
*629,867
280,901
998,510
1,538,754
1,222,797
1,729,934
364,500
626,860
811,669
420,095
781,721
45,000
1,017,800
147,600
67,500
455,400
134,900
62,100
135,000
45,000
99,000
229,340'
239,340
1,575
144,000
144,000
1,441,933
533,859
3,607,410
2,949,787
6,432
2,071,800
391,765
*
5,668,483
6,400,246
2,114,995
878,439
1,554,955
1,316,445
190,550
188,080
814,760
112,181
4,605,920
4,488,541
6,891,280
8,130,180
2,479,495
1,505;299
2,366,624
1,736,540
972,271
233,080
754,004
1,036,144
1,895,418
1,065,823
4*5,195
329,622
455,644
281,768
262,661
9,295
2,108
27,407
20,272
"
"
..
on
deposit
65,350
r
Alabama
Legal Ten¬
$
317,000^
194,275
.
Dist. Columbia
Nov.
27—Str. Atlas
29—Str. Mosel
35,318,984
1,158,000
1,256,000
262,000
1,847,000
Miscellaneous
week.
1878.
$6,869,561
263,78/,704
35,318,984
299,801,362
The
1877.
13,121,779
$1,041,861
4,694,893
of
new york fob?the
12,907,199
431,147
Notes rec'vd for redem'n from—
>.
$297,059,979 $263,913,489 $305,533,116
1876.
409,500
3,912,120
New York
Boston
report of the dry goods trade will be found the imports
exports from
122,400
-
amount of Legal Tender notes
deposited in the United States
Treasury to Retire National Bank circulation, from June 20,1874,
to Dec. 1, 1879, and amount remaining on deposit at latter date.
$5,736,754
$959,854
$5,748,683
Nov. 30.
Currency.332,825,120 335,754,298 338,618,658
Gold.....
1,447,120
1,447,120
1,417,120
Statement of the
1879.
4,788,829 *
258,164,806
Oct. 31.
346,681,016
346,681,016 346,681,016
&
Circulation retired
Total notes outstanding-
foreign imports at new york for the week.
1877.
Sept. 30.
National Bank Girculatioti—
New circulation issued
28:
1876.
security for
,
^
Exports
and
National Bank Notes.—From the
and
Legal-Tender Notes.—
Deposited in Treasury under act
of June 20,1874
457,500
Total now on deposit, including
liquidating banks
13,183,321
Total entered under act of Jan. 14,»
1875
35,318,984
Total amount of greenbacks out-
©jamnxcrcial awdl^tisccllaiieaas Jlerus.
Imports
specie transferred from the
Halifax, N. S.
Bonds for circulation deposited... $6,395,000 $7,286,350 $5,600,400
Bonds for circulation withdrawn.
3,003,450
2,514,450
4,207,900
TotaUield for circulation
359,030,500 363,802,400 365,194,900
Bgyi^ held as security for deposits 14,567,000 14,692,000 14,763,000
--
a)
as
national Banks.—
d.
73s
..
Richmond," at
TJ. S. Bonds held
Thurs.
..
$5,660,287
balances for three months past:
6
London Petroleum Market.—
Sat.
d.
175,194
Comptroller of the* Currency, Hon. John Jay Knox, we have the
following statement of' the currency movements and Treasury
o'
54
0
In this Steamer's return is included the
City of
U. S. Legal Tenders
Thurs.
0*
54
160,595
424,786
650,710
148,915
Tot. since Jan. 1,'79 ($7,497,541 silv., and $69,927,904 g'd).$77,425,445
8ame time in—
Same time in—
Same time in—
1878
$5,998,601 1870
$18,552,773 1874
$11,492,734
1877
14,326,816 1873
17,890,422 1869.....
14,928,616
1876
15,640,115 1872
5,485,287 1868
6,706,582
1875
12,482,106 1871
8,461,330 1867
3,053,048
Fri.
s.
3
114
Wed.
Tucs.
243.325
Am. gold coin..
For. gold coin..
Gold bars
Am. gold coin..
Gold bars..
Bremen
6,045
24,000
633,583
243,325
148,915
Previously reported ($7,454,609 silv., and $64,310,549 gold).71,765,158
Liverpool Provisions Market.—
Sat.
.
Total for the week ($42,932 silver, and $5,617,355 gold)
cotton.
^
Gold bars
3
Thurs.
8.
d.
30 0
30 0
10 9
10 4
11*3
11 4
3
4
.For. gold coin.
52%
36%
Wed.
8.
d.
4
Am. gold coin..
405s
on
$4,900
Gold bars
103
52%
36%
Mon.
8.
d.
30 0
10 9
10 5
11 3
114
0
9
Liverpool
40%
Liverpool Cotton Market.—See special report
Liverpool Breadstuffs Market.—
For. silv. coin..
Am. silv. coin..
For. gold coin..
28—Str. Scythia
107
103
51%
35%
28—Str. Saratoga
Havana
28—Str. C.of R.de Janeiro.St. Thomas
52%
9758
97^8
r109
103
Fn.
Dec.
5.
4.
.
1055s
106«r
39%
40%
Tlitrrs.
Dec.
601
135,083
161,191
72,300
149*400
196,800
45,000
284,483
357,99*
117,300
-
42,850
297,000
3,813,675/
81,455,410 17,443,428 73,195,958
94,453,06l|l3,121,779
Deposited prior to June 20,1874, and remaining at that date;
Statement of the
Comptroller of the Currency
1879, showing the amounts of
on
Dec. 1,
National Bank notes and of Legal
ill
1!
fi02
THE CHRONICLE.
Tender notes
outstanding at the dates of the passage of the
January 14, 1875, and May 31, 1878,
together with the amounts outstanding at date, and tjjie
Acts of June 20, 1874,
.
increase
or
decrease:
National Bank Notes—
Amount outs'anding June 20, 1874
Amount outstanding January 14, 1875
Amount outstanding May 31, 1878
Amount outstanding at date* sl.
Increase during the last mouth
Increase since Jan. 1, 1879
legal Ttnder Notes—
ill1
i
Us
ltd
Is
•'
retiring circulation under Act of June 20, 1874
Increase in deposit during the last month
Increase in deposit since Jan. 1,1879
VI -;J1
si
:
*
:
yi
m
IP
•H
!!'
II.v
it#
f|*;'•
P
•« r
Hi
4
Ml:
-m
II
fy
*V
.
h
;•
pi;
j|
'
i\ I
..Hi:
■
In
II
'■.i
A":*1
Cireulatiol^Nff
national
$1,447,120.
second mortgage bonds of the Montclair Railroad Company,
the principal, with the accrued interest thereon,
amounting jif
the aggregate to more than $3,500,000, for the sum of $25,010.
Pennsylvania R iilroad.—Tb«' report adverted to last week
a proposal to buy the whole block of 59,149 shares of Penn¬
$349,894,182
351,861,450 sylvania Railroad stock, owned by the city of Philadelphia,
322,555,965 appears to have been
substantially correct. But instead of a
338,618,658
2,884,360 syndicate as purchasers, the. officers of the railroad company
16,295,804 itself appear as the contracting party, and the whole stock is
sold to the company at par, for which the railroad
company
$382,000,000 will hand over its check for
$2,957,450, which is at once to be
382,000,000
35,318,984 invested by the Sinking Fund Commissioners in the city's four
346,631,016 percent loan.
*
of
Amount outstanding June 20, 1874
Amount outstanding Januarjr 14. 1875
Amount retired under act of Jan. 14, 1875, to May 31, '78
Amount outstanding on and since May 31, 18~8
Amount ou deposit with the U. S. Treasurer to redeem
notes of insolvent and liquidating banks, and banks
1
[Vol. XXIX.
„
13,121,779
214,580
2,550,014
gold banks, not included in the above,
United States Subsidized Railroad.—The annual report of
Mr. Theopliilus French, the Government Auditor of Railroad
Accounts, shows that the amount due by the Government on
Dec. 31, 1879, and withheld from the Union and Kansas Pacifip
Companies on account of transportation, will more than offset
the $2,737,576 payable by them on account of the 5
per cent of
Boston Dividends.—In his monthly statement of dividends their net
earnings ; the cash balance required from the Central
payable in Boston, compiled by Mr. Joseph G. Martin, No. 10 Pacific Railroad Company on this account to the same date
State street, he remarks that the city of Boston offers to pur¬ ($648,271) has recently been paid into the United States
chase at par and interest to date any of its $3,121,000 six per Treasury. The result of the five-per-cent suit against the
cent bonds due January 1, 1880, and also allow a bonus of Union Pacific Railroad Company was that the United States
interest at the rate of 3 per cent per annum, " from the date of obtained judgment for $1,208,337, or $1,029,547 more than the
such purchase to January 1, 1880." In manufacturing compa¬ company admitted to owe, and the result of the examination of
nies Cocheco increases from 3 to 4 per cent, Jackson 3 to 4, the accounts of$ the Central Pacific, undertaken
by the Auditor
Lawrence 4 to 5, Nashua 4 to 5 per cent. Holders of Amoskeag immediately after the decision of the " sinking fund case,"
by
of December 1 will be entitled to an extra dividend of an equal the Supreme Court, has been that the amount required from
number of shares in the new Amory Manufacturing Company, that Company from November, 1869, to December
31,1878, is
to be delivered when all the stock of the latter is fully paid, $1,978,688, or $745,391 more than the company's own statement
the last instalment being due June 15, 1880.
admitted. The total earnings of the Union Pacific Railroad
The Calumet & Hecla Mining Company is to make an extra Company during
the year ending June 30, 1879, were
dividend of 25 per cent, increasing the shares from 80,000 to $12,904,857, and the operating ' expenses $5,308,295. The net
100,000. A meeting of the stockholders will be held December earnings were, therefore, $7,506,561. It appears also, from
Auditor French's report, that, under the Thurman
30 to pass the necessary vote.
Sinking
Fund act, the net surplus at the disposal of the
Paul.—Holders of this company's
Company for
Chicago Milwaukee &
consolidated sinking fund bonds are moving to have the sinking the last fiscal year, after the payment of interest and divi¬
fund done away with. The World says: " The sinking fund of dend, would be $725,010.
this mortgage is 1 per cent annually on the amount outstand¬
Yick^burg Shreveport & Texas.—This railroad was sold
ing, and bonds to that amount have to be drawn and paid off a£ December 1, at New Orleans, to Henry R. Jackson, in trust for
par and interest.
Since the bonds crossed pais about a year the bondholders, for $60,000 cash, the purchasers to pay|the
ago, this is a positive drawback to them. A circular contain¬ mortgage claim of $294,000, with interest from April 13, 1875.
ing an address from bondholders to the company, covenanting The outstanding bonds amount to $761,000. The road was sold
to waive the sinking fund provision, has been handed to us by in 1866 to John F. Ludling for the nominal sum of
$50,000,
a bondholder.
Copies can be obtained, we believe, at the com¬ but the United Stated Supreme Court subsequently decided
the^ sale fraudulent, and ordered that the road be resold.
pany's office."
—Messrs. Bradford, Rhodes & Co., of this city, are the
Coal Prices and Miners' Wasres.—A general advance in the
pub¬
prices of anthracite coal took place Dec. 1. The wages of coal lishers of an excellent monthly, known as "Rhodes' Journal
miners were also advanced, and the ^miners are jubilant over or Banking," which contains in an attractive form much that
the announcement made by the Delaware Lackawanna & is worth preserving in the field of banking and finance: an
Western and Delaware & Hudson Canal Companies that they intelligent discussion of current topics, together with a record
have voluntarily advanced the wages of their men 10 per cent. of interesting events. It is comprehensive and readable. Each
Lake Shore & Michigan Southern.—Of the suit lately yearly volume is fully indexed for reference, and the form of
brought against this company the Detroit Tribune says: "This the magazine is convenient for binding. The same publishers
is an action to recover specific taxes claimed to be due the State, have in hand a new work, " The Banker's Yrear-Book," to be
issued in January. 1880. This will contain a list of banks and
and about which there have been extended
negotiations
in
former years. The declaration sets forth that section 31 of the bankers of the United States and Canada, with their loca¬
act of 1846, organizing the Michigan Southern Railroad Com¬ tion, capital and surplus, &c., &c.
pany, provides that the company shall pay to the State an
annual tax of one-half of one per cent upon its capital stock
Boston Banks.—The
following are the totals of the Bos on
paid in, including the $500,000 of purchase money paid to the banks for a series of weeks past:
State, until February, 1851, and thereafter an annual tax of
Loans.
Specie.
L. Tenders. Deposits.* Circulation. Agg.Clear.
$
$
$
three-fourths of one per cent, and also upon all loans made by the
$
$
$
June 23.. 130,903,600
3,557,700
4,118,400
43,006,400
26,675,100
45,176,053
company." * * "The declaration alleges that in the year 1862,
30.. 130.583,300
3,547,400
4,433,500
44,795,300
26,578,300
47,775,068
and every successive year thereafter, up to and including the July 7.. 1:34,824,800 3,585,200 4,717,100 45,332,100 20,640,000 51,738,637
14..
129,931,700
3,620,400
5,433,900
45,858,600
26,915,300
47,866,112
21..
year 1869, the Michigan Southern & Northern Indiana Com¬
128,006,500
3,590,900
5,390,800
47,067,900
26,538,700
49,241,607
28.. 127,896,500
3,572,600
5,380,300
46,772,700
26,572,500
43,383.417
pany employed $3,000,000 capital and $3,000,000 loans in this
4.. 128,035,500 3.507,500
5,354,200
46,838,500
26,635,200
43,253,854
State which were not reported to the auditor general, and upon Aug. 11..
129,133,000 - 3,501,200
5,643,900
46,854,900
20,700,600
43,813.373
18..
5,159,100
130,578,109
3,496,300
which it has neglected and refused to pay taxes; also that in
45.803,800
26,749,800
48,193.104
25.. 131,174.200
3,474,900
44,409,300
26,&32,100
51,820,024
the year 1869, and every successive year thereafter up to the Sept. 1.. 129,447,200 3,531,200 4,777,000
4,375.200
42,945,600
26,981,400
44,012,5 0
8.. 127,747,900
3,304.200
4,182,000
43,340,700
27,117,800
47,305,866
present time, the Lake Shore & Michigan Southern Railway
15.. 127,793,200
3,347,600
4,180,900
43,853,300
27,197,500
44,932,820
22.. 120,748,000
4,034,000
Company has employed $5,000,000 capital and $4,000,000 loans
3.267,100
43.064.300
27,376,900
48,392.118
29.. 126.027,300
3,271.400
4,379,300
44,524.800
27,545,100
45,506.850
in this State which it lias not reported to the auditor general
Oct.
6.. 126,225,100
3,262,900
4,838,000
45,828,300
27,8:16,200
57,139,771
and upon which it has neglected to pay the taxes specified.
13..
126,903.100
3,251,100
4,931.500
47,210.000
27,973.600
55,617.710
20..
128.015.000
3,254.200
4.532,900
48,003,400
28,146,300
64,281,244
Therefore this suit is brought. The nominal damages men¬
27..
130,491,300
3,210.300
4,528.800
48,907,100
28,372,700
06,499,862
tioned in the declaration are $1,000,000, but the actual damage Nov. 3. 132,056,100 3,215,000 4,480.500 49.152.400 28,557,300 65.241,373
10.. 133.491.100
3,245,400
4,370,200
51,108,100
29,041.000
69,300,177
will be a matter of proof upon the amount of capital and loans
17.. 132,427,100
3,892.800
3,300,800
51,724,400
29,311,100
71,786,586
24..
131,932,200
3,347,200
3,546,700
50,709,100
29,554,300
76,305.582
employed in the State.
Dec.
44
l'f-1
44
f'rt
44
li.
"
41
44
44
44
44
44
44
k<&- ;!i
44
44
44
44
til
■
w
|.|
l&s:
> t.<
ill!
P
i
III
m
44
Louisville
Mashv.— \ Sonthern Railroad Combination.
—A report from Louisville this week states that it is under¬
stood that the Louisville Nashville & Great Southern Rail¬
road has secured a controlling interest in the Mobile &
Montgomery Railroad,
as
well
as
furnish
particulars,
general combination
was forming which
would practically exclude the Cincinnati
Southern from any important connections south of its southern
terminus. Also, that a peace alliance was formed with the
Nashville & Chattanooga.
Mercer & Somerset.—At Trenton, N. J., Nov. 28, the sale of
the Mercer & Somerset Railroad took place under a foreclosure
of mortgage for $50,000.
The purchaser was the Pennsylvania
Railroad Company.
New York He Greenwood Lake.—Mr. William O. McDowell
sold by auction~at a special sale, on Wednesday; the 26th
instant, by order of the New York & Greenwood Lake Railway
Company, all the right, title and interest of that company to a
claim against the New York &
Oswego Midland Railway Com¬
pany, arising out of a guarantee, under seal, upon the first and
9
131,484,000
Philadelphia
are as
foliowb:
3,572,800
3,594,900
50,085.200
29,865,300
50,107,558
Banks.—The totals of the Philadelphia banks
Loans.
S
other important Southern
The officers there declined to
lines.
but the report was circulated that a
1..
Other than Government and hanks, Jess Clearing'House checks.
*
June 23
44
July
44
44
44
30
7
14
21
28
Aug. 4
44
44
44
11
18
2-
Sept.
1
'r
44
44
44
Oct.
44
44
44
Nov.
•4
44
44
Dec.
8
15
22
29
0
13
20....
27
3
10.
17
24
1
61,810,186
"61,740,307
02,221,496
62,171,993
61,974,527
61,415,440
61,932,961
02,740,441
62 688,249
62,972,900
02,784,728
62,880,264
02,749,828
62,550,008
02,639.944
63,558,250
64,706,995
65,942,232
66,274,801
66,337,415
60,680,258
65,977,180
05.302,071
04,581,278
Lawful Money. Deposits.
$
S
15,311,615
15,790,181
10,205,151
16.533,4&3
16.307,446
17,405,816
17,3933,893
17,590,102
17,011,709
10,308,517
16,539,218
16,509,557
16,014,554
17,377.438
17,500,7(34
17,687.922
17,235,369
10,240,119
15,639,404
15,185.160
14,851,359
14,616:427
14.49L491
14,958,053
49,713,483
50,309,722
51,378,9:36
51,811,(442
51,512,347
51,901,308
52,980,548
52,719,432
52,015,168
51,415,739
51,565,795
51,580,453
40,609,121
52.817,043
53,224,187
54,442,646
54,709,355
54,812,858
54,586,094
54,187,213
53,561.853
52,696,026
52 342.762
52,653,503
Circulation. Agg. Clear.
$
$
11,397,218
11,383,105
11,398,306
11,406,680
11,423,816
11,415,745
11,406,477
11,437,010
11,438,106
11,430,589
37,579,238
34,442,141
37,789,094
34,090,465
37,197.353
34,940.097
35,745,1324
35,792,049
32,011,865
11,788,858
11,795,906
11,814,680
11,853,039
31,318,858
30,002,487
33.978,324
35,106.893
38,261.123
38.061.700
42.733.257
44,100,759
52,253,037
11,878,284
11,885,099
54,606,178
51,527,260
11,445.171
11,500,647
11,510,320
11,588.656
11.875,660
11,871,878
11,890.480
11,932,035
-
54,961.998
55,027,309
40,780,676
43,148,041
The range in prices since January 1,
each class of bonds outstanding
follows:
glue ^itnliers' (Gazette.
No National
603*
THE CHRONICLE
0, 1979. |
December
Banks organized during
of
the past week.
Range since Jan.
Highest.
Lowest.
DIVIDENDS.
The following
dividends have recently heen
Name of Company.
Per
When
Books Closed.
Cent.
Payable.
(Days inclusive.)
Railroads.
Chicago & Northwest., common
..
pref. (quar.)
do
announced:
Eastern (N. H.)
3
Dec.
1% Dec.
2% Dec.
FRIDAY. DEC.
Tlte
Money
Market
26. Dec. 14 to Dec. 28.
26. Dec. 14 to Dec. 28.
15.
6s, 1880-1..cp.
5s, 1881....cp.
4%s, 1891..cp.
4s, 1907....cp.
6s, cur'ncy.reg.
Situation.—After
Amount Dec.
Registered.
103% Aug. 29 107% June 23 $200,038,150
101% Aug. 27 107% Jan. 15 281,491,950
104
Mch. 21 108
May 21 167,321,250
99
Apr. 1 103% Nov. 29 486,350,300
64,623,512
119% Jan.
4 128 May 31
Closing prices of securities in London for three
since Jan. 1, 1879, were as follows:
the range
Nov.
21.
5, 1879-5 JP. M.
and Financial
1,1879.
1879, and the amount
Dec. 1, 1879, were as-
U. S. 5s of 1881
105%
Nov.
28.
h h o o loc5-
Dec.
5.
1,1879.
Coupon.
$72,769,400226,948,400
82,678,750
251,883,900-
weeks past and
Range since Jan. 1, 1879.
Highest.
Lowest.
J? 105% 105
July 16 109% Jan.
4
109% 106% Mch. 24 110% Nov. 12
108%
previous month, the opening week of U. 8. 4%s of 1891
101
Mch. 26 1073a Nov. 29
107
106%
U. 8. 4s of 1907
December has heen comparatively quiet, and destitute of any
State and Railroad Bonds*—State bonds
have been de-particularly animating topics in financial circles. The. great
sale of Central stock was followed up by the election of Messrs. pressed by the unfavorable tone in Virginia and Louisiana. In
J. Pierpont Morgan and Cyrus W. Field to the Board of Directors the first-named State the Governor takes strong ground irr>
favor of carrying out most faithfully the late compromise with
of that company, and Mr. Solon Humphreys is to be elected
bondholders, and fortifies his position by figures which show
shortly. Messrs. Drexel, Morgan & Co. say that none of the the State's resources. The re-adjusters, however, have a majority,
In Louisiana
members can obtain possession of their stock before the end of and the bonds here have been decidedly weak.
the provisiou of the new constitution relating to tha debt has1880, until which time the management is confided to a joint
been rejected, and this leaves matters in statu quo, but with the
committee-in London and New York. Of the stock sold it is
5| mill tax for payment of interest repealed, and no provision
understood that 30,000 shares were placed on the 28th, and that therefore for meeting the State's obligations on this score.
At
the syndicate anticipated part of the second instalment by tak¬ the lower prices now ruling, the bonds of both the above
States are taken for London and Amsterdam account.
ing 11,000 shares more, making 41,000 in all already transferred
Railroad bonds are little changed, and are generally strong,
and paid for.
Of this, half was shipped to London, but of the except the speculative bonds, which vary with the stock market.
41,000 shares the proportion which went to the German interest Messrs. Drexel, Morgan & Co. and Messrs. Winslow, Lanier &
was 8,000 shares.
In Philadelphia, our large stock transaction Co. are reported to have purchased of the Chicago, Burlington &
has been followed by another, which in ordinary times would Quincy Railroad Company $3,000,000 new bonds secured by a
be considered worthy of notice, namely, the purchase by the mortgage on the company's Iowa line.
[Auction sales of securities will be found on page 583.]
Pennsylvania Railroad itself of the 59,149 shares of its stock, held
Closing prices of leading State bonds for two weeks past, and
by the city of Philadelphia, at par. The stock is $50 per share, the range since Jan. 1, 1879, have been as follows:
and the cash paid for it therefore was $2,957,450.
The city
Range since Jan. 1,1879.
Dec.
Nov.
makes a good sale, and the officers of the company evidently
States.
5.
28.
Lowest.
Highest.
think that they do a good thing in thus buying up a block of
36
42% *41
July 24 69 Jan. 6*
Louisiana consols
their own stock which was always hanging over the market and Missouri
*107
103% Mch. 5 107% June 10
6s, '89 or '90
Dec.
5
18
Feb.
8 28
28
threatening to fall on it whenever the price reached a satisfactory Nortli Carolina 6s, old
Feb. 13
*31% 30
Aug. 20 42
Tennessee 6s, old
:
*75
73% June 20 73% June 20
*80
figure. The Erie election of officers resulted in no change what¬ Virginia 6s, consol
44
Mch. 28
37
the excitement of the
-
ever
from the former management.
The money
market has been reasonably easy at a range
of 4@
do
2d series.
do
District of Columbia 3-65s...
Sept, 25
*84%
*85%
79% Jan.
3
88% May 23 -:
This is the price hid; no sale was made at the Board.
cent on all classes of business, the government bond deal¬
Railroad and Miscellaneous Stocks*—The stock market
ers paying 4@5 and stock-brokers 5@7 for call loans.
Prime
commercial paper is steady at 5^(264 per cent. The Bank of has heen somewhat irregular on a much reduced volume of
England statement on Thursday showed a loss of £638,000 in business. The expression is commonly heard in the vicinity ofspecie for the week, and the reserve was 45f per cent of liabil¬ the stock tickers, that the parties who made the late raid on the ■
ities, against 46£ the previous week ; the discount rate remains market killed the goose which laid the golden eggs; although,
at 3 per cent.
The Bank of France showed a loss of 1,000,600 it must be admitted that in so doing they gathered a golden*
The market now is much in the shape that we often;
harvest.
francs for the week.
The last statement of the New York City Clearing-House find it in December, waiting for the approach of the new year
banks, issued November 29, showed an increase of $865,950 in before entering upon any decided movement. The outlook is
the excess above 25 per cent of their deposits, the whole of such as to strengthen stocks, and the traffic for the last four
such excess being $7,28 J,525, against $3,417,575 the previous months of the year bids fair to be the heaviest that the railroads,
have ever shown in a similar period. The reports for the yearweek.
The following table shows the changes from the previous week
ending Sept. 80, 1879, and before that date, have not heen par¬
and a comoarison with the two preceding years.
ticularly good, and generally showed a decrease in earnings as,
compared with the preceding year. But the reports of earnings
1877.
1878.
Differ'nces fr'm
1879.
since August are strikingly favorable, aDd the tonnage carriect
Dec. 1.
Nov. 30.
Nov. 29.
previous week.
has heen of immense volume.
The Chicago & Northwestern
Loans and dis. $273,439,900 Dec.$2,754,500 $236,438,400 $238,429,600
statement for six months, June 1 to Dec. 1, shows a sur¬
18,324.000
22,967,400
52.310.700 Inc. 2,304,000
Bpecie
18,110,300 plus carried forward of $1,720,283 over interest and other
20,007,000
474,400
23.024.800 Inc.
Circulation
217,195,500 Dec. 3,101,800 206,797,200 196,961,500 charges and 3£ per cent on the preferred stock, and the com- •
Net deposits
40,579,800
41,275,700
16,771,700 Deo. 2,213,500
Legal tenders.
pany declares a 3 per cent dividend on the common stock, as
their circular states, out of the surplus on hand May 31.
The
United States Bonds.—The market for Government secur¬
Erie Railway report for ihe year ending Sept. 30 shows net in
ities shows considerable activity on the purchases of banks as come
applicable to interest, &c., of $5,204,769; interest, rentals,
well as of private investors, and the proposals in Congress of a and other charges, $3,888,664 ; surplus spent in improvements,.
3| per cent bond for the next funding have the effect of strength¬ $1,316,104. From their brief report for the year we are enabled
ening the four per cents. Some of the larger dealers think that to figure up the September business as follows :
Mr. Sherman makes a mistake in proposing a further issue of 4
september earnings and expenses.
per cents instead of bonds carrying a lower rate. The Secretary
*
7 per
..
.
proposals till December 6, to sell to the Government
$1,600,000 of the sixes of 1881 for the sinkiug fund.
Closing prices at the N. Y. Board have been as follows:
calls for
Dec.
1.
6s, 1880
6e, 1880
68,1881
6s, 1881
reg.
coup.
reg.
coup.
5b, 1881
5s, 1881
4*28,1891
4*28,1891
48,1907
4s, 1907
6s, cur'cy,
6s, cur'cy,
68, cur'cy,
6b, cur'cy,
reg.
coup.
reg.
coup.
reg.
..coup.
1895..reg.
1896..reg.
1897..reg.
1898..reg.
6s. cnr'cv. 1899.. re#.
*
Tiiis is the price
Dec.
2.
Dec.
3.
*10112 *10112 *10112
t10458 *10412 *104*2
103 %
x03ie 103
*106
IO6I4 106%
*102 30 1O250 *10250
10212 1025s 10250
*106
*105% *10530 *105%
*107
XO530 *10530 *105%
1035s X02% IO214 102%
10314 103%
103^ 103
*104%
*10412
*105%
*105 34
*102i4
1023s
*123
|*x20
*120
120
Dec.
•4.
Dec.
5.
101% 101%
10450 *104%
10330 103%
106% 1063a
102% *102%
102% *102%
10558 10550
105%
105%
102% *102%
103% 103%
120
*120
*12314 *x20% *12014 *120% *120% 120%
3 20% 12034 *120% 120%
*123%!x....
122
121
3 24
|*x20% 12114 121
1215ft *121%l *121% *321%
124%!t....
bid; no sale was made at the Board.
Grose
earnings.
Expenses
Net
earnings
1879.
1878.
$1,492,797
$1,338,275
930,696
857,579-
$562,101
$480,696
the principal owners
There is yet no positive information as to
of the stock and bonds of this company.
There was a sale of 20,000 shares of Western
Union Telegraph
Tuesday, in two blocks, at 106, which occasioned a good deal
of remark.
It is stated that it was merely a sale in a regular
way by parties who had already a large profit on it, to others
who were willing to take the stock at the price.
The coal stocks have recently been rather weak, and although
the increase in their tonnage has been very large, there is a
prevalent opinion that they can not make further advance in
prices except by limiting production.
Mr. Gowen, of the Phila¬
delphia & Reading, in a circular to-day, says that his company is.
on
driven to fill its orders.
604
fHE
The daily highest and lowest
prices have been
Saturday, Monday,
Nov. 29.
Am. Dist. Tel.
Atl.ftPao.Tel.
Canada South.
Cent, of N. J..
Ches. ft Ohio.,
do 1st prf.
40
70
72 %
47
70
follows:
as
Tuesday,
Dec. 1.
~73
St.L. I.M.ft So.
St.L. ft S.Fran,
do
pref.
do- 1st prf.
St.P.ftSioux C.
do
pref.
Butro Tunnel.
Union Pacific..
Wab.St. L.ft P.
do
pref.
West. Un. Tel.
*
These
are
40% 50
44% 40
49
50
38% 38%
70
71
40
44
40
40
68
42
09
70
♦18%
19
98
90
...
*120% 121
71% 72%
98% 99
89
90
Mo.Kan8.&Tex..3dwkNov.
104% 104*
*147% 49"
fj-
Mobile ft Qhio
20,774
195,125
100,751
39,928
406,565
580,244
170,832
24,244
64,257
600,000
10,234
Pitts. Cin.ft St.L.September
St.L.A.ftT.H
3d wk Nov.
do
(brs).3d wk Nov.
St.L. Iron Mt. ft S.November.
St. L. & San Fran. 4th wk No 7
Sfc.L.ftS.E.—St.L..3d wk Nov.
St. Paul ft S.City. 3d wk Nov.
Scioto Valley
October...
Southern Minn.. .October...
Tol.Peoria&War .4th wk Not
Union Pacific.... 18 dys Nov
Wabash
3d wk Nov.
5%
19% 21
103% 104.
86% 87
60
60
93% 94
20% 20
30
31:
102% 103
"4
74%
*161
08
*17
48%
68%
36% 30%
70%
demand bills.
19
40
4
382,835
22,412
11,810
656,195
60,800
70
35
73
35
69% 71
«4% 4!
85
do
do
pref.
Chic. Rock lsi.ft Pac.
Chic. St. P.&Minn/.
Clev. Col. Cin. & Ind.
Col. Chic.ft Ind. Cent
Del. & Hudson Canal
Del. Lack. & Western
Hannibal & St. Jo
do
do pref.
...
Illinois Central
Kansas Pacific
Lake Shore
Louisville ft Nashv..
Michigan Central....
Missouri Kan. & Tex.
Morris ft Essex
N. Y. Cent. ft Hud.R.
N.Y. Lake E.&West
do pref
Northern Pacifict...
do
pref.t
Ohio & Mississippi...
Pacific Mail
Panama
St. L. I. Mt. & South.
St. L. & S. Francisco,
___
was
Lowest.
45% Jan.
33*2 Jan.
75
Mch.
2,550 111% Jan.
171,990 34% Jan.
3,165
743* Jan.
94,380 4958 Jan.
2,844
7678 Jan.
1,650 119 Jan.
2,510
21
May
3,253
343* Jan.
16,776
5
Jan.
26,510 38
Jan.
195,716
43
Jah.
25,385
13% Jan.
14,750
34
Jan.
3,825
79*4 Mch.
1,518
9*8 Jan.
143,354 67 Jan.
9,500
35
Feb.
26,851
733* Jan.
120,905
538 Jan.
3.495
75% Jan.
13,378 112
Mch.
650,663 21Js Jan.
32,320 37% Jan.
4,190
16
Aug.
7,880
4414 Aug.
74,675
73* Jan.
55,020
1038 Jan.
100
123
13
100% 1
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Highest.
3
781^ Nov. 12
2 89% Nov. 15
3 100% Nov. 17
7 124
Oct. 21
4 82ifl Nov. 13
4 1023* Nov. 13
3 94% Nov. 12
3 108
Nov. 12
8 149
Nov. 13
5 56 * Nov. 15
2
85% Nov. 13
4 28
Nov. 18
2 8918 Nov. 12
2 94
Nov. 12
4 4112 Nov. 12
10 70% Nov. 15
26 1003* Nov. 18
_
21 92%
6 108
13 89%
2 98
Range for
1878.
Low.
38
,High.
45%
45%
13%
66% 85
99% 114%
27% 54%
64
84%
32% 55%
59% 79%
98% 122
23
-
2%
34%
2,987
21%
59%
61%
16%
41%
72%
87
41
10
Dec. 3
4
12%
Nov. 28 55% 71%
Nov. 15 35
39
Nov. 28 58% 75
4 35% Nov. 19
2
7%
3 103% Nov. 12 67% 89
24 139
Nov. 28 103% 1154 49
Nov. 15
7% 22%
2 78% Nov. 15 21% 38
9 40% Oct. 21
Oct. 21
30 65
4 333s Nov. 15 "6%
11%
13 39% Nov.
1 12% 23%
2 182
Oct.
9 112
131
2 56
Nov. 15
5
15%
8 53
Nov. 15
1%
4%
21 60% Nov. 15
1%
5%
23 78% Nov. 15
5% 11%
16
6% Nov. 17
5
3%
31 95
Oct. 20 61% 73
4 116
June 11 75% 102
The latest railroad
earnings and the totals from Jan. 1 to latest
dates are given below.
The statement includes the
gross earn¬
ings of all railroads from which returns can be obtained.
The
columns under the
heading "Jan. 1 to latest date" furnish the
gross earnings from Jan. 1 to, and
including, the period men¬
tioned in the second column.
/—Latest earnings reported.—. /- -Jan. 1
to latest date.-v
Week or Mo.
1879.
1878.
1879.
1878.
Ala. Gt.Southern.October...
$46,046
$17,202
$
$
Ateh.Top. ft 8. F.3dwkNov. 148,500 121,750
5,574,018 3,518,833
Atl. & Gt. West.. .October...
468,939
AtlanticMiss.&O.October...
392,768
200,308 201,181 1,366,315 1,399,324
Bur. C. Rap. &N..3d wk Nov.
38,315
28,501 1,314,653 1,362,763
Burl.&Mo.R.inN.let wk Oct.
93,229
77,773 1,540,498 1,323,869
Cairo & St.Louis.. 2d wk Nov.
4,609
4,909
230,912
203,397
Central Pacific...October...
1,833,000 1,773,089 14,426,698 14,637,040
Ches. & Ohio.. ..October...
183,325
176,552 1,609,303 1,617,223
Chicago & Alton. 4th wk Nov 148,985
98,351 5,184.827 4,330,572
Chic. Burl. ft Q...September
1,484,316 1,382,123 10,303,937 10,378,543
Chic. ft East. 111 ..4th wk Nov
21,644
17,243
793,433
Chic Mil. ft St. P. 4th wk Nov
747,626
294,000
252,182
8,948,000 7,735,248
Chic.&Northw ..October... 1,935,000
1,573,422 13,252,929 12,511,660
132,476
95.030
7,764
8,017
346,997
Chic. St. P. ft Min.November.
Clev. Mt. Y. &D..2dwkNov.
279,652
279,911
280,531 2,441,860
15,836
13,026
482,792
535,411 4,636,561
2,302,358
15,651
24,899
28,983
44,429
21,131
637,981
106,858
1,440,890
651,127
994,753
261,192
"511,728
446,109
4,046,126
1,105,792
587,877
971,166
232,707
535,304
1,130,236
1,155,914
4,518.461
4,547,559
330,833
0
follows
are as
December 5.
60
Prime bankers' sterling bills on London.
Good bankers' and prime commercial...
Good commercial
about
were
:
days.
Demand.
4.82%a4.83
4.85
4.82
4.81
4.84%@4.85
4.83%@4.84
@4.82%
@4.81%
4.80%@4.81
5.25
@4.83%
5.21%@5.19%
5.21%@5.19%
@5.22%
5.23%@5.21%
Amsterdam (guilders)
39%@
94%@
94%@
94%@
94%@
Hamburg (relchmarks)
Frankfort (reichmarks)
Bremen (reichmarks)
Berlin (reichmarks)
@4.85%
4.83
5.23%@5.21%
Antwerp (francs)
Swiss (francs)
5.20
@5.18%
40%
95%@ 95%
95%@ 95%
95%@ 95%
95%@ 95%
40
40
948s
94^8
94%
94%
@
New York
City Banks.—The
following statement shows the
gondition of the Associated Banks of New York City for the week
ending: at the commencement of business on Nov.
29, 1879:
Average amount of
Banks.
38%
6%
3!8
4%
9%
39,825
23s
Union Pacific
16,520
57%
Western Union Tel.. 105,900
88% Aug.
A
Range here given is from May 5. t Range from
July 30.
do
pref.
do
1st pref.
Sutro Tunnel
6,091
business the rates
Quotations for foreign exchange
0
made at the Board.
Range since Jan. 1,1879.
14,725
14,730
19,625
1,440,979
2,849,197
1,695,480
discount.
85|
42% 42*
60%
On actual
82£ and 4 84$, respectively.
Documentary commercial
Chicago & Northw...
68,997
137,104
452,281
2,663,065
1,510,325
1,325,136
39,200
14,319
29,716
30,250
89,957
23,642
732,239
101,526
Paris (francs)
...
4,257,887
Cable transfers 4 85.
In domestic bills the
following were rates of exchange on New
York at the undermentioned cities
to-day: Savannah—buying
i discount, selling £ discount; Charleston,
scarce, buying f,
selling i@par ; St. Louis, 150 per 1,000 discount; Chicago, 50
discount ; Boston—45c.
Total sales of
leading stocks for the week ending Dec. 4, and
the range in prices for 1878 and
since Jan. 1, 1879. were as
follows:
910
474[9 80
1,324^609
high prices of grain, cotton, and other produce, and the conse¬
foreign bills. The leading drawers of
sterling advanced their rates to-day to 4 83 for 60 days and 4 85|
for
45% 40
41
45%
48% 53
4% J* **
4
4
89% 83% 80% 85
85
44% 47% 40
43% 40% 42
60% 09% 64% 07%
106
107% 105% 107%
the prices bid and
asked; no sale
Chic. Burl.& Quincy.
Chic. Mil. & St. T
do
do pref.
4,618,964
1,803,801
426,832 2,393,649 2,132,384
506,751 4,559,50 L 4,601,195
148,089 1,199,246 1.292.476
quent small supply of
170
40
4%
Chicago & Alton
1,486,463
455,699
4,133.576
Exchange.—Foreign exchange is stronger on account of the
circumstances to which we have
frequently referred in the past
few weeks—namely, the check
put upon exporters by the ruling
40%
2,950
86,111
24,154
57,097
844,816
8,152,701
33%
4%
88
Canada Southern
Central of N. J
1,688,143
6,500
41,413
69,712
73,010
4,083,477
48,279
61,215
94,457
169
958
169,958
760,216
8,253,985
84
02
40
*99 " 100
40
Sales of
Week.
Shares.
22,021
172,853
68,932
SI^
1.338:271 li:S8i:344 li;073.556
^V^^i;--1'492'797
Pad.&Eliaabetht.2dwkNov.
10,745
80%
18% 19%
73% 75" '
83
33
61
46
3dwkNov.
Nashv^pSpSt L. October...
80
70%
19% 19%
42
73~
72% 72%
74% 76
I?* 2%
40
Grand Trunk. Wk.end.Nov.29
Gr't Western. Wk.end.Nov.28
Hannibal & St. Jo.3d wk Nov.
Houst. ft Tex.C.. .October
Illinois Cen.(IlL).. October...
do
(Iowa).. October...
Indiana Bl. &W..3d wk Nov.
Int. &Gt. North..3d wk Nov.
Louis v. & Nashv.. October...
Minn.ft St. Louis.3d wk Nov.
Mobile ft Montg.. September
44% 44%
Chic. R.I.&P.
Chic. St.P.&M. *47% 49"
Clev. C. C. ft I. 80
80%
Col.Chic.ft I.C
20% 22%
Del. ft H.Canal 74% 79%
Del.Lack.ft W. 82% 87%
Han. ft St. Jo..
do
pref.
Ho.us.ft Tex.C
Illinois Cent... 100% 100%
Ind. Cin.ft Laf. 10% 11%
Kansas Pacific
Lake ErieftW.
21
23% 18
Lake Shore.
106% 102% 104%
Louisv.ft Nash
87
85
80
Manhattan..
59 " 60
59
01%
Mar.ft C.lst pf. 14% 14%
do
2d prf. 11% 12
Mioh. Central.. 92
90
93
95
Mobile ft Ohio
22% 22M. 19
20%
Mo. Kans. ft T. 29% 32% 27%
29%
Mor. ft Essex.. 102% 103
101% 102%
Nash.Ch.ftSt L 75
75
72
73%
New Cent.Coal 37
38
30
30
N.Y.C.ft H. R. 132
135
129
132
N.Y. L.E.ftW. 40
44% 38
40%
do
pref. 69H 73% 07
70
Northern Pac.
29% 30%
do
pref.
539
5
"
5
Ohio ft Miss..
28% 30% 20 " 28%
Pacific Mail.... 29% 32% 28% 30%
Panama
100
160
Phil, ft Ready 08" W
00
18% 185
DubuqueftS.City.3dwk Nov.
Dec. 5.
73
[VOL. XXIX.
Latest earnings reported.—, —Jan. 1 to
latest dateWeek or Mo. '
1879.
1878.
1879.
1878.
Friday,
Dec. 2.
44% 45%
73% 74
75% 79
71% 74%
18*2 205* 18% 19
30
81*,
do 2d prf. 23
24%
Chic, ft Alton. ♦99% 99%
Chic. Bur. ft Q. ♦xll9%...
Chic.M.ft St.P. 72% 75
do
99
pref,. 99
Chic, ft N. W.. 90
91%
do
pref. 103% 105%
St.L.A.ftT.H.
do
pref
CHRONICLE.
Capital. Loans
and
discounts.
%
New York
Manhattan Co..
Merchants
Mechanics'
Union
America
Phoenix
„
City
Tradesmen's....
Fulton
Chemical
Merch'nts' Exch.
Gallatin Nation'!
Butchers'ftDrov
Mechanics' ft Tr.
Greenwich
Leather Man'f'rs
Seventh Ward...
8tate of N. York.
American Exch.
Commerce
Broadway..
Mercantile
Pacific
Republic
Chatham
North America..
Hanover
Irving
Metropolitan
Citizens'.. *
Nassau
Market
St. Nicholas
Shoe ft Leather..
Corn Exchange..
Continental
Oriental
%
%
2,000,000 11,404,000 3,005,000
5,890,500
2,050,000
441,100
7,298,900 1,020,900
2,000,000
7,060,000 1.171.300
2,000,000
1,200,000
4,301,000 1,593.200
.
People's
Specie.
8.393.200
3,000,000
905,500
1,000,000
3,008,000
589.000
1,000,000
6,120,800 4,445,500
1,000,000
2,983,900
253,400
000,000
1,593,400
108,800
11,004.000
300,000
3,042,000
1,000,000
3,438,000
028,800
1,000,000
3,735,800
420,000
1,278,900
300,000
235,200
950,000
300,000
40,000
928.200
200,000
16,400
000,000
2,909,200
687,500
300,000
910,900
174,100
3,377.900
800,000
07L.9OO
5,000,000 13,080,000 2,050.000
5,000,000 14,903,300 2,544,300
4,930,200
1,000,000
742,500
1,000,000
3,350,300
436,000
1.915.300
422,700
214.400
4,772.000
1,500,000
533,100
450,000
3,296,300
525,900
1.472.200
412,500
75,700
700,000
1,757,500
205,000
1,000,000
6,217,500 1,098,300
500,000
2,500,400
350,500
3,000,000 12,894,000 2,449,000
1,052,300
600,000
314,700
1,000,0001
Net dept's
Legal
Circula¬
other
Tenders. than U. S.
tion.
$
240,200
324.400
290,000
*
11,951,800
4,017,500
0,007,400
345,000
5,788,000
291,400
529,900
230,000
247,000
197,000
140,000
400,900
185,000
179,300
74,300
198,000
212,400
110,700
92.000
186,000
182.000
928.700
234.900
391,200
877.500
144,000
239,300
108.400
90.000
285,800
220,900
501.000
184,800
03,100
120,700
373,300
340,000
77,000
235,300
275,300
228.000
4.391.000
5,848.700
2,874,000
8,729,700
1,791.700
1,090,400
11,124,700
2,718.300
2,199.200
1,067,200
928,000
805,000
2.448.000
905,100
2,840.900
8.988,000
9.292,700
3,459.200
3.142.900
1.842.800
2,500,300
3,188.900
1,380,700
1.723.200
5,009,400"
*
494,900
400
425,000
44,500
134,000
1,100
263,000
791,400
070,000
BUB.300
259,800
197,000
2,700
474.200
30,700
605.000
450,000
1,472,200
898.200
178,000
989,306
403,000
5,400
800,000
2,291,200
411.400
10,577,000 2,239,000
1,827,800
201,100
1,985,100
3.900
2.098.100
215.700
500,000
2.555,500
370.300
2.043.300
447.200
500,000
2,019,900
45,600
1.011,200
450,000
500,000
3.350.000
543,000
3.465.O()0
450,000
3,825.100
1,000,000
232,600
2.210,900
4.700
1,000,000
5.130,400 1,084,000
5.169.900
772,400
1.587.500
300,000
19.600
1,417,300
Marine
400,000
3.054,000
534.000
3.122.000
354,700
ImportersLft Tr.. 1,500,000 16,014,900 3,325.700 1.999,300
18.070,4G0 1,078.800
Park ....^
2,000,000 13,270,000 3,007,700
234,300 15.083,300
535,900
Mech. Bkg. Ass'n
500,000
701,000
138,200
84.300
063,800
319,500
Grocers'
225,000
700.300
6,100
121,500
708.100
North River...,
240,000
802,900
49,000
118.700
754.000
East River......
250,000
808,600
83.700
73,300
650.100
190,800
Manuf'rs ft Mer.*
100,000
180,000
03.000
244.000
Fourth National. 3,200,000 15.825.100
2,893,900
1,100.800 15.282,100
810,006
Central Nat
2,000,000
8,224,000 1,168,000
715.000
7.410.000 1,495.000
8econd Nation'1.
300,000
2,295,000
308.000
238.000
2,331,000
209,090
Ninth National..
750,000
4,289,000
732,400
315,200
3.941.200
597,000
First National..
500,000 10.945.500 2,637.000
208,700
11.235.20(1
450,000
Third National.. 1,000,000
6.900.000 1.505,800
345,700
7,140,000
797,800
N. Y. Nat. Exch..
300,000
1,201,800
103,800
115.100
838.300
269,100
Bowery National
250,000
1,313,900
03.000
272,000
1.038.200
224,000
N. York County..
200,000
1.104,400
12,800
313,400
1,150,700
180,000
Germ'n Americ'n
750,000
2,325.800
193,900
112,900
2,080,200
Chase National..
300,000
2,452,900
450,700
188,200
2,380,200
270,000
Total..
*
.
60,800,200 273,439,900 52,310,700 10,771.700
247,195.500 23.024,800
No report, same as last week.
THE CHRONICLE.
1879.1
December 6,
■*
U. S. Bonds and active Railroad Stocks
are
quoted
previous
on a
Bid.
securities.
Alabama—Class A, 2 to 5...
Class A, 2 to 5, small
Class B, 5s
Glass C, 2 to 5
Arkansas—6s. funded
B*
80
56
10
7s. Memp. A L. Rock RR.
7s, L. RP.B.4 N. O. RR.
7s, Miss. O. A R. P RR...
7s, Arkansas Central RR.
Connecticut—6s
Georgia—6s
7
3*
8*
Kentucky—6s
6s, due 1886
6s, due 1887
6s, due 1888
6s, due 1889
101
.
59
lis'
GlUcago A Alton, pref
Chic. St. Louis A N. O
tar..
Clev. A Pittsburg, gua
38*
25'
38*
10
Long Island
Metropolitan Elevated
160*
157
111*
112
105
23*
22
Stonington
Terre Haute A Indianapolis
Toledo.Peoria A Warsaw..
United N. J. RR. A Canal..
Miscellaneous St'ks.
104
Adams Express
American Express
United States Express
Wells, Fargo A Co
...
do
Ontario Silver
104*
25*
39*
•
32"
..
3
pref.
Mining...
173
•
•
•
•
20
Quicksilver
pref
....
Spring Mountain Coal
•
29*
Standard Cons. Gold Mining
Railroad Bonds.
Bost. H. A Erie—1st m
1st mort., guar.
Bur. Ced.R.
l.R.ANc
A North.—1st,5s
Minn.A St. L., 1st, 7s, guar
106*
51*
$49
~
88*
Chesap.A O.—Pur. m'y fund
6s, gold, series B, int. def.
ioi"
6s, currency, int. deferred
Chicago A Alton—1st mort.
u?$%
Income
Sinking
g fund
Joliet A Chicago, 1st m...
Louis'a A Mo., 1sttm.,
m., guar
do
2d 7s, 1900.
St. L. Jack. A Chic., 1st m.
Miss. Riv.Bridge,lst,s. f,6s
Chic. Bur. A Q.—8 p.c., 1st m
Consol. mort., 7s
62*
104"
106"
■t
i'Ai*;
'
,
•
•
114
1
....
110
—
106
108*
116* 118
107* 108
2d mort...
bonds, 1900
construct'n
7s of 1871.
1st con.,g'd..
Convertible
do
assented
Adjustment, 1903
Lehigh A W. B., con., g'd.
„
103*
110
109*
114*
107
123*
....
94*
.
••• •
106*
102*
*11
118
114
115*
85
114
.
109
110
62*
108*
109
108
102* 103
113*
115
113
115
121
120
m.,
H. A D
1st m., C. A M
Con. sinking fund
m.f^ff.
1st
A D. Ext
S-west div., 1st 6s, 1909..
1st 5s, LaO. A Dav„ 1910.
Chic. A Northw.—Sink, f'd..
Int. bonds...
Consol. bonds—,
Extension bonds
1st mortgage
Coupon gold bonds
Registered gold bonds....
114
107
HO
102* 103
108*
112
—
112*
112* 113*
Sinking fund
Iowa Midland, 1st m., 8s..
$.... 125
Galena A Chicago, exten.
Peninsula, 1st m.,conv... $113
*
Prices nominal.
7s, coup..
do
7s, reg....
N. Y. Elevated—1st, 7s,1906
s.
f'd
Pacific RR. of Mo.—1st
101* 102
101
106
92
m.
Income, 7s
103
coup., 7s, 1896.
Deb. mort., coup., 6s, 1893
Deb. mort., conv., 7s, 1893
Rome Wat. A Og.—Con. 1st.
St. L. A Iron Mount'n—1st m
2d mortgage
Arkansas Br., 1st mort...
Cairo A Fulton, 1st mort.
-
107*
..
J03* 104
109* 109*
- --
1«4* 125
$124
114
f!12
—
114*
105* 105*
109*
92
91
95
105
100
104
95
70
80
95
95
100
100
65
70
•
Div., 1st mort., 7s
U4*
mortgage, pref
do
Income
igtonDn
Burlingtc
2d mortgi
rtgage, 1886.'
Consol., 7s, 1910,
Pur. Com. rec'pts, 1st,E.D
do
1st, W. D.
do
Bur. Div.
1st pref. inc. for 2d mort.
1st inc. for consol
Wabash RR.—Mtg. 7s of '79.
T.AWab., 1st ext.7s,excp.
1st St. L. div.7s,ex mat.cp.
mortgage ext..
96*
ex coup
109
8.l.ASo.
A Tol.,la.,1st,1st7s,m.7s,ex
'90,ex cp.
cp
124
$....
65
89
99*
100
104
100
40
99
109*
100
103
Central of N. J.—1908
Chic. St.L. AN.O.—2d m. 1907
Ind's Bl. A W'n—Inc., 1919..
Leh. A Wilkes B.Coal—1888
Lake Erie A W'n—Inc.7s.'99
Laf. Bl.A Mun.—Inc. 7,1899
Mobile A O.—1st pref. deben
2d pref. debentures
3d
do
4th
do
83
60
60
$65
88
72*
61
St.L.I.M.AS.—1st 7s,prf.int.
guar...
106
110
112
102 *
Augusta, Ga.—7s, bonds....
Charleston, S. C.—Stock, 6s.
97
102
55
Endorsed M. A C. RR
Compromise
Mobile—5s, coupons
8s, coupons on
6s, funded
New 3s
Nashville—6s, old
new
New Orleans—Prem., 5s....
Consolidated, 6s
Railroad, 6s
Norfolk—Ss
8s......................i
Richmond—6s
95
m
110
50
10
62* 68
105
85
102
107
80
100
106*
85
102
98
•
•
12
90
•
96
68
"§&
110
95
106
108
90
104
108
95
105
105
55
13
96
110*
log*
97
100
72
30
60
45
95
95
30
31
30
•
•
•
•
•
•
•
.
105
Ala. AChat.—Rec'rs ctfs.var
Atlantic A Gulf—Consol....
50
104
50
78
esse
103
109
107
72
RAILROADS.
Consol., end. by Savan'h..
Cent. Georgia—Cons, m., 7s
Stock
Charlte Col. A A.—Cons., 7s
2d mortgage, 7s
East Tenn. A Georgia—6s..
E.Tenn. A Va.—6s,end.Tenn
H. Tenn. Va. A Ga.—1st, 7s.
Stock
7s, guar
....
SO**
35
85
85
29
29
27
69
new,
Macon A
94
63
80
10
10
15
35
5s.
Savannnah—Cons.,
Stock
Greenville A Col.—7s, 1st m.
90
106
102
47
7
59
60
80
90
25
25
70*
26
40
Montgomery—New 5s..
6s,
105
on
6s
railroads.
Consolidated 8s
Stock
Galv. Hous. A H.—7s, gld.'Tl
Gr'nd R.AInd.—lst.Ts.lg.gu
104
8s
Water works
Georgia RR.—7s
2d int., 6s, accum'lative..
Atch.AP.P'k—6s,gld, ex cp.
Boat. A N. Y. Air-L—1st m.
Cent, of la.—1st m., 7s, gold
2d....
Stock
Chic. A Can. So.—1st m.,g.,7s
Chic. A East. 111.—1st m., 6s
2d mortgage, inc., 7s......
Chic. St.P.AM'polis-lst,6s
Land grant Income, 6s....
Chic. A Southwest.—17s, guar
Cin. Lafayette A Ch—1st m
Cin. A Spr.-lst. C.C.C. AI.,7s
1st m.^g'd L. 8. A M. S., 7s.
Denver Pac.—1st,7s,Id. gr.jt
Erie A Pittsburg—1st m., 7b
Con. mortgage, 7s
Atlanta, Ga.—7s
Petersburg—6s
98
West. Un.
1st, ex land grant, 7s
7s, gold, 1904
J.A J +112 113
10s, pension, 1894.. .J.A J +99 101
40* 41*
Virginia—New 10-40s
7s, F. L
Columbus, Ga.—7s, bonds.
Macon—Bonds, 7s
Memphis—Bonds, C
Bonds, A and B
65
Consol. conv. ex coupon.
Gt. Western, 1st m., ex cp
do 2d m.,7s.'93,ex cp
not
•••
CITIES.
m.
St. P.A Sioux C.—1st 63.1919
St. P. M. A Manit'a—1st, 7s.
2d mort., 6s, 1909
Tol. Peo. A W.—1st m., E.D.
1st mortgage, W. D.
$ No prioe to-day;
+89
82
88
103* So.Carolina—Con., 6s (good)
Rejected (best sort)
98*
105
+103'
M.A S
103* Texas—6s, 1892
7s, gold, 1892-1910. .J.A J +111 112
107
St.Chas.B'dge,lst, 7a, 1908
1st, 7s, Id. gr.,
80
107
STATES.
North Missouri, 1st m., 7s
St. L. Alton A T. H.-lst m.
7s, equipment
Evansv. A Crawfordsv.—7s.
Flint A Pere M.-8s, I'd gr't
—
67
66
90
64
N. Carolina.—New 4s..
(Brokers* Quotations.)
126
32
90
(Brokers' Quotations.)
Miscellaneous List.
.
80
90
58
Southern Securities.
Cairo Ark. A T., 1st mort.
2d
81
64*
class C
St.L.A 8.E.—Cons.,7s, g.,'94
St.L. VandaliaA T.H.-lst m
2d mortgage, guar
South Side (L. £.)—1st mort
South Minn.—1st m., 7s, '88.
1st mortgage, 7s (pink)....
Extension
Tol. Can. 8.A Det.—1st, 7s, g
Union A Logansport—7s...
U. Pac.—South Branch
20
80
55
29
85
St.L.A San F.—2d m.,class A
2d mortgage, class B
do
ft
70
18
75
27
70
85
...
income bonds.
,
1st m., Carondelet Br...
South Pac. of Mo.—1st m. $101* 101*
+ And accrued interest.
87*
Tel.—1900, coup. $112*
$112*
1900, registered
92* Spring.V'y W.Works—1st 6s
94
91* 91* Oregon R. A Nav.—1st, 6s..
—
2d mortgage..
118
Inc. mort.,
Equipment bonds, 7s, 1883
ill
Registered. 8s
122'
95
80
105
96
40
78
50
110
75
7s,1908...
121*
Consolidated.
till*
2d consolidated
:
110
1st m., Springfield div....
70
Pacific Railroads
lroadsCentral Pacific—Gold bds. 111
San Joaquin Branch.... 100
Cal. A Oregon, 1st
$106*
State Aid bonds.
104
Land grant bonds
Western Pacific bonds.. 106*
South. Pac. of Cal.—1st m.
Union Pacific—1st mort..
Land grants, 7s.
Sinking fund...
128
47
90
102
93
30
76
'47
105
80
2d mort
New Jersey So.—1st, 7s, new
N. Y. A Osw. Midl'd—1st m.
Rec.certif's assented
St. Joseph A West'n—1st m.
2d mortgage
Stock
68
Improvem't, coup., 8s, '99
General, coup., 6s, 1908...
do
Long Island—1st mortgage.
Montclair A G.L.—1st, 7s, n.
N. J. Midland—1st, 7s, gold.
77
102
m.
2d
Hudsd R., 7s, 2d m.Js.'l'vS l|2 113"
87*
113* Ohio A Miss.—Consol.
Int.H. A Gt. No.—Conv., 8s.
Kansas A Nebraska—1st m.
2d mort
m.
118
111* 11*4*
111*
110* 111'
Metropolitan
m.,
1st m.,
Indianap.A Vine.—lst,7s, gr
International (Tex.)—lst,7s
97*
Coupon 7s, 1911
Registered 7s, 1911
Belleville A So. 111., 1st
$.... 116
69
• •• •
Harlem, 1st
Registered
4th mort..
do
Col. Chic. A I. C., 1st con.
do
2d con.,
do 1st Tr't Co.ctfs.ass
do
do
suppl
do 2d
do
ass
Phil. A Read.—Cons. coup.6s
do
8"
85*
Hous. A Gt.N.—Ist,7s,g.l900
Indianapolis A St.L.—1st, 7s
K.C.AN.—R.E.A R.,7s
,£0*
St.L.
107
Omaha
$104
l8t mort.. sterling
Nash. Chat. A St. L.-lst 7s.
N. Y. Central—6s, 1883......
2d
3d
do
do
.
55
Small
Registered 6s, 1911
„-
3d mortgage, 7s, 1883...
4th mortgage, 7s, 1880....
5th mortgage, 7a, 1888....
1st cons, gold 7s, 1920
Canada South., 1st, int. g.
114
do
do
4
34
81
31
25
BONDS.
AND
Cleve. A Pitts., consol., s.f.
Rens.A Saratoga, 1st,coup
do
1st, res
Denv. A R. Grande—lst,19tw
Erie—1st mort., extended..
6s, 1887
6s, real estate...
6s, subscription
N. Y. C. A Hud., 1st m., cp.
102
do
assent'd
Am. Dock A Impr. bonds.
do
assented
nic.Mil. A StJ?.—1st ,8s JE».D
2d mort., 7 3-10, P. D
1st m., 7s, f gold, R. D....
1st m., La C. Div
1st m., I. A M
1st m., I. A D
1st
—
103* 103*
40
10
KansasPac.—
1st m., 6s, '95, with cp.ctfs
106
Elev—1st,1908 104* 107
Mich. "Cent.—Cons., 7s, 1902 $117
110* 112
1st mort., 8s, 1882, s. f
108 109
121
uipment bonds
109
88*
5s, sinking fund
6s,"1909
108
115
Chic. Rk. LA P.—6s, cp.,1917
115* Mo.K.A T.—Cons.ass..1904-6 95* 95*
115
6s, 1917, registered
2d mortgage, inc., 1911....
47* 47*
92
Keok. A Des M., 1st, g., 5s.
H. A Cent. Mo.. 1st., 1890. 105
105*
Central of N. J.—1st m., '90. 115*
Mobile A Ohio—New m., 6s. „92* 92*
1st consolidated
do
assented.
STOCKS
I!"!
....
•
HO* 112
103
1st m., 6s,'96,
do
1st m..7s.Leav.br. do
1st m.7s,R.AL.G.D'd, do
104
1st m.,7s,land gr't,'80.do
100
101
2d mort., '86
do
103* 104*
Inc. coup. No. 11 on 1916.
x
Inc. coup. No. 16 on 1916.
115
114
Den. Div. 6s ass. cp.ctf..
Texas A Pac.—1st, 6s, 1905.
Consol. 6s, 1905
Income and land gr't, reg
Pennsylvania RR—
Pitta.Ft.W.A Chic,, 1st m
*
va- '
class 2
class 3
....
•
•
A.AO
NISCELLANEOU8
Ill.Cent.—Dub. ASioux C.lst
Dub. A Sioux C., 2d div...
Cedar F. A Minn., 1st m..
30
Ind. Bl'm. AW.—1st, pref. 7s
40*
1st mort., 78, I960
200
2d mort., 1909
108
Lake ShoreMich S. A N. Ind., s. f., 7s.
64
Cleve. A Tol., sink. fund..
do
new bonds.
Cleve. P'ville A Ash., old.
new
do
Buffalo A Erie, new bds...
Buffalo A State Line, 7s..
Kal'zoo A W. Pigeon. 1st.
Det.Mon. A T., 1st, 7s,*1906
Lake Shore Div. bonds...
do
cons, coup., 1st
do
cons, reg., 1st.,
cons, coup., 2d.
do
cons. reg.. 2d..
do
Louisv. A Nash.—Cons.m.,7s
37*
2d mort..7s, gold
Cecilian Branch, 7s
106*
Nashv. A Decatur, 1st, 7s.
106* L. Erie A West.-lst 6s, 1919
Laf. Bl.A Mun.-lst 6s. 1919
Marietta A Cin.—1st mort..
•
26
Pullman Palace Car
Stock Exchange Prices.
Bait. A Q.—1st 6s,Prk.b.l919
*
1868...
6s 1886.
Rhode Island-^te,coup.'93-9
South Carolina—6s
Jan. A July
12
63
5
4*
^
do
do
Long Dock bonds
Buff. N.Y.A E, 1st m., 1916
N.Y.L.E.AW.,n.2d,con.,6s
do 1st, con., f, cp.,7s $112j
80
23*
do 2d,con.,f.cp.,os,6s
40
Han. A St. Jos.—8s, conv... 106*
22
Hous. A Tex. C.—1st, m. l.,7s
26*
1st mort., West. Div., 7s..
1st mort., Waco A N., 7s«
2d Cy Main line, 8s.
40*
b
2d Waco AN., 8s...
$90
Inc. and ind'y, 7s...
•
....
Pennsylvania Coal
do
48
20
33
18
Mariposa L'd A Mining Co..
do
59
58*
Consolidation Coal of Md.
Maryland Coal
•
•
Cumberland Coal A Iron...
Excelsior Mining
Gold A Stock Telegraph...
Homestake Mining
La Platta Mining
Leadville Mining
Little Pittsburg Mining
104*
58
47
104
American Coal
Boston Land Company....
Canton Co., Baltimore
Caribou Consol. Mining....
Central Arizona Mining....
do
1889, A.AO...
Tennessee—6s, old
6s, new
6s, new series
Virgina—6s, old
6s, new, 1866
6s, new, 1867
6s, consol. bonds
4*
6s, ex matured coupon..
6s, consol., 2d series
6s, deferred
D. of Columbia—3*65s, 1924.
Special tax, class 1
1st mortgage, 1891
do
extended.
do
Coup., 7s,'94
do
Reg. 7s, '94.
1st Pa. div., coup., 7s, 1917
do
reg., 7s, 1917 .
Albany A Susqueh., 1st m.
2d mort..
do
do
3d mort.
do
1st con., guar
128
off, A. A O.
New bonds, J. A J
Del. A Hud.Canal—1st m.,'84
125* 127'
N. Y. Elevated
N. Y. New Haven A Hartf.
Ohio A Mississippi pref
Pitts. Ft. W. A Chic., guar,
do
do
spec'l.
Rensselaer A Saratoga
Rome Watertown A Ogd...
do
do
do
do
do
do
7s of 1888
Non-fundable
off, J. A J.
Ohio—6s, 1881
7s, convertible.
Dubuque A Sioux City
coup,
Carolina—April A Oct.
Land Com., 1889, J. A J...
A.AO
coup,
do
105*
Frankfort A Kokomo
Harlem
Ind. Bloom. A Western
Keokuk A Des Moines.'" *.
do
do
pref.
do
do
do
Ask.
Funding act. 1866
6s, old, A.A O
No. Car. RR., J. A J
Chatham RR
Winona A St. P., 1st m ..
2dm....
do
C. C. C. A Ind's—1st, 7s, s. f.
Consol. mortgage
C. St.L.A N. O.-Ten. lien 7s
1st con. 7s.
Del. Lack. A West.—2d m.,
103
&T:
Cedar Falls A Minnesota...
107
107
104
104
Chic. A N.W.—C. A Mil., 1st
Railroad Stocks.
he.
may
Bid.
Securities.
So.
Funding act, 1866
6s, loan, 1883
6s, do 1891
6s, do 1892
6s, do 1893
AND
Ask.
Bid.
North Carolina—6s, old,JAJ
104*
107
107
or
the per cent value, whatever the par
SKCUIKTIE8.
41H
106*
'90..
Asylum or Univ., due '92.
Funding, 1894-95
Hannibal A St. Jo., 1886..
RAILROAD
(Active previously quoted.)
Albany AjSusqi
Susquehanna....
Boston A N. Y. Air L., pref.
Burl. Cedar Rapids
A
topi
Ask.
105
YORK.
BONDS.
103*
do
do
1887..
New York—6s, gold, reg.,'87
6s, gold, coup., 1887
110
100
100
100
War loan
41
7s 1800
109*
Illinois—6s, coupon, 1879...
Bid.
Louisiana—7s, consolidated
7s, small
Missouri-^fo, due 1882 or '83 103"
106
100
110
.
securities.
Michigan-Os,1883
4
4
4
4
4
7s, L. Rock A Ft. Scott iss.
7s, new
7s, endorsed.
7s, gold
Ask.
~53
NEW
Prices represent
page.
STATE
IN
BONDS
QUOTATIONS OF STOCKS AND
605
Aug.—2d, endors.
Mem phis A Cha'ston—1st,7s
100
108
•
fid
mortgage, 8s
fid mortgage, 8s
Rich. A Dan.—1st consol., 6s
Southw. Ga.—Conv., 7s, '88.
Stock
S. Carolina RR.—1st m., 7s.
7s, 1902, non-enjoined....
West Ala^—1st mort., 8s....
fid mort., 8s, guar
•
s
74
97
77
100
80
75
90
95
100
95
103
101*
60
60
116
119
103
82
•
•
•
60
93
98
87
2d, 7b.....
Mississippi Cent.—1st m.,7s 102'
105
2d mort., 8s
Miss. A Tenn.—1st m., 8s, A 112
92
1st mortgage, 8s, B
N. O. A Jacks.—1st m., 8s... 112
Certificate, 2d mort., 8s... 107
Norfolk A Petersb.—1st, 8s. 108
103
1st mortgage, 7s
Northeast.TS. C.—1st m., 8s.
•
109* 112
108
110
100
105
•
85
90
65
103
102
90
105
110
116
96
115
110
115
•
•
•
•
97*
102* 103*
102
66
109
109
104
59
113
10
25
11S
FAST-DUB OOUFON8.
Tennesssee State coupons.
South Carolina consol.
Virginia ooupons
do
ennwl. COUfHMH..
these are latest quotations made this week.
40
20
*0
I Sale prioe
• see
84
606
THE CHRONICLE.
NEW YORK
LOCAL
[VOL. XXIX.
SECURITIES.
Bank Stock Lfnt.
Companies.
Capital.
Insurance Stock List.
Dividends.
Surplus
latest
dates. §
[Quotations by k. s. Bailey. Broker,7PIne Ureet.]
Net
price.
at
Mark'd thus (*)
are not Nat'..
2 (Amount
1877. 1878.
America*
100 3,000,000 1,287,400 J. & J.
8
8
Am. Exchange. 100 55,000,000 1,823.000 m.&n.
6
5^
Sower y
100
250,000 194,400 J. & J. 12
11
25 1,000,000 1,161,300 I.& J. 16
Broadway
16
Butchers'& Dr. 25 300,000
00,400 J. & J.
8
Central.".
100 2,000,000
336.900 J. & J.
8
"7
Chase
100
300,000
41,200
Chatham
25
450,000 141,000 T.&J. "9
"6
Chemical
100
300,000 3,251.700 Bl-m'ly 100
100
Citizens'
25
600,000 159.000 J. & J.
6
100 1,000,000 1,488 200 m.&n
10
jo
Commerce
100 5.000,000 2.604,100 f.& J.
6
8
Continental
100 1,000,000
142,900 i. & J.
Corn Exch'ge*. 100 1,000,000
791.600 F.&A. 10
id
East River
65 000 j.& j.
25
250,000
6^
3k
11th Ward *-.... 25
100,000
11,800 T. & J
Fifth
100
150,000
40,500 J. & J. id • "0
Fifth Avenue*. 100
100,000 190.7' 0
First
100
500,000 3.958.500
12
12
Fourth
100 3,200,000
923,200 r. & J.
6
6^
Fulton
30
600,000 406,100 m.&n. 10
10
Gallatin
50 1,000,000
67tt,7oo A.& O
7
7
German Am.'
75
51 100 F. & A
750,000
German Exch.» 100
53,50;
200,000
*6
May.
"'5
Gennania*
100
54,100
200,000
6
Greenwich*.... 25 200,000
17,80.. \i!&n
7
"0
Grocers*
30
23,700 r. & J.
225,000
3
Hanover
100 1,000,000
183.3';o J. & J
7
'7
Imp.& Traders' 100 1,500,000 1,735,200 1. & J. 14
14
Irving
50
500,000 127.100 r. & J.
8
8
Island City*... f,0
7.200 jv & J.
100,000
6>*
3
Leather Manuf. 100
600,000 432.400 j. & J. 12
11
Manhattan*..
50 2,050,000 1,015 900 p. & a
8
s
Manuf. & Mer.* 20
100,000
9,400 J. & J.
Marine
100
400,000
100.800 J. & J.
Market
100
500,000 274 800 J. & J.
"7
Mechanics'
25 2,000,000
9
916.900 J. & J.
8
Mech. Assoc'n. 50
500,000
83.00U m.&n.
2
2^
Mech'ics & Tr. 25
300,000
87.900 m.&n.
7>s
Mercantile..... 100 1,000,000 220,90') m.&n
6
"6
Merchants'.
50 2,000,000
671,100 J. & J,
7*
Merchants' Ex. 50 1,000,000
153,700 J. & J.
6+6
Metropolis*.
100
56 400 J. & J.
300,000
Metropolitan
100 3,000,000
792,000 J. & J. id
id
Murray Hill *.. 100 100,000
75,600
12
Nassau*
100 1,000,000
m'.&n!
58,800
6
5
New Ycrii
100 2,000,000
J & J
689,900
7
T4
N. Y. Count*.. 100
200,000
66,000 T.& J.
8
8
N. Y. N. Exoh. 100
800,000
77,900 p. & a.
8
8
Ninth
78,500 J. & J.
100, 750,000
3
No. America*.. 70
700,000 105,500 J. & J.
6
North River*.
30
77 9f0 J. & J.
240,000
Oriental*
25
300,000
167,700 J. & J. 1 i
io
Pacific'
50
422,700 214.300 Q-F. 12
10
Park
100 2,000,000
255.900 j.&j.
6
6
People's*
25
412,500 120,000 j.& j. 10
8
Phenlx..J
20 1,000,000
174,100 J. & J.
6
6
Produce*....... 50 125,000
51,100
Republic
100 1,500,000
374,100 f.&a
"6
St. Nicholas... 100
eoo.coo 117.300 F.&A
6x
8eventh rtard. 100
53,300 J. & J
300,000
3
3
Second
100
74,000 J. & J
300,000
10
9
Shoe & Leather 100
172.SOO J. & J
500,000
10
10
Sixth
100
200,000
46.300 J. & J
7
0
State of N. Y.. 100
800,000 244,300 m.&.n
7
7
Third
100 1,000,000
52,309 J.& J
3
3
Tradesmen's... 40 1,000,000 266 200 J. & J
0
714
Union
50 1,200,000
685.690 m.&n
10
8
West Side'
100
200,000
30i,?(.0 J. & J
8
8
£lty
....
*
'
ci-j'.'
.
'
...
.
'
..
•
.
•
•
.
.
•
•
•
•
...
'
*6h
»
ot
Se£&& aate 0ct-
.
•
•
Bid.
Ask
July,
Nov,
july,
July,
July,
July,
*79.
'79.
'79.
'79.
'79.
3Hj
3
American
'79.
3H l09>s
American Excb
145
112
3
5
8
1154
Sept. '79. 3
July, '79. 3
Amity
121
Atlantic
Nov.
79.15
'uly, '79. 8
Nov., '79. 5
July, 79. 4
136
iuy, 79. 3+*
'79.
5
Au<.
July '79. 3^
/ uly '76. 3
July '79. 3
Bowery
Broadway....,
Brooklyn
Citizens'
City
Clinton
Columbia
Commercial
Continental....
Eagle ..4.
Empire City....
Exchange
Farragut
Oct., -79. 5
July, *79 3
108
Nov, '79. 3va
Oct., '79. 4
iko
au?
'79. 2H
May '79. 5
N«,v
'79. 3
May
3
3
lau.,
/uly,
lu'y,
July,
Fireman's
78.
July, 79.
Aug. 79.
luiy, '79.
3
4
July, '79.
Firemep's Fund
Franklin&Kmp
3
German-Amer.
Germauia
100
Globe
Greenwich
Guardian
Hamilton
Hanover
Hoffman
Home
3H
2%
luiy,
luiy,
Nov,
Juiy,
Brhbklyn
Par.
Gas Light Co
25
20
Citizens' Gas Co (Bklvn)
do
bonds
1,C00
106
Hope
*79. 3>f>
'79. 4
135
'79. 2
75
'79.
May, '79.
July, '79 m 125
Howard
Importer8'& T..
Irving
Harlem......;
Jersey City & Hoboken
50
20
50
100
V^r.
100
Manhattan
!.
Metropolitan
ao
certificates
Mutual, N. Y
do
Nassau,
bonds
1,000
Brooklyn
do
25
Ya
100
10
scrip
New York
.
People's (Brooklyn)
do
do
bonds
do
do
certificates!
Central of New York
i...
1,000
Yar.
50
50
Williamsburg
do
scrip
Metropolitan, Brooklyn
Municipal
do
bonds
-
Yar.
........
100
100
.*
90
Kings Co.(Bkn)
Knickerbocker
'79.
;64
'79. 3+$
'79. 4
133
135
'79. 6
Lafayette(Bkn)
Nov.
'79.
Lorillard
Lamar.. .*
Lenox
LongIsl.(Bkn.)
78
135
V*
July, '76.
July, '79. 4
Atg '79.
July, '79. fi
July, '77.
82
July, '79.
July, '79. 4
Nov, 79. 2%
H.ly,'79. 3 115l4
July, '79.
Jan., '79.
104 1034
luiy, *74. 34
aut. '79. 34
118
5"
fi
Aug. '79.
July, '78. 3
July, '79. 4
luiy, '79. 4
July. 79. 3
Nov, '79.
Jan., '78.
107
126
I* 112
July, '79.
Nov, '79.
July. '79.
117
4
6
149
banks, and
Broadway db Seventh Ave—stk..
1st mortgage
Brooklyn City—stock
1st mortgage
)rtgag<
Broadway {Brooklyn)—stock...
Brooklyn db Hunter's Pt—stock.
1st mortgage bonds
Bushwick Av. (Hklyn)—stock..
Central Pk., N.db E River—stk.
Consolidated mortgagebon"s.
Christopher dc Tenth St.—Stock
terry—stock
'1,500,000
M!&'N.
.
1,800,000 J.
1,000 1,200,000 j.
1,000
100
500
100
3
Aug., '79
34 A ug '79
14 Juiy, '79
.
100
100
7
♦This column shows
t Also 6 per cent extra.
1S97
34 July, '79
3
2
Au<., '79
July, '79
34 July, '79
May, '70
Ju. e,'79
8
188S
650,0' 0
250,000
1,200,000
900,000
1,000,000
203,000
748,000
238,000
600,000
200,000
250,000
500,000
& J
& n.
J. & J.
*
Oct
Ju y,
15
20
00
95
145
fi July.
'79
Dec. 1902
'
'iS98 "
2
7
Nov. '79
Q-J.
r
July, "79,
7
Ju> e,
'93
Jan.. '8J
Nov. '79
Apr., '93
85
52
100
40
85
100
105
150
100
160
110
J. & J.
1,199,500 Q.-F.
July, '94
Apr., '78 374
Apr '85 95
May, '88 85
Sept..'83 75
00
10
87
,
May, '77i 15
_
_
July, '90 105
Aug., *79 125
July, '901101
2,000,000 Q-F.
600,000. J
& J.
250.000- M.& N.
Aug. '79 100
Mftv
of
'08 103
•
200,000
1,000,000
300,000
200,000
200,010
200,000
204,000
150,000
150,000
200,000
1,000,000
500,000
200,000
8+g
July, ;78, 5
July. ,78
July. 70, 8h
.
Ju y,
Jan.,
147,083
8£2,547 io"
703,104
1-24,936
339,629
28,078
127.694
639,569
56,883
1,179,504
200,000
250,000
200,000
150,000
200,000
200,000
200,000
203.802
119,904
240,935
179.803
38,280
153,200
98,541
165,652
200,000
210,000
200,000
200,000
300,000
500,000
350,000
200,000
104.695
200,000j
304,366
133,855
21,126
22,054
454,283
114,976
400,203
102,046
108,687
104,055
497,251
200 000
150,000
150,000
1,000,000
200,000
200,000
300,000
24,638
200,000
200*000
193,078
46,''949
200.000
200,000
200,000
800,000
200,000
200,000
300,000
250,000
300,000
250,000
23,325
160 272
148,074
34,310
143,401
106,523
210,962
101,565
403,362
io"
lb"
30
20
40
22
10
30
7
10
20
10
10
10
10
12
12
13
10
20
10
20
10
10
20
10
12
20
30
20
10
20
18
20
14
20
17
June
4'g.
Ju y.
Ju y,
aug.
July.
July,
.
•
Ju y,
Oct.,
Ju.y,
Aug.
July,
July,
July.
July,
July,
July,
July,
Ju y.
Ju y,
ju y.
10
10
10
10 ■
10
10
20
5
16
10
10
16
10
11
12
14
10
30
20
20
20
10
10
20 *
16
20
12
25
20
16
10
20
20
20
14
n'ne
io" 10
n'ne
10
12
11
12
11
10
30
20
30
20
20
12
20
20
20
20
18
12
20
20
15
3k n'ne
10
10
10
10
5
13
12
10
25
20
20
15* 18
16
10
10
9
uk 12i85 0-23
15
17« 12&
10
10
10
20
10
14
25
20
10
16
10
12
10
10
10
20
20
20•
Jan.,
Sept.
luiy,
.
5
4
...
185
7y
180
8
70 .10 170
'70, 10 100
115
70, 5
'79 5 115
50
'77 5
'79 .10 113
'79 .6-83 170
'79 5 175
07
'70 5
'79 5 100
115
79
'7y 33t» 93
45
'77 5
"70 5 104
120
'79 7
'79 5 135
*79 7 1"0
107
'79 5
'79 7* 250
'79 3* 65
120
j9
.
.
•
.
.
'70
'79 15
'79 5
'79 5
'79 3*.
'79 5
'79 5
'79, s*
*70 5
'79 .10
155
+5
125
.
5
.
.
.
•
*198
55
120
175
190
105
107
125
100
•
•
•
130
140
175
.
.
•
'79, 5
'79, 6
'79, 4
'79,,10
'70, 6
'79,.10
'70, 6
'79 5
,
July,
Oct.,
July,
July,
July,
Juiy,
July,
Jan., '77, 3 m
July, '70, 5
July, '79,
Ju y, '79,
July, '79 10
.
60
50
123
.
100
105
108
180
109
115
.
100
.
.
.
.
:!*
65
100
150
110
70
Julv, '79 8
Aug. '79 5
ji ly, '70, stf 110
July, '79, iau^. '79, 3^ 70
.
,
Ju'y, '79.
,
5
'79. 5
112
100
5
'79, 5
123
July, '70. 10
105
Juiy, '79.
70
125
163
01
127tf
97
100
60
125
160
55
120
05
80
120
65
133
100
155
160
75
120
115
.
Aug
•
55
.
.
J11 v,
• •
70
200
200
.
.
.
•
.
July, '79 6
Ju y. '79 5
July, '79 5
July, '79 5
Jan., '79 5
July, '79 6
July. '79 5
July, '79, 10
Juiy, '79 10
July, '79 5
July, '79 5
Juiy, '79, 5
Ju y, '79 .10
ioo
July, '79 5
July, '79 5. 155
110
Aug '79 5
iS*
•
•
.
Jau. '79
Jan".',
•
.
.
Ju y,
July,
.
'65
.
July.
July.
July.
July,
Jan.,
Jan.,
10
10
79
77
40
55
125
95
50
,'78 .105
July.
—
30
20
40
10
200,000
20
150,000
10
500,000
10
200,000
10
3,000,000
569 10
150,000
94,260 12
500,000
86,070 12
200,000
7,453 10
200,000
200,010 +288,638 10
188,040
20
150,000
3,420 10
280,000
143,113 20
150,000
93,141 10
200,000
35,537 10
150,000
260,704
20
200,000
300,000 ^31,194 10
200,000
5
14
10
n'n *
10
20
20
20
30
163.191 20
17« 10*72
145,144 20
12
18
1,422 10
5
n'ne
100,780 25
18
25
)
1,040,755 11-4j 1250 13 40
531.670 30
20
20
80,008 14
14
10
105,240 20
15
10
135.882 15
15
15
68,253 15
10
12
10
10
n'ne
73,673 12
11
12
105
70
139
*65
125
105
90
130
70
140
105
170
•
t
••
85
130
165
109
165
120
70
60
110
206
115
*00
i«5
126
113
80
116
105
128
110
Over all liabilities, Including re-insurance, capital and scrip,
t Inclusive o
Figures with a minus sign (—) Indicate extent of impairment.
New York:
Water stock
1841-68.
Croton water stock.. 1845-51.
do
do
..1353-60.
Croton Aqued'ct stock. 1865.
do
pipes and mains...
do
repervoir bonds
Central Paik bonds. .1853-57.
do
..1853-65.
no
Dock botfds
1870.
do
1:75.
Market stock
1865-68.
5
5
6
6
7
6
5
6
7
6
7
6
7
0 g6
Improvement stock.... 1869
do
ao
•••
115
135
103
1»3
105
maturity of bonds.
....1869.
Consolidated bonds.....var.
Street imp. stock
var.
do
do
var.
New Consolidated
Westchester County...
Conscllaatel
Asse3 meet
7
6 g.
7
5
5
*...
Months
Price.
Payable.
Feb., May Aug.&Nov.
Bouds
due.
Bid. Ask.
100
104
104
106
110
109
108
108
1901
123
107
1898
1894-1897 118
107
1889
1879-1890 102
1901
113
1888
102^
1879-1882 102
113
1896
118
1894
105
1926
102
1884
1880
1890
1883-1890
do
1884-1911
1884-1900
May & November.
Feb.,May, Aug.& Nov. 1907-1911
do
do
1898
do
1895
do
do
do
do
do
do
May & November.
May & November,
do
do
do
do
do
do
do
do
do
do
January & July,
do
do
Quarterly.
May & November.
101
105
107
112
124
112
109
109
128
109
119
108
116
115
105
105
115
119
106
103
[Quotations by N. T. Bsekb, Jr., Broker, 1 New St.]
*
170
115
101
20
90
45
100
90
80
Nov.'1904
M.&N.
250,000
300,000
10
15
15
10
4
10
20
20
20
20
Bid. Ask.
INTEREST.
iid
25
Montauk (Bkn)
Nassau (Bklyn)
National
374
n. y. Equitable 35
New York Fire 100
n. y. & Boston 100
New York City 100
50
Niagara
North River.... 25
25
Pacific
100
Park
Peter Cooper... 20
50
People's
Phenix (Bklyn) 50
100
Produce Exch.
50
Relief
100
Republic
100
Kiagewood
25
Rutgers'
100
Safeguard
St. Nicholas.... 25
Standard
50
Star
100
100
Sterling
25
Stuyvesant
Tradesmen's.... 25
United States.. 25
Westchester... 10
Williamsb'g c. 50
210,000
Last Paid.
.
200,000
4,877 10
200,000 -10,944 25
400,000 +460,19. 15
200,000
68,828 10
200,000
8
200,000
10
300,000 398,757 20
200,000 £98,201 20
153,000
197,692 20
300,000 483j81 20
Rate.
024
224
.
1876. 1877. 1878.
City Securities.
100
102
55
101
45
95
105
110
Mercantile..
Merchants'
1879.,*
Amount
[Quotations by Daniel a. moran, Broker, 27 Plus Street.]
,
Arr.. 79 95
1888
100
Mech'ics'(Bkn)
*
791 074 70
'84 108
105
34 Aug, 79 140 150
7
Nov., '8'.) 1102 110
3
O t
'79 1374 150
3
7
Manuf.& Build.
Manhattan
Mech.&Trad'rs'
25
100
50
100
100
50
25
25
17
20
70
100
30
50
100
40
100
30
50
17
10
10
100
100
50
50
25
100
15
50
50
100
25
50
50
100
30
20
40
50
100
25
50
25
100
100
25
50
50
50
50
50
Price.
July 1,
scrip.
,
Q-F.
j.&n
149
118
101
55
104
65
100
00
35
100
100
60
80
95
90
150
110
68
105
45
1
*79
7* jJuIy,
(J'ly,1900i
a.&o.
J. & J.
M.&N.
a.&o.
»<4 co io
65
100
37
135
140
110
93
50
10j
60
95
s5
30
90
90
50
to
90
80
145
106
Broadway.]
1,000
last dividend on stocks, but the date
^
1882
July, *79
34 Nov, 79
May, '79
34 Jan.. '70
1,000 2,000,000 J. & J.
..
Feb., '78
3'
1
'79 130
July, '7A
i*
Ju- e, '79
5
1,000
150,000 A.&O.
1.000 1,050,000 M.&N.
500&c.
200,000 a.& <>,
J00
750,000 M.&N.
1,000
415,000 J. & J.
1st mortgage
third Avenuestockf
1st mortgage.
Nov.
'79
V Jnly,
1898
,
•
Bid. Ask.
*
•«•»•••■
100
...
hecond Avenue—slotik*
3d mortgage...
Cons. Convertible
Extension
metft Avenue- stock
1,000,000 Quar.
1,000,000 J. & J.
1,000,000 M.&N.
100
100
mortgage
Houston, West st.dkPavJPy—eVs.
1st mortgage
mortgage
Quar.
F.& A.
Var
M.&N.
M.&N.
J. & J.
M.&N.
J. & J.
p.& a.
900,000 J. & J.
604,000 J. & J
100 2,100,000 Q-J.
1,000 1,500,000 J.&D.
10 2,000,000 Q-F.
1,000
300,000 M.&N.
100
200,000 Q-J.
100
400,000 A.&O.
1,000
800.000 J & d
100
500,000
1,000
1st
Itpenly-ihird
Street-etocK,..
1st
|3 .& S
100
.........
1st mortgage
Central Cross 2own- stock.
J. & J.
,M.& S
1,000
Dry Dock, E. B. db Battery— stk
100
1st mortgage, cona'd
500&c.
Eighth Avenue—stock
100
1st mortgage
1,000
2d St. <t Grand St
Date.
w
5
L. Grant, Broker, 145
Bleecker St.dk Fulton t err*/—stk.
1st mortgage
Bouds.......
4,000,000
2,500,000
1,000,000
5,000,000
1,000,000
1,000,000
700,000
4,000.000
1,000,000
300,000
300,000
466,000
750 000
[Quotations by H
Var.
Var.
..
July,
July,
Juiy,
July,
Amount. Period.
315,000 A. & U.
1,850 000 P.& A.
750,000 J. & J.
.
Jefferson.......
•«|....
2'I879' ,or the
2,000,000
1,200,000
..
Firemen's Tr
'79.
'77.
79. 3^
79. 7
79. 4
Jan.,
Adriatic
^etna
Dividends.
Surplus,
Companies.
Par.
Gas and City Railroad Stocks
and Bonds.
EGaB Quotations by George H. Prentiss,
Broker, 24 Broad Street.]
Gab Companies.
Capital.
0
Brooklyn—Local iin ir'em'i—
City bonds
7
7
do
Park bonds
Water loan bonds
Bridge bonds
Water loan.
City bonds
Kings Co. bonds
do
;
do
■
Park bonds
Bridge.,
Brooklyn bonds flat.
•All
7
7
7
6
0
7
0
Ja luary & j uly.
do
do
jo
do
do
do
do
do
do
do
do
do
May & November.
do
January
do
do
&
Jnly.
do
1870-1880
1881-1895
1915-1924
1900-1924
1904 1912
1899-1905
1881-1895
1880-18*3
1880-1885
1924
1907-1010
101
102
121
103
111
125
120
120
110
124
;T
111
101
109
100
125
113
108
107
133
113
[Quotations by c. Zabbiskie, 47 Montgomery St., Jersey City.]
Jersey City—
Water loan ,long..
do
1869-71,
Sewerage bonds... ..1866-60.
Assessment bonds...1870-71.
Improvement bonds
1868-69.
Bergen bonds
January & July.
January & Juiy.
98
103
jnnu^rr <*ud .In'-
96
06
95
97
1895
96
1890-1902 100
1878-1870 92
Jan., May, July & Nov. 1878-1879 02
j. a j. and j * d.
1891-94
92
do
do
1900
95
December
THE CHRONJCLE
6f 1879,]
607
j having
before the first of October, 1880, contracts for its
been made since the close of the fiscal year.
JUwcstweuts
completion
The report says : " The credit of the corporation has been
steadily improving ; an issue of $1,250,000 of bonds ? which a
STATE, CITY AND CORPORATION FINANCES.
year ago could hardly have been sold at 90 having been taken
by bankers in Boston, after active competition, at 106*89. These
bonds are to be issued as the work on the unfinished portion of
The Investors' Supplement is published on fltie last Saturday
the road progresses, and will supply the means for its comple¬
of each month, and furnished to all regular subscribers of the
Chronicle.
No single copies of the Supplement are sold at the tion to Brewster's, and for adding to equipment of the road.
"We have continued to operate the Norwich & Worcester
office, as only a sufficient number is printed to supply regular
Railroad
AND
One number of the Supplement, however, is bound
up with The Financial Review (Annual), and can be purchased
subscribers.
in that
shape.
(under a temporary arrangement terminable at short
notice), with some loss to this company, mostly attributable,
we think, to the very low rates of freight and passenger busi¬
between New York and Boston."
*
*
*
,
The expense of most of the improvements, with $40,000 for
steel rails and $14,000 for new iron (the actual amounts are
$110,000 steel rails, $54,000 new iron, but they were largely paid
for by old rails), have been charged to operating expenses, as
have also repairs of bridges, including eight bridges, new and
ness
"
ANNUAL
New York Lake
REPORTS.
Erie & Western.
(For the year ending Sept. 30,1879.)
*
*
*
*
meeting of the Erie directors on Thursday the old renewed, costing $49,000."
To whatever cause we should attribute the advance in the
were re-elected, including President Jewett. and VicePresident Blanchard. The officers of the road prepared for market-price of the stocks and securities of the read, stock¬
publication a brief summary bf the report read at the meeting, holders will remember that it lays at least one new burden
and declined to give out anything more. From the figures directly on the corporation's treasury—that is, it greatly
thus supplied, and from the company's reportof last year, the increases taxation—from $10,000 last year to some $40,000 this
statement following has been compiled :
year (not fully shown in our report, because the tax and fiscal
1877-78.
1878-79.
years do not coincide), and probably much more hereafter, as
Gross earnings
$15,942,022 the Berdell bonds are converted into stock."
$15,644,978
At a
officers
"
•
Working expenses
Net
earnings
Earnings from, otlier sources
,
10,635,863
11,174,698
$5,009,114
$4,767,323
437,445
$5,204,769
Total
Less interest
on
funded debt, rentals and otlier charges
3,888,664
$1,316,104
Actual net surplus
The brief report says -that this surplus, together with
$2,036,109 received from the trustees for the improvement of
property, has been expended in double-track, third rail,
buildings, equipment, and other improvements. The working
expenses have been 70 per cent of the net earnings, but when
the enormous increase of tonnage for the year and the
extremely low rates received for carrying it are considered, it
will be found to compare favorably in point of economy with
previous years ; indeed, the cost of movement (56-100 cents per
ton per mile) is lower than ever before in the history of the
roaa.
The increase in the merchandise tonnage over the pre¬
vious year was 501,952 tons, and in the tonnage movement (or
tons one mile) 111,366,728 tons ; but notwithstanding this, th
earnings therefrom fell off $758,710 because the average rate
received per ton per mile fell from 1*02 cent in 1878 to 85-100
the
INCOME AND EXPENSE ACCOUNT FOR THE YEAR ENDING SEPT.
From
From
From
From
From
From
total earnings increased only $318,991,
rate received per ton per mile having
cent in 1878 to 78-100 cent in 1879.
The increase in expenses is caused by
owing to the average
decreased from 97-100
the increased tonnage
and tonnage movement; but because of this very fact, as well
as the large amount of work done by the usual repair force of
the road, and embarrassment incident thereto while conductin
such a heavy traffic, the average expenses per ton per mile fe
off from 67-100 cent in 1878 to 56-100 cent in 1879.
As to the ridiculous report lately circulated on the stock
market that this company was unable to meet its interest
about to fall due, it is well known that the second consolidated
!
freight
express
1,058,722
57,121
and extra baggage
25,013
mails
4,436
passenger-car service
rent of buildings and lands
38,024— $1,971,536
,...
Expenses.
Total
$709,205
299,731
349,650
70,803
1,429,391
operating expenses.
Net income above operating expenses
Amount paid other companies as rent for use
Net income above
roads
Taxes
$542,145
$482,744
$17,791
$229,525
279,721
32,405— 261,930—
$203,023
Balance for the year, or surplus
Balance at commencement of the year.
Total
59,400
of road
operating expenses and rent of other
Interest—Paid on first mortgage bonds
Paid on sundry loans
The increase in coal tonnage over
cent in 1879.
The increase in the total tonnage was 2,062,173
tons; in the tons moved one mile, 344,458,699 tons; while the
$788,216
passengers
Maintenance and movement expenses
Passenger traffic expenses.
Freight traffic expenses
General traffic expenses
cent in 1879.
the previous year was
1,560,221 tons, and in the tonnage movement (or tons one mile),
233,091,971 tons. But notwithstanding this, the earnings there¬
from increased only $1,076,731, because the average rate
received per tonper mile fell from 79-100 cent in 1878 to 64-100
30, 1879.
Income.
201,721
$404,744
surplus September 30,1879..
GENERAL BALANCE SHEET SEPT.
30, 1879.
Dr.
To railroad equipment and property, as represented by B.
H. & E. RR. "Berdell bonds"
To underlying liens, paid to obtain possession and perfect
title, and new construction and new equipment added by
the New York & New England RR. Co
To supplies and material on hand
To balances due from connecting roads and individuals
To cash
$20,000,000
5,294,202
105,164
103,765
68,904
$25,572
Total
Cr.
By capital stockAmount actually issued
...
"Berdell bonds," entitling
holders of same to stock in the New York
$6,136,000
B. H. & E. RR.
By
By
By
By
By
By
By
& New England RR. Co.....
first mortgage 7 per cent bonds, due 1905
mortgage note
13,864,000—$20,000,000
4,708,000
125,000
176,512
notes payable
3,535
53,506
100,737
404,744
interest unpaid
balances due connecting roads...
cash receipts on October account
profit and loss
only begin to draw interest from December 1, 1879, and
in each of the next
Total
$25,572,036
$3,987,878; in 1881,
$4,229,678; in 1882, $4,229,678;"""in 1883, $4,258,080; in 1884,
$4,314,884.
GENERAL INVESTMENT NEWS.
York
&
New
New
England.
Atlantic & Great Western.—This railroad will be sold in
(For the year ending September 30, 1879.)
Akron,
O., on the 6th of January, 1880, under foreclosure pro¬
The annual report supplies the following information :
ceedings.
The date was fixed in pursuance of telegrams
The gross receipts of the roads operated by the company, not
the completion of the reorganization syndicate in
announcing
including the Norwich & Worcester Railroad, have been—$1,971,536
London. An advertisement of the reconstruction trustees fn
The operating expenses, including taxes, rentals, and cost of
steel rails purchased during the year, and of several bridges
London, dated Nov. 20, states that " an order for sale has been
was
1,506,583 made
by the respective courts in Ohio, Pennsylvania and New
a sale of
the whole property. Arrangements have
York
for
Showing net earnings, applicable to interest, &c
$464,953
This result involved the carrying one mile 36,654,669 tons of
been made for the entire discharge of the Ohio mortgage, and
freight at an average revenue per ton-mile of
0 0280 the reconstruction of the company at an early date, liie sale
36,158,951 passengers at an average fare per mile of...v..
0*0215 is
expected to take place early in January next, which will be
These figures include the earnings of the Hartford Provi¬ forthwith followed by the formation of the new company.
dence & hishkill Railroad, which has been acquired by this Under these circumstances, the trustees (not desiring to shut
out any bond or share holders) hereby give final notice that
corporation
during the past fiscal year.
The bonded debt has been increased by the payment of the
deposits of securities will be received only up to and inclusive
mortgage bonds, interest and trust indebtedness, of the Hart¬ of the 15 th day of December next, on payment of the rate of
ford Providence & Fishkill Railroad, amounting to $2,815,186, assessment fixed on the 1st day of July, 1878, viz.:
and by the payment of $749,863 of bonds and coupons secured
£4 for each first mortgage bond of 1,000 dc liars.
£2
"
second
"
?
*
by mortgages on the other divisions of the property, of which
£1'
"
third
«
«
'<
.
last-named obligations there yet remains outstanding about
£2 per cent on reorganization (1870) stoob.
$60,000 with the accrued interest thereon.
28. per share, or 1 dollar per cent, on the preferred and common stock.
The plans for the extension of the road as far as Brewster's
All bonds and stock not deposited by the day named will be
Station, where it connects with the Harlem Railroad, are now
matured, and the directors confidently expect through trains absolutely excluded from the benefits of the scneme. -v.?," ■
The amounts deposited up to the present time are as followsi
from Providence and Boston will be running to that point
bonds
the whole interest charge of the company
five years will be as follows: In 1880,
•
-
.
608
THE
Total
-
•
Third mortgage
Total
deposited. Ain't atlll
^eo^o?
27,076,978
28,784,000
CHRONICLE.
[1
out.
....
$55,943,200
...
receiver to
1,707,022
^f«f^^S?Mr8tock
Common
non'oAo
in
h
9
stock.20^000,'ooo
11,536,231
81463',7 69
30,000,000
18,982,374
11,017,626
$86,355,700
$72,732,202
$13,623,498
Grand total
jssz
s
organized the
Savannah
have filed the
necessary
Cincinnati
beyond
its capacity, and obliged the
tax^&eforlinefive
contract
locomotives. As Mr.
King says:
improved condition of through freight is
Terjr interesting, and in the highest degr ee
important. The rate
per ton on east-bound freight increased from 77 cents in
July
to 94 in August, to f 1 25 in September, and to $136 in October."
The advantages of this improvement to the
road in his charge
are fully
in
*2.5ij9.372
r^o'o?2
2fr'?SS
to the Marietta &
" The effect of this
-t—
$53,383,828
large and regular business
&
road- wh,ioh
-
Total.
fVot. XXIX.
explained the Receiver's report. He says
" Probablynorailroad in the United States does
:
larger
a
sg.
gasatgi
?f
Florida & Western Company, and
certificates
The caoital stock of the
whf18
t\roufh
^
imPortanc« that through
rates should
lfc }a}¥™to™ °f
be maintained at
fairlyremunerative standard. It will not be contended that
the
to mortgages amonntmg to $2,710,000.
J
average rate of $1 36 per ton from Cincinnati to
disBelpre,
a
Chicago & Northwestern.—The directors of the Chicago & tance of 195 miles, or seven-tenths of one cent per ton per mile,
which is about one-third less than
Northwestern Railway, on Thursday, declared a
governed from 1869 to 1873,
quarterly dm- ia too much, or that it is
oppressive upon trade. We find, hown.4
Per cen^ 011
preferred stock, and a half-yearly
ever, with such rates, together with an active local
dividend of 3 per cent on the
common, both payable on the the road
trade, that
earned gross in October $241,864, and
26th instant to stockholders of record on the 13th.
The state- excess
$101,032
in
of working expenses, a sum
ment for six months
greater than for any one
ending November 30 was submitted, with m0nth in its
history."
earnings and expenses of November approximate. The net
At the date of the
receivership only one mile and a quarter
earnings of the half-year show a surplus of $2,473,567 over and of 8teel rails
were on the tracks between
above interest, rentals, &c., against
Cincinnati and Belpre.
a surplus of $1,614,410 in Since
that date 6,977 tons have been laid
1878, an mereasethis year of $859,157. The
following is the chased and to be laid before the close and 2,000 tons purstatement, omittmg cents :
of the present year,,
I making a total of
chicago & northwestern railway
ninety miles in steel. The road is in better
half-yearly statement, with
order than at any previous period;
ea™ ano expenses of
It has paid one divinovember, 1879, closely approxidend q£ 35 per
qf ^
pay
1879.
1878.
1879.
of like amount during the
Gross earnings
present month. The first mortgage
$9,204,045 $7,932,838 Inc. $1,271,207
coupons due August 1, 1877, were paid in
Operating expenses
April, 1878, amount$4,113,704 $3,804,270 Inc. $309,434
Ann Ann
on^aJ
arJA
KI2EE2T .^nntint^TvTnnn
a
.
anm
^othev
ing to $122,598.
Memphis & Charleston.—A dispatch from Memphis, Tenn.,
$4,213,945 $3,892,633 Hnc. $321,312 Dec. 4,
Net earnings
says that at the annual meeting of the stockholders of
4,990,099 ; 4,040,204 Inc.
949,894
Deduct interest on bonds
& Charleston Railroad held on
Memphis
$1,647,264 $1,626,934 inc.^
$20,329 ville, Ala., the railroad was leased for 20Tuesday, at Huntsyears to the East
K^ntifaeedro^ds::;:;::::::;: 77i,'i47
700,739 Inc.
70;407 Tennessee Virginia & Georgia Railroad, and that the lesseesguarantee a payment of 7 per cent interest on
$4,225,000 worth
$2,516,531 $2,425,794 Inc.
$90,737 0f bonds of the leased road.
Net profits six months
Taxe8
88^363 inc.
—
•
2,473,567
Deduct l \ per cent on preferred in September, 1879..
Net Dec. 1,1879
Deduct—
1% p. c. on pref. stock, deolared Dec. 4,1879
1,614,410
Inc.
859,157
.
..
Mobile &
*
^096*25
balance of
376,642
-
from
J debt
St.
equal to 7 per
the
was
stock is held in
thi»
owned
Total....
The surplus of the fiscal year
ending May 31, 1879, as
shown iu last annual report, was
A dividend of 3 per ceut on the common stock
was declared
from this surplus, on December 4,1879
—.........
$2,473,567
—...
-
449,475
..
„
use
*oi
.
.
WW®4 I
This road has obtained the
of the Cameron branch of the Hannibal & St.
..
„
,
..
T
oi'S
?aS7Te'riJU'n<>D31,1879.
The Baltimorer°o
,
Tr.
fomsaev1116
ignu8
T
^
.
October
'
,
summary
of this report,
following: Smce the appointment
ha.ve amounted to $3,820,971 and
leaving an excess of earnings over
working expenses in that period amounting to $802,754. From
this is to be deducted the
followmg expenditures:
from which we extract the
of the receiver the
earnings
the expenses to $3,018,216,
Rent^ncVnnati & Baltimore *road//.V/////. .V.V.*.* * V. $260,5*2i $113'812
BaUtofore ShoroLtoe "road!
Fm- rent of
Kent of track paid
\
Q,
.
.
Indianapolis Cincinnati & Lafayette Co
at Cmcinnati...
Hocking Valley RR. (Portsmouth Branch).
elsewhere than
, «o c«o
_292|533
9,588
Pent of depot and grounda leased
Couponsof Scioto &
Bent of land
98,635
41,825
Cincinnati upon the line of the
road, and misoeUaneous items
Louis
$737 082
rents
The report, after
quoting the text of previous exhibits of the
policy by which its traffic
operations were regulated, shows that while in 1868 the average rates for through freights was $2 90 per ton, it
gradually
company, in order to show the
f^^pr fit
i?ly'
*U0W M V ?ents
P**10? for
J'pff
the
effects
JgL?fpH
of the repeated failures
n^
8
k> " pool" rates
upon
nf
of
W
•
\r
f«
v
.«
«
m
road'.
96 J°r
m thisPa/in?
country. The
England.
The road extends.
The bonded
Railroad.—The Lincoln
grade and bridge 6 miles
road to their coal fields, and
present the same to the St.
Louis Hannibal & Keokuk Railroad
Company, and furnish 200
coal car loads of coal per
day for 21 years at fair rates of trans^
Toledo Wabash & Western.—A despatch from Peoria, 111.,
Dec- 4,
says : "Articles of incorporation of the Toledo Wabash &
Western
Company
been filed in the Recorder's
0fi;ce. The capital stock is
$3,000,000,
divided into $100 shares,
The object of tie new
corporation is to purchase the Toledo
peorja & Warsaw Railroad, which is soon to be sold under
foreciosure 0f mortgage. The
a
the road of which he was receiver. "
Rates," he says, « were
hardly restored before they were broken, sometimes
by the
£ailway
ha7e
incorporators
II
McGregor AdanSi, Alexander J.
Honking nf
"
UI
mi.
n
-
.
are
John Crerar, J.
L&th, John Hall Dow, and A. L.
—The attention of investors is called to the first
mortgage
7 per cent bonds of t]le st<
Hannibal & Keokuk RR. Co.,
^ue jn 1917 now offered for sale by
Messrs. Amerman & Bnrwell, bankers, 16 Broad street, New York. This road runs
from Hannibal to St. Louis.
About fifty miles are now in
.
.
m
.
..
■
,
,
operation, with a balance of fifty miles to build, a portion of
which js now graded. This roaa runs
through a section of the
country containing coal and other mineral products, besides
mating a connecting link with Hannibal & St. Joseph, Chicago
Burlington & Quincy, Missouri Pacific,
Valley A
Western, Missouri Iowa & Nebraska, DesMississippi
Moines valley, BurUnSton & Missouri, and Burlington Cedar Bapids & Nebraska.
—Attention is called to the card of Messrs. Sheldon & Wadsworth, No. 10 Wall street, New York. This firm is among the
most favorably known bouses in tbe
street, its members having
been connected with the New York Stock
Exchange for a numhpr nf v^rs
TIip firm
hpsi^pa it« rpo-nlar h«nkin<r «nd
P
years. lhe nrm,
Desiaes its regular Danking ana
| brokerage business, now offers attractive railroad securities to
,
11,820
^showing that the net earnings, after deducting taxes and
daring the period stated, were $65,672.
h^v,
|
qq a
Railroad, leading into Kansas City. For Hie use of thisJoseph
piece
joi road, some 53 miles m length, the Rock Island Company
Agrees to pay 7 per cent upon one half of the estimated value
of the property, which has been fixed at
$20,000 a mile, and
one haft of the cost of
maintenance of the road. In addition, it
will pay the bridge tolls and terminal
charges.
r"
• 1
Cnicinnatl.—Mr.
John King, Jr., Receiver of
the w
Marietta
&
Cincinnati Railroad, has filed in the Ross
Connty (Ohio) Court his special report, covering the period of
„
wr
$481,409 I uortation which
orooosition will
puriauon, wmcn proposition
fLcceoted
pe accepted.
win be
Q1
coq
Reducing tlie holnnnfl
balance, ol May 31,18,9,
to
Chicago Hock Island & Pacific.
i
.
Montgomery, Ala., to Mobile, 179 miles.
is only $275,000, and the stock is $3,022,500.
Hannibal & Keokuk
aS°6 45-l(Wo™tt"wmmon stockI.y I ...:..966',999 Connty Coal Co.
has made an offer to
of
.
.n
in
$1,530,000 of stock which
Six months surplus
$1,720,283
The net earnings for the last six mouths are
mint
.
Montgomery.—The Louisville & Nashville Rau| road Company, or parties identified with that company, have
$376,642
^
substantial investors.
—The card of Mr. Fred. H. Smith, banker and stock
broker,,
in this issue of the Chronicle. Mr. Smith has had an
experience of many years in the business of handling railroad
and other investment securities, and can
give information to his
customers on the various points
affecting the values of different
issues of stocks or bonds. His office is at 13 Broad street.
—Attention is called to the fact that one of our
drawers of foreign exchange in this market, vix., prominent
the Merchant's Bank of Canada, shows a steady increase in prosperity,,
its
ital now
at $5,500,000 paid up.
H
J and John standing
B
Jr., ar^ iU New
agents,
6
' at 48
appears
Hwfist
?orkMessrs.^enry
Northern trunk lines, but as
frequently by their Western con^ p
nections.
I —The Ontario Silver
Mining Company announces the payFinally, the board of railroad arbitrators was appointed, and ment
of its November dividend on the 15th instant at the office
under their organization
pools were established! The large of Wells,
Fargo & Co. Transfers close on the 10th. This is
Wheat harvest, especially in the
Southwest, caused from August • the Ontario's
fiftieth dividend.
December
THE CHRONICLE.
6, 1879.J
Commercial
609
O O T T O N.
gimes.
Friday, P. M., December 5, 1879.
The Movement of the Crop, as indicated by our telegrams
from the South
to-night,^ts given below. For the week ending
this evening iDec. 5), the total receipts have reached 216,167
COMMEREIAL EPITOME.
Friday Night, December 5, 1879.
bales, against 249,152 bales last week, 218,408 bales the previous
rather qniet so far as regu¬ week, and 220,216 bales three weeks since, making the total
week under review has been receipts since the 1st of September, 1879, 2,351,165 bales, against
characterized by a revival of active speculation in leading 1,950,982 bales for the same
period of 1878, showing an increase
staples of domestic produce—cotton, breaastuffs, provisions, and since September 1, 1879, of 400,183 bales. The details of the
petroleum—causing an important advance in prices. Inland receipts for this week (as per telegraph) and for the corresponding
navigation is nearly at an end at the North and West, and Weeks of four previous years are as follows:
The general markets have been
lar trade was concerned; but the
there have been
severe
snow-storms in Canada, but there is not
any important accumulation of ice.
The following is a statement of the stocks
yet
of domestic
ana
1879.
Tobacco, foreign
bales.
Tobacco, domestic
hlida.
Coffee, Rio
Coffee, other—
Coffee, Java, Ac
Sugar
Sugar
bags.
177,943
17,600
bags.
mats.
hhds. 25,625
boxes. 10.249
bags, Ac. 389,700
Sugar
Melado
Molasses, foreign
Molasses, domestic
Hides
Cotton
Rosin
27,343
29,815
10,765
395,000
1,140
hhds.
1,679
hhds.
bbls.
None.
2,097
3,000
23,200
35,818
36,796
3,638
3,023
6,025
4,500
15,700
47,674
46,253
6,239
1,682
4,400
1,350
No.
bales.
..bbls.
Spirits turpentine
bbls.
Tar
bbls.
bags.
bbls. and tea.
585
bags.
bags.
None.
None.
12.250
18,041
Linseed
Saltpetre
Jute
Jute butts
Manila hemp
59,723
15,900
17,100
.
bales.
bales.
bales.
1,140
500
22,300
9,795
23,724
16,281
23,374
17.771
2,154
22,715
722
Galveston
Indianola, Ac
Tennessee, Ac
372
892
341
475
616
19,576
16,806
8,561
8,188
13,015
900
592
24,813
10,776
2,047
4,991
16,683
4,956
10,380
6,259
1,394
1,951
5,361
19,503
1,862
19,386
1,521
216,167
220,748
174,365
187,733
172,901
Florida
North Carolina
6,073
Norfolk
City Point, Ac
Total this week
...
22,962
13,697
633
4,025
Total since Sept. 1. 2,351,165 1,950,982 1,673,882 2,031,398 1,763,886
The exports for the week ending this evening reach a total c f
148,768
bales, of which 78,094 were to Great Britain, 12,338 to
866
4,100 France, and 58,336 to rest of the Continent, while the stocks as
3,740 made up this evening are now 700,603 bales.
Below are the
21,804 stocks and
exports for the week, and also for the corresponding
6.800
3,767
22,200
week of last
Week
28,617
provisions a large speculative movement has been devel¬
; higher prices and much strength and buoyancy have
been noted ; at the close, however, on receipt of advices stating
a sharp decline in Chicago, the market here dropped off a
trifle. Pork sold on the spot at $13 for old mess; do. for
January $12 75, closing at $12 55 ; February, new, $14@$14 50 ;
March $14 25@$14 60. Lard sold on the spot at 8@8T0c. for
prime and 8*20c. for choice Western; December contracts of old
were sold at 8*05c.,
January do., 8@8*10c., and new, 8*12^@
8*20c., closing at 8*17^c.; February, old, 8*10@8*15c., new,
8*22%@8*37^2C., closing 8'30c.; March, new, 8*35c., and old,
8*05@8,20c.; April, 8*35@8*40c. for new; refined to the Conti¬
nent quoted at 8%c. Bacon has been advanced to 7%c. for
long and short clear together and 7 %c. for long clear. Cut
exported to—
Great
Britain.
Dec. 5.
N. OrPns
France.
27,984
12,338
Conti¬
nent.
Total
this
Week.
Same
Week
1878.
CharPt'n
Savan'h.
1,020
Galv't'n-
12,478
12,088
16,650
7,874
N. York.
Norfolk-
Other*
..
8tock.
1879.
1878.
9,277
49,599
21,432
4,173
22,152
20,276
12,478
15,266
16,650
12,047
73,306 245,388 187,298
2,989 50,834 40,276
8,444 66.175 83,151
35,862 95,643 66,993
32,120 82,742 114,784
8,068 61,094 68.185
7,011 59,747 23,737
17,720 36,000 38,000
58,336
148,768
186,020 700,603 622,424
Mobile..
20,276
3,178
Tot. this
week-
78,094
12,338
Tot, since
Beef and beef hams
rule quiet. Butter and cheese have latterly shown weakness
and irregularity coupled with much quietness. Tallow is lower
at 6%@6%c. for prime.
Naval stores have presented no features of interest; spirits
season:
"
ending
In
oped
meats have been active at advanced rates.
27,843
61,011
17,542
21,887
30,316
23,771
18,030
41,882
91,959
9,700
21,000
45,572
10,355
329,000
2,000
4,991
6,000
198,400
62,698
32,188
4,735
22,112
54,532
19,775
34,165
23,889
Port Royal, Ac
Savannah
99,894
29,425
49,495
53,201
-19,063
23,404
1,946
27,112
996
40,180
4,134
tea.
1875.
116
45,176
4,206
108,272
22,050
44,880
Lard
77,421
1876.
22,564
1878.
Dec. 1,
2.299
1877.
24,981
18,772
1879.
50,631
1878.
55,017
18,906
Dec. 1.
bbls.
tea. and bbls.
1879.
New Orleans
Mobile
Charleston
Nov. 1.
Pork
Beef
Rice, E. I
Rioe, domestic
Receipts this w'k at
of leading articles
foreign merchandise at dates given:
893,345 122,444 307,654 1323,443 1064,858
exports this week under the head of *' other ports" include, from Balti¬
Sept. 1.
*
The
••••••
2,585 bales toLiverpool, and 1,622 bales to Continent; from Boston, L575
Liverpool; from Philadelphia, 1,597 bales to Liverpool; from Wil¬
mington, 2,117 bales to Liverpool and 2,551 bales to Continent.
more,
bales to
From the foregoing statement it will be seen that, compared
turpentine closes at 40 %c. and strained rosin $1 60. Petroleum with the corresponding week of last season, there is a decrease
has latterly fallen off somewhat; the speculation in United in the
exports this week of 37,252 bales, while the stocks to-night
-Certificates is becoming more moderate ; refined, in bbls., 8%c.; are 78,179 bales more than
they were at this time a year ago.
cases, ll%@12^c. Leather has advanced and shows a good
In addition to above exports, our telegrams to-night also give
trade. Pig iron, whether American or Scotch, continues dull us the
following amounts of cotton on shipboard, not cleared, at
and unchanged; 7,000 tons of the latter have arrived this the
ports named. We add also similar fi res for New York,
week; late cables from Glasgow reported a slight advance. which are prepared for our special use by essrs. Carey, Yale &
Hails are still active, the late sales including 16,000 tons old Lambert, 60 Beaver street:
iron at $31@32. Ingot copper quiet at 2%c. for Lake.
On Shipboard, not cleared—for
The market for raw sugars has continued very dull. The
Leaving
Dec.
at—
5,
nominal quotations of 8%@9%c. are generally retained in the
Liver¬
Coast¬
Other
Stock.
France.
Total.
pool.
absence of business here, but in Boston there has been some
Foreign wise.
trade, it is reported, at fully ?£c.- under these prices, 92-test New Orleans
53,772 14,090
9,475
8,022
85,359 160,009
800
centrifugal, it is said, selling at 8%c. Refined has been only Mobile
8,450
37,254
1,830
13,580
2,500
850
5,925
9,850
47,000
19.175
2,550
moderately active, at a further decline in prices, crushed now Charleston
16,200
4,500
35,400
60,243
2,500 12,200
selling at 10^®10%c., and standard soft white " A " at 9%@ Savannah
Galveston
17,453
3,772
55,464
1,328
27,278
4,725
10c. Rice has remained steady at last weeks' prices with trade New York
None.
None.
1,800
58,194
*5,900
1,700
still only moderately active. New Orleans molasses has fallen Other ports
None.
14,000
73,747
6,000
22,000
2,000
to 38@45c. for common to choice, but closes rather more steady
Total
117,600 22,968 40,327 25,397 j 208,692 491,911
with a fair demand; foreign has continued dull. Tea has been
Included in this amount there are 2,400 bales at presses for foreign porta,
very quiet. Spices have sold but slowly. Rio coffee has been the destination of which we cannot learn.
more active, and though at one time fair cargoes during a lull
The following is our usual table showing the movement of
in the trade were quoted down to 16c., the market closes firm cotton at all the
ports from Sept. 1 to Nov. 28, the latest msil dates:
At 16 %c., with the telegraphic advices from Rio Janeiro very
receipts
since
exported since 8kpt. 1 to—
favorable to holders. Mila grades have been quiet but steady.
8ept. 1.
Stock.
Great
Other
Kentucky tobacco has been very dull. The sales of the week Ports.
1878.
are only 300 hhds., of which 210 for export.
Britain. France. Foreign Total.
1879.
Prices are nomi¬
nally unchanged. Lugs, 3%@5^c., and leaf, 6@14c. The move¬ N.Orlns
539,862 257,716 210,173 69,127 61,104 340,404 247,927
ment in seed leaf has been quite moderate, and the sales for
Mobile. 156,397 105,535
14,192
14,192 38,448
the week are only 1,229 cases, as follows : 500 cases 1878 crop,
Char'n* 264,219 292.051
60,081
4,432 56,511 130,924 60,758
Pennsylvania, 9% to 20c.; 50 cases 1878 crop, Connecticut, private Sav'h.. 405,243 339,508 88,930 3,394 78,335 170,659 97,486
terms; 25 cases 1877 crop, Connecticut, 20c.; 204 cases 1878 crop, Galv.*.
78,990 18,436 14,657 112,083 79,321
254,652 270,411
Btate, private terms, and 450 cases 1878 crop, Ohio, private
N.York
154,162
38,101
14,717 25,578 194,457 52,621
38,878
terms and 6 to 14c. Spanish tobacco continues in demand, and
Florida
*
....
the sales are 800 bales Havana at 80c.@$1 10.
Ocean freight room has been very sparingly
taken, the offer¬
ample, in fact large, and rates are consequently weak
and irregular. To-day business was very small.
Grain to
Liverpool, by steam, 5d.; do., by sail, 5d.; do. to Glasgow, by
steam, 6d.; flour to London, by sail, 2s.; refined petroleum to
Bremen, 3s. 6d.; do. to Bremen or Hamburg, 3s. 7^d.; do. to
Bristol or Liverpool, 3s. 6d.; crude do., to a Spanish port,
ings
are
4s. 9d.
5,350
N. Car.
61,128
Norfk*
337,980
72,066
Other..
19,393
76,031
16,011
....
235,821
99,174
....
44,890
83,638
....
....
2,452
2,460
8,221
....
18,463
101,634
91,859
......
14,514
67,47
24,500
815,251 110,106 249,318 1174,675 683,050
rhisyr. 2134,998
Last ye ar
....
....
1730,234
501,547
85,265
232.026!
878.838 611,306
Under the head of Charleston, is included Port Royal, Ac.: under the head of
Galveston is included Indianola, Ac.; under the head of Norfolk la included Clt/
Point, &o.
*
610
THE CHRONICLE.
The market opened the week rather
tamely, but there was
speculative activity and a material advance.
has remained rather quiet, stocks
quite small. On Monday, early, there was a declinecontinuing
of l-16e.;
but it was recovered later in the
day. Tuesday was dull, but on
Wednesday there was an advanceof £c., and on Thursday fc. To¬
day there was a further advance of fc., mid. uplands
13fc. The speculation in futures was without special closing at
or
important fluctuations until Wednesday, when there activity
was a re¬
newal of active speculation for the
rise, which continued through¬
out the
morning hours on Thursday, until prices had advanced
f@ll-16c. from the closing bids of the previous
Tuesday, and,
except for December, about fc. above those of the
previous Fri¬
day. Foreign advices were not especially strong, and the South¬
ern markets were rather
sluggish until Thursday, except that
New Orleans advanced fc.
on Wednesday with
large sales;
but neither Europe nor the South
responded fully to the excited
advance on our Cotton
Exchange. Even some of the strongest
''bulls" regarded it as at least
premature, and last
prices
dropped off sharply, under sales to realize and theevening
free off ering
of contracts for the next three
months. To-day the
was
weak, under dull Liverpool advices, but speculation opening
revived and
there was an excited market at a further
advance in prices.
The total sales for forward
delivery for the week are 1,038,000
bales, including — free on board. For immediate
delivery the
total sales foot up this week
3,508 bales, including 776 for export,
2,732 for consumption,
for speculation, and — in transit. Of
the above, 640 bales were to arrive. The
following tables show
the official quotations and sales for each
day of the past week:
Bales.
renewal of
Cot'on on the spot
soon a
UPLANDS.
Nov. 29 to
Dec. 5.
Sat.
NEW ORLEANS.
Mod Tues
Sat.
1,200
1,300
2,200..8,300
12*2
1234
..
13
1312
1414
1414
Wed
Strict Ord.
Good Ord..
Str. G'd Ord
Low Midd'g
Str.L'w Mid
11
lliiie
12%6
12*ia
12710
1258
Middling... 12%
| Frl.
12%
12%
13%
13%
1430
13%
1438
12%
12%
13%
13%
14%
Wed
Til.
Frl.
13%
*
12%
12%
12%
12%
12%
12%
12%
13%
13%
14%
12%
13%
13%
14%
13%
13%
14%
Til.
13*8
1330
135a
14*8
147B
13%
13%
13%
14%
12%
13%
133a
13%
14%
15
STAINED.
$ lb. 10%
11%
12%
13%
13%
13%
•13%
13%
13%
14%
15
13%
13%
14%
15%
14%
Mon Tues Wed
10%
11%
10%
11%
1034
Th.
11%
11%
12%
Frl.
11%
12%
1115I6 1U5I6 1D516 123x6 129,6 1211x6
123,6 123x6 123x6 127,6 1213,6 1215,6
Middling
MARKET AND SALES.
SALES OF SPOT AND TRANSIT.
SPOT MARKET
ConSpec- Tran¬
port. sump. ul't'n sit. Total.
Sat.. Quiet
Mon
.
FUTURES.
Ex¬
CLOSED.
17
115
Quiet
Tues. Dull and easy
Wed Steady, adv of %
Thurs Firm, adv. of %.
Fri.
% higher; quiet..
...
160
403
773
783
300
313
*54
.
590
.
Total
776
....
—
2,732
....
Sales.
177 91,300
518 146,200
773 136,700
837 211,400
890 242,100
313 240,300
3,508
+
Deliv¬
eries.
700
1,700
1,200
900
900
1,100
6,500
*
Total sales, 1,068,000 bales.
The daily deliveries given above are
actually delivered the day pre¬
vious to that on which they are
reported.
delivery the sales have reached during the week
1,C68,000 bales (all middling or on the basis of
middling), and the
following is a statement of the sales and prices :
For
December.
1,200
3,200
Cts.
12-40
!2-41
12*42
300
100 8.11. 18t.lv*43
1,500
12 43
12-44
1,600
3,500
2,200
1,700
1.000
12-45
.12-46
12-47
Bales.
Cts.
200
Bales.
12 94
12-96
12-99
13 00
4,900
7,30 '
2,900
2,500.
4,(00
4,800
8,700
13,300
8,600
6,000
300
1,000.
2,' 00
1,800
800
1,800
900
600
800
100
800
1,000
12-48
.12-49
12-50
12 51
12-52
2,700
2,300
12-53
1254
5C0.
300
700
12-55
1,200
2r700
12 56
12-57
800
900
700
300
1,400
5,100
500
700
300
12 58
12-60
1.000
12-62
12-63
12-64
12-68
12-69
1,200...
200
100
3,000!.
800
500
2,COO
1,500
800
800..
700
900
200
200.
12-61
1,300
1,500..
900
3,700.
300
100
100
700...
400
1,000
800
12-70
.12-71
1275
....12 19
1301
13-05
13-06
13-08
13 09
13-10
13-11
13-12
18-13
3314
13-15
1316
13-17
13-18
13-19
13-iO
13-21
13-25
13-26
13-31
13-32
13 33
13-34
13 35
69,100
12 80
For
500
12-83
200
12 53
lv-54
1290
3,600
10,800
9,100
8,500
.12-55
12 56
12-57
12-58
12-91
1202
12 93
January.
....
4,800
6,300
5,900
9,900
3,600
2,200
2,<KX).
1,600.
4,400...-.
8,!00.
3,600
10,400
400..
700
1,100
1,100....!
100
1,100
3,200
1,500
1,500
600
2,600
7,300
4,100
2,900
3,500
2,500
Cts.
...12-59
12-60
1261
12-62
lv-63
Bales.
5,200...,
..
.12-64
12-65
12-66
2,600
13-00
13-01
13-02
600
13 03
18-04
13-05
1,700
2,000
12-67
12-68
200
500
900
..,.12-69
12-70
1,200
12-71 <
900
12-72 ' 3,400
1273
3,200
12-74
5,800
12-75
6,800
12-76
11,400
12-77
15 700
12-78
2,300
12-79
1,300
12-80
1,700
12-81
4,600..
1*6-3
1284
12-85
12-87
:... 1288
12 80
12-90
12-91
1**92
12 93
12 94
..
12 95
1296
12-97
1298
.
Cts.
12 99
2,000
3,100
4,600
9,300
4,500
5,900
2,900
8,700..
5,600
3,600
8,000
5,600
3,000
4,900
3,300
2,100
400....
2,400
12-81
5,700.
12-.-2
7,200.
5,900
12-83
1284
12-85
13-06
13 08
13-10
13-11
13-13
13-14
13-15
13 16
13-17
13-18
2,900
6,200
3,200
4,200
4,700
3,C00
1,000
100
2,100
4,200
3.200
2,400
6,900
12-88
2,800
2,300
2,900.
12-89
12-90
1 500
12-91
1.300
1,400
600
1,000
1,600
4,600
ljOO
5,600
12 92
12 9D
12-96
12-97
1,500
4 *00
12 99
13*00
13 02
1303
1304
600
200
700
700
500
400
600
13'0o
13-06
13-07
13-08
13-09
13-10
13*11
1,400
3060
...1312
13-13
700
13-14
500
100
100
1,200
5,200
700
800
S.9D0
700
1,600
13-38
13-39
500
13-40
1,300
13-42
700
300
300
1S-43
13-44
13-45
1,400
3^300
13-50
1351
100
13 53
18*54
_S00
13-18
1,100
6,800
13- J 9
13- *0
2.800
5,500
3-55
13-56
13-57
13-58
3 500
13-59
3,200....
1,200.
1,100
2,000
13-60
1,100..
13*23
13-25
13-26
1327
5,200
2,900
2,200
'700
13-28
.13-29
13-:t2
13-33
13*34
100
700
3J0
400.
13-45
18-46
1347
700
13-43
3.4CC
12,300
2,800
1,300
6,900
5,900
3,000
13-49
1850
13-51.
13-52
13-53
13-54
13*55
900
18-56
2,900
2,300
13'57
13-58
13-44
1.900
600
200
800.
....
1,000
300..
500
..
1,000
800
700
,
The
13-80
18-81
1382
13-83
1384
13-35
13-86
13-87
.13-88
.13-39
13-90
13 91
18-92
13-93
1394
13-95
600
1,200
2,900
2,800
1,100
1,300....
1,300
1,500
800
.1,100...,
800
200
403
800
500
1,500
1,600
1,900
For
800
900
1
133 0
..
.
1,300
14-04
ICO
400
400
400
14 06
14-07
.'4-08
1400
_
500...
400
900
500
3,600
,
200
400
600
500
100
100
100
100
200
800
.13*74
400...
800
400
4,200
100
100
100
1402
..14*03
14-05
14 06
14 07
14-09
14-13
.14-15
14-16
1,400
14-17
..34-21
14-25
14-27
14-29
14-30
14-32
14-33
14*35
14-40
500
400
500
100
100...
....
100.
100
100
500
28,200
For July.
...1345
300
200
500
1,000.
100
*00
100
...13-54
..13-55
....13-56
..13-58
.13-56
....13-00
...18*67
...13-68
.
.
600
200
1,000
100
100
100
.
13-69
...13-70 |
13-71
13-73
300
..13-75
200
...1335
200
200
100
100
100
200
400
300
i ICO
500
700
900
200
...14-04
....14 06
...14-09
...1410
...1418
....14-23
300
13-74|
...14-26
100
13-76
200.......
100. ........13-82
200
900
13-83
200
1,000
13 84
11,200,
1,600..
13-85
1,200
13-87
For August.
900...
13-88
100
...1300
400
13-89
2 00
13*53
1,000
13-90
100
....13-62
200
13-9L
100
....'3-65
200..
13-94
i-00
...13-60
13-95
2,200
100
...13-67
300
13-06
400
....13 75
100
13-97
100.
13-80
10'J
13-98
200
....1410
100.
13 99
200
.14-12
800...;
14-00
200
....14-15
500.
1401
100
.14-10
500
.14-02
100
14-27
1,000
14-03
200
...14-28
200
..14-04
100
...14"3S.
1,200
14-05
100
14-38
100
14-07
200
....14 40
140 s
1,400
100
14*12
2,c00
100
1413
,
..
...
1,200
3,800
J ,200
2,400
..13-10
13*11
13-12
13-13
.
600
600
13-14
13-: 5
13-18
1,400.
18*19
.
..
..
..
..
..
13 17
2,000
.
13-20
following exchange has been made during the week
The
...13-47
....13 49
...13-50
.
1,200
13-54
13-59
J 3-60
13-02
1363
15-65
13-66
13 67 I
13-68 I
1,400
..
300.
200
200
200
100
100
18 48
)3'49
200
000
500
100
200
13-08
*15 pd. to exch. 300 Dec. for Jan.
1375
13-70
13 77 c
13-82
.13-83
13-86
13-90
18-99
3400
14-01
400
600
200
800.
400
For May.
13-24
2,300
13-25
300
13 26
1,500
13 27
700
13-28
100
13-29
200
13-30
400
..13 31
700
13*,- 2
200......... 13-33
600
....13-34
500
13-35
300
13-36
1,100
13-37
800
13-38
100
13 39
500
.....13*40
1,000
13*45
200
13-09
600
13-40
13-41
13-42
13-43
18-45
13-48
..13-49
.13-51
13-52
13*53
13-01
13-02
13-6613-70
13-72
13-73
400.
800
200
100
200
ICO
1,009
April.
200
400
1,800
£00.
200
18-91
13-92
...13-98
1400
14-01
14-02
1403
800
100
500
1,100...........1 -16
,
13-89
400..........13-40
232,100
13-76
....,13-77
1,700
100
200
3,000
2,500
4,300
13-6i
13-64
13-65
13-66
13*« 7
13-68
13-73
13-74
13-75
1,200
3,300
13-65
18-66
2,700
2,500
2,700
13*70
13-71
13-72
1,400
3,500
1,400
1,300
400
600
13-69
2,000..
<..13*64
For June.
400.-.
13-35
2,300
13-37
400
13-38
13-73
13-76 J
13-77
13-80
13 81
13-82 I
.13-81
13-84 '
18-85
13-8H
13-87
13-88
200.
'
33,200
.13-72
3,300
100
700
400,
800
600
200
300
100
13-71
800
J3-61
13-02
13-68
1,700
•
13-60
-13-61
13-62
1,500
3,200
2,700
1,400
1,400
..
13-43
700
700
100
13-67
13-63
3,400
13-69
..13-70
3,560
2,600. ........33-71
13-72
3,400
13-73
3,100
5,300.. .......13-74
5,500
13-75
8,200
13-76
2,900
13 77
1,300......
13-78
400
18-79
13-37
13-38
13 39
.13-40
13-41
13-42
1,800
3,800
2,700
3,400
1,700
500
13-35
.....13-36
1,500
2,500
10,400
2,400
2,000
8,500
2,000
1,400
200.....
J
4,300
13-24
800
200
300
100
200
13-47
2,200
2,400
300
700
13-21
13-22
1,100
..13-46 155,900
13-1<
200
800
200
100
400
100
100
13 37
900
2,300
13-W
900...
,400
1,100
Cts.
1414
,...14-15
14-16
14-17
100
200
800
13-28
13-29
13-32
13-33
13-34
.18-43
13 45
13-46
13-47
13-53
13-54
.13-55
13-57
13-58
13-6'J
13-61
18-63
13-65
13 67
13-68
13-70
:
500
800.
500
200.
13-1
1315
13-. 6
13-17
.13-18
13-19
13-20
13-23
13 24
13-25
13-26
1S-27
13-28
13-29
13-30
....13-32
...13-33
13-34
13-35
.-.13*36
100
Bales.
13-24
13 25
fOO..
18-03
13-04
18*05
13 06
13-07
13-08
18*09
13-10
6,000
1286
...12-87
12-98
300
400.
For March.
400
12-90
800
12-91
600
12-92
600
12*93
5,900
..12-94
8,500
12-95
3,900
12-96
6.000
12-97
12-98
8,100
2,300
12 99
9,700
13-00
3,100
1301
3,100
13-02
5,400
3,600
100
For forward
Baler.
3 700
1,900
Frl.
13%
13%
12%
13%
13%
14%
15%
15
Sat.
Good Ordinary
Strict Good Ordinary
Low Middling
13%
13%
13%
12-75
12 76
12-77
12-78
12-79
12-80
1,000
129x6 i23i6 129x6 121%6 123ib 129,6 1211IG
121316 127I6 121316 121516 127x6 1213,6 1215,6
121&X6 129x6 121516 13%6 !2®16 1215,6 131x6
13*8
1-234
13%
13%
13%
13%
14%
2,600
8,100
6,600
8,200
2,500
5,500
4,500
Moo. Tues
Wed
18-52
13-53
5S00.
he 1113x6 U7I6 1113x« 1115x6 117X6 Ili3i6
123x6 1113,6 12316 125I6 1113x6 123I6 125I6
12i16
127I6
1211I6
121316
13
Good Mid.. 13
Str. G'd Mid 1314
Midd'g Fair 13%
Fair
14%
12%
13%
14%
Til.
Ordin'y.$Tb 11516
12%
13
Midd'g Fail 13%
Fair
12*2
12%^
12%
13-51
6,200
Bales.
Cts.
£00......... 13-22
2,200
13 23
261,900
For February.!
400
....12-72
500
12-73
800
12-74
1113x6 111&X6 1115x6 11 X6 1115x0 11 16 lli'xe
12116 121x6 12316 12%6 12316 123x6 123x6 123X6
123T6 123ltt 125x6 125X6 125x6, 125x6 125x6 12°X6
1230
1230
12%
1258
3.500
Ct*.
..13*78
200
371300
Ordin'y.$lb lUie lUie 1H16 U3I6 113i6 113x6 113i6 H316
113X6
Strict Ord..
117J6
117je H 16 119,0 119J6 11 16 119,6 11 16
Good Ord.. 111S16 117.16
111316
Str. G'd Ord 12ii6
Low Midd'fc 12316
Str. L'w Mid 1238
Middling.. 1212
Good Mid
12 34
Str. G'd Mid 13
Bales.
13-49
13-50
100
TEXAS.
Mod Tues Sat.
Cts.
13-41
13-42
13-43
1344
13-45
13-46
13-47
13-48
500
2,500
3,500
1,700
2,600
4.COO
(A 01. £Xi.V
:
-
following will show the
and the
closing bid and asked,
the past week.
range of prices paid for futures,
at 3 o'clock P. M., on each day in
Futures
Saturday.
Monday.
Tuesday.
Market.
Variable.
Variable.
Depressed.
...13-19
13-20
13-21
13-22
For
Day.
Closing.
For
Day.
Closing.
For Day.
Closing.
Bid. As*-
High. Low.
12*57-12-45
12-70-12*60
1*2-89*12*81
13-09-13*00
13*24-13*13
13*40-13-30
13-53-13*43
13-60-13*54
13*66-13*62
Bid. Ask
13 23
13-24
13-25
13-20
13-27
13-28
13-29
13-30
13-31
13-32
13-93
13-34
13-3 j
:....13-38
13-37
13-38
18*40
High. Low. Bid. As*
Dec'br* 12-51- 12-43 12-50 52
Jan'ry 12*67- 1*2-53 12-66 67
12-72 12-83 84
Feb'ry.. 12-84March
L3-01- 12-90 13 01 02
April... 1316- 1308 13*16 17
May— L3-28- 13-24 13*30 31
June.
L3-45- 13-35 13-44 45
July ... 13*50 13-45 13-51 53
13-50
August.
Tr. ord.
12-55
Closed.
Firm.
.
.
..
*
High.
Low.
12-58 12-40 12-55 57
12*75 12-55 12-70 71
12-92 12-75 12-88 89
1311 12-93 13 06 08
13-25- 13-19 13*21 22
13-38- 13-25 13-36 38
13-52- 13-41 13*50 52
13-60- 13*45 13*56 59
13-67- 13*53 L3*60 65
12-60
-
Steady.
Short notices for December, 12-43.
12-50 51
1*2-68 —
12-86 87
13 05 06
1318 19
13*33 34
13*47 49
13*55 57
13*61 6ff
12*55
Firm,
December 6,
THE CH110NICLE
:
Futures
Wednesday.
Thursday.
Friday.
Market.
Buoyant.
Higher.
Variable.
For
.
1879.]
Day.
Closing.
For
Day.
Closing.
High. Low. Bid. Ask High. Lou. Bid. Ask
Dec'Ser 12 91 1254 12-90 — 13-19 12-99 13-02 04
Jan'ry. 1306 12-72 13 05 06 13 37 13-15 1317 18
Feb'ry. 13*27- 12*95 13-26 27 13-58 -13-32 13-36 37
March
13-47- 13 15 13-47 48 13-78 -13-55 13-57 58
April... 13-63- 13-28 13-63 - 13 90 13-70 13-71 73
May— 13-76 13-4.5 13-77 79 1405 13-85 13-85 88
June... 13-90 13-61 13-90 91 14-17 13-19 14-01 04
July... 13*95- 13-67 13-96 98 14-24 1403 14-08 11
August. 13-86- 13-75 14-00 04 14-27 14-15 1415 20
.
Tr. ord.
Closed.
12-90
For Day.
High.
Low.
Bid. Ask
13-35-12'90 13-32 33
13-53-1302 13-49 50
13-95-13-50
1409-13-65
14-18-13-82
14-40-13-99
14-37-14-09
14-46-14-10
14-18 20
14-30 33
14-36 39
14-40 45
13-35
Steady.
Cotton, as made up by cable and
follows. The Continental stocks are the figures
of last Saturday, but the totals for Great Britain ar.d the
afloat
for the Continent are this week's
returns, and consequently
brought down to Thursday evening; hence, to make the totals
the complete figures for to-night (Dec. 5), we add the item of
-exports from the United States, including in it the exports of
Friday only:
as
1879.
339.000
53,594
Total Great Britain stock
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Hamburg
Stock at Bremen."
Stock at Amsterdam
Stock at Rotterdam
Stock at Antwerp
Stock at other conti'ntai ports.
392,594
73,790
7,500
1.400
3,000
11,000
26,500
6,750
2,750
2,754
..
Stock in United States ports
Stock in U. 8. interior ports...
United Stftes exports to-day..
..
329.500
123,000
4,500
35,750
8,250
39.500
24,000
8.500
809
16,700
1,329
Total European stocks..
India cotton afloat for Europe.
1877.
312,000
17,500
7,540
31,840
Total continental ports
1878.
329,000
33,SCO
362.500
82,250
1,250
1876.
463.000
38,250
501,250
161.500
3,000
39,500
8,000
41.750
49,250
13,000
9,250
12,750
3,750
5,750
6,250
116,162
147,250
253,000
338.000
508,756
67,861
619,920
52.371
509,750
582.500
41,000
839,250
700,603
622,424
164,994
148.126
14,000
37,000
85,000
557,000
130,000
527,000
74,000
433,000
62,000
724,832
99,742
10,000
26,000
934.181
127,741
36,000
Total visible supply
.... 2,128.505
1,985,300 1,953.074 2.668,172
Of the above, the totals of American and other
descriptions are as
follows:
t,
American-—
r.
Liverpool stock
227,000
48,000
619,920
...
Continental stocks..
American afloat for Europe
United States stock
United States interior .stocks..
United States exports to-day..
Total American
Fast Indian, Brazil, <£c.—
Liverpool stock.
London stock
Continental stocks
India afloat for Europe....
112,000
128,000
53,594
68.162
33,500
67,861
52,371
Egypt, Brazil, &c., afloat
Total East India, &c
Total American
14,000
.
201,000
103,000
557,000
622,424
148,126
37,000
d
142,000
179,000
433,000
724,832
99,742
^183,000
10,000
36,000
206,000
527,000
934,181
127,741
1,774,517 1,668,550 1,539,574 2,013,922
1..
...
700,603
164,994
44,250
85,000
26,000
170,000
17,500
74,000
41,000
62,000
280,000
38,250
132,000
130,000
74,000
353,988
316,750
364,500
654,250
.1,774,517 1,668,550 3,588,574 2,013,922
..
.
Total visible supply
Price Mid. Upl., Liverpool
The above
2,128,505 1,985,300 1.953,074 2,663,172
*
6i5i6d.
5x8d.
6Hjd.
69iq<1
figures indicate an increase in the cotton in sight to¬
as compared with the same date of 1878,
an increase of 175,431 bales as
compared with the corresponding
date of 1877, and a decrease of 539,667 bales as
compared with
night of 143,205 bales
1876.
At the Interior Ports the movement—that is the
and shipments for the week, and stocks
corresponding week of 1878—is
receipts
to-night, and for the
set out in detail in the
Statement:
Week
ending Dec. 5, *79.
Receipts Shipm'ts
Augusta, Ga
Columbus, Ga
Macon, Ga*
Montgomery, Ala
6,886
4,680
2,100
6,530
5,930
4,626
13,464
27,626
3,247
4,183
3,930
17,578
77.506
2,147
8,244
42,430 164,994
59,521
61,981
Dallas,Texas*...
Jefferson, Tex.*..
Bhreveport, La..
Vicksburg, Miss..
Columbus, Miss..
Eufaula, Ala
Griffin, Ga
Atlanta, Ga
Borne, Ga
Charlotte, N. C...
2,400
2,350
750
700
4,925
4,821
3,750
4,189
2,382
2,007
Cincinnati, O
Total, new p'rts
Total, all
*
Receipts Shipm'ts Stock.
4,054
3,423
Total, old ports.
St. Louis, Mo
Week ending Dec. 6, '78.
8.02G
4,911
2,255
8,657
12,621
3,800
12,111
5,360
13,852
17,552 100,489
29,442
5,815
2,650
330
10,333
5,940
4,208
2,232
3,003
10,549
9,040
2,163
58,046
7,496
4,482
3,109
8,060
9,014
19,433
14,743
13,451
63,431
60,056 122,115
53,110
4,884
1,454
5,208
3,711
1,422
125,412 102.486 287,109
112,631
19,852
10,844
5,004
11,237
15,439
39,692 148,126
2,400
2,494
18,687
14,909
1,489
4,769
1,089
4,377
2,782
1,117
2,583
2,378
1,522
4,534
3,500
1,411
12,109
7,678
921
following
5,470
3,863
2,085
3,469
Belma, Ala.
Memphis, Tenn..
Nashville, Tenn..
6,528
Stock.
799
943
1,771
1,051
.1,464
3,207
951
3,094
2,199
9,583
3,852
6,625
3,043
2,532
10,176
3,800
818
9,885
8,928
37,540
4,897
42,571
88,154
82,263 236,280
Estimated.
The above totals show that the old interior stocks have
increased during the week 19,551 bales, and are
to-night 16,868
bales mare than at the same period last year. The
receipts at the
came towns have been
2,460 bales more than the same week last
year.
like the
following:
RECEIPTS FROM PLANTATIONS.
71
13 89 90
14 05 08
The Visible Supply of
telegraph, is
Receipts from the Plantations.—The
following table is
prepared for the purpose of indicating the actual movement each
week from the plantations.
Receipts at the out ports are some¬
times misleading, -as they are made
up more largely one year
than another, at the expense of the interior stocks.
We reach,
therefore, a safer conclusion through a comparative statement
13-78-13-25 13-70
1305
Weak.
Sti-ong.
Closiug
611
Week
ending—
Aug.
1
Receipts at tlie Ports. Stock
1877.
2,691
1878.
3,671
1879.
at Inter'r Ports
1877.
1878.
1879.
2,503
22,472 11,005 13,966
44
8
2,102
3,089
3,945 21,574
8,346 13,049
44
15
1,7&3
4,657
3,462 19,118
6,238 11,477
44
22
2,644
5,699
4,843 17,600
5,999
7,463
44
29
4,335 15,784
4,875 16,278
6,593
7,801
Sept. 5
5,885 26,750 13.920 16,449
9,979
9,598
44
12
12,109 47,431 30,054 10,272 18,971 14,563
4k,
19
22.345 74,355 76,933 15,104 26,377 23,896
44
28....... 43,128 98,863 127,729 20,510 37,872 40.774
3
Oct.
70,040 130,990 162,303 29,720 47,208 52,207
44
10
109,264 148,158 169,408 41,891 59,823 68,913
44
17
135,054 160,233 181,714 58.745 79,597 81,227
44
21
157,609 162,236 214,461 80,374 97,887 95,993
44
31
177,336 157,280 245,613 105,814 115,034 115,735
Nov. 7
198,776 182,874 225,081 126,620 149,496 133,905
44
14
194,571 176,004 220,216 132,403 174,583 187,126
44
21
200,980 181,376 218,408 136,941 188,491 218,998
44
28
172,216 184,625[249,152 157,082 205,912 234,183
Dec. 5
174.365 22X743 216,167 169,073 216,280 287,109
Rec'ptsfrom Plant'ns
1877.
•
•
•
1878.
•
1,204
1879.
2,149
2,059
3,028
1,890
410
2,549
1,126
829
5,460
3,013 16,378
4,713
6,056 30,136 16,217
11,932 56,423 35,019
21,177 81,761 86,266
48,534 110,358 144,607
79,250 140,326 173,736
121,435 160,773 186,114
151,908 180,007 194,028
179,238 180,526 229,227
202,776 174,421 265,355
219,582 217,338 243,257
200,354 201,089 273,437
205,518 195,284 250,280
192,357 202,046 294,337
186,353 25L.116 239,093
....
,
The above statement shows—
1. That the total receipts from the plantations since
Sept. 1 in
1879 were 2,630,973 bales; in 1878 were
2,181,610 bales; in
1877
were
2. That
1,826,473 bales.
the
receipts at the out
ports the" past week
216,167 bales and the actual movement from plantations
239,033 bales; the balance being added to stocks at the in¬
terior ports.
Last year the receipts from the plantations for the
same week were 251,116 bales, and for 1877
they were 186,356 bales.
Weather Reports by Telegraph.—Considerable rain has
fallen the past week in portions of the South, and
some of the
were
rivers
are
reported higher.
Galveston, Texas.—iRain has fallen during the week on two
days, to a depth of twenty-nine hundredths of an inch, but the
rest of the week has been
p'easant.
The thermometer has
ranged from 43 to 73, averaging 62. The rainfall for the month
of November is
one inch and
ninety-seven hundredths.
Indianola, Texas.—We have had drizzles on two days of the
week, the rainfall reaching two hundredths of an inch, but are
needing a good rain. Average thermometer 60, highest 78, and
lowest 43.
During the month of November the rainfall reached
only thirteen hundredths of an inch.
Corsicma, Texas.—There has been no rainfall at this point
during the week. We have had killing frbgts on two nights, and
ice formed in this vicinity on one
niglit, the thermometer aver¬
aging 54, and ranging from 29 to 78. The rainfall for the month
of November is one inch and thirty-three hundredths.■>
Dallas, Texas.—It lias not rained here during the past week,
but there have been killing frosts on two
nights, and ice on one
night. Average thermometer 53, highest 78 and lowest 29. We
have had a rainfall during the month of November of one inch
and five hundredths.
Brenham, Texas.—We have had rain, welcome shovrera, on
days of the past week. The thermometer has averaged 60,
the highest being 73 and the lowest 41. The rainfall for the
two
week is
one inch, and for the month of November one
inch.
New Vrleans, Louisiana— Rain has fallen
during
the week on
two days, -to a depth of one inch and six hundredths.
The
thermometer has averaged 59. There has been a rainfall
during
the month of November of three inches and seventy-nine hun¬
dredths.
Shreveport, Louisiana.— The weather during the week
was
dry
and pleasant up to this (Friday) A. M., when we were visited
with a heavy rain storm, which will make roads bad for a few
days.
Picking has progressed favorably up to date. The thermometgghas
HveraggjJ 53, the extremes having been 34 and 73.
The rannall for the week is one inch and thirty-five hundredths.
Vicksburg, Mississippi.—It rained during the earlier portion of
the week j ust closed, on two days, but the latter
part has been
clear and pleasant.
Columbus, Mississippi.-^It has rained the past week on four
days, the rainfall reaching eighty-three hundredths of an inch.
The thermometer has ranged from 40 to 76,
averaging 53. There
was rain on nine days in
November, with a rainfall of three
inches and fifty hundredths, and there were several
heavy frosts
during the same period, with thin ice. About all the crop of
this section has now been secured, and the yield is about one-third
more than last.year.
Little Rock, Arkansas.—Saturday and Sunday last were clear
and Monday was fair, but the rest of the week has been
cloudy,
with rain on^wo days, to a depth of one inch and three hun¬
dredths. The thermometer has averaged 41, the
highest being
65 and the lowest 28.
During the month of November the thermometer averaged 52,
ranged from 22 to 80, and the rainfall was three inches and
sixty-three hundredths, rain having fallen on nine days. The
crop has been nearly all gathered at this date, and the month of
December will fully complete it. There is still (Dec. 1) a
large
and
amount of cotton in this section to be
marketed.
Nashville, Tennessee.—We have had rain on two days the
past week, with a rainfall of one inch and sixty-two hundredtns.
The thermometer has
ranged from 27 to 67, averaging 48.
4
612
THE CHRONICLE
fVoL. XXIX.
"
Memphis,
impms, Tennessee.—It has rained during the week on three
days, the rainfall reaching one inch and ninety-four
ty
hundredths.
Average thermometer 49, highest 58, and lowest 41. About
seven-eighths of the crop has been picked, a- d over one-half
marketed
Plante sare sending their crop to market more
freely
*
than
ever
"
'
1879.
*
1878.
Tot.Oct31 1,222,135
Nov. 1....
30,704
"
"
before known.
1877.
978,112
27,243
2....
8.
21,848
3....
46,140
8.
1876.
678,959
31,773
29,165
33,775
1875.
912,128
28,119
•
35,041
.32,587
26,392
*
779,393
18,611
30,115
33,481
22,674
29,528
18,624
1874.
671,344
8. :
26,023
28,995
22,715
26,478
20,894
4....
Mobile, Alabama.—It has rained sev- rely two days and has been
38,310
8.
30,964
5....
showery two da\ s, the rainfall for the week aggregating one
30,902
27,896
8. «
44,314
inch and forty-6ve hundredths. The thermometer has
6....
29,682
23,380
31,771
44,599
ranged
from 36 to 72, averaging 56.
7....
49,349
34,808
8.
35,213
37,082
28,531
8....
Montgomery, Alabama.—It has rained during the week on
28,562
43,978
22,037
35,431
8.
38,913
three days and is still (Friday P. M.)
9....
S.
raining, the rainfall having
34,522
27,281
27,963
22,825
28,641
reached one inch and eighty-four hundredths.
10....
8.
46,584
Average ther¬
22,876
40,324
22,874
28,714
mometer 55, highest 68
and lowest 33. During the month of
11....
8.
32,849
32,833
27,149
25,937
20,604
November we had rain on six days, with a rainfall of one inch
12....
32,278
S.
33,448
53,83o
20,851
28,411
and forty-seven hundredths, and the thermometer
13....
36,503
averaged 58,
24,002
26,945
56,348
33,221
27,018
with an extreme range of 29 to 83.
14....
43,440
22,793
28,463
8.
29,245
17,955
Selma, Alabama.—We have had rain on four days, and the
15....
35,631
35,647
32,005
34,892
8.
39,947
balance of the week has been cloudy.
We are having too much
S.
16....
26,421
28,026
29,611
26,145
30,732
Planters
rain.
are
sending cotton to market freely. The tribu¬
17....
S.
38,465
31,603
32,724
28,522
31,222
tary rivers are higher.
18....
39,097
8.
23,170
27,890
25,498
21,505
Ma
radison, Florida.—There has been no rainfall at this point
19....
27,553
36,435
S.
46,867
31,614
27,863
during the past week. The thermometer has averaged 68, the
20....
26,413
24,481
23,008
51,462
23,701
28,571
highest being 72 and the lowest 64. Planters are sending cotton
21....
31,998
51,249
8.
36,402
28,437
21,174
to market freely.
22....
26,574
38,871
23,318
37.089
44,893
S.
Macon, Georgia.—Telegram not received.
8.
23....
38,742
21,906
26,725
38*194
37,376
Columbus, Georgia.—We have had rain during the week on
8.
24....
60,920
18,906
31,989
27,792
one day, the rainfall
27,824
reaching two inches and sevrn hundredths.
25....
8.
35,470
36,610
29,078
33,421
The thermometer has averaged 60.
26,082
of
During the month
No¬
26....
33,349
34,536
8.
46,906
vember the thermometer ranged from 29 to
23,517
26,314
8!, and averaged 59.
27....
41,607
34,471
25,902
It rained on three days, the rainfall
41,765
24,721
28,244
reaching one inch and
28...;
24.329
51,232
8.
21,915
32,934
23,890
eighty hundredths.
29
29,409
32,773
27,911
38,850
36,479
8.
Savannah, Georgia.—It has rained here on two days, the rain¬
S.
30....
27,115
24,358
fall reaching three hundredths of an inch, but the rest of the
29,862
25,f72
40,519
week has been pleasant. The thermometer has
averaged 57, Total.— 2,164,407 1,757,349 1,499,517 1,813,520, 1,519,509 1,347,639
ranging from 36 to 76.
Dec. 1..
S.
52,479
21,387
30,824
22,842
24,517
Augusta, Georgia.—The earlier part of the past week was clear
2...
30,886
8.
39,978
21,089
26,301
28,921
and pleasant, but the latter portion has been
3..
showery, and we
28,110
40,894
S.
40,703
20,856
19,114
have also had an unusually severe storm, the rainfall
4...
reaching
25,675
23,532
27,179
44.873
35,581
34,055
one inch ana
forty hundredths. The thermometer lias averaged
5...
49,608
30,938
20,766
S.
31,662
31,842
53, the extreme range having been 32 to 71. Accounts are about
the same as last week.
J2,351,165 1,892,691 1,609,552 1,941,968 1,625,089 1,486,088
They report that the late growth in this Total
section will make a very short crop, and
at many points will Percentage of total
p'rt rec'pts Dec. 5..
42*55
prove a complete failure.
37*03
Planters are holding on to their cot¬
48*09
38*77
42*49
ton.
The rainfall for the past month is three inches and
This
statement shows that the
sixtyreceipts
since {Sept. 1 up to
two hundredths.
to-night are now 458^474 bales more than they were to the same
Charleston, South Carolina.—There has been no rainfall at this day of the month in 1878, and 741,613 bales more thau
point during the past week. The thermometer has averaged 57, were to the same day of the month in 1877. We add to thethey
last
the highest being 74 and the lowest 37.
table the percentages of total port receipts which had been
The following statement we have also received
by telegraph, received to Dec. 5 in each of the years named.
showing the height of the rivers at the points named at 3 o'clock
India Cotton Movement from all Ports.—The
figures
Dec. 4, 1879, and Dec. 5, 1878.
which are now collected for us, and forwarded
by cable each
Dec. 4, '79.
Dec. 5, '78.
Friday, of the shipments from Calcutta, M vdras, Tuticorin, CarFeet. Inch.
Feet. Inch.
war, &c., enable us, in connection with our
Below high-water mark
New, Orleans
12
9
previously-received
13
6
Memphis
Above low-water mark... 10
2
14
report from Bombay, to furnish our readers with a full and
7
Nashville
Above low-water mark...
7
3
13 '
9
complete India movement for each week. We first give the
Shreveport
Above low-water mark... Missing.
4
9
Bombay statement for the week and year, bringing the figures
Vicksburg
Above low-water mark... 13
3 ;
Missing.
down to December 4.
New Orleans reported below high-water mark of 1871 until
BOMBAY RECEIPT8 AND SHIPMENTS FOR FOUR
YEARS.
Sept. 9, 1874, when the zero of gauge was changed to high-water
week
Shipments
this
m^rk of April 15 and 16, 1874, which is 6-10ths of a foot above
Shipments since Jan. 1.
Receipts.
"
"
"
"
"
"
,
'
"
"
"
"
"
"
"
"
...
"
►
"
"
"
"
..
1871,
1(> feet above low-watei mark at that point.
Comparative Port Receipts and Daily Crop Movement.—
or
A
comparison of the port movement by weeks is not accurate,
the weeks in different years do not end on the same
day of the
month.
We have consequently added to our other
standing
tables a daily and monthly statement, that the reader
may con¬
stantly have before him the data for seeing the exact relative
movement for the years named.
First we give the receipts at
each port each day of the week ending to-night.
as
PORT RECEIPTS FROM
D'ys
New
Mo-
of
Or¬
we'k leans.
bile.
Bat..
2,828
3,378
6,459
4.726
Wed
Char- Savan¬ Galleston. nah. vest'n.
5,239
Thur 6,937
Frl.. 13,334
folk.
3,645
4,518
4,998
8,643
5,586
5,262
4,200
5,476
4,60l| 3,371
2,284|l
4,343
1.766
2,011
4,049|
4,676
movement each
2,000
4,000
1.000
2,000
7,000
1*76
8.0H0
4,164
5,996
970
2,348
883
3,816
4,078
4,942
3.641
3,813
3,617
4,845
401
3,047
3,237
3,118
1879.
1878.
333,643
888,492
942,272
288,848
689,264
779.235
659
750
3,157
511 13,599
as
1876.
30,886
follows:
1875.
Year.
Since
Jan. 1.
624,000 4,000
850,000
721,000 6,000
900,000
813,000 11,000 1,071,000
930,000 8,000 1,086,000
9,000 382,000 431,000
8,000 579,000 401,000
Great
Britain.
Conti¬
1879
1878.
1877
3,000
1,000
1,000
1876
2,000
£i
52.479
Shipments since January 1.
Total.
nent.
4,000
1,000
2,000
Great
Britain.
Conti¬
249,000
143,000
79,000
142,000
133,000
71,000
51,000
104,000
Total.
nent.
382,000
214,000
130,000
246,000
The above totals for this week show that the movement from
the ports other than Bombay is 2,000 bales less than same week
of last year.
For the whole of India, therefore, the total
shipments this week and since January 1, 1879, and for the
corresponding weeks and periods of the two previous years, are
Beginning September 1.
1877.
6.000 256,000 368,000
1,000 3Z2.000 399,000
This
Week.
CALCUTTA, MADRAS, TUTICORIN, CARWAR. RANGOON AND KURRACHEE.
29,409
28,110
25,675
49,608
Total.
nent.
According to the foregoing, Bombay appears to show a decrease
compared with last year in the week's receipts of 2,000 bales and an
increase in the shipments of 5,000 bales, and the shipments
t-ince
January 1 show a decrease of 97,000 bales. The movement at
Calcutta, Madras, Tuticorin, Carwar, &c., for the same week and
years has been as follows.
Total
4,174 32,639 216,167
Sept. 1 has been
Conti¬
Shipments this week.
2,840
6,624
4,429
month since
Year
Monthly
Receipts.
All
ming¬ others.
1879
1878
1877
ton.
Tot.. 55.017 18.906 22,564 34,165 23,889 24,813
The
Wil¬
Nor¬
i
Mon 18,272
Tues
SATURDAY, NOV. 29, '79. TO FRIDAY. DEC. 5. '79.
a
Year Great Conti¬
Great
Brit'n. nent. Total. Britain.
1874.
as
follows.
EXPORTS TO EUROPE FROM ALL INDIA.
Sept'mb'r
October..
Novemb'r
98,491
578,533
822,493
236,868
675,260
901,392
169,077
610,316
740,116
134,376
536,968
676,295
Total year 2,164,407 1,767,347 1,499,517 1,813,520
1,519,509 1,347,639
Pero'tage <)f tot. port
receipts Nov. 30..
39 51
34*50
44*91
36*25
an
exact
1879.
This
week.
1878.
Since
Jan. 1.
This
week.
receipts since that time,
comparison of the movement
we
for
1877.
Since
Jan. 1.
This
week.
Since
Jan. 1.
'
Bombay
All other ports.
6,000
4,000
624,000
1,000
382,000
1,000
721,000
214,000
9,000
813,000
130,000
10,000 1,006,000
2,000
935,000
9,000
943,000
38*53
This statement shows that
up to Nov. 30 the receipts at. the
ports this year were 407,060 bales more than in 1878 and 664,890
bales more than at the same time in 1877.
By adding to the
above totals to Nov. 30 the
daily
shall he able to reach
the different years.
Shipments
to all Europe
from—
Total......
This last statement affords
total movement for the week
very interesting comparison of the
ending Dec. 4, and for the three
a
years up to that date, at aU India ports.
Alexandria Receipts and
Shipments.—Through arrange¬
ments we have made with Messrs. Davies, Benachi & Co., of
December 6,
THE CHRONICLE.
1879.]
Liverpool and Alexandria,
shall hereafter receive a weekly
Egypt. The
following are the receipts and shipments the past week, and for
the corresponding weeks of the previous two years.
we
cable of the movements of cotton at Alexandria,
Alexandria, Egypt,
1879.
Dec. 4.
1878.
1877.
This week
Since Sept. 1
200,000
100,000
1,740,000
765,000
This
Since
week. Sept. 1.
Exports (bales)—
To Liverpool
Total Europe
170,000
1,539,000
This
Since
This
Since
week.
Sept. 1.
week.
Sept. 1.
15,000 115,606
9,834 50,323
To Contiuent
7,000
6,000
58,500 15,000 107,000
23,500 10,000 65,800
24,834 165,929 13,000
82.000
25,000 172,800
A cantar is 98 lbs.
This statement shows that the receipts the past week have
been 200,000 cantars, and the shipments to all Europe 24,834 bales
Manchester Market.—Our
market
report received from
Manchester to-day (Dec. 5) states that prices of shirtings and
twists are both higher and hardening under the influence of the
higher Liverpool cotton market.
prices for comparison.
We leave previous weeks'
1879.
3
10
17
Oct.
u
<<
««
-@9^
9116 -"l6
24 9*6
«
31 9*8
7 9*8
Nov.
ii
14 9*4
it
21 9*4
3>93*
3)93*
®93*
3>978
3>97e
4i
28 930 3>10
5 10 ®10ha
Dec.
{Supply
and
d.
s.
8iel6"97i6
9
Cott'n
s.
Uplds
d.
d
1
6
63s
7*3
6 4*2 'cbl
6 4hi ®7
6 4hi 3>7
6 6
7
fi1116
6111B
7*s
7hi
7 hi
6
7*2
4*a @7
®8
9
738
6%
678
63*
9
Shirtings.
8.
5
5
8hi®9
8*83>878 5
8 ®8»8 5
73*®8h2 5
7783>858 5
7783>83* 5
678
7783»83*
S ^8% 5
67s
61516 8 ®83l 5
9
0
o
Consumption of Cotton
editorial column will be found
Cott'n
Mid.
8*4 lbs.
d.
d.
83s®9
6 3
®7
6 4h» 3>7
6 4®ie@7
6 6
6 9
32s Cop.
Twist.
Mid.
Shirtings.
d.
d.
1878.
8*4 lbs P
32s Cop.
Twist.
*
Shipping News.—The exports of cotton from the United
States the past week, as per latest mail returns, have reached
143,644 bales. So far as the Southern ports are concerned, these
are the same
exports reported by telegraph* and published in
the Chronicle last Friday.
With regard to New York, we
include the manifests of all vessels cleared
up to Wednesday
night of this week.
Receipts (cantars*)—
*
613
in
Uplds
d.
8.
9 ®7
7*2
7*23)7
7*2
6
6
4*23)7
4*23)7
67i0
6°ie
6*1*
4*2
6
4*2
6
6
6
6
6
5"l0
4*2
5*4
5*2
"8)7
'2)7
©7
2)7
®7
2)7
d.
d.
4*2
4*2
5*2
4*2
5710
4*2
5*8
Europe.—In
few facts and
figures
our
on
this
subject, under the title of '■* The Cotton Craze," which will
per¬
haps be of interest to
our
a
readers.
Gunny Bags, Bagging, &c.—Bagging is ruling firm in price, and
a fair demand is reported from dealers, for modera'e
parcels.
No inquiries are in market for large parcels.
For If lbs. 94c. is
asked, 2 lb. 10fc., while for standard grades 11c. is being paid.
Butts have ruled quiet, and we hear of no transactions except in
a small way.
For paper grades holders are asking 3fc., while
for spinning quality 3fc. is quoted, with a firm feeling.
The Exports of Cotton from- New York this week show
an
Total bales.
New York—To
Liverpool, per steamers Helvetia, 3,210
Italy, 2,398—Wyoming, 2,076. ..Malta, l,24S...8cyfchia,
332
City of New York, 780
Tyeho Brahe, 2,044
To Bremen, per steamer Mosel, 700
To Hamburg, per steamers Silesia, 1,343
Gessing, 1,135..
New Orleans—To Liverpool, per steamers Alava, 4,867
Rita,
3,026—American, 3,400—per ships Iron Cross, 5,706
Constantia, 4,159—per bark San Fernando, 1,410
To Havre, per ship 8cioto, 3,466
per barks Albert, 2,935
Georges, 2,460.
a
To Bremen, per ship Prussia, 4,563
a..
To Antwerp, per steamer Morglay, 1,189
To Reval, per steamer Swiftsure, 5,728
To Barcelona, per bark Louisiana, 1,796
To Vera Cruz, per steamer City of Mexico, 139
To Tampico, per steamer City of Mexico, 53
Mobile—To Liverpool, per bark Crescent, 2,060
Charleston—To Bremen, per steamer Hartville, 4.450 Upland.
To Barcelona, per steamers Segundo Barreras, 1,430 Upland
Aurora, 3,400 Upland—per barks Ana, 700 Upland
Tuya, 700 Upland—Linda, 1,100 Upland
per brigs
Virgenes, 650 Upland—Urbana, 400 Upland
Savannah—To Amsterdam, per bark Forest City, 2,400 Upland
To Reval, per steamer Swalldale, 4,625 Upland
Malabar,
5,825 Upland
,!
To Barcelona, per steamer Irene Morris, 4,200 Upland
Texas—To Liverpool, per ships Senator Weber, 4,699
Algoma,
4,453
per bark Annie Burr, 2,108
per brie Eigil, 948.
To Havre, per steamer Horden, 4,117
per bark Hampton
Court, 3,271
To Bremen, per brig Maria, 554
Wilmington—To Liverpool, per barks George Booth, 1,208....
Our Annie, 1,445
Cato, 1,433
Norfolk—To Liverpool, per steamers Lady Lycete, 4,850
Altmore, 5,485
Sumatra, 5,000
per bark Reformer,
3,890
Baltimore—To Liverpool, per steamers Teniers, 429 and 156
bags Sea Island
Sarmatian, 967
Boston—To Liverpool, per steamers Bulgarian, 2,073....Marathon, 191....Pembroke, 764,
;
Philadelphia—To Liverpool, per steamer British Empire, 1,500
12,088
700
4,478
•
.
22,568
8,861
4,563
1,188K
5,728
1,796
-.
139
53
2,060
4,450
—
Total
The
particulars of these shipments, arrang-d in
form, are as follows:
-
pool.
New York...12,088
N. Orleans ..22,568
Mobile
2,060
8,861
5,178
4,563
Wilmington. 4,086
Norfolk
19,225
Baltimore
1,552
Boston
3,028
Philadelphia 1,500
7,388
554
4,086
19,225
1,552
.
3,028
1,500
our
usual
17.266
1,189
5,728
1,796
2,400 10,450
4,200
4,450
12,208
12,208
Brem'n Ams'dam
V. Cruz
<fe Ham- and AntBarce- <fe TamHavre, burg. werp. Reval. lona.
pico. Total.
Charleston
Savannah
Texas
10,450
4,200
143,644
-
Liver-
8,380
2,400
554
7,388
192
8,380
44,897
2,060
12,830
17,050
20,150
^4,086
19*,225
1,552
compared with last week, the total reaching 15,866
3,028
against 11,228 bales last week. Below we give our usual
1,500
showing the exports of cotton from New York, and their
Total... 78.315 16,249 14,745 3,589 16,178 14,376
192 143,644
direction, for each of the last four weeks; also the total exports
and direction since Sept. 1,1879, and in the last column the total
Below we give all news received to date of disasters to vessels
for the same period of the previous year.
carrying cotton from United States ports, etc.:
Exports of Cotton (bales) from New York since Sept. 1,1879.
Arizona, steamer (Br.), Jones, from New York for Liverpool, before
increase,
.
as
bales
table
Week
Exported to—
Nov.
12.
Liverpool
Other British ports
Total
to
Great Britain
Havre
ending—
Same
Total to period
date. previ'us
Nov.
19.
Nov.
26.*
17,350
7,411
1,997
8,733 12,088 160,229 117,376
824
5,701
3,652
17,350
9,408
9,557 12,088 165,930 121,028
Dec.
3.
year.
540
204
14,717
6,308
Total French
540
204
14,717
6,308
Bremen and Hanover
960
514
646
508
503
714
7,890
2,478
12,901
7,932
2,017
1,474
1,154
1,217
3,178
22,850
9,265
Other French ports
.
reported, put into Halifax with her bow stove in, sailed thenoe at
3 P.M., Nov. 28, for Liverpool.
Bolivar, steamer (Br.), from New Orleans, at Liverpool, Nov. 26, was
slightly damaged by collision in the Mersey.
CTrr of Chester, steamer, (Br.)—The steamer Pioneer, from Rouen,
and steamer City of Chester (Br.), from New York, were in collision
night of Nov. 12 in the Mersey; former had forerigging and mast
damaged. Damage to the latter, if any, not stated.
North Carolina, bark (Br.), Buchan, from Baltimore for
Liverpool,
put into Bermuda, Nov. 21, with rudder-head and stearing-gear
badly injured and broken; maintopsaii yard
gone in the slings.
She remained 26th to proceed iu a few days.
Prinz Regent, bark (Ger.), Hervie, loading cotton at Mobile for Europe,
took fire Nov. 29; no particulars.
.
Hamburg
Other ports
Total to North. Europe
700
v)
Spain, Op'rto, Gibralt'r,&c
Totat.
-
Rpatn, A.r,..
250
3,206
250
3,206
886
19,364 10,562 11,228 15,266 206,703 137,487
*
3,020 bales deducted Irom figures published last week for errors in
clearances.
The Following are the Receipts of Cotton at New York,
Boston, Philadelphia and Baltimore for the past week, and since
September 1, 1879:
Receipts
from—
This
week.
Satur.
Since
Sept. 1,
Boston.
This
week.
Since
Sept. 1.
Philadelphia.
This
week.
Baltimore.
8ince
This
Since
Sept.l. week. Sept. 1.
Mon.
Liverpool, steam d. *43)^32 *43)032
sail...d.
Do
732
732
e. 583>1li0* 583>ui6*
Havre, steam
Do
sail
c.
910
910
steam,
Bremen,
.e.
"l0*
"l0*
Do
Grand Total
New York.
freights the past week have been
952
423
886
All other
Cotton
sail
c.
*3
as
follows:
Tues.
Wednes.
Thura.
*4®»32
732
*43)032
732
9i0
"is*
*4'®932
732
583>*-1i6*
910
"10*
*2
*2
h)
Fri.
*4
732
9ie*
910
"10*
*3
®8*
*2
*3
Hamburg, steam, c. "l03> 3** "l83> 3l* "l63>3l* 111©3) 3k* "l0® 3fc*
Do
sail...c.
Amst'd'm, steam.e.
*3
*3
V
*3
3*
h,
...v....
d. 710'®1532 718®1532 710®1B32 7103>1533 710®1532 7l«3>H>3a
Baltic, steam
*
*3
3*
sail...c.
Do
Do
*3
3*
sail
d.
Compressed.
-
Liverpool.—By cable from Liverpool, we have the following
sales, stocks, &c., at that port:
statement of the week's
N. OrPans
7,401 51,896
Texas
4,166 50,323
Savannah 13,106 104,799
Mobile...
Florida..
599
2,632
S.Car'lina 6,055 55,620
N.Car'lina 2,846 20,594
Virginia..
North, pts
Tenn., &c.
9,044 94,999
253
3,509
8,117
46,218
'
Nov. 14.
1,652
2,647
6,876
15,917
703
8,399
20,446
48,002
1,585
525
463
5,331
4,043
3,825
40,810
5,714 41,937
2,136 18,415
This year. 51,788 431,567 16,889 126,302
2,839 26,814
6,398
<2.195 25.912
4.354
Foreign..
201
24 394
977
3«0.35«l 10.493
97.190
Nov. 21.
Nov. 28.
Dec.
5.
18,902
69,0S'6
1*6.113
Sales of the week
bales.
Forwarded
Sales American
Of which exporters took —
Of which speculators took..
Total stock—Estimated
Of which American—Estim'd
Total import of the week
Of which American
*..
Actual export
Amount afloat
Of which American
82,000
54,000
13,000
37,000
69,000
10,000
51,000
7,000
10,000
288,000
171,000
72,000
57,000
5,000
359,000
297,000
185,000
77,000
63,000
4,000
357,000
317,001
320,000
321,000
294.000
3,000
2,000
15,000
52,000
8,000
4,000
202,000
96,000
77,000
5,000
336,000
59,000
12,000
42,000
5,000
4,000
339,000
227,000
92,000
78,000
9,000
349,000
315.000
CHRONICLE.
LHE
614
The tone of the Liverpool markeffor spots and futures each day of the
week ending Dec. 5, and the daily closing prices of spot cotton, have
been as follows:
Saturday Monday. Tuesday.! Wednes. Thursd'y
Spot.
Market
it,
12:30 p.
Easier
and
.M.J
inq.
freely
supplied.
Dull
unch'gd.
Mid. Upl'ds
pl'ds
Mid. Orl'ns.
•l'ns.
Market
•ket,
5 F .m.
Mod.
Quiet
I
634
61316
61516
678
7
Active
and
firmer.
634
678
678
mixed sold at 59%c. for Dec.
vance to 63c. for No. 2 mixed
To-day there
on
was a
the spot.
further ad¬
Rye has been firmer, and several sales of prime loads were
To-day the market was quiet. Barley has been
Friday.
made at 92c.
Quieter.
active for State at 75c. for two-rowed and 81@S5c. for sixrowed ; also, No. 1 Bright Canada sold at $1 06. But yesterday
the market was quiet.
Oats have met with an active speculative demand, attended
615i6
7*16
61516
7li«
important advance in prices; and yesterday No. 2 mixed
January at 50c. and No. 2 white for Dec. at 50c. These
highest prices, we believe, in more than two years.
To-day the market was dull, and No. 2 graded closed at*49%c.
by
I
j
an
sold for
are the
8,000
1,000
8,000
1,000
Sales
Spec.& exp.
7,000
1,000
12,000
2,000
8,000
1,000
8,000
1,000
for mixed and 51c. for white.
The
Futures.
Market,
5
[Vol.. XXIX.
Flat.
Steady.
P. M.
Strong.
The actual sales of futures at
below. These sales are on the
unless otherwise stated.
Nov
Nov.-Dec—613i6®2p32
May-June
June-July
Jan.-Feb
Feb.-Mar
Jan.-Feb
61316"®2332
6is16
62732
Dec.-Jan
d.
678
63i32
7^2
62&32
1
62932 |
Apr.-May
Delivery.
d.
Nov
....6i316
Jan.-Feb
6l3ie
Shipment.
Oct.-Nov., n. crop,
sail
6t316
Monday.
Delivery.
June-July
7
Dec
62332
Apr.-May
62932 May-June
63132 I June-July
62732
Gi516
I
02532®34 |
Dec-Jan.6l3ih®253o'S|34 I
Jan-Feb
613ie@2532 |
Feb.-Mar
62732®i316 |
Mar.-Apr
678®2732 1
Delivery.
Dec
Apr.-May
May-June
Dec.-Jan
Jan.-Feb
Delivery.
G2332
G34
Dec.-Jan
Jan.-Feb
Feb.-Mar
Jan.-Feb
Dec
Jan.-Feb
6D16
..62332
62t>32
City shipping extras.
Southern, bakers' and
'family brands
South'n ship'g extras.
Eye flour, superfine..
Delivery.
634
,
613'jg
Feb.-Mar
G2332
62332
Mar.-Apr
Apr.-May
May-June...
May-June
7
J une-J uly
7*16
G2332
62732
6t513
63l32
:7*32
Wednesday.
Delivery.
I
Delivery.
May-June
'7i32®i1G | Dee.-Jan
June-July
71ik 1 Jan.-Feb..
Dec
..62532®34 | Feb.-Mar
7h
62732® 7g June-July
May-June
Dec
Mar.-Apr
62932®i3i6 June-July
7332
.G2o32
April-May. —63i32®7 Dec
Delivery.
G34
63±
Gl31<5
Dec
Dec.-Jan
Jan.-Feb
Feb.-Mar
--62332
..62732
..62932
..7132
..613 10
...
Western No. 2...
7 25
60
63
62
63
®
®
®
®
64
67
92
6372
8 25
Western Yellow..
Western White...
6 00® 6 65
Rye—West'n, No.2.
91
®
State and Canada
Oats—Mixed
White
92
47
49
Barley—Canada W.
State, 4-rowed...
State, 2-rowed...
Peas—Can'da,b.&f.
90
93
50
53
®
®1 05
82
75
82
®
99
®
8C
®, 95
6 85® 7 50
6 25® 6 75
4 80® 5 15
2 80® 3 10
® 3 35
Western, &c
Brandy wine, &e
White
® 1 36
®1 40
®1 51
®1 51*2
142 ®1 48
1 47*2®
'
No. 1 white
Corn—West, mixed
Corn meal—
'
®
®
Receipts of flour and grain at Western lake and river ports
Nov. 29:
for the week ending
"
-
.
Dec
Dec.-Jan
*
6 10® 6 40
Flour,
Wheat,
Corn,
Oats,
bush.
bush.
bush.
(60 lbs.)
(56 lbs.)
bbls.
?i32
62532
Feb.-Mar
Feb.-Mar
Dec..
Jan.-Feb
5 90® 6 15
6 25® 7 25
do XX andXXX...
6 50®
Minnesota patents..., 6 75®
Gibe
02332
No. 3 spring, $ bu.$l 34
No. 2 spring
1 39
Amber winter...
140
Red winter, No. 2 151
6 00® 6 10
ping extras
0%
63i32
June-July
62332 ®i 116
Dec.-J an—62332® i1 j ^
Jan.-Feb.. 6 34®2o32® %
Feb.-Mnr
6i316
Mar.-Apr
078
Apr.-May
6i°ie
03i32
May-June
Wheat-
5 40® 5 75
Western
Extra State, <fcc
Western spring wheat
extras..:
do XX and XXX...
Western winter ship¬
•
Delivery.
Delivery.
grain.
$ bbl. $4 40® 5 00
Superfine State and
Tuesday.
Dec
closing quotations:
No. 2
Liverpool for the same week are given
basis of Uplands, Low Middling clause,
Delivery.
Mar.-Apr
d.
6l3i6®2332
are
flour.
Saturday.
Delivery.
following
Firm.
Strong.
At—
(196 lbs.)
Chicago
66,362
Milwaukee
Toledo
55.692
125
Detroit
5,824
2,471
32,466
63,150
135,351
41,250
135,600
353/320
900
1,600
156,240
Cleveland
St. Louis
Peoria
Duluth
Barley.
Rye,
hush.
bush.
(32 lbs.) (48 lbs.) (56 lbs.)
415,769 1,128,770
396,086
59,575
224,939 75,030
25,285 59,677
16,061
9,800 11,690
10,400 15,800
42,363 15H.380
45,600
7,550
180,003
11,380
36,440
Total
163,840 1,189,106 1,925,728
Same time '78.. 160,300 2,494,067 1,308,388
17,635
11,917
*'
*
66
8,588
11,420
374,448 326,127 49,626
534,128 240,438 101,710
ports from Jan. 1 to Nov. 29, inclusive,
Total receipts at same
for four years:
1878.
1877.
Flour
bbls.
* 6,278,558
1879.
5,261,284
4,583,679
5,141,454
Wheat
Corn
Oats
bush.
92,714,080
100,826,907
29,143,880
82,905,046
88.582,346
29,175,840
49,402,894
9,240,133
4,515,179
9,375,810
4,747,876
8,437,093
4,810,915
52,743,534
75,757,718
23,726,581
8,264,748
1876.
Thursday.
Delivery.
Delivery.
Dec... :613i6®'-932'® J5-|6
Dec.-Jan
613i«
Jan.-Feb.615i6®3132's>7
Feb.-Mar
7 ii6® i32
Mar.-A pr
7116 ® 332
Apr.-May
7 hi ® 3:i2
May-June.. ..73i6®732
June-July
7«32® *4
Mar.-Apr
7332®>18
Feb.-Mar
7iiG
7316
Apr.-May
May-June
J une-J uly
7*4
7H
32
Dec
Dec.-Jan
Jan.-Feb
63i32
63i32
Feb.-Mar
7332
Delivery.
Mar.-Apr
7332
J uly-Aug
7^32
June-July
73ie
Shipments.
Nov., new crop,
sail
7i3o" Nov.-Dec.,
7®63132
n. crop,
sail
7'a<63i32
Delivery.
-
Mar.-Apr
grain.... 236,440,185 214,786,918 159,699,097 163,001,716
Total receipts (crop movement) at the same ports from Aug. 1
to Nov. 29, inclusive, for four years:
Delivery.
7732 ® 14
June-July..
7932
Delivery.
June-July
734
Jan.-Feb
7
Dec.-Jan
Jan.-Feb
Feb.-Mar
7iie
733g® *8
7i32"
Mar.-Apr
Apr.-May
7 hi
April-May ..73i6'^°32
7332
7332
June-July
®316
6i3ie
63i32
Feb.-Mar
Mar.-Apr
Apr.-May
7316
7932
1877.
1873.
2,660,693
2,264,625
2,349,837
2,205,686
hush.
55,448,612
37,798,690
13,081,992
48,898,057
36,075,194
15,504,749
39.111,276
31,764,476
11,552,658
26,299,446
Barley
6,815,737
6,444,959
5,583,307
33,353,370
9,889,873
5,295,509
Rye
2,732,340
688,567
1,857,803
1,441,669
115,877,371
107,624,526
89,669,525
76,279,867
Wheat
Corn.
Oats
Total grain
....
Comparative shipments of flour and grain from the
ports from Jan. 1 to Nov. 29, inclusive, for four years:
BREADSTUPFS.
Flour
improving market for fiour throughout
most of the past week.
The demand has been more active and
general, and the views of holders have also been strengthened
by the higher prices of wheat. There was on Monday a large
movement in Southern flours. Yesterday, however, the demand
was almost wholly for the poorer grades, such as No. 2,
super
fine, and common extras. The advance for the week is 25j@40c.
per bbl. Rye flour declined and partially recovered. To-day
the market
was
an
dull.
The wheat market has been
variable, and the speculation
somewhat feverish and fitful, but in the aggregate prices have
advanced 3@4c. per bush. Receipts at the Western markets
show some increase over previous weeks, but are still below last
The Erie Canal is closed for the
year.
season,
but
we
have
a
stock here of from ten to twelve million bushels, or nearly
double that of any preceding season. To dispose of this stock
and the current receipts by rail in the next five months is the
work before us. Yesterday the business in futures embraced
No. 2 red at $1 54% for January and $1 57% for
February ;
and No. 1 white at $1 52% for
January and $1 54% for Febru¬
To-day the market was feverish and variable, closing
ary.
unsettled and weak.
Indian Corn has met with
both spots and
and prices are
1879.
1878.
1877.
6,823,490
5,570,499
4,8 L6,407
4,563,077
hush.
76,571,013
67.135,755
82,373,546
20,594,963
20,935,353
42,388,722
66,089,793
17,413,434
47,437,633
77,686,753
5,243,300
3,943,851
4,932.036
3,663,908
5,369,531
2,343,591
Barley
Rye
an
active
speculative demand for
1876.
72,542,884
19,535,933
3,615,319
2,261,187
grain
188,726,673 174,403,830 133,605,121 145,423,006
Rail and lake shipments from same ports for the last four weeks:
Week
Oats,
Flour,
Wheat, ° Corn,
Barley,
Rye,
hush.
*bush.
bush.
bush.
bush.
bbls.
ending—
Total
....
145,570
154,960
Nov. 29
Nov. 22
Nov. 15
Nov. 8
220,706
152,409
533,172 1,281,222
1.785.852 1,319,346
1.275,771 1,122,592
2.314.853 1,682,483
159,656
237,120
371,3*27
366,895
174,908
103,660
172,778
250,435
32.S9S
30,961
36,414
53,927
Total, 4 w'ks.673,645
5,909,648 5,405.643 1,134,998
701,781 151.200
Do.4wks'78.675,960
7,024,880 3,993,999 1,555,266
637,892 262,341
Receipts of flour and grain at seaboard ports for the week
ended Nov. 29:
Flour,
Wheat,
bush.
bbls.
131,450 1,649,976
51,196
164,158
3,500
109,968
At—
New York
Boston
Portland
Montreal
9,229
75,412
Philadelphia
21,320
Baltimore
New Orleans
15.957
12,576
133,500
Corn,
Oats,
hush.
bush.
Barley,
hush.
659,159 272,269 383,468
83,464 25,000
187,105
5,600
790
43,106
10,722
102,500
58,200
44,800
259,500
180,450
39,692
15,200
8,730
Rye,
bush.
1,629
58,000
63.588
3,300
......
1,000
1,200
Total week
248,228 2,495.014 1,173.312 435.085 468.887 69,088
Cor. week '78.... 211,403 2,775,269 1,741,612 620,130 406,900 197,040
And from Jan. 1 to Nov. 29, inclusive, for four years:
1879
bbls.
Flour
futures. Stocks have become well concentrated,
decidedly higher. Yesterday No. 2 mixed sold
•at 62% per bushel on the spot and $1 12 per cental for Jan.
Other grades of corn continue in limited
supply; steamer
Wheat
Corn
Oats
same
bbls.
Friday, P. M., December 5, 1879.
There has been
1876.
bbls.
Flour
May-J une
-
2,809,085
Total
1879.
Friday.
Dec
61516
Dec.-Jan.. .'.615i6®3132
Jan.-Feb... 7®63i32®7
Feb.-Mar
7i32®116
Barley
Rye
74,670,063
2*2,378,132
1878
1877
8,859,413
7,619,163
9,240,960
101,779,054
99,401,013
20,661,026' 23,014,236
42,911,852
40,458,3*23
82,185,673
23,450,270
10,187,620
bush. 139,287,055
Wheat
Corn
Oats
■
98,525,243
Barley...*.
5,318,618
5,914,559
Rye
4,383,443
4,959,756 *
Total
80,651,427
19,447,397'
8,667,553
2,513,359
1876
7,295,057
1,542,688
grain.;.. 268,175,385 235,071,618 154,191,578 154,923,011
December
615
THE CHRONICLE
6, 1879.]
request, and cotton-warp and all-wool beavers were in limited
demand. Kentucky jeans and doeskins received some atten¬
Oats,
Wheat,
Rye,
Flour,
Corn,
Peas,
tion, and leading makes continue sold ahead and firm, with an
bush.
bush.
bush.
From—
l>bls.
bush.
bush.
New York
2,001 69,924
84,387
794,866
840,397
9,867 upward tendency.
Satinets were in good demand, and some
Boston
20,357
106,362
37,230
Portland
2,600
109,968
12,844 large orders for heavy weights were (in exceptional cases)
Montreal
8,403
172,529
16,000 26,009
72,820
placed by the clothing trade for future delivery. For flannels
Philadelphia..
5,842
147,564
108,216
Baltimore
and blankets there was a very good demand, and prices were
10,597
455,409
374,625
strong at the late advance. Shawls ruled quiet, but felt skirts
Total for w'k 132,186 1,832,211 1,330,987 28,010 69,924 95,591
Same time'78. 108,137 1,748,607
695,073
7,259 44,291 89,380 were
fairly active, and about 200 cases Livingston Mills felt
The visible supply of grain, comprising the stocks in granary skirts were disposed of through one of the leading auction
at the principal points of accumulation at lake and seaboard houses at excellent prices. Worsted dress goods were in fair
ports, and in transit by lake, rail and canal, Nov. 29, was as demand for the time of year, and hosiery, knit underwear
Exports from United States seaboard ports and from Montreal
ending Nov. 29:
for week
follows:
In Store at—
New York
Do. afloat (est.)
Wheat,
bush.
9,240,104
2,243,000
Albany
701,910
5,573,018
2,331,939
115,884
730,120
780,554
Buffalo
Chicago
Milwaukee
Duiuih
Toledo
Detroit
580,000
1,047,426
Oswego
St. Louis
Boston.
Toronto
Montreal
111,911
162,717
147,545
737,459
Philadelphia
Total
Nov.22, '79
Nov. 15. '79
Nov. 8, '79
Nov. 1, '79
Nov. 30,
'78
2,030,775
375,000
Barley,
bush.
534,539
427,260
90,000 1,300,000
64,000
201,000
34.533
335,544
Rye,
bush.
5,856
22,010
540,603
399,605
40,000
13,000
97,894
267,831
77,883
162,317
8,993
330,000
116,718
5,977
3,000
41*000
"8,582
231,377
645,721
248,073
24,000
1,380,246
1,595,458 1,058,457
10,659
162,347
100,281
659,430
210
6,195
638,260
128,984
20,746
131,288
129,945
18.466
7,199
"*2,626
74,944
60.961
44*800
42,300
7,443
365
110,700
84,300
160,371
96,463
14,482
11,111
102.172
187.470
121*322
107,769
"i 6,8*98
431,465
1,200,000
1,093,752
1,415,000
38,334
75.000
67,142
286,000
16,000
92,326
293.028
fancy knit woolens were moderately active.
quiet in first hands, but prices
continued steady, and some makes of shirting linens, &c., were
advanced by importers. The auction season is drawing to a
close, and no public sales of noteworthy importance were held
during the week.
and
Foreign Dry Goods have been
Importations of Dry Goods.
The importations of dry goods at this port for the week endingDec. 4, 1879, and for the corresponding weeks of 1878 ana
1877, have been as follows:
entered for
655,257
1,211,153
;
Baltimore
Rail shipments...
Lake shipments..
On Canal (est) —
Oats,
bush.
190,945
235,900
3,466
Peoria
Indianapolis
Kansas City
Corn,
bush.
29,772,798 11,446,692 3,176,684 5,085,287 1,247,443
29,842,144 11,156,711 3,272,273 5,007,249 1,092,999
30,424,693 11,448,691 3,285,947 4,806.237 1,046,948
28,822,649 11,615,264 3,358,057 4,360,004 967,513
16,200,035 7,530.053 2,455,966 5,117,434 1,506,963
Pkgs.
Total
Value.
Value.
Pkgs.
i.
withdrawn from
Value.
Pkgs.
$
$
$
Manufactures of—
Wool
Cotton
Silk
Flax
Miscellaneous
1879.
1878.
1877.
16.300
28,217,800 10,296,951 3,026,417 4,979.792 1,234,487
4. 1879.
consumption for the week ending dec.
290,431
133,157
1,068
73,301
636
783,663
"3*568
927,235'
5,566
164,153
224,699
139,806
114,227
150,936
135,»38
7,893
809,508
2,480
167.623
645
493
707
416
706
442
132,124
205,206
277,951
206,422
105,532
399
409
466
695
511
482
warehouse and thrown into the market dur¬
ing the same period.
THE DRY GOODS TRADE.
Friday, P. M., December 5, 1879.
The market for
dry goods has presented
a
moderate degree
activity the past week. The cotton goods commission
houses effected a satisfactory amount of new business, and con¬
of
deliveries in execution of former orders.
There was also a liberal movement in clothing woolens on
account of back orders, and some large transactions were re¬
tinued to make large
ported in heavy woolens for the fall trade of next year—though
such cases were exceptional. The tone of the market was buoy¬
ant, and prices of both cotton and woolen goods were very
firmly maintained on the basis of the late
advance. Foreign
goods have been quiet but steady, and stocks are well in hand
The jobbing trade has shown more animation than
is usually observed at this stage of the season, owing to the
frequency of orders from interior retailers who are seemingly
as a
Manufactures of—
Wool
Cotton
Silk
Flax
Miscellaneous
Total i
Ent'd for cousumpt.
Total
on
market...
624
58,033
47,363
73,322
28,164
2,480
179,207
783,663
1,3S7
3,268
261,391
927,235
3.459
962,870
4,655 1,188,62 a
86,492
37,681
13,583
138
583
666
223,228
809,508
8.559 1,032,736
7,893
23,311
3i
979
54,509"
warehouse during same period.
52,044
155
134
48,373
63,338
53,099
46,192
74
51,997
141
142
49
301
137
33,188
3,077
37,819
41
70,377
42,176
12,682
356,330
3,710
2,480
245,945
783,663
541
3.268
211
200
130
213
548
76,482
68,882
125,781
Total
Ent'd f or consumpt.
1,302
7,893
Total at the port...
9,195 1,165,838
Miscellaneous
161
199
53
350
62,161
entered for
Manufactures of—
Wool
Cotton
Silk
Flax
56,882
39.S11
31,297
24,025
27,192
159
68
166
56
70
163
211
809,508
56,791
6,190 1.029,608
'
236,946
927,235
3,809 1,164,181
Imports of Leading Articles.
rule.
House returns,
this port since
period in 1878:
The following table, compiled from Custom
shows the foreign imports of leading articles at
January 1, 1879, and for the same
carrying very light stocks. Accounts from most of the large
[The quantity is given in packages when not otherwise specified.!
distributing points in the West and Southwest indicate a very
1878.
1879.
1878.
1879.
satisfactory condition of business, the best evidence of jwhicli is
reflected in a continuous demand for re-assortments.
Metals, AcChina, Ac.—
6,535
17,910
14,309
Lead, pigs.
16,690
China
Domestic Cotton Goods.—The exports of domestics from this
36,039 Spelter, lbs 2,786,553 1,047,347
40,191
Earthenw
89,213
40,270206,717 Steel
233,51S
port during the week ending December 2 were only 529 pack¬ Glass
31,292 Tin, boxes. 1,431,975 3,137,198
48,350
Glassware.
ages, but large quantities of goods are awaiting means of
4,586 Tiuslbs.,lbs 16,929.838 9,688,4904.725
Glass plate.
144,007
112,727
7,996 Paper Stock.
9,268
Buttons
transportation. The shipments embraced 220 • packages to
124,722
Sugar,
hhds,
55,676
Coal, tons...
555,861
616,582
20,790 tcs., Abbls.
33,942
Hayti, 116 to Great Britain, 65 to Mexico, and smaller lots to Cocoa, bags.
1,577,565 Sugar, boxes
other markets. There was a steady though less active demand Coffee, bags. 2,276,281
10.620
4,644 and bags... 1,575,543 2,204,649Cotton,hales
852,143
878,864
Tea
for all makes of brown, bleached and colored cottons by local Dru^s, Ac—
53,626
52,790
38,988 Tobacco....
41,697
Bark,
Pern.
452
524
and interior jobbers, and prices ruled exceedingly firm in sym¬
23,418 Waste
21,768
Blea. powd.
3.469 Wines, Ac.—
4,129
Cochineal..
pathy with the advance in raw materials. The movement in Gambler
15,272 Champ'gne
42,012
105,029
86,247
baskets..
3,635
cotton goods, on account of back orders, was very large, and so
4,997
Gum, Arab.
119,133
164,931
5,424 Wines.
4,996
Indigo
30,019
56,130
completely absorbed current receipts from the mills that stocks Madder, Ac
5,092 Wool, bales.
2,749
44,562
35,437 Reported by
Oil, Olive..
in first hands are almost nominal. Print cloths continued to
920
$
value.
1,054
Opium
19,577 Cigars
1,285,388 1,422,464,
advance, and closed at 4%c. offered to 5c. asked for 64x64s, and Soda, bi-cb.
14,815
56,874
65,255
62,652 Corks
58,952
sal...
4%e. for 56x603. Prints were in fair request, and additional Soda,
63,642 Fancy goods 1,049,917 1,059,9711
73,709
Soda, ash..
528,366
572,952
2,922 Fish
3,045
makes were advanced ^c. per yard. Ginghams and cotton Flax
6,601 Fruits, Ac.—
9,176
Furs
dress goods were only in moderate request, but firm, with an Gunny
1,280,791 1,311,498
1,499 Lemons
1,889
cloth
.
.....
..
.
..
.
..
..
upward tendency.
Goods.—Spring woolens for men's wear
fairly active for the time of year, and some large " at
value " orders for heavy woolens were placed by the clothing
trade, for future delivery. Fancy cassimeres were in irregular
demand, but very firm, and nearly all the most popular makes
are largely sold ahead.
Transactions in cheviot suitings and
worsted coatings were chiefly restricted to making deliveries
on old orders, but prices ruled firm, and stocks are very light.
Rough-faced and plaid-back overcoatings were in moderate
Domestic Woolen
Hair
Hemp, bales
Hides, Ac.—
Bristles
were
..
.
Hides.dr'sd
ludia rubber
Ivory
Jewelry, AcJewelry
Watches
Linseed
.
.
Molasses
Metals, Ae—
Cutlery....
,
Hardware..
5,881
162,166
5,567
153,231
Oranges
.
...
Nuts
2,796
Ginger..
2,368 Pepper....
541 Saltpetre ...
215,468 Woods—
1,711
Cassia
..
4,58o
6V
866,043
1,222,955
—
4,672 Rice
41,433 Spices, Ac.—
70.
1,372,579
831,516
1,742,815
1,285 Hides, undr. 11,430,889
Raisins
1,620
5,666
45,440
1.726
350,06(
90,121
1,499,032
78,530
3,748
ho :
Cor*
Fustio
Logwood
..
Mahogany.
284,016
9,949,338
251,453-
245,231
128,812
461,514
276,087
142,301
55,724
371,365
233,888
409,036
121,911
705,094
190,663
353,426
42,534
591,856
99,392
THE CHRONICLE
Financial.
Financial.
Jas. L. Anthony,
J as. H. Oliphant.
Member N. Y. Stock Exchange.
Albert E.
Anthony & Oliphant,
19
Deals
Buy and Sell on Commission all Securities
Current at the New York Stock Exchange.
Allow interest on deposits. Make Advances
on Approved Collateral.
jr.,
Beers,
BROOKLYN SECURITIES, GITY BONDS,
Gas
HAS
No.
Hachlield,
NASSAU
NEW
in
&
Investment Securities
Bonds Generally.
and
H. W.
51
And all kinds of
and
Rosenbaum,
Exchange Place,
NEV| YORK
BUYS
Wm. f. Owens,
Geo. A. Mercer.
Member. N. Y. Stock Exchange.
AND
Owens &
Mercfer,
BANKERS
CELLANEOUS
AND COMMISSION STOCK BROKERS,
7 Exchange Court and 52 Broadway.
Interest allowed on deposits, to be drawn at will.
Also, Contracts made and carried in New York
Cotton and Produce Exchanges. We issue a
Daily
Better which will be sent on application.
OF INVESTMENT
Also, Agents
SECURITIES
NOT
ACTIVELY
DEALT IN AT THE NEW YORK STOCK EX¬
CHANGE A SPECIALTY.
Correspondence solicited
and
fully furnished.
information cheer¬
„
STOCKS and BONDS
At Auction.
The
undersigned
hold
REGULAR
AUCTION
Company.
A cull supply all Widths and Colors
always in stock.
No. 109
AND MIS¬
-
United States Bunting
Duane
Street.
SELLS
RAILROAD BONDS AND STOCKS.
ALL CLASSES
and Dealers In
COTTON CANVAS, FELTING
DUCK, CAR COVER
ING, BAGGING. RAVENS DUCK, SAUL TWINE8
AC. " ONTARIO • SEAMLESS
BAG8,
"AWNING 8TRIPKS/
r
TO
Co.,
Manufacturers
COTTON SAILDUCK
WANTED.
Toledo Logansport & Burlington Bonds, a
Union & Logansport Bonds.
Rome Watertown & Ogdensburg Bonds.
Flint & Pere Marquette Bonds and Stock.
Indianapolis Bloomington & Western Old
New Securities.
New York & Oswego Midland Bonds.
New Jersey Midland Bonds.
STREET,
May 1.1879.
Brinckerhoff, Turner
STREET,
Stocks, dec.,
REMOVED
1
Commercial Cards.
BASEMENT,
BANKERS AND BROKERS,
No. 19 Bread Street, New
York,
N. T.
[Vql. xxix.
E. R. Mudge, Sawy er&Co
AGENTS
FOR
Washington Mills, Chlcopee Mfg. Co.,
Burlington Woolen
Ellerton New
Co..
Mills,
Atlantic Cotton Mills,
Saratoga Victory Mfg. Co., ocean Mills,
and
Hosiery. Shirts and Drawers
From Various Mills.
NEW YORK,
B08TON,
43 A 45 White Street,
15 Chauncey street.
PHILADELPHIA,
J. W.
DAYTON, 230 chestnut street.
George A. Clark & Bro.,
SALES of all classes of
<& Co.
STOCKS
OF
WALL STREET
AND
WEDNESDAYS AND SATURDAYS.
BROADWAY,
1DK1Ai\
No. 7
New York.
Transact
BONDS,
ok
BANKERS,
COR.
A X D
II.
911JLLER
?INK
&
SON,
8TREET. NEW YORK.
Publications*
Bay and Sell Investment Securities.
"TEE PRIME AMONG MAGAZINES."
WaylandTrask.
The
H.J.Morse.
Proude, Prof. Hux¬
ley, R. A. Proctor, Ed.
Members N. Y. Stock Exchange,
A.
ST.,
Freeman,Prof. Tyn-
dall, IJr.
W.
a.
Car—
pouter, Frances Power
and Carry on Margins
Cobbe,
The Duke of
All Securities dealt In at the
Exchange Argyll, Wm, Black, Nils*
Thackeray,
Rlri.
Bnlech-Cralk, Geo. MacDonald,
Mm. bl'pbant, J>>m
'ingetow, Thomas
Rardy,
Matthew Arnold, Henry KingsBANKER AND BROKER,
ley, W. •* M' ry, Turgnenlef,
No. 14 Wall Street, New York
Raskin,
City,
Buy, Sell
John B. Manning,
•
SOUTHERN
SECURITIES
SPECIALTY.
A
State, Municipal sol
» allwar iond*and Coupons
b»*t market rste-. Investor* or
to uuy or sell are Invited to commuoi
bough! aud s«>ld
at
dealer*' wiGitug
cate with at.
Member of the New York *■ tock
Wm.
Exchange.
Fisher 8c Sons,
BANKERS,
And Dealers In
Governments, Coin, A
Investment Securities,
Opposite Second St.
2 SOUTH STREET
BALTIMORE,
MD.
Parcbaae and sell Governments and Coin.
Gold constantly kept on hand for the
supply of Mer¬
chants. for duties.
Bonds and Securities of every description
and sold on Commission Orders, which have bought
direct
personal attention.
Especial attention is given to Investment Securities
of the higher grades, quotations for which
are fur¬
nished as required.
Correspondence solicited.
Teneyson, Browning, and
are lepn
ser.ted In the pages of
many ethers,
Littell's Living Age.
Jn 1880, The Living Age enters
upon Its thirtyseventh year, admittedly unrivalled
and
ously successful. During the year it will continu¬
furnish
to its readers the productions
of the most eminent
authors above-named and
many others; embracing
the choicest Serial and Short Stories
by the LEAD¬
ING FOREIGN NOVELISTS, and an
amount
Unapproached by any other Periodical
in the world, of the most
valuable
Scientific matter of the day, from theLiterary and
pens of the
foremost Essayists,
Scientists, Critics, Dis¬
coverers, and Editors, representing
every depart¬
ment of Knowledge and
Progress.
The Living Age is a
weekly
magazine,
giving
more than
THREE
AND
▲
QUARTER ,THOUSAND
double-column octavo pages of
reading matter year¬
ly. It presents in an inexpensive form,
considering
its great amount of matter, with
to its weekly issue, and with a freshness, owing
satisfactory com-
no otherTales,
Cleteness
attempted
publication,
the
est Essays.
Reviews, by
Criticisms,
Sketches of
J. Alden
Gaylord,
St., New York,
33 Wall
Travel and Discovery. Poetry,
Scientific, Biographi¬
cal, Historical and Political
information, from the
entire body of Foreign Periodical
Literature.
Published weekly at $8 00 per
year, free of
postage.
DXAXJNK nr
ST. LOUIS CiXY A COUNTY BOND8
m- EXTRA OFFER FOR 1880.
J£\
INVESTMENT A MISCELLANEOUS SECURITIES
To all
'
aim all classes or
Refers by permission to W. 8. Nichols A Co.. Banker#
new subscribers for 1880 will
be sent gratis
the numbers of 1879 which
contain, besides other
interesting matter, the first chapters of " He who
will not when he
H. F. Gilbert &
Co.,
No. 16 Broad St. (near
Wall),
BANKERS AND STOCK BROKERS.
Stocks bought and sold on the NEW YORK
STOCK
EXCHANGE on a margin of $ percent, if desired
Equal attention given to small and large Investments.
Any Information given fersonaliy or by mall. Mm-
class references.
may," a new story by MRS.
OLIPHANT, now appearing in The Living
Age
from advance sheets.
Club Price*
for (be best
Home
and
Foreign Literature.
For $10 50 The Living Age and
either one of the
American $4 Monthlies (or Harper's
Weekly or
Bat 'r) will be sent for a year, both
postpaid: or for
$9 50 The Living age and the 8t. Nicholas
or Appleton's Journal. Address
LITTJRLL
4c
CO., Boston.
NEW YORK.
MANUFACTURERS OF
Living
SUPE R-C ARBON ATE
Gladstone, Jas.
A.
N. P. Henderson,
68 BBOABW1Y AND 17 NEW
Greatest
BROADWAY,
John Dwight & Co.,
Authors, inch as Prof*
Max Mailer, Rt. Son.
W. E.
Kimball, Howell &Co.,
C. H. Kimball, J. P. Howbll,
400
N. T. Observer.
P. O. BOX 2,647.
A M.Kidder.
and
MILWARD'S HELIX NEEDLES.
General Banking Business, Including
the purchase and sale of STOCKS and BONDS for
cash or on margin.
a
SODA.
No.
The
11
Old Slip, New York
Jobbing Trade ONLY Supplied.
Hong Kong & Shanghai
Banking
Corporation,
Ofllee, Hong Kong*
Head
agent,
s. W POMEROY Jr.. at Wall
St., k. Y.
Russell &
COMMISSION
Co.,
MERCHANTS
AND SHIP AGENT
Hong Kong, Canton, Amoy Fooehow
Shanghai and Hankow, China.
Boston Agency.
-1 New York
J. MURRAY FORBES,
HO Central Street.
\
N
Agency.
8. W. POMEROY J*89 Wall
StTn.Y
Insurance.
JtABlNE AND INLAND INSURANCE.
OFFICE OF THE
ORIENT
Mutual Insurance Co.
Assets, 31st December, 1878,
$1,123,270 63.
T R U SFE B S
.
George Moele,
Edward F. Davison,
Henry DeB. Routh,
E. H. R. Lyman,
Henry R. Kunhardt,
Hugh Auchincloss,
Lawrence Wells,
William Pohlmann,
Alexander Hamilton,
Constantin Menelas,
Carl L. Recknagel,
W. F. Ca-y, Jr.,
Carl Vietor,
Ramsay Crooks,
Arthur B. Graves,
H. L. Chas. Kenauld,
Alex. M. Lawrence,
John D. Di*.
Charles Manzinger,
Waiter Watson,
*rne*to G. Fabbri,
Henry E. S prague,
John Welsh, Jr.,
Lewis Morris,
Chas. F. Zimmermann
Theod >re Fachiri
C. L. F. Rose,
Wm S. Wilson,
F. Coneinery,
Guatav Schwab,
George H. Morgan,
L. M. Calvocoreem.
EUGENE DUTILH, President
ALFRED OGDKN, Vice President.
CHARLES IRVING, Secretary.
ANTON METZ, Assistant
Secretary.
@FedFRASER