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HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES
VOL.
NEW
15.
YORK, DECEMBER
FinanoiaL
lihvtiAmmtntQ,
AdTertlscmenta will be published at 25 cents per
Hne for each Insertion, space being measured lu agate
Hues to the inch ; when deilnltp orders arc given
type,
for one month, or upwards, a very liberal discount
be made.
Advertisements will have a favorable place when
Inserted, but no promise of continuous publication
la a particular place can be given, aa all advertisers
must have equal opportunities.
will
DANA &
CO., PtTBLIBHIRS.
79
&
81
Wmiun
St.,
N. T.
48 WvlW Street.
T. B.
BALDWIN,
Q.
8.
KIMBALL.
Commercial Credits Issued for use in Europe, Cbtna,
P^aat and West Indies and South Amerlc*.
Member N. Y. Stock and Gold Exchange.
Japan, the
Hewson, Kilbreth & Co.
also Circulai Letters of Credit for Travelers available
in all parts of the World.
Demand and Time Bills of Exchange, payable In
London and elsewhere, bought and sold at carreAt
rates, also cable Transfers.
Demund Drafts on Scotland and Ireland, also on
Canada, British Columbia and San Francisco. Bill!
BANKERS AND BROKERS,
Collected and other Banking Business transacted.
JOHN PATON.
BROAD STREET,
No. 11
745, J46, 747, 748, 781
745
746
746,747
741
748
781,732,
J.
J.
7^
F. T.
Whiti,
Cotton
etcamshlps
781,781
782
781,782, ^83
Nilscellanooui Cuii^inoroimi CariU
terms of Snbscrlptlon see
NO. 59
ISSIIB
Available In
BANKER,
AND DEALER
IN
tW SOUTHERN
8.
COLLECTIONS
C.
turns
York Exchange, which always rules
receive the SPE-
BELOW
t3r NOTES, DRAFTS and ACCEPTANCES paya-
ble in South Carolina, North Carolina and Georgia can
be concentrated at this point with PROFIT and: SAV-
ING OF LABOR.
IW Ail
The National Bank-Note tW"
Southam
Company.
Henry F. Verhuven & Co.
Securities Issued weeklv-
Quotations <>f
BnKravers oftbe CS. Postage Stamps,
Bonds, Legal Tenders, and
National Bank Notes.
KSOEATINO ASD PRIHTIXO OF BASK-NOTBS, CEKTIFI0ATB3, DBAFTS, STATX AND RaILBOAD BONDS,
Bills of Ezchahsb, Fostaqx Stamps, ahd
CouuEBOiAL Papers,
In the highest style of the art, with all modern Improvements of value, with special safeguarda devised
by the company and patented, to prevent frauds by
photographic and other modes of counterfeiting and
alterations.
—
..•--..•
99,000,000
HUGH ALLEN.
SIR
JACKSON RAE.
Duncan, Sherman &Co.,
No.
11
ISSUE
OITT
Nassau
St.,
New York CItjr.
CIRCULAR NOTES AND CIRCULAR
Letters of Credit, avslluble and payable In all the
; also special
credits for use In the United States, Canada and West
PRINCIPAL CITIES OF THE WCfRLD
and other
CORPORATE LOANS.
of the Stock Exchange,
we buy and sell
Indies.
Telegraphic Transfers of Money to and from
don, Paris, San Francisco, Havana, ftc.
Los
Current Accounts received on such terms aa nuiT be
agreed upon.
Also, Foreign Exchange bought and sold.
Morton, Bliss
Co.,
& Co.,
Bankers, 30 Broad
&
L0CK.W00D
Cashier.
No. 54 Broadnray.
Special attention given to the neiotlatlon of
Aa Members
President.
CALDWELL ASHXrORTH,
RAIIiROAD,
STATE,
pressions, without charge for repairs.
Bank-Note and Bond Paper, of anperlor
on hand.
o
Capital,
EXCHANGE PLACE, NEW YORK.
Stocks, Bonds, Gold and Government Securities.
All steel plates engraved and printed by this company are warranted to give thirty thousand good Im-
OFFICE, MONTREAL.
DRAFTS FOR SALE ON LONDON JOINT STOCK
BANK BY
BANKERS,
1859.)
38
HEAD
business attended to with fidelity and des-
patch.
(INCORPORATED NOVEMBER,
Canada.
par dur-
ing the active business season.
variety of
parts ot the world.
CIAL and PERSONAL attention of this House. Remade FAITHFULLY and I'UOMPTLY In New
Financial.
A
all
Merchants' Bank
SOUTHERN SECURITIES,
CHARLESTON,
Sth Page.
Co.,
Commercial and Travelers Credits
Kaufman,
A. C.
&
AgeDt
WALL STREET,
of Cincinnati, Sperlal.
788
luflurance
Brown Brothers
fiew ITork.
H. HIW80», Late VI e-Pres. 4th Nat. Bk, Cincinnati.
W. KiLBBiTH, Member N. If. Stock E.xchange.
747
Financial Notices
Railroads, Iron, *c
^~ For
AMERICA.
NEW YORK.
Interest Alloired on Deposits.
PAe«.
Bankers and Brokers
Boston Bankers and Brokers
Philadelphia Hankers and Brokers
Southern Bankers and Brokers
Western Bankers and Brokers
New Loans. Investments, dfcc
Agency of the
BANK OF BRITISH NORTH
Kimball,
TTALL STREET,
14
INSBX TO ADVERTISEKIENTS.
New York
&
BANKKR9 AND STOCK BROKERS,
first
B.
Finanoial.
Baldwin
U
WM.
NO. 389
1872.
7.
St.,
quality, always
BANKKRS,
OFFICE, No.
1
NEW
J.
UtTAI^I.
STREET,
YORK.
VAN ANTITERP, Pres't.
PORTER, Vlce-Pres't.
SHEPAKD, Treasurer.
mAODONOUOH, Secretary.
H.
T. H.
A. D.
J.
94 BROADIVAY.
Trmnsaet a General Banking; bnstn«ss, InclndlnK ttae purchase and sale
ot Oovernment and Slate Bondr, Railroad Stocks and Bonds, and other
lecurltias.
M.O.BAXHET.
Charles G. Johnsen,
coninissioN
merchant,
COTTON EXCHANGE BUILDING,
New
(iOckBox884.
Orleans
Will porchiu
EXCHANGB, COTTON. KTC.
rartlcular attention siren to Beoelvlog aid roi-
irudlng Rails.
Issue Circular Notes and Letters of
Credit for Travelers; also Commercial Credits available in all parts of
the World.
on cuntmtsslon.
O. H.
BATXOKD.
E. D.
F08TEB
Barney, Raymond & Co
B A N K EBS AND BROKERS
5 WALL STREET.
,
STOCKS, GOLD, BONDS AND ALL OTHER
SBCUHITIES
Boufrht and Sold on Commission.
Interest paid
N. Y.
on Deposits subject
a!
h'.
to check.
BARNKYI I Special.
Negotiate First-Class Railway, City
Make Telegraphic
;
and State Loans
Money ; Allow Interest
on Deposits, and draw Exchange on
Transfers of
Morton, Rose & Co., Londok.
HOTTINOUER & Co., - - PaRIS.
Hopt & Co., - - - Amsterdam.
)
14 Wall Street,
&
Andrews
& Co.,
New York.
Kidder, Peabody & Co.,
BOSTON, n ASS.
TBATEIiERS' CBKDITS.
ISBUBD,
^^^.—.
J.
J.
New York
H. Goadby,
.V S'
K «
a
>.
;
Buy and
Commerce,
ty
&
&
G. C. Ward,
REET, NEW FORK.
52 WAL
38 STATE STREET, BOSTON.
O V
HIRB
S
a T
r.
K E T.
Western City and Coun-
sell
^,„
,
GOVERNMENT
IN
SECURITIES,
BANKEKS,
Exchange, and Commercial and Travelers'
Credits Issued on
City
AND
Bank
Robert Benson &
I
J^IiONDON.
Co.,
Mnuroe & Co.
AND
Klarcuard, Andre ic
Onion
dc
I
Co.,
^
PARIS
)
Circular Notes available for Travelers In aH parts »t
Europe and the East.
^
Ex-
Co.,
Liverpool.
&
Philadelphia Bankers.
TAPSCOTT &
CO., Old Hall, Liverpool.
Orders for Government Bonds. Stocks and >Ierchandlse executed, and Foreign Exchange and Drafts
bought.
James
3
&
W. Tucker &
Co.,
BANKERS,
SCRIBE, FABIS.
RUE
5
BMamisoi^&Co.
BANKERS,
sact a general Banking auo Exchange business
jDCluding Purchase and Sale of Stocks, Bonds, Gold
I'rsi
ftr.
01]
Austin & Oberge,
No.
W.
CO., 30
this City,
BROAD STREET.
B. Shattuck
&
Co.,
BANKERS,
No. 23 Naasan Street, Nenr York,
DRAW
Munroe &
John
AND
Co.,
J.
New
AND ON
nUNBOE & CO.,
PABIS.
EXCHANGE ON LONDON AND
Cammann &
PARIS.
Co.,
Bankers and Brokers,
;
8
Wall
Transact a Okhxkai,
Street,
New
York,
H. OBEROIJ.
&
Planters
SALE
BIP UOVERNMBNT, STATE PURCHASE AND SKCUAND UAILROAD
Commission
$200,000
Home Insurance
COMPANY
or
COI^VMBUS, GEORGIA,
BANKING BUSINESS. Collecmade on all accessible points.
D. P. Willoox, Sec'y.
J. Rhodes Browne, Prest.
Geo. \y. Dillingham, Treaa.
N. T. Correspondent, Messrs. JOHN J. CISCO & SON.
Transacts a General
tions
H. Castleman,
STOCK AND BOND BROKER;
Columbns,
Georgia"
STATE, CITY AND RAILROAD SECURITIES OJ
GEORGIA AND ALABAMA a Specialty. Prompt
attention given to COLLECTIONS, both In Columbua
and points in connection. Will purchase or sell staple
articles of Merchandise In wholesale lots.
'riTIISVII.I,B,
r MYDK.
$3UO,0<J0
HYDE
Pres't.
G, P. Curry,
Exchange Bank, Augusta, Ga.
;
State, City
&
\*lz.;
Un-
Railroad Stocks
B^~ Collections made In all parts of this State and
South Carolina, and remitted for on day of collection
at curr ent rate of New Xork Exchange.
,_
& Hazlehurst,
UINKKKS \ND BROKERS,
Cubbedge
Make
and do a General Banking and
Brokerage Business.
Uollectlonn
HBKliK
1(1
KABT RIVRR NATIONAL TIANK.
&
Moore
Wilson,
(Saccessors to B. M. Moore,
BRYAN, TBXAS.
Collections made and promptly remitted for at cur
rent rate of exchange. Correspondents
Messrs. W. P. CONVERSE & CO., New Tork.
and sold.
&
Trust
Paid»rp Capital) - - - $1,000,000
INCORPORATED UNDER STATE CHARTER.
Collections attended to with precision and dispatch
free of charge, and remitted for on day of payment.
The Collection paper for all this State and Florida can
be concentrated at this point with great advantage.
A. E. Walkbb,
National
Caataldr«
Bank,
WIIiinCINOTON, N. C.
made ob all parts ol
Bank
National
NBW^ ORLEAIVS, liOUISIANA.
JESSE K. BELL,
Preeident.
KICHARD JONES,
SAVANNAH, OEORGIA,
E. E. BuBBUSS, pres't,
N. O.
JAS. N. BEA3LES, Vice-President.
Company,
Collections
0HA8.
Cashier.
RANKERS,
Collections promptly remitted foi
'Orders solicited for the purcbaae oi ixiies of Prodace
and Securities. Prompt attention guaranteed.
New York Correwnondente: Lawrknok Bros. A Co
First
PKNN.,
.....
Capital
Merchant,
Special attention given to conslgnmentB of Cotton.
Gold, Stocks, Bonds and Foreign and Domestic
lii<cbau&:e, bou§;ht
RITIEB.
Bsbiect to cUeck at sight.
,
MACOS OA.
>
Bankiko Business, and r1t6
Georgia
Bank Notes
Bonds and Coupons.
BANKER, FACTOR AND
articular attention to the
XI^DepoBlts received
Vice-Pres't.
current
Edward C. Anderson, Jr.
YorI(.
CONSOLIDATED BANK, liONDON,
-~
Jos. S. Bkah
Cash'r.
BBAHOn,
NATIONAL BANK,
Southern Bankers.
Issue Circular X-etters of Credit for Travelers on
CBR>
CHARLES
BELL AUSTIN.
Savannah Bank
BANKERS.
No. 8 Wall Street,
T. P.
Southern Securities of every description,
STREET,
SffViinnabf Ga.
I.ONDON
NJCGOTIATB FIRST-CLASS RAILROAD
MUNICIPAL BONDS.
WALNUT
Phlladelpbla.
SIGHT AND TIME BILLS
OK THE
VNXON BANK OF
AND
313
oomnissioN stock brokers.
world.
MORTON, BLISS &
J. Jenkins,
Pres't.
Commission,
Issue Travelers Credits available in all parts of the
Correspondents In
W. J. Lawton, Pres't.
M. Fabkar, Cashier.
CHAS.
Deposited with U. S. Treasurer to secure Circulation
and Deposits 1 40,000.
PHII.ADEI.PI1IA.
SOUTH STREET, NEW YORK.
PRESCOTT, GROTE & CO.,Bankers, London.
•W.
ASHER AVERS,
LAWTON,
B.L.WILLINGHAM,
JACKSON DkLOACH, (Dece'd.)
Second National Bank,
Co.j
Issue Sterling Exchange and demand notes In sums
to suit purchasers, payable tn all parts of Great Britain
and Ireland, and available for the Continent of Europe
sU
on
Special attention paid to rollectlons.
other Produce to Ourselves or Cor-
Tapscott, Bros.
on
$600,000
J.
J. 8. SCHOFIELb,
Casli Capital,
ADVANCES MADE UPON CONSIGNMENTS OF
Messrs.
-
Particular attention given to Collections
cocesslble points, and prompt returns made.
Co.,
respondents.^
8«
-
-
G. M. Parkkb, Vlce-Pres.
Pres.,
Merchants
&
70 State Street, Boston.
;
Co.,
""^-
Planters' Banking Co.,
MACON, GEORGIA.
Page, Richardson & Co.,
Country Bankers can be supplied with Bills of
change iu large or small amounts, on the principal
also with Tickets for Passage from,
cities of Europe
or to Europe, by the GUION LINE of Mall Steamers.
&
-
-
Dudley Hubbabd, Cashier.
COLLECTIONS made in ALL PARTS of the STATE
New Tork Correspondent—Fockth National Bank
S.
Hold, State, City, County and Railroad Bonds.
The
63 Wall Street, New York.
TRAVELERS and COjrMERClAL CREDITS ISSUED, available in all parts of Europe, &c. BILLS
OF EXCHANGE drawn In sums to suit purchasers;
.
\^
BOSTON.
Bills of
Williams & Guion,
S. Petrle
London.
-
Chables Hopkins,
W.
BANKERS,
iOEALERS
also Cable traosfers.
R
Brewster, Sweet
BABINO BROTHERS & COMPANY,
Alex.
-
AUGUSTA, GA
AGENTS rOK
COTTON, and
MOBIIiE, AliABAmA.
Directors.
Cobb,
bonds.
Sterling
G.
S.
iJ
46 W^all Street.
BOSTON,
OBcxlsSl.
P.
Office,
Parker
Exchange and Gold, grant
Commercial Credits, make Cable Transfers, and transact a general banking business. Draw on the Bank of
Scotland.
Commercial Bank,
TRANSACTS A GENERAL BANKING BUSINESS.
No. 26 Excbange Place,
Sell
Paris,
ClTIES OF EUROPE.
AND OTUEK CONIINENTAL
-
Canadian
Bay aaa
ALL PABTS OV THB WOELD.
&
1
of
IN
Exchange on London,
AGENTS FOR THE
Bank
ATAILABU
INVBBTMBNT SKOUBITIES AND OOLD.
Commercial and Travelers' Credits and Franc Exand
"''Balfway fn'd^other LOANS negotiated. Stocks
Donds dealt In on Commission.
G. Harper
NATIONAIi
Capital,
OOiaraBOIAI. AND ClROULAR LlTIBBB OT OBIDIT
CIRCULAR NOTES AND STERLING EXCHANGE
On ITnlon Bank of I.ondan.
18724
7,
Southern Bankers.
Co., Paris.
Interest on deposits.
[December
Boston Bankers.
Foreign Exchange.
Walker, Andrews
:
cMioNictE.
'IMfe
?46
.
the Vnltad States.
Cashier.
Particular attention given to Collections, both In
the City and all points In connection with it. Prompt
returns made at oest rates of Exchange and ao charge
made excepting that actually paid upon any distant
point.
Correspondence
New York
solicited.
Coerkspondent,'
NINTH NATIO N AL
John A. Klkin,
President.
C. C.
Yice-Fresident.
Mississippi
B A NK
.
Flowxbrse, Gko. M. Klkih
Cashier.
Valley Bank.
A BANK OF DISCOUNT AND DEPOSIT,
VICKSBURG, miss.
N. 7. Corrwpondeut :—Baak of
tli*
Maubattan Co.
:
December
tflE CflfeONIoLk
187§.j
7,
Western Bankers.
Southern Bankers.
TUB
The Bank of
Mutual National Bank,
NEW
P.
74t'.
OK
California,
COR. CALIFORNIA &
ORIiEANS.
Financial Notices.
SAN80ME
ALBERT BALDWIN,
INDIANAPOLIS, INDIANA.
FlDaaclal
I.lmtt... $1,000,000
strict atteutlon given to Collections In this city and
In otlicr parts of tlio United States, free of charge ex-
Capital Pald-Vp
|
cept such as may be actually paid.
Returns promptly made at the current rates of Exchange of the day.
TnOS.
B. U.
p. MILLER,
WILLIAMS,
W. C. RALSTON, Cwhier.
O. O. MILLS, Frestdeut.
AGENTS.
JMO. W. UlLLKK.
NEW
IN
&
Thos. P. Miller
Co.,
YORK, SUsBBS. LEES A WALLER,
No. S3 PINE SHEET.
TION,
FrancU
St.
mOBILE,
BANK CORPORA-
IN LOMDON, THE ORIENTAL
BANKERS,
No. 2S
Laws and
Street,
THREADNEEDLE STREET.
40
MARCUARD, ANDItE b
IN PARIS, Mksbbs.
CO.
Ten Per Cent
We are luvestlnff for eastern partk>s niany thonsands
of dollars per inuiith, on Improved property In Illinois
worth, In every instance, tlirce tlincM the sum loaned.
Our sccurltlCH are very prufltal>1e and popular, and are
considered theHafrsturfered. We will loan any sum yon
may desire to Invetit, Tks It larxe or small, without ex<
Dense to lendor. We can refer to partlfs for whom we
have loaned larjco amounts of money, whu have never
lost a dollar of eltlier principal or Interest la thla
class of sccurlttcH durUiR the la«t fourteen years.
Sendforour tjouk," IlltnoiaasaPlace of Inveatmentt
which contahiH all necessary Information. Addreaa
WILSON A Tons,
Dealera In Beal Estate Securities
AI.A.
J. o.
&
Cashltri
Japan, Australia. »ai other conntrlcs, authorizing
Ins.,
on the ORIENTAL BANK CORPORATION,
GAI.VESTON.
......C
Caali Capital,
DIRECTORS: .1. M. Brandon,
$238,000
EXCHANGE FOR
Wallls, F. R.
J.
Lubbock. M. Quin. K. S. .Jemtson, M. W. Baker, Leon
IMum, Geo. Scnnoldcr, K. S. Willis, T. A. Gary, W. B.
Wall. Rnb't. Mills, T. J. H. Anderson.
ATLANTIC
Special attention Klven to collections at all pointt
lu ttie State, and remittances promptly made, without
any charge except customary rates
T. H.
ot
London, Dublin,
ALSO,
Co., The
Baukors,
Aad
at
prompt
anrt reliable
correapandenta at
ion &
Park Bank, Howes *fc Macy, and Spofford Tileston &
Co, N. Y., 'id Nat. Bank, Boston. PIko Lopeyro &• Brc,
K. O^Jrexel & Co.. PhUa.
THK OITV BAUK. OF HOUSTON,
We ?lve special attention
on
all
acces-
Cashier.
it
Brenliam, Texas.
;
Bassett, Attr'o at I.avr,
Brenham. Texas.
W. M.
and
UiuU
all
ot
oi
at all
accessible
payment.
AND
I'ARiS
Hewson,
U West
.
Adams & Leonard,
Levy & Borg,
BANKERS,
DALLAS, TEXAS.
20 BROAD ST.,
Brokers and Dealer*
New
York Coirespondent
-M.A. boBT,
Late Fort A Trice.
Morton, Bliss
I
1
A Co
GaOBQK W. Jackson.
Fort
&
Late Cashier 1st Nat. Bank
Jackson,
.lANKEHS,
WACO, TEXAS.
Rkfkbkn'Ces and Corekspondhnck:—New York :
Wlnslow, Lanier A Co., David Oows A Co. ClnonFirst National Bank, Merchants National Bank.
New Orleans: Louisiana Natlo:ial Hank, Wbeleas A
Prittr. Mankf^rs. <;alvestou: T. H. McMahan ft Cc.
aati
;
LOANS NROOTIATED.
Wk.
J.
Bakek,
Pres.
Gilbert Elliot,
Cashier.
The Mercantile Bank
OF NORFOLK, VA.
New York oobbbspondsnt.
THE NATIONAL BANK OF COMMERCE.
&
West Main Street, Louisville, Ky., Daalers In
Porelgn and Domestic Bzchant;e, Government Bonds
all Local Securities. Give prompt attention to
oolMotloiu and orderif or Itvestment of (Vadi, t *T<
and
S.
22ud
Street.
OFFICE OF
Assistant Treasurer,
Nxw York, December 2, I8Ti.
DURING THE MONTH OF DECEMBER, 18B,
by order, receive bids for Gold, and
Bonds, as follows
shall,
ofiers
I
of
BIDS FOB GOLD.
TiiuRSDAT, December 5— One Million.
TinjBSDAT, December 12— One Million.
TnuRSDAT, December 1»— One Million.
Friday, December 27— One Million.
OFFERS OF BONDS.
WxDNBSDAY, December 4—One Million.
WXDNXSDAY, December H—One Million.
WxDNXSDAY, December ifl—One Million.
TinntsDAY, December*!—One Million.
chock for Five per cent of bid or oflcr
I^roposals wUl be opened
at 12 o'clock, noon, each day specifled. The Treasury
may, at its option, accept oilers of bonds or bids for
gold In excess of the amount advertised for.
Printed forms for proposals, with the regulations t«
be observed, will be lurnished at this ofllce.
certified
mast be deposited therewith.
THOMAS
HILLHOITSE,
Aaalstant Treasurer, U. 8.
OFFICE OF
Street,
Street,
FRANKFORT-ON-THE-MAIN, U.S. Assistant Treasurer,
Bleber Gaaae, 13.
NEW
IN
INTEREST
allowed on Dally Balances.
ADVANCES made upon Approved Collaterals.
INVESTMENT SECURITIES of the Highest Oradaa
KANSAS AND ILLINOIS
W. B. LIOSABD.
W.
O.
Securities a Specially.
aBZLDOM.
W. H. rOBTXB,
Leonard, Shddon&Foster
BANKERS,
Co.,
BANKERS,
~liS«
16-1
Mortgage Gold Is.
VTIiEV & BOITEN,
4 W^aU
BANKERS,
NEW^ YORK, 34 Plue
always on hand.
Collections made In all parts of Virginia and North
Carolina, and remitted for promptly.
Morton, Galt
Jacob R. Shipherd & Co.,
CHIO.IGO,
1st
Fob Salx By
A
IN
.SOUTHERN SECURITIES.
Oalll|>oll8,(l
RR.
UBBAXA & BLOOM'OTON Ist. Mort. Gold7»
NEW YORK AND OSWEGO Convertible 78.
NEW JERSEY MIDLAND Ist Mort. Gold 7s.
BROOKLYN CITY 68 and 78.
DAN.,
Third Street, Glnclunatl, Ohio;
Reler to: All Cincinnati Banks, and Messrs. LOtKWOllI" .< <;o New Vork.
No.
Attorney and Solicitor.
}
NEW YORK AND OSWEGO Ist Mort. Gold Ts.
STOCK BIKOKER,
Office
I
MONTCLAIB
St., f)V. LOITI.^.
F".
expenaea) paid
MORRIS AND ESSEX RR. 1st Mortgage 7s.
ELIZABETH CITT 78.
ST. JOSEPH CITY (Mo.) BRIDGE Ids.
MOBILE AND OHIO RIV. 1st Mortgage 8«..
SAI.B
H^i North Third
Correspondents: Houston— First National Bank
Qiilveston— Ball, i[ntchln«8& Co; New Orleans— Pike,
Ui-otlicr &. Co.; N'ew York— Uiincan, Sherman & Co.
&
on day
all
SANFORB,
^-
References given to prominent persona In any laiga
city In the Union.
Samuel A. Gay lord & Co,
BltOKBUa IN WESTERN SECURITIES,
NEW YORK U.
33 W^all Street,
AND
BASSETT,
«ASSETXBANKERS.,
SayleH
SILVER
aUVERNMENX BONUS.
FUR
DIRECTORS: W. J. Hutchlns, P. W.Gray, A.J.
Burke, Cor. Enuis, W. M. Rice, C. S. Longcope.
BESJ. A. BOTTS, President.
WEEMS,
CINCINNATI, OHIO.
OealcrttU (iOl.U,
CHKCK.S ON LONDON
sible points.
B. F.
& Cc,
Ponrtb Mreet.
(Veot
points and remitted tor
Texas.
to collections
Bank
from
(clear
wherever desired.
Investment Securities.
COLLECriONS MADE
Capital, .$500,000.
Houston,
110
Capital.
otlier Asiatic
GiLMORE, DUNLAP
the principal points tlirou^hout tlila S'ute, and upon
all cuUectiuns puynble in this City or Uouston, make
Qo charge lor collecting, and only actual ctiart;e upon
Interim* collect Ions. Immediate und^rompt attention
Kiven to all business entrusted to us. itefer to Nat.
Ten per cent Interest
iLLiMOis,
Porta.
all
Eastern
MONKT LOANED FOR EASTERN PARTIES OH
MoRBi.,
OS
Hone Kous, and
OAI.VESTON, Texa*.
We have
cities.
Brauclies or the Oriental
Foreign and Domestic Exthange,
Dealers In
rOB
IinPROVED FARins.
Amsterdam, Hamburg, Bremen,
and other leading European
exchange.
McMahan &
Paris,
THE
SAIiE ON
CITIES,
School Bonds.
8APB INVBSTiHKNT
bills
LONDON.
ft
BloomlnKton^ UllnolB
purchase of Mervhaudlse In the East Indies, China,
WALLis, Vlco-Preat.,
ALPUOH8K LAiryB,
Texas Banking
Interest,
Undoubted Secnrltr*
Thla Bank issues Letters of Credit Bvallable (or the
K. BRAN-DOK, PreS't.,
o. LAUVit, Secretary,
Fomu of INDIANA sent free.
N. r. Natiovai, BxoiLuteB Bavk, ComtDOndeal.
\rith
RKYNOLDB,
JAS. O.
$6,000,000
-
•
B
Cholca Ten Per Cent Inveitmesta at and below par.
Vice President,
JOSEPH MITCIIEL, Caahler.
Capital.. $500,000
BROKE
AND INVESTING AOBNTS,
8T8.,
SAN FBANOISOO.
FOURCIIY, President,
& Hannaman,
Smith
No. 10 Wall Street.
ficd ecll Qovemment, State, Railroad and other
deelrablc Becurltles, making liberal advances on
Bay
same, allow Interest on deposits, deal In commercial
Eaper, furnish to travellers and others Letters ol
redit current in the principal oUies In Europe.
YORK, December 3,
1972.
CONFORMITY WITH INSTRUCTIONS FROM
the Secretary of the Treasury, notice is hereby given
to the holdera of 3 Per Cent Temporary Loan CertlA
catcs, issued under the Acts of March 2, 1967, and Ady
26, 1968, that all such certincatcs dated from November
7, 1868, to November 2,". 186S, of the denomination of
between the nnmb«ra five thousand one
hundred and seventy-eight (5,178) and Ave thousand four
hundred and three (5,403) Inclusive, and of the denomination of |10,CIOO, between the munben four thousand
eight hundred and one (4.801) and four thousand
eight hundred and twenty-two (4,822) inclusive, will be
paid on presentation at tuis oOlce and that from and
after the 31st day of January 1S73. suchjcertiflcates will
cease to bear Interest, and will be no longer available
as a portion ol the lawful money reserve of any
National Banking Association.
ts,000 each,
:
THOMAS UELLHOUSE,
Assistaat Treaaurer, U. 8,
:
Registered Bonds
Illinois
Wc ofTor for Sale the following
$41,000 W^^TE county. Sperct, aoyra.
yrs.
96,000 JOHNSON COUNTY, 8 per ct., 20yrs.
05,000 I'ULASKl COt'NTY'. 8 per ct., S!0 yrs.
95,000 ALEX.\NDEK COUNTY, 8 p. c, 20
95,000 CAIRO CITY. 8 per ct., W yrs.
15,000 CARMI TOWN, 8 per ct., 20 yw. yra.
14,000 GRAYVILLE TOWN, 8 per ct.. SO
:
paid by the State
Treasurer In New York, and by the laws governing
made as safe as State Bonds.
their Issue, they are
The Interest on these bonds
Is
Financial.
Traffic Guarantee
REAL ESTATE FIRST MORTGAGE
AND
COUPON OR REGISTERED,
SPRINGFIELD & ILLINOIS SOUTHEASTERN RAILITAIT.
PRINCIPAL AND INTEREST (SEMI-ANNUALLY
PAYABLE IN THE CITY OF NEW YORK.
PRICE, 90 Sc ACCRUED INTEREST.
MINNESOTA,
Per Cent., Semi-Anniial Interest,
FOR SALE BY
PINE STREET,
CO.,
N. Y.
All due bonds or interest coupons of City of St.
Paul will be redeemed on presentation in city of
New
York.
Gibson, Casanova & Co.,
lowing well-known gentleman
John Jacob Astor,
Peter McMabtin,
228
long, entirely completed and
7 per cent Gold Bonds.
miles
First
Mortgage
Only »15,000 per mile. Interest payable semi-annually
at the Farmers' Loan and Trust Company in New
This Road has a TrafBc Guarantee from the wellknown " Cleveland, Columbus, Cincinnati & Indianapolis Railway," by which it is estimated that from
One Hundred to Two Hundred Thousand Dollars of
these Bonds will be redeemed bv lot, at par and
accrued interest, each year, giving the fortunate
holder 10 per cent profit besides 9 per cent interest
upon the Investment.
We invite the attention of Capitalists and Investors
to this security as a particularly desirable and safe one,
and should be glad to furnish Pamphlets and Maps and
full particulars upon written or personal application.
BANKERS,
We Lave also for sale a small balance of the quarterly
Coupon 8 PER CENT GOLD BONDS of the "LOGANSEXCHANGE xlACE.
PORT, CRAWFORDSVILLE & SOUTHWESTERN
STOCKS, BONDS. GOVERNMtNT SECURITIES,
running
FOREIGN EXCHASGE and GOLD bought and sold RAILWAY" of INDIANA a completed Road, BLOCK
for twelve miles through the CELEBRATED
on the most favorable terms.
Henry M. Alexandsr,
C. B. Blair,
Henry 11. Bond,
Wm.
Hon. Aug. Brandegbb,
^Vm. Orton,
INTEREST allowed on deposits either in Currenev
or Gold, subject to check at sight, the same as with
the City Banks.
ADVANCES made on all marketable securities.
CERTIFICATES of Deposit issued bearing Interest.
COLLECTIONS made at all points of the UNION
JONES
and BRITISH PROVINCES.
12 Pine
No.
&
Co.,
10
WALL STREET, NEW YORK.
Government
Gold, Stocks and Bonds
Securities,
SCHVYLKR,
Street, New ITork.
Seven Per Cent.
BANKERS,
NO.
Sc
STATE AID BONDS,
bought and sold on Commission.
&
Dickinson
BANKERS,
25 Broad
St.,
Government
Securities,
bought and sold
strictly
Gold, Stocks and
Bond}
J. B.
may be checked for at
DlOKINSOJT.
PLATT K. DiCKINSOS,
Member N .Y. Stock & Gold Excnge
Howard C. Dickinson,
Member N. Y. Stock Exchange.
VERMILYE &
CO.,
ALL ISSUES OF GOVERNMENT
SECURITIES.
BUY AND SELL ON COMMISSION
RAIIiHTAlf STOCKS, BONDS AND
GOI.D,
MAKING LIBERAL ADVANCES.
Interest
the Great
Arkansas,
is
and
Blutf,
Little
Rock, the Capital.
This route has
STEAMERS for several
traffic that
years.
AI.I.EN,
STEPHENS &
CO.,
Bankers,
SOLE AGENTS FOR THI3 LOAN,
2S Fine Street.
A 9 Per Cent Investment
I am selling NORFOLK CITT, VA., EIOHT PER
CENT WATER BONDS, at 87X and accrued Interest
Coupons payable at National Park Bank, New York.
PARIS.
Also COMMERCIAL CREDITS and ""*'^T8 „»
nRAPTa on
LONDON. PARIS, and SCOTLAND.
ADVANCES nisdR on Conslsnmenls. SToniTR ""'
«„.
BOND!* boueUt and told on CommUaiin,
FRANCIS
Interest payable 1st October and April at the Union
Trust Company, New York.
Maps, circulars, pamphlets, giving full particulars of
the loan, to be had by addressing the undersigned
Williams
&
1-7
per cent Interest
B. I.ONEY,
Baltimore, Kid.
this road.
SPECIALTY.— CoMMBEOiAL Papbb Negotiated.
Wood &
Davis,
BANKERS
Bostwick,
AND
<
Bankers, 49 IVall
Street,
NEW YORK.
&
Lichtenstein,
Charles Otis,
New
to supply In
vestors, furnish bonds advertised on the market at
subscription prices, execute orders for Government
securities, gold and railroad stocks, and do a
3T Broad Street, Ifenr Ifork.
No. 9
BEAI.ERS IN RAII.ROAD BONDS.
Keep on hand a variety of choice bonds
part ol Europe, etc., through
LONDON
price they pay 9
secured by a "Water Tax and First Mortgage on th*
awaits
BANKERS,
Issue I,etters ol Credit for Travellers
HOTTINGVER & CO
and most
market for
Water Works. For further Information, apply to
once observe the Immense
Knoblauch
on Deposits.
CITY BANK,
this
PRODUCT FROM THE RICHEST PLANTATIONS
IN THE WORLD. With these facts, careful Investors
WALL STREET
all
safest
m
At present
BANKERS,
Available in
Interest.
supported a LINE OF FIVE
Connects with the GREAT COAL FIELDS
West of Little Rock, and THE CATTLE TRADE from
Texas, with unrestricted control of the COTTON
James Robb, King &Co.,
»«
and West route
Central East
CONNECTING THE THREE
LARGEST CITIES IN THE STATE, Helena, Pine
will at
18 and 18 Nassau Street, Netv York.
m
and
years.
BANKERS,
DEALERS
This
through
sight.
85
them one of the
At 76 Cts.& Accrued Interest.
on Commission.
Accounts received and interest allowed on Balaucfw,
which
believe
profitable investments offered
Only $15,000 Per mie.
YORK.
BONDS.
greatest profit.
Price,
A FIRST LIEN ON THE RETENUE
OF THE ROAD,
President.
A 7 PER CENT MORTGAGE BOND for sale on
one of the great roads running from New York
City— on the third largest road in New York StateThe most desirable bond of all the Midland issues,
affording the largest income and promising the
Exchange Place,
Cor.
NEW
MIDLAND
We
ARKANSAS CENTRAL RAILWAY,
Co.,
McCook,
Moroan
Ogdin,
Convertible
TO THE
Deposits received and interest allowed.
J.
i>.
B.
JONATHAN EDWARDS,
COAL FIELD.
Government Bonds and all marketable securittes
taken In exchange at the market rates.
John
Geo,
Charles Bu.tlkr,
Judge Joel Parker
Robert Coit, Jr.,
Jos. Patterson,
George W. Dueb,
A. N. Kamsdell,
Jonathan Edwards,
Wm. Rbhsen,
Augustus W.Gbeenleap.Jas. A. Roosevelt,
Hon. Henry P. Haven. Emil Sauee,
Henry B. Hyde,
M. L. Scudder, Jr.,
Adrian Iselin,
J. Grkgoky Smith,
John Jeffries, Jr.,
Solomon Smith,
EuGENK Kblly,
Geo. H. j-tuart,
ROBT. Lenox Kennedy, Hon. Geo. B. Upton,
Geo. Walkkr,
John D. Maxwkll,
Samuel Willets.
For further Information, enquire at the New York
Office of the Company, ^'o. 76 Cedar street.
No. 60
Robins, Powell
Comp'y
CAPITAL.
¥1,000,000
York.
Bonds of City of St. Paul,
11
GDARANTKKD BY THE
These Bonds are oflered to InveBtors as ABsoLUTKLy
PERFECT BEcuBiTiEa, whlch the most cautious person
may purchase with entire confidence In the payment
of both principal and interest when due.
Every Bond la not only secured by real estate of
more than double value, but it Is also guaranteed by a
Company, whose Trustees and Managers are the fol-
Road
equipped.
No.
BONDS,
Equitable Trust
No. TO \rilllam Street.
dc
Seven Per Cent.
Bonds
Redemption
WtTiSMjOXf & TriI.SON,
FITCH, OTIS
1872.
7,
Financial.
Financial.
8
[December
THE CHRONICLE.
748
Street and 74 Broadway.
CITY RAIIiROAD, GAS Ac
INVESTMENT SECURITIES,
Sac quotations " Local Securities "
in this paptr.
GENERAIL BANKING BCSINESS,
C. D.
No. 31 Fine Street.
SAMUEL
WOOD,
Formerly of Vermllye
ATTG. J. BBOWir.
ft
D.
DAVIS.
Co.
WALSTOjr B. BBOWH.
Augustus J. Brown & Son
BANKERS,
£9 I.lberty Street, Netv Tork.
SPKCL&i ATTENTION GIVEN TO THE NEGOTIATION OF
RAILROAD SECURITIES.
;
:
tmtk
HUNT'S MERCHANTS' MA.GAZINE,
J
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
SATURDAY, DECEMBER
VOL. 15
contep:t8.
drain of gold, and the new-mark coinage equivalent to about
T53
754
ber, 187-2
Department Reports
La test Monetary and Commercial
749
759
768
adclphiaBanks.National Banks
etc.
.
'
|
Quotations of Stocks and Bonds
- ••
Railway News
774
THE COMMERCIAL TIMES.
Commercial Epitome
774
Cotton
7';5!
DryGoods
777
Prices Current
Breaostofls
^[)t
1
778
779
780
Groceries
day rrwrning, with
the latest
news up
issued on Saturto midnight of Friday.
is
For One Year
$10 00
ForSixMonths
CiiHONicLE wUl
Tfie
Postage
is
6 00
be sent to subecribej's ujitil ordered disccmtinued by letter.
20 cents per year, and is paid bii the lubscriber at his nwn post-office.
WILLIAM B. DANA,
JOHN 0. FLOYD, JR.
WILLIAM
I
B.
DANA &
CO., Publishers.
WilUam
79 and 81
j
common
aiark goes into
be larger
use, the outflow of gold from Berlin
volume than
in
Street,
NEW
Post Officb Box
give the relief which
is
now
German money markets
foreign
delivered by carrier
others (exclusive of postage),
to all
axiom of monetary science, that gold like water seeks its
level and refuses to be long pent up and imprisoned in any
commercial centre to the injury of neighboring countries.
There is now no doubt that as soon as the German reichs
and this being con-
its influx,
YORK.
4,594.
Subscriptions and Advertisements will be taken in London at the office of
the CiiRONicLE, No. 5 Austin Friars. Old Broad street, at the following rates
£2 28.
Annual Subscription (including postage to Great Britain)
"
"
"
16s.
Half-Yeariy "
Advertisements, 9d. per line each insertion ; it ordered for Ave or more
nsertions, a liberal discount is allowed.
It
were
and tends to
London.
The
are also resuming their tranquility,
capital to flow this
porary loans.
apparent in
so
and the result of the whole
TEBM8 OF SUBSCBIfnOH-FATABLS IH ADVANCK.
and mailed
De absorbed by
as fast as bullion will
fidently foreseen, the event is " discounted "
The CoMMBRCiAL AKD FINANCIAL Chbonicle,
to city BubBcrll>er8,
January, so
the Imperial mint.
will
€l)ronicU.
The Commercial and Financial Chkonicle
in
We have thus a conspicuous illustration of the ofl-repeated
THE BANKERS' GAZETTE AND RAILWAY MONITOR.
Market^ Railway Stocks,
U. S. Securities, Gold Market,
York
Foreign ~
Fore'
Exchange. —
New _
City Ban' 6ank8,Boston Banks.Phil-
is
be released early
expected to come out into the current of the
European circulation
News
Honey
dollars, will
768
Commercial and Miscellaneous
762
85 millions of
that the coin
EnRlishNews
751
Review of the Montb
of November
The Dobt Statement for Dccem-
J'inancial
German
appears to have been arrived at relative to the
THK CHRONICLE.
Canees of the Recent Stringency
.
and its Relaxation
Elaeticity of the Currency
The National Finances
NO. 3B9.
1872.
7,
to
increasing tendency of
the
is
way and
be
to invest itself in
wished,
on
indeed,
tem-
general
capital were disposed to go into
that this
more permanent investments. But for some reason, call
loans or time loans on government or other undoubted securities seem to have the preference.
Probably one explaprinciples,
nation of this
is
the high rates which
now, while another reason
the
is
money commands
scarcity of
just
government
bonds in this market, which caused the advance this week, so
^F" The Publishers cannot be responsible for Remittances unless made by that several large orders for foreign .account could not be
Drafts or Post-Office Money Orders.
^f" A neat file for holding current numbers of the Chronicle is sold at the fulfilled and are still held in abeyance.
ofllce for 50 cents.
Volumes bound
The
for subscribers at $1 35.
first
and
second volumes of the Chronicle are wanted by the publishers.
Another active movement tending to develop ease before
is the return of currency from the country, which is now
slowly but surely advancing. Mr. Boutwell has this week
long
CADSES OP THE RECENT STRINGENCY AND ITS RELAXITION.
The National
Germany, and the
legislatures of France,
United States are at the beginning
winter sessions
of their
and by the annual reports of our finances, which appears
elsewhere,
we
are forcibly reminded of the material growth,
"walled in another instalment of
bank, which are
now down
\^ millions of
his balances in
about 2| millions. It ig
scarcely expected that he will draw out the remainder this
month, but
if
to
he s!iould do so, the influx of currency from the
comparative prosperity which we are country will in all probability prevent any very serious
permitted to enjoy above almost every other nation of inconvenience from this cause. Meanwhile Mr. Boutwell's
national
union, and
Christendom.
The favorable progress
which has recently developed
most
itself,
monetary
of
still
affairs,
continues
of tne threatening anticipations of a severe stringency
this winter
Two
have been dispersed.
or
three
notable
causes of improvement are already making themselves
In
the
first
place
there
more
a
is
capital seeking investment in the loan
of the foreign bankers appear
lend.
and
;
This
gation of the pressure on the
mercial activity
of coin to the
to
circumstance
last
is
;
of
and some
be in a better position to
of course, due to tha miti
Bank
of
England.
provinces
;
and
thii
week,
th's
Is
gold
is
injured
apparently
re-
a further iligbt gain in the
Moreorer, »» understAQding
is
by
sharply criticised on
bank
bitterness of feeling
of
Such
January.
till
they
some of the objections
retary
the part
of those who feel
They would have had him leavp
it.
six millions in
may
engender,
the whole
strictures,
and the
help to illustrate
to the plan of conferring on the Sec-
the Treasury
power
the
to
tamper with the
currency at frequent intervals by letting out or taking in his
subsidiary surplus, and
ficial
The com- our
over which had caused a temporary drain
turning to tbs bank, a« there
i^eole Aggregate
is,
market
felt.
supply
liberal
action
thus
attempting to correct
circulating
money.
No
wise
himself, or desire for his friend
arti-
man would
accept for
any such insidious corrupt-
ing powers over the currency and the
III
by
manipulation the rigid inflexibility of the volume of
money market,
regard to the pauses of the recent stringency Ip
the (jueitloR
hu
beeii
diioufiie4
how
it
money
osn h»ye bBpp8De4
THE CHRONICLE
7^0
much foreign capital floating in the marltct, in
own ordinary supplies of domestic capital,
there has seemed to be so much scarcity.
One opinion is
that the money market has been drained during the last two
some
that wilh so
of which,
addition to our
affirm, with
by
or three years
investments
fixed
conversion
the
say, there is
legal
The Chronicle,
that
now
loans which are
nearly
Such as we understand
paid
all
it
is
1872.
while others
authority,
there
7,
no such legal
is
authcrity, except, perhaps, in connection with the
of floating capital into
manufactures and other
railroads,
in
[December
temporary
off.
by Mr.
the plan proposed
Boutwell, which, though not new, implies as will be seen
Another view attributes a part of the
works.
evil to the a dangerous extension
of the control of the Treasury over
These institutions are competing for depos- the volume of greenbacks in circulation. Such an inflation
Thus, in New England, the of the currency as is involved in
its with the National banks.
the discretional use of a
savings banks, at the end of 1871, had an aggregate of de- part of 44 millions of greenbacks will not be authorized by
savings banks.
amounting to $312,333,479, or more than three
posits
times the aggregate deposits of
New
York
the
savings banks
of the
nia,
these
all
the
States
tracting deposits
rates of interest
banks
of
same
national
also,
held
movement
the
the
the
reported, and
is
are
said
from the other banks by
How
deposits.
for
deposits
to be
report
in
at-
large
ofTering
far this
is
sus
what use the savings banks are making of these
funds so as to enable them to pay such high rates of interest
are questions which well deserve investigation.
tained, and
ELASTICITY
What
M
THE CURRENCY.
are the objections to the
method proposed
Comptroller's report for promoting
the
Congress or sanctioned by the people. No such powers have
claimed before. It is quite impossible at this
ever been
the
in
elasticity of the
day
mischievous
a
Treasury, as hfretofore, must do without
The
demand.
it.
late
Pennsylva-
In
State,
banks
savings
than
In
same date
the
at
more
considerably
$267,905,866, or
National banks.
tlie
As
listen
to
to the
been devised
so
to
remedy
currency inelasticity which hag
for
the Comptroller, that has
l.y
also
been tried
before and discarded.
ment
His suggestion is that the govern
a new interest-bearing security for the
issue
.shall
special use of the banks.
If this be done he predicts that
would place their idle money in such
the country banks
securitif s instead of
mulate
in
New
sanding
it
during the
summer
to accu-
York.
The Treasury would thus bold the surplus notes of the
banks which now are such an inflating ingredient in the
metropoli'an circulation during six months of the year.
new
Fifty millions of these
securities
are expected to be re-
quired, so that the expense to the governmetit
would be one
two millions a year. But why, it is asked, should the
These are some of the queries addressed to us by correspon- government be charged, and the burdens of taxation be
dents, who all agree in deploring the rigid inelasticity of the weighted, with so great an outlay ?
On what ground of
currency
Is the
?
suggestion of the Secretary of the Treasury
a preferable method
Can you
1
A
different panacea for the raalady.
we have
remedy
still ?
space
to
print
few hints in reply are
to-day.
The Comptroller's
for currency-inelasticity will be seen
and concise report on another page of this
the remedy proposed by the Secretary.
Mr. Boutwell's plan
offers
The greenback
often
aggregate, he says,
is
from his lucid
issue, as will also
He
no novelty.
we have
matter substantially as
done in
aigues
the
this journal.
notoriously and mis-
notes.
as inflexible,
obstinately
or of
justice,
enlightened
policy
should
the
banking system be exonerated from the cost of providing
own
its
at
this
for
Our banking organization is alleged
impose a much heavier charge on the
elasticity ?
time to
Treasury than does the banking machinery of England,
France and Germany altogether. Why increase this en-
ormous cost by one or two millions of dollars a year more ?
But this scheme is not only expensive. It would prove a
We
failure.
have already in part tried it. Under sections
31 and 32 of the banking law, Clearing House certificates,
So is the aggregate cf the National
The volume of our currency, therefore, is just compound interest not(s, rnd other interest-bearing securities
as incapable of enlarging and contracting, as of the government have been held as a reserve by the
chievously inelastic.
Bank
to
volume of the national currency, while each has a equity, of
present
all
anything better
offer
irresponsive
different seasons, as if
it
to
the
demands
of
business
at
were wholly composed of green
The Treasury, in practice, has gradually established
a sort of temporary remedy for the evil, and, has partly corrected this defective elasticity by locking up in summer a
large amount of idle accumulating currency, and by afterbacks.
banks, and the mischief of these
the Treasury
last,
heavy demand-claims on
was long and loudly complained of; until at
under the law
of June,
1870, the
demand and
short-
date interest-bearing securities were swept from the Treasury
The
liabilities.
statute will soon
last of
such
demand
securities
under
disappear from the debt schedule.
this
Mr.
wards letting it out gradually as the busy season sets ii^ Knox would undo this reform. He would have us reverse
This intervention of the Treasury is the only means yet all that has been done to rid the Treasury of the incubus of
provided in our system for the purpose of mitigating the these short-date and demand securities ; and he proposes to
pressure and warding off the evils of inflexibility in the take this retrograde step just at the very moment when the
medium.
In the absence of anything more old demand i.ssues are being extinguished, and their place
remedy has continued in use Imt the diffi. supplied by national bank notes, '['here are, moreover)
applying it grows more formidable every year for elements of inflation and other evils in his scheme which
circulating
effective, this
culty of
;
various reasons, and especially because thf currency
bursements of the Treasury exceed its currency receipts
dis-
we
forbear to discuss.
It is
enough
to
have shown that the
so
project would cost the Treasury one or two millions a year,
it is not easy, and is scarcely possible
to accumulate a
residuary surplus of greenbacks at the proper moment,
or to
disburse them with paramount reference to the
and that this charge would be incurred to revive in a new
form an old contrivance which has only just been discarded
and thrown away as intolerable.
of the elasticity of the currency system, which
to be self-regulating, and to
require no
offer.
;
that
promotion
outside
re;illy
ought
control
or
We
Rre asked
It is
regulation
from the executive department of the general
government. Should such regulation be needful,
and should
its exercise be still exacted
of the Treasury, the most;
effec-
tive
way of realizing
it
the occasional use of a
retired
would
be,
m
the Secretaiy's opinion,
pan of the 44 millions of'greenbacks
by Mr. McCulloch some years ago; for the reissue
to legislate.
busy temple
make
whether
we have any
the proper function
Ours
is
of finance.
better
scheme to
of the press to discuss not
but a subordinate ministry
We do
in
not profess to solve
the
and
plain all the complicated problems which events bring
up before the tribunal of public opinion.
As to the particular malady under discussion, however,
there are two or three things which may be safely said
:
December
about
And
causes.
its
an old adage tells us that to discover
may, perhaps, help the
the cause
Cull it inela.stioity
What
cure.
Let us analyze
evil in question.
We
THE CHRONICLE.
1672.]
7,
Let us ask
it.
of ihe currency
from the country bcnke, as
troller's report.
Nov,
from the country
?
to flovv back again
The answer
do they flow
are glad to see indications that the project
have scanty support
character
this
more
vicious
It is
gratifying to find that the
Comp- popular antipathy to it is well represented in Congress.
of moneys Another ambiiious scheme, of which the public are more
the
in
and
hither,
we have
First,
Heretofore we
why the public are
We mean to expose iln
House.
rjasons
project.
fully soon.
refuse
than suspicious,
is
the enlargement of our grand
land-locked navigation from
threefold.
either
in
have discussed some of the
opposed to
?
is
will
our city banks
causes this plethora
<7l)at
Why
in
well explained
is
causes.
its
We
his report.
really an accu-
it is
;
mulation of deposits and of bank notej
then the
is
751
in
New York
Maine
to the
system of
Gulf of Mexico,
and from the Mississippi Valley to the various ports of the
Atlantic sea-board.
principle
It is now a well-established
homo for |)ayment, If we had such machinery ac- of our national policy relative to commercial highways,
tively at work one elcmentof the trouble would be removed. public roads, canals, and inland water-routes, that in the
A banker of much exfjerience in this city assures us that present advanced state of our productive power they can
no redemption
machinery to send the notes of the country
banks
up and kept in efficient safely be left to private enterprise and national growth.
This would amount to While, therefore, we should object on this ground, and for
about one-hundredth of one per cent on the aggregate circu- many other reasons, to any scheme for spending Governlation, and a tpx of so small an amount could not be felt by ment money, or introducing Federal control in extension of
the banks as an oppressive equivnlent for the currency our m'ignificent system of interior transportation, there ia
the requisite machinery could be set
operation
here for $35,000 a year.
privileges which they enjoy, and which would thus be
be pprmanent.
likely to
more
Congress has power, however, to
Impose
this burden, to set up this machinery, and to make
redemption obligatory, whether the banks like it or not.
Secondly, the country bank deposits
New York are
New York
in
swelled by the provision that a bnnk deposit in
less objection to the policy
of appointing a committee, or a
commission of inquiry into these inevitable improvements.
The people wish, however,
to
that the object of the inquiry
tion,
compile
have
is
it
distinctly understood
simply to collect informs-
and examine sugges-
statistics, sift evidence,
tions for the future direction of private enterprise in the de-
counts as reserve, under the 31st and
Of
law.
32d sections of this velopment of our canals, rivers and other facilities for interior
25 per cent reserve required of banks in the commerce. This seems, indeed, to be about all that is at
the
may be
chief cities, one half
the
same
t*ice over
them
kept
—once
for the
bank
in
New
York,
consequently
ar.d
do duty
country bank, which has remitted
more
hero, and, again, once
which holds them
in
may
of greenbacks
lot
in this city.
the depository bank
for
It
is
easy to see how favor-
able such
an arrangement must be to the concentration
New York
of the idle
money of
in
interior banks.
Dut, thirdly, the banks here seek to attract these interior-
bank moneys.
They pay
on them.
intertst
They
bid
against each other, and compete together for these balances,
which bring,
during most of
So long
profitable business.
the
as the
year, a
good deal of
banks pay
New York
high rates of interest on such deposits, hnd so
long
as
the
banks are allowed by law to count such deposits as
interior
present
fully as at
bo two causes
among
their
lawful reserves, tiiere will
power that even the
redemption machinery we sugsjest above would only cure
a part of the evil, and could offer but an imperfect palliation.
We
look to the Comptroller
tary of the
tions,
1.
If
York
at
great
the
we cannot put down
force of public
New
then, and t) the
Treasury, for an answer to
which strike
trouble.
by
in operation of so great
opinion
batiks,
central
either
these
Secre-
two ques-
sources of
the
by act of law or
the inveterate habit of certain
which pay high rates of interest
how can
the deposits of country banks,
for
the accumulation of
such deposits be rendered less mischievous to the equilibrium of the currency and to its elasticity 1 2. Under
what regulations can a redemption agency be best estabat New York, and what change
is
advisable in
sections 31 and 32 of the National Currency law allowmg
lished
interior
banks to count as part of their reserve, the deposits
they have
in
New York
other central cities
in
1
give up today so large a portion of our space to the
documents appointed by law to be givon every
year to Congress, that we are compelled to defer most of
our comments to a future part of the session. The Governfinancial
ment telegraph scheme,
time ago, has been started,
PostmisterGeneral
It
is
The following
warrant.
certainly all that the country will
is
the
section
of the President's
Message which refers to this subject
The attention of Congress will be called during
ita
present ses-
eion to various enterprises for the more certain and cheaper transportation of the constantly -increasing surplus of the Western and
Southern products to the Atlantic seaboard. The subject is one
that will force itself upon the legislative branch of the Governmont sooner or later, and I suggest, therefore, that immediate
steps be taken to gain all available information, to insure equable
and just legislation on a route to connect the Missisaippi Valley
with the Atlantic at Charleston, S. C, and Savannah, Ga., by
water, by way of the Ohio and Tennessee Kivers, and canals and
slack-water navigation, to the Savannah and Ocmulgee Rivers.
The route has been surveyed and a report mado by an accomplished engineer officer of the army. Second and third new routes
will be proposed for tlie consideration of Congress, namely, by an
extension of the Kanawha and James Kiver Canal to the Ohio, and
by the extension of the Chesapeake and Ohio Canal. I am not
prepared to recommend Government aid to these or other enterprises until it is clearly shown that they are not only of national
interest, but that, when completed, they will be of a value commensurate with their cost. That production increases more rapidly than the means of transportation in our country has been
That the unprecedented
demonstrated by past experience.
growth in population and products of the whole country will require additional facilities, and cheaper ones for the more bulky
articles of commerce to reach tide- water and a market will be demanded in the near future, is equally demonstrable. I would
therhfore suggest either a committee or commission to be authorized to consider this whole question, and to report to Congress at
some future day for its better guidance in legislating on this important subject. The railroads of the country have been rapidly
extended during the last few years to moot the growing demands
of producers, and reflect much credit upon the capitalists and
managers engaged in their construction.
In addition to these, a project to facilitate commerce by the
building of a ship canal around Niagara Falls on the United
States side, which has been agitated for many years, will no doubt
be called to your attention at this session. Looking to the great
future growth of the country, and the increasing demands of commerce, it might be well, while on this subject, not only to have examined an I reported upon the various practical routes for connecting the Mississippi with tide-water on the Atlantic, but the feasi-
almost continuous land-locked navigation from Maine
Gulf of Mexico. Such a route along our coast would be of
great value at all times, and of inestimable value in case of a foreign war. Nature has provided the greater part of this route, and
the obstacles to be overcome are easily within the skill of the engineer. I have not alluded to this subject with a view of having
any farther expenditure of public money at this time than may
be necessary to procure and place all the necessary information
before Congress in an authentic form, to enable it hereafter, if
deemed practicable and worthy, to legislate on the subject withbility of an
and
THE NATIONAL FINANCES,
We
present proposed.
we warned our
as
its
to give
readers some
promoters having induced the
it
a hearty recoinmendatiott in
to the
out delay.
Tlie
overflowing Treasury which
we have had
for
some
years past has naturally given a stimulus to a multitude of
schemes
for getting
Government
aid fOr
works which had
.
1
THE CHRONICLE.
752
better be left to private hands, while the surplus should be
The heavy reduction
spent in paj'ing off the debt.
taxes this /ear will leave us a less surplus
for this purpose.
General Grant has given a lustre to his
administration by reducing
first
of the
than heretofore
the
burdens $309,-
fiscal
350,171, and also by paying off 364 millions of the national
immense decrease of
debt, in addition to this
best
will
consult
his
own
reputation, the
He
taxation.
growth of the
national wealth, and the comiaercial good of the country,
devoting every dollar
by
of the public moneys which economy
and administrative reform can save, to the sacred and
popular work of diminishing the burdens of the people. The
following table shows how completely these enlightened
Government
principles have controlled the policy of the
the past four years
FCNDIID DEBT Or THB UNITED STATES,
for
:
1369
March
Funded stocks
(gold)
AND
1872.
$8,107,846,150
Yearly interest charge
Rednction of principal
Dec.
4, 1869.
1, isra-
$1,759,708,850
$184,355,350
$101,4.^6,462
348,148,900
[December
Treasury also called in from the banks $1,737,016 of the $6,023,387
deposited with them at the time of the large purchase of bonds
and sale of gold on the 7th of October.
The ruling rates for money on call were from 7 per cent cur
rency to 7 gold, and frequently with a commission of 1-32 to 1 16
per day. On commercial paper the rates advanced 1@2 per cent'
after the Boston fire, and the best paper was quoted at 13 per cent
during the balance of the month.
Taking all the circumstances into consideration, it is somewhat
remarkable that the money market was not more seriously dis"
the absence of any very important failures was
turbed, and
generally considered a favorable evidence of financial strength.
At the close there was a better feeling in regard to monetary
were lower, the Bank of England rate had been put
on the 38th, and the general aspect was healthy.
United States bonds maintained their prices with extraordinary
firmness, both against the stringent money market in London and
the financial disturbances here. Taking the standard bond of the
market— the 5-20s of 1867 we find that their range was as follows Opening price, 114J highest (Nov. 80), 116i lowest (Nov.
In London the prices of the same bond were: Opening,
2), 114J.
93| highest (Nov. 29), 94 lowest (Nov. 11), 93. From which it
appears that the tendency during the last half of the month
was towards higher prices.
affairs, rates
down
to 6 per cent
—
;
;
to yearly interest
$22,818,888
HISCEUULNEODS DEBT, 1869 AND 1878.
March 4,
Greenbacks
Fractional Currency
Go'dnotes
Three per cents
Four per cents
Navy pension fund
Past due demands
Accrued interest
Dec.
1869.
$356,021,073
36,781,547
28,755,600
57,140,000
1, 1872.
43,726,68!)
4,0.30,000
$479,587,631
68,603,641
$434,470,638
16,853,529
$410,983,890
$417,617,100
: .
Balance unfunded
Decrease in unfunded debt
Decrease in funded stocks
Decrease since March
678,000
14,000,000
4,210,440
34,529,859
08,744,261
Balance
Less notes in the Treasury
$400,865,789
10,118,111
16,751,311
348,143,900
4,
—Coupon bonds.-
20,876,900
$583,244,899
Less gold in the Treasury
PKIOBS OF GOVERNMENT SEODRITIEa IN NOVEMBEK, 1872.
$358,1.35,643
14,000,000
6,428,464
35,071,255
In gross
1869
$364,895,211
5s '81 fund. 68'81 68*81 5-20s 6-808 5-2118 5-208 5-80s 5-80s 10-408
coup. reg. coup. 1868. 1864. 1865. 1865n. 1887. 1868. reg.
118x
....
.... 114>i 114X 108
1
...
8
116}i .... lllJi
114Ji
108X
....114
.... IHJf
4.....
116>i lll>f 111%
(Holiday.)..
6
6
115X
112X ....
110
7
111>^ 112X 114K 114>i
8
115
115?i 116X 118
117
115
9
.... ii4ji
114^
114X 114?i 114Ji 108
115
112
...
18
.... 118
118>i
13
118X
1145i 11.5% 115% 107%
14
115
116% ....
114% 115% 115%
113
115
15
117% ....
115% 115X
117
16
114% 1155i .... 108
112Ji
18
112% 114% 115%
IIOX 115%
of the Treasury are other
points worthy of note.
which
is
Prominent among them
is
the pro-
revived for negotiating the remainder of the
cent, bonds authorized by the act of July 14,
Mr. Boutwell's proposition is to negotiate a further
lot of five per cents at the same rate and on the same
terms as evoked so much popular rebuke in August, 1871.
The sauciion of Congress will be required as the present
per
five
1870.
Iftw
does not allow so large a rate
and ihe loan was by
far the
to
be paid for commission,
most costly
in
regard
to
fifty
The loan
years.
act of
nan
U
The country
is
well content
mx
108X 114Ji
108X ....
114X
h5k
nb%
....
1073i
108J<-
108K ....
108% 113%
103% 113%
.... 113%
108% 113X
116%
115%
114% 115%
"""
... li3%
112% 114% 115% ....107%
115% .... 112% 112% 112% 114% 115X
108
112% 114%
115
115% 115% 108
108% 113%
116J^
115
115% ....
115% 115% 108% 108% ....
113%
110% 116
113% 113% 116V 115%
116>i
80
116
116
116
82.
23
25
26
27
1163i
116% 113
....
(Holiday.)
89
.
....
Open'g 110
11!%
116% 116>i 112
Higa'at 110% 116% 117% 113
113%
Lowest 110
114% 116% 111% in'4
Closins 110% 116
116% 113
113%
CLOSING PKIOBS OF CONSOLS
AND
V.
115% 116
115%
113% 115% 116« 115%
118% 114
114% 114%
113% 115% 116% 115%
118% 114
114% 114%
113% 115% 116% 115%
114
114%
108% 114%
108% 10S% 114%
107% 107% 11.3%
108% 108% 114%
108
SECURITIES AT LONDON IS NOVEMBER.
S.
Cons U.
to suspend action under
the law
Cons U.S.
S.
for 5-80, 5-80,110-40
inon. '65 o. 1867.
Date.
Friday
Saturday
2
Monday
4
ICHoli day.)
till the objact
can be accomplished for which the Thursday
7 92% 91% 93%
Friday
8 92% 91
93
was passed. Mr, Boutwell on Thursday, before the Saturday..
(Holl day,)!
9
Hi 92
90%| 98
Committee on Ways and Means, is said to have strongly Monday
Tuesday
90% 92%
18| 92
90% 98%
urged this funding scheme, which seems to be destitute in its Wednesday.. .13' 92
90%! 92%
Thursday.... 14 92
Friday
15| 92% 90%| 9.3%|
present shape Of public sympathy and real use.
I
i
..
!
I
I
1
..16i
Monday
Tuesda y
181
...
19
1
Wednesday.. 20 92% 90%
Thursday
21 92% 90%
Friday
82 92% 90%
Saturday
23 92% 90%
Monday
25 92% 91
8S
Tuesday
26 92% 91
Wednesday.. 27 92% 91
87%
Thursday. ,..,28 92% 91%
86%|lFriday
29 92% 91%
" iSaturday
87
30 92% 91%
Opening
87
92% 91%
87% Highest.
92% 91%
92
87% Lowest
90%
87% Closing..
92% 91%
93
87%
93% 87%
93% 87%
93% 87%
93%; 87%
93% 87%
93% 87%
93% 87%
94
88%
93%' 88%
I
I
I
I
I
1
I
i
I
9:J%
94
88
88%
8«%
9.3% 88%
92% 90% 93
87% High't. Since 93% 91% 94%| 92%
92% 90% 93
92% 90Xi 92%l 87% Lowest (Jan. 1. 91% 90M 91
I
Saturday..
5-80, 5-20, 10-40
'65 0. 1667.
for
mon.
I
92%! 9!%| 93%
92%| 91%l 93%
5l "'HI 91%| 9:1V
Tuesday
Wednesday.. 6 92% 91%l 93%|
statute
FINANCML REVIEW OF THE MONTH OF NOVEMBER.
in November worked very closely through-
Date.
i
1870 contemplated a
funding of the body of the debt at 4 per cent, not at 5 per
cent.
114Ji
IHK
ex-
penses of negotiation that has ever been negotiated during
the past
6s
coup. cor.
m^i
81
ject
10-406
Nov.
19
In the report of the Secretary
;
;
;
Reduction
1872.
7,
I
I
I
i
1
1
i
I
I
I
1
:
I
Railroad stocks were comparatively dull until the period of the
Boston fire, when, on Monday the 11th, prices declined very
out the entire month, but there was no feeling of panic, and the sharply, under the fears of a depression such as occurred after the
tendency during the latter part was in the direction of an Chicago fire. These fears, however, proved to be unfounded, and
improvement in monetary affairs. All the natural influences were prices recovered as rapidly as they had declined. Subsequent to
on the side of a stringent market, The bank reserves continued this there was no special movement in the stock market till the
low, and the demand for money on account of legitimate com- celebrated " comer " in Northwest common, by which that stock
mercial business was large. Under the most favorable circum. advancedjto 95 on Wednesday the 30th, touched 230 in purchases
stances a better market than 7 per cent could hardly have been at the Board on Saturday the 23d, (for the account of parties who
looked for. In addition to natural causes, however, there were had failed to deliver on their contracts), and again collapsed to 85
important outside influences which had a material effect in causing bid, on Tuesday. The principal parties engaged in cornering the
an irregular and stringent market. Among these, were the stock were Messrs. Jay Gould, Horace F. Clark, Augustus Schell.
esmers in gold early in the month, the advance in the Bank of and their associates, while the most noted parties cornered were
E.igland rate on the 9th to 7 per cent, from 6 at which it pre- Daniel Drew and Henry N. Smith, the usual associate and paitner
viously stood, and the occurrence on the 10th of the great Boston of Jay Gould. The corner was adroitly managed and sett'ements
fire, which prostrated business, for the time being, in that city,
made so as to ensure the largest possible profits without breaking
and caused much alarm here. Another cause for disturbance in those who had sold short, and from this fact it was probably one
the call loan market was also found in the operations of the of the most profitable corners ever made in Wall street, Many
stock market, where the " corner " in Northwest common led to small operators and brokers suffered heavily.
much excitement, large transactions, and shifting of loans The
The following table will show the opening, lughewt, lowest and
The money market
t^^^
—
December
THE fJHBONICLE
7, 1372.]
•TiBUMO
closing prices of railway and miscellaneoaa stocks during tbe
moutlia
October and November, 1873
October.-^——,
of
Not.
—November.
.
Open. High. Low.
Railroad Stocks—
Albany
&
Susquehanna.
do
&
«X
Erie
113
116
& Quincy 183X
NorthweBt'n 70;i
do pref. 88^
Rock Island. IIOX
Chicago, Burl.
&
do
do
do
&
Colurab., Chic. .4 Ind. C.
Cleve. & Pittsburg L'uar.
do Col., CIn. &Ind..
Del., Lack. A Western..
138X
83X
87X
33X
3ii
WIX
WK
90
87
88
SOV
89;^
90
8«X
90
90
9IX
98X
»7X
vna
99
61
t^^X
74
88
94
62
48
55
&
70K'
St.
do
Joseph..
do pref.
Hlinots Central
Jollct & Chicago
33
60
LakeSho.
Slfi
Louisville
80«
Marietta
J3
117
6Sii
Pitts., F.
124
100
74
Tol., Pdnria
98
27X
8U
ST
Wi
\UH
1I»
66
68
96y,
X
7.5X
80
148X
96
51X
139X
9JX
n8
57
91X
4T«
7«
60
143
114
9tX
«4X
108
90
68
38>i
28"
142
4SS<
95X
141
71M
141
10
47
7i
53
129
92
108
90
6!
3!IX
64
60
111
9I«
106
90
^3H
:i6"
io"
,36'
49
43
65
60
4-X
41
45X
88X
55
19
22
24X
15
ITH
103X
55
73X
lOT
93
6S
60
23
95.*<
9>jr
103
2
2
3X
17'
61
S~ii
7.3X
91
71
57>tf
57X
78X
9)
80 ><
95
•VA
7tJi
6T
75
85
115
1!8
210
;8X
85X
115
79X
TliX
»"
in
Oregon War
.M»r
lis
2, 'tit
ISftI
>ui{. 5. 'HI
..IS81
2.\ •«;.... )88J
'&t . 1881
&
W
».MIJ.
8S
1"X
iii,-
47X
66
».W. f luU, »350,
It. If.
SperceU
t
iirHi.
ov. (e) lleyr.
(<ll Keb., >i»y, nuit.
i.ooo, «3,oiio, »;o.ipOj: coup ••. Ji,'»xi.
(»>
»j,«»j i. «li,(X)J; eoupoot, rW,ilOu,)JjU
In
Amtreitateofdeht hearlivt Interest
In
...Matured July
Saturday.... 9 113X I13X'113X 1I3X iNov.,
11,114X ll:iX 114X 113X!
Monday
Friday
Saturday
15,113X;113k;:i.!X 113J<
16 113ji i;3x!ll.3X 1!3H
18
IMX H^X
19'
Monday
Tue day
113X' 113x1 113»ill3X
113Xtll3 ii:.3X'll-!
Wednesday. ..20
Thursday.... 21 113
113
Friday
22 113X 113
113Xlll3«
*
— Matured
Matured
July
71X
79X
1,9
33,
81
117
201
5S
*
Teni.
Ajtg. of debt
I
on which
a
lulyll,
vUrcli
,
.,
,,
some considerable
97
IW
878
SC9.900
9.000
73,960
'63
15
29.673
SIS
T,SIS
1.791
and
18,^6
Character
1.484
l,eM,000
•,3M
tl.21U.4IO
|S37.6il
Amt. ontstnni.
ui Issue.
notes
leKal-tender notes
Certiflcatea of
iSl.^l
S.'BtSI,]'*
21,466.i00
depo.U
Vraetional Currency
186.'
June
30. IS61
3, 186.3. and
Fractional
1863(i<i t2U.;iU,lUU,90U,l,UUJ5,iXM).Ccrtil8. for
i
currency
KOld deposited
(
totimaom
4a.7»,B8I
2J276.900
Agxrejtaiooi debtbearlnKno Interest
IUS.601.231
Uecapltulatloii.
Amount
DsTtT DBABtNO liTTKRKaT XM
Coix— Bonds
Bonds
Outatandlnr. Interwt.
at 6 p. cent
at 9 p. cent
t;,.341.iH4 9S0
414,9$:x«
Total debtbearlnir Interest in coin
IN LAWFUL MOS«T—
1872.
,|1,73«
g
Cerlillcates at 4 peree'it
Navv pension fund, at 3 per cent
Certillcates at 3 per cent..
.J
Tm.'BJ $3S,9i«,in
o
<J
$f7l.(100
]4.000,UllO
4,0.J,Uiq
money
Total debt bearing Interest In lawful
fn
ft
*I8.7al.UV
Dkbto:* whiou 1st. uasokaskd sincb Matubitt..
OaBT bEKBINU NO INTBBKST—
Oent.^nd and le>;al tender notes
a
''-
AMOMi
8S7.6SS
t333.m,«a
Ceiitfl'-ates of deposit
!I,46.^V«
yractional currency.
43.7.f6,08<l
Certillcates of KOld deposlte
W.27690
!
Total Hpht hearlnir no Interest,
Unclaimed P. U. Interest
Total
80|1124( 112!* 112Silll2)i
1872.... |112Ji!
lliji
1871
llfl?ii
112X iii'X
1,'*70
Ill '4 110
IV^X \\0%
1809
Iiasx 12IX liisx \n%
1868
133X132 '137 \IV>H
18B7
140X 137X 141X 133 :
1866
146X 1:I8X H81i 14IX
18H3
llSJi 14 JX 1'18X 14TX
1861
1238X210 269 8.10
186:1
146 1148
151 :148X
1862
129X129 |l.3:lX'l29
|ll3Xl S'ce Jan.
•"
,
M6
4.5:4
10T.328
Demand
3. '63..U. S.
!I,«7Q
am
1!!,?90
Debt Bearing no Interest.
Authorlr.tnK acts.
Julyl7. 1861. and Feb. 12. 180!
and July 11. '62. and Mar.,h
Feb.
.m
94.7M9
62,790
940.119
has ceased since mat'v
int.
11
6 5
118.N1
ifno
Oct. 15. 1866
Oertlfs. (Lalledj..Mat'ir>'d nio- thly iron! Dec. 31, 1670, lo
Aprlll, l»-,i
li'H.
i«->
82.Si5
6,oua
15, 1868
at various dates in
B
»I7
at
1,U6,'90
.*ts,
of Ind
t64n4
8.190
Matured March i, 186;J
7 3.1U's.3 yoai*s
Matured \\xn. 19 and Oct. I, 1861
one year
Matured at various dates in 1S65
i's, 2 years
Matured at various dates In 13.16
6's, Com. Int. n's. ....Matured June 10, '6.", and May 15,
Matured Anif. 15, 1867. and June
7 .i-lO's, 3 years
6'8, Certil".
intareit
1.104
t.ieo
8.»IU
.IJOO
174.000
1U.U)0
Tr'y notes
92
$4(6,601,212
M,eiM
t8.a'.'«l.»2J
interest, to date, Including Interest due nut
•.
Total debt, principal and
prejcuted for payment
AMOUN-r IX TUB TBEASnEY—
MIX lUX
n2X
1,
1872,109Xil03X:115X
ISIjnjM
S2.261,75l,7ti
Com
t6«era.«M
i^urrencv
Special deposU held for re<iemption of c.rtificatesof deposit »%
,.
pioTlded bylaw
10,119,111
2l.!IIS,a0O
BUS.
Debt, less amount In the Treasury. Dec. 1. 1872..
Debt, less amount in tue Treasury, N'ov. I, 187^..
',,
extent.
Pecrease of debt dnrinfif the past month
Decrease of debt since March 1. ISTi
"2^
Foreign exchange was influenced as visual by the fluctuations
in the rates for gold loans, and on the days when those rates were
excessive, exchange was correspondingly depressed. Aside from
this immediate influence on the market, the strinjjency in money
in London and advance in the bank rate had the effect of advancing short sight, and the subsequent relaxation in London was
attended, of course, with the opfosite effect. Cotton bills came
forward quite freely. In the latter part of the month bankers
"^
^
were again reported to be lendinir their 60 days bills to stock
°
operators to
[6.3i8
86.731
2.1601llil!(KO
.
2.16I,76CJM
1
113J4|113)i
1114
e.'.80
«
29 !12^ ni'/i 1I2X !12>i
7
Tuesday
12 USJillSJi 113% 113»i
Wednesday .,13'll3X|113X 113X 1:3X1
Thursday ....U 113X 113 lllX 113X'
VAXVO
principal,
*
»S7,8«S
1-49..
1.
—
MO
23 112X 112K 113V 1I2X
25 1I2X U'y, ll'iX 113
112X 112<ll12Xllia!i: Friday
8 112X 112X'll3 1113 jlSaturday
IM.^4S
»l-i7lN.(i(«i
I
"
,
.
monev
"'6'a. Bonds...
Matured .Inly 1, 18i<fl..
6's, 'I'e.'faa indeni.... Matured De.^31, 1861
5s. Ituiuls
.Matured Jan. 1. 1871
Monday. ... 4;111X 111><!112X 112X| Tuesday ....2tiill2X 112X "3 n\2%
5l
Tuesday
.|{Holi|day.)| ....
|Wedneaday...27 112% U-'V, 112% 1I2X
Wednesday.. 6 112 ;111X'112K 112x1 Thursday ....28 .... (Holiday.) ....
Thursday..
Friday
lDt«rm.
OKBT nSAaINO iNTBBRST
-
ISatnrday
lawful
Matur'datvarrsditesprlorto Jan.l.W.
Mnlured at various dates l.i *dl and*a2...
Mature Uec. 31, 1867
1 to 63, linnds
5s. .Mex Indein
6'». Bonds
6^. Hounty L sCj)
a short time very
O
IHJi Monday
ivMHM
*
»l,'i<Ki,
C'LMura ...Aeis .M .icii 2, ii;>i.i>J.ii ». '<l!i..l'a, a- f.luc pal.
nil! oit 'leniimd.wltM interest (is-ued <n $'>,'« 0& $io.eoO)
^l.iw,utO
S's.Navv liens
ct 'Uly2J,'li8 Int.onlyanpl'.itopena'ns. 14,0O0AMI
Is, Certll's of ludcbtcdneiis..Act July 3, '7U. .t)ue In Is'.S
678^10
77J,-
115X
fcxi
112?i 112
l,0Vi,;sl(n '..91i%Mil
ia».l3<(a) 9«'..12>
52.'.k9 l<i.893t;)t
.
own ward.
II
•b);'<ZiH
Debt BearInK Interest In Lawftal Kloner.
March
o
(»l 1,490
0))Utjm
AirKreKateofdebtbearlnKln'ei't hcoln, 7)3 6:2.V)0 I,0.>6.(I8).790 tSHJS>'t 37,!'<J,lt3J
(«) liite'cBt piviible Jan.j: .luy. (I,) >.uv &, .Nov. (c) MorhA cpi., rxcrpt
conpo st5<l& »lUi (laid »<iiiu illy
ti;M; ciupoi fiw:. (/) Hvg.
;
Date.
e».>
381,926
M'.ill
.
high rates were obtained on loans subsequently the market was
comparatively quiet, with the exception of occasional fluctuations
After
in the rates for loans, [sometimes up to high figures.
touching 114i on the 11th, the tendency of the premium was
Date.
(a,2 ,UtS
a;4,7si,ini
2,i9i,«M (»i jua-ta
78,01 iany.iio)
ii»fi» (C)2,4vJi«t
£t5,;84,tiU
2i.Mi',130
!M,l^ll,«a
I39.4M.:5U ^S,l11,lS0
l
In cash gold about the 4th of the month, an
ooLo nt notsuber,
3.267
23.',i>JI
MS..", '90
3.M83AV
«l ...laoi
'61. ...18*1
.•,»3,U«
Iuiic3l),'ei....l8-4ft( S3.0SI1.450
36.2 1,«.".0
6«,V»s,lSfl
Mar. 3. '65.. ..1855
36.:0).'i90 Il».-Vi,9(l
6»,5209, iSB-, new. ....Mar. S '«S....:885 I 5S.61S7J0 15;.60l.Sl50
«»,V2«. I8«7
Msr. 3, •«.... .18*7 I 90.W1.6VJ 2i5.\Oi.4
«.,S.2». 186S
Mar. 3, '65. . 18i8
|i.S7:,(W)
21,IU1.«S0
5<, Funded L «n, ISjI.J uly 14. "IO. . . i88l \ 127,7J: 8lG
-u.»a»M
.
AcmM
irrraf.
Ii
.
».'0.10(o)WI».»'«
2 Jli»4 (a|«lV. 75
68,5.«J» or 18tU
Jun*8. 182
for
OVfrdp
(ff)»l.'i,(«»
flS5.48l.(«0
Feb.
Mkp. 8,
Msr. a,
Mar.3.
Ss, .r-IOs
Ii8..vli0s.uf 1861
Muuhattan Gas
210
205
203
201
01
201
lo.'ton Water Power ... 43
48
55
65
47X 47X 55
Brunswick City Land. ..
6X
6X
5X
8X
In the gold market tiiere was a new attempt to create a scarci.y
1
public debt,
at the oloie
Intpr««c
2X
41
52
72
91
li2X
72
80
71X
8lX
88X
1873.
tiie
\nn c.
I'uy'ble RpRlter rt Coiipon.
.Iuiiell.-51....l8i4 (-)»it,UI5,O0li $ia.»M.itf)
Feb. 8,'61....188U (/);3,;)l,0v,0
I.BH,(JH)
8*3,
i7>i
fi7X
<
Witun
A-uiiorlz-
Character ol Issue.
t' 01 1881
2
48
Aniirican M. Union
llllX 112
.
IX
Si'4
ii"
91X
;12X'111X
10»Xiail0M
.
lOiX
4T
69!^
1
103Xai08X
103X©1U8X
I08X<a<08«
29..
80..
1«
X
2X
4X
17
95
iiox
(Holiday.).
and Treasurer's relurn<
iIhv if Novpinber, 1872:
li-t
ihi'
S)iliX
no w
lovx aro
lt»X(Suo
iu«xa
•
Miilement of
ollic.ial
Enux
<
&IIOX
nox<|llOX
io«)»5
.
.
38.5-308, (.aled) ...Matured Dee. l.M. ai.d Meh. 7
20, •72..
1- 0..$li» fr. notes
Matured at various dates (Torn '3S-*44....
a 6s Tr. notes.... Matured at various dates In '17 and *4S...
63. Tr'y notes
Matured ..t various dates In *48 and '49...
H^e's, Tr'y n'e
Matured at various dates in '98 and*99...
14
47X
81 ii
2,11i
.
io-xai08x
(
9V4
95!i
100
3«
6)
80
22
48
10
81
42,X
17
6»X
9iX
Friday
Saturday
(
no
Debt bearing; Interest In Coin.
70
21
17%
2
17
O
110
37X
4HJ<
•13Jtf
49
69
3*
lOSSiSlOHX
lOiK^KSX
(
Debt ou WItlcb Intcreot Has Ceased Since maturity.
6W
17M
105
IX
2X
4X
ooitBss or
IOilX$10ri<<
.
Ranee.
is llio
.
$iiox
^IK'X
1
.
.
31
48
65
60
22
26
53
22
75X
68
140
93
106
90
63
7I«
71
90
25
63
80
83
117
7:x
68
46
61
98
as
89
38X
99
25
43X
IMX
"
95
69
Adams
UnitedStatcs
Wells, Far ,'0 & Co
Del. &Hud Canal
99?i
98
95^
141
'r business on
6soflS<l
40
"
iioxti...
i:o
no
no
.
DEBT !iiATBME.\T FUK DECEMBER.
of 1811,.luly ;7and
«i, 5-iOV, ol lc«i
76X
.
Hs appoiirs from the liooks
6*.
91X
28
"
108M®10"X
follo\vin<{
14X
72 !<
40
••
.10«X
54 !<
9ax
98
1083<ii
Ssofl8.SI
ll.ili
51
"
"
106 )ij .:o«x
Tllii;
The
80
28
ItX
J13X
ltj(f
sV
142
47)^
7.5X
60
18X
do
pref
West. Union Telegraph.
94X
83>i
80
28
l)5>f
4BJtf
Qnicksilver
188
92
92
92
9-;k
80
27
37X
69K
40X
74X
74
51
94
89
98
Canton
9:iX
Mariposa
IX
do
pref
2X
do
Tru'. lOsctfs. 17
do
Lind&MfgCo
34
43
119
35V
sax
•
"
19...
20..
21..
22..
23..
:5..
s»..
21..
ad« r».
108Xai08K
lOgXOIOHX
lOSXaiUHX
18..
108',@I08X
62H
74
114
28
11«X
•'
"
"
14.... 108XiiAl(i8>(
P9
98
84
71
lit
loV
New
Central Coal
Atlantic Mail
PacittcMail
SM(
S7X
2lt
42>i
»!«
27X
9>X
91%
142
42)i
71
11IX
101
7««
75X
42X
74
14IX
4SX
41X
..
92«
27
98
We tern.. 69X
do pref. 88X
&W
25
American Coal
Spring Mountain coal
Maryland Coal
ma
92
92><
81
74
20
38>i
Misce s^aneons
Consolidated Coal
33
92
121
103
121
Renssulear ifc Saratoga
St. Louis & Iron Moun..
91
St.L., K. City &N. Pref. «9X
do
90
121
104
Ml
W. & Chi.guar 92X
Union Paciflc
Tol., Wab. &
115
63>i
'4
41 X
7JX
43X
92X
74
113«-
123
811X
&lfi
25
27
53X
74X
113
83
6iX
60
122
81
do Central
si-rip..
do
do
do do Ld Imp. Co 74
N.J. Southern
20
N. Y.Cen. &H.R Stock 9i%
do N. Haven & Hart. 144X
O-.iO & Mississippi
ii%
do
do
pref. 74X
PaciHc of Missouri
61X
Panama
SIX
93X
do
do
2d pref
Michigan Central
115
Milwaukee & St. Paul.. 51
do
do pref. 74X
Missouri, Kan. & Texas. 4 IX
Morris & Essex
91%
New Jersey
110
38
66
129
12<X
& MIch.South
& Nll^'hviile,.
& Cin.,lst pref.
47X
70X
74X
116;4
109X®I09X
108X< H08X
15.
OCX
83
89
97
IIIX
II...
12...
13 ..
14...
88
77X
09%
34X
47,'i
do preferred
Harlem.
.
lIMKi llOBX
108X2 ii(M;<
8....
113
135
106X
9IX
99X
-
00 dart.
Nov.
"
.(Holiday.)
110
7X
1.30
lllX
roB Novsnani, ISn.
-
iinx
lUH
109
Bxoa.*)iaB
3 days.
IIOX®
110 &.
108X&lli8ii
95
6X
lllj
103X
108^®...
.
,
108
113
mi
X
87X
6i
Kri;
Hannibal
B8X
84X
90
& Sioux Cily
Dubuque
94
7
109
114
133Ji
94
94
7>i
109
pref.... Ill
Boston, Hartford
& Alton
Chicago
do
SOrtnyj.
108X(?4
.
Low. Clo«.
Clos. Open. HlRh.
95
94
fe
8
75i
113
113
112J<
113
115
118
136
135X 13.')
8
830
75R
llecreaseof dC't slniv Miirih
Bonds Issued
'.
H".'. In
fl,1^;ai
Interest
Amount
ontstaudin^'.
I'aclllc Co
L'en. Br'ii \Jn. Paciflc..
Union
9.6.»,:f!l
accrued
and not
yet paid.
Interest
Balance of
Intorrst
paid by
repaid by
L'nltccl
transnltloir
Statea.
.
Int.
paid
by United
ofinall&,Ac. States.
t6l.'i61l
»5.:M.7«
»«47.1V8
|6.35-,3;6
197,57.5
1.JIS1.353
1.0*5,67
914 St
t?0.912
6.3*;. 52
i.iA.T 5
<.7.'4.nSI
40^10
4l«.S(K
867,679
16.776
9.*<'
S58.tN
l.W,
Western
Sioux City and Paciflc.
Pacitle
'
$2
,.•
6,303,000
27.23'i.M2
1,IM),01W
Kan. Pac, late U.P.E.D
1
18:j
'S.SS.'i.lJl
Central Paciflc
(
1.
to the Parllir Railroad Companies, Interest
Payable In Lawful money.
Character ol Issue.
,
t6\,2l5.t6;
.'.
March
60
1.62S.3.'0
•
4',26»
40,70)
S8»,6I'6
m
477.0 1
888,789
#3.S5'.45il
»:2 6!7134
»1.6:5.98:
»1«.5;0 575
-,
.
,,,
cts
The Pacinc Kail oadbonrls nre all issued under t'le acts ol Jul. 1. 186; and Jv.y
2,is6*;they are regisicr d boc.ds, i.i deuominations of ti.'UO.jMiu *ti>',aiO|
Dear six oerc nt L.erest In correucy, payable j»naa» land Jiflri, and m«oi»
su years from their date.
Total Issued...
-
-
»61.6iS.512
.
,,,,..,.,...
;
^HE CHRONICLE.
764
LDecember
7,
From customs
Jepaytment ^t^fotH,
Inlemal revenue
Tax on circulation, &c., of national banks
Repayment
Customs,
Sir : Whatever degree of success has attended the administration of the Treasury Department during the year is due largely
to the ability and fidelity of tlie officers and clerks of the several
bureaus and divisions. There have been some exceptions to the
general good conduct of the worliing force, but the number of
these will not be thought large when it is known that more than
3,000 persons are employed in Washington, of whom nearly 1,400
are constantly engaged in handling coin, notes and money secuManj' of these persons are paid fair
rities of the Government.
wages for the services rendered, but others who fill places of great
responsibility are not by any means adequately compensated.
Officers and clerks of known ability and established reputation arc
This
frequently drawn away by offers of better pay elsewiicre.
competition will leave the business of tlie Department finally in
sense of
the hands of the less valuable part of its officers.
justice leads me to recommend an incrciise of salaries in
many cases of the Assistant Secretaries of the Treasury. Since
my last annual report the business of negotiating $300,000,000
of 5 per cent, bonds and the redemption of $200,000,000
of 6 per cent, five-twenty bonds has been completed, and
the accounts have been settled by the accounting officers
of the Treasury. Further negotiations of 5 per cent, bonds
can now be made upon the basis of the former negotiations.
I think it expedient, as a means of giving additional
value to the bonds authorized by the Funding Act of July 14, 1870,
and additional security to the owners, that registered bonds of
every issue should be made convertible into coupon bonds at the
When this privilege is granted, the desire to
will of the holder.
convert them will cease. The moneys received and covered into
the Treasury during the fiscal year ending June 30, 1878, were:
RECEIPTS,^ EXPENDITURES AND REDUCTION OF DEBT.
Prom cnstoms
t216,.370,286 77
A
Sales of pnblic lands
Internal Revenue
Tax on national bank circulation, &c
Repayment of interest by Pacific Railway
Customs,
fines,
2,575,714 19
130,642,177 73
6,523,3% 39
Companies
749,861 87
1,1.36,412 34
2,284,095 92
4,412,254 71
&c
Fees— Consular, patent, land,
Miscellaneous sources
&c
Total ordinary receipts
Premium on
sales of
$57,729,540 27
797,.32-l 57
34.16'.i,047 22
3..3(»7,2:i8 69
119.093 73
108,787
479,:306 Vi
3.36.801 88
I.:i46.257 47
Kales of public lands
Be "ART OF THB SECRETARY OP THE TREASURY.
Tbeasuby Department.
$364,694,229 91
9,412,(i.37 65
com
of interest
by
Pacific railways
m
&c
fines,
Consular, patent and other fees
Proceeds of Government property
Miscellaneous sources
Net ordinary receipts
Premium on
$98,388,397 16
2,426,736 91
sales of coin
Total receipts
Balance in Treasury June
$100,815,134 07
Including $1,014 48 received
30, 1872,
from " unavailable"
106,565,371 42
$207,:»0,5()5 49
Total available
The expenditures during
For
civil
tlie same period were as follows:
and miscellaneous expenses, including public buildings,
and collecting the revenues
$18,299.,891 28
lisfhthouses,
Indians
:j,03' ,.343
Pensions
9,1:35,389 71
$374,106,867 56
30, 1871,
including $18,228
.35
received
12.876,982 41
provements at navy-yards
Interest on public debt, including
7,:305,146 48
.36.196,894 83
Pacific
Railway bonds
Total, exclusive of the principal and premium on public debt.
For premium on purchased bonds
For net redemption of the public debt
$86,8.51,648 54
1,702,568 .53
16,9.32,138 72
$18,634,707 25
1«),486,355 79
101,894,149 70
Total
Total net emenditures
Balance in the Treasury September
30, 1872
$207,-380,505 49
Total
For the remaining
three-quarters of the current fiscal year it is
estimated that the receipts will be:
$135,000,000 00
From customs
Sales of public lands
Internal revenue
Tax on national banks
Pacific railways
Customs,
fines,
1,500,000
74,000,000
3.000.000
500,000
800,000
1,700,000
600,000
1,400,000
&c
Consular, patent, and other fees
Sales of public property
Miscellaneous sources
$218,500,000 00
Total
For the same period
it is
estimated that the expenditures will
be:
For
00
00
00
00
00
13,500,000 00
27,800,000 00
71,500,000 00
civil expenses
Foreign intercourse
Indians
Pensions
Military establishment
Naval establishment
Miscellaneous civil
Interest on the public debt
$13,000,000
900,000
4,000,000
20,000,000
23,000,000
$173,700,000 00
Total
were
net expenditures
$484,M2,673 15
by warrants during
the same period
:
For
civil expenses
Foreign intercourse
Indians
Pensions
$16,187,059 20
I,a39,.369 14
7,061,728 82
28,5*3,402 76
Military establisliment, including fortiflcations, river and harbor
improvements and arsenals
Naval establishment, including vessels and machinery and im-
35,372,157 20
provements at navy-yards
21,249,809 99
Miscellaneous civil, including public buildings, lighthouses and
collcctini; the revenue
42,958,.329 08
Interest on the public debt
117,.357,839 72
Total, exclusive of principal
and premium on the pnblic debt $270,659,695
91
0,958,266 76
99,960,258 .54
.
Premium on bonds purchased
Redemption of the public debt
Total Net dlsbnrsemants
Balance in Treasury June 30, 1872
$377,478,216 21
106,564,356 94
Total
$484,042,573 15
From
the foregoing statement it appears that the net reduction
of the principal of the debt during the year ending June 30, 1873,
was $99,960,353 54. The sources of this reduction are as follows:
Net ordinary receipt's during the year
$:J(>1,6W.229 91
Net ordinary expenditures, including interest on the public debt 270,.55fl.()95 91
.
Leaving a surplus revenue of
Add amount received from premium on sales of gold in excess oif
the premium paid on bonds purchased
Add the amount of the reduction of the cash balance at the close
of the year as compared with same at commencement of year.
Total
94,l:i4,.'i;}4
00
2,454,.370 89
3,.371,.348
65
$99.!HiO,253 54
This statement treats solely of the principal of the public debt
by the monthly statement of the public debt, which includes the
principal, interest due and unpaid, and interest accrued to date
not due, and deducts the cash in the Treasury vk ascertained on
theday of publication; the reduction was $100,-504, 491 28. The
source of this reduction
is as follows
Reduction In principal account
Reduction in the unpaid interest account
„
Total
Reduction
ESTIMATES FOR THE FISCAL YEAR, 1873-4.
revenue applicable to the
The amount
purchase or redemption of the public debt.
required for this purpose under the Sinking Fund law for the
year will be about $29,200,000.
It is estimated that tlie receipts for the fiscal year ending June
30, 1874, will be
From customs
$200,000,000 00
Tills will leave $44,800,000 surplus
:
Sales of public lands
Internal revenue
Tax on national banks
Pacific railways
Customs,
lines,
3,000,000 00
10.3,000,000 00
&c
6,300,000 00
900,000 00
1,100,000 00
,
Consular, patent, and other fees
Sates of public property
Miscellaneous sources
2,-300,000
00
1,500,000 00
2,200,000 00
Total
$320,300,000 00
The foregoing
estimates are based upon the amount of revenue
collected since the acts of May and June, 1873 went into operathe imports have been large, and considerable sums have
tion, but
been obtained by internal revenue officers on account of old taxes
and claims, hence it will be wise to leave the source of revenues
undisturbed for the present session.
It is estimated that the expenditures for the same period will
be:
For
civil expenses
Foreign intercourse
Indians
Pensions
Military establishment, including fortifications, river and harbor
improvements, and arsenals
Naval establishment, including vessels and machinery and Improvements at nav^'-yards
.
Miscellaneous
civil,
.<
$18,000,000 00
1,-325,000 00
5,700,000 00
30,500.000 00
36,000,000 00
22,500,000 00
including public buildings, light-houses, and
collecting the revenues
Interest on the pnblic debt
Interest on Pacific Railway
00
00
00
00
Sinking fund
:
$90,960,003
.54
3,.3.30,9.'32
96
41,500,000
98,000,000
3,875,000
29,200,000
Total
$28(i,600,000 00
bonds
—leaving the estimated surplus revenue $38,700,000.
$103,290,956
2,746,465 22
The estimates received from the several executive departments
show that the following amounts will be required for the same
$100,544,491 28
Eeriod
.50
m cash on hand
Total
A comparison
of the reduction in the principal account as
shown by the above tables discloses a difference of $250, occasioned by an error recently discovered, and which is fully explained in a note on page six of the appendix to the report. On
the basis of the Ian tible the statements show a reduction of the
public debt from March 1, 1809, to the present time, as follows:
$87,134,782 84
5"'=k5'S'.'°5'"'^''J'18™
March 1, 1870, to March 1, 1871
117 610 630 25
March 1,1871, to March i; 1872
M 895'348 94
March 1, KTl, to Nov. 1, 187S— eight months
64^07412.37 84
'.'.'.'.'.'.
•.........,..,,,,,,....,,
IAS AQA two fiT
And a reduction In the amjiii Interest of !!!!!!!
24'l77'851 00
The receipts during the first quarter of the current fiscal' year
"'
ff«re
^Itt'
00
00
00
00
00
00
00
00
109,9.35,705 .W
Total available cash
The
83
Military establishment, including fortifications, river and harbor
improvements, and arsenals
Naval establishment, including vessels and machinery and im-
•
Total net receipts
Balance in Treasury June
from "unavallaldo"
1871
:
egislative
Executive
Judicial
Foreign intercourse
Military
Naval
Indians
Pensions
Public works.........
Postal deficiency
Postal subsidies
Miscellaneons
Permanent
on public debt
on Pacific Railway stocks
SinkUigfund
Interest
Interest
Total
$2,973,274 40
17,129,261 90
3,.587,050 00
1,326,754 00
:K,894,854 84
20,184,220 15
5,700,975 28
30,500,000 00
29,687,345 69
6,310,602 00
1,100,000 00
9,596,974 52
16,293,163 49
98.000,000 00
3,877,410 72
29,191,369 28
.$308,323,256 27
:
December
7, 1&72.J
The reduction
to
i
in taxation since tlic close of the
tHE CHRONIClA
war IseBtimated
have been
765
manufactures of leather, $600,000; illuminntinft oils, $3,500,000;
and beef, $3,000,000. The statistics of iniportn show an incrcuM-
of $7,000,0(X) in coll'cc, $18,000,(KMI in Hiigar, nearly $li,0<JO,000 in
lea, nearly $3,0(K),0<X) in tin plates, more than $17,<HJ0,<XX) in raw
wool, $2,000,000 in pig iron, $10,000,000 in manufactures of Iron,
!8,i«i(i,i«Hi(iO
$.'i,000,0()0 in manufactures of cotton, $4,000,000 in manufnctures
•lf,,(X«i,i«io IHI
M,i««i,i)(Kl "0
of silk, and about $7,000,000 in manufarluris of wool. Tlies*!
ao,(>5l,(K>o (K)
statistiis are not presented as affording a basis for legislation, but
$448,651,000 00 rather because they are exceptional in character and not likely to
Total of internal revenue
be repeated.
In customs:
$89,546,410 00
TlIK UNITED STATES MINTS.
By the act of July 14, 1870
81,178,761 00
By the acte of May 1, 1874, and June 6, 1872
During the last year thorough examinations have been made at
mint at Philaclelpliia and of the branch mints at San Francisco
the
-. ..
$60,699,171 00
Total of customB
and Carson City, and exhaustive reports on the condition of each,
—A total reduction of $309,350,171.
""^
and also upon several questions of a general character connected
TlIF, SINKING FUND.
Since the institution of the Sinking Fund in March, 1860, and with the mint service, made by Dr. Lindermann and Prof. Torto be printed for the use of the Department and Conin accordance with the act of Feb. 25, 1863, there has been j>ur- rey, and
chased on this account up to and including .June 30, 1873, |9)),- gress. From tliese reports it appears that, the service is in a satisIn the last ten years the commercial value of
307,000, in bonds of the various issues known as Five-twenties, at factory condition.
a net cost in currency of |1 10,997, 185 89, or an estimated cost in silver has depreciated about 3 per cent, as compared with gold,
In addition to the purcha-ses for the and its use as currency has been discontinued by Germany and
gold of 194,007,243 82.
sinking fund, bonds have been purchased to the amount of $173,- some other countries. The financial condition of the Lnited
silver as currency for more than
237,950 at a net cost in currency of $105,008,288 53, or an esti- States has prevented the use of
mated cost in gold of $1(|3,376,054 'in. The cost of these bonds ten years, and I am of opinion that, upon grounds of public
estimated in gold has varied from 83.31 per 100 to 90.00 per 100, policy, no attempt should be made to introduce it, but that the
The coinage sliould be limited to commercial purj'oses and designed
the most recent purchase being at the rate of 98.60 per 100.
average cost in gold of the whole amount of the purcha.-*e8 up to exclusively for commercial uses with other nations. The intrinand including the last day of September was 94.64 per 100. In sic value of a metallic currency should correspond to its commeri
tokeps
this connection I would call attention to tlie various tables ac-'t cial value, a.s metal should be used only for the coinage of
companying this report, which furnish elaborate details of the redeemable by the Government at their nominal value. As the
depreciation of silver is likely to continue, it is impossible to
money operations and accounts of the Government.
issue coin redeemable in gold without ultimate lo.ss to the GovCARKYING TRADE.
CUB
when tlie difference becomes considerable holders
The condition of the cariying trade with foreign countries is ernment; for
will present the silver for redemption and leave it in the hands of
ahvaj-s a subject of interest, and at the present moment i.s one of
If the
of subsequently at a lo8.«.
The imports and exports of the United States, ex- the Goveniment to be disposed
solicitude.
policy should be adopted of issuing silver coin irredeemable, but
cluding gold and silver, amounted to $1,070,641,103 for the fiscal
whose intrinsic and nominal value should correspond to gold, the
year ending June 30, 1873, and of this vast trade only 28i per cent.
time nui.st come when the country would suffer from the presence
was in American vessels; in the year 1860 nearly 71 per cent, of
of a depreciated silver currency not redeemable bj' the Government
our former commerce was in American ships, but in 1864 it had
nor current in the channels of trade. Tokens of base coin, except
in 1868 to 44 per cent, and in 1871 to less
fallen to 46 per cent.
for small denominations, are less convenient than pajier, and are
than 38 per cent. The earnings of vessels engaged in tlie foreign
The provision made by
subject to many other serious objections.
carr3'ing trade probably exceed $100,000,000 a year, of which less
the Treasury Dei)artment for the redemption of mutilated paper
than one-third is earned under our own flag. The act of Congress
money is much more ample than formerly, and I think it practiallowing a drawback on foreign articles used in the construction
cable through the Post-office Department to make an arrangeof American ves.sels has given encouragement to sliipl)uilding, but
supplied with fresh
whole country shall
When ment by which tlie currency. Therefore,be renewing the recomI am of opinion that the measure is entirely inadequate.
in
issues of fractional
we consider that nearly three-fourths of the foreign commerce of mendations heretofore made for the passage of the ilint bill, I
the country is under foreign flags, it is plain that there can be no
suggest such alterations as will prohibit the coinage of silver for
considerable and speed}' change unless the Government shall act
in this country, but that authority be given for the
comprehensive spirit. The rise in circulation
at once and in a liberal ana
coinage of a silver dollar that shall be as valuable as the Mexican
price of iron and the advance in the wages of labor in Engthe
The Mexican dollar
dollar and to be furnished at its actual cost.
land during the past year favor the Government and the people
is used generally in trade with China, and is now sold at a preof the United States, but this advantage, due to natural causes,
mium of about 8 per cent, over the actual expense of coining. As
should not lead us to trust the future to the force of those causes,
the production of silver is rapidly increasing, such a coinage will
but should induce us rather to act at once and with vigor. It
at once furnish a market for the raw material and facilitate commay happen that we cannot regain control of the direct trade merce between the United States and China.
between Europe and the United States, but there is an immense
TlIK NATIONAL BANK CtTRRENCT SHOULD BE KENEWED.
field to be occupied upon the Pacific Ocean and in the South
England controls the markets of the world by conAtlantic.
It is no exaggeration to say that a necessity exists for a new
The reasons for such issue were
trolling the channels of communication, and I am convinced that issue of national bank notes.
a wonderful impetus will be given to the agricultural and manu- given in my last annual report. I take this occasion to call the
facturing interests of the country by the increase of our commer- attention of Congress to a communication made by me to the
Merchants in distant countries must purcha.se goods House of Representatives on the twenty-second day of Starch,
cial marine.
at points with which they have frequent and regular communica1872 (Ex. Doc. 283, XLIld Cong., Second Session), in which I
tion, and when such communication exists with one countiy only,
recommended the enactment of a law for the relief of the Treascost of merchandise becomes uniinimrtant, as there are no ury from the responsibility on account of the dishonesty of Sclh
the
means of comparison. Nor is there opijortunitj' for the advan- Johnson and Frederick A. Harden, formerly clerks in this ofiice,
tages of competition. Hence a great producing country can afford and also for the correction of certain discrepancies in the public
to establish and maintain lines of steamship upon the ocean, as the accounts amounting to $406.35 that the books of the Department
indirect benefits will much exceed the cost.
may be made to conform to the facts.
In
By
By
By
By
By
By
inl<'rn!il
the
the
the
the
the
the
net of
revenue:
July
t(>.,nn(i,(10<)
13, 18ti«
act of March 4, 1887
act of February 3, 1H68
acts of March .31, IB88, and July SO, 1868
act of July 14, 1870
act of June «, 18W
00
lo.dOi.mx) no
-,,-•»
;
OUU FOREIGN COMMERCE.
The
details of
DEFALCATIONS.
examination of .the affairs of the office of the Assistant
Treasurer at New York, made in September and October last,
disclosed a defalcation in the Stamp Division, in charge of James
The report of the Committee exJ. Johnson, of $185,131.72.
plains the course of proceeding by which Johnson was able to
embezzle this amount of money. The report further represents
that Mr. Hillhouse, the Assistant Treasurer, cannot be charged
propi'rly willi any neglect of duty, and in this opinion I concur.
The ln'isiiiL>.-i oi keeping and "selling stamps was imi)osed upon
An
our trade with foreign countries, as represented
by the returns made
to the statistical bureaus, are also unsatisfsicthese returns it appears that the imports of merfor the fiscal year ending June 30, 1873, were
$020,595,077, and the exports estimated in gold were $444,046,080,
showing a balance against the country of $182,548,901. This
balance is in some degree apparent rather than real. On the 30th
of June, 1871, the value of goods remaining in warehouse was
$08,324, 0.j9, while on the 30tli of June, 1873, it was $133,31 l,3(i(),
showing an excess at the close of the htst fiscal year of $53,880,007.
Deducting this excess we have a balance based upon the actual
consumption of the country of $128,062,884. From this a further
reduction should be made of $66,133,845, being the excess of exAfter these deductions there still
ports over the imports of gold.
remains an adverse balance of $62,528,530. Tliis balance has
been met probably by freight on merchandise carried in American
vessels, profits on exports made on account of American merchants and shippers, the sale of bonds abroad, and investments in
the United States by inhabitants of other countries.
The exports
of merchandise for the year 1872 were $13,298,033 less than for
the year 1871.
The exports of wheat, wheat tlour, raw cotton,
cotton manufactures, gold and silver, firearms, manufactures of
leather, illuminating oil, and beef, fell off $82,060,325, while there
was again of $08,707,393 in the exports of corn, furs, hides, skins,
bacon, hams, lard, leaf tobacco, manufactures of iron, wood,
leather, and many minor articles.
There was an increase of exports in every branch of manufactures except cotton, leather, and
firearms.
The decrease of our exports in wheat and flour was
$12,000,000 ; raw cotton, $37,000,000; manufactured cotton,
$1,250,000; gold and silver, $11,000,000; fire-arms, $12,000,000;
tory.
From
chandise
the si'vi'i-al AssisiaiU Treasurers by virtue of the authority conferred
upon the Secretary of the Treasury in the Oth section of the act of
August 6, 1846. But, by the terms of that act, it was not competent for the Treasury Department to allow tlie zVssistant Treasurer
at New York comi)ensation for the labor and responsibility of
the Stamp Division, allhough the conunissions which would have
been payable to him, at the rate allowed to private parties by the
lOlst section of the act of 1804, amount to more than $500,000.
The circumstances of this case are such as to justify me in recommending the passage of a law by which >Ij. Hillhouse shall be
relieved
from responsibility
in the matter of the defalcation of
Johnson.
PUBLIC BUILDINGS.
report of the Supervising Architect of the Treasury furnishes a concise statement of the cost and condition of the public buildings in charge of this Department. Liirge sums of money
will be needed for the buildings already begun or authorized, and
advise that beyond the erection of Pavilion'
I respectfully
Hospitals, and a building for the accommodation of the
^
Bureau of Engraving and Printing and the storage of the
books and papers of this Department, no new works bo
The
[
|
j
'
THE CHRONICLE
766
authorized at the present session of Congress. The business of
of the Supervising Architect of the Treasury is fully
equal to the force emploj'ed, and the necessary appropriations are
so large as to justify Congress in refusing all applicatio'js during
The destrnction of the buildings on the
the present session.
easterly side of the new Post-ofllce, in the City of Boston, furnishes an opportunity that ought not to l)e lost for the purchase
of the remainder of the square. An act approved June 18, 1872,
authorized and directed the Secretary of the Treasury to purchase
a lot of ground in Philadelphia for the accommodation of the
Post-offlce and United Stales Courts, and to erect a building
thereon, the cost of the whole not to exceed the sum of |;1,500,000.
Under this act, and following the usage of the Department,
1 appointed a commission of citizens of Philadelphia, who were
authorized to receive proposals for the sale to the Government of
a suitable lot of land. The report of the Commission has been
submitted to the Department, from which it appears that the lot
thought to be most desirable, situated on the corner of Chestnut
and Ninth streets, can be purchased at a cost of $935,339 33. It
also appears that the cost of a sufficient quantity of land to make
the site of the present Post-offlce available would exceed $500,Accepting the conclusions of the Commission as final in
000.
reference to the cost of a suitable site, I have declined to proceed
further without additional authority from Congress, it being
clear that it is impossible to procure land and erect a building for
Similar circumstances have prethe sum .specified in the act.
vented the purchase of land for a public building at Cincinnati.
increase of books and papers not in dailj' or frequent use is
The
so great as to interfere with the business of the Department. The
annual accumulation requires 7,083 cubic feet of space for storage.
All the available rooms in the building, including some that
might be used for clerks' desks and portions of the public halls
have been given up for the deposit of such books and papers, and
the time has come when other provision should be made.
I therefore recommend the erection of a brick
fire-proof
building upon the public grourids south of the Treasury, sufficient
for storage and the accommodation of the Bureau of Engraving
and Printing. The relief which those changes would afford is essential for the proper transaction of the business at the Treasury
Department.
COAST SURVEY, REVENUE SERVICE, ETC.
The operations of the Coast Survey, as well as those of the
Lighthouse Board, appear to have been economically and effiently
managed. The revenue marine consists of 27 steam and G sailing
vessels, cariying 65 guns, and manned by 198 officers and 660 seamen. This service has constantly improved in efficiency and in
the economy of its management since the summer of 1869.
At
that time a commission was appointed for the general and professional examination of all the officers employed, and upon their
report 39 were discharged, and those who were approved were
assigned to duty and given rank according to their merits. From
that time to the present all vacancies in the service have been
lilled after an examination, and by those found to be best qualillie office
fied.
At the same time a commission was appointed for the entire reTheir report was submitted to Congress on
the 26th day of May, 1870, Ex. Doc. 93, XLIst Congress,""3d Session.
The vessels then 'employed were rated at 9,308 tons. A
reduction has already been effected of 657 tons, and the vessels
now building and authorized will work a further reduction of
1,233 tons, making an aggregate reduction of 1,889 tons.
The cost of maintaining tlie revenue marine has been reduced
vision of the service.
from $1,293,661 67, in 1868, to $930,249 81 for the year ending
June 30, 1873. Statistical tables, prepared from the returns, show
that in the essential particulars of assistance rendered to vessels,
seizures made, number of vessels examined, and number of lives
saved upon the ocean and lakes, the work performed during the
last fiscal year is nearly twice as great as the average for the ten preceding years. Under existing laws the officers and seamen of the
revenue marine are entitled to a pension only when they have
been wounded or' disabled in the line of duty, and while co-operating with the navy during war, and then at the rate established
by the act of 1814. When it is considered that this service is constant, and that from the 1st of November to the 1st of April in
each year the vessels are required to cruise along the coast, and
as near the land as possible within their respective districts, and
not to make a port except for supplies or under the pressure of
positive necessity, it is clear that their services are not less
hazardous than those in which the navy is engaged in time of
peace.
I therefore recommend that the navy pension laws be
made applicable to the officers and seamen of the Revenue marine.
The number of the commissioned officers is limited by law, and
each year adds to those who are disqualified by sickness or unfitted by age for active duty.
The hardship resulting from the
dismissal of officers under such circumstances is so great that I
have declined to exercise a power which may, perhaps, in contemplation of law, be a duty but in view of the fact that their
compensation is small, and the nature of the service such as to
bring disease and the infirmities of age upon them prematurely, I
think it a plain duty for the Government to provide a retired list,
so that the active service may be supplied constantly with able
;
and
efficient
men.
7,
1872.
the coasts of Cape Cod and Block Island, R. I. nine houses have
been erected on Cape Cod and one on Block Island, and they will
be supplied with apparatus and ready for use by the 1st of January
next.
An appropriation is required for the support of keepers
The Block Island station and the station at NaiTaarid crews.
gansctt Pier should be annexed to the Long Island district 22
vessels have been wrecked on the coasts of Long Island and New
Jersey since July, 1871, valued with their cargoes at over $500,000,
on which the loss was about $200,000. The officers and crews
numbered 306 persons, all of whom were saved, and mainly, it is
believed, through the agency of the life-saving stations. I respectfully recommend the extension of the system to the coast in the
vicinity of Cape Hatteras.
,
;
MARINE HOSPITALS.
From
the report of the Supervising Surgeon of Marine Hospitals
it appears thai that branch of the public service is in satisfactory
condition.
During last fiscal year 13,156 patients were treated in
the several hospitals of the country, at an average cost of about
97 cents each per day, or a total expenditure of $396,363 11,
against a total expenditure for the preceding year of $453,082 43,
or an average cost per patient of $1 04 per day.
The increased receipts and diminished expenses for the last
fiscal year, as compared with the yeai- next preceding, show a net
gain to the Government of $56,819 31. During the same period
the number of districts in which relief was furnished was greater
than ever before, and the salaries of medical officers at several of
The financial improvement
the principal ports were increased.
shown is due largely to a more careful scrutiny of the applicants
for relief, to the rejection of those who were not entitled under
the law, and also to greater vigilance in collecting the hospital
dues.
The law limits the charge for relief to seamen belonging
to foreign vessels to 75 cents a day, while the actual cost is nearly
Authority should be given to the Secretary of the Treasury
$1.
to fix the charge within certain limits, according to the expenses
incurred at the hospitals where relief is furnished. I renew the
recommendation heretofore made for the erection of pavilion
The
hospitals at New York, San Francisco, and Pittsburgh.
increase of railway and general business in the vicinity of the
The
hospital at Pittsburgh has rendered it unfit for further use.
supervising surgeon recommends the erection in future of pavilion
hospitals of wood, with the understanding that after ten or fifteen
year.s' use they are to be destroyed and new ones built in their
stead.
This recommendation appears to be wise, being at once
economical for the Government and advantageous to the patients.
The act of February 28, 1871, to provide for the belter security
of life on board vessels propelled in whole or in part by steam has
not been in operation a sufficient time to test its value in all
The Superrespects, but the result in the main is satisfactory.
vising Inspector General, in his annual report, recommends
several alterations in the law, not aff'ecting its character materially.
bill will be prepared providing for such alterations as, upon
On the 16lh day of
further consideration, shall seem expedient.
bill to
May, 1873, I transmitted to Congress a bill entitled "
amend and consolidate the Navigation and Customs Collection
laws of the United States," together with a communication ex(Executive
plaining the character and purposes of the measure.
document. No. 390, XLIId Congress, second session.) I respectfully ask the attention of Congress to the bill, and the reasons for
its passage.
The time has come when the attention of the public
is turned naturally to the future financial policy of the country.
That policy must rest upon the past and the present. The war
caused three great changes in business and financial afTairs that
have received the careful consideration of the American people.
First, the countiy was compelled to impose heavy customs duties
upon merchandise, and thus, without general observation, and
without argument upon the principles involved, the nation enSecond, tlie Governtered upon a broad system of protection.
ment issued Treasury notes for general circulation, as currency,
Third, a
and prohibited banks of issue by Stale authority.
system of national banks was established, and their circulation
The wisdom of these measures,
protected by the national credit.
speaking generally, has been established, and, subject to such
changes as the changing condition and opinions of the country
and people may demand, they will remain a pari of our public
policy until the financial consequences of the war disappear.
The weight of the national debt has been so great that for more
than ten years there has been no opportunity for the practical dis
cussion of the doctrines of Protection and Free Trade, and in
that long period of an unchanged protective policy incident to the
burdens of the war, the nation has advanced rapidly and safely in
Anticipating a condithe development of its natural resources.
tion of peace, we may also anticipate a general reduction in the
percentage of customs duties. This reduction, however, should
not be measured solely by the wants of the Treasury, but regard
should be had also to the condition of the various branches of
industry in which the people are engaged. In presence of the
fact that the leading pursuits of the country are stronger than ever
before in the possession of adequate capital and a supply of intelligent laborers, there may be a moderate reduction from time
to time in the rate of duties, as the diminishing expenses of the
Government shall permit, without either alarming capital or in-
A
A
juring labor.
LIKK-SAYING STATIONS.
From
[December
the appropriation of $200,000, made April 30, 1871, " for
more effectually securing life and property on the coasts of New
Jersey and Long Island," seven of the old life-saving stations have
been repaired and enlarged, and sixty-one new ones have been
built, and new apparatus, sufficient for ordinary use, has been procured for the larger number of them. A station house has been
erected and furnished at Narragansett Pier. From the appropriation of $50,000 for the establishment of life-saving stations on
THE FRBB-TKADB QUESTION.
For purposes of government, the principles of
economy are national, and not cosmopolitan. A nation
political
that can
article at less cost than it can be produced elsewisely accept free trade in it; but a nation having
natural advantages for its production, yet destitute of skill in the
incident art or trade, must wait for the opportunity that sometimes comes from the calamity of war, or secure a more
economical and a more constant support in the policy of the
produce a given
wliere,
may
'
December
If iivenv^je natural facilities exist, the j)eriod of
necessary in-otection is a short one compared with the lifetime of
a nation, while the advantages gained can never be wholly lost;
but, if reasonable natural facilities do not exist, then a system of
duties for Protection is a present and future burden wilho\it adequate compensiition. So varied and rich, however, are the natural
.resources of tlie United States that we either arc or may .soon be
in successful competition witli the older and more experienced
countries of the world in the production of the chief articles of
personal necessity, comfort and luxury, and of the machinery by
which these ai'ticles are produced or obtained. Herein is asufllcient justification for the existing protective system, and for its
continuance during the trausitiou period. Nor is the prospect of
ultimate successful competition witli other countries disturbed by
the circumstance tliat tlie wages of labor are higher in this
country than in those.
If, ten years since, it was the thought of any that the only way
to a successful contest with Europe was in the reduction of the
wages of labor to tlie European standard, that thought has disappeared probably in presence of the fact that iiigh wages on this
side of the Atlantic have stimulated emigration until there is a
near approach to equality in the cost of labor, and of the coexisting fact that the addition thus made to the number of laborers
has only aided in the development of our resources without yielding in any quarter an excess of products or retarding in any
degree the"|)rosperity of the laboring population. This prosperity
on their part is associated with a higher and constantly improving
It being given that
intellectual and social culture and condition.
an intelligent person has all the special knowledge of an art or
trade i>ossessed by the most experienced and best trained oi)erative, who, outside of this special training and experience is
an ignorant person, and equal advantages of capital and
machinery being given also, the intelligent person proceeds to
improve and simplify methods of production to such an extent
than an addition to his wages of even 100 per cent, represents but
a small part of the advantage gained. Yet the special training and
knowledge of the ignorant man is the basis of the improvement
government.
Upon these views I form the conclusion that the
rely.
circulation of the bunks should be fixed and limited, and that the
power to change the volume of paper in circulation, within limits
established by law, should remain in the Treasury Department.
degree of flexibility in the volume of currency is ess<'ntial for two
reasons Fimt, The business of the Dcpiu-tinenrcannol be I ransacted
pro|ierly if n limit is fixed and the power to raise the circulation
rule of this
abovi! or reduce it below that limit is denied.
nature would compel the Sccretarj' to accumulate a large currency
balance, and to hold it, as otherwise the credit of the (jovernracnt
in meeting the daily claims on it would be at the niercv of
even- serious business and political revulsion in the United States
or Europe. Especially would this be true, now that our ordinary
currency expenditures are greatly in excess of our currency reveSecondly, There is a necessity every autumn for moving
nue.
tlic crops without delay from the South and West to the .seaboard,
that they may be in hand for export and consumption as wanted;
this work should be done in the main before the lakes, rivers, and
canals are closed, and yet it cannot be done without the use of
large amounts of currency.
In the summer months funds accumulate at the centres, but the
renewal of business in August and September gives employment
for large sums, and leaves little or nothing for forwarding the
can safely
made.
This truth, considered first with reference to a single American
laborer, and then multiplied many hundred thousand times, represents the advantages of America over Europe and Asia in the
contest for final peaceful supremacy in the affairs of the world.
Thus is America solving the industrial problem of the ages by
exacting cheap production from expensive labor. The reason for
these remarks maj- be found in the opinion I entertain that the
tarifl' system of the country has contributed largely to the general
prosperity, and that such general and continued prosperit.y is the
«nly basis on which even a wise financial policj' can rest.
LEOAIy-TENDER NOTF.S.
In discussing the other changes caused by the war, the issues of
United States notes, and of notes by the national banks, should be
Indeed, thej- are necessary parts of our
considered together.
financial system, and neither can be substituted for the other
without general disturbance and permanent injury. The national
banking system is so far superior to the State bank system, and to
any .system of private banks, as to render arguments in its behalf in
these respects unnecessary, while the substitution of an equal
amount of United States notes as currency would be productive of
serious evils and los.ses. First, the national banks hold nearly four
hundred million United States bonds, which otherwise woiild be
thrown upon the market, absorbing domestic capital, or, if purchased abroad,' adding by the amount of interest to the annual
balances against us in our account current with other countries.
Second, One office of a bank is to aggregate the capital of small
possessors, and thereby to furnish means in aid of important commercial and financial undertakings, not only at the centres, but in
Thirdly, The
the remote and newly settled parts of the country.
national banks are used as aids to the Government, which othernumber of the desigwise would require a large increase in the
nated depositories and proportionate increase of the public expenses
without the least appreciable advantage. Foiirthly, They facilitate exchanges between different sections of the country, thus
diminishing the cost of commercial transactions. Fifthl}', They
are generally less disposed than private parties controlling equal
capital, to demand exorbitant rates of interest; but it does not
follow from these views, nor would it follow from those of a
similar character which might be presented, that the system is
perfect; nor does it follow that the issue of notes directly by the
Government should be surrendered, and the business of furnishing
a currency yielded to the national banks. The circulation of each
bank
is
fixed arbiti-ai'ily
A
:
A
crops in October and November. Nor would this difficulty be
obviated by a permanent increase 07 a permanent reduction
The difiiculty is due to the natural
of the volume of currency.
order of things, and increases with the prosperity of the countrj'
The crops cannot be
as shown in the abundance of its har\'ests.
moved generally by the aid of bank balances, checks and letters
of credit, but only by bank-notes and United States notes paid at
once to tie producers. This money finds its way speedily into the
c!\annels of trade, and to the commercial centres, but if it be
allowed to remain for general use after the reason for its issue has
ceased, the volume of currency would be increa-scd permantKVly,
and the year following the same process would be repeated with
the same results, and thus would the country dcj.art more and
more widely from the policy of resumption. The problem is to
find a way of increasing the currency for moving the crops, and
diminishing it at once when that work is done. This is a necessary work, and inasmuch as it cannot be confided to the banks,
where but in the Treasury Department can the power be reposed?
While the currency revenue was in excess of the currency expenses, it was practical to accumulate large balances in the
Treasury during the summer, to be used, if neeessarj', in the purchase of the bonds in the autumn, thereby meeting the usual
demand for currency at that season of the year. Hereafter such
accumulations mnst be made by the sale of gold, and the sale of
gold in large quantities during the summer, when business is the
least active, may not always be consistent wtth the best interests
of the country; reliance cannot, therefore, be placed upon the
ability of the Treasury to accumulate a currency balance each
year for the purpose indicated.
THE TRUE B.\NKLNG POLICY.
The argument in favor of a paper currency, composed in part
of United States notes, and in part of National Bank notes, is
strengthened by the aid which may thus be furnished in resuming
and maintaining specie pajTnents. In the view I am now to
take, I exclude flie idea that the Government will ever abandon
the issue of National Bank notes, and undertake the issue of
United States notes in their place. The result of such a policy
may be foreseen. The people, deprived of the facilities for business afforded by banks, would seek relief through State instituand without much delay Congress would concede to them
This concessiou would be
is.sue notes for circulation.
followed by a surrender by the Gent.-ral Government of all contions,
the right to
Aggregate circulation
is
will
by a rule of law.
is,
practically
therefore, a fixed sum, and conseno reserve to meet the Increased de-
mand for money occasioned by extraordinary events at home or
abroad, and arising periodically with the incoming of the harvest.
The old State bank system is sometimes commended for the
quality termed elasticity, but that quality as found in that system
was the principal source of financial disaster. Under that system,
in the absence of present demand for coin, there was practically no
limit to the issue of a paper currencj'.
The increase of the circulation was attended and followed by an advance in prices, excessive importations, a consequent demand for coin drawn from the
banks to meet balances abroad, a simultaneous reduction of the
paper currency, and the consequent distress of merchants and
bankers. As the circulation of a bank is a source of profit, and
as the managers are usually dispssed to oblige their patrons by
loaus and accommodations, it can never be wise to allow banks
and parties who have pecuniary interests at stake to increase or
dlmialsU the volume of currency li> the country at tbelr pleasure,
Jfot do I ftnd in the condition of things a law or rule on which Wq
over the paper circulation of the country. The true policy
be found in continuing the national banking .system, without,
however, yielding to the claim for a material increase of its issues
There are
in proportion to the volume of paper in circulation.
two effectual and certain ways of placing the country in a condition when specie and paper will possess the same commercial
By diminishing the amount of i>aper in circulation the
value.
difference between the commercial value of paper and coin will
diminish, and by pursuing this policy the difference will disappear altogether. All legislation limited in its operation to the
paper issues of the banks and of the Government, whether bearing interest or not, and which, in its effects, shall tend to diminish
the market value of coin, will be found, upon analysis, to contain
a plan for contracting the volume of paper currency; and all legislation so limited, which does not contain such a plan, will prove
ineftectual.
Accepting this proposition, and believing that the
country is not prepared to sustain the policy of contraction, it
only remains for me to consider the means by which the value of
our currency may be improved. The basis of a policy of improvement must be found in a sturdy refusal to add to the paper in cirThis
culation until it is of the same value substantially as coin.
being accepted as the settled purpose of the country, there can
be no permanent increase of the difference between paper and coin,
and an opportunity will be given for the influence of natural
causes, tending, upon the whole to a better financial condition.
We may count first among these the increase of population and
its distribution over new helds of business and labor; secondly,
in the South especially, the number of persons having jiropertj^,
and using and holding money, will increase; next, we may" anticipate a more general use of paper in Texas and the Pacific
States, by whicli, practically, for the rest of the countir, the volume of paper will be diminished and the quantity oi coin increased—two facts tending to produce an equalitj- of value. The
influepce of these natural causes will be counteracted In some
degree by the increasing facility for the transfer of money from
9ne point to another, and by the greater use of bank cbectu and
trol
BANK ClRCnLATION SHOULD BE LIMITED.
quently there
Ul
THE CHRONICLE.
7, 1S72.1
(
'
:
.
THE
7S8
[December
CHIlONICa:.E.
The rapid transit of mercliandise, in
of deposit.
bringing the period of its consumption nearer to tlxe time of its
production, is an agency of a similar sort, giving to these views
certificates
their full weiglit.
FINANXIAL IMPROVEMENT PROBABLE.
am
:
Oct., 18(i3. Oct.,186». Oct. ,'1865. Oct., 1866.
Oct., 1667
66 bank". 508 banks. 1513 banks. lBt4 hanks. 1642 banks.
*5.J66,0-8 »93,2S8,657 t487,no,1S6 $C(13,24-,50:l »609,6';5,ai4
5.662,100
2,625,597
76.,7i5
108,064.496
31,017,116
4,6S7,7»7
1,446,60!
44,801,497
7,183,398
86,782,802
2,010,286
45,260,50)
122,166,536
»t ,862,381
:
(
substantially, the .same premium from January 1 to
November 1 of the present year as for the corresponding period
of 1871.
Not doubting that natural cau.ses will in time produce
the result sought, it is yet advisable to bring the power of the
Government in aid of the movement as far as practicable.
The revival of our foreign commerce is one instrumentality,
and perhaps the most efficient one of all. If the aimual earnings
of American vessels were $80,000,000, instead of $30,000,000, the
difference in the amount of exchange available abroad would
meet a large part of the adverse balance in ordinary years. The
experience of Europe tends to show that the ability of a country
to maintain specie payments is due largely to the condition of its
foreign trade.
Next, every measure which increases or improves
averaged,
7, 1872.
twenty-one of these have failed, and ninety-six gone into volun'
tary liquidation, by a vote of two-thirds of the shareholders, under
section 12 of the act, leaving nineteen hundred and forty-four
banks in existence on November 1, 1872.
The following table will exhibit the progress of the system
from October, 1863, to October, 1872
prepared to say that tlie experience of tlie last tliree years
coincides with the best judgment I can form, and warrants the
licsoiirees.
opinion tliat, under the intfucnce of existing natural causes, our
During the last fiscal Loans and dlBcounta
financial condition will gradually improve.
I'nitert States bonds
Due
rear there were several circumstances of unusual character tend- Bills from b'uks & b'nk'rs
of national banks..
ing to counteract the natural course of affairs. Our exports of "Specie
cotton fell off $37,000,000, and there were excessive imports of Lawful money
Liabilities.
wool, tea, coffee and sugar. The stock of wool in warehouse on Capital stock
the 30th of June was sufficient for six months' con.sumption of Surplus
Nat. b'k-notes utstand'g
sugar for 4J months, of coffee for five months, and of tea for Deposits
twelvemonths. In the ordinaiy course of trade the importation Due to banks & bankers.
of these articles will be small during the current year, with a
Resources.
consequent favorable effect upon the balance between this and
other countries. Tliis anticipation of the wants of the country in Loans and dlscou ts ..
United States bond^i
connection with the decrease of our exports, augmented the Duo from b'nks & b'nk'rs
balance of trade, created an active demand for coin, and advanced Bills of naUonal banks.,,
Specie
the price.
Notwithstanding these adverse influences gold lias Lawful money
I
:
8.497,681
981,178
•
427,731,800
1073K,212
205,770.641
393,1.'>7,206
415,278,969
Surplus
tNat. h'k-notes outstan'g
&
bankers
83
38,713,3M
53,3,59.277
280,li9,558
549,081,254
174,199,998
S''7,960.993
137,483,456
4I8.!'63,050
103.618,336
11,841,104
12,798,044
157,439,099
420.073,415
66,695,587
293.(«7,»11
568,212,337
112,756,181
Oct., 1 68. Oct., 1869. Oct., 18'.0. Oct., 1871, Oct.. 1872.
1614 banks. 1617 banks. 16 5 banks. 1767 banks. ;919b'nks.
»6.57,668,847 »682,8S3,1(« »715,928,080 »831.552,210 «872,5a0,104
411,664,800
110,127,370
11,842.974
11,749,442
156,017,205
3-14,088,050
10O.a'iJ,54l
lll,776,0i.1
23,0>2,406
129,564,295
378,562,750
109.426,971
12,512,927
18,460,011
122,66.1,577
4IO,316,9r.O
143,176,640
14,197.653
13,252,998
134,489,735
409.668 7(XI
128 180.542
!5.7»1,(9S
10,'«9,7,'.6
118,971,104
.
Deposits
to banks
9.2J'l,
171,321.90.?
Llabllltes,
Capital stock
Due
126.657,350
119,734.408
17,437,699
16,247.241
18,072,012
189,968,496
.
42n,rsi,511
77.995,76
295,769,4 9
603.084,550
426,399,151
123,13ri,226
118,917,264
8M65.334
293,593,645
52.3,029,491
4S0,S99,301
91.061,439
291,798,640
513.765,708
130,042,203
458,255.6%
101,112.671
315,519,117
626,774,0-21
171,942,6'*4
479.629,144
110,257,516
3.33,495,027
625,709,807
143,836,431
* DurluK llie years 1863 and 18 4 the Items of specie and other lawful money were
not separated in the bank reports,
t The whole amount of circulation issued and unredeemed on November 1, 1S72,
Including circulation of banks which have ceased to do business, was $342,593,470.
•
DISTRIBUTION OP THE CUBEENCY.
June 3, 1864, limited the issue of notes of circulation
to three hundred millions of dollars.
The act of March 3, 1865,
provided that one-half of this amount shall be apportioned
according to " the representative population," and the remainder
among associations formed in the different States, District of Columbia, and Territories, "having due regard to the existing banking capital resources and business of each State, District, and
Territory." The three hundred millions of circulation authorized
were not, however, distributed in accurdance with the act of
The
act of
the channels of transportation between the seaboard and the cotton and grain-growing regions of the country, or lessens the cost
of freights, adds something to our capacity to compete successfully in the markets of the world.
Finally, "those measures which
encourage American manufactures, especially of iron, wool and
At the date of the passage of
cotton, and discourage the importation of like products, affect March 3, 1865, already quoted.
favorably the balance of trade and help us towai-d the end we that act only about ninety-nine millions of dollars had been issued,
seek.
This statement in three parts is a general statement of a but contemporary with its passage, an amendment to the internal
polic}- that, in my opinion, will aid the country in reaching a con- revenue law (act of June 30, 1864,) was passed, providing " that
dition when it will be practicable to resume and maintain specie every national banking association, State bank, or State banking
payments. Anticipating that day, I anticipate also that the bur- association, shall pay a tax of ten per centum on the amount of
den of resumption will rest upon the Government. There are notes of any State bank, or State banking association, paid out by
now more than 1,900 banks in the country, and I cauuot imagine them after the 1st day of July, 1866." But a subsequent section
a condition of things so favorable for a period of years as to enable also provided that State banks already organized, applying for
them at all times to redeem their notes in specie onlj'. Without authority to become national banks before the 1st day of July
proceeding to the discussion of the subject in detail, I think that following, should receive such authority in preference to new
all will have been gained that is of value when the Treasuiy shall
associations applying for the same. Under this provision the
be prepared to pay the demand notes of the Government in coin, State associations, whose circulation had been taxed out of existand the banks shall be prepared to pay their notes either in coin ence, generally applied for authority to re-organize as national
or in legal-tender notes, and then our good fortune will clearly banks, and the result was that the banks in the Eastern and
appear in this that our paper currency is not exclusively of national Middle States obtained a large excess of the amount to which
bank notes, nor exclusively of United States notes.
they were entitled in the apportionment.
To remedy this inequality, the act of July 12, 1870, was passed,
Geo. S. Boutwell, Secretary of the Treasury.
Hon, Jas. 6. Blaine, Speaker of the House of Representatives.
providing for an additional issue of circulating notes, amounting
to fifty-four millions of dollars, to be distributed among those
States having less than their proportion, and requiring the canREPORT OF THE COJIPTROLLER OF THE CURRENCY.
cellation monthly of three per cent, certificates,* not less than the
TKEAStTRY DePABTMENT,
amount of circulation issued, and a new apportionment of the
Office of the Comptrolleu of the Cubbenct, increased circulation as soon as practicable,
based upon the cenWashington, Nmeniber 20, 1872. sus of 1870.
Sib I have the honor to submit for the consideration of ConThis additional circulation has been distributed to associations
gress the following report
already organized, or in process of organization, in the following
The national currency act provides that it shall be the duty of
States and Territories
the Comptroller of the Currency to report annually to Congress a
>
summary of the state and condition of all the national banks,
11
exhibiting their resources and liabilities, as returned in different
III
reports during the preceding year that he shall suggest amend
states and Territories.
§5"
ments to the act by which the system may be improved, and present Boch other information with reference to the affairs of the
1!
a.
national banks as may, in his judgment, be useful. The act also
p
F-o
.=is
provides that the circulation shall be apportioned to associations
Districtof Columbia..
$544,509
$29,760
$
$574,20
in the States and Territories upon the basis of population, "Virginia
1,607,5-20
90.000
270,000
1,967,520
resources, business, and bank capital, and that a new apportion- West Virginia
443,790
19,800
463,590
1,019,600
189.000
1,208,500
ment of circulation not issued shall be made as soon as practicable, North Carolina
South Carolina
1,544,760
459,300
27,000
2,031,060
based upon the census of 1870.
Georgia
970.500
18,000
136,000
1,123,500
The national currency act became a law on the 25th of Febru- Alabama
793,180
431,100
297,000
1,521,280
Louisiana
2,684,000
575.000
180,000
3,339,000
ary, 1863, and nearly ten years have therefore elapsed since the
Texas
239,975
90,000
157,600
487,475
organization of the system. During this period the agricultural Arkansas
27,500
22,600
45,000
95,000
products, the manufactures, and the internal commerce of the Kentucky
4,357,450
284,500
720,000
5,361,950
1,620,9.50
116,400
180,000
1,917,350
country have increased beyond any former precedent and not- Tennessee
2,065,250
614,4110
1.36,000
2,814,650
withstanding the enormous waste of a protracted war, the reduc- Missouri
Ohio
860,000
4,268,780
410,600
5.5'i9,.%0
tion of nearly two thousand millions of dollars in the valuation Indiana
3,309,890
234,000
459,000
4,002,890
of property by the abolition of slavery (more than compensated, Illinois
6,251,740
1,493,800
683,600
8,429,040
Michigan
2.763,425
949,360
133,000
3,837,773
it is true, by the conversion of slaves to freemen), and the collecWisconsin
766,900
.38,650
247,500
1,0.53,050
tion of Hve thousand millions of dollars of taxes* imposed by the low^
311,400
405,000
2,146,650
2,862.950
National and State Governments, the census returns of 1870 show Minnesota
281,000
4.35,000
1,161,320
1,«80,.320
63,000
450,000
1,027,000
1,540,000
an increase of population for the ten years previous of more than Kansas
45,000
Nebraska
558,500
603.600
seven millions of persons, and an increase in the total wealth of Oregon
136,500
186,500
the Union of nearly fourteen thousand millions of dollars.
Colorado
S2.'J,000
228,000
Utah
180,000
179,990
:»9,!190
Since the organization of the national banking
:
;
m
\n
:
,
;
system, two
thousand and sixtyone national banks have been organized
;
'he amount of national taxation, from 1863 to 1872, inclusive, is shown
by the ofllcial returns to be as follows: From customs.
$1,573,460,608: from
internal rcvenui-, $1,740,18-1,621 ; direct ta.'ces, $1-2,699,598.
""tioiial, for the year 1870, is stated^in the census returns
.t •^.'iJ/f'o'H," "?'
«i»«)l,180,312. Assuming tliat the taxation "not national"
1
was the same
wouM annually for the ttecade, the total to.\ation collected wonld be $6,188,-
Idaho
Montana
Dakota
26,500
157,600
18,o66
45,000
,
Wyoming
New Mexico
The auiuuut
$45,646,000.
90,000
$40,993,470
•
27,000
180,000
$7,461,900
$5,462,100
of three per sent, certiflctttes ontstauding
on July
26,500
175.600
45,000
27,000
270,000
$53,917,470
1, 1870,
wss
:
December
1872
7,
,
wealth
O
O
IB C
c c»
p
And l>rr)torle8.
III
si
StHtflft
ft!
c
ft
;
a
$2,87^818
Maine
Uampslilre
Vermont
3<',267,40O
Connccilcut
NewYork
New Jersey
58,.386,213
5,540,100
1,817,S76
6,689,889
997,747
2,467,162
80,118,8:3
4,159,882
16,167,317
578,873
3,584,651
6O4,S«0
5,624,(M2
2,029,041
4,918,022
Miissachusetts
Hhode Island
PennBylvanla
Delaware
Maryland
District of Colnmbia.
1,380,600
12,549,800
1,752.300
4,566,600
l,4fil,f?8
9.699,482
88,693.217
1,140,273
7,372,451
1,347,960
8,031,242
3,144.141
6,467.922
4,460,345
7.010,887
1,127 346
5,762,546
22,43.5,900
Louisiana
5,435,587
861,846
4,576,646
3,800,529
3 3:«,803
568,400
3,787,800
743,400
2,407,200
1,115,100
: ,539,900
1.221,300
1,575.300
265,600
1,185,900
1.239,000
1,893,90J
Tex.19
3.1.57.640
9:J8,100
2,223,936
6,064,027
5,777,118
12,234,726
7,714,871
11,659,230
5,435,357
4.841,403
5,481,081
2,018,445
7,901,509
1,672,754
564,592
195,052
920,400
3,557,700
,
.
Virginia
West Virginia
North Carolina
South Carolina
3.239,M5
<))eorpi:i
Florida
.\labama
^lirtrtissippi
Arkansas
Kentuclty
Tcnuesaee
Ohio
Indiana
Illinois
Michigan
WisconBln
Iowa
Minnesota
Missouri
Kansas
Nebraska
Nevada
Oregon
417,.177
California
2,571,783
182,993
398.396
68.852
Colorado
Ltah
Idaho
Montana
94,.540
Wyoming
41,855
421,742
New Mexico
Arizona
Dakota.
44,3.34
65,096
109,964
Washington Territory
"S
2.938,2(10
13,151,100
7,469,400
12,496,200
4,2.30,300
4,141,800
4,230,300
1,345,200
7,557,900
1,115,100
407,100
177,000
300,900
3,762,400
123,900
8S,50S
35.400
88,600
35,400
194.700
17,700
35,400
88,500
tT5
$7,nl2/?92
4,650,875
6.642,170
68.506.686
13,379,900
17.955,658
61.719,264
10,663,320
41,479,049
Territories.
l,8bi)',!i83
8,876
4,409,8S4
819,220
304,750
7,574,333
4,696,740
3,144,336
9,621,727
8,715,318
25,385,826
15,184,271
:i,094.^51
24,0f3,947
14.988.369
18.175,352
7.682,943
3,283,793
5,798,867
3,407,470
6,836,926
1,879,700
796,400
31,363
226,000
24.155,4.30
9,665,657
8,983,203
9,111,381
3,363,645
15,459,409
2,787,854
971.692
372,052
718,277
6,324,183
306,893
486,886
104,262
153,040
77,255
616,442
62,034
O
Q.
Maine
N. Hampshire.
63
43
42
Massachusetts. 214
itliode Island..
62
Connccilcut...
83
3i0
New York
New .lersey... 61
Pennsylvania.. 212
Delaware
Maryland
61
42
4.33..339
81,000
210,600
27,600
270.000
100.4%
45,000
198,464
to be filled before the proportion among the
several States will be equalized upon the basis of wealth and
population. This deficiency arises from the fact that while fiftyJour millions of new circulation were authorized, there was, at tlie
time of the passage of the act, a deficiency existing of ninety-four
millions of dollars.
Section 6 of the act of July 13, 1870, provides that, after the
whole fifty-iour millions of circulation shall have been distributed,
tiverity-five millions additional shall be withdrawn from banking
associations organized in States having an excess, and distributed
among States having less than their proportion, first, by reducing,
in such States, the circulation of all banks hav ng more than one
million of dollars, to that amount and secondly, by withdrawing
from otlier banks having a circulation exceeding $300,000 their
Under this act it
circulation pro rata in excess of that amount.
will be the duty of the Comptroller, as soon as the amount of circulation authorized shall have been Issued, to make requisition upon
the banks indicated as prescribed. Thfl twenty five millions of
circulation would be withdrawn from the following cities and
States: From four banks in the city of NewYork, $5,018,000:
from tbirty-six banks in the city of Boston, |11,403,000; from
from fiffifty-three country banks of Massachusetts, $2,894,000
teen banks in Connecticut, $2,997,000 from sixteen banks in the
This would reduce the circulation
city of Providence, $3,688,000.
of all tlie banks of Massachusetts, of Rhode Island, and of Connecticut to $300,000, without reference to the business of each. If
the banks do not respond to these requisitions and, as their notes
are scattered throughout the whole country, it will be impracticable for them to do so the Comptroller is required at the end of
one year to sell a sufficient amount of bonds and redeem their
notes as they come into the Treasury, until the whole amount
required shall have been returned. The notes will not come to
the Treasury for redemption unless first assorted by the brokers
and resold by them to new national banks about to be organized.
This will encourage the objectionable practice of authorizing new
national banks with circulation upon the condition that currency
shall be purcliased of brokers in the market at from four to six
per cent, premium a practice which should not be encouraged or
authorized by law. The Comptroller therefore recommends the
repeal of this section, and the authorization of tiie issue of five
which will require
;
;
41
211
62
80
2S6
60
202
34
11
11
33
34
DIs. Colujnbla.
8
Virghila
West Vlrgmla.
N. Carolina...
25
19
10
10
13
10
a. CarulUia....
Georgia
Alabama
5
24
17
10
10
11
9
$9,229,000
9.148.S60
8,010,012
89,147,000
20,4U,fiUO
25,291,820
111.101.141
13.310,350
52,960,240
1 628,185
Louisiana
9
5
3
34
34
Texas
ArkaBsas
Kentucky
Tennessee
Ohio
(9,201,2M 00
5,442,966 00
7.930,900 00
79,7)11,715 00
16,949,»aa 00
22.440,240 00
90331 ,«<S CO
13,039,179 00
00
00
69.MSMO0U
eto oo
46,890,290 OU
00
4,074,000 OO
729,008 00
18O,(XlO0U
7.127,156 00
3.133,690 OO
I2.aii0
1,493,200 00
10.391,290 00
1,-01, Of CO
3.876,000 00
2,592,790 00
1,740,100 OO
2,083,000 00
2,396,400 oo
1,138,000 00
4,8.50.000
2
f3
23
166
88
135
73
42
73
29
37
24
Michleau
Wisconsin
76
48
Iowa
Minnesota
81
31
Missouri
41
Kansas
Nebraska
Nevada
Oregon
Colorado
Utah
Idaho
24
10
729.000 00
209.001 00
7,676,005 00
3,216 300 00
27,312.645 OO
16,662.900 00
19,813.371 87
8,818,800 UO
3,300,000 00
00 00
f,t62,600 00
9,475.800 CO
1,625.000 00
890,000 00
5,752.'
S5.ari2,8g0
15,9211,300
17.702.900
7.386,650
3,221 ,tflO
5,568,000
3,006,190
6,724.390
1,5)0,000
£90,000
00
00
00
00
00
00
00
00
00
00
Mexico.,
530.000 00
lOO.OOOOO
800,000 00
75.000 00
300,000 00
Wyoming
1,2N 066(0
6!6S,17D CO
gBA»<M90
I3,37>,900 00
17,«e9l»6 SO
tl,7M,994 90
10,6C3,8iO 00
9 233,0): li
1.948,2)6 00
3,646.S4«Tt
2 374,107 00
1,.M4,4:0 00
i32>--eooo
2,121,301 7S
1,078383 28
8.876 2S
3,651324 50
601.720 00
00
00
00
OO
00
00
28,462,9-.0 00
17,148,9! 9 00
18,782,405 00
7,602,780 00
3.886,310 00
6 347,825 00
3,147 190 00
7,3r!.sgo 00
1.906,400 60
796,810 00
146,200 00
231,500 00
919,140 00
356,610 00
!19,200 00
197300 00
27,500 00
18.5JO0 0O
66,000
4,014,320
792.270
2S1,750
7,260.0S«
3,15i.450
250,000 00
575,000 00
850,000 00
Muulana
4I.47«A4> SO
1.612,349 OU
11,738,070 00
2,082,900 00
4,069,490 CO
2,928,000 00
1,609,500 00
1,846,180 OO
:,340,050 00
1,226,400 00
00
66.309,790 00
14.9^,400 00
20.2M.800 00
7,413,5(10
»7.6U,{a2 26
91.969J4O00
18,499,290 00
V. 13 000(10
50
00
00
00
UO
00
13,6 0J02 50
1 752,000 00
3 835,000 00
2.S96.C0O CO
1,992,600 00
3.096,000 00
2,620,000 00
l,29«,0OJ 00
5
17«
91
139
Illinois
New
00
OU
2
Mississippi
Indiana
475,600
$177,000,000 $177,000,000 $354,000,000 $.353,917,470
final distribution of the fifty-four millions will still leave
deficiency of forty millions in diflferent States of the Union,
—
^
Vermont
The
—
I
states and
1.577,996
3,908,946
2,393.907
1,733,420
2,315,580
2,282,301
5,2:)0.T63
—
O
1.299,005
5,0«,.52<t
;
ing year.
The following table will exhibit the nnmber of banks organized, the number closed and closing, and the nnmber in operauon,
with their capital, amount of bonds on deposit and circulation in
each State and Territory, on the let day of November, 1872
9,2.3.3,097
FracUou'l redompttone added
a
75fl
millions of dollars of additional circnlation annually for the next
five years, to be distributed among the States which are deficient.
This, witli the fifty-four millions of circulation recently authorized, will probably furnish all the additional currency required
during the next five years for the estaldishment of new national
banks in the States which are deficient, and virtually inaugurate
a free banking system.
The Comptroller also recommends that the law be bo amended
that national banks may be organized in accordance with Ita provisions, without circulaiion, upon the deposit of ten thousand dollars of United States bonds with the Treasurer, instead of the
deposit of one-third of the capital paid up, aa now required.
Three national gold banks have been organized in California,
under the act of July 13, 1870, with an aggregate capital of
18,300,000, and circulation $1,480,000, based upon United State*
bonds at the rate of 80 cents on the doUar. This currency Is
redeemable in coin, is more convenient than the coin itself in the
transaction of business, and circulates freely at par upon the
Pacific coast.
Other applications have been received for the
organization of similar iostitutions, and it is probable that this
kind of circulation will be considerably increased during the com-
:
$4,931,013
2,947,938
2,897,976
19,239,189
2,760,047
7,033,752
$2,05.3,200
1,486.800
S
:
THE CHAONItJLE
J
The census of 1870 does not famish the banking capital of the
country, or sufficient data upon wliich an estimate can be made of
tlie business of each State or Territory.
If the statistics of the
ajtricullurc, the manufactures, and the commerce of every State
of the I'nion were at hand, it would be necessary to estimate the
proportion to which each branch of industry would be entitled.
No eatisfactory basis lor this purpose can be obtained, and, after
consultation with the Secietary of the Treasury it was decided
tliat the distribution of tlie circulation, one-half upon population
and one-half upon the resources or wealth of the country, would
comply with both the letter and the spirit of the act more nearly
than any estimate not derived from official data.
The following table will exhibit the amount of circulation outstandinir ai:d authorized to be issued to each State, and the amount
to which each State is entitled open the basis of population and
New
—
.
100.000(10
238.000 00
30,000 00
200,000 00
250.000' 66
?5O.O0O0O
2S7J50CO
6,5«»,83S 00
2.796,461 25
22,713347 60
14,296369 26
15,996362 70
6,49tiAB«0
5,061 3ff! 40
2.^88,410 OO
6.086.»:e DO
00
l,.'iB»,7<»
84,963 90
23SJ6Dro
47tSlS0O0O
2S339ein
81 ,000 to
192,aOOOO
27 JOB 00
180,0CO0O
Total ... .2 057 117 1,940 tl82,132,538 57 1382,968,900 00 »434.960,786 CO liV> 993,470 30
Go d banks.
120,000 00
1
1
200,000 00
ISO 000 00
120.000 00
Massachusetts
3 ..
3
1,460,000 00
Caiforula
2,800,000 00
1,890,000 00
1.481,100 00
.
.
Total
4
..
.
4
tS.lOO.OOOOO
t2.nno,000 OO
»1,«01,100 00
»1, 600,000 00
tables will exhibit the amount of
circulation issued under State laws, previous to the establishment
of the national banking system, and the amount authorized by
Congress the ratio of bank circulation issaed in 1862 and now
issued, to capital and to deposits; the per capita of circulation in
1862 ; and the per capita of circulation authorized by Congress
The following comparative
;
:
COMPAHATIVK Table No.
—Exhibiting
States, the 'bank
circulation, the per capita, the ratio of circulation to wealth, to
capital, and to deposits, previous to the organization (in 1662) of
1.
by
the national banking system.
rl
I
i=
§5
e
ft
if
I
i
:i
|i
New
$6,488,478
4,192,084
6S8,S7<)
$10 83
326,073
315,098
30.7
63.5
119
156
$1,863,848,765
3.5
81.7
"la
2.1 36.0
1.7 W.8
1.9 106.8
1.6 176.
1.8 64.9
10
85
9 68
$1,843,338,517
467,918,324
1,416,501,818
46,242,181
376,919,044
997
$4,150,930,784
SO
Total Eas fn States $65,516,155
.%136,«83
20 90
New York
New Jersey
3,880,735
671,035
2,906,215
112,216
687,049
10 10
la 16
Connecticut
Pennsylvania
Delaware
Maryland
$39,182,819
8,ir2,898
27,689.604
678,840
6,649,080
Tot. Middle States. $82,372,091
Dls. of
Virginia
8,258,250
968
6 04
7^080
Colnmbia
$19,817,148
1,!V96,818
II
ftc.PU8
4.7
3.1
12 86
17 64
23 Sa
'6 73
30 OS
Rhode Island
8.4
M3
1,281,066
174,620
460,147
Massachusetts
$igo,si),600
156,810,860
3.6 8S 3
4.6 148.7
3 5 4«.8
5,621,851
48,957,680
6,418,404
13,812,758
Hampshire...
Vermont
II
;1
p. c.
Maine
-*
i»,4rr,i70
815,237,433
135,337.688
444,274.114
53.1
COT
65
t>4
133
48
31
$41,064,946
13'4i
793,249,681
WestVirginla
• The circulation of the State banks In the year 1862 haa been obtained from page
210 of the report of the Secretary of the Treasury on the condition of the banks at
the commencement of the year 1%3. The returns from Delaware, Maryland, Louisiana. Tennessee and Kentucky were not complete. The aggrcaatc amount of State
hank circulation reported at that time was much greater taan at any preMout
period.
:
THE CHRONICLE.
7()()
Nonh
Carolina....
^SI8,5'^8
Simibrnrulina....
6,06H,il3ii
703.70S
Oeurirla
8,311,7 8
Florida
Alahatna
MlsulMippl
lHs240
1,057,888
140,4a4
6,U6S,888
9(>4,J01
L'.nUUiu
Texas
6 86
8 65
7 88
994,1.23
791,305
7i8,002
6fM,815
435,450
8,87«,519
Arluinsaa
6h.3
40.7
60.8
27.8
.1
l.U 101.5
2fl
183
81B
107
1.5
61.0
153
1.3
118
403
601,814,3 8
.9
.8
65.5
187.4
85.9
1.1
68.3
187
.7 1,59.6
77
285
155
9
49
97
813
SINI3S7.V1
1.4
1.1
6l8,8«5,«8r
1.8
358,739,399
83
;3,IOJ,6iiO
B 21
4%,83;,078
....
007,884,911
608,118,118
3«>,a0),i>14
819,256,473
BWi,043,li8
12 54
....
....
Kentucky
Tennessee
9,085.784
1.15.5,684
4,54ii,90«
MIssoarl
4,()S?,877
1,109,801
1,!83,012
7 83
4 09
3 48
Tot. Southern and
8. W. Statca
$71,098,403 11,5)6,108
6 17
$6,410,508,508
2,339,511
1,360,488
1,711,931
3 87
5 08
749.113
775,881
674,913
178,083
107,i(B
28.811
17
2 18
15
1,193,898,428
528,385,371
87l,8«c,88a
867,163,983
273,871, Kf
247,338,865
58,891,413
03
3l,387,x!i5
49.3,1103,898
147
IK
[December
7, ltt72.
the United State': One per cent annually on circulation outstanding; one half of one per cent annually upon deposits; and
one half oi one per cen5 annually on capital not invested in
United States bonds. These taxes are payable semi-annually.
The amount of taxes collected by the Treasurer from January 1,
1864, to
On
On
January
1,
1873,
was
as follows
:
circulation
$19,177,734 64
18.611,945 72
2.453,085 17
deposits
Oucapital
,
Total
Ohio
$9,057,837
6,788,890
819,886
131,f87
Indiana
Jlllnoie
Michigan
WIscoueio
1.6)3,8(10
Iowa
MlnnrsuU
1,849,000
198,494
2,770
KanMg
Nebraska
3ii
185
1
7,909,867
$19,684,564
2 49
$3,486,581,365
....
....
....
....
....
.0
...
.«
53 8
.5 166.5
.4 68.4
.0
5.3
46
9,131,(66
6,857
Tot Wost'n States
...
1.8 150.9
.1
81.4
Nevada
Oresnn
62,((i6
319,9 4
31.877
40,878
Cslifornia
Colorado
Utih
.6 1.6.4
93
$10,2^2,705 43
The
national banks, prior to May 1, 1871, also paid to the Commissioner of Internal Revenue a license or special tax ot $2 on
each $1,000 of capital and an income tax on net earnings to
December 1, 1871. The special or license tax from May 1,
1804, to May 1, 1871, amounted to $,5,323,688 43 the income tax
from March 1, 1869, to September 1, 1871, nmounted to |."),539,339 17. The following table will exhibit the amount of taxe»
collected from these sources during the years 1870-'71
Duty on circulation.
License tax on
deposits and capital.
capital.
.— Taxat'n of enm'gs—
Year
Year
Year
Total
ended —
Amount,
ending
Amount, 'ending — Amount, taxation.
Doc. ;l. '70. $6,017,460 Ap'l 30, '70. $866,838 Aug. 31, '70.$2,69 i,035 $9,579,734
Dec 31, '71. 6,60.5.818 Ap'l 30, '71. 884,016 Aug. 31, '71. 1,.371, 105 8.760,983
;
—
28.930,6.37
207,874,613
6,596,118
Totals... $12,583,272
Idaho
Montana
$l,;60,255
$4,067,140 $18,810,668
The Comptroller,
in his report for the year 1867, made careful
statements of the taxes on national banks for the year 1866, from
which it appears that the banks, during that year, paid over sixteen millions of United Slates and State taxes, as lollows :
To the United States Government
$8,069,938
Wvoming
New Mexico
Arizona
93,516
....
20,813,768
D.kou
4.837
11,694
....
....
5,6C1,466
WashlCKtou Tor
Tot. Pcciflc
To
.-jtatcs
ATeirilories
Grand
.
tot.
623,813
the States
7,9)9,451
The amount
268,816,602
States
of taxes paid to the several States was derived
from specific returnM of about fourteen hundred banks, the minirate in each State being calculated lor those banks which
made no returns. A similar statement for the year ending Dec.
31, 18B7, exhibits the following results:
Amonnt of taxes puid to the United Stales
$9,525,607 31
& Territories... $838,671,818 31,4(3,381 7 59 $16,1.59,616,068 1.05 68.9 61 mum
Comparative Table No. 2. — Exhibiting, by States, the amount
of authorized circulation (aggregate, $.3o4,U00.0()0), together
tlie population and wealth in 1870, the autliorized circulation per capita, the rntio of authorized circiilaiion to wealtli,
and the ratio of circulation issued (aggregate $340,993,470) to
capital and to deposHs.
with
S
g,»
a
«D
Q,
S
jr
-°
r^
^
SS
S.
"
S
so
5^
g
S|
-c S"
Fig
n
'2S
srS
65"
"5
§5
.S'^
h
o
M,
Ratio
of clr'n
onfg.
,
^
°
?
Amount
New
Hampshire....
Vermont
Massachusetts
$7,«12,T92
4,560.875
6,648.170
68,506,686
Rhode Iriaud
1.3,379,900
Connecticut.
17.955.858
Total East. State8.$108,618,281
New York
New Jersey
$61,719,254
10.663,320
41,479,049
Pennsylvania
Delaware
1.299.005
9.233,097
Maryland
Total Mid. States. $124,393,785
District of Col
$1. 571.996
Virginia
3 903.9)6
shall have the total taxes paid
these four years
83
88
296.96.5,646
2.2
1.8
2.8
2.7
4 5
774,631,634
2 3
71
13H
lo7
190
89
198
125
required specific returns to be made of
the dividends and net earnings of the national banks alter the deFrom these returns the following
claration of each dividend.
table has been prepared, exhibiting the aggregate capital and surplus total dividends and total earnings of the national banks
dividends to capital and
with the ratio of dividends to capital
surplus; and earnings to capital and surplus, for each half year,
3,487,924 $31 15
$4,0.39,875,847
8.7
69
110
4,382,769 $14 C8
9r'8,096
11 77
3.521,951
1178
185.015 10 39
780.894 1182
$6,.500,84l,864
.9
56
80
78
85
68
23
65
3.5
626.916 $18 14
14 30
818,300
20 09
330.651
40 15
1,457,851
217,353 6156
537,451 33 41
^
$?48,156,671
258,684.112
2;te.349..55.)
2,132,148,741
910.976.064
3,808.340.118
H1.70n $11 98
1,285.163
3 19
448,014
Norih Carolina.
South Carolina
1.733,420
2.315,580
2,282,301
l,07l,.361
Mississippi
Liiuisiana
Texas
Arkansas
Kentucky
;
Teiinesste
Missouri
Total Southern and
S.W.
l,3n.011
1,258,520
1,721,295
Slates.... $.39096,913 13,1(13,406
Ohio
$24,063917
2.66.5,260
Indiana
14.988,.369
Illinois
18175.352
1.680,637
2 539.891
1.1
1.3
1.4
$126.8:3.618
4C9,.588.ia3
3 28
I,806,9a3
8.876
4.409.884
849.880
304.750
7,674,333
3,094,85t
6,&35,9i6
5 41
....
190.651.491
260,767 244
208,146.989
268,189.207
44,168,655
181
(U
6 07
lot
63
5 73
2 46
3 97
604 318.5.52
498.217.721
1,281,928 897
10
1.2
1.0
1.3
7
201,8o.5,8)l
193
$2 98
$9 03
1.1
.9
$16,019,381 00
18,33^734 23
1866
1867
57
74
.8 116
2'i6
1.3
$4,9I5,4">5,593
.8
79
83
$2,235,430,310
1.1
543
1.2
2,181,680.579
719,808.118
.9
83
86
81
76
113
49
68
47
7ii2 3i7,32.1
Minnesota
3,407,470
1.8;9.7IK)
439,706
364.899
128,993
7)7.614.760
358 909,590
K'.nsaa
88
75
16
48
Total West. States. $79,976,311 11,245,635
$7
6
1.0
69.877,481
1.1
81
88
64
66
33
11
$8,251,630,708
1.0
83
66
81
$31,184,018
51.558,932
638,767,017
20.2)3,303
.1
2 47'
....
1193
4 99
6 40
10 22
3.02
8 94
23,955
....
....
....
1,004,691
$175
275
Mexico
Arlsona
Dakota
270,003
45,000
14.181
Wash. Territory
96
1
3n.8.')4
810,.500
Wyoming
New
1.1
71
—
188,8:13.014
9653
Montana
1.26-!,180
—
73
91
88
85
86,786
14.999
80 695
9.118
91.871
475,500
433,339
81,000
208
86
86
61
—
16,1.59,995
6.552,631
15.184.522
7.016.748
31.319.793
3,440.791
.5
.8
65
.
.4
90
40
2.8
8.7
1.2
1.4
83
70
.4
.9
36
60
24
52
85
43
34
198
.2
75
213
81
64
69n.7-2
13,.56J,161
Total Pacl6c States
and
Territories..
$1,808,202
Fractional redemptiuDs added
$810,963,710
8
"~
<Jranil tot. of States
and Territories. .$153,917,470
«'
The
..
T.AXATION,
33,558..371
$9 18 $30,068,918,507
1.2
71
58
EARNINGS AND DIVIDENDS.
uatlonal banks pay
tlie
foUowlQgjtaxes
to
March
I
I
1870
-871
19,159,468 3D
17,589,867 88
3, 1869,
;
;
commencing March
1,
1869,
Period ot six
jnonthe end-
ing-
and ended September
H
H
d£
^
1873.
1,
H
-Ratios
a
:
^
.
B
a
g
1
'
§
S3
:
i.s»B
D
^^
SE5
S„
p. c.
A
f.
"•
g. 81,1869. 1,481*101,6.50.802
feb. 21, 1870. 1,571 416,366,991
Aug. 31,1870. 1. 01 485,317,101
Feo. 2', 1S7I. 1.605 42S,699,'65
Aug. .«, 1871. 1,693 445,99>l,a64
Feb. 23, 1>72. 1.750 450,693,701
Aug. 31, 18;2. 1,858 465,676,023
»S2,105.848
86,118,210
91,630.680
»21,767,831
21,479,095
21,080,318
94.6S,401
22,205,1.50
»29,221,tS4
28,996,934
26,813.885
27,843.162
p. c.
5,42
5.16
4 96
4.50
4.81
4.03
4.81
4.0J
4.16
4.17
5.H
9-,886,r,91
22,123,279
87,;il5,311
4.96
69,431,243
105,181,942
22 859,826
27.5(K,539
30,572,891
6.117
23,82;,289
5.!2
•
Br.
p. c.
6 04
5.77
5.19
5.21
5.02
5.
5.SK
The
.8
.6
4
7
5
6
Utah
Idaho
89
63
108
110
75
83
3 11
Colorado
.55
.5
1.56,391.691
act of
54
1.4
1.181059
California
61
1.59.0.52.642
1.054.670
42,491
90.923
560,247
75
383.12:666
1,19102)
$34,363
825,000
88
93
91
79
60
81
:
61
51
809,197.3)5
7.688.943
Nevada.
Or»gon
66
108
3 28-3.793
5.798367
796.400
61
83
Iowa
Nebraska
l-S
.9
.0
8 98
7 16
6 40
Michigan
Wisconsin
1
613,748,976
168
705.606
1.181,109
187.718
996,992
887.938
786,9:5
818,579
481,4:1
1
9r,I80833
9,716,715 $18 80 $11,991,087,2)9
2,3!I3,907
Alabama
by the national banks during
lilt
West Virginia.
Georeia
Florida
8,813,186 92
$18,388,731 23
Or 4 1-8 per cent upon a capital of $433,804,666.
The aggregate State tax was believed to be considerably belcw
the actual amount paid. As.-'uming the amount of State taxes
paid by the national banks to be the same as that paid to the
United States Government (which is a moderate estimate), we
The
Maine
of taxes paid to the State authorities
Aggregate taxes paid
the Treasurer of
national banks are required to furnish to tills office not less
statements during each year of their assets and liabilities, and also to make specific returns to the Treasurer, semi-annually, of their circulation, deposits, and the average amount of capiThe officers of the
tal not invested in United States bonds.
United Sates, and of the different States, whose duty it is to collect taxes, have, therefore, at all times at their command the
data from which to ascertain the amount of taxes to be collected
and it is believed that Ibere is no other species of capital upon
which the tax can be so definitely assessed and so certainly colTherj
lected as the tax upon the national banks of the country.
is no doubt that in some instances, owing to large deposits in proportion to capital, or to high rates of interest in the new States,
but it will be seen from the
large dividends have been declared
above table that the average earnings of the national banks,
after making a proper allowance for bad debts, are not more than
tlian five
;
;
a fair remuneration upon capital. The dividends declared do not
probably exceed in the aggregate the dividends under the old
State systems, and are far less than the average annual dividends
of the English banks.
The consolidation of the bank capital of the country in a sound
and conservative system, with proper safeguards and restrictions,
is of much greater importance than a penny-wise and poundfoolish imposition of excessive taxation, wliich will have a tendency to drive those banks that are not over-conscientious out of
the system, with the purpose of evading all taxation whatever.
RESERVE.
good deal of discussion has arisen during the recent strinmarket in the city of New York in reference
gency in the money
A
to ihe provisions of the national currency act, requiring a reserve
upon the liabilities of national banks.
The act requires that the country banks shall hold an amount
of reserve equal to fifteen per cent of the entire amount of their
;
December
7,
THE CHRONIOLR
1872.]
depoBits and eirculatloD, three-flfttif! of which reserve maybe on
deposit with national banlts which are tholr agents in redemption
ciiies.
The national banks in the redemption cities must hold a
reserve of twenty-five per cent, one half of which may be on de
posit with national banlcB in New Yorti city.
The reserves of tlie nineteen hundred national banlifl located
elsewhere than in tlie city of New York are lield to a great extent
in that city. For most of the time during the past year, an
amount equal to more than one-fifth of tl:e capital of all these
national banks has been held on deposit by the national banks of
the city of New York, to the credit of tlu-ir correspondents. In
many cases tliese credits amount to twice the capital of the i)ank
with wliich they are deposited in other cases tiie amount of de-
7<4»
internal taxation has been discontinued. Sach a reduction of
taxation should not be grudgingly made, if the reialt tball bs t»
give elasticity to the currency, to strengthen and steady the
money market, to give additional security to seven hundred millions of dollars belonging to depositors by retaining in the vaults
of the banks a large amount of funds for lo,.;ilimate busiuesj
purposes, wliicli would otherwise be thrown upon the stock board
to unsettle values throughout the counliy, and alternately iu
crease and depress the price of every commodity.
For the information of those who do not believe that the banks
usually hold the requisite amount of reserve, we have prepared
tallies showing that for the last live years, at from four to flra
dilt'erent periods of the year, the banks organized iu every State,
posits is three, four, and oven tive times tlie capital, which and in the principal cities ot the I'nion, have been found to hold,
amount has been attracted thither largely by the payaient of in- in almost every instance, a considerable amount beyond the reterest on deposits.
The failure of one of tliese New York city quirements of law.
I)ank8 in a time of monetary stringency would embarrass, if not
A law which is so universally observed as to have become a rule
ruin, many banks in the redemption cities; and, in turn, the with all the cautiously-managed banks of the country' should not
country correspondents of these liank'i would sufter from the im- be repealed without full consideration. Carefully-prepared tables
prudence of tlie New York bank, which would be responsible for giving further information regarding the reserves of the National
widespread disaster. It is clear that a bank having such exces- Banks will be found in the appendix to this report.
sive liabilities has no right, even if there were no law, to increase
TBK CIllCAOO FIRE.
its loans to such an unreasonable extent as to lead to embarrassThe great fire in Chicago, of October 8 to 11. 1871, should b«
ment if unexpectedly called upon for the reserves of its corres- mentioned among the noteworthy events of the year. The buildpondents. A provision of law prohibiting banks from extending ings occupied by the eighteen national l<anks In that city were alt
their loans beyond three times tlieir capital would seem to be not totally destroyed in the general conflagration, except one, and that
unreasonable, but sucli a provision would be much more re- one was rendered untenantable for some weeks.
strictive than the present requirements of the law in reference to
The amount ot bills receivable held by these banks at that time
reserve.
was more than twenty-one millions of dollars, ami the indebtedThe State laws of Massachusetts and Louisiana, which were ness to correspondents nearly nine millions, and to individual
in most respects models of a sound system of bank legislation, depositors aliouc seventeen millions.
For a time it was thought
required an ample reserve to be kept on hand. The lr.ws of the tliat they were so seriously crippled that they would be unable to
Htate of New Y'ork had no such restriction. The country banks resume business, and it was proposed to open their doors with the
of that State were, however, required to redeem tlieir notes in the offer of payment by installments to their creditors. Tlie contentx
city of New Y'ork, In specie, and an examination of their returns of their vaults were, however, rescued in good condition, and
will show that while the country banks usually held but a very finally wise and prudent counsels prevailed, owing largely to the
Siiall proportion (about 3^ per cent) of circulation and deposits in
presence and advice of my predecessor. Eight days after the
their vaults, they wore forced to keep on deposit with their city conflagration the banks obtained new olTices in dwelling-hoaseii
correspondents nearly as large a proportion of reserve as under distant trom their former locations, and opened for the transaction
tlie national system.
An examination of the weekly returns of business. Instead of balances being largely drawn upon, demade to the clearing-house in New York city will show that the posits flowed iu freely from dealers and corresjmndents, and at
HtatP banks of established reputation in times of monetary strin- the close of the first day's busine.ss the receipts were found to bo
gency hold a sufficient reserve without such provision of law
considerably larger than the disbursements. It was soon ascerwhile the larger proportion of banks, not included in the national tained that the immense lo.sses anticipated upon bills receivable
system, are continually below a judicious limit. The trutli is that would not be experienced, and confidence was restored. Tli«
tiie strong and well managed banks do not need any law in refertotal loss arising from the fire on discounted paper is estimated
ence to reserve, and do not, therefore, ask for a cliange of legisla- at about six hundred thous.ind dollars, anl the loss from the detion in this respect. The weak banks and those already too struction of bank buildings, furniture and fixtures at about one
largely extended wish to be free from all restrictions. It is the hundred and seventy-six thousand dollars.
The banks, at the
constant tendency of such banks to increase their liabilities. In time of this disaster, had accumulated a surplus fund exceediuf^
times of excessive stringency loans are not made by such associa- ouefourth of their aggregate capital, and had at their command
tions to business men upon commercial paper, but to dealers In a reserve equal to more than thirty per cent of their liabilities,
speculative securities upon short time at high rates of interest
and consequently were able to resume business without embarand an increase of call loans beyond the proper limit is more rassment. The wisdom of the sections of the law requiring an
likely to afford facilities for nnwarrantable stock speculations accumulation of surplus and the holding of reserve could not Iw
tlian relief to legitimate bu.siness transactions.
The law is in- better illustrated.
tended as a wiiolesome restriction upon national banlcs, organized
By reference to the abstract of the condition of the national
in almost every city and village in the Union.
Next to tlie abso- banks of the city of Chicago, evidence will be found of the steady
lute security provided for tlie crumpled bits of paper in the increase of business in these banks during the past year."
pockets of every citizen, no provision of tlie act has done so much
ITSURV.
to give character and standing to the national banking system as
Charges have been made against several national banks during
tlie assurance to the thousands of depositors throughout the
the past year for receiving usurious rates of interest. Iheau
country (who, after all, are the chief source of profit to every bank) complaints have been made not only against banks in the South
that a reserve, equivalent to such a proportion of the liabilities of and West, wliere higli rates ot interest prevail, but also against
every bank as the experience of years and the fluctuations of banks organized iu other States, wiiere the usurious rate charged
business have shown to be necessary, will alwavs be kept on hand was but slightly in excess of tlie rate of six per cent, allowed by
to answer the extraordinary and unexpected calls of creditors.
law. Section 30 of the act provides that when the amount of
The variations in the liabilities requiring reserve in the banks interest charged is greater than the rate authorized by Slate law,
of the city of New Y'ork are very great. The banks outside of twice the interest paid may be recovered by the person paying the
New York, during the dull season, send their surplus means to same while section 53 provides tiiat the franciiises ot an associathat city for deposit upon interest, to await the revival of busi- tion may be forfeited if tlie directors of a bank knowingly violate
ness.
The banks in the city of New Y'ork, at such periods of the the provisions of the a(!t. Tlie original national currency aot of
year, have no legitimate outlet for these funds, and are therefore February 11, 1363, provided as a penalty for usury the forfeiture
threatened with loss. The stock board takes advantage of this of tlie debt, and section 50 of the same aci also subjected tho
condition of affairs, speculation is stimulated by the cheapness of rights, privileges and franchises of an association to forfeiture for
money, and a market is found for the idle funds upon doubtful willful violations of the ai't.
It may be doubted, therefore.
collaterals, and the result is seen in the increased transactions at
whether Congress intended to impose a specific penalty involving
the clearinghouse, which, during the past year, exceeded thirty- tlie loss of the whole debt, and then, in addition, subject the same
iwo tliousand millions of dollars, or an average of more than one bank to a forfeiture of charter in a subsequent section, which is
hundred millions of dollars daily not one-half of which was the applicable to other violations of law. I am informed by gentleresnit of legitimate bosiness the total ara»unt of transactions men who participated in the framing ot the present national cur
being greater than that of the bankers' clearing-house of the city rency act that the forfeiture of twice the amount of interest was
of London. The evil arises largely from the payment by the regarded as a suillcient penalty for such violations of law, and, at
banks of interest on deposits— an old-established custom which the same time, a sufficient protection to borrowers.
cannot easily be changed by legislation.
considerable portion
Tlieae statements are confirmed by the act of April 22, 1870,
of these deposits would remain at home if they could be used at a " An act to amend the usury laws of the District of Colacnbia,"
low rate of interest, and made available at any time upon the re- which provides •' that if any person or corporation in this District
turn of the season of active business. No sure investment of this shall contract to receive a greater rate of interest than ten per
kind is, however, open to the country banks and the universal cent upon any contract iu writing, or six per cent upon any verbal
custom is to send forward the useless dollars from vaults comSince the above psr»(fr«ph was written, a erea' conflagration has takea
paratively insecure to their correspondents in the city, where
place in Boitoii, re'-ulilngln the destrnctiou of from sevenif to eighty mllllonii
they are supposed to be sater, and at the same time earning divi- of properly. Ttie facts peruining to lUe Beaton bank* were Id many reapecti
dends for shareholders. A Government issue bearing a low rate aliallarlolliose of Chicago. Their aggregate tapiul was «48,9JO.O0O; their
of Interest to be counted as a certain proportion of the reserve, surplus $ll,i40,000; lheU-bUlsrecelvahle.f83,«7.000: their depoMl^, $40,841.
according to the latent ofllctal reports, about twootyand an increase of the amount which the country banks are re- 000 and their reserve, liabilities. The bnlldlnga of seven oational banks,
Ivs' per cent of their
quired to keep on hand, is the proper remedy for such a state of out of forlj-nlue transacting business In the city, were destroyed by ths Are.
things. Such an issue need not result in inflation, for the cur- but their cash assets were subsequently recovered. On the second day aftar
all the banks but one were represented at lbs
rency invested would be in the possession of the Government. If the commencement of the fire
clearing-house, and on the fourth day all of thflm had resumed business. The
|
I-
1
;
;
;
—
;
A
;
•
banks to the Government,
at
» time when almost every kind of
;
;
-
THE CHRONICLK
7*2
said
contract, such person or corporation eball forfeit tlie whole of
to
interest so contracted to be received, and eliall be entitled oujy
It
recover the principal sum due to aucU person or corporation.
the only
will bft observed tbat tUe forfeiture of tlie iuterenl is
T,ai8.i>{e
penalty prescribed by CooRrosd nearly six years after tlm
and Indlviduula iu
i.f the national currency act for coii>oRilions
District of Coliiinbia.
The rut«s of interest fixed l)y State laws ore not povorned by
any sound economical or busiuess priuciples. Iu tbrt-e of the
reJ?ew England Stftte.H nsurv laws are abolisli.-d, while in the
mainder the rate has remained lor half ft century at a uuiform
the Bank of
standard, which is leps than the prcwnt rate of
twelve
England. In Minnesota and Virginia the rate is limited to
ten per cent in
per"cen< in Illinois. Wisconsin aud Missouri, to
Alabama and Oliio, to eight per cent; while in Pennsylvania,
Maryland and Kentucky the rate i.s fixed at six per cent. Iu
York the taking of an excess beyond tlie limit of si-veu per cent
tbe creditor to fine and imiorf.i'ts the whole debt, and euljecls
tlie
'
;
New
prisonment. It would be difficult to give any good reason why
the rate of interest should be limited to ten per cent in tbe city of
Wasliingtou, to six per cent in the neighboring cities of Philadelphia, B-iltimore, \Vilmington and Rali-iirli, and to twelve per
cent across the Potomac, in Alexandria, and in the capital of VirMany of the States have practical iy repealed their usury
ginia.
laws, while other neighboring States retain upon their statute
book's laws which are so continually evaded that they have b( come
Savings V>anks chartered by Congieas, savings banks,
obsolete.
trust companies, and safe deposit companie,s auihoriznd by the
legislatures of almost every State ot the Union, as well as
private bankers, offer for interest on dei)0sit8 rates nearly equal,
and sometimes exceeding, the ruling rates allowed by law and
under such circumstances it is difficult to control by Ipgislation
the rates of the national banks.
Self protection stimulates even the most conservative banks to
control their own business and retain the accounts of dealers of
long standing. The rates of interest cliarged must correspond in
Kime degree to the supply of money and to the demand. If high
rates are paid for deposits, it is with the expectation that the
Iwirrower will pay a rate correspondingly hiith. Hence Joans are
made to those dealers who will leave the largest proportion of the
amount borrowed with tbe bank for the longest period in the
gulee of deposits. Banks in New Vork charge seven per cent, in
Philadelphia aud Baltimore, six per cent but their losna are
made chiefly to dealers whose average accounts show balanc3S
lyintinually on hand equal to one-eighth or one-fourth of the
amount borrowed while the banks in the South and the West
not unfrequently charge the ruling rate without regard to the
aicount of tbe customer. The expedients for violating the usury
laws are so numerous that it may well be doubted whether it
^frould not be better for all parties to allow the rate charged to be
regulated by the state of the money market. Under existing
laws, in an}' easy money market, tbe rate not unlrequently falls
below that prescribed by law. It money i^ scarce, the rate is
nominally within the limit, but realiy regulated in accordance
with a previous understanding between borrower and lender.
Tneie are no usury laws In Great Britain, or in the other comand the commonwealth of Massamercial European States
ohusetts, one of the most prosperous and enlightened States of
the Union, has recently abolished* such laws and it will be
found that the earnings of the banks in that State for the four
years since the passage of the act, have been even less than in
many of the Eastern, Middle and Southern States, where the rate
is fixed at tix per cent.
Mr. McCuUoch, late Secretary of the Treasury, in his first report, as C<imptrolk'r of the Currency, recommended a uniform
rate of interest, and expressed the opinion that Congress possessed
tbe power to enact such a law, under the constitutional provision
of regulating commeice among the several States. Congress
alone has the power to coin money aud regulate the value thereof
and if It alone has authority to issue and authenticate the paper
currency ot the couutry, there would seem to be no good reason
why it sjjould not also provide for its free circulation, which is
HOT impeded by the ever-changing statutes of forty different
;
;
;
;
;
(December
7. 1872.
479, or more than three timas the amount of the ngtrregate deposits in tbe national banks. The deposits in the savings banks
York, at the same date, were $207,003,860. a
of the State of
Bum also considerably in excess of the deposits of the national
large portion of these are not properly
banks Iu that State.
En;;
savings deposits. Savings banks in some portions of
land. New York and Pennoylvania, as well as other Slates, have
New
A
New
recently
offering
become formidable competitors of the national banks by
much larger rates ot interent tor depusita than is usual ia'.
well-managed bauks.
The proper fuuctione of savings banks are to make safe and
judicious investments of the funds intrusted tu them, and at
specified times to divide the earnings among the depositors buc
for the purpose ot kttractiag the deposits of business men audi
others, who would o;herwiBe do business with regularly organized banking institutions, the custom prevails, to a large extent,
of offering high rates of interest for deposits before dividend*
have been earned. The result is that savings deposits are, ta ti
considerable extent, endangered by Investments in street paper, in
loans to the managers .of such institutions, and iu speculative
;
securities.
The savings bauks
are
among
the most important business
in-
stitutions of the country, and they should be fostered aud maintained; but at the same time they should be restricted to n,
'legitimate savings bank business, and not allowed to encourage
violations of usury laws nor to be controlled by the personal iuterests of shareholders, managers, or trustees.
Frequent publications of reports should be required and their afTalrs subjected to
rigid scrutiny from time to time by competent examiners. Special
charters, with special privileges for savings bauks and trust com))nnies, should not be granted, but all such institutions should be
organized under general laws. The passage of such a law for the
District of Columbia, with judicious provisions, would ba productive of beneficial results, and would afford an example out
only for those States which have no enactments of this kim\, bjit
also lor the older Stales, whose present savings bank la.«8 arcliable to great abuses.
LOCKING UP OF GUEESBACK8.'
The
act of February 19, 1869, provides " that no national banking association shall hereafter offsr or receive United States notesor national bank notes as .security, or as collateral security, for
any loan of money, or for a consideration shall agree to withhold
the same from use, or shall offer or receive the custody or promist*
of custody oi' such notes ag security, or as collateral security or
consideration, for any loan of money."
On the Dth of April last, the Comptroller was advised that a
bank in the city of New York, with a capita! of §1,000,000, and
whose average exchanges at ths clearing-house did not exceed
$300,000. was that morning creditor at the clearing-house for
As it was evidant that this large credit was not the
$4,770,000,
result of legitimate business, the examiner was directed to make
an examination of the bank, which was immediately done, in con-
nection with a member of the clearing-house committee. From
tho examination, which was thoroughly and carefully conducted,
it appeared that deposits had been made in tbat bank, by one individual, upon tho morning of April o, to the amount or $t,100,Q0O,
the whole of which was drawn out upon the same daj*, upon the
checks of the depositor, in legal tender notes. The presi-Jent of
the bank denied tbat the bank had any interest in thesa transactions, and there was no evidence of any loan, or of advancts in
any shape, upon these deposits. These transactions were the
subject, subsequently, of an investigation by the bank committee
of the House of Representatives, and although it was clear tliac
the spirit of the law bad been violated, no evidence could be ob
tained to warrant the commencement of a suit for the recovery of
the penalty prescribed in the act referred to. The investigation
undoubtedly had the eilect to preient the repetition ot similar
transactions no offences of this kind, on the part of any national
bank, having siuce been brought to the attention of the ^'omj);
tro'iler.
The Now York clearing-house association subsequently oassed
a resolution declaring " that the clearing-house committee be and
is hereby directed, whenever it appears, in its judgment, that legal
tender notes have been withdrawn from use through the agency
legislatures.
penalty for usury should at least be defined, and until this of any bank, member of the association, to make an immediate
Tbe
examination of th€ bank in question, and should there appear to
is demo tlie Comptroller will not feel himself called upon to institute proceedings for forfeittire of the charter of a bank for be complicity on the part of the bank or its officials, to suspend
usuiious irausactions, when it is evident that the Dusineeg of the said bank from the clearing house tintU action of the assoclatioa
asBociation is conducted legitimately and safely in other respects. shall be taken thereon."
S.VV1KQB BA>-KS.
Tbe withdrawal of currency for Illegitimate purposes has, howThe act of June 17, 1870, provides that savin«;s banks may be ever, since been accomplished without the assistance of the banks.
organized within the District of Columbia, under the provisions
The rigid enforcement of the resolution of the clearing-house
of section 4 of the act " to provide for the creation of corporations will prevent complicity on the part of the banks in such transacin the District of Columbia by general law ;" and a subsequent tions and if the New York stock board and the leading banking
act exempts from taxation the deposits of savings banks in
houses will unite with the clearing-house, and refuse to transact
amounts less than $3,000. It is claimed that, under this legisla- business with unscrupulous men, who do not hesitate to embarrass
tion, savings banks, with capital paid up in full or in part, may legitimate business tor the purpose of increasing or diminishing
be established in the District of Columbia, to be conducted for the values of stocks or bonds in which they are temporarily
tho benefit of the shareholders. The legislatures of many of the interested, they can do more to prevent such operations than any
States have authorized the establishment of similar institutions, congressional enactment,
which, under the act of Congress, are exempt from taxation on
INSOLVENT BANKS.
deposits, while these identical deposits, if placed to the credit of
Twenty-one national banks, organized in eleven different States,
aavings banks In a national bank, as is frequently the case, are
eubject to a tax of one half per cent per annum. It Is evident with an aggregate capital of $4,236,100, have failed since the
organization of the system in 1803. The total circulation of these
that Congress intended to discriminate in favor of those insti
tutlons, which are organized for the purpose of receiving and banks was $3,942,798, of which $3,441,430 has been redeemed iu
investing savlnga for the beuePt of depositors, and not of share, full, leaving a balance still outstanding of $501363, which will
also be redeemed, upon presentation to the Treasurer of the
holders.
The offldil reporti of the tavlngg banks in New England show United States, from the avails of United States bonds held as
the depo»it« at the close of the year 1871 to have been $812,888,- security for that purpose. Of these banks five have been finally
closed (two during the past year), having paid dividends to their
•Act of Miwelj 9, 188T,
creditors as follows
;
:
.
December
THE CHROisICLE.
7, IS-ti.)
768
:5ar6=
Nam*
voluntary assignment thereof, or In which the estate and ellljct*
of an absconding, concealed, or absent debtor shall be attached by
process of law. as to cases in which an act of legal bankruptcy
shall be committed."
The Treasurer of the Unite<l States claims, urder this act, that
all deposit* In these banks at the time of suspension, belonging
'o the United States, whether deposited to its credit directly, or
to the credit of its disburoing officers, with interest thereon from
the date of the failure of the bank, are entitled to priority of
Amount
'Appolntm't
ana location of bank.
Cuptul of
uf
receiver.
*Yock.
clltlUM
proved.
per
ct.
Ftrit National Bank. A'tlca, New Yorfe.lAp. W. 18«5
iMar. 13, 1SB7
FlFBt National Bank, Medina. N.
'Vennes-ee >rat. Bank. Memphis, Tonn. .pier. SI, 18<17l
Bank. Nc;w York City. Oct. 1. 18071
Croton .National
First National Bank. KeoHuk, lorn . . Alinr. a, lH(i8
$50,000
T
.
»m,06»
58
M.UX)
no,l«6 3SK
100,000
878.(«a 17X
I70.75S SSJC
!iO.\000
SMS58MX payment.
100.000
In the case of the First National Bank of New Orleans, other
questions have arisen. At the date of its suspension the Ijank
was in charge of officers of the Government, who wore also
engaged in the settlement of the accounts of a defaulting es-sMlstant treasurer of the United States. The nominal balance to the
personal credit of this individual upon the books of the bank wat
All nnalljr eloacd.
Six national banks have felled daring the past year, as follows
Appolntm't
Name and lacaUaa of
Caoltal
etoclc
of
receiver.
bank.
Amonnt
II
of claims
proved.
per
ct.
Ocean National Bank, New York City Dec.
Union Sqnare National B'k, N.Y. City*, Dec.
Elehth National Bank, Nb* York CItyt'Dec.
1871l«l.O0O,0OO tl.280,8^8, 70
200.000
157,!«0| 100
50
450,000
873.983I
«U0,' 0(1
«46,55S 100
Nattoial Bank, Philadelphia'.. iDec. 20. 1871,
Foorth
18«i
106,100
100
B1.879I
Waverly National Bank.Waverly.N.Y.»;Anr. 23.
511,000
7,6881..,
rirrt National Bank. Fort Smith, Ark-VMay a, 1878
•Claims paid In
lull.
+
13,
15, 1871
15, 1871
Cash on hand,t28,47'l
62.
}Ca«h on hand, $15,787
95.
Of these banks the Union Square National Bank, New York
and the Waretly
rthe fourth National Bank, Philadelphia
National Bank, New York, have paid their creditors iu ftiU, a
j
;
settlement, it is believed, without precedent prior to the establishment of the national system. The Eighth National Bank, New
thQ Ocean National
"York, has paid a dividend of 50 per cent
Bank, of New York, a dividend of 70 percent and the receivers
of the Ocean National Bank, and of tUQ First National Bank of
Fort Smith, Ark., estimate that the creditors of Ixjth of these
banks will ultimately receive a dividend of 100 cents on the dollar.
The remaining ten national "bauke which have failed are as (ol;
;
$815,779 10, and a certified check for this amonnt was taken from
him, and about $94,000 collected upon if. The Government holds
this check, and claims that the lialance uncollected shall have
priority in payment, the same as if that amount had been on
deposit to the credit of the United States. The creditors of the
bank, on the other hand, claim that, at the time of the suspension,
the bank hold legal offsets, and that there was really no balance
due upon tho clieck held by the Government. The receiver
concurs in this opinion, an 1 if the claim should be presented to
him in the usual way for settlement, it would be disallowed.
Unsuccessful attempts have been made to obtain a final
decision in the Supreme Court of the United States upon these
questions, owing, in part, as is believed, to defects in the present
act.
A large amount of funds has been on denosit with the
Treasurer ior the last three years, which will be distributed
among the creditors as soon as a decision of the court can bo
obtained upon these points.
Section 50 of the national currency act provides that the Compmay
troller shall make a ratable dividend npon all claims which
be proved to his satisfaction of adj udlcated in a court of competent
jurisdiction and this is the only existing provision in reference
ilows
against an
to the method of procedure in the proving of claims
insolvent bank. The law should be so amended as to define the
claims
Appolnm't Capital Amonnt
Cash on duties of the Comptroller and of the receiver in proving
of claims
of
Name and locattoa of hexk.
slock.
hand.
and in prescribing the mode and manner of referring conflicting
proved.
receiver.
for
per
interests to the proper tribunal for finol arbiti-ament. A bill
by
ct.
this vurpose was introduced into the last Congress, reported
Bank Committee, and referred to the Judiciary Committee of
$100,347 the
iMay 1, 1868 $300,000 $724,010
Franklin, Pa.
Venango N. B..
will
•87.371
the House of Representatives. The passage of this bill
Merchants' N. B., Washington, D.CliMav 8. 1866 800,000
sim104,264
308^071
IApr.30,1867 100,000
facilitate the settlement of the affairs of these banks, and
First N. B., Solma, Ala
187,670
iSlay 80,1887 600,000 1,110,631
First N. B., New Orleans, La
plify the method of procedure in all cases of insolvent banks.
50,447
:26,7ti0|
Nat. Unadllla Bank, Unadilla, N.Y. Ang.29,1867 IM.OOO
An amendment is also suggested giving authority f)r 'he
Farmers' & Citizens' N. B., Brook13,a.37
ISept. 6,1367 300.000| 1.189.000| 92
return of the assets of an insolvent bank to an agent of the share;
I
Ivn
N Y
lFeb.28.1888
First^. B.. Bethel. Conn
National Bank of V'ioksbnrK, Miss. j8ep.24,lS68
Mar.15,1869
First N. B., Rockford, 111
|Oct. 14,18691
First N. B., Neviide, Austin
60,000
50,0001
50,000
260,0001
I
68,986i 70
20,493
65,b75
..
.
169,314150
11,668
12.375
19,404
58,169
holders upon their unanimous request, after full payment shall
have been made to the creditors of the bank.
Where dividends are delayed by reason of protracted litigation,
provision should also be made for the investment of the funds on
deposit with the Treasurer in interest bearing securities.
SDI!PLC8 AND SPECIE.
The law requires that every national bank shall carry onetenth pan of its profits to surplus fund account before the declaration of a dividend, until the same shall amonnt to 30 percent
This wise provision has been generally
of its capital stock.
observed, and the returns show that the banks now have a sur.
plus of more than one hundred millions of dollars, and considerably more than one-filth of their capital In surplus account.
The actalso limits the liabilities of any association, person, company, or corporation, for money borrowed, to one-tenth of tho
The Comptroller recommends that this
capital stock paid in.
limit be extended to one-tenth of the capital and surplus, which
will have a tendency to increase the surplus fund beyond tho
limit required bv the law.
Banks have hitherto been in the habit of reporting, as specie,
checks payable in coin. The result is to give an erroneons aggregate of the amount of coin held by the banks, the same amount
being reported by the bank holding the coin and the bank holding
the check. In tho present statement, and in all future statements,
the item of coin will include only actual coin and United States
coin certificates which are payable on demand at tho Treasury.
bonds on deposit with Treasurer.
The aggregate amount of claims proved ajraiust the seventeen
national banks which have failed (excluding the four banks wliich
were Qovornment depositori^^s), is $5,205,068 the average dividends, 091 percent; the additional dividends to be made are
estimated at 14 8-10 per cent making, in all, dividends in favor
•of creditors of 84 3-10 per cent, which would leave an average
.deijciency of 15 7-10 per cent to be collected of eliareholders, as
[provided in section 50 of the act.
A final dividend in invor of the Farmers and Citizens' National
Bank, ol Brooklyn, will be made during the present year, of about
tour per cent, making, in all, dividends from the assets of ninetyA final dividend of about forty per cent in favor of
six per cent.
the creditors of the National Unadilla Bank is delayed by a claim
in litigation for the value of the bonds deposited as security for
circulation in excess of the amount required to redeem its circulating notes, which will probably go to the Supreme Court for final
adjudication. An assessment has been made upon the shareholders of the National Bank of Bethel, of 15 1-8 per cent, which,
if collected, will pay the creditors In lull, without interest, up to
the date of the appointment of the receiver. A dividend ot more
than thirty per cent will also soon be declared in favor of the
creditors of the First National Bank of Nevada. The aflFairs of
BHINPLASTER8.
the Eighth National Bank of New York, and of the First
The State of Alabama has Issued for some years past. In the
National Bank of Rockford, Illinois, are involved in litigation, form and similitude of bank notes, of five different denominaand the date of the final closing of their affairs is uncertain.
tions, certificates which read as follows
" The State of Alabama Receivable as five dollars In payment
Tlie Venango National Bank of Franklin, Pennsylvania; the
District of Columbia;
Merchants' National Bank of Washington,
of all dues to the State. Montgomery. May 1, 1867.
of Seima, Alabama, and the First Nathe First National Bank
Goverrun:
(Signed)
tional Bank of New Orleans, were United State' depositories.
Comptroller of PtMie AcMunU."
(Signed)
in favor of the creditors of the First National
The final dividend
On the reverse
Bank of Vicksburg has been unexpectedly delayed by the recent
Receivable in payment of taxes and all dues to the Stale.
presentation of a claim of the United States for money alleged to Issued under the provisions of the act entitled .\n act to provide
have been illegally deposited by the collector of internal reveuuo for the issue of certificates or receipts by the State,' approved
of that district, in the year 1868. Since that time no losses have February 19, 1867
The credit and faith of the Stale of Alabama
occurred to the Government by deposits made in the national are pledged for the redemption of this certificate or receipt, a»
banks, although many millions of dollars have been continually provideu for in such act."
on deposit with banks which are designated as depositories. The
circular was also issued by the Governor of Alabama, on Julv
three first-named banks, at the time of their failure, had a large 24, 1807, and is still in circulatiou, which states that an opinion
amount of Government funds on deposit.
has been obtained from the Attorney -General of the United Switi's
The fifth section of the act of March 3, 1797, provides " that that such receipts or certificates ate not subject to the tax of ten
hereafter becoming per cent imposed ttpou the rotes of State banks by tho act of
when any revenue officer or other person
indebted to the United States, by bond or otherwise, shall become March 8, 1865, and reoommendinc the co-operation of banks and
or where the estate of any deceased debtor, in tlie bankers in giving circulation to tlie issues referred to. The Con
Insolvent
hands of executors or administrators, shall be insufiicient to pay stitution of the United States provides that no St.tte shall emit
all the debts due from the deceased, the debt due to the United
bills of credit, and it baa been held by the Supreme Court of the
States shall be first satisfied and the priority hereby established United States, In a famous case,* that a note of circulation "issued
sliall be deemed to extend as well to cases in which a debtor, not
• Briscoe T«. Bank of Kentucky, I! Pet., 257.
having Bufficient properly to pay all his debts, shftU make a
• Also, $50,000 C. 3. 6 per cent
;
;
:
:
*
A
;
;
:
THE CHRONICLE.
761
a State, involving tlic faUli of the State, and desigrned to circulate as money on tlie credit of the State, in the ordinary course of
bneinesB," is a bill of credit. Other decisions of the Supreme
Court hold " that certificates issued by a State in sums not
exceeding ten dollars nor less than fifty cents, receivable in payment of taxes, the faith and credit of the State beinir pledged for
their redemption, are bills of credit vifithin the prohibition of the
>JT
Coustitutiou."*
It is clear, therefore, that such certificates are bills of credit,
and prohibited by the Constitution. Savings banks, railroad,
municipal, and other corporations in the States of Florida,
Georgia, and other Southern States have followed the example of
the State of Alabama, and have issued, and are still issuing, a
large amount of similar circulation, some in the form of receipts
and certificates, and others in the form of railroad tickets, bat all
issued in the form and similitude of bank notes, and intended to
There is no law in existence to prevent the
circulate as money.
circulation, and no legislative provisaou for the enforcement of
the constitutional prohibition of such issues. The act of .July 17,
1862, makes it a i>enal ofTense " to make, issue, circulate, or pay
any note, check, memorandum, token, or other obligation for a
less sum than one dollar, intended to circulate as money, or be
received or used in lieu of lawful money." It is recommended
that this act be so amended as to prohibit, absolutely, the issue of
such circulation, and thus prevent great ultimate loss to the
people, among whom such notes are now obtaining exteusive
credit.
A
few national banks have gone into liquidation and reor-
ganized as State hanks, retaining their national title. State
savings banks and private companies have also assumed the title
These corporations and companies erect large
of " national."
signs over their doors, issue conspicuous advertisements, and
obtain recognition in tlae counterfeit detectors among lists of
national banks, thus transacting business vnder false colors,
which, of itself, should be sufficient to put all business men upon
their guard. Such abuses should, however, be prohibited, and
the Comptroller recommends the passage of au act prohibiting the
use of the word " national " as a title lor banks other than thobe
organized under the national currency act.
He also recommends that all oificers of national banks, and all
Government depositaries, be required to stamp the word " counterfeit" or •'illegal" upon all counterfeit and unauthorized
issues presented at their counters.
UANKS OF C1KCUL.\TI0N.
The national currency act is, to a certain extent, deficient in a
provision for the prompt closing tip of national banks pursuing
These banks are of two classes. One
to organize and pay up their capital
an illegitimate business.
class organize or attempt
stock with the notes of shareholders instead of cash capital, as
required by law. A few such cases have been forced into liquidation by withholding the issue of circulation, and in one instance
the Solicitor has been requested to bring a suit for the forfeiture
of charter for willful violation of law, as provided in tection .53 of
the'act. In all similar cases hereafter proceedings will be comratnced for a like purpose. In other cases, banks which have
lost a large rortiou of their capital refuse to go into liquidation,
transacting no business, but in other respects conform to the
requirements of the law, for the purpose of receiving the interest
upon their bonds. The stockholders of these banks, in some
instances, have the means to restore the capital, but refuse in
others, apportion of the shareholders desire to pursue a legitimate
business, but another portion refuse to respond to assessments.
The Comptroller respectfully recommends that in these cases
authority be given to withhold the interest upou the bonds, and
to commence proceedings for the forfeiture of charter, and that a
penalty be imposed. These cases are not numerous, but a remedy
is needed to terminate the existence of such associations, and no
penalty is too severe for this evasion of the law. With proper
legislation, and the co-operation of banks doing a legitimate business, an example may be made of illegitimate institutions, which
will prevent the organization of banks without the full amount of
capital paid up in cash, as required by law.
;
EXAMINATI0K8.
the intention of the Comptroller that every national bank
Bh»ll be thoroughly examined once a year by a competent bank
examiner. Every director and shareholder is personally interested in these examinations, if properly conducted. No wellmanaged bank will object to a confidential scrutiny of its affairs,
but will welcome at all times, as is generally the case, a competent and courteous agent of the Department. Many valuable
suggestions may be obtained from the experience of an intelligent
pxamiuer, and, in not a few instances, Ijanks have been saved
from ruin by timely interference in the correction of abuses. In
some insiances information is received at this office of violations
of law which call for special examinations, but which
cannot be
made because there is no meaus of paying the expense of eonducting such examinations. If the bank is found in fault, it will
respond to au assessment if not. it should not be sulijected to an
expense not authorized by law. The Comptroller, therefore,
reppectfuUy asks for an appropriation of $ i.OOO, in order that he
may at all times be free to pursue such inquiries as he shall conuler expedient for the jirotection of ihe creditors of such associations.
Prompt action iu .cases of this kind is very desirable,
and the expense incurred is trifling when compared with
the
public interests involved.
It is
;
MUTII,ATED CI.RHENCV.
Section 24 of the act provides that the worn-out and
mutilated
circulating notes of the national banks " shall be burned
to asl
in the presence of four persons, one to
be appoiLted l)v the Secre
tary ofthe Ireasuiy, one by the Comptroller of the
Currency, one
one
* <:rai2
iv.
Mlsnouvi. i Pet., 410; Bjiiie
Missouri,
fi
Ppt., 40.
[December
7,
1&72.
by the Treasurer of the United States, and one by the association,
under such regulations as the Secretary of the Treasury may
proscribe." From the organizatioil of the system in 1863 to
November 1, 1873, $80,G'J5,30o, more than one-fourth of the
whole amount issued, has been returned to this office for destruc-
to
tion, as follows
Previous to Novcmt)er 1, 1865
During the year ended October
$175,4(10
31, l»i6
l,050,:«j!
During the ye!«r ended October SI, )8B7
3.401,4S.S
During the year ended October 31, 1868
4;tiOJ,8*J
During the year ended October 31, 1889
8.6011 72»
During the j'oar ended October 31, ]8?0
14,80S,68!)
During the jcar ended October 31, 1S7I
24,344.047
During the year ended October 31, 187S
30,211,720
It is probable that the amount of mutilated currency to be
returned hereafter for re-issue will exceed thirty millions of
dollars annually, and that the whole amount of national bank
circulation will be re-issued as often as once in ten years. Au
additional force will be required for the careful performance of
this duty.
No ciJbrt will bo spared by the Comptroller to have the provision of the law iu reference to the burning of mutilated notes
and the prompt issue of new notes in their place strictly executed
and the national banks ofthe country are urged to send forward
such notes as frequently as possible, in order that the currency
of the countrv may be kept in the best possiijle condition. The
oflicers and depositaries of the United States can render efficient
service in purifying the currency, by sorting out all mutilated
notes of the national banks and presenting the same to their
agents in New York city and elsewhere, for redemption.
;
THE
The
OFFICE.
force of this office consists of the
Deputy Comptroller,
and twenty eight female clerks. The work
of the office is continually increasing. More than twelve thousand
reports of national banks are received annually and carefully
scrutinized.
More than one hundred million dollars of United
States bonds have been received, transferred and deposited with
the Treasurer during the past year, and twenty-five millions of
dollars of bonds have been withdrawn and surrendered to the
banks. Thirty millions of dollars of mutilated currency hare
been received, counted and destroyed, and fifty-two mil'.ions
fifty-six
male
clerks,
new currency issued to the banks. Many thousands
of communications are annually received and promptly answered. If any success shall attend the administration of tlia
responsible duties of the office, the Comptroller will be in
a large measure indebted to the industry and efliciency of the
Deputy Comptroller, of the competent corps of examiners, aud
of the chiefs of the different divisions, and to the services of
experienced clerks, who have assisted him in the discharge of
these duties. A reorganization of the office, with increased pay
corresponding to the responsibility of the different positions,
would be a proper recognition of services which have too long
of dollars of
been well performed without corresponding compensation.
APPENDIX.
Special attention is called to the carefully prepared tables cont^'ued in the appendix, exhibiting the aggregate resources and
liabilities of all the national banks, yearly, for the last ten years
to tables showing their condition during the present year, for five
dift'erent periods, arranged by States and redemption cities, and
separate statements of every bank of the Union upon the third
day of October ultimo also to tables exhibiting the difleient
kinds of funds held as reserve the dividends and earnings of the
national banks, by States and cities, semi-anuually, from March
1,1869, to August 3!, 1873; together with lists of insolvent
banks, and banks which have gone into voluntary liquidation,
and the amounts and different kinds of United States bonds
deposited with the Treasurer as security for circulating notes.
The appendix also contains an exhibit of the capital and dividenHs, semi-hnnually, for two years, of one hundred and sixteen
of the leading banks of Great Britain and Ireland and ihe
interest laws of Bhode Island, Massachusetts, and Connecticut.
:
;
;
;
JOHN
.lAY KNOX,
Comptroller of the Currency.
Hon. .James G. Blaine,
Speaker of the House of Representatives.
REPORT OF THE COMMISSIONER OF I1VTERN.U REVENl'E.
TBEA6UKT DXPABTUIiNT, OPFICE OF InTEBNAI. RevEKUB,
WAeniNOTON, Nov. 30, 1874.
The aggregate receipts from all sources, exclusive of the duty
upon the capital, circulation and deposits of National Banks, were
for the fiscal years ended June 30
I
t
:
1870
$185,2.35.8(17 97
144.011. 170 24
]31,770,!MI) 73
1871
1872
These amounts include sums refunded and allowed on drawbacks. The decrease in the aggregate receipts for the last two
years is due to legislation approved July 14. 1870, which reduced
the revenue to the estimated amount of £.")5,000,000 per annum,
but which did not go into full operation before the close of the
fiscal
year 1871.
The amount
of drawbacks and sums refunded for taxes illegally
assessed and collected for the last three years, were as follows
Drawback- Sums refunded:
1870
1871
18:2
J.-,.838
B.-.
22,887 117
:3,704 07
$1!W80a
61
017.38107
.587,009 19
The total nmouut of drawback allowed bv this office prior to .Tune 30. 1872,
was $6,520,514 67. and of sums relundcd, $4.'71fl,806 56- During the fiscal year
ended June 30. 1872. drawbacks were allo\ced onlv on g-^nera! merchanilise
under section 171, act of une 30, 1864, liroited by act of March 31, 1868.
TOTAL AMOUNT OF TAXES BETUBNEb FBOM SETEBAL SPECIFIC AND ALL
OENEBAL -«OURCKH PBIOR -TO JCNE .30, 1872.
The following table exhibits the nggiogate amount of taxes returned frpin
.3
:
,
December
1872
7,
.
—
;
j
.
THE CHRONKJLE.
]
the several ccnoral eourcea of revenue from the organization of tbiii ofllce to the
close of the last flecal jean
Total collecllnns
from Sept. 1,
Sources.
ma, to June
and (xxupallom how
Ut. Artlclts
f'DiriiB
3U, 1873.
..
«ll(l,ai3
83T
Dl.<illlers,
rel
111.')
lill,ST3
.
(Kil)
ami
oeciiiialiont now
^liiniifiicturemind j>ro(uictioii8
iposs recciiJts
r5r,ooy,.vi5
tnmpifrom
tax
;
$'101,Wl/29.'»
I
Sp< cisl taxui uot relating to spirita, tobacuo,
fennenled liquora
ttti
B-^W
of 1861
0»» ;
,••.
Lecaclfri and BUcccfcBloUB.
Articles In ^ilicdnlu A
017
...
8.!ttU,U!»3
*T,7W^8W
enniTB.
\nB as
eiilrila
•
folloivs
4257 8B2 540
""
"'sSd'ooS
.
2.V,374'443
ss ijig'noo
"
Relal! liquor dealcru' special lai
Wholesale liquor dealers' special tax, including tax on sales
(,768,8S0,C09.
TOTAL RECEIPTS TBO.M SPECIFIC SOmCES INDBB .MA.MFACTf BKS A\I) PBOBIT0T8. GROSS RECEIPTS, SALES, SPECIAL TAXES, AM) ABIni.Eis
IN
A.
Maintfa' tnrfK arid prodvitf.
tU.()87,824 I.eaiher of all descriptlont. .»14
LKSa,;*) Oil distilled from cual imd
Bullion
Candies..
Clocks, clock movements,
—
rude petroleum
l,5iy,9J8
I'upur,
ConfcctionerjCotton, raw
'
4. .1-16,177
retroleum, crude
HIanofortes and other luu-
8 41S6'I7
'
sical iustruiuenta.
llil.421)
Silt
1,41)2,
.
Wood
screws.
. .
.
,
...
246
li,S7.S9»
Silk
1.211, .in
Soap...
3..)41. 773
'
I,4:)2,0S3
Plus
.',971,2.53
Steam engines.
69,072,.3S9
'
paMi'-
'i, 179, 781
n.Hlt<,313
(Junpowder
1,0).'), 895
Sugar, brown and reilucd.'
India rubber
2.1C'J,077 Thread nud twine
Iron and etecl and their
Turpentine, spirits of
manufactures
35,306,728
I
I
2.0U.243
I
1,097,247
|
—
$.3,882,983
....
82,654,008
GiosA
rfcf'qttH.
Steamboat companies
Telegraph comifanie^
I
8.(i8:l,'-i0i
$2,112,845
1,519, 836
I
SaliS.
Auction
Brokers, commercial
Brokers, sales of stocks,
$1,931,024
2,932,956
bonds, gold and sllver,Ac
I
I
Dealers' eaUs
tO.591.375
1.5.741,483
9,435,!I86
Manufacturers' sales..,
fpeei'it taxes.
.\pothccrtrie8
$413,547
Auctioucfrs
and bankers
Brokers of all descriptions.
Butchers.
Claim agent?
ric.alcrs, wholesale
Dealers, retail
Den.ists
$-399 5'J5
690,683
8,081,818
4,518,606
lloiels
l,38.").25i'.
Lawyer »
2..352,605
1, 19,5,0R3
Manufacturers
Peddlers
Photographers
Physicians and surgeons.
8,513 656
4.76ii640
515,704
3,5^8,520
nsuiancc agents
.396,995
20,844,.383
15,092,874
. . .
$2,377,170
1,606,917
842971'
.
MiedvU A
Arlictet in
Carriages kept for use..^
Plate of gold and silver
|
|
Watches, gold or
Pianofortes, &o
gilt.
*2 814 895
.
ll455i530
INCOME.
Of the
$311,705,0.^6 returned on iuciune prior to .June 30. 1S72 c^ elusive of
Ibe special income tax of 1864, the sura of $260 700.986 was paid by individuals$29,018,443 Were withheld from dividends and addl'ions to surplus of bank«
f.5,6S0,;.92 from tlie dividends of insurance companies ; $20.6,55,808 from divl•
ilends of rnliroad companies ; $9,852,202 from the interest on bonds of railroad
comnsnies, and $13,772,062 from salaries of fulled Slates officers and
employes.
1 he following statement shows the number of persons In the ITnltcd States
Tvho paid the'incomc tax from 1867 to 1870. in cich of the Ave clashes below
named. Th^e returns were made under act of March 2, 1867. which provides
that the amount of exemption shall be $l,O0O, and the rate of tax 5 per cent:
Nmnber
18:7.
.
Tut'il
The
266,133
following
is
a'
sesscd for
l«li9.
100,558
55,949
107,997
1870.
11-2,874
(;9,!,'-l
68.900
41,196
40.,^19
44, -.32
38,9,57
51. IS*
f.Wi
7,965
9,464
9,.J16
861,617
2723I3
276,661
a similar siatemcnt of returns made for the y.-ar.^ 1871 and
1 1, 1870, the exempiion being $2 tHXI and
Ihe rale of lax
nnder net of July
Number of perfons
I'ur
Classes.
rir^-t class,
tax $20 or less
2.5,479
1'
class, tax
over $500
..Totil
No returns
ssseesed
iueume In—
l.-;i.
Second class, la.<c over fJO and not over $.";0
Third class, lax over $.50 and not over $100
I'ourhelaas. tax over $100 nnd not over $250
Lflh class, lax over $250 and not over $600
Sixth
19.795
12,917
10.74>
3 707
2,135
74,775
im.
22 619
18 887
1.3'3;i5
ir.'i,)5
4264
2,480
72,949
f r 1872 have been received at the date of this
dlstrlil)!, viz.: Ist and 2d Arkansas, 6th Illinois,
report from the
7th Indiana,
A is.l8»ippi 2d Missouri, Montana. Nebraska. 19th and 28th Xew York 1-t
North Carolina, Ist Ohio, 19.U Pennsylvania, 3d Tenn* sje, and Wyum.ng. 7th
fo
lowing
SPIRITS.
The following
Is a comparative etatoment showing the receipts
from the
sources under '• Hplrits" during the fiscal years ended, June
30, 1871 and
18,2, with the increase and decrease from each source
j.eyeral
20 00
worms
stills.
I)U.1M 91
4.UM,liM
059.800 18
3,651 4S4 -.a
2,151,281 U«
l.'.OT
.
inanulac'd
4.0<»n
M
317,120 80
2,0(i5.S«3 63
1,391 66
49
3.24U 00
211.699 00
4,210 00
i'i»,'iM
40.565 00
367,ii4 00
l-HOm 00
00
t,o!iO
00
00
139,602 -5
4.118 95
:t44,723
13.6U3
fees...
....
-20
B,MniB
$46,281,848 10 $49,475,816 86 $3,U!«,.^ 88 $71)e,8J« 83
6.9 per cent.
fruit; registered during the lut
fiscal year was
5if
The number of fruit dlstlllerlea registered
(,iai
Aggregate iDcrcase, $3,193,568, or
ot dIsllllerleH (other tbau
The number
WM
Total
I.SW
Of the distilleries (other than fruit), 456 were operated during the year, and
of Ihe fruit distilleries. 2,676.
1 he returns to this ofllce for the last fiscal year show a total produo
tion, in taxable gdllous, from maierlaU other than fruit, of
(8,878,746
From
767,7f8
fruit
Total yearly production
fi»,0i)il,Ma
Tamable
„.
tails
The quantity of spirits In liond July 1, 1871, wa»
6,748,118
The iiuantity enjercd in bond during the year ended June 30, I87». wa< 86.275.745
The quantity withdrawn from btmd during the same period was
64.914.471
The quantity remaining In bond Juno .30, 1872, was
I0,lUt,3U8
The quantity rtniainim; in bond July 1, 1871, as per present rtport.
less than the qunntlly slated in the report for 1871, as shown
;
by corrected reports of collectors received Bubseqaenl to the puhll8.8<8
The total quantity of spirits in the United Slates not in Internal revenue
warehouses on the 1st of May, 1872. was 39,678,197 proof gallons.
I wbiild recommend that section 54 of the act of July 20 1868. as amended
bylheactofJuue6.1872.be further amended eo as io authorize yon. In a
more ..xplicit manner than at present provided, to require export bonds
of nerboiiH app'.ying to export dlt*tilled sp.rits for the beneiit of drawback. It
is desirable that tile language ou this point should be perfectly clear and nnquestiouable, inasmuch as tae exportation of spirits on which the tax has not
been paid will be aftected thereby as well as that provided fm in section M.
By the act of June 6, 1872, the fees of guagers and the ps) //i^w. compensatit>n of storekeeperH were made payable by the United States without re. Imbureemeutby distillers, except by the Inc-eased raieof tax on distilled spirits,
this increased rate having been determined partly hy taking Int account the
amount heretofore paid Kir the services of such officers. But experience has
already demonstrated that the amount to be paid wilt be not only greaicr
(notwithstanding my most strenuous efforts to the contrary) than ever before,
but also greater in proportion to the quantity of spiriis pronuced.
It is apparent that the reteniion of spirits in the warehouse after Ihe distil er has ceased oper .tioiis, extends the time for payment of the tax due, and
is therefore for his benefit only.
In view of this, and the ft)rei.'Oiin: slaiumeut, I would recommend that when a distiller has ceai^ed operutiuns, the
pay of the storekeeper for 6ubs.equenl services at hl« distilh-ry warehouse, in
consequence of spirits reinaiiiing tbeiein, sliall be re-lmbursed to the United
States by the distiller.
rBBMENTED LIQl'OUS.
By the act of June 6, 18T2, the act of July Vi, 1866. so far as It relatea to fermented liquors, was re-enacted with some amendments, made at the soUeliation of the principal brewers of the United States, dselgued to alTord i.rt-wcrs
better facilities itian heretofore for the conduct of their busluess under internal revenue laws.
These concessions do not appear to have been of a character to endanger
the public interests, as the following statement will show
The lax rect ived on fermented liquors at $1 per barrel during the first
quarter of the llscal year ended June 30, 1872, was $8,817,291 93, w bile the receipts from the same source during the first three months of Ihe present fiscal
year amount to $2,684,241, an increase of $466,949 07.
The average increase of about a million dollars annually during the loet
three fiscal years, as contrasted with the stationary character of the receipts
during the four years next preceding, is certainly gratifying, but the Increase
during the first three months of the present flsOil year, as above stated, tar
exceeds that of any corresponding period in any other year since the organisation of this oftice.
The tax received on fermented liqnore, at $1 per barrel, w»», for the year*
,
:
$5,819,345 491 1870
5,685,663 70 lif71
5.866,400 9811872.
1867
1868
1869
$6,081,8*0 54
7,159.740 80
8,009.««» 78
The nnmhcr of persons engaged in the mannfac'nre of fermented liquors
fiscal j'ear ended June 80, 187'2, was 3,421 >.Ulrlbnted as follows:
.\iabama, 5: Aii/.oiia, 10: Arkansas, 1 ; California. ^26: Colorado. .36: Connecticut, 25 Dakota, 6; Delaware, 2; District of Columbia. 15 Florida, »
Georgia. 4: Idaho. 12; Illinois. 216; ludinna, 169; lows, 171; Kansas, 46;
Maryland, 72
Massachusetts, 66;
Kentucky, 46 Louisiana. IB; Maine, 1
Michigan, 189: Minnesota. 114; Mississippi, 8; Missouil. 124; Montana. 36;
Nebraska. S3; Nevada. 41 New Hamiishlre, 5: New Jersey, 88; New Me*.
Ohio, 888; Oregon. 31
Penn:
ico, 8: New York, 479; North Carolina, 1
Texas, 44
svlvauia. 443 Khode I-land, 4 South Carolina, 8 Tennessee, 11
I'lah, 16; Vermont, 4 Virginia, 18; Washington, 14; West Viixinia, 17;
during the
:
:
;
:
;
:
18«8.
First class, lax $20 or lens
101.219
Second cNss, tax over $20 and not over $.''iO . 68.680
Third class, tax over $50 and not over $100.. 40,899
Fourth class,' tax over $100 and not over $500. 46.055
Fifth class, tax over $500
9,282
1872,
of persons
Income in—
Classes.
2;i per cent
20 00
5»
catlonol the rejiort for 1871, Was
.i'sotiis
20,45(i,55S
iucludiiiy
board, hiudcrs' board, &c.
457, S70
Cloth and other fabrics of
cotton
38,606,287
Cloths and other fabrics of
wool
29,922,434
Cloihius,
not
including
lioole and shoes
S5,422,745
Coal
S,!«i(i.ll61
llf^iiks
806,708 70
uiaiO.OoS
TOBACCO.
The tax paid on snufT and the blfjlicr grades of nianufurluicd tolwcco was
$181,185,601 ; on smokiug tobacci'. fM,l>33.146; and ou cigart.. j;3!I.T.VJ.:i t>. Tliu
number of pounds of manufactured tobacco and sunfl returned for luv w s
K03 S()?,04.i. The number of cigars ou which the tai was paid
Mmoiinled U'
Express companies
Insurance coiapanics...
Kailruud eomp.-iuies
10»,31i3
«,48li,78« 01
5,«63,0;7 31
Total
SWi4H(ii
Afgrcgatc receipts.
iS'C
'
Kxcets of gangcra'
14.H<Vi(^lH
The icvcnuc derived from leading sourecs nnder
Gallon tax
^
Per diem tax on distilleries
J'lstillcrs' tpcrial and Iwrrel tax
»,<»1.631 68
2,0I0,ge« S3
17.'Hl-2."a-|0
1,001,331,864
SCUEDl'LE
...
^deul-jrs
!«l ;I81 8i.«
Jliaccllancous
Boots and shoes
32,572,940 16
bar-
Stamps, distillery w'house
Stamps, rcctlHers'
Stamps, wholesale liquor
34l!7l'«!o3il
Special income
and
In luiilalion of
ehamp.<tgiio
Kecilllers
ealers, retail liquor
Di'alers, wholesale liquor.
Slllls or
and
Income
special
tax
Mauufacturers of
M.ic^l'o 7
37,5J8,1KI7
Sbck
tni.lHM
$
Wine made
7,i«M,«18
AHlc'fs
DeereMt.
laerease.
$514,818 83
•
^,(Vtt
I'ennltks
mi.
H7I.
terials other than apples.
frt.'JSl.HOO
Ailliusive stuuij)!!
!il.
Sonrcei.
epirlU distilled from apples, peaches, or grapes $I,Z36,005 87
Uplrlts dislllle<l from maiieachcs or grapes.
29,921, ,308 48
Dfslir
stillcries, per diem tax
1, mi, not 96
(uiuble, iadiidiug i»nallit
ti'W.l.-W.JIO
Tobacco
Jcmicnted liquors
(lankKund liuukera
765
;
;
;
:
;
;
;
Wisconsin.
292.
I would recommend thai sections 18 and 82 be so amended as to provide for
packsges known as " thirds." The act of March 8, 1867, authorized their use
10 aeeomnioduie brew its west of the Rocky Mountains, who are compelled to
send their piiHlucU from their breweries Io the consumer or retailer on Ihe
backs of mule!- this sized package being specially adapted to such a mode of
convevauce. "Thirds" appear to have been omitted in the act of June 6,
1872, t'hroiigh inailverlcncc, and they should be restored.
:
The amendments made by the act of June 6, 872, to section 59 of the act of
to the special taxes for sell:.'0, 1868, as amended April 10, 1869, relating
ing spirituous and malt liquors and wines, were, it has appeared to me. Inprovide Ibal, In addition to the former classes of Ilqnor
tended slinplv to
dealers, there should be two classes at slower special tax autliorized to sell
malt liquors only, leaving to ihu former classes of liquor dealers the prlvileKC
of ceiling malt liquors which they previously iiossirssed also leaving unchanged the exemption from special tax as wholesale dealers extended to
brewers who sold feiiuented li<|uors of their own production at the brewery
in the original iiaokages. Nevertheless that lnt»nlion is not eo clearly expressed by the laiigua're of the section as amended as is desirable in so Im*
porla-it a provision oflaw.
To prevent the injustice w liich might be done by acting n|)on a more technical construction of the langiin:.'e nse<i as to the several classes of liquor dealers
and malt Ilqnor dealers. 1 issued on ihe 30th of September last ill^lrlUllon6 to
assessors and collectors to make asses nients and collections in accordance
with the above expressed view of Ihe intentions of Congress, until I conid
bring the question to the attention of that body and I "Iso suspended the
coHee'lo., of all assessments which bad been made contriry to that conJuly
;
;
strucllon.
•
.
:
THE CHRONICLE
766
Id view of this, I woald r»«pectfnlly recommend that the lansuagc of the
at
b» made more explicit. Iwonldalso recommeud tbt retail dealers
llian five gallons,
iu malt liqnors be limited In their Mtlee to qiiaiiiities lee«tlianu>« ^nui.uo,
be
and that those PcUltig In quantitlea of five (gallons and upwards " required
to i>ay the wholesale dealer's lai.
TOBACCO.
The total receipts fr^m tobacco for the fiscal year ended June HO, 187J, were
Compared with the total receipts for the fiscal year ended
$.3.3>736,170 52.
June 8'>, 1»T), the fo lowing results are shown
$!S,(5"4,56n 2(>
Tear ended June 80, 1^7•J, tobacco— chewinc, &e., and snnfT.
20,677,717 84
Year ended Juno 39, 1871, tobacco-chewinj;, &c., and snulT
!
ee-'tlon
|
;
:
Showing a decrease In class 3J cents of
Year ended Jn c SO, 18J-2, tobacco— smnklne, scraps, shorts, *c.
Yenr ended June 30, 1871, tobacco— smolsiug, scraps, shorts, &c.
2,003,143 58
$5,°96,J06 33
4,882,341 83
Showing an Increase In class 16 cents of
Year ended June 80, 18.2, cigars, cheroots, Ac
Year ended June 30, 1871, cigars, cheroots, &c
Showlnjan
1,013,384 60
$7B66.!56 86
SO, 1S72,
30, 1871,
Ac, of
received from sale of export stamps.
received from sale of export stamps.
$1(67,983 62
$.'y!,576
.
25
OO.UT 00
Decrease from sale of export stamps
Tear ended Ju^e 30, 1872, received from dealers In leaf toba'-co.
Year ended June SO; 1871, received from dealers in loaf tobacco.
Increased collection from dealers In leaf tobacco
66, 1872, received from dealers in manufactured
$3;<,825 64
Year ended Jane
luba.co
Ycjir
.
ended June
SO, 1871,
$1102,357 83
..'
received from dealers In manufactured
970017 96
tobacco
from dealers in manufactured tobacco..
1872, from special taxes ol' tobacco and cigar
Incre^isetl collection
Year ended June 30,
mmiufactarcrs
Yi'ur
ended June
$152,339 93
$182,816 31
3J, 1871,
from special taxes of tobacco and cigar
162,367 ai
manufacturers
Increased collection from special taxes of tobacco and cigar
$20,448 08
Tunnufacturera
Showing an Increase In the total receipts from the manufactnrc and sale of
tobaccit in all its forms, over the receipts from the same sources for the pre*
ceding fiscal ycsr, of $157,263 St.
ANNUAL PBODUCTIOK.
The quantity of roantifactured tobacco represented by the collection of taxes
f.-om this source for the fiscal year ended .jime 30, 1872, Is as follows :
lbs. 58,3.'j8,029
Of chewing tobacco, snuff, &c., class .« cents
36,85 ',290
t'f smoking tobacco, scraps, shorts, Ac, class 16 cents..
0.56^,081
^... ........
Exported to foreign cour tries
2,485,555
l^xcess In warehouses June 30, 1872, over June 80, 1871 .
Totfll
107,260.855
product for the vear
of cigars, clieiools, &c, on which taxes were collected during
year was 1,527,705.973.
From the above statement it will be seen that the entire p-oduct of manu
facturcd tobacco reported for the fiscal year ended Juno 30, 1872, exceeds the
total product of the jjrecedlng fiscal year by 1,431,892 pounds, while the aggregate quantity which reached taxation for the last fiscal year was only 73,815
pounds in excess of the quantity which reached taxation the preceding year.
During the last fipcal year ilie quantity of class 16 cents, or smoking tooacco.
ivris increased by 6 333.651 pounds, while the ouantity of clas* 32 cents, or
chewing tobaico, was diuiinis cd by 6.259.S10 pounds, as compared with the
pie ediiig year. This change in the relative proportions of the two classes of
tobacco was owing, no doubt. In a great measure, to the agitation of the question of taxation during several months prior to the passage of the act of June
6. 1872. which provides for a uniform ra c of 20 cents per pound on all descriptions of manufactured tobaico, In lien of a graded tax. The anticipated
Increase of tax on class 16 cents smoking tobacco greatly stimulated tho production and sa'e of this grade of tobacco during the last months of the year,
while the prospect of a decrease of tax on class 32 cents, or clicwing tobacco,
operated largely to dimioish the sale or removal, except in boud. oflhis grade
or tobacco. Since July 1, the lime when tho new rale of axation took cfToct,
ine sale and removal of plug and oiher kinds of tobacco on which tho tax was
diminished has been unpreccdentedly largo, and the collections for the first
qnarterof the present fiscal year from tobacco are greatly in excess of those
made from the same source during the eamu quarter for any previous fiscal
The number
the last
fl'cal
year.
VNironM BATE or tax.
am able to
judge, the law providing for » uniform rate of tax on
all manufactured tobacco, whether chewing or smoking, is operating very
satisfactorily. Therp is now no reason why revenue officers should examine
into the modes of manufacturing tobacco employed by any one. or for opening
or examining any package to ascertain tho character of its contents. If the
package Is a lecal om-. and has upon it a proper revenue stimp denoting the
payment of the tax, with such additional marks, brands and labels as the law
prescribes, no officer Is authori/ed to examine it further. Owing to the
disturbing causes already referred to which have alTeclcd the trade for some
months pa.'t it is now too early to predict with entire certainty what will be
the actual result ef the presi nt uniform tax on the amount of revenue to be
collected. I have, however, reason to believe thai, with tJ.e additional safeguards provided by the new law against the sale of manufactured tobacco in
fraud of tho revenue, and W'itb the taxes Imposed upon the sale at retail of
raw or leaf toiiacco for consumption without its being subjected to any process
of manufacture, the collections from tobacco uidcr the uniform rate of SO
cents a pound, \vhich Is a reduction of more than six cents a pound from the
average rate for the last two fiscal years, will reach nearly it not quite the
enins realized for either of the same years. In making this estimate I am
relying upon making collections on from eight to ten millionB of pounds more
of 'manufactured tobacco in consequence of the restrictions which the act of
June 6. 1872, has placed ujion the sale, for consumption, of raw or leaf tobacco.
So
far at I
bonded warehouses show that this qaantlty has betn;
constantly diminishing, so that no great hardship will be Imposed upon tho
owners of this tobacco by requiring them to affix stamps and withdraw tho
coniparstively small quantity remaining In the warehouses at the expiration
of thesix months which the law allows for closing them out This view of the
case la especially apparent wheu the fact is taken into consideration that the
owners of This tobacco have airiady had six months' credit for the taxes duo
on all of It. and on a considerable portion, a much longer time ; and also (he further fnct. th-it these tobaccos, after having been stamped, can at any time bo
exported, and the owner? ohtsin a drawback for the amount of tax which shall
be shown to have been paid on them. In Baltimore the two warehouses have
already been closed out by the action of the warehouse men. and I have given
instructions to the different collectors under whose control the oth(r warehouses are, to take the proper steps to close them all out Imraediate'y ui>on tbft
expiration or the time fixed by law, by advertising for sale by the government
ail tobacco which shall not then have been withdrawn by the owntrs.
The act of June 6. 1372. provides two modes for the eiportatioB of manufactured tobacco to foreign countries. First, directly from the maunfactory
without the payment of any tax and secondly, from the store op warehouse of
the jobber, dealer or commission merchant, after the tax has been paid, with
an allowance of drawback on the presentation of proper evidence that the tobacco has been exported and landed in a foreign country or lost at sea. The
few mouths that have intervened since the adoption of the new system have
by no means afforded snfHcieut opporlunity to test Its practicability. Thna
far. the two systems have both been in operation at the same time, the tobacio
stored in warehouses being exported under the regulations in force at the
time when the late act was passed, while direct exportations from the manufactories have been made under the new regulations. The two systems operating concurrently have not tended to harmony. I have seen nothing, however, as yet. whlcli leads me to distrust the practlciblllty and complete srcoesa
of the provisions made by the act of June K, 1372, for facilitating the exportation of tobacco to foreign conntries. Any radical change in the Is w and reguilatiOi.s touching a business so varied anil extensive as is the tobacco trade,
requires t me for persons eng.igcd in It to accustom themselves to the alturation. For this reason such changes should be as Infrequent «s possible. a';d
only made upon urgent neci'ssity. That such a necessity existed for abolIsh>
ing he old sv-teni of bonded warehouses at ports of entry, which allowed tobacco to be b'tored therein for home consumption as well as for export, and to
be withdrawn therefrom at any time unon the payment of the tax, few persons except those who enjoyed the privileges of such warehouses have expressed a doubt. Under the present law tho credit system Is entirely dispensed with, and no sjiecial prlvil;;.'cs are given for making a monopoly of tho
trade in mannfaclured tobacco. All tobacco is required to have proper stamps
atlixed. indicating the payment of th'; tax. before It is removed from the placo
where It Is made, except that which is intended for and actually bonded for
xport to a foreign coumry bet'oru it leaves the manufactory. This system. It
for
Is believed, will greaily widen the field for exportation, el-.ce it provides
direct shipments for any district in the country, the mannlacturer filing hi«
completing his shipping papers in his own district. It provides,
bonds and
also, for the shipment of tax-paid tobacco by any person who desires to e.\po: t.
giving him an allowance of drawback for the taxes paid a privilege which
was nnt allowed under the previous law. Persons having lu their possession
tax-paid tobacco, however badly damaged and unsalable, even to such a decree
as to render it wortliii'sa for sale or consumption, cnn, by exporting the same,
always realize therefrom an amount equal to the tax.
NEW DIES FOB CANCELLATION OF STAMTS.
Since the passase of the act of June 6, 1812. which authorizes the Commissioner of Inienial Revenue to prescribe such iustruments for cancelling stamps
for tobacco, &<:, as he and the Secretsry of the Treasury may approve, a steel
die for the cancellation of registered tobacco stamps has been prepared and
furnished to every manufacturer of plug and fine-cut chewing tobacco In Ihe
country at the expense of the Government. This die is so constructed as to
drive several poi lions nf every stamp into the wooden package and lodgo
them there, so that If Ihe stamp should be taken from the package It would
be quite impossible to supply the portions thus driven into tbo wood to be roused on any othur package and without the presence of the portions required
to be driven into tiie wood, the fraud would lmme<iiately be apparent.
The use of this die is made imperative by regulations, and us operation Is
very generally satisfactory. With an entile re-Issue of tobacco stamps, which
has been mnde within the list vear, printed on paper which the Government
has made for this special use, and printed with different colored impressions,
so as to preclude tho iiossibilityof counterfeiting by photo:!raphy, with a morn
perfect cancellation effectid with the new die, I am not aware thatany new or
additional device or contrivance of a mechanral nature Is roquiicd to perfect
the machinery whiih the Government is employing to collect the taxes on tobacco. Some additioual device may be required to prevent the re-use of clgerboxcs from which the stamps have not been removed or destroyed. Should
any such ilevice li'TCatter be found which commends itself to the Govetnmcnt,
there is authority given in the amended law for its.adoption.
The present law relating to tobacco, though not claimed to be perfect, nndoubteolv contains in its various provisions the practical results obtained
from ten years of experience in internal revenue enactments. Under this law
the tobacco business is believed to ha safe and prosperous, while equal and
ample protection is given to all. For those reasons I advise thit there bo uo
additional legislation on this subject at present.
collectors In charie of
;
6,508,173 24
Increase on cigar",
Yeir ended June
Yew oudcd June
[Dccem'ber?, 1872.
EXPORT BONDED WABEHOtlSES AND MANUrAOTOBED TOBACCO IN BOND.
rotmds.
There were remaining In store In the several export bonded
houses on the 1st dav of July, 1871
Pltccd In bond during the fiscal year ended June SO, 1872
-ware6,650,.597
21,194,662
•
;
;
ABSTRACT OF CASES COMPROMIBBD.
The whole number of cases compromised, as provided under section 102, act
of July 20, 1868. during tho fiscal year euded June 30, 1872, was 479.
$104,612 86
Amount of tax accepted
2,917 99
Assessed penalty fixed by law
129.158 62
Specific penalty in lieu of fines, penalties, and forteiturea
$236,719 47
Total amount received by compromises
ABSTRACTS OF BEPORTS OF DISTRICT ATTOBNETS FOB THE FISCAL TEAR 1872.
Suits deEults com- elded In
luenced. favor of
26,8;.%259
total of
There were withdrawn
for export
during the
fiscal
year ended June
9,565,981
1)0.1872
Withdrawn on payment of tax during tho
fiscal
year ended June
30,
1872
0,143,126
M:iking a total withdrawn during the
1812
fiscal
year ended June
30,
18,709.107
And leaving a balance In the warehouses July 1, 1872, of
8,136,152
By tho act of June 6. 1872, the system of export bonded warehouses authorized by the act of July '20. 1868, was abolished, and the several warehouses
established under said act are to be discontinued after the expiration of six
months from the passage of the first named act As the average quantity of
tobacco withdrawn for export and consumption for the fiscal years ended
June 33, I8T1. and June 30. 1872, respectlvelv. exceeded twenty millions of
ponnds. it was thought at the lime of the passage of the law that six months
would be ample time for the holders of tobacco then in bond, which was considerably less than eight millions of pounds, but increased after the passage
of Ihe act to the quantity given above as the balance on the Ist day of Julj-,
either to withdraw the same for export, or for sale and consumption, upon
Ihe payment of the tax. The reports received from month to month from the
or dis- Ing
missed. July 1
U.S.
Number of criminal actions
Number of clvilactionsiaperwaom...
Number of actions in r.«»....
4,070
1,542
1,'297
i29
038
523
196
64
S.668
1,873
890
145
2,01,9
783
2,957
2,406
6,341
Total
Amount of indgments recovered by United States In suits in crim-
6,246
1,024
668
$333.930 63
of judgments recovered by United btatea in suits in civil
,•,• ',337,86109
actions (" /j'l.NO/ia'n
Amount collected on judgments and paid into court in suits in
109,939 10
criminal actions
Amount collected on judgments tnd paid into court in suits in
-.
443,4*1 93
civil actions >n iieisonam
Amount collecteil on judgments and oaid into court in actions Ji
18o,452 08
ran or proceeds of forteiture
ABSTRACT OF SEIZHBEB.
durlug the fisca
violation of Internal revenno
Seizures of property for
year ended June 30, 187-3. were as follows:
ll
187,619 gallons of distilled spirits, valued at
^^ii'Sfi 00
,847
barrels of fermented iinuors, valued at
Inal actions
'
Amount
•
Makings
Fend.
Settled
Apalnst
U.B.
•
»»
Mi
'
9,6*1
102
pounds of snuff, valued at
254,8:i0poundbof tobacco, valued at
....
I,181,n09clgar8, valued at.
Miscellaneous property, valued at
-«
„I
i!f5
-£
,5il. aw^'iIt vn
.fjo.iu
m
•.•:•,-•• $646,263 27
•.
Total value of seizures
tabic exhibits a comparison of the receipts from all sources
In this report
taxable during the last two fiscal years, not already prcseuted
The following
Receipts, fiscal Receipts, fiscal
year 1872.
^ year 1671.
$2,70z.m6 84 $3 6 3,-^2 19
deposits
976,092 13
919,262 77
rapltal
8,864 82
««,T81 9«
d?cidation: .......
Banks and Bankers.
Bank
Bank
Bank
Tola!
$3,644,241 53
$4,6-23,229 14
Increase.
$941,075 .35
56,829 86
$13 917 10
$997,904 71
$13,917 10
.
December
THE CHRONICLE.
1873.]
7,
deposited In savlnira bunks, Ae., In (he nsme of one perion fr»m $600 to (t,OCU
and tho other exumnts certain borrowed cupltBl.
The decru. so In th>i receipts from income la nwliis to Ihe expiration of ilie
tax i)y limitation with (he assvaiinent on Incoinea lor th« cahitdar year KTlt.
The receipts from stamps for the first qusrtrr t>f ihi' prtsei t flscjd )eur w«r<i
Income,
lucomc from Individuals,
Uldudluu luiluriuil
Blink dlvlJundH and uiH
and
8,711,2;S0
0,510,961 4<
51
1,512,667 75
3,163,561 31
610,898 66
1,121,439 69
1,801,590 30
729,856 71
9T1,&1& 86
disirlbutud prollts. ...
Railroad compunle,.!!!?!-
denda
boted
M
15,333,211
1,291,020 G8
810,681 33
uudlntri-
prollla
Railroad c<'tapaule<' intcrcai on boudii
Insuraucti cotupaulun' dl-
videuds uud uadUtribated nroiioloer
A11
370^1
243,205 21
»7,3i;5
93
Total
.$19,lB2,Hf.O 75
2,.^73,122 «2
Oa»
tl4,l3';,S(il
2,8.11,
.
.
15,312,7S9
91,411 92
160,192 81
58,730 91
ddbaalra ataaipa....
The
14
collecliona
fromluconu
ns
lU,177,3iO
'i6
lucrK»«o on hanks and bankers
la
78 11,785,172 45 $0,510,961 42
«S,."iy5 «4
6«
W
J,9S1,9S8
;
834,53111
on
;
and on
$9.31,58).
The decrenioi In therocclpts of Income from Indi
vlduala wjia $B,510,9til. $l,"8.'i,172 were, however, offset by the Ini-reiise In Ihc
returu.s from orporatlons, »o that Ihe lialiluce shows a lo'tiil decreasi' of imly
$4,7S:i,7SS).
The lari^e apparent fttllinKofl' 111 the receipts of income from indlvkluiiU Is chiefly owii.K to I diiroreiicu In the rate of lai. Of the *ll,43i.9.Vi,
exclusife of the aal.jry tax retnraed In I8?l, J:li),t)dO,Hfi7, or ueirly 75 per cent
were collected St 6 per cent under act of March 2, 18()7, while the Iwlnne-; for
that yftar and the whole amonnt lor 18V2 were retnrned underact of.Iulylt,
18T0, <t i}4 per cent. Esilmalins i>i ))cr cett on the la.xahlc Income of the two
year*, there
a ditrereuco of only $077,781, In favor of 18T1. Tlie collodions
on tile annual and monthly Hats of 187f amounted to $7,1125,409. The receipts
to date on the lists of 1872 are slightly iii »i:ces8 of oiyht millions of dollars.
I present herewith a atatement of the receipts for the llrst tpiartcr of (he
prtscDl fiscal year, in connection with those of like character for the corr>/spouding period of Ihe year pvocedlns. Returns from the fDllowliiR dl.'.
tficts not iiavlu!? been received at tho date of this report are not Included in
the receipts for the Urat quarter of the current year, viz.: Nebraska for .Iidy,
August and September; 7th Tennessee lor September; 4th Texas lor July,
August aud September, and Utah for Septeinber.
U
;
•
CoupiBATivE Statement ehowlnRthe collectUns of internal revenue for tlie
lirat three montlis of tho Bscal ye»rs ending June 30, 1872 and 13T.1
also the
iacreaae and decrease from each source.
i
;
;
Sources of Revenue
lucreaae.
Decicase.
Splriti.
Spirits distilled from apples, pouches or grapes. $103,072 37
Spirits distilled from materials other than apples,
peaches or grapes
7,363,209 00
Wine made In Imitation of
champagne, &c
$185,.3M 18
8,729,474 36
1,460,263 30
22 40
Rectifiers
103.03.3 50
Dealers, reuil liquor
1,5(I0.3S2 SKI
iJealera. who esalo liquor.
23a,40j 41
Mannfaclurera of stills, and
stills
$238,076 55
n4.f|8»
III
22 40
71.065 75
$106,855 51
l.B!i3,527 45
3&0;5J2 33
124,142 93
aud worms mauu-
lacturod
Stamps,
2,94117
2,01101
00
146,660 80
932 50
ware-
distillery
bou8e,forroctlficd apr'ls
&c
ir.9,074
Stamps rordlstllled
on,
23,013 20
spirits
Intended fur export
DlBtlrlerles. per diem tax
518 75
518 75
'
distillers'
special
barrel tax, excess of
and
gaugera' fees,
io
2.084rfro 40
12,739,189 45
4.37,812 57
1,040,767 89
.11.459.916 90
Total
1,847,917 36
$568,613 87
joiacco.
CIgnrs, cheroots
aud clg.ir.
etta
1,86,3,989
Manufacturers of cigaia.
buuff
Tobacco, maniifactnrcd, of
.
all
descriptions
87-
3*.8U0 96
110,217 03r
.
2,199,537 97
81.698 32
858,352 71
518 10
1,897 36
118,135 68
33,5
17-
7,OT1,847 12
18,147 05
19,101 00
30,251 51
1,S42 80
59,243 16
17.701 20
1,011 35
322.S73 72
5,093 8<i
391.553 31
2.133 »5
17,194 77
7,089,994
Stamps for tobacco or auuff
iutended for export
Dealers iu leaf tobacco
Dealers la mannfactured
tobacco
Manufacturers of tobacco.
I'edlcrs of tobacco
Sales ofcigart.lcaf tobacco
manuiact'd tobacco, Jtc.
.
.
'•
^
91,053 96
10,016,63' 67
~^
:
2,059 "91
V7,i94'77
50.920 40
40,733 50
9,565,382 08
Total
69,279 69
672,055 50
90,799 91
FeimenUd Uquors.
Fermented
liquors, tax of
$1 per barrel on
2,217,291 93
Brewers' special tax
78,261 09
Dsaicrs In malt liquors..
.
,
Total
2,295,556 02
2,6&4,2J1 00
73,606 17
6.039 60
466,949 07
"e".
i'.wiw
039' 60
2,763,886 67
472,988 67
70
1,148,215 10
188,182 63
17,462 79
14,460 03
1,424,101 12
1,353,860 68
11,460 09
4,657 93
^anki and Buikers
Bank depo.dta
Bank capital
Bank cucalatiou
Total
1,181,188 50
239,909 92
3,0ir2
32,973:34
61,727 29
84,700 63
Imom*.
Ii:comc from Individuals,
including salaries
3,618,406 96
Bank dividends and undiS'
trlbuted profits
955,880 03
Railroad companies' dividends and undistributed
profits
889,800 33
Railroad companies Interestonbonds
480,569 39
,
lusorancc companies dividends and nndistrlbnled
profits
141,612 69
All other collections from
Income
36,952 89
duuhih-ss diinlnishetl lu aiitlcl|Nitioii ot the ri*i>cal, Ueiober 1, ultimo, of all
?euersl slmipa except those on bonk ehecltfi, drvlts- Or 4Cder». Tbereol|»is
rom a<fUices formerly taxed, but now exenipt, being cvUteiluus uu old Usia,
are of course constantly decreasing.
The receipts for the hiu fiscal year exceeded my MtlniM* by $6,770,916 73.
luip<irtMut changes having been iuud<t In the JaW h^ act of June 6, If 72,
touching spirits undtobacco.lt la lin; us^lble lo st-ite ilPith cerUilniy ut ib,s
early dity how much the receipts for (be ciin-ent fiscal year will be ulf. cted by
the modified provlslona of (be law. From the beat Informailou now oIKolnab.e, I estimate that they will not fall short under the prea«ui law of $I10,00U,0(U
CONSOMUATIOM 01' DlStHICTS.
The act of June 6. 187i, required the reductli n of (be In(ern9l revenue dutricta'ln (hernl'ed Suilea to not exceeding eighty In number, by unidng (wo
or more dUtrlcta Into one and alh<» Ihe reduction of the minor ofllu-r* In ihe
Bervlce to as small u number aa would be consistent with their Uinlled dnlli'*.
Immediately upon the passage of (his act genersl Inrinlry for Infoiiuatlon
was made Willi a view (o a prompt compliance widi (he law. This Inquiry
early iieve!oi>eil tho o,)liilnn of (be leading oRlcers In tho service, wiiuro
I»osl'tlons rendered (hem Impartial In the matter, that to consolidate a( oure
would largely Interfere, to the loss of ihe Oovernmcnl, with ihe collection of
tixes from rtssessmen(s under repealed laws then In tho hands of Cftllectors.
I'huse collections could only lie made with dcspalch and cerlaiuly by tho«e
acquainted with the speeLtl localities and circumaianceM of (ax payers. To
avoid a much greater lo^s by (his untimely dl«inrbauee (ban could possibly be
compensated by the consequent reduced exi>endlture, (emp irary delay wss
The Inieiim was used in
universally advised aud filially determined upon
inishiiig to a rapid close the oollertloa of iheKe balances. The result haa Jusilrtcd tbepropnery of the delay. It was estima(ed (hat by (be a :t cf June,
1812. the whole amount of iniernal revenue, exclusive of the balan rea under
repealed laws, would bo about $110,0011,01)0 per annum while tho sctnul
receipts for the first quarter of the cnnent fiscal year were at the rate of $13%
400.0110, showing several millions of dollars in excess of the fa(ima(ed
recelpis, aud (bis very considerably from (axes duo under (be repealed laws.
To have violently takeu the lists containing these evidences ef taxation out
of the liands of almost every two of tlircc colieeior-i and coniinittcd (hem (o (he
care of tho remjiiniug on
would have Introduced dangerous delay In the
receipts and would i)robably have caused large lops at last. The collections
have been largo, and rerteci great credit uiwn the officers.
The act of June 6 reduced (he duties of assessors and assistant assessors so
as to leave but tktee thingti, which could not be done with equal propriety by
the collectors and their deputies, two classes of otMcer* remaining, botti
numerous and expensive, for a work that one ela^s could as well do. Tbi(hrce duties referred to are the assessmeul of the ntftcl m y HiJt o» itM lltn.
an exceptional tax, only occasionally dui*. and Ihe liot t for assesiing which t»
always at hand from daily reports In this <»rtlc". Tho majority of such aaecssinents being revli^wcd and re-adjusted under the present system, all of
them could as readily be certified from (liN Ottlcc (o the collectors in the fiitt
instance. This would Insure nniformiiy of adjiisimeni. a thing almost im
jio^slble where two or three hundred unassoclutetl iiiinds are reading and
interpreting law aud regiibtions, .Second, the ^/i.(/'// or license taxes, which
The special (a.x
arc 'collected as a general rule but onco (May) each year.
certificates can bo Issued In books, as are the spirit and lobacco stamps, and
charged (0 the collectors at their face value, crediting them (collectors) only
with cash or tho unused certificates retnrned to this oillce. This systemworks admirably in the.matier of spirits and tobacco, and can be very easily
adapted to this other soniee of revenue. The Mm/, and only remaining duty
with which the collectors might not be entirely intrusted, Is the tax on liaiil.s
aud bankers. This ttx Is payable but twice during each year, and Is the son?
remaining tax on corporations. The tax upon corporations was at one period
all collected directly by this Ofllce, at a time when it extended to railroad.
Insurance, canal ana turnpike companies. In addition to banks and bunkers.
Tile history of this c'ass of taxation shows thai wlieu so collected it was well
collected, and the whole work done by less than flftceu clerks, at an average
salary not exceeding $1,400 per annum each. If fifteen men couht collect IhU
tax when it reached $13,000,000 per annum and embr.iced five species under
the class, all of them retiuiring monthly returns, it is not seen why a coinp:irativcly smaller number mav not now manage one-fifth of the class, and
only yielding, us estimated for the current fiscal year, $800,000 In all.
It further appeared that the exceptional labor could be done Iu ihlsOif.cc witbont
Increasing Its force materUliy, and thus enable the discharge of (ho entire
body of assessing oflleers. Inasmuch as the plan of reduciion under the act
of June 0, only provided att'oliUe y for the reduciion of some two-thirds of the
principal ofilcers, (100 In all,) and left the reduction of Ihe assistants (over
1,300) tlitcte'ionan/y It seemed to be die better plan to ask Congress to make
the larger reduction ond make that absolute. It is not an easy matter t<* put
out of commission a thousand or more officers. Experience has demnn»(ra:« d
that nothing sho.t of unequivocal, iuexorablc law can sareiy do it. Discretion
admits of doubt and suggests dehiy.
In view of the j.reat confusion and loss of revenue anticipated bv a general
disturbance of the collecting ofllc a (he siiu,^llcl(y and security of a system
which shall have but one class of oUlcers and those all under bonns the fact
that nothing is left for the assessing class' to do that cannot be done eiiher by
tho collectors or this Ofilce; and that a saving of from one to two millions per
annum of expense In salaries, &e., grsnier than would be cflfected under (be
act of June last, can safely he anticipated, 1 have had prepared the ondlncs
of a law which will give elTect to the above iiies. This will be presented to
the proper committees of the llouse of Representatives and the Senate Imniedlaiely upon their assemblage in December proximo. If it Isthe JndgmcDt
of Congress that this plan Is preferable to that contemplated by the a^t of
June, 1 ask their early adoption of its provisions, that it may be pnt Into
operation completely by the Kith of Jane, 1S73.
In preparing the proposed plan I have cnnaulteil freely with Ihe leai.lng o<D
cers now In the service, as well as with mauvof those who heretofore have been
prominent in It. Without at exception It has met their hearty eoucurreno-.
They have commended It with a view to Its simplicity, conceatratioa of
responsibility, economy, and tho just expectation of the nation that no moru
ofDcera shail" ne retained (ban are clearly necessary for the due enforcement
In this recommeudailon I have not forgotten tliat the plan; if
of the law.
accepted by Coiigresa, will bring personal hicouvonieuce to many of the
ablest and best citizens of the country, now and frr years In the service and
widle I express the tribute of this OfUce to their lutoliigen', fahhtul, and
eltlclent dicchurfre of important dudes, I cannot but suppose that (heir Individual loas will bo largely compensated lu the conacloasneas of a great public
;
gap, $;,'58,598
adhesive 8tampi<,
Keeel Isfrom Receipts from
.lit)
.Inly 1,1871,
1, w.a.
loHept.SO,
toSept.oU,
1S71.
;«;.
t67
3,318,512 65
199,921 30
60,967 36
;
;
894,012 67
gain.
Respectfally,
W. D0U0I.AS9,
J.
C'ommiuiMtr,
70,055 29
819,745 09
80,670 11
440,899 28
1,636 11
13,344 79
6,023,282 33
3,514,479 62
2,6^,802 71
3,527,479 70
117,310 36
2,664,801 21
155,099 30
Tbrongh the kindness of Mr. Douglass, we have received In manuscript the
following statement showing die amount collected in the United States during
the fiscal year ending June 30, 1872, and we append It to his report.
139,970 58
23,608 10
Hon. Gbobok S. Boptwell,
Sicruary t>/ 1.,» Tttatury.
ABTICLXi AND OCCtJPATIOKS.
B«t«ot
Adhesive stamps
I'enaltiea
862,678 49
87,788 94
and occnpationa
formerly taxed but now
Articles
"cmpt
1,262,467
90
674,666 90
587,801 00
Incresse on spirits for the above period Is $1,279,273 on tobacco, $481,on fermented llqaore, $468,881 on penalties, $^7,739. Total Increase,
$5,266,649. Tho failing offln receipts from banks and bankers Is due to provl•loD9 la tae act or Jbbs 6, 1872, os« of v^bloli niaes tb« exemption of all somi
;
;
;
60
collected.
$1X2.811 41
432,507 42
60
22,672,940 16
Spirits distilled from grapes, per gallon
Spirits distilled from apples and peaches, per gallon
Spirits distilled from materials other than grapes.
$0 60
apples and peaches, per gallon
Distilleries of aggregate capacity for mashing and fermenting 2j busnela of grain or less, or 60 galloiu of
mohusea or less. In 24 hours, per day
Distilleries of capacity exceeding 20 bnsbelt of grain,
or 60 gallons of molasses. In 24 boors, for every 20
bnebels of grain, or 60 gallons of molasses, In kddltlou, p«r day
2 00
65,039 10
» 0^
1,»4S,»ST43
.
.
The
25«
Amonnt
tax.
Spin ».
ToUl
.
.
:
.
THE CHRONluLtl
t68
150,677 ZQ
400 00
DI»ill1erd diiiUIIIug 100 barrels or lesd, per year
Dt«>tinert>or branuy from apples, grapos and puachei*,
cxc.usivBly, auuual produce leas thau 150 'mrrols (aiul
(4 iiur barftil of 4U proof gal ona on ail over lOU barso 00
rels)..
Distillers diatllliue over lOO
burrel over 100 barrels
Kectifiers
iou,i6o
400
6,«8,847 70
SHt,504 SO
50
686,500 71
Rectiflera of any quantity of distilled spirits eiceediug
'iOi barrels per year, for every barrel over SOjbarrela.
Wine made lu Ituitation of champagne, aud liquors
produced y beiiiK n-ct fled, &c, in bottles coniain
ing more tiiau one pint and uot more than ona quart,
e 00
20 00
iraltaiion of ciiampagne, antl liquor*
In
produced bv being rectifledt &c., in bottles containing uot more than ouopint, ic, per dozen
Stills,
or
worms
stills
m
for distilling,
por
..
.
7i7,U51
tt2
.
1867
$49,475,51(1 36
...
Tob
icco.
Clgare and cheroots of all deecrjptions, whether of
uomostlc mnnnfacture or imported, per
Cigarettes, domestic or Imported, weighing not over
three pounds per thousand, per
Cigarettes, domestic or imported, weighing over three
pounds per thousand, per
Manufacturers of cigars, annual sales not over :f5,000.
Manufaciurers of cigars, annual sales over $5,000 for
every $1,000 over $5,001)
SnuQ' of all descriptions, domestic or imported, aud
snuff flour, sold foruse, per lb
Tobacco, chewing, &c., smoking, part of the stems removed, twist<Ml by hand, &c., and all other mannfactiired kinds not otherwise provided for, domestic or
M
5 00
M
7,535,074.01
50
Toba
CO,
shorts,
19,394 44
42,472 35
497,092 49
5,896,206 33
63,576 25
116,917 53
18
25 00
2 00
143,570 09
5 OO
934.311 20
2 00
10 00
94
887.-
88 'i
2 00
Total collections on fcrnunted liquors
Barik) and Bank
Bink deposiU, per month
deposits, savings,
etc.,
Bank cai)ital, per month
Bank circulation, per month
Bank circulation exceeding
addiiiou, per month
no
bftvlog
9,078 27
$1 00
50 Oj
lOO 00
Mon.
d.
s.
^
Flour (Weslern)
30
11
11 10
11
11 10
11
10
13
38
3
3
12
88
8
9
3
3
39
6
9
8
.39
1
^bbU
cut) new^ cwt
"
"
"
1, 4.56,054
6 of
"
1
Total collections on banks and bankers
Oas.
G.as, monthly product not over 200,000 cubic feet, per
1,000 cubic feet
Gas, monthly product over 201,000 and not over 600,000
cubic feet, per 1,000 cubic feet
Oas, monthly product over 500,000 aud not over 6,000,000
cubic feet, per 1,000 cubic feet
Oas, mo thly product over 5,000,000 cubic feet, per l,i:00
cubic feet
£
Sperm oil
Whale oil
2,225,719 27
"
U
8
B
2
12
28
3
9
6
2
3
39
with the excap
prices,
6
95
66
41
39
61
3
6
Wed.
d.
Thnr.
d.
8.
9.J
n
56
40
.39
6
64
6
Fri-
d.
H.
95
66
40
39
64
d„
».
91
56
3:1
(1
9
8«
65
Mon.
a.
11
16
Wed.
Tues.
B.
11
16
d.
(1.
8
1
d.
5
Markets.
Oil
8
1
4
1
— These
8
1
4
44
42
44
44
42
44
42
44
II
a.
11
16
1
8
5
1
1
44
Frl,
s.
16
8
1
41
42
11
d.
s.
II
16
1
41
42
41
Thnr.
d.
B.
11
U
remain
prices
S ton
"
.33
88
.38
33 10
oil
Mon.
£
8.
£
8.
d.
10
64
6
Wed.
TueB.
d.
10
.33
88
38
:« 10
£
64
6
Thnr.
d.
B.
.33
£
84
33
6
£
.13
fi
38
33 10
33 10
B.
d.
10
64
U
33
61
,18
33
Prl.
d.
6
C
008800
88
88
s.
10
10
88
88
00
33 10
CJMVIERCIAL AND MISCELLANEOUS NEWS.
—
Imports and Exports for the Week. The imports this
week show an increase iu dry goods atid a decrease In general
merehandisB.
The total imports amount to |6,3o3,893 this week,
against |6,635,579 last week, aflA. $5,717,907 the previous week.
The exports are $4,344,898 this week, against $5,799,773 last
week, and $5,735,763 the previous week. The exports of cotton
the past week were 11,400 bales, against 13.323 lialea last week.
The following are the imports at New York for week ending
(for dry goods') Nov. 33, aud for the week ending (for general
merchandisel Nov. 29
POREION IMPOHTS AT NEW TORK POR THE WREK.
1.36,062 35
"
270,531 14
»
1,831,296 30
1,291,026 68
'*
"
14,140 4S
291,364 65
1869.
$.1,287,657
General merchandise...
Total collections on Income
4.23),872
1870.
$1,788,120
4,159,659
1871.
$1,22.3.810
4,48i;il6
Totalfor tae week..
Previously reported
$5,621,529
868,445,761
$5,947,679
276,161,015
$5,644,986
349,812,064
307,615,395
$273,967,290
$282,108,694
$.355,456,990
$403,8a',087
Dry (toods
1872.
$1,230,080
5,0i3,612
$14,436,361 78
Co'Mctiotts Ttotothfnoise herein prf-videdfor.
Total collections not otherwise herein provided for
Penal
$1,784,426 19
snitf)
'
:
Jn'«««
..'...:
*-<""
collected
Since Jan.
$101,640 03
1,611 73
180 603 07
131555 68
11,068 72
12,727 89
$442,305 18
rr^i.i » 11
..
Total col ectlons on spirits
1 otal collections ou tobacco
Total collections ou fermented liquors
Total collectl ns on banks and bankers
Total collections on gas
Total collections on Income.. ..
Total collections not otherwise herein
provided for
Total penalties, etc., collected
'
.
33,730,170 52
8,858,498 48
4,623,229 14
8,831 713 60
14 43ti'861 78
'
37,503 63
1,365 82
83,693,661
For the week
16,177,820 60
$181,T70.9i^
181,214,573
1870.
$7,077,229
173,091.626
230.742,387
1872.
$4,344,898
216,669,063
$185,627,995
$180,168,855
$224,689,823
$221,003,960
1869.
i(9
113,071 95
8,928 28
Since Jan.
4,620,684 48
3,831,105 62
14,127,030 61
4-22
1871.
$3,947,4.36
24
84
16,177,320 60
1
The following will show the exports of specie from the port of
ifew York for the week ending Nov. 30, 1873
Nov. 28— Str. Cimbria, HamNov. 83— Steamer Hammonia
burgHambur"—
'
1 784 426 19
'442',205 12
$4.413
Previously reported
8,257,1.32 64
60
613 04
309,181 27
7,.544
1
In our report of the dry goods trade will be found the imports of
dry goods for one week later.
The following is a statement of the exports (exclnsive of specie)
from the port of New York to foreign ports, foi the week ending
Dec. 3
KXrOBTS FROM NEW TOBK P0» THE WEEK,
RECAPITULATION.
Am't collcctel. Betundea.
Net total.
$49,475,516 36 $115,395 64 $49,360,120 72
."
$6,85.3,693
its, etc.
Cnassrssed pbnaltles
roniltiea upon unstamped Instruments
United States' share of ncnalties recovered by
Penalties received on compromises
,
.
Sat.
s. d.
9ugar(No.l2D'chatd)
on spot, ^ cwt
165 10
95,63) 41
Salaries
.
and
Lln8'dc'ke(obl).iptn 10
LiU8eed(Ca1cntta)....
64
328 22
463,298 52
2.}tf
2k
8
unchanged.
$2,831,718 66
any fUnd
2
8.
7K
15 15
"
(spirits)
London Produce
48
23
2^
3
1
"
8,37! 50
15
,.,..
U
Petroleuin(reflned)....^gal
2J4 per ct. S,416,a35 87
2,162,564 31
2>i "
anyfund...
etc.,
39
61
•'
"
TaIlow(Anierican)..,W cwt. 44
Clovorseed (Am. red)
42
Spirits turpentine...^ cwt. 44
976,092 18
20
Railroad companies' interest on bonds
.'...
Tnrnpilve companies' dividends, interest on bonds, and
95
56
42
39
64
6«
58
16
Linseed
to any fund
(anal companies' dividends, interest o"n bonds, and
proSts carried to any fund....,
2)f
Insurance companies' dividends, and distributable profits carried to any fund
2X
Railroad companies' dividends, aud profits carried to
11 10
12
88
3
3
39
Tnes
d.
B.
.Sat.
Income.
Income exceeding J J,000
Bank dividends, and profits carried
11 "
11 10
45,070 36
Total collections on gas.
Total of penalties,
d.
Roslnfcom. N. 0.)...^cwt.
" fine
•'
$1,023,229 14
10
11
—
90 per cent of capital. In
1
U
30
Liwrpool Produce Market. Refined petroleum showa a gain
^d., and spirits do. a decline of Id.
capital stock,
Jfofl
d-
s.
30
over last week of
p.c. 2,187,917 71
1.24ofl
l-12ofl
Mon.
Sat.
18 tee.
Bacon (Cum.
Lard (American) ...
Cheese(Amer'nfine)
— These
30
declined.
all
8.
B?ef (Pr. mess, new)
Pork (Pr. mess)
8,009,969 72
99,l:« 97
149,391 77
Banks, on amount of notes of any person, State bank,
or Stale banlving association, paid out
lOperct.
_
have
d.
11
13
Frll
Thar.
d.
d.
30
28
BarleyrCanadian)....tiibn8h 3
tiou of cheese,
Wed.
Tues.
d.
bbl 30
Wneat(No.2K'dW'n.sp)^ctl
"
"
(Red Winter)
"
(Cal. White club) "
Corn fW.m'd), ^quarter....
$8,258,498 46
1-24 of
,
96fi
—
Til.
per6inoiilh3
88«
89
United States Os (1803) at Frank
for
8.
:
94 h;
,S8X
89
HSK
96X
$31,736,170 52
.
9!»f
9l..i
91
»t>„
Liverpool GoUon 3/iirA;?(.— See special report of cotton,
Liverpool Bread/ituffs Market. Tliis market closes quiet, Call
fornia wheat liaving declined Gd.
y rn.tnled Liquors.
«'»'"' '<"«>
91
»8ii
Frankfort
168,010 69
11,971 S5
Total collections on tobacco.
profits carried to
!14
8sri
Liverpool Provisiomt Market.
smoking, exclusively of stems, Ac, fine-cut
and refuse scraps and sweepings of tobacco,
.
'tis
91
«HV
18,177,476 77
liquors, per barrel
Brewers, annual mauiiractiire less tban 500 barre s.
Brewer?, aunuaL mauut'acture not less tiian 500 barrels
«
Pri.
91).'
Oits(Am.&Can.j
3 2
|) bush
Peas (Canadian) ...So uartcr 39
lb,
Fermnnted
'J!';
83V
65 25
1
a 00
Qomeslic or Imported, per lb
Stamps ^or tobacco or snuff intended for export, each.
Dealers in leaf tobacco, annual sales not over $1U,00 .
Dealers In le-f tobacco, annual sales over $10,000, for
every $1,000 over $10,000
Dealers in mr.uuf.Hctured tobacco, annnal sales over
$100 and not over $1,000..
Dealers in manufactured tobacco, annual sales over
$1,000, for every $1,000 over $1,000
ilt»nufacturers of tobacco
llanufacturersof tobacco, ihe penal snmof whose bond
exceeds $5,000, for every $1,000 over $5,000
Bank
91 ?i
Hat.
D 00
10 00
-
imported, per
fl'fi
Thnr.
in.'i
91
91 ?i
31,017 00
1
M
Wed.
Tues.
^i'i
a. S. 10-40.S
Htamps, wholesale liquor dealers, each
Excess of gaugers' fees
Total collections on spirits
92.'g
Now 58
88?i
The daily quotations
fort were
25
for rcciided spirits, each.
Mon.
m:i
Sal.
Consols for money
acroliiit
;i2ii
IT.S. 6s (5-209.) 1865,old... 9l»i
S.'i
Stamps
.
—
Stnck M.irket. American securities close
at an advance of J on the prices of a week ago.
Tlie bullion in the Hank of England has increased £1!5.000 the
*'
ct.
Stamps, distillery warehouse, each
Loadon and Liver,
by sabmarine telegraph
suinmarT:
Mbnev and
4,n2s,f.oi wi
50 (H)
30 OU
nufactiircd. each
liavo been reported
past week.
3 00
i& IKI
Dealers, retail liauor
lUO 00
Dealers, wholesale liqnor.
Dealers in liquor, annunl sales (Indudiug other mt;rchandls'-) over $25,000, for all sales of liquors over
such $;'5.000
Manufacturers of
week
sliowii in the following
Tjondon.
per dozen
(Jommercial (£nglial) 2^60)3.
cloalag quotations in the markets of
pool for the past
a.s
1
Wine made
The df.ily
1S;2.
7,
market Ileporta— Per Cable.
ISuxlUlt
m
200 10
[December
Catcflt fllouetarn onl>
barieU per year, for every
«
V
:
: .
:
1,671,.354
4.39,276
t^^xnX^X^^i
Foreign Silver coin
i
$2,000
''^KS"''.*'":.!':!"!'!" m,431
Silver bars
For Londonban.
Silver
$43,076
4,800
— ——
—
—
December
Gold bare
American gold coin
Liver-
Baltic,
(;,000
Nov. ;jO— 8ti'amer Cleopatra,
pool
Silver bors
Havana
American lUver
2!8,089
Nov. 80— Schr. Mary Burdette,
dollarB.
.
.
769
SeTcn Per Cent Gold Loan
OF TUB
Para—
$B«,000
30— Str.
:*ov.
THE CHRONICLE
1872.1
7,
;
.
MILWAUKEE AND
4,93(>
Interest
Totbi for the week
Previously reported
1470,171
61,091,5*9
PAUL RAILWAY CO.MPANT.
ST.
Payable January and July.
MORTON, BLISS &
CO.,
Bankers, 80 Broad Street,
Total
ttlnce
Jan.
1,
18TS
167.561,700
Will receive aubscriptions for $1,000,000 of the First Mortgaga
Seven per cent Gold Bonds of thi Milwaukee and St. Paul Rail
58,668,448
way Company (St. Paul Division), at 95, payable and deliverable
30,:)46.:J40
27,814,698
I!! ia3,«85
January Ist, 1873.
The imports ot specie at this port during the past week have
These bonds are part of the $4,000,000 or £800,000 authorized
been as follows:
Nov. 22- Sloamer Columbia.
Gold
$80 by the Milwaukee and St. Paul Rillway Company, for the purIlavima —
Nov. 27— Brig Angoatura, Bolichase of the railroad from St. Paul to L Crescent, and is the only
Gold
var
$1,570
gold loan Issued Ijy the Milwaukee and St. Paul ComiMiny. Three
Nov. 28- Sir. Tybce, Porto
Gold
4,707
PlaU,
Silver
773
Million Dollars of Bonds of this loan, being the amount iMaed
Silver
1,600 Nov. 29— Str. South America,
From St. Domingo —
Aspinwall—
upon the completed road from St. Paul to Winona, were sold
Silver
Gold
8,690
400
some months since, and the $1,000,000 now i-ffered will be issued
Gold
2,095 Nov. 30— Str. Morro Caatle,
From I'orlo Plata—
600
Havana
on the completion, oarly in December, of the entire line from St.
Nov. 25— Brii; Zaleika, Savan
Gold
60,000
lllaSilver
6,112
Paul to La Crescent.
Gold
4,188 Nov. 80—Schr. D. H. Biabee,
Purchasers desiring the Bonds at once will be allowed a rebate
Nov. 2.5— Str. Alexandria,
ParaGenoaSliver
1,201
of interest at the rate of seven per cent, and the money will be
Total for the week
$81,896 held by Messrs. Russell Sage and L. P. Mortou, trustees for the
Pl-eviously reported
5,880.018
bondholders until the road i* finishc<l.
Total since January 1, 1872
$5,461,914
The Company own 1,151 miles of road, and its average mortSame time In
Same time In
1871
$8,428,905 1868
gage debt, including this loan, is about $19,000 per mile. The
$6,701,115
1870
1I,.'J87.657I 18S7
3,032,810
annual net earnings for the past three years have averaged
1869
14.876,8521
Messrs. Morton, Bliss &'Co., give investors tlie opportunity of $1,579,223 over expenses and interest on all bonds.
buying at 95, a 7 per cent gold bond on a completed road, mortThe share capital of the Company is $24,224,831.
gaged at the r.ate of $19,000 per mile, and which earns over $1,50u,000 per annum above expense.ii and interest on its bonds. \Ve
Banking House of Henry Clewb it, Co.,)
reler to the gold sevens of the Milwaukee and St. Paul Railway
Same time
Same time
In
1871...
1370
1889
1868
In
1867
1866
1860
$110,1.57, -277
5i).7:iS,S91
$45,flflO,«»9
i
I
!
—
32 Wall street. N. Y.
Co., advertised elsewhere.
—Measi-8. Winslow & Wilson,
bankers, No. 70 William street,
have for sale a variety of Illinois registered city and county
twenty-year bonds, bearing 8 per cent interest, payable in New
York. The interest on these bonds is paid by the State Treasurer.
—
Mr. Charles K. Orvis, late paying teller of the Security Bank,
has just bt-en admitted a partner in the banking firm of Messrs.
.Toseph U. Orvis & Co.
—The Merchants Bank, of Canada, has
established a branch in
this city, in charge of Mr. Caldwell Ashworth, banker, 54 Broadway. The capital of this bank is |9,000,000, gold.
ItANKI^G AND FINANCIAL.
,
"banking office of Fisk & HATCH,
No. 5 Nassau street.
The
total
amount
GOLD BONDS
$15,000,000.
is
TO INVESTORS._We are
selling at par and interest, and
to careful investors, the First Mortgage Seven-Thirty
Gold Bonds of the Northern Pacific Railroad Company.
Special
attention is called to the ample Land Security on which these
bonds rest, in addition to the usual guaranty of a first mortgage
recommend
on the road, its equipments and earnings. The lands of the Company thus far sold have realized $5 66 per acre. The grant
averages about 23,000 acres per mile of road.
JAY COOKE & CO.
^\)t
embankments, and steel rails for a proportion of the
track to provide the great improvements necessary at both termini of the road, and in part to furnish the large additional equip;
®a?ittc.
DIVIDBNDM.
Company.
bridges, solid
declared dnrlne the past week
^^
wf?,"-
Book* CLoesD.
Dec
|
Nov. 80 to Dccll
Railroad*.
Cape
May
AMillvllle
3
misccllaneou*.
New York
ite
Alleghany Oil Co
10.
necessary, the Directors authorized the issue of
Seven Per Cent Debenture Bonds i. e. bonds not
secured by mortgage.
Of these we have already sold upward of $4,000,000, in the
negotiation of which we have received in part payment a moder
$5,000,000
amount of the Six Pkr Cent First Mortgage Gold Bonds,
which we are authorized to dispose of. As the road is so nearly com-
ate
pleted (at this date less than twenty miles of track remaining to
laid,)
Bankers'
The following Dividends have been
In order to complete the work in a first-class manner, with iron
be
parts of the world.
subject to
received,
This amount has all been sold, and every dollar of
ment immedia'ely
all
check on demand.
Interest
allowed on all Daily Balances, every accommodation and facility
afforded usual with City Banks.
Deposits
FIRST
the proceeds expended on the Road.
f
Exchange, Circular Notes, Travelers' and Commercial
Credits issued available in
New York, Dec. 5, 1872.
MORTeAGE SIX PER CENT
CHESAPEAKE AND OHIO RAILROAD
of the
of the
Bills of
and as bonds on completed roads are notably
scarce, rang-
Fbidat BvENixe, Dec. 6, 187*.
The money Market.—-The hopes which had been entertained
of a material relaxation in the money market have not yet been
fulfilled, and call loans have been quoted all this week at 7 per
cent currency to 7 gold, with the addition in most cases of 1-64 to
At these high rates the market
1-82, or 1-16 per cent commission.
was tolerably steady and free from violent fluctuations until today, when call loans advanced sharply in the afternoon to as high
as I per cent a day to stock brokers, and closed at abont \ per
cent.
Several influences have been adverse to an increase in the supply
of loanable funds at this centre, and a cons^equent decline in the
rates for money. In the first place, the want of currency at the
South and West to move the cotton and hog products continues
A
active, and causes an important demand upon our banks.
second cause for reduced reserve- is found in the Treasury operations in withdrawing at this time a considerable amount of the
greenbacks deposited with some of the banks in the early part of
October. $529,383 has this week been drawn from the Bank of
Commerce, and $675,393 from the Fourth National, making a
$1,000 win co?t
$865 69 total of $1,204,677, in addition to the amounts previously with
SOOwillcos^S 80 drawn. A further cause for stringency at the present moment Is
lOOwlllcost
86 66 the small purchase of bonds thi> week against the sale of $1,000,This l)alance on hand will rapidly be taken up.
000 gold. Taking all things into consideration, there seems to be
also louduct a regular banking business, receive depositsi every reason to expect a close market during the balance of this
mmth, though there is no eviceuce of distress for 1ec"i of money
on which we allow interest, and, as usual, buy and sell Governand the general feeling in financial circles seems lo be healthy.
ment and Central Pacific Bonds.
For commercial paper there is ati improvinir demand, and rates
FISK & HATCH.
are easier than last quoted the range now for prime paper Is
10^12 per cent, though the lower price can only be made on extra
RAILROAD BONDS.— Wliether you w ish to buy or sell, write to choice grades.
In London, money is reported easier and the Bank of England
CHARLES W. HASSLEB, No. 7 Wall St., N. Y,
g ains in bullion this week £115,000, the rate of duicount ramaia
ing in price near or above par,
it is
reasonable to expect a large
advance in price and scarcity of Chesapeake and Ohio Bonds
during the coming year.
The bonds are issued in denominations of $100, $500 and $1,000,
either coupon or registered, both principal and interest payable in
New York City in gold coin at their present price they realize
over seven per cent income in gold.
To-day a bond of
—
.*
We
,
;
:
..
.
:
:
:
THE CHRONICLE.
770
ing unchanged at 6 per cent. The Bank of France gains in specie
600,000 francs.
Tlie last statement of our New York city banks was favorable,
and showed an increase of $1,551,750 in the excess of reserves.
The total liabilities stood at $320,486,300 the total reserve at
$60,116,700, being $3,745,150 more than 25 per cent of the lia-
[December
7, 1872.
It has also been reported that the Pacific Mail Steamship Company would issue $2,000,000 of mortgage bonds the stock has
been rather weak and closes at 82f. N. Y. Central and Hudson
and Union Pacific stocks have been exceptionally strong. With
the severe stringency in money this afternoon, and the suspicion
of locking up operations on the part of certain speculative par;
;
stocks closed weak at about the lowest point of the day.
The following were the highest and lowest priceb of the active
list of railroad andmiscellaneous stocks on each day of the last week
ties,
bilities.
The following statement shows the changes from previous week
•nd a comparison with 1871 and
1870:
Loans and
87.576,810
J276,;60.iXO
12,94 :,2 JO
^7,579,900
H9.651.C00
45.899,800
Specie
12,101,
.
.
Metdeposfta.,.,
Lesal tenders
.
Inc..
Inc..
47,169,500
t276.'l6;.3i.:0
WO
»f5.;0C
Si6.0(«
5.9«)
2,263.700
1,270,200
Inc..
Inc..
20!,91li,800
.
,
Dec.
Differences.
a).
.
<U».
Gironlatlon...
Nov.
23.
Dec.
Dec.
2.
Monday. Tuesday, Wednesd'y Thursday, Krlday,
Saturday
Nov. ..
1870.
1871.
-is7a.-
Nov.
3.
»292;!!e,90'J
;7.10S.l'fi6
194,9»l,319
5i,40e,9('«
Dec. 2,
95% M'4
113% 114
N.T.Cen&H.K »6K 96%
(266,^63.1 IS
18,071.700
3O.!06.9l«
223,514,500
51.257,(t56
Harlem...
Brie
.•i2.238.S88
114%
114
52%
5iH
5?;^
119
58% 53
'.... 71
93% 9I'A
usy
118
X
73X
94X
70%
Dec. 5.
»S% 96X
Dec. 4.
96% 96
3.
96% 95«
115
5,iX
do pret
-.--i3V
•73X
Lake Shore.... 94% 95% 93%
Wabash
6»'< 1n\
69V
65
Northwest
86K 86%
do
pref
90%
30K 91
Rock Island... 110% 111^ 111%
Hutted State* Bonds. — Government
Dec.
117
52%
63%
.^2X
•73
Dec. 6.3
9S% Ha
l;6>4 117
61V 53
73V 73V
33% M%
70
70%
87
87K
•:3
71
9?% 91%
69% 70%
86% 86%
69% 70%
117
5-:%
93V
B9V
9!Vi
itH
88 V
87
S7
87
securities have been
MK
9;i% 91
90% 91
!I0
91%
90
£0%
9C!%
Five twenties of 1867 are quoted to-day
112% 111% 112
mx llljf 118 V 115 112% 115%
54
54
65
54%
i8% .i4
53% 53% 53% 53V .53% 53V
at 117i, and new fives quoted last week at 109f bid, were St. Paul
76*- 77M
do
pref...
76% 76%
76
76% 76% 76% 76% 76%
76X 76X
to-day 111 @ 113. The latter bonds have probably been favor- Otalo& SIlBSlp. 47
46% 47%
46% 47% 4'% 17
47
47%
•6% 47%
«7!W
102K 102^ mi% 1C2V ;i'2H 102%
ably affected by the idea that Secretary Boutwcll may call Centralof N. J 103 103>i 103 108% 103 103
Bo8ton,H*E. •7X 3
7% 7%
7i IV
7X 7'4 7V 8
7V 8%
in more five-twenties if he is unable to purchase bonds for the Del., L. AW... 96
96% 95^ 96
95% 95% 9114 94X
95
95
9r, ^5
Jos
34
3t% •33V 84% M3X 35
S4H 31 S4 Fl% 35V
sinking fund at par. If five-twenties were called in, more of the Hann. A Stpref *33% 34
5!
62
•51% 52
54
do
51
62
53
53%
55%
51% 52
new 5 per cent bonds would probably be negotiated, and the sub- Union Pacific.. 37% 38% 86% 37% 36% 37% 37% 37% 3:% 38
37% 38%
3-,%
34
34% 34
33% 34% 33% 34
33X
ject has already been talked of considerably in financial circles. ColChlc.&I.C. 33X S4% •.... 24 X
•... 145
',... 110
Panama
'HO 140
Hi
142
135
in this connection it is believed by some of our prominent West. Un.Tel. 77% 7;% 76% 77% 75% 76% 75% 76% 76% 79
76X 77V
•46% .... "46% 47
47
16% 47
49%
47,%
47% 47i«
bankers that if the Secretary would make his purchases for the Quicksilver .., -47 56
rs
do
pref.. 56
65^ 56% •55
57
66%
•56k 55V 54% 55
sinking fund at the market price, without limiting himself to par Pacific Mall ... 84% 8?;% 8<% 89% 86% 88
85
84% 87% 51% B% 82
94
93
93
93
93S 93X !'3
gold, he would stimulate the price and advance the standing Adams Exp,.. '92% 92V' 92X 92X 98
in
•71
70% 71
Am. Merch.Ex 71% 71% 71 iK 72
705 71%
71%
•71 X 71%
of all United States securities, so that the assistance thus given United States.. 79% Ti% 60'< 81% 80% 81% 81
82
8H4 82
81
8!%
Wells,
•S7
88
88
88% •67)i 88% 'S7% 88
....
in negotiating new bonds would far exceed the disadvantage of Canton Fargo.. 105% 8S
106
106
•ll'l
106
....
106
105% 105^ 107
paying a little more for the comparatively small amount of bonds
* This Is the price bid and asked, no 8aU was made at the Board.
purchased. The Treasury programme for December embraces the
The range in these stocks since January 1 has been as follows:
purchase of $1,000,000 bonds and the sale of $1,000,000 gold each
-Since January 1.
Since January 1.
week.
-Low_e_8t.-^ .—Highest.—,
.—Lowest.—. — HlgheBt.->
Another lot of three per cent certificates has been called in, the NYCen&Hn, 89 Nov. 1M01J< Anr. 2 Hann. & St. Jos 28 Nov.i; 59% Jan. 17
do do pref 14 Sept.18 71% Jan. 11
107% Feb. 12 ,130 Apr. 25
interest thereon to cease January ol, 1873.
At the Treasury pur- Harlem
Erie,
30
Feb. sl 75% May 20 Onion Paclllc. 28% .Ian. 6 42 Apr. 1
do pref
Mch. 2| 87 May 20 Col,Chlc.&I.C. 19V Jan. 6 42V May 31
60
chase on Wednesday only $820,300 of bonds were offered, and
'2
Jan.
Lake Shore
148V Oct. 26
83X Nov. !l| 98% Mch.SO Panama.
only $560,000 were accepted.
64
Nov.ll; 80% Apr. 4 West U Teleg'h 67% Sept.18 Bl% Oct. 21
Wabash
l'6% Jan. IS 49% Dec. 6
66% Jan. 5 230 Nov.23 Qnlcksllver
Closing jirices daily, and the range since January 1, have been: Northwest
strong and higher.
J,-
.
,
.
.
Nov.
30.
Dec.
Dec. Dec.
8.
i.
fund, !88!,cp..«109ji "109)^ 'll'gX
«s,1881,reg
"lie
xni% 113
5s.
"", *
68, 1881, coup
.
•
5-20'8lB62, conp...
-—
.
"
"
lU
'\K%
113
•113
,
-IIZM 'llSJf
..
U6K
...
;i2K 'n-iy, 'US
113
U2«
U5X
M12X
-llSJi
115^
116i<
115K»115X
116
116X
list '113!^
10-40'8, reg
106X 'Wi% 1D8X "101
10-40'B, coupon..,. '108X 'lOS}i -lOSK
lU'JX
Cnrrencye's
114H 'xUi 112K •Ai'A
•
This
Is
1
.
-111
:kx
117K
120%
116«
116X
116X
lUX
I'-IX
-ma
May
25
June 6
Aug. 5
Aug, 7
Aug, 1
!17>i June 6
!1S% June 29
inx June 3
:il3< July
113% Aug.
117% May
S'J
16
29
the price bid, no sale wasuiade at the Board.
f3% N0V.II1IO2
pref.
do
Nov.25
. . .
pret.
Jan.!:!
SO
Oct. 21
59
Nov.iril8% Apr. 2 Pacific Mall.... 63% Jan. 2 Ili3% Oct. 22
Nov.lll 64% Apr. 1 Adams Express 8SV Sept.l» 9»!<May20
St. Paul
72%Nov.lli83 Jan. 20 AmMerch Un. 69 Jan. 6 SOVMay24
do pref
Ohlo&Mlss... 40 Nov.lll 61% Apr. 1 U.S. Express... 60% Jan. U! 88% July 6
Oct. 4 113H.lan.l5 Wells, F.& Co. 56% Jan. 4 95 May 21
rlecitralofN.J. 9S
76
Jan. 6 107 Oct. 23
Baston.H. *E 3% Jan, 2^ 11% May 18 Canton
Rock Island....
.
LoweBt.^ .—Highest.^
113M July
107X Feb
6.
liiii Dec. 2
Jan. 8
I09y Jan. 11
"113
M13X 109X Jan. 11
•1!3K *lVi% llOK Jan. 13
116
U6>^ 109;< Jan. 11
ir.XFeb. 8
w.ii in
•116
1165« lUX Feb. 9
•109M Wd% 107 Feb. 6
109% ;09» 107% Mch, IS
•U2
iiax 111 Oct. 5
"uey nieK m}i uva IHM
••" .,
5.aO'»U6l, coap... '1125; 113
5-20'sH65, "
...
US)^ "IISJ^
115 i< U5M
5-20'8l8e5,n"
...
5-20'8l867.
5-20'b;868,
a.
do
Since .Tanuary
Dec. Dec.
4.
Del., L.
101
51
&W..
41112% Mch.16
9S,%0ct.
and comparatively steady
the Treasury sale of $1,000,000 on Thursday, when the large
bids to the amount of $4,325,000 strengthened the price, and
caused an advance to 1131. To-day the feature of the market
was the appearance of a new " squeeze " in cash gold and high
rates made on borrowing there was much irregularity, however,
For borrowing
and the fluctuations on loans were as follows
316, i, 1-16, 1-64, and 1-32 per cent to flat, and for carrying 3, 4, 2,
and 7 per cent. For to-morrow's use 1-lC was bid. Customs requote nominally
ceipts for the week have been $1,832,000.
as follows
The following table will show the coarse of the gold premium
each day of the past week
The Gold Mark,et.— Oold was quiet
till
;
Closing prices of securities in London have been as follows
:
:
Since January 1.
Highest.
Lowest.
I
90K Nov.U
,8. 58, 5-208, '65.,.
. 8. «8, 5-208, '67,,
91
86!^
_, 8,58,10-408
New 58
June
19
Nov.
U
86X Feb.
8|
H%
Jan.
2
94M Jan. 2
92X Jan. 17
91% Jan. 8
and Railroad Bonds. — In State
bonds the Tennesees,
Virginias, and North Carolinas old have been the most popular
bonds. Tennessees have advanced to 78J, partly on account of
" short " purchases here, and partly on the more confident feeling
as to financial affairs in the State. A telegram from North Carolina yesterday was as follows:
State
—
Baleigh, Dec. 5. lu Ihe case of Swazey and others against the North
Carolina Railroad Company and the Public Treasurer, a decree was made today by the United States Circuit Court ordering the distribntiou of $256,500,
now in the hands of the receiver, to the holders of North Carolina bonds
issued to the North Carolina Railroad Company, bein^ 80 per cent of the
coupons due upon these bonds, proved before the committee appointed by the
Court.
Railroad bonds have been stronger on some of tli« old issues,
particularly the Pacific railroad bonds, which have advanced
materially. The tight money market is unfavorable to a large
and general business in bonds. From Boston we learn that the
December dividend on the Vermont and Canada Railroad will be
" passed," because the rent then due from the Vermont Central
trustees and managers will not be paid. Interest will also be
passed on the Vermont Central first mortgage bonds due
December
1.
Closing prices daily and the range since Jan.
Nov.
8U.
tsTenn., old
6sTenn., new....
•bN. Car,, old....
6s N. Car., new...
Dec.
Dec. Dec.
2.
6.
76
76
S6
"^20
•!»
tsVlrg., old
'*
" GonsoUd'd
55%
" " deferred., 'l.v
6s8. C, n, J.4 J. '2.3%
<s Missouri
95
Cent.Pac. gold.. 101
76%
"35
"22%
•48"
•55%
95
Un.Paclsf.
95
101
89
"22
6.
78%
78%
80% June
16% Jan.
41% July
"20
45
55%
55%
•16
16
•23%
•23%
•95
24
38V Mch.
25
Mch.
22
69
1
59% Mch.
15
21
40
98
Oct. 3
Sept.2C
22V Sept. 18
92
Sept. 18
23%
'94%
10;% '101%
99
86
This
U the price
hid.
no sate was made
Jan.
Sept. lo 105%
i3%
S9«
89
89% ?9
Nov. 11
Un.Pac.,L'dGr't 77 V 78%
78% 78
77V •i7V 73% Nov. 11
-81
Un. P. Income...
^6
£0
80
76
Nov. 19
8iV 82
'91
N.T. Cen,68, 1883. "90%
91%
90% 91% 89 Nov. 16
Brlel8tm.78
'HO "101% 102
'lOlV 102
100
May 4
N.J. Cenlstm 7s lo:% '103 "103% 102% 103
102% lOlV Oct. 10
Ft Wayne 1st m 7s "104 "104 •lOl 104
•104
104
103
Jan. 26
Chic 4 NW. B f 78 "99
'98
"99% 100
99% 96% Sept. 4
Rock laid Ist w 7s "103
10-J% •10J% •102% •102V '102% 10J% Sepi.l9
•
Jan.
50
55%
"16
"95
•101%
:
<
34% '31%
34V
•20
65%
16% •16
•28% 24
lOOV
.2^
"T7M
76
•34%
1 have been
-Since January 1.
Lowest.--. /-Highest.
63% Jan.
7S% Dec.
63% Jan. 4 78% Dec. 6
Dec. Dec,
12
12
15
22
:0
Mch.SS
June 24
June 6
94% Jan.
85
Mch.
88V Jail.
17
97
16
July
19
18
Oct. 2!
108% Jan. 17
107% June 29
10;
Jan. 16
104% June 3
101
— The
market
;
an advance was made in Rock Island of about 3 per cent, and
the stock subsequently sold up to 115 on Thursday and 115| to-
The cause
movement, and the
parties engaged in it, are not known. It was reported that
$8,000,000 of new stock was to be issued, and that the road
would pass into the control of the Pennsylvania Railroad.
for this
.
est.
8aturday,Nov.S0
Monday, Dec. 2
•'
8
Tuesday,
4
Wed'day, "
5
Thursday, ••
"
6
Friday,
;ifv
::2V
112V
:;2V
112%
112%
112V
112%
1I2V
112%
US
113
112%
112%
113%
113%
Current week
!12V
pj-evious week
Jan.l. 1872. to date
112
112%
112%
108%
!!3%
113%
115%
V
109%
!12V
113
113%
112%
113%
The following are the quotations in gold for fcreign and American coin
American gold (old coinage)
4 p. c.
»4 85
Sovereigns
Napoleons
German X
Prussian
GermanKronen
X
Amerlcan
390
guilders
silver (old
premlom.
3 83
7 &5
8 05
6 55
thalers
thalers
X
15 80
Spanish doubloons
15 50
Patriot doubloons
97
American sliver (new)..
® »4 89
@ 3 88
@ 7 75
@ 8 15
@ 6 70
® 400
@ 16 20
® 15 70
® — 93%
DlmcB and
ccnage)
1^2 p. c. premium.
- 96
@ — 97%
-96 #—98
-19 ® — 19%
hall dimes..
Five Irancs
Francs
4 80
®
104
English silver
Prussian thalers
Specie thalers
®
@
®
—70 ®
Mexican dollars
t
Spanish dollars
101
—
South American dollars
Foreign Excbange. — There has been a pretty fair
04
85
4
— 72
106
106
102
pai
business in
Exchange during the week, and prime bankers 60 days sterling
was advanced to 108J from this there was a decline of I yesterday, and with the stringency in gold this morning the best bills
could be purchased at 108|@108|^, though drawing became firmer a
few hours later when gold relaxed. As to commercial bills, thf
;
delay in getting cotton on shipboard at the leading Southern
ports by reason of the prevalence of the horse disease, has seriously interfered with the negotiation of exchange in one Instance
we heard of the purchase of some $500,000 worth of cotton at
Mobile, New Orleans and Galveston, against which the purchaser
could not sell a single bill, and in the meantime was compelled
to pay for, mostly with currency from New York.
The transactions for the week at the Custom House and Sub;
Treasury have been as follows:
Custom
House
Saturday, Nov. 80.
Monday, Dec. 2
"
Tuesday,
8
Wednesday,'*
4
Thursday, "
5
"
6...
Friday,
.
stock
'was comparativi^ly quiet, without any important speculative
feature, till Tuesday on that day" Harlem advanced about 4 per
cent, but on what ground it was not ascertained. On Wednesday
day, closing at 113^.
quotations.
.
Open- Low- High- Clos-
Receipts.
at the Board.
Railroad and miscellaneous Stocks.
We
Total.
Balance. Nov. 29
Balance. Dec. 6
New Yobk
.
»-ioS,000
298,000
335.0«)
351,000
318,00(1
2«,000
-Sub-Treasury.-Payments.Gold.
Currency,
-Recelpts.Currency.
Gold.
»1,877,053
430,767
392,030
483,963
699,915
426,728
52
12
69
34
22
25
»704,319
303,971
t5«,4J8
1,892.023
3:6,196
1,521,018
37
52
97
99
22
:o
»ISS,.520 03
'262,673 91
11,362.876
575,786
269.682
1,269.762
959.509
16
36
72
C3
87
1,060,837 T2
6:8.U«
61
300.901 60
61,155 78
1,030,311 31
»1,832.000
»12,;59,476 65 »23,065,576 90
113,565,073 is
122.418,829 62
—
City Banks. The following statement shows the
condition of the Associated Banks oi New If ork City for the week
ending at the commencement of business on Nov. 30, 1872
:
.
:
..
,
December
LoanR and
Capital
BiLlCKt.
new rork
Merchants'
Mectiaatca
Union
America
.,
PtaoenU;
City
TradeBinen*e
,
Fulton
Cbemloal
UorchantB Kzchanxe,.
Gallatin, National
BatcherB* & Drovers'...
B,159,8tl0
4,5-10,700
.S„')80,2W
6 314.aOC
3.1(B.IHI0
,
3,4:«,800
2,000,000
5,000,000
10,000,000
1,000,000
1,000,000
422,700
2,000,000
Paclllc
4,475,200
l.fU'i
North America
Hanover
Citizens
Nassau
Market
Bt.Nlcholas
Shoe and Leather
Corn i£xchauKe
9.891,9110
ai.4C7.V0C
Ul.159.1'00
Continental
CommonweaJ'h
Oriental
Harlne
Atlcntlo
Park
Mechanics' Banking; Ass
(irocers'
North Klver
.
Bast River
Manufacturers & Mer.
500.000
Fourtu National
9,000,000
Gent; al National
8,000,000
Second Nattsnal
S00.00C
Ninth National
1.900,000
_
First National
500,000
Third National
1,000.000
Now Vork N. Bxchange 500.000
1,000,000
250,000
Bowery National
New York County
German American
Dry uoods
3,457,300
J.65I,400
4.(l',10.'200
1,909,100
1.426.900
2.002.900
8'«.900
11.753,600
14.434 6(x:
1.306.100
76i.f.(lc
1.175.700
1.' 33,000
1.295.1(11
'/78,500
9,4C9,4(ia
2.«si>,aoo
!,.351.100
619,:KXI
59,(i00
1.474,900
5,923,000
15.500
228,400
6,632.200
1.214,9(10
8,7(J0
400
2.500
4,186,800
1,163,000
1.53
I.;,59,iU0
12.917
W
3il6,500
1,162,7(^
1.2(r!,70O
8I7..100
8IS.4O0
I33.B0P
502,800
238.000
728,300
2,122,(100
894,(100
793,600
2,1M6,900
4.759,000
7,990.100
9 716.801'
480,100
a.l79,(Xie
1.335,000
3.829.400
2.341.200
1.217,700
3,161,500
1,171,100
1,890.000
Ml,400
131.600
6,600
263,700
41.3.(100
3I3.-200
9!H,W
491.-20(1
33.210
r .W 000
293.700
4.16,000
319 710
360.500
646,6(1(1
:7I,(00
5 9.(X)0
416.210
175.1(0
416.000
5:13.700
161.9(10
11.157,000
17.122.200
2,905,600
1,094..100
2C,-).?'0
676J00
1.060,000
17,896,000
8.664,000
l.!21,S00
6.095.00O
3,780.100
iiO7,300
786,.'!00
4,8-27,200
268,000
.=81.000
784,000
3,496,»00
220,000
180,000
782 51«
950,400
200,000
Boston
Boylston
...
Broadway
Columbian
2,916,600
3.72r).:-lHl
138.5(J0
143,4C0
235,900
I0O.203
5,011.600
2.2.58,000
342.4110
1,324.000
812,700
l,!;i6,300
210.500
l,086,f(10
249.5'30
4,248,300
1,818,900
285,000
675,400
081,700
27,570,900 201,915.300
47.169.5(X)
499,500
2,300.000
1,920,100
2.710.800
681.100
2,802,000
Maverick
1,000,000
1,000,000
1,000,000
200.000
1,000,000
300.000
1,000.000
750,000
1,000,000
800,000
800,000
400,000
Merchants'
2.133.300
1.620.800
.1,000,000
Continental
Eliot
Everett
...
FaneuUHall
Freeman's*
Ulohe
Hamilton
Howard
Market
Massachusetts
Mount Vernon
Shawmut
&
Leather
State
•Suffolk
Traders'
Tremont
Washington
First
Second (Granite)...
Third
Bank of Commerce
Bank of N.America
B'k 01 RedemptlOD.
Bank
of Kepubllc...
City
Eagle
Exchange
Ilde« Leather
87,500
176,000
66.400
212.600
55,900
142,600
135.310
2SJ,000
40O
35.610
3.100
127.800
2.;oo
200
109,2(10
1,600
7.100
33,100
164,100
74.600
215,900
1579.900
1,8:9.900
77,600
1,845,400
17.900
278,400
206,600
1,021.9'JO
7,989.000
615,700
2,481,200
3.028.700
2,052.-2O0
2,611,700
2,770,900
3,617.100
•2.78:.20O
1,499 ..500
3.151.000
1,768.100
3,698,400
4.736.700
1,287,800
4,633,100
1,928,000
4.419,900
2.979,700
1.616.900
1,810,700
4,011,800
3,320,400
(,600,ai0
815,200
2,000,000
200,000
1,000,000
1.500.000
500,000
Commonwealth
2.51.200
4.200
2,I6I..')0U
l,.5OO,00O
tevere
Security
189,500
300
:, 539
1,000,000
1,000.000
900,000
1,000.000
1.000.000
2,000,000
1,500,000
600,000
2,000.000
760,000
1,000,000
1,600 000
300,000
2,000.000
1,000,000
1,000,000
1,500,000
1,000,000
1,000,000
1,000,000
North
Old Bos ton
3,703
17,300
2,125.800
200,000
New England
Shoe
1.64.1.800
218,600
88,600
66,900
17,-200
60.-200
483.700
77.700
279.5"0
234.600
401.900
53,100
317,900
113,300
342,900
332.100
40.800
469,400
292,400
626,900
189,800
134 JOO
141.300
411,700
103,100
9,400
4,600
5,400
2.5,400
90,-200
7.900
7,800
127 200
32,000
300
1,000
13,000
2,900
14,400
57,800
3.800
2.400
4,a!0
2.5i;,40(;
1,930,100
2,133,000
379100
46.5(10
202,700
189 800
194,000
1,8(K1
50O
3(10
9'.1,600
1.904,200
1.098.400
819.500
23!,900
613.000
698.700
1,137.800
551,100
1,216,000
649,700
891,700
821.200
810.900
1.274.300
991,300
59,8.-20O
979.000
729.700
9-2O.100
578.6.10
1,312.000
2.150.000
1,021,400
2,121,600
5.53,500
1,178.800
871,500
479.100
6.53,800
I.763,7«)
1,825 600
2.199.100
7l5.00;l
5-29.1100
016.600
1.472,0(10
176.-200
664,400
593,200
786.900
783.000
173,900
778,100
589,900
794.nai
788,600
447.800
329.700
797,700
; 86.500
ISO.OOO
e69..30O
1.188,71X1
1
.B3.41I0
596.800
97S.9O0
746.700
159.500
250,000
The
$48,350,000
total
1115.834.200 11,077.200 »10.637,400
Philadklphia Banks.
of th« Philadelphia
day, Dec.
3,
1872
Capital.
$l,5i)0,000
Sonthwark
Kensington
Penn
Western
Manufacturers'....
ol
Commerce
Gtrard
Tradesmen's
Consolidation
City
Commonwealth....
Corn Exchange....
Union
First
Third
Sixth
Seventh
Eighth
Central
Bankof Bepnbllc.
ecorlty
ToUl
1,000,000
2,000,000
810,000
800,000
500,000
250,000
250,000
500,000
400.000
1,000.000
250.000
l/)00.000
200.000
800,000
400,000
300,000
500,000
800,000
1,000,000
800,000
190,000
350.COO
375,000
750,000
1,000,000
250,000
Loans.
Specie.
$5.-239,000
3.871. ."25
5,'275,10O
2,'265,00O
$17,000
2.16-2.ilOO
2,935
2,117.000
'.462.900
1,017,093
1,358,905
1,440,250
1,690
7,500
1.000
5,878
5,710
34,500
5.400
'J.lSI.eoO
815.920
3,773.000
1,.558.994
1,178,861
1,455,830
69«iS21
3,807,000
5M
1,000
6,419
L.
Tender. Deposlts.Circnlat'n.
1961,000
690.500
13,570,000
,;195
T36,(li«
1,203,500
3.914,900
648,000
269,000
!60,0a'
398,100
2T2.00O
144.140
190,930
180.000
257.158
762,000
313.064
1..581,600
1,000,000
621.000
i.i.-;6.oon
470,.-;50
1,931,000
1,322.100
455,000
214,650
226.352
174,9f5
174,740
204.6.36
539
317 917
4,871
7S.-200
800
451000
2,901
883,150
968,95)
1,354,482
1,109.794
699,784
2323,000
1.105,098
784,219
951.575
377.266
2.019,000
si: ,000
1,572.0(X1
3,782.000
1,008,000
567,000
847.000
1,011.000
3,000.000
2.I17JI00
646,000
4,000
tl6,236JX)0 $55,066,00-2
$109,275
1,476.000
729,000
342,000
136,000
8,1W,000
136.000
138.000
987.S00
410,000
705.000
$1,000,000
5)0..326
201.865
595,000
176.414
'270,000
a59,194
211,7f0
430.000
269,000
799,007
260,6 3
13.5,000
13-2,000
2,040,000
997,000
417,000
219,350
140,700
670,000
800.1X0
180,000
$10,088,145
$IO,448,-268
$11,410,399
390.000
250,000
!99.'JO0
do
2dM., 187S
do
boat, '85
PennsvlTanla 6a, 1910
BchDylklll Nav. let ni.
Lowell.j^
do
do
du
R
82
6e,
Maryland 68, Jan., A.. J.&i)..
do
6a, Delence
;o«x
Baltimore 6a of "79
ax n
do
1884
do
6»,:90C
do
1890 Park 6a
Baltimore A ohia 6a of 15.....
do
do eaol-SO
>i%
91
do
do 6eol'8g
100
101
103X
109
USX
old
,
Pittsburg
r^s
do
do
77
68
78
New
,
„
do
do
(N.
W.Va.)2dM.6a
SdM.6.
8»X
Central Ohio, lat M.. 6
Jersey State
Delaware State
MarletU &
Exempta
68,
103
106X
123
68
123)4
I
RAILROAD STOCKS.
Hunting-ton
6a, '95
6a, Imp.. '31..
6e, boat. 88.
'•.boat, '8>..
MAL-riJnwKK.
I*HII.AI>£I.PHIA.
6e. new
do
AlleKhany County, fa, coop...
AIlcKhany City 6b
68. "72..
2d m.,-82.
»'o
UK
common
A Broad
do
Top.
do
36"
19
37
20
42*
13
40'
.,
AC
pref
53»
Little Schuylkill
17
Minehlll
63H
Nesquehoning Valley
Norrtatown...
69
48
64
51*
,
86
,
Northern Central
North Pennsylvania
on Creek A Allegheny River.
Pennsylvan la
37X
38),
Cln., I6t M.,7, 1891
do
do
2d M.,7,
Norfolk Water f 8
1896.
97X
iNorthern Cent., IBtM.lEuaDr
do
do 2d M.. 8. F.,6,'8.1
do
do 3d M.,R. F., 6, 190
do
doSd M. v. * riS.V.
do
do Cons. (KOlrt) 6, VMPitta. * Connellsv., !»t M., 7, tf
do
do
iBtM.. 6, 18»
Weat Md, iBtM ., entlor»ed,6. '«
do
do
..
Lfihlgh Valley
i
n
do
Snaqnehanna 6fl, *y4
do
Co«l Co. bonda
„
Lnlon lat mon. 6c, ^M
Wen Hr«n. h Ut ni,6«,'7»
WyonilnK Vu ley iBt mi.6«, -i8.
131
do preferred
Vermont A Canada
Vermont A MaRsachusetta....
•OX
Morrii, l»tM.,«, 1876
;o4x
I
l8t M., unen<l.j6, *90..
2d M.,endorecd,6,'90.
Baltimore & Dhto Block
ParkerabnrK Branch
Central Ohio
do
preferred
CINCINNATI.
Cincinnati 98
do
6e
do
7-308
36M 3«" Bam. Co., Ohio 6 p. c. onghdi-.
do
do 7 p.c, 1 to.^yrB.
56X 9»>t
do
do 1(1 bd«. 7 4 7.301
i,% 28
Philadelphia A Frlc
58),Pliiladelphla A lieadtng
58X CovlnRton * Cln. Bridge
Cln., Ham. A D.. Ist M., 7, 80...
PhlladelplilaA Trenton
do
do
2d M.,7, "85...
Phlla.. Wllming. A Baltimore, 54X
do
do
3d -M., 8, 77..
Tioga
28'
OIn.* Indiana. iBt M.,7
West Cheater
do
do 2d M.. 7, 1877..
38
do
pref
Colnm.. A Xenla. Ist if., 7, to.
6C
WestJeraev
Dayton* Mich., Isi M.,7 81..
CANAL STOCKS.
do
do
2rt M., 7, •84.
Chesapeake A Pelaware
do
do
3<1M^7, "88..
Delaware Division
do To'do dep. brta, 7, 'SI-"*!.
Lehigh Navigation
Dayton A WeBt., I»t M.,7, 1906.
Morris
do
do
l8t M., 6, 1906.
do pref
Ind., Cln. A Laf., Ist M.,7
Pennsylvania
do
(I.AC) IBt M.,7. 188)'
Schuylkill Navigation
Innc, Cln. A Ind.,lBt M.,7, "SS.
do
pref. ..
Little Miami, lit M ., 6 188S
Union pref
Cln, Ham. A Dayton stoclc.. ..
BAILBOAD MONDfl.
ColumhiiBA Xenla stock rx fl.
Alleghany Valley 7 3-108. 1896.
93),
Dayton & Mlchliran Btork ex d
BelvlderuDelaware.lst ni,*i,Tt
do
8 p c. Bt'k Knar
do
do
2d M.,Nt
Little Miami stock
ex. d.
do
do
3d M-.'S^
,
90
. . .
ft
do
do
do
do
Amboy. 6b,
do
do
Camden A
CatawlB&a.
1.0UI!iVIM,E.
"75....-
Lonlavllle
6s,'8S
68,'89
domort.
do
Total net
:
Banks.
North,\merlca
Farmoisand Mech.
Commirclal
Mechnnlcs'
BankiN. Liberties.
— The
t25.669.300
as per statement of Dec. 2. Is ¥15,444,400.
followinjj is the average condition
National Banks for the week preceding Mon-
Philadelphia
Bank
$.50,304,400
amount "due to other Banks,"
132
90
Northern of New iTampshlre..
Camden
Total
ISH
Fortamontfa
M
Leh'gh NavlKatlon e»,
do
Hit. •»;...
do
conv.-T;,
do
conv., g,1M.
do
Bo:d, *97
Norwich A Worceator
69KI TO
Ogdena. AL. Champlatn
...
do
do
pref.... «»
Iiaik 119
Old Colony & Newport
Philadelphia
8»
no.\D8.
A Dela. Cc, '6.'...
DIvllloD 6>, *7<
DeUwere
pf.
BTATK ANl> CITY BONDS.
Pennsylvania 58, conp
do
fis, '67,S-10,l8t.,
do
do
10-15, 2d..
do
do
15-25. 3d.,
lOOJi
101
Che.Hpcnke
80>*
A QdIi cy
Ctn., Sttndaaky ft Clev. slock.
Rutland
Tg
lstm.6«,'96
tanal
14U
,
Connecticut River
Connecticut & FasBumpslc,
Kastern (Maaa.)
KltchburK.
ManchcBter ft Lawrence
Louis
do
do
0«. p. b., 'S*
WllmlDK. * Ke>d.,l.t M .,7. 19U
do
do 2d Mori igu
BeadloKCoalft Iron deb. b...
do
do
inorl. b.
Chic, Bur.
ft
ii"
m
<lo
148H
Harriab'K. Lanca.ster
788,900
do
183
Kast Pennsylvanl.i
7<3,-200
g. ni.7s,c.. I9:0 99H
rcg...!lOl'H
do
W«M Jeriejr 6.. "sa
Concord
Port., Sftco
u
...
...
'.s.
do U,'n
_
We.teriiFenn.ta.lS
ProvUk-nce
A
•«
do •
4«X Warren & K. lit in. 7b, '*....
We.lChe«terconi». ;§, *M
atock
(Jheslilre proferrod
Nashua
io"
R
...
...
Pitta., Cln. ft Pt.
3I9.6,".0
S75.900
1,168,500
A
I
'80|
Sunbury A Erie Ut ni.ls.'.?..
Kunbury A Lewiot n ;b
...
....
'«7.
do
do ccrtlflcatea.
Ogdoosbnrgft Lake <:h. Ss....
Old Col. ft Newport Bda, «, *7«.
do
do Bonds, 7, 1871..
Rutland, new, 7
Verm't Cen., Ut M., cons., 7, 'W
do 2d Mort., 7.1891....
Vermont ft Can., new, 8
Vermont ft Maaa., lat M.,6,*83.
BoBton A Albany slock
A Lowell
A Maine
Reading Is.
coHv. 7», •«n
dob. twncs, *W
(lo
Ctieahlre,6
Boston
Boston
Boston
an
...
...
'»tl
1o
C«.g.,19;0.
.,?.
Vju Phlla. ft Sanbary ipt m. *]...
Phll.,Wilm.AH«l..«B.'M
514,000
92-2,400
1,260.-200
ViH
United N. J. Comnanles
Camden AAllantic
do
pref.
do
Catawlssa
do
pref
Rlmlra A wllliamsport
Rlmlra ft Wllliamsport prof.
952.500
471,300
4.751.800
459,600
1
void
OtilcaKO Bewerafte •
Maniclpat 7*
do
Portland 68. building loan.
Burlington & Mo. L. G.,7
68,
775,700
798.400
5S3,500
437.900
174.7«1
796.000
561.200
787,900
116,600
356,300
211,100
415.000
353.300
399 2C0
242 000
1,585,900
171.600
5.14.700
Uold
Ra,
m.cs,
2d ni. '»,*bm
ft
do
du
do
Bofiton «•
do
Ist
d(,
Baatern Masa.. conv.. 6. 1874...
Hartford ft Erie, iBi M (new)?,
lB9,r/Xl
5«6.0:.0
617,(X0
923,VOO
do
Philadelphia
GoIcl,l?f«...
Cln., Han. ft Clov., lat M..7.
5lJ.3l.iO
i.rsi.aoo
1.566.200
«>
Krle
ft
,
1.159,;0'l
1.761.(00
l."94.100
897.500
2.314, :('0
1.317,300
2.141,100
1,61.7.500
do
do
yiM
,
8.426.500
1.053.6C0
791.800
3.690,50;)
i,2:k.ho()
,426,000
Pbila.
MassanhnaettsSt, Currency. ,.
llHinpBhlre,6t
Ver-aiont m..
.•.2l'.-2lO
...
H
,
,
New
give a statement ot the BoBtoo
National Banks, as returned to the Cleariaj^ House, on Monciay,
Dec. 2, 1873
specie. L. T. Notes. Deposits. Clrcula.
Loans,
"
Atlantic
$l,6l3,40li
$46,700
$750,000
$99,300
«504.600
»417,OCO
1,500,000
1,500,000
1,000.000
600,000
6b
I.O71.6O0
2.141,100
1..
370,500
1,687,000
236.700
6,000
we
BOSTON.
Maine
Bid
PenDsyl\a.,gen.m.,coov, 1910
an
do
reg
PerkloRicn im m.fs.^97
!. 339.4(0
444,300
487,800
247,000
195,700
2.70O
261,600
iri.n)e
547,200
OVBITIBS.
Bid.
JJ98,50C
768,»00
265,000
579,000
US.OOO
3.''67,20U
aiOCSITIH.
790 800
660.0
842,0
6(8,200
5,880,800
679,400 2,935,'0O
lO.'-Ml.OOO
^1,420.200 276,560,000
4.298.300
8.917,400
2.893.600
21.10(1
20 7.59.100
5,262,500
2,146,600
—Below
9,700
878.400
503,900
•88,100
1.300
506,700
401.600
BOSTON. PHILADELPBIil, BUTIMOBE, tt.
(1-22,400
8,607.7(10
232.400
188.700
354,400 ,,176.900
29,400
131.700
33.500
3.900
(H,600
396.6(10
53 500
737.600
121,900
789.900
42.100
5,000
114,900
580.300
13,000
282.000
5,600
4,1(10
860,000
94,003
10,900
98.600
137,500
497,100
317,400
916,100
46,100
31.5.700
5,600
1.900
18.200
10.800
11.90(1
224.500
2,4«.300
771
IIII0TATI0,\8 IN
I8,7>S.900
8,5'JO
2,940,800
2uO,000
Total
1,200
:38.100
112.S00
9,4I'J.8'.K)
2,000,000
1,000.000
Boston Banks.
800.600
99,400
1.3.'».6U0
2.OI.C,40O
. .
Tenth Natlon:il
1.303,600
1U5.«10
14.100
3 662 aiu
1.680.400
5.0 '5,900
2,113,600
1.590,100
3.407.iOO
2 190.900
2.195,000
LeiiBl
Deposit*. Tcrndftif.
|8Sfl.500
262,500
59.100
234,200
239,700
965.1110
503,100 3,115,900
Mi^.eoo
1,000.00(1
1.000 000
2,000.000
750.000
300,000
400.000
„.
300,000
1,SOO,000
2,000.000
500,000
300.000
400,000
850,000
....
2,7.'i9,S00
1,000,000
1,000,000
500,000
4,000,000
40U,000
1,000.000
1,000,000
1,000.000
,
100
IHl.St'O
450,000
412,500
People's
Importers and Traders'.
732,500
322,200
522,900
82,300
H9,2(Kl
141,800
81.800
199.600
47.1X»
9,400
4,086,800
2,?(19,(i00
Chatham
irviuK
UetropoUtaii
414.40(;
800,000
600,000
200.000
600,000
500,000
tKercantUe
Bepabllc
««i,900
312,600
4.620,400
1500,000
MechantCHand Traders'
Greenwich
Leather Manni
hovoDtn Ward
tateol New Tork
American BxchanKe
Oonunorce
Broadway
Hon.
»l.i28.0lK!
2-12,200
9,%8,900
3,000,000
1,900,000
8,000,000
1,800,000
1,000,000
1,000,000
000,000
800,000
1.235,000
Net
Clrcnla-
Dlacount*. Specie.
»s,uoo,oo() t'.o.fsa.t.oo
2,050,000
6.523,500
3,000,000
6,938,000
HanhRttan Co
.
.
THE CHRONlfJLE.
1872.1
7,
X
,
68, •89...
94
coa80l..68, *9t...
Allan. 1st m, 7b, *7S. 1C2J<
2dm,78.*iW..
1st
M.conv..*83
•88....
do
chat. m. do
new Ts, l&OO
do
L'l
Connectlnges 1900-1904
East Penn. lat mort.78, *8d
El. A W'maport, Ist m, 78. 'gC.
do
do 58
. .
A
Jeir«rson.,Mad. A Ind
95X LonlBT., Cln. A l.ex. pref
do
do
common.
95h
lOS!. LoulBTine A V'aahTllle
.
104
Little Schnylkll 1.1st M..7.JffJ7.i
ST. LOVIS.
98X
Northern Central 3d m, 6e. '85.
do 2d ni.c. 68,1900
do
do 2dm. 68. 1900...
do
North Peun. Istm, 6s, "85
2dm.78,*96
do
do
IOj*. chat, m.,*??
on Creek A Al. U.. ron, 78. '88.
Oil Creek Ist m. 7s, •82..
Pem. A Hightslown7s, '89
Penn ft N. Y. Canal 7s, "Se-lSOei
91
St Lonla
»1X
86M J!"
m'
igx
.
75'
do
io
do
do
do
6a,
6a,
Lone Bonda
Short do
Water6a, Kold
do
do (new)
Park6a Kold
Sewer SpeclalTaxlB
Nortli MIsaonrl. lat M. 78
2il M.78...
do
.
.
.
ilo
,
•i<\
i
i
I90C
do
-ill
do
Lehigh Valley, lat M., Ss, 1878.
do
do uew68, 'as
do refr
do
do
do
do nt-w 78, reg., 1!»10
!«t_M., 6, ISSO
Penniylvanla, lat M.,6.1>*80...
A
Lex., lat M.. 7, •97„
Lo^llav. C.
Fr'k., Ist M., 6, lO-'TS..
Lotila.
LonlBv. Loan.6. '81.
do
L. *NaBb.l8tM.(m.s.)7. 77..!
do Lor. I.oftn (m.B.16. '86-'87!
do
(Leb.I<r.)6,'86
do
lOiX
do l8tM.afcm.Br)7.'70-'75.
90
60"
do lstM.(Leh.hr.ex)i, 80-'a6
60X
do Loo.l.n(I.ch.br.ex)6,'»8
do Consol. Ist M.,7, isfc....
Harrisburg lat mort. 6s, '83.
H.&B. T. 1st mort. 7b,
do
2d mort. 78, •?0....
do
3d ra. cons. iS, '95.
Junction IsC mort. 68. 'S5
^
6«. '82 to '87
do
6ej'97to'9e
Water6«, "8710 •89..I
do
Water Stock 68, '97.
do
Wharf68
do
special tax 6e of *89.
do
leff.. Mad. & l,lBtM.(IftM)7, "81
do
do 2d.M.,7,
do
do 1st M., ,, 1906....
95i
lOl
M..6.1<)75....| 95?^ 'Si**
•7
8.1
M.78..
PartSc (uC M ) Iti M.,)(ld.
KoDaaaPaflOr MLocjc
"• "• RR. of Mo. Block
.'
)a.
ISM
..
.
.
.
—
., .
,
.
[December
NEW
QUOTATIONS OF STOCKS AND BONDS IN
Government Bonds and
•OUBITlSt.
•
newbonds
do
.
34K
5ZS
6s, old.....
&N
57
94
& Tol.,ni!W bonds
Cleve.,P'vllle& A8h., old bds, us
do new bds.
do
Detroit, Monroe & Tol bonds.
Cleve.
S8
Han.* M. .loaeph
—
do new oonds
do new floating debt.
Peilitenllary
63,
levee bonds
88
8s
8s
California 7s
do
do
do id M. pref
do 2d M. income.
hlc. & N. Western S. Fund..
Int. Bonds
do
do
do Consol. bds
do
Extn. Bds
do
do
1st Mort..
do
do
Iowa Midland, Ist mort. ,8s...
68
88
do
88 Mont* Kuf'laR..
do
Ss, Alab. & Chat. K..
do
onS9a..
Es
do
Arkansas 68, funded
78, L. R. & n. s.lss.
do
78, Memphis & L. R..
do
78, L.R.,P. B.&N.O,
do
78, Mt83. O. & R. Rlv
do
78Ark.CentU
do
Taxae,
OBlo6s,
dan.&
do 68,1881
do 6s, 1886
Kentuckv 68
Illinois canal bonds, 1870
do
68 coupon, 77
1379
do
do
autncT
tndiana
do
do
do
6s,1878
68,1883
78,1878
do
uo
do
do
do
do
do
do
95
Bounty, reg
do cou
63,
68,
6s,
1-'6X 1C7 Ji-
58.
53,
105
lOS
1R74
1875..
1877.,
1878.,
1874..
do
do
Uo
105
105
98
Clove.
95X
& Alton
Chic. Bur
di
lia"
ll
pref
114
&Quiocy
l>iiii'I"nfi *.
Kioux
2i
i
Jersey Southern
New Haven ft Hartford
N.T., Prov. & Bost (Stoningt.)
Y.,
ifc Mississippi, preterred.
Pitts.. Ft W. & Chic, guar...
special..
do
do
Ohio
Bensselaer
&.
do
&
Mountain
Northern pref
95S4
South Side, L.I
do
do
di
do
let pref.
Lonir Inland
21 pref..
& W istern.
J.
...
.
do
1 ••n.»t,««u
:,.rtir
do
Land Mining Co .,
do
do
prel
OnlokslUer preferred
73
215
Hew Central Coa'
'"
Mallroad Hoiids.
N T. Central 68,
1888
6s, 1887
*1«,
i)
i.3
• Ik
Br
C. C. C.
iBt 7b,
&
Ind's 1st M,
Lafayette, Bl'n
M
Miss. Ist
13)4
2X
is
25
O.lvealnn.H.
&H
,7a,
84
100)4
M.
V5X
ll.ISW-W
lOOH
UortgaKt SstM>dtd..ltv:i IM
, . . , .
Macon & Western stock
Macon and Augustabonds...
lot
55
75"
ICO
85
91
endorse
do
(l(j
,
25
S6
82
26
,
do
do
i-iock
* Ohio, ICs
do
6s
do
Memphis & Little P..
Memphis
90
80
96
80
100
85
90
75
90
90
Uni'^'n
9i>4
lOO
—
N('f>8ho7s, g 'Id
Puc.
•
guar.
92
branch, 6s, gld
o.
Walklll Vulley
Is' Is,
West Wisconsin
New
7a,
go!
gnUl.
1
Bur., C. R.
,
85
"
i^i
&
90
70
35
95
95
73
74
•.66"
92>«
ma
N.Orleans* Opelous, IstM.Ss
Nashville
&
Chattanooga,
6s..
4th8,88
do
Blchm'd * Petorb'g Ist m., 78
2d m., 6s.
do
do
3d m., 85.
do
do
Rlch.,Fre'ksb'g& Poto.6s....
do conv. 7b.
do
do
Rich, and Danv. Ist cons'd 6s.
Piedmont 8b.
do
.
d''
75
«1
76
.
.
*
Tenn.lstB, 6s
2d8,6s
3dB 8s
74
97
Va.
92)4
£2)4
West Ala., 88 guar
90
75
99)4
9J)4
Vn
to
do
do
Wilmington and Weldon78...,
Ch* Ruth. 1st m. end
do
ist M., 8s...
do
do
PAST ntiK cotn»0K8.
Tennessee state coupons
Vl'vlnia Coupons
deferred,,
do
ao
MemphltClty CoupoDS
NubvUU CUy CDUpuDi
SO
K7
77
«
9(1
45
95
98
1110
80
Ists, 88
Rome*
n.,l8t M.,Is..
Sontta A North Ala, 1st M., Ss.
Southslde, Va., let mtg. 8b. .
Selma,
2dm.,gaart'd66...
do
3dm. .08
do
4th m. ,8s
do
Southwest. BR., Ga., 1st mtg...
stock
87
do
8iK Spartensbur.A Union 7a, guarsrcarollna BR. lat M,78 (niw;
do 68
do
do 7b
do
do stock
do
Vinn., Mil. dlv„
istmort gold7s
Cln,.Kbh,&P,W, utmgld-i
Mctilc »ur. * Qnlncy Dew ;•...
i.Ckle. & Ciw. SuuilJ, at w (1 Tl
sterling
do
ex ctfs
do
Bs, Interest...
do
do
""
2 mtg,
do
do
Income
do
do
stock...
do
do
N. Orleans * Jacks. 2d M. Ss.
do
cert's, 88.
do
5',i
94
'(0
81
90
89
62)4
Ki
97
92
411
4,i
J«
57
K-l
:ci
I.OHiis.
Atlanta* I!. Al- 'ne ist m 5"
Arkansas ^'a'e Bonds. ud. 7s
* Ohio
Mobile
do
Norfolk* Petersburg Ist m.,8s
78
do
do
do 2d mo., Ss
do
Northeastern, S.C, IstM. 88....
2dM., 8s
do
Orange and Alex.,lst8, 6b
2ds, 6s .. ..
do
Sds, 8s
do
—
Union* Logansport7s
Ulali Cen'ral 6a. gold
rtlca, Clin. & Bing. 7»,
lllH
75
75
98
60
97
stock.. .,
do
do
Memphis & Charleston, 1st th.,
2d 7b.
do
do
85
80
35
74
&
Tebo &
K0;d.'71
ArkiinsHs l.'vet' b-nds 7»»
Atcbis'mft P. p., 68 gold
Atlantic & Pacillc L G. 6'« elci
Ato rieon. Top. & S. Fe 7« «ld.
Atchison & .NibraskaSp. c...
Bar. * Mu. UlVM, ilouk.
90
-.
12)4
103
105
So'eastern 1st 78. gold
& f^t, JOBenli.l8t,6s, gld
Sonlhorn Central of N. Y, 78.
St. L.
St. L..
laiBcellaneonN List,
real estate..
7t)
E.Tenn., Va& Ga., Ist M., is..
Bl.^ck
do
do
corglali.K..7s
stock
do
Greenville & Col. 7s. guar
7s, certlt.,
do
do
Nfacon A Brunswick end. 7s. .
91'
2a 78
lie RR. of Mo.,8toc.
Pacific R. of Mo. 'st«8. gold's
do
do 2d 7s. cnr'y. '91
91M
ts, sabscriptlon
7». 1B7«
7a, COOT, 1976,,,.{iii6v
100
80
40
70
do
,
83
93
80
40
26
80
15
45
iro
C0I.& A.,l8tm.,78.
Block
do
Charleston*. Savannah 68, end
Savannah ant. Char., lat m. ,7s,
Chcraw and Da.-llngtiin 78 ...
East Tenn. * Geoi gla 6s
EastTenn.* Va.6!! end. Tenn
S!l
UK
Savan n
Charlotti
91
17
Southern Minn, construe. Ss
do 78
do
St. Jo. &C.B1. St M. ,108
do
8 p. c.
do
St. Jo. & Den.C.Ss.goldrw. D
do 88, gold, E. D
do
Mans. & Newark 7s
Sandusky,
St.Louis, Vandalla & T H. 1st
2d
do
do
Pa
91
92'
lUl
79
38
24
end.
stock
do
do gnaran
do
Central Georgia, Ist M., 78
stock
do
do
91
81)4
90
9:1
coneol
do
do
do
do
162'
78
81)4
& Gulf
Atlantic
96
85
104
& St. L.l8t7'
Huron*L M.:s,gld.end,
Southern Pacific 6's, gold
South Side (L. i.)7s
Steubenville & Indiana 68
'
%
72
52
42
74
78
2dM.,78
do
Gal., stock
—
—
1>S
90
85
Rome* Watertown 8 ....
Rome, W. & Ogdcnsburg 7s.
Rondout & Oswego 78. gold..
Sioux Cltv & Pacillc 68..;
7s
38, lat
&
82
87
et
!0
30
RAILROADS.
do 7s, gold...
do
Peoria* Rockl. 7's. gold
Rockf'l.P. 1.* St. L.lstTs.gld
Pekin, Lincoln & Decatur IstM
Han. & Cent. Missouri IstM.,
Cln.,Lafnyette & Chin. 1st M.
Del. & Hndson Canal 1st M
Atliintlc & Ore t West, lat M.
Morrla&E sex 78 of 1S71
N. Y., Newl' & London Tel..
la
70
do
Port
F. 100
to railroads, es
Ala.ft Chalt.,lst,M,tt,end..
Ala. *Tenn.R,lst M..78....
Pitts .Cin.
M
7s, S.
,....
lOs
7s, new
,.
do
Wilmington, N.CISPold,...,
8»gold....
do
do
gld
52
81)4
Cln:&Sp'dl8tM,2ld,iCC&I
1st M, gld. L S & M S
do
LaCrosae & Mil.
105K
,
V. T. Central
4)
& W.
41 Ji
ay
Land Improvement Co..
'lo
95'
Sinking Fund
do'
Morris & Essex, convertible...
do construction.
do
75
Ist Mort. bonds
.Jefferson RR,
22K Winona & St. Peters Ist m
72
65
•00
70
65
bonds, 78
68
Richmond 6s
Savannah 78, old
equip....
«5
PeunBylTania Coal
Boring Mountain Coal
wllltesbarre Coal
Canton Co
Delaware & Hudson <;ana1
Atlantic Mall Steatnmip
Mariposa (Jold ...
do
p ef
do
M.
do
do
do
do
Petersburg
—
Pt. Jeff. Ist M...
& Chic. Ist M.
Soutt Side, E. I. 1st Mort. bds
American Coal
Boston Water lower
K,
Ist
70
50
consol. w
N orf oik 6s
,
St. Louis, JacK.
mscellaneous Stocks
Consolidated Coal
Cumberland Coal and Irou
Maryland Coal
RR
80
new
.
Smlthtown*
nref.
Gb,
ao
do
do
do
iBt. M, lOs
do
do
2d M.. 10s
do
do
N. J. Midland ltt78, gold.guar
2d 78 guar
do
N. Y. * Osw. Mid. ist 7", gold,
2a 7b, conv
do
do
New York * Boston 7a gold.
S". Haven. MIddlet. & W. 78 ..
Kewbu'gbr"ch78, i^uar. Erie
Omaha & Southwestern RR.8'8
Oregon & California 78, gold
Oswego & Rome 78, guar
Peor-a. Pektn & I. let m, wold
Ill Dock &lni.Co.".'S6. ...
West. Union Tel., 1st mort. "6.
Toledo, Peorl-i& Wa-saw
Toledo. Wab
1st
do
.
Mort
Rome & Wstertown
K
«&
let M....
ie'
MIsBlBslppi Central, Ist m., 7s.
93
IstM., lOs.,
2dm., 8s...
do
ft Mo. Rlv. 1ft m. 7s
88!t 92K Mississippi ATenn., I8tm.,78.
97)4
do consold., 88.
Logans.. Craw.* S. W. 8s, gld
do
110
Michigan Air Line, 8s
Montgomery* WeslP.. Ist, 88.,
B5
do 1st end.
Mo.itlcello & P. Jervl67s,gold
do
95
do Income
Montclair 1st 78, gold, guar..
do
65
78, income
do
Montgom.* Eufaula 1st 8s, gld
Mo., K:-n. & Texa« 78 gold.
end by State of Alabama..
16"
Mobile & Mont.. 88 gold, end
Mo. R., Ft., S. & Gulf, stock
81)4
do
m
8s
New Orleans 5s
.
do
Louisiana
A
'
SJ
7s
78.
Leav Law. &
Erie, Ist mort. 7s
guaranteed
do
C.'-dar Falls* Ml"n. 1st M....
Bor.,C. i'apld3&Minn.7s,gld
Boston, H.
68
Nashville 68, old
2-1
93)4
Consol. 78
N. Haven 68
do
Mew YorkA
.
Montgomery
Kan.C, ^t. Jo. * C. B.Sp.c.
Lake Sup.* Miss. 1st 7's, gld.
2d 78
do
do
Leav., Atch. & N. W. 7s, guar.
.
92X
T. Haute.
pref.
do
T2
62
75
72
75
54
new l'ondB,6s...
do
end.,M.* C.R.R....
do
-...
Mobile 58
••
ao Ss
AHeglian.&G R.8s,guar
Kal.& White Pigeon 7s
Kansas City * Cameron 10s.
Income
Consolidated...
do
2d
1st
Saratoga
St. Louis & Iron
St. L., Kan. <:.&
do
do
Memphis old bonds,
Kal.,
Marietta * Cln,,
92"
Chic. & Milwaukee Ist Mort...
Jollet & Chicago, l8t Mort..., 104
Chic. & Gt. Eastern, 1st Mort..
125
Col., Chic. & Ind. C, Ist Mort.
25 )i 27
,3
do
2d Mort....
do
140
i;ox Tol., Peoria & Warsaw, E, D.
W. D.. 88'
do
io
73
iiU
do Burl'n Dlv. 83
o
92!^ 94
2d M.. SO
do
ao
Rome, Watertown & Ogdens.
St. Louis, Alton
do
do
55
...
68
Columbus, Ga., 7s, bonds
Lynchburg 6s.,
Macon 78, bonds
do 2d 8s
do
Indlanap.* Vincen. ist 7s,guar
lowaFallB* Sioux Cist 78...
Indianapolis & St. Louis 7s
102)4 Jackson. Lansin & Sag. 88...
97
Kansas Pac. 'is. Extension, gld
112^
do
78, Land Gr., gid,
105
do new.^ld
do
78,
97)4
6s, g'd, Jun&Dec
do
105
es, do Feb* Ang
do
7a, 1879, Land Gr.
do
7s, Leaven. Brch.
do
Incomes, Ko 11..
do
No. 16..
do
do
Stork
do
Kalamazoo & Sonth H. 88, guar
99
97
S6
98
lOl
Miss., Ist Mortgage...
12K
92«
41M
pref.
«w
N.
&
93
75
3:
86
8s
Columbla,8. C,
Fort W.. Jackson & Sag. Ss...
Grand B. & Ind 78, gold, guar,
do
do 78. plain
Grand River Valley 88
32
...
Dub. & Slonx Cist M
95
Peninsula 1st Mort., conv ..
St. L. & Iron Mountain. 1st M
34X Mil. & St. Paul, Ist Mort. 8s.
106)4
65
do
7 3-10 93
do
do
9SH
do 78 gold
do
130'
94
do Ist Mort
do
89Ji
do lowadlv
do
34
do 2dM
do
iJi
preferred
New Jersey
13
do
do
Ohio
Sinking Fund.
Ist Mortgage..
88)4
90
Securities,
Charleston, S.C.,7s,F.L. bds..
Hen.* NB8nv.78..
Ellzabethtown & Padu.Sscon
Evansville, T H & Chic 7s, gld
Enrnpean & North Am. 68. gld
Flint * Pcre M. 7s, Land Gr..
S^K
ijitv
pref
Illinois Central
do 2d
do
Morris & Essex
Mo., Kansas* T
Mort
Mort
.Id
4th
8b ...
Evansville.
lOOH iOOH
Uarlem
JoUet* Chicago
Long Island
Marietta & Cln.. 1st
do
do
* Alton
90 «
iO
ii
.
Cleve. & Pittsburg, guar....
Central of New Jersey, scrip.
Col. Chic. & Ind. Central
Chic., 1st M.... 104
2d Mort.
Sd Mort
fi? f p. c. eq't bds
I-llts., Consol, S. F'd
2d Mort
do
Chic.
139'
& ludlauap
Clev., Col., Cln.
&
1,,
Atlanl'lCifc P;tcific,pref
W. *
do
do
do
do
Railroad Stocks.
Chicago
do
2d Mort
do
.Vew Jersey Southern 1st m 78
do
Pitts., Ft.
lifi
(Not previously quoted.)
Albanv fi; Susquehanna
96
7s
S.E. RR. Imgl's
III.
do
'
.
.:>2>i
Ohlc. K. Island &
103
Morris & Essex, ist Mcrt
2d Mort
do
do
Sew Jersey Central, Ist M., n 102)4
lOSK
Canal, 1873
do
do
do
do
do
do
.
2d Molt...
Pacific
do
68, 1873
New York
Tol., 1st M.. 1890..
111.
58
Mlc'iigan
&
& So. Iowa, Ist Mort
Ualena & Chicago Extended
War Loan
Decatur l8tm.
&
Augusta, Ga., 7s, bonds
Charleston stock fis^.....
Pittsburgh Ist 7s
Indlanap., Bl.
92)4
90
100
92
CITIK8.
Atlanta, Ga., 78
do
&
&
Sontbern
SonthesKtern lilt. "s..
Hock. V. 1st 78, S,i yrs
1st 78, 10 yrs,
do
do
do
102
«lannlbal& Napifi 1st M
areat Western, lat M..1SS'!....
2dM. 1893....
do
Paris
•.d7,s20yr8..
ChlcDanv.* VIncen s iB,xld
Cleve.. Mt.V. & Del. 7s, gold
Connecticut Vsllcy 7s, gold.
Connectirut Wes^tern 1st 's...
S9M
do convertible
');d., L'vek. * Western, Ist .M.
2dM..
do
do
7s, conv.
do
do
rol. & Wab'h, Ist Mort. ext'd.
IstM.StLdlv.
do
2d Mort
do
Equip. Bds....
do
tons. Convert.
do
of 1876
&
Eric
Land Grants...
St. Jo.
*
ma
Spring.
Grand
Chi.
Col.
90
90
CO
90
90
90
85
90
gld 7s
9<
Chic, Dub, &Minn..8s..
Peoria * Hannibal R 8's.
Chicago & IowaR.8'8.... b;
American Central Ss
do
1S75
do
81%
M
&
& Warsaw,
Trmk
m
Loui^v. & Nashv. con. mort. 7i
Mil. * North. Istm. B
North. Pac. Ist m. gold 7 S-lOe.
,
Quincy
1
95)4
.
Chcsappakc & Ohio Ist 68, gold
Chic. & Mich. Lake Shore 88
Des Moines Valley lai (-s
do Land Grant Ps
do
Dan.,Urb., B1.& P. Istm 7 dd
Detroit, nillsdale & In. RR.8'8
UntchcBS* Columbia Is
Denver Pacific 78, gold
Denver & Bio Grande 7s, gold
Detroit. Lansing & La'^e M. 8s
Evanavllle* Crawfordsv. 7b..
do
do
large bonds
Rhode Island 6s
Alabama 53
ICs,
i6iJ4
.
,
do
do
99
gld.
Central Pac. 78, gold 'onv
Central of Iowa. :st M, 7's gld
2d M, 7's, gld
do
Keokuk* St. Paul, 88.,.
Carthage* Bur. 8s
Dixon. Peoria & Ihin., Ss.
0,0, & Fox R. Valley 8s.
l66'
Illinois Central 7 p. ct., 1875.., 101
3ellev'le <S S.llls. R. Ist .\i. 8's.
T. H., 1st
llton
1875..
of 1310.
78.
Connecticut
do
do
do
do
do
do
Land (irant,7s.
Income lUs
95
93>s
7'8.
6s. 2d M., gld
1st 78, gold..
do
C nada Poulhern
111.
Bufl'alo & Kiie, new bonds ,..
Lake Shore Div. bonds
Lake Shore con. coup bonds.
Con. reg. bonds...
do
PaclOc R 7s, guartM by .Mo... 97M
91
.
Western Paclncbor da
..estern
'.UIX
Central Paclttc gold Bonds.
State Aid bds. 111
do
Union Pacific 1st M'gc Bonds,
M>i
"is,
. ,
.
Asylum bouds
.do
;
RR
Calif ornlo Pac.
I. dlv.,
,
ill
111
& M. (In Neb.) 1st conv.. 99
CaIlfornla& Oregon 63,i!Old.. 8TX
93K
v.,
* Tex. Cist m. gold 7b
Houston & Gt. N. istm. gld 78
In' c rnat'l RR. Tex, 1st ni gld 7s
lud. & 111. C Ist m gold 7s...
Ind.. B. & W. Ext 1st m gl 78
Jack.,N W.*8 W. Istm gl 78
L. Onr. Shore RR. Ist m. gld 7s
lake Shore & .M. S. Income 7a
Hon-.
Burl.
1C6H
UO
.
do to S.C. R.R Co..
do
do Funding Act, 1886.
do
1868.
do
do
do
Jo'
do new bonds
do
do Special Tax
do
90
Boatb Carolina "is
.Ian.& Julj-... 2aH
do
do
April .t (ii'.t...
do
do
do KaudlM(5 Act, 1>66
do
do LanilC.lSSi.J & J
do
do L.ndC,lS59, A&O
do
of 18«.
do
do is
do
do
do
105
8d Mort., 1875
aarlem. 1st Mortgage
do Con. M. & S'kg F'd 68
98 ji
ilbany & Susqh'a, 1st oonds.
94
do
2d
do
95X
do
3d do
do
do
lis"! lis'
.Vllch Cent., I8t M. 8s, 1882.
Consol. is, 1902...
do
Chic, Bur. & Q. 8 p. c. Ist M.. lis' !i2>4
9;x
ttlch. So. 7 per ct. 2d Mort
ioo>,
1. S. K. 7p. c.
Mlcli.S.
Oleve. & Tol. Sinking Fund.. :02h
new bonds
endorsed
78,Oold
Louisiana 6s
93H
Ch„ D, *
4th 8., do 88..
do
do
5th S.,do8s..
«th S..do88..
do
do Creston "ran-h
Charlton Branch
do
do
do
do
do
93X
..
78. ....
7s,
do
do
78,
do
do
do
91
SBCtJKlTlXB,
Asli
Mo. KherLand M. 78..
2d S., do 78.
do
do
3d S., do 8s..
*
iur.
93H
9j
Bua. N. Y. & K. 1st M., 1877.
Bad. R.7s,ad M.S.r.l885
coHBol, bonds
deferred do
6ft
98
97
Long Dock Bonds
VtrKlnlaSa, old
\
100
1st
do
do
do
do
do
State Koud*.
Mlssonri
Moitgage Endorsed..
187B
78,2d do
1883
78,3d do
1880
7s,4th do
1888 ........
78,5th do
7s, cons. mort. gold bds..
Eile
Tennessee fis, old
do new
do
North Carol jlia
YORK.
SKCUBITlKt.
• KOttBITIia.
A*fc.
(Quoted (Previously.)
do
4o
do
do
do
do
eeorgta 68
78,
do
1872
7,
m
Bonds.
S.
..
.
.
,
represent the per
JiaUroad Stocks are quoted on a previous page and not repeated here. Prices
a separate list.
whatever the par may be. " JV. T. Local Securities" are quotei
active
cent viatic,
do
do
.
THE CHRONICLE.
772
V.
...
.
f(l
60
fi
23
811
>
..
December
7,
THE CHKUNICLE.
1872.]
—
A committee of the Pliiladelphia City Council is making
inquiries into the cause of the non-payment of dividcndo by the
Philadelphia and Erie Railroad, which is leaaed by the Pennsylvania Railroad Ck>mpany. The city owns about one third of the
stock, and the allegation is that the Pennsylvania Railroad is applying the earnings to improvements instead of declaring
dividends.
Hai way iltonitar.
^[)t
773
LATEST INTELLIUKNCE OF STATE, CITY AND
RAILROAD FINANCES.
— In consequence
of the extended space required to-day by the
Department Reports we arc obliged to reduce the
usual space allotted to railroad matters, although eight additional
pages are included in this number, making 40 pages in the present
issue of the Chronicle.
maryland State Roiia* The Treasury Department and the
Hovernor have accepted bids and sold a sufHcient amount of the
new loan known as "The Maryland State Loan" (all of which was
disposed of above par), to redeem all the overdue currency bonds
of 1805 and 1870. The Comptroller has given public notice that
this class of overdue stock is now redeemable at the treasurer's
office, Annapolis, Md., and that the interest thereon will cease
after the first dtiy of January, 1873.
This concludes for the
present, and probably for some lime, any transactions in " The
Maryland State Loan," which loan is solely designed to take the
placo of the overdue stock and bonds of the State not outstanding, and is not a loan to increase the iYidebtedness of the State.
The Nenr Redford and Taunton Railroad Sale. The
stockholders of the New Bedford and Taunton Hailr.ad Company
have authorized the sale to the Boston, Clinton and Fitchburg
Railroad Company on the terms following, vis!., the sale of its
property, to take place Jan. 1, 1873, except caeh and accounts, the
buyers to pay the sum of $828,500 on or before April 1, 1873, and
also to assure payment of the N. B. and T. R. R. bonds, amount-
—
several U. S.
The sales of lands by the Northern Pacific Railro.\d Company
for the month of October are said to have realized $6 08 per
acre.
The average price obtaine.l from all tlic sales made ha*
been $5 CO per acre. The Hon. William A. Howard, formerly
member of Congress from Michigan, has lieen appointed Land
—
Commissioner of the company.
— The
case of Charles E, Bill, trustee, a;;ainst the Louisville
and Chicago Railroad, was decided in the United
A sale of the road
States Circuit Court recently at Indianapolis.
The suit was brought to foreclose a mortgage,
was ordered.
secured by the company's first mortgage bonds, and has been on
the docket for man) years.
New Albany
—
Advices have been received to the effect that the sale of the
Brunswick and Albany, Qeorgia, road, under the local mechanics'
This is the road which the bondliens, has been postponed.
holders of Georgia, whose interest has been deferred, are seeking
to hold for their debt
the Stale having repudiated the guaran-
—
—
tee.
—
The latest advices up to Saturday, Nor. 33, from the tntcklaying forces of the Chesapeake and Ohio R»ilroad, say that the
gap remaining to be laid with the rails to connect the two operated portions of the main line, is now reduced to 25 miles. The
opening of the whole line by January next is now said to be as -
ing to $171,500. The purchaser also agrees to extend tlie road
to tide-water, and to give freight and passenger accommodations
equal to those now enjoyed by the public the Wameulta Mills
Company are to have the privilege of buying the wharf property
now belonging to the railroad for $20,000, after the extention is
completed. The plan of forming a new corporation is also set
forth the present stocli holders of the N. B and T. R. R. to have
the right to two fifths of the stock.
sured.
—
The first mortgage bonds of the Wilmington, Columbia, sod
Augusta Railroad Company, $3,200,000 currency 7s. interest Payable June and December, have been placed on the list at the Baltimore Board 754 was bid for them. 761 asked.
;
—
-^The old Board of Directors and
;
The Lease or tbo United Railroads of Neiv Jersey. —
lieved all the old officers
question whether the appeal from the chancellor's decision, refusing to restrain ths execution of the lease of the New Jersey
railroads and canals to the Pennsylvania Railroad Company shall
be dismissed, has been decided in favor of the appellants. This
brings the whole question of the lease before the Court of Errors
and Appeals of New Jersey. The court decided not to hear the
argument this term.
Saleof a Railroad.— Indianapolis, November 26.— The
ofiScers of
and
the Missisippi
Tennessee Railroad were reelected at Memphis. The road having
The virtually passed into the hands of Mr. H. S. McComb, U was be-
might be replaced.
— The Weldon
and Wilmington Railroad has been leased to
the Wilmington, Columbia and Aus;usta road for ninety-nine
years, at an annual rental of eight per cent on its capital stock.
—
The Gila (California) railroad has been transferred to the
Texas Pacific, the franchise including 800 acres of water front at
San Diego, and 9,000 acres of public lands.
sale
Indianapolis Railroad, in pursuance of a decree in bank- —The Chicago and Milwaukee division of the Milwaukee and St. Paul Railway Company is now complete, the last rail having been laid last week. Ttila
ruptcy against the company took place to.day.
of the company, 1395 miles exclusive of tlie Western
The only bidders were James A. Frazer, president of the road, connects the road in length, whicli is controlled by the Milwaukee and St.Union
It. R., 2G0 miles
Paul,
and D. W. McLaren, president of the Cincinnati, Hamilton and with Chicago and the great system of railways converging at that point. Tho
Dayton Railroad. 'I'lie road was sold to Mr. McLaren for $1,000,- Milwaukee and St. Paul Company have completed an arrangement with the
of
tile
Pennsylvania Central, providing for the use of the Fort Wayne depot at Chicago and the interchange of passenger and freignt business. This gives to ttie
Pennsylvania Central the best chance for obtaining Eas'-bouud business of
the Milwaukee and St. Paul, although the latter compHiiy reserves the right to
send its business over other trunk lines connecting Chicago with the AtUatlo
000.
—
The Court has dismissed the injunction suit restraining the
State Auditor of Louisiana from paying interest on bonds issued
'O the North Louisiana Railroad.
cities.
'
Atlantic
&G.
MONTHLY EARNINGS OF PRINCIPAL RAILROADS.
W
18T1.
(585 m.)
1870.
1872.
(585 m.l
taaMi
-Chicago and Alion
*;33l,.342
360.916
4.35,544
340,616
)!)3,701
f
1
408,6 5
435,501
417,903
472.110
369,010
374.2*3
410,6!)B
376.3j«
397,935
384,999
388,964
461 290
466,097
533,653
534,163
348,0.39
i40S,658
= 418,709
5')5,0B9
2497,519
^475,608
,S
547,928
471,774
506,680
1441,197
1404,263
S
4,849,404
Hin. &
St. Jc. Lak:) Shore
& H.S.
1871.
1872.
1871.
1872.
(S75 tn.) (275 /«.) (1,074 m.) (1,074 m.)
$169,3% tl50,4-l7 $1,082,595 $1,27.1,150
179,964
184,781
1,076,112 1,251,511
293,436
814,:M2 1,312,617 1,470,048
230,061
198.3.;6
1,217,:M) 1,521,518
2.37,.560
187,361
1,190,1133
1,474,467
217,319
170,524
1.140,916 1,311,110
236,199
172,357
1,130,847 1,204,443
291,815
119,439
1,295,309 1,440,8/3
2l4,10f>
297,243
1,368,948 1,.587,869
2;j 1.885
301,913
1,402,.597 1.814,882
252,497
1,343, its
175,401
1,235,285
2,902,804
1871.
(355 m.)
1872.
(471 m.)
$218,735
S'.51,319
236, :M1
838,823
827.404
295,160
269,559
286,637
265.406
315,699
317,410
384,193
285,416
2»4.732
275,351
87,540
329,270
no,6M
335,103
199,552
.:»7i«
St. L.
&
1871.
Iron Ht.
1872.
(210 /ft.)
$12t;.218
122,372
(210 -n.'l
173,707
144,6:i7
182,055
178,683
129,590
117,664
114,786
118,016
131,489
141,165
175,792
.
.
377,687
5,278,910
Ind. Bl.
1.56,292
187,.;25
180,786
181,240
194,1.50
194,000
218,325
.May...
.June..
Year
ft
1871.
(205 m.)
$59,815
58,925
71,570
65,207
77,642
75,392
77.975
93,211
100,154
M,:iaO
95,787
92,151
.
.
.
.Aue.
..
Bee
Vear
.
7ii,958
105,4-,6
74.717
91.709
86,860
93,268
94,637
102,191
117.904
90 070
127,852
104,.M.->
114.488
115,140
1,945,761
1,072,948
St Louis,
94..522
1871.
Jan
6.36.373
641,410
616,1180
76;j,256
759.967
863,746
(5.30 tn.)
KC &N1872.
(530 tn.)
$191,789
192,120
$2.39, :«0
2.34,057
..July.
222,461
224.342
211,581
204,684
803,978
279,850
280,933
296,820
287,922
..Aug.
2.36,686
886,5.!6
..Sept..
287,697
318,509
280.384
372,589
.
.
.
..Feb..
..Mar.
April
..May.
..June
.
.
..Oct..
..Nov..
..Deo...
..Year
.
5.58.533
607,678
593,641
605,814
505,808
680.908
667,819
786,333
24,5,110
___::
St.L.A.4T
1871.
(282
m.)
$143,468
124,810
151.097
140,302
1.34,390
159,514
15;j,57l
17.% 107
188.442
186,489
152,615
102.996
1.87S,6Sa
—
Erie-.
1872.
(672 /n.)
1871.
(816 f-..)
189,6011
$1,076,469
1,.333.9<'4
191,738
»71,1!)3
800,78;j
822. ^75
.334,885
1,501.500
I.2;'4,976
1,460.17 3
868,328
392,500
290.230
210,1^7
311,968
442,822
1,85.3,955
1,443.372
1,498,494
1,780.078
1,864,661
1,794,397
1,6»».661
1,483,464
1,417.211
815 368
321,774
.349,3Sa
187*.
(914
m.)
1,548,812
l,7S9,2l8
J,46.3.9»'l
\.fM,Oia
1,5S6,*48
1.643.4(i4
1,74S,7&S
Marietta £Cin.
Hll. ftSt. Pan).
1871.
1872.
1871.
(861 m.)
$396,760
327,481
400,149
483 881
6-2.367
658.018
481,113
606,,"^67
815,343
841,150
644.626 1 ??
478.296 f 2
410,985
387,565
426,192
471.188
H.
1872.
:S82/».)
1.58,198
140,471
166,969
154.641
147,540
149,832
1.30,145
167,496
177,086
....
1871.
$366,174
388,791
.393,4.55
4-13,610
453,009
439,516
553.994
552,079
668,816
600,805
631,080
516,934
6,736,668
162,578
148,407
160,784
146,868
158,718
126,307
143,128
117,060
119,650
122,252
119.888
142.322
166. 0*1
680,4.32
591,769
488,349
565,728
811,961
950,945
175.4.38
172,667
157,897
....
....
1.54,087
14 '.660
168.681
191.841
80B.977
807,911
1,690,968
Icledn.Wa b.*
(6S8 tn.)
187«.
(861 m.)
$131,164
(1,018/71.) (1,018//!.)
6,690,695
5,939.602
8,401,142
..
1872.
$79,969
71,743
_^^-_
75;J,184
July...
.Nov....
(248 tn.)
108,188
100,439
507,050
.Oct
.,
1872.,
(1109 tn.)
642,466
557,068
672.175
547,988
.
1871.
(672 /7».)
133,673
152.264
267.411
301,915
306,944
266,086
282.723
3:«,555
3,306^
Hictaigai Cent.
755,436
.Sept....
620,228
713,162
718.722
707,992
a36,041
890,287
.May.
.
428,.598
688,1.31
56.3,598
529,617
Tol.,P.ftWars'w.
1871.
(219 7/1.)
1,375,425
505.586
484,022
.April..
137,6«
376.493
826,431
330,970
404,286
419,4:»
$418,755
442,665
486,990
470,703
480,847
427,096
422,015
529,890
628,660
582,802
587,434
.Mar...
.June..
.
3.34,766
366,9(10
1872.
(669 in.)
$624,744
.
280698
827,538
318,627
1871:
(669 tn.)
Jan....
.Feb....
114,812
125,286
100 868
100,860
117,408
124,203
;320,881
1872.
(390/71.)
3,866.076
1871.
(1109 /n.)
.
278,732
872,358
1..3.32,220
Illinn'i Central.
109.8-30
$272,826
9,467,072
1,17.5,295
1,288 297
897,2.34
Western
1872.
(205 m.)
105,076
99,441
Cin.«I -> -Kanias Pacific--^
Col.
1871.
(390 m.)
277,406
288,775
319,069
366,227
885,281
391,846
856,109
327,926
892,:M1
795,176
.July... 869,297
.Aug.... 1,006,373
.Sept....
995,922
.Oct.. .. 981.005
.
169,6(«
427
.
592.223
571,&36
875,762
949,598
1,322,775
1,222,140
.Nov....
.Dee....
94,907
100,831
99.804
1.54
,
45.5,608
1
.
964,193
1 4.797.975
-"Pacific Of Mo.--
(
.
1872.
(1,050 tn.)
.Jan.... (536,499
.Feb.. .. 485,490
.Mar.... 614,447
.April.. 720,929
499,062
513,518
461.415
— ^Clev.
1871.
i890 tn.)
.572,332
50-,t;i7
^
o
^Central Pacific
1872.
(600 m.)
372,316
329,171
378 021
3^1,644
440.457
435,192
482,987
1871.
(511 m.)
$:}53,235
342,:)69
m.)
$281,108
316,036
342,896
324,210
372,397
393,234
.371,373
(4:31
«v.
187S.
— VnionPaeiflo
.
1871.
-t
187S
(628 in.) (1038 tn.)
1,038 m.;
$479,57»
878, 9£«
873,984
499,889
604,247
784.466
728.174
673,693
681.866
800.402
777,368
706.142
634,115
666,861
741,802
800.41*
8t8,46»
743,881
789,.VS
868,754
960,708
43.^,780
4.31.949
16(1.646
447,313
510,792
462.868
438,0.56
614,176
665.811
621,351
4<i»,S91
7 621,l«e
'
'
•,>•
;
:
THE CHRONICLE.
774
January
(iy^MMERciAL
E^^^^
Fbidat Nioht. Dec, 6, 1872.
features of importance to trade have transpired during
transactions have been rather below the average
the past week
in extent, and the fluctuations in prices inconsiderable. There is,
however, an Improved tone in business circles, and a cheerful
feeling pervades the mercantile community.
The following is a statement of the stocks of leading articles
of domestic and foreign merchandise, at dates given
No new
;
1, 1872, to all the principal foreign countries, and also th«
totals for the last week, and since January 1.
The last two lines
show total values, including the value of all other articles besides
those mentioned in the table.
«wt-soww(T»;ocoiO«(eMcooi
O
^ 00
t-
»fi •9'
Nov.
tC8.andbbls.
28,029
bblB.
bales.
13,98.')
Tobacco, foreign
Tobacco, domestic
Coffee, Kio
Sugar
Sagar
sugar
^....
14,6v5
13,961
27,001
10,9.58
Molasscf
Molasses
Hides
Cotton
Rosin
l.'>,783
502
895
5.35
bales.
bbls.
bbls.
bbls.
Spirits Turpentine
Tar
Eice,E.I
bags.
casks.
bales.
Rice, Carolina
Cloth (Cal)
QiinnyBags
bales.
Linseed
bags.
bags.
Saltpetre
Jute and Jute Butts
bales.
bales.
ManilaHemp
Q» « « =.
(000 03
76,'H2
1.515
4.7.37
9,050
284
26,100
8,900
1.50,700
7,600
107,000
48.942
o ao ec
"V
S -i B
<»
.-H
2
t-
¥^S
t- o>
tft
o5 *o iS
IfJ
* OS 2
>.~- ^i^i uu i_i <w «. e
a«c:<='9*tOvMaoc~<x)T-
^_ _^ '1
R
v4
<Q
.34,673
m
03
03
.3,58:j
eo*
.3iftQOcoo:^j'oow^t-t-*.Ot-o;t—
— S S; £l 00
C- 5> ^ ^
54J80
55:5
.o» &* 05 «sc^o« i^'-'^oS'T I- rtao*.-
»-^i-
9,572
10,800
207;3S6
o
OiOt- s^dt-COOffii.'S^'N'V'j'QOC:
42,32:i
136,500
21,327
46,475
3,300
hhds.
hhds.
Melado
op* t- QO fi* 63 t-O
1.
40,.3M
42,650
141,352
22,660
.37.817
CC
5.370ii
38,693
42,085
170,432
20,074
16,225
47,361
1,127
4.068
1,415
145,500
66.603
52,034
6,871
bags, etc.
222
.%,070
7,508
bbls.
&c
Dec.
43,054
7,748
No.
Ooflee, other
Oofteo, Java,
Gunny
hhds.
bags.
bags.
mats.
hhds.
boxes.
1871.
,
:S
3'5«^Oito«co-j3*-tr-a>o>i?*»noD»oo5S^
ift
1872.
1.
Dec. 1.
So
'C
qOi-t
:
.
Beef
Pork
1872.
7,
Bxport* of I<eadinn Articles n-om Nenr York.
The following table, compiled from Custom House returns.shows
the exports of leading arttcles from the port of New York since
C0mmerctal ®tmc0.
3tl)e
[becember
>=*
•I"
CTS
"
W^
~
^
_
Si
CNOSOO
.-.
«~
5 to
^,(D W^500(7*»r3C«COO?
•
i..
^(2
9,,3M
900
o ^ ro
tS OD
.
96,500
67.500
r-
•
tfl
--O
fs*
ss
22,MS
s?
5,2.36
1,982
9,151
9,640
240
4
460
25,900
8,100
133,200
8,000
121,000
41,064
^-
10,600
8 400
-foatn
*->
207,-367
9,600
X3
43,.50O
1,400
J5
5^
^
•
.
•
O
t-c*
u^ £0
escort*
_ ._..
t-—
tCer t-g
'i-«;OCOC
-r-i
VI—
Wn^oo
ifS
1-
1
a
-
ss
Provisions have been weak for the leading descriptions. The
number of hogs packed at six principal Western points, Oct. 29
to November 29, was 720,256 same time last year, 854,108.
Pork
has been dull, weak and unsettled. Early in the week new mess
.ccpjQomo
iQO
404
;
sold at $14 for December, and has since been offering at this
figure without buyers. A city brand of new prime mess sold at
f 15 37^. Lard has been offered freely, and has again declined,
with sales at 7Jc. for prime city, 8c. for new Western for December, 8@8ic. for January, and 8ic. for March, and there has been a
good business at the lower prices. Bacon has declined, and there
has been less activity for future ; there has been a good business
in long clear on the spot at 7ic., and short clear has sold to some
extent at 7Jc(a8o on the spot, while for January this cut has
brought 7fc.
Cutmeats have continued in buyers' favor dry
salted shoulders have sold moderately as low as 5fc. ; short cut
hams at 9ic., and rib bellies at 8@8ic. " Beef has been steady, but
generally quet. Butter has been firm for prime, and there has
been a fair demand from the home trade, and some business for
CO
ooo
•
'2*3 tE'^
.lie*
•ODCfi^Orn (Olia
'lOOO'SO
.*h
'CO
.mo«THVo
Ot03M^•0^
^t- .319
Q CD
.
•
•
C4
•
•
.000>4qtO'->t-tCO«Ot-COCf)OttD*,OOOa5«i'*QO
in
IT*
ox?
o
5!
•O -iioociSJ
C--4
.«5
"lO
•
•
o
-w-t
•«
.(O
-rt
•
•
(Wt-'wot-'Wt-e*w3ti?i
-(OOIO*-"
o
CiCO
;0
is
ool-i
;
export to Germany in low grades at about 10c. Cheese has been
To-day, mess pork was nominal at $13 50@14 for old and
new. Prime Western lard sold at 8c. for Jan. and 8ic. for Feb.
and short clear bacon, 7 5-16g. for all December. Cheese dull at
14@14ic. for prime to choice factories.
Freights have been unsettled. There has been some increase
in the supply of room on the berth, but not equal to the wants of
shippers. On Wednesday wheat was shipped to Liverpool by
sail at Did.; with 94d. asked for wheat, with cotton, 7-16@id. by sail
and f@ll-16d. by steam 7s. 9d. was paid for a vessel with grain
to Cork for orders
but yesterday OJd. was accepted for wheat to
Liverpool by steam, and 7s. 6d. fo'r grain to Cork for orders. Late
Petroleum chart :rs embrace a vessel to a direct port in France,
with crude at 7s. To day business was limited and rates unchanged.
Tallow has declined to 8f@8ic. for prime Western and city, at
which sales have been fully a million pounds. Clover seed has
been active at the late decline some 2,000 bags having been taken
for export at 9ic.
Whiskey has recovered to 94ic., with some
business in alcohol in bond at 47@48c. Strained rosin has been
active at and about $4. Spirits turpentine still quoted at 62c.
Petroleum has been dull, and closes easier and unsettled crude
in bulk, 12i@13c.; refined, in bbls., a6i@37ic. In Calcutta linseed
there has been more activity at better prices some 35,000 to 40,000
bags and pockets have been taken by crushers, closing at $2 50@
$2 55, gold. Manila hemp dull, and the current quotation reduced
to lOJc, gold.
Wool has become extremely dull, and prices have
lost a portion of the late advance, closing unsettled.
Tobacco has been quiet for Kentucky, and the sales for the
week have been only 350 hhds. for home consumption, nothing
being reported for export, and the stock on hand much reduced
common to fine leaf quoted at ll@16c. The new crop is estimated
at 203,000 hhd->.
Seed leaf has bjen fairly active in the crop of
1870, but otherwise quiet; the crop of 1872 is estimated at
170,000 cases.
Sales have been: 560 cases sundry lots, Connecticut and Massachusetts crop of 1870, mostlv at 15c. for wrappers, and 10(al4c. for fillers and assorted. Also the following
of
tlie crop of 1871
200 cases Pennsylvania at i4c.; 434 do. Ohio
part at lljc; 100 cases New York, private terms, and
200 cases
Connecticut and Massachusetts at 45@65c. Spanish
tobacco
steidy, with sales of 500 bales Havana at
$1@1.05, and 100 bales
Vara, private terms.
0(&
SS
dull.
^^T--'
;
2S8
;
«M
,
:
:"
:2*S
?f
:?
'ffi
;
.^
:SS^
'
'iff
eo
:S
't^
"'88
,r^
,
,
.^r
,
.oo
t,.03..r-»
eO-
:SSs
.o
«"
'of
.CO
Hops have advanced
40@45c. for domestic, and 35@37ic. for
l!,n;U8li.
J<ish have been quiet.
There is a rather better movement in foreign fruits layer raisins $2 10@$2
12J currants,
7c Turkish prunes, 8c. Ingot copper has declined,
with considerable activity, at 30S@31c. for lake, and
28@23ic. for Enjrlish
Pig iron IS lower, with sales of Eglinton (Scotch)
at $43.
Other
metals dull. Hides dull but firm dry Montevideo
sold to-day at
ilic., gold.
In leather there has been some export
movement
;S
'.QDu
:§2S3S kO t- 03 -^ O W O
2^
8
^
goO'>3«t-ec>int=o<o'N"-oo;e*
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r*
r2M
.o.-*
91
.
.
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.
.
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.
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03
23
.
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ITS
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e « *^ m
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O-t-*-
^y-O
.
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£
ff
ftp
a a
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ten
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SrH
,
December
—
,
Import* or laeadluK Articles
The
foUowiiij; table, compiled truui Cutitum House returna
8tiow8 the furuigu imports of leading articles at tliis port tUo last
week, since Jan. 1, lb72, and for the same period of 1871
[The quantity Is given In packages when not otliorwlae apeclfled.)
the
Since
Jan.l,
Same
time
1811.
week.
1872.
For
Metals. &c.—
Cullury
Ulaaa and
0.1tna,
Karthujware—
n,?si
55,42U
611.472
44,713
10,1,6
5,7 iU
111,319
i9,-3S
59,585
S3?.4)6
41,710
11,497
C,O01
1(2.832
21,"6
Tin slabs,
Rags
is,8r, 1,JJ1,33!'
2"
8,5 "a
,0.-12,319
Sugar. Iihds
Earlheaware....
(iiasH
J,195
Ulasaware
Hi
tilass plate
aio
Buttons
9
Hi
Cocoa, bags
Coiree.bags
Uuttou, bales
Orugs, &c—
Bark, Peruvian.
iH:
ii
r,.9i5
iWI
2,233
•i,m
43,Ulti
lU
5,33;
6.112
powilers...
jUritimtoue, lont
';<Joclilueal
',
Hum, Arabic
7^
'JVIadacr
Olive
ifjoii,
4j
811
Furs
(}anny cloth
Hair
133
ii
bales
40
5 5P5
2.221
4,661
1,78S
18,715
18.371
1,800
"L'^
3,84S
38,538
5,776
:o!
3,835
3i
l,2r2
653,711
121,841
4.799
1.429
877,836
147,718
2.096 Spices,
Ac-
j^lnseed
Molasses
61)
155.092
173,716
78,212
6»2.330 739.702
7.585
4,671 1.837,»»i 1.155,818
840,531 1.016.516
42,203
871.141
117,178 1.551.569
65,743 :o92;,2io 11573234
803,952
7.2.101
2,433
&c.—
Cassia..
Qlnger
Pepper
4.598
8,475
51.361
11,653
Saltpetre
Watches
170,563
191,196
110.212
266,2(ri
394 095
83.997
282,666
225,397
342,573
40,128
456,030
126.815
295.523
53,436
321,973
92,182
516,185
102.637
503 629
WoodsCork
Fustic
519
Logwood...
Manogsny..
9.807
504
Receipts of Doineatlc Prodace for the m^eek and since
January
The
1.
been as follows
receipts of domestic produce hare
This
week.
Ashes... pkgs.
Breadsiuffs—
Flour.. bbls.
Whea^..bu«.
Corn
Oats
Bye
Barley, &c..
Qrasft seed.
Beans
Peas
C. meal. bbls
Cotton. .bates.
Hemp.. bales.
No.
Hides
Hops. ..bales
Leather, sides
Molasses, hds.
Same
Since
Jan.l.
53
time
This
week
'71
Oilcake, pkgs...
6,219
6,501
4,5S1
Oil, lard
80.935 i:.T73.P91 3,3S7,8S2! Peanuts, ba-^s....
1,019,779 15.207,277 23,631,2.37. Provisions
l,J61,6Oi;40,232.349 25.680.9«|
Butter, pkgs...
Cheese
270,017 11.9a,103 U.570,637
31,l'6l!
96S.012
Cutmeats
479,0131
62a.4SJl 4.900,531 3.171.163.
Eges
Pork
2,0481
260.192
241,636:
Beef, pkgs
6.311
130,203
143.410,
192,3.sl
Lard. pkgs.. ..
150
109 2)2
19i;.9S2!
Lard, kigs
3,025
173,413;
617,637
879,432, Rice, pkgs
27,111
3o
5.3!7|
2,919 Starch
12,614
630,296]
392,377 Stearlne
2,1.0761
51,195 Sugar, hhds., &c..
1.163
56;iJ50; 3,029.817; 3,261,6il Tallow, pkgs
37,039
46,531 Tobacco, jkgs....
Kaval storesCr.turp bbls
Solrlts turp,
Rosin
9,059
Tar
I'.y
Pitch
142,190
64,591
20
Tobacco, lihas
Whiskey, bbls....
Wool, bales
Dressed hogs. No.
3.461
63,136.
461,593:
18,153!
9.181
70,89)
539.893
28,5191
lOtI
1.127)
:
Since Same
Jan.l. time '71
5,3.32
6,5.11
2,2»1
:
77,578
50,606
636,796
<6,382
622,395
4J,S24 1,606.892 1.393.938
281.321
118.227
5,S3;
426,508 41,72;
7,238
160,504
114,937
838
141.735
45,656
4.109
217.141
318,190
7,198
25.604
20.099
286
15,995
11,396
491
251.622
293.532
2.980
17,767
23,4r
152
5,895
13,27!
171
36.0,;5
38,934
1,378
219,4-28
226,307
2,995
9; .460
65,345
I.34S
li3.2.50
172,675
3,089
108,96)
67,046
2,590
80.384
92,094
141
i.ou'
1,791
COTTON,
Friday,
P. M.,
December
G,
NewOrleans
It
&c., of cotton for the week ending this evening, Dec. 6.
appears that tlie total receipts for the seven days have reached
1.33,973 bales against 134,429 bales last week, llS.JjCI bales the previous week and 110,010 bales three weeks since, making the total
receipts since the first of September, 1872, 1,378,930 ba'.es against
998,0,51 bales for the same period of 1871, showing an increase
since September 1 this year of 280,879 bales. The details of the
receipts for this week (as per telegraph) and for the corresponding weeks of the five previous years are as follows
New
bales
Orleans'
Charleston
149,128
266.536
110.828
Savannah
Texas
New York
2-!,*31
Florida
North Carolina
Virginia
Other ports
12.201
28,017
15.313
4.980
635
970
207
£2.701
13.553
9.249
19.225
8.99!
6,827
1.216
1,597
11,731
1,0.6
10.526
4.094
13,879
2.S7S
8.113
l33"973
105,339
192.321
103,054
9!),>1.031
l,2r.',5l5
901,661
712.921
Texas
Tennessee, &c
"•lorlda
North Carolina
Virginia
Total this week..
Total since Sept. 1
Our usual telegram from
are compelled to
New
make np our
7,2,16
7,915
Total tblsyear
of last season
7.903
2,178
2,325
5,197
78,914
we
Stock.
nee.
6.
ITewOrleans.l
'
Mobile
Charl
,
New York...!
Otherporta..
Total
Sept.
1
21,548
Contln't
7,592
4,7 ra
2,250
.-tton...
iKvannah
Faxas
atii^ii
France
,
<3,Brlt.
4,6T.i
9.122
I
3,666
2,669
669
1
41.915
348,206
I
I
11,786
115,535
19,715
130.0S6
35,735
5,138
2,250
20,917
ii'.ioe
670
76.416
593,327
1872.
36,962
156,490
1.032
5.650
13.817
<,6!7
8,0il
36 520
23.0T5
78 920
68,218
57.48}
8M,
20,2S4
3,513
1,7;7
8,408
8I,B2«
1,630
16.730
78.60
::::
:::;
28,5;5
4,229
.,.
22.648
77.««4
»,W0
Bs.irne
m
4,473
30.108
2'.iw
121.IM
VtM\
100,749
43,533
MM>
....
7,:49|
517,411;
1II30«
A-.IXa 4OT.IM
4:5.5.'«
110.371
352,187
i'.Sit
7WI
!,T»
S0«,l»l
.27'i
•1,486
23,800
117,724
....
1
sou;
3
8<,MI
3,8«
2U>tl
4i.
7«0
....
842.212
8«7,5«0
37(.9]|
week has improved, but the nd
past
vance in prices has been quite irregular for cotton on the sjjot.
a general revision was made in otHciai quotations
ordinary was advanced |c., good ordinary reduced \c., middling
advanced ^c, and good middling advanced f c. Wednesday tliere
was a further general advance of ic, to 19ic. for Middling I'plands and 183c. for low Middling Uplands. Receipts at the ports
up
to
;
Thursday showed a considerable
com|ared
falling ofT as
with the previous week, aggregating on Wednesday night, according to the reports to the Cotton Exchange, only 83,052 bales
for five days, against 91,034 bales for the corresponding jteriod
last week.
In the meantime fiweign advices were strong, stimu
lating a brisk export demand, although shippers were embarrassed to some extent by the scarcity and high rates of ocean
There was also a good business for consumption. On
freights.
Thursday, however, the receipts at the ports aggregated 29,000.
bales, and Liverpool reported a reduced volnme of business,
under wliicli circumstances our market became tame, but the late
advance was maintained. To-day there was a firm opening, and
aljout noon higher prices were asked, but the demand i)ioved
moderate and the close quiet. For future delivery there was a
decided and uniform upward movement until the close of Wednesday's Imsiness, with large transactions for Dectml^r and
January. Yesterday there was a reaction, but to-day the opening
was stronger, with sale.s of 1,100 bales for December at l!)c., and
100 for February at 19Jc., but the close for those montlis was
The prices for futures last reported were (I nsis low
I-I60. off.
middling) 18 15-16c. for December, 19 for January, 19 S-Uic. for
February, 19|c. for March, 19 1116c. for April, 20c. for Mny, and
The total sales of this description for (he week
20ic. for June.
tree on board. For immediate
are 94,750 bales, including
delivery the total sales foot up this week 19,859 bales, including
9,647 for export, 6,322 for consumption, 428 for speculstlou, and
3,463 in transit. Of the above 1,273 bales were to arrive. The
following are the closing quotations to-day
New
Upland and
iflorlda.
Ordinary
Good Ordinary
Low Middling
Middling
QoodMlddlIng
'
.Mobile.
Orleans.
Texaa
I6V«....
18X»....
18H«....
1«K<» ...
per lb.
17
•....
17X»....
18X«....
isS*....
20 «....
I7X*..
1>K«..
1»H«..
18K9....
I***....
30)4 •..
21
21 «>«...
Below we give the sales of spot and transit cotton and price of
Uplands at this market each day of the past week
:
Con- Spec- TranExpt. sump, ula'n »lt.
I
726
1.0O8
3.817
1.150
17
422
8.463
48
350
1.490
7
ST7
966
9.647
1.706
2.4S1
5,909
S,6»7
3.274
ow
,
Mid
lis
13X
18V
'*%
itS^
I
\\
I
1«S
K\
ISK
16V
16X
18V
18X
1»K
1314
18K
I
2,792
'
I
,
Ord'ry.Ord'ry. MIdrg. dlln|;
Total.
750
1,076
6.322
Good
;
413
5«3
792
430
(00
567
812
1.4.50
l.fSC
.
KM
l*t(
IJX
19,859
free nn board),
For forward delivery the sales (including
have reached during the week 94,7.'50 bales (all low middling or on
the basis of low middling), and the fallowing is a statement of the
sales and prices
for November,
bales.
200
300
100
IOC
cts.
18H
18X
\i 11-16
18«
1871.
153.774
37,583
34,598
65,128
32.82)
62.9.^1
830
30,1100
36,000
70,959
471,143
450,712
411,838
bales.
cts.
100 no notlS 13.16
•.00
100
18 13-16
no not. be-
fore 10th. ...I8«
60Dno not...l8K
18K
3.40O
700 total
Novcm.
For December.
200 8. n
18X
lih
IS 17-8}
100 no not.
18 916
lOth
Same w'k
1871.
129.217
69.8»S
60,18:
142.171
11,4.51
4S,2te
4«.in| 19?,31«
On Monday
5.400
100
:
week
18,1.')S
Stock.
ToUl. roru.
—
Orleans has failed to reach us to-night, and
f i-ora other soarces.
Total this
8,m
107,61:
The market during the
Total..
5.'271
flgures
Exported to—
Week ending! _ _
(5,678
1.073
34,451
i:40,»K
last y«»a-
Thursday...
Friday
The exports for the week ending this evening reach a total of
76,416 bales, of which 41,915 were to Great Britain, 14,786 to
France, and 19,715 to rest of the Continent, while the stocks as
Below are the
made up this evening, are now 450,712 bales.
exports and stocks for the week, and also for the corresponding
week
1O.06I,
»,mt\
4,»1
Tuesday
Wednesday...
92,481
1.278.930
Mobile
80,380
10»,;»5
179,156
65.716
28,834
4,472.
Monday
39.080
9,068
7.302
14,151
57.111
19.435
11,583
27,808
Other
22,931
135.017
Saturday
1363.
33.146
12.563
12.791
18,633
7,95«
6,01s
42.831
16.530
Charleston
.Savannah
•
1869.
1870.
wlsa
915.0!>, 241.243
109,954, lC«,0f6
Mobile
:
1871.
Coaat-
Oraat
Britain Franca For'cn
1
1872.
a J special telegrams received to-night from the Southern ports,
we are in possession of the returns showing the receipts, exports,
Received this week at-
BxroBTSD aivos iBrr. 1 to—
ICTl.
4.473
1,8:2,079 1,731,*51
iKlce
Hides, dressed..
India rubber
49.(W
73,413
4,982
85.125
108.454
851
49.553 1,701,661 1,503,688
•.5,190
915,494
374,732
57,U6Flsh
31
429
Brlstlei
97l,3;5
918.921
ISU
Tot'>l
44,691 Fruits, 4c.—
Lemons
11,736
6.239
Oranges
10,530
Nuts
6.629
liaising
113.509 Hides undressed
&c.-
Ivory
Jewelry.
1,067,
t.TOi
Fancygoods
103.091
6.557
16.198
7,323
157,401
Hemp,
,188.389
by value—
536
11,416
410,712
&
boxes
.IS.BSVClgars
1.770,Corks
",o,io;
815
422,328
5,10U) Wines
6.087 Wool, bales
2,19!l:Artl Icsroporteil
65,141
Soila sal
Tlax
tcs.
,
bbls
2,5l6|Wlne8, *e.—
13.ti'HI
Chitnipag'e.bks
76,6;(.
tfSoda.ash
lus..
Tea
Tobacco
Waste
10,133
10,677
1,576
3U!
i.W
bags
2-,,81)3
8UI
41.77^
411
,
11 Iplun)
Hides,
&
29,221
S.lldl
^0. Is, essential..
bars..
lilt
HOBIPTI
•wosasPT.l.
POUTS.
Lead, pltfs
Spelter.lba
Steel
Tin, hexes
4,991
3i,'2a
29,314
19.13;
nnica
1
Iron,
Sugar,
IB
Vrom the foregoini; statement it will b« seen that, compared
with the corresponding week of last season, there is an inertate In
the exports this week of 5,457 bales, while the stocks to-night are
38,824 bales more than they were at this time a year ago. Tlie
following is oar usual table showing the movement of cotton at
all the ports from Sept. 1 to Nov. 39, the latest mail dates.
time
7,430
6,369
62
S,769
5.622
12.535 ,021,275 1,166.134
342.671
515,320
13,763
; 1,209 9.900.02; S,Ui!i.!91
2I5,SI»
217.3 '9
3,4.'5,
960,718
9J4.574
6.445.339 6,107JS8
lli,93l
1^8,- 55
Hardware
iO:m
45:
H3U
.
m
1871.
Same
For Since
the Jan. 1,
week. 1872.
:
THE CHRONICLE,
iSTij
7,
:
:
4,«<I0
18 9-ln
00nonol.2d.18H
400 no not. before 15th.,. 18)«
2.6110
lo>«
lOOnot.lbefore
1811-16
15th
400 no not. before 20tb,18 ;M6
18 11-16
2.200
700 no not. this
week
8,000
100
18 29-82
210 s.u... .18 15-16
129110
100
2.2(«
100
18 15-16
no not.ia 15-16
1«
no not. 19
For Febrnary.
bales.
SOO
SOD
600
ate
cts.
SW,.
sou.,
19
19 1-16
1.700
1.000...
l,6ai
150
100
19«
13 8-16
5-W
ItX
1815-16
18 3I-S2
19
toUl Feb.
For March.
800
200
1,100
1.200
1,300
8,900
300
191-32
MO
m-16
2,400
toUlJan.
.191I-U
19V
V,uo lulal April.
100
19X
i9r.ii
»'
3,700
37,400
1»X
I»x
....
For May.
6,450
900
18 1116
2,100.
.:::.. .18V
580.
....18 13-16
2.100.......... .I8K
.
SSO.
1,000..
HX
19
1")
lai-lt
19 8-33
19K
11,000 total
'»*[
110
!(0
....itis-il
193(
1915.8
II,
Jir
20
19t,
19
516
19V
U7-:6
1»X
I8X
leS
5H1
.•.,vi!!i
3,7i«
1-32
toUl for Dec.
i^or January
cu.
I8X
h) 15-16
40.40J
4,500
200
14,300
V< r .VprU.
bale-.
March.
•i,;u' iiiia<
May.
For .June.
ion
_£0
4i>3
30S-:8
3D),
total Jaa«,
1
If .8^ III
lit
.,1
i
*
J
Ml',
I
!S
I
lit;
^1(11
!
ilM
hi!
II
i
i
1
1
M
ifl.
\t
would be considerable enough,
at all events,
added several thousands to the
total of
;
if removed, to have
each week, and make the
percentage over last year considerably more.
But with December (and we put last week's total in December,
to keep the weeks the same as previous years in our statement)
is a new departure, when under ordinary circumstances the
movement begins more nearly to reflect the total result. This
there
year, however, the horse disease, an
tinue, in
some measure,
to check the
unusual element, will con-
movement
for a time.
To
extent this disturbing element is operating we have not
been able to learn definitely.
telegraphed yesterday to our
correspondent at New Orleans on the subject, and he replies that
they use oxen in the interior, and that at New Orleans the disease
Is decreasing.
Our despatch from Columbus, Georgia, to-night,
states that the disease is very prevalent there and our correspondent at Mobile telegraphs that it checks business at that point.
In view of these statements we should not be surprised to see for
a short time longer the Influence of this disease reflected in
eceipts less abundant than the crop really warrants.
Bombay Shipments. According to our cable dispatch received
«-oay, there have been no shipments from Bombay to Great
w'liat
We
;
—
iilil
quantify of ro
two past spa?o
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock
in I.iver
in
in
in
in
in
Lond<
Havr<
Marst
13rem
Amst
Antn
at
at Barce
at Tries
Afloat for GreJ
Afloat for Hav
Afloat for Breif
Afloat for Ami
II
'
'-
iVi
4
m
»'<'
•-;
Total Indian o
Stock in Unite!
Stock in inlan<
Mm
I
ft
<
V
1
Exports from
Total..,
These
figur^
of 25,877 bale
,li
.sbi
jtiiEi
ii
VI
i,t|
1
i
11
5l,ti'il||
m
I
I!
:
1
December
7,
.
:
THE CHRONICLE
1872.J
The exports ot cotton this week from New York show a de
crease since last week, the total reaching 11,406 bales, against
13,333 bales last week. Below we give our table showing the
exports of cotton from New York, and their direction for each of
the last four weeks ; also the total exports and direction since
September 1, 1873 ; and in the last column the total for the same
period o( the previous year
Kxportu ol f!otton(bale«)froiu Wewr York »lnceaept.li 1874
WEEK XNDINS
Nov.
Nov.
Sams
ToUI
ZZPOBTID TO
Dec
Nov.
lime
prev
to
date.
year.
13.
30.
13,357
Liverpool
13,095
10.968
104
8,666
137,749
134
140,934
13,357
12,095
11,073
8,666
137,883
141,873
1,848
53
87.
Other British Porte.
Total to Gt. Britain
4.
Br Tblborapb rRou
600
71
600
Bremen and Hanover.
949
1,547
a,700
340
Hamburg
71
565
53
960
850
400
1,848
13,394
4,393
3,745
Other ports
Total to N. Europe,
3,365
1,887
960
1,350
Sit.
but
states
Liverpool, Nov.
I
I
NEW TOKK.
BALTIUOBZ.
pbiuldelp'ia
beoe'ts raoHThis
Since
week. (Sept. 1.
I
This Since
week. Sept.l.
33,939,
33,1311
70,333
This Since
week. Septl.
I
This Since
week. Sept.l.
I
330.
703
376
6,004
564
1351
3!66i
609j
4,189
856
980
701
1,438
15,031
l,n.30|
1,031
4,704
16
9,897i
S31
4,338
5,'.'65!
3,3031
4,870
7,318
1,773 16,730
471
3,331
'583i
35,8751
.J,518
35,3t0|
158
1,365,
33,
4611
36,899
310,14411 10,54li 70,449|
1,516) 13,0301
4,1471 36,371
Total last year.
31.091
268,1101
l,48til
8,6851 38,231
9.7311 63,645
I8.861I
—The exports of cotton from the United States
the past week, as per latest mail returns, have reached 57,390
bales. So lar as the Southern ports are concerned, these are the
same exports reported by telegraph, and published in The Chronicle last Friday, except Galveston, and the figures for that port
are the exports for two weeks baclt. With regard to New York
we include the manifests of all vessels cleared up to Wednesday
night of this week
:
New York— To
Total balea.
Liverpool, per steamers Baltic, 1,460
Egypt, 8,033
Algeria, 984 and 25 Sea Island
.... Wyoming, 4,164
.
.
To Havre, per str. Ville de Paris,
To Bremen, per str. Haiisa. 960
To Genoa, per str. Napoli, 1,709
New Orleans -To Liverpool, ner
71
9S0
1,709
ships Wyoming, 2,490.... Victory,
per brig Jane Goodyear, 34
6,686
To Falmouth, per brii; Essex, 800
800
per ships Reunion, 3,M4
To Havre, per str. Vandalia, 500
J. A.
Wright, 3,916 .... Kentuckiau, 3,703
11,403
To Bremen, per ship Preston, 8,851
2,851
To Han? burg, per str. Yanda;ia, 2,:»3
2,393
To Barcelona, per barks Maria, 1,300. .Galopre, 660. .Timotee, 780 3,740
CiLARLESTON— To Liverpool, per bark James R. Boyd, 8,515 Upland and
1U4 Sea Island
8,619
To Bai cclona, per brig Roslta, 383 Upland
383
Savannah— To Liverpool, per ship Colonist, 8,050 Upland
3,050
To Cork, per bark Demetra, 1,340 Upland
1,340
To Bremtjn, per ship Henry Pelham, 3,.365 Upland. ..per bark John
. .
.
.
.
L. Dimmock, 3,307 Upland
To Rotterdam, p<-r brig Maria 51., 1,018 Upland
To Barcelona, per brig Maria Louisa, 430 Upland
To San Sebastian, per bark Couchita, 935 Upland
.
5,678
1,013
'.
480
935
To Genoa, per brig Clara Pickens, 1,461 Upland
Texas— To Liverpool, per str. Vale of Calder, 1.855 and
1,401
58 Sea Island. .
per bark Lizzie Raymond, 785
Liverpool, per steamer Anstrian, 50 Upland and 7i Sea
Island
Boston— To Liverpool, per strs. Olympus, 637
Siberia, 4.
.
8,657
Baltimore— To
Total
131
541
57.390
The
particulars ol these shiiMnents, arranged in our usual form
are as follows:
Charleston
Savannah
Texas
Baltimore
Boston
Liver- Falpool. mouth. Cork. Havre.
8.666
71
6,586
800
11,403
3,619
2,050
3,657
181
541
1,340
Bre-
Ham-
960
....
Rot- Barcemen. burg, terdam. lona. ToUl.
2,851
SJOTS
....
liois
11,406
36,773
3,003
13,890
2,657
121
541
3,740
S88
430
Total
2.3,240
800 1,310 11,474 9,483 2,.393 1,013 3,543
57,390
Included in the above totals are from New York l,70!l bales to Genoa from
Savannah, 935 bales to San Sebastian, and 1.461 bales to Genoa.
;
—
tiOLD, ExcuANOB AND b'KEioHTS. (iold has Uuctuated the
pist week between 113^ and 113^, and the close was IISJ.
The following were
market is steady.
the last quotations
Loudon bankers', long, 108|@108|: short,
Freights closed at
109i@110i, and Commercial, 107i@107f
*@ll-10d. by steam and719@^. by •ail to Liverpool, li®lic, gold
By (team and Ic. comp, by sail to Havre, and |d. comp. by f team
Foreign Exchange
:
Hamburg.
L.Mid.
N.04Tex8,'i
9X
9
35
23
18
716
!IJ<
9 13-16
date 1871Hid. Fair. Oood.
Fine.-^
SO
44
33
44
SO
33
20
35
G.Mld. Mid. F. Mid. Q.MId.
M.P.
10
10
»X
9Ji
3>i
9 9-16 9K
10
lOK
9;i
g'd fair^
Mid.
9S
9X
lOX
35
28
30
35
9 13-16
lOX
lOX
lOX
10«
BREADSTUFPS
.
Fbidat p. M.. Dec. 8. 1873.
Hour and grain during the past week have
been withont spirit or activity or important fluctuations in prices.
Navigation on the northern lakes and canals has been practically
not, however, until nearly everything
closed for the season
The Hudson river remains op«n
afloat reached its destination.
The markets
for
The
receipts of flour
have been quite
large, while the
demand
has been only moderate and without special feature. The local
trade has not been inclined to purchase beyond its immediate
The demand
for the British provinces, the
West
Indies,
and the South has not been pressing, and shippers for Great
Britain have been embarrassed by the scarcity and high rates of
ocean freight. Under these circumstances, with considerable inclination on the part of receivers to press sales from wharf, prices
have been a little weak and the range of quotations must be ex
tended downward though, such has been the firmness of some
;
Some " touch
and go " Western extras have been sold at $6 70 @ f 6 80 but
few reliable brands from spring wheat have been obtainable
under $7 @ f 7 10 and from these figures up to |7 15, $7 35, and
$7 50 the higher grades have been firm, but for the most part
quiet.
To-day the whole market was inactive, and quite irregular
as regards both tone and price.
The wheat market was a little depressed early in the we«k ;
the receipts were very large, and receivers were thereby somewhat embarrasseJ, while ocean freights were so scarce and high
as to prove a Berious embarrassment to shippers. Under these
holders, the outside figures have been maintained.
;
;
8,666
71
4,063
New York
New Orleans
15
wants.
Total this yearl
I
30
to Albany.
8,559 83,90! 1
418!
1,5001
Shipping Nkwb.
reference to these markets
;
70|
'590
63,1651
10,348,
73,846,
4,587(
— In
—The following are the prices of middling
Ord. Q.Ord.
Upland... 83i
9K
Mobile... 8;i
Total....
15.!!44
15,960
13.333
iiiioe
159,130
145.778
The following are the receipts ol cotton at New York, Boston>
Philadelphia and Baltimore for the last week, and since Sept.1,1873:
Florida
S'th Carolina.
N'th Carolina.
Virginia
North'rn Ports
Tennessee, &c
Foreign
10.
Florida
3,607
Grand
l,070l
131.C00
compared with those of last year:
- Good & ^Same
^Fair A
^-Ord.& Hld-N
3,607
1,709
1,5»S
133.000
our correspondent in I.iondon, writing under the date of Nov. 16,
gealsland
dec.
4,4301
116.000
ibow the dally closing prices of cotton for the week:
Tnea.
Tbur*.
Fri.
Hon.
Wed.
finn.
16,793
Spain, Oporto&Oibraltar&c
Ail otuers
Orleans.
will
10 6>.... 10 a.... 10 a....
9^1^10
9^(gtI0
Ot\eiiae.l(»i(S,lO%lO)i^...AOH&W}i@.... lOVOIOKlOJi^lOK
Trade Report.—The market for yarns and fabrics at Manchester is quiet
qualities of cotton,
Texas
Savannah
Mobile
—
96,000
afloat
The following table
European Cotton Markets.
lotal Frencb....
Total Spain,
livbrfooLi.
Price Ilid.UpI'ds. 9H(g.l0
Havre
to
777
Liverpool, Dee. 6— 5 p. M-The market Uu ruled quiet and alMdy (o^day,
with sales estimated at 13,000 bales, including 2.000 bales far export and
speculation.
The sales of the week have been H6.n0(i bales, of which
6,000 bales were taken for export and 9.000 bales on speculation.
The tcloa]
stock In port is 313,000 balos, of which 4H.0(m bales are American. Tb«
stock of cotton at sea, bound to this port is 23.-i,000 bales of which 131,000 bale*
are American.
Nov. Si
Nov. 18.
Nov. 39.
Oee. 6.
Total sale*
97,000
60,000
80,000
8C,000
Sales for export
6,000
8,000
7,000
5.000
Sates ou spoculation
9,000
5,000
6,000
9.000
Total stock
465.000
438,000
440,000
883.000
Stock of American...
54,000
50.000
49,000
48,000
Total afloat
334,000
389,000
333,000
136,000
American
Other French ports.
New
.
;
circumstances the business in the early part of the
week was
mainly at $1 43 @ |1 45 for No. 3, $1 47 @ f I 50 for No. 3 Chicago
and Northwest, and $1 52 to $1 53 for No. 2 Milwaukee, bat the
market gradually gained strength, and yesterday a good businesswas done for shipment, with some speculation, including No. 2
Chicago and North-west at |1 50 (a $1 53, No. 3 Milwaukee at
$1 55 @ |1 56, No. 1 spring at $1 63^ @ $1 63, and choice amber
Michigan winter at $1 78. To-day holders were firmer, and there
was a limited business in No. 3 Northwest at |1 55 @ |1 56, but
our quotations are for tlie most part nominal.
Corn has also arrived very freely, but the demand has been
more active both for export and the home trade, and prices have
recovered, with free sales yesterday at 64@64ic for prime Western
mixed afloat, and some in store at 63ic also, for delivery afloat
The receipts at the Western
in the first half of January at 66ic.
markets are on a greatly reduced scale, and the visible supply
shows a further large reduction. The excessive stock in this
market seems to be the principal obstacle to any advance in
prices, although the certainty of a large crop to come forward
when rates of transportation shall bo lower undoubtedly exerts %
depressing influence. To-day, holders were generally firm at 65c
for Western mixed afloat, with only a trifling business at 63ic in
store and 641c. afloat. The quantity in store and afloat at this
market cannot be much short of ceven million bushels.
Rve has been higlier boat loads of prime Western have sold
Barley has been
at 96@93c., but the close is dull and unsettled.
more freely offered, and prices have ruled weak fair State and
Western have sold at 90c., and prime Canad i West at $1 17(31 18.
Oats have shown a alight further advance late transactions
have been mainly at 51i@52c. for prime new m#:ed Western
To4ay the m»rk«t
afloat, and 53c, for prime old do, in store.
was quiet and unchanged.
;
;
;
;
The following
are closing quotations
;
:
>
Floub.
ern...
Wheat—No.S9prIng,bnBh.$l 53®
1 68®
No. 1 spring
1 65®
Red Western
1 75®
Amber do
|
{S «5@ 6 20
<l bbl.
BitraSUte,&c
7
00®
|
'
7 SO
!
Western Spring Wheat
65
1 72
1 80
1
S 80® 205
6 «0@ 7 10
White
do doable extras
7 60® 8 75 Corn-Western mixed
68X@ 66
68® 70
do winter wheat extras
White Western
® 6*5
and double cxtrHH
725®!! 25] Yellow Western
75
white
Southern,
City shipping extras. ..
7 25® 7 50
City trade and family
Rye— Slate and Canada... 92® 96
87® 92
Western
brands
8 00®!0 60
48® 6!
Oats— Black
Southern balsers' and fa49® 64
Chicago mixed
mily brands
9 50®!! 75
54® 58
White Ohio and State.
SoatheniBhipp'gextras.. 7 50® 8 50
80® ! Co
Barley— Western
5 75® 6 50
Rye flour
1 14® 1 Ig
Canada West
Corn meal— Western, Ac 3 2,5® 3 60
1 05® 1 25
3 80® 3 90 Peas— Canada
Co»n meal—Br'wine, Ac.
The movement in breadataffs at this market has been as foUowB
»—BICKIPTS AT NEW TOBK. ,. EXPORTS FBOM NBW TOBK. —
I
®
I
|
I
I
.
I
.
'
Same
-1872.
week,
80,985 2,773,891 3,387,882
Plonr, bbls,
190,982
"
3,025
173,413
V. u.™.,
C. meal, "
Wheat, bus. 1,019, 779 16,207,277 25,631,257
" .1,264 004 40,232,.-i49 25,680,987
Corn,
479,013
966,012
628.480 4,900,.584
3,174,163
270,017 11.935,103 11,570,687
SI, 90!
.
Barley.&c.
Oats
For the
Jan.
22,165
2,049
269,442
320,823
2 555
200
32,603
1,552,686
114,8m
2!,7!7,731
!!, 807,752
;...
1,805
492,956
98,744
42,544
The Chronicle by
Mr. E.
H. Walker, of the New York Produce Exchange, show the Grain
in sight and the movement of Breadstufis to the latest mail
The following
tables, prepared for
:
BSCBIFTS AT LAKE AND RIVER PORTS FOR THE WEEK ENDING
NOV. 30, AND FROM AUG. ] TO NOV. 30.
Flonr. Wheat
Corn.
Oats. Barley. Rye,
bnsb.
bnsh.
bnsb. bush.
(561bB.)(821b>.)(481b6.) (661b8.)
bnsb.
bbls.
(1961b8.> (601bs.)
Chicago
31,032
17,082
7.045
14,878
3.500*
20,619
3,500*
..
Milwaukee
Toledo
Detroit
Cleveland
Bt.LoulB
Daluth
Total
Previous week...
Oorresp'ng week
"
232,865
11,200
266,660
!79,-366
36,472
61,684
163,070
9,100
47,600
17,344
12,860
53,278
3.32,800
22,671
8,250
117,320
69,.3a0
82,266
10,014
ment, and jobbers operate only to the extent of their necessities
Values have been about stationary with the exception of sugar, as
noted.
TEA.
Since
Jan. 1.
week.
1.
1,083,334
182,940
2,968
"
46!,Sn 12 172,968
318,96! 25,!75,(i75
686,767
22,659
Friday EVBNINO, Dec. 6. 1872.
Trade during the current week has been very light in the grocery market, the only goods moving with any degree of freedom
being coffees, which have sold largely in a speculative way. The
sugar market remains as flat as last noted with prices barely
steady at a reduction from our previous quotations. Few operators are found in teas, and the market remains dull with liberal
supplies. The grocery trade through the interior is only moderately active, so that retailers' requirements are light at the mo-
1871
,
,
Since
3.1,0:30
—
.
1872.
,
time Jan. For the
week.
1, !?7!.
Since
Jan. !
For the
122,880
19,497
16,366
8,460
18.520
3,900
29,922
The demand
97,458
**
1.50,375
69.
*'
80,198
'68.
'67.
couraging for holders,
138,477
119,427
103,483
625,096
781,882
1,064,164
9.32,8;57
1,1.38,428
.560,793
who begin
392,378
711,230
795,308
1,094,623
148,480
192,877
110,654
1,029,612
.588,251
69,422
.30,101,446 86,017,291
35,809,517 48,785,304
37,542,492 M,970,93:!
34,146,290 23,464,04!
303,242
194,719
348,3.36
212,0.39
297,442
127,341
327,164
104,148
160,292
239,515
219,130
42,240
.55,611
199,393
10,440,860 5,611,568
28.191
57,577
30,8'!3
Atlantic ports,
1
Philadelphia
Baltimore
New
Wheat,
bbls.
bush.
74,878 1,064,304
38,260
4,790
19,031
13,300
21,045
43,419
17,045
88,600
20,064
33,800
28,697
Boston
Portland
Montreal
Orleans
Total
Weekending Nov.
Week
215,.329
6,806
18.3,551
10,395
270,268
77,876
239,713
12,710
101.760
32,825
36
29,90!
149,380
5,781
18,254,202 5,447,912 1,150,220
18:533,642 3,237.498 1,361,372
11,777,896 2,980,877 1,665,973
4D8,670
9,862,83!
863,235
2.39,234
bush.
Corn,
bush.
Rye,
bush
12').829
40,200
Oats,
1,277,154
36,000
770
11,485
1,320
18T2... lbs.
Weekending
ending
The
Visible Supply op Grain, including stocks in store at
the principal points of accumulation at lake and seaboard ports,
in transit on the lakes, by rail and on New York canals, Nov. 30,
1872:
Wheat,
bush.
In store at New York
In store at Albany
In store atBufTalo
In store at Chicago
In store at Milwaukee
In store at Duluth
In store at Toledo, Nov. 25
In store at Detroit, Nov. 25
In store at Oswego*
InstoreatSt. Louis
In store at Boston
In store at Toronto
In store at Montreal
In storeatPailadclphla
In store at Baltimore
Rail shipments for week
Lake shipments
Amount on New York
1,199,557
9,000
517,853
469,334
131,000
69,442
281,421
"
"
*BitliMt«d,
'
1,735,082
101,000
51,600
633,107
111,000
Barley,
bush.
625,312
535,200
331,000
146,496
55,000
2.3,423
.368,246
775,000
211,775
118.000
166,801
64,775
695,279
274,.378
72,433
150,554
23,10!
2, '72.
D«c»,"7l..
in
8.347.400
9,199,272
6,893,774 10,426.893
8,934,889 10,988,874
7.453,804 12,295,517
9,586,576
6,663,923
8,5,000
12,091
42,76!
75,000
144,885
74,396
56,385
11,000
45,000
80,000
8,720,268
3,729,682
4,38'1.336
4.721,153
4.681,296
6,014,870
43.512,193
39.502,075
S,46«,3;2
13,789,305
9,6«,655
COFFICE.
We have had a fairly active business in cargoes since our last report,
The
demand
2,469,806
3,132,772
8,285,615
3.119,662
3,228,618
8,037,11
chiefly
but jobbers hold liberal supplies of early purc'iase, and the current outlet for jobbing parcels is
small. Nevertheless second hands are showing more disposition to purchase
interior
is fair,
under more favorable advices from Rio, and the prevailing feeling here is one of great confidence in the strength of the market. The
ofl'erings of coffee on the spot are light, and transactions are mostly restricted
to cargoes afloat Prices remain nominally as last quoted though the market
would bear an advance of about )ic. on all grades above ordinary. The demand for India grades has been fairly active, liberal sales of West India
in a speculative way,
,
having been effected for consumption. Some business has also been done in
East India grades in lots. The market for Maracalbo and Laguayra has stiffened somewhat, and the outside range shows an improvement of about Xe*
over the prices last quoted. The transactions include 4,309 mats Java, 7,011
bags Maracalbo, 1,3.34 Laguayra, 586 Savanilla, 207 Costa Rica, 150 Curacoa,
1,042 Rio ex "Foreningen," 2,600 per "Brazilianeren," 6,000 per "Ocean Express"
500 per " P. C. Warwick," 2,640 resold ex " Cornucopia," 3,700 ex " Gilpin," to
At Baltimore sales are reported
arrive, 4,106 ex " Anna Wheaton," old coffee.
of 1,310 ex " David Stewart," 1,400, the balance ei " St. Ursula," 3,000 ex " Grey
Eagle," and 3,000 per " Amalia," to arrive. At Mobile 1,079 and 3,600 to arrive per " Sibyl." Also 1,050 bags Porto Rico in Baltimore.
Imports at this port the past week have included 6,000 bags Rio per " Ocean
Express," 3,500 do. do,, per Cliristina ;" 3,800 do. Maracalbo, per "Princess
In Bags.
Stock..:
Bimedate!87t
Imports
'
in 187!
Phlla-
29045
.
..
52.823
500552
4 013
612,38«
U,ai»
.—New YorkIn bass.
Java and Singapore
Ceylon
Maracalbo
LsKuayra
St.uomlngo
Other
Total
Same time, 1S7!
Jan
.
1,
New
Baltl10.998
7,900
351.966
505,031
stock.
Import
.
t6.075
•lfi8,4S7
12,0'.9
1,167
9,40!
11U.248
171,597
3,i'.fl
S,3,tO
62,833
<U,5U
3,500
4,000
14,515
22,2!0
Total.
48,310
1?,475
:,063,158
1.396.65S
and the imports at the seveial
Boston. Pnlladel. Bait. N. Orle's.
import, import, import, import.
oo
0.0.
•27,039
19.0«
15,870
1,780
5,
1872, are as follows
GalMobile,
Ac. veston.
York. delphla. more. Orleans.
Ofothersortsthe Stock at New York. Dec.
ports since January 1 , 1872, were «i follows
•
223,800
225,000
210,000
200,029
350,000
451, 11!
Nov.16'72.
Nov.9,'72,
Nov.
"
5,345,283
60,000
350,000
691,795
53,000
Oats,
bush.
115,017
44,474
50,000
129,157
196,596
3,253
69,748
Total
6,089,155
„
Total in store and in transit Nov.a8,'72 5,809,412
"
Corn,
bush.
201,916
17,594
200,000
117,865
155,268
7,830
!!0,.305
canals
17.895^98
16,0J7,'.15
New
251,037 1,174,324
28.3,033 1,188,899
240,680 1,401.913
Cor. week 1871
Total Jan. 1 to date. ...7,093,50123,278,76069,8;32,914 20,946,9.33 4,684,537
Do. same time 1871... 8.033.8404!,32!,4924I,408,907 20,711,7783,676,535 1,351,079
Week
17,Ii9,rai
Beatrice," and 871 do sundries.
The stock of Rio Dec 5, and the imports since
255,0ii5 1,.377,537
ending
and
sell,
The indirect importations, including receipts by Paciflc Mail steamers via
Aspinwall. have been 206,074 pkgs. since Januaryl, against 165.933 last year.
Imports at San Francisco from Jan. 1 to Nov. 14 have been 1,155,169 lbs.
China and ],911.258 lbs. Japan.
211,139 1,258,947
276,897 1,219,298
S3.,
Nov. 18.
Nov. 9..
Nov. 2...
to
New York the past week
table shows the Imports of Tea into the United States
to date, in 1872 and 1871
.lapan.
Tota".
Black.
Green.
Atliintic ports. 1871
32.009
19,53!
aaCEIPTS OP FLOUR AND GRAIN AT SEABOARD POUTS FOR THK
WEEK ENDING NOV. 30, AND FROM JAN. 1 TO NOV. 30.
Flour,
show more willingness
to
the
the
en-
There have been no imports at
:
At
ab-
auction.
Shipments of Flour and Grain from Chicago,' Milwaukee,
Toledo, Detroit, St. Louis, Cleveland and Duluth for the week
endinK Nov. 30, and from Jan. 1 to Nov. 30
Barley,
Kye.
Flour, Wheal,
Corn,
Oats,
bnsb.
bush.
bush.
bnsh.
bnsh.
Week ending—
bbls.
Now York
little iiniuity
;
« Estimated.
103,127
122,078
87,997
Corresp'g week 1870. 128,834
Corresp'g weekl889.
83,483
^^
Total Jan. 1 to date. 4,289,043
Same time 1871
4,220,416
Same time 1870
3,930,815
Same time 1869
4,.340,375
but
their ofTerings at a slight concession.
on speculative account
Nov. 30, 1872...,
Nov. 23, 1872.
Corresp'ng week 1871
is
This is more particu.
larly the case with Oolongs, but even on Japans and Greens the market is not
altogether stable. There has been some business in an invoice way i n Green
teas, and the stock is kept down tolerably well, though the supply is large for
this season of the year. The light trade done for the past six months has led
to an accumulation of stocks considerably greater than we are wont to have at
BO late a period and, all things considered, importers hold up remarkably
well. The new crop has cost high, and prices could only be forced down by
the surplus stock ; but whether the market will be much affected by the fresh
arrivals remains to be seen. The sales since our last have been 6,500 half
chests JOolongs, 2,000 Greens, 2,600 Souchong, besides consideraiile lots at
some cases press
169,557
2.6,6&3
468,440
12,550
450,457
.386,670
927,374
Total Aug. I to aate. ..!,ut)6,4aB 27,581,116 !5,8I5,089
2,316,419 27,587,286 20,312,996 14,l78,'573 4,26.5,206 l,829;i97
Same time 1871
938,2fi0
2.489,242 25,675 013; 9,934,699 10,534,2.30 4,218,872
Same time 1870
9iil,827
8ametimel869
2,516,578 28,061,211 13,752,122 8,557,270 2,371,507
**
and there
less active,
Dealers in the interior buy sparingly in the
sence of pressing wants, the general disposition being to hold off for
arrival of new crop teas, which will soon be crowding in upon us. With
liberal supplies of old crop now in the market, the outlook is not very
The following
694,662
797,24!
375,864
1,228,75!
117,961
somewhat
for invoices in consequence.
2,983
382
for lines is
from January
'71.
'70.
.
GROCERIES.
1 58
extras
dates
:
[December?, 1872.
Obaik.
I
Bnperflne State and West-
"
:
THE CHEONICLK
778
Rye,
—
1
.
166.(108
34,825
3.7a»
90,376
56.430
99.122
4.J55
9,867
89.173
20,770
599,460
397,910
41,161
59,156
"
392
9,138
35 217
20,719
Includes mats, &c., reduced to bags.
4,3!
9.138
2.242
t Also, 166,123 lusts.
The market has been almost entirely without business during the current
week, a light trade only having been done on one or two days. The extremely
light demand that prevails for refined sugars has greatly curtailed the requirements of refiners, and their purchases have been kept down to the lowest possible point. The high prices which they were forced to pay for raws during
October and November, and which resulted in a material advance on refined
sugars, had the effect of reducing'the consumption at a period when the amount
required for preserving fruit and other purposes would, under ordinary circumstances, have been heavy. Refiners staying out of the market has naturally resulted in a decline on raws, and this has again caused undue depression
on refined sugars, which have been declining throughout the week. The supply of raw is comparatively small, and is well concentrated in strong hands, so
that there is but little pressure
on the part of holders
a farther decline does not seem Imminent.
The
to
move
their stocks,
transactions during the
and
week
,
December
:
.
THE CHEONICLR
7, 1872.]'
but wc quote nominally us before.
do. claritlcd Demerara n@llj(c.,
l.SOO boxes ccntrlfuRal and Derosnc lOJic, 500 boxes clayed Havana !)%(3klOc.
Imports atNovr York, and stock In first bands, Dec. 6, vrcre £s follows
hare been barely tnoiigh
The
4(1
:
Cnba.
mportB this week
•
since Jan. 1.
" same time, "71
.
1370
P. Klco.
•hhds.
•iihds.
SSI
Sl,2«9
417
2S9,725
203.085
4.463
.
4-.8,U>4
353,071
Stock In first hands.
Same time 1871
••
Cuba,
bzs.
1
Other Bratll.Manlla.ftc.Mflii.lo
•hhds basTB.
tbags.
hhds.
8M
4^,843
68,200
37,514
45,^11
49.452
UijiK
2».ni
59l,:t«
I09',H»
<I.I96
43,536
46.699
204,063
826,610
20.5'2a
32.124
32.662
82.IJ1.1
...
193
3,:07
712
MOLASSES.
The market for bolUng grades of molasses remains very qntet with ll);bt
The dulness is dne In part to the absence of stock suitable for
refiners' purposes, though their limited requirements at the moment would
jirobably deter them from purchasing very freely even were stocks more
liberal. Trade qualities liavc sold freely. The increasing supply of domestic
OfTcrings.
and consequent lower prices have rendered the sale of this grade more active
10 the detriment of foreign grocery stock. Large offerings have been made at
auction which have sold readily at pretty full prices. The stock thus dlKposcd
of has gone far toward supplying the wants of the trade, so that sales through
the regular channels have been somewhat curtailed.
Syrups are rather qnict,
and the tendency of prices is still in buyers' favor. The offgrings are not
heavy though in excess of the requirements. Sugar honse molasses is dull
bnt fairly steady. The sales include 1.W hhds Porto Rico grocery at 50®55c,
for lots. The sales of domestic at auction and privatoly foot up about
1200
bbls within the range of esOMc.
Tbe receipts at Now York, and stock in first hands. Dee. were as follows:
h ands.
Cuba,
P. Klco,
Demerara,
Other
>.o
.'>,
•hhds.
Imports this week
"
since Jan. 1
"
sametlmelSTl
"
"
•hhds.
•hhds.
74,865
77,505
20
24,583
34,954
: ,012
1,387
2,732
4.098
6.5fl6
512
bands
"
same time -71
same time '70
B'.ock In first
"
'Iihrts
2! 7
14.619
26,506
529
2,873
S.236
l>Ms
2.351
'S2,267
41.963
151
5.643
1,718
1,200
500
400
& ITIolaRaes at leading porta ainco Jan. 1,
The Imports ol sugar (inclndlnf: Molado), and of Molasses at the leadine noris
i
Imports ot Sn^ar
from January
1878, to date,
1,
—
.
New York
Boxes.
—
'lifads.
1872.
1871.
35;,8"9
72.G19
83.554
40.312
65.81S
!01..3«
115.646
6.176
9,760
,
.
1871.
365.071
tSTJ.
.
27.440
30,174
Baltimore
67.6.i4
New Orleans...
66,T26
30,711
41,853
39,915
610,083
511,903
4!,2.S3
586,983
Bafs.
.
tl872.
771,409
781,01S
.M6,.'in8
Philadelphia...
Tota l
n
have been as follows
-Sngar.-
.... 418.094
Boston
,
1871.
1871.
140.412
47,695
79,81«
21,525
652 476
579,303
88,012
32,500
10,971
33,060
»-
^— Moiasses. -,
•Hhds.-^
376
626,157
1,596,494
1,352,291
i^j^
282,967
• rncludtnetlfircosand barrels reduced to hhds
t Inclndea Daskets. &c., reduced.
do
fair
Superior to flne
Ex. flne'to finest
35
50
do
YonnR Hyson, Com.
I
io
(ft
to fair. 35
do
Super, to flne. .'(3
do
Ex. One to finest 80
SnnpowderCom to fair... 43
do
rsnp. toflne.. 65
" do Ex. fine to finest. 90
37
Imperial, Com. to filr
do
SuD. to fine
57
do
Extra flne to finest 75
,
Common
Oolongr,
do
do
25
31
&
Sonc.
Ex.
f.
®
®
@1
@
@
S3
41
finest...
Cong.. Com. to
Sup'rto
do
do
-IO
to lair....
Superior to fine
Ex flne to
Til
fair,
flne.
?5
41
63
to flnest.
.<8
."2
05
Si
59
(S
el
Con«e.
Rio Prime
do good
do fair
do ordinary
Java, mats and ba?s
Java mats, brown
gold, 18 ®18>i
gold. 17W9t7x
gold. 16 ai6K
KOld. 15 @; Ji
(told. ISKtaJO
gold. 20 «23
Cuba, Inf. to com. reflnlng.
do fair to good reflnlng. ...
do prime
._ .
do air to,„(
Kood grocery....
, ,
do pr. to enolee Rrocer; --,
do centrllUKal.hhds.&bxs.
lo Melado
molasses
Hav'a, Box,D. 8. No8.7to9...
lo
do
do
do
do
do
do
do
do
Native Ceylon
i
19 to 20..
16
Sold
\Su4''tv
SOKar.
8Xa9K Havana, Box, white
&—
iii
~-
llkia'aii
Porto Rico, reflnlng grades...
do
grocery (trades....
9X« 9X
Inx
Solfl' llSsis
gold.' 22 @23
Mocha
1
9
a'SS
9V(aiO)5
9!<®I0
Brazil, ba(ts
'.OXaiOvj
Manila, bags
10
White Su§arB,A
iTjJai'i^
do
do B.:: :::::::::::: uQ^iiz
do
do extra C
o«|ir
i^IO:^
@
o
"iii
S^& 9}i
8^® 9K
9iy@!0;<
do IDtor2..
do 13 to 15.. lOMSllX
do 16 to 18.. UHrnn
do
l?Sffll7
goid!
St Domingo
.lamnica
I
nvaiBu:
ijold
Soirt
Maracalho
Lagnayra
1
sSa 9V
sjJa
9
iSViH
Powdered..
Grannlated
aiHH
Vi}imiiH
nolaaana.
NewOrleane new
V
Porto Rloo
gall. 60
28
Cuba Muscovado
'ii
m ®28
n an
iCabaCIayed
Cuba centrifugal
S74
@55
S90
English Islands....
80
®SS
Rice.
BangooD dresaed, gold
In
bond %%& 3x Carolina
7^® %^
I
Splcea.
'Jassla, In cases... gold V) lb.
Cassia, in
mats
GtiKer, Race and
29
do
Af
(gold)
Mace
do
>fatmeg8, casks
t-y'*
cases Penang
®
Pepper, In bond
($
)0H®
®
92H3
95 ®
ll>i
1 25
95'
Fraita
Cloves
and
Ral81nB,seeaieBS,^nwV frail. 4 75®
do Layer, :S72, » box. 2 128 2 15
do HuftHDa,Vtlb
9ye 10
lo Valencia,* lb
12X0 13
do Loose Muscatels
2 70
2 75
Cnrrants,ncw
* B. 7Kl9 7X
Citron, Lenhorn (new)
44S,9
Prunes, ^reneh
12Ha
Prunes, Torklsh, old
&
new
do
8
®
@
Dates
7ua
FlK^/Smyrna. ...
...iB- 12
ir."
Canton 01n(rer.Crt3e
8 OO @8 50
Almonds, Lantniedoc
20^®
do
do
do
do
do
Tarragona
19
Ivlca
30
Vbl.box.
84
ardlnai
UraEllNatB ntw
¥
®
®
®
®
qr.box. 2U)<«
i%^
&
8
15
a
,17
is
20
do
do
Nnta.
Alrlcan Peanuts
(^
Filberts, Sicily
Hnrcelona
Walnuts' Bordeaux
Macaroni, Itallaa
V
ao
a.
sliced
8
Sonttaorn, good....
-prime
sliced,
new
Peaches, pared
do
s
d
9
14
nnpared,qrs&hlve
5
Blackberries
g
2a
y
Pecan
Nuw
)) ft.
\*
busb.
do
uonew
..,
do
i'canuts.Vatfr'dtofnr.y ol
,
Colored cottons are quiet, but strong at the
%
^
®
®
7
10
a 11
® 18
u 6K
® 9S
®
«
n
23
:o
,..
.
....
1 30
1
Woolen
Goods.
— Heavy woolen
CO
—
and
1
do WlI.,g*dtobe«l'U.
figures.
goods have been
Cassimeres are
The
firmly held by agents at the recently advanced figures.
offerings of spring weights are light, as yet, though some sales
have been made in a private way. Flannels show considerable
activity, and the stock is unusually light for this period of the
The adyear. Twilled scarlets are very scarce and sold ahead.
vanced prices are fully sustained, and but for the lateness of the
season it is probable that still higher rates would prevail.
Blankets are fairly active, and there is a scarcity of horse blankets,
which are much wanted. Hosiery is in good demand for shirts
and drawers, but fancy woolen hosiery and knitted goods are not
very brisk, and the latter are selling at auction in large lines at
prices not very remunerative to the producers.
Foreign Goods. The general market has been rather quiet.
Goods suited to the holiday trade show a fair degree of animation,
but staples are lor the m^'st part slow of sale. Importers have
effected liberal reductions of stocks during; the past few weeks,
and the season closes with very light supplies. Dress goods have
met with a fair demand, but are only wanted in piece lots and of
choice colorings. There is quite a scarcity of some of the most
favorite fabrics in cloth shades, empress cloth!) notably so. Al
though a few of the jobbers who make dress goods a specialty
(and who do a late trade) have still good assortments. Stccks are
generally much broken up, and it would seem that co it paratively
few dress materials will be carried over to another season. There
has been a little better demand for French merinos of cloth
shades, blues and garnets, but other colorings move slowly.
French and Irish poplins, epinglines, velours, cashmeres and reps
are most in favor, as they have been all the season, and fancies
are not wanted. The trade in silks for the week has not been
large, and mostly confined to black gros graines of fine qualities.
We annex a few particulars of leading articles of domestic
manufacture, our prices quoted being those of leading Jobbers
Agawam
fiu^
Western
do
do
do
unchanged
Broivn SheetlnKS
DOMS8TIO DRIED FHUITS.
Apples, state
Prints have
at better prices.
sold moderately to the local retail trade, but are quiet as the rule,
:
13K9
WK^
9>i®
HHd
do
Hickory Nnta
Chestnuts
86
ffl
<io
...
Cborriea. pitted
19J<
(9
Sicily, soft shell
Shelled, Sicily...
paper shell
Sardines
®
,
(gold) 112
do Snma ra & Singapore
Pimento, Jamaica... (gold)
do
la bond
do
do
In bond
(ClovestemB
and are held
particularly scarce
Domestic
(io
do
Bx.l.totln'st
Uncol. Japan, Com. to talr..
® 45
do
Sup'r to flne...
65
^
do
Kx. f. to finest. 70 @1 05
,
®
m 05
® 6"
® SO
®1 15
® 90
&
@ 92
—
in fair request, chiefly for the finer qualities.
Uyson Sk. & Tw. C. to fair.
do
do
Sup. to flne.
45
65
80
45
75
p. M., Dec. 6. int.
by jobbem and coinmisaioii
houseR, the aggregate IrnnsactionB rather exceeding what we are
accustomed to note at this season of the year. The didtribution
of goods to consumption in the interior lias been delayed somewhat this year, and retailers are coming in for gcoda to replenish
their stocks unusnally late. Their purchases are liberal, however,
and supplies in second hands have been well reduced. Aiprenti
hold fair amounts, but there is no excess, and the current range
of values is fully sustained. That the outlook is regarded as
favorable, may be inferred from the fact that agents for the leading brands of cotton fabrics refuse to name prices on sales for
future delivery and are only taking orders " at value."
The
season will close with lighter stocks of nearly all fabrics in both
first and second hands than has been noted before for many yearsIt is not likely that agents will allow this opportunity to establish
good prices to pass uniraprored, hence wc look for a full range of
prices for the opening of the spring season, with many fabrics
higher than they are now held. The finances of the trade are in
a fairly healthy condition and seem to be recovering from the
disturbances caused by the Boston fire.
Domestic Cotton Goods. The aggregate sales ol cotton
fabrics during the past week have been very liberal with jobbers
as well as agents. Transactions are free in all of the standard
grades of browQ cottons, and there is also a liberal inquiry for fine
browns and medium grades. The market is very strong, with an
upward tendency, and several makes have been advanced since
Bleached
our last. These were principally the fine grades.
goods are selling into distribution with a fair degree of freedom,
and considerable business has been done in the finer qualities of
popular marks. Shirting materials are selling to manufacturers
Canton flannels have
at full prices and in considerable amounts.
sold freely and the stock is well cleared out. Brown Cantons are
at
Tea.
Common to
Fridat,
A pfood baginess has been done, both
recently advanced figures.
WHOIiESAIiE PRICES CURRENT.
Hyson,
THE DRY OOODS TRADE.
to ostabllsb values,
sales Include 358 hhds. St. Croix BJic.,
7/9
1, So-
•fn
SblrtliiKa.
Width. Price.
F... 36
30
AVbion.^
Arctic B. ... S6
Atlantic A... 37
do D... 37
do H... 37
Applcton A.. .SS
do
N.. 30
Aupnrtn
36
Bedford R... 30
Boott O
S4
do 8
40
48
da
Oo'neatogoS. tS
W
Cabot A.
D wight X
Y....
do
W....
do
n
Indian Bead .4-4
do
.. 48
lox
11
13
u-na
A
do
do
do
13
14
IIX
36
C. 36
BB 33
30
W
lAConia O.
IS
;
.
do B...
do
2,.,.
Lawrence A
do
D..
do
ZX
.
I
.
37
36
86
3«
M
Lawrence LL. 36
J.. 40
Y.. 36
33
do U. ... 36
do
B.... 40
do W.. 48
7-4
Peppcrcll
do .... 8-4
do
NashualneO
14
Ind'n Orchard
n^i
Mii
IS
13
36
37
3S
36
14X
1-3X
19
11
ISX
I8X
18>^
1«»
14
J«
do
do
do
do
Utica
do
do
dn Ann
..
.
<M
....10-1
....11-4
....l«-4
.^
48
68
Vm ¥))t
IS
16X
«X
13
is"'
IS
«x
30
3JK
37^
*^H
45
.
.
.
. .
I
.
.
Brotvn
nrllls.
Width. Price.
Amoskeag
Tremont Y
XX
do
Hamilton Xr
I
15
Lacoula
LaogleyB....
A
Bl'ched
l^X NashnaXX
Naumkoag A A
15
Stark
SlieotiiiK"
86
do
do
do
8
31
M
A
32
32
3P
36
36
6-4
7-4
8-4
9-4
15>i
12
do Cambric
N. T. Mills
Peppereii..
•
Manvilie
22>i'
19
27>i
do ....
do ....
do ....
do ....1(M
do ....11-4
I
do
do
do
AAA..
55
nx
11H
40X
HH 36
18)^
XX 86
KX
Canton Flannels.
Amoskeag A in
do
B...
.23
.29
20
19
28
17
Amoskeag
23
20
18
16
26
13
.
do
H
EUerton N ...
do
P
do
do
S
do H
Arkwright
Easton
Hamilton
X
XX
XPX
TremoutH
A
do
do
X
do
do
do
Caledonia, 8..
do
do
do
do
do
16X
20
25
17
do
do
do
do
17
22
A
16
BLEACHED.
Amoskeag BB...29
do
A... 29
A A.
do
...
doEXnlush27
WN
EUerton
do
N
do
P
Tremont T
....
70
iiX
65-67>i
35
70
a6Ji
17
19
21
Hartford Carpet Co
Carpets.
27X
25'
70..
80..
90..
100..
Extra 3-ply
1
1
60
13
1
,35
Amoskeag
25
13
1
30
Algodon
Bedford
Boston
Beaver Cr, AA
Chester D'k B
17>i
28
25
20
16
IITEPORTATIONS OF
1
UX
12
21
I
I
I
13X
1
do
plain, 36 in
ex plain, 86 in
83
DRY GOODS AT THE PORT OF
NEAV YORK.
The
importations of dry goods at tliis port for the week ending
5, 1873, and the corresponding weeks of 1871 and 1870
as follows
ENTERED FOR OONSDMPTION FOB THE WEEK ENDING DECEMBER 5, 187 J
December
have been
:
-1870
•-1871
,
Pkgs.
Value
Pkgs.
431
729
279
?161,159
376
620
287
797
394
Uanofactores of wool
do
do
do
cotton
.
silk
flax
1,000
Miscellaneous dry goods
423
163.032
25i,549
140,085
148,991
1872
.
Value.
$143,806
167,179
820,799
183,970
125,137
.2.865
$866,866
2,474
$810,891
,
50®
310
165
58
880
70
$118,345
51,702
54,882
96,374
983
$344,649
Add ent'd for consnmpt'n. 2.865
866.866
silk
flax
shore
cwt.
....
Hiecellaneous dry goods
Total
Totalthrownuponm'rk'l
23,.34t
a,818 ?1,211,S15
do
do
do
cotton..
silk
flax
445
$150,363
201
73
!,822
63..597
1
0O@l?5 00
American undressed
gold.210 000215 00
Russia, clean
'
~ 11
" Manila, current. .* a "
a
a
27
8
$-287,303
$255,785
840,891
1,769
1,196
$389,670
287,203
8,599 $1,096,676
2,965
$676,879
UlueUaneons dry goods.
Tot/il
120
97.876
148,901
53,315
90
"^
2 661
$514,058
4dAei)t'dfotconiOffipt'n.tse3
m.SM
1,474
|l,MO,»i«
i,m
TtthtlwttNdMtbdiiMl
6
5ii«
27,^37
48,975
86.950
41
$21 291
125
19.270
16,291
38.071
9,192
21
iioiTm
$818,475
810,891
1,196
887,803
*» gld
....®
Corrlentes
"
Kio Grande
Orinoco
"
"
"
Bahla.....
27)i
27
...
27
26
25
—
—®
-.®
.
@
"
Maracaibo
....
18
•'
....a
Dry Salt.— Maracalbo.gold
(Jhlli
"
Pernambuco
Matamoras
'•
"
"
—
17
17
14
Buenos AyreB..*Ibgold
"
lllo(»rande
"
California
cur.
Texas ..
Baat India Stock—
Calcut. city lilt. * lb gold
Calcutta, dead green "
Calcutta, buffalo.* B "
a
®
®
a
a
25>i
1S72.
SBED-Clover
;..
lBi>N-Plg.'Am„ ^ o,\,f ion
Pig, Amenc*D.)<0.2
~it. American Forna
.«
V »
9
*bush.
Timothy
If
6»f
'i;;!
3)4®
S
Tsatlee, re-reeled
1
^l;---;---!
Canton, re-reeled No. 1 ..6
Taysaam. Nos.
3 25
1 90
2 10
2 50
®
®
®
Hemp, foreign
J
Flaxseed, Amer'n,r'ch. 193
Linseed,<;al.,* 561b gld. ...
8ILK-Taatlee.No.3 chop* IbS
8X
9),
®
3 TO
75
75
«
9 2.5;\
W®
!2H
9
A
]??
2a®
S 50
6
® Platlf.foT'n .* 100 B .gold 6 62X86
*> » BJia
Plates domestic
SPICES— See groceries report.
87)4
10><
^* R**'' —
SPIRITS
Brandv .foreign brandB.goldS 60(815 ni
"
ss
Rum— Jam., 4th proof. " 3 75® 5 40
S CO®
St. Croix. 3d proof...
.1
&&, different brands "
^a's"?^perc*i)c:*w.
3 00
90a
2
.
so®. s2m
t'iX^ ...
i
Whiskey
STEEL—
English, caBt,2d&lstqu *» IS ®
9)<a
English. sprlng,2d&l8tqu
English blister, 2d&l8tqu ll>i9
22
10),-
;6
a 111*
® n
American blister.
American cast. Tool
American castsnring
American machinery
American German spring.
...®
SUGAR— See special report.
TALLOW— American* »...
TEAS—See special report.
8Jf«
TIN- Banca...*
lb,
Straits
11)=
gold
"
_
29)4a
....®
35
English
Plates, I. C.char. * b
Plates.char. Terne
9 25
30
11 25
in 00
9V®
Kentuckvluss,he«vy
lOX®
"
leaf,
3il
®
a
10 75
TOBACCO—
"
11
Seed leaf, Conn., wrappers.
"
fillers
®
®
45
14
lOM
16
55
16
....f»
Pennsylvania wrappers
Havana, com. to flne.......... 88 ®1 10
Manufac'd, in.,bond, dark wrk.18 ® 25
Manuia
19
17X
Amerlcan.CombiDg
14
Extra,Pulled
No
1,
Pulled......
C»-.lfornla.
Fine,
®
bright work. 25
,
WOOL—
55
65
65
65
60
4d
87
j;..
fi.73
@45
®45
®t5
@S7
^43
@42
^43
®£0
®75
@75
®65
g50
Spring Clip-
unwashed
^
80
ISXa
17
14
10
14
14H
...8
....®
13)^®
...
.*»...,
CropoflSll
Crop of 1870
?5
1 40
SALTPETRE-
®
a
20
10
80
U
W
®
-
,33
S3
38
37
23
Smyrna, nnwathed
»B
ZINC— Sheet
FREIGHTS—^
To Liverpool
* »
Cotton
:
TOPS— Cron ol
« ....
f; ,«
® 3 25
33
,
American. S'>xonyrieece *Ib
American, Full Blood Merino
IS
16
18
15
^H
•'<®
••
Medium
Common, unwashed....
14
South Am. Merino unwashed
12
'Cape Good Hope, unwashed.
12X T*'xa«,flne
17
Texss. medium
Wet Salted-
lg,HO'iti:h
|l,US3,3tXi
95^
5
•-.
f
*"'S,,?^'°2„
8«i|
9K
.
..
Dry-Buenos Ayr.
Bahla
$78,180
31,a33
4 00
3 50
HAT—North R.shlp'g,* loom lOS IS
ISO
HEMP— Am. dressed.* ton. 120 0O®240 00
9K*
54,077
81.494
77,727
20,041
809
125
27
267
@
@
Jute
ENTERED FOR WAREIIODSINO DURING SAME PERIOD.
Manufactures of wool
Cotton.
Sisal
1,196
6 00
22 tK>Si25 00
5'<,5a0
$156,337
1,125
2,474
llX
48,595
78.196
00,843
164
76
435
748
815
402
16
68
856
'
2>4
3X
Value.
378
472
00
50
$41,649
28,777
49,434
58,094
27,310
$92,120
1
25g
5
FRUITS— See groceries.
GUNNIES.— See report und'Sr
qunpowdi;rRhipplng * 25 Tb keg
Mln. & Blasting
California
239
96
43
.
®
2X®
40 @
3 ®
111
177
SAME PERIOD,
do
do
40
95
Pkgs
WITHDRAWN FROM WARBHOtJSE AND THROWN INTO THE MARKET DURING THE
sfanuJactureB of wool
do
cotton..
®
!>2X@
Montevideo
Total
22
ij:
5 87i4
Mackerel.No. l,Halllax.. ^...@ ...
Mackerel, No. 1, Bay. new 17 0il@2D 00
Mackerel, No. 2. shore new 11 50ai2 00
Mackerel, No. 2. Bay. .new 12 00@12 50
FLAX— North River....* tt 158 18
UX
Hemp,
1,
RICE-See
»
..•
2',; no
••' 50
groceries report.
Refined, pure (cash) *»
Crude
;;-^°)^
Nitrate BOda(ca8h)."
H
5,";
Vitrlol.blue
Mackerel, No.
6M
@
2
17«
™,
OO
®
...
6 mi
12 00
Llv'p'Lvarioussorts....
5
95
1 15
00
13
19
®
®
li
Cadiz
66
60
34
15V@
IIM®
*
75
®
«
Turks Islands..* hush.
43
@
gold.
FISH— Drycod
35s
1>4@
-
Sugar lead, white
BodyBrnsSfra. 2 10
do
4 do 2 00
do
3 do 1 90
®
@
Pork, extra prime
Pork, prime mcBS
Beet, plain mess.
Beef, extra mess
Beef hams
Hams, pickled
Lard
»
a
21
Prusslate potash, Amer.
gold.
Quicksilver
Sodaash
®1
PROVlBIOnS,,.„„ .,,.
Pnrk. m»B» • hhUnew>.ll 00 al5
mm
Oplum,Turk.in bond.gld
67)^
Imperial 3-ply..
Superfine
Med. super
lO
ii"*}2JI
TO
1 6i
iZ
Crude, ord'y gravity. In
bulk, per gallon
®
- "
20 9
S5>4@
37>i
24 @
25
lOM® 12M
9 e
10
Quinine
P"°^Rhubarb, China. ...W »
Sal soda, Newcastle, gld
ShellLac
,.^.
w
® ....
® M
® 7«
® —•
45
51
Refined, standard white
Naptha.refln., 68-73 grav.
1 10
E.X.F.F"
:
25
Denims.
Cotton Seed Crude s
••
yellows.. ..
Whale, bleached winter
Whale, crude Northern..
Sperm, crude
Sperm, bleached
Lsrdoll, prime winter...
4X
Madder.Fr.
"
Nutg'lB.blue Aleppo,
Oil vitriol (60 to 66 degs)
„,„
,
Crude Inbbls
7>t®
'*
.
Albany
26
21J^
27
•
Ij.coricepaate, Calabria.
Licorice paste. Sicily ...
Madder. Dutch.. . .gold
Velvet, J. Crossley
& Son's
best
2 65
do do ANol.. 2 55
Tap Brussels.
Crossley* Son's.. 141
Eng. Brussels. 2 20-2 30
28K
9..
12..
15..
70..
Sterling
lb
003
60
55
Qlnseng, Western
dlnseng. Southern
......gold
Jalap
"
Lac dve. goodft fine
42X
Hadley
Holyoke
Fr.pr.
Cubobs, East India.
Outch
Oamblcr....* *...
47X
iels
tartar,
*
. .
45
...9
42V®
,
Cream
16
18
Park, No. 60..
20
NashuaXX
70
70
do 6 cord.
Samosset
Green & Dan-
Checks.
12>i
do
XXX....
Hamilton Stout..
XX
do
do
F
& Co
45
Chlorate potash ... "
"
Caustic soda
Cochineal, Hondur.. "
Cochineal Mexican "
62>i*4a;
5(0 a5 50
7K® IOh
extrapale
City thln.obl.ln bbls.*tn.gd 40 00®
West, thin ohl'g, (dom.)... 39 00«39 50
OILS— Olive, in csks * gall 1 25 ©1 28
Linseed, crushers prices
8
* gallon. In casks
...
—
1
81
a4 CO
®4 50K
«4 25
4
pale
'•
aOH®
Brlmstone,cru.*ton,gM
Brimstone, Am. roll Vlb
gold
amplior, crude
70
70
Willimantic, 3
cord
14
17
Jewett City... 12X-13>ir
17
Whittenton A.
14
BB.
do
0.
18
do
IS
22
....
15
12>^
Clark's, Geo.
UM
T
12>i
Brooks, per doz
200 yds ....
J. & P. Coat's
Clark, John, Jr.
18-19
19
. . .
14
12
®
4 23
4 15
OAKUM
Oil. CAKE-
CO
00
COTTON— See special report.
DBUOS & DYES-Alnm.. sum
gold 18 ®
&.rgols, crude
"
VrgolB, refined
2 @
\rsenlc, powdered. "
6 &
Bicarb. soda, N'castle"
19 ®
Bi chro. potash.S'tch"
3 a
Bleaching powder
14
.
^
Braziers' (over 16 oz.)
American Ingot
Spool Cotton.
Stripes.
Albany
IX
Algodoa
12X
American
12X-13X
BKOWN.
.*.-.
"
—@
(over
'*
No.l
No.2
•'
PETROLEUM—
@
new
12 ozj
14
12
. . .^. . .
Park Mills
Peabody
Quaker City
Renfrew
Union
.
I
Sheathmg,
37><®4 50
4
Spirits turpentine.* gall
Rosin, strained, * bbl... 3 90
report
COPPER— Bolts
liX
. .
Namaske
nx
55
26
2S
OOFFEB.— See special
Tar, Washington
Tar, Wilmington
Pitch. citv..'
4 12X
4 90
3 80
018
@22
00
00
25
NAVAL 8TORES-
3 82X
3 92i,
72>j®
27
rough
33
MOLASSES— See special report.
2«;j
28
36
S5
85
27
Orinoco, &c
45
42
36
30
@
35
28
California
2.:
90
10
70
CO
88
®
«
®
«
®
®
32
S»
'*
13
UK®
®
S
@
tons steamboat... 3
3
tons grate
4
tons egg
4
tons stove
3
tons chestnut
Liverpool gas cannel
Liverpool house cannel 21
7 i CO
^caBh,*»~.
Oak. slaughter
•'
crop
*'
rough slaughter
Hemlock. B.A
UH
^
B.noo
15.000
10,000
80,000
12,000
nx
Gloucester
Hartford
Lancaster
'.4>ia
S
10
16
8
00®
oa«
....®11 00
PIneandsheet
LEATHER—
32
28
23
23
Anctlon sale of Scranton, Nov.
13)i
12Ji
13
Glasgow
@
&
@
@
COAL-
15
14
Bates
Caledonia...
Chicopee
60
50
"
Western flrkins,
tubs
do
Cheese— fact'iy, fine...
do com, to gd.
liams.
Amoskeag
Manchester
9 ®
UX®
®
®
7
70
80
8pan;Bh.ord'y*!0« Bgold. 6 55«6 92)4
"
German. "
:5S6 6i)4
• 6 62X®7C0
Engllso
®825
Bar
10
9>j
12
2 25
100 lbs
d.& t., com..
Eng. * ton.. .(gold)
Am., at works In Pa.
LEAD—
—
...8
31
State dairies choice
con?, togood.. 20
do
A
do C 3 bush
Domestic Glng-
Stark
No. 2.
do
No. 3.
do
No. 4.
do
No. 5.
do
No. 6.
do
No. 7.
do
Easton A. ...
ll>^-12«
B
do
19
Hamilton
29
Lewiston A.. 36
21
B... 30
do
60
XX
C.
D..
A
PowhattanA..
B..
do
30
24
21
19
17
23
84
21
19
17
15
14
B..
Cordis
47>i
10)^
25
18
38
5-4
XJtica
do Nonp 4-4
9-4
do
10-4
do
4-4
do
do heavy 86
10-4
do
Wamsutta.. 45
Ontario
8X
Tickings
ilH
42X
Lewiston
8>i-9
8)4
Amosk'g ACA.
do
A
3J>«^
Ludlow AA....
Kails,
Balls
1
llK®
BDTTEB AND CHBE8K—
00
00
00
00
00
50
00
50
37 50
36 00
Great Falls A.
8>(f
Red Cross
VictoryH
I
Paris wh„Kng*i
32
82
34
34
34
37
35
42
Amoskeag
8-8)f
Pcquot
30
P
....
Har.ncmy
13
16
22>i
26
24
34
.
Sheet,
Sheet. sing.,
1
@
Lead, wh., Amer.. dry.
Zinc, wh., dry. No. 1.
Zinc. wh.. No. 1. In oil.
Bags.
SX
Gamer
13X
oz
American
S14
Amoskea
i
'
(S
....e
erican, pure, in oil
do heavy (9 oz.).
Mont.Raven829in
40in.
do
HX
Pacific
I
Lonsdale...
do
Light
Bear duck
. .
W
30-38
40-46
'to?
duck-
|
'
Q
18
16
14X-15
E'r'iir
IIX
Richmond's
ISX Simpson 2d Mourn. IIX
do black & white. IIM
14X
IIX
Sprague'sfan
16X Glazed Cambrics.
ar't Falls
Everett
UX
IIM
do mourning
Hamilton
UX
lOX
Lodl
Manchester ....llX-12
11)^
Merrimac D dk.
pk and pur. 13
do
lljff
do Shirting
|
12-12>!r
Sail duck, 22in.—
W'db'ry, I „, 5
Hoop
Rockland. lump....
....a 1 ;5
Lumber— southern pine.. S8 30S40 00
White pme box boards. 31 00O33 00
b'ds 32 0D@34 00
White pine mer. bx
6»0O®7»0O
Clearplne
Sorace boards & planks 30 00933 00
Hemlock bo'rds & plank 27 00®S4 00
Nails— '.Od.aed. com..* kg ....186 00
Clinch, 2 to 3 in. & over: 50 #8 00
yellow metal, sli. & 8l.. 27 @ 30
Copper
@ 45
Palntii— Lead, white, Am-
Cotton Dack.
13)(f
36
36
....
Orch.Imp
Pequot
12
Co.... 11-llX
Gloucester
Garner*
14>i
14xr
Fruit of the
Imp
"
Philailelpliia IrontB.
IIX
13X
8X Naumkeagsat.
Bedford
Cocheco
14
BIlertonWS4-4
Poccasset
Hollowell
Crotons
Cement— UDsendale Vbbl
Lime— Uockl'd.com.V bbl
MSOOfelB.-; 00
120 00<a,:50 CO
127 S0®i;2 50
....
Rus.,as. toassor.gd 16
Scroll
5 :r.® 9 S5
12 00@16 00
40 uoeis )»
.
12X
Canoe River..
BTOBE PSIOXS'
M
Bricks— Join hard ..< '•
13
16
sal
Laconia
16X
AA
I
Ind.
12
19
18
45
do XX.. 46
do Ba.. 86
do B.... 33
Blacks tone
36
Boott B.... 36
do C... 33
do O.... 30
1
10
36 15.jf-13
11
..4-4
Butletts... 36
15X
18>i
do .... 33
.... 31
Amoskeai;
Androscog'n
Berkley
I
IIX
.
Bates
15Ji
21
19
17
1872.
7,
Bar, Swedes
CUHKENT.
..
17
^
.
December
t
ASHES— ?0t,lBt sort » 100 B 8 50*
BBEADSTUFF8— See special report.
BUILDING MATERIALS—
Corset Jeans.
Amoskeag
Auburn
do
do
do
—
.
OENERAIi
P KICKS
22
80
doCC
American
iisx
17
. .
AXA
do BB
Print*.
AndroBCOg-
ArkwrrtWT88
.
A
do
B
do
Laconia
:»
Lewiston
Manchester
Otis
23
29
17
X
Everett
16X
A.
—
Wnittentuu A.\..
and ShIrtluKS
Amoakeag.
do
Loom
16
19
XX
25
13
12
80
Everett
Haymaker Bro
«.!
BX
do
do
15)^
15
14
Pepporell
do
®®
a
.
Price
Price.
19>i
21
1
Augasu
Albion
)
THE CHROlSnCLE.
780
do
A
STEAM.
s
rf.
9-16
..
Flour ....* bbl
H. goods.* ton SO
.
—
».
.
d.
(6 lOX
SAH..— .-.
.
«. rf.
a H
3
s.
7-16a
a....
a4S
6®
...«.
a.
X
...
....
a....
30(1® 35
'
Sfi,7;iv.i;W.;;;.
||g
1"
PS?i":-?b§f,':;.,
Sio
nil
50
0«
0*
D»
It"
i
,
December 7
:
THE CHRONICLE
1872]
&
Winslow, Lanier
Co.,
COMMISSION MERCHANTS,
NEW
HouK Koue,
YORK.
OLYPHANT
E.
German American Bank,
-
'^-
-
-
TERS OF CREDIT
V E R R
available at all principal places
abroad.
/I
Ij
OdSTI N B
Co.,
3'i
Broad
York.
Taussig, Gempp
Co.,
8c
BANKKUS,
3-13
North Third
&
Gempp
Salzhana No
Lonta, RVn.
St., St.
Taussig,
Kountze Brothers,
T.
Street, N.
L>KAW TIME AND SIGHT BILLS ON THE UNION
BANK OF LONDON.
P. O.
Box No.
\ ork and
A. D. Williams
&
Hew
Wall Street,
WILLIAMS.
Member of the
A. I'KNIS'N
Vork Stock KxchaniT'
Vork.
WILIAMS,
Member of the
J. P.
|
^'.
York Stock Kxchantre.
&
Marquand, Hill
StockH, Boudfi and Gold bought and sold on commission.
&
Hill,
BANKERS AND BROKERS,
No. 18 Devonshire St., Boston.
Stocks, Bonds and Gold bought and sold on commls*
sloB ; Collections made ; Business Paper Negotiated.
SoUTTER
&
Co.j
BANKERS,
No.
53
WIIXIAM STREET,
NEW
N KW YORK.
4060.
YORK.
on Deposits subject to Sight Drati
or Check.
JESUP & Company,
BANKRHS AND IHERt HANTS,
M. K.
tbr
dec,
MANUFACTURERS OF
Cordage,
Raliivajs
and Dealers
BOSTON:
*
.loHx Street.
No.
13S
Fedebal BnaBT.
CHICAGO:
PHILAilKLPHIA;
South Fourth St.
SnuT.
General Acent,
69 John Street, N. Y.
318
86
Sooth Cahal
Henry Lawrence &
BONDS.
LOANS AND PAPER NEQOTIATED-INTEBEST
ALLOWEB ON DEPOSITS.
&
BiGELOw
Johnston,
OF APPROVED FOREIGN AND DOMESTIC
MANUFACTURE.
HAVE FOR SALE
3,000 Tons 56 1b." Crawshay " Flab
Ralls, to arrive.
1,000 Tons SO lb. "North Yorkshire" do.. In (tore.
500 Tons 56 lb. " Aberdare" do..
In store.
J.
HOWARD MITCHELL,
Sons,
Philip
MANUFACTURERS OF CORDAGE,
192
PHILIP
Yokohama and Hlogo, Japan.
REPRESENTED BY
K. TV. CORLIES,
66>^ Pine Street, Nenr York.
J.
Wilcox
Milling Ropes, Cables, dee.,
Galv'd Iron Wire, Ship's RlgeinK,
Galv'd Corrugated Sheet Iron,
Wrought Iron Screw Piles,
Ship's Forslncs, dee.
Co.,
AXD
L. ».
LOTELL.
General Asenta.
GOLD STREET, NEW YORK.
J.
292 Pearl
Pope
Street,
&
New
Bro.,
Yoril.
Pig Iron,
AND
CC.>S
Bands, Hoops and Rods,
71 WEST ST.. New York.
aud
OFFICE AND WAREHOUSES:
IS
Thos.
Co.'s
CliraRKRLAND COALS,
W
Manufacturers of Wrought Iron Tuh<t tap Wold
Boiler Flues. Gas Works Castings and Street
Mains, Artesian Weil Pipe? and Toola,
Qaa and Steam Fitters* Tools, Ac.
Lovell,
FALL RIVER IRON WORKS
Co.,
Pascal Iron Works, Philadelphia.
BEAVER STREET,
Mining
&
Morris, Tasker
NEW YORK.
Nails,
RAILROADS, BRIDGES AND KXl'LOUATIOllS.
*
"SEBKELL'S PATENT WROUGHT
IRON ^TADUCTS."
Sts.
SALES OFFICE
&
Serrell,
CIVIL ENGINEER,
T8 Broadway, Neiv York.
^F' ParticRlar attention glTen to the examlsatloo
of Public Works for capitalists seeking investments
,
AVashlnKton, Vestry dc Greenwiob
Borden
BUILDINGS.
Steel and Iron Ralls,
C. S. Tyres and Axles,
Steel and Iron W^lre,
PRIME
WM. BORDEN.
Justice,
LONDON,
Edward W.
&
LEAF LARD, STEARINE
LARD OIL
S.
o
Smith, Baker & Co.,
commissiON hierchants,
Wm.
jrsTioa,
York,
a.
New
43 Cliff Street.
n SOUTHAMPTON
FRONT STREET. HEW YORK.
Borden
Stocks and Securities Bought and Sold
at the New York Stock Exchange.
JAXS8 JOHXBTOX
BieiLOW.
Philadelphia,
NEW YORK
Dealers In
P.
U North 5t^ Street.
William T. Meredith & Co., GomraissioN merchants
AND
nillNICIPAI.
59
Bar
GANGS OF RIGGING MADE TO ORDER.
Office, 113 Wall St., N. Y.
Ballroxl Com,
iron or steel Kails, 1.ocoiii.)tlvo.
Tars, rtc.
RAILROAD &
NEW YORK:
No.
dec.
i
Iron and Steel Rails
Contract for
No.M EXCHANGE PLACE,
OFFICES
48 Pine Street, Newr York.
William Wall's Sons,
.
and undertake
rII bnNliirs^eannvcteil ivltli
Axles, Forglnss, dec,
EDWARD
SUPER CARB. SODA,
S9
Bonds and l.onns
Manufacturers of
No. 11 Old Slip, New York.
The Jobbing Trade ONLY Supplied.
Foreign and Domestic Loans Negotlaied
l9effOt)ate
Co.,
CRUCIBLE STEEL TYRES,
Co.,
SALERATVS,
Special facilities for negotifltlKf! '>)mmerclal Paper.
Collections both Inland and forei^j promptly made.
LIllEin-y .STUEK"
&
MANUFACTURERS OK
Advances made on approved securities.
50
&
Lewlstonrn, Pa.,
Higginson,
BEAVER STREET,
John Dwight
Dealers in Bills of Exchange, Goremments. Bondp,
Slocks, Gold. Commercial Paper and all Negotiauio
Securities.
Interest allowed
CRUCIBLE STEEL WORKS.
Co., FOR EXPORT AND DOmESTIC VSE.
No. 37 IVAIili ST., NEIV YORK.
Members New York Stock Exchange.
Marquand
mer-
ot a|iprovcd
BAGGING,
Co., ELEPHANT In HEKEP,
Stocks and Bonds
HOUQHT AND SOLD ON COMMISSION.
N
RAILROAD SECURITIES NEGOTIATED.
Coffer Orders Received for Rio de Jakbiro.
London.
STOCK BROKERS,
4U
RAIIi*.
CO..
A
DCTMMLER & CO., Batavla and Padang.
CHAS. THOKEL & CO., Vokohauia.
CLAKK. SPliN'CE & CO., Oalle and Colombo.
OILFILLAN, WOOD & CO.. Slngapori'.
SANDILANDS, BUTTEUY & CO., Peuang.
flrst-claas Securities.
Make Cable Transfera between New
KU
Co.'s
tt
BESSEMER STEEL
REPRESSKTtNe
Messrs.
Pay Interest on dally Gold and Cnrrency Balances.
Negotiate
A
United State* for
Samnel Fox
WM. TOOTHE,
BANKERS.
3, FrankfV>rt-on-inaln.
Bankers, 12 Wall
R
tlte
,
chandize.
Stephen
No. 87
Street, Nenr
Sole Agent* in
.
William Butcher
DANKKliS.
No.
11
dvances made on consignments
'
&
O
Cy
and Iron Rails.
or CHINA ANl>'jAPA.N.
Accounts of Merchants. Bankers. &c. sollciteu.
EMIL SAPER. Prea.
O. H. SouBEiHEB, Cas hier.
Taussig, Fisher
&
AGENTS FOK
LET-
and issuos
TT
New York. Steel
St.,
06 State Street, Boston.
St.,
$2,000,000
-
DRAWS BILLS OF EXCHANGE
10 Cornhlll, E. C, London.
CO., of Cblna,
4c
104 Wall
THE
CAPITAL,
4c
BY
IiKl'UKSKNIKI>
LONDON CORRESPONDENTS,
.
r iTl' BAMK, Threadneedle Sticet""
and Cedar
Foochow
SlianKliai,
Heyerdahl, Sclibiiberg &, Co.,
31 PINE STREET, NEW YORK.
Canton, China.
Receive the account) of Interior bnukt, banken,
corporations and Mercliants.
Agciils for tlie ««le of City, County and Railroad
Donds, Issue Letters of Credit for foreign travel.
Cor. Broadnray
Bailroadf.
Olyphant & Co.,
BANKERS,
PINE STKEET,
781
Commercial Cards.
Financial.
«
.
RAILS, COPPER,
SPELTER, TIN, LEAD,
NICKEL, BISMUTH, *«•
:
ATLAS
James A. Cottingham,
SHIPPER
Locomotives, Gars
AND
Montlily Mall Service.
NEXT DEPARTURE DECEMBER 12 AT
For freight and passage apply
PIM,
FORWARDING
OF
A
Rails
Steel
Specialty.
Having for many jreara been Identified with this
business our great experience enables us to otter
UNUSUAL INDUCEMENTS
the trade, and to ens'ire safety and despatch in
shipments of the above.
Iron and Steel Rails forwarded from Port of New
to
York
made
Contracts
to any part of the United States.
to Include all the expenses In port on same, and
JAMES
3HARLES FO.X:. Esq
0. W. DOUGLASS
W. BAILY,
.
.Pros.
N. 1
.
Supt. N. Y.
LANG & CO
JAmES
&
N. H. Railroad
N. H. Railroad.
...Pres. South Side R.R. of L.I.
Supt. South Side R.U. of L.I.
.
&
Clltt Street,
New York.
COTTINGHAM,
A.
104 West, coraor Iilberty Street,
NEW^ YORK.
CuNARD
Wednesday, Dec. 18.
Wednesday. Dec.
Wednesday, .Jan. 1.
Weduesday, .Ian. 8.
PARTHI.\
And every following Wednesday and Saturday from
Now York.
RATES OF PASSAGE.— Cabin, If SO, IIOO, and JS13C
fold, according to accommodation,
sage, at 111
Broadway, Trinity Building.
CHA8.
FRANCKLYN, Agent.
G.
Liverpool,
(Via iluecnstoiirn)
CARRYING THE UNITED STATES MAIL.
THE LIVERPOOL AND GREAT WESTERN
STEAM COMPANY' will despatch one of their first
class, full-power, iron
screw steamships from
Jan.
Jan.
89
63 Wall-st.
To
•
1855.
First Class
Steerage
-----
$60
According to location of berth.
These rates include berths, board, and all necessaries
for the trip.
Steamers of the above line leave PIER No. 43
NORTH
at
Stationers, RIVER, foot of Canal SOtln ofo'clock, noon.
On lOtli, 20tU &.
Eacli Month,
WIIiLIAM STREET,
street,
excelpt
(One door from Wall)
(Near the Post Office.)
Netr York.
We execute the Beat Work at very reasonable Prices.
Careful and tasty proofs given and work promptly
Orrell,
for sale at lowest
prices In lots to suit purchasers.
Also,
all
market
F. R.
calling at
inACILIINZIE],
Transportation.
Stonington Line.
FOIi PROVIDEINCE AND BOSTON.
THE SPLENDID SIDE- WHEEL STEAMEUS
STON IN GTON,
Capt.
Wm. Jones.
NARRAGANSETT,
Eay Allen.
North River, foot of Jay street, daily
Boston in ample time to
33,
connect with
all
the
RARY,
Agent.
Broadway, cor. New Pearl street, and at Westcott
785 Broadway, cor. Tenth street; 1,302
Broadway, cor. Thirty-fifth street or 327 Wasliington
street, Brooklyn.
D. S. B ABC OCK. President.
319
Express Co.'s,
;
New Jersey Southern RR
L
S.
& 94 Franklin
ANTHRACITE COALS.
The Trade supplied.
ALFRED PARMEIiE,
33 Pine Street.
Street.
Rosendale Cement Co.
CEMENT OF THE REST aCALlTV.
No, 102 Wall Street,
New York.
NEW YORK,
street
8U
BOSTON.
PHILADELPHIA.
Chestnut street
AGENTS FOR
Pepperell Ml^. Co.,
Otis
N B
On and
tfftor Nov, 20th, steamers of this lino connect
Hook with trains for Long Branch and all
on this and connecting railroads, includine
Bank, Tom's River, Waretown, Barnegat TuckerRed
stations
ton, Philadelphia. Vineland, Bridgeton, Bay Side &c
&c., will leave PIER iS,
rIvEr, foit ui
Murray street, as follows ;
10:40 A. M. to Philadelphia, Tnckerton, Tom's River
'
Vineland, Bay Side, &c.
i P. M. to Tom's River, Waretown. Tuckerton. &c.
NORTH
NEW
'
YORK:
A. M. from Tuckerton, Waretown, Tom's River,
1:30 P.M. from Vineland, Philadelphia, Tuckerton
Tom's River, &c.
The above trains stop at way stations.
Pluladelphla freight taken up to six o'clock P. M., at
lowest rates.
r
G. W. BENTLET,
General Manager, 120 Broadway,
'
P. riN<JH,Agent,Pler28.
Wire Ro p
Company,
e.
STEEL, CHARCOAL,
Rates Mfg. Co.,
Colombia Mfg. Co.,
Androscoggin Mills,
Continental Mills,
Warren Cotton Mills,
Laconia Co.,
and
B. B;, of the very best quality
suitable
for
Ships,
Rigging,
[Suspension Bridges, Guys, Der.
Irloks, Inclined
Hoisting
Large
Roston Dnck Co.,
Franklin Co.,
Tliorudlke Co.,
Cordis MlUs.
.
ing at Sandy
ARRIVING IN
&E. Wright & Co.,
69 Franklin street
I
CHANGE OP TIME.
9:36
J.
EARLY EASTERN TRAINS.
jy Baggage checked to destination. _^I
iW Tickets sold and State Rooms secured at No.
free to each adult.
Miscellaneous
kinds of
the best
Secretary.
:
A£ceut. 58 Broadiray.
on Sunday, then the day
Medicine aud attendance free.
Steamer will leave San Francisco 1st every month
for China and Japan.
For freight or passage tickets, and all further information, apply at the Company's ticket office on the
wharf, foot of Canal street.
9S
W. BENEDICT,
fail
a Trial.
English Cannel,
Liverpool Orrell,
y«rd—6r! West Kd
when those days
12
One hundred pounds of baggage
I.IRERTX STREET
Now landing and In yard,
GKORGE:
previous.
AND
R.
SAN FRANCISCO,
$125 to $160
CHANGE OP SAILING DAYS.
&
American
ASPINWALL,
The splendid steamere of the South Pacific Line
leave Panama for Valparaiso and intermediate Points
of Ecuador, Bolivia, Peru and CtUli, on the 30th of every
month and connect closely with the Steamers of the
Pacific Mail S. S. Company, leaving New Yorlt on the
15th of every mouth for ABoinwall.
For Rates of Passage and Freight, Dates of Departure, or further Information, apply to
LeaTe Pier
-----------
STEAM
ITs
to
at 4 o'clock P. M., arriving at
SEARS BROTHERS,
Give
THOMAS
ST.
[Postal]
Porto Rico. Hayti, Santiago de Cuba, Kingston,
(Jamaica) and vice veraa. Once a month.
From ST, THOMAS to FORT DE FRANCE, (Martinique,) calling at Basse Terre, (Guadeloupe,) Pointea-Pitre, (Guadeloupe,) St. Pierre, (Martinique,) and
vice versa. Once a month.
From FORT DE FRANCE. (Mabtiniquk,) to CAYENNE, calling at St. Lucia, St. Vincent, Grenada, Trinidad, Demerara, Surinam, and vice versa.
Once a
month.
Capt.
AND Japan.
other Supplies, and .legotiate
ESTARLISHED
dbllrered.
From
at Inter-
Once a month.
BrancU Lines,
THROUGH LINE
California & China
THROUGH FARES-NEW YORK TO
32
PANAMA to VALPARAISO, calling
Broadway) ?80 cur-
PACIFIC MAIL STEAMSHIP COMPANY'S
STEKL and ISOM WAILS, LOCOMO-
Miscellaneous.
45
From
mediate ports, and vice versa.
8, at
15, at
No.
Company.
Santander, St Thomas and Havana, and vice versa.
Once amontl'From ST. NAZATRE to ASPINWALL. calling at
Martinique, La Gnayra and Sta. Martha, and vice versu.
Once a month.
freight or cabin passage apply to
WILLIAMS & GUION,
General Trans-
tlie
atlantic
HAVRE to NEW YORK, calling at Brest and
vice versa. Twice a month. Shortly once a week.
From ST. NAZAIRE to VERA CRUZ, calllug at
Dec. 11, at 2M P. M.
IDAHO, Capt. Morgan
MINNESOT.A, Capt. T. F.Freeman.Dec. 18, at Si4 A.M.
Dec. 25, at 18 M.
MANHATTAN, Capt. James Price
Freeman. .Ian. 1, at 8 A.M.
WISCONSIN, Cant. T.W.
Cabin passage, $S0 gold.
Steerage passage (Office No.
Guadeloupe
Dbsibade,
Gtjyane,
Sonoba,
Carauir,
Cacique,
Caeatelle.
From
as follows
NEVADA, Capt Forsyth
WYOMING, (Japt. Price
LorisiANE,
Flobide,
Mabtinique,
Postal lilnem of
PIER No. 46 NOaTH RIVER, EVERY WEDNESDAY
RAILWAY' BONDS, LOAr'S, ic.
Printers
ViLLB Du Havre,
Europe,
Washington,
ViLLE DE Brest,
nouveau-mondk,
Atlastique,
Feancb,
Panama,
$15 gold additional.
on favorable terms.
*30 currency.
Steerage
Steerage tickets from Liverpool and Queenstown
and all parts of Europe at lowest rates.
Through bills of lading given for Belfast, Glasgow.
Havre, Antwerp and other ports on the Continent, and
for Mediterranean ports.
For freight and cabin passage apply at the Company's office, No. 4 Bowling Green. For steerage pas-
PINE STREET,
a'ul
2.">.
ickets to Paris
Return tickets
ViLLK DK St. NAZAIEE
ViLLE DE BORDEJlUXZ
Febeibe,
ViLLE DE PABIS,
rency.
NEW TOSK.
Railway Commission merchants.
TIVES. CAU^,
Line.
CUBA
Jones & Schu y ler,
Contract for
CO.,
Calabria;
ABYSSINIA
For
12
M.
St. LATBElfT,
FORWOOD &
For
REFERENCES.
D. BISHOP.
H. HOYT
P.
THE BRITISH AND NORTH AMERICAN ROTAL
MAIL STEAMSHIPS,
BETWEEN NEW YORK AND LIVEROOL,
CALLING AT CORK HARBOR.
FROM NKU' YORK.
\\'cdncsday, Dec. 4.
ALGERIA
Wednesday, Dec. 11.
JAVA
tusurance to any point required.
HON. W.
4
to
No. 88 Wall Street.
ON FIRST CLASS
SCHOONERS, BARSES, AXD i^IOIITEUS.
STEAMERS
OF THE
Steamship Company.
FOR
JAMAICA AND SATANILLA. General Transatlantic Co
RAILROAD IRON,
and
Ocean Steamships.
Ocean Steamships.
Bailroads.
Iron
[December 7, 1872.
cmtoNicLii.
ffit;
78^
Planes, Mining
&c.
A
constantly
on
Purposes,
Block
hand, from which any desired
lengths are cut.
JOHN
nr.
niASON
& CO.,
48 Broadway, Neiv ¥ork.
!
:
December
,
mfi CHRONICLE
187^]
7,
:
.
t8§
Insurance.
Insurance.
luioranoe.
OFFICE OF THE
Pacific Mutual Insurance
COmPANT,
E. S. Bailey,
ATLANTIC
No.
BROADWAy.tS. W. COB. CEMAK
119
N«w
Mutual
Insurance
Co.
fW^BX
YoRr.TJanuary
Company
is pabllslied
wtih the reQulremeots of section
Outetandlos: Premiums, January
Th* TrUBteee,
YoBK, Janaary
in conformity to the Charter of the
Company, sabmit the following Statement of
afikirs on the Slat December, 1871
Premiums received on Ilarine
from
cember, 1871
let
Rislcs,
1st January, 1871, to Slst
Preminms on
its
amount of Marine Premiums
Premiums marked
off as Earned, daring the
period as above
$552,0(8
Losaes and Kxpeiues, loss Savings,
&o., during the same period
461
2,038,675 18
Betura Preminms
Total amountof Marine Preminms.
;
paid durinf the
same
period.
$3,786,980 63
.
3,379,060 00
886,739 i\
3,406,937 95
Six per cent Interest on the outstanding cerlt-fl
cates of profits will be paid to the holders thereof,
or their legal representatives, on
the Sisth of February next.
and
after
Tuesday
of the issue of 1868,
be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday
the Sixth of February nest, from which data all
Interest thereon will cease. The certificates to be
produced at the time of payment, and cancelled.
Upon certificates which were Issued (in red scrip)
for gold premiums such payment of interest and
redemption will be in gold.
A Dividend of Forty Per Cent is declared om the
net earned premiums of the Company, for the year
ending 31st December, 1871, for which certificates
will be issued on and after Tuesday the Second of
;
April next.
order of the Board,
H. OHAPaiAN,
payment and cancelled.
A Dividend in Script
Secretary.
TRUSTEES.
James Low,
Henry
Lewis
C. A. Hand,
Benjamin Babcoek,
Robt. B. Mintnm,
Gordon W. Buraham,
Curtis,
Charles H. RusseU,
Lowell Holbrook,
B. W-irren Weston,
Royal Phelps,
Caleb Barsrow,
A P
Plllot,
WiUUm
Jr.,
Frederick Chanucey,
George S. Steohenson,
WlUiam H. Webb.
Francis Skiddy.
Charles P. Burdett,
Rob't. C. Fergnsson,
E. Dodge,
David Lane,
Jamea Bryce,
William E. Bunker,
Daniel S. Miller,
Samuel L. Mitchell,
jgmes G. De Forest,
Wm.
Sturgis,
Henry K Bogert,
Robert L. Stuart,
Alexander H. Wakiii,
.
Bennis Perkins,
Charles D. Leverich,
J.
CHARLES DENNIS, Vice-Prea'l,
W. H.
J^D.
H.
MOORB,Sd Yice-Prei't,
HEWLETT,
td VIce.Pr«f1,
OF PROVIDENCE, R. I.
OKGAKIZED NOVEMBEB, 1871.
Cash Capital
JohQK, waller,
A
William
Egber* Sterr,
Hall.
Southraayd,
Thos. B. Merrick.
Blodgett,
8. C.
John A. Bartow,
Alex. M. Earle,
George A. Meyer,
Ferdluana A. Bokea,
Walter H. Lewis,
H. G. Sonthwlck,
Francis Moran,
JOHN K. MYERS. President.
fi
WILLIAM LECONEY, Vloe-nesldeal*
_
THOMAS HALE, Secretary
The North
$200,000
AKcnt*.
Theo.W. Morns,
Wm. T.
.......
ALEXANDER & PBCK,
JAS. A.
B A
A. Augustus Lov.
EmI] Helnemaun*
Jebial Read,
Sill,
British
B
COC
FIRE
K
EXTINGUISHER,
FARIVELL,
F. AV.
407 Broadway,
and
Secrclar},
N. Y.
Mercantile Ins, Co.,
Ol,
AND EDINBTTRGH.
liONDON
Capital
$10,000,000
Fire Reserve (Boston deducted)
2,500,000
Life A*set8
11,000,000
STEEL PENS,
••..
-
$23,500,000
-
IN l/NITED STATES,
$1,500,000.
WM. CONNEK.
CHAS. E. WHITE, f Associate Managers.
SAM. P. BLAGDEN,
Manniactnrer* Warchonse and So
Asency,
91
John
Street,
New Yoik
)
S
Gorham Ml'g Company's
THE
Hope Fire Insurance Co.
NO. 214 BROADWAY,
PARK BANK BUILDING.
Established 1856.
LOUIS
P.
JACOB REESE,
BAYARD,
President.
Assistant Secretary.
William
C.
Oilman,
nsALxn IN
». JONES, President,
Newport Insurance Co.,
THE
Bruce,
Ibert B. Strange.
Horace B. Ulsflin,
W. M. Richards,
$500,000 00
$900,105 IS
Miscellaneous.
tdam T.
Moses A. Hoppock,
W,
.....
....
Wm. Hegeman,
Jamea K. Taylor,
C. Richards,
Q. O. h! GiUesple,
C. B Mllnor,
Martin Bates,
Sheppard Oandr,
.
l|
Net Assets
William lieeoney,
A
B.
•-••.
'
Springfield, Mass.
1849.
TRUSTEES:
B. J. Howland,
Joseph Galllard,
C. Plckersgill,
FIFTEEN PER CENT,
John E. Myers,
FIRE ASSETS
D.Jones,'
Charles Dennis,
W. H. H. Moore,
Wm.
of
declared on the net amount of Earned Premiums for
the year ending December 30th, 1871, for which Certlflcates will be Issued on and after TUESDAY, the 2d
day ol April next.
Total
Colt,
on the outstanding
A. S. Barnes,
will
York.
....... $3,000,000
$6,000,000
Oasb Capital
PER CENT INTBREST
374,345 01
$14,806,813 37
New
INCORPORATED
44,00140
(1,063,947 19
Jp
Total amount of Assets
Agency,
Springfield
IHBE AND MARINE INSCBANCB
COMPANY.
ss,ooooa
February, from wuich date, interest thereon wUI
cease. The certlllcates to ue produced at timeol
317,600 00
CashinBank
J.
1110,873 78
Certlttcates of Profits, will be paid to the holders
thereof, or thetr legal repMsentatlves, on and after
Loans secured by Stocks and otherwise
Real EsUte and Bonds and Mortgages.
Interest, and snndry notes and claims
due the Company, estimated at
Premium Notes and Bills Receivable.
By
-1812.969 0«
Premlnin Hote^A Bills Receivable
Subscription Notes in advance of
Premlams.,...
Be-tusurancs and Claims due the
Company estimated at
TUESDAY, iho 6tli day of FSbruary.
rilR UEMAININO FIFtT PER CKNT Of the OCT.
8TANDINO (JEltTIFICATES OF TBE COMPANY,
OF THE ISSUE OF 1966, will be rcdetmed and paid
In cash to tbe holders thereof or their legal represen*
tatlves, on and after TUESDAY, the 6th day ol
00
or they
tbe foUoivlnt;
.
SIX
The Company lias the following Assets, viz.
United States and State of New York
Stock, City, Bank and other stocks.. $8,143,340
The outstanding certificates
Net Assets
Cash in Bank
1101,^61
United States and other Stocks. . 439,231 45
Losus on Stocks Drawing Interest 272,000 W_
Total assets
Returns of Premiums
& Expenses. $973,311 84
;
.^tna Insurance Comp'y,
HARTFORD Conn.
INCORPORATED 1819.
Oa*b Capital
A>*et*.
upon Life
Risks nor upon Fire Risks disconnected with Marine Risks.
Premiumsmarked Off from Isl January,
1871, to 31st December, 1871
$6,378,796 S4
Xiosses
U
88
Tbe Company ba*
$7,446,463 69
.
No. 173 Broadway,
|«87,423 81
Patil for
Tfo poUcits hare been issued
Cash paid at once for tbe above Becnrttle*
on commission, at sellers option.
will be sold
This Company has issued no Policies excepton Cargo
and Freight for the Voyage.
off
January, 1871
Mcrlp.
"SPECIALTY."
Fire Insurance
H
or Vessel*.
$8,412,777 61
marked
I02.<13
No Bisk* bave been taken upon Holla
De-
t
Policies not
Total
conformity
charter
»85,010(e
Premiums received Irom January
1 to December SO, 1371, inclusive.
26tti, 1673.
and
U,'.1873.
1
1871
Niw
In
12 ol Its
In
Fire and Marlnr Innnrance Stock*
FOr.LOWIKG 8TATKIIENT OP THK
affairs ol the
WALL STREET.
65
Dealer
BT.
INSURANCE SCRIP,
AND
Fire and Marine
K<« rin« 8tr«et, comer of
Inso ranee Stock
WUUam Btr«et, N. Y,
Sterling Silver M^irc.
No. 3 MAIDEN LANE, NEW VOBK.
JOSEPH BACHMAN.
i J. BAOSXAir,
». 1.
RAOHVAX
.
784
CHRONICLE.
XilE
Cotton.
Ootton.
H. W. Farley,
Street,
P. O.
H
If
BOX,
Farlkt, (Late of New
New
&
OHAXTNOET TIBBABD.
Co.,
ALBX.
Liberal casta advances made on conslgrnmeDts ol
Cotton and Tobacco to oar address ; also to our fViends
and London.
Oovernment
8909.
Iron Rails,
Secnrltles, Gold, Stocks
and Bonds
BoQ4ebt and Sold on Commission, and
Old
vbMh m^v he
cbeclced for at slKbt.
RAILW^AY EaUIPinKNTS.
&
Refers by permlsalon to C. N. Jordan. Esq., Cashier
hlrd National Bank. New York
Messrs, Howes &
aey, Banters, 33 Wall street. New York.
L. P. 8. If AOLSHOSE.
mANCHESTER
Co.,
E. P. Scott
BANKERS
;
Locomotive Works.
AXD
conmssiON merchants,
Robt. L. Maitland& Co.,
No.
3
EXCHANGE COURT, NEW YORK,
MANUFACTURERS OF
Sta^onary Steam En-
liOcomotlves,
Superintendent
Manchester, N. H.
make Adrances on Cotton and
Bxeeate Orders In " Futures."
Factors,
ITIerchants,
STRiCTiiir
house.
coninissioN
M. Waters
Lehman, DuRR &
Co..
&
(Late Waters, Pierce
Co.,
and Etliciency fully guaranteed.
Cliss T.Pairy,
Wm. P. Henzey
M. Bmrd,
Geo Burnham, Kdw. H. Wllliamp, Ed. Lonestret.r.
JOHN
S.
COTTON
SOLE AGENCY IN
TIES.
sell
1
Co.,
Manufacturers and Dealers In
COTTONSAILDUCK
And all kinds of
COTTON CANVAS. FELTING DUCK. CAR COVERtNO, BAGGING, RAVENS DUCK, SAIL TWINES
ftC. "ONfAUIO'-SEAMLlisSBAGS.
STRIPES."
FOR
SW^ENSON,
I
80
PERKINS
WALL 8TKEET,
dc
CO.,
N. Y.
Widths and Colors always
Dua ne
in stock.
Street.
Cotton Warehouse Co.,
Atlantic Doeks, Brooklyn.
0.
....
B LOOK WOOD,
50,000 bai.es.
Treasnrar.
RATES MODERATE.
Cotton Exetaanse
NEW
i
».
J«W«LI..
S. D.
Bnlldlne,
Buy and sel
Co.,
o. D.
Mobile, Ala.
Jewell, Harrison
&
Co.,
« WATER STREET, NEW YORK.
Street,
markets.
PBOVISION DEALERS, COTTON FACTORS AND
MANUFACTUKBRS OF LARD
OIL.
In Ports of
NEW YORK.
New York and
Nenr
Orleans.
Steel Rails of most approved makers.
Lessees of Danvill'-, Pa., Iron Works, makers of
Light Ralls for Colliertes and Narrow Guage Roads.
Importers of old Iron Rails for re-rolling.
Bills of Exchange on Imperial Bank, London.
J.
H.
EPWARD
WILSON,
Late Bt. MaJ. Gen.,U.S.A.
F.
WINSLOW.
Pres. St.L.& B.E.R'way.
&
Winslow
Wilson,
No. 70
RAILWAYS.
BUPFALi 8 COTTON PLANT, PALMITTO
AND DIAMOND,
-Also—
Imj^rters of Bio CoOks.
\
Negotiate Loans and
To
Messrs. C. H.
Messrs.
wm.
Jacob
MARSHALL &
*ND
FRED. HUTH 4
CO.,)
I
CO.,
LIVERPOOL.
S
p. cAmPBEi.1,,
87 Pearl Street.
W.
Seaver
& Co
kinds.
NEW YORK,
99
John
street.
CO.,
BOSTON,
80 State street.
PHILA.,
208
So.4th strt^tt
CAST STEEL RAILS,
CAST STEEL TYRES,
Cast Bteel Frogs, and
all
other
Railway Use.
Steel Material for
HOUSE IN LONDON
NAYLOR, BENZON & CO.,
,
COTTON
Commission Merchants,
BOSTON.
all
IN IRON,
WALL STREET, NEW YORK.
NAYLOR &
Consignments of Cotton and other
Produce,
of
BROKER
70
AwANCEs Made
To
sell Securities
George A. Boynton,
•/
oonmssioN kibbchants.
Pure I.ard Packed for West Indies,
South American and European
Co.,
BROADWAY,
(Near Wall.)
ON
TAK WAOEKSM.
&
62
Railroad Iron,
^ntraeti for present and future dellrIgents for following Bagging Mills.
arlos of Cloth
lORK.
HARBISON,
No.
ill
WILLIAM ST., NEW YORK.
IMPORTKKffND COMMISSION MBBCBANTt IM
COR. FOURTH & WALNUT STS., ST. LOUIS, MO
BacBlnK] Rope,
and
Report upon. Build, Manaoe and EQinp
Iron Tlss.
President.
JAMES W. CROXSON,
Office,
Front
Snpply all Railway Equipment and undertake
Railway business generally.
P.O. Box 6070.
6c
/^oss, Roberts & Co/^
^m
,
ton England.
BANK, LONDON.
Crawford, Walsh,
Smith & Co.,
:91
THE
The Bowling Iron Company Bradford England.
The West Cumberland Hemati'"e Iron Co., Working
Gilead A. Smith
NEW YORK.
58 IVall Street,
.
AGENTS FOR
BARTHOLOMEW HOUSE,
Walsh, Smith,
Crawford
i»ld Ralls,
Steel Tyres, Boiler Plates, A<
J. McCOMB, Liverpool, Eng.
COTTON, MOSS, WOOL, ETC.
BALING
COMMISSION MERCHANTS,
Also, Agents
cAPAcirv
Railway Bonds and Negotiate Loans on
Bessemer Pl<;Iron, >crap.
United States Bunting Company.
all
COB. OF WILLIAM ST.
ST.,
Iron Ralls, Steul Rails,
NEW YORK
ARBOTT, BUCKIiE & ANCHOB TIES
PEARL STREET,
BrinckerhofF, Turner
No. 14a
BARh its
Co.,
imPOHTKRS OF
Manufactured by J.
supply
8.
&
Railways.
Ne«r Vork.
foil
York. Aeeiit
mERCHANTS.
Buy and
POR SALE OF THE
A
Co.,
dc
New
GENEItAL RAILWAY AGENTS AND
DELIVERY OF COTTON.
oomnissioN merchants.
"AWNING
St..
EBNNEDT. HENRTM, BASER. JOHN
S.
J.
41 CEDAR
BUY AND SELL CONTRACTS FOR FUTURF,
AND
&
Pine
Kennedy
AND BANKERS,
Brothers,
W^m. P. Converse
54
COTION coinmissiON merchants
Montgomery, Ala.
Cotton Factors
1S5
Co.,
work accurately tilted to suukcs and thoroucta
interchangeable. I'lan, Material, Workmans>ilp
& Co.)
No. 56 Broad Street.
&
&
rinlBh
LIONDON AND LIVERPOOI.. R.
18S
Boston.
All
ly
Lehman
St.,
PHILADELPHIA.
Advance! made on Canslginmeiita to
L8iUfAX,ABTtAiiA.>[ & Co.,
New Orleans, La.
Devonshire
M. Baird
to sight drafts.
Commlaiiilon
Treasurer.
42
BALDWIN LOCOmOTIVE WOBKIT.
Kecelve Accounts of Bankers and Mercbants, subject
Tebacco and Geueral
and Tools.
MANCHESTER. N. H.
BLOOD, W. G. mEANS,
elnes,
ARETAS
BROAD STREET, NEW TORK.
Cotton
Rails,
AND
Acconnts received and Interest allowed on balance!
Of Montgomery, Alabama.
43
Co.,
BROADW^AY, NE\r YORK.
Steel Rails,
40
I.OANS NEGOTIATED.
No.
&
Vibbard, Foote
In Liverpool
Vorlc.
Orleans,) Oen. {Hirtaer.
LBXANDXR KAITLA.ND.
FI8KH
P.
KMSBSON rOOTB«
BANKERS AND COMMISSION MERCHANTS
44 BROAD street.
GommissioN mebchant.
1872.
7,
Railroads.
R. T. Wilson
COTTON FACTOR
133 Pearl
[December
34 Old Broad Street,
wbe give special attention
to orders for
Railroad Iron,
u veil as Old Rails, Scrap Iron and Metala,
@FedFRASER