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HUNT'S
MERCHANTS’
MAGAZINE*
9 ^jejcfeIh IMtrgpape*,
REPRESENTING THE INDUSTRIAL AND
COMMERCIAL INTERESTS OF THE UNITED
STATES.
VOL. 27.
SATURDAY, DECEMBER 7, 1878.
CONTENTS.
greenbacks
TIIE CHRONICLE.
Resumption aud the Gold Specula¬
tors
The Finances and the
Treasury
Department
578
Financial Review of November... 579
The Debt Statement for
Nov.,1873 581
Department Reports—Report of
the Sec retary of
.
Latest
Monetary and Commercial
English News
Commercial
597
and
Miscellaneous
News
598
Treasury
582
THE BANKERS’ GAZETTE.
S. Securities,
Railway Stocks, Gold Market,
Foreign Exchange, N. Y. City
Banks, Boston Banks, etc
Commercial Epitome
Cotton
Breadstuffs
Quotations of Stocks and Bonds. 601
Investments, and State, City and
Corporation Finances
602
599
THE COMMERCIAL TIMES.
604 Dry Goods
604 Imports, Receipts and
603
609
Exports.
..
6i0
the
gold drawn from the Treasury,
very powerful lever, if enough
unscrupu¬
lous, greedy lenders could be found to act as tools in
such a
conspiracy, for it is nothing less. From informa¬
tion received, we believe the
plan, although apparently
relinquished, is by no means abandoned, but simply for
the moment at rest,
with the hope of widening the circle
of lenders, while at the same time
interesting a few
enterprising Congressmen, who shall, as their contribu¬
tion to the
partnership, give a disturbing vote or two at
would be
Report < f the Comptroller of the
Currency
588
577
on
NO. 702.
a
Washington.
This combination of forces is all
very ingenious, but
the conditions of our
currency problem are such that
the venture cannot fail to be a
The Commercial and Financial
Chronicle is issued on Satur¬
losing one. In the first
day morning, with the latest neics up to midnight of
place, the week has proved that neither the silver men
Friday.
nor the
TERMS OF SUBSCRIPTION-PAYABLE IN
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irritating. But, independent of that, the
the Treasury is far too strong
for these spec¬
position of
ulators, not only in its actual possessions, but in the
trade of the
country, which must control the exchanges.
It is even Wrong, in one
sense, to speak'of the Treas¬
ury’s gold reserve for resumption as
only the resumption
fund.
So long as greenbacks are at
par, all the
gold the Secretary holds is available for his
purposes
in an
emergency.
On the first of January his total
gold balance will probably amount to over 200 millions.
When
these
enterprising speculators begin to draw,
Secretary
will, of course, give them all they want,
$1 50.
requiring, however, that they shall carry it off; gold
RESUMPTION AND THE GOLD
SPECULATORS. certificates are no longer available. Then comes the
Increased confidence in business circles is the
result of interesting question, which they will have to solve for
the first week’s
proceedings in Congress. A fear, lest themselves and for those who lend on it—where or how
disturbing legislation might be attempted, has for weeks shall we keep it ? The bank vaults are not
open to
cents.
A neat file-cover is furnished at
53
Volumes bound for subscribers at
cents; postage
on the same is 18
the
»
existed.
The end proves, on the
contrary, that
conservative spirit prevails, and Mr. Sherman
is
them.
Of course, a
few millions could be easily disposed
of; but as, day after day, these accumulations
increased,
control of the situation.
To be sure, the Silver
such
possessions would become a very embarrassing bur¬
bill, a
legacy of the last session, is still in operation; but even den, and one that must lessen
rapidly the
of
if the
Secretary’s recommendations on that subject are lenders. But little time, we think, would eagerness
be
required
not complied with this
winter, entire confidence may be for the combination to realize, in the
expressive words
felt that, with
resumption secured and business revived, of one of Mrs. Stowe’s characters, that “
they had bit
the next Congress will
quickly apply the needed relief. “ off more than they could chaw.” In this
Thus the progress of events removes the
connection,
also, the recent suggestion in the financial column of the
hindrances,
one after
another, to a quiet and easy return to a specie World newspaper to those who are invited to
lend money
basis.
upon pledge of gold coin, is quite worthy of attention.
The latest, and
probably the last effort of the opposi¬ That writer stated that it would be wise for
any who are
tion, is the gold speculation in our market which we not above
earning
interest
in that way to verify the con¬
referred to last week.
It is a well-laid
scheme, tents of every bag, and see that the security is worth
and if .the assistance of
Congress could have been what it purports to be.
secured might
perhaps have proved disturbing for a
A resolution passed at a
meeting of the Chamber of
brief period.
A very few millions of dollars turned
Commerce,
Thursday,
bears
upon
the same general sub¬
over a
great many times, by borrowing each time
ject of resumption. The stated object of the resolution
a
very
left in
578
ia
THE CHRONICLE.
desirable one, and yet there is an additional ad¬
vantage in the Treasury adopting the suggestion which
{Voi. xxvn.
uniform, but only recent, after an increase during
it is by far the heaviest item of decline* that
was not mentioned.
The resolution was as follows.
in customs being small, and is ascribed
by the Secretary
Resolved, That in view of recent developments at the New to the agitation about the
proposed
reduction
of the t*x
York Custom House, resulting in a large claim upon one of our
on
oldest and most respectable importing houses for duties declared
spirits and tobacco; nearly seven-eighths of the
unpaid upon goods delivered to said firm, months and years ago, decline on internal revenue occurred on the
former, and
the attention of the Secretary of the Treasury be invited to the
nearly
the
to
latter. As
other items, it is
cne-eighth on
insecurity of the present system of collecting duties, and that he
be respectfully requested to secure the passage of a law by Con¬ worth
noting that after the two large accounts,
gress which will enable the
to
a
very
checks upon
importers
pay duties in certified
banks of this city to be approved by the Collector.
The evil
complained of is one of long standing; the
remedy proposed is very simple, and, with specie pay¬
ments restored, any objection
to its adoption seems to
be removed. Furthermore, is not the change especially
■desirable, after resumption, as a step in the process
of making a closer connection between the Sub-Treasury
system and the commerce of the country. For a
merchant to be compelled to actually procure the
gold or legal-tenders, and present them in payment
of customs duties, requires not only time and labor,
but the temporary and unnecessary abstraction of
the basis of our currency from the channels of trade.
If through the Clearing-House, on the general settle¬
ment of balances with the
Sub-Treasury, only the
balance due was paid in, it would be a very small
movement and
that
trust
the
much less
to
onerous
attention
commerce.
We
of
Congress will be early
called to this subject. We should also like to see one
other change introduced, and that is, that in the further
funding of our bonds different dates of interest payment
should be introduced, so that as the taxes go in, month
after month, the interest could go out. Certainly, no
good purpose is served in keeping locked up in Govern¬
ment vaults, a moment longer than absolutely necessary,
the capital which is abstracted from commerce to pay
the interest and expenses of the Government.
THE FINANCES AND
THE
TREASURY
DE¬
PARTMENT
No
Secretary of the Treasury, since Mr. Chase, has
oocupied so prominent and responsible a position as does
the present Secretary; and if his clear, well-written, and
sensible
report—which is given in full elsewhere in this
paper—does not command closer attention than such
documents usually receive, it will be only because the
tenor of it and the principal facts presented regarding
the financial condition have been already made public
from time
to
time.
The report opens, as
usual, with the schedules of actual
receipts and expenditures, from which we
select the principal items and compare them as below
and estimated
with those of the last two
previous fiscal
years.
BBCEIPT8.
1877-78.
Customs
Internal
.
revenue
Circulation and
.
deposits of nat’l baDks
.
1876-77.
1875-76.
$130,170,680 $130,956,493 $148,071,984
110,581,625 118,630,408 116,700,732
6,863,053
7,078,551
7,328,573
1 046,834
1.044,713
183,79?
817.102
249,581
3,723,516
1.690,762
3.273.239
1,741,118
‘
Customs fe s, fines, &c
Premium on coin salt*
ProfLs
on
Total
coinage
receipts
$257,763,879 $269,000,586 $287,482,039
EXPENDITURES.
Civil
$16,551,323 $15,794,188 $17,232,249
27.137,019
27,963,752
28,257,396
Iudians.'
4,629,280
5,277.0)7
5,061558
1.22 ',759
1,229,217
Foreign intercourse
1,410,242
Militarv, including river and harbor
32,154,143
37,082,736
38,070,889
Naval
17,395.301
34,<59,935
18,963,310
35,397,164
Miscellan’p, inclnd’g revenue collecting.
39,228,1*9
48,315.872
Interest
102,500,875
97,124.512 100,213,271
PenMoce
not
two years;
customs
and
internal
revenue,
are
taken from the
schedule, the much-abused banks which grievously
oppress “ the people ” pay to the people’s treasury far
the largest item, equalling 40 per cent of
receipts other
than the two above named; also, that this source of
income is diminishing. The receipts for
premium on
coin sales, always on its merits an undesirable
item, is
diminishing, and, it is to be hoped, will never re-appear
in a finance report. The
only material increase in expen¬
ditures is in interest, and is readily
intelligible as ex¬
plained. Other items—particularly the military, which
includes the river-and-harbor nuisance—show a reduc*
ion;
and, although the decline in the figures of our national
budget is not large, it is gratifying to note that steps
towards a healthy economy,
though short, are taken.
Of course, the interest of the
report centres in what
it says on the subject of
resumption, to which the larger
portion of space is given. A year ago, on the suppo¬
sition that the legal tenders would be no more than 300
millions by next January, the reserve of 40
per cent,
deemed necessary for resumption, was stated to be 120
millions; but, after the anti-contraction bill of last May,
the reserve requirement was
necessarily raised to 138
millions. At the end of 1877, the net available coin was
63 millions, of which 15 and 25 millions came from sales
of 4£ and 4 per cent bonds
respectively, the remaining
23 millions having accrued
by surplus receipts. On the
11th of April, the memorable contract for 50 millions
4£s for purely resumption purposes was made, and the
net proceeds, 50£ millions, have been
paid in; 65 mil¬
lions 4^9, and 30£ millions 4s, have been sold in all for re¬
sumption, and on November 23 the net coin reserve avail¬
able was $141,888,100, which will be somewhat reduced
by interest payments on the 1st of January. Referring
to the arrangements already announced between the
Sub-Treasury and the banks here, for avoiding the friction
of collections and working in
harmony, the Secretary
states, with truth, that every step in preparation for
resumption has been accompanied with increased busi¬
ness
and confidence; that the accumulation of coin,
instead of increasing its price, as feared
by many, has
steadily reduced it; and that the present condition of
trade and commerce, the ample reserves, and the general
confidence inspired in our financial condition, seem to
justify the opinion that we are prepared to commence
and to maintain resumption on the 1st of
January.
But many will very likely say that to begin resump¬
tion is easy; the difficulty will be in making it perma¬
nent.
How, then, is the g< Id coin hoard to be main¬
tained ? We fully discussed this question two weeks
since; but upon this important point the Secretary’s own
words will do him the fullest justice:
The power to
sell
of the bonds described in the Refunding
as before resumption.
T hough it may
is essential to enable this department to
meet emergencies.
By its exercise it is anticipated that the
Treasury at any time can readily obtain coin to reinforce the
Total
$216,964,327 $233,660,018 $319,990,550 reserve already accumulated.
United States notes must, how¬
ever, be the chief means under existing law with which the
These comparisons need little comment.
The con¬
department must restore coin aud bullion when withdrawn in
tinuous decline in customs corresponds with the well- process of redemption. The notes, when
redeemed, must neces¬
sarily
accumulate
the
Treasury
until
in
their
known decline in imports.
superior use and con¬
The decline in internal venience for circulation enables the
department to exchange
revenue receipts
(which were $110,545,154 in 1874-5) is them at par for coin or bullion.
*
*
* *
*
*
*
any
act continues after as
not b8 often used, it
well
Da cbmbbr
7, 1878.1
THE CHRONICLE.
The current receipts from the revenue are sufficient
to meet
the current expenditures, as well as the
accruing interest on the
public debt.
that the
dined
Authority is conferred by the Refunding act to
redeem 6 per cent bonds as
they become redeemable, by the pro¬
ceeds of the sale of bonds
bearing a lower rate of interest. The
United States notes redeemed under the
Resumption act are,
therefore, the principal means provided for the purchase of bul¬
European nations singly, yet unanimously, debe
drawn into trouble
merely because this
country had been guilty of rashness, and chose to stand
back and see how we should
get on in wrestling with
the silver problem
unaided,
since
we would insist on
only
lion or coin with which to maintain
resumption, but should
be paid out when
they can be used to replace an equal amount of
coin withdrawn from the
resumption fund. They may, it is true,
be used for current
purposes like other money, but when so used
their place is filled
by money received from taxes or other
sources of revenue.
In daily business, no distinction need be
made between moneys from whatevel source
received, but they
may properly be applied to any of the purposes authorized
law.
No doubt, coin liabilities, such as interest or
principal
the public debt, will be
ordinarily paid and
by
of
willingly received in
United States notes, but, when
demanded, such payments will be
made in coin; and United States notes and coin will
be used in
the purchase of bullion.
Thi$ method has already been adopted
in Colorado and North
Carolina, and arrangements are being
perfected to purchase bullion in this way in all the
mining regions
of the United States.
To this statement
nothing need be added but the
remark that the acts of June 8 and
July 19 last, author¬
ize the receipts of gold coin or bullion on
deposit, and
the issue of certificates
therefor, at any mint or assay
office, and that these previsions will undoubtedly do
much to draw into the
Treasury the product of our
mines, which, as the trade figures have repeatedly
shown, has been staying at home of late instead of going
abroad. The maintenance of the coin fund
by the sale
of bonds is, however, a
different
quite
thing from main¬
taining it by the exchange of accumulated notes for
coin, dollar for dollar. This last is the veritable parity
of notes and coin, and of course the
parity will maintain
itself so long as it exists; but if it should cease to
exist,
the Treasury can no
longer effect the even exchange¬
ability of notes for coin wherewith to make good the
depletion. Is it, therefore, quite exact to say that
United States
to
579
notes
must
be the chief
means
ing good the store of coin ?
for
keep¬
trying it.
If space
permitted, attention
would be due to other
topics in the report, with regard to which the statements
and facts are equally
satisfactory and reassuring. We
however, sum up the situation by citing the testi¬
mony of the London Times, which, commenting
upon the
meeting of Congress and the documents submitted, saysr
may,
“Both abroad and
“
“
“
home the prospect is most encourthe national finances could once more be es-
aging, if
tablished
on
the debt
are
at
a secure
foundation.
The
dealings with
satisfactory, and could the currency be
brought back to a hard-money basis and cleared of the
complications of silver coinage, there would be no
“reason to question the
prediction that the United
States are entering
upon a new era of prosperity.”
“
“
“
FINANCIAL REVIEW OF NOVEMBER,.
November was a comparatively
quiet month, and a
more
healthy tone prevailed in financial circles at home
and abroad. There was a decided
recovery in
and
on
was
reduced
the 20th the Bank of
to 5 per
since October 14.
important
tions
on
England
London,,
rate of discount
cent from 6, at which it had stood
home affairs, by far the most
the occurrence of the general elec¬
In
event was
the first
Tuesday of the month,
as
the financial
question had been made more prominent than any other
issue, and the result of the elections was
generally
accepted as a present defeat of the inflation or repudia¬
tion element in
that in
politics.
It
must be
conceded, however,
localities the greenback movement
showed
We have not space at present, nor is it
necessary, to unexpected
strength, and it would be a rose-oolored
comment at length upon what Mr. Sherman
says on the view of the elections to conclude
that henceforth
oppo¬
subject of silver. He gives no countenance to the idea sition
would be withdrawn to a return in
of making room for the silver dollar
good faith to
by withdrawing specie payments, with a dollar
which
should
small notes, but argues that in order to
pass at its*
give practical par value in the markets of the world.
The
New York
effect to the presumed intention of
Congress—providing Clearing-House banks resolved to discontinue
a silver coin for
gold
many every-day uses without banishing
accounts
the established
gold coin of the country—it is indispens¬
able to limit the silver coinage or else to make its bullion
value equal to that of the gold dollar. Hence he
argues,
with a cogency which is
unassailable, that the ratio of
the silver dollar be changed or that a limit be set to
the
coinage, suggesting 50 millions as such limit; mean¬
while he will redeem in this
city, as directed by the
Resumption Act, after January 1, all notes presented,
“
with either gold or silver
coin, as desired by the
“
holder, but reserving the legal option of the Government”—this option evidently
meaning the reservation
to pay silver if forced to do so
by circumstances; and
he will pay out notes for all demands
whatever, unless
“
some
after
January 1, 1879, placing gold and green¬
and to receive silver only as a special
deposit. In writing of the possibilities of financial legis^
lation at the present session of
Congress, we recently
summed up the contingencies
substantially as follows,,
naming them in the order of their apparent probability:
backs
on
a
par,
1. That the currency
laws, including the law for the coinage of
silver, may remain substantially unchanged. 2. 'that the
limita¬
tion on the coinage of silver
may be removed, or the amount
authorized per month
largely increased; (or trade dollars made a
legal tender). 3. That the silver law may be repealed,
leaving
gold as the only coin payable in amounts over $5. 4.
That
greenbacks may be issued in place of national bank
currency
to
be retired.
5. That the issue of unlimited
greenbacks
be
may
authorized for the payment of bonds and for
great public works,.
&c.
There
the holder of coin liabilities demands coin.
Inasmuch
as alteration in the bullion value of the
silver
decided recovery in United States
gov¬
securities and an active business in these and
other investment bonds at the Stock
Exchange, where
the total transactions,
compared with
much the better
were as
dollar, if
attempted, would have to be, under present circum¬
stances, rtnewedly made, the limitation of coinage is
course,
and
would
answer
the pur¬
was
a
ernment
previous months,,
follows:
A ugust.
September.
s October.
November.
U. S. Government bonds... £S,0.0,LO
nearly as well as the suspension of coinage we have State
$7,865,700
$7,487,050
$10,737,000
bonds...;
4U.00)
5 8,0 <0
441,400
751,910
already urged. But in saying that, “it appears from Rjilroad bonds
4,856.000
5,171,100
7,163,41*0
12,873,600
Bank stocks
ebares.
I,4i9
644
“the recent Conference at Paris, invited
1,281
1,047
by u?, that Railroad and miecel.stka. “ 3,4.6,053
3,009,486
4,448,352
3,686,122
“other nations will not join us in
The following summary shows the condition of the
fixing an international
ratio, and that each country must adapt its laws to its New York
Clearing-House banks, the premium on
own
policy,” it seems to us Mr. Sherman makes a state¬ gold, rate of foreign exchange, and
prices of leading
ment broader than the facts warrant.
We cannot en¬ securities and articles of
merchandise, on or about the
large upon this at present; but the real conclusion, in first of December in each
year, from 1875 to 1878,
our
view, to be drawn from the Paris meeting is simply inclusive:
pose
“
“
1
1
3
1
71
9
1
2
2
83
580
THE CHRONICLE.
STATISTICAL 8UMMARY ON OR ABOUT DECEMBER
1873.
1877.
New York
City Batiks—
Loans and discounts.. $
236.438,460
$ 22,967,400
Specie
Prime paper
Gold
59647.
5-6
4
81%
109%
120%
115%
121%
10)
505
113%
8-5
6-7
BANK
108%
10%
62%
18%
69
Merchandise—
Cotton, Mid Up.. ^ lb..
Wool. Am. XX % lb
Iron,Am. pig No.l,$ ton
Wheat, No.2 spirng,$ bu
Corn, West, mix,
bush.
Pork. mesa. ^ bbi
.....
•
68%
9%
56
59
117%
43%
99%
99%
72%
35%
35%
50%
76%
46%
35
46%
23%
71%
36
109
20%
69%
24%
13%
9%
30-36
11 5 16
12%
33-48
16 09-17 00
1 00
36-46
18 00-20 00
21 nc-22 00
1 *29%- 1 31
1 27- 1 33
59-04
51-61 *
13 50-13 65 16 75-16 87%
4t%-47%
7 40
....
105%
-
103% 104% 100%
....
121%
103% 104% 10C%
107% 105% 103% 104%
107% 105
103%
100%
.
....
....
107%
....
....
106
....
107%
106
105
107% 107%
107% 107%
104% 105%
Thanksgiving Day.
109% 107% 107% 106%
100%
107% 106%
105%
103% 10’>% 107% xl0’> 101
104
1G0
109% 107% 107% 106% 104% 105% 100%
D8% 10>% 106% 105 xt03% 104
100
109% 107% 107% 108%xi04% 105% 100%
....
106%
109% 103% 106%
109%
If 6%
.
58
'CLOSING
...
.
t
....
Date.
PRICES OP CONSOLS AND U. 8.
1*1%
....
...
....
....
60%
38%
35%
119%
104%
.
109% 107% 1C7%
105%
Closing. 109% 109% 103% 106%
105%
94%
-
108%
Lowest.. 10*<% 10^% 103% 105%
16
••••••»••«•
107%
....
....
....
....
....
••*$.••••••
••••••*.
Highest. 109% 109% 103% 106%
105%
....
....
....
....
....
....
.*.....S
122
118
1:2
....
109
109
....
6?.
cur*
107* 'iviimkimWmx
107% 107% 105%
100% 121%
107% 107% 105%
104%
107% 107% 105% 103%
1C0%
107%
101%
121%
107%
105%
?.
105%
103%
103%
10?%
122
122
....
121%
122
121%
122
SECURITIES AT LONDON IN NOVEMBER.
Cousols U.S.
for
5-20, 10-40 5s of New
1881. 4%s.
Money. 1S67.
Consols
for
Date.
10-40 5s of
New
1831. 4%s.
Money.
!
Nov.
“
“
13 1-16
43-48
23 00-24 0)
1 20- 1 28
64-75
21 2.5-21 25
■
1
2!94 11-16
3
s.
4:94 13-16
5i95 5-16
6 95%
7 95%
8:95 5-16
9 95 7-16
10
11 95
<-lb
JO 95 7-16
13 9) 15-1e
14 95%
15 95 15-16
16 96%
17
18 95 13 16
19 95 13-16
Holi
day;
H'8% 108%
ioo% ioa%
1*8%
108%
108%
105%
109%
109%
107
“
“
“
“
“
“
MOVEMENTS AND THE MONEY MARKET.
“
((
The movements of the New York
Clearing-House
banks were not conspicuous for
any extraordinary
changes. The items “ loans and discounts” and “ de¬
posits” both showed a decline of considerable amount;
but this was probably incident to the natural trade
“
“
“
«•
“
“
“
108%
108%
108%
109%
10 <%
109%
Nov. 20 95 11-16 108% 509% 108% 106
“
21|95 13-16 10 <% 109% 108% 106
“
I
1
.....
“
movement of
10b%
106%
..
109
122%
-•
-
....
....
.
If9
109
106%
....
109
109
109
21.......108%
115%
56% d.
4 83%
:.”io6x io9*
....
103% 103%
10-!% 108%
109% 103
Openingl03% 108% 103% 103%
111%
Michigan Central
103%
22
83
24
o
Chic. Rk. Iel. & Pac
Illinois Central
Chic. & Northwest, com
Chic Mil. & St. P. com.
Del. Lack & West
Central of N. J
'—'*8,1881—. /—5-20s, Co upon ,— 10- 10s—* 58/81. ^-4%s/91-^
4s.
reg. coup. ’6511.1867. 1868. reg. coup. coup. reg.
coup. cou.
Nov.
10...
271,006.500
15,157,50)
18,750,600
210,663,300
45,680,200
8,171,375
3-7
5-6
109
55d
4 £2 *
54d.
118%
107%
104%
160%
id StocksN. Y. Cent. & Hud
Erie
Lake S. & Mich So
14,9*2,300
207,322,000
39,821,700
8.477,300
102%
106%
6s, currency
10^40s. coupon
4%8, 1891, coupon
4s of 1907, coupon
Bail
4-7
4-6
59 li-ied.
4 82
..
20.484,100
9,663,425
3-3%
1875.
256,589/00
18,324,000
18,110,300
196,961,500
40,579,800
100%
Silver in London,
oz..
Prime sterl. bills 60 days.
United S'at-s Ponds—
6-20 bond8,’67, c up..
1876.
23 s,429,600
Circulation
20.007.600
$
Net deposits
$ 206,797,200
Legal tenders
$
41,275,700
Surp. reserve (over 25 50$
12,543,800
Money,
Gold, Exchange—
Call loans
1, 1675 TO 1878.
[VOL. XXVII,
1%
107% 106%
107% 106%!
108% 106%|
IC8 *4 107 %
tor
“
S.
“
“
“
“
\
ios%
109% 108
106%!
198% 10*% 107 % 106%!
109
109% IF *,107%
109
199% 108% x 106
109% 109% 108% 106%
109
10)% 103% 106%
S....
“
Open.
Lowest
Closing
(
i>i-<
AND
96
96
5-16 103%
1-16 103%
109% 108% 106%
109% 103% 10J%
S....
96
9i
96
95
96
96
108% 109% 108% 106%
1-16 103% 10)% 105%
106%
1-16 108% 109% 108% 106%
15-16 108% 109% 108%
106%
1-16
109% H>8% 106%
1-16 109
113
109
107
94 11-16 108% 108%
106% 105%
96 5-16110*1% 10
109
107%
94 11-16 108% !03%
106% 105%
96 1-16 1(9
11)
109
X107
.
Highest
K8% 109% 108% ire
108% 109% 108% 106
RAILROAD
22
23
24
25
26
27
28
29
30
“
“
§=Hn
97 1!-16! 109% 111% lF-% 107%
( L)93 !3-16il05%il04% 103% 104%
MISCELLANEOUS STOCKS.
the
period. The money market worked
Speculative stocks were not very active, and the total
with growing ease, and at the close
money was offered sales at the Board showed a decrease as
compared with
on
government co’laterals at 2@2-| per cent, and very
October. Prices were
generally steady, with exceptions
choice short paper sold at 3 J@4
per cent.
from this in regard to
particular stocks which were in¬
NEW YORK CITY BANK
STATEMENTS IN NOVEMBER.
fluenced
by special causes—thus the Northwest common
Nov. 2.
Nov. 9.
Nov. 16.
Nov. 23.
Nov. 30.
*
and
$
Loans ani disc’fs. *2 44,511.800 240
preferred stocks,, by the prospect of dividends in
224,200 237,615,505 234,917,700 53 ’,438 400
Specie
24,144,ICO
26,373,200
25,405,400
23,414.400
22,967,400
December; the coal stocks, by the expectation of a
Circnlation
19,904,3 0
19.909.400
19.905.400
2 -,007,009
19,961,900
Net deposits
215,443,100 210,737.6 ;0 209,752 100 207,1S4,800 206.797,20
break in the anthracite
Legnl tenders
40 219,000
combination; and Western Union
39.155.400
39.938,200
40,568,2 H)
41,275,700
Sur. les’ve over 252. 10,502,250
12,844.20,)
12 905,575
12.206,400
12,543.890 Telegraph by the varying rumors as to the distribution
Range of call loans. 4 ©6
4 ©5
3 ©5
3 ©4
2% ©4
Rate of prime paper 5 @6
in some shape of a stock dividend.
5 @6
4 ©}%
4% ©6
4%©5*/2
The following table will show the
FOREIGN TRADE OF TIIE UNITED STATES.
opening, highest
lowrest and closing prices of
The total figures of the
railway and miscellaneous
foreign trade movement of
stocks at the New York Stock
the United States have been
Exchange during the
reported by the Bureau of
months
of
October
and
November:
Statistics up to the close of
October, and were published
RANGE OP STOCKS IN OCTOBER AND
NOVEMBER.
in the Chronicle of November
Octo’e
30, on page 553. In Railroad
November.
Stocks.Ocf. 1.
•
..
\
October and for the ten months the total
specie and merchandise
was as
1673.
Exports
Imports
follows:
to
18* 8
f 61,7t5 903
43,761,579
October 31387..
$622,428,530
387,774,779
$530,384,340
433,192,902
Excess of exports
over
imports.... $25,616,657
$.8/21,324
$234,653,751
not
a
often looked for.
The sales cf railroad bonds
particularly large, and amounted to $12,8:3,600
at the Stock Exchange,
against $7,163,400 in October.
The sales of government securities amounted to
$10,737,600, against $7,487,650 in October, as appears by a
preceding table, where the sales of stocks and bonds for
were
four months past are compared. A
actions in railroad bonds were
Nov.
1.
2
good part of the trans¬
undoubtedly speculative.
CLOSING PRICES OP GOVERNMENT SECURITIES IN
NOVEMBER,
1878.
<—6s,18Sl—> ^-5 20s,Coupon-> r^-10-40s—* 5s/81.4*4s/91—, 4s,
reg. coup. ’eon. 1667. 1868. reg. coup. coup. reg. cou.. cou.
l(b%
306%
106% 1C6%x105
104
304 *
108%
108% 108%
104
105
104
100
.
...
6s.
cur.
108%
106%
...
H6%
106% 109
106%
103% 16% 103
106% 108% 105% 101%
....
....
...
....
10T% 121%
107% 107% 305% 104% 104% 100%
107% 107% 105% 104%
100%
....
....
107% 105% 104%
....
•
36
Chic. Mil. & St. Paul.
do
do
pref.
do
31%
4!%
71%
118%
Cleve. Col. Cin & Iud.
Cleve & Pittsb’g, guar
Columb. Chic. & I. C.
Del. Lack. &■ Western
33
84%
4%
55%
Dubuque & Sioux C.
Erie
do $4 assess, paid .
do oref
do $2 assess, p id..
Hannibal & St. Jos...
do
do pref.
Harlem
do
pref
Illinois Central
Kansas Pacific
Lake Sh. & Mich. So.
Louisville & Nashv
.
63
Mo. Kuusas & Texas.
Morris & Essex
Nashv. Chatt. &St. L
New Jersey
New Jersey Southern
N.Y.Cent.& Hud. Riv
N. Y. E-evated
N.Y. N. Haven & H..
Ohio <fc Mississippi...
32%
*9%
68
6i
^
42%
36%
74%
68%
118% Xll2%
33
29%
84%
80%
5%
3%
56%
43%
•
19%
.
*136
81%
4%
G9
35
71%
3%
81%
28
31
15%
40
136%
74
4%
64%
35
71%
4%
84%
*1
127%
113% ill'
*;9
85
*153%
8%
159%
8%
Panama
124
Pitts. F.W.& Ch., gua
*93%
Rensselaer & Sara
*100
St. L. Alton & T. H.
+2
do
*2
pref.
St.L.Iron Mt.& South
*6%
124%
99%
pref.
15
..
♦
Price bid.
t Price
a
deed.
101
2
5
13%
•
35
Go
3%
79
29
127%
112
85
.
112
31%
67%
41%
74%
xll5%
31%
83
4%
51%
•
•
•
•
14%
is%
31%
67
41%
74%
115%
m
14%
*136%
79%
11%
70
*35
70
•
•
•
.
111%
+35
*78%
112%
36%
no"
7g ^
68%
48%
40%
72%
1!0%
35%
71*4
46%
77%
117%
82
•
*
•
29%
•
78
•
3.)%
•
•
•
81%
*81%
5%
51
52%
4%
45%
46%
to
55
55
+61
...
•
•
19%
•
30
•
20%
,
•
33
•
5%
....
■
18%
•
•
•
1^%
,
•
.
.
.
3i
32
’
31
14%
39%
16%
41%
13%
14%
3)
35*4
138
79%
14*
*89%
*23
123
1%
111%
*79
159
158*4 *158%
7%
7%
7%
*12
13%
*120
120%
96%
97%
97%
100
2
17%
31%
22%
S3%
69%
•
*39%
82%
*4%
*35%
33
21
39
23
43
115%
70
4%
81%
Low. No?.30.
80
+30
118%
33%
31%
,
'
81%
22*
.
25%
*80%
*80%
*102% *102%
.
ioi"
§
+25
2)
39
14%
70%
1. High.
,
•
....
13%
135
83
30
....
S9
•
•
-
10%
15%
22%
....
121%
104%
173
56
15%
*38%
...
102
103
14%
...
..
Michigan Central
26%
79%
8l
63
«
*79
....
13%
....
...
80
22%
3*%
x68
pref.
83 %
2i
•
*83%
pref. *U 1%
Chic. Burl. & Quincy *112
do
....
Election Holiday
107% 107
105% 104% 104%
....
108%
8.. .,..108% 108%
103%
....
.
do
....
S
108% 105%
•
Chicago & Rock Isl'd
unusually active business in investment
large advance in prices during November,
although in this month a heavy demand for investment
ds
22%
Chicago & Alton
$97,191,438
was an
bonds and
*32
Chicago & Northwest
INVESTMENT SECURITIES.
There
Albany & Susquehm.
Bur. C. Rap.<& North.
Canada Southern
Central of N Jersey.
..
-January 1
1877.
$6 ‘,530,736
40,8-4,079
movement of
,
High. Low. Oct. 31. N/v.
U2%
158
138
138
80%
12%
70%
74%
10%
67%
39
70
38
*2*’
*5
*5%
7%
11%
11%
*140
77
11%
6*%
+40
69
7%
4%
7
84%
79%
89%
30
129%
1%
112%
30
128
1%
162%
no
80
159
6%
15%
14
95
121
100%
100
4
5
63%
....
9
15%
....
*1%
111%
95
*160
7%
6%
122
97%
•
*
100
100
2%
7%
11%
«
•
122%
4
u
15
December 7, 1878. j
THE CHRONICLE.
Oct. 1.
St.Louis Kans. C. & N
do
do pref
St. L. & S. Fran
do
do
Union Pacific
Wabash
October
-November.
High. Low. Oct.31. Nov. 1. High. Low.Nov.30.
V/t
6*
4*
4*
7*
4*
7
22*
26
20*
21
25*
1*
2*
3*
1*
3*
5
3*
4*
3*
4*
9
6*
9*
7*
«*
68
66*
66*
66*
69*
65* *66*
19*
17*
19*
19*
23*
19*
20*
,
,
4*
20*
....
pref
lstp.ef
2*
•
8
66*
Gold & Stk.Telegraph
Southern & All. Tel..
Western Union Tel
Canton
Consol. Coal
Mariposa L. & M...
do
prf....
Ontario Silver Min’g
18*
Quicksilver
do
pref
Adams Express
American Express...
Un. States Express...
Wells Fargo Express.
Del. & llnd. Canal...
Pullman t alace
Manhattan Gas
New York Gas
18*
*20
Prices bid.
•
28
23
^
102
15*
16*
3*
2*
3*
2*
20
19
28*
29J4
27*
40
40
1554
15*
13
59
97*
f-2*
75*
♦75
*12
*31*
*31
34*
*107
"107*
47*
44
43
♦4i*
97*
*13*
95
43*
15)
80
*74*
AND
*74*
*143
•
•
•
•
50*
48'4
99*
4:*4
73
149
....
.
94*
.
.
.
.
.
25
,
.
.
.
.
48
17
93
47
37*
^8
72*
*13
CO
98*
....
•
.
....
.
paid by borrowers.
Foreign exchange was more steady than in the pre¬
vious month, and on
60-days’ sterling bills the opening
and closing prices of
leading drawers were near the
same
figure. On short bills there was more difference,
and at the close the
ashing price of drawers was 4.8t^,
against 4.88 at the opening.
were
COUR3E OP GOLD IN
NOVEMBER, 1878.
tic
SC
c
a
Date.
*3
<u
a>
Date.
xi
u
£
<y
ft
o
O
Friday
Saturday
Sunday.,
\
100^ 100* 10 Jh
be
'£
<u
o
Sf
ft
5
10014 10014 100*
J
O
100*]j Tuesday
<0
a
x3
to
o
s
O
26 :oo* 100* 100* 103*
100*;iWednesday.. .27, 100* 100* 100* 100*
Holi day.
281
Monday
iooii IOO14; 100J4 103* j Thursday
\
Friday...
29
160*
100*
I0u* ICO*
Elec
Tnesday
Lioj l Iloli day
5
Satin day
30 100* 100* no* 100*
Wednesday... 6 100* 100 *’10014 100*
Thursday...
* 100
100* j 100* too*,,
Friday
8 100* ,100* 100*
100*| Nov,ber, 1878.. 100* 100* •190* I IQ!**
Saturday
#i 100* •00* !0J* 100*;
1877... ; 02* 102* i 103* 102*
Sunday
Wl
...6751
100*' 103* no* loo*
ii
Monday
H 100* 100* 100*
..578
1
Id*,
116* 114* 116*|115*
12 Ro* 100* 109* 100*
Tuesday.
1874.. no* 110 iU2* 172*
13 100* 1CO*
Wednesday...
100* 100*!
...3
7
8
1
108* 106* mo* loo
Thursday
14 100* 100* 10.-* 100*
1872.
-112* jlll* 1114*1112*
Friday
1» ICO* 100 * 100* 100*
1112* 110* ! 112* 110*
Satuday
W 100* ico
100
«
«
I Principal. Interest
3s, Navy pension, Act July 23,’68, Int. appl’donly to
pens’ns $14,000,000 $175,000
Debt on Which Interest Has Ceased
Since Maturity.
a total amount of over-due
debt yet outstanding, which has never
n
been presented for
payment, of $23,661,210 principal and $396,319 interest, Of
this amount, $22,933,703 are on the “called”
five-twenties.
Debt Bearing: no Interest.
.
-~
>4
Sunday
* 100*
1<
13
Monday
Tuesday
|111* mo i 113* 110*
;223*. 121* ; 12S* 122*
133* I*. 32 <U7
M6 y,
1867.. j 140*! 137* hi*; i-8
100* 1O0 >4 100* 100*
..1» 100* 10C >4 103* 100*
Wednesday... 20 ioo * 100 >4 It 0 * 100*
Thursday —21 ioo* 100* W0*- 100*
Friday
22 100 * 100* 100*' 100*
100 * 100* 101*
Saturday
103*
..
Sunday
Monday
H6*il33* ;i4'*;m*
\Ubyt !14V« 147*
"u 100* 100* 100*
1864...;233»4iU0
1863...!146fi '118
“
...I
.
BANKERS’ STERLING EXCHANGE
FOR
60 days.
3 days
Nov. 1. .4.82
@4.82* 4.87*@4. ,88
“
2. .4.82 @4.32*
“
4.87*@i. ‘8
3.
S..
“
4. .4.81 @4.82
4.86 @4. 8 r*
“
5.
Election Holiday
“
6. .4.8 -*@4.81*
4.85*@L 8i *
“
7.
.4.79*@1.80* 4.84*@4. 35*
“
8 .4.83*@1 81
4.85*^4 86
“
9. .4.80*@4.8i
86
“
4.85*@4.
10.
S
“
11. .4.81
@1.81* 4.86 @4.8)*
“
12. .4.81 @4.81* 4.86
“
@4.8n*
13. .4.81 @4.81* 4.86
“
@4.86)4
14. 4.81*@4.82
4.8i
.
...
69 davs.
“
“
...
“
“
“
15.
16.
,4.81*@4.82
4.81*@4.S2
■
“
“
“
“
“
“
“
“
“
@4.86*
4.86 @4.86^
4 86
@4.86*
of Issue.
Thanksgiving Day
29 4.81 *@1.82
30. 4.81*@4.82
4.»5*@ .66*
4.86*@4.8.*
Range,..4.7J*@4.82*
4.84*@4.83
NOV., 1878.
the
public debt
November, 1878:
bearing: interest in Coin.
Auth’rizing
Act.
ill
a: *
1
Interest
V
-Periods.
Bonds
Outstanding.
N
Aggregate
Coupons
of debt
J.
J.
J.
J.
J.
& J.
& J.
& J.
& J.
& J.
M. <fc S.*
are
b
Q.-M.
Q.-J.
$260,000
13,989,000
c
(1
d
d
J. & J. d
J. & J. d
J. & J. d
Q.—F. d
bearing interest in coin
of $50 and $100 bonds
a
Coupon.
130,060,7.'0
55 723,250
144,2 0,800
22,184,550
114,224,000
$
4,426,000
945,000
59,240,650
19,276,750
50,285,500
14.036.900
249,990,900
V 2,555,800
122,399,050
J 1,034,361.550
$764,389 200
,
16,193.500
paid annually in March.
$18,312,581
Feb. 25, ’62
July 11, ’6M
Mar. 3, ’63 [Series of 1875
j
136,435,81)3
34,936,e64
137,552,320
20,413,415
Series of 1878
8, ’72.
Fractional currency..
r First....
July 17, ’62 I Second
Mar.
3, ’63 \ Third..,.
June 30, ’64
Fourth...
Coin certificates..
Silver certificates
Mar. 3, ’63.
Feb. 28, ’78.
346,681 016
37,080,000
4,2.7,376
3,1U,2SS
3,009,169
3,915,169
1,82 T,476
I Fifth
16,150,312
33 962,900
2 273,523
Aggregate of debt bearing no interest.,
Unclaimed intere-t
.
$436,209,So 3’
8,19
...
Recapitulation.
Amount
Outstanding.
Debt
Interest
Bonds at 6 per cent
Bands at 5 per cent
Bonds at 4* per cent
Bonds at 4 per cent
bearing
in
$667,981,100
70 V64.650
^
7...
250,000,000
.
177,5)0,000
Total debt bearing interest in coin
Debt bearing Interest in Lawful Money—
Navy pension fund at 3 per cent
Debt on which Int. has ceased since Maturity.
Debt bearing no Interest—
Old demand and legal tender notes..
Certificates of deposit
Fractional currency
1,798,750,750
$29,522,533
$14,00,00
23,666,240
$175,000
396,349
$346,743,071
37,080,0016,150,3 <2
36,236,420
Certificates of gold deposited
Total debt
bearing
Unclaimed interest
no
Interest.
Coin—
interest.
$436,209,833
8,197
'
Total
Total debt, principal and interest, to
date,
not presented for payment
Amount in the Treasury—
Coin
I$2 2 2,626,824
including interest duel
$30,102,084
....
2,302,128,908
.
253,564,156
4,669,826
..
Currency
Currency held for the redemption of fractional
Special
as
deposit held for
provided by law.
redemption
currency
10,000,000
of certificates of deposit
37,080,000
Total.
Debt, less
Debt, less
amount in the
amount in the
$275,314,583
Treasury, December 1, 1878
Treasury, November 1, 1878.
2,0 ;7,414,325
2,021,200,093
Increase of debt during the past month.
Decrease of debt since June 30,1878
$3,214,2*3
8,372,50*
-6
Bonds Issued to the Pacific Railroad
Companies,
Payable In Lawful Money.
Amount
1
1
Interest
paid by
Outstand’g.( United
Central Pacific
Kansas Pacific
Union Pacific
Central Branch, Union Pacific..
Western Pacific
Sioux City and Pacific
6,303,000;
27,236,512]
1,600,0001/70,560
1,628,320 )
$64,623,512!
Total.
The Pacific Railroad bonds
are
1
Interest
Interest
repaid by
St’s trnspVu.
Balance of
Int. paid
by U. S.
$25,8&5,120i $15/87,019 $2,418,155 $13,503,863
4,238,433
16,186,896
1,069,808
1,077,030
1,715,440
6/87, o59
71,445
9,367
83,643
975,801
$39,835,039
2,522,991
10,699,037
998,362
1,067,713
892,152
10,445,916 $29,383,123
all issued
under the acts of July 1,
1862, and
registered bonds in the denominations of $1,000, $5,000
and $10,000; bear 6 per cent interest in
currency, payable January 1 and July
July 2, 1864; they
and mature 30
are
years
1,
from their date.
Note.—The increa e of the debt during th? month is due to
the payment of
$5,500,000 II lifas Award; oth2r,vise the
ordinary decrease wou d have been
The
following is a comparison of the condition of the
December 1, 1877, and December 1,1878:
Carrency
special fund for ihe redemption of fractional
currency
191,390,000
21,271,800
258,449.450
87,144,200
54,600,950
.
$62,055
Prior to 1869.
Series of 1869
iSeries of 1874
1877.
1
June 14, ’58
Feb.
8, ’61
1874
1880
March 2, ’61 1 81
July&A.,’61 1881
6s of 1881
March 3, ’63 1881
5s, 10-40’s
March 3, ’64 1904
6s, 5-20s of 1865, new. March 3, ’65 18^5
6s, 5-20s of 1867
March 3, ’65 1887
6e, 5-20s of 1868
March 3, ’65. 1883
5s. Funded
Loan, 1881 July 14, ’70 1881
4*s,
do.
1891 July 14, ’70 1891
do.
1907 July 14, ’70 19v7
Os, Oregon War
6s of 1&31
Total.
$2,285,757.
as
the close of
at
Registered.
58 of 18C8
68 of 1881...
*
@1.86*
@1.86*
Amount.
12, ’62
Character of Issue.
the last day of
Debt
Character
.86
.86
Feb.
Certificates of deposit.. June
days.
23. 4.81 ^@4.82
.86 @4.86*
21. 4.S1*@L82
.8> @4.8i*
22. 4.31*@t.8>*
.86*@1.87
2)3 4.S!*@4.8i*
.86*@4.87
24 i
,S
25. 4.81*@4.82*
4.86*@1.87
26. 4 81*@t 82
4 85*@i 86*
27. 4.8i*@1.82
4.85*@1.86*
28.
appears from the books and Treasurer’s returns
on
3
18. 4.81 *@1.82
19. 4.81*@1.82
THE DEBT STATEMENT FOR
The following,.is the official
statemeut of
business
:o2* 100*
Issues.
July 17,’61
-j
Legal-tender notes...
230
i !L4
14-*
:
133* 129 “
NOVEMBER, 1878.
Nov.17.
.
“
•260
1862... f 129* LG
Since Jan. 1, ’78 1102*
103*
ioo*
Acts.
Old demand notes....
....
.
Authorizing
Character of Issue.
149
very little interest in the gold market.
Towards the close of the month the
price advanced to
100J, and higher prices
Money,
.
EXCHANGE.
was
and also $5,000 and $10,000.
On the above issues of bonds there is a total of
$4,27t,103of interest over-due
and not yet called for. The total current
accrued interest to date is
$25,251,432:
Debt Bearing: Interest in Lawful
There is
34* +40
9* +11
31*
*33*
105* xl06
•
108
*97
*45
46
75
83
GOLD
-
.
The sizes or denominations of each issue of
bonds are as follows: (a)
Coupon*
11,000, registered 15,090. \b) cdupon $1,000, registered
(c) $50, $100 and $500. (d) cuupdn, $50. $100, $500 and $1,000, $5,000, $10,0019,
$1,000, registered, same
0
*12
47*
150
•
....
35
29*
25
3
40
12
12*
109*
49*
25
....
14*
93*
.
*25
35
3 ty*
106
102
....
30
33*
101*
*2114
....
14*
20
13867950.4
*21
*25
41
*91*
52*
.
101*
19
25
25
10)
*49
♦,9
.
S3*
25*
3*
3*
*o9*
12*
*33 >4
•
•
e
97
*18
*25
-
•
•
....
15*
*19*
t Prices asked.
*
There
15
20
25
20*
..
*
....
•
*
..
.
•
...
Miscellaneous.
Pacific Mail
American District Tel
Atlantic & Pacific Tel
•
581
Special deposit of leg-d tenders for redemp¬
tion of certificates of deposit
Coin
Coin and silver certificates
Coin, less coin and silver certificates.....
.
Outstanding called bonds
Or her
outstanding coin liabilities.
Outstanding legal tenders
Outstanding fractional carrency
Outstanding silver coin
Total debt, less cash in Treasury
.
1878.
$8,816,396
$4,669,826
9,806,002
10,000,000
36,055,000
133,970,214
32,391,409
2^3 561,756
36,236 4 2 0
101,578,814
23,931,950
5,463,354
35!,3 40.289
18,043,020
37,330,394
2,016,027,065
Reduction of debt for November
1,323,634
Reduction of debt since July 1
14,131,!57
Market value of gold
10287
Imports (12 months ending Oct 31)
475.792,337
Export* (12 months ending Oct. 31)
617,653.399
*
Increase. Due to the payment of $5,5i0.000 Halifax
award.
•
Treasury
37,030,000
187,323,33 d
22,9-30,700
4,813,887
346,681,0 1 6
16,150.842
39.791,690
2,027,414,325
*3
214,242
8,372,506
ICO* 2 5
428,974,572
734.290,025
582
THE C HRONICLE.
fVoi. XXVll,
~
—rr-
—
Tatal receipts, actual and estimated
Total expenditures, actual aud estimated
REPORT
OF
"OF
THE
SECRETA R Y
TREASURY.
THE
Treasury Department,
I
Washington, D. C., Dec. 2, 18T8. j
Sir:—I have the honor to submit the
following annual report:
The ordinary revenues, fiom all
sources, for the fiscal year end¬
ing June 30, 187**,
were—
From customs
From internal revenue
From sales of public lands
From tax on circulation and
From repayment of inttiest
deposits of national banks
by Pacific Railway Companies
From customs fees, fines,
penalties, etc
From fees—consular,
lettere-patent and lands
From
From
From
From
'
....,$180,170,630
110,581.621
1.079,718
"6,863,052
1,366.954
1,046,864
2.056,515
249,469
317,102
1,69 >,762
2,341,109
proceeds of sales of government property
premium on sales of coin
profits on coinage, etc
miscellaneous sources
Total
The
ordinary receipts
For civil
expenses
For foreign intercourse
For Indians
For pensions
For tbe military
establishment, including river
the
1,229,216 78
4,629,280 28
27,137,019 08
32,154,147 85
....
including vessels, machinery, and
lighthouses and collecting the
,
$16,551,323 16
and harbor im¬
...
Improvements at navy yards
For miscellaneous expenditures,
on
were—
.
provements and arsenals
For the naval establishment,
For interest
period
same
37
96
36
36
13
8S
30
33
07
$257,763,873 70
..
ordinary expenditures for the
20
74
17,365,301 37
including public buildings,
revenue
Leaving
Total ordinary expenditures
balance in the
$20,799,531 90
$13,119,825 33
3,855,368 57
...
73,950 00
...
Treasury
3,760,408 00
Total
$20,'99,531 90
The amount due the
sinking fund for the year was $35,429,leaving a deficiency oil this account of $14,$29,449 90.
Compare! with the previous fiscal year, the receipts for 1878
have deerrased $11,984,796
09, in the following items: in cus¬
toms revenue, $785,812
87; in internal revenue, $8,048,783 09 ;
in semi-anuual tax on
banks, $215,498 ; in sales of government
property, $84,485 08; in profits on coinage, $1,582,476
75; and
in miscellaneous items,
$1,267,740 30. There was an increase of
—
-r=s.mtr.
$264,500,006
240,100.000
balance of
$21,400,001
FI8CAL YEAR
The
upon
of the fiscal
year
revenues
existing laws, will be:
1880.
ending June 30,1880, estimated
From customs
From internal revenue.
From sales of public lands
From tax on circulation and deposits of
national banks
From repayment of interest by Pacific
Railway Companies
From customs fees, fines, penalties etc
From fees—consular, letters-patent and lands
From proceeds of sales of government
property
From profits on coinage, etc
'.
From miscellaneous sources,...
$131,000,000 00
...
115.001,000
1,000,000
6,750,000
1,400,000
1,100,COO
2,000,090
...
..
00
00
00
00
00
00
250.000 00
1,600.000 00
2,400,000 00
Total
ordinary receipts
$264,500,000 06
The estimates of
expenditures for the same period received
from the several Executive
Departments are as follows:
Legislative
f
$2/83,109 28
13,146,092 63
Executive
Judicial
Foreign intercourse
391,400 00
1,178,63) 00
29,335,727 33
Military establishment
Naval establishment
Indian affairs
Pensions
Public works:
'
14,187/81 45
4,933,214 20
29,616,000 00
.*
Treasury Department
War Department
4.217,516 66
7,601,781 £6
•.
....-.
Navy Department
Interior Department
Department of Justice
Department of Agriculture
$236,964,326 89
Leaving a surplus revenue of
Which was applies as follows :
To the redemption of United States
notes, etc..
To the redemp'ion of fractional
currency
To the redemption cf 6 per cent bonds for
the sinking fund
To increase of cash
j,
—applicable to the sinking fund, which is estimated for the
year
at $36,954,607 87.
35,397.163 83
102,500,874 65
public debt
a
"
-
375,000 CO
422,717 94
18.000 f>0
6,590 00
5,S07,b76 10
Postal service
Miscellaneous
Permanent annual appropriations:
Interest on the public debt
.
Sinking fund
revenue
95,000,000 00
38 802,338 26
4,675.900 00
,
Refunding—customs,
Collecting
14,846,800 80
internal revenue, lands, etc
from customs
Total estimated
001 80,
Or
be
an
5,tOO,GO0 00
1,661,200 00
.
Miscellaneous
expenditures, including sinking fund
estimated deficit of
...
$‘75,137,250 94
$10,637,250 94
estimated expenditures will
-
Excluding the sinking: fund, the
$236,334,912 68, showing a surplus of $28,165,087 33.
By direction of the President, the estimated expenditures for
the next" fiscal year have been based
upon the appropriations
made by Congress for the
present fiscal year. The rule has been
$748,088 17, as follows: in proceeds of sales of
public lands,
$103,489 09; in premium on sales of coin, $67,521 52; and in departed from only as to those branches of the public service
belonging to departments the heads of which deem the
miscellaneous items, $577,076
96—making a net decrease, in the increase indispensable, or where existing law demands estimated
a greater
receipts from all sources for the year, of $11,236,707 92.
sum
than was appropriated.
Such increase is estimated for
The decrease of revenue is
principally due to the falling off in as follows:
the receipts from internal
revenue, which was probably caused
Legislative
by tbe agitation in Congress, for a long time, of the reduction of Treasury
$115,198 11
Department
the tax on spirits and tobacco.
319,680 13
War Department
740,848 14
The expenditures show an increase of
Department
Navy
$7,781,729 08, as follows: Interior
20,919 75
In the Navy Department,
Department....
1,462,7.87 70
$2,405,36$ 01, and in the interest on the Post Office
1,635,701 38
public debt, $5,376,363 07, the latter of which was due to the Department Department
of Justice
321,340 00
large balance of $7,426,619 81 unpaid interest at the commence¬
ment of the year, and to the
$4,666 505 21
change from semi-annual to quar¬ Less decrease in estimates for Department of State
111,841 85
terly payments of interest on 6 per cent bonds converted into
4
which would
per cents,
after the
close
$9,477,411 21,
of
not
the
otherwise have been made until
decrease of
year.
There was a
as follows: In the War
Department,
in the Interior
$4,928,588 05;
Department, $1,474,460 13; and in the civil and
miscellaneous, $3,074,363 03—making
expenditures of $1,695,682 13.
decrease in the
net
a
FISCAL YEAR 1879.
For the present fiscal year
the revenue, actual and
will be
as
follows
estimated,
:
For the quarter For
ended Sept. 30,
1878.
Receipts from—
Actual.
Customs
Internal revenue
Sales of public lands
Tax on cnculatiou and
deposits of nat. brnks
Repayments of interest by Pac. R’hvayCos...
Customs fees, fines, penalties, etc
Fees—consular, lett
rs-patent and lands
Proceeds of eal s of government
property.,..
Premium on sales of coin
Profits on com age, e c
Miscellaneous
sources
Total receipts
The expenditures
will be :
$3S,8t8,268 10
28,572.144 46
260,7h5 63
3,368,519 03
397,737 10
244, *33 93
508,890 76
41,127 51
5,441 23
71,969 si
1,060,027 37
$73,399,723
lor
the
same
'or the
ended
1876.
inc;uding fortifica¬
haibor
improvements, and
.
including vessels,
machinery and improvements
Interest
on
the
public debt.
Total ordinary expenditures
at navy
66,4-17/55 54
789,2 >4 37
3,3s1,480 97
9‘,2.262 90
•
705.166 07
1,491.119 24
203,872 49
44.558 77
1,728,031 69
1,239,972 63
quarter For remaining
Military establishment,
Naval ettablishment,
$94,131,731 90
8ept. 80, three-quarters
Actual.
-
and
Estimated.
43
Civil and miscellaneous expenses,
including
public buildings, light-houses, and codecting the revenue
$15/44,519 62
Indians
1.750,517 25
Pensions
7,802,465 63
tions, river
cf tbe year.
$191,100,216 57
period, actual aud estimated.
Expenditures for—
arsenals
remaining
three-quarters
Estimated.
3,0^9,482 7^
21,497,534 o7
23,741,089 13
4.520,742 84
33,967,407 06
10,479,257 18
63,032,572 94
$73/44.573 27
$166,755,426 73
$4,554,663 86
Earnestly desirous of co-operating with Congress in the reduc¬
tion of expenditures to the lowest sum consistent with
the proper
execution of the law, the
Secretary has reduced the expenses of
the customs service,
during the last fiscal year, compared with
the previous year, in the sum of $778,492
25,. and herein recom¬
mends changes of tbe law which will enable him to make
further
reductions therein. The great body of
expenditures is fixed by
laws which leave - no discretion to executive
officers. The
reduction of appropriations does not reduce
expenditures when
the law requires the service to be
performed, or fixes the salary
and number of employees.
It must b9 accompanied by a careful
revision of the laws,
reducing the objects of expenditure, or the
compensation of employees. It is believed that, by
such a revision, especially
of the postal laws, and by a limitation
of the amount of appropriations for public works in
progress, by
the postponement of new works not
indispensable for the public
service, and by judicious scrutiny of disbursements, that the
expenditures for the next fiscal year need not, in the aggregate,
exceed the appropriations for the present fiscal
year.
The estimate of revenue, based,
upon existing law, is $6,738,121 30 more than the actual revenue of the
past year. This
estimate can only be realized by strict and
impartial enforce¬
number or
ment of
the
revenue
laws.
This is
not
only
a
legal duty of
officers, but is the right of every honest taxpayer. The
enforcement of the tax on spirits and tobacco
has, in some places,
been resisted by formidable combinations too
powerful for the
department, with the forces at its command, to overcome. The
customs duties, in many
cases, have been evaded by smuggling,
fraud, undervaluation, and false claims for drawbacks and
damage allowance. Some of these obstructions are incident to
the execution of any tax law; but
many of them may be over¬
revenue
come
$39,955.4 c0 38
10,258,900 87
and
yards
of tbe year.
Net increase
by such modifications of the laws
mended.
It is manifest,
as are
hereinafter
recom¬
from these estimates, that, however desirable
be to reduce existing taxes, it ought not now to be done
except by supplying the reductions from other sources of revenue.
Srability and certainty in the rate and subject of taxation are of
great importance, and therefore the Secretary recommends that
no change be made in them
during the present session, except to
convert certain advalorem duties, Hereinafter
stated, into specific
it may
duties.
December 7,
THE CHRONICLE
1878.]
RESUMPTION OF SPECIE
PAYMENTS.
der any
The
important duty limposed on this department by the
resumption act, approved January 14. 1875, has been steadily
pursued during the past year. The plain purpose of the act is
to secure to
all interests and all classes the benefits of
a sound
currency, redeemable in coin, with the least possible disturbance
of existing rights and contracts.
Three of its provisions have
been substantially carried into execution by the gradual substi¬
tution of fractional coin for fractional
currency, by the free
law, from
583
any source
whatever, and shall belong to the
United States, they shall not be retired, cancelled or
destroyed,,
but shall be reissued and
paid out again and kept in circulation.
The power to reissue United States notes was conferred
by sec¬
tion 3579, Revised Statutes, and was not limited
by the resump¬
tion act.
As this,
removed the doubr.
however,
Notes redeemed
are
Payments ol them
can
was
questioned, Congress wisely
like other notes received into the
Treasury.
only be made in consequence of appropria¬
lor the purchase of bullion, or for the re¬
coinage of gold, and by free banking. There remains only the tions made by law, or
completion of preparations for resumption in coin oo the 1st day funding of the public debt.
The current receipts irorn revenue are sufficient to meet the
of January, 1879, and its maintenance thereafter
upon the basis
current expenditures, as well as the
of existing law.
accruing interest on the pub¬
lic debt. Authority is conferred
At the date of my annual
by the refunding act to redeem
report to Congress in December,
1877, it was deemed necessary as a preparation for resumption to 6 per cent bonds, as they become redeemable, by the ptoceeds of
the sale of bonds bearing a lower rate ot interest.
accumulate in the Treasury a coiu reserve of at least 40
The United
per States notes
redeemed under the resumption act are,
cent of the amount of United States notes
therefore,
outstanding. At that the
time it was anticipated that under the
principal means provided for the purchase of bullion or coin
provisions of the resump¬
tion act the volume of United States notes would be reduced to with which to maintain resumption, but should
only be paid out
$300,000,000 by the 1st day of January. 1879, or soon thereafter, when they can be used to replace au equal amount of coin with¬
and that a reserve in coin of $120,000,000 would then be suffi¬ drawn trom the resumption fund.
They may, it is true, be used
cient.
Congress, however, in view of the strong popular feeling for current purposes like other money, but when so used their
against a contraction of the currency, by the act approved May place is filled by money received from taxes or other sources of
31, 1878, forbade the retirement of any United States notes after revenue.
In daily business, no distinction need be made between
that date, leaving the amount in circulation $346,681,016.
moneys
Upon from whatever
source received, but
the principle of safety upon which the
they may properly be applied
department was acting, to
that 40 per cent of coin was the smallest reserve
any of the purposes authorized by law.
No doubt coin liabili¬
upon which
ties,
such as interest or principal of the public debt, will be ordi¬
resumption could prudently be commenced, it became necessary
to increase the coin reserve to $138,000,000.
narily paid and williDgly received in United States notes, hut,
when demanded, such payments will be made in coin
At the close of the year 1877 this coin
; and United
reserve/in excess of coin
liabilities,amounted to $63,017,050 96, of which $15,000,000 were States notes and coin will be used in the purchase of bullion.
This method has already been
obtained by the sale of 4£ per cent, and
adopted in Co'orado and North
$25,000,000 by the fale
of 4 per cent, bonds, the residue being surplus revenue.
Carolina,
and arrangements are being perfected to purchase bul¬
Subse¬
quently, on the 11th day of April, 1878, the Secretary entered lion in this way in all the mining regions of the United States.
into a contract with certain bankers in New York and London—
By the act approved June 8, 1878, the Secretary of the Treasury
is authorized to constitute any
the parties to the previous contract of June 9,
superintendent of a mintorassayer
1877, already com¬ of
any as-av office an Assistant Treasurer of the United States to
municated to Congress—for the sale of $50,000,000
per cent receive
bon vs for resumption purposes. The bonds were sold at a
gold coin or bullion on deposit. By the legislative appro¬
pre¬
mium of
per cent and accrued interest, less a commission of priation bill approved July 19, 1878. the Secretary of the Treasury
one-half of 1 percent.
The contract has been fulfilled, and the is authorized to issue coin certificates in payment to depositors of
bullion at the several mints and
net proceeds, $50,500,000, have been
a.-say offices of the United States.
paid into the Treasury in
gold coin. T he $5,500,000 coin paid on the Halifax award has These provisions, iutended to secure to the producers of biltlion
more speedy
been replaced »by the sale of that amount of 4
payment, will necessarily bring into the mints and
per cent bonds
sold for resumption purposes,
making the aggregate amount of Treasury the great body of the precious metals mined in the
United States, and will tend greatiy to the
bonds sold for these purposes $95,500,000, ot which
easy and steady supply
$65,000,000 of bullion
for coinage. United States notes, when at
were 4| per cent bonds, and
$30,500,000 4 per cent bonds. To
par with
this has been added the,surplus revenue from time to time. The coin, will be readily received for bullion instead of coin certifi¬
amount of coin held in the
Treasury on the 23d d&y of November cates, and with great advantage and convenience to the pro¬
last, in excess of coin sufficient to pay all accrued coin liabilities, ducers.
was $141,888,100, and constitutes the coin reserve
Deposits of coin in the Treasury will, no doubt, continue to be
prepared for
resumption purposes. This sum will be diminished somewhat made after the 1st of January, as heretofore. Both gold and sil¬
on the 1st of
January next by reason of the large amount of ver coin from its weight and bulk will naturally seek such a safe
interest accruing on that day in excess of the coin revenue deposit, while notes redeemable in coin, from their superior con¬
received meanwhile. venience, will be circulated instead. After resumption the dis¬
tinction between coin and United States notes should
In anticipation of resumption, and in view of the fact that
be, as far as
the
redemption of United States notes is mandatory only at the office practicable, abandoned in the current affairs of the government and therefore no coin certificates should be
of the Assistant Treasurer in the
issued, except where
city of New York, it was
deemed important to secure the co-operation of the associated expressly required by the provisions of law, as in the case of sil¬
ver certificates.
The gold certificates hitherto issued
banks of that city in the ready collection of drafts on those
by virtue of
banks
the discretion conferred upon the
and in the payment of
Secretary will not be issued
Treasury drafts held by them. A satis¬ after the
1st of January next.
The necessity for them during a
factory arrangement has been made by which all drafts on the
banks held by the Treasury are to be
stispension
of specie payments is obvious, but no longer exists
paid at the Clearing House,
when by law every United States note is, in
and all drafts on the Treasury held
effect, a coin certifi¬
by them are to be paid to the
Clearing House at the office of the Assistant Treasurer, in United cate. The only purpose that could be subserved by their issue
hereafter would
States notes; and, after the 1st of
January, United States notes coin certificates be to enable persons to convert their notes into
and thus contract the currency and hoard
are to be received
by them as coin. This will greatly lessen the
gold in
the vaults of the Treasury without the inconvenience or riBk of
rDk and labor of collections, both to the
Treasury and the banks. its
custody. For convenience, United States notes of the same
Every step in these preparations for resumption has been
accompanied with in6reased business and confidence. The accu¬ denomination a3 the larger coio certificates will be issued.
mulation of coin, instead of
By existing law, customs duties and the interest of the public
increasing its price, as was feared by
debt are payable in coin, and a
many, has steadily reduced its premium in the markeL
portion ol the duties was specially
The
depressing and ruinous losses that followed the panic of 1873 pledged as a special fund for the payment of the interest, thus
had not diminished in 1875, when the
making one provision dependent upon the other. As we cannot,
resumption act passed ; with
due regard to the public honor-,
but every measure taken in the execution or
repeal the obligation to pay
enforcement of this
act has tended to
lighten these losses and to reduce the premium coiu, we ought not to impair or repeal the mems provided to pro¬
on coin, so that now it is
merely nominal. The present condition cure coiu. When, happily, our notes are equal to coin, they will
be accepted as coin, both
of our trade, industry and commerce—hereafter
by the public creditor and by the gov¬
more fully stated
—our ample reserves, and the
ernment;
but this acceptance should be left to the option of the
general confidence inspired in our
financial condition, seem to
justify the opinion that we are pre¬ respective parties, and the legal right on Loth sides to demand
pared to commence and maintain resumption from and after the coin should be preserved inviolate.
1st day of January, A. D. 1879.
UNITED STATES NOTES FOR CUSTOMS DUTIES.
MEANS TO
The
means
and
manner
of
BE EMPLOYED.
doing this
left largely to the dis¬
cretion of the Secretary, but,
from the nature of the duty im¬
posed, he must restore coin and bullion when withdrawn in the
process of redemption, either by the sale of bonds, or the use of
the surplus revenue, or of the notes redeemed
from time to time.
The power to se'l any of the bonds described in the
refunding
act continues after as well as be ore
resumption. Though it may
not be often
used, it is essential to enable this department to
meet emergencies.
By its exercise it is anticipated that the
Treasury at any time cat readily obtain coin to reinforce the re¬
serve already accumulated.
United States notes must, however,
be the chief means under
existing law with which the depart¬
are
The
Secretary is of the opinion that a change of the law is not
necessary to authorize this department to receive United States
notes for customs duties on and after the 1st
day of January, 1879,.
while they are redeemable and are redeemed on demand in coin.
After resumption it would seem a useless inconvenience to re¬
quire payment of such duties in coin rather than in United States
notes.
The resumption act, by clear implication, so far modifies
previous laws as to permit payments in Unitrd States Dotes as
well
as
in coin.
The provision
for coin payments was
made in the midst of war, when the notes were
depreciated
and the public necessities required an assured revenue in
coin to
support
the public credit.
This alone justified
the refusal by the government to take its own notes for
ment-must lestore coin and bullion when withdrawn in
process of the taxes leviel by it.
It has now definitely assumed to pay
redemption. The notes, when redeemed, must necessarily accu¬ these notes in coin,
and
this
necessarily implies the receipt of
mulate in the Treasury until their
superior use and convenience these notes as coin. To refuse them is only
to invite their pre¬
for circulation enables the
department to exchange them at par sentation for coin. Any other construction would
for coin or bullion.
require the
Dotes to be presented to the Assistant Treasurer
in New York for
The act of May 31, 1878,
already referred to,
that when coin, and, if used in the purchase of bonds, to be returned to the
United States notes are redeemed or received inprovides
the Treasury un
same officer, or, if used lor the
payment of customs duties, to be
584
THE CHRONICLE.
carried to the Collector of
Customs, who must daily deposit in
the Treasury all
money received by him.
It is not to be assumed
that the law requires this indirect and
inconvenient process after
the notes are redeemable in coin on
demand of the holder.
They
are then at a
parity with coin, and both should be received indis¬
criminately.
If United States notes are
received for duties at the
port of
New York, they should be received
for the same
purpose
in all
other ports of the United
States, or an unconstitutional prefer¬
ence would be
given to that port over other ports. If this
privi¬
lege is denied to the citizens of other
ports, they could make
such use of these notes
only by transporting them to New York
and transporting the coin to
their homes for
payment; and all
this not only without benefit to the
government, but with a loss
in returning the coin
again to New York, where it is required
for
redemption
The
purposes.
provision in the law for redemption in New York
was
believed to be practical
redemption in all parts of the United
States.
Actual redemption was confined
to a
single place, from
the necessity ot
maintaining
only
one coin reserve, and where
the coin could be
eaeily accumulated and kept.
With this view of the
resumption act, the Secretary will feel
it to be his duty, unless
Congress otherwise provides, to direct
that after the 1st
day of January next, and while United States
notes are redeemed at the
Treasury, they be received the same as
coin by the officers of this
department in all payments in all
parts of the United Statep.
If any further
provision of law is deemed necessary
by Congress
to authorize the
receipt of United States
notes
for
for customs dues
is limited
[Voi.. XXVII.
to an amount
demanded
for circulation, there
will be
their convenient use will
them
at par
keep
with gold, as fractional silver
coin, issued under the act approved
February 21, 1853, was kept at par with gold.
The amount of such coin that can
thus be maintained at
par
with gold cannot be
fairly tested until resumption is accom¬
plished. As yet paper money has been
depreciated, and,silver
dollars, being receivable for customs dues,
have naturally not
entered into general
circulation, but have returned to the Treas¬
ury in payment of such dues, and thus the
only effect of the
attempt of the department to circulate them has been to
diminish
the gold revenue. After
resumption these coins will circulate in
considerable sums for small
payments. To the extent that
such
demand
will
give employment
to
silver dollars,
their use will be an aid to
resumption rather than a hindrance ;
but if issued in excess of such demand
they will at once tend to
displace gold and become the sole standard, and
as
they increase in number, will fall to their valuegradually,
as bullion.
Even the fear or
suspicion of such an excess tends to banish
gold, and, if well established, will cause a continuous
drain of
gold until imperative necessity will compel
resumption in silver
alone.
The serious effects of such a
radical change in our stand
ards of value cannot be
exaggerated; and its possibility will
greatly disturb confidence in resumption, and
may make neces¬
sary larger reserves and further sales of bonds.
The Secretary, therefore,
earnestly invokes the attention of
Congress to this subj -ct, with a view that either
during the
present or tbe next session the amount of
silver dollars to be
issued be limited or their ratio to
gold for coining purposes be
no
depreciation, and
bonds, the Secretary respectfully submits that this
authority should continue only while the notes are redeemed in changed.
coin. However desirable
continuous resumption may
RELATIVE VALUES OF GOLD AND
be, and
however confident we
SILVER.
may feel in its maintenance, yet tbe
expe¬
rience of
many nations has proven that it may be
Gold and silver have varied in value
from time to time in the
periods of great emergency. In such events tbe*impossible in
history
of nations, and laws have been passed to meet this
public
faith
demands that the customs duties shall be
chang¬
collected in coin and ing value.
In our country, by the act of
April 2, 1792, the ratio
paid to the public creditors, and this
between
them
was fixed at one of
pledge should never be
violated or our
gold to fifteen of silver. By
ability to perform it endangered.
the act of June 28,
1834, the ratio was changed to one of gold to
Heretofore, the Treasury, in the disbursement of
currency, lias sixteen of silver. For more than a century the market value of
paid out bills of any denomination desired. In this
way the the two metals had varied between these two ratios,
nujpber of bills of a less denomination than five dollars is.
mainly
deter¬ resting at that fixed by the Latin nations, of one
mined by tbe demand for them.
to fifteen and
Such would appear to be the a half.
true policy afier the 1st of
But we cannot overlook the fact that
January. It has been urged that,
within a few years, from
with a view to
place in circulation silver coins, no bills of less causes
frequently
discussed in Congress, a great change has
than five dollars should be
issued. It would seem to be more occurred in the relative value
of the two metals.
It would seem
just and expedient not to force any form of
money upon a public to be expedient to recognize this
creditor, but to give him the
controlling
fact—one
that no
option of the kind and denomina¬ nation alone can change—by a careful
tion.
The convenience of the
of
readjustment
the
legal
public in this respect should be ratio for coinage of one to sixteen, so
as to conform to the relative
consulted.
The only
way by which moneys of different kinds market values of the two metals.
The ratios heretofore fixed
and intrinsic values can be
maintained in circulation at
were
always made with that view, and, when made, did conform
par with
each other is
by the ability, when one kind is in excess, to
readily as near as might be. Now that the production and use of the two
exchange it for tbe other. This principle is applicable to
coin metals have greatly changed in relative value, a
as well as to
paper money.
corresponding
In this way the largest amount of change must be made in the
coinage ratio. There is no peculiar
money of different kinds can be maintained at
force
or
sanction in tbe present ratio that should make
par, tbe different
us hesitate
purposes for which each is issued
making a demand lor it. The to adopt another, when, in the markets of the
refusal or neglect to maintain
world,
it
is proven
this species of
that such
or
-
reden^ptian inev¬
itably effects the exclusion from
circulation of the most
valuable,
which thereafter becomes a
commodity, bought and sold at a
premium.
THE SILVER
When
COINAGE.
ratio is
tenth
or
not
now
the true
one-eighth to the thickness
one.
of
The addition of onethe silveT dollar would
scarcely be perceived as an inconvenience by the
holder, but
would inspire confidence and add
greatly to its circulation. As
prices are now based on United States notes at par witli
gold, no
disturbance of values
would result from the
resumption act passed, gold was the only coin
It appears from the recent conference- at change.
by law was a legal tender in payment of all debts. That that
Paris, invited by us,
other nations will not
act contemplated
join with us in fixing an international
resumption in gold coin only. No silver coin
ratio, and that each
of full legal tender could
must adapt its laws to its own policy.
then be
lawfully issued. "The only The tendency of latecountry
silver coin provided was
among
commercial nations is to the adoption
fractional coin, which was a
legal of a single standard of gold and tbe issue of silver for fractional
tender for $5 only.
The act approved
February 28, 1878, made a coin. We may,
very important change in our
ignoring this tendency, give, temporarily,
coinage system. The silver dollar increased value tobytbe
stores of silver held in
provided for was made a legal tender for all
Germany and
debts, public and France until our market absorbs them
private, except where otherwise
; but by adopting a silver
expressly stipulated in the standard as
contract.
The amount of this coin issued
nearly equal to gold as practicable, we make a market
will more
properly be for our large production of silver, and furnish a
stated hereafter, but its effect
full, honest
upon the problem of resumption dollar that will
be hoarded, transported or circulated without
should be bere considered.
The law itself
or reproach.
clearly shows that the silver dollar was not to disparagement
It is respectfully submitted that the United
supersede the gold dollar; nor did
States, already so
Congress
to adopt the largely interested in trade with all
single standard of silver, but only to create a propose
parts of the world, and becom¬
bi-metallic
standard
of silver and gold, of
ing, by its population, wealth, commerce and
equal value and equal purchasing
productions, a
power. leading member of tbe family of
Congress, therefore, limited the amount of silver
nations,
should
not adopt a
dollars to be standard of less
tbe
■which
coined to not lees than two
millions
nor more
than four millions
month, but did not limit tbe
aggregate amount nor the
period of time during which this
coinage
should continue.- The
market value of the silver in
the dollar, at the date of the
pas¬
sage of the act, was 93£ cents in
gold coin. Now it is about 88 cents
in gold coin.
If it was intended
by Congress to adopt the silver
instead of the gold
standard, the amount provided for is totally
inadequate for the purpose.
Experience, not only in this
country, but in European countries, has
established that a cer¬
tain amount of silver coin
may be maintained in circulation at
par with gold, though of less intrinsic
bullion value. It was, no
doubt, the intention of
Congress to
per
provide a coin in silver which
multitude of tbe
purposes of business life, with¬
banishing from circulation the established gold coin of the
country. To accomplish this it is
indispensable either that the
silver coin be limited in
amount, or that its bullion value be
equal to that of tbe gold dollar. If
not, its use will be limited to
domestic purposes. It cannot be
exported except at its commercial
value as bullion.
If issued in excess of
demands for domestic
purposes, it will necessarily fall in market
value, and, by a wellknown principle of
finance, will become the sole coin standard
of value.
Gold will be either hoarded or
would
answer a
out
exported. When two
currencies, both legal, are authorized without
limit, the cheaper
alone will circulate.
If, however, the issue of the silver dollars
intrinsic value than other commercial nations.
Alike interested in silver' and
gold, as tbe great producing
country of both, it should coin them at such a ratio and on such
conditions as will secure the
largest use and circulation of both
metals without
displacing either. Gold must necessarily be the
standard of value in great
transactions, from it3
greater relative
value, but it is rot capable of the division required for small
transactions ; while silver is
indispensable for a multitude of
daily wants, and is too bulky for use in the larger transactions of
business, and the cost of its transportation for long distances
would greatly increase the
present rates of exchange.
It would,
therefore, seem 10 be the best policy, for the present, to limit the
aggregate issue of our silver dollars, based on the ratio of six¬
teen to one, to such sums as can
clearly be maintained at par with
gold, until the price of silver in the market shall assume a
definite ratio to gold, when that ratio should be
adopted, and our
coins made to conform to
it; and the Secretary respectfully
recommends that he be authorized to discontinue the
coinage of
the silver dollar when the amount
outstanding shall exceed
$50,000,000.
The Secretary deems it
proper to etate that in the meantime,
in the execution of the law as it
now stands, he will feel it to be
hisr duty to redeem all United States
notes presented on and after
January 1, next, at the office of the Assistant Treasurer of the
United States, in the city of New
York, in sums of not less than
December 7,1878. j
""
^
THE CHRONICLE.
"
$50, with either gold or silver coin, as desired by the
holder, but
reserving the legal option of the government; aud to pay out
United
States notes for all other demands
on
the
Treasury,
except when coin is demanded on coin liabilities.
It is his duty as an executive officer to
frankly state his opinions,
so that if he is in error
Congress may prescribe such a policy as
is
best for the public interests.
funding.
The amount of 4
per cent bonds sold
585
ducted without loss
through the offices of the Treasurer, ten
Assistant ‘/Treasurers, one
depositary, and 119 national-bank
depositories, exclusive of those designated to receive
only loan
subscriptions.
Of the entire
receipts of the
there was deposited in
government, during the year,
national-bank depositories the amount
of
$99,781,053 48.
Deposits received by the bank depositories are secured
by a
pledge of United States bonds held by the
Treasurer,
and
are
paid out, from time to time, as the convenience of the
public ser¬
vice may require, or transferred
by the bank, without expense to
tbe government to an
independent treasury office.
By an act approved March 3,1857, public
disbursing officers
were
during the present year,
prior to November 23, is $100,270,900, of which
$94,770,900 were
sold under the
refunding act approved July 14,1870. Six per
cent bonds,
commonly known as five-twenties, to an equal amount,
have been redeemed, or will be redeemed
as calls mature.
This
required to place all public funds intrusted to them
beneficial process was
for dis¬
retarded by the requirement of the bursement on
greatly
law that
deposit with a public depositary, and to draw for
subscriptions must be paid in coin, the inconvenience of the same
only in favor of tbe persons to whom payment was to
obtaining which, to the great body of the people
be
outside of the made, excepting that
they might check in their own names, when
large cities, deterred many sales. This will not affect
sales after the
rayments did not exceed $20.
resumption, when bonds can be paid for with United States
notes.
The en'o-cement of this
The large absorption of United States
provision, according to its letter, was
securities in the American found
impracticable, and the attention of Congress was called to
market, by reason of their return from
Europe,
together
with
it
the
in tbe annual
sale of 4£ per cent bonds for
reports of the Secretary for 1857 and
resumption
1858, with
tended
a
retard the sale of 4
per
not more than
out of the
purposes,
to
bonds. As, from the best
advices,
of United States bonds are now held
cent
$200,000,000
country, it may be fairly anticipated that the sale
per cent bonds hereafter wiii
largely increase.
Prior to May, 1877, United States
bonds were
through an association of
under the present
plan of
fixed by public
bankers.
Experience
of 4
mainly sold
proves
that
selling to all subscribers on terms
advertisement, though the aggregate of sales
may be less, their distribution is more
satisfactory. Under a
popular loan th? interest is paid at home, and
the investment is
available at
recommendation for its modification.
No action in the matter
appears to have been taken
gress until the act of June 14, 1866,
reproduced
by Con¬
section 3620,
Revised Statutes, was passed. This
appeared to supersede the
act of 1857 in
removing the restrictions as to the method iu
which the money was to be
drawn, but by an act approved Feb¬
ruary 27,1877, section 3,620 has been amended
by requiring the
checks to be drawn
only in favor of the persons to whom
ments are to bn
made.
The object which tbe law
the entire approval of the
as
pay¬
evidently seeks to accomplish meets
department, but to carry its provisions
times, without loss, to me^t the needs of the into
<-fleet would
holder. This policy has been
paymasters in the Army to draw their
carefully fostered by other nations, checks in favor ofrequire
and should he
the soldiers to be paid
specially so in ours, where
by name, and paymasequally participates in the government of his every citizen te s on naval vessels, even during absences for years from the
The United States, to
country.
pay the officers and men orjy
holding of these bonds at home, in small sums well
by drawing
distributed, checks in their favor en depositaries in the
is of great
importance in enlisting popular interest in our
United States.
Tt e same embarrassment extends to all
national credit, and in
public disbursements,
encouraging habits of thrift ; and such and the attention of
holding in the country is far more s'able and less
Congress is called to the matter, with the
likely
to
dis¬
turb the market than it would
recommendation that the section be so amended
be in cities, or
that disburse¬
by corporations, ments may be made under
where the bonds can be
regulations to be prescribed by the
promptly sold in quantities.
The three months’
public notice required by the fourth section Secretary of tbe Treasury.
of the
all
refunding
act to be g^ven
to the holders of the
fivetwenty bonds to be redeemed,
necessarily
involves
a loss to the
government by the payment of double
interest duriDg that time.
The notice should not be
given until subscriptions are made or
are
reasonably certain to be made. When they are made aud
the money is
paid into the Treasury, whether it is
kf*pt there
idle during the three
months, or deposited with national banks
under existing law, the
government not o ily pays interest on
both classes of bonds
NATIONAL BANKS.
The report of the
Comptroller of the Currency presents full
and interesting information as
to the national banks.
The num¬
ber in existence on October 1 was
2,053. The amount of their
circulating notes outstanding, including those in liquidation, was
$323,147,719; the capital invested was $466,147,436 ; the
surplus
fund and profits were
$157,833,993; tbe loans and discounts
were
$830,521,542.
during the ninety days, but, if the sales
This system of banks,
though of recent growth and adopted as
large, the hoarding of large sums may disturb the
market. an experiment amid the necessities
Under existing law this is
by the civil war,
unavoidable, and to mitigate it the has, under wise management, become developed
the most important busi¬
Secretary deemed it expedient duriDg the last summer
ness
to make
agency in the country.
calls in
Though still under trial and subject
anticipation of subscriptions; but this,
at all times to the discretion of
though
legal,
might, in case of failure of subscriptions, embarrass the
Congress to discontinue aud limit
its existence and
ment in
operations, it may be fairly claimed, as
paying called bonds. The loDg notice required govern¬ established
is not
by experiment, that the system possesses already
by liw
necessary in the interest of the holder of the
certain
bonds, for, as advantages over any other heretofore
the calls are made
existing in this country,
by public notice and the bond' are indicated and possible
and specified
only with a national system.
by class, date and number, in the order of their
First—The security of the bill-holder from
numbers and issue,
loss through failure
lie, by
hand when his bonds in dueordinary diligence, can know before¬ of the bank.
course will
Second—Tbe rapidity and
probably be called, and
will not be taken
certainty of the detection and pre¬
by surpiise.
vention of
The Secretary therefore
counterfeiting,
from
the fact that the notes are en¬
recommends that the notice to be
graved, printed and redeemed at the
given for called bonds be, at his
Treasury
dbcretioL, not less than ten
Third—The frequent and careful examinationDepartment.
days nor more than three months. In ibis
of the banks, and
way he will be able the publication of the detailed statements of their
largely to avoid the payment of double interest,
condition.
as well as the
Fourth—Uniformity and free circulation of the notss through¬
temporary contraction of the currency, and
out,
the
UnHed States, without
may fix the maturity
of the call at a time
respect to the place of their issue.
when the interest of the
called bond's
Fifth—The admirable provisions by which failing banks are
becomes due and payable.
placed in l quidation, and their assets
cheaply aud promptly
SAVINGS.
applied to the
are
-
It has been the desire of the
payment of creditors.
department
public loans and bring them within
who
to
popularize the
easy reach of every citizen
desires to invest his
savings, wl eilier small or great, in
these securities. The
popular loan of 1877, open to all alike by
public advertisement, absorbed $75,COO 000 of 4
percent bonds,
and during the
present year these bonds have been sold in the
same manner.
It is believed that without
of these bonds will
chaDge of existing law the sale
largely increase, but it would appear advisa¬
a
ble so to modify the law that smaller
sums
may be invested from
time to time
through popular subscriptions, and that
through
the post offices, or other
agents of the government, the freest
opportunity may be given in all parts of the
country for such
investments.
The best mode
suggested is, that the
issue certificates of
ized to
denomination
department be author¬
deposit of the United States of the
$10, bearing interest at the rate of 3 65
per cent
of
per annum, and convertible at
any time within
their issue into the4
per cent bonds
one year.after
authorized by the
refunding
act, and to be issued only in
exchange for United States notes
sent to the
Treasury by mail or otherwise. Such a provision of
law,
supported by suitable regulations, would enable
any person
cost or risk, to convert his
money into an inter
est
hearing security of the United States, and the
money so
received could be
applied to the redemption of 6 per cent bonds.
The Secretary therefore
recommends the prompt
passage of such
a law.
readily, without
IUBLTC MONEYS.
The monetary transactions
of the government have been
con¬
These, and other advantages, derived
national
system of banks
to the public from a
State system, seem to be
fully
irksome and apparently hard to the
over a
demonstrated, and, though
banks, are a benefit and security to the stockholders, and a safe¬
guard to the public.
The only franchise conferred
by this system, that cannot be
freely enjoyed by private bankers under State law, is the
power
to issue
circulating cotes. This, it is conceded, is a franchise
conferred by the government; but
it is not in the nature of a
monopoly. It may he exercised by any five persons who have
the means,-and will
comply with the law.
Whether tbe power to issue
circulating notes shouM be granted
to private
corporations, or be exercised only by tbe government,
is purely a question of
public policy and public interest. In be¬
half of a circulation issued
by the government, it is claimed that
interest is saved to tbe public on the full
amount of the notes
issued. To this it is replied that the issue of
such notes neces¬
sarily involves their * redemption in coin, and this can be secured
only'by coin reserves and the ordinary machinery of banks. If
the banks issue notep, they
expect to derive a profit from their
loan ; but this profit is diminished
by the burden of
by the large taxes imposed upon the franchise, ard redemption,
by the risk
always incident to tbe issue of circulating notes. These are con¬
siderations which will, no doubt, enter into the
question of the
permanency of the national banking system ; but as the banks
of this system are each
organized, under the law, for twenty
years, and none of them expire until June,
1883, it is respectfully
submitted that it is good policy to continue tbe
experiment until
that date, when the put
lie mind will be better prepared to con¬
sider the questions involved.
586
THE CHRONICLE.
COINS AND COINAGE.
retary has therefore directed that all work of this descriptionr
The annual report of the Director of the Mint exhibits in detail
the operations of the several Mints aud Assay offices, and also
presents interesting information relative to the production of
gold and silver in the United States, the estimated amount of
gold and silver coin and bullion in the country, the depreciation
of silver, the positioaof the American trade dollar in the Oriental
trade, and other subjects connected directly or indirecTy with the
coinage.
The value of the
gold coinage executed during the last fiscal
year was
8,578,500 00
8,339,315 50
30,694 00
coinage of
$61,120,499 50
In addition to the coinage, fine and unparted bars were pre¬
pared for depositors in the amount of $12,501,926 23 in gold and
$11,854,385 87 in silver.
It is manifest, from the proven capacity of the several mints,
that onr coinage facilitits are ample for all purposes.
The present
production of bullion from the mines of the United
to approximate $100,000,000 in value. All the
gold bullion produced in the country contains more or less silver,
and the greater portion of the silver bullion from our mines con¬
tains a percentage of gold, making it difficult to determine with
accuracy the proportion of each.
It is safe, however, to state
that the production of the two metals, calculated at their
coining
rates, is nearly equal.
During the year 1877 and the first few months of the present
year, trade dollars, to the number of probably 4,000,000, were
placed in circulation in the States east of the Rocky Mountains,
with a full knowledge on the part of the parties
engaged in the
business that the coin was not a legal tender.
States appears
This coin is in
money of the United States which the
government is bound to redeem or care for. The government
stamp upon it is to certify to its weight and fineness for the
convenience of dealers in silver bullion.
It is precisely like any
no sense
other silver bullion assayed at any
The
assay office or mint.
limited legal tender quality orginally
given to it was taken away
before any of the coins were put into domestic
circulation, and it
should not cow be given any value or attribute at the
expense of
the public that is not incident to
any other silver bullion.
The
government has received
benefit from this coinage, and has
neither received it ncr paid it out.
The whole connection of the
government with this bullion was to perform the mechanical
work of assaying it and dividing it into convenient form for the
merchant, at his cost and for his benefit, for exportation only.
no
Recent advices from our Minister to China indicite that
siderable amount of trade dollars is now
•rnpire, and will be returned
being boarded in that
to us if
discrimination is made in
No distinction can be made be¬
a
the
United States ; but, if r< deemed at all,
they must all be redeemed
alike. The bullion in 35,853,360 trade dollars
outstanding can
be purchased from our miners for
$31,256,050. It would be
a manifest
injustice to deprive them of our market for their bul¬
lion, in order to discriminate ia favor of bullion coined for expor¬
tation and held chiefly in foreign countries.
At times the fractional coins of the United States
accumulate
at certain places aud are wanted at others.
It is recommended
that this department be authorized to redeem them in
United
States notes when presented in sums of
$100, or any multiple
thereof, at the Mint at Philadelphia, where they can be recoined,
if necessary, and distributed.
The amount of gold coin aud bullion in the
now
country September
$259,353,390, and of silver
coin and bullion at $99,090,557—a total of
$358,443,947.
The estimating of the production of the
precious metals in this
country, and of the amount of coin and bullion, is a matter
attended with great difficulties, and the estimates
can only be
regarded as approximately correct, though they have been com¬
piled from the be3t attainable sources.
By reason of the acts authorizing this department to purchase
gold and silver bullion at the several mints and assay offices, its
transportation is thrown upon the government. The great body
of the bullion accumulates in San Francisco and
Carson, and the
chief transportation is from those
places to New York. Efforts
were made to secure favorable
rates, but the lowest offer was
3-10 of 1 per cent for gold, and 1 2-10 per cent for
silver, which
30, is estimated by the director
deemed to be excessive.
at
Silver coin and bullion
can
be trans¬
ported with but little risa, while at the rite proposed for trans¬
porting a car containing $250,000, or about eight tons, the cost
would be $3,000.
The chief cost is in the transportation over
the Central and Union Pacific
Railroads, both largely indebted to
the United States.
It is respectfully submitted th it the rate
over these roads be
prescribe i by Congress, and that the pro¬
ceeds form part of the sinking fund of said
railroads, provided by
aw.
BUREAU OP ENGRAVING AND PRINTING.
At the close of the last fiscal
year
balance of $652,836 17 of the
there was an unexpended
appropriation for labor and other
this bureau. Of this amount, in accordance with the
approved J une 20, 1878, the sum of $327,536 50 will be
expended in the purchase of a site for and the erection of a fire¬
proof building for the bureau, the work on which is now pro¬
gressing satisfactorily, and will probably be completed during
the fall of 1879.
It is assumed, from the action of
Congress at
its last session, that it holds that the
engraving and printing of
the public securities can be more
cheaply, perfectly, and safely
done in this bureau than in private
establishments, and the Sec¬
expenses of
act
After careful
inquiry, it has been ascertained that the prices
ueed for public securities are greatly in excess
of its ost, and proposals have been invited for the manufacture
of a suitable paper, of a distinctive character, for this
purpose,
no action
upon which lias yet been taken.
[Remarks with regard to “Disbursements of the Commissioners
of the District of Columbia,” and ‘‘Claims,” are
omitted.]
paid for the
paper
DUTIES ON IMPORTS.
The embarrassments alluded to in the last annual report,in re¬
gard to the collection of duties on sugar, have not ceased. Seizures
have been made of cargoes of sugar claimed to be artificially col¬
ored for the purpose of reducing the duties at the Custom
House,
and a suit involving one of these cises was tried at Baltimore at
great expense to the government and to the importers, and was
recently concluded, the verdict being that the sugars were artifi¬
cially colored after the process of manufacture was completed,
but that it was not proven that the importer of the sugars had a
knowledge thereof at the time of making entry. Tnough the
claim of the government, that the sugars had been
artificially
colored for the purpose of defraudingthe revenue, is maintained,
it is powerless, under the
anti-moiety act. of June 22, 1874, to
enforcs fines, penalties and forfeitures, against persons or
prop¬
erty, unless there is proof of guilty knowledge of fraud.
It is deemed imperative that some change in the m 'de of col¬
lecting duties on sugar should be had, and it is preferred, as stated
in the last report, that the duty should be at one rate on all
sugars, up to a point which will exclude temptation either tocolor sugar for the purpose of reducing ..he duty,
or to commit
fraud by means of sampling and clarification,
l'he duties now
are, to a large extent, dependent upon the fidelity ot the sampler,
ODe of the lowest
paid officers in the public service.
In the event that duties upon sugars are made
dependent to
any con iderable extent upon color by the Dutch standard, it is
recommended that authority be given to thia department to ascer¬
tain the true saccharine strength of imported sugars by means of
the polariscope, and that the relations between the color of
sugars
and their siccbarine strength be definitely
prescribed by Con¬
gress.
In this
connection, the attention of Congress is called to the
operations of the Reciprocity Treaty between Hawaii and the
United States, concluded January 30, 1875.
The value of goods shipped from the United States to Hawaii for the
yeir ended December 31, 1375 (thj year before the treaty went into
operation),
was
$917,260
I,7b2,805
And for the year ended December 31, 1S77
a con¬
their favor over other bullion.
tween trade dollars in the United States and those out of
was
except certain proprietary stamps, shall be done therein. Th©
cost of the work is less than one-half the prices
previously paid.
$52,798,980 00
11,378,010 0)
Of trade dollars
Of standard silver dollars
Of fractional sdver cuin
And of minor coin
A total
fVCL XXVII,
Excess in 1877 over 1875
The duties surrendered by virtue of the treaty on goods imported into
the United States for the year ended December 31, 18/7, were
Difference between duties remitted by tne United States ia
1377, and
value of excess of imports in 1377 over 1875
..
..
$815,515
811,205
$15,661
So that we have surrendered duties in an amount greater than
the entire excess of exports in 1877 over those of 1875.
Of the duties thus surrendered in 1877, $716,732 was on sugars
alone.
The advantages have thus far not been reciprocal, but, as
has been shown, have been largely in favor of Hawai’, and it is
probable that the benefits in favorof Hawaii will increase largely.
While not recommending a general revision of the tariff at the
present time, it is deemed important that upon some articles the
ad valorem duties now assessed should be converted into
specific
duties. As a rule, specific duties are to be preferred to either ad
valorem or compound rates, and, in any future revision of the
tariff, it is hoped that Congress will give pre erence to this sys¬
tem of imposing duties, as far as practicable.
The argument in
favor of specific duties, applies with great
force to kid gloves,
concerning the value of which, under the present ad valorem
duties, serious differences of opinion have occurred between the
importers and the government during the past year, which have
led to protracted delays in the ascertainment of
thq dutiable
value, and consequent injury to the mercantile community.
While it may not be practicable to frame a specific
duty which
would be entirely equitable upon all classes of leather
gloves, it
is believed that such specific rates of duty can be levied as, while
yielding as much revenue as the present rate based upon the
market value, will make a just distinction between the
higher and
lower grade of gloves, and avoid the
uncertainty and contention
produced by the present duty.
The subject of specific duties
upon.silk piece goods is also
commended to the consideration of Congress.
The efforts of the
department to collect duties on silks upon such a basis of value
as shall meet the ^demands of the
present law have not been
attended in ail cases with success.
The law contemplates the
assessment of duty on the market value or., wholesale
price, and
presupposes a price at which any person in the ordinary course of
trade may purchase the goods.
European manufacturers of silks
consign their goods to agents in this country for sale, and no
sales for shipment to the United States are made in the
open for¬
eign market of such goods. Consequently, there is no basis upon
which their dutiable value can be ascertained.
It is believed that invoices of goods
consigned to the United
States for sale are, as a rule, undervalued, and that by such con¬
signments the trade in silks and kid gloves is kept within the
control of a small number of commission importers, while the
American importers are
mass of
excluded therefrom. Tois
faulty system has had the effect, if not
so
designed, largely to
defraud the revenue, and to enable the few who control the busi¬
ness to invoice their goods at the lowest
rates, and to command
the highest rates from purchasers.
The
adoption of specific duties would place the importer who
.
December
7,1878.1
THE CHRONICLE.
purchases in the foreign market and the manufacturer who
ship8
his goods on consignment
upon an equal footing at the Custom
House, and obviate the difficulties in collecting the revenue on
this class of goods.
Examinations made during the past year
by the officers of this
department have led to the conviction that the present
provisions
of law,
allowing abatements of duties on account of damage to
imported merchandise on the voyage of importation, are
neither,
upon the whole, equitable to the importer, nor
just
to
the
gov¬
ernment.
The extent of such damage on
many classes of goods
can
only be conjectured ; and it has been alleged that
larger
allowances have been made at some
ports tban at others, on
goods of the same class, which occupy about the same time in
transit from the
foreign market.
The repeal of all laws
allowing damage upon the
importation^ would place all persons upon an equal voyage of
footing, as
loss by damage can be
guarded against by prior insurance. There
is reason to believe that the
larger importing house* of the United
States would gladly favor such a
measu.e, and its adoption is
therefore recommended.
,
The continued experience of this
department during the past
year, has justified the recommendation made in the last
report, in
favor of such a change in the law as will offer
increased induce¬
ments to parties who
may be &b eto secure a knowledge of frauds
upon the customs revenue to bring it to the attention of
the cus¬
officers.
The pecuniary inducements which this
department has been
able to offer, under
existing laws, have not been sufficient to
induce parties to make active efforts to search
toms
and
out such
frauds,
does not
prior to the
bring the offenders
recommend
a
to punishment.
The Secretary
return to the system which
prevailed
passage of the so-called anti-moiety act of June
22,1874, so far
as that
system conferred large emoluments upon officers of the
government; but he is satisfied that additional
legislation is
necessary in order to place within the control of this
department
the machinery
necessiry to develop proof of frauds, which, under
any system of customs duties, are likely to arise.
There appears to be a
necessity for the adoption of some
measure by Congress to secure
greater efficiency aud uniformity
in appraisements of
imported merchandise.
Under the present system, each local
appraiser is independent,
and has no knowledge of the action taken
by appraisers at other
ports upon the articles which he is called
upon to appraise.
It
thus occurs that the values found at the
various ports are not at
all times uniform
upon the same class of goods.
It is also a
matter of frequent occurrence that merchandise
is classified under
one rate of
duty at one port, while at other ports it is entered by
a different
name, and subjected to a different rate of
duty. A bill
will be prepared and submitted to the
proper committee of
Congress to remedy this and other defects in the
present
machinery for collecting the customs revenue.
Every possible effort has been made during the past year to
reduce the expenses of
collecting the revenue from customs, with
ths result already stated. There are
many customs
however, which might be abolished, aud in which the districts,
interests
of the government Could be well
protected by subordinate officers
connected
with the more important districts in the
of country, and with considerable
saving of expense.
Under section 253 of the Revised
Statutes, the
Treasury
may
region
Secretary of the
delivery, the revenue
discontinue any port of
received at which does not
It is recommended that
same
the sum of $10,000 a
year.
authority ba given, also, to abolish
ports of entry where the receipts do not amount to the sum
speci¬
fied, placing subordinate officers, if necessary, at such
ports,
to
be attached to other collection
districts; or to consolidate two or
more districts, should it be found
desirable.
amount to
587
-
II Mil
—
I preceding
year by $10,953,100, and the
the preceding
year by $22,422,112.
The excess of snch
exports over
exportation less than 1o
imports has decreased from
to $3,918,811, in 1878, as above stated.
excess of
exports over imports of merchandise
during the
first four months of the current fiscal
year amounted to $81,415,477, and during: the corresponding months of the last fiscal
$71,231,425, in 1875,
The
to
year
only $34,295,076.
During the first four months
of the last fiscal year, there was
imports cf coin and bullion
amounting
to $3,430,787,
whereas, during the first four months of the cur
rent fiscal year, there has been an
excess of imports over
exports
of coin and bullion
amounting to $3,355,882, making a change in
this respect of $6,786,669.
The total gold value of
exports of domestic merchandise, from
the United States, has increased from
$269,389,900, in 1868, to
$680,709,268, in 1878—an increase of 153 per cent.
With one or two
unimportant exceptions, the United States
an excess
of exports over
stands alone among the commercial nations of
the
respect to the excess of export* over imports.
The increase in our
exports consisted
globe with
mainly of breadstuffs,
provisions, agricultural implements, iron and manufactures of
iron, copper and manufactures of copper, manufactures of
cotton,
leather and manufactures of
leather, and petroleum.
The exportation of the m*nufact.ured
articles referred to in¬
creased lrom $14,287,486, in
1868, to $37,250,882, in 1878.
Many highly-wrought products of American manufacture,
previously exported in very small quantities, or not at all, now
find profitable markets in
foreign countries, and certain of these
commodities are now being exported to countries from
which, a
few yt>ars
ago, they were largely imported into the United
States.
Many branches of industry are now feeling the quickening in¬
a
foreign demand, and the possibility of successtully
competing in the markets of the world with some of our older
commercial and manufacturing rivals is a source of
the highest
fluences of
encouragement and of confidence in the future.
Of the exports of domestic merchandise
during the year, the
products of agriculture comprised 77 per cent, and exceeded the
entire value of our imports of all
classes of merchandise from
foreign countries.
The exports of these products have risen from
$368,852,972, in
1872, to $536,039,951, in 1878, and the capacity for their further
increase would seem to be limited
only by the demand therefor.
In connection with the increase of our
exports, attention is
invited to the decrease of our
imports of merchandise from $642,-
186,210 for 1873, when they reached their maximum, to
$437,051,532 for 1878—a decrease of $205,084,618.
This decrease of imports consisted chiefly of
manufactures of
cotton, flax and silk, of wool and manufactures of
wool, and of
iron and steel and manufactures thereof.
Ot‘1 he latter, the importation of railroad-bars of iron
and steel
decreased from 595,321 tons, in 1872, to 12
tonB, in 1878; but
their product in the United States increased from
2,958,141 tons,
from 1867 to 1871, to 4,056,340 tons, during
the five years from 1873 to 1877, and from this
product has been
supplied the demand for such bars necessary ior the extension
and renewal of railroads, of which there are in
operation seventyduring the five
years
nine thousand miles.
INTERNAL
REVENUE.
The receipts from the several sources of taxation
under the
Internal Revenue laws for the fiscal
years ended, respectively,
June 30, 1877, and June 30, 1878, are shown in the
following
tabular statement: *
Attention is called to the
report of the Chief of the Special
Agents, showing the nature and character of the duties
performed
by them during the past year. The importance of this service is
manifested in the economy and
efficiency produced by the efforts
of these
agents, who, being generally familiar with the customs
service, are able to discover and check irregularities, and to detect
and prevent frauds.
[Remarks with regard to “Alaska”
are
omitted.]
.
Total exports of merchandise
of merchandise
$68\709,263
14,153,49s
$691,865,766
Imports
437,051,532
Excess of exports over imports of merchandise
$.57,814,234
Compared with the previous year, the importations are
$14,271,594, and the exportations greater by $92,390,546.
less
by
The annual average of the exceFS of
imports over exports of
merchandise, for the ten years ended June 30, 1873, was
706,922 ; but during the last three years there has been an $104.excess
of exports over
imports as follows : in 1876, $79,643,481; in 1877
$151,152,094; and in 1878, $257,814,234.
The total amount of
exports and imports of specie and bullion,
during the last fiscal year, has been as follows :
Exports of specie and bnl ion
Imports of specie and bullion.
exports
over
29,a21,3H
imports
importation of specie and bullion
$33,740,125
$3,918,811
1871.
Increase.
$57,469,429 72 $50,429,815 80 $
41,106,546 92
9.480,7fc9 17
3,829,729 3 J
419.999 41
40.09L754 67
9,937,051 78
3,492,031 65
6,450,429 15
346,007 55
6,380,405 13
21:8,260 56
429,658 71
Total
less than for the
456,262 "bi
Decrease.
$7,0*8,613 9
1,014,792 2
337,697 48
73,991 86
70,024 C2
191,393 16
*118,995 184 25 $111,097,725 49 $617,660 77 $8,545,119 53
The amount of collections exhibited in the
foregoing table
includes commissions on sales of
stamps, paid in kind, as
well as certain sums collected, but not
deposited, during their
respective fiscal
An apparent discrepancy is thus caused
years.
between the amounts of collections given in the table and those
shown by the covering warrants of the
By comparing the internal
Treasury.
revenue
for the fiscal year termi¬
nated in Jane last with that for the fiscal
year ended June 30,
1877, it will be seen that there has been a decrease during the
past year of nearly eight millions of dollars, and that of this
amount upwards of seven millions arose in the collection of
spir¬
its. owing to causes which have been already adverted to.
The needs of the public service
require that no reduction of
internal revenue taxes be made.
The commodities from which
the internal revenue is mostly collected,
namely, spirits, tobacco,
fermented liquors and stamps, are those which
properly bear the
burden of the tax ; and the present rates are, in the
main, equit¬
able and satisfactory, and to them the trade in those commodities
has become adjusted.
Any change in these ra’es, or
change, disturbs the
course of business and is
agitation of
prejudicial both to
dealers and the revenue. Stability in the rates of taxation is, in
view of the present condition of
the country, especially
desirable.
The number of collectors is at present 126.
.
was
’
re¬
pealed laws.
Exports of domestic merchandise
Exports o: foreign merchandise
The
.
Penalties, &c
The gold values of the
exports of merchandise from the United
States, and imports of merchandise into the United
States, during
the last fiscal year, as
appears from returns made to and com¬
piled by the Bureau of Statistics, are as follows :
of
Spirits
1877.
Tobacco
Fermented liquors. ...
Banks and bankers....
Adhesive stamp*
Back taxes under
EXPORTS AND IMPORTS.
Excess
Sources.
588
THE
CHRONICLE.
COMMERCE AND NAVIGATION.
REPORT
[VOL. XXVII.
OF
THE
The total
tonnage of vessels of the United States is 4,212,704
tons, a decrease of 29,836 tons from that of the fiscal year ended
June 30, 1877.
The following table exhibits the total tonnage for
Registered, engaged in foreign trade.
Enrolled and licensed, engaged
domestic commerce
.
Vessels.
Tons.
2,988
1,HU, 193
3,0)7
1,629,047
22,398
2,631,407
52,227
2,531,717
25,336
4,212,600
25,264
4,212,764
in
Total
1878.
.
,
The decrease in the total tonnage
table;
is exhibited in the following
Vessels buffi
Wrecked and rebuilt.
Balance (absolute decrease)....
Number.
Tons.
1,2:8
235,504
122
2)836
1,331
265,525
...
185
...
Decrease.
foreigners
43,607
sea
7<i0
463
tO
165, i 47
1,381
265,525
...
...
Loss
by re-admeasurement and vessels
The tonnage of
that of last year.
not documented..
vessels built is about 33
per cent
in
56.195
176
excess
of
By reference to the foregoing table, it will be seen that the
of the losses of tonnage by wrecks, sales to
foreigners and
other causes, over the gains by
building, amounts to 29,836 tons.
On the other hand, the increase of
tonnage in ves-els built is
about 30 per cent over that of last
year.
But the number of
vessels built includes only such as have been
documented, and
does not embrace vessels built and sold to
foreigners without
excess
registration.
The vessels built
classed as follows :
during the
year
THE
Office
Treasury Department,
Comptroller of the Currency,
of the
)
l
Washington, D. C.j November 30, 1878.)
I have tin honor to submit for the consideration of
Congress
the sixteenth annual report of the Comptroller of the
Currency,
in compliance with section three hundred and
thirty three of the
Revised Statutes of the United- States.
This section provides
that the Comptroller shall make annually a report
to Congress, at
the commencement of its session, exhibiting—
1st—A summary
Increase.
Sold to
Lost at
OF
CURRENCY.
the last two years :
1817.
Vessels.
Tong.
COMP TR OLLER
ended June 30, 1878,
Number.
Sail vessels
Steam vessels
t.a
3 4
Enrolled canal-boats
19
Barges
373
are
Tonnage.
106,066-51
81,859 * 0
1.908-50
45,658'96
of the state and condition of every association from which
have been received during the precediug year, at. the several dates to
which such reports refer, with an" abstract of the whole amount of
banking
capital returned by them, of ihe whole amouit of their debts and
liabilities,
the tmount of circulating notes
outstanding, and the total amount of means
and resources, specifying the amount of lawful money held by them at the
time-> of their sever 11 re’urns, and such other information in relation to tuch
associations as, in his judgment, may be useful.
report
-
2d—A statement of the associations whose business has been closed
during
the year, with the amount of their circulation redeemed and the amount
outstanding.
3d—Any amendment to the laws relative to banking by which the system
security of the holders of its notes and other
may be improved and the
creditors may be increased.
TLiis section further provides that a statement shall be
prepared
by the Comptroller, exhibiting, under appropriate heads, the
resources and liabilities and condition of the banks,
banking com¬
panies and savings banks organized under the laws of the several
States and Territories, such information to be obtained
by the
Comptroller from the reports made by such banks, banking com¬
panies and savings banks to the legislatures or officers of the
ditfermt States and Territoiies; and where such reports cannot
be obtained, the deficiency to be suppl ed from such other
authentic sources as may be available.
This last provision became a law by act o' February 19,
1873,
but, owing to the defective legislation of the several States, it has
thus far been found impracticable to procure reliable statistics
showing the condition of all the banks organized under State
laws. All priva’e bankers aud banking associations, however, of
whatever nature other than national, are r< quired
by law, for
purposes of taxa’ion, to make semi-annual returns to the Com¬
The discrimination between boats and
barges not propelled
Revenue of the average hmourn of their
by sail or steam, which arises from the operation of the act of missioner of Internal
capital
and
deposits.
From
these returns the foliowi ig tab e has
April 18, 1874, still continues to exist, to the great embarrass¬
been compiled in this officj, exhibiting in a concise form,
ment of the department.
by
Under the construction which it lias
d visions, the total average capital and deposits of
been considered necessary to
give to this statu e, one class of geographical
all State and savings banks and privare bankers in the
country,
barges that are partially employed in the internal waters of a for the six months
end:ng May 31, 1878:
State is exempt from enrollment and
license, while other vessels
of similar structure,
employed exclusively on the navigable
! Savings
waters of the United States, are
State banks
required to be enrolled and
andjprivate bankers, t>aymgs banks jlTks wTthi trust
a
licensed.
This discrimination is pernicious and
ted to exist.
But I
ste
no
should not be permit¬
practical remedy for it other than by
restricting the issue of enrollments and licenses to vessels pro¬
pelled by sail or steam. A bill to that effect has already re¬
ceived the favorable consideration of one branch of
Congress.
number of entries of vessels into ports of the United
The
total
Spates from foreign countries, as returned
by the Bureau of
Statistics, during the year ended June 30, 1878, was 30,790 • of
these
^
entries, 10,694
were
of
number 10,872 were
total tonnage thus
of American vessels; the total number
clearances^ foreign, clearances
during the
same lime, wa* 31.364; of
of
American
vessels.
tills
Of the
entered, about 25 per cent was American and
75 per cent foreign ; of the total number of
clearances foreign,
about 26 per cent was American, and 74
per cent foreign.
[Remarks with regard to “ Steamboat Inspection” and “ Rev¬
enue Marine” are
omitted.]
OFFICIAL SERVICE.
In closing his annual
report, the Secretary deems - it proper to
call attention to the
great variety of jurisdiction imposed by law
upon the Treasury Department.
Since its
organization, by act
approved September 2, 1789, it has been placed in charge of the
commerce and
navigation of the country; of a revenue marine,
consisting of thirty-seven steam and sailing vessels, engaged
in
the prevention of
smuggling and the assistance of distressed and
wrecked vessels; of the
engraving, printing and redemp'ion of
United
States notes; of the collection of commercial and
other
statistics, and of the construction and custody of
public
bu
ldings.
It has also the exclusive
supervision of the Na ional Bants, of
the Lighthouse
Establishment, the Coast Survey, the Life-Savirg
Service and the Marine
Hospital Service—together constituting a
diversity of duties requiring the highest skill, learning,
fidelity
and
enterprise on the part of its officers. The laws relative to
these matters have been
supplemented by regulations and de¬
cisions, and all combined form an admirable system for the ad¬
ministration of the business of the
department. It will, accordbe seen that the collection and
disbursement of public
revenues, and the settlement of the accounts
therefor, constitute a
small part of the work of the
department, and it would seem
proper that the persons performing duties so varied and
impor¬
tant should have a tenure of office
terminable
only for causp, as
in the army and
navy, and that provision be made for
increased pay as a reward for
long-continued and faithful service.
The general conduct of the officers of
this department has been
is the
case
exemplary, and probably no service presents
responsible trusts faithfully and honestly
a
better record
discharged.
The several reports of the heads of
bureaus and divisions
herewith
_
To
of
are
respectfully submitted.
John Sherman, Secretary of the Treasury.
Hon. Samuel J.
Randall,
Speaker of the House of Representatives.
Geographic..!
,
,
capital, j,
capit’l.
m
OQ
division*.
Number. Capitl.
Number. Capitl. Deposit. Number. Capital. Deposit. Number. Deposit.
a
a
o
A
1
i
Middle Stages...
Southern Sta es.
Milt's i X
819 1506
42
217 -2 45 122-10
233 27-38 30-67
Western
States
and Territories.
361
United States...
853:121-35 229
N.
.
With
companies.
Engl’d States
61" <55
45 33
|
|
1
i
MVl. Mi’l's
71 2-86
3 v3
916 34*4- 61 92
28J 7 3
11 6?
1,589
48*2,856
33 1
105-00
77 80 183-83
•
1
Mil. Mill.
1 0- 7 114
310-16 13?
410-8- 1-23
190 358 68
3
214
15 •2 l:- 2-2-39
23 3 2
.’6'18
1
Mill's
44! 403 43
34
39 05
168 803 30
The
capital of the 2,056 national banks in operation on June
29, 1878, as will be seen by a subs quent table, was $470,393,366,
not including surplus, which latter fund amounted at that date
to more than 118 millions; while the
average capital of all the
State banks, private banks and savings banks having capital
stock, for the six months ending May 31 previously, was, as seen
below, but $205,382,832 ; which amount is considerably less than
one-lialf that of the r ational banks.
The net deposit of the
national banks were $677,159,298, while the average deposits of
all other banks and bankers, including savings banks, were
$1,242 794,903. The average deposits for the same period of 668
savings banks having no capital stock wer < $8)3,299,345.
The table below'exhibits the aggregate average capital and
deposits for the period named of all banks other than national,
together with the capital and deposits of the national banks on
June 29 following:
Sta
e
banks, sav-;
ings b’nks, private National banks,
Geographical
No.
N. England States..
555
Middle S ates
1,326
Southern States
5-0
Western States and
Territories
1,999
.
United Stages.,
Total.
bankers, &c.
divisions.
Capi-' Depos¬
tal.
its.
Mill'8.
Mill'ns\
No.
Capi¬
tal.
De¬
posits No.
CaDi-
Depos¬
tal.
its.
77-09
3?‘55
422 86j
141 07j
47 77
Mill's Mill's
Mill'8 Mil? ns.
5 *2 166-52 128-83 J ,097 177 64
55169
634 1«7" 18 3 4-89'l,960 254 27
918%
176 31 4)1 33-94! 696 67 04
83 71
81-62
228-09
704
11
12,
95-'20,137-50 2,703
176 82
4,40" 205-38 1,242*79 2,056 470 39 677’ !6'M55 675 7
355 59
1,919 95
From this table it will be ssen that the total number of banks
and bankers in the country at the dates named was 6,456, with a
total banking capital of $675,776,198, and total
$1,919,954,201.
deposits of
********.*
The total number of national banks organized from the estab¬
lishment of the nat’onal-banking system, on February 25, 1863,
to November 1 of the present year is 2,400.
Of these, 273 have
into voluntary liquidation by vote of shareholders owning
two-thirds of their respective capitals, and 74 have been placed
in the hands of receivers for the purpose of closing up their
gone
December 7,
THE CHRONICLE.
1878.]
affairs, leaving 2,053 in existence on November 1 of this
year.
Included in the aggregate number
organized are nine national
gold banks, located in the State of California, which redeem in
gold coin their circulating notes at their places of issue and in
the city of San Francisco.
These have an aggregate
$4,300,000, and an aggregate circulation of $1,468,920. capital of
During the past year twenty-eight banks have been
organized,
with an authorized capital of
$2,775,000, to which $1,598,800 in
circulating-notes has been issued. Fifteen banks have failed
within this period, having an
aggregate capital of $2,712,500, and
forty-one banks, with a total capital of $5,200,000, have volun¬
tarily discontinued business.
The following table exhibits the resources and
liabilities of the
banks at the close of business on the first
day
of
October, 1878—
the date of their last
report; the returns from New York, from
Boston, Philadelphia and Baltimore, from the other reserve
cities,
and from the
remaining banks of the country, being tabulated
separately.
Boston,
New York Philadel¬
city.
phia and
Baltim’re.
47 banks.
99 banks.
8
$
RESOURCES.
Loans and discounts..
On U.
8. bonds
demand
Other
reserve
cities.*
Country
Aggregate.
banks.
$
$
$
430,184,396
7,003,085
735,243
&c., on demand
57,004,202 19,766,710
Payable in gold
6,752,181
3,053
On single-name pa-
7,871,762
1,247,996
...
..
®
-
*
«
a
.
•
•
■
•
•
•
-
•
830,521,542
securiiy
other"loans.
17,297,474 10,583,112
.
.
Overdrafts
Bonds for circulation.
Bonds for deposits...
U. S. bonds on band..
Other stocks & bonds
Due from reserve ag’ts
Due from other nat’i
banks
Due from other banks
and bankers
Real estate, furniture
and fixtures
Current expenses
.....
Premiums
Checks and ether cash
items
130,973
81,09a
347,495
24,19-^,50 * 50,113,2:0 23,076,800
26,715,550 6,402,300 3,990,000
11,463,900 7,903,450 6,005,850
9,193,684 3,726,212
2,552,158
-
-
-
.
.
4
.
16,375,643 12,684,211
11,366,000
8,636,970
2,981,297
894,272
9,465,820
7,082,539
780,220
995.333
l,7o7,16?
1,021,048
1,765,188
874,554
Exchanges for clearing-house
62,451,792 15,148,067
Bills of Other
national
banks
Fractional currency
..
Specie
Legal-tender notes..
U 8. ctfs. of deposit..
Five per cent redemption fund
Due fr’m U.S.
Treas’y
Totals
1,560,623
67,703
2,523,054
36,187
5,937,48*
13,291,602
14,8)3,468
21, 60,000
8,300,930
7,370,000
1,073,505
147,703
2,178,355
265,303
•
•
LIABILITIES.
bank notes
outstanding
State bank notes out-
•
•
•
•
2,907,350
250,171,150
10,829,000
21,412,400
•
•
•
•
were
not
were
too
government;
small, and that the earn¬
great
compensation for the
risks incident to the business of
bankiDg, to which capital loaned
directly on mortgage security is not subject; that the taxation
imposed upon the banks is unequaled in the
a
banking systems; that publicity is one of the principal features
of the national
system; that a surplus of more than one hundred
millions of dollars—equal to one-fourth of
the capital, and
derived largely from profits
accruing
from
transactions during
the war—had accumulated, and remained
as a
holders and depositors during times of revulsionsecurity to stock¬
ury
41,492,919
2,470,311
5,963,818
12,314,698
4,825,665 23,328,432
731,401
3,7b5,613
608,474
3,738,047
46,702,476
857,598
and panic.
6,272,567
7,134,736
7,485,093
10,982,433
notes
for national-bank notes
nat onal system
are a
at the cost of the
and these
2,195,325 10,650,719
16,929,721
January 14, 1875, the total
11,154,895
2,665,000
980,745
108,187
515,661
?0,b86,866
64,423.600
32,690,000
10,972,940
15,205,541
816,941
1,338,131
19,658,749 219,216,911
that the b inks in the
enjoying special privileges
people ; that they derive a large profit from
the issue of
circulating notes; and that a large amount of money
may be saved to the government by authorizing it
to issue all
the paper
currency of the country.
Before the passage of the
act of June 20, 1874, no national
bank could reduce its circulation and take
up its bonds except by
returning a proportionate amount ot its own
82,372,538
356/00
7,988,991
30,079,307
995,000
are,
favored class,
4,769,679
55,171
3,417,524
history ot monetary
•
4,466,951 17,022,995
standing
73,339
80,757
4,235
255,582
Dividends unpaid
190,705
1,037,472
188,997 1,701,216
Individual deposits... 172,441,669
108,863,3 il 62,156,122 276,775,05:
U. S. deposits
26,090,297 6,255,785 2,465,341 6,813,369
Deposits of U. S. dis..
ings of the banks
circulation
.
21,387,501
56,023,565
53,800,000 78,526,310 40,725,500
293,095,626
15,920,230 19,968,943 10,862,7o7
70,H5,820
8,659,800 3,699,816 3,323,613 25,052,984
20,025,861 42,986,571
that the pr fits upon
*
•
-
Surplus fund
Undivided profits
National
•
384,778,767 297,224,523 167,100,935 918,084,858
l,7b7,279,133
Capital stock
further shown that the system was not a
monopoly, its
privileges being free to all, but that it uprooted many
real bank¬
ing monopolies authorized by the several States, and which had
been in existence almost from the
foundation of the
was
which, since its publication, has been
constantly
in demand, is out of
print. The proposition for the substitution
of Treasury notes in
place of national-bank notes having been
again revived and discussed, it is thought advisable
again to
answer the
principal objections urged against the nationai-bank3,466,908
317,556,650 ing system, even at the risk of repeating to some extent,
47.936.850 although with more recent data, what has
already appeared in
46,765,600 previous reports.
36,859,535
The chief reasons
urged in favor of the substitution of Treas¬
85,083,419
6,699,583
80;62»;038 120;030;i84 62; 669,942
-
It
This report,
per without other
All
rapidly
possible.
as
been insignificant in
proportion to the liabilities; and that the losses on
circulation
had not been one
dollar; that the restrictions of the act are such
as experience has shown to be
necessary for the success of great
85 banks. 1,822 b’ks. 2,053 banks.
on
st’ks, b’nds
system was intended to be permanent, the institutions
organized
under it being, by the
express terms of the law, authorized to
continue for a term of
twenty yfars; while it was equally
evident that the Treasury notes issued and
still in circulation
were intended to be
funded, to constitute a temporary currency,
issued from
necessity, and to furnish the government with the
means to save itself from
destruction ; that the amount was not
to be increased, but to be withdrawn
from circulation as
institutions; that the losses by failures had
1,140,581
On other
589
were
circulating notes,
usually difficult to obtain; and prior
amount
to the
act of
of
circulation authorized to
be issued was limited to 354 millions.
But these acts
provided
both for a reduction of circulation and
withdrawal of bonds at
the pleasure of the banks,
upon a deposit by them of lawful
money in sums of not leBS than $9,000, and for an issue of
bank
notes to any association
organized in conformity with law.
Under the law, then, as it now
stands, any number of persons
not less than five, in
any part of the country, who together
may
have
$50,000 of capital at command, may organize a
national
and receive
circulating
notes equal in amount to 90
466,147,436
per
116,897,780 cent of such capital—the law discriminating in the latter
respect
40,936; 2.3 only against the large institutions, as no bank
organized since
the
301,888,092 in passage of the act of July 12,1870, is entitled to circu’ation
excess of $500,000.
A bank organized prior to fiat
time, and
413,913 having a capital ofbetween $500,000 and
$1,000,000,
can
receive
3,1:8,390 in circulating notes but 80
per cent thereon ; if between
620,236;i77
$1,000,bank
000 and
$3,000,000, it can leceive but 75 per cent; and if over
$3
000,000,
but 60 per cent.
131,2 5
20,2 1
1,031,935 2,159,364
Due to national banks
3,342,795
Since the passage of the act of June
68,125,941
27,787,067
15,226,442
20,1874, the national banks,
Due to other banks &
11,357,064 132,496,514 so far from
considering the privilege of issuing circulation a
bankers
19,311,700 6,591,905 0,347,506 6,38
Notes and bills re-disV 92
42,636,703 profitable mon -poly, have voluntarily surrendered
$66,237,323 of
their notes, which is
counted
$29,463,467 moreth n has been issued to
37,537
183 808
2 78 ‘ 980
3 007 325
Bills payable
all
of
the
banks
8,000
1,168,758
1,015,950 2,310,275
organized since that date, while 144 banks, with
4,502,983
capital
stock amounting to $15,517 000, and a
Totals
384,778,767 297,224,523 167,190,98." 918,084 858
circulation of
1,767,279,133 $9,190,718, have gone into
voluntary liquidation.
*
The reserve cities (in addition to
The
New York, Boston,
capital stock of the national banks is not
Philadelphia and
Baltimore) are Albany,
largely in the
hands of capitalists.
New
Pittsburg,
Washington,
Orleans
Louisville,
Among their shareholders may be found
Cincinnati, Cleveland, Chicago, Detroit,
Milwaukee, St. Louis and San persons in every station of
Francisco.
life,, and^great numbers of women
and children rely for their
TIIE
support
upon the successful manage¬
NATIONAL-BANKING SYSTEM.
ment
41,6:4.612
bursing officers
c
The
Comptroller, in his report for 1876, in addition
national-bank
usual
two banks
to the
statistics, gave an historical sketch of the
of the United
States, and also of the several State
systems of banking, with tables
showing, by geographical divi¬
sions and by States, so far as
they could be obtained from official
of these institutions.
in the Comptroller’s
The elaborate tables which
appeared
report for 1876 showed that there were
then only 767 persons
anywhere who held as much j s $50,000
each of national-bank
stock; that more than one-half of the
whole number of shareholders in these
associations held, each,
but $1,000, or lees, of such stock
; and that,
taking the whole
shareholders together, the average amount held
by
each one was but $3,100.
Of shareholders owning not more than
$1,000 each, there were 32,235 in Massachusetts
alone, 12,784 in
New York, 14,621 in
systems of banking.
Pennsylvania, 1,441 in Kentucky, 2,388 in
In his report to
Ohio, 1,608 in Illinois, 832 in Georgia and 617 in
Congress for the year 1875, he sketched the those
Virginia.. Of
origin and growth of the national-banking
holding the stock in amounts ranging between
$2,000 and
system,
and
answered
the
$3,000 there were 17,743 in the New England
principal
arguments
advanced
States,
15,614 in
its
against
continu¬
the
Middle
ance.
The establishment of the
States, 2.305 in the Southern States and 3,422 in the
system was not advocated in the Western
interest of any political
States.
Moreover, citizens of the Western States held
party, and it has been free from the con¬
trol of partisan or sectional
26,455
and
citizens of the Southern States
shares,
influence, its benefits being now open of the stock of
13,319 shares,
to all who desire to
banks located in the Eastern and M
ddle States.
engage in the business of banking.
The
It is not probable that the stock of
opportunity occasioned by a great war was seized
any
other
class
of
corporations
upon, in the in the
interest of the government, to
country is more widely distributed among people of mod*
get rid of a circulation issued
erate means than is that of the
by
authority of many different States, which had been, almost from
national banks. It is also
largely
the beginning of the
distributed among members of all
political parties, and, as a
government, a grievious tax upon the busi¬
ness and the commerce of
rule, is free from the control of partisan influence.
this country.
It was shown, from the
The national banks have not at
discussions in Congress at the time
of the
any time monopolized the busi¬
passage of the legal- ness of
tender act, from the
banking, nor do they at the present time. O i May 3:
reports of this department, and from the of
this
uniform
^legislation since that time, that the national-banking and year there were in .existence more than 3,700 State banks
private banking houses, having an aggregate
capital of 202
sources, the resources and liabilities of the State
banks from the
earliest dates to the date of the
organization of the national sys¬
tem, together with a comparative view of the State
and national
number of
590
THE1 CHRONICLE.
millions of dollars, and deposits of 413 millions.
These banking
establishments are located in all ot the principal cities and vil¬
lages of the country, and it is to be presumed that if the privilege
of issuing circulating notes were so great as it is
persistently
claimed to be, these associations and individuals, who are
already engaged in the business of banking, and who are free to
enter the national system, would hasten to
organize under that
system.
The amount of interest
accruing annually
the bonds held
by the national banks on November 1—less the tax paid by them
upon their circulation— is $14,544,692 only, while the annual
profit upon the entire circulation of the national banks, as will
be shown in another place in this
report, is but $8,951,519, or
less than two and one-half per centum upon their
capital. As
upon
the 3,700 banks and bankers mentioned still continue to transact
their business as State banks or private
associations, it seems
very clear that this annual profit of $2,500 only upon a capital
of $100,000, does not present to t'»em, or
any of them, a sufficient
inducement to transfer their business to the national
system.
The reason is obvious.
The laws governing the national banks
contain numerous and burdensome restrictions, and
impose
many and severe penalties for their violation.
On the one hand
they authorize the issue of circulating notes, but
hand th«-y require that the business of
ducted under a uniform system, which
on
the other
banking shall be
insures
con¬
the greatest
possible degree of safety to the depositor and bill-holder and
prompt and certain convertibility to the circulating note. If, on
the one hand, the right to issue
circulating notes is given, on the
other, wholesome restraints are insisted upon as a condition of
that privilege.
These legal prohibitions and restrictions, which
are the compensations that the
public receive from these corpora¬
tions in return for their right to issue
circulating notes, are too
numerous to be given here in detail.
But it is proposed now to
notice specially some of the more important of the restrictions.
************
CAPITAL STOCK.
One of the most
the counter at par, and also in
one-fourth of 1 per cent discount.
at
[Vol. xxvu.
New York, Albany
or Troy at
The New Eng'and currency,
therefore, consisted of unsecured notes, redeemable at par at the
place of issue and in the city of Boston, while the New York
currency was a secured note, redeemable at par at its counter, and
a discount at its
agency. The notes of the national banks
stitute the only secured circulation ever
at
con¬
required by law to be
well as at iheir place of
redeemed at par at a central agency, as
issue.
It the New York system of
redemption were to be applied to
the national-bank circulation, in plac-i of the
existing method, it
would
probably at
once raise the price of exchange to the rate
under that system, which was
generally one-half of one
per cent.
The Suffolk system was excellent, as a voluntary
current
arrangement entered into by 500 banks, having an aggregate
circulation of fifty millions o ly, and all located within the com¬
paratively moderate area of the six New Eogland States; but it
would not be a practicale one if extended to more than
2,000
banks, distributed, as are the national banks, throughout all the
States of the Union, and having a circulation more than six times
as great
as that of the New England banks.
So large a volume
of circulating notes, issued at
points so remote from each other,
could not be made uniformly convertible
of separate States, nor by the
agency of
by the legislative action
individual corporations.
Congressional action alone is adequate to accomplish this; and
accordingly full provision was made by Congress for the converti¬
bility of the national-bank circulation, by providing for its
redemption at par, both at its p’aceof issue and at the Treasury of
the United States.
For the latter purpose the banks are,
by a late
act, required to keep on deposit with the Treasurer an amount of
lawful money equal to five per cent of their circulation.
At the time of the passage of the last-named act a
very large
proportion of the notes of the national banks was in a worn and
mutilated condition; but within
eighteen months thereafter more
than $248,000,000 in such notes were received at, the
Treasury for
redemption. For this amount about $177,000,000 of new currency
was issued by
the Comptroller to replace the mutilated portion,
the remainder, which was fit for
circulation, being returned to
important requirements of the national bank
capital stock of all institutions organized there¬ the banks.
under shall be fully paid in.
The orgauiz-ition of banks without
In transmitting national-bank notes to the
Treasury for
Capital was one of the great abuses of previous banking systems.
redemption,
they may be sent unassorted, that is, without refer¬
The history of banking in this country is
full of instances of ence to denominations or banks of
issue, the
institutions of this character, which were not
only permitted to that they shall be presented in sums of only restriction being
$1,000 or a multiple
receive deposirs and transact a general
banking business, but thereof, while the only expense to the sender
is the cost' of trans¬
were authorized to issue
circulating notes; and to the frequent portation to the
place of redemption. Under this system the
failures of these associations may be attributed, in a
great degree, notes of the national banks, wherever
located, have possessed a
the prejudice still existing in this
country against all banking uniform value, and the
prices
of
have ruled at the
exchange
corporations.
lowest rate.
The rates of exchange between
When the national system was established,
St. Louis,
especial care was Cincinnati, Chicago and New York have been
exercised in the framing of the
frequently
at par
banking act, not alone to insure and under, never
exceeding, say, 75 cents for. $1,000, instead of
the safety and convertibility of the
circulating notes, but also to
act is that the
from ten to fifteen dollars per thousand, as was common under
guard against the organization of banks without bona fide capital.
previous
systems. Redemptions have not been so frequent under
At least fifty per cent of the capital stock of a national
bank this as under the
previous systems of New York and New
must be paid in be Sore it can be authorized to commence
business, England, for the reason that the notes are more
and the remainder must be thereafter
fully secured,
paid in installments of not
less than one-fifth monthly, the payment Of each installment and also because the demand for Treasury notes has not been so
great as was formerly the demand for gold under similar circum¬
being certified to this office, under oath, by the president or stances.
The machinery of the law is, however, in
cashier of the association.
operation,
and the frequency of redemptions will, to a
great extent, depend
It. is frequently stated, and it seems to be believed
by many, upon the demand for gold after specie payment shall have been
that banks of circulation only may be
organized under the act— resumed. But the notes of the banks
that is, that a bank may use its
being secure beyond
circulating notes either to peradventure, this
demand^will,
in all probability, be much less
increase its existing capital or to assist in
organizing other banks than under former systems of unsecured
without real capital. The law
currency.
carefully guards against such an
abuse.
In the first place, as has been already
stated, the officers
PROFITS AND LOSSES.
and directors are required at the outset to
certify under oath to
the Comptroller the amount of stock which has been
The law provides that no association shall,
paid into
during the time it
the bauk as permanent capital, while
subsequent installments continues its banking operations, withdraw or permit to he with¬
mu t be similarly certified.
In addition to this, section 5203 of drawn, in dividends or
otherwise, any portion of its capital, and
the Revised Statutes provides that “ no association
shall, either that no dividend shall ever be made to an amount greater than
directly or indirectly, pledge or hypothecate any of its notes of the net
profits then o’n hand, deducting therefrom losses and bad
circulation for the purpose of
procuring money to be paid in on its debts. With these restrictions, the banks are
permitted to
capital stock, or to be used in its bankiDgoperations or otherwise; declare dividends
semi-annually
from
their net profits, but are
nor shall any
association use its circulating notes, or any part also
required, before making any such dividend, to carry to
thereof, in any manner or form to create or increase its
capital
fund one-tenth Dart of their net profits of the preceding
surplus
sto.k.” The Comptroller is also authorized to
examine every half-year, until this fund shall
equal twenty per cent of their
banking association before granting it authority to commence
stock.
The
capital
law
thus
desigoates
three uses for the profits
business, in order to ascertain whether or not its capital has been of the national
banks; First, for building up a surplus fund;
actually paid in. It is impossible, therefore, for a bank of circu¬
second, to protect the capital stock from impairment
lation only, without capiral, to be
organized under the national in business, by the use of such fund when the other by losses
profits are
system, if proper precaution be exercised and the examiner is
insufficient; and, third, for the declaration of dividends out of
competent and faithful in the performance of his duty. * * * *
any remaining profits.
As a rule, the banks in tin national
The proportion of capital, and of
capital and surplus, to liabili¬ system have not made excessive dividends. In
ties is much greater in this
determining the
country than elsewhere, which is true ratio of their profits, their accumulated
surplus, as well as
undoubtedly owing to the fact that our law requires that the full what is
technically known as capital, must be considered, as it is
amount of authorized capital shall be
actually paid in. In Eng¬ from the u-e of both capital and surplus that their
profits are
land, as a rule, only a portion of the capital is
paid in, but the derived. Even during the most prosperous years of the
stockholders are individually liable for the full am-unt of
system,
their the ratio of annual earnings to the combined
capital and surplus
subscriptions. This restricted liability is true of the limited of the banks was not
greatly in excess of the usual legal rates of
banks only, the stockholders of other
corporations not limited interest in the States where they were located, while
during the
each
of
being
liable for all
the debts of the corporation. * * * last two
years this ratio has been less than six per cent on the
combined capital and s .rplus.
CONVERTIBILITY OF THE NOTE.
The surplus of the national banks amounted on October 1 to
Previous to the passage of the national-bank
act, the circula¬ nearly $117,000,000. A part of this sum
represents the profits
ting notes of banks located elsewhere than in New York or New earned
England were not redeemable except at the counters of the nationalby former State banks previous to their conversion into
organizations, and brought by them into the system
issuing banks. As only about one-third of the circulation of the The
greater portion was, however, accumulated by the banks
country consisted of New Yoik and New England notes, it
may during the years of business prosperity immediately succeeding
be said that the
remaining two-thirds had practically no general the close of the war. The
following table exhibits the amount
system of redemption. The legislation of the New
Eogland of surplus held by the banks on or near the 1st day of January
States provided only for redemption
at the counter, although 1 and July in each
year since 1863, as shown by their reports for
what was known as the Suffolk
system compelled redemption in j the dates nearest thereto,
together with the semi annual increase
the city of Boston also. The New York law
required redemption ■ or decrease therein;
.
.
December 7
1878.]
THE CHRONICLE.
Surplus.
Dates.
Amount.
Surplus.
Semi annual
increase or
decrease.
Years.
Dates.
iT
#-
Amount.
1874
1875
1876
1877
increas‘ Dr
Increase.
July
591
e.
National.
State.
$7,256,083
7,317,531
7,076,087
b,902,573
$9,620,3 6
Total.
$16,876,409
10.058,122
17,375,653
9,701,7.32
8,829,3C4
16,777,819
15,731,877
4, 1864
1,128,910
$
Dec. 16, 1871 101,573,154
2, 1865
Totals...
8,663,311
7,533 401
JunelO,
1872 105,181,943
$28,552,274
$38,209,484
July 3, 1865 31,303,566
$66,761,758
*
*
Dec. 27, 1872 111,41 ,249
2?,64i',2)5
*
Jan.
6,228,306
The
rate of taxation
1, 1866 43,000,371
June 13, 1873 116.847.455
11,696,805
upon
banks
the
in
the city
5,437,206 of New York and in other
July 2, 1866 50,151,992
Dec. 26, 1873 120,961,*68
cities has averaged more than five
7.151,621
Jan. 7, 1867
4,113,813
per
59,992,875
cent
June 26, 1874 126,239,308
9,840,833
annually during the past four years, and there is no doubt
5,278,040
July 1, 1867 63,232,811
3,239,936
Dec. 31, 1874 130,48 >,641
Jan. 6, 1868
4,246,333 that the annual taxes collected from these institutions has
70,586,126
7, 53,315
June 30, 1875 133,169,095
been
2,683,454 greatly in excess of the rate
July 6, 1868 75,840,119
collected upon the capital of other
5,253,993
Jan. 4, 1369 81,169,937
Decrease.
Dec. 17, 1875 133,085,422
5,329,818
June 12, 1869
$83,673 corporations, private firms and individuals, which cannot be as
8^,218,576
June 30, 1876 131,897,197
1,048,639
Jan. 22, 1870
1,188.225 accurately determined as is that of the national
90,174,281
banks from their
Dec. 22, 1876 131,390,665
7,955,705
June 9, 1870
506,532 published statements.
91,689,834
June
1,515,553
22,
1877
124,714,073
Dec. 28, 1870 94,7C5,740
6.676,592
Dec. 28, 1877 121.563.455
3,015,906
NATIONAL-BANK FAILURES.
June 10, 1871 98,3:2,204
3,145,618
3,616,464
The failures in this
JuneS9, 1878 118,173,531
3,389.924
country of State banks and private bankers
It will be seen that
the maximum
surplus was reached in June, are known to have been numerous and frequent; but informa¬
1875, and that there has since then been
a
gradual diminution of tion as to their numbers,! or to the conseqigent losses to their
this fund.
The diminution has been caused
by charging thereto, stockholders or creditors, has not been attainable
from time to
time, portions of the losses sustained by the national troller. The bank departments of the different by the Comp¬
States give no
banks, such losses aggregating, during
the last three years, the information on this subject except as to the losses upon bank cur¬
large sum of $64,119,415.
*****
rency, and even that information has been of a
The total losses thus
scanty character.
As a ru]e, under the different
charged
off
equal nearly fourteen per cent
State laws, the affairs of insolvent
of the entire
capital of the banks. Although the
charging up of institutions have been liquidated by a receiver appointed by the
losses, has
-
Jan.
very considerably reduced the
yet, if the total losses incurred had been surplus of the banks,
wholly charged to this
fund, it would have been still more
largely
diminished. The
greater portion of the losses mentioned has been
cancelled
charging it to the account of current profits, in
consequence of
which 357 banks, with an
aggregate capital of
in the last six
months, paid
last three years
passing dividends
$58,736,950, have,
dividends at all; while during the
the average number of banks
semi-annually
no
court, and the receiver has
to the court which
not reported to
any S:ate officer, but
appointed him. Full information with refer¬
ence to these insolvent
institutions is therefore in most cases
unattainable. The losses
upon currency are estimated to have
been five per cent
annually upon the amount issued, but no esti¬
mate has ever been made
of the losses to creditors and share¬
holders. Under the national bank
system, however, the losses
as veil as
profits of each bank are reported to this office. If a
on account of losses has been
288. This num¬ bank becomes insolvent, the Comptroller, by law,
appoints the
equal fo about one-seventh of the whole number now in receiver, and exercises full
supervision
over the closing
up of its
operation. The average amount of
capital upon which no divi¬ affairs. The files of this office, therefore, contain a complete
dends have been
paid during that time is $14,533,515; from which record of everything pertaining to the settlement of the
business
it follows that, for a
continuous period of three years, more than of such associations.
The following table exhibits the
number
one tenth of the
of failures of national
total capital of the national
banks in each State,
banks has been
together
with their
without profit to its owners. This is
capital,
of claims proved, the amount of
exhibited in the
dividends paid,
following and the amount
table.
estimated losses to
creditois,
from
the organization of
the system to
July 1 of the present year:
Six months ending—
Average for the
Geographical divisions.
March 1, 1878.
year.
Per cent
Sept. 1, 1878.
°.fl
ber is
•
States.
-
No.
New
Capital.
No.
$
England States
67
Middle fetates
Southern states
Western States & Territor’s
95
36
160
Totals for 1878
Totals for 1877. .../,
Totals for lb76
328
245
235
9,389,5*0
17,244,400
No.
5.266,000
16 8 8,000
14S
357
288
273
14,870,000
44
22.354,850
6.867,000
14,545.100
105
40
154
58,736.950
41,166 200
44,057,725
343
266
25 i
Connecticut
$
12,129,750
19.849,625
6,06
>
500
15,721,550
53,767,425
40,80 -,100
39,174,022
Average for three years. 269 41,180,0*3 3n6
47,986,958
2-c8
44,583 515
Many of tiie banks, al.-o, wnich have declared dividends
with¬
in the last three
years have dwne so wholly or in
part
out
of
profits other than surplus
previously accumulated by them, and
not out of their
current
earnings.
following table shows by geographical divisions the ratio
to capital and
surplus of the dividends declared
by all the
national banks
during the last nine years:
The
Geographical
divisions.
Rati<* of dividends to
capital and surplus.
1870. 1871. 1872. 1873. 1874. 1875.
1876. M- cr 3 1878.
Av’ge
P.ct. P.ct P.ct. Pet P.ct. P.ct. Pet.
Pet. P.ct.
New England States.... 84
8-3
8-1
8*2
7*7
7-6
6-7
6-0
55
Middle States
81
79
7*9
79
7-6
76
7*7
6-6
6-1
Southern States
10*7 i01
9-5
88
8-2
7*7
7-6
7-1
6-2
Western States
8*5
8*9
9-3
90
8*6
8*6
8'1
9-6
77
United States.
8’4
8-3
83
8-3
7-9
7-8
7*5
71
6‘2
The ratio to capital and
surplus of toe total net
the national banks
was, in
1876, 6 9
per
Pet.
7 4
7*5
84
8*7
7*7
earnings of all
cent; in 1877, 5‘6 per
Capital.
© <3
Zi'0
Capital.
$
51
114
44
48,797,900
40,452,000
34,290,320
Capital.
1
New York
Pennsylvania.
Dist. of Columbia..
Alabama
Mississippi
Louisiana
Arkansas
Tennessee
Missouri
Ohio
Indiana...
....
Illinois
1
4,076,100
1,312,0)0
700,000
800,000
100,000
1
50.< 00
2
4
Virginia
Texas
$60,000
16
8
1,600,000
1
1
1
3
3
4
8
Wisconsin
50,600
’50,-00
Iowa
3
2
2
1
2
1
Minnesota
Kansas.
Nevada
Colorado
Utah
Totals.
$97,54.
5,722,248
1,558,564
2, *88,828
1,6 9,045
.289,407
33.562
2,981.5 4
60,330
15,142
Dividends Estimat’d
paid.
lusses.
$82,910
5,0 0,536
898,103
1,785,173
846,-18
121,551
11,74b
1,805,000
416,850
931,789
167,856
20,900
92*. 900
60,000
2,683,093
422,891
505,531
3,366 767
190,557
740,000
ls9,880
178,800
5'i.OOO
200 000
239,893
1,414.368
1 4 445
47.055
290,477
181,128
210,016
160,(00
313,429
141,576
250,000
176.012
22 V 00
178,135
89,200
150,000
85-00
88-43
57-62
78 00
38 52
4*-00
35-00
61-02
50 i, 655
250,000
282,000
2,250,0 0
200.000
paid.
3*0,49b
15.142
65,335
3,100,000
of div.
$10,000
316.93*
100.000
'
Claims
proved.
951,918
84,195
153,011
32,418
13,380
311.597
-•
100 00
17-33
35 48
45-06
47-45
1,096,108
4.'01
70, COO
35*00
6^*35
(.7-00
59-47
90-00
18 19
90,998
61,000
57,381
17,001
17.,600
71,200
15-00
69
$16,015,100 $23,398,709 $14,010,313 $6,415,423
59 88
From the above table it will be seen that
the total amount of
capital of all the insolvent national banks is
$16,015,100;
amount of claims
proved, $23,398,709 ; of dividends paid, $14,010,313; while the estimated losses are but $6,415,423.
The
average number of failures during each of the
past
fifteen
years
has been less than
five, and the average annual loss, less than
$430,000.
The City of
Glasgow Bank, which recently failed in Scotland,
had a capital and
surplus of less than $8,000,000, and liabilities
of more than $50,000,000.
It loaned to four debtors of the bank
more than
$28,000,000, upon which there is a loss of more than
$21,000,000. The deficiency in the assets is
nearly $26,000,000,
which is four time3
cent, and in 1878, 5T per cent.
The average ratio of
dividends to capital in the New
and Middle
England
States, where the greater portion of the
capital of the
national banks is
held, was, during
last three years, 8 2 per
cent.
In the same States the ratio of the
as great as the losses to all the
creditors of
dividends to the combined national
banks which have failed since the
capital and surplus was 6*5 per cent, and the
organization of the
ratio of the Det
system.
The Bank Superintendent of the State of New York
earnings to capital and surplus was 5T per cent.
The belief, so
reports the liabilities of twenty-two
widely entertained, that the profits made
banks which have
by the failed in that State during the last savings
national banks are
six and one-half years at
excessive, is. in great part due to the
excep¬ $12,188,772, and estimates the losses to their creditors at
tionally large dividends paid by a few banks which are
$4,303,located and have a
favorably
616, which is more than one-third of their entire
large
indebtedness.
surplus,
and
which
make
to
large returns He
i
their shareholders on the
amount of their nominal
The profits of these banks
capital.
are not to
any considerable extent
derived from their
circulation, but from surplus and deposits.
Many of the 1 anks making these exceptional
dividends have a
much less amount of
circulation than those
making moderate
dividends only, while a few of them have no
circulation whatever.
If the bank act
gives to the national banks the
circulation, it also provides for a United State-? tax privilege of
upon circula¬
tion, deposits and capital, and for a State tax
upon the shares .of
each bank, to be
determined by the legislature of each
a rate
State, at
estimated to be not
greater than is assessed
money capital in the hands of individual citizens of upon other
each Stare.
The total amount of Unittd
States taxes collected from the com¬
mencement of the system to the
present time is as follows:
On circulation.
On deposits.
On capital.
Total.
$39,775,817 35
$40,328,256 32
$5,929,480,73
$86,033,554 40
The annual amount of
taxation, national and State, has for the
last four years been as
follows;
.
estimates the losses
during the last three years at $3,400,000,
which is more than one one-half of the
estimated losses to the
creditors of all the national banks in the United
States from the
beginning of the system until now. The losses from five State
banks in the city of
Chicago during the last two years, which
banks were organized under
special charters, under which
neither State supervision nor
reports
were required, is estimated
to be $3,819,500,
on liabilities of $5,785,572.
Tne losses from
the State and
savings banks of the country during the last two
years only are known to have been
greater than the total loss
resulting from all the failures which have occurred of national¬
banking associations. The government has had large amounts
on
deposit continually with a great number of national banks
throughout the country, for its
convenience in
making disburse¬
ments, but has suffered no loss
during the past twelve
Upon the circulating notes of the national banks there hasyears.
been
no loss whatever.
PUBLIC STATEMENTS AND
EXAMINATIONS.
One of tfie
most
important provisions of law relating to the
592
THE CHRONICLE.
'-j,-
-
*
*?
'
[Vol. XXVII
r
national banks is that requiring statements of their resources
and liabilities to be made at such times and in such manner as
the Comptroller may direct, and the publication of these state¬
ments in the daily newspapers of the
country.
The banks are
about
bomds
Comptroller, semi-annually,
earnings, losses and dividends; and all of these returns
are
compiled by him and annually transmitted to Congress. The
Comptroller has authority to call upon the banks for any and all
information concerning their a fairs which may be
thought of
value ; and it is his endeavor to communicate
annually to Con¬
gress and the people the fullest possible knowledge attainable
upon every question of interest connected with the business of
banki i g.
Letters, also, from whatever source, asking for proper
information on these subjects, are always fully answered. The
annual reports which have been issued from this office are them¬
1878, to secure national-bank circulation, their various classes,
their currency value, the circulation issuable thereon, and the
annual interest upon them:
also required to make returns to the
ingly unpopular, but it is now generally approved by the banks
themselves, and has been attended by the best results.
Irregu¬
larities are not so likely to be allowed when it is known that
they may be exposed by a competent examiner. In numerous
instances unlawful dividends have been prevented,
impaired
capital discovered and its restoration compelled, and large losses
to both shareholder
and creditors avoided, by the
prompt action
of this office, based upon the
report of an examiner. The excel¬
lent system now in operation is in
strong contrast with the
generally lax systems of bank reports and supervision which
prevailed previous to the passage of the national-bank act.
The Comptroller, in his
report for 1876, made an effort to
collect from official sources the
general bank statistics of the
country. Only two balanced statements of the first Bank of the
United States could be found, and
previous to 1832 the published
bank statistics consisted
mainly of estimates made, or statements
unofficially compiled by individuals.
Subsequently, statements
were obtained
by this department from the several State officials,
and were comoiled annually for the use ot
Congress.
But tlij
State laws differed widely in their
requirements, both as to the
nature of the returns to be made
by the banks and the dates
which they should bear.
Instead of a unifor n time and similar
ity in form being required by all the States, as is now required
under the national system, there was
great diversity in both
date and form, so that when the
compilation of the reports was
completed by this department the work was very unsatisfactory,
and it was found impracticable to
give anything like a just or
true
on
presentment of the condition of the banks of the cuuntry
near
any given day.
*
*
*
-*
*
or
FUNDING THE
NATIONAL DEBT.
One of the chief objects
in view in the organization of the
national system was, not
only to furnish bank notes which were
safe and convertible, but to
supply a steady market lor and
facilitat the negotiation of United States
bonds; and there is no
doubt.that the credit of the governmen and its ability to borrow
money at low rates of interest have been greatly increased by
making its bonds a basis for the issue of national-bank notes.
Of the United States bonds held
by the national banks on
November 1, 1868, and deposited with the Treasurer as
securby
for their circulating notes,
nearly three-fourths bore interest at
the rate of six per cent.
The amount of this class of bonds
has since been gradually reduced, until it is now less than onefourth of all the bonds held, while
nearly one-fourtli of the
whole amount bears interest at the rate of four and one-half
and four per cent on y.
About one-fifth of the entire issues
of the latter classes of bonds is now held
by the mtional banus.
This will be seen fr>»m the
following tabl*, which exhibits the
amount and classes of bonds
eld as security for circulatio s on
the 1st day of November, for each
year since I860, and the rate
of interest wuich they
respectively bear :
.
Dates.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
6 per cent,
5 per cent
bonds.
bonds.
1, 1865.. $202,523,850
1, 1866..
244,993,20;)
1, 186?..
251,274,800
1, 186S..
252.623^750
1, 1869..
249,724,650
1, 1870..
247,460,950
1, 1871..
181.158,600
1, 1872..
Nov. 1, 18.3..
Nov. 1, 1871..
Nov. 1, 1875..
-'.ov. 1, 1876..
Nov. 1, 1877..
Nov. 1, 1878..
173.303.100
157,834,950
145,981,650
128,503,212
103,819,3'.'0
81.9-14,550
72,829.750
$78,619,950
90,07<>,4‘ 0
91,376,450
88,888,750
92,131,300
97/284,600
185,955 850
211,66\800
235,017,150
4y2 per cent
4 per cent
bonds.
bonds.
$
$
Total.
cent more per annum
on
the capital invested in the
Annual
Par
Classes of bonds.
Currency Circulat’n
value.
value.
issuable.
S
$
$
56,483,450 61,072,730 50,835,105
825,700
851,503
743,130
8,172,100 8,672,641 7,354,890
1,764,500
1,905,600 1,588,050
70,68860 75,195,264 63,619,965
125,926,750 132,223,088 113,334,075
4)^8 of 1891, funded 1891s. 49,397,250 51,311,393 44,457,5-25
4s of 1907, consols of 1907. 30,566,300 30,566,300
27,509,670
Pacific Railroad bonds...
5,584,000 6,135,700
5,025,600
6s of 1881
5-20s of 1865, 2d series....
5-20s of 1865,3d series,’67s
5-208 of 1865,4th series, ’68>
10-408 of 1864
5s of 1881, funded 1881s..
selves evidence of the great amount, and value of the informa¬
tion to be derived from the returns made
by the national banks.
The law also provides for a
thorough examination of the banks
persons as frequently as the Comptroller may
think desirab'e.
This feature of the law was at first exceed¬
per
pledged to secure the circulation than could be obtained by
lending directly the same amount of capital. The table below
shows the amount of bo«ds deposited in the Treasury on Nov. 1,
of their
by competent
2i
.
Total
gold.
Currency
value
interest
interest.
or
$
$
3,389,007 3,397,480
49,542
49,666
490,326
491,552
105,870
106,135
3,5^4,443 3,543,279
6,296,337 6,312,078
2,222,816 2,228,433
1,222,652 1,225,709
335,040
349,408,900 368,534,279 314,468,010 17,311,053 17,689,372
It will be seen that the currency value of the
bonds, which
represents the amount of capital invested in their purchase, is
$368,534,279. If this amount of capital were placed at interest
at eight per cent per annum, estimated as the
average rate of
interest obtainable
$29,482,742.
throughout the country, it would produce
The annual interest on the bonds of the banks
amounts, as shown by the table, to $17,311,053 in gold and
$335,040 in currency, the total currency value of the interest on
November 1, 1878, (gold being quoted at the New York Stock
Exchange on that date at one-quarter of one per cent premium),
being $17,689,372, which is the whole amount received annually
by the banks; but as they are required to pay into the Treasury
of the United States
a
tax of
one
per cent per annum upon
their
circulation, which, upon the amount issuable, is $3,144,680, the
net amount of interest received by them is
thereby reduced to
This amount, together with the interest which
$14,544,692.
the banks receive
use,
on
the amount of their circulation available for
gives the whole income derived by them from their circula¬
tion and the bonds deposited to secure it.
The amount available for use is that issuable
(being 90 per cent
of the par value of the bonds pledge d), less an amount
equal to
five per cent thereof, which the banks are required,
by the act of
June 2), 1874, to place with the Treasurer of the
as a
redemption fund.
Therefore,
United States,
even
if the banks could keep
loaned out all the time the whole of their circulation available
f> r use, which is
free for loaning
in practice an impossibility, they could have
but $298,744,610 of the $314,468,010 issuable
upon their bonds; and that amount loaned at the rate named,
eight per cmt per annum, would produce $23,899,569, which,
together with the net interest received on tlie bonds, makes
$38,444,261 as the income derived by the banks from their bonds
and circulation, as against $29,482,742 that would be produced
by
lending the capital invested in the bonds directly at the same rate
of interest.
The difference between the two sums, which is
$8,961,519, or 2*43 per cent on the capital invested, represents the
true amount of profit that the banks can, under the most favorable
circumstances, receive from their circulation.
To
recapitulate:
The interest at 8 per cent per annum on the loanable amount of
circulation, which, as shown above, is $298,714,610, is
The currency value of the interest on the bonds deposited to secure
the circulation is
$23,899,569
Gross amount received by the
circulation
From which deduct one per cent of
tion as the tax thereon
’
$41,588,941
..
.
17,689,372
banks from bends and loanable
.
the issuable amount of circula¬
3,144,660
..
Net income upon the capital employed
The capital necessary to purchase the bonds pledged
by the banks,
which, as shown above, is $368,534,279, loaned at 8 per cent per
annum would produce
;
$38,444,261
29,482,142
Difference, representing the profit on circulation if the whole
amount available for use be loaned continually
throughout the
year
—
-..
$8,961,519
Two and
forty-three hundredths per cent on the capital
$281,143,300
33 >,069,650
employed ($368,534,279) is $8,955,383, which, as shown above, is
342,651,250 about the value of circulation to the national banks if
they could
341,512,500
342,455,950 keep the whole amount of their issues loaned out all the time.
344,745 550
367,114,450
384,968,900
392.852,100
385,421,750
In the above calculation no deduction is made for the costs of
the redemption of the bank circulation, which lessens
by so much
the profits on circulation.
The cost of redemption for the fiscal
year ending June 30, 1878, was
June 30, 1877, it was $357,066
$317,942 48: for the year ending
10; for the year ending June 30,
223,602.700
10,305,800
200,090,500
45,089,700
i5,884,150 343,048,900 1876, $3G'093 31; and for the year ending June 30, 1875,
196,615.600
$290,965 8?.
*
49.397,250
30,566 300
349.408.90n
In Jocil •; ; where the annual rate of interest is seven
The government has still
percent,
outstanding more than 693 millions the value - t circulation is about two and
of six per cent and more than 703 millions of five
sixty-two
hundredths
per cent bonds.
per cent per annum, and where the rate is ten per cent, its value
The reduction of the interest on this amount to four
would
save
to
annually.
239,440,100
239.046,200
the government
367,549 412
337,727,800
per c*mt
nearly 21 millions of interest
is about two and five hundredths per cent.
The large margin ($54,066,269) between the value of the bonds
owned by the banka and the circulation issuable t ereon would,
in case of disaster, be available as a reserve for the
payment of
the depositors or other creditors, and this is a:i additional
The funding of the six per cent bonds into four per
rapid progress during the last year, and the banks
have been of ^reat service to the
government in this process-of
refunding, by negotiating and absorbing a very considerab e part
argument in favor of issuing circulation under the restrictions of
of the new issues.
Should the national system
continue, there is the law as now provided.
no doubt that the
present rapid reduction in the burden of
Another thing that should be considered in estimating the
interest will c mtinue also'.
If the national-bank
system is to be value of circulation is, that the banks held their bonds at a
pre¬
abolished, and an additional amount of United States notes is to
mium, which, though it has been
be issued, all hope of
reduced in the past,
reducing the rate of interest on the public still appears among their assets for greatly
a large amount, and which
debt must be abandoned.
*
*
*
*
*
will disappear when the bonds shall mature and be
paid by the
value of Circulation to the national
United States.
banks.
The amount of premium appearing as an asset ot,
The profit to the national banks derived from
the issue of the banks on October 1, 1878, the date of the last
report .of their
circulating ndtes is not great, as is frequently asserted, being but condition, itf $7,134,736.
cents has made
December
THE CHRONICLE.
7, 1878.]
If all of the bonds of the banks necessary to secure their circu¬
lation were converted into four per cent bond*, the value of
circulation, taking the same amounts of bonds and circulation
are used above, would be shown as follows:
as
593
Section 5175 of the Revised Statutes provides “ that not more
than one-sixth part of the notes furnished to any association
shall be of a less denomination than five dollars, and that after
specie payments
are resumed no association shall be furnished
less denomination than five dollars.” In view of
annum
$23,899,569 this provision, the printing of one and two dollar notes was dis¬
Currency value of interest on bonds
14,011,297 continued on November 1. ani it is
not expected that any notes
Total
$37,910,866 of these denominations will be issued after the close of the
Less tax on circulation
3,144,630 present year.
Section 5182 of the Revised Statutes requires
that the circulating notes of national banks shall be “
Total profit on capital employed
signed by
$34,766,186 the
The same capital loaned directly at 8 per cent per annum would earn
president or vice-president and cashier thereof.’' The
29,482,742
written signature of at least one bank officer is
necessary, as a
Difference, representing profit on circulation when the whole
check between this office and the
issue is kept loaned out
issuing
bank
;
for,
if the ques¬
$5,283,444 tion of an over-issue of notes
should arise, the signature of such
Which is 1 43-100 per cent on the capital employed.
officer would be a means of
If the rate of interest v ere seven per cent, the annual
determining the genuineness of the
profit on note. A number of
banks, however, issue their notes with print¬
circulation issued upon four per cent bonds, would be 1 62-100
ed signatures, and in some cases with
lithographic ones, which are
per c«nt; and if the rate were ten per cent, the pr -fit would be
frequently so badly executed as to excite suspicion as to the
1 5-100 per cent.
of the notes. The Comptroller, in his last report,
The average rate of State taxation upon the
capital of the genuineness
recommended an amendment of section 5182 of the Revised
national banks is about two per cent per annum; and if
they should
go into liquidation, and the owners of the bonds should continue Statutes, imposing a penalty of twenty dollars for every note
issued by a national bank without the written
to hold them, the amount of State taxation saved to them would
signature of at
least one of the officers of the bank, which recommendation is
nearly or quite equal the benefit they now derive from circula¬
now renewed.
tion.
*
*
*
*
Interest
on
$298,744,610 of circulation, loaned at 8
with notes of
per cent per
-
a
....
.
*
*
*
*
*
RESUMPTION AND RESERVE.
The law
provides that banks in New York City shall hold a
of 25 per cent upon their deposits, and that banks
in the other principal cities shall hold an
equal ratio of
reserve, one-half of which must be in bank, while the remainder
may be on deposit in New York.
All other banks must hold a
reserve of 15 per centum
upon deposits, two-fifths of which must
be on hand in lawful money, and the remainder
may be on
deposit with banks in the reserve cities. The amount of reserve
held on the first day of October last was
greater than that
required by law, as may be seen by reference to the following
cash
reserve
table
The
following table exhibits by States and geographical
Banks.
States and Terri¬
tories.
tion.
M
*h
Circula¬ dNete- posit.
a
O as
1
|
-
New York...
Bobton
Albany
Philadelphia.
Pittsburg
Baltimore
...
Washington..
New Orleans.
Louisville....
Cincinnati...
Cleveland....
Chicago
Detroit
Milwaukee...
St. Louie
8. Francisco.
Totals
|
tLegal ender funds. Due res.
|
from agts.
® -a
> 0
*
2*5
•
82.67 389.03
Circu¬
H *
lation.
culati’n
Deposits.
and de¬
posits.
•
-
.
56.02jl06.04
Aggregates. 2,053 301.89 677.33 142.95 85.08 228
p. c.
254.3
40.7
71.0
p. c.
p. c.
26.8
89.1
48.4
51.1
44.9
104.0
5.6.8
65.7
74.4
1106.0
129.8
24.4
23.4
21.0
20.8
28.8
18.4
25.1
25.5
24.0
21.1
14.7
17.2
60.7
24.3
22.7
•0.7
£8.0
25.5
24.6
112.4
23.9
82.6
183.1
295.6
total cash
28.0
8.1
17.0
27.8
41.9
37.1
40.3
27 4
27.7
43.8
17.4
47.3
21.1
25.9
of all the national banks
was
-
NATIONAL-BANK
*
AND
*
or
This
*
LEGAL
TENDER
NOTES, BY DENOMINA¬
TIONS.
The subjoined table exhibits, by denominations,
the amount of
national-bank and legal tender notes outstanding on November
1. 1878 :
Amount
of Amount
of
national
legal
bank notes.
lenders.
Denominations.
Ones
Twos
Fives
Tens
liqu- dation. oper¬
In
1
In
1
Jersey
Pennsylvania
Delaware
Maryland
States
Diet, of Columbia..
Virginia
West Virginia.
.
North Carolina...
South Carolina
$
10,660,000
8
$
$
9/26,250 20,538,580
8,799.924
5,740,000
5,7o9,l09 12,118,075
5,194.747
8,533,000 7,662,500 18,979.600 7,352,434
97,407,000 72,221,950 166,473,645 63,696,565
20,009,800 14,254,400 35,026,715 13,050,210
25,504,620 20,323,700 47,555,410 17,991,393
5
1
4
237
561
16
545
165,854,420 129,857,800 300,692,025 116,085,273
340
71
257
14
34
60
2
22
280
69
235
90,689,691 55,766,300 169 86?,715 50 871,827
18,858,350 12,626,350 29,531.530 11/59,325
55,909,840 46,677,650 109,208,135 42,247,305
1,763,985 1,549,200 3,432,665
1,432,060
12,865,010 7,821,000 22,314,450 7,700,174
72
46
47
61
82
2
14
32
716
86
630
11
29
20
15
4
11
5
7
lb
15
15
12
12
...
.
;
.
•
•
5
-i
11
2
1
2
11
12
4
1
7
11
O
1
7
7
4b
u
..
Tennessee
Missouri
1
10
•
•
•
-
175,086,876 124,440,500 334,349,485 113,610,691
1,507,000
3,285,00.:
1,755,000
*,551.000
1,458.000
1,764,000
2,851,100
2,041,000
1,490,000
1,925,000
2,582,146
92,539,275
102,981,440
6*,219,780
One Hundreds
Five Hundreds
Thousands
I
Add for fractions of notes not
pre¬
or
destroyed
Balances
65,926,631
63,565,929
26,691,195
31,2*7,070
30 501,50J
33,490,500
11,561
Totals
Deduct for legal tenders destroyed
Chicago fire
20,967,800
27,104,400
657,500
304,000
148,116,015
$31 ,652,12 i
$847,681,016
r.
00,000
$319,652,121
$346,681,046
22,915,066
168,908,071
131,785,709
47,658,995
1,0°0,593
2,360,692
4,941,430
3,9t6,200
3,580,325
4,817,790
50,000
50,000
59,500
1,658,000
1,621,000
2,990,130
1,478,988
...
....
3,475,000
1,100.000
205,(00
9,936,500
....
1,820,000
680,000
205,(00
66,000
611
6,557,760
1,686,420
2,024,536
537,005
531,900
251,598
8.227,340
21
25
22
275
70
205
40,67)’, 900 27,998,700 75,380,475 27,464,591
196
34
21
26
11
18
23
162
16
2
94
139
79
38
76
31
11
10
26,986,900 23,157,250 56,231,270 21.386,123
15,026,530 12,9-8,500 34,542,755 12,398,599
17,194,600
9,988,500 33,574,905
9,915,228
9,514,500 6,*75,750 16,*53,190
5.997,330
3,315,000 2,094,500 7,165,660
2,287,290
5,927,000 4,557,000 12,4*7,740 4,389,519
4,968,700 2,67;», i 00
7,124,660 2,622.264
'800,000
740,0 0 2,813,680
922,519
1,000,000
841,C00 1,853,840
741,234
159
640
84,733,230 63,254,900 171,987,200 60,660,106
3,080,300
7,175,000
8,546,350
18,039,495
2,754,500 6,400,280
2,000,000 10,947,375
2.567,333
2,344,432
Southern
States
Ohio..
Indiana
Illinois
115
165
90
56
Michigan
Wisconsin
Iowa
'
Minnesota
Kansas.
Nebraska
99
39
27
12
6
Western
States
799
Nevada
Oregon
Colorado
Utah
Idaho
Montana
Wyoming
New Mexico
Dakota
Waehiugton
.
1
1
18
4
1
6
2
2
3
1
1
i
5
3
3
„r
....
•##.••••
13
1
250,000
1,235,000
200,000
1
3
2
2
3
1
350,000
125,000
301,000
175,000
150,000
27
2.885,000
__
100,000
250,000
823,000
50,000
100,000
280,000
60,0 0
304,000
110.0C0
131,700
3,113
223,600
487,00
1,611,92
614/30
197,740
743.281
69.056
514,420
246,549
54,000
82,001
116,360
591,07
50,000
155,530
45,00i
2,023,000
4,495,670
«
235,560
99,000
45,000
Pacific
39
12
Due for mutilated
notes retired...
55,576.740
3,549,600
7.226,270
1,548,4(8
1,713,480
1,349,365
1/26,409
43,800
....
2
1,155.000
2,529/50
55
32
43
Total.
$24,652,750
ing-
j
3
2
States and Territories
$20,3^8,531
20,332,920
Outstand¬
2
1
17
Kentucky
Totals,
Issued.
74
47
50
242
62
86
12
Florida
Alabama
Totals,
on
deposit.
Circulation.
Middle
Totals,
Totals,
Bonds
Capital
paid in.
Grand totals
2,390
Add gold banks....
10
343 2,046 469.230.426
1
4,300,000
Totals for all banks. 2.400
344 2,05>
The act of
1,831,460
1,339,674
.
$4,284,219
Twenties
Fifties
sented
New
23.3
$30,688,606 of specie, $97,061,571 of legal
tender notes, and $15,205,541 deposited in the
Treasury for the
redemption of circulating-notes. It is evident that the banks
are well
prepared to redeem their circulating notes in legal
tender notes, in accordance with law. The national and
State
banks in New York city and in Boston have
already
signified
their intention to co-operate with the
Treasury Department in
the resumption of specie payments, which takes
place on the
1st day of January next, as
provided by law, as may be seen
trom the late action of the
Clearing House Associations of those
*
New York
Louisiana
Texas
Arkansas
$142,955,718,
deposits.
consisted of
cities.
ation.]
Bonds.
Eastern
States
Mississippi
47.3 per cent of the total out-tanding circulation of the banks
then in operation, and 21.1
per cent of their
reserve
Totals,
20.S
of
reserve
Hampshire....
Vermont
Massachusetts
Rhode Island
Connecticut..:
Georgia
22.8
03
16.5
15.0
legal tender funds held by the banks in New
York city on October 1 was $50,921,576, which was 26.8
per
cent upon their
deposits and 24.3 per cent upon circulation and
deposits. The amount held by the banks in the principal cities,
including New York, was $92,934,123, or 112.4 per cent upon
their circulation, and 23.9
per cent upon their deposits ; and the
amount
New
Capital.
l
92.93 29.06 121.99
1,822 219.22 288.30 50.02
Ratio of legal ten- ReS’rve
to cirder fu nds to—
w
0
miPs. mil’ 8. mil’s. mils. mils.
20.03 180.79 50.92
50.92
54 25.89 63.71 10.54 9.77 20 31
7
1.60
7.57
1.14 1.68
2.82
31 11.73 41.19 10.55 4.83 15 38
22
5. 2 11.82
2.76 1 71
4.47
14
5.36 13 04
2.74 1.78
4. £2
6
0.80
0.36 0.30
1.73
0.66
.7
1.3*
5.00
1.44 0.35
1.79
♦8
2.34
3.42
0.63 0.35
0.98
6
3.10
8.12
2.04 1.08
3.12
6
1 87
1.39 1.67
5.45
3.06
9
0.47 21.63
5.18 3 03
6.21
4
1.16
4.53
0.5)6 1 34
2.30
•3
2.53
0.37 0.38
0.20
0.75
5
0.35
6.07
1.04 0.74
1.78
2
0.67
1.43
0.87 0.05
O.9.-
47
231
Other banks.
The
ized.
Organ¬
Maine
Cities.
*
*
divisions the number of banks organized - and in
operation, with
their capital, bonds on deposit, and circulation
issued, redeemed,
and outstanding on the 1st day of November, 1878:
:
a
*
NATIONAL-BANK CIRCULATION.
347,574,900 886,904.855 320.991,795
1,834.000 3,051,220
1.468,920
473, 30,423 349,408,900 889.956.075 322,460.715
February 28, 1863, and the subs« quent act of Jun i
3,1864, authorized the issue of 300 millions of dollars of national33,794, 00 bank circulation,
which was increased by the act of July 12, 1870,
to 354 millions. The act of June 20,
1874, authorized any national
11,561
bank desiring to withdraw its
circulating notes, in whole or in
$667,333,137 part, to deposit lawful money with the
Treasurer of the United
1,000,000 States, in sums of not less than $9,000, and to withdraw a pro¬
portionate amount of the bonds held as security for such notes;
$666,333,187 and the act of January 14,1875, repealed all
provisions restricting
58,331,470
31,159,000
594
THE CHRONICLE.
the aggregate amount of national-bank
•the Secretary of the
circulation, and required
Treasury to retire legal tender notes to an
amount
equal to 80 per cent of the national-bank notes thereafter
issued, until the amount of such legal tender notes
should be
$300,000,000, and
outstanding
That port on of the above
which required a reduction of United
States legal tender notes
was repealed
by the act of May 31, 1878.
*
*
*
*
The following table exhibits
by States the issue and retirement
ot circulation during the year
ending November 1,1878, and the
total amount issued and retired
since June 20, 1874:"
Act
no more.
Circn’ation retired.
Circula¬
Under act Of liquidof June 20,
ating
1874.
banks.
tion
States and Territories.
Issued.
Maine
New Hampshire
Vermont
$208,80(
Massachusetts
3,072,’:
$2,865
427,944
478,26?
14,152
56,937
11,120
13,700
1.590
514,1
Rhode Island
Connecticut
New York
New
$56,460
4,80(.i
..
Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
North Carolina
South Carolina.
'...
Alabama
473,092
329,887
11,869
17,209
76,516
56.C59
5.586
190,862
74,515
60,565
5,865
179,860
64,4.5
Virginia
West Virginia
Georgia
2,509,780
117,181
801,339
....
45,915
41,271
78,400
Mississippi
75
915
,
Louisiana
Texas
Arkansas
810,500
292,356
20,608
39,090
3,865
27,752
*...
Kentucky
390
246,261
28,052
Tennessee
Missouri
Ohio
Indiana
Illinois
94,58
184,373
176.8fc0
518,318
533,572
659,231
141,110
90,399
103,794
116,537
20,137
60,231
591,210
370,890
Michigan
334,090
44,100
Wisconsin
Iowa
Minnesota
Kansas
Nebraska
Nevada
Colorado
Utah.
.....
108,900
95.197
38,029
201,672
286,050
186,694
393,729
69,048
68 647
100,251
64,597
107,786
7,975
28,508
Washington
retired
...
this
to
office
*
*
*
and
62,4-14
179,860
64,425
87,186
78,475
915
331,446
24,528
23,142
341,458
66,08
386,045
Total issued and retired from
June 20,1674, to Nov. 1, 1878....
52,700,916
•
•
The belief is very
63,109,849
considerable
proportion of the circulating notes of each national bank will
ultimately be lost or destroyed, and will therefore never be
presented for redemption. It is also frequently stated that the
loss of such notes inures to the benefit
of the hanks.
Neither
supposition is correct. Section 5222 of the Revised Statutes
requires that all national banks which go into
voluntary liquida¬
tion shall, within six months
thereafter, deposit in the Treasury
an amount of lawful
money equal to the amount of their circula¬
ting notes outstanding. The law also requires that full provision
a
shall be made for the
redemption of the
insolvent bank, before a dividend is madecirculating notes of any
to its creditors.
Thus
it will be seen that no association can
close up its business with
out first providing for the
payment of all its circulating notes,
and that the amount
deposited for their redemption must remain
in the Treasury until the last
outstanding note shall have been
presented. It is therefore p ain that the
government, and not
the bank, receives all the benefit
arising from lost or unredeemed
circulating
In
notes.
previous report, returns as to unredeemed circulation were
given for 286 State banks organized under the
authority of the
legislature of the State of New York. The maximum
amount of
a
circulation issued to them was
$50,754,514, and the amount of
unredeemed circulation at the date of the
report named was
$1 ,336,337, or 2*63 per cent of the highest amount issued. The
maximum amount of circulation issued
to 30 State banks in the
city ot New York, which are still in operation either as national
State associations, was
$7,763,010, while the amount remaining
unredeemed in October, 1875, was
$142,366, or only 1*83 per cent
of the highest amount issued.
The amount of circulation issued
or
to 240 State banks in
unredeemed is
Wisconsin
was
Feb.
$7,565,409, and the
Sept.
Dec.
Feb.
28,
25,
13,
12,
26,
27,
1,
26,
2,
June
Oct.
Dec. 31,
March 1,
May
June
Oct.
Dec.
M’ch
May
June
Oct.
Dec.
Jan.
April
N( TBS.
generally entertained that
Coin.
May
•
10,408,933
Held by Nat. Banas in N. Y.
city.
Dates.
4,120
/61,002,608 $13,093,357 $84,314,957
UNREDEEMED BANK
separately:
4,120
*
LOST OR
The table below exhibits the amount of
specie held by the
national banks at the dates of their
reports for the last six years;
the coin, coin-certificates and checks
payable in coin held by the
New York city banks
being stated
14.912
9,130,107
|$55,412,?
SPECIE IN BANK AND ESTIMATED
SPECIE IN THE COUNTRY.
U. S. cein
certiflc’s.
Held byother Nat’l
Banks.
Total.
Aggregate.
181,134
127,923
68,-206
$16,291 685 $8,301,692 $2,684,424 $12,075,001
39,120,896
two years.
204,045
Novem¬
November 1, 1877
Surrendered to this office between
same dates
proportion unredeemed being a little more than one-tenth of
per cent, $3,627 having been redeemed within the last
one
804,368
720,266
1,052,960
210,158
159,046
1,088,885
1874, to
amount
outstanding on November 1, 1878, was $57,074, the pro¬
portion of notes remaining unredeemed being but 1*78 per
cent of
April
*
on November 1, 1878, was $13,440 50, the proportion
remaining unredeemed bein'?; only 0 86 per cent of the
amount issued.
The total amount issued to 23 national
banks
which failed previous to the
ye ir 1873 was $3,196,693; and the
June
.
Total for year ending
ber 1, 1878
Add totals from June 20,
of notes
the amount issued. *
*
*
Or' the circulation of 51 national banks in
Total.
voluntary liquidation
previous to 1870, amounting to $5,832,940, there yet remains
outstanding $151,486, or 2*59 percent only, of the amount issued;
$59,325 and of the circulation of *75 banks in
liquidation prior to 1872,
1,590
amounting to $8,648,980, there remains outstanding $227,448,
442.096
535,199 which is equal to a percentage of 2*63; and of the circulation of
11,120 89 banks in
liquidation prior to 1873, in amount $10,764,080,
13,700 there
remains outstanding $303,274, or 2*82
2,982,872
per cent of the
122,767 amount issued.
992,2A
The amount of demand
Treasury notes issued from July 17,
186 j, to December 31, 1862, was
341.756
$60,000,000, in denominations
91,724 of five, ten and twenty dollars; and the amount
remaining
137,111 outstanding on the 1st of November last
was $62,065, the
.>...
Surrendered
outstanding
810
27,214
Dakota
It is probable that, under the national
system of redemption,
the proportion of national-bank notes redeemed
will be much
greater than that of the State-bank notes under the old
systems.
The highest amount of circulation issued to
15 national banks
which failed previous to 1870 was
$1,554,400, and the amount
55,722
14,912
810
.
,
Montana
...
|ToCi. xxvii.
June
Oct.
1,
30,
1,
17,
10,
12,
30,
2,
22,
*0,
14,
22,
1,
Dec. 28,
M’ch 15,
May
1,
June 29,
Oct.
1,
S
f
$
$
$
1,958,769 86 11.539.780 13,498,549 86 4.279,123 67 17,777,673 53
1,344,9 0 93 11,743.320 13,088,250 93 3,780.557 81 16,868,808 74
1.442,097 71 22,139,080 23,581,177 71 4,368:909 01 27,95 i,086 72
1,063,210 55 .3,522,600 14 535,810 55 5,282,658 90 10.868.469 45
1873
1 376,170 50 18,325,76(
19,701,930 50 7,205,10? 08 26,907.037 68
1874.... 1,167,820 09 23.518.640 24,686,460 09
8,679,403 49 38,365,863 58
1874... 1,530,282 10 23,454,*60
24,984,942 10 7,585,027 16 32,569.969 26
1874.... 1,842,525 00 13.671.660 15,514,185
00 6,812,022 27 22,326,207 27
1874..., 1,291,786 56 13,114,480 14,406,266 56
6,834,678 67 21,240,945 23
1874..
1,443,215 42 14,110,940 15,854,'55 42 6,582,605 62 22,436,761 04
18:5.... 1,08.,555 51 10.622,160
11,706,715 54 4,960,380 03 16,667,106 17
1875...
930,105 76 5,753,220 6.683,325 7! 3,937,' 35 88
1875.... 1,023,015 86 12.642.180 13,665,195 86 5.294,386 44 10,620.361 64
18,959,592 30
1975....
753,914 90 4,20',720 4,955.624 90 3,094,704 83 8,050,329 73
1^75....
72
869,436
12.532.810 13,402,246 72 3, i.6s659 18 17,01 0,605 90
1876
3,2ol,131 36 19,086,9 iO 22,348,051 36 6,729.204 49 2^,077,315 85
1876
832,313 70 15.183.760 16,01- ,073 70 5,6 8,520 66 21,714,5 4 36
1876.... 1,214,522 92 16.872.780
18,087,302 92 7,131,167 00 25.218.469 92
1876,... 1,129,814 3 13.446.760
14,576.574 34 6,785,079 69 21,361,654 03
1&76.... 1,434,701 as 21,602,90.- 23 037,601 83
9,9* 2,046 06 32,999,647 89
1877..
1,669,284 94 33.629.660 35^2 8,944 94 14,410,322 61 49,709,267 55
1877.., 1,930,725 59 13.899.180
15,829,905 59 11,240,132 19 27,070,037 78
1877
1.423,258 17 10,324, m 11.747.578 17 9.588,417 89 21,335 995 06
1877.... 1,536,486 47 11,409,920
12,948,406 47 9,710,413 84 22.658,820 31
1877.... 1.955,746 20 9,119,080
21,074,826 20 11,842,924 50 32,907,750 70
1878.... 2,428.797 44 35,003,220 37,432,017 44 17
290,040 58 54,722,058 02
1878
2,688 092 06 25.397.640 28.085,732 06 17,939,624 00 46,023,756 06
1878.... 1,905,705 22 11,954,500
13,860,205 22 15,391,264 55 29.251.469 77
1878
1,779,792 43 11.514.810 13,294.* 02 43 17,394,004 16 30,688,606 59
1873....
1S73....
1873....
1873...
...
...
...
.
..
...
...
The amount of silver coin held
30 and October 2, 1876, was
by the national banks on June
$1,627,566 and $2,557,599 respec¬
tively. The amount held on October 1,1877, was $3,700,703, and
on October 1,1878,
$5,387,738. The aggregate amount of specie
held by the State banks in New
England, in New York, New
Jersey, Pennsylvania, Maryland, Louisiana, Ohio and Wisconsin,
as shown
by their official reports for 1878, was $3,023,429, of
which the banks in New York
city held $2,629,839.
In the
returns from California the amount of coiu is not
given
separately.
In my last annual report a statement was
given from estimates
made by the Director of the
Mint, showing that the probable
amount of coin and bullion in the
country on June 30, 1877, was
$242,855 858, of which $50,135,628 was silver.
Assuming this
estimate to have been
substantially correct, the movement of
coin and bullion for the
year ending June 30,1878, and the
amount in the
country at the latter date, is shown, from further
estimates of the Director of the
Mint, to have been
as
follows*
Estimated amount of coin and bulion in the
country June 30, 1877 1242,855,858
Estimated product of the mines for the
year
Importations of gold for the j
Importations of silver for the
99,000,000
13,330,715
ear
year
Total
Deduct exportations of gold
Deduct exportations of silver
Deduct amount used in the arts and manufactures
16,490,599
,
amount
-
..$371,677,172
$9,197,555
24,f>35,670
5,500,000— 39,233,225
Total estimated amount of coin and bullion
in the country on
$134,747, the percentage of unredeemed notes
June 30, 1-78
being 1’78 only. The maximum issue to 210 State banks in the
$332,443,947
six New E gland States was
Of this amount,
$244,353,390 was in gold coin and bullion, and
$39,245,380, while the amount
remaining unredeemed is but $792,767, the proportion of the $88,090,557 in silver coin and bullion. The increase for the fiscal
latter to the former
being 2*02 per cent. The returns from 332 year was $89,588 089, of which $51,633,160 was in gold coin and
State banks in New York, New
Jersey, Delaware and Maryland bullion and $37,954,929 in silver coin and bullion. The Director
show their maximum circulation to have been
$65,664,176, while estimates the amount of gold coin and bullion in the country on
the amount unredeemed is
$1,707,428, and the percentage 2*60. September 30, 1878, at about $259,353,390, and of silver coin and
The percentage of unredeemed notes of
25 State banks in Ohio, bullion at about $99,090,557, making a total of $358,443,947.
having a circulation of $2,196,381, was 2*79. The
greatest LOANS AND RATES OP INTEREST OP NEW YORK CITY NATIONAL
amount of circulation issued to
707 State banks, in 12
was
BANKS.
$114,671,346, the amount outstanding $2,696,282, and States,
the
The
propor¬
table
contains
tion unredeemed 2*4
following
afclassification of the loans of the
per cent.
~
national banks in New York
city for the last4five
years:
December 7, 1878.]
Octobei 2, October 1, October
2, October 1, October 1,
1874.
1875.
1876.
1877.
5765932460187768811
1878.
48 Banks. 48 Banks. 47
Banks. 47
On endorsed paper......
On single-name p »p'er
On U. *->. bond s on dem’d.
On other stocks, &c., on
demand
On real estate
security..
..
Payable in gold.
All<other
‘
‘
loans.
.
$
Banks. 47 Banks.
$
$
$
$
116,719,349 120,189,537 95,510,3D 92,618,776
19,959,609 18,5’-5,100 16,634,5 2 15,800,5-0 83,924,333
4,721,638 4,934,b74 6,277,492 4,7o3,448 17,2*7,475
7,003,085
51,453,682 50,179,284 58,749,574 48,378,633
51,1‘2,021
278,081
868,1*0
4 7,524
536,802
78 ,514
5,7>5,i38 3,454,27i. 4,681,570 4,319,014
6,752,181
2,909,557 3,908,602 1,852,944
2,786,456 2,670,371
201,777,054 202,089,733 184,243,225
lb9,162,39l 169,585,980
The average rate of interest in
New York
city for each of the
fiscal years from 1874 to
1878, as ascertained from data derived
from the Journal
of Commerce and the Financial Chronicle of
that city, was as follows:
1874, call loans, 3*8 per cent; commercial
1875, call loans, 3*0 per cent; commercial paper, 6*4 per cent.
1876, call loans, 3*> per cent; commerc al paper, 5*6 per cent.
1S77, call loans, 3*0 per cent; commercial paper, 5*8 per cent.
Ifc78, call loans, 4*4 per cent; commercial paper, 5*2 per cent.
paper, 5*1 per cent.
The average rate of
interest of the Bank of
England for the
same years was as
follows:
7143502987681
During the calendar year ending Dec.
During the calendar year ending Dec.
During the calendar year ending Dec.
During the calendar year ending Dec.
During the fiscal year ending June 30,
The rate of interest in the
of the present
year, as
31, 1874, 3*69 per cent.
31, 3875, 3*23 per cent.
31, lfc7o, 2*61 per cent.
31, 1877, 2*91 per cent.
1878, 3*07 per cent.
Years.
«,
On Circulation.
166'
1865
1866
1867
1868
1869
1670
1671
1872
1873
1874
$53,096 97,
733,247 59
2,106,7.^5
2,868,636
2,946,343
England, which
on
1876
...
..
1877
1878
-
Aggregates.. $39,775,817
The amounts paid
during the
same years,
is shown in the
Years.
18S4
1867
18*8
The rate of interest of the Bank of
November 29 of last year was 4
cent.
per cent,
had fallen on
January 30 following to 2 per cent, from
which
date to October 14 there were
seven
exception
changes, and, with
a
single
May 29, a gradual increase. The rate was fixe 1 on
the date last named at 6
per cent and reduced on November
21vto
5 per cent.
on
The
security op circulating
notes.
following table exhibits the kinds and amounts of United
States bonds held by the
Treasurer on the 1st day of
November,
1878, to secure the redemption of the
circulating notes of national
banks:
Classes of bonds.
try, l
Loan of .»uly and
id At
Aug.,
Loans of 18b3 (81s)
Consols of 1865
Consols of 18'-7
Consols of 1868
Ten-forties of 1864
Funded loan of 3881.
Funded loan of 1891
Funded loan of 1907
.
Pacific
Railway bonds
Authorizing act.
Rate of
interest.
Amount.
February 8,1861.
l861(81s) July 17 and Aug. 5, 1861
July
6 p. ct.
do
March 3, 1863.
do
March 3,1865.
do '
do
do
do
do
March 3,1864.
5 p. ct.
14,’70, & Jan. 20,’71
do
do
4/4 P. ct
do
4 p. ct.
July 1, 1862, & July 2,’64
6 p. ct.
$2,276 000
84,416,550
19,790,900
825,700
8,172,100
1,764,500
*
70.688,850
125,926,750
49,897,250
10,566,800
5,584,000
30
78
07
2,9 7,416 73
2,949,744 13
2,987,021 69
3,193,570 03
3,353,18 i 13
3,404,483 11
3,283,405 89
3,09 ,795 76
2,8*9,037 09
2,948,047 08
1875
city of New York on November 22
quoted in the Daily Bulletin, was, on call
cent, and on commercial
paper of the best
loans, from 3 to 4 per
grade, from 4$ to 5 per
595
35
On
Deposits.
On
$95,811 25
1,087,530
2,633,102
2,650,180
2,564,143
2,614,553
2,614,767
58
2,802,840 85
3,120,984 37
3,196, 69 29
3,209,967 72
3,514,310 39
3,605,129 64
3,445,252 74
3,273,111 74
$40,328,256
133,251
406,947
321,881
306,781
312,9 ih
375,962
385,292
389,356
454,891
469,048
507,417
632,396
654,136
560,296
44
61
Capital.
$18,402
66
77
07
i
Loans and Discounts.
THE CHRONICLE.
’
32
$5,929,480
23
15
74
36
67
68
26
13
27
51
02
76
16
96
83
73
Totals.
$167,310 45
1,954,029 60
5,146,835 81
5,840,698 21
5,817,268 18
5,884,888 99
5,940,474 00
6,175,154 67
6,703,910 67
7,004,646 93
7,083,498 85
7,305,134 04
7,229,321 56
6,998,926 79
6,781,455 65
$86,033,554 40
to the Commissioner of internal Revenue
by banks and hankers, other than
national,
following table:
On Circulation.
On Deposits.
$2,056,996 30
1,993,661 84
990,278 11
214,2*8 75
28,669 88
16,565 05
15,419 94
22,781 92
8,919 82
24,778 62
16,738 26
22,746 27
17,947 67
5,430 16
1,118 72
2,043,841 08
2,099,*35 83
1,355,395 98
1,438,512 77
1,734,417 63
2,177,576 46
2,702,196 84
3,643,251 71
8,009,302 79
2,453,5*4 26
2,972,260 27
2,999,530 75
2,896,637 93
2,593,667 29
On
Capital.
$780,723 52
903,367 98
374,074 11
476,867 73
399,562 90
445,071 49
827,087 21
*
919,2*2 77
976,057
736,950
916,678
1,102,241
989,219
927,661
897,225
61
05
15
58
61
24
84
Totals.
$2,837,719 82
4,940,870 90
3,463,988 05
2,048,562 46
1,866,745 55
2,196,054
3,020,083
3,644,241
4,628,229
3,771,031
3,387,160
4,097,248
4,006,698
3,829,729
3,492,081
17
61
53
14
46
67
12
03
33
85
$5,436,351 31
$34,900,515 11
$10,891,528 27
$51,228,894 6a
It will he seen
by the above tables that, since 1864, the
taxes collected
by the government from the banks and t^tal
bank¬
ers of the
country amounts to $137,261,949 09, of
the
national banks have
paid nearly two-thirds.
One
object in
imposing these taxes upon the national banks was
to make the
system self-sustaining, so far as cost to the
gove rnment is con¬
cerned; but while the whole expenses of
this
establishment
office, from its
to
July 1 of this year, have Y>een but
022 66, the first of the
$4,525,foregoing tables shovrf s that* the national
banks have returned to the
government in
taxes during this
period the large sum of $86,033,554, of
wh*ich
$39,775,817 was
paid on circulation alone. It is to be furth'
3r observed that the
whole < f this amount has been
collected wE Mhout
the government.
any expense to
From returns made to this
office by tile national
banks in sev¬
eral different
years, in response to
uests therefor by the
req
Comptroller, the amount of State taxes *
years
1866,
1867, 1869,
1874, 1875, 181
paid by them for the
6 and
1877 has
been
ascertained. No returns wen o btained
for the
years
in
this
missing
$349,408,900
series; but from the dab a furnished for
the known
All of these
years, estimates have been made in th
bonds, with the exception of $53,038 80 of 6
is office for the
per ones, and the whole amount of
intervening
cents, are, by the terms of the acts
taxes , Sta te and
under which they were the national
national, paid by
banks from the year
issued, payable in coin. Of the latter
1865 to tbe present time is
amount, $36,692 550 con¬ shown, yearly, in the table
sist of sixes of
below:
1881, which were issued prior to the
the legal tender
passage of
act; $10,762,300 of five-twenties, which were
Amount of; taxes.
issued under the act of March
Capital
Ratio tax to capital.
3, 1865, which law does not spec¬
stock.
U.
States.
ify the kind of money in which the bonds issued
Sta*,*.
Total.
State. Tot’l
T>, S.
under it shall
be paid; and
$5,584,000 of Pacific Railroad
currency sixes.
On October 1, 1870, the banks
1866
Per ci, Per ct. Pr.ct
$410,593,435 $7,949,451 18/069.938
held
of 6 per cent
2*0
it*9
$16,019,389
3*9
422,804,666
bonds, and $95,942,550 of 5 per cents. $246,891,300
9.525,607
8,813,127
Since that time there has
a 2
2*1
15,338,734
4*3
420,143,491
9,465,652
been a decrease of
757,656
2 2
18,223.308
21
$174,061,550 in 6 per cent bonds, and an
4*3
419,619,860 10,081,244
7,297,096
increase of $100,673,050 in the
2*4
1*7
17,378,340
4*1
429,314,041
Total.
During the
been
a
definitely
5 per cents.
three years ending November
1, 1878, there has
decrease of $55,673,462 in 6
per cent and of $42,430,600
in 5 per cent
bonds, while in the same period $49,397,250
of 4£
per cents and within the last
eighteen months $30,566,300 of 4
per cents have been
deposited.
1676
1877
451,994,133
472,956,958
488,776,418
493,751,679
503,687,911
511,788,079
10,190,682
10,649,8-5
6,703,910
7,004,646
7,256,083
7,317,531
7.076,087
7,465,675
7.860 078
S.343,772
8,499,748
9,620,326
10.058,122
9,701,732
8,829,304
17,656,357
18,509,973
15,047,6*2
15,504,394
16,876,409
17,375,653
2 4
2 4
1 <
14
1*5
1*4
14
1*4
1*7
4*1
1*7
4*1
1*8
1 8
3*2
3*2
3*5
3*5
3*4
3*3
2*0
2 0
V0
9
1
16,777,819
15.731,877
TAXATION, EARNINGS AND DIVIDENDS.
In the returns of United
States taxes prior to
The Comptroller has in former
the year lb'72, iu
reports discussed at considerable the above table, are included the
special or license tax oi ’two
length the question of bank taxation, and he
dollars on each one thousand
dollars of capital, and
at the
respectfully repeats tax on net
present time his previous recommendations
an inci
for the repeal
earnings.
of the law
The States in which the
imposing a tax upon capital and deposits.
ratios of taxation to
Special attention is called in this connection to
capital were mos^
the elaborate excessive during the years 1875,1876 and
tables herewith
1877 are shown in the
table below:
presented, showing, for a series of
years, the
amount of national and State
taxation
banks, the amount of losses charged off bypaid by the national
1875.
States.
1876.
them, the number of
banks which have been
1877.
U.
S.
State.
compelled
to
Total.
pass
U.
S.
dividends, and the
low ratio of their
State. Total. U. S.
State. Total
It will be seen thatearnings and dividends to capital and surplus.
Per ct. Per ct. Per ct.
Per ct. Per ct. Per
the average rate of taxation
New York....
ct.
Per ct. Per ct. P. ct.
1*8
2*9
upon capital for New
the past four
4*7
1*8
3*1
4*9
years has been nearly three and one-half
1*9
Jersey... 1*5
2*1
2*7
3*6
4*6
1*4
2*1
per cent,
while in the
Ohio
3*5
1*4
1*4
2*4
1*9
city of New York it has exceeded five
3*8
3*3
1*3
2*7
4*0
that during the last three
per cent; Indiana
1*2
1*0
2*4
2*6
3*8
3*4
1*2
2*5
years the banks have suffered losses Illinois
3*7
1*2
1*8
2*3
2*4
4*2
3*5<
1*8
2*4
amounting to more than sixty-four million dollars ; and that the Wisconsin.... 1*7
4*2
1*6
2*1
2*2
3*8
3*8
1*7
ratio of their
2*1
Kansas
3*8
1*7
1*4
3*2
2*1
3*8
earnings to
4*6
and surplus was in 1877 but Nebraska.
1*5
3*0
4*5
1*7
2*2
5'62, and in 1878 but 5*14 capital
2*6
2*3
4*3
4*5
2*2
2*5
per
cent.
No
So,
4*7
Carolina
more'conclusive
2*3
°f the
1*1
2*3
3*4
4*6
proof
4*5
1*0
justice of the request for the
2*7
3*7
1*0
1*4
2 6
2*3
4*6
repeal of the law imposing Tennessee.
3*7
1*4
these taxes can be
2*1
3*5
1*6
2*2
given than is contained in these various tables.
3*8
The national banks
The evil effect of these
pay annually to the government, in semi¬
high rates of taxation
annual
may be seen *
installments, a duty or tax of one per cent upon the in the reduction of capital and surplus
by the hanks in the
average amount of their
city
of
New
York alone,
circulating notes outstanding, one-half been
during the last five years, which hasof one
per cent upon the
upon capital $16,435,000,
average amount of their deposits, and a
and
like rate
surplus $6,002,981 ;.*
making a total of $22,437,981. The upon
upon the average amount of "their
State banks of the Fame
capital stock not in¬ city are
vested in United
States bonds. The
to
reported
have also reduced their
following table exhibits the and
ainount of such duties
capital $4,794,000,.
surplus $1,340,300;
paid by the national banks yearly, from
the
a total reduction for
making
of
the
all.
commencement of the system to
July 1 of the present year: i $28,572,281.New York city banks, during that period,
or
*
^
485,250.694
6,902,573
...
..
...
,
596
THE CHRONICLE.
The inequality in the rate of taxation ‘imposed by State
authority upon banking capitil in different localities js well
illustrated by the following table, which gives the rate of such
taxation i ' the principal cities of the country for the years 1875,
1876 and 1877, the ratio of United States taxation upon deposits,
capital and circulation combined being also given for purposes
of comparison:
| Voh. XXVII,
**
Received by Comptroller.
r
Received
From banks reis ue sun
1877.
November
December
Rates of taxation.
1875.
U. S.
Boston
New York
....
Albany
Philadelphia.
Pittsburg
.
Baltimore
Washington
New Orleans..
..
Louisville
Cincinnati....
Cleveland
....
Chicago
Detro;t
...
..
:
......
Milwaukee....
1876.
State. Total.
U. S.
1877.
State. Total.
U. S.
State. Total
Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. P. ct.
1*4
1-9
33
1-4
1*6
3*0
1*3
1-6
2*9
2-0
3-1
5T
1*9
3-5
5*4
2T
2-9
5-0
30
3-6
6-6
8-4
3-2
6-6
3*0
3-2
62
2-0
0-8
28
2T
07
28
*T
07
2-8
1*4
0*5
1-9
1*4
0-5
1*9
1*4
0*5
1*9
1-3
2-0
33
1-2
20
3 2
1*2
1-9
3 1
1-4
0-3
1-7
12
IT
23
1 3
OT
2-0
1*6
1-9
0-3
1*6
0-2
1 5
1-8
0-9
2-4
i’3
05
1-8
14
05
1-9
1-4
0*5
1*9
2 0
2-6
4 6
4-6
1-7
2-9
17
2*9
46
1-1
23
34
IT
25
IT
3*6
2-2
3*3
23
25
4-8
2*2
3-0
5 2
22
2*9
58
1-8
1*3
3 1
1-6
1*5
1 6
3T
1*7
3-3
23
3-0
5-3
2*2
29
5’1
24
2’6
5-0
1*2
2*8
4-0
1*3
2*6
3-9
1'4
2*5
39
1*3
2*2
35
1*2
18
30
1-3
1 7
3 0
January
February
March
April
May
July
August
September
4,323,100
3,720,600
18,000
258,189
203,750
3,534,S00
4,001,700
6,086,500
5,909,800
4,635,100
3,435,^00
2,997,500
2,995,000
129,420
211,458
721,17*
c26,315 1,096,429
492,043 1,017,166
183,127
690,264
308,585
625,507
177,911
327,069
89,580
283,063
Tolal
995,757 47,849,200 2,681,424
Received from
June 20, ’74, to
Nov. 1, ’77
10,974,288 273,670,855 10,283,941
..
..
$
$
1,432,017
137,500
agency.
|
15,400
30,900
161,159
Grand total
;
$
166,54«
37,600
October
of
j
$
3,107,800
3,101,910
106,500
68,700
66,073
346,750
115,405
June
tion.
in
demption
Total.
$
11,680
17,590
1878.
Cities.
at the re¬
nat’lfor or endr. Frroem- demption faogerncyreisue. Noontae-fs bt’annaklsliquda¬ UnadcertJ2un0e,1874.
Months.
529, t92
577,010
524,397
392,760
$
4,718,013 17,340,759
3,786,682 17,222,396
5,173,699 18,010,569
4,479,647 13,5*8,278
4,074,980 12,025,805
5,040,836 15,766,848
7,577,914 24,076,681
7,486,082 23,615,670
5,855.241 22,785,478
4,484,897 16,418,603
3,540,080 13,292,206
3,528,802
8, >76,449
8,216,552 59,745,933 202,499,740
52,805,216 347,734,300 664,794,553
11,970,045 321,520,055 12,968,365 61,021,768 407,480,23° 867,294,293
•
During the year ending November 1, 1878, there was received
the redemption agency of the
Treasury $202,499,740 of
national-bank notes, of which amount $65,847,000, or about
32|
The following table gives in detail, by States and
principal per cent, was received from the banks in New York city, and
cities, the amount of national and State taxation paid by the $75,396,000, or about 37 1-5 per cent, from Boston. The amount
received from Philadelphia was
national banks for the year 1877, and their ratios to
capital:
$10,756,000; from Baltimore,
$1,215,000; Pittsburg, $1,026,000; Cincinnati. $2,223,000; Chicag°, $2,866,000; St. Louis, $814,000; Providence, $4,945,000.
Amount of taxes.
Ratios to capital.
States and TerriThe amount of circulating notes, fit for circulation, returned
tories.
by
U. S.
State.
Total.
U. S.
State. 1 ot’l the
agency to the banks during the year was $151,683,200.
The
total amount received by the
$
Comptroller for destruction, from
Per ct. Per ct. P. ct.
$
$
$
Maine
the
10.689,83?
354 297
IT
2-2
118,855 240,442
3*3
redemption agency and from the national banks direct, was
New Hampshire...
bii
IT
5,683,750
1*8
2*9
100,?C0
163,952
$57,061,509. Of this amount $5,830,516 were issues of the banks
Yermont
10
2*0
8,568,700
3-0
88,653 16*,551
257,210
in the <ity of New York; $4,447,325 of
Massachusetts
Boston; $1,811,160 of
IT
41,413.464 493,489 828.064 1,321,553
1-9
3*0
Boston
1*3
52,329,080 684,562 830,847 1,515,409
16
2*9
Philadelphia; $1,107,323 of Baltimore; $1,087,470 of Pittsburg;
Rhode I-land.
1*0
14
20,271,650 193,0-8 273,227
24
466,315
$435,200 of Cincinnati; $444,898 of Chicago; $169,673 of St.
Connecticut
10
1*6
25,831,994 270,671 422,238
2 6
693,159
Louis; $360,281 of New Orleans; $351,800 of Albany; and $359,St. Louis
St. Paul
at
,
1
N. Engl’d States. 167,788,475 1,907,776 2,864,119
4,771,895
IT
1*7
2-8
498,204 754,951 1,253,155
1,250,636 1,822,196 3,072,832
59,870
124,151
64i,281
202,678 276,6-0
479,358
4(’9,062 200,841
609,903
357,311 120,471
477,782
139,751
54,335
194,0S6
23,398
6,842
30,240
30.395
3i, 81.62,213
137,075 205,330
342,905
312
4,317
4,629
15,870
7,728
23,598
1*5
2*3
2-9
32
3*8
490 of Cleveland.
There
New York
34,11-,002
New York
city..
Albany
New Jersey
2,000,000
14,278,350
28,4’7,5*2
Pennsylvania
Philadelphia
....
Pittsburg
•
Delaware
Maryland
Baltimore
Dlstr. of Columbia
Washington.
.
Middle States
...
...
Virginia
West Virginia
North Carolina....
South Carolina....
Georgia
Florida
Alabama
New Orleans....
Texas
Arkansas
Kentucky
Louisville
Tennessee
Southern States.
Ohio
Cincinnati
Cleveland
16,985.667
10,347,500
1,663,985
2,302,459
11,233,651
252,000
1,229,119
182,885,562 3,129,990 3,544,862 6,674,852
3.285,229
1,746,000
49,796
21,461
2,5*6.096
30.792
2,927,643
28,9)8
25,547
2,146.305
50,000
1,66 ,000
818
18,653
64,684
27,737
33,945
74,027
42,632
64,737
102,945
68,179
1,023
19,372
1,841
38,025
114,480
49,198
2*1
3*0
1-4
1-9
1*4
5 0
6*2
33
21
2-1
1*4
1*4
07
07
0-5
04
1*4
1-3
1-2
13
1-9
0 8
07
19
18
2-7
-3*1
26
2 0
1*7
1-9
36
1*5
2-0
16
1*4
2-6
3-5
2*8
26
36
2T
20
12
0-9
22
3 3
3*6
1*8
1*2
1-2
10
1*2
16
IT
1-5
2-8
58,201
17,153
1-4
13
IT
1*4
1*6
1-8
0*4
0-5
2*2
23
2*4
3 6
31
1*5
1*9
38
429,149
840,635
1-3
1*4
2'7
269,544
428,902
2*3
2*9
2*2
2 3
3-7
46
16,559,568
11,489.927
163.5-5
6,472,418
7,871,463
2,000,000
2,814,808
145,367
128,159
97,591
347,744
223,996
131,744
120,7 6
34,885
50,969
698,446
201,976
145,730
550,338
387,681
1*4
73,817
48,139
202,594
3,300.000
50.099
26,387
76,486
1,031,782
205,000
7,008,500
8,0*5,500
3,112,233
14,597
2,760
77,141
20,655
48,639
30,636
15,936
68,514
35,252
6,361
107,777
32,212,288
411,486
19,944,625
4,400,000
4,416,667
Indiana
Illinois
42.265
3,601
1*7
IT
693
1,803
Western States*
Territor.es... 102,364,369 1,453,321 1,991,174
3,444,495
1*4
2-1
3*5
1 485,250,694 6.902,573 8,829,304 15.731.877
1*4
1*9
3*3
Detroit
Wisconsin
Milwaukee
650,000
Iowa
Minnesota
Missouri
St. Louis
Kansas
Nebraska
Colorado..
6,090,538
4.519,779
2,391,167
4,015,639
.
1,108,332
938,398
976,872
250,000
Oregon
California!
San Francisco!..
New Mexico
Utah
Idaho
1,579,167
2,750,000
300,000
200,000
100,000
350,000
Montana
125,000
Wyoming
Dakota
50,000
Totals
94,201
31,105
43,360
15,395
85,085
61,429
34,718
56,812
18,993
21.485
20,544
7,224
18,416
23,292
4,192
2,779
1,367
6,79
1,973
1,110
277,111
214,917
65,990
94,329
16,610
32,005
121,291
93,923
41,243
65,722
18,855
19,922
206,376
155,352
23,951
2,650
2,940
535
3,168
2,750
8,184
6,432
1,599
75,961
122,534
37,848
41,407
44,495
9,874
22,356
23,827
7,360
5,529
|4,551
33,227
3,572
2*0
29
1-7
1 7
1*9
26
21
22
26
25
26
23
80
IT
0-2
o-o
3-2
3-2
2T
1*4
*
*
*
*
*
*
*
REDEMPTION.
The
following table exhibits the amount of national-bank
notes received for redemption monthly by the Comptroller of
the Currency for the year ending November 1, 1878, and the
Amount received for the same period at the, redemption
agency of
the Treasury, together with the total amount received since the
passage of the act of June 20,1874:
Is
28
5s
108
20s
50s.:
100s
500s
Number.
Issued.
Red’med
22.478,415 18,594,196
7.517765 6,226,692
61,191,288 42,683,433
21,157,293 13,859,149
7,344,167 3,933.178
728.222
1,147,578
£41.859
812,903
18,895
20,210
6,204
5,900
1000s
Amount.
Outst’d’g
Issued.
Redeemed. Outstand’g
4,284,219 $22,478,415 $18,194,196
1,291,073
15,035,530
12,453, >84
18,507,855 305,956,440 213,417,165
10,298,144 241,572,930 133,591,490
3,410.989 146,883,540
7-,683.560
419,356
57,378,900
36,411,100
271.044
81,290,300
54.185,900
1,315
10,105,000
9,447,500
304
6.204,000
5,900,000
$4,284,219
2,582,146
92, *-39,275
102,981,440
68,219.780
20,967.800
27,104.400
657.500
304,000
♦+11,562
*-11,562
*
Subtract
The
124,675,823 86,191,524 38,484,299 $886,904,855 $567,252,733 $3 9,652,122
or add for portions of notes lost or
destroyed.
following table shows the
amount of national-bank notes
1,050,382
3,401,423
4.602,825
Iditional amount
destroyed of notes of banks in liquidation
Total
.
..
23,524,492
...$567,263,333
..
INSOLVENT BANKS.
Since November 1, 1877, receivers have been
mks in operation at that date, as follows:
appointed for
Capital.
'
.
100,000
The capital of the banks that paid State, county and municipal taxes on
stock and real estate is $474,667,771.
+ California banks pay no State taxes on capital, except such as is invested
in real estate.
*
Denomina¬
tions.
5-8
2*9
*
*
1,
3*5
3 4
33
34
5*0
3*5
36
4-1
3*9
4*3
46
5T
4*0
1*4
0-8
2-5
2-8
4*6
5T
37
3*6
IT
1*4
The following table exhibits the number and amount of
nalional-bank notes of each denomination which have been
issued and redeemed since the org tnization of the
system, and
the number and amount outstanding ou November
1878:
33
1*2
1*4
2 2
1 2
1-6
15
2-4
1*4
1-4
1*5
1-4
1*7
23
2T
29
1-2
08
1-4
14
1*4
1*9
16
22
Chicago
Michigan
4
60,057,217
were, on November 1, $282,991,768 of national-bank
outstanding upon which the charter number had been
printed, and $36,660,353 not having that imprint.
notes
t National Bank of
Bozeman, Mont
#
*
‘
*
*
50,000
..
Farmers’ National Bank of Platte City, Mo
50,000
*
*
$2,100,000
*
*
STATE BANKS AND SAVINGS BANKS.
The laws of the United States
require returns of capital and
deposits to be made to the Commissioner of Internal Revenue,
for purposes of taxation, by all State banks,
savings banks and
private bankers.
The data for the following table were
obtained
from
the
Commissioner and compiled in this
office. This table exhibits, by geographical divisions, the
total
number of State banks, trust
companies, private bankers and
December
THE
7, 1878.]
CHRONICLE.
savings banks, and their average capital and deposits and the
thereon for the six months ending May 31, 1878:
g^XouetarBfC&onxmerctatgnflHsIr jjcms
taxes
State? and Ttrritor.es.
69
71
21
170
59
58
107
Hampshire...
Vermont
Massachusetts
...:
Boston
Rhode Island
Connecticut
New England States
555
New York
323
New York
D.
Capital.
posits.
city..
443
14
59
318
59
37
9
13
41
10
Albany
New Jersey
Pennsylvania
Philade’phia
Pittsburg
Delaware
Maryland
Baltimore
Washington
Tax
* 92,108
828,957.428
#138
61,000
28,309,624
344,167
834,666
3,061,397
3,883,267
2,840,000
8,140,383
157,816,812
152
829
$1,253
4,270
4,09
1,429
5,085
70,746.941
3 826
17,694
50.028,328
78,858,210
8,188
39,301
5,604
31,271
11,116,605
10,427,4 8
40,700,2-9
642,000
1,741,071
10,807', 58
2,113,756
4,657 517
712,57a
627,513
<1
1ft> Rif.
20,219
422,857,726
102,972
148,^58,669
24’,964,314
20,290
56,276
100,972
2!4,36
12,153,189
766
19,32^,498
29,979,015
42,552,729
13, 27, 52
1,798,521
559,703
3,536
4.039
14,5 7
04 rl* 4 OU
.4-6,742
i
Ottfl.
4,921
6,514
22,599
2,031
0V<2f2
32,881
3,619
914
1,875
8/9>
15,740
6,469
513
3,151,613
TIMS.
Paris
Paris.
Berlin
a
1,326
77/ 83,8 8
Frankfort
An’werp
t
..
...
short.
3 mos.
**
4<
Cenoa
44
Madrid
Cadiz
Lisbon
St Petersburg.
New 1’ork
6,983
3,2*1,667
1,496,792
588, v 9! I
911,5 3
4,317,817
Louisville
Tennes ee
77
22
13
18
67
6
22
32
3
21
102
15
74
17
31
Southern States....
Ohio
Virginia
West Virginia
North Carolina.
South Carolii a
...
Georgia
F orida
Alabama
Mississippi
Louisiana
N-.w Orleans
.
..
...
.
.
Texas
Arkansas
Ken lucky
...
.
Cincinnati
Clevelaid
Indiana
Illinois
Chicago...
Michigan
Detroit
Wisconsin
Milwaukee
Iowa
Minnesota
Missouri
St. Louis
Kansas
Nebraska
Western States.....
California
San Francisco
15,421
23.174
3.668
1.4 0
9,-19
2,445
13 487
3 915
2,*78
2/28
4,707
10,711
9,1-0
223
583
4 533
-9,901
97S.018
1,004,898
3,918.4^8
233,41 5
89,481
993,2 6
2,420
2,535
177
120
7.99\ 123
4,6.6,420
10,7 6
15,184
11,565
25,911
225,576
298.605
514
746
010,103
5,288,296
1,769,671
6,287,262
5,650,057
2,731,’ 99
16,656
12, 71
14,125
6,8;8
1,2 0
32.374
27.(96
11,061
520
35,559,029
47,774,074
83,18
113,Cll
198,12»
255
21
9
15)
319
31
J53
15
89
It
287
77
176
32
It 9
48
6.042,364
15,952,238
\361,629
12,244,967
12,''59
3, ,58
1,590
38,776
2,022,369
898,623
5,081,175
4,509,738
•J,612,908
2,636,: 07
1,108,368
1,383,425
729,853
5,255,013
1,510.502
4,124.269
6,576,033
1,472,344
503,595
51,736
20,683
11.7.4
10,153
21,838
29 981
4,892
6/54
17,(43
11,844
1,600
11 0:;8
3,026
’>669
12,71/
3,6 2
9,811
14,540
3,441
i,*oj
9,284
1 2-9.573
116,' 00
4,47.?.905'
3,70’,057
7
10,224,03*
12,472,557
6,832,759
4,737,722
5,179,109
3,114,069
5,747,509
8,224,785
3,233.6 13
10,184,792
16, 87.C02
2,598 746
1,189/50
8,744
4.
15,718
3)
17,295
17,403
1V 68
2»,3i7
25,461
40,967
8.298
12831
12,311
16.i 38
6,496
4.176
293,101
396,133
1,499
24,733
46,256
3,602
37/4
132,6 1
5.101
126,284,7.6 103,031
17,422,175
78,0.0.6.9
52 ,1 0
934.9:5
1,315
914,581
1,030
2,33*1
4/86
3,78»
1
40,135
2',935
2/72
9,9 43. 29
21,787.035
412,268
18 994
33.583
3*\27;
55,5c7
P/138
7,489.517
Utah
*0/0 J
33,089
11,6 2
7,‘. 50
643 22'•
..
29.
(2/ 79
178, 58
3.651
5,817
190,000
714,555
475
4
.5,000
3
2
12
8
3
4
82,794
61,180
148,682
54,f 0 >
78 0 9
277,927
12
198
135
195
152
3'1
40
( 94
13",413
20- ,i.:o0
85/ 00
18‘,9ta
537.450
2 ,855
331
172
881
80)
; 21
212
1,343
1,863
64
277
217
34,148.034
101,802,804
76,918
186,200
203,118
4,400
05.33 '.832
,242,794.9-3
1*8,11" 1 .213/83
.631,595
New Mex'co
Wyoming
Idaho
Dakota
Montana
....
Washington
Arizoia...
16, >53
2.26
165
570
i 75
and
.
.
Totals
..
1
Cents omitted.
Section 333 of the Revised Statutes requires the Comptroller to
report to Congress the resources and liabilities of banks other
than national, so far as such information can be obtained
by him.
Statements showing the condition of the State and
banks
savings
of New York and New
England are readily obtained for this pur¬
pose from the State authorities.
A summary of these, and of
returns showing the condition of the State banks of New
Jersey,
Pennsylvania, Maryland, Ohio, Louisiana, Kentucky, Michigan.
Wisconsin, Minnesota, Kansas and California, is given in the
appendix. Complete returns are also given showing the condition
of
the savings banks of New England, New York, New
Jersey,
Ohio and California.
It will be s en that complete returns of
State banks have been received from seventeen States
of
only,
savings banks from but ten States, and of trust and loan com¬
panies from five only. The laws of fourteen States do not require
returns to be made by banking associations to
any State official.
The tables referred to do not therefore
present a satisfactory
exhibit of the condition of the resources and liabilities of the
State tanks and savings banks of the
country.
^
#
*}v*
X
vf
Vf
(9*20.74
@10.71
20.70 @i0.74
*5.5/40*25 57'/2
12.2
@12.3
12 4* @12.5
11.97^@120//i
28.02;* ^28.07%
>u n:
463^ '</*-: 6^
44
RATS.
short.
25 27 Vf
Nov. 22.
short.
Nov. 22.
Nov. 23.
Nov. *2.
N.v. 22.
3 mos.
20.45
20 44
20.45
*5 30
12.05
Nov. 22.
Nov. 22.
3 moM.
short.
116.10
Nov. 2\
3 mos.
47’gO
9) days.
3 mos.
51/2@)1%
tt-21
days
44
Song Kong..
Shanghai
Alexandria
Is. 7 5-16d.
Is. 7 5-lfcu.
....
....
....
••••«•
.
••••
LFrom
our own
4k
4
•
•
.
i
•.7/0
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
a
....
....
....
60
short.
L
•
Calcutta
.
2'.
22.
21.
21.
20.
20.
20.
3
60
6
*
•
days.
44
44
44
3
.
•
•
23%
mrs.
mos
•
•
4
82 V<
Is. 7%d.
Is. 7%cL
3s. k'Xd.
5s. 1 \d.
mos.
9*
correspondent.!
London, Saturday, November 23, 1878.
6,954
6,8.7
4,331
TIME.
Nov. 22.
@25.35
•>ft
4k
07
1,813/05
1,732.597
4',110
10
84
35
28
IS
8
Nevada
*
7,753
6,499.580
?,927 7&
47,470,286
Colorado.
Pacific States
Territories.
651,022
1,782
Oregon
Bombay
518,167
25 25
20.70
4
44
Amsterdam.
Am.'teidum
Vienna
wTjOOl)
514,075,533 132,854
LATEST
25.47;* @25.52^'
*0.70
<;
...
Middle Stales
RATS.
short.
3 mos.
Hamburg
121,262
270,633
4,7,5
18,123
l! 0,024
EXCHANGE ON LONDON.
DATS.
12192
74 851
962
ON—
21,520
47,489
36,876
61,604
LONDON—
NOVEMBER 22.
4.423
4,648
1,667
HiXCliANHK AT
$1,442
25 172
10,234
i
KATIES OF EXCHANGE AT LONDON AND ON LoNbOIl
AT LATEST DATES.
on
Capita Deposit ?
.
Maine
New
*
No. o {
banks
597
The nominal rate of discount at the Bank of
England has been
reduced to 5 per cent, a change which was scarcely avoidable, as
tbe open market rates of discount have, for some time past, been
at
4^
to
has
which
The Bank return fully justifies the change
per cenL
been made, the proportion of reserve to liabi ities
having increased from 38 42 to nearly 41
per cent.
It is evident
that tbe Bank rate should have been lowered last week; not that
its maintenance
6 per cent,
with money at 4-£ per cent in the
open market, exercised any influence on the exchange?, but be*
cause throughout the country there are many prof» Siional
persons
and retail traders who borrow money of their bank at Bank rate
or one
per cent above.
In deeds, for instance, in which the
lending or borrowing of money is referred to, Bank rate is more
frequently tbe price charged. While a tradesman, requiring
temporary assistance of bis backer, has very frequently a sort of
tacit agreement that if he requires some assistance to pay the
wholesale houses until his customers' quarterly accounts are
paid, he shall pay one per cent over Bink rate for the accommo¬
at
These cdvances made to tradesmen
dation.
in the
majority
safe, and, within a moderate compass, is very fair
banking business. It is profitable, but it is scarcely just for a
man to
pay 7 per cent instead of 6 per cent, simply because the
Bank hesitated about mtking a change.
Last week’s statement
quite justified a reduction. Furthermore, the reluctance shown
by the authorities to make the change has tended to check a
return of confidence.
Every encouragement is wanted now. It
is true that political affairs look more promising in southeastern
Europe, and the indolent Turkish Government, having been
stirred up to a sense of its obligations, seems much more willing
to carry the Berlin Treaty to a successful issue.
But we have
now entered
upon an Afghan war.
The frontiers have been
crossfd, and before the severities of winter have been felt, some
positions as starting joints for the spring campaign will probably
have been occupied.
In tbe present state of the public mind,
there are likely to be apprehensions as to the result of this war ;
but it seems that the Government is Dot desirous of doing more
than rec i'y the, northwestern frontier of India and make it
secure.
If the military authorities are unanimous in their opin¬
ion tha t tbe present fiontier is not a satisfactory one, it should
be rectified, new that an opportunity presents itself for doing so >
but the English people are by no means desirous of seeing
Afghanistan added to the British possessions. To make India
secure is the principal ol j ct, and it is to be hoped that it will be
accomplished without much bloodshed.
The increase in the reserve of the Bank of England amounts to
of
as
cases
much
and to
very
as
an
are
£842,049, due to a contraction of the tote circulation
increase of £508,559 in the supply of bullion.
The
during tbe we k was
only £85,000, and, consequently, a considerable return of coin
from provincial circulation is indicated.
At tbe same time, how¬
—Tie Plumas National Quartz Mining Company, No. 77 Cedar
ever, the total of “ether deposits” continues heavy, beiDg as
street, give notice of their tenth monthly dividend of ten cents
much as £26,895,932, against about £20,000,000 last year.
The
per phare, payable December 17, in gold.
The yield of this
banks are evidently therefore still aoxious to ho'd large bal¬
mine for November is
reported at $16,039, and expenses $4,864,
Laving a surplus, after paying dividend, of $2,175 for the ances. Tbe demand for money at tbe Bank having been very
month of November.
The management of tbis mine, as we
moderate, there is a further reduction of nearly £500,000 in the
are
informed, is under the direction of gentlemen of high
character and of large experience in quartz mining. .Messrs. total of “ other securities.”
L. P. Bayne &
The rates of discount in tbe open market have not materially
Co., 54 Broad street, are the sole agents for
the sale of stock.
varied during the week, but the tendency has been toT:
John Jay
Knox,
Comptroller of the Currency.
influx at tbe Bank, from foreign toarces,
*
598
easier
THE CHRONICLE
quotations.
cent.
There
after.
The
are
Very choice paper has been taken at 4£ per
very few bills offering, and they are more sought
of discount
rates
are now as
follows
:
Per cent.
| Open-market rates:
Per cent.
5
|
i months’ bank bills
4J£©4#
[
6 months* bank bills
4>£©Utf
4)4 ©4?4 1
4 and 6 months* trade bills. 4^@5
Bank rate...
O^en-marketrates:
30 and 60days’ bills
3
months’bills...
The
4*i©4Ji
,
joint-stock banks and discount houses have reduced their
allowance of interest for deposits one per cent.
It is now
per
cent under Bank rate, and has been so for some time
past. The
banks are now adopting the wise course of paying less for de¬
posits, but probably when trade revives, and there is more com.
petition for money, the old process of cutting things finely will
again be resorted to. The following are the present rates for
The following figures show the imports and exports of cereal
produce into and from the United Kingdom since harvest, viz.,
from the first of September to the close of last week, compared
with the corresponding period in the three previous years:
IMPOSTS.
1878.
Barley
OfiitS*
Peas
•
3*4
Discount houses at call
Discount houses with 7 days* notice
Discount houses with 14 days’ not ice
3\
statement showing the
present position of the
England, the Bank rate of discount, the price of Consols,
the average quotation for English wheat, the price of
middling
upland cotton, of No. 40 mule twist, fair second quality, and the
Bankers’ Clearing House return, compared with the four
pre¬
a
Bank of
vious years.
1S78.
Circulation, including
1876.
£
£
27.2^5,851
1875.
£
29,791,315
12,310,802
10,669,990
17,653,891
10,839,117
9,291.009
26,331,162
22,569,850 30,456,796
23,197,84?
20,124,114
reserve
to liabilities
Bank-rate
Consols
40 91
5 p. c.
•
•
••••
English wheat,av.price
Mid. Upland cotton...
40*. 7d.
5 9-!6d.
no
54-63
2 p. c.
26,153,036
4,475,738
17,824,567
13,53 »,656
3 p. c.
5
4Ss. Id.
4fs. Cd.
6)<d.
6Jid.
7*d.
Od.
Is. Od.
Is
lDid.
97,341,(00
93*
89.667,(00
43s. 5d.
88.752,0(0
movement in the market for gold,
important
Mexican dollars
are
scarce,
and their value has had
upward tendency. The following prices of bullion
Messrs. Pixley & Abell’s circular:
GOLD.
Bar Gold, fine
Bar Gold, refinable
per oz. gtandard.
per oz. standard.
Spanish Doubloons
per
per
per
per
8onth American Doubloons
United States Gold Coin
German gold coin
oz.
oz.
oz.
oz.
s.
d.
77
77
73
73
76
9
Bar Silver, fine
Bar Silver, con’ng 5 grs. Gold
Mexican Dollars
Chilian Dollars
76
current
of
rates
..
3Ji©
....
*
©
.
d.
....
....
disposed
Bombay
discount
the
at
Open
Bank
rate,
mark’t.
rate,
4
5
Berlin.
p. c.
23$ @2*
33<©4
4#
41* ©4^
5
4*4
4
4
p. c.
6
St. Petersburg
Vienna and Triesto...
Madrid,Cadiz aud Bar¬
celona
Lisbon and
New York
Calcutta
4 ^©4?;
4 >4 ©4 yt
5
5
4
4
2.734 446
411,522
369,599
1,106,214
6,716,839
1,626,757
....
1,557,778
2,703,656
2,312,842
230,450
921,621
5,524,117
1,427,912
1,105,659
10,267,827
1,385,099
EXPORTS.
Wheat
Barley
Oats
23.715
Peas
4,486
1,400
78,077
23,849
Beans..-.
Indian Corn
,
.
528,416
23,005
279,585
4,663
66,951
40.924
5,712
7,137
40,285
66,936
5,835
33,032
141,369
12,471
3,272
3,252
7,569
3,915
6,266
6,472
10,092
(gnmmerciat attfl3%tiscjcll<rocattg %cxos.
Imports and Exports for the Week.—The imports of
last week, compared with those of the preceding week, show
an
increase in both dry goods and general merchandise.
The total imports were $5,748,683, against $5,369,231 the pre¬
ceding week and $3,928,194 two weeks previous.
The exports
$7,195,710, against
$6,783,264 last week and $6,365,550 the previous week. The
following are the imports at New York for week ending (for
dry goods) Nov. 28 and lor the week ending (for general
merchandise) Nov. 29:
for the week ended
in
p. c.
4*4
5
5©6
4X©5#
3
4©4#
4©4X
rule
are
the
whole
Kingdom
they
w. re
219,000
quarters, against 104,000 quarters in the corresponding
period of
1877. Since harvest the sales have been
G78,870
quarters,against
578,443 quarters, in the 150 principal markets, while in the whole
Kingdom it is computed that they have been 2,715,480 quarters
against 2,314,000 quarters in the corresponding period of last
season.
Without reckoning the supplies furnished
ex-granary
the commencement
of the
it is
estimated that the
following quantities of wheat and flour have been placed
upon
the British markets since harvest:
Imports of wheat
Imports of flour
season,
1878.
1877.
cwt.
cwt.
14,216.313
1,626,757
8,292,177
1,385,099
16.439,495
10,026,500
11,159,500
r, 427.942
9,927,000
....25,697,751
616,620
25,949,650
638,506
20,836,776
292,056
27,794,437
25,081,131
25,411,144
4is. 6d.
2),644,720
65s. 7<L
27,723,581
47s. Od.
47s. 3d.
.12.372,873
1,557,778
home-grown produce. ....11,767,100
and flour....
1875.
cwt.
....
Total
1876.
cwt.
...
.
.
Afar. price of Eng. wheat for
Dec.
3
amounted to
FOREIGN IMPORTS AT NEW YORK FOR THE WEEK.
' 1876.
1875.
1877.
$1,446,661
$903,589
General merchandise...
7,000,465
Total for the week..
Dry Goods...
2,497,952
$959,854
4,788,829
$8,447,126
297,997,110
$3,401,541
2^8,409,347
$5,432,058
291,627,021
$5,748,683
258,164,806
$300,444,236
$261,810,858
$297,059,079
$263,9:3,439
Previously reported....
Since
our
January 1
...
season
1878.
$953 320
4,478,738
report of the dry goods trade will be found the imports
dry goods for one week later.
The following is a statement of the exports (exclusive of specie)
from the port of New York to foreign ports for the week ending
Dec. 3:
•EXPORTS FROM NEW YORK FOR THE WEEK.
1875.
For the week
$5,549,352
228,230,129
1876.
70,856
1878.
1877.
$6,133,047
241,523,461
$6,869,561
263,789,704
January 1.... $233,779,481 $247,656,508
The following will show the exports of
New York for the week ending Nov. 30,
$270,659,265
Previously reported....
Since
17,195,710
314,166,184
$321,361,89 4
specie from the port of
1878, and also a com¬
parison of the total since Jan. 1, 1878, with the corresponding
totals for several previous years:
Nov. 28—Str. Gellert
Nov. 30—Str. Donau
London..
-
,
Amer. silver bars.
$10,000
6,025
26,723
Southampton...., Mex. gold bullion
Mex. silver
Mex. silver dels
Mex. silver dols.,
77.660
.
London
Total for the week ($184,383 silver, and $6,025 gold)
Previously reported ($5,781,329 silver, and $5,809,409 gold)
Total since Jan. 1. 1878
Same time In—
1877.
1876
1875
1874
1873
1872
68.261,332
Nov. 27—Str.
$190,408
11,590,738
Same time in-
$25,278,187
42.340,285
67,650.845
51,616,384
47.427.763
The imports of
been as follows :
1871
...$60,502,501
1870
1869..
1868
1867
1866
....
, ..
.
...
same
periods have
...
Gold dust.
Amer. silver
St. Thomas
Amer.
726
4,345
1,800
gold
5.608
Port-au-Prince...Amer. silver
2,239
Foreign gold
Nov 29—Str, Emily B. Souder .Porto Plata
Nov. 29—Schr. City of Chester
Nassau
Nov. 29- Str. City of Washing’tn. Havana
20,122
913
202
Amer. silver
..Amer. silver
.Amer. silver
..
Total for the week ($67,397 silver, and $5,227 gold)
Previously reported ($11,250,190 silver, and $7,129,959 gold)
..
“
Same time in—
$14,326,816
15,640,115
12.482,106
.
5,998,601
17,890,422
.
...
5,485 287
Coin.
$322,000
$322,655 01
202,000
284.000
35 *,000
Total
$8,461,330
11,492.784
1871...
1870
1869
1868....
1867
1866
at
the
14.928,616
%
24’,873 16
338,620 42
390,701 53
219.000
420.300 84
182,000
281,866 93
....
6,706.582
3,058,048
9,552,705
Sub-Treasury have been
-Receipts. -
Custom s.
5
$72,624
18,480,149
1, 1878 ($11,417,557 silver, and $7,135,186 gold)..$18,552,773
The transactions for the week
as follows:
Nov 30
Dec. 2
“
3
“
4
$9,207
27,<300
462
Amer. silver
Fortign silver
Amer. gold
Nov. 29—Str. Atlas
30,536,629
69,854,117
45.388,574
69.149,044
....
Aspinwall
City of Para
57,538.762
....
specie at this port during the
Acapulco
Total since Jan.
Same time in—
1877
1876
1875
•1874
1873
1872
40,100
($5,965,712 silver, and $5,615,434 gold)....$11,781,146
Open
very quiet.
Cluwce
firm in value; but the value of other
sorts has been with
difficulty maintained.
During the week ended Nov. 10, the sales of home grown wheat
in the 150 principal markets of
England and Wales amounted
to 54,740 quarters, against
40,970 quarters last year; aud it is
qualities of produce
2)738,7ti0
mark’t.
4# 4^@l#
Oporto....
Copenhagen
The wheat trade has continued to
Result
•••••,»••
-
Bank
3
a
•
....
60^© 10%
50^© 51
....<a
49 ©
per oz last price.
D scount, 3 per cent.
p. c.
Exports of wheat
•
Flour
Nov. 25—Str.
Bales of
•
....
d.
per oz.
the
are
d.
....
Quicksilver, £6 12s. 6d.
The bills on India offered on Wednesday were
partly
of at Is. 7 5-16J. and Is. 7£d. on Calcutta and
respectively.
The following
.
@
3
per oz. standard.
per oz. standard.
.
8.
©
10*©
9 ©
9
an
from
are
SILVER.
that
•
395,554
8,282,456
81,657,000
but of silver the German Government has
again become a seller,
as there is scarcely any
demand for the East, the market is
estimated
••
1875.
16 439,495
8,292,177
3,420,380
2,738,127
8 0,446
of
n. c.
and
weak.
•
Indian Corn
17,456,157
95#
6&d.
10*d.
9*4d.
97,684,> 03
return.
There has been
at
•
Beans
In
4444
5 p. c.
96 ^
51s. 8d.
b5%
No. 40 mule twist
1874.
£
27,236,926 28,162,985 27.696,972
3,662,313
6,(37,391
3,593,788
1^,997,678 25,914.347 20.855,153
13,578 372 15,739,297 "12,512,884
17,408,OS3 16,542,507 19,104,628
2,946,356
26,895,932
14,737,6*2
...
Clearing House
1877.
£
bank post bills
Pnblic deposits
Other deposits
Government securities.
Other securities
Reserve of notes and
coin
Coin and bullion in
both departments
Proportion of
1876.
14,296,393
2,889,431
Per cent.
Joint-stocK banks
Annexed is
1877.
Wheat
Flour
money:
[Voii. XXVII,
Currency.
$284,613 19
531,666 87
868,350 99
736,409 72
568,582 96
477,763 68
Payments.
Coin.
$159,463 35
193,576 21
757.611 67
2.H.6.667 62
Currency.
#473,581 77
803,948 61
412,524 20
182,345 04
$1,647,030 *2,002,017 89 $3,467,416 91 $5,129,932 97 $2,486,946 17
Balance, Nov. 29
Balance, Dec. 6
—The usual
126,090,045 41 45,724,754 81
122,962,130 33 46,705,225 49
monthly dividend of fifty cents per share has been
declared for November by the Ontario Silver
Mining Company,
payable on the 16th inst. Advices from the mine report the mill in
operation again and the mine being prepared for a large out put
ore.
The new furnace is also
completed, by which a material
increase in the producing power of the
company is expected.
of
December
THE CHRONICLE
7.1878.1
599
in their prices and selling Thurslay afternoon at
71f. The de¬
cline here appears to have been caused
by a break in New
Orleans, where heavy sales took place for account of parties who
had recently been bulling the market.
T^hc |pat*tesr Oitsettc.
NATIONAL BAiNKS ORGANIZED.
Virginia bonds are very
strong for the ’pealers, but weaker on the consols, in consequence
of the possibility that the two bonds
may be equalized by the
issue
of new bonds in place of all of them.
DIVIDENDS.
The proposition
made by Messrs. Baring Bros. & Co., de
The following dividends have recently been annonnced:
Rothschild, Brown Bros.
& Co., and others, representing
large holders of bonds, suggeits
Per
When
Books Closed.
that a 4 per cent gold bond be issued for
consols, and a 3£ per
Name op Company.
Cent. Payable (Days inclusive.)
cent gold bond in place of all other classes of bonds.
Tennassee
Railroads.
bonds have been stronger, and also North Carolinas.
The
United
Ch. & N. W. com. (6 mos. end’s May 31).
2
Dec. 2*. Dec. 15 to Dec. 29
States Supreme Court has decided that Tennessee must receive
do
Dec. 28. Dec. 15 to Dec. 29
pref. ((i mos. end’g Nov. 30).
3%
for taxes the new issue of money, better known as the ** war
New York New Hav. & Hartford
Jan. 2. Dec. 4 to Jan. 9
5
issue ” of the Bank of Tennessee. About $800,000 of this war issue
is now outstanding, and is
FRIDAY, DEC. 6, 1878-5 P. M.
mostly in the hands of speculators.
This decision will apparently be prejudicial to the
Tine Money Market and Financial Situation.—The
payment of
gen¬
the State debt, as the Legislature will have to
eral situation has not materially changed since our last report.
provide foy'tjie
The meeting of Congress has thus far been unattended by any redemption of these notes in taxes.
Railroad bonds have been quite active still,’with prices
definite action, which indicates at all clearly the probable course
strong,
although in the case of those bonds sold largely on speculation,
of financial legislation at this session of Congress.
There is some
temporary fluctuations in price are noticed.
some evidence of an unfavorable sentiment towards the New
The following securities were sold at auction:
York banks on account of their resolution to take silver only as
a special
Shai'es.
Shares.
deposit after January 1, 1879. But in case of no
84 Leather Manfrs. Nat. Bk.135
160 Metrop. Life Tna
further injurious legislation on the silver question, it is possible
50
20 Am. Metaline Co
5
20 Island City Bank
80
that the banks might deem it advisable to reconsider their action
10 Sterling Fire Ins
91
Jionds.
No National Banka
on
this
organized during the past week.
subject.
40 Steubenville & Ind.
$3,000 State of Mississ.
RR.,
6 per
for $3 10.
ceutbonrls, due 1841, Jan¬
market has worked easily and has the prospect of
40 North River Fire Iu9
116*2
uary, 1841, coupons on, for $5
an abundant
supply of funds in coming months. Call loans have
50 Brooklyn City RR
174
13,000 Columbus Springfield
10 Brooklyn Acad, of Music. 69
ranged during most of the week at
Jc Ciu. RR. 1st mort. 7s,
per cent, hut on Wed¬
20 Mecli. Banking Asso
due 1901.
551s I
nesday and Thursday there was an exceptional advance in the
March, 1878,
60 B’klvn City &N’townRR. 74 -j
coupons attached
41
afternoon to 5@6 per cent. Prime commercial paper is in demand
at 4 to 5£ per cent for choice
ot
Closing
prices
leading
State
Railroad
Bonds
two
and
for
grades.
The Bank of England statement on Thursday showed a de¬ weeks past, and the range since Jan. 1, 1878, have been as fol¬
crease for the week in bullion of
£139,000, and the percentage of lows:
reserve to liabilities was
40£ per cent, against 41 15-16 the pre¬
Range since Jan. 1,1878.
Nov.
Dec.
vious week. The Bank of France gained 291,000 francs in
States.
specie.
29.
6.
Lowest.
The last statement of the New York City Clearing-House banks,
Highest.
issued November 30, showed an increase of $337,400 in the excess Louisiana consols
79
73% 69% June 8 85
Feb. 11
above their 25 per cent legal reserve, the whole of such excess Missouri 6s, ’89 or ’90
r106*8 *106*0 102*2 Aug. 23 108
June22
North Carolina 6s, old
Mch. 29 20
*17*% *19*8 15
Dec.
2
being $12,543,890, against $12,2uG,400 the previous week.
Tennessee 6s, old
*31% *33*8 30 Nov. 7 39*8 May 14
The following table shows the changes from the previous week
78
*72
Virginia 6s, consol
78
Nov. 29 78
Nov. 29
and a comparison with the two preceding
do
do
2d series..
*35
41
29
years.
Dec.
6
July 31 41
Our money
1878.
Nov. 30.
Loans and dis.
Specie
Circulation
Net deposits
Legal tenders.
..
.
Differ’nces fr’m
1877.
Dec. 1.
previous week.
$236,438,400
22,967,400
20,007,000
206,797,200
41,275,700
rue .$1,520,700
Dec.
447,000
luc.
45,100
Dec.
387,600
Inc
687,500
1876.
Dec. 2.
$238,429,600 $256,589,700
18,324,000
18,110,300
196,961,500
40,579,800
.
20,484,100
14,952,800
207,322,000
39,823,700
Diet, of Columbia, 3-65s
Railroads.
Central of N. J. 1st consol
Central Pacific 1st, 6s, gold..
Chic. Burl. & Q. consols 7s...
Chic. & Northwest. cp.,gold.x
Chic. M.& St. P. cons. s. f. 7s..
Chic. R. I. & Pac. 6s, 1917...
Erie 1st, 7s, extended
Lake 8. & M. S. 1st cons., ep..
77*8
*87
107 7s
has
been
only
moderate
a
business in governments.
Between London and this market
there are very few transactions, and at home the
general demand
has slackened up, so far as concerns purchases in the open mar¬
ket ; but subscriptions to the new 4 per cents
are
keeping up very fairly.
Closing prices at the N. Y. Board have
Interest
Period
68, 1881
6s,
68,
6s,
6s,
1881
reg. J.
couj). J.
& J.
& J.
& J.
& J.
& J.
& J
& J.
& J.
& S.
& S.
Nov.
Dee.
30.
2.
reported
as
115
been
follows:
as
Dec.
3.
Dec.
Dee.
4.
5.
was
made at the Board.
The range in prices since Jan. 1, 1878, and the amount of each
class of bonds outstanding Dec. 1, 1878, were as follows:
Range since Jan. 1, 1878.
Lowest.
Amount Dec. 1.
Highest.
Registered.
Coupon.
68,1881
cp. 105*8 Feb. 25 110% June 27 $199,772,950 $82,963,400
6s,5-20s,’65.cp. 102*4 July 22 105*8 June 6
22,184,550
14,038,900
6s, 5-20s,’67.cp. 104*2 Aug. 12 108*8 June 27 116,224,000 194,390,000
6s, 5-20s,’68.cp. 106% Jan.
5s, 10-40s... cp. 103 78 Mch.
5s,fund.,’81.cp.
102%
4*28,1891 ..cp. 1017e
4s, 1907 ....cp. 99%
6s, cur’ncy.reg. 117*4
2 111*4 June 28
1 109*8 July
Feb. 25 10778 July
Mch. 1 105*4 Nov.
Oct.
3 102% Jan.
Apr. 5 122*8 May
27
9
16,193,500
144.280.800
249,990,900
162.555.800
122,899,050
25
64,623,512
29
30
Closing prices of securities in London have been
Nov.
22.
U. 8. 6s, 5-20s, 1867
U. 8. 58, 10-408....
5s of 1881
4*28 of 1891..;
State and Railroad
ana
Nov.
29.
Dec.
6.
21,271,800
50,285,500
258,449,450
87,444,200
54,600,950
Lowest.
108*8 108% 108*8 105*4
109% 1097s 110
104*2
108*s 108% 108% 103*8
106*8 106% 106% 102*«
Jan.
was
follows:
Highest.
2 109*8
Feb. 25 111*8
Mch. 1 109*8
Feb. 25 107*4
June 10
*83
64*4 Mch. 4 90
July 11
*107*8 103*8 Jan. 15 108*8 June28
*115
110
109
*114*4
110%
*116*2
120*2
xOl *8
12158
109*2
Jan.
2 116
Dec.
3
Jan. 14 106% Nov. 30
Jan. 5 10234 May 25
Jan.
5 110*2 June28
Jan.
7 116*4 July • 8
Jau. 10 114
Sept. 2 6
105*8 Jan. 5
115*2 Jan. 5
117*2 Sept.10
9578 Feb. 20
115
121
122
105
8 122
Oct. 29
Qet. {8
Juue26
Nov. 18
118
Feb.
Oct. 18
102*2 Sept. 20 109*2 Dee. 6
108
103*8 Jan. 7 108*8 June 28
103*8 923s Mch. 6 105*4 July 9
made at the Board.
Miscellaneous Stocks*—The stock market
has been marked this week rather by movements in
particular
stocks than for any general activity either on the bull or bear
'I he higher prices of the North'wests, common and
side.
pre¬
ferred, have been supported by the declaration of dividends
June
ending
May 31, 1878. '1 he coal-road stocks have been further depressed
by the prospect that the combination may not he renewed for
1879, and by the present decline in coal. Pacific Mail fell off
to 12j, on the supposition that the
agreement with the Pacific
railroads would not be
renewed, but there was a misunderstand¬
ing in regard to this, and the price afterward recovered. The
trunk line agreement to keep up for five years the pool on west¬
bound freight, was calculated to give strength to the stocks
mostly affected thereby.
The daily highest and lowest prices have been as follows:
Wedn’sd’y
Dec. 4
Central of N..J
Ohlc. Burl.ft Q
C. Mil. ft St. P
do
pref
Chic. ft North
do
pref
2H
34$ 35$
71* 7
40*
8
C. R. I. ft Pac.
118
July 30
Bonds.—Among State bonds the Louisi¬
breaking down sharply
113
Del.* H. Canal
Del. Lack.* W
30*
Erie, $4 paid.
if*
Han.
bt. Jo..
do
pref.
Illinois Cent
Lake Shore
35*
70
Michigan Cent
Morris ft Essex
N.Y.C.&H. 1
Ohio ft Mies...
Pacific Mall...
Panama
Wabash
Union Pacific..
WeBt. Uu. Tei
United States
7W4
7)4
121
20)4
65%
94%
107
49 %
47*!
99)4
*0&
65%
95%
107
49)5 49%
.
*47
10% »10>*
TV-1'f,
47%
99%
14
33% 33%
prices bid ana asked;
no
Total sales this week and the range
follows;
were as
7%
13$ 14)4
.
These are the
09*4
80'
11$ 111%
Wells, Far^o..
Quicksilver....
*
47*
75$ 76'
Adams Exp....
American Ex..
July 30
July 9
on
both classes of stock; the 2 per cent on common being paid, as
the directors state, out of the surplus for the fiscal year
.
Range since*Jan, 1, 1878.
consols have attracted most attention,
as
This is the price bid; no sale
85
Railroad and
Dec.
6.
*109*4 x06*8
106*8 *106*8 *106*8 *106*4
*109*8 109*8 11109*8 109*3 109*8 *109*4
*104
*x01*8 100% *100*s *100*2 *100*2
*104
*104
*103*4 *103*8 *103*2 *103*2
*106
*xl03
103
103
*1027b 103
*106
106*8 106
1057s 105 7s 106
*109*4 *x06*4 *106*4 *106*4 *106*4 *106*4
*109*2 10934 *109*2 *109*2 *109*2 *109*2
*
*107*8, *107*8 *107*8 107% *107*2 107*8
IO734. *107*8 107*8 107*8 *107*2 10750
*106:% 106*8 106*8 106*4 106*8! 106*8
106:% 1063s 1063s 106*4 106*4*106*4
*104*8 *104*8 104*4 *104*8 104*8 104*8
*104 *8 104*4
105*4 *x04*8 *104*8 *104
*
1003a x99*8 *99*8 *99*8 *99*8 *99*8
*!00i4! 100:% noo*a 100*81 100*8 *100*4
122. I x 119 1 119*2 119*4 *119*2 120
5-20s, 1865...reg. J.
5-20s, 1865 .coup. J.
,5-208, 1867...reg. J.
6s, 5-20s, 1867 .coup. J.
6s, 5-20s, 1868...reg. J.
6s, 5-20s, 1868 .coup. J.
5s, 10-40s...
reg. M.
5s, 10-40s
coup. M.
5s, fund., 1881.. .reg. Q.-Feb.
5s, fund., 1881..coup. Q.-Feb.
4%js, 1891
reg. Q.-Mar.
4*28,1891
coup. Q.-Mar.
4s, 1907
reg. Q.-Jan.
4s, 1907
coup. Q.-Jan.
6s, eur’ey, ’95-99. reg. J. & J.
*
This is the price bid; no sale
Morris & Essex 1st mort
*116*8
N. Y. Cent. & Hud. 1st, cp
120*4
Ohio & Miss. cons. sink. fd..
104*2
Pitts. Ft. Wayne & Chic. 1st.. *121*8
St. Louis & Iron Mt. 1st m
109
Union Pacific 1st, 6s, gold.... 10778
do
sinking fund.... 103*2
*
Apr. 12
115*8 *115*2 109
105*4 x02*2 917e
100
100*2 91*8
110*2 *110*2 106
Michigan Central consol. 7s.. *110*2
United States Bonds.—There
74
*78*4
sale
was
made at the Board.
in prices since Jan. 1, £8?&
600
THE CHRONICLE.
Whole year
1877.
Jan. 1,1878, to date.
Sales of
Week.
Shares.
Central of N. J
Chic. Burl.A Quincy.
Chic. Mil. & St. P..
do
do pref.
..
Chicago & North w...
do
do pref.
Chic. Rock Isl. A Pac.
Del. & Hudson Canal
Del. Lack. A Western
Erie
Hannibal & St. Jo.
..
do
do
pref.
Illinois Central
Lake Shore
Michigan Central....
Morris A Essex
N v Out. A Hud. R.
Ohio
Mississippi...
Pacific m iii
Fuxiam 1
Wa'oash
Union Pacific
Western Union Tel...
Adams Express
American Express..
United States Exp...
Wells, Fargo A Co...
Quicksilver
do
pref
The latest railroad
11,190
G08
14
84%
55%
9 79%
15 119%
6 59%
6 61%
5 20%
10
28
28
14
29
3,600
12% Dec.
112
7,198
14,010
58.795
174
227
45
45
200
125
Jan.
3
July 11
3734
82%
June
7
July 10
July 10
23% Jan. 16
Feb. 25
12% June 26 23%
61% July 31 73
75% Feb. 13 102
98
Jan.
8 109%
46
Aug. 2 52 %
44
Aug. 7 51 34
82% Jail. 7 99%
9% Nov. 11 1934
2934 Feb. 5 37
11
40%
Nov. 2
16% Nov. 13
41% Nov. 11
87
July 11
70% Oct. 29
72% Apr. 18
5 131
6
94
July 9
Apr. 17
3
28 89
June 10
11 115
Sept. 5
6 % June 29
11% Apr. 15
13,610
145
Highest.
Low.
13% Jan. 2 45% July 11
99% Feb. 28 11434 July 15
27% Sept. 2 54% July 8
78,155
64
Oct.
70,185
137,820 32% Aug.
94,385
59% Feb.
4,950
98% Jan.
14,789
34% Dec.
43 % Dec.
206,355
14,320
7% Jan.
10
Feb.
1,890
4,990
21% Feb.
2,940
72% Feb.
152,100
557s June
5,274
58% Jan.
35,848
67% Feb.
2,307 103% Feb.
15
25%
rates
37%
118%
42%
73%
43%
69%
105%
74%
demand.
30%
4%
77
15
7
17
u%
33%
40%
79
45
35%
51%
85%
2%
12%
80
733a
74%
92 %
109%
11%
26%
130
Nov. 11
Mcli. 20
Oct. 31
5934
Oct, 25
56
91
May
8
/ O
84%
105
43%
60%
Feb. 25
Nov. 8
Feb. 25
36
81
13
June 15
lf)%
59%
90
24
45
are
tioned in the second column.
-—Latest earnings reported.— —Jau.l to latest date.—s
Week or Mo.
1878.
1877.
1878.
1877.
Atch. Ton. A 8. F.3d wk Nov. $121,500
$07,186 $3,516,319 $2,363,718
Atl &Gt. West...October
387,497
424,076
Atlantic Miss.AO.October
201,181
193,686 1,399,324 1,452,592
Bur. C. Rap. A N.4th wkNov
40,227
37,753 1,402,991 1,120,327
Cairo <fe St. Louis.2d wk Nov.
4,506
4,100
193,233
208,272
Central Pacific...October ...1,831,000 1,806,382 14,771,363 13,840.319
Chicago A Alton. .November. 414,239 391,616 4,345.433 4,147,544
Chic. Burl. A Q...October. .1,368,348 1,290,114
11,746,897 10,285,021
Cliic, & East, Ill..3d wk Nov.
19,895
17,979
Chic. Mil. & St. P.November. 809,029
892,027 7,735,072 7,444.973
EARNTNGS.
...
..
Chic. A Northwest.October* 1,566,858 1,598,776
11,601,662 10,191,831
Chic. R. I. & Pac. September 858,338
798,277
Clev. Mt. V. & I) .2d wkNov.
8.017
8,700
332,643
337,950
Dakota Southern.October...
21,029
176,548
Denv. A Rio G...3dwkNov.
27,754
19,536
998,936
676,108
Dubuque & S.Citv.November
82,952
84,081
867,811.
846,018
Erie
August.... 1,445,929 1,271,131 9,735,284 9,322,200
Gal. Hf AS. Ant..September
132,148
99,480
861,141
688,284
Grand Rap.AInd.September
99,637
97,723
877,729
793,065
Grand Trunk.Wk.eml.Nov.23 189,861
201,244 8,041,648 8,437,404
GUt Western.Wk.end.Nov.22
73,873
96,128 4,020,115 3,970,656
Houst. A Tex. C. October
426,832
361,649
Ill. Cent. (Ill.line).November.
483,948
474,012 4,934,305 4,8 i 4,922
..
...
Iowa lines.November. 125,365
144,880 1,350,764 1,378,440
Iudianap. Bl. AW.3d wk Nov.
26,519
22,119 1,137,533 1,100,996
Iut. & Gt. North, ,3d wk Nov.
41,089 1,324,729 1,298,869
57,097
Kansas Pacific.. .4th wk Nov
94,487
75,718 3,446,119 3.022,669
Mo. Kans. & Tex .November.
288,459
274,184 2,739.111 2,918,299
Nashv. Cli.A St.L. October
172,353 1,325,135 1,427,414
137,101
Pad. AElizabetlit. 1st wkNov
6,666
7,691
Pad. &cMempliis..2d wk Nov.
4,617
4,094
158,120
159,897
Phi la, A Erie
October... 352,695
393,151 2,378,585 2,561,804
Phila. A Rcading.October
1,408,674 1,527,774 10,249,094 11,959,227
St.L. A. AT.H. (brs)3<l wk Nov.
13,100
11,670
467,308
442,464
St.L. Iron Mt. & S.Novcmbcr. 533,700
458,075 4,037,632 3,974,118
St. L. K. C. & No..November. 312,592
312,338 3,039,304 2,891,729
St. L. AS.E.(St.L.)2dwkNov.
13,746
11,549
571,018
541,240
do
<Ken.).2d wkNov.
9,124
8,085
312,781
287,823
do
(Tenn,).2d wk Nov.
4,075
3,048
149.087
133,632
St. Paul A S. City.October
66,715
81,686
497.031
430,912
Scioto Valley
October...
28,983
13,410
232,707
Sioux City A St. P.Octobcr
45,501
59,004
311,649
259,890
Southern Minn.. September
34,538
123,351
490,875
425,624
Tol. Peoria A War.November.
90,145
90,086 1,155,915 1,015,980
Union Pacific
October ...1,209,879 1,185,105 10,401,031 10,383,174
Wabash
November. 452,740
395,050
do
...
'
..
...
...
4,663,558
♦October figures include earnings of
Proprietary Roads.
Gold and
4,210,016
Silver.—Gold advanced
on Nov. 30 to 100L
and
day, but afterwards the price fell back
On gold loans the rate to-day was fiat
to 2 per cent for
carrying. Silver is quoted in London at 5(Hd.
The Treasury bought at Washington the usual 300,000
per oz.
to 400,000 ounces of silver, on
“private terms.” In regard to the
trade dollars, which it is proposed to
change into legal-tender
dollars, Secretary Sherman says the total amount of trade dollars
coined is $85,959,360.
The amount exported is $25,815,950, and
the Chinese returning home are estimated to have taken
$5,000,000, which would leave in the United States $5,143,410.
The range of gold, and
clearings and balances, were as
borrowers paid 1-64 per
again and closes at 100|.
follows:
for
these prices.
In domestic bills the
undermentioned cities
following
were rates on
New York
at the
to-day: Savannah, buying at par, selling
premium ; Charleston easy, buying par@l-16 premium, sell¬
ing £@3-lG premium; New Orleans, commercial, f; bank,|; St.
Louis, par; Chicago firm, buying 1-10 discount, selling 1-10 pre¬
mium; and Boston, 25 premium.
Quotations for foreign exchange are as follows:
Deo. 6.
60
Prime bankers* sterling bills on London.
Good bankors’ and prime commercial...
Good commercial.
Documentary commercial
i\cav York
3
4.8I%@4. 82%
4.81 x4'»4. 8134
4.80
•,
94 %@
94 %@
94% @
City Banks.—The
days.
4.86%@4.87
4.85%@4.86%
4.84%@4.85%
@4. 81
4.79%@-L 80%
5.24%@5. 21%
5.24% @5. 21%
5.24% @5. 21%
39 %@ 40
94%@ 9438
Paris
(francs)
Antwerp (francs)
Swiss (francs)
Amsterdam (guilders)
Hamburg (reichmarks)
Frankfort (reichmarks)
Bremen (reiohmarks)
Berlin (reichmarck?)
days.
4.84
@4.85
5.21%@5.18%
5.21%@5.18%
5.21%@5.18%
40 %@
40%
95%
95%
95%
95%
94%@
9478@
9438
9438
9438
9478@
9478@
following statement shows the
condition of the Associated Banks of New York
City for the week
ending at the commencement of business on Nov. 30, 1878 :
AVERAGE
.
Loans and
-
Banks.
Broadway
1,OJO,OOU
1,000,000
422,700
1,500,000
Mercantile
Pacific
Republic
450.000
.......
People’s
412,500
North America.. - <00,000
Hanover
1,‘ 00,000
Irving
500,000
Metropolitan
3,000,000
Citiz-ns’
600,000
Nassau
1,0)0,000
Market
1,(00,000
St. Nicholas
1,000,G O
Shoe and leather 1,000/0^
Corn Exchange
l,CO),O00
Continental
1,250.0(H)
..
.
Oriental
Marine
30/.000
6
764,100
6*20,2)0
G,l8!i,800
4,038,300
656.000
501,700
7,940/03
1,246,700
2,410,000
413,000
3,113 600
405,100
1,131.000
1,370 000
<90,2/0
2,401,000
91 -,500
Bowery National
250,000
2 0/0)
154,000
221,000
8, DO
175,100
26 i, 003
416,700
55,500
188,900
110,800
15.500
1.579.500
5, 07,900
1.880.500
12,438.000
1.561.700
2.132.300
2,515,90)
1.862.900
169,000
300.200
42,600
579,000
927,300
372.900
1,854.000
87,000
28,300
353.200
178.200
57.500
556.700
73.100
3.602.500
3.249.700
250.500
125,700
137.100
410,000
3.880 300
107.200
10.196.200
572,500
New York County
German Americ’n
Chase National..
331,500
127,000
25,030
2.750.600
1.327.200
14.779.300
...
401,900
571,600
183,600
384,400
1,377,000
806,000
2.437.100 1,882,400
631,10,»
141.800
276.300
409,500
34300
1,89',100
523.700
3.122.40)
168.800
567,000
2,000,0(0
Mecli. Bkg. Ass’n
500,CO)
.
230.200
1,724,100
11,710,000
14 671,400
4.580.40)
2.959.200
Imporlers’&Trad 1,500,0(0
Grocers’
300,000
North River
240,000
East River
250,000
Manuf’rs’ A Mer.
100,000
Fourth National 3.5:0,000
Central National. 2,000,000
Second National.
300/00
Ninth National..
75i',(:00
First National...
500,000
Third National..
986,300
N. Y. Nat. Exch.
300,000
1,873.300
135,000
1,624 800 2/96,000
245,800
237,300
1.539.600
161,*200
307,200
9 902,700
847/100 2,291,400
1,317,010
2,215.000
...
353.500
3,125,000
40 -.000
Park
874,900
535,800
5, on, 300
3
491,300
767,9/0
695,200
355,000
13.453.200
7,292.000
2,150,010
3.510.600
7,827; 600
5
463,000
1.124.200
1,086,800
1,07 (,400
750.000
9.151.900
300,000
1,780,000
OF
,
Net
Capital. Discounts. Specie. Tenders.
$
$
£
$
2,000,000
7,131,0)0 1,675,000
935,000
2/ 50,000
5,319.403
604,600 1,184,100
New York
Manhattan Co....
Mechanics’
2,0i.0,003
Merchants*
2,000.000
Union
1,200,000
America
3,(H)0,030
Phoenix
1,0 10,000
1,000 00)
City
Tradesmen's
1/00,000
Fulton
6 0.000
Chemical
300,000
Merchants’ Exch. 1,000,000
Gallatin National 1,500,000
Butchers’ & Drov.
300/00
Mechanics’ & Tr.
600,00)
Greenwich
20 ),000
Leather Mauf rs.
600/00
Seventh Ward..
300,000
State of N. York
800,000
American Exhu’e 5,000,000
Commerce
5.000,000
Chatham
AMOUNT
Legal
571,000
141,503
335,00)
253,00/
74 8,0:0
Circula-
Deposits.
tion.
$
£
44,000
7,9)6,000
4,306,300
7,500
87,800
5,7.-.2 200
-4,574,100
3,0 8 800
7/'8?,700
2/53,000
5,409,700
1,925,800
1,166,400
165,300
135,000
1,100
218.000
739,900
9,9 rl ,800
2,322,5'jO
581,200
1,814 8)0
907,000
139.4C0
26 3,000
957,000
198,000
753,500
2,700
2,040,230
304,300
818,500
29,200
45,000
1.654/00
186.000
8.310/00
9,009,300 1,710,700
2.958,50)
895,000
2,574,800
179,800
1.856.500
1.908.700
450,000
2.548.100
402,503
1.143.900
5,400
1.741.900
5.371.900
445,4)0
1.739.900
140,000
9,174,000 2,2:2,000
1,755 100
247,300
1,877,400
3,900
1.919.500
677,000
2,534,300
1.953.100
3,015.300
1,131,630
266,900
559,400
676,700
4,700
770,000
26,000
160,00)
186,COO
388,00 > 2,195,000
358,400
1.419.100 3,331,600 16.509.100 1,103.700
535 900
177,CC0 3,509,8CO 12.709.700
94,600
33.100
425,000
297,900
*20.103
2,300
429,700
6 52.200
36/00
113.100
72,3f 0
44,100
516,500
124,900
2,300
105,930
393,800
1,042.500 2,507,200 11.914.700 1,052,6(0
24 /000 1,468,000
6,745;000 1,493.000
486,000
1,891.000
209,000
15*',800 645.200 3.151.900 593,100
1,07 <,800 1,566,900 9.017,000
45,0C0
799.2i)0
1,280,400
791.700 5,939,700
57,400
721,400
114.900
269,300
10,000
224,0)0
217,000
813,003
279.000
1,056,600
180,000
177,500
242/00 2.027,6)0
207,900
211,100
276,800
1.771.900
Total
63,711,5)0 236,438,40/ 22,967,400 41,275,700 203,797,200 23,007,000
The deviations from returns of
previous week are as follows:
Loans
..
Specie
Legal tenders
Boston
banks for
..
.
Inc.. $1,5/0/00
Dec.
417/00
Inc..
Net deposits..
..
Circulation....*
Dec.
Inc.
$337,600
45, ICO
687,5 0
Uanlts.—The following are the totals of the Boston
series of weeks past:.
Specie. L. Tenders. Deposits. Circulation. Agg. Clear
1878.
£
S
£
" £
£
• £
Oct.
1-0,104,400
5,321,200
6,135,100
53,233,500 25,50^,500
49,237,921
Oct. 14.
128.971.100
2,963,100
6,020,000
53,866,100 25,407,300
4?,04G050
Oct. 21.
127,418/00
2,563,800
6,127,600
52,264,600 25,473,190
43,517,518
Oct. 28.
126.876.100
2,557/ 00
6,524,300
52,240,2(0 25.388,003
41,489,955
Nov
4.
126/25/00
2/ 88,000
7.234,600
53,263,400 25,429,4C0
44,823,641
Nov. 11. '126,512,403
2,9*0,800
7,787,500
54,956,500 25,460,700
45,810,772
Noy- 18. 127.202,900 3,135,000
8,060,800
56,258,400 25,488,700
47.970,092
Nor. 25. 126,472,600
2,933,000 8,228/ 00 55,244,900 25,450,900 44,426.2%
Dec. 2.
126,898/03
2,862,400
8,655,500
55,713,800 25,311,400
36,257,603
Philadelphia Banks.—The totals of the Philadelphia banka
a
Loans.
Quotations.
Open
j
Clearings.
j Low. High
C108.
Nov. 30.. 100%*100%l100%
Dec.
2.. 100% ioo%;ioo%
“
3
100% 100%'100%
“
4.. 100% 100% 100%
“
5.. 100% 100% 100%
“
6.. 100% 100% 100%
100%
100%
100%
100%
100%
100%
.
100%^ 100%^
This week
100% 100%
Prev. w’k 100% 100% 100% 100%
B’ce Jan. 1 102% 100% 102% 100%
Sovereigns
$4 83
Napoleons
@$4 87
3 84 @ 3 87
X X Reichmarks. 4 74 @ 4 78
X Guilders
3 90 @ 4 00
Span’ll Doubloons.15 70 @16 10
Mex. Doubloons.. 15 50 @15 65
Fine silver bars
110 @
111
Fine gold bars
par. @ %prem
..
Balances.
Gold.
Currency •
$18,060,000 $2,179,675!$2,185,107
35,092,000; 2,327,308
28,722,000 1,546,000
12,940,000: 1,723,000;
11,568,000' 1,076,000)
ll,210,000j
2,335,543
1,558,221
1,8)0.159
1.080,766
930,000
933,663
$118,192, OOOj
in
foreign exchange there has been a fair busi¬
To-day, bankers were firm and advanced their asking
sterling bills to 4*824 for sixty days, and 4*87 for
Actual transactions were made about
% point below
only.
High.
earnings and the totals from Jan. 1 to latest
given below. The statement includes the gross earn¬
ings of all railroads from which returns can be obtained. The
columns under the
heading “Jan. 1 to latest date” furnish the
gross earnings from Jan. 1 to, and including, the period men¬
dates
Exchange.—In
ness
Lowest.
[volixvil
41,156,000$!,340,000 $1,343,107
gold for various
Dimes A % dimes.
Silver %s and %s.
Five francs
Mexican dollars..
English silver
—
98
@
98 %@
93 @
—
98 34
99
—
95
8534@
—
99% @
Loans.
$
t
—
87
75 @ 4 80
68 @ — 70
98%@— 98%
....
Prus. silv. thalers.
Trade dollars.....
New silver dollars
1873.
Oct. i
coins:
follows:
are as
—
par
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
.
14.
21
28.
4.
IF.
18.
25.
2.
58,613,739
f8,650,640
58,801,498
58,522,350
58,414.244
58,270/11
57,656,695
57,344/ 24
57,461,311
Specie. !L. Tenders. Deposits. Circulation. Agg. Clear.
£
$
1,9S9,340
1,83 ’,451
1,605,812*
J,646.613’
£
$
12,717,102
12,382,599
12.0:5,596
11,958,394
1,693.177 12,575,827
1,874.226 12,334,845
1,379,359 12,506,345
45,5*0.445
45/22,7/6
44,786,291
44,232.796
4‘,671,294
4k 109,434
11,266,957
11,307,582
11,353,4-50
1,9 2.867
12.618.399
44/12,838
11,393,361
1,9 if,959
13,022,453
45/44,517 11,395,817
11.394,811
11,396/21
11,430,703
44,436,416 11,3 3,116
£
37,391,156
32,798,588
33,720,726
29,0'9,290
29.104.649
29 370/49
27,805/7*
31,023,406
2 U 95,262
THE
7, 1878.]
CHRONICLE
QUOTATIONS OF STOCKS AND
BONDS
U. S. Bonds and active Railroad Stocks are quoted on a previous page.
STATE
SSCUBITIKS.
Bid.
Alaoama 5s, 1883
do
5s, 1886
do
8s, 1886
do
8s, 188S
do
8s, M.& E. RR..
do
8s, Ala. & Ch. K.
8s of 1892
do
8s Of 1893
do
nsas6s,iunaea
43
20
20
22
• •
•
•
•
a
#
5%
5k
•
*
*
*
*
*
do
do
do
do
10Sk
103
103
-
103%
...
Railroad Stocks.
do
quot'd.)
80
Albany & Susquehanna...
Burl. C. Rap. & Northern.
21
35
Caiada Southern
’Sfej
Chicago & Alton. '
do
pref
78%
Cleve. Col. Cln. & 1
Cleve. & Pittsburg, guar..
Col. Chic. & I. Cent
§-%
82k
3294
83%
6
5%
....
Dubuque & Sioux City.
Erie pref., $2 assess, paid.
55
140%
Harlem
Joliet * Chicago..'
Kansas Pacific....
lL
11%
Long Island
Missouri Kansas & Texas.
Nashv. (ha*. & St. Louis
New York Elevated liK..
N. Y. New Haven * Hart.
Ohio & Mississippi, pref
Pitts. Ft. W. & Ch., guar..
do
do
special.
Rensselaer & Saratoga .
Rome Watertown & Og.
St. Louis Alton & T. H....
do
'
do
pref.
Belleville* So. Ill.,pref.
St. L. I. Mt & Southern...
St.L. K. C. & North’n.pref
Terre Haute & lnd’polis..
United N. J.R.& C.
.
155
99
100k
100
:oo
*Y
10
7
i*3*
14
American Coal
30
29
24
35
21%
Consolidat’n Coal of Md..
Cumberland Coal & Iron.
10
L50
48
do
do
do
do
do
....
J., 1st m., ’90
1st consol. -.".
i
ssented
38
assemed
30k
assented.
Imp. bonds
»ssented.
Ch.Mll.& St.P.istm.8s,P.D
3-l6,
31
30
08%
31
+25
115
33
118
ioY
100
106
113
103k
110k
116
llOJs 111
l :o^ 111
! 10
114
83
90
70^ 73
„
2d mort..
constructs
do
1st con. guar.
Del.&H ud.Canal, 1st m.,’84
do
do
do
do
39k
.
50
50
101k'103
110%! 117
710794'108
89
'90
88 k
89
95k
795%
conp. is, 1894
ree. 7s.189i
03 %
108
10*4’ 101%
100% 100k
110k; no%
lo^k!
lookiioi
71C9
109k
ixf4
103
io*9*
104
95
90
rrlce nominal.
Its
110k 112k
111
7104
7*108
114k
ibY
Exteuded, ex cour.. 777k
equip’t bonds...I... 771
130
do
ex coupon....
Pekin Llnc’ln & Dec’t’r.lst m
Western Union Tel., 1900,cp...
do
do
reg
105
85
ios%
,
106
112
tlO'S
tl08
tlOH
flOl
90
103%
98%
8*0
100
88
83
40
27
62k
78.J
71%;
80%!
1*
19
14
Pennsylvania BR—
Pitts. Ft. W. * Chic., lstm..
lok
121% 122
117
108
2dm..
111%
4th mort....
U07
Col. Chic. & Ind. C., 1st mort
57%
18
do
do
2d mort
30
Rome Watert’n & Og., con. 1st
St. L. & Iron Mountain, 1st m. 109k
70
do
do
2d m..
no
St. L. Alton & T. H.,lst mort.
do
77
2d mort.,pref..
38
do
2d mort. inc’me
93
Belleville & S. Ill.R.lst m. 8S
Tol. Peoria * Warsaw, 1st E.D U'O
1st w. d..
do
tioo
do
Huiliugl’n Dlv
25*
do
2d mori
+*5
do
consol. 7«...
99
do P.Cora. Hcpts.lst.E.l)
99
do
do
lst,W.D
do
do
Bur. D
do lstp:ef Inc for21M
do
do
fo cons’d
Tol. Sr. Wabash, ist in. extend. 130
106
do
ex coupon
100
do
lstm.St.L. dlv
88
do
ex-matnred coup....
uo
108k
58k
18k
31
HOk
80
40
"
t And accrued interest.
30
27
27
100%
...
S8%
£0
9Sk
70
85
35
40
59
’27%
30
(coups, on)
(coupons on)
new
5s
48
25
80
80
28
87
32
94
93
8s
7g
do
1st ex I. g. «8.
Grand River Valley Ss, 1st m..
Houe. & Gt. N. 1st -s, g., certs.
Hous. & Texas C. 1st 78, gold..
do
West, div
Waco
West., 1st
Indianapolis* St.Louis ]st7e
Indianap. & Vincen. 1st 7s, gr..
International {.Texas) Ist 7s.
Int. H. & G. N. conv. 8s
Jack.L. & S. 8s,lstm./‘while”
Kal. Allegan. & G. R. 8s, gr...
Kalamazoo & South H. 8s, gr..
Kansas City* Cameron iOs...
Keokuk & D.M., 1st 5 , gr. R.I
Long Island RR., 1st mort.
Lonfsv. & Nashv. cons. m. 7s.
do
2dm., 78. g..
Michigan Air Line 8s, 1890
Montclair & G. L.Ist Ts, (new;.
N. J. Midland 1st 7s, gold
'7. Y. Elevated RR., 1st m
73* <
98*
88%
90
90
78
27k
58
64
84
90
70
75
25
fi02
...
99
78
ioi
105k
10 3
85
101
! 03
87>s
103k 104%
+
89k
105k
89%
*24
"26
90%
97
N. Y. & Osw. Mid. 1st
a
7
do receiv’s ctfs.(labor)
27
34
do
do
24
28
(other)
Omaha & Southwestern RR. 8s 112k 113k
86
03
Oswego & Rome 7s, guar
Peoria Pekin & J. 1st mort
*20
40
Pullman Palace Car Co. stock.
73% 75
do
bds., 8s, 4th series
91% 93
St. L. & I. Mt. (Ark. Br.) 7s, g.{
SO
85
3t. L. & San F., 2d m., class A.!
52 •
56
do
class B.
do
35
38k
do
do
30
class C.
St. L.&So’eaat. cons.7s,gold,’94
30
St. Louis Vandalla & T. H. 1st. *09
104
do
00
70
2d, guar
92
98
Sandusky Mans. & Newark 7s.
South Side, L. 1., 1st m. bonds.
80
87
ao
sink. fund...
20
20k
98
South. Minn. 1st mort. 7s, ’88..
do
7s. 1st
83
90
5T
Tol. Can. S.*Det. 1st 7s. e
....
.
.
.
*30
i
1C8
...
m. 6s,g.
Cent. Georgia consol.m. 7s
Stock
do
do
2d 7s.
Cheraw & Darlington 8s..
East Tenn. & Georgia 6s..
E. Tenn.&Va. 6s,end.TenD
E. Tenn. Va. & Ga. 1st. 7s.
Stock
6s
stock..
78
85
55
103
90
90
95
1C5
102
70
107
103
82
45
Georgia RR. 7s
.........
*Coi.7s,istm.
Greenville &
7s. guar
Macon & Aug.2!endorsed
Memphis & Cha’ston 1st 7s
Te
90
99
82
5
30
100
102
S9
108
84
64
64
50
15
2d 7s
fctock
....
89
76
consol, bds..
J Carolina Cent. 1st
‘Chari’te Col.*A», cons. 7s.
‘98
98
20
95
Consol., end.by Savan’h
53
90
70%
on.
Ala.*Chat.,Rec’8Ctfs ,var
Atlantic & Gulf, consol...
j
lbb
)
70
70
RAILROADS.
93
78
105
199
99
62
62
..
Wtlm’ton*^i.C.,6s,g. )* coup
64k
80
105
101
91
40
41
35
102% !03%
n0w\tl,,;
8s, gold
35
90 '
90
30
42
100
Richmond 6s
Savannah 7s, old....
23
103
*
lob
os
98
106
101
100
50
72
00
25
25
28
54
39
Consolidated 6s
35
20
83
72
104
113
U5
102
97
Railroad, 6s...
43k
101%
103
96
Nashville6s, old!!.,...’.*.’!!
39k
g
78%
tioa
6s, new
New Orhans prem. 5s.
80
Chic
|100
Jh.St.P.* Minneap., 6s,g.,new
79k
do
*1*8Y9-"’*89.*.*.*.".
Norfolk 6s
97
do
In 1. Bloom. &
6s,
6s, funded
Montgomery,
113
109
100
83
6s,
78
7%
i
Compromise
Mobile
115
102
..
1. gr.,
78
45
75
48
Bonds A and B
Endorsed. M. & C. RR.
102
111
102
do
78k
^
7s, gold, 1892-1910.. J.&J. tll2
7s, gold. 1904
J.&J til 3
10s, pension, 1894.. J.&J. flOl
CITIES.
Atlanta, Ga., 7s
96
8s
98
1108
1112
Fulton, 1st 7s,gold...
do
50
41
Augusta,Ga.,7s, bonds...
112
85
79
107
70
do
.2d m. Inc. 7s.
& Mien. L. Sh. 1st 8s. ’89.!
•
t
n
Charleston stock 6s
RAILROADS.
g.
•
43
73
40
100
SO
58
Petersburg 6s
6s, 2am.
U*
•
•
75
05
!01k Charleston. S. C., 7s, F. L
look Columbus, Ga., 7s, bonds
109
Lynchburg 6s
106k Macon bonds, 7s
110
Memphis bondt C
Atchison & P. Peak, 6s, gold..
Boston&N.Y. Air Line, lstm
do
South’!) Securities
(Brokers' Quotations.)
STATES.
Alabama new consols, A..
B,5s
90*
tiiok 111%
Central of Iowa 1st m. 7s, gold.
Chic. & Can. South lstm. g. 7s.
Chic. & East. Ill. 1st mort., 6s
3
-07i*
g..
S. Carolina con. 6s (good;
Rejected (best sort)...
Texas 6s, 1892
M.&S.
tl05
Ts, long....
,i.
.
30%
m
Logansport 7s...
Pacific, So. Br., 6s.
Georgia
108k 110
tl09
long
r
27%
registered
80
109%
+110
75
72
104
California Pac. RR., 7s, gold
*4*2
...
Union &
Un.
77%
103
110
tlOO
7s, sewerage
7s, water
7s, river improvem’t
Cleveland 7s, long
•
29
28
72
Waterworks
do
do
do
•• »
20%
29k 29%
small
-
•
•
33%
88
CITIES.
Albany, N. Y., 6s, long
Buffalo Water, long
Chicago 6s, long dates
Cairo*
'
lsr.,7a,R.*L.G.D’d.’sD
98%
’90..
m.,
6s, old
do
6s, new
do
68, new series..
V rglnlaSs, old....
Ss, new bonds, 1856
6s,
do
1867
6s, consol, bonds
6s, ex matured coup
6s, consol., 2d series
6s, deferred bonds
D. of Columbia 3-65s, 19)4.
do
do
•
1%
...
jnnessee
78
96
—
with coup, ctfs
1st m., 7s, I’d gr., ’80.
with coup, ctfs
2d mort.,7s. 1886.
with coupon ctf<..
Tnc. cp.No. lion 1916
Inc. cp. No. 16ou 1916
,
105%
o
ex coupon
Illinois & So. iowa, 1st mort
....
98k
•
59%
....
1st, 7s, Leaven.br.,’9t
with coup etfs
•
....
109
7io*6
«
770
■
Water
7s of 1988
Non-fundable bonds
Ask.
BONDS.
98
-
1st m.. 6s, 1896
with coup.ctfs.
...
AND
Oswego 7s.....
110% 110% Poughkeepsie Water
109
110
69k
.
2k
2%
Chic. & S’thwestern 78, guar..
91
Cln. Lafayette & Chic., 1st m..
70
Col. & Hock V. 1st 78, 30 years, +104
do
lit 7s, 10 years. t09
do
2d 78,2b years.. t0O
107% 107%
92
3«
92% Dan. Urb. Bl. & P. 1st m. 7s, g.
35
ki-...
Denver Pac., 1st m.7s, ld.gr.,g.
Erie & Pittsburgh 1st 7s
90
93
do
con. m.. 7s..
92
do •
104>s 1C5
7s, equip...
94
95
Evansville & Crawfordsv., 7s.. tioi
107% 107% Evansville Hen. & Nashv. 7s...
107
I07k Evansville, T. H. & Chic. 7s. g. *48
103%
,,103% Flint & Pere M. 8s,Land grant
*85
10-% 104%r Fort W., Jackson & Sag. 8s, 89
103
Grand R.& Ind. 1st 7s, l.g., gu. *90*
do
ist Ts,1. g., not gu.
85
Sinking fund...
.
.
STOCKS
do
120k
.
3d m..
Cleve. & Pitts., consol., s.f.
•
.
Indianapolis 7-3Us
Long Island City
Newark City 7s long
104
82
107
103
103
•
11
11
Hartford 6s, various
115
1 i4
ip3%; io4k
Spring, dlv,.
witheoup. C:fS.
1863
do
nok 111
92k
Pacific Railroads—
Central Pacific gold bonds..
do San Joaquin branch
do Cal. & Oregon 1st
do State Aid bonds.....
do Land Grant bonds..
Western Pacific bonds
Southern Pac. of Cal., 1st m.
UmonPaclflc, 1st mort. b’de
do
Land grants, 7s.
do
do
•
Detroit Water Works 7s
Elizabeth City, short
20
!
•
...
....
...
do
do
•
!
(Brokers' Quotations.)
1st m., ret
do
120%
Hudson R. 7s, 2d m.t s.f., 1885 112% 113
Canada South., 1st guar
-5k 75%
Harlem, 1st mort. 7s, coup... 7119
do
do
7s, reg...
North Missouri, 1st mort
106% ioY
Ohio & Miss., consol, sink. fd.
io;%!
do
consolidated.... 101% 101%
do
2d do
72% 73
do
do
do
do
do
do
do
do
do
do
do
do
•
6s...
April * Oct
Funding act, 1866
Land C., 1839, J. & J
Land C., 1889, A. & O....
i
•
Miscellaneous List,
91
do
do
m
...
do
con. convert
do
ex coupon
Great Western, 1st m., 1888..
do
ex coupon
do
2d mort., ’93
<”o
tx coupon
30%
m.ine,, 1911
Mo., 1st, 1890
New Jersey Southern lstm. 7s
N. Y. Central 6s, 1883
do
6s, 1887
do
6s, real estate.,
do
6s, subscription,
do & Hudson, 1st m., coup
do
•
0
Island 6srcp., ’33-4
jSjuth Carolina
19k T
.
2U
1st
•
Bid.
110
25
10
10
10
10
10
10
*
19*j
..
Quincy & Toledo, 1st
*
!
Rochester C. Water hds., 1903. tH2
Toledo 8s. wate , 1894-’94
105
52% 53k Toledo 7-S0s
797
17k! 18
Yonkers Water, due 1903
110
.
121^!
do 189!
1st extended
.
92%
110
105%
equipment bonds.
Mo.K&T.,c ns. ass., U04-5-S.
do
2d mort
do
'
income, 78.
do
IstCaron’tB
South Pa'’, of Mo., 1st m
Kansas Pac., 1st m. 6s. 1595..
80k
50
30
40
40
bonds, 1900. t....
7s, of 1871
*92k
115
Mich. Cent., consol. 7s, 1902...
do
1st m. 8s. i882, s.f.
Pacific R. of Mo., 1st mort...
.
do
do
do
|ii*5
Mich S. & N.Ind., S.F., 7 p.c.
Cleve. & Tol. sinking fund..
do
new bonds....
Cleve. P’ville & Ash., old bds
do
new bds
do
Buffalo & Erie, new bonds...
Buffalo & State Line 7s
Kalamazoo & W. Pigeon, 1st
Det. Mon. & Tol.,lst 7s, 1906
Lake Shore Dlv. bonds
do
Cons. coup.. 1st.
do
Cons, reg., 1st.,
do
Cons, coup.,2d.,
do
‘ Cons, reg.,2d....
Marietta & Cln. 1st mort
do
II. & CenL
jR’iode
Tol. & Wabash, aa mort
2d mort...
70
.
do
do
do
do
85k
2d m. 7
do
do 100%! 107k
do
1st 7s, $g.,R.Dj I06%l07k
do
1st m., LaC.D.! 109k
do
lstm.,I.& M... 105
do
1st m.f I. & D. t
103k
do
lstm.,H. & D. 100
do
lstm.,
C. &M. 10* 110
do
consol.slnk.fd 100% It 0k
do
2dm..
100
do 1st m.,7?, I.&D.Ea
98
98%
Chic. & N. West. sink, fd
108
do
lnt. bonds.
105
do
consol, bds 112k 115
do
ext’n bds.. tl06
do
1st mort..
109
do
cp.gld.bds. 102% 10294
do
reg. do
102
Iowa Midland, 1st m. 8s. t!04
Galena & Chicago Ext
J106
10094
Peninsula 1st m., conv.
115
Chic. & M11wm 1st mort. tlio
Winona & St. P.,lst m.. 103k
do
2d mort.
95k
C.C.C.&lnd’s 1st m.7s,SF. 109
119
do
consol, m. bds
91k 94k
Del. Lack. & West., 2d m. 105
jlOck
do
7s, conv
103
do
mcrt.. 7s, 1907
105%
Syr. Bingh.& N.Y. 1st,7s
Morris & Essex, 1st. m..
h
do
00%
60
adj’mt b., 1903.
Lehigh & VV.B.con.guar
do
do
Am. Dock &
do
do
40
785
conv
795
•
do
guar.
Bur.C. R& North., 1st 5s..
Minn.* St.L.,1st 7s gua
Ches*. * Ohio be, 1st m.. I
df»
ex cour!
Chicago & Alton 1st mort.
do
income.
d>
sink’gfund
Joliet & Chicago,1st m.
La. & Mo., 1st m., guar..
St.L.Jack.* Chic.,1st m.
Chic. Bur.* Q. 8 p.c.,lstm
do
consol, m. 7s
do
5s sink, fun 1
Ch.Rk.l &P..s.f.inc.6s,’95.
N.
n s....
eons, gua
3db
do
Maryland Coal
Pennsylvania Coal
Spring Mountain Coal....
Mariposa L. & M. Co
do
do
pref.
Ontario 811ver Mining....
Railroad Bonds.
(Stock Exchange Prices.)
Boston H. & Erie, 1st m..
reglst’d
111
5*9
..
do
’
Cantor. Co., Baltimore
6s, 1917,
:.
Lake Shore—
28
68,19’i7,coupon
MISCELLANEOUS
...
no
1st
Rens. & Saratoga, 1st coup ..
do
1st reg....
Denv.& Rio Grande 1st m.,1900
Erie, 1st mort., extended,
do
2d
do
7s, 1879....
do
3d
do -7s, 1883.
do
4th do
78, 1830....
do
5th do
7s, 1888....
do
78, cons., mort., g’d bds..
do Long Dock bonds..
Buff. N.Y. & E. 1st. in., 1916...
Han. & St. Jo., 8s. conv. mort
ill. Cen—Dub.&Sloux C..lstm
do
do
2a div.
Cedar F. & Minn., 1st mort..
in
Miscel’ous Stocks.
Central of
AND
Indianap. Bl. & W., 1st mort...
Atlantic & Pac. Tel
Am. District Telegraph...
...
do
do 1837
be,
par may
SECURITIES.
...
funding act, 1866.
Jos., due 1836
aiuany «S5 ouaq. isi Dds
do
2d do
Ask.
*
Mew bonds, J. & J
do
A. & O...
Special tax, Class 1
do
Class 2
do
Class 3
Ohio 6s, 1881
do
1836
...
RAILROAD
Active previ'usly
103
do
1833.
do
1339 or’9J....
or Un.,due 1892
Han. & St.
do
.-
..
’83
Funding, due 1334-5.
-1
Bid.
BXCURITIBS.
do
A. &G
N.C. ER
J. & J....
do
A. & O....
do coup, off, J. & J..
do
do
off, A. & O.
1336
18-17
do
Asylum
....
or
value, whatever the
per cent
BONDS.
..
do
YORK.
„
78, small
7s, 1890
Missouri 6s, due 1832
NEW
New York State—
6b, gold, reg....l887..
8a, do coup.. 1887.
58, do loan...1883.
Sa
do
do ..1891..
do
do
1892.
do
5s, do
.1893..
Ncrth Carolina—
6a, old. J. & J
do
look
War loan..
68, new
6s, new float’g debt.
7s, Penitentiary
6s, levee
8s, do
8s, do 1875
8s, of 1910
7s, consolidated
IN
Prices represent the
Ask.
Michigan 6s, 1873-79
do
6s, 1333
.
109%
ao
do
do
do
do
do
do
do
do
*
...
Kentucky 8s
•
„
.
3
3
3
3
3
108
101
7s, L. R. & Ft. S. iss
do 7a Memphis & L.R.
do 7s, L. R.P. B.&N.O
do 7s, Miss. O. & R.JR
do 7s, Ark. Cent. RK...
Connecticut 6s
Georgia 6s
do
7s, new bonds,...
do
7s, endorsed.
do
7s, gold bonds...
[lllnols 6s, coupon, 1879...
Bid.
SECURITIES
Louisiana 6s
•
do
do
8k.
601
I.Memph. & Little Rock 1st
Mississippi Cent. 1st m. It
[
December
2d mort. 5s
2d mort., ex coupons....
Miss. & Tenn. 1st in. 8s, A.
1st mort., 8s, B
Mobile & Ohio sterling 8s
Sterling ex cert. 6s
8s, Interest
2d mort. 8s
New 1st mort
New debeniures.
N. O. & Jacks. 1st in. 8s.
25
109
Certificate, 2d mort. 8s.
1st, 6s, Tenn. & Pac. Hr
80k
80%
lst,6s,McM.M.W.*Al.Br
Orange & Alex’drla, lets,6s
i as,6s
3ds,8s.,...
4thSj8s
Rich. Fred; * Potomac 6s.
mort. 7e
Flea.* Danv. 1st consoles
Southwest.,Ga.,conv.78,’86
Southwestern. Ga., stock.
3. Carolina
RR. 1st
m.
7s
7s, 1902, low Nos
7s, non mort
Savannah & Char .1st m. 7s
Cha’ston & Sav. 6s, end.
West Ala., 1st mort. 8s....
2dm. 8s, guar
PAST DDE COUPONS
Tennessee State coupons..
South Carolina consol
Virginia coupons
Consol, oonp
Memphis City coupons...
tiNo price to-day; these aie latest quotations made this week.
100
87
7
43
102
9*2*
110
80
00
20
30
111
101
Nashville Chat. & St. L. 7e
Nashville & Decatur 1st 7s
Norfolk & Petersb.lst m Sb
1st mort. 7b.
2d mort. 8a
Northeast., H.C., 1st m. 8s.
2d mort. 8s
90
40
100
100%
100% 100%
101
9S
90
112
88
90
74
35
12
90
100
78
104
•
94
76
40
20
95
80
• • •
90
30
93
85
5
10
30
105
105
40
15
85
40
V*
20
73
30
E0
40
T-
602
THE CHRONICLE.
[VOLu XXVII.
1C
Doings of ths
Jmicstwcuts
AND
NEW
STATE, CITY AND CORPORATION FINANCES
The Investors’Supplement is
published
on
the last Saturday
of each month, and furnished to all regular subscribers of the
Chronicle. No single copies of the Supplement are sold at the
office,
only
as
a
year.
1*73.
Number passengers carried
Number tons freight carried
YORK St CANADA.
1
1-0,244
569,414
554,236
$4,000/ 00
fr!,f00,000
4.noo,ooe
(LESSOR’S RBFORT.)
Stocks and Debts.
Capital stock by charter
Stock subscribed aud paid
a,>00.000
Funded dent
4,0t> ,000
26,933
Posting debt
Cost of road aud
1877.
1,13V§3
equipment
262,594
8,273,118
LESSEE’S REPORT.
sufficient number is printed
4,000 0( 0
8,*61,060
to supplv regular
Expenses.
Supplement, however, in bound Transportation expenses, being ? per
cent of earnings
allowed
10
Delaware
aud
up with The Financial Review (Annual), and can be purchased
Huuson for operating and
maiutena:
ce
in that shape.
$231,375
Interest
iubscribera. One number of the
$272,727
237,368
ANNUAL
Lake Shore &
REPORTS.
Totil
Michigan Southern.
Other
(For the
year ending September 30, 1878.)
returns made to the New York State
Engineer
From the
following figures
taken
are
Earnings.
Passengers
Freight
the
FJoa*ing debt
new
account
in
is
for real
estate
bridge at Toledo ($79,000).
$79,977,485
$',9,814,435
purchased in Chicago ($84,000)
.
.
.
Payments to surplus fUQd
Sinking fund
Constrnction
Ashtabula
Pitts. & Lake Erie R. R. stock.
Otter items
$2,270,582
$2,764,560
1.190,765
5,018,379
$8,488,727
$9,304,559
$2,762,470
1,483.995
474,5*94
250,000
$2,762,350
018,331
54,417
9'S5«1
200,COO
474,776
37,544
$13,214,434
EARNINGS.
$3,120,325
$3,569,710
9,959,025
264J74
499,310
....
Mails...
Rents
Other sources.
9,117,532
247. H 4
466.012
52.80s
55.191
58.844
60,555
$13,957,171
$13,214,434
$2,746,161
*The company adds to the usual blank the
following:
:
$2,502,500
64,bb0
44,000
$2,611,180
152,442
on assets
Balance.
Dividend (10 per cento guaranteed stock
Rental of four branch roads
'
Total
1877-78.
2,741.042
Number of fassengers carried
Number of t<>nscf freight carried
5,917,481
Number of engines
Number of cars (all kinds)
From the report to
are
obtained
:
-
-
495
BUfQUE HANNA, (LESSEE’S REPORT.)
1378.
Freight
Doings of the
RENSSELAER &
Rentals
495
10,470
quipment
1877.
$234,233
119,869
$1,283,816
Total
Doings of the
$283,874
871,891
5,360
$1,106,003
$1,161,126
304,685
304,901
779,6J3
year.
$2,455,470
$338,884
S6',?14
575,182
769,167
$407,407
187.525
619,923
763,272
1,291
$508,650
$530,164
$132,299
$133,9'8
371,850
55,870
37i,y90
62,304
$5(0.020
$5*i8,2(8
51 3 )9
38,039
year.
261,497
249,133
214,511
242,507
New York City Railroads.
THIRD AVENUE.
Capital stock, $2,C0Q,C0O, all paid in before List report; funded debt.
$?,( 00,000 ; floating debt, none; interest on funded
debt, 7 per cent; cost of road and
equipment same as by last report, $4,229,884.
Expenses.
1878.
Taxes
$20,316
real estate.
on
Interest
67,361
re]
903,402
140,tOO
50J,C0J
Payment to stockholders under resolution of di¬
rector
100.000
Reg. coupon bonds purchased
Real estate at Harlem
30,000
Total
$1,761,0 0
1977.
$22,387
34,823
1,006,067
14<>,C00
220.000
310,000
58,' 00
7,50)
$1,789,683
Earnings.
Total
$1,6G4,?07
5,833
$1,679,206
41,139
5,700
45,‘20
$1,710,681
$1,818,455
Number of passengers carried, about..
30,4.0,000
30,7(0,000
BROADWAY & SEVENTH AVENUE.
Capital stock by charter, subscribed and paid in, same as last report,
...
$2,b 0,000; fuude
i
debt (-ame), $1,500,000; floating debt (1377), $250,121; 1878,
$242,151; rate of interest, 7
per ce it.
°
Cost of Road and Equipment.
1878.
Road-bed and structure
*
Land, buildings, &c
Cars.
Total
R -pairs, road-bed and
real ei=tate
on
track, <fcc
$2,841,270
785,680
198,595
780,706
198,595
170,678
170,678
$3,996,223
$3,991,250
$28,7S4
$33,961
25,921
.*8,797
Dividends, at 9*4 percent
Purchase of one-horse
1877.
$2,844,270
Expenses.
517,0.7
119,000
199,500
37,852
Interest
.
cars.
581,135
119,000
199,500
Total
$930,952 •
$962,569
In item of expense of operating the road the
pay of conductors and drivers
is put at $176,495, against $198,478 la-t
year.
*
\
Earning8.
Passengers
Horses
Sales of old iron,
1677.
$2,428,550
$155,201
{For the year ending September 30.)
The following are from the
reports of city horse railroads, filed
at Albany, for the year
ending Sept. 30:
Operating roai.
$1,4x2,743
'
2,21*2
..,
imber of passengers carried
Number tons of freight carried
6,513,553
26,284,394
94,682
278,987
(mail, express, &c.)
709,164
.$1,567,524
$1,705,402
These totals are made by certain allowances of
transportation
expenses to the New York & Canada Railroad.
Earnings.
Passengers
$618,229
$623,806
Freight
sources
sources
16.073,500
266,469
Freight
Tuxes
Total
Other
Earnings.
359,176
4,193
SARATOGA, (LESSEE’S REPORT.)
18.8.
Expenses.
78,u78
Horses and harness
$186,349
103,143
29e,19S
7(4,124
468,011
Repairs of machinery
Operating road
‘
5,642,284
$2,295,133
811,376
Maintaining road-bed, &c
1876-77.
$3,012,174
$290,427
Other rouices
$166,809
Fur interest
Other
1877.
$6,800,522
year.
$2,7>:2,470
year.
Earnings.
<
Expenses for
Expense maintaining road, &c....
Expense of repairs and machinery
Expense of operating roud
year
Passengers...,
Cost of road and
equipment
Passengers
Company—Leased Railroads*
JSx])ense8 of
16,073,500
6,5;3,018
26,3i3,7u4
Manure..
Rents (real estate, car panels, mail service,
&c)....
ending Sept. 30, 1878.)
the State Engineer at Albany the
following
ALBANY ,fc
Cost of road and
$2,453,738
53,350
250,^82
2,784,301
10,489
{For the
$6,80i\522
Operating and for
Delaware & Hudson Canal
$389,610-
from the report filed with the State
are
Surplus fund
$13,957,171
Total
Less interest and dividends
figures below
Engineer:
1,346,778
5,193,220
163.0,9-
Totals
Interest on Funded Debt
L. S. & M a
D. M. & T
K. & W. P
The
14,3.8,709
EXPENSES.
Express
368
$401,065
$65,435,776
14,378,709
construction
199,246
1878.
$65,598,776
Totals
Increase
$189,995
New York & Oswego Midland.
{For the year e?i«in% September 30.)
EQUIPMENT.
Construction account.
and
1876-77.
$50,000,000
86,000,000
$187,853
Stocks and Debts.
COST OP BOAD AND
Equipment
1877-78.
$50,0(0,000
35,750,000
$510,096.
836
Total
STOCKS AND DEBTS.
Forded debt
$518,733
213,22»
sources
:
Capital stock paid in
247,369
advertisements, interest, &c
Total.
Number of p ;ssengers carried
EIGHTH
AVENUE.
1878.
1877.
$922,627
$971,916
7.741
4,63*
18,260
14,On
$943,629
18,452,557
19,438,33.)
$990,565
.
Cap'tal stock by charter, subscribed and paid in, same as last report,
$1,000,OcO; funded debt (same), $203 000 ; floating debt, 1877, $95,250; in 1878,
$75.250; rate of interest, 7 per cent.
Expenses.
1878.
Repairs of road-bed, &c
Taxes
on
real estate
Operating road.....-
769,808
795,263
Interest
Dividends
41.696
32,631
Account of
'... $1,429,933
$1,451,762
Total..
>
7
floating debt..
$4*>W5
21,703
2i 54fr
5*0.535
2T,4of
5.7,444
15,20
120,0‘iO
;
:.
18-7.
$38,<01
120,OOJ
20,000
$733,160
$725,111
December
THE CHRONICLE.
7,1878.]
Earnings.
11,597
1,820
Sales of iron.
Manure
Sundries
2.983
14,210
$745,110
14,289,993
GENERAL
and other notes under
NEWS.
INVESTMENT
Anthracite Coal Combination.—'The monthly meeting of the
panies:
Tons.
•
Lehigh Valley Coal Company
Central Railroad of New Jersey
.
Delaware Lackawanna & Western Railroad Company
Delaware & Hudson Canal Company
Pennsylvania Railroad Company.
Pennsylvania Coal Company
-
a
new car
contract.
Heretofore *he
com¬
hired 200 freight cars/at a rental of $10 50 monthly per
In place of this the company has bought 250 cars, paying
car.
$41 per car in cash, and engaging to pay $8 10 per car mont y
for 5 years, at the end of which time the cars become its
property.
These payments can be anticipated at a rebate of 8 per cent per
annum.
Of the $1,000,000 of land bonds, of which the Farmers'
Loan & Trust Company is trustee, $419,000 have not been sold,
pany
Anthracite Board of Control was held on Thursday.
It was de¬
cided to increase the allotment for Dec. 1,000,000 tons, making the
total out-put for this mouth 3,000,000 tons and for 1878 18,000,000
tons, against 20,874,000 tons last year.
The following table
shows the proportions of the increase allotted to each of the com¬
Philadephia & Reading Railroad Company
$200,000.
The cash in hand, exclusive of $4,410 held to
presentation
of past-due coupons, is $181,130 in general
9,465
2,518 account and $4,968 from proceeds of “ free lands,” t. e, lands not
1,790 covered by the land bonds,
The pay-roll for October is cleared
1,606 off; the last
payments were made on November 22.
Supply
The company has its paper outstand¬
$767,479 bills are paid up closely.
14,752,900 ing as follows: $24,000 on account of the elevator purchases of
last year, about $44,000 in payment for 1,000 tons of steel r
$737,614
$714,499
Horses
about
await
608
286,250
197,5 0
129,050
127,'00
121,800
76.250
53,650
and the company is not open to offers for them, nor were any of
them inc uded in the last drawing.- Of the remaining $531,000
there have been drawn and paid off $100,000, and $25,000 are
under notice and advertised, with nearly enough collections
on hand to call in $25,000 more;
which will make $150,000 paid
off or notified for payment within the year of their issue.
now
Missouri Kansas & Texas—ITnion Pacific Southern
Branch*— ihe Missouri Kansas & Texas Railway is a consolidated
Total..
1,000,000 line embracing the former Union Pacific Southern Branch. The
The next meeting of the Board will be held December 27, and first mortgage on the latter road is prior to the M. K. & T.
on or before that date the committee representing all the other
consolidated mortgage, and covers the valuable land grant in the
interests except the Lehigh Valley are to meet Messrs. Swoyer State of Kansas.
Messrs. Russell Sage and N. A. Cowdrey are
and others of the last-named comDany, to decide upon the con¬ trustees f the U. P. South. Branch mortgage, and, as such trustees
tinuation of the combination in 1879.
The Lehigh Valley opera¬ have brought a Buit against the Union Trust Company and others
tors are dissatisfied with their allotment for 1878, but voted at
io the Superior Court of this city.
The trust company is the
their recent meeting that “we believe the best interests of the trustee of the junior consolidated mortgage.
The Times says:
trade demand that some arrangement be made for the govern¬ “The present action is really for the construction of the first mort¬
ment of the trade for the year 1879, by which the production of gage, and is to decide whether the revenues in the hands of the
coal shall be restricted to the demand, upon an equitable basis, trust company as trustee, and derived from the sale of lands
satisfactory to all parties in interest.”
belonging to the railway company, shall be paid in gross to the
Chicago & Northwestern.—A meeting of the Board of trustees of the first mortgage or be applied first toward the
Directors of the Chicago & Northwestern Railway Company was expenses of selling the lands, then toward the payment of the
held in this city on Thursday, at which the following reso¬ taxes on the lands unsold, and the net proceeds handed over to
the trustees of the first mortgage. The latter insist that they
lutions were adopted:
are entitled to receive the gross proceeds.
About $300,000 are
Resolved, That a dividend of three and a half per cent on the preferred
capital stock of the company be and is hereby declared out of the net earnings involved in the case.”
of the present fiscal year, payable at this office on the 28th of December inst.
St. Louis Alton & Terre Haute—Indianapolis & St. Louis.—
Resolved, That a dividend of two per cent on the common stock of this
company be and is hereby declared out of the surplus earnings and moneys of
Judge Gresham, at Indianapolis, rendered judgment, in the case
the fiscal year ending on the 3lst of May, 1878.
between these companies and the several guarantors, that, “ until
A protest, signed by Rufus Hatch, was handed to the Board, in final
hearing, the I. & St. L. will be required to pay into court
which was the following:—“ I demand and insist that no dividend
monthly, for and on account of said rental, 30 per cent of the gross
be paid on the common stock until the seven per cent to which
earnings of the leased line, and it will be enjoined from paying
the preferred stock is entitled shall have been paid.” Accom- to the C. C. C. &
I., the L. S. & M. S., the P. Ft. W. & C., the
panving this
opinion from the law firm of Brown, Green Pennsylvania Railroad Company and the Pennsylvania Company
a dividend cannot be declared upon the interest on any of the mortgages or equipment bonds, owned or
common stock until seven per cent has been paid for the year on
held by said companies, or either of them, so long as 30 per cent of
the preferred.
No action was taken on the protest, and at the said gross earnings shall not equal the minimum rental; also
office of the company it was stated that for the year ending May from
paying to said companies, or either of them, any moneys on
31,1878, a dividend of seven per cent on the preferred stock had account of advances made as aforesaid by them, or either of
been declared and paid, leaving a surplus of more than sufficient them.”
to pay the two
per cent dividend on the common stock now
Tennessee state Debt.—The bondholders' committee has
declared. They said that no dividend had been declared on the
a new
made
common stock for the half-year just past.
proposition for settlement by offering to take new
The following is the official statement of the company submit¬ bonds at 4 per cent interest instead of the former proposition of
ted at the meeting of the directors:
scaling the principal of the debt to 60 per cent of its face in new
6 per cent bonds.
Office of Chicago & Northwestern Railway Co., 52 Wall street.
A
was an
Vanderpoel, that
Half-Yearly Comparative Statement, with Earnings and Expenses of Novem¬
ber. 1878, closely approximate.
•Gross earnings
Operating expenses
Taxes
1877.
1878.
.$7,758,067
$7,926,381
Inc.. $168,314
$3,855,445
$3,853,365
85,602
Dec..
Dec..
$2,079
92,500
.$3,947,945
$3,938,967
Dec
$8,978
.
:
Total
.
6,898
Toledo Peoria & Warsaw.—Judge
Drummond in Chicago
made an order directing the payment of the qaarterly installment
of the interest upon the first .mortgage bonds.
The apportion¬
ment is as follows:
To the holders of bonds on the eastern
division $21 92 on each $1,000 bond; to the holders of western
division first mortgage bonds, $21 68; and to holders of first
mortgage
bonds on the Burlington division, $13 14.
expended is $90,000.
The total
amount to be
Net earnings
.$3,810,121
From which deduct fixed charges, <fecM viz :
Interest on bonds, gold premium,&c. $1,679,520
Rent of leased roads
637,957
113,120
Sinking fund account
Balance
2,430,598
$3,987,414
Inc.. $177,292
$1,633,638
Dec.. $45,832
Inc..
4S13)
Dec..
15,000
Dec..
12,751
686,088
93,120
2,417,846
.
Trunk Line Pool.—At the conference of the managers of the
Trunk Lines, for the purpose of considering the continuance
of the West bound freight pool, a resolution was adopted provid¬
ing for the continuance of the arrangement for five years from
$190,044
January 1, 1879, and investing' the Trunk Line Commissioner
with absolute authority to hear and decide the claims of any road
for an increased percentage of traffic.
$316,233
on the 31st of
May, 1878, as shown in the last annual report, was
$508,453
A dividend of 2 per cent on the common stock has been declared from
this surplus, payable December 28, ls78.
299,659
fast, Ireland—office in New York at 101 Franklin street—have
Net profits
.$1,379,523
Deduct 3% per cent dividend on pre¬
ferred stock in Dec., 1877 and 1878.
753,234
Net surplus of the half-year
$626,239
The undivided surplus of the last fiscal year,
$1,569,567
Inc..
753,284
ending
Leaving old balance, May 31, 1878.
New York, Dec. 5, 1378.
..
$208,803
11. L Sykes, Treasurer.
Denver & Rio Grande*—At a meeting of the stockholders of
this company, held at Colorado Springe, the lease of the road to
the Atchison Topeka & Santa Fe Railroad Company was ratified
by a vote of 80 per cent of the total stock. The lease has now
gone into effect.
Stock of the Denver & Rio Grande Company,
and of the Pueblo & Arkansas Valley Railroad Company has been
deposited
at Boston with Mr. T. Jefferson
—The York Street Flax
Spinning Company (Limited) of Bel¬
just been awarded the only gold medal at the Paris Exposition
forfine linen goodsof all descriptions. This concern is the largest
in the linen trade, having, besides their factory in Belfast, large
houses in Moscow, St. Petersburg, Hamburg, Copenhagen, Stock¬
holm, Milan, Naples, Barcelona, Oporto and New York city.
In the latter, Mr. J. A. Scott is the popular representative. They
employ a nominal capital of $2,500,000. but the business requires
upwards of $3,500,000, and the concern possesses a large reserve
fund besides, in order to carry on its growing trade. The factories
cover about four acres of ground, and employ upward of three
thousand operatives. The reputation of the manufactures is
world-wide, especially their dress, clothing and household linens.
Coolidge, as Trustee,
make binding the recent agreement for
the exchange and equalization of the stocks of the two companies.
—We call attention to the notice of the twenty-first dividend
Hannibal & St* Joseph.—The World money article speaks of of 1 per cent of the Hukill Gold and Silver Mining Company, of
this company's finances as follows: “The company's earnings for 9 Spanish Bar, Colorado. This mine has produced largely so far,
months ending September 30 were $1,426,245 gross and $552,402 and the reports from it continue to give good accounts. Mr. S.
net; the expenses were $873,843, or 61*27 percent. The gross V. White, the Treasurer, has been prominent in Wall street for
earnings for October were $248,288, the net earnings not yet years past, and the mine is therefore not represented here by any
completely ascertained; November, with fourth week estimated, adventurer.
to
an amount
necessary to
604
™
rHE CHRONICLE.
IJtc Courmcrctal juries.
O O T T O N
Friday, P. M., December 6, 1878.
Crop, as indicated by our telegrams
given below. For the week ending
this evening ^Dec. 6), the total
receipts have reached 220,748
bales, against 184.625 bales last week, 181,376 bales the previous
week, and 176,004 bales three weeks since; making the total
receipts since the 1st of September, 1878, 1,950,982 bales, against
1,673,882 bales for the same period of 1877, showing an increase
since September 1, 1878, of
277,100 bales. The details of the
receipts for this week (as per telegraph) and for the corresponding
weeks of four previous years are as follows:
Friday Night, December 6.
quiet tone pervading commercial circles, and low as
prices were, some further reduction has been made for the lead¬
ing staples the past week. It is announced from Washington that
a
the administration is satisfied with the
position and prospects, as
regards the proposed resumption of specie payments on the first
proximo, and that no general legislation affecting import duties
will be attempted 'at the
present session of Congress.
Tie Receipts this w’k at
weather has become e’ear an^cold, and the recent rains have
put New Orleans
the rivers of the Soutliwept in fair
boating condition.
Mobile
The following is a statement of the stocks of
Charleston
leading articles
Port Royal, &c
of domestic and foreign merchandise at dates
given:
Beef
Pork
Lard
tcs. and bbls.
bbls.
tcs.
Tobacco, foreign
bales.
hlids.
Tobacco, domestic
Codec, Rio
Coffee, other
Coffee, Java, &c
Sugar
Sugar
Sugar
bags.
bags.
.mats.
J873.
\nv 1
* t;01
1873.
T)pp
49,CGI
22,149
23,811
50,22)
43.3)6
23,300
1,203
Molasses, foreign
Molasses, domestic
Hides
Cotton
Rosin
Spirits turpentine
Tar
Rice, E. I
bags.
Rice, domestic
bbls. and tcs.
Linseed
bags.
bags.
Saltpetre
Jute
bales.
Jute butts
Manila hemD.
bales.
bales.
]'pp
40,180
19,m
13,094
22,505
24,791
75,584
28,763
43,677
42,959
17,279
18,030
9,700
21,000
45,572
10,355
339,000
2,010
Florida
Nortn Carolina
orfolk
Point, &c
195,772
3/88
1,300
6,773
1,430
41,0 0
3,500
J,<09
5,900
7/00
20,300
3<,740
21,804
6,8 0
3,767
22,2 0
158,200
13,259
3,80.)
ending
21.300
Dec. 0.
30,400
28,617
33,654
2.240
2 6,8 44
week of last
essential
change.
to
choice, but the close is quiet, Siearine is active
prime city,
Kentucky tobacco, though in fair demand, has
last noticed.
Sales for the week
which 800 for export and 300 for home
active
as
are
at
64c. for
not been
so
1,100 hhds., of
61,011
17,542
17,771
58,190
23,507
19,2G0
21,887
30,316
23,401
1,940
27,112
22,112
27,S43
892
341
475
616
051
10,800
2,047
8,501
8,188
13,015
5,595
592
1,951
033
4,991
10,380
10,083
4,950
0,259
1,394
5,301
19,503
1,802
4,025
19,380
1,521
3,975
10,071
1,427
220,748
174,305
187,733
172,901
180,065
722
531
22,962
28,518
21,847
‘
..
13,097
■
season.
EXPORTED TO—,
Great
Britain.
N. Orl’ns
28,829
Mobile..
Oharl’t’u
Savan’h.
Galv’t’nN. York.
Norfolk-
Other*..
107
"
....
2,637
8,426
17,371
6,740
7,011
15,122
France.
15,279
Conti¬
nent.
29,198
1,402
1,750
Total
this
Week.
Same
Week
1877.
STOCK.
1378.
1877.
27,436
73,306
2,889
8,444
35,862
0,997
7,752
32,120
740
588
52,905 137,298 246,974
5,300 40,270 50,577
2,400 83,151 76,823
7,080 06,993 100,795
2,516 114,784 85,444
9,604 68,135 86,580
23,737 18,633
11,393 33,000 59,000
91,318 622,424 724,832
1,427
4.057
-
....
....
2,593
8,068
7,611
17,720
28,500
70;78 i
186,020
Tot. this
week..
Cut meats have declined
4c. per lb. Butler and cheese without
Tallow lias been firmer at Gf'aGIc. for prime
...
54,532
19,775
23,374
2,154
22,715
1874.
,
Week
Provisions have been moderately active, but at
drooping prices,and for many articles the
closing figures of to-day are not only
the lowest of the season, but for a generation. Old mess
pork
closed offered at $7 45 for December and
January, and new mess
at $8 75 for
February and $9 for March. Lari declined to $6 024
for prime Western, and sold at
$G 05 for January, $0 10 for
February and $6 174 for March. Bacon has sold fairly at 44c.
for Western, long and short together, for December
delivery.
53,201
19,003
1875.
The exports for the week ending tins
evening reach a total of
le6,020 bales, of which 83,736 were to Great Britain, 28,500 to
France, and 70,784 to rest of the Continent, while the stocks as
made up this evening are now 622.424 bales.
Below are the
stocks and exports for the week, and also for the
corresponding
134.800
77,700
40 605
866
3,710
77,421
24,931
18,772
1876.
Total since Sept. 1. L,950,982 1,073,882 2,031,398
1,703,880 1,633,424
13
4,991
6,000
198,400
62,698
32,138
4,735r
iDdianola, &c
Tennessee, &c
Total this week
1877.
990
Galveston
|
t>,126
23,771
41,882
91,929
...hhds. 49.267
boxes.
9,660
bags, etc. 141,600
hhds.
1,816
hhds.
3,148
bbls.
1/(0
No 14i.i00
bales. 45.374
bbls. 35.323
bids.
3,466
bbls.
6^5
Melado
1
1878.
Savannah
1877.
4,131
.
The Movement of TnE
from the South to-night, is
COMMERCIALEPffOMK
There is
[Vol. XXVII.
80,736
Tot. si nee
Sept. 1.
048,233 113,765 302,310 1004,858
*
743,788
The exports this weeit under the nead of ‘otner
po-ts'’ iiioiuue. rrom Balti¬
more, 1,800 bales to Liverpool ; from Boston,7.951 bale) to Live
pool; from Phila¬
delphia, 431 naies to Live- pjo ; from Wilmington, 1,240 bale3 t-*
Liverpool, and
2,593 to Continent; from Port Royal, 3,700 bales to Live pool.
In addition
to above exports, our
telegrams to-night also give
consumption. Lugs are
quoted at 2£@5c., and leaf o£@13c. Seed leaf has also been quiet, us the following amounts of cotton on shipboard, not cleared, at
the ports named.
the sales for the week being limited to 1
We add also similar figures for New York,
214cases, as follows: 750
cases 1877 crop,
Pennsylvania, 10@22e.; 38 cases 1876 crop, New which are prepared for our special use by Messrs. Carey, Yale &
England, 8@llc.; 160 cases 1877 crop, State, private terms; and Lambert, 60 Beaver street:
26G cases 1877 crop, Wisconsin, part at
On Shipboard, not cleared—for
7@!4c. There has con¬
tinued a good demand for Spanish tobacco, and the sales are
Dec. 6, at—
G50
Leaving
Liver¬
Other
Coast¬
bales Havana at 85e.@$l 10, and 76 bales
Stock.
France.
Yara, private terms.
Total.
wise.
pool.
Foreign
The coffee market has
latterly been rather quiet, but early in
New Orleans
the week quite a fair movement was no*ed
18,250 27,000 10,000
100
01,350 126,000
; quotations are now
rather easy, fair cargoes of Rio beiDg
Mobile
3,500
None.
5,000
5,550
14,050
quoted at 14c., with a stock
26,226
here in first hands of 79,330
13,000
3,500
7,000
bags. Mild grades have been quite Savannah
1,500
25,000
41,993
active, 11,766 mats Java having been so d previous to arrival, Galveston
29,729 13.798
7,701
5,226
56,454
58,330
and 4,092 bags other grades, in lots for cons
1,500
1,000
1,200
None.
imption. Rice and New York
*4,300
63,835
molasses have been in j ibbing sale only, but remain
steady.
Total
65,979 50.293
37,451
0,320 161,154 316,434
Refined sugars, at the mo nent, a»e
steady, though quiet; stand
Included in tins amount there are OOO bales at Presses for
ard crushed, 9f(a94c. Raw
foreign
grades have been al ernately weak ports, the destination of which wc cannot learn.
and steady, the close
being quite indifferent. Fair to good
From the foregoing statement it will be seen
that, compared
refining Cuba was quoted as 6£@7c.
with the corresponding week of last
season, there is an increase
Ocean freight room, both benh and charter
descriptions, has in the exports this week of 94.703 bales, while the stocks
been in fair call, principally from the
to-night
grain and flour trades; rates are 103,408 hales less than
were steady until the
they were at this time a year ago. The
close, when those for berth tonnage were
following is our usual table showing the movement of cotton at
rendered irregular and weak by
superfluous arrivals. Late en¬ all the ports from
Sept. 1 to Nov. 29, the latest mail dates:
gagements and charters include: Grain to Liverpool, by
steam,
receipts since
7@74@74d. per 60 lbs.; cottoned, per lb.; bacon, 37s. 6d. per ton;
EXPORTED SINCE SEPT. 1 TO—
SEPT. 1.
cheese, 47s. 6d.@50s.; grain to London, by steam,
Ports.
Stock.
8&L; do., by sail,
Great
! Other
74<L; flour. 2s.; grain to Bristol, by steam, 8-£d.; do., to Cork for
Total.
1878.
1877.
Britain. France. Foreign
orders, 5s. 8d.@6s. per qr.; do., t > the P narth Roads. 5s.
3d.; do., N.Orlns 257,716 393,019
62,190 26,390 57,321 145,907 175,296
to French ports, 5s. 6J.; refined petroleum to the
United King¬
Mobile. 105,535 134,305
10,134
3,616
3,100
16,8501 30,614
dom, 4s.; do., to the Baltic, 4s. 10^d.; do., to I ondon, 3s. 6d.@3-».
Char’n* 292,051 212,203
9d. To-day, grain to Liverpool,
69,990 24,731 54,929 149,656 75,486
by steam, 7J.; do., to London, Sav’h..
389,508 270,012 106,443 10,518 75,464 192,425
by steam, 74d.; do., to Bordeaux, 5s. 9J.; petroltuin products to
84,931
Galv.*
270,411 184,348
45,305 12,392 14,227
71,984 121,850
Liverpool, 4s.
N. York
33,873
There has been a large movement in steel
16,070 114,28 4
5,568
9,563 129,415 65,558
rails, 67,000 tous
Florida
19,393
2,036 ;
6,300
having been taken, as follows : 42,000 tons to the Pennsylvania
6,300
70.031
62,575
HR., 6,000 tons to Chicago buyers, and 19,000 tons for local uses, {L Car.
27,246
2,050
9,174
38,470 17,676
Norf’k*
at an
235,821 203,807
66,995
average price of $48 at tide-water.
The business in naval
66,995 23,395
Other..
stores has continued limbed, but
44,890
20,452
52,588
8,248
60,836 16,500
quotations remain steady; com¬
mon to good
strained, $1 33@$1 40; spirits turpentine, 294c. This yr. 1730,234
561,547 85,265 232,026 '878,838 611,306
Petroleum has been at a standstill, but
nominally steady at 9c.
for refined in bbls. and
1499.517 427,269 105,304! 119,897 652,470 676,616
12@14c. for do. in cases. Ingot copper Lastyr.
was more active and
Unaer the head of Charleston is included Port
Royal, <&c.: under the head ot
steady, with 250,000 lbs. Lake sold at Galveston la
15|@16c. Clover seed closes with a good demand at 6£(a>7£c. for Point, &c. included Iudlanola, &c.; under the head of Norfolk is Included City
Western and State per lb. Whiskey has advanced to
These mail returns do not
$1 08J.
correspond precisely with the total
*
.
•
of the
THE
7, 1878.]
CHRONICLE
telegraphic figures, because in preparing them it is always
to incorporate every correction made at the ports.
market the past week has been only moderately active for
on the spot, although the demand has been
general—for
For June.
Bales.
Cta.
necessary
The
cotton
export, consumption, speculation, and in transit—and prices have
declined.
Quotations were reduced 1-lGc. on Tuesday; Wednes¬
day and Thursday, prices were very weak, and to-day quotations
further reduced l-16c., to 9^c. for
were
middling uplands.
The speculation in futures has been dull, and prices show a
reduction.
The opening on Saturday was rather dearer, but
there was a slight decline on Monday and Tuesday,
opening at
some further reduction on
Wednesday morning,—December sell¬
ing at 9'll, January at 9'19, and February at 9*30, but there was
a recovery towards the close of that
day, and the final figures
were little
changed from Tuesday, although transferable orders
were 5 points lower.
Yesterday, there was a further decline of
6@10 points, most conspicuous in the early months. The
depression has been eaused, ostensibly, by the unfavorable for¬
eign advices and the increased movement of the crop, there being
as a result a
gradual loss of confidence in the stability of current
values.
A flurry in the money market was also an element of
weakness yesterday.
To-day, there was a further slight decline,
and a very unsettled closing, the decline for week
being from 15
05.83
to 16
hundredths.
The total sales for forward
bales, including
delivery for the week
are
320,500
free on board. For immediate delivery the
this week 4,900 bales, including 1,449 for export,
2,552 for consumption, 549 for speculation and 350 in transit. Of
the above, 250 bales were to arrive.
The following tables show
the official quotations and sales for each dav of the past weelrf
—
total sales foot up
UPLANDS.
Nov. 30 to
Dec. 6.
Sat.
NEW ORLEANS.
Mon Tues
Sat.
600
400
500
200
1,300
1,"00
1,900
9-77
100
500
400
9-78
9 79
9-80
Mon. Taes
Sat.
Cta.
9-81
300
500
SCO
100
100
800
700
9 68
9-09
9 70
9-73
9 74
9 76
Bales.
Cts.
700
9-78
9-82
9 83
9 84
9 80
300.
200
9-87
9-88
.
1,000
10,400
700
200
For
100
July.
9-77
The
,
MIDDLING UPLANDS—AMERICAN CLASSIFICATION.
Sat’d ay.
Market—
Firmer.
Bhl.
Decemb’r
Easier.
Axk
Bid.
January..
February
9‘20®21
9-282-29
9-39©40
March.
9*ol/«>52
..
April....
May
June
July
9"64@65
9*76@77
9*80@87
9‘95®96
August...
...
Tr. orders
Closed—
Mond’y T’sday.
_
.
9*25
9-20
Dull.
Steady.
Gold
100%
Exch’nge
4-80
A^k.
9*172)18
9-252)20
9-372)38
9*492)50
9-622)63
9*742)75
9-84285
9*932)95
9-992) —
Bid
Axk.
9-152)10
9-22223
9-34230
9*402 —
9-58259
9-70271
9-81282
9-90291
9*95296
9-20
Dull.
100%
,
Easier.
100%
4-80
4-80
Wed.
Thurs.
Friday.
Variable.
Lower.
Easier.
Bid.
Axk.
lOOH
7%
79ie
7%
7%
She
8
7910
89J6
8ic
81S,G
878
9%
0°16
91c
She
8916
815i6
8%
878
9iic
8^6
89,6
815i6
9%
9%
9X16
9%
yb16
9%
97,6
95i6
telegraph, is as follows. The Continental
of last Saturday, but the totals for Great
9%
913,6
934
9716
91316
913i6
914
for the
Fri.
Middling...
914
93i6
9916
9%
913,6
914
Good Mid
Str. G’d Mid
91*16
..
9^8
978
914
-
01316 10% 10i8 IOI16 10% 10% 10116
Midd’g Fair 107i6 10"i6 103s lOHm ion™ 10% 101116 1011,6 10%
Fair
113™ 113w 11%
117,6 117,6 1138 11716 11716 11%
jWed
Ordin’y.$lb
76,6
Strict Ord.
Good Ord..
Str. G’d Ord
Low Midd’g
Str.L’wMid
7^4
8*4
85s
81316
9
Middling...
Good Mid..
Str. G’d Mid
9%
Th.
Fri.
Wed
Th.
Fri.
Wed
Th.
75,0
714
734
8%
7916
7916
79,6
7%
8
8%
7Hi6
8,l16
8916
81»lfl
71%6
87,6
813,6
7916
7ic
8
8
84c
8ic
8%
8%
8 34
878
91,6
878
9
»
87S
Olio
715,6
87,6
813,6
81516
9%
914
9x16
878
9i,r,
9%
9316
910
97,6
0
9316
914
935
0716
934
97,6
97,6
9%
934
bll,6
914
9H
911,6
9%
* 16
8
10
Good Ordinary
Strict Good Ordinary
Low Middling
ft>.
7%
Middling
Note.—Notice
MonjTues
71-2
8
8
8ic
87g
8ic
Wed
77ic
71516
8*16
813,0
8%
Th.
Fri.
~716
7%
710.6
8716
lIhe
8‘16
7%
8%
813.6
81316
8 34
given Friday, November 22, that after that date
was
Alabama cotton would not be quoted by the New York Cotton
We have therefore revised our table accordingly.
SPOT MARKET
Ex¬
CL08ED.
Sat..
Mon
Tues.
Wed
Thurs
Fri.
.
.
.
FUTURES.
ConSpec- Tran¬
port. sump. ul’t’n sit. Total.
Quiet
Quiet.
Quiet, lower
Easy
....
000
750
99
Weak
«...
Weak, lower
1,449
274
35
427
....
Total
365
400
405
470
479
2,552
50
100
30
•
•
m
m
^
«
m
m
350
....
549
350
Deliv¬
eries.
Sales.
639
50,000
700
1,035
1,205
38,000
1,000
735
509
...
777
30 400
57,200
01,100
70,000
4,900 320,500
4,100
a statement
For November.
Bales.
Bales.
Ct<.
3,600.
200
9T4
1,200.
100
9 -15
of the sales and prices:
1,400
8,000
16,209.
8,'-00
700
1,600
.
900
600
1,100
..
9-00
7,800
8,100
2,300..
..
..
..
..
9 09
9-10
9-11
912
1,500
1,600
9T4
9*15
9-15
5,300
9-10
1,700
9-17
100 s.n.4th. 9 18
lOOs.D.Uli.
7,000
,
..
10.000
1,200
700
200
800
600
4.300..
6,000..
400
800
000
9 -18
1>400
9 19
lOOs.n.411). 9-20
2.200
500.
9-20
9 21
700
100
—
90,000
Fir February.
82,400
For January.
2,‘00
9:09
6»200..
9T0
_
.......
'921
2.200.
8.100.
9 22
9 23
9 24
9-26
3,000
900.
3.500.
3.600.
927
9-28
9-29
500
1.500.
6,300
5,900.
500.
2,400
7.600.
9,800.
2,100.
*,000.
9-30
9 31
.
Cts
9-38
9-39
Pales.
600
940
1,700
...
...
...
9*32
9-33
9 34
935
9 30
9 37
2,000
13,100
2,100
500
2,100
2,300
8 JO
932
933
,
.
9-34
9-35
937
9-38
939
9-40
941
942
943
944
945
9-46
9-47
9 48
9-49
9-50
951
952
.
.
1,100
1 000
.
.
0*£tf
9 60
9-01
9-62
9-63
9 64
971
30,200
For May.
400
40:)
1,100
900
300
100
600
100
200
890.
400
7-0
500
3,000
April.
.
.
7,500
Cts.
9‘58
9 54
9-55
9 57
9 5-i
.
800
100
2,700
1,700
1,100
9*45
940
947
9-48
9-49
9*50
2,100
951
18,000
600
100
.
..
1,800
8,500
1,000
1,700
3,200...:
...
900
500
£9,400
For
600
.
2,400
2,700
.
200.
For December.
ie<)s n.Tti. 9-00
| 4,000...
9*12 I 1,300...
9-14
3,100....
9-15
916 68,COO
9-17
9-18
For March
9-19
300
9-20
3,500
921
6,900.
9-22
923
300
924
1,900
9-2 i
1,800
926
2,000
927
4.0<Vt
9-28
1,100
9-29
2,600
930
100
600.
2,900
5,000.
300
I Bales.
Cts.
911
300
200
100
9v6
...
...
9-57
958
959
9-00
9-02
Liverpool
Total Great Britain stock
973
974
975
9-7)}
9-77
.
Stock at Havre
Slock at Marseilles
Stock at Barcelona
—
—
9*462 —
9-582 —
9*68209
977278
983295
9 05
9*62-® 63
9-72273
9-822
987289
9-10
-
Heavy.
Weak.
100%
100%
4-80
4-80
made up by cable and
stocks
are
the
figures
Britain and the afloat
1878.
1877*
187G.
329,000
33,500
312,000
403,000
434,000
17,500
38,250
55,250
362.500
329,500
501,250
82,250
1,250
7,500
3,000
11,000
26,500
0,750
123,000
4,500
101,500
3,000
39,500
8,000
539,250
173,000
Stock at other conti’utal ports.
0,250
35,750
8,250
39,500
24,000
8,500
3,750
5,750
Total continental ports....
147,250
Total European stocks....
India cotton afloat for Europe.
Amer’n cotton afloat for Eur’pe
Stock at
Hamburg
Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock at
Antwerp
2.750
41,750
49,250
13,000
9,250
1875.
2 00
52,000
16,000
28,750
51,250
10,000
5,750
12,750
6,250
253,000
338,000
345,000
500,750
85,000
582.500
884,250
431,000
.
557,000
20,000
622,424
148,120
United States exports to-day..
37,000
839,250
130,000
527,000
74,000
934,181
127,741
30,000
Egypt, Brazil,&c.,aflt for E’r’pe
Stock in United States ports
Stock iu U. S. interior ports..
Total visible
..
-11,000
02,000
724,832
99,742
10,000
100,000
575,000
63,000
068,306
103,923
16,000
supply.bales.l,985,300 1,953,074 2,0G8,17*2 2.470,479
Of thp' above, the totals of American and other descriptions are
follows:
as
American—
Liverpool stock
Continental stocks
American afloat to Europe....
United States stock
United States interior stocks..
United States exports to-day..
201,000
103,000
557,000
622,424
148,120
37,000
142,000
179,000
183,000
206,000
527,000
162,000
724,332
934,181
99,742
127,741
36,000
663,306
103,923
16,000
433,000
10,000
-
132,000
575,000
Total American
bales.1,668,550 1,538,574 2,013,922 1,657,229
Indian, Brazil, <£c.—
Liverpool stock
170,000
128,000
280,000
322,000
London stock
33,500
17,500
33,250
55,250
Continental stocks
-44,250
74,000
132,000
213,000
India afloat for Europe
85,000
41,000
130,000
160,000
20,000
Egypt, Brazil, &c., afloat
62,000
74,000
63,000
East
Total East India, &c
364,500
310,750
654,250
813,250
1,66S,550 1,588,574 2,013,922 1,657,229
Total American
9-03
0-64
905
9-60
907
9-08
9-09
979
971
9-72
as
—
9-222
9-342
—
'
A & k.
901202
9102
this week’s
Stock at London
900
800
700
For forward delivery, the sales have reached
during the week
320,500 bales (all middling or on the basis of middling), and the
following is
Stock at
Exchange.
MARKET AND SALES.
SALES OF 8POT ANI) TRANSIT.
are
Cotton,
Bid.
returns, and consequently
brought down to Thursday evening; hence, to make the totals
the complete figures for
to-night (Dec. 6), we add the item of
exports from the United States, including in it the exports of
Friday only:
93,6
913i6 913i6
101,6 101l6
101,6 101,6 10
Midd’g Fair 10% 1038 lO%6 lO^H 10% 10916 !10% 10% 109,6
11%
11%
in™ 1130 113s 115,6 11% 1130 115,6
Sat.
Continent
of
9
Fair
STAINED.
The Visible Supply
Axk.
9-05206
9*14215
925226
9-37238
9-502
4-80
81™
89iq
81^16
8
Bid.
9-152 —
9232 —
934235
9-40247
9-58259
9-70271
9-81282
9*902 —
9-94296
915
Stead y.
7^8
9
for
market, at 3 o’clock P. M.,
7%
8*4
85s
9116
700
following will show the closing prices bid and asked
future delivery and the tone of the
on each
day in the past week.
7516
91ie
1000
9-85
9*92
‘11 pd. to cxch* 100 I an, for 1 eb.
*12 pd. to exch. 100 Mar. f or Apr.
713i6
8»10
9i8
0&16
9ic
9-93
9 95
100
August.
following exchanges have been made during the week:
73s
81316
300
100
9-94
738
878
5,600
9 90
9-91
993
9*95
713lfi
81*16
9-97
For
100
100
100.
Strict Ord..
Good Ord..
Str. G’d Ord
Low Midd’g
Str.L’wMid
8^16
87S
Ct?.
9-85
9-88
9 89
300
Ordiu’y.$lb
S°16
Ea’es
500
9-70
9-82
9-84
.
800
200
400
100
,
*12 pd. to exch. 300 Apr. for
May,
*08 pi to exch. 400 Dec. for Jan.
•24 p J. to exch. 100 Jan. for Mar.
TEXAS.
Mon Tues
Bale?.
9 67
800
The
605
1
December
Total visible supply
Price Mid. Upl., Liverpool
—
1,985,300 1,953,074 2,068,172 2,470,479
5%d.
0%;1.
O^ied.
6i»i6<L
These
figures indicate an increase in the cotton in sight to-night
32,226 bales as compared, with the same date of 1877, a
decrease of G82,872 bales as compared with the corresponding date
of 1876, and a decrease of 485,179 bales as compared with 1875.
of
At the Interior Ports the movement—that is the
and shipments for the week, and stocks
receipts
to-niglit, and for the
corresponding week of 1877—is set out iu detail in the following
statement:
THE CHRONICLE.
606
Week ending Dec.
Receipts Shipm’ts
Augusta, Ga
Columbus, Ga....
Macon, Ga
Montgomery, Ala
8,026
4,911
2,255
5,960
4,054
3,423
4,377
4,183
Stock.
19,852
7,798
2,993
5,004
11,237
15,439
77,506
8,244
2,992
5,865
19,895
3,332
7,496
3.930
27,626
3,247
17,578
2,147
Total, old ports.
59,521
39,692 148,126
Dallas, Texas....
Jefferson, Tex.
Shreveport, La
Vicksburg, Miss
2,782
1,117
4,482
9,014
2,583
2,378
1,771
1,522
4,534
1,051
1,464
3,207
..
.
Columbus, Miss..
Eufaula, Ala
Griffin, Ga
Atlanta, Ga
Rome,Ga. (est.)..
Charlotte, N. C...
St. Louis, Mo
Cincinnati, O
3,500
1,411
12,109
7,678
Total, new p’rts
53,110
Total, all
112,631
14,139
1,625
47,526
38,910
99,742
1,427
1,941
3,728
4,043
1,128
1,489
2,161
4,554
4.651
3,094
1,902
799
2,199
1,198
3,109
9,588
3,852
6,625
3,043
2,532
10,176
3,800
5,211
943
9,141
3,345
3,113
10,597
9,215
11,314
7,438
42,879
4,160
2,400
8,060
’77.
Receipts Shipm’ts Stock.
10,844
Selma, Ala
Memphis, Tenn..
Nashville, Tenn..
..
Week ending Dec. 7,
6, ’78.
4,081
13,051
528
783
5,883
1,967
4.280
8,970
7,524
1,178
7,417
3,141
3,169
5,125
1,299
16,731
3,197
1,724
19,928
4,261
43,163
69,331
3,913
1,635
1,489
954
818
9,885
8,928
37,540
4,887
5,890
2,776
4,173
9,747
8,076
42,571
88,154
46,538
82.263 236,280
94,064
1
82,073 169,073
The above totals show that the old interior stocks have
increased during the week 19,829 bales, and are to-night 48,384
Dales more than at the same period last year.
The receipts at the
same towns have been 11,995 bales more than the same week last
year.
Receipts prom the Plantations.—Referring to our remarks
In a previous issue for an explanation of this table, we now bring
she figures down one week later, closing to-night:
RBCEIPT8
Week
Receipts at the Ports.
end’g-
1876.
FROM
PLANTATIONS.
Stock at Inter’r Ports
|
~
[VoL. XXVII.
inch; and during the month of November three
fifty-six hundredths.
Vicksburg, Mississippi.—It has rained on one day this week,
the rainfall reaching twenty-three hundredths of an inch.
The
thermometer has averaged 50, the extreme range having been
dredths of
inches and
an
36 to 67.
Columbus, Mississippi.—Telegram not received.
Little Rock, Arkansas.—It was cloudy
Saturday and Sunday
Saturday, but the remainder of the week was
clear and pleasant.
The thermometer has averaged 45, the
highest point reached having been 65, and the lowest 30. The
rainfall for the past week is sixty five hundredths of an inch.
The thermometer has averaged 42 during the month of Novem¬
ber, the extreme range having been 78 to 31. The rainfall for
last, with rain
the
same
on
month is three inches and four hundredths.
Nashville, Tennessee.—Telegram not received.
Memphis, Tennessee.—Telegram not received.
Mobile, Alabama.—It has been showery one day, the rest of
the week having been pleasant but cold.
The thermometer has
averaged 50, with an extreme range of 36 and 68. The rainfall
for the week is five hundredths of an inch, and for the month of
November six inches and thirty-one hundredths.
Montgomery, Alabama.—It has rained on one day, the rainfall
reaching thirty-five hundredths of an inch, but the rest of the
week has been pleasant, the thermometer averaging 48 aud
ranging from 34 to 62. The rainfall during the past month
foots up four inches and ninety-three hundredths.
Selma, Alabama.—It rained on one day the earlier part of the
past week, but tlie latter portion was clear and pleasant. Plant¬
ers are sending their cotton to market freely.
Madison, Morida.—There has been rain here on one day, but
the balance of the week has been pleasant.
We have had a
frost, but not a killing frost. The rainfall has reached eight
hundredths of an inch. Average thermometer 50, highest 69,
and lowest 40.
Rec’pts from Plant’ne.
Macon, Georgia.—Rain fell on two days the earlier part of the
Plant¬
sending cotton forward freely. At least two-thirds of the
18.866
Average thermometer
26.750
5.835
5,685 26,750 crop of this section has been marketed.
20,760 16,449 9,979
Sept 6.
19,784
50, highest 60, and lowest 32.
41.457 11,932 47,431
18.
41,457 12.109
23,431 16,272 18,9? 1
47,431
Columbus, Georgia.—Rain has fallen on one day of the past
20.
74,355 23,904 15,104 26,377
62,998 21,17? 74.355
62,998 22,345
27.
: 95,845 43,128
95,845 43.T28 98.663 week, the rainfall reaching fifty hundredths of an inch. ■ The
98,864 38,63? 20,510 37,872
thermometer has averaged 60.
The rainfall for the month of
OX. 4.
222,199 70,040 130,990 57,048 29,72:- 47,208
122,199 70,040 130,990
is seven inches and twenty-seven hundredths.
November
11.
136,074 109,264 148,158
136,074 109,264 H8,158 72,27? 41,891 59,82*
Savannah, Georgia.—It has rained here on two days, the rain¬
1'.
152,820 135,054 160,233
152,820 135,054 160.233 84,871 58,745 79,597
fall reaching twenty-two hundredths of an inch, but the balance
25.
162.236
174.617 157,609 162,236 103,774 £0,374 97, >-87
174,6 7 157,£09
of the week has been pleasant.
The thermometer has averaged
Nov.l. 201,904 177,336 157,280 123,652 105.814 115,034
201,904 177,336 157,280
8.
211,810 198,776 182,874 53, the highest being 69 and the lowest 39.
211,810 198,176 182,674 1,8,111 126,620 149,498
Augusta, Georgia.—The weather has been cold and dry all the
15.
205,606 194,571 176,004
205,606 191,571 176,004 157,361 132,403 174,583
week.
Planters are sending their cotton forward freely, about
3
*2.
*11,824 200,980 181,376 180,519 136,941 188,491
1,823,209,9^0.181,376
•*
three-quarters
of the crop having been marketed to date. Aver¬
172
216
204,679!
29
172,216' 184,625
*04,879
184,6251 197,131 157,03*205,912
thermometer
age
45, highest 61, and lowest 34.
Dec. C.
213,722
169,073
236,280
167.733:174,365
220,748
187,734 174,365 220,748
Charleston, South Carolina.—It has been showery one day this
This statement shows us that the receipts at the ports the past week, the rainfall reaching seventeen hundredths of an inch.
week were 220 748 bales, received entirely from plantations. The thermometer has averaged 52, the highest being 66, and the
Last year the receipts from the plantations for the same week lowest 39.
The following statement we have also received by telegraph,
were 174,305 bales, and for 1876 they were 187,733 bales.
showing the height of the rivers at the points named at 3 o'clock
Weather Reports by Telegraph.—The weather the past Dec. 5, 1878.
We give last year’s figures (Dec. 6, 1877) for
week has been showery in many sections, but generally light comparison:
Dec. 5, ’78.
Deo. 6, ’77.
showers, and not interfering materially with farm work. The
Feet. Inch.
Feet. Inch.
crop is being marketed freely.
New Orleans
Below high-water mark.. 13
6
10
7
7
18
Above low-water mark... 14
1
Galveston, Texas.—We have had a shower on one day during Memphis
Nashville
Above low-water mark...
13
9
6
6
the week, the rainfall reaching eleven hundredths of an inch. Shreveport
Above low-water mark...
9
23
4
11
Vicksburg
Above low-water mark...
Missing.
4
23
Picking is progressing finely, but approaches completion. Aver¬
New Orleans reported below high-water mark of 1871 until
age thermometer 58, highest 68 and lowest 43.
The rainfall
Sept. 9, 1874, when the zero of gauge was changed to high-watei
during November has reached seven inches and twenty-two mark of April 15 and 16, 1874, which is 6-10ths of a foot above
lo7<\
1878.
1876.
1877.
1878.
1876.
1877.
1878.
past week, but the latter portion was clear and pleasant.
ers are
“
44
“
“
M
44
44
44
~
hundredths.
Lndiemola, Texas.—It has rained
1871,
or
19 feet above low-water mark at that point.
Bombay Shipments.—According to our cable despatch received
day the past week, a
to-day,
there have been
bales shipped from Bombay to
sprinkle, the rainfall reaching four hundredths of an inch.
We
Great Britain the past week and 1,000 bales to the Continent;
have had a frost, but not a killing frost.
The thermometer has while the
receip s at Bombay during this wnek have been 6,000
Tanged from 39 to 71, averaging 55. The rainfall for the month bales. The movement since the 1st of January is as follows.
is five inches and ninety-seven hundredths.
These figures are brought down to Thursday, Dec. 5.
Corsicana, Texas.—The days have been warm but the nights
Receipts.
Shipments since Jan. 1.
Shipments this week
have been cold during the week, with a killing frost on one
This
Since
Conti¬
Great
Great Conti¬
Total.
night. There has been no rain, and it is badly needed. The
Jan. 1.
Week.
Brit’n. nent. Total. Britain. nent.
thermometer has averaged 53, ranging from 34 to 70,
There has
been a rainfall of tw o inches and sixty-nine hundredths during 1873
721.000 6,000
900,000
1,000 1,000 322,000 399,000
1877 2,6*0*6 7,000 9,000 382,000 431,000
813,000 11,000 1,071,000
the month of November.
1876
8,000 8,000 579,000 401,000 980,000 8,000 1,086,000
Dallas, Texas—We have had warm days and cold nights dur¬
ing the past week, the thermometer averaging 53 and ranging
From the foregoing it would appear that, compared with last
from 34 to 70.
We have had one killing frost, but no rainfall,
year,
there has been a decrease of 8,000 bales in the week’s ship¬
and much wheat requires replanting on account of the drought.
ments from Bombay to Europe, and that the total movement
Rainfall for November, two inches and twenty-five hundredths.
since January 1 shows a decrease in shipments of 92,000 bales,
Brenham, Texas.—liain has fallen on one day of the week,
compared with the corresponding period of 1877.
a shower, and more is needed.
Picking is nearly over. Average
Receipts for Decembe <
and
January,—We continue
thermometer 57, highest 72, and lowest 45. The rainfall for the
week is thirty hundredths of an inch, and for the month three to-day, one month further (so as to include January, 1878), our
inches.
table of weekly receipts at each port in 1877-78.
The full state¬
New Orleans, Louisiana.—We have had rain on one day dur¬
ment for December and January is as follows.
For the purpose
ing the week, the rainfall reaching fifteen hundredths of an
inch. The thermometer has averaged 51. There has been a of keeping the monthly totals separate, it will be seen that we
rainfall during the past month of seven inches and ninety-seven have, as heretofore, divided the week where part of it is in one
hundredths.
month and part in the following month. As for instance, the
Shreveport, Louisiana.—Pleasant weather prevails here. Be¬ last week of December ended with
January 4; hence, under Janu¬
tween forty and forty-five per cent of the crop in this section has
been marketed. Average thermometer during the week 41, ary we give those four days and the other three days of the
highest 67 and lowest 35. The rainfall has reached forty bun« week are under December, and to obtain the total for that week the
on one
December
So, also, the last week of January is incom¬
be added.
two must
THE CHRONICLE.
7, 1878.]
plete (being only for 6 days), the week closing on the first day of
February; the remaining one day will, of course, be given in our
next month's statement for February.
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movement for the years
each port
D’ys
New
of
Or¬
we’k leans.
7,775
Mon 13,866
Tues 17,547
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give the receipts at
SATURDAY, NOV. 30, ’78, TO FRIDAY, DUO. 6, *78.
Char¬ Savan- Galleston. nali. vest’n.
J
3,307
6,484
2,902
2,897
4,366
5,025
2,443
3,879
3,155
2,265
4,529
2,501
2,906
3,063
3,703
4,284
3,458
4,473
f
4,047
6,933
4,653
2.405
5,378
Nor¬
folk.
2,791
2,180
4,226
2,090
2,120
Wil¬
.
All
ming¬ others.
ton.
455
Total,
3,391
3,047
3,564
1,864
1,922
27,115
565 12,866
58,291
526
1,144
814
590
6,900j 3,276
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The movement each month since
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Year
Monthly
Receipts.
1878.
39,978
40,894
23,532
30,938
4,094 26,594 220,748
1877.
Sept. 1 has been
1876.
288,848
98,491
236,868
October..
689,264
779,235
578,533
675,260
901,392
822,493
as
follows;
1874.
1873.
Beginning September 1.
8ept’mb’r
Novemb’r
1875.
169,077
610,316
740,116
134,376
536,968
676,295
115,255
355,323
576,103
Tot. year. 1,757,347 1,499,517 1,813,520 1,519,509 1,347,639 1,046^681
◄
Perc’tage of tot. port
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27*51
Dec. 1 the receipts at the
in 1877 and 56,173
bales less than at the same
By adding to the
above totals to Dec. 1 the daily receipts since that time, we shall
be able to reach an exact comparison of the movement for the
different years.
T’J.Oct.31
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4....
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5....
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29,528
31,771
35,213
22,037
18,624
6....
14
7....
41
8....
44
9....
27,281
34,522
44
10....
S.
22,876
44
11....
12....
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32,833
33,448
24,002
22,793
35,647
26,421
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18....
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The
receipt* at the outports during November have not quite
equaled expectations, being only 779,235 bales against 822,493
bales last year; or a decrease this year of 43,258 bales.
This has
been due, not by any means to the fact that the estimates of the
crop have been too high, as many interpret it, but to peculiarities
in the conditions this season.
In the first place the interior
quarantines were not raised as early as anticipated; and, even
after they were, it took more time than was supposed to be
necessary, for thp movement to begin, as the bagging had to be
secured and the cotton ginned and baled and hauled to the river
landings before the steamers could load. Then, again, the rivers
have been low all the month, as our telegraphic statement at the
weather report each week has shown; this too has
had considerable influence on the movement.
Finally, stocks
our
have been
8.
44,599
37,082
35,431
27,963
40,324
27,149
53,835
8.
26,945
56,348
29,245
34,892
29,611
32,724
27,890
28,463
32,005
28,026
31,603
4*
23....
23,170
36,435
24,481
31,998
38,871
21,906
44
24....
S.
46,867
23,008
36,402
23,318
38,742
18,906
36,610
34,536
34,471
24,329
32,773
27,115
46,906
25,902
21,915
27,911
24,358
44
21....
44
22....
44
25....
*4
26....
44
27....
44
28....
44
29
44
...
30....
35,041
779,393
18,611
30,115
33,481
22,674
8.
“
fH
912,128
28,119
44,314
CO
©
d
678,959
31,773
29,165
33,775
1875.
30,964
©
CD
rH
1876.
27,896
23,380
34,808
43,978
*
eo
CD
tO
Cl
1877.
32,587
26,392
to
00
«.
Hi
3
00
rH
978,112
27,243
21,848
Nov. 1....
*
t00
36*25
more than
time in 1876.
h©
Cl
525
•
44*91
This statement shows that up to
“
CO
©
©
«
34*50
ports this year were 257,830 bales
1878.
H*
©
T!<
o
◄
..
rH
a
close of
we
Tot.. 77,421 24,981 18,772 21,887 30,316 16,683
o
Oi
«W
rH
rH
©
to
First
.*
©
+■»
H<
Hi
-
00
00
rH
©
rH
t'to
t>
named.
each day of the week ending to-night.
PORT RECEIPTS FROM
Sat..
00
607
8.
8.
8.
51,462
28,437
44,893
26,725
31,989
29,078
8.
41,765
32,934
38,850
29,862
8.
38,913
22,825
22,87-1
25,987
20,851
33,221
8.
39,947
26,145
28,522
25,498
31,614
1874.
671,344
8.
26,023
28,995
22,715
26,478
20,894
28,531
8.
28,641
28,714
20,60A
28,411
27,018]
17,955]
8.
1873.
470,578
25,261
8.
34,852
17,474
25,210
17,921
16,212
19f842
8.
30,421
21,278
17,564
18,059
25,345
18,411
30,732
a
36,572
18,422
8.
31,222
21,50f
27,863
28,571
21,174
37,099
8.
16,314
38,194
27,792
33,421
8.
37,370
27,824
26,082
26,314
28,244
23,890
36,479
25,772
40,519
23,701
23,517
24,721
8.
19,991
19,264
19,845
8.
28,278
21,087
22,784
22,895
15,621
28,702
20,472
Tot.Nv.30 1,757,349 1,499,517 1,813,520 1,519,509 1,347,639 1,046,681
S.
Doo. 1
30,824
21,387
22,842
24,517
20,472
44
8.
2....
39,978
21,0S9j
26,301
26,081
28,921
44
3....
44
4....
44
5....
40,894
23,532
30,938
|
40,703,
27,179
20,766
36,219
s.
44,873
31,662
32,325
20,856
35,581
:
8.
19,114
34,055
31,842
22,843
23,275
28,248
accumulating at the interior ports more rapidly than
6....
S.
58,291
30,511
25,008
last year. As for instance, on the 1st day of November (see
Total
1,950,982 1,645,771 1,974,293 1,655,600 1,486,088 1,192,608
Chronicle Nov. 2, page 465,) the total of the interior stock we
Percentage of total
37*87
48*89
give was this year 115,034 bales against 105,814 bales same time
39*50
42*49
31*35
port receipts
1877, while on the 29th day of November (see Chronicle Nov.
This statement shows that the receipts since Sept. 1 up to
30, page 571,) they had reached this year 205,912 bales against
to-night are now 305,211 bales more than they were to the same
157,082 bales last year; in other words, the accumulation in Nov., day of the month in 1877, and 23,311 bales less than they
1878, was 90,878 bales against an accumulation of 51,268 bales were to the same day of the month in 1876. We add to the last
in Nov., 1877.
Add this difference to the port receipts and this table the percentages of total port receipts which had been
received Dec. 6 in each of the years named.
year's movement will be found to be a little larger rather than
Gunny Bags,
Bagging, &c.—Bagging continues to rule
smaller than last year, notwithstanding the disadvantages before
quiet,
and
there
have
been no sales since our last. Prices have
stated.
not changed, and holders are still quoting 9£@l0@10ic., accord¬
We make no mention in the above of the reported holding back
ing to quality, but these figures are nominal, as there is no
of cotton, for we do not believe this has been done to
any inquiry at the moment, and the tendency is in buyers' favor.
Butts are also quiet, the demand having subsided, but the feel¬
greater extent than last year. December promises to record the
ing is steady, and for a parcel 2f@2£c., cash or time, are the
largest movement of any month in our record.
ruling figures for prime quality. Comparative Port ReceiptsVnd Daily Crop Movement.—
A
comparison of the port movement by weeks is not accurate,
as the weeks in different
years do not end on the same day of the
month.
We have consequently added to our other standing
tables a daily and monthly statement, that the reader may con.
stantly have before him the data for seeing the exact relative
44
The Exports op Cotton from New York this week show
a
decrease, aB compared with last week, the total reaching 8,072
bales, against 12,574 bales last week. Below we give our usual
table showing the exports of cotton from New York, and their
direction, for each of the last four weeks; also the total exports
and direction since 8ept. 1, 1378. and in the last column the total
for the same period of the previous year
THE CHRONICLE
608
Ixportaof Cotton(balei) from
New YorHsinceseDt.lt 1878
WEEK
Same
ending
Total
EXPORTED to
13.
20.
Nov.
27.
Liverpool..£
Other British Porte
5,097
9/17
8,686
750
602
Total Co Gt. Britain
5,847
10,019
Nov.
Havre
Other French ports
Nov.
100
Total French
Bremen and Hanover
Hamburg
Other ports
•
«
....
Total to N. Europe.
•
•
•
•
•
•
•
•
••
12!,028
95,686
952
423
8/66
2,0:6
-
8/03
9,265
2/51
886
18/85
886
•
•
•
•
•
•
•
•
C
Total
Spain, &c
Grand Total
886
....
6,992
12,574
11,762
886
....
137,487
8,072
wharf
115/59
December 1st to be
on
discharged.
freights the past week have been
Liverpool.
,
Steam.
d.
.1,633
7,890
....
a
Cotton
115
6,308
588
Cordova, steamer (Br.), Ling, at Liverpool, Nov. 17th. from New Orleans, re¬
ports that on Oc ober *2(3, ia lat. 32 N., Ion. 78 W., shipped a heavy sea,
which smashed port lifeboat; she also had mains aysail and
maintrysail
blown away. On Nov. 5th, in lat 41N Ion. 38 W., she shipped another
heavy sea which smashed starboard lifeboat, started bridge rails, bridges,
&c., and et >ve engineers’ companion.
Royal Diadem, bark (Br.), Thomas, loaded with 1,547 bale9 cotton, valued at
$70,oOJ, at Charleston, S. C., for Rotterdam, while lying in the stream,
A M. Nov. 30th, was discovered to be on fire.
She was towed ashore
and filled with water. The cargo is badly damaged by fire and water.
The water h id been pirtly pumped cut of her hold and she was towed to
4,573
....
749
....
1,585
6,303
740
....
952
....
All others
6 744
1,799
•
818
■pain.Oporto&Gibraltar Ac
94/01
251
....
1,045
year.
117,376
3,652
231
838
•
to
date.
200
...
905
1.015
•
8,686
....
100
6,514
4.
....
9C5
...
Dec.
period
prev’m
[Vol. XXVII.
Saturday.
Monday..
Tuesday..
Wed’day..
Thursday.
Friday....
8ail.
Steam.
d.
*@9-32
*@9-32
*@9-7.2
*@9-31
*@9-32
-/*
*@9-32
Sail.
c.
—@*
-@*
-@*
-@*
-@*
follows:
as
,—Havre.—, ,—Bremen.—»
*
Steam.
c.
Hambarg-*
Sail.
c.
Steam.
c.
Sail,
c.
c.
11-16 cp. -@H»
* comp.
*
11-16
11-16
11-16
11-16
11-16
% comp.
*
*
*
*
*
comp.
comp.
*
% cornu.
M
% comp.
comp.
*
comp
comp.
V*
%
* comp.
% comp.
cp. —@*
cp. —@*
cp. —@*
cp. —@*
cp. —@*
—
—
—
—
y, comp.
—
Liverpool, D>c. G—4:33 P/ M.— By Cable from Liver¬
day were 8,000 bales, of which
1,500 bales were for export and speculation.
Of to-day’s sales
6,600 bales were American. The weekly movement is given as
pool.—Estimated sales of the
follows:
The
following are the receipts of cotton at New York, Boston,
Philadelphia and Baltimore for the past week, and since Sept. 1/78:
BOSTON.
philadelp’ia
BALTIMORE
This Since
week. Sept.1.
This Since
week. Sept.l.
This Since
week. Sept.l
NEW YORK.
mce’tb from
This
week.
New Orleans..
Texas
Savannah
Mobile..
Florida
S’th Carolina
tPth Carolina.
Since
Sept. 1.
2,821
16,439
764
76,273
1,894
73/30
194
5,653
49,846
2/97
1,465
5,049
m
^
m
n
M
9
_
m
1/83 25/85
11,(84
m
....
.
North’rn Ports
495
Tennessee, &c
8,997
47,875
206
909
24/94
360,358
Foreign
^
569
12,432
■
15/70
71,979
3,079
Virginia
.
x
718
•
•
•
•
»
•
*
-
.
-
*
•
_
m
m
m
M
m
*
2,311
21,057
3,654 36,420
3,810 25,253
7
....
-
396
670
2,105
10.317
5,897
24,814
....
1,626
Sales of the week
bales.
Forwarded
Sales American
Of which exporters took
Total last year.
32,869
321,791
10,493
1
97/99
8,990 80,337
•
•
•
•
....
•
•
2/95 25,912
4,354
66/13
News.—The exports of cotton from the United
States the past week, as per latest mail returns, have reached
So far
the Southern ports are concerned, these
are the same exports reported by
telegraph, and published in
The Chronicle, last Friday. With regard to New York, we
include the manifests of all vessels cleared up to Wednesday
night of this week.
Total ba es
as
Mid. Upl’ds
Mid. O1T118.
...•3)551(5
...
...
@53±
@534
..
...'3)511 K5
These sales are
otherwise stated.
on
Reed, 1,347....Alex. Marshal', 1,157
Naples, 2,927...
„
‘
740
588
Wm.
3,616
Charleston—To Liverpool, per
steamer Nuevo Ponce, 2,699 Upland
ships Sylvanus Blanchard, 3,840 Upland
Evange¬
line, 3,330 Up'and and 103 Sea Island
per bark King Arthur,
4,150 Upland and 77 Sea Island
14,204
Vesta,
1,600 Upland
To Amsterdam, per bark Royal Diadem, 1.547 Upland.
TO.Rotterdam, per bark Sondre Norge, 1.726 Upland
To Reval, Russia, per steamer North Britain, 5,150 Upland
To Barcelona, per bark Teres«, 1,570 Upland
per biigs Paca, 4S9
...
3,369
4,164
1/47
1,726
5,150
UplaTd....Elvira, 515 Upland
2,574
Savannah—To Liverpool, per ships Endyrnion, 3.9S6 Upland and 83 Sea
Island
Cyprus, 4,276 Upland und 220 Sea Island....Thiowa,
3,781 Upland
per bark National Eagle, 3,40j Upland
15,757
To Havre, per bark Sif, 1,525 Upland
1/25
-
,
Bremen, per steamer Cameiia, 3,535 Upland
per barks Marie
Siedenberg, 3,635 Upland ...Niagara. 2.90J Upland
10,070
To Reval, per steamer Lamperts, 5,165 Upland
5,165
To Bergen, Norway, per bark Svanen, 1,000 Upland
1 030
To Genoa, per barks Ararat, 1.450 Uplaud
Emanuel, 950 Upland. 2/00
Wilmington—To Liverpool, per baric Arizona, 1,901
1,901
To Br»-men, per barks Duer >, 976. ..Malvina
Schutte, 1,645
2,621
To Amsterdam, per bark Condor, 1,285
Der brig G. C. Michels,
1.243
2,533
•Norfolk—To Liverpool, per steamers Eumore, 4,149
Lufia, 3,650
To
..
^
—
..
Baltimore—To Liverpool, per steamers
Guil'ermo, 304
d.
Delivery.
are as
our
follows:
Bre-
&Bd- &Ber- Bar-
’
jo)
552
usual torn/,
Vera
pool. Havre, men. gium. gen. celona.Genoa. Cruz.
New York....... *6,744
74)
5 8
New Orleans..
13/33 8.570 3/13 1.001 10,790
1,035
Mobile
3,616
Charleston
14,20-4 3,369 4,164 3,273 5,150 2/74
Savannah
15,757 1/75 10/70
6, .63
*2,400
Wilmington..... 1,901
2,621 2,533
Total.
Norfolk
10,169
2/34
.
.,
...
....
...
10,469
Baltimore
Philadelphia.
Total
*
...
2,034
553
....
64 / 94 18,020
103
....
8.072
38,277
3,616
32/34
35,917
7,055
5V!
21,09;
6,8,7 22/05
2,574
2,400
1/33*
138,825
Including 200 to null, etc.
Below
we give all news received to date of disasters
carrying cotton from United States ports, etc.:
...@5310 ...@538
.@5916
]...@558,
..
d.
Jan -Feb
5^
Mar.-Apr
Apri 1-May
5732
534
Delivery.
d.
May-June
..5932
Jan.-Feb
5&32
Feb.-March
5316
Deli eery.
Delivery.
Dec
Dee.-Jan
Jan.-Feb
Feb.-Mar
April-May..
5532
-5532
.5732
May-June
.
.5832 ©34
5-ho
Dec..
Dee.-Jan
5*8
Delivery.
Jan.-Feb
5*8
Feb.-Mar
5316
5732
Mar.-Apr
53s
Tuesday.
Delivery.
Dec
Dee.-Jan
Jan.-Feb
.518
.5*8
Mar.-April
-She
Delivery.
Apr.-May
.5 *4
May-June
5S16
Feb. Alar..:
5°32
Dec
5^32
Delivery.
Jan.-Feb
Dee.-Jan
5332
5332
5732
5932
Apr.-May
May-June
Wednesday.
Delivery.
Dec
Dee.-Jan
Jan.-Feb
-5316
.5116
Delivery.
June-July
-5932
-
Feb.-Mar
-
-
...
5*8
Apr.-May
Dec
Mar.-Apr
April-May
May-June
.
Delivery.
*.5532
Feb.-Mar
Shipments.
Jan.-Feb.,
....5332
-5h«
534
n. crop,
sail
Nov,
_
5°32
n. crop,
sail.S3^
Thursday.
Delivery.
Dec
Dee.-Jan
Jan.-Feb
Delivery.
I Mar.-Apr
-5332 I April-May
Oas2
May-June
.519
I June-July
■
Feb.-Mar.
Delivery.
531(J
Feb.-Mar...
57;i2
Apr.-May
5^2
May-June
5533
5H
55ie©932
5°i6
Friday.
Delivery.
Dec
Feb.-Mar
5332
S3^
Mar.-Apr
5532
Apr.-May— 5^32 ©;3ig
Delivery.
Ma3r-June
-5032
Jutie-July
-i55ic
Dec
Dee.-Jan
.|5ii0
Delivery.
Jan.-Feb
5iig
May-June
S3*
Shipment.
Feb.-Mar, n.cp.s’l.o^
BRE ADSTUFFS.
Friday. P. M., December 6, 1878.
2,034
Hol’and Reval
Liver-
Friday.
.
138,326
of these shipments, arranged in
@531 (5
@558
Delivery.
■
NOV..... .5532'g)3lfi'g)5;}
5io
Nov.-Dee
Dee.-Jan
.53s
...
Total
.@534
—
...@5111(5
Polynesian,
1/58 and 172 Sea Island
To Bremen, rer ship Foreningen, 100
Philadelivia—To Liverpoo’, per steamer British Empire, 552....
The particulars
closing prices of cotton for the
.
per
o
7,000
310,000
248,000
Saturday.
13,133
To Havre, per ships Annie Goudey, 4,455... .Nunquam Dormio, 4,315 8/70
To Bremen, per ship Bombay, 3,548
3,518
To Ghent, per bark Marie Spitz, 1,001
I.OjI
To Reval, per steamers Woodburn, 5,294
Joseph Ferens, 5,496... 10,790
To Vera Cruz, per steamer City of Mexico, 1,0/
1,035
Mobile—To Havre, per ship George Ilurlburt, 3,616
and 44 Sea per
?o Havre,
ship
Union,America,
3,325 Upland
Island
Bremen,per
per
steamer
2,534 Upland
bark
,2,000
301,000
175,000
104,000
90,000
6,000
291,000
223,000
Monday.
P/44
200
To Hull, etc., per steamer Soivento, 200
To Havre, per steamer St. Laurent, 740
To Bremen, per steamer Donau, 5S8
Symington, 5,815
33,000
5,000
the basis of Uplands, Low Middling clause, unless
..
Teutonia, 4,391
49,000
7,000
38,000
7,000
2,000
329,000
201,000
82,000
68,000
10,000
Saturd’y. Monday. Tuesday. Wedu’sdy Thursd’y
..
per steamers
44,000
Futures.
New York—To Liverpool, per s*eame-8 England, 1,658
Abyssinnia,
985, and 21 Sea Island
City of Berlin, 1,376....per ships Willie
New Orleans—To Liverpool,
142,000
58,000
42,000
8,000
306,000
235,000
The following table will show the daily
Shipping
138,826 bales.
2,000
Dec. 6.
•
6,951 54,259
15/67
60,000
6,000
39,000
6,000
4,000
250,000
124,000
29,000
26,000
5,000
337,000
267,000
282,000
Total import of the week
Of which American
Actual export
Amount afloat
Of which American
Nov. 29.
...
....
....
2,463
60,000
4,000
41,000
6,000
Of which speculators took..
Total stock
Of which American
Spot.
Total this year
Nov. 22.
week:
14,8*9
....
Nov. 15.
to vessels
Prices
[of Hour have been giving way from day to day very
sdghtly, and the decline for the week is trifling. As good lines
$4, there was a liberal movement in
The most depression was in the
better grades from winter wheat, which do not sell readily in
quantities unless offered very low.
Production has increased,
recent rains having swollen the mill streams.
To-day, a line of
extra State was offered at $3 95, and did not find a buyer.
The wheat market opened the week with a renewal of activity
and in some cases firmer prices.
No. 2 Milwaukee spring sold at
$1 01, but winter wheats gave way.
No. 2 red .winter sold at
and
December,and
$1 07£@1 08 spot
11 09@1 09£ for January;
No. 2 amber, $1 05 spot-and December and $1 06 for January ;
No. 1 whit© has been active oh the spqt and for early arri^i at
$1 09@1 10. Receipts of spring wheat have been liberal over the
of
common
extra
fell below
them, mainly at $3 90@$3 95.
Milwaukee & St. Paul roadand show
a
considerable increase
December 7,
THE CHRONICLE
1878.]
609
lasl year.
There has been considerable speculative exciteThe visible supply of grain,
comprising the stocks in granary
at
the principal points of accumulation at lake and
ment at Chicago, but no advance in prices. To-day, the maiket
seaboard ports,
and in transit by lake, canal and
was about steady, No. 2 red winter going at $1 03 spot
rail,
Nov.
30,
1878, was as
and follows:
December, and $1 09£ for January.
Wheat,
Corn,
Oats,
Barley,
Bye,
In Store at—
bush.
Indian corn has been dull, and the poorer grades have de¬
bush.
bath.
bush.
bush.
New York
4,107,5b7
3,70b,990 1,270,195
939,921
£01,064
clined—No. 3 mixed (new) to 41@41£c. and steamer mixed to Albany
5.360
18.000
27,000
502,000
85,500
Buffalo.
591,671
366,620
37,500
331,643
46,299
45i|c.; but old No. 2 has been pretty steady at 47c. .No. 2 white Chicago
4,332,266
272914 1,222,882
790,793
154,347
Milwaukee
gold at 50c. for export, and old round yellcw at 6i@33c. Supplies
1,500,447
14,306
35,870
000,391
44,748
Duluih (16th)
100,426
have been moderate at all points.
To-day, there was a firm but Toledo
363,330
172,22 i
58.210
82,99
7,043
rather quiet market.
Detroit
171,055
5,916
16,176
12,818
680,000
210,000
830 000
Rye lias been active; some 100,000 bushels have been taken Oswego
350,000
St. Louis
519,609
342,621
81,204
242.8M
for export at 58@59c. for No. 2 Western, GO^Olc. for No. 1
04,964
Boston
102,236
213,934
118,174
30.386
460
State, and 62c., in bond, for choice Canada. Barley has been Toronto
95,587
12.983
112,079
Montreal
active, and prices are quoted higher, though not satisfactorily97,163
117,553
24,425
84,937
’969
over
....
.
•
•
•
....
determined,
as most
of the business
was on
private terms.
Oats
have been
irregular. No. 1 gradeds declined, but they had been
forced up above their relative value, and at the same time the
common and medium grades slightly advanced.
Yesterday, No.
2 Chicago mixed, atioat, sold at 3lic.
To day, the market was
firmer, No. 2 graded closing at 31^c. for mixed and 33c. for
white.
The
following
closing quotations
are
:
Flour.
Grain.
No. 2
$ bbl. $2 40® 3 00
Superfine State & West¬
3 35® 3 75
ern
Extra State, &c
Western spring
extras
T
3 90® 4 00
Wheat
3
4
do XX and XXX
do winter shipping ex¬
tras
do
XX and XXX..
Minnesota patents
85® 4 05
25® 5 75
4
4
10®
50®
5 50 #
3 95®
4
5
8
5
Wheat-No.3 spring,bush. $0 90®
92
No. 2 spring
93® 1 00
No. 1 spring
®
Red and Amber Winter 1 02®1 08)i
Red. winter No. 2
1 07^«>1 0tili
White
1 04® 1 11
Corn—West’n mixed..
41®
47
...
532,215
271,-663
432
2/,873
18,451
3<>,816
953,434
394,723
1,322,967
Total.
Nov. 23, 1878
Nov. 16, 1878
Nov.
9.1873
Nov.
2, 1873
16,200,015
16,497,635
16,565,793
16.892,965
16,232,755
Ocr.
26, 1878
Oct.
Oct.
19, 1878...
12,1878...'
Dec.
14,701,428
2, 1877
11,563,573
16,882 581
16,503,859
....
20,932
224,395
232,950
188,564
501,102
...
79,473
24,688
10,565
7,093
21,483
....
6,938
...
315,324
73,263
98,194
15J30
9.108
7,5:0,653
8,737,375
9,236,949
2,455,966
5,117,484
2,6)3,774
2,318,962
5,433,933
5.336.&14
9.55/,673
3,016,*64
3,475,740
4,966,134
9.804,9/2
10.208,903
9,432
97,988
5.033,907
3,552,441
5.212,72.5
10,218,^95 3,729,6)0 4,767,541
9,80.5,913 3.710,632 4,142,667
6,751.792 4,054,379 V^.OOg
1,506,963
1,239,609
1,1 "6,357
1,3/0,474
1,406,54ft
1,649,975
1.249,519
1,260.292
705,933
.
do
do
do
40
75
25
00
Philadelphia
Peoria
Indi napolis.
Kansas City (23d)
Baltimore
RlU shipments, week
Lake shipments, week
steamer
grade.
white....,
45#®
.
yellow
Rye— Western.
THE DRY GOODS T3ADE.
..
50®
48®
57®
...
52
49
59
Friday, P. M., December 6, 1878.
There has
been
continued
light movement in nearly all
State and Canada
City shipping extras
00®
02
Southern bakers’ and fa¬
of
descriptions
seasonable
Oats—Mixed
goods during the past week, and opera¬
32
29®
White
mily brands
4 50® 6 00
31®
35 tions ior the spring trade were
mostly restricted to placing orders
Southern shipp’g extras. 4 20® 4 40 Barley—Canada West
1 00® 1 25
for
a
few
Rye flour, superfine
3 00® 3 35
State, 4-rowed
95
specialties
90®
in light-weight woolens, cottonades, white
Corn meal—Western,&c. 2 40® 2 05
State, 2 rowed
80
75®
Corn meal—Br wine. &c. 2 85®
goods.
for
&c.,
future
delivery.
The clothing trade was fairly
Peas-Canada.bond&free
72®
85
represented
iu
the
but
their
market,
Receipts at lake and river ports for the week ending Nov. 30,
purchases of spring woolens
1878, and from Dec. 31 to Nov. 30, and from Aug. 1 to Nov. 30.
were somewhat less liberal than
expecied, and transactions oa
Flour,
Wheat,
Corn,
Oats, Barley,
the part of jobbers were of a
Rye,
strictly hand-to-mouth character.
bbls.
bush.
bush.
bush.
bush.
bush.
AT—
(196 lbs.) (i-Olbs.) (5b lbs.) (32 lbs.) (48 lbs.) (56 lbs.) The jobbing trade was generally quiet, as is usually the case at
Chicago
44,485
790,018
786.303
310,355
59,628
41,793 this time of
Milwaukee
year, but the order demand for staple and depart¬
72,565
787,743
2/.280
21,818
5b,5-;0
14,230
Toledo.
681
303,066
181,180
15, 75
2,220 ment gcods was fairly satisfactory, and orders were of such fre¬
Detroit
/
5,61b
lb2,357
880
7,342
5,979
1,334
Cleveland
2,987
24,000
49,409
29,600
quency as to indicate light stocks in the hands of retailers in
74,200
8J0
St. Louis
31.381
426,-83
153,285
59,883
32,601
31,353
most parts of the country. .Foreign
Peoria
goods ruled quiet, aside
2,585
115,055
89,350
11,500
9,9 0
Duluth
from a few articles adapted to the coming
holiday trade, which
were in moderate
Total
160,300 2,194,067 1,303,3S8
534,128 240,158
request by local and interior retailers.
101,710
a
..
.
„
...
..
....
...
Previous Week
151,845
Corresp’ng week,’77.
Correep’ng week,’76.
133,268
134,287
Tot.Dec.31toNov.30.5,261,2?4
Same time 1877
Same time 1876
Same time 1875
4,583,679
5,141,454
4,654,855
2,345,4:0
1,316,034
1,043,142
82,905,016
49,402,894
52,743,534
66,570,841
Tot.Aug.l to Nov. 30.2,264,625 48,898,057
Same time 1877.... .2,349,837 39,111 276
Same time 1876
2,205,686 26,*<94,446
Same time 1375
2,026,714 36,162,053
Shipments of flour and grain
ports from Dec. 31 to Nov. 30.,
Flour,
Wneat,
bbls.
bush.
—
....
1,( 73,131
1,112,895
409,41)
240,632
82,100
285,451) 3:34,848
52,132
968,769
318,189 210,893
94,161
88,582,316 29,115,840 9,375,810 4,747,876
74,670,063 22.378,132 8,437,093 4,sl0,915
75,757,718 23,726,581 6 2».4,748 2,809,1:85
46,026,905 21,188 158 5,603,316 .2,723,(35
36,075,194 15,514,719 8,444,959 688,567
31,764,476 11,552,658 5,583,307 1,857,808
33,353,370 9,8<9,S73 5,v95.509 1,441,669
18,288,38) 13,826,789 4,0l8,U61 1,158,720
from Western lake and river
Corn,
Oats,
bush.
Tot.Dec.3I to Nov.30.5,570,499 62,185,775
Same time 1877
4,816,407 42,388,722
Same time 1876
4,563,077 47,437,633
Same time 1875
5,093,884 57,030,329
Rail
—
bush.
77,686,753
66,089,793
72.512,884
41,763,377
21,915,
Barley,
Rye.
bush.
tush.
58 4,932 036 3,663,903
17,413,431 5,389,581 2,343,591
19,535,933 3,645.319 2,261,187
18,739,253 2.333,139
839,0y2
shipments of flour and grain from Western lake and river
ports.
Week
ending—
Nov. £0,
Dec. 1,
Dec. 2,
Dec. 4,
lb78
1S77
1876
1875
Flour,
Wheat,.
bbls,
126.412
118,662
bush.
bush
bush.
391,723
315,324
D.9,393
43%785
188,566
176.428
526,0:9
414,191
578,193
107,480
116,721
.
131,-<75
Corn,
Oats,
220,493
224,477
Barley,
bush.
98.394
Rye,
bush.
66,069
15,730
2,".SO
121,801
43,673
7,650
95;409
Receipts of flour and grain at seaboard ports for the week
ing Nov. 30, 1878, and from Dec. 31 to Nov. 30.
At—
New York
Boston
Portland
Montreal
Philadelphia
Baltimore.
New Orleans
Flour,
Wheat,
bbls.
bush.
112,483
41,091
2,800
1,693,433
21,600
6,135
400
19,322
19,995
317,410
603,400
109,0:7
9,572
Total
211,403
Previous week
251,340
Corresp’ng week,’77. 239,900
Tot.Dec.31 toNov.30.8,859,413
Same time 1877
7,619,163
Same time 1876
9,240,860
Same time 1875
9,166,551
.
Corn,
Oats,
bush.
bush.
1.109,561
U0,100
9,5'0
4,600
160,600
477,010
27,250
2,200
Barley,
bush
371,709
17,400
291,240
1.810
16,000
10.000
23,030
400
....
74,900
71,251
Rye,
bush.
690
266.000
end¬
•
•
•
•
....
....
•
•
,
•
•
4,400
1,000
—
2,775,260 1,741,612
(.20,131 406,900 197,040
2,687,427 1,590,984
f.71.802
460,340 239,106
2,069,299 1,659,403
5(2,82} 1,013,702
161,806
101,779,054 99,404,013 27,0’4,336 5,914,558 4,959,756
42,911,852 80,651,4:7 19,447,397 6,667,553 2,513,35 *
40,438,323 82,185,673 23,150,270 7,285.057 1,542,668
52,705,194 52,834,256 19,577,373 4,777,070 474,64,
Exports from United States seaboard ports and from Montreal
ending November 30, 1878.
for week
From—
New York
Boston
Portland
Montreal
Philadelphia
Baltimore
Total for week.,
Previous week..
T\»o weeks ago
Saaetime in 1877...
Flour,
bbls.
Wheat,
bush.
81,018 1,126,319
6,008
•
•
•
•
667
6,7wl
Oats,
Rye,
Peas,
bush.
bush.
bush
384,261
35,585
5,957
,
,
,
#
41,291
«
»
•
•
•
•
....
10,283
10,747
301,132
307,349
1(8,137
108,83
95,59:
62,471
1,748,607
1,9I6,2S7
2.479,445
850,640
3,37i
Corn,
bush.
.
.
.
498
183
24
A
1 "'6,959
83,264
605,0‘3
633,615
7?l,6:j6
1,275*403'
7,259
„
•
•
49,727
.
.
.
...
39,653
•
•
•
•
....
# •
•
-
....
47,139
41,291
65,221
9,350
54.199
91,225
53,421
5,291
1,697
64,808
89,3-0
Domestic Cotton Goods.— There
the
was a
marked
increase in
exports of cotton goods from this port during the week end¬
ing December 3, the total shipments liaviog reached 5,375 pack¬
which were sent as follows: China, 2,920; Africa, 1,354;
Peru, 560; U. S, of Colombia, 320; Great Britain, 2(1; Hayti, 121;
British Australia, 59; Brazil, 58, &c.
There was a very moderate
demand for cotton goods by the jobbing trade and the
piece dis¬
tribution was of limited proportions.
Light brown sheetings,
ducks and cottonades were, however, placed iu moderate lots with
converters, and fair quantities of bleached shirtings were taken
by the shirt trade. Corset jeans and wide sheetings were charged
up to a fair amount by agents who lately placed lines of these
goods “on memorandum,” but new business was light and unim¬
portant. Cotton flannels were in moderate request, and th re was
a
slightly-improved inquiry for cheviots ; but denims, ticks and
other makes of colored cottons ruled quiet..
Agents* prices were
nominally unchanged, but sligiit concessions were made on some
of the “memorandum” goods alluded to above.
Print cloths
were quiet and a fraction easier at 3 5-16c.,
cash, to 3$, 30 days,
for G4x64s, and 3?., cash, for 56x6l)s.
Prints moved slowly, and
Richmond’s and Alleu’s staples were reduced ih price.
Domestic Woolem Goods.—Heavy woo ens for men's wjar
were only in limited demaud, aud fabrics of a
fancy character
were somewhat unsettled in price.
Light-weight cheviots and
worsted coatings were in fair request, aud liberal deliveries of
these fabr cs were made by agents on account of former orders.
SpriDg-weight fancy cassim res were less active than expected,
aod the growing demand for cheviots is no doubt
checking their
Bale *o a material extent. Overcoatings ruled quiet, and there
was a lessened demaud for beavers and
cloakings. Black cloths
ages,
and doeskins were taken in small lots to a modeiate
aggregate,
and prices ruled fairly s eady. -Kentucky jeans received a little
more attention from Western and S»utti western
buyers, and sou 6
fair sales were effected by means of very low pi ices.
Printed
saiinets were in moderate request, but blacks and mixtures,
remained sluggish. Flannels have become relatively quiet, and
there was a very light deim.nd for blaukets, shawls aud skirts.
Foreign Dry Goods.—There was about the usual demand
for goods adapted to the holiday trade, but otlierwii-e
foreign
fabrics ruhd quiet in tho hands of both importers and
joobers*
aud transactions were light in the agyr. gate.
Black cashmeres
are
steadily held at current quotations,
as are
desirable *hudes of
colored cashmeres and merinos; but fancy dress goods are
beinjj
offered at very low figures. Silk ft, trimming v*ivtB and milli¬
nery goods were offered in small lo:s by th- auc ou houses, bul
prices ruled low in most cases, and buu tew more saloa wiU b%
held during the seaison now drawing to a clot*.
THE CHRONICLE.
«10
importations of Dry Goods.
fVou XXVIL
Receipts of Leading Articles of Domestic Produce.
The importations of
dry goods at this port for the week ending
The following table, based upon daily reports made to the
Dec. 5, 1878, and for the corresponding weeks of 1877 and 1876,
New York Produce Exchange, shows the receipts of leading
hare been as follows :
articles
of domestic produce in New Yora for the week
BMTBKBD FOR CONSUMPTION FOB THE WEAK ENDING DEC. 5, 1878.
ending
with Tuesday last (corresponding with the week for exports), for
1877.
1876
1878.
the period from January 1,1878 to that day, and for the corresValue.
Value.
Pkgs.
Pkgs
Pkgs. Value.
ponding period in 1877.
Manufactures of wool..
do
cotton
do
tilk
do
flax...
Miscell’neousdry good*
FFOM
VITHDBAWN
114,227
399
4« 9
466
695
511
$iro,936
135,838
290,4:41
133,; 5?
73,301
$809,508
2,4£0
$783,663
$167,623
494
164,153
224,699
1,086
707
139,806
211
58,381
5,56:
2,535
$573,249
7,893
..
Total
482
645
$103,758
134,66*
164,017
107,428
•273
656
249
WAREHOUSE
INTO
THROWN
AND
THE
MARKET
Week ending Since Jan. 1.
Dec. 3.
1878.
70
3,763
3,088
71,712
6,281
78,e;2
127,417
4,180.040
4.992
3,194,098
181,763
t
219,145
229,751
Rye
bush
23,089,647
bush.
155,196
6*4,608
31,297
Corn
Oats
31,231.595
24,< 25
Barley and malt....
58,73*.855
4,152.357
37,541,818
114,157,671
6,067 ,f09
633,989
850.691
33,780
688,901
Beaus
Breadstuff's—
bbls.
DURING
SAME PERIOD.
THE
Wheat
Manufactures of wool
do
cotton
silk..
flax...
131
80
54
144
dry goods
693
.
co
do
M iscelTneuug
166
56
70
1(3
211
$49,728
21,113
70.380
41,5 VI
16,334
159
(8
31
138
583
$62,161
23,311
86.49*
37,(81
13,583
$56,882
89,811
*7,192
..bash.
850, *24
245,614
bush
28,358
22.244
Total
Add ent’d for cons’mp’n
Tot. thr’wn upon
1,12
$’99,09?
573,249
2,566
$772,341
mark’t 3,607
CO
COttOi
do
do
silk
flax
201
•79,123
55
14,270
53
152
62
..
.
MiscelPneonftdry good
1
$223,2*8
979
179,207
7,893
809,50s
2,460
783,663
$1,032,736
DURING
EVTERED FOR WAKEHOUSING
Manufactures of wool.
666
8,569
3,459
SAME PERI
211
200
130
$76,482
43,880
*13
51.997
»-4 <■* t- CO
548
33,186
3,C77
125,781
Cotton *eed oil
Flax seed.
bbls
\
Grass seed.
1,331
1,478
bags
4.124
2.432
$962,870
$56,791
52,044
53.099
46,192
37,819
Leather
Lead
Molasses
284.166
172,557
1,366
3,022
7',611
8,590
-
.
sides
pigs
hhds
...
$1P0.884
573,249
1,302
7,993
$356,310
809,508
3,710
2,480
$245,945
783,663
Tot’l entered at the port
3,023
$764,133
9,195
$1,185,838
6,190
$1,029 608
Oil cake
103.725
118,837
79,158
4,071.308
4,133,594
33
Leadlax Articles.
Imports of
The following table, compiled from Custom
■hows the foreign imports of leading articles at
January 1, 1878, and for the
House returns,
this port since
430.6*8
827
16.484
17,635
bush
2.766
116,084
69,115
8", 428
pkgs
pkgs.
pkgs.
2,812
6.4S8
82
368.702
20,561
3,066
[The quantity Is given in packages when not otherwise specified.!
Same
Since
Jan. 1/76 time 1877
8ince
Same
Jan. 1,’78 time 1877
'
China, Glass and
Earthenware—
China
Earthenware..
Glass
.
Glassware
Glass plate....
Buttons.
Goal, tons
Oocoa bags....
Coffee, bags
Cotton, bales
Cutlery....
206,1
4 644
Madder AExt.of
....
>ls
86,247
119,U3
to.oiy
21 OS.
6., 652
58,1-35 Fish
61.-92 Fruits, Ac.—
4,7*9
Lemons
6, .38
Oranges
Fancy goods..
.
4,82.;
6.£67
2,734
137,IK
..
..
Nuts
Raisins
Hides, undressed.
India rubber....
Ivory
Jewelry, Ac.—
Jewelry
Watches
Linseed
Molasses
...
41,433
1,741
733
Cassia
59.205
871 567
5*8,366
518,509
142,301
Ginger
55,124
Pepper
371,3h5
233,888
Saltpetre
2,3»iS
56.874
1,059,919
9.949,338 11,548,056
271, US
*91, toy
1,710 Spices. Ac.—
5,9i8
54,702
82,550
120,77?
40,876
965,845
1.311.493
1.872,679 1,234.534
8 6,i 43
718,762
1,222,955 1,269,-45
.
Rice
1,235
4,672
117.634
115,2 5
457 065
419,654
VV oods—
541
466
215.46S
375 529
76,5.0
83, 2\.
Cork
353.426
42,534
591,856
99.392
Fustic
Logwood
Mahogany
376,063
29.693
553,644
43,8‘jO
Exports of Provisions.
The following aro the exports of provisions from New
York,
Boston, Baltimore, Putladelphia, Montreal, Portland and New
Orleans, for the week ended Nov. 30, 1878, and their distribution:
To-
|
Egg*
.i-bls.
22,511
71,073
4,028
Laid
Lard
...tcs. A bbls.
22,605
Hogs, dressed
Stearine.
..
bbls.
hhds
Tallow
Tobacco
Tobacco
bxs. and
Wool
A tcs.
I
ard.
lbs.
Dkgs.
cases.
657
2,47;
SI4.040
94
15°
474
16122
487
67,3*0
Bacon,
Cheese.
lbs
Tallow,
lbs.
lb.-.
2U3
4(1
Antwerp
12
lir
llu
men
...
«...
Hamburg
Ha' re
Marseille*
Continental Ports
South and Cent. America.
West Indies
Brit, and N A. Colonies.
Other countries..
Total week
Previous week
150
1J7*
5
•
•
•
50»
170,600
-:4i
1.*1S
s'4
9.1*1
6,9i):j
171
52'
<40
so
4.60S
4*5
90
>
1,525,810
ns Ton
9! (i
*77,875
2r8,966
5 Co
43,901
53,85(1
1,619
503,* Hi
6.309 * 4- 13 6 8.1 >
8,441,211 17,514.931
5e,<MJ
49,700
25,625
E’6i8
9,967
2
476,3:5
4,6.8,557
5;2
18,774
17,577
1.834
780
18,15*
76,773
200,509
111,144
13,203
191,157
97.094
bbls.
1.319
8.210
.bales.
2,10*
198.824
141,718
82,352
93,644
67,678
following table, based upon Custom House returns, shows
from New York of all leading articles of domestic
produce for the week ending with Tuesday last, from the Ut of
January 1878 to the same day, and for the corresponding period
in 1877.
Week
....
1,-79.928
767,8^3
endiDg Since Jan. 1,
Dec. a.
Ashes, pets
Ashes, pearls
1,339
Corn meal
Wheat
Kye
*4$
109,067
73,861
2,3 53,814
1,533,829
111
4,147
7,631
6,955
1,22 ,651
189,319
51,079,605
3,955,431
3,58 ,596
],5l3,6ri7
42t),s07
25,519,891
205,600
19,85 f,7 52
1,^49,409
5,971
Barley
..
150
.
Peas
34.431
Corn
Candles
Coal
Cotton
421,475
Domestics
Hay
Hops
Nav-1 S lores—
Crude turpentine
Spiiir,3 turpentiue.
bbls.
bbls
..
Oil cake....
59,2 5
4*4,560
3,515
3,388
1,199
131,546
56,^56
44,3u0
250
bbls.
cwts.
gals.
119
193
gals.
Petro eum
Pr vMuiis —
Fork
Beef
Beef
Cutme&ts
B tter
Cheese
Laid
Rice
Tull w
ga s.
....
—
..
hales and
Tobacco, manufactured
e
60,755
135
209
23,437
220.796
2,943,141
1,‘.02,051
43,668
440,9.15
86,229
16 709
5;5 Oil
269,171
17 832
t 40
364,210
12,01 J
3,*23,960
1,15H,V83
10,1*5
19?,274.99 3
6,367
227.876
916
46,951
54,750
2,700
leaf
44.063
43/43
12.85°,01*
609,.-.36
1,982. L0
7,465,714
lbs.
33,839
367,522
92,596
10,497
44,596
Ibs.
ib'
tbs
lb'
-
439,9:3
24,288 925
47,168
5,399
tierces.
....bbls.
244,816
1,677,677
16,255
231,1-51
7,374
.
•
Sperm
Wha ebo
10.426
.
2,773
Tar
t itch
7 obacco,
T- baceo
45.570
J,“6i
1,260
tons.
1,850
159,180
90,757
Oa^s
’
240
Beeswax
Breadstuff's—
Flour, wbeat
Fh-U", rye
Same time
last yea-.
1878.
„
34
80 ffO
110.000
87,500
4.649
32. 20
36,553
The
Lard
15,200
80i
13.562-3 5 b
14.910
528,48
953,455
541.920
9v,6J5
1,384.(20 1,713,801)
J,« 83,650
47,97.5
3*6,1 5
797,**i0
617,304 2,13*»,8T5
<5,1 50
195,700
...
3,216
7.611,016
190,6' 0
2,864
69.055
Exportp of Leading Articles ef Domestic Produce.
Whale
London
(riaSLO^V
Bristol
Brit. Ports
0,358
40.913
fli.549
2,605
•
46,759
586,107
39,920
1.197
1,946
Oils—
Liverpool
1 1!
.
hhds.
Whiskey
961,759
1,198,2*1
2,275,254
45
pkgs.
.
Sugar
Sugar
1,248,128
669,914
42,9*2
21,451
bo.
Spelter
160,350
*.678,204
631
54
398
pkgs.
slabs
200,150
54,062
471.167
k<gs
Rosin
Beef.
Pork. bbls.
bins
pkgs.
.
the exports
$
$
1,422,464 1,203,597
39.68 Cigars
1.(35 Corks
2.9 It
Hides, dressed..
59,872
452
Champagne.bit
60,4:30
Wines
5,2'8 Wool, bales
4,54. Articles repotted b\
value—
6,278
6.601
1,499
!...
8^2.542
44,642
521,045
*5\861
2,201.649 2,765,891
652,118
81*,848
52,796
!9,57?
153,211
103 t-84
1,137.198
96MI3
9,688,496 9,702.668
1*2,127
113,959
.
Hemp, bales
3,577
1,193
Wines, Ac—
15.272
3,635
5,424
5,09-'
35,43'
63,642
Bristles
40,270
Tea
18,759 Tobacco
2o,319 Waste.
28,418
3,. 69
Sodaasb
Flax
Furs
Gnnny cloth
Hair
Hides, Ac—
1,047,341
4,949 Sugar, bxs A bags
920
Opium
Soda, bi-carb...
Soda, sal
fbs
Tin
1,195,743
Bark, Peruvian.
Oil,Olive.
Steel
Tin, boxes
slabs,lbs...
71.327 Paper Stock
22,017 Sugar, hhds, tea. A
6,258
Crags, Ac—
Indigo
Lead,
8p
Spelter,
7,3*1
4,(86
7,990
124,'22
20.790
Blea. powders..
Cochineal
Cream Tartar..
ibier
Arabic....
Hardwaie
246,709
35,09?
31 292
l,577,5‘»f
13.640
37,8?*
3,748
; 602
6,535
1,164
31,4*9
pkgs
Rice
Metals, Ac.—
11,30ft
36,039
galls
Beef
Cutmcats
Butter
Cheese
period in 1877:
same
....bbls
Provisions—
Pork..;
478
3,419
73,012
366.789
21,836
4,435
331,*21
...
...
-
V53
70,343
-
11,541
..
107.476
267.504
•
15
...
..
146,737
79,414
.bbls.
Oil, lardl
Oil, whale
.
194,978
1,255
5*23
2.505
11,7*8.539
8,118 877
630,709
141,615
1
ns’mp’n
1,908,157
156,430
8,432
Naval Stores—
Turpentine, crude....
Rokin
Toial
Add entTd for Cv
.
D.
141
142
49
301
68,8t2
Same time
last year.
.
219,710,234
170,(02
3^,770
53.098
-2
,613,905
127,433 <822
228,495,390
19, OiSSi
in*,-ioo,778
238.1 5 6 '7
158. *02,321
2,359,598
22,994
65,762,715
53,1*S5:D
634
426,074,2 6
439
110.4/7
cases
1,113
lbs
ibs
223 306
82.95n
6,934 0 7
3,225
102,706
23,737
9 i,(i.38
43.281
7,381,499
75,633
@FedFRASER