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MERCHANTS' MAGAZINE..
Hi; NT'S
REPRESENTING THE COMMERCIAL AND INDUSTRIAL INTERESTS OF THE UNITED STATES
VOL.
NEW YORK DECEMBER
2;.
John
THE
1
1859
J.
BANK NOTES, GOVERNMENT AND
safe^ards ti
prevent
with
special
ConnterfeUlag
Kennedy
S.
Bny and
OXE, TWO,
in
THREE
Or
She,
PUern,
Sti/le
WITH STEEL PLATE
J.
J.
T[NTi.
n. VAN ANX^VERP, Pres't.
JTIACDttNOUGH, Vloe-Pres't.
A. D.
JTNO.
A»A p. PoTTKR. Prest.
Bam'l Phillips, Caibler.
Maverick National Bank,
BOSTON.
$400,000
300,000
Capital,
Sarplns,
to COLLECTI<<SS, and
rompt remittances made on day of payment.
Boston business paper discounted. Correspondence
Special attention
(riven
R. A. Lancaster & Co.,
BANKERS AND BROKERS.
66 BROADWAY, NEW YORK,
DXALKSS IX
Flrat-CIaas Inveatinent Secnrltiea.
GOVEKN.MENT BONDS, STATE. CITV, COUNTY,
RAILROAD & MISCELLANEOUS SECURITIES
Bought and Sold on CommlssloB.
Vir(Hnia Tca-ReeeivahU Coirpons Bought.
[Established 1354.]
No. 16 Wall Street.
Kountze
12
Brothers,
BANKERS,
W^ALL STREET, NEW^ YORK,
Isiue Commercial and Travelers' Credits available
Draw Time and Sight bills
on the Union Hank of London, and on the Credit
Lyonnals, at Lyons or Paris. Make Cable Transfers.
in all parts of the world.
Gilman, Son
62
Charles G. Johnsen,
nERcnAarr ai«d banker.
&
Co.,
HEW ORLEANS,
Francis,
Broadway A:
15
New
New York
St.,
Transact a General Banking Business.
STOCKS, BONDS and GOLD Bought and Sold on
Commission, and carried on Margins.
Deposits Received and Inte-est Allowed.
Accounts of Country Banks and BankeK re
ty
celved on favorable terms.
Hilmers,McGowan & Co
BROKERS
IN
FOREIGN EXCHANGE AND GOLD,
63 Wall Street, New York.
OP. O.
BOX
2,!«7.)
Special attention paid to the negttlatlon of
mercial
Com
bills.
WALSTON
H.
•
BBOWN.
FKKO. A. BBOmt.
Walston H Brown & Bro.
.
BANKERS,
New
34 Pine Street,
York.
SPECIAL ATTENTION GIVEN TO THE NE60TLA
TION OF
RAILROAD SECURITIES.
Government Bonds and Investment Secorltles.
McKim
7
Brothers
BANKERS,
Wail Street, New
Smith
&
&
CaJ Co.
BANKERS,
Co.,
York.
Mannaman,
INDIANAPOLIS, INDIANA,
roR
LA.
&
Trask
BANKERS,
CEDAR STREET,
INVESTING AGENTS
166 GRAVIKR STREET,
Co.,
In addition to a General Backing Business, bny and
sell
_
York.
Accounts and Agency of Banks, Corporations,
and Individuals received upon favorable terms.
Dividends and Interest collected and remitted.
Act as agents for corporations in paying coupons
and dividend.'*, also as transfer agents.
Bondd, stocks and securities bought and sold on
commission.
Sound railroad and municipal bonds negotiated.
Funds carefully Invested in Western farm mortgages, and the Interest collected.
Day,
Transact a general banking and brokerage buslne
In Hallway shares and bonds, Oovemmcnt socarltles
and Gold.
Interest allowed on ilcposlts.
Investments carefully attended to.
Co.,
firms
SOuillERN SECURITIES A SPECIALTY.
LOANS NEGOTIATED.
G Wynne &
&
53 William Street,
invited.
&
BANKERS AND BROKERS,
BANKERS,
New
SUEPARO, 'ireasurer.
E. CCRRIER, Serretarf.
Hamburg and
BANKERS AND COMMISSION MERCHANTS
2 Excbanec Court, New York.
70
Paton
or
HAMBURG.
All business relating to the Construction and Equip-
Jesup,
Bank
JOHN BERENBERG, GOSSLER &. CO
ment of Railroads undertaken.
or Decice,
Co.,
R. T. Wilson
Edgar Tliompson Steel Co. (Limited),
PinSliUROH, PEKN.
MORE COLORS ana numbered ConiecuUvel'J.
KUMBERED LOCAL AXD COUPON TICKETS
Any
Col-
AND THK
RAILWAY, COinmERCIAIi AND
GEMEKAL PRINTING.
&
London, (.Limited.)
HOUSE IN EUROPE,
JOHNSTOWN, PENN.,
SECURITY PLA Th PRtSTISG.
SAFETY PAFERS.
SAFETY TINTS.
BOSTON.
TO State Straet
Pearl Street.
International
York.
Cambria Iron Company,
Alterations.
RAILWAY TICKETS
134
CORRK9POSDENT9 OF
Coupons and Dividends. Negotiate Loans and
draw BMls of Exchange on London.
Agents for tlie sale of STEEL RAILS made by the
and
YORK,
GOSSLER
ST.,
ect
i
NEW
Transact a General Banking and Brokerage BnMne£S In Railway Bharcj and Bonds, Government
Securities and Gold.
Attention given to Miscellaneous Sc.urltles.
NEW YORK,
Co.,
ItaUroad Investment Securities.
sell
Co.,
EXCHANGE PLACE,
62
BANKERS AND IHERCHANTS,
New
&
D. Probst
J.
York.
&
41 CEDAR, COR. WILLIAM
CORPORATION BONDS,
r.TIFICATES OF STOCK. BILLS Of EXCHANGE
POSTAGE AND REVENUE STAMPS,
PKQPBIErAUY AND TRADE-MARK STAMPS
the Art,
Son,
AND ISTEIiEST ALLOWED ON DAILY
BALANCES.
GOVERNMENT BONDS. GOLD, fTOCKR AND
ALL INVESTMENT SECURITIES BOUGHT AND
SOLD ON COMMISSION.
Plate Engraring and Printing
in the Uicliest Style of
&
BANKERS,
Wall Street, New
SIGHT.
)
NEW VORK.
Steel
Cisco
702.
Financial.
DEPOSITS RECEIVED SUB.IECT TO CHECK AT
STREET,
^X^AVIJ
J.
No. 59
National Bank-Note Co.,
aNCOErOKATED
NO.
1878.
Financial.
Financial.
OFFICE, No.
7,
INDIANA AND OHIO.
COR. OF
WALL STREET AND BROADWAY
New York.
Tiansact a General Banking BodneM, inelndlng the
purchase and sale of
STOCKS, BONDS aad CK)U»
for cash or on a margin.
Inveatiuent Securltlea For Salr.;
p. O. BOX 2,M1.
W. Tu.n
A.M. Kiooas. C. W,MoIduj,A», JB,
THE CHRONICLE
ii
Canadian Banks.
Foreign Exchange.
&
Morgan
Orexel,
Co.,
WALI, STREET,
CORNER OF BROAD, NEW YORK.
&
Drexel
No.
Drexel, Harjes
Co.,
SoOTB Tbied
34
St.
SI
&
Bank of Montreal.
Co
CAPITAL,
SURPLUS,
mORGAN
OLB BROAD
LONDON.
ST.,
&
Brothers
Co.,
No. 59 XTAVtj ST., N. ¥.,
Issue, against casb deposlud, or satisfactory
lee of repayment. Circular Credits for Travelers, in
doilart for use tn the United States and adjacent
•ooQtrleB,
and
In
pounds
gtertipff
for use in auy part
of tbe werld.
THKY ALSO ISSUE COMMERCIAL CREDITS
MAKE CABLE TKANSFERS OF MONEY BETWEEN THIS COUNTKY AND ENGLAND, AND
DRAW BILLS OF EXCHANGE ON GREAT
BRITAIN AND U'-KLAND.
&
G.
S.
G. C. Ward,
AGENTS FOB
BARING BROTHERS
&.
COMPANY,
it WALL STREET, NUW YORK.
Z8 STATE STREET. BOdTON.
*
&
Stuart
&
Co.,
J.
NASSAU STREET.
BILI.^ OF EXCHANGE ON
SiniTJB, PAYNE & SniTH'S,
J.
BANKERS, LONDON
"
LIMITEB
BANK,
BANK OP SCOTLAND,
AI.s«,
CABLE TSANSrHRS AND LETTERS OP CREDIT
Lichtenstein,
St., cor.
Exclianse Place,
HSW YORK.
Make TeleKTapblc Money Transfers.
Draw Bills of Exchange and Issue Letters oi
1
Credit
principal cltias of Europe.
J.
BANK,
Berlin.
& W. Seligman & Co.,
No. 9 BIrchIn Lane.
AGENCV OF THE
Bank of British
North America,
No. 5* WALL STREET.
Commercial Credits issued for use in Europe, China,
Japan, the East and West Indies, and South America.
Demand and Time Bills of Exchange, payable in
London and elsewhere, bought and sold at current
rates; also Cable Transfers.
,
Demand Drafts oi) Scotland and Ireland, also oa
Canada, British Columbia and San Francisco. Bills
Collected and other Banklug Business transacted.
D. A. MaoTAVISH, J .-.-,.
Bank
No. 60
W^ALL STREET.
Surplus,
Sell* sterling
BosANijrET, Salt
93
Exchange, and makes Cable
Transfers of Money,
H.
IS
Capital,
.
•
HEAD
iSi
A D A.
CORNER BROAD STREET. NEW YORK.
Issue Letters of Credit for Trarelers,
i^ayable lu any part of Europe, Asia, Africa, Atutralls
•nd America.
Draw Bills of BxcWanire and make telegraphic transferB of money on Europe and California.
DuNCAS Coulson, Cashier
Branches
&
Co.,
No, 8 Wall Street, New Ifork,
No. 4 Post Office Square, Boston.
CHEQUB-l AND CABLE TRANSFERS ON
nONROE dc CO., PARIS.
BTERLIH« VHEgUES AND BILLS AT SIXTY
DAYS' SIGHT ON
ALBXARBERS & CO., LONDON.
;
Hugh Lbaoh, Asst. Caah
at Montreal, Peterboro,
Cobourg, Port Hope-
BANKERS:
LoKDON, England.— The City Bank.
National Bank of Commerce,
whw
w aw VrtBBI OBK. 5
\q_y. Smithers and W. Watson.
Collections made on tbe best terms.
Bankers.
Forei8:n
Nederlandsch Indische
Handelsbank,
A laSTERD AM, HOLLAND.
ESIABLISUED IN
IStS.
Head
Amsterdam. Agencies In Baiavla,
Soerabaya and Samirang. Correspondents
In Padang.
Office in
Messrs.
BLAKE BROTHERS &
CO.
Adolph Boissevain & Co.
BANKERS
ASS
COMMISSION MERCHANTS
AMSTERDAM, HOLLAND.
BLAEE BROS, a CO-
•
OFFICE, MONTREAL.
Manager.
Banque
Centrale
BANKERS.
LONDON, KNG —Tbe Clydesdale Banking Co.
Bank
NEW YOiiK—The
of New YorR, N. B. A.
AnversoisCy
Antwerp.
The New YorK Agency buys and sells Sterling Ex*
change. Cable Transfers and Gold, issues Credits
available in all parts of the world, makes collecrioiis
in Canada nnu elsewhere, aid issues Drafts psy^tble
at auy of the olhced of the bank lu Candida
Demand
arufts issued payable in Scotland and Ireland, and
every aescrlptiou of foreign banking busiuess under-
New York Agency, No.
with measrs. JESVP,
£3 William St.,
PATON &, CO.
Exchange Bank
Capital Paid
HEAD
M. H.
GAULT,
Up
-
$1,000,000.
raid-Up Capital,
- -
roB Tbatzlsbb.
Prest.
C. R.
MURRAY, Cashier
BOARD OF DIRECTOEti
Xelix Gkisar, Fresldtnt.
Alfrkd MAQtiNAY (Graff* Maquiiiay), Vlec-Fre*
J. B. Von tkk Bjccke (B. Von der bccKe).
Otto Gunthkk (CorueJUe-UuviU).
Emilk pk Gott.\L.
AD. Frank (Frank, Model & t;ia.>
Aug. Nottkuoum (Notiebohm i'rerofl).
Fm. Uhakib (Micl)Iel8-Loos>.
JoH. Dan Fuhkm.*nw, Jb. (Job. Uau. Fuhn»an&).|
LouiB Wkbbk (fc.d. " eber & Cle.>
JUUIB IU.UTSN8TAAVUU (C. ScllUlld ft Cle.>
TRAWSACTa A
;generai. banking business.
Henry
BRANCHES:
45 Pall
AOENTS:
QUEBEC (CITY).-Owen Murphy.
KUU
N
NOVA 8COTIA.— MerchanU' Bank «f
FORBl ON A OENTS :
Grant
Halifax.
Co,,.
,
9/ cAarir«, aTftllaWt)
/y-c«
world.
CUMMKKOIAL CUKDITS
for
asa agalssl
CoDiljcumentB of Merchandise,
LONDON.—The Alliance Bank (Limited).
NEW YORE.—Tbe National Bank of Commerce.
Messrs. Kilmers, McGowan & Co.
CHICAGO.—Union National Bank.
BUFFALO.-Bank of Buffalo.
Sterling and American Exchange
Interest allowed on Deposits.
S
LouiAon, Eufilaiid.
J*lall«
In all parta of tbe
&
King
S.
UA
Hajolton, Okt.; Atlmkb, Ont.; Fare Hill, Ont.;
Bbdford, p. Q.
est rate*
9,000,000 Francs^
OFFICE, MONTREAL.
Kxecnte Orders on the London Btocfc Esctaangr..
Make CoUectiona on
all
Points.
Kecelre Deposlc
and Current Accounts on favorable terms, and do
a*
General L<ondOQ and Foreign Banldug Busmees.
bosght and
sold.
CoUeotlone made promptly and remitted tor at lowJJIS Cbidits
$1.0fl0.00e.
Barrie, St. Catharines, Colllagwood.
iBflQQClUGULAH KUTBS
iww
street.
OFFICE, TORONTO.
N. Y. Cor.-ospottdents.—Messrs.
OF CA.\A»A.
EXCHANGE PLACE,
John Munroe
New York:
Wall
Reserve,
$2,000,000.
HEAD
$5,461,790, Faid Up.
President, the Hon. JOH.S HAMILTON.
Vice President, JOHN MoLENNAN, Esq.
Capital,
in
Bamk of Montrbal,
The Bank of Toronto,
CANADA.
GOADbV. «*«»"••
Merchants' Bank
CA
Agents
I
j
Promptest attention paid to collections payable l»
any part of Canada,
Approved Canadian business paper, payable in gold;
or currency, discounted on reasonable terms, and.
proceeds remitted to any part of the United States b»
gold or currency draft on New York.
issues Commercial Credits available everywhere.
.1.
:
&
Co.,
street.
Lombard
NEW YORK CORRBsPONDBNTS,
$6,000,000 Gold.
$1,900,000 Gold.
Capital,
;
POET COLBORN E, ST. THOMAS
INGERSOLL, WELLAND, DDNNViLLE, FERGUS.
($4,800,000 Gold.)
Commerce,
of
CashUJ-
Pald-Up Capital, 12,00 >,000 Guilders.
The Canadian
BANKERS,
69
.
taken.
SPKCIftl, PARTNia;,
BBIJT»i«;HK
)
Bay and Bell Sterling Exchange, Francs and Cable
Transfers; grant Commercial and Travelers' Credits, available in any part of tbe world ; issue drafts
on and make collections in Chicago and throagbout
the Dominion of Canada.
Office,
WILKIE,
D. H.
National Bauk of ths Republic.
BANKERS,
WlUlam
;
OFFICE, TORONTO.
Agents in London
WALL STREET.
61
QBOKUE HAGUE, General Manager.
WM. J. INGKAiM, Asst. General
Knoblauch
t9
HEAD
OF
BDIHBUKa, AND OKANCHBS;
$1,000,000.
HOWL AND, President
Dealers in American Currency and Sterling Exch«nge.
„..t,
Waltke Watson, J -aKenis.
BELFAST, IRELAND;
AXD ON THE
&
General Manager
OFFlCh,
;"
JOHN STVART ic CO., Bankers,
MANCHESTER. PAYABLE LN LONDON;
VbSTEB BANKING COIdPANY,
NATIONAI.
ANGUS,
C. F. Smithies,
Buys and
;
COlJNTlf
&
Nob. 69
83
RtANOHESTER &
S.
ST. CATHARINES,
President.
XSW YORK
London
^aran.
H.
Bbanchks
R. B.
Attobnktb and Agbntb of
IHeMrs. J. S.
& CO.,
Brown
-
Paris.
DepOHlts received subject to Draft. Securltlea.Goldj
Ac, Doneht an*l Bold on CommlBeion. Interest ailoweo
ffn nepositi*. Foreigia Kxchange. Commercial Credits.
Circular Letters for Travelers,
Gablf) Transfers.
available In all parts of the world.
a
Bank of Canada
Imperial
$12,000,000, Gold.
5,500,900, Gold.
-
GEORGE STEPHEN,
DOMESTIC AND FOREXON BANKERS.
No.
Canadian Banks.
Capital,
Boulevard HausBmann
Pbllailelptala.
[Vol. XXVll.
KING, BAIL.LIE Ac CO., LlTerpool.
NEW YORK tX)RRESPOND£NTS,
Idesers.
WARB,
CAMPBJGI^Ii
&
CO-
Dkckmbkb
THE CHRONICLK
7, 1878.J
Southern Bnnkcm.
CITY BANK OF HOUSTON,
Boston Banker*.
Massachusetts
Loan & Trust Company,
No.
POST OFFirK SQUARE,
!8
TUB
BOSTON.
Houston,
We (Ire special attention
Texas.
to collectlona
C'uliloriiiH
TreMonsr.
Loam made rt^M tiur on BUpIn Merchandise,
lUUof
or
Wareiiouafl
K«cslpt».
•«1Uierapon
LadlnK
KxcH^NOR of ('Ollatoial. or prepayroenUlD ynrtor
I'rtTHldent.
all
paymenta made before
laturit/ of loans
New York Agency, 02 Wall
Surplua,
PL.VCE.
Street.
IHaas.
ti
do
de
ST.,
No. 35
AGENTS FOR THE BANK OF CALIFORNIA,
No. 13 Pine St., New York.
BANKERS,
CONURESS STKBBT,
ctaase
Ordibrs executed
on Commission
Commercial
at Brokers
;
Particular attention given to the parand sale of ininius Stocks In San
Francisco, for which we have the beat
Boaton, lUass.
Board
ntcllltles; also all other California Securitiee.
Issue Bills of Exchange. Letters of Credit and Tele.
graphic Transfers on London. Yokohama. Shanghai,
Bong Kong, Honolulu, Virginia City and San Fran-
Aaetlons, and Private Bale.
No. 11
Tbe
.•aMKBKB,
HOSTON,
and !«ell
Oennty Bonda.
Western
Bujr
&
Chas. A. Sweet
and
Vlty
Co.,
STATE STREET, BOSTON.
IN GOVEKNMKNT 8ECU-UTLE8, Gold
:glate.Clty. County acd Rallro»d Bonds.
0SALBR8
&
Wilson, Colston
MANCHESTER, N. U.
ARESTAS BLOOD, TV. G. HEANS,
Buperinteudent.
C on
Correspondence
VIRGINIA BKCUIUTIBS
and
.
solicited
and
Inforcaallon
CoBmapoHDENTs— MrKIm BrotheM *
KBKRDee, Prea't.
First
& W.
AND SHIP AGENTS,
Shanghai and Hankoiv, China.
Boston
Agency,
-
MURRAY
-
THUe, p. MILLEB,
all
-
LILIENTHAL.
CHshler.
Head
8.
Jb.. lOB
Watbb
&
n «. WIT T.tAMS. JSO. W. UILLSB,
chab. b. killbb.
Co.,
N. Y.
Fooehwr and
OLYPHANT &
CO., of Ohlna,
104 Wall
New York.
St.,
Charles E.
Parker,
COMMISSION MERCHANT,
14
BOSTON.
Exchange Place,
Poet Office llox
S.SS4.
Cotton.
&
(Successor to A. L.
Bro.,
RICHARDS)
Shipping and Commission nerehaat
No. 89 BROAD STREET, NEW YORK,
Tames F. Wenman & Co.,
COTTON BROKERS,
No. 146 Pearl Street, near W^all, N. 1
Dennis Perkins
RIILTVARD'S liKLIX NEEDLES.
400 BROADWAY, NEW YORK.
&
1841.
Co.,
COTTON BROKERS,
IIT Pearl
Street,
New York.
E.R.Mudge,Sawyer&Co
n
AGENTS FOR
«'hIcopee yttgCo.,
Rurlliistoii Woolen Co.,
Ullertou new mills,
Atlantic 4'uiton mills,
Saraiosa Victory mrg Co.,
Washlnstosi
Itiiiu,
AND
IIoalerr< Shirts and Drawers
From Various Mills.
BOSTON,
NEW YOKk,
IS Chaubobt St.
a Wute Street.
8p«cla) attenijon paid to collections, with prompt
remittances ai current rates of exchange on day of
faymeat.
Correwpondents.
German Amerlran Bank, New
lork; Louisiana National Bank, Mew Orleaoj ; Baak
Uvorpool, Uverpool.
»t..
Co.,
Established (In Tontine Building)
BANKERS,
nOBILE, ALABAMA.
—
U
Hong Kons.
Offlce,
AOENT,
W.POMEROY
E. O. Richards,
Commerciul Curds.
Oo.
r.
&
Shanghai
Banking Corporation,
FKED'K F. LOW
f Mana.prs
HiNATZ STKl N HART, ("'"'**""•
P. N.
a
parts of the United States
Thos. p. Miller
New York Agency,
8. W.POMEROY Jb.,
lUS Wateb St, H. Y
Hong Kong &
$6,000,000.
1,7C0,U00.
A. K. Walkxb, Cashier.
wiLraiNtiTON, N.
1
KOI ilSE8,V
Centbai. Street. >
J.
30
Selii^BnA Co.
fur*
National Bank,
Collectlona nianfl on
Russell & Co.,
MISSION MERCHANTS
BBPBBSENTKD BT
Southern Bunkers.
<S. S.
Treasurer,
W Water street. Bostoa
Hong Kong, Canton, Amoy, Fooohoiv
St.
'«Helalty.
wished.
' K. \
Works,
MANUFACTURERS OK
Locomotives and Amoskeas Sieaaa
Canton, China.
George A. Clark
BALTIK^ORE.
DIVRSTMENT
Agents, J.
Antliorlzcd Capital, •
Paid-up and Reserve,
Co.,
BANKKKS AND BKOKKR8,
....
SnpDlled.
COMMISSION MERCHANTS,
LONDON, Head Office, 8 Angel Conrt.
SAN FRANCISCO Offlce, 422 California
NEW YORK
Tark.
»IIp,
ONLY
Olyphant
Transact a general Bauklng bunlness, Jsaue Com
merclal Credits and Bills of Kxctinnge, avHlIable in all
parts of the werld. Coltectinns and orders for Bonds.
Stocks, etc. executed upon the tnost favorable lerm'
BANKB«S
40
Old
Jobblncr Trade
Locomotive
(LIMITED),
DKTON8UIKK STKBBT
18
SODA.
New
Anglo-Californian Bank Hons Kong, Shanghai,
Stackpole,
Co.,
niANCHESTER
T H K
tOYestmevt Hecnritles constaDtTrnn hao4.
&
&
S1TPER-CARB01VATE
cisco.
Parker
stoek,
MANUPACrURERS OF
Manch ester. N. H
Receive deposits and transact a general banking
baslness execute orders at the N. Y. Stock Exchange
for Stocks, Government, State, Municipal and Railroad Bonda and Gold.
Dealers In Stocks, Bonds, Gold aiul
la
Street.
Fire Engflnes,
Capital, Paid up ra Gold, $5,000,000.
BANKERS,
Co.,
nnnnr
John Dwight
Laidlaw & Co.,
Municipal Bonds.
Widths and Colors alaays
SMITH,
WM. ALVOKD, President. TH0MA3 BROWN, Cash-r
B. MURRAY, Jb., Asst. Cashier
BANKERS AND DEALBB8 IN
&
all
W«. 101»
^
Tbe Bank of California, San Francisco.
Boston,
Brewster, Basset
supply
AeenU
PATNE A SMITHS.
do
UNION BANK OF LON DON.
New York. The BANK of NEW TOKK, N.B.A.
Bankers, London,
DKV0N8HIRK
Nevr York,
I
I
;
OBoEes U. Holt,
Member N. T. Stock Exchange.
WALL STREET,
fall
'*
and Inland, and makes Trans, ers of Money by Telegraph and Cable. Gives special attenclan to Gold and
Silver Bullion and Specie, and to California Collections and Securities aitd arranges to pay Dirldenda
on such securities at dne dates.
Oeo.AVm.Ballou&Co
8
United States Bantlnc Companr.
Issne Commercial and Travelers' Credits available
In any part of the world. Draws Exchance, Foreign
SinnONS' BUILDING,
BTR1PK8.'
Axesu
Also,
3,600,000
CHRI8TEN8EN,
GEORGE L. BRANDKR,
STOCK BROKER,
Omt. Wm. Bxumv.
'
(Invested in
C. T.
C. C. Jackson,
kind* of
•AWNJNO
$10,000,000 Gold.
U.S.Bonda)
BOSTON.
Boiton,
..
all
COTTON CANVAS. KKLTINU DUCK, CAR OUVBH
UIG, BAOHING. HAVENS DUCK, BAIL T» INKS
•C. " ONTARIO 8KAM1.K88 BAGS.
OF SAN FRANCISCO.
Capital, paid up.
H. Peck,
No. 7
Co.,
COTTON SAILDUCK
A
SANKER AND BROKER,
KXCHANGB
&
And
Bunks.
COKUK.SPOKDBNCE BOLlC tTEP.
F.
Turner
aecea-
The Nevada Bank
for entire Iuhoh allowed.
Ali/>w Interest on
all
DiEEirroas.— Benjamin A. Botu. Pres't: C. B. Lonit'
cope, W.J. Ili]t;hln«. K. A. Uiro, c.c. Baldwin, W.D
BotIB, Koh't IlrewsUir.
UKN.I. A. 110TT8. Prest.
B. F. WHKMH. (^H.hlnr
STKPHKN M. CUOSBY.
UlCK.
on
Cunlii.
Brinckerhoff,
Capital, «S00,000,
$500000.
I.
Commercial
ilble points.
Chartered In ISTO.
CAPITAI.,
UK Wi:OD3
tii
J.
PHILADELPHIA,
k W. DAYTON. 'OO Cbkbtmut Stbbst.
JOSEPH GILLOTTS
STEEL PENS.
StUlyattiUaltn thrnttlumt Ut ITm-U.
THE CHRONKJLE.
IV
Financial.
Financial.
UNION TRUST
NEW
OF
CO.
YORK,
-
rr
.
St.
$1,000,000.
.
.
Defaulted
KELEHER
AuthorizedIhy
by
or Trustee, aad
Ouardlan,
n, Kecelver,
li
New York
E. W. Clark
;
Interest allowed on Deposits, which may be made
and withdrawn at any time.
N. B.— Checks on this Institution pass through the
EDWAliD KING, rreeliXent.
aearlng-House.
J. M. McLban, 1«( Vice-Presiderit.
Wm. WHiTiwBieHT,
2d Vice Fresident,
EXECUTIVE COMMITTEB.
.
Samuel Willbts,
M. MoLXAN,
AreuBTua Soqxll,
J.
The Brooklyn
Trust Co.
& CUnton ats., Brooklyn, N.
Cer. of Montague
Y.
Company is authorized by special
c^arter to a< t
as receiver, trustee, guardian-, executor or admloUtrater.
It can act as agent in the sale or management of real
estate, collect Interest or dividends, receive registry
oai transfer books, or make [.urchaseandsaleofGovem*, tnt aid otiier securities.
Religious and charitable Institutions, and persocf
unaccustomed to the transaction of business, will fine
this Company a safe and convenient depository fo?
BIPLEY KDPES, President.
money.
MABVIS, Vloe-Pres
Edqas M. Citllbn, Counsel.
TBUSTEBS:
CHAS.
1!.
t.
J. B. Rockwell,
Henry Sanger,
John P. RBlfe,
Thomas Salllvan,
H.E. Pierrepont,
Alex. U. White,
Chas. K. .Marvin,
Alez.McCne,
A. A. Low.
Ahm.
HenryE.Sheldc.n
B. Baylla,
Dan'lChauncey, John T. Miirtin,
Joslah O. Low, Kipley Kones.
Austin Corbin. Edmund W. Corlles.
Wm.
BUNKKK.
K.
Serretarr
»VANTED
Alabama,
New
Sontli Carolina &. I.ouIeiana
State Bonds;
& Rt. Northern.
Orleans Jackson
and
ITllsslNHlppi reiitral,
ITfobile
Ohio Railroad Bonds ;
City of New Orleans Bonds.
6c
LEVY
BORO,
&.
36
STOCKS
WALL STREET.
BONDS
and
At Auction.
The
:
Chicago & Canada Southern Bonds and Stock.
Minnesota State Kepudlf>tcd Bonds.
Scioto Vallf-y t-allroad Vir. t Morfgage Bonds.
Kochcster State l-lne Railroad Bonds.
SALES
New Jersey Midland Railroad Bonds.
Atchison « Pike's Peak uailroad Bonds and Stock.
Railroad Ponds endorsed by Michigan Central KR.
Boston & New York Air-Line Railroad Ponds
&
Cincinnati Lafayette
Town * onds of ^ew
WM.
Chicago RU.
York
Coupon Bonds
OK
WEDNESDAYS AND SATURDAYS.
II.
nVLLER
PINE STREET,
No. 7
E.
S.
7
NEW
&.
SON,
YORK.
Bailey,
PINE STREET.
Mort. Bonds.
1st
Nkw
St.,
A
A LIMITED AMOUNT FOR SALS
Yo"k, November
14. ISTS.
OF THE ASSENTING
At io6
ncsB as may come Ocf ore the ii.eetlng.
By order of the Committee.
C. N. JORO.VN, Chairman.
VNSERSieNED
THE
CHASE,
and accrued
at par
following coupons, due July
SPJEClAf-TY.
GAS STOCKS
Secnrltlea Bongtat
Wall
of Two
Per Cent on the Common stock out of the surplus
earnings of the flscftl year ending May 31, 1878, and a
Dividend of Three and a Half Per Cent on the Preferred ^*tock from the earnlnga of the present fi-cnl
year, wl 1 be paid at this oldce on and after Dec 23,
Inst. Transfer Looks will close Mth Inst, and re-open
.«. L.
and Sold
MINING CO.MPANY,
Decembers,
NEW YORK.
CITY RAILROAD STOCKS & BONDS
'•
Peck, Gilbert
No. 16 Broad
St.
&
Co.,
(near 'Wall),
BANKERS AND STOCK BROKERS.
stocks bought and aold on the
NEW YORK STOCK
uf 3 per ctnt, if desired
ft margin
ntt«>ntton given to small and laiVe Investuteuts.
Anyiufoiniution glTtnpcnoaally or by mall, First-
clHt rafsreuLM
ttreet,
New
York,
THE HUKILL GOLD
Yobk, December
1,
ofllcc of
and after Tuesday,
17
BroAD
ONE
PElt
CENT
will
the Company, as above, on
Transfer books will
10th Inst.
on the 7th and re-open on the
S.
V.
OF THE
16th Inst.
WHITE,
Treasurer.
PLUITIAS NA-
/-OFFICE
^TIONAL QUARTZ MINING
New
BTBUItT,
1M8— The Twenty-First
Regular Monthly Dlvl.end of
Yobk, December
S,
CO., No. 77 CEDAli
Cedar
on and
after the
nth
the offi;c of the Transfer Secretary, No. 77
street,
Robm
THE SPRING MOUN-
TAIN COAL COMPANY, No.
25,
1678.-
A
Ill
Broadway,
all
on and
stockholilera of record
Dec.
10,
will
after the lO.h day of
Tho transfer hooks
New
Eeml-Annual Dividend of
THREE AND ONE-HALF PER CENT
this oflice,
1915,
FOK SALE DY
MARX &
Exchange Place.
CO., aO
&
Milwaukee
Paul
St.
SEVEN PER CENT. FIRST MORT-
GAGE BONBS,
AT 95 AND ACCRUED INTEREST.
A
limited
amount
for pa!o
KUHN, LOEB
by
CO,, 31 Nassau St.
&.
Decimal Lots
OF ALL ACTIVE STOCKS
rtKALT-lN AT THK
NEW YORK STOCK EXCHANQE
Bought and Sold on Margin.
GRANBERY,
-W H,
Odd
We
buy and
dealt In at the
14 Nciv Street.
Lots of Stock.
broken
sell
lots of all active stocks
New York Stock Exchange,
payiog
bidding price and selling at the asking price.
HEW SON,
KILBRBTII &
No. 11
Broad
tlie
CO.,
Street.
Wanted Mon ey
TO LOAN ON APPROVED SECDlilTY
IN
fOWA, NEBRASKA AND DAKOTA.
10
TO
12 Pkb Cent Guaranteed.
FOR
SALE.
A Choice lot of Lands in dltterent parts of the
West. Also, Western Securities. A Choice Investment. Address, for full particulars,
I>.
H. TALBOT,
General Land, Scrip and Warrant Broker,
Slonx City, lonra.
P.eforencc.— First National Bank. Sioux City, Iowa
&
Hatch
BANKERS,
No. 12
BUT
will
be paid at
December, to
on that date.
be closed from Nor. 30 to
both daya incluslTe.
A^•l)
81CLI,
GOVERNMENT BONDS, GOLD, STOCKS AN
MISCELLANEOUS SECURITIES.
A. H. Brown
&
Co.,
Bankers and brokers,
r W^all St., Cor. New, New Torlc.
INVEbTlIENT SECURITIES.
Special attention to business of country bankg.
Albert E. Hachfield,
18 WALL STREET, NEW ITABK
D2AL8 IN
First-class Investment Secnrltlea,
CITY BONDS OF ALL KINDS,
RAii.aoAO Bonds and Soutuzbh Ssctrunza or
AU. JlKSOBIFTIONS.
WANTED.
Southern Railroad Bonds, all kinds.
Toledo Logansport & Burlington Bonds.
Kansas PacIllcRallrua' Bo lUs.
Union & Logansport Be A]L
Indi«s.ap«U» & Yiuccnatt Soada.
:
WM.
H,
WOOD?,
Jk., Sssrttarj.
.
Foote,
WALL STREET,
15.
Transfer books will close on the Oth anil re-open on
the iBth Inst. By order of the Board.
A. P. MARSHALL, Transfer Sec.
York, Nov.
IN
1878.— The Dividend
TEN CENTS per share,
for the Month
upon the capital stock of the VLU,MAS NATIONAL
QUARTZ MINING COMPANY, has this day been de-
/^FFICE OF
BOUGHT AND SOLD.
Js^^Bi^l
Broad
1318.
/^FFICE OF
Bee quotations of City Railroads In this paper.
EXCHANtlK on
31
DIVIDEND N:. SS.
Tkc Regular Monthly Dhidenl of FIFTY CENTS
has
been
declared for November, payable at
per share
the office of the transfer agents, Wei s, Fargo & Co.,
65 Broadway, on the 16th instant.
Transfer books will close on the 10th Inst.
H. B. PAliSONS, Assistant Secretary.
Inst., at
BROADTVAT,
PAYABLE
'Ircosurer.
of November, of
L. Grant,
No. X4S
SYKES,
62
OFFICE OF THE ONTARIO SILVER
clared, payable, in gold coin,
H.
'
street.
CO.
INTEREST PAYABLE MAY AND NOVEMBER,
«
WESTERN RAILWAY (;OMPANY, No.
street. New York. Dec, 5 1378.— A Dividend
STiiKRT.
A SPECIALTY.
Brooklyn
Wall
CO.
CO.
PER CENT REGISTERED STOCK,
OFFICE OF HICAGO & NORTH-
be paid at the
BROAD STREET.
43
Interest.
BALTimORE CITY
5
:
A. ISELIN & CO.,
York, December 3, 1S78.
New
close
80
1878
1,
COLUMBUS & INDIANAPol IS RAILROAD COMPANY FIRST MORTGAGE.
COLUMBUS ft INDIAN.1POLIS RAILROAD COVPvVi:Y SECOND MORTGAGE.
COLUMBUS & INDIANAPOLIS CENTRAL RAILWAY COMPANY FIRST MORTGAGE.
Geo. H. Prentiss,
23.
WILI. PURInterest to date, the
and
1-2
DREXEL, MORGAN Sc
AUGUST BELMONT &.
WINSLOW, LANI ER &
.
Nkw
Stocks
Cash paid at once for the above Securities; or toe}
wil l be acid on cotnmlsaloD. at Heller's option.
Boom
ot $500 to
N. T.
Mortgage Bondholders of llie New York &
Oswego Mldlana Kal road Company if hereby called
for TUESDAY, Dec. 17, IWS, at the Delaware & Hudson Canal Com any's BuildlnL', co
Cortlandt aod
So. Church sts., this city, at 11 o'clock A. M., to accept
or reject the "PropoBea Compromise of Difleiences
between the Holiers of Rt-crlvers' CcrtUlcatcs and
the First Mortgage Bondholders," and to mai^e such
modincntlnns in ihe Bondholders' agreement, made
May 14, ISIS, as may be rccessary. ir the "Propose i
Compromise" Is approved, and for i^uch other busl
& SILVER MINING COMPANF,
Dealings In
Insurance
Sums
In
$l,0eO, Convertible at any time
Into Registered Stocli.
ctate.
flTLEV, 31 Pine
it.
AlTIEETIiVCi
of all classes of
STOCKS AND BONDS,
ADRIAN
YEARS TO RUN.
30-50
Township i^onds state New .Jersey, issued to IfR.
City, County and Town Bonds of Western States.
Northern I'aclllc KK. Bonds and Preferred Stock.
30th Inst.
REGULAR AUCTION
hold
niiaersig:ned
Interest Payable
United States Gold.
in
First
TbiB
and
Principal
FOR SALE:
Wabb
H. OGILVIE, Secretary.
J.
&
Railroad Bonds endorsed by Peon. Kallroad Co.
Wm. Whttswkight,
£. B. WKsiJtT,
Geo. Cabot
Q. G. Williams.
& Co..
W^.^NTED
Is a
FOR MONEY.
LEGAI. DEPOSITORY
4 Co., Ppeyer
Phlladelpliia.
References.— Messrs. Clark, Dodge
Co.,
law to act as Executor, AdmtulBtra-
tor,
Sinking Fund Bonds.
CO.,
Sc
AXD BltOKEUS,
ST. LOVIS.
PER CENT CONSOLIDATED
BANKfcRS
Transfer Agent and
of Stocks.
5
furnished.
P. F.
Rcg^i!«trar
CITY OF NEW YORK
Bonds.
Municipal Defaulted Bonds.
Holders and dealers would consult their Interests by
conferring with us. Reliable Information cheerfully
HAS SPECIAL FACILITIES FOR ACTING AS
XXVIL
Financial.
Special attention given to Compromising. FnndlBg,
Buying or Selling Missouri County, Township and
No. 13 BroadKvar, Cor. Rector
CAPITAL,
[Vol.
toniae
HUNT'S MERCHANTS' MAGAZINE.
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UJnITED STATES.
VOL.
27.
C
SATURDAY, DECEMBER 7, 1878.
ONTE NTS
greenbacks on the gold
THE CHRONICLE.
Resumption aud tha Gold Specala-
Report f the Comptroller of the
Currency
588
Latest Monetary and Commercial
<
5"
tors..
The Finances and the Treasury
Department
573
Financial Kt-view of November.. 579
The Debt Statement for Nov.,i873 581
Department Reports— Report of
the Secretary of Treasury
562
Enslish
News
Commercial
.
597
and
MIecellaneoas
News
Money Market, U.
S.
Securities,
5(18
the
i
Quotations of Stocks and Bonds. 601
Investments, and State, City and
Corporation Finances
60i
601
604
603
Breadstuff 8
1
the latest
Imports, Receipts and Exports.
. .
609
610
news up
to
on Satur-
midnight of Friday.
IN
ADVANCE:
I<onclon OfBce.
ofBce of the
Chronicle
where subscriptions
will
is at No. 5 .^nstin Friars, Old Broad
be taken at the prices above named.
Advertisements.
Transient advertisements are published at 25 cents per line fer each insertion,
but when di-Iinite orders arc j^iven for live, or more, insertions, a liberal discount is made. No promise of continuous publication in the best pl;ice can be
given, as all advertisers must have equal opportunities. Special Notices in
Banking and Financial column HO cen's per lin-j. each insertion.
WILLIAM B. 3AJIA,
WILLIAM B.
& CO., Publishers,
JOBN o. TLOTD, JE. f
79 St 81 William Street,
YORK.
DANA
I
NEW
Post Office Box 4592.
igS~
cents.
A
neat lllecover
From
less.
informa-
by no means abandoned, but simply for
at rest, with the
hope of widening the
circle
of lenders, while at the same time interesting a
enterprising Congressmen,
who
few
shall, as their contribu-
two at
Washington.
is
all
very ingenious, but
the conditions of our currency problem are such that
the venture cannot fail to be a losing one. In the first
For One Year, (including postage)
$10 20.
For Six Montlis
do
CIO.
Annual subscription In London (includine; postage)
*2 6s.
Six mos.
uo
do
do
1 7s.
Subscriptions will be continaed nntil ordered stopped by a written order, or
at the inifutcalion office. The Publishers cannot be re&pousit>lc for Remittances
unless made by Drafts or Post-Offlce Money Orders.
The London
nothing
This combination of forces
I
TERMS OF SUBSCRIPTION-PAYABLE
Street,
is
it is
believe the plan, although apparently
tion to the partnership, give a disturbing vote or
Dry Goods
The CoJiMERCi.*L AND FINANCIAL CHRONICLE IS issued
day morning, with
moment
we
I
THE COMJIERCIAL TIMES.
Commercial Epitome
Cotton
such a conspiracy, for
relinquished,
I
Railway Stocks, Gold Market,
Foreign Exchange. N. Y. City
Banks, Boston Banks, etc
599
702.
drawn from the Treasury,
would be a very powerful lever, if enough unscrupulous, greedy lenders could bo found to act as tools ia
tion received,
THE BANKERS' GAZETTE.
NO.
When
furnished at 50 cents; postage on the same
Volumes bonnd for subscribers at $1 50.
is
place, the week has proved that neither the silver men
nor the inflationists, as a party, can be led into legislation simply irritating.
But, independent of that, the
position of the Treasury is far too strong for these speculators, 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 Treasury'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.
is 18
these enterprising speculators begin to
the Secretary will, of course, give them
requiring, however, that they shall
RESUMPTION AND THE GOLD SPECULATORS.
certificates
carry
are no longer available.
which they
all
draw,
they want,
it
off;
gold
Then comes the
have to solve for
where or how
the first week's proceedings in Congress. A fear, lest
The
shall
keep
it
bank
we
?
vaults
are
not open to
disturbing legislation might be attempted, has for weeks
existed.
The end proves, on the contrary, that a very them. Of course, a few millions could be easily disposed
conservative spirit prevails, and Mr. Sherman is left in of; but as, day after day, these accumulations increased,
control of the situation.
To be sure, the Silver bill, a such possessions would become a very embarrassing burlegacy of the last session, is still in operation but even den, and one that must lessen rapidly the eagerness of
But little time, we think, would be required
lenders.
if the Secretary's recommendations on that subject are
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 connection,
Increased confidence in business circles
is
the result «f
interesting question,
themselves and for those
will
who lend en
it
—
;
suggestion in the financial column of the
World
to those who are invited to lend moiey
newspaper
one after another, to a quiet and easy return to a specie
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 conreferred 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-
Thus the progress of events removes the hindrances,
over a great
many
times,
by borrowing each
time
also, the recent
ject of resumption.
The
stated object of the resolutioa
THE CHRONICLK
578
[Vol XXVU.
a very desirable one, and yet there is an additional ad- not uniform, but only recent, after an increase during
vantage in the Treasury adopting the suggestion which two years; it is by far the heaviest item of decline, that
in customs being small, and is ascribed by the Secretary
was not mentioned. The resolution was as follows.
ReMiwd, That in view of recent developments at the New to the agitation about the proposed reduction of the tax
York Custoui House, resulting in a, large claim upon one of our
oldest and most respectable importing houses for duties declared on spirits and tobacco; nearly seven-eighths of the
unpaid upon goods delivered to said nrm, 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 one-eighth on the latter. As to other items, it is
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 importers to pay duties in certified
customs
and
internal
revenue, are taken from the
checks upon banks of this city to be approved by the Collector.
ia
the much-abused banks which grievously
oppress " the people " pay to the people's treasury far
complained of is one of long standing; the
remedy proposed is very simple, and, with specie payments restored, any objection to its adoption seems to
be removed. Furthermore, is not the change especially
schedule,
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.
ditures
The
evil
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
desirable, after resumption, as a step in the process
of making a closer connection between the Sub-Treasury coin sales, always on its merits an undesirable item, is
system and the commerce of the country. For a diminishing, and, it is to be hoped, will never reappear
merchant to be compelled to actually procure the in a finance report. The only material increase in expen-
If through the Clearing-IIouse, on the
ment
balances
of
with the
was paid
balance dae
movement and much
that
trust
the
in,
only
it
less
of
the
We
Congress will be early
also like to see one
We should
Other items
—
is
readily intelligible
as
ex-
particularly the military, which
—
show a reduction
and, although the decline in the figures of our national
budget is not large, it is gratifying to note that steps
includes the river-and-harbor nuisance
towards a healthy economy, though short, are taken.
Of
would be a very small
onerous to commerce.
attention
called to this subject.
general settle-
Sub-Treasury,
and
in interest,
is
plained.
course, the interest of the report centres in
what
says on the subject of resumption, to whiuh the larger
portion of space is given.
year ago, on the suppoit
A
sition that the legal tenders
would be no more than 300
by next January, the reserve of 40 per cent,
necessary
deemed
for resumption, was stated to be 120
funding of our bonds different dates of interest payment
millions;
but,
after
the anti-contraction bill of last May,
should be introduced, so that as the taxes go in, month
the
reserve
requirement
was necessarily raised to 138
Certainly, no
after month, the interest could go out.
millions.
the
of
At
end
the net available coin was
1877,
good purpose is served in keeping locked up in Govern63
millions,
of
which
15
and
25
millions came from sales
ment vaults, a moment longer than absolutely necessary,
of
and
per
cent
4
bonds
respectively,
the remaining
4^
the capital which is abstracted from commerce to pay
23
millions
having
accrued
by
surplus
receipts.
On the
Government.
the interest and expenses of the
11th of April, the memorable contract for 50 millions
TffE FINANCES AND THE TREASURY DE- 4^8 for purely resumption purposes was made, and the
other change introduced, and that
is,
that in the further
net proceeds, 50^ millions, have been paid in; 65 mil-
PARTMENT.
No
millions
Secretary of the Treasury, since Mr. Chase, has
occupied so prominent and responsible a position as does
lions 4^3,
and Z0\ millions
sumption, and on
48,
November
have been sold
in all for re-
23 the net coin reserve avail-
and able was $141,888,100, which will be somewhat reduced
which is given in full elsewhere in this by interest payments on the 1st of January. Referring
sensible report
paper does not command closer attention than such to the arrangements already announced between the
documents usually receive, it will be only because the Sub-Treasury and the banks here, for avoiding the friction
tenor of it and the principal facts presented regarding of collections and working in harmony, the Secretary
the present Secietary; and
if
his clear, well-writt«n,
—
—
the financial condition have been already made public
from time to time.
The report opens, as usual, with the schedules of actual
with truth, that every step
states,
in
preparation
for
resumption has been accompanied with increased business and confidence; that the accumulation of coin,
and expenditures, from which we instead of increasing its price, as feared by many, has
steadily reduced it; and that the present condition of
select the principal items and compare them as below
trade and commerce, the ample reserves, and the general
•with those of the la«t two previous fiscal years.
confidence inspired in our financial condition, seem to
EBOKlPTa.
atjd estimated receipts
18T7-7S.
Customs
1876-77.
1875-7«.
$130,170,680 $130,9JB,493 $148,071,994
InternitlreveBae
CIrcQiaiion and depof'its of nal'l banks..
&c
4>irtom8 fe
I. finee,
Premlam on
ciiln Bait*
Proflisoucoinase.
110,5^1,625
6,4ii3,0'iS
118,630,408
1I6,7CC,7SJ
7,079,531
7,3'.'8,573
1046,861
1.014,713
183,797
317.102
841,581
3,723,546
1.690,762
3,273,t'39
1,741,118
$257,763,879 J269,000,686 $287,484,039
Total recelytl
EXPSZfDITURES.
51(i,5tl,.323
$15,791,188
Civil..
27,137,019
27,963,7.^2
PcnfioDB
4,62!I,S60
5,2?7.n07
Indinn*
l.S8),7.,9
1,529,217
Foreign IntPrcoHree
32,ie4,I43
37,082,736
MillUry, IncIndiBg river and harbor
Naval
MlecelUn'e. Includ'g revenue collecting.
loterett
Total
i8,S57,39i)
B,''i6:i.568
1,410,542
38.070,883
i:.365.3(il
14,V5'(,935
35,39:,lfi4
39,2iS,lI9
4SHI5.872
102,800,875
97,1J4.512
100,3(3,271
$a:M,964,327 $i33,660,0U8
These comparisons need
$17,S?.2,549
little
18,963,310
$
il6,S90,550
The
comment.
con-
tinnons decline in customs corresponds with the well-
known
decline in
imports.
The
decline
in
internal
revenue receipts (which were $110,545,154 in 1S74-5)
is
we are prepared to commence
and to maintain resumption on the Ist of January.
But many will very likely say that to begin resumption is easy; the difficulty will be in making it permaHow, then, is the gold coin hoard to be mainnent.
justify the opinion that
tained ?
We
since; but
words
will
fully discussed this question two weeks
upon this important point the Secretary's own
do him the fullest justice:
to sell any of the bonds described in the Refunding
act continues after as well as before resumption.
Though it may
not be often usetl, it is tssential 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
United Statts notes mnst, howreserve already accumulated.
ever, be the chief means under exi.sting law with which the
department must restore coin and bullion when withdrawn in
The notes, when redeemed, must necesprocess of redemption.
sarily accumulate in the Treasury until their superior uso and convenience for circulation enables the department to exchangu
*
«
•
•
«
*
them at par for coin or bullion.
The power
Dkcbmiimi
THE (JHttONlCLK
7, 1878.
The current receipts from the revenue are sufllclent to meet
the current expenditures, an well as the acrruinff intercut on the
Authi)rity IH conferred by tlio Uufundlnf^ act to
pul)lic debt.
redeem per cent iKinds as tliey become ro<leemal>le, by the tiroThe
cee<ls of the sale of boudH bearing a lower rate of interest.
United States notes nideemed under the Kesumption act are,
therefore, the principal means provided for the purchase of bullion or coin with which to maintain resumption, but should only
be paid out when they can bo used to replace an ecjual 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
In daily business, no distinction need be
sources of revenue.
made between moneys from whatever source received, but they
may properly be applied to any of the purposes authorized by
No doubt, coin liabilities, such as interest or principal of
law.
the public debt, will be ordinarily paid and willingly received in
United States notes, but, when demanded, such payments will bo
made in coin; and United States notes and coin will be used in
the purchase of bullion. This method has already been adopted
in folorado and North Carolina, and arrangements are being
perfected to purchase bullion in this way in all the mining regions
of the United States.
579
that the European nations singly, yet unanimously, declined to bo 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 oa
trying
it.
If space permitted, attention
would b« due to other
topics in the report, with regard to which the statements
and facts are equally satisfactory and reassuring. We
may, however, sum up the situation by citing the testimony of the London Timet, which, commenting upon the
meeting of Congress and the documents submitted, says:
"Both abroad and at home the prospect is most encour" aging, if the national finances could once more be es" tablished on a secure foundation. The dealings with
" the debt are satisfactory, and could the currency be
" brought back to a hard-money basis and cleared of the
but
the
need
be
added
nothing
statement
To this
remark that the acts of June 8 and July 19 last, author- " complications of silver coinage, there would be no
ize the receipts of gold coin or bullion on deposit, and " reason to question the prediction that the United
the issue of certificates therefor, at any mint or assay " States are entering upon a new era of prosperity."
office, and that these previsions will undoubtedly do
REVIEW
NO
FINANCIAL
OF
VEMBER.
Treasury the product of our
figures have repeatedly
November was a comparatively quiet month, and a
shown, has been staying at home of late instead of going more henlthy tone prevailed in financial circles at home
abroad. The maintenance of the coin fund by the sale and abroad. There was a decided recovery in London,,
of bonds is, however, a quite different thing from main- and on the 20th the Bank of England rate of discount
much
to
minws,
draw
into the
which, as
the trade
by the exchange of accumulated notes for was reduced to 5 per cent from 0, at which it had stood
This last is the veritable parity since October 14. In home affairs, by far the most
of notes and coin, and of course the parity will maintain important event was the occurrence of the general elecitself so long as it exists; but if it should cease to exist, tions on the first Tuesday of the month, as the financial
the Treasury can no longer effect the even exchange- question had been made more prominent than any other
ability of notes for coin wherewith to make good the issue, and the result of the elections was generally
taiuing
it
coin, dollar for dollar.
depletion.
Is
it,
therefore,
quite
exact to say
that
United States notes must be the chief means for keeping good the store of coin ?
We have not space at present, nor is it necessary, to
comment at length upon what Mr. Sherman says on the
He gives uo countenance to the idea
subject of silver.
of making room for the silver dollar by withdrawing
small notes, but argues that in order to give practical
providing
effect to the presumed intention of Congress
—
accepted as a present defeat of the inflation or repudiaIt must be conceded, however,
tion element in politics.
some localities the greenback movement showed
unexpected strength, and it would be a rose-colored,
view of the elections to conclude that henceforth opposition would be withdrawn to a rt-turu in good faith to
specie payments, with a dollar which should pass at itftpar value in the markets of the world. The New York
Clearing-IIouse banks resolved to discontinue gold
accounts after January 1, 1879, placing gold and greenbacks on a par, and to receive silver only as a special
that in
a silver coin for many every-day uses without banishing
the established gold coin of the country it is indispensable to limit the silver coinage or else to make its bullion deposit.
In writing of the possibilities of financial legis.
value equal to that of the gold dollar. Hence he argues, lation at the present session of Congress, we recently
with a cogency which is unassailable, that the ratio of summed up the contingencies substantially as follow^,,
the silver dollar be changed or that a limit be set to the naming them in the order of their apparent probability:
—
coinage, suggesting 50 millions as such limit; meanwhile he will redeem in this city, as directed by the
Resumption Act, after January 1,
" with either gold or silver coin,
all
notes jjreseuted,
1.
That the currency laws, including the law for the coinage of
may remain substantially unchanged. 2. hat the limitaon the coinage of silver may be reniovd, or the aiuoont
silver,
tion
'I
authorized per month largely increased: (or trade dollars made a
by the legal tender). 3. That the silver law may be repealed, leaving
only coin payable in amounts over $3. 4. that
" holdtr, but reserving the legal option of the Govern- gold as the
greenbacks may be issued in place of national bank currency to
" mcnt " this option evidently meaning the reservation be retired. 5. That the issue of unlimited greenbacks may ba
as
desired
—
forced to do so by circumstances; and
he will pay out notes for all demands whatever, unless
Inasmuch
the holder of coin liabilities demands coin.
to pay silver
if
as alteration in the bullion value of the silver dollar, if
attempted, would have to be, under present circumatanccs, r.newedly made, the limitation of coinage is
authorized for the payment of bonds and for great public works,
&c.
There was a decided recovery in United States government securities and an active business in these and
other investment bonds at the Stock Exchange, where
the total transactions, compared with previous months.
Were as follows:
and would answer the purU S OoTPrnment bonds...
pose nearly as well as the suspension of coinage we have Stale hoad«
Killroad i)ond»
already ur-ed. But in saying that, "it appears from BanljBtocks
ihareg.
" the recent Conference at Paris, invited by us, that KaUioadandmi«ccl.»tka, "
much
the belter
course,
October.
Novfmhtr.
18,0 it,li;0
4fl.U0)
t7,f*.1.700
$T,«»7,'>58
}1U,7:)T,XI'0
SH.O'O
4,»o«.U<X)
5,l-:i,100
<ll,lOO
7,183,IP0
I2,S73,«00
1,4«
644
1,881
3,4HI.0J3
3,009,18«
4,418,154
Augusl.
Btplember.
73I,»I0
l.iMT
l,G8d,ia»
The following summary shows the condition of the
"other nations will not join us in fi.ving an international
" ratio, and that each country must adapt its laws to its New York Clearing-IIouse banks, the premium ott
" own policy," it seems to us Mr. Sherman makes a state- gold, rate of foreiga 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:
THE ('HKONICLK
580
BUMMART OK OB ABOUT OBCEHBER
BTATIBTIOAL
18TB
1,
TO
1877.
286.4i!8,4rO
83«,429,600
13,321,000
18,110,300
196,981,500
40,579,800
9,663.425
1875.
1876.
New
York City Banks—
Loans and liisccnnts.
|>
.
$
Specie
Circulat ion
$
Net deposits
Legal tenders
Snrp. reserve (over 2S ^)S
,
22,967,400
20.007.100
206,797,200
41,275,700
13,j43,3C0
256,689,700
ao.481,100
271,006,500
15,157,&01
18,750,600
14,9.^2,30O
207,322,1100
210,663,.500
39,825,700
8. i77,3U0
45.680,200
8,171,^75
Honey, Gold, Exchange—
Cflllioans
6-20 bo'ids, '67, c up..
.
109
55d
4 62
8-5
6-7
llaif
56Jid.
4 83>f
I06;i
109X
115%
\Vl\
118X
120'^
10)
10)
181
113>i
122
113
lOJJi
16
coupon
107 Ji
104 >i
4s of 190V, coilpon
K0>4
1891,
3-7
5-6
102 Ji
54d.
4 81>,-
100>i
5D ll-lt)d.
4 82
68, currency
10-40S. coupon
4K8.
4-7
5-6
3-3)^
4-6
,
Primcpaper
Gold
Silver in London, ^ oz..
Prime sterl. bills 60 days.
United S'at-e Fonds—
Lakes.
&
& Hud
Micliigan Central
Chic. Kk. Isl. &Pac
Illinois Central
Chic. & Norttiwest. com.
Chic Mil.
&
com.
St. P.
Del. Lack &, West
Central of N.J
Merchandise—
Cotton, Mid. Up..
Wool. Am.
XX ^
56
7«H
v-a
85
99X
72X
35X
3i«
4'i>tf
50)i
20>i
6aji
119>,(
13X
34X
lOlX
lb..
spirns,!* bu
|i bueh.
hhl
^
30-36
33-48
36-46
18 00-80 00
1 89H- 1 31
21 ix:-22 00
121- 1 33
59-84
13 50-13 65
51-61
I6 70-16 87X
00
41S4-47>i
7 40
1
109
ir9
.109
21....,
IS....
63....
24....
J5....
iS
.108%
The
106«
....
103K
.„,
^0-.%
lOSJf
•1-;
107Vi KOJi
107J< 105J4
im^
....
104X
103%
....
iC5;i
...
:
mx
ICOV
....
....
i2i«
„
7.
.100
107^4
105%
....
....
....
)C7K
107%
lOTH
WHfi
104 J4 lOCJi
105>,-
ICSf^
104X
lOB
103X
....
103>f
104X 100J<
.... 106%
109% 103« 106%
.
.
106
....
Date.
35>i
Nov.
for
5-20,
Mouey.
1S67.
....
...
141%
105
....
„
104 ,V IOJ14
....
^
Consols
10-40
Date.
Holi day.
»4'il-i6 108% 108% 106% 10b%
8.
13 1-16
94 13-16
95 5-ie
95 X
43-43
23 00-24
..„
lOO.li
Day
Thaiiksgivine
...
181V
.
107,S 107%
10;% 107%
..
....
... 106
107>f
8.
107Ji
.109
.io?>.-
lOTH
105%
109X
I08K
0.1
20- 1 28
64-75
21 25-8! 25
1
96%
93
93
8% 108%
I'
m%
108%
10S%
10i% 109%
5-16 109% 101%
7-11 109 J, 109%
my,
S..
.5-81,
10-10 58 of
1867.
1831.
Nev»
4%9.
m\
.
Open.
103
^5%
109% 108% xlOli
95 15-lH 109% 109% 103% 106>i
109
96%
10314 106%
conspicuous for any extraordinary
items " loans and discounts" and " de-
II,
for
Mouey.
Nov. 20 93 11-16 108% 109% :OSV 106
"
21 93 13-16 10.-)% 1(W\ lOSJrf 106
"
22 96 6-16 ItiHH I09X 108% 106%
" 23 96 1-16 MH-n, 11)9 ?i 10.S% !0i%
" 24
s. .,
•'
25 96
'.Of-S 109% 108X i08%
"
8(1 9i
1-16 lOJ^ 10,4% lU^i« 106%
'
27 1,6 1-16 1U8« IW^ 10H»ii 106X
'•
28 95 I5-lh IIWK
108 Ji 106%
" 29 98 1-16 10-% my. Ii'HNf 106%
" 30 96 1-16 109
no 109 107
..
93 5 -lb 108% 109% !08 '106%
95 7-16 lllj% I0»% 107% 106%
9i i5-:e 109
109% 10-X 107-
were not
changes.
lOOK 121X
107>s
....
i07>s
17...
BANK MOVEMENTS AND TUB MONEY MARKET.
The movements of the New York Cleariiig-House
banks
Min'hiiimkiioiii'wtH
107«
109
109
....
6<.
cur-
lOTH 107« 105J<
....
....
106>i
Consols U.S.
943S£
38 X,
n%
106^
....
....
.
105X
36
16 0J-I7 00
108 Ji
I09>i 103
109
.109
,
.109%
.... IC6% 1091/5 107% 107k 106"-i
100% 122
.... 105'i
.... 122
107ji 106%
OpenlnglOS!^ 108!i 103% 103>^ 10?% 101'^ 101M xlO^ lot
104
ICO
181%
Ulghest.l09?i li.9>i im'4 106^i 10DJ4 107a£ 107% 106% 104)i 10>« 100% U2
Lowest.. 10-II4 10 -.js 103% lOo'/i l/8.><r 101% 106% 105 XU«< 104
100
121%
Closing. 109 >4 109>,' 103% lOe.V 103% 107% 107% 106%xi0l% 103% 100% 122
'closing pricks op CONSOLS AND U. 8. BECUBITIKS AT LONDON IN NOVEMBER.
52
4:iJs'
11 5 16
»....
Corn, West, mix,
Porkmes",
1(2
63V
83X
«
Iron, Am. pig No.l,^ ton
Wheat, No.a
105H'
lOSf
S9^
71X
103M
—
5s, '81. ,-1Xs,'91-, 49,
coup. coup. reg. coup. cou.
'".'.'.'''.'.'.'.
'ioeji'ioii^
.108X
10- 10s
reg.
18B8.
29...
30 ...
18«
59
'65 n. 1887.
"'.;.'
18
19
20
es.
69
68 >f
lll!K
Midi So
coup.
reg.
10....
11....
18....
13....
14
15
16....
J7....
Sail Old SlockiN. Y. Cent.
Erie
—
^"8, 1881-, ^5-aOe, Coupon-,.
1878.
Nov.
1S73.
[Vol. XXVIl,
.
94 ll-Ki i08;.<
5-U: lOt'.^
Highest 96
Lowest
108K 106% 105%
10
199
107%
106% 10)%
ma
11-16 il'BS,Closing 96 1-16 109
110
1)4
109
xl07
1'8% 109 3i
97 I!-1H 109*!; lllH lon% 107%
°i\'^
showed a decline of considerable amount;
93 13-16 108K 109%
|l 93 13-16 105% 104 103 Ji 10i%
S^
bat this was probably incident to the natural trade
RAILROAD AND MISCELLANEOUS STOCKS.
movement of 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@2J per cent, and very October. Prices were generally steady, with exceptions
choice short paper sold at 3^@4 per cent.
from this in regard to particular stocks which were inNEW YORK CITY BANK STATEMENTS IN NOVEMBER.
fluenced by special causes thus the Northwest common
AVw. 2.
Noz. 9.
JVot;. 16.
Nov. 30.
Nm. 23.
%
and preferred stocks, by the prospect of dividends in
Loans ani diec'ts. 544.511,800 240224,200 2.37,615,.",0-| 234,917,700 23',4384<10
Specie
24,141,100
25,405,400
23,414.400
22,9^7,400
December; the coal stocks, by the expectation of a
2tv373.200
Circulation
..19,904,3
li',96I,9no
2 ',007,000
19,905 400
19.909.400
Net deposits
break in the anthracite combination; and Western Union
815,413,400 210.7.«.6'n 809,752 100 £07,184,800 ;06,7»7,S0
Legnl lenders
40 219,0i)0
39,1,55.400
40,5f8.2 O
39.986,200
41,275,700
Sur. res'vc over 25S. 10,502,250
Telegraph by the varying rumors as to the distribution
I2,844.S0i)
12 903,575
12.206,400
12,513,8J0
Rangeof call loans. 4 ©6
4 @5
3 @5
3 @4
2X®4
in some shape of a stock dividend.
Rate of prime paper 5 tas
4>4@5i/i
5 ®6
4 @''/i
4,'i@6
The following table will show the opening, highest
KOUEIGN lEADE OF TIIK UNITED STATES.
lowest and closing prices of railway and miscellaneous
The total figures of the foreign trade movement of
stocks at the New York Stock Exchange during the
the United States have been reported by the Bureau of
months of October and November:
Statistics up to the close af October, and were published
RANOE op STOCKS IN OCTOBER AND KOVEMBHR.
95 13-lti
posits" both
!«
%%%•%
—
^
.
..
November 30, on page 5^3. In Railroad Stocks
October and for the ten months the total movement of Albany & Susquehan.
Bur. C. Rau.A North.
Canada Southern
specie and merchandise was as follows:
Central of N .lersey.
October
^Janva^y 1 to Cctober:il~^ Chicago & Alton
pref.
1W3.
do
1877.
18:8.
1877.
Exports
Chic. Burl. & Qnincy
$622,428,530
J6I,7t5 903
$530,384,340
J6 s530,"36
Chic. Mil. & St. Paul,
Imports
40,8 4,079
43,761,5r9
387,7r4,7-,g
4.33,192,902
in the Ciikonicle of
.
,
lExcesB of experts
over imports.... $2.5,616,657
$:8,C2I,324
$234,653,751
There was an unusually active business in inveslment
bonds and a large advance in prices during November,
although in this month a heavy demand for investment
The sales of railroad bonds
is not often looked for.
were particularly large, and amounted to 112,8.3,600
at the Stock Exchange, against $7,163,400 in October.
The sales of government securities amounted to $10,appears by a
preceding table, where the sales of stocks and bonds for
four months past are compared.
good part of the trans-
A
actions in railroad bonds were undoubtedly speculative.
CLOSINO PRICKS OP QOVERNMENT SECURITIES IN NOVEMBER, 1878.
^68, 1881-, ^6-20s, Coupon-^
10-40s
5b,'81. ^4^8,'91-^ 48,
.
Not.
rei.
S
couji.
lObJi
1
....
lOSJi
106«
1863.
ioiii
68.
cur.
'.'..'
108>i
1083i
lOSJi
'.'.'.'.'
'.'.'.'.
''.'..I'
low
.... 107)i 107
lOlJi 104X 10 «.
I07K 107V lO-.Jj' t04f4 lC4?f lOOK
106ii 109
lOBJi
.... 107>,- 10;-};i lOoJi U.141/2
.... lOOX
.... 10;j« V.6H 109
.... 107^ 105>i 104>i
Iii6?i
1083<
....
108K
...
Chicago
& Rock Isl'd
& Ir.d.
22%
*83%
•112
..
33
81!4
29%
80%
3%
4%
55%
60%
43%
51%
63
63
58
15K
*3i%
8;%
i'4
60
35
& Nashv
.
Michigau Central
& Texas.
Morris & Essex
Nashv. Chatt. &St. L
.
.
Mo. Kansas
New Jer8f.!y
New Jersey
.
. .
71%
3%
1
113%
N. Y. E'evalerl
•79
P.W.&Ch.,gua
.
121X
do
pref.
....
••.•
St. L.Iron
Mt.& South
* Price bid.
t Price
•93%
100
72
•4
6%
a*ed.
S2!<
21
43
39
23
77/,
2i!4
•39V4
31%
82
2.^%
•78%
112
111%
31%
67%
67
721,
41V4
41%
48%
31%
36%
110
30%
6S%
40%
72%
lioif
35%
7m
46%
77%
74%
115!i
118%
31%
82%
•4%
33%
30
117,%
33
3314
81%
•81%
uy.
19%
10%
28
22%
ai
S9
15%
"K
13%
40
1S6%
14%
74
79%
30
64 M
35
65
»'4
79
S9
127%
12T%
iii'
101
85
4%
14%
13%
39
70%
71%
83
186%
4%
33
31%
135
1-1%
llJii
70
•35
70
51
tdl
78
5%
4%
bK
45%
46%
10
65
B5
li-X
19%
20%
18%
31
32
31
14;,'
39%
138
16%
41%
li2%
118
138
133
80%
74%
12,%
10^
70
70%
67%
S3
69%
39
70
J5%
4«
7%
•80%
84%
S)
•28
30
....
128
129%
111%
118%
99%
101
2
5
13%
+3'.
155',^
•158%
7%
v%
13)4
ISOV
....
9IJ%
lOU
9<%
5
7%
•79
159
.i«
•120
97>4
95
162%
8%
16%
121
100%
100
•2
•5
13%
3i
79%
12%
81%
111%
11534
52%
1%
85
N.Y. N. Haven & IL. •158V 159'/.
Ohio & Mississippi...
8%
8^
pref.
15
ao
124" ^24%
Panama
Rensselaer & .'!'ara
Alton iSs T. H.
t30
74%
81%
Southern
N.Y.Cent.& IIud.Riv
80
n8%xll2% Xll5%
4%
...
Louisville
114
"4 14
118%
136
.
•80.%
81%
*10J% '102%
36%
68%
Kansas Pacific
Lake Sh. & Mich. So.
Illinois *;entral
113
79%
104
103
42%
41%
71^
13%
pref.
81
S9%
do $4 assess, paid..
do pref
do |i assess, p id..
St. Jos.
21
•80V4
61
Erie
&
t25
&4
32%
84%
Hannibal
....
3614
6Sy,
31%
xf,8
Cleve & PittsbV, guar
Colnnib. Chic. & I. C.
Del. Lack. & Western
Duhuque & Sioux O.
do
do
Harlem
do pref
2J%'
3'%
1I14J4
Novo;mber.—
High. Low. No 1.30.
.
1.
8i
"
.36
33
St. L.
12!^
1.
Cleve. Col. Cin
Pitts.
im^ioiji'ioiii'ioVH'
Election Holiday
7
».
,
s
'.'.'.'.'
6
8
—
reg.
....
s
il' !y^'.mii'ibiii''
6
—
coup. coap. leg. cou,.. cou.
104
106X 106;ixlOb 101
101
100
105
104
lOoJi lOS>i
't6n. 18B7.
do
pref.
& Nsrthwest
pref,
do
$97,191,438
INVE.STMENT SECURITIES.
73'7,600, against $7,487,650 in October, as
do
Chicago
Octol or.
High. Low. Oct. 31. N,v.
'79
83% SO
.
Oct.
•34
SH
63%
77'
)1¥
6H%
tlO
69
4%
7
79«
80%
SO
121
1J<
110
to
1-.9
6%
1%
111%
D5
•160
7%
14
1«
97«
122%
lUO
1(10
4
2%
9
/'^
IIX
16%
14%
83 >4
140
IB
Dbcembrr
THE CHRONICLE.
1878.]
7,
October
,
do prof
do
9t.
*
I,.
CAN
Kant.
St.L<>iit>
Oct.l.
4H
Low.
BU
4H
nV
tOJi
Frmn
S.
Wabiuh
Wii
18K
l.SX
aO)i
1.
'H
*><
<>
1
if>H
)K
»H
8H
*H
MK
SB
»H
Vi
»M
8x
.
Low.Nov.TO.
Illch.
*H
8jj
MV MK
is;<
Nov.
tH
IM
S
8
i}i
8
Oct.fl.
SJtt
»)(
do
prof
do
Iftpef
Union rsclflc
Novtmbfr.
*
Hlifh.
ll^
SO
(MM
6«V
6^^
tSV
\7fi
IBJi
:»;<
3Sh'
ICJi
•fl6)i
'^>)4
18«
H«
(iol(l&Slk.1Vk'p»ph
Sontb.rn* All. Tel
Woalern Union Tel ..
Canton
Consol. Coal
Mariposa L.
A
,M...
•«)
aS
IB^f
'IBJi
I."!
»)
33
34
S>
iS!<
9SJ4
04V
«5
85
UK
!«
'31
35
ii
8)4
*»i
'ii
»H
3>^
80
*mi
S8¥
8i^
«
40
IR^
07
9<i
41
13
Oil.
Hud. Canal...
Piillinau • alaco
STK
iO
»«5
*.:9M
1SJ<
Adnins Kxpresa
Aniiriian KipresB...
Itii. siitisKxpreM...
W.lls FarjroErprCTi.
«9^
'W
Ontario Silver Mlu'g
pnf
Jo
88K
ini'<
'Sl'i
a^
do
i*H
19
Sd!^
.
Qulcknilvcr
16>t
80
lOt
prf....
do
U9
4«jJ
'ID
»9I)^
60
S7.Y
MX
'Ti
'in
*31X
.11
10«
«J
US
$m
also $5,001) and $in.nilO.
the above Issues of Imnds there la a total of (4,771. lOSof Intersft OTer-doe
not yet called for. The toul current accrued Intarwt to date I* $S5,ni,Ut.
On
and
Debt BearluK Interest in Lawlal non«r«
>^V
I
1«.NaYy pension. Act July
4«
'HS
MV
t4a
.IDi
'SaSi
««
1-i
43
*J4V
I.M
appi'd only to pena'n* $14,000.000 $178,000
21, '68, Int.
Debt on Which Interest Has Ceased Mnee natnritr.
There la a total amount of ovflr.dua debt ret outstanding, which baa norer
Deen prosonted forpayrnnni, of *2.1,6A1,2I0 principal and $396,819 Interest, Of
tills amount, |2J,93'.i,700 arc on the "called" flvo-twvnllCB.
.1
.'Hit
•(:(!<
97>tf
43V
75
a
40
'lOTV
'lOT
ii
•4<l*
47H
47V
108
BO!*
48^4
4.i/4
73
....
14:*
t'Oti
105X
60
47
585£
48
17
9»C
'97
•45
•74X
til
9i
87V
''*
Ti'H
149
•;3
Autliorl/.lng
Character of Ibsuo.
Acts.
17. '61
Feb.
July
2.5, '62
II, '6'
„,J Mar.
3, '63
Old demand notcB.
Legal-tender notes
Amount.
Issnos.
July
Feb.
Certificates of deposit.
80
SO
and
Debt Bearlns no Interest.
3)
•!«
J!5
106
.^S^<
or denominatiuns of each iMue of bonds ant a* follows: (a) Conpop,
mglxUirwl 1i,5,0X). (4i cuapon tl.OOO, leglstorad It.noo, |A,Om, tlO.OA,
and t'-Oo. Ot) coii|K>n, $60. flW, $500 and 11,000, rejriUUred, naaia
...
W^
7514
130
ManhatianQaa
New York Gi»
«*tK
2U
lOdS
lOtl
The si7,««
fl.OOO,
(c) #51),
Principal. Interest
illliirctlitneonB.
I'aclllo Mail
Anuilcnii District Tol
Atlantic .t I'acmc Tel
581
«(H,OU
12, '62 f
June
Prior to 1860 $18,312,68
.Series of 1869 185,435.801
34,«3«i,«i«4
Herios of 1S74
Series of 1875 187,55«,320
Scries of 1878
20,413,445
t Prices a»kcd.
Fractional currency.
GOLD AND EXCHANGE.
There was very
Towards the
little
interest in
market.
the gold
0OUB9K or SOLD IN NOrEMRER,
Date.
tp
2
1 100J< 100)4 100?i 100>4; [Tuesday
S lOOV lOOM lOJi, too-. Wednesday.
8
Thursday.
Snnday
Monday
4 100)4 in0Vll0O)4 lOOiK
Friday
3,915,4119
Fifth,
1,S2T,478
.,
Tharsday...
Friday
Saturday
\
B_
2,278,52)
Aggregate of debt bearing no Interest.
lTnclaimo(
:laTmoa Interest
8,19
Recapitulation.
Amount
Outstanding.
Debt bearing Interest
Bonds
at 6 per cent
B.inds at 5 per cent
Bonds
Bonds
ma
at 4)4 per cent
at 4 [}cr cent
$667,981,100
70<,a6«.650
260,000,000
,
177,5X1,000
notes..
,
inox lOOX
lOOX 100),
10 IX lOJ),
.1.
lOOV 100)4
UliH
lOOX U0>4
.4.82
3. .4.82
VMH
!0ii)4
Total debt bearing no interest
1865.. ,14534 HliW 14-*'/, 147 J4
1834.. S3<« ilO
mi)
"
1863.
146
us 11,4 14-X
"
i&6i.. '!29)4 i.y
129
Since Jan. 1, '71 102»4 100)4 ;:08!,
im
$436,209,813
Unclaimed interest
8,197
Total
$22-2,626,324
Total debt, principal and interest, to date. Including interest due
not presented for payment.
Amount in tub Treasury—
mu
" 94
S
" 25. 4.81)Si@l,S2)4 4.86)4@1,87
" 28..4 81X®1 82
4 85^@l 86)4
" 27..4.81)4at.82
4.85J4'81.86y4
" 88...
...Thanksgiving Day
"
.4.81^@1.82
4.85)4© .66)4
" 80..4.S1!4®4.8J
4.3)3<@4.8.)4
»
Range
..4.
7.))i®l. 83)4
4.84Ji®l,83
NOV.,
8,0'i(,300,0S8
*3,J14,2I„
8,372,5(r
g
Bonds Issued
to the Pacific Railroad Companies, Interest
Payable in Ijanriul Monejr.
Cbaracter of Issue.
interest
Interest
inieiesL Balance of
Inteiest
Amount
paid by Ircp.iid by Int. paid
Outsland'g. United St'8:tr*n8p't'n.
by 0. 8.
Central Pacific
Kansas Paciflc
Union Paciflc
Central Branch, Union Pacific.
Western Pacific
Sioux City and Paciflc
Total.
|
$25,585,120; $1.5,(;87,019 $2,4:8,155
8,303,000
4,238,483
715,410
27,216,512
16,186.896
6,(87,659
l,0»-.9,808
1,600,000
71,145
9,867
1,170,660
1,077,030
1,628,320
975,801
83,643
$13,203,863
2,522,993
10,699,037
998,862
1,067,713
892,158
$64.623,512' $.39.835.03al 10.445.916
$29,38J,128
Tbe
Paciflc Railroad bonds are all issued nnder the acta of July 1. 1862, and
July 2, 1864; they are registered bonds in the denominations of $1,000, (5,000
and (10,000; bear 6 percent interest in currency, payable January 1 and July 1,
and mature 30 years from their date.
Note.
— The increa
$5.M)0,000
1878.
H
lifax
e of the debt during thi month is due to the payment of
Award; otherwise the ordinary decrease wou d have beea
$2,28.->.757.
The followiogr ia a comparison of the coaditioa
December 1, 1877, and December 1, 1878:
Conpon,
1260.000
13,989,000
4,426,000
M5.000
1.30,060.7.10
6s or 1881
55 723,250
5b, 10-40-8
144,2- 0,800
new.
22,184,550
1881
2l»,!)«O,g0C
do.
do.
Aggregate of debt bearing Interest
Currency
bpecial fund for tbe redemption of fractional
currency
War
19l,.39O,00O
21,271,800
25S,449.450
87,'4),«)0
51,600,910
1.03I.36I.MO
* Coapoos of $50 tuid flOO bonds are paid anuoally in Marcb.
4
S0,28.%500
14.03o.900
l«,l»3.500
122.399,050
in coin
59,2'>O,630
l'l.276,r50
111,S2l,M«
1'2,.')56,8I10
of the
1877.
Bonds Outstanding.
Registered.
4)4s,
4e,
2,0.7,414,325
. .
3 days.
Character of Issue.
Funded Loan,
37,090.000
t2;5,3U,583
Increase of debt during the past month.
Decrease of debt since June 30, 1878
Debt bearlos Interest In Coin.
!«.
4,669,823
10,000,000
.
.'
The following ia the otBcial atalemeut of the public debt as
appears from the books aad Treasarer'a returns at the close of
busineeg on the last day of November, 1878:
1865,
6s, 5-201 of 1867.
6b, 5-20e of 1888.
22.3,561,756
]
488
6^ 6-»8 of
2,302,128,908
Total
Debt, less amount in tbe Treasury, December 1, 187S
Debt, less amount in tbe Treaynry, Novemb.;r 1, 1871*..
1878.
60 davs.
Nov.17
S
" 18..4.81!4ai.8J
4.K ©t.86!4
• 19, .4.81)431.82
4.83 ©I Sli)4
" i'>..4.m\®i.!'2
4.81 ()44,8'i>4
" SI..4,SlV4g>l,82
4.8i @4,8i)4
" «1..4.Sl)4a«.82)4 4.86)4®l.87
" 23..4.S;)4a).3i)4 4.86)4®4.87
THE DEBT STATEMENT FOR
5«of 13,^8
««of 1881
OrcKon
6eof iSil
$30,102,084
Coin
Currency
Currency held for the redemption of fractional currency
Special deposit held for redemption of ccrtiflcates of deposit
as provided by law. . .
,
3 days.
©1.81)4 4.87)4@4.68
©4.32)4 4.87)4at.r8
3.
4. .'iisi 'srsi'
'i.sViaiisrii
5.
Election Holiday
6. .4,8 i)4a4. 81)4
4.85)4@t.8>)4
7. .4.793(©t.80)4 4.84J4©t.S!)4
8 .4.80!4®l 8l
),85H«4,33
9. .4,80)4@4.81
4.85)4®4.86
10.
il. .4.81
81.81)4 4,86 ©4.85)4
12. .4.81
©4.81)4 4.86 ®4.8n)4
13. ,4.81
&i.8\y( 4.8« ©4.86)4
14. 4. 81)4^1, 8i
4.81 a4.SK^
15. .4.81)4^4.82
4.86 ©4.86 «
16. 4.81)4©«.sa
@4.86>f
«8,
.396,349
$316,743,071
37.C80,0Ou
14-.;,
"
BANKERS' BTEULrao EXCHANOE FOB NOVEMBER,
60 days.
I,
$175,000
16,1.50,3j2
nox
ism..
$29,5:2,533
$H.0"0,Ofl
23,666,240
36,2a6,4i0
mn
nox
on im>i
,
1,798,750,750
Fractional currency
^
II
Interest.
in Coin-
Certillcates of gold deposited
7
Wednesday... 20 :oox loov
Thursday ...,21 lOOX lOOH
Friday
22 lOGSt 103X
Saturday
S3 lOOM 10O>i
Sunday
i4
Monday..
25 lOOJi lOOX
S
$416,209,1:1
•00)4 100ii'lOOJ<
100 It loox 100 ii 100)4
8 100J( ,IOO)i lOOK ioo)i Nov'bC', 1878.
100)4 lOOS 103)4 !Oli^
"
9 lOOX .00>i lOJX loox
•.Oi% 10i)4 103)< !U2)4
1877.
"
Sunday
lu
137B.
loaji --., 1I0>« lOil,','
"
Monday
IMOOJi lOOV 100),1875.
14),''ll6>i|ll5)4
Tuesday
12 100),' 100),' lOuX lOOX
1874.
110 ;i;a)4 1:2)4
V/edne?day...I3 lOOX lC0>i lOOX lOOX
1873..
108)4 IC6X '110)4 103
Thursday
14 lOUH lOOH 10.'H lOOX
'
1871. .:i:3X HlJi lUii
I12«
Friday
15 lOOX 100« lOOH 100)i
1871..
llOX 112),Salnaay.. ...m lOOJi icox lOOV lOOX
1870..
lit?.' 110
i:i3J4 11074
"
l*anday
17
1863.
:i«« :2i)4,:2S). 122)4
Monday
18 lOOX loox lOOX 100)i
1888.. ,,13:3X :.32
H7 1-15^4
"
Tupsday .. ..19 lOOX lOOi lOiX
1C67.
MOJi :37X 141)4 1.8
,
IB,I50,3«
33 962.900
23, '78.
lOOX inoxjiooj4
100)«
I
'
"
"
Fourth.,
8, '68.
Debt bearino no Interest—
Old demand and legal tender
tloli'day.
ICKlk 100)4 100)4 1>'0)4
.
Tncsilay .
..5 Elec tiofi Holi day Saturday....
Wednesday... 6 100« loox-'iouv lOOX
"
Third...
Second
Ccrtiflcates of deposit
Friday
SaturOity
"
Silver certlttcates
I
Total debt bearing interest In coin
Debt bearing Interest in Lawtitl Monet
Navy pension fund at 3 per cent
Debt on which Int. has ceased since Maturitt.
If
"
"
Mar.
Feb.
I
17, '6t
.3, '63
30, '64
—
Date.
"
July
Mar.
4,257,376
3,111,235
3,00H,10»
1878.
S
"
"
"
Coin certincatcs...
close of the
vious month, and on (JO-days' sterling bills the opening
and closing prices of leading drawer.^ were near the
same figure. Ou short bills there was more difference,
and at the close the asking price of drawers was 4.sc^,
against 4.88 at the opening.
"
"
"
"
<
June
month the price advanced to
100 J, and higher prices were paid by borrowers.
Foreign exchange was more steady than in the pre-
Nov.
.
346.631 OlS
37,080,000
8, '72.'
First...,
• Prices birt.
Total.
(,
>764..189200
9,806.002
Special deposit of legul tenders for redcmp
lion oi' certificates of deposit
Coin
Coin nnd
silver ccrtiflcates
Coin, less coin and sdver certificates
Outsiauding called bonds
Other ontAtanding coin liabilities
Outstanding lej^al tempers
Outstanding fractional ciurency
Otttst^inding silver coin
Total debt, less cash in Treasury
Reduction of debt for November
Reduction of debt since July 1
Marlcut value of gold
Imports (1*2 months ending Oct 31)
months ending Oct. 31)
• Increase. Due to the payment of
Exports
$8,816,396
86,055,000
133,970,214
82,891,403
101,578.814
23,931,930
5,463,.354
351,810.289
13,043,010
37,880,394
2,016,027,035
1,323,684
14,131,157
..
47S.7W,a87
ttl.Kt.tM
112
$6,5t,0,0a0
Ualifax award.
Treasury
1878.
$4,669,836
10,00(>,COO
87.030.000
SrS 561.75$
S6,iM 420
18r,S«3,33«
22,930,700
4.8111,887
346.681,01 <
16,150.34*
39 791.690
2,127.414,325
•8214,249
8,872,60$
UOtS
428.9M,67a
784.M0.0t5
THE CHRONICLE.
582
XXVIL
fVoi.
Tefal receipts, actunl and estimated
Total expenditures, actual and estimated
REPORT
Leaving balance of
THE —applicable
to the sinking fund,
a
THE
SECRETARY^ OF
TREASURY.
OF
I
—
tl30,n0,6S0 20
110,581.62174
1,079,718 37
^Cge^.f'S'Z 9t)
i,3ti6.9o4 36
1,046,8H1 36
i.056,515 13
S49,469 88
317,102 30
1,69 ',762 33
8,341,109 07
Total ordinary receipts
The ordinary expenditures
8257,763,878 70
for the
same period were
expenses
For
For foreign intercourse
For Indians
Forpensions
For the military estahliehment, including river and harbor improvements and arsenals
For the naval establi-hraent, including vessels, machinery, and
Improvements at navy yards
For miscellaneous expenditures, including public buildings,
lighthouses, and collecting the revenue
For interest on the public debt
civil
Total ordinary expenditures
32,154,117 85
17,365,30137
3.V397.163 63
102.500,8:4 65
$20,799,531 90
:
813,119.825 33
3,fc
.
5.^,368 .57
73,4^.50
.
00
3,7.^0,408 00
Total
$2(V99,5.';l 90
The amount due tlie sinking fund for the year was |i!5,439,001 80, leaving a deficiency on ttiia account of $14,839,44!) 90.
Comparei with the previous fiscal year, the receipts for 1878
have decreased $11,984,796 09, in the loUowing items: incus,
toms revenue, $785,812 87; in internal revenue, $8,048,733 09;
in semi-annual tax on banks, $315,498 in sales of government
property, $84,485 03; in profits on coinage, $1,583,476 75; and
in miscellaneous items, $1,367,740 30. There was an increase of
$748,088 17, as follows: in proceeds of sales of public lands,
and in
$103,489 69 in premium on sales of coin, $(57,531 53
miscellaneous items, $577,076 96 making a net decrease, in the
receipts from all sources for the year, of $11,336,707 93.
The decrease of revenue is principally due to the falling off in
the receipts from internal revenue, which was probably caused
by the agitation in Congress, for a long time, of the reduction of
the tax on spirits and tobacco.
The expenditures show an increase of $7,781,729 08, as follows:
In the Navy Department, $3,405,368 01, and in the interest on the
public debt, $5,376,308 07, the latter of which was due to the
large balance of $7,436,619 81 unpaid interest at the commencement of the year, and to the change from semi-annual to quarterly payments of interest on 6 per cent bonds converted into 4
per cents, which would not otherwise have been made until
after the close of the year.
There was a decrease of
$9,477,411 21, as follows: In the War Department, $1,928,588 05;
iu the Interior Department, $1,474,460 13 and in the civil and
miscellaneoas, $3,074,363 03 making a net decrease in the
expenditures of $1,695,682 13.
estimated for the year
FiaCAI, YEAR 1880.
of the fiscal year ending June 30, 1880, estimated
existing laws, will be:
The revenues
upon
Prom 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 lends
From proceeds of sales of government property
From profits on coiuage. etc
From miscellaneous sources
Total ordinary receipts
$13^,000,000 00
ll5.00t,OCO 00
1,000.000 01
6,750,0(10 00
1,400,(100 00
l,100,rX)0 00
2,0011,000 CO
250.000 00
1,600.000 00
2,400,000 00
$264 ,500,(»0 00
estimates of expenditures for the game period received
from the several Executive Departments are as follows:
The
;
—
$2, ?83,199 28
13, 146,042 63
391,400 00
Executive
Judicial
,
Foreign intercourse
Military establishment
Naval establishment
Indian affiiis.
Pensions
Public worlvs;
Treasury Department
War
1, 178,1^3> 00
2), 335,727 33
14, 187,v81
45
933,2(4 20
616,000 00
,217,546 65
,601,781 SB
,
De|>artment,
Navy Department
37.\000 OO
423,717 9«
18,000 fO
Interior Department
Department of Justice
D.-partment of Agriculture
Postal service
,fi07,676
MIsceilaueous
,846,800 80
6,5 '0 00
10
Perminont annual appropristions:
In t' rest on the public debt
000,000 OO
802,331 2«
Sinking fund
Refunding— customs.
Internal revenue, lauds, etc.
,675,9'10
Collecting revenue from customs
Total estimated expenditure.', including sinking fund
Or an estimated
$;75,137,250 9t
$10,637, =50 94
deficit of
Excluding the sinking fund, the estimated expenditures
be $336,334,912 68, showing a surplus of $38,165,087 33.
By
00
,f00,CO3 00
,661,200 00
Miscellaneous
;
;
is
Legislative
$16,551.323 16
l,3!!t,810 78
4,«J»,280 28
27,157,019 03
$336,964,823 80
Leaving a snrplns revenue of
Which was applieT as follows
To the redemption of United States notes etc..
To the redemp' Ion of fractional currency
To the redemption of 6 per cent bonds for the sinking fund
To increase of cash balance in the Treasury
$21,400,000
which
at $36,054,607 87.
Trbascry Department,
Washihoton, D. C, Uec. 2, IS'8. f
to
eubmit
the
loUowing anuual report
Sir: I have the honor
The ordinary revenues, from all sources, for the fiscal year ending June 30, 187':', were
From customs
From internal revenae
From sales of public lands
From tax on circulation and deposits of national banks
From repayment of inteicst by Pacific Uailway Companies
From customs fees, dues, penalties, etr
From fees— ceosnlar. letterp-patent and lands
From proceeds of sales of government properly
From premium on sales of coin
From profits on coinaKC etc
From miscellaneous sources
t261.Bno,000
240,100.000
will
direction of the President, the estimated expenditures for
year have been based upon the appropriations
The rule has been
for the present fiscal year.
departed from only as to those branches of the public service
which
deem
the estimated
belonging to departments the heads of
increase indispens'able, or where existing law demands a greater
increase
is
estimated
Such
for
sum than was appropriated.
the next
fiscal
made by Congress
as follows:
$115,198 11
819,680 13
740,848 14
20.9)9 76
1,462,787*0
1,695,701 38
821,340 00
Legislative
Treasury Department
War Department
Navy Department
Interior Department.
Post Office Department
Department of Justice
$4,666 605 81
Less decrease in estimates for Dep&rtment of State
Net increase
111,84185
..
$4,554,663 86
Earnestly desirous of co-operating with Cingress in the redaction 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 $778,49i 25, and herein recomFISCAL YEAR 1879.
mends changes of the law which will enable him to make further
For the present fiscal year the revenue, actual and estimated, reductions therein. The great bod/ of expenditures is fixed by
will be as follows
laws which leave no discretion to executive officers. The
reduction of appropriations does not reduce expenditures when
For the quarter H'or remaining the law requires the service to be performed, or fixes the salary
ended Sept. 30, three-quarters
and number of employees. It must ba accompanied by a careful
Receipts from1878.
of the year.
revision of the laws, reducing the objects of expenditure, or the
Actual.
Estimated.
number or compensation of employees. It is believed that, by
such a revisi m, especially of the postal laws, and by a limitation
Cusix)me
$38,9(8,963 10
$94,131,731 90
Internal revenue.
*8,572.U4 48
86.4;7,o5d 54
of the amount of appropriations for public works in progress, by
260,7ii5 63
73'),2t4 37
Sales of pah! ic lands
the postponement of new works not indispensable for the public
Tax on cii culation and ('epoaits of nat. banks, 3,3H8,51:) Oi
3,3^1.480 97
service, and by judicious scrutiny of disbursements, that tbe
Repayments of interest by Pac. R'lway Cos..
9.'.2.262 90
39r,;37 10
Customs fees, fines, penalties, etc
844,><33 93
expenditures for the next fiscal year need not, in the aggregate,
705.160 07
Fees— consular, lett 'rs-patent and lai ds.. ....
SCf.SSO 76
1,4«1.U9 24 exceed the appropriations for the present fiscal year.
Proceeds of salrs of government property
41,127 51
203,873 49
The estimate of revenue, based upon existing law, is $6,736,Premium on sales of coin
44„'>58 77
5.441 23
This
Profits on coin ige, etc
71,968 31
131 30 more than the actual revenue of the past year.
1,72«,031 69
Micceilaneous sources
1,060,027 37
1,239.S(72 63
estimate can only be realized by strict and impartial enforcement of ttie revenue laws. This is not only a legal duty of
Total receipts
$7.3,.'iS9.723 43
$I91,100.2;6 .57
but is tbe right of every honest taxpayer. The
The expeuoltures tor the same period, actual and estimated, revenue officers,the tax on spirits and tobacco has. In some places,
enlorceiu' nt of
rill be
been re'.isted by formidable combinations too powerful for the
The
'or the quarter For remaining department, with the forces at its command, to overcome.
;
—
:
,
:
ended Sept.
Fxpenditares for—
80,
1878.
Actual.
Civil and miscellaneous expenses, including
public buildings, light-huuses, and collecting the revenue
Indians
Pensions
Military establithment,
tions, river
including
three-quarters
of the year.
Kstimated.
$15,'"4(,519 62
1,750,517 25
t39,9.i6.4'0 38
3,019, f8i 7-
7,802,465 63
21,497,531 o7
10,258,903 87
28,741,089 13
4.650.742 81
8f,96?,407 Oh
10,479,2r7 lli
63,032,572 91
$73,!'44.673 27
»166,'5S.42B 73
fortiflca-
and harbor improvements, ana
^arsenals
Kaval ettablii^hment, including vessels, and
machinery and improvements at navy yards*
Interest on the public debt
Totil ordinary exDe»dIturea....
customs duties, in
many
cases,
have been evaded by smuggling,
undervaluation, and false claims for drawbacks and
damage alio *anco. Some of these obstructions are incident to
the execution of any tax law; but many of them may be overcome by such modifications of the laws as are hereinafter recomfraud,
mended.
manifest, 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.
Stability 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 ses.^ion, except to
convert certain ad valorem duties, uereinafter stated, into specific
It is
it
may
duties.
USCBMBKH
7,
THK
ie78.J
(:HR0NJ(^LE.
UKsnMPTiON or HPBCiB payments.
The important duty limpoHcd on lhi« dfipaitmnnt by
the
reruiDpiion net, i«pprovt>d Jaouary 14. 1ST5, hai been Btt-adlly
piirBHt-d cmrioK thn pHDt year.
Tbe platu purpose of the act Ih
to iiBCuro to all iuteri<8ts and all classea tli« bonttdta of a sound
currency, redeemable lu ci.in, with the least poi^Hibln dlnturbance
of exiatin); riflitn ani contract.s.
Three of iia provlsjooa have
been unbstaniUlly carried into execution by tlie eradual eubsiilutioD ot fractional coin lor fraciinnal currency, by tbe free
coinage of Kold, and by Iree bankinf;. There remains only the
completion of preparationa for reeumptinn in coin oo the Idt slay
of January, 1879, and Its maintenance thereafter upon the bavla
of eiietiuK law.
At the date of my annual report to Congrees io December,
leT7, it was deemed neceaaary as a preparation for reaumptiou to'
accumulate in the Treasury a coin reserve of at least 40 per
cent of the amount of Uniiod States notes outstanding. At that
lime it was anticipated that under the proviaions of the resumption act the volume of United Stales notes would bi< reduced to
$300,000,000 by the 1st day of January. 187!), or soon thereafter
and that a reserve in coin of |120,000,000 would then be sufHcient.
Congress, however, in view of the strong popular feeling
against a contraction of the currency, by the act approved May
forbade tbe retirement of any United States notes after
1878,
31,
that dale, leaving the amount in circulation |y40,68!,01{J.
Upon
the principle of safety upon which the department was acting,
that 40 per cent of coin was the smallost reserve upon whicli
resumption could prudently be commenced,
it
became necessary
to increase the coin reserve to |13S,000,000.
At the close of the year 1877 this coin reserve, in excess of coin
1 ialiilities, amounted to $63,017,0-50
96, of which $15,000,000 were
obtained by the sale of 4J per cent, and $35,000,000 by the rale
of 4 per cent, bonds, the residue being surplus revenue
Subsequently, on the llth day of April, 1878, the Secretary entered
into a contract with certain bankers in New York and London—
the parties to the previous contract of June 9, 1877, already communicated to Congrees— for the sale ot $.M).O00,000
4i per cent
bond's for resumption purposes. The bonds were gold at a pre-
mium of 11 per cent and accrued interest, less a commission of
one-half of 1 per cent. The contract has been fulfilled, and the
net proceeds, $50,.500,000, have been paid into the Treasury in
gold coin. The $5,500,000 coin paid on tbe Halifax award has
been rep|fced by the sale of that amount of 4 per cent bonds
sold for resumption purposes, making the aggregate amount of
bonds sold for these purposes $95,.'")0O,0OO, ot which $65 000 000
were 4i per cent bonds, and $30, 500,000 4 per c-nt bonds. To
this has been added the surplus revenue from time to time.
The
amount of coin held in the Treasury on the 23d day of November
last, in excess of coin f ufficient to pay all accrued coin liabilities,
was $141,888,100, and constitutes the coin reserve prepared for
resumption purposes. Uhis sum will be diminished somewhat
on the 1st of January next by reason of the large amount of
interest accruing on that day in excess of the coin
revenue
aeceived meanwhile.
In anticipation of resumption, and in view of the fact that the
redemption of United States notes is mandatory only at the offlce
of the Assistant Treasurer in the city of New York, it was
deemed important to secure the co-operation of the associated
banks of that city in the ready collection of drafts on those banks
and in the payment of Treasury drafts held by them. A satis
factory arrnnijement has been made by which all drafts on
the
banks held by the Treasury are to be paid at the Clearing House
and alt drafts on the Treasury held by them are to be paid to the
Clearing House at tbe office of tbe Assistant Treasurer, in United
States notes; and, after the 1st of January, United States
notes
are to be received by them as coin. This will greatly lessen
the
ri.'k and labor of collections, both to the Trea.iury
and the banks.
Every step in these preparations for resumption has been
accompanied with increased business and confidence. The accumulation of coin, instead of increasing its price, as was feared
by
many, has steadily reduced its premium in the marke*. The
depressing and ruinous losses that followed the panic of
1873
had not diminisbed in 1875, when the resumption act passed;
but every measure taken in the execution or enforcement of
this
act has tended to lighten these losses and to reduce
the premium
on coin, so that now it is merely nominal. The present condition
of our trade, industry and commerce— hereafter more fully
stated
—our ample reserves, and the general confidence inspired in our
financial condition, seem to justify the opinion that we
are prepared to commence and maintain resumption from and
after the
let day of January, A. D. 1879.
MEAXS TO BE EMPLOYED.
The means and manner of doing this are left largely to the discretion of the Secretary, but, from the nature
of the duty imposed, 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 sell any of the bonds described in the refunding
act continues after as well as beore resumption.
Though it may
not be often used, it is essential to enable
this departmen*. to
meet emergencies. By its exercise it is aniicipited
that the
ireasury at any time cat readily obtain coin to reinforce
the reserve already accumulated.
United States notes must, however
be the chief means under exisiiig law with
which the department must restore coin and bullion when withdrawn in
process of
redemption.
The notes, when redeemed, must necessarily accumulate in the Treasury until their suoerior use
and convenience
lor circulation enables the department
to exchange them at par
lor coin or bullion.
The act of May 31, 1878. alrondy referred to, provides
that when
united biates uoiea are redeemel or received
in
iha Treasury un
58a
der any law, fronj any source whatever, and iball beloag to lh»United State!", they aball not be retired, cancelled •r deatroyed,
but shall be reissued and paid out again and kept in clrculailoo.
The power to reissue United States no es was conferred by Miction 3 j70, Uovised Biaiutes, and was not limited by
tbn resuiuptiou act.
As this, however, wsk qaestioned, Coogreaa wisely
removed the doub'.
Notes redeemed are like oth»r noteareeeWrd Into ths Treasnry.
Payuients ot them can tinly be made in coDfef|n«Dce of appropriations made by Uw, or lor the purchase of bullion, or /or
tbe refundiu); of the public debt.
The current receipts from revenue are snfHcl«Dt to meet tbe
current expenditures, as well as the accruing interest on thepablicdebt. Auihotily is conferred by the refunding act to redeem
« per cent bonds, as they become redeemable, by tbe poceeds of
the sale of bonds bearing a lower rate ot interest. The United
States notes redeemed under the resumption act are. therefore,
the principal means provided for the purchase of bullion or coin
with which to maintain resumption, but should only bo paid out
when they can be used to replace an equal amount of soin withdrawn Irom the resumption fund. They may, it is true, be nned
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 whatever source received, but they may properly be applied
to any of the purposes authorized by law.
No doubt coin liabilities, such as interest or principal of the public dnbt,
will be ordinarily paid and willingly received in United Slates notes, but,
« heu demanded, such payments will be made in coin ; and United
States notes and coin will be used in the purchase of bullion..
This method has already been adopted in Co'orado and North
Caroliua, and arrangements are being perfected to purchase bullion in this way in all the mining regions of the United States.
By the act approved June 8, 1878, the Secretary of the Treasury
18 authorized to constitute any superintendent of a mintorassayer
of any asi-av offlce au Assistant Treasurer of the United States to
receive gold coin or bullion on deposit. By the legislative appropriation bill approved July 19, 1678. the Secretary of the Treasury
is authorized to issue coin certificates in payment
to depositers of
bullion at the several mints and aesay offices of the United States.
These provisions, intended to secure to the producers of bullion
more speedy payment, will necessarily bring into the mints andTreasury the great body of the precious metals mined in tbe
United States, and will tend great'y to the easy and steady supply
of bullion for coinage. United States notes, when at par with
coin, will be readily received for bullion instead of coin certificates, and with grtat advantage and convenience to
the producers.
Deposits of coin in the Treasury will, no doubt, continue to be
after the Ist of January, as heretofore.
Both gold and silver coin from its weight and bulk will naturally seek such a safe
deposit, while notes redeemable in coin, from their superior
convenience, will be circulated instead. After resumption the distinction between coin and United States notes should be, as
far as
practicable, abandoned in the current affairs of the government;
and therefore no coin certificates should be issued, except where
expressly required by the provisions of law, as in the case of silver certificates. The gold certificates hitherto issued by virtue of
the discretion conferred upon the Secretary will not be issued
after the 1st of January next.
The necessity for them during a
suspension of specie payments is obvious, but no longer exists,
when by law every United States note is, in effect, a coin certificate.
The only purpose that could be subserved by their issue
hereafter would be to enable persons to convert the:r notes into
coin certificates and thus contract the currency and hoard gold in
the vaults of the Treasury without the inconvenience or risk of
its custody.
For convenience. United States notes of the same
denomination as the larger coin certificates will be issued.
By existing law, customs duties and the interest of the publicdebt are payable in coin, and a portion ot the duties was specially
pledged as a special fund (or the payment of the interest, thus
making one provision dependent upon the other. As we cannot,
with due regard to the public honor, repeal the obligation to pay
coin, we ought not to impair or repeal the nie<n8 provided to
procure coin.
When, hsppily, our notes are equal to coin, they will
be accepted as coin, both by the public creditor and by the government; but this acceptance should be left to the option of the
respective parties, and the legal right on Loth sides to demand
coin iihould be preserved inviolate.
made
UNITItD STATES NOTES
The Secretary
FOR CUSTOMS DtTTIM.
of the opinion tliat a change of the law is not
necessary to authorize this department to receive United Sutes
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 require payment of such duties in coin rather thau in United States
notes. The resumption act, by clear implication, so far modifies
previous laws as to permit payments in Unit- d States notes as
well as iu coin.
Tbe 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
the taxes levied by it. It has now definitely assumed to pay
these notes in coin, and this necessarily imnliea the receipt of
these notes a^ coin.
To refuse them is only to Invite their presentation for coin. Any other construction would require the
notes to be presented to the Assistant Treasurer in New York for
coin, and, if used in the purchase of bonds, to be returned to the
same officer, or, if used lor the payment of customs duties, to be
is
THE CHUONIOLE.
584
who must daily deposit iu
the Treasury all money received by hira. 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 india'criminately.
If United States notes are received for duties at the port of
New Yorli, they should be received for the same purpose in all
other ports of the United States, or an unconstitutional preference would be given to that port over other ports. If this privilege is denied to the citizens of other ports, they could make
Buch 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 purposes.
The provision in the law for redemption in New York was
believed to ba practical redemption in all pans of the United
States.
Actual redemption was confiDed to a single place, from
the becessity ot maintaining only one coin reserve, and where
tke coin could be easily accumulated and kept.
With this view of tbe 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 dspartment in all payments in all
parts of the United States.
If any further provision of law is deemed necessary by Congress
to authorize the receipt of United States notes for customs dues
or for bonds, the Secretary respectfully submi's that this
authority should continue only while the notes are redeemed in
coin.
However desirable continuous resumption may be, and
however confident we may feel in its maintenance, yet the experience of many nations has proven that it may be impossible in
periods of great emergency. In such events the public faith
demands that the customs duties shall be collected in coin and
paid to the public creditors, and this pledge should never be
violated or our ability to perlorm it endangered.
Heretofore, the Treasury, in the disbursement of currency, has
paid out bills of any denomination desired. In this way the
number of bills of a less denomination than five dollars is determined by the demand for them. Such would appear to be the
true policy afier the 1st of January. It has been urged that,
with a view to place in circulation silver coins, no bills of less
than five dollars should be issued. It would seem to be more
just and expedient not to force any form of money upon a public
cveditor. but to give him the option of the kind and denomination.
The convenience of the public in this respect should be
consulted.
The only way by which moneys of different kinds
and intrinsic values can be maintained in circulation at par with
each other is by the ability, when one kind is in excess, to reaiily
exchange it for the other. This principle is applicaljle to coin
as well as to paper money.
In this way the largest amount of
money of different kinds can be maintained at par, the different
purposes for which each is issued making a demand lor it. The
refusal or neglect to maintain this species of redemption inevitably effects the exclusion from circulation of the most valuable,
which thereafter becomes a commodity, bought and sold at a
carried to the Collector of Casioms,
XXVIL
limited to an amount demanded for circulation, there will be
no depreciation, and their convenient use will keep them at par
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 accomplished.
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 Treasury 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';
is
;
but if issued in excess of such demand they will at once tend to
displace gold and become the sole standard, and gradually, as
they increase in number, will fall to their value 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 eiFe:ts of such a radical change in our stand
ards of value cannot be exaggerated and its possibility will
greatly disturb confideno in resumption, and may make necessary 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 the next session the amount of silver dollars to be
issued be limited or their ratio to gold for coining purposes be
;
changed.
RELATIYK VALUES OF GOLD AND SILVKK.
Gold and silver have varied in value from time to time in the
history of nations, and laws have been passed to meet this changing value. In our country, by the act of April 3, 1792, the ratio
between them was fixed at one of gold to fifteen of silver. By
the act of June 28, 1834, the ratio was changed to one of gold to
sixteen of silver.
For more than a century the market value of
the two metals bad varied between these two ratios, mainly
resting at that fixed by the Latin nations, of one to fifteen and
a half.
But we cannot overlook the fact that within a few years, from
causes frequently discussed in Congress, a great chaufje has
occurred in the relative value of the two metals. It would seem
to be expedient to recognize this controlling fact
one that no
nation alone can change by a careful readjustment of the legal
ratio for coinage of one to sixteen, so as to conform to the relative
market values of the two metals. The ratios heretofore fixed
were always made with that view, and, when made, did conform
as near as might be.
Now that the production and use of the two
metals have greatly changed in relative value, a corresponding
change must be made in the coinage ratio. There is no peculiar
force or sanction in the present ratio that should make us hesitate
to adopt another, when, in the markets of the world, it is proven
The addition of onethat such ratio is not now the true one.
tenth or one-eighth to the thickness of (he silver dollar would
scarcely be perceived as an inconvenience by the holder, but
would inspire coufideucs and add greatly to its circulation. As
prices are now based on United States notes at par with gold, no
disturbance of values would result from the change.
It appears from the recent conference at Paris, invited by us,
that other nations will not join with us in fixing an international
ratio, and that each country must adapt its laws to its own policy.
The tendency of late among commercial nations is to the adoption
of a single standard of gold and the issue of silver for fractional
may, by ignoring this tendency, give, temporarily,
coin.
increased value to the stores of silver held in Germany and
but by adopting a silver
France until our market absorbs them
standard as nearly equal to gold as practicable, we make a market
for our large production of silver, and furnish a full, honest
dollar that will be hoarded, transported or circulated without
disparagement or reproach.
It is respectfully submitted that the United States, already S3
largely interested in trade with all parts of the world, and becoming, by its population, wealth, commerce and productions, a
leading member of the family of nation?, should not adopt a
standard ot less intrinsic value than other commercial nations.
Alike interested in silver and gold, as the 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 its greater relative
value, but it is tot capable of the division required for small
while silver is indispensable for a multitude of
transactions
daily wants, and is too bulky for use in Ihe 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 to be the best policy, for the pros et>t, to limit the
aggregate issue of our silver dollars, based on the ratio of sixteen 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 ehould 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 outstaudiuj; shall exceed
—
—
premium.
TXIE SILVER COINAGE.
When
the resumption act passed, gold was the only coin
which by law was a legal tender in payment of all debts. That
act contemplated resumption iu gold coin only.
No s'lver coin
of full legal tender could then be lawfully issued.
The only
silver coin provided was fractional coin, which was a legal
tender for |5 only. The act approved February 28, 1878, made a
very important change in our coinage system. The silver dollar
provided for was made a legal tender for all debts, public and
private, except where otherwise expressly stipulated in the
contract. The amount of this coin issued will more properly be
stated hereafter, but its effect upon the problem of resumption
should be here considered.
The law itself clearly shows that the silver dollar was not to
Bupersede the gold dollar; nor did Congress propose to adopt the
single standard of silver, but only to create a bi-metallic standard
of silver and gold, of equal value and equal purchasing power.
Congress, therefore, limited the amount of silver dollars to be
coined to not less than two millions nor more than four millions
per month, but did not limit the 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 tlie passage of the act, was 93^ cents in gold coin. Now it is about 86 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 certain 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 provide a coin in silver which
would answer a multitude of the purposes of business life, without 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 the gold dollar. If not, its u?e will be limited to
domestic purposes. It cannot be exported except at its commercial
value as bullion. If issued in excess of demands lor domestic
purposes, it will necessarily fall in market value, and, by a wellknown principle of finance, will became the sole coin standard
of value. Gold will be either hoarded or exported. When two
currencies, both legal, are authorized without limit, the cheaper
•lone will circulate.
If, however, the issue of the silver dollars
[Vol.
We
;
;
150,000,000.
I
The Secretary deems It proper to state that in the meantime,
in the execution of the law as it now stands, he will feel it to be
his duty to redeem all United States notes presented on and after
January 1, next, at the office of the Assistant Treasurer of the
York, in sums of not less thsD
United States, in the city of
New
Decbmber
THE CHRONICLE.
7, 1878. J
M
dealred by tUe holder, bat
$50, with oUlier gold or silvsr coin,
regcrvinp th« Ipgal option of ihe government; and to pay out
demands
United Slates notoa for all other
on the Treasury,
except when coin Is demanded nn coin liabilities.
frankly
executive
to
state his opinions,
It is his duty as an
olflcer
10 that if he is in error Congress may prescribe suel\ a policy as
is beat for the public interests
FUNDIHG.
The amount of 4 per cent bonds sold during the present year,
prior to November 3:j, is f 100,270,900, of which |94,770,!)00 were
gold under the refunding act approved July 14, 1870. Six per
cent bonds, commonly known as Qve-twentiea, to an equal amount,
have been redeemed, or will bo redeemed as calls mature. This
beneficial process was greatly retarded by the requirement of the
law that subscriptions must be paid in coin, the inconvenience of
obtaining which, to the great body of the people outside of the
large eitiea, deterred many sales. This will not afFfCt sales after
resumption, when bonds can be paid for with United States notes.
The large absorption of United States securities in the American
market, by reason of their return from Europe, together with the
sale of 4i per cent bonds for resumption purposes, tended to
retard the sale of 4 per cent bonds.
As, from the best advices,
not more than $300,000,000 of United States bonds are now held
out of the country, it may be fairly anticipated timt the sale of 4
per cent bonds hereafter will largely increase.
Prior to May. 1877, United States bonds were mainly sold
through an association of bankers.
Experience proves that
under the present plan of selling to all subfcribers on terms
fixed by public advertisement, though the nggrfgate of sales
may be less, their distribution is mord satisfactory. Under a
popular loan th? inttrest is paid at home, and the investment i.i
available at all times, without loss, to meft the needs of the
holder.
This policy has been carefully fostered by other nations,
and should be specially fo in ours, where every citizen
equally participates in the government of his country. The
holding of these bonds at home, in small sums well distributed,
is of great importance in enlisting popular
interest in our
national credit, and in encouraging habits of thrift
and such
holding iu the country is far more s'able and less likely to disturb the market than it would be in cities, or by corporations,
where the bonds can be promptly sold in quantities.
The three months' pulalio notice required by the fourth section
of the 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 during that time.
The notice should not be given until subscriptions are made cr
are reaponsbly certain to be made.
When they are made and
the money is paid into the Treasury, whether it is kept 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 during the ninety days, but, if the sales
are large, the boarding of large sums may disturb the market.
Under existing law this is unavoidable, and to mitigate it the
Secrn-tary deemed It exp'Hlient during the last summer to make
calls in anticipation of subscriptions ; but this, though legal,
might, in case of failure of subscriptiocs, embaria's the government in paying called bonds. The long notice required by law
is not necessary in the interest of the holder of the bonds, for, as
the calls are made by public notice and the bond' are indicated
and specified by class, date and number, in the order of their
numbers and issue, he, by ordinary diligence, can know beforehand when his bonds in due course will probably be called, and
will not be taken by surprise.
The Secretary therefore recommends that the notice to be
given for called bonds be, at his dircretioL, not less than ten
days nor more than three months. In ihis way he will be able
largely to avoid the payment of double interest, as well as the
temporary contraction of the currency, and may fix the maturity
of the call at a time when the interest of the called bonds
;
685
ducted without losa through the olDcea of tht Treainrer, ten
Assistant ^Treaaurera, one depositary, and 110 nattonat-bank
depoailorles, ezcluaive of thoae designated to receive only loan
subscriptions.
Of the entire receipt* of the goveroment, during the year,
there waa d<>poiUed In national-bank depoaitories the amoant of
$99,781,058 48.
DepositH received by the bank depositoriea 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 service may require, or transferred by the bank, without expenie to
the government to an independent treaaury office.
By an act approved March 8, 1857, public diabarting officers
were required to place all public fnnde intrusted to them for disbursement on deposit with a public depositary, and to draw for
the same only in favor of tlie persons to whom payment was to be
made, excepting that they might check in their own names, when
the payments did not exceed $20.
The en'o'cement of this provision, according to its letter, waa
found impracticable, and tlie attention of Congress was called to
it in the annual reports of the Secretary for 1857 and 1858, with
a rpcoxmendaiion for its modification.
No action in the matter appears to have been taken by Congress until the act of June 14, 1866, reproduced as section 8020,
Revised Statutes, was passed. This appeared to supersede the
act of 1857 in removing the restrictions as to the method in
which the money was to be drawn, but by an act approved February 27, 1877, section 3,030 has been amended by requiring the
checks to be drawn only in favor of the persons to whom payments are to b3 made.
The object which the law evidently seeks to accomplish meeta
the entire approval of the department, but to carry its provisions
into effect would require paymasters in the Army to draw their
checks in favor of the soldiers to be paid by name, and paymaate-s on naval vessels, even during absences for years from the
United States', to pay the officers and men or.ly by drawing
checks in their favor en depositaries in the United States.
Ti e same embarrassment extends to all public disbursements,
and the attention of Congress is called to the matter, with the
recommendation that ihe section be so amended that disbursements may be made under regulations to be prescribed by the
Secretary of the Treasury.
NATIONAL BANKS.
The
report of the Comptroller of the Currency presents full
and interesting information as to the national banks. The number in existence on October 1 was 2,0.53. The amount of their
circulating notes outstanding, including those in liquidation, was
$323,147,719; the capital invested was $406,147,436 the surplus
fund and profits were $157,833,993 the loans and discounta
were $830,521,343.
This system of banks, though of recent growth and adopted as
an exp'iriment amid the necessities developed by the civil war,
has, under wise management, become the most important business agency in the country. Though still under trial and subject
at all times to the discretion of Congress to discontinue and limit
its existence and operations, it may be fairly claimed, as already
established by experiment, that the system posses4e8 certain
advantages over any other heretofore existing in this conntry,
and possible only with a national system.
FirU The security of the bill-holder from loss through failure
of the bank.
Second— The rapidity and certainty of the detection and prevention of counterfeiting, from the fact that the notes are engraved, printed and redeemed at the Treasury Department.
Third The frtquentand careful examination of the banks, and
the publication of rhe detailed statements of their condition.
Fourth Uniformity and free circulation of the notes throughout the United States, without respect to the place of their issue.
Vijlh The admirable provisions by which failing banks are
becomes due and payable.
placed in I'quidation, and thoir assets cheaply and promptly
applied to the payment of creditors.
S-VVING8.
These, and other advantages, derived to the public from a
It has been the desire of the department to popularize the
national system of banks over a State system, seem to be fully
public loans and bring tlum within easy reach of every citizen
and, though irksome and apparently hard to the
who desires to invest his savings, wl ether email or great, in demonstrated,
banks, are a benefit and security to the stockholders, and a safethese securities. The popular loan of 1877, open to all alike by
guard to the public.
public advertisement, absorbed $75,000000 of 4 percent bonds,
The only franchise conferred by thia aystem, that cannot be
and during the preeeot year these bonds have been sold in the
freely enjoyed by private bankers under Stale law, is the power
same manner.
to issue circulating notes.
This, it is conceded, is a franchise
It is believed that without a change of existing law the sale
conferred by the government but it is not in the nature of a
of these bonds will largely increase, but it would appear advisamonopoly. It may bo exercised by any five persons who have
ble so to modify the law that smaller sums may be invested from
the means, and will comply with the law.
time to time through popular subscriptions, and that through
Whether the power to issne circulating notes shou'd begranted
the post oflSces, or other agents of the government, the freest
to private corporations, or be exercised only by the government,
opportunity may be given in all parts of the country for such
is purely a question of public policy and public interest.
In beinvestments.
The best mode suggested is, that the department be author- half of a circulation issued by the government, it is claimed that
interest is saved to the public on the full amount of the notea
ized to issue certificates of deposit of the United States of the
issued. To this it is replied that the issue of such notes necesdenomination of $10, bearing interest at the rate of 3-65 per cent
sarily involves their n demotion in coin, and this can be secured
per annum, and convertible at any time within one year after
only by coin reserves and the ordinary machinery of banks. If
theii' issue into the 4 per cent bonds authorized by the'refunding
the banks istue notes, they expect to derive a profit from their
act, and to be issued only in exchange for United States notes
loan
but this profit is diminished by the burden of redemption,
Bent to the Treasury by mail or otherwise. Such a provision of
by the large taxes imposed upon the franchise, ard by the risk
law, supported by suitable regulations, would enable any person
always incident to the issue of circulating notes. These are conreadily, without cost or risk, to convert his money into an inter
siderations which will, no doubt, enter into the question of the
eat bearing security of the United States, and the money so
permanency of the nalionnl-bauking system but as the banks
received could be applied to the redemption of 6 per cent bonds.
The Stcretary therefore recommends the prompt paseage of such of this system are each organized, nnder the law, for twenty
years, and none of them expire until June, 1883, it is respectfully
a law.
submitted that it is good policy to continue the experiment until
FtTBLIC MONEYS.
ihat date, when the pullic mind will be better prepared to conThe monetary transjctions of the government have been con- sider the questions involved.
;
;
—
—
—
—
;
;
;
'
.
THE CHRONJCLE.
586
COINS
AND COINAGE.
The annnal
report of the Director of the Mint exhibitft in detail
the opeiationa of the several Mints and 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 position of the American trade dollar in the Oriental
trade, and other subjects connected directly or indirectly with the
coinage.
The value
of tho gold coinage execnted during the last
year was
fiscal
coin
t5J,79»,980 00
11,378,010 0)
8,57:1,500 00
8,3.'i9'315 50
'
30^694 00
oMnaee of
$31,120,499 50
Ol trade dollars
Of standard i-ilver dollars
Of
frartional silver coin
And of minor
A
total
In addition to the coinatre, fine and unparted bars were prepared for depositors in the amount of $12,501,936 23 in p-old and
111,854,885 87 in silver.
It is manifest, from the proven capaciiy of the several mints,
that our coinage facilitlts are ample for all purposes.
The present production of bullion from the rainesof the United
States appears to approximate $100,000,000 in value. All tbe
gold bullion produced in the country contains more or less silver,
and the greater portion of the silver bullion from our mines contains a percentage of gold, makincr it difficult to determine with
accuracy the proportion of each.
It is safe, however, to state
that tho production of the two metals, calculated at iheir 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
businesa that the coin was not a legal tender.
This coin is in no sense 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 (or the
convenience of dealers in silver bullion. It is precisely like any
other silver bullion assayed at any assay office or mint. The
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 now be given any value or attribute at tbe expense of
the public ihat is not incident to any other silver bullion. The
government has received no benefit from this coinage, and has
neither received it nor paid it out.
The whole connection of the
government with this bullion was to perform tbe mechanical
work of assaying it and dividing it into convenient form for the
merchant, at bis co.it and for his benefit, for exportation only.
Recent advices from our Minister to China indicite that a considerable amount of trade dollars ia now being hoarded in that
empire, and will be returned to us if a discrimination is made in
their favor over other bullion.
No distinction can be made between trade dollars in the United States and those out of the
United Stales but, if rtdeemed at all, they must all be redeemed
like. The bullion in 35,853,360 trade dollars outstanding can
now be purchased from our miners for $31,2.56,'I50. 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
e.'cportation and held chiefly in foreign countries.
At times the fractional coins of the United States accumulate
•I 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 and bullion in the country September
80, is estimated by the director at f359,35;{,399, 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
•ouutry, aud 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 tbey have been compiled from the best 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 8aa Francisco and Carson, and
the
chief transportation is from those places to New York.
KSbrts
were made to secure favorable rates, but the lowest offijr was
8-10 of 1 per cent for gold, and 1 3-18 per cent for silver, which
was deemed to be excessive. Silver coin and bullion can be transported with but little riss, wliile at the rate proposed for transporting a car containing $250,000, or about eight tons, the cost
would be $3,000. The chief cost is in tbe 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! by Congress, and that the proceeds form part of the sinking fund of said railroads, provided by
^
•w.
BUREAU OP ENGHAVmO AND PUINTING.
At the
close of the last fiscal year there was an unexpended
balance of $653,836 17 of the appropriation for labor and other
expenses of this bureau. Of tbis amount, in accordance with tbe
act approved June 20, 1878, the sum of $327,536 50 will be
expended in the purchase of a site for and the erection of a fireproof building for the bureau, the work on which ia now progressing satiHfaciorily, 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
•one in this bureau than in private establishments, and the Sec-
fVcL xxvn.
retary has therefore directed that all work of this description,
except certain proprietary stamps, shall be done therein. The'
cost of the work is less than one-half the prices pre.viously paid.
After careful inquiry, it has been ascertained that the price's
paid for the paper used for public securities are greatly in excess
of its cist, and proposals have been invited for tbe manufacture
of a suiiable paper, of a distinctive character, for this purpose,
no action upon which has yet been taken.
[Remarks with regard to "Disbursements of the Commissioners
of the District of Columbia," and "Claims," are omitted.]
DUTIES ON IMPORTS.
The embarrassments alluded
to in the last annual report, in regard to the collection of duties on sugar, have not ceased. Seizures
have been made of cargoes of sugar claimed to be artiiicially colored for the purpose of reducing tbe duties at the Custom House,
and a suit involving one of these cieos was tried at Biltimore at
great expense to the government aud to the importers, and was
recenily concluded, the verdict being that the sugars were artificially colored after the process of manufacture was completed,
but tbat it was not proven that the importer of the sugars had a'
knowledge thereof at the time of making entry. Tuough the
claim of the government, tbat the sugars had been artificially
colored for the purpose of defrauding the revenue, is maintained,
u is powerless, under the anti-moiety act of Juao 32, 1874, to
enforce fines, penalties and forfeitures, against persons or property, unless there is proof of guilty knowledge of fraud.
It is deemed imperative that some change in the m^de of collecting duties on sugar should be had, and ilia preferred, as stated
in tbe last report, that the duty should be at one rate on all
sugars, up to a point which will exclude temptation either to
color sugar for tbe purpose of reducin?f \\i* duty, or to commitfraud by means of sampling aud cla3.ii'fication.
he liuiies now
are, to a large extent, dependent upon tbe fidelity oi the sampler,
one of the loi*est paid officers in the public service.
lu the event that duties upon sugars are m»da dependent to
any con-iderable extent upm color by the Dutch standard, it is
recommended tbat authority be giv-n to tbi-i dep irtment to ascertain the true saccharine strength of imported sugars by means of
the poUriscope, and that the relations between tbe color of sugars
and their siccharine strength be definitely prescribed by Con
I
greas.
In this connection, the
attention of Congress is called to tlm
operations of the Reciprocity Treaty between Hiivaii and the
United States, concluded January 30, 1875.
Tho value of goods shipped from the United States to Hiwali for the
ye ir faded December 6\, 1S75 (th j year bef^jre tho treay weat into
operation), was
$9J7,2t)0
And for the year enaed Deoamber 31, 1S77
1,712,805
Escess in 18"7 over 1875
$315,5!5
duties surrendered by virtue of the treaty on goods imported into
the United Stjites for the year ended December 31, 18 i1, were
8il,S0«
Difference between duties remitted by the United States la ls77, and
value of excess of Imparts in 18V7 over 18T5
$15,601
The
So that we have surrendered dnties in an amount greater tban
the entire excess of exports in 1877 over those of 1875.
Of the duties thus surrendered in 1877, $716,733 was on sugars
alone. The advantages have thus far not beea reciprocal, but.as
has been shown, have been largely in favor of Hawaii, 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 asee."8ed should be converted into ppecific
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'erenco to this system of imposing duties, as far us practicable. The argument in
favor of specific duties applies with great force to kid gloves,
concerning the value of which, under tho present ad valorem
duties, i-erious 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 the dutiable
value, and consequent injury to the mercantile community.
While it may not be practicable to frame a specific duty which
would bo 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 tbe
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 a'.l zaaea 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 tbis country for sale, and no
sales for shipment to the United States are mnde in the open foreign 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 consignments the trade in silks and kid gloves is kept within the
control of a small number of commission importers, while the
mass of American importers are excluded therefrom. Tnii
faulty system has had the effect, if not so designed, largely to
defraud the revenue, and to enable the few who control the business 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
Ubckmbbk
THE OHRONICLE.
7, 1878.]
687
purobaacB in the foreinn market and tbe manafacturer who ship
his goodH on cnnpignmeDt upon an equal lootlnit >t the Custom
House, and obTiai,« the dlfllcuUicH in collecting^ the revenue on
preceding year by $10,053,100, and the exportation less than to
the preceding year by $22,432,112.
The excess of auch exnorts over imports bas deereawd from
tbU
$71,231,425, in 1875, to $3,914,811, In 1878, as above alated.
Tbe excess of exports ovtr imports of merchandise during the
first four months of the current fiscal year amounted to $81,410,477, and during tbe corresponding months of the last fiscal year
to only $31,295,07($.
Uuriog the first four months ol the last fiscal year, there was
an excens of exports over imports cf coin and bnllion amounting
to $3,430,787, whereas, during the first four months ol the cur
rent fiscal Tear, there baa been an excess ot imports over exports
of coin and bullion amounting to $3,355,883, making a change in
this respect of $0,780,009.
The total gold value of exports of domestic merchandise, from
the United Slates, has increased from $209389,<M)0, in 1808, to
$080,700,303, in 1878— an increase of 153 per cent.
With one or two nnimportant exceptions, the United Stales
stands alone among the commercial nations of tbe globe with
respect to tbe excess of export' over imports.
The increase in our exports consisted 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 mtnufactured articles referred to increased from $14,287,480, in 1808, to $37,2.50,1:83, 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 ol these
commodities are now being exported to countries from which, a
few years ago, they were largely imported into the United
claHK of ^ooda.
Kxaminationii made during; the pant year by the nfflcera of thia
departmrnt have lod to the conviction that the present provinions
of Ian, allowing abatementa ol duties on account of damage to
imported mercbandiMH on the voya)^ of importation, are neither,
apon tbe whole, equitable to the importer, nor just to the governmont. The extent of eucb dama){e on many classes of goods
and it bag been alleged that larger
can only be conjectured
allowances have been made at some ports than at others, on
goods of the same class, which occupy about tbe game time in
transit from th« foreign market.
The repeal of all laws allowing damage upon the voyage of
importation, would place all persons upon an equal fooling, as
loss by damage can be guarded against by prior insurance There
is roanon to believe that the larger imporiinc: houses of the United
and its adoption is
States would gladly favor sucli a measurt
therefore recommended.
m«iit
depart
during the past
this
The continued experience of
year, has justified the recommendation made in tlie last report, in
favor of such a change in the law as will offer increased inducements to parties who may be ab eto secure a knowledge of frauds
upon the customs revenue to bring it to the attention of the cus;
,
toms
officers.
The pecuniary inducements which
this
department has been
able to offer, under existing laws, have noi been sufllcient to
induce parties to make active efforts to search out such frauds,
and bring the offenders to punishment. The Secretary does not
recommend a r>'turn to tlie system which prevailed prior to the
passage of the to-called aoti moiety act of June 23, 1S74, so far
as that system conferred large emoluments upon officers of the
government; but be is satisfied that additional legislation is
necessary in order to place within the control of this department
the macliinery necessiry to develop proof of frauds, which, under
any system of customs duties, are likely to arise.
There appe,-irs to be a necessity for the adoption of some
measure by Congress to secure greater efficiency and 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
It
ports upon the articles which he is called upon to appraise.
thus occurs that the values found at the various ports are not at
It is also a
all times uniform upon the same class of goods.
matter of frequent occurrence that merchandise is classified under
one rate of duty at ono port, while at other ports it is entered by
a different name, and subjected to a diffarent 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
the result already stated. There are many customs districts,
however, which might be abolished, and in which tbe interests
of the government could be well protected by subordinate officers
connected with the more important districts in the same region
of country, and with considerable saving of expense.
Under section 253 of the Revised Statutes, the Secretary of the
Treasury may discontinue any port of delivery, the revenue
received at which does not amount to the sum of $10,000 a year.
It is recommended that authority be given, also, to abolish
ports of entry where the receipts do not amount to the sum specified, 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.
Attention is called to the report of the Chief of the Special
Agents, showing tbe 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.]
States.
Many branches of industry are now feeling the quickening Influences of a foreign demand, and the possibility of succeesfnlly
competing in the markets ot the world with some of our older
commercial and manufacturing rivals is a source of the highest
encouragement and of confidence in the future.
Of the exports of domestic merchandise duriug the year, tbe
products of agriculture comprised 77 per cent, and exceeded the
entile value of our imports of all classes of merchandise from
foreign countries.
The exports of these products have risen from $308,853,972, in
1872, to $530,089,951, 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
invired to tbe decrease of our imports of me.chandise from $643,130,210 for 1873, when they reached their maximum, to $437,051,533 for 1878— a decrease of $205,084,678.
This decrease of imports consisted chiefly of ma'iufactnres of
cotton, flax and silk, of wool and manufactures of wool, and of
iron and steel and manufactures thereof.
Of'he latter, the importation of railroad-bars of iron and steel
decreased from 595,321 tons, in 1872, to 13 tons, in 1878 ; but
their product in the United States increaeed from 2,958,141 tons,
during the five years from 1807 to 1871, to 4,050,840 tons, during
the five years from 1873 to 1877, and from this product has been
supplied the demand for such bars necessary lor the extension
and renewal of railroads, of which there are in operation seventynine thousand miles,
INTEHNAL llEVENOE.
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
The
receipts
tabular statement
72
41,108,546 92
Tobacco
Fermented liquors.
Banlta and bankers
. .
Ac
Penalties,
Adhesive suimp"
Back taxes under
Total
17
3)
41
15
2i8,i!60
56
439,658 71
Increase.
Decrease.
$7,0l8,618 9
$
l,OI4,r«i S
i'sis.siJ'bi
"887;«97'4(5
73,991
70,084 (B
»
re-
IMPOIlTg.
of the exports of merchandise from tbe United
States, and imports of merchandise into the United States, during
the last fiscal year, as appears from returns made to and compiled by the Bureau of Statistics, are au follows
9.480,789
3,829,729
419,999
6,450,4J9
J.-A42n,815 8(
40,091,764 67
9,937,051 78
3,4S2,031 f5
848,007 55
6,380,405 13
$57,4<)B,42>)
pealed laws
EXPORTS AND
1671.
1877.
Sonrces.
Spirits
191,398 16
{118,995 184 36 $111,097,725 49 »«47,6l)0
.
T
{8.545.118 SI
The gold values
:
Kxportsof domeMicmercbandlse
Exports or foreiga mercbaadiss
$68^709,268
Tolal expnrtg of merchandise
$691,885,766
14,I5,'),4Di
Imports of mercliaudiite
437,0M,53]
Excess of exports over imports of merchandise
$257,814, !i3l
Compared with the previous
year, the importations are less bv
and the exportations greater by $93,390,540.
The annual average of the excefs of imports over exports of
merchandise, for the ten years ended Jane 30, 1873, wrs $104.700,9?'3
but during the last three years there ha" been an excess
$14,271,.5d4,
;
of exports over imports as follows in 187(5, $79,643,481 in 1877,
$151,153,094 ; and in 1878, $257,814,234.
Tbe total amount of exports and imports of specie and bullion,
daring the last fiscil year, has been as ioliows:
:
Bxportsbf specie and bal ion
Imports ot specie aod baillon.
Gxccea of exports over Imports
Th«
;
$33,740,185
29.8)1,314
$8,918,811
importation ot specie and bullion was less than for the
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 depssited, during their
An apparent discrepancy is thus caused
respective fiscal years.
between the amounts of collections given in the table and those
shown by the covering warrants of the Treasury.
By comparing the internal revenue for the fiscal year terminated in June last with that for tbe fiscal year ended June SO.
1877, it will be seen that there has been a decrease during tbe
past'yenr of nearly eight millions of dollars, and that of this
amount upwards of seven millions arose in the collection of spiradverted to.
its, owing to causes which have been already
The needs of the public service require that no reduction of
The commodiiies from which
internal revenue taxes be made.
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 mam, equitable and satisfactory, and lo them the trade in those commodiiies
has become adjusted. Any change in these ra'es, or agitation of
change, disturbs the course of business and is prejudicial both to
Stability in the rates of taxation is. In
dealers and the revenue.
view of the present condition of the country, especially
;
dfcsirable.
The number
of collectors
is
at present 128.
THE (.HRONICLK.
588
XXVIL
[Vol.
COMMERCE AND NAVIGATION.
REPORT OF THE COMPTROLLER OP THE
tonnage of vessels of the United States is 4,212,764
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
CURRENCY.
The
total
the last two years
18T7.
.
Enrolled and licensed, engaged in
..
domestic commerce
Total
r
,
Tons.
Vessels.
Registered, engaged in foreign trade.
The decrease
1878.
.
Tor.?.
Veesels.
l,till,193
3,0n
a-2,.398
-2,831,407
S2,9i7
2,533,717
25,;
4,81S,600
S5,J64
4,412,764
2,9S8
in the total tonnage
is
1,629,047
exhibited in the following
table:
I
Number.
Tonp.
1,2 8
235.504
18)
Vessels buiU
rebuilt
1
Balance (absolnte decrease)
ISi
31816
1,331
266,545
D€C l*6(iS6
Sold to foreigners
133
43,fiO:
Lostatsea
Abandonud
Lossby re-admeasurement and
7iiO
lfi.5,t47
461
.0
56.195
176
],.381
265,525
vessels not documented...
..
The tonnage
of vessels built is about 33 per cent in excess of
that of last year.
By reference to the foregoing table, it will be seen that the
excess of the losses of tonnage by wrecks, sales to foreigners and
other causfs, over the gains by building, amounts to 29,836 tons.
On the other hand, the increase of tonnage in vesels built is
about 30 per cent over that of last year.
But the number of
vessels built includes only such aff have been documented, and
does not embr£ce vessels built and ."iold to foreigners without
registration.
The vessels built during the year ended
classed as follows
June
.30,
1878, are
Number.
Tonnage.
:
Sail vessels
Steam vessels
Enrolled canal-boats
Hi
lOS.Oa") 51
34
19
81,859 tiO
1.908 50
Barges
373
4.5,638-06
The
discrimination between boata and barges not propelkd
by Fail or steam, which arises from the operation of the act of
April 18, 1874, still continues to exist, to the great embarrassment of the department. Under the construction which it has
been considered necessary to give to this statu e, one class ol
barges that are partially employed in the internal waters of a
State is exempt from enrollment and license, while other vessels
of similar structure, employed exclusively on the navigable
waters of the United States, are required to be enrolled and
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. Tliis section provides
that the Comptroller shall make annually a report to Congress, at
the commencement of its session, exhibiting
1st— summary of the ?tate «nd condition of every association from which
report- hav^i been received during the preceding year, ai the several dates to
which such reports refer, \vith an abstract of the whole amount of bauiiing
capital retume I by them, of ihe whole amnmt of their debts and liabilities,
the smount 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 aeveril re'ni-ns, and such other information in relation to such
iif sociations a«, in his jnd ^ment, may be useful.
2d— .\ statement of the associations whose business has been closed during
the year, with the amount of their circu,ation redeemed and the amount
outstanding.
3d— Any amendment to the laws relative to banking by which the system
may be improved and the security of tue holders of its notes and other
creditors may be incre::8ed.
This section further provirles that a statement shall be prepared
by the Comptroller, exhibiting, unier appropriate heads, the
resources and liabilities aiidcmdition of the bank.s, banking companies and savings banks organized under the law:<of the several
States and Territories, sucu information to be obtained by the
Comptroller from the reports made by such banks, hanking companies and savings banks to the legislatures or officers of the
different Stites and Territoiies; and where such reports cinnot
be ol)tained, the deficiency to ba auppl ed from such other
authentic sources as may be available.
This last provision became a law by act o! February 19, 1873,
but, owinu to the defective legislation of the several States, it has
thus far been found impracticabN to procure reliable statistics
showing the condition of all the banks organized under State
laws. All priva-c bankers and binking associations, h)wever, of
whatever nature other than national, are rr quired by law, for
purposes of taxation, to make semi-annual returns to tlie Commissioner of Internal Revenue of the average huiouu' of their
From these returns the followi isf tab e has
capital and deposits.
been compiled in this olHc, exhibiting in a concise form, by
geographical d visions, the total average capital and dep.nits of
all State and savings banks and priva'e bankers in the country,
for the six
months md'ng May
Savings
Savings banks B'ks withwith capital.
uicapit'l.
\
pernicious and
should int be permitted to exist. But I Si e no practical remedy for it other than by
restricting the issue of enrollments and licenses to vessels propelled by sail or steam. A bill to that effect has already received the favorable consideration of one branch of Congress.
The total number of entries of vessels into ports of the United
States from foreign countries, as returned by the Bureau of
Statistics, during the year ended June 30, 1878, was 30,796 of
these entries, 10,594 were of American vessels; tliH total number
of clearances foreign, during the same lime, was :11.:j04; of this
number 10,872 were clearances of American v«tsels.
Of the
total tonnage thus entered, about 25 per ceut was American and
75 per cent foreign of the total number of clearances foreign,
about 26 per cent was American, and 74 per ceut foreign.
[Remarlis with regard to" Steamboat Inspection" and "Revenue Marine" are omitted.J
OFFICIAI, SERVICE.
is
;
;
In closing
31, 1878:
State banks and
rust companies.
licensed.
This discrimination
hi.s
annual report, the Secretary deeins it proper to
imposed by law
call attention to the great variety of jurisdiction
upon the Treasury Department. Since its organizition, 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 redemption of
United States notes; of the collection of commercial and other
statistics, and of the construction and custody of public buildings.
It has alfo the exclusive supervision of the Naiional Banks, of
the Lighthouse Establishmenr, the Coast Survey, the Life-Saving
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 decisions, and all combined form an admirable system for the administration of the business of the department.
It will, accordingly, be seen that the collection and disbursement of public
revenues, and the settlement of the acco-ants therefor, constitute a
small part of the work of the department, and it would seem
proper that the persons performing duties so varied and important should have a tenure of office terminable only for cause, as
is tjie case in the army and navy, and that provision be made for
increased pay as a reward lor long-continued and faithful service.
The general conduct of the officers of this department has been
exeniplary, and probably no service presents a better record of
resppnsible trusts faithfully and li"nestly discharged.
The several reports of the heads of bureaus and divisions are
herewith respectfully submitted.
John Sherman. Secretary of tho Treasury.
—
To Hon. Samuel
J.
'
)
Office of the Comptroller op the Currenct,
Washington, D. C, November 30, 1878.)
have th'? honor to submit for the cousideration of Congress
A
IncreaM.
Wrecked and
Treasury Department,
:
Randall,
.Speaker of the House of Representatives.
Geographic!.!
t
oi
u
d' visions.
R
p
HOPS
ifUlS
a
S
S
«
O
mil.
Mvrg
916 31 -4-
3 ss
61 9i
13 6j
71
ii8J
rm
73
i,5sy :«
1-
10500
863 121-85 229 48 2,0.5« 77_80 183-83
.
J3
i
t
K
O
K
N. Engl'd States 43 819 1V06
Middle Sta'es... 817 .2'45 122- 10
Seuthern itaes. 2.33 27-38 30-67
Western States
and I'erritorles. 361 46 33 61-65
4>
ej
J3
1
O
K
United SUtes.
^
.iS
a
»
8.
tu
1
3
o
H
m.
MUl.
»',
UK-
1-14
1 37
1-23
4 U-815 i
v.:
i^ 3 2
12-3!)
i6-18
K
rnu-a
411 403 43
190
3
•358
68
214
.;9-05
34
168 803 30
capital of the 2,056 national banks in operation on June
29, 1878, as will be seen by a subs quent table, was ,1470,393,366,
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 cipital
stoc'!, for the six months ending May 31 previously, was, as seen
below, but $205,382,832 which amount is cons-iderably less than
The
;
oue-half that of the national banks. The net deposi-s of the
national banks were $677,1.59,298, while the average deposits of
all other hanks and bankers, including savings banks, were
$1,242 794,903. The average deposits for the same period of 068
savings banks having no capital stock wer $803,299,345.
The table below exhibits the aggregate average capital and
deposits for the period named of all bariks other than national,
together with the capital and deposits of the national banks on
June 29 following:
^
banks, savings b'nks, private National banks.
bankers, &c.
Sta e
Geographical
Total.
divisions.
No.
Capi-'
Depog-
tal.
its.
No.
Capi-
UUIS
5155
11 12
N. England States.
1,326 77-09
Middle S'ates
5i0 30-55
Southern States
Western States and
.
Territories
1,939
United States....
4,40-''
81-62
86
t4( 07
47 77
4-22
223 09
De-
Caoi- Depos-
mus
MiWs MiWru.
posits No.
tal.
tol.
512 166-5J 128 -83 1,097 177 64
r34 ;718 3 4-891,560 254-27
6!« 1)704
176 81 49 35-94
1
95 --20 137 -50
a, 703
176 82:
its.
551 69
918'96
8371
365-59
205-38 I,24!-7') 2,056 470.39 6n-I6lfi,453 075-7tIi,919-95
From this table it will be saen that the total number of banks
and bankers in the country at the dates named was 6,4-56, with a
total banking capital ot $675,776,198, and total deposits of
$1,919,954,201.
»*»*****»
of national banks organized from the establishment of the nat:onal-banking system, on February 25, 1863,
Of these, 273 have
to November 1 of the present year is 2,400.
gone 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
The
total
number
Dbcbmbkb
iiai cilt'oNlOLE.
1878. J
7,
2,053 In exiBtenco on Novomber 1 of this year.
ngiiregnte number orjraiilned nre nine naiioDnl
gold b»nkB, located In the Stmu of California, which redefim In
gold coin their circiilailng not»8 at their placefl of Uauti and In
Those have an aggregate capital of
the city of San Francisco.
14,800,000, and an aggregate circulation of $1,408,020.
During the past yuar twenty-eight banks have been oriranlzed,
with an autliorized capital of $3,775,000, to which $1,508,800 in
clrculatlng-uotes has been issued.
Fifteen banks have failed
within this period, having an aggregate capital of $2,712,600, and
forty-one banks, willi a total capital of $5,200,000, have voluntarily discontinued business.
The following table exhibits the resources and liabilities of the
bmks at tho close of liusiness on the first day of Oetol)er, 1878
the <late of their last report; tho rctnrns from New York, from
Boston, Philadelphia and Baltimore, from the other reserve cities,
and from the remaialng banks of the country, being tabulated
>fT»irR, loaving;
)ncltid>'d in
tlio
separately.
Boston,
New York
Philadel-
city.
phia anil
BalUm'rc.
47 banks.
9j banks.
Other
Conn try
reserve
banks.
cities.*
85 banks. l,8S«b'ks.
Aggregate.
4,0.53
banks.
Loans and diftconnts.
On U. S. bonds on
demand
On othiT st'ks, b*nde
Ac, on demand ..
Payable in gold
sin<U--name paper withuut otoer
7,00),0e6
1,140,581
735,248
Sr,904.S02
6,764,181
19,768,710
8,058
7,87i,762
1,247,99a
4S0,18I,39«
830,521,542
2,907,8.'iO
250,171,150
10,829,000
21.412.400
21,387,501
56,023,565
3,466,908
347,656,650
47,936.860
46,786,600
36,869,535
85,983,419
On
Beciirliy
All oill.T loans.
.
.
Overdrafts
Bouda for circuUtlou
Bonds for deposits. ..
U. S. boiidi* on band..
Other etocka & bonds
Due from rcerve agHe
Due from other uat'i
banks
Due from other baoka
and buukora
ef*t;ito.
and
17,597,474 10,583,1U
so.sac.oas 120,030,184
iao,973
34;
81.091
23,0:6,
«,19-S50 50,113,8
3,!I90,
8«,7)5,550
B,40.',300'
lI.46:i,U00
7,901,450
6,005,
9,193,t)84
3,7i6,iia
2,552,
16,375,643 12,684,
I
11,366,000
8,636,970
4,466,951
17,022,995
41,492,919
894,272
2,470,811
5.969,81S
12,314,698
9,4«S,820
7,082,5-39
4,F2o.fi85
25.328,434
fl9S.ai3
780,220
1,021,043
731,401
608,474
3.7l!5,613
l,7o7,16;
1,765,183
874,554
857,593
7,485,093
62,451,792
15,148,037
4,769,679
1,560,623
8,518,054
36,1X1
5,987,48'
2,195,325
Current expenses
Premiums....
Cbecks and ether cash
items
for
3,738,047
clear-
ing-house
Bills of o.her national
bai ks
Fractional currency
Specie
Legal-tender notes.
U 8. ctfe. of deposit.
Five per cent redemption fund. ...*
Due fr'm U.S. Treas'j
67,-.01
.
Totals.
13, 29 1,604
14,8 •3,46S
8,300.9.10
60,000
7,370,000
l.OT.I.SOS
i47,-.o;
2,178,355
Sil,
265,.-iOS
3,417.;24
11,164,895
2,665,000
10,650,71«
356,' 00
7,988,991
30,O7«,3O,
995,000
9?0,74:
106,187
10,972,940
816.941
5.5,171
184,778,767 •!97,2a4,523 167,190,935 918,084,858
LIABILITIES.
Capital > took
53,8CO.0OO
78,526,310
40.785,.'50n 89.3.096,626
Surplus fund
]5,»S0,4W 19,968,1143 10.868,7b7 70,1:6,820
Unaivided profits
8,li69,:00
3,S!i9,816
S,:j23,618 25,058,984
National I)aDk notes
outstanding
20,025,861, 42,988,571 19,658.749 219,216,911
State bank notes outBtanding
73,.'«!1
80,T.V
4,535
255,582
Dividends unpaid ..
190,705
1.087,472
188,997
1,701.216
Individual deposits.
i;2,441,ti69 10f,8«,3 1 62,15H.12j i76,;75,05
U. S- depoHits
26,190,297
6,255,785
2,465,841
6,8I3,3;9
Deposits of V. S. die
.
bursmg oftlcers. ..
Due to national banks
Due to other banks &
131,2 5
68,125,941
bankers
Notes and bills
countcd
Bills payable
19,311,700
'"8,660
Totals
The
20,2 1
27,;8;,06:
1)7,279,133
46ii.]47,4J6
116,8!»7,780
40,936,2 3
301,888,092
413,913
3,1 8,.390
620,238,1-7
41,6.4,812
1,031,935
15,226,442
11,357,064
8,342,795
122,416,514
6,591,905
0,347,506
6,385, -98
42,636,:03
37,&J7
1,168,758
183.808
1,0H,930'
2,78S98n
3,007.395
4,502,983
2,I59,.'i64
re-dis.
2,310,875
1384,778,767 297,224,523 lf.7,190,98-J918.084
8.'.8
1,767.279,133
serve cities (in addition to New York, Boston, Philadelphia and
Baltimore) are Albany, Pittsburg, Washington, New Orle^in., Louisville
Cincinnati, Cleveland, Chicago, Detroit, Milwaukee, St. Louis and San
Francisco.
•
;
;
as possible.
It was further shown that the system was not a monopoly, Its
privileges Ijeing free to all, but that it uprooted many real banking monopolies authorize<l by the several States, and which had
been in existence almost from the foundation of the government;
that the pr fits upon circulation were small, and that the earnings of the banks were not too great a compensation for the
risks incident to the business ot banking, to which capital loaned
directly on mortgage security is iJot subject; that the taxation
imposed upon the banks is unequaled in the history ot monetary
Institutions; that the losses by failures had been insignificant in
Eroportion to the liabilities; and that the losses on circulation
ad not been one dollar; that the restrictions of the act are such
as experience has shown to be necersary for the success of great
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 security to stockholders and depositors during times of revulsion and panic.
This report, which, since its publication, has been constantly
in demand, is out of print. The proposition for the substitution
of Treasury notes in place of nntionalbank notes having been
again revived and discussed, it is thought advisable again to
answer the principal objections urged against the national-banking system, even at the risk of repeating to .'orae extent,
although with more recent data, what has already appeared in
previous reports.
The chief reasons urged in favor of the substitution of Treasury notes for national-bank notes are, that the b inks in the
nat onal system are a favored class, enjoying special privileges
at llie cost of the 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 30, 1874, no national
bank could reduce its circulation and take up its bonds except by
returning a proportionate amount ot its own circulating notes,
and these were usually diflicult to obtain; and prior to the act ot
January 14, 1875, the total amount of circulation authorized to
be issued was limited to 354 millions. But the-e 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 less 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
bank an 1 receive circulating notes equal in amount to 90 per
cent of such capital the law discriminating in the latter respect
only against the large institutions, as no bank organized since
the passage ot the act of July 12, 1870, i< entitled to circu'ation
in excess of $500,000.
A bank organized prior to t'at time, and
having a capital of between $500,000 and $1,000,000, can receive
in circulating notes but 80 per cent thereon
if between $1,000,000 and $3,000,000, it can leceive but 75 per cent; and if over
$3 000,000, but 60 per cent.
Since the passage of the act of June 20, 1874, the national banks,
so far from considering the privilege of issuing circulation a
printable mon 'poly, have voluntarily surrendered $66,237,333 of
their notes, which is $39, 403,437 more th n has been i -'sued to
all of the banks organized since that date, while 144 banks, with
capital stock amounting to $15,517 000," and a circulation of
$9,190,718, have gone into voluntary liquidation.
The capital stock of the national banks is not largely in the
hands ot capitalists. Among their shareholders may be found
persons in t very station of life, and great numbers of women
and children rely for their support upon the successful management of these institutions. Tlie elaborate tables which appeared
in the Comptroller's report for 1876 showed that there were
then only 767 persons anywhere wbo held as much 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 less, of such stock
and that, taking the whole
number of shareholders together, the average amoui t 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, 14,631 in Pennsylvania, 1,441 in Kentucky, 2.388 in
Ohio, 1,608 in Illinois, 833 in Georgia and 617 in Virginia. Of
those holding the stock in amounts ranging between $2,000 and
$3,000 there were 17,743 in the New England States, 15,614 in
the Middle States, 2 305 in the Southern States and 3,433 in the
Western States. Moreover, citizens of the Western States held
26,455 shares, and citizens of the Southern States 13,319 shares,
of the stock of banks located in the Eastern and M.ddle States.
It is not probable that the stock of any other class of corporations
in the country is more widely distributed among people of mod.
erate means than is that of the national banks. It is also largely
distributed among members of all political parties, and, aa a
rule, is free from <he control of partisan infiuenc-*.
The national banks have not at any time monopolized the business of banking, nor do they at the present time. O May 3i
of this year there were in existence more than 3.700 State banks
uid private banking houses, uaving an aggregate capital of 303
—
;
faruitnre
fixtures
Exchanges
system wat Intended to be punnaoent, the Institotiocs organised
under it being, by the express terms of the law, anthorlxed to
continue for a term of twenty yrars
while It was equally
evident that the Treasury notes itsned and still In clrciilatlon
were Intended to be funded, to constltate a temporary currency,
issued from necessity, and to furnish the govommnnt with the
means to save itself jfrom destruction that the amount was not
to be increased, but to be withdrawn from circulation as rapidly
—
RBIIOCR0I8.
Real
589
ri
THE NATIONAL-BANKIKO SYSTEM.
The Comptroller,
in his report for 1876, in addition to the
usual nntional-bank statistics, gave an historicitl sketch of the
two banks of the United States, and also of the several State
systems of banking, with tables showing, by geographical lii visions and by States, go far as they conld be obtained from official
sources the resources and liabilities of the State banks from the
earliest dates to the date of the organization of the national system, together with a comparative view of the State and national
systems of banking.
In his report to Congress for the year 1875, he sketched the
origin and growth of the national-banking system, and answered
the
principal
arguments advanced
against its continuance. The establishment of the system was not advocated in the
interest of any political party, and it has been free from the control of partisan or sectional iufluenca, its benefits being now open
to all who desire to engage in the business of banking.
The
opportunity occasioned by a great war was seized upon, in the
interest of the government, to get rid of a circulation issued by
authority of many different States, which had been, almost from
the beginning of the government, a grievious tax upon the business and the commerce of this country.
It was shown, from the
discussions in Congress at the time of the passage of the legaltender act, from the reports of this department, and from the
uniform legislation since that time, that the national- banking
—
;
;
1
THEK'HRONICLE.
590
millions of dollars, and deposits of 418 millions. These banking
establishments are located in all of tlie principal cities and villages of the country, and it is to be presumed that if the privilege
of issuing circulatin.? 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 upon the bonds held
by the national banks on November 1 less the tax paid by them
is $14,544,693 only, while the annual
upon their circulation
profit upon the entire circulation of the national banks, as will
be shown in another place in this report, is but $8,961,519, or
As
less than two and one-half per centum upon their capital.
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 $3,500 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 on the other
hand they require that the business of banking shall be conducted under a uniform system, which insures 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, whoU-some 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 corporations 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.
of the most important requirements of the na'ional bank
act is that the caiital ntock of all institutions organized thereunder shall be tally paid in. The orgauiz ition of banks without
capital was one of the great abuses of previous banking systems.
The history of banking in this country is full of instances of
institutions of this character, which were not only permitted to
receive depoHils and transact a general banking business, but
were authorized to issue circulating notes; and to the fr quent
failures of these associations may be attributed, in a great degree,
the prejudice still existing in this country against all banking
corporations.
When the national sy.stem was established, especial care was
exercised in the framing of the banking act, not alone to insure
the safety and convertibility of the circulating notes, but also o
guard against the organization of banks nithout iona fiie capital.
At least fifty per cent of the capital stock of a national bank
must be paid in be'ore it can be authorized to commence business,
and the remainder must be thereafter paid in installments of not
less than one-fifth monthly, the payment of each installment
being certified to this office, under oath, by the president or
cashier of the association.
It is frequently stated, and it seems to be believed by many,
that banks of circulation only may be organized under the act
that is, that a bank may use its c'rculating notes either to
increase its existing capital or to assist in organizing other banks
without real cnpital. The law carefully guards against such an
In the first place, as has been already stated, the officers
abuse.
and directors are required at the outset to certify under oath to
the Comptroller the amount of stock which has been paid into
the bank as permanent capital, while subsequent installments
mu t be similarly certified. In addition to tbia, section 5303 of
the Revi-ed Statutes provides that " no association shall, either
directly or indirectly, pledge or hypothecate any of its notes of
circulation for the purpose of procuring money to be paid in on its
capital stock, or to be used in its banking operations or otherwise;
nor shall any association use its circulating notes, or any part
thereof, i any manner or form to create or increase its capital
The Comptroller is alr^o authorized to examine every
sto k."
banking association before granting it authority to commence
business, in order to ascertain wliether or not its capital has been
It is impossible, therefore, for a bank of circuactually paid in.
lation Diily, without capiial, to be organized under the national
systeiii, if proper precaution be exercised and the examiner is
compet(mt and faithful in the performance of his duty. « * * »
The jjtoportion of capital, and of capital and surplus, to liabilities is much greater ia this country than elsewhere, which is
undoubtedly owing to the fact th.it our law requires that the full
amount of authorized capital shall be actually paid in. In Ens;land. US a rule, only « portion of the capital ia jiaid in, but the
stockholders are individually liable for the full am lunt of their
subscriptions.
This restricted liability is true of the limited
banks only, the stockdoldera of other corporations not limited
being each liable for all of the debts of the corporation. » » *
One
i
CONVKBTIBIUTY OP THE KOTE.
[Vol. XXVJJ.
at the counter at par,
and also
in
New
York, Albany or Troy at
one-fourth of 1 per cent discount. The New England 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
The notes of the national banks conat a discount at its agency.
stitute the only secured circulation ever required by law to bo
redeemed at par at a central agency, as well as at their place of
issue.
•
the New York system of redemption were to be applied to
the national-bank circulation, in plac? of the existing method, it
would probably at once raise the price of exchange to the rate
current under that system, which was generally one-half of one
per cent. The Suffolk system was excellent, as a voluntary
arrangement entered into by 500 banks, having an aggregate
circulation of fifty millions only, and all located within the comparatively moderate area of the six New England States; but it
would not be a practicable 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 by the legislative action
of separate States, nor by the agency of individual corporations.
Congressional action alone is adequate to accomplish this; and
accordingly full provisioo was made by Congress for the convertibility of the national-bank circulation, by providing for its
redemption at par, both at its p'ace of 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 mouths thereafter more
than $348,000,000 in such notes were received at the Treisury 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
the banks.
In transmitting national-bank notes to the Treasury for
redemption, they may be sent unassorted, that is, without reference to denominations or banks of issue, the only restriction being
that they shall be presented in sums of $1,000 or a multiple
thereof, while the only expense to the sender is the cost of transportation to th place of redemption. Under this system the
notes of the national banks, wherever located, have possessed a
uniform value, and the prices of exchange have ruled at the
lowest rate.
The rates of exchanga between St. Louis,
Cincinnati, Chicago and New York have been frequently at par
and under, never exceeding, say, 75 cents for $1,000, instead of
from ten to fifteen dollars per thousand, as was common under
previous systems. Redemptions have not been sd frequent under
this as under the previous systems of New York and New
England, for the reason that the notes are more ftfljy secured,
and also because the demand for Treasure notes has not been so
great as was formerly the demand for gold under similar circumstances. The machinery of the law is, however, in operation,
and the frequency of redemptions will, to a great extent, depend
upon the demand for gold after specie payment shall have been
resumed. But the notes of the banks being secure beyond
peradventure, this demand^will, in all probability, be much less
than under former systems'of unsecured currency.
If
PROFITS AND LOSSES.
that no association shall, during the time it
banking operations, withdraw or permit to be with*
drawn, in dividends or otherwise, any portion of its capital, and
that no dividend shall ever l>e made to an amount greater than
the net profits then on hand, deducting therefrom losses and bad
With these restrictions, the banks are permitted to
debts.
declare dividend.^ semi-aimually from their net profits, but are
also required, befoie making any such dividend, to carry to
surplus fund one-tenth nart of their net profits of the preceJing
half-year, until this fund shall equal twenty per cent of their
The law thus designates three uses for the profits
capital stock.
of the national banks: First, for building up a surplus fund;
second, to protect the capital stock from impairment by losses
in business, by the use of such fund when the other profiis are
The law provides
continues
its
third, for the declaration of dividends out of
any remaining profits. As a rule, the banks in th laiional
system have not made excessive dividends. In determining the
true ratio of their profits, their accumulated surplus, as well as
what is technically known as capital, must be considered, as it is
from the tie of both capi'al and surplus that their profits are
derived. Even during the most prosperous yeirs of the system,
the ratio of annual earnings to the combined capital and surplus
of the banks was not greatly in excess of the usual legal rates of
interest ia the States where they were located, while during the
last two years this ratio has been less than six per cent on the
combined cpital and s rplus.
The surplus of the national banks amounted on October 1 to
insufficient; and,
'
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 by former State banks previous to their conversion into
Eoglaud were not redeemable except at the counters of the national organizati(ms, 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 York 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 England of surplus held by the banks on or near the Ist day of January
Slates provided only for redemption at the counter, although and July in each year since 1863, as shown by their reports for
what was known as the Suffolk system compelled redemption in the dates nearest "thereto, together with the gemiaunual increase
the city of Boston also.
The New York law required redemption or decrease therein:
DBCBMBBR
THE CHRONICLR
7 1878,J
Inertau.
Jnly
4,
ISM
i.w.mo
%
Jan.
».
188S
July
8,
MB
8.683,811
Jan.
1,
18H6
Jnly
a,
Ai.aos.S'ia
4H,0U(>,iri
8n,lsi.!>!W
T,SS3 401
37,61' ,3V>
J»ii.
1, 1j<«7
July
1,
188
Jan.
II,
IHt)'
Jnly
SAii
>
nee. 1«, ix-i 101.573,164
JunalO, 187J 106.181. 913
nea
11,''9«,80^
7 15I,«/1
18,81
70,5S'.,111H
!,!.'
3.1!IU.9<li
1)00.81,1871
13li,48S,tl4l
M,31S
Jun«80, 1876
:a8, 169,096
7,
t»,aM 950
3,'03,7I<9
8.Sa'i,>,06
S7, 1872
111,41 ,94!<
Juntl), 1H7H ll«.H47,466
l»n,9(il,vB8
Dec. ». 1878
uoeSe, 1874 li6,23'l,«08
9,8lll,i«<
6
5,417,808
4,113,813
6,278,040
4 a4H,iM
9,t>83,4S4
DeertOM.
18'^
'.5,840,119
4, -.me
8I.1W.MS7
0.293.994
6,3*9,818
Dec.
June
1-3,
IM9
1,I)48,(I3U
JnneSO,
Jan.
W,
1870
SSJl'i.S?)
90,174.i81
7,9M,70S
Doc. W. 1878 131,890,«t6
1.616, es3
3.0I6,9.J«
Juno<2, 187
1!4,7]4,073
6 e7H,5'iS
Dec. 88, 1877
121,36S.4".6
3,145,818
8.6I«,4«4
JnneM,
1H!8 118.17^,631
3,3'<9.924
6,
Jan.
June
9, IS7<
91,8«9,''84
Dec
28, 18:0
Jnne
In. 1871
94.7(6,710
98.3 iJHH
J7, 1875
lS7(i
13.3,08\4'i«
t83,«78
131.897,197
1.188 226
6M,682
U
will be deeo tuat the maximum gurplus was rencbed in June,
1875, and that there has since then been a f;radual diminution of
this fund.
The diminution has been caused by chart<ing thereto,
from time to time, portions of the losses sustained by the national
banks, such losces agfrregatiog, during the last three years, the
»
»
»
»
•
large sum of |04,11».415.
1'he total losses thus charged off equal nearly fourteen per cent
of the enlire capital of the banks.
Although the charging up of
losses has very considerably reduced the surplus of the banks,
yet, if the total losses iflcurrfd had been wholly charged to th s
fund, it would have been still more largely diminished. The
greater portion of the losses mentioned has b^en cancelled b>
charging it to the account of current profits, in consequence of
which 357 banks, with an aggregate capital of $58,736,950, have,
in the last six months, paid no dividends at all; while during the
last three years the average number of banks semi-annually
passing dividends on account of losses has been 388. This number is equal 10 about one-seventh of the whole number now in
operation.
The average amount of capital upon which no dividends have been paid during that time is $14,5!j3,515; from which
it follows that, for a continuous period of three yrars, more than
one-tenth of the total capital of the national banks hag been
without profit to its owners. TMs is exhibited in the following
table.
Six months ending—
March
Geographical divisions.
No.
1, ;878.
Capital.
Sept
No.
'J'he rate of taxation upon the banks in the city
of New York and in o<her cities has averaged more than five per
cent annually duiing the pa<t four years, and there la no doubt
that the annual taxes collected from these institutions has been
greatly in excess of the rate collected upon the capital of other
corporations, private firms a' d individuals, which cannot be as
accurately determined as is that of the national banks from their
published statements.
NATIONAL-BASK FAILCItES.
The failures in this country of State banks and private bankers
are known to have been numerous and frequent; but information ai to their numbers,' or to the consequent losses to their
stockholders or creditors, has not been attainable by the Comptroller.
The bank departments of the different States give no
information on this subject except as to the losses upon bank currency, and even that information has been of a scanty character.
As a ru e, under the different State lawK, the aSairs of insolvent
institutions have been liquidated by a receiver appolntfd by the
court, and the receiver has not reported to any S ate officer, but
to the court which appointi-d him.
Full information wiih reference to these insolvent institutions is therefore in most cases
unattainable.
The lofses upon currency are estimated to have
been five per cent annually upon the amjunt issued, but no estimate has ever been made of the losses to creditors and shareholders.
Under the national bank system, however, the losses
as » ell as profits of eacli bank are reported to this office. If a
bank becomes insolvent, the Comptroller, by law, appoints the
receiver, and exercises full supervision over the closing up of its
affairs.
The files of this office, therefore, contain a complete
record of everything pertaining to the settlement of the business
of such associations. The following table exhibits the number
of failures of national banks in each State, together with their
capital, amount of claims proved, the amount of dividends paid,
and the estimated losses to creditois, from the organization of
the system to Jnly 1 of the present year:
Average for the
capital.
=•2
year.
1, 1878.
No.
States.
15
States
Middle states
Southern states
Western States <fc Territor'e
$
$
9,38»,6"0
17,244,400
5.286,000
16.8 8,000
14,870,000
22,454,850
.6.867,000
14,645.100
105
40
164
58,786,960
41,166.200
4 (,057,726
843
266
251
$60,000
New York
f
44
12,129,750
19.849,626
4.076,100
1,312,0)0
700,000
800,000
100,000
Pennsylvania
Dlst. of Colnmhla.
6.06)500
Virginia
15,721,550
Alabama
5.1,767,42.^
1C,80'',11I0
Louisiana
Misxisolppi
Totals for 1878..
18,797,!)00
857
Towla
40,452,000
34,290,320
288
for 1877.
Totals for lljTS
,
373
39,174,0«
Average for three years.
41,180.0-8
306 47,986,958
44,588.515
Many of tlie banks, also, wiiich have declared dividends within the last three years have done so wholly or in part out of
profits other
than surplu
<
previously accumulated by them, and
not out of their current earnings.
The 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:
Rati» of dividends to capital and snrplns.
Geographical divisions.
1870.
New England
States....
Middle States
Sonthcrn States
Western States
United States
The
8'4
ratio to capital
8-8
P.ct.
11
7-6
T6
7«
8-2
8-6
7-9
Pet. Pa.iP.et.
6-7
7-7
60
6-6
6-6
61
7-7
8-8
7«
7-1
8-1
9-6
6-2
7-7
7-8
7-5
pa.
74
7-6
8-4
8-7
7-7
and surplus of the
the national banks was, in 1876,
cent,
8-3
Pet.
total net earnings of all
6-9 per cent; in 1877, 5-6 per
and
in 1878, S'l per cent.
ratio of dividends to capital in the
England
and Middle States, where the greater porticm of the capital of the
national banks is held, was, during the la.'-t three years, 8 2 per
cent.
In the same States the ratio of dividends to the combined
capital and surplus was 6'5 per cent, and the ratio of the net
earnings to capital and surplus was 5*1 per cent.
The belief, so widely entertained, that the profits made by the
national banks are excessive, is in great part due to the exceptionally large dividends paid by a few banks which are favorably
located and have a large surplus, and which make large returns
to their Bhar> holders on the amount of their nominal capital.
The profits of these banks are not to any considerable extent
derived from their circulation, but from surplus and deposits.
New
The average
Many
much
anks makingr these exceptional dividends have a
of circulation than those making moderate
dividends only, while a few of them have no c rculation whatever.
If the bank act gives to the national banks the privilege of
circalation, it also provides for a United State- tax upon circulation, deposits and capital, and for a State tax upon the shares f
each bank, to be determined by the legisliture of each State, at
a rate estimated to be not greater than is ae^^essed upon other
money capital in the hands of individual citizens of each State.
The total amount of Uniti^d States taxes collected from the commencement of the system to the present tim<^ is as follows:
On clrcnlatlon.
On deposits.
Ob capital.
Total
of the
less
I
amount
<
139,775,817 35
$40,328,288 82
The annual amount
18,829,430,78
$88,183,554 40
of taxation, national and State, has for the
last fotu years been as follows:
60.li00
1,600,000
5O,U00
60,100
100.000
3,100,000
250,000
Texas
Arkansas
Tennessee
Miesoari
Ohio
Indiana
282,000
Illinois
2,250,00
Wisconsin
Iowa
luBses,
200.000
Kansas
Nevada
Colorado
UUh
2CO00O
160,1 «<)
,
250,000
225,100
150,0CO
$97,61
5,721,248
$10,000
310,498
l,658.r64
2,^88,828
1,6 9,045
289,407
33,561
2,981,6'4
60,&30
16,142
'<
3ie.93'i
611.000
,
Minnesota
Totals.
ISn. 1872. 1873. 1874. 1876. 1876. 1877,11878. Av'ge
P.ct. P.ei P.ct. P.ct
84 8-3 81 8-2
81 7 9 7-9 7-9
9-6
10-7 101
8-8
8-5
8-9
93 90
Estlmat'd
Claims
proved.
Capital.
Per cent
of dlv.
paid.
Capital.
Connpcticnt
New England
691
•
2.683,093
422,891
605,681
3,366,767
1.'4.446
290,477
313,429
141,5:6
178.012
178,135
89,200
1
6,860
601,t>5»
931,789
1»7,85«
20,900
922.900
60,000
15.142
65,335
951,918
190,667
239,893
1,414.368
47,066
181,128
210,016
8t.l95
153,011
3J,4I8
13,380
311.597
740,000
189,8(10
178,800
1,096,198
70,000
90,896
61,000
57,3 •fl
17.001
85 00
88-43
67-8S
78 00
38'62
4roo
.15-00
61 02
'ioo-66
17-33
35 48
45-06
47-46
4!01
86*00
62'35
67- 00
59-47
gc-oo
71,2001
18 19
16-0O
#16,015.100 (23,S98,7U9 |IH,010,313 (6,415,433^
59 88
From
17.,(K)0l
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,The
010,313; while the estimated losses are but $6,415,423.
average number of failures during each of the past fifteen years
has been leas 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
The deficiency in the assets is nearly $26,000,003,
$21,000,000.
whiith is four times as great as the losses to all the creditors of
national banks which have failed since the organization of the
system.
The Bank Superintendent of the State of New York
reports the liabilities of twenty-two savings banks which hay«
failed in that State during the last six and one-half years at
$12,188,772, and estimates the losses to their creditors at $4,303,6)6, which is more than one-third of their enlire indebtedness.
He 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 Slates from the
beginning of the system until now.
The losses from five State
banks in the city of Chicago daring the last two years, which
banks were organized under special charters, nnder which
neither State supervision nor reports were required, is estimated
Tlie losses from
to be $3,819,500, on liabilities of $5,7*5,572.
the State and savings banks of the country during the last two
years on'y are known to have been greatt;r than the total loss
resulting from all the failures which have occnrred of naiionalbanking arsociations.
The government has had large amounts
on deposit continually with a great number of national banks
throughout the country, for its convenience in making disbursements, but has suffered no loss during the past twelve years.
Upon the circulating notes of the national banks there has been
no loss whatever.
PITBLIC STATBMENT8 AND KXAHINATIORB.
One of the most important provisions of law relating to the
;
THE CHRONICLE.
592
national hanks
Ir
that requiring Btatements of their resources
and
liabilities to be made nt Huch times and in such manner as
the Coiiip; roller may direct, and the publication of these state,
mcnts in the dally newspapers of the country.
The banks are
also required to make returns to the Comptroller, semi-annually,
of their earnings, losses and diudends; and all of these returns
are compiled by him and annually trausinitted to Congress. The
Comptroller has authority to call upon the banks for any and all
information concerning their a Tairs which may be thought of
value; and it is his endeavor to communicate annually to Congress and the people the fullest possible knowledge attainable
upon every question of interest connected with the business of
bankli g. Letters, also, fr im whatever source, asking for proper
Information on these subjects, are always fully answered. The
annual reports which have been issued from this offlce are themselves evidence of the great amount and value of the information to be derived from the returns made by the national banks.
The law also provides for a thorough examination of the banks
by competent persona as frequently as the Comptroller may
think desiiab e.
This feature of the law was at first eiceedingly unpopular, but it is now generally approved by the banks
themselves, and has been atten'led by the best results.
Irregularities 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 orevented, impaired
capital diiicovered and its restoration compelled, and large losses
to both sliHreholder and creditors avoided, by the prompt action
of tills offlce, based upon the report of an examiner.
The excellent system now in operatiou is in strong contrast with the
generally lax systems of lank reports and supervision which
prevailed previous lo the passage ot the national-bank act.
The Compi roller, in his report for 187(), made an effort to
collect from official sources the general bank statistics of the
country. Only two l)ttlauced statements of the first Bank of the
United States could be found, and previous to 1833 the published
bank statistics consisted mainly of estimates made, or statements
unofficially compiled by individuals.
Subaequentiv, statements
were obtained by this department from tbe several State officials,
and were comoiled annually for the use ol Congress.
But th
State laws differed widely in their requirements, both as to the
nature of the returns to be made by tbe banks and tbe dates
which they should bear. Instead of a unifor time and similar
ity in form being required by all the States, as is now required
under tlie national system, there was great diversity in bo h
date and lorm, so that when the compilation ot tlie reports was
completed by this department the work was very unsatisfactory,
and it was found ioipracticable to give anything like a just or
true presentment of the condition of the banks of the country
»
ou or near any given day.
»
»
•
»
FUNDINO TUK NATIONAL DEBT.
One of the chief objects in view in the organization of the
national system was, not only to furnish bank notes wnich were
safe and convertible, but to supplv a steady market for 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 Uniteu States bonds held by the national banks on
November 1, 1808, and deposited with the Treasurer as securi
y
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 reducid, until it is now less than onefourth of all the bonds held, while nearly one-fourih ot 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 liy the n.itional
bauKs.
This will be seen Ir .in the following tabln, which exhibits the
amount and classes of bonds eld as security for circulatio c.n
the l.-t day ol November, for each year since 1805, and the
rate
of iniereat wnicli they respectively bear
<
i
,
:
Dates.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Hov.
Nov.
-NOV.
Nov.
Nov.
1,
1,
1,
1,
1,
1,
1,
1.
1,
1.
1,
1,
1,
1865..
186«..
186r..
18bS..
1H«8..
1870..
1871..
1814..
:3;8..
1874..
1875..
1878..
1877..
1878..
6 per cent.
Donda.
5 per cent
oouds.
$!i(H,533,3S0
878,819,950
281.143,300
!M1,!'!)3,900
a.'J!,aT4,800
»0,07o,4-"'0
cent
Hi
Donds.
ijer
4 per cent
oonds.
Total.
91,376,450
88,888,760
i4»,7i4,liS0
34r,46cs.950
SS'.OtW.lBO
342,651,450
841,511,500
U«,78I.S<XI
9T,'«4,6<)0
812,455,«5(l
181.118,600
185,955,8;0
ns.sos.mo
•ill,6«',800
157,834,950
145.981,650
a:«,0i7,150
239,440.100
299.046,200
S5a.t)J3,75ll
1:18,503,212
10S,81<),3uO
81.914,550
78,889.750
223,6(12 700
200,090,600
196.615,000
844,745,WO
S67.tl4.4S0
.V4,968,:<fi0
392,852,100
8&5,42l,7.'>0
10,306,800
46,089,700
49.39r,IS0
I5,P84,160
80,586 .'?0fl
3H7,549 412
887,727,800
343,048,900
!
(TOL.
XXV 11
about 2J per cent more per annum on the capital invested in the
boBds pledged to secure the circulation than could be obtained by
lending directly the same amount of capital. The table below
shows the amount of bouds deposited in the Treasury on Nov. 1
1878, to secure national-bank circulation, their various clanBes'
their currency value, the circulation issuable thereon, and the
annual interest UDOn them:
Annual Currency
I'nr
Classes of bonda.
value.
of 1R81
5-2n» of 1866, 2d eeries
5--.'lls of 1,'-H5, 3d »crlet,'67ej
6-20K of 18(i5,4ih Bcrleii,'68lILtOsof 18W.
68 of 1881, funded 18818.,
4«8 of I8«l, fuiMled 1KIII8,
4» of 1907. consols of 1907,
Pacitlc llailroad bouos ..
(18
C«rrency Circnlat'n
value.
Iseuable.
cold
Viilne of
intercBt
interest.
~
«
S
t
66,483,45!>
61,072,7^0
851,503
3,389,007
8,1.72,641
l,!'05,6f0
490,.S26
825.700
8,172,100
1,764,500
70,68-, ^ro
75,1»5.264
125,!i26,750 1^2,3!3,'g8
49,397,-i50 5l,;iil.39J
30,566,3(10 SO,rit:6.3iXl
5.,i84,000
6,.8i,'i03
*
49,,'!42
105,870
3,397,480
49,666
491.562
106,135
3,5 '4,448
6,296,337
3.&)%27»
2,2i-.'„S
2,228,488
1,225,709
315,040
i;
1,2J2,6.')2
(i,312,07S
Total.
3)0,408,900 368,634.279 314,468,010 17,31 l,r63 17,689,378
It will
be seen that the currency value of the bonds, which
represents the amount of c ipital invested in their purchase, ia
If this amount of capital were placed at interest
$388,534,379.
at eight per cent per annum, estimated as the average rate of
interest obtainable throughout the country, it would produce
$39,482,742. 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),
lieing $17,089,373, which ia 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 $3,144,080, the
net amount of interest received by them is thereby reduced to
This amount, together with the interest svhich
$14,544,092.
the bank.s receive on the amount of their circulation available for
use, gives the whole income derived by them from their circulation and the bonds deposited to secure it.
The amount available for us(^is that issuable (being 90 per cent
of the par value of the bonds pTedg. d), less an amount equal to
five per c^nt thereof, which the banks are reciuired, l)y the act of
Juno 2 1, 1874, to place with the Treasurer of the United States,
as a redemption fund.
Therefore, even if the banks could keep
loaned out all the time the whole of their circulation available
f. r use, which is
in practice an impossibility, they could have
free for loaning but $298,744,010 of the $314,408,010 issuable
upon their ix>nds; and that amount loaned at the rate namei,
eight per c .nt per annum, would produce $23,899,.509, which!
togelhiT with the net interest received on the bonds, makes
$38,444,301 aa the income derived by the banks from their bonds
and circulation, as against $29,483,742 that would be produced by
lending ihe capital invested in the bimds directly at the same rate
of interest.
The difference between the two sums,' which is
$8,901,519, 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 S per cent per annnm on the loanable amount of
circulation, which, as shown above, ia $2!IS,714,610, Is
*i,899,66!» •
The currency vnlue of the interest on the Donds ileposlted to secure
the circulation ia
17.689 878
Gross amonnt received by the banks from bends and loanable
crrulation
$41-^88941
li^m which deduct one per cent of the Issuable amount oVclrcBls'
lion as the tax thereon...
Not Income upon the
caiitHf
'
8.144680
employed
The
ciiiiiul necessary lo purchase the bonda pledged by the bnuks
which, as stiowii above, is 8.iii8,'S4.279, loaned at 8 per cent per
annum would produce
f 38 44< 861
'
'
89 482 742
Difference, representing the prodt on circulation If the whole
amount available for use be loaned continually throughont the
ye"
18,981,519
Two and forty-three hundredths per cent on the capital
employed ($308,534,379) is $8,955 383, which, as shown above, ia
about the value of circulation to the national banks if they could
keej) the whole amount of their issues loaue.l out all the time.
In the above calculation no deduction is made for the costs of
the redemption of the bank circulation, whicli letsens by to much
the profits on circulation. The, cost of redemption for the fiscal
year ending June 30, 1878, was $317,942 48: for the year ending
June 30, )i<n, it was $357,000 10; for the vear ending June 80,
'93 31; and for the year ending June 30. 1875,
1870, $3(
"•
$290,905 :r.
In locil
where the annual rate of interest is seven percent,
Thegovernmeut has Still outstanding more than 093 millions
the value
circulation ia about two and sixty-two hundredths
of six per cent and more than 703 millions of five per
cent bonds
The reduction of the interest on this amount to four per cent per cent per annum, and where the rate is ten per cent, its value
would save to the government, nearly 31 millions of interest is about tw,i and five hundredths per cent.
The large margin ($54 0(10,209) bi'tween the value of the bonds
annually. The funding of the six per cent bonds into
four per owned by the banks and the
circulation issuable t ereon would,
cents has made rapid progress during the last year, and the
banks in case of disaster, be available as a reserve for the payment of
have been of -reat service to the government in this process
ot the depositors or other creditors, and this is an addiiionsl
refunding, by negotiating and absorbing a very considerab
e part argument in favor of issuing
circulatioa under the restrictions ol
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
biirden of
Another
thing
that
should be considered in estimating the
interest will c .ntinne aUo.
If the national-bank system is to
be value ot circulation is, that the banks held their bonda af a preabolished, and an additional amount of United States
notes is to mium, whicli, though it ha>(
been greatly reduced in the past,
be issued, all hope of reducing the rate of interen on the
nublic still appears among their assets for a large amount, and which
»
debt must be abandoned.
»
,
» "^
will disappear when the bonds shall mature and bn paid by the
VALUE OF C.RCULATION TO THB NATIONAL BANKS
United States. The amount of premium appearing as an asset of
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 notes is not great, as is frequently asserted,
being but condition, is $7,184,736.
1,
.
•
t
Dkoiubbr
If nil
TRE CHRONICLE.
7, 1878.J
banks n»BtW»ry to Mcarn their
of the bondii of the
lation wxre convertnd into
oirculation, takinf; the laroe
Mot
four par
nlrcti-
bond", the value of
amounts of bonds and circulation a*
are oaed above, would be shown as follows:
InterMt on tSW>7^t810 of cIrcalttioD, loaosd at 8 per cent per
aonum
,
The
Tntal prollt on capiu! employed
ume capital loaned directljr at Bper cent
$tt,ISB,llM)
^
Ciimuic7 ralae of Intereat on bondl
14,011,19)'
Section 0175 of the Revised Statntas provides " tliat not more
than one-sixth part of the iiot<a fnrolsbed to any asiioclation
shall beat a less denomination than five dollam, and that after
specie paymenta wra resutnxd no association ahall be famished
with notes of a less denomination than five dollars." In view of
this provision, tbe printlo|{ of one and two dollar notes was dtacontinoed on November 1 an It Is not expected that any notea
of these denominations will be Issaed after the close of tho
present year. Section 5142 of the Revised Statutes requires
that tbe circulating noteit of national banks shall l>e " algned by
I
perunom
tM.7M,IM
would earn
l>,18>,i4f
Dlfforence, reprerentlng proflt on clrcalatlon when the whole
iHue ia kept loaned ont
(5,189,444
Which ts I 4S-li)0 per cent on the capital emplOTSd.
If the rate of interest >- ere seven per cent, the annual proflt on
drcalatioD ivsued upon four per cent bonds, would be 1 63-100
per c-Dt; and If the rate were ten per cent, the pr fit would be
1 5-100 per cent.
The average rate of State taxation upon the capital of the
national biinkH is about two per cent per annual and If they should
go into liquidation, and the owners of the bonds should continue
to hold them, the amount of State taxation s ived to them wou d
nearly or quite equal the benefit they now derive from circula«
•
»
•
tion.
;
RBBXTinTION Ain> RE8ERTB.
The law provides ihat banks in New York City shall hold a
cash reserve of 3-5 per c«-nl 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 bold a
reserve of 1.5 p^r centum upon deposits, two-fifth!< of which must
be on band 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 followiog
table
the president or vice. president and cnshier thereof."
Tbe
written signature of at leajt one bank ofllcer Is necessary, as «
check between this office and the Issuing bank for, If the qasation of an over-Issue of notes should arise, the signature of such
officer would be a means of determining the geuuineoess of the
note.
A number of banks, however, issue their nntm with printed siimatureH, and in
cases with lithographic ones, which are
frequifntly so badly ex«<:uted as to excite «UMpir:lon as to tb«
genuineness of the noten. The Comptroller, in his last report,
recommended an amendment of section 5182 of tht Kt vised
Statutes, imposing a penalty of twenty dollars for every note
Issued by a national bank without the written sigoature of at
least one of the officers of the bank, which recommendation id
;
mnw
now renewed.
»
»
•
II
Ciilea.
C
o
der fond*
^^
exhibits by States and geo«rrapbical
t)aDks organized and in operation, with
tbfir capital, bunds on deposit, and circulation issued, redeemed,
and outstanding on the Ist day of November, 1878:
Bank'.
Stataii and Territories.
r
CspltaL
Bond*.
Capital
paid hi.
Bonda on
York...
Boston
Alban T
mil'*. mira. mil'a
47 20.08 18*. 7» SO.K
51 85.89 6a.7I 10.54
7.K
l.M
11.7» 41. 1*
5. 1 11.8S
S.M 18 0«
08i>
1.7*
10. S6
7
Fkiladelphia.
Plttabars
Bsltlmofe ...
Waabington..
Kev Orleaiu.
Lotdarille....
Clndnnati...
ClereUnd
CUcago
Uetroit
If llwaakee.
.
Mt. Looia.
.
8. Fiandeco.
.
TMab
«
&
14
S
7
8
6
«
»
4
»
5
2
Ml
Other banks
I.eo
l.».
ft.OO
J.34
8.10
1 tn
8.M
545
»»
0,47
M.r
I.IS
039
45»
8.U
0.86
601
087
l.^S
mUa. mil*.
50.
»i7 SO
1.88
4.88
1.18 I 71
8.74 1 78
0.18 0.80
1 41 0.
0.88 0.85
S.Ot 1.08
1.88 1.87
5.18 308
0.i8 1 81
o.n 0.88
1.04 0.74
0.87 0.05
8J.67 880.08
81
t.et
15 88
,«?
4. .'2
0.86
1.™
0.18
3»
3.08
6.21
3.80
0.76
1.78
0.»
18.08 171.811
I,8a*19.Jt 888.80 SO.Ot 56.08 loe.ot
todr-
Vermoiit
Haaasr.hoatts. .
Deposiu, and depoaitr
p. c.
854 3
46.7
p.c.
26.8
p. e.
16.5
28.7
0.7
S8.0
25.5
84.6
»..0
8.1
17
87.8
41.9
87.1
40.8
87 4
150
88.1
14.4
18.4
tl.O
80.8
i8.8
18.4
48.4
51.1
44.8
104.0
i6.8
86.7
74.4
1106.0
82.6
85.1
».5
84.0
flS.8
188.8
21.1
14.7
17.2
•0.7
lli.4
18.9
l«l.l
277
48.8
25.8
itT
88.8
VS8 301.8S 877.831 1«.K
*T.t
21.1
The amonnt of legal tender fnnds heM by ibe banks
York
in
XATIOSAl^BAXK AHD LKOAL
TEHSEB HOTH, BT DCXOlOHa-
TIOKS.
The subjoined table exhibits, by denominations, the amoant of
national. bank and legal tender notea oatsttknding on Norember
1W8
961
548 186,854,480 U9.897,800 30o,8es,oe5 116,085,278
New Tork....,
New Jeraejr
840
Penna/lvsnia.
Delaware
267
OWBIUU.^
Wak
of
Asaoot
280 90,eW,8ll
88
Cdombia.
Virginia
Virginia.
Nortb Carolina...
Seatb Carolina ...
4}eorcia
Florida
West
.
14
14
34
32 12,8«6,010
.
M
80
15
12
17
t
.
Toad.
1
50,OU>
10
1,669000
8,M9/80
1,U)00M
ijsttjno
3,4«685
7,«1,M)0 12,314,4(0
1,156. oon
8,5tt,^ai
1,488.000
1,764,000
l,4B0J(a
l,«MkOOO
90.000
i.tti,ooo
i',ne,(o6
205,100
8,548,808
XIMMK
S
7475,010
»M9
»,800
rja*
4,941.480
3,«S,800
8,(80,886
4,817,:(0
59>0
8;880,180
8«,000
8,8«7,780
1,888,410
681.900
UM8.48e
•,400«)
10,8(7,875
175
805 4O,C7'-,80l
U6
ttojygjm
M;8as>.S25
timtks.".".. "."."..".".".. '."..r.II
rittiM .
mK
115
166
MicUgan....
.
.
Iowa
Minneaota...
Kaiua*.
Nebraaka....
188
DO
56
»k
8»
87
7>
S)
76
12
10
1481116,015
81
11
7*8 15*
Nevada
2M8I.>8»
8l.t>7,lM8
aMAD
80 an^.
8S.«ej960
IL56I
Teula
dcamred
r
m
0m,\*\
«3iMB7.1tl
•3418S1.8M
l,5«8.4<S
1.713.480
],<4«,3(&
l,*t»,¥»
48,800
1,47«,98B
811
2.084,i88
8*7,005
251 JOS
8.287 J40
2 981,888
2,344,48i
r,998,70l)
753M,47S tT.484jn
tU88,lS8
34JM17BK lt,8W.i9»
f^4i^oau
s^asT^ow
88,974,906
ia.>86,i«B
7,186^tM
4,597,8C0
12,«^M0
740^^0
7.H1,S«0
2318,880
04I,UIO
1,859,840
4,988.780
•,flSJ8*
t.8n.8M
l,»^li•
2.«tS,18«
•12.S18
741.284
•to 84,78M)0 81,884,888 nU9«7,108
1
1
Orecoo.
Colorado
KOJHt
vrjaa
18
Utsb
Idsho
XoDlaaa
Wjronlac
New Mesloo.
.
Dakota.
WaablogtoB..
4
I
ll»,8«0
•I4.*8I
197.740
t
tnjxn
5<4,«»
majeto
lULOOO
aujn
8
68.888
88,881
2)8,S«
IIMOO
8
3
•nj88
1
Pjei8e
aad T<tIS
4,485.878
l,a8MW
MBjtn 488 St7,a74J0g 1^881888
88t.88I.nt
S7
1,088.(W)
for aaiilstrd
Oraad
Add
I,rO;88»
C38O.608
total*.
gold banks..
1J884M
MOD
10
34?.iS,C4«
II
4l89o.o88
4JK0.t
uMjm a/»um
ijmjmt
\m. 9>.4»i»m.im, '*nlim irAjmimum.7u
The act of February 28, 18^>3, and the saba- qaent act of Jon
9M>',4n
8i.M«,a» 8, 18M, aathorixad the iasoe of 300 millions of dollars of national0,7*4,00 ba>k eirettlatioB, i^idi was iaereaaed by tbe aeiof July 12, 1870,
to VA uiilUona. The aet of June 90, 1874, aothoffsad any na> loaal
baak daaMa^ to withdraw ita eirealatiiur Do-.ea, in wbole or hi
put, u> dapeaa Uwfol money with the Treasirer of tbe I'oitad
Watea, ia anoa of sot leas thaa |8,000, and to withdraw a propotUooata aitwart of the boodabaidaa aeearity for soeh nuiea;
aad tho ac8 of JawHijr 14, 1875. vapaaled all piuvMoaa reatrictia^
Ml.185,708
far ftaetkiBa of ao«ca aat pre-
Bskaeaa
65,sn.740
1,431.0110
7.'00,174
Western
\tafa.*m
aeatadMdaair..y«L
Dedaet for legal laadars
Cblcago Ire
8*4,««,a0
28;>U.0«
'.'.'.'.'.'.'.'.
Kre Haadnds
nosMada.
Add
aaaf'Sf
42,141,806
38,197,180
»,S8S,580 12,9 8,800
17,]t4.«a0
fJ88,5eO
•,<7»,760
notes nllred.
Or,e«
Two»
to.m;m
Sonttaem
Illlnoia
Dne
1.759,080
.1,551X00
1,851,108
2,041,000
"7
rltoriea.
BOCca
1,907,080
3,2»,oa<
15
15
It
Jt
t
*l
85
Ohio....
Indiana
af
7
ID
11
Bute*
Totals,
Statea.
I,7e3,«86
56,788,800 1S8.86',715
11,6261390 ia.531.5M)
109,808,186
680 i;5,086,8;6 114,440,500 3»«,849,4«B 113,610.891
11
Xteaoitfi
Wiaconain
18,856, {10
185 56,II0>340
:16
State*..
Totala,
18.090.810
17,881,888
Middle
Tolala,
Totala.
Statea
:
Aaasnt
88 25,904,««0
11
Xaryland
Disl. of
H,613,0M
5,7<>«,IO0
Baatem
Texas
Arksnsaa
Kantoeky
Tenacsaee
;
8,184.T4T
State*.
Totals.
21.8
on October
M»8a»t
12,118,0:8
7,663.500 18,97«.800
74,«81,»9« 16>i,478,M6
36,0*6.715
10,»»,70a 47,598,410
20,018,800
Miaatfaippl.
tlieir
30,9«i,880
«,'26.!i0
>'/,407,a80
jo.r
1 was 150,921,576, which was 26.8 per
deposits and 24i{ per cent upon circulation and
depoeits.
The amount held hv the bankx in the principal cities
incuding New York, was $92,931,123, or 112.4 per cent upon
tbeir circnlatioD, and 23.9 per cen- apoii tbeir deposits
and the
total cash re.-'erve of all the national banks was $142,955,718,
or
47.3 per crnt of the total out-tandiag circulation of the banks
thtn in operation, and 21.1 p«-r cent of their deposits. This
le^rvecoDssted of $30,688,60« of specie, $97,061,571 of legal
tender notes, and $15,205,541 deposited in tue I'reasury for the
redemption of circolating notes. It ia 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 wiih tbe Treasury Department in
the resumption of specie payments, which takes place on the
1st day of Jaonary next, as provided by law, as may be
seen
from the late action of ibn Clearini; Hoose AsaoeUtions of tboae
•
«
»
*
cities.
city
upon
10,6«0,000
5,740.080
61
Island....
Alabama
New
log.
M7
Bhode
Conoectlcat.
Lonialaoa
Aggngata.
Ontstsad-
iMoed.
47
to
lis
81
86
248
71.0
deposit.
Clrcalatlon.
>
78
44
47
74
New Hampsblre.
to—
•-•
•
The following table
number of
ReS'tve
teU'
eolati'n
Crcnlation.
I.
»
divisions the
Xabia
cent
•
NATION A r.-BAWK CmCTjr.ATIOW.
:
.Batlo of legal
New
693
Totala for all haala K.400
.
s
CHRONICLE.
THte
594
the aggregate amount of national-baok circulation, and required
the Secretary of the Treasury to retire legal tender notes to an
amouut equal to 80 per cent of the national-bank notes thereafter
issuf'd, until the amount of such legal tender notes outstanding
should be $300,000,000, and no more. That port on of the above
act which rt-quired a reduction of United States legal tender notes
*
*
»
»
was ropealed by the act of May 31, 1878.
The following table exhibits by States the iss le and retirement
of circulation during the year ending NoTember 1, 1878, and the
total amount issued and retir. d since Jane )iO, 1874:
Circulation retired.
States
and
Circulation
issued.
Territories.
Maine
Now Hampsblie
Vermont.
Under act Of liquidof June SO,
ating
166,460
S808,80
4,80u
B14.6U0
8,07«,710
»7,8JiO
5B5,600
4,993,676
Uaasachnsi'tti
Rhode Island
CoDncciicut
New York
New Jersey
a90,7.';0
Pennsylvania.
1,861.8411
Delaware
Maryland
47P,«6J
3,609,780
117,181
601,839
71,100
153,800
138,000
District of ColamblA.
Virginia
Wont Virginia
Nortli Carolina
8oath Carolina
Georgia
74,51.1
60,e65
6,866
179,860
64,4.5
405,900
16,000
113,410
90,UO0
46916
Texas
Arkansas
Kontacky
Tennessee
4\m
1,590
442.096
5e;,»37
5i)5.1«9
11,130
13,700
473,092
6.1
190,862
17:i,660
SO,«>'S
3.-ti5
S7,7.'ii
390
246,961
»8,n5a
184.373
618,318
95 197
78,400
Missouri
Ohio
17«8t0
Indiana
6ei,-2I0
5.33.57.
186,t>94
Illinois
870,890
Michigan
Wisconsin
834.09(
891.729
69,048
68 64;
Iowa
898,.3t>0
Minnesota
Kansas
Nebraska
119,880
7,700
18.000
669.331
141.110
90.399
103,794
116,587
S0,137
60,231
Colorado
'l'68,900
Utah
Montana
Dakota
Washington
28,608
'89.600
6<,425
87,186
78,476
916
33l,44><
14,528
21,142
841,453
66,08
S86.045
801,308
720,26b
38,039
201.872
ise.o&o
107,78l>
7,976
B8,»fl«
810
810
100.S5I
64,597
65,722
14,913
4.120
87,214
14.911
4,120
64,000
46,000
Surrendered to this
office
Total for year ending Novem116,291 685 $8,301,692 $2,634,434 118,075,001
ber 1. 1878
20, 1ST4, to
58.700,911)
10,408,93.?
63,109,849
Surrendered to this office between
same dates
9.130,107
Total issued and retired from
June
S0,1S74, to
Nov.
1, 187)).
LOST OR
one per cent, $3,627 having been redeemed
$55,418.57oU6i.0''8.6«» $13,093,867 $84.814,957
Held by Nat. BanKs in N. T.
UNREDEEMED BANK
N( TBS.
belief is very generally entertained that a 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
Neither
loss of such notes inures to the benefit of the banks.
supposition is correct. Section 5323 of the Revised Statutei
requires that all national banks which go into voluntary liquidation shall, within six months thereafter, deposit in the Treasury
an amount of lawful money equal to the amount of their circulating notes outstanding. The law also requires that full provision
shall be made for the redemption of the circulating notes of any
insolvent bank, before a dividend is made to its creditors. Thus
it will be seen that no association can close up i's 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
It Is therefore p ain that the government, and not
presented.
the bank, receives all the benefit arising from lost or unredeemed
circulating notes.
In a previous report, returns as to unredeemed circulation were
given for 286 State banks organized under the authority of the
The maximum amount of
legislature of the State of New York.
circulation issued to them was $5'J,754,514, and the amount of
unredeemed circulation at the date of the report named was
The
$1,336,337, or 2'63 per cent of the highest amount issued.
maximum amount of circulation issued to 80 State banks in the
city ot New York, which are still in operation either as national
or 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
to 240 State banks in Wisconsin was $7,565,409, and the amount
unredeemed is $184,747, the percentage of unredeemed notes
being 1"78 only. The maximum issue to 210 State banks in the
inland States was $89,345,380, while the amount
six New
remaining unredeemed is but $792,767, the proportion of the
The returns from 832
latter to the former being 3'02 per cent.
iryland
State banks In New York, New Jersey, Delaware and
show their maximum circulation to have been $65,664,176, while
the amount unredeemed is $1,707,428, and the percentage 2'60.
The percentage of unredeemed notes of 25 State banks in Ohio,
having a circulation of $2,l!l6.881, was 2'79. The greatest
amount of circulation issued to 707 Slate bauks, in 12 States, was
$114,671,346, the amount outstanding $2,606,382, and the proportion unredeemed 3'4 per cent.
E
M
city.
last
D. S. coin
Coin.
certiflc's.
~T"
Feb.
April
28. 1873..
25. 1S73-.
June
13, 1873..
Sept.
12, 187-1 .
26, 1873 .
27, 1874..
Dec.
Feb.
I,
Oct.
Dec.
2,
March
May
1,
1,
June
Oct.
30,
1,
1874..
17,
May
10,
12,
.
3,201,131
S32,3ia
June
30, 1876..
l,-JH.ri22
Oct.
2, 18T6..
82, Ib76..
1,129,814
1,434,701
1,669,284
Dec.
Jan.
April
Oct.
Dec.
M'ch
May
June
Oct.
:.0,
.
1877..
14, 1877..
l,!i80,725
28, 1877 .
1, 1877..
1.423,358
1,538,486
28, 1877-.
16, 1878-.
1,9.S6.746
1,
1978
.
29, 1878..
1,
1878
.
- im
93
22.13'.l,08(l
5S1,177
5-*5.810 65
Ol.'JM) 60
68ti.460 O'.l
23,4,'>4.t60l24.',984,9-12
10
,514,185
Oil
I3,671.6«0
18,114.480
14,110,940
W.622.1611
6,753,220
12,642,180
4,20 ,730
12,532,810
1,02.1,015
753,9114
869,4.36
M'ch
,498,649 86
11,743.320
lS,325.7i«
2.3,518,640
1,167.830
1.580,283
1,842,535
1,291,786
1.443,215
1,081.555
930,105
Doc.
$
11,5.39,780
18,523.600
13rB,170
1874..
1874..
18^6 .
1875..
1875..
1975..
1S75..
1876
1876
Nat'l Aggregate.
Banks.
Total.
$
1.958,769
1,H44,9
1.442,097
1.0o3,210
26, 1874..
81.
Held by
other
Dates.
June
The
the
within
two years.
SPECIE IN BANK AND B8TIMATBD SPECIE IN THE COUNTRY.
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 separately:
June
1,088.886
39,180,886
amount issued.
The amount of demand Treasury notes issued from July 17,
to Dec mber 31,1802, was $60,000,000, in denominations
186
of five, ten and twenty dollars; and the amount remaining
outstanding on the 1st of November last was $62,01)5, the
proportion unredeemed being a little more than one-tenth of
May
and
retired
Add totalK from June
November 1, 1877
It is probable that, under the national system of redemption,
the proDoriion of national-bank notes redeemfd 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 $1,634,400. and the amount
outstanding ou November 1, IS'S, was $13,440 .TO, the proportion
80 per Ci-nt of the
of notes remaining unredeemed beiii" only
amount issued. The total amount itsued to 23 naiionnl banks
which failed previous to the ye.r 1873 was $3,!i)0,693; and the
amouut outstanding on November 1, 1878, was |57,074, the proportion of notes remaining unredeemed being but 1'78 per cent of
»
»
the amount issued. *
Oi the circulation of 51 national banks in voluntary liquidation
previous to 187,), amounting to $5,832,940, there yet remains
outstanding $151,486, or 2'59 per cent only, of the amount issued;
nnd of the circulation of 75 banks in liquida!iou prior to 1872,
amounting to $8,648,980, there remains outstanding $227,448.
which is equal to a percentage of 3'63; and of the circulation of
89 bank* in liquidation prior to 1873, in amount $10,764,080,
there remains outstandinjj $303,274, or 282 per cent of the
1,062,960
210.158
169.046
304,046
181.134
127,923
Nevada
'
341.768
91.724
137,111
h2,4!4
56,^69
805.110
116,900
94,58
44.100
n,120
13,700
8,983.872
132,767
992,2.1
"I'llJM
17,20'J
7t),5)6
29l",35(i
'
810.SO0
$69,325
1.50O
14,162
41,271
76
915
39,090
Hiastsslppl
Loniaiana
$2,865
XXVIL
,
829,887
"1,666
Alabama
Total.
banks.
1074.
[Vol.
40l).2li6 51
S5t,l55 42
,706,715 51
683,325
,116.1, 19.S 86
,9.55.624 90
,402,346 72
6,8.34,678
6,582.61'5
4,960.310
3,937,' 35
6.294.386
3,094.701
3,l.6-i,6.59
6,729.294
5,6 •8,520
7,131,167
6,785,079
9,9b2.046
91 14,410,322
1H,086.1I;0
8t;
i5.ia'i,76(l
70
92
84
83
,348,051
,01",073
,087,302
16,872.780
13,416.760
,576.674
21.602,90i'l23 ,037,601
33.62t.6fi0|.15.,2^8,944
18,899,180 1.5,,829,905
4.279,123
3.780.557
4,368,909
5,282,658
7,i0o,107
8,679,403
7,585,02!
6.812,022
5'l
n,-..>40,1.32
10,824, S20 11 .747.578 17 9,588,417
ll,409,920ll2. 948,406 47 9,710,413
9,119,080|21, 074,826 20 11,8(2,924
36,003,220 37,,432,rn 44 17 290,040
^6,397,640 28.,085,73a 06 17,«3S,li24
2,428.797
2,688.092
1,905,705
1,779,792
13,,860,205
22 15,391,864
ii,5u.8iort,,294.(02
43! 17,394,001
11,054,500
17,777,673 68
16,868.808 74
»7, 951,086 72
1(1,868.469 46
2(i. 907 .0:17 68
:».365,863 68
:i2,5ti9.969 26
2.',326.207 37
21,240,945 33
22,436.761 04
16,667.106 17
1(1,620,361
18,9511.532
64
80
8,050,339 78
17,0;O.Si05
90
a",077,3l5 85
21,714,5 '4 3«
2.5,218,469 »2
21,361,«.54 03
;)2,999.647 89
49,709,2b;
37,070.037
21,335 996
28.658.820
32,907,750
54,?22,058
55
78
06
31
70
02
4i:,02.'i,756 116
29,251.469 77
30,688,606 69
of silver coin held by the national banks on June
2, 1876, was $1,627,566 and $2,557,599 respecThe amount held on October 1, 1877, was $3,700,708, and
tively.
on October 1, 1878, $5,387,788. The aggregate amount of specie
The amount
30 and October
held by the State banks in New England, in New York, New
Jersev, Pennsylvania, Maryland, Louisiana, Ohio and Wisconsin,
as shown by their official' reports for 1878, was $3,038,429, of
In the
which tlie banks in New York city held $2,639,839.
returns from California the amount of coin 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 ihe 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 tlie Mint, to have been as followsEstimated amount of coin and bullion In the country June 30, 1877 $842,855,888
99.i'(H),000
Estimated product of he mines for the year
1S,3»,715
>
Importations of gold for Ihe car
16,490,69*
year
Importations of tilver for the
i
,
Total
Deduct exportations of gold
Deduct exportatious of silver
Deduct amount used in the arts and minnfactures
.
,
,
,
. .
$371,677,172
$9,197,565
24.535.670
6.600,000- 89.233.225
Total estimated amount of coin and bullion in the country on
JnneSO, l-7s
$352,443,947
amount, $244,353,390 was In gold coin and bullion, and
The increase for the liscal
$88,090,557 iu silver coin and bullion.
year was $89.588 089, of which $51,638,160 was in gold coin and
The Director
bullion and $37,954,929 in silver coin and bullion.
estimates the amount of gold coin and bullion in the country on
September 80, 1878, at about $259,853,390, and of silver coin and
bullion at about $99,090,557, making a total of $358,443,947.
LOANS AND IIATBB OF INTEREST OP NEW YORK OITT NATIONAL
BANKS.
Of
this
The following table contains a^clas^ificatlon of the loans of tht
national banks in New York city for the last^five years:
Dbokmbkr
THE CHRONICLE.
7, 1878.]
Octobai
Lmu (Dd DlaconnU.
On endorsed paper
Oo single-name piper
On U.n. bonds ou dem'd.
On niber stocks, Ac, on
116,')l9,!t4!l
.
demand
4,781,038
4,»!14,l>74
1878.
8e8,lii0
3,4M,ii7ll
!t,(IOS,B67
8,908, UOl
1,
October
47 Banks, 47
98,818,778
15,800,810
4,7«S,448
18.884 ,5'?2
6,277,498
48,»78,888
4-7,8«4
4,319,014
8,786,458
8311,808
4,881.570
1,8&8,914
1,
Banks.
17,8»7,475
1,003,085
51,ir8,081
78\5I4
8,768,181
8,870,371
a01,777.0M 808.089,788 184.843,835 189,188,3111 »9,885.»P0
Tlie 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 Commeree and the Fisanciai.
that citj,
was
Curomcle
1861.
1863.
1868.
1887.
1968.
1888.
1670.
1871.
187S.
1873.
1874.
1875.
1876
1877.
1878.
(58.096 97,
8,888,686
8,946.843
8,9,7,416
8,949,744
8,987,081
3,198,670
8,368.184
9,404,488
8,883,405
8,09 •,795
8,899,037
8,948,047
Aggregates..
78
07
78
per cent; commercial papsr, 6'4 per
commercial paper, 5'fi per
commercial paper, 6'3 per
commercial paper, 5*2 per
commercikl paper, 6*1 per
The average rate of interest
same years was as follows:
of the
Bank
8,614,787
8,808,840
8,180,181
8.186,f6a
8,a09,««7
8,614,810
8,606,189
03
13
11
89
76
09
08
(18,408 83
183,251 IS
406,947 74
881,881 7ji
806,781 67
61
879,9(8
186,883
888,866
464,8(1
4e(.048
607,417
8(8,3(6
864.686
6«04!96
i,»*,am (0
6,148316 81
6,l!40,89« 81
08
76
16
96
88
6,817,866
5,884,848
5,940,474
6,176,154
6,708,910
7,004,618
7,088,498
7,805,184
7,889,881
6,998,146
6,781,455
(5,989,480 78
(86,088,664
86
87
89
78
89
64
(40,ae8,8S6 88
«
(IOT.8I0
slS,9m 68
3,44.'>.368 74
8,878,111 74
(89,775,817 35
TolaU.
Capital.
86
68
77
Vt
44
68
86
IS
87
.tl
18
K
00
67
67
(8
85
04
66
78
6a
«
Commissioner of Internal Revenna
during the same years, by banks and bankers, other than national,
cent,
cent.
cent,
cent.
cent.
of
8,6I4,.^6S
IS
69
On
Dapoaiti.
(95.811
1,087,580
8,833.10)
8,660,1(0
8,564,148
7»,247S9
8,l06,7l^6 80
The amounts paid
loans, 3*0 Jwr cent;
1870, call loans, 3'-i per cent;
1S77, call loans, 3*0 per cent;
1678, call loans, 4*4 per cent;
On
OlroaUtlon.
of
as follows:
1874, call loans, 3*8
187.^. call
On
Ttan.
lk7H.
1877.
eO,179,tf4 88,749,674
5,7:<&,188
378,081
.
OetoborS, October
iw.iBa.iwr w,Afo,ait
18,8.-.8,100
S1,4S4,I\88
•
1,
1978.
i«,i)a9,eoi>
renl estato securltjT'
Parable la gold.
Alio
lotber loans.
Totals
October
Bank* 48 Banks. 47 Banks
48
On
2,
1874.
695
is
shown
in the following table:
On
Ytan.
England for the
During the calendar year ending Dec. SI, 1^74, 8*69 per cent.
During the calendar year ending Dec. 31. 187.% 3*3:i per cent.
Daring the calendar year ending Dec. 81, lf7h, 2"tit per cent.
During the calendar year ending Dec. 31. 1677, 8'91 per cent.
During the fiscal year ending June 30, 1878, 8*07 per cent.
The rate of interest in the city of New York on November 22
of the present year, as quoted in the Daily Bulletin, was, on call
loans, from 3 to 4 per cent, and on commercial paper of the best
(frade, from 41 to 5 per cent.
The rate of interest of the Bank of
England, which on November 29 of last year was 4 per cent,
had fallen on January 80 following to 2 per cent, from which
date to October 14 there were seven changes, and, with a single
exception on May 29, a gradual increase. The rate was fixe on
the date last named at 6 per cent and reduced on November 21 to
S per cent.
to the
Circulation,
18M..
(2,066,996
1865..
1866..
1867..
1,998,661
18(18..
ii,«m
1869..
1870..
1671..
1872..
1873..
18,f85
15,419
22,731
8,919
84,778
18,738
22,746
17,947
6,430
1,118
On
990,878
2I4,8S8
1874...
1875...
1876..
1877..,
1878..,
Aggregates.
(5,436,381 31
On
Deposits.
(7P0,788 68
8,043,841 08
2.099, H85 E3
1.3»5,89.) 98
1,438,512 77
1.734,417 63
2,177,876 48
2,702.196 84
(8,8S7,71I>
903,3'>7
8,458,644
2.978,860
2,91H»,,'i30
2,896,637
2,693,687
98
4,940,870
8,468,986
8,048,568
l,r66,74S
8,196,064
8.080,083
8,644,841
4,628,229
3,771,081
3,887.160
4,097,818
4,006,698
3,829,789
8,498,031
874,074 11
47«,8(>7 78
899,.r62 90
445,071 49
387,087 81
9!9,2'i8
77
976,0.W 61
736,960 Oi
916,878 15
1,102,241 58
3,643,251 71
8,00»,>l02
Totals.
Capital.
79
86
87
75
93
29
989.21!) 61
9*27,1161
24
8»7,2*25 84
48
5S
17
61
5S
14
46
67
18
Oa
88
8S
(51,28»,894 88
(10.891,528 27
$34,900,615 11
88
90
OS
I
8KCUBITT of CIKCULATING NOTES.
table exhibits the kinds and amounts of United
States bonds held by the Treasurer on the Ist day of November,
The following
1878, to secure the redemption of the circulating notes of national
banks
Classes of bonds.
Antborizing act.
Rate of
Interest.
Loan of February, 1861, (81s)...
February 8, 1861.
6 p. ct.
Loan of nly and Aug., Ifi61(81s; July 17 and Aug. 5, 1861
do
Loans of 18tp3 (81s)
March 3. 18t'3.
do
Consols of 188)
March 3, 1863.
do
ConsolsoflS"
do
do
Consols of ISHS
do
do
Ten-forties of 18B4
March 3, 1814.
5 p. ct.
Fandid loan of :881
do
JnljH,'70, AJan.aO.'n
Funded loan cf 18«1
do
4'/4 p. ct
Funded loan of 1907
do
4 p. Ct.
Pacific Bsilway bonds
Jnlyl. 1868, & July 8.'64 6 p. ct.
.1
, .
Total.
Amount.
18,87* 000
24,416,560
19,790,900
82-^,700
8,172,100
I,7ri4,."j00
70 688,850
125,9211,750
49,Stl7,250
10,5S6,:100
5,584.000
$349,408,900
All of these bonds, with the exception of |53,038 80 of 6 per
are, by the terms of the acts under which they were
issued, payable in coin.
Of the latter amount, |36,692 5.50 consist of sixes of 1881, which were issued prior to the passage of
the legal tender act; $10,762,300 of five-twenties, which were
issued under the act of March 3, 1865, which law does not specify the kind of money in which the bonds issued under it shall
be paid; and $5,584,()00 of Pacific Railroad currency sixes.
On October 1, 1870, the banks held $246,891,300 of 6 per cent
bonds, and $95,942,530 of 5 per cents. Since tbat time there has
been a decrease of $174,061,550 in 6 per cent bonds, and an
increase of $100,673,050 in the 5 per cents.
During the tlJree years ending November 1, 1878, there has
been a decrease of $.55,673,462 in 6 per cent and of $42,430,600
in 5 per cent bonds, while in the same period $40, .397.2.50 of 4J
per cents and within the last eighteen months $30,566,300 of 4
per cents have been deposited.
cents,
TAXATION, EARNINOS AND DITIDBNDS.
The Comptroller has
in former reports discussed at considerable
length the question of bank taxation, and he respectfully repeats
at the present time his previous re( ommeodations for the repeal
of the law imposing a tax upon capital and deposits.
Special attention is called in this connection to the elaborate
tables herewith presented, showing, for a series of years, the
amount of national and State taxation paid by the national
banks, the amount of losses charged off by them, the number of
banks wliic i have been compelled to pass dividends, and the
low ratio of their earnings and dividends to capital and surplus.
It will be seen that the average rate of taxation upon capital (or
the past four years has been nearly three and one- half per cent,
while in the city of
York it has exceeded five per cent
that during the last three years the bank.s have suffered losses
•mounting to more than Hixty-four million dollars and that the
ntio of their earnings to capital and surplus was in 1877 but
No more conclusive proof
l.'6'62, and in 1878 but 5*14 per cent.
«f the justice of the request for the repeal of the law imposing
these taxes can be given than is contained in these various tables.
The national baok^ pay annually to the government, in semiannual installments, t duty or tax of one per cent upon the
average amount of their circulating notes outstanding, one-half
of one per cent upon the average amount of their deposits, and a
like rate upon the average amount of ;their capital stock not invested in United States bonds. The following table exhibits the
amount of such duties paid by the national banks yearly, from
the commencement of the system to July 1 of the present year:
New
;
It will be seen by the above tables that, since 1864, the total
taxes collected by the government from the banks and bankers of the country amounts to $137,261,949 09, of which 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 government is concerned; but while the whole expenses of this office, from its
establishment to July 1 of this year, have been but $4,.525,032 66, the first of the foregoing tables shows that the national
banks have returned to the government in taxes during this
period the large sum of $86,033,554, of which $39,775,817 was
paid on circulation alone. It is to be further observed that the
whole f this amount has been collected without any expense to.
the government.
From returns made to this office by the national banks in sereral different years, in response to requests therefor by the
Comptroller, the amount of State taxes paid by them for the
years 1866, 1807, 1869, 1874, 1875, 1878 and 1877 has beea
definitely ascertained.
No returns were obtained for the missii^
years in this series; but fro3i the data furnished for the known
years, estimates have beei made in this office for the intervening
ones, and the whole amount of taxes. State and national, pai-d by
the national banks from the year 1866 to tL:e present, time is
shown, yearly, in the table below:
<
Years.
Capital
stock.
Amouut
U. States.
of taxes.
State.
Batio tax to capital.
Total.
U.S.
Per
et.
State.
Per
ct.
1866
1867
1868
18i9
1870
t410,593,4.)5
(7,949,451
8,069.9.38
(16,019.389
1*9
20
482,804,666
420,143.4»1
419,6IX.860
429,31),0I1
9,5-i6,(i07
8,813.127
^, 757,656
lb.838,7.)4
2 8
81
18,8«.8n8
1 8
8*1
1*7
1*7
1871
45I.9»<,1:)3
4;2,966.!I53
1872
1873
1874
488,776,4'8
49.3,751,679
603,t)87,911
1875.....
!>7ii
5< 1,788,079
485,2511.694
1877
9,46S,6o!
10,081,214
8*4
8 4
7,*J97,0»6
7,4'i:.67i
17,378,340
ln,649.8'5
6,703,910
7,004,646
7 860 078
24
7,256,08:1
9,6*20.3*M
10.a'i8,122
9,701,732
18,609,973
15.047,6-2
15,501,394
16,876,409
17,375.653
16,Tr?,819
14
80
SO
8.8*^9.804
157M,877
1*4
1*9
10,19(l.ti82
7,317,531
70;ti,087
17,656,;i57
S.:'I3,77*J
f,49:i,748
6,908.57.1
1-4
14
1*5
1*4
1*7
1*8
1
8
8*0
TotT
Prr-f
3'9
4*8
4-S
4-1
4*1
4*1
8 8
3*8
8*5
8*6
84
3*S
In the returns of United States taxes prior to the year 1872, in
the above table, are included the special or license tax of two
dollars on each one thousa .d dollars of capital, and an income
tax on net earnings.
The States in which the ratios of taxation to capital were most
excessive during the years 1875, 1876 and 1877 are shown in the
table below
1875.
SUtes.
U.S.
State
1876.
Total.
U.S.
Perct. Percl. Peret. Per
New York....
New Jersey...
Ohio..
Indiana
Illinois
Wisconsin
Kansas
Nebraska.
...
So. Carolina
Tennessee.
.
. .
1*8
1*5
1*4
1*2
1*8
1*7
1*4
8*2
11
1*4
2*9
4*7
SI
3-6
3-8
3*8
4*2
8*4
8*6
8*4
8*1
:-.*8
38
4*6
8-8
3*4
S*8
4*5
4*5
8*7
ct.
1*8
1*4
1*8
1*8
1*8
1-7
1*5
2*8
1*0
1*4
1877.
State. Total.
Per
ct.
31
81
U.S.
State. Total
Percl. Perct. Perct. P.et.
4*9
3*5
1*9
1*4
8*7
1*9
4*0
8*7
8*6
v*4
4*0
3*7
4*3
1-0
1*8
8*4
8*8
S'<
3*8
4*5
4*7
8*7
8*5
1*6
1*7
1*7
8*8
81
81
8*8
S'8
8-6
C-3
8'6
8*3
8*8
80
8*5
8*7
2*1
8*1
1*0
1-6
rs
8*5.
4*8
4*8
The
evil effect of these high rates of taxation may be seen,
reduction of capital and surplus by the banks in thft.
York alone, during the last five years, which haa.
been upon capital $16,435,000, and upon surplus 16,002 981making a total of $22,437,981. The State banks of the eame'
city are reported to have also reduced their capital $4,794,000,.
in the
city of
New
surplus $1,340,300; making a total reduction for
of
the
New York city banks, dorincr that period,
128,573,281.
and
all*
of
THE CHRONIcii
596
I
Received by Comptroller.
The inequality in the rate of taxation '^imposed by State
authority upon banking capit il in different localities is 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
Received
at the re-
Months.
S B §
g
at
o
'^
demption
agency.
n
£ S » °
$
1877.
November
December
Bates of taxation.
XXVIL
Vol.
$
11,680
17,590
3,107.800
3,101,9C0
16,400
30,900
18,000
106,500
68,700
6S,07S
346,760
116,405
37. BOO
161,159
4,323.100
8,720,600
3,634,800
4,001,700
S,0 10,669
6,086,5(K)
1,076,684
1,615,670
7r5,4';«
.
1878.
Cities.
1876.
1875.
U.S.
U.S.
State. Total.
U.S.
State. Total.
1877.
January....
February..,
State. Total
March
April
Boston
New York....
Ptrct. Perct. Perct. Perct. Perct. Per ct. Per ct. Perct. P.ct.
1-3
1-6
2-9
1-4
1-6
1-4
1-9
3 3
30
Albany
Philadelphia.
PittHbnrg
Washington
..
New
Orleans..
Louisville ....
Cincinnati....
3--1
0-r
0-5
28
07
1-9
20
3 2
1-4
1-2
11
13
17
0-6
1-9
0-7
0-9
0-5
2-9
S-2
2-9
1-9
3-5
6-6
3-2
3-4
28
81
20
0-3
0-3
0-5
2-6
M
23
23
.
2-9
i-l
51
3-6
0-8
0-5
20
Cleveland
Chicago.
..
Detroit
Milwaukee....
St. Louis
St. Paul
a-1
3-0
3-1
30
20
1-4
1-3
1-4
1-6
1-3
Baltimore
5-4
6-6
S-0
1-8
2-3
1-2
1-3
2-5
1-3
3-0
2-8
2-2
1-9
3-3
1-7
1-9
1-8
.
4-6
a-4
4-8
31
6-3
4
3-5
1-1
1'2
1-2
1-6
14
n-i
0-5
2-3
1-8
1-9
1-7
M
4-9
46
2 5
3-6
1-1
2-2
1-6
2-2
1-3
\-i
8-0
1-5
52
2-2
1
S
1-4
3-1
1
i9
51
24
2-6
3-9
18
30
1-4
1-3
6
5-0
6-3
2-8
1-7
2-n
2-5
1-9
3
tories.
Received
46
Kalne
New
Hampshire. ,
Vermont
58
33
30
53,32!t,080
6S4.6fc2
20,271.650
193,0-8
25,fc3l,a94
270,l!71
240,442
ico,;co
16^551
U.S.
Per
ct.
State.
Per
ct.
lot'l
P.ct.
3-3
2-9
3-0
354 297
11
163,950
257,2:0
11
2-2
1-8
10
2-0
rl
1-9
1-6
1-4
1-6
26
30
4'.6,:-.15
10
693,159
10
States. 167,788,475 1,907,776 2,864,119
4,771,895
11
1-7
2-8
34,lI-.002
498,204
754,951
60,057,2)7 1,250,6S6 1,822,196
5«,S70
2,000.000
64*281
14,278.3M 202,678 276.6-0
4119,062
28,417.5-2
200,841
120,471
16.98.i.6b7
357.:ill
10,.147,600
139,7.M
64,336
'.,663.985
6,842
23,398
3 ,8^
30,.395
2,302.459
205,1-30
137,075
11,233,651
312
4,317
252,000
15.870
7,728
1,229,119
1,253,155
3,073,832
124,151
1-6
2-1
3-0
2-3
2-9
3-2
60
479,:35«
14
1-9
609,903
477,782
194,0*6
30,240
62,213
342,905
1-4
23,598
1-4
1-4
1-4
1-2
1-8
1-3
0-7
0-7
0-6
0-4
182,886,562 3,129,990 8,544,862
6,674,652
64,684
27,737
33.945
74,027
42,632
114,480
city .
PennsUvania
Philadelphia
Pittsburg
....
Delaware
Maryland
Baltimore
Colambia
Washington. ...
Dlitr. of
Middle States..
Virginia
West Virginia
North Chiollna
South Carolina
3,285,229
1,74-i.UOO
...
Geor'jia
Florida
Alabama
Orleans
Texas
»
1-8
Hew Tork
New York
Albany
New Jersey
.
Arkansas
Louisville
Southern States.
Ohio
Cincinnati
Cleveland
Indiana
Chicago
Michigan
Milwaukee
Iowa.
Minnesota
Missouri
St. Louis
2,5-0.096
2,927,6)3
2,146.305
60,000
1,66 .000
3.300,000
1,081,782
...
Nebrp^ka
Colorado
Mexico
Idaho
Wyoming
Dakota
fTeatern States
Territor.cs
Totals
28,(118
26,547
818
49,19,^
6-2
3-3
2 1
2-8
9
1-8
1
1-9
3-6
1-5
1-2
20
16
Is.
2s..
3-5
2-8
2-6
8 6
3 3
3-«
2-3
2-4
58
1-4
20
11
1-2
1-5
1-4
Oil
2-2
13
rl
1-8
3116,000
2,760
7,008,500
8,0<6.500
3,112,233
77, 141
107,777
58,201
17,153
0-4
1-5
42.265
48,639
3,601
80,636
1 ,936
68,514
1-4
1-6
OB
2-2
1-9
3-8
32,212,288
411,486
429,149
840,635
1-8
1-4
2-7
19,944,625
4,100,000
4,416,667
269,544
73,817
48.139
202.591
16.i,5 5
H!;,367
94,201
31.105
43,360
15,395
85,085
61.429
34,718
66,812
18,M93
21,485
20,544
7,224
18.416
23,292
4,1 "2
2.779
1,367
428.902
12S,159
698,446
201,976
97,?.91
145,7.30
2'8
8-9
2-2
347,744
221,996
131.744
120,7 6
550,33b
387,581
277,111
214,917
65.990
91,329
1-4
1-7
1-1
1-2
1-4
2 2
H76,b72
250,000
1,579,167
2,760,000
800,000
200,000
100,000
350,000
125,000
60,000
6.79
1,973
1,110
50,969
16,610
121,291
93,923
41,243
.32.005
20^,376
165,362
75,1161
b5,72Ji
18,855
19.922
23.961
2,660
2,940
535
3,168
2,750
8,184
6,482
1,599
122,5 !4
37,848
41,407
44,496
9,874
22,366
21,827
7,360
5,529
t4.551
13,227
83
37
4-6
3-3
3-»
3 4
6-8
17
r»
38
15
2-4
2-6
1-4
21
1-4
1-5
1-4
2-3
2-2
2-6
2-5
2-6
2-3
21
8
2
1-6
17
2-9
1-2
0-8
1-4
2-9
3-4
5-0
3-5
3-6
41
3-9
4-3
4«
61
0-2
4-0
1-4
00
0-8
1-1
2-6
2-8
1
1
7.517 71.5 6.226.692
61.191.2S8 12.t;83,4:i8
21.157,2,18 13,859,149
3,933,178
7.344,U.
728 223
1,147,57
,'41,85'<
812,903
18,895
20,210
5,900
6,201
108,
209.
503.
IOOj,.
5008.
1000s.
Amount.
Hed'med Outet'd'g
22.47i<,415 18,:94,196
4,284,219
1,391,073
18,507,855
10.298,144
3,410.989
419,356
271 0)4
1,315
304
14
1-4
1-4
1-9
1-6
3-2
3-2
4-6
21
3-7
f2
1-1
5-1
S93
3,572
1.803
102,364,369 1,453,311 1,991,174
3,444.495
1-4
21
3-5
185,250,694 6.902,573 8,829,804 15.731.877
1-4
1-9
3-8
»
Rerleemed
Outstand'g
$22,478,41
15.035,530
$18,194,19^
.;05,956,440
213.417,165
2,5!:2,146
93. 39.275
241,672,r"
13-i,6'.4,l90
103,931,4*)
146.883,840
7-,iiS3660
36,411,100
54 185,900
9.447,500
6,900.000
$4,284,219
12.453, 8i
67,:i78.900
81.390,300
10,105.000
6 204,000
68,2l'',7t'0
20,l»i7.800
37,104 400
6.i7 600
804,009
•-fll,562
124,675,823 8«,i91,624 3«,484,29- $881,904,85ri $567,252,733 $8 9,652,122
••
Subtract or add for portions of notes lost or destroyed.
table shows the amount of national-bank note!!
received at this office and destroyed, yearly, since the establishment of the system:
The foUowini;
Prior to November 1, 1865
During the year ending October 31, 1866
During the year ending October 31, 18S7
During the year en ing October il, 1868
During the year ending October 81, 1869
During ihe year ending October 31, 1870
During the year ending Oc'ober 31, 1871
During the year ending October 31, lh72
During the year endiui: October 31, 1873
During the year ending October 31, 1874
During the year ending October 31, 1875
Duriig Ihe year ending October 31, 1-76
During the year ending October 31, 1877
During the year endinj; October 31, 1878 ...
Additional amount destroyed of notes of banks in liquidation
Total
$175,490
1,050,382
3.401.428
4 6iW,825
8.603,729
14,305.689
24,:144,047
80,3n,720
86,4.33,171
49,93!i,741
...
187.697,696
9i, 672,716
76,9i8,9i8
'.
67,:iSl,349
.
23,534,492
..
$567,363,333
INSOLVENT BANKS.
banks
November
1877, receivers have been appointed for
in operation at that date, as follows:
Since
1,
Capital.
Third National Bank of Chicago,
$7.'jO,000
111.
Contra; National Bank of Chicago. Ill
First National Bank of Kansas City, Mo
Commercial National Bank of Kansas City, Mo
First National Bank of Tarrytown. N.
Washington County National Bank of Greenwich, N.
First National Bank of Dallas. Texas
People's National Bank of Helena, Mont
First National Bank of Bozeman, Mont
Farmers' National Bank of Platte City, Mo
Y
»»
Issued.
•-ll,8b2
31
2-0
2-9
1-7
1
Number.
Issued.
36
* The capital of the banks that paid State, county and municipal taxes on
gtock and real estate is $474,667,771.
t California banks pay no State taxes on capital, except such ai is invested
in real estute.
$1,215,000; Pittsburg, $1,030,000; Cincinnati $2,323,000; dncagn, $2,866,000; St. Louis, $814,000; Providence, $4,945,000.
The amount of circulating notes, fit for circulation, returned by
the agency to the banks during the year was $151,683,200.
The
total amount received by the Comptroller for destruction, from
the redemption agency and from the national banks direct, was
Of this amount $5 830.510 were issues of the banks
$57,061,500.
in the dty of New York; $4,447,335 of Boston; $1,811,160 of
Philadelphia; $1,107,323 of Baltimore; $1,087,470 of Piitsburg;
$435,300 of Cincinnati; $444,398 of Cliicago; $169,673 of St.
Louis; $360,381 of New Orleans; $351,800 of Albany; and $359,490 of Cleveland.
There were, on November 1, $282,991,768 of national-bank
notes outstanding upon which the charter number had been
printed, and $36,660,353 not having that imprint.
The followinsf table exhibits the number and amount of
national bank notes of each denomination which have been
iffued and redeemed since the orginization of the system, and
the number and amount outstanding on Novemb r 1, 1878:
1-7
30,655
34,-8r,
During the year ending November 1, 1878, there was received
tbe redemption agency of the Treasury f203,499,740 of
national-bank notes, of which amount $65,847,000, or about 32^
per cent, was received from the banks in New York city, and
The amount
175,396.000, or about 37 1-5 per cent, from Boston.
received from Philadelphia was $10,756,000; from Baltimore,
tions.
31
.
at
Denomina-
2-1
&
...
3-8
14,5i<7
11,489,937
6,472.418
7,871.463
2,000,000
2,814,808
650,000
6,090.538
4,519,779
2,391,167
4,015,63a
1,108,3)3
164,794,553
11,970,045 381,520,055 12,968.365 61.021,768 407.480,23? 867,294,2*3
.
total
20
2-6
6,3.-.l
10,974,28? 273,670.855
Grand
2-6
12
76,449
from
June 20, '74, to
Nov. 1, '77
0-7
1-2
1-6
(,118,603
1,292,206
202,490.740
08
10
3,4.35. lOfl
2,997.600
3,995,000
47,849,200
2-7
64.737
38,025
76,486
35.252
S95,7i;
1-3
1-9
103,!145
6-',179
1,841
1,023
19,372
2-4
26,.387
9:18,398
Calif orniat
San Franciscot..
49.790
21.461
30.792
4.62:i
21
2-9
15,653
50,099
16,5'>9.563
.
Dlinois
New
41,413,164
Total.
i
l,821,6Vi
1,516,409
land
Connecticut
New
Ratios to capital.
828,064
830,84^
273,227
423,2;8
,.
I
N. Engl'd
113,8'j5
b3 iSi
83,663
493,489
8,.568,700
Massachusetts
Boston
Hhode
10.689.P87
5,683.75"
State.
766,8)8
"
6,909,800
4,635,100
3 -.3
Capital.*
U.S.
.
Z-i
1-9
national banks for the year 1877, and their ratios to capital:
States and Terri-
August
September.
October . .
Total
The following table gives in detail, by States and principal
the amount of national and State taxation paid by the
of taxes.
July
1,1125,805
1
cities,
Amount
June
'.i-O
6-0
3-9
17
May
1,558,278
200,000
600,000
100,000
100,000
Y
J2tX),000
.
50,000
100,000
50,000
50,000
$3,100,000
«
»
»
STATE BANIvB AND SA VINOS BANKS.
BEDKMPTION.
The laws of the United States requira returns of capital and
The followinpr table exhibits the amount of national-bank deposits to be made to the Commissioner of Internal Revenue,
and
Botes received for redemption monthly by the Comptroller of for purposes of taxation, by all State banks, savings banks
The data for the foUowina: table were
the Currency for the year ending November 1, 1878, and the private bankers.
amount received for the same period at the redemption agency of obtained from the Commissioner and compiled in this
total
the Treasury, together with the total amount received since the office. This table exhibits, by geographical divisions, the
number of State banks, trust companies, private bankers and
passage of the act of June SO, 1874:
*
»
Dbcbmdbr
bunkn, nnd tlit-ir avern(;e rnpHkl ntid (li>|>oiiltB aod the
the six moniha nndinK May :M, 1878:
•av.iifrH
uxm
No. of
tor.oa.
banka.
Mulnn
.
CapIUI.
11
•l\
'111.
fBt.lOS
61,000
844,167
831,666
170
ia
\l:l--;uhUI*t'tti ..
il.ftOIl
.
..
.1,06J.-I(17
70,;4«,M1
8,8«8,»87
50,098,1128
AT LATWIT
tM'H
th*ti
I5S
82»
4,ro
4,423
4.Vi\
6,614
21,SS0
47,489
86,876
1,429
3 826
4,0*
NOVEMBER
OH—
107
a.sw.wo
18,898,110
5,'jII4
NS
11,116,608
42S,8Sr,7i6
20,219
102,972
12>,I9]
83S
10,447,418
14S,;58,M9
20.290
100,!l!a
]«i,<r.3
Prankfurt
UH
40,;OII,S-9
64'J,(0U
S4-,'I»4,3I4
6l','ii6
2I4,8'«
U
I2,1S3,]8U
7f6
4,08!<
(9
1,741,ll?l
I>J,1»",498
S,.'i86
3M
I0,SO7. 08
a»,97»,015
'4,5-7
74 851
270.638
4.7<S
18,133
I' 0,02»
SO
it
9
2,118,756
4a,5S-3,1«9
An'werp
Amsterdam.
Anuterdam
Vienna
Uonoa
4,«.'« 617
•!12,57<
1,1,
18
41
10
6i7,513
4,I6<,5I6
4.6,742
Vi)rk
N'
V
New
York
city..
my
AH.
.IiTHoy
iViuifylvauia
I'hihido'phla ....
i*iLti<htirif
Dildware
Miirylaiul
Ttaltliiiore
WaBliiugton
....
Middle Slai«a
....
77,<8i<,8
8
•25
113
6I,fi04
64,*'
W, Be
1U,234
22,5119
Wl
l,«»i1
2,031
55»,708
24,«.4,08
8,1.M,«IS
962
9H
8,:9.
15,740
6,4S9
82,884
3,6)9
!,8r5
24,586
6,963
1,198,
•
514,015,533
613
132,8i4
.)18,167
651,(122
Virginia
17
a*
Nonh
Virjiinia..
C.irolina.
'...
Forida
Alabama
w
911,s 3
4,317,811
89,481
9!W.2 «
1.2-9.573
d
a
Mi-siesiiipi
l,"i)ig;uDa
N.
l,4U6,7i'2
688,s91i
in
18
97
8oaib CaroliiB.
Ocorijla
3,8^1,667
6,499,680
^,927,741
97S.UI8
1,753
15,421
23,174
3.(«>8
!),-!»
18 4',7
1,4
I,0I)4,»I8
2.-.i78
8 915
4,107
.\9 18,488
10,711
233,41
1,81.3,105
l,';3i.09T
223
2,443
2,128
9,1>0
683
2,42(1
4,5.33
•07
6.954
4,.'i81
6,8i1
2,535
177
:
.
83
3
Orleans
.
91
4.47:-.»05
lOi
15
3,70%05r
44,110
~,99',:«8
4,6.6,420
!!,';44
120
15,K<4
11,561
2i'i,.Ml>
ai-^eor.
514
746
SO,:;a)
1.2-
74
IT
1 01 0,1 ('3
5,S88,89«
6,2«,262
le,!!.'*
5.W)0,nsi
12, 71
16,1)8
14,125
32,374
21.096
81
1,768,671
2,r3l,'99
4,,-3.)
6,88
11,061
520
.?5,559,ti-«
47,714,074
83,f8
113,CU
l'.i8,12i
Ur,
21
6.01i.3B4
2,0-«.369
15,932,238
12,'59
38,776
i,3ii].62«
.J,i,'-8
9
898,e'.i3
12.i4l,9«7
1,690
11.1.4
10,153
J7,2<15
I7,40:i
51,736
20.683
18 994
.•a, 563
40,135
21,935
8,2SS
la 83
Texas
.\rk .nsas
Kcuucky
Louisville....
Teont's eo
Soulhem
Slates.
Dhio
rinoinnati
Clevflaad
Indiana
...
riin<d9
c go
.Michii^an
D.'ir.'it
10,224,03'!
4.50<),7.S8
li,474,557
6,832,159
4,737,722
5,119,109
,
IM
,
15
8»
1,S8»,4«
3,. 11,0(19
.Milwaukee
,
Ml8^on^i
St. I, .uis.
Kansas
N'fbnii'ka
Wcstoin Sutes...
Oregon
..
Nevada
Utah
New Mexico
Wyoming
10,7
t,
4,««.'
21,8:18
•29,981
I7,l'43
6,154
n,8M
l,>-00
11.0.8
9,2S1
!<,-68
3,021)
!,«li9
29.
25,911
12.311
II
749,851
.••).747,50!)
287
5,25.5,013
8,221,185
12,71;
2,1,3 ii
17
17a
88
1(8
4S
1,510.602
4,124.269
6.57«,033
1.472,344
3.-JiH.6 13
3,6 2
9,811
14,540
3,141
1,:0!
25,461
4i\967
6,496
503,f»-)
10,18»,7S2
li,- 87,002
2,5«8 749
l,18H,v50
2, '•72
55,5U1
9,93S
4,176
1,782
47,4-|0,286
128,284,7>,6
103,031
29.3,10!
396,133
10
84
31
California
San I'ranjisco
..
5,081,175
31
:j,«12,908
S,636. 07
1,I0S,.368
SViscoi str
Iowa
Minnesota
16.' ft)
.Sl»
15)
Ch
Colorado.
1
643*!-.
•.
1,499
7,!
50
17,l-.'i!,
;4,';8;j
3.602
3;,"4
l,78:.03i
78,o;o.
46,256
13-2,6 1
934.
914,
1,315
2,.'53'*
88
52- .1
IS
4l',7tl8
1,030
4,-86
8
190,000
in,
4^.^
1,;8..
4
,S,000
61,
12
152
I)
1
8\«1;
abort.
3 mos.
«6!4»
20 44
i-hort.
20. 4S
11.97J4®120.«
Nov.
Nov.
28.
i2.
8 mo!..
•28.02>j(a!«.0.^
46)i-/«46X
Not.
2".
3
26.15
S moB.
25.41)i (225.6-1^
Berlin
».
tiambnrg
"
,
•*
short.
..
3 mos.
.
*•
'•
a2A.as
^20.74
20.70
20.10
a.Hi.Tl
2(1.70
5,0.14
'6.52
12.2
H ((,26 574
312.3
li4V
short.
"
.2.
«» 80
"
22.
12. OS
iai2.5
116.10
bort.
.7.',0
..
..
Madrid
adiE
••
Lisbon
90 days.
3 mos.
(
St I'cicr»burg.
.>tew
Vork
60 days
"
EIunK Rook..
Shanghai
Alexandria
41
80
Sli4@bix
3 mr».
Nov. «. 60 days.
Nov. 21. 6 mos
"
Nov. 21.
*•
Nov. •^O.
"
Not. i».
Not. 20. 8 mos.
N()V.' 21.
»2Xtt2J
...
Bomoay
mos.
1».
7 J-ied.
la.
7 5-16d.
....
>•-
•23X
4.N2J*
1.. IJicf.
V/id.
is.Hiid.
li.
IFrom onr own correspondent.1
London, Saturday, November 23, 1878.
rate of discount at the Bank of England has been
5 per cent, a change which was ccaicely avoidable, as
the open market rates of distount have, for some time past, been
at 4| to 4i per cent.
The Bank return fully justifles the change
The nominal
reduced
to
which has been made, the proportion of reserve to liabilities
It is evident
having increased from 3S-43 to nearly 41 per cent.
that the Bank rate should have been lowered last week; not that
its maintenance at 6 per cent, with money at 4i per cent in the
open market, exercised any influence on the exchanges, but because throughout the country there are many proft Siional persona
and retail traders who borrow money ot their bank at Bank rate
In deeds, for instance, in which the
or ont per cent above.
lending or borrowing of money is referred to. Bank rate is more
frequently the price charged. While a tradesman, requiring
temporary assistance of his backer, has very frequently a sort ol
tacit agreement that if he requires some assistance to pay the
wliolesale
houses until his cuetomera' quarterly accounts are
shsU pay one per cent over B^nk rate for the accommodation. These lidvances made to tradesmen are in the majority
of cases very safe, and, within a moderate compass, is very fair
banking business. It is profitable, but it is scarcely just for »'
paid, he
9,9)8, '20
1,499,
:6,i:i8
33,089
11,612
22.
22.
22.
22.
short.
i'aris
9,901
.
.
Not.
Not.
Nov.
Nov.
Nov.
N.v.
Part*
:)»lcutta.
West
ma.
LATUT
OATS.
Now Kngland
X."
raCHANQBC>I
M.
*tm.
Couiu-clicut....
States
AT UONUUM—
ltXC'UAN(4K
17,604
39,801
81,«1I
.
Ktioflu I-laud....
OATBII.
lotil
tl88
ii8,aoa,t«4
8,140,883
157,816,812
R4TB*OV 8VOMAN44K AT LUNUun AND OM bONUOI*
on
Oaplul Depotit'
09
,
N.v\ iltuiipHhire..
\
•Tu
D. po'ttl.
697
ptouctittnjsCfl^onimcrclal ^^ngUstt I^cvos
tiii<r«on for
8t«t«>tndT<rrl-
I
THE OHRONICLK
7, 1878.]
,5,161
f -2,1
17^',
79
68
3.651
6,817
2,26
165
.Md
175
881
man
to
pay 7 per cent instead of 6 per cent, simply because the
Last week's statement,
Bank h^sitated about mfking a change.
Furthermore, the reluctance shown
the change has tended to check ft
Montana
3;li
80)
confidence.
Every
encouragement
is wanted now.
of
return
It
Wai-hins^on
;2i
ao-,utio
1,343
l.Wi
Arizoi a
85,'. 00
2>,l
212
4
64
277
is true that political affairs look more promising in southeastern
Pacific States and
Europe, and the indolent Turkish Government, having been
Terrilorlea
'6,918
117
34,148.034
136,2'»
101,602.81m
2i.'i,ll-«
stirred up to a sense of its obligations, seems much more willing
Totals...
(».3-f.812 l,242.794.»^3 l<'a.ll» 11.213.^88 1.831,596
4.400
But we have
to carry the Berlin Treaty to a successful issue.
* Cents omltled.
cow entered upon sn Afghan war. The fronliers have been
Section 333 of the Revised Statutes requires tlip Comptroller to crossfd, and before the severities of winter have been felt, some
report to Congress the resources and liabilities of banks other positions as starling [oints for the spring campaign will probably
than national, so far as such information can be obtain(!d by liim.
have been occupied. In the present state of the public mind,
Statements showing the condition of the State and savings banks
of New York and New England are readily obtained for this pur- there are likely to be apprehensions as to the result of this war ;
pose from the State authorities.
A summary of these, and of but it seoins that the Uoveinmeut is not desirous of doing more
rettirus showing the condition of the State banks of New Jersey,
than rectify the northwestern frontier of India and make it
Pennsylvania, Maryland, Ohio, Louisiana, Kentucky, Michigan,
It the military authorities are unanimous in their opln-.
secure.
Wisconsin, Minnesota, Kansas and California, is given in the
appendix. Complete returns are al.so given showing the condition ion tha t the prtEent frontier is not a eatisfactoiy one, it should
of the .savings banks of New England, Ni!w York, New Jersey,
be rtctified, new that an opportunity presents itself for doing so »
Ohio and California. It will be s en that complete returns of but the English people are by no means desirous of seeing
"'lite banks have been received from seventeen States only, of
Afghanistan added to the British possessions. To make India
vings banks from but ten States, and of trust and loan companies from five only. The laws of fourteen States do not reqnire secure is the principal ol'jct, and it is to be hoped that it will bea
*
12
8
a
Idaho
Dakota
82,794
54,C0i
'.8
9
M.),413
:4i<,
iS'
^77,
18',
517,
1<.I8
3JI
i:i5
4U
(14
4/2
1'j5
quite justified a reduction.
by the authorities
to
make
.
returns to be made by banking associations to any State official.
tables referred to do not therefore present a satisfactory
exliibit of the condition of the resources and liabilities of the
Static lanks and savings banks of the country.
•
The
»»«•»•(»»»
John Jay Knox,
Comptroller of the Currency.
—The Plumas National
Quariz Mining Company, No, 77 Cedar
monthly dividend of ten cents
per share, payable Dt-cember 17, in gold. The yieid of this
mine for November is reported at $10,039, and expenses $4,864,
Iraving a Burplus, after paying dividend, of $'3,175 for the
month of November.
The management of this mine, as we
»re informed, is under the direction of frentlemeD of high
character and of large experience in quartz mining. Messrs.
L. P. Bayne & Co., .5-1 Broad street, are the sole agents for
street,
give
notice of their tenth
the sale of stock.
accomplished without
much
bloodshed.
The increase in the re.'ierve of the Bank of England amounts to
as much as £842,049, due to a contraction of the- tote circulation
and to an
iucrea.se of £.'303,5d9
in the
supply of bullion.
The
the Bank, from foreign Eources, during the we k wa«
only £8.5,000, and, coneequeutly, a considerable return of cola
frcm provincial circulation is indicated. At the same time, howinilix at
ever, the total of
"ether deposilo"
continues heavy, being ••
The
as £26,895,032, against about £20,000,000 last year.
banks are evidently therefore stlil anxious to hold large balances. The demand for money at the Bank having been very
much
moderate, there
is
a further reduction of nearly £500,000 in the
total of " other securities."
The
maiket have not materially
but the tendency hae been toniafl'
rates of discount in the open
varied, during the week,
THE CHRONK^LE.
598
Very choice paper baa been taken at 4^ per
bills oSering.and they are more sought
«a8ier quotationi.
Tbere are very few
cent.
The
Sfter.
rate
5
Open-market rates:
SOand 60 diys' bills
«
|
*k®iH
iHmH
as follows
:
Opon-marl^et rates
]
6
4
I
Smonths'bills
The
now
rates of discount are
Ver cent.
Bunk
\
Per cent.
months' bank bills
iH&<J4
months' bank bills
4^@4X
and 6 months' trade bills. 4XS5
•
banks and discount houses have reduced their
allowance of interest for deposits one per cent. It is now 1^ 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 deposits, but probably when trade reviver, and there is more com.
petition for money, the old process of cutting things finely will
joint-stock
again be resorted
The following
to.
are the present rates for
money:
3iz
Discoant hoases at call
Dlscoant noases with 7 days' notice
Discoant hoasea with 14 days' notice
3)4
,
3V
3X
;
a statement showing the present position of the
Bank of England, the Bank rate of discount, the price of Consols,
the average quotation for English wheat, the price of middling
Is
upland cotton, of No. 40 mule twist, fair second quality, and the
Bankers' Clearing House return, compared with the four previous years,
1578.
1877,
Clrcnlatlon, Including
£
bank post bills
2<;.2o5,85l
Public deposits
2.446,356
Other deposits
26,89j,m8
1876.
1874.
1875.
£
£
£
£
a7,2i6,93«
28.1«l,935
8,C37,391
85,914,847
16,739,297
27.696,97-2
26.15t,036
3,593,788
4,475,7.38
50,8.i5,!S3
3,65S,3'.3
I'l.HDI.Srg
16,54i,5()7
ia,5ia.884
la,I04,62S
n,S2rt,6B7
13,S3 1,656
17,456,lt7
10,660,990
17,653,891
10,839,117
9,991,009
both departments ... 26,331.163
Proport'on <f reeerre
32,533,300
30,456,796
33,187,81?
80,124,114
40-91
5 p. c.
44-41
54-63
2 p. c.
Government securities.
I4,737,6"2
Other eecuriiles
Beserve of notes and
8,],791,3.5
13,578 3Vi
17,408,063
12,.310,808
coin
and bullion
Coin
Bank-rate
Consols
Bnglisb wheat,aT. price
Mia. TTpland co'ton...
No.
40 mule twict.
„,
ClearmE House return.
5 p. c
96 f<
«5!i
40*. 7d.
6 9-16d.
Sis. Sd.
6Xd.
6Xd.
9Hd.
..
lOXd.
llj^d.
89.667,000
.
97,684, 03
95,"i
488. Id.
97,34i,CO0
8 p.
5 D. c.
S3Jf
43?. 5d.
7J<d.
Is. Od.
c.
95 ><
4*8. rd.
674d.
is Od.
81,657.000
83,75i,a0
Tbere has been no important movement in the market for gold,
but of silver the German Government has again become a seller,
and as there is scarcely any demand for the East, the market is
weak, Mexican dollars are scarce, and their value has had an
upward tendency.
&
The following
prices of
bullion are from
Abell's circular
GOLD.
Bar Gold,
fine
d.
B.
,pero3. standard.
per oz. standard.
Bar Gold, reflnablo
Spanish Doubloons
South American Doubloons
77
77
78
73
.per oz.
per oz.
United States Gold Coin
poroz.
per oz.
Qermau ^Idcoln
Silver, fine
Silver, con'ng 5 grs.
9
9
(^
Gold
liesican Dollars
Chilian Dollars
Quicksilver,
The
of at
bills
1b.
£6
I2s. 6d.
..
.
....
....
'.«
3V@
vs
S^SJ
....
....
d.
per oz. standard.
per oz. standard.
per oz.
per oz last price.
D scount, 3 per cent.
d.
s.
a
@
9
lOX®
SILTBR.
Bar
Bar
d.
50X@
The following
are
the
principal foreign markets
current
of
rates
&
~
49
discount
....
c
S
Bmssets..
i}(
Amsterdam
4
4
6
5
4!.f@4>tf
I
St.
Petersburg
6
Vienna and Trieste.
Madrid, Cadiz and Bar-
the
IndianCom.
89!S,654
8,SSS,45(>
Flour
1,551,778
1876.
18',5.
8,S92,m
!6431,«5
S,480,.380
2,t0,-),ti5e
8,7S8,1S7
3:0,416
1.105,659
!,S18,a48
830,490
621,621
5,544,111
1,487,918
10,267,8-J7
1,885,099
XPOBTS.
SFheat
Barley
cwt.
598,771
52E,41«
23,005
4-2,9-J7
Oata
Peas
83.715
4,486
1,400
Beans
Indian Corn
SMour
879,585
4,868
40,885
6,835
«,478
141,369
40.!t24
5.J18
7,137
33,038
10,092
7,'<,07T
88,849
66,951
6.866
(e.S.'K
3.878
8.853
7,66»
»,915
12,471
(^ammtvcivd Kn&W^isccllixucons %txoB.
—
Imports and Exports fob the Week. The Imports of
week, compared with those of tbe preceding week, show
last
dry goods and general merchandise.
in both
imports were |5, 748,683, against $5,369,231 the preceding week and $3,938,194 two weeks previous. The exports
for the week ended Dec. 8 amounted to $7,19,3,710, 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:
FOBBieN lUrORTS AT NSW YORK TOB THE WfiEK,
an
increase
The
total
1875.
$1,446,661
7,000,466
$90!,589
$953
.3-M
8959,E54
General merchandiBe...
8,497,95-i
4,478,7,38
4,78S,8.'»
Total for the week..
Previously reported....
$5,447,126
897,997,110
$3,401,641
858,409,347
$5,43-2,058
8«l,Sa7,0Jl
$5,748,683
258,164,306
Dry Goods
13T7.
1876.
1878.
I
4xa4-.
Icelona
Lisbon and
New York.
4!^(a4!4
4Vi
4
4
of dry goods for one
Tbe following
week
later.
a statement of the exports (exclusive of specie)
New York to foreign ports for the week ending
is
from the port ol
Dec. 3:
EXPORTS rnOM NEW TOBK FOR THE WEEK.
c
6@7
S@s
i>i®iH
5
. .
...
Calcutta
$6,133,Ct7
1877.
$«,8ii9,561
2-.i8,-iW,lJ9
241,58M6:
263,789,704
Since January 1...
$-833,719, 181
$247,656,5C8
j
4a4X
4@4X
Nov. 16, the sales of home grown wheat
in the 150 principal markets of England and Wales amounted
U> 54,740 quarters, against 40,970 quarters last year; and it is
estimated tliat in thn whole Kingdom they were 219
000
quarters, against 104,000 quarters iu the corresponding period
of
1877. Since hary.gt the sales have been 678,870 quarters, against
£rr8,443 quarters, in the 1.50 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
i
commencement of the season, it is estimated that the
foUowine qu ntiiies of wheat and flour have been placed upon
at the
the British markets since harvest
1878.
18T7.
1876.
1875.
cwt.
cwt.
8,-J93.1T7
11,169,500
16,4J9,495
1,42;.942
9,927,000
6.38,606
8«, 886,776
«9-J,CS6
87,794,4 17
70,856
25.411,144
65s. 7d.
20,544,720
47s. Od.
87,743,581
47s. 3d.
wheat
12,.378,873
Imports of floor
Baleeof home-grown produce
l,.V'i7,778
1,6-26,757
l,.i"6,0!)9
11,767,100
10,OiB,50O
_ Total
Mporte of wheat and flour
85,697,751
6 16,620
85,949.650
_^Re«oI»
25,081,131
ATlr. price of Bas. wheat for season 418. Od.
14.216,333
$370,619,865
The following will show the exports of
New York for the week ending Nov. 30,
1878.
17,195,710
314,166,184
$',21,361,89 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:
London
Nov. 8S-Str. Qdlert
Amer. silver bars.
810,000
Southampton
6,0-»
Nov. 30— Str. Donau
Mex. eold bullion
Mex. silver
86,728
Mex. silver dols
77,660
London
Hex. eilrir dols..
40,OOU
,
.
Total for the week ($184,183 silver, and $6,025 gold)
Previously reported ($5,'81,3:9 silver, and $5,809,409 gold)
Total since Jan.
1.
1878 ($6,965,712 silver,
I
I
67,6ill.845
51.6I6,.f8t
47.427.71)3
I
I
I
68,261,332
I
and
$190,403
11,590,738
$5,615,434 gold)....$U,781,14«
Same time iu—
i
$25,278,187
42 340,28i
1877
1876
1815
1874
I87S
1878
$60,505,601
5T.538.768
1871
1870
1869.
1868
1861
1866
30,5,i6,f2»
61.854,111
45 388,574
09,119,044
The imports of specie at this port during the same periods have
been as follows
Nov. 85—Str. Acapulco
Afpinwall
Amer. silver
$9,807
Forfign silver
Nov. 89— Str. Atlas
Nov 29—Str. Emily B. Souder Porto Plata
Nov. 29—Schr. City of Chester
Nes'au
Str.
Total since Jan.
Same time m—
1877
1876
.875
1874
1873
1878
1,
15,640,ll."i
12 1S2.I0S
5,99,^,601
...
....
,
Customs.
Dec.
"
"
"
"
30
202
$72,654
18,430,119
and $7,135,186 gold)..tl?,558,77l
Same time lu-
$I4.3-)6.816
....
and $5,227 gold)
and $7,129,959 gold)
1878 ($11,417,557 silver,
17,890,422
6,485,287
The transactions for the
as follows:
Nov
silver,
silver,
8,2.39
20,128
913
Amer. silver
Amer. sUver
Cityof Washiug'in.Havaoa
Total for the week (}67,3;i7
Previously reported ($I1,.:50,190
4*8
71*
4,345
1,800
5,608
Foreign gold
..Amer. pilver
.
Nov. 89-
8T,i)(fl
...
Amer, gold
Gflddnst
Amer. silver
St. Thomas
Amer. gold
Port-an Prince... Amer. silver
yoy. 87— Str. City of Para
3
Copenhagen
18-;6.
1815.
$.V'i49.35J
Previously reported...
Fortheweek
4i4
6
Oporto.
p.
The wheat trade has c-)ntinued to rule very quiet. Choice
qualities of produce are firm in value; but the value of other
sorts bas been with difficulty maintained.
During the week ende
Since January 1 ... $306,144,-236 $861,810,8^8 $897,059,079 $'26l,9!3,48»
In our report of the dry goods trade will be found the imports
mark't.
4X iH@IH
.
I
S
S
4
4
rate,
p.
p. c.
Pans
Irattorts of
Beans
Bank Open
mark't.
rate,
p. c.
at
:
Bank Open
Frankfort
Leipzig
Genoa....
Geneva.
1877.
]4,29«,393
2,689.431
2,7-i4 446
369,599
l,106.8t4
«,716,&39
1,686,167
l-2..522,873
Same time la—
respectively.
Hamburg
cwt.
8,764,813
8,738,160
411.582
50«i
50Ji@5I
on India offered on Wednesday were partly disposed
7 5-16il. and Is. 7fd. on Calcutta and Bombay
Berlin
1878.
Wheat
Barley
Oats
Peas
In
to liabilities
Messrs. Pixley
The following figures show the imports and exports of cereal
produce into and from the United Kingdom since harvest, vi«.,
from the first of September to the close of last week, compared
with the corresponding period in the three previous years
mPORTS.
Percent.
, , ^ ^
.
._
Joint'StocK
banks
Annexed
[Voi. XXVIl.
$:12J,000
a.,
202.0IX)
3.
4.
5.
b.
834.000
week
ss^ono
24;,87.i 16
338,6-20 42
390,7' II 53
219.000
182,000
430,300 84
281,806 93
14,(128,616
6,7fli..6W
3,053.048
9,552,705
1.S67
1866
at the Sub-Treasury have been
Receipts
Coin.
Currency.
$3!-2,ii55 01
$6,461,380
11,462:84
1871...
1870
1869
1868
.
$281,613 19
631,666 3!
668,3.50 99
73'i,409 72
66S,582 96
47;. 763 68
,
Payments.
193,576 21
767,611 67
2,11.6,667
«
Currency.
Coin.
$169,463 35
62
817.C 8 66
'35,1,05 58
$47;i,.Ml 7T
80S. 943 61
41-2,524 50
182,845 04
2i0,^«^ 05
378,520 50
Total
$1,647,000 t-2,008,01? 89 $.3,467,416 91 $5,129,932 97 $8,486,'>46 If
Balance. Nov. 89
126.090.045 41 46,7-24.754 81
Bslance.Dec. 6
188,96-2,13J 33 4(),705,2i:5 49
—
The usual monthly dividend of fifty cents per share has been
declared for November by the Ontario Silver Mining Company,
payable on the Iflih inst. Advices from the mine report the mill in
operation again and the mine being prepared for a large out- put
of ore.
The new furnace is also completed, by which a material
increase in the producing power of the company is expected.
Dbcbmbbb
^
THE CHRONICLE.
7, 1878.1
nXtToNAI.
OHOANIXKU.
BA.^IKSt
orgaaizwl during the past week.
No Natloasl Banks
DIVIDBNDM.
The tollovrmx diTldenda h*T«
reeantlT be«a
annoancad
C1».
A
N.
do
W
Books Closed.
Inclnatve.)
(l>Kye
Railroads.
May
81).
Nov.
Hartford
30).
(0 iii<w. end'e
i>rer. (6 mild, ciid'g
com.
Kew York Nrw
IUv.
A
3
5
Dec. S'. Dec. 15 to Dec. 39
Dec. US. Dec. IS to Dec. 89
Jnn. 2. Drc 4 to ,Ian «
FKIDAT, DEC.
6,
In their prices and selling Thurs lay afternoon at 71{. The de*
cline here appears to have been caused by a break In New
Orleans, where heavy sulen took place for account of partlen who
had recently been bulling the market. Virginia bonrts are very
strong for the 'pealers, but weaker on the consols. In conytoqatnce
of the possibility that the two bonds may be eqaali/^d by the
issue of new bonds in place of all of them.
The propoeition
made by Messrs. Baring Bros. Si Co. de Rothschild, Brown Bros.
ti Co., and others, repr«iHCuting large holders of bonds, sugge-its
that a 4 per cent gold bond be issued for consols, and a oji per
cent gold bond in place of all other classes of bonds.
Tenneesee
bonds have been stronger, and also North Carolinas. Tlie United
States Supreme Court has decided that Tennessee must reMive
for taxes the new issne of money, better known as the " war
issue " of the Bank of Tennessee, About $800,000 of this war issue
is now outstanding, and is mostly in the hands of speculators,
lliis decision will apparently be prejudicial to the payia^t^ of
the State debt, as the Legislature will have to provide fWt-The
redemption of these notes in taxes.
Itailroad bonds have btien quite active still, 'with prices strong.
although in the case of those bonds sold largely on speculation,
some temporary fluctuations in price are noticed.
The following securities were sold at auction:
.
Whin
I'cB
CsHT. Payasli
NaKI or COKPINT.
599
1878-6 P.
IS.
—
Tlie Uloner Market and Financial Situation. The general situation has not materially changed since our la.st report.
The meeting of Congr&ss ha.s thus far been unattended by any
definite action, which indicates at all clearly the probable course
of financial legislation at this session of Congress. There is
some evidence of an unfavorable sentiment towards the New
York banks on account of their resolution to take silver only as
a specitl deposit after January 1, 1879. But in case of no
further injurious legislation on the silver question, it Is possible
that the banks might deem it advisable to reconsider their action
on this subject.
Our money market has worked easily and has the prospect of
an abundant supply of funds in coming months. Call loans have
ranged during most of the week at 2\(cb4 per cent, but on Wednesday and 'Ihursday there was an exceptional advance in the
afternoon to 5(^ per cent. Prime commercial paper Is in demand
at 4 to 5i per cent for choice grades.
The Bank of England statement on Thursday showed a decrease for the week in bullion of £13i»,000, and the percentage of
reserve to liabilities was 40J per cent, against 41 15-16 the previous week. 'I he Bank of France gained 391,000 francs In specie.
The last statement of the New York City Clearing-Honse banks,
issued November 30, showed an increase of $337,400 in the excess
aLovo their 2.5 per cent legal reserve, the whole of such excess
being f 13,543,800, against $13,306,400 the previous week.
The following table shows the changes from the previous week
and a comparison with the two preceding years.
Shares.
Shara. .
84 I-eather M.-Hifrs. Nat. Bk.l35
160 Metrop. life Ins
50
20 Am. Mctaliuo Co
5
20 Island City Bank
80
10 Sterling Fire Ins
91
Ikmdf.
40 Steuhonville <& Ind. RR.,
$3,000 State of Mlnaiss. 6 per
for $3 10.
Centboni1>i,duol841, Jan40 North River Fire Tns
uary 1 841 coupon.') on, for $5
He's
50 Brooklyn City RR
174
13,000 Columbus 8prln({floId
10 Brooklyn Acad, of Music. 69
A Cin. RR. 1st mort. 78,
.55>3
20 Mech. Banking Asao
due 1901. Maroh, 1878,
OOB'klyuCityAN'townRR. 74
coupons attached
41
Closing prices ot leading State and Kailrood Bonds for two
weeks past, and the range since Jan. 1, 1878, have been as follows:
,
States.
Louisiana consols
Missouri 6s, '89 or '90
North CaroHua 68, old
Tennessee 68, old
Virginia 6s, consol
Range
since Jan. 1, 1878.
Nov.
Deo.
29.
6.
79
73% 69% June
108%
*175g
31%
78
do
do
2d series..
Diet, of Columbia, 3-658...
.
•35
7768
'10653
•19%
•33%
•72
41
•7814
Lowest.
Highest.
85 Feb. 11
102% Aug. 23 103 June 22
15 Mch.29 20 D<30. 2
30 Nov. 7 39=9 May 14
78 Nov. 29 73 Nov. 29
29 July 31 41 Dec. 6
74 Apr. 12 83 Jane 10
8
Railroads.
1878.
Nov. 30.
DifTer'ncesfr'm
previous week.
1876.
Dec. 2.
1877.
Dee. 1.
laoansanddis. f23C>.438,400 (no .$1,.'520,700 $238,429,600 $256,589,700
18,324,(100
20,184,100
Specie
a2.9()7,400 Deo.
447,000
14,952.800
CSrculation ..
18,110,300
20,007.000 liio .
45,100
387,H00 196.961,500 207,322,000
Met deposits
206.797.200l Dec.
39.823.700
Ijegal tenders.
40,579,800
41,273,700i [no
687,.500
.
.
—
Vmlted States Bonds. There has been only a moderate
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 market but subscriptions to the new 4 per cents are reported as
keeping up very fairly.
Closing prices at the N. Y. Board have been as follows:
;
Interest
Nov.
Period
30.
68,1881
68,1881
6«,
68,
6«,
68,
6»,
6«,
58,
reg. J.
coup. J.
5-20H. 1863...reK. J.
5-20», 1863 .coup. .1.
5-208, 18ti7... reg. .T.
5-20«, 1867 -coup. J.
5-208, 1808... rcij. J.
5-20S, 1868 .coup. J.
10-lOs
reg. M.
58,
10-408
coup. M.
|
Doc.
Dec.
Deo.
I
2.
3.
4.
Dec.
Deo.
6.
& J 109'4ix06>8 106% •106% '106% 106 J4
& J. 109>8 109>8 •109% 109% 109% 'IO914
& J 101 *xom 100% '10038 '100% 100%
& J, 104 *104 >103>4 '10338 103%: '103%
& J, 106 *xl03 103 103 10278' 103
& J 106 100% 106 lOS's 105''el 106
& J. 109>4 x06^ 106 J4 106^4 106 ^4 106'4
& J. 109 »a 109% •109 109% 109% '109%
& 8. '107% *107'Sb •10758 107% 107% '107=8
& S. 107% '10758 107=8 107=8 107% lo---^
'
J-i
87
'83
Central of N. J. Ist consol
64HMcli. 4 90 July 11
Central Pacific 1st, 68, gold.. 10778 "10758 103=8 Jan. 15 108=8 June 28
Chic. Burl. & Q. console 7a. .. 115% •113% 109
Jan. 2 116
Deo. 3
Chic. & Northwest. cp.,goId.x IO514 x02% Ol'sJan. 14 106% Nov. 30
Chic. M.& St. P. cons. 8. t. 78.
100
100% 91% Jan. 5 102% May 25
Chic. R. I. & Pao. 68, 1917... 110% 110% 106
Jan. 5 110% June 28
'115
110 Jan. 7 lien July 8
Erie 1st, 7s, extended
115
'I14I4 109 Jan. 10 114
I.«ake S. & M. S. 1st cons., cp..
Sept. 26
Michigan Central consol. 78.. iid% 110% 103% Jan. 5 115 Oct. 29
Monis & Essex Ist mort
116% 116%: 115% Jan. 5 121 Oct. 8
120^4 120%, 117%Sept.lO 122 June 26
N. Y. Cent. & Hud. 1st, cp.
104% x01% 95''e Feb. 20 105 Nov. 18
Ohio & Miss. cons. sink. rd.
Feb. 8 122
Pitts. Ft. Wayne & Chic. l8t.. 121=8 12158 118
Oct. 18
109
109% 102% Sept. 20 109% Doc. 6
St. Louis & Iron Mt. iBt
107'8 108
10358 Jan. 7 10S5g June 28
Union Pacillc lat, 6s, gold
sinking fund
103% 103%! 92%Mch. 6 10514 July 9
do
' This is the price bid; no sale was made at the Board.
.
.
m
—
Railroad and miseellaneoua StocKa. The stock moriwt
has been marked this waek rather by movements in particular
stocks than for any general activity either on the bull or bear
The higher prices of the Northwests, common and preside.
ferred, have been supported by the declaration of dividends on
both classes of stock the 3 per cent on common being paid, as
the directors state, out of the surplus for the fiscal year ending
he coal-road stocks have been further depressed
May 31, 1878.
by the prospect that the combination may not be renewed for
Pacific Mail fell off
1879, and by the present decline in coal.
to 13}, on the supposition that the agreement with the Pacific
railroads would not be renewed, but there was a misunderstanding in regard to this, and the price afterward recovered. The
trunk line agreement to keep up for five years the pool on westbound freight, was calculated to give strength to the stocks
mostly affected thereby.
The daily highest and lowest prices have been as follows:
;
'I
lOH'^J 106% 10638 IO6I4 106% 106%
10638 10638 10638 100 "4 106H 106 J4
104% 101% 104»4 104% 104%: 104%
104% 104 14
105 H *x04% »104% 104
10'|38 X9938J *9938 *99% *99% *99%
100 14 10038 -100% 10038 100% 100 14
122 xH9
119% 119%: 119% 120
&
* Xtils Is the price bid: no sale was made at the Board.
The range m prices since Jan. 1, 1878, and the amount of each
•lass of bonds outstanding Dec. 1, 1878, were as follows:
C ntral of N..1
Chic. Burl.* Q
Range since Jan. 1. 1878.
Amount Deo. 1.
C. wn. & St. P
58, fund., 1881... reg. Q.-Feb.
Ss, fund., 1881. .coup. Q.-Feb.
reg.lQ.-Mar.
4»s3. 1891
coup. O.-Mar.
4'a8, 1891
4«, 1907
reg. Q.-Jau.
4s, 1907
coup. O.-Jan
68,ciir'cy, '95-»9.reg. J.
J.
Lowest.
Highest.
Registered.
Coupon.
do
Chlr.
pref,
ft
do
6«,
1881....CP.
105%
110% June 27 $199,772,950 $82,963,400
14,038,900
103% June 6 22,184,550
Feb.
6«.5-20s,'65.op. 10214 July
6s, 5-20s,'67,op. 104% Aug.
6«,5-20B,'68.cp. 106% Jan.
68, 10-108... cp. loss's Mch.
108=8 June 27
IIII4 Juno 28
10il% July 29
58,ftn«l.,'8l.cp. 102% Feb. 23 107''8 July 30
4«B», 1,891 ..cp. lOl'e Mch. 1 10314 Nov. 27
48, 1907 ....pp. 99% Oct.
31102% Jan. 9
68, our*ncy.reg. 11714 Apr. 5ll22% May 25
1
116,224.000
16,193,500
141,280,800
249,990,900
162.355,800
12-J.n9!l,05ll
194,390,000
21,271,800
.50,28.^,500
258,449,450
87,444, 'JOO
54,600,950
64,623,512
Closing prices of securities in London have been as follows:
Nov. Nov.
22.
29.
Dec.
G.
Range
alnee Jan,
Lowest.
1,
1878.
Highest.
C. R.
North.
pref.
& Pac
I.
Uel.ft U.
Canal
uel.Lack.A
Erie,
w
W paid..
Jo..
Han.
do
bt.
>v,
pref.
Cent
Lake Shore
Illinois
Michigan Cent
Morrla A Essex
N.Y. C. * H. I..
Ohio ft Mlas...
PactacMall....
Panama
Wabash
Dnlon Facl&c.
Went.
11
n.
Tec
Adams Kxp
American Kx..
O. 8. 69, 5-208, 1867.
U.S. 58, 10-40a
6«of 1881
4%8 0f 1891
108=8 108% 108% 105 14 Jan. 2 109=8 Juno 8
109 S4 lOO's 110
104% Feb. 25 in 58 July 30
108% 108% 108% 103% Mch. 1 109% July 9
10<i%
l(C2l« Kcb. 25 10714 Jiilv.'JO
10(i%
106%
—
State and Railroad Bonds. Among State bonds the Louisiana consols have attracted most attention, breaking down sharply
United
>^tateB
.
Well». Farito..
Quicksilver
* ihtsau
are the prloee bid ana asked ; no lale
Total sales this
were as follows:
week and the range
in
was made
at the Beard.
piiCM sine* Jan.
1,
1874
THE CHRONICLE.
600
Sales of
Shares.
Centraiof N. J
Chic. Bnrl.& Qiiincy.
11,190
Chic. Mil.
78,1.55
& St. P..
..
G08
70,185
do
do pref
137,820
Chicago & North w.
do
do prof. 94,385
.
4,950
Chic. Rock Isl. & Pac.
Hudson Canal 14,789
Del.
Del. Lack. & Western 206.355
&
14,320
1,890
Hannibal & St. Ju.
do pref.
4,990
do
2,910
Illinois Central
152,100
Lake Shore
Michigan Central
5,274
MoiTiB & Essex
35,848
IJ ^' 'Vnt. &Hud. R
2,307
3,600
OUo & Mississippi
13,610
FacUoMiii
145
Ftauuai
Erie
.
7,198-
WaOitrtll
Union Paciflo
...
Westeni Union Tel..
Adams Express
14,010
58,795
174
ness only.
Low. High.
Highest.
Lowest.
foreign exchange there has been a fair busiTo-day, bankers were firm and advanced their asking
rates for sterling bills to 4'82} for sixty days, and 487 for
demand. Actual transactions were made about i point below
these prices.
In domestic bills the following were rates on New York at the
1877.
6
37%
94
118'8
13% Jan.
2 45i4July 11
9914 Feh. 28 114%, July 15
27% Sept. 2 54^8 July 8
64 Oct. 14 84% July 9
32% Aug. 10 5514 Apr. 17
59 3i Fel3. 9 79% July 11
98% Jan. 15 119%.June 7
34% Dec. 6 59''8 July 10
43^8 Dec. 6 6178 JiUy 10
758 Jan. 5 20»8Nov. 2
10 Feb. 28 le-'s Nov. 13
210a Feb. 28 41=8 Nov. 11
72% Feb. 14 87 July 11
55''8June29 70% Oct. 29
58% Jan. 3 7258 Apr. 18
67% Feb. 28 89 June 10
X033t Feb. 11 115 Sept. 5
Apr. 15
6 3i June 29
12=8 Ueo. 3 23''eJan. 16
131 Feb. 25
112 Jan.
12% June 26 2378 Nov. 11
6II4 July 31 73 Mch. 20
7514 Feb. 13 102 Oct. 31
98 Jan. 8 109i4Oct. 25
46 Aug. 2 .52% May 8
44 Aug. 7 51 % Feb. 25
82% Jan. 7 0914 Nov. "
914N0V. 11 19% Feb. 25
29% Feb. 5 37 June 15
im
42%
11
40^8
15
73 14
43 '8
37%| 69%
undermentioned
;
Boston, 2!i premium.
Quotations for foreign exchange are as follows:
ir'9
3378
Dec.
74 J4
80
Good commercial
Documentary commercial
2014
Amsterdam
United States Exp..
Wells, Fargo & Co...
Bremen (reichmarks)
Berlin (reichmarckij)
94%®
94%®
94%®
94%®
...
2,0O0,O(in
2,i 50,(HIO
Manhattan Co. ...
Mechanics
21.029
176,548
K-rfi'iWfl
0/0,lUB
19,536
998,936
27,754
846,018
84,081
867,811
Dui)uque 6: S.City.Novcmbcr
1,9.52
August... .1,44.5,929 1,271,131 9,735,284 9.322,200
Erie
861,141
688,284
99,480
Gal. H. & 8. Ant September 132,148
877,729
793,065
99,637
97,723
Grand Rap.&Iud.Septemlier
Grand Trunk. Wk.cna.Nov.23 189,861 201,244 8,041,648 8,437,404
90,128 4,020,145 3,970,656
Gr't Wosteni.Wk.enrt.Nov.22
73,873
Houst. & Tox. C. Octolicr ... 426,832 361,649
483,948 474,012 4,934,305 4,814,922
111. Cent. (lU.liiH-). November.
do Iowa lines. Novcmlier. 125,365 144,880 1,350,764 1,378,440
26,519
22,119 1,137,533 1,100,996
Indianap. BI. AW.3dwkNov.
41,089 1,324,729 1,298,869
57,097
Int. &Gt. North. .3d wkNov.
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
1,325,135 1,427,414
October...
137,104
172,353
Hashv.Ch.&St.L.
Pad.&Eli/.abetht.lstwkNov
7,691
6,666
1.58,120
159.897
4,094
4,647
Pad. & Memphis.. 2d wk Nov.
October... 352,695 393,151 2,378,58r 2,.561,804
Phila. & Erie
11,959.227
10,249,094
Phila. & Iteadiug. October .1.408,674 1,527,774
467,308
442,404
13,100
11,670
Bt.L.A.&T.H. (l)re)3dwkNov.
458.075 4,037,6,32 3.974,118
Bt. L. Iron Mt, & S.November. 533,700
St. L. K.C.& No.. November. 312,592.312,338 3,0;i9,304 2,891,7'29
541.240
11,549
571,018
13,746
Bt. L.&8.E.(St.L.12rtwkNov.
287,823
312,781
(Ken.).'2dwkNov.
9,124
8,085
do
133.t!32
149.087
(Tenn.).2dwkNov.
4,075
3,048
do
430,912
497.031
66,715
81,686
Bt. Paul & 8. City October...
13,416
232,707
Bcioto Valley
October...
28,983
259,890
59,064
311,649
Bioux Citv it St. P.October ...
45,501
425,624
490,875
Bouthcm Mmn... September
34,538 123,351
90,145
90,086 1,155,915 1,015,980
Tol. Peoria & War. November.
10,383,174
October... 1,269,879 1,18.5,405 10,461,631
Union Pacific
Wabas h
Novcmlier. 452,740 395,050 4.603,558 4.210,016
•October figures include earnings of Proprietary Roads.
Cold aud SlIvor._Gold advanced on Nov. 30 to lOOi, and
borrowers paid 1-04 per day, but afterwards the price fell back
again and closes at lOOi. On gold loans the rate to-day was fiat
Silver is quoted in London at SO^d.
to 2 per cent for carrying.
per oz. The "Treasury bought at Washington the usual 300,000
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 $35,059,360. The amount exported is $25,815,900, and
the Chinese returning home are estimated to have taken $5,000,000, which would leave in the United States $3, 143,410.
The range of gold, and clearings and balances, were as
follows:
.
.
.
1
1
Currency
j
Kov. 30.. lOOU'lOO'fl 10012 IOOI2 $18,060,000 .$2,179,075 $2,185,107
35,692,000 2,327,308 2,335,543
Ddc.
2.. 10014100)4 loo's IOOI4
3.. lOOH 10014' 1001.1 IOOI4
4.. IOOI4 IOOH'10014 10014
5.. IOOI4 lOOie IOOI4 lOOifl
6.. 100% lOOiglOOH 100 18
28,722,000
12,940,000
11,568,000
11,210,000
1,546,000
1,723,000
1,076,000
1,558,221
1,830.159
1.080,766
930,000
933,063
IOOI4 lOOis'lOOia lOOJfl *1 18,192,000
Prev. w'k ioomooi6 10014 10014
41,156,000 $1 ,346,606 !$1 ,343, 107
B'ce Jan. 1 102''8 100i« 102''8 100%
The
following are quotations in gold for various coins:
Dimes & I2 dimes.
98 •» — 98%
Sovereigns
$4 83 ®$4 87
99
Silver 14S and I38 — 9812®
Napoleons
3 84 » 3 87
— 93 ® 95
X X Rcichmarks. 4 74 a 4 78 Five francs
Mexican dollars..
85%®
87
XGuilders
3 90 ® 4 00
English silver
4 75 ® 4 80
Bpan'h Douhloons.lS 70 ®16 10
Mox. Doubloons. .15 ,50 ®15 65
Prus. silv. thalers. — 68 ® — 70
98I4® — 98%
IPlne silver bars ..
Trade doUivrs.
110 ® 111
Fine gold bars
par.^isprem. New silver dollars — 99''8® — pa^
—
—
—
—
—
6iO,2iJ0
95ifl
9518
MIX)
2,153,000
5,409,703
l,0i5,803
1,166,400
9,9.1,800
218.000
2.322,5110
581,200
1,814 830
907.000
957,000
281,000
108,000
2,410,000
6,071,300
1 ,r0O,O,l0
Trade smen'e
60,000
Fulton
Chemical
300,000
Merchants' Exch. 1,000,000
Gallatin Natioual 1,500,000
.300.000
Bntchers'&Drov.
610,003
Mechanics' &Tr,
3,12"i,000
Mi.SM
1,5S9.6!10
«,9rt2,700
161,-!00
•307,200
847,1100
600
8,405,100
230 200
33i;500
157,000
2,391,400
401,900
571,600
154,000
Sil.OOO
175,100
26 1,003
183,900
384,400
80n,000
Greenwich
30,1,1100
Leatlier Mauf'ra
600,(100
300,(HXl
State of
Ward
N.York
1,131100
800,000
5,000,000
5.000,000
1,U30,00U
1,000,000
4*3,700
1.500,000
450,000
i„„.i„onlt»l,.iV
Exh:i'e
American
Commerce
Broadway
l,370.(0;l
?90,2il0
25,0.X)
2,401,000
91 .,5:X)
1,724,403
416,700
55,500
1,710,0110
14 671,100
1.377,00i)
2,437,100
1,88.',400
•(,,180,40)
141,801)
6'.ll,10,i
409,5 ;o
533.700
567,000
571,000
141,,WJ
335,00)
372,900
1,854.000
353,200
tron.oofl
2.-15,90)
1,862,900
57.600
536,700
7.3,100
1.37,100
t77,>10i)
3,ti08,S0.l
250,500
125.700
107,200
86,000
183,(W)
1,419,100
410,000
253.003
8,534,300
1,953,100
7(8.00
.3,013,300
160,00)
388,00
1,131,630
2.195,000
16,509,100
12,703,700
0.1,000
r>.
1,000,00
.
Shoe and Leather
Com Exchange
1,000,(0
Continental
l,'«i,(.()0
Oriental
07,900
3,240,700
3,880 800
1.317,000
2,515,000
H,77H.3(iO
1,00:1,000
,
30i',000
40>.OOC
Marine
Importers'&Trad l,5C0.flC0
2,000,010
Park
500,000
Mech. Bkg. Ass'n
491,300
767,9,>0
695,-iOO
300,000
240,000
250.000
ICO.OOO
Mer.
Manuf'rs'
Fiiurth National 3,5i o.ora
Central National. J.OOO.OCO
300.(00
Second National
A
355,000
I3,453,!;00
7,8!12,00(i
2,r-:ooiio
Ninth National..
Fir.-t National
Third National..
N. Y. N«t. Exch.
Bowery National
500,000
3,510,100
7,827,600
986,31X)
5,4S?,(:00
300,000
860,000
1,124,200
NewYorh County
2' 0,r'0
l,0B'i,800
l,07!,4iX'
German Americ'n
750,000
300,000
2,151,900
1,780,000
Chase National
75' (,(.'00
.
927,.3liO
1
3,:j3 1,600
425,(4)0
429,700
612.200
516,500
39^,300
11,914,700
6,745,000
1.891,000
3,161, OOO
9,017,000
6,939,700
73(,40O
813,003
450), 000
402,501
5,400
445,4)0
110,000
2,2r2,0('i.
2)7,300
8,900
266 900
559,400
676,700
4,700
770,0<X)
3r.«.K)0
i,ioi,r(K.
t,35 soil
297,900
124,900
l,r.!S-!,(i(0
I,4H3,1«)
ii!.,'Hl
693,100
TWJW
369,
WO
224,n'J0
130,000
27',<.O0O
1,0.j6.600
242,S00
876,300
2,027.6 K)
1.771,900
207,900
63,711,530 ^36,438, 40,1 23,967,400 11,276,700 20o,797,'3O0
'.J),0O7,0C0
.
Total
1,908,700
2,548,100
1,1)3,900
1,741,900
5,371, 9C0
1,739,900
9,174,000
1,756 100
1,377,400
1.919,500
3,-09,8C0
H4.600
33,100
120,100
a,.3()0
.36,100
113,100
7-2,3(0
44,100
103,930
2,300
l,0iii.500 a,EO7,800
24^,000 1,463,000
486.000
15 ',800
645,200
1,07. ,800 1,566,900
1,280,400
791,700
111,90(1
57,400
10,000
317,000
57-2. 30C
North River
East Kiver
895,000
179,830
l,856..50O
;,77,0flO
lO,19ti.SO0
Grocers'
.
1,7(0,7011
178,20i)
.
..
St. Nicholas.
186.000
9,009,300
2.9ia,r01
2,571,800
ii8,300
1,3!7,200
1,579,300
500,000
,
.
1,654,100
8.31 0,000
2,13-2,30il
Irving
.
2.71X1
29,'a)0
4'.,000
l,0iO.(K)fl
1,'
^,750.600
133.4(,0
304,300
1,880.500
14,448,000
1,564,700
7CO,noO
,(iS9.-»n
1.89 ',100
3,!SJ,40.)
739,900
818,500
600,000
North America..
Hanover
.
-•
13'),(icn
753,500
3,000,00(1
4I2,'500
.
13'*,B(K)
;
166,.3(I0
2,010,2110
.
People's
Nasfan
Market
WO
..
Chatham
Metropolitan
8.
276.300
31,300
163,800
110,800
15,5C0
169,000
300,200
42,600
579,000
87.000
Mercantile
Pacinc
Republic
Citizens'
1,624
41,000
7.500
8;,800
135,000
2,z96,00O
S87.300
1,0 0,000
1.000 00)
41.J,O0fl
4,:iO6,30O
7,('8:,700
T,940.',03
:J,113
tioQ,
1,87.!,3X)
;j,iXlO,000
65S.O00
501,700
1,816,700
7,9J6,00O
5,7f8,200
4,574,100
3,0 8,800
Union
America
2,0u0,00!|
Circula-
535,81'*
4,O38,SO0
177,50'.
211,100
deviations from returns of previous week are as follows
Dec. $33;,6f.O
Inc.. $1,5)0,700
Net deposits
The
Loans
I
Specie
Legal tenders
Dec.
447, o(.fl
Inc..
687,5:
Inc.
Circulation
45,1C0
I
Boston UankM. — The
following are the totals of the Boston
banks for a series of weeks past:
Loans.
Oct.
•
604,600
C,7ii4,100
0,18(1,800
1878.
Balances.
.'.,3)9.101
1,200,0011
Seventh
Deposits.
935,000
1,184,100
874,900
2,0(i0.00i)
Phojnix
Dakota Soutlicru. October
Denv. & Kio 0...3dwkNov.
Gold.
4014
-95>«
9518
I
7,431,000
i,67.';,oeo
Merchants'..
City
.
Clearings.
9479®
9473®
9478®
$
i
New York
-'--"
Clos.
947,5®
Not
Legal
Specie. Tenders.
Capital. Dlsconnts.
Banks.
. .
Open Low. High
40% »
:
1877.
Gold
5.21i4®5.183(
94%
94%
94%
94%
-
Loans and
•
Quotations.
5.21i4»5.18!lt
5.21i4®.5.185t
City BaiiKs. —The following statement shows the
condition of the Associated Bmks of New York City for the week
ending at the commencement of business on Nov. 30, 1878
-AVERAOK AMOUNT OK
.
.
4.85%®4,86i4
4.84%®4.85ia
4.84 ®4.85
Kew York
1878.
1877.
$97,186 $3,516,319 $2,363,718
Atl &Gt. West... October ... 387,497 4'24,070
193,fi86 1,399,324 1,452,592
Atlantic Miss.& O. October
201,181
40,227
Bur. C. Rap. & N-4thwkNov
37,753 1,402,991 1,120,327
208,2
4,506
4,100
193,233
Cairo & St. Ix)ul8.2rt wk Nov.
Central Pacific... Oetobcr ...1,831,000 1,800.382 14,771.363 13,840.319
Chicago <t Alton.. November. 414,239 391.616 4,345,433 4,147,.544
Cliic. Burl. & Q. .. October. .. 1,368, 343 1,290,114 11,746,897 10,285,021
19,895
17,979
Chic. &Ea«t.ril .3dwkNov.
892,027 7,735,072 7,444.973
Chic. Mil. &8t. P.Noveml)cr. 809,029
Chic.& Northwest. Octolicr* ..1,566,858 1,598,776 11,601,602 10,191,831
Chic. R. I. & Pai .Si'ptenil)cr 858,338 798,277
332,643
337,950
Clev. Mt. V. & D 2il wk Nov.
8,017
8,700
"
(s^iilders)
Hamburg (rcichmarks)
Frankfort (rcichmarks)
—
—
-
Week or Mo. 1878.
EARNrNGS.
Atch.Top. &8.F.3dwk Nov. $121,500
4.81i4a'4.81%
1.80 •5.4.8I
5.24%&5.21i4
5.24%®5.21i4
39 ^sS 40
(francs)
Swiss (francs)
8438
56
91 105
43 14 60 H
59%
36
81
90
13
24
197«| 45
4.86i4®4.87
5.24%a)5.21i4
Antwerp
59% 73
3 days.
4.81%®4.82%
4.79%-*4.80%
Paris (traucs)
130
227
45
45
Quicksilver
200
do
pref...
125
The latest railroad earnings and the totals from Jan. 1 to latest
dates are given below. The statement includes the gross earnThe
ings of all railroads from wliich returns can be obtained.
columns under the heading "Jan. 1 to latest date" furnish the
gross earnings from Jan. 1 to, and including, the period mentioned in the second column.
—Jan.l to latest date.—totest earnings reported.
American Express
60 days.
6.
Prime bankers' sterling hills t>n Ijondou.
Good bankers' and prime comniorcial.
92%
80H 109 '4
2% 11%
12^8
pre-
mium; and
40% 79
45
73%
351%
5II4
at par, selling
Chicago firm, buying 1-10 discount, selling 1-10
Louis, par;
77
15
17
Savannah, buying
cities to-day:
i@i premium; Charleston easy, buying parigl-lG premium, selling 4@3-16 premium; New Orleans, commercial, f bank, J; St.
82%103%
25% 74%
30^8
4»8
7
XXVIL
Excbanse. — In
Whole year
1878, to date.
Jai). 1,
Week.
[VOL.
7.
14.
Oct.
Oct. 21,
Oct, 28
Nov
Nov,
Nov,
Nor,
,
.
Doc
4.
11.
18.
25.
2.
Specie,
L. Tenders. Deposits. Circulation. Agg. Clear
'
S
S
»
liO,104,40O
128,971,100
3,331,200
8.963,100
8,663,800
2,657,H00
6,136,100
6,030,000
6,127,800
6,524,300
7.334,603
7.787,500
8,060,800
8,228,n00
8,655,600
187,418.1.00
126,876,100
126,326,200
126,518,400
127,208,900
136,47^,600
126,S9S,!,09
2,!<88,000
8,9"0,800
8,135,000
8.933,000
2,362,400
PhUadelpbta Bank*. —The
its
«
t
* ^,
53,283,600
86,50'i,60O
49,937.921
6.3,866,100
52,'364,60O
52,210,2.-0
53,2(13,400
85,407,300
47.0)0.0,1(^
4i..')i7.5:8
54,956,600
56,258,400
66,244,900
65,713,300
2%473,100
2,^888,00)
26,489,400
25,460.700
41,4«9,1<66
44,823.641
45,810,7?-'
25.4(-8,700
47.i;0,062
25.4.'jO,900
44.436,2M
85,311,400
36,3,')r,60!
totals of the Philadelphia baoka
are aa follows:
lioans.
1873.
Oct. 7.
Oct. 14.
Oct. 21
Oct. 23.
Nov.
Nov.
Nov.
Nov.
Dec.
4.
11.
18.
S6.
8,
68,613,789
.'A650.640
58,801,493
58.532,350
58,411.214
68,270,111
57,656,693
67,344,134
67,461,311
Specie. L. Tenders. Deposits. Chrcnlatlon. Agg. Clear,
f
t
t
1,989,310
1,83-, 451
12.717,103
12,383,699
46.670.445
1,60.5,812
1,04'3.613
12,0?5,,196
1I,958,.394
44,786,291
44,232.7«6
1,693.177
1,8:4,236
12,575.827
18,334,843
18,Wii,345
4),671,-291
44,109,4,34
1,379.3,59
1,9'8.807
l,94e,n69
12,618..399
18,022,463
45,132,7r.6
44.4:«,416
41,118,833
46,144,517
11.866,957
11,307,533
»f-''*'l.I^
11,:36.3,450
33,7i0,72«
29.0-9.29*
29.104,64 !>
29 370,449
27.805.472
11,394,S11
11,390,121
11,430,703
11,3 3,116
11.3*3,361
11,395,817
32,7'.)8,5,3»
Sl,02;l,40(i
8I.I9J,S62
DecSMBER
7,
THE CHRONKJLE.
1878.J
601
QUOTATIONS OK STOCKS AND BONDS IN
Bonds and
U. S.
active
Baiiroad Stoek* ari guotei on a previoui paje.
NEW YORK.
I'rincs represent
per cent value, lehtlever the par may bt.
t/ie
RTATB BONDS.
MOUBmit.
41*Diun>
do
do
40
do
do
do
„„
Jo
Si,
9s,
Bi,
8a,
Lmlslukft
M.,k R. SR..
M, Ala. & Uh.K.
8l,
WK
18W
funded
AtWrp^u fis,
— IM
.
SO
IW
iM
K. ft Kt. 8.
T^ MeiiiphlD A L.R.
7«, L. H.P. B. *N.O
;a, MIM. O. * R. R
do
do
do
do
do
do
do
da
do
do
do
do
do
do
1861
1883
8« 0(
88 of
;s. L.
<
do
do
do
new
7a,
3
IM
endorsed. ...
ROld bonds...
tlllnoIsSB. coupon, 1879.
7s,
78.
l'.»
do coup...1887.
do loan.. .1883.
do do
do do . 89 J
do do
I'M
.
1
Land C.
:ai
is, 187-1-79
«s, B4j
oir, J.
off, A.
iTandlnz a/^t, 1811
do
1818
I'ev bonds, J.
J
...
84
81
«l
HI
* J...
do coup,
do do
7a, I9«)
*0..
A.*
Is,
Is,
la,
Is,
l»
10
10
>0
10
10
to
O...,
Is, new
Is,
series.
Is, old
bonds, 1811
1817
do
new
oonaol. bonds
ex matured coup
IMU
Ia,con8ol., 3d series
tpeclBl tax, Class 1
do
Class «
do
Class S
Is,
'^\
Ohio Is, 1881
do 1881
x
IK
...
la,old
new
do
Virginia
lo^i
lOW;
*0
A.
do
mil
*
do
1881,
110
....
7aof 1883
Non-fundable bonds
ISJ Tmneaaee
Ask.
Bid.
laland la, cp., 'M-<
lioth Carolina M....
Jan.* Jnir
April * Oct
FnndiD* act, ISM
Land C, IM, J. * J
Hi
A.* o
S. C. BU .....J.* J....
do
.. ..A.AO
1389
do
Hn
do
1888. ...
do
18S9or1lj....
do
or Un.,due 189.2
Vundlng, dne H>l-J
Ban. «Sl. Jos.,dueI38«
do IMI
do
IU3
103
.
WurlooQ
do
Keniuckjts
Biode
do
7s,sinatl
do
do
do
do
Asylum
lot
io«u
io<S
s«oi;(iTiBa.
AJk.
:fi>rtliUarollni—
iB.old. J.a J
"ti NIIasourl«s,dttel38ior'83.
bonds....
Bid.
M,(u!d,reit...,18«;.
la,
Is,
Is
II,
la,
It, do
In, do 1873
8a, of ItlO
7s, consolidated
do
do
8
sianaiTiia.
Now Vork State—
It..
•f,neir
to,Detr floatV debt.
7s,PonlteatUry....
•s, levee
Michigan
a
a
Ark. Cent. UK...
Ooanectlcut te
Saorgla
71.
^k
Bid.
niJ.
1883. ..
188*.
deferred bonds
O. or
105
Columbia S-ftM. I9}t.
do
amaU
do
reglatered
78M
RAILROAO AWP BUSCBH^AWKOUg STOCKS ANA BONDS.
&iu«ay « suBQ. isi bds
^d do ....
do
8d b n 8....
do
nn
iRt fujus. irua
Albttnr
A
Cfl
^outhcru..
Busquehanna...
Ban. C. Rap. »v Northern.
i»u!:i
do
Cleve. Col. Cln, & I
Cleve. & PlttBlmrg, guMT..
Col. Chic. A I. Cent
DDbiicjue Jk Sioux CltT.
Erlf pref., $2 assess, paid.
HflTlf-.n
J ilh- A
K;in-
&
ha*.
ft
St.
.
do
Cleve.
special.
.
do
pref.
Terre Haute & Ind'polla..
United K. J.R.AC
IS
u
do
do
do
|
Tel
I
District Telegraph...
30
Amerl'^HD Coal
ConsoMdat'n Coal of Md.
Cumberland Coal A Iron.
aO>j
30
guar. ...
Bnr. C. K A North., let 58.
68^
ldlnD.A St. L., let 7s gua
, & Ohio 6S, 1st m..
d'»
t^xcoori iUS
Ctilcaso A Altonlstraort.' llfi
du
Income.' ....
.
Harlem,
Chedii
d
el&k'gfund
>
AChtcugo.Lstm.
La. & Mo.. Ist m., guar. .
St.L.Jaclc.A Chlc.Ut m.
Cblc. Bur.A y. 8 p.c.lstm
do
consol. m. 76
do
t
I
WX
do
do
do
10S«
58slnk. fnnl
Ch.Kk.l &P..B.f.lnc.6B,'y5.
6s, 19:T.
«s,
m;.
coupon
regfst'd
Central ot a.
J., Ist m., '90
let conso?. ..
do
do
do
do
do
.
KSseHted
conv
A
assented.
Istm., C. AM.|
consol.8lnk.fd
:id
m
do Utm.,78. I.AD.Ej
ilc.AN.'Weat.Btnk.fd
do
Int. bonds
do
consol.bda
do
ext'nbds..
do
iBt mort..
do
cp.gid.bdB.
do
reg. do
lowu Mt'ilaad. :Bt m. 88.
Galena A Chicago Ext .
.
I'enlubula- iBt m., coot.
Chic.
A
MIlw.,l8t mort.
Winona A
St. P.. I8t
do
C.C.C-Alnd'B
do
Del.
do
do
A
m.bds
We8t..Vd m.
7s, conv.
mcrt..78, 1907
Blngh.AN.Y.
Morris
A
do
do
do
do
do
m.
2d mort.
m.78,8F.
consul,
Lack.
Syr.
1st
Ksnex,
i*t.7B
ist.
m..
2d mort..
bonds,
1900.
construct'n,
of 1871
iBt con. guar.
l>el.AB nd.Canal, lut m..'8{
do
do
do
do
78,
do
1891
extended
coup. IB. :8M
Isi
ri-K.
7B.18W
*
tYlce nuialiiAl.
.
South Pa-,, of Mo., Istm
KauBas Pac, lAt m. 68. 1$95..
with roup.
198(>.
coupon
ctf <
Chic,
Chic,
Ist
6s,
Mm.g
m.
7s,
gold.
Can. South istm. g.78.
East. 111. 1st mort., 6s.
ft
ft
do
.'2d
85
79
I
I
!
•,02
Brie
1C5
US
Pittsburgh
ft
do
do
Savsnnah
88
lom
Hone,
ft
Gt. N. I8t
108X Hona. ft Texas C.
do
do
ij'8«
48, g.,
1st 7s,
mi\'.
19
..
Stock
Georgia KB. 7s
92
stock
tioi
.
'20
fib
m
D.M.,
UO
.
85
los;
,
Michigan Air Line 88, 1890
MontclHirftO. L.lst If, (new;,
N.J.Midland lat 78, gold
S. Y. Klevatcd l!U.,l8tm
N. Y. ft Osw. .Vlld. I8t
Omaha
do
do
recelv's ctfs. (labor)
do
(other)
ft Southwestern Kli. it
Oswego
iiome 78. guar
Peoria Pekin ft J Ist mort. .
Pullman Palace Car Co. stock.
ft
.
do
.
bds., 86, 4th series
Mt. (Ark. Ilr.) 7b, g.
San K., 2d m., class A.
do
class U.
do
do
do
class C.
St. L. ft I.
St. L. ft
.
Newark
Sandusky Mans,
Soulta Bide, L.
do
Sooth. Minn.
do
130
106
100
98M
,
gr. li.I
ist S
St, L.ftSo'ea8t con8.7>,gold,'94
St. LoulB Vandalla ft T. U. Ist
2d, soar
do
vs
tW
98«
ft
1., Ist
Ist
mart.
Is, '98.
7b. Ist
Tol. Can. S. ftDet. 1st 7a, g
i»o
7b.
m. bonds.
sink. fund...
price to>dajr
;
.
.
I
101
'
—
87>,
103
104K
80;
f
105)4
'21
97
7
31
28
u
27
H
113)4
Hi
•20
tm
9IS».
hO
52
i
•i*W'
30
30
•99
tM)
92
80
20
98
85
61
98
41
75
93
85
SO
35
Ao».31<ndorsed
ft
Jdemphls
ft
Cha'Bton
1st
2d mort., ex coupons....
Mla9. ft Tenn. 1st m. 8e, A.
lat mort.. 88,
B
ft Ohio sterling 8a
Sterling ex cert. 6fl
8s, Interest
2d mort. 88
Mobile
New Itt mort
New debentures
70
9i
87
°M
tbcaa ate lateai quotatlooa
4t
3S
1C9
108
78
85
55
103
UO
90
9d
99
82
5
82
9S
4S
107
103
83
90
40
too
100
87
7
38
43
100
102
102
89
93
IIU
80
as
108
84
04
81
SO
8S
56
15
20
"26
30
lU
\0i
Decatur Ist 78
Mortoik ft Petersb.lst m.8B
l8tmort.78
2d mort. 8b
Northeast , S.C, 1st m. 8s.
2d mort. 8a
looji lOOJi
101
^^ashvllle ft
Orange
ft Alex'drla,
Uta,6t
:js,6<
3d8,8s
4th8.8s
l.lc 1.&
savannah
West
ft Ctaar.lst
ft Sav. 68,
mort.
2d m.8a, guar
Ala.,
1
Bt
m.
7s
end.
8a.
.
PAST DOE OOUFONS
Tennesace State coupons..
South Carolina consol
Virginia coupons
Consol. roup
Mpmnhls
mode
101
lOOfi
8BM
8eu
9-1
90
1(2
88
90
74
85
94
70
12
Fred, ft Potomac 6a.
mort. 7b
Danv. lstconsol.6c
South weat..(ta.. conv .7s, 'b6
Southwestern. Ga., stock.
S. Carolina Rli. Ist m. Is.
7s, I9UI, low Not
78,non mort
l{lch.
Cba'aton
104
100
N.u. ft Jacks. 1st m. 88..
Certlllcate, 2d mort. 8a.
Nashville Chat, ft St. L. 71
l8t,«8. Tenn.ft Pac. Kr
Ut,6».MeM.M.W.ft.Al.l!r
I
I
60
90
'i'e
Memph. ft Little Uock Isl
.MlBslbslppl Cent. I8t m. 7(
100
2d mort. 88
73).j|
90
ItO
m.
i-tock
™
105i< lOi
Long Island RK., lat murt. ...
Loauv. ft- Nashv. cons. m. 78.
do
2dm.. 7s, g..
Col. 78, Ist
Sdfs
98
88 it
89
70
Waco
ft
guar
Macon
1
loa
certs.
gold.
West, dlv
.
I
accrued miefctt.
78,
iw
30'
78
Greenville
3iH
30
48
39
9«
90
80
43
35
70
tea
102
68
Kalamazoo ft South H. 88. gr..
15X KanBaa City ft Cameron lo.
ft
CoLftA., cons. 7a.
K. Tenn.ft Va. Ss.end.Tenn
B. Tenn. Va. ft Ga. 1st. 7B.
35
10
Keoknk
on.
2d 7s.
do
do
Cheraw & Darlington 8s.
Kast Tenn. ft Georgia 6s..
Inl.
71H
coop
I
Stock
Ctaarl'te
do
consol. bds..
78
Bloom, ft West., Ist
2;«
Indianapolis ft St. Louis l8t 76
58
64
Indlanap. ft VInccn. Ist 7s, gr..
84
90
International i.Texas) let 70
75
Int. H. ft O. N. conv. 88
25
Jack. L. ft S. 88,1st m., "white" fl02
Kal. Allegan, ft G. R. 88, gr...
99
101
'42
}
Ala.ftChat.,Uec'sctf8 ,var
Atlantic ft Gulf, consol...
Consol.. end. by Savan'h
Carolina Cent. Ist m. 6s,g.
Cent. Georgia consol.m. 7e
equip...
Evansvllle ft Crawfordsv., ib.
Kvansvllle Hen. & Nashv. 78..
old
RAILROADS.
W
78..
7s,
Ss.gold
103
70
85
35
40
St
100
Wllm'ton,N.C.,68,g.
88
100
'^ 103)«
70
6b
new
7b,
100
68
8a
Richmond
101
9«W
«0
2)
25
28
80
80
38
87
82
94
93
5>.
Railroad, es
[
S8
100
50
73
58
new
Norfolk 68
Petersburg
311
.
con. m.,
lis
lis
108
98
103
90
97
5i
30
'<>ldl;.'!.'.'!
prem.
Consolidated 6b
109
100
liJ'4
let 7b. T. ...
78,
104
tlOl
68,
New Orleans
113
io1« 1U7M Bvansvllle, T. 11. ft Chic 7s. g. '48
I03)i 103?^ Kllnt&Pere M.Se.Land grant. •8S
lo.H i04J4 Port W., Jackson ft Sag. 8s, 8>
103
Urand K.ft Ind. 1st 7s, Hg., gn. '98
do
ist7s, 1. g., notgu
85
do
ut ex I. g. 7b.
Orand Klver Valley S», Ist m.. t99
S8H
14
Compromise
Mobile 38 (coups, on)
88 (coupor.8 on)
6s,
7UW!
g
guar
2d 78, 20 years..
Bl. ft P. Ist m. 7b, g.
Pac, 1st m.78, ld.gr.,g.
Denver
tfSX
80
58
T102
tiia
tll3
'as
111)4
Inc. 78.
20
Ist »s. '89. 11(10
gr.. Cg,
1.
)
«2>8
m.
Mien. L. 8h,
do
'as
.
And
.
do
Central of Iowa
100
CO
,
.Nlacon bonds, 78
do
Pennsylranla RR—
PIU8. Ft. W. A Chic, iBtm.
121H 12ls
117
...
do
do
2d m.
108
do
do
3d m.
ui«: ..
Cleve. AFUtB., oonsol.. s.f.
108)4
Ji07
Uo
4th mort...
sr,% 5«;
Col. Chic. A Ind. C, 1st mort
IN
18!
do
do
2d mort
31
Rome Watert'n A Og.. con. isi 30
^. L. A Iron Mountain, Ut m. loan 110«
70
do
do
2d m..
110
St. L. Alton A T. H..l8t mort.
77
80
do
2d mort., pref..
88
4U
do
2d mort. Inc'me
BellevlUe A S. lll.U. Ist m. 8s
Kl
Tol. Peoria *- Waruaw, Ist E.D tiuo
W.
tioo
do
ist
D
do
BuillQgl'u Dlr ....
t
ft
Vi^ Dan. Urb.
..
1
107
bondB
I
m
Inc.cp. No. li on 1916
Inc.cp. Ko.l6on 1916
do
2d muri...
''onBol.'*
do
do P.Com.Kcpts.lst.E.D
do
do
l8l,WJ}|
do
do
Bar. Dl
do Utp.ef Inc lor2iM'
do
do fu cons'd'
ToLA Wabash, ist ut. exiena.
do ex coupon
do istm.&t.L. dlT
do ex-raaT.urcd CODP....I
72
104
tl05
US
78,
jMemphls bondt C
Bonds A and B
Kndorsed. .M. ft C. KB.
Chic. & S'thweatern 78,
91
CiD. Lafayette ft Chic, let
70
Col. ft Hock V. let 7b, S8 years, tlOl
do
iftt 78, 10 years.
ten
l8t.7p.R.AL.G.DM.'93
with roup. ctfs...
Istm.. 7ii. I'd gr., '80.
with COUp.Ctf::*
wltJi
112
70
103
83
07
83
40
27
N. y. Air Line. 1st m
Calroft Fulton, Ist 78, gold..
California Pac. Kit.. Ts, gold
Boston
.
with coup.clfs..
iBt, 78, Lca» cn.br.,'9*i
wlthcouii ctfs.....
tioa
tllO
75
105
t07
110
...
RAILROADS.
Atchison & P. Peiik, 68. gold.
do
cifs.
68, 1S96
2dmort.,78,
long
Jh.St.P.ft .vluneiip., 6B,g.,new
fd.
Income, 78.
latCarou'tB
Istm..
do
69, various
Indlauapolle 7-3U8
Long Island City
Newark City 78 long
Columbus, Ga.,
Lynchburg 6s
lOOJi
lUU
lOflH
;io
tlOft
Hartford
Ctalc ft
2d mort
<)o
78, river Iraproyem't
Cleveland?!*, long
Oetrolt Water Works 7«
Bilzabeth City, short
.
.
do
do
do
do
do
do
do
do
do
do
do
do
IS,
Nashville 68,
consolidated
2d do
iBt Spring, dlv..
do
do
do
tlOO
tlOH
tl08
sewerage
water
*s,
Augusta, Ga., 78. bonds..
112
Charleston stock 6s
101)^ jCharleston. S. C, 78, F. L,
lOfl
115
102
reg...
do San Jouquln brarxh
do Cal. A Oregon Ut
do StHte Aid bonds
do Land Grant bonds..
Western Pacific bonds
Southern Pac. of Cal.. 1st m.
Union Pacific, 1st mort. b'dg
Land grants, 78.
do
Sinking fund...
do
.
Am. Dock A Imp. bonds
do
do hssented.
Ch.MU.&St.H.l8tm.9«J».D
do
2dm. 7 3-10, do
do
I8t7a,fg ,fi.P
do
Ist m.. La CD.
do
l8tm.,l.AM...
do
Ist m.,I. A D.
do
l8tm..H. AD.;
do
do
do
coup.
Pacific RailroadsCentral Pacific gold bonds.,
adj'mt b.. 1903.
W. U.coa.gnar
do
Ts,
7s.
108
110
do
WaterTs.long
Ilia
Oswego 7a
tlOl
i:o« Poughkeepsle Water
110
liochestor C. Water bdK.. 1903. fll2
l«>« ....
Pacific R. of Mo., l8t mors..
assented.....
Lehigh
do
mort.
WaterworkB
do
do
do
4S
70
48
CITIES.
Atlanta, Ga., 7b
111
20
...
103^'l04J4
m. 7b
North Mlsaourl, let mort
Ohio A MlsB., couBoK sink.
IW
'""
Ist
do
do
108>s ItO
11118
!
Pi-ices.)
Erie, Ist m..
do
Jollet
let
,
Carolina con. 6a (good)
Rejected (best sort) ..
Texas Is, 1892
M.ftS
7B,gold,189M910..J.ftJ
'B.gold.iaOl
J.ftJ.
lOs, pension, 1394. J.ftJ
S.
85
funded
Montgomery, new
107 ilOP
do
6a, 1837
103 1...
do
68, real eetate...
103
...
do
68, subscription
do A Hudson, 1st m.,coup 120)»:....
12JJ,|
..
do
do
iBt m., reg.
UudBon R. 78. 2d m.. s.f., 1885 112H!113
Canada Sonth.. Ist guar..
hxchanue
A
1911
Ist, I«90.
N. y. Central 68, 18&8
Railroad Bonds.
tk)at.n H.
Cenf. Mo..
New Jersey Southern
A M.Co
do
do
pref.
OnUrl' Silver MinlDK....
(Stoci-
A
(Jeorgia 6s, 1879-'8»
105
CITIES.
Toledo 8s. watc-,I894-'sl
f>m 53>4 Toledo 7.306
nj,! 18
Yonkers Water, due 1903
ass.. 15,04-5-5.
aam.Inr.,
da
11.
\^
m.
equipment bondB.
Mo.KAT.,cn8.
MarylHudCoal
iob"
104
104
82
7s, 1902
88. i882. s.f.
IBt
43
78
4«
....
C
illrokers' (quotations.)
Albany, N. r., Ss, long
BnSalo W«ter, long
Chicago lis long datei
Ash., old bds
Cons, reg., Ist..
Cons, coup., 2d.,
Cons. reg. .2d....
Cln. Ist mort.
do
do
Pennsylvania Coal
Spring Mountain Coal....
li&rlposa L.
Mi
new bonds
Marietta A
Mich. Cent., consol.
'!!anton Co., Baltimore...
STATES.
B,5J
77-X
nilscellaneoaii List.
JOSH
Tol. sinking fund..
A
{,Brokern' Quotations.)
Alabama new consols. A,
.
1U4
lis
do
new bds 110)i
do
Buffalo A Eric, new bonds... 111
;io4
BuSalo A State Line 78
Kalamazoo it W. Pigeon, Ist
Det. Mon. A ToL.lst 78, 1906 sios
Lake Shore Dlv. bonds
Cons. coup.. Ist. 114H
do
Rllscel'ouii Stocks.!
ft.tlaiitli;& Pa.!.
A
Cleve. P'Tllle
BellevIlleA So. IlL.pref
St. L. I. Ml & Southern...
St.L. K.C.*North'n,pref
Am.
K. lBt.m.,1916...
do
I
Saratoga
Home Watertown & On.
St. Louis Alton & T. U....
ft
d>
N.Y.A
am
iii)
105«
'
78,1888
do
do
2d mort..
Lake Shore—
MlchS.AN,Ind.,S.F.,7 p.c
100«
;
Ke:i4S^laer
mort., g'd bds
;*...
Un.Paclllc,ilo.Br.,<B.g,:
Sonth'n Securities.
MH
Qnlncy 4 Toledo, Ist m., 'SO.
o
ex coupju
Illinois & So. Iowa, let mon
do
ex coupon
Pekin Llnc'ln ft Dec't'r,t8i m
Western Union Tel., ISCO.cp.
do
do
re£...
do
do
2d diT. tioe
Cedar K. A Minn., 1st mort..
[ndlanap. Bl. A W., 1st mort..
Texas.
Lonls
New York Elevaiea KK..
N. Y. New Haven & Han.
OMo & Mli^lsslpp^pref
ruts. n. W.*Ch.,guar..l
do
7b. codb...
t70
2d
<*o
11» Kan. A St. Jo., 88. conv. mort.
111. C en. —Dub. A Sioux C.lstm
Mlsauurl Kansas
<
7b, ia79
7b, 188»
78. 18S0
Buff.
Chicago
L^iur Uland.
Nashv.
do
Sd do
4th do
Sth do
78
mon., '98....
excoupDo
do
ao Lone Dock bonds
I*aclhc
.-
ni5
tstrc^...
'4d
* LogansDort
Union
uiHi
Kxteadod, ex coap.
eouln'l bonds
do con. converi
do ex coupon
Oreat Western, iBt m., 1988.
do
ex coupon
•In
A Saratoga, 1st c<,up
Reus.
M mort
W8i>a«h,
do
I>env.& RIoGr*nde Itt m.,1900
Erie, Ist mort., extended
CbiCA^o A AUou.
pref
do
A
Tol.
. .
Railroad Stocks,
AcUve pretVuHly quoted,
rnupons
week.
(^llv
ibis
90
100
78
104
80
90
80
6
SO
is
105
105
15
40
20
78
30
e*
THE CHRONICLK
602
1'73.
Number passengers carried
Number tons freight carried
KBW YORK A CANADA.
STATE, CITY AND COKPORATION FINANCES.
SKxka and
published OD the last Saturday
of each month, and furnished to all retrular RubRcribers ot the
Chbonicle. No single copies of the StJPPLBMENT are sold at the
office, as only a sufficient number is printed to suppiv regular
ubsoribers. One number of the Sdpplemknt, however, U bound
up with The Financial Rkvibw (Annual), and can be iiurchaged
Is
in that shape.
Oapital stock by charter
Stock subscribed aud paid
Funded
REPORTS.
year ending September 30, 1878.)
From the returns made to the New York State Engineer the
following figures are taken
STOCKS AND DEBTS.
i8T7-ra.
(SO.OiO.ono
35,750,000
14.87»,709
DiyidendBou
st.ick
P.ijiaentB to snrplns fund
Sinking fund
Constrnction
$8,764,660
1.19C,7t;5
5,018,3';9
5,1H8,«0
$9,468,721
$».304,559
I,34ti,778
$8,763,470
$8,76-2.350
l,483.f>95
474,5!)4
25ii,000
t;i8,3;jl
9*^,5 il
Pitts. A Lake Erie R. K. stock
Other items
64,417
mainiena.ce
.
.
Passengers
Freight
Other sources
ToUI
New York & Oswego
$13,957,171
$3,130,325
$|:j,814,481
l/,!)i9,"35
$3,569,710
9,;ir,B38
Ezpreea
8'i4.<74
':47.^14
Halls
Kents
Other soorces
491,310
C6 191
58.b44
466.018
53.80^
60,S65
$13,'<5:,iri
$13,811,484
Freight
Totals
T«lal amount of surplus
*The company adds
Interest
L.8.&M
$8,746,161
to the usual
on Funded Debt
8
Total
Balance
DlTidend (10 per cent^ guaranteed stock
Rental of four braucb ruads
$2,45s,738
:...
Total
1877-78.
2,741.013
5.917,481
1876-T7.
4,7Sl,jni
5,t42,28»
4y5
4'.t5
10,489
10,470
Hudson Canal Company— Leased Railroads.
{For the year ending Sept. 30, 1878.)
From the report to the State Engineer at Albany the following
are obtained
ALBANT & aCCIiiriHANNA, (LISSES's BEPOKT.)
<&
:
W;8.
.
lf-77.
Total
carried
of freight carried
SO !,408
140, 00
Interest
Dlvi ends ou .took
Payment to stockholders under resolution of di.
rectois
Reg. coupon bonds purchased
Ileal estate at
$1,161,136
304,685
468,011
.304,901
779,6J3
expenses to
$3,488,650
Fr«igiil
Other aontces
Total
167.525
619,983
783,278
$l,5b7,524
$1,7(3,402
of transportation
$1,589,6««
$1,679.80*
5,T0«
45,^20
.
.
30,4 0,000
.
$1,818,456
30,700,000
BROADWAY A SEVENTH AVENUE.
Capital stock by churter. subscribed and paid i<i, aama as last report,
|2,liO,0UO; fuiiilea debt(^am!'), $>,5U0,U00; floating debt (1872), $'i5U,181; 1818,
$212,151 ; rate of interest, 7 per ce.ii.
Cost of
Soad and Maulpment.
3878.
Road-bed and structure
Land, buildings, Ac...
Horses antt hiiruess
Cars
Total
1877.
$3,8.1,870
7*5,68J
198,595
170.678
$2,841,270
760,.06
$3,996,383
$:},»91,85<
$88.78*
$3'1,981
.8,797
617,0(7
li»,OUO
199,500
87,652
81,931
581,185
119.000
199,500
198,695
170,678
Expenses.
Ac
....
Dividends, at 9'/J percent .
Purchase of one-horse cars
$968.6«»
$93(),9.)2
Total
In item of expense of operating the road the pay of couductors and drirers
yeir.
against
la-t
is put at $176,495,
$19^,478
Earnings.
Passengers
Horfes
old iron, advertisements, interest,
1S78.
1877.
$9a8,63T
S9J1,S1»
7.741
13,860
Ac
Total
ol
4,638
14,0.
pissengers carried
Kavtns<s.
1878.
Repairs of road-bed.
Ac
Interest
Dividends
38,631
Account of
Total
$38.01
real estate
7».'),a63
$1,451,763
$990,566
I9,43b,33.i
EIGHTH AVENUE
Operating road
8623,Sf6
$943,689
lb,4o*,567
Cap'tal Block by charter, eubb»crlbed and paid In, same as last report,
Sl.OOO.OuO; funded debt (eame), $303 000; floating debt, 187!, $95,850; in 1878,
$75,350 ; rate of iniercsl, 7 per cent.
Taxes on
$1,483,
68,00
5,33^1
»l,7iaH81
passengers carried, about
$407,407
675,132
7b9,167
$618,229
769.808
41,898
SJO.OOO
310,000
41,139
Total
Number of
ijales of
Aarnings.
Passengers
14i',(0»
|1,864,?09
itents (real estate, carpanels, mail eerrice, Ac.)....
Number
made by certain allowances
the New York & Canada Railroad.
The.<e totals are
84,838
1 ,01)6, 9b<
1877.
Expmses.
Total
1S77
$88,387
JEamings.
Passengers
$1,422,743
$1,106,008
filed
103.000
30,000
$1,761,0.0
$l,»83.ei6
$3.38,881
Ii6 ,714
S8,US«
7,90]
Total
'axes on real cbtaie
Operating roal.
....
68,304
WMOJ
Uarlem
359,)78
!09,lf4
RENSSELAER i SARATOOA, (LESSEE'S REPORT.)
Ac
219,138
318,507
67,361
714,134
$2,455,470
261,497
1878
$80,316
.
.
t5-.8,8CS
Jixpemes.
Doings of the year.
.
$5i0.92»
61 3J9
21-^,511
Ac
29i',193
4,198
Maintaining road-bed.
Repairs of machinery
Operating road
Rentals
8133,9^8
371,990
THIRD AVENUE.
Repairs, road-bed and track,
$290,427
811,876
Cost of road and (quipmcnt
$132,899
371,^50
5o.b70
1,891
Capital stock, $a,i:00,C00, all paid in before list report ; funded debt, $8,C«),000; floating debt, none; Interest on funded debt, 7 per ceni; cubt of road and
equipment same as by last report, $l,889.b84.
119,SB';t
18.8.
$530,1M
:
$831,233
number of psssengcrs carried
Nnmberof tousof freight carried
$508,650
City Railroads.
(For the year ending September 30.)
The following are from the reports of city horse railroads,
at Albany, for the year ending Sept. 30
103,143
Eamingi.
Total
94,ti88
278,987
Doings qf the year.
Number of passengers
$3,895,131
Pafsengers
Freight
Otbereeurces
i.3,n78
26b,4bi^
2,8v 3
Kaminge.
Passengers
Freight
Other sources (mail, express, Ac.)
Interest
Total
1877.
$165,808
Total payments other than f or cons trnction
$1=6 349
Eentais.
$3«I,(W
$166,804
For i^lere^t
$3,013,174
Exptnuei of year.
Ac
3«8
$101,»t>5
6,5.8,018
36,313,704
Expense mtlntaining road, Ac
Kxpense of repairs and machinery
Expense of operating roiid
53,35ii
250,„82
$3,7r2,470
Maintaining road-bed,
Repairs of machinery
tjpciaiing road
19U,84>i
8.-i0
Expenses /or y<or.
Manure
Cost of road and equipment
$t89,MS
213.23>
$6,800,58*
lB.078.aiO
6.5H,.^5*
26,284,394
real estate
Operating and for repairs
$3,611,180
158,448
Less Interest and dlridends on assets
Delaware
$187,8'>3
lB,ii73,t.00
Taxes on
$a,502,E00
64,6b0
41,C0O
D.M.&T
K.&W. P
of I asseneers carried
of tons of freight carried
Num')er of engine's
Numbir o/ tare (all kinds)
$5io,atis
1878.
$6,80;i,6J3
Repairs of road-bed, track,
blank the following:
Knmbcr
Number
847,ai,»
$61r,73J
New York
EABNINOS.
-
^37,363
Midland.
Floating debt
Cost of road and equipment
Numbertons
87,544
Totals
8:78,787
Bxfie'^eet.
Surplusfund
474,776
SOO.i'OO
Pflssensers
$831,875
868,691
Funded debt
$8,370,533
'.
6,'i6l,06«
4.00UOIO
Transportation oipon'cs. being 7 per cent of earnings
allowed lo Delaware and 11 ua^on for operating and
16:l.0i0
Afhtabnla
8,37i<,118
4.lll)0,Mia
J6.5,«6,77li
14,3; 8,709
xxrBMSKS.
Ac*
Si.roo.OWl
lksskr's report.
Stockpaldin
$65,598,776
$;9,814,436
Totals
$79,1)77,485
lacrease id construction la for real estate purchased In Chicago ({84,000)
and new bridge at Toledo ($79,000).
Interest, leases,
$4,000, 00
4.' OU.IHW
4,00 ,IXK)
26.93S
1876-77.
JSO.OOO.OCO
36,000,000
COST 0» ROAD AND KJUIPMBNT.
Totals
,
(For the year eniin'^ September 30.)
The iigures below are from the report tiled with the State
Engineer
Stocks and Dibit.
Flea'ingdebt
Maintaining roadbed Ac
Repairs of machinery
Operating road
\V.Hi
S54,tt«
RRrOUT.)
(I.KSSOU'S
Debts.
deiit ...
:
ConrtrnctioQ account.
Equipment account
1
Eamingt.
{F<n- the
Faodeddebt
5fc9,4l;^
Total
Lnke Shore & Michigan Southern.
Capital eteck paia in
187T.
61
1,13.',
Foaling debt
Oust o( road aud equipment
Interest
ANNUAL
XXV 11,
IHAngt ot IR* year.
%nmstmtnis
The iNYBSTORS'SaPPLKMKNT
[Voi^
floatint debt.
.
81,793
5 7,444
18r7.
S-1',905
l.MO
'''"iS
5-.».Sw
21,18.
180,i):iO
130,UOi«
lO.OOO
$7M,160
$<23,Ur
THE CHRONKJLE.
UBCI1IBKR7, 1878]
Karnimit.
»'1M»»
Ptmrnwr.
llnriXN
Hot
;
Silltv of
ll.n.'Z
g,4M
I,8W
8,618
s.ww
1,7M
,...
IrOD
Manure
Suu4rie«
'<«10
l.«OC
"^^M^
14,S8»,t»M
$7il7,47;i
'.'.'.v.'.'.'.'
Tot.1
l««iibiir of p4«ien([«ri carried
GENERAL nrVE3TMENT
14,rM,<00
NEWTS.
Anthracite Conl Comblnntlon.— The monthly meeting of the
It was de
AntliracitB Bxrdof Control was helJ on Thursday.
cided to increase the allolment for Dec. 1,000,000 tons, nialtlnff the
cotal output for this month 3.030,000 tons and for 1878 18,000.000
The following table
tons, SffainBt 30,874.000 Ions last year.
•hovrs the proporiioDS of the increase allotted to each of the companies:
Tons.
*
nendin;; U'lilroad
PhlI«cIei)Ulii
Uhiu'h Viilloy Oo»l Comii»nj
Cenlr»l K'lilnmdof Niw.I'Tiiey
Company
l'J7,5
* Western Railroad
llndnon Canal Company
PennKylvaniii Kill r 'ad Comijany
Pennsylvania Ciial Company
Ddtwarc
Delaware
2S6.2->1
tjirkawaiinii
129,030
181,' 00
184,800
Company
*
«03
The ca*h in band, rxclusive of $4 410 held to
about $200,000,
await presentation of past-due coupon*, I* $18', 130 Id general
account and $4,008 from procemla of " free lands," i. e, lands sot
covered by the land bonds. The payroll for October is cleared
November 22. Supply
off'; the last payments were made on
bills are paid up closely.
The company has its pappr oatttanding as follows: $34,000 ou account of the elevator purchisea o(
last year, about $44,000 in payment for 1,000 tons of ste>tl r
and other notes unler a new car contract. Heretofore Mie company hired 300 freisht cars, at a rental of $10 50 monthly par
car.
In place of this the company has bought 350 cars, paying
$41 per car in caih, and engaging to pay $8 10 per car mont y
for 5 years, at the end of whicli 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, $410,000 have not been sold,
and the company is not open to offers for them, nor were any of
them inc uded in the last drawing. Of the remaining $5^1,000
there have been drawn and paid off" $100,000, and $3"), WW are
now under notice and advertised, with nearly enou/jh collections
on hand to call in $35,000 more; which will make $150,000 paid
off" or notified for i^ayment within the year of their issue.
MO
16.
BS,o')0
Mlssonrl Kansas & Texas— Union Pacillc Honthern
Branch. The Missouri Kansas & Texas Railway is a consolidated
1,000,000
Total
The
line embracing the formar Union Pacific Southern Branch.
The next iiieetinif of the Board will be held Dc'cember 37, and first mortgage on the latter road is prior to the M. K. & T.
on or befope that date the committee repreeentinsr all the other consolidated mortgage, and covers the valuable land irraut in the
Messrs. Russell Sage and N. A. Cowdrcy are
interests exc?ot the Lehigh Valley are to meet Messrs. Swayer State of Kansas.
and others of the last-named comoany, to decide upon the con- trustees f the U. P. South. Branch morteage, and as such trustees
The Lehigh Valley opera- have brought a suit against the Union Trust Company and others
tinuation of the combination in 1379.
—
,
tots are dissntixfied with their allotment for 1878, but voted at
their recent meeting that "we believe the best interests of the
trade
demand
some arrangement be made
that
/or the govern-
for the year 1879, by which the production of
coal shall be restricted to the demand, upon an equitable basis,
satisfactory to all parties in interest."
ment of the trade
A
meeting of the Board of
Chicago & Northwestern.—
Directors of the Chicago & Northwestern Railway Company was
held in thi.'i city on Thursday, at which the following resolutions were adopted:
Resolved, Ths*, a dividend of three and a half per cent on the preferred
capilal clock of the company bo and is hereby declared out of the net earnings
of ihe preeeut flsial vear. payable at this office on the 28th of December Inst.
KLDolvid, That a dividend of two per cent on the common stock of this
enmpany be and is hereby d<clared ont of the surplus earnmjjs and moneys of
the fiscal year eudin<; on the 31st of May, 1876.
A protest, signed by Rufus Hatch, was handed to the Board, in
which was the following: " I demand and iasist that no dividend
be paid on the common stock until the seven per cent to which
the preferred stock is entitled shall have been paid." Accompanvini; this was an opinion from the law firm of Brown, Green
-& Vaaderpoel, that a dividend cannot be declared upon the
oommm stock until seven per cent has been paid for the year on
the preferred. No action was taken on the protest, and at the
office of the company it was stated that for the year ending May
stock had
•".I, 1878, a dividend of seven per cent on the preferred
been declared and paid, leaving a surplus of more than sufficient
to pay the two per cent dividend on the common stock now
declared. They said that no dividend had been declared on the
—
common stock for th» half-year just past.
The following is the ofiBcial statement of
the
company submit-
ted at the meeting of the directors:
OrpicK o» CuiCAOo & NoRTHWK9TB<(N Rau-wat Co., 5J W«ll street.
llal/-Ytarly Onnparative Statement, wUA Earnings and Expenses of November, 18J8, cU>selsi
approximate.
1877.
18;8.
$1,926,381
Inc.. $168,311
$3,855,445
92,500
$3,853.3<i5
Dec.
Dec.
$2,079
.t3,M7,9f5
$8,938,967
Dec
$8,978
$3,610,121
'tearnlnifS
!'rom which deduct fixed charges, &c., viz :
ii-rest on bonds, gold premlam,&c. {1,679,533
$3,937,414
Inc.. $177 ,232
$1,633,638
686,088
Dec.
Inc..
$4S,8S2
4<,13l
113,180
9,^,120
8,4:iO,598
2,417,846
Dec.
Dec.
15,000
12,761
$1,379,52)
$1,569,567
-Operating expenses
Taxes
Total.
ut of
.akin;;
leiiBcd
nods
6^7,1.^7
fund account
lialauce
Nut proats
85,602
.
6,8t)8
Dec,
1877
and
1878.
753,234
I
"I
i
*
'
Leavlne old balance.
May
Inc. .8190,044
.$208,803
81, 1878
Hsw YoKK, Dec 5, 13J8.
DenTer & Rio Grande.— At
M.
L
Stkks, Treasuier.
a meeting of the stockholders of
this company, held at Colorado Springs, the lease of the road to
the Atchison Topeka & Santa Fe Railroad Company was ratified
by a vote of SO 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. Jeff'erson Coolidge, as Trustee,
to an amount necessary to make binding the recent agreement for
the cxchang" and equalization of tl'e stosks of the two companies.
&
St. Joseph.— The World money article speaks of
thiscompatiy's finances as follows: "The company's earnings for 9
Hannibal
,
'
months ending September 30 were $1,426,345 gross and 1553,402
met; the expenses were $873,843, or 61-27 percent. The gross
•amings for October were $248,383, the net earnings not yet
-aompletely ascertained Norember, with fourth week estimated,
;
held by said companies, or either of them, so long as 30 per cent of
also
said gross earnings shall not equal the minimum rental
from paying to said companies, or either of them, any moneys oa
account of advances made as aforesaid by them, or either of
;
them."
—
The bondholders' committee has
proposition for settlement by offering to take new
bonds at 4 per cent interest instead of the former proposition of
sealing the principal of the debt to 60 per cent of its face in new
6 per cent bonds.
Tennessee Stale Debt.
made
a
new
Dmmmond
in Chicai^
& Warsaw.— Judge
directing the payment of the quarterly installment
The apportionof the interest upon the first ,mortgage bonds.
ment is as follows: To the holders of bonds on the eastern
division $21 93 on each $1,000 bond; to the holders of western
division first morlgaae bonds, $21 68; and to holders of first
mortgage bonds on the Burlington division, $13 14. The total
amount to be expended is $90,000.
Toledo Peoria
—At
the conference of the managers oftha
of considering the continuanc*
a resolution was adopted providarrangement for five years from
the Trunk Line Commi<<sioner
with absolute Ruthority to hear and decide the claims of any road
for an increased percentage of traffic.
Lines, for the purpose
of the West-bound freight pool,
ing for the continuance of the
January 1. 18T9, and investing
Trunk
753,231
$626,239
$316,2^3
Set surplus of thi half-ye!»r
The undivided surplus of the last fiscal year, ending on the 3Istof
report,
$508,453
annual
was
May, 18.8, as shown In the la-et
A dividend of 2 per cent on the common stock has been declared from
299,8!i0
this surplus, payable December 28, 1:78
H
St. Lonis Alton & Terre Ilante— Indianapolis & St. Loni?.
Judge Greaham, at Indianapolis, rendered judgment, in the case
between these companies and the several guarantors, that, "until
final hearing, the I. & St. L. will be required to pay into court
monthly, for and on account of said rental, 30 per cent of the gross
earnings of the leased line, and it will be enjoined from paying
to the C. C. C. & I., the L. S. & M. S., the P. Ft. W. & C, the
P-^nnsylvania Railroad Company and the Pennsylvania Company
interest on any of the mortgages or equipment bonds, owned or
Trnnlf Line Pool.
Deduct iJ4 per cent dividend »n preferred siock. iu
taxes on the lands unsold, and the net proceeds handed over to
the trustees of the first mortgage. The latter insist that they
About $300,000 are
are entitled to receive the gross proceed?.
involved in the case."
made an order
$7,758,067
Qr»«8 earnings
The trust company is the
in the Superior Court of this city.
The Times says:
trustee ot the junior consolidated mortgage.
"The present action is really for the construction of the first mortgage, and is to decide whether the revenues in the hands of the
trust company as trustee, and derived from the sale of lands
belonging to the railway company, shall be paid in gross to the
trustees of the first mortgage or be applied first toward the
expenses of selling the lands, then toward the payment of the
—The
Street Flax Spinning Company (Limited) of Belhave
in New York at 101 Franklin street
just been awarded the only gold medal at the Paris Exposition
forfine linen goodsof all descriptions. This concern is the lar^st
in the linen trale, having, besides their factory in Belfast, liirga
fast,
Vork
Ireland
—
—
office
houses in Moscow, St. Petersburg, Hamburg, Copnnliagea, StoekIfork city.
holin, Milan, Naples, Barcelona, Oporto and
In the latter, Mr. J. A. Scott is the popular represuniative. They
business
the
requires
but
employ a nominal capital of $2,500,000.
New
upwards of $3,500,000, and the concern possesses a large reserve
fund besides, in order to carry on its growing trade. The factorie*
cover about four acres of ground, and employ upward of three
thousand operatives. The reputation of the manufactures ia
world-wide, especially their dress, clothing and household lineaa.
—We
call attention to the notice of the twenty-first dividend
per cent of the Hukill Gold and Silv-r Mining Company, of
Spanish Bar, Colorado. This mine has produced largely so far,
and the reports from it continue to give good accounts. Mr. 8.
V. White, the Treasurer, has been prominent in Wall street for
years past, and the mine is therefore not represented here by any
adventurer.
of
1
LHE (IIRONICLE.
604
[Vol. XXVII.
TO N.
O OT
'^^"^
CoTlMERCrAL
EpI'^^^
Friday Night, December
0.
a quiet tone pervading commercial circles, and low as
prices were, some further reduction has been made for the leading staples the past week. It is announced from Washington that
the administration is salisfied with the position and prospects, as
regards the proposed resumption of upecie payments on Ihe first
There
is
proximo, and that no general legislation atiecting import duties
Tie
will be attempted at the present session of Congress.
weather has become c'tar an^l cold, and the recent rains have put
the rivers of the Southwest in fair boating condition.
The following is a s'atement of the stocks of leading articles
of domestic and foreign merchandise at dates given
Nov.
1877.
1879.
1878.
Dec.
I.
Beef
tcs.andbhU.
601
Pork
Lard
bbls.
Ic«.
Doc.
1.
1.
n.lSi
4<',K\
4,131
40,180
Ifl.T.fl
2i.U9
2.5,771
13,M4
Totjocpo, forelRn
balo».
23,811
18,0.30
!S,.V,5
Tobacco, domestic
htids.
50,«'J5
bogs.
48.3i6
28,300
41,8SS
91.»J«
S4,rai
T6.584
ft.roO
21,o<-0
«8,76.S
4.3,6?7
45,574
10,.^M
44,969
3,'9,C0a
195,772
Coflcc, Itio
Coffcc,othcr
l)aK8.
&c
Coffee, Java,
mat*.
hhds.
Bngar
Sasar
Bagar
Melado
MolaB«c^ foreign
Molasses,
Iioxoa.
bass, etc,
lilids.
...
lihda.
domeaUc
l>bls.
Hides
Cotton
Rosin
...
No
bnlos.
..hbls.
bhls.
bbls.
Spirits turpentine
Tar
BIce.E.I
I,a03
49,267
»,660
14l,n00
i,8I6
S,148
l.uro
141.100
4S,374
85.)23
Linseed
Saltpetre
bales.
bales.
bales.
Jute
Jatebntts
Manila liemD
13
2,0:0
S,'8*
4,»(.1
!,300
134.800
S,46fi
6,000
198,100
6«,698
32,188
4,735
6^5
8«6
I,4i0
.1,710
41,00
2 240
i«,8l4
5,900
7,r00
8',740
S1,S04
20,30i1
3ii.40J
2-i,2
bags.
bbls.andtcs.
basa.
bags.
Ktce, dodcstlc
i7,m
77,7C0
40
60-.
l),(73
S.'iOO
),i0;)
168,200
l^,i58
3,S0J
21.300
33,654
6,8
.'i,7b7
28,817
Frid.iy, p. M., December 6, 1878.
TnE Movement ov the Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening ^^<'c. 0). the total receipts have reacliRd 220,7^
bales, nguinst 184. (i25 bales la-st week, 181,376 bales the previoug
week, and 176,004 bales three weeks since; making the total
receipts since tlio 1st of Soptcmbor, 1878, 1,9.50,9^2 bales, against
1,673,832 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 («.s per telegraph) and for the corresponding
weeks of four previous years are as follows:
Roecipts tUis w'k at
1878.
1877.
1870.
New
77,421
24,091
18,772
53,201
19,003
23,40t
1,940
27,112
22,112
54,532
19,775
23,374
Orleans
Mobile
Charleston
Port Koyal, &c
8.iTannah
Galveston
ludlanola,
Tonncssee,
096
21,887
30,310
&c
&o
^ortn OiH-oliua
Point, <So
Total
tills
week
. .
Tot.il since Sept. 1.
week of
Week
ending
Dee.
Great
closed offered at |7 45 for December and Janucry, and new me?s
at |8 75 for February and iJO for March. Lari declined to |6 021
Galv't'n-
for the week are 1,100 hhds., of
Lugs are
for home consumption.
quf ted at SJcgSc., and leaf 5i@13c. Seed leaf has also been quiet,
tlie sales for the week being limited to 1 214 cases, us follows: 750
cases 1877 crop, PenLsylvani.n, 10(g23c.; 33 cases 1878 crop.
England, 8@llc.; 100 cases 1877 crop, State, private tormsj and
for export
S>ilea
aud 300
New
There has con7i<fl4c.
tinued a good demand for Spaniali tobacco, and the sales are 050
bales Havana at 85^.®$! 10, and 7G balej Vara, private terms.
The coffee narket has latterly been i-ather quiet, but early in
the week quite a fair movem-'nt was no'ed quotations are now
rather easy, fair cirgofs of Rio being quoted at 14c., wiih a stock
here in first hands of 79,3.50 bags. Mild grades have been quite
active, 11,700 mats Java having been eo!d prBviou^ t.i arrival,
and 4,093 bags other grades, in lots for coos imption. Uicj and
molasses have been in j jbbing sale only, but remain steady.
stand
Refined sugars, at the mo uent, aie steady, though quiet
ard crushed, 9i<a9Jc. Haw grades have been al ernately weak
and steady, the close being quite indifferent. Fdir to good
;
Cuba was qu<>ted as (ii(^7c.
Ocean freight room, both herih and charter descriptions, h.is
been in fair call, principally from the grain and fiour trades; rates
were steady until the close, when tlnse for berth tonnage were
rendered irregular and weak by su))frfluous arrivals. Late engagements and charters include
Uraiu to Liverpool, by steam,
7@7J@7id. per 60 lbs.; cotton, Jd. per lb.; bacon, 37s. 01. per ton;
cheese. 47s. 6d.(a508.; grain to London, by stcam.Si 1.; do., by sail,
TJd.; Hour. 28.; grain to Bristol, b."- steam, 8Jd.: dn,,to Cork for
orders, 5s. 8d.(S6.'<. per qr.; do.,t>the P narth l{tiad.''.5''. 3d.; do.,
refined netroleum to the United Kingto French ports, 5s. Od
dom, 4s.; do., to the Baltic, 4s. lO^d.; do., to ond.m, 3s. Cd.@3-<.
refining
Savan'h.
N. York.
NorfolkOtbcr*..
Tot.
'
9d.
Tod'
y,
grain to Liverpool,
l>y
steam, 7.i.; do, to London,
9 J.; petroUum products to
by steam, 74d.; do., to Bordeaux, 5*.
Liverpool, 4s.
There has been a large mnvement in steel rails. G7,0OO tons
having been taken, as follows
42,000 tons to the Pennsylvania
RR., 6,000 tons to Chicago buyers, and 19,(10!) tons for local uses,
at an average price of $43 at tide- water. The business in naval
stores has continued limi'ed, but quotations remain steady; common to good strained, |1 3X<^$1 40 spirits turpentine, 29^0.
Petroleum has been at a standstill, but nominally steady at 'Jc.
for refined in bbls. and 12@14c. for do. in cases. Ingot copper
was more active and steady, with 250,000 lbs. Like sold at
151@U>c. Clover teed closes with a good demand at 6i(37ic. for
Western and State per lb. Wbiskey has advanced to ft 08}.
:
;
475
010
13,015
10,380
1,394
8,188
1,951
5,361
19,503
1,802
1,.521
1,427
220,748
174,365
187,733
172.901
180,065
592
0,2159
0;J3
407
4,025
19,380
S,975
10,071
TO—
Continent.
Total
8.^nl0
>t:
tills
Week
Week.
1877.
....
....
....
2^98
73,300
2,889
8,444
35,802
32,120
8,008
7,011
17,720
28,500 70,781
186,020
6,997
29,198
1,402
1,750
27,438
7,752
740
58S
15,279
1.427
4.057
....
1878.
1877.
52.905 187,298 246,974
5,300 40,270 50,577
2,400 83,151 78,828
7,080 00,993 100,795
2,510 114,784 85,4U
9,004 08,185 80,58A
23,737 18,638r
1 1,393
38,000 59,00«|
80,736
91,318 022,424 724,88^
1
M
Tot.slnce
Sept.
•
Tlie
R
STOCK.
tills
week..
018,283 113,705 302.810 1004,858 743.7881
expona this wneK under tde Head ur 'otner pj-ta'" iQciurte, rrum
1.
Bait!*'
from Hosion. 7.1151 balo< to Live pool from WilliLive poo'; from WHmlnutjn. 1.210 l>al08 tJ Liverpool,
2,5iW 10 Contlaent; from Port Uoyal, 3,700 bales to Liverpool.
In addition to above exports, our telegrams to-night also glv*l
US the following amounts of cotton on shipboard, not cleared, at''
add also similar figures for New York,)'
the ports named.
which are prepared for our special use by Messrs. Carey, Yale
Lambert, 00 Beaver street
more, 1,800 bales
lo Liverpool
:
;
•"elollU, 431 naloi l)
We
On
Dkp.
AT-
6,
Liver^
pool.
New Orleans.
18,2.50
-Mobile
3,500
13,000
29,729
1,500
SaTaimah
Galveston
New York
65,979
Total
8liiplMmrd. not c'leared
— for
I.*avln^
Other CoastFrance. Forclsn wise.
100
1,000
16,000
6,550
7,000
7,701
1.200
None.
1,500
5.220
None.
50,208
37,451
0,820
27,000
5,000
3,500
1
3.7:>8
Total.
Stock.
61.350
14,050
25,000
50,451
120,(
20,2241
41,9981
58,330'J
•4,300
03,885!
161.154
316.434]
* Included in this amount there are 000 bales at Presses for
ports, the destination of wliieli wo cannot learn.
fordpi
j
From the foregoing statement it will bo seen that, coinpared
with the corresponding week of last season, there is an increase
in the export.s this week of 94.702 bales, while the stocks to-night
are 102, iU8 bales less than they were at this time a year ago. The
following is our usual table showing the movement of cotton at
all the ports from Sept. 1 to Nov. 29, the latest mail dates:
:
;
341
8,501
1,950,982 1,073,882 2,031,398 1,703,880 1,(133,481
266 cases 1877 crop, Wisconsin, part at
;
531
28,518
21,847
651
5,595
892
France.
Britain.
0.
2,637
8,420
17,371
6,740
7,011
15,122
which 800
722
22.902
13,097
10,800
2,017
4,991
10,083
4,950
EXPOKTE!)
Cliarl't'n
active as last noticed.
2,151
22,715
27,843
last sea-son.
28,829
Western, and sold at |6 0.5 for January, fO 10 for
February and fO 17i for March, Bacon has sold fairly at 4.ic.
for Western, long and short together, for December delivery.
Cut meats have declined Jc. per lb. Butter and cheese without
Tallow has been firmer at 6J SO Jc. for prime
essential change.
to choice, but the close is quiet. Siearine is active at 6|e. for
prime city,
Kentucky tobacco, though in fair demand, has not been so
58,196
23,507
19,260
for tlje week ending this evening reach a total of
1'6,020 bales, of which 86,736 were to Great Britain, 28,500 to
France, and 70,781 to rest of the Continent, wliile the stocks as
made up this evening are now 022.421 bales. Below are the
stocks and exports for the week, and also for the corresponding
N. Oil'us
Mobile..
for prime
1S74,
01,011
17,542
17.771
The exports
Provisions have been modtrately active, but at drooping prices,
for many articles the doting figures of to-day are not only
the lowest of the season, but for a generation. Old mess pork
and
1875.
RKCKtPTS 8ISCK
Pouts.
BEIT.
1878.
1.
1877.
KXPORTED SINCE
Great 1^
Britain.
I
SKIT. 1
Other
France. Foreign
TO—
Stock.
Total.
I
N.Orlns
Mobile.
2.57,710
105,5:15
Char'n-*
292,051
Sav'h
389,.508
393,019
134.305
212,203
270,012
02,1061 26,390
3,616
10,1341
69,996J
270,411
38,878
19,393
70,031
235,821
44,890
106,443
184,348'
45,365
10,070 114,281
2,036
6,300
27,240
02,575
66,995
203,807
52,588
20,452
Thia}T.]l730,234
561,547
.
Galv.*
N. York
Florida
N. Car.
Norf'k*
Other..
24,731
10,518
12,392
5,568
7,321
3,100
54,929
7:5,404
14,227
9,503
145,907 175,296
10.850| 30,614
149,656 75,486
192,4251 84,931
71,981 121,850
129,415j 65..V>8
0.300
2,050
9,174
38.470,
06,995;
8,248
8.5,265|23'2,02C
00,836
17.070
23,395
16„500
878.838 011,306
14 99,5171 4 27,26910.^. 304 119.8971 652.470 070.616
• Unaerthe bead oiTC'AarlMlO'i rslncluileil I'ort ttoy.il, *c.j under Oi'i bead of
Oalvmton is included lodlanola, Ac: under the head of Norfolk la lucluded Lity
Lastyr
Point. &c.
These mail returns do not correspond precisely with the
total
I
i
I
DCCKMDCK
THE (JHRONICLE.
7, 1878.]
f till' toleffraplilo fijruros, bccauHo In preparing tliom It Is always
.iisKiiry to incor|)()rutt) every correction madti at the ports.
rnarliet tlie punt weelt luw licen only niiKleratt'ly active for
T!
For Juna,
606
<'t«.
Balei.
son..
(17
(WO..
IKIH
ace..
000
tt
40<)
CM.
V.f.
U-Nll
,
0.000
fm
100..
list
tlie spot, ulthoiigli the deinand ha.s been general — for
I5<K)
100..
IIKfl
For AnfoM.
1100
consumption, speculation, and in transit —an(ri)rice8 liavo
«-7:i
«oo..,
»H7
100
7... MS
l,:«)o
0-74
7(l«.
irsH
100
iS
Quotations were reduced ll6c. on Tuesday; Wednesrllii.-il.
i,'>00
inn
800
««i
J,«00
977 10,400
iV Bud Thursday, prices were very weak, and to-day tjuotations
100
•«»
100
(I-7H
100.
lo-oo
further reduced l-lOc, to Oy-. for middling uplands,
,o're
500
O-TO
F»r Jaly.
400
MOO
100.
'be Kpi-culation in futures has been dull, and prices show a
TOO
The opening on Saturday was rather dearer, but
eduction.
The following exchanges have been made daring the week:
here was a slight decline on Monday and Tuesday, opening at
•1« pd. to nch. ;i(K) Apr. for M«J-,
'It pd. to excli. 100 fan. for 1 eb.
(IS pd to pxcli. 4(>'i noc. for ,Tan
ome further reduction on ^VedDe»duy morning, December sell-lit pd. to oxcli. lOU Mar. for Apr.
iM p 1. to fiob. 100 Jan. for Mar.
at
January
9-19,
911,
at
and
February at OiJO, but there was
U(f
The following will show the closing prices bid and asked for
recovery towards the close of tliat day, and the final figures
fere little changed from Tuesday, although transferable orders future delivery and the tone of the market, at 3 o'clock P. M.,
fere
points lower.
Yesterday, there was a further decline of on each day in the past week.
i{910 points,
njost conspicuous in the early months.
The
MIODLINO VPLAKDS—AHKRICAM CLASSITICATIOir.
lepression has been caused, ostensibly, by the unfavorable forign advices and the increased movement of the crop, there being
Sat'day. niond'jr T'sdajr. Wed.
Tbnr*. Fridajr.
s a result a gradual loss of confidence in the stability of current
Eiwicr.
•alu( s.
A flurry in the money market was also an element of Market— Firmer.
Easier. Variable.
Lower.
Eauicr.
reakiii -.s yesterday.
To-day, there was a further slight decline,
Bid. Att
Bid. A'k. nut
Att. Bta. A<k. Bia. Auk. BUI. Alt.
nd II V. n unsettled dosing, the decline for week being from 15 Decemb'r 9-30»21 9-17®18 91.'5® 10 9- 1.5® — 9-05306 001302
January.
9-22»23 0-23a> — 0-14315 9-103 —
o IG hiuidrcdths.
February ;»:t:i„ m lt-.)7-a3M 9:m®30 9-34335 9-25326 •0-223 —
Tlic total sales for forward delivery for the week are 320,500 March.
..
!»-l!)a-r)0
!)-4(ia ~ 9-46® 47 9-37338 9-343
•ales, including
free on board.
For immediate delivery the April
9(14 «(i.-. 9(J2a63 9-.'i8®59 9-58®59 9-503 — 9-463
May
9-7Ca77 9-74ai75 970a71 0-70371 9-62303 9-583
otal ™les foot up this week 4,900 bales, including 1.449 for export,
June
9-86 S.87 9-84»85i 9-81®82 0-81382 9-72373 g-08'3C9
.562 for consumption, 549 for speculation and :i-^>0 in transit.
Of July
9-95®90 9-93^95' 9-90391 0-903 — 9-823 -I 9-77378
he above, 250 bales were to arrive.
The following tables show August...
9-9!l® —
9-94390 9-87389j 9-83a9*
»-'25
Tr. orders
9-20
he official quotations and sales for each day of the past week:
9-20
0-15
9-10
9-05
Closed- Steady.
Duii.
Dull.
Steady.
Heavy.
Weak.
UPI.-XNDS.
NEW ORLEANS.
TKXA8.
»ov. HO to
Gold
10018
10038
10014
IOOI4
lOOH
100%
Due. C.
Sat. raon Tnea Sat. nion Tnea Sat. iKon. Taes Exvli'UKe
4-80
4-80
4-80
4-80
4-80
4-80
HOO
fi
r
!
,
—
.")
I
—
—
—
—
I
I
itriftOid..
Ord..
!oo<l
GM Ord
itr.
7^
738
71^18
83,8
)r<liii'.v.»lb
x>w Midd'g
itr.L'w.Mld
9h8
O'la
..
UAA'ii Fa.lr
107,8
T'V
8I18
89 18
7»16
8
8>6i,
813
S'e
eiiB
914
97,6
918
7»s
8I18
89l8
81S,8
758
8>18
8»16
8i6,8
OH
9%
-"18
Tub Visible Supply op Cotton,
81a
879
telegraph,
[MTed
j
l^i^
7%
i
8J4
858
813,8
Jood Uril..
OM Ord
»wMid<l'K
Itr.I/wMId
mrtrtliiifc'...
93l8
Mid.. 9I1!
Itr. (id Mid
913,8
dIdd'K Fair 1038
Jooil
Tta.
Frl.
7I4
711,6
83,8
89,8
79,8
79,8
71a
8
8
i
81a
878
81a
878
8>a
878
|
ziio
7%
8%
1
813,8|
8%
Sir
816,8
9>8
?;i«
10%
Sat.
I
713
8I3
16
7i».,
8
8i3i<
87l6
|13i8
non Tnes Wed Th.
7 '•J
713
|l lb.
i
I
tflddling
Frl.
79,8
I
STAINED.
Ordinaiy
![r.ft Guud Ordinary
»w Middling
Tta.
16
I
105,8
111,8
i>d
Wed
9I18
91 16
9
9' 18
9I4
9 '4
9'4
9^4
93,6
93l6
97,8
938
97,8
97,8
938
97io
9S»
911
914
93t
18 OH
^9.1,8
101,8 lOlic 10
101,8 Idle
IOSh
10»8
109,8 lOSg 10«8
11% 1138 11518 11% 1138
9'3,6
IlllS
'llJe
•'air
Tb. Frl. Wed
I
8
8
81a
878
Si-j
-'16
Frl.
738
77s
838
77)6
87
8'8
''"16
715,(
87,8
813,8
81.1
Note. -Notice was Riven Friday, Novpnilicr 22, that after that date
cotton would not be quoted liy tlic Now York Cotton Exehanire.
e ImvaUiere/ore revised our table accordingly.
MARKET AND SALES.
Vlabaiiiii
I
SAI.BS
SPOT .VAKKET
Kx-
CIXJSEI>.
OF SPOT
port.j
uiet
Won
«o6|
.iiicf
rues.'Ouiet, lower...
7.50!
tVed .'Ka»y
rinirs
99
Weak
ANTI TRASSPT.
Con- Specsamp, ul't'n
I
Frt. .iWeiik, lower...
365
400
405
476
274
33
50
160
479,
4271
30,
Ti-ansit.
FTTTURES.
I
_
Total.
Sales.
Deliveries.
639 50,000
,033
1,205
1
735
509
330
38,(>00
700
1,000
30 400
57,200
61,100
70,600
For forward delivery, the sales have reached during the week
530,500 bsles (all middling or on the basis of middling;), and the
lollowini; is a statement of the sales and prices:
For Kovcmoer.
Bales.
fta. tlaleff.
C(«
Bale*.
F.u.
I
ct'.
aoo
»i4
100
9-15
8,aoo.
i,aoo.
aoo.
.
.
1!,900
:ioo
6.000.
200.
For Decerotjcr,
'
.
'
901
.'.(10
90-2
9-03
90.)
90(1
7()0.
,
I
<
7,800
3.100
2,.f00
9-09
9-W
700
100
flOO
9-il
U-U!
90,000
1,G00.
913
914
^00
800
UUO
100
7j000.
,
'
»i»M»
X,tOa
'.n.llti.
9,8
1
8,SO0
600
2/)00..
18.100...
900.
919
000
9-20
9-21
B.:»o
I
For Jannanr.
0-10
..
2.300.
..
..
U-2(J
vno
9-91
9-02
..
1878.
1877.
1870.
329.000
33,500
312,000
17,500
463.000
38,230
481.000
55,250
Total Great Britain stock .
Stock at Havre
81 nek at Mui-8ciUo8
Stock at Barcelona
Stock at Uainburg
Stock at Bremen
Stock at Amstcrdiim
Stock at Rotterdam
Stock at Antwerp
Stock at otlier conti'otal iwrts.
302,500
82,250
329,500
123.000
4,500
35.730
8,250
39.500
21,000
8,300
3,730
501,250
161,500
3,000
39.500
8,000
41.750
539,2.50
5,7.50
13,000
9,250
12,750
Total continental ports....
147,250
253,000
338,000
345,000
Total European Stocks.. .. 509,730
India cotton aHo.it for Europe.
83.000
Amer'n cotton afloat for Eur'iMj 537,003
582,500
41.000
Egypt,Bi-a2iI,(Stc.,afltforE'r'pe
62,000
724,832
09,742
10,000
839,250
130,000
527,000
74,000
934,181
127,741
30,000
884.250
160,000
575.000
63,000
068,306
103,923
16,000
>
I
9-30
9 31
For
April.
9-331
1.000
1.700
2,400
7,600
9«5
3,-a)0
9^34
9,«0I)
9-a')
000
10»
0-4B
9-47
9-4S
9-49
2,100
3,800
9311
9-»7
1.100
9-.'0
2,100
9-Sl
.
800
...
1
..
1000....
9-Bl
9-82
9-83
9-84
9-71
;».20O
For
400
401.
1,100
900.
800
100
600
100
800
800
400
Majr.
9--0
9-87
9-5S
9-99
9-(IO
e-6i
9-63
0-(M
9-63
9-88
9-07
9-88
9-BU
;ljy)il
971
3.1XKJ
I'JO
9 72
04.-5
aoo
2,700
1.700
100
2(K)
1S,000
49,2.50
173,000
2,00
52,000
10,000
28,750
51,230
10,000
5,750
0,250
'
Stock In United State-s ports ..
Stock in U. 8. interior ports.
United States eipoits to-day..
.
.
20,000
622,424
1*8.126
37,000
43:{,000
Total visible supply. balcs.1,983,300 1,933.074 -2,008,172 2.470,479
totals of
American and other descriptions are as
follows
American—
Liverpool stock
Continental stocks
Amcric.in afloat to Europe
United States stock
United States interior stocks..
United States exports to-day..
201,000
103,000
557,000
622,4-M
148,120
37,000
142,000
179,000
433,000
724,832
99,712
10,000
183,000
200,000
527,000
934,181
127,741
30,000
9-:9
,
-7,800.. ..
1.100.
1,250
7,500
3,000
1 1,000
26,500
0,730
2,750
6,250
1875.
162,000
132,000
575,000
668,306
103,923
16,000
9-f:o
...
800
.
95S
900
900
laoo
T'K).
..
5,800...
l»a,<oo
«.«<»
94s
..'I>'4'il
I.flO0...
(100..
I
2,10(1..
a
9-24
..
9-4.5
9-48
9-47
2.100...
500.
9
l.VXI. ..
3.B00....
i(io».a.4-ii. 9-a)
.
..
3,000..
lUOa.l 4th. UlS
eoo
91S
l,-«t*
I
F >r Febmary.
9-21
2JiO0.
MOO.
922
9-15
9-lS
9-17
..
3.00
90S
'J.
fUoo.
;
16.200.
000
1.700
8,400
2,700
1
9-53
9-54
9-55
9-S7
INK)
1
I
111.000
9 07
.
..
4;)oo
6.000
10.800. .
400...
8.000
9-00
/Kle.n.lO.li MCK)
b-oo
8 n 1 n
1
.
9-111 4.000
9-38
9-12
9-.-19
1,300
9-14
3,100
940
9-13
n-18 68,C00
9-171
9-18
For Marcb.
9-:9|
300
9-S2
9-20
. «-a<
9-211 8,.'S00.
6.900.
.
Q-tM
9-22
S,SO<l.
9-35
.
9-23
»-.")7
8O0.
.
9-24
1,1KJ0..
9-3S
.
Vri",
1.800.
. 9^39
«afl
2.000,
9-40
.
9-27
4.000..
941
U-2S
1,100.
9-42
9-29
2,800...
9-30
100..
9-44
and
•jot)
800
700
4,900 320,5001 4,100
Bales.
cable
stocks are the figures
Stock at Liverpool
Stock at Xx)Ddou
Of the above, the
i'otal
made up by
as
The Continental
as follows.
brought down to Tliursday 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:
I
)rdiii'r.|lft
itrictijril.
is
of last Saturday, but the totals for Great Britain and the afloat
for the Continent are this week's returns, and consequently
I
•"air
Itr.
8O18
81*18
oie
93,8
913
99l6
G'd Mid
Itr.
7»8
8I4
8»8
914
2^«
R^8
9I2
9>4
91a
97,8
91a
911,8 01316 9\
913,6 913,8 9>4
9l:»,6 1018
lOia
101,8 10l8
lOis
101,8
1038
101118 101>18 lOSs
1011,8 1011,8 10=8
ni6 ll'lB in
1138
11718 IllTig U-<8
Ilddliiif;...
Jood.Mid
7018
7^
9-71
973
9T4
9-715
9-78
9-n
Total American
Ea»t Indian, Braiil,
Liverpool stock
balo8.1,065.350 1,588,974 2,013,922 1,057,229
dc—
128,000
33.500
London stock
Continental stocks
India afloat for Europe
Egypt, Brazil, <tc., afloat
Total East India, Ac...
Total
A weri(^an
Total visible supply
Price Mid. Upl., Liverpool
85,000
20,000
170,000
17,500
74,000
41,000
62,000
280,000
38,250
132,000
130,000
74,000
322,000
55.250
213,000
160,000
63,000
316,750
364,500
634,2.50
813,230
44.2.50
..
..1,06S,550 1,588,574 2,013,922 1,657,229
1,983,300 1,933,074 2,668,172 2,470,479
Sigd.
Oial.
63,5<1.
6l»j8!l.
These figures indicate an increate in the cotton in sight to-night
of 33.226 bales as compared with the same date of lfJ77, a
decrease of Gbi,873 bales as compared with the corresponding date
of 187ti, and a decrease of 485,170 bales as compared with 1875.
At tub iNTERion Ports the movement— that is the receipts
and shipments for the week, and stocks to-night, and for the
corresponding week of 1877— is set out in detail in the following
statement:
THE (milONlCLR
606
Week ending
Ueo.
Reoelpt* Bhipiu'tii
On
(Toliinibiin, (Jn
B,020
4,UII
MiKMin,
•i.-^M
Aufrn«t*,
(Ilk
0,
Week endlnR Doo.
78.
Rooelpts Sblpni'tH Btook.
Btook.
10,8A2
10,8i4
5,004
11,287
4,0.^4
a,42:i
4,:i77
4.ih:i
7, '77.
0,141
3,345
3,113
4,554
7,708
2,1103
2,0!'2
14,130
10,507
0.215
11,314
7.438
42,870
Ala
^.!l(i«
A In
MKiiiplilx. TtMin..
7,-llltt
.'I.ICIO
l.t,43U
4.(151
•t.OHl
27,(i'-'ll
17..'>7H
77,r>()«
Nuiilnlllo.Toiin..
;t,l!47
147
H,244
10,80.%
3,3.12
13,051
1.H25
Total, old porta.
81),52l
m),«U2 118,120
47,520
38,010
00,742
1,127
2,101
1.178
7,417
3,141
MiiiitKoiiirry,
B<iltiiik,
•J.
2,400
3,004
7tlU
2,101)
•I.'IH'J
.'1,1
0(1
l),liKH
1,002
1,108
5.211
ti.ttl t
H,0(HI
J.TSii
DullitK, Tojcivn
Jottt^rHon, Tox.
5,«0.'>
1,117
.
1,041
4,l(iO
:l,H.'i2
;t,i>i:i
•2.m:i
11
Ul
(1,(12,^
l,(;:t5
L'.;i7H
:i.04,1
2,.'iH2
1.4 HO
1 .t>-i-i
1,771
1,0.M
3,728
4.013
1,128
1,480
528
783
A,y.u
i\.MM
.4ti4
:i,2l)7
10,170
5,883
1 ,200
10,731
l,!ltl7
3,107
1,411
o,^4
818
Mo
l'.',l»it>
n.sH.'N
37,!>40
Cliicluuutl.O
?,(i7H
8,1)28
4,887
5,800
2,770
4,173
0,747
8,070
4.280
8.0T0
7,524
,724
10.028
4,201
aa.iio
42,ft71
88,154
40,538
43,103
00,331
83,303 230,380
04,004
83.078 100.073
Hlii't^vt^port,
l.ik ..
VIckhlimK, Ml»«
Oulniiiliun, MIhh.
Kiifiiiilu, Alik
Orinin, (In
Atlniiln,
.
On
KouHi, (In. (tal.)..
<'limlulli>, N. (.':..
Ht. I/<niln,
Total,
now
Total,
aU
p'rUi
1
11S.031
The above
3.S(H)
3,10!)
5,125
1
that the old Interior atookn have
10,839 blll(^!4, and are to-nl^lit 48,384
Iht rfHWlpts ut tliu
eal(<H m(>r<< thiin at the same period laHt y(>iir.
Miuo towiui have been 11,UU5 bales viort than the 8amu wi<ek last
ahow
week
totals
intrfon&d during the
year.
KBCKliTft KllOM
figures
-.he
I'l.ANTATlosR.
Tllic
\n apruviouti ixsuu fur
down ouo wook
WMk
lUedpUattlMPortt.
Bapte.
IfT?.
187H.
I0,7»t
K.rao
wu now briug
tonight:
rnoM PL*NT*TIONII.
Stock at Inter'r Ports Rao'pti from PUnt'nr.
IS-. 8.
&8-Ut
tnblo,
IIiIh
lutor, cloHiug
nauiirrii
endV
— Hoforrioff to our reninrkn
uu oxplHuution of
1878.
mr.
«(1,7lH'
1H,«49
1878.
18TK.
9,(1711
I8.86li
1877.
len.
5,f8^
ti,VO
47.431
"
la.
41.467
lli.lO»
47,431
SS,48I
1«,17J
18,9;
1
41.4-.7
ll,H3li
"
SO.
ffii.llW
«.S4^
7l,!W.-i
ii^,9n4
IS, 1(14
»«,S77
ei.guH
JI.17;
74.3S&
IW
D8,8tll
8«.f3-,
SO.S'.O
8;,87«
9J,844
4S.l'i8
98,sn8
47,«08
lS».lBlt
6l,8«i
13«,074 100,861 14H.IS8
" «.
4.
W,H.>
: M.I Oil
11.
iM.mi
l".
ISJ.H.fl I85.0.^4
1110
»
!74.f>IT isr.6(i«
Oj».
"
"
"
HOT.l.
•'.
M.
43,
1(1,010
lacowi
87.m(i
39.71)
I0»,li,4
liH,IftS
7-.',87;
41,8U1
KM
84,871
^8,74^
7)l,5!<7
ISJ.S-JU l.S8,|iSl
ltVI.8'I.S
W*,»&6 iiis,n4
.0,374
»7,-«7
174,li 7
I.^7,l0(l
188
801,904
177,3,'Wi
1^7,88«
«11,810
r.i8,77ti
1S8.S74
70,040 13(1.990
';38
iOI,IK>l n7,.136
187.«»()
l«l,«»V 100,814 ns,08i
«I1,H1(1 l|.H.;7li
18«.8?4
1
I9I,»7I
1711,1)01
I5r,;l6i
13<,40l 174.583
a»,«Olt iu4.s;i 17li.00l
HI. 874
180,MH
:3ll,94l 11*8,491
iii,H»t a(i«,»'a i8i,s;6
"
14,
IK)A,IK>t>
"
18.
tll,H«.S aoo.AiM
"
n
»()4,*/!i
!>«!.(.
>
1
8,111 \M,iH>
1
I9,4»h
mtiD
I84,««l 1(7,131 iitfiii mesial
i04,K7»!m.lJ16 18l,(Wi
18r,78l 174, S6&
1M0,748 I«I8,7WI19'.i,o:h i»«,W»I
I(-7.7Jlll74,3rt<S0.718
This
Htiitpuunit .shows u.s tlint the recoipta at the port« the piiHt
74S bal(ia, n^cnived entiroly from pluntutioiiK.
wo<Oc worn
I<iw)t 7««kr th« rnr^oipU) from tlio plantatlonH for tlio same week
HO
were
174,3i>.5 bales,
and
fur t87U thny
wore 187,783
Italeti.
—
—
inch; and during the month of NoTombor throe
inches and fifty six hundredths.
It has rained nn one day this week,
VxfkM>urg, Mimmppi.
the rainfall reaching twenty three luiiidredlhs of an inch. The
thermometer has averaged 50, the extreme rungu having been
80 to 07.
Columbus, ifutimppi. Telegram not recelve<l.
It was cloudy Sntunlny and Simday
/Mtle Itork, Arhniniix.
last, with rain on Katiirday, but the remainder of the week wiw
The thermonxiti^r has averaged 45, the
clear and pltmsunt.
Ulgh(>st point n^ached havinjj; been 05, and the lowest 80.
The
rainfall for the past week is sixty five hundredths of an inch.
The thermometer has Kv<>rage<l i'i during the month of Novcm
ber, the extreme range having been 78 to 81.
The raiufuii foi
the same numth is three inches and four hundredths.
Telegram not received.
/ftu/iville, TrniirHsue.
Memphik, Tennrmee. Telegram not rect!iv<!d.
Mobile, Aliihamn.
M has been showery one day, the rest of
the week having been pleasant but cold. Tho thermometer has
averaged 50, with an I'Xireme range of 8(i and OS. 'I'ho rainfall
fur the w()ek is five hundredtlis of an incli, and fur tho month of
November six inches and thirtv-one hundredths.
Montgomtry, Alabama. It lias rained on one day, the rainfall
reaching thirty-five hundredths uf an inch, but the rest uf tiie
week has b(H<n pleasant, the thermometer averaging 48 and
ranging from 84 to 02. 'I he rainfall during tho pa.st mouth
foots up four inches and ninety-three hundn-iltlis.
Selma, Alabama. It rained on one day the earlier pnrt of the
past week, but the latter portion was clear and pieiusant.
Plant(!rs are sending their cotton to market freely.
MaiHuon, Morida. There has been rain liere on one day, but
the balance of the week has been pleasant,
have had a
The ruinrull has reuchiMl eight
frost, but not a killing frost.
Average thermometer ,')0, highest 00,
liundredths of an inch.
and lowest 40.
MaMn, Uforijia. Kain fell on two days the earlier part of the
past week, but tho latter portion was clear and plea.sant.
PlantAt least two-third.'; of the
ers are sending cotton forward frts'ly.
crop of this seciiun has Ixmmi marketed. Average thornnnneter
00, highest 60, and lowest Wi.
Uain has fallen on one day of the past
Volumbu», Georgia.
week, the rainfall reaching fifty hundredths of nn inch. The
thermometer has averaged 00. The rainfall for the month of
November is sevtm inches and twiuity-seven hundredths.
It has rained here on two days, the rainSaoanniih, Ocorgia.
fall reaching twenty-twu hundnxlths of un inch, but tho balance
Tho thermometer has aver»g«d
uf the week has bei^n pleiusanl.
58, the higlKvst being 00 and tho lowest 80.
AugiiMa, Georgia. Tho weather has been cold and dry all the
week. I'lauters are sending their cotton forward freely, aliout
threo-ciuurters of the crop having been market(Hl to dale.
Average tliermometer 45, highest 01, and lowest 84.
It
has
lM>en
showery
Churlteton. ttouth CarMina.
one day thia
week, tlio rainfall reaching seventwm hundredths of an inri.
ThoUhermometer has averagtxl 52, the highest being 00, and th*lowest 80.
The following statement we have also received by teli^iapb,
showing the h(Mght of the rivers at the |>oiuts named at 8 o'clodi
Dec. 5. 1878.
give last year's figures ;I)cc. 0, 1877) fo»
—
—
—
iuchee.
—
Ntn» OrUant, Loumana. We have had rain on one day durtho week, tho rainfall reaching fifteen hundredths of an
inch,
nio thermometer has averaged 51. Them has been a
rainfall during tho post month uf sovuu incites and ninety -Buven
hundredths.
iShrMtport, Louisiana.
Pleasant weather prevails hero. Between furty and forty-five per cent of the crop in this section has
been marketed. Average thermometer during tho week 41,
Inff
—
liigheet 0/
and lowest
66.
The
rainfall ha.s
nwchod
fort;
huD
—
—
—
—
—
—
Wo
—
—
—
—
—
New
We
Dee.
5, '78.
!>!>«.
Keet. luoli,
Below
Above
Above
Above
Orleans
Miiiuplils
Nnitlivlllo
Hhroveport
hiKh-wator murV
Inw-wnter mark
lew-wnlcr niiok.
,
.
13
iDoh.
7
10
18
7
14
0. "77.
l''eel.
1
«
13
23
23
4
U
MlmliiK.
low-wiitcr uinrk.
low-<Tnter lunrk
tl
4
Above
Orleans reportod below high-water mark of 1871 untU
Sept. 9, 1874, when the zero of gauge was changivl to high-watoi
mark of April 15 and Hi, 1874, which is 0-li)lUs of a foot above
1871, or lb ftH<t above low-water mark at that jKiint.
BoMUAY SiliruKNTs. .\''coMiug tooiir ,'aule despatch received
l> iles
Hhip|i»<l from BoniI>sy to
to-day, there have Iweu
(ireat Britain the pas' w nk and 1,000 bales lu ihe Coniiuent
while the receips at Hoiubny during iliis w -ek have been 0,000
hxles.
The movement since ilie Ui of J nuary is as folluirs.
These figures are brought down «o riiursilHy, D-e. 5.
Vlokiiburx
.
Now
—
—
—
XXVU.
dr(HUIis of an
Wbatiiku Ukports nv Tbi.kohaimi.— The woalhor the i>a.st
week kail b<H«n Hhowery in many Hoctlunti, but gouerally li^ht comparison
aliowera. and not interfering materially with farm work.
Tho
crop la being niarkutod freely.
Gah*i(on. Tt<x<ui. We have had a ahower on one day during
the w«vk, tho rninfull reaching eleven hundredths of an Inch.
Picking in progrowsing finely, but oppronch(\s completion. Average themiiimoter 58, highost 158 ami lovvoHt 48.
The rainfall
during November has reach(Hl seven inches and twenty-two
hundredths.
Indianola, TVtm.
It has rained on one day the past week, a
prinkle, the rainfall reaching four hundredths of an inch.
We
have had a frost, but not a killing I'rost.
The thormonieter has
ranged from 80 to 71, averaging 5.'). Tho rainfall for the month
U fiv* lDch<>H and ninety -seven huudr(sdths.
Coriiama, Ttitm. The days liavo Ixwn warm but the nights
have been cold during the week, with a killing fruKt on one
night.
'riiiTu has been nu rain, and it is badly needed.
Tlin
thermonietor lias «verog(Hi b',\, ranging from 84 to ^0.
1 lure has
been n rainfall uf twu inches and sixty-uino hundredths during
the month of November.
UaiUu, TfXiM—Wv have hud warm days and cold night.s during the pa.st week, the tliermom<<ter averaging 58 untl ranging
from 84 to 70. We have liml one killing frost, but no ruinfiill,
and much wheat reiiuir(>s replanting on account of the drought.
Uuinfull fur November, two iiu-hes and twenty-tive hundredths.
lirtnham, Texii«. Haiu lias fallen on one day of the week,
a shower, and more is needed. I'icking is nearly over, .Average
thermometer 57, highest 72, and lowest 45, The rainfall for the
w(wk is tliirty huudrvdlhs of uu inch, and for tho month throe
[Vol.
I
ehipuiuiits
(Ills
Orent Contllii-lt'u.
1878
1877
iiont.
l,(K)0
2,000
1876
From
7,000
8,000
we(>k
8iilimeiit«
(treat
Total. lirllHln.
stiii'K ,laii, 1,
llouUnent.
TotHl.
72
1,000 :122,()(X) 30!t,0 lo
0,000 3S2,(K)0 431,(H)0
8,0(M) .V0,O>S) 401,0(K)|
the foregoing
year, there hoe b(H«n a
it
would appear
lU-'-ieiute
Reoelpt.'i
.
Tilts
I
W(>ek.{
Hlnoe
.Inn.
I.
OOO.CHHi
H1.I,0(MI n.(l()0'l,071,IK)0
!t80,000 8,0(H> 1 ,0S«,000
1
that,
of 8,000 bales
,0(8)
•i,(HI(>'
c^moanvl with
last
in the weeli's eliip-
ments from Bombay to Kurope, and tliut tho total movoinei.t
since January 1 shows a (teernane in shipments of OJ.OOO batee,
compariMi with tho corresponding period of 1877,
Dkckmhki and .I.vnuaky,— Wo cxintlnne
vox:
one month further (so as to include January, 1878), onr
table of weekly receipts at each l)ort in 18?7-78. Tho full statement for December and January is as follows. For the piir]H>8S
of keeping tho monthly totals separate, it will bo Heen that wo
have, OS heretofore, divided tho week where part of it is in one
UicCKiiTs
to-day,
month and part in the following month. As for insunco, tho
week of December ended with January 4; hence, under Janu-
last
ary
wo
give those four days and tho other throo days of »h»
to obtain tho total for tliat week tlw
week aro under Docomber, and
i
Ujkjwbbu
TUJi (^RONICLE.
7. 1878.]
two muHt be added.
So,
alito,
the lant week of Januarf U Ineom.
on tlio flmt day of
plot« <b«inf; only for U dnyN), t1»t wi«<k closinir
Kobruary tlie rcmainlnf; ono day will, of course, be given In our
mouth'H HlaUtiniinl fur February.
:
aitxl
morement
for lh« years named.
First wa gira the raoaipta at
oich port each day of the wnok ending to-night.
po«T RacBirr* raoii SAToaD*r, wor. >0,
Dys New
of
M.
^ I
^
o
ei
M n
rr<
M-
Mo-
Or-
5
I
W I
t*
i.
to
!"•
Ohar- Bsran-
Oal
nah.
lestoii,
'78,
to raiOAT, uaa
Wor-
vest'o.
folk.
Wll-
mlnK-
Bat.
»,307
6,4S4
7,77ft
Hun
Wed
fl,IU3
Ti
Ttauc
00
frl..
8.075
22,745
2,44»
a,87U
2.902' 3,t5ft
2,8»7| 2,205
4,966
ft,02ft!
4,520
2,501
2,(K>6
3.003
3,703
4,284
3,458
4,473
4.047
0,033
4,653
2.405
ITie
S
::
I-
O
t»
-<
« r»
10
O
o
CI
^
"
IS
eJ
»
r4
CI
-»
r<
•*
r.1
I § i 3
rt
^ fl cf
2,180
4,226
2,000
5.378, 2,120
0,900, 8,276
•ft
f,
f4
f4
p4
S
M
t-
? «
3
(B
Receipts.
1878.
Sept'ub'r
Ootober.
Wovenib'r
288,846
080,204
770,235
1877.
H
•<
CI
•M
m
t
^ << <D O
8 s 5 s i
I-
ri.oct.3i
Nov. 1....
CI
«>
lo
in
<s
o»
oo
o
I-
1^
h-
2....
3..-.
B.
4....
"
6....
6....
30,064
27,806
23,380
34,808
43,978
27,281
rt
-f
"
oi
oT
-f
••
CO
078,112
27,243
21,84S
"
rt
et
7....
" 8..-.
" 0....
" 10....
«
o
00
tS
<p
ei
uj
-f
a in
w to
o o
8' ^'
« 3 ^
o M 0!
m o
"
"
t»
r»
tm
it
n
CO
CI
^
00
e«
B.
" 11....
" 12....
32,833
33,448
24,002
22,703
35,647
20,421
" 13....
I
It-
t^
CO
00
I-
V
rt
rt
a
•
-
00 do
CO*
00
2
00
t;
00
00
CO
00
" 14..-.
" 15....
00
»•
I*
I*
t*
ooooooooco
00 00 00
" 16....
F "I
The
receipt* at the oatporta daring
3o
H
November hare
not quite
eqnaled expectations, being only 779,285 bales against 822,493
bales last year; or a decreaoe this year of 43,858 bales.
This has
been due, not by any means to the fact that the estimates of the
crop have been too high, as
many
but to peculiarities
in the conditions this season.
In the first place the interior
qoarantines vrere not raised as early as anticifiated; and, even
after they were, it took more time than was sui>po8ed to be
oeceiwary, for the
movement
interpret
it,
to begin, as the bagging
had
to
be
seeared and the cotton ginned and baled and hauled to the river
laodings before the steamera could load. Then, again, the rivers
have been low
" 17....
8.
" 18.--.
" 22...
23....
23,170
36,433
24,481
31,008
38.871
21,906
" 24...
" 25...
- 26...
30,610
34,530
" 27....
:t4,47I
" 28....
" 29 ...
24,;J20
" 19...
" 80....
" 21....
'•
" 30.
was
1876.
08,491
678,ft3:t
822,403
236,868
675,260
001,392
3,561
1,801
1,933
12.1
40,804
33,532
30,939
5«,S91
4,004 26,504 330,748
haa been aa followa
1876,
160,077
010,316
740,116
1.
1874.
1873.
116,255
8S5,S3S
578,103
134,370
536,068
676,205
. .
8.
32,773
27,115
1877.
1S70.
1875.
912,121^
779,393
2I),105
28,11)
35,041
33,775
32.1>8;
8.
2e,39S
18,611
30,118
33,481
22,674
44,814
31,771
8.
29,52ft
26.471-
44,50(1
18,621
37,08a
35,131
27,963
40,324
27,140
8.
80,891
28,531
678,950
31,773
3.'->,213
22,037
34,522
22,876
8.
63,835
86,946
28,463
32,005
28,026
31,003
B.
48,867
83,008
36,402
83,318
38,742
18,000
B.
46.006
25,902
21,015
27,911
24,358
8.
66,348
80,245
34,892
89,611
32,724
27,890
8.
51,462
28,437
44,893
26,786
31,980
29,078
8.
41,765
32,934
38,850
2(»,8«2
38,013
1874.
I
071,34l|
B.
1873.
470,678
25,261
26,023
8.
28,99.',
34,853
17,474
25,210
17,921
16,212
19,842
22,715
8.
82,82.'i
28,041
22,871
25,987
20,851
33,221
28,7H
20.004
28,411
27,01 a
«.
30,431
21,278
17,6«4
18,000
25,845
18,411
8.
17,0.5n
30,047
20,145
30,73i
a
28,52'.!
31,22-/
25,408
31,614
23,701
2i,5o:
38,873
18,482
19,991
19,204
8.
21,174
I0,/)46
87,099
38,194
27,702
33,421
23,517
24,721
8.
10.314
37,376
27,82
26,08a
26,3
28,211
8.
23,89<J
36,479
25,772
40,519
8.
27,80a
28,.571
H
8.
8.
28,278
21,087
22,784
82,895
16,621
86,702
20,472
1
l,9.'iO,982 1,645,771
1,974,203 1,65.'>,600 1,486,088 1,192,608
PercentAK' of total
this year tl.'i,034 bales against lO.'i.SU bales
1877, while on
*). page 571,)
same time
the 2 Ith day of November (see Ciino-tiCLE Nov.
they had reached this year 2fJ.';,912 bales against
iT.Oii bales last year; in other words, the
accumulation in Nov.,
was 90,878 bales against an accumulation of 51,30s bales
in Nov., 18(7.
Add this difference to the port receipts and this
- ar's movcmpnt will
be found to be a little larger rather than
1878,
nailer than last year, notwithstanding the distulvautages before
ated.
We make no mention in the above of the
of cotton,
for
we do
reported holding back
not believe thia has been done to any
greater extent than last year.
largest
Hit
ROd
565
Tot.Nv.30 1,757,349 1,499,517 1,813,520 1,619.500 1,347,6'J9 1,046.681
Deo. 1....
8.
21,387
30,824
24,51":
22,842
20,472
" 2....
8.
39.978
21,089
26,301
28,021
26,081
" 3....
40.703
40,804
8.
20,856
10,114
22,843
" 4.,..
83,632
44,873
27,179|
35,681
.14,055
ie3,27.'>
" 6....
30.938
20,766]
31,662
8.
31,842
38,248
" 6....
5>^,291
32,326
36,219;
30.511
8.
20,008
all the month, as our telegraphic statement at the
'we of oar weather report each week has shown; this too has
lad considerable influence on the movement.
Finally, stocks
have been accamulating at the interior ports more rapidly than
last year.
As for instance, on the 1st day of November (see
Total
Chronici-b Nov. 2, page 46\) the total of the Interior stock we
give
1,144
different years.
1878.
CI
1
37,115
This statement shows that up to Dec. 1 tbe receipt* at the
ports this year were VyT.VM bales more than in 1877 and 56,178
bales less than at the same time In 1870.
liy nddin,{ to the
above totals to D-te. 1 the dally rBceipta since that lime, we shall
be able to reach an exact comparison of the movement for the
9 <« 00 lA
s i s s ^
3 3
9 s
OD ei
^
PS
-H
sine* Bapt,
3,.-|9l
.
1 ^ ?, 1 i
CD
o o n o
«-•
o
M
Total,
Tot. year. 1.757,347 1,490,517 1,813,520 1,510,500 t,347,039| 1,046,,881
Pero'ta^ of tot. por'
receipts Wov. 30
34.50
44-01
86-25
SS'.'JS
tr-fli
<a
u
u
u
All
others.
626 3,047 39,»7S
Year Beginning Bepta mber
Monthly
f-l
.
_
CO
*
a
m
W lA ^
^ -o
,H
,H
f4
00
o5
n s>
*
a a § gj
-w
morement each month
II
45B
2,701
Tot.. 77,421 24,081 18,772 21,887 30.310 16,083
«
«
CD
tun.
•. '7$.
I
13,866
Tues 17,547
^
I
lille.
we'k leans.
i § fi i §
8 sj s i 8
?^
607
movement
of any
December promises
month in our record.
to record the
CoMPAUATivit Pout ite<;K[i'rs a.ho Uailt Ckop Movbmbht.
A onmparisiin of the port movement by weeks is not accnr*.le
as the weeks in different years do not end on the same ''ay of the
Wr
montli.
have consequently added to oar other standing
table* a daily and moutlily statement, that the reader may con.
Maatly bare beforo him the data for ceeing the exact relative
portreceIPtt
37-87
48-89
30-50
42-49
81-35
This statement shows that the receipts aince Sept. 1 op to
to-night are now :iU5,2U baleamore than they were to the same
day of the month in 1877, and 28,311 bales less than they
were to the same day at the month In 1870. We add to the last
table the percentages of total port receipts which had been
in each of the years named.
received Dae.
Ouwirr Baos, Baooino, &c.— Bagging continues to rule
and there have been no sale* since our last. Price* har«
not changed, and holders are still quoting 9i(aiii(gl04c., accord-
quiet,
ing to quality, but thes« ffguios are nominal, as there la no
Inquiry at the moment, and the tendency is in buyers' faror.
Butts are also quiet, the demand having subsided, but the feeling ia steady, and for a parcel 2|@2|c., cash or time, are tha
raling figarea for prime quality.
Thk exroBTS ow OoTTOii from New Tork this week ahow a
decreaae, aa compared with laat week, the total reaching 8,072
baiea, against I2,.)74 bales Uuit weak.
Below we give our osasl
table showing tbe exports of cotton from New York, and their
lir-ction, for each of the last four weeks; also the total ex^mrta
tnd direction since H<^t. 1, 1878 and In the laat column tbe total
(or the same period of the prerioaa jraar
THE CHRONICLE.
.608
xporta oi Ootton(bales) fro m New York ainceSeDt.I 1878
.
WKBK BHDIKS
Nov.
Nov.
LlTenxM)!
Other BritiBh
5,097
9.(17
rso
60-^
5.817
10,019
100
905
ICO
905
PorU
Total Co Gt. Britain
Nov.
Dec.
27.
4.
20.
13.
Same
Total
to
period
prev'ayear.
date.
200
117,3-5
3,652
91,101
1,585
8,686
6 744
121,028
95,6£6
251
740
6,303
1,573
115
251
740
6,308
1,633
6,514
8,6S0
Other French ports
ConnovA, steamer (Br.), Lang, at Liverpool, Nov. 17th. from New Orleans, rep^irts that on Ociober 22d, in lat. Hi N., Ion. 78 W.. shipped a heavy sea,
which smashed port lifeboat; she also had mains'aysail and maiutry.-aii
blown away. On Nov. 5th, in lat 41 N Ion. 33 W., she shipped anoiher
heavy sea which smashed starboard lifeboat, started bridge rails, bridges
&c., and stove engineers* companion.
RoTAL Diadem, bark (Br.). Thomas, loaded wilh 1.547 bales cotton, valued at
$70,uO0. at Charleston. S. C. for Rotterdam, while lyins in the stream,
A M. Nov. 30ib, 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 hid been pirtly pumpid oniot her hold and sh; was towed to
a wharf on December 1st to be discharged.
Cotton freights the past week have been as follows:
'
.
Saturday.
Bremen and Hanover
838
1,015
i.vsg
Hambarg
7,860
583
4S3
8,166
3,o;6
8,103
9,265
18,285
953
Other ports
Total to N. Europe.
8)3
1,045
EsT
2,751
paln,Oporto&aibraItar*c
AUothere
Monday..
886
....
886
19,574
8.072
137,4S7
....
11.76J
6.992
-^JC
U<S,V---2
—(ff-H
This
PHII.ADSI.P'U
BALTIXOBB
This Since
week. 8ept.l.
This Since
week. Sepl.l
Sept.
weelc.
New
This Since
week. Septl.
Since
1
H-IS
16,439
76,273
73,130
2,821
Texas
764
Savannah....
Mobile
1,804
Nov. 15.
Sales of the
week
U.iSi
25,585
i,18.S
5',fi58i
Tennessee, &c
Foreign.. .
1,465
5,049
495
8,997
206
49,846
15,170
71,97a
3,079
47,375
909
Total this year
24,394
360,358
Total last year.
32,869
a,5;)7
10.317
5,S97
24,814
39fi
670
2.311
3,634
3,810
21,057
38,430
25,253
7
10,493
97,199
2,1C5
1,626
14,829
2,195
85,912
Forwarded
American
Of which exporters took
Ot whicli speculators took..
Sales
Total import ot the
week
8,990
60,337
2,4b3
51,239
—
Amount afloat
Of which American
Liverpool, ncr steamers England, '.,658 .. Abyssinnla,
per ships Willie
985, and 21 Sea Isla-jd .. City of Berlin, 1,376
Reed, 1,317. ...Alex. Marshall, 1,157
6,'44
200
ToIInll, etc., per steamer Sor.-ento, 200
740
To Havre, per fteamcr St. Laurent, 740
688
To Bremen, per steamer Doiiaa, 538
Wm.
Orleans— To Liverpool, per steimera Teatonia, 4,391
Syminston. 5,815. ...Naples, 2,92?
13,133
Hew
To Havre, pershipsAnnie Goudey.4,433....Nunquam Uormio, 4,3:5
To Bremen, per ship Bombay, 3,643
To Ghent, per bark Marie Spatz, 1,001
To Reval, per steamers Woodburn, 5,294. .Joseph Ferens, 5,496.
To Veracruz, per steamer City of Mexico, 1,0:<.5
Mobile— To Havre, per ship George Hnrlburt. 3,618
Charleston— To Liverpool, per steamer Nuevo Ponce, 2,699 Upland
,
.
.
. .
8,170
8,518
1.0:jl
10,790
1,035
3,010
Sylvamis Blancbard, 3,840 Upland
Evangeline, 3..330 upland and 103 Sea Island. ...per bark King Arthur,
4,150 Upland and 77 Sea Island
14,204
To Havre, per ship Union, 3,325 Upland and 44 Sea Island
3,369
per bark Vesta,
To Bremen, per steamer America, 2,551 Upland
The foUowlug table
will
show the
Upland
4 164
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 ....
per btigj Paca, 439
To Barcelona, per bark Teres I, 1,570 Upland
1,547
1,726
To Bremen,
per steamer CameJia, 3,535 Upland
per barks Marie
Siedenberg, 3,f.S5 Upland ...Niagara. 2.900 Upland
10,070
Deliver)/.
Nov.-Dec
Uec.-Jau
513
5 '8
April-May..
May-Juuo
Dec
Dec-Jan
55.)2
S'jo
1,213
Liverpool, per steamers Eumore, 4,149
Lufia, 3,650....
per bark Blanche, 2,670
10,489
Baltimore—To Liverpool, per steamers Qnirermo, 304
Polj-nesiau,
1,518 and 172 Sea Island
2,074
To ISremen, rer f hip Foreningen, 100
101
PHiLADEUiiiA— To Liverpoo', per steamer British Empire, 552
553
Total
188,326
these shipments, arranged in our usual torui,
follows
Holland Reval
LiverBre- &BA- &8cr- BarVera
pool. Havre, men. g;um. gen. celona.Genoa, Cruz.
5- 8
»6,744
74 J
Savannah
Wilmington
15.';57
Norfolk
10,169
2,034
Baltimore
Philadelphia
Total
i,9i)l
....
2,621
".'...
1,035
5,1.50
2,574
6,165
32,784
35,917
7,055
10,169
2,131
2,100
2.533
109
653
64,794 18,030 21,091
Total.
8.072
38,377
3,til6
3,273
5.'.2
6,8J7 2J,I05
2,574
.
.^'so
5H
Feb. -March
Si'ie
d.
Delivery,
.S^aSiM Jan.-Feb
5^8
Feb.-Mar
Mar.-Apr
o^ia
5%
,53i8
S'sa
S^e
Delivery.
Doc.-.Ian
Jan. -Feb
Mar. -April
Delivery.
Apr.-May
May-June
S^s
5^8
519
S'lo
5'4
5»i6
5^32
5332
Feb.-Mar
Dec
5S33
Jan.-Feb
Dec. -J an
-.5^S3
Apr.-May
May-June
I
o'sa
5833
Wednesday.
Delivery.
'
5I10
S'lg
5ii8
S^aa
S^ig
5*4
Dec
Dec-Jan
Jan.-Feb
Mar.-Apr
April-May
May-June
I
I
I
Delivery,
Delivery.
5O32
Juno-July
Feb.-Mar
I
Feb.-Mar
5^
Apr.-May
Jan.-Feb., n. crop,
sail
5»33
Nov, u, crop, sail. 5%
5732
5S32
5833
Deo
Jan.-Feb
S^.u
SlUpments.
I
Thcrsday.
Dec
5332
5832
5^32
5^8
Dec. -Jan
Jan.-Feb
Feb.-Mav
Delivery.
Delivery.
Delivery.
Mar.-Apr
April-May
5'''i6
5732
5832
5"io
May-June
June-July
Feb.-Mar
Apr.-May
May-June
5B33
5^
b^u^'^it
Friday.
8,400
1,135
133,823
• Including 200 to II -.ill, etc.
Below w« give all news received to date of disasters to vessels
•airyiag cotton from United States parts, etc.:
Delivery.
Delivery.
Delivery.
May-Juno
5%2
Jiuie-July
.iSSia
Deo
57303310 Dec-Jan
2,633
Norfolk —To
...
14,2''4
-..®5»6
..-®50,g
Tuesday.
Deliver!/.
Dec
'I'o
Mobile
...®5.'>i8.
...®508
Delivery.
53.32
5032
S^e
5032
Charleston
223.0001
S'sa
5033
April-May
Delivery.
53,12
'."'.".
i
291,000
Sliddllng clause, unlesa
d.
S^s
Mav.-.\pr
Dec.-Jau
Jan.-Feb
Feb. -Mar
Fob.-Mar
Mar.-Apr
Apr.-May
1,091 10,730
Low
Jan -Feb
Dec
Dec
8,770 3,543
...
3,616
3,369 4,164
1,525 10.070
104,0001
90,000!
6,000
MOSDAY.
1,901
2,621
13,133
6.
49,000
7,000
38,000
7,000
2,000
329,000
201,000
82,000
03,000
7,000
310,000
Delivery.
M.ay- Jiuie
.lan.-Feb
Delivery,
d,
5o32®3^Q®532
Nov
2,400
..
Deo.
44,000
10,000
33,000
5,000
2,000
301,000
175,000
8ATDRDAY.
l,0i)il
950 Upland.
Liverpool, per bars Arizona, 1.901
Bremen, per barks Dneri, 976. ..Malviua Schutte, 1,615
Amsterdam, per bark Condor, 1,285
ner brig G. C. Michels,
New York
New Orleans..
Nov. 29.
6,165
WmMiNGTON— To
re as
...®53ig
...®5U,o ...®511]6 ...®5B8
Futures,
These sales are on the basis o{ Uplands,
otherwise stated.
To Reval, per steamer Lamperts, 6,165 Upland
To Bergen, Norway, per bark Svanen, 1,000 Upland
To Genoa, per barks Ararat. 1.150 Upland. ...Emanuel,
The particulars of
>t
from Liver-
C.vble
daily closing prices of cotton for the
...®5i4
...®5'4
5,160
Upl:ird....Elvira, 51.5 Upland
2,574
Savannah— To Liverpool, per ships Endymion, 3,936 Upland and 83 Sea
Island ...Cyprus, 4,276 Upland and 230 Sea Island.. ..Thiowa,
3,781 Upland....per bark National Eagle, 3,40s Upland
15,757
To Havre, per bark Sir, 1,525 Upland
1,525
To
-1
—
—
—
—
Monday. Tuesdaj'. Wedn'sdy Thursd'y Friday.
Saturd'y.
Mid. Upl'ds ...®55xe
Mid. Orl'us. ...ai52n
ships
.
1,600
%
0,000
4,000
250,000
134,000
29,000
20,000
5,000
337,000
267,000
23.5,000
New York—To
per
%
y,
X
comp.
3i),000
42,000
8,000
300,000
66,113
4,354
Shipping Nbws. The exports of cotton from the United
States the past week, as per latest mail returns, have reached
138,836 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph, and published in
The Chronicle, last Friday. With regard to New York, we
include the manifests of all vessels cleared up to VVednesdaj
night of this week.
Total bales.
.
>i
comp
3i
3i
Sail,
comp.
comu.
comp.
comp.
comp.
comp.
week:
6,951
15,16!
^
%
%
60,000
6,000
.58,000
Of which American
Spot.
321,791
comp. Jf
comn. 14
comp. Si
Nov. 22.
00,000
4,000
41,000
6,000
2,000
282,000
142,000
bales.
Actual export
"194
Florida
B'th Carolina
trth Carolina
Virginia
North'rn Porte
569
.—Hambarg-,
Steam.
Estimated sales of the 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
follows
Of which American
12,4.52
Sail.
X omp.
@>!f
— @'/,
—©>i
M.— Br
P.
Total stock
Orleans..
K
-@U
—@>i %
— @X %
cp. —
11-18 cp.
ll-Ki cp.
receipts of cotton at New York, Boston.
PhiladelDhiaand Baltimore for the past week, and since Sept. 1, '78
asoi'TsrBox
Steam.
Sail.
11-16 cp.
11-18 cp.
11-16 cp.
G— 4:33
—
,
Steam.
—
—©W
vSX
—@M
X(a9-3!
.HSS-Si
}f@9-32
.
,
— @i4
Liverpool, Djc.
115,C59
— — Havre.—, — Bremen.—,
l4@9-33
li@9-3J
Friday....
pool.
Total Spain, tee
Grand Total
The following are the
Liverpool.—
Steam.
Sail.
Taesday..
Wed'day..
Thursday.
836
S86
[Vol. XXVII.
I5ii6
.o'ls
Jan.-Feb
May -Juno
S'lg
5%
Skipnienl.
Fob.-Mar, n.cp.8'1.5'4
BREADS TUFFS.
PniDAT. p. M., December e, 1878.
Prices [of flour have been givinjr way from day to day very
As good lines
Slightly, and the decline for the week is trifling.
extra fell below f4, there was a liberal movement in
The most depression was in the
at |3 90(a$3 95.
better grades from winter wheat, which do not sell readily in
Production has increased,
quantities unless offered very low.
To-day, a line of
recent rains having swollen the mill streams.
of
common
them, mainly
extra State
was
offered at |3 95,
The wheat market opened
and
in
some cases firmer
the
prices.
and did not
find a buyer.
week with a renewal of activity
No. 2 Milwaukee spring sold at
$1 01, but winter wheats gave way.
No. 3 red winter sold at
H
07401 OSspot and December, and 1 1 09@l 091- for .Tanuary;
No. 3 amber, $1 05 spot and December and $1 06 for January
No. 1 white has been active on the spot and for early arriWi at
the
|1 09@1 10. Receipts of spring wheat have been liberal over
Milwaukee & St. Paul road, and show a considerable Jncreaso
;
DXCKMBEIt
THE (CHRONICLE.
1878.]
7,
There baa been
)Ter la8l year.
cooalderftble apticulHtive iixcite-
nent at Cbicago, bat no advance In prieei. To-dity, the market
iru about atvady, No. 2 red winter going at |1 08 spot and
Oteember, and $1 09J for January.
Indian corn hns been dull, and the poorer i;radea have de:llned— No. 8 m'.xed (new) to 41@41ic. and steamer miced to
No. 3 white
ISfc; but old No. 3 has been pretty stuady at 47c.
expurt, and old round yellow at (Sl@<y.ic. Supplier
To-day, there wag a firm but
iave been moderate at all points.
lold at aOc. for
market.
been active; some 100,000 bushels have been taken
for No. 1
for export at 58@59c. for No. 3 Western, 00i(^lc.
Barley has been
State, and G3c., in bond, for choice Canada.
ictive, and prices are quoted ItigUer, tiiough not satisfactorily
leterHiined, as most of tlie business was on private terms.
Oats
No. 1 gradeds declined, but they had been
liave been irregular.
forced up above their relative value, and at the same time the
xjmmon and medium grades Hli^htly advanced. Yesterday, No.
sold at lil^c
Today, the market was
3 Chicago mixed, afloat,
inner, No. 3 graded closing at 31 ^c. for mixed and 33c. for
rather quiet
Rye
lias
irhile.
The following are closing quotations
:
Flour.
So. i
JopsrUno State
&
»
QntiN.
bbl. tJ
&
335!»875
90® » 00
&c
3
epnug Wheat
ffesterii
exinis
do XX and XXX
do wiuter eblpping ex-
85®
a
XX
and
XXX..
illnncsota pattnts
City KhippiiiK extras
iOQthorit bakers' and fa-
mily brands
Southern shipp'g extras.
fSye flour, Bnperflno
Oorn meal— Western, &c.
.'ora meal— Br wine. &c.
4
White
O.'S
10®
4
8
95®
steamer grade,
white
yeilow
Rye— Western
State and
5 00
6 CO
4 SOiB 4 40
3 00® 3 25
S 4Da * 65
S 85® ...
;
I
Canada
Barley— Canada We»t....
Strtte, 4 rowed
1
89®
81®
OOa
90®
75®
Flonr,
bhls.
AT—
(19«lbf.)
Jhlcaso
""
44,185
Hfilwauliec
7»,5»i5
roleUo
681
Detroit
5.61ti
Jleveland
2,9^7
31,381
5t.Loiii8
Peoria
85
95
80
1
85
I
and from Dec. 31 to Nov. 30, and from Aug.
Wheat,
bnsh.
Corn,
bu-h.
(ijOlbt.)
(56 lbs.)
790,018
787,74)
303,066
1«2,S57
34,000
*°
766.303
4Jfi,>83
5,585
Oats,
bush.
^^
S'.'iSO
181,180
880
49,400
1&3,2SS
115,055
1
to
Nov.
Barley,
bush.
30,
30.
Rye.
bush
(.SSlbs.l
(48 lbs.)
3:0,355
ai,H18
15, 75
7,342
5:),)i>8
41,78:i
56,5:0
14,230
23,601)
74,'ilfl
8)0
69,888
31,401
11,500
31,;)58
S40,l:i8
101,710
340,632
334,8)8
2J0,893
82,1110
89,;)60
•
(£6 lb»
)
Total
3,191,067
3,843,4:0
l,3li»,3?8
1,1.73,1.31
.534,138
4i,9,4:0
1.3m,Ui4
1,043,113
1,113.895
968,769
S85,i50
3:8,189
rotDcr.Ml toXo7.30.5,261,234 ^,906,016
8(>,.'Sf2.3t6
"Previous
160,.3OO
week
Dorre-pn.; week,'76.
Same I11UC1877
151,843
131,243
134,787
6,979
1,344
9,0
52,13J
94,lt)l
39,175,840 9,375,S10 4,747,876
1,.5S3.679 4'l,4D2,3!i4 74,6i0,0»)3 32..378,133 8.'I3V,P93 4,-10,915
5J,71i..534 75,7^7,718 28,786,6S<1 8aii4,7ia 3,809,(185
ti6,.570,641 46,03B,9('5 24,138,158 5,60.1,316 a,733,i 35
3ametinvj 1876
5,111,4)4
Same time 1875
4,634,856
TotAu^'.Uo Nov. 30.4,264.625
8,444,959
Saisc ;i:u; 1877
Same time 1876
Same limt 1375
.5,583,317 1.857,808
5,19.5.509 1,441,66a
4,0:8.01)1 1,158,730
4!i,S9S,067 .36,0;5.:'>4 15,511,749
2,349,817 39,111 276 31,761,176 lI,S5a,«8
3,105,636 36,191,446 «,353.fro 9,8i»,SJ3
2,036,714 36,162,053 I8.183..38i 13,8,'8,78:)
668,567
Detroit
,..
Oswego
St. Louis,
Boston
Toronto
Montreal
:.
Philadelphia
Peoria
Indl.napolls.
,
Kansas City (38d)
Baltimore
UlII shipm.ints, week
Lake shipments, week
...
i.raw
B.joo
80I,C71
4,«3t,t8«
LB0i),4t7
100.428
laauo
27,000
360, A90
790. 793
M,S0O
4e.»9
87*914
164341
i4,aos
a5,8;o
44,748
883,1110
ns,«ii
17l,0»
MO.OOO
6.916
110,000
342.821
213,931
519.609
108,236
0^,J87
91.183
532,215
18.451
S0-.816
95.3,134
391,723
l,322,9o7
Total
18,200,015
16,497,6.35
Oc'.
Oct.
Oct.
Dec.
16,881
16.565,793
I6,8:l2,s<65
16.i;i*,7J5
1378
19.1978
12.1878
2,
CM
ll7iJS8
271.833
21,878
80,932
23),3»5
281,950
183,563
501,102
4.i2
Nov. 23, 1878
Nov. 16,1878
Nov. 9. 1878
Nov. S, 1873
bosB.
(01,
.')8I
16,6(l3,8.i9
14,701.438
11,561,573
1877
December
P. M.,
8,
187(1
Ther^ has been a continued light movement in nearly all
descriptions of seasonable goods durio(; tlie past week, and operations lor the epiinij trade were mostly restricted to placiug orders
for a few specialties In light weight woolens, coitonades, white
The clothing trade was fairly
represented in the market, but their purchases of spring woolens
goods, &c., for future delivery.
were somewhat le.ss liberal than expec:ei, and transactions on
the part of jobliers wore of a strictly handto-mouth character.
The jobbing trade was gpnerally quiet, as is usually the case at
time of year, but the order
demand
for staple and departand orders were of such frequency as to indicate light stocks in the hands of retailers in
most parts of the country. Foreign goods ruled quiet, aside
from a few articles adapted to the coming lioiiday trade, which
were in moderate request by local and interior rt-tailers.
DoMEsiic Cotton Goods. There was a marked .increase in
the exports of cotton goods from this port during the week ending December 3, the total shipments having reacbeJ 5,375 packages, which were sent as follows: China, 2,920; Africa, 1,354;
this
fairly satisfactory,
—
Peru, 560; U.
S.
of Colombia, 320; Great Britain. 2fl; H*yti, 121;
Shipments of flour and grain from Western lake and river
from Dec. 31 to Nov. 30.
There was a very moderate
goods by the jobbing trade and the piece disLight brown sheetings,
tribution was of limited proportions.
ducks and cottonades were, however, placed iu moderate lots with
Wheat,
Flour,
Corr,
Oat J,
Barley,
Rye.
bbls.
bush.
buth.
bash.
bush.
tush.
Tot.Dcr.3ltoNov.30.5,5;0.499 03,183,775 77,686,753 20,915, iSS 4,»:« 0.36 3,663,90'
converters, and fair quantities of bleached shirtings were taken
by the shirt trade. Corset jeans and wide sheetings were charged
ports
Same l;iiie 1877
Same time 1876
Same time lo75
Rail sliipmeDts of flour and grain from Western lake and river
4,816,407 43,:«.i.7i3 66,0S9,7<i3 17,413,431 5,38'>,661 2,8l3,i91
4,563,077 47,437,633 73.513,881 19.336,9)3 3.643.319 3,261, lo7
5,093,884 57,0.30,829 11,7():1,377 18,739,35.i 2,333,139
889,093
_
ports.
Week
Flour,
endlni;Not. JO, 1^78
Dec.
Dec.
1S77
2, 1876
4, 1875
1,
Wheat,
Com,
bnsh
bljls.
bnsh.
!*6,412
118,862
107,480
116,721
89I,T23
131,175
431.785
414.191
Flour,
Wheat,
188,568
176,438
M6,0l9
Oats,
Barley,
bnsh.
bush.
315,834
109,393
210,193
814,477
98.394
95,409
Oats,
buth.
Barley,
bnsh.
477,010
27,150
2,300
690
74,900
371,700
17,400
Ii6,0t)9
Rye,
bush.
15,730
3,;80
121,801
7,650
Dec
578,193
43.673
Receipts of flour and grain at seaboard ports for the week ending Nov. 30, 1878, and from Dec. 31 to Nov. 30.
>
Al—
bbls.
112,488
41,001
2.ai0
6,135
19,332
1»,935
9,572
New York
Boston
PorUand
Montreal
I'hlla.klplua
Baltimore.
NewOricans.
bush.
1,693,433
21,600
Corn,
bush.
1.109,561
UO.IOO
.
W.VO
400
4,600
347,410
603,400
109,017
2ilfi.0O0
10,000
7i,ai
28,0S0
..
16i),SfO
1.800
18,000
Ry,
bush
1}|,;40
ItK)
4,400
1,000
Total
211,403 5,775,260 1.711,1)12
650,131
406,900
197,040
Previous week .. .. 551,340 2,6fc7,i27 1,1'j0,984
(i7I,8«2
460,240
239,106
Corresp'ng week,'77. 239,900 2,069,299 1,«.r9,403
6'2,62) 1,018,702
lBt,806
Tot.Dcc.31 to Nov.30.8,869,418 101,779,054 09,501,018 af,0'4,836 6,914,559 4,959,766
Same lime 1877
7,619,183 42,911,362 8<i,t;5!,4j7 19,117,.397 6,667,553 3,513,35)
Same time 1876
9,240,860 40,458,833 62,135,D73 2i, 130,370 7,255 057 l,543,>h8
Bamo time 1875
9,16e,S61 62,705,194 62,8W,36« 19,5:7,373 4,7r,,0:0
474,64)
Exports from United States seaboard ports and Ircm Montreal
week ending November 30, 1878.
Flonr, Wheat,
Corn.
OaU,
Rye,
Peas,
'
for
Feox—
bbls.
81,018
6,0(8
667
•Newlork
Boston
Portland
Montreal
Philadelphia
Baltimore
Total for week..
Previous week
Two weeks
I
Milwaukee
Duluih(16th)
Toledo. ...
ment goods was
Dalatb
I, Corrc«p"nKwe«k,'77.
Chicago
Oats,
borh.
3,70».9'M
Fbidat,
59
US
81
36
Jrowcd
Peas-Canada bond&free
7J®
Receipts at lake and river ports for the week ending Nov.
1878,
uuBitlo
baib.
4,107,81,7
THE DRY GOODS T«ADE.
60£0
State,
I
Albjny
8r),
Com,
Wheat,
„
,
New York
11
1
48®
57®
Oats— Mixed
White
50®
The visible sopply of grain. comprlsloir the stocks In graDarj
at the principal points of occnm ulallon at lake and seaboard porta,
and in transit by lake, canal and rail, Nov. 80, 1878, wo* aa
folio Wit:
411
do
do
do
40
4 60® 5 75
5 SOet 8 35
4
04®
1
Corn— Wcst'n mixed
4-253 5 75
4
tras
do
Wlic3t-No.3«prlBg,bn»b. to 90a
6i
No. 2>prliig
9ja 1 00
No. I eprins
...
Red and Arabci Winter 1 Oi@l 08^
Red wiuter No. 2
1 075< a>l 06U
3 00
West-
em
Ixtra suite,
40®
609
ago
San* time In
kL
1877. .
bush.
bush.
1,136,319
384,281
85,585
....
6,791
10,747
3,3M
8o»,i-;2
l't).'i59
10,2Si
3u7,34)
£8,203
bnsh.
4,957
bush.
ii^il
498
780
34
bush
49,727
39,eC8
ir8,!S-
1,748,6(17
69-.,0
3
7,3.W
41,891
es.fo
1C8,M'
1,916,287
2,479,415
850,040
6S8,U(S
47,lSfl
1.5,121
9,360
fil,I99
91,225
83,431
1,897
t4.tj««
95,E9:
63,47
771,1:
1,27S,4(»
British Australia, 59; Brazil, 58, &c.
d<>mand
for cotton
up to a fair amount by ageots who lately placed lines of these
goods "on memorandum," but new business was light and unimportant. Cotton flannels were in moderate request, and th re was
a slightly-improved inquiry for cheviots; but di-nims, ticks and
other makes of colored cottons ruled quiet.
Agento' prices were
nominally unchanged, but sligUt concessions were made on some
of the "uieraoraiidu'u" goods allu led to abovn.
Piini cloths
were quiet and a fraction easier at 3 oiOe., cash, to 3|, 30 days,
Prints moved slowly, and
for 04x1)43, and 3?., cash, for 50x603.
Richmond'sand Allen's staples were reduced iu rice.
Domestic Wooles Goods. Heavy woo ens for men's w^ar
were only in limited demaud, and fabrics of a fancy character
were somewhat unsettled iu price. Light-weight chevioia and
worsted oatiogs were in fair request, and liberal deliveries of
these fabr cs were made by agents on accoun of lormer orders.
Spring- weight fancy cassim res were less active than expected,
and the growing demand for cheviots is no doubt checkiug their
sale 'o a material extent. Overcoatings ruled quiet, and there
was a lessened demand for beavers and cloakiags. Black c oths
nnd d leskins were taken in small lots to a moderate aggregate,
and prices ru^ed fairly s eady. Kentucky jeans receiveu a little
more attention from Western and Southwestern buyers, and 8'>u •
fair sales were effected by meaus of very low prices.
Piinted
saiiuets were in molerate request, but blacks ai.d mixiares
remained sluggish. Flannels have become relatively quiet, and
there was a very liglit demcnd lor blankets, shawls aud skirls.
FoRBioN Dry Goods. There was about the usual demand
for goods adapted to the holiday trade, but otherwise foreiga
fabrics rul d quiet in the hands of both importers And Joiibem,
aud transactions were light in the ag^r gate. Black co.Htim'-res
are steadily held at current quotations, as are desirable sUudes of
colored cislimeres and werinos; but fancy dres:< goods are beinK
offered at very low figures. Silks, trimiuiug velvets and millinery goods were offered in small lo.s by the auc; on housrt. but
prices ruled low in most cases, aud but, few more soIm wlU kf
held daring tuu season now drawing to a doe*,
—
—
|
THE CHRONICLE.
610
importallona ot Dry lioodB.
Receipts of licadlng; Articles or Domcatle Prodne*.
The following table, baaed upon daily reports made to the
New York Produce Exchange, shows the rreeipts of leading
articles of domestic produce in New Yora for the work ending
with Tuesday last (corresponding with the week for exportn), for
Importations of dry (roods at this port for the week ending
Dec. 8. 1878, and for the corresponding weeks of 1877 and 1878,
have been as follows
HVBEID FOB eOMSUltmoK FOB THB WBBK BITIMMa DIC. 5, 1S78.
Tha
:
«s
~$ios.75a
I34,i:6'>
1(14,017
1,(IS8
107,4'.'8
707
Hiacoll'neoiu drj f;ood»
411
58.381
5,5«".
a,5M
flBT.SS.'l
Ifi4,153
899
|iro.988
4(19
1S»,898
S90.4S1
488
695
Ja4,|-,91)
139.808
114.287
511
"7809,508
$578.S49
the period from January
2,480
Uanaraeturea of wool.,
cotton
do
do
do
80
»«0,728
81.118
70.^)
S«
70
»K«,1«I
98.311
e6.495
169
tS
54
144
«98
41,5.7
16,S34
l(iS
.ll.tiSl
811
13,583
1'8
683
181
Bilk..
flax...
Mlaoell'neonsdrj goode
168
31
Jl191t.(19;
81)8
|;i]3,SI8
9^9
Week
bbls.
bbls.
$783,883
Brondftufftt—
Flonr. wheat
873,449
7,h9.1
8U«,50^
8,480
Tet thr Vb npon mark't
8,607
1778.341
8.589
|l,03a,7!U>
8.459
t96a,870
bush
Corn
Oftis
bush.
..buKh
..
Rarloy aud malt
Peas
,,
Cotton
(ottun reed oU....
Flax BCfd
bush
btish.
bales
bbls
iMga.
...
!01
56
Total
Add ont'd for euns'mp'B
''54s
9.508
Tot'l entered at the port
bales
bales.
sides
Ilopi
FBRl' P.
Leather
178,488
88,888
141
148
»Ni,791
130
813
518
185,781
51.997
83,188
49
301
8,077
63.099
46,1U8
87.819
tlW.K8t
Tisoi
"|S58,3W
578.849
7,89)
800,508
8,710
8,480
~t8».5,9l5
78a,b63
Tar
t),089.«0S
Oilcake
tl,186,888 7,190
Mnlusses
Molanscs
Naval Storce—
S'J.OII
Same
Since
Jan. l,'T( time 1877
Since
....
11,309
OUm
Olaaawait)
Qiaaa plate
aliona
Ooal, tons
Qocoa
bai;*....
Ooffoo, bHUS
0(>tu>n, bal(>«
Drags, AcBark, romvlac
Blea. powders..
1,047.>I4;
8ia,548
44,818
2(i«.t:i
»'.W.7(i«
3129a
SJ.US')
Spelter, lbs
Steel
4,t6t>
7,'iWi
7.3»1
Tin, boxes
1.1.H7.I9H
8,858
Tin
9,888,498
9til,ll3
9,79.i,Hb8
I2i,-av
7i.3n
l.a,'.8;
1:3.959
Sd.riKi
88.01
1,695,743
5-,861
521.045
bags.
8, to 1. 649
3,7(a,K91
T..
858,118
58,;9«
811,848
59,8:8
789
Charapagno.bkt-'.
86,847
4 644
4,9l'.i
S8.9I-S
18.759
88,418
8.<6»
at..319
3,988
(lamblor
abm, Arabic...
Indtco
15,878
80.430
3,635
6.8r.8
M84
4.54.
HadderAKxtof
6.09 •
Oll.OUv.
40,S70
nlabn,lbi>...
Piiper Hti>ck
tcs.
Sngar, bxa
it
980
Boda, bl-carb...
Boda,«al
;9,r.77
8i.»52
63.l.«
S.9JJ
Bodaaab
Wax.
Fura.
38
6,.
4,f8,
bales
5.667
153.a!l
Hldo», itc—
Bristle*
Hides, droesed..
4,679
41,438
54,702
9t58i5
1,741
7.13
«,S-.S
16118
486
875 529
l,a82,95.'>
9.illi,33.S
Watches
541
fl5.46S
78,5 lO
Linseed
Ilolasaer
iA.ilS
Cassia
Qlngcr
Pepper
Cork
Fustic
,
Uia«L'OW
I
Bill. Ports
Antwerp
Br,
117.634
115.8 5
871,365
831,888
457 085
•
378.069
9!>,39J
43,8'dO
914,940
7.811,010
67,3S(1
l!)0,8ilf
im
16182
170,600
4(1
487
l,38il«l
....
1511
1,078
5
nnri Ciut.
Oolonts:*.
Other coanuiea.
Total week
Prerioaa weak
America
pkvs
tcs.
&
.ibli.
4,(128
bbls.
98,605
&il
54
398
a.s«4
6>8
krga
'o.
..
.•.wttr.:
hhds
1.197
1.946
8,605
1.319
8.S1I
S.lOt
Pk^e.
bxi and cases.
hhds.
.
!7,«8I
bbls.
balsa.
4tl,759
961,7.'i»
.58
i,i»\aa
».'.7M01
8,875. Ml
U7
45 ',WI
889.914
5«ii,ior
4.11.
48,928
39.910
31, 4M
40. 'lis
8«,551
89,06t>
6i.!H9
18,7 .4
17.577
1.851
18,15t
78,7:8
810,509
111,144
198,881
88,8.8
780
13,«03
67.878
191.157
97 0'M
K8.TI8
98,644
ExporiB or LeadlBK Artleles af Domeatle Prodoe*.
The following table, based upon Custom Hmse returns, shows
the exports from
..HOC
(J<,70ii
tj8,9t:u
4!,9r.^
5
2,13«,8:6
....
•j.M:.50
...'.
,
8-.'l.,l
Afhes, pets.
Avhia, pearls
588,48'
1S.5«>
4.t!49
508,' Ml
8.8 5 ^
S3.' 80
I.>18
Sl40
51 '8
at*
80
43,901
14,»»
M,850
9,987
1,819
9.1 SI
4,898
4'.B
6,309 1-41 18 8 8,1 1^
8,44I,S)I 17,511,931
a
domtvtie
1,
Same tlsM
lufl yea".
1878.
t.S9;i
1.S'0
810
JN5
159,180
109.087
I.5S1.8!*
7.8S1
Kluur.
wheat
bhia
73,861
8,3.3.814
Kit. U',
rye
l.bis
111
bbls
R,'i55
bush
bmli
bush
bu-h
buKh
1,S8 .851
4,111
180.319
61,079,805
I9,»',753
90.. sr
8,9.56,411
1, Hill, 409
Hye
Oa'a
Barley
Peas
Corn
Candle*
Coal
Cotton
NUV..I 8 '-ores
('rudu tur[>eotine
Spliica turpentine
bnsli,
pkxs
tons
bales
Pkgs,
bales
...bales.
.5nl.
844.816
K'xl
i,.'>i8,(;.a
l,677.ii7l
31.431
481,475
l,'62
l,8^0
10.4J6
4*1. 07
15,519.891
43'J.93
14,888 985
47,168
4-21. .1*1
Sli7,52J
3,M5
8,388
111,546
68,j5K
»S,5»8
44.083
l,19:<
4l,:l.<0
<tl,7»i
5,971
8,58
45.670
69.a 5
115
bbls.
.13,81!)
soa
i«a\5
«.1,«87
bbls.
bbls.
bbls.
8,773
119
lis
SSI, .51
:,i74
280.71111
5,.'tH9
4(..\96
cwts,
4.3,i-48
t.s4.),i4:
l,iO,'.05l
cals.
gaiK.
4S,r.fi8
U\-A 6
Sperm
Lard
g'ili*
Ku
ga
s.
I,16n,'.8S
10,1.
.181,110
Llni-eod
16 709
17.838
140
s.
3,-.aj,Uliu
I9:,Sr4.U9J
819,7*1.234
8.367
aaM>:«
m.oo!
Petroleum
bbls
bb'e
6i5
I
10.197
85.889
SHI,;71
18.011
3\770
916
4t,H51
tierces.
8.:00
64,7.')0
5,1.0'«
Cutmeats
lbs.
lS.85",(ll-4
S»J, 195,190
»"Uor
lb-
6(I!I,.SB
488,01 1,-.' 1,
2 ,811,905
Ibt>
1,982 1
7,468.7 4
la;, 113 882
6 7
V38,
16
1»S.'0I.«I
534
8;,99t
66,-«2.7IS
110 4:7
82.9 .-.
.M.1IS5*
• >.l>31
Hoef
Cheese
Liid
Rice.
Tail .w
lohacco, leaf
Tt bacco
bills
lb"
bhi-.
B).
hh
l»
balea and cat*es
T'ibacco, manufactured
lbs
Whaiebo e
,
805.8110
8.S0
Pr vl^lun• —
Pork
Beef
.
Since Jan.
Corn meat
Ilich
47li,S:6
34
Ibe
Wheat
553.844
4,8.8,567
J.
llreailsiufl's—
SOI
171
bbls
bbls
Heeswax
. .
88-
all leadini/ articles of
Dec.
1,713,800
8.1,660
of
Week ending
1,685,81
t-4i,9»0
J77,S7.^
Now Toik
produce for the week ending with Tuesday last, from the 1st of
January 1878 to the same day, and for the correapondiug period
cake
OilsWhale...
r41
3,8:8
t>,9ii;.
160,390
110,
Oil
79-,H40
617,804
196,700
1,1
200,1.^0
88.511
71.073
Whiskey
Wool
»4,HJ5
Ooniinontal Porta
WrBt lndi-8
Brit, ana N A.
Ibe,
474
UurselUei*
South
lbs
2,47.1
110
8,818
pki:s.
Ti.bacco
4IU.iSI
3J3.486
48,534
591,858
Chocso.
f57
18
men
HsBiburg
Ha>r«
811,«1
S\4W
Uuttir
Sugar
Sugar
Tallow
Tobncco
1,889.^45
11.518.058
291,80a
148, SOi
55.: 84
Bacon,
90
.1.419
78,018
368,?s«
81,838
4,115
18.484
116,081
69,115
54.11118
Kosiu
Tar
U»>
i.m
pkgs.
Diimeatlca
94,.
168
Brift"!
^0.5'. 1
3.088
430.858
887
Dliirs
.
Sioarlue.
Hccf.
........
81
11.511
1.848.188
Hops
Louden
M
1,164
Hay
Llverpool
3.
70,818
368.708
Sl,4.«)
Bxporta or Provislona.
I.«rd.
lbs.
15
1,255
pkg».
are the exports of provisions from New York,
Boston, Baltimore, Ptiilad<-lpliia, Man'real, Portland and New
Orleann. for tbn week c niicii N<iv. HO. 1878. and their distribu'ion:
Pork. bhU.
bills AlCB.
118,837
iai.«7«
4,13l<,584
e.188
Cutmeats
1,'ird
The following
To-
79,1.-S
4,o;i.3i<8
bbls.
bbls.
bbls.
bbls.
bbls.
bush
Chteao
Egg'
Lafd
WoodsLogwood
Mahogany
S3.-*
7',till
galla.
Uocf
*c.—
Saltputro
Jowolry
i!'4.97a
78'.
in 1877.
l.,^78.5^9 1.834.534
718.788
8 n."l3i
Splcce.
14fi,:87
IMi.HO
108
478
Pork
t
1.311.4M
Kalslne
U7,1K' Uldos. andresspd.
Klce
1,710
5,918
688,901
1,80.3,597
Oranges
Nuts
8,-.3-l
i.as.^
India rubber ....
iTory
Jowolry, Ac.—
*
1,4'».464
58.87
1,059.9:9
&c.Lemona
Prnlte,
4,7»9
S0,U19
.
.
«10,7(l»
83.780
aH4.l68
178.557
rriivlnloas—
H
5'.t8,388
61. -.9^
1,4'..«
11'I.IV3
goods.
8,118 8:7
711.414
Peanuts
82.560
180.71;
40,87b
59.805
8:i,867
518.509
Fish
8.8III
45lt
Wlnoe
5«.('8.'>
cloth
Hair
Tobacco
Waste
WInos, Ac
Wool, bales
ArUcUn nporttd
vatut—
ffiO.691
l,i«M57
8l,ai.595
ll.TM.it»
i
bl>ls
fhi.i
S»,U8' Cigars
1,185 Oorka
s; 08. Pancy
85,1.1:
Uplam
Hemp,
103. r8t
4,15».8S7
37.541,818
kt4,157.N:l
6,06: .roa
6)8.981
S.Ht.OSI
819,145
83,081,617
.1.1
:-::^.
Oil. lard
Oil, whttle
3,577
1,:93
80
8,535
Tea
Oocblneitl
Oream Tartar..
Sunny
S.74S
Load, plgf
^85»
141,815
...'..ilana'
Hardwaie
4,lr0 041
181.768
68,7.1
887 501
Ko.lu
Same
1S.640
H7.87V
Hugar, hhds,
s,osa
«,tsi
78,e;t
8,«J
Hitch
3«>,08li
l,^77,^.^
1,W6
Rice
Metals, *c.Oatlory
71,: 18
8,590
Hcig», droKsed
and
Barth«nware—
China
Kartbenwarc.
year.
..bbls.
Turpentine, spirit^...
Jan. 1, '78 time 1877
OUa
Jaa, Olass
8,088
•:::::.^X.
Tnrpciitino, crude...
Inapurta o( Leaains ArClelea.
The following table, compiled from Custom House returns,
•hows the foreign imports of leading articles at this port oince
laauary 1, 1878, and for the same period in 1877:
[The quaRtlty U gWan In packagoa wnon not otherwlaa apeclfled.1
8,788
4.184
2.448
Lead
811
800
t7t4,183 "9,rtB
8,018
No.
Ilitloa
i4.a;o
85,885
4S.880
17.7i6
158
6i
Mliiceiru«oiia drj good.
nido«
I79.1M
58
Sams tint
law
70
1,831
1,4:8
bags
QriiBi eved.
Haaataotarw of wool.
cotton
do
riik..
do
flax
do
1,
18:8.
3.
127.417
4.998
889.761
155,196
654,608
850, -.84
44.5,M4
88,858
88.814
bbU.
39,811
31.S97
84.<25
V7,I»1
i,50«
bbls.
Wheat
Kyo
|56,88t
Add cnt'd for cona'mp'u
BNTBBBS FOR WARBHOUaiMa PPBIKO »AMB
Un.
ending Since
Dec.
78,801
ir9,»fl7
-|8.%683
Total
1878 to that day, and for the oorrea-
in 1877.
18.S,:57
rBOB WARBHOPIB AND THBOWir IHTO THB BAREST DCRINO
THB BAMK PKKIOD.
WITBDIUWIt
1,
V»lll«.
ponding period
48S
645
(i5«
•m
Pkg..
Value.
PkB«.
Vslue.
MsQsrtctarn of wool.,
cotton
do
Pllk ..
do
flax...
do
Totul
187*.
1877.
1878
Pkgt
(Vol. XXVIl.
ibs
1,869, -.98
48v
1,111
158 SO'.
3.885
8.9.14
108,.
111, OJ.''i84
IiU,. "111,778
8.1,737
7
41.281
7,881.499
06
:o,u8
Dbcbuukk?,
THE CHRONICLK
1»78.J
Iniaraaoe.
Steamablpt.
HOME
TO BOSTON,
K{)
VIA TUK OLD nEI.IABUf
Company
Stonington Line, Insurance
OP NBW YORK,
CONNK<TIN'l WITH ALL POINTS EAST.
Not a Trip iniMed In Heven CouMca*
(Ive Veara.
TIIK KLKOANT rtTEAMKUS
MASSACHUSETTS Bnd KIIUDE ISLAND
li-»v<!•
«:,10
IMiT No. ja North Klvirr (fOBt of J»jr ulrcct), >t
M d«lly leicipi Sundiiyo.
nr»icln"Mii:iiriii, Hood only on::*
A Mtr^ilo Iriim SKriiiiigMii.Kold, f'a.ikU llao from
New VurKto uilon, fur tl MJ.
Tlokitu forMlc at all iirtnclpol lIclcel-nmcM. BUMrooniA Rt'cared iti offlcen of Wpitcoti Kxprru Com*
Uiy.audat No<. .IKIiinil 991 llroadwiy, mid >t Mstr»yollt»n iiiwl Mfth AvciiUf Motel tickt-t offlctiR.
»ii.. 1,1 iiiiiui'd
IMIOVIUIO^CIO tASi:.
(Fob FimoiiT Ukly.;
STKAMKKS
BLBOTKA and QALATBA
IMTC ri-r No.
W
North
nlr»r
(fool
M
of
Wuren
for I'roTlilrm'l) dilly (except tjuttdayi) tt 4 f.
tf«Dee direct.
Krelfui, via eltker line, taten at loweit ratei.
Proildent.
D. b.
BAUCOCK,
W. FILKIN8, O. P. A»OUt.
L.
OFFIC'K, No.
BI-UONTIILT BKItVICK TO JAMAICA, HATTl
UULiUMIIIAalld ASI'INWALL.aDd to PANAMAand
•OUTti I'A(;1F1C r<)KTS(vla Aaplnwall.)
riiat-clua, fuJI-puweifld, Irooicrewiteameri, from
rur No. It. North i;ivrr.
For KlnfrXiD (.lam.) and Haytl:
..
ATI.AS
I)ec 5|OLAKiUKI
For Hiiyll, Colombia, Orcytown (Mc), Isthmaa of
Panama and Soutli Par.lllc Porti, via Aaplnwall
AIU4A
Do-.UIaLPS
ATLANTIC:
Fiftieth SeiiiNAniiiial StatoniAnt,
aiinwiNn Till
Condition of (li« 4:ompanf on the llral
day of July, 18TM.
CASIIOAI'ITAL
^3,000 000 00
Hencrve forKe-lniunnc*
l.TnrtfdOO KO
Itcrcrve for UniNtld LocHi
!tU»,l3l 2N
NetHurplu*
1,170 U42 38
TOTAL AS8BT8
Mutual
M)
HSMa
47
Realesuie
Premiums due and uncollected on PoUcle*
IJ^M
5'
I.teo
91
(innrket value of s«curitlus,tlU'l,U7
Interest due on 1st of July, InS
MJM •!
^^"f*
AgnU
FOKWOOD A
<;»>.,
No.
56
Agitnu,
Wall treet.
O N L. 1
Direct Line to France.
The Wencral TranH-Allantic Corajiany'b
Mail
BITWMH
—
—
Coalln>-nt c«i'>inH provldod with ck-ctrlc hell* will
all from flcr (ntnf) No. 4'i 5ortU Itlver. foot of
Morton «lrcr,t aafollowa:
__
Wed., Dec II, 6:90 A.M.
CANADA, Kraiwufl
Wei.. Dec. 18, 1 Noon.
AMKK'til'K. Uelord
Wrd...lan. I.
rRANCK. Tru clif
PKICK OK ^AS^AOK IN OOI.IJ (lncludln|[ wine;:
To H>Tr<>— First cabin, (lU); mcond cahlu, 1 .t; Ulrc
atoln. l~j& ilaerage, $26— Including wine, bedding and
;
;
tcnallD.
To Plrniontb, London or any railway atatlon In
Bacland— FInt cabin, |IU to tlOO, according to accomiBoaation second cabin, PC; third cabin, |U, stcerlocludlDir everything as above.
ace,
ItMam tlcketa at very reduced rates, available
airoogh KnKlaitd and France. Steauiem marked tiiui
(•i do not carry .t«er.iKe piissengers.
For paaaage and freight apply to
;
The Company
YORK:
FABBRI,
B. P.
B-q. (D»Tld Dovrs
t,
t,
Co.
8. B.
JOHN
ASTOH,
J.
I4OVIH DB BBBIAN,
Aceul, 6S Broadnray.
54
WllUam
New York.
St.,
OROANIZEO APRJLIZT?
TO
M.
1« P.
Mr«-:t.
York
wt-ay-lhlr't Hire^t
t
IblrtyThlrd
Mfe t— onnecU wlUi ^«w
fury-aecuiiu
<
TrAoiiItir «.vnip«By*«
•
no* for Ui«Qd Centntf
iXpui. Mfut-ib ireit
Kiftt-KlRbth tt eet.
fot ^uwit-Luw.. tr«lu« tak« went itldo niaUoni
KAIiK. 1KN C NTd,
Except between Uie bourn of S:auto7:.'XI A.M. »adBto
ZP. M. wiicu Uiefur, i« KiTM Centn.
OMUtI-**»y. Preildent
WM.
Yam
BROrKs.tN,
7tb of
"CS£VER.Y APP'lOVEDOESCRIPTlOr'*'
Tranamlanon
m
II'.DN
;*^
STEEL PENS
^atiS^'-U"
by mail
IVISON,
,
>J.^ 71^
KOPKS
Mlnli
g
purposes manufactured iw
JOHN W. nASON
-S8
for
It
CO.,
Broadway, Ne^r York.
:
AND
D.
"FALCON"
&.
CO.
BOi.a AOKXT* POlt TBB U. S.
138 aad 140 Grand St., New York.
W. Lamkin &
Co.,
Cotton Factora,
on receipt of Twcnty-flve Cents.
BLAKEMAN, TAYLOR
B. OHAPaiAN, S««r«tMT.
TBVaTBBSi
:i
R
gTEELANb CHARCOAL
luf Power, *e. Also Uai
Ivanrxed Cbarcoal and BBfor
I'tbin' Klgging, Suspension
f Brlagea, Derrlrk(iuyB,KpnT
A IsrKC Bto< K
] liopcs, Ac.
constantly on hand frt
which any deitlred leni/tfi
are cut. F1.AT BTKEL A>B
Peoft,
de.
next.
^ASHASSETSM $80,000,000.
Lcllned Planes,
fftmont for darabillty an'*
variety nt aty\m milted to every kind
jff vrlittitf.
Tor lalc by dealerH Kent'rally.
1*%VK.^TY.FIV£ aasorted aample* for trial. Id-
of Forty per Ocnt. U
order of the Board,
J.
of superior quality
suitable for MINING AND
IIOI.STINO PUKPOBK& ID.
nRMTior RiielUb make
18N
to the holders thereof,
OMTIRMS AS FAVORABLE ASTHOSE OFANY OTHERCa,
IKON
•f
May
By
L1FE;;nB ENDOWMENT POLICIES
mperlLtt-Ddtfiit.
>l««ticily. ffreat
tba ontatandlog
eertUleate* of the teane of
be redeemed and paM
'«Bi,.F.S.WINSTON, PRESIDENT ,nf
.
M.
The ontftandlng
will
A Dividend
(
teentb Hire'
latereai oa
cUred oa the net earned premiums of the Company
for the year ending 81st December, 18^7, foi whlek
oertlOcatea will be litoed oa and alter Taesday, tb*
M.
Kector Str- el— Nearett point for Wall Bl. Kerry »nd
Cortiatidt
•onatjciii witrt xii*n*rntoT Houtb Kerry,
fitrMl-Noi>re«t pttli.t fur Jrrstfy CUy und O.mmttol
hcrrles. l'»rlt Piiic«. Ciiiimbirri Srcct. hrftok*
f*\w
Ictck-rr Hired—CtjDiiectt
lo'l-'ci, (-r-u-i LB»!».
liehm-l c«t FourwlUi eirr for L* I Kiid *V«n.
Uz per eenl.
114,866,361 00
will be Ui gold.
RAILWAY.
5:SJ A.
A>mU
produced at the time of paymei.t and cauce'ed.
Upon cettlflcatcs which were lassed for gold pre»ioms, the payment of Interest and redemptioa
IB42
THl
Metropolitan Elevated
OPKS FROM
186,864 08
Total amount of
•rlbelr legal repres'ntatlre*, on and after Tu«adsy, the Eth of Febrn iry next from which date all
Interest thereon will cease. The certiScates to be
MANAGER?,
Oaee
617,434 01
1,764,808 68
Tneeday, the 5th of Fabmary next.
Esq.
CHAS. E. WHITE, 8AM. P. BLAtiDEN,
^,
1,188,800 00
eertUlca e« of profita will be paid to the boldehi
tlierxor, or tbeir Ugal repreeentnUvei, on and after
CHITTENDBN.
KZKA WHITE, K-q.
Hon.
wlae
Real Estate and cla'.nu doe the Company, eKtimated at
Premium Kotea and BUla KecelTaMe,
Co.)
Morgan* Co.)
Eoq. (Urexel,
New York
CaablnBank
Morgan
06
Stock, City, Bank and other atocka.tlO,G«8,»38 00
Loans, accnred by Stocka and olber-
SOLON UUMPURBTS. dulrmnn,
DAVID D0W8,
HW<,3S1
.
bM the following Ajteti, Tia.t
Halted States and SUte of
Board of Management,
(B. D.
|S,7B1,<IH 44
ary, isn, to S'.st December, 1877. .
Loeaei paid dating the
tS,S«5,IM >7
Mm* period
Retnrna of Premlomaand
Exp6nae*...tM7,9S8 88
British
LONDON AKD EDINBVRGII.
NEW
Prtmluu.
npon Fir* dlKonnected
with Marine KIska.
Prcminma marked off from lat Jami-
or
YORK AND HAVRB.
IIBT7
CatUnc at Plf^ooth for tti« l.indlni? of PasitenKers.
Tne Kpletidld vi'mielii on llils favorite ronle, for the
t,8«VMI •)
H!sk«, nor
Necretary.
Company
Unitcil States
'
January, 1877
Total unonnt of Marine
and Mercantile Insurance
SteaiiiHliips,
$4,710,MB«
.
North
lt«
on the Slat December, 1877
Prcminma reerWed oa Marlaa RIaka
from lit Jhnnary, 1877, to tilt Deaffairs
No Pdllclce lUTe been laaned npon Life
oaptiilor llnt-ciMiB uaaiitiaKi:' accoiiiiiiouutton.
PIM,
ToKK, Junnry 13, UTt.
Company, submit the following Sttt«m<nl Of
lit
of FIVE Per Cent ha*
been declared, payable on demand.
CHA8. J. niARTIN, President.
Co.*
in eonf oratlty to the Charter of tb*
cember, 1877
A dividend
WA8IIBirUN,
The Trafteei,
Premium! on PollctM BOt muked o<
t».w>*ni*
Tout
J. H.
Mrw
»
|34a,IU
Caah In Banks
Bonds and Mortgacea, iHtlns Ant llan on
i,OM,SU ai
real estate (worth t4jnt,inO)
VXIO,nas 00
I'niu^d States stocks (market ralae)
IW.Mt 9U
Hank Stocks (market, value)
IM,«J« (W
Ktuic and Municipal Uonds (market valne)
demand
Loans on Stocks payable on
Balance In bands of
Insurance
$«, 180,873 16
A89KT8.
SUMMARY OP
Issued at this offlc*
Atlas Mail Line.
OFflO OF TUX
BKOADWAT.
138
vicKSBVRo,
Ordn* to Purchase
hefcr to Heavs.
Turx
niiia.
Cutt<ni In our
TUUMAM
J.
market toIlelMa
lU.ADeUTSB, Rev
D. Jonee,
W. H. H. Moore,
Ckaric* B. Rnssell,
Darld Lane,
Cbarlee DennlJ,
Daniel B. Miller,
Joslab O. Low,
Royal Phelpa,
C. A. Hand,
Vllllam Stnrgia,
WlUlom B. Dodge,
t.
liswli CititU,
Jame* Low,
Ootdon w. Bambaia,!
Thomas
P. Yoiinga,
John D. Hewlett,
WUUam n. Webb,
Prands Skiddy,
Adolph Lemoyne,
Charls* U. ManhaU,
Oborle* P. Bordett,
AlexALdcr V. Blaka^
Robert L. Stuart,
Frederick Cbaoncey,
Horace Gray,
Jama* G. DeForest,
Joba
Will lam Bryce,
Peter V. King,
Elliott,
WUMam H.
Fogg,
'
B. OoddlogtoD,
I. D.
J0NK8,
Robert B. Mmtiun,
George W. Lane,
Charica D. Lererlch,
daund
W.
Corllaa,
Horace K. Tborber.
Praoklent.
•HASLBS DKKICU, Viee-PrceUait. ^
W. B. B. MOOBX, 3d Vlc» Pri^ideat.
A. A. RATBN, 8<l Viec-FNeldeBt.
THE
VI
(
Stillman,
SEAMEN'S BANK BUILDING,
Nob. 74
76 ATall Street,
Sc
NEW
Cotton.
Pierce,
INM AN, SW ANN&Co
Cotton Exchange Buildiug,
LOANS MADE ON
or sale of contracts for future delivery
&
C. Watts
Co.,
1
VICKSBUKG BANK, Vlcksburg, Miss.,
f-T.'VTE NATIONAL BANK, New Orleans, La.,
NATIONAL PARK HANK, New York,
Messrs. GIUTNINO & CO., Liverpool, England.
SOUTHERN SECURITIES.
B.
rivfiarooL,
oUCU conslsnmenls
COTTON
of
an
;
F.BABCOCK&CO.
orders (or
de
purcuaee or sale of future sMpments or deUverKs.
Advanoea made on conslirnments, and
WATTS 4
affjrded by our frteuJs, Messrs. D.
Stone stre
i.
New
8JN, SI Bsronne
informatlo.
all
rorK, ana Messrs. D. A.
New
Street.
<*
Orleans.
&
Henry Hentz
Co., si
OIVKN
lOnnilSMON
dc
EXCHANGE PLACE, NKW TORX.
!
St
JERSEY
OF.
New
,
York.
E.
S.
Jemison
&
Advances made on Consignments to
H. Farley,
J.
COTTON FACTOKS,
COMMISSION MEKCHANTS,
UVKKPOOL, LONDON AND GLASGOW.
riNABiCIAt, AGENTS,
FINI.AY, mUIR & CO.,
CALCUTTA AKD BOMBAY.
iTIetigrti.
133 Pearl Street,
O Box
New
3,909.
York.
Advances made on Consignments.
Special personal attention to the purchase and sale
FOK FUTUKE DELIVERY" OF
of '•OONTBACTS
COTTON.
&
Bennet
Foulke,
GBNERaL
raKBCMANTS,
CO.n MISSION
I'll
8pe
Pearl Street, ttew York.
FUTUKK CONTRACTS FOR COTTON
slid on commission In
Leqm\n, Abraham &
New
o( Cootracts
tor the Durohase or sale
(or Future
i>el!very.
R. M. Waters
COTTON
&
Co.,
COMSftSSlON MERCEtANTS
lionght anr
and Llvernoftl.
Lehman, Duke &
Co.,
cominissioN merchants,
40 EXCHANGE PLACE,
Ain>
Advances made on Consignments
Cotton bought and sold on
Y'ors and Liverpool.
tracts for
&
Co.,
22
WILLIAM STREET,
Copeland,
i]lENERAT>
COTTON BROKER,
Sawyer, Wallace
136 PKABI. SrUEET.
J.
C. Johnson
C<i.TTON
H.
NKW YORK
&
Co.,
BUYERS FOB MAXTJFACTDEKRf'
IHBIHPBiS, TE'IN.
Tileston
&
On^m In fntures executed at N. Y. Cotton Exshaiige
WALTER sTkROHN,
COTTON BROKERS,
BEAVER STREET, NEW YORK.
O
R
delivery of cotton.
l^A N S ,
execntloa of
contracts
Liberal advances
B.
1<
A
.
CPurcetsore to
&
Tainter,
NOUP.SE & l!KOOK4(,
COTTON OTKRCHANTS,
<)7 PRATtL STRriHr,
NEW
FtEtJore orders .pro." *'iv execured.
VuRK.
I
Company
Insurance
or HARTFORD.
Total Asset- January
Capital
liorinrararicefund.
\<>.
losses, etc.
..
1877
$7,115,681
13,000.000 00
1,741,273 42
4i«,114 82— 5,170,888
1,
.
.
J.1D.
1,
1877,
$1,945,236
4!
?
If
2 Corllnndl Si., IVcw York,
<t. ALKX.INDEK, A«;ent.
JAS.
Liverpool <^
orders
Lo?ido7i
for future
& Globe
made oncoa>
Insurance Companyy
R. Smith
&
Co.,
COlTIiniSSION ITIERCHANTS,
125 PEARL STREET, NKW YORK,
J.
E.
\
PUESFORD,
I
I
AKD
Hbsident Manager.
44 Broad Street, Boston.
Liberal advances made on consignments. Prompt
Personal attention paid to the execution of orders for
Ihe purchase or sale of contracts for future delivery.'
Wm.
\
45 Willia'sn St.
COTTON
LyOfnn^ercial
Felix Alexander,
AUGUSTA, GEORGIA.
Entire attention given to purchase of COTTON on
for SPINNEHS and KXPORTEKS.
CORRESI'OJSnKNCK SOLICITED.
Eeferences :— National Baafc of Augqsta, Georgia;
Henry Hentz & Co., Oomnilsslon Merchants', New
York; William B. U^inaA Co., Proprietors (Jommxr
oiAL AND Financial Chiiomjclk, and otLor New
York. Bouses.
Union
iOl'
Ins.
Ca
LONDON),
,
OBItER
Waldron
«"BNEBA».
I.
le
or sale of
Co.
^TNA
Street,
COTTON BROKER,
qOTTON BgY-EB AND COMMISSION MIECHANT
NEW
Special attention paid to t
for the purchase
&
Insnrancc.
NEW YORK.
F. Berje,
L.
Pearl
slennipnt'^.
Co.,,
BOTTON BUYERS & CO.MMIS810N MKKCHAN1B
60 Stone Street, New York.
S3
111
^o.
TOEK.
OTTON FACTORS* COMMISSION MKR''HANTI:
47 Broad Street. Tirw York.
Unpaid
COMMISSION MERCHANT-
NEW
Future Contracts for Cotton bought and soldo:
'Jommlsslon In New York and Liverpool.
NKr hOR"LUS,
Geo.
ll
Macaulay & Co.,
conmssioN jherchants!
.
Cotton Factors
S4 BEOAD STREET, NEW YORK..
Future Con
CoinnilsslOD.
New
Ncw^ York.
Orders «xecnted at the Cotton Exchanges foNcw
York and Liverpool, and advances made on Cotton
and other produce con Igned to u?, or to our correspondents lu Liverpool, Me srs. B. Newgass & Co.
and Mess rs L. Roje nhelm & Sons.
Ware, Murphy
Co.,
JEMISON),
;
Co.,
LEHMAN BRO'S,
Cotton AND Factors
BANKERS,
8c
li
HENERAL COMMISSION MERCHANTS'
No. 123 Pearl Street, New York.
.Montgomery, Ala.
Orleans, La.
attention given to the execution of. orders
:lel
New York
CO.
BANKERS, COTTON FACTORS
CO.,
&.
Also execute orders for Merchandise throug-b
AND
P.
FINLAY
inemirs. J.ITIKS
&,
^
JIOOLY
{.Successors to
H. W.
and Liverpool,
iriancbetiter
Co.,
niE It CHANTS,
176 Pearl
\
Honsss nt
aENEl{AL
174
M
.
Strekt.
fO Wai.1.
i
comni!«sioN iherchants,
Receive consignments of Cotton and other Produce,
and execute orders at f'e fixchanecs In Liverpool.
Represented In Mew York at the office of
UABCOCK BUOTHERS & CO
j
Knoop, Hanemann & Cc
COMMISSION MERCHANTS.
17 Water Street, LIVEIRPOOI^,
21 Browii'* Ruildiues,
I.A.,
Solicit orders for purcha-e of cotton In thelj
respective markets. Special attention given lo eitr
atn; ie cottons and peelers.
Hcfer to
of cotton.
W.
I
I
New York.
101 Pearl Street,
made on Consignment*.
Special attention paid to the execution of orders (or
Co.,j
iniSS.,
& Co.J
COTTON BUYERS,
SECITRITV.
be purchase
Mount &
YICKSBCRO,
Pierce, Stanfield
COTTON
NEW ORLEAN«,
COMMISSION MERCHANTS,
YORK.
GENERAL COMMISSION MERCHANTS
LOANS JHADE ON ACCKPXABLE
Liberal advances
Vol, XXVri,
I
Cotton.
Cotton.
Woodward &
HRONICLE
ALFRED
PELL,
\
Rendi-nt Managtr,
j
r.
I-.-
J'l
&
39 Wall
Street\
@FedFRASER