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inattctaf
omtncrria
HUNT’S
MERCHANTS’
S
MAGAZINE,
U * w 0 p »jr e
representing the industrial and commercial interests of the united states.
VOL. 25.
SATURDAY. DECEMBER 8, 1877.
CONTENTS.
net
The Debt Statement for Novem¬
ber, 1877
515
Department Reports —Report of
the Secretary of the Treasury..: 546
THE
Report of the Comptroller of the.
Currency.,
553
Latest Monetary and Commercial
English News
552
Commercial
News
BANKERS
Monev Market, U. S. Securities,
and
Miscellaneous
564
GAZETTE.
I Quotations of Stocks and Bonds. 567
il\
Railway
Stocks, Gold Market,
j New York Local Securities:
568
Foreign Exchange, N. Y. City
Investments, and State, City and
565 |
Banks, National Banks, etc
Corporation Finances
569
THE
COMMERCIAL
Commercial Epitome
TIMES.
570 I Rreadstuffg
570 Dry Goods
Cotton.
<£
574
575
I) ie <£ I) r 0 it i c 1 e.
The Commercial and Financial Chronicle is issued
day morning} with the latest
news up to
on
IN
ADVANCE:
$10 20.
6 10.
.
Annual subscription
Six mos.
do
in London (including postage)
do
Satur¬
midnight of Friday.
TERMS OF SUBSCRIPTION-PAYABLE
For One Year, (including postage)
For Six Months
£2
5s.
1
6s.
do
Subscriptions will be continued until ordered stopped by a written order, or
•l the publication office. The Publishers cannot be responsible for Remittances
unless made by Drafts or Post-Office Money Orders.
London Office.
The London office of the Chronicle
is at No. 5 Austin Friars, Old Broad
Street, where subscriptions will be taken at the prices above named.
Advertisements. f
Transient advertisements
but when definite orders are
count is made. No promise
Treasury balance
was
reduced to
$5,778,002.
THE CHRONICLE.
Credit and the Treas¬
543
ury Report
Financial Review of November... 544
The Public
increase of the
NO. 650.
published at 25 cents per line for each insertion,
given for five, or more, insertions, a liberal dis¬
of continuous publication in the best place can be
are
After the
surplus, the Secretary naturally speaks of
sinking fund. He shows that the requirement of
this fund, as prescribed
by the terms of the act of Feb¬
ruary 25, 1862, has not only been fully complied withj
hut that instead of having reduced the debt
up to July
1, 1877, by $475,318,888 as a literal obedience to the
law demanded, we have done much more, the actual
reduction of the debt having amounted to $696,273,348,
or $220,954,459 in excess of the reduction
stipulated in
the sinking-fund act.
It will he remembered that some
years ago Mr. Bristow, when Secretary of the Treasury,
contended that the act of February, 1862, above refer¬
red to ought to he otherwise interpreted, and that
by its
terms the Secretary of the Treasury was bound
every
year to jmrehase or to pay off one per cent of the whole
the
debt of the
United States.
For the first time in the
history of our finances the theory was then officially set
up that the sinking-fund obligation was not modified or
capable of set-off from the fact that, in former years, an
excess over and above this sum of one
per cent might
have been purchased and set apart with the
sinking
fund. Mr. Bristow’s theory was not accepted either
by
Congress or by the public, and a multitude of legal and
given,
as and
must 60
have
opportunities.
Special Notices in
all advertisers
equal
anking
Financial column
cents
per line,
each insertion.
financial authorities contended that the old view
william B. DANA,
John e. flotd, JB.
true one,
tents.
\
j
WILLIAM B. DANA Sc 00., Publishers,
79 & 81 William Street, NEW YORK.
Post Office Box 4,592.
A neat file-cover is furnished at 50 cents; postage on the same is 18
Volumes bound for subscribers at $1 50.
For a complete set of the Commercial and Financial Chronicle—
July, 1865, to data—or of Hunt’s Merchants’ Magazine, 1839 to 1871, inquire
tt the office.
The Business Department of the Chronicle is represented
among
Financial Interests in New York City by Mr. Fred. W. Jones.
THE PUBLIC CREDIT AND THE TREASURY REPORT.
As will be
from the full report
which
was
the
and that the spirit and letter of the statute
would be fully satisfied if an average of one per cent of
the public debt were annually paid off,
though in some
years we might pay more, and in others less.
On Mr.
Bristoiv’s retirement from the Treasury, his theory was
dropped, and the opposite view wras favored by Mr.
Secretary Morrill in his Treasury report of last year.
The dispute is scarcely referred to by Mr. Sherman in the
report before us. He simply states the facts, and shows,
without comment, that more than 220 millions in excess
of the amount required by law for the sinking fund have
been paid off since the public debt reached its highest
point in August, 1865.
publish
on the
whole, a more encouraging account of last year’s Treas¬
ury operations than was in some quarters anticipated.
In the first
The next topic of the Secretary is the refunding of
place there is a handsome surplus in the
Treasury after paying the year’s expenses of the Govern¬ the public debt. Two Syndicate contracts have been
ment.
The receipts of the fiscal year were 269 millions,
running during the year, one for four-and-a-half p er
and the disbursements about 239 millions. Hence the cent
bonds, which closed last May, wrhen the
surplus is 30 millions, or four millions more than was sales had reached 200 millions, of which 185 millions
estimated in the report made to Congress a year ago. were applied to
pay off six per cents, thus reducing the
Of course it would have been
interest
burdens
of the country to the extent of
eminently satisfactory if
the whole of this
surplus could have been devoted to $2,775,000 a year. The remaining 15 millions were sold
increasing the cash balance in the Treasury. This, how¬ for resumption purposes, in accordance with the laws of
ever, was impossible. Fourteen millions were wanted April 17 and July 22, 1876.
for the
The second contract began 9th June, 1877, and was to
redemption of fractional currency, and ten mil¬
lions for the
redemption of greenbacks, so that the terminate 30th June, 1878, with the right reserved to
seen
we
elsewhere, Mr. Secretary Sherman has given,
544
THE
CHRONICLE
the
Treasury to terminate it at any time after 31st De¬
cember, 1877, by giving to the Syndicate ten days’
notice.
The bonds to be sold under this contract
were
the four per cents
Mr. Sherman reports
authorized in the refunding law.
the sale of 75 millions under this
contract, of which 50 millions were applied to the
redemption of six per cents, so as to save one million a
year of annual interest. Hence, it appears that under
the two contracts the yearly saving of interest effected
by the Syndicate operations of the year has reached the
sum of
13,775,000.
Since the close of the fiscal
year the agitation for the repeal of the resump¬
its continuance liad been based
and
the
remonetization
of
silver, in¬
duced the Syndicate to believe that further sales
of the four per cents would be prevented, and for this
reason, as Mr. Sherman states, they decline to offer
them. He adds that if no questions had arisen disturb¬
ing the public credit, the whole of the 660 millions of
the outstanding sixes could be rapidly paid off by the
proceeds of the four per cent funding bonds, sold at par
in coin or its equivalent. With a view to sustain the
act
public credit the Secretary earnestly urges Congress to
give its sanotion to the assurance that, as the Govern¬
ment exacts in payment for its bonds their face value in
gold coin, no future legislation of Congress would sane,
tion or tolerate the payment of the principal or interest
of these bonds in coin of less value.
Among the subordinate suggestions of Mr. Sherman
is that a law be passed authorizing the Treasury to sell
its bonds either for coin or for its equivalent in United
States notes.
For want
of
on
the
course
of affairs in previous
whereas the larger supply held by Western banks and the
quicker return of funds to the money centres, have materially
yeais,
altered the currency movement.
The agitation of the silver bill
in Congress and its passage by
large majority in the House of Representatives was one of the
principal disturbing events in financial affairs. The spirit shown
by so large a number of our legislators, and their willingness to
seize upon the technical wording “ payable in coin” as a pretext
for paying government bonds in the present depreciated silver,
was hardly less injurious than the apprehension of the
damaging
effects which would be likely to follow the passage of this par¬
2
7229.
8
tion
rvou xxv,
a
ticular bill.
Government securities declined
wards rallied
Gold
the reports
on
the bill.
the first prospects and after¬
on
that President Hayes would
veto
,
was
also influenced
by the silver malaria, and advanced
Representatives had voted for Mr. Bland’s hill,
fell off on the same reports which influenced gov¬
after the House of
but afterwards
ernment bonds.
Railroad stocks
were
not
business maintained their
moderate volume of
prices very fairly till near the close of
month, when there was
the
active, but
a
on a
decline in
some
of the speculative
favorites, led by Lake Shore. It was reported that a prominent
member of the bull party was selling «ut.
Railroad bonds were
decidedly strong, and prices advanced materially for most of the
first mortgage securities.
Foreign Exchange was dull and much of the time depressed.
CLOSING PRICKS OP GOVERNMENT SECURITIES IN NOVEMBER,
1677.
.—6a, 1881—» /—>5 20s, Coupon^,—10-40s—* 5a,’81. r-4*s,’91^ 4s,
Nov.
’65 n. 1867.
reg. coup,
3
..no*
no#
110#
5
110#
....
....
108#
105# 108#
105# 108#
....
....
1868. reg.
coup. coup. reg.
cur.
coup. reg.
107#
105#
102#
107#
105# 1G5*
107# 108* 106# 105# 105# ....
....
....
...
....
....
S
1§8#
....
107# 108# 106# 105# 105#
....Election Holiday
108
110#
105# 108#
108# 106# 105# 105# 102#
110# no# 1G5* 108#
107# .... 106# .... 105# 102#
108#
108# 110
105# 102# 121#
110#
110# 105# 103# 110#
105#
....
....
such
provision it 9
10
has become necessary for the Treasury to employ syn¬ n
s
:
12....
.110* no* 105# 108#
102#
107#
106*
dicates and other expedients for the sale of its bonds. 13....
105* 1C5#
103*
121*
.no# no# 105# 108# 110*
14....
.no*
105#
107* 108# 106*
105# 12#
For, under the present law, coin alone can be received 15.... .110* lio#
107# 108* ....xl04#
108
1:0# 107*
1C4* 105# 102# 121*
in payment at the Treasury, and the only existing coin 16....
17....
108# 110# 107*
106* 104# 105*
no*
s
that could be received under the law was gold coin, 18..
19....
1C8* 110*
iio*
103* 103*
105# 102#
.no*
104# 105# 102*
which is not in general circulation, and could not, there¬ 20....
21....
lio# 105* 108* 110*
106* 104# 105# 102*
106
22....
110* 107* 108#
1C4*
fore, be conveniently paid in the Treasury for the bonds. 23....
108* I S* 1C7
iio* 106* 103*
105* 102#
..
.
4
106*
105# 102# 122
.110# no# 106* 108*
For these
and other
reasons it was2
found best, both
S
25....
no# 103* 109
106*
105#
121*
during the war and since, to conduct the greater part of 26
122
110# no* 106* 109# ....108# ....103*
It 6* 109*
103
103# 1U6*
the sales of bonds through third parties, who could
105* 102#
Thanksgiving Holiday.
receive bank notes, greenbacks, drafts, certificates 30
11C* 106* 109* Ill* 108#
106* 104# 105# 102#
OpeningllO#
110*
105#
103#
110
107*
103#
103#
105# 102* 121*
checks, and other commercial paper, and convert them Highest.110* 110* 106* 109* 111* 108# 108# 107 105*
105* 105* 102* 152
into coin.
The difficulties pointed out by the Secretary Lowest..110* 110* 105* 108# 110 107* 109* 106* 104# 105# 102# 121#
Closing. 110# 110* 106* 109# 111* 103* 108# 106* 104* 105* 102# T»
have often been discussed in The Chronicle, and many
CLOSING PRICES OP CONSOLS AND U.
SECURITIES AT LONDON IN NOVEMBER
remedies have been proposed.
The expedients suggested
Consols U.S.
Consols U.S.
for
by Mr. Sherman are worthy of consideration, but they Date. for 5-20, 10-40 58 of New Date.
5-20, 10-40 5s of New
1881. 4# 81831. 4#8.
1867.
Money. 1367.
Money.
would have been more likely to commend themselves to
Holi
Nov. 20 96 11-16 108# 108# 106* 104#
the attention of Congress, if he had explained the rea- Nov. 21 96 7-16 106* day..
21 96 11-16 108# 103* 106* 1C4*
108* ioe* 105*
some
....
....
....
....
....
....
....
....
....
.
....
...
...
....
.
....
....
...
...
....
....
....
sons
for them in
more
full detail.
Besides these various
questions affecting the public credit, the subjects of
resumption and of silver coinage are very fully discussed
in the report, and although the views of the
Secretary
have been often expounded before, they possess a new
interest now, and have led him to curtail what he might
have had to say in regard to the national banking sys¬
“
“
(l
“
“
“
“
“
“
....
“
“
“
*•
tem, the reduction of taxation, and the protection of the
“
depositors in savings banks. Mr. Sherman’s remarks on
these topics, though brief, are suggestive, and we reserve
them for examination hereafter, when, in all
probability,
they will come up in some practical shape in Congress.
“
“
....
“
“
“
FINANCIAL REVIEW OF NOVEMBER.
Tlie money
market in November showed a decided relaxation,
and, contrary to the anticipations of many, the bank reserves
increased and the quotations for both call loans and commercial
paper declined.
The extent of the demand for currency to move
the crops had been somewhat
overestimated, or rather, we may
say that the calculations of the probable demand for money and
“
“
“
“
“
“
“
“
“
“
“
“
....
....
....
8.
“
3 96
4
t
V) 96
6 %
7 96
6 96
9-16
103* 108* 106* 105*
3..
“
22
23
24
25
26
27
23
29
30
“
..
“
11-16 108* 108# 106# 105*
“
11-16 108% 108# 106* 305#
“
9-16 108# 108# 106* 105*
“
11-16 108# 108# !C6*il05
“
9[96 9-16 108* 108# 106* 105
“
10!96 9-16 108!* 103* 106* 105*
“
11
3.,..
12 95 11-16 108# 10.8* 106* 105*
;3 96 9-16 108* 108# 106* 105* Open. .
14 93 11-10 108* 108* 106* xl*1 Highest
15 96 9-16 108* 108 # 106* 301* Lowest
16 96 11-16 108* 108* 107
104# Closing
17 96 11-16 103# 10S* 107
104# 3^. |
18
a s= 4 II
19 96 7-16 108* 108# 106* 104* *4
L
•
•
.
f
BANKERS’
Nov.
....
....
•
“
...
....
“
"
...
....
6
7.
3 days.
@4.85*
@4.85*
4.35 @4.85#
4.85
4.85
S
5..4.S0#@4.S1
4.84*@4.85
Holiday..
4.89*@4.81
8..4.80*@4.81
9. .4.80*@4.81
10..4.80*@4.81
11
12..-4.80*@4.81
13..4.S0#@4.S1
303* 103# 106# 104#
108* 108# 106* 104*
108* 108* 116* 104#
96
96
96
97
ios*
4.84#@4.85
4.84 @4.84*
4.84 @4.84*
4.84 @4.84#
S..-
4.84 @4 84*
4.84 @4.84#
14..4.80 @4.80# 4.83#@4.84
15..4.80 @4.80*. 4.83*@4.84
4.84 @4.84*
16..4.80#@4.81
13-16
13-16
15-16
3-16
97*
108*
109*
109*
109*
96 7-16
103#
109*
96 7-16 IOS*
109*
97#
97*
97#
93
STERLING EXCHANGE FOR
00 days.
1..4.80#@4.S1
2..4.80#@4.S1
3..4.80*@4.81
4
96 11-16
96 13-16
96 13-16
“
“
“
“
“
“
“
“
“
“
“
“
107
104#
106* 104*
107
104*
108# 106* 105#
105#
108* 107
108* 106* 104*
108* 107
104#
1C6*
no* no* 109
107
105* 102#
NOVEMBER,
18
19..4
106# 101#
106# 104*
106
60 days.
Nov.l7..4.S0#@4, 81
“
103*
10S*
108*
108#
108*
80#@4 .SI
20..4.80*®4 .81
21..4.80#@4 .81
22..4.80*@4 .81
23..4.80#@4 .81
24..4.80#@4 .81
1877.
3 days.
4.84 @4.81#
4 84 @4.84*
4.84*@4.S5
4.84# @4.85
4.84#@4.83
4.8i#@4.85
4.84#@4.85
25
26."4!60*@4 .81# 4.84#@4.85
4.85*
27..4.81#@4 .82
4.65#
28..4.81#@4 .82
29
.Holiday..
39. .4.8i#@4 .82
4.85
Range...4.80 @4.82
4.83#@4.85#
1877.1
DECEMBER 8,
THE CHRONICLE.
,
OOVBtSOVOOLO XH N07BMBEB,
1877.
The sizes
-
ST
a
ll Lowest. Highest. Closing.
Date.
Date.
j
1
"S
*
Qi
Pi
s
S
&
S
b
£3
w
o
102% 102% 102% 102% Snniiny . r ...25
MB% 102% 102% 102% Monday.. ....26 102% 102% 103
102% 102% 103
102% 102% 102% 102% Tuesday..
Saturday
finn/lif
Wednesday.. .28 103 102% 103
io«% 162% 102% Thursday. .29 Tha nksg iving
Monday
8 102% tion
Holi day. Friday....
102% 1<»% 103
Tuesday
6 Elec
Wednesday... < 103 102% 103 102%
8 102% 102% !02% 102% November, 1877. 102% 102% 103%
Thursday
1876. 109% 108% 110%
102% 102% 102% 102%
44
1875. 116% 114% 116%
10 102% 102% 102% 102%
44
J
Thursday
FrM»y
*
84
..
44
Satunlay....
Hunuay
jf
102%
102%
102%
102%
Friday........ }6 102%
Saturday ... .1< 102%
12
13
Wednesday... 14
Thursday
15
Monday
Tuesday
102%
102%
102%
102%
102%
102%
102%
102%
102%
102%
102%
108%
i02%
44
102%
103%
102%
102%
102%
44
44
41
44
fiyinrilLV
18
44
Monday
Tuesday
Wednesday..
Thursday...
19 108% 102% 102% 102%
90 102% 102% 102% 102%
44
Friday
Saturday
1874.
1873.
1872.
1871.
1870.
1869.
1868.
1867.
1866.
1835.
1864.
1863.
1862.
<4
44
44
110% 110
108%
112%
112%
111%
128%
133%
110%
146%
145%
102%
Day.
102%
102%
109%
115%
|
3s, Navy pension, Act July 23,’68, Int. appl’d only to
Debt
on
Principal. Interest
pens’nal «» »-l
© o o'
Which Interest Has Ceased Since Maturity.
a total amount of over-due debt yet outstanding, which has neve r
presented for payment, of (24,702,050 principal and (765,369 interest. Of
this amount, (23,931,950 are on the “ called” five-twenties.
There is
been
Debt Bearing no Interest.
Authorizing
Character of Issue.
137% 141% 138
133% 14'% 141%
145% 148% 147%
Issnes.
Amount.
Prior to 1869.
Series of 1869
Series of 1874
Series of 1875
(21,144,553
Acts.
table will show the opening, highest, lowest and
closing prices of railway and miscellaneous stocks at the New York
Stock Exchange during the months of October and November:
Old demand notes....
Legal-tender notes...
BANGS ON STOCKS IN OCTOBER AND NOVEMBER.
October.
—November.—
Railroad Stocks, Open. High. Low. Clos. Open. High. Low. Clos
71
71
71
Albany & Susquehanna. 71
At. & Pacific, pref....
IK
1%
:%
1%
14
14
15
lb
Bur. C. hap. & North
is
16
15
11
Central of New J ersey.. 15%
15%
13%
-
Certificates of deposit.
July 17, ’61
Feb. 12, ’62
Feb. 25,’62
July 11, *63
Mar. 8, '63
June
[
Total.
(63,702
165,289,062
47,124,575
117,782,098
Fractional currency..
-j
4,291,097
Second
Third..,
Fourth.
July 17,’62
Mar. 3, ’63
June 30, ’64
3,114,143
3,027,078
4,387,078
3,273,627
I Fifth...
Mar.
Coin certificates
351,340,288
36,055,000
8, ’72
f First...
The following
18,043,030
32,391,400
3,’63,
,
.
•
•
Chicago & Alton...
do
1*8%
86
103%
pref...
Chicago Burl. & Quincy 101%
86
105
105
Chicago Mil. & St. Paul.
do
do
pref.
36%
72%
42%
72%
Chicago & Northwest-..
38%
43%
69%
105%
49%
84%
5%
53%
do
pref.
6*%
Chicago & Rock Island. 102%
Cleve. Col. Cin & Ind...
37%
Cleve & Pittsburg, guar. 82%
Columb. Chic. &Tnd. C.
3%
Del. Lack. & Western... 47
Dubuque & Sioux City.. 55
Erie
11%
do pref
2*
Hannibal & St. Joseph.. 12
do
do
pref. 28
Harlem...
142%
Blinois Central
71%
Kansas Pacific
4
Lake Shore & Mich. So.
63%
Michigan Central
59%
Mo. Kansas & Texas....
6%
Morris & Essex
73
New Jersey..
123%
New Jersey Sonthern...,
%
N. Y. Cent. & Hud. Riv. 101%
N. Y. N. Haven & Hart. 154
Ohio & Mississippi
7
pref..
do1
14%
Pacific of Missouri
2%
Panama
115%
Pitts. F.W.& Chic., guar 91%
St. L. Alton & T. H
4%
do
do pf. 17
St. L. Iron Mt. & South.
6%
St. Louis Kans. C. & N.
5%
do
do
pref. 56%
St. L. & San Francisco..
3%
Union Pacific
66%
..
Wabash receipts
Mlfscellaneoiis*
Pacific Mail
American Ditt. Tel
Atlantic & Pacific Tel...
Western Union Tel
Consolidated Coal
Maryland Coal
Mariposa L.&M
60
15
27
13%
30%
144
79
5%
73%
74%
77
103
103
66%
33%
61%
67
35
100%
101
....
77
60
50
60
11%
12%
12
24
25%
SO
12%
12%
27%
50%
«%
20
142
Quicksilver
do
pr.f
Adams Express
American Express
United States Express..
Wells Fargo Express....
Del. & Hud. Canal
4%
68%
58%
64
64
6%
73%
5%
7%
75%
1%
106%
154%
2
2
125
87
5%
125
87
4%
5%
17
17
8
76
3%
3%
45%
50%
60
60
8%
18%
12%
27%
70%
3%
62%
57%
4%
73
10%
22%
12%
29
146%
72%
8
62%
59%
5
76%
120
154
157
1
6%
9%
14%
1%
120
•
15
•
•
•
125
86
•
•
8%
14%
1%
91%
•
•
15
15
7%
7%
6%
7%
4%
5%
55%
4*
22%
3%
5%
6%
4%
24%
3%
4%
24%
66
67%
67%
8%
67%
15
17
14%
67
16
24%
21
22
24%
4
«%
22%
23%
24
24
20%
79%
20%
84%
23
19
23 \
24
20
7o%
80%
22%
66
100
35
76
157
....
24%
New York Gas
Union Trust
63
99
35
35%
70%
35%
IK
106%
15
22%
84
66%
33%
•
55%
50
87
46%
22%
22
•
•
•
,
,
•
•
•
•
81%
77%
77%
25
10
25
10
25
10
25
10
18
36
98
98%
99%
53%
53
-44%
96%
45%
56
48
<9
44%
87%
48%
86%
22
124
120
•
•
•
•
3%
5
1%
1%
25%
23
16%
32%
95%
14%
22
324
120
4$
21
124
120
8%
4%
25%
17K
34
95 4
50
47
8?
21
124
120
the last
1
Character of Issue.
Auth’rizing
Act.
5s of 1858
(is of 1881
June
6s, Oregon War
March 2, ’61
6s of I8sl
6s of 1881
Feb.
14, ’58
8, ’61
July&A.,’61
March 3, ’63
5s, 10-40’s
March 3, ’64
6s, 5-208 of 1865, new. March 3, ’65
6s, 5-20s of 1867
March 3, ’65
6s, 5-20s of 1868
March 3, ’65
5e, Funded
Loan, 1881 July 14,’70
4%s,
do.
1891 July 14, ’70
do.
1907 July 14, ’70
*
*WhenjPayble
IS# 4
1S80
1*81
1881
1881
1904
1885
1887
1883
1881
1891
19c7
Interest
6
Periods. ,N
& J.
& J.
& J.
& J.
& J.
M.&S.*
J. & J.
J. & J.
J. & J.
J.
J.
J.
J.
J.
Q.—F.
Registered.
a
(260,000
13,820,000
c
d
d
d
d
d
d
d
Q.-M.
Q.-J.
••
126,2S5,100
53.919,4U0
142,545,950
46,466,550
98,556,050
15,750,500
220,076,350
117,129,900
59,305,700
Aggregate of debt bearing interest in coin
(894,115,500
Coupons of (50 and (100 bonds are paid annually in March.
(748,667,800
703,266,650
200,000,000
70,00?,000
Bonds at 5 per cent
Bonds at 4% per cent
Bonds at 4 per cent
Total debt bearing interest in coin
Debt bearing Interest in Lawful Money—
Navy pension fund at 3 per cent
Debt on which Int. has ceased since Maturity.
Debt bearing no Interest—
Old demand and legal tender notes...
Certificates of deposit
Fractional currency
(1,721,934,450
(30,697,051
14,000,000
24,702,050
175,000
765,269
(351,403,990
36,055,000
16,043,020
32,391,400
Certificates of gold deposited.
(437,893,411
Total debt bearing no interest
Unclaimed interest
r,447
Total
Total debt,
not
(2,198,529,911
(31,644,767
principal and interest, to date, including interest due
presented for payment
2,230,174,678
Amount in the Treasury—
133 970,214
Coin
8,816,396
9,806,002
Currency
Currency held for the redemption of fractional currency
Special deposit held for
as provided by law
redemption of certificates of deposit
36,055,000
—
(188,647,612
Total
Less estimated amount due military establishment, for which
bo
appropriations have been made.
4,500,000
..
Total
(184,147,612
2, .146,027,065
..
Debt, less amount in the Treasury, Nov. 1, 1877
Debt, less amount in the Treasury, Oct. 1, 1677
..
2,0*7,350,700
..
(1,323,684
14,131,157
Decrease of debt during the past month....
Decrease of debt since June 30,1877
Bonds Issued to tbe Pacific Railroad
Companies, Interest
Payable In Lawful Money.
Interest
Character of Issue.
Central Pacific
Kansas Pacific
Union Pacific
Central Branch, Union
Western Pacific
Sioux City and Pacific
Interest
repaid by
Outstand’g. United St’s tr’nsp’t’n.
Amount
paid by
Balance of
Int. paid
by U. S.
(25,685,120 (14,133,912 (2,1*8,960 (11,934,951
Pacific..
6,303,000
27,236,512
3,660,253
15,152,70ti
1,600,000
973,808
95S,8i'»
3,(70,560
1,628,320
878,102
1,532,350
5,103,347
62,938
9,367
68,409
2,327,903
10,049,358
910,809
949,480
809,692
(64,623,512 (35,957,629 (8.975,433 (26,982,195
Total
The Pacific Railroad bonds are all issued under the acts of
The following is a comparison
Dec. 1, 1870, and Dec. 1,1877:
Currency
Outstanding.
a3
b
Debt bearing Interest in Coin—
Bonds at 6 per cent
July 1,1862, and
of the condition of the Treasury
1S76.
Balances.
Coin.
Bonds
Interest.
and mature 30 years from their date.
day of November, 1877:
Debt bearing Interest In
Amount
Outstanding.
July2, 1864; they are registered bonds in the denominations of (1,000,15,000
ana (10,000; bear 6 per cent interest in currency, payable January 1 and July 1,
THE DEBT STATEMENT FOR NOVEMBER, 1877.
on
Recapitulation.
<7%
The following is tlie official statement of the public debt as
appears from the books and Treasurer’s returns at the close of
business
7,447
....
23%
86
S6%
<6*
3%
20
16
IK
22
•
.
35%
1%
23%
95%
52%
44%
83%
39%
....
•
,
25%
23%
8l%
20
1%
l1/.
23%
lo%
%
%
22
13
33
•
•
....
66%
(437,893,411
102%
105%
92%
12%
24
45
100
99%
101%
32%
Aggregate of debt bearing no interest
Unclaimed interest
78%
100%
1%
107%
90
20%
1%
1%
23%
74
115%
17
2
125
12%
1%
1%
22
20%
35%
97%
53
48
....
120
9%
16
2
5%
76%
1(6
154
17%
....
143
75%
9%
69%
65%
75
115%
1%
9
115%
31
4%
114
153
7
12%
25%
13%
147
15
41%
Canton.;
143
74
69%
....
do
prf
Ontario Silver Mining..
27
143
72
60
71%
8%
63%
2%
68
4%
45
55
14%
6%
4
3%
%
27%
37%
67%
101%
42%
79%
4%
51%
40%
101%
8%
6%
35
64
101
74
2%
17
103%
37%
41%
109%
154%
130
94
63%
103
102%
33%
66%
74
70%
*0
33%
80%
37%
no
11%
78
103
103
101%
31%
7%
77
121
77
....
....
•
....
l
135%
238% 210 260 280
.21 102% 102% 103% 103
44
146
154
148
148%
.22 103 102% 103 103
129% 129 133% 129
23 102% 102% 103 102%
Since
Jan.
’77.
1,
107% 102% 107% 101%
24 102% 102% 102% 102%
44
and also (5,000 and (10,000.
On the above issnes of bonds there is a total of (4,557,693 of interest over-due
and not yet called for. The total current accrued interest to date is (26,139,358.
Debt Bearing Interest In Lawlul Money.
112%|U2%
137
denominations of each issue of bonds are as follows: (a) Coupon
$1,000, registered (5,000. (5) coupon (1,000. registered (1,000, $5,000, (10,000.
(c) (50, (100 and (500. (d) coupon, (50, (100, (500 and (1,000, registered, same
103
108
106% 110% 109
111% 114% 112%
no% 112% 110%
110
113% 110%
121% 128% 122%
132
or
545
Coupon.
(
4,595,000
945,000
63,036,250
21,080,600
52,020,350
70.436,800
212,061,750
21,714,800
288,364,000
82,870,100
10,694.300
(827,818.950
1877.
(‘.1,743,215 28
—
Special fund for the redemption of fractional
9,806,(02 00
currency
Special deposit of legal tenders for redemp¬
tion of certificates of deposit
Coin
Coin certificates
Coin, less coin certificates
Outstanding called bonds
Other
outstanding coin liabilities
Outstanding legal tenders
Outstanding fractional currency
Outstanding silver coin
Total debt, less cash in Treasury
Reduction of debt for November
Reduction of debt since July 1
Market value of gold
40,727,000 00
24
37,413,600 CO
42,467,871 24
ri 9,881,471
1,475,300 00
9,283,214 86
366,911,000
27,408,508
23,700,323
2,089,338,099
00
99
56
42
*457,652 64
10,103,245 57
103 75
Imports (12 months ending Oct. 31)
433,131,011 00
Exports (12 months ending Oct. 31)......... 570,236,693 00
*
Increase, November, 1576.
(8,816,306 33
36,055,000
133,970,214
32,391,400
101,578,814
23,931,950
5,463,354
351,340,283
18,043,020
87,330,394
2,046,027,065
1,323,634
14,134,157
CO
43
00
43
00
62
00
52
26
94
63
32
102 87
475,094,972 CO
626,780.885 OQ
THE CHRONICLE
-546
From the actual receipts for the first quarter of the fiscal yea*
and the estimates for the remaining three quarter^, based upon
existing laws, the total revenues for the current year will amount
g}tf|Mttment itepotte.
beport
WTm secretarF
$265,500,000, and the expenditures to $232,430,643 72, which
leave a surplus revenue of $33,069,356 28; and as the
amount .required for the sinking fund is $35,424,804 80, there
will be a deficit on this account of $2,355,448 52.
to
of the treasury.
will
Department,
Treasury
Washington, D. C
1
December 3, 1877. f
,
To the Hon. The Speaker of the House of Representatives.
Sir: la obedience to law, I respectfully submit the followingreport :
The ordinary revenues, from all sources, for the fiscal year end¬
ing June 30, 1877, and the ordinary expenditures for the same
period, were—
Receipts.
Customs
Interial revenue
Sales of Public lands.
Tax on circulation ami
...
deposits of national
banks
—
penalties, &c
Fees—cousula
,
lettersof
sales
of
and arsenals
.
establishment,
includ'g vessels, ma¬
chinery atid improve¬
ments at navy yards.
1,044,712 84
Miscellaneous
expen¬
ditures, includ’g pub¬
lic buildings, light¬
houses and collecting
the revenue
Interest on the public
debt
1,727,61197
233,951 96
government property
Premium on salts of
249.580 78
coin.
Profits on coinage, &c.
Miscellaneous sources.
3 27 <,239
3.0 .7,732
Total ordinary receipts
$2o9,000,586 62
Leaving
a
08
81
Total
ditu
14,959,935 36
39,229,119 47
97,124,511 58
$30,340,577 69
$10,071,617 00
14,0la,458 05
417,SCO 00
S,778,602 61
$39,340,577 69
The amount due the sinking fund for the year was $33,729,833 20, leaving a deficiency on this account of $3,389,255 51.
Compared with the previous fiscal year, the receipts for 1877
have decreased as follows: In customs revenue, $17,115,491 54;
in proceeds of sales ot public lands, $153,213 27 ; in sales of coin,
$3,473,905 0*2; in semi-annual tax on bunks, $250,022 33; in
priz<—money, $321,370 92; in sales of public property;'$1,288,212 73: and in miscellaneous items, $934,512 81. There was an
increase in the fo lowing items: In internal revenue, $1,929,
075 80; in profits on coinage, $1,532,121 27; and in miscella¬
neous items, $1,590,539 01—making a net d-crease in the receipts
from all sources, for the year, of #18 481.452 54.
The expenditures show a decrease as follows: In the War
Department, $988,152 74 ; in the Navy Department, $4,003,374 40;
in the Interior Department, §983,194 37 ; in civil and miscella¬
neous, $10,700 307 18; and in the interest on the public debt,
$3 ,118,759 05—due to the funding of six percent bonds in new
fives and four-a-kalf per cent bonds—making a total reduction in
all of the Departments of $19,799,788 40.
The large apparent reduction in the expenses of the Navy
Department, however, is not real ; for, hy reason of insufficient,
appropriations to pay the current li*l i ities of that Department,
Congress has, by detic ency bill, (luring the recent session, appro¬
priated the sum of $2,003,861 27, which is properly chargeable to
the expenditures ot the last year; but, including such defi¬
ciency, the reduction in receipts lius been nearly met by the
reduction of expenditures.
It will also be noticed that more than one-half of this reduc¬
tion has been made in the civil and miscellaneous expenditures,
and is in part due to the reduction of the salaries and office
of the civil officers and employes of the Government.
For the present
will be as follows
fiscal
year
the
actual and estimated,
:
For the quarter
•ncUng Sept,
.For the remaining three quar-
30,1877.
teraof the year.
Receipts.
Actual.
From custom*
From internal revenue
$3 >,984,531 56
*8,3:<3,T<2 53
2.8,791 19
Estimated.
$92,.V6,463 44
89,606,617 42
781,208 81
3,449,9:8 SI
3,550,063 16
From sales of pub:ic laads
From tax on circulation and
deposits of uational
banks
From repayments of interest by Pacific Railway
£36.162 18
Companies
From customs’ fees, fines, penalties, &c
From fees—consular, letters-pa'ent, aud l*nds.
From
From
Fr< m
proceeds of sales of government property
premium on sales of coin
29 ,3t» 32
441,604 35
65,588 36
130.432,67
proftia on coinage. &c
427 777 10
From miscellaneous sources
895,022 67
:
customs
internal
sales of public lands
tax on circulation and
..
$!33,020,000 CO
120,009,0(10 00
1/ oyoo 00
...
1,100,000 00
—
revenue
—
deposits of national banks
repayment of interest by Pacific Railway
customs’fees, fines, penalties, Ac
fees—consular, lettere-palent, and land?
7,100.0(0 00
Companies
1,000,000 00
1,750,000 00
500.000 CO
50,000 00
1,000,000 00
2,750,000 00
proceed* of sales of government property
premium on sales of coin
profits on coinage, &c
miscellaneous sources
,
Total ordinary receipts ...
The estimates of expenditures for the same
from the several Executive Departments, are as
$269,250,000 00
period, received
follows ;
$2,813,256 16
13 288,462 25
391,900 00
663,837
704,659
1,308,395
284,411
1,214,397 56
Foreign interconr. e
Military establishment
31,597,270 63
16.233,234 40
5 415,891 20
2S,OOOfOCO 00
Naval establishment
Indian affairs...,
Pensions
Public-works:
Treasury Department.../.
War Department
Navy Department
Interior Department
5,076.615 60
7,953,077 75
2,314,231 00
526,244 Of
...
Department of Agriculture
15,750 00
Postal service
Mifcellaneous
Permanent annual appropriations:
Interest on the public debt
.’
.
..
.
8.093,672 72
15,143,5S5 22
92,680,802
37,196,045
5/43,(00
t,500.000
Sinking fund
Refunding acts—customs, internal revenue, lands, &c
Collecting revenue from customs
51
04
00
00
1,161,300 04
Miscellaneous
Tutal estimated
..
$,).fc'0J6S8:796 38
expenditures
that if Congress shall make appropriations based
upon the foregoing estimates, including $37,196,045 04 for the
sinking fund,.there will be a deficiency at the close of the year
of $11,438,790 38.
The following estimates are in excess of the
expenditures, for the same purposes, for the last fiscal year;
It will appear
$8,654
Military establishment... 4,0.0,790
Naval establishment
2,246.783
Indian affairs..
138,883
Pension-1
36,247
Judicial...
Assuming that
29
21
61
98
73
Congress wi
Public works:
War Department
$2,941,417 53
Navy Department
1,526.228 65
Interior Department...
221.74100
Dep’t of Argriculture..
8.910 03
Postal service
2.059,112 28
1 not increase the aggregate
national taxation at a time when all industries are oppressed
the weight of local taxation, the Secretary recommends that
by
the
ending June 30,
appropriations for the fiscal year
1879, exclusive of interest and sinking fund, should not exceed
aggregate
$140,000,000. This will require the appropriations to be reduced
least $11,000,000 below the estimates submitted above—a
reduction that, in the opinion of the Secretary, can be made
without crippling any branch of the public service.
Reduction in public expenditures cannot be secured merely by
a reduction
of appropriations.
It must be accompanied by a
careful revision of the laws which fix the salary and number of
employes ; by a reduction of the amount expended on public
works now in progress; by postponement of all new works not
indispensable lor the public service ; and by judicious scrutiny
at
of disbursements.
The rapid appreciation
of our current money to the coin
accompanied by diminished expenses in the
public service. The revenue from duties on imports Raving
largely diminished, the expenses of its collection should be
reduced.
Old claims should be closely scrutinized; and any
increase in any branch of public expenditure should be arreateef.
The Secretary will not undertake, in this report, to revise the
estimates of the diff rent departments—many items of which are
submitted without recommendation—but urges >hat the appro¬
priations based upon them, including the amount estimated fet
the sinking fund, should not, in any event, exceed iu the aggre¬
gate the estimated revenues of the Government,
standard should.be
1878.
revenues,
ending June 30, 1879, esti¬
Legislative
$2 .8,6G°,00S 93
e.-.
surplus revenue of
FISCAL YEAR
From
From
F;©m
From
From
From
From
From
From
From
From
1679.
Executive
Judicial
ordinary expen-
Which was applied as follows:
To the redemption of United States notes, &c
To the redemption oi fractional currency
To the redempt on of six p r cent bonds for the sinking fuud.
To increase of ca h balance in the Treasiuy
..
expenses
FISCAL YEAR
The revenues for the fiscal year
mated upon existing laws, will be :
37,082,735 TO
Naval
1,661,993 61
fines,
patent and iands
Proceeds
,
5.277,007 22
27,913,752 27
Military establishment,
1 eluding liver and
hart or improvements
Re payment
by
Companies
Customs’ fees,
1,229,758 79
Foreign intercourse...
Indians
Pensions
0:8,550 96
...
of interest
Paciiie Railway
Expenditures.
Civil expanses
$15,794,183 34
$130.9 6,491 07
lit,630,407 83
976,253 t8
[Vol. XXV.
S2
68
65
64
369,567 33
1,271,222 90
2,704,977 33
SINKING FUND.
In the last annual report (page 10) my predecessor stated that,
had the resources of the Treasury during each fiscal year, com¬
mencing with 1862, been sufficient to make a literal compliance
with the conditions of the sinking-fund law practicable, a total
$433,848,215 37 would have been applied to that fund July 1,
the actual reduction of the debt, including
The expenditures for the same period, actual and estimated, accrued interest, less cash in the Treasury at that date, amounted,
to $658,992,226 44.
will be:
On the same basis the amount in the
For the quarter For the remainsinking fund would have reached $475,318,888 78 on the 1st ol
ending Sept.. ing three quarJuly, 1877, on which date the reduction of the debt, including
30.1877.
ters of the year.
accrued interest, less cash in the Treasury, since its highest
Estimated.
Expenditures.
Actual.
For elvil and miscellaneous expenses, including
point in 1865, amounted to $696,273,348 17, or $220,954,459 39 in.
public buildings, ligut-houses, and collecting
excess of the amount required by law to be provided for that
the revtnue
$15,221,378 05
Total receipts
$71,537,569 82 $193,962,430 18
...
$3«,lf8.M3 95
For Indians
For pensions
1,658,572 99
7,116,763 59
3,191,427 04
:
..
For naval establishment, including vessels and
machinery, and improvement* at navy yard..
r.
8t
For interest
on
.
the public debt
Fetal erdinary expenditure*
.
.
1876, whereas
fund.
35,937,962 62
3,695,545 51
12,604,454 49
62,694,053 76
40.466,569 96
$70/30,901 55 $161,699,738 17
*
August 24, 1876, made by the Secretary #f the
Treasury with certain parties, fof the negotiation of $800,000,000
four-and-one half per cent bonds, had bo far been executed on
the 1st of March, 1877, that $90,000,000 had been sold to the
associated contractors, and calls had been made for the redemp*
tion of a like amount of five-twenty bonds.
The contract of
2,072,037 48
-
FUNDING, ETC.
11,083,216 41
Fur military establishment, including fortifica¬
tion*. and river and harbor improvements and
arsenals
of
December 8,
THE CHRONICLE
1877.]
While the contract expired in terms on the 30th day of June,
1877, it contained a stipulation that it might be terminated by
the Secretary of the Treasury, upon ten days’ notice, after the
4th of March, 1877.
In May last it became apparent to the Secretary that, by a
favorable change in the money market, four per cent bonds
could be sold at par, in coin, with great advantage to the Gov¬
ernment; and, availing himself of the privilege secured by the
contract, lie gave notice that he would limit the sale of four-andone-half per cent bonds to $200,000,000.
On the lltii d ly of May it was agreed that a portion of the
latter should be sold under the authority of the resumption act
for resumption purposes, and subscriptions were rapidly made
until the aggregate reached $200,000,000, of which $185,000,000
were applied to the redemption of an equal
amount of six per
cent bonds.
On the 9ih day of June, 1877, the Secretary entered into a
contract w.tli a portion of the previously-associated parties for
the sale at par, in coin, of the four per cent bonds of the United
States, authorized to be issued by tire refunding act. 'This con¬
tract was, in substance, similar to previous contracts, but was to
terminate on the 30th day of June, 1S78, with the right reserved
to the United States to terminate it at any time after the 31st of
December, 1877, by giving ten days’ notice thereof to the con¬
tracting parties. This contract al9o contained a stipulation, as
„
follows
:
“It is aho agreed that the parties of the second part shall offer to the people
of the United States, at par and accrued interest in coin, the four per cent
registered consols and four per cent, coup m consols of ihe denominations of
§50 slid $10 embraced in this contract, for a period of thirty days from the
public notice of such subscriptions, and in such cities and upon such notice
as the Secretary of the Treasury may prescribe prior to the opening of the
lists; and further, to offer to the subscribers the option of paying in instal¬
extending through three months.”
Uudt-r this contract, invitations having been published, sub¬
scriptions to this loan were opened on the 16th of June, 1877.
ments
Within the period of thirty days thereafter the subscriptions bad
reached the sum of $75,400,550, which were payable within
ninety day's from the date of subscription, or
on
or
before the
16th of October.
Every subscription to these bonds has been
paid, and of the proceeds $50,000,000 have been applied to the
redemp ion of an equal amount of six per cent bonds. The resi¬
due has been applied to resumption purposes, as hereafter
stated.
The annual reduction of interest ou the public debt
thus made is as follows :
By thereof $185,000,000 four and-or e-lia1 f per cent bonds
By the sale of $50,00 j.UGO four per cent bonds.
Aggregating
reason
$3,775,000
of the agitation of the repeal of the resumption act
and the remonetization of silver, which the associates believed
would prevent further gales of these b >nds.
For this reason
they declined to offer them, and
no further call of six per cent
bonds was therefore made.
On the 19th of June, pending the subscriptions, the
Secretary
informed the associates, in an official letter, that, as the Govern¬
ment exacts in payment for these
bonds their face value in
gold
anticipated that any future legislation of Con¬
gress, or anv action of any department of the Government,
would sanction or tolerate the redemption of the
principal of
these bonds, or the payment of the interest thereon, in coin of
less value than the coin authorized
by law at the time of their
issue—bring gold coin.
The general confidence of the public
that so just a principle of good
faith would be observed by the
government, no doubt, largely contributed to the success of the
loan. Whatever policy the Government may adopt at any time, in
its system of coinage, it should not reduce the value of the coin
in which it pays its obligations below that it demauded and
received.
The Secretary earnestly urges
Congress to give its
coin, it
•ancti
The
of its
was not
>a
to
this
assurance.
high credit of the United States, the faithful observance
public cbligations, the abundance of its wealth and
resources, the rapid
of savings among
reduction of its debt, the great accumulation
the people, the. favorable state of foreign
trade—all contribute
from its
own
able terms.
The
to
enable the United
Sta
people and in foreign markets
Secretary does not doubt that if
disturbing the public credit, the
six
no
es
on
rapidly paid off by the proceeds of the four
to
borrow both
the most favor¬
questions had arisen
per cent
that creates distrust or doubt will arrest this
disabling the United States from borrowing, will
compel the continued payment of the high rate of six per cent.
If, therefore, the public interest demands the issue of silver
dollars—a subject hereafter discussed—it is respectfully submitted
t) Congress that an express exception be made requiring that
gold
coin alone shall be paid for principal or interest on bonds issued
to public creditors since February
12, 1873, the amount of which
is $592,990,700.
These bonds have entered into the markets of
the world.
It the market value of the Bilver in the new coin is
less than the gold dollar, a forced payment in the new coin is a
repudiation of a part of this debt. The saving that would thus
be made is utterly insignificant compared with the
injury done to
the public credit.
Aud even as to bonds issued prior to February 12, 1873,
public
policy and enlightened self-interest require us to pay them iu the
coin then in circulation and contemplated by both parties as the
medium of payment.
Silver dollars have not been in circulation
in the United Slates since 1837, and since 1853 fractional silver
coins have been in circulation and a legal-tender only for limited
sums, aud have not been contemplated as the medium of payment
since any considerable portion of the outstanding bonds were
issued.
The silver dollar was, in fact, more valuable than the
gold dollar.
It does not become a nation like ours to avail itself
depreciation of silver to gain a small saving by the
payment of silver dollars instead of the coin contemplated when
the bonds were issued.
A far greater saving and higher public
honor can be secured by the sale of four per cent bonds under
the refunding act and the payment of outstanding bonds in
gold
coin. An assurance given by Congress of such payment would
at once secure the complete success of the
refunding process and
greatly advance the present high credit of the United States.
Another practical impediment in the sale of bonds was that,
under the law, the Secretary ould receive coin alone in
payment
for them, and the only existing coi l that could be received, under
the law, was gold coin.
As this was not in general circulation,
it was impracticable for the people to pay it into the
Treasury for
these bonds.
Therefore, it became necessary to conduct all sales
through third parties, who could receive bank bills, United
States notes, drafts, certificates and other forms of commercial
paper, and convert them into coin. The Secretary, therefore,
of the market
recommends that he be authorized
or for its equivalent in United
$2,775,000
In October last, after the payment of the popular
subscrip¬
tions, arrangements were perfected to open further subscriptions
to the tour per cent loan, and a call was about to issue for ten
millions.of six p-*r cent bonds, but it was temporarily
postponed
by
Any measure
process, and, by
coiu
1,000,000
bonds would be
547
to
sell such bonds either for
StateB notes.
RESUMPTION OP SPECIE PAYMENTS.
*
By the resumption act approved January 14,1875, the Secretary
of the Treasury is required to redeem legal-tender notes to
the amount of eighty per centum of the sum of national bank
notes
notes
issued, aud to continue such redemption, as circulating
are
issued, until there shall be outstanding tho sum of
$300,000,090 of such legal tender United States notes, and no more.
In obedience to this act, there have been issued, since March 1,
1877, to national bank*, $16,123,995 of circulating notes, and
there have been redeemed, retired, aud cancelled, $12,899,196 of
United States notes, leaving outstanding, on the 1st instant, the
sum of $351,340,288.
By the same act it is provided that, on and after the first day of
January, 1879, the Secretary of the Treasury shall redeem, in
coin, the United States legal-tender notes then outstanding, on
their presentation for redemption at the office of the Assistant
Treasurer of the United States, in the city of New York, in sums
of not less than fifty dollars.
“And, to enable the Secretary of
the Treasury to prepare and provide for the redemption in this
act authorized or required, he is authorized to use any surplus
revenues, from time to time, iu the Treasury not otherwise
appropriated, and to issue, sell, and dispose of, at not le.-s than
par, in coin, either of the descriptions of bonds of the United
States .described in the act of Congress approved July 14, 1870,
entitled ‘An act to authorize the reluuding of the national debt,*
with like qualities, privileges, and exemptions, to the extent
necessary to carry this act into full effect, aud to use the proceed*
thereof for the purposes aforesaid.”
In obedience to this provision, the Secretary has sold at par,
for coin, $15,000,000 four-and one-half per cent bonds, or $5,009,000 during each of the months of May, June, and July last, and
has sold $25,000,000 at par, in coin, of four per cent bonds, or
$5,000,000 for each of the months of August, September, October,
November, and December. Of the coin thus received, $4,000,000
have been sold-for the redemption of United States notes, and
the residue is in the Treasury.
The surplus revenue has also,
under the same authority, been applied to the redemption of the
residue of United States notes, not redeemed by the sale of coin
as above stated, and the balance is held in the Treasury in prepar¬
bonds, sold
equivalent.
The highest public cr«-dU can be secured
only by & constant
observance of every public engagement, construed
according to ation for resumption.
its leiter and
These operations, aided greatly, no doubt, by the favorable
spirit. Thus far this course has been faithfully
pursued by the United States.
Without it, our ample resources condition of our foreign commerce, have advanced the market
and ability to
pay are of no avail.
At a time when we are enjoy¬ value of United States notes to 97f per cent, or within nearly two
ing such credit, and rapidly securing the benefit of it by the and a half per cent of coin. They have also conclusively demon¬
reduction of the rate of interest from six to four
per cent, it strated the practicability of restoring United States note* to par,
would seem to be a
grievous error to raise a question about the in coin, by the time fixed by law, and that without disturbing
coin in which the interest is
payable.
Self-interest alone, with¬ either domestic or foreign trade or commerce. Evc'ry step haa
out respect to
pride in public credit, would lead us to secure so been accompanied with growing business, with the advance of
tfreat a benefit as would be the
saving of one-third of the inter¬ public credit, and the steady appreciation of United States notes.
est of the
public debt.
The export of bullion has been arrested, and our domestic sup¬
Of the six per cent
loans, about $680,000,000 are now redeem- ply has accumulated iu the Treasury. The exportatiou of other
ii i-V ^ie
of the United States, and of the whole debt domestic products has been largely increased, with groat advan¬
♦Mo*,000,000 are redeemable before or on the 1st of May, 1881. tage to all industries. The course adopted under the resumption
reduction of the interest, from six to four per cent, on the act, as herein set forth, if pursued, will probably be followed
*t par
in coin
2?qoC
f10,200,000
or
its
per cent
now redeemable, there would be a saving of with like favorable results, and a sufficient fund for the mainte¬
annually, and by the reduction to four per cent of the nance of resumption will doubtless accumulate iu the Treasury at
interest on the total debt redeemable
by the 1st of May, 1881, or before the date fixed by law. The provision for free banking
would be a saving ef $22,006,205 50
has aided this process by allaying imaginary fears that would
per annum.
otherwise have been
aroused by the
withdrawal of United States
notes.
;
The Secretary cannot too
strongly urge the firm maintenance
good the promise contained in the
promise repeated in the act
of a policy that will make
United States notes when issued—a
approved March 18,1869, and
act.
coin they promise,
though justified by the necessity which led to their issue, should
be made good as soon as practicable.
The public credit is in¬
jured by failure to redeem them. Every holder who was com¬
pelled by law to receive them has been deprived of a part of his
just due. Now, when our national resources are ample, when
the process of appreciation is almost complete, when the wisdom
of the existing law has been demonstrated, it is the dictate of
good policy and good faith to continue this process of preparation,
so that at or before the time fixed by law every United States
note will have equal purchasing power with coin.
To reverse
“
to
strengthen the public credit/’
made definite and effective by the resumption
Dishonored notes, lees valuable than the
policy in the face of assured success will greatly impair the
public credit, arrest the process of reducing the interest on the
public debt, and cause anew the financial distress our country has
recently suffered.
this
resumption act contemplates the reduction by the fir3t day
January, 1879, of the amount of United States notes to $300,000,GOO, by the cancellation of such notes to the extent of 80 per
cent of the circulation issued to national banks.
The amount of circulation so issued may not be sufficient to
accomplish the reduction contemplated ; the Secretary, therefore,
recommends that authority be given to gradually fund into four
per cent bonds all United Slates notes in excess of
the bonds to be issued at par for coin or its market equivalent in
United States notes. This will be in harmony with the declared
The
of
$300,000,000,
the
the
reduction of United States notes to the maximum of $300,000,000
may be accomplished if Congress will authorize the coinage of
object of ex sting law, and will open an easy way by which
people may invest their savings in a public security. Or
dollar, to be exchanged for United States notes on
demand of the holder, sush notes to be retired and cancelled.
the silver
the
Existing laws do not clearly define whether United States
when redeemed after January 1, 1879, may be reissued.
The first section of the resumption act plainly provides for the
permanent substitution of silver coin for the whole amount
notes,
the
of
Section 3 plainly provides for
permanent reduction of United States notes to an amount
exceeding $300,000,000. No distinct legislative declaration
fractional currency
not
[Vd. XXV.
THE CHRONICLE
548
outstanding.
intended to maintain them in forced circulation, at a time when
their depreciation was inevitable. When they are redeemable in
coin this quality may either be withdrawn or retained, without
affecting their use as currency in ordinary times. But all experi.
ence has shown that there are periods when, under any system of
paper money, however carefully guarded, it is impracticable to
maintain actual coin redemption.
Usually contracts will be
based upon current paper money, and it is, just that, during a
sudden panic, or an unreasonable demand for coin, the creditor
should not be allowed to demand payment in other than the cur¬
which the debt was contracted. To meet this contin¬
it would seem to be right to maintain the legal-tender
quality of the United States notes. If they are not at par with
coin it is the fault of the Government and not of the debtor, or,
rather, it is the result of unforeseen stringency not contemplated
by the contracting parties.
In establishing a system of paper money designed to be perma¬
nent, it must be remembered that heretofore no expedient has
been devised, either in this or other countries, that in times of
panic or adverse trade, has prevented the drain and exhaustion of
coin reserves, however large or carefully guarded.
Every such
system must provide for a suspension of specie payment. * Laws
may forbid or ignore such a contingency, but it will come; and
when it comes it cannot be resisted, but should be acknowledged
rency upon
gency,
and declared, to prevent unnecessary sacrifice and ruin.
free Government the power to make this declaration .will
In
our
not be
willingly intrusted to individuals, but should be determined by
and conditions known to all. It is far better to fix the maxi¬
mum of legal-tender notes at $300,000,000, supported by a mini¬
mum reserve of $100,000,000 of coin,
only to be used for the
redemption of notes not to be re-issued until the reserve is
restored. A demand for coin to exhaust such a reserve may not
occur, but, if events force it, its existence would be known and
could be declared, and would justify a temporary suspension of
specie payments. Some such expedient could no doubt be pro¬
vided by Congress for an exceptional emergency.
In other times
the general confidence in these notes would maintain them at par
in coin, and justify their use as reserves of banks and for the
redemption of bank-notes.
events
NATIONAL BANKS.
In this connection, the Secretary
calls the attention of Con¬
the Currency.
gress to the report of the Comptroller of
The number of national banks in existence on the first day of
November last was 2,080.
The amount of their circulating-notea
retired within the year prior to November 1, 1877, is
The amount of circulating-notes issued to national banks during
the same period is $16,306,030. The aggregate amount
circulation outstanding is $316,775,111. Their loans and dis¬
$20,681,637.
resumption act that notes redeemed after that limit
18 reached shall not be reissued ; but section 3579 of the Revised
of their
Statutes of the United States provides that “when any United
States notes are returned to the Treasury they may be reissued,
counts amount to $888,243,290 17.
from time to time, as the exigencies of the public interest may
The general solvency of the national banks, as now organized,
require.”
and their benefit to the people, have been demonstrated during a
The Secretary is of the opinion that, under this section, notes,
No one has lost a dollar by receiving
when redeemed after the first of January, 1879, if the amount period of fourteen years.
their notes. They have been less subject to revulsion and failure
outstanding is not in excess of $300,000,000, may be reissued than
any other corporations or firms.
Their organization under a
the exigencies of the public service may require*
as
A note
redeemed with coin is in the Treasury and subject to the general law containing every safeguard which experience has
suggested—the supervision over them by the Comptroller of the
same law
as if received for taxes, or as a bank note when
the frequent and unforeseen examinations to which
Currency,
redeemed by the corporation issuing it. The authority to
are
they
subject,
the sworn statements required of them of every
reissue it does not depend upon the mode in which it is
detail necessary to disclose their condition, the absolute security
returned to the Treasury. But this construction is contro¬
of their issues—makes this system of banking as safe and efficient
verted, and should be settled by distinct provisions of law.
as any yet devised.
The remaining condition to perfect this
It should not be open to doubt or dispute. The decision of
this question by Congress involves not merely the construction system is, that their notes should be readily convertible into coin.
While United States notes were irredeemable and depreciated, it
of existing law, but the public policy of maintaining in circula¬
was not possible that bank-notes should
rise above the par of
tion United States notes, either with or without the legal-tender
United States notes. The true test of this system of banking will
clause.
These notes are of great public convenience—they
come when the United States notes are maintained at par with
circulate readily ; are of universal credit; are a debt of the
coin ; then the banks must redeem their notes in coin or United
people without interest; are protected by every possible safe¬ States notes equal to
coin.
guard against counterfeiting; and, when redeemable in coin at
Tne ample statistics given by the Comptroller, and his com¬
the demand of the holder, form a paper currency as good as has
parison of the reserves and condition of the national banks with
yet been devised. It is conceded that a certain amount can, with the
reserves and condition of other systems of banking in specie¬
the aid of an ample reserve in coin, be always maintained in cir¬
paying
times, give assurance that the national banks are able to
culation.
Should not the benefit of this circulation inure to the
redeem their circulating-notes in coin at any date fixed upon by
people rather than to corporations, either State nr national ? The the Government.
They certainly should not enjoy the frauchise
Government has ample facility for the collection, custody, and
of circulating as money their non-interest-bearing notes, unless
care of the coin reserves of the country.
It is a safer custodian
The present system of
of such reserves than a multitude of scattered banks can be. The they are prepared to redeem them.
banic-notes
at
redemption
of
the
Treasury
of the United States
authority to issue circulating-notes by banks is not given to them
can be continued after United States notes are at par with coin,,
for their benefit, but for ihe public convenience, and to enable
as
well as now.
If experience should show that additional
them to meet the ebb and flow of currency caused by varying
reserves are necessary they can be required.
Then, as now, their
J.t is indispensable that a power notes will be
crops, productions and seasons.
amply secured by the deposit of bonds, and confi¬
should exist somewhere to issue and loan credit-money at certain
dence in this security will dispel the fear of failure, which, under
times, and to redeem it at others. This function cm be performed
former systems, has been the cause of sudden runs or demands
better by corporations than by the Government. The Govern¬
on banks for payment of their note*.
If the policy of the Gov¬
ment cannot loan money, deal in bills of exchange, or make
ernment should be to maintain in circulation at par with coin a
advances on property.
The Secretary ventures to express the opinion, that the best maximum of three hundred millions of United States notes, and
to support them with a reserve of not less than one hundred
currency for the people of the United States would be a caretullyin coin, these notes will be the natural reserves of the
limited amount of United States notes, promptly redeemable on millions
banks,
and
more convenient ,for that purpose than a deposit of
presentation in coin, and supported by ample reserves of coin,
is made in the
national banks, organized
and open to all, with power to issue
secured by United States bonds deposited with
and supplemented by a
under general laws, free
circulating-notes
system of
coin in their vaults.
The real danger that in
its liability for deposits.
former systems threatened a hank was
If these were suddenly withdrawn, or
United States greatly diminished, the note-liolder was the chief sufferer. The
people a safe first rumor of weakness about a bank brought a demand from
depositors and note-holders alike, but under the national banking
currency of equal value in all parts of the country, receivable
system
the note-holder is secure and indifferent whether .the
for ail dues, and easily convertible into coin.
can
Interest
thus
be saved on so much of the public debt as can be conveniently bank breaks or not, and the depositor, who is a voluntary creditor
maintained in permanent circulation, leaving to national banks of the bank, is not likely to hasten its fall, lie is usually paid
the proper business of such corporations, of providing currency by a transfer of credits, and in most cases is a debtor as well as a
creditor of the bank.
Scarcely five per cent of deposits are paid
for the varying changes, the ebb and How of trade.'
The legal tender quality given to United States notes was by currency.
the Government,
notes
or
coin.
and redeemable on demand in
Such a system will secure to the
December
capital stock of national banks paid in is now $479,497,771,
and the surplus fund and other undivided profits is now $166,849,799 96. The banks are exceptionally strong in their cash
reserves. Their condition is as favorable to maintain redemption
in coin as in United States notes, and the Secretary concurs in
the opinion of the Comptroller that they ought to be, can be, and
will be prepared for redemption of their circulating notes in coin
or in United StateB notes equal to coin by the time fixed by law,
without interfering with their ability or disposition to render
their aid, as now, by loans and discounts, in conducting the busi¬
ness and exchanges of the country.
The market value of their
circulating note is 97f per cent. The difference is not equal to
six months’ interest on the bonds deposited for the security of
the notes, and not five per cent of their surplus on hand.
It is
scarcely to be credited that the payment of this will disturb in
any way the even course of their business.
Complaint is made by the banks and bankers of the country of
the tax on their deposits, and attention is called to what is said
by the Comptroller of the Currency as to the repeal of this tax.
While the necessity exists for collecting the amount of revenue
now required, the Secretary is not prepared to recommend such
repeal, but whenever a sufficient amount of revenue for the
support of the Government can be derived from the other
articles now subject to taxation, a reduction of bank taxation
The
will then be advisable.
The cost of the redemption of bank notes in United States notes
at the Treasury, under the present system, does not exceed onesixth of one percent on the amount redeemed, and is refunded to
the Government by the banks. The redemption is a great con¬
venience to them and to the public, and should be continued.
system recognizes the
agents or depositories.
process of refunding ; they are
The act creating the national banking
character of these banks as Government
They could greatly assist in the
conveniently distributed, so as to be
within easy reach of the
people of the United States. The Secretary is of the opinion
that they can be, under existing law, and ought to be, made the
agents of the Government in the sale of bonds, upon conditions
that will make it for their interest to promote such sales, and
will be safe and advantageous to the Government.
Various
Ians have been
eat will
519
THE CHRONICLE
8, 1877. |
submitted to secure their co-operation, and the
be adopted.
rency issued bad been destroyed, and could not be presented
for redemption, and could hardly be held to be “ oatstanding.”
The Treasurer of the United States, the Comptroller of the
Currency, and the Director of the Mint concurred in estimating
the amount, so lost and destroyed, to be not less than $8,033,513.
As it was evident that Congress intended to provide an aggre¬
gate i9su» of $50,000,000 of such coin and currency in circula¬
tion, the Secretary directed the further issue of silver coin equal
iu amount to the currency estimated to have been lost and
destroyed.
It is submitted that the limitation upon the amount of such
fractional coin to be issued in exchange for United States notes
should be repealed. This coin is readily taken, is in great favor
with the people, its issue is profitable to the Government, and
difficulty in maintaining
The estimated amount of
such coin in circulation in the United States in 186), at par with
gold, was $43,000,000. Great Britain, with a population of
32,008,000, maintains an inferior fractional coin to the amount of
$92,463,500* at par with gold, and other nations maintain a
much larger per capita amount.
Ih) true limit of such coin is
the demand that may be made for its issue, and if only issued in
exchange for United States notes there is no danger of an excess
being issued.
By the coinage act of 1873 any person may deposit siiver bul¬
lion at the mint to be coined into trade dollars of the weight of
420 grains troy, upon the payment of the cost of coinage This
provision was made at a time when such a dollar was worth in
the market $1 02 13-100 in gold, and was designed for the use of
trade in China, where silver was the only standard.
B/ the
joint resolution of July 23,1876, passe 1 when the trade dollar
experience has shown that there is
it at par with United States notes.
no
in market value had fallen
greatly below one dollar in gild, it
provided that it should not be thereafter a legal tender, and
the Secretary of the Treasury was authorize! “to limit the
coinage thereof to such an amount as he may deem sufficient to
meet the export demand for the same.”
Under these laws the
amount of trade dollars issued, maialy for exportation, was
$30,710,400. In October last it became apparent that there was
no further export demand for trade dollars, but deposits of silver
bullion were made, and such dollars were demanded of the mint for
circulation in the United States, that the owner might secure
was
the difference between the va'ue of such bullion in the market
and United States notes.
At the time, the mints were fully
SAVINGS BANKS.
the great value to our
by the issue of fractional and other coins on account of
plan for the collection, occupied
the Government. Therefore, under the authority of the law
safe keeping and profitable employment of small deposits by the
referred to, the Secretary direc:ed that no further issues of trade
people. How far this can be done without trenching upon the dollars should be made until necessary again to meet a i export
proper functions of the State governments is a question of demand. In case another siiver dollar is authoriz ?d, the Secre¬
difficulty; yet it is important to secure, if possible, a general
recommends that the trade dollar be discontinued.
system throughout the United States.
This can hardly be tary
The question of the issue of a silver dollar for circulation as
effected by the organization of a multitude of savings banks,
money has been much discussed and carefully examined by a
depending upon the fidelity, integrity and skill of their officers, commission
organized by Congress, which has recommended the
but the beneficial object of such banks might be secured by
coinage of the old silver dollar. With Buch legislative pro¬
authorizing the deposit of small sums with any postal money- vision as will maintain its current value a' par with gold, its
order office in the United States, and the issue of Government
issue is respectfully recommended.
A gold coin of the denomi¬
certificites, convertible on demand of the holder into four per
The attention of Congress is called to
fellow-citizens of the organization of some
cent bonds of the
and amount as will
United States, of such character, description
enable and induce prudent persons to convert
their earnings into a public security of stable value.
thus received could be employed in the redemption
AND COINAGE.
The Secretary calls the attention of Congress to the report of
the Director of the Mint. The general management of the
mints -and assay offices, and the amount, accuracy, and per¬
fection of their work, are highly satisfactory.
The coinage of
gold and silver, their relative value to each other, and their
legal tender qualities, are now the subjects of discussion and
legislation in all civilized countries. These questions are espec¬
ially important to the United States, now in transition from an
irredeemable paper currency to a mixed currency, redeemable in
coin, and will justify the Secretary in a fuller presentation of
these topics than is usual in his annual report.
The resumption act of Jan. 14, 1875, provided for the exchange
and substitution of silver coin for fractional currency. To facili¬
tate this exchange, the joint resolution approved July 22, 187G,
provided that such coin should be issued to
an
a
daily transactions, and is in
The money of
hoarding.
of outstand¬
Of the
ing bonds bearing a higher rate of interest. By some such
system it is believed that the great body of our public debt,
reduced to its smallest possible burden, could be distributed
among our own people.
With a slight modification of existing
law, this beneficial result would be secured. The deposits now
held by savings banks throughout the country amount to
$843,154,804, deposited by 2,300,000 persons, and mostly bv
deserving citizens, who thus wisely seek to preserve small
savings lor future need. No object could more strongly appeal
to the considerate judgment of Congress.
The heavy losses that
have been sustained through savings banks, whose funds have
been improvidently loaned
upon insufficient security, have
inflicted far greater injury upon the depositors i,han would a
similar loss suffered by persons engaged in banking or commer¬
cial pursuits. The Secretary, therefore, recommends that author¬
ity be granted to issue certificates for small deposits, convertible
into four per cent bonds now authorized by law, the proceeds to
be used solely for the redemption of bonds bearing a higher rate
of interest, and now redeemable at par.
COINS
one dollar is too small for convenient circulation, while
coin in silver would be convenient for a multitude of
nation of
such
amount not
a
a
form to satisfy the natural instinct
metals, silver is of most general use for coinage. It is
part of every system of coinage even in countries where gold is
It best measures the common wants of
bulk, is not a convenient medium in
the larger exchanges of commerce.
Its production is reasonably
steady in amount. The relative market value of silver and gold
is far more stable than that of any other two commodities—still,
it does vary.
It is not in the power of human law to pre¬
the sole
legal standard.
life, but, from its weight and
the vaiiation.
This inherent difficul y has compelled all
nations to adopt one or the other as the sole standard of value,
or to authorize an alternative standard of either, or to coin both
metals at an arbitrary standard, and to maintain one at par with
the other by limiting its amount aad legal-tender quality, and
vent
or redeeming it at par with the other.
It has been the careful study of statesmen for many years to
secure a bi-metallic currency not subject to the changes of market
receiving
so adjusted that both kinds can be kept iu circulation
together, not.alternating with each other. The growing tendency
has been to adopt, for coins, the principle of “ redeemability”
applied to different forms of paper money. By limiting tokens,
silver and paper money to the amount needed for business, and
promptly receiving ojt redeeming all that may at any time be in
excess, all these forms of money can be kept in circulation, in
large amounts, at par with gold. In this way, tokens of inferior
intrinsic value are readily circulated, but do not depreciate below
the paper money into which they are convertible.
The fractional
silver coin now in circulation, though the silver of which it is
composed is of less market value than the paper money, passes
readily among all classes of people and auswers all the purposes
for which it was designed.
Aud so the silver dollar, if restored
to our coinage, would greatly add to the convenience of the
people. But this coin should be subject to the same rule, as to
issue and convertibility, as other forms of money.
If the market
value of the silver in it were less than that of gold coin of the
same denomination, and it were issued in unlimited quantities
and made a legal tender for all debts, it would demonetize gold
aud depreciate our paper money.
The importance of gold as the standard of value is conceded by
all. Since 1834, it has been practically the sole coin standard of the
United States, and since 1815 has been the sole standard of Great
value, and
exceeding $10,000,000, for an equal amount of legal tender notes
It is aiso provided that the aggregate amount of
such coin and
fractional currency outstanding should not exceed, at any time,
$50,090,000. That limit would have been reached some time
since, if the whole amount of fractional currency issued and not
redeemed; had been held to be “outstanding.” It was well
♦As estimated by Mr. Freemantle, deputy master of the Royal Mint,
known, however, that a very large amount of fractional cur¬ December, 1875.
4
550
THE CHRONICLE.
Britain. Germany has
recently adopted the eame standard.
France and other Latin nations have
suspended the coinage of
iilver, and, it is supposed, will gradually either
adopt the sole
standard of
gold
or
provide for the
tyoum
the demand for silver bullion for
coin to be issued
by and for the
United States, as well as if it were issued
for the benefit of the
holder of the bullion.
If the financial condition
of our
country is so grievous that we must at every hazard
cheaper dollar, in order to lessen the burden of debts have a
convertibility of silver coin,
the demand of the holder,
into gold coin.
In the United States several
experiments have been made with contracted, it is far
the view of
hotter, rather than to adopt the single already
retaining both gold and silver in circulation. The of
standard
silver,
to
Second Congress undertook to establish the
boldly reduce the number of grains in the gold
ratio of fifteen of
dol¬
lar, or to abandon and retrace all efforts to make
silver to one of gold, with free
United States
coinage of both metals. By this notes equal to coin. Either
ratio gold was undervalued, as one ounce of
expedient will do greater harm to the
gold was worth more public at large than any
in the markets of the world than fifteen
possible benefit to debtors.
ounces of silver, and
gold, therefore, was exported. To correct this, in 1837 the ratio theThe free coinage of silver will also impair the pledge made of
customs duties, by the act of
was fixed at sixteen to
February, 1862, for the payment
one, but sixteen ounces of silver were of the
interest of the public debt. The
worth in the market more than one ounce
of gold, so that silver to of
policy thus far adhered
was demonetized.
collecting these duties in gold coin, has been the chief
cause
of
These difficulties in the
upholding and advancing the public credit, and
adjustment of gold and silver coinage possible
making
it
to lessen the burden of interest
were fully considered
by Congress prior to the
by the process of
on
passage of the act
approved February 21,1853.
By that act a new, and it was be¬
lieved a permanent
policy, was adopted to secure the simultaneous
circulation of both silver and
gold coins in the United States.
Silver fractional coins were
provided for at a ratio of 14*88 in
silver to one in gold, and were
only issued in exchange for gold
coin.
The right of private
parties to deposit silver bullion for
such coinage was
repealed, and these coins were issued from
bullion purchased by the Treasurer of the
mint, and only upon
the account and for the
profit of the United States. The
legal tender only in payment of debts for all
ing five dollars. Though the silver in this coin
coin
a
market 3*13 cents on the dollar less than
venience for use as
sums
was
was
not exceed¬
worth in the
re-funding.
In view of these
considerations, the Secretary has felt it to
be his duty to
earnestly urge upon Congress the serious
to the free
coinage of silver on such conditions as willobjections
demone¬
tize gold,
greatly disturb all the financial operations of the
Government, suddenly revolutionize the basis of our
throw upon the Government the
currency,
increased cost of
coinage, arrest
the re-funding of the
wifh
no
apparent
public debt, and impair the
public credit,
advantage to the people
at large.
The Secretarybelieves that all the
beneficial results
hoped
from a liberal issue of silver
coin can be secured
by
issuing this coin, in pursuance of the general
for
gold coin, yet its- con¬ the act of
policy of
change, its issue by the Government only in from bullion1853, in exchange for United States notes, coined
purchased
in
the
exchange for, and its practical convertibility into, gold coin main¬
open market by the' United
States, and maintaining it by
tained it in circulation at
redemption,
or otherwise, a
par with gold coin. If the slight error
par with gold coin.
in the ratio of 1792
It could be made a
prevented gold from entering into circulation such
legal
tender for
sums and on such contracts as
for forty-five years, and the
would secure to it the most
slight error in 1837 brought gold
general circulation. It could be easily redeemed in United
into circulation and banished
silver until 1853, how much more
States
notes and gold coin, and
only reissued when demanded for public
certainly will an error now of nine per cent cause
gold
be
to
convenience.
If
the
essential quality of
exported and silver to become the sole standard of value?.; Is
redeemability given to
it United States
worth while to travel
notes, bank-bills, tokens, fractional
again the round of errors, when experience
has demonstrated that both metals can
currency maintains them at par, how much easier it coins, and
would be to
only
be
maintained
in
cir¬ maintain the silver
culation together by
dollar, of intrinsic market value, nearly
adhering
to the policy of 1853?
to gold, at
equal
The silver dollar was not mentioned
par with gold coin, by
giving to it the like quality of
in the act of 1853, but
from 1792 until 1874 it was worth
redeemability.
To
still
further
secure a fixed relative
more in the market than the
value of
silver and
g old dollar provided for in the act of 1837.
It was not a current convention gold, the United States might invite an international
of
coin contemplated as
commercial nations.
Even such a
being in circulation at the passage of the while it
act of February 12, 1873.
might check the fall of silver, could not convention,
The whole amount of such
prevent the
dollars, operation of that higher law which
issued prior to 1853, was
places the market value of
$2,553,000.
Subsequent
to
silver
1853,
and
above human control. Issued
until it was dropped from our
upon the conditions here
coinage in 1873, the total amount stated, the
issued was $5,492,833, or an
Secretary is of opinion that the silver dollar will he a
of $8,045,838, and this great
aggregate
was almost
public advantage, but that if issued without
exclusively for exportation.
limit, upon
the demand of the owners of
silver bullion, it will be a
By the coinage act, approved February 12,
great
1873,
fractional
public injury.
eilver coins were authorized, similar in
general
character
to
the
coins of 1853, but with a
EXPORTS AND IMPORTS.
slight increase of silver in them, to
make them conform
exactly to the French coinage, and the old
The
dollar was replaced by the trade
dollar of 420 grains of standard were receipts from customs for the year ended June 30,1876,
silver.
$148,071,984 61, and at the
corresponding date of 1877
were
Muck complaint has been made that
$130,956,493 07—a decrease of $17,115,491 54. Thethey
this was done with the
re¬
ceipts for the first quarter of the last fiscal
design of depriving the people of the
year
were
of
$37,554,privilege
their
paying
728 53, while for the
debts in a cheaper
money than gold, but it is manifest that this were
corresponding period of this year they
is an error.
$36,983,531 56—a decrease of $571,196 97.
No one then did or could foresee
the subsequent fall
The embarrassments attendant
in the market value of silver. The
silver dollar was an unknown
upon the collection of the
revenue at the
coin to the people, and was not in
port of New York—alluded to in the
circulation even on the Pacific immediate
report of my
slope, where coin was in common use. The trade dollar of
predecessor—growing out of the
number of
large
420 suits brought to recover
was substituted for the silver
alleged excess of
dollar of 412| grains because
have not
ceased; but a considerable number of such duties,
believed that it was better
suits have been
to supersede the Mexican
adapted
dollar in the Chinese trade, and
pressed to trial, with results in favor of the
Government in the
experiment proved this to be true.
Bine© the trade dollar was
majority of cases.
Owing to the multiplicity of such suits, a
authorized, $30,710,400 have been considerable
issued, or nearly four times the entire issue of old silver dol¬
delay necessarily occurs before they can be
to trial; which
lars since the foundation of the
delay is adverse to the interests bothbrought
Government. Had not the coin¬ Government
of the
and the importers. The
age act of 1873 passed, the United States would now
recommendation of my
be
compelled
to suspend the free
predecessor, that a special tribunal be created
coinage of silver dollars, as the Latin nations trial
by law for the
of customs-revenue cases
did, or to have silver as the sole coin standard of
at the port of New
values.
York, is
renewed.
Since February, 1873,
great changes have occurred in the mar¬
In
ket value of silver.
compliance with the fourth section of the act
Prior to that time the silver in the
old dol¬
approved
lar was werth more than
August 15, 1876, and since the 4th of March
a gold
dollar, while at present it is have been
last, commissions
worth about 92 cents.
If by law
organized, under direction of the
any holder of silver bullion
gate generally the manner in which the President, to investi¬
might deposit it in the mint and demand a full
customs business has
legal tender dol¬ been conducted at
lar for every 412£ grains
many of the principal ports.
of standard silver deposited, the result
They were also
directed to inquire into the manner in
would be inevitable that as soon
as the mints could
which appointments ia the
supply the customs service have been heretofore
demand the silver dollar
would, by a financial law as fixed and
made, and to suggest such
invariable as the law of
changes in existing laws as would more
gravitation,
become the only standard of of commerce
fully meet the necessities
at the present
value.
All forms of
paper money would fall to that standard or
time, and promote economy in the
collection of the customs revenue.
below it, and gold would be
The action taken by this
demonetized and quoted at a
premium Department, in pursuance of the
equal to its value in the markets of the world.
recommendation of these com¬
For
a time the
run to
missions, has worked a marked improvement in the conduct of
deposit bullion at the mint would give to silver an
value, of which the holders and producers of silver artificial the customs service.
bullion
A copy of the sixth
would have the sole benefit.
The utmost
report of the
grains
it
was
would be employed for
years to
and without profit to the
the place of gold as
of customs duties,
people.
capacity of the mints
supply this demand at the cost of
The silver dollar would take
commission,
to
investigate the New York Custom-House, is herewithappointed
transmitted
and the changes recommended
in existing laws are commended
to the consideration of
Congress'. Other changes, recommended
rapidly as coined, and be used in the payment
by the various commissions, will be
causing an accumulation of such coins in the due
presented to Congress, in
time, for such action as may be deemed
Treasury. If used in paying the interest on the
necessary.
public
debt, the
Embarrassment has occurred
grave questions already presented would
the
during
arise with public lection
past year in the col¬
of duties on
creditors, seriously affecting the public credit.
sugar, under schedule G, title 33, of the
It is urged that the free
Revised Statutes. These duties are
assessed by the Dutch stand¬
coinage of silver in the United States
will restore its market value to
that of gold. Market value is ard, according to color; and it has been alleged that sugars have
been artificially colored in the
fixed by the world, and not
by the United States alone, and is
country of export, to secure their
affected by the whole mass of silver
passage
at the custom-house at a less rate of
in the world. As the enor¬
duty thau would
be charged
mous and continuous
demand for silver in Asia has not
according to the color acquired in the ordinary process
prevented of manufacture.
the fall in silver, it is not
likely that the limited demand for sil¬
ver coin in this
While the truth of such
country, where paper money is now and will be
allegation has not been established in
the chief medium of
any positive manner,
exchange, will cause any considerable which has
notwithstanding
the thorough examination
advance in its value. Tki3
been
advance, if any, will be secured by been ascertained made by the officers of this Department, it has
that the suspected
sugars, which pay the lowest
December
THE CHRONICLE.
8,1877.1
551
ef duty at the custom-house, were of a higher intrinsic 18, page 186), entitled an act to amend the customs revenno
grade in many cases than those paying higher rates of duty. laws and to repeal moieties, has not been salutary. The pro¬
Statistics show that, from some cause, a marked increase has ceeds of fines, penalties, and forfeitures recovered for the viola¬
occurred in the importation of sugar subject to the lowest rate tion of customs laws and paid into the Treasury from June 30,
of duty, and a corresponding decrease in the importation of un¬ 1870, have been as follows :
refined sugars paying the higher rates. This is doubtless due in Year ended June 80.1871.. $952,579 86 I Year ended June 30, 1875.. $228,870 2S
Do
1872..
674,232 77 1
Do
1876..
183,797 8ft
part to the act of March 3, 1875 (Stat. at Large, vol. 18, page
Do.....
1873.. 1.169,515 38 I
Do
1877..
146,413 21
339), which imposed an additional duty of 25 per cent of the
Do
1874.. 651,271 76|
duties prescribed in schedule G, and thus increased the discrimi¬
It is believed that the decrease of
receipts from this source baa
nation in favor of the lower grades of sugar.
not occurred in
consequence of an increased observance of the
The Dutch standard is an unsatisfactory basis Tor the assess¬
law in the entries of
rate
goods, but rather to the fact that violations
duty, founded as it is on color alone, which bears no
definite relation to the value of the sugar. If, however, the
Dutch standard is to be retained, it is recommended that the
ment of
grades be reduced in number, so that there shall be but three
rates of duty, one for sugars not above No. 13, one for sugars
76781
of law have not been detected in as
great a number of cases as
before the passage of that act.
The commission which examined
the Custom House at San Francisco, makes the
following recom¬
mendation in regard to a modification of the law :
1st. That from the gross proceeds of any sale of
goods seized
in the act of being smuggled, there should be
paid all legal and
other costs of seizure and sale.
2d. That the Government should receive the amount of
above 13 and not above 20, and another for all sugars above No.
20, including all refined eugars. Based upon the quantities of
the various grades imported during the past two years, the fol¬
lowing rates would yield about the same amount of revenue as
was collected during that time: Sugars not above No. 13, per
pound, 2 38 100; above No. 13 and not above 20,3 45-100; above
20, and all refined sugars, 5 cents.
per cent
This is inclusive of the 25
additional duty imposed by the act of March 3,1875.
Extensive undervaluations in the entries of silk goods have
occurred during the past year, and the persistent efforts of the
officers of the Department at the principal ports to prevent and
break up such frauds on the revenue have not been attended with
This is due in part to the practice of shipping
entire success.
goods to agents in the United States on consignment for sale on
the manufacturers’ account, for which goods, it is claimed, there
is consequently no market value abroad.
It has been suggested,
as a preventive
for such evils in the future, that the duty on
silks be changed to one per pound, instead of the present ad
valorem duty. The subject is commended to the careful considera¬
tion of Congress.
For the reasons
already stated, the aggregate revenue from
imports cannot be decreased with due regard to the wants of the
Government.
A revision of the tariff seems desirable, and the
Secretary recommends -that a duty of two cents per pound on
coffee and ten cents per pound on tea be adopted, which would
yield a revenue, based on the average annual consumption of the
last five years, of over twelve million dollars.
By the adoption
of such a measure opportunity will be given for a moderate
enlargement of the free list, and for the reduction of some inter¬
nal taxes.
A large number of isolated articles are now included
in the dutiable list which yield less than teu thousand dollars a
year each, and the cost of c'ollecting the duty on these articles is
proportionally greater than on the staple articles. The addition
of many gucll articles to the free list, in
event of. the duty
being placed on tea and coffee, would be beneficial.
The coin values of the exports and imports of
the United
States for the last fiscal year, as appears from returns made to
and compiled by the Bureau of Statistics, are as follows:
Exports of. domestic merchandise
Exports of loreign merchandise
$5?9,070,c24
13,804,995
Total
imports...
602,475,220
451,323,126
.;
Excess of exports over imports
For the fiscal year 1S76 there was an excess of exports over im¬
ports amounting to
Showing an excess for the last fiscal year over the preceding
Exports of specie and bullion.
Imports
epecie and bullion
year
$151,152,094
79,543,481
of $71,508,613
$56,162,237
40,774,414
Excess of exports over imports
Total excess of exports of merchindise and the precious metala
15,387,823
imports
$166,539,917
There was withdrawn from bond for consumption, in excess of
that entered for warehouse, during the past fiscal year, mer¬
chandise of the value of $7,029,861.
The total exportation of
specie and bullion was less than that for the preceding year by
$344,165, while the exports of domestic goods increased in
over
value $64,087,977.
Importations
the amount of
$9,418,004, as
properly chargeable
upon
the goods
duty
so
seized in full satisfaction
for its claims.
3d. That the remainder be equally divided between the informer
and seizing officer, and where there is no
informer, the whole of
the remainder, after deducting
expenses and duty, shall go to the
seizing officer: Provided, That neither seizing officer nor informer
shall be entitled to receive exceeding
five thousand dollars for
any one seizure : And provided further, That no officer of the
customs in receipt of a salary or fixed
compensation exceeding
twenty-five hundred dollars per annum, shall be entitled to a
pro rata of a seizure for acting as informer.
The collector of customs at New York submitted to the com¬
mission which examined that Custom House, a table which shows
that, in 1873, seizures at that port amounted to $773,310 09, and,
that, in 1877, the total amount was $120,131 09.
The collector, in
submitting that table, remarks that, without
any desire to argue in behalf of informers or detective officers, he
is yet strongly of the opinion that the above
figures represent &
loss of many millions to the Government, caused
by a compara¬
tive safety to those whe are
undertaking and accomplishing great
frauds upon the Government.
It is recommended that such a
change be made in existing laws
as will offer increased inducements to
parties who may be able to
secure e, knowledge of such frauds to
bring the same to the
attention of the customs officers.
The greatest loss to the revenue
from customs arises, not from smuggling, but from undervalua¬
tion of goods subject to an ad valorem duty. It is,
therefore, also
recommended, for the purpose of securing simplicity and uni¬
formity in the collection of the revenue from customs, that specific
duties be adopted as far as practicable.
~
ALASKA.
Since the withdrawal of the troops
from Alaska, last spring,
practically devolved upon
officers who could exercise
any authority were the collector of customs at Sitka and hia
deputies stationed at other points within the territory, the duties
of the officers at the seal islands being confined exclusively to the
protection of the seal interests. It was feared that the sudden
withdrawal of the troops might result in a conflict between the
the management of the Territory has
the Treasury Department.
The only
whites and Indians; but thus far little disturbance has occurred.
The white population at Sitka is very limited, and the expense
of maintaining customs officers there, and at other points within
the territory, has aggregated, in the past two years, $17,418 32,
while the receipts from customs have, during the same period,
been very much lees.
It is, therefore, recommended that the port
of Sitka be abolished.
The receipts from the tax on seal skins taken on the islands ©f
St. Paul and St. George, including the rent paid by the Alaska
Commercial Company, have been as follows:
$317,581 05
291,155 50
The decrease of receipts from that source is consequent upon
the fact that a less number of seals were taken the past year than
the maximum allowed by law.
INTERNAL REVENUE.
of merchandise decreased to
The
compared with those of the pre¬
following tabular statement exhibits the receipts from, the
ceding fiscal year; and of $81,082,310, as compared with the several sources of taxation under the internal revenue laws, for
year ended June 30, 1875. There was an increase in the value the fiscal years ended, respectively, June
30, 1876, and June 30,
of imports of the
following articles, which are free of duty : 1877:
Hides and skins, $1,927,994; crude India-rubber and
gutta Statement showing the receipts from the several objects cf taxation under the
Internal Revenue laws, for the fecal years ended June 30, 1876, and June 30,
percha, $1,478,507; raw silk, $1,368,529.
The largest increase
in the value of dutiable
1877, respectively;
goods was in brown sugar, chiefly for
Sources.
1877.
1876.
Increase.
Decreaae.
refining purposes, $25,484,001.
Spirits
$56,426,865 13 $57,469,429 72 $1,043,064 59
$
Owing'to the fact that there is no law requiring persons Tobacco
39,795,339 91
41,106,546 92
1,811,207 01
9,480,789 17
liquora....
9,571,280 66
80,49149
exporting merchandise by land conveyance to Canada to file mani¬ Fermented
Banks and bankers...,.
4,006.698 0-3
3,8*9,7*29 8*
176,968 70
fests containing the
quantities and values thereof, the value of Penalties, &c
419,999 41
10,714 93
409,284 49
our
exports of domestic merchandise to the Provinces of Quebec, Adhesive stamps
6,450,429 15
6,518,497 51
68,058 36
Ontario, and Manitoba is not fully expressed in the returns made Back taxes under re¬
238,260 55
to
the statistical bureau.
From
the
detailed statements
pre¬
pared by the Commissioner of Customs for the Dominion of
Canada it appears that the Canadian value of our
exports to
those Provinces
during the last fiscal year amounts to $13,051,798
in excess
States.
of that returned
by the Customs officers of the United
Assuming that the Canadian value
yalue taken
basis for
is identical with the
by the Bureau of Statistics
the value of the total
exports of the year, with this addition,
amounts to $G15,527,018.
The attention of
Congress is called to the defects of law which
prevent
as
a
the collection of
returns
accurate
returns
of
our
exports to
Canada, and the recommendation cf my predecessor that
dial legislation
may be enacted is renewed.
reme¬
The effect of the act of June
22, 1874 (Statutes at Large, vol.
pealed laws
509,631 09
.
271,370 54
Total
$117,237,0S6 81 $11S,995,181 25 $2,364,986 53 $606,689 09
The tabular statement of amounts received includes commis¬
sions on sales of stamps paid in kind, which do not appear as
cash receipts of the Treasury, and certain sums reported as col¬
lected, but not deposited, during their respective fiscal years.
Hence there will be an apparent variation between the amounts
of collections tabulated and those shown by the covering war¬
rants of the Treasury.
The increase in the aggregate receipts from the sources speci¬
fied, during the past fiscal year, amounts to a little more than one
and three-quarter millions of dollars, and is chiefly derived from
spirits and tobacco. Tlio increase in the receipts from spirits is
due in part to the greater quantity of whiekey withdrawn from
562
THE CHRONICLE.
warehouse at ninety cents per gallon during the current year
than was withdrawn in 1870,and in part to the
greater quantity
of brandy distilled from fruit the past year. The
aggregate
quantity of tax-paid spirits withdrawn at seventy cents per gal¬
lon, under the act of June 6.1872, and at ninety cents per gallon,
under the act of March 3, 1875, was nearly the same ; whereas the
number of gallons withdrawn paying ninety cents was greater by
3,795,369 gallons during 1877 than in 187G.
Tie quantity of manufactured tobacco, on which a tax of
twenty-four cents per pound was paid in 1876, was 107,040,234
pounds; in 1877 the quantity amounted to 112,710,534 pounds,
the increase being 5,676,300 pounds.
The number of collection districts on July 1,1876, was one
hundred and sixty-five ; on June 30, 1877, one hundred and
thirty. By consolidation, tbe number of districts has been fur¬
ther reduced to one hundred and twenty-six. The number of
collectors was, on July 1, 1876, one hundred and
sixty-five, and
is now one hundred and twenty-six.
For further particulars re’ating to the operations of the
Bureau, attention is respectfully invited to the report of the
Commissioner of Internal Revenue, herewith transmitted.
ACCOUNTING
The present system of
OFFICES.
accounting has been the result of
many
years’ experience, and thus far, it is believed, has proven suffi¬
cient to protect
the Government in all its ordinary and current
disbursements.
Your attention is invited
concerning the crowded
the statements of several officers
condition of the files of their respective
to
offices.
These files include the vouchers upon which the disburse¬
ments of the Government in all branches have been
made, and
the importance of securing them
from destruction and providing
for them such room as will make them
readily accessible can
hardly be overestimated.
Such action for this purpose as you
deem necessary should be taken
may
as soon as
practicable.
CLAIMS AGAINST THE GOVERNMENT.
The attention of Congress is called to the laws
imposing upon
this Department the adjudication of a multitude of claims. Its
organization is admirably adapted for the investigation and state¬
ment of accounts
accruing in the ordinary course of current busi¬
but it is not adapted to the investigation of claims long since
accrued, and supported in most cases by ex-parie affidavits. The
ness,
Department has
authority to cross-examine witnesses, no
no facilities, such
as are in common use
by courts, to ascertain truth and expose false¬
hoods. It is respectfully suggested that this class of
claims, not
already acted upon, be transferred from the Treasury Department,
and its business of accounting
be confined to current accounts,
payable from appropriations made within a short period of time.
Most of these claims are paid out of what are classed as “
per¬
manent annual appropriations,” contained in section
3639, Revised
Statutes, which do not come under the annual supervision of
Congress, These appropriations, though declared to be annual,
have been used for the payment of claims, however
old, including
nearly every case of fraudulent or exaggerated claims paid by
this department. It is respectfully urged that this
important
section be carefully revised; that the
appropriations contained
therein be made annually; and that only such claims
as accrue
within a brief period be paid by the
Department, unless proper
evidence in their favor appears upon the
public records, as in the
case of the
principal or interest of the funded debt.
By the act approved June 20, 1874, (IS Stats., 110, sec. 5.) it was
rovided: “ That from and after the first
day of July, eighteen
undred and seventy-four, and of each year
thereafter, the Secre¬
tary of the Treasury shall cause all unexpended balances of
appropriations which shall have remained upon the books of the
Treasury for two fiscal years to be carried to the surplus fund and
covered into the Treasury,” &c.
Under a construction of this act,
placed upon it after a fall
examination by the Department, it was held that most
of the
appropriations made by this section, and which accrued prior to
July 1, 1874, are not witbin the exceptions stated in the act, and
they were accordingly covered into the Treasury, and are not
available, except for current purposes and for claims
accruing
within the time fixed by that act. It seems to be
the clear pur¬
pose of this act to include permanent annual
appropriations within
its operation, and to thus include them is a
wise public
policy.
Among the permanent annual appropriations, made in the sec¬
tion referred to, is that to
repay to importers the excess of
deposits for unascertained duties, or duties or other
moneys paid
no
agents to send to examine iuto alleged facts, and
under protest,
toms duties
known
as
under the
were
from which the greater part of the refunds of
are
made.
the “
act of
These include
a
cus¬
class of claims
commonly
charges and commissions cases,” which arose
March 3, 1851.
About fourteen hundred suits
brought by importers against the collector
of customs at the
port of New York, to recover alleged excessive duties collected
bj him in obedience to the decision of the
Secretary of the Treas¬
ury, that, to ascertain the dutiable value of
the port of entry, there should be added to imported goods at
the actual market
value of the goods at the
port of exportation a commission of
two and one half per cent, and certain costs
and charges. This
act was repealed June
30,1864, so that all these claims accrued
prior to that date.
Over two million dollars have been
paid on these claims, the
items of interest and costs
forming a very large proportion of that
amount.
The remaining cases are still
[VOL. xxv.
character and justice, not only of those still
pending, but also of
those paid.
Full details of these claims, as far as it is possible
for the Department to ascertain them, will be
submitted to
Congress.
BUREAU OF ENGRAVING AND PRINTING.
Of the
appropriation of $300,000 for the payment of labor and
expenses in this Bureau for the present fiscal year; $600,000 will
remain unexpended at the close of the
year.
The internal
revenue stamps for
cigars, liquors, snuff and tobacco, printed
under contract by the New York bank-note
companies last year,
will be printed in the Bureau the current
year, at a reduction in
coat to the Government of
$68,841 89. The printing of the backs of
legal-tender notes and of the five dollar national currency notes,
last year done by the Columbian Bank-Note
Company, of this
city, will also be executed in the Bureau, and at a reduction in
cost, as compared with the rates paid last year, of $40,354 30.
The act making appropriations for
the legislative, executive and
judicial expenses of the Government, for the present fiscal year
(19 Statutes at Large, p. 152), appropriates for dies, paper and
stamps for the internal revenue $466,000, the engraving and
printing to be done in the Bureau of Engraving and Printing of
the Treasury
Department, provided the cost does not exceed the
prices paid under existing contracts. The contracts referred to
were made in 1874 with the
American, National and Continental
Bank-Note Companies, and were terminable on
ninety days'
notice.
On the 20th day of June last, the
Secretary requested
the Chief of the Bureau to make such observations as he desired
upon the comparative cost of printing internal revenue stamps
by private companies and by the Bureau, and in reply, received,
tbe 23d of June, a statement that the
stamps referred to could
be done by the Bureau for
$227,590, as against $296,431 89 paid
to the bank-note
companies last year, all of the printing to be
done by plate and
surface-printing from steel plates. Being
satisfied that this saving could be effected, and the law
preferring
that the work be done in the Treasury
Department, thrj Secretary,
on the 25:h of June,
gave the required ninety days’ notice, and
on
the 1st of October authorized the work to be d »ne iu the
The adhesive and proprietary stamps used by the Com¬
missioner of Internal Revenue are still
printed by tbe National
Bank Note Company, under a contract made August
15, 1875,
which took effect September 1, 1875, and is still in force. As
these classes of stamps have never been executed by the
Bureau,
and may not have been intended to be included
by Congress in
the provision referred to, no disturbance has been made of the
on
Bureau.
previously-existing
arrangements.
On the accession of the present
all the printing upon the notes,
Secretary to the Department,
bunds and securities ot the
United States, and the note3 of the. national banks, was done in
the Bureau and Department,
except the green backs of the legaltenders and the black backs of tbe national-bank fi ve3. These were
executed by the Columbian Bank-Note Company, of this
city,
under a contract made February 2J, 1877, ani terminable on
ninety days’ notice.
Inasmuch
as
the prices named in this con¬
fixed in the original contract, dated June, 1874, when
the cost of labor and material was much higher than now, the
tract
were
Secretary deemed it for tbe interest of the Government
to ter¬
that the whole subject of engraving and printing
by privata compands wouffi be within the power of the Govern,
ment, at the meeting of Congress,
The act providing for the expenses of the Bureau for the cur¬
rent fiscal year requires that the work shall be performed at the
Treasury Department, if it can be done as cheaply, as perfectly
and as safely as elsewhere.
(19 Statutes at Large, p. 353) To
determine the question of the cost of executing work in the
Bureau aad elsewhere, the Secretary issued an advertisement,
September 6, inviting proposals, on tbe 25th of that month, for
printing the green backs on legal-tender notes and the black backs
on national
currency notes, for the period of ooe year from the
minate
it,
so
1st of October. The estimate of the Bureau on both cla?scs of
work being an average of $3 71 per thousand perfect sheets, as
against $18 per thousand paid the bank-note company last year,
and less than the bid of any of the companies, the Secretary
deemed it to be his duty, under the law, to bring this work within
the Bureau, at least for the present.
After careful examination,
the Secretary is satisfied that the work as done in the Bureau is
more
perfectly done than that heretofore done in private establish¬
ments, even at the high rates paid. Upon the question of safety, the
Secretary cannot see how it is possible for the Government to be
better protected from fraud or mistake than it now is. But the
question of safety being one of public policy, the consideration of
which properly belongs to Congress, the Secretary respectfully
submits it to that body, with the remark that, as the Government
has been able with absolute safety
by its owq agents to make
and issue its gold and silver coin,
analogy would indicate a simi¬
lar course as to its paper circulation, and
experience shows its
practicability.
Oa the 20th of March last, the
Secretary appointed a committee
consisting of three experienced officers of the Department to make
a
thorough examination of the Bureau as then organized and con¬
ducted. Upon the report of that committee there were dis¬
charged, April 18 and April 30, five hundred and thirty-eight
persons, whose annual pay was about $390,000. On the first day
of May the Bureau was put in
charge of new officers, who have
reorganized it in every branch, and have transformed it into an
admirable workshop—as it was the purpose of the law it should
be—where the public work can be done with cheapness, safety
and excellence. All the papers
relating to the various transac¬
pending in various stages
and, to satisfy thsse, two million dollars more will tions referred to are transmitted
herewith.
probably be required.
The Secretary respectfully recommends that Congress appro¬
Upon full consideration, the Secretary is of the opinion that no
priate a sum sufficient to erect a substantial fire-proof building
money should be appropriated for the payment of these claims lor the work
performed
Bureau, and for such other service
until after a thorough
investigation has been made into the nature, of a mechanical nature byasthis
may, from time to time, be required.
of progress,
.
December
553
THE CHRONICLE.
8, 1877.]
considerations which justify this recommendation, and for
details, the Secretary refers to the accompanying report ol the
Chief of the Bureau.
For
PUBLIC
MONEYS.
extent of the means of ascertaining the statistics of the trade
carried on in this class of vessels.
The number of entries of American vessels into ports of the
United States from foreign ports for the fiscal year ending June
30, 1877, was 10,660; the number of clearances of American ves¬
report of the Treasurer of the United States, herewith sels, foreign, for the same period was 10,790. The number of
submitted, there is set forth a detailed statement of the monetary entries of foreign vessels into ports of the United States from
transactions of the Government during the past year. It will be foreign ports during the same period was 18,379 ; the number of
seen that the coin resources of the Treasury, on all accounts, from
clearances of foreign vessels, foreign, for the same time was
September 30, 1876, to September 30, 1877, had increased from 18,174.
167 586,705 95 to $133,585,072 24, and the currency resources
The preponderance of foreign tonnage over domestic, in carry¬
from $100,437,766 44 to $110,096,039 01.
ing on the foreign commerce of the country, is certainly not in
Since the issue of silver coin commenced there has been accordance with the national desire. Such an increase in our ship¬
returned to the Treasury for redemption a largely-increased ping as will restore this commerce to American citizens should,
amount of minor coins for which there is no demand. On Sep¬ as far as possible, without burdening other industries, be encour¬
tember 29, 1877, there was on hand of these coins an amount of aged by legislation.
The increase of the means and appliances
$870,140 54, constituting a portion of the currency balance of the for transportation, whether by shipping or land carriage, is a tax
Treasury practically unavailable for current use, and occupying upon the industries that produce the commodities to be conveyed.
the Treasury vaults to an inconvenient extent. The necessary Subsidies drawn from the revenue in support of the transit
industries are charges upon the productive industries, and can be
legislation for their proper disposition is recommended.
SPECIAL AGENTS.
discreetly granted only in the sure prospect of a large expansion
The Secretary calls attention to the accompanying report,'■bow¬ in the market demand for the commodities to be transported by
ing the transactions in the Division of Special Agents of Customs. shipping or railroads, or where the vital necessities of the coun¬
Only twenty agents are now authorized to be employed. Until try require free and speedy communication between its different
recently the number was fifty-three, and, in view of the extent sections.
The high price in our depreciated paper money of the chief
and character of the duties devolving upon them, it is recom¬
materials
for shipbuilding has rendered us unable, since the war,
mended that the number be increased to at least thirty,
to compete with other nations in this great industry.
The
COMMERCE AND NAVIGATION.
demand for iron in building railroads, aud the diversion of capital
The Register of the Treasury reports the total tonnage
and labor from other induntried to that, has, however, at present
vessels of the United States to be 4,242.600 tons, a decrease ol largely ceased. The appreciation of our
currency to nearly the
26,858 tons from that of the fiscal year ended June 30, 1876.
coin standard, the rapid development of the coal and iron indus¬
The actual decrease is believed to be about 13,563 tons, this
tries, and the falling off in the demand for railroads, will tend to
amount being the excess of the losses over the gains during the direct
capital and labor to shipbuilding. Every encouragement
last fiscal year, tbe balance br-ing accounted for by dropping
may, at least, bs given to the increase of commerce in vessels of
cmal boats, exempt under tbe act of Congress approved April
American ownership that can be prudently afforded by modifying
18,1874.
The following table exhibits the total tonnage for tlie last existing law in tho?e reap cts in which it is a burden upon such
commerce.
In the
t*
two years:
1876.
Vpqqplq
Registered, engaged in foreign trade.
8.C09
Enrolled and licensed, engaged in do¬
mestic commerce
22,925
1877.
.
VAflflpIfl
Tons
‘
2,938'
1,592,821
REPORTS OE
,
Tnna
1,611,193
2,G8a.637
22,393
2,611,107
4,279.458
25,3*6
4,242,600
OEfTCf£R9.
The reports of heads of bureaus and divisions, and
tables referred to, are herewith transmitted as a part of
tbe various
this report.
Secretary takes pleasure in ommending to Congress the
The
industry and ability of the heads of bureaus and other officers
of this Department, many of whom by long experience in the
The tonnage of vessels built, as given by tbe Register, is discharge of difficult duties have made their services of the
176,592 tons, being a decrease from that of the previous year of greatest value to the Government. The manner in which their
complicated duties have been performed, the faithful observance
26,994 tons, or over 15 per centum.
of the trust reposed in them in ihe receipt and disbursement of
The number of vessels built is 1,029.
Official numbers have been awarded by the Bureau of Sta¬ large sums of money, and the accuracy and skill with which it is
tistics during the fiscal year to 1,291 vessels, whose cairying accounted for, entitle them to his grateful acknowledgments.
John Sherman, Secretary.
capacity amounts to 217,541 tons, and since July 1,1877, to 563
25,934
Total
vessels, of the aggregate tonnage of
statement
more
fully shows
119,689,
REPORT OF THE COMPTROLLER OF THE CURRENCY.
SailiDg vessel#
.
Steam vessels
Vi
.
sse’s
Vessels.
710
372
209
.
1,291
Total
Tonnage.
114.216-03
66,676*76
37 415*25
218,328*35
registered from Jay 1 to November 16, 1877.
of vessel*.
Vessels.
Tonnage.
numbered and
Class and character
264
Sailing vessel*
Steam vessels
Unrigged vessels
66,849*29
154
24,1:-6*53
192
19,494 52
120.4*0-39
Total,
attention to the fact that a
large number of vessels, as defined by section 3 of the Revised
Statutes, propelled neither by steam nor sails, go to make up
the tonnage of enrolled and licensed vessels, while a large class
of vessels with no internal appliances for propulsion is exempt
from enrollment and license under the act of April 18,1874.
These vessels consist mainly of barges and open flats engaged
in the transportation of coal and lumoer on the large navigable
rivers of the country.
For many years this class of vessels has
been increasing, and the water transportation of merchandise
upon such rivers has been gradually passing from steam vessels
to barges and other craft of temporary structure, which are
towed or propelled by steam or sail vessels.
The act of 1874
exempted canal boats and boats employed on tbe internal waters
of States from enrollment, so that a discrimination now practi¬
cally exists between vessels propelled neither by steam nor
sails, as regards their liability to enrollment, dependent simply
upon the question whether they are or are not usually employed
on the internal waters of a State, in connection with their em¬
ployment on navigable waters of the United States. The purely
temporary character of many of these vessels renders it difficult
to apply
to them the provisions for enrollment that are appli¬
cable to vessels propelled by steam or sails, especially as they
In this connection, I would call
are so
of
a
constructed as to admit neither
master who remains on board.
of
a
permanent crew nor
The discrimination as regards enrollment is, besides, a gra¬
tuitous cause of dissatisfaction among that portion of the mer¬
cantile
community which makes use of craft not propelled
steam or sails. All these vessels should be subjected
to a
system of license and enrollment different from that now in
force, or all should be exempted from enrollment. It is believed
that the mercantile community would prefer enrollment, if the
fees for the
preliminary admeasurement were moderate, and the
system of enrolling now in force were less complex. An entire
■abandonment of enrollment deprives the Government to a large
directly by
Treasury Department,
Office of the Comptroller of the Currency,
the fiscal year ended June 30, 1877.
Class and character of vessels.
Unrigged
the following
vessels officially num¬
Statement showing the number, class and tonnage of
bered during
as
:
)
J-
Washington, D. C., December 1, 1877.)
Speaker of the House of Representatives.
have the honor to submit for the consideration of Con¬
To the Hon. The
Sir
:
I
hundred and thirty-three
gress, in compliance with section three
of the Revised Statutes of the United States,
the fifteenth annual
the Comptroller of the Currency.
Carefully-prepared tables accompany this report, showing the
report of
amount of capital and deposits of national banks, State
banks, savings banks and private banks of the country, by
average
each
of the public debt of the
States and geographical divisions, at two different dates, for
of the years 1876 and 1S77; the items
United States at the date of its maximum, August 31, 1865; the
amounts and kinds of circulating notes of the United States and
of the rational banks, yearly, from 1865 to 1877; the specie held
by the banks, and the estimated amount in the country, on June
30,1877; the issue and retirement of bank circulation, by States,
under the operation of the acts of June 20, 1874, and January 14,
1875; the amounts and kinds of United States bonds held as
security for national-bank notes on November 1, 1877; tbe num¬
ber and denominations of legal-tender notes and national-bank
notes outstanding on the same date ; a classification of the loans
of the national banks in New York City and in the other reserve
cities in October, for the last three years; together with the
average rate of interest in New York and London for those years;
the number and amount of national-bank notes issued, redeemed
and destroyed, from 1863 to 1877; tbe amount of circulation and
deposits of the banks, and a classification of the reserve required
and held at five different dates in each year, from 1871 to 1877 ;
of the weekly movement of legal-tender reserve in the New York
City national banks, in the month of October, from 1872 to 1877;
the operations of the clearing-house in New York City, for the
last twenty-four years; the capital, and amount and rate of tax¬
ation, of the national banks, S;ate banks and private bankers, by
States, for a aeries of years ; the amount of losses charged off by
national banks in the several States and Territories during the
capital, surplus, dividends and earnings
States and geographical divisions, semi¬
annually, from 1869 to 1877; the national banks involuntary
liquidation, and insolvent national banks, with their capital
stock, claims proved and dividends paid, since the establishment
of the national system.
The report also contains statements of
the State banks and savings banks organized under the laws of
the different States, so far as they could be obtained from official
years 1876 and 1877 ; the
of the national banks, by
sources.
Tables
are
also given
showing the aggregate resources and
551
THE CHRONICLE
liabilities of all the national banks
at all
the dates for which
country until about the close of the year 1819. There was also
general suspension in May, 1837; but in May of the next year
the New York and New
England banks again resumed specie
payment.
The banks in Pennsylvania finally resumed, under
the coercion of the State
Legislature, in March, 1842. Banks in
other portions of the couutry resumed at about the same
date. A
general suspension again occurred in October, 1857, the banks
resuming specie payment in the following year.
It would be instructive to
compare the condition of the banks
during previous periods of suspension and resumption vita that
at the
present time; but detailed statements of the assets and
liabilities of the banks during the first
period of
which continued for five years, cannot be obtained. suspension,
The pub¬
lished statistics of
re¬
ports have been made during the past fifteen years, and by States
and
cities
reserve
five
at
a
different dates for the present year ;
together with separate statements of the condition of every
national bank in the Union on the first
day of October of the
8381
present year.
The total number of national banks
organized since the estab¬
lishment of the national banking system, on
February 23, 1863,
is 2,372 ; of these, two hundred and
[vol. xxv.
thirty-three have gone into
voluntary liquidation, by vote of shareholders owning two-thirds
of their respective capitals, and
fifty-nine have been placed in the
hands of receivers for the purpose of
closing up their affairs,
leaving 2,080 in existence on November 1 of this year. Included
in the aggregate number organized are nine national
the State banks during the later
gold banks,
periods men¬
located in the State of California, which redeem their
circulating tioned are not wholly satisfactory for the purpose desired, for
notes at their places of issue, and in the
City of Sau Francisco, in the reason that the bank reports were not of uniform date in
gold coin. These have an aggregate capital of §1,300,000, and the several States, while the items of
specie, circulation and
an
aggregate circulation of §1,432,120.
deposits vary greatly in amount throughout the country at dif¬
'During the past year twenty-nine banks have been organized, ferent dates in the same year. The
specie as reported was not
with an authorized capital of §2,389,000, to which
$1,244,520 in separated from checks payable iu coin, and it is known that in
circulating notes have been issued. Ten banks have failed willi'm some instances the same specie wTas more +nan once
returned.
this period, having an aggregate capital of
From such data as are now obtainable the
§3,344,000; and
table has
following
twenty six banks, with a total capital of $2,589,500, have volun¬ been prepared, giving the items of
circulation, deposits and bank
tarily discontinued business.
balances of all the State bauks, and of the
specie held by
The following table exhibits the resources and liabilities of the
them, for a series of eight years, covering both of the periods
banks at the close of business on the first
of
day of October, 1877—
suspension and resumption :
the date of their last report ; the returns from New
York, from
Boston, Philadelphia and Biltimore, from the other reserve cities,
Deposits and
and from the
Years.
Circulation.
bank bal¬
Total.
remaining banks of the country, being tabulated
Specie.
ances.
separately:
X.
Boston,
Other
York Phil, and
liahinTe
City.
reserve
cities.*
47 baukj. 99 bani-,6.
Resources.
Loan# and discounts
On U. S. bonds on demand...
On other stocks, bonds, &c.,
on demand
Payable In gold
On' ainele-name paper, without other security
All other loans
Overdrafts
Bonds for circulation
Bond* for deposits
U. S. bonds on hand
Other stocks and ! onds
l>uc from reserve agents
IHio from other national banks
Due
from
other bank* and
banke s
Real estate, furniture and fixtures
Current expenses
Premiums
4Dheck* and other eaeh Items..
*
.
Bills oi o her national banks...
f ractional carren-y
Specie
Legal-tender notes
V S. certificates of deposit.
Fwe per cent redemption fund
Due from U.S. Treasury..
..
1,213,512
48,376/33
4,319,0:4
18,05: ,413
Liabilities.
Capital stock
Surplus fund
Undivided profits
KaUonal-bank notes outatacid-
*
Ibe reserve
5
838,243,290
11,903,009
30,' 8-/00
1850
31,435,0/5
73.284/33
45,217,217
5,963,964
11,415,761
1,048/06
864,39.
1,134,738
SS0.331
15/38,971
2,36 ,129
4.993,129
895,346
906,233
7-0,25 4
4,851/54
24,100,691
1,978,132
9,7-7/02
45,229.983
6,915,792
9.219,175
11,674/88
74.5-5,216
15,531. '67
900,806
80,059
3/81/8
4,057,249
5,452,1 3
8,120,677
80,02'.
664/88
l,570.i 97
4,7-5.630
12/.7.483 30,329 358
1,315,000
944.670 10,706,968
134,789
954,328
8,176 948
10,015,000
2,'45,713
259,1 j5
797,278
187/0
57,40! 000 80,034.935 43,625,500 29S.407.2S6
1€, 66/87 21,615,952 11,504,514 73,078,76
9,241,772
4,176,'.95 3,941,766 27,212,946
374.781,05
cities, in addition
40.445,771
S3-,4,0.000
14,49-1,631
1,527,119
479,467,771
122.77>,121
44,572,6,9
19,5^0,060 216.473,128
13,536
91,513
299,410
1,344.0'*0
179.702
1,378,671
112,3-1,118 63,826,18(3 277p 56,366
-03,0,0 1,856,615 S,510,031
291,874,236
11,186
777,921
1,45 •!,10!
27,634.739 14,126,715 11,808.126
7,563,677 11,356/35 6, <70,164
440,679 3,350,540
1,155.503
1/66,850 3,084,764
2,376,983
115,023,954
46,577,439
3,791,2.9
29 5.737,829
-.
§103,692,195
140.301,038
149,185,890
116,138,910
135.170/95
106,968,572
107,200,214
83,734,011
$83,081,365
Averages
The
37.915,240
64,890,101
62,408,870
$117,810,265
§89,042,310
$206,852,575
$37,318,610
§131,306,526
$109,586,595
155,165,25 i
123,956,712
$45,879,345
146,072,780
204,689,207
146/25S,8S0
188,188,744
$240,953.12!
284,121,963
292,331,660
392.t77,951
.
1 oa /on a to
341,140,393
$173,747,638
$174,047,512
§347,79/130
bank bal¬
b
f
445 130 174
53 319/38
9,314,063
74,412,832
•
$55,827,565
in reference to
:
Deposits anti
Circulation.
m 041 “If!
U
408,453,612
gives similar information
eight years
4/671,048
47,133,592
59,410,253
LOJvjOUJ
155,208,311
subjoined, table
35.184,112
Q77
Ot
212,705,662
230,351,352
185,932,049
the natiopal banks for the last
•Years.
40.019.594
45,132,673
33,105,155
34,813,958
28,440,423
214.778 822
.
$43,927,625
-
279,334,283
203.650/33
225/48.292
185,684,860
172,180,315
146,142,881
195,747,950*
1858
255,405.478
130,148,393
87,511,723
i 0.477,297
78,716,288
1kft
;
$186,773,810
115,104,440
22,65-/20
66,920.684
344,781,65' 296,737/29 173,076,879 926,4:8,304 1,741,081,663
21,586,763
Averages
836/10,95)
3,677.303
6,746,895
19.0 5,0UU
1842
If 50
1851
1853
1854
9,389,261,917.311
1841
8,6S0,788
2,060,452
53/44,S«1
1,499, 04
75/33
12/48,406
15,236,315
..
1,839
1840
2,958,481
969,836
15,3 7^,2 7
State-bank notesoiWstanding...
77,279
Dividends unpaid
221,24
Individual deposits
102,400,317
U. S. deposits
302,980
Deposits’ of U. S. disbursing
officers
129,775
Due to na-ional banks...
W.459,371
Totaie
$
165,250,106
2,421,509
„
Due to other banks arid bankers
Note; aud bbia re-discouuted...
Bills payable
661
377,400
U ,800/4 ' 10.5-8,072
7,054/07
95,902.7 6 134,750, .'1. 70/48/1;
108,8.14
39,899
483,758
3,044,752
19,058,5-0 47,‘ 19,200 21,5 <7.800 247,445,450
780,' 00
OtO.OOJ
3, 50,509 10,272,:500
11,388,050 4 272,yo.) 3,223,5 0 11,204,209
9,2!8,52b 3,776,317 2/36. :S 1 18,804,66s
13,H5.0Si 11,203,8 .2 43,835,195
li,900 90i
8/50 609 5,468/92 15,99 i,745
...
Totals
$
4,7 3,148
1835
1836
banks.
89 banks. 1:45 b'nks 2080 banks.
*
1,721,00:
Exchanges for clear.ug-liouse..
Country Aggregate
Total.
Legal Tender
funds.
ances.
18:0
1871
Is72
18 3
1874
1875.
1876
1877
$296,205,446
336,259.285
341,320,256
331.193,159
314,919,451
292,011,575
291,874,236
Averages
481,738
318,265,481
r
$315,267,361
$456,536,096
505.817,694
527,221,571
$752,791,542
505.871,420
•
616,513,162
$144,984,869
824.113.175
140,659,233
863,510/56
133 /04,706
847,191/76
947,706,321
895/64,812
155,765,143
155.452.137
£80,685,391
£83,430,276
577,191,727
869,065,963
139,920,354
137.484.137
§541,168,417
$359,435,778
$143,469,3:0
134/84.350
875,441,851
3,623,701
616,4013,987
7,972,715
6
137,117
173.076,879 916,488,304 1,741,084,663
to New
York, Boston, PhEade'phia, and Balti¬
more, are Albaay,
Pittsburg. Washington, New Orleans, Louisville, Cincinnati,
ClevelarKi,Chicago, Detroit, Milwaukee, St. Louis and Sun Fittneisco.
TIIE BANKS AND
By reference to these tables'it will be seen that from 1835 to
1842 the average ratio of specie to circulation held
by the State
banks wras 31’67 per cent, and to circulation and
deposits IS per
cent; and that from 1850 to 1858 it was 3.2T and 16‘01 per cent,
respectively.
The ratio of specie and legal tenders to circulation
named, was 45’3, and
of the national bauks, for the
eight years
to circulation and deposits 16‘7
per cent.
*
*
*
The yearly average circulation of the banks of the State of
Newr York for the ten years from 1851 to 1860 was
§29,698,091,
and of deposits §82,361,319.
The average amount of
RESUMPTION.
specie held
by those banks yearly during the same period was §16,287,377,
January 14, 1875, provides that “on and of
which about one-eighth only was held
by the banks outside
January, anno Domini eighteen hundred of the
and seventy nine, the
city of New York, and the remaining seven-eighths by the
Secretary of the Treasury shall redeem, banks in that
in coin, the United States
city. The average ratio of specie to circulation fojr
legal tender notes then outstanding, on the ten
their presentation for
years named was 5TS per cent, while to circulation and
redemption at the office of the Assistant deposits
the ratio wras only 145 per cent.
Treasurer of the United States, in the
city of New York, iu sums
The following tables, the fust of which has been
of not less than
prepared
fifty dollars.” This legislation is not without
precedent, for Congress, on April 30,1816, by resolution declared from information furnished by the manager of the New York
that “from and after the
House, show the strength of the State banks of New
20thday of February next, no duties, Clearing
York City for the six years from 1855 to
taxes, debts or sums of money, accruing
I860, compared with
orbecourng payable to that of the national bauks of the same city, at
the United States,
nearly coirespond¬
ought to be collected or received otherwise
than in the legal
ing dates for the last six years:
currency of the United States, or Treasury
i'fate Larks of New York CHy
notes, or notes of the Bank of
Sec. 3 of the act of
after the first day of
banks
ilie United
which
States, or in notes of
demand, in the said
payable and paid, on
legal currency of the United States.”
The New York
Legislature took similar action at about the
came time; and
again, on March 22, 1875, it passed an act pro¬
viding that “ all taxes levied and confirmed in this State, on and
after January 1, 1879, shall be collected
in gold, United" States
gold certificates, or national bank notes which are redeemable in
gold on demand,” and that “ every contract or
obligation made
or
implied after January 1, 1879, and payable in dollars, but not
in a specified kind of
dollars, shall be payable in United States
coins of the standard of
weight and fineness established by the
laws of the United S.ates at the time the
contract or obligation
shall have been made or
implied.”
are
The banks in this
country, with the exception of those in the
New England States,
suspended specie payment in September,
1814.
The New York banks resumed
specie payment otf Febru¬
ary 20, 1817, but resumption was not
general throughout the
.
*
Batios of—
'
*
E
Dates,
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1, 1855.
1, 1856.
1, 1857.
1, 1858.
1. 1859.
1, I860.'
Averages
*
...
X
bNauomnkbsfe.r
Circula¬
tion.
48
50
50
46
-i7
50
7,724,970
8,665.194
56,7 6 775
7/38,308
7,864,373
8.337,702
9,487,637
56.918/63
86,081.897
70/12.105
76,383,393
43
8.319,697
68.432,367
Deposits.
Total
Legal-ten¬
liaVii ties. der f'nds *
E
o
S-
s3*J
—
?
uo
,<3
63,661,171
“Legal-tender funds,” iu the
ca-e
$
64,461.745
7/,3SG.365
64.757,171
93,946,270
79.149,8*7
85,871,039
S
10,873,320
128 4
125’5
13.327,095
170*0
9,919.124
28.625,331 *264‘0
19,259,126
20,177,086
.
~
n
—
»»
P
2*3
S
^
a
23/0
212-7
c3
tt
E j7
x
15-4
150
20'6
30'5
24 3
235
22-2
76.752,064 17,030.164 204-7
of the Suite bauks represents specie.
December
THE CHRONICLE
8,1877.]
National Banks in Ntw York City.
3, 187*2.
Oct
$epfc. 1?, 1873
Oct. 2, 1874.
Oct.
Oct.
1, 1875
2, 1878.
Oct.
L 1877.
Averages.
...
50
48
48
48
47
47
48
$
28,070,951
27,482,342
25,201,781
but with checks.
15,395,257
$
158,034,121
172,710,844
204,620,2'8
202,263,052
197,917,656
174,933,155
190,328,412
47,260,251
161*7
170*5
264*3
324*4
403 5
307*0
21,503,739
185,078,852 2)6,642,591
54,265,827
251*7
18,301,317
14,832,784
$
186,105,072
200,193,186
229,912,019
220,572,369
212,744,440
$
45,394,832
46,864,341
66,835,862
59,395,715
59,843,958
24*4
233
29 T
26*9
281
24-8
26*3
»
section 5172 of the Revised
their circulating notes on
demand, and by section 3 of the act of June 20, 1874, to “ keep
and have on deposit in the Treasury of the United States, in law¬
ful money of the United States, a sum equal to five per centum
of their circulation, to be held and used for the redemption of
such circulation.” When the legal-tender notes shall be redeemed
in coin, the banks will also be required to redeem in coin or in
such notes. These notes will then become coin certificates, and
will be more convenient and desirable for general use than coin,
for the reason that the cost of their transportation will be less
than that of specie.
The banks of New York City, during the month of December
in the last eight years, have held in lawful money an average of
224 4 per cent upon their circulation, and of 26*8 per ceut upon their
circulation and deposits combined. The average amount of law¬
ful money held by the banks in the principal cities during the
game periods has equaled 50 2 per cent of their circulation, and,
including the amount due from their reserve agents, it has
equaled 26'5 per cent of both circulation and deposits. The
national banks of the whole country have held during the same
periods an average of 43 per cent of their circulation, and includ¬
ing, as before, the amounts due from their agents, an average of
23*2 per cent upon deposits and circulation.
******
It will be seen from the various tables given that the average
Btrengtli of the national banks for the last eight years is fully
equal to that of the State banks during periods of suspension and
resumption in former times; and, if resumption is to take place
upon any fixe 1 date, the national banks will be certain, as a mat¬
ter of precaution, to strengthen their reserves beyond the aver¬
ages here given.
It cannot be doubted, therefore, that the
national banks will be prepared to redeem their circulating notes
at any date of resumption which may be fixed upon.
But, while it is admitted that the banks may easily pay in coin
their circulating notes, it is said that it will be impossible for
them to provide in the same way for their deposits. Those who
take this view proceed on the assumption that the banks will be
called upon to pay their deposits in specie.
This was not true
during any former period of specie payment, and is less likely to
be true under the national banking system than it was under
any
previous system of banking. The banks in this country, from
their first organization, have, in times of resumption as well as of
suspension, received from their dealers current bank notes and
have paid out the same.
This is true to-day in England, Scot¬
land, Germany and France, in all of which countries the bank note
is preferred, as a rule, to either gold or silver. Only a small por¬
tion of the bank circulation of the country, at any period prior to
1863, was either safe or convertible, and the losses to the holders of
bank notes during such period is estimated to have been not less
than five per cent annually upon the whole amount of circulation
outstanding. Yet even this circulation, poor and defective as it
was. was freely received by the banks, and was paid out by them
to their depositors, so
closely identified were the interests of the
one with the other.
The notes which were returned from the
commercial centers for redemption were readily paid out and cir¬
culated at home, and the demand for specie, wherever it existed,
was
almost entirely owing either to an excess of currency or to a
confidence in the institutions which issued it.
want of
The
*
In
the
principal cities these payments ara
accomplished through the operations of clearing-houses. During
the last twenty four years the exchanges of the New York Clear¬
ing-House were 454 thousand millions, while the balances paid in
less than nineteen thousand millions. The average
daily exchanges during this whole p riod were more than sixtyone millions, while the
average daily balances paid in money
money were
were
The national banks are required by
Statutes of the United States to pay
555
but two and one-half
millions,
or
but four and one-fifth
the dollar, as will be seen byr a table on another page.
In England, in 1821, after resumption, there was but little
demand for gold, nor was there in France after
resumption by
the Bank of France in 1850, nor has there been in this country at
any previous time following the resumption of specie payment.
The Bank of France is at present in a state of
suspension, but its
notes are preferred by the public to
specie, and the Bank has
found it difficult to reduce the volume of its
circulating notes in
exchange for coin. Ail thought of demanding actual payment in
specie will vanish as soon as resumption is assured, and those
cents upon
timid bankers who fear that their dealers will demand coin for
every dollar of their deposits can reassure themselves by an
agreement with their dealers that their deposits shall be payable,
as at the present time, “in current
funds,” which will then con¬
sist of legal.tender notes and the notes of
specie-paying banks.
There is no greater bugbear than the oft-repeated
cry, that the
Treasury and the banks must provide specie for the payment of two
thousand millions of deposits, before resumption can take
place.
The coinage act of 1873 provides for the issue of a gold doliar,
which shall bo tlie unit of value ; but, since the
suspension of
specie payments, the business transactions of the country have
been based upon a false and fluctuating measure of value.
This
will be seen from the following table, which gives the value of
the legal-tender paper dollar on July 1 of each
year, from 1863
1877, the last column of the table showing, also, its value
to
November 1 of the present year :
1863
on
1864
1855
I860
1897
1868 1809 1870 1871 1872 1873! 187% is;5 1*76 1877 1877*
Cts. Cts.
76*6 38*7
Cts.
704
Cts.
66*0
Cts.
71*7
Cts. Cts. Cts. Cts. Cts. Ct-*. |Cts Cts. Cts. let 8.1 Cts.
70-1 73*5 85*6 89-0 37 *5 ,86-4 91*0 *7 2 *9 24)4*:J 97 3
*
November lof this year.
The
coinage act also provides that the standard weight of this
gold dollar, which is the unit of value, shall be twenty-five and
eight-tenths grains ; but the paper dollar in use since 1863 has
represented a gold, coin fluctuating in weight from less than ten
grains to about twenty-five grains, as follows :
I860
1864
18G5
ItOO
1867
18.8 186!' 1870 1871 1872 1873 1874 1875 1876 1877 1877*
Grs
19*8
Grs
9 9
Gis
18*1
Grs
17*0
Grs
18*4
(jr rs Grs On- Gre Grs Grs
iS*t 189 22*0 22*9 22*5 22*;
*
Grs Grs Grs Grs Grs
!3 * 4 22 4 23*0 24 3 25* 1
November 1 of this year.
These tables by no means fully represent the fluctuations in
the legal standard of value during the last sixteen years.
The
variations cannot be counted by the Dumber of years, nor even
by the number of days. They have been numerous on each day
since the date of suspension, and can only be number -d by tens
of thousands.
The importers, and other wholesale dealers, have
often found, during the last sixteen years, that they could have
realized more profit from the purchase and sale of gold than of
the commodities belonging to their legitimate trarie.
The ten¬
dency of such fluctuations is either to bankrupt or to demoralize
all persons engaged in ordinary traffic ; for, under euch circum¬
stances, business of every kind becomes simply a game of chance,
based upon the ever changing value or weight of a false but
legalized standard, and persons in every portion of the country
abandon their legitimate business and embark in specu ations,
bringing failure and disgrace upon themselves and losces upon
th-'se who confide in them.
If the weight of all the produce which has been purchased
people throughout the country now know what, prior to
1863, they could not know; for it was not then true that every in the last sixteen years had been determined by a standard pound
bank note is safe beyond peradventure, and that if these notes are which varied in weight from six to sixteen ounces, or if the meas¬
not paid at the counters of the banks which issued them,
they ure of all fabrics had been ascertained by a yard-stick, the length
will be paid at the Treasury Department, in lawful money, and of which at different times ranged all the way from fourteen to
that the securities held therefor are amply sufficient for that thirty-six inches, the
evil resulting from the use of fuch false
purpose.
No reason, therefore, exists why the people—who, in and varying standards of weight and measure could not be greater
the last fourteen years, have not lost one dollar
through the use than that which has followed the use, during the same period, of
of bank notes—should decline to receive such notes in payment so false a standard of value as the paper dollar has been.
of their
Not many years ago it required one hundred large and heavy
deposits. These notes are not only guaranteed by the
Government, but they are received by it in payment of all taxes weights to balanc i one hundred bushels of wheat. To-day, by the
and other dues, except duties on imports, and
are disbursed by it advance in mechanical scier.ce, a five pound weight will balance
in payment of all demands
except interest on the public debt, and a much larger amount of produce, while the actual use of the pound
in the
redemption of national-bank notes.
weight is confined to the small transactions of the retail trade. It
The national banks hold eight hundred and eigh’y millions of would now be impracticable to weigh the products of the country
loans made to the people, and each bank is required, by section with the old-fashioned balances; but, by the aid of the modern plat¬
5198 of the Revised Statutes, “to take and receive at par, for any form scales, the weight of car-loads of coal and of canal boats of
debt or liability to it, any and all notes or bills issued by any grain, is quickly .and accurately determined in pounds, every one of
lawfully-organized national banking association.” There are, which is exactly sixteen ounces avoirdupois. There is not suffi¬
therefore, eight hundred and eighty millions of liabilities of the cient gold or silver coin in the country with which to pay for the
people due to the national banks—a sum largely exceeding the one-twentieth part of the products of the present year ; but the
whole amount of deposits—which may be paid in the notes of any' machinery of the bank, with its system of checks, and bills of
or all of the national banks in the
country. The national-bank exchange, and clearing-houses, will pay for it all in dollars,
notes are therefore very
different in character from the heter¬ everyone of which will be an equivalent of the true standard
ogeneous bank notes formerly issued by authority of the several dollar of twenty-five and eight-tenths grains of gold, nine-tenths
States. Moreover, the deposits of the banks are largely owned fine.
by their own shareholders and by' their borrowers; and sorely
Resumption does not mean the actual use and handling of the
business men, who look to the banks for accommodations, and gold dollar in every transaction. Coin and currency are but tlia
stockholders whose profits depend upon their successful manage¬ small change used in the retail trade. Bank checks and bills of
ment, will be the last to conspire to injure their credit.
exchange are the instruments employed in all large transactions.
Deposits consist chiefly of bank credits, are derived largely from A single check pays for a whole invoice of goods, for car loads of
the discount of commercial
Resumption means only that the
paper, and are paid mainly by trans- coal, and for houses and lands.
*ers upon the books—not with either coin or currency. Through¬ dollar represented by the check shall be equivalent to twenty-five
out the
country all large payments are made, not with money, and eight-tenths grains of gold, as the pound represented upon
THE CHRONICLE
556
platform scale shall be equivalent to sixteen
avoirdupois. It means that the millions and billions of
business transactions of a single year shall each be measured by
a fixed and true, and not by a fluctuating and false, standard of
the beam of the
ounces
value.
March 18, 1869, passed an act in which “ the
United States pledges its faith to make provision at the earliest
practicable period for the redemption of United States notes in
coin”; and on January 14, 1875, a day was fixed for that purpose.
The paper dollar is now worth 97^ cents in gold, and represents a
weight of about twenty-five grains of that metal. It has in¬
creased in its representative value and weight forty per cent dur¬
ing the last ten years, more than ten per cent during the past two
years, and nearly five per cent within the last six months ; and
there is no apparent good reason why it should not soon become
of the full standard value, when both the paper and the gold
dollar will be an equal measure of value, for the rich and poor
Congress,
on
IVot. XXV.
notes ;
and the act of January 14, 1975, repealed all provisions
restricting the aggregate amount of national bank circulation,
and required the Secretary of the Treasury to retire
legal-tender
notes to an amount equal to
eighty per cent of the nationalbank notes thereafter issued, until the amount of Buch
legaltender notes outstanding should be $300,000,000, and no more.
Nearly all of the $300,000,000 of national-bank circulation
originally authorized was issued during the first six years subse¬
quent to the establishment of the system, the amount outstand¬
ing on November 1, 1868, having been $299,887,675—or within
$112,325 of the authorized limit. The additional fifty-four mil¬
lions authorized by the act of July 12, 1»70, was never
wholly
issued, the greatest amount of circulation outstanding at any
time having been on December 1, 1874, when it was $352,394346, or $1,605,654 less than then authorized by law.
Since the passage of the acts of June 20, 1874, and of January
14, 1875, authorizing the retirement and reissue of national bank
alike.
notes at the pleasure of the banks, the circulation has been
The Government, and the banks of the country also, suspended steadily decreasing in amount. This will be seen from the fol¬
specie payment on December 28,1861 ; and it is believed that the lowing table, which exhibits the total outstanding circulation,
national banks will cordially unite with the Government in restor¬ not including mutilated notes in transit, upon the 1st day of
ing the true standard of value, whenever the acts of Congress January for the last ten years, and also upon November 1 of the
jeferred to shall be carried into effect.
present year.
NATIONAL-BANK CIRCULATION.
table exhibits, by States and geographical divi¬
sions, the number of banks organized and in operation, with their
capital, bonds on deposit, and circulation issued, redeemed and
outstanding on the 1st day of November, 1877:
The following
1
■J
States and Terri¬
tories.
Maine
New Hampshire..
Vermont
Massachusetts....
Rhode Island....
Connecticut
Totals, Eastern
States
New York
New Jersey.
Pennsylvania
Delaware
Maryland
Totals,
S fl
—
o
fi
PQ
O
72
4t
41
*37
61
61
Capital
pa d in.
$
10,660,(00
5,740,000
8,768 700
97,147,000
20,079,800
23,548,120
Circulation.
Bonds.
Bonds
on
deposit.
Redeemed
Issued.
$
$
9,459,250 19,229,520
5,769,0 0 11,401,455
7,634,500 17,350,960
69^556,850 153,671,580
14,053,900 32,447,825
19,781,200 43,955,140
*
10,569,631
Outstand¬
ing.
$
8.669,889
6,198,6:88 5,20 8'.7
10,154»,370 7,200, £90
9?,252.113 61,419,467
19,629,985 13,817,64)
*6,587,407 17,367,733
543
167,943,610 136,205,700 i7S,066,480 165,388,144 112,678,834
252
69
23*
13
32
54,619,950 156,836,855 107,1(3 027 49,733 328
11,178,330 12,549/50 2;,288,72) 16,061,66* 1L 227^052
56,014,440 44,954,800 101,154,415 59,664,955 41,489,460
1.663,9*5
3,149,315
1.784,115
l,484,2tX
1,365.200
13,298 685
8,145,000 21,118,700 I3,16l,27i
7,9.7,430
Virginia
West Virginia...
North Carolina...
South Carolina...
Georgia
Florida
Alabama
f
19
15
15
12
12
1
10
Mississippi
95,199,691
180,3:3,051 121,753,800 309,547,506 197,775,035 111,772,470
12
Texas
Arkansas
2
Kentucky
46
25
30
Tennessee
Missouri
2.258,857
1/39,443
4,373.967
2,516,023
1.627,67*
1,494,790
1,398,310
1,840,135
44,401
1,465,463
1,5*21
1,038,000
2,719,850
1,548,251
1,399.000
1,470,one
1,899X00
3,598,300
6,889,y90
4,743,241
3,409,551
3,: 67,185
50.000
52,4 C
8.000
1,521,OX
2,736,750
970,00(
5,664,76
1,608,430
10,607,405
3,27l,2r-7
64,479
4,120,61-8
1,1-39,487
220,765
8,341,797
3,430,006
7,889,811
42,115,300 $6,7 5,950 69,917,545
42 629,482
1.432,010
3,485,000
1,846,0 0
2,601,000
2,870.700
3,141,000
£0,000
1,653,000
3,900,000
1,115,000
205,000
9,984,500
3,0-0,300
7,735,0-00
6-*4,000
205,004
8,357,850
2,624,600
2,270,000
3,115,568
1,914,761
1,968,83'
2,611,125
4,451,26
66 000
r
t
Louisiana'.
473.700
16,618,<55
5,930,520
1,544,062
568,943
252,935
8.276,258
2,500.454
2,717,591
Totals, Southern
and Southwestern States
....
Michigan,
Wisconsin
Iowa
Minnesota
Kansas
Nebraska
215
.
....
Totals. Western
States.
..
23,471,900 23.627,750 53,122,830 39,939,539 22,183,291
16,18',-00 13,281,700 32,253,385 19,695,761 12,557,624
13,461, 00 10,413,000 31,895,265 21.233.462 10,661,803
9,844,5 0
6,2)7,100 14,99#,12C
9,117,897
5,8:2,223
3,500,000
2,295,5 0
6,777,140
4/82,428 2,394,712
4,475,500 11,447 88
7.148,096
6,1:7,OX)
4 299.784
31
4 >28 ’700
6,638,53t
3.960,462/94,400
2/78,118
15
1,035,COO
949/04
1.637,986
2,676,200
3,038.-72
10
1,0 r,ooo
82t,0)0
1,746,66!
955,901
710,960
662
89,23-\f>C0 61,818,450 161,548.320
Nevada
127 877
* CO**
2>5,4 0
7i9,13
2 5.000
7c 3,000
460,40
1,417,620
50 OX
602 28
519 162
I43is3y
83 0' 8
300, OCX-
186,04
464,420
103,200
543, <'64
50,00-0
9 ,930
250.000
Colorado
2:0,OX-
13
Utah
Idaho
Montana
1,235,09<'
]
200,0C0
100,-00
350,0 0
1
5
2
Wyoming
l
125,000
200,000
50, COO
26
a gin orn
i
New Mexico
Dakota
99,(71,533 62,476,767
131 70
1
Oregon
Totals,
27,288,063
164
90
144
81
40
78
Ohio
Indiana
Illinois
$343,516,478
347,959,471
341,653,672
318,356,754
315,831,930
legal-tender notes on deposit for the purpose
retiring national-bank circulation was, on November 1, 1875,
$20,238,642 ; on November 1, 1876, $20,910,946 ; and on Novem¬
ber 1, 1877, $13,111,371; and deducting these amounts respect¬
ively from the amount of circulation outstanding at the dates
named, the remainder, on November 1,1875, was $322,944 586;
on November 1, 1876,
$298,965,250; and on November 1, 1877,
$302,770,619—or only $2,770,610 wore than the three liqndfdd
millions
originally an** orized.
•
Since the passage of the act of June 20, 1874, $76,221,220 of
legal-tender notes have been deposited in the Treasury for the
urpose of retiring circulation, and $63,109,849 of bank notes
ave been redeemed, destroyed and retired.
Since the passage
of the act of January 14, 1875, $34,386,885 of additional circula¬
tion has been issued, and legal-tender notes equal to eighty per
thereof, or $27,509,108, have been retired, leaving $354,490,892 of the latter
outstanding November 1, 1877. The
cent
amount of additional
63 <
Dlat. of Columbia.
...
1399,846,206 I Jan. 1, 1874...
299,747,569 | Jan. 1, 1875....'.
299,629,322 I Jan. 1, 1878
304,956,849 | Jan. 1, 1877
327,7*7,306 I Nov. 1, 18 7
342,541,452 |
of
Middle
States
Jan. 1, 1870
Jan. 1, 1871
Jan. 1, 1872
Jan. 1, 1-73
The amount of
/
Capital.
M
Jan. t, 1863
Jan. 1, 1859
ioo|oo<
236,(00
60,000
249,351
47 0tX
275,211
46,930
688,483
81,701
215/69
56,140
268.050
44,(XX)
Pacific
States & Ter1 77ft 000
Due banks for mntilated notes retired
o
cm orn
•
y
’Jti'Jy
l,6.r.b,o34
£50*3 101
circulation issued for the year ending
November 1, 1877, was $16,306,030, of which $1,244,520 was
issued to twenty-nine banks organized during the year, having
capital amounting to $2,589,000; and within the same period
$20,681,637 of circulation were retired, without reissue;
the actual decrease for the year being $4,375,607, and the
total decrease since January 14, 1875, $35,086,339.
During
the year ending November 1, 1877, lawful money to the amount
of $10,465,756 was deposited with the Treasurer to redeem cir¬
culation, of which amount $2,291,266 were deposited by banks in
liquidation. The amount previously deposited, under the act of
June 20, 1874, was $52,853,560, and by banks in liquidation
$9,088,229; to which is to be added a balance of $3,813,675
remaining from deposits made by liquidating banks prior to the
passage o! that act. Deducting irom the total of the sums named
($70,121,220) the amount of circulating notes redeemed and
destroyed and for which no reissue has been made ($63,109,849),
there remained in the hands of the Treasurer
1877, $13,111,371 of lawful money for
ment
*
on
November 1,
the redemption and retire¬
of circulation.
*
*
*****
*
RESERVE.
It is estimated by the best
which have long enjoyed the
and the Joint-stock and other
authorities that the Scotch banks,
reputation of being well managed,
incorporated banks of England (not
including the Bank of England) hold not exceeding five per cent
of their liabilities in ready money.
The remainder of their
reeerves are
largely invested in the English consols, bearing
interest at the rate of three per cent per annum, the average
price of which, since 1850, has been about 92 cents to the dollar.
The French Government issues small coupon bonds, or rentes,
in denominations as Iot as one hundred francs, or about twenty
dollars, for the convenience of those who desire to invest their
eaviuga in the public funds. The recent failures of savings
banks throughout this country, having on deposit large amounts
of the people’s earning?, has suggested the propriety and policy
of the iseu? by the Qoyergmept 9' ;OUr per cent bonds of a de*
lioniihatiuil 1'Sa than fifty dollar?. There is but little doubt that
the savings of the people would be largely invested in such
bonds, provided they could be readily negotiated by the ho’ders,
when desired, without material loss.
The national banks in the reserve citie3 are rtquired to keep a
reserve of
twenty-five per cent upon deposits, one-balf of which
may be on deposit with tlieir reserve agents in the city of New
York. The country banks are required to hold a reserve of fifteen
per cent upon deposits, three-fifths of which may consist of bal¬
ances with their
correspondents in the reserve cities. An amount
equal to more than one-sixth of the capital of the national banks,
or about $87,000,000, is thus
continually kept on deposit with the
banks in the reserve cities. A considerable portion, probably
one half of this amount, is sent
by the banks to t eir correspon¬
dents, not for the purpose of legitimate business, but in order to
obtain interest upon idle funds which cannot be invested by them
in available loans.
It authority were given to the national banks
to hold, in four per cent bonds of a denomination leBs than fifty
dollars, such portion of their reserve on deposit with their agents
„
Grand totals
1,071 432,312,771 341,2
Add for gold b'ks.
9
...
4,300,000
50,900 623,0-79,650 507,197,660 316,775,111
1,783,00
2,961,000
1,528,880
i;«*;ito
Totals of currency
and
gold banks. 1,08! 486,61 .’.771 343,048,900 826,040,650 508,726,54(
318,207,231
The act of February 25,
1863, and the subsequent acts of
June 3,1864, and March 3, 1865, authorized the issue of
three
hundred millions of dollars of national-bank
circulation, which
increased by the act of July 12, 1870, to three hundred and
fifty-four millions. The act of June 20, 1874, authorized any
was
national bank
or in
part, to
desiring to withdraw its circulating notes, in whole
deposit lawful money with the Treasurer of the
United States, in sums not less than $9,000,
and to withdraw a
proportionate amount of the bonds held as security for such
December
as
THE CHRONICLE
8,1877.]
557
Previous to the passage of
they might think proper, it would result in a large investment
the act of June 20,1874, the national
in these securities; and the savings bank depositor, if banks were required to hold a reserve upon circulation and de¬
be should to desire, would then find no difficulty in disposing of posits.
By that act the provisions requiring a reserve to be kept
these small bonds among the twenty one hundred national banks, upon circulation were repealed ; but the banks were required to
one, at least, of which is located in almost every village in the
deposit with the Treasurer of the United States lawful money,
country. This policy would also have the effect of strengthening equal in amount to five per centum of their circulation, as a rethe available resources of the banks, and of retaining in their demption fund, which fund was authorized to be counted as a
hands a considerable portion of those idle funds which are now part of the reserve upon deposits. In the table above given thia
sent to their correspondents in the central cities, and are loaned redemption fund, on and after June 26, 1874, is included in the
item of 44 other lawful money,” and the ratio of reserve, as
by the latter, upon call, to dealers in speculative securities.
given,
by them
~
It is estimated that an amount, varying from 2001<5 600 millions
of dollars, is held in English consols, as a reserve fund, by the
banks of the United Kingdom ; and there does not seem to be any
is upon both circulation and deposits.
The following table exhibits the amount of net
the reserve required thereon by the act of June
deposits, and
20, 1874, to¬
amount and classification of reserve held, at ten
different dates, from October 2, 1874, to October 1,1877, the date
of the latest returns from the banks.
good reason why the four per cent consols of the United States gether with the
should not be employed f6r a similar purpose in this country.
The following tables exhibit the amount of circulation, net
deposits and reserve held by the national banks in the States and
STATEB AND
Territories, together with the total amount held by all the banks,
at three periods in each year, from 1871 to the present time:
rFiffures are expressed in
1
millions and fractions of millions. Thus, 802*8
banks.
Nuombefr
R’s’rvehelc
requid.
DC
a
_o
♦a
m
13
To
o
c.
©
©
<->
•m
©
U
Classification of
reterve.
«9
I
a
e
o
o ©
a
Resrve
Total.
Dates.
a
o
©
oS
•-a
B
<
«
—•
©
£3
CO
o
June 30,1675...
Oct.
1.1875...
G as
A
May 12, 1876...
June 30. 1876...
Oct.
2,187.1...
P.ct.
'
438-6
65-8
98-7 226
25
405 55-7
April 29, 1871 1,482 202 8 2358
SOI 2 2111
4453
66
8 101*7 2*2 8
Jane 10,
4
1,497 0
4
20
593
210-2 257-4
70-1
467*6
98 9 21*2
Oct.
4
1,537 1
1-8
556
2, “
257-3
437-4
73-1 5
9S0 20 2
2*6
432
2
2
1872 1,616 220-1
April 19,2220
268-8
490-8
736
Jane
1
101-8
1,626
0
2
1
2
4
8
10,
“ 7
5
1.689
227-3 282-12
76*4
509-4
Oct.
97-8
3, “ 9
1
433 52 5
-1
8
2
7
290*7
5226
1,732
105-7 202
1*6
25, 1873
45-1 59-0
April3
8-2
3
294-91
7
527*7
June
7
0
2
108-9
1,737
44-9 62 3
13, 9
“ 2
303 8
233 1 8
536*9
51
2 1
1,747 1
20-6
445 639
12, 0
“
Sept. 0
235-8 286*2
5220
78-4 112 6
1
2
2*4
1, 1874 1,751
so-: 60 1
May
235-4 287 42
5223
Juue 1
785
1
1,755 1
21-3
47 3 62 0
26, “ 2
“
234-1 293-4
527-5
Oct.
79 2 100-6
9
1
24
45 5 527
1,774
*;
Oct.
2.
44
April 14, 1877
June 22,
Oct
1,
“
44
50
49
49
48
48
48
48
48
48
48
47
47
47
47
47
47
31 8
310
30-6
28-6
28-3
28-1
28-0
27 7
275
27-2
26-2
25 3
21-0
19-2
183
161
156
14 8
162
15-9
154
195 1
211-0
191-3
172-0
197-9
1580
103 6
18v5
172-7
vOT-6
207-4
204-6
: 97 5
-218-4
202-3
1805
195 8
197 9
191 9
243 7
174*9
56-7
605
55 5
501
56-3
46 5
479
536
500
226 9
242 0
221-9
2006
2i5-2
186-1
191-6
214-2
SOJ-2
5348
232 6
58-7
58 1
575
229-9
218 5
2376
220 6
196 6
211*4
212 7
:03-i
259 6
190 3
54 6
59-4
551
492
52-8
532
520
64 9
47-6
11 9
i'4‘4
6-4
24-7
30-1
i3'4
304
309
29 7
13-1
286
146
550
155
14-4
67
13*7
5 0
16 0
18-1
146
15-8
11-7
13*0
53-8
652
505
41*5
*0-4
39-0
342
40-8
32-3
46-3
56-3
539
51*1
62’9
555
37-4
470
46-1
19 1
496
851
3-9
2-8
IT.
5*1
2-8
1-9
2 2
i-7
32
5-1
45
45
24
37
1-5
3-8
47
40
71
54
56
45-8
47 2
426
36-4
42-6
36-7
40-4
432
363
45 4
474
40-4
411
430
40-7
38-8
42-4
401
33 1
44 7
373
26-7
26 6
59*1
26-4
32-2
*7-4
272
308
S8-5
264
236
55-2
11-4
87
11-9
15*2
©
1
1,774
1,815
1,845
1,851
1/53
1,855
293*4
3(6 2
312-6
307 9
299 4
299 5
291-7
Oct.
1.845
290 1
1. 1877...
ft
o ©
'Z’G
&
Mil'nt. Mil'ns. Hll'm. P. CL
291-2
Oct.
2,1874..
1,1875...
June 30, 1875
.
Oct.
1, 1875...
May 12, 1816...
June 30. 1876...
Oct.
2,1876...
Apr. 14, 1877...
June 22, 1877...
Oct.
1,1877..
231-6
44-1
460
470
46-3
450
450
43 8
412
438
43 0
100-6
1007
105-1
ICO 1
104-5
1038
99 9
103 9
101 9
95 4
34-8
829
33-6
S2-5
34-9
347
34-3
3V3
35-0
32-9
60
Ba
Olawth¬er money.
Redmpt’nfund.
v*
Speci .
ful
aj
©
a
A
|
MU.
2 4
15
1-6
1*6
1-9
2-5
2-7
MU'ns.
42
S3-0
35 2
33*5
337
349
33*2
31*0
331
321
31-6
144
6 7
13 7
5 0
16 0
18-1
14 6
15-8
11*7
130
52*4
49 9
6V8
54.4
865
462
45-3
382
48-7
343
S6-7
37*4
344
333
33 9
354
351
344
32-9
33 0
4 5
2*4
37
1-5
3-8
4 7
4 0
71
54
5-6
340
31-9
34 3
320
33-2
34 5
33 5
32 2
31-2
315
21-3
10 6
190
81
21-7
25 3
21*3
27.1
21*3
22-8
4 2
4 2
Mil.
517
52 1
584
53 3
56 7
57-2
55-4
55 9
55 0
48 9
!
MU.
11*9
11-9
11-6
11 5
310
10-9
10-9
10-7
106
in-7
43
48
48
43
47
47
47
47
47
47
204-6
197 5
118-4
202-3
1805
195-8
197 9
191-9
243-7
1749
51 2
494
5f6
50-6
451
49-0
495
43 0
60 9
43 7
68 3
578
766
'
60-5
53 4
651
60 7
549
61 3
481
33 4
S9-2
351
*9 9
296
332
30-7
286
25 1
27-5
15
1*2
l-l
A
«
•
a
m
-
-
*
•
•
•
n
....
....
11
0 9
08
0-8
0 9
0 9
0-8
OTHIR RESERVE CITIES.
2, 1874...
1,
June 30,
Oct.
1,
May 12,
May
290
31-7
■*a
1,853
1,839
1,844
Oct.
657
766
59 2
53-4
r.5-6
45*4
47 3
64-4
46-9
71 3
71 8
683
57 8
76-6
60-5
53-4
65-1
607
549
61-3
48-1
Rce ro j
Amount,
TJ
Apr. 14, 1877...
June 52, 1877...
May
NEW YORK CITY.
54
54
54
51
51
O
©
reserve.
OQ
NEW YORK CITY.
1.815 231*5 8
305 2
50
536-7
1007 18-8
1. 1675
1-5
47-1
52 1
May
311 5
541*3
2
June 80,1
8
1052 194
1,845 229-8
1-6
45 2
4
“
8
5
Oct.
7 306-7
5574
80-7 5
160-1 18-6
VC
“
1,85! 230
452
1,3
3
222*4 298 7
521-1
78-2 1045
1
0
2
1-9
45 9 5V7
12, 1876 1,853
May
June 30, “
218-8
298-7
5175
77-6 103-8 20-1
1,855
25
44-1
57-2
Oct.1.858
218 6 291'2
f09*8
765 100-0
6
2, *‘
9
1
28
41*8 55 4
217-7 293 4
5111
76-7 103-9
0
2
42
April
14, 1877 1,819
438 559
June 22,
75-9 101-9 20-2
505-4
4-2
427 550
1.844 2145 290-9
Oct.
1.845 2!6-5 2S9-4
5059
7ti‘0
95 4
1, “
389
4 2
42-3 489
April 29, 1871
June 10, “
Oct.
2, “
April 19, 1872
June 10, “
Oct.
3, “
April 25, 1873
June 13, Sept. 12, “
May 1, 1874
June 26,
Oct.
2, 44
May 1, 1875
June 30,
**
Oct.
1, 44
May 1?, 1876
June 30, •*
2,1874...
1, 1875...
May
G
So
1Q,
Oct.
is
©
baofnks.
No.
aj
CITIES.
Reserve held. Classification of
requi d.
to
■ha
TERRITORIES, EXCLUSIVE OF RESERVE CITIES.
Liabilities.'
Dates.
means
202,600,000.]
,
STATES AND
TERRITORIES, EXCLUSIVE OF RESERVE
1675...
1875...
1S75...
1876...
June30, 1876
Oct.
2,1876...
....
..
•
t
Apr. 14, 1877...
June 22. 1677...
1. 1877
Oct.
TT.T
..
182
2214
181 -219-3
226 9
183
188
223 9
189
2146
169
219*6
189
217 0
187
210-2
187
£34 3
204-1
188
553
54-8
56-7
56 0
53 6
54 9
54 2
52 5
586
51-0
76-0
72*1
77*9
745
728
77 8
761
72 3
77*2
67*5
343
32 "9
89 3
171
857
39-4
371
331
416
343
311
28-6
313
32 3
30 1
3V 7
32 0
291
271
244
37
36
3-6
3 6
3 2
30
3 0
30
31
3 0
838
80 7
897
85-6
85-8
879
87-4
850
82-1
73 3
171
16-7
16 3
162
151
147
14-6
14-ft
14 &
14 5
SUMMARY.
Oct.
2, 1874...
May
1. 1875...
June 30, 1375...
Oct.
1, 1675...
May 12, 18:6...
June 30, 1876...
Oct.
*, 1676...
Apr. 14, 1877...
June 22, 18:7
Oct.
1. 1877...
..
....
2,004
2,046
2,076
2,081
2,089
2 091
2.089
2,078
2,078
2.080
7194
723 0
757 9
734-1
694 5
714-9
706-6
696-3
770*6
669 1
1506
150*2
158 3
152 9
141-7
148 9
147 5
1447
163 3
138-3
244 9
230 6
259-6
275 1
270 7
246 7
236 7
231 1
210 4
210-8
122-7
122 5
1846
125-2
1971
118 8
1134
1044
1224
100 2
OTHER RESERVE CITIES.
April 29, 1871
June 10, “
Oct.
2, 44
April 19, 1872
June 10,
Oct.
3,
April 25,
June 13,
“
44
1873
“
44
1874
Sept. 12,
May
1,
June 26, “
Oct.
2, “
May 1, 1875
June 30,
Oat.
1.
“
44
May 12. 1876
June 30,
Oct.
2,
“
“
April 14, 1877
June 22, “
Oct.
1, 44
171
172
176
176
176
180
181
182
181
179
180
182
183
183
188
189
189
189
187
187
188
716
72‘5
746
76 6
768
78-1
78-2
78-2
77-8
773
76 9
73T
70-8
691
69 4
617
600
53*4
60 8
f 9*6
6tV0
179-6
189-9
183 1
163-9
198-1
179 6
196*0
210 5
197*5
2109
219*1
2199
217-9
225-5
222-9
213-9
•2190
216-3
2C9-5
233-7
233-4
251-2
262 4
262 7
260 5
274-9
257-7
274 2
28i 7
275-3
288-2
296 0
191*0
288 7
2946
2923
J75-6
279 0
t74 7
273 3
293 3
253 4
62-8
656
65-7
65-1
63-7
64-4
68 6
722
68-8
721
74-0
73-3
72-2
73 7
731
6V9
698
63-7
676
78-3
65 9
79-1
831
753
71*4
791
66 8
724
80 8
71-8
84-2
87*4
79*0
720
78-0
745
727
77-8
76-1
72-3
77-2
67-3
3! 5
317
23-7
274
28-3
259
26*4
28-0
261
292
295
259
250
26*4
£5-5
3)0
27*9
27-7
26 7
26 3
2V5
294
331
31-2
299
337
582
29 8
34 9
323
35-7
35 5
311
28 5
313
323
30 1
SO'7
£2 0
29 1
271
24*4
In the above table, as will be seen, the redemption fund
given separate from the lawful money reserve required to be
kept on hand, and from the amount due from reserve agents.
The following table exhibits the movements of lawlul money
reserve, consisting of specie and legal-tender notes, of the New
York City national banks, weekly, during the month of October,
for the last six years:
Week
April 29. 1871 1,707
June 10, “
ucr.
2, ‘April 19, 167*
uuS Iv,
”
•
Oct., S,
“
1,723
1,767
1.843
l/*53
1,919
April 25, 1873 1,961
June 13,
“
1,963
Sept. 12. “
1,976
May
1, 1874 1,978
June 26,
“
1,933
uct.
2, “
2,004
May 1, 1675 2,046
June 3\ “
2,076
uct.
2,087
May l-', 1876 2,089
June 30,
“
2,091
uct.
.2, 44
2,089
April 14
June 22,
ucr.
1.
1S77 2,073
“
2,078
“
2,080
so»;-i
307-8
315 5
•92V3
3*71
3’.8-5
338 1
338*8
333 4
34r3
338-5
332-5
323-3
3181
318-4
300-2
;94 4
291-8
294 7
290-0
-.91-9
6105
641-9
636 7
623 2
G63-S
613-8
6503
691-9
674 0
704-7
713 0
717-3
720 6
755-4
731-9
6.3 1
713-5
705-4
694-8
768-3
6677
9166
949-7
952-2
948 5
990-9
9533
988-4
1,0307
1,0:2-4
1,045-0
1,051-5
1,050 4
1,0439
1,0735
1,050 3
993 3
1653
192-9
191-3
188-4
198-6
1874
134-9
204-9
199-5
209 1
2106
2100
207-3
214 3
208-9
1,058-3
1963
200-2
198-4
196 3
214 1
959-6
189 5
1,007-9
997*2
969-5
2135
261-4
233 4
222-9
246-5
209-9
225-4
254*1
229 1
266
275
24-5
2P5
24-9
22 1
228
?4“
22 6
S68T
25-7
'*76-7
•244 9
230-5
?5 7
2598
235 1
230-6
246 7
5368
231*1
240 4
210-8
23*8
22-1
24-2
22-3
232
245
23-7
234
22*7
22 0
18-3
16*2
120
19*6
200
10-2
16-9
280
19-9
32 5
533
21 3
If *6
19 0
8-1
21*7
253
21*4
271
*21-3
22 8
140-1
152-8
1345
121-2
1349
1190
119-7
1590
1*31
141-8
15>9
139-8
139-3
1511
14V4
1221
1'35
1280
1190
1370
1147
85-1
92 4
86 9
82-1
91 6
80-7
88 8
97 1
96-1
1)3 8
97 5
538
80-6
89 7
85-6
86 8
87 9
87-4
850
82-1
73 8
Specie.
j
October
»«
44
44
44
44
44
14
14
SUMMARY.
ending—
5, 1872
12, 18 2
19,
S6,
4,
11,
18,
25,
3,
44
10,
44
17,
24,
31,
2,
9,
16,
23,
30,
44
4
•
44
«4
it
44
44
a
u
44
44
44
44
44
44
The
1872.
1872
1871
1873
1873
1873.
Ifc74
1874
1874
1874
1874
1875
1875
1875
1875
1875
7, 1876
14, 1816
21, 1876
28, 1876
6,
13,
20,
27,
1677
1877
1877
1877
18,469,700
10.070,200
Legal
tenders.
10,657,400
9,231,300
$37,998,503
40,675.100
46.260,103
46,885,000
9.240.3*)
9,251.930
10,506,900
11/50,100
11,433,500
15,373.400
14 517,700
12,091,400
11,457,900
10 324,930
5,438,900
5,716,200
5,528.500
5.715,000
8,049,300
5,179.8fO
7,187,300
53.297,603
62,152,000
51,855,100
8.975,600
17,682,600
16,233,603
15,577,5:0
14,011,603
14,665.630
14,726,5 0
14/87,4 0
15,209,000
49.833.900
50,773, WO
56.181,500
51,312,300
48,58-\7i'0
47,300,900
45,762,800
45.535,600
43,004,600
41,421,700
41,645,6,'0
36,168,300
35,178,903
35,1( 1,700
34,867,600
Total.
$46,468,20)
50,745,100
56,917,500
51,119,303
18,492,230
18,556,200
16,829,903
13,620.800
69,671,000
66,669,700
64 ! 46,500
61,351,800
69,097,900
61,620,400
57.058,500
54,111,200
53,035,900
M,739,400
f3,2 8,200
59,238,20)
56,999 2C0
55.6oi,2f0
50,833,9©)
49,905,400
49,189,100
49,576,800
Ratio to
liabilities
24-9
268
28-6
27-8
11*6
11-6
107
12 2
30 0
29 6
290
28 8
27 9
28-1
265
25 4
253
20-5
305
288
27 8
£8-0
27 0
26 7
26 5
268.
following table, compiled from weekly returns to the New
York GTearing-Houee, exhibits the average liabilities (consisting
of circulation and net deposits) and the reserve held, together
553
6
8
1
8
9
6
8
1
0
7
2
3
4781
THE CHRONICLE.
657781
with the average amount of
legal-tender notes and specie, and
the ratio of each to
liabilities, of the New York City national
banks, in October of each year, from 1870 to 1877.
| enue
[VOL. XXV
from State banks and private bankers, during the
were as follows:
period,
saint
.
Reserve held.
Dates.
Liabilities.
$
Oct., 1870. 194,031,979
1871 209.421,959
“
“
1872.
1873.
1871
1875.
1876.
1877.
“
“
“
“
“
4681
194, 13,050
157,171.475
222,510,989
212,787,180
204,033.625
186,508,750
Legal
Legal
tenders.
Specie.
Total.
tenders Specie Total.
8
46,603,0.73
8
10,762,813
8
Percent Per ct. P. ct.
95.799.550
42,954,675
7,417,075
51,594,320
49,814,019
42,901,875
35.204.175
57,365,901
51.568,550
8,769,900
9,607,900
10,707,100
12,873,060
52,502.575
18,121,775
04,467,380
6,278,840
56,112,880
15,S76,32i
11,072.125
Years.
Ratio to liabilities.
24-0
21-9
222
47
232
23 4
21 0
18 9
58,778.200
49,876,300
56
4 2
49
29 6
26 T
27 1
11*5
290
26*1
28‘8
26-7
68
5-8
3-0
7‘8
7 8
2864
CLASSIFICATION OF LOANS OF NATIONAL BANKS IN
NEW YORK
CITY, AND RATES OF INTEREST IN NEW YORK
AND LONDON
from 1874 to 1877.
The
following table contains a classification of the loans of the
national banks in New York
City, at the dates of their reports in
October, for the last four years :
October 2, October 1, October
2, October 1,
1874.
1375.
1876.
1877.
Loins and discounts.
4.8 banks.
$
On paper with two or more
names.
On
single-name paper, without
other security
On United States bonds on demand
On other stocks,
bonds, &c., on
demand
On real-es at ‘
47 banks.
8
.
4? banks.
19,959.609
4,721,638
18,555,100
4 93; ,674
$
16,634,532 15.800,549
4 763,448
6,277,492
51,451,638 50.170 3-4 58,719,571 48.376/33
278.081
863,160
536,802
497,524
5,735,! 38 3.454,276 4.681,570 4,319.014
2,909,557
3,90?, 602
1,652,944 2,766,4'6
.
All other loans
Totals
201.777,054 ■202,089,733 184,243.225 169,162,391
By reference to this table it will be seen that the total
amount
of loans of the national
banks in the city of New York on
1» 1877,
was
October
$169,163,391, which
any report for the last
loans were
seven
$103,314,014, and
$168,082,083.
is much less than at the date of
years.
Oil January 22, 1870, the
on
October 8, of the
same
year,
The average rate of interest in
New York
City for each of the
fiscal years from 1874 to 1877. as
ascertained from data derived
from the Financial
Chronicle and the Journal
of Commerce
that city, wras as follows:
1874, ca’l loan*,
1675, call loans,
1876, call loan*,
1677, call loans,
3’8 per cent;
3*'» per cent;
3 3 per cen';
3 0 per cent;
commercial paper,
commercial paper,
commercial paper,
commercial paper,
*
years was
1874, 3/9
per
*
1875, 3*23 per
*
1876, 2 61 per
t 1877, 2 16 per
of
:
2-4,778 62
10,738 26
22,746 27
17,947 67
5,430 16
Aggregates.
England for the
52
08
83
98
Totals.
$
$2,837,719
4,940,870
3,463,988
2,046,562
903,367 98
374,074
476, S67
399,562
445,071
77
1,734,417 63
2,177.576 46
11
73
90
49
84
71
79
26
2,972,260 27 '
2,999,530 75
2,-896,637 93
cent.
cent.
cent.
city of New York on November 27
quoted in the DaVy Bulletin, was on call
919,262 7?
976,0.57 61
734,950 05
916,878 15
1,102,241 58
989,219 61
027,661 24
3,387,160
4,097,243
4,006,693
3,829,729
67
12
03
33
.$9,994,302 43
$47,736,362
84
3,611,241 53
4,623/229 14
3,771,031 45
The number and value
of two-cent check
stamps sold by the
Commissioner of Internal Revenue,
yearly,
cannot be ascertained.
The value of such
stamps ordered from contractors during the
fiscal years
designated was as follows : In 1874, $1,502,549;
T875,
$1,949,106; 1876, $1,882,941 ; and in 1877, $1,889,334:
From
these tables it will be seen that the
total amount collected from the national banks, State banks and
private
during the last year, was $10,828,656 12, and from thebankers,
date of
the imposition of the tax to the
present time, not including the
tax on bank checks, it was
$126,98S,461 59. The total amount of
tax paid upon circulation
by the national banks to July 1,
1877,
was $36,827,770 27
; while the whole expense of this office
from
its organization to the same date was
$4,298,270
34,
which,
under
section 5173 of the Revised
Statutes, is payable out of the pro¬
ceeds of tins tax.
The tax upon the. national
banks has been,
from the beginning, collected without
expense to the Govern¬
The Comptroller, in
August last, issued a circular addressed to
1he national banks,
requesting them to report the taxes paid by
them under State and
municipal laws for the year 1876, and in
reply has received returns from all the banks
continuously in
operation throughout the year, 2,046 in
number, having an aggre¬
gate capital of $488,272,782. From these reports and the
returns
made to the Treasurer of the United
States, under the provisions
of section 5215 of the Revised
Statutes, a table has been prepared
giving the amount of United States and State taxes
paid by the
national banks in each of the
States, Territories and principal
cities, together with the rates of taxation upon
capital, for the
year 1876.
Similar tables for the years
1867, 1869, 1874 and 1875 will be
found in the Appendix.
Statements of the amount of State and
municipal taxes paid by the national banks for the year 1866 were
also received, but were not tabulated
by States. From the data
for the years
named, estimates have been made for 1868, 1870,
1871, 1872 and 1873, and a table has been prepared,
showing the
amount of national and State taxes
paid yearly by the national
banks, for the last eleven years, as follows:
Ratio of
Amount of Taxe*.
Years. Capital stock
18B6
1867
1868
1869...
1870
1871
1872...
1873
1874...
1875
1876
$410,503,435
422,804,666
420,143,491
419,619,860
429,314,011
451,994,133
.
472,956,958
.
488,778,418
.
TAXATION.
The following table exhibits the
amount of taxes paid
by the
national banks to the United
States,
yearly, from the organiza¬
tion of the system to
July 1, 1877, the rate of taxation being one
per cent anuually upon the
average amount of notes in circula¬
tion, one-half of one per cent
annually upon the average amount
of deposits, and a like rate
upon the average amount of capital
stock not invested in United
States bonds :
circulation.
On
deposits.
On
capital.
State.
tax to
capital.
Total.
U. S. State. Total.
$7,949,451" $8,069,938
9,525/07
9,465,652
10.081,241
10,190,682
10,649,895
6,703,910
493,751,679
7,004,646
7,256,083
503,687,911
501,788,079
7,317,531
7,076,087
8,813,127
8,757,656
7,297,096
7,435,675
7,860,078
8,343,772
8,499,748
9,620,326
10,058,122
9,701,732
P. <?.
1*9
$16,019,389
18,338,734
18,223,308
17,378,340
22
2 2
24
24
24
14
1*4
15
1-5
1-4
17,656,357
18,509,973
15,047,682
15,504,334
16,870,4 9
17,375,653
16,777,819
P.c.
P.c.
2-0
2-1
21
1*7
1-7
17
1-8
1-8
20
20
2 0
3-9
4-3
43
4-1
4*1
4*1
3*2
3-2
3-5
3-5
3-4
The unequal taxation
imposed upon national-bank capital in
the principal cities of the
country is shown in the following table,
which gives the rates of national and State
cities named, for the years 1875 and 1876:
taxation, in the
Rates of Taxation.
Cities.
1875.
Totals.
1876.
-
$53,096 97
1865
1866
1867
1868
1869..
1870
1871
1872
1873
1874
1875
1876
1877
*117
..
2,633,102 17
2,95/416 74
2,949,744 13
2,987/21 69
2.614,553
2/14,767
2.802,840
3,120,984
3,196,569
3/93,570 03
3,353,1-6 13
8.404,484 11
3,283,455 89
3,091,795 76
2,894,037 09
The amounts collected
Calendar years.
n«7 r.ori
2,106,785 3 )
2,8 8.616 73
2 94/313 07
Aggregates.. $36,827,770 27
*
$95,811 25
i
2,650,180 07
2,564,143 44
58
61
85
37
29
3,809,967 72
3,514.310 33
3.505,129
64
3,445,252 74
$37,055,144
58
Si8.402 23
406.947 74
3*1/81 36
306.781 67
312,918 68
375,963 26
385.292 13
3 ■‘9.356 27
454,891 51
464,048 02
507,417 76
632,396 16
6";4,630 96
$5,359,183
by the Commissioner
t Fiscal year.
90
82
90
05
46
55
17
1.886,745
2,196,051
3,020,083 61
8:7,087 21
2,-702,196
3/43,251
3,669,302
2,453,514
432,306,827 S2
U. S.
per cent, and on commercial paper of the best
5£ to 7 per cent. The rate of interest of the Bank
was reduced from 5 to 4
per cent on November 28.
On
$5,435,232 59
$780,723
2,043,841
2,099,635
1,355,395
1,438 512
On capital.
cent.
of the present
year, as
loans from 5 to G
Years.
05
94
92
82
6-4 per cent.
The rate of interest in the
grade from
of England
75
68
deposits.
0'4 per cent.
5-6 per cent.
,V3 per cent.
The average rates of interest of the
Bank of
same
214,293
28,669
16,565
15,419
22,781
8,919
On
ment.
$
116,719,349 123,189,537 95,510,311 92,018,776
security
Payable in gold
48 banks.
$2,056,996 30
1,993,661 84
990,278 11
1871.
Actable showing the
average weekly deposits, circulation and
reserve of these
banks, for the months of September and Octo¬
ber, since 1870, will be found in the Appendix. Tables will
also
be found in the
Appendix showing the state of the lawful money
reserve of the national
banks, as shown by tbeir reports, from
October 8, 1870, to October
1, 1877, together with a similar table
showing the reserves, by States and principal cities, for October
*
*
1, 1877.
*
*
*
*
On circulation.
U. S.
$167,310 45
1,OU
Boston
5,146/35 81
5.840,698 21
5,817,268 18
New York
5,884,888 99
5,940,474 00
6,175,154 67
6,703,910 67
7,004,646 93
7,0.83,498 65
7,305,134 04
7,229,321 58
6,998,926 79
$79,252,093 75
of Internal Rev-
Albany
Philadelphia
Baltimore
Washington
New Orleans
Louisville
Cincirnati
Cleveland
Chicago
Detroit
Milwaukee ....;
St. Louis
St. Paul
1..
1-4
2 0
3 0
2 0
1-4
13
1-4
16
1-3
2 0
1-1
2-3
1-8
2-3
12
13
State.
1-9
31
3 6
08
05
20
03'
0-3
05
3 6
23
2-3
1-3
3-0
2’8
2-2
Total.
U. S.
State.
33
51
6-6
2-8
19
33
14
19
,3-2
2-1
1-4
1-2
1-2
1-6
1-4
1-7
11
2 2
16
22
1-6
35
34
1*7
19
1-8
46
3-4
48
3-1
5-3
40
3 5
13
1-2
07
G'5
2-0
11
0-2
0-5
29
2 5
30
1*5
2 9
26
18
Total.
3-0
5‘4
6’6
2’8
19
3-2
23
1*8
19
4 6
3’6
5’2
31
5 1
89
30
The rates of taxation—national, State and
total—upon nationalbank capital, in those States in which
the rate of taxation hai
been
highest for the last three
years, are as follows:
THE CHRONICLE
^December 8,1877.]
prietary stamps, and
1876.
1875.
1871.
559
checks.
States.
upon bank deposits, capital, circulation and
It is difficult to understand why the tax upon bank
deposits, which tax, like the others, was essentially a war tax, was
repealed at the same time, unless because of an unjust prej¬
udice against banks which is peculiar to this country, and which
31
4*9
4 7
29
2'9
4-8
18
1-9
NewYoik
..
21
35
is traceable to the large losses heretofore sustained by the people
21
3-6
i*e
21
36
1*5
New Jersey...
72
4*0
3 8
2 2
1-4
24
36
14
Ohio
upon bank currency issued under the authority of injudicious
25
1-2
37
26
3 8
26
38
12
Indiana
laws of many of the States.
24
42
24
4 2
4-0
1*8
22
1-8
Illinois
The Louden Ba?ikers’ Magazine for April, 1877, in
3 8
2-1
3-3
41
17
21
23
1-8
commenting
Wisconsin
03
4*3
4 6
45
1-4
32
3'3
1*5
Kansas..
upon this subject, says: “It is easy to understand how, in the
2'5
2*3
45
47
53
2*2
33
20
Nebraska
midst of that terrible struggle for existence which racked for a
2*7
4*5
3-7
11
3 4
3'6
47
11
South Carolina.
time
21
35
3-7
14
23
every joint and sinew of national life almost past endurance,
2 2
3*7
1*5
Tennessee
tlie Government of the United States felt compelled to seize hold
of every and any available basis for taxation, and hence fixed on
Tlie following table gives, by geographical divisions, the
the easily-reached resources of the banks as a most valuable
amount, with the ratio to capital, of State and national taxation,
source of supply.
But now that those dangers are happily passed,
for the years 1874, 1875 and 187G:
no
adequate reason can be given for such an impost. There ia
nothing which conduces more to the prosperity of a country than
1874.
a sound
system of bankiug, and besides good management, which
is of course understood, nothing is more essential to sound bank¬
Amount of Taxes. £1? Ratios to Capital
ing than sufficient and ample capital—capital largo enough to
Geographical
Capital.*
enable depositors to feel they may rest on it in safety; and any
Divisions.
St ate.
Total.
U. S. State Tot.
U. S.
measure which imperils the growth of banking capital for the
sake
of the taxes which may be levied
it is indeed short¬
P. c. P. c. P. c.
$
H
$
1* 8
3-0
New England States. 160,517,260 1,896,533 2,989,484 4.S77.017 12
sighted. ”
2‘ 1
3 3
190,162,129 3,325,425 3,914,371 7,230,796 1-7
Middle States
The deposits of the banks, which at, p.esent amount to more
f 6
2'8
517,792
33,558,483 436,540
954,332 1-8
Southern States
than
$2,000,000,000, as may be seen by reference to another page,
3 5
West.States andTer’s 109,513,801 1,597,585 2,210,679 3,808,264 1-5 2' 0
are
considerably more than twice the whole amount of the paper
35
United States
493,751,679 7,256,083 9,620,320 16,876.409 15 2-0
currency and coin in the country.
They are not money, but
to a great extent, are not
merely
represent
commodities
which,
1S73.
subjected to national taxation. The wheat and Hour which are
shipped from Minnesota to tlie East are taxed in the hanks at St.
3-0
1*8
New England States.. 164,316,333 1,937,016 3,016.537 4,953.553 12
Paul, if their avails are represented by a bill of exchange upon
Middle States
31
3 8
193,585,507 3,309,498 4,062 459 7,362,957 17
1-4
921.284 1*3
27
Southern States
34,485,483 445,018
476,236
Chicago. If the same commodities are reshipped from Chicago
West. States and Ter’s 111,300,588 1,634,969 2,503,890 4,137,859 15
2 4
39
to Xew York, a tax is agaiu imposed in the former of these two
cities
upou their representative bill of exchange, and again in
United States
503,657,911 7,317,531 10,058,12? 17,375.653 1-5 2-0
3*5
New York when they are exported to a foreign market. The
same is true of the avails of cotton shipped from the South, and
1876.
of manufactures sent from the New England and other State*.
1-7
2’ 8
According to the Treasury regulations, deductions of amounta
New England States. 169,06 *,879 1.947.970 2,9’4,803 4,662.778 1*2
3 9
Middle states
192,163.7 i3 3,190,217 4,023,316 7.215,563 1'7 2 2
redeposited are not allowable in estimating the taxable deposits.
854 915 1*3
431.164
1-3
2 0
Southern States
33.439.193 423,781
The total individual and bank deposits of each hank must tkere2 3
3'7
West. States and Ter’e 108.116,734 1,514.089 2,330,444 3,844,583 1-4
{ fore
be returned without allowance of such moneys as are
3*0
3 4 j deposited by it with its correspondents.
United States.... 501,788,079 7,076,037 IS i—f CO « 16,777.819 1-4
A temporary resident in
P~- j Florida draws his check against his deposit in Boston, which ia
The capital of the banks Which reported State taxes in 1874 was $476,830,already subjected to taxation in that city. The bark at Jackson¬
031; in 1875, §493,738,408; and in 187d, $488,272,782.
ville transmits the check to its correspondent at Savannah, the
In my report for 187G, a table arranged by States and principal
Savannah bank transmits it to Philadelphia, the Philadelphia
cities was given, exhibiting the losses charged off by the national banker to New York, and the New York banker to Boston, where
banks during the two dividend periods, of six months each, end¬ the check is collected.
According to the regulations of the
ing respectively on March 1 and September 1, 1876, the informa¬ Department, this check, which is not money, but which represents
tion having been derived from the dividend reports made to this the amount on
deposit in Boston, is subject to tux five different
U. S. State. Total. U. S. State. Total
U. S. State. Total.
not
.
..
.
....
i
i
*
A similar table
office under section 5212 of the Revised Statutes.
is now presented, showing the losses charged off, as above stated,
during the years 187G and 1877.
The table shows that the losses for the first six months of the
$8,175,900 5G, and for the last six months $11,757,$19,933,587 99. The losses for the preceding year
were, for the first six months $0,501,169 83, and for the last six
months, $13,217,856 60; total,$19,719,026 42—showing an increase
in the total losses for the current year over those of the preceding
year of $214,561 57.
The amount of losses charged off by the
banks in the principal cities was as follows :
year were
627 43; total,
Cities.
New York...
Boston
187
1876.
$6,873,759
1,598,722
152,976
333,851
.
Philadelphia
Pittsburg
Baltimore....
97
63
14
f6
$4,247.941 66
.
876,207 32
519,701 41
New Orleans.
The number of hanks which made
no
2,192,053 81
333,248 47
299,406 59
200,507 74
280,259 47
dividends in the last
four periods of six months each, together with the amount of
their capital, is shown in the following table, by geographical
divisions:
Six months ending:
Geographical
Divisions,
March 1, ’76.
No.
New Ensr. States. 26
Middle States.... 56
Southern States.. 29
Western States.. 113
Pacific States and
Territories
11
Totals
235
Sept. 1, ’76.
Capital.
No.
S3,777,Ore
32
10,700,020 64
4,135,000 34
14,778,300 129
March
1, ’77.
Sept. 1, 77.
Capital.
No.
Capital.
$7,700,000 25
16,135,725 73
4,393,000 27
13,873,000 106
$8,150,0 0
12.742,000
35
92
30
3,720,< CO
14,090,000 118
$9,085,000
15,573,200
4,236,010
10,737,(03
Capital.
No.
900,000 14
1,950,000
14
1,750,000
13
1.535.000
34,290,320 273
44.057,725
245
40,152,(00
283
41,166,200
The internal-revenue law of July 1,1862, imposed taxes upon
almost the entire property and products of the country. The
amount of internal revenue
June 30, 1866,
that year
tion
collected
during the fiscal year ending
nearly $310,000,000. The act of July 13 of
largely reduced this amount, and a still further reduc¬
was
was effected
by the legislation of the two following years,
which exempted from taxation all manufactures and products,
except gas, spirits,
internal revenue is
tobacco and fermented liquors. The entire
derived from taxes upon the three last-
now
mentioned articles, upon
such articles
as require
the
use
of
pro¬
times while in transit.
The State laws generally
authorize the indebtedness of indi¬
personal property returned for th)
purposes of taxation; but the tax on deposits is, on the contrary,
a tax upon the indebtedness
of the banks, and not only upon their
indebtedness to private individuals and corporations, but, in the
case of disbursing officers of the United States, to the Government
itself. The law requires that the banks shall keep on hand, as a
permanent reserve fund, from fifteen to twenty-five per cent of
their deposits; and these reserves, which are held without profit
to the banks, and solely for the security of their hillholders and
depositors, are also subjected to a tax. The injustice of all this
viduals to he deducted from
would seem to be apparent.
The losses of the banks have been unprecedentedly large since
the panic of 1873.
Many banks have paid no dividends, and
others have frequently been paid from surplus, which fund the
law contemplated shall be held as a reserve fund for the protec¬
tion of depositors and dealers.
The banks are not a monopoly, nor is tlieir stock very largely
held by the rich men of the country.
It is distributed quite gen¬
erally among people of moderate means, who need for their
support regular dividends upon the small amounts of stock which
represent their accumulated earnings. This lact will be seen by
reference to tlie carefully-prepared tables on this subject given in
my last aunual report, where it appears that the number of share¬
holders of the national banks was then 208,486, and that the
average amount of stock held by each shareholder was but about
$3,100. More than oue half of these shareholders held but ten
shares or less, each (not to exceed $1,000), while the entire
number holding more than one hundred shares each was but
10,851, or only about one-twentieth part of the whole number;
and of these but 767 held more than five hundred shares each.
The resources of the banks are reported regujarly to the Comp¬
troller in sworn statements, and are published in the newspapers
of nearly every village in the country.
They are also presented
annually in the reports of the Comptroller, and are, therefore,
accessible to the assessors of every town; so that the banks cannot
evade taxation, or deceive the authorities, or resort to any of the
devices which other corporations and many private individuals
practice with great success. Tlie banks thus pay a large per¬
centage of the taxation which should, in justice, be imposed upon
other capital, but which they cannot evade unless they diminish
their capital or surrender their business.
The State taxes have
increased to such an extent in recent years that, in many of tha
cities, they alone are equal to two and sometimes even three per
cent of the capital of the banks; and instances are known where
these institutions pay four-fifths of the personal taxes of th®
communities in which they are situated.
The only plausible reason given for continuing the tax upon
the banks is that they enjoy special privileges. But the only real
560
THE, CHBDNlChK
privilege which they
possess ia that of issuing circulation, and
that is not a restricted privilege, but is one open to all who
see fit to engage in the business of banking.
Moreover, the
profit upon circulation does not, under the most favorable circum¬
even
stances, exceed two and one-half per cent, and, if issued upon
four per cent bonds, does not exceed one and one-half per cent of
its amount.
That it is not a great source of income is evidenced
by the fact that the banks have, since the passage of the act of
January 14, 1875, voluntarily reduced their circulation from
$854,000,000 to about $300,000,000.
The State taxation upon national banks, as will be seen by
reference to the tables accompanying this report, is also oppres¬
sive, because of the unjust system of valuation which prevails in
almost every State.
For instance, the State assessors of New
York, in their report for 1873, say: “We are satisfied that less
than fifteen per cent of the personal property of the State, liable to
taxation, finds a place on the rolls of the assessor, and of mort¬
gages not even five per cent.
* * * The amount of personal
property assessed in some of the counties is less than the bank¬
ing capital, and the same is true of thirty towns and cities, among
which are some of the most prosperous in the Statt.”
In the report of the assessors for 1876, the total personal estate
in the State of New York was returned at $379,488,140, and of
the city of New York at $218,626,178.
The bank assessment in
that city for the same year was $85,145,116. The banks of the
city, therefore, paid nearly one-fourth of the whole personal tax
of the State, and nearly forty per cent of the personal tax of the
city. The Supreme Court of the United States, in the case of the
Gallatin National Bank vs. The Commissioner of Taxes, decided
that the shares of national banks should be assessed at their full
and true value, without regard to their par value. The New York
assessors had said that shares of bank stock in that State were
then asseesed to a greater extent than any other kind of personal
[VOL. XXV
The prayer for the repeal of bank taxes proceeds not alone
from officers and shareholders of the banks. The most
urgent
appeals to Congress are from chambers of commerce and boards
of trade in the principal cities of the Union.
The following
extract from the petition of the Chamber of Commerce of the
city of New York, which reprejents not only the commercial and
business interests of that city, but also to a large extent the
pub¬
lic sentiment of the business men of the country, declares “that
war taxes, both haavy
and unequal in their burden, are imposed
on
the national banks, State banks, savings banks and
private
bankers of this country, which taxes have been for several
years
productive of great commercial injury; that in no other country
are such taxes incurred
by the business of banking ; and that, the
exigency having passed away, the war taxes can be taken off with¬
out any sacrifice to the Treasury at ali commensurate with the
benefits which will result to the agricultural, financial, commer¬
cial and industrial pursuits of the country; that the continuance
of this onerous and discriminating taxation on
banking capital is
rapidly withdrawing it from that business, leaving the commerce
and industries of the country illy prepared to meet a
long-hopedfor returning tide of prosperity; that a persistence ill this
unequal
and special tax: can lead to but one result, and that is to
prolong
the present period of depression and inactivity.”
The London Economist, a high and impartial authority, in dis¬
cussing the last report of the Comptroller, says: “Now there
may ba some difference of opinion among economists as to the
expediency and equity of a tax upon the circulation of the banks,
the right of note-issue being a privilege conferred by the State,
from which the banks derive a profit; but there can be no
ques¬
tion whatever aa to the injustice and injurious nature of the
other forms of Government taxation. The Comptroller
points
out that the amount of tax to
which the national banks
are
sub¬
ject is much greater than that imposed on any other capital in
property; but, under the Supreme Court decision, the assessment the country; and it is’precisely in such a case an this, where taxes
for 1876 of the banks in New York City was increased $11,754,127. are imposed upon the accumulated savings of the country, gath¬
The assessment for that year of the personal property in the ered together into stores available and necessary for the conduct
whole State was also subsequently increased, but the entire and development of its commerce, that the taxing of capital en¬
increase, exclusive of the more than eleven millions added to the gaged in trade assumes its most pernicious aspect.”
assessment of New York City bank stock, was but $9,758,758;
DIVIDENDS.
and it is probable that even this amount was very largely com¬
The law provides, not only that each national bank shall,
posed of increased assessments on the stock of the banks outside before the declaration of every dividend, carry one-tenth
part of
of New York City.
its net profits of the preceding half year to its surplus fund,
The commissioners of taxes and as?essments’ f. r the city of
until the same shall amount to twenty per cent of its capital, but
New York, in their report of June 30, 1877, say: “ It is unneces¬
that no association or any member thereof shall, duriDg the time
sary to reassert at any length the fact, so often stated in previous it shall continue its
banking operations, withdraw, or permit to
reports, that the personal property actually assessed in the city be withdrawn, either in the form of dividends or otherwise, any
and State of New York is small, compared with the actual posses¬
portion of its capital, and that losses and bad debts shall be
sions of their citizens, and that the assessments represent rather
deducted from its net profits before any dividend shall be declared.
the meagre provisions of the law than the wealth of the State.
The Comptroller has endeavored to carry out the provisions of
*
*
*
The practical effect of the present law is to exempt this
law, and the correspondence of the office shows that in many
foreign banking capital used here, and to tax domestic banking instances he has prevented the declaration of illegal dividends.
capital.” They report the total assessments on personal property If a bank suffers a loss greater than its accumulated earningB,
in the city of New York for the year 1875 at $217,300,154, of
there are but two courses open to it, so far as dividends are con¬
which $73,390,989 were upon bank stock. Total assessments for
cerned : one is, to pass the dividend, and the other, to pay an
1876, $218,626,179, of which $85,145,117 were upon bank stock.
illegal dividend from the capital stock.
Total assessments for 1877, $206,028,160, of which $73,614,274
The London Economist, in commenting upon the proper policy
were upon bank stock.
The number of persons assessed in 1875, to be pursued in the case of a bank which has suffered loss, says:
other than bank shareholders, was 8,920; in 1876, 9,233 ; in
One (course) is at once to estimate the whole loss, to largely
1877, 10,519.
The number of shareholders of banks assessed reduce the
present dividend, and to write the necessary sum off
upon their stock was, in 1875, 25,236; in 1876, 25,698 ; in 1877, the reserve fund; the other, to estimate the
possible loss low, to
24,649. The reduction of the number of shareholders and of the write off but
little, and. above all things, to declare as high a
assessment upon banks in 1877 was due to the reduction of capital
dividend as possible
In all companies the rules of morality pre¬
and surplus, caused by excessive taxation.
scribe the former.
It is wrong not to provide for plain losses,
The actual capital and surplus of fire and marine insurance and
wrong to pay unreal dividends. But in the case of a bank,
companies in New York was, in 1874, $58,670,000, but they were it is not only wrong but dangerous. Perfect explicitness in such
assessed at less than $7,000,000.
The total capital of incorpo¬ cases is the only means of safety. The credit of a bank is its life,
rated companies and associations was estimated in 1871, by a and that credit can only be maintained by deserving the confi¬
commission appointed by the Governor, at $856,500,000, exclusive dence of the public, by
telling the whole truth, though it is not
of surplus and undivided profits.
The total assessment of these favorable, and by acting consistently upon real facts, though they
associations in 1874 was only $130,000,000, of which the bants in are not
pleasant. If the largest of our joint-stock banks—the bank
New York City alone paid 73 per cent.
If the capital of other of which it used to be said that it never was known to lose largely,
associations were assessed like bank stock, at its true value, the or to be concerned” in
any but good business—writes so large a
proportional assessment of the banks would be but eleven per sum off its reserve fund, and lessens its dividend by one half, no
cent of the whole, instead of
seventy-three per cent, as at other bank need fear to tell the whole truth, and nothing but the
Credit will never be good as long as people believe that
truth.
present.
By a decision of the Court of Appeals of the State of New anything is kept back. No doubt it needs manliness and forti¬
York, foreign capital transmitted to that State, to be loaned and tude to tell the truih, when the truth is not pleasant; but it is
employed in business, is exempt Irom taxation. A national bank only by manliness and fortitude that confidence can be obtained
with a capital of $4,000,000 paid taxes in 1876,
amounting to ia common life, or that credit can be preserved in the difficult and
$200,000—or at the rate of five per cent on its capital, while trying transactions of business.”
a
foreign agency, employing an equal amount of capital, paid
During the past six months, 288 banks, with a capital of $41,nothing. Ten banks in one of the cities in tne State of New 166,200, have \ aid no dividends, and many others have largely
York, having a population of 46,000 persons, pay a tax upon reduced the amount of their usual dividends. Associations of
$2 ,750,000, which is more than their aggregate capital; while high character and standing always refuse to impair their capital
the aggregate personal property of all other corporations and stock under such
circumstances; and the attention of those banks
individuals in the same city, the true value of which is esti
which are conducted upon the theory that a dividend is always
mated at $15,000,000, is assessed at but $990,000. The bank share¬
necessary for the maintenance of the credit of their associations is
holders of that city, numbering 924, of whom more than one- called to the excellent advice of the
leading financial journal of
third are women, hold each an
It is, England, above quoted.
average of $3,000 of stock.
estimated that at least 3,000 other persons in that
The subjoined table exhibits the aggregate capital and surplus,
city possess per¬
sonal property amounting to $3,000 each.
These persons either total dividends and total net earnings of the national banks, with
escape taxation altogether, or are taxed upon a valuation not ex¬ the ratios of dividends to capital, and to
capital and surplus, for
ceeding $300 each. The holders of bank stock in that city, there¬ each half year from March 1, 1869, to September 1, 1877.
fore, pay a tax at least ten times as great ns that paid by the holders From this table it will be seen that the average annual
of stock in other corporations.
The banks in other cities and dividends upon capital during the past year were 8*93 per cent,
States are subjected to eimiltr injustice. Even were the United while the ratio ef dividends to
capital and surplus in the same
States taxes to be repealed, the banks would still be
subject to a period was but 7 09 per cent. The ratio of earnings to capital
tax at least twice as great as tLat imposed previous to the
year and surplus during the six months ending March 1, 1877, was
1862. The elaborate tables which are herewith presented furnish 3T2
per cent; during the six months ending September 1, 1877,
convincing evidence in favor of the repeal of the law imposing it was but 2*5 per cent. The ratio of earnings to capital for the cur¬
the tax
rent year was" but 5*62 per cent, from which it is evident that a
^anjtal and deposits,.
“
December
THE
8, 1877. |
CHRONICLE
$256,473,911 of national-bank
outstanding upon which the charter number had been
printed, and $60,301,200 not having that imprint.
The following table exhibits the number and amount of
There were, on November 1,
portion of the dividends for such year has been made from
large
notes
surplus.
Ratioa.
period of six
months ending—
Total net
Total
Capital.
Surplus. dlvid’nds earnings.
&
.
national-bank notes of each denomination which have been
issued and redeemed since the organization of the system, and
the number and amount outstanding on November 1, 1877:
i.® 0.3
9
H
o h
x>
*
.
**
0
x>
•
a
’41
«.t=
*0 O.
a
90
2*3
a
78
Number.
Denomination.
>
9
561
j Issued.
fc
Amount.
Red’med
Issued.
Redeem’d
Outst’a’g
8
8
$
t
$
$
p.c. p.c p.c.
1.
20,616.024 16,815,568 3.8*0,456 20,616,024 16,815,568
1,451 401.650,802
3,8.0,456
21,767,831 29,221,184 5 42 4*5t 6*C4
2
6,896,9)8
5,? 55,526 1,141,442 13,798,936 11,5< 1,152
1,571 416,366.991 86,118,210 21,479.095 28,996,934 5*16 4 27 5*71
3,282,884
5......
56,816,848 38,11',868 18,700,980 284.084,24 190,579,340 93 t0l,S0)
1,601 425,317,104 91,680,»20 21,060.343 26,813,885 4*96 408 5*19
10
32.166
064
12,434,779 9,881,285 222.660,640 124,347,79.) 98,812,890
1,605 428.699,165 94,672,401 22,205,150 27,243; 162 5* 16 4 24 5*21
20
6,776,158 3,508,528 3,272,725 135,525.080 70,070,56 65.454,500
1,693 445,999,264 98,286,591 22,125,279 27,315,311 4*96 4*07 5C2
50
1,079,781
634,679
445,102 53,989,050 31,733,950 22,255,100
1,750 450,693,706 99,431,243 22,659,626 27,502,539 507 4*16 5 CO
100
7fc7,317
479,317
288,000 76,731,700 47,931,700 28 800,0(0
1,852 465.676,023 105.181,942 23.827.2S9 30,572,891 5*12 417 5*36
*500
2 >,022
17.615
3,407 10,0 1,000 8.807.500
1,912 475,916,683 114,257,288 24,826,061 31,926,478 5*22 4*21 5*41
1,203,500
1000
5.667
257
5,411
5,668,000 5 411,0(0
957.000
1,955 488,100,951 114,113.848 24,823,029 33,122,000 5 09 4*09 5 46
*—:o,80o •+10,800
1,967 489,510,323 123,463,859 23,529,998 2 *,544,130 4*81 3*84 4*62
1,971 489,938,284 128,364,039 24,929,807 30,036,811 5 09 4 03 4*86
115.214.915177,762.291
507,197,660 3 5.831,990
2,007 493,568,831 131,560.637 24,750,816 29,136,007 5*01 3 96 4*64
•
2,047 497,864,833 134,123,649 34,317,785 28,800,217 4*88 3 8514*56
Add and subtract fur portions of notes lost, or destroyed.
2,0761 SOI,200,491 134,467,595,24.811,581 23,097.921 4*9213*88 3*6g
A table showing the number and denominations of national
8,081 50\4S2,2?1 13*2,251.078122,563,62> 20,540,231 4*50.3*5? 3*25
....
2.060 496.651,560 130,872,165 21 803,969 19/92.912 4*39 f 3*47 3 12 bank notes issued and redeemed, and the number of each denom¬
2.072 436,324,860 121.349.254 22.117,116 15,274.034 4*54’3*62 2*:o ination
outstanding on November 1, for the last ten years, will ba
found in the Appendix.
A tabular statement is subjoined, showing, by geographical
82,10^48
Sept. 1,1669
Mar. 1, 1670
Sept. 1,1870
Mar. 1,1871
Sept. 1,1871
Mar. 1,18:2
Sept. 1, 1872
Mar. 1,1873
Sept. 1,1873
Mar 1,1874
Sept. 1, 1S74
Mar. 1,1875
Sept. 1, 1875
Mar. 1, 1676
Sept. 1, 1876.
Mar. 1, 1877
Sept. 1, 1877
..
.
«
.
.
divisions, the ratios for the last six years and the average ratio
for the whole period:
NATIONAL-BANK NOTES AND LEGAL-TENDER NOTES BY DENOMI¬
NATIONS.
The
Ratio of dividends to
1573.
1872.
capital for six months ending—
1874.
1876.
1875.
16
4
national-bank and legal-tender notes outstanding
<u
divisions.
1. 1. 1. 1.
Mar. Sept. Mar. Sept.
oc
1H
1H
S1.ept.
s
a
Se1.pt. Mar1. S1.ept. Mar1.. S1.ept.
c
S3
3
Denominations.
*
<U
<
5*ll
One
Two
Five
Ten
41
4*0
4*7
4*4
4*2
4 0 41
3 9 4*0
4 9 47
4*9 4*5
4 2 4*2
4 1
39
4 2
45
4 1
3*8
3*7
3 9
4*1
36
capital and surplus.
38
39
36
3 9
3 8
43
4'5
4 0
3 8
37
3*9
4*2
3 9
4*4
40
3*5
41
3*:;
41
3 9
3*2
36
3 7
4*0
36
3*1
3 4
37
4 1
3*5
notes.
legal tenders.
2,282,884
93,504 900
98,312,850
65,454,500
22,*255, If 0
Twenty
Fifty
Oue hundred..
Five hundred
One thousand
2*9 3 7
3 2 38
3 4 40
5 5 4 4
3 6 3 9
exhibiting in a concise form the ratios of dividends to
capital, and to capital and surplus, and of net earnings to capital
and surplus, of the national banks in every State in the Union
A table
principal cities, semi-annually, from March 1, 1873,
September 1, 1877, will be found in the Appendix.
And in the
to
Amount
$3,800,456
**8,800,000
1,203,500
257, COO
.
New Eng. States.
Middle States
Southern States..
West. States & T.
United States...
Amount of
national bank
>
p. c. p. c. p.c. p c. p.c. p. c. p.c p C. p. c. p. c pc. p.c. p. C.
New Eng. States.. 5 0 4*9 5 1 5*1 4 9 4 9 4*9 4*8 4 4 40 3 9 3*7 4*6
Middle States..... 51 4*9 5 1 5*0 48 5 0 50 4 8 5*2 4*6 4*4 4*1 4*8
Southern States... 5*0 3 3 5 2 4 6 4*3 4*8 4 3 4*4 4*5 4*3 4*3 4*0 4*6
West. St .tea & T.. 5 3 5 9 6*5 5 5 5*0 6 6 5 4 5 3 5*3 51 5 3 6 9 5*5
5*1 5*1 5‘S
4 8 5 1 50 4 9 4*9 4*5 4*4 4*5 4*9
United States
Ratio of dividends to
on
amount of
November
I, 1877.
.
Geographical
subjoined table exhibits, by denominations, the
REDEMPTION.
*
of
$24 8r6,459
24,600,544
52,132,149
ۥ3.146,861
60,83^,495
80,108.715
SO, 176,670
84,752,500
*10,810
84,123,.*00
tl.OCO.OOU
$315,881,990
#3*6,481/92
Total.
$28,606,915
23.883,4*28
146.437,018
161,469,711
123,290,995
52,363.815
59,976,670
a>,95*i,0»X)
31.380,500
1,010,80J
$673,365 882
Fractions of notes not
presented or destroyed.
t Legal-tender notes destroyed in Chicago fire; denominations unknown.
Section 5175 of the Revised Statutes provides “that not more
than one-sixth part of the notes furnished to any association shall
be of a less denomination than five dollars, and that, after specie
payments are resumed, no association shall be furnished with
denomination than five dollars” ; and section 5185
prohibits the issue to gold banks of circulating notes of a less
denomination than five dollars. The amount of such notes issued
notes of a less
following table exhibits the amount of national-bank to national-banking associations has always been greatly below
monthly by the Comptroller, for the year ending thJa limitation. The whole amount of one and two dollar notes
November 1, 1877, and the amounts received for the same period m circulation at the present time is hut $6,033,340. which is less
at the redemption agency of the Treasury, together with the than one eigbtli of the proportion to which they are legally
total amount received since the passage of the act of June 20, entitled.
The small amouut of these issues is attributable in part
The
notes received
1874:
1
—
Received by
r*
tke Comptroller.
V.
!
natio¬ for reoisur surend. Frred’mmp¬ agency reisu. Noonate-fs btiaonnkasl liquda¬
Months.
From banks
tion for
al
November, 1876
December,
January,
February,
March,
April,
May,
■June,
■July,
August,
j
1
$
63,715
3 7,785
*‘
1677
'“
“
85,630
29,419
13,320
39,962
574,110
313,645
“
“
“
84.765
10,165
September, “
October,
(•
1
!
t
-
5,231,900
4,0.27,400
4,732,800
4,534,700
4,505,100
5.229,8C0
6,721,700
6.427,300
7,498,800
8.7- *r;
2,942;400
113,090
Total
Received from
June 20, 1874.
to Nov.
3
486,6.0
in
-*-3
•
!§
tion.
c
Received
at
•"
Total.
3
redemp¬
tion
agency.
1
$
s
265,550 1,577,172
185,380 1,535,715
167,900 1,534,151
234.450 1,629,811
235,644 1,046,273
230,167 1,218,966
318,6:0 1,718,988
837,184 1.803,821
178,250 !,012,549
711.38
186,470
745.179
173,903
97,45"
649,167
$
$
7,138,337 18,634,853
6,055,2f0 14,94*2,997
6,5*0,484 19,979,045
8,418,380 16,5.54,73*2
5 800,337
6,71«,915
9,333,398
8,781.930
e,811,764
4;6?4,067
17,369,189
20,976,019
*6,12*9,055
97.8;9,179
17,905,054
19, 12/,'4c5
3.892,887 15,433,232
4,316,2i7 16,392,8 7
1,564,616 59,074,600 2,61*2,933 15,210/47 78,462,99 i 229,303,5.7
1,1876 3,4)9,672 214,596,255 7,671,008
37
591,369 269,271,304 435, '86,046
Grand total.. 10,974,283 273,670,855 10,283,011 52,805,216
ly tiring the year ending
at the
redemption
347,734,30oi664,744.553
November 1, 1877, there
were
received
agency of the Treasury $229,308,507 of
national-bank notes, of which amount $71,025,000 (about thirtyone per
tli© ^egal limitation ; but more especially to the time and labor
involved in signing them, as well as to the further fact that legaltender notes of these denominations can be readily obtained at
the Treasury.
The amount of such legal-tender notes now out¬
to
cent)
received from the banks in New York City, and
per cent) from Boston. The amount
Philadelphia was $14,859,000; from Baltimore,
were
$82,659,000 (about thirty-six
received from
standing is $49,407,003. The amount of ten3 and tweLties of
national-bank cotes outstanding is $191,817,750, and the amount
of outstanding legal tender notes of the latter denominations is
$123,983,356. The amount of national-bank notes of the denom¬
ination of fifty dollars, and over, is $52,515,600, and of legal¬
tender notes, $129,161,385.
Of the entire amount of legal-tender and national-bank notes
outstanding, more than eight per cent are of the denominations of
ones and twos, nearly twenty-two per cent of fives, twenty-four
per cent of tens, and nineteen par cent of twenties.
Of these
entire issues, lees than twenty-five per cent in amount are of the
denomination of fifty dollars and upward.
Section 5182 of the Revised Statutes requires that the circulat¬
ing notes of national banks shall be *' signed by the president or
vice-president and cashier thereof/' The signature of at least
one bank officer is necessary, as a check between this Office and
the issuing bank ; for, if the question of an overissue of notes
should arise, the signature of such officer would determine the
genuineness of the note. A number of banks, however, issue
their notes with printed signatures, and, in some cases, with
lithographic ones, which are frequently so badly executed as to
excite suspicion as to their genuineness.
The Comptroller
recommends an amendment of section 5182 of the Revised Stat¬
utes, imposing a penalty of twenty dollars for every note issued
without the written signature of at least one of the officers of the
bank.
*****
STATE BANKS AND SAYINGS
BANKS.
Section 333 of the Revised Statutes requires the Comptroller to
$3,492,000; St. Louis, $1,024,000; Providence, $5,496,000. report to Congress “a statement exhibiting, under appropriate
The amount of circulating notes fit for circulation returned by heads, the resources and liabilities and condition of the banks,
the agency to the banks during the year was $158,626,000. The b&nkiDg companies and savings banks organ'zed under the Jaws
total amount received by tbe Comptroller from the redemption of the several States and Territories; such information to be ob¬
Agency; for destruction, and from the national banks, direct, was tained from the reports made by such banks, banking companies
$75,850,063. Of this amount $6,811,790 were issues of the banks and savings banks to the legislatures or officers of the different
in the city of New York, $6,176,437 of Boston, $2,469,455 of States and Territoriep; and where such reports cannot be obtained,
Philadelphia, $1,592,920 of Baltimore, $1,462,517 of Pittsburg, the deficiency to be supplied Irom such other authentic sources
$603,900 of Cincinnati, $314 252 of Cuicago, $446,280 of St. as may be available.”
The laws of the United States require returns of capital and
Louis, $575,167 of New Orleans. $494,050 of Albany, an 1 $494 600
4>f Cleveland.
deposits to be made to the Commissioner of Internal Revenue, for
$1,461,000; Pittsburg, $1,146,000; Cincinnati, $1,603,000; Chi¬
cago,
THE CHRONICLE.
562
Cattst filemetarn anb (Commercial
of taxation, by all State banks, savings banks and
purposes
[Vou XXV.
private bankers. These returns have been procured from the
Commissioner, and the following table compiled therefrom in
this office, which exhibits the number of State banks, savings
banks, trust companies and private bankers, and tlieir average
capital and deposits, by States, for the six months ending May
®nglifli) Neroi
RATES OP EVCH1NGE AT LONDON AND ON LONDON
AT LATEST DATES.
EXCHANGE AT LONDON—
NOVEMBER 24
31, 1877!
EXCHANGE ON LONDON.
1
ON—
TIMS.
LATEST
RATE.
States and Territo
ries.
No. of
banks
Capital.
Deposits.
I
On
Amsterdam.
On
Total.
capital.] deposits.
$173,905
$26,499,218
$393
62,333
30,896,234
124
21
8,107,445
714
Massachusetts....
167
335,000
819,33
3,127,387
3,894.673
2,809,04.'
162.477,!8o
88,716,0, 5
53,031,370
82,693,262
1,473
4,198
6,5:4
3,516
8,34
18,490
45,213
5,593
47,952
$4,805
7/ 24
4,912
7,yb7
22,VI6
53.573
53,545
133,675
153,832
64
Rhode Island
Connectiut.
New
58
109
England State*..
557
New York
New York City
336
46(3
14
65
346
Albany
New Jersey.
Pennsylvania
Philadelphia
Pittsburg
61
41
Delaware
in
Maryland
15
40
1
1C
Baltimore
District of Columbia.
Washington
Middle States.
1,404
..
Virginia
West Virginia...
North Carolina...
South Carolina.
78
24
14
19
Georgia
66
11,272,275
11,061,7*0
45,785.796
637,000
2,170,83
12,216,781
2,091.7 2
5,018,826
717,411
452,620,717
118,689,7(3
22,840
106,653
69,121
258,2!5
9,362
26.330
57,28!
66,671
14.6 6.683
4,104,005
5.917
7,00ft
595,359
3,657,630
85,023,770
3
6,900
271,048,412
12.529,737
35.457,184
39,2 )3,675
31.*64,459
1,7'0,65’’
566,934
25,(23,652
623 37-
$1,412
20,153
713
4,798
11,405
1,769
407,110
1,465,9)0
574,471
1,003,105
4,3*2,147
47,CC0
1 034,73:
6,809,858
3,917.531
695
2,095
13,051
15
562
28,76 1
18
33
8,144
8,500
1 2)4.396
£20,2.2
774,325
16 136
8,18?
3.632
672,25?
1,139
2.181
1,095,859
2.596
4,''63,519
271,057
1.747,031
19,98.1
2,597
10,716
92
24,320
13,426
3,617
5,105
21,638
676
770.
2,458
4.3(6
1,413,033
2,2^4
3,532
155
125
2,55-8,192
49,915
7,310,059
6,826
5,806
3 494,002
4,-91,426
8,640
8,235
14,228
3(6,619
6,626,53)
6 041,033
556
17.476
642
10,566
34.(41
17
33
258,335
7,279,95)
5,49 5,361
l,?c8, 47
22,943
20,463
1,500
13,373
15 101
28 476
3,019.790
3.985
7,549
11,532
Southern States..
524
34,945,831
48,805,5-7
83,961
110,8*2
200,7:6
Ohio
257
23
6
6,334 477
2,108 549
15,040,5(0
9,116,476
12,7<>?,95 1
11,1-28.830
14,051
3,436
40,213
20,231
23,667
1,(5;
13,(51
11,940
19 543
23,130
33,387
Florida
Alabama
s
20
28
2
23
107
Mississippi
Louisiana
New Orleans
Texas
Arkansas
Koutucky
Louisville
Tennessee
....
Cincinnati...
Cleveland....
Indiana
Illinois
319
42
Chicago
Michigan
145
Detroit
Wisconsin
Milwaukee..
Iowa
Minnesota
....
Missouri
St. Louis.
Kansas
.
656,290
5,626,955
5,483.644
4,836,153
2,605,763
18
to
12
279
71
1,389,348
672,005
180
3
114
Nebraska....
54.CC
39
1,240,932
5,178,6io
1,168,965
8C6,22f»
7,530,583
1,725,224
465,66.
17,299,(92
12,270
15,136,791
4,914,5%
5,879,285
3.765,813
9,598
6,367
2,250
6,328,9 .9
1,403
12,545
2,757
8,130,41 <
2,508,685
11,223,423
22,691,281
3,116,239
1,154/ 32
9,7(14
Calcutta
2,962
4,076
1,790
50,9 9,484
Orccron
California....’
91
38
30
Colorado
Nevada
Utah
610,724
1,319,112
12,110,922
20,902,567
65,8j5,07C
588,858
971.933
1.118
30,113
61.308!
1,472 1
417,039
179,521
1,545,40;
1,043 i
S
New Mexico.
4
4
3
Wyoming
Idaho
Dakota
152,3 25, COO 113,092
5.6-.?
55,489
5(5,507
34,16?
41.5*2.835
587,804
36,312
8
8
Washington..
103,037
140.321
93,301
4
222 312
3l7,09t
10,(06
5,00(1
41,236,810
112,550,090
Arizona
ri lories
Totals
226
4,791
98,700
66,5-7
12 4,0-34
2,13
91
23)
105
086
181
430
442
791
1,35 J
u
38
201,528
301,549
2,7
3'A
£53 j
556
25
i
97,021
.
•
•
« •
*
In
concluding this report tlie Comptroller takes pleasure in
bearing testimony to tlie industry and efficiency of the officers and
clerks associated with liiui in the
discharge of official duties.
John Jay Knox,
Comptroller of the Currency.
3
60
90
Oct.
1.
Oct. 14.
Nov. 22.
Nov. 21.
Nov. 15.
Nov. 15.
Not. 6.
Nuv £0.
Nov. til.
upward tendency in the value of
has received
a
This
on
the
10:h.
•
days.
days.
“
44
6
48.15
4M
mos.
44
44
44
!
24%
9% gold.
41%
Is 9%t/.
b;9 5-Ud.
3?. Ud. $ dollar.
4a.
4
4.v\
3 mos.
SO
money
which appeared
Artificial
means
of
which
cannot
be
largely augmented.
scarcely have been caused by any improvement in
French trade, for of this there is no evidence ; and, besides, it is a
well-known fact that a large quantity of English paper has been
sent, and, indeed, invited to Paris. Tlie state of the Paris market
cannot, therefore, but be regarded as highly favorable to an easy
:—The Ontario Silver Mining Company has declared its regular
monthly dividend of $50,000. gold, for the month ot November.
Also two extra dividends of $50,000
gold, each, all payable on
I ransfer books close
•
mos.
check.
counts of the Bank of France have been very
After pay¬
ing the above, the Ontario will have, paid since March last,
teen dividends,
aggregating $S50,000 gold.
-
.
9.
.
unjustified by the condiiion of
J
the Loth instant.
•
short.
•
Nov. 21.
Nov. £3.
Is.8%@i5-16d
»
•
•
defined, necessitates a Bank rate
our trade, aLd by the extent of
our liabilities ; w’hile, on the other hand, so limited is the sup¬
ply of commercial paper, that discount business is reduced to a
minimum.
At the same time, the efforts of the banks to create a
fictitious scarcity of money are rendered abortive by the abund¬
ance of floating capital in Paris, a large
quantity of English bills
having been sent to that city for discount at the reduced rate
there current. It is stated that the Bank of France only discounts
French bills; but English bills are sent toother financial
establishments, who discount them, and, if necessaiy, pass them
to the central establishment, with their endorsement.
That the
bills eventually find their way into the Bank of France, and that
any scruples as to their origin are overcome, 13 evident from the
fact that since the Bank rate was raised in this country the dis¬
extent
4,531 223,503,171 1,351,SG7,G50 408,333 1,416,666 1,885,169
*
•
Nov. 23.
.
is
mos.
....
general opinion that as long as the money market receives no
support fiom the mercantile world, permanently dear money, a3
it were, is irnpess ble.
The position now is simply what it has
been for many weeks past:—a possible demand for gold, the
'
.
44
3
•
the
4,907
1,919
M?(
*
employed to diminish the supplies of floating capital, but
operation is of too vast a character to be easily accomplished.
Although the supply of money is not actually abuudant, it is
relatively so, the demand for accommodation on the part of the
mercantile public being still very limited. For some time past,
the demand for bar gold for exportation has been upon a very
moderate scale, and the Bank of England lias, in consequence,
been adding to its store.
Towards the close of last week, there
was, indeed, some little inquiry for various quarters, including
New York; and among capitalists great efforts were made
to point out that a drain, or, at all events, important shipments
to the United States would not improbably take place, owing to
the heavy purchases of grain which we have been making of late.
The low point to which the New York exchange on London had
fallen, certainly justified the belief ; but, up to the present time,
no large supplies have been sent away.
In discount circles, some
perplexity continues to prevail, owing to the doubts which have
arisen with regard to the future of the bullion market; but it is
184,342
3,902
3,5! 4
419
14
139
141
65
98.9s?
16.162
Montana.
•
3,373
days.
20.40
20.46
24 5-16
the
11,830
454,707
•
148:6
were
73,228
311,015
•
25.18
.
44
Oct.
at the close of last week
17,228
1,114
...
•
.
3 mos.
short.
•
•
•
....
46% £17%
.
•
,
Nov. 20.
....
30
4
20 4ft
mos.
(4
90 days.
51% ©51%
3 mouths. 27.95 ©2U.U5
44
27.95 (a,2S.05
44
27.95 ©28.05
T
•
.
12.12
short.
Nov. 23.
47%©!?%
44
.
.
RATE.
London, Saturday, Nov. 24, 1877.
The
34,20)
16,947
4,0-9,
.
3
4 1
|
(.From our own correspondent.]
16,926
12,604
8,892
.
44
.
18,653
36,516
“
3s. 103,1s.
Hong Kong..
44
Shanghai
Penang. .*....
S8, ll@>4£*
Singapore.... j 30 days.
\
Alexandria... 1
-
Western States
..
Valparaiso...
Bomoay
53 573
6,135
....
&20.74
&20.74
23% @2 4
..
0
32,991
26,056
56/281
7.79
<&20.14
20.70
20.10
a
Madrid...
New York
54,311
41,303
23,426
12,2%
14,676
9,414
15,822
21,601
8,148
4 4
Naples....
2(0
14 30;
3,1(0
.
Genoa
3,825
6,70s
585,565,166 154,103
25.17% &25.27%
3 months. 25.32% &25.:;7%
44
12.17% 2,12.22%.
....
73,469
35,886
short
....
short.
120,035
24,48!
2,116
1.196
3 mom he. 20.70
Paris
Paris
Vienna
Berlin
Frankfort
%
8u,812
Nov. 2 3.
Nov. £3.
Hamburg....
Cadiz
Lisbon.
Milan
129,493
327,336
10,075
'
4,48i
28,753
12.2 5J12.3
12.1%®1*’.4%
Antwerp....,
66
72
Boston
short.
3 months.
.,
Amsterdam.
Maine
New Hampshire..
Vermont
...
TIME.
DATE.
Tax pai'L
seven¬
can
condition of affairs
-—The Chicago & North Western
Railway Company has declared
dividend of three and one-half per cent on the preferred stockof
the company, payable at the office in NevV
after
on
this side.
The
Continental
markets gen¬
erally tend toward ease; and it may fairly be asked, How can an
improvement take place here, when the commercial demand for
December 27. Transfer books close on December
15, and re¬ money is so trifling, and when no hopes exist of a favorable
open December 23.
change ? It is true, indeed, that we have and shall have to make
—Mopsra. O wynno & Day, in their December circular,
give large payments for grain in some shape or other ; but, compared
interesting tables, showing the rate per ceut per annum now with
May last, there has been a fall in tbe price of English wheat
realized by purchasers on the different issues of
government
bonds. Also a table showing the yield per annum of certain 1 of about 17s. per quarter.
Our wants in May, June, July and
railroad bonds at current prices.
August were very great, aud we had to import largely at a high
a
York,
on
and
*
December 8,
THE CHRONICLE.
1877.]
No effect upon the money market
price.
there is no reason to
was apparent then, and
so now when wheat
timid, and the same feeling still exists. There is far more desire
amongst small investors to purchase house property or ground
rents, especially for their own accommodation, than to possess a few
bonds of a foreign government. Investors in the Stock
Exchange
securities just now are not legion. The
money of small investors
has passed into more influential hands, and these are
equally at a
loss as to the manner of its
disposal. Sound stocks remain at &
high price, and as there is already too much floating capital, tho
banks and discount houses are
unwilling to accept fresh deposits.
Hence, we appear to have arrived almost at a dead-lock. It is
regarded as not improbable that, before long, events will have
transpired in Southeastern Europe which will compel Turkey to
come to an
understanding with Russia. It is all very well
to say that
Turkey will fight to the “ last man,” but the “ last
man” won’t fight in a hopeless cause,
and it is unquestion¬
ably the duty of the Sultan and his advisers to spare un¬
necessary effusion of blood.
The Turkish soldiers have fought
well, but if it is clear that the Turkish cause is hopeless, the
believe that it should be
procurable at so considerable
It is well
a reduction in price.
that, latterly, our purchases have been very great, and
have exceeded our immediate wants; but the operations have
been judicious, as the winter months are before us, and the area
whence we can draw supplies will for some months be materially
contracted. Those heavy purchases may have necessitated the
exportation of a little gold, but it is certainly a very satisfactory
feature to the British consumer that a substantial provision has
been made against our wants for some little time to come. The
movement in grain will now be less active, and it is probable that
we shall have eventually to raise prices in order to give a fresh
impetus to it.
The money market was rather firm in the early part of the week*
but a strong tendency to weakness has sine3 become apparent,
is
known
and the rates of discount
are now as
Jt*er cent,
j
5
|
Bank rate
under
:
Open-market rates:
per cent.
4 mouths’ bank bills
3*(&3*
6 months’bank bills
3J4@3*
34 and 6 months’ trade bills. 3*<3>1
'bV.
3 * &3*
Open-market rates:
|
80 and COtUya’ bills
months’
hillfl
months’bills
563
Government of the
Sultan would
deserve
much
condemnation
they to continue to hope against hope. This country is> as
by the joint-stock banks and dis¬ every cne knows, greatly interested in the terms of peace. Tlioso
terms may soon be disclosed, and as we may at almost any mo¬
count houses lor deposits are now as under :
Per cent. ment ascertain what they are, business of all kinds is kept in
Joint stock banks
3*^
Discount houses at call
3* ft!!!! abeyance,*'as the news may either lead to a settlement of the
Discount houses with7 days’notice
3*$’!!! Eastern question, or lead to further complications. Should any
Discount houses withl4 days’ notice
3*(ft.
emergency arise, and the English people be impressed with a
Annexed is a statement showing the present position of the Bank
belief that it is an emergency, the nation will manifest the proper
of England, the Bank rata of discount, the price of Consols,
spirit; and, I have no doubt, that far-seeing and judicious states¬
the average quotation for English wheat, the price of
Middling men, supported by an energetic people, thoroughly alive to it*
Upland cotton, of No. 40’s Mule twist, fair second quality,
interests, when those interests are threatened, will be able to
and the Bankers’ Clearing House return, compared with the
checkmate Russia, should she be too ambitious, without rushing
four previous years:
into war.
The situation is nevertheless one for anxiety, and un¬
1873.
is; 4.
1875.
1376.
1877.
certainties, especially of an adverse character, are often more dis¬
Circulation—including
£
£
£
£
£
bank post-bills
25,105,500 26,153,035 27.696,972 28,H 2.985 27,236,936 astrous to business than actual calamity.
Public deposits
5.181,686
3,593,783
4,475,783
3,662,313
6,037,: 91
Other deposits
The cotton trade remains in an unsatisfactory state, and in
18.783.S82 17,826,-567 20,8‘5,153 25,914,347 19,997.078
Government securities. 12,543,480 13,534,656 12,512,884 15,739,297 13.578,372
Manchester
the position of affairs is by no means encouraging.
Other securities
18,284,091 17,456,157 19,104,628 16,542,567 17,408,063
Reserve of notes and
A correspondent of the Manchester Guardian asks: “How is it
coin
11,248,643
9,291,COO 10,839,117 17,653,891 10,660,990
that American goods are gradually pushing our home produc¬
Coin and bullion in
both departments.... 21,039,795 20,124,114 23,197,847 30,456,796
22,569,850 tions out of foreign markets, particularly in the East? Because
Proportion of reserve
to liabilities
54 63 p. c. 44 44 p.c.
they are not so heavily * sized,’ and, from the newer and better
Bank-rate
6 p. c.
5 p. c.
3 p. c.
2 p. c.
5 p.c.
Console.
93*
93*
95*
95*
96* as well as cheaper machinery used in the States, they can be sold
English wheat,av. price
47s. Od.
48s. Id.
51s. 8d.
61s. Id.
43s. 5d.
at lower rates.
I have not the figures before me, but the quan¬
Mid. Uplandcotton.... 8 7-16:1.;
7*d.
OJs'd.
6*d.
6*d.
No.40e, male twist, fair
tity, I think, cf cotton consumed in America per spindle is nearly
2d
Is. Od.
l!*d.
quality
Is. l*d.,
Is. 0d.
10*d.
Clearing House return. 83.496,000 88,752,000 81,657,000 89,667,000 97,342,000 double what is taken in this country. It is useful to compare
8
8
were
The rates of interest allowed
,
.
,
...
There is
no
million
a
now as
follows
:
„
GOLD.
Bar Gold, fine
Bar Gold, reflnable
Spanish Doubloons
South American Doubloons.
United States Gold Coin
German Gold Coin
d.
s.
per oz. standard. 77
per oz. standard. "77
pur oz., nominal. 75
per oz. 73
9
10*24
peroz.
76
peroz.
76
3*®
d.
Silver, Fine
per oz., quiet 54*
Bar Silver,
con’ng 5 gts. Gold
per oz. 54*
Wexicau Dollars
per oz., last price, flat 53*
Spanish Dollars (Carolus)
per oz.
f ive
Franc Pieces
per oz
Quicksilver, £7 7s. 6cl. Discount, 3 per cent.
The
following
are
cities abroad:
Bank
Amsterdam
Hamburg
market.
3
*
toriin..?/..5
Frankfort
Vienna and
Trieste..,.
Madrid, Cadiz and
Open
percent.
1*
2*
”
**”'”**
Bar-
r^elona
Lisbon and
@
@
<a 76 6*
Q,
d.
(ft 54*
© si*
&
...
&
<a
....
....
the current rates of discount at the leading
rate.
Paris
d.
a.
®
0
9
5
silver.
Bar
separate industries at times, and it appears to me that what has
befallen Lancashire will shortly take place in Lyons, that over-
demand for bar
gold for exportation, and as over
sterling is due in bars and sovereigns on Monday,
it is expected that the whole of the
supply will be sent into the
bank. The silver market was firm in the early part of the week,
and the price of fine bar3 was 54&d. per ounce.
The demand was
chiefly from Spain, but in the absence of an inquiry from India
the market has since become weak.
The prices of bullion are
half
4
4*
5 3*01
4*4*@4*
Bank
rate,
Open
3*
3*
market
cent, per cent
Brussels
Turin, Florence
and
Rome
5
4
Leipzig
5
Genoa
Geneva
New York
Calcutta
5
4
4*
4*
4
6<ft7
8
6 6 ©7
Oporto,..
6
5
Copenhagen..
6
Petersburg
6 5*05*
On the Stock
Exchange, business continues very restricted,
fiQd as there seems to be no
prospect of improvement, certainly
aa far as
this
......
ot.
is concerned, the complaints are not only
well-founded, but, in many cases, serious. Not only is business
affected by the many political uncertainties which exist, but it is
also influenced
by the losses which the public have sustained for
some years
past in foreign loans, and in connection with public
companies, both of home and foreign origin. In the early part of
the year I alluded to the fact that the
investing public were very
year
sizing may for a time pay,
the trades which may adopt
but will in the long run ‘ throttle
it. What stocks are there in Man¬
goods, and what stocks of such cloths
called ‘honest stuff,’ and why this difference?”
chester of ‘over sized’
would be
aa
reply of the Guardian is: “The stocks of ‘over-sized*
goods in Manchester, both of shirtings and T cloths, are compara¬
tively small, the reason being that the demand has during the
past year or two been running more and more the purer cloths.
Some years ago, when prices were much higher than they are
now, the demand for heavily-sized makes became very great, and
pure cloths were unsalable except at a loss; but with a decline
in price, the better sorts have become much more largely sal¬
able. Hence the difliculty of disposing of the stocks of heavilysized goods which were made before this change became fully
known. The reason why American cotton goods are competing
successfully with English calicoes in the home and foreign mar¬
kets is no doubt the fact that they are offered at low price* pos¬
The
sibly at lower prices than similar qualities of English make.
English goods as pure and excellent in every way as the Amer¬
ican ones are always being made, though not in large quantity,
because tlie demand for them is not large. M hether or not the
American cloth which is exported is or is not made at a loss we
are unable to sav.
The longer hours of labor in the States, the
very low rate of -wages there, and the faco that many of the mills
have been acquired by their present owners at much less than,
their original cost and at less than they could now be built for,
are all favorable to cheap production.
It is probable, however,
that a large proportion of the American calicoes exported consti¬
tutes surplus manufacture which the home market is unable to
absorb, and which is consequently fore d off at a loss abroad. *
With regard to the public sales of wool now in progress, it is
stated that, of the quantity offered, nearly forty per cent has
been Cape and Natal produce.
There is a good attendance cf
buyers, who have operated wiili
>irit; prices have ranged on the average about equal to
both home and Continental
8
fair
tliQ
CHRONICLE
THE
564
closing rates of our last auctions for all wools of clothing char"
actor, with here and there a turn in favor of the buyer; whilst
good bodied parcels and all fine combing descriptions average
about five per cent dearer.
Coarse and half-breds show little or
no change.
Cape and Natal wools rule a shade under September
rates.
Of the new clip there are only some 600 or 700 bales in
time for these sales, chiefly South Australian, of fair growth and
quality.
The wheat trade has been very quiet. A heavy fall in prices
having now taken place, there is less pressure to sell. Th*
statistical position is good, but our consumption is great, and
with less remunerative quotations here, our prospective supplies
are likely to diminish.
Prices have not materially varied during
the present week.
During the week ended Nov. 17, the deliveries of home-grown
wheat in the 150 principal markets of England and Wales
amounted to 40,970 quarters, against 49,586 quarters last year,
and it is computed that in the whole Kingdom they were 164,000
quarters, against nearly 200,000 quarters in 1876. Since harvest
the deliveries in the 150 principal markets have been 578,443
quarters, against 643,807 quarters, while in the whole Kingdom
it is estimated that they have been 2,314,000 quarters, against
2,575,300 quarters last year. Without reckoning the supplies
furnished ex-granary, it is computed that the following quantities
of wheat and flour have been placed upon the British markets
Commercial anir JtttsceUanrouo Nemo.
since last harvest
:
1677.
1876.
1877.
167 V.
cwt.
cwt.
cwfc.
cwt.
Imports of wheat
Imports of flour
Sales of home-grosrn produce
14,296,393
1,626.757
10,0:6,500
8,292,177
1,385,099
11,159,500
16,439,495
1,427.942
9,927,000
10,757,470
1,162,137
13,059,000
25,949,650
20,8:36,776
27,794,437
24,978,607
538.5C6
292,056
70,866
120,913
20,544.720 27,723.571
47s. Od.
47s. 3d.
24.857.691
45s. 5d.
Total
Exports of wheat and flour
Result
Av. price of
26,411,144
55s. 7d.
Eng. wheat for season.
The following figures show the imports and exports of cereal
produce into and from the United Kingdom since harvest,
viz., from the 1st of September to the close of last week,
compared with the corresponding periods in the three previous
increase
The total
showed
an
merchandise.
|4,718,585 the preceding week and f5,567,579 two weeks pre¬
vious. The exports for the week ended Dec. 4 amounted to
$6,869,561, against $7,424,413 last week and $6,503,061 the pre¬
vious week. The exports of cotton for the week ending Dec. 5
were 9,664
bales, against 15,127 bales the week before. The fol¬
lowing are the imports at New York tor week ending (for dry
goods) Nov. 29 and for the week ending (for general mer¬
chandise) Nov. 30:
foreign imports at new tore for the week.
IMPORTS.
Wheat
cwt.
14,296,393
2,889,431
1875.
$1,446,661
$5,517,736
Total for the week.
Previously reported.... 359,623,792
$8,447,126
$3,401,541
#5.432,053
297,937,110
258,409,347
291,627,021
$365,146,528
$3(6,444,236
$261,310,838
$297,059X79
Since Jan. 1
1375.
16,439.495
2.703,656
2,312,842
230,450
921,621
5,524,117
Barley
Oats....
2,734,446
369,599
1,106,244
6,716,839
Peas
Beans
Indian Corn.
»•
•
•
3.420,380
2,738,127
370,446
•
Flour
1,105,169
1«*,267,927
1,385,099
1,626,75?
10,767,470
4,200,7*0
2,000,745
1,437,942
Barley
Oats..
528,416
379,585
66,951
23,005
40,921
5,718
7,137
83,032
10,090
4,863
40,285
5,834
6,472
6,266
66.936
....
Peas
Beans
Indian Corn
Flour.......
100.179
19,210
3,252
7,569
3,915
141,369
12,471
’
669
31,341
20,734
Dec. 4:
EXPORTS FROM NEW YORK FOR THE WEEK.
1875.
1873.
1877.
$5,068,901
$5,5(9,352
$6,133,047
$6,869,561
260,149,145
228.230,129
241,523,461
263,739,701
.."$2)5.218,046
$233,779,481
$247,656,503
$270,663,265
1874.
For the week
Previously reported....
Since Jan. 1
The following will show the exports of
New York for the week ending Dec. 1,
parison of the total since Jan.
for several previous years:
M6X. gold coin..,,
Nov. 29—Str. Pommerania
..London
Dec, 1—Str, Colon,
..Panama.
Amer.gold coin...
$3,483
116,303
23,000
Tnmaco, So. Am.Amer. gold coin..
3,000
Grey town
Amor, gold coin..
Aspinwall...,....Amer. goid coin..
Amer. silver bars.
London
2,006
1,000
ICO,COO
Mex. silver coin..
?24j[*7!5
25.029,392
Total for the week
Previously reported
..$35,278,187
Total since Jan. 1,1877
Same time In—
Same time in-
I
$42,340,285
1876....
|
51.616.384 I 1868..
47,427,76311867
68.26:,332 I 1866
60,502,501 1
1873
The imports of
been as follows:
Nor. M-Str.
x95S'
.
0.8.6s (5-20s) 1867..,. 109*
109
O. 8.10-40s
1(8*
U8*
5s of 1881
New 4*s
Tues.
95 5-16
95 9-16
109*
109*
1(9*
109
.107
1G7
Wed.
95 5-16
Thur.
95 7-16
954
109*
108*
107*
105*
95*
109*
108*
K>7*
1C5*
Frt.
95 «-l«
95 9-16
periods have
U. S. silver
U. S. gold
$19,033
City of Vera Cm*..Vera Crux
Foreign silver
...
Foreign gold
Mon.
d
26 6
sat.
d.
26 6
10 0
s.
_
Nov. 26—Str. Adriatic
10
9
12
7
12
9
8.
d.
26
10
10
12
12
29
6
0
9
7
9
0
36
9
b.
10
10
29
0
12
12
29
37
0
w,
Wed.
0
9
7
9
0
lAterpool Provisions Market.—o
w
d.
26 6
10 0
10 9
12 7
12 9
a.
29
0
£6
9
^Liverpool
126,529
Foreign gold
Gold bars....
Ncv.
Nov.
Nov.
Nov.
Nov.
Dec.
Ilavre
27—Str. City of
28—Str. Scythia
23—Str. Colon
Liverpool
Foreign gold...
U. S. silver
Liverpool
U. S. gold
Nassau
U. S. slyer
Chester
30—Brig Emily
Aspinwall
‘..Belize
1—Str. Carondelet
alMCO
....
27—Str. Labrador
579
.
484,217
700
4,703
U. 8. gold
U. S. silver
1*771
Thur.
8.
26
10
10
12
12
29
35
Fri.
d.
8
0
3
7
d
26 6
10 2
10 9
12
12
29
36
9
....
,
Total since Jan. 1, 1577
$15,640,115
1874
12,481.106
5,998,601
....
7
9
6
1871
9
as
17,890,422
5,485,287
8,461,330
13,296,0)8
$14,5.26,916
...
Same time in—
b.
9
0
$1,030,768
.'
Total for the week
Previously reported
Liverpool Breadslujfs Market
Flour (extra 8ute)
Vbbl
Wheat (R. W. spring).^ ctl
44
(Red winter)..... 44
44
(Av. Cal. white).. 44
44
(C. White club)... “
Corn (n.W. mix.) $ quarter
Peas (Canadian) V Quarter
1.200
3,516
Silver ore
Gold dust
^
Tuei.
32.139
135,664
4,500
...
109
107
107*
w:n
105*
104*
SOOH
Liverpool Ootton4 Market.—See
Ma
special report of cotton.
1C4*
,
specie at this port during the same
closing quotations in the markets of London and Liver¬
pool for the past week have been reported by cable, as shown in
Mon.
x95 7-16
$57,538,762
30 536,829
69,354,117
45,£83.574
59.149 044
1870
67.6*0.845 ] 1869
The daily
Bat.
Consols tor money.. 97 1-16
44
account.. 97 3 -16
specie from the port of
1877, and also a com¬
1 with the corresponding totals
English market Reports—Per Cable.
the following summary:
London Money and Stock Market.—The bullion in the Bank
of England has increased £306,000 during the week.
4,478.738
of
24,953
4,990
3.272
2,497,932
our
EXPORTS.
Wheat
$953,320
report of the dry goods trade will ba found tha imports
dry goods for one week later.
The following is a statement of the exports (exclusive of specie)
from therport of New York to foreign ports for the week ending
In
285.878
652,118
5.079,239
1,162,137
1877.
$903,569
7,000,465
4,344,233
Dec. 1—Str. Neckar,
1874.
1876.
8,292,177
1876.
1874.
$1,173,503
Drygoods
General merchandise...
years:
1877.
Wrrk.—The imports last
in both dry goods and general
imports were $5,432,058, against
Imports and Exports for thb
week
463778811
^
[VOL. XXV.
Same time in—
1870
$11,492,784
1869:::..:::..::
h.«8.ks
*>.706,582
1868
1867
3 0a*,043
law:::::::::::::::::
The transactions for the week at the
9,552,705
Sub-Treasury have been
follows:
1
Bat.
„
"
Mon.
a.
d.
s. d.
.
Beef (prime mess) 9 te.
91
Pork (W’t.
57
Bacon (i’gcl. in.)newp cwt 39
0
...
messjnew^bbl
Lard (American)..,.
Cheese (Am. fine)....
90
57
£9
43
64
0
0
“
43
0
44
64
G
0
0
0
0
0
Tues.
a. d.
Wed.
a. d.
90
57
39
43
64
(.0
57
39
43
61
0
0
0
0
0
Thur.
b.
d.
89
57
39
43
£4
0
0
0
0
0
Fri.
d.
8.
0
0
0
0
0
Dec. 1.,
88
0
**
57
57
43
64
0
6
0
0
“
44
Rosin (common).
44
(fine)
cwt.
Mon.
d.
Tuea.
d.
5 3
10 U
s.
5
31
10
0>
Wed.
a.
3
10 0
5
e.
d.
5
3
0
10
Tnur.
Fri.
d. a. d.
5 3
5 3
10 0
10 0
8.
Petroleum(reflned)... .y gal
V*
.'spirits)
“
Tallow<prime City).. V cwt. 40
Clovereeed (Am. red).. “
*
3l
40
3
40
3
40
3
40
3
40
3
Spirits turpentine
01
£5*
0
25
6
25
6
25* 6
£5
6
**
25
London Produce and
1»*
7*
11*
7*
11*
7*
11*
7*
UK
7*
Markets.
Sat.
ou.
£ s. d.
Lms’dc’ke(obl).fKt. 9 o 0
Linseed (Cal.)
53 6
quar.
s.
0
>)
d.
0
6
Tues.
£ 8. d.
9 0! 0
53 ! 6
Wed.
£ s. d.
9 0 0
53 K
Thur.
£ 8. d.
9 0 0
.
£
9
Fri.
8. d.
0 0
53 6
53
6
24
0
0
0
76
i
0
23 10
0
36
(
U
28 H
PngarfNo.iaD’chstd;
spot. $ cwt
25
oil
V tun..76 U
Wvale oil
“ ,36
0
L’csetd of’., .y ten *29 5
on
B
*rxn
..
..
0
u
0
~
U
£5
76
£6
29
0
0
2l
6
0 76
0
0
0 ,36
0 2)
0
“
0'
0
0
24
0
16
36
0
0
0
0
29
0
0
76
36
2
Gold.
$172,000
283,000
$178,123 86
254,000
(309,721 69
295,706 04
44
6
“
133,000
139,000
151,464 65
7..
270,000
276,547 68
Liverpool Produce Market.—
Sat.
s. d.
3.,
4.
5.
Receipts. ■
Customs.
482J 98 3J
Currency.
$671,520 14
1,582,78) 30
1,101,631 42
■Payments.
Gold.
Currency-
$435,235 64 1861,174 30
1,391,818 35 1,626,912 21
£91,112 27
575,197 55
896,283 07
49’,921 13 1,% 15,835 57
385,159 40
537,560 91
385,156 56
t20,755 52
343,£56 50
219,105 22
Total
$1,251 000 $1,694,262 £8 $4,578,369 05 $4,374,753 24
Balance, Nov. 30
1C6.264.416 40 40.5*1.792 14
bt lance, Dec. 7
1(2,583,925 37 39,768,73142
$5,391,4:6 7
Erie.—The attack by the McHenry faction has been met bj
the.Farmers’ Loan and Trust Company, who, through their coun
sel, Messrs. Turner, Lee & McClure, of 20 Nassau street, have
brought a counter suit in the Supreme Court against McHenry
John H. Brown, Charles Frederick Evans^ and the Erie Company.
On the complaint, and the accompanying affidavit of ll. G. Rols
ion, President of the Farmers’ Loan and Trust Company, Judge
Donohue issued an order to the defendants, McHenry, J- H<
Brown and Evans, to show cause why they should not be per¬
manently enjoined as demanded. Until the decision of this
motion he orders that the
be
stayed.
proceedings brought in Monroe County
December
No
68.5-208,1 68
Closing prices at the Board have been
©alette.
Cankers’
<Jf)e
Called bonds
When
Payable.
Name of Company.
$10
3*
pref..
5
Books Closed.
(Days inclusive.)
Jan. 1,1878
Dec. 27,18:7 Dec. 16 to Dec. 27
Jan. 1, 1878
FRIDAY, DECEMBER 7, 1877-5 P. JR.
The Money
Market and Financial Situation.—There has
little to disturb the quiet current of affairs in Wall street,
and as the year draws to a close there is the usual disinclination
to engage inl active operations. exceptthose who purchaee m
follows:
Dec.
been
Dec.
Dec.
Dec.
5.
6.
7.
107*
107*
107?*
period.
6a, 5-20s, 1865, n. 1...reg.. Jan. & July.xl03* 103* 103?*
63, 5-20s. 1865, n. L.coup. .Jan. A July. 106)* 106* 106?*
1867
reg..Jan. & July.x!06* 106* 107
6s, 5-208, 1867
coup..Jan. A July.*109* 109?* 109*
reg.. Jan. & July.*xl08 *109
*109
63, 5-208,1868
coup..Jan. A July.*111
*112 *111?*
5s, 10-IOs
reg..Mar. A Sept.*108* 108?* *108*
5s, 10-40s
coup.. Mar. A Sept. *108* 109
108 *
5s, funded, 1881
107
107*
reg..Quar.— Feb. *107
5s. funded, 1881... coup., juar.—Feb. 107
107
10tl*
4*8, 1891
reg..< Juar.—Mar. 104* 105* 105*
4J*s, 1891
105*
coup.. fuar.—Mar. *x4* 105
ir.—Jan. 102**102* 102*
4s, registered, 1907
>uar.— Jan.*102* *102*
4b, small coupon
102*
63, Currency
reg..« an. A July.*xll9 *119* *119*
*
This is the price bid; no salt was made at the Board.
Railroads.
Boston & Lowell
Chic. & Northwest,
N. Y. N. H. & Hart
as
Dec.
1.
3
4.
reg.. Jan. & July. *x7* *107* 107*
coup.. Jan. & July. 110* *111* *111*
t.
6s, 1881
following dividends have recently been announced:
Per
Cent.
Dec.
6a, 1881
National Banks organized during the pa9t week.
DIVIDENDS.
The
565
THE CHRONICLE
8, 1877.]
111
*110* *110*
*103*
106*
♦106*
109*
103* *103
106* 106*
106*
106*
108*
109
108*
*111
*108
108*
*107
*108* *103*
111* *111*
108* 106*
108* *108*
107* *107
107
105
107
105
107
105
105*
102*
105
102*
105
103*
102*
102* *108
*120 ' *119* *119*
State and Railroad Bondi.—Southern State bonds have
ied ft
d deal of aUention this week, on account of the
expectation of a “January rise.
The Presidents Message and meet^nlr
Legislatures in Tenne.
meeting of bthe
the Legislatures
Tennessee and Virginia, where
report of Secretary Sherman have been well received and had a the debt question has been so prominent as an issue. The Gov¬
good effect in financial circles.
ernor of Tennessee strongly advises the acceptance of the 60 per
The silver bill has now a good prospect of passing the United cent
proposition offered by bondholders, but its prospect is con¬
States Senate, and we are inclined to the opinion that the dis¬ sidered so
poor in the Legislature that the bonds here nave fallen
cussion of the subject by the daily press and in financial circles off
sharply.
In Virginia, the message of Governor Kemper is
has been limited too much to the mere question as to what is
very strongly in favor of sustaining th9 funding law and of leav¬
technically and legally admissible under the laws authorizing ing the revenue laws as they are, since he claims that the latter
the several issues of government bonds. The broader question will
produce sufficient to pay the State’s interest in full. Vir¬
of what is the best and highest policy for the United States
ginia bonds have been stronger in consequence of the Governor’s
Government to pursue under the circumstances, has received
recommendation.
Louisana consols are rather active here, and
too little attention.
Is it policy for the United States to take some
$100,000 have sold at 86$@87£ on a demand from New Or¬
advantage of a fortuitous decline of 8 per cent in silver, to pay leans or for investment. South Carolina consols are in fair
her bonds and interest in that coin, even if the law technically
demand, and selected numbers have sold at 67 to 70—some of
allows it?
these to parties who are believed to have a copy of the report of
The reported embarrassment of the National Trust Company the
commissioners, which will probably be made public about
of this city, and the suspension of the German National Bank in the
20th instant.
Chicago and Henry Greenbaum & Co. here have had no great
Railroad bonds have been strong, and in some of the less
..
..
,
occu
effect.
Our local money
prominent first mortgage bonds there has been a sharp advance.
market shows more firmness in the past few Advices from Cincinnati report that the Cincinnati Hamilton &
days, and call loans on stock collaterals have run up to sharp 7 Dayton Railroad announces itself unable to pay the interest due
per cent, and in exceptional cases to 7 gold ; on government in
January on the Cincinnati Hamilton & Indianapolis guaran¬
collaterals there is little change, and loans are made at 4 to 5 per
teed bonds.
Prime commercial paper is in good demand at 5 to 6 per
cent.
Closing prices of leading State and Railroad Bonds for three
cent.
weeks past, and the range since Jan. 1,1877, have been as follows;
The Bank of England statement, on Thursday, showed a gain
of £306,000 in specie during the week, and the discount rate re¬
Since Jan. 1, 1877.—
Dec.
Nov. Nov.
Lowest,
i
30.
7.
mains at 4 per cent.
States.
23.
Highest.
The Bank of France lost 2,900,000 francs in
44
ot.30
>
the week.
The last statement of the New York City Clearing-House banks,
issued December 1, showed a decrease of $994,950 in the excess
above their 25 per cent legal reserve, the whole of such excess
being $9,663,425, against $10,658,375 the previous week.
The following table shows the changes from the previous
week and a comparison with the two preceding years:
Nov. 24.
-1877.Dtc. 1.
—s
Differences.
Loins and dis. $235,329,800 $233,429,600 Inc
8pecie
Circalation
Net deposits..
...
Legal tenders.
1876.
1875.
Dec. 2.
Dec. 4.
.$3,099,800 $256,589,700 $271,006,500
18,324,000 Dec. 1,443.800 20,434,100
15,157,500
9,800
14,952,800 18,750,600
18.100,500
13,110,350 Inc.
1%,234,900 196.961.500 Inc.
726,600 207,322,000 210,663,300
39,949,300 40,579,800 Inc.
630,500 39,823,700 45,680.200
19,767,800
United States Bonds.—There has been a very
fair business
government bonds, on a demand from small investors. The
large dealers are full of orders for small lots, running all the way
from $100 to $10,000, and these come from this vicinity and from
all parts of the country.
The demand from corporations is
rather small; the savings hanks look for a considerable demand
in
them by depositors after their January interest is paid, and
insurance companies have not much surplus money to invest.
The Secretary of the Treasury has just issued the fifty-fifth
call for the redemption of 5-20 bonds, giving notice that the
bonds enumerated below will be paid on and after the sixth
Tennessee 6s, old
do
6s, new
North Carolina 6s, old
48
46*
*46* *46*
Virginia 6s, consol
*72
do
Missouri 6s,
do
19*
2d series
.
long bonds
District of Columbia, 3-65s 1924
20*
*42*
107* *107*
74*
*75*
*43*
*19
*70
42* Feb. 28 : 48* N
Feb. 28; 47*
~ Nov.27
16* Oct. 25 22*| Jan. 6
82* April 2! 82* Apr. 2
42
Jan. 16 45
Apr. 11
Jan.
109* June 5
Jan.
80
June 21
♦41* 38
104
♦74* 71
107
Railroads.
65* 50
Central of N. J. 1st consol
*67
*66*
Central Pacific 1st. 6e, gold ... 108* 107* ♦107* !05*
106
Chic. Burl. A Quincy consol. 7s *112
112*
96* t92** 80*
Chic. A Northwest’n, cp., gold
98*
93?g 78
93*
Chic. M. A St. P. cons. s. fd, 7sj 93*
*108* 106
Chic. R. I. A Pac. 1st, 7s
108 *103
Erie 1st, 7s, extended
*110 *110 ♦111 109
93
Lake Sh. A Mich. So.2d cons.cp 101
Michigan Central, consol. 7s...
105* 105*
105* 100
Oct
4
Mch. 16
sinking fund....
do
This
is
95*
95*
Jan.
'
26 S8* Nov.30
Feb. 28 112
June 29
Jan. 15 115
June 29
July
May
17 102
May 10
2 107* Oct. 31
28 130
9 122
day of March, 1878, and that the interest on said bonds will
cease on
that dale.
Coupon bonds dated July 1,1865, namely :
.
$50—No. 44,001 to No. 50,000, both inclusive.
100-No. 76,001 to No. 85,000, both inclusive.
500—No. 57.001 to No. 60,000, both inclusive.
1.000—No. 96,031 to No. 1(8,000, both inclusive.
Total of coupon bonds, $6,000,000.
Registered bonds,
as
follows
:
$50—No. 1.6U to No. 1,750, both inclusive.
100—No. 13,101 to No. 14,100, both inclusive.
500—No. 8,: 01 to 8,700, both inclusive.
1,000—No. 27,401 to No. 28,750, both inclusive.
5.C00—No. 7.651 to No. 8,050, both inclusive.
10,OJC—No. 13,551 to No. 14,350, both inclusive.
r
$10,000,000.
The following circular in regard to the payment of interest on
the four per cent registered stock of 1907, under the acts of July
14,1870, and January 21, 1871, has been issued by the Treasury
Department:
The books of the four per cent registered bonds authorized by the acts of
Congress approved July 14, 1870, and January 21, 1871, will be closed for the
Total of
registered bonds, $4,0O0,0j0; aggregate,
preparation of interest schedules as follows :
The books embracing registered stocks held abroad will be closed on the
evenings of the last days of February, May, August and November, and
reopened for transfer and exchange of stock on the mornings of the 16th days
cf
March, June, September and December following.
The books embracing
registered stock held in the United States will be closed on the evenings of
the 15th of
March, June, September and December, and reopened for the
transfer and exchange of stock on the mornings of the 1st of January, April,
July and October following.
Stock issued on exchanges and transfers
between the 16th of March, June, September and December, and the first
nays of succeeding months, will bear interest from April 1, July 1, October
1? or January 1, as the case may be.
June 7
May
iy 24
Dec. 4
June 23
22 103* July 12
9 108* June 18
*94* 92* Mch. 81 98* Fob. 6
the price bid; no sale was made at the Board.
on
Messrs. A. H. Muller & Son sold a large list of
bonds at auction, among which were the following :
Metropolitan Nat. Bank.
stocks and
SHARES.
SHARES.
12
5
112* Nov.27
Feb. 19 118
Mch. 5 121
113
Jan.
110* June 11
April 11 96* Nov.24
Morris A Essex, lstmort
*114* *115
*120* 114
N. Y. Cen. A Hud. 1st, coup... 119* ♦120
99
*98
81* June
Ohio A Miss., cons. sink, fund
97*
117
Jan.
120
Pittsb. Ft. Wayne A Chic. 1st. *118
8t Louis A Iron Mt., 1st mort. *102* 103* 103* 92* Mch.
Union Pacific 1st. 6s, gold
107* 107* 106* 103 Jan.
*
5; 85
Mch.
.
-
13*
13 Commercial Fire Ins
17 Tradesmen’s Nat. Bank
130
129
20 American Exch. Bank— 105 1-31
15 Amity Ins
60
2 Bank of the State of N. Y—120
50 Central Park North A East
3 Nat. Trust Co
60*4
River RR
4i*
20 N. Y. City Ins
40
80 Resolute Fire Ins
50* 630 National Bank Note Co., N.
Y., $50 each
I* per share.
25 German-American Fire Ins.. .115*
5 Nat. Park Bank
108
300 Westchester Fire Ins
110*
10 Metrop. Nat. Bank
13S*
163 Farragut Fire Ins
125*@124
83 Mechanics’ Nat. Bank
132*
140 Guardian Fire Ins
65^68
6 Continental Nat. Bank
71
50 Lamar Fire Ins
105*
20 Continental Nat. Bank....,.. 72
60 Standard Fire Ins
126
18 Bank of the Republic
87*
100 German-American Bank
69*
BONDS.
88 Fourth Nat. Bank
98
100 Ninth Nat. Bank
$125,000 Ind. Bloomington &
50*@50
Western KR. 1st mort. ex¬
68 Second Av. RR.
65
tension
3 *®4J4
*37 Third Av. RR
....112
10,500 State of Nev. 10s, gold.. .113
4) Morrisania Steamboat Co.... 20
1,000 L. I. RR. 7s
90*
30 Harlem & N. Y. Nav. Co
63
2,000 Dayton & Mich. RR. 7s,
10 Manhattan Life Ins
50)
int. guar, by Cin. Ham. <fc
72*
20 German-American Bank
Dayton RR
93*
80*
12 Marine Nat. Bank
8,000 Second Av. RR. consol.
400 Oriental Bank
145&142
conv. 7s, due 1888
91*
20 National Park Bank
108
1,0(0 South Ferry RR. first
40 Broadway Nat. Bank
. 195
mort. 7s
76
200 Mechanics’ & Traders’Ins. .156*
l,0CO St. L. & S. E. RR. Co. 7
25 Am. Ex. Fire Ins
100
p. c. gold bond, May, 1874,
35 Kings County Fire Ins
179=
coupon on
36
9 Safeguard Fire Ins
120
44 National Fire Ins
Ill I
Stocks*—In the early part
declining tendency of stocks was checked by the
declaration of a dividend of
per cent on Northwest preferred
stock, on the following strong exhibit for the first six months of
Railroad
and OTUcellaneoue
of the week the
their current fiscal year ending November
vember being partly estimated;
30, the month of No¬
566
THE CHRONICLE
$7,816,560
earnings
Operating expenses, taxes, &c
Interest on bonds—gold premium
Gross
$3,927,002
1,683,563
6,259,056
648,491—
Rent of leased lines
$1,557,503
Net
Sinking funds
Three and one-half per ct. on $21,522,400 pref’d stock...
$108,120
753,284—
$861,404
$696,009
As a dividend on St. Paul preferred is also commonly talked
of, tlie situation of these two leading Western specialties had a
strengthening influence on the whole market.
Subsequently the further sales of Lake Shore, for account, as
supposed, of the well-known California operator, had a weaken¬
ing influence, and prices have been somewhat irregular and
feverish.
The low price of coal bears heavily on the coal-road
stocks, and reports are freely circulated of a new combination,
although we believe there is little confidence in “ the street” in
the ability of the managers to keep up prices by combination—
at least in any such way as to materially benefit their incomes.
The following from London shows the comparative statement of
earnings and expenses of the Erie Railway for the month of Sep¬
tember, in the years 187G and 1877 :
Sept., 1876.
earnings
Expenses
a
Sept., 1377.
$1,184,5^1
Gross
earnings....
Expenses
$1,437,223
901,048
Net earnings....
$536,174
Net earnings
The accounts show an increase of $175,000 in
decrease of $275,000 in coal traffic, caused
.
862,066
$32-2,454
general freight,
by the miners’
decrease of $103,000 in first-class passengers com¬
pared with the Centennial traffic of last year.
strike, and
'The
daily highest and lowest drices have been
Dec. 1.
At. A Pac. Tel.
Central of N.J
Buri.&Q
22*
•11
•
(J. Mil. & St. P.
do
pref.
...
34*
CD*
34 *
do
pref. 64*
C.K.I.& Pac.
<J9#
45
Del.* 11. Canal
Del. L. & West
47*
Erie
9*
Han. & St. Jos
12*
do
pref.
28*
Harlem
1*145'
Ill. Central...
71*
61
Lake Shore
57
Michigan Cent
V
Morris AEssex
74*
N.Y.Cen.&ll.K 105*
8*
Ohio & Miss...
Pad he Mail...
20*
•
Panama
Wab. P.C. R’ts
Union Pacltic.
67
West. Un. Tel.
76*
Adams Exp...
96*
American Ex.
49*
United States. *16
Chic. & North.
...
is*
Wells, Fargo..
*36*
Tuesday,
Monday,
Dec. 8.
23
23
23
13*
102*
33'*
70*
35*
6S*
ICO
13*
47
50*
10*
12*
23*
147
Dec.
Ml
13*
*26*
*144
72*
62*
ft 9*
(5 >,
106*
71Y
15*
28*
72*
60
8*
*
21*
9*
*
97
49
49 V
77#
66 V
V
47*
•46*
67
•86
50
•
•
72* 72*
59* 63
57* (,9 V
75* 76
106
106*
9
87*
22
22
126
15* 15*
66*
76* 78
97 * 97*
07
14S
117
•
87
•
is“
Dec. 6.
23
23
61*
90*
47*
48*
9*
12*
27*
•.... 117
72
72
CO*
57* 58*
59*
'
4 ■*
105* 106
6V
S*
S-V
15*
97*
50*
50*
•46
♦86
71 .*
105 V
67*
76V
97*
51*
8*
2J*
Dec.
pref.
....
9,660
64,950
53,275
79,320
75,210
53,320
34,610
31,000
25,000
36,050
47,02)
28,410
11,825
356,685 179,305
8,523
10,300
7,700
13,400
5,300
5,200
50,4‘25
<8
106*
9
21V
77*
S7* 93
51*
51*
87
leading stocks
Lake West’n
St.
Shore. Union. Paul.
73
71
16*
Norlhw.
9*
12*
27
15* 15*
67* 67*
67*
77*
97*
51*
47*
87* *
51*
*.... 126
*15V
do
pref.
83*
33 V
This is the price bid and asked ; no mtc was matte at the Board.
Total gales of the week in
34V
65*
10*9*
49*
8*
Quicksilver....
*
34*
65*
100*
43*
50*
9V
11*
26*
70 V
60* 61
53* 58*
22
125
14 V 15
67*
76* 79*
85*
72#
22
67
34 V
70
*.... 147
72*
59* 60 V
57* 58*
76* 78*
105* 105*
4*
,*
147-
145
(2
22
126
97
Dec. 7.
*2tV 23*
13* 14
101* 101*
13V II
101* 101V
83 V 84 V
69
70*
83
34*
34*
4
6
65*
*
65 *
100* 100* 100*
48* 49*
48*
49*
49* 50*
9*
9*
9V
13
12*
12*
27*
27* 27*
83
6o V
28* 28*
Friday,
...
ICO*
46* 47*
41* 49*
9V
9*
*12 * 13
75 V 76*
lOi \ 106#
8*
21*
126
10i*
36*
71*
36*
Dec, 5.
•22* 23
•12 V
lOi * 102
83* 34*
68* 69*
100
03*
58*
15
101*
31*
69*
34*
65*
follows:
Wednes’y, Thursday,
*22* 23*
101* 101*
34* 86
6J* 71*
34% 35*
65* 65*
90* 1(X)*
45* 48*
47 \ 50
9Y 10*
•12* 13
as
Mich. Del. L.
Cent.
& W.
3,00-0
36,760
1,700
5,200
6,200
1,900
41,150
23,850
23,400
36,580
29,800
500
♦SO
Del. &
Erie.
Hiul.
1,100
3,950
1,390
3,115
1,100
1,750
1,200
900
1,900
1,900
4,405
3,100
The latest railroad earnings, and the totals from Jan. 1 to latest
dates, are given below. The statement includes the gross earn¬
ings of all railroads from which returns can be obtained. The
columns under the heading “ Jan, 1 to latest date” furnish the
gross earnings from Jan. 1, to, and including, the period mentioned
in the second column.
1877.
Atch. Top. Jk S. Fe...Month of Nov.. $335,500
Atlantic & Gt. West..Month of Sent..
377,409
Bur. C. liap. & North.Month of Nov..
138,985
Cairo «fc St. Louis
3d weok of Nov.
4,578
Central Pacific...
Month of Nov.. 1,597,000
Month of Nov..
Chicago & Alton
Chic. Burl. & Quincy..Month of Sept..
Chic. Mil. & St. Paul...Month of Nov..
Cbic.& Northwest,&c.Month of Oct...
Chic. R. I. & Pacific..Month of Sept..
Clev. Mt. V. & D.,&c..3d week of Nov.
Deny. & Rio Grande...3d week of Nov.
Galv. H & S. Antonio.Month of Sept..
Grand Trunk
W’kend. Nov.24
Western
great
annibal
& St.
Jo
W’kend.
Nov.23
3d week of
Nov.
Honst’n & Tex. Cent.Month of Oct...
Illinois Ceil. (Id.line)..Month of Oct...
do (Leased lines).Month of Sept..
Indianap. Bl. & W...3d week of Nov.
Int. & Gt. Northern...3d week of Nov.
Kansas Pacific
Month of Nov..
Louisv. Cin. & Lex...Month of Sent..
Lonisv. & Nash., Ac..Monts of Sept..
Michigan Central... Month of Oct...
Missouri Pacific
Month of Nov..
Mo. Kansas & Texas..3d week of Nov.
Mobile <fc Ohio
Month of Oct...
Nashv.Chatt. & St.L..Month of Oct...
New Jersey Midland..Month of Oct...
Pad. & Elizabethan. ..2d week of Nov.
Fad. & Memphis
3d week of Nov.
Phila. & Erie
.Month of Oct...
St. Joseph & Western 2d week of Nov.
SlL.
A-T.H.(hrciisj.Month of Nov.
,
1876.
Jan. 1 to latest date.
1877.
*
1876.
$225,793 $2,432,750 $2,282,136
342,767
94,903
3,051
The Gold
1,120,3*7
1,037,5J3
'
4*C6 i
164.216
185*061
337,223
2,563,S04
2,716,787
15.638
47,164
48,G31
471,804
444,144
3,966,988 3,494,280
2,891,729 2,875,87*
1,211,872 1,225,185
366,5091
540,626
287,310
133,343
430,832
259,644
536,237
1,606,223
1,017,981
4,133,909
1,305,986i
9,103,170
7,019
3,391
68,130
47,832
68,359
174,89-3
101,075
92,086
407,373
1,136,412
540,533
291,301
133,830
478,739
299,227
509,683
1,189 803
1,313 687
4,011 547
9,293,873
Treasury sale of $1,000,000 gold
1, the total bids amounted to $3,520,000, and the
December
awards were made at 102 81 to 102-87.
on
Jan. 1 to latest date.
1877.
1876.
11,891
81,6So
59,064
110,613
253,276
XXV.
lYIarKet.—At the
Gold ruled
a
little firmer
to-day, and closed at 102f. On gold Joans the rates were 2, 2^,
and 1£ for carrying, with some loans also made flat.
The following table will show the course of gold and
gold
clearings and balances each day of the past week:
«•Quotations
Op’n Low. High Clos.
102* 102* 102* 102*
Saturday, Dec. 1
3.... 102% 102* 102* 102*
Monday,
“
4.... 102* 102# 102* 102*
Tuesday,
“
5... 102* 102# 102* 102#
Wednesday, “
6.... 102 Vi 102* 102* 102*
Thursday,
“
7.... 102* 102* 102* 102%
Friday,
“
■
t
Current week...
Previous week.
Jan. 1 to date...
The
.
...
following
are
3 87
X X Reichmarks....
X Guilders
-Bala ncee.—^
Gold.
Currency.
/
Clearings.
$20,770,000 $1,669,617 $1,770,152
14,402,000 1.776.500 1,829,927
16,353,000 1.475.500 1.520,123
25,494,000 2,961,235 3,322,580'
18,858,000 1,301,036' 1,335,675
17,764,000 1,707,912 1,847,469
.
1,731,239
the quotations in gold for foreign and
$4 86 © $4 90
Sovereigns
Napoleons
Total
v
102* 102# 102* 102% $113,641,000 $
102* 102% 103
102*
82,666,000 1,081,183
107# 102* 107* 102 V
American coin:
4 74
3 90
Spanish Doubloons. 15 65
© 3 92
© 4 80
© 4 10
© 16 15
© 15 60
©
117J4
Mexican Doubloons 15 50
117
Fine silver bars
Fine gold bars...
par©%prem.
! Dimes* half dimes.
—
Large silver, #s &#s
—
1
Five francs
Mexican dollars.
—
.
—
-
English silver
96;*®
96#©
90
92
4 75
Prussian silv, thalers
Trade dollars
©
©
©
©
—
65
—
96,*©
—
97*
—
97#
93
94
4 85
— 70
—
—
—
97#
Exchapse.. -Foreign exchange has been quiet and pretty
steady. The bond importers have not been doing much the past
few days, as rates were rather above their ideas.
Cotton hills are
coming forward more freely, though the shipments are not yet
as large as expected.
To-day, on- actual business the rates were
about 4.81 for bankers’ 60-day sterling, and 4.84 for demand.
In domestic bills the following were the rates on New
York at the undermentioned cities to-day:
Savannah, un¬
settled, fair demand ; Cincinnati, fair demand, 100 discount,
selling par ; Charleston easier, buying freely at £ discount; St.
Louis, par ; New Orleans, commercial §@7-1(3, bank § discount
Chicago, par ; and Milwaukee, par,
,
City Banks.—The following statement shows the
City for the week
ending at the commencement of business on Dec. 1, 1877:
Now Ifork.
condition of the Associated Banks of New York
—AVERAGE AMOUNT OP
Legal
Net
Capital. Discounts. Specie. Tenders. Deposits.
$
$
$
s
New York
3,000,000 8,3e3,400 2,401,000 1,22') ,000 8.730.400
Manhattan Co... 2,050,0:0
589,100 1,163,400 4.976.200
6,327,700
Merchants’
725,900 1,7*'8,600
3,000,000 7,059,GCO
5.974.500
Mechanics’
Union
America
Phteuix
2,000,000
City.
1,000,000
1,500,000
3,000,000
1,000,000
Tradesmen’s
1,000,000
Fulton
600,000
Chemical
300,000
Merchants’ Exch. 1,000,000
Gallatin National 1,5:0,000
Butchers’& Drov.
500,000
Mechanics’ & Tr.
600,000
Greenwich
2 0,000
Leather Mauuftrs.
600,000
Seventh Ward....
300,000
State of. N. York.
800,000
American Exch’e. 5,000,000
Commerce....... 5,000,000
Broadway
1,000,000
1,000.000
Mercantile
Pacific
422,700
Republic
1,500,000
450,000
412,500
Chatham
North America... 1,000,000
Ilanover
1,090,000
Irving
Metropolitan
Citizens’...
Nassau
Market
St. Nicholas
Shoe and Leather
Corn Exchange..
Continental
Oriental
87,071
393,151
450,332
282,7195
46,900
8,084
3,047
Southern Minnesota..Month of Oct...
Texas & Pacific
Month of Sept..
Tol.Peoria&Warsaw..Month of Nov..
Wabash
Month of Nov..
Union Pacific
.Month of Sept..
People’s..
212,849
240,782
1,675,532 15,329,107 16,669,795
392.846
367,898 4,148,774 4,586,17?
1,363,310 1,242,122 8,894,822 8,791,744
892,000
765,230 7,447,460 7,443,882
1,593,776 1,542,051
798,277
6t>3,940 5,336,663 5,158,986
8,337
7,032
344,441
336,845
19,5:6
9,954
681,363
414,781
110,372116,248
201,244
180,963 8,437*600 8,502,968
73,359 3,535,677 3,660,341
36,240 1,834,310 1,691,719
43,000
351,643
377,340
583,367
526,247 4,209,477 4,565,176
191,289
127,698
24,790 1,098,9:5 1,329.132
22,119
50,537 1,293,304 1,153,293
4l,(>89
359,413
283,691 3,022,672 2,783/72
1:0,245
814,615
492', i: 8 3,935,636 3,G67\986
526,0:8
669,684
647,922
3 8,043 3,536,302 ,?,390,3*1*7
316,311
60.157
70,090 2,838,714 2,813,9. 9
231,800
261,507 1,423,057 1,505,114
172,353
143,525 1,427,413 1.411,437
72,931
70,165
571,7i3
518,517
7,725
4 320
452,946
312,338
Banks
18,500 195,540
Latest earnings reported.
1876.
Loans and
7,440 18,430
Whole stock.. ...216,963 494,665 337,874 :153,992 187,332 524,000 780,000
The total number of shares of stock
outstandiug is given in
the last line, for the purpose of comparison.
t
1877.
35,200
11,549
St.L.&S.E’n(StL.div.) 2d week of Nov.
(Ken.div.)..2d week of Nov.
“
(Tenn.div.)..2d week of Nov.
St. Paul & S. City
Month of Oct...
Sioux City&St.Paul. .Month of Oct...
S5
follows
were as
earnings reported.
St. L. L Mt. & South.Month of Nov..
St. L. K. C.& North’n.Month of Nov..
St. L. & S. Francisco .4th w’k of Nov..
a
Saturday,
Cnlc.
-Late*t
“
Surplus
Grose
(VOL.
Mech.
Bkg. Ass’n.
East River
Manuf’rs’ & Mer.
Fourth National..
Central National..
Second National..
Ninth National...
First National....
Third National...
N. Y. Nar. Exch..
Tenth National...
Bowery National.
New York County
Total
6,435,700
478.800
4,065,300
462,390
8,577.100 1.212,400
2,627,000
269,000
5,402,100 1,*52,000
155,000
3,005,500
1,856,600
168.800
9,569,300
941.100
217,000
3,039,100
383,000
3,512,300
1,402,000
73,000
1,590,000
16,300
780,000
2,525,800
307.100
1,005,700
88,600
313,800
1,633,300
11,703,000
966,000
12,795,200
374,609
93,100
4,733,409
306.900
3,126,700
1,923,800
20,200
423.900
2,991,000
3,312.800
214,500
15,700
77.600
1,351,500
2,065,700
592,509
558,800
1,111,500
501,000
765,000
265,000
194,000
2,352,400
351,800
229,000
207,000
243,900
192,400
829,200
162,500
232,000
1,023,000
2,370.600
571,309
415,600
437,00)
264,560
565,200
117,800
591,000
627,700
4,216.500
234,70-9
457,300
12.600
500,000 1,895,070
3,000/04 13,831,000 1,C6 4.000 1,481,000
600,000
65,000
1,572,700
371,500
1,838,200
1,000,000
218,400
15,300
1,0-0,0-00
172,500
2,590,500
530,700
2,172,100
1,000.000
123,700
272,400
185,100
1,0(00,000 3,768,S00
647,800
1,000,000
3,057,600
321,000
208,000
523,400
1,250,000 3,145,700
40,300
1,304,800
6,500
200,000
300,000
3 43,GOO
1.880,600
112,900
400,000
1,000,000 14,872,804
520,700 3,763,900
2,000,000 lU,439.500
499,400 3,198,600
110.000
657,000
500,000
8,000
300,000
280,500
807,100
4,900
981,500
142,600
404,000
16,700
350,000
677,400
163,700
9,000
4;
100,0-0
2,500
120,500
2,800
3,750,000 13.320, t,04
355,700 2,411,700
2,000,000 7,119,000
150,000 1,677,000
300.000
1,891,000
454,000
1,500,000
235,700 1,263,100
4,676,90G
5( (0,000
6,671,000
630,20)
711,600
906,800
1,(00,004 5,4SS,10-J
605,700
300,000
1,130,203
170,840
16,200
700
500,000
61,600
847,200
250,000
245,000
1,087,600
3,800
200,0 0
958/00
273,300
1,000,004
255,800
2,277,1:00
199,500
■
..68,235,200 238,429,600 18,324,000 40,579,800
4.731.900
2.926.300
6,723,260
2,526,000
4,124,000
1.540.600
1.337.100
9.696.200
2.176.200
2,023,100
1,194,060
1,030,000
768,600
2.131.500
971,300
Circula¬
tion.
$
39,000
7,500
129,500
141,10050,000
1,160
270,000
790,800
625.200
45,000
233,000
189,000
2.700
234.700
36.500
45,000
226,000
1.509.100
7.836.400
5.693.600 2,122,500
890.700
3.120.400
84,600
2.808.300
1.813.300
4*50,660
1.724.700
339,600
3,170^300
5,400
1,094,500
1.810.700
418.5(03.495.400
74.500
1,849,000
10,421,000 1,231,000
178,300
1,774,800
3,900
1.619.600
254.900
1,937,000
498.200
1.125.700
335 200
3.164.500
4.700
1.785.300
776,800
2,091,100
1,076,200
273.2G0
1,716,000
15,759,300 1,108,900
192.900
12,821,000
297,000
497,000
865.800
679,100
93,966’
548.800
484.800
10.501.900 1,05*7,666
6.264.100 1,481,000
270,000
1,885,000
716,700
4.203.500
446,400
5,636,709
222,100
5.873.200
268,300
742.800
448,OCO
76,500
225,‘900
872,‘.00
180,000
1,609,660
2,024,200
196,961,500 1S,HO,3CO
8, 1877.]
December
THE CHRONICLE,
567
QUOTATIONS OF STOCKS AND BONDS IN NEW YORK.
Prices represent the per cent value, whatever the
par may
Bondi.
43
43
“■STSSK:::::
8s, 1886
do
do
do
do
do
do
8s, 1883.
Joliet ft Chicago, 1st m...
La. ft Mo., 1st m., guar....
29
....
...
107%
108
do
103
50
56
56
56
56
50
50
....
•
1877
1878
Is, gold, reg....1887
Is, Canal Loan,
IB,
do
«
....
iie
110
-
110
do do ..1893
Forth Carolina—
19
6s, old. J. & J
do
A. & O
18%
F.C.KR
J. & J.... 74*
do
..A.& O.... 74-*
*
20%
....
10
10
7
7
3
3
3
Funding act, 1866
1868
Bpeclal tax, Class 1
Class 2
Cla88 3
12%
11
9%
9
....
Ohio 6s, 1881
110
110
•
•
•
•
••••
Is...
Jan. &
July
April & Oct
Funding act, 1866
Land C., 1339, J. & J
LandC., 1889, A. & O....
34
34
40
40
40
35
2
44
7s of 1888
Non-fundable bonds
Tennessee 6s, old
...
6s, new
6s, new series..
.
.
,
.
.
.
.
.
,
3%
45
44%
44%
....
.
.
.
.
00
"‘0
74%
....
74
.
*
.
.
75%
74%
(Active preci'usly quot'd.)
Albany ft Susquehanna...
Burl. C. Ilap. & Northern.
Central Pad tic
Chicago ft Alton,
10
....
77%
pref
Cleve.Col. Cln. & I
■Clave. ft Pittsburg, guar..
Col. Chic, ft I. Cent.
Dubuque ft Sioux City.
Erie pref
Indlanap. Cln. & Laf
Joliet & Chicago
Lone Island
"34
78%
lj4%
70
3%
3%
.
..
ioo
....
41
....
Missouri Kansas & Texas,
New Jersey Southern
1
New York Elevated RR..
Y.New Haven & Hart. 158
Ohioft Mlssiss’ppl, pref
Pitts. Ft. V?. & Ch.,
guar.. ‘92
do
do
special.
-
*
*■
*
*
*
*
1(0
160
-D
.
.
£do
do
pref.
^e^e&So.RL.pref.
§;• U-1. ^ * Southern....
»t.L. K. C. ft
North’n,prel
rre*ueii?-,ut?
* lud’polls..
United N.J.R.
&
c\
Warren...,
.....
.!
Stocks.
Am. District
Telegraph...
Canton Co., Baltimore....
Cent. N. j. Land &
Hn. Co.
American Coal...
Consolidate
Coal of Md!!
L. &M. Co,
Mariposa
GO
(Jq
p•ref,
Coal * Iron.
Maryland Coal....
Penn6ylyanla coaL.”!!!'.
ft
Ohio 6s, 1st
Chicago &
ao
Alton
m...
lsfmortl
income.
+
t
t
f
t
+
t
+
f
do
1SS5-93
Hartford 6s, various
Indianapolis 7-30s
t
Long Island City
Newark City 78 long.
‘
73
i05>4
Water 7e, Hong... i
Oswego 7s
t
Poughkeepsie Water
t
Rochester C. Water bds., 1903t
Toledo 88. 1877—’S9
f
Toledo 7-30s.
Yonkers Water, due 19?3
100
105
75
85
98%
98%
99%
99%
'94
10S
95%
i"s>4
....
i05%
.....
92%
....
do
1st
Spring, dlv..
Pacific Railroads—
Central Pacific gold bonds.. 107% 107%
do
do
do
do
San Joaquin branch 85
86
Cal. ft Oregon 1st
88
"95 ioo
State Aid bonds
Land Grant bonds.
91
Western Pacific bonds.
102
102%
Union Pacific, 1st mort. b’da 106% 1U0%I
do
Land
103
102%
grants,
7s.
8%
do
Sinking fund... 94% 95
100
Pacific R. of Mo., 1st mort...
do
2d mort
91' 91%
121
do
income, 7s.
do
IstCaron’tB
Penn. RR—
Pitts. Ft. W. ft Chic., lstm..
122
do
do
2d in.\ 112
113%
do
do
3dm.. 101%
Cleve. & Pitts.; consol., s.f..
25% 30
do
4lli mort
3
2%
Col.
Chic, ft Ind. C., 1st mort 33
5
33%
do
do
2d mort
9%
Rome Watert’n ft Og.,con. 1st
St. L. & Iron Mountain, 1st m. 103% 103%
140
155
do
do
2dm.. .60
St.
L. Alton ft T. H.—
29
Alton ft T. H., 1st mort
do
2d mort.,pref..
86
do
2d mort. lnc’rne 60% 67
11
Belleville ft S. Ill.R. 1st in. 8s 85
11
14
Tol. Peoria ft Warsaw, E. D... 90
5 0%' 02%
do
do
W. D.. 89
do
25% 28
do Bur. Dlv. 28
20
do
do 2d mort.. 27
80
115
do
do consol. 7s 27
30
104
105
Tol. ft Wabash, let m. extend. 1118
..
''
.
fi
.?.* i
....
112
114
101
105
110
100
107
107
107
110
111
93
90
106
107
93
109
108
108
111
Wisconsin Cent., 1st, 7s
96
110
108
97
111
110
105
111
112%
103
109
111
lay
102
j
..
do
68, 2d in. g.
Canada Southern, 1st m. c:>up.
do
with lnt. certifs
Central Pacific, 7s, gold, conv.
Central of Iowa lstm. 7s,gold.
Chesapeake
ft 0.2d m.f gold 7s
IT oaItiiIt
Ct
iiV
On
Keokuk &
St. Ui»n
PaulI 8s
l
Carthage & Bur. 8s
Dixon Peoria ft Han. 8s.
O. O. ft Fox R. Valley 8s
Quincy ft Warsaw 8s
...
Illinois Grand Trunk....
Chic. Dnb. ft Minn. 8s
Peoria ft Hannibal Ii.
..
104
109
•••
70
42
South Carolina new consol. 6s.
Texas 6s, 1892
M.ftS.
do
7s, gold, 1892-1910. J.&J.
do
7s, gold. 1904
J.&J.
do 10s, pension, 1894.. J.&J.
Oo
100
111
101
111%
113
105
X
104
07%
112%
CITIES.
Atlanta, Ga., 7s
do
do
105
8s
waterworks.
Augusta, Ga., 7s, bonds...
Charleston stock 6s.
109-% 109% Charleston. S. C., 7s, F. L. bds.
112
109
Columbia, S. C., 6s
112
109
Columbus, Ga.,7s, bonds.
112
109
109
112
08
05
88
73
00
00
104
27
0
101
Lynchburg 6s
Memphis bonds C.
do
do
70
80
.Macon bonds, 7s
02
01
37%
36
bonds A & B
end., M. & C. RR
Mobile 58 (coups, on)
l
j
30
22
20
S3
do
do
8s
(coups, on)
6s, funded
Montgomery 8s.
-
Petersburg 6s
100% 101% Richmond 6s
50
Savannah 7s, old...
100% 101%
do
7s, new.
21
20
Wllm’ton, N.C., 6s, gold) coup
23
do
8s,gold) on.
3%
1%
45
RAILROADS.
77
...
.
Chic ft Mich. L. Sh. 1st 8s. *89
Chic. & S’thwestern 7s, guar.
*t75
yo
50
100
9S
90
54
20
1st 78,10 years,
2d 7s, 20 years..
•
•
Ala. & Chatt. 1st in. 8s,"end....
Ala.ft Chatt. Rec’ver’s Cert’s.
Atlantic ft Gulf, consol
do
end. Savan’h.
do
stock
do
do
guar...
Carolina Centra] 1st m. 6s, g...
«
60
103
100
.
.
Connecticut Valley 7s
56
28
Connecticut Western 1st7s...,
Dan. Urb. Bl. ft P. 1st m. 7b, g,
25
22
£0
Denver Pac., 1st m.7s, ld.gr..g,
46
Denver ft Rio Grande 7s, gold *43% 45
Des Moines & Ft. Dodge 1st
Detroit ft Bay City 8s, end..
70
05
J2
Dutchess ft Columbia 7s...
8
Erie & Pittsburgh 1st 7s.
98
100%
do
85
80
con.m.,'
do
78
78, equip
Central Georgia consol, m. 7s.
do
ioo
do
I
International (.Texas) Istg...,
lnt. H. ft G. N. conv. 8s
Iowa Falls ft Sioux C. 1st 7s...
Jackson Lans. ft Sag. 8s, 1st m
Kal. Allegan. & G. R. 8s, gr...
Kalamazoo ft South H. 8s, gr..
Kansas Cltyft Cameron 10s..,
Kansas Pac.7s,g.,ext.M&N,’9l
do 7s, g., I’d gr.,J&J,’Si
do 7s, g.,
do M&S,’8i
do 6s, gold, J.&D., 1896
do 6s, do F.&A., 1895.
do 7s, Leaven, br., ’96..
do Incomes, No. U....
do
do
No. 16....
do
Stock
Keokuk & Des Moines 1st 7s..
do
funded lnt. 8
Lake Sup. ft Miss. 1st 7s, gold
Leav.Law. & Gal. 1st m., 10s.
Logans. Craw, ft S. W. 8s, gld.
Long Island RR., 1st mort.
Louisv. & Nashv. cons. m. 7s.
do
2dm., 7s, g..
Michigan Air Line 8s
*+
Montclair ft G. L.ist 7s
do
2d in. Vs
Mo. K.& Tex. 1st 7s, g., 1904-’06
do
2d m. income...
N. J. Midland 1st 7s, gold
do
2d 78
N. Y. Elevated RR., 1st m
N. Y. ft Osw. Mid. 1st
do
2d 7s, conv.
do recelv’s ctfa.(labor)
do
do
(other)
...
.
.
.
82
97
85
51
87
73
84
61%
92%
t58
t98
52
50
1 *
72
«»%
25
8
9
7%
58
65
*15
23
...
70
73
75
Montgomery ft West P. 1st
..;.
fhO
+94
do
stock.
Greenville ft Col. 7s, 1st mort.
do
Is. guar,...
Macon & Augusta bonds
do
2d endorsed,
do
stock.
Memphis ft Charleston 1st 7s..
do
2d 7s.
do
stock..
Memphis ft Little Rock 1st in.
Mississippi Central 1st m 7s
do
2d m. 5s
....
70
07
25
.
88
!
.
{
.
.
90
51*4
do
do
74%
J
m.
78
8s
Northeastern, S. C., 1st
9
10
8
65
70
Orange & Alexandria, lsts, 6s.
do
2ds,6s.
do
3ds,8s...
do
4ths,8s..
do
25
8s.
S. Carolina RR. 1st in. 7s
do
7s, 1902
do
7s, non mort..
do
stock.......
Savannah ft Char. 1st M. 7s
Charleston & Savan’h 6s, end
West Alabama 2d m.3s, guar,
1
do
lstm. 8s
*
90
45
0
.
52%
18
m.
|
do
do mort.
! Rich, ft Danv. 1st consol. 6s..7s
Southwest RR., Ga .conv.7s,’:6
104
-
2d
m. 8s.
|
....
27
5
75
7
1
34
28
27
25
do
2d
92
30
15
6
do
8s, interest,
do
2d mort. 8s
N. Orleans & Jacks. 1st m. 8s.
Certificate, 2d mortg. 8s
Nashville Chat, ft St.L. 7s....
Nashville ft Decatur, 1st 7s,...
Norfolk & Petersburg 1st m
10)
r 5
5.)
!5
L4
2
70
8s.
Mont, ft Eufaula 1st 8s, g., end
Mobile ft Ohio sterling 8s.
do
do ex cert. 6s
c
0
90
101
87
80
30
3
75
stock
East Tenn. ft Va. 6s end. Tenn
E. Tenn. Va. ft Ga. 1st in. 7s...
do
do
stock
Georgia RR. 7s....
65
.
do
Cheraw ft Darlington 8s
East Tenn. ft Georgia 6s
103
; 8
30
•00
*78
50
92
do
1st 7s, 1. g., not gu,
80
do
1st ex 1. g. 7s.
49
Grand River Valley 8», 1st m.. •+H5
Houston ft Gt. North. 1st 7s, g. 65
Hous. ft Texas C. 1st 7s. gold.. 82%
do
consol, bds
stock
Charlotte Col. ft A. 1st M. 7s..
...
Price nominal.
99
r
American Central 8s
Chicago Clinton ft Dub. I
Chic. & Can. South 1st in,
*
43%
«<%
NaBhvllle 6s, old..
ioi%
t
do
6s, new
.+ 100% 10!% New Orleans prem. 5s.
105
103%
do
b’St 11U ill
consol. 6s...
do
railroad, 6s.
109% 1 lo%
do
wharf Imp’ts. 7-30
109% 110% Norfolk 6s
hw
Chicago ft Iowa R. 3s8s.
t And accrued lot2 66t,
44
75
43%
Class B
Class C
!
j
PAST DDE COUPONS.
Tennessee State
coupons
r South Carolina consol
Virginia coupons
.
do
t
•
consols, Class A
do
do
a
..
do
do
new
Georgia 6s, 1878-*86.
110*
33
100
23
STATES.
Alabama
do
do
113
107
Atchison ft Nebraska, Sp.c...
Atchison ft P. Peak, 6s. gold..
Boston ft N. Y. Air Line. 1st m
Bur. C. R. ft N. (Mil.) g. 7s....
Bur. ft Mo. Rlv., land m. 7s...t
do
3d S., do 83...+
do
4th S., do 83...tj
do
5th S., do 3s... +
do
6th S., do 8s.. .f
Cairo* Fulton, 1st 7s,gold...
California Pac. RR., 7s, gold
Sontliern Securities.
(Brokers' Quotations.)
95
RAILROADS.
9 S
87
97%
t
t
do
108*3,
do
do 1st cons, am*
ReDB. ft Saratoga, 1st coup.. lllh*
do
istregIsL’d. 111}*
111
Erie, 1st mort., extended
do
do
endorsed
do
2d mort., 7s, 1879.
do
3d
105 % 106
do
7s, 1883.
do
4th do
7s, 1830.
102%
do
5th do
7s, 1888.
102% 103%
do
7s, cons., mort., g’d bds..
do Long Dock bonds
107%
Buff. N. Y. ft E, let. m., 19P6... 105
do
do
large bds.
do
do
new bds, 1916
Han. ft St. Jo., 8s, conv. mort. b5% 86
Illinois Central—
Dubuque & Sioux City,1st m. 102
do
do
2d dlv. 105
Cedar F. & Minn., 1st mort
88
89
17
Indlanap. Bl. ft W., 1st mort...
do
do
2d mort
Lake Shore—
Mich S. ft N.Ind.. S.F., 7 p.c. 110
lli%
Cleve. ft Tol. sinking fund. 111
do
new bonds...
Cleve. P’vllle & Ash., old bds
do
107
do
new bds
Buffalo ft Erie, new bonds.. 107
Buffalo ft State Line 7s
Kalamazoo ft W. Pigeon. 1st
Det. Mon. & Tol.,1st 7s, 1906 100%
Lake Shore Dlv. bonds
lO^ 109
do
Cons. coup.. 1st. 1*0*4 lil%
109
do
Cons, reg., 1st.
110
do
Cons, coup.,2d.,
97%
do
Cons, reg., 2d
98
Marietta ft Cln. 1st mort...
Mich. Cent., consol. 7s, 1902
105% 105%
do
1st m. 8s, ;8S2, s.f. 110
do
equipment bonds.
New Jersey Southern lstm. 7s
do
do
consol. 7s
N. Y. Central 6s, 18S3
104
105%
do
6s, 1687
107%
do
6s, real estate.,
102%
do
6s, subscription, 102
ao ft Hudson, 1st m., coup 120%
do
do
lstm., rej
120%
Hudson R. 7s, 2d m., s.f., 1
114
1st
Harlem,
mort. 7s,coup... 117%
do
do
7s. reg
117% 118%
North Missouri, 1st mort
102% 102%
Ohio ft Miss., consol, sink. fd. 98
99%
do
consolidated..., 99% 99%
2d do
58
do
58%
^ Mountain Coal....
Ontario
Silver Mining....
‘28%
Bouds*
108
105
109
•
Louisville* Nashville....
Rensselaer & Saratoga
Rome Watertown ft Os.
fit.Louis Alton ft T.H....
(Brokers' Quotations.)
CITIES.
Albany, N. Y., 6s, long
Buffalo Water, long
Chicago 6s, long dates
do
7s, sewerage
107%
do
7s, water
do
7s, river lmprovem’t
92% Cleveland 7s, long....
92% Detroit Water Works 7s
Elizabeth City, 1880-95
100
ib*0%
57%
41%
Railroad Stock*.
,
....
33
33
33
70
Is, ex matured coup
8s, consol., 2d series
6s, deferred bonds..
District of Columbia 3.65s.
do
small.,
do
registered
.
....
43%
43%
6s, old
Is, new bonds, 1666
Is,
do
1867
Is, consol, bonds
do
do
do
do
2d, guar
7s.
Sioux City ft Pacific 6s
South Side, L. 1., 1st m. bonds.
do
sink. fund...
South. Cent, of N. Y. 7s, guar.
Southern Minn. 1st mort. 8s...
do
7s, 1st
So. Pac. of Cal., 1st “A” 6s, g..
Tol. Can. So. ft Det 1st 7s, g.
Union & Logansport 7s
Union Pacific, So. branch, 6s,g
West Wisconsin 7s, gold
Sandusky Mans, ft Newark
93%
.
South Carolina—
Virginia—
2d
3d
ao
..
do Is, 1886
Rhode Island 6s
do
do
Albany ft Susq. 1st bonds...
19k
....
54*
54%
New bonds, J. ft J
do
A. & O
1
do
do
class C.
South Pacific Railroad,1st m
St. L. & So’eastern 1st 7s,gold.
St. Louis Vandalia ft T. H. 1st.
78
miscellaneous List.
....
..
do coup, off, J. & J..
do
do off, A. & O.
do
do
♦
*
...
.
93
•
....
ic®
do coup.. 1887
do loan... 1883
do ..1691
do
1892
do do
106*
....
Long bonds, due 32- 90.
Asylum or Un.,due 1892,
Han. ft St. Jos., due 1886, 100
do
do 1887. 106
Sew York State—
do
•
2d mort., ’93.
do
ex coupon
85
Han. ft Cent. Missouri, 1st ra
Pekin Llnc’ln ft Dec’t’r.lst m
Western Union Tel., 1900, coup
do
do
reg.... 104^ 105
103
1T
*
•
•
ISS*
.
t
....
...
coupon.,
Illinois ft So. Iowa, 1st mort
8s, P.D.
...
*
ex
Nov.,’77,coUi>.
Quincy ft Toledo, 1st m., ’90..
do ex mat. ft Nov.,’77,cou.
•
•
Nov.,’78,ft prev’s
Western, 1st m., 1888..
do
46
...
84
7b, email
10*%
Michigan 6b, 1873-79
105
do
6b, 1883
109
do
7S, 1890
102
Missouri6s,due 1877.. ...
do
do
1378
Funding, due 1834-5...
-
•
convert.,
Ex.
do
do Ex ft
33%
....
86%
do
do
Is,
Is,
is,
Is,
6s,
m.
1st m. gld. 7 3-LO.s.,
Omaha ft Southwestern RR. 8s
Oswego ft Rome 7s, guar
Peoria Pekin & J. 1st mort....
73
Peoria & Rock 1.7s, gold
20
Port Huron ft L. M. 7s, g. end.
57% .Pullman Palace Car Co. stock.
...II
do
bds.. 8s, 4thseries
! Rome W’townft Og.istm.coa.
98% St. L. ft I. Mt. (Ark. Br.) 7b, g.
79% |St. L. ft San F., 2d in., class A.
68
1
do
class B.
do
80
87
in on
con.
do
Great
115
08
62
....
6b, new....
6s, floating
7s, Penitentiary
6s, levee ..
8s, do
be, do 1875
8s, of 1910.
do
do
m.
103% North. Pac.
Ex ft Nov.,’H, coup,
equlp’t- bonds
do
do
7s 103% 103%
’95 100% 107^4
6s, 1917, coupon, 103% 108%
Ch. Mil. & St. P. 1st
*
2d
do
S. F. Inc. 6s,
do
do
2dm. 7 310. do
do
do
1st 7s, gd., U.D
do
do
1st 7s £
do
do
do
lstm., La C. D.
do
do
1st m., I.ft M.D.
do
do
1st in., I. & D..
do
do
1st m., H. ft D.
do
do
1st m., C. ft M..
do
do
consol, sink, fd
do
do
2d m
Chic, ft N. Western sink. fund.
do
di
lnt. bonds,
do
do
consol.bds
do
do
ext’n bds..
20
do
do
1st inort...
do
do
86%
cp.gid.bds.
i
do
do
reg. do
*
Iowa Midland, 1st mort. 8s...
Galena ft Chicago Extended.
Peninsula 1st mort., conv.
Chic. & Milwaukee, 1st mort
Winona & St. Peters, 1st m...
do
2d mort.
io‘7
0. C. C. ft Ind’s 1st m. 7s, S. F.,
do
consol, m. bonds
Del. Lack, ft Western,2d m...
do
do
78, conv.
Morris ft Essex, 1st. m
do
2d mort
do
bonds, 1900....
do
construction,
do
7s, of 1871....
do
1st con. guar.
Del. ft Hudson Canal, lstm.,’84
do
ao
1891
do
do coup. 7s, 1894
do
do
reg. 7,1894
.
113
Lehigh ft Wilkes B.con.guar
Am. Dock ft Improve, bonds
....
-
do
7s
m.
slnk’g f’d. A.&O
99% VM
108% 109
Georgia 6s
■■••••
do
7s, nqw bonds....
do
7b, endorsed,
do
78, gold bonds...
Illinois 6a, coupon, 18*9...
do
war loan...
Kentucky 6s
Louisiana 6s
do
-
....
-
consol,
Ask.
I’ol. ft Wabash, ex coupon,
do
Istm.St.L. dlv.
do
ex-matured coup.
105
do
do
6s, 1917, reglst’d
Central of N. J., 1st m„ new...
do
do
1st consol
do
do
con.conv
....
4
4
7B.MI8B.O.& R.R
78, Ark. Cent. RR..
Connecticut 6s...:
do
58
do
4
d2
ao
Chic., Rk. Isl. ft Pac., 1st
....
21
27
4
4
88 Of 1893
do
do
SEOUBITIK8.
ill
84
St.L.Jack.ft Chic.,1st m...
Chic. Bur. ft G. 8 p. c., 1st m
■
...
ftCh.K
*21
88 Of 1892
do
do
•
43
43
••••*-••
6s, Ala.
do
•
•
Ask.
•
State
Bid.
BKCURITIK8.
:
Bid. Ask.
bicubitlkb.
consol, coup......
Memohls City Coupon*
*
t’riwc
nomru«*‘
...
33
THE CHRONICLE
568
[Vol. XXV.
LOCAL SECURITIES.
NEW YORK
■
Capital.
COMPANIES.
**
«
.
Brewers’6 Gro’s'*
Broadway
U
Bull’s Head*
Batchers A Drov.. 25
I0(
Central
•
-
.
.
.
•
-
#
-
•
•
t
«
Metropolis*....
Metropolitan....
Murray Hill*
501,000
3.000,00*
290,00
Nassau*
New York
New York Count>
N. Y. Nat.Exch...
Ninth
North America*...
North River*
5U
Oriental*....
25
Pacific*
50
Park
UK)
Peoples*
1,000,00
3.000,00*
200,000
300,000
1.500,00c
1,000,000
401,000
800,00'
422.70
2,000,00'
412,500
25
20
100
too
10i»
Phenix
Produce*...
Republic....
Bt. Nicholas
Seventh Ward...
Second....
9
J. A J.
t>9;,soo J. A J. 10
6
91.100 M.AN.
3.2 ;00 M.AN. in
8
193,300 M.AN.
8
859/00 J. A J.
8
233,100 J. A J.
35.900 J. A J.
7h
899,40 * J. A J. 10
8
5,6ro A.A O.
8
70,'00 M.AN.
693.600 J. A J. 10
93.003 J. A J. 114
77.700
7V
4
37,900 J. A J.
8
62,(00 J. A J.
80,600 J. A J.
145,0.0 J. A J. ii
12
2 27,fa) Q-F.
472,800 1. A J. 12
162.c(X) J. A J. 10
7
171.100 J. A J.
16,-00
4
2 8 000 ?\ A A.
8
1SS/0C F.A A.
8
43900 J. A J.
63 300 J. & J.
11
2)9 POO J.& J. 12
40 4a> I.& J.
5
8,000,00'
1,000,00.
1,000.000
250,000
1,500,00
1,000,00'
300,00'
100
300,00*
100
Shoe and Leather. too 1,000,00*
Sixth
200.000
100
State of N.Y
100
900,000
Tenth
Third
f00,000
1,000,000
1,00),oo
100
100
40
50
Tradesmen's
Union..
West Side*
..
201.'00 M.AN.
17."00 J. & J.
If 6.900 f.4,1.
380,500 J. & J.
765/00 VI AN
iw|
1 500 000
80,'566 i.'aj!
200,’00(
.
•
•
•
July 16,rn..f
•
•
jan.
...
• •
6. 78...3
.
.
Aug. 1,77...5
July 2, 77...5
Ju y 1, 76 ..J
Oct. 1/77.2V
50
20
50
100
Jersey City A Iloboken
Manhattan
Metropolitan
do
certificates
var
100)
ia*
tax1
Lon is
do
Mutual, N. Y
bonds
do
25
Nassau, Brooklyn
do
New York
2,000,000
1.200,000
320.000
100)
sertificates
do
Harlem
var
scrip
1*0
People’s (Brooklyn)
do
bond*..
do
do
d)
certificates...
Central of New York
Williamsburg
10
10K
var
51 •
50
var
scrip
Metropolitan, BrooKlvn
do
l* t
Municipal
.
.
.
.
• •
•
•• •
Commercial
Continental..,
Eagle
Empire City
Emporium
•
•
••»
•
...
....
....
•
.
May 11,77..6
May 2, 77...6
May 1, ’77,.4
•
....
....
Jan. 2. 77.. 3
7
July 5,77 ..3
July 1,74.3)$
July 2. ’77.. A>
,
12
»
90
.
.
.
.
....
120
• •
•
•
....
....
...
133V
....
114V
113
...
.
.
....
,
.
....
...
....
.
.
•
•
.
.
....
....
.
uov
....
134
102
....
....
....
A.ug.6.77 ..3
Aug.lS/772V
Jan. 2.77...8
July 2. ’77...5
July 2, 77...5 r.8
Ju y 2, 77.. .9
SovlO.77 3* 120
*
.
* *
*
# *
•
87
73
.
.
-
#
.tt
Jan.2
.
Republic
Ridgewood
....
Rutgers’
Safeguard
St. Nicholas
A. <fc O.
oou.ooo
1,000.000
1
700,000
4,000,000
1,(XX),000
315,000
3UC.000
466,000
1,000,000
1 000,000
1,1 XX',* 01
1,5.0,0 0
Quar.
J. A J.
M. AN.
Broadway ȣ Seventh
Ace—stk..
1st mortgage
Brooklyn day—stock
1st mortgage
Broadway (Brooklyn)—stock...
Brooklyn A Hunter's Pt—stock.
1st mortgage bonds
Bush wick Av.(B'klyn)—stoek..
central Pk, N. A E. River—stk.
Consolidated mortgage bon -s
Dry Dock, E.B. <f Battery —stk.
1st mortgage,
cons’d
Eighth Avenue—stock
1st
mortgage
ildSt. cfe Grand
1st mortgage
St terry— stock
Central Cross town-
stoek.
...
1st mortgage
Houston, West st.dtPav.F’g—stk..
1st mortgage
Second Avenue—stock
Sd mortgage
Cons. Convertible
Extension
Sixth Avenue- stock..
1st mortgage
Third Avenue—stock
1st mortgage
Twen ly-lhira Street—stock
istfUGF^Hge.
This column shows last
.
iOOO
100
1900
10
1000
100
:oo
1000
100
100
3lXH)
100
5C0 Ac
100
ia»o
too
1000
100
1000
ICO
500
ltx.l
1000
1000
500 Ac
10 J
1000
100
1000
100
10; 0
694,000
2,100,000
1,500,000
2,(KM),000
J. A J.
J. AI).
Q-F.
3uo,ax) M.AN.
200, a:o Q- J •
4(X.',000 A. A O.
3'X),UOO J A J
mvoo
1,800,000 J. & J>
1,200.000) J. A I).
.
1,•200,000
.
Q-F.
117
f9
Oct
i
*1
’9 3
•111' e,
Julv, ’77
Jan., ’34
Nov, ’77
29U.UUU
A.A O.
750,000 M.AN.
415,000 J. A J.
2,000,(XX)
2 000,000
Q-F.
J. A J.
600,000 J & J.
250,000 M.AN.
203
t
■
-
7
.t
7
April. ’.3
7
Nov., 1(04
*
...
7
July,1394
2
7
7
7
02r..‘
5
7
5
7
4
7
’77
April, ’;5
May, ’83
oct., ’33
May. ’77
July, 1890
Nov., ’77
Julv,1890
Aug , ’77
May, ’93
.
.
5
7
10
10
20
10
tt
t157,0!8
15
7
10
10
20
10
i10.327
183,463
293,653
315.907
182,031
65,715
191,002
5
7
20
20
125.41!
229,503
128,169
341,235 20
21,0.514 18
200,000
none
r
22.630
500,000
500,391
io
350,000
132,714
410,076
139.035
2'. 9.330
122,215
869 346
13,291
83/87
t 70.1C-6
3,270
30.9SI
219,133
150,550
53,560
163,259
151.836
77.457
158,263
192,769
251,537
12
20
18
20
1,000,000
200,000
200,000
300,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
150,000
250,000
800,000
250,000
.
r
10
20
!0
10
10
10
10
15
7
10
•20
20
10
10
10
15
10
10
10
20
10
10
17
■20
20
10
•20
•20
•* *
-
14
L0
10
12
30
20
20
18
10
.
*
.
.
10
9V 11
5
10
20
5
10
,
6
5
0
1 13
1
.0
|14
201.454 ,10
•
10
20
10
11
19
L0
L0
16
10
14
10
12
20)
Au*’77.7*i4
J30
132
55
170
,#t#
14)
215
125
.;in
11U
July,’77..6
July, ’77..5
120
60
118
100
W
117
180
_
July, ’77.,6 iio
.
•
.
so"
212
210
185
150
112
<5
70
Mfn
....
.......
11
...
Aug.,*76. /
July, ’77..5 112
July,’77.15 170
July/77..10 125
July, ’77.10 275
10
20
10
10
10
10
12
12
13
10
20
20
20
10
10
16
10
10
14
30
to
10
20
•20
20
12
20
20
10
20
10
to
10
10
12
12
10
10
20
10
20
lO
10
2J
*0
11
14
30
•20
to
20
20
25
16
20
•20
10
10
12
30
20
20
20
15
5
10
L0
10
11
20
10
10
12
30
•20
29
20
20
July/77..lO
July, *77. 5
July, *77. .5
J»ly,’T7..5
July,’77. .5
July/77...6
July,’77. .6
July,’77. .5
Sept.,*77..5
July. ’77.1c
July. ’77..5
July, ’77.1:
July,’77..5
July, ’77..5
Ju y, -77.10
July, ’77..5
July, ’77..6
July, ’77.10
July, *77.10
July, ’77.10
July,’77. .5
July,’77.10
June,’77..8
July, ’77.10
Jnly, ’77..6
July, *77.10
Aug ,*77. .7
,
92
150
125
too
110
90
116
115
92
UO
110
35
•
MM
130
102
155
170
99
140
UO
SO
! 50
102
"io"
85
ISO
130
150
ItO
95
150
140
•tt•
95
170
......
170
117
195
150
r.o
170
135
40
40
no
50
£0
115
118
July,’77.1C 200
July. ’77.10 120
240
.
July. *77..5
July, ’77..6
Oct., ’77. .5
200
July.*77.10 17)
July, 77..8
July, ’77.10 150
....
8V Jan.,’77 3V
July, ’77. 5
July, ’77..5
July, 76 .5
10
10
10
13
25
July, ’77. .5
Aug., 77.10
L2V 15V July, ’77..8
10
ro
11 6 t
12* 15
to
10
2)
20
20 ! 25
L6
j 16
ie I 10
20
20
SO)
40
80
110
117
90
IC5
Jan., ’77..5
-July, ’77..5
•
•
IU
200,000
Croton water stock..1345-51.
5
do
Croton
do
io
7
1354-57.
do
Aqued’ctstoek.1865.
pipes and mains...
m
.
.
6
5
6
7
6
6
7
6
1809.
7
co
stock'
var.
var.
var.
[Quotations »y N.
.
.
...
6
7
s g.
7
.
i
6
6
reservoir bonds
Central Paik bonds. .1853-57.
..1853-65.
do
uo
Dock bonds
1370.
1375.
do
!
Floating debt stock— 1850.
.1865-88.
Market stock
50
.
:. 1852-60.
do
do
New Consolidated
Westchester County
.
t
10)3
5ir-91 •
12
:5
70
iro
95
•
*
160
..
67
95
8)
65
f
i
• •
*
-
*
•
f
♦
160
115
60
105
ISO
toe
Aug.. ’77..5
July, 77,6*23 117
July,’77 7V 120
Aug.,’77..5 90
1 July, *77. S 140
150
j1 July, ’77. 8 150
July, ’77 8
1 Aug., *77.5 1 0
1 July,’77.10 190
129
95
160
1*6
no
200
The surplus.
net surplus.
Broker, 40 Wall Street.]
^
^
.
72V
...
^
„
r
t
10)
105
dividend on-ttocke, but tbs date of maturity of bonds
do
do
do
do
do
do
do
do
May A November.
Feb., May Aug.A Nov.
do
do
do
do
May A November.
•
Feb.,May, Aug.A Nov.
May A November.
do
do
do
do
do
do
do
do
do
•1o
January A July.
do
do
.....
City bonus
Kings Co. bonds
do
do
ao
do
do
do
do
do
May & November,
do
do
do
Park bon 6s
do
January & July,
do
do
1877-80
1877-79
1890
1883-90
1884-1911
-
1884-1900
1907-11
1877-98
1S77-95
1901
1905
1878
1894-97
1SS9
1879-90
1901
1888
1879-S2
1896
1891
FBI
Bid.
1U0
1(3
103
lu
106
UX)
too
118
106
1P1V
118
104
105
lie
102 V
104 V
11 9
106
1C‘2
102
1C4
105
106
113
107
H'OX
107
119
107
102
119
105
117
112
105
108
111
107
^nil hi.I
IS', 8-SO
1931-95
1915-21
1903
1915
1992-11*05
1381-95
880-83
1880
li*24
207-1PI3
[Quotations by C. Zabri?
ISO
„
Feb., May Aug.A Nov
do
do
do
do
Bridg1
•All Brooklyn bonds flat.
......
Payable.
/.muary & July,
..
Waler loan.
94
Months
l'. HKKny...)r„ rtroKe.r. <:y
Brooklyn Local lmpr’em’i—
City bonds
do
Park bonds.
Water loan bonds
:
Bridge bonds
.
100
f
159,503
132,772
78,175 10
5
6
Street imp.
.
£
wi-z
105
12)
100
97
_
7V
61,099
1341-63.
do
100.
,
*
•
■July,’?7..1C
July,*77..10
Continental, 11*45; Standard, 11’55.
Consolidated bonds
-
,
-
85
10 J
153
Nov., ’77
*
*
20
10
10
10
SO
20
40
1(5
Oct., ’77.K 200
July, *77 .7 118
Jan., ’77 .3
Aug ,’77. 5 U3
July,’77,7 V 125
12
..
37
1*90
July,77.6*3
20
15
15
:o
10
to
10
18
55
70*
50
Jao., ’77..5
July, *77.10
t
,,,,
•
.
Ttf
1117,568
294,836
65,593
2*10,000
•
•
•
10
10
10
10
12 V 15
50
23
los.e^
210,000
150,000
150,000
19
10
12
73
ino
’45
uo
July. ’77..8
July, *77. .5
10
w*
70
iso
\ug..*77.10
30
14
10
15
5
4
1,0(12.784
4r,293
198,366
109,415
200,000
Impovementstock.... 1869
1
42V
9 2v
’77
Dec.,1(02
6
1,050, 00 M.AN.
78
10)
V Ju y,
1
150,000 A.AO.
1
90
62 V
900) XX)
600,000
200,000 M.AN.
250,000
500,000 J. A J.
1.199,500 Q.-F.
u
I
,
2
....
11,181
57,663
142,297
509,394
200,000
200,000
20
50
50
100
50
100
ia>
100
25
100.
25
50
100
100
do
9.)
7)
1833
69J.SOO
135,012
817,629
200,000
200,000
A\w York:
Water stock
SK Nov., '77 0OJ
(
NOV., ’;0 104
3
Oct., ’7. 165
3
Oct
'76 76
7
631,987
150,000
200,000
200,000
30
14
....
S00.000
200,000
250.000
200,000
2b
9*80
....
1.946
0
20
10
>0
20
23
20
■20
10
10
25
’77 .f
’77..7
*77..8
’77. .5
’77. .4
fan., ’A..5
July,’77./
June, 77.1U
Feb.,*77..5
8
10
30
5
20
30
20
20
20
10
10
20
•
•
....
Kate.
90
’77
June,1384
.
1U
July,
July,
July.
July,
Jan.,
15
10
Bonds due.
b7V
,
5
10
10
25
1NTKRKST.
ID
Julv, 191,0
10
10
108,963
20
4 i 1,956 20
5
28,806
3f«,910 20 20
30
2;9,25l 20
1379,009 !0V 17
19i,!60 14V 20
17
172,15 i 10
10
12,207
10
13,376 5
13
5
160.326
t755,290 8V 10
30
510.U5 20
10
111,008 10
:o
6,078
10
133,143 10
10
155,156 10
13
103,464 5
10
16,653
96,000 10 10
10,431
none
100
T*
....
10
14
15
10
8
10
City Securities.
3
7
2
7
5,245
(Quotations by Danikl A. Moran.
Broidway.]
1,000,000
■I. A D
1. A .1.
203,000 J. A J.
748,0100 M.AN.
236,ax? A. AO.
t
95
2V Juiy, 77.
3W •Jan., 77.
2>< Nov .0,77
10
14
10
77,195 10
200,000
1,000,000
500,000
200,000
200,000
85
95
75
3V 10
406,550 110
Williamsburg City.
•Over all liabilliles. Including re-insurance, capital and tcrip.
t
represented by scrip Is dedncted. and the figures stand as actual
120
Jan., ’77.
Aug.1,77.
3*
F.A A.
Bid. Aaktf
50,1(6
t26*),323 i4
2a .oco
-
Pbio*.
1371 1874 187! 187( Last Paid
40,330
200,000
200,000
150,000
25
25
10
50
Westchester
205
131
100
ICO
92
100
3K
J/A J.
150;000
25
Tradesmen’s
United States
9*
95
160
F.A A. 3 Kg Aug., 72.
Var
3
Jan., ’77.
M.&N. 3V No* 1,77.
Nov 1,77.
M.AN. 5
f. <E J. 3K Jan,,
76
A A.
Sterling
Stuyvesant
167
10
3W
2 V Oct.15.77.
Quar.
Askd
*
July 2, 77
4
Jan., ’77
3V oct. 1,77.
3V Aug.1,77.
5
July 1, 77
5
Nov 1, 77
5
June, '77.
3V June, 77.
1,000,000 M.& S
51X1,000 J. A J
5,000,' 0J
Star
5
1,850,000 F.A A.
386,000 J. A J.
4,000,000 J. & J.
2/00,000 M.& S
Standard
Bid.
Date.
204,000
150,000
15
50
50
Resolute
....
200;000
100
Phenix (B’klyn) ..
Produce Exchange
Relief
74.2Mg
iuly2. 77..4
Kate.
Yar.
Yar.
300,000
200,000
200,000
200,010
People’s
q
8
40
ia>
100
30
50
17
10
10
100
LOO
100
50
50
25
100
Peter Cooper.
1?)
July 2,77.. "3
July 2.77...4
8
10
l.oooiooo
Pacific
Park
''
.
200,000
200,000
153,000
800,000
210,000
250,000
800,000
200,000
200,000
25
100
100
25
Mecbanlcs’(Bklyu) 50
50
Mercantile
50
Merchants’.
50
Montauk (B’klyn).
50
Nassau (B’klyn)...
37 V
National
35
N. Y. Equitable,...
New York Fire ... 100
100
N. Y. & Boston ..
New York City.... 100
50
Niagara
25
North River
92
...
200,000
800,000
Lorlllard
Manuf A Builders*.
Manhattan
Mech.ATrad’rs’....
....
....
,
•
•.
93
100
117 V
iuly 2,77.. .3
1 July 2,77...5
July 2, 77...3
July.la74.3k
8
6
12
11
8
•
200.000
500,000
200,000
100 8,000,000
25
150,000
Hope
50
500,000
Howard
50
200,000
lmporters’A Trad..
ia
200,000
Irving....
30
200,010
JefferBon
20
150,000
Kings Co. (B’klyn)
40
280,000
Knickerbocker
50
150,000
Lafayette (B’klyn)
100
200,000
Lamar.. ‘
25
150,000
Lenox
50
200,000
Long Island(Bkly.J
»
.
...
400.000
300,000
200,000
100
Hanover
Hoffman
Home...."
•••
....
Soy 1. 77...3 131
12
10
10
7
Greenwich
Guaranty
Guardian
Hamilton
.
....
.
....
1,77..3
July 2.77 3>
8
July 2,77...3
8V Jan. 8,’76.3V
10
July 2,77...5
Oct. 1,’75. .4
6V NOT.10,77 ...8
10
July 2,77.3 >,
4
Jan. 1,77...4
3V Aug. 1,77.. 4
6
.
122
July 2, ’77.3V
July 2, 77...4 13<4
May 1. ’77.2 V 55
Nor
.
Globe
.
•
....
0
•
....
..
P
•
60
... .
1,77.3^
...
....
...
5
...
....
•
•••
....
3, 76.
Firemen’s
Firemen’s Fund—
Firemen’s Trust...
Franklin
Gebhard
Germau-American
Germania
71V
....
Jan
Farragut
50
77...3
July 2, 77.3* 100
Met.. 1, 75..4
July 2, *77r..7 •260
July 2, 77...4
July 2. ’77.3V
Ju’y 2. ’77...6
Aug.10,77. .4 185
Julyl/73..8v
Jan. 2,
Exchange
•
...
....
•
••
•
69
Feb.1.74...3
Fire....
Commerce
...
10,'77.3 V
Nov
•
•
....
•
8
•
Clinton
Columbia
126
Oct. 1. 77...?. 2c5
July 2, ’77...3 98
Nov l,77...s 140
:is
Oct.
10
8
9
s
8
•
City
....
....
[Quotations by II. L. Grant, Broker, 145
lvt»
yoj.ao
N’f.ifc PuUout'erry—stk.
J. A J.
Bieecker
1st mortgage
25
17
20
70
:oo
30
100
50
Citizens*
......
•
Par Amount. Period
25
20
100
Broadway
Brooklyn
....
....
,
m
••
City Railroad Stocks and Bonds.
[Ga* Quotations by George H. Prentl3s. Broker, 30 Broad Street. 1
Brooklyn Gas Light Co.
Citizens’Gas Co (Bklyn)
Brewers* A M’lst’rs
Arctic
Atlantic
Gas and
Gas Companies.
Bowery
50
IOC
100
21
5C
25
Amity
•
20),000
10C
.
American
American Exch’e..
«...
....
.
....
8
10
10
8
•
•••
*
298j600
1,000,00'
•
122
Nov. I, ’77.11
July 2. '77...i
Nor, 1./77. .5 200
,,
Mechanics A Trad.
Mercantile...
Merchants
Merchants’ Ex...
....
....
July 2.’77...4
....
500,00'
600,000
...
...
...
...
f
.
Bkg Asso...
./Etna
...
•
Mech.
...
...
10
1.000,000
300,000
July 2, *77. .5
Sept.l *75. .!
io“ July 2, *77.. .< 1( 5
8
July 2,77...* 103*
24
10
10
8
.
2,000,00*
Ask,
105V 1055i
1,77..
July 2. *77..
450,000
183^0 J. A J. 10
100
800,000 3,197.2*90 Bl-m’ly 100
9
8
25
600,000
179,80) J. A J.
20
20
100 1,000,000 l.574,1 CO Q-F
City
8
7
100 5,000,(XX 2,620,70 I. A J.
Commerce
1C0.00C
Commercial*...... 10X
10,100 J. A J.
8
3
lOt 1,250,000
269,*a> J. A J,
Continental
10
Corn Exchange*.. 10C i ,ooo ax* 62’..80C F.4A. 10
8
25
Bast River
850,000
67,10 J. A J.
6
7
200,000
1C,' O' J. A J.
Eleventh Ward*.. 25
T* 10
100
61,10' Q—J.
150.00C
Fifth
1V8.CC0
too
loo.ca
Fifth Avenue*
12
12
500 .oa
736,700 Q—j.
I0C
First
8
7*
8 9,30G J. A J.
I0C *1 750, oa*
Fourth
10
sc
600.000 497,200 M.AN. 10
Fulton
8
<V
50 1500,ax
661,HX) A.A O.
Gallatin
40,£00 F.A A.
Ger. American*.. too rooo,oa
6
4 ,(0C
*2oo,oa
May.
Ger. Exchange*... 100
8
7
100
53J00 May.
200, ax
Germania*
100
8
M.AN.
25
13,600
20),000
Green wicn*
100,000
2,000
Grand Central'.... 23
8
40
800.00'
53,600 J. A J. 10
Grocers*
4
3
157,(00 J. A J.
Hanover
100 1 000,00
4
100
1U0.CC0
12/00 M. A 8.
Harlem*
It
14
J.
A
J.
Import. A Traders’ 100 1 500,00 1,701.300
10
122.100 J. A J. 10
50
*500.00
Irving
15,800
50
10),0i(
Island City*
12
SOO.OOt1 431.400 J. A J. 12
Leather Manuf.... 100
10
9
Manhattan*
50 2 050.UA' 1,147,400 F.A A
7
Manul. A Merck*.. 69
l'Xi.UX
9.40C J. A J.
:o
5
Marine
400 00
69,’.00 J A J
103
10C
25
50
25
100
50
50
KX)
100
100
100
100
130
100
100
100
14! V
Nov
iot
Market
Mechanics
July 2,*77...
63
25
Chatham
Chemical
Citizens’
Bid
Dividknds.
j
PLUS,
1 Jan. 1.
Par Amount
1 1877.*
....
4.8,400 J. A J.
2,000,0a
330,oa
Chase
9
7
12
Last Paid.
INbtBUS
Capital.
Companies.
As7«
10
8
12
8.000,00( 1.668,COC J. A J
5.000,00< 1 l ,'86,20 M.AN
250 001
212,001 J. A J
150.0U
9,We(]
l,000,00C 1,180,100 J AJ.
200,000
89,800 M. AS
500,001
162,70 1. A J.
ux
IW i
10C '
lit
2!
America*
Perlocif 1873
§><£*
Amount
a.
Psios.
Dividends.
.
V
w
Marked thus (•)
not National
are
American Exch
Bowery....
«
avm
—
Stock List.
Insurance
Bank Stock List.
r
f
Jersey (jay— Waiei loan, long
do
6
1869-71
Seweragebonds...... .1866-69.
Assessment bonds... 1870-71,
Improvement bonds
Bergen bonds....—1868-69.
7
7
4
-7
7
January & July.
January A J uiy.
do
do
Jan., May, July A Nov.
J. A J. and J A D.
January and July.
1895
1893-190)2
1877-79
1891
1905
IfXK.t
101
110
100
1(8V
110
HI5
102
111
!0l
t PM
ill
io*5
December 8,
THE CHRONICLE
1877. j
until the
closing of accounts for November with agents of the
road, foreign companies, etc.
The last-mentioned two items, having been paid since Septem¬
ber 30,1877, do not appear in the exhibit. These payments, and
the corresponding ones on April 1 and May 1, were made with
the consent of all parties to the foreclosure suit. It was deemed
necessary, in the interest of all bondholders, that the exercise of
the power under the funding mortgage to sell out
immediately
after default the numerous valuable assets of the company which
it covered, should not be permitted, and this with special refer¬
3 unestments
AND
STATE. CITY AND
CORPORATION FINANCES.
The “ Investors* Supplement** is published on the last Saturday
of each month, and furnished to all regular subscribers of the
Chbonicle. No single copies of the Supplement are sold at the
office, as only a sufficient number is printed to supply regular
subscribers.
_____
GENERAL INVESTMENT
ence
organized
a new company,
to the three-fourths of the stock of the Denver Pacific Rail¬
and Telegraph Company, which form part of these assets.
By the sale of this stock upon default, the control of the Denver
Pacific might have passed into other hands, which contingency
would have rendered it impossible for the Kansap Pacific to
enforce its right under the acts of Congress to pro rate with the
Union Pacific for the overland business, the enforcement being
dependent upon the continuity of the line from Kansas City to
Cheyenne. The prevention of the same contingency was like¬
NEWS.
way
Buffalo & Jamestown.—The bondholders who bought this
road have
569
named the Buffalo & South¬
Railroad Company.
Cairo & St. Louis.—At Springfield, III., December 6, in the
United States Circuit Court, a bill for foreclosure was filed on
behalf of the Union Trust Company, of New York, against the
Cairo & St. Louis Railroad. The trust company is trustee for the
western
wise the motive for the aid extended to the Denver Pacific in the
payments of its first mortgage interest. It is gratifying to record
The mortgage for $2,500,000, with the
fact that the judiciousness of this action is admitted by all
$3,000,000. The Court appointed
parties
in interest, as far as the receivers are informed.
Henry W. Smithers, of New York, receiver.
On joint application of the receivers and the committees of the
Cayuga.—This road, lately sold under foreclosure of the first first mortgage bondholders, authority was recently granted to
mortgage, has been reorganized as the CayugaJSouthern, and will the receivers to distribute sufficient to the bonds that have here¬
be operated for account of the purchasers and hy their agent.
It tofore not funded their coupons under the compromise of January,
mortgage
bondholders.
accrued interest, aggregates over
controlled by the Lehigh Valley.
is
1874, with the company, to place them on an equal footing, as
regards back interest, with the funded bonds. The bonds on
which this equalization of interest payments will be made are of
the following classes, viz.:
First mortgage bonds, interest payable February and August.
First mortgage bonds, interest payable June and December.
First mortgage bonds, interest payable May and November.
(Denver Extension.)
The receivers are prepared to commence on December 1 with
this payment. [See advertisement in
Chronicle.]
Cincinnati Hamilton & Dayton.—This company announces
itself as unable to pay the interest due January 1 on the guaranteed
bonds of the Cincinnati Hamilton & Indianapolis Railroad, former¬
ly known as the Junction Railroad. The stock of the company is
owned by the C. H. D., and also $600,003 of the bonds, about
$1,846,000 of the bonds being held by other parties. A press
dispatch from Cincinnati reports that it is suggested that if the
former would cancel half their bonds, that is to say, $900,000, the
C. H. & D. would cancel the whole of theirs, that is to say,
$600,000. The following comparison of receipts and expenses
issued
:
C. H. & D.
D.&M.
C. R.&C.
C. H. & I.
$465,132
519,212
$88,723
94,879
$185,149
,
$477,592
462,123
Net earnings.
$15,463
1876.
Receipts.
Expenses
319.9yi
1
r
The Court has also authorized the receivers to
pay, as soon as
the requisite funds shall be in hand, the full coupon due on
December 1, 1877, on the Union Pacific, Eastern Division, first
ending September 30, 1876 and 1877, has been
for six months
Net loss
1S77.
Receipts
Expenses
•
4
•
•
•
1
1
$5,655
$134,845
$179,13$
$92,022
80,287
$173,193
252,241
$1,185,476
$79,048
$29,762
$474,464
$445,795
428,740
459,(13
....
$!0,724
Net gain of ’7?overV6
Net loss of 1677 lees
than 1876
Total net gain or loes
reduced
BMg. f1-fwSal
I
$54,100
....
....
Net earnings
Net loss
•••
mortgage bonds, and also one-half of the coupon due on No¬
vember 1, 1877, on the Denver Extension first mortgage bonds.
As will appear from the figures given, the receivers have not at
this time sufficient funds
$35,255
$40,877
$17,441
these disbursements.
The
shall
be made to make them as soon as
possible. Due announcement
will be made of the payment.
It affords the receivers satisfaction to state that there has been
a marked
improvement in the business of the road during the
last few months, owing mainly to very large crops raised in Kan¬
sas this year.
On the other hand, the bondholders should know that the Union
1,215,233
$11,765
$13,233
to make
bondholders may rest assured, however, that every effort
$55,796
Pacific
$149,870
completed within
a
few days its Colorado Central Branch
Cheyenne, and, by means of it, will hereafter compete for the
Kansas Pacific.—The receivers, Messrs. Greeley and Villard,
issued a circular to bondholders, dated November 21, 1877, just I9 Colorado through business, which has so far been a source of
one year from the time of their appointment, from which we con¬
large income to the Kansas Pacific. To what extent this new
dense the following:
competition will affect the earnings of the latter it is too early to
indicate at this time.
According to an exhibit made to September 30,1877, the
k earnings of the road above operating expenses, since
Ohio and Mississippi.—Mr. John King, Jr., Receiver, in his
November 21, 1876, were
$1,036,661
.
report to the Court for the month of October gives the
From which must be deducted—
Earnings from transportation for account of the U. S.
Government, for which no present compensation is
received
$162,841
Le?s collection from mail service on Arkansas Valley Rail¬
way and freight earning-not yet charged up
1,^52—
Cash on hand Oct. 1,1677
From station agents
161,288
97,842
12,‘81—
$1,225,673
the floating debt of the Company originating
of the road prior to the appointment of
pay-rolls, supply bills, etc
$612,084
Against which the receivers received unexpended material
and other assets, representing in value
102,293— $509,731
There were further paid, by authority of theConrt, granted
on the joint application of the receivers and the com¬
o
mittees of the various classes of first mortgage bond¬
holders:
For interes* on the fir-t mortgage Union Pacific Eastern
1,1877
As
62,550
55,182
10,106—
05,289
53,561
38,600
further loan to the Denver Pacific Railway
& Telegraph Company, to aid in the payment of interest on its
first mortgage bonds, due Nov. 1, 1877
a
119,563
balaD.e of
For the satisfaction of the judgment obtained anterior to
the appointment of the receivers, by the Stuttgart Com¬
mittee of February and August and June and December
bondholders, for the amount of one coupon
—
For interest on the so-called funding mortgage on October
$15,470
409,458
5,312
&c....
24,506
31,270
500
Total
Vouchers
$485,518
prior to November, 1876
Subs^q^ent to November, 1876
Pay rolls subsequent, to November, 1876
Arrearages subsequent to November, 1876
Ca6hon hand November 1, 1877
;
Total
$48,047
241,684
123,652
959
71,174
$485,518
Mr. Hassler, in bis circular of Nov. 23d, takes the ground that
assignees of stock were entitled to vo*e at the recent election with¬
transfer of their stock on the books. He says :
The Ohio and Mississippi was originally chartered by the
State of Indiana. This charter was affirmed by the Legislatures
of Ohio and Illinois, and in the reorganization of 1858 1867 special
care was taken to revive the old charters and the rights under
them. Now it so happens that the 9th section of the Indiana
charter (Local Laws Indiana, 1848, page 619), [adopted in Ohio by
out a
“
the
Division bonds, on February 1 and August 1, 1877
For interest on the so-called funding mortzase, on April
1, 1877
..
As a loan to the Denver Pacific Railway &Te’egraph Com¬
pany, to aid in the payment; of the interest on its first
And other accounts
From express companies.
35.102
in the operation
the receivers, as
mortgage bonds, due May 1, 1877, being
$100,118 originally advanced
:
DISBURSEMENTS.
So that the total available resources amounted to
As set forth in the exhibit, there were expended, under
the order of the Court directing ihe payment of such
portion
From conductors
From General P. O. Department
From individuals, railroad companies,
187,353
2,221
Insurance collectors
Balance on open accounts
following
RECE1PT8.
$925,875
Fot the month of October the efirhiiigs, above operating
expenses, less Government business, were
For the first three weeks in November, allowing 60 per cent
for operating expenses, and deducting an estimated
amount of Government business
It further appears from the exhibit that, in addition to the
total net. shown, there were available from other
sources, viz.:
to
Legislature of that State, 15th March, 1849, 47 Ohio Laws,
by the Illinois Legislature, 12th February, 1851,
1851, page 69], reads :
page 172, and
Illinois Laws,
“Certificates of stock ehnll be given to the stockholders, which shall be
evidence of stock held, which certificate shall be signed by the President and
conntersigned by tbe Secretary. The stock shall be assignable by transfer on
the books of the company, personally, or by agent or attorney, or by the ad¬
ministrator, executor or guardian, the consent of the President and Directors
being thereto had; but such stock shall be held at all times by the company
for any dues from the holder thereof to the corporation, or for any sums that
may thereafter become due on contract made prior to such transfer; Provided,
that after a full payment of any of the Ehares in the said capital stock, the
certificates therefor shall be assignable by endorsement upon the same.”
“
Hence it follows that the assignee of full-paid stock assigned
‘by endorsement’ is legally and fairly a stockholder in the Ohio
and Mississippi, and in that company a registry of transfer upon
$929,355 the books is not essential to constitute a legal stockholder, nor is
it conclusive evidence of such fact.
Indeed, it is a question
Showing an excess of receipts over expenditures, amounting to
$206,318 whether, in that company, any other evidence of stockholding is,
Of this balance, however, a large portion will not be available or can be, conclusive, except manual possession of the certificate.”
,
83,000
CFitONtoLE
THE
570
&!)
c
i
Commercial
[VOL. XXV.
O O T T O N.
m e s.
Friday, P. M., December 7, 1877,
COMMERCIAL efitomeT
indicated by
The Movement of the Crop, as
telegram*
to-night, is given below. For the week ending
Friday Night, Dec. 7, 1877.
this evening (Dec. 7), the total receipts have reached 174,365
Trade is generally dull.
Even tlie export business is com
bales, against 172,216 bales last week,"200,980 bales the previou*
paratively small, and the approach of the Christmas lioliday3
week, and 194,571 bales three weeks since, making the total re¬
does not seem to give the customary impulse to business in sea
ceipts
since the 1st of September, 1877, 1,673,882 bales, against
Bonable goods.
Still, reports from the agricultural districts are
such that a revival soon after the holidays is confidently pre¬ '2.031,398 bales for the same period of 1876, showing a decrease
dicted.
The regular session of Congress began on Monday. The since Sept. 1, 1877, of 357,516 bales. The details of the receipts
for this week (as per telegraph) and for the corresponding weeks
President, in his annual message, strongly supports the law to
of five previous years are as follows :
provide lor a resumption of specie payments, and recommends
our
from the South
«
impost duty on tea and coffee, in
an
taxation
The
on
order to admit of reduced
other articles.
stocks of leading articles
foreign merchandise at dates given :
following is
of domestic and
a
statement of the
io 4 u.
Dec.
tcs. and bbls.
Beef
Pork
bins.
tec
Lard„.
Tobacco, foreign
Tobacco, domestic
Coffee, Rio
Coffee, other
Coffee, Java, &c
Sugar
Sugar
Sugar
bales.
hhds.
Dags.
bags.
1
Molasses, foreign
Molasses, domestic
.
Spirits turpentine
Tar
Rice, E. I....
Rice, domestic
Linseed
Saltpetre
Jute
Jute butts
Manila hemp...
7.754
14,551
....
12,279
29,980
5,793
18, 60
mats. 44,921
..hlids. lu,16i
boxes. 11,600
bags, etc. 94,765
Medado
Hides
Cotton
Rosin
J.
hlids.
1,492
.hhds.
bills.
518
6.659
15,300
No
....bales. 179,451
bbls. 37,498
.....bbls.
5,535
bbls. and tcs.
bags.
4,7JO
1,645
bags.
4,600
bbls.
561
bags. 136,000
bales.
bales.
6,260
5,500
37,9o4
Pork has latterly assumed a firmer tone; mess
bales.
» 4
ioi 4
•
2,902
24,046
6,126
19,731
13,094
22,565
2i,191
.
Nov. 1.
Dec. 1.
-
11,176
25,503
28,130
81,h05
25,179
28,879
75,581
28,768
43 677
42,959
17,279
195,772
65,411
12,' 35
298,742
3,086
1,300
l,* 00
2,0;»0
13
140,600
37,735
48,629
'1,4:;0
2,323
3,500
1,000
7,403
5,200
410
13,700
158,200
161,750
3,800
4,000
16,600
30,ti56
13,2 0
21,300
33,654
the spot
strongly at §13 50, with sales to-day for future delivery at $13 25
@$13 30 for Feb. and $13 359$13 45 for March. Lard has also
improved, and was lairly active to-day at $8 45@$8 47£ for prime
city and Western on the spot, and for Dec. and Jan. deliveries;
$8 55 for Feb. and $8G2£ for March. Bacon was active at the
West for Dec. delivery at Gi@6]-e for long and short clear togeth¬
er, but an advance asktd checked business at the close.
Cutmeats have ruled more steady.
Beef and beef liams in fair de.
5?,201
Mobile
19,063
Charleston
23,404
Savannah. &c
27,112
Galveston
22,112
51,532
19,775
23,374
2,154
22,715
27,843
341
475
Port
1,946
Royal, Ac
Indianoia, &c
Tennessee, &c
Norfolk
6,254
City Point, &c
1,394
8,1S8
1,951
5,361
19,503
1,862
174,365
187,733
8,561
592
Florida
10.380
North Carolina
Total this week
Total since Sept.
has been
chpeee of
1872.
56,696
61,011
17,542
17,771
58,195
23,5 7
19,260
722
531
22,962
13,697
2^,518
21,817
616
C51
13,015
5,595
6.636
633
407
580
4,025
3,975
19,386
1,811
16,408
1,521
16,07!
1,427
172,901
180,065
37,925
14,264
15,983
21,374 )
f 13,522
32.555
27,567
19,974 1
917 j
11,436
6,000
l ^sa
693
11,701
1,237
173,827
125,564
2,031,39811,763,886 (l,633,424jl,328,134
1,401,252
for the week ending this evening reach a total of
91,318 bales, of which 6d,92G 3were to Great Britain, 17,882 to
France, and 13,410 to rest of the Continent, while the stocks as
made up this evening are now 724,832 bales.
Below are the
stocks and exports for the week, and also for the corresponding
The exports
week of last
season:
Exported to
Week ending
Great
Dec. 7.
Britain.
Mobile
4.509
Charleston
2.400
Savannah, &c....
2.G25
Galveston 1
1,326
7,252
New York
Norfolk.
Other
sylvania, private terms; 50 cases, crop 1870, Pennsylvania, pri¬
terms; 150 cases, crop 1870, New England, 10@27c.; 445
cases, crop Ib70, Ohio, 7@8c.
Of Spanish tobacco there have
been sales of 500 bales at 78c.@$l 10.
Rio coffee has advanced and closes very firm; cargpes quoted
at lG@20c., gold, and jobbing lots as high as 21£e., gold; mild
grades have so’d fairly at firm prices. Rice has declined a
more,
vate
continued quietude. Molasses is dull for for¬
eign, wi h 50-test Cuba refining, wholly nominal at 38c. ; new
crop New Orleans has sold freely at 35@30c. Refined sugars have
been in demand at low prices ; standard crushed, 9fc. Raw
grades have declined and close weak at very irregular figures;
fair to good refining quoted 7@7fc
In ocean freights a fair business has been reported, though at
irregular and somewhat easier rates. To-day, no changes took
Total since Sept. 1
Same
this
week
week.
1876.
783
3,672
1,190
•
•
•
•
•
•
•
•
....
2,412
....
11,393
....
...
13,4:0
9!,318
487,295 123 183 D3.307
743,788
17,882
60,025
Stock.
T877.
53,G77 246,974
17,785 50,577
23,190 76,823
19,628 100,795
5,304 85,444
15,302 86,586
2,172 13,633
16,131 59,000
52,i 65
5,390
2,400
7,080
2,516
9,664
9,415
8C0
11,393
Total this week..
nent.
13,020
....
ported
Total
Conti¬
Prance
30,530
New Orleans*
qualities have brought rather more money.
Kei tucky tobacco has continued in good export demand, tbe
sales for the week aggregating 900 hhds, besides 200 hlids. for
home consumption—making a total of 1,100 hhds.
Prices are
rather dearer : lugs, 34@5c.; leaf, 7@12£c.
There has also been
rather more i oing in seed leaf, but the trade in this article con¬
tinues to be restricted by the strike of the cigarmakers.
Sales
have been 200 cases sundries, 4@15c.; 110 cases, crop 1875, Penn¬
the fi ner
trifle, owing to a
1.... 1,673.882
on
Tallow dull at 7£c. for prime. Steariue
closed firmer at $8 65 per 100 ibs. Butter and
mandaud firm.
active and
held
New Orleans
1873.
1874.
1875.^
1876.
1,189
134.800
77,700
40,605
6,703
1877.
Receipts this week at—
1876.
272,168
65,722
101,751
93,347
111,157
195,531
56,505
83,000
153,189 724,332 934,181
938,121
....
....
Mew Orleans.—Our telegmm to-night from New Orleans snows that (besides
above expor:8) the amount of cotton on shipboard and engaged for shipment at
that port is as follows:
For Liverpool,51,250 hales ; for Havre, 41,750 bales : lor
the Continent, 22,000 bales; for coastwise ports, 4,000 bales; which, if deducted from
the stock, would leave 125,OJO bale^, representing the quantity at the landing and in
presses unsold or awaiting order*.
t Galveston.—Our Galveston teleg'ara shows (besides above exports) on slipboard at that port, not cleared: For Liverpool,' 24,059 bales; for other foreign,
*
5,463 bales;
for coastwise ports, 4,634 bales; which, if
deducted from the stock,
would leave remaining 50,960 bales.
t The exports this week under the head of “other ports” include from Balti¬
955 hales to Liverpool; from Boston, 4,829 bales to Liverpool; from Phila¬
delphia, 1,2-2 bales to Liverpool; from WilmiDgton, 4,387 bales to Liverpool.
From the
foregoing statement it will be seen that,
compared
decreeui
to-nighl
with the corresponding week of last season, there is a
in the exports this week of 61,871 bales, while the stocks
are 209,349 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. 30, the latest mail dates:
XXPORT1D 8IXCX S3PT.
BXCKIPTS
SIHCX SKPT.
PORTS.
1877.
N. Orleans.
393,6 W
Mobile
134,865
Chorlest’n*
Savannah
..
212,203
210,012
Galveston*.
184,348
New York..
16,070
1.
1876.
Great
Britain
France
446,311 124,577 57,726
168.075
13,204
1,350
40,891 25,586
277,181
8,746
254,176
48,839
7,428
254,623 34,777
1,689
32,030 83,434
7,831
8,889
1,780
67,097
296,332 83,095
39,979 34,560
Other
forei’n
1
TO—
Total.
Coastwise
Ports.
Stoek
46,933 229,236 68,950 245,192
14,554 77,924 41,851
19,272
86,752 59,488 65,230
27,068 S4.C48 103,520 90,591
1,401
43,606 73,999 72,611
80,601
15,818 105,995
2,C36
7,324 24,112 31,585
1,655
39,895 141,520 24,800
1,800
....
place; business was limited ; grain to Liverpool, by steam, 7£d.; Plorida
2,036
cotton, by sail, .9-320.; gram to Hull, by steam, 8^d. ; do. to
62,575
N. Carolina
Bristol, by sail, 8±d. ; do. to Cork for orders, 6s. per qr.; refined
Norfolk*
203,807
petroleum to Bremen, 4s.
21,600
5,900 40,460
20,452
Naval stores have been rather quiet,until the close, when 1,000 Other ports
barrels spirits turpentine sold for canning purposes at 33£c.; com¬ Tot. this
427,269 103,304 119,897 052,470 546,549 676,616
yr. 1,499,517
mon
to good strained rosins .have been
slightly irregular at
1,843,665 527,492'15 >,473 101,962 784,932 610,3401 932,850
$1 67£@1 70. Petroleum has remained steady and quiet; crude, in Tot. last yr.
•Under the head of Charleston is included Port Royal, Ac.: under the headi of
bulk, closes 8c.; refined, in barrels, 13c. for December delivery.
Palvestoni*Included Indianoia, Ac.; under the head of Norfolk is included city
In oils there have been during the week about 5,000 barrels crude Point
Ac.
aperm sold at New Bedford, for export, at & private figure,
These mail returns do not correspond precisely with the total of
American and Scotch pig iron have continued quiet, but ia rails
Ih^re has been a continued activity ; 10 000 tons steel sold for the telegraphic figures, because in preparing them it is alw»yf
Western account and 4,000 tons for local consumption ; quoted •eeessary to incorporate erery correction made at the port*.
The market lias been active and buoyant the past week.. The
here! at $42. Ingot copper steady, though quiet; quoted at 17$@
chief interest, however, is in the speculation for future delivery.
17-fc. Gras* seeds have been in better demand at 8t@8Jc. per
Cotton on the spot was quoted l-16c. higher on Tuesday and again
lb. for clover, and $1 37|@1 40 per bushel lor timothy.
*
•
.
.
'
..
•
•
•
•
....
........
....
•
.
.
•
.
•
•
-
...
THE CHRONICLE
8, 1877]
December
Wednesday, when middling uplands were advanced toll 7-16c.,
on
fair business for home consumption, but no
unless it was rather more doing for speculation.
continue relatively small at this market. To day, there
1500.. :
Dales.
cts.
Dales.
cts.
1.4CU
11*35
900
1. 00
11-89
n*s5
11*87
900
1,200
1,6 0
2,5-'!0
11*88
S00
400
i0.'
500
2 0
1LU
11*90
11*92
11*94
11*95
.11*96
1C97
11*89
1,100
12*0J
and there was a
special feature,
Stocks
further advance, to ll^c. for middling uplands, but only a
limited business. For future delivery, the market opened with
was a
upward tendency, but did not show much spirit, owing to the
advices. Subsequently, however, the demand be
came quite active, and prices advanced 14@18 points on stronger
reports from Liverpool, and the calmer political adyices from
Paris, together with the continued falling off in receipts at the
ports. The severely cold weather early in the week was fol¬
lowed bv excessive rains in many parts of the South, when the
temperature became milder. To-day, the Liverpool statistics
for the past week gave a renewed impulse to the speculation for
arise, and the more active months were 10^12 points higher.
The total sales for forward delivery for the week are 458,400
bales, including — free on board. For immediate delivery the total
sales foot up this week 7,156 bales, including 1,135 for export,
4,343 for consumption, 1,438 for speculation, and 240 in transit.
Of the above, 1,606 bales were to arrive.
The following tables
show the official quotations and sales for each day of the past
week:
2.8JJ
200
Hew Cotton.
mou.
Sat.
mon.
Sat.
Sat.
Dec. 1. Dec. 3. Dec. 1. Dec. 8. Dec. 1. Dec. 3. Dec.
9 15-16
9 15-16
13-16 9 13-16
Ordinary
..V B>. 9 13-16 9 13-16
10K
10K
1014
10J4
10*
10*
Strict Ordinary
; oh
10 *
‘■OK
1UK
10^
10'4
Good Ordinary
10 13-16
Strict Good Oi d’ry. 10 11-16 10 il-16 10 11-16 10 11-16 10 13-16
11
11
11
11K
11
l’-K
Low Middling
hk
11K
UK
liK
UK
liddl’g 1134
Strict Low Ml
11 5-16 11 5-14 11 5-16 11 5-16 11 i-15 11 7-16
Middling
11 9-16 11 9-16 11 9-16 11 9-16 11 11-16 11 11-16
Good Middling
Strict Good Middl’g 11 13-16 11 13-16 11 13-16 11 13-16 11 15-16 11 15-16
12 5-16 12 5-16 12 5-16 12 5-1i 12 7-16 12 7-16
Middling Fair
1Q-1A r> ><* in
12 13-‘6 12 13 -: 6 12 15-16:12 15-16
Fair
M 13-16:
9
mon.
Sat.
mon
i.
Dec. 3.
9 15-16
9 15-16
10K
10K
l>*
10K
10 13-16 10 13-16
UK
UK
U.K
11
11
11
12
.
11
11-16 11
15-16 1!
7-16 12
12 15-16 U
7-16
^
7-16
11-6
15-16
7-16
15-16
Tues Wed. Tues Wed. Tues Wed. Tues Wed
Hew Cotton.
De?. 4. Dec. 5. Dec. 4. Dec. 5. Dec. 4. Dec. 5. Dec.
9 15-16
Ordinary
V lb. 9*
10 5-16
Strict Ordinary
Good Ordinary
Strict Good Ord’ry.
Low Middling
Strict Low Afiddl’g
10 9-16
Middling
ilK
9*
1G 5-16
10 >4
10 9-16
10 13-16 10*
11 1-16
UK
11 3 16
UK
11 7-16 1134
11 11-16 11 %
11 15-16 UK
12 7-16 :2K
12 15-16 12 «
10*
10*
11 1-16
11 8-16
Good Midd ing
U*
Strict Good Middl’g ’-LI
Midd ing Fair
Fair
12*
Th.
Fri.
Til.
New Cotton.
9 15-16 10
10 7-16
1034
10 11-16
10*
10 13-16 10*
11 3-16
1134
11 5-16
Ilia
11 7-16 11*
11 11-1* 11*
11 15-16 .2
12 :-’.6 12*
12 15-16 13
Fri.
Ordinary
V *. 9 15-16 19
10 7-16
Strict Ordinary
im
10 11-16
Good Ordinary
10*
Strict. Good Ord'ry. 10 18-1 • 1034 11 3-16
Low Middling
1134
11 5-16
Strict Low Middl’g 11*
U
7-16
UK.
Middling
11 11-16 11*
Good Middling
Strict Good Mlddl’g 11 15-16 12
12 7-16 1234
Middling Fair
Fair
12 15- 6 13
ItO
10 7-16
1-16
JO*
10 11-16
10*
10
to*
10*
10 ;5-16
10 15-16 10*
11 3-16
11*
11 fc-16
H*
11 9-16 11*
11 13-16 11*
12 1-16 12
12 9-16 12*
;3 1-16 13
Fri.
Til.
5
11*
11*
11 9-'6
11
12
12
13
Th.
13-16
1-16
9-16
3-16
Fri.
Dej. 7. Dec. 4. Dec. 7. Dec. 6. Dec. 7.
Dec. 7. Dec. 6.
Dec. 5.
10 1-16
4.'Dec.
9 15-16 10
’.0 1-16
10 7-16
:0 11-16
10)4
10*
10 13-16 10*
11 3-16
UK
It 5-16
11*
11 7-16 11*
11 11-6 11*
11 15-16 12
2 7-16 ! 12*
2 15-16 13
:0*
10 1-16
10*
10
10
11
:i
11
10 9-16 10*
!0 13-16 10*
.0 15-16 11
10 15-16
K
5-16 11*
11*
11
7-16
11*
11*
11 9-16 !1*
il 9-16
11 13- 6 U*
11 13- 6
12 1-16 12*
12 1—16
12 9-16 12*
12 9-16
13 1-16 13*
13 3-16
10*
10*
9-1C
Tues Wed.
mon
13-16
»*
10*
10*
10*
9*
10*
10*
10*
.
9
10
10
10
11-16
5-:6
9-16
15—16
6V
10*
10*
10*
10*
11
>1
11*72
600
2(0
11-73
li*74
11*75
11* 6
11*85
ll-Sj
11*8?
il'83
100.
200
600
6 JO
800
The
100
«0U..
1J0
1,100....
'....11*43
11 91
11*85
11*97
1 l*s8
11*9 i
l.\0
100
109
300
4t0
400
•49c. paid to exchang
*47c. paid to excham
!
Spot Market
Ex¬
CToaed.
port.
Saturday..
Monday
Tuesday
Wedneaday
Firm, unch. quot.
Firm, unch. quot.
Firm, higher
Very firm, htgner
Thursday.. Firm, unchanged.
Friday
Quiet, higher
Consump-
Fri.
13-16
7-16
11-15
1-6
.
Spec¬ Tran¬ Total.
sit.
1,274
463
431
59
2-JO
805
665
'385
4.813
1,133
434
6)2
431
292
338
.
'wc
F0TUBK8.
ulate
210*
Deliv¬
eries.
Sales.
1,129
®CO>UIi*1.CcO-u«—»:i siSij
923
1,474
1,305
950
1,185
For forward
240
7,156
Fri.
Firmer.
Market—
December
U 24
January
February......
11:3)
H*i3
March
U 55
April
May
11 6 )
H-62
June
11*95
July
1200
12’03
August..
Trauif. orders.
11*25
Steady.
Exchange
4*79
4,800
the week 458,400 bales (all middling or on
middling), and the following is a statement of the
the basis of
•ales and pricei:
.
Fsr Dtceiaber.
tiles.
X?
cts.
.11*24
JWi.n.Sd... 11*25
ii*2S
l,5'J0
1.0W
w
11-25
11*27
••*2
H®
11*2»
11*30
s.a
11*31
11*37
11*33
100i.i. 5?*.. 11.41
500
ii*4i
I,'W0
11*42
:il*43
m
bales.
5 JO
300
cts.
11*39
..
1.003
11*43
M-
«0
:.::.ii*5o
MSI
1]*52
mw
^
MO
s.u.
10th! 11*54
>^B*n. 10th.li*5t
11-54
11-55
58
2®
w
8,200
1 800
9,300
4JJ08 total Da*.
For January.
11*29
800
2 900
11*31
4,500
11*32
2.100...
L-33
8,700
3 700
11*35
I2.7i 0
11*36
4,108
11*37
no
100
11*42
800....
11*43
1,300. ...
11*44
200
11*45
2.000
11*46
6.90J
11*47
7.000
11*43
6,20
.
...
....
10 b. ip47
11*47
,J8«*»*
l.»J0
bales
......11*49
6.600
8,700...
11*50
11*51
11-52
.
6.200
6,300.
7.SCU
9,700.
9,3(0....
...
....
... ..
7 300
7.700...
12,500
11,600
8,900
..
.
....
.
U-6i
11-66
9,2 0
11*67
.00.
221,400 total Jan.
For February.
200.
11*42
11-48
1,000.
600
11*45
8.3CO
11 46
5,400.
11*47
5.000.
4,000.
n*:8
8 2.J0.
11*49
11*56
11-57
11*59
11-60
11-61
11-62
11-63
11*64
200
1,900
2.700.
5.2C0.
4,* 00.
4,0.0
5,900.
5.'400
11*55
11-54
S.lXX).
11-53
Il*i9
.
10,900
$,•00.
J.00
li-co
9,'00.
3,000.
8,300.
ba’es.
8.600
1,800
Ct3.
....
11-56
U-67
12*33
12*25
12*15
«
“
"
12-13
12*13
10°
200
300
12*20
12*23
18-34
590 total
Aug.
Sat.
Mon.
Firmer.
Firmer.
11-43
11 31
1146
11-so
11*72
11*85
11-93
12*03
12*(6
11 *3J
Tues.
Wed
Thu s.
Excited. Feverlab. Variable,
,
1 i *29
Fri.
Buoyant
11-47
11-50
11-42
12-16
13 26
11*50
11*59
11-2
11-84
U-S6
12-07
12-19
12-24
12-27
11-55
1.-45
11*60
Steady.
n*?4
11-48
11-62
11-75
11 S3
12 (0
12-0 i
12I-7
11 30
1! 66
U-18
11-92
12*( 5
1218
12*24
12-28
Steady.
11 43
11 50
11*62
11-74
U-S8
11*97
12*01
12‘14
11-58
11*64
11*77
11*39
12*00
12*10
13*29
12*24
..
..
103
Eteidy.
10<IK
4*TdK
Sirorg.
Scaly.
Weak.
102 k
102H
4N8X
4.79
10 !K
4 79
D2H
4-79
i
brought down to Thursday evening; hence, to make the totals the
complete figures for to night (Doc. 7).. we add the item of exports
from the United States, including in it the exports of Friday
only;
1877.
1876
1875
1874.
312,000
<63,000
3^,270
<84,000
55,250
520,000
111,250
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock
8tock
at Havre
at Marseilles
at
at
,
601,250
16’, 500
3,000
3*,500
8,000
531,250
173,000
€31.250
111,000
9,000
.
Barcelona
..
39,5
0
39,500
24,»X))
41,750
28,750
49,25)
51,250
8,500
13,000
9,250
10,00
5,750
17,750
3,75)
6750
12,750
0,250
21,000
253,000
838,000
315,000
331,050
692,500
839,250
41,000
433,000
62,(00
724,932
99,742
130,000
74,000
934,181
127,741
884,250
160,000
675,000
63,000
COS,806
10,00)
35,000
16,000
135,151
22,000
1,953,074
2,06S,172
2,470.479
2,465,444
35,750
8,250
.
Hamburg
at Bremen
at Amsterdam
at Rotterdam
at Antwerp
at other continental
ports..
Total European stocks
India cotton afloat for Europe....
American cotton afloat for Europe
Egypt, Brasil, &c.,afloat for E’rope
Total visible supply.. ..bi
329,500123,000
4,500
Of the abovs, the totals of American and
2,000
52,030
16.000
627,000
103,3-3
49,000
12,5(0
23,750
77,750
4,500
962,500
146,000
486,000
58,000
655,781
other descriptions are £• follows.
American—
179,000
433,OX)
724,832
93,742
20-1,000
132,000
182,000
138,000
627,0)0
931,181
127,741
675,000
558,3d
103,923
435,009
10,004
33,000
16,001)
135,167
22,000
bales.1,583,574
2,013,923
1,657,329
1,555,94ft
28V>00
33,270
132,000
130,000
822,000
€2,000
74,000
813,000
160,000
882,000
111,350
21*350
140,000
364,500
1,588,574
654,250
2,013,923
813,250
1,657,229
909,500
1,555,944
supply....bale*.1,953,074
0J4d.
2,668,172
6 9-16d.
2,470,479 2,465,441
6 15-16d. 7*®7tfd.
142,000
Liverpool stock
Continental stocks
American afloat to
Europe
United States stock
....
United States interior stocks
United States exports to-day
Total America*
183,000
119,000
655,787
2,60)
1,900
4,94)
3.000
1.900
3,400
....11-77
Ea»t Indian, Brasil, <&c.—
Liverpool stock
...11* ,8
London stock
...11*79
.11—0
Continental stocks
India afloat for Europe
..
2,20)
Egypt, Brasil, Ac., afloat
119,COO total Feb.
For Mart*.
100.
.ll*SI
200.
.11*57
.11*59
1,300
.11*50
1.900.
700
.11*51
.11*62
1,300.
.11*53
1,800.
200.
.11*71
frt)
.11*72
800.
.11*73
.11*74
1.500.
11*75
3,900
2.60J
1,H)0
1,000
11*74
800
11*79
3.00.*
11*80
Total Bast India, Ac.
Total American.
Total visible
PrlcaMLid. Uplands.Liverpool...
170,000
17,500
74,000
41,000
65,250
€3,000
58,000
in sight to-night
date of 1876, a.
decrease of 517,405 bales as compared with the correspond
date of 1875, and a decrease of 512,SW bales as comp!
figures indicate * decrease in the cotton
715;098 bales as compared with the same
These
of
with 1874.
11*77
11*78
2,9(0
U*cl
900.....
3,600
11*S2
7.500.
11*69
11-70
8,80).
11*71
8,000
...11*63
SOU...
2JC\...
12*41
2,0
200
2.7W) total July.
Z F°r An gust.
!2*;7
...
400
Thb Visible Supply of Cotton, as made up by cable and
telegraph, is as follows. The continental stocks are the figures
of last Saturday, but the totals for Great Britain and the afloat
for the Continent are this week’s returns, and consequently
11*72
11-73
7,600
10.200.
.11-51
.11-57
eta.
11-61
11-62
11*61
12-15
14-14
*«!> 0
*00
■
Tbs highest prices of the week W9re pad on Wednesday. as folio v*; Dee.
IP6J0 ; Jan. 11 *67e.; Feb. U'cjIo,; March 11 91;.; April I2’07c ; May 12-20C., and
June 12* 32c.
500
706
free on board)
delivery, the sales (including
have reached during
.......1214
i
Ba-< iy
Closed—
Gold..
2(4)
458,400
...
12*01
12*18
12*11
12*18
1*0
MIDDLING UPLANDS—AMKBIOAN CLASSIFICATION.
900
400
!
Total
IOC
1,500....
3)0.,..
July.
several dates named:
2,100
1,375
12-3T
l.OJO Jan. for May.
500 Jan. for May.
Total continental ports
AND TRANSIT.
12*21
12*81
12*32
following exchanges have been made during the waek.
.
MARKET AND SALES.
SALKS OF SPOT
...
600....
f 00....
17,5.0
13*
9
10
:0
11
UK)
For
l.ttO
100...
June.
11*98
11*99
12*00
12*tl
12 09
14-10
K*ll
14 12
7(0....
1(0...,
400...
do....
11*15
11*30
200
12*35
3.100 total Jane.
4,810 total May.
11,700 total April.
For May.
hC H)
cts.
12*^0
10
300
14>
400
frO
12*10
12*12
400....
12*05
12 07
12*
Th.
9*
11*70
11*7!
...
100....
400....
For April.
6)0
li-0d
13*04
12 06
500...,
600....
For
11*
LI*
12*
Dec. l. Dec. 8. Dec. 4. Dec. 5. Dec. 6. Dec. 7.
Good Ordinary
,%
Strict Good Ordinary
Low Middling
47.300 total March.
12V1
bales.
i«00
cts
5W...
too
,...12*02
5-16
7-16
STAINED.
Sat.
200
100
2 0
490.
bales.
The following will show the closing prices bid for future de¬
livery, and the tone of the market, at three o’clock P. M. on the
TEXAS.
N. ORLEANS.
ALABAMA.
UPLANDS.
Il*i9
11*90
11*91
!1*>3
11*93
11*94
tOO
700
an
dull foreign
571
11*81
1PM
Ports the movement—that is the reseipt*
shipments for the week, and stock to-night, aad for th#
corresponding week of 1876—is fl©t out in detail in the following
At the Interior
and
statement:
MTHE CHRONICLE.
572
Week ending Dee. 7•, 1877.
Week ending Dec. 8, 1876.
Receipts. Shipments. Stock.
[VOL. XXV.
Average thermometer 45, highest 65 and lowest 26. The rainfall
one and eighty-nine hundredths inches.
Receipts. Shipments.] Stock.
The rainfall
during
the
month
been
four
and
seventy
hundredths
has
inches.
7,816
15,059
8,955
14,139
9,141
Augusta, Ga
7,793
8,252
2,968
9,751
3,345
10,597
2,993
Columbus, Ga
Montgomery, Alabama.—It has rained on two days and the bal¬
4,476
5,229
7,555
9,215
3,113
2,991
Macon, Ga
4.554
4.138
1,963
11,398 ance of the week has been cloudy and cold.
11,814
Montgomery, Ala
5,865
We have had kill¬
4.275
4,724
Selma. Ala.
9,210
4,651
7,438
4,0?1
The thermometer has averaged 43
20,962
13,800 67,846 ing frosts on three nights.
42,879
19,815
13,051
Memphis, Tenn....
468
2,276
7,422 the
1,625
4,160
8,332
Nashville, Tenn...
highest being 65 and the lowest 24. We have had a rainfall
35,519 127,741 of seventy-two hundredths of an inch during the week, and three
49,783
38,910 93,742
47,526
Total, old ports.
3.520
2,164 and seventy-five hundredths during the month.
8,067
2,161
1,427
Dallas; Texas
1,902
7C3
6.328
1,907
1,941
1,178
1,198
Jefferson, Tex
Selma, Alabama.—The earlier part of the week was clear and
4,627
5,105
7,417
4,979
5,211
3,728
Shreveport, La
6,442
7,115
6,847
4,043
3,141
3,913
Vicksburg.Mlss....
pleasant, but we have had rain on two days the latter part. Ice
6.983
1,143
3,169
1,423
1,635
1,128
Columbus, Misa....
1,8'6
3,906
3,996 formed in this vicinity on four nights.
5,125
3,489
1,489
Eufaula, Ala
1.634
8P0
622
763
528
1,299
GrUffn, Ga
Madison, Florida.—Telegram not received.
5.8S3
16,731
2,027
4,098
9,369
5,890
Atlanta, Ga
3,197
2,022
1,743
1,575
1,967
2,776
Rome, Ga
Macon, Georgia.—Telegram not received.
1,724
2,958
1,112
3,097
4,280
4,173
Charlotte, N.C
Atlanta, Georgia.—It has rained steadily one day and has been
9.747
32,653
11,417
27,130
St. Louia, Mo
8,970
19,928
7.524
4,261
32,394
9,174
14,139
8,076
Cincinnati, O
showery one day, the rainfall reaching one inch and twenty-four
53,255
49,929 85,981 hundredths.
The thermometer has averaged 38, the highest
43,163 69,331
46,538
Total, new ports
85 448 213,722
being 64 and the lowest 20. There has been a rainfall of four
102,039
82,073 169,073
94,064
Total, all
inches and thirty-seven hundredths during the month.
The above totals show that the old interior stocks have
Columbus, Georgia.—It has rained severely one day of the
increased during the week 8.G16 bales, and are to-night 27,999
week, the rainfall reaching ninety-two hundredths of an inch.
bales less than at the same period last year.
The receipts at the The thermometer has
averaged 45. The rainfall during the
same towns have been 1,257 bales less than the same week last
month has been three and seventy-nine hundredths inches.
year.
Savannah, Georgia.—We have had rain on three days the
Weather Reports by Telegraph.—This has .been a re¬ earlier part of this week, the rainfall reaching one inch and nine
markably cold week throughout the South, with considerable rain hundredths, but the latter part has been clear and pleasant. The
the early part of it.
Ice appears to have formed almost every¬ thermometer has ranged from 28 to 68, averaging 48.
where two or more nights.
Augusta, Georgia.—We had heavy rain on two days the earlier
Galveston, Texas.—It has rained here on three days, one day part of the week,
but the latter part has been clear and pleasant.
hard and two showery, the rainfall reaching two inches and fortyCrop accounts are about the same, and planters are sending their
I
has been
..
five hundredths.
tremes
are
being 30 and 67.
still
averaged 50, the ex¬
The country roads have improved, but
The thermometer has
|>ad, and there is plenty of frost and ice everywhere.
Average thermometer 57, highest 68 and
during the week has been one inch and
thirty-six hundredths, and during the month six inches and six
crop to market freely.
lowest 24.
The rainfall
lndianola, Texas.—It lias been showery three days, the rainfalj hundredths.
*
aggregating one inch and twenty-one hundredths. Average ther¬
Charleston, South Carolina.—Telegram not received.
mometer 55, highest 77 and lowest 33.
Planters are sending tlieir
The following statement we have also received by telegraph
cotton to market as freely as the bad roads will permit.
showing the height of the rivers at the points named at 3 o’clock
Corsicana, Texas.—The crop is being marketed freely, but the Dec. 6. We give last year’s figures (Dec. 7, 1876) for com¬
The weather has been too cold, and there
roads are still bad.
killing frosts on six nights. Average thermometer 42^
highest 68 and lowest 14. We have had a heavy rain on one day,
the rainfall reaching two inches and nineteen hundredths.
Dallas, Texas.—The roads in this section are better, but far
from good.
We have had a hard rain on one day, the rainfall
reaching one inch and fifteen hundredths. We have had killing
frosts and ice on six nights.
Average thermometer 42, highest 69
parison :
,-Dec. C, ’77.-1
Inch.
Feet.
were
New Orleans.. Below high-water
Memphis
mark
Above low-water mark
Above low-water mark..
Shreveport. ...Abovelow-water mark
Vicksburg....Above low-water mark
Nashville
10
10
Ifr
18"
6
6
23
23
23
23
7
1
6
11
4
,-Dec. 7, ’71.—%
Feet.
Inch.
14
8
2
5
12
4
7
7
8
11
reported below high-water mark of 1871 until
8ept. 9, 1874, when the zero of gauge was changed to high-water
and lowest 15.
mark of April 15 and 16, 1874, which is 6-10ths of a foot above
Brenham, Texas.—We have had a shower on one day, with a 1871. or 16 feet above low-water mark at that point.
rainfall of twenty hundredths of an inch.
The roads are in bet¬
How to Influence Prices.—Mr. Charles A. Easton publishes
ter condition.
Much small grain has been sown. Average ther¬
through the New York Bulletin a circular letter to his correspon¬
mometer 53, highest 73 and lowest 39.
New Orleans, Louisiana.—It has rained here on one day this dents arguing (1) that our crop will probably turn out from
week, the rainfall reaching one inch and seventy-hundredths. 4,000,000 to 4,250,000 bales ; (2) that the visible supply of cotton
The thermometer has averaged 43.
The rainfall during the is now several hundred thousand bales less than it was last year;
(3) that the mills of the world will, in his opinion, want more
month has been six and twenty-hundredths inches.
Shreveport, Louisiana.—It was showery Monday last, but the than the probable production ; (4) that -the present depression of
rest of the week has been clear and pleasant.
Picking will close the goods trade should be cured by producing less goods;
about the 20th.
Average thermometer 44, highest 70 and lowest that prices are now unnaturally low and kept so by a too rapid
throwing of our supply on the market through an inability of
19.
The rainfall has been one and eleven-hundredths inches, i
Vicksburg, Mississippi.—The thermometer has ranged from 23 planters and merchants to command the capital to carry it; (6)
to 68, averaging 43.
We have had rain on two days, the rain- that everything would become lovely if the banks would more
freely make advances on cotton, so that it could he held on this
fail reaching one and twenty-two hundredths inches.
Columbus, Mississippi.—The rainfall during the week has been side until the Manchester spinner was willing to pay one or two
forty-nine hundredths of an inch. Picking, in this section, is cents more per pound.
Sympathizing very deeply in the ostensible object of this argu¬
about completed.
ment—that
is, the securing of higher prices for our cotton we
Little Rock, Arkansas.—Monday and Tuesday were cloudy,
should
gladly join in favoring the scheme did it look.to us
with hard rain on Monday night, but the remainder of the week
has been clear and frosty.
The thermometer has averaged 41, equally promising. But do not questions something like the
the highest being 74 and the lowest 12.
The rainfall has been following naturally arise as one reads these several propositions.
First—Why do cot banks make advances freely now? They
one and forty hundredths inches.
certainly are free to do it, and the interest they are earning is
Nashville, Tennessee.—Telegram not received.
yery
low while taxes are very high, and they are complaining
Memphis, Tennessee.—Rain has fallen on two days of the week,
the rainfall reaching sixty-five hundredths of an inch.
Planters fearfully because they cannot use their balances more advan¬
are sending cotton to market freely, and it is believed that about
tageously. Why do they not, then, increase their profits by
43 per cent of the crop in this section lias been marketed. Cot¬ buying cotton bills? Evidently either the present bank officers
ton is'suffering with the rot unprecedentedly.
The thermometer are so pig-headed they cannot see their own interest, or
merchants and planters do not want the accommodation, or else
has averaged 38, the extremes being 16 and 65.
Mobile, Alabama.—It has rained severely on one day and has the transaction is so hazardous that the promised profits do not
been showery two days, the balance of the week having been pay for the risk. As the door is wide open, a chance
pleasant. We are having too much rain and it has been too cold, any one or more of our wealthy cotton merchants in each city
an
and much damage has been done. Picking is progressing slowly.' step into this unoccupied field, and add to our bank
New Orleans
(5)
the
offers for
to
capital
December
d
THE CttKONIOLfc
8, 1877.]
573
"**
s
their own personal experience by solving the problem which
the facts we hare suggested offers.
Second—But why stop at one or two cents advance in price ?
Hr. Easton shows that one cent means an additional $18,500,000
table
showing the exports of cotton from New York, and their
direction, for each of the last four weeks; also the total exporta
and direction since Sept. 1, 1877; and in the last column the total
to
for the
profit to the United States on this year’s probable export of
$27,000,000 more profit, and in the same
we
year:
from New
Torkilse«8ot,l, 1STT
think four cents would bo $54,000,000 additional
profit and eight cents $108,000,000.
In fact, the thing looks
WEEK ENDIVE
so
presenting the attractive feature of it.
If
we can
Same
Total
EXPORTED TO
agreeable that we are half inclined to use up the multiplication
table in
period of the previous
■xporta of CottonCbales)
cotton, two cents mean
manner
same
Nov.
in any
put the whole exportable portion of this crop in a box and
keep it there, eight cents or even sixteen cents advance is just
as easily obtainable as one cent; and it looks to us more attrac¬
tive in its larger shape than in its lesser form.
To be sure, the
country has in years gone by had one unfortunate piece of ex¬
Liverpool
■*ay
Other British Port*.
period
to
prav’ua
Nov.
21.
Nor.
Dec.
14.
28.
5.
8,464
9,196
13,663
7,292
94,101
1,585
199,980
4,154
7,352
95,686
194,134
1,173
4,966
•
•
•
•
....
date.
year.
,
Total to Gt. Britain
Havre
Other French ports
8,464
9,196
13,661
188
252
....
perience resulting from a similar attempt; but that was a long Total Frtncli
Bremen and Hanover
time ago, and things may have changed since then.
Hamburg
Third—Against such an advance, however, would seem to be the Other
porta
advice given to spinners in this circular letter to improve the goods
Total to N. Europe.
trade by reducing production. In fact, is not that just what is
n Oporto A Gibral tar Ac
happening at the present moment? Manchester is producing less •pal
411 others
goods, Germany is producing less, Russia is producing less, and Total
Spain, See
now finally France is producing less;
consequently, each of
...
•
1S2
•
•
952
750
750
3,866
743
1,501
3/01
....
4,603
1,213
•
• •
•
•
•
•
•
•
•
•
....
•
•
•
•
....
....
....
•
•
•
•
•
1,883
4,968
1,112
8.166
2,016
7,059
1,760
1,300
8.103
2,450
2,419
19,385
10,269
.
1,319
....
115
....
...
....
•
•
....
• •
•
900
•
•
ICO
...
Grand Total
11.647
13.804
15,117
9.664
115,659
149,571
less cotton. So the advice given appears to
have been anticipated, and even yet the trade is depressed. Doe3
The following are the receipts of cotton at New York, Boston
it not look as if there was a disease here much deeper than the
Philadelphia and Baltimore for the past week, and since Sept. 1, ’77
skin, and not to be cured by Borne simple salve ?
Fourth, and finally, cotton viewed simply in a statistical way is
HEW YORK.
EOSTOM.
PHILADELPHIA
BALTIMORE.
undoubtedly very strong. There are several hundred thousand EEOl’TI FROM
This
Since
This Since
This Since
This Since
bales less in eight than there were a year ago, and if we had the
weak. Sept 1. week. Sept.1. week. 8ept.l. week. Sept.1
prospect of a consumption equal to the promise of last winter, we New Orleans..
4,667
62,791
should be able to rejoice in quoting the market every day buoy¬ Texas
96,058
1,783
lavannah
1,609 13,561
3,714
56,561
1,374
9,948
3,488 39,956
ant.
But so long as the goods trade everywhere remains in its Mobile..
319
Florida
334
present stagnant condition, there can be but little heart in the 8’th
Carolina
50.044
175
5,54?
826
6,478
trade for cotton. Consumption is falling off at all points, and the VTth Carolina.
!8,8f?
5,916
981
6,706
these nations wants
.
•
•
»
•
•
•
•
^
•
•
•
•
•
goods that are sold show no adequate profit, so that the supply—
quiet and the war comes to an end—is
likely to satisfy this restricted demand. Such conditions cannot
be changed by artificial means even if the plan proposed were
feasible in itself. New York or New Orleans, or even Liverpool,
unless France becomes
Virginia
5,026
North’rn Ports’
Tennessee, Ac
6,031
566
Foreign
77,617
5,462
22,101
2/24
....
....
23,652
3,852 26,186
1,441 17,763
♦
m
^
♦
9
m
3,088
....
1,706 1SJ40
1,089
....
5,2i9
....
....
....
•
•
•
•
Total this year
32,800
321,734
8,930 80,337
2,463 15,167
6,951
54,589
Total last year.
35,836
441,485
9,7tl
3.253
7,765
54,167
83,684
19,583
is not the hub of the commercial system ;
and, certainly, “those
Shipping News.—The exports of cotton from the United
few people who have lately gone into the business” hold no
States the past week, as per" latest mail returns, have reached
such position.
Their little tricks are of a kind every market 129,163 bales. So far as the Southern ports are concerned, thesa
suffers under, and always will, so long as man is mean enough to are the same exports reported by telegraph, and
published ia
8<Jheeze his neighbors to secure a penny. But that kind,of person The Chronicle last Friday. With regard to New York, we
stands on both sides the fence—the bears have no monopoly in include the manifests of all vessels cleared up to Wednesday
them.
The comfort is, they are a short-lived race; for, like the night of this week.
Total bales.
moth that flies about the lamp at night, they soon get singed and New York—To Liverpool, per steamers City of Chester, 791....The
Queen, 1,274.
Scythia, 8C5—Adriatic. 749
per ships Lake
drop.
Ontario, 194....Hamilton Fish, 1,653.... Antrim, 1,781
7,252
“
.
To Bremen, per steamer Neckar, 1,112
To Reval, per steamer Northumbria, 1,3C0
Bombay Shipments.—According to our cable despatch received
Naw Orleans—'To Liverpool, per steamers Ben Ledi, 992
Hajtisn,
5,200... per ships Wm. Tapscott, 5,645....Genevieve Strickland.
to-day,there have been 2,000 bales shipped from Bombay to Great
Britain the past week, and 7,000 bales to the Continent; while
the receipts at Bombay during this week have been 11.000 bales.
The movement since the 1st of January is as follows. These are
the figures of W. Nicol A Co., of Bombay, and are brought
down to Thursday, Dec. 6:
Shipm’ts this week^ /—Shipment* since Jan. 1,—»
Great
Con-
Great
Con-
Total.
Britain,
tinent.
Total.
7,003
9,000
382,003
431,000
818.003
8,030
8.030
8,003
579,000
788,000
401,000
980,000
447,000
1,235.030
Britain, tinent.
1377....
1876
2,030
1875
8,000
4,860
.
Alamo, 2,137
Jan. 1.
11,000
8,000
10,000
1.071,000
1,086,000
1,279,000
Fince
Gunny Bags, Bagging, Etc.—Bagging has been in rather
better request during the past week, mostly for speculative pur¬
The prices paid have not transpired,
believed to be 10c. for
light weight, and 104c. for stand¬
general quota¬
tions at 10]@llc., as to quality. Butts are ruling rather firmer
in tone on the
part of holders, and the present figure is 2£(g}2fc.
There have been no gales on spot, and there is a rumor of a sale
of prime, for forward
shipment, of bagging quality, at 2 13-16c.,
ard.
are
For general trade the market is quiet, and
gold.
The Exports
of
Cotton from New York, this week,
show
&
decrease, as compared with last week, the total reaching 9,664
bales, against 15,127 bales last week. Below we give our usual
32,217
381
100
5,509
1,723
Carolina, S99
per
..
poses, with-transactions to the extent of about 3,000 rolls here
4,000 rolls in Boston.
’
..
compared witn the corresponding period of 1876.
but
barks Albert, 2,903
brig Nuevo Sabina, 5*28
1,626
To Malaga, per bark Daniel Draper, 2,600
*># 2,603
To Genoa, per bark Michele Galatola, 303
303
To Vera Craz, per steamer City of Merida, 602
6 >2
.*
M#bile—To Liverpool, per ship Tonawanda, 4,77?
4.777
To Havre, per echooner E A. Baizley, 1.350
* 1,330
Charleston—To Liverpool, per ships Andrew Jackson, 3,777 Upland
per bark Albion, 1,279 Upland
5,056
To Havre, per barks Suthergreen, 1,750 Upland... Rome, 2,525 Up¬
land and 68 Sea Island....Cronstadt, 2,725 Upland and 236 Sea
Island
7,304
To Barcelona, per bark Ana, 640 Upland
per brig Lola, 6C6 Up¬
land
:. 1,746
To a port in Spain, per bark Escalada, 750 Upland
750
To G noa, per barK James E. Ward, 3*305 Upland
!,c05
\ To a port on the Mediterranean, per steamer Elvira, 2,270 Upland.! 2.270
Savannah—To Liverpool, per ship Southern Bights, 3,781 Upland
3,781
[ To Cork or Falmouth, for orders, per bark Druinadoon,8,075 Upland. 3,075
1 To Havre, per bark Kingebyrd, 910 Upland
910
To Bremer, per barks Pauline, 1,874 Upland... .Peter Roklaid,
1,950 Upland....Runneborg, 1,277 Uplaiad
6,10!
To Barcelona, per steamer Vidal Sal». 2,500 Upland
2,510
Texas—To Liverpool, per barks Emma Parker, 1,434
Eepana, 1,011
Florida, C50
per brig Rana, 503
8,628
To Fleetwood, per bark Artillerist, 1,523
1,523
Wilmington—To Liverpool, per brig Azha, 1,059
1,059
To Amers'dam, per bark Von Hey den Carlton, 910
940
To Rotterdam, per brig Adeone, 715
715
Norfolk—To Liverpool, per ships Empire of Peace, 4,830
Bel'e
O’Brien, 6,560 ......'
**...
11,SCO
Baltimore—To Liverpool, per steamer Buena Ventura, 581
581
To Bremen, per steamer Ohio, 2,625
2,675
Boston—To Liverpool, per steamer Batavia, 200
200
From the foregoing it would appear that, compared with last
year, there has been an increase of 1,000 bales in the week’s ship¬
ments from Bombay to Europe, and that the total movement
since January 1 shows a decrease in shipments of 107,000 bales,
and
22,347
Virginia, 3,896
.
To Rouen, per bark Karsten Langaard, 381
To Marseille?, per bark Union, 100
To Bremen, per ship Friedrich,.5,509
To Antwerp, per bark Lizzie Perry, 1,723
To Barcelona, per harks Maypo, 699 ...Maria
,—Receipt.—>
This
week.
Adorna, 5,659
To Havre, per ships Nunquam Dormio, 4,328
Forest Eagle, 4,515....John Watt, 4,433
.per
1,112
1,390
J
Total
The particulars
Ere as
follows:
..
123,163
of these shipments, arranged in
our
usual form,
[ Vol. XXV.
THE CHRONICLE
574
FleetBr#- Ant- B’celona.Genoa,
Liverpool, wood. Cork.Havre,&c. men. werp.&c. &c.
&c.
New York... 7,252
1,11*
Since the commencement
of the year the transactions
Total. speculation and for export have been :
9,664
on
Actual
Actual
exp. from
30a 57,463
Liv., Hull & other exp’tfrom
1,3:0
....
*,137
outports to date-,
U.K in
r-Taken on spec, to this d&te-^
7,304
1.996 3,575 17,931
1876.
1877.
1873
1877.
1876.
1875.
Savannah... 3,781
3,075
910 S,10l
....
2,500
....
15,367
bales.
bales.
bales.
bales.
bales.
bales.
Texas
1,523
5,136
3,628
88,785
89,458
109,560
200,730
171,030
Wiliningt’n. 1,059
1,655
3,714 American 147,660
10,900
9,962
10,759
34,140
20,360
5.680
Norfolk
11,390
11,390 Brazilian
9,411
21,241
9,&30
Baltimore...
581
2,625
3,20i Egyptian, &c. 31,620
26,680
15,930
7,167
15 120
8,331
1,640
1.980
Boston
200
200 W. India, &c. 700
134,779
169,320
373,180
B. India, &c. 56,030
101,050
92,310
1,523
3,075
3?,262
3,378
8,722
8,878
Total...69,071
14,847
129,165
Totid^.....270,150
320,760
316,530
262,607
306,606
523,590
Included in the above totals are, from New York, 1,300 bales to Reval, &c.;
from New Orleans, 602 bales to Vera Cruz.
The following statement shows the sales and imports of
Liverpool, December 7—4:30 P.M.—By Cable FR9M Liver¬ cotton tor the week and year, and also the stocks on hand on
pool—Estimated sales of the day were 10,000 bales, of which Thursday evening last, compared with the corresponding period
1,000 bales were for export and speculation. Of to-day’s sales of last year:
6,900 bales were American. The weekly movement is given as
SALES, ETC.. OF ALL DESCRIPTIONS.
4,226
1,723
5,509
*2,693
N.Orleaus...22.347
Mobile
4,777
Charleston.. 5,056
....
,
follows
:
Bales of tho wesk
bales.
Forwarded
Stfles American
of which exporters took
of which speculators took...
Total stock
of which American
Total import of the week.... ...
of which American
Not. 30.
Dec. 7.
77,009
5,000
65,000
7,000
79,000
44,000
9,OCO
36,000
7,000
5,000
4.010
5,000
381,000
6,000
6,000
show the
Mon. 16
Upl’da... ..®9 7-1# ..©6
■Mid.Orl’ns
@3 11-16.. ®<
Mid.
Futuru.
These sales are on
..®6 11 -:6..©6X
9,930
6,480
Egyptian
Smyrna & Greek K :40
West Indian....
..®6j*
iiar.-Apr. delivery,
"
690
600
260
130
2,0
lfl
4,960
2,210
This
week.
bales. 53,419
681
American
Brazilian
Same Average
period weekly sale*.
1876. 1877. 1876
Total
this
year.
48,280 1,698,5S0 1,661,120 37,780 87,980
11,160 357,230 286,28 0 6,980 5 520
1U
6,870 250,280 230,250 5,130 5,610
« q90 J
970
1,5801 ,7Q
1»yyu 1 43,700 60,300 f 7,0
m
13,850.. 427,060 665,010 5,630 8,600
2,924,510 56,340 58,660
3,640. 82,150 2,777,770
To same
date
1876.
1,775,442
310,044
1,743,217
285,324
259,815
This
day.
170,900
451
10
West Indian
East Indian
2,232
8,242
48,572
393,039
55,481
536,007
19,430
Total..,.
77,916
2,750,612
2,880,295
BRE
161,610
81,360
73,860
65,900
1,055
Dec. delivery, 6*d.
Jan.-Feb. delivery, 6
-Stocks.—
,
Same
date Dec. 31,
1876.
1876.
44.780
222,460
Monday.
Apr.-May delivery, 6 13-32d.
Feb.-Mar. shipment, new crop, sail,
11-321.
6 7-16d.
Feb.-M:ir. delivery, 6*d.
| Nov.-Dee. shipm’t, new crop,sail, 6*d.
Mar.-Apr. delivery, 6*d.
Dec.-Jan. shipm’t, new crop, sail, 6*d.
Dec.-Jan. shipm’t, Orleans, Low Mid.
To this
date
1877.
13,292
Egyptian
Smyrna and Greek
Feb.-Mar.
deliveiy,
delivery,
6*d. €*d.
I Dec.
6*d.
tion. Total.
2,570
630
69,850 8,660
,
Specula-
—Imports.^
sail,6*d.
shipm’t, new crop,
I Nov.-Dec.
Feb.-Mar. delivery, 6 11-321.
’
6,680
Total
Saturday.
©ac.-Jan. delivery, 611 32d.
•Jam-Feb. delivery, 6 ll-32d.
f1*'40
East Indian
..®6^
.'WX
..®6Jtf
.
port
Brazilian
Low Middling clause, unless other
the basis of Uplands,
delivery. 6 ll-32d.
Dec.
Trade,
American..bales 45.020
Fn.
Thurg.
Wednes.
..®6 7- i6 ..mx
Tues.
7-16
-16
wise stated.
8,000
49,000
5,000
8,000
812,000
142,000
Ex-
874,000
171,000
171,000
30,000
95,000
78,000
20,000
41,900
63,000
6,000
7,000
6,000
244,000
198,000
186,000
224.000
173,000
169,000
165,000
165,000
dally closing prices of cotton for the w eek:
371,000
871,000
164,000
154,000
42,000
29,000
8,000
189,000
Actual export
Amount afloat
©f which American...,
The following table will
Spot.
Satnr.
Sales this week.
Nor. 25.
67,000
4,000
36,500
36,500
Nor. 1«.
261,910
73,090
105,180
13,«Io[
>«■»»
80,510
114,430
72,590
373,610 414,990 534,010
ADSTUPPS.
Friday, P. M.,
Dec. 7, 1877.
dull market for flour during the first half
week, and prices of some of the low grades slightly re.
clause, sail, 6*d.
Tuesday.
ceded, but latterly the export demand has been more active for
Dec.-Jan. delivery, 6 7-16$.
Dec. delivery, 6 13-32®7-16d.
Great
Britain as well as the West Indies, and large lines of com¬
Apr.-May delivery, 6)4 d.
Dec.-Jan. delivery, 6*®13-32d.
Nov.-Dee. shipment, new crop, sail,
Jan.-Feb. delivery, 6*®13-32d.
mon extras sold at $5 50@$5 60, part for arrival, with the better
6 7-36d.
Feb.-Mar. delivery, 6 13-32®7-16d.
Dec. delivery, 6 15-32®*d.
grades going at $6®$6 25. The better grades have been dull*
Mar.-Apr. delivery, 6 7-16d.
Jan.-Feb. delivery, 6 7-16®15-32d.
Nov.-Dee. shipment, new crop, sail,
but firmly held.
Feb.-Mar. delivery, 6 15-32d.
Rye flour was quiet, but the business in corn
6 13-32d.
Mar.-Apr.
delivery,
d.
6*4
Feb.-Mar.shipm’t, new crop, sail, 6#d. Nov.-Dee.
meal was more active.
To-day, the market was strong but not
shipment, new crop, sail,
Nov.-Dee. sliipm’t, Orleans, Low Mid.
6 15-32d.
6)4d.
clause, sail,
I Feb.-Mar. shipment, new crop, sail,
6*d.
| 6 17-322 9-ltd.
Dec.-Jan. delivery, 8 13-32d.
Jan.-Feb. delivery, 6 15-32® 16® I Nov.-Dee. shipment, new crop, sail,
j 6 15-32d.
* l5-32d.
I Feb.-Mar. delivery, 6 15-32d.
Feb.-Mar. delivery, 6 15 32®Vi<b
I Mar.-April delivery, 6*d.
Mar.-Apr. delivery, 6 17-32d.
Apr.-May delivery, 6 17-32d.
Apr.-May delivery, 6 9-16d.
Jan.-Feb. shipm't,new crop, sail, Thubsday.
fVick |
Dec. delivery,
Feb.-Mar. delivery,
6*d.
sail,
Mar.-Apr. shipment, new crop,
6 9-16d.
6*®15-32d.
Apr.-May. delivery, 6 9-16®17 32d.
Feb.-Mar. shipm’t, sail, 6 19-32d.
Dec.-Jan. delivery, 6 7-16d.
Jan.-Feb. delivery, 6 ?-16d.
Feb.-Mar. deiiv’ry, 67-16d.
Dec. deliv’ry, 6
lb
Jan.-Feb. shipment, new crop,
6 17-32®V4d.
Jan.-Feb. delivery, 6 15-32d.
deliv’ry, 6 15-32d.
Mar.-Apr. delivery, 6 15-32d.
Nov.-Dec. shipment, new crop,
Dec.
sai',
sail,
Jan.-Feb. shipment, new crop,
15-33®*d.
Dec.-Jan. shipments, new crop,
6 15-32d.
sail,
very
market was dull and depressed early in the week ;
demand was small, and local millers bought sparingly.
There was consequently a decline to $1 29@$1 31 for No. 2 epringf
New York and Milwaukee grades, but in the course of Tuesday and
The wheat
the export
No. 2 Milwaukee
yesterday the mar¬
Wednesday there was an advance, with sales of
at $1 32R5)$1 33, and No. 1 do. at $1 37; but
ket wa3 dull at these figures. The speculation in
6*d.
Dec. delivery,
6 15-32d.
15-32d.
15-32d.
Mar.-Apr. delivery, 6*d.
Dec.-Jan. delivery, 6
Jan.-Feb. delivery, 6
Nov.-Dee. shipment, new crop,
6 15-32d.
sail,
futures has been
2 spring, N. Y.
at the
quite moderate, including on Wednesday No.
grade, at$131£for Dec. and $133 for Jan. Receipts
West show but a moderate increase over last year. To-day,
hold!
Milwaukee held at $1 34, but this
figure checked business, and futures were quiet.
Indian corn has shown a steady improvement for prime old
mixed, on improving foreign advices, until yesterday No., 2
sold at 64£@64fc., spot and December, and steamer mixed 63£@
63£c. on the spot and 62£c. for December. New corn has arrived
ers were
6 7-16d.
Friday.
Dec.-Jan. delivery, 6 7-16d.
Jan.-Feb. delivery, 6 7-16d.
Feb.-Mar. delivery, 6 7-16®15-32d.
Mar.-Apr. deliv’ry, 6 15-32d.
Nov. shipment, new crop, sail, 615-32d.
was a
active.
Wednesday.
Dec. delivery,
There
of the
stronger,
and No, 2
quantities, selling at 58£@58£c. on Tuesday and 59}
date of disasters to ves¬ @60c. yesterday. The supply of Southern corn is quite small.
sels carrying cotton from United States ports, &c.:
Receipts of com at the West are liberal for the season, as farm¬
Nurnbero, str. (Ger.), at Bremen, Nov. 16, from Baltimore, had been ashore
ers do not find it profitable to feed it, owing to the low value of
Langeroog, on her way up to Bremen.
No date. The bark Martha A. M’A'eil, at Liverpool, Nov. 16, from Charleston,
swine. To-day, No. 2 mixed sold at 65ic., spot, December and
reports: On passage passed a bark, about 500 tons, mainmast gone about
feet
above
deck,
all
gone,
20
inizzentopmasts
mam and mizzen masts January.
painted white, foremost bright, abandoned, 44 to 45 N., 30 W.; name on
Rye has slightly declined, with recent sales at 71@72c. for No.
stern, but was unable to make it out; master thinks she was not timber
Below we give
in moderate
all news received to
on
'
laden, but
probably oil or cotton.
Cotton freights the past
Liverpool.
Steam.
Sail.
,
d.
week have been as follows :
, ,—Havre.—* .—Bremen.—,
^-Hambsrg—,
Sail. Steam. Sail,
Steam. Sail. Steam.
c.
c#
c.
Hatorday.. ..®* 7-32®* cp. % comp.
..@*cp. &®54 cp.
Monday.. 9-32®*
..®*cp. *®54 cp.
Tuesday. 9-32®*
..®* cp. #®54 cp.
Wed’day. «-32®*
..®* cp. &®54 cp.
Thur’dy.. 9-32® *
®* cp. *i®54 cp.
Friday... 9-32®*
-
European Cotton
)4®54
*®*
*®>£
*®54
*®X
cp. —
*
54 cp.
54
54
X
X
c#
c*
c.
cp.
cp.
cp.
cp.
Markets.—In reference to these
cp.
cp.
cp.
cp.
8ealsland..l6
Florida do.. 13
Ord.
Upland
Mobile.
Texas
5*
...5)4
6
Orleans.,.. 6
17)4
14)4
G.O.
6 1-16
6)4
6 5-13
6)*
20
22
16*
17X
18*
L.M.
Mid.
6 7-16
6 \\
16
G.M. Mid.F. Mid.
6 7-16
6 9-16 654
6 13-16 i 6 7-16
6)4
6%
6)4
654
6 7A
19
6)4
6 fa-16
6 7-1U
6 9-16
.
,
markets,
6 15-16
7*
6*
6*
Fair.
Good,
28
19*
19
M.F.
17
G.M.
6*
6)4
6 11-16
6 13-16
4
sellers, and prices are
free
correspondent in London, writing under the date of Nov.
24,1877, states:
Liverpool, Nov. 23.—The following are the current prices of
American cotton compared with those of last year:
Same date 1876.-*
Mid—>Fr.&G.Fr.—».—G.&Fine—>
Mid.
18
27
met
found free
demand was in part
and 80c, for Canada, in
merely steady. The
export, at 76c. for two-rowed State,
bond. Canada peas are quiet.
Oats declined to 38$@39c. for No. 2 Chicago
our
<—Ord.&
has
for
% comp.
cp.
54®*
*®*
X<&%
34®*
54®*
afloat. Barley
in store and afloat, and 76^c. for State
with a very active demand, but buyers have
2 Western,
6*
694
6*
7*
sales were
the market was
mixed, at which
made, followed by a steadier market. To-day,
fairly active at 384@39£c. for No. 2 mixed and
white.
The following are
the closing
quotations:
|
Flour
«bbl. $3 00® 4 15 }
Superfine State & WestI
No. 2
Grain .
Wheat--No.3 spring,hush $1
}
No. 2 spring
.
27® J 29
1 38
§ §
«9prl.DB..Wh.r
5 4 wwter.a
7 f55 C0&%nepxt.^:
|9® «
ddo°^Wixx.v IS
50® 8 75 | Southern, yellow, new..
shs^;s»=
Will
5 55®
do Minnesota
patents., 6
.
December
8,1877.]
THE CHRONICLE
Flour.
Grain.
City shipping extras
City trade and family
5
50® 6 25
Rye
Oats—Mixed.
brands.
Southern bakers’and fa¬
mily d rands.
Southern shipp’g extras..
6 60® 7 25
25®
65®
75®
55®
25®
Rye flour,superfine......
Corn meal—Western, Ac.
Corn meal—Br’wine. &c.
7
6
4
3
3
White
Barley—Canada West...
State, 2-rowed
50
15
State, 4-rowed
25 | Barley Malt—State
00 |
Canadian
30 | Peas—Canada.bond&free
.
...
71 a
77
873^.®
86.*®
83®
75®
80®
65®
1 00®
85®
39Jtf
The movement in breadatuffa at this market has been
lows :
RECEIPTS AT NEW YORK.
,
18 77.
^
For the
Since
Jan. 1.
week.
18 77.
*
For the
Since
week.
Jan. 1.
time
1876.
Flour, bbls. 123,883 3,194,096 3,691,318
5,128
C. meal, “
219,115
n;,4i7
Wheat, bus l,014,fiil 23,080,647 24.94b,242
Corn,
“ . 587,015 33,233.5**5 25.982,470
Rye,
" .
08,389 1,803,157 1,336,647
Barley. “ . 558.175 8,118,877 6, *82.315
Oats
516,456 11.723,539 11,516,180
6,458
following tables show
>
3,162
the Grain in sight and
616,831
the
move¬
ment of Breadatuffa to the latest mail dates:
receipts at lake and river ports por the week ending
1, 1877,
DEC.
FROM JAN. 1 TO DECEMBER
AUG.
Flour,
bbls.
(196 lbs.)
40,601
At—
Chicago... ~
Milwaukee
Toledo
Detroit
Cleveland
St. Louis
Corn,
Oats,
bush.
bush.
(60 lbs.)
(56 lbs.)
(32 lbs.)
426,599
686,972
396.987
142,101
101,485
89,880
23.100
173,505
15,150
209,998
11,437
13,818
8,120
6.950
8.800
38,757
6,967
Peoria
..
Total
134,787
133,759
’75..
1,112,895
285,450
1,176,043
968,769
343,585
318.189
267,786
780,991
as
and
goods
accounts from most
are
There was a steady movement in
light brown sheetings from agents’ hands, and prices
Bleached cottons.were quiet, aside from low
Rye. ruled firm.
grades
bush. in 3-4 and
4-4
widths, which were rather more freely distributed.
i6 lbs).
26,235
Cotton flannels were in
steady request and firm, and there was a
4,970
limited hand-to-mouth demand for
denims, ducks, tickings and
1*350 corset
jeans ; but cheviots and cottonades ruled quiet. Cotton
13*,177 yarns were fairly active in fine numbers, and warps met with
6,400
moderate sales.
Print cloths were in fair
demand, and advanced
to 4c., less one per cent
cash, lor extra 64x64, spot, and 4c., thirty
52,132
55,685 days, for January, February and March contracts.
Prints were
94,161
dull but steady, and some makes were advanced
31,927
£c. Ginghams
Barley,
bush.
139,987
17,450
7,061
32,400
51,189
9j0
....
goods
in small lots to other markets.
FROM
(48 lbs.)
82,858
27,300
....
1,316.034
1.643,953
1.043,142
1,930.474
153.359
Corresp’ng
n week,’76.
122,938
46,500
10,600
....
133.268
Previous week
148,183
.
were, as a rule, restricted to such
parts of the interior indi¬
passing into consumption in liberal quan¬
tities. There has been no material
change in values, but prints,
print cloths and low grades of cotton goods were more
firmly
held, in view of the advancing tendency of cotton.
Domestic Cotton Goods.—The
exports of domestics from
this port for the week
ending December 4 reached 1,558 pack¬
ages, which were shipped as follows: Chili, 637
packages ; Great
Britain, 230; United States of Colombia, 212; Venezuela, 128 ;
Brazil, 121 ; Hayti, 109 ; Central America, 45, and the remainder
cate that
fine
bush.
10J
Duluth
1, AND
1.
TO DEC.
Wheat,
55,473
2,850
21,112
6,160
1
jobbers’ purchases
time of year,
1871
For the
Since
week.
Jan. 1.
239,931
During the past week business was light in nearly all depart¬
manufacturers’agents and importers, and the jobbing
trade was generally
quiet. Clothiers evinced less disposition to
operate in spring woolens than was manifested last month, and
ments with
imperatively required for immediate sales. The order de¬
mand for small re-assortments was
fairly satisfactory for ’he
1.310,457 47,017 1,751,699
203,716
8.827
161,349
661,305 19,124,582 357,385 22,921,710
798,722 24,237,826 145,030 16,012,051
1,951.116 118,725 1,121,165
89.401 1,677,566
41,278
84,<’00
.
Friday, P. M.. Dee. 7, 1877.
were
33,703
2,199
.
The
103
78
86
85
1 10
1 00
EXPORTS PROM NEW YORK.
Same
,
THE DRY GOODS TRADE.
42#
fol¬
aa
575
...
334,848
405,430
220,893
177,368
and
and cotton dress
goods
less active.
were
Domestic Woolen
Tot.Ang. 1 to Dec. 1.2,343,817 39,111,276
Same time 1376.
.2,205,686 26,299.416
Same time 1875
2,026,714 36,162,053
Same time 1874
2,194,684 32,033,647
..
SHIPMENTS OF
FLOUR
AND
RIVER PORTS
Flour,
bbls.
Tot. Jan.l to Dec.
Same time 1376
Same time 1875
Same time 1874
GRAIN
Flour,
bbls.
....
..
..
114,502
43,727
.
Philadelphia...
_
Baltimore
..
..
Corn
bush.
Oats,
bush.
bush.
..
...
AND
bush.
bush.
Barley,
Rye
bush.
1,110,383
467,508
16,875
2,500
"11,865
239.900
261.701
..7,61*,163
..9,240,840
.19,166,646
81,444
5,500
m
m
m
m
72.000
219,000
171,075
2,064.299 1,659,403
2,316,738 1,750,533
1,185,575 1,331,645
42,911,842 89,651.427
40,458,32 3 82,135,673
52,705.194 52,834,256
60,585,486 49,415,836
Montreal, 1,643 bush.
Oats,
hush.
FOR THE
1,122
29,700
5,000
40,120
Barley,
hush.
•
967,095
21,107
3,000
27,500
Rye>
bush.
138,806
800
29,200
1,0CC
....
562,825
401,461
627,015
119.447,397
: 23,450,270
19,577,373
fl, 018,702
169,806
1,213,010
88,137
510,582 229,133
2,
8,667,553 2,513,359
7,295,057 1,512.688
1,
4,777,070
474,643
19,461,363 3,464.846 914,859
peas.
The
bush.
-■'-vuig£U
In store at
,
2,735.214
3,000
863,026
843,245
203,249
85,000
417,600
MiittutJipiiia
...
63,791
bush.
925,935
407,000
8-'9,593
536,870
240,513
bush.
232,776
27,000
128,457
1,614
7
<,837
90,529
15,405
17,140
4,166
49,025
8,6< 6
4,716
1,443
5,110
95,’ 409
111,619
217.450
60,600
18,100
1,400,000
95,000
197,067
10,999
11,022
29!,9*2
176,428
906,568
539.266
288.000
1,600,000
810,0 0
750,030
6,751.792
.12,813,752
7,535,463
4,054,373
3,982,207
7,9^0,243
3,579,044
9,875,936
were
exhibited symptoms of weakness,
reduced in price.
Cloakings continued in
steady request, aside from repellents, which were lightly dealt in.
Kentucky jeans were in limited request, and satinets were rather
less active.
Flannels were in irregular demand, and while
plain
and twilled scarlet flannels met with fair
sales, there was a rela¬
tively light inquiry for white and shirting flannels. Blankets
quiet, and shawls, felt skirts and hosiery moved
slowly.
Foreign Dry Goods.—There
was a very slow movement in
foreign goods from importers’ hands, and the jobbing trade was
light and unimportant.
Laces, lace goods, embroideries and
handkerchiefs
somewhat freely distributed
through the
buyers for the coming holiday trade—and
brought fair prices. Dress goods, silks and shawls ruled quiet,
but trimming velvets were in
steady demand.
Men’s-wear
woolens, linens and white goods were severally in light request,
and hosiery continued quiet.
auction
were
rooms—to
importation*
or
Dry Goods,
The importations 01 ary goods at this
port tor the week ending
Dec. 6, 1877, and for the
corresponding weeks of 1876 and
1875, have been as follows :
ENTERED FOB CONSUMPTION FOB
THB WEBK ENDING DEC.
1875
«
Manuf actures of wool....
do
cotton..
do
silk
do
flax
.
Total
>
Pi
Pkgs.
Value.
431
$180,616
130,976
232,740
524
8u0
892
272
1,919
.
— -
78,109
--1876 —>
Value.
Pkgs.
£73
$108,75S
656
134,665
249
164,017
f
■
1,086
69,623
341
107,428
58,33 i
$712,078
2,535
$578,249
/
6, 1877.
■
—•*1877
Pkgs.
482
645
-
s
Value.
$lb7,6*8
707
It 8,153
224.699
139,806
5,566
.114,227
7,895 I
$809,508
403
WITHDRAWN FBOM WAREHOUSE AND THROWN INTO THB MABKBT
DURING THB
27,000
89,077
5,894
109/398
145,016
211,900
9,815.765
makes
440
58,415
30,742
450,000
112,357
33,643
134,092
44,316
.11,4.2.235
.
Cotton-warp worsteds
some
SAME PERIOD.
50,000
108.325
.11.563 573
.
Estimated, ja
142.400
yu,oio
131.375
24, 1877
*
201,100
1.31.639
215,029
5,300
116,434
l,20i>,000
Total
19, 1877
DeC- 2, 1876
111,261
13,904
878,703
131.836
160.3-24
392,716
190,919
398,124
week
£ov- 17, 1377
861,296
616,134
11,295
860,000
26,717
at Kansas City
In store at
Baltimore
itau
v
15,0"0
950,n00
2,572
|n
store at Indianapolis
in store
do
week
Afloat in N*w Vnrk canals
Afloat in New York *
bush.
1,912.690
108,000
267.924
Peoria
shipments,
bush.
1,952.452
in
continued
Visible Supply of Grain, comprising
the stocks in
granary at the principal points of accumulation at lake and
seaboard porta, and in transit on the Lakes,
the New York canals
and by rail, Dec. 1,
1877, was as follows:
Wheat,
Corn,
Oats,
Barley, Rye,
In store at New York
In store at
Albany
In Btore at Buffalo
n store at
Chicago
in store at Milwaukee
In store at Duluth
In store at Toledo
In store at Detroit
instore at Oswego
hand.
and
AND FROM JAN. 1 TO DEC. 1.
Corn,
25,100
3,200
35,800
65,400
17.140
..9,166,551
And at
LAKE
PORTS
bush.
1,769,318
63,192
19,141
AT SEABOARD
Wneat,
101,259
Jan. 1 to Dec.
Bame time 18
FROM WESTERN
Whpat,
1, 1877,
DEC.
At-
NewYork.
33,353,370 9,880,873 5,295,509 1,441,669
13,288,385 13.826,789 1,048,061 1,156,720
17,278,021 14,033,914 3,706,489
593,513
1..4,816,407 42,38(3,722 66.039,793 17,443,434 5,339,581 2,343,591
4,563,077 47,437,633 72,542,884 19,535,933 3,645,319 2,261,187
5,093,814 57,030,829 41,763,377 18,78 *,253 2,333.139 889,592
5,422,252 59,713,300 43,542,833 16,321,510 2,876,398 2,942,136
WEEK ENDED
Boston
Portland
M ontreal
31,764.476 11.552.658 5,583,307 1,857.808
FROM JAN. TO DEC. ll
RECEIPTS OF FLOUR AND GRAIN
Goods.—Heavy woolen goods for men’s
irregular demand, and sales were mostly restricted
to small lots of
fancy cassimeres and overcoatings.
Spring
woolens and worsteds were in less active demand
by the clothing
trade, but agents made fair deliveries on account of orders on
wear were
5,26 *.0 >9
4.784,035
3,804,627
8,260,919. 3,698.933 ’3,243.384
6,831,197 2,767,104 4,032,266
48
1,350
2*380
703.933
751,928
992,391
653,444
697,245
Manufactures of wool....
231
176
$92,328
131
$49,728
166
7o.950
17,964
80
54
144
693
21.113
42
595
612
44,676
16,227
56
70
163
211
Addent’dforconsumpt’n 1,919
$277,545
712,073
1,102
2.505
$199,092
666
573,219
$223,228
7,893
809,208
Total thrown upon m’k’t
$989,615
S.607
$772,341
do
do
do
cotton..
silk
flax
Miscellaneous dry goods.
Total-...
1,659-
ENTERED FOR
Manufactures of wool
do
do
do
3,578
16,334
86,492
37,681
13,283
8,559 $1,032,736
WAREHOUSING DURING SAME PERIOD.
266
165
$109,755
201
cotton..
66.2U4
f5
silk
flax
67
140
68,058
40,474
38,106
.53
152
Miscellaneous dry goods.1,053
Total...
70,380
41,537
$62,181
23,311
1,691
$79,123
1
<,270
35,eS5
43,880
17,726
$312,597
712,073
523
$190,331
2,505
573,249
Total entered at the port, 3.61Q $1,034,S?Q
3,033
$704,1&3
Addent’dforconsumpCn 1,919
211
200
130
213
543
1,302
7,893
$76,4>2
63,882
125,781
51.997
33 158
$353,330
809,508
9,195 $1,105,33
UNION TRUST GO.
Knoblauch
YORK,
NEW
OF
CAPITAL,
-
-T
-
-
.
$1,000,000.
HAS SPECIAL FACILITIES FOR ACTING AS
Transfer Agent and
Registrar of Stocks.
LEGAL DEPOSITORY FOR MONEY.
Interest allowed on Deposits, which may be made
and withdrawn at any time.
N. B.—cheeks on this Institution pass Through the
EDWARD KING, President.
J. M. McLean, 1 st Vice-President.
Wx. White weight, 2d Vice President.
Clearing-House.
COMMITTEE.
EXECUTIVE
BANKERS,
29 William St., cor.
Samuel Wili.ets,
WrM. Whitewkight,
Geo. Cabot Wakd,
G. G. Williams,
Theodore Roosevelt.
J. H. OGILVIE, Secretary.
Exchange Place,
NEW YORK.
BETWEEN
Telegraphic Money Transfers.
Draw Bills of Exchange and Issue Letters oi Credit
on all principal cities of Europe.
SPECIAL PARTNER,
Berlin.
BANK,
DEUTSCHE
f7w. Gilley, Jr. & Co.,
BANKERS AND
BROKERS,
19 NEW STREET,
New York
E. S. Gilley.
J. Nelson Tapfan, Special
64 BROADWAY AND
P. O. Box 4259.
F. W. Gilley, Jr.,
Member N. Y. Stock Ex.
J. M. McLean,
B. H. Hutton,
K. B. Wesley,
Brooklyn Trust (Jo,
Gor.of Montague & Clinton sts., Brooklyn,
RIPLEY ROPES, President.
CHAS. R MARVIN, Vice-Pres t.
Edgar M. Cullen. Counsel.
TRUSTEES:
J. S. Rockwell,
Alex.McCue,
Henrv Sanger,
John P. Rolfe,
Chas. R. Marvin, A. A. Low,
Thomas Sullivan, Ai>m. B. Baylls,
S. B. Chittenden,
H.E. Pierrepont, Dan’l Chauncey, John T. Martin,
John Halsey.
Josiah (). Low,
Ripley Rones
Alex. M. White,
Autuln Cortfin. Edmund W.Corlle i.
Wm. R. BUNKER, Secretary
American
OFFICE,
AND
THE
OTTON
MOST
*
CANVAc, FELTING DUCK, CAR COVER
ING, BAGGING. RAVENS DUCK, SAIL TWINES
&C
“ ONTARK)” SEAMLESS BAGS,
“AWNING STRIPES.”
ARTISTIC
STYLE,
AND
IN A BUILDING PROOF AGAINST FIRE
ALBERT G. GOODALL, President,
C. L. Van Zandt, Vice-Pres. & Manager.
Thbo. H. Freeland, Sec. Geo. H. Stayner, Treas.
N. T. Beers, jr.,
Brooklyn
Stock:.,
United
A full
no.
Duane
Street.
E.
S.
65
STREET'.
Baile v,
WALL
A
[CsED]
General Banking business; sell Drafts on
Europe, ana issue Letters of Credit for
Travelers, availab.e everywhere.
CABLE TRANSFERS.
Purchase and sale of Government Bonds, Municipal
Daily from Pier 33, North River, foot
*
of Jav sireet.
Hereafter the STEAMBOAT EXPRESS TRAIN WILL
LEAVE STONINGTON AT 4:30 A. M.
State-rooms and tickets secured at 863 Broadway and
at all offices of Westcott Express Company In New
York City and Brooklyn. ALo tickets for sale at all
hotel ticket-offices.
PROVIDENCE
Providence,
Steamers leave.
Hosiery,
Shirts and
PHILADELPHIA,
Office, No, IQ Broad Street.
v^,irren
street.)
Drawers
From Various Mills.
NEW YORK,
43 & 45 White Street.
Railroad Material. &c.
BOSTON,
15 Chaunoey St.
PHELPS,DODGE&Co
W. DAYTON, 230 Chestnut Street.
J
Qf
John Dwight & Co.,
MANUFACTURERS OF
STREET,
CLIFF
New York*
Between John and Fulton,
-
SUPER-CARBONATE
IMPORTERS
SODA.
No. 11 Old Slip, New York.
The
d ooomg
Trade ONLY Supplied
Olyphant
COMMISSION
&
OF ALL
Co.,
MERCHANTS,
Represented by
LEAD,
York.
SHEET
KINDS.
SHEET
RUSSIA
TIN,
IRON,
SHEET IRON
ZINC,
COPPER,
Spelter, Solder, Antimony,
Co., of China,
104 Wall St., New
SIZES AND
CHARCOAL AND COMMON
Hong Kong, Shanghai, Foochow dr
Canton, China.
OLYPHANT &
PIG
DEALERS IN
AND
Roofing Plates,
Tin &
ke.
MANUFACTURERS OF
COPPER,
BRASS
AND
WIRE.
MANCHESTER
Works,
Locomotive
MANUFACTURERS OF
Locomotive**,
ACCOUNTS SOLICITED.
«
Nashua and
Worcester,
all Points North.
BROKERS,
margin of ONE PER CENT.
LINE.
FREIGHT ONLY" FOR
„
F O li
J. C. Clinton & Co.,
on a
and RHODE ISLAND.
Freight taken via either line at lowest rates.
D. S. BABCOCK, President.
L. W. FILK1NS, General Passenger Agent.
and other investment securities
Special attention given to collections throughout
Europe and the United .-tates.
shares upwar
STEAMERS
ELEGANT
Ellerton New Mills,
Atlantic Colton Mills,
Saratoga Victory Mfg Co.,
a
Buy and se'l all active stocks from live
EAST.
A*AO F*
ita. Daily from Pier 29 North River (foot
wr. 1H
all cities of
STOCK
STOW,
Washington Mills, Chicopee Mfg Co.,
Burlington Woolen Co.,
SPECIALTY.
CHICAGO HOUSE: HENRY GREEXEBAUM& CO.
15 O
Trip Missed in 7 Consecutive Years.
*
E.R.Mudge,Sawyer&Co
Stocks,
BANKERS,
18 Wall Street, New York.
a
4*30 ? *. Iff
;MIL WARD’S HELIX NEEDLES.
400 BROADWAY, NEW YORK.
RELIABLE
ALL- POINTS
STONINGTON
OF
Greenebaum Bros. 6c Co.
Transact
AND
THE
STREET.
Cash paid at once for the above Securities; or tney
will be sold on commission, at seller’s option.
-
FOR
Not
Dealings In
Insurance
treet.
Stonington Line
George A. Clark & Bro.
A G E N T S
OLD
THE
supply all Widths and Colors always in stock.
No. 109
58 Wall
Company.
States limiting
STOCKS,
WAT
3 *
for HAY'II, COLOMBIA, I8THMUS OF PANAMA,
«nd SOUTH PACIFIC PORTS ;vla A«»lnw»l ),
ANDES
December 28
ETNA
December 15
Superior first-class passenger accommodaix n.
PIM, FOR WOOD* & CO.. Agents,
AND
GAS
BI-MONTHLY SERVICE TO JAMAICA, HAYT1.
COLOMBIA and ASP1NWALL, and to PANAMA and
SOUTH PACIFIC PORTS (via Aspinwall.)
Fiist-class, full-powered, Iron screw steamers, from
Pier No. M, North River.
For KINGSTON (Jam.) and HAYT1.
ATLAS
December 20
Also, Agents
PRINTS
Bank-Notes, Bonds for Governments and Cor
porations, Bills of Exchange, Certificates
of Stock, Postage and Revenue Stamps
Policies of Insurance, and all
Kinds of Securities,
IN
And all kinds of
York.
ENGRAVES
DE BEBIAN,
Agent, 55 Broadway.
Atlas Mail Line.
COTTONS AILDUCK
142 BROADWAY,
New
London or any railway station In
England—First cabin, $90 to $100, according to accom¬
modation ; second cabin, $t5; third cabin, $35, steer¬
age, $27, Including everything as above.
Return tickets at very reduced rates, available
CO..
BANK-NOTE
HAVRE.
utensils.
To Plymouth,
Co.,
&
as
money.
AND
Calling at Plymouth for the landing of Passengers.
The spleiidid vessels on this favorite route, for the
Continfcnt-=»CrtOlns provided with electric bells—will
sail from Pier No. 50 North River, foot of Morton st.
3.S follows *
*
FRANCE, Trudelle
•. Wed., Dec. 12, 10 A. M
CAN AD v. Frangeul
Wed., Dec. 5.6, U) a. M
AMER1QUE, Ponzolz
Wed., Jan. 9. 9:30 A. M
PRICE OF PASSAGE IN GOLD (Including wine): '
To Havre—First cabin, $i00; second cabin, $ 5; tnlrd
cabin, $35; steerage, $26—Including wine, bedding and
LOUIS
Manufacturers aud Dealers in
agent in the sale or management of real
estate, collect Interest or dividends, receive registry
an^ transfer books, or make purchase and sale of Gov¬
erns. tnt aid ether securities.
Religioue and charitable institutions, and persone
unaccustomed to tne transaction of business, will find
this Company a safe and convenient depository for
YORK
Brinckerhoft, Turner
CAPITAL, $500,C60.
trator.
It can act
NETC7
through England and France, steamers marked thus
*
do not carry steerage passengers.
For passage and freight apply to
Commercial Cards.
N. Y.
This Company Is authorized by special charter to ae
as receiver, trustee, guardian, executor or adminis¬
France.
to
The General Trans-Atlantic Company’s
Mail Steamships,
Make
Administra¬
Is a
Authorized by law to act as Executor,
tor, Guardian, Receiver, or Trustee, and
ONLI
Lichtenstein, Direct Line
&
Broadway, Cor. Rector St.
No. 73
Steamships.
Financial.
Financial
The
Vol. XXV.
THE CHRONICLE
576
JOSEPH GILLOTT’S
STEEL
Sold by
PENS.
all dealers throughout the World.
Stationary Steam
Ed*
glue**, and Tools,
MANCHESTER, N. H.
ARETAS BLOOD, W. G. MEANS,
Superintendent
Treasurer,
Manchester, H.B.
4Q Water street, Boste*
-
,
@FedFRASER