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HUNT'S MERCHANTS' MAGAZINE
REPRESENTING THE COMMERCIAL AND INDUSTRIAL INTERESTS OK THE UNITED STATES
VOL.
NEW YORK, DECEMBER
L'5.
8,
Financial.
Financial.
National Bank-Note Co.,
WALL
1
Pacific National
OF BOSTON.
Lazard Freres,
Bank
Thin Bank, duly authorized by the Comptroller of
Is now open foi business at
65 Pine Street,
DRAW S10UT * TIME BILLS on the UNION BANK
the Currency,
(INCORPORATED NOVEMBER,
1859.)
ROOM
STREET,
NEW YORK.
EH0SAYEKS Or TUB
Jnited States Bonds, Notes, Currenoy
and National Bank Notes.
Enohavino AMD PniNTiso OT
1ANK-N0TES, STATE AND RAILROAD BONDS.
POSTAGE AND REVENUE STAMPS,
CERTIFICATES. DRAFTS. BILLS OF EXCHANGE,
AND COMMERCIAL PAPERS,
No. 2,
Opposite the Post
RIALTO BUILDING,
131 Devonshire
DI HECTORS:
Office.
St.
LxoNtftD Whitney, Jk,, flnu of HulHngsworta *fc
Whitney.
O P. (it >w s. firm of Brown. Steese ft Clarko.
M. B. Tower, Marine contractor.
M. P. si-iUNOatH, firm of sprinjr«r Hrothers.
kmviN iuy, rtKLMit Connecticut Life Insurance Co.
K. M. K«>wi Jt, flnu of Kowle & Carroll.
J. H. Sanborn, Merchant)*.' lobaco Co.
(iiD. C. K nd, flr.n of Hand. A very 6 Co.
J. H. Wuita Kit, firm of Enoch Beniwr ft Co.
PARIS,
And on
Transfers of
Francisco.
citing
and
alterations.
Bankers received on mo-t favorable terms.
accessible points. Sneclal
attention given to the Male of Utcrllng Kills or Kxchange a-i-o to orders for purchase orsftlo of (JoVernnient Konds and Cold, and to collection of Coupons,
DivldendHand KeglBtered Interest.
Interest allowed on deposits, arcordfngj.0 agreemeiit. Loans made on Merchandise, on sa^factory
—
The
officers will give personal attention to all business entrusted to them, and no pains will he spared to
make any
business relations with the
pleasant and profitable.
A.
-.
tnmmuntcation* may boaddreitcd
tjompany in any language.
3.
VAN ANTWERP,
II.
to
(Ml
Pres't.
BIACDONOUGU,
Asa
7
Bank mutually
I.
BEIVYON, President.
J.
CHICK,
A. H. Brown
Vlce-Pres'U
A. D. SHEPARD, Treasurer,
JNO. E. llltlticit, Secretary.
J.
Cashier.
BOSTON.
Surplus,
Special attention Riven to COLLECTIONS, and
prompt remittances made on day of payment.
Boston business paper discounted. Correspondence
IV
AM. STREET,
BILLS OF
Issue Letters of Credit, available In all parts of the
world
|
also,
Time snd Sight
BANK OF LONDON.
Bills
on the
UNION
Cable Transfers made.
R. A. Lancaster
&
Bought snd Sold on Commission.
AND RAILROAD SECURITIES
A Specially.
Leans Negotiated.
'
II
\\
I
AM> BANKER,
H. L. Grant,
IN
E
W ORLEANS,
LA
BROADWAY,
NEW YORK.
Acsounts and Agencies of Banks, Bankers and MerFirms received upon favorable terms.
Bonds, Stocks, Commercial Paper, Gold, Ac, bought
as agants for Corporations la paying Interest
also as Transfer Agents.
Dividends, Coupons and
Interest
collected
and
remitted.
NEW YORK,
BOSTON,
tttWe Street
Pearl Street.
&
GOSSLER
Co.,
ooaaasroNDKSTS or
International
Hauk
BOUGHT AND SOLD.
j. U.
Draw Exchange on Union Hank of London.
Coupons and Dividends, snd
CITY RAILROAD STOCKS & BONUS
See quotations of City Railroads In this paper
of isambursr and
London, (Limited.)
BOUSE IN EUROPE,
JOHN BERKNBKI1U, GOIMLER c OD
IliAK.
J.
UBNOSTLXS.
&
SECUIll'l IKS. Buy snd sell Stocks. Bonds, and Uold
fur cash or on margin, a," clal attention paid to
m
r
THE PHILADELPHIA
AND BOSTON STOCK EXCHANGES
SKDwl8' Kx"c TKD AT
Gwynne
[Established ISM.]
6c
No. 16
H.
Sotoam
GBAjrr.
G. St. John
WaU
Street.
Geo. H. Prentiss,
SO
St.
Company,
WALL STREET.
Day,
Receive deposits subject to check at sight sad
Issue (ertlOcaws of
allow lniere.t on balances.
Deposit available In ail parts of the I'nlted stale, and
Canada. Buy and Sell, on Commission, Oo d. Uovsns.
securities, offer
mml Bonds, Investment snu toother
Buy or Sell Railway
facilities to parties desiring
and other shares, either cash or on time contracts.
BROAD STRSBT.
GAS STOCKS
BANKERS AND BROKERS,
No. 83
ausjuasr/XDT
45 WALL STREET.
DKALEOB IN SPECIE AND UNITED STATE*
Room
Grant
o. r.
Haar & Co..
BANKERS AND BROKERS,
HAMBURG.
TRANSACT A GENERAL BANKING BUSINESS
STOCKS BOUGHT AND SOLO ON COaUtuWlOB
INTEREST ALLOWED ON DEPOSITS.
166 GRAVIKR STREET
OX THE
ALSO,
No. 145
No. 52 William Street,
Charles G. Johnsen,
m;u<
;
MANCHESTER V COUNTY BANK,
"LIMITED";
JOHN STUART \ CO., Banker.,
MANCHESTER, PAYABLE IN LONDON
ULSTER BANKING COMPANY,
CABLE TRANSFERS AND LETTERS OF CREDIT
M. K. Jesup, Paton 6c Co.
Co.,
VIRGINIA STATE
dr.
NEW YORK.
134
BANKERS AND BROKERS,
66 Broadway, New York.
SOUTHERN AND MIBCKLLANKOUS SECURITIES
EXCHANGE ON
SMITH'S,
BANKERS, LONDON
INVESTMENT SECURITIES.
Act
NEW YORK,
•1
NASSAU STREET.
BELFAST, IRELAND;
snd sold on Commission.
IS
)
BANKERS AND BROKERS,
Wall St., Cor. New, New York.
cantile
BANKERS,
I
NATIONAL BANK OP SCOTLAND.
nvlted.
Kountze Brothers,
any
In
Co.,
$400,000
300,000
Capital,
and Baa
C
x
Stuait
AJfD
&
to Parts
PARIS, parable
at
SMITH, PAYNE
Sam'l Phillips, Cashier.
Maverick National Bank
Money by Telegraph
|.
83
Special attention to business of country banks.
PoTTaa, Preat.
P.
&
J.
all
margin*.
This Company engraves and prints bonds, postage
• lamps
and paper money for various foreign
(overnmcnta and Banking Institutions South
imerlcan, European, West India Islands, Japan, ix.
PRINCIPAL CITIES IN EUROPE.
part of Europe.
;
of the art with $p*clal iaSt
niardt devised and patmttd, to prevent counter
k) the highest style
the
Circular Notes and Letters of Credit through Messrs.
guaranty of a faithful and <ll*creet uiana«eint*nt
..tercant lu Account* and Accounts nf Banks and
made on
LONDON,
OnLAZAKD FRERES m CO,
LAZARD FltEKES A CO,
'
Artiiuu >kwall, President Bath National Bank, Me.
A. '. Bknyov.
The well-known character of thene (rcntlemcn la a
collection!,
G50.
Financial.
THE
TUB
OFFICE, No.
NO
1877.
A SPECIALTY.
Brooklyn SeenrtUr.
McKim
47
!<> tight
Brothers
BANKERS,
WaU SixsMa, Hsw
and Sold
&
Co.,
York.
THE CHRONICLE.
11
Boston Baa'
Southern Bankers.
era.
Geo.Wm.Ballou&Co
8
WALL STREET,
New
T
Gboboe H. Holt,
Member N. Y. Stock Exchange
Geo. ffM. Ballot/.
DEVONSHIRE
72
W
.
MAIN
BANKERS AND DEALERS
NASSAU
No. 5
NEW YORK.
ST.,
ST.,
DEALER IN
Boston,
York,
BANKERS,
HOUSTON, TEXAS.
ST.,
HATCH,
FISK &
BANKER,
41
U. S. Government
Gold, Silver and Negotiable Securities.
IN
amounts
MADE THR0UQH0U1 THE
COLLECTIONS
SI ATE
and
Bonds bought and
to suit investors
elgn coins.
Municipal Bonds.
C
Financial.
House,
.
X
[Vol.
also Gold, Silver,
;
sold In
and
or-
Deposits received In Currency or Gold,
Interest allowed
on Balances. Special attention
paid to Investment Orders for Miscellaneous Stocks'
and Bonds.
&
Brewster, Basset
Co.,
BANKERS,
STATES AND EUROPE.
&
Adams
CONGRESS STREET,
No. 35
BUYS AND SELLS EXCHANGE ON ALL TEE
PRINCIPAL CITIES OF THE UNITED
Leonard,
Platt K. Dickinson,
Howabd C. Diokinson,
Member of Stock Exch'ge. Member of Stock Exch'ge
John R. Waller.
Dickinson, Waller
BAICKEES,
Commercial
DALLAS, TEXAS.
paper.
Orders executed on Commission at Brokers
Auctions, and Private Bale.
&
Co.,
DEALERS IN GOVERNMENT SECURITIES, Gold,
F. 3.
County and Railroad Bonds.
EBERT,
&
Parker
and
liny
Stackpole,
Western City
Sell
and
The Nevada Bank
Co.,
Reserve,
«
Information fur.
Cobbespondbnts— McKlm Brothers & ro.
N. 1 .
J.
BTOCK BROKER,
»03 WALNUT PLACE (316 WALNUT
PHILADELPHIA.
E
».
WHUiMB.
Thos. P. Miller
JNO. W. HILLEB
&
Co.,
BANKERS,
MOBILE, ALA KAMA.
Special attention paid to collodions, with prompt
remittances at current rates of exchange on day of
MjfBMUB-
Correspondents.— German American Bank, New
fork; Louisiana National Bank, Mew Orleans; Bank
BANK OF HOUSTON,
CITY
Capital. $500,000.
Houston,
We give special attention
THE
(LIMITED),
to collections
on
all
acces-
C
CC
Cashier.
James Hunter,
P. 0.
Box
Savannah, Georgia,
81.
NEW YORK
Agents, J.
& W.
Authorized Capital, Paid-up and Reserve,
-
Seiigman
$6,000,000.
1,65 0,000.
F. LOW,
(w.......
1GNATZ STElNHART,( Mana 8 6"'
CaBhler.
HANKERS
Co.
26 Pine
New
Street,
York,
Broker and Dealer In Southern Securities. Loans
Negotiated. Advances made on Securities placed In
my hands for sale at current rates.
Refeeences — Henry Talmadge & Co., and Eugene
Kelly 6. Co., New York; Southern Bank, Savannah, Ga
K S Bbrruss,
.
.
Pree't
.
A K Walkbb, Cashier
.
COMMISSION MERCHANTS,
AMSTERDAM, HOLLAND.
BLAKE BROS. & CO.
WILKIINUTON,
Collections
made on
all parts,
Albert E. Hachfield,
18 WALL STREET, NEW YORK,
Bank,
First-Class Investment Securities,
CITY BONDS OF ALL KINDS.
P.AILEOAD Bonds and Sowthbbn Securities or
ALr, Descriptions.
N. C.
of the United States
WANTED.
MISCELLANEOUS SECURITIES.
G
Northern Paclno Bonds and Stock.,
&
Amsinck
150 Pearl Street,
Co.,
New York.
AGENTS FOB THE
rt^ ofNewKh^kS *Q
eJY?Jd'J)(assav JSr, coapwest*
Capita^,* 1.000.000
Allows interest on d ^posits, returnable on demand,
or at specified dates, let authorized to act as Executor,
Administrator, Guardian, Receiver, or Trustee. Likewise, Is a legal depository for money paid Into Court,
or by order of any Surrogate. Individuals, Firms and
Societies seeking Income from money in abeyance, or
at rest, will find safety and ac;.-antuge in this institu
tlon,
HENRY
F.
SPAULDING,
President.
B. SHERMAN.
Vice
FREDERICK H. CUSSITT, f Presidents
C. H. P. BABCOCK, Secretary.
)
EXECUTIVE C0MM11TEE;
Jacob D. Vermiiye,
Benj. B.Sherman,
Sam'l 1). Bibcock,
Martin Bates,
Aiiiob R. Kno,
Frederick H. Cosslti
Isaac N. Phelus.
Edmund W. Corlles
BOARD OB TRUSTEES;
San. del D, Babcock,
Jonathan Tborne,
Isaac N. Phelps,
Jostah M.Fiske,
Cnarles G. Landon,
Frederick; H. Cossitt,
William H. AppKton,
Uufctav Schwab,
i>ayid Dows,
Benjamin B. Sherman
George W. Lane,
Jacob D. Vermiiye,
Geo. Maccullcch Mlllei
Rosweli Skeel
A. A. Low
David Wolfe Bishop,
Amos
R. lino,
Charles G. Francklyn,
William H. Weub,
Martin Bates
J. Plerpont Morean,
Percy R. Hyne,
William Allen Butler,
CharleB Aberuethy,
James P. Wallace,
Henry F. 8n»uldlne.
ISAAC SMITH'S UMBRELLAS.
Mississippi Central Bonds.
New Orleans Jackson & Great Northern
New Jersey Midland Bonds.
New York & Oswego Midland Bonds.
AND SELL
GOVERNMENT BONDS, GOLD, STOCKS, AM'
Edmund W. Corlles.
DEALS IK
.
National
First
BtTY
Foote,
WALL STREET
BENJ.
AND
N. Y. Correspondents.— Messrs.
No. 12
CLlMrTBD). -LONDON.
FRED'K;
LILIENTHAL.
&
Hatch
BANKERS,
W. Tbask
Jb.
St.
Transact a general Banking DnslnesB. Issue Com
mercial Credits and Bills of Exchange, available In all
parts of the world. Collections and orders for Bonds
Stocks, etc.. executed upon the most favorable terms
P. N.
W.MoLellan.
C,
& Co.
AND
JAMES HUNTER,
A. M. Kiddbb.
Sale.
LONDON AND HANSEATIC BANK.
Financial.
Dibeotobs — Benjamin A. BottB. PreB't:
S. Longcope, W.J. Hut;li1ns. F. A. Rice,
Baldwin, W. U.
Bolts, Kob't Brewster.
BEN J. A. BOTTS, Pres't.
WEEMS,
Smiths.
Yobk, N. B. A
Te x as. Adolph Bcissevain &
sible points.
B. F.
Payne £
The Bank or New
STOCKS, BONDS and GOLD
on a margin.
Investment Securities For
P. O. BOX 2,647.
Anglo-Californian Bank
of Liverpool, Liverpool
Tllli
Smith,
LONDON, Head Office, 8 Angel Court.
SAN FRANCISCO Office, 4S2 California
Southern Bankers.
for cash or
CORRESPONDENTS:
LONDON
NEW YORK
ST.),
.
Orders In Stocks and Bonds promptly executed at
the Philadelphia and New Vork Boards.
THOB. P. 1IILLKK,
2,500,000
The Bank of New York, N. B. A., is prepared to issue
Telegraphic Transfers, LetterB of Credit and Drafts
on The Nevada Bank of San Francisco.
Austin,
Bell
IX
President.
J. C. FLOOD, Vice-President.
C. T. CHRISTENSEN, Cashier.
and VIRGINIA SECURITIES
and
Transact a General Banking Business, including
LOUIS MoLANE,
specialty.
solicited
..--....
OF WALL STREET AND BROADWAY
New York.
COE.
Jurchase and sale of
Capital, fu llj paid i n coin , $ 1 0, OOO,
&
cfo Co.
BACKERS,
Brink.
Co.'* Bank.
Especial attention given to Collections, and He*
mlttances promptly made.
BALTIMORE.
Dished.
Cashier.
SAN FRANCISCO, CAL.
BANKERS AND BROKERS,
INVESTMENT
$250,000
185,000
OF SAN FRANCISCO,
Wilson, Colston
Correspondence
-
stocks dealt In on
all
WILLIAMS, Vlce-Prea't.
COLLINS,
San Fbancisoo— Wells, Fargo &
Baltimore Bankers.
at
A. J.
-
.
on commission
matlon respecting the same.
New Yobk— Tradesmen's National
County Bonds.
Fhila.
G.
-
-
-
Bell
the San Francisco Stock Exchange, and to give inf or
CORRESPONDENTS.
DEVONSHIRE STREET
BOSTON,
78
~.
Pres't.
S.
BANKERS.
buy and
Exchange Bank,
Capital Stock, Capital Paid-in,
Buy and Sell
on Commission Stocks, Bond and Gold.
Having been identified with California interests, and
having a connection In San FranclBCO, are prepared
DENVER, COLORADO.
STATE STREET, BOSTON.
State, City,
.Temlflon.
Western Banker*.
BANKEKS,
40
^..Mno^Tfc
Vnrfr Oarro«nrtnrt*Tit
Inves tines t Securities constantlr on banc.
Chas. A. Sweet
Transact a general Banking Business.
Board
"«w
Co.
BANKERS AND BROKERS,
25 BROAD STREET,
Boston, Ma»«.
Dealers In Stocks, Bonds, Gold and
&
Bonds.
SUPERIOR GINGHAM
GOOD SK.K
PATENTED GUANACO
EX, QUAL, LEVANTINE SILK
*1 00
2 50
2 00
S 00
December 8,
THE CHRONICLR
1877.
Canadian Bankers.
Canadian Bankers.
OF THE
The Canadian
W.l\(l
Bank of British
North America,
No.
Buys and
-
Bank
Capital,
$1,000,000.
HEAD
HEAD
OFFICE, MONTREAL.
GEORGE STEPHEN,
R. B.
Montreal.
NEW YORK
Nob. 59
&
61
I
18(11.]
amounts of
countries,
sell Sterling Exchange and Cable Transgrant Commercial and Travelers' Credits,
available in any part of tho world ; Issue drafts on
and make collections in Chicago and throughout
the Dominion of Canada.
and
Bank
HEAD
M. H.
-
Pres't.
W
Cashier
Iowa Bonds k
GEO. W.
A
The old
$1,000,000.
WILKI!;, Cashier
OFFICE, TORONTO.
JUNE
THOMAS,
INGERSOI.I., '.VELLAXD.
American Currency and Sterling Exchange.
in London:
Agents In New York:
Bosanql'rt, Salt & Co.,
Bank of Montreal,
anada.
<
and America.
In
Draw Bills of Exchange and make telegraphic transmoney on Europe and California.
fers of
In all parts of the world.
Grant
COMMERCIAL CREDITS
for nse against
Consignments of Merchandise.
Execute Orders en the London Stock Exchange.
Make
Collections
on
all
Points.
Receive Deposit
and Current Accounts on favorable terms, sad do a
General London and Foreign Banking Business.
Sc Stone,
BANKERS AND BROKERS,
KING, BAILLIE * CO., Liverpool.
NEW YORK CORRESPONDENTS,
NEW
meaara.
STREET,
IS
EW YORK,
STOCKS, BONDS sad GOLD Bought sad Sold on
Commission, and carrltd on Margins.
Deposits Received and Interest Allowed.
BT* Accounts of Country Banxs sad Bankers received on favorable terms.
John
buy and
sell
St.,
BROKERS IN
FOREIGN EXCHANGE AND GOLD,
63 Wall Street, New York.
$25
Margin,
Margin,
25
50
Shares.
Shares.
$50
sluueg.
JUrjiin,
100
$100
3*. o.
menial
N. Y.,
stocks from the Indicator on
cent margin.
CO.
box
a,s«.)
Special attention paid to the negotiation of Cots
Hickiing,
New
WARD, CAJIPBELL *
Hilmers, McGowanfic Co
AT THE NEW STOCK rXCMANGE OF
I
Co.,
45 Fall mall, London, Kngland.
CIRCULAR NOTES frt* of cluxrgt, available
PER CENT will satisfy you, address for Circular.
Actuary. "KANSAS. MISSOURI
A CENTRAL LLLI.
"
NOIS LOAN AGENCY." JA0UOKT1LLS. ILL.
No. 7
&
Issue
name to "THE KANSAS, MISSOURI & CENTRAL
ILLINOIS LOAN AGENCY." There Is no change In
character or management. If a certain clean TEN
Trask
King
S.
BANKERS,
CENTRAL ILLINOIS LOAN
62 Broadway and 31
Approved Canadian business paper, payable In gold
ency
8 ounte<1 on reasonable terms, and
nJn^Ia remitted
,1! ^
proceeds
to any part of the United States by
J
gold or currency draft ouiiew York.
'
Issue Letters of Credit for Trayelers,
Payable In any part of Europe, Asia, Africa, Australia
over
Transact a General Banking Business.
ealers in
iiny part of
BANKERS,
69 EXCHANGE PLACE,
CORNER BROAD STREET, NEW YORK.
Its
Bank of Canada
Kl Luiuhard street.
M Wall street.
Promptest attention paid to collections payable
J.&W. Seligman&Co.,
Henry
Its
Sterling and American Exchange bought and sold.
Interest allowed on Deposits.
Collections made promptly sad remitted for at lowest rates.
Co.,
Circular Noras aid Cbxdits fob Tratblbbs.
make
dle States as the Agency
paid a* certainly and a*
LONDON.-The Alliance Bank (Limited).
NEW YORK,-The National Bank of Commerce
Messrs. Kilmers, MoGowan & Co., 63 Wall sweet.
OHICAGO.-Unlon National Bank-
ST.
Y.,
New England and the Midwhose Interest coupons are
promptly as the coupons of
Government Bonds, has enlarged its Held and changed
all
&
CONSOLIDATED RANK, LONDON.
15,000.
established
COMPANY
lc
London.
Ten Per Cent.
Solid
G. C. Ward,
SIXTY DAY STERLING ON THE
riga.
*6»6
FRANK & DAR
Broadway, Western Union Bldg, N.
AGENCY, known
FOREIGN AGENTS:
HEAD
M
The Bhidor that has carried tou satcly over
Qcxbrc, Vallxttizxd.
AKOHBS:—ST. CATHERINES, PORT CO L:
interest
,
AGENCIES:
it.
Ct
H. C. Fahnestock. Esq.. First National Bank, N. Y.
Henry H. Palmer, Esq New Brunswick, N.J.
Chas. J. Starr, Esq., Stamford, Ct.
A. J. Odeil, Esq., Sec'y D. L. 6 W. BR. Co.
Aaron Healy, Esq., 5 Ferry street. N. Y.
Edwards & odell, Attorneys, Si William street, N. Y.
;
Capital,
adjacent
any part
No. 8 Wall Street, New York,
No. 4 Foat Office Square. Koston.
CHEQUES AND CABLE TRANSFERS ON
inilNROK * CO., FA KIM.
STERLING CHEQUES ON
ALEXANDERS, CCNLIFFES ct CO.
REFERENCES:
Wm. A. Wheelock, Esq., Prest. Cent. NatT Bank, N.Y.
Oilman, Son & Co., Hankers, 41 Exchange Place, N. Y.
BRANCHES:
HOWL AND, President; D.
195
&
John Munroe
tors of Loans, Corning, Iowa,
ranging from $900 to
tAMTVTOX, OltT.i ATLMKR, O.XT
Park HlLL, OXT.
BBDrORD, P. Q.; JOLIBTTS, P. O,
Imperial
In
52 WALL STREET. NEW YORK.
28 STATK STREET, BOSTON.
PERFECTLY SAFE!
$1,000,000.
MURRAY,
C. R.
pound* tlerUna for nse
RARING BROTHERS
The Interest and principal have always been paid
when due, without th>- \o*s of a dollar. Send for full
printed particulars, or call at the New York office
and examine maps and applications for loans in sums
OFFICE, MONTREAL.
GAULT,
In
AOE.VTS JOB
loans on the best Improved farms in Iowa, at 8 t» 10
Der cent Interest. Alwaj-s first Hens and improved
.'arms ^ never exceeds one-third the cash value
of thf land alone.
The bonds have coupons
attached, and the interest la paid semi-annually, at
the Central National Bank, in New York, and the
principal, when due, at the same bank, several years
experience of the firm in loaning has shown these
loans to be
OF CANADA.
•
and
G.
S.
ROW, BANKERS and Negotia-
No. 9 Blrrhln Lane.
-
Co.,
of the world.
$1,000
8-10
.
Agents.
J
Buy and
Up
&
ST., N. Y.,
THEY ALSO ISSUE COMMERCIAL CREDITS
MAKE CABLE TRANSFERS OF MONEY BETWEEN THIS COUNTRY AND ENGLAND, AND
DRAW BILLS OF EXCHANGE ON GREAT
CHAMPAIGN, ILL., BRITAIN AND IRELAND.
fers;
Capital Paid
WALL
.
All these loans are ear-fully made, after personal
inspection of the security, by members of the above
Arms, who, living on the ground, know the actual
value of lands and the character and responsibility of borrowers, and whose experience in the business for the past SIXTEEN YEARS has enabled them
to give entire satisfaction to Investors.
Unusual facilities offered for the prompt collection
of defaulted municipal bonds.
OFFICE,
Exchange
LONDON.
Issue, against cash deposl d, or satisfactory
guarantee of repayment, Circular Credits for Travelers,
la
dollar* for use In the United States sod
BAN KEKS:
WALL STREET.
Walter Watsox,
Office,
ST..
Brothers
No. 59
BURNHAM, TREVKTTA XATTIS, Champaign, ill.
BURSHAM ,t TULLEYS, Council Bluffs,
Iowa.
BURNHAM ct BUYER, Qrinnell, Iowa.
General Manager.
C. F. SurrnxRs,
Shithers,
London
OLD BROAD
Brown
OFFICE, TORONTO.
and upwards, yielding EIGHT to
TEN per cent semi-annual Interest, and negotiated
through the houses of
In
President.
ANGUS,
1
sold on Commission. lmere>t allowed
P
No. 82
$1,000,000.
OFFERS FOB SALE
REAL ESTATK FIRST MORTGAGE
COUPON RONDS,
-
-
.
;
[Established
$13^000,000, Gold.
S, 500,000, Gold.
-
:<l l
•c, bought ami
A. C. Burnham,
IONDON, ENG.-Tna Lowdok Joist-Stock Bask.
63 Wall Strut.
National Bask of the Retpblio.
NEW TO K—Aoehot,
CAPITAL,
SURPLUS,
lliuumua
Financial.
BANKERS:
of
Boulerard
Attorneys aid Aobstb of
leeare. J. H. IfloRCl \JV tc CO.,
,
Bank
11
Philadelphia.
Pari*.
DOME8TIC AND FOREIGN BANKERS.
)
,
*i 7° ,">".r " "! .",hJ ?0,to nr»"- Securities. <i.,id.
.^
England.— The City Bank.
National Bank of Commerce,
New
York
I
IOKK -lC.
*
F. Smlthers and W. Watson.
Collections made on the best terms.
GEOKGE HAGUE, General Manager.
WM. J. INGRAM, Asst. General Manager.
Drexel, Harjes* Co
St.,
OTCit ",
<:ommerclal Crsdlts.
r
TrlnJ
.""I""'*"Cable
Transfers.
Circular
Letters for Travelers,
»™»»i«r«,
available la all parts of the world.
Coulsojt, Cashier Hugh Lkacii, Asm. Cash
Branches at Montreal, I'eterboro. Cobourg, I'ort Hope.
Barrle, St. Catharines, Colllngwood.
Loiroox,
Co.,
South Tin an
»l
a
,
Reserve,
Dtooah
$6,200,000, Paid Up.
-
Exchange, and makes Cable
k
Drexel
No.
The Bank of Toronto,
CANADA.
agents.
Canada.
-
Sella sterling
CORNER OF BROAD, NEW TORS.
$6,000,000 Gold.
$1,900,000 Hold.
.
J.G.HARPER, )...„..
J. H. OOADBY. *» ""«•
OF
Capital,
-
Commercial Credits avawaMe everywhere.
cities and towns of
issues
Columbia and San Francisco. Bills
collMtcd and other Banking Business transacted.
iMerchants'
...
Grants Drafts on the chief
Canada.
, British
C.
Drexel, Morgan 6c Co.,
WAIL STREET,
STREET.
I.
Transfers of Money.
Ireland, also on
MacTAVISH,
M. MOKIUS,
VI.
Capital,
Surplus,
rates; also Cable Transfers.
D. A.
U
No. SO
Commercial Credits Issued for use In Europe, China,
lapan. the East and We« indies, and Sooth America.
Demand and Time "ills of Exohange. payable In
London and elsewhere, bought and aold at current
Demand Brafu on Scotland and
Financial.
Bank of Commerce,
WALL STREET.
Sit
in
1
kills.
ISAAC SMITH'S UMBKRLLAS.
per
SUPERIOR OLNOHaM
GOOD MLK
IsPATENTED
OTASACO
tl on
IK
\-
I
QUAi* Li.YANTL.NJi SILK
tX.
«,
100
SOU
JHE CHRONICLE
IV
[Vol.
Financial.
Financial.
Financial.
nPHE 1>BEHMGNED WILL PUR-
OFFICE OF THE RECEIVERS
%W~
A CARD.
OF THE
CHASE
at par
and accrued Interest to date the
lowing coupons, due July
1,
fol-
KANSAS
NO.
187!
COLUMBUS & INDIANAPOLIS RAILROAD
CO.
FIRST MORTGAGE.
COLUMBUS & INDIANAPOLIS RAILROAD
CO.
SECOND MORTGAGE.
COLUMBUS & INDIANAPOLIS CENTRAL RAIL-
The
RAILWAY
PACIFIC
NASSAU STREET,
New Yofx November
20
CO.,
23, 1877.
By authority of the Circuit Court of the United
States tor the district of Kansas, the undersigned arc
empowered to distribute to each of the several
classes ot First Mortgage Bonds of the Kansas tactile Hallway Company below described, that have
heretofore not funned their coupons under the funding at rangement of January, .874, au amount equal to
the Interest money receive 1 by the bonds that enterei into the funding arrangement, including an
allowani-e ot six per cent per annum from the time
when similar payments were made to the bendbolders
mentioned.
The Bonds on which this equalization of interest
payments will be made are of the following classes,
last
WAT
MORTGAGE.
CO. FIRST
A.
ISELIN
New York, December
4
CO., 48 Wall street.
S, 1877.
OFFICE OF THE ONTARIO SILVER
MINING
cember
CO., SI
Bboab Stkibt, New York,
De-
S, 18,7.
DIVIDEND
No.
15.
The Regular Monthly Dividend of FIFTY CENTS
(gold) per snare has been deelared for
November, pay-
able at the office of the Transfer Agents, WELLS,
FARGO & CO., 65 Broadway, on the 15th Instant.
Also,
EXTRA DIVIDENDS (Nos. 16 & 17),
each of FIFTY CENTS (gold) per share, have been
declared, payable at the same time and place.
Transfer books close on the 10th Inst.
TWO
viz.:
rirst 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!.
Accordingly, the National Bank of Commerce of
the city of f\ew York will, on and after the 1st of
December, 1877, pay for our account to the hoi lers of
unfunded Bonds the amount set forth in tha explanatory circular, to be had at the Bauk.
Holders of Bonds belonging to the several classes
above mentioned will be required to present the
coupons which matuied on the first class from Feoruary l, 1874. to February 1, 1877, both inclusive en
the second class iruin December 1, 1^-13. to December
and on the third class from
1,1 b7«, iioth Inclusive
November 1, 1813, to November 1, is?6, both inclu-ive,
in exchange for 'he Certificates of TndeiitednesB, In
accordance with the funding arrangement of .874.
C. S. GREELEY,) KecpiTerB
KecelTer8
;
;
VlLLaRD,
11.
H. B. PARSON3,
6c
NORTHWESTERN RAILWAY COMPANY,
No.
Stkibt, New York, December 4, 1877.
A Dividend of THREE AND A HALF PER CENT
has been declared on the Preferred Stock of this
company, payable at this office on and after the 27th
53
Wall
preferred stockholders of record at the
close of business on the 15th Inst.
The transfer-books will close on the loth and reopen on the 28th Inst.
M. L. SYKES, Jr., Treasurer.
Inst, to the
MERICAN EXCHANGE NATIONAL,
A
BANE, New Yoes, December
3, 1877.
&
Moller
Assistant Secretary.
OFFICE OF THE CHICAGO
-
\
Co.,
24 NASSAU STBKET, SEW YORK,
DEALERS IN INVESTMENT SECURITIES.
Negotiate Loans for States, Cities and
We Now
Counties.
Offer:
Cincinnati City7 3-:0 Currency, and Gold6perct. bds
Louis, Mo., Gold and Currency bonds,
Cleveland, Ohio, bonds,
Jersey City Bonds,
Rahway, Elizabeth and Bayonne bonds,
Georgia State bonds,
New Haven, Conn., 5 per cent bonds,
and other desirable and safe investment bonds of
Cities, Towns atid Counties, paying from 1 to 9 per cent
Et.
Interest.
ELECTION.— An
Election for
held at the office of the bank on
8,
from
12 o'clock
M. to
1
Directors will
TUESDAY,
be
January
o'clock P. M.
COMPANY, 18 William Street, New Yoek,
November iota, 1877—The plan for the exchange of
the Bonds of the above-named Company, and for the
purchase of the Bonds of the following Companies,
to wit:— The Erie & Niagara Railway Company, the
Canada Southern Bridge Company, the Toledo Canada
Soutnern & Detroit Railway Company, and the Michigan Midland & Canada Railway Company, Is now perfected. Particular information in respect of which
will be given on application to this Company.
Holders of the Bonds of the above-named Companies are requested to present the same as early as
Company, and receive in
exchange certificates of this Company, to be counterthe
signed by
Union Trust Company, uader which
new bonds will hereafter be Issued by this Company,
as provided for in said plan.
possible, at the office of the
TILUNGH1ST,
gage Bonds of the
the Consolidated Mort>
TEXAS & PACIFIC RAILWAY
COMPANY, maturing December
In gold,
on and after that
Fawners' Loan
&
date,
1,1871, will
New
G. T.
Bonner &
Absolutely safe loans made on property
worth, at present low valuations, 3 to 5 times the
amouut loaned. Title* peni-ct and property visited
personally, correspondence solicited.
Collections made and promptly re nitted for.
AND
BANKERS
Co.,
5c
COMMISSION
Securities, Gold, Stocks
and Ronds
LOANS NEGOTIATED*
Accounts received and interest allowed on balance*
which may be checked for at sight.
H.
FRED. A. BEOWN.
BKOWX.
Virginia State
New
RANKERS,
New
Co.,
York.
SPECIAL ATTENTION GIVEN TO THE SEGOTIA
TION OF
RAILROAD SECURITIES.
Treasurer.
STOCKS
and
BONDS
The
Allegheny CI y. Pa Bonds.
^ac^amento City, Cal., Bonds.
Northern Pacific RK. First Mortgage Bonds.
undersigned
,
FOR SALE:
Louisiana State New Bonds.
Jeff. Mad. « Indlauapulis HI!. First Mort. Hoods.
Houston & Gt. Northern UK.. First Mortgage
Wababh Railway Funded Debt Bonds_
of
REGULAR AUCTION
all
classes of
OH
Correspondence
CH
230
2 00
5 00
\B.
GREGORY,
solicited.
M
vTUiilN BALLOU.
Member New York Stock Exchange.
%V ANTED:
Alabama, South Carolina & Louisiana
State Bonds;
New Orleans Jackson «V Gt. Northern,
Mississippi Central, and Mobile
& Ohio Railroad Bonds ;
City of New Orleans Bonds.
LEVY & BORG,
36
WALL
STHEET.
SECURITIES.
SOUTHERNGeorgia
and Alabama Bonds,
So. Carolina. Louisiana,
Cities of Wilmington, Charleston and N. Orleans Bds,
Citlea of Memphis, Naahv'e, Vick&bursr & Mobile Bds,
Atl. & Gulf Kii. Bonds. Memphis <fe Chart. RK. Bds
Texas Pacific RR. Bonds. Mississippi Central Bonds,
Houston & Texas Central Railroad BondB,
Georgia KR. Bonds. Georgia Central KR. Bonds,
LouUvltie & Nashvl le UK. Bonds and Stock,
Macon & Brunswick and No. Car. B'ds to No. Car. R'
Mobile & Ohio and 8. Orleans Mob. & hatt. KK. Bds.
So. Car. KR., Northeastern K<.., Ala & Chatta. Bonds,
And all other Southern Securities which are talable.
Bought and Sold by
,
t
rt. UTLEY, 31 Pine St., N. V.
STATES CIRCUIT COURT,
TNITED
tJ
\VH.
SOUTHERN DISTRICT OF NEW YOKK.-li.
Enuiiy-Betwe^n JOHN G. STEVENS and other.
Trustees, and the NEW YORK & OSWEGO All)
LAND uAlLKOAD COMPANY, and others.
Notice is hereby given that thi, e>ale ot the proper;
New York <S: Oswego MlalauQ
Railroad Company, heretofore advertis-cd to take?
place on Saturday, the 87th day of October, A. l>.
iBn, at 2 M. of that day, at the Wickliuiii Avenue Depot of said r.ulroau company, InMlduletown,
in the County of orange, and Stale of New Yoikj
has been fortnei -adjourn* d to FulD \Y. tin UTJi
DAY OF JANUAri, A. D. IS, a, at the same time and
1
WEDNESDAYS AND SATURDAYS.
$1 00
Vorli,
of the defendant, the
STOCKS AMD BONDS,
iionda.
"ISAAC SMITH'S ^JMBRELLA^.
SILK...
hold
SALES
New
I
At Auction.
York.
WANTED:
Old Bonds.
SUPERIOR GINGHAM
GOOD SILK
;.....'
PATENTED GUANACO
EX. QUAL. LEVANTINE
6 Wall Street,
Walston H. Brown &Bro.
34 Pine Street,
For particulars
GREGORY & BALLOU,
We also BUY and SELL, on COMMISSION, STOCKS
GOVERNMENT SECURITIES and GOLl>.
Bougbt and Bold on Commission, and
WALSTON
apply to
BONUS,
Liberal casb Advances made on consignments of
Cotton and Tobacco to our address ; also to our 1 rlenoi
In Liverpool and London.
Government
NINI3 PER CELYT
REAL ESTATE FIRST MORTGAGES
MERCHANTS
EXCHANGE COURT.
2
1877.
Principal and interest guaranteed.
R. T. Wilson
BANKERS AND BROKERS,
No. 20 Broad Street,
DUN, BARLOW & CC.
New York, December,
annually.
York, or at
street, Philadelphia.
KUUMBHAAR,
a concern BtylIng itself The Business Men's Union, and conducted by Fouse, Hershberger & Co., bad possession
of, and was constantly using, our Eeference Book, In
answering inquiries made cf them about parties In
business. As this was not only a great wrong to ua
but a fraud upon their subscribers, who certainly
could not be supposed to pay them money for simply
copying from books prepared and Issued by others,
we detprmlned to make an effort to test the truth of
the suspicion, and If found to be true, to put an en d
to It. On the28lh of November, having obtained the
affidavit of one of their own employes who had
seen the book In constant daily use, we obtained a
warrant, visited their place of business and seized
the book, which was then open and being used, and
brought it away. We afterwards ascertained that
they obtained the book through a subscriber on
Warren street, who Informs us that by special arrangement with him he was to obtain the four quarterly books Issued (Instead of ihe two semi-annual
books usually taken by Jobbers), and that they (F.,
H. a Co.) agreed to pay his entire subscription for
him, thus giving him his own agency facilities without cost, in consideration of co-operat.on in their
plan. So much for their possession of the book and
the course taken in order to obtain It.
We have had the same suspicion in regard to our
Notification Sheets, knowing that they could not,
out of their own resources, procure at their own coBt
all the lteii.s they were publishing from time to time.
We took a simple method to settle this matter, but
one quite as conclusive as that taken In regard to th©
book.
In our Buffalo List of Judgments of November 22,
we Inserted (with permission) the name of Arthur
Preston, o e of our cle'ks, as having given a chattel
mortgage for $560, and also, in the She^t of November 23, the name of Henry llewlptt, a bookkeeper In
our employ, was Inserted as having a Judgment
against him for $60. We requested some of our subscribers to watch for these names, both of which ar>
peared in F., H. & Co.'s sheets soon after as veritable
items procured from County Kecords.
We leave these facts to speak for themselves. No
comments of ours could *dd anything to their Bignlficancv or force. We descend to no controversy
with such competitors as these, nor will it be expected of us by our subscribers or the public. Our
ooject In what has been done was two-fold— to pic*
vent spoliation upon ourselves, and at the same time
io prevent frauds upon our own subscribers, some of
whom have been Induced to pay them small sums In
the hope of procuring thereby additional security
against business losses. Kespectf ully,
10-12
at the
the office of the Company, No. 275 Sonth Fourth
GEO. D.
TfXAS FARM MORTGAGES A SPECIALTY,
per cent interest, payable In New York semi-
AJBTK>*?nT'-]E AGKjrcr, )
S3j Broadway.
J
We have long been convinced that
be paid
on presentatien
Trust Company,
CO.,
<fc
Austin, Texas.
Pre»ident.
rpHE TEXAS & PACIFIC RAILWAY
COMPANY.— The coupons of
FORSTFR
Cashier.
CANADA SOUTHERN RAILWAY
J.
solicited.
German-American bank.
OF
W1LLSON,
E.
Correspondence
XXV
ADRIAN
No. 7
II.
MULXER
PINK STREET.
NEW
*V
SON,
place.
Dated October 27th,
1877.
KKNNETH
G.
Alexander & Grekn,
WHITE,
Complainants' Solicitors,
YORK.
12.U
Broadway,
New
York,
Master.
financial
twtoc
HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED- STATES.
VOL.
SATURDAY, DECEMBER
25.
CONTENTS.
648
Financial Review of November..
The Debt Statement
541
Novem-
for
ber, 1877
545
— Report
Department Reports
.
News
of
the Secretary of tho Treasury.
. .
564
546
THB BANKERS' GAZETTE.
Money Market, V.
Quotations of Stocks and Bonds. 567
S. Securities,
Railway Stocks, Gold Market,
New York Local Securities
568
Foreign Exchange, N. Y. City
Investments, and State, City and
Banks, National Banks, etc
Corporation Finances
6651
569
I
|
I
THE COMMERCIAL TIMES.
Commercial Epitome
.
...
Colton
570
570
I
Breadstuff*
674
|
Dry Goods
575
After the surplus, the Secretary naturally speaks of
He shows that the requirement of
this fund, as prescribed by the terms of the act of February 25, 1862, has not only been fully complied with,
but that instead of having reduced the debt up to July
1, 1S77, 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,
the sinking fund.
or $220,954,459 in excess of the reduction stipulated in
the sinking-fund act.
nic
CI) r
<ftl)e
i
with, the latest
news up
to
t*
issued on Satur-
midnight of Friday.
TERMS OF SUBSCRIPTION-PAYABLE
IN
ADVANCE:
For One Year, (including postage)
$10 20.
For Six Months
6 10.
Annual subscription in London (including postage)
£2 5s.
1 6s.
Six mos.
do
do
do
Subscriptions will be continued until ordered stopped by a written order, or
at the publication office. The Publishers cannot be responsible for Remittances
unless made by Drafts or Post-Offlce 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.
Transient advertisements are puhlished at 85 cents per line for each insertion,
but when definite orders are given for Ave, or more, insertions, a liberal discount is made. No promise of continuous publication in the best place can be
given, as all advertisers must have equal opportunities. Special Notices in
Banking and Financial column 60 conts per line, each insertion.
wtlliax B. dana,
JOHN 8. FLOYD, IB.
WILLIAM
I
79
f
&
DANA
Sc OO., Publishers,
81 William Street,
YORK.
Post Office Box 4,592.
B.
furnished at 50 cents;
neat
ty AVolumes
bound for subscribers at $1
file-cover is
tents.
NEW
postage on the same
is 18
56.
Commercial and Financial Chronicle—
dat»— or of Hunt's Merchants' Magazine, 1839 to 1871, inquire
JST" For a complete
July, 1865, to
at the office.
set of tho
0T" The Business Department of the Chronicle is represented
Financial Interests in New York City by Mr. Fred. W. Jos.es.
among
contended that the act of February, 1862, above referred to ought to be otherwise interpreted, and that by its
terms the Secretary of the Treasury was bound every
year to purchase or to pay off one per cent of the whole
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, aa
excess over and above this sum of one pec 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
financial authorities contended that the old view was the
As
CREDIT AND THE TREASURY REPORT.
will be seen
elsewhere, Mr.
from the
full
report which
we
publish
Secretary Sherman has given, on the
whole, a more encouraging account of last year's Treasury operations than was in some quarters anticipated.
In the
first
place there
is
a handsome surplus in the
Treasury after paying the year's expenses of the Government. The receipts of the fiscal year were 209 millions,
and the disbursements about 239 millions. Hence the
surplus is 30 millions, or four millions more than was
estimated in the report made to Congress a year ago.
and
true one,
and that the
would be
fully satisfied if an average of one per cent of
spirit
letter of the statute
the public debt were annually paid
years
we might pay more, and
off,
though
in others less.
in
some
On Mr.
Bristow's retirement from the Treasury, his theory waa
dropped, and the opposite view was favored by Mr.
Secretary Morrill in his Treasury report of last year.
The dispute
TIIE PUBLIC
be remembered that some
when Secretary of the Treasury,
It will
years ago Mr. Bristow,
e
The Commercial and Financial Chronicle
day morning,
was reduced to
$5,778,002.
Report of the Comptroller of the
Currency
553
Latest Monetary and Commercial
English News
562
Commercial and Miscellaneous
the Treas-
ury Report
NO. 650-
1877.
net increase of the Treasury balance
THE CHRONICLE.
The Public Credit and
8,
is
scarcely referred to
report before us.
He simply
by Mr. Sherman in the
and shows,
states the facts,
without comment, that more than 220 millions in excess
amount required by law for the sinking fund have
of the
been paid
off since
the public debt reached
its
highest
point in August, 1865.
The next
topic of the Secretary
the public debt.
Two
is
the refunding of
Syndicate contracts have been
running during the year, one for four-and-a-half per
which closed last May, when the
cent bonds,
sales had reached 200 millions, of which 185 millions
were applied to pay off six per cents, thus reducing the
Of course it would have been eminently satisfactory if interest burdens of the country to the extent of
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
Fourteen millions were wanted April 17 and July 22, 1870.
The second contract began 9th June, 1877, and was to
and ten millions for the redemption of greenbacks, so that the terminate 30th June, 1878, with tke right reserved to
ever,
was impossible.
for the redemption of fractional currency,
THE CHRONICLE.
544
rvou xxv.
continuance had been based 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
The bonds to be sold under this contract were altered the currency movement.
notice.
the four per centH authorized in the refunding law.
The agitation of the silver bill in Congress and its passage by
Mr. Sherman reports the sale of 75 millions under this a large majority in the House of Representatives was one of the
contract, of which 50 millions were applied to the principal disturbing events in financial affairs. The spirit shown
redemption of six per cents, so as to save one million a by so large a number of our legislators, and their willingness to
seize upon the technical wording " payable in coin" as a pretext
year of annual interest. Hence, it appears that under
for paying government bonds in the present depreciated silver,
the two contracts the yearly saving of interest effected was hardly less injurious than the apprehension of the damaging
by the Syndicate operations of the year has reached the effects which wculd be likely to follow the passage of this parSince the close of the fiscal ticular bill.
sum of $3,775,000.
the Treasury to terminate it at any time after 31st December, 1877, by giving to the Syndicate ten days'
year
tion
and
act
duced
for
agitation
the
the
the
repeal of the
remonetization
the
Syndicate
to
believe
that
of
ita
yeais,
Government
resump-
silver,
further
in-
sales
wards
the
on the first prospects and afteron the reports that President Hayes would veto
securities declined
rallied
bill.
Gold was also influenced by the Bilver malaria, and advanced
after the House of Representatives had voted for Mr. Bland's bill,
but afterwards fell off on the same reports which influenced government bonds.
Railroad stocks were not active, but on a moderate volume of
would be prevented, and for this
Mr. Sherman states, they decline to offer
them. He adds that if no questions had arisen disturbing the public credit, the whole of the 660 millions of
business maintained their prices very fairly till near the close of
the outstanding sixes could be rapidly paid off by the
the month, when there was a decline in some of the speculative
proceeds of the four per cent funding bonds, sold at par
It was reported that a prominent
favorites, led by Lake Shore.
With a view to sustain the member of the bull party was Belling out. Railroad bonds were
in coin or its equivalent.
public credit the Secretary earnestly urges Congress to decidedly strong, and prices advanced materially for most of the
give its sanction to the assurance that, as the Govern- first mortgage securities.
Foreign Exchange was dull and much of the time depressed.
ment exacts in payment for its bonds their face value in
CLOSING PRICES OF GOVERNMENT SECURITIES IX NOVEMBER, 1677.
Congress
would
future
legislation
of
sane,
no
gold coin,
of the four per cents
reasOD,
as
payment of the
tion or tolerate the
Among
—
Nov.
the subordinate suggestions of Mr.
1
Sherman
—
10-408
^-68,1881-^ ,-8-20s, Coupon^,
5a,'81. ,—4!4s,'91-, 48,
reg. coup. 'Bon. 1867. 1863. reg. coup. coup. reg. coup. reg.
108* .... 107*
105« .... 10254
11054
principal or interest
of these bonds in coin of less value.
110*
110*
2
I
cor.
••
...107*
105* 103*
105* 108*
....
....
Be,
.
....
105* 1G5K
107* 108* 10634 105)4 105*
....
107* 108* 106% 105* 105*
.8.
is
that a law be passed authorizing the Treasury to
sell
bouds either for coin or for its equivalent in United
States notes. For want of some such provision it
has become necessary for the Treasury to employ syndicates and other expedients for the sale of its bonds.
For, under the present law, coin alone can be received
in payment at the Treasury, and the only existing coin
that could be received under the law was gold coin,
which is not in general circulation, and could not, therefore, be conveniently paid in the Treasury for the bonds.
For these and other reasons it was fcund best, both
during the war and since, to conduct the greater part of
the sales of bonds through third parties, who could
receive bank notes, greenbacks, drafts, certificates
checks, and other commercial paper, and convert them
its
into coin.
The
difficulties
pointed out by the Secretary
have often been discussed in The Chronicle, and many
remedies have been proposed. The expedients suggested
by Mr. Sherman are worthy of consideration, but they
would have been more likely to commend themselves to
the attention of Congress, if he had explained the reasons for them in more full detail. Besides these various
5.
6
Election Holiday
7
8
108?.' 106* 105* 105* 102*
....
110* .... 105% 108* .... 108
110* 110* 105* 108* .... 107* .... 106% .... 105* 102* ....
103* l'.O
.... 108*
105* 102JJ 151*
110*
110* 105* 108* 110* .... 103*
9
10
11
18
18
14
15
16
17
.3.
110* 110!/, 105* 108* .... 107*
110* 110* 105* 108* 110* ....
107*
110* .... 115*
107*
110* 110* ....
10654 HO* 107*
"'.'.
1C8* 110* 107*
iio*
S
i'lou"
108* 110* ....
110*
110* 105* 1C8H 110*
.... 110* 107*
.... 106
110* 106* 103X .... 108*
108*
.110* 110* 106*
18...
'.'.'.'.
19
20
21
22
110* 105* 109
110* 106* 109*
.... 106* 1«9*
OpenlngllO* 110*
Hlghest.l!0)4 110*
Lowest..llC* 110*
Clewing. 110* 110*
105*
106*
105*
106*
for
Money
108
110
11154
110
lliy,
121*
12*
....
1C4* 105* idi* 121*
106* 104* 105*
....
.... 105* '.02*
104* 105* 102*
106* 104* 185* 102H
108* .... 104*
.... 105* 103*
118* 107
106* .... 105* 102* 122
108* 105*
106*
106*
....
105*
....
103*106*
....
10554
10J*
....
121*
122
AND
103* 105* 10554 105* 10254 121;.
10554 105* 102* 183
108* 107
103* 106* 104* 105* 102* 121*
108* 106* 101* 105* 102* 132
107*
108*
107*
108*
U. 8.
BECDRITIES AT LONDON IN
noli day..
Nov.
96 7-16
96 9-16
11-16
11-16
9-16
11-16
9-16
9-16
98
96
98
96
96
96
1 1-16
%
Date.
'
21 96
22 96
23 S6
24 96
1
'
108* 103* 106*!l05«
108* 103* 106* 105*
108* 103* 106* 105*
103'i 108* U6* 105
108?; 108* 106*105
108 * 10d'/, 106* '1C5*
1
'
•
"
"
3....
108* 108« 106* 1C5*
9-16 loss 108* 106* 105* Open
108*4 '-06*
S, lOfi*
108* 108* 107
103* 106* HIT
7-16
108K 108* '.06* 104*
_>i
108fi 108
96 7-
H*
Highest 97*
101* Lowest 96 7104* Closing 97*
104* 8". (
11-16
9-16
11-16
11-16
S....
S91 H
»4
Nov.
"
"
"
"
1..4.80*a4.
2..4.80*@4.
3 days.
4.85 @4.8554
4.85 ©4.8554
8..4.8054@4.
4.85
4
©4.85*
S.
and, contrary to the anticipations of many, the bank reserves
increased and the quotations for both call loans and commercial
10..4.80*®4
81
81
SI
81
.S.
81
81
9. .4. 80 it
@4
11
12..4.80*@4
4.84!4@4.85
Holiday
4.64*@4.85
4.84 @4.81'4
4.84 ©4.8454
13. .4.80*04
14.. 4. 80
BOX
16. .4.80
80*
16.. 4.
4 81
©4
©4
60*®
4.84
®4.84*
4.S4
4.64
©4 84*
©4.84*
4.83*@4.84
4.83*@4.84
4.84
©4.8454
108* 106* 104*
1083s
97*
L
S,
10854 10S54 lOfi*
103* 10 i* 106*
109* 108*; 107
10S* 108* 106* 105*
105*
109* 108* 107
108* 108* 106?; 104*
104*
109* 108* 107
110* 110*
106
107
109
1C6*
105 \i 102)4
1877.
60 davs.
3 days.
Nov .17..4.S0*®4
SI
18
19.
101*
104*
104*
109* 108* 106* 10454
109* 108* 107 104*
BANKERS' STERLING EXCHANGE FOR NOVEMBER,
60 days.
New
5-20, 10-40 5s of
1881. 4 *s.
1867.
11-16 108* 103>, i06* 104*
11-16 108'/. 10-* •-06* 104*
13-16 108* 108* 106 * 104*
13-16 103* 10854 116* 104*
25
26 96 13-16
27 96 13-16
»6 15-16
29 97 3-16
30 97*
1
]
108
for
Money.
Nov. 20 96 11-16
108* 108'/. 106* 105,-;
103* 103* 106* 105*
S....
96
96
96
96
96
96
KOTMBIB
Consols U.S.
New
4*8.
81
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
102*
...
1C5* 1C5*
.... 106*
....xl04*
108)4
108*
1881.
5..4.S0*®4
November allowed a decided
....
....
5-20, 10-40 58 Of
1867.
7.4.80V4©4
8..4.80*@4
in
....
Consols U.S.
Date.
relaxation,
FINANCIAL REVIEW OF NOVEMBER.
103*
109*
108*
109*
CLOSING PRICES OF CONSOLS
in the report,
The money market
10654
108* 106*
Thanksgiving Holiday
110* 106* 109* 11154 108* .... 106* 104* 105* 102*
affecting
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 system, 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.
....
10854
,...S.
now
27
28
29
SO
the public credit, the subjects of
resumption and of silver coinage are very fully discussed
questions
H8*
.110*
.
4.84
.
.4.80^0,4 .81
20..4.80*@4 .81
21..4.80*@4 81
22..4,80*@4 81
23..4.80*S4 81
24..4.80*@4 81
©4.81*
.J
S
4 84
©4.S454
4.84 V, ©4.35
4.84*@4.85
4.84*@4.85
4.84*@4.85
4.84*@1.S5
.S.
25
26.4.80*(7M 81* 4.e4*®4.85
27..4.8I*®4 .82
4.855,
28..4.81*@4 82
4.85*
29
Holiday
30..4.81*©4 82
4.85
,
Range. ..4. 80
©4.82
4.83*@4.85*
Decf.mheh
THE CHE0N1CLE
8, 1877.1
cocwt or aoLn
m
no-smber,
1877.
fS
•«^l!5
Tate.
Site.
2 ifi
Sunday
4
Monday
.'>
Tuesday
Wednesday...
Thursday
7
1
8
On the abovs
Friday
Saturday.
...
6
109X lOtx io»X Sunday
10»X 10VK in.". Monday
IMS 10SS IMS Tuesday
1(W>
'
102*
a
IMS
BBS
Klec tlon
103
wax
!u»X
9,102% 102* 10»X
10 102X 102% 102«.
IOM
day.
Friday
tOM
KM*
"
"
1WX
iMxioax
iosshoss
IMS
Thursday... .» 103
tot
103
ma
103
103
103
103
iwx
102%
1877.
1876.
1875.
1874.
1873.
1*72
toss ios»
108X1 -OS 10JS
114S 116S 1I5S
110M 110 112%|ll!>$
108S 106SH10K 109
I';,::;
1869. 129%
1868.
1887. 1*55
1866.
1835. 11-,',
1884. 1 1 \
1863. 146
1862. 199*
IMS
1
"
"
KWX|!MX
128S 122%
132
137
148
154
I* OCTOBER AND NOVEMBER.
--> ,
ctober,
November.-High. Low.
jOW, Cloe. Open. High. Low. Clos
71
71
Railroad Stocks. Open.
& Susquehanna.
At. it Pacific, pref... .
Bur. C. hap.
North..
&
Central of
.
.
H«
do pref
Hannibal
&
do
St.
Joseph.
do
pref.
Harlem...
Kansas Pacific
Lake Shore & Mich. So.
Michigan Central
Mo. Kansas & Texas
Morris * Essex
4
63S
59S
do
2X
pf,
&
St. L.
pref.
Pacific
Wabash receipts
jniscellaneoun.
Pacific Mail
American Dlst. Tel
Atlantic
Pacific Tel...
&
Western Union Tel
8X
Uoited States Express..
Wells Farjjo Express. ...
Bel. & Hud. Canal
Canton
NewYorkOas
103
103X
S3X
66X
37S
3VS
35
64
67
101
101X
3X
3S
51
45X
SOX
60
60
"X
60
12S
25X
12X
25*
13X
8X
10X
22X
27
27X
81
147
18*
M.X
27X
143
'.OX
146X
72S
4X
143
70(4
no
73%
5S
6S%
IX
9
101X
!06l«
151
IMS
7
9
14S
"(4
2
U5X
87
4X
4S
64
2
125
67
75
IS
6X
4S
6S
27X
6X
24(4
68
66
8X
3X
62X
57S
t2X
59X
4S
5
IK
1(*X
15*
157
154
157
9S
»S
16
2
125
17
i
115
90
5X
8S
14*
IX
SX
"X
IS
125
120
92X
86
91X
....
15
8
4X
24 X
24*
«X
4
S
15
7X
6X
ex
4*
15X
S»S
7X
5S
25
X
8X
3X
67X
17
66X
14*
67
16
21
21
22
23X
20
8IX
77X
28«
77*
25
25
10
25
10
24
24
23
20X
79%
20X
84S
19
20
76S
SOX
81
25
10
10
67
15
15
15
7X
4«
28S
6s,
Oregon
5s,
in b
Han
b.
do.
do.
1891
July
14,
1907 July 14,
*
Interest
Corn#748,667,800
703,266,650
200.000,000
70,000,000
Money—
(1,721,934,450
$30,697,051
14,000,000
24,702,050
175,000
$851,403,990
36,065,001.
18,043,090
32,891,400
1497,898,411
r,447
#31,644,767
8,280,174,678
133970,814
Total
Less estimated amount due military establishment, for which
appropriations have been made
#188,617,611
o
Total
Debt, less amount in the Treasury, Not. 1,1877
Debt, less amount In the Treasury, Oct. 1,1877
8.816,898
9,806,008
36.055,000
4,500,000
i
8184,147.618
2,.M6.027,065
2,047,350,700
|
j
Decrease of debt during the past month.
Decrease of debt since June SC, 1877
Bonds Issued
»LS2J,634
•
14.131,157
Railroad Companies, Interest
Payable In Lawful .Honey.
to the Pacific
Interest
Interest Balanee of
Amonnt
paid by
repaid by Int. paid
Outetand'g. United St's'tr nsp't'n
by rj. 8.
j
I
56
48
49
E6*
46%
39X
<6X
87X
48S
22J4
22
23
Character of Issue.
Central Branch,
Union Pacific.
Western Pacific
Sioux City and Pacific
$25,885,120 $14,133,912 #2,1*8,960 $11,934,951
6,303,000.
2.327.903
3,690,858
L88s\8M
27.2i6.512
5,103.347
10,049,858
15,151,704
tlOvSO*
1,800,000
8*\M
9.:>i7
949,480
1,170,5601
878,102
68,409
47X
21
21
124
120
124
120
1877.
Bonds Outstanding.
Coupon
#64.623,512 #35,957.699 $8,976^38 #26,981,195
Total.
Pacific Railroad bonds are all Issued under the acts of July 1, 1889, and
July 2, 1864; they are registered bonds in the denominations of #1,000, 15,000
and #10,000; bear 6 per cent interest in currency, payable January 1 and July 1,
and mature 30 years from their date.
The
The following
Dec.
1,
1876,
is
a comparison of the condition of the Treasury
and Dec.
4,595.000
945,000
63,030,250
11,080,800
52,020.350
70.436.800
212,061,750
21,714,800
888.884,000
82,87(1,100
10,694.300
#827.818.9^0
1,
1877:
Balances.
1877.
1876.
$: 1,743,21 5 88
Currency
Special fund for the redemption of fractional
currency
Special deposit of legal tenders for redemption of certificates of deposit
Coin
Coin
#260.000
March.
in
Coin
Currency
Currency held for the redemption of fractional currency
Special deposit held for redemption of certificates of deposit
as provided by law
8S(4
In
«i.: 988^11
7,4«7
Total
$2,198,529,911
Total debt, principal and interest, to date, including Interest dne
not presented for payment.
Amount in the Treasury—
99X
Coupons of #50 and #100 bonds are paid annually
interest.
Total debt bearing no Interest
Unclaimed interest
41X
K6X
45S
#894.115,500
82.S9i.409
Certificates of deposit
Fractional currency
Certificates of gold deposited
53
50
47
8?
I8.048M8
:;.27.).-,27
—
44X
S6S
in coin
.
Total debt bearing interest in coin
in Lawful
Kansas Pacific
Union Pacific
Aggregate of debt bearing interest
Fourth.
Fifth...
3, '63.
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
Central Pacific
ten
86^06,000
Third-
8,
4X
15^
331.340.C88
4,v9:,097
3,114,143
8,027,078
4,337,078
Second
Debt beaiunu Interest
34
1891
1907
i
8, '72.
Bonds at 6 percent
Bonds at 5 per cent
Bonds at4X per cent
Bonds at 4 per cent....
36
"-.
88
3,
June
Dest bearing Interest
98*
120,2S3,100
58,919,400
142,545,950
46,466,650
98,860,050
16,760,500
220,076,890
117,129,900
59,805,700
11,
Amount
36
i.
new. War it ',
March 3,
March 3,
Funded Loan, 1881 July 14,
4Ss,
4s,
\i
IsVts
Prior to 1889. #21. ill -.v.
Series of 1869 165489,081
Series of 1374
47,124,575
Series of 1875 117,782,083
Outstanding.
f8
53(4
£00,000
Total.
Kerapltulatloii.
85X
8,
f
Aggregate of debt bearing no
Unclaimed Interest
95(4
Registered.
Anv.nn;
|
Mar.
certificates...
33
Jnrr2kA.
1881
6s,10-40 , s
6s, 5-208 of 1865,
6s, 5-208 of 1S67
6s, 5-208 of 1868
Coin
17(4
Interest
Periods.
25, '62
30,
25X
41
-j
Feb.
July
Mar.
June
16X
32S
98*
22
124
120
. . .
17, •611
12, '02
17,
23
March 2,
6eof
Ifloasr.
only to pens'aa 114,000.000 #175,000
Issues.
July
Feb.
July
Fractional currency. . 1 Mar.
8X
official
Feb.
War
6s of 1851
Lawlsl
First...,
18
»4K
i
Certificates of deposit.
25X
•Tunc 14,
5s of 18S8
6eof 1881
Legal-tender notes
23X
16X
a
i,,
Int. appl'd
Acts.
Old demand notes
16
Auth'rizing
Act.
.i
Authorizing
Character of Issue.
23S
22
124
120
IX
IS
''i
statement of the public debt as
appears from the books and Treasurer's returns at the close of
business on the last day of November, 1877
Debt bcarlns Interest In Coin.
Character of Issue.
a^a
Debt Bearing no Interest.
22
18
THE DEBT STATEMENT FOB NOVEMBER,
the
mm
Is a total amount of over-dne debt yet outstanding,
which has nersr
Been presented for payment, of #24,:02.050 principal and 8766 869 Interest. Of
this amount, #28,981,930 are on the "called*' II te-twentlesT
5
52X
4»X
Co
Debt on Which Interest Has Ceased Since maturity.
8X
23S
r 4)
There
IK
24
45
100
55 (4
50
87
r.
Nary pension. Act July 93,'68,
1X
....
is
«• follows:
Principal. Interest
3s,
IS
IK
1(4
Union Trust
The following
120
103X
67S
S
s
76X
1
107X
15
IX
73
115X
IX
8
K6
17
17
X
9(4
120
115X
12
29
69X
65X
»«
76 X
4X
«X
114
«*
68X
7X
X
MX
148
74
64
2(4
4X
33 X
24
20
41
22 $4
66
100
35
76
50
60
12
20
12(4
60
1*X
58
48
84
63
99
35
76
85X
70S
35X
50X
22X
42
b<,n,l• »'•
100X
102S
45
65
42X
rnx
20X
80X
35X
X
101*
82X
BBS
83X
77
8(4
IX
IX
99X
72
24X
97S
American Express
103
102X
22X
do
Adams Express
18V
78X
74
40X
68X
56S
6S
8(4
11
74
4
6X
2X
15X
80S
41S
73X
so
lb
74
71X
leox
14
3<%
9«
X
78
15
66%
12X
Consolidated Coal
Maryland Coal
Mariposa L.AM
prf
Ontario Silver Mining..
Quicksilver
do
pr^f
63S
20
142
5X
!6X
61S
21
17
6X
5X
San Francisco..
Union
60
130
94
17
&
do
do
14
15
33%
33X
8S
53X
30 "4
141
16
77
103
103
101
5X
121
115X
ML &
IX
67
35
6t>%
84X
&
73
F.W.& Chic, guar SIX
Alton & T. H
4S
do
101X
31«
*
3
i
74
6X
St. L. Iron
South.
St. Louis Kans. C.
N.
42S
72S
43X
69*
105*
79
N. T. N. Haven & Hart. 154
Ohio & Mississippi
7
do
pref..
14 X
Pitts.
St. L.
106
105
15
77
108
1SX
71X
Pacific of Missouri.
a*
27
New Jersey
12SX
New Jersey Southern...,
X
N. Y. Cent. & Hud. Riv. 101%
Panama
"•X
16
St
12
28
142X
Illinois Central
n
IX
New Jersey.. 15X
Erie
^—-
.
& Alton
86
do
pref... 108)4
Chicago Burl. * Quincy 101
Chicago Mil. & St. Paul. 36%
do
do
pref. 71 X
Chicago * Nerthwest.
38 3
do
pref. 61S
Chicago & Rock Island. 102,4
Cleve. Col. Cin &lid...
£*
Cleve & Pittsburg, guar. 82X
Columb. Chic. & Ind. C.
3«
Del. Lack. & Western... 47
Dubuque * Sioux City.. 55
Chicago
"ch ,mmt "f
^»U {s^sVTS.lS!
!48tf
I
RANGE Or STOCKS
Albany
of
U8M
I8TS "lit 138
I83S. !4-X 141
nr.'i 148X U7X
210 260
230
t«S
I
121
"
129
ins
183M 129
IMS Since Jan. 1, '77. 107S 108X107% IMS
The following table will show the opening, highest, lowest and
closing prices of railway and miscellaneous stocks at the Now York
Stock Exchange during the months of October and November:
23 10*?i
,JlO2%103
24 102% 102%ll02%
Friday
Saturday.
l"
Issues of bonds there Is a total of tl flBTOWnf Inlsr—I
for. The total current accrued Inlewsuo
112S HIS 114X112S
1871.I112X 110% 112S!110S
""
1870
"IS 110 113V 110«
"
"MX
.81 10.'-
,0,
JS*
Jl
1
November,
van
.
1(.
10:
._ 103
IMS
108X
nksg iving Dav
80 102X IMS 103
10JS
lOtJj
11
12
Monday
lit'S 102% 102X
IS
Tuesday
102X
102X
14
Wednesday...
108K lOUSllOlsllOJX
102'.
Thursday
15 10 »!H
16 I02* 102X 102X.1
Friday
Saturday ... .17 ioas 102
102V
Sunday
18
. .
19 102X
Monday
102X
Tuesday
90 102X 102'. Hl-2'. 102%
Wednesday.
IMS
it;
27 "-'.
Wednesday. ..28 103
rtinrsday. .. .29 Tha
Sunday
s
n
,
5H?
Debt Bearlnc
2S
iafc
103
81102%' lot*
ma
^
.
645
and not yet called
I
Thursday
Friday
Saturoay
d n
r
,1
:.
certificates
Coin, less coin certificates
Outstanding called bonds
Other outstanding coin liabilities
Outstanding legal tencers
Outstanding fractional currency
Oststindim; silver coin
TStaldebt>si cish In Treasury
Reduction of debt for November
Reduction of debt since July 1
Market value of gold
Imports at months ending Oct. 31)
Kxports (12 months ending Oct. 81)
• Increase,
November,
1876.
»
40,733,000 00
79,881,47184
00
24
37,413,600
42,467,871
1,475,!0D
9.283,224
866,911,000
*T.4Sl»,a«28
00
86
00
»
88,700,388 58
^089.339.099 48
4
2T-S?? J*
10,108,84557
$3,316,319 J3
.
'
*.
.-2
CO
48
00
48
00
58
351849.188 00
36.036,000
133.970.814
38,391.400
101.578,814
!3,9!1.V50
5.1tJ,SJ4
S
!?-048.*f*
87,338^394 28
».0»A0t7.08B 94
.
:•?£'?!!
H
•'
14,1K|W JJ
198 87
f&'ii'Jii
S?
510,386.693 00
JU-JSJ-S
626,190,888 90
"'
m
THE CHRONICLE
546
From
the actual receipts for the first quarter of the fiscal year
for the remaining three quarters, based upon
existing laws, the total revenues for the current year will amount
to $265,500,000. and the expenditures to $232,430,643 72, which
will 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.
Department |Up0rt&
*
and the estimates
OF the "treasury.
Treasury Department,
Washington, D. C, December 3, 1877.
uipijRTMJin^
To the Hon. The Speaker of
the
]
J"
House of Representativea.
respectfully submit the fallowing
Sik: la obedience to law, I
report
The ordinary revenues, from all sources, for the fiscal year endive June 30, 1877, and the ordinary expenditures for the same
mated upon
period, were
F:
Expenditures.
litceipls.
Cnsroms
Intcrial avenue
Sales of Public land!..
Tax on
8130.9 6,481 07
lie,«80.407 83
97'j,2d3 t8
penalties,
&c
7,078,550%
$13,794,18S 34
1.229,753 79
5.417.007 24
S7,9t3,753 27
—
cl-
1
ding river and
improvements
mdarsenals
establishment,
Naval
includ'g vessels, machinery and improvements at navy yards.
hari or
1.661.E93 61
1,044.712 64
Fees — consulai letterspatent and lands
Proceeds of sales of
government property
Prem-um on sales of
exp-nses
Foreign intercourse
Indians
Civil
Pensions,
Military establishment,
circulation anil
deposits of National
banks
Re payment of interest
liy
Pacific Railway
Companies
Customs' fees, flues,
,
1,787,61197
Miscellaneous
14,939,935 36
30, 1879, esti-
..
sales of public lands
tax ou circulation and deposits of national banks
repaymtnt of interest by Pacific Railway Companies
customs* fees, fines, penalties, &c
consular, leltere-palent, and lands
fee.proceeds of s^lea of government property
'.*?
premium on sales of coin
From
From
From
From
—
From
From
From profits on coinage, &c
From miscellaneous sources
..
$!33,0"0,000 CO
140,000,060 00
1,'0 /Ol 00
7.110.0(0
1,100.000
l.ojo.roo
1,750,000
500.000
00
00
oo
00
00
5O,0(,O
00
i,oo:),coo oa
2,750,000 00
$269,250,000 00
of expenditures for the
same
period, received
from the several Executive Departments, are as follows
therevenue
Interest ou the public
debt
Total ordinary receipts $4o9,0C0,586 61
Total ordinary expen-
Executive
•ludicial
S9,24?,119 47
97,141,511 58
$2:8.66",O0S 93
$30,340,577 69
Foreign Intercourse
Miliary establishment
Naval establishment
Indian affiirs
Pensions
Public works:
Treasury Department
1,214,3*7
31,597,470
16,333.434
5 415,8ul
23,000,000
....
War Department
Navy Deportment
Department
Dcparlmeit of Agriculture
Interior
$10,0:i,'>17 00
14,014,453 05
417,510 00
5,778,002 64
$30,340,577 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 r«venue, $17,115,491 54
In proceeds of sales ol public lands, $153,213 27 in sales of coin,
in semi-annual tax on banks, $250,022 33
in
$3,473,965 02
priz--money, $321,370 92; in sales of puhlic property. $1,388,212 73: and in miscellaneous items, $934,512 81. There was an
increase in the fo lowing items: In internal revenue, $1,929,
675 80; in profits on coinage, $1,532,121 27; and in miscellaneous items, $1,593 539 01 making a net d-crease in the receipts
from all sources, for the year, of *18 481,453 51.
The expenditures show a decrease as follows: In the War
Department, $988,^52 74 in the Navy Department, $4,003,374 46;
in civil and miscellain the Interior Department, $983,194 3"
neous, $10,706 307 18; and in the interest on the public debt,
65
funding
due to the
of six per cent bonds in new
$3,118,759
making a total reduction in
fives and four-ahalf per cent bonds
of
Departments
the
$19,799,788
40.
all of
The large apparent reduction in the expenses of the Navy
Departmeut, however, is not real for, by reason of insufficient
appropriations to pay the current li*li ities of that Department,
Congress has, by dene ency bill, during the recent session, appropriated tire sum of $2,003,801 27, which is properly chargeable to
the expenditures of the last year; but, including such deficiency, the reduction in receipts has been nearly met by the
reduction of expenditures.
It will also be noticed that more than one-half of this reduction has been madein the civil and miscellaneous expenditures,
and is in part due to the reduction of the salaries and office
expenses of the civil officers and employes of the Government.
;
;
;
;
—
Postal service
:
$2,843,258 1«
18.48s.464 28
391,9:0 00
Legislative
E33.P51 96
diture.'
em
Tctal ordinary receipts
expen-
Leaving a surplus revenue of
Which was applied as follows:
To the redemption of United St. tes notes, &c
To the redemption oi fractional currency
To the redempt on of six per cunt b >nds f ir the sinking fund.
To increase of can balance in the Treasuiy
June
From customs
From internal revenue
The estimates
849.5=0 78
S 27,219 08
3,0,7,784 81
Profits on coinage, &c.
Miscellaneous sources.
fiscal yeah 1579.
for tlie fiscal year ending
existing laws, will be :
The revenues
37,084,735 £0
ditures, includ'g publightlic buildings,
houses and collecting
coin
XXV,
[Vol.
..
Miscellaneous
Pernmueut annual appropriations:
Interest on the public debt
Sinkingfuud
Refunding acts— customs, internal revenue, lauds, &c
Collecting revenue from customs
Miscellaneous
50
63
40
20
00
SO
78
00
08
00
8.093,fi74 72
15,143,5S5 2»
5,076.6:5
7,955,077
8,314,431
526,244
15,760
92.680.802 51
87,196,045 04
5,' 4:3,000
00
t, 508,000
00
1,161,300 04
Total estimated expenditures
$480,638,796 38
appear that if Congress shall make appropriations based
upon the foregoing estimates, including $37,196,045 04 lor the
sinking fund, there will be a deficiency at the close of the year
The following estimates are in excess of the
of $11,438,790 38.
expenditures, for the same purposes, for the last fiscal year
It will
Judicial...
$S.b.'4 £9
Military establishment... 4.0.0,790 21
Naval establishment
Indian aflTiirs
Pension-
2,446.783 61
188,883 99
30,247 73
Public works
War Department
Navy Department
$3,(141.417 51
1,546 24H
221.741
Interior Department...
Dep't of Argricnlture..
8.910
Postal service
2,059,112
05
00
00
48
;
;
—
—
;
FISCAL TEAR 1878.
For the present
fiscal
year the revenues, actual and estimated,
will be as lollows:
For the quarter For theremaiH•ndlng Sept. ing three qaar30.1377.
Actual.
Receipts.
From customs
From Interna revenue
From sales of pub Ic lasds
From tax ou circulation and deposits of
$3
18,898.983 63
»«._.
customs' fees, flues, penalties, &c
ea— comuliu, jetters-pa'ent, aud lrnds.
Kro n proceeds r>f galea of governm nt property
From premium on sales of coin
profls ou coinage. &c
FrFrom miscellaneous sources
From
From
tersof the year.
Estimated.
$92,V«,464 44
218,79119
89,606,617 42
781,208 61
3,443,9,6 81
3,530,063 16
national
Banks
From repayments of interest by Pacific Railway
Comptnies
',981,531 56
f.
m
Total receipts....,
836,164 13
29 ,310 32
441,604 38
65,583 56
130.434,67
417
10
895,058 67
S2
68
65
64
3>>'l,567 33
1,474,244 90
2,704,977 33
$71,537,569 84
$193,991,430 18
m
663,337
704,659
1,308,395
284,411
expenditures for the same period, actual aud estimated,
will be:
The
For the quarter Forthereroainendin:; Sept. trig three quar
30. 1877
Expenditures.
Actual.
and miscellmeons expenses, including
public buildings, ligit-houses, and collecting
$15.821, S78 05
the rev.nue
For Indians
1,65?,572 96
For pensions
7,416,7t3 59
Fer military eUib'ishment, including fortifications, and river aud harbor improvements aud
For
ters of he year.
t
Katimated.
civil
arse'ais
$3G,1S8,643 95
3.191,427 04
«l,0t3,il6 41
TeUl
eidinary expenditure
1879, exclusive of interest and sinking fund, should not exceed
$140,000,000. This will require the appropriations to be reduced
at least $11,000,000 below the estimates submitted above
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 workB not
indispensable lor the public service; and by judicious scrutiny
of disbursements.
The rapid appreciation of our current money to the coin
standard should be accompanied by diminished expenses in the
public service. The revenue from duties on imports having
largely diminished, the expenses of' its collection should be
reduce 1.
Old claims should be closely scrutinized ; and any
increase in any branch of public expenditure should be arrested.
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 that the appropriations based upon them, including the amount estimated fer
the sinking fund, should not, in any event, exceed in the aggregate the estimated revenues of the Government.
—
—
SINKING FUND.
In the last annual report (page 10) my predecessor stated that,
had the resources of the Treasury during each fiscal year, commencing with 1863, been sufficient to make a literal compliance
with the conditions of the sinking-fund law practicable, a total
of $433,848,215 87 would have been applied to that fund July I,
1876, whereas the actual reduction of the debt, including
accrued in'erest, less cash in the Treasury at that date, amounted
Oa the same basis the amount in the
to $658,992,226 44.
sinkiue fund would have reached $475,318,888 78 on the 1st of
July, 1877, on which date the reduction of the debt, including
accrued interest, less cash in the Treasury, since its highest
point in 1835, amounted to $696,273,348 17, or $220,954,459 30 io
excess of the amount required by law to be provided for that
fund.
FUNDING, ETC.
contract of August 24, 1876, made by the Secretary »f the
Treasury with certain partiss, for the negotiation of $300,000,090
four-and-nne half per cent bonds, had so 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 redemption of a like amount of five-twenty bonds.
The
1,072.037 48
35,927,964 S3
8,89',545 51
40.46^,589 96
52,694,053 78
$7O,;30,9O» 55
$131,099,733 17
For naval establishment, including
vessels and
machine y, and Improvemeniaat navy yard..
For Interest ou the public debt
Assuming that Congress will not increase the aggregate
national taxation at a time when all industries are oppressed by
the weight of local taxation, the Secretary recommends that the
aggregate appropriations for the fiscal year ending June 30,
12,69M">4 49
December
8,
THE CHRONICLE.
1877.]
While the
contract expired in term* on the 30lU day of June,
1877, it contained a stipulation thai it might be terminated by
the Secretary "I the Treasury, upon ten day*' notice, after the
•lth ol
March, 1877.
May
last
it
to
;
cent bonds,
On the Bth day of June. 1877, the Secretary entered into a
contract with a portion of nte 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 the, refunding act.
This contract was, in subBtance, similar to previous contracts, but was to
tr-rmiuate on the 30th day of June, 1878, 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 contracting parties. This contract also contained a stipulation, as
.
folows
:
'•
It is al«o agreed that the parties of the second part sh ill offer to the people
pf the United States, at par and accrued Interest In coin, the four per cent
registered consols and four per cent coupon consols of the denominations of
embraced in this contract, for a period of thirty days from the
$30 ind $ '
public notice of Mich subscriptions, aid in such cities and upon such notice
is the Secretnryof the Treasury may prescribe prior to the opening of the
lists; and further, to offer to tho subscribers the option of paying in instalments extending through three months."
Uudrr
this contract, invitatious having been published, subto this loan ware opened on the 10th of June,' 1877.
tho period of thirty days thereafter the subscriptions had
scriptions
Within
reached the sum of $75,496,550, which were payable within
ninety days from the date of subscription, or on or before the
10th of October. Every subscription to these bonds has been
paid, and of the proceeds $50,000,000 have been applied to the
redemption of au eqial amount of six per cent bonds. The residua has been applied to resumption purposes, as hereafter
stated.
Tho annual reduction of interest on the public debt
thus made is as follows
By the sa!e of |185,OW,0OO four and-->re-ha'f per cent bonds
«2 773 000
:
By
that create! distrust or doubt will arrest this
procea-, and, by disabling the United States from
borrowing, will
compel the continued payment of the high rate of six
per c"nt
therefore, tho public Interest
If,
became apparent
the Secretary that, by a
favorable change iu the money market, four por cent bonds
cm d hi sold at par, in coin, with great advantage to the Government and, availing himself of the priviltge secured by the
cmtrncr, he gnve notice that he would limit tho sale of fotir-audonehalf per cent bonds to $200,000,000.
On the 11th diy of Miy it was agreed that a portion of the
latter should be sold unier the authority of the resumption act
for resumption purposes, aud subscriptions were rapidly made
until the aggregate reached $20(>,000,000, of which $185,000,000
were applied to the redemption of an equal amount of six per
Iu
517
Any measure
demands the
Issue of silver
dollars— a subject hereafter discussed— It Is respectfully
submitted
tJ Congress that an express exception be made requiring
that gold
coin alone shall be paid lor principal or Interest on bonds
issued
l0
Ub C C
itor
lnc6
Fe
ru,r
^,*
' 13 1878 the ""-""ant of which
r. -,n ,. n !^.
5
Is $0113,090,700.
These .bonds
have entered Into the markets of
the world. Ir the market value of the illver In the new
coin It
less than the gold dollar, a forced payment in the new
coin Is a>
repudiation of a part of this debt. The saving that wool
I
thus
be made Is utterly insignificant compared with the Injury
done to
-
,
-
the public credit.
And even as to bonds Issued prior to February 12, 1873, public
policy and enlightened self-interest require ns to pay tbotn
In 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 States since 1837, and since 1853 fractional
silver
coins have been in circulation and a legal-tender only for limited
sums, and 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 tha
gold dollar. It does not become a nation like ours to avail Itself
of the market 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 ba 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 snch 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 could receive coin alone in payment
for them, and the only existing coil 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,
recommends that he ba authorized to sell such bonds either for
coin or for its equivalent in United States notes.
.
the sale of $50,00.1,000 four per cent bonds
Aggregating
In October last, after the
payment of the popular subscrip-
tions, arrangements wore 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 bon Is, but it was temporarily postponed
by reason of the agitation of the repeal of the resumption act
and the renionetization of silver, which the associates believed
would prevent lurther sales of these binds.
For this reason
they declined to offer them, aud 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 Government exacts iu payment for these bonds their face valuo in gold
coin, it was not anticipated that aoy future legislation of Congress, or any 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— being 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
policy the Government may adopt at any time, iu
its system of coinage, it should not reduce the value of the coin
in which it paya its obligations below that it demanded and
received.
The Secretary earnestly urge* Congress to give its
lo this assurance.
sancli
The high credit of the United States, the faithful observance
of its public obligations, the abundance of its wealth aud
resources, the rapid reduction of its debt, the great accumulation
of savings among the people, the favorable state of foreign
trade— all contribute to enable the United Staes to borrow both
from its own people and in foreign markets on the most favorable terms.
The Secretary does not doubt that if no questions had arisen
disturbing the public credit, the six per cent bonds would be
rapidly paid off by the proceeds of the four per cent bonds, sold
at par in coin or its equivalent.
The highest public cr. dil can be secured only by a constant
observance of every public engagement, construed according to
ita letter and spirit.
Thus far this course has been faithfully
pursued by the United States. Without it, our ample resources
and ability to pay are of no avail. At a time when we are enjoying such credit, and rapidly securing the benefit of it by the
reduction of the rate of interest from six to fojr per cent, it
would seem to be a grievous error to raise a question about ho
com in which the interest is payable. Self-interest alone, without respect to pride in public credit, would lead us to secure so
great a benefit as would be tha saving of one-third of the interest of the public debt.
.Of the nix per cent loans, about $680,000,000 are now redeemable at tho pleasure of the United States, and of the
whole debt
$1. 453, 000,000 are redeemable before or on the lit of May, 18*1.
By the reduction of the interest, from six to four per cent, on the
public debt now redeemable, there would bo a saving of
$1.1,200,000 annually, and by the reduction to four per cent of the
Interest on the total debt redeemable by the lit of
May 18131
there would be a saving ef $32,006,203 50 per annum.
'
lorn.
Whatever
m
RESUMPTION OF SPECIE PAYMENTS.
ljotXWXW
$8,775,000
By
the resumption act approved January 14, 1875, tie Secretary
of the Treasury is required to redeem legal-tender notes to
the amount of eighty per centum of the sum ol national bank
notes issued, and to continue such redemption, as circulating
uotes are issued, until there shall be outstanding tho sum of
$300,000,000 of such legal tender United States notes, and no more.
In obedience to this act, there have been is'ued, since March 1,
1377, to national banks, $10,123,995 of circulating note*, and
there have been redeemed, retired, and 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 Bhall redeem', in
coin, the Unitf d 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 Burplua
revenues, from time to time, in the Treasury not otherwise
appropriated, and to issue, tell, 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 refunding of the national debt,*
with like qualities, privileges, and exemptions, to the extent
necessary to carry this act into full effect, and to use tha proceed!
thereof for the purposes aforesaid,"
la obedience to this provision, the Secretary has sold a*, par,
for coin, $15,000,000 four-and one-half per cent bonds, or $5,000,000 during each of the months of May, June, and July last, and
has sold $25,000,009 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 he'd In the Treasury in prepar ation for resumption.
These operations, aided greatly, no doubt, by the favorable
condition of our foreign commerce, have advanced the market
value of United States notes to 97| per cent, or within nearly two
and a half per cent of coin. They have also conclusively demonstrated the practicability of restoring United States notes to par,
in coin, by the time fixo! by law, an! that without disturbing
Ev ry step has
either domestic or foreign trade or commerce.
been accompanied with gr >wing bus! Dea.<, with the alvanca of
public credit, and the steady appreciation of United States notes.
The export of bullion has been arrest-d, and our domestic supply has accumulated in the Treasury. The exportation of other
domestic products has been largely increased, with great advantage to all industries. Tha ourse adopted under the resumption
act, as herein set forth, if pursued, will probab'y be followed
with like favorable results, and a sufficient fund for the maintenance of resumption will doubtless accumulate in theTrtasury at
or before the date fixed by law. The provision for free banking
has aided this process by all <ying imaginary fears that would
'
THE CHRONICLE.
548
[Vol.
XXV.
intended to maintain them in forced circulation, at a time when
their depreciation was inevitable. When they are redeemable in
n
maintenance coin this quality may either be withdrawn or retained, without
°The Secretary cannot too strongly urge the firm
use as currency in ordinary times. But all experithe promise contained in the affecting their
of a policy that will make good
that there are periods when, under any system of
shown
ence
haB
act
the
in
repeated
United States notes when issued-a promise
carefully guarded, it is impracticable to
however
money,
paper
ana
1S0J,
18,
March
approved
" to strengthen the public credit,"
Usually contracts will be
maintain actual coin redemption.
act.
resumption
made definite and effective by the
based upon current paper money, and it is juBt that, during a
promise,
they
coin
the
than
Dishonored notes, lees valuable
demand for coin, the creditor
issue should sudden panic, or an unreasonable
though justified by the necessity which led to their credit is in- should not be allowed to demand payment in other than the curpublic
The
practicable.
be made good as soon as
was contracted. To meet this continholder who was com- rency upon which the debt
iured by failure to redeem them. Every
the legal-tender
of bis gency, it would seem to be right to maintain
part
a
of
deprived
been
has
them
pelled by law to receive
quality of the United States notes. If they are not at par with
when
ample,
are
resources
national
our
fust due. Now, when
Government and not of the debtor, or,
J
complete, when the wisdom coin it is the fault of the
the process of appreciation is almost
rather, it is the result of unforeseen stringency not contemplated
it is the dictate of
demonstrated,
been
has
law
of the existing
by the contracting parties.
process of preparation
good policy and good faith to continue this
In establishing a system of paper money designed to be permaevery United Slates
law
by
fixed
time
the
before
or
so that at
heretofore no expedient has
with coin. To reverse nent, it must be remembered that
power
purchasing
equal
have
will
note
or other countries, that in times of
will greatly impair the been devised, either in this
success
assured
of
face
the
in
policy
this
the drain and exhaustion of
the interest on the panic or adverse trade, has prevented
public credit, arrest the process of reducing
Every such
large or carefully guarded.
distress our country has coin reserves, however
public debt, and cause anew the financial
system must provide for a suspension of specie payment. Laws
contingency, but it will come; and
reduction by the first day may forbid or ignore such a
acknowledged
"The resumption act contemplates the
it comes it cannot be resisted, but should be
when
to
!»300,notes
States
United
of January, 1879, of the amount of
declared, to prevent unnecessary sacrifice and ruin. In our
and
per
extent
of
oU
the
to
notes
000 000, by the cancellation of such
free Government the power to make this declaration will not be
banks.
cent of the circulation issued to national
willingly intrusted to individuals, but should be determined by
to
sufficient
not
be
may
issued
The amount of circulation so
It is far better to fix the maxieventB and conditions known to all
therefore,
Secretary
the
contemplated
accomplish the reduction
mum
of legal-tender notes at $300,000,000, supported by a mini.four
into
fund
gradually
to
given
recommends that authority be
of coin, only to be used for the
excess of $300,000,000, mum reserve of $100,000,000
per cent bonds all United States notes in
redemption of notes not to be re-issued until the reserve is
equivalent
market
its
or
coin
for
par
the bonds to be issued at
such a reserve may not
with trie declared restored. A demand for coin to exhaust
United States notes. This will be in harmony
occur, but, if events force it, its existence would be known and
the
which
way
by
easy
an
open
will
and
object of existing law,
Or the could be declared, and would justify a temporary suspension of
security
people may invest their savings in a public
Some such expedient could no doubt be proof $300,000,000 specie payments.
maximum
the
to
notes
States
United
reduction of
In other times
the coinage of vided by Congress for an exceptional emergency.
authorize
will
Congress
if
accomplished
may be
notes would maintain them at par
States notes on the the general confidence in these
United
for
exchanged
be
to
dollar,
the silver
in coin, and justify their use as reserves of banks and for the
demand of the holder, su:h notes to be retired and cancelled
United States redemption of bank-notes.
Existing laws do not clearly define whether
1879 may be reissued.
NATIONAL BANKS.
notes, when redeemed after January 1,
for the
The first section of the resumption act plainly provides
Secretary callB the attention of Conthe
connection,
In
this
of
amount
whole
permanent substitution of silver coin for the
of the Currency.
plainly provides for gress to the report of the Comptroller
fractional currency outstanding. Section 3
The number of national banks in existence on the first day of
notes to an amount
the permanent reduction of United States
The amount of their circulating-notes
legislative declaration November last was 2,080.
not exceeding $300,000,000. No distinct
year
prior to November 1, 1877, is $20,681,637.
within
the
retired
that
limit
after
redeemed
notes
is made in the resumption act that
circulating-notes issued to national banks during
but section 35,9 of the Revised The amount of
is reached shall not be reissued
period is $16,306,030. The aggregate amount of their
same
the
United
any
-when
that
provides
Statutes of the United States
and dismay be reissued, circulation outstanding is $316,775,111. Their loans
States notes are returned to the Treasury they
amount
to $888,243,290 17.
counts
may
interest
public
the
of
from time to time, as the exigencies
The general solvency of the national banks, as now organized,
and
their benefit to the people, have been demonstrated during a
notes,
section,
this
under
that,
opinion
"TliVsecretary is of the
period of fourteen years. No one has lost a dollar by receiving
amount
if
the
January,
1879,
of
first
when redeemed after the
and failuremay be reissued their notes. They have been less subject to revulsion
outstanding is not in excess of $300,000,000,
than any other corporations or firms. Their organization under a
note
A
require.
may
service
public
the
as the exigencies of
which experience hag
to the general law containing every safeguard
redeemed with coin is in the Treasury and subject
Comptroller of the
note when suggested the supervision over them by the
baak
a
as
or
taxes,
for
received
if
same law as
examinations to which
authority to Currency, the frequent and unforeseen
The
it.
issuing
corporation
the
redeemed by
of them of every
mode in which it is they are Bubject, the sworn statements required absolute security
reissue it does not depend upon the
contro- detail necessary to disclose their condition, the
is
construction
this
But
Treasury.
the
to
returned
banking a* Bafe and efficient
provisions of law. of their issues— makes this system of
verted and should be settled by distinct
remaining condition to perfect thisdispute. The decision of as any yet devised. The
It should not be open to doubt or
readily convertible into coin.
merely the construction system is, that their notes should be
this question by Congress involves not
irredeemable and depreciated, it
were
notes
States
United
While
circulain
maintaining
of existing law, but the public policy of
should rise above the par of
the legal-tender was not possible that bank-notes
tion United States note?, either with or without
true test of this system of banking will
The
notes.
States
United
they
convenience—
These notes are of great public
clause.
maintained at par with
debt of the come when the United States notes are
circulate readily are of universal credit are a
their notes in coin or United
redeem
must
banks
the
then
coin
safepossible
every
people without interest; are protected by
at States notes equal to coin.
guard against counterfeiting and, when redeemable in coin
The ample statistics given by the Comptroller, and his comgood as has
the demand of the holder, form a paper currency as
of the reserves and condition of the national banks with
parison
with
can,
amount
certain
a
that
yet been devised. It is conceded
reserves and condition of other systems of banking in speciethe
in
cirmaintained
always
be
coin,
the aid of an ample reserve in
paying times, give assurance that the national banks are able to
Should not the benefit of this circulation inure to the
culation.
redeem their circulating-notes in coin at any date fixed upon by
The
or
national
State
either
corporations,
people rather than to
franchise
the Government. They certainly should not enjoy the
and
custody,
collection,
the
for
facility
ample
Government has
notes, unless
of circulating as money their non-interest-bearing
custodian
safer
iB
a
It
country.
the
of
reserves
care of the coin
The present system of
banks can be. 1 he they are prepared to redeem them.
of such reserves than a multitude of scattered
Treasury of the United States
to them redemption oi banknotes at the
given
not
is
banks
by
circulating-notes
issue
authority to
note* are at par with coin,
convenience, and to enable can be continued after United States
for their benefit, but for the public
If experience should Bhow that additional
as well as now.
varying
by
caused
currency
of
flow
and
ebb
the
meet
them to
Then as now, their
are necessary they can be required.
It !s indispensable that a power reserves
crops, productions and seasons.
bonds, and confinotes will be amply secured by the deposit of
at certain
should exist somewhere to issue and loan credit-money
of failure, which, under
fear
the
dispel
will
security
is
this
dence
c.n be performed
times, and to redeem it at others. ThiB fuuction
runs or demandsThe Govern- former systems, has been the cause of sudden
better by corporations than by the Government.
If the policy of the Uovnote?.
their
of
payment
banks
for
on
make
ment cannot loan money, deal in bills of exchange, or
ernment should be to maintain in circulation at par with com a
.
and
advances on property.
maximum of three hundred millions of United States notes,
the
beat
that
The Secretary ventures to express the opinion,
reserve of not less than one hundred
a
with
them
support
to
beac&retullywould
currency for the people of the United States
reserves of the
redeemable on millions in coin, these notes will be the natural
limited amount of United States notes, promptly
for that purpose than a deposit or
convenient
and
more
banks,
coin,
of
reserves
ample
presentation in coin, and supported by
coin in their vaults.
,
,
and supplemented by a system of national banks, organized
The real danger that in former systems threatened a banfc was
to issue
or
withdrawn
under general laws, free and open to all, with power
suddenly
were
these
If
deposited with its liability for deposits.
the
circulating-notes secured by United States bonds
diminished, the note-holder was the chief sutforer
greatly
States
United
in
demand
on
the Government, and redeemable
brought a demand from
people a safe first rumor of weakness about a bank
notes or coin. Such a system will secure to the
national banking
depositors and note-holders alike, but under the
receivable
country,
the
of
parts
all
in
whether the
currency of equal value
system the note-holder is secure and indifferent
can
thus
Interest
coin.
into
convertible
creditor
for all dues, and easily
breaks or not, and the depositor, who is a voluntary
bank
conveniently
be
as
can
debt
public
the
of
be saved on so much
He is usually paid
its fall.
national banks of the bank, is not likely to hasten
to
leaving
circulation,
permanent
maintained in
cases is a debtor as well as a
providing currency by a transfer of credits, and iu most
paid
the proper business of Buch corporation?, of
five per cent of deposits are
Scarcely
bank.
of
the
creditor
trade.
for the varying changes, the ebb atd flow of
currency.
The legal-tender quality given to United States notes was by
of United States
otherwise have been aroused by the withdrawal
i
.
;
m
;
—
;
;
;
;
.'
.
.
-
Deckmbbb
8, 1877.
|
THE CHRONICLE
The capital stock of national banks paid In li now $470,407,771,
and the surplus fund and other undivided profits is now $166,
849,709 90. The banks are exceptionally strong In tbelr 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 l>e prepared for redemption of their circulating notes in coin
or in railed States notes equal to coin by the time fixed by law,
519
rency Issued had been destroyed, and could not be presented
for redemption, and could hardly be held to be 'outstanding "
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 leas than $8,0i
A* it was evident that Congress Intended to provide an aggre
gate lasus of $30,000,000 of such coin and currency In elrcula
tion, the Secretary directed the further Issue of silver coin equal
in amount to the currency estimated to have been lost and
without interfering with their ability or disposition to render
their aid, ss now, by loans and discounts, in conducting the busi- destroyed.
ness and exchanges of the country. The market value of their
It is submitted that the limitation upon the amouit of such
circulating note is 07| per cent. The difference is not equal to fractional coin to be issued in exchange for Called States notes
six months' interest on the bonds deposited for the security of should be repealed. This coin Is readily taken, Is in great favor
the notes, and not five per cent of their surplus on hand. It is with the people, its issue is profitable to the Government, and
scarcely to be credited that the payment of this will disturb In experience has shown that there Is no difficulty in maintaining
any way the even course of their business.
it at par with United States notes.
The eulmital amount of
Complaint is made by the banks and bankers of the country of each coin in circulation in the United Statei in 186). at pir with
and
attention
called
to
what
is
deposits,
is
said
tax
on
ihelr
gold,
was
the
$13,000,000. Great Britain, with a population of
by the Comptroller of the Currency as to the repeal of this tax. 32,000,000, maintains an inferior fractional coin to the amount of
While the necessity exists for collecting the amount of revenue $92,463,300,* at par with gold, and other nations maintain a
now required, the Secretary is not prepared to recommend such much larger per capita amount. Tin trus limit of such coin is
repeal, but whenever a sufficient amount of revenue for the the demand that may be made for its issue, and if only issued in
support of the Government can be derived from the other exchange for United States notes there is no danger of an excess
articles now subject to taxation, a reduction of bank taxation being issued.
will then be advisable.
By the coinage act of 1873 any person may deposit silver bulThe cost of the redemption of bank notes in United States notes lion at the mint to be coined into trade dollars of the weight of
at the Treasury, under the present system, does not exceed one- 420 graius troy, upon the payment of the cost of coinags.
This
sixth of one per cent on the amount redeemed, and is refunded to provision was made at a time when such a dollar was worth in
the Government by the banks. The redemption is a great con- the market $1 02 13-100 in gold, and was designed for the use of
trade in China, where silver was the only standard. By the
venience to them and to the public, and should be continued.
The act creating the national banking system recognizes the joint resolution of July 22, 1876, passed when the trade dollar
character of these banks as Qovernment agents or depositories. in market value had fallen greatly below one dollar in gold, it
They could greatly assist in the process of refunding they are was provided that it should not be thereafter a legal tender, and
conveniently distributed, so as to be within easy reach of the the Secretary of the Treasury wis authorized " to limit the
people of the United States. The Secretary is of the opinion coinage thereof to such an amount as he may deem sufficient to
that they can be, under existing law, and ought to be, made the meet the export demand for the same." Under these laws the
agents of the Qovernment in the sale of bonds, upon conditions amount of trade dollars issued, malily for exportation, was
that will make it for their interest to promote such sales, and $30,710,400. In October last it became apparent that there was
Various no further export demand for trade dollars, but deposits of silver
will be safe and advantageous to the Government.
plans have been submitted to secure their co-operation, and the bullion were made, and. such dollars were demanded of the mint for
circulation in the United States, that the owner might secure
best will be adopted.
the difference between the value of such bullion in the market
SAVINGS BANKS.
The attention of Congress is called to the great value to our and United States notes. At the time, the mints were fully
fellow-citizens of the organization of some plan for the collection, occupied by the issue of fractional and other coins on account of
safe keeping and profitable employment of small deposits by the the Government. Therefore, under the authority ef the law
people. How far this can be done without trenching upon the referred to, the Secretary direced that no further issues of trade
proper functions of the State governments is a question of dollars should be made until necessary again to meet an export
difficulty
yet it is important to secure, if possible, a general demand. In case another silver dollar is authorized, the SecreThis can hardly be tary recommends that the trade dollar be discontinued.
system throughout the United States.
The question of the issue of a silver dollar for circulation as
effected by the organization of a multitude of savings banks,
depending upon the fidelity, integrity and skill of their officers, money has been much discussed and carefully examined by a
bat the beneficial object of such banks might be secured by commission organized by Congress, which has recommended the
authorizing the deposit of small sums with any postal money- coinage of the old silver dollar. With such legislative proorder office in the United Stat :.B, and the issue of Government vision as will maintain its current value a- par with gold, its
A gold coin of the denomicertificates, convertible on demand of the holder into four per issue is respectfully recommended.
cent bonds of the United States, of such character, description nation of one dollar Is too small for convenient circulation, while
and amount as will enable and induce prudent persona to convert such a coin in silver would be convenient for a multitude of
their earnings into a public security of stable value.
The money daily transactions, and is in a form to satisfy the natural instinct
thus received could be employed in the redemption of outstand- of hoarding.
Of the metals, silver is of moet general use for coinage. It is
ing bonds bearing a higher rate of interest. By some such
system it is believed that the great body of our public debt, a part of every system of coinage even in countries where gold ia
reduced to its smallest possible burden, could be distributed the sole legal standard. It best measures the common wants of
among our own people. With a slight modification of existing life, but, from its weight and bulk, is not a convenient medium in
law, this beneficial result would be secured. The deposits now the larger exchanges of commerce. Its production is reasonably
held by savings banks throughout the country amount to steady in amount. The relative market value of silver and gold
$843,154,804, deposited by 2,300,000 persons, and mostly bv is far more stable than that of any other two commodities still,
It is not in the power of human law to predeserving citizens, who thus wisely seek to preserve small it does vary.
savings for future need. No object could more strongly appeal vent the variation. This inherent difficul y has compelled all
to the considerate judgment of Congress. The heavy losses that nations to sdopt one or the other as the sole standard of value,
have been sustained through savings banks, whose funds have or to authorize an alternative standard of either, or to coin both
been improvidently loaned upon insufficient security, have metals at an arbitrary standard, and to maintain one at par with
inflicted far greater injury upon the depositors than would a the other by limiting its amount aad legal-tender quality, and
similar loss suffered by persons engaged in banking or commer- receiving or redeeming it at par with the other.
It has been the careful study of statesmen for many years to
cial pursuits. The Secretary, therefore, recommends that authorof market
ity be granted to issue certificates for small deposits, convertible secure a bimetallic currency not subject to the changes
into four per cent bonds now authorized by law, the proceeds to value, and so adjusted that both kinds can be kept in circulation
be used solely for the redemption of bonds bearing a higher rate together, not alternating with each other. The growiug tendency
has been to adopt, for coins, the principle of " redeemability"
of interest, and now redeemable at par.
applied to different forms of paper money. By limiting tokens,
COINS AND COINAGE.
silver and paper money to the amount needed for business, and
The Secretary calls the attention of Congress to the report of promptly receiving o." redeeming all that may at any time be in
the Director of the Mint. The general management of the excess, all these forms of money can be kept in circulation, la
mints and assay offices, and the amount, accuracy, and per- arge amounts, at par with gold. In this way, tokens of inferior
fection of their work, are highly satisfactory.
The coinage of intrinsic value are readily circulated, bat do not depreciate below
gold and silver, their relative value to each other, and their the paper money into which they are convertible. The fractional
legal-tender qualities, are now the subjects of discussion and silver coin now in circulation, though the silver of which it is
legislation in all civilized countries.
These questions are espec- composed is of less market value than the paper money, passes
ially important to the United States, now in transition from an readily among all classes of people and answers all the purpose*
irredeemable paper currency to a mixed currency, redeemable in for which it was designed. And so the silver dollar, if restored
coin, and will justify the Secretary in a fuller presentation of to our coinage, would greatly add to the convenience of the
these topics than is usual in his annual report.
But this coin should be subject to the same rule, as to
people.
The resumption act of Jan. 14, 1875, provided for the exchange issue and convertibility, as other forms of money. If the market
and substitution of silver coin for fractional currency. To facili- value of the silver in it were less than that of gold coin of the
tate this exchange, the joint resolution approved July 22, 1876, same denomination, and it were issued in unlimited quantities
provided that such coin should be issued to an amount not and made a legal tender for all debts, it would demonetize gold
exceeding $10,000,000, for an equal amount of legal tender notes and depreciate our paper money.
It is also provided that the aggregate amount of such coin and
The importance of gold as the standard of value is conceded by
fractional currency outstanding should not exceed, at any time, all. Since 1834, it has been practically the sole coin standard of the
That limit would have been reached some time United States, and since 1815 has been the sole standard of Great
$50,000,000.
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, 1815.
;
;
—
550
THE CHRONICLE.
Germany has recently adopted the same standard.
France and other Latin nations hare suspended the coinage of
Bilver, and, it is supposed, will gradually either adopt the Bole
standard of gold or provide for the convertibility of silver coin,
on the demand of the holder, into gold coin.
In the United States several experiments have been made with
the view of retaining both gold and silver in circulation. The
Second Congress undertook to establish the ratio of fiiteen of
By this
silver to one of gold, with free coinage of both metals.
ratio gold was undervalued, as one ounce of gold was worth more
in the markets of the world than fifteen ounces of silver, and
Britain.
gold, therefore, was exported. To correct this, in 1837 the ratio
was fixed at sixteen to one, but sixteen ounces of silver were
worth in the market more than one ounce of gold, so that Bilver
was demonetized.
These difficulties in the adjustment of gold and silver coinage
were fully considered by CongresB prior to the passage of the act
approved February 21, 1853. By that act a new, and it was believed a permanent policy, was adopted to secure the simultaneous
circulation of both silver and gold coins in the United States.
Bilver fractional coins were provided for at a ratio of 14'88 in
Bilver 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 coin was
a legal tender only in payment of debts for all sums not exceeding five dollars. Though the silver in this coin was worth in the
market 3'13 cents on the dollar less than gold coin, yet its convenience for use as change, its issue by the Government only in
exchange for, and its practical convertibility into, gold coin maintained it in circulation at par with gold coin. If the slight error
in the ratio of 1792 prevented gold from entering into circulation
for forty-five years, and the slight error in 1837 brought gold
into circulation and banished silver until 1853, how much more
certainly will an error now of nine per cent cause gold to be
exported and silver to become the sole standard of value? Is it
worth while to travel again the round of errors, when experience
has demonstrated that both metals can only be maintained in circulation together by adhering to the policy of 1853?
The silver dollar was not mentioned in the act of 1853, but
from 1792 until 1874 it was worth more in the market than the
g old dollar provided for in the act of 1837. It was not a current
coin contemplated as being in circulation at the passage of the
The whole amount of such dollars,
act of February 12, 1878.
issued prior to 1853, was $2,553,000. Subsequent to 1853, and
until it was dropped from our coinage in 1873, the total amount
issued was $5,492,838, or an aggregate of $8,045,838, and this
was almost exclusively for exportation.
By the coinage act, approved February 12, 1873, fractional
silver coins were authorized, similar in general character to the
coins of 1858, but with a slight increase of silver in them, to
make them conform exactly to the French coinage, and the old
dollar was replaced by the trade dollar of 420 grains of standard
silver.
Muck complaint has been made that this was done with the
design of depriving the people of the privilege of paying their
debts in a cheaper money than gold, but it is manifest that this
No one then did or could foresee the subsequent fall
is an error.
in the market value of silver. The silver dollar was an unknown
coin to the people, and was not in circulation even on the Pacific
slope, where coin was in common use.
The trade dollar of 420
grains was substituted for the silver dollar of 412} grains because
it was believed that it was better adapted to supersede the Mexican
dollar in the Chinese trade, and experiment proved this to be true.
Since the trade dollar was authorized, $30,710,400 have been
issued, or nearly four timeB the entire issue of old silver dollars since the foundation of the Government.
Had not the coinage act of 1873 passed, the United States would now be compelled
to suspend the free coinage of silver dollars, as the Latin nations
did, or to have silver as the sole coin standard of values.
Since February, 1873, great changes have occurred iu the market value of silver. Prior to that time the silver in the old dollar was worth more than a gold dollar, while at present it is
worth about 92 cents. If by law any holder of silver bullion
might deposit it in the mint and demand a full legal tender dollar for every 412} grains of standard silver deposited, the result
would be inevitable that as soon as the mints could supply the
demand the silver dollar would, by a financial law as fixed and
invariable as the law of gravitation, become the only standard of
value. All formB of paper money would fall to that standard or
below it, and gold would be demonetized and quoted at a premium
equal to its value in the markets of the world. For a time the
run to deposit bullion at the mint would give to silver an artificial
value, of which the holders and producers of silver bullion
would have the sole benefit. The utmost capacity of the mints
would be employed for years to supply this demand at the cost of
and without profit to the people. The silver dollar would take
the place of gold as rapidly as coined, and be used in the payment
of customs duties, causing an accumulation of such coins in the
Treasury. If used in paying the interest on the public debt, the
grave questions already presented would arise with public
creditors, seriously affecting the public credit.
It is urged that the free coinage of silver in the United States
will restore its market value to that of gold. Market value is
fixed by the world, and not by the United States alone, and is
affected by the whole mass of silver in the world. As the enormous and continuous demand for silver in Asia has not prevented
the fall in silver, it is not likely that the limited demand for silver coin in this country, where paper money is now and will be
the chief medium of exchange, will cause any considerable
advance in its value. This advance, if any, will be secured by
[Vol.
XXV.
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 have a
cheaper dollar, in order to lessen the burden of debts already
contracted, it is far better, rather than to adopt the single standard
of silver, to boldly reduce the number of grains in the gold dollar, or to abandon and retrace all efforts to make United States
noteB equal to coin. Either expedient will do greater harm to the
public at large than any possible benefit to debtors.
The free coinage of silver will also impair the pledge made of
the customs duties, by the act of February, 1862, for the payment
of the interest of the public debt. The policy thus far adhered
to of collecting these duties in gold coin, has been the chief cause
of upholding and advancing the public credit, and making it
possible to lessen the burden of interest by the process of
the
re-funding.
In view of these consideration", the Secretary has felt it to
be his duty to earnestly urge upon Congress the serious objections
to the free coinage of silver on such conditions aB will demonetize gold, greatly disturb all the financial operations of the
Government, suddenly revolutionize the basis of our currency,
throw upon the Government the increased cost of coinage, arrest
the re-funding of the public debt, and impair the public credit,
with no apparent advantage to the people at large.
The Secretary believes that all the beneficial results hoped
for from a liberal issue of silver coin can be secured by
issuing this coin, in pursuance of the general policy of
the act of 1853, in exchange for United States notes, coined
from bullion purchased in the open market by the United
Stales, and maintaining it by redemption, or otherwise, a
par with gold coin.
It could be made a legal tender for
such sums and on such contracts as would secure to it the most
general circulation. It could be easily redeemed in United States
notes and gold coin, and only reissued when demanded for public
convenience.
If the essential quality of redeemability given to
United States notes, bank-bills, tokens, fractional coins, and
currency maintains them at par, how much easier it wouli be to
maintain the silver dollar, of intrinsic market value, nearly equal
to gold, at par with gold coin, by giving to it the like quality of
redeemability.
To still further secure a fixed relative value of
silver and gold, the United States might invite an international
convention of commercial nations. Even such a convention,
while it might check the fall of silver, could not prevent the
operation of that higher law which places the market value of
silver above human control.
Issued upon the conditions here
stated, the Secretary is of opinion that the silver dollar will be a
great public advantage, but that if issued without limit, upon
the demand of the owners of silver bullion, it will be a great
public injury.
EXPORTS AND IMPORTS.
from customs for the year ended June 30,1878,
The
were $148,071,984 61, and at the corresponding date of 1877 they
were $130,956,493 07— a decrease of $17,115,491 54.
The receipts for the first quarter of the last fiscal year were $37,554,728 53, while for the corresponding period of this year thev
were $36,983,531 50— a decrease of $571,196 97.
Ths embarrassments attendant upon the collection of the
revenue at the port of New York alluded to in the report of my
immediate predecessor growing out of the large number of
suits brought to recover alleged excess of duties, have not
but a considerable number of such suits have been
ceased
receipts
—
—
;
pressed to trial, with results in favor of the Government in the
Owing to the multiplicity of such suits, a
majority of cases.
considerable delay necessarily occurs before they can be brought
to trial
which delay is adverse to the interests both of the
Government and the importers. The recommendation of my
predecessor, that a special tribunal be created by law for the
of customs-revenue cases at the port of New York, is
trial
;
renewed.
In compliance with the fourth section of the act approved
August 15, 1876, and since the 4th of March last, commissions
have been organized, under direction of the President, to investigate generally the manner in which the customs business has
been conducted at many of the principal portB. They were also
directed to inquire into the manner in which appointments in the
customs service have been heretofore made, and to suggest such
changes in existing laws as would more fully meet the necessities
of commerce at the present time, and promote economy in the
collection of the customs revenue.
The action taken by this
Department, in pursuance of the recommendation of these commissions, has worked a marked improvement in the conduct of
the customs service.
A copy of the sixth report of the commission, appointed to
investigate the New York Custom-House, is herewith transmitted
and the changes recommended in existing laws are commended
Other changes, recommended
to the consideration of Congress.
by the various commissions, will be presented to Congress, in
due time, for such action as may be deemed necessary.
Embarrassment has occurred during the past year in the collection of duties on sugar, under schedule G, title 33, of the
Revised Statutes. These duties are assessed by the Dutch standard, according to color; and it has been alleged that sugars have
been artificially colored in the country of export, to secure their
passage at the custom-house at a less rate of duty than would
be charged according to the color acquired in the ordinary proeesa
of manufacture.
While the truth of such allegation has not been established in
any positive manner, notwithstanding the thorough examination
which has been made by the officers of this Department, it has
been ascertained that the suspected 6Ugars, which pay the lowest
December
THE CHRONICLE
8, 1877.]
rate ef duty at the custom-house, were of a higher intrinsic
than those paying higher rates of du'y.
»;rii !e in many cases
icrt show tliat, from gome cause, a marked increase ha*
red ia the importation of sugar subject to the lowest rate
ty, and a corresponding decrease in tin? importation of unrefund Bugars paying the higher rates. This in doubtless due in
part to the act of March 8, 1875 (Stat, at Large, vol. 18, page
which imposed nu ad ilional duty of 25 per cent of the
prescribed in schedule G, and thus Increased the discrimination in favor of the lower grades of sugar.
'Hi'- Dutch standard is an unsatisfactory basis for the assessof duty, founded as it is on color alone, which bears no
to the value of the sugar.
If, however, the
standard is to be retained, it is recommended that the
grades be reduced in number, bo that there shall be but three
of duty, one for sugars not above No. 13, one for sugars
above 10 and not above 20, and another for all sugars above No.
Based upon the quantities of
20, ii eluding all refined sugars.
the various grades imported during the past two years, the followlng rati l would yield about the same amount of revenue as
d during that time Sugars not above No. 13, per
2 :>S 100 ; above No. 13 and not above 20, 3 43-100 above
and
all
refined sugars, 5 centB. This ia inclusive of the 25
20,
per cent additional duty imposed by the act of March 3, 1875.
Kx ensive undervaluations in the entries of Bilk goods have
occur.-, d duriug the past year, and the persistent efforts of the
e 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
Bilks be changed to one per pound, instead of the present ad
valorem duty. The subject is commended to the careful considerai
:
.
;
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 incisure opportunity will be given for a moderate
enlargement of the free list, and for the reduction of tome internal taxes.
A large number of isolated articles are now included
in the dutiable list which yield less than ten thousand dollars a
year each, and the cost of collecting the duty on these articles ia
proportionally greater thau on the staple articles. The addition
of many such articles to the free list, in the event of the duty
being placed on tea and coffee, would be beneficial.
The ciin values of the exports and imports of the United
Sine for the last fiscil year, as appears from returns made to
and compiled by the Bureau of Statistics, are as follows:
Exports of domestic merchandise
Exports of :ore!gu merchandise
Total
«jcp 970
.'.'.'.
i8,si'4iw*>
..'.'.*.'.'.'.'.'.'.'."!
602,06.8x0
451 8*8,196
.
imports
..','
5154
\\
—
Excess of exports over impDrts
*15l 15U101
:• "-i»ij-.erfi
"* ":•::*•
....... i<mt ii
n».i1 year
L
For thj
the fiscal
1876 there .was an excess
of exports over lmi
ports ainonuung
ntiug to
79 b43 4S1
"
Showii gan excessfortha laatflscal year over the preceding year of
$11,508^613
Exports of specie and bullion
*Bfl lfi^'-MImport of specie, and bullion
40,7;
.V.'.'
4,114
Excess of exports over imports
Total excess of txports of merchandise and tha prcctorrs metals
over imports
15 3;T 881
$166,539,917
f>51
18, page 180). entitled an act to amend the
customs revenue
laws and to repea moieties, has not
been salutary. The proceeds of fines, penalties, and forfeitures
recovered for the violaIon of customs laws and paid into
the Treasury from June 30.
1870, havo been as follows':
Year ended Juno 80.
Do
go
Do
1871.. $951,579 F6
1871..
ijtJ.JM 77
1873.. 1.1IS0..11B 88
1874..
841,37176
Year
cu.l.-U
JuuoW,
{''
"o
1815..
1878..
1877..
$«s,s70
U
1*1.797*8
140,113 il
It is believed that the decrease of receipts
from this source baa
not occurred In consequence of an increased
observance ol the
law in the entries of goods, but rather to the fact that
violations
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
recommendation 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 Oovernment should receive the amount of
duty
properly chargeable upon the goods so eeiz-d In lull 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 tha
seizing officer : Provided, That neither seizing officer nor
informer
shall be untitled 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 •
pro rata of a seizure for acting as informer.
The collector of customs at New York submitted to the commission 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 otHcers.'he
is yet strongly of the opinion that the above figures represent
a
loss of many millions to the Government, causod by a comparative safety to those whe are undertaking and accomplishing great
:
frauds upon the Oovernment.
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 Buch 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 undervaluation of goods subject to an ad valorem duty.
It is, therefore, also
recommended, for the purpose of securing simplicity and uniformity in the collection of the revenue from cuetomn, that specific
duties be adopted as far as practicable.
ALASKA.
Since the withdrawal of the troops from Alaska, last spring,
the management of the Territory has practically devolved upon
the Treasury Department.
The only officers who could exercise
any authority were the collector of customs at Sitka and his
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
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 paBt two years, $17,418 32,
while the receipts from customs have, during the Fame period,
been very much less. It is, therefore, recommended that the port
of Sitka be abolished.
The receipts from the tax on seal skins taken on the islands ef
St. Paul and St. George, including the rent paid by the Alaska
Commercial Company, have been as follows:
;
There was withdrawn from bond for consumption, in excess of 1876
$317,58100
that entered for warehouse, during the past fiscal year
t91,15i50
mer- 1877
chandise of the value of $7,020,881.
The total exportation of
The decrease of receipts from that source is consequent upon
specie and bullion was less than that for the preceding
year by the fact that a less number of seals were taken the past year than
$344,165, while the exports of domestic goods increase! in the maximum allowed by law.
value $64,087,977.
Importations of merchandise decreased to
INTERNAL BETENUH.
the amount of $9,418,004, as compared with those of the
The following tabular statement exhibits the receipts from tha
preceding fiscal year; and of $81,682,310, as compared with
the several sources of taxation under the interna] 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 importB of the following articles, which are free
1877:
of duty
Hides and skins, $1,927,994; crude India-rubber and
gutta Stalemmt thawing Ifu r<«eipt* from thl several objects rf taxation under Uu
percha, $1,478,507; raw Bilk, $1,368,529.
Internal Jterenue lawt,for the JUeal yean ended June 80, 1876, and Juiu SO,
The largest increase
in the value of dutiable goods was in brown sugar,
1877, resp*cti vely
chiefly for
1876.
1877.
Iiierras*.
Sources.
Decrease.
refining purposes, $25,484,601.
Spirits
$56,486,865 13 $57,469,09 79 $1,048,061 59
$
Owing to the fact that there is no law requiring persons Tobacco
41,1II«,516 91
l,ali,t07 01
3-1,795,889 91
•
exporting merchandise by land conveyance to Canada to file
man!
feslfl containing the quantities and values
thereof, the value of
our exports of domestic merchandise to the Provinces
of Quebec,
Ontario, and Manitoba is not fully expressed in
the returns made
to the, statistical bureau.
From the detailed statements prepared by the Commissioner of Customs for the
Dominion of
Canada it appears that the Canadian value of our
exports to
those frovinces during the last fiscal year amounts
to $13 051 798
in excess of that returned by the CustomB
officers of the United
•states.
Assuming that the Canadian value Is identical with the
value taken ae a basis for returns by the Bureau
of Statistics
the value of the total exports of the year, with
this addition,
amounts
to $615,527,018.
The attention of Congress is called to the defects of law which
prevent the collection of accurate returns of our exports to
Canada, and the recommendation of my predecessor
that remedial legislotion may be enacted is renewed.
The effect of the act of June 22, 1874 (Statutes at Large, vol.
Fermentedliquora....
Banks and bankers....
&c
Adhesive sumps
Penalties,
Back taxes andrr
pealed laws
Total
9,i"l.iS0 68
4,006.«W Ol
409,58113
6,518,4*7 51
9,480,789
3,8*9,749
419,999
6,4*0, It9
•4481 4*
10
17
It
41
15
176.9««
10,714 83
c-.
:•>
J6
re-
509,63108
88P.860 55
871,870 54
»I1T,«1,06* 31 $118,095,181 88 $9,361.986 58 $60»,688 0»
of amounts received inclndea commissions on sales of stamps paid in kind, which do not appear as
cash receipts of the Treasury, and certain sums reported as collected, but not deposited, during their respective fiscal year*.
Hence there will be an apparent variation between the amounts
of collections tabulated and those shown by the covering warrants of the Treasury.
The increase in the aggregate receipts from the sources specified, during the past fiscal year, amounts to a little more than ona
and three-quarter millions of dollars, and Is chiefly derived from
The increase in the receipts from spirits ia
spirits and tobacco.
due in part to the greater quantity of whiskey withdrawn from
The tabular statement
THE CHRONICLE
552
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 spiritB withdrawn at seventy cents per gallon, 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 th6
number of gallons withdrawn paying ninety cents waB greater by
3,795,369 gallons during 1877 than in 1876.
The quantity of manufactured tobacco, on which a tax of
twenty-four cents per pound was paid in 1S76, was 107,040,234
pounds ; in 1877 the quantity amounted to 113,716,534 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, the number of districts has been further reduced to one hundred and twenty-Bix. The number of
collectors was, on July 1, 1876, one hundred and sixty-five, and
is now one hundred and twenty-Bix.
;
;
For further particulars relating
to
the operations of
[Tol.
XXV.
character and justice, not only of those still pending, but ilso 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 OP ENGRAVING AND PRINTING.
Of the appropriation of $800,000 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
cost 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 $40,254 30.
The act making appropriations for the legislative, executive and
judicial expenses of the Government, for the present fiscal year
the (19 Statutes at Large, p. 152), appropriates for dies, paper and
the stamps for the internal revenue $466,000, the engraving and
printing to be done in the Bureau of Engraving and Printing of
Bureau, attention is respectfully invited to the report of
Commissioner of Internal Revenue, herewith transmitted.
ACCOUNTING OFPICHS.
The present system of accounting has been the result of many
years' experience, and thus far, it is believed, has proven sufficient to protect the Government in all its ordinary and current
the Treasury Department, provided the cost does not exceed tke
The contracts referred to
prices paid under existing contracts.
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
disbursements.
the Chief of the Bureau to make such observations as he desired
Your attention is invited to the statements of several officers upon the comparative cost of printing internal revenue stamps
concerning the crowded condition of the files of their respective by private companies and by the Bureau, and in reply, received,
offices.
on the 23d of June, a statement that the stamps referred to could
These files include the vouchers upon which the disburse- be done by the Bureau for $227,590, as against $296,431 89 paid
made,
and
ments of the Government in all branches have been
to the bank-note companies last year, all of the printing to be
the importance of securing them from destruction and providing done by plate and surface-printing from steel plates. Being
readily
accessible
can
them
for them such room as will make
satisfied that this saving could be effected, and the law preferring
hardly be overestimated. Such action for this purpose as you that the work be done in the Treasury Department, the Secretary,
practicable.
soon
as
taken
as
should
be
may deem necessary
on the 25th of June, gave the required ninety days' notice, and
on the 1st of October authorized the work to be done in the
CLAIMS AGAINST THE GOVERNMENT.
The attention of Congrees is called to the laws imp-sing upon Bureau. The adhesive and proprietary stamps used by the Comthis Department the adjudication of a multitude of claims. Its missioner of Internal Revenue are still printed by the National
organization is admirably adapted for the investigation and state- Bank Note Company, under a contract made August 15, 1875,
ment of accounts accruing in the ordinary course of current busi- which took effect September 1, 1875, and is still in force. As
ness, but it is not adapted to the investigation of claims long since these classes of stamps have never been executed by the Bureau,
accrued, and supported in most caees by ex-parle affidavits. The and may not have been intended to be included by Congress in
Department has no authority to cross-examine witnesses, no the provision referred to, no disturbance has been made of the
agents to send to examine into alleged facts, and no facilities, such previously-existing arrangements.
as are in common use by courts, to ascertain truth and expose falseOn the accession of the present Secretary to the Department,
hoods. It is respectfully suggested that this class of claims, not all the printing upon the notes, bonds and securities ot the
already acted upon, be transferred from the Treasury Department, United States, and the note3 of the national banks, was done in
and its business of accounting be confined to current accounts, the Bureau and Department, except the green backs of the legalpayable from appropriations made within a short period of time. tenders and the black backs of the national-bank fives. These were
Most of these claims are paid out of what are classed as " per- executed by the Columbian Bank-Note Company, of this city,
manent annual appropriations," contained in section 3689, Revised under a contract made February 2J, 1877, and terminable on
Statutes, which do not come under the annual supervision of ninety days' notice. Inasmuch as the prices named in thiB conCongress. These appropriations, though declared to be annual, tract were fixed in the original contract, dated June, 1874, when
have been used for the payment of claims, however old, including the cost of labor and material was much higher thin now, the
nearly every case of fraudulent or exaggerated claims paid by Secretary deemed it for the interest of the Government to terthis department. It is respectfully urged that this important minate it, bo that the whole subject of engraving and printing
section be carefully revised
that the appropriations contained by private companies would be within the power of the Governtherein be made annually and that only such claims as accrue ment, at the meeting of Congress.
within a brief period be paid by the Department, unless proper
The act providing for the expenses of the Bureau for the curevidence in their favor appears upon the public records, as in the rent fiscal year requires that the work shall be performed at the
case of the principal or interest of the funded debt.
Treasury Department, if it can be done as cheaply, as perfectly
By the act approved June 20, 1874, (18 Stats., 110, sec. 5,) it was and as safely as elsewhere. (19 Statutes at Large, p. 353) To
provided: " That from and aftnr the first day of July, eighteen determine the question of the cost of executing work in the
hundred and seventy-four, and of each year thereafter, the Secre- Bureau amd elsewhere, the Secretary issued an advertisement,
tary of the Treasury shall cause all unexpended balances of September 6, inviting proposals, on the 25th of that month, for
appropriations which shall have remained upon the books of the printing the green backs on legal-tender notes and the black backs
Treasury for two fiscal years to be carried to the surplus fund and on national currensy notes, for the period of one year from the
covered into the Treasury," &c.
The estimate of the Bureau on both classes of
1st of October.
Under a construction of this act, placed upon it after a full work being an average of $8 71 per thousand perfect sheets, as
examination by the Department, it was held that most of the against $18 per thousand paid the bank-note company last year,
appropriations made by this section, and which accrued prior to and less than the bid of any of the companies, the Secretary
July 1, 1874, are not within the exceptions stated in the act, and deemed it to be his duty, under the law, to bring this work within
they were accordingly covered into the Treasury, and are not the Bureau, at least for the present. After careful examination,
available, except for current purposes and for claims accruing the Secretary is satisfied that the work as done in the Bureau is
within the time fixed by that act. It seems to be the clear pur- more perfectly done than that heretofore done in private establishpose of this act to include permanent annual appropriations within ments, even at the high rates paid. Upon the question of safety, the
its operation, and to thus include them is a wise public policy.
Secretary cannot see how it is possible for the Government to be
Among the permanent annual appropriations, made in the sec- better protected from fraud or mistake than it now is. But the
tion referred to, is that to repay to importers the excess of question of safety being one of public policy, the consideration of
deposits for unascertained duties, or duties or other moneys paid which properly belongs to Congress, the Secretary respectfully
under protest, from which the greater part of the refunds of cus- submits it to that body, with the remark that, as the Government
toms duties are made. These include a class of claims commonly has been able with absolute safety by its own agents to make
known as the "charges and commissions cases," which arose and issue its gold and Bilver coin, analogy would indicate a simiunder the act of Marcii 3, 1851. About fourteen hundred suits lar course as to its paper circulation, and experience shows itB
were brought by importers against the collector of customs at the practicability.
port of New York, to recover alleged excessive duties collected
Oj the 20th of March last, the Secretary appointed a committee
by him in obedience to the decision of the Secretary of the Treas- consisting of three experienced officers of the Department to make
ury, that, to ascertain the dutiable value of imported goods at a thorough examination of the Bureau as then organized and conthe port of entry, there should be added :o the actual market ducted. Upon the report of that committee there were disvalue of the goods at the port of exportation a commission of charged, April 18 and April 30, five hundred and thirty-eight
two and one half per cent, and certain costs and charges. This persons, whose annual pay was about $390,000. On the first day
act was repealed June 30, 1864, so that all these claims accrued of May the Bureau was put in charge of new officers, who have
prior to that date.
reorganized it in every branch, and have transformed it into an
Over two million dollars have been paid on these claims, the admirable workshop as it was the purpose of the law it should
items of interest and costs forming a very large proportion of that be where the public work can be done with cheapness, safety
amount. The remaining cases are still pending in various stages and excellence. All the papers relating to the various transacof progress, and, to satisfy these, two million dollars more will tions referred to are transmitted herewith.
probably be required.
The Secretary respectfully recommends that Congress approUpon 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 for the work performed by this Bureau, and for such other service
until after a thorough investigation has been made into the nature, of a mechanical nature as may, from time to time, be required.
;
;
—
—
December
8,
1877.
THE CHRONICLE.
J
For considerations which justify this recommendation, and
details, the Secretary refers
for
the accompanying report of the
to
Chief of the Bureau.
PUBLIC MONEYS.
In the report of the Treasurer of the United States, herewith
submitted, there is Bet forth a detailed statement of the monetary
It will be
transactions of the Government during the past year.
seen that the coin resources of the Treasury, on
September
30, 1876,
to
September
80, 1877,
all accounts, from
had increased from
$07,581,705 95 to $138,585,072 24, and the currency resources
from $100,437,766 44 to $110,096,039 01.
Since the issue of silver coin commenced there has been
returned to the Treasury for redemption a largely-increased
amount of minor coins for which there is no demand. On September 29, 1877, there was on hand of these coins an amonnt of
$870,140 54, constituting a portion of the currency balance of the
Treasury practically unavailable for current use, and occupying
the Treasury vaults to an inconvenient extent. The necessary
legislation for their proper disposition is recommended.
SPECIAL AGENTS.
Secretary calls attention to the accompanying report, 'howing the transactions in the Division of Special Agents of Customs.
Only twenty agents are now authorized to be employed. Until
recently the number was fifty-three, and, in view of the extent
and character of the duties devolving upon them, it is recommended that the number be increased to at least thirty,
The
COMMERCE AND NAVIGATION.
repoits the total tonnage c f
vessels of the United States to be 4,242.600 tons, a decrease o'
86,858 tons from that of the fiscal year ended June 30, 1876.
The actual decrease is believed to be about 13,563 tons, this
amount being the excess of the losses over the gains during the
last fiscal year, the balance being accounted for by dropping
canal boats, exempt under the act of Congress approved April
18, 1874.
The following table exhibits the total tonnage for the last
The Register of the Treasury
two years:
,
1876.
Tota!
25,931
'
1377.
,
r
7011?
VpAflfllfi
Registered, engaged in foreign trade. 8.C09
Enrolled and licensed, engaged in domestic commerce
22,925
,
1,592,821
\ 6S4d ^
2,938'
22.393
2.611,107
4,279.458
25.3'6
4,212,600
The tonnage of vessels built, as given by the Register, is
176,592 tons, being a decrease from that of the previous year of
26,994 tons, or over 15 per centum.
The number of vessels built is 1,029.
Official numbers have been awarded by the Bureau of Statistics during the fiscal year to 1,291 vessels, whose cairying
capacity amounts to 217,541 tons, and since July 1, 1877, to 563
vessels, of the aggregate tonnage of 119,639, as the following
statement more fully shows
:
Class and character of ressels.
Sailing vessels
Steam vessels
Unrigged
Vessels.
710
372
2C9
vi sse's
Total
fitstlt
1,591
numbered and
regiitered from Ju'u
Class and character of vessels.
Sailing vessels
1
to
November
Vessels.
264
154
;
;
18,174.
The preponderance of foreign tonnage over domestic, in carrying on the foreign commerce of the country, is certainly not in
accordance with the national desire. Such an increase In our ship,
ping as will restore this commerce to American citizens should,
as far as possible, without burdening other industries, bs encouraged by legislation. The increase of the means and appliances
for transportation, whether by shipping or land carriage, is a tax
upon the industries that produce the commodities to be conveyed.
Subsidies drawn from the revenue in support of the transit
industries are charges upon the productive industries, and can be
discreetly granted only in the sure prospect of a large expansion
in the market demand for the commodities to be transported by
shipping or railroads, or where the vital necessities of the country require free and speedy communication between its different
sections.
The high price in our depreciated paper money of the chief
materials for .-hipbuilding has rendered us unable, since the war,
to compete with other nations in this great industry.
The
demand for iron in building railroads, and the diversion of capital
and labor from other industries to that, has, however, at present
largely ceased. The appreciation of our currency to nearly the
coin standard, the rapid development of the coal and iron industries, and the falling off in the demand for railroads, will tend to
Every encouragement
direct capital and labor to shipbuilding.
may, at least, be given to the increase of commerce in vessels of
American ownership that can be prudently afforded by modifying
existing law in those respects in which it is a burden upon such
commerce.
REPORTS OF OFFICERS.
The
Ton ^
1,611,193
officially
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 Jane
80, 1877, was 10,660 the number of clearances of American vessels, foreign, for the same period was 10,790.
The number of
entries of foreign vessels Into ports of the United States from
foreign forts during the same psriod was 18,379 the number of
clearances of foreign vessels, foreign, for the same time was
,
2,G88.637
Statement showing -the number, elate and tonnage of veseele
bered during the. Meal year ended June 30, 1877.
.W3
num-
Tonnage.
lt4,2ls\8
reports ol heads of bureaus and divisions, and the various
tables referred to, are herewith transmitted as a part of this report.
The Secretary takes pleasure in ommending to Congress the
industry and ability of the heads of bureauiand other officers
of this Department, many of whom by long experience in the
discharge of difficult duties have made their services of the
greatest value to the Government. The manner in which their
complicated duties have been performed, the faithful observance
of the trust reposed in them in ihe receipt and disbursement of
large sums of money, uud the accuracy and skill with which it is
accounted for, entitle them to his grateful acknowledgments.
John Sherman, Secretary.
REPORT OF THE COMPTROLLER OF THE CL'RIERCT.
Treasury Department,
Office of the Comptroller of the Currency,
Washington, D. C, December 1, 1877.
I
J
66,676-7ii
37.413 # ib
2:8,323-35
16, 1877.
Tonnage.
MM)
_'j
To the Hon. The Speaker of the Eoute of Iiepretentatiwi.
Sir : I have tho honor to submit for the consideration of Congress, in compliance with section three hundred and thirty-three
of the Revised Statutes of the United States, the fifteenth annual
report of the Comptroller of the Currency.
Carefully.prepared tables accompany this report, showing the
average amount of capital and deposits of national banks, State
banks, savings banks and private banks of the country, by
Total
610
120.4JC-39
States and geographical divisions, at two different dates, for each
In this connection, I would call attention to the fact that a of the years 1876 and 1S77; the items of the public debt of the
large number of vessels, as defined by section 3 of the Revised United States at the date of its maximum, August 31, 1865; the
Statutes, propelled neither by steam nor sails, go to make up amounts and kinds of circulating notes of the United States and
the tonnage of enrolled and licensed vessels, while a large class of the national banks, yearly, from 1865 to 1877; the specie held
of vessels with no internal appliances for propulsion is exempt by the banks, and the estimated amount in the country, on June
from enrollment and license under the act of April 18, 1874. 30, 1877; the issue and retirement of bank circulation, by States,
These vessels consist mainly of barges and open flats engaged under the operation of the acts of June 20, 1874, and January 14,
in the transportation of coal and lumber on the large navigable 1875; the amounts and kinds of United States bonds held as
rivers of the country.
For many years this class of vessels has security for national-bank notes on November 1, 1877; the numbeen increasing, and the water transportation of merchandise ber and denominations of legal-tender notes and national-bank
upon such rivers has been gradually passing from steam vessels notes outstanding on the same date a classification of the loans
to barges and other craft of temporary structure, which are of the national banks in New York City and in the other reserve
towed or propelled by steam or sail vessels. The act of 1874 cities in October, for the last three years together with the
exempted canal boats and boats employed on the internal waters average rate of interest in New York and Lendon for those years;
of States from enrollment, so that a discrimination now practi- the number and amount of national-bank notes issued, redeemed
cally exists between vessels propelled neither by steam nor and destroyed, from 1863 to 1877; the amount of circulation and
sails, as regards their liability to enrollment, dependent simply
deposits of the banks, and a classification of the reserve required
upon the question whether they are or are not usually employed and held at five different dates in each year, from 1871 to 1S77
on the internal waters of a State, in connection with their em- of the weeklv movement of legal tender reserve in the New York
ployment on navigable waters of the United States. The purely City national banks, in the month of October, from 1873 to 1877;
temporary character of many of these vessels renders it difficult the operations of the clearing-house in New York City, for the
to apply to them the provisions for enrollment that are appli- last twenty-four years; the capital, and amount and rate of taxcable to vessels propelled by steam or sails, especially as they ation, of the national banks, S ate banks and private bankers, by
are so constructed as to admit neither of a permanent crew nor States for a series of years the amount of losses charged off by
of a master who remains on board.
national banks in the several States and Territories during the
The discrimination as regards enrollment is, besides, a gra- years 1876 and 1877 the capital, surplus, dividends and earnings
tuitous cause of dissatisfaction among that portion of the mer- of the national banks, by Stales and geographical divisions, semicantile community which makes use of craft not propelled annually, from 1869 to 1877; the national banks Involuntary
directly by steam or sails. All these vessels should be subjected liquidation, and insolvent national banks, with their capital
to a system of license and enrollment different from that now in stock, claims proved and dividends paid, since the establishment
force, or all should be exempted from enrollment.
It is believed
of the national system. The report also contains statements of
that the mercantile community would prefer enrollment, if the the State banks* and Bivings banks organized under the laws of
lees for the preliminary admeasurement were moderate, and the the different States, so far as they could be obtained from official
system of enrolling now in force were less complex. An entire sources.
,
abandonment of enrollment deprives the Government to a large
Tables are also given showing the aggregate resources and
Steam vessels
Unrigged vessels
19!
34,U65 J
.
19,4t»452
;
;
,
;
;
...
THE CHRONICLE
551
liabilities of all the national banks at all the dates for which reports have been made during the past fifteen years, and by States
and reserve cities at five 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
present year.
The total number of national banks organized since the establishment of the national banking system, oa February 25, 1863,
of these, two hundred and thirty-three have gone into
is 3,372
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 gold banks,
located in the State of California, which redeem their circulating
notes at their places of issue, and in the City of San Francisco, in
gold coin. These have an aggregate capital of $1,300,000, and
an aggregate circulation of $1,432,120.
During the past year twenty-nine banks have been organized,
with an authorized capital of '$2,589,000, to which $1,244,520 in
circulating notes have been issued. Ten banks have failed within
and
this period, having an aggregate capital of $3,344,000
twenty six banks, with a total capital of $2,589,500, have voluntarily discontinued business.
The following table exhibits the resources and liabilities of the
banks at the close of business on the first day of October, 1877
the date of their last report the returns from New York, from
Boston, Philadelphia and Baltimore, from the other reserve cities,
and from the remaining banks of the country, being tabulated
separately:
;
;
;
[Vol.
XXV.
country until about the close of the year 1819. There was also
a 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, 1843.
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 wit that
at the present time; but detailed statements of the assets and
liabilities of the banks during the first period of suspension,
which continued for five years, caunot be obtained. The published statistics of the State banks during the later periods mentioned are not wholly satisfactory for the purpose desired, for
the reason that the bank reports were not of uniform date in
the several States, while the items of specie, circulation and
deposits vary greatly in amount throughout the couutry at different dates in the same year. The specie as reported was not
separated from checks payable in coin, and it is known that in
some instances the same specie was more than once returned.
From such data as are now obtainable the following table l:as
been prepared, giving the items of circulation, deposits and bank
balances of all the State banks, and of the specie held by
them, for a series of eight years, covering both of the periods
of suspension and resumption
i
:
;
N.
York
City.
Resource.
Loan* Ami diecountB
On U. S. bonds on demand...
*
iloston,
Other
Phil, and
Baltitn're
reserve
siasrle-name paper, wl.li
out other security
All other loans
,
Overdrafts
Ikmds
for circulation
llonds for deposits
U, S. bonds on hand
Other clocks and nondB
Due from reserve agent*.. .....
Due from otber national bankB
Due from other banks and
backers..
Real estate, furniture ami
1,213,512
877,400
18,03-\413
661
8,680,738
2,983,431
,
Current expenses
Premiums
©necks and othe-r cash Hems...
Exchanges for clearing-house..
Bills of other national banks.
Fractional curreniy
Specie
Ijegal-tender notes
s. cert
I0.538.012
15,800,54'
95,902.7 6 134,750,21
39,899
108,894
19,036,5:0 47,H9,230
600,000
180,(00
4. 2 12,90 J
11,SSS,0'0
3,176,31
9,218,326
13.135.086
8,a50,609
l(,9O0.96i
7,054,807
10,148,11'
2,421,509
969,836
2,060,452
5,963,961
9.S93.26'
1,048,606
1,122,00:
1,917.311
53,84i,S!'l
6,146,895
1*1,39
4,993,129
895,346
906,283
7.9,259
4,811,354
1,913.18;
80,02*
24,100,691
4,057,249
5,452,1-8
483,7)8
3,044,752
2>.5;1.800 247,445,450
3, 50,500
10.212,500
3,223,5.0 11,204,200
2,636,181 13,601,665
11,208,812 43,885,195
5,448,992 15,999,715
locates of deposit.
..
Ttoc per cent redemption fund
Dot from U.S. Treasury..
Totals
1,183,73:
75,933
12,948,406
830,33
15,838,971
2,361,129
80,059
8,88l,«Sl
15,236,845
19.0,5,000
197,278
18I.S0
10,015,000
2,' 45,713
25d,lj5
l,469,:-04
8,671,303
336,310,959
11,903,000
S0,"8<,l'-0
34,435,1=95
15.4. .,3
8,41699s
1,510,1:91
12,817,453
3,005,0.0
944,670
134.189
Surplus fund
TQudivided profits
KaUonal-natik notes outstanding
State-bank notes outstanding.
43,625,500;298,407536
15,395,2
77,279
40,445,791
91,513
19,5^0,050 316,473,128
13,536
299,410
73,018,16
27,214.946
Dtyt.tends unpaid
241.24
1.314,090
179,702
1,818,671
I nthridual deposits
163,400,317 112,3?1,I1S 63,826,1S6 277,'56,306
O. S. deposits
302,936
i03,o;o
t
1,856,615
6,510,031
Deposits of U. 8. disbursing
officers
...
....
1*9,775
11,186
777,92
"Sue to na-tjonal banks
64.459,374 27,634,739 14,126,715
Due to other banks aud baukers 21,386,763 7,563,677 11,S56,?S!
Note ami btiis ro -discounted.
440,679
Bills payable
i.iS5,W3
Totata.
1,866,850
1835
1836
1837
1833
1889
1840
1841
1842
$103,692,495
140.301,038
149,185,S90
116,138,910
135,170, ''95
106,968,572
107,290,214
83,734,011
Specie.
483,061.365
115,104,440
130,148,393
87.511,723
!0.47?,297
78,716,283
64,890,101
62,408,870
(186,773,860
$:3,9-.7,625
255.4 5,478
279,334.2-3
803,650,1,33
225,148,292
155,684,860
172,180,315
146,142,881
40.019,594
87,915,840
45,132,673
33,105,155
84,613,953
£8,440,423
$117,810,265
$89,042,310
$206,852,575
$37,318,610
1650
8131,366,526
1851
155,163,251
146,072.780
204,689,207
186,958,828
195,747,950
214.778,822
155,208,344
$109,586,595
128,956,712
146,258,880
188,188,744
$210,953,121
284,121,903
292,331,660
1911,400.342
377,352,565
408,453,612
841,140,891
$45,879,345
48,671,048
47,188,693
59,410.253
53,044,546
19,814,068
68,849,838
74,412,832
$341,795,180
$55,827,565
1853
1854
1850
1857
1
212,705,662
230,351,352
185,932,049
$173,747,638
11,415,761
12
-77,951
445.13li.174
$174,047,512
The subjoined
table gives similar information in reference to
the national banks for the laBt eight years
:
1,45=1,101
11,80S,126
6,170,164
1330,940
8,081,7(4
Legal Tender
funds.
Deposits and
Tears.
bunk
Circulation.
bal-
Total.
ances.
1810
1871
1372
$2:16,205,416
31S.265.4S1
1874
479,467,771
122.775,121
11,312,6,9
291,874,236
481.738
3,623,701
616,403,937
7,972,715
:,3!6,9S3
115,028,954
46,577,438
3.791,2 9
6 137,117
314.181,651 291.737,829 113.016,379 S26.483.304 1,741,034,663
addition to New York, BortOB, PhOadclphla, and BaltiPittsburg. Washington, Now Orlsans, LoKisvlUe, Cincinnati,
Cleveland, Chicago, Detroit. Mllwatakee, 8t. LobIs aud San Fianeiseo.
reserve
more, arc
Total.
.
9,7.7,902
661,188
4,;55,6S0
30,329.318
1,315,000
10,706,968
954,328
80,034.983
21,6!3,952
4,176,195
11,504,514
8,941,766
bal-
ances.
8,126,(-
9,241 =172
,
bauk
Circulation.
13,281,133
344,731,65, 396,787,529 173,016,879 926,4=8,804
Uabtutlet.
Capital stock
•The
8S8 ,243,290
fix
tures
V
banks.
465,150,106
48.S76/-83
4,319,0:4
On
Country Aggregate
I
On
other stocks, bonds, &c.
on demand
Payable In gold
cities.'
Deposits and
Years.
cities, in
A buy,
THE BANKS AND KESUMPTION.
Sec. 3 of the act of January 14, 1875, provides that "on and
after the first day of January, anno Domini eighteen hundred
and seventy nine, 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." This legislation is not without
precedent, for Congress, on April 30, 1818, by resolution declared
that "from and after the 20th day of February next, no duties,
taxes, debts or sums of money, accruing orbecom'ng payable to'
the United States, ought to be collected or received otherwise
than in the legal currency of the United States, or Treasury
notes, or notes of the Bank of the United States, or in notes of
banks which are payable and paid, on demand, in the said
legal currency of the United States."
The New York Legislature took similar action at about the
same time; and again, on March 23, 1875, it passed an act providing 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, aud 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 Slates at the time the contract or obligation
ehall have bsen made or implied."
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 on February »0, 1817, but resumption was not general throughout the
1876
1877
$141,984,865
$456,5S6,096
505,817,694
527,221,571
005,871,420
616,513,162
580,686,391
683,430,276
577,191,727
$752,791,542
336,259.285
841,820,256
331,193,159
314,979,451
292,011,575
291,874,236
863,510,656
841.191,076
947,706,321
895,664.812
875,441,851
869,065,963
138 1-04,706
155,705.143
$315,207,361
$544,108,417
$359,435,77:
$143,469,370
824,113,
111,
134,181.3-0
139.920,864
137. 484 137
By
reference to these tables it will be seen that from 1835 to
1813 the average ratio of specie to circulation held by the State
banks was 31 '67 per cent, and to circulation and deposits 18 per
cent; and that from 1850 to 1858 it was 32'1 and 10 01 per cent,
respectively.
The ratio of specie and legal tenders to circulation
of the national banks, for the eight years named, was 43*8, and
*
*
*
to lirculation and deposits 10 7 per cent.
The yearly average circulation of the banks of the State of
New York for the ten years from 1851 to 1860 was $39,098,094,
and of deposits $32,364,349. The average amount of specie held
by those banks yearly during the same period was $10,287,377,
of which about one-eighth only was held by the banks outside
of the city of New York, and the remaining seven-eighths by the
banks in that city. The average ratio of specie to circulation for
the ten years named was 548 per cent, while to circulation and
deposits the ratio was only 14'5 per cent.
The following tables, the fiist of which has been prepared
from information furnished by the manager of the New York
Clearing-IIouse, show the strength of the State banks of Xew
York City for the six years from 1855 to 1SG0, compared with
that of the national banks of the same city, at nearly corresponding dates for the last six years:
Slate Banks of Neio York City
((alios
Circula-
Dates.
tion.
Totnl
Deposits.
lia'il ties.
of-
Legal-ten
*
derfnds
gS
§11
$
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1,
1,
1,
1,
I,
1,
1855.
1856.
1857.
1858.
1859.
1660.
Avcro je 9
" Lejjal- tender
$
$
7,724,970
8,665,194
7,888,808
7,864,873
8,337,702
9,437,637
56,7 6 715
63,661,171
56,918,663
86,081,897
70,812,105
78,888,893
72,3(6,868
61.757,171
93,946.210
79,149,8(7
65,871.030
8,319,691
(18.432,367
70.152,061
04.4111.745
S
9.9W.12I
154
150
128 4
125-5
110-0
364-0
231-0
30 5
24 3
20,111.(180
2127
235
17,030.164
204-7
222
10,878,820
18,827,086
28,625,3 :i
19,21 9,126
so-e
funds," in the ca=e of Die State banks represents specie.
DaCBXMB
8,
THK
1877.]
National Banks In
yew York
0H110NI0T/R
City.
I
Oct
50
n,(m<,«si
119,110,844
804,680*1 s
Is
w
li-T.'>
e.
wi
48
4"
1,
1S17.
i:
15,896,167
48
UfiUJM
I,
Oct
•jii-j.vr.
186,109,073
900,198,186
6M
i; 1,983, IBS
21 4
IW5
88 8
191
i.iv.i
197,91'.,
161-7
8W,8l(,068
ili,744 Hi
190,883.411
:i.'i -i
16 I
KT-o
18 |
21 8
251 1
2D-8
r,r>:>
but with checks. In the principal cities
*,— payments are
accomplished through the operation! of clearing
!' irlng;
the last twenty four rears the exchanges of th* New York
Ing-House were 454 thousand millions, whl* the balar.ces raid
In
money were less than nineteen thousand millions. Tho average
daily exchanges during this whole
p riod were morn than sixty,
one millions, while the average daily b.Uno-s paid
In
were hut two and one-half millions, or but
four and on-. fifth
ipon the dollar,
will be leeo by a table on another page
In England, In 1881, after resumption, there wn«
bat little
demand for gold, nor was there iu France arter resumption by
the Bank of Prance In I860, nor has there been i„ tbu country
at
any previous time following the resumption of specie p»i
The II ink of France is at present in a state of suspension,
b
notes are preferred by the public to specie, and tti<- It'ir.k
has
found it difficult to reduce? the volume of Its circulating notes la
exchange for coin. Ail thought of demanding actual payment la
specie will vanish as soon as resumption Is assured, and those
timid binkers who fear that their dealers will demand coin for
ev. ry 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 thei
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 sptcie 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 dollar,
which shall be the unit of value but, since the suspens'on 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 l^C-1
to 1877, the last column of the table showing, also, its value on
November 1 of the present year
•
I
Averages.
I
866.88!
The national banks are required by section 5172 of the Revised
Statutes of the United States to pay their circulating notes on
demand, ami by section 3 of tho act of Juno 20, 1874, to " keep
ami have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum
of their circulation, to bo held and used for the redemption of
such circulation." When tho legal-tender notes shall be redeem ed
in coin, the banks will also be required to redeem in coin or in
such notes. These notes will then become coin certificate*, nnd
will bo 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
22 1 4 per cent upon their circulation, and of 208 per cent upon their
circulation and deposits combined. The average amount of lawful money held by the banks in the principal cities during the
same periods has equaled 59 2 per cent of their circulation, and,
including the amonnt due from their reserve agents, it lias
equali-d 205 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 including, 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 tho average
strength of the national banks for the last eight years is fully
equal to that of the State banks during periods of suspensioa and
resumption in former times; and, if resumption is to take place
upon any fixed date, the national banks will be certain, as a matter of precaution, to strengthen their reserves beyond the averages 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 tho 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, Scotland, Germany and France, in all of which countries the bank note
ia preferred, as a rule, to either gold or silver.
Only a small portion of tho hank 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 circulated at home, and tho demand for specie, wherever it existed,
was almost entirely owing either to an excess of currency or to a
want of confidence in the institutions which issued it.
The people throughout the country now know what, prior to
1863, they could not know; for it was not then true that every
bank note is safe beyond peradventure, and that if these notes are
not paid at the counters of the banks which issued them, they
will be paid at the Treasury Department, in lawful money, and
that the securities held therefor are amply sufficient for that
purpose. No reason, therefore, exists why the people who, in
the last fourteen years, have not lost one dollar through the use
of bank notes should decline to receive such notes in payment
of their deposits.
These notes are not only guaranteed by the
Government, but they are received by it in payment of all taxes
and other dues, except duties on imports, and are disbursed by it
in payment of all demands except interest on the public debt, and
in the redemption of national-hank notes.
The national banks hold eight hundred and eighty millions of
loans made to the people, and each bank is required, by section
5196 of the Revised Statutes, " to take and receiTe at par, for any
debt or liability to it, any and all notes or bills issued by any
lawfully-organized national banking association."
There are,
therefore, eight hundred and eighty millions of liabilities of the
people due to the national banks a sum largely exceeding the
whole amount of deposits which may be paid iu the notes of any
or all of the national banks iu the country. The national-bank
notes are therefore very different in character from the heterogeneous bank notes formerly issued by authority of the several
States.
Moreover, the deposits of the banks are largely owned
by their own shareholders and by their borrowers; and surely
business men, who look to the banks for accommodations, and
stockholders whose profits depend upon their successful manage,
ment, will bo the last to conspire to injure their credit.
Deposits consist chiefly of bank credits, are derived largely from
the discount of commercial paper, and are paid mainly by transfers upon the books
not with either coin or currency. ThroughOut the country all large payments are made, not with money,
******
—
—
—
—
—
u
;
:
1853
!t6l
18M
Cts.
Cts.
Cts.
76-6
387 701
I8<W|1867 18tt8]1869[18;» l«7I|ls72|187.'J 18?, 'a:t ls7rt|I877 I877«
1
•
Cte.
November
Cts.
K6-Q|7|-7
1
l
Cte. Cts. Cto. Cts.lCts. Ct<. Cts Ct«. Cts.lOt*
7tr:|7a-5|s.V6 8» ('| itr-5 .S6-4 8fCI-r-2-9 S'i|
I
l
|
ft*.
97 a
of 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
:
law
1SG5
Grs Ore
198
*
1867 |18'S
Grs Grs
(lis
9 9 181
November
[lefts
1
1-71 1876 187fi|lS77|l*77«
1861 [1871
Grs Grs Gt>
17-0 18'4 Jl8-0 18-9
?
820
Qn
Gr»
(li-
88'6 SS-j
Qn
.(4
Grs
(Ire
(in Ors
«4 »o'«4
81*5
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 number 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 numbered by tens
of thousands. The importers, anl 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 trade. The ten*
dency of such fluctuations is either to bankrupt or to demoralize
for, under such circumall persons engaged in ordinary traffic
stances, business of every kind becomes simply a game of chai.ee,
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 losses upon
those who confide in them.
If the weight of all the produce which has been purchased
in the last sixteen years had been determined by a standard pound
which varied in weight from six to sixteen ounces, or if the measure of all fabrics had been ascertained by a yard-stick, the length
of which at different times ranged all the way from fourteen to
thirty -six inches, the evil resulting from the use of mch false
and varying standards of weight and measure could not be greater
than that which has followed the use, during the same period, of
so false a standard of value as the paper dollar has been.
Not many years ago it required one hundred large and heavy
weights to biilano one hundred bushels of wheat. To-day, by the
advance in mechanical science, a five pound weight will balance
a much larger amount of produce, whi le the actual use of the pound
weight is confined to the small transactions of the retail trade. It
would now be impracticable to weigh the products of the country
with the old-fashioned ba'ances; but, by the aid of the modern platform scales, the weight of car-loads of coal and of canal boats of
grain, is quickly and accurately determined in pounds, every one of
which is exactly sixteeu ounces avoirdupois. There is not sufficient gold or silver coin in the country with which to pay for the
onetwentieth part of the products of the present year but the
machinery of the bank, with its system of checks, and bills of
exchange, and clearing-houses, will pay for it all in dollars,
everyone of which will be an equivalent of the true standard
dollar of twenty-five and eight-tenths grains of gold, nine tenth*
;
;
fine.
Resumption does not mean the actual use and handling of the
gold dollar in every transaction. Coin and currency are but the
small change used in the retail trade. Hank checks and bills of
exchange are the instruments employed in all large transactions.
of goods, for car l<«ds of
A. single check pays for a whole invoice
Resumption means only that the
coal, and for houses and lands.
dollar represented by the check shall be equivalent to twenty-five
and eight-tenths grains of gold, as the pound represented upon
THE CHRONICLE
556
beam of the platform scale shall be equivalent to sixteen
ounces 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
value.
Congress, on 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 increased in its representative value and weight forty per cent during the last ten years, more than ten per cent during the past two
and
years, and nearly five per cent within the last six months
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
;
;
alike.
The Government, and the bankB of the country also, suspended
and it is believed that the
specie payment on December 28,1861
national banks will cordially unite with the Government in restoring the true standard of value, whenever the acts of Congress
referred to shall be carried into effect.
;
NATIONAL-BANK CIRCULATION.
The following table exhibits, by States and geographical
sions, the number of banks organized and in operation, with
divitheir
bonds on deposit, and circulation issued, redeemed and
capital,
outstanding on the 1st day of November, 1877:
5
States
*
and Terri-
tories.
|
1
Capital.
Bonds.
Capital
Bonds on
_ $"~~
deposit.
Circulation.
g
g ®
pa-.d in.
Issued.
Redeemed Outstanding.
8
$
Maine
New Hampshire..
Vermont
Massachusetts.
Rhode
.
.
Island
Connecticut
73
46
46
*S7
til
61
10,860,000
5,740,000
9,459,850
5,769,010
8,763. 700
97,147,000
30,079,800
85,548,120
89,556.850
14,053.900
19,731,200
8.669,889
5.20i,817
7,500,690
61,419,467
12,817,641
17,367,733
7,63J,.tO0
ToUls, Eastern
167,943,6-JO 156,205,700 178,066,480 165,388,144 112,878,338
States
New York ...
New Jersey.
.
Pennsylvania.
Delaware
Maryland
Ml
69
m
18
Middle
Totals,
States
95,199,691
11,178,350
56,014,840
1.663.985
13,298,685
54,619,950 156,836,855 107,1(3 027
12,549,350 2;,2J8,?8) 16,061,66*
44.954,300 101,154,415 59,664,955
1.784,115
3,149,315
1,484,800
8,145,0C0 31,118,700 13,161,371)
180,355,051 !21,7i2,800 309,547,506 187,775,035 111,772,470
Dist. of Columbia.
Virginia
1.432.010
3,485,000
West Virginia
1,848,0-.
North Carolina...
South Carolina...
8,601,000
2,870.700
*, 14 1,000
50,000
1,653,000
Georgia
Florida
Alabama
Louisiana
5,930,511
10,607,404
64,479
4,120,698
1,039,487
220,765
8,341,197
3,430,066
7,889,611
S6,7l'5,950
69,917,545
42,628,482
37,288,063
23,617,550
13,281,700
10,413,000
6,2o7,!00
3,295,500
4,475,500
2,694,400
940,000
821,0:0
53,131,830
38,353,385
31,895,265
14,998,120
6,777,140
11,417 68i"
30,939,539
19,695,761
21,233.462
9,117,897
32,183,591
12,557,624
10,661,803
5,812,523
2,394,712
4.299.784
1,968,83'.
2,611,125
8.000
910,000
6S4.0C0
5,664,761
1,608,130
905,001'
473.700
16,618,055
Ml
48,115,500
161
23,47 1.9C0
16,18 ',;03
Missouri
S/67,185
4,451,361
l,t21,0U
8,357,850
2.624,600
8,270,000
........
5,298,300
6,889,990
4,743,240
3,409,550
53,4.0
2,736,750
66,000
3,900,000
1,1*5,000
205,030
9,985,500
3,050,300
7,735,000
Tennessee
5.258,857
4,373.967
8.115,568
1,914,760
1,039,443
2,516,023
1.657,673
1,491,790
1, 398,310
1,840,135
44,403
1,465,463
1,511
1,544,062
568,943
252,935
8.376,258
3.500.454
2,717,594
,038,000
2,719,850
1,548,850
1,399,000
1,470,000
1,899.000
50.009
1
Mississippi
Texas
Arkansas
Kentucky
49,733,328
11.227,052
41,489,460
1,361.200
7,9:7,430
1,271,21,7
Totals, Southern
and Southwestern States
Ohio
Indiana...
.
Illinois
Michigan,
99
m
13,461,' 00
..
si
"Wisconsin...
411
9,844,5
3,500,000
Iowa
Minnesota
rs
6,i:i7,0D0
31
10
4,628,700
1,065,000
l.O.f.OOO
Wi
89,285,600
K
Kansas
Nebraska,
..
Totals. Western
States. ..
Nevada
Oregon
250,000
Colorado
11
Utah
1,235,000
200,000
4,581,4-18
1,746,661
7,148,096
3.960,46.
1,637,988
955,900
61,818,450 161,548,850
99,(71,533
S.'0,0~C
7::8,000
50,OCf,
6,638,58''
2,678,260
131,70
460,40
1,417,680
602,23
IS'
2/78,118
1.038.-.72
790,960
3,476,767
3,823
&5.
2 5.0C0
759
688, 483
519.
Idaho ......
100,'
00
100,001
186,04'
1C3
Montana
350,0
125,000
300,000
50.CO0
23«,<00
60,000
300,000
50,000
464,430
103,200
24'.)
47
81,0*8
81,701
215.C69
56,140
543,561
275.
5C8 050
9,93C
41,
44,000
8.610.0CO
1,778,000
3,9»9,SC0
....
Wyoming
.
New Mexico.
Dakota
Totals,
Pacific
States
Territories
&
2,333,466
1,666,334
Due banks for mutilated notes retired
Grand
Add
totals ...
893,131
1,071
433,312,771 341,210,900 623,079,650 507,197,660 316,775,111
4,300,009
1,788.(XX
2,961,000
1,528,880
1,432,146
5,08'.
436,61 1.771 343,048,900 328,040,650 508,726,54( 318,207,231
for gold b'ks
Totals of currency
and gold banks
The act of February 25, 1883, 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
was incieased by the act of July 12, 1870, to three hundred and
fifty-four millions.
The act of June 20, 1874, authorized any
national bank desiring to withdraw its circulating notes, in whole
or in part, to 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
l
Vol. XXV.'
and the act of January 14, 1875, 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 national
bank notes thereafter issued, until the amount of such 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 subsenotes
;
quent to the establishment of the system, the amount outstanding on November 1, 1868, having been $299,887,675— or within
$112,325 of the authorized limit. The additional fifty-four millions 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
notes at the pleasure of the banks, the circulation has been
steadily decreasing in amount. This will be seen from the following table, which exhibits the total outstanding circulation,
not including mutilated note3 in transit, upon the 1st day of
January for the
last ten years,
and also upon November
1 of the
present year.
Jaa. 1, 1663
Jan. 1. 1839
Jan. 1, 1870
Jan. 1,1871
Jan. 1, 1872
Jan. 1, 1673
.-.
$399,846,206
299,747,569
299,629,322
304,956,849
327,787,306
342,541,453
I
Jan.
Jan.
Jan.
Jan.
1,
1874
1875
1,
15-76
1.
1817
1817
1,
Nov.
1,
$343,516,478
347,959,471
341,653,672
318,356,754
315,881,990
|
The amount of legal-tender notes on deposit for the purpose
of retiring national-bank circulation was, on November 1, 1875,
$20,238,642 on November 1, 1876, $20,910,946 and on November 1, 1877, $13,111,371; and deducting these amounts respectively 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 $2,770,619 more than the three hundred
millions originally authorized.
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
purpose of retiring circulation, and $63,109,849 of bank notes
;
;
;
have been redeemed, destroyed and retired. Since the passage
of the act of January 14, 1875, $34,386,385 of additional circulation has been issued, and legal-tender notes equal to eighty per
cent thereof, or $27,509,108, have been retired, leaving $354,490,892 of the latter notes outstanding November 1, 1877. The
amount of additional 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
amounting to $2,589,000 and within the same period
reissue
retired, without
circulation were
$20,681,637 of
the actual decrease for the year being $4,375,607, and the
During
total decrease since January 14, 1875, $35,086,339.
the year ending November 1, 1877, lawful money to the amount
of $'10,465,756 was deposited with the Treasurer to redeem circulation, of which amount $2,291,266 were deposited by banks in
The amount previously deposited, under the act of
liquidation.
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 of that act. Deducting Irom the total of the sums named
($76,121,220) 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 on November 1,
1877, $13,111,371 of lawful money for the redemption and retirement of circulation.
capital
;
;
*********
RESERVE.
estimated by the best authorities that the Scotch banks,
which have long enjoyed the reputation of being well managed,
and the Joint-stock and other incorporated banks of England (not
including the Bank of England) hold not exceeding five per cent
The remainder of their
of their liabilities in ready money.
reserves are largely invested in the English consols, bearing
interest at the rate of throe 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 low as one hundred francs, or about twenty
dollars, for the convenience of those who desire to invest their
savings in the public funds. The recent failures of savings
banks throughout this country, having on deposit largo amounts
of the people's earnings, has suggested the propriety and policy
of the issue by the Government of four per cent bonds of a denomination lrss than fifty dollars. 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 holders,
when desired, without material loss.
The national banks in the reserve cities are rt quired to keep a
reserve of twenty five per cent upon deposits, one-half of which
may be on deposit with their 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 balances 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 corespondents, not for the purpose of legitimate business, but in order to
obtain interest upon idle lunds -which cannot be invested by them
It authority were given to the national banks
in available loans.
to hold, in four per cent bonds of a denomination less than fifty
dollars, such portion of their reserve on deposit with their agents
It is
December
8, 1877.
THE CHRONICLE.
J
might think proper, It would result in a large Investment
by them in these securities and the savings bank depositor, If
he should to desire, would then find no difficulty in disposing of
"these small bonds among the twenty one hundred national banks,
one, at least, of which is located in almost every village in the
country. This policy would also have the effect of strengthening
Previous) to the passage of the act of June 20, 1874, the national
to hold a reserve upon circulation and «Uposits.
By that act the provisions requiring a reserve to be kept
upon circulation were repealed
but the banks were required to
deposit with the Treasurer of the United Hutes lawful money,
equal in amount to five per centum of their circulation, as a redemption fund, which fund was authorized to be counted as a
part of the reserve upon deposits. In the table above given thie
redemption fund, on and after June 20, 1874, I* included in the
item of " other lawful money," and the ratio of reserve, ai given,
is upon both circulation and deposits.
The following table exhibits the amount of net deposits, and
the reserve required thereon by the act of June 20, 1874. toether with the amount and classification of reserve held, at ten
§ ifferent dates,
from October 2, 1874, to October 1, 1877, the date
as tliey
banks were required
;
;
the available resources of the banks, and of retaining in their
hands a considerable portion of those idle funds which are now
sent to their correspondents in the central cities, and are loaned
by the latter, upon call, to dealers in speculative securities.
'it is estimated that an amount, varying from 200 to 000 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
good reason why the four per cent consols of the United States
should not be employed for a similar purpose in this country.
The following tables exhibit the amount of circulation, net
deposits and reserve held by the national bunks in the States and
Territories, together with the total amount held by all the banks,
at three periods in each year, from 1871 to the present time
Figures arc expressed In millions and fractions of millions. Thus, 302.-6 means
;
of the latest returns from the banks.
STATES AND TERRITORIES, EXCLUSIVE OF RESERVE CITIES.
308,600,000.1
STATES 1111 TXRRITORICS, EXCLUSIVE OF RESERVE CITIES.
Liabilities.
Reserve bald. Classification of reserve.
Mi
I
R's'rveheld
667
a
I
Xi
Dates.
i
1
Classification of
reserve.
©
is
a
c
ft
o
1
&
!
1
ifiPn: JflXni. UiTn:
l'-VTEF.
v o
r
as
o
P.ct.
April 89, 1871
1,482
1,497
"
1,837
Oct.
2,
April 19, 1872 1,616
1,826
Jnne 10,
1.0S9
Oct.
S.
April 85, 1873 1,732
June IS,
1,787
1.747
Sept. B,
May I, 1874 1,151
Jnue 26,
1,155
Oct.
1,774
2.
May
1, 1875 1.815
Jnne SO,
1,845
Oct.
1,851
1,
12, 1876 1,853
Jnne 80, •'
1,855
•'
l.HiS
Oct.
2,
April 14, 187
1.819
Jnne 22, "
1,844
Jnne
10,
•
'
'
May
Oct.
1.
"
1.845
502 8
£04 2
2102
2201
fis-o
235-8
3411
257-4
257-3
268-8
227-3
231-9
482 8
2821
2331
3038
235-8
235-4
290-7
894-9
438-6
445-3
65-8
MS
987
2*6
405
55'
101-7
22 8
40'4
4676
4ST4
701
98 9
21-3
59 8
55-6
73-1
202
415
432 522
490-8
509-4
78-6
76-4
78-4
96-0
101-8
978
192
202
5226
193
527 7
536-9
622-3
527 -5
536-7
122-4
887-4
293-4
305-2
811 5
306-7
298 7
2188
2981
5175
218 6
891-3
293-4
890-9
509-8
214'5
2165
2r94
834-1
231-5
2298
230 7
2177
June
in
Oct.
April
I
Jnne
ID,
M
M
1872
"
14
Oct,
8.
April IS, 1873
Jane
II
Sept.
12,
May
Jnne
Oct.
May
Jnne
Oct.
1,
it;,
••
"
J.
l.
ao,
i,
Mar H,
June
HO,
Oct.
April
2
14.
June
38,
Oct.
••
1874
1.
1875
"
11
1876
•'
••
1877
••
"
54
54
54
51
61
50
49
49
48
48
48
48
48
48
48
47
47
47
47
47
47
785
792
80-5
81-2
80-7
78-2
77-6
76-5
76-7
15-9
76
5413
517-4
5311
5111
505-4
505 9
NEW TORK
April 29. 1811
80-6
78-4
5830
June
10,
"
"
Oct.
8,
April 19, 1872
Jane
••
Oct.
April
10,
8,
25,
Jane
13,
"
Sept. 18,
"
May
1,
•Tune 26,
Oct.
J,
May
Jnne
1,
Oat.
SO,
1.
May
12.
"
1873
1874
"
"
1875
•'
"
1S76
Jnne
"
80,
"
Oct.
2,
April 14, 1877
Jnne 22, "
"
Oct.
1.
April 29. 1871
Oct.
April
10,
-2,
**
••
19, 1*7*
*•
10,
53 4
266
155-6
i9-l
881
280
1580
163 6
186-1
191'6
87 7
214-2
536
172-7
S008
5348
2326
50-0
68-7
581
229-9
57-5
21-0
:975
2185
546
191
818'4
59'4
18-8
161
8023
1805
15-6
14'8
197 9
237-6
280 6
196 6
211-4
212-7
1919
15-9
15-4
343-7
174-9
551
498
52 -8
53-2
520
649
:08-i
259-6
i;i> a
41 «
76 6
179-6
189-9
746 1831
768
781
1639
1981
179 6
783
196-0
18-3
210 6
778 197-5
773 2109
769 2191
731 219'9
70-8 2179
691 225-5
69'4
61-7
822-3
813-9
600 2190
59-4
608
.'96
600
810-3
2C9-S
333-7
313-4
801-1
307-8
315 6
83S1
June
13,
Sept, 12,
May
Jnue
1,
**
1.'53
May V,
June
30,
16 9
808
•07 88-5
549 264
18-1
470
146
158
46-1
65-
-3
23 6
552
11-7
13-0
5
8-9
45-8
81-7
88-7
27-4
38-3
25-9
86'4
2-8
IT.
5-1
2-8
1-9
473
61
791
831
25-0
73-3
72-2
1!
916-6
949-7
962-2
948 5
990-9
9583
9884
V97-2
969-5
1.058-3
V59'6
1-6
1-9
33-7
5
43 8
44'8
34 3
85-3
43-6
304-6
197-5
116-4
808-8
180-5
99 9
101 9
9.-4
1958
197 9
191'9
243-7
174-9
11«
27
850
4-8
4-2
88-1
33 1
31-9
4 2
816
48 9
14'4
53-4
49'9
61-8
54.4
849
834
s»- a
6 7
766
851
18 7
60-5
29 9
89-6
5
16
383
807
181
28-6
15-8
35-1
87-5
111
130
451
490
534
49'5
60 7
54-9
61'3
3814
553
819-3
326'9
323 9
S4-8
56-7
56
5.16
54 9
54 3
63'5
2146
219-6
217
210-2
2S4-8
804-1
586
51-0
11
11
9
5
110
109
10 8
10-7
10 6
10-7
CITT.
68'3
57-8
440
119
83-1
81-0
8
5t'6
50-6
60 9
48-7
885
Ml.
51-7
53 1
684
533
567
573
554
559
550
512
494
1,
30,
1,
12,
30,
Oct.
8,
Apr.
14,
1874.
1875.
1815.
1675.
18:«.
1876.
1676.
1877.
1.
1877.
2.004
2.04-:
2,076
2,087
2,039
2.091
2.089
2,078
2,078
2.080
719 4
728
757 9
784-1
65-
481
15
1-2
11
11
0"9
0-8
0-8
865
463
45-8
38 3
48-7
34-3
14 6
09
0-9
0-8
CITIES.
760
781
779
34'3
3i'9
34-4
83-3
36 7
87-4
89 8
4 5
1-4
3 7
311
87
38'6
3 6
8-6
31 8
!-5
3 8
4 7
171
33 3
85-7
301
894
30-7
76-
854
851
40
37-
330
723
34 4
7-1
381
39
71-3
67-5
82'9
S3
54
41'6
'.71
5-6
343
344
31-3
10 6
181-7
133 5
184-6
185-8
107 1
Tl* S
IIS'4
14-5
73-8
S3 9
778
694'5
7149
706-6
696 S
7706
669
1
1506
3449
340
150-2
158 3
152 9
141 7
148'9
147 5
144 7
163 3
138-8
230 6
859 6
31-9
34 8
215-
830
333
698
637
3!
1
34)
3 1
3-0
3
30
3 1
30
210 7
1
34 5
S3 5
82 2
340 4
310'S
31-3
81-5
246 7
3367
231
190
8 1
21-7
35 3
213
104 4
37.1
31 8
83-8
13t'4
100 8
17-
80 7
89 7
167
856
NVS
879
874
830
831
162
73 3
14 3
MS
3
151
14 7
14 6
14f
14 6
361
22
40-4
8-7
433
83
36'8
45
24
41-1
29 8
34 9
Si'8
28-5
3I'3
for the last six years:
Week ending—
Specie,
|
430
1-5
40-7
38-8
323
4-2-1
SO 7
93
39 1
'•
4, 1873
11, 1878
87-
"
18.1878
•'
25, 1878
11,433, SM)
1674
1874
14517,700
761
73-3
77-2
659
6T8
36-4
40
5'4
401
361
447
vr,
87-3
7-1
301
24 4
248-5
26 6
1929
9614
191-3
188-4
i' s g
187-4
194-9
304-9
£33 t
222-9
946-5
809-9
27-5
24'5
2iT»
24-9
1995
3031
3391
J41
336
568-1
85-7
£70-7
344 9
330-5
359-8
351-1
1351
28-1
328
18-8
16'2
130
19'6
800
10'3
16'9
280
19'9
325
S5 7 333
338 .81 3
2-2
1
84-2
8-2-3
io-6
19
8<
140-1
861
153-8
134-5
181-3
924
1349
1190
91 6
6YV1
68 8
119-7
1S9-0
118-1
141-8
150-9
139-8
139-3
161-1
141-4
123-1
188-5
88 9
881
971
981
83 8
975
63 8
80-6
m
"
"
"
"
'•
5,
10,
10,506,900
11,'50,100
8,049.800
5,179.800
7.187.300
58.297,600
68,158,000
18,586.300
16.839.903
18.92O.800
68.671.000
66.6*9.100
64 .'46,500
9.340,
15,373,400
17,1874
24, 1874
81, 1874
9,
1875
1815
1875
88, 1876.
.
.
80, 1875
"
7.1810
14.1876
"
81, 187*
"
"
28,1878
"
18.4W.S00
£6, 1812
2,
•'
9.-..'.:.9> <i
10.8*0,100
16,
"
46,885,000
HO
40,675.100
"
"
"
"
mjKO
ttnj
IU.U7H,2I«.I
10,»57,4O0
9,184,300
2
19,1812
1677
18, 1877
6.
30,
1877
27, 1871.
.
Total.
146,4*8.801
50,745,800
56,917,500
51,119,800
18,469,700
1872
Local
tenders.
12, 18
•'
i
856
838 81 7
86 8
3008
87 9
345 353
!98'4
837 314 1880 874
196 3
85
284 371 119
62314 1 2404 38-7 313 187
199-6 210-8 220 22-8 114-7 78-8
830-6
546-7
£36 8
881-1
••
"
185-3
2254
October
3,
*
T.
1968
The following table exhibits the movements of lawful money
reserve, consisting of specie and legal-tender notes, of the New
York City national banks, weekly, during the month of October,
299
887
367 £82
8-7
67-6
78-3
807-3
314 3
308-9
42'6
48'6
In the above table, as will be seen, the redemption fund is
flven separate from the lawful money reserve required to bo
ept on hand, and from the amount due from reserve agents.
29 4
3381 3
8-8
4-7
72-7
77-8
667
1,907-J
S2-5
S4-9
S4-7
33-0
27-9
87-7
26 7
26 8
85-3
78-0
6?-9
S91-9
903 3
336
745 555
737
731
2900
1,080-7
1,0:2-4
3,
May
Oct.
295
359
740
891-0
2738
3438
2634
188
1877 ...
June 32, 18;7
85-1
730
2960
174 7
Oct.
Jnne
S91
496
481
1.
May
454 817
474 35-5
404 311
2940
181
1815...
22, 1877...
Oct.
4-5
892-3
875-6
279-0
June
Jnne
5-1
731
1.P50 3
7
87 1!
50
29'2
78-2
731-9
6»8 1
718-J
705-4
694'8
768-3
291-8
994 7
511
84-3
87-4
7d-0
686
688
3100
*'
67
18'7
62-9
55-5
37-4
76-8
60-5
51-4
470 105-1
468 100450 404-5
450 lose
f.
Sl-MMAKT.
668
7*4
80 8 280
718 261
888 7
1,1675...
12,1876...
J one 30, 1876 ..
Oct. 2,1876...
Apr. 14,1877...
182
181
183
188
189
169
189
187
2,1874...
1,1875...
Oct.
64-4
1,0504
1,0439
1,0735
187*1
15-5
40-3
56-8
79-1
7171
7306
7554
3161
3184
26-4
32-2
17-4
146
SS0
75-3
71-4
ti5-7
3I0'6
,"tl
1,
!3-4
80-4
30-9
6*7
1.051-5
2,091
**
Oct.
2,089
8,
April 14 lb77 3.073
June 23, •*
3,078
Oct.
1.
8,080
I,
3:',
30-1
713
718
683
578
65'1
713
300-2
Oct.
64'4
46-9
34-2
40'8
33-3
374-9
357-7
374-2
388 7
275-3
288-3
1.04VO
8,089
May
Jnne
2.
390
8605
7047
*'
6-4
131
886
85 S
OTHER RESERVE
May
656
S4-J-3
:ks-s
••4-4
34-7
1875.
Oct.
62-8
3334
"
45-4
47 3
•
1876.
Oct.
2, 1876.
Apr. 14, 1877.
June 22, 1877.
Oct.
1, 1817.
June 80,
351-8
1,9*8
1,976
**
58-8
65-2
50-5
41-5
10-4
S3
15
16
46 9
2624
2687
1874 1,978
338-5
tst-g
S28-3
Oct.
6367
6232
663S
11-9
11-4
8-7
11-9
15-2
2X
83-9
1089
as
UU. MiTni. MIL
348
438
h
a
CITIES.
613-8
6,0-3
«91'9
674
1,933
2.004
lfr75 8.046
**
8,076
'*
2,087
2G,
610-5
641-9
290
1875.
13, 1876.
May
56-3
46 5
47'9
S07B
1,
May
Oct.
50-1
April 25, 1K78 1,961
S,
48-3
255-2
331-S
327 1
S13'5
Oct.
189
2006
1,919
June
954
172-0
196-9
176
17*
180
1,707
1.728
1.767
1.843
55 4
438 55-9
427 550
26-7
M KM
June
41-8
803
81-7
162
Oct.
19-fi
592
18-)-5
1,
June 80,
20-2
43
48
48
43
47
47
47
47
47
47
3. 1874
30, 1875.
p. at.
H
5-
100-6
100 7
44 :
46-0
3063
3136
NEW TORK
52 1
58-4
58-3
103'9
101-9
65-7
76-6
17-8
8R-2
14, 1877...
630
531
1000
56-7
60-5
275
2,1870...
Apr.
June
573
555
tsi
Oct.
May
441
281-9
1.1817...
30, 1876...
Oct.
452
459 5S7
2430
1677...
399 5
391-7
394 2
391-6
390 1
Jnne
Oct.
1
18-6
33-1
20-1
104'5
103-8
8994
1,855
1,653
1,839
1,644
May
1.1875...
12,1876...
60
45 8
471
l,>-58
Oct.
639
194
226 9
195 8
473
307 9
30, 1675...
57-8
58-5
59-0
63-3
45 5
1913
25 3
45-1
44'9
44-5
50-1
19-1
18-8
1007
1052
1001
195 1
211-0
206-4
804-6
48 1
43-3
20-6
20-6
21-6
21-3
30-6
88-6
88-3
71-6
78-5
180
182
183
183
188
189
189
189
187
187
188
112-6
111-3
100-6
318
310
171
172
176
181
183
181
119
1089
1105
20-7
1,851
June
Jnne 52,
CITY.
OTHER RESERVE
April S9, 1871
105-7
i
293-4
2,1674...
1,1875...
Oct.
Total.
1,774
1,815
1,645
May
4
[
go
12,491,400
11.457.9C0
10,384,900
5,488,900
5,716,300
5,538.500
5.735.000
8.915.600
17,*82.*00
16.833,000
15,577,5:0
i4.oii.noa
BIJBJOl
49.833.900
50.773.«0
56.181.500
51,1
KMM
4,s„'S.-.7i.l
47,300,900
45.1*3,80*
45.535. 300
6i,'i97.9u0
61,6311,410
67.068,500
1 1,800
58,035,900
54.738,400
rS.2 8.800
54,1
Ratio to
lUbUltias
240
3*8
-.'s
6
87-8
11-8
11
n
107
1*2
300
*•«
39
s
27 »
3» 1
2S-6
234
253
3*5
306
3Sh
43,004,800
41.431,700
41.645.»"«
59438,301
14.665600
S*4*8J9S
14.738,5
14,(87,4
|SlfJtysBs
85.17S.9O0
16.111.700
51.833.9*0
49,*05,4*0
49.16S.100
870
2*7
:«4,S.-.7.HlO
49,S74X8M
2*8
56.999*0
HkSSI.sTO
i7 S
»B-«
IS'S
the New
The following table, compiled from weekly returns to
(coniirtlna;
York Clearing-House, exhibits the average liabilities
reserve held, together
of circulation and net deposits) and the
THE CHRONIOLK
558
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.
J
Dates.
enue from State banks and private bankers, during the sania
were as follows:
On
Specie.
tenders.
Oct., 1870.
"
1871
"
"
•'
S
8
S
194,031,979
4(1,003,033
209,421.9511
45,799,550
45,954,675
7,417,075
51,591,320
49,8:4,04
42,901,875
35.204.175
10,762,813
8,789,900
57,365,931
54,588,550
52,5h2.575
18,124.775
64,467,380
58,112,880
68,778,200
49.876,300
18ft
194,
1N73.
157,171,4-75
08,050
224,510,980
1878, 212,787,180
876. 204.033.63o
1377. 188,803,760
"
"
Percent Per
t
1874
"
tenders Specie Total.
Total.
1
9.6-i7.0
10,707,700
12,873,1 60
6,278,840
15,876,32)
11.672,125
21-0
31-9
56
P. ct.
29 6
4 2
201
522
4 9
4-7
23-2
23-4
68
58
30
27-1
11'5
21
7-8
7 8
18 9
ct.
29
20-4
28-8
20 -7
A
table showing the average weekly deposits, circulation and
reserve of these banks, for the months of September and October, 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 their reports, from
Octobers, 1870, to October 1, 1877, together with a similar table
showing -the reserves, by States and principal cities, for October
******
1877.
1,
lows of national banks in new york
and kates of interest in newyobk and london
classification of
citr,
On
circulation
On
deposits.
capital.
Totals.
liabilities.
Legal
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
Octo )er, for the last four years
:
XXV
period,
Years.
Katio to
I eserve held:
fVoL.
1864
1865
1866
1867
18:8
1869
1870
1871
1872
1873
1874
1875
1876
1877
$2,0501,99
$780,738 52
i
1,9931,061
£5,435,232 59
00
3,463,988 05
73
90
49
2,04(1,562
(32,300,817 S2
$9,991,302 43
847,730,362 E4
16, 738
22,
!,746
17,,947
5.
>,4S0
.
82
4,910,: 70
11
3,829,723 S3
585
i,419
15,
22,
!,7S1
1,919
8,
24.
1.778
Aggregates.
$-2,837,719
98
8i7,0S7 21
919,262 77
978,057 61
786,950 05
916,678 15
1,102.241 5S
083,219 61
927,061 21
28t,6H9
i.
Jtt,
•
2,013,841 08
2,093,1.85 83
1,355,395 98
1,448 512 77
1,734,417 68
2,177,570 40
2,702,196 84
3,643(251 71
3,909,893 70
2,453,514 20
2,972,260 27
8,999,530 75
2,896,637 93
9301,278
2141,293
903,307
374,074
470.867
399,562
445,071
46
1,816,745 55
3,198,051 17
3.02(1,083 61
3,0(1,211 53
4,628,429 14
3,771,031 46
,180 07
!43 13
,698 03
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
years designated was as follows In 1874, $1,502,549; 1875,
$1,949,106; 1870, $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 bankers,
during the last year, was $10,828,656 12, and from the date o£
the imposition of the tax to the present time, not including the
tax on bank checks, it was $126,98S,4G1 59. The total amount of
tax paid upon circulation by the national banks to July 1, 1877,
waB $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 proceeds of this tax. The tax upon the national banks has been,
from the beginning, collected without expense to the Governfiscal
:
;
October
Loans and discounts.
2,
October
1,
October
October
2,
1874.
1875.
1870.
48 banks.
48 banks.
47 banks.
1,
1877.
4?
banks
ment.
t
On
On
$
I
paper with two or more names. 110,719,349 123,189,537 95,510,311
single-name paper, without
other security
On United Stales bonds on
On other stocks, bouds,
On
4,721,63S
13.555,100
4,931,074
16,034,532
6,277,492
800,540
763,448
51.151,682
278.081
5,735,138
2,909,557
51,179 3 34
663,160
3,454,276
3,908,602
53,719.571
538,302
4,681,570
1,852,944
497,521
319.014
7t6,4:6
19,959,6(19
demand
<fcc,
demand
real-es ate security
'
Payable in gold
All other loans
Totals
93 .618,776
on
370, ' 33
201, 771, 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 October
1, 1877, was $169,102,391, which is much less than at the date of
any report for the last seven years. Ou January 22, 1870, the
loans were $108,314,034, aad on October 8, of the same year,
$168,082,085.
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 Chrosicle and the Journal of Commerce of
that city, was as follows:
1874,
1875,
1876,
1877,
call
call
call
call
loans, 3'8 per cent; commercial paper, 6-4 per cent.
loans, 3'0 per cent; commercial paper, 5'6 per cent.
loans, 33 per cenl ; commercial paper, 5'3 per cent.
loans, 3'0 ] er cent; commercial paper, 64 per cent.
The average
same years was
rates of interest of the
Bank
of
The Comptroller, in August last, issued a circular addressed to
the national banks, requesting them to report the taxes paid by
iheni 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, 2,040 in number, having an aggregate 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, 1809, 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 Taxes.
capital
Years. Capital stock
England
for the
U.
Total.
State.
S.
U.
* 1874, 3'69 per cent.
S. State.
P.c.
* 1876, 3-23 per cent.
* 1876, 2 61 per cent,
t 1877, 216 per cent.
The
1
tax to
New
rate of interest in the city of
York on November 27
of the present year, as quoted in the DaVy Bulletin, was on call
loans from 5 to 6 per cent, and on commercial Daper of the best
grade from 5i to 7 per cent. The rate of interest of the Bank
of England was reduced from 5 to 4 per cent on November 28.
18C0
1867
1868
1869
1870
1871
1872...
1873
1874...
1875
.
.
$410,593,435
422,804,666
420,143,491
419,619,860
429,314,041
451,991,133
472,956,958
488,778,418
493,751,679
503,087,911
501,788,079
$7,949,451
9,525,607
9,465,652
10.081,244
10,190,BS2
10,649,895
6,703,910
7,004,646
7,258,083
7,317,531
7,076,067
$8,069,938
8.813,127
8,757,656
7,897,096
7,405,675
7,860,078
8,343,772
8,499,743
9,620,326
10,058,122
9,701,732
19
$16,019,389
18,338,734
22
2'2
2-4
18,223,308
17,378,310
17,656,357
18,509,973
15,047,682
15,504,394
16,676,4 9
17,375,653
16,777,819
24
24
Total.
P.c.
2-0
P.c.
21
21
4 3
4-3
1-7
1-7
41
41
41
17
14
1-8
1-4
1-5
1-5
1-4
20
20
18
2
39
3-2
3-2
3-5
3-5
3-4
taxation.
The following table exhibits the amount of taxes paid by the
national banks to the United States, yearly, from the organization of the system to July 1, 1377, the rate of taxation being one
per cent annually 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
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 taxation, in the
cities named, for the years 1875 and 1876:
Rates of Taxation
•
:
On circulation.
Years.
Cities.
On
deposits.
On
capital.
1875.
U.S.
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
3877
,
,..,
,
,
153,096 97
733,247 59
2.106,785 31
2,8';8,636 78
2.940,313 07
2,95",416 73
2,049,744 13
2,987,021 63
8,193,570 03
8,353, US
13
8.404,485
3,283,405
8,091,795
2,893,037
11
89
70
09
$95,811
1,087,530
2,033,102
2.650,180
2,561,148
2,614,553
2,014.767
2,802,840
.3,120,984
3,196.509
8,209,967
3,514,310
8.505,129
3,445,252
25
88
77
07
85
37
29
72
39
84
74
$30,827,770 27
The amounts
collected
$37,055,144 53
$5,369,183 90
Calendar years.
S.
State.
1-9
3 8
14
1-6
New
2
51
66
3-5
Albany
81
36
1'9
21
32
3-1
18
99
00
Philadelphia.
Pittsburg
Haltimore
67
Washington
67
93
85
01
59
79
Orleans.
Louieville ...
Cincinnati...,
$;9,252,093 75
by the Commissioner of Internal Revt Fiscal year.
U.
1-4
York....
30
20
1-4
13
14
16
18
.
New
Cleveland
Chicago
Detroit
St.
St.
..
Louis
Paul
been
—
Total.
30
54
66
28
0-8
2-8
05
20
03
03
05
19
33
21
14
13
07
05
2-0
82
1-T
1-2
1-1
19
16
1-8
1-4
17
2-9
2 5
t'8
1-8
1-9
4 S
3'6
SO
53
1-5
8 1
r9
26
51
2
3 6
46
11
23
25
8-4
1-1
2-3
2'2
18
23
1-3
3-0
12
28
48
31
53
40
1-3
2'2
3 5
16
22
1-8
1-2
—
02
05
1-8
1-9
3-9
8-0
upon nationalnational, State and total
rates of taxation
capital, in those States in which the rate of taxation has
highest for the last three years, are as follows:
The
bank
'
Total.
Boston
Milwaukee
Aggregates
State.
8167,310 45
00
81
1,951,029
5,146,835
5,840,698
5,817,268
5,884,888
5,940,474
0,175,154
6,703,910
7,004,646
7,033,498
7,305,134
7,229,321
6,998,926
44
5S
61
1876.
Totals.
{fjDwEMnRn
THE CHRONICLE.
8, 1877. J
is;-.
prietary stumps, and
1876.
States.
Stale. Total,
.
.
...
l
l
i
a
s
4-8
«
38
1-8
i-e
ii
IS
to
ka
Tenn.
8
1
83
38
33
ii
ar.-lina
-
I g
14
40
li
18
4 1
4-a
5 3
a*
table gives,
amount, with the ratio to
for the years 1874, 1875
17
1-1
38
J
I
8
ii
a h
8 8
84
i
U.S.
a
ii
14
38
46
•Ml
4 5
34
is
1-1
State. Total.
TiT
81
1'4
87
>S
89
17
7
I
I.-.
The following
0.8. State Total
"s-9
:.
l
I
'
37
14
27
3
1
11!
!'S
8 4
8-1
17
15
It
10
14
30
85
4
8-7
a
8
j-5
48
1
St ale.
Total.
'"eland States
i
.Slates
-V «). -181
3,911,371
517,794
8,810,879
....
and Tor's
United States...
109,513,so:
l.r.
41)3,751. 671) r,25C,0S3
U.S.
Tot.
P.c.
4,577.017 1 8
pTc. P.c.
j"
t
:
Ratios to Capital
Capita!.
_
B,6i«,SB6 18,878,-IOS)
S-0
8'8
l'H
a
17
7,8W,<98
3,808,214
1-8
8'8
15
8 5
8-0
1
S
4,U58..58
i
-a
is
7,362, 955
11
8 8
8-7
4
an
:'•
.
1*75.
New Eti^and States.. 161,316.313
Middle States
1»3,5S5,501
Southern States
34,485.483
West. StstesandTer's 111,300,588
United States
50
,'i-7,'ii
1.037,016
3,800,498
445,018
1,634,969
8,016,58!
476,836
881,884
'•
4,137,8;'.'
M
II
7,317,J31 10,058,12-! 17,375,6; 3
I".
2„*>„',S'
10
8'1
:>.
1876.
New England States.
Middle states
i
u States
.
.
s;ateeandTer'e
163,083,83$ 1,947.970
191,168.77a 3,190,217
88.430.193
103,116.731 1,511.039
ed States.... 501,758.079 7,078,037
4,'6!,778
1-7
2'8
85191:.
3,814,533
1-8
3 9
8'6
a a
87
9,701,733 16,777819
3-0
8,9*4,8)9
4,081,318
431.161
8,330,444
Tim
capital of the banks which reported State taxes in 1674
081; in 1875, $493,738,408; and in 1876, Ji83,27i,782.
*
In
was *476
sain.,
time, utiles* because of an unjiiM
M
i-
ft*
1,'v
and 1876:
U.S.
",
not repealed at the
i
by geographical divisions, tin
and national taxation
of Taxes.
.'
i
capital, of State
Amount
phical
-ions.
which
49
and whirl,
35
<
upon bank currency issued ut.der the, authority of
h.mdleSw
'
Iiiw.h of miny of the States.
a
The Londm Banker,' Magtmin* for April, 1877. in comraentln*
B'8
81
1-8
.",
I'
He, Li
tgalnsl bank* which is peculiar to this
country
is traceable to the hug.' losses heretofore
austain-d
8l"
1874.
-tales
upon bank deposit*, capital circulation and
fflc ll
t
"'"'••""•'"I "by the'.,
',
tit Upon bank
i
tax, like
the others, was essentially a w.rtax. w
li
fj.
Now T«i k
New Jer*«v
r,.7>
1
S31
my
-
upon
th.s subject
says: "It is easy to understand how. in
the
of that terrible struggle for existence which racked
for a
time every joint and sinew of national life almost
past n. lu ranee
the Government oi the United States felt compelled
to
of every and any availablo basis for taxation, and
hence fixed on
the easily-reached resources of the banks as a rnoit
valuable
source of supply. Bat now that those dangers are happily
passed
no adequate reason can be given for nuch an Impost. There
is
nothing which conduces more to the prosperity of a com. try than
a sound system of hanking, and besides good management, which
is of course understood, nothing is more
ess.
,und banking than sufficient and nuiplo capital— capital lartro enough
to
enable depositors to feel they may rest on it in safety; and any
measure which imperils tho growih of banking capital for tho
Bake of the tuxes which may be levied •-• it is Indeed
fhortsighted."
Tli,. deposits of the banks, which ar,
,..„«eat amount to
than $2,000,000,000, as may be seen, by reference to another
page
are considerably more than twice the whole amount of the
paper
currency and coin in the country.
Th< y are not money but
merely represent commodities which, to a great extent, are not
subjected to national taxation. The wheat and (lour which are
shipped from Minnesota to the East are taxed in the banks at St.
Paul, if their avails are represented by a bill of exchange npon
Chicago. If the same commodities are reuhipped from Chicago
to New York, a tax is agnin imposed in the former of these
two
cities upon their representative bill of exohango, and again
in
New York when they are exported to a foreign market. Tho
same is true of tho avails of cotton shipped from the South, and
of manufactures sent from the New England and other Slates.
According to the Treasury regulations, deductions of amount*,
redeposited are not allowable in estimating the taxable deposits.
The total individual and bank deposits of each bank must therefore be returned without allowance of such moneys as are
deposited by it with its correspondents.
temporary resident in
Florida draws his check against his deposit in Boston, which ie
already subjected to taxation in that city. The bank at Jacksonville transmits the check to its correspondent at Savannah, the
Savannah bank transmits it to Philadelphia, the Philadelphia,
ist
.
-
mow
A
report for 1876, a table arranged by States and principal
was giveD, exhibiting the losses charged off by the national
banks during the two dividend periods, of six months each, end- bauker to New York, and the New York banker to Boston, where
the check is collected.
Accordiug to the regulations of tho
ing respectively on March 1 and September 1, 1876, the informaDepartment, 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 tax five different
office under section 5212 of the Revised Statutes.
A similar table times while in transit.
is now presented, showing the losses charged off, as above stated,
The State laws generally authorize the indebtedness of indidnring the years 1876 and 1977.
The table shows that the losses for the first six months of the viduals to bo deducted from personal property returned for thi
year were $8,175,900 50, and for the last six months 411 757 - purposes of taxation; but the tax on deposits is, on the contrary,
6-7 43; total, 419,033,587 99. The losses for the preceding year a tax upou the indebtedness of the banks, and not only upon their
were, for the first six months $6,501,109 83, and for the last six indebtedness to private individuals and corporations, but, in the
months, $13517,850 60; total, $19,719,026 42— showingan increase case of disbursing officers of the United States, to the Government
in the total losses for the current year over those of the preceding itself. The law requires that the banks shall keep on hand, as a
year of $214,561 57. The amount of losses charged off by the permanent reserve fund, from fifteen to twenty-five per cent of
their deposits; and these reserves, which are held without profit
banks in the principal cities was as follows
to the banks, and solely for the security of their biflhoiders and
cities
:
depositors, are also
Cities.
1876.
IS77.
would seem
to
e
injected to a tax.
The
injustice of all this
be apparent.
The
banks have been unpr ce dentedly large since
New York...
Many banks have paid no dividends, and
»6,8?i.769 97
J4.2t7.941 06
Boston ...
1,698,788 68
8.138,1.53 81
others have frequently been paid from surplus, which fund tho
Philadelphia
1.W.976 14
333,218 4!
law contemplated shall be held as a reserve fund for the protecPitisbnrg....
333,851 T6
889, 4'X) 58
Baltimore...,
tion of depositors and dea'.ers.
876.8 7 88
800,&'7 71
New Orleans
519,701 41
280,25.1 77
The banks are not a monopoly, nor is their stock very largely
held by the rich men of the country. It is distributed quite genThe number of banks which made no dividends in the last erally among people of moderate means, who need for their
fonr periods of six months each, together with the amount of support regular dividends upon the small amounts of stock which
their capital, is shown in the following table, by geographical
represent their accumulated earnings. This fact will be seen by
divisions:
reference to the ciref ully-prepared tables on this subject given in
my last annual report, where it appears that the number of shareSix months ending:
holders of the national banks was then 208,450, and that the
average amount of stock held by each shareholder was but about
Ge^irraphical
More than one half of these shareholders held but ten
$3,100.
losses of the
the panic of 1873.
Divisions.
March
No.
New
Kn<;. States.
86
88
89
W. stern Slates.. 113
Pacific Statea and
Middle States
Southern Statas..
11
Totals
235
1, '76.
Sept.
No.
1, '76.
March
Capital.
No.
$3,777,10 82
*7,700.0O0
ur
84
16.185,729
4,135,000 34
14,778,800 129
4.311 '..l.l
Capital.
10,700.0311
B08£0Q
1, '77.
Capital.
Sept.
No.
73
87
$8,150,00 35
12.742,000 98
3,7'.", 10 80
13,873,000 106
14.09J.000 118
14
1,950,000
14
34,800,880 273
41.057,7.>5
815
l,75O,C00
!
1, '77.
Capital.
89.085,000
15,5771,-00
4,886,030
10,737,000
13
1.535,000
40, 158,' 00:883
41,1*8,300
The internal-revenue law of July 1, 1802, imposed taxes upon
almost the entire property and products of the country. The
amount of internal revenue collected during the fiscal year ending
June 30, I860, was nearly $310,000,000. The act of July 13 of
that year largely reduced this amount, and a still" further
reduction was effected by the legislation of the two following
years,
which exempted from taxation all manufactures and prodncts,
•Xcept gas, spirits, tobacco and fermented liquors. The entire
internal revenue is now derived from taxes upon the
three lastmentioned articles, upon such articles as require the use of pro-
shares or less, each (not to exceed $1,000), while the entire
number holding moro than one hundred shares each was but
10,851, or only about one-twentieth part of the whole number;
and of these but 707 held more than five hundred shares each.
The resources of the banks are reported regularly to the Comptroller 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 c rporations ai.d many private individuals
The banks thus pay a lar s-e perpractice with great success.
centage of the taxation which should, in justice, be imposed upon
other capital, but which they canuot evade unless they diminish
The State taxes have
their capital or surrender their business.
increased to such au extent iu recent years that, in many of the
cities, they alone are equal to two and sometimes even three per
c-^nt of the capital of the banks; and instances are known where
these institutions pay four fifths of the personal taxes of the
communities in which they are situated.
The only plausible reason given for continuing the tax upon
the binks is that -.hey enjoy special privileges. But the only real
.
THE CHRONICLE
560
privilege which they possess is that of issuing circulation, and
even that is not a restricted privilege, but is one open to all who
sue fit to engage in the business of banking. Moreover, the
profit upon circulation does not, under the most favorable circumstances, exceed two and one-half per cent, and, if issued upon
four per cent bonds, does not exceed one and one-balf per cent of
That it iB not a great source of income is evidenced
its amount.
by the fact that the banks have, since the passage of the act of
January 14, 1875, voluntarily reduced their circulation from
$354,000,000 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 oppressive, because of the unjust system of valuation which prevails in
almost every State. For instance, the State assessors cf New
are satisfied that less
York, in their report for 1873, say:
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* * *
The amount of personal
gages not even five per cent.
property assessed in some of the counties is less than the banking capital, and the same is true of thirty towns and cities, among
which are some of the most prosperous in the Stat«."
"We
The prayer
from
[Vol.
for the
repeal of
XXV
bank taxes proceeds not alone
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 represents not only the commercial and
business interests of that city, but also to a large extent the public sentiment of the business men of the country, declares "that
war taxes, both heavy 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 without any sacrifice to the Treasury at all commensurate with the
officers
;
which will result to the agricultural, financial, commerand 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 in this unequal
can lead to but one result, and that is to prolong
In the report of the assessors for 1876, the total personal estate and special tax
the present period of depression and inactivity."
in the State of New York waB returned at $379,488,140, and of
The London Economist, a high and impartial authority, in disthe city of New York at $218,626,173. The bank assessment in
cussing the last report of the Comptroller, says: "Now there
that city for the same year was $85,145,116. The banks of the
may be some difference of opinion among economists as to the
city, therefore, paid nearly one-fourth of the whole personal tax
expediency and equity of a tax upon the circulation of the banks,
of the State, and nearly forty per cent of the personal tax of the
The Supreme Court of the United States, in the case of the the right of note-issue being a privilege conferred by the State,
city.
Gallatin National Bank rs. The Commissioner of Taxes, decided from which the banks derive a profit but there can be no questhe
that the shares of national banks should be assessed at their full tion whatever as to the injustice and injurious nature of
and true value, without regard to their par value. The New York other forms of Government taxation. The Comptroller points
subassessors had said that shares of bank stock in that State were out that the amount of tax to which the national banks are
then assessed to a greater extent than any other kind of personal ject is much greater than that imposed on any other capital in
taxes
property; but, under the Supreme Court decision, the assessment the country; and it is precisely in such a case as this, where
country, gathfor 1876 of the banks in New York City was increased $11,754,127. are imposed upon the accumulated savings of the
The assessment for that year of the personal property in the ered together into Btores 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 enincrease, exclusive of the more than eleven millions added to the gaged in trade assumes its most pernicious aspect."
DIVIDENDS.
assessment of New York City bank stock, wrb but $9,758,758;
and it is probable that even this amount was very largely comThe 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
benefits
cial
;
of
New York City.
The commissioners
its net profits of the preceding half year to its surplus fund,
of taxes and assessments 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 iB unneces- that no association or any member thereof shall, during 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 earnings,
in the city of New York for the year 1875 at $217,300,154, of there ara but two courses open to it, so far 88 dividends are conwhich $73,300,989 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
The number of shareholders of banks assessed reduce the present dividend, and to write the necessary sum off
1877, 10,519.
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
The reduction of the number of shareholders and of the write off but little, and. above all things, to declare as high a
24,649.
assessment upon banks in 1877 was due to the reduction of capital dividend as possible
In all companies the rules of morality preand surplus, caused by excessive taxation.
It is wrong not to provide for plain losses,
scribe the former.
The actual capital and surplus of fire and marine insurance and wrong to pay unreal dividends. Bui 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 conficommission 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
the bank
associations in 1874 was only $130,000,000, of which the banks in are not pleasant.
If the largest of our joint-stock banks
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 lessenB 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
present.
Credit will never be good as long as people believe that
truth.
By a decision of the Court of Appeals of the State of New anything is kept back. No doubt it needs manliness and fortiYork, foreign capital transmitted to that State, to be loaned and tude to tell the truth, when the truth is not pleasant but it ia
employed in business, is exempt Irom taxation. A national bank oaly by manliness and fortitude thai confidence can be obtained
with a capital of $4,000,000 paid taxes in 1876, amounting to in 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 ot business."
a foreign agency, employing an equal amount of capital, paid
During the past six months, 283 banks, with a capital of $41,nothing. Ten banks in one of the cities in the 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 average of $3 000 of stock.
It is England, above quoted.
estimated that at least 3,000 other persons in that city possess perThe subjoined table exhibits the aggregate capital and surplus,
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 as 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 893 per cent,
States are subjected to similir injustice. Even were the United while the ratio of dividends to capital and surplus in the same
States taxes to be repealed, the banks would still be subject to a period was but 709 per cent. The ratio of earnings to capital
tax at least twice as great as that 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 3'12 per cent; during the six months ending September 1, 1877,
convincing evidence in favor of the repeal of the law imposing it was but 25 per cent. The ratio of earnings to capital for the curthe tax upon capital and deposits.
rent year was but 563 per cent, from which it is evident that a
:
;
;
;
;
—
—
;
—
|
;
Dkcemukr
THE CHRONICLE
1877.|
8.
made from
Urge portion of the dividend* for such year bas been
surplus.
Ratios.
n
Period of nix
months ending—
II*
h
Total
Total net
dividnds earnings
Snrplaa.
inltaL
i
-a
!
t
a.
II
1,
1869
Mar.
I,
167a
1,481
1,571
1,601
1,(08
..
82,10oV J 4S
86,118,210
91.630,120
94,678,401
101.660,80*
|l(,«t»,M1
06,617,101
21,767,831
21.179.095
21,060,343
88,806,150
22,125,279
88,668,896
23,827.289
21,826,081
24,823,029
23.528.886
Number.
Denomination.
I
|>c p.c.
;
29,221,184 5 42 1 51 6-C4
28,996,9.34:316 i
V7V
Sept. I, i!-70
26.813,885 4 96 1 1*. 518
Mar. 1,1871
423,699.165
27,243,162 5- 18 t'2i 3-81'
Sept. 1, 1871
t,an 443.999,264 eejM6,on
27,315,811 4' 90 4 1.7 5C3
Mar. 1, 18:2
1,750 450.693,706 99,431,24.1
27.502,538 5 07 416 5 00
1.852 465.676,083105.181,942
Sept I. 1878
30,572,891 5-12 4 1 5 3'i
Mar. 1, IK
1,912 175,816,663 114,967 .898
31,926,478 5-22 4815 41
Sept. !, 1873
1,866 488,100,951 118.113.848
33,122,000 5 09 4095 46
Mar 1, 1874.. .. 1,967 489,510,323 123,469,859
Sl,544,120 4 81 3844 62
Sept. 1, 1874
1,9711489,938.284 128,864,039 24>29,807 80,0:16,811 '509 403, 4'86
Mar. 1,1875
2,007 493,568,831 131,560.637 24.7511,816 29,136,007 5'01 .1-96.4-63
2,0-17 497.864,833 134,123,649 24,317,785 28,800,217 4'88 3 85 4 56
Sept. 1, 1875
07B|f.01.209,49t 134,467,595,24.81 1,581" 23,097.921 4'92|3 8S 3-fig
Mar. 1,1876
2,076
Sept. 1, 1876. ... 2 ,081 603,482,2Tl'l32,251.078 '22.S63,S2)s0,540.23i;4-t0 3-S7 3
Mar. 1. 1877
'8,080 496.651,580 180.872,165 21.803,969 19,' 92.962 4-39|S-47 3 12
Sept. 1, 1877
8.072 4^6,384,860 H4.X48.884 22,117.116 15.274.028 4 54 8'62 2:q
Sept.
There were, on November 1, $256473,011 of natlenal
bank
notes outstanding upon whftih the charter
number had beM>
printed, and $60,301,200 not having that imprint
The following table exhibits the number and amount
of
national-bank notes of each denomination whl«h
have been
issued and redeemed since the organization
of the system and
'
the number and amount outstanding on November
19771
5
5
561
1.
1
Kcd-ru-.l
Am '.tint
Outsfd'g
Isaued.
Kadeen'd ouui'd'c
3 3 0,456, M.M6.CM
1,141,4421 13.7V.3.916
88,I13,868ll»,7i)0,980 984.084.24
11,434,779 9,831,885 2*1.660,640
3,t«l,6S8 8,272,718 I85.5J5.060
634,671
446, :08 61,969,060
479,317
688,091
76,731,700
17,615
l»,0;i,00n
5,411
857
>,SSS,0QD
90.616.014 16.815.668
6.896,861 5,-..V5,5«6
..
3....
5....
10....
80....
50....
n
-fin J.
5UX.84I
22. -.66
OM
6,776,v53
1,079,781
767,317
20.017
6,667
100...
800...
looo....
M07
l
l
—
Add and
,
1
1
1
A
115,214,915, 77,76>,89r8T.489,664 l 8a8.07J,eao 507.197.6Wl
3
•
tabular statement
subjoined, showing, by geographical
and the average ratio
is
divisions, the ratios for the last six years
for the whole period:
1874.
1673.
A table showing the number and denominations of national
bank notes issued and redeemed, and the number of each denomination outstanding on November 1, for the last ten years will
be
found in the Appendix.
NATIONAL-BANK NOTES AND I.EOAi-TENDER NOTES BY DENOMINATIONS.
The subjoined table exhibits, by denominations, the amount of
national-bank and legal-tender notes outstanding on November
Ratio of dividends to capita] for six months ending—
1872.
5J81J99
subtract for portions of notes lost or destroyed.
1873.
1876.
I,
187
18i7.
Geographical
A mi in ii t of
Amount
national bank
of
notes.
legal tenders.
divisions.
Denominations.
n
New
Eng. States.
Middle States
Southern States.
Wett. Stitcs &T..
United States..
One
p.e. p.c. p.
5
4 9 6
51 4'9 5
33
5
5
5
p.c. p.c. p.c
p
1"
51| 4 9 4 9 49
c.
30,
48
5 2 4 6
5-5 5 3
80
1
:)
5
1
3M 58
9,
c.
4'3
8-ll 4 8
1
-8
6 B
5 I
"
8
9,
87
Fire
4-6
52
4
44' 41
4-8
43 44
-1'5
II 43
4-0
I'll
Ten
Twenty
5 4
5 3
52 51
Fifty
49
4'9
6 9
4-5
6*6
50!
5 3
4 4
1',
4 5
One hundred.
1-9
Five hundred
One thousand
Ratio of dividends to capital and surplus.
Now
Eng. States..
Middle states
Southern States...
West. States & T.
11
i
40
4-4
4-2
Vnited States...
4
;
4-0
4-7
4-5
4 7
81
l
3 8
8-S
8-9
37
t'9
8'6 3'4
8-7 3-7
a
4-0 4 1
s-ei 8-5
4-
!«
4'5
4-2l 4
1
>815,B81,990
table 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
and in the principal cities, semi-annually, from March 1, 1873,
to September 1, 1877, will be found in the Appendix.
REDEMPTION.
The following table exhibits the amount of national-bank
notes received monthly by the Comptroller, for the year ending
November 1, 1877, and the amounts received for the same period
•t the redemption agency of the Treasury, together with the
total amount received since the passage of the act of June 20.
1874:
Received by the Comptroller.
? o o
2b
Months.
.
a "3 -a
"-,
,_
B = = =
*.
S2S£
*
s
January,
February,
March.
1877
"
"
April,
"
May,
"
"
Jane,
inly,
63,715
317,785
83,630
89,419
13,320
38,962
574,110
213,64.5
84.765,
"
August.
September, "
10,165
29.100
"
113,000j
October,
Total
5,231,900
4.027,400
4.731,800
4,534,700
4,505,100
6.339,800
6,721,700
6,427.300
7,498,810
8.7:6,11X1
2,942.400
8,499,6X1
59,074,600
l,6«34,r3I6
Received
JJjj
redempTotal.
4»
Ml
Si"-
ft"""
November, 1876
December, "
w
"3
-
=
S5
a
B 2
<n
S6J.550
185,380
167,900
234.450
935,644
830.167
318,6:0
337.164
178,250
186,420
173,908
97,450
fa
$
1,577,179
1,625,715
1,534,154
1,629,811
1,046,273
1,218,956
1,718,938
1,803,821
1.049,949
711.88'
745.179
649,167
2,612,9-33 15,910, c 47
tion
agency.
•
7,138,337
6,05S,2>0
6,520,484
6,4M,380
5800,337
6,718,915
9.333,398
8,78i,930
8,811.764
4,6-4,067
3.892,887
4,346,917
$
16.684.&53
14,942,997
19,979.043
16.534,732
17,369,189
20,976,0i9
26.1J9.C-55
97,8.9,179
17,905,054
19,127,285
11,488,18)
16,89J,8-7
78,468,993 289,303,517
|
June
20, 1874,
to Nov. 1,187?
Grand
3,409,672: 114,596,255
7,671,008-37.594,369 •:69,S71,304J4S5,466,046
total ..110,974,2881 173,670,865 10,283.811 :52,eO5,218!347,734,30Oi644,794.663
$•8,606,914
28.883,428
146.487,048
63.146,891
60,831,495
80.108,715
80,176,670
84.752,500
34,183,500
tl.OCO.OOO
181,469,711
$1,461,000; Pittsburg. $1,146,000; Cincinnati, $1,603,000; Chicago, $3,492,000; St. Louis, $1,024,000; Providence. $5,496,000.
The amount of circulating notes fit for circulation returned by
the agency to the banks during the year was $158,626,000. The
total amount received by the Comptroller from the redemption
agency, for destruction, and from the national banks, direct, was
$ 5,850,063. Of this amount $6,811,790 were issues of the banks
in the city of New York, $6,176,437 of Boston, $2,469,455 of
Philadelphia. $1,592,920 of Baltimore, $1,462,517 of Pittsburg,
$603,900 of Cincinnati, $814 252 of Chicago, $446,280 of St.
Louis, $575,167 of New Orleans, $494,050 of Albany, and $494,600
of Cleveland.
184.9K.996
69,363.815
58,979,6-3
85,968,069
31.380,896
1.010,-w.)
93i6,481. I 98 19678,365.688
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 bo furnished with
notes of a less 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
to national-banking associations has always been greatly below
this limitation.
The whole amount of one and two dollar notes
in circulation at the present time is but $6,083,340, which is less
than one-eighth of the proportion to which they are legally
entitled.
The small amount of these issues is attributable in part
to the legal 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 outstanding is $49,407,003. The amount of tens and twenties of
national-bank notes outstanding is $191,817,750. and the amount
of outstanding legal-tender notes of the latter denominations is
The amount of national-bank notes of the denom$123,983,356.
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
Of these
per cent of tens, and nineteen per cent of twenties.
eutire issues, less 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 circulating 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
lie 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 eases, with
lithographic ones, which are frequently so badly executed as to
The Comptroller
excite suspicion as to their genuineness.
recommends an amendment of section 5182 of the Revised Statutes, imposing a penalty of twenty dollars for every note issued
without the written signature of at least one of the officers of the
;
;
i
During the year ent ing November 1, 1877, there were received
the redemption t igency of the Treasury $229,308,507 of
national-bank notes, o f which amount $71,025, 000 (abou t thirtyone per cent) were received from the banks in New York City, and
$82,659,000 (about thirty-six per cent) from Boston. The amonnt bank.
received from Philadelphia was $14,859,000; from Baltimore,
at
<
|
194.8-6,459
84,600,644
68,032,148
* Fractions of notes not presented or destroyed.
t Legal-tender notes destroyed in Chicago Are; denominations
A
/
13.800,456
8,882,884
93,604.900
98,312.850
66,451,500
22,255, 1C0
88,800,000
1,803,500
257,000
•10,810
Two
p.c p.c. p.c. p.c.
44 40
5-0 4 8
5
4
p.c. p.c.
4-8
Toul.
;
•
"
•
STATE DANES AND SAVINGS BANKS.
Section 333 of the Revised Statutes requires the Comptroller to
report to Congress " a statement exhibiting, under appropriate
heads, the resources and liabilities and condition of the banks,
banking companies and savings banks organ-zed under the laws
of the several States and Territories; such information to be obtained from the reports made by such banks, banking companies
and savings banks to the legislatures or officers of the different
States and Territories; and where such reports cannot be obuined.
the deficiency to be supplied lrom such other authentic sources
as may be available."
The laws of the United States require returns of capital and
deposits to be made to the Commissioner of Internal Revenue, for
TBE CHRONICLE,
562
all State banks, savings banks and
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 their average
capital and deposits, by States, for the six months ending May
XXV.
[Vol.
Cotcat Mcmetanj an& (Hoinmercial <2uglia!) Netog
purposes of taxation, by
private bankers.
RATES OF EVOHIXS8 AT LOSBBM AND ON LONDON
AT LATEST DATES.
EXCHANGE AT LONDONNOVEMBER 84
EXCHANGE OX LONDON.
81, 1877:
Tax
States and Territo-
No. of
ries.
bank
Capital.
Deposits.
On
New
$173,905
58,333
Hampshire.
Vermont
Massachusetts.
.
Boston
Kbode Island
New England States.
New York
New York City....
,
Albany
Pennsylvania
Philadelphia
Pittsburg
Delaware
Maryland.
Baltimore
11,272,373
452,630,71'
20,153
133,619
153,832
11,061,720
45,785."
637.000
118,889,703
871,948,418
23,840
69,121
712
4,488
106,653
258,215
9,362
26 83C
97,28i
68,611
84,481
2,116
129,493
887,336
10,075
30.812
126,035
73,469
41
10
15
40
4,104.00:
85,023,61(8
5.91'
7,008
595,351
West
24
North Carolina.
South Carolina.
14
IS
Georgia
66
.Florida
Alabama
1 .0114,7:1
Mississippi
12
.
....
.
13
....
Southern States..
Ohio
Cinciniatl.
521
851
23
.
Cleveland...
e
Indiana
146
819
42
145
18
Illinois
Chicago
Michigan
,
Detroit
Wisconsin
Milwaukee..
Iowa.
Minnesota...
90
1
279
71
Missouri
180
46
114
St. Louis...
Kansas
Nebraska
17
n
Tennessee
Western
8
S3
107
'.5
Louisville
.
I
31
54. COl
8,558,198
8,494,002
858,883
7,t7S,961
5,404,861
1,118,147
34,995,88
6,334,411
2,t08.549
836,390
5,686.95S
5,483.641
4,836,153
8,606,763
1,840,932
1,389,348
612,065
5,178,613
1,168.965
3 806,289
7,530,583
1,725,884
465,561
1,790
Oregon
4,788
11,401
1,709
1,11'!:
13
71,961
35,83
8,825
2,096
26,761
811
3,657830
8,709
15
363
585,566,186
154,103
620,218
771,326
6,809,858
3,917,534
8,183
3,632
1,136
2,506
16.138
9,79
2,181
2,59'
10,118
81,320
18,426
3,617
5,105
21,696
770
6,826
6,806
260
872.2:17
1,095,859
4,368,519
271,057
1.741,031
1,413,033
49,915
t%~"
2,458
8,2"
135
8,640
18,051
18
8,144
33
8,506
678
4,318
3,532
12.5
14,30:
12,288
22,94-1
6,83,5
556
943
11,478
13,373
3.983
16,566
15.10)
7,549
1,500
34.141
28.476
11,532
48,805,5'l'
83,961
116,832
200,766
13,640,560
9,016,4"
13,767,959
11,138,880
17.399,t92
15,136,191
4,914,596
5,870,385
3.: 65,813
0,338,9
8,130,1
2,508,685
11.283,423
28,691,381
3,116,289
14,051
3.436
1,653
18,061
12,310
9,568
6,367
2,250
40,233
30.231
11,940
51.311
23,667
19.593
3«,3S7
63.573
32,991
18,653
16,926
7,310,01)9
4,691,438
316,619
6,636,53b
6 141,03?,
8,019,790
3,1:11
1,406
13,546
2,757
8,448
16,947
4,039
r
l,184, <33
1,114
50,9.9,481
152,3.15,060
113,093
Francisco!
010,724
18,110,933
86,902,667
1.349,118
41,5.2,38
65,835,016
1.418
30,113
61,308
1,412
1,013
419
14
139
141
ColuraUu
5,88,858
Nevada
Utah
417,039
New
28,7.-::
4,1'
28,11(6
20,463
8,636
41, 3i'i:
83,426
12,380
14,616
9,414
15,823
81,661
6,136
28,058
56,281
7,19
2,962
12.604
1,288
1
31,205
8,893
36,5'!6
73, 8 26
11,833
4,076
179,521
Mexico....
Idaho
Dakota
Montana.
Washington
Arizona
Pacific states
ritories
Totals.
...
971,935
1,545,401
55,486
56,501
84,167
108.031
282,313
10,000
687,804
36,342
93.987
16,183
140,331
93,800
817,696
5,000
41,296,810
112,550,090
5,6'm
Wyoming
85
253
556
25
341,61
454,707
3.3'
4,791
98,700
134,342
3,903
4,907
1,919
69,5:7
183,084
2,133
3,8t4
1,470
91
105
386
217
40
851
23 i
794
181
436
492
1,86
13
66
and Ter
4,591
97,021
801,528
223,503,171 1,351,867,050 468,333 1,416,8
301,549
1,883,199
short.
.
'.2.3
E61I
Nov.
23.
short
12.12
Nov.
S3.
3mcs.
30.48
35.18
3months. 13.4K@12.4%
3monih
20.70
(§,20.74
short.
25.17X (125.37 %
3 months. 25.38Xa25. :7>4
12.173* 312.22)4
30.10 S20.74
20.70 B20.74
short.
Paris
Paris
:
Vienna..
Berlin
Frankfort
St. Petersburg
Cadiz
90 days.
Lisbon
3 months,
Milan
Nov.
23J4@24
27.95
27.95
95
Genoa
Naples
Madrid
New York
Nov.
20.
3 mos.
@,2S.05
Nov.
23.
short.
Valparaiso....
ls.8Ji@15-Ud
Hong Kong...
Shanghai
Ss.
I0S4«.
Penang
I
80 days.
1
....
\
\.
[.From our
own
9.
37.85
Oct.
Oct.
1.
48.13
4.-1
90 days.
34X
49«@49X
11.
52.
Nov.
81
15.
15.
Not.
6.
Nov
20.
Nov.
21.
10@ls.
3s.
Oct
Nov.
Nov.
Nov.
:s.8Jt@15-16d
Calcutta
Singapore
Alexandria
70
80.46
80.48
34 5-16
3 mos.
Nov. !>!.
Nov. 23. 60 davs.
...
Bomoay
118'.
©28.05
Rio de Janeiro
Buenos Ayres,
30 days.
3 mos.
short.
33.
©28.05
46%S47;.
6
U
mos.
!*.»
3--.
gold.
4!X
9i»d.
5-16*
na $
dollar.
'4s/
4s.
3 mos.
96
correspondent.]
LONDON, Saturday, Nov. 24, 1877.
The upward tendency in the value of money which appeared
Artificial means
at the close of last week has received a check.
were employed to diminish the supplies of floating capital, but
the operation is of too vnst a character to be easily accomplished.
Although the supply of money is not actually abundant, 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 has, in consequence,
been adding
Towards the close of last week, there
inquiry for various quarters, including
to its store.
was, indeed, some
little
New York
among
;
and
capitalists
great
efforts
were made
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
to point out that a drain, or, at all events,
fallen, certainly justified the belief
;
but,
up to the present time,
no large supplies have been sent away. In discount circles, some
nerplexity continues to prevail, owing to the doubts which have
arisen with regard to the future of the bullion market but it is
the general opinion that as long as the money market receives no
support from the mercantile world, permanently dear money, as
The position now is simply what it has
it were, is impossible.
been
for
JonN Jay Knox,
Comptroller of the Currency.
—
The Ontario Silver Mining Company has declared its regular
monthly dividend of $50,000. gold, for the month of November.
Also two extra dividends of $50,000 gold, each, all payable on
the 15th instant. Transfer books close on the 10th. After paying the above, the Ontario will have paid since March last, seventeen dividends, aggregating $350,000 gold.
—
The Chicago & North Western Railway Company has declared
a dividend of three and one-half per cent on the preferred stockof
the company, payable at the office in New York, on and after
December 27. Transfer books close on December 15, and reopen December 28.
Messrs. Gwyune & Day, in their December circular, give
interesting tables, showing the rate per cent per annum now
realized by purchasers on the different issues of government
bonds. Also a table showing the yield per annunf of certain
railroad bonds at current prices.
many weeks
past:
—a
possible
demand
for
gold, the
extent of which cannot be defined, necessitates a Bank rate
unjustified by the condition of our trade, and by the extent of
on the other hand, so limited is the supis 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 abundance 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
our
liabilities; while,
ply of commercial paper, that discount business
but English bills are sent to other financial
who discount them, and, if necessary, pass tuem
That the
to the central establishment, with their endorsement.
bills eventually find their way into the Bank of Frauce, and that
French
la concluding this report the Comptroller takes pleasure in
bearing testimony to the industry and efficiency of the officers and
clerks associated with hiui in the discharge ol official duties.
—
. .
Antwerp..
Hamburg,,
;
States..
California
**n
18,529,73'!
12,816,780
2,091.7.2
5,018,846
717.411
628.87r
8,110,88'
3,407,110
1,455,910
574,451
1.003,105
4,393,141
47,000
Orleans.
88.716,015
53,031,370
82,893,298
35 457.131
89,2 8,616
81,884,468
11.6:6,683
l.T-O.tSI
566,984
65
346
6)
78
.
53.553
53,545
SS6
466
1,404
New
45.813
47,952
55!
Virginia
Texas
Arkansas
Kentucky
$4,805
7,' 81
10'.'
85,023,170
Louisiana
714
$4,412
6,900
4,198
6,514
18,490
335,001
819,83
Columbia
Washington
Virginia...
1,473
3.516
8,31
5,593
I'M
3,127,3a3,894.67:
8,869,64
District of
Middle Slates.
162.477,"
Amsterdam
i>:
14
New Jersey.....
fS93
Total.
deposits
51
161
88
Conncctiut
$26,499,818
80,896.834
8,107,145
Amsterdam...
On
|
capital,
Maine-
LATEST
DATE.
paid.
hills;
establishments,
overcome, is evident from the
was raised in this country the dis.
counts of the Bank of France have been very largely augmented.
This can 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
The state of the Paris market
gent, and, indeed, invited to Paris.
any scruples as
to their origin are
fact that since the
Bank
rate
;
cannot, therefore, but be regarded as highly favorable to an easy
The Continental markets genmay fairly be asked, How cau an
improvement take place here, when the commercial demand for
money is so trifling, and when no hopes exist of a favorable
change 1 It is true, indeed, that we have and shall have to make
condition of affairs on this side.
erally tend toward ease;
and
it
large payments for grain in some shape or other but, compared
with May last, there has been a fall in the price of English wheat
;
° £ ab ° Ut 17S Pef
'
^^
° ar
August were very great, and we had
7
*' J " ly
import largely at a high
'
to
Dbckmkek
No
price.
than
i->
THE CHRONICLK
1877.]
8,
upon the money market wag apparent then, and
BO reason to believe that It should be go now when wheat
effect
procurable at so considerable a reduction
ia
In price.
well
It is
known
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
gold, but
littlo
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
now
in grain will
be less active, and
probable that
we shall have eventually to raise prices in order to give a fresh
Impetus to it.
The mouey market was rather
but a strong tendency
and the
firm in the early part of the
rates
5
Open-market rates:
30and todays' bills
3 months' bills
|
|
SX&SX
3K&3X
Open-market rates:
4 months' bank bills
6 months' bank bills
4and8 months' trade
Per cent.
ZX«hi\i
SwagS
3^@l
bills.
1
rates of interest allowed
count houses for
by the joint-stock banks and
deposits are now as under
dis-
Per cent.
t s
•
_ ._ i
Join
t stock banks
Discount houses at call
Discount houses with 7 days' notice
Dlsconnt houses withl4 days' notice
WOt
,
....'..'. .,-,,
8X©
3jf© '.'.'.
3KQ,
Annexed is a statement showing the present position of the Bank
of England, the Bank rate of discount, the price of Consols,
the average quotation for English wheat, the price of Middling
Upland cotton, of No. 40's Mule twist, fair second quality,
and the Bankers' Clearing House return, compared with the
four previous years
1873.
Circulation— Including
bank
1877.
£
£
28,112.983
25,911,347
15,739,297
16,343,567
27,335.936
8,663,313
19,997.878
13.578,373
17,40S,083
11,348,413
B.391.C09
10,839,117
17,653,891
10,660,990
31,039,795
30,124,114
23,157,847
£0,156,796
Government securities.
12,5t3,43:>
Other securities
Reserve of notes and
18,38 1,097
Coin and bullion It
both departments....
6,P37,:-91
22,569,850
reserve
54-63 p.c.
Bank-rate
6p.
Consols.
English wheat.av. price
5 p. c.
93
c.
Id
61s.
3 p. c.
V
95*
48s. 5(1.
47s. Od.
93*
Mid.Uplandcotton
No.40s, mule twist.falr
7*d.
8 7-16d.'
no demand
p.c.
2
44 44 p.c.
5 p. c
95X
96K
Id.
51s. 8d.
48?
6,"id.
6*d.
Hftd.
10><d.
97,312,000
6?<d.
Idquallty
Is. Od.
Is. Ufd.;
Is. Od.
Ciearlne House return. 8S.495.0OO 88,753,000 81,657,000
There
1376.
£
27,696,972
3,591,788
20,8^5,153
13,513,884
19,104,638
5.181,686
18.783. S83
coin
1875.
£
26,153,036
4,475,788
17,836,567
13,534,658
17,458,157
Public deposits
Other deposits
of
to liabilities
1E74.
£
25,1115,503
post-bills
Proportion
89.667,000
bar gold for exportation, and as over
half a million sterling Is due in bars and sovereigns on Monday,
it is expected that the whole of the supply will ba sent into the
bank. The silver market was firm in the early part of the week,
and the
is
for
price of fine bars
was 54Jd. per ounce.
chiefly from Spain, but in the absence of
the market has since become weai.
now as follows
The
The demand was
an inquiry from India
prices of bullion are
SOLD.
Bar Gold, fine
Bar Gold, ruil liable
Spanish Doubloons
South American Doubloons
United Sia'.ee Gold Coin
German Gold Coin
per oz. standard.
per oz. standard
..peroz., nominal.
peroz.
s.
d.
77
77
lOtf®
Bar Silver, Fine
Bar Silver, con'ng
Mexican Dollars
Gold
5 grs.
Quicksilver,
The following
are
d.
5<*
7s.
54*
ner oz., Ia9t price, flat
per oz.
per oz.
6d. Discount, 3 per cent
53*
....
d.
© MX
a
a
©
©
64*
...
....
....
the current rates of discount at the leading
abroad:
Open
V
,
Berlin
Bank
market.
rate,
rl «
v
f»
Amsterdam
Hamburg..
f)
Brussels
Turin, Florence
Rome
-
I
6
©7
S
and
3X
8*
6
4
Leipzig
5
Genoa
5
4
Geneva....
4*4Jf©l)4
6
6
6
Open
market
cent per cent
rate.
cent, percent.
IX
2
g
jft
5
4
5
4j^
5 3*@4
Frankfort
ViennaandTrieste..,.
Madrid. Cadlzand Barcelona
Lisbon and Oporta...
Bt. Petersbure
New York
(Calcutta
Copenhagen.. ......
*x
4
6©7
8
6
5*©5J{
On the Stcck Exchange, business continues very restricted,
and as there seems to be no prospect of improvement, certainly
as far as this year is concerned, the complaints are not only
well-founded, but, in many cases, serious. Not only ia business
by the many
political uncertainties which exist, but it is
by the losses which the public have sustained for
§omo 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
affected
also influenced
timid, and the same feeling still exists.
There
amongst small investors to purchase house
is
far
more desire
property or around
rents, especially for thelrown
accommodation, than to
fewbonds of a foreign government. Investors
In the Stock Exchange
securltieg just now are not legion. The
money of (mail investors
has pagged into more influential hands, and theao
are equally at a
loss aa to the manner of its dis .oeal.
Soond stocks remain at a
r
pomm
high price, and as there is already too mnch floating
capital, tha
banks and discount houses are unwilling to accept fresh
deposits.
Hence, we appear to have arrived almost at a dead-lock.
It ia
regarded as not improbable that, before long, events will
hare
transpired In Southeastern Europe which will compel Turk«y
to
come to an understanding with Russia. It la 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 unquestionably the duty of the SulUn and his adviser* 'to spare nnnecessary effusion of blood. The Turkish soMlers have fought
well, but
if
it
is
clear that the
Turkish cause
is
hopeless, the
Government of the Sultan would deserve much condemnation
were they to continue to hope against hope. This country is, aa
every cne knows, greatly interested in the terms of peace. Thoio
terms may Boon be disclosed, and as we may at almost any moment ascertain what they are, business of all kinds is kept in
abeyance, as the news may either lead to a settlement of the
Eastern question, or lead to further complications. Should any
emergency arise, and the English people be impressed with a
an emergency, the nation will manifest the proper
have no doubt, that far-seeing and judicious statesmen, supported by an energetic people, thoroughly alive to its
belief that
spirit;
and,
it is
I
when those interests are threatened, will be able to
checkmate Russia, should she be too ambitious, without rushing
into war. The situation is nevertheless one for anxiety, and uncertainties, especially of an adverse character, are often more disastrous to business than actual calamity.
The cotton trado remains in an unsatisfactory state, and in
Manchester the position of affairs ia by no means encouraging.
A correspondent of the Manchester Guardian asks: "How is it
that American goods are gradually pushing our home productions out of foreign markets, particularly in the East? Because
they are not so heavily sized,' and, from the newer and better
as well as cheaper machinery used in the States, they can be sold
I have not the figures before me, but the quanat lower rates.
tity, I think, cf cotton consumed in America per spindle is nearly
double what is taken in this country. It is useful to compare
separate industries at times, and It appearB to me that what haa
interests,
'
befallen Lancashire will shortly take place in Lyons, that overmay for a time pay, but will in the long run 'throttle
sizing
the trades which may adopt it. What stocks are there in Manchester of 'over- sized' goods, and what stocks of such cloths as
would be called 'honest stuff,' and why this difference?"
The
reply of the
Guardian
is:
"The
stocks of 'over-sixsd'
goods in Manchester, bDth of shirtings and T cloths, are comparatively small, the reason being that the demand has during tha
past year or two been running more and more the purer cloths.
Some years ago, when prices were much higher than they ara
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-
Hence the difficulty 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 marable.
no doubt the fact that they are offered
lower prices than similar qualities
English goods as pure and excellent in every
not
i:an ones are always being made, though
kets
is
Bibiy at
Bank
__
£7
s. d.
© ....
....
© ....
© ....
a 76 6#
n 9
5
n 3*@
76
per oz., qniet
per oz.
Spanish Dollars (Caroius)
Fivo Franc Pieces
9
75
peroz.
peroz.
SILVEB.
cities
>
:
rate
The
week
weakness has sines become apparent,
of discount are now as under
to
Percent.
Bank
it is
563
at
low
prices, poe-
of English make.
way
as the
Amer-
in large quantity,
Whether or not the
because the demand for them ia not large.
a
American cloth which is exported is or Is not made at loss wa
in the States, tha
labor
of
hours
longer
The
are unable to say.
that many of the mills
very low rate of wages there, and the fact
at much less than
owners
present
their
by
have been acquired
they could now be built for.
their original cost and at less than
It is probable, however.
are all favorable to cheap production.
American calicoes exported constithat a large proportion of the
the home market Is unable to
tutes surplus manufacture which
fore d off at a loss abroad."
absorb, and which is consequently
of wool now in progress, it la
sales
public
the
to
regard
With
nearly forty per cent has
offered,
stated that, of the quantity
Is a good attendance of
been Cape and Natal produce. There
have operated with fair
who
buyers,
both home and Continental
about equal to tha
nrices have ranged on the average
nrit
;
THE CHRONICLE.
564
closing rates of our last auctions for all wools of clothing char'
acter, with here and there a turn in favor of the buyer whilst
;
combing descriptions average
about five per cent dearer. CoarBe and half-breds Bhow 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
good bodied parcels and
fine
all
quality.
The wheat trade has been very quiet. A heavy fall in prices
having now taken place, there is less pressure to sell. Th e
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.
DuringHhe 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
since last harvest
:
1677.
1ST,.
1876.
1871.
cwt,
14,296,393
1,626.757
10,0<6,500
cwt
cwt
cwt
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,CC0
85,949,650
538,506
20,836,776
292,056
27,794,437
70,66*
24,478,607
120,913
Result
96,411,144
Av. price of Eng. wheat for season. 55s. 7d.
20,544.720
47s. Od.
27,723,571
24.857.694
47s. 3d.
45s. Bd.
Imports of wheat
Imports of floor
Sales of home-grown produce
Commercial ana JflteceUmuous HXtwe.
Imposts and Exports fob thk Week.— The imports last
week showed an increase in both dry goods and general
The total imports were $5,433,058, against
f 4,718,585 the preceding week and |5,567,579 two weeks previous. The exports for the week ended Dec. 4 amounted to
merchandise.
$6,869,561, against f 7,434,413 last
The following
produce
figures
from the 1st of September to the close of last week,
compared with the corresponding periods in the three previous
chandise) Nov. 30:
roaatsN imports at
1875.
$1,446,661
7,000,165
$908,589
$953,810
General merchandise...
8,497,931
4,478,738
Total for the week.
Previously reported....
|5.517.736
359,623,792
$8,447,126
297,997,110
83,401,541
258,409,317
J5.432.053
291,627,021
$365,146,523
$306,444,236
$251,310,838
$297,059X79
Drygoods
Since Jan.
1
1877.
Barley
Oata
2,839,431
2,734,446
869,599
1,106,244
6,716,839
1,626,75?
£«»s
Beans
IndianCorn
Flour
__
1875.
$5,519,352
2*8.230,129
$6,133,017
241,523,161
1877.
$6,859,561
263,739,701
$255,218,046
8833,779,481
$217,656,503
$270,6*9,265
Previously reported....
1
2.30.450
921,621
5,524,117
1,427,943
cwt.
Barley
Oats..
528,416
23.005
40,921
6,718
7,137
83.032
10,090
,
eas
£
Jeans
IndianCorn
"
879,585
4,868
40,585
5,831
8,472
141,369
1,162,187
-
66,951
6,266
66,936
2.272
3,353
7.569
3,915
12,471
100.17J
19.810
34,958
4,990
m
31,311
20,734
Enslluli market Keporta— Per Cable.
Thadaily closing quotations in the markets of London and Liverpool for the past week have been reported by cable, aa shown in
the following summary
London Money and Stock Market.— The bullion in the Bank
of England has increased £306,000 during the week.
Bat.
Toes.
Mon.
Wed.
Thar.
Frl
Consols for money.. 97 1-16 x95 7-16
"
account.. 97 3-16
0.8.6s (5-20s) 1867. ...109V
D.810-40B
109*
K8X
5s Of 1881
New4Vs
95 5-16
95 9-16
x95^
107
lOSJf
107
tC4x
104X
95 5-16
95J4
109V
103V
107V
1C9J4
109
107*
95
95 9-16
109V
108*
109
parison of the total since Jan.
for several previous years
Nov. 89— Str. Pommerania
Dec.
^
,
Liverpool Ootton Marktt.— See special report of cotton.
Liverpool Breadstuj}* Market.—
Bat.
Mon. Tnes.
Wed.
Thnr.
a. d.
d
s. d.
s.
s. d.
a. d.
_,
Flour (extra State)
»bbl 26 6 36 6
26 6
26 6
86 6
eat !g- W. spring). »ctl ™
10
10
10
10
7\
London
Panama
1—Str. Colon
Tumaco, So.
Greytown
"
)?ed winter)
C
W nl
e)
"
'.I
,
Peas (Canadian)
«
10
9
S
12
7
10
13
12
9
quarter 29
quarter 37
Liverpool ProvUiont
29
37
.
Hon.
d.
s.
-j
gee' (prime mess)
»J tc . ...
Pork fW't. mees)ncw»bbl
Bacon (l'gcl.in.)new*cwl
Lard (American)....
"
flne)....
"
Liverpool Product
Cheese (Am.
s.
flne >
9
?6
9
7
9
Wed.
d.
d.
s.
90
57
39
43
64
29
43
61
•
Mon.
d-
10
18
18
29
35
7
9
12
9
29
36
6
9
9
s.
d.
"
d.
Wed.
10
11
Uy,
11V
11V
7^4
7V
7V
d.
s.
53
10
r«troleuji(reflned)....»ga!
s.
53
10
Tnar.
d.
IV
...
£
„.
s
d.
I.ins'dc'ke(obl).»lti.. 9 00
Linseed (Cal.) $ quar. 51 I
Bngar(No.l3D'chBtdj
on spot, * cwt
25
B trmoll ....» tUD..76
«hale oil .. ..
Unseed oil.. .»
••
,8n
ton
29
5
s.
d.
s.
«
76
36
29
5
a.
53
5-3
55
C
u
d.
21
76
36
iS
6
21
76
36
89
fi
53
54
7« u
36
25 10
6
1869
1868
1367
1866
30536,829
69,354,117
45,883.571
59.149.044
of specie at this port during the
same periods have
:
11M
72
40
S
«"6
Frl
£
s.
d.
53
8
24
76 U
36
28 10
°
9
$19,033
32.139
135,664
4,500
U.S. silver
...
1,300
Silver ore
Nov.86— Str.
Adriatic
Liverpool
Gold dust
Foreian gold
3,516
126,529
215,00)
579
1.217
481,317
700
Geld bars
Nov.
Nov.
Nov.
Nov.
Nov.
37— Str. Labrador.
Havre
37— Str. City of Chester.... Liverpool
28-Str. Scythia...
25-Str. Colon
30— Brig Emily
Dec. 1— Str. Carondelet
1876
1875
1874
1873
1872
1871
Liverpool
Aspinwall
Belize
Nassau
Foreign gold...
U. 8. silver
U.S. gold
..U.S. gold
U. 8. filver
U. 8. sliver
4,708
1,771
$14,826,816
Same time in—
12,48i.!06
5,998,601
17,390,423
6,185,257
8,461,830
_
The
.
$1,030,768
13,296.013
$15,610,115
transactions for the
week
$11,492,781
14,928.616
6.7C6.S82
3.053,043
9,552,705
1870
1869
1868
1867
1866
at the
Sub-Treasury have been
00
°
Receipts
Payments.-
Cnstoms.
Dec.
1
$172,000
3
233,000
554,000
133,000
139,000
270,000
4
5
6
7
$1,251 000
Balsnce, Nov. 80
Bi lance. Dec. 7
53
IV
s. d.
67.6.!0.S45
5i.616.-3S4
U.S. gold
Total
d
7Stf
900 £900 £900d. £900
5)
6
£.
$57,538,762
Foreign silver
Foreign gold
"
"
10
I
1870
Nov.J6-Str. City of Vera Cruz.. Vera Cruz
"
Frl.
a
53
7V
The imports
been as follows
6
43
64
Iallow(prime City)..* cwt. 40 3 40 3
40 3
40 3
40 3
Cloverseed(Am. red).. "
..
Spirits turpentine
" 55
55
85 6
85 ' 6
si"6
London Produce and Oil Market).—
Sat.
Mon.
Tues.
Wed.
Thur.
Same time in—
...$42,340,235
as follows:
57
S7
a.
$88,278,187
1877
47.427.763
68.881,333
60,502,501
S3
10
I
7
Frl.
p a
d.
s.
1,
Same time In—
1876
1875
1874
1873
1873
1871
1
Thnr.
89
57
39
48
64
10
57
39
43
61
Tnes.
5383
100
**
(spirits)
s.
57
Sat.
,<
9
10
18
12
59
6
3
9
Market.—
,
.
9
Tues.
d.
90
91
57
39
43
61
o
Bosin
(common)... »icwt..
„
9
7
26
10
10
18
Market.—
Bat.
m
10
15
12
89
36
9
7
9
Total since Jan.
$3,483
116,309
23,000
3,000
2,006
1,000
1CO.0O0
$24S,795
25.029,392
Total since Jan. 1,1877
,
..
London
1— Str. Neckar
Mex. gold coin....
Mex. silver coin..
Amer. gold eoin...
Am. Amer. gold coin..
Amur, gold coin..
Amer. gold coin..
Amer. silver bars.
Total for the week
Previously reported
Same time in—
Frl.
s
d
W
.
inw
v,*li
"
,(C.
White
club)...
n
torn(n.W. mix.)
with the corresponding totals
1
Total for the week
Previously reportad
107V
2
M
107!<
IC5
lax
jjjjj
Mr
95 7-16
95*
109«
1873.
The following will show the exports of specie from the port of
New York for the week ending Dec. 1, 1877, and also a com-
Dec.
1874.
10,767,470
4,200,750
2,000,745
285.878
658,118
5.079,239
EXPORTS.
Wheat
ri0
1375.
16,439.195
2,703,656
2.312,842
1877.
$5,068,901
260.149,145
Fortheweek
Aspinwall
1876.
8,292,177
3,420,380
2,738.127
370,446
1,106.169
ln.867,827
1,385,099
1876.
In our report of the dry goods trade will be found the imports
of dry goods for one week later.
The following is a statement of the exports (exclusive of specie)
from the port of New York to foreign ports for the week ending
Dec. 4:
XP0RT8 FROM N«W TORE FOB TH« WERE.
imports.
Cwt. 14,296,393
new tore for the wise.
1874.
81,173.503
4,314,233
years:
Wheat
f 6,503,061 the pre-
week ending Dec. 5
were 9,664 bales, against 15,127 bales the week before. The following are the imports at New York for week ending (for dry
goods) Nov. 29 and for the week ending (for general mer-
viz.,
-iL
week and
of cotton for the
1874.
show the imports and exports of cereal
and from the United Kingdom since harvest,
into
The exports
vious week.
Since Jan.
Total
flxporta of wheat and flour
XXV.
[Vol.
—
$1,694,362 58
106,861,116 40
102,583,535 37
$4,578,369 05 $4,374,753 81 $5,331,4:6 77
40,5'1,793 14
39,768,73142
Erie. The attack by the McHenry faction has been met by
the Farmers' Loan and Trust Company, who, through their counsel, Messrs. Turner, Lee & McClure, of 20 Nassau street, have
brought a counter suit in the Supreme Court against McHenry,
John H. Brown, Charles Frederick Evanslandtbe Erie Company.
On the complaint, and the accompanying affidavit of R.G. Holston, 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 permanently enjoined as demanded. Until the decision of this
motion he orders that the proceedings brought in Monroe County
be stayed.
Decemiiek
8,
1877.
INK UlllUMliLM
|
Closing prices at the Board have been as follows
©autte.
Cankers'
€t)e
.)D.)
Dm
Dee.
No
6s, .5-20*, 1866, n.
0», 5-SOs,
A
It.uli i.i.N.
Lowell
Northwest, pref...
Pea
When
Books Closed.
6s, 5-20a, 1867
Cent.
Patabls.
(Days Inclusive.)
6s,S-20s, 1888
8i, 6-20s, 1868
II.
$10
SX
AHsrt
little to
5
disturb the quiet current of affairs in
Wall
street,
and as the year draws to a close there is the usual disinclination
to engage in active operations except with those who purchase in
expectation of a "January rise." The President's Message and
report of Secretary Sherman have been well received and had a
good effect in financial circles.
The silver bill has now a good prospect of passing the United
States Senate, and we are inclined to the opinion that the discussion of the subject by the daily press and in financial circles
has been limited too much to the mere question as to what is
technically and legally admissible under the laws authorizing
the several issues of government bonds. The broader question
of what is the best and highest policy for the United States
Government to pursue under the circumstances, has received
too little attention.
Is it policy for the United States to take
advantage of a fortuitous decline of 8 per cent in silver, to pay
her bonds and interest in that coin, even if the law technically
allows it?
The reported embarrassment of the National Trust Company
of this city, and the suspension of the German National Bank in
Chicago and Henry Greenbaum & Co. here have had no great
effect.
Our local money market shows more firmness in the past few
days, and call loans on stock collaterals have run up to sharp 7
per cent, and in exceptional cases to 7 gold on government
collaterals there is little change, and loans are made at 4 to 5 per
cent.
Prime commercial paper is in good demand at 5 to 6 per
;
cent.
The Bank of England statement, on Thursday, showed a gain
of £306,000 in specie during the week, and the discount rate remains at 4 per cent. The Bank of France lost 2,900,000 francs in
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
:.
1876.
1875.
Differences.
Dec. 2.
Nov. 24.
Dec. 1.
Dec. 4.
Loans anddJs. S23.V329.800 $233,429,600 Inc .13,099,800 $256,589,700 $271,006,500
20,484,100
19,767,800
18,324,030 Dec. 1,443.800
15,157.500
Specie
18,100,500
196,234,900
39,949,300
Dm
Dm.
a.
a.
107*
I«X
ItWJf
A July
MUX
111
liOJI »1| .
I...reg .Jan. A Juiy.'iloav wax imh
*imii mx
.coup. .Jan. AJuly. 106)4
••. iw£ ;-..
reg.Jan. A Jnly.xl06X toe*! 107
'io»h ioax
coup.. Jan. A July.'IOOU 109V
"»H ioax ism io>
rag.. Jan. A July.*H08 *I09
IM •lo*v *1M)2 MRU
coup. ..Ian. A July *M1
•In *]1|
1IIJ4 '111* '111
%
1.
MM
5a,10-40e..
5a,
5s.
State
and Railroad Bonda—Southern
110,300 Inc
196.901.500 Inc
40,579,800 Inc
IS,
.
.
.
9,800
726.600
630,500
14,952,800
207,3-«,000
39,823,700
18,750,600
210,665,300
45,680,200
—
State bonds hare
occupied a good deal of attention this week, on account of the
meeting of the Legislatures in Tennessee and Virginia, where
the debt question has been so prominent as an issue. The Governor of Tennessee strongly advises the acceptance of the 60 per
cent proposition offered by bondholders, but its prospect is considered so poor in the Legislature that the bonds here n»ve fallen
off sharply.
In Virginia, the message of Governor Kemper is
very strongly in favor of sustaining the funding law and of leaving the revenue laws as they are, since he claims that the latter
will produce sufficient to pay the State's interest in full.
Virginia bonds have been stronger in consequence of the Governor's
recommendation. Louisiana consols are rather active here, and
some $100,000 have sold at 86i@87j on a demand from New Orleans or for investment.
South Carolina consols are in fair
demand, and selected numbers have sold at 67 to 70 some of
these to parties who are believed to have a copy of the report of
the commissioners, which will probably be made public about
the 20th instant.
Railroad bonds have been strong, and in some of the less
prominent first mortgage bonds there has been a sharp advance.
Advices from Cincinnati report that the Cincinnati Hamilton &
Dayton Railroad announces itself unable to pay the interest due
in January on the Cincinnati Hamilton & Indianapolis guaranteed bonds.
Closing prices of leading State and Railroad Bonds for three
weeks past, and the range since Jan. 1, 1877, have been as follows:
—
6e,
6s,
Nov.
23.
30.
7.
46X
48
44
old
new
do
North Carolina 6s, old
•46X
19*
Virginia 6s, consol
•72
do
do
2d
Dec
Nov.
Statss.
Tennessee
Since Jan. 1, 1877.
Lowest.
Highest.
28
107X •10754
•75*
74X
107
2 82)4 Apr. 2
16 45
Apr. 11
Jan. 23 109X June 5
June21
Jan. a! 80
104
71
•74X
Railroads.
Central of N. J. 1st consol
Central Pacific 1st. 6s, gold .
Chic. Burl. A Quincy consol. 7s
Chic A Northwest 'n, cp., gold
Chic M.
St. P. cone. s. fd, 7s
Chic R. I. APac. 1st, 7s...
Brie 1st, 7s, extended
Lake Sh.
Mich. So.2d cons.cp
Michigan Central, consol. 7s.
Morris A Essex, lstmort
N. Y. Cen.
Hnd. 1st, coup.
Ohio
Miss., cons. sink, fund
Chic. 1st.
Plttsb. Ft. Wayne
St. Louis A Iron Mt. 1st mort.
A
A
.
65* 50 Mch. 5 88 Jan. 8
107X':06XOct. 4 110X Junell
...106 Mch. I61WX Nov. 27
80k April 111 96\ Nov. 24
9634
96M T.12
93X n ; 98Xi 78 Jan. 26 93* Nov. 30
Feb. 28 112 June2S
•103
1P8
106
106
•110
no •111 ia Jan. 13 115 June«9
•67
•66X
K.7>.
108X
1124
•112
101
May
10
197X" Oct.
SI
July 17 102
IBfl
May
ion
idsji
*114J4,«115
119X '120
99
97;
•118
120
105X
.113
2
June 7
Feb. 19 118
•120X114 Mch. 8121 May 24
United States Bonds. There has been a very fair business
A
•98
81k June 28 100 Dee. 4
A
government bonds, on a demand from small investors. The
Jan. 9128 June 28
117
A
lots,
running
all
the
way
small
orders
for
large dealers are full of
•MIX 1034 103X %X Mch. 22|10SX July 12
Jan. 9 10»XJonel8
103
gold
106Xi
Union
Pacific
1st,
6s,
107X
vicinity
107X
from
this
and
from
come
and
these
from $100 to $10,000,
sinking fund....
do
95X 954 •94*1 92X Mch. 81, 9844 Fee. 8
The demand from corporations is
all parts of the country.
rather small the savings banks look for a considerable demand
• Tola ia the price Old; no tait was made at the Board.
on them by depositors after their January interest is paid, and
Messrs. A. H. Muller & Son sold a large list of stocks and
insurance companies have not much surplus money to invest.
The Secretary of the Treasury has just issued the fifty-fifth bonds at auction, among which were the following
.
in
;
:
for the redemption of 5-20 bonds, giving notice that the
bonds enumerated below will be paid on and after the sixth
day of March, 1878, and that the interest on said bonds will
cease on that date.
Coupon bonds dated July 1, 1865, namely
call
SHARES.
12 Metropolitan Nat. Bank. ...
20 American Exch. Bank.... 105
WX
$50— No.
44,001 to No. 50,000, both Inclusive.
100-No. 76,001 to No. 85,000.' both inclusive.
No.
57.001 to No. 60,000, both inclusive.
500—
1.000— No. 96,001 to No. 1C8.000, both inclusive.
Total of coupon bonds, $6,000,000.
Registered bonds, as follows
$50-No. 1.611 to No. 1,750, both inclusive.
:
100
88
100
Total of registered bonds, $4,000,0U0; aggregate, $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
:
130
129
89
East
RR
4ljf
Bank Note
Y.. $50 each
N.
»Sper share.
Co..
SNat. Park Bank
108
10 Metrop. Nat. Bank
S3 Mechanics' Nat. Bank
6 Continental Nat. Bank
20 Continental Nat. Baak
18 Bank of the Republic
69X
$115,000
188X
iSax
71
71
87X
BONDS.
Bloomington
Ind.
Western BR.
RR
1st
A
mort. ex-
IXtMK
... «OX
RR7S
A Mich. RR. 7s,
Ham.
A
fin.
by
88*
Dayton RR
tension
10.800 Bute of
1.000 L. I.
2,000 Dayton
int. guar,
Nev. MX, gold.. .IIS
8,000 Second A v. RR. consol.
conv. 7s, due 1868
1,0(4)
A
Congress approved July
.
A
River
600 National
. .
108
20 National Park Bank
195
40 Broadway Nat. Bank
Ini..iyiX
Traders'
200 Mechanics'
100
25 Am. Ex. Fire Ins
179
35 Kings County Fire Ins
1*0
9 Safeguard Fire Inf
Ill
44 National Fire Ins
Department
The books of the four per cent registered bonds authorized by the acts of
14, 1870, and January 21, 1871, will be closed for the
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
ef 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, Jnne, September and December, and the first
days of succeeding months, will bear interest from April 1, J u.'y 1, October
1
or January 1, as the case may be.
Bank
German-American Bank
.
13 Commercial Fire Ins
17 Tradesmen's Nat. Bask
15 Amity Ins
50 Central Park North
1-34
98
Fourth Nat. Bank
Ninth Nat. Bank
50X@50
65
68 Second Av.
112
til Third Av. RR
SO
41 Morrisania Steamboat Co
68
30 Harlem A N. Y. Nav. Co
500
Ina
10 Manhattan Life
72X
20 German- American Bank
80X
12 Marine Nat. Bank
1453142
400 Oriental Ban k
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.
10,0JC— No. 13,551 to No. 14,850, both inclusive.
sbabzs.
|
of the State of N. Y. ... 120
604
Nat. Trust Co
40
N. Y. City Ins
504
Resolute Fire Ins
German-American Fire Ins. 115X
Westchester Fire Ins
110X
125X@I24
16'J Fnrragut Fire Ine
65Q68
140 Guardian Fire Ins
105X
50 Lamar Fire Ins
128
60 Standard Fire Ins
2
3
20
30
25
300
:
South Ferry RR.
morr. 7s
|
I
91X
first
71
A
S. E.
1,000 St. L.
p. c. gold bond.
coupon on
RR. Co. 7
May. 1974,
81
I
Kallroad and BHaeellaneoua Stocks.— In the early part
was checked by the
of the week the declining tendency of stocks
Northwest
declaration of a dividend of 3, per cent on
the first six months df
stock, on the following strong exhibit for
the month of Notheir current fiscal year ending November 80,
vember being partly estimated
pw™"^
'
,
48X Nov. SO
Feb. 28 47* Nov. 17
Oct. 25 *2H Jan. 6
42X Feb.
•46« •MM 42
16)4
20* •19
•;o
8»X April
Jan.
•42J( •414 38
series...
Missouri 6s, long bonds
District of Columbia, 3-658 1924
.
-1877.-
Circulation ..
Net deposits..
Legal tenders.
|
lie;
111*
rag. .Mar. A8ept.«M8X 108K •108M
iMti*
lOSM
coup.. Mar. A Sept. •ion* 109
108K
funded, 1881
reg..Quar.— Feb.»l07
107
107V 107X •107
•Mf^
funded, 1881. ..coup.. Quar.— Feb. 107
107
101 I
107
107
107
<Ks, 1891
reg.. Quar. —Mar. 104X 105X lie,', 108
106
106
coup.. Guar. -Mar. «x4X 108
1IT.:.
«H«. 1891
!«>,' 105
10S
4s, registered, 1907
Quar.— Jan. 102S 'W2X
!0tX 108X 10»>.
4s, small coupon
Quar.— Jan. •102^ »102x
losji ioax *ioa
6s, Currency
reg.. Jan. A July. »xll9 •119)*; M19X »120
119K *1W;4
•This Is the price bid; no nut waa made at the Board.
Jan. 1, 18T8
Dec. 27, 1817 Dec. 16 to Die. 27
Jan. 1, 1878
FRIDAY, DECEMBER 7, 1877-5 P. 1(1.
The money Market and Financial Situation. — There has
been
|
1.
•X7X
8s, 10-40S
A
N. Y.N.
18«,n.
6s,S-90a, 1867
•
Chic.
rag. .Jan.
coop. .Jan.
Called bonds
Tbefollowlng dividends hare recently been annonnced
Boston
Int- period
A July
as, 1881
6s, 1881
DIVIOBIfOS.
Nams or Cohpaht.
._
>
National Banks organized during the past week.
:
Dec
Dec.
THE CHRONICLE.
5(?6
Grose earnings
Operating expenses, taxes, Ac
Interest on bonds— gold premium
Kent of leased lines
$7,816,560
1,683,563
648,491—
0,259,056
...
$1,557,503
753,234—
on $21,522,400 pref'd stock..
8861,401
Surplus
$696,059
Paul preferred in also commonly talked
of, the 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 weakening influence, and prices have been somewhat irregular and
The low price of coal bears heavily on the coal-road
feverish.
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 September, iu the years 1876 and 1877
As a dividend on
St.
:
Sept
Sept., 1876.
$1,437,233
901,048
Gross earnings
.Expenses
Cross earnings
Expenses
1S77.
,
$1,184,521
361,066
I.
&
St.L.&S.E'n(StL.div.)2dweekof Nov.
"
(Ken.div.)..2d week of Nov.
" (Tenn.div.)..2d week of Nov.
St. Panl & S. City
Month of Oct...
Sioux City&St.Paul. .Month of Oct...
Southern Minnesota. .Month ef Oct...
Texas
&
Month
Pacific
Union
Month
Pacific
Netearnings
$536,174
increase of $175,000 in general freight,
a decrease of $275,000 in coal traffic, caused by the miners'
strike, and a decrease of $103,000 in first-class passengers compared with the Centennial traffic of last year.
Dec.
an
At. ft Pac. Tel.
Central of N..J
•11
•Oblc.Burl.&Q
*
V. Mil.
ilel.ft
pref.
ft
ot
Pac.
Del. L.
ft
West
Erie
u;
i
9
Vi% 18X
28X 28^4
•145
141
nn
Central. ..
Lake Shore
84$
65X
99«
45X
47X
49
Han. ft St. Jos
do
pref.
Harlem
111.
MX
::5'<
»9Jj 100
47
47X 50k'
9-«S
!0J<
H. Canal
...
Michigan Cent
Morriis&Essex
N.Y.Cen.&H.lS
OlllO ft M1B8...
Pacific Mall ..
Panama
ti'X
71X 75*
»X
21*
21X
15X 15X
67
87
1003
48X
50
9%
Mft
... 148
75X
106
»jj
22
1854
MX
Doc.
5.
23
...
I'rc.l.
6.
23
23
13V
1'
•2«V 23X
18S 14
101X U'lV
102
9X
9X
12*
12X
2754
27X
72
71
59X
67X
!,ili
76
105X
8X 9
22
22
".... 126
15
15X
67
(IS
8X
67
73
61
5SS»
58X
8X
3.X
78
Monday,
Tuesday,
Wednesday,
Thursday,
3
4.... 102 a 108
5... 108* 102J4
6.... 102-4 102*
7.... 102?i 102)4
X
22
•.... 125
14V 15
67X 67 X
76V 77 X
'.... 121
Un.'l'el.
Adame
Exp...
76X 77X
98!,
m
!-7
MX
American Ex
:
Northw.
Dec.
"
"
1
,
3
4
"
S,
"
6.
Total..
Whole atoek
Lake West'n
pref. Shore.
9,660 6-1,950
14,810 53,87o
10,810 79,320
11,000 75,210
7,630 53,320
2,100 31,610
Union.
St.
Paul.
31,000
25.000
35,050
47,020
28,410
11,825
7,700
13,400
5,300
5,900
50,010 356,685 179,305
50,425
8,525
10,3-10
Mich. Del. L.
Cent.
Del.
& W.
Erie.
13,500 196,540
7,440
18,430
given in
The latest railroad earnings, and the totals from Jan. 1 to latest
dates, are given below.
The statement includes the gross earnings of all railroads from which returns can be obtained. The
columns under the heading " Jan. 1 to latest date" furnish the
1, to,
and including, the period mentioned
-Latest earnings reported.
1877.
Atch. Top. * 8. Fe... Month of Nov..
Atlantic & Gt. West.. Month of Sept..
Bar. C. Rap. & North. Month of Nov..
Cairo & St. Lonia
3d week of Nov.
Central Pacific
Month of Nov..
Chicago & Alton
Month of Nov.
Chic. Burl & Qnincv.. Month of Sept..
Chic. Mil. & St. Paul. .Month of Nov.
Chic* Northwest.&c.Month of Oct...
Chic. R. I. & Pacific. Month of Sept..
Clev. Mt. V. & D.,&c.3d week of Nov.
Denv. & Rio Grande... 3d week of Nov.
Galv. II & S. Antonio.Month of Sept.
.
Grand Truuk
W'kend. Not. 24
W'kend. Nov.23
.3d week of Nov.
Great Western
Hannibal & St. Jo.
Honst'n & Tox. Cent. Month of Oct.
Illinois Cen. (Iil.line). .Month of Oct...
do (Leased lines).Month of Sept.
Indianap. Bl. & W.. .3d week of Nov.
Int. & Gt. Northern. ..3d week of Xov.
Kansas Pacific
Month of Nov..
Lonisv. Cin. & Lex.. .Month of Sept..
Lonisv. & Nash.. dtc.Monta of Sept..
Michigan Central... Month of Oct..
Missouri Pacific
Month of Nov..
Mo. Kansas & Texas. .3d week of Nov.
Mobile & Ohio
Month of Oct...
Nashv.Chatt. & St.L..Month of Oct...
New Jersey Midland .Month of Oct
Pad. & Elizabetht'u. ..'.'d week of Nov.
Pad. & Memphis
3d week of Nov.
. .
.
.
*
.
.
Month of Oct...
St. Joseph & Western 2d week of Nov.
8t.L. A.*T.U.(br(.QSj.Month of Nov.
Phila.
Erie
.
,
1676.
Jan.
1
a
@
®
15 50
i6 is
15 60
U75<
Fine silver bars
117
Finegoldbars
1,
2)5
3,322.538
!
1,797,912,
X
iosjJ
for
para*prem.
Dimes &
half dimes.
Large silver, ^s &>js
Five francs
Mexican
dollars.
.
Kuglish silver
Prussian silv. thalers
Trade dollars
foreign and
— 96X3
—
— 92 @
4 75 a
— 65 a
— 96*®
—
—
—
4
—
—
97K
97*
96.x®
—90 a —
93
94
85
70
97#
exchanze. — Foreign exchange has been quiet and pretty
The bond importers have not been doing much the past
steady.
few days, as rates were rather above their ideas. Cotton bills are
coming forward more freely, though the shipments are not yet
sb 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, unsettled, fair demand
Cincinnati, fair demand, 100 discount,
selling par
Charleston easier, buying freely at J discount St.
Louis, par New Orleans, commercial |@7-1G, bank J discount
Chicago, par and Milwaukee, par.
to latest date.
1377.
;
;
;
How
Iforlt City
Banks— The
1876.
—
Bun
3,000,000
2,050,OJO
3,000,000
2,000,000
Union
1,500,000
America
3,000,000
Phcenix
1,000,000
City
1,000,000
Tradesmen's
1,000,000
Fulton
600,000
Chemical
300,000
Merchants' Exch. 1,000,000
Gallatin National 1,500,000
Butchers'* Drov.
Mechanics' & Tr.
Greenwich
Leather Manuftrs.
Seventh Ward....
State of N. York.
American Exch'e.
Commerce
Broadway
Mercantile
Pacific
Republic
Chatham
138,885
4,578
1,597,000
392.846
1,363,310
892,000
1,598,776
798,277
8,357
19,516
110,373
201,244
87,071
43,000
851,649
583,367
191,239
22,119
41,089
851,418
110,215
526,058
91,903 1,120,317 1,037,5°3
8,051
212,849
240,782
1,675,533 15,329.107 16,699,795
367,8'J8 4,148,774 4,586,17!
1,242,122 8,394,822 " '91,744
765.230 7,447,4t0 7,413,882
1,542,051
Go3,9lO 5,396,663 5,158,986
7,032
344,441
886,845
9,954
681,363
414,781
116.243
180,963 8,437,600 8,502,968
73,359 3,535,677 8,660.841
36,210 1,834,310 1,691,719
377,340
526,247 4,200,177 4,505,176
127,698
24,790 1,098,995 1,328.188
50,537 1,293,304 1,153,893
SS3.8J1 3,022,672 3,783,S78
814.615
492,178 3,935,6S6 3,667,986
North America...
Hanover
ti69,C81
647,i-22
316,311
3 8,043
70,090
261,507
143,585
70,165
3,536,302
2,838,711
1,123,057
1,427,411
671,713
4,661
337,223
164.2i6
8,861,804
1,716,787
48,051
471,804
414,144
?, 390. 307
2,813,909
1,503,114
1.111,437
518,517
185,061
following statement shows the
condition of the Associated Banks of New York City for the week
ending at the commencement of business on Dec. 1, 1877:
AVERAGE AMOUNT OF
Loans and
Legal
Net
CirculaCapital. Discounts. Spece. Tenders. Deposits.
tion.
S
S
$
t
$225,793 $2,432,750 $2,282,136
342,767
!...
l.0.1o7
90
3 92
4 80
4 10
. .
Mexican Doubloons
i
1,301,036
102* 108« 102M $113,641,000 $
1$
102% 108
104K
l,681,183i 1,731,339
82,660,001
a~ $4
3 87
4 74
X Guilders
3 90
Spanish Doubloons. 15 65
$385,500
877,409
831,800
172,353
72,031
7,725
4.S20
883,151
15.638
47,761
&
are tne quotations in gold
$4 86
8,115
810,963 494,665 337,874 153.992 1S7.382 524,000 780,000 500,000
gross earnings from Jan.
in the second column.
2,9
American coin:
Manhattan Co...
900
total number of shares of stock outstanding is
the last lino, for tb.e purpose of comparison.
The following
Merchants'
Mechanics'
1,900
4,465
3,100
The
102,'j
107X;1G2)4 107
& NewTork
1,100
1,390
1,100
1,750
1,200
500
102;,'
.
.
Hud.
36,760
41,150
28,850
23,400
86,580
20,800
3,000
1,700
5,200
6,200
1,900
.
16,358,000
85,4 14,000
13,858.000
17,7t'4,C00
;
15X 15X
67X 67X
-:
76« -e
7f.x sa
7«X 77X
97-4 97X
97
9154
97X 97X
97X 97X 97X 93
sSx mt
SIX SIX
49X
14V 50
50.X 50X
51X 51X
United States. •16
•4-i
43
*. .. 47X
4iX "46X .... 16
....
47X
Welle. Fargo .. •36X 87
•8«
•86
87
87
fcCV 87
87
87
81
Quicksilver.... •.... "-7X •15
16
16
17X *.... U
16X MK 15V
•....
jlo
pref.
35
'it
35
8354 SIX •33
....
30
32V S3V
* This It the price bid and asked
no sale was 'made at the Board.
Total sales of the week in leading stocks were as follows
WeBt.
Current week
Previous week.
Jan. 1 t» date
1,776,500
1024* 1088
\V1\, 102X
102>i 102 s i
\aryt 102
;
9
XIX 21V
2-2
125
15
67 X
11X
72X
60X
77 X
SV
2-2
125
•.... 147
76X 7- (
105X 105X
8V
»X
KH
26X 27
147
72 X
59X 60V
B7X 58 V
106
•21*
9V
11X
146
72
WX
X 75X
7.i
106X
9V
12X
27X 27X
9X
13
'....147
72X 72X
59X 63
57>6 S»X
*.... 126
15X
9V
Op'n Low, High Clos.
108« 108Jt 108X
102 % 102 « 102;, 102X
1.
Napoleons
X X Reichmarks. .
Friday,
101X101X
33X S4X S3V SIV 34V S5X
63X 6954 69
70V
70X 70
33
33
S4X MV
34X
31X
61X 65X 6IX «5X
65X 65 V
09X 100X 100X lOOjJ 100X tOOS
4SX 49X 4SX 49X
17X 4<X
495s 49X
49X 50X 50X 51K
28X 28«
"
X
101
13
1CJV 10654
ex
".... 126
Wab.P.C.K'Is
Onion Pacific.
85K
65X
117
106!,
10'
Dec.
•!!2X
•12V
31X 36X
69X 71X
34 X S6X
65X «'V
100
100X
»6X 47X
4JX 49X
71
71V 12X
«X 63X
58X 60
75V 76X
ex
15
101X
•26X 28V
•144
1U5X
MX
•11
V 10X
*1!J»
Tax
62X
61
r.7V
Dec. 4.
•22X 2SX
1.
23
13X 13X
10154 10;*
34X 36
\m\i
...
MX
& North.
do
C.K.I.
23
13*
34H 35*
59H 70k
V.
pref.
ft St.
do
<Chlc.
Dec.
1.
23
SVednes'y, Thursday,
—
Total
Balances.
-*
Clearings.
Gold.
Currency,
$20,770,000 $1,689,0
-tiuotatious.-
Doe.
Satnrday,
Sovereigns
have been as follows:
sale of $1,000,000 gold
on December 1, the total bids amounted to $3,520,000, and the
awards were made at 10381 to 102'87. Gold ruled a little lirmer
to-day, and closed at 102f.
On gold loans the rates were i, 2|,
and l-J 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:
$:;22,454
The accounts show an
'The daily highest and lowest DriceB
Saturday. Monday, Tuesday,
of Sept..
Jan.
187$.
4 r 0,332
452,946
312,3)8
35,200
11,549
8,084
3.047
81,638
59,064
110,013
853,276
92,086
407,873
1,136,412
Gold iriarHet.—At the Treasury
Tlie
Friday,
Neteamings
of Sept..
Tol.Peoria& Warsaw..Month of Nov..
Wabash
Month of Nov..
XXV.
1 to latest date.
1877.
1876.
8,868,888 3,494,280
28i,7<»5 2,891,729
2,875,878
46,900 1,211,872 1.2-25,185
11,891
540,626
510,533
7,019
287,310
291,301
3,391
131,313
133,830
68,130
430,838
478,739
47,888
259,644
299,227
536,837
509,688
174,883 1,6H6,223 1 189,603
101,075 1,017,881
4.133,908
1,305,986 9,1113,170 9,298 W0
1S77.
& SoHth. Month
Mt.
of Nov..
St.L.K. C.& North'n. Month of Nov..
St. L.
S. Francisco .4th w'k of Nov..
St. L.
$108,190
ct.
Latest earnings reported.
,
$3,937,008
Net...
Sinking funds
Three and one-half per
[Vol.
People's
Irving
Metropolitan
Citizens'...
Nassau
Market
St.
500,1X10
600,000
200,000
600,000
300,000
800,000
5,000,000
5,000,000
1,000,000
1,000.000
422,700
1,500,000
450,000
412,500
1,000,000
1,000,000
500,000
3,000,000
600,000
1,000.000
I,0rt0,000
Nicholas
Shoe and Leather.
Corn Exchange...
Continental
Oriental
1,000,000
1,000,000
1,000,000
1,250,000
300,000
403,000
Marine
Importcrs'ATrad. 1,100,000
Park
2,000.000
Meet!. Bkg. Ass'n.
500,000
Grocers'
North River
Kact
K
ver
rs' & Mer.
Fourth National..
iuauf
Central National.
Second National..
Ninth National...
First National
Third Xational..
N. Y.Nat. Exch..
Tenth National..,
Bowery National.
New York County
German American
Total....
.
300,000
400,000
350,000
100,090
3,750.000
2,000,000
300,000
1,500,000
500,000
1,' O'.OJ)
300,000
£00,000
25H.
ill
200,000
1,000,000
8,353,400 2,401,000
0,327,700
589,100
725.900
7,050,eC0
6,435,700
478,890
4.065,300
462,800
8,577.100 1,212,400
2,627,000
209,000
5,402,100 1,252.000
3,005,600
155,000
1,856,600
168,300
9,569,390
941,100
3,030,400
217,000
8,5:2,300
353,01)0
1,402,000
73,000
1,590,000
16,300
780,000
2,525,800
307,100
83,0,00
1,005,700
1,633,300
313,800
11,709,000
066,000
12,795,200
374,009
4,733,400
93,100
3,126,700
306,900
1,923,800
20,200
2,991,000
423,900
211,500
3,312.800
15,700
1,351,500
77,' 00
2,065,700
4,216,600
234,700
1,895,0:0
12,600
18,8711,000 1.C64.001
1,572,700
85,000
1,833,200
15,300
2,590,500
172,500
2,172,100
123,700
3,788,300
188,100
3,057,600
321.0C0
3.145.700
40,300
1,304,800
6,500
1,880,000
112,000
14,872.800
520,700
10,439,500
499,400
657,000
8,000
807,100
4,900
931,500
16,700
677,400
9,000
422,800
2,500
13,320,000
355,700
7,119,000
150,000
1,891,000
4,676,900
235,700
6,671.000
711,600
5,483,100
605,700
1,130,203
16,200
847,200
500
1,037,600
3,800
958,000
2,277,500
255,866
;
l,22-.,000
1,163,100
l.Toasoo
592.500
558,800
1,111,500
501.000
765,000
194,000
3,352,400
351,800
229 ,000
207,000
213,000
192,400
329,200
162.500
232.000
1,023,000
2,370.600
571,30.)
8,730,400
4,976,200
5,974,800
4,731,900
2,926,300
0,723,2
2,526,000
4,124,000
1,540,100
1,337,100
9.896,200
2,176,200
2,023,100
1,194,000
1,030,000
768,600
8,131,500
971,300
1.509,100
7,836,000
5,69S,J00
3,120,400
8,808,800
1,813,800
1.724,700
3,170,300
415,000
437,000
264,500
565,200
117,800
1,094, SIX)
191,000
1,310,700
627,700
3,495,400
457,300
1,849,008
1.451,000 10il21,000
371,500
1.774.MX)
218,400
1. 019,li,».l
530,700
272,100
1,123,700
617,800
3,184.500
1,735.300
808,000
023,100
2,091,100
200.000
1,076,200
313,000
1,716,000
68,860 15,159,300
3,19S.S00 12,821,000
110.000
491,000
230,500
865,800
142,600
679,100
163,700
548,890
120,500
481,800
3,411,700 10,501,100
1,677,000
6,861,000
454,000
1,885,000
1,263,100
4,863,500
5,6'l6,70n
630.203
906.300
5,873,8
74J,8O0
170,800
81,600
!8,500
872,'.00
845,080
1.109.010
378,800
199,500
2,021,200
39,000
141,100
50,000
1,180
270,000
790,600
625,200
45.0M
233,000
189,000
2,700
33 i, 700
36,500
45,000
22'i.OOO
2,122,500
890,700)
b i,ooo
450,000
5,400
4Vio0tl
74,500
178.300
3,900
254.900
4,709
770,800
273.200
1,103,900
192,900
297,000
98.900
!
270,000
710,7-0
446,400
222.100
225,000
160,000
.68,235,200 338,429,600 18,324,000 40,579,800 196,901,500 18,110,300
Dkckmhkr
THE CHKuNIOLR
1877.]
8,
o67
QUOTATIONS OF STOCKS AND BONDS
Bond* and Railroad Stock* are quoted on a previous page.
8. active
U.
m. I.
State
Alauama
ssotnsiTixs.
do
do
-do
8«, M.& K. int..
do
Bs, Ala. ACh.K
do
Of 1SK
88
do
8a of 1893
Jo
ArkHr«as6s, funded
do !», L. It. * Ft. S. 1M
do 7l Memphis A I.. It.
do 7s, I.. K.F. K. A N.O
do 7s. Mlw. I>. & 1!. It.
do 1b. Ark. Cent. UK...
Connecticut 6s
Georgia 6s
7l, new bonds
do
7s, endorsed. ...
do
7s, gold bonds...
do
Illinois 6s, coupon, 1379.
Warloan..
do
Kentucky
do
do
do
do
do
do
do
do
do
new
Ss.
6s, Moating debt
7s, Penitential-)
6s, levee
8s, do
Ks, do 1875 ....
6s, of 19111
7s, consolidated
gl
3;
27
4
Central of N.
do
do
4
4
4
4
108
994
euftt
loss, 109
lOTJJ
108
6s, due 1377.. ...
1878
do
do
Funding, due 1894-9...
due 'ii-'90.
bonds,
long
Asylum or un., due 1892.
Han. A St. Jos., due 1886.
Missouri
.
do
do
•lew York State-
1887.
K
Be
BO
Be
20
80X
108
182
lojiu
10S
&
do
&
do
20Vi
do
A.
124
in
7
AO
1*
7
3
S
S
Special tax, Class 1
Class 2
do
Class9
do
Ohio 6s, 1881
do 6s,:896
Rhode Island 6s
South Carolina—
Funding
40
10
40
at
act, 1866
LandC, 1S89.J.4 J
Land C, 1889, A. A ()....
la of 1888
Non-fundable bond a
...
Ten leasee 6a, old
do
do
6a,
6s,
lrglnla-
new
new
new
45
43*
44-M
so
74)4
75«
78M
S4K
31
7H
3«
Laf
Chicago
Island
Louisville A Nashville....
Missouri Kansas A Texas.
N-'W -ItTsey Southern
1
i'ork Elevated ISit..
New Haven A Hart.
Ohio A MWslBtj'pi.l, pref
168
W.ACh.,gnar..
do
special.
Hi
N. V.
A Saratoga.
Home Watertown A O k
81. Louis Alton A T. M.
Rd
do
pref.
.
100
100
92J»
DO
100
.
'
BellcvllleASo.ni.,pref.
St. L. 1. St. A Bontheru....
St. L. K. C.
North'n.pref
7
e Haute
Ind'Dolls.
A
'Vi
1C.
84
21
.,
.
.ilstrlct
Telegraph...
Canton Co., Baltimore
Cent. N.J. Land A lin. Co.
American Coal
Oousolldat'n Coal of Md.
Mariposa L. A M. Co
do
do
Cumberland Coal
Maryland Coal
pref.
A
-:
3.3
80
3
5
iron.
n
Ktillroad Bonds.
do
a
<invt Prictx.)
Krle, 1st in..
guar.
North., 1st 53.1
Bur. C.K A
Casta. A Ohio
t
07
RAILROADS.
.
.
.
A St. Paul 8a ...
Carthage A Bur. 8s
Dixon Peoria A Han. 8s.
O. O. A Kox K. Valley 8a
Quincy A Warsaw 8s
ibs'x
.
Illinois
85* 88
Chic.
8s
14
6a. 1st iu..
do
ex conn i£o|....
Chicago A Alton 1st morf. us ....
do
Income. 1W 105
do
do
1st
m.
do
do
|N.Y. Central
consol.
7i
6a. 1883
6i,1887
do
6b, real estate...
do
do
6>, subscription,
do & Hudson, 1st m., coup
do
lstm., rer
do
Hudson K. 7s, 2d in., s.f.,
Harlem, 1st mort. 7s, coup
do
7s, reg
do
North Missouri, lit mort
Ohio & Miss., consol. sink. fd.
consolidated.,
do
2d do
do
1st Spring, dlv..
do
Pacific Kallroads—
Central Pacific gold
8s
Lynchburg fia
Macon bonda. 7a
Memphis bonds C
do
bonds A A 11
do
end., M. A C. RK
tli
KS
lllO'-i
20
A Hannibal It.
Chicago A Iowa H. 3s8s.
Peoria
American Central
8s
3
L
T
A
Erie
A
Pittsburgh
90
•
l
l-S
1st 7s.
M
H
M
M
32
23
I
108
loo
&
Long Island
Pitts., consol., s.f.
do
Col. Chic.
do
A
4lh mort.....
Ind. C, 1st mort
do
2d mort
Og.,con. 1st
Watert'n &
St. L. A iron Mountain,
Loulsv.
9H
18
mort.
cons. m. 7a
111:., 1st
A Nnshv.
do
31
Jl
Michigan Air Line
Montclalr
AO.
.
in., 7s,
•
-is
L..st ;s
do 2dm. 7s
1st in. 108M 103W
do
Mo. K..V. Tex. 1st 7s. g., 1904-'06
2d in.. -co
do
Alton & T. H.—
20 m. Income...
Alton A T. II., 1st mort ...
N.J. Midland 1st 7s, gold
do
do
2d 7s
2d mort., pref..
do
*id mort. Inc'mt!f T. Elevated UK., 1st in
Belleville A S. Ill.I.. 1st m. 8s
N. Y. * Osw. Mid. 1st
do
«fc Warsaw, B, it.
do
W. D..
do Bar. Dtv.
do 2d mort..
do consol. 7s
Wabash, 1st m. extend
do
d«
do
do
Tol.
4
W
80
HO
-.s
87
87
1H
58
VU
88
100
15
55
!'.
16
72
744
8s)»
92
80
38
8
9
&
'5
8
10
H>v
88
70
•1.-,
H
'80
.
2d 7e, conv.
do
do recelv'a ctfs.daburi
(other)
do
do
80
80
»
90
46
8
51st
524
1ft
24
3
70
rt
18
27
70
M
70
3i
80
33
80
73
7
M
is
'•
00
80
77X
37
40
38)
wharf
-
37X
n
...
00
linp'ta, 7-10
8B
98)
46
56
66
80
90
97
88
1.14 108
4.1
gold
8a, gold
6a,
j
t
coup (8
80
on.
RAILROADS.
A Chatt. 1st in. Ss, end
Ala.A Chatt. Hec'ver's Cert's.
A
Atlantic
Gulf, cousol
end. Savan'h.
do
do
do
74 JP*
40
VH
75
80
40
stock
H
Georgia KK. 7s
stock
do
A
Greenville
do
40
108
TS
1"!
m
86
80
87
70
'IS*
78
Col. 7s, 1st mort.
7s.
guar.
Macon A Augusta l,o. iils..
8o
3d endorsed.
do
stock
Memphis A Charleston 1st 7s.
do
2d 7s...
.
do
A
Memphis
Little
Kock
Montgomery A Weat
lat in.
mis.
Mlsafsalppl Central 1st
do
2d
.3
.0
•0
si
US
-u
,.u
ie
38
Ba, Interest
2d mort. sa
Jacks. 1st in. 8a. 101
Certificate, 2d mortar. 8a
93
Nashville Chat. A SI.
Nashville A Decatur, 1st 7s.... 1-4
A
Petersburg
m.Ss
Norfolk
lat
88
do
do 7s SO
do
2d ui.
70
Northeastern, S. C, lat m. as.. H2
-J
do
2d m. Ha.
Orange A Alexandria, Ists, ta. -0
N. Orleans
87
.
in. -a
P. lat 8a.
Mont. A Kufaula lsl 8a, g., end
Mobile A Ohio sterling 8s. ...
do
do ex cert, ts
do
do
-7
stock..
A
a*
80
43
48
M
10
10
95
s7
I
m
do
do
do
Rlchm'd A Petersh'g
2da.ta.
Sd..ss..
rtba.Be..
lsl
A
m.
...
7,1
77
51
15
3
Polo. S108
100
do mort. ',.
Rich. A Danv. lat consol. ta...
72. 7*
:oo
Southwest Hit., Ga .conv 7s,*st
88
S. Carolina lilt. 1st in 7a
do
7s.mil ..
do
7s, nun mort
do
stock
do
Savannah A Char, lsl M. 7a. ..
—
Charleston
A
PAST
DTJE
OOUPONS.
Tennessee Slate coupon*
South Carolina consol
Virginia coupons.
do
consol. coua
Coupons
/
*
i
.
Savan'h ae.uul
Weal Alabama 2d m.M, guar.
latui.5.
ds
Mi-oinhls City
t \n,l incmisl int3 est.
• Price nominal.
50
88
.«
i
1
37
36
87
00
88
..0
Rich. Fre'kab'g
28
101
-7
g.
St. L.
Tol. Peoria
8
m
|
-0
do guar..
Carolina Centra] 1st in. ss, g... 80
00
Central Georgia consol. m. 7a
.0
do
Block
70
Charlotte Col. A A. 1st M.7s.
do
do
Block ....
rira
Cheraw A Darlington as
75
East Tenn. A Georgia ts
East Tenu. A Va.
end. Tenn
100)4 E. Tenn. Va. A Ga. 1st
90
m. 7a.
8B
do
do
stock ....
8ft
7s
00
H
MS
WS
90.
-4
eo
r.llroad, ta..
Ala.
"to
80
consol. 6a..
do
3«
'77
106
100
.0
Orleans prem.96
Wllm'ton, N.C.,
I
1'2!«
110
S7
».
7o
new
Norfolk ta
Petersburg ta
22
«7X
in;
18
6s, old
6s,
do
do
do
434
88
MS
Nashville
New
no*
ma
.
78
IS
80
HI
do
con. m.. 7a..
do
7s, equip...
108
Evansvllle A Crawfordsv., ,s. 100
ii
bvanavllle Hen. A N'ashv. 7s... 30
HO
Kvansvlllc, T. II. A Chic. 7s. g.{
101
1C5J, Flint A Pere M. ss.Land grant. ?s
:o7«
Fort W., Jackson A Sag. 8a, »»
vi
Grand I:. A ind. >t 7s, Lg., gu.l
ioaw
S5
103
do 1st .s, 1. g., notgn. so
,.l
49
do
1st ex 1. g. is.
130!*
Grand Klver Valley 8s, 1st m.
130«
t8B 87
?:i
Houston A Gt. North. 1st 7s. g.' 88
114
84
iiV«
Hous. A Texas C. 1st 7s, gold..
014
consol. bds..
117)4 li's'H
do
70
102* Indlanapoll A St. Louis Jlst 7s
Indlanap. A Vlncen. 1st 7s, gr.. 70
98
70
International (Texas) Istg.... 07
5S>4| Int. II. A G. N. conv. 8s
88
si 88
Iowa Falls A Sioux C. lat 7a,
•94
Jackson Lana. A Sag. lis, 1st
WJm 88'
107J* Kal. Allegan. A G. It. 8s, gr.
10SM iook
110
4*
70
do 8a (coups, on)
do
6s, funded
Montgomery ils
do
i
43)4
^
Moblleas (coups, on)
loox 101), Richmond as
50
Savannah 7s, old.
101*
do
7a, new
Chlciuto Clinton A Dnb.
20
Chic. & Can. South :st in. g. 7s. 18
Ch. D. A V., I. dlv., lstm. g.7s.
Chic. Danv. A Vlncen's 7s, gld 45*
lllH Chic A Mich. L. Sh. 1st -s. rS9. •t75
Chic. A S'thwestern 7s, guar.
90
Cin. Lafayette A Chic, 1st in.. 50
ioaj, Col.
Hock V. 1st 7s, 30 years. ICO
do
1st 7s, 10 years, 98
so
bonds '3?*
88
Kalamazoo A South H. 8a, gr.,
do San Joaquin branch
Kansas City A Cameron IDs...
88
do Cat. ft Oregon lit
Kansas Pac.7a,g.,ext.MAN,''j9
do Stite Aid bonds
91
do 7s.g„rdgr.,IAJ,'H0
Land
Grant
bonds.
do
do 7s. g., do MAS.*!,
Western Pacific bonds .... 102 103K
do 6a, gold, J. AD., I»«
Union Pacific, lit mort. b'di lou-K 1008
do ta, do F.A A., 1899
Land grants, 7i 1021, 103
do
do 7a, Leaven, br., *96.
Sinking fund... 94»J 95
do
do Incomes, No. l,....
110
Pacific H. of Mo., 1st mort.
do
do
No. 16....
ui'
do
2d mort....
91K
do
Stock
do
Income, 7s
Keokuk A Dea Moines 1st 7s..
do
IstCaron'tB
do
funded Int. ss
Penn. RK—
Lake Sup. A Miss, '.st -s, gold.
Pitts. Ft. W. & Chic, Htm.
123
112
do
do
2d m.
118)4 Leav. Law. A Gal. 1st in., 10s..
Logans. Craw. A S. W. 8s, gld.
do
do
43dm.. !0lMi
Cleve.
1)
.
109.^ I10)i
..
do
2d 7s, 20 years..
Connecticut Valley 7s
8s. i882, s.f.
A
Class
Claas
I
112
m
s,-i iii-ltl.'...
Atlanta, Ga., 7s
Br 110
.
4t
«l
.
101
Grand Trunk
Dnb.AMlnn.
I.'
88
CITIES.
101s,
1O0H 101.4
103H, 105
103« Keokuk
55
.
Central Pacific, 7s, gold, conv. 104
Central of Iowa 1st in. 7s, gold. 27
Chesapeake A 0. 2d m., gold 7»
IS
.
ii
11
lat, 7a
Alabama new conaola,
do
do
H
5thS..doSs...t 100
0thS.,do8s...t 108
Cairo A Fulton, 1st 7a, gold...
California Pac. HU., 7s, gold
State Line 71
equipment bonds.
Jersey Southern lstm.7i
.
i
07«
new bds
new bonds..
7s.
waterworks,
105
10
Augusta, Ga., 7s, bonds.
99„ llur. C. K. A N. (Mil.) g. 7s.... 23
Charleston stock ta
lboW
Uur. A Mo.Klv., landm. 7s...t lOW,
Charleston. S. C. ,7a, F.L. bds.
do
3dS.,do9s...t 1(>9 112
Columbia, S. C, ta
112
do
4th S., do 8s... t 100
Columbus, Ga.,78, bonda..
113
do
do
'a
.0
104
10J
t»l»
97
00
do
do
Class c 43
111
Georgia ta, 1878-*88
«;«
112^ lie
South Carolina new consol. Ss. 05
108
103
100
Texas «s, 1892
M.*S
in
loo
do 7s,gold,1892-1910..I.A.I. 111
113
111
do 7s, gold. 1904
1114
J.A-.J
HOj,
I. Ill
do 10s, pension, 1894. J.AJ It*
102
19?8
Atchison A Nebraska, 3 p. c.
Atchison A P. Peak, 6). gold..
99W Boston A N. Y. Atr Line, 1st ni
*
Rome
Puntisylvania Coal
111
LOS
1
g Mountain Coal
Ontario Silver M nlng.... "mi
Boston H.
f
.
niaccl'on* Stocks.
A
.1
I
'.
.
loans
Ash., old bdi
l,
io
Renaaelaer
1-7
87
WZH,
mort..
do
New
Long
1 nltedN.J.U.
Warren
Erie,
IDS
70
's*
Wisconsin Cent,
Connecticut Western 1st 7s.... 88
Kalamazoo & W. Pigeon, let
is
Dan. II rb. Bl. A P. 1st in. 7s, g. 2;
Det. Mon. & Tol. ,1st 7a, 1908.
:*>
losS 109
Denver Pac., 1st m.7s, ld.gr..g. 48
Lake Shore Dlr. bonds
Cons. conp.. lit. lion 11»4 Denver A Klo Grande 7s, gold. 43), 40
do
Hi's Moines A Kt. Dodge 1st 7s.
Cons, reg., 1st.. 109 110
do
TO
Detroit A Bay City 8a,end... , t 65
Cons, coup., 2d..
do
%,*
12
Dutchess A Columbia 7a
98
Cons, reg., 2d
8
do
do
ie
.
A
&
no
Hi
t 109
mi
7S
M
x,
niihi litrn
OKI
17
Cin. lBt mort......
'Mich. Cent., consol. 7b, 1903 ...
Krlepref
Fltts. Ft.
&
do
IOS
IOS
00
I'nlon Pacific, So. branch, ta.f
7s, gold. . ...
STATES.
Poiujhkeepsle Water
t
Rochester C. Water bds., 1303t
105 \ ion
new bonds
&
Union A Logansport
West Wisconsin
7.1
do
68, -M m. g.
Canada 6outhern, 1st m. c^np. 80
do
with Int. certlfs 80
Tol. sinking fund.
do
Marietta
Cleve. Col. Cin. A 1
Cl>-ve. A Pittsburg, guar..
Col. Chic. A 1 Cent
Dubuque A Sioux City.
Kew
&
Cleve.
Buffalo
Buffalo
Chicago & Alton
do
pref
A
\V., 1st
112
114
101
t 0.7
734
-•I
..
(Broker**' Owwuloitf.)
7s
Toledo 8s. 1877-'S9
Toledo 74)08
Vonkers Water, due
as..
Hit
I
small.
registered
A
Oswego
long..
guar
95
t
la,
7s,
mori.
7s. 1st
88
uo
t
t
various
Water
lsl
7i
r.i
.
So. Pac. of CaL, 1st "A" 6s, e-.
Tol. Can. So. A Det 1st 7s, g
111
I
(Active prevVusiy <i
A'.banv A Susquehanna..
Burl. C. i:ap. A Northern.
Central Pacific
Jollet
&
1*1.
6s,
do
H5J4
do
2d mort...
do
Lake ShoreMich S. & N. Ind.. S.F., 7 p.c.
do
57!-.
Railroad Stock*.
Indlanap. Cin.
Hartford
.
conv. mort.
7a
la.
sink, f iiiKl
t 110
t 111
1885-9J
Indianapolis 7-30s
Lontr Island City
Newark City 7a long.
lllj-i
m., 19?«\. 105
large bds.
new bds, 191R
St. Jo., 8s,
Indlanap.
34,
i
44
Columbia.'1.65s.
do
do
95«
Central—
Dubuque & Sioux City, 1st m. UN
do
do
2d dtr. IO0
Cedar V. & Minn., 1st mort.. B8
pa
88
88
bonds, 1K66
la,
as,
do
1867
ts, consol. bonds
la, ex matured coup. . .
Is, consol.. 2d series
Is, deferred bonds.. ...
District of
&
Cleve. P'vllle
•a.old
do
Illinois
434 444
serias.
94
los
A Newark
Sioux City A Pacific ta.
South Side, L. 1., lat in. bond
do
Elizabeth City, ISSO-93
100
V
A
Southern Minn,
ts, water
t 107
7s, river Iraprovera't t in?
do
do
75
96M
98*
r,
ao
KS
South. Cent, of N. Y.
Chicago
105
85
g.
do
claaa B
do
do
do
clasa c.
South Pacific lUllroad.i.i in
A
A
!
97>i
I. Mt. (Art. Dr. ) 7s,
San K.,2dui.,cla,a
15
St. L.
So'eaatern 1st 7s, gold. v.,
'09
St. Louis Vandalla
T. Ir 1 .1
do
2d. guar •..,
reg.... 1044, 100
92^ Cleveland 7n, long ...
92-H Detroit Water Worts
I,i
.1.
Sandusky Mans.
Albany, N. Y., 6s, long
100
lluHalo Water, long ..
no
6s, long dates
s:.::i::: 100
do
7a, sewerage,
f 107
loan 107H
109M
1st.
do
do
do
do
Han.
40
B,
I
CITIES.
103
107H
A
St. L.
7«', St. L.
OS
I«i-fll:m
i« l.Ul.
(Jlrokers" vuotaUoru,)
Erie, 1st mort.,
&
81
10
A
7.1
."»!
93H
.
1st reylst'd.
do
extended
endorsed
do
do
do 2dmort.,7s, 1879
do Sd do 7b, 1883
do 4th do 78,1830....
do 3th do 7s, 1888
do 7s, cons., mort., g'd bds
do Long Dock bonds
do
14
s
3
PeorlaA Itock I.7s.gold
Port Huron A L. M.f».g. end.
57X Pullman Palace Car Co. Hock
bds.. (W, iHiM-rle.
L
Rome iS
W'town A Og.isam con.
Peoria I'ekln
As«.
15
91
m
ft* .
90
....
7S
...
may
Kid.
guar
7s,
do
"ii
Saratoga, 1st coup.
Buff. N. Y.
no
M
31
&
7s
07
Oswego A Home
s<)
85
do
98
9SW
I
S7
80
83
ex coupon.
Cent. Missouri, lstm
I'ekln Llnc'ln A Dec't'Mst m
Western Union Tel., lsoo.coup
lotix
117
aaviti»iri«..
ioTw North. Pac. 1st m. ,14.7 X-ioT
...
Omaha A gouthweaurn UK. as
72
So. Iowa, 1st mort 100
A
Han.
.
110
Jan. & July
April A Oct
&
A
do
188X
do
2d mort
bonds, 1900....
do
construction.
do
7s, of 1871 ...
do
1st con. guar.
do
Del. & Hudson Canal, 1st in. ,'84
ao
1891
do
do c(»up. 78, ISM
do
reg. 7, 189J
do
do
Albany & Susq. lit bonds...
do
do
>?d
do
3d
do
do 1st cons, enar
Rens.
o.
J
Illinois
consul, m. bonds
ibb'x
Western, ad m.
7s t con v.
do
Essex, Ist.m
&
Del. Lack.
100
A J.... 74.
7*5
..A.AO...
off, J. A J.,
bonds, J.
8*
93
95
98 ,
93
1st in., isas..
do
ex coupon ..
do
2d mort., '93.
do Kx A Nov..'77,cooi,
Qnlncy A Tolcdo.lst in.. 'So.
do ex mat. A Nor.,'77,cou.
I
&
1074
1IHI
J.
A
%
.ouip't Boniis,
con. convert..
rlov..'78,A prev's
Great Western,
iis
&,
St. Peters, 1st m..
-M mort
do
Ind's lat m. 78, 8. F.
C.
C. C.
18*1
..
do
do conp.
do do off, A.
Funding act, .866
1868
do
New
dj
do
do
do
do
do
Iowa Midland,
.
10I1J
19
.1
K.C.KU
A
li--l
Winona &
110
116
lie
A.AO
do
do
do Ex.
B
1st mort. 88...
Chicago Extended, iOS
OS
Peninsula. ut mort., COOT.
Chic. & Milwaukee, 1st mort 109
Worth Carolina—
6a, old. J.
K
Chic.
.-«
con.conv
do
1st 7s, gd., i:.D
do
1st 7s £
do
1st m., La C. D.
do
lsl in.. I. A Mil
do
Isi in., I. A !>..
do
1st in., H. A D.
do
lat in., C. A M..
do
do
cousol. sink, fd
do
2dm..
N. Western sink, fund
do
Int. bonds
consol. bds
do
do
ext'n bds.
lstmort...
do
do
cp.gld.hds.
do
reg. do
Jo
do
Morris
as, Canal Loan, 1877
1818
do
6s,
1887
6s, gold, reg
do coup.. 1887
(s,
6s,
do loan. ..1883
64,
do do .1891
6s,
do do . 1892
6s.
do do ..1893....
<lo
SOU 08
WjJ
lstconsol....
Lehigh A Wilkes 11. con. guar 33
Am. Dock A Improve, bonds 40
Ch. MIL A 8t. P. 1st m. 8s, P.D 117*
2d m. 7 310, do 102
do
do
do
do
do
do
do
M
M
6s, 1917, coupon lOsu
ts, 1917, roglat'd 1(IS»,
J., 1st m., new... 112
do
do
Galena
6s, 1883
7b, 1890
''1
.
do
do
ioo
do
:»i in. si. i.. ill v.
wo
do
ex-matured coup. 7H
do
mort
Mil,
do Ex*Nov.,'77,eoap. 7.
,
is, small
WlClilgan 6s, 1878-79
do
do
A
Bid. As*.
A Wabash, ex coupon.
Chlc.lst in
100
U. 8 p. c, 1st in.
do
do consol. m. 7s
118
do
5s sink's f'd.A.AO
Chic, Hk. lsl. A Pac. '.at in. 7s loss los'w
107',
do
8. F. Inc. 6a, '95
101
50
6s
Tol.
si
St. L.Jack.A
Chic. Bur.
.
Louisiana 6s
Ml
Jollet
Chicago, 1st
La. A Mo., 1st in., guar
YOHK.
per pent value, whatever Vt* par
ttut
•lonxiTiis.
m
A
Honds.
Be, 18M
5a, is-*
8s. 1SSS
NKW
IN
Price* represent
Price nominal
331
THE CHRONICLE
568
NEW YORK LOCAL
Bank Stock
XXV.
[Vol.
SECURITIES.
Insurance Stock List.
S. Bmir, broker. 65 Wall street.)
List.
(QnotatlonB by K.
COMPANIES.
Marked thui
.1
are not National.
Brewers'
ft
...
*
4
Baire Head*
Batchers A Drov.
Central
Cbase
Chatham
Chemical
Citizens'
City
Commerce
,
Eleventh Ward*..
Fifth
Fifth Avenue*
,
ioo.ro;
500.00'
First.
Fourth
Fulton
Oer. American*..
Ger. Exchange*...
200,001
200,001
1
4 Traders'
Import.
Irving
100
1
1
30
Island City*
Leather Manuf
Manhattan*
Mannf A Merck*.
Marine
Market.
Mechanics
Mech.BkgAsso..
Mechanics ft Trad
Mercantile
Merchants
Merchants' Ex
Metropolis*
Metropolitan
Murray
Hill*
Nassau*
New York
New York ConnU
N.T.Nat. Exch..
Ninth
North America*...
North River*
Oriental*
Pacific*
Park
Peoples*
Phenlx
Produce*
16,1-00
2 8600
lS8.'a'
1.000,000
300.000
.
Second
Shoe and Leather.
Tenth
250.000
1,500.001'
'
Republic
Bt. Nicholae
Seventh Word...
500,001 1.701.300
'500.00C
123.100
100,0.0
15.800
63.300
2i9.f00
40.400
201. '00
17.700
II6.9O0
380.500
765,300
80.600
i.oooSoo
200.000
900,000
fOO.OOO
1,000,000
N.Y
Third
Tradesmen's
Union
1,0011.00/
1.500.000
J. ft
J.
ft
4(1
20O.IXX1
Oct."l'."77..'.8
Exchange
100
30
July
Farragut
Firemen's
Firemen's Fund...
Firemen's Trust..
Franklin
200,000
200,010
"00,000
204.000
150,000
150,000
20T.OCO
201,0X1
1,000,000
500,000
200,000
200,000
200.000
200.000
ISO.OOO
900,000
200,000
3,000,000
150,000
500.000
200,000
200,000
200,010
150.000
Emporium
'74...
Jaa.
July
July
76.. .5
3,
2,
77.3X
2.
77...
July
July
J*
Jan.
July
10
8
2. 77
2. '77.. .3
8, 76.3>4
2, 77...
3>
M.4N.
Oct. '..'IS. .4
Nov.10,77.,.3
J.
J.
July 2, 77.3 s
Jan. 1,77.. .1
4
4
8
J. 10
J. 114
ft
ft
1.4
J.
A
Knickerbocker
93
Larayette (B'klyn)
Lamar.. '
1113*
HI*
J.
J.
3.
Nov
July
J.
J.
J.
77. ..3
1.
U0«
'luly 2.77...
July 2, 77...
F.AA.
Aug.l3.772X
Jan. 2,77. ..8
July 2. '77...
July 2, '77...
Ju y 2, '77...
Nov
M.&N.
4 .1.
1,71 ..4
Par Amount. Period
2.
ta
Harlem
do
York
l.ooo.ooo
June, 77.
500,0011
5,000,' 03
.1.4.1.
000.000
1,000.000
F.A A,
IOC
1000
25
var
scrip
l'O
People's (Brooklyn)
do
A>
10
bond*
I'll
I
var
certificates..
New York
50
HI
Williamsburg
do
scrip
Metro poll tan. Brooklyn
Municipal
July
V00.000 M.ftS
20
so
too
t
^
Var.
Var.
vilr
1000
2,000,000
1.21X1,000
A.AO
330.000
1,850,000 F.4A.
3S6.000 J. ft J.
4,000,000 J.
J.
1
4
M.&S
Quar.
Var.
WBjXO M.AN.
4,000,000
1,000,000
325,000
800.000
456.000
1,000,000
M.AN
J. A J
F.A A
J.'&
Quar,
var 1000,000 J. A J.
lid
1,000,1 IH
7.0
!,5iO,0'O
175
65
110
M
170
215
133«
Oct.15.77.
Aug., V2.
Jan.. 77.
103
103
95
113
ts
So*
Nov
'.21
M.&N
76
Jan.,
'77.
40
Aug.1,77.
Juiy, 77.
Jan., N'i.
17
£9
Nov 20.71
67K
5
90
M
S3
83
123
103
72
100
mortgage
—stk
Broadway A Seventh Ave— stk..
let mortgage
Brooklyn City —slock
1st mortgage
Broadway (Brooklyn)— stock ..
Brooklyn A Hunter's Pt— stock.
1st mortgage bonds
Bushwick Av. (Ifklyn)— slock..
central Pk, N. tfc A'. River— stk
Consolidated mortgage bonis
Vry Dock, E. B. •tBitttery-alk
1st mortgage, cous'd
Eighth Avenue— stock
mortgage
Grand
St
...
mortgage
BoHSton. West 8t.tlPav.F i/~it)L
lstmortgage
Second Avenue— stock
3d mortgage
Cone. Convertlolc
Extension
,
Sixth Ane7iae- stock.
lstmortgage
st
—stock
mortgage
Twen ly-lhlra Street—stock
lstmortgage
•
10
1000
100
:oo
1000
100
100
1000
100
SCO Ac
100
Ferry—stock
mortgaee
let
I
1000
100
100C
11IO0
Central Cross 'lown- stock.
Ave.nue
100
100
June,lSS4
2,000,000
300,000
Nov.,
Nov.,
A
4
100
1000
1000
500
Ac
10J
I0IX)
100
1000
100
ioio
Q-F.
M.&N.
Q-J.
200,000
400,000 A.
800,000 J
.
r.so.ioo
l,8f:0,000
1,200.000
1,200,000
900.000
1,000,000
J.
& O.
A
J
.
AJ
ft
Oct
.1
2X Ju
'cO
7
76
y.
13!,.
Nov..
Jut.e, '93
July,
April.
'31
Nov,
M3
500,000
199.500
150,000
'.,0.",
00
20U,OAI
750,000
415,000
2,000,000
2 000,000
600,000
250,000
92 s
83
100
155
100
115
105
m!an.
Nov.,lS04
91
July.1894
X
Q.-F.
A.&O.
M.&N.
Ocr..'
77
April,
A. ft O.
Oct.,
'=5
'83
'88
M.&N.
May,
'77
J.& J.
Q-F.
•)uly,1890
105
Nov., 77
12J
J.
J
4 J.
A
J.
M.4N.
May,
May,
,
'77
'93
1
23
10
so
Quotations by
871,
70
ICO
95
13,376
Aug. ,77.10
90
212
Jnly.'?7..1i:
211'
181
150
112
51
70
July.77.6-3"
510, lt5
111.003
6,(78
133,145
155,156
103,454
16,553
96,000
l.;46
Oct., '77.lt
219
July, 77
'.29
.7
Ian.. '77 .3
Aug.,
'77. 5
July,'77.7X
July, 77. .6
July,
'77. .5
July, 77..
none
Aug.. 76..
July. '77..
July, 77.15
9
4
10
651,837
891,300
135.012
317,639
11,181
57,663
112,397
509,391
105.656
July.'77..10
July, 77.10
Jan.. '77..
July, 77..
July,77..10
July, 77. 5
July, 77..
July, '77. .5
July, '77..
July,77...6
July, '77. .6
July, '77. .J
Sent., 77..
July. '77. II
July. 77..
July, 77. 10
July, '77..
July, '77..
1,01*2.784
4(,293
138,366
109.41S
61,099
1 117,563
2-J4.836
65,593
159,503
132,772
78.175
tl57,01S
110.327
185,463
293,653
Ju
y, '77.10
July,
July,
July,
July,
July,
July,
July,
315.1(07
182,031
65.715
I9I.0C2
77..
77..
77.10
77.10
77. 10
118
loo
6-1
117
ISO
IIS
17*1
133
235
11
50
809"
117
92
150
123
H
190
111)
no
I
90
116
115
93
tit
no
65
iw
13il"
93
140
ICO
102
155
'.11
102
i-'j
"m"
35
'.30
IM
iii"
190
'77..
l-o
S3
'77.10
110
June, '77. .6
125.41!
39.503
•2
123.169
941,233
2(0,514
July. 77.10
July, 77. .6
July, '77.10
iw
no
117
193
Aug
133
130
,77..
i:o
N
none
23.630
500,391
132.714
410.076.
139.085
2'.9,330
122,213
669 316
13/201
63,587
t 70.106
8,270
30,981
219.133
150.550
53,560
10
10
n
20
12X,-
m
UX
ii«
151.386
77.457
155,263
193,769
251,537
201.451
406.550
10
10
10
110
72
20
20
16
18
20
jahr'<Rj!i
43
July, 77. .6
Oct., 77..
July, 77. 1C
July. 77.10
July, 77. 10
July, 77..
July, -77.10
IM
soe'
120
17)
30
E0
115
118
240
'206"
ieo"
J«n.,77 8H
67
95
80
60
Aug., 77.10
July, '77..
Auir.,77. .5
130
July, '77. 5
July, 77..
July, 7S..S
July, 77. .5
10
163,35'J
1841-68
Water stock
..1854-57.
do
Croton waterstock. .1845-51
..1352-60.
do
do
Croton Aqued'ct stock. 1865.
pipes and maluB...
do
repervoir
bonds
lo
10
t
15
,10
20
!23
116
10
20
105
IOC
uly/TWiS
129"
July.77 7X
9)
Aug.,'77..r:
July, 77. S
July, '77. 8
July, 77 8
Aug..
1(11.1
16
'77.5
110
July, 77.10
no
40
Wall Street.
1'KICI
Quotations oy
IN.
1377-80
1877-79
1890
1833-90
1SS4-1911
1331-1900
1907-11
1877-93
1877-95
1901
1905
1878
1894-97
1889
do
do
do
do
do
do
do
do
May & November.
May Aug.A Not.
Feb.,
do
do
May A
do
do
November.
Aug.A Nov
May & November,
Feb. .May,
do
do
do
do
do
January
do
•>
V.
Itx
ir..
lirooktyn koeal impi'em'i—
Cltv bonds
,'
inuary
do
do
do
do
do
A
July.
do
Broker. 2s
A
"
J uly,
do
do
do
do
do
do
do
do
no
do
do
do
May A November.
do
do
January A July.
do
do
>Valer loan.
City bonds
Kings Co. bonds
do
do
Park bonds
"All Brooklyn bonds Hat.
[Quotations by C. Zahki.-kik.
City
Bid.
May Aug.A Not
Feb.,
Ceutral I-aix bonds.. 1353-57.
Jers<-!/
This column shows last dividend on stock?, but the date of maturity of bonds.
57
!uly.77..l0
Aug'77.7-11
July. 77..
July, 77. .5
Jan., 77. .5
July, 77.10
t73S,2S0
1'or*.-
iViiti
Brldg'
100
105
'%*'
1(3
Bondsduc.
Water loan bonds
BriJKebondB
iso"
Ml
Mouths Payable.
do
bonds
72 X
75
lim
July, '77. .5
June, '77. 10
Feb. ,77.. 3
City Securities.
Daniel A. moran. Broker,
P.irk
91
77..
77. .5
77. .4
71. .3
IN'IKKBST.
I
luly,lR90
Aug
'23
Westclieater County
13
J. ft J.
23
'77. .5
'77. .8
* Over all liabilities, including re-Insurance, capital and tcrip.
t The surplus,
represented by scrip Is deducted, and the figures stand as actual net surplus,
t Continental, 11-45; Standard, 11-95.
50
50
2-10,000
1.
76
90
62)j
Decisis
236,00(1
A.&O.
'77
1838
Jan..
600,000
200,000
7"
,
Oct.,
Oct.,
.
J.&D
Q-F.
J.&D
J
July, 1910
203.000 J. ft J
748,000 M.&N.
1000
100
1000
100
5iXI
*
yoo.oxi
694,000 J.
J.
2,100,000 J.
J.
1,500,000 J.&D.
Stuyvesant
Tradesmen's
United States
WeBtchester
Williamsburg Cltv.
09
..1853-65.
do
1570.
Dock bonds
1:75.
do
1860.
Floating debt stock
1865-68.
Mcrket stock
1869
Improvement stock
....1869.
i;o
do
var.
Consolidated bonds
var.
Street imp. Btock'
do
var.
do
New Consolidated
[Quotations by H. L. Grant, Broker, 145 Broidway.]
Bleecker Ht.it FuitonFerry
50
ioo
100
10
1'3,307
HO
1.77.
1,77.
Jan.,
H
J.
F.A A
25
Standard
Date.
100 J
8
M
certificates
1(10
Star
Sterling
2, 77
Jan., '77
Oct. 1,77.
Aug.1,77.
July 1, 77
Novl, 77
June, 77.
25
Co (Bklyn)
Jersey City 4 Hoboken
Manhattan
Metropolitan
do
certitlcates
do
fconJB
Mutual, N. Y
do
bonds
Nassau, Brooklyn
f/Tlird
....
Gas and City Railroad Stocks and Bonds.
do
1st
It'll
us
Brooklyn Gas Light Co
I3<3 St. <e
MO.IJOO
200,000
200,000
200,000
200,000
200,000
200.HO1
20I.OX)
200,000
150,000
250,000
300.000
250.000
Produce Exchange
100
Citizens 'Oas
1st
111(1
..
Rutgers'
Saieguard
St. Nicholas
luly
•I.
X
1st
301,1)00
'25
100
20
90
50
Peter Cooper.
People'e
Phenlx (B'klyn)
Kldgewood
200,000
Gab Companies.
do
do
100
90
25
Republic
Resolute
tGas Quotations by George H. Prentiss. Broker, 30 Broad Street.
Central of
90
n
77..
West Side*
New
101!
29
50
SO
10
160.3-26
2S0,i».i
Ciiy....
Keller
July 2.77.. I
July 2.77...
90
20
to
50
100
25
50
25
100
200,000
210,000
200,000
200,000
900,000
900,000
350,000
200,000
2OI.0OI
150,000
150,000
1,000,000
200,000
200,000
Park
NovlO.77 3*
Jan.2 71.2MB
HX
fflOJJOO
Pacific
IN
'.5
50
50
100
25
50
90
100
Niagara
North River
J. A.J.
J. A J.
J. 4 J.
J. ft J.
M.ft.N.
J. ft J.
J. ft. I.
J. ft J.
100
511
Manhattan
Mech.&Trad'rs'
New York
July.lS'71.3S
Aug.6.'77 ..3
10)
50
Builders'.
Merchants'.
Montauk (B'klyn).
2, '77.. .3
50
50
25
fHj
35
100
1«)
Manuf ft
Mechanlcs'(Bklyn)
Mercantile
13!
IOC
National
N. Y. Equitable....
New York Fire ...
N. Y. & Boston ..
Loiillard
lis'
17
10
10
too
toe
Nassau (B'klyn)...
LongIsland(Bkly.)
92
M
190,000
200,000
150.000
200,000
300,000
JO0.OOC
250,000
toojxic
150,000
200.000
200,000
201.0X1
Lenox
IS3X
Jan. 2. 77.. 3
July 5. 77..
Julyl,74.S>4
July 2. '77...
4
J.&
Q-F.
I. ft
iruporters'ft Trad..
Irving....
Jefferson
Kings Co. (B'klyn)
Aug. 1,77..
7x
j'.'ftj!
J.
J.
Home
Hope
Howard
May 1.77.2S
Not 1,77.3)4
Nov 1, "(7. .8
J.
O.
Gebbard
German-American
Germanla
Globe
Greenwich
Guaranty
Guardian
Hamilton
Hanover
Hoffman
Julyl,75..3)i
MAN.
A.*
2, '77...
I. "77. ..5
July 2, 77...
July 2. 77.3*
July 2, '77.. .6
Aug.l0,77..4
M.ftN.
mux*
1011
2. 77.3S
Mcf..l,75..4
July 2. '77.. .7
M.AN.
Fire...
July.
July,
July.
July,
Jan.,
Jan.,
3H
10,431
103,863
411,936
28.306
3C6.910
229.251
t3>9,OC9
192.160
172,151
210,000
250.OJ0
300,000
200,000
•joo/no
:oo
90
100
50
100
Eagle
July
J.
J.
J.
J.
A J.
J. 4 J.
J. 4 J.
J. 4 J.
20
70
Continental
Jan.V7!.'.'.3
V'X'a.
4-1.900
300.00(1
J.
Citizens'
Empire City
Feb. 1,
F.A A
A
A
17
j^ }
40,330
50,1(6
300,000
200.000
200,000
153.000
10(1
25
Commerce
May 11, 77. .6
May 2. 77...
May 1.77..1
J. ft J
•I.
4 M'lst'ra
Last Paid. Bid. Askd
1373 1871 1875 1876
t26!),333
77.195
5,245
200,001
25
Broadway
Commercial
123
200,000
400.000
200,000
200.000
200.000
Brooklyn
City
Clinton
Oct.lO,77.SS.
A
M.AS
J. A J
J. A J.
13,: 00
600,000
451,100
o 05O.OUU 1,117,400
i'.»j,ceo
8.40C
400,000
69,100
l.OOO.OOC
298,600
bST.SOO
2.000,00(1
500,000
91.100
822 200
600,000
im,uoo
1,000,000
883,'O0
3,000,000
233,700
1.000,001
35.900
500,000
BM,M
3.000.000
5,610
S'JO.OOC
70,100
i, 000,00c
69S.600
3,000.000
9:i.oi
200,000
77.700
800,000
i.y»,ixv
37,900
62.(00
1,000.000
80,600
400,000
145,0iO
800,000
227,300
422.7CX
473,600
2,ooo,(X)o
I63.c00
412,50(1
171.100
1,000.000
.
Brewers*
i,
100
BO
100
100
20
1,000,000
30I.O-1
Nov
53.(00
May.
13,600 M.AN.
2,000
""j.
53.600 J157,(00 J.
J
200,000
U'0,000
800.000
000.000
100.COO
Grocers*
Bowery
1C8X
2, 77...
2.3
21XI.IXX1
H
Columbia
A.AO
F.&A
i'ooo.ooi
Hanover
Harlem*
July
Jan. 6. 76. ..3
Aug.l,TJ...5
July 2, '77.. .8
Juiyl, 76...S
Oct. 1, 77. 2*
<w.'
A
iJIIP.IXK
Germanla*
Greenwich*
Grand Central'....
Arctic
Atlantic
July 16,77..
736.700
8.9,300 J.
J.
487,200 M.ftN
66l,r00
10,'UO
4 '.IOC
May.
'600.000
i
American
American Exch'e
Amity
l'-'8.['C(
750,000
•>
Gallatla
Sixth
State of
1
Mm*
'ftij'i', •&'.'.»
Sept.l '75. .8
July 2, '77... 105
'77.15
July 2. 77...
Nov. 1, "77..
A
A
F.&A
A
HV*
Commercial*
Continental-
2. '77..
Nov.
Q-F
A
...
Corn Exchange*.
KastRlTer
Jnly2,77...1
Nov l.T!.. 2" 103X 105*
July
Adriatic
Dividends.
PLUS,
mnt.j J
Bid. Ask,
1411,
10
Nxt sun
Capital.
1875.11876.
J.*
GroV
.
Period
s.ooo.ooc 1.665,000
J
5.000,000 1,586,200 M.ftN
250 1)00
212,000 J. & J
150.0CU
8,900
1,000,000 1,180,1(0
300,000
S.
83,800 M.
500,000
182.700 i.ft J.
2,000,OOC
J.
4.8.100 J.
3)0,000
450,000
183.201 J. ft.I.
300,000 3,197,200 Bl-in'ly
600,000
179.-00 J. ft J
1,000,000 1.574,100
5,000.000 3,620,701 I.
J
100,000
J
10,100 J.
1,250,000
J.
269,W J.
l,i>0O 000
621.800
850,000
67.O0J J. ft J.
200,000
J.
J.
150.00C
61,000 Q-J.
....
Broadway
DIVIDENDS.
m
Amount
America'
American Exch
Bowery
Q)
=J
(•)
17
Montgomery
100
1(3
108
1C2
1(«
104
105
lu
106
113
106
107
'.(0
lfOX
IOO
11s
106
101),
107
119
107
103
119
105
117
112
US
1879-9(1
101
105
1901
1888
1879-S2
1896
1691
104 J,
10a
106
ue
11BX
105
108
111
107
»ii «'.(
6
1873-30
1331-95
1915-21
1903
1915
US
119
1902-lUO-J
107
1881-95
880-83
1880
101
ltd
115
1924
S07-151C
St..
Askd
1(2
IW
113
115
roe
111
1
111
ll»
.I'.i
0)
03
1'.!,
110K
107X
ilOjJ
Jersey City.]
—
Walei loan, long.
.1869-71
do
Seweragebonds...
Assessment bonds... 1870-71.
Improvement
Bergen bondB
liumii
:
Jannary ft July.
January 4 July.
do
do
Jan., May, Julv A Nov.
J. ft J. and J &D.
Januarr and Julv.
1895
189D-1902
1877-79
1891
1905
1901
101
110
'.00
1(6)4
110
105
103
111
ll'l
UK
in
in--
December
THE CHRONICLE.
1877.|
8,
3
noestmenja
AND
STATE, CITY AN D CORPORATION FINANCES.
The " Investors' Supplement" Is published on the last Saturday
of each month, and furnished to all regular subscribers ol the
Chronicle. No single copies of the Supplement are sold at the
office, as only a sufficient number is printed to supply regular
sub scribers.
GENERAL 1NVE3TMENT NEWS.
ISiiffulo
& Jamestonn.— The
bondholders
road have organized a new company,
western Railroad Company.
who bought this
Buffalo & South-
named the
Cairo & St. Louis.— At Springfield, 111., 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 truBt company is trustee for the
The mortgage for $2,500,000, with
mortgage bondholders.
accrued interest, aggregates over f 3,000,000. The Court appointed
Henry W. Smithers, of New York, receiver.
Cayuga.—This road, lately sold under foreclosure of the first
mortgage, has been reorganized as the Cayuga'Southern, and will
be operated for account of the purchasers and hy their agent. It
controlled by the Lehigh Valley.
Cincinnati Hamilton & Dayton.— This company announces
itself as unable to pay the interest dne January 1 on the guaranteed
bonds of the Cincinnati Hamilton & Indianapolis Railroad, formeris
ly
known as the Junction
Railroad.
The
stock of the
company
is
H. D., and also $600,000 of the bonds, about
11,840,000 of the bonds being held by other parties. A press
dispatch from Cincinnati reportB 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
for six months ending September 30, 1876 and 1877, has been
owned by the
iesued
C.
:
C.H.&D.
1618.
Receipts
$477,592
462,138
Expenses
Net earnings
Net loss.
D.
&M.
C.R. &C.
C. H.
&I.
Total.
$1,316,570
1,395,709
$465,112
$e8,728
$165,149
51i*,aia
91,379
319,994
$54,100
85,655
$131,845
*179,13J
$445,79%
$93,022
$173,193
$1,165,476
S0.237
252,341
1,215,'J39
f 15,468
1577.
$474,464
428,740
Receipts
Expenses
Net earnings
Netlosa.
....
45'JA 13
$11,785
$50,724
$39,702
$79,048
$13,233
.
.
Net gain of'77overV« $35,255
Net loss of 1677 less
than 1876.
Total net gain or loss
$40,877
$17,441
On
$149,870
Kansas Pacific— The receivers, Messrs. Greeley and Villard,
issued a circular to bondholders, dated November 21, 1877, just
one year from the time of their appointment, from which we condense the following
According to an exhibit mads to September 80, 1877, ihe
* earnings of the road above operating expenses, since
$1,036,664
November 81. 187li, were
From which mnst be deducted—
Earnings from transportation for acconnt of the U. 8.
Government, for which no present compensation is
1,552—
161,288
$925,875
97,84*
3.381
12, "81—
amounted to
As set forth in the exhibit, there were expended, under
the order of the Court directing the payment of such
total available resources
—
a further loan to the Denver Pacific Railway 4 Telegraph Company, to aid in the payment of Interest on its
first mortgage bonds, due Nov. 1, 1877
Union
—
:
88,600
As
8D.C00
$929,355
DISBURSEMENTS.
Vouchers prior to November, 1876
Subsequent to November, 1876
Pay-rolls subsequen' to November, 1876
Arrearages subsequent to November, 1876
Cash on hand November 1, 1377
Total
$18,470
408,416
5,312
24,506
31,210
100
Total
$I8!.51S
$48,047
$41,684
,
959
71,174
$4*,S18
Mr. Hassler, in his circular of Nov. 23d, takes the ground that
assignees of stock were entitled to vo'e at the recent election without a 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 18581867 special
care was taken to revive the old charters and the rights nnder
them. Now it so happens that the 0th section of the Indiana
charter (Local Laws Indiana, 1848, page 619), [adopted in Ohio by
the Legislature of that State, loth March, 1849,47 Ohio Laws,
page 172, and by the Illinois Legislature, 12th February, 1851,
Illinois Laws, 1831, page 89], reads
"Certificates of stock shall be given to the stockholders, which shall be
evidence of stock held, which ctrtlficate (ball be signed by the President and
countersigned by the Secretary. The stock shall be assignable by trans for on
the books of the company, personally, or by agent or attorney, or by the administrator, executor or gn irdian, the consent of the President and Directors
being thereto had; but snch 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 shares 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 iegally and fairly a stockholder in the Ohio
and Mississippi, and in that company a registry of transfer upon
the books is not essential to constitute a legal stockholder, nor is
Indeed, it is a question
conclusive evidence of such fact.
whether, in that company, any other evidence of stockholding Is,
or can be, conclusive* except manual possession ol the certificate."
it
Showing an excess of receipts over expenditures, amounting to
$296,318
Of this balance, however, a large portion will not be available
—
From station agenta
From conductors
From General P. O. Department
From individuals, railroad companies, &c
From express companies.
15,102
$1,225,673
portion o' the floating debt ef the Company originating
in the operation of the road prior to the appointment of
$612,084
the receivers, as pay-rolls, supply bills, etc
Against which the receivers received unexpended material
102,298
$509,731
and other assets, representing in value
There were further paid, by authority of the Court, granted
on the joint application of the receivers and the committees of tie various classes of first mortgage bondholders :
For interes' on the fir-t mortgage Union Pacific Eastern
119,J>J3
Division bonds, on February 1 and August 1, 1817
For interest on the so-called funding mortsiaee, on April
62,550
1,1877
As a loan to the Denver Pacific Railway & Te'egraph Comon
Its
first
pany, to aid in the payment of the interest
mortgage bonds, due May 1, 1877, being balance of
55,182
$100,118 originally advanced
And other accounts
10,106—
65,289
For the satisfaction of the judgment obtained anterior to
the appointment of the receivers, by the Stuttgart Committee of February and August and June and December
bondholders, for the amount of ono coupon
53,561
For interest on the so-called funding mortgage on October
1,1877
that the
Ohio and Mississippi. Mr. John King, Jr., Receiver, in his
report to the Court for the month of October gives the following
187,358
sources, viz.
,
know
KXCIIFTS.
$162,641
Insurance collections
Balance on open accounts.
the other hand, the bondholders should
Pacific completed within a few days its Colorado Central Branch
to Cheyenne, and, by means of it, will hereafter compete for the
Colorado through business, which has so far been a source of
large iucsme to the Kansas Pacific. To what extent this new
competition will affect the earnings of the latter it is too early to
indicate at this time.
Cash on hand Oct. 1,1671
For the month of October the earnings, 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 farther appears from the exhibit that, in addition to the
total net shown, there were available from other
So that the
the power under the landing mortgage to sell oat immediately
after default the numerous valuable assets of the company which
it covered, should not be permitted, and this with special reference to the three-fourths of the stock of the Denver Pacific Railway and Telegraph Company, which form part ol 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 Kansas Pacific to
enforce it* right nnder 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 waa likewise the motive for the aid extended to the Denver Pacific in the
payments of its first mortgage interest. It is gratifying to record
the fact that the judiciousness of this action is admitted by all
parties in interest, as far as the receivers are informed.
On joint application of the receivers and the committees of the
first mortgage bondholders, authority was recently granted to
the receivers to distribute sufficient to the bonds that have heretofore not funded their coupons under the compromise of January,
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. J
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
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 to make these disbursements.
The
bondholders may rest assured, however, that every effort shall
be made to make them as Boon 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-
-,
reduced
received
until the closing of accounts for November with agenta ol the
road, foreign companies, etc.
The last-mentioned two Items, having been paid since September 80, 1877, do not appear in the exhibit. These payment*, and
the corresponding ones on April 1 and May I, 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
sas this year.
$55,796
LeiB collection from m»il service on Arkansas Valley Railway and freight earnings not yet charged up
589
THE CH£ONl<uLE
570
&
Trade
€ommcrc a & me
COMMERCIAL EPITOME.
!)
is
c
generally dull.
i
I
i
J bidat Night, Dec. 7,
Even the export business
COTTON.
.
Friday. P.
1877.
com
is
Still, reports from the agricultural districts are
such that a revival soon after the holidays is confidently predicted.
The regular session of Congre:s began on Monday. The
President, in his annual inesBage, strongly supports the law to
provide for a resumption of specie payments, and recommends
an impost duty on tea and coffee, in order to admit of reduced
for this
tcs.
Beef
andbbls.
bales.
7.754
14,551
....
12,259
hhds.
bags.
29,960
5,793
bags.
mats.
hhds.
boxes.
bags.etc.
hhds.
hhds.
44,92i
10,165
11,600
94,765
1,492
bbis.
Pork
Lard
tec
Tobacco, foreign
Tobacco, domestic
Coffee, Rio
Coflee.other
Coffee, Java,
&c
Sugar
Sugar
Sugar
Mcfado
Molasses, foreign
Molasses, domestic
Receipts this
548
6,650
15,300
No
bales. 179,454
bbls. 37,498
bbls.
5,535
bbls.
693
Spirits turpentine
Tar
:.
bags.
4,700
bbhs.andtcs.
1,645
bags. 136,000
4,600
bags.
Eice, E. I
Eice, domestic
Linseed
Saltpetre
bales.
bales.
bales.
Jute
Jute butts
Manila hemp...
Pork has
6,260
5,500
37,9i4
latterly
Nov.
1.
1.
2,90:1
1877.
51,534
19,063
17,542
23,5 7
15.9S3!
23,374
17,771
19,260
21,374'
1,946
2,154
724
531
27,112
22,715
22,064
2^,518
32,555
22,112
27,843
13,69:
21,817
19,974'
341
475
616
C51
8,561
6,188
13,015
5,595
6.636
37,925
14,264
13,522
(
87,567
11,438
}
1,951
633
407
580
4,025
3,975
1,811
6,259
19,503
19,386
16,071
&c.
1,394
1,862
1.521
1,427
174,36:
187,733]
172,901
160,065}
16,408;
6000
359
1,^33
11,701
893
1,237
173 827
185,564
l,673,S82(2,031,398jl,763,;86jl, 633,421, 1,328,134,1,401,85-)
1....
week ending this evening reach a total of
which 69,826 .were to Great Britain, 17,882 to
for the
France, and 13,410 to rest of the Continent, while the stocks as
161,750
13,700
4.000
16,600
30,i56
made up
evening are
this
now
stocks and exports for the week,
week
Below are the
724,832 bales.
and also for the corresponding
of last season:
assumed a firmer tone; mess held on the spot
Exported to
Dec.
New
Orleans*
Mobile
Savannah,
;
16@20c, gold, and jobbing lots as high as 21ic,gold; mild
grades have so d fairly at firm prices. Rice has declined a
Molasses is dull for fortrifle, owing to a continued quietude.
new
eign, wiih 50-test Cuba refining, wholly nominal at 38c.
73,020
4,500
<Ssc
2,025
3,672
1,326
!,190
;
good refining quoted 7@7|c
business has bean reported, though at
irregular and somewhat easier rates. To-day, no changes took
place; business was limited grain to Liverpool, by steam, 7}d.;
do. to
cotton, by sail, 9-32d.; grain to Hull, by steam, 8Jd.
do. to Cork for orders, 6s. per qr.; refined
Bristol, by sail, 8id.
In ocean freights a
fair
;
Bremen, 4s.
have been rather
4,112
65,72)
2,400
23,190
76,823 101,751
7,080
19,628
2,516
5,304
85,444 111.157
9,664
15,302
86,586 19-5,531
437,295
123 186
1?3,307
743,788
11,313
100,795
93,347
2,172
18,633
56,505
16,131
59,000
3S,000
153,189 744,832 931,181
938.181
;
;
;
;
I
From the foregoing statement it will be seen that, compared
with the corresponding week of last season, there is a decreati
in the exports this week of 61,871 bales, while the stocks to-night
are 209,349 bales less than tbey were at this time a year ago.
The following is our usual table showing the movement of cotton
At all the ports from Sent. 1 to Nov. 30, the latest mail dates:
RBCIirTI
SINCB SIFT.
PORTS.
BXPORT»D SINCZ SJFT.
1.
1877.
1876.
Great
Other
Britain
forel'n
1
TO—
Coast-
wise
Total.
Stock
Ports.
N. Orleans.
893,649
446,311
124,577
57,726
46,933
329,236
68,950
845,(9*
Mobile
134,165
168,075
13,204
1,850
....
14,554
77.8J4
41.354
Charleit'n*
212,503
277,181
40,894
83,586
19,272
86,752
59,488
6S.230
Savannah
..
270,018
254,176
48,839
8,746
27,068
S4,648
103,520
90,691
Galveston*.
184,348
254,623
34,777
7,488
1,401
43,606
73,999
72,611
Mew York..
16,070
32,030
83,434
1,638
2,036
7,831
N. Carolina
62,575
67,097
8,889
Norfolk'
Other ports
203,807
296,333
33,095
20,452
39,979
34,560
In oils there have been during the week about 5,000 barrels crude
sperm sold at New Bedford, for export, at a private figure.
American and Scotch pig iron have continued quiet, but ia rails
Point &c.
;
272.168
* JVeio Orleans.— Oar telegram to-night from New Orleans snows that (oesldei
above exports) the amount of cotton on shipboard and engaged for shipment at
that port isasfollows: For Liverpool, 51,250 hale*: for Havre, 41.750 bales
for
the Continent, 2^,000 bales; Tor coastwise ports, 4,000 bales; which, if deducted from
the stocK, would leave 123,0:0 bale?, representing the quantity at the landing and in
presses unsold or awaiting orders.
t Galvenion.—Oiir Galveston telegram shows (besides above exports) on s*tr>
board at that port, not cleared: For Liverpool, ^4,059 bale*; for other foreign,
5,463 bales; for coastwise ports, 4.934 bales; which, If deducted from the stocK,
would leave remaining 50,96(5 bales.
J The exports this week under the head of "other norts" Include from Baltimore,^ bales to Liverpool from Boston, 4,829 bales to Liverpool from Vhtladelphia, 1,222 bales to Liverpool from Wilmiugton, 4,387 halee to Liverpool.
Tot. this yr. 1,499,517
;
1878.
50,577
91,318
1
1877.
17,785
13,410
Total since Sept.
Stock.
53,677 246,974
17,832
.
there has been a continued activity 10,000 tons steel sold for
Western account and 4,000 tons for local consumption quoted
here at $42. Ingot copper steady, though quiet ; quoted at 17|@
17}c.
Grass seeds have been in better demand at 8}@8ic. per
lb. for clover, and $1 37J@1 40 per bushel for timothy.
6,300
60,026
quiet, until the close, when 1,000
barrels spirits turpentine sold for canning purposes at 33ic.; common to "good strained rosins have been slightly irregular at
$1 67^@1 70. Petroleum has remained steady and quiet; crude, in
bulk, closes 8c; refined, in barrels, 13c. for December delivery.
stores
52,i65
SCO
Total this week..
;
;
1876.
11,393
New
;
week.
Norfolk
Other ported
;
OrleanB has sold freely at 35@50c. Refined sugars have
been in demand at low priceB standard crushed, 9}c. Raw
grades have declined and close weak at very irregular figures
Same
week
9,415
783
7,258
1876, Pennsylvania, pri-
at
30,530
Continent.
8,400
;
vate terms; 150 cases, crop 1876, New England, 10@27c; 445
Of Spanish tobacco there have
eases, crop 1876, Ohio, 7@8c.
heen sales of 500 bales at 78c.@|l 10.
Bio coffee has advanced and closes very firm cargoes quoted
France
Britain.
tinu-s to be restricted by the strike of the cigarmakers. Saleg
have been 200 cases sundries, 4@15c. 110 cases, crop 1875, Pennsylvania, private terms; 50 cases, crop
Great
7.
this
Total
Week ending
—
to
56,696
5,361
The exports
:
Naval
58,196
592
91,318 bales, of
;
petroleum
18.2.
|
61,011
10.380
Total since Sept.
improved, and was fairly active to-day at $8 45@$8 47} for prime
city and Western on the spot, and for Dec. and Jan. dellvsries
$8 55 for Feb. and $8 62 J for March. Bacon was active at the
WeBt for Dec. delivery at C4@6Jo. for long and short clear togethCuter, but an advance asked checked business at the close.
meats have ruled mare steady. Beef and beef hams in fair de.
mand and firm. Tallow dull at 7|c. for prime. Slearine has been
active and closed firmer at $8 to per 100 lbs. Butter and cheese of
the finer qualities hnve brought rather more money.
Kentucky tobacco has continued in good export demand, th e
sales for the week aggregating 900 hhds, besides 200 hhds. for
home consumption making a total of 1,100 hhds. Prices are
lather dearer lugs, 3j@5c; leaf, 7@12}c. There has also been
lather more doing in Beed leaf, but the trade in this article con
fair to
1873.
917J
Total this week
410
1874.
North Carolina..
Norfolk
City Point,
weeks
:
19,775
Florida
2,0'JO
details of the receipts
S3.404
Tennessee, &c.
Strongly at $13 50, with sales to-day for future delivery at $13 25
@f 13 30 for Feb. and $13 35@$13 45 for March. Lard has also
crop
1877.
7,
for the corresponding
1875.
1876.
53,201
Indianola, Ac...
340,600
37,735
48,629
7,408
8,843
5,200
1,000
158,203
13,2
3,800
21,300
33,654
week at—
Orleans ..
Mobile
Charleston
Port Royal, &c.
Savannah. &c.
Galveston
24,046
14,176
25,603
2S,!30
81,805
35,179
28,879
65,471
£2,«83
208,743
1,189
1,600
43,677
42,959
17,279
195,778
13
3,036
1,300
134,800
77,700
40,605
6,7)3
1,480
3,500
and
(as per telegraph)
New
1877.
6.126
19,734
13,094
22,565
21,791
75,584
28,768
18,60
bbls.
Hides
Cotton
Eosin
Dec.
week
of five previous years are as follows
:
1877.
The
since Sept. 1, 1877, of 357,516 bales.
taxation on other articles.
The following is a s'atement of the stocks of leading articles
of domestic and foreign merchandise at dates given
1.
December
Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening (Dee. 7), the total receipts have reached 174,365
bales, against 172,216 bales last week, 200,980 bales the previous
week, and 194,571 bales three weeks since, making the total receipts since the 1st of September, 1877, 1,673,882 bales, against
2,031,398 bales for the same period of 1876, showing a decrease
gonable goods.
Dec.
M.,
The Movement of the
paratively small, and the approach of the Christmas holiday s
does not seem to give the customary impulse to business in sea
1876.
XXV.
[Vol.
1,848,6«S
8,086
.....
7,324
24,112
31,535
141,320
24.800)
1,730
1,655
1,803
39,895
....
5,900
4.1,460
8!. 500
427,969 105,S04 'll9,897
£52,470
546549 676.618
|
Tot. last yr.
6O,60t
15,83 1C5.995
|
527,492 15 .,478 |l01,962
784,9821 610,840
B3285J
Under the head of Charleston is included Port Koyal, *c.: unfertile bead of
9alveston.lt included Indianola, *c.i under the head of Scrfoli la Include* City
•
These mail retnrns do not correspond precisely with the total of
the telegraphic figures, because in preparing them it in alwayi
accessary to incorporate every correction made at the ports.
The market has been active and buoyant the past week. The
chief interest, however, is in the speculation for future delivorv.
Cotton on the spot was quoted l-16c. higher on Tuesday and again
December
THE CHRONIOLR
1977]
8,
on Wndiiesdiiy, when middling uplands were advanced toll 7-16c
and there wis a (air business (or home consumption, but no
pedal featur*, unless it was rather more doing (or speculation.
continue relatively small at this market. To day, there
|.e. (or middling uplands, hut
only a
waa a farther advance, to
For future delivery, the market opened with
limit d business.
.
<
1
show much
owing
spirit,
to the
Subsequently, however, the demand be
dull foreign advices.
came quite active, and prices advanced 14(VS18 points on stronger
reports from Liverpool, and the calmer political advices from
Paris, together with the continued falling off in recelptB at the
The severely cold weather early in the week was fol
ports.
lowed by 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 irapulse to the speculation for
and the more active months were 10@13 points higher.
sales for forward delivery (or the week are 458,400
free on board. For immediate delivery the total
bales, including
•ales foot up this week 7,156 bales, including 1,135 for export,
4,343 (or consumption, 1,438 for speculation, and 240 in transit.
The following tables
Of the above, 1,000 bales were to arrive.
how the official quotations and sales tor each day of the past
week:
rise,
The
total
—
Hew
ALABAMA.
UPLANDS.
I
Cotton.
mon.
Sat.
Deo.
Dec.
1.
Sat.
Dec.
3.
•
Middling
11
Strict Low Mi idl'K lUt
Middling
11 S-l«
Good Middling
u 9-i6
Strict Good Mlddl'g 111 13Middling Fair
11 5-16
n
Talr
Few
*
Ordinary
Strict Ordinary
Good Ordluary
He.
Low
Strict
Middling
Fair
•
Dec.
Dec.
3.
Dec.
I,
ill,.
Ml
Low
Mf"
1-16
3 16
1
4.
5.
U*
11 3-16
sn-H UX
1! t-16
UX
11 l-H
u 1-n UX
UX
1!-1«
13-16
11 -16
11 15-16
11
II
11
13
11
Frl.
Dcj.
6
7.
9 15-16 10
10 7-16
10X
Th.
Dec.
8.
10 1-16
UX
1-16
3 J-16
13
Th.
Frl.
Dec.
111-16
It 13-16
11 1-16
11 9-16
13-16
1-16 11
9-16 t»«
Dec.
7
6.
Frl.
Dec.
7.
11>X
U
UX
UX
Sat.
Doc.
UX
UX
UX
UX
UX
UH
1.
iTIort.
Tne« Wed. Th.
Dec.
Dec.
.
io5<
I0'4
iox
IPX
:ox
iox
10 9 IS
10 15-16
Deo.
3.
Die.
6.
Fri.
Dec.
7.
iox
K'X
l-V
104]
9 18-16
10 7-16
iox
10
II
11
11
9*;
U-18
;-6
Con-
port.
sump
Ftrm.nnch. quot
6..1
5-.I
HI
Spec- Tranulat'n
Que-., higher
463
431
1,119
1,375
59
7J0
913
8"fl
1,471
1,305
•50
45.800
50,401
63,100
107.fOJ
101.800
•U.10I
J58.400
7,156
4.313
1.1J5
Sales.
alt.
665
i,l;i
.
Total.
Del It
erle-.
1,190
900
J
11
500
708
4,800
:
Far Dscea her.
talee.
100
TOO
1.0JU
11-14
..H-1-,
.11-15
.11-76
7«J
..1W7
Ut
1.900 ....
I.40J
...
»Ss.a
700
100
1.3T
i.i's.a
500
..11-76
..11-19
.U-SJ
u-si
ItO..
100..
800..
11-45
.1146
lajt.a. iO.b.U-47
l,tO0
1'.47
1/01
U-41
600
li-lj
11-50
usi
V.-51
MOs.n.lOtb.U-54
lOn.n. 10th. 11-51
"jo
400
*D0
cu.
ba'es.
eta
9.100.
U-si
9609
u-7j
1900..
11-61
1,800
-.1-73
9,3t»..
10.100..
n.,9oe .
I1S3
1*00
tl-ll
1.600
U-71
1.;,
11-51
11-55
i:-a4
n-57
It-US
1
U-Si
i.mo.
TOO
i.on.
3,20
.
U-4)
1.1410
ll-8-i
4.90
S.U»
U-rt
n-43
211,400 total Jan.
l.SOO
8,100
1,.0)
11-74
11-77
11-8
11-71
11-0
11-8!
11-33
no..
4,1*..
S.-Oj
VV
4,500..
1,109..
•,700.
12.7-0..
H-43
1.710
balea.
11-2J
11-50
11-31
.
U-31
11-11
11-41
TOO
1990
ll-so
-.-»•:
•VW
J.50»
1.401
cu.
U-59
11-60
For January.
•£>..
11-37
11-37
1,100
1JSJ0
5-W ..
3t»...
.
I'ii.i.H
7,11/0
«
eta.
..n-ii
1134
U-35
M0
1.000
11-18
«•»
...U-41
8.»0
11-45
U-41
3,400
5.(1*
4,090
81(10
COO
1148
11-45
11-44
11-47
10J
ll-M
TOO
1I-49
11-56
11-57
ll-5»
1I-40
l.sno
1,800
11-41
11-61
11-88
ll-M
ll«l
1.500
3.900
2,600.
1,-09
IJjOO
800
t.l)(J
;l-63
5.SW
U-81
.
11-5!
11-33
11-51
6.-J0O
9.S0...
11 -S:.
8.1O0
7 80O...
7.700.
12.500
11,800
•,900
U-5>
VOO
11-13
11-86
11-87
11-57
11-53
8.0J0
a.lMO...
IV: •
7509
iv:o
8.890
..
M0
800....
*
1
100...
...1
.11-91
100....
•00.. ..
.. .11-91
11*
IW
n-w
1,300
a*)...
...ll-M
...
...li-.O
1111
1111
...
l.'.w
t«Ul Jaly.
For Anns.
IMS I« in"
IW
.
no
w
w
i*b»
It'll
if-ia
till
StM total
Aag
The following exchanges have been made during the woek.
49o. paid to exchange 1.0X1 Jan. for Mjv.
•47c paid to eichan*> 5AI Jan. for May.
The following
show the closing
will
and the tone of the market,
named
several dates
prices bid for future deat threo o'clock P. M. on the
MiBSLise trPLAXos— AHsaioaif ouaarriaaTToir.
Fri.
Sat.
Mon.
Tuea.
Wed.
Tha-a.
Market—
December
Firmer.
Firmer.
lt-11
January
february
March
11-13
;1 51
April
-uiy
firmer.
ii-aj
11-31
1181
1
i\4»
UH
11-so
11-81
11-96
11-uo
12-31
li'15
11-35
1-19
U-S4
U-48
ll'Sl
11-71
Excited. Feverish Variahie,
11-47
11-43
1150
ll-M
11
48
11-18
II
UN
11W
1VW
li-ts
11-01
11-74
11-3*
11-97
111
1119
11-19
11-i)3
110.
ll-U
11
11
i-7
I1-J4
11-18
u;4
IVJ1
SO
1110
11
n-71
ll-W
Tri.
B ioyaai
ll-M
lit*
W
U-81
51
1I-.1
11 «4
11
'..JO
u-io
17-2*
11-14
1174
I1-J7
'2-18
11-31
-w
l.»
Bar.iy
Closed— Steady,
Gold..
17'
tl-40
steady.
m
10J
-iTcttange
..
..
4'75
:
;
Thb Vtjsiblk Stjppli OF Cotton, as made np br 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
brought down to Thursday evening; hence, to make the totals the
complete figures for to night (Dec. 7), we add the item of exports
from the United States, including in it the exports of Friday
only:
Stoeltat Liverpool
Block at
London
1877.
1876
811,000
4«i,000
8:,250
18-5
4B4JX10
55,230
601,250
M',250
16,500
173,r00
s.COO
52,0
17,5
.
Total Qreat Britain stock
Stock at Havre
%
Stock at Marseilles
Stock at Barcelona
Stock at Hamburg
..
.
Stockat Bremen
8tock at Amsterdam
Btock at Rotterdam
8tock at Antwerp
Stock at other continental porta,.
329,500
123,000
4,S00
35,750
8,250
89,50
34,00(1
8,600
8,750
5,750
8,000
8',500
8,001
41,750
49,251
13.000
9,250
12,750
1874.
B«\on
111^50
e31.»50
111.000
9.000-
28,750
49,000
12.* O
28,750
tlJUO
77.T54»
10.OH)
5,760
S.250
17,760
4,600
21,00*
16
253,000
336,000
8ic,oqo
1
581,500
Total It nr op can stocks
41,000
India cotton afloat for Europe...
American cotton afloat for Burope 433,000
62,1*00
Sicypt, Brazil, *c.,afioat for E'rope
Stock in United States ports
724,833
w,741
Stock In U. 8. interior ports
10,001
United States exports to-day
839,250
884,200
160,000
9172,500
575,tHXl
486.004)
...11*
11-69
11-70
11-71
11-69
300
U-71
61.
11-T1
11-78
800
00
1.9CO
fOO
3.
.1,6
O
3,000
l«Kfl0
527,000
74.003
38,000
63,000
f..-.-l 6
103.3-3
16,000
2,6)6,172
2,470,479
• 14,181
127,741
ToUl visible supply..
Of tbe abOT«, the
..baiea.l,863,C74
totals o(
1
*')
146.0«
5SO0O
655.7S7
1
M'l
MUM
H-71
11-75
U-16
11-3!
1,-cl
11-91
U-81
U-81
loil<nrr :
American—
Liverpool stock
Continental stocks
141,000
179,000
433,0*1
724.838
99,742
IOjOO*
American afloat to Europe
162,000
133,000
675.0J0
618,8 6
183,000
201,000
62,000
934,181
127.741
30,000
138,009
119,000
4:6.036)
to,000
665,1**
135.1*7
22,009
2,013,922
1,637,219
J^5»,»4#
170,000
17,500
74,010
41,000
42,000
280,000
3<.3
131,000
130.000
*29.f«>
6t\250
111,000
ljn.OJO
389,000
MJBOD
tjjm
864,500
1,588.574
Jt>uj&
,
J; J-«S
1.667,2**
,
Total risible snpply....bales.l,95S,074
8.C6S.1T2
*,4."0,47*
M-A44I
6 9-15d.
6 15-164.
7*,e 7 MU.
Ui.itedStatesetock
U 1. ted States interior stocks
United 8UtesexpoiUto-day
ToUl American
bales.l,68a,514
tout Indian, Bratil. die.—
Liverpool stock
London atock
Continental «tock«
Indlaafloat for Europe
Bjtypt, Braiil,
*c, afloat
Total East India. *c
Total American..
2,013928
Pries Mid. Uplands. Liverpool...
6H0.
103,(.2S
111.X30
319.280
146.000
68,OUO
JJM3
1555,9441
These figures Indicate a ieeretut In the cotton in sight to-night
as compared with the same date of 187o\ a>
deortate of 617,405 bales as compared with the corresponding
date of 1875, and a dtcrtate of 313,570 bale* as compare*!
of 715,098 bales
ith 1874.
11-77
U-:8
U-19
2.465.4M
American and othor descriptions are is
u-56
11-57
1,200
1.900
e.-wo.
7.3-0
9,7(0.
U-50
For Maria.
ITO
200
ll-S
11-H
11-19
rsb.
11-47
«,1'»..
6.609.
8.700..
1,900
2.700
6.KX)
4.-00
:i9,coo total
Il-tt
11-86
11-37
It'll
7..4JO..
For February.
11-41
.
1.1O0 .
«,90j..
ji-ii
.11-33
too
hrm
K-l/l
1*. 9
400
free on board)
¥0? forward delivery, the sales (including
have reached during the week 453,400 bales (all middling or on
the basis of middling), and the following is a statement of the
ales and prices
•
WO
11-10
...1I-18
...11-11
Total continental ports
418
301
Tseaday
Finn, unch. quot.
Firm, higher
Wednesday Very arm. higher
Thursday
Firm, unchanged.
.11-
1115
f0
»o
SALES.
8*LS* Or SPOT A1TD TRANSIT.
Ex-
Monday
Friday
4.
9 U-16
10 5-16
MARKET AND
.
3.
9X
-liddllng
Saturday
100
600
500
6 JO
April.
For May.
1*0
11 5-l«
11
Dec.
Dec.
5.
10 1-16 10
10 1-16
9 15-18 10
10 7-16 10X
10 7-16 I0X
10 ll-W toy
10 11-16 '.OK
10X
10 5-16
10 13-16
io ;*-i6 I0K
Th.
Good Ordinary
Strict Good Ordinary.
Closed.
too....
.11-71
August
1
1!
Spot Market
.ll-U
100
11 15-16 1115-18
10X
UX
Middling
fcKI
JI0
May
June
STAINED.
Low
11,710 total
Ill*
7(0
><«
Stsady. Strong.
Scaly. Weak.
n.aiy.
lO.'X
101V
1C2X
i-» x
U'X
4-laX
f.»U
4.79
i 79
4 ;»
The hlnliest prices of the week ware pa'i! on We'lne«<1ay. as follows Dec.
Jan. U-6J«.i Feb. irsic,; March 11 SU;.j April «»!; ; May 11-230., and
If**]
juae U-Slc.
5.
UX
.
For Jnso
,11-70
.11-71
.11-71
.11-73
11 11-16 It ll-'6
II 15-16 1! 15-16
11 7-16 II 7-16
10 1-16 10X
Strict Odinary
10 9-16 '.OX
10 9-16
10 7-16
10X
10X
10 11-11 10X
10 13-16 10«
Good Ordinary
10 13-16
10 11--.8 10X
ilOX
15-16
Slrlc Good Ord'ry.ilo 13-14 10X
10 18-16 10X
10 15-16 11
5-16
3-14
Middling
3-16
11
11
11
'•IX
!1 5-14
I1X
•" Low fiddl'g
11 7-16
Strict
It 6-16
11 7-14
11 5-16
1IM
Middlln,
11 9-16
Jnjg.
11 7-16
U><
iil-i6
11 1-14
Good Middling
11 11- C \llii
II 13- 6
11 13-16
11 11-16
Strict Go d Mlddl'g 11 15-16 iJ*
11 1-16 I1X
11 15-18 11
11 i-;e
•1 7-16 \W4
Middling Fair
11 9-16 11X
17 9-16
17 7-16
- 1-16
\v*
Fair
13 3-16 13X
1 15--.6h3
"UX
Low
>-«»•
Wed
ill
,.' 1 i5-;« 19
llt-U
i.-.i
1107
90
Dec.
10X
7.
UK
lll-ll
...
400....
.
3.
J!*
*X V toui May.
...
100 ...
WD....
Wed. Tuci
ltd
Dec.
WO
too
1>U
1--0'
t.li'l
March.
1.CO
...ur>
_«H>
ill'....
.ll-Ji
MM
For Aprl
n-n
...
Dec.
Frt.
6.
.1IH
ZOO
W.'.:.:
:i-»i
..
.
Tiles
UX
Th.
Mon.
Sat.
»l<>ii
Dec.
10
.11-11
47,**) total
If«
..tin
..
Dec.
11 7-16
II IS-ltl'.IX
11X
Cotton.
1.
rOO
700
J.8J"
200
.<!
Wed
UX
UX
•
400....
IO...
MW....
I.'
Deo.
1.
11 .-16 IllX
11 11-16.
11 15-16 II
11X
Good Mldd lng
US
Uood Mlddl'g 11
Mldd lug Fair
IX
Strict
,11'H
.11- 9
Tue»
9«
10 13-16
1-16
I,«0
'.60
600 ...
Deo.
10 5-16
10 9-16
10 9-16
11
Sat.
Dec.
!!.'"ii'w
..
.11-17
I.i'i
M|
"Ufa.
r"
wo
1"
Trauat. orders.
:5-;6
SLi 10X
I0X
Low MUdl'g
Ordinary
11 5-16
5.
Good
Kew
.
5-H
4.
Ord'ry. 10S(
Middling
11 1-11
Strict
3.
:i
9
3>
Deo.
11 1-16
9-18 US-tf 11 9-16 11 11-16 II 11-16
It 18-16 11 13-16 II 13-16 11 13-16 11 15-16
11
13 5-16 11 5-16 11 5-1
11 7-l«
13-iG 11 13-16 11 13-16 11 13-16 11 15-16 11 15-16
11
11
Wed
Tun Dec.
Cotton.
Mon.
nx
II
H«
1.
r>7i
»«lel.
900
livery,
ORLEANS.
N.
9 18-16 9 13-16 9 15-16 9 15-16 9 15-16 9 15-16
iax
I0X
Ml-1
10*
10)4
tax
lo*
10 *
'.OX
10X
10H
10H
10 11-16 10 11-16 10 13-18 ID 13-16 10 13-16 !0 13-14
11
11
•*? »•
Ordinary
9 13-16 9 13-16
I0K
10X
10 i
flood Ordinary
10X
Strict Good Ord'ry. 10 11-16 10 11-16
Strict Ordinary
Low
.11.
1
on upward tendency, but did not
a
bales.
At the Interior Ports
the
— that
movement
ta
the reoelpta
and shipments for the week, and stock to-night, and for the
corresponding week of 1876—i* set oat in detail in the following
statement:
MTHE CHRONICLE
572
Week
ending Dec.
7
,
1877.
Receipts. Shipments. Stock.
Augusts,
Ga
Cofumbns, Ga
Macon. Ga
Montgomery, Ala .
Selma, Ala
Memphis, Term
Nashville, Tenn...
Total, old ports.
Dec.
8, 1876.
8,382
14,139
10,597
9,215
11,814
7,488
42,879
4,160
8,955
3,252
4,476
4,138
4,724
20,962
2,276
7,816
2,968
5,229
1,963
4,275
13,800
468
15,059
9,751
7,555
11,398
9,210
67,846
7,422
47,526
se,9io
99,742
48,783
86,519
127,741
1,902
1,198
5,211
8,913
1,685
1,439
1,427
1,941
3,728
4,043
1,128
1,489
2,161
1,178
7,417
3,111
3.169
5,125
1,299
16,731
3,067
3,520
2,164
6.328
5,105
6,442
6.988
3,996
1.634
9,363
1,5:5
1,112
27,130
14,139
La
Vicksbarg,Miss
Co'nmbus, Miss..
Bafanla, Ala
Week ending
Receipts. Shipments. Stock,
9,141
3,345
3,113
4,654
4,031
13,051
1,625
7,79 1
2,993
2,99 J
6,865
4,651
19,895
Dallas, Texas
Jefferson, Tex
Shreveport,
[
..
1,907
763
4,979
7,115
1,498
1,906
4,627
6,847
1,143
1,878
[Vol.
XXV.
Average thermometer 45, highest 65 and lowest 26. The rainfall
has been one and eighty-nine hundredths inches. The rainfall
during the month has been four and seventy hundredths inches.
Montgomery, Alabama. It has rained on two days and the balance of the week has been cloudy and cold. We have had killing frosts on three nights. The thermometer has averaged 43,
the highest being 65 and the lowest 24. We have had a rainfall
of seventy-two hundredths of an inch during the week, and three
and seventy-five hundredths during the month.
—
Selma, Alabama.
pleasant, but
— The earlier
we have had
part of the
week was
on two days the
rain
and
clear
latter part.
Ice
formed in this vicinity on four nights.
880
632
783
528
Griffin, Ga
Madison, Florida. Telegram not received.
2,027
4,098
5,833
Atlanta. Ga
5,890
2.022
1,743
3,197
1,997
2,776
Rome, Ga
Macon, Georgia. Telegram not received.
9,958
3,097
4,280
1,724
Charlotte, N.C. ....
4,173
Atlanta, Gesrgia. It has rained steadily one day and has been
11,417
12,653
8,970
19,928
9.747
St. Louis, Ho
4,261
12,304
9,174
7.5S4
8,076
Cincinnati,
showery one day, the rainfall reaching one inch and twenty-four
43,929
69,331
53.255
85,981
43,163
41,583
hundredths. The thermometer has averaged 38, the highest
Total, new ports
being 64 and the lowest 20. There has been a rainfall of four
R5.448 213,722
102,039
94,064
82,073 169,073
Total, all.
inches and thirty-seven hundredths during the month.
The above totals show that the old interior stocks hava
Columbus, Georgia. It has rained severely one day of the
are
to-night
bales,
and
27,999
week
during
the
8,611
increased
week, the rainfall reaching ninety-two hundredths of an inch.
bales lets 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 samo 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 Telegrapii. 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
five hundredths.
The thermometer has averaged 50, the excrop to market freely. Average thermometer 57, highest 68 and
tremes being 30 and 67. The country roads have improved, but
lowest 24. The rainfall during the week has been one in'ch and
are still bad, and there is plenty of frost and ice everywhere.
thirty-six hundredths, and during the month six inches and six
lndianola, Texas.
It has been showery three days, the rainfalj
'
hundredths.
aggregating one inch and twenty-one hundredths. Average ther.
Telegram not received.
Charleston, South Carolina.
mometer 55, highest 77 and lowest 33. Planters are sending their
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 comroads are still bad. The weather has been too cold, and there
parison:
were killing frosts on six nights. Average thermometer 42
.-Dec. 0, '77.-,
,-Dec. 7, '76.—
Feet.
Inch.
Feet.
Inch.
highest 68 and lowest 14. We have had a heavy rain on one day
10
14
4
New Orleans.. Below high-water mark
the rainfall reaching two inches and nineteen hundredths.
18
8
7
Above low-water mark
Memphis
2
mark
6
6
7
water
Above
lowNashville
Dallas, Texas.
The roads in this section are better, but far Shreveport. .. .Above low-water mark
23
11
8
4
23
12
11
from good. We have had a hard rain on one day, the rainfall Vieksburg
Above low-water mark
reaching one inch and fifteen hundredths. We have had killing
New Orleans reported below high-water mark of 1871 until
frosts and ice on six nights.
Average thermometer 43, highest 69
Sept. 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 betHow to Influence Prices. Mr. Charles A. Easton publishes
ter condition.
Much small grain has been sown. Average ther-
—
—
—
—
—
—
—
—
—
—
—
—
—
—
'
mometer
73 and lowest 39.
New Orleans, Louisiana. It has rained here on one day this
week, the rainfall reaching one inch and seventy-hundredths.
The thermometer has averaged 43. The rainfall during the
month has been six and twenty-hundredths inches.
53, highest
—
Shreveport, Louisiana.
rest of the
—
week has been
It
was showery Monday
last,
but
the
and pleasant. Picking will close
about the 20th. Average thermometer 44, highest 70 and lowest
The rainfall has been one and eleven-hundredths inches,
19.
Vieksburg, Mississippi.
The thermometer has ranged from 23
We have had rain on two days, the rain<p 68, averaging 43.
fall reaching one and twenty-two hundredths inches.
0*ly,rribus, Mississippi.
The rainfall during the week has been
forty-nine hundredths of an inch. Picking, in this section, is
clear
—
i
—
'
about completed.
Little Rook, Arkansas.
Monday and Tuesday were cloudy,
with hard rain on Monday night, but the remainder of the week
has been clear and frosty. The thermometer has averaged 41,
the highest being 74 and the lowest 12. The rainfall has been
—
one and forty hundredths inches.
Nashville, Tennessee.
Memphis, Tennessee.
—Telegram not received.
— Rain has fallen on two days of the week,
the rainfall reaching sixty-five hundredths of an inch. Planters
are sending cotton to market freely, and it is believed that about
43 per cent of the crop in this section has been marketed. Cotton is suffering with the rot unprecedentedly.
The thermometer
has averaged 38, the extremes being 16 and 65.
Mobile, Alabama.
It has rained severely on one day and has
been showery two days, the balance of the week having been
We are having too much rain and it has been too cold,
pleasant.
and much damage has been done, Picking is progressing slowly,
—
through the New York Bulletin a circular letter to his correspondents arguing (1) that our crop will probably turn out from
4,000,000 to 4,250,000 bales
;
(2)
that the visible supply of cotton
Beveral hundred thousand bales less than it was last year
(3) that the mills of the world will, in his opinion, want more
than the probable production (4) that the present depression of
is
now
;
;
the goods trade should be cured by producing lees goods (5)
that prices are now unnaturally low and kept so by a too rapid
throwing of our supply on the market through an inability of
(6)
planters and merchants to command the capital to carry it
;
;
would become lovely if the banks would more
freely make advances on cotton, so that it could be held on this
side until the Manchester spinner was willing to pay one or two
cents more per pound.
that everything
Sympathizing very deeply in the ostensible object of this arguthat is, the securing of higher prices for our cotton we
Bhould gladly join in favoring the scheme did it look to us
equally promising. But do not questions something like the
ment
—
—
following naturally arise as one reads these several propositions.
First— Why do not banks make advances freely now? They
certainly are free to do it, and the interest they are earning is
very low while taxes are very high, and they are complaining
fearfully because they cannot use their balances more advan-
do they not, then, increase their profits by
Evidently either the present bank officers
1
are so pig-headed they cannot see their own interest, or the
merchants and planters do not want the accommodation, or else
the transaction is so hazardous that the promised profits do not
pay for the risk. As the door is wide open, a chance offers for
any one or more of our wealthy cotton merchants in each city to
and
Step into this unoccupied field, and add to out bank capital
tageously.
Why
buying cotton
bills
December
to
8,
THE CHbaNUnLft
18?
own personal experience by solving the problem which
we hare suggested offers.
Second— But why stop at one or two cents advance in price?
their
the (acta
Mr. Easton shows that one cent means an additional $13,500,000
profit to the United States on this year's probable export of
cotton, two cents mean $27,000,000 more profit, and In the same
manner we think four cents would bo |54,000,000 additional
In fact, the thing looks so
profit and eight cents $108,000,000.
578
showing the exports of cotton from
York, and their
direction, for each of the last four weeks; also ths total
exports
and direction since Sept. 1, 1877; and in ths last column tks
total
(or the same period of ths previous year:
table
Nsw
iporuoK'uiionlaalMirra anNsw Cork alac* Sepl.l
viii Barons
agreeable that we are half inclined to use up the multiplication
If we can in any
table in presenting the attractive feature of it.
way put the whole exportable portion of this crop in a box and
9m.
Hot.
14.
II.
8,(64
T,l»6
Not.
ftaaw
Dec.
a.
Total
to
.•».«
data
7«Af.
14. 101
lit.
7.U1
13.641
1MT
.
t>ert.«l
180
Other British Porta
1,6S3
4.164
even sixteen cents advance is just
13,664
7,164
96,686
134,134,
as easily obtainable as one cent and it looks to us more attrac- Total to 43 1. Ilrllaln 8,464
To be sure, the
tive in its larger shape than in its lesser form.
ISS
S61
1,171
4.t«'
lit
country has in years gone by had one unfortunate piece of ex184
l.ttJ
perience resulting from a similar attempt but that was a long
time ago, and things may have changed since then.
760
I.M6
1,111
8,106
1,111
1,0a*.
760
741
1,014
1,760
Third— Against such an advance, however, would seem to be the
1,901
8.1'jJ
1.300
1.440
Advice given to spinners in this circular letter to improve the goods
Total to N. rope. ttm
4,40«
1,11!
18,181
10,141
"mm"
trade by reducing production. In fact, is not that just what is
Bpain.OportoAaibralUrAc
happening at the present moment 1 Manchester is producing less All others
'tis
goods, Germany is producing less, Russia is producing less, and
Total Spain, *«.
....
its
now finally France is producing less consequently, each of
Grand
Total
~UMT
13.604
13.117
9.664
115.659
149.571
advice
given
the
appears
to
these nations wants less cotton. So
have been anticipated, and even yet the trade is depressed. Does
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 some simple salve ?
Fourth, and finally, cotton viewed simply in a statistical way is
Haw ro«.
bos t ok.
philadblt'ia BAi/naona.
undoubtedly very strong. There are several hundred thousand bsoi'ts raox
This
Since
Tola Since This Since This Since
bales less in sight than there were a year ago, and if we had the
weak. Sept 1. week. Septl. week. Sapt-1. week. Sept.1
prospect of a consumption equal to the promise of last winter, we
New Orleans..
61,791
4,667
....
16.053
1,785
should be able to rejoice in quoting the market every day buoy3,714
lieoi uitei
56,561
t'.tis
3,488 »,»st
Bnt so long as the goods trade everywhere remains in its Mobile
ant.
'319
334
present stagnant condition, there can be but little heart in the
'175
5.547
50.014
8'th Carolina
ix 6.478
the
off
at
all
points,
and
Consumption
is
falling
5.11
18.807
trade for cotton.
ITth Carolina.
181
6,708
5,0*6
77,617
s',088 11.651
Virginia
1,706
16.140
goods that are sold show no adequate profit, so that the supply
1,859 16,186
568
6,461
North' rn Porta
52,101
6,031
1,441 17,763
1,080
Mil
unless France becomes quiet and the war comes to an end is Tennessee, Ac
1,(24
Foreign
Such conditions cannot
likely to satisfy this restricted demand.
year
331,734
8,990 80.337
31,860
1,463 15.167
6,951 64,191
be changed by artificial means even if the plan proposed were Total thil
New York or New Orleans, or even Liverpool, Total laat year. 35,836 441,495 9.771 31,684 3.151 ICM 7,765 54,167
feasible in itself.
and, certainly, "those
is not the hub of the commercial system
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
Their little tricks are of a kind every market 129,163 bales. So far as the Southern ports are concerned, thees'
such position.
suffers under, and always will, so long as man is mean enough to are the same exports reported by telegraph, and published is
But that kind of person The Chronicle last Friday. With regard to New York, ws
scfaaeze his neighbors to secure a penny.
the manifests of all vessels cleared up to Wednesday
Stands on both sides the fence the bears have no monopoly in Include
night of this week.
The comfort is, they are a short-lived race; for, like the
them.
Total bales.
moth that flies about the lamp at night, they soon get singed and Naw Tobk—To Liverpool, per steamers City of Cheater, 711. ...The
keep
it
there, eight cents or
MM
;
;
—
;
—
—
;
—
1,174. . Scythla, 8*5.... Adriatic. 749. ...per ships
ntario, 194.... Hamilton Flah, 1,653.... Antrim, 1,781
§neen,
drop.
To Bremen, per steamer Neckar, 1,111
To Beval, per steamer Northnmbria, 1,300
—
Bombay SHIPMENTS. According to our cable despatch received
Nsw
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
the figures of
down
to
W.
1st of
Thursday, Dec.
1877....
1876
.
Ijjj
2,000
....
From the
7.003
8,000
8,000
is
Co., of Bombay, and are brought
,-Shipments eince Jan. 1.—
CanGreat
Total.
Britain,
tinent.
Total.
9,000
8,000
883,000
818,030
980,000
8,000
733,000
431.000
401,000
417,000
foregoing
it
These are
as follows.
6:
.-Shipm'ts tills week-,
ConGreat
Britain, tlnent.
&
Nicol
January
57i>,000
would appear
1,235,000
that,
—
,
Receipt*.
—
This
week.
Since
Jan. 1.
11.000
8,000
10,000
1.071,000
1,086,000
1,279,000
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 167,000 bales,
compared witn the corresponding period of 1876.
Gi'nny Bags, Bagging, Etc.
—Bagging
has been in rather
better request during the past week, mostly for speculative pur-
pises, with transactions to the extent of about 3,000 rolls hers
and 4,000 rolls in Boston. The prices paid have not transpired,
but are believed to be 10c. for light weight, and lOJc. for standFor general trade the market is quiet, and general quotations at 101@llc, as to quality. Butts are ruling rather firmer
in tone on the part of holders, and the present figure is 2f r32Jc.
There have been no sales on spot, and there is a rumor of a sale
of prime, for forward shipment, of bagging quality, at 2 13-16c,
ard.
Lake
T,tB»
1,1;*,
1,300.
.,
Hajtlan,
•
Oai.Bi.ss— To Liverpool, per steamers Ben Ledl, 991
Genevieve Stricklana,
5,200... per ships Wm. Tapscott, 5,645
4,860.... Adorna. 5.650
11,347
Virginia, 3,808....
>
To Havre, per ships Nunqnam Dormio, 4,388
Forest Eagle, 4,515. ...John Watt, 4,483 . .per barka Albert, 2,903
•
...Alamo,
»,M7.
1,187
To Riuen, per bark Karstcn Langaard, 381
To Maraeilles, per bark Union, 100
To Bremen, per ship Friedrich, 5.609
To Antwerp, per bark Lizzie Perry, 1,721
To Barcelona, per harks llaypo, 691 ...Maria
brig
Naevo Sabina.
881.
100
6,50t
1,7*8.
Carolina, 399
per
528
1,616.
To Malaga, per b»rk Daniel Draper, 1,600
To Genoa, per bark Michelc Galatola, 303
To Vera Craz, per ateamer City of Merlda, 601
MeeiLi— To Liverpool, per ship Tonawanda, 4,777
To Havre, per schooner E. A. Baizley, 1.350
Chaklxbtos— To Liverpool, per ahlpa Andrew Jackson, 8.777 Upland
... per bark Albion. 1,219 Upland
To Havre, per barks Suthergreen, 1,750 Upland... Rome, 1.515 Upland and 68 Sea Island.... Cronstadt, 2,723 Upland and 138 bea
Islind
T« Barcelona, per bark Ana, 640 Upland.... per brig Lola, 808 Up-
Uid
To a port In Spain, per bark Escalada, 750 Upland
To Genoa, per bark James E. Ward, 1,305 Upland
To a port on the Mediterranean, per steamer Elvira, 1.170 Upland..
Savakhah—To Liverpool, per ship Soathern HighU. 3,781 Upland
To Cork or Falmouth, for orders, per bark Urumadoon.8,075 Upland.
To Havre, per bark Klngsbyrd, 910 Upland
To Bremen, per barks Pauline, 1,874 Upland .... Peter Rohlatd.
1,600
803
(02
(IT.
1,150
'
5,056
T.KM
1.148
710
1.805
1.170
8,781
3.073
tit
6.10t
Runneborg, 1,177 Upland
1,5(0
To Barcelona, per steamer Vldal Sala. 1.500 Upland
Tskab— To Liverpool, per barka Emma Parker, 1,434. ...Banana, 1,041
8,6*1
...Florida. 650.... per brig Rana, 508
1,6*1
To Fleetwood, per bark Artillerist, 1,533
Azha,
1.059
brig
1,099
per
Wilmixotoic—To Liverpool,
940
To Amera'dam. per bark Von Hcydcn Carlton, 940
......
•
Adeone,
715
...
7M
,
To Rotterdam, per brig
Empire of Peace, A'at' "U.V
Bel
1, 160
Upland
NoR»oi.ir.-To Liverpool, per snipe
"•••••
O'Brien, 6,560
4,830....
•
•-•••
Baltisobs— To Liverpool, perateamer Baena Ventura,
To Bremen, per steamer Ohio, 2,615
BOfTOX—To Liverpool, per ateamer Batavia, 100
;;:
581
e
".J*?
681
2.656
too
gold.
The Expobts O* Cotton from New
decrease, as
compared with
York, this week, show a
week, the total reaching 9,604
week. Below we give our usual
last
bales, against 15,127 bales last
Total
181,163
The particulais of thete shipments, arranged In our usual form)
are as follows
THE CHRONICLE
571
Br»- Ant- B'celona, Genoa,
FleetAc. ToUl.
Liverpool, wood. Cork.Oavre.&c. men. werp.Ac
&c
Hew York...
1,114
5,509
7,852
N.Orleaus'... 22.347
4,777
Mobile
Charleston., 5,058
Savannah... 3,781
Texa*
8,628
1,30
'.'.'.'.
681
Boston
800
1.936
8,500
7,804
810
3,075
5,101
575
8,
6,150
9,714
11,880
8,301
1,6*8
'.'.'.'.
1*655
Wilmington. 1,«59
Norfolk
11,390
Baltimore...
308
4,336
1,7*3
O.B64
57.40J
8,137
17,981
15,367
8,685
2CO
Total... 50,071
1.58S
33,863
3,075
8,878 139,168
8,723
3,373
14,347
Included in the above total* arc, from New Tork, 1,300 bales to Reval,
from New Orleans, 803 balei to Vera Cruz.
P.M.— By Cable
LrYE&pooL, December 7—4:30
— Estimated
Ac;
Liver-
FiteM
gales of the da/ were 10,000 baled, of which
1,000 balei were for export and speculation. Of to-day's sales
6,000 bales were American. The weekly movement is given as
pool.
Since the commencement of tbe year the transaction*
speculation and for export have been
Not.
week
balei.
.Forwarded
-Bales American
of which exporters took
of which speculators took
Total etock
of which American
Total import of the week
of which American
Actujlexport
Amount
afloat
Nov.
II.
87,000
4,000
86,500
6,000
5,000
871,009
104,000
43,000
29,000
8,000
189,090
165,000
.
,.
Nov.
81.
^-Actual exp.from
Actual
Liv., Hull A other exp'tfrom
^-Taken on spec, to this date-,
65,000
7.000
sx.ooo
7,000
5,000
874,0118
861,1100
171,000
78,000
61,000
6,000
186,000
169,000
171.000
63.000
41.800
7.000
1(18,000
173,000
of which American
The following table will show the dally closing prices of cotton for the w eek:
Tues.
Wednes. Thnrs.
Fn.
Satnr.
Mon.
Spot.
..©6^
Mid. Upl'da... ..©6 7-18 ..©6 7-18 ..©6 7-15 ..©BX
..®6X
Mirt.Orl'ne
©6 11-16. .©6 11-18 ..©6 11-16. ,©6X ..©t>X
..©«X
1875.
1877.
1876.
bales.
bales.
hales.
147,660
Brazilian
34,140
Egyptian. Ac. 31,620
171,030
20,380
26,680
200,730
5,680
15,980
1,980
92,310
89,4*8
9,962
21,341
7,187
131,779
88.785
10,769
9,411
8.331
189,330
9,830
15,130
378,180
316,530
263,607
306,606
523,590
American
W.
India, Ac.
700
S. India, Ac. 56,030
Total
Low
|
|
I
NOT.-Dec. shlpm't, new crop, sail,6Xd.
Feb.-Mar. delivery, 8 ll-38d.
Dec. delivery, IJjO.
Feb -Mar. delivery, IJfd.
I
Apr.-May delivery, 6
Thursday evening
Tcb.-Mar. delivery, 6Xd.
Mar.-Apr. delivory, RKd.
SALES, ETC., OF ALL DESCRIPTIONS.
Total
Same Average
Sales this week.
this
period weekly sales.
Ex- Speculayear.
Trade, port
tion. Total.
1876. 1877.
1876.
,
American.. bales 45.030
Brazilian
Egyptian
Smyrna A Greek
W.st Indian....
Dec. -Jan. delivery, 8 7-16d.
Apr. -May delivery, 6>»d.
Nov.-Dec. shipment, new crop,
sail,
6 7-!6d.
Dec. delivery, 6 15-83<&Xd.
Jan.-Feb. delivery, 6 7-l«ai5-38d.
Kcb.-Mar. delivery, 6 15-824.
Mar.-Apr. delivery, 6!4d.
Nov.-Dec. shipment, new crop, sail,
Mar.-Apr. delivery, 6 7-16d.
Nov.-Dec. shipment, new crop, sail.
6 13-32d.
Feb.-Mar.shlpm't, new crop, sail, 6)4d.
Nov.-Dec. Fhiiim't, Orleans, Low Mid.
6 15-32d.
Clause, sail, 6J»d.
Total
69,850
Dec-Jan. delivery,
Feb.-Mar. shipment, i.ew crop,
sail,
6 17-3239-1'id.
C 15-S2d.
Nov.-Dec. shipment,
Jan.-Feb. delivery, 6 15-31@7-1C©
»15-33d.
Feb.-Mar. delivery, 6 15 33©V4d.
Mar.-Apr. delivery, 6 17-33d.
sail,
'/,
I
new
crop, sail,
6 15-33d.
Feb.-Mar. delivery, 6 15-33d.
Mar.-April delivery. 6)4d.
Apr.-May delivery,
Apr.-May delivery, 6 9-lSd.
•TMI.-Feb. shipm't, new crop,
6 17-393.
l.
TuuaenAY.
Dec
Feb.-Mar. daiiv'ry,
t.
Dec-Jan.
delivery,
Jan.-Feb. delivery,
•Feb.-Mar. delivery,
Mar.-Apr. deliv'ry,
crop,
tali,
61<d.
new
crop, sail,
6 9-lfld.
Dec. deliv'ry, 6 15-32d.
Mar.-Apr. delivery, 6 15-32d.
Nov.-Dec. shipmeut, new crop, tat,
6 7-16d.
7-16.1.
Fhday.
|
Jan.-Feb. shipment,
new
crop, aail,
Dec
15-32d.
delivery, 6 15-33d.
Dec-Jan. delivery, 6 16-32d.
Jan.-Feii. delivery. 6 15-33d.
Mar.-Apr. delivery, 6#d.
Nov.-Dec. shipment, new crop, (all,
6 15 -3 2d.
news received to date
carrying cotton from United States ports,
Below we give
of disasters to vesAc.
sels
NtTBNBKRO, str. (Qcr.), at Bremen, Nov. 16, from Baltimore, had been ashore
on Langeroog, on her way up to Bremen.
No date. The bark Martha A. M'Neil. at Liverpool, Nov. 16. from Charleston,
reports: On passage passed a bark, about 500 tons, mainmast gone about
SO feet above deck, mlzzuntopmasts all gone, mam and m'zzen ir.asts
painted white, foremost bright, abandoned, 44 to 45 N., 30 W.; name on
stern, but was unable to make it out; master thinks she was not timber
laden, but probably oil or cotton.
all
Cotton freights the past week have been as follows
Liverpool.
,
Steam.
.
Sail.
d.
d.
Batorday.. ..©X T-saax cp.
Monday.. 9-33©X
..©X cp.
..©34 cp.
Tuesday. 9-32&X
Wed'day. 8-33®X
Thur'dy.. 9-32®X
Friday... 9-33@)»
..©Xcp.
..©V
.
©X
cp.
«P-
— Bremen. —
— Havre. — Steam.
Steam.
>
.
,
c.
comp.
H<3X
%%X cp. K&K
*®X cp. >,@H
X©X cp. X@X
«®X cp. X??,K
H®X cp. W&Yt
European COTTON MARKETS. — In
:
r-HambarE-,
,
Sail.
c.
Sail.
c.
%
c.
Steam.
To this
American
...bales. 53,4:9
681
13,291
i
Total
reference to these markets.,
,
6 6-16
6 7-16
6 9-16
«'/«
«H
«X
2,233
3,243
"77,913
2/750,813
1876.
1,741,217
235,314
359,815
451
55,431
536,007
2,830,2J5
This
day.
170,900
44.780
05,010
10
19.430
72,590
373,610
date Dec.
1876.
161,6i0
81,360
73,8S0
70
13,630
114,4)0
81,
1876.
211,910
73,090
105,180
,, -_.
1
1
"•"
80,510
414,990 534,010
M„
Dec.
7,
1877.
There was a very dull market for flour during the first half
of the week, and prices of some of the low grades slightly re.
ceded, but latterly the export demand has been more active for
Great Britain as well as the West Indies, and largo lines of com-
mon
50@$5 GO, part for arrival, with the better
$6@$6 25. The better grades have been dull.
Eye flour was quiet, but the business in corn
extras sold at $5
grades going at
but firmly held.
meal was more active.
To-day, the market was strong but not
The wheat 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 spring,
New York and Milwaukee grades, but in the course of Tuesday and
Wednesday there was an advance, with sales of No. 2 Milwaukee
but yesterday the marat $1 32i@$l 33, and No. 1 do. at $1 37
k-et was dull at these figures. The speculation in futures has been
quite moderate, including on Wednesday No. 2 spring, N. Y.
grade, at$l 81i for Dec. and $133 for Jan. Receipts at the
West bIiow but a moderate increase over last year. To-day, holdj
ers were stronger, and No. 2 Milwaukee held at $1 34, but this
;
the export
figure checked business,
6K
6X
6X
6 13-16 8 7-16
6 15-16 «\
1H
W
6X
Indian corn has
.„
8 11-16
8 13-16
and futures were quiet.
shown a steady improvement
for
prime old
mixed, on improving foreign advices, until yesterday No. 2
sold at G4i@84.Ie., spot and December, and steamer mixed 03}@
New torn has arrived
G3Jc. on the spot and G3ic. for December.
moderate quantities, selling at 58J@58ic on Tuesday and 591
@60c. yesterday. The supply of Southern corn is quite small.
Receipts of corn at the West are liberal for the season, as farmvalue of
ers do not find it profitable to feed it, owing to the low
in
swine.
To-day, No. 2 mixed sold at G5^c, spot, December and
January.
Rye has slightly declined, with recent sales at 71@72c. for No.
2 Western, in store and afloat, and 7GJc. for State afloat. Barley
has met with a very active demand, but buyers have found free
and prices are merely steady. The demand was in part
two-rowed State, and 80c, for Cauada, in
Canada peas are quiet.
Oats declined to 38i@39c. for No. 2 Chicago mixed, at which
market. To-day,
free sales were made, followed by a steadier
and
the market was fairly active at 38J@39ic. for No. 2 mixed
bond.
—
»X
1877.
1,775,442
-^
Same
BRE ADSTUFFS.
sellers,
—
6 3-18
ay.
date
date
58,660
Stocks.
,
for export, at 76c. for
Liverpool, Nov. 22. The following are the current prices of
American cotton compared with those of last year
,—Samo date 1876.Mid. Fair. Good.
,-Ord.AMld^^-Fr.AG.Fr.^.— G.AFlne
33
18
87
S3
Bea Island. .16
20
19X
19
nn17
19
16
Florida do.. 13
iix
11
18X
16X
O.M. M.F.
O.M. Mid.F. Mid.
G.O.
L.M. Mid.
Ord.
6*
6 1-16 6X
Upland
8 7-1
6 9-16 6X
6 1-16
5J<
Mobile. ...6«
Texas
6
Orleans. ...6
,
To same
310,044
823,460
1,055
48,572
393,039
Eastlndian
Sail.
c.
— li comp.
— X©K cp.
— X©X cp.
— X©54
cp.
- H&'A cp.
- X®X cp.
X cp.
X cp.
X cp.
X cp.
X ep.
X cp.
our correspondent in London, writing under the date of Nov.
84, 1877, states
82,150 2,777,770 2,934,510 56,340
Imports.
This
week.
«*d.
6 7-16d.
6 7-16d.
8 7-l'.:©15-31d.
8 15-33d.
Nov. shipment, mwcrop, sail, 615-32d.
Dec-Jag. shipments, new crop, sail,
8
new
Mar.-Apr. shipment,
Dec. deliv'ry. 6 15-32®Kd.
3,640
™«
"'
8,800
;
Jan.-Feb. shipment,
delivery, 6 17-3!@Kd.
-Jan.-Feb. delivery, 6 15-84d.
*eb.-Mar. delivery, 6X©l.'.-33d.
Apr.-May. delivery, 6 9-ln8>17 32d.
Feb.-Mar. shipm't, sail, 6 1U-31U.
Dec-Jan. delivery, 6 7-16d.
Jan.-Feb. delivery, 6 7-16d.
8,660
.
37,930
5.530
5,610
active.
Wednesday.
Dec. delivery, 6Xd.
1r
IU
5,810
''
6,680
130
Friday. P.
sail, 6,'id.
|
|
Dec-Jan. delivery, 6fiQ13-82d.
Jan.-Feb. delivery, 6>;©13-';2d.
Feb.-Mar. delivery, 6 13-32©7-16d
""
650
260
I
East Indian
sail,
Nov.-Dec. shipm't, new crop,satl, 6Xd.
Dec-Jan. shipm't, Orleans, Low Mid. Uec.-Jan. shipm't, new crop,
clause, sail, 6^d.
Tuesday.
Dec. delivery, 6 13-32®7-16d.
9in
4,960
48,280 1.698.5S0 1,681,130 37.7S0
11,160
357,230
280.280 6.9S0
6,870
250,230 230.250 5,130
9r0
1.5801
.-„
i qon i
,,HJU
7,u
60,300 f
1 43,700
13,850
427,060
665.010 5,630
690
COO
2,570
9,930
6,480
(. ..„
40
1
6 7-16d.
I
j
compared with the corresponding period
last,
,
13-32d.
Feb.-Mar. shipment, new crop,
Jnn.-Feb. delivery, 6 U-33d.
10,9(10
of last year
Monday.
Dec. delivery, 6Xd.
820,760
Smyrna and Greek
Westludiau
Saturday.
Dec-Jan. delivery, 6 ll-82d.
Jan. -Feb. delivery, 6 ll-83d.
Mar.-Apr. delivery, 6Xd.
101,050
187S.
bales.
lr!i,560
The following statement shows the sales and imports of
cotton tor the week and year, and also the stocks on hand on
Middling clanse, unless other
wise stated.
Dae. delivery. 8 U-S3d.
1,640
270,150
Brazilian
futurm.
These sales are on the balls of Uplands,
U.K. in
1876.
bales.
7.
78,Oi;0
8,000
48,000
5,000
8,000
813.000
142,000
80.000
80.000
6.000
241,000
321,000
outportstodate^
1877.
bales.
Doc.
30.
77,00*
5.000
44,000
9.0C0
4.0 X)
on
:
Jollows
Kales of the
Vol. xxv.
«X
6*
7X
white.
The following
are the closing quotations:
Floub.
003
"
4 15
653
65B
503
5 25
5 65
55©
00U
60®
6 50a
.0
7 25
7 2>
...« b'bl. |3
So. 2...
L„ A\?est.
Superfine State
4
era
6
Jxtra State, Ac
Wheal
Western Spring
5
extras
do XX and XXX
do winter X and XX..
do Minnesota patents.
.
6
5
5
8 •»
Grain.
1 »
Wheat-No.8sprlng,bush Jl 27
No.8spr.ng
1 81© 1
'
188
No.lspring
spr'—
]
•••
1 "«<! 1 45
Red Winter
1 4''tf 1
Amber do
.',
M
1
«
White
Corn-West'n mixed
Yellow Western,
Southern, yellow, new.
1
48:1
60©
64©
CO©
1
56
88
66
68
Decembkb
THE CHRONICIA
8, 1877.]
.
Stall!.
The movement
lows
In
.
.
Canadian
Peas-Canada.bondAfree
.
1
breadsluBsat this market has been as
fol-
KIW TOHK.
,
:
H»W TOBK
BZOIIPT8 AT
.
1877.
.
For the
bble.
SXroRTS TBOM
„
Same
.
Since
Jan. 1.
week.
Hour,
4-rowod
Malt—State
Barley
Pornmeal— Western, Ac. 2 ^5$ 8 00
Oorn meal— Br'wlne. Ac. 3 2»a 3 30
1877.
,
time
For the
1876.
week.
8,194,093 3,691,313
219,115
111.417
C. meal,
Wheat, hue 1,01 1.611 93,089.617 24.91v249
". 537.015 S3,283.J'«5 83.989.470
Corn,
"
98,389 1,1)08.157
1,336,647
Rye,
Barley. " . 658,175 8.118,877 6/69.815
Oata ..." . 516,456 11.72J.53I 11,516,180
123.883
5,128
ment of
show the
tables
1,951. 1!«
Breadstuff's to
1.677.5M
989.981
'train in sight
187«
week.
83,703 1.310,457
9,199
108,711
861,308 10,194,589
798,719 $4,H7,8M
89.401
6,458
,
For the
Since
Jan. 1.
.
The following
,
raiDAT. P. M.. Dec.
7. ir.1.
Daring the past week bnsiness was light In nearly all departments with manufacturers' agents and importers, and the Jobbing
trade was generally quiet Clolhiors evinced Ism disposition
lo
operate in spring woolens than was manifested last month, and
State, 9-rowed
8 65ffl 6 15
8 7r.4 4 85
B.iul.hi'riinhl|>p'Keztrai..
Bye floor, eniierflue
71» 77
87X» 89*
Rye
Oata— Mixed
White
Barley— Canada Weat.
Cltyehipplng »ll'i«. .. 6 COS 6 35
City trade and family
brand!
6 Mfc T 95
Southern bakera' and fa6 953 7 50
mily nrai.ds
5tt
THB DRY GOODS TRADE.
Gbaik.
Flouh.
47,017
8,817
,
Since
Jan. 1.
1,751,699
16I,S'I9
857.HH 93,991,710
145.030 16,019.051
118.795 1,121,11,5
8l,"00
41,378
8,lt>2
616,831
and the move-
the latest mail dates
M
jobbers' purchases were, as a rale, restricted to such goods
were imperatively required for Immediate sales. The order demand for small re-assortments was fairly satisfactory for 'he
time of year, and accounts from most parts of the interior Indicate that goods are passing into consumption
quan-
in liberal
There has been no material change in values, bat prints,
print cloths and low grades of cotton goods were mora firmly
hold, in view of the advancing tendency of cotton.
tities.
Domestic Cotton Goods.— The exports of domestics from
week ending December 4 reached 1 ,W8 pack-
this port for the
ages,
-
which were shipped as follows:
packages Great
Britain, 280
United States of Colombia, 212
Venezuela, 123
Brazil, 121
Uayti, 109 Central America, 45, and the remainder
in small lots to other markets.
There was a steady movement in
fine and light brown sheetings from agents' hands, and prices
ruled firm. Bleached cottons were quiet, aside from low grades
in 3-4 and 4-4 widths, which were rather more freely distributed.
Cotton flannels were in steady request and firm, and there was a
limited hand-to-mouth demand for denims, ducks, tickings and
corset jeans but cheviots and cottonades ruled qoiet. Cotton
yarns were fairly active in fine numbers, and warps met with
moderate sales. Print clotbt were in fair demand, and advanced
Chili, (137
;
;
;
;
THR WRRK RNDINO
TO DECEMBER 1, AND FROM
RBCRIPT8 AT LAKE AND IlIVKR PORTS FOR
DEC.
1,
FROM
1877,
JAN. 1
AUG.
At-
Wheat,
bble.
bush.
1.
Oete,
bnab.
Barley,
bnab.
(196 lbs.)
(60 Iba.)
(56 lbs.)
(33 Iba.)
40.601
55,473
436,688
SOS, 987
112,101
101,985
89,680
148,133
lo.uoo
686,979
33.100
909,993
11,437
173,505
15,150
13,818
6,130
8.800
38.757
97,300
(48 lh B .)
88,868
189,887
17,150
7,061
33,400
51.189
9 J0
„
Chicano...
TO DEC.
1
Flour,
Milwaukee
100
6.9h7
9,850
91,113
6,160
Detroit
Corn,
bnah.
t:.9.'.0
132,938
46,500
Rye.
bnab.
56
Iha).
26.235
4,970
li.750
;
;
;
18',i77
6,400
4c, less one per cent cash, lor extra 64x64, spot, and 4c, thirty
March contracts. Prints were
dull but steady, and some makes were advanced Jc. Ginghams
to
133.968 1,316.034 1,113,895
153.359 1,« 13,953 1,176,048
968,7fi9
134,787 1.043.149
n
'76..
133,759 1,930.474
reo.ssi
Tot Jan.l to Dec. 1.4,583,679 49,403,894 74,670.063
Bametime 1876
5,111,454 52.743,534 75,757,718
Same time 1875
4.664,858 60,570,841 46.036,905
Same time 1874
5,781,404 74.996,900 54,666,637
Previous week
Correnp'ng week, '76.
aS5,4J0
3I3.5S5
618,180
2K7,7!'8
29,378 139
23,726,5^1
24,1?8.159
25,611,174
334.848
40.<,,410
59,132
55,615
94.161
31,987
220,893
177,868
8,437,093 4,8;i',913
8,244,743 2,509,085
5,603,316 8,738.086
5,98(1,6)3 1,475,660
ToLAue. lto Dec. 1.2,313,617 39.11t.2TIS 31.764.478
Same time 1876. .. .3,205,686 36,299.446 37,853,370
flame time 1875
Same time
1874
11. 551.658 5,533,307 1,857.808
9.889,873 6,295,509 1,441.669
3.024,714 36.16i.053 13,888,386 13.826,789 4.048,0ei 1,156,790
593,513
8,194,684 39,033,617 17,278,081 14,033,914 8,706.489
SHIPMENTS OF FLOUR AND GRAIN FROM WESTEHN LAKE AND
RIVER PORTS FROM JAN. TO DEC. 1:
Flonr,
Oata,
Barley,
Wb<>at,
Corn
Rye
bnah.
bble.
bnah.
bnah.
bnah.
bnah.
Tot. Jan.l to Dec. 1.. 4,3 16, 407 42,38 a ,722 66.030,793 17,443,434 5,339,331 8,318.591
Same time
Same time
Same time
1376
1875
1874
4.563.077 47,137.633 72,543,684 19,535,9(3 3,645,31) 2,261,187
5,093,814 57,080,889 41,768,817 18.789,358 9,333.189
8S9.S93
5,422,953 59,713,300 43, ,.45,633 16,331,510 3,876,398 2,949,136
AND GRAIN AT BBABOARD PORTS FOR Till
1, 1877, AND FROM JAN. I TO DEC. 1.
RBCRIPT8 OF FLOUR
WEEK ENDED
At—
New York
Boston
Portland
Montreal
Philadelphia
Baltimore
New Orleans
Total
Prevlooaweek
week '76
Cor.
DEC.
Flonr,
Wne*t,
bbla.
bush.
111.503
43,727
8.350
1,769,318
6S,I»3
17.140
11,865
89,675
85,100
8,900
35,800
65,400
101,359
239,900
881.741
833.687
8.044.291
9.314,738
1,185,575
19.141
Corn,
bnab.
Oata,
bnab.
1,110.383
81,411
5,500
467.5418
....
72,000
219,000
171,076
1,659,403
1.710.513
1,331,646
16.875
8,500
1,123
39.700
6,000
40,120
3,000
37,600
138,806
800
39,200
1.0CC
3f.2,825;l,0!6.708
401,461 1,343,010
169,608
610,5£3
899,133
1
And
967.095
81,107
....
627,015
to Dec. 1. ...7.619,163 43,911,843 81.651.127 19.417.197
8ametime 1876
9,210,860 40,153.321 81,185.673 23,450.370
Same time 1875
9,146,551 52,705,191 53,811,256 19.577.373
Same time 1874
13,166,646 60,585,486 40,415,836 19,461,363
Jan.
Barley,
Rye,
bnab. bnab.
88,1.3?
8.667,553 8,513.859
7.295,057 1,513.688
4,777,070
474,643
914,859
3,464.816
at Montreal, 1,643 bnab. peaa.
Thb Visible Soppl? of Mrain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports, and in transit on the Lakes, the New York canals
and by rail, Dec. 1, 1877, was as follows
Wheat,
bnsh.
fa etore at New York
In store at Albany
In etore at Buffalo
fa store at Chicago
In store at Milwaukee
In store at Dnluth
In store at Toledo
In store at Detroit
In store at Oswego..
In store at St. Louis
In store at Boston
In store at Toronto
In store at Montreal
Inetoreat Philadelphia
In store at Peoria
In -t >re at Indianapolla
In -tore at Kauaae City
In store at Biiltlraore
Rill shipments, week
Lake
8,735.2
3,000
361,026
843,245
203.319
35,000
417.500
8W.9S4
950,ia»
878.7C
13 1.836
160.324
898.718
90.813
3.573
36,717
190,919
•
3,
1876....
Estimated.
15.00
841,
*M
614,184
'.1,8!)5
901.100
14.898
soo.oro
131.639
815.029
5,300
116,434
138,457
Ml
1,919.893
108,000
63,791
111,261
13.901
143.700
fS,765
50.000
108,325
197,067
10,999
11,022
Barley,
Rye,
bnah.
bnab.
925,935
407,000
3.'9,563
636,870
840,513
232.776
27,003
440
58.415
30,712
12,603
IBO.OOO
112.357
131.093
41.316
89,077
5,894
48
1,350
1.413
5,410
176.428
308,688
888,0 n
S'0,0
:09!h»8
145,018
114,0
750,900
95^409
111,619
817.450
4.051,873
13,811,752
6,751.732
7,535,443
....1L4. 2.285
7,9,10.243
71,837
10,638
29!, 9-<2
131.875
1,2fl".000
. .
1,600,030
11.543571
9,315.765
9,815,958
8,300,919
6,831,197
3,93J,.<01
3,579,011
8.498.913
8,787,104
—
slowly.
—
Foreign Drt 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 were somewhat freely distributed through the
auction rooms to 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
UOCOOO
5,26'.Oi9
4.784,015
8,904,627
3,243.381
4,083,866
—
—
woolens, linens and white goods were severally
and hosiery continued quiet.
t,m
60.600
18.100
83,0 >
I
70V9S8
751,928
992.391
651.411
597,945
In light request,
Importation* of Dry 4*ooda.
The importations ol dry goods at this port lor the week ending
Dec 6, 1877, and for the corresponding weeks of 1876 and
1873,
have been us follows
SMTIBSD FOB OOHSUMFTI014 rOB THB WBSK SHDUIe DIO.
:
1875
,
-1876
Value.
Pkes.
.
Pkire. Value.
481
1180,616
534
130,976
silk....
do
800
383,749
do
flax.
893
78.109
Miscellaneous dry goods. 372
89,633
Manufactures of wool..
do
cotton
Total..-
1.918
ViUSOUIl
1713,078
UD
1,086
911
134.666
144,017
107,438
58,331
2,535
1578,149
THMOWK
laTTO
TBI
1877
Plr.es.
489
845
$108,763
973
658
349
6, 1871.
,
493
707
5,506
.893:
Uaitl
,
Value.
»'.r.7.6>3
H 3.158
189,8t«
1.4,297
$809,808
DDBtHa
TBTI
e*Ka raaioo.
1,000
87,0110
49|025
8,476
I,
and cotton dress goods were less active.
Domestic Woolen Goods. Heavy woolen goods for men's
wear were in irregular demand, and sales were mostly restricted
to email 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
hand. Cotton-warp worsteds exhibited symptoms of weakness,
and some makes were 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 relatively light inquiry for white and shirting flannels. Blankets
continued quiet, and shawls, felt skirts and hosiery moved
WITBTDBAWK VSOK
4,166
week
Afloat In N"w York canala
Afloat in New York •
Dec.
bush.
1,933.453
Oata,
bnsh.
15.405
17,140
4,716
do
Total
Not. !4, 1S77..
Nov. 17, 1377...
1
Corn,
days, for January, February and
Manuf actnree of wool
do
do
do
cotton
.
ailk
lax
Miscellaneous dry (roods
Total
Addent'dforconsnmpt'n
1,659
1,919
Total thrown upon m'k't
8.578
do
do
silk
flax
268
165
87
140
M'.acellaneonadry goodi. 1.053
Total
addent'dforconsumpln
1.691
1,919
166
$49,181
21.113
70,880
41,537
16,434
68
70
.1.311
•4.493
168
911
573.319
$989,618
6.607
nuKirto
7,-93
11.970
35.866
40,»71
S8.I06
f>W...l»
8,559 $1,039,758
nil raajoD.
$7!>,I93
J109.755
56.804
88.068
17.788
800
180
913
548
$18.4*84,888
12.:8l
5:>9r
33 118
»liio,S8»
J3t2,."9J
313.449
711,078
Total entered at the pott. WW $1.W*,M0
$771,341
l-i.-SS
ttM.M6
|lta\0N
sntsbsd run WAHiHouaiaie
Manufactures of wool..
cotton
do
(49.718
8,0*3
$MUW
».l» »J,*»,W
THE CHRONXCLR
576
Financial.
Financial
UNION TRUST
NEW
OF
CO. Knoblauch
No. 73 Broadway, Cor. Rector
CAPITAL,
-
TT
-
&
YORK,
HAS 8PECIAL FACILITIES FOR ACTING AS
Transfer Agent and
Registrar of Stocks.
O K L, \
Lichtenstein, Direct Line to France.
29 William
Exchange
NEW YORK.
St., cor.
Place,
Make Telegraphic Money Transfers.
Draw Bills of Exchange and lssae Letters
ot Credit
on all principal
cities of
LEGAL DEPOSITORY FOR MONEY.
W.
-
EXECUTIVE COMMITTEE.
E. B. AVeslet,
G. G. Williams,
J. II.
Clinton
CAPITAL.
ats/,
&
$506,060.
authorized by special cbarter to ac
as receiver, trustee, guardian, execuior or admlulstrator.
can act as agent in the sale or management of real
estate, collect interest or dividends, receive registry
an** transfer hooks, or make purchase and sale of Govern\ tni aid ether securities.
Religious and charitable institutions, and persons
unaccustomed to the transaction of business, will find
this Company a safe and convenient depository for
U
RIPLEY ROPES, President.
CHAS. R MARVLN.Vice-Pres
Edsae M. Cullen Counsel.
money.
Thomas Sullivan, Aimi. B. Baylis, S. B. Cbittendeu,
H.E. Pierrepont, Dan'lChauacey, John T. Mnrtln,
John Hal«flv.
Joslah O. Low, Ripley Rones.
Austin Corb<n,
Alex. M. White,
Wm.
R.
Also, Agents
A
fall
supply
all
Widths and Colors always
A
New
.
Clark
&
Bro.
THE MOST ARTISTIC
STYLE,
AND
ALBERT
PROOF AGAINST FIRE
GOODALL,
G.
Stock*,
WAI
E
STREET.
Bai LEY,
S.
.
II III. IX NEEDLES.
400 BROADWAY, NEW YORK.
IHILWIRI)".
E.R.Mudge,Sawyer&Co
AGENTS FOR
Washington
Mills, Ctalcopee
Mfg Co.,
Ellerton New in Ills,
Atlantic Cotton mills,
Saratoga Victory .'lis: Co.,
From Various
new york.
43
Mills.
boston,
15 Chacnoxy
White Street.
PHILADELPHIA,
8tbebt.
Chestnut
DAYTON,
230
W.
15
& Co.
York,
CHIOAGO HOUSE: HENRY GREENEBATJM A
CO.
Transact a General Banking business sell Drafts on
all cities of Europe, ana issue Letters of Credit for
Travelers, availab.e everywhere.
;
CABLE
I
UANSFERS.
Purchase and sale of Government Bonds, Municipal
and other Investment securities
Special attention given to collections throughout
Europe and the United states.
C. Clinton
J.
&
John
D wight &
sell all
on a margin of
active stocks
from
five
M
*
HHOBE
Dally from Pier
of .Jav sireet.
ISLAND.
North River, foot
S3,
STKAMBOA EXPRESS TRAIN WILL
I
LEAVE STONINGTON AT 4:80 A. M.
State-rooms and tickets secured at 363 Broadway and
at all offices of Westcott Express Company In New
York City and Brooklyn. Also tickets for sale at all
hotel ticket-offices.
PROVIDENCE
LINE.
FREIGHT ONLY FOR
Providence. Worcester, Nashua and
all Points Nortb.
P M
Steamers leave.
" a "y from lier 29 North River (foot
of W'trren street.)
Freight taken via either line at lowest rates.
D. s. BABCOCK, President.
L. W. FILKINS, General Passenger Agent.
4*00
PHELPS,DODGE&Co
5
MANUFACTURERS OP
Between
SODA.
New
CLIFF STREET,
New York*
John and Fulton,
IMPORTERS AND DEALERS IN
York.
The jooome Trade ONLY Supplied
Olyphant &
shares ujuvar
ONE PER CENT.
No, 10 Broad Street.
Tin
&
Roofing
Plates,
OF ALL SIZES AND KINDS.
Co.,
COMMISSION MERCHANTS,
Hong Kong, Shanghai, Foocbow A
Canton, Cblna.
REPRESENTED BY
PIG TIN, RUSSIA SHEET IRON,
CHARCOAL AND COMMOS SHEET IRON
LEAD, SHEET ZINC, COPPER,
of China,
104 Wall St., New York.
Antimony,
Spelter, Solder,
OLYPHANT & Co.,
kc.
MANUFACTURERS OF
COPPER, BRASS AND WIRE.
MANCHESTER
Co.,
ACCOUNTS SOLICITED.
Office,
!'.
Railroad Material, &c.
Co.
Locomotive
STOCK BROKERS,
Bur and
EAST.
7 Consecutive Years.
in
St.
;
BANKERS,
Street, New
treet.
Hosiery, Shirts and Drawers
No. 11 Old Slip,
A SPECIALTY.
Cash paid at once for the above Securities or tney
will be sold on commission, at seller's option.
18 Wall
Wall
Stonington Line
FOR BOSTON,
or
Dealings In
Insurance Stocks,
Greenebaum Bros.
68
SUPER-CARBONATE
WALL. STREET.
05
no.
THE OLD RELIABLE
Hereafter the
J.
GAS STOCKS,
IK
tor HAY II. COLOMBIA, ISTHMUS OK PAMAMA,
»nd 80UTH PACIFIC PORTS ivla A.nlnw
ANDES
Deremher28
ETNA
December 18
Superior flrst-elnse passenger accommoilm h n.
PIM, FORWOOD * CO.. Agents,
STONINGTON and
AND
*
Iron screw steamers, from
No. M. North River.
Kor KINGSTON (Jam.) and HATT1.
ATLAS
December SO
4:30
Beers, jr.,
Brooklyn
Fiist-class, full-powered,
Pier
THE ELEGANT STEAMERS
'/TRAQCV
Burlington Woolen Co.,
President,
C. L. Van Zandt, Vice-Pres. & Manager.
Thso. H. Freeland, Sec. Geo. n. Statneb, Treas.
N. T.
55 Broadway.
BI-MONTHLY SERVICE TO JAMAICA, HATTI,
COLOMBIA and A8P1NWALL. and to PANAMA and
SOUTH PACIFIC PORTS (via Asninwall.)
Not a Trip Missed
ENGUAVKS AND PRINTS
IN A BUILDING
Aiicnt,
In stock.
Street.
Tork.-
Bute-Notes, Bonds roa Govkrxmknts and Cob
pobations, Bills of Exchange, Ceutifioateb
of Stock, Postage and Revenue Stamps
Policies of Insurance, and all
Kinds of Securities,
IN
LOUIS DE BEBIAN,
AND ALL POINTS
CO..
BROADWAY,
143
Dnane
No. 109
George
BANK-NOTE
OFFICE,
do not carry Bteerage passengers.
For passage and freight apply to
United State* Boutins Company.
rte^reUry
American
cabin, $<>5; third cabin, $35, steer; second
age, $27, including everything as above.
Return tickets at very reduced rates, available
through England and France, steamers marked thus
Atlas Mail Line.
Edmund W.Corlls i.
BUNKKK,
To Plymouth, London or any railway station In
England— First cabin, $90 to $100, according to accom-
modatlon
Co.,
t.
.
Joqb P. Holfe,
cabin, $100; second cabin,} 5; ttiird
Bteerage, %'l§— including wine, bedding and
;
utensils.
Manufacturers and Dealers In
And all kinds of
OTTON CANVAi,, FELTING DUCK, CAR COVER
LNG, BAGGING. RAVENS DUCK, SALL TWINES
AC. " ONTARIO" SEAMLESS BAGS,
"AWNING STRIPES."
TRUSTEES:
Alex.McCue,
Chas.'R. Marvin, A. A. Low,
To Havre—First
cabin, $35
*
COTTONSAILDUCK
Hcnrv Sanger,
J.S.Rockwell,
E. S. Gilley.
Special
Nelson Tappan.
FRANCE, Trudelle
Wed., Dec. :2,10 A.M.
CANAD v, Frangeul
Wed., Dec. -6. K) A. M
AMKRIQUE, PonZ"] Z
Wed., Jan. 9. 9:30 A. M
PRICE OF PASSAGE IN GOLD (Including winej:
Brinckerhoff, Turner
Brooklyn, N. T.
Company Is
J.
Commercial Oards.
•
This
1IAVKE.
Contlneuk-caolns provided with electric l>ella — will
sail from Pier No. 50 North River, foot of Morton st-
&
F. W. Gu-lky, Je.,
Member N. Y. Stock Ex.
OGILVIE, Secretary
&
NEW YORK AND
as follows
The Brooklyn Trust Co.
Cor. of Montague
BKTWEEX
Gilley. Jr.
Co.,
F.
BANKERS AND BROKERS,
64 BROADWAY AHD 19 NEW STREET,
New York
P. O. Box 4259.
Samuel Willetb,
Wm. White wright,
Geo. Cabot Ward,
Theodore Roosevelt.
M. McLean,
B. H. Hutton,
Mail Steamships,
Calling at Plymouth for the landing of Passengers.
The splendid vessels on this favorite routf, for the
SPECIAL PARTNER,
Berlin.
DEUTSCHE BANK,
Interest allowed on Deposits, which may be made
and withdrawn at any time.
N. B.— rhecka on this institution nasB through the
EDWAL.D KING, President.
Clearlng-House.
J. M. McLean , \*t lice-President.
Wm. Wuitewkigut, 2d Vice President.
The General Trans-Atlantic Company's
Europe.
Authorized by law to act as Executor, Administrator, Guardian, Receiver, .or Trustee, and Is a
J.
Steamships
BANKERS,
$1,000,000.
.
.
St.
XXV.
Vol.
Works,
MANUFACTURERS OF
Locomotives, Stationary Steam En*
STEEL PENS.
Sold by all dealers throughout the World,
and Tools,
MANCHESTER, N. H.
RLOOD, W. G. MEANS,
glues,
JOSEPH GILLOTT'S
ARETAS
Superintendent
Manchester, K, H,
Treasurer,
.
;« Water eueet, Iiontov
\ December 8,
CHRONTOLfl
ITTE
1877.
Railroad Material, &c.
J.
Insurance.
Cotton.
Kennedy & Co.,
S.
BANKERS AND TIEHCHANTS,
41 CEDAR. COR. WILLIAM
New
^Robb & Peet,
OFFICE OF THE
BANKERS AND COMMISSION MIBXTHANTi,
ST.,
York.
Bur and tell Railroad Investment Securities. Col
Coupon* nnd Dividends. Negotiate Loans and
draw B11U of Kxchange on London.
Agents for the sale of STEEL KAILS made by the
Cambria Iron Company,
JOBXSTOWX. PESlf..
Will STREET
Ho. 58
ATLANTIC
ect
New
Mutual Insurance Co.
York.
Advances made on Censirnmeat*. Specie
sfteatloa
paid to purchases or sale, of
or Exchange on the
•'
Cotton Futures.
'
BlUs
CITT BANK, LONDON "tf
TOTTINOUBR A CO- PARIS.
AND TH1
Ed^ar Thompson Steel Co. (Limited),
PITTSBURGH, PESN.
All business relating to the Construction and Equip-
ment of Railroads undertaken.
WM.BORDM.
tc
Wert
Tl
Lovell,
Premium* on
ii
an
i
s
New York,
St.,
HOOPS AND RODS.
OLD COLONY STEAMBOAT
CO..
Wire Rope.
AND
STEEL
IRON of
CHARCOAL
superior quality
suitable for
MINING AND
HOISTING PURPOSES,
n-
cllned Planes, Transmission
of Pow e r. *e.
Also oajjvan'zed Charcoal and BB lor
-Ships' Rigging, Suspension
9 Bridges, Derrick Guys,Ferry
'
Hopes, Ac.
large stock
A
constantly on hand from
which any desired length
FLAT STEEL AND
are cut.
IRON ROPES for Mining
purposes manufactured to
JOHN W.
order.
&
.IIAMIN
CO.,
New
43 Broadway,
York.
Insurance.
North
British
and Mer-
cantile Ins. Co.,
Incorporated
in
1809.
Called
Reserve for all other liabilities, Including re-insurance
Set Fire Surplus and Reserve....
'
ble,
and sundry Notes and Claim*
doe the Company, estimated at
Premium Notes and Bills Receivable..
Cash In Bank
.,
notyetcilled
*e»erve for total
Total-amount of Assets
405,830 19
1,812,6.14 01
865,012 74
$16,694,867 81
Six per cent. Interest on
the outstanding
certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after
Tuesday, the 6th of February next.
The outstanding certificate* of the Issue of 1878
win be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday,
the 8th of February next, from which date all Inter
est thereon will cease.
The certificates to be produced at the time of payment, and canceled.
Upoa
certificates which were Issued for gold premiums,
the payment of Interest and redemption will be ia
Dividend of Forty per Cent,
eertlflcates will
December. 1878, for which
be issued on and after Tuesday, th.
JT.
H. CHAPMAN,
jTunds, which, by act of Parliament, are In a distinct
nd separate department, for which the surplus and
teserve of the Hre Insurance Department, named
'bove, are not liable.
BLADGEN,
TRUSTEES
18*2
Daniel 8. Miller,
Joslah O. Low,
William Sturgis,
William E. Dodge,
Royal Phelps,
Band,
Thomas F. Youngs,
John D. Hewlett,
William H. Webb,
Charles P. Burdett,
Francis Sklddy.
Adolph Lemoyne,
Charles B. Marshall,
Alexander V. Blake,
Robert B. Xlnturn.
George W. Lane.
Robert L. Stuart,
James O. DeForest,
Frederick Chauncef
Charles D. Leverlch.
Adam T. Sackett,
Odmnnd W. Corliss,
Horace Gray,
nf
°
LIFE XnB ENDOWMENT POLICIES
WTCRMS AS FAVORABLEASTH0SE0FANY0THERC0.
'ASHASSETSQVEE$80.000.000.
:
James Low,
Gordon W. Bufbhsm.
William Bryce,
APPROVED DESCRIPTION
C. Johnson
J.
&
Co.,
COTTON BUYERS FOR MANUFACTURERS'
1IKTIPHI*. Tt.SN,
Walter
& Krohn
COTTON BROKERS, '
S3 BEAVER STRE ET, NEW YORK.
Geo. Copeland,
COTTON BROKER.
I3«
PEARL STREET, NEW YORK.
Sawyer, Wallace
&
COl'TON FACTORS A COMMISSION
MERCHANT
York.
47 Broad Street,
Secretary.
D. Jones,
H. Moore,
Charles H. Russell,
David Lane,
W. H.
O. A.
.
Hopkins, Dwight&Co.,
COTTON FACTORS & COMMISSION MERCHANTS
No. 134 Pearl Str eet, New York.
New
Co.,
&
H.
I.
''Shpf-S.WINSTON,
PRESIDENT
"
Robt. L. Maitland & Co.,
By order of the Board,
$780,518 04
386.7M 49
U.S. ..$1,767,876 53
The above does not Include the Life and Annuity
P.
York.
COTTON FACTORS* COMMISSION MERCHANTS,
No . 43 Broad Stree t, New York.
la de-
M of April next.
$9,545,054 64
ORGANIZED APRIL IZT?
w
142 Pearl Street, Ne
10
Fire Assets held in the
HAS. E. WHITE, SAM.
Maxaqxbs.
AJTD
9ENERAL COMMISSION MERCHANTS
on the net earned premiums of the Company
in
Liabilities, In-
eluding: reinsurance. In the U.S.
\et surplus in the United States.
E S Ei/ERX
307,000 00
Interest
3,517,388 04
4,618,620 70
Invested and Cash Fire Assets. $8, 500, 185
-critaed Capital, for which the
Stockholders are personally lia-
I
NEW ORLEANS. LA.'
BLOSS & INCHES,
1,779,300 00
for the year ending 81st
Cor. Pine, New York.
Established December, 1866.
In and paid up Capital
$1,363,686 36
St.,
E RSE V Sc CO,
L. F. Berje,
J
COTTON FACTORS
Estate and Bond* and Mortgage!
A
TOBH.
COTTON BUYER AND COMMISSION
MERCHANT
a
"l»e
tlared
UNITED STATES BRANCH:
William
D E
n
gold.
OF
14
paid during the
same period
$1,865,193
Returns of Premiums and
Expenses.. $1,038,410 85
AND EDINBURGH.
I.O\IMI\
NEW
m
.Manchester and Liverpool,
Policies
steal
'lllt.llAMs,
Rousaa
$.175,280 0T
The Company has the following fluents, tla.i
United States and State of New York
Stock, City, Bank and other stocks. $11,068,700 00
Loans secured by Stock* and other-
RIVER LINE STEAMERS.
MISSION
S» EXCHANGE PLACE,
Losses
RIVER IRON WORKS COM' V
FAJJ.
«<»•!
marked off
have been issued upon Ufa
Risks, nor upon Fire disconnected
with Marine Risks.
Premiums marked off from let January, 1878. to 81st December, 1878.... $0,081,098 11
"DMBERLAND COALS.
NAILS. BANDS,
Pollcie* not
Total amount of Marine Premium*.. $7,101,467
Ho
AGENTS FOh
Knoop, Hanemann & Co
1877.
|4.tw,ifrae
January, 1878
let
iu:it(
BORDEN miNINO COMPANY,
PALI.
Tors, JaunarT St,
la conformity to the Charter of the
cember, 1876
&
Borden
coram ission
TO
LOVILL
L. N.
Nxw
The Trustees,
Company, submit the following Statement of if
affairs on the 81 st December, 1871:
Premiums received on Marino Risk*
from lit January, 1876, to 81st De-
J.
D.
Charles Decnla,
Lewis Curt I*.
John
Elliott,
William H. Fogg.
Peter V.King.
JONES,
President.
CHARLES DENNIS, Vice-President.
W. H. B, MOORE, 3d VUe-PreeldaBs.
A. A.
RAVEN. 84 VU*Pres»W»
215
Baker
Bro.,
J.
PEARL STREET. NEW YORK
IMPORTERS AND MANUFACTURERS 0*
Prime Quality Chemical manure
Chemical*) for the Vllle t ormulaa, for ail Orope.
ehcmlcals for Uie Stock b rid rc formulas.
Dissolved Bone Sulphate Ammonia, Nitrate Potass
Nitrate Soda, Sulphate of i'otaah. Muriate of Poiaao
V) per cent actual Potash.
Super-phosphata Llm*
—
AUo, strictly pure ground Bone.
our descriptive circulars mailed
*-r
free. The materia}
special fertilisers for particular crops.
English Cannel,
Liverpool Orrell,
American
.Now landing and
prices in lota to
Orrell,
In yard, fer sals st lowest
mil pnrchssers. Also,
all
market
kinds of
Hie beat
ANTHRACITE COALS.
The Trade
supplied.
ALFRED PAH.HELE,
Sa.Plne street.
Yard-en West Ud
Street.
THE CHRONICLE.
VI
Ootton.
Cotton.
Woodward &
&
1
Wall
76
NEW
Street,
YORK.
Sseclal attention paid to the execntiua of orders foi
the purchase or sale of contracts for iutura dollverj
Of ootton.
MOODY &
Co.,
JEMISON),
BANKERS, COTTON FACTORS
HungKong&SlianghaiBanking Corporation
HEAD OFFICE, HONG KONG.
REPRESENTED BY
C. Watts
&
W. POMEROY, JR.,
S.
Co.,
105 Water Street,
Future ConAdvances made on Consignments
bought and sold on Commission, In
and Liverpool.
tracts for Cotton
New York
R. Smith
B.
Solicit
COTTON
consignments of
and orders for the
IS
purchase or sale of future shipments or deliveries
Advances made on consignments, and
COTTON
COMMISSION MERCHANTS,
NEW
125 PEARL STREET,
afforded by our friends, Messrs. D.
Produce, Provisions and Nayal Stores,
information
all
Stone street.
S JN,
64
44 Rroad
D.
&
Bennet
L.
Co.,
GENERAL
Street,
New
174
A 176
Messrs.
JAMES FINLAY A
LIVERPOOL. LONDON
AIbo execute orierg for Merchandise through
Messrs.
FINLAY, M17IR A
New York and
&
NEW YORK.
OF
and
Liverpool.
OFFICE, No.
125
BROADWAY.
Forty-Eighth Seini-Aiiuual
Co.,
Cotton Factors
GENERAL COMMISSION MERCHANTS;
&
H.
J.
Farley,
COTTON EXCHANGE BUILDING,
MERCHANTS,
COMMISSION
Special attention paid to
AND
FINANCIAL, AGENTS,
132 Pearl
O Box
NEW YORK.
delivery of cotton.
Street,
New
3,909.
York.
Advances made on Consignments.
Special personal attention to the purchase and sale
Ot "CONTRACTS FOR FUTURE DELIVERY" OF
Condition of the Company on the first
day of July, 1877.
CASH CAPITAL
$3,000,000 00
Reserve for Re-Insurance
1,834,003 10
267,780 92
1,041,490 75
which prompt
alwayB given.
Pirn,
Forwood
&
New
York.
Execute orders for Future Contracts in New York
and Liverpool, and make advances on Cotton and
other produce consigned to
LEECH, HARRISON
A-
ARNOLD.
Chase & Co.
FORWOOD,
LIVERPOOL.
Also, execute orders for Merchandise in
&
Dennis Perkins
Co.,
117 Pearl
Street,
New
M. Waters
K.
York.
& OZ~
56 BROAD ST., NEW YO«K.
BANKEUS& COTTON COMMISSION MERCHANTS
Investment Securities bought and sold. Orders exe
cuted at the Cotton Exchanges In New York and Livor
pool. All Business transacted Strictly on Commis
sion, bo that no Interest of our own can possibly
conflict with that of our patron s.
Tamts F.
Wenman & Co
Established (In Tontine Building)
H. Tileston
&
Co.,s
COTTON BROKERS,
ISAAC SMITH'S UMBRELLAS.
DowhTown
Branches:
104 Broadway, Near "Wall St.
77 Fulton St., Near Gold.
9.928 36
Issued at this office
$6,143,274 71
iETNA
Insurance Company
of hartford.
Total Assets, January
Capital
Re-iusurancefund.
Unpaid losses
&
.
1S41.
IN 1819.
187?
$3,000.000 00
1,741,278 42
1,
.
$7,115,521 4*
other
claims
429,114
82—
5,170,388 24
NET bUR c LUS, Jan. 1877. $1,945,236 18
BRANCH OFFICE:
No. 173 Broadway, New York.
I,
J AS. A.
ALEXANDER,
Liverpool
Y
COMMISSION AND COTTON MERCHANTS,
97 Pearl Street,
J. L.
executed at N. T. Cotton Exchange
35
24
7S
20
London
Agent.
&
& Globe
Edward H.Skinker& Co.
COTTON BUYKKS A COMMISSION MERCHANTS
60 Stone street, New York.
In Fntiireg
427,831
67,383
92,052
6,538
Premiums due and uncollected on Policies
INCORPORATED
Foreign Marine Insurance
of Liverpool.
$417,334 33
1,932,853 00
2,734,000 00
2o8,w7 50
186,456 00
AND
for the
A
Cash in
Bonds and Mortgages, being first lien on
real estate (worth $4,641,500)
United States stocks (market value)
Bank Stocks (market value)
State and City Bonds (market value)
Loans on Stocks, payable on demand
(market value of s-ecurities, $510,. 17 25)
Interestdue on ;st of July, 18i7
Balance in hands of Agents
GENERAL COMMSSION MERCHANTS,
NASHVILLE, TENNESSEE.
No. 146 Pearl Street, near Wall, N.
Company
ASSETS.
CHAS. J. MARTIN, President.
J. H. WASHBURN, Secretary.
COTTON BUYERS
England, China, India and Singapore.
UNDERWRITERS IN NEW ORLEANS
British
$0,143,274 77
SUMMARY OF
Banks
Total
COTTON BROKERS,
Co.,
ttENERAL COMMISSION MERCHANTS,
P. O. BOX 4964,
P.O. BOX 613,
Orleans, La.
con-
TOTAL ASSETS
Real estate
KINDS, bought and
is
made on
H. T.
IKVINK X. CHASE.
GOLD COIN, STERLING AND OTHER FOREIGN
EXCHANGE, GOVERNMENT AND CORPORATION RONDS, STOCKS AXJ SECURITIES OF ALL
CORRESPONDENCE SOLICITED, to
contracts for futur.
Liberal auvauees
signments.
COTTON.
sold on commission. Accounts of
Mercantile Firms, Banks, Rankers, and Corporations,
received; and Advances made to our customers when
desired, on approved securities. Including commercial
time paper received for collection, to such extenr.and
in such manner, aB may be in accordance with the
nature of their accounts.
he execution of orders
for the purchase or sale of
Statement,
SHOWING THB
Reserve lor Unpaid Losses and
Dividends
AND
~~
Company
Insurance
CO.,
CALCUTTA AND BOMBAY.
FUTURE CONTRACTS FOR COTTON bought
COTTON FACTORS,
Orrfpm
HOME
CO.,
AND GLASGOW.
NetSurplus
H. W.
New
MANILA, SISAL, JUTE A TARRED
GANGS OF RIGGING MADE TO ORDKK.
192 FRONT STREET, NEW YORK.
Advances made on Consignments to
sold on uommission In
Delivery.
Sons,
MANUFACTURERS OF
COMMISSION MERCHANTS, FOR EXPORT AND
DOMESTIC USE
Pearl St., New York.
Special attention given to the execution of orders
ttention
NEW YORK.
2432.
CORDAGE,
GENERAL
for the pnrchase or sale of Contracts for Future
P.
Box
Henry Lawrence &
Orleans.
New York.
121 Pearl Street,
RROAD STREET,
29
51
GIVEN A
York, and Messrs. D. A.
COMMISSION MERCHANTS, Ware, Murphy
.
Co.,
Henry Hentz & Co.,
YORK,
Boston.
Street,
New
Baronne
AND
Liberal advances made on consignments. Prompt
personal attention paid to the execution of orders for
the purchase or sale of contracts for future delivery.
WATTS &
V. O.
Co.,
6c
York.
EXPORT COMMISSION MERCHANT
AJTD
GENERAL COMMISSION MERCHANTS,
No. 123 Pearl Street, New York.
New
W. ROSENFELS,"
S.
LIVERPOOL,
&
{emison
S.
(Successors to
BROAD STREET, NEW YORK.
21 Brown's Buildings,
SECURITY.
E.
AND SHIP AGENTS,
Hong Kong, Canton, Amoy, Foochow,
Shanghai and Hankow, China.
Liverpool.
MADE ON ACCEPTABLE
LOANS
AND
Orders executed at the CottoB Exchange, and ad
vauces made on consignments of Cotton and other
Produce, and upon shipments to correspondents in
W.
Co.,
MERCHANTS
COIH MISSION
COTTON FACTOR,
No. 39
made on Consignments.
&
Russell
Shipping and Commission Merchant
GENERAL COMMISSION MERCHANTS
Liberal advances
Miscellaneous.
A. L. Richards,
Stillman,
SEAMEN'S BANK BUILDING.
No*. 7
Vol XXV.
MA0ADLAY.
Macaulay
New
A. J.
HAOAtTLAY.
& Co,
COMMISSION MERCHANTS,
22
Insurance Company,
York.
45 William St
Assets
WILLIAM STREET, NEW YORK.
Future Con!racts for Cotton bought and sold on
Commission
in
New York and
Liverpool.
In the U. S., $3,000,000
@FedFRASER